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

Central Bank: 2011 budget the biggest

Iraq Central Bank said that the current budget for year 2011 is the biggest in Iraq history in the middle of a weakness in development activities. The Central Bank criticized questioning the integrity of the administrative leaderships entitled of implementing the investments and called the Iraqi House of Representatives to enact a resolution to protect them.

http://www.alsumaria.tv/en/Economics...e-biggest.html

$264 million in CBI dollar sales

The Central Bank of Iraq (CBI) dollar sales skyrocketed on Monday to $264.329 million at an exchange rate of 1170 Iraqi dinars per dollar, compared to the previous session’s $169.224 million.

“The demand hit $1.319 million in cash today, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $263.010 million in foreign transfers outside the country, covered at an exchange rate of 1,183 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.

None of the 21 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/?p=140456

Kuwait waiting for Maliki's visit later this month

Arab Times newspaper about the Iraqi Prime Minister Nouri al-Maliki paid an official visit to Kuwait the end of the month of January.

The paper quoted, in its issue today, Kuwaiti diplomatic sources as saying a high-level: that the upcoming visit of the owners will discuss the formation of the new Iraqi government and the files that have not yet been completed, and described the visit as a political movement come within the diplomat, who witnessed in Kuwait.

The sources said that Kuwait was keen to stay out of Iraq from Chapter VII, but stressed at the same time get out of Iraq under Chapter VII has a single mechanism, the implementation of international resolutions relevant to the situation between the two countries.

The sources added that Iraq had repeatedly called for resolving issues that are not updated through bilateral meetings and directly, but Kuwait has always been a report that it must be complemented through international channels and the relevant international resolutions.

In response to a question on the organization of Iraq to the upcoming Arab summit in Baghdad, and Kuwait was be attended by the sources said, that Kuwait was and still is eager to help Iraq to get out of Chapter VII and the back of the incubator Arabic to exercise its role as normal, a sign that it had been supporting the organization of the coming summit in Baghdad, the Arab League.

http://www.ipairaq.com/index.php?nam...itics&id=34392

Najaf refinery: Six billion and 470 million of revenue to maintain law petrodollar

announced refinery in Najaf's Midland Refineries Company's income from Najaf of the Code of petro-dollars in 2010 amounted to six billion and 470 million Iraqi dinars, adding that the increased rates of production at the refinery contributed significantly to the rise of such income.

The director of the refinery Leith Gharrawi that the Najaf refinery in 2010 refines the five million and 483 thousand barrels, indicating that these figures refer to for maintaining the nearly six billion and 470 million Iraqi dinars through the law of petro dollars.

The House of Representatives has approved a law under which the provinces to get one dollar for each barrel of oil extract or duplicate them.

He Gharrawi that high rates of production at the refinery during 2010 contributed significantly to this increase in revenues through the refinery in addition to its contribution in preventing the occurrence of any crisis of petroleum products in the province.

The department had previously Najaf refinery announced that 2010 saw increased production rates to 80% when compared to the production of 2009.

http://www.ipairaq.com/index.php?nam...onomy&id=34398

Arab investors seeking the reconstruction of Iraq

Neighborhood: confirmed Chairman of the Federation of Arab investors the guidance of Dr. Lacey, the importance of cooperation in the establishment of joint investment projects for the reconstruction of Iraq. Saying it would invite members of the Union of Arab investors and Arab investors to channel more investment to Iraq.

This came during a meeting with the Union Canutolwi goodness of God chairman of the investment and Mohamed spring, Secretary General of the Arab Economic Unity Council to discuss opportunities and ways of cooperation in the field of investment between the EU and the Commission and in the presence of Ms. deprived Iraq's ambassador in Cairo, Ismail Zaid adviser to the United Nations and a number of members of the Union, and indicated to it had discussed with Dr. Muharram crescent Chairman of the Board of Directors Investors Association of the Tenth of Ramadan over the possibility of building projects in Iraq such as the filling station and gas plant for the manufacture of gas cylinders, where he prepared for immediate start in the implementation of these projects, and stressed the importance of the establishment of a shopping center in Iraq to serve as a permanent exhibition To view the products and marketing aimed at strengthening trade cooperation between Iraq and Arab countries.

For his part, Mohammed spring for the attention of Arab Economic Unity Council to invest in the State of Iraq and he will head a delegation from the Council to visit Iraq during the month of March prior to the upcoming Arab summit by calling to organize an exhibition of Arab products in Iraq to increase trade exchange between Arab countries, ranging inter-Arab trade is between 10 and 12% only.

For his part, Dr Louay goodness of God that the Iraqi economic institutions recovered and began to engage in activity again as in Iraq now become investment opportunities in the agricultural, industrial, tourist and service and also in the housing sector and construction.

He praised Ismail Zaid Bdorathad Arab entrepreneurs in the field of sustainable development, where he said the signing of the UN Food and Agriculture Organization (FAO) signed a cooperation agreement with the Union of Arab investors came after fully convinced of the uniqueness of the Union by the organization entrusted with the performance of its role to the fullest, and Mrs. Atkp good God has forbidden Iraqi ambassador in Cairo, said time was now ripe for investors to increase their investment opportunities in Iraq, where Iraq has become safer especially its north and south and also because of the great advantages of investment granted by the Iraqi government to investors.

http://aljewar.org/news-30197.aspx

Shiite Leader, Muqtada al-Sadr, demands govt. to allocate oil share for each Iraqi citizen

The Leader of the Iraq’s Sadrist Trend, Young Shiite Cleric Muqtada al-Sadr, has demanded the Iraqi Parliament and government to allocate a share from Iraqi oil for each Iraqi citizen, along with allocating a patch of land for each family that does not possess a house, along with facilities to build a house on it, Legislature Bahaa al-Aaraji said on Monday.

Aaraji said that Muqtada al-Sadr’s demand had been cited during his attendance of the Iraqi Parliament’s session on Sunday, in which he said that he had raised his demand due to the fact that agriculture had deteriorated in Iraq, thing that necessitates on the government and parliament to strive to support peasants and farmers to develop agriculture, in order to enable them selling agricultural products to the people for prices cheaper than imported products.

http://en.aswataliraq.info/?p=140447

British report: Iraq's budget deficit for 2011 will turn into a surplus

British report showed the possibility of turning the projected shortfall in the budget of Finance of Iraq in 2011, estimated at ($ 12 billion), to a surplus in the event of global oil prices continued to escalate.

The report issued by the International Center for Development Studies in London that increased Iraqi oil exports, which amounted to approximately (2.6 million) barrels per day in addition to increasing global demand for energy will revive the Iraqi economy significantly.

And the report emphasizes that the increase in world oil prices if it continues at this rate, Iraq will not be a need to borrow, a proposal that Iraq has cut operating expenses in the proposed budget for the expense of investment expenditure, which reached a rate of approximately 30%.

And recommends that the World Centre for Development Studies in its report, that is the involvement of the Iraqi private sector investment process with the need to find a formula of cooperation between this sector and foreign investment companies.

The report predicted that growth rates of up in the Iraqi economy in the current year to approximately (10%) if they were to take advantage of the large income derived by the effective and transparent.

Which means that Iraq will achieve significant positive results in the coming years not only at the level of political openness and the Arab regional and Iraq but also on the level of economic development and in the words of this report.

The proposed financial budget for the year 2011 and be discussed by the Parliament on the ninth of this month, had been calculated on the basis of price ($ 73) per barrel, while world oil prices over the barrier ninety dollars now

http://www.uragency.net/index.php?aa=news&id22=15584

Economic Adviser: Iraqi economy is starting from next June and a clear movement

Sign adviser to the CBI the appearance of Mohammed Saleh, said that "the economy of Iraq starting next June Movement and clear," he said, adding that "the investment budget allocated by the Government equal to 30% of the general budget and 20% of GDP, and this alone is enough to bring about positive changes in trends local markets."

He said that "the Iraqi economy to achieve growth rate of 7% in 2011, this growth will also lead to double per capita income over the next decade by between 80-10 thousand dollars a year in the light of the government's assertion to spend 80% of the oil revenues on development issues."

And fears the return of state control over the economy through increased government spending continued and continued employment policy, central bank adviser said, "State intervention in the current normal, due to the transitional status experienced by the Iraqi economy first," he said, "and the technological development led to the inflated role of the state 5% , and the proportion of state involvement in the Western economy, between 25-40% after conversion to institutions to regulate economic life."

He noted, "Iraqi government interference is important, for the purpose of directing the oil resources for the reconstruction of infrastructure, because we do not have other resources for the advancement of the national economy," and stressed "the need for the role of the State invested in infrastructure in order to encourage foreign investors to enter the local market."

He noted the appearance of "to a decline in the purchasing power of oil revenues in the global economy over the past forty years, Oil on the verge of depletion during the next two decades, and there are efforts to search for energy alternatives, especially as the oil is only 30% of the energy sources at the present time."

And stressed the economic expert for the appearance of Mohammed, "Iraq in front of a golden opportunity to diversify its economy by investing the oil resources to rebuild the infrastructure and attract foreign capital and local communities," but he noted the "development management" as the main obstacles to development. However, the appearance seemed optimistic about the exit of the Iraqi economy from a state of "uncertainty", which has suffered over the past year.

http://www.uragency.net/index.php?aa=news&id22=15659

Transport Minister calls for the activation of memoranda of understanding with the U.S.

Research and Transport Minister Hadi al-Amiri and extension of transport at the American Embassy means of mutual cooperation between the two sides, and the Ameri in a press release I got the morning, a copy of the seriousness of the current government interest in service sectors and upgrading, pointing out that the Ministry of Transport has a lot of projects waiting for investors to turn the aspirations of citizens to the reality, especially that Iraq is virgin land for investment in all fields, especially in the transport sector of all kinds, demanding the U.S. side for activating the memorandum of understanding between the two sides, because we need to shorten the time and start working on the ground, was also addressed to the conference, coordinating with the Ministry of Oil and oil companies involved in contracts oil licensing round to be held by the Ministry on 01.12.2011 and will be a review of the possibilities of the ministry to provide all the services and facilities to foreign companies for the sake of the success of these contracts, indicating that the current government will work as one team.

On the other hand, met Minister of Transport, Hadi Amiri, a representative of French company Alstom Maina Hashim, meeting focused on the railway and the possible role played by French companies in the development of this vital sector. He explained that the ministry would like to activate the economic cooperation with France, especially in the field of railway and Malabth role in the convergence of European countries, saying (so we believe that the railways the most prominent role in linking Iraq with his surroundings Arab and Islamic World), indicating that investment is the key to the development of the country. He called on French companies to participate in the vast investment opportunities in Iraq in general and in the transport sector in particular.

http://www.alsabaah.com/ArticleShow.aspx?ID=745

Commerce supports the application of the principle of decentralization in the management of the ration card

He expressed his high-ranking official in the Ministry of Commerce support for decentralization in the management of the ration card through the mandated process of the provincial insurance vocabulary.

The general director of a company of foodstuff trade in the ministry Fares Saad Abbas told the "morning" that he supported the proposal of decentralization in the management of the ration card, describing it as more effective in providing the best services for securing citizens monthly rations of food.

He noted that the Board taking over the provincial responsibility for securing card items all joints provides opportunities for observation and follow up closely the measures ensure the distribution of shares of the citizens, and the possibility of allowing each province to import from countries nearby, leading to reduced time and reduce costs, in addition to activating the rivalry between the provincial councils in the area of increasing vocabulary and improve quality in the light of the allocations earmarked for each province.

He expressed Abbas ready to harness all the potential companies the ministry concerned to cooperate and assist the provincial councils to assume this responsibility, especially as the companies the ministry has accumulated experience in the field of import and organization of tenders and contracts, in addition to the possession of specialized stores that can be invested in this area, in coordination with all the provinces.

He cautioned the Director-General that the application of this system will provide an opportunity in front of his company's implementation of the goal which it was created and the performance of its fundamental role of maintaining market stability and be a strong competitor to control the prices of food, quality and achievement of the budget and prevent monopoly, adding that the company since its inception has been on the import of all materials basic food and nutrition market, including quantities across multiple ports and at competitive prices in parallel to what is provided by private traders.

http://www.alsabaah.com/ArticleShow.aspx?ID=744