Thread: Archive News - Iraqi Dinar Think Tank - 06/10/2010 - 24/01/2011

Sources: "the forces of the window," the central bank to fight the rebellion against the government

The central bank of Iraq for the presence of attempts by some political parties to keep him for the committees to protect Iraqi funds abroad. A source familiar with the Central Bank to the existence of attempts by some political parties did not identify for removal from the committees that will shape the implementation of Resolution No. 1956 to 2010, pointing out that these bodies operate is intended to give the media leaks fabricated and untrue, for lack of jurisdiction of the bank in this command.

The source said that the central bank is a fundamental pillar in this topic because it runs the government's accounts, and the device is entrusted with the public money, as well as all the external accounts registered in his name.

This is confirmed by Judge Wael Abdul Latif, who pointed out that some political actors trying to keep the bank as a revolt against the claims of the Ministry of Finance on the control and influence, stressing the need for a central bank in this Committee being responsible for the stability of the Iraqi currency.

The Central Bank of Iraq was a follower of the Ministry of Finance, but, according to Abdul Latif, was dismissed by decision of the U.S. civil administrator Paul Braimer in 2003 in consultation with the Governing Council for the wider distribution of competences.

http://www.uragency.net/index.php?aa=news&id22=15633

Central Bank announces reduction in inflation to the lowest percentage since 2003

The Central Bank of Iraq, Saturday, that inflation in Iraq reached its lowest level since 2003, indicating that the stability of exchange rates and building financial reserves was the reason behind the low rates of inflation.

The bank adviser said the appearance of Mohammed, told the Kurdish news agency (Rn), "The inflation rate reached 3%, the lowest since 2003, arrive, after they had been increased by 34% four years ago."

He also explained that "the low rate of inflation due to the stability of the Iraqi dinar exchange rate of any external value to him, and building strong cash reserves by the Central Bank of Iraq."

He said that Mohammed "external value equal to the value of Interior and thus reducing the rate of inflation to the rank of decimal point, and this in turn will revive the Iraqi economy and confirms the validity of monetary policy in the country."

Between Muhammad and that "the central bank estimated inflation on an annual basis, and then compares it with the months of the year after to give a complete picture about the size of inflation in the country and its impact on the Iraqi economy."

The Central Bank of Iraq announced in October last for a low rate of inflation in Iraq to 2.7% compared with the month of September the previous year, which encouraged the launch of liquidity for banks by 5% of the cash reserves of the existing legal to have, in order to expand lending operations and pay the wheel of development.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.

http://www.aknews.com/ar/aknews/2/208847/

Ministry of Finance: 90% of private banks operating within the guidelines of cash

The Ministry of Finance of Iraq, Sunday, that more than 90% of private banks in the country operate according to distinct monetary controls, indicating that the Iraqi Central Bank has succeeded in the development of private banks during the last period.

He said Undersecretary Zia Alckheon Kurdistan News Agency (Rn), said that "more than 90% of private banks operating within the guidelines of cash deals enjoyed by government banks, and there are any problems hinder the exchange of financial or distorted." He said.

He explained that "private banks that operate outside the monetary financial instructions that requires them to change their approach and raise their level to advanced level of private banks."

The Alckheon that "the Ministry of Finance had no problems with the Iraqi Central Bank with regard to private banks to file his success in development work, mostly during the last term."

The Ministry of Finance announced in May last for the formation of an ad hoc committee to develop and organize the work of private banks in the country.

The number of private banks to 36 banks now, with the number of branches in Baghdad and other provinces from 100 to more than 600 branch to compete in the number and level of services the branches of a bank of Iraq and rational, with a capitalization billion and $ 600 million.

http://www.aknews.com/ar/aknews/2/209041/

Al Sadr urges Iraqi followers to resist US

Cleric Sayyed Moqtada Al Sadr urged before a crowd of followers gathered to meet him in Kufa City, Najaf, to resist the “US Occupation”. Al Sadr called for armed and cultural occupation against occupation.

He asked his followers to shout anti-US and Israeli slogans stressing that the first and essential aim for the Iraqi people is to get the occupier outside the country.

http://www.alsumaria.tv/en/Iraq-News...resist-US.html

Sadr calls to give Iraq government a chance

Cleric Sayyed Moqtada Al Sadr asked his followers to give Iraq's new government a chance.

Al Sadr warned however that if the government fails to serve the people, Al Sadr Front would have to interfere to reform it.

He called the government to meet its promises, get the occupier out of the country and release “innocent fighters”.

http://www.alsumaria.tv/en/Iraq-News...-a-chance.html

Legislature calls on Parliament not to pass new budget exceeding 78 trillion

A legislature, representing the National Alliance, Parliament is urged not to pass the draft-law on Iraq’s 2011 budget unless the high salaries of the three leading officials, parliament members and officials holding special degrees, be reduced, a legislature representing the National Alliance has said.

Legislature Maha al-Douri has called on the Parliament “not to vote on Iraq’s 2011 budget, unless after taking a decision to reduce the high salaries of the (President, Vice-Presidents, the Prime Minister and his deputies, and the Parliament Speaker), the parliament members and officials holding special degrees, and the transformation of their huge differences to serve the interests of other citizens, through the building of projects to appoint the unemployed workers, increase social welfare salaries for widows and orphans,” a statement received by Aswat al-Iraq noted.

The Iraqi Parliament held its 18th session to listen to the first reading of the draft-law for the Federal General Budget of 2011, reaching 78.705.237.500.000 Iraqi dinars (US$70.4 billions (b) approx.), according to the general accounts.

“The said salaries, implemented by the U.S. occupation forces’ Civilian Ruler, Paul Bremer, had created huge differences in the incomes of citizens and officials, causing a huge gap between the ruler and the ruled, thus creating a feeling of distrust and hatred from the citizen towards the official,” Douri stressed.

The 2011 Federal Budget had been counted on the revenues of Iraq’s oil exports that exceeded 2,240,000 barrels per day (bpd), including150,000 pbd, exported from northern Iraq’s Kurdistan Region, on basis of 73 US dollars per barrel.

http://en.aswataliraq.info/?p=140430

Local businessmen complain about the lack of balance in the investment licenses

The number of Iraqi businessmen, Saturday, that they suffer from "lack of balance" in the licensing of investment granted by the National Investment Commission, asserting that the authority of this mechanism will affect negatively on the reality of domestic investment.

The director of the company to cease trading with the local Ahmed Al Banna told the Kurdish news agency (Rn), "The National Commission for Investment imbalance at all between the work of local companies and foreign companies, they tend largely to foreign investors."

Banna explained that "the reason is due to the preference that the officials would prefer the language of numbers of foreign companies, ie, when it asks for the number of companies operating in Iraq The record high for foreign companies."

In turn, said the President of Society of Iraqi businessmen Abdullah al-Yassin's (Rn), "The work of the investment in the previous phase highlighted the foreign investment companies, which only by their names forward for later granted to the companies local investment, but additional funds."

He explained that "the investment were not serious in pursuing a domestic investment, which lost large sums of money in order to Alaivadat and trips to the cadres for the purpose of attracting foreign companies are not known." He said.

In the eyes of director of Safa General Contracting Abd al-Hasan al-Kazimi, that "the investment away from domestic capital, as it wants to impose foreign investment companies to work in Iraq."

He said al-Kazimi's (Rn), said that "the law of investment needed to legislative amendment guarantees the right of local investors and prevent the monopoly of foreign investment companies to service projects in the country."

He added, "Investment Authority are not given importance to the domestic investor being sought to provide priority to investment companies and foreign companies even if they are not known."

And that "the work of the national investment is assumed that in line with the proposals of the Iraqi government in support of domestic investment projects by making the top priorities of its work."

The National Investment Commission announced earlier that the year 2011 will be the best years in terms of being able to provide the investment environment and safe investment for the national State and the investor at the same time.

The Board emphasized that their efforts will focus this year on housing projects and the provision of venues for entertainment in Baghdad and other provinces, and the creation of markets according to international standards.

http://www.aknews.com/ar/aknews/2/208785/

Finance minister tackles economic ties with Egyptian, Australian envoys

Iraqi Finance Minister Rafie al-Issawi discussed separately with the ambassadors of Egypt and Australia in Baghdad economic relations and means to activate them, according to a statement by his office on Sunday.

“Dr. Issawi had separate meetings with Australian ambassador Robert Tyson and Egypt’s Sherif Kamaleddin Shaheen,” read the statement as received by Aswat al-Iraq news agency.

“The Iraqi finance minister discussed with them ways to invigorate Baghdad’s economic relations with Canberra and Cairo and open new vistas of cooperation in the fields of investment, energy, agriculture and honing the financial and banking skills of the finance ministry officials,” it added.

During the meeting with the Egyptian ambassador, Issawi also dealt with Iraq’s preparations for the Arab summit planned to be convened in Baghdad in March.

http://en.aswataliraq.info/?p=140438

Iraq signs contract to develop gas field crutch early next month

The Ministry of Oil in Baghdad, Sunday, the month of February as the date of the signing of the initials on the contract to develop gas field crutch western Iraq, with two (Kogas), South Korea and (Kazmunaigaz) for the exploration and production.

The general director of contracts Abdul Mahdi al-Amidi, the Kurdish news agency (Rn), "The Oil Ministry completed its willingness to sign a contract to develop gas field crutch early February next after that was to end the misunderstandings between the Ministry and the Council of Anbar province."

He explained that "the contract will be signed, initialed a copy of which will be raised to the presidency of the Council of Ministers for a vote, after the conclusion of the contract so they can be finalized."

He added that al-Amidi, the "circle of contracts and licenses of the Ministry of Oil settled a number of points with a consortium of Korean and Kocaz Munai Kaz Kazakhstan, which will be covered by the process of developing the field."

The Iraqi Oil Ministry postponed last November, a contract for a gas field in western Iraq crutch until the resolution of the dispute between the Ministry and the Council of Anbar province, on the investment field.

It is noteworthy that the provincial council in Anbar announced in the past for refusing to export gas field west of a crutch to maintain as a raw material, and the Council required the introduction of gas to be invested in the manufacturing industries within the province to take advantage of it.

The companies (Kogas), South Korea and (Kazmunaigaz) Exploration and Production's second-largest oil company in Kazakhstan has won a contract to develop gas field crutch in the province of Anbargarbi Iraq within the licensing round, the third launched by the ministry late last year, while winning a group led by (Kuwait Energy) contract Ciba gas field in Basra, southern Iraq, while the won (TPAO) and Turkish (KEC) and (Kogas) gas field in the third Mansourieh, which is located near the Iranian border in Diyala province.

The 45 companies worldwide have competed to win the development of three fields in the third licensing round, and after two rounds of limited licensing the first and second to develop 10 oil fields discovered untapped.

According to the numbers and the Iraqi Ministry of Oil Iraq's production of crude oil will rise in the next six years to reach about 12 million barrels per day from 2.4 million bpd now.

http://www.aknews.com/ar/aknews/2/209012/

Call to exploit border oil field between Iraq and Jordan:
The Chairman of west Iraq Anbar Province’s Council has called on the Iraqi government on Saturday to invest in al-Risha joint oil field with Jordan, and to lay down clear steps to exploit the field.

“We call on the Iraqi government and the Oil Ministry to expoit al-Risha Oil Field on the Iraqi side of the joint borders between Iraq and Jordan, being one of the most important oil fields that can be invested under the administration of of Anbar Province’s Council and through the implementation of specialized Iraqi companies in this respect,” Muzhir Hassan told Aswat al-Iraq news agency.

He said that Iraq’s share in the joint al-Risha Oil Field with Jordan, is estimated to reach 80%, and Iraq has the right to expoit it through cooperation with the Jordanian government, to be achieved after the approval of the Central Government in Baghdad.

“Al-Risha and Ukaz Oil Fields in Anbar are a natural fortune and the Anbar Province’s Council continues to implement industrial and service projects, after the investment of those fortunes by Iraq,” he added.

Noteworthy is al-Risha Joint Oil Field with Jordan, is situated close to the Iraqi-Syrian borders, close to the Jordanian borders, stretching to the beginning of the Saudi borders with Jordan.

http://en.aswataliraq.info/?p=140413