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Shahrastani: Iraq's imports of oil could reach approximately $ 100 billion annually by the end of the year
Published 8.5.2008, 12:13 Published 8.5.2008, 12:13
وزير ال
نيوUzmatik / Baghdad
قاى نت أسعار النفط. Said Iraqi Oil Minister Hussein Shahrastani that imports of oil from Iraq hoped to arrive at the end of this year to 62 billion dollars, and it likely to reach 90 100 billion dollars, if it were to raise the ceiling of production and improved oil prices.
جز عن إستثماره. And foreign investment and openness to the world market in the oil sector Shahrastani said that this is normal and required integration with the requirements of that market, provided they do not mean to blackmail Iraq under the pretext that he owns everything and unable to exploit.
أاز". Shahrastani, who was speaking at a meeting within the range of cultural Festival, explained that "many are talking about the need for Iraq to open his arms and attract external capital," and stressed that he is not against this trend, but noted that he disagreed with the advocates who think that investment Iraq could not Do more, "adding that" Iraq's new economic development and has huge potential and excellent human capacity, and can be integrated with the world economically, so as to achieve higher utility and the greater good of the Iraqi people. "Asserting that" Iraq could be open and cooperate and give and take and refuse extortion. "
ة بـ 1.5 مليون في عام 2003. Shahrastani and pointed out that "his ministry is planning to produce 2.9 million bpd at the end of this year, the efforts of Iraqi exclusive", and revealed that the oil production during the past five years, the rate of 2.3 million barrels per day, compared with 1.5 million in in 2003.
يل. It is noteworthy that Iraq possesses the largest oil reserves in the world b up to about 115 billion barrels. ويعى نحو مليوني برميل يومياً. The economy depends on the export of oil per day which amounts to about two million barrels per day.
http://209.85.171.104/translate_c?hl...100-2008.shtml
__________________
Barzani's Kurdistan province confirms that all Iraqis and is open for investments
. President of Kurdistan region Massoud Barzani in the resort of Salahuddin town of Arbil yesterday, Wednesday, with a large delegation of businessmen, traders and Iraqis living abroad and who are currently on a visit to the territory of ways to invest their money in the Kurdistan region.
واكد بارزاني خلال اللقاء ان اقليم كردستان لكل العراقيين ومفتوح للإستثمارات العراقية وليس هناك اي فرق بين اربيل والبصرة او السليمانية وبغداد اوالأنبار ودهوك فكلها مدن عراقية. He stressed that during the meeting, Barzani's Kurdistan province for all Iraqis and Iraq is open to investments and there is no difference between Basra and Arbil or Sulaymaniyah and Dohuk Baghdad Awalanbar and they are all Iraqi cities.
واستعرض رئيس جمعية رجال لأعمال العراقيين ثامر رزوقي الشيخلي العراقيل التي تواجه المستثمرين العراقيين المقيمين في الخارج معتبرا خطوة حكومة الإقليم بدعوة التجار ورجال الأعمال العراقيين لإستثمار رساميلهم في إقليم كردستان بانها تصب في دفع عجلة الاستثمار الى الامام . And Businessmen Association Chairman reviewed the work of Iraqis Thamer exclusive Shaykhli obstacles facing investors Iraqis living abroad contending step territorial Government invitation traders and Iraqi businessmen to invest capital in the Kurdistan region that they are in advancing investment forward.
مشيداً بدور رئيس مجلس الوزراء في حكومة الإقليم نيجيرفان بارزاني للتسهيلات التي قرر تقديمها للتجار العراقيين كما استعرض رئيس جمعية رجال الأعمال العراقيين وعدد من التجار وجهات نظرهم وقضاياهم ومشاكلهم وقدموا لبارزاني عدداً من المقترحات والملاحظات في هذا الصدد بهدف إيجاد الحلول لها. , Praising the role of the prime minister in the government of the Territory Mosques Barzani of the facilities provided by the merchants of Iraqis also reviewed the President of the Assembly of Iraqi businessmen and a number of traders and their views and issues and problems and offered to Barzani, a number of proposals and observations in this regard with a view to finding solutions to them
1200 !!!!!!!!!!!!!!! here at last baby
Announcement No.(1161)
D.G. of Foreign Exchange Control
The 1161 daily currency auction was held in the Central Bank of Iraq day Thursday 2008/5/8 so the results were as follows :
Details Notes Number of banks 16 ----- Auction price selling dinar / US $ 1200 ----- Auction price buying dinar / US $ 1198 ----- Amount sold at auction price (US $) 164.635.000 ----- Amount purchased at Auction price (US $) 2.550.000 Total offers for buying (US $) 164.635.000 ----- Total offers for selling (US $) 2.550.000 -----
Baghdad to Tehran: We want relations are far from distinct interventions
Officials told the ambassador "orally" to respect Iraq's sovereignty, independence and strengthen the ties of cooperation
BAGHDAD - Al Sabah
Baghdad demanded that Tehran "orally" not to interfere with Iraqi affairs, and continue dialogues and meetings between the two sides to resolve this issue through diplomatic channels. This claim came within several Advertising transported by government officials of the Iranian ambassador in Baghdad Kazemi ullage
Who showed great understanding for that, according to knowledgeable sources confirmed that for "morning. The sources said that Iraqi officials confirmed the government is bound to want solid relations based on the principle of good neighbourliness with the Islamic Republic, nor does it want to develop the case and the descent into regional conflicts rather than to Baghdad, where" no nothing Do. The government spokesman Dr. Ali Skinner has announced that Prime Minister Nouri al-Maliki directed the formation of a special committee to register Iranian interference in Iraq. And the Commission confirmed Ambassador Samir Sumaida'ie of Iraq in Washington, it includes the ministers of defence, interior and assess the full facts of the situation. Sumaida'ie said in press statements published yesterday, that the Iraqis refuse to enter any country, whether in Iran or any other matter of procedure.
For his part, Foreign Minister Hoshyar Zebari that his ministry is the only body which reflects the official view of the Government on its neighboring countries and the world, stressing that the official position of the government is refusing to interfere in Iraqi affairs. Zebari's statements came at a press conference attended by "Assabah" yesterday, affirming that the government did not ask the American and Iranian sides held a new round of talks regarding the security situation in Iraq after the failure of holding the fourth round, pointing at the same time that the Iranian government stipulated holding talks with U.S. After stopping military operations carried out by the government against the outlaws. In the meantime summoned Deputy Foreign Minister for dependent characters, however, yesterday, Iranian Ambassador to Iraq Hassan Kazemi their revenue.
According to a statement received "Sabah" yesterday a copy of it, the two sides reviewed bilateral relations between the two countries and developments in the Iraqi arena and the need for intensive and constructive cooperation to maintain security and stability in the region, as well as discussing the results of the expanded conference of the Third Foreign Ministers of Iraq's neighboring countries held Kuwait recently.
The dependent characters during the meeting of Iraq's keenness on the continuation of good-neighbourly relations between the two countries, non-interference in the internal affairs of both countries, the statement said that the meeting was characterized by clarity, openness and transparency.
http://translate.google.com/translat...-US:unofficial
Parliament approves in principle the draft "National Campaign for Reconstruction"
5-08-08
Parliament approves in principle the draft "National Campaign for Reconstruction"
Barham Saleh called upon the Council to provide the necessary funds for its implementation
BAGHDAD - Al Sabah
The House of Representatives approved "in principle" on the "National Campaign for Reconstruction," at the time called on Deputy Prime Minister Barham Saleh, the parliament would approve the provision of financial allocation required to implement the project
It examined the parliamentary session yesterday, in the presence of Deputy Prime Minister Barham Salih, a draft "National Campaign for reconstruction", which aims to find ways and means of unconventional move for architectural and project implementation.
He called Saleh during the meeting, providing allocation required to implement a project of national reconstruction campaign, according to draft a special law must ratify it as soon as possible, as well as a mechanism of communication between Parliament and the Commission supervises the implementation of the campaign. "
Within the discussion of the deputies of the project, Haider Abadi, the deputy pointed out that the "gesture of the government to give this important project, because it aims to develop the economy, in addition to investing in a good financial surplus, indicating that the bureaucracy is the greatest impediment to the implementation of reconstruction projects.
For his part, welcomed the independent MP Mahdi Al-Hafiz, the project, noting that implementation levels in accordance with existing contexts low, and the importance of the programme lies in the direction towards accreditation and the private sector.
With the independent MP pointed Wael Abdul Latif, the need for a draft bill for the supplementary budget, to address shortcomings in the existing 2008 budget, calling for the promotion of agricultural projects.
He welcomed the deputy coalition went on to the project, stressing the importance of implementing strategic projects with public benefit, and building housing projects, health and roads between cities and countryside.
The MP demanded full of Albulada provinces that have an effective role in accomplishing this project, stressed Deputy Hashim Al-Taee of the Accord Front on the importance of equitable distribution of wealth and funds through an independent body.
The Deputy Prime Minister House on queries, explaining that parliament deal with the project very useful. "As Chairman of the meeting, Sheikh Khalid al-Attiyah, First Deputy Speaker of Parliament, said: The House of Representatives this project pending a legal formula to be debated and ratified, through meetings devoted to this.
http://translate.google.com/translat...-US:unofficial
Deputy calls independent Iraqi government to change its economic policy before starting reconstruction projects
Published 7.5.2008, 21:23 Published 7.5.2008, 21:23
نيوزماتيك/ بغداد Uzmatik / Baghdad
قال عضو لجنة الاقتصاد والأعمار والإستثمار في مجلس النواب العراقي النائب المستقل مهدي الحافظ، إن "خطة الحكومة العراقية لتخصيص ميزانية إضافية قدرها خمسة مليارات دولار لمشاريع الإعمار في البلاد "لن تنجح إذا استمر البنك المركزي في رفع أسعار الفائدة المعمول بها حاليا". A member of the Committee on the economy, reconstruction and investment in the Chamber of Deputies independent Iraqi deputy Mahdi Al-Hafiz, said "the Iraqi government's plan to allocate an extra budget of five billion dollars for reconstruction projects in the country" will not succeed if the central bank to raise interest rates currently in force. "
ولفت الحافظ في حديث لـ"نيوزماتيك" إلى وجود "تناقض واضح بين هدف الحكومة العراقية من تخصيص المبالغ الجديدة الرامية لتحريك الإقتصاد الوطني وتسريع عمليات الإعمار، وبين السياسية المالية للبنك المركزي التي تعرقل مثل هذا التوجه" حسب تعبيره. He noted in an interview with Al-Hafiz, "Uzmatik" and a "clear contradiction between the goal of the Iraqi government to allocate the new amounts to activate the national economy and accelerate the reconstruction operations, and between political finance the Central Bank of impeding such a move" as he put it.
ودعا الحافظ إلى ضرورة تخصيص الميزانية الإضافية للقطاع الخاص "لكي يزدهر ويصبح له دورا أساسيا في الاقتصاد الوطني"، مشيرا إلى أن هذا الأمر سيسهم أيضا في إعادة الطبقة الوسطى في المجتمع العراقي "التي اختفت بسبب الظروف التي مرت بالعراق خلال العقود الثلاثة الماضية". He called Al-Hafiz, the need to allocate additional budget for the private sector "in order to flourish and become an essential role in the national economy," noting that this matter will also contribute to the re-middle class in Iraqi society, "which disappeared because of circumstances through which Iraq over the past three decades."
عضو لجنة الاقتصاد والأعمار والإستثمار في البرلمان أكد أن القطاع الخاص يعاني من عراقيل حكومية لتوسيع نشاطه أهمها ارتفاع أسعار الفائدة على القروض والتي لا تتيح أي مجال حيوي لتحريك هذا القطاع في مجال الإعمار والإستثمار. Member of the Committee of the economy, reconstruction and investment in the parliament confirmed that the private sector suffers from governmental obstacles to expanding its activities mainly higher interest rates on loans, which do not allow any room to move this vital sector in the area of reconstruction and investment.
وشدد على ضرورة أن تعالج الخطة الحكومية مشكلة البطالة من خلال "خلق فرص عمل حقيقية وليس إيجاد وظائف حكومية تؤدي إلى زيادة الترهل في دوائر الدولة وإعادة إنتاج البطالة بشكل جديد" حسب تعبيره. He stressed the need for the government's plan to address the unemployment problem through a "real job creation, not create jobs government to increase slack in government departments and re-production of new unemployment" as he put it.
وطالب الحافظ الحكومة العراقية بأن تركز في ميزانيتها التكميلية على المشاريع الإنتاجية التي يحتاجها الإقتصاد العراقي في الظروف الحالية. He asked Hafiz Iraqi government to focus on the supplementary budget for capital projects needed by the Iraqi economy in the current circumstances.
يذكر أن الحكومة العراقية أعلنت في مناسبات عدة عن وجود فائض مالي لديها يقدر بخمسة مليارات دولار حيث اقترحت تخصيصه لبناء مشاريع البنية التحتية مثل المدارس والمستشفيات والمساكن، بينما دعا عدد من أعضاء مجلس النواب العراقي إلى ضرورة أن تخصص الأموال الفائضة لحل مشكلة المهجرين في داخل وخارج العراق وتحسين مواد البطاقة التموينية. It is noteworthy that the Iraqi government announced on several occasions about the presence of a financial surplus has estimated five billion dollars in proposed allocation for the construction of infrastructure projects such as schools, hospitals and housing, while the number of members of the Iraqi parliament to the need to allocate excess funds to solve the problem of displaced people inside and outside Iraq And improving the ration card materials.
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تذكرني Remember me
Saudi Arabia clinging too tightly to the dollar? For how long?
http://www.rgemonitor.com/setser-mon...th-oil-at-120/
Brad Setser | May 6, 2008
Oil is trading above $120.
Saudi Arabia exports more oil than anyone else. It isn’t unrealistic to think the Saudis oil export revenue could approach $400 billion a year if oil stays above $120.
Saudi economic development has lagged the Gulf boom towns of Doha, Dubai and Abu Dhabi. Paul Murphy, quoting Goldman’s Ahmet Akarli:
the Saudi economy has lagged badly behind its peers in the Gulf region in terms of both per capita income and overall living standards – in particular, it lags the rapidly diversifying and prosperous economies of the UAE, Kuwait and Qatar.
The right policy course: a bit of austerity. Yep, spending cuts. Or least slower spending increases.
That at least is what the Saudi central bank governor suggests. The FT reports:
Saudi Arabia’s central bank governor on Tuesday called on the government to fight inflation by curbing public expenditure, warning that economic policies in the kingdom faced “a critical situation” ….
“The Saudi Arabian Monetary Agency [the central bank] has taken steps to reduce domestic liquidity by raising the statutory reserve requirement several times. Given the dominance of fiscal policies on the economy, it is necessary to reprioritise spending and programme it to fit the absorptive capacity of the national economy,” Mr Sayari added.
The IMF – which has been arguing for maintaining the dollar peg and limiting inflation with spending cuts – presumably approves. The IMF’s advice to Oman is presumably not that different from its advice to the Saudis. Not that the IMF’s views matter. The US, which is rumored to have put pressure on the Saudis to maintain their peg to the dollar, presumably does too.
Basically, SAMA and the IMF want the Saudis and the Gulf to spend more on global financial assets – as the fiscal contraction only will fight inflation if the oil revenue is sequestered abroad – and less at home.
All just to maintain a peg to a currency that isn’t a good fit for an oil-exporting region.
A currency that rises and falls with oil makes a lot more sense for an oil exporting economy than a currency that falls when oil rises and rises when oil falls.
Right now, the Saudis are trying to cut spending in the face of a (positive) oil shock in order to squeeze the Saudi economy into a depreciated currency.
They should be allowing a stronger currency to create more economic space to enjoy the oil boom. Or at least room to spread the benefits of the oil boom a bit more widely.
A stronger riyal – assuming the rise in riyal was real not cosmetic -- would make more domestic spending and investment consistent with lower levels of inflation.
In the 1990s, the Saudis had to cut back because they weren’t getting enough revenue from the oil. The rising dollar added to strong deflationary pressures. Real rates rose. Now, the Saudis face pressure to cut back even as oil soars at least in part because they have pegged their currency to the depreciating dollar.
I rather suspect the current policy won’t work. The Saudis cannot cut spending enough to really bring about a real depreciation of the riyal. Not with rising public expectations and tons of petrocash.
Goldman’s Akarli expects Saudi inflation to soon reach 15%. I suspect he is right. And there is a real risk that the resulting period of negative real interest rates will only add to the Gulf’s history of following big booms with big busts.
Iraq March Oil Revenue Up 12% On Month At $5.644 Billion - Ministry
AMMAN -(Dow Jones)- Revenues from Iraq's oil sales rose 12% in March despite Iraq exporting more crude oil in February, oil ministry figures seen by Dow Jones Newswires Wednesday show.
Iraq's oil revenues in March totaled $5.644 billion, compared with $5.037 billion in February, the ministry said.
Iraq exported 59.4 million barrels in March, or 1.92 barrels a day, compared with 56.1 million barrels, or 1.93 million barrels a day, in February, it said.
The increase in revenues is attributed to soaring world crude oil prices which opened above $120 a barrel Tuesday, rising in recent trading to $121.85, or 1.6% above Monday's close.
A U.S. government report to be released Wednesday projected Iraq's oil revenue to top a record $70 billion this year. The report, from Special Inspector General for Iraq Reconstruction Stuart Bowen, said Iraq earned more than $18 billion from oil sales in the first quarter 2008.
-By Hassan Hafidh, Dow Jones Newswires; + 962 799 831831; hassan.hafidh@ dowjones.com
Iraq's Industry minister opens door to reimbursing US
WASHINGTON - Iraq's industry minister opened the door Wednesday to reimbursing the United States for at least some of the billions of dollars spent for reconstructing the country.
Industry minister Fawzi Hariri also spoke hopefully of more than doubling Iraqi oil production within two to three years.
Hariri said current production is 2 million to 2.4 million barrels a day, and it should reach 3 million by the end of the year and 5 million barrels in another two to three years — depending on the extent of foreign technology from abroad.
Iraqis themselves "don't have the know-how" to expand production that much, he said at a joint news conference with Paul Brinkley, the undersecretary of Defense for Business Transformation in Iraq.
With Iraq expected to reap some $70 billion in oil revenue this year because of worldwide record-high fuel prices, some House Democrats have proposed a ban on providing U.S. aid to rebuild towns or equip security forces unless Iraq matches every dollar spent by the United States.
Bush administration-backed legislation calls for devoting about $3 billion to reconstruction and relief programs, half of which would go toward training and equipping Iraqi security.
Asked what he thought of the Democratic proposal, Hariri said Iraq has been able to control its own finances only since 2006 and "the government of Iraq is doing as much as it can to support industry and housing reconstruction."
"We are hoping for help from our friends. We are not looking for handouts," he said, adding, "Iraq can pay the money back."
What the United States spends is for security and completely a U.S. decision, he said.
"The Iraqi government is not involved in any way," the minister said. But "money can be returnable," he said. "We can get to an arrangement to deal with that."
http://news.yahoo.com/s/ap/20080507...LwwVmyB5X6GM A
Up-to-the-minute market in Basra city
Basra - Voices of Iraq
Wednesday , 07 /05 /2008 Time 2:58:10 </B>
Basra, May 7, (VOI) – A modern market with several shops and commercial annexes has been inaugurated in the Iraqi southern province of Basra, the head of the city's reconstruction committee said.
"The market which was opened on Tuesday in Basra's downtown al-Khaleej neighborhood includes 32 shops, a pharmacy, gardens and a parking lot," Ghali Najm, the committee's head, told Aswat al-Iraq, Voices of Iraq, (VOI).
The project was carried out by an Iraqi company, under the supervision of the provincial council, Najm noted.
"Five other similar markets will be set up in Basra, al-Kaziza, al-Zubeir and Abi al-Khaseeb," he added.
Meanwhile, the deputy chairman of the Basra provincial council, Naseef al-Abadi, said during a press conference held with the British consular general in Basra that the market provides further evidence of the cooperation between the local government and the British side.
The modern market project, which was launched on Tuesday, is the first step on the way to establishing five other projects in the province. "The project was completed in a record period of 170 days at a cost of $1 million (nearly 1.2 billion Iraqi dinars) from donor countries," al-Abadi explained.
"I am pleased to open the Jameat Market, which is an excellent example of the many projects contributing to the re-building of Iraq,” said British Consular General Nigel Haywood, Britain's most senior representative in southern Iraq.
"The achievement is the result of huge cooperation between the local government, the British side and the Multi-National Force (MNF) reconstruction teams…," Haywood said.
The Shiite province of Basra lies 590 km south of the Iraqi capital Baghdad.
http://66.111.34.180/look/english/ar...=2&NrSection=2
EU eyes progress on gas pipelines from Iraq, Egypt
The European Union said on Monday it was progressing with efforts to secure gas supplies from Egypt and Iraq as part of the bloc's efforts to reduce its heavy dependence on Russian oil and gas.
Energy Commissioner Andris Piebalgs said 7 billion cubic metres (bcm) of gas had been secured, and progress had been made on developing gas pipelines during a meeting with senior officials from Syria, Egypt, Iraq, Jordan, Lebanon and Turkey. "Seven billion cubic metres (bcm) from new sources to the European market is not bad from this part of the world," Piebalgs told reporters.
He said 5 bcm of gas was expected to come from Iraq's Akkas field in two or three years -- as announced in April -- while a further 2 bcm is expected to be piped from Egypt from 2010. The EU hopes to import Iraqi gas via the planned Nabucco pipeline across Turkey to central Europe as it diversifies gas supplies away from Russia which provides a quarter of its needs.
Officials attending Monday's meeting agreed to forge ahead with the Arab Gas Pipeline which runs from Egypt to Syria and with connections to Iraq, Turkey and the EU by 2009. "We're also looking in other directions," added Piebalgs. "Azerbaijan and Turkmenistan are not less important for also directly delivering gas to the European Union." The European Commission said last month it had secured a guarantee of 10 billion cubic metres a year of natural gas from Turkmenistan from 2009 as part of the drive to ensure sufficient supplies to make Nabucco commercially viable.
The pipeline is seen as a rival to the Kremlin-backed South Stream project due eventually to take some 30 billion cubic metres of Russian gas a year to southern Europe. "Too many people still think we only look north and east when we think of our energy security, but we also of course look south too," said European Commissioner for External Relations Benita Ferrero-Waldner. "On a bilateral level, I've already signed a joint declaration on energy cooperation with Jordan and we're close to signing an MoU with Egypt on energy and we are also working on another with Iraq," she added.
Ferrero-Waldner is set to launch on Tuesday the EU's Neighbourhood Investment Facility, which will provide over 700 million euros of funding for energy and transport infrastructure between the EU and neighbouring states between 2007 and 2013. The EU expects the facility to encourage a further 5-6 billion euros of lending for infrastructure projects.
Ok so I was wrong...I think..lol Rumor has it that there has been a one Dinar note out for some time now and it is being used in the Kurdish north. I didn't believe it but I confirmed it with a verrry reliable source. Figured it would've gotten alot of press by now..hmmmm
Baghdad Coming To Life
by Dave Price
The “protect the population” benefits of the surge tactics continue to be felt by ordinary Iraqis:
Baghdad - There is big excitement on al-Marifah Street. City workers are installing a new transformer to bring power to a part of the southern Baghdad neighborhood of Saidiyah that hasn’t been on the city’s electrical grid for more than a year. “A year ago, dead bodies lay on this street for days; no one dared to pick them up. But now we are getting lights and shops have opened back up,” says Mahdi Jabbar Falah, a 40-year resident who has just moved himself and his family of nine back to their house.
….
“Last year, this was a ghost town,” he says, “but now I feel we are alive again.”
…
“You can’t say there’s perfect safety here now, but it’s much better than before when you didn’t dare go out on the street,” says Ali Latif, a young Shiite who returned to Saidiyah in January after leaving for six months. “There are still terrorists here, but now they stay more hidden,”
…
Back on al-Marifah Street, grocery merchant Ibrahim says the people – and the Iraqi Army – are not ready for the Americans to go. “The Americans are testing the Iraqi troops, and our sense of security is still very new so the people would be very nervous if the Americans left,” he says. “No, their presence is still 100 percent necessary.”
I hope Obama is listening. It would be a tragic irony if he was the second Hussein to ruin Iraq.
DINOFARTS--Iraq sets new May 18 deadline for gas field bids
Iraq's oil ministry said Tuesday it has postponed the deadline for bids to develop the Akkas gas field, a prized natural gas field in western Iraq, until May 18.
The announcement came two weeks after the previous deadline expired. Authorities did not provide a reason for the postponement on Tuesday.
But the oil ministry last week said in a report that Iraq has been unable to lure enough bids from foreign or local companies for oil and gas projects due to lack of security.
The Akkas field, which has estimated reserves of more than 2.15 trillion cubic feet, is located in the former Sunni insurgent stronghold of Anbar province. Development of the Akkas field could boost the economy in Sunni areas, where support for the government remains tenuous.
Early this year, the ministry said it was negotiating with Royal Dutch Shell PLC to conduct output tests for the field, which has five wells that are ready to be interconnected.
It could produce up to 50 million cubic feet a day as a first stage. That could be increased to 500 million cubic feet a day, which could be pumped through Syria and Turkey to consumers in Europe.
The ministry on Tuesday also postponed until May 18 bids for a separate tender to help construct two oil pipelines to link the Basra oil fields in southern Iraq with Iran's Abadan refinery. The project's aim is to export crude oil and import refined petroleum products through Shatt-al-Arab waterway.
Iraq has the world's third-largest oil reserves with an estimated 115 billion barrels, and it also sits on an estimated 112 trillion cubic feet of natural gas reserves.
Most of the country's vast petroleum wealth is located in the Kurdish north and the Shiite south.
07.05.2008
AP Baghdad
Announcement No.(1160)
D.G. of Foreign Exchange Control
The 1160 daily currency auction was held in the Central Bank of Iraq day Wednesday 2008/5/7 so the results were as follows :
Details Notes
Number of banks12-----
Auction price selling dinar / US $1201-----
Auction price buying dinar / US $-----------
Amount sold at auction price (US $)54.635.000-----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $)54.635.000-----
Total offers for selling (US $)-----------
At the meeting studied the financial and banking conditions in the country and vast prospects for their development, thus contributing to the welfare and recovery of the purchasing power of people and supports Iraq's international standing.
This comment I posted before ties in directly with what they mean....FOREX is coming fast...
Anything else wouldn't make sense because the dinar at it's current value would drag down the monetary stability of a very rich gulf nation jmho
lOOKS LIKE WE ARE ALMOST THERE...they took in a bunch of cash now they are ready for international or true value of Dinar ...sweeeeeeeeet they are ready for GCC and reval imo
good read here from auction comments....NICE
and it cancels its floatation idea and reinforces the hope for putting stable international value till now its fulfillment of all of the conditions as by the Gulf currencies ".
Decline in demand for buying the dollar at an auction Iraqi Central
BAGHDAD - Iraq votes 07 / 05 / 2008 at 13:50:34
Decreased demand for buying the dollar at an auction the Central Bank of Iraq on the sale and purchase of the dollar at its meeting Wednesday, recording total volume of demand reached 54 million and 635 thousand dollars against 127 million and 170 thousand dollars in the previous meeting.
The auction showed special bulletin the Central Bank of Iraq for the sale and purchase of the U.S. dollar today that the request be distributed at 5 million and 705 thousand dollars in cash and 48 million and 930 thousand dollars in the form of remittances outside the country covered by the bank in full at a rate of 1201 dinars.
Did not make any of the 12 participating banks to auction offers to sell the dollar to the auction.
He said the Yasiri, one dealing with the auction of the Independent News Agency (Voices of Iraq) that "the demand witnessed a decline in the days of being depleted of peak demand yesterday, and yesterday I was led to a decline in demand to below the overall levels of demand during the current year."
Another translation of above:
"The request witnessed the decrease of being it mobilized in the request peak days in yesterday and the day before yesterday what led to a retreat in the demand size to extending the general levels for the request through current year".
Yasiri pointed out that "demand the retreat, both cash and money orders both however, the sale of auction bids were absent for the second time in a row in the meetings of the auction for the current week after it disappeared at a meeting last Monday," expected to rise tomorrow demand that the cash tomorrow, Thursday is the date for accounting Traders Iraqis what generates growing demand for the dollar to pay dues payments.
Another translation of above:
"The demand retreated by its parts the cash and the moneys order equally, nevertheless the selling presentations to the auction disappeared for the second time in succession in the auction sessions to the week after they disappeared in the session last Monday," expected that tomorrow the cash request rises being tomorrow Thursday he is the reckoning date to the Iraqi merchants what causes an increasing request on the dollar for the repayment of their payments dues.
For his part, the economic expert and industrial Sadiq Abdul Razzaq told (Voices of Iraq) that "the fluctuation and variation in demand for purchase offers a positive sign that the auction survival depended on one of the decline or rise leads to the emergence of the crisis."
Another translation of above:
"The vibration and the difference in the presentations of the demand are on the purchase a positive sign it formed keeping the auction uniformly from the decrease or the rise that leads to an appearance of a crisis ".
He continued that "the disparity in the demand reflects the dynamic performance of the market on one hand and the auction is still free and cover a large cash to meet all purchase orders, which increases the confidence in Iraqi currency and eliminate the idea could float them develop and enhance the value of hope after an international firm to meet the requirements of each currency like the Gulf."
Another translation of above:
"The difference in the request reflects the market performance dynamism from an authority and that the auction is still free and with a big cash cover it answers all purchase requests, and it is what exceeds the confidence in the Iraqi currency and it cancels its floatation idea and reinforces the hope for putting stable international value till now its fulfillment of all of the conditions as by the Gulf currencies ".
So, the economic expert, Dr. Abbas Aluj that "although inflation indices to fall but they are no longer now because of the increased money supply and other reasons stand behind the fact that the auction absorbed too much of the money supply despite the rise in the volume of recycled and return to the market through staff salaries And government spending."
Another translation of above:
"The inflation indications are despite their decrease nevertheless they returned not now because of the increase of the cash block and that other reasons stand behind them being the auction absorbed a big amount of the cash block despite the rise of a size round from it and the returning to the market through the employee salaries and the government spendings".
He told Aluj (Voices of Iraq) that "economic reform at the present time must go developmental trend that receded after the need for a policy to encourage savings, especially after having established in most of the local currency dealers with the impression that it is the store money to the Iraqi capital", calling for Ease credit restrictions to take advantage of increasing returns for Iraqi oil in the development of a strong private sector able to compete with imported and revitalizing the Iraqi market.
Another translation of above:
"The economic reform at the present time should move by the development trend after the need for the saving encouragement policy receded especially after it is established to most of the dealers with the local currency the impression that she be the money store of the Iraqi capitals ", calling for lightening the credit restrictions for the benefit from the increasing revenues of the Iraqi oil in the development of a strong private sector capable of the competition with the importer and the activation of the Iraqi market.
Uday also pointed Shabib Rustum's banking office that "the U.S. dollar exchange rate Stock Exchange amounted to 1221.4
With the purchase price Exchange 1218, and selling price offices 1225 and 1215 dinars purchase price increase or decrease with five points as the policy office. "
He told Shabib (Voices of Iraq) that "the struggle Stock Exchange have seen demand decline in average demand in the bourses and Kazimiya Harthiya."
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Iraq in advanced talks on sixth oil deal:
Wed May 7, 2008 5:56am EDT ? ?
DUBAI (Reuters) - Iraq is in advanced talks for an oil service contract with a consortium of Vitol, Anadarko (APC.N: Quote, Profile, Research) and Dome to boost output by 100,000 barrels per day at its Luhais oilfield, industry sources said on Wednesday.
The contract is the sixth in a batch of short-term oil service contracts worth around $500 million each that Iraq wants to sign with international oil companies in June.
Baghdad aims to increase oil output by around 600,000 bpd with the deals, boosting by over a quarter Iraq's current output of around 2.25 million bpd.
"A final round of meetings is expected to be held with the consortium, and all of the companies negotiating these contracts, at the end of this month," said an industry source. "All companies involved are finalizing paperwork to initial the agreements in early June."
The consortium of European oil trader Vitol, U.S. independent oil and gas company Anadarko and Dubai-based Dome has already taken part in two rounds of talks with Iraqi officials in Jordan's capital of Amman for the contract. The Luhais oilfield is in southern Iraq and pumps around 50,000 bpd.
Iraqi Oil Minister Hussain al-Shahristani said last month he wanted the oil service deals the country was negotiating with international oil giants to be signed in June, or Baghdad may drop the deals.
BP (BP.L: Quote, Profile, Research), Royal Dutch Shell (RDSa.L: Quote, Profile, Research) and Exxon Mobil (XOM.N: Quote, Profile, Research) were negotiating a deal each. Shell is negotiating another deal with BHP Billiton (BHP.AX: Quote, Profile, Research), while Chevron (CVX.N: Quote, Profile, Research) and Total (TOTF.PA: Quote, Profile, Research) together are working on a fifth deal.
The service contracts form part of stopgap measures to boost oil production in the absence of a vital oil law. Legislation to set the terms and extent of foreign investment in the country has been stalled in parliament for more than a year.
(Reporting by Simon Webb)
Skinner: Iraqi government is planning to many investment projects in different areas of Baghdad
07/05/2008
Dr. Skinner said the spokesman, the Iraqi government that his government has still discussing many of the reconstruction plans and investment
في مناطق مختلفة من العاصمة بغداد بالإضافة الى المحافظات الاخرى. In different areas of Baghdad in addition to other governorates.
الدباغ أوضح بأن تلك المناطق تشمل معسكر الرشيد الذي تم الإنتهاء من وضع خطة لبناء مدينة سكنية مع خدمات متكاملة على أراضيه، كما تشمل ايضا المنطقة الدولية حيث إتفقت الحكومة العراقية مع مستثمرين محليين وأجانب على اقامة مشاريع سكنية وتجارية فيها. Skinner explained that these areas include Rasheed Camp, which was finalizing a plan to build a residential town with integrated services in its territory, and also include the international zone, where the Iraqi government agreed with local and foreign investors to build residential and commercial projects there. هذا بالاضافة الى خطط تجري دراستها حاليا لتطوير واستثمار مناطق اخرى في عموم البلد. This is in addition to plans currently being studied for development and investment elsewhere in the country.
وأكد الدباغ على عدم دقة التقارير الإخبارية التي تم تداولها مؤخرا والتي حصرت خطط الإستثمار بالمنطقة الدولية او المساحة المحيطة بمواقع السفارات الاجنبية، مشيرا الى أن أولويات الحكومة في مجال الإعمار والإستثمار توضع إستنادا الى مدى إنتفاع المواطن العراقي والإقتصاد العراقي منها بالدرجة الأساس. Skinner emphasized the inaccuracy of news reports that were circulated recently that surround the area of international investment plans or the area surrounding the location of foreign embassies, pointing out that the Government's priorities in the field of reconstruction and investment are based on the use of Iraqi citizens and Iraqi economy, including class basis.
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most important paragraph....
At the meeting studied the financial and banking conditions in the country and vast prospects for their development, thus contributing to the welfare and recovery of the purchasing power of people and supports Iraq's international standing.
Samaha met Mr. Amar al-Hakim Tuesday 6/5/2008 Dr. Sinan Alshabibi Iraqi Central Bank Governor
.
وتم في اللقاء تدارس الاوضاع المالية والمصرفية في البلاد والآفاق الرحبة لتطورهما بما يسهم في رفاهية وانتعاش القدرة الشرائية لأبناء الشعب ويدعم مكانة العراق الدولية . At the meeting studied the financial and banking conditions in the country and vast prospects for their development, thus contributing to the welfare and recovery of the purchasing power of people and supports Iraq's international standing.
كما تم في اللقاء تبادل الاراء والتأكيد على اهمية أستيعاب وتنمية الطاقات الشبابية لما في ذلك من تأثير ايجابي على الوضع المصرفي والاقتصادي في البلاد . As in the meeting to exchange views and to stress the importance of absorption capacity and the development of youth because of the positive impact on the banking and economic situation in the country.
من جانبه أكد سماحته على ضرورة بذل الجهود من اجل الارتقاء بالواقع المالي والمصرفي خدمة للمصلحة الوطنية وتحسين الظروف المعاشية للمواطنين . For his part, the discourse on the need to make efforts to upgrade our financial and banking service for the national interest and improve the pension conditions for citizens.
Al-Maliki during his reception of clans in Karbala: Iraq can not be free
05/05/2008م - 9:51 ص | مرات القراءة: 81 05/05/2008 m - 9:51 AM | times reading: 81
". Prime Minister Nuri al-Maliki: "Iraq can only be free, strong and sovereign would not be a follower of one with its world heritage and history."
واضاف خلال إستقباله اليوم وفدا يمثل وجهاء وشيوخ عشائر محافظة كربلاء:"إن وجود عراق قوي مستقر شرط لإستقرار المنطقة ، وإن مبادئ حسن الجوار وعدم التدخل لابد منها لمن يريد بناء علاقات دائمة مع دول الجوار،ولابد من طي صفحة الماضي وتخليص العراق من ديون الحرب الباطلة التي لم تدخل في بناء جسر اومدرسة اومستشفى وأضرت الشعب العراقي كما أضرت دول الجوار". He added during his meeting today with a delegation representing notables and tribal elders governorate of Karbala: "The presence of a strong Iraq stable condition for the stability of the region, and the principles of good neighbourliness and non-interference must for whoever wants them build lasting relationships with neighboring countries, must turn the page on the past and rid Iraq of the debt of war ballots Not interfere in the construction of a bridge Aomadrsh Oomschwi and harmed the Iraqi people and affected neighboring countries. "
واوضح المالكي:"اننا بدأنا مسيرة البناء الحقيقي للدولة حين فرضنا سلطة القانون واصبحت لدينا دولة لاتميز بين المواطنين الا على اساس عطائهم للعراق،وقطعنا شوطا طويلا في عملية بناء الدولة من خلال التعامل بواقعية مع القرارات الدولية لأجل تحقيق عراق مستقل ذو سيادة كاملة". The al-Maliki: "We started building the real march to the State, while imposing the rule of law and we have a balance between citizens solely on the basis of tenders for Iraq, and have come a long way in state-building process by dealing realistically with the international resolutions in order to achieve the independent Iraq with full sovereignty."
وأكد:"ان بناء دولة القانون هو اهم مانورثه للاجيال المقبلة ، وإذا كنا شركاء في فرض الأمن وحفظ هيبة الدولة فسنكون شركاء في عملية البناء والاعمار التي انطلقت عبر الكثير من العقود التي أبرمناها في جميع المجالات،ولابد للشعب العراقي أن يحقق طموحاته ويستفيد من ثرواته ويعيش بمستوى أفضل". He stressed: "The building of a state of law is the most important bequeath to future generations, if we are partners in security, we will be keeping the prestige of the state partners in the process of construction and reconstruction, which started across much of the contracts we have concluded in all areas, should the Iraqi people to achieve their aspirations and benefit from the wealth and living Level best. "[/B]
وأشاد المالكي:"بدور علماء الدين ورجال العشائر والكتل السياسية الذين قالوا كلمتهم الشجاعة وتوحدوا ضد الخارجين عن القانون الى جانب الحكومة التي نجحت في حفظ هيبة الدولة وبسط القانون". He praised al-Maliki: "the role of religious scholars and men of the tribes and political blocs who have said their word courage and unity against lawless along with the government, which succeeded in preserving the prestige of the state and the extension of the law."
وتابع:"إن الذين يريدون العودة بالعراق الى عهد الدكتاتورية والارهاب لن يتمكنوا ومن يريد ان يحكم لابد ان يدخل من بوابة الدستور والانتخابات ولن يحكم العراق بعد اليوم من قبل شخص او و حزب او طائفة". He continued: "Those who want to return Iraq to the era of dictatorship and terror will not be able to govern and those who must enter the Gate of the Constitution and elections will govern Iraq after the day by a person, or party or sect."
واشار المالكي الى:"أن العراق سيخرج منتصرا وسنتمكن من مواجهة العصابات المجرمة ،وإن المهمة التي كانت صعبة أصبحت قابلة للتحقيق في بناء دولة قوية ذات سيادة يحترم فيها القانون والدستور ويتساوى فيها الجميع في الحقوق والواجبات" He pointed to al-Maliki: "Iraq will emerge victorious and we will be able to face the criminal gangs, and that the task had become difficult are achievable in building a strong country with respect for the rule of law and the Constitution and where everyone is equal in rights and duties"
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Mr. Amar al-Hakim receives Iraqi Central Bank Governor
07/05/2008م - 9:54 ص | مرات القراءة: 43 07/05/2008 m - 9:54 AM | times reading: 43
Samaha met Mr. Amar al-Hakim Tuesday 6/5/2008 Dr. Sinan Alshabibi Iraqi Central Bank Governor
.
وتم في اللقاء تدارس الاوضاع المالية والمصرفية في البلاد والآفاق الرحبة لتطورهما بما يسهم في رفاهية وانتعاش القدرة الشرائية لأبناء الشعب ويدعم مكانة العراق الدولية . At the meeting studied the financial and banking conditions in the country and vast prospects for their development, thus contributing to the welfare and recovery of the purchasing power of people and supports Iraq's international standing.
كما تم في اللقاء تبادل الاراء والتأكيد على اهمية أستيعاب وتنمية الطاقات الشبابية لما في ذلك من تأثير ايجابي على الوضع المصرفي والاقتصادي في البلاد . As in the meeting to exchange views and to stress the importance of absorption capacity and the development of youth because of the positive impact on the banking and economic situation in the country.
من جانبه أكد سماحته على ضرورة بذل الجهود من اجل الارتقاء بالواقع المالي والمصرفي خدمة للمصلحة الوطنية وتحسين الظروف المعاشية للمواطنين . For his part, the discourse on the need to make efforts to upgrade our financial and banking service for the national interest and improve the pension conditions for citizens.
TRANSPARENCY? Banks eligibility demanding release of the Central Bank the value of bank credits
بم 2003 . Banks appealed to the civil Iraqi government the Iraqi Central Bank by opening the value of their financial allocations and not identified as a certain amount of world countries in order to allow them to move according to market economics and modern to serve the economic transformation plans adopted by the government since 2003.
ة. They asked the Central Bank of Iraq not to determine the ceiling material to their financial allocations, since it represents a hindrance to the expansion of infrastructure bank has successively and thus freezing business dealings, whether external Awaldakhalih.
وال. In this context, the Commissioner said Deputy Director of the Bank Alorca of investment and finance, Mohamed Hassan Said in an interview with "Sabah" that the banks need the support of civil government representative of the Iraqi Central Bank through the opening credits without adherence to a certain ceiling and submitted it to revitalize the national economy, taking into consideration The efficiency of the bank and the package of services provided by the bank and the development processes of restructuring as well as lifting his head like those achieved by the bank to introduce Sovietizing the banking dealings to facilitate services to customers for the first time in Iraq as well as put up a new interest rate on deposits of three types and amount to 12 percent for three months And 13 percent for six months and 14 percent for one year.
. He added that the bank grants in the same context, the smart card serve its customers and ATM and the issuance of guarantees and opening credits low through the Internet service bank "e-bank" and using a password containing the account number and name.
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Think emma started it in strongtowers room....bad rumor...we don't see an RV till ALL economic ducks are in a row and quacking....it could come soon but they need to get their turbin-head act together
Oh geeez here we go again with the fantasy pump money....lmfao..stop already...OLD MONEY!!!
http://www.investorsiraq.com/showthread.php?t=77507
The parallel exchange rate to official exchange rates
06-05-2008
The parallel exchange rate to official exchange rates and one of the indicators of economic and financial mouthpiece of the robustness of the economy of any state, whether from developed countries or developing countries, affected by exchange rate factors, political and economic multi Among these economic factors, inflation rates, interest rates prevailing in the market, Which reflected the impact of the exchange rate of the national currency on the parallel market exchange rate for the official national, and this research focuses on the impact of inflation and interest rates in the parallel exchange rates and for the period from (1992 2001) in Iraq and some neighboring countries, has triggered several research findings and recommendations, namely. .
First: inflation and its economic impact:
A definition of inflation:
Inflation is known that the increasingly high prices of consumer goods. This is the simplest definition of the types of tariffs for inflation. Where there are other definitions, but this definition is more visible from the viewpoint of consumers, inflation has been accompanied by full operation compared to a decline in unemployment to push prices higher proportion of the operation of the unemployed
B types of inflation:
1 - inflation afternoon: achieved this kind of inflation rate does not offset the increase in aggregate demand an increase in production rates, which reflected the impact of high prices.
2 - inflation creeping: This type of slow inflation rise in prices.
3 - the repressed inflation: a situation in which to prevent prices from rising through policies is to establish controls and restrictions prevented agreement holistic and high prices.
4 - hyperinflation: a situation that high inflation is associated with high rates of speed in handling cash in the market and lead this kind of inflation to the collapse of the national currency, as happened in each of Germany during the years 1921 and 1923 in Hungary in 1945 after the Second World War
C reasons for the emergence of inflation:
Inflation arises due to economic factors different Prominent among these reasons:
1 - inflation resulting from the costs: arises this type of inflation due to high operating costs in industrial companies or other industrial companies as departments in raising the salaries and wages are affiliates of workers, especially those working in production sites, which comes because of a claim workers lift wages.
2 - inflation resulting from the application: arises from this kind of inflation as increased demand cash, which is accompanied by fixed width of goods and services, as rising aggregate demand is offset by an increase in production. Which leads to higher prices.
3 - the sum of inflation changes in the composition of the Faculty of aggregate demand in the economy even if the request is excessive or not there is an economic focus as the price be high and not low despite the drop in demand
4 - inflation resulting from the exercise of the economic blockade against other countries, exercised by outside forces, as is happening to Iraq, Cuba and therefore no import and export in the event of total blockade which leads to high rates of inflation and consequently lower the value of national currency and high prices unreasonable rates.
D economic effects of inflation:
The effects of inflation economic powerhouse in the march of economic and social development and highlighted these effects are:
1 - high prices and money supply in circulation: Aliartvaa consequent rise in inflation in the prices of consumer and the first groups affected by this rise are the owners of limited income, as well as a large bloc of cash in circulation in the market may be limited bloc in the hands of a small group are not only a Very little of the population, reflecting the negative economic effects on the pension levels of the population.
2 - increasing rates of inflation lead to a reduction in the purchasing value of cash, leading to increased demand for capital to finance the proposed projects and increased demand for capital leads to a rise in interest rates.
3 - affected the economic life of the projects (investment) and their inflation rates and this value is calculated in accordance with the following equation, after taking into consideration the inflation rate:
F (T) =-C + e-(l + g) T [(1 - T) F (T) egT + TC]
WHEREAS:
(Brenner & venzia, 1998, p. 1521)
The value of investment [T] = F
Inflation rate g =
The cost of investment-C
Gradient e-(I + g) =
Nominal value of the assets egt f (t)
1 - reduction of exports to international markets:
The increase in inflation meant to lower the competitiveness of domestic products in international markets and this causes an increase payments for low income hence the trade balance deficit.
2 - inflation leads to increased interest rates and, accordingly, more established business profits, these profits go down, down interest rates, which are funded assets to issue bonds indebtedness. While these characteristics do not apply in a number of industrial projects in economies with low inflation. But this would happen in economies with high rates of inflation, which causes high inflation rise in revenues and rates of lead. They are not real rates if treated and returned to fixed prices.
(Damodaran, 1999, p. 327)
3 - action to reduce inflation: inflation can be reduced, particularly in developed countries to implement procedures fiscal and monetary policies:
A. Fiscal policy:
First: The Ministry of Finance of fiscal policy ((fiscal policy of the state and which is determined by income sources and uses of the excess (surplus) in the budget (Buelget) leads to reduce the volume of liquidity available. And therefore this will reduce the rate of inflation.
Second: the Ministry of Finance to sell the volume of public debt to the public and thus withdraw cash available in the market and lead to limit the supply of cash.
Third: increase taxes on luxury goods, which handled a few people from high-income earners.
Fourth: reduce government spending: Government spending is one of the reasons leading to the increase of cash rolling in the market, and thus reduce expenditure and this curtailment will reduce money in circulation in the market
B - monetary policy:
The central bank (central bank) in various countries develop and implement monetary policy to adopt a set of qualitative and quantitative tools:
First: quantitative tools:
1. Rediscount rate increase: It is normal activities undertaken by commercial banks: discount securities business for individuals in other cases re-chargeable with the CBE in this case the central bank raised the price of rediscount view to influencing the ability of banks belonging to reduce the volume of liquidity in circulation Market and this procedure is one of the measures to combat inflation.
2. The entry of banks (central bank) market sells securities in order to withdraw the sanction of the liquidity circulating in the market. Or what is called to enter the open market.
3. Increase the legal reserve ratio. Retain a portion of the commercial bank deposits with central banks and the higher the ratio decreased capacity as belonging to the banks. If the deposits, for example, (300) billion dinars, the proportion of reserve amount (25%) mean retention (75) billion, although the Central Bank lifted this ratio to (50%) mean reducing the ability of banks by affiliation (75) billion dinars will be no Legal reserve (150) billion, instead of (75) billion, and certainly affect the liquidity in circulation and thus reduce the rate of inflation.
Second: quality tools:
The quality tools, it is a way to persuade managers of commercial banks and officials from the banking association, state policy aimed at reducing liquidity in circulation in the market, and this policy is effective in developing the state more than in other countries.
Third: interest rates: (Interest rates)
Often accompanies interest rates borrowed funding sources, whether these sources, short or medium or long term, since capital is allocated in the framework of financial theory through interest rates, these rates vary according to varying terms of borrowing, interest on short-term loans are lower in When interest rates on loans while the long-term high interest rates on medium-term loans are between the two rates of exchange and increase interest rates when increased demand Capital from the current economic boom, has been available investment opportunities encourages investors to exploit the investment opportunities. And the expectations of investors a clear impact in increasing the demand for capital, as their expectations are that the economic situation is improving and that will lead to a boom economically provide investment opportunities available to investors and therefore increasing demand for capital and in the form of short-term loans which leads to increased short-term interest rates More than interest rates on long-term loans in contrast to rule which says that the interest rates on loans of more long-term interest rates on short-term loans, interest rates are affected by several factors consequent effects of these factors can ask the lender (creditor) bonuses added to real interest rates are Foremost among these factors:
1. Inflation rate (Inflation):
Affect inflation rates in industrial production costs for businesses generally, and there has been increased demand for capital to cover these costs. As noted previously, the decline in the purchasing power of money caused the increased need for funding. On the assumption that the estimates of a business, she pointed out that the cost of production line within a proposed annual plan for the coming year amounted to (10) million dinars, and when to implement a production line shows that this amount is not enough to cover the costs of setting up such a production line, but (15) Million dinars, the increase resulting from the increasing rate of inflation and devaluation of national currency, which has led to increased demand for capital and the increasing demand, leading to increased interest rates to finance the borrower, if the affected financial decisions for the installation work is not limited influence on interest rates but affects Inflation in the exchange rate of the national currency against other currencies, and adjust interest rates with inflation rates. In Germany, interest rates were less than their counterparts in the United States of America and is due to the rate of inflation in Germany was lower than in the latter State.
(Weston, et.al, 1996, p 774)
The inflation rates in the countries of South America between (10% 20%), which led to a rise in interest rates in the southern African states decreased compared to other States where inflation rates, and this is consistent with the theory Afshari (Fisher effect) over the difference between official interest rates in the country And another should be equal to the difference between the rates of inflation (mud ura, 2000, p. 232). This discrepancy explained the differences in the presentation of funds from the hand and saved the other hand, in the interest rates and a number of reasons for example, Japan's prominent role in the Japanese people to maintain high savings rates.
(H enning, et.al 1988, p. 427)
Because of inflation required lenders (creditors) as well as well known as inflation (Risk premium) added to the real interest rate, if the real interest-free risk (Kx) as well as the addition of inflation (IP) becomes the interest required as follows: K = Kx + IP
Weston & Brighan, 1993, P. 13 0))
Some lenders may be asked allowances for liquidity and liquidity meant the ability of any asset to be converted into cash quickly and without loss, and thus a measure of the degree of liquidity of the investment policy instruments, bonds and cash is in addition (LP) as well as calls by some credit risk (DRP) and the addition entitlement (MRP) and therefore become the equation Interest required by the lender are:
K = Kx + IP + DRP + MRP
2. Supply and demand:
Increasing demand for borrowed funds in cases where the national economy of the state in case of recovery and boom, to provide investment opportunities for investors and different levels of risk and return potential of any investment opportunity, to be selected, and the attendant increase in demand for funds increase in interest rates, while increasing Show laundering leads to lower interest rates.
3. Exchange rate (Exchange rates)
A. The exchange rate relationship between the currency conversion, depending on supply and demand relations between the two currencies, the foreign exchange rate, is the rate of a currency unit with a currency unit to another interview, and is expressed in the process of national Iraqi dinar against the dollar or dinar Jordanian or Syrian lira or the French franc against the deutsche mark, which reflects the foreign exchange rate (Foreign Exchange Rate). On the quantity of units from one of the two currencies are traded one unit of currency other, and there are two kinds of exchange rates are fixed exchange rates (Fixed Exchange rate) and the free exchange rate (Free Exchange Rates).
1. Fixed exchange rates: Fixed exchange rates determined in light of some of the foundations set by the administration official in the State to determine the fixed exchange rate does not change this relationship between the two currencies only within very limited margins
2. Free exchange rates: changing the exchange rate of the national currency against other currencies based on the relationship between supply and demand for the currency in the foreign exchange market, and this change is being freely in the exchange rate free
B factors influencing exchange rates:
The exchange rates are affected by several factors, notably:
1. The high exchange rates of foreign currencies which leads to the devaluation of national currency against these currencies.
2. Decline of exports or lower prices affect the volume of cash flows into the country
3. Wars and natural disasters affecting the national economies of the countries affected, since the imbalance in the national economy which leads to the devaluation of national currency against other currencies.
4. Inflation rate: high inflation rate in national economies to the depreciation of the national currency against other currencies, and thus affected the exchange rate leading to an increase in the number of units of the national currency to be exchanged one unit of foreign currency to meet them.
5. External debt and debt service: The external debt burden is one of the burdens of the national economy as well as debt servicing of the annual premiums benefits some countries may resort to reschedule its debt with creditors in return for the benefits of high, which makes these countries benefits not paid the premiums and original this means disruption The national currency against other currencies.
6. Interest rates: Interest rates affect the exchange rate in an indirect, Falling interest rates with the availability of investment opportunities, leading to increased demand for capital investment of view, and realized investment and stimulate the national economy and investment to achieve double the strength of the national economy, leading to an improvement in the value of national currency Against other currencies. While such high interest rates to avoid the trend towards borrowing by investors and result in declining investment and low economic growth leading to counterproductive results lessen the strength of the national economy and reflected the value of national currency against other currencies.
The exchange rate does not accurately reflect the nature of reality or exchange rates against other currencies since this had been officially fixed price, the parallel exchange rate is a clear indication of the national currency. However, the overall situation in Iraq and because of the blockade imposed since mid in 1990 where no export or import only limits the memorandum of understanding quite different exchange rates and excessive, as the U.S. dollar exchange rate against the dinar exceeded (2000%) up and down, has got higher The value of Iraqi dinar against the dollar in 1996 due to the oil for food agreement and therefore the U.S. dollar exchange rate fell to 50% from the previous exchange rate sometimes less than that except that the continuation of the general situation of the blockade led to a decline in the exchange rate of the dinar against the dollar once again, where is Decline to become a U.S. dollar exchange rate beyond 2000%.
Despite the lifting of economic sanctions on Iraq after the occupation of Iraq Anglo American occupation forces to pump millions of dollars into the market through the salaries of employees in state organs which had been expected to lead to a rise in the value of Iraqi dinar against the dollar which has actually happened since the exchange rate is 1200 Dinar against the dollar, but the continued absence of power back to this price to rise again to become currently exceed 1800 dinars to the dollar since the market mechanism is subject to the wishes of speculators and traders of war, is due to inflation resulting from the blockade destruction. The interest rates are the prices at which the update of borrowers and banks were firm throughout the duration versus low interest rates granted to depositors for deposits Generally speaking, interest rates were not moving at variable rates of inflation and for reasons that the most prominent of the three countries and Muslim countries that deal did not benefit and common He found a limited deal.
IV: Conclusions and Recommendations:
A. Conclusions: The conclusions are highlighted as follows:
1. High or low rate of inflation will lead to higher rates of interest rates.
2. Higher interest rates reduce demand by investors and businessmen on the assumption, while pared encourage assumption and investment, which would double the investment and follow-up to the national economy and improve the value of national currency.
3. Affected by exchange rate inflation rates, high inflation leads to the depreciation of the national currency and, accordingly, changed the exchange rate.
4. Stability of exchange rates in some countries and this is not consistent with changing economic conditions.
B. Recommendations: researcher recommends the following:
1. Reduced government spending in all its forms and raise the tax rate on the profitability of activities that do not reflect the positive effects on the national economy.
2. Activating the role of central banks (central banks) in the practice of monetary policy to influence the direction of liquidity circulating in the market.
3. Activating the role of the Ministry of Finance in the exercise of fiscal policy to influence the liquidity circulating in the market as well.
4. Make data available to researchers on inflation and interest rates and exchange rates, the official and parallel specific.
5. Revitalizing the role of productive enterprises to increase production and improve performance.
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Report: Iraq windfall soars along with oil pricesStory Highlights
Iraq is expected to see $70 billion windfall as oil prices rise, U.S. military says
Official says oil production is still low, but price has nearly doubled since 2003
Congress has OK'd $47 billion for reconstruction since war began, report says
Iraq has spent $50 billion on reconstruction projects, inspector-general says
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WASHINGTON (CNN) -- Iraq's government is expected to reap a $70 billion windfall from soaring oil prices, about double the previous projections, the U.S. military's reconstruction watchdog reported Wednesday.
Before the U.S.-led invasion in 2003, Iraq was producing up to 2.5 million barrels of oil a day.
Although Iraq's oil production remains below its pre-war peak of 2.5 million barrels per day, the price per barrel has more than doubled since the U.S.-led invasion in 2003, said Stuart Bowen, the special inspector-general for Iraq reconstruction, in his quarterly report to Congress.
The issue has become a sore spot for some U.S. lawmakers as the war enters its sixth year, with both Republicans and Democrats raising complaints that U.S. taxpayers are footing the bill for reconstruction work in the now-flush nation.
Congress has approved about $47 billion in reconstruction funding since the invasion. About $30 million of that has been spent, the inspector-general's report found, and the country's U.S.-backed government was paying about half the cost of reconstruction projects by the end of 2007, the report states.
But further progress will depend on Iraq's ability to spend what it has budgeted and to keep a lid on a pervasive culture of corruption, which Bowen's office has described as a "second insurgency." Iraqi officials have said they plan to issue a supplemental budget to manage the additional money, according to Wednesday's report.
"This supplemental budget presents an extraordinary opportunity for Iraq to expand its infrastructure investment, but it also heightens concerns about corruption," the report states.
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And even when projects have been completed, other problems have prevented them from being fully effective: A $277 million U.S.-funded water-treatment plant in the southern city of Nasiriya, about 200 miles south of Baghdad, was running at about 20 percent capacity because it lacked a reliable power source and trained employees, Wednesday's report stated.
A report this week found that 112 contracts were canceled due to poor performance or delays, and others were scaled back after problems emerged, effectively breaking the deal "without the need to terminate for convenience or default." Scaling back those projects is "an appropriate process," the report found, "but does mask problem projects to the extent they occur."
The reports were released as crude oil futures neared $120 a barrel, driving higher gas prices among an American public already unhappy with the war.
Defense Secretary Robert Gates told the Senate Armed Services Committee that he heard lawmakers "loud and clear" during hearings this month and would cut $171 million that had been slated to build police stations in Iraq.
"We will seek full funding from the government of Iraq for this purpose," he wrote in a letter released Tuesday by the committee's chairman, Michigan Democrat Carl Levin.
Iraq has spent about $50 billion on reconstruction projects, with international aid adding another $16 billion to the total, Bowen's office reported. Though the amount Gates trimmed Tuesday is a small fraction of what U.S. taxpayers have committed, Levin called it an "important first step."
"It's a significant message to the Iraqis that there is a lot of pressure from the American people, from the Congress, to stop spending a lot of money in Iraq for things the Iraqis can pay," he said.
When President Bush launched the invasion of Iraq in 2003, administration officials told Congress that Iraq could finance its own reconstruction with oil revenues. E-mail to a friend
CNN's Lisa Desjardins and Ted Barrett contributed to this report.
Good, bad and ugly of Iraq
By Mayada Al Askari, Staff Writer
Published: May 05, 2008, 00:28
When we look at Iraq today, we see two contrasting images. The bright side is represented by the conference that was held in Kuwait recently, where Iraq's neighbours and world powers hailed the Iraqi government in Baghdad for cracking down on militias.
The darker side is the breakdown in the command structure of Al Mahdi army, wherein several groups called the "special forces" do not abide by Moqtada Al Sadr's orders, which in turn has created a law and order situation in Basra.
On several occasions, Prime Minister Nouri Al Maliki has emphasised on his non-sectarian speech, which was embodied in his Sawlat Al Fursan (Charge of the Knights) operation that was launched to rein in Al Mahdi Army.
This move in itself amazed Iraqis, for it was inconceivable that a Shiite leader, such as Al Maliki, would raise a finger against a Shiite militant group, let alone lead a full fledged armed operation against them.
It might be easy for many to dismiss the operation as bloody and unnecessary, but Iraq's southern capital, Basra, was in dire straits and controlled by unruly militiamen. A large percentage of Basra's lawlessness was the result of illegal and criminal acts carried out by these forces and other illegal militias as well.
The current showdown between militiamen and Al Maliki's government has turned Al Sadr City into a prized possession for both sides. Each needs control of the district, on the outskirts of Baghdad, which was carved out in the 1950s for workers coming from the provinces.
Al Mahdi's "Special Forces" use the location to launch their 120 and 240 mm shells to hit the International Zone, and Al Maliki to enforce his newfound determination to enforce the "rule of law".
Cramped houses
In the 8-square-mile zone of Al Sadr City, where Shiites live in cramped houses that are packed along narrow alleyways, people are being killed indiscriminately. Needless to say, the innocent civilians are held by militiamen as human shields which is something Iraqis have become accustomed to since the days of Saddam Hussain.
The stalemate will continue for a while and the innocent will continue to be killed. Al Maliki refuses to negotiate with any party or group. He repeated on several occasions that the Iraqi government would neither talk nor deal with armed outlaws.
When I spoke to the Iraqi Prime Minister's Press Officer a few days ago, he said: "No, he will not negotiate with any group, as he is not targeting the Sadrists or any other group. The operation is targeting illegal militiamen, regardless of their affiliation. Al Maliki's sole purpose is for the rule of law to preside and for Iraq to enjoy stability, security and peace. This is his decision and he will never back down."
On the other hand, the Sadrists have contacted several senior Iraqi officials to be able to reach a deal for military operations against Al Sadr city to stop.
Even if they do, it will be futile, for two reasons, the first is the government says it's not targeting the Sadrists in particular, as its aim is to disarm all illegal armed groups.
The other reason is, the "Special Forces" responsible for all the unruliness in major parts of Baghdad and southern governorates do not obey Al Sadr, or any other Iraqi authority.
With the situation in a flux, the civilians suffer the most, which reminds us of the wild west of a hundred or more years ago.
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More finds retrieved by Antiquities Department
Azzaman, May 6, 2008
The Antiquities Department has acquired 463 artifacts uncovered illegally from ancient sites in the country.
The finds were delivered to the Iraq Museum by ordinary Iraqi citizens who said they had purchased them from smugglers and illegal diggers.
“All the pieces were unearthed illegally from archaeological sites in the country,” the department said in a statement.
Iraqis delivering finds to the museum are rewarded financially. The department asks no questions on how they came into their possession and presses no charges.
The statement said some of the artifacts were damaged and would be passed to the department’s repair and maintenance section to have them repaired.
Excavation is an extremely delicate and demanding business and digging requires long experience and considerable expertise and skill, the qualities no illegal digger can have or even care about.
The treasures, according to the statement, represented cylinder seals, pots, cups and other utensils some of them of high quality.
The statement did not say how much the department had to pay for their retrieval.
But the high number of artifacts – all archaeologically significant – shows that illegal digging is widely practiced in Iraq where thousands of mounds belonging to different ancient civilizations now lie unprotected.
Congress voted to fund the Iraq war this week
Increasing the number of dead in the ranks of U.S. occupation
ل. WASHINGTON: U.S. House of Representatives plans to vote this week on the Law of financing the wars in Iraq and Afghanistan.. As the network said "CNN" News America, will allow the law to legislators opposed to the war in the use of language "non-binding" determine the goals of the withdrawal of most combat forces in December 2009, while Republicans planned to abort the move.
2001 . This is the last invoice authorized by the Council on the mandate of President George W. Bush and lifted the total amount approved by Congress since September 2001, to fight terrorism and the wars in Iraq and Afghanistan, to 857 billion dollars.
وتأتي مناقشة القانون مع ارتفاع حصيلة قتلى الجيش الأمريكي في العراق خلال شهر أبريل/ نيسان الماضي، إلى أكثر من 50 قتيلاً، وهي أكبر حصيلة قتلى يتكبدها الجيش الأمريكي منذ سبتمبر/ أيلول الماضي. The discussion of the law with the rising toll of dead U.S. army in Iraq during the month of April last, to more than 50 dead, the largest toll of dead U.S. army incurred since September last.
وتُعد هذه المحصلة منخفضة مقارنة بمثيلتها خلال نفس الشهر من العام الماضي، والذي سجل سقوط 104 قتلى، قبل أن ترتفع في مايو/ أيار 2007 إلى 126 قتيلاً، ثم تراجعت مرة أخرى إلى 101 قتيل في يونيو/ حزيران التالي. This is low compared with their counterparts collected during the same month last year, which recorded 104 deaths fall, before rising in May 2007 to 126 dead, and then declined again to 101 dead in June next.
وبدأ التراجع في أعداد القتلى اعتباراً من يوليو/ تموز 2007، بعد دعوة الزعيم الشيعي مقتدى الصدر أنصاره لتجميد أعمال العنف، حيث سجل نفس الشهر مقتل 78 جندياً أمريكياً. The retreat began in the preparation of the dead as of July 2007, after inviting the Shiite leader Muqtada al-Sadr supporters in order to freeze the violence, with the same month, killing 78 American soldiers.
Inflation has exceeded the border and now threatens explosion
Fever mad prices eat up the green and everybody
.. Spectre began spreading in our societies more and more pervasive in the context of our daily lives., Economic experts from the inability to know the real reasons or when finished.. Inflation, which began that haunts people and devour the entire budget of families without stopped by one Over the past two years begun to pace the prices of basic foodstuffs which are food-poor and middle income rose to take her career accelerated rates not seen the world over the past century of major events, despite the disaster Humanity has been the century.
محيط ـ شيرين حرب وكريم فؤاد Ocean Shirin war, Karim Fouad
هذه القفزات القياسية في الأسعار امتدت بالطبع الى بلاد العرب، وكان وما زال وقعها أشد أثراً على العرب الذين من بين عدد سكانهم البالغ 300 مليون نسمة هناك أكثر من 76 مليون فقير، ، وحول هذا الموضوع كان لنا هذا التحقيق . These jumps in the price indices of course extended to Arab countries, and was still signed the most impact on the Arabs who out of a population of 300 million people there are more than 76 million poor, and on this subject we had this investigation.
فليس عجباً أنه في بعض الدول تتغير أسعار السلع بشكل يومي تقريباً يضع البائعون الأسعار اليوم ثم يغيرونها في اليوم التالي ليعكسوا التغير في القوة الشرائية للنقود التي تتناقص بشكل يومي. It screamed that in some commodity prices are changing almost daily puts sellers price today then changed the next day to reflect changes in the purchasing power of money by decreasing daily.
التضخم والعنوسة Inflation and spinsterhood
لقد طالت التداعيات التي يحدثها ارتفاع أسعار السلع والخدمات في الأسواق العالمية ، قيمة نفقات تجهيز مسكن الزوجية والمهور التي يدفعها الشباب الراغبون في الزواج، بعد أن عمدت بعض الأسر إلى رفع قيمة المهر نتيجة لارتفاع أسعار الذهب ومعظم السلع والمستلزمات التي تسبق حفلات الزفاف. We have long repercussions caused by rising prices for goods and services in world markets, the value of the expenses of processing the marital residence and the dowry paid by young people wishing to marry, having had some families to raise the value of the dowry a result of rising gold prices and most goods and supplies that precede weddings.
وهنا تؤكد التقارير الاقتصادية أن السعودية على سبيل المثال قد تأثرت بالتضخم العالمي والمحلي، إذ شهدت فئة النفقات والخدمات الأخرى، التي تشمل أسعار المجوهرات والفنادق، تضخما بنسبة 7.7 في المائة في عام 2006، وواصلت الزيادة في عام 2007 إلى جانب أن تراجع الريال مقابل عملات العديد من شركاء الاستيراد الرئيسيين له أيضا التأثير ذاته، وذلك عبر زيادة تكاليف الاستيراد'.، وهكذا تعد مشكلة ارتفاع أسعار تجهيز البيت واحدة من المشكلات القديمة التي تشكل هماً اجتماعياً في أوساط المجتمعات العربية ، وتسببت في إحداث مشكلات اجتماعية أخرى منها، العنوسة، وانحراف الشباب. Here stresses economic reports that Saudi Arabia, for example, inflation had been affected by global and local levels, as witnessed category of expenditure and other services, which include hotels and jewelry prices, inflation rate of 7.7 per cent in 2006 and continued to increase in 2007 along with the retreat of the riyal against the currencies of many Import key partners also have the same impact, through increased import costs. ', And so is the problem of rising house prices processing one of the old problems that constitute the social circles in Arab societies, and caused the events of other social problems including, spinsterhood, and juvenile delinquency.
وفي ظل ارتفاع نسبة البطالة وزيادة معدل التضخم واجر يقل عن 50 دولارا (285 جنيها مصريا) في الشهر نجد في دولة مثل مصر على سبيل المثال يلجأ كثير من الفقراء المقبلين على الزواج لاستئجار الخواتم والاساور الذهبية في حفلات الزفاف. In light of the high unemployment rate and increase the rate of inflation and pay less than $ 50 (285 Egyptian pounds) per month, we find in a country like Egypt, for example, used many of the poor next to marry for the rental of the rings, gold bracelets in weddings.
طماطم بـ 300 مليون دولار سنوياً ! Tomatoes b 300 million dollars annually!
يستورد العالم العربي أكثر من 90 % من حاجاته من الأغذية والمواد الأساسية من الخارج، على رغم غناه بمصادر المياه السطحية فعشرات الأنهار تخترق أراضيه ومنها نهر النيل أطول نهر في العالم ونهرا دجلة والفرات وغيرها كثير، كما يمتلك العالم العربي مخزوناً ضخماً من المياه الجوفية وتسقط على أراضيه كميات وافرة من الأمطار كما يمتلك العالم العربي ملايين الهكتارات من الأراضي الزراعية العالية الخصوبة. Imports the Arab world more than 90% of its needs of food and basic materials from abroad, despite the rich sources of surface water Tens rivers penetrate its territory, including the Nile River longest river in the world and the Tigris and Euphrates rivers and many others, as the Arab world possesses a huge reservoir of underground water and falling on Territorial ample amounts of rain also owns the Arab world millions of hectares of agricultural land of high fertility. لكن هذا الوطن العربي الذي بإمكانه أن يكون سلة غذاء متكاملة آلى على نفسه ركوب صهوة الكسل والركون إلى الراحة والاستيراد حتى ان ما يستورده من الطماطم وحدها سنوياً تتجاوز كلفته 300 مليون دولار! But this Arab nation which can be integrated into the basket of food on the same ride, advocate laziness and unreliable to rest, so that the import of items imported tomatoes alone annually, costing more than $ 300 million!
في السعودية In Saudi Arabia
وصل التضخم في السعودية إلى أعلى مستوياته في 27 عاما، حيث وصل إلى 8.7% في فبراير، حسب ما ورد في بيان لإدارة الاحصائيات المركزية. Inflation arrived in Saudi Arabia to its highest level in 27 years, hitting 8.7% in February, according to the statement by the Central Statistics Department.
ويعتبر رقم فبراير أعلى بقرابة 25% عن معدل التضخم في يناير بنسبة 7%. The No. February nearly 25% higher than the rate of inflation in January rose by 7%. وحتى على الرغم من تمتع دول الخليج العربي بطفرة اقتصادية بفضل الارتفاع الكبير في أسعار النفط، إلا أن التضخم أصبح يشكل أحد اكبر التحديات أمام هذه الدول. Even though the enjoyment of the Arab Gulf states pronounced economic thanks to the considerable rise in oil prices, but inflation has become one of the biggest challenges for these countries. علاوة على أن أغلب الدول الخليجية تربط عملاتها بالدولار الأمريكي، الذي يواصل التراجع في قيمته، مما جعل من الأكثر كلفة في هذه المنطقة ثقيلة الواردات استيراد البضائع من أوروبا وآسيا. Moreover, most Gulf states link their currencies to the U.S. dollar, which continues to decline in value, making it the most expensive in this region of heavy imports import goods from Europe and Asia.
وفي الوقت نفسه فإن هذا الارتباط يحرم البنوك المركزية من أداة أساسية لمحاربة التضخم، ألا وهي معدلات الفائدة الأعلى. At the same time, this association of central banks denied an essential tool for fighting inflation, namely higher interest rates. بل اضطرت الاقتصادات الخليجية إلى اتباع تخفيضات معدل الفائدة الأمريكية للحفاظ على ارتباطاتها. Gulf economies, but was forced to follow U.S. interest rate cuts to maintain close relations. ويشار إلى أن المملكة العربية السعوية والإمارات وقطر ودولا خليجية أخرى تفكر في فك ارتباط عملاتها بالدولار الأمريكي. It is noteworthy that Saudi Arabia seeking Emirates, Qatar and other Gulf states contemplating disengagement U.S. dollar.
فقد زادت الايجارات في فبراير بنسبة 18% بينما قفزت تكلفة الغذاء والمشروبات بنسبة 13%، ويؤكد الاقتصاديون أن ارتباط السعودية بالدولار هو المسؤول عن زيادة بمقدار 35% من إجمالي التضخم. Rents have increased in February by 18% while the cost of food, jumped by 13%, beverages, and economists emphasize that the dollar link Saudi Arabia is responsible for an increase of 35% of the total inflation. ويقول الاقتصاديون في السعودية والإمارات إن معدلات التضخم قد ترتفع أكثر مع زيادة الحكومة للإنفاق الداخلي واستمرار المملكة في ربط عملتها بالدولار الأمريكي الضعيف. He says economists in Saudi Arabia and the UAE that inflation might rise more with increased government spending and the continued internal Kingdom in the currency's peg to the weak U.S. dollar.
ومن المتوقع أن يرتفع التضخم في السعودية إلى 5.2% في عام 2008 مقارنة بحوالي 4.1% في يناير، بيد ان هذه الأرقام من غير المرجح أن تسفر عن إعادة تقييم للعملة السعودية أو فك الارتباط بينها وبين الدولار. It is expected that inflation in Saudi Arabia rises to 5.2% in 2008 compared with about 4.1% in January, however, that these figures are unlikely to result from the revaluation of the currency Saudi Arabia or disengagement between them and the dollar.
في الإمارات UAE
تشير أحدث المؤشرات الاقتصادية لدولة الإمارات العربية المتحدة إلى أن التضخم سيستمر بلا هوادة وأن على واضعي السياسات تبني نهجاً ناجحاً رغم الظروف لمكافحة ظاهرة ارتفاع الأسعار. The latest economic indicators to the United Arab Emirates that inflation will continue unabated and that the policy makers build a successful despite the circumstances to combat the phenomenon of rising prices. وعلى الرغم من كثرة الحديث حول إعادة تقييم الدرهم، إلا أنه غير المرجح أن يكون له تأثير كبير على مجمل مستويات التضخم. In spite of the many talk about revaluation of dirham, but it is unlikely to have a significant impact on overall levels of inflation.
ويشار الى أن العمال قاموا باعمال شغب مؤخراً في دولة الامارات العربية المتحدة، احتجاجاً منهم على تدني الأجور وتراجع القوة الشرائية. It should be noted that workers who rioted recently in the United Arab Emirates, whom protest low wages and decline in purchasing power. كذلك فقد أجبرت الطوابير أمام أفران رغيف العيش المدعوم في مصر الحكومة المصرية على زيادة الانتاج، وهو ما يشكل ضغطا إضافيا على مواردها المالية. Further queues have been forced to live in subsidized bread ovens in Egypt, the Egyptian government to increase production, which constitutes an additional strain on financial resources.
في مصر IN EGYPT
وفي مصر تعتبر مواجهة مشكلة ارتفاع كلفة المعيشة مسألة لها أولوية قصوى مع وصول معدل التضخم السنوي إلى 12.5 بالمئة في فبراير في مصر التي يبلغ عدد سكانها 78 مليون نسمة وهي أكبر الدول العربية من حيث عدد السكان. In the face of Egypt is the problem of the high cost of living matter of high priority with the arrival of the annual inflation rate to 12.5 percent in February in Egypt, which has a population of 78 million inhabitants, the biggest Arab countries in terms of population.
ويقول أحمد النجار الخبير الاقتصادي في مركز الأهرام للدراسات السياسية والاستراتيجية إن ارتفاع أسعار الحديد والأسمنت لأكثر من 50 بالمائة خلال السنوات الأخيرة دقت أيضا ناقوس الخطر بالنسبة للحكومة. He says Ahmad Najjar, an economist at Al-Ahram Center for Political and Strategic Studies, that the high prices of iron and cement for more than 50 percent in recent years also acknowledge the alarm for the Government.
بينما يقول سايمون كيتشن كبير الاقتصاديين لدى بنك الاستثمار المجموعة المالية- هيرميس في القاهرة إن 'ارتفاع التضخم يجعل خفض الدعم أكثر خطورة من الناحية السياسية لكن ارتفاع الأسعار العالمية يجعله ضروريا أكثر من أي وقت مضى من الناحية المالية.' While Simon Kitchen says senior economist with the Investment Bank Financial Group - Hermes in Cairo that 'high inflation makes the reduction of support is more dangerous in political terms but higher world prices makes it more necessary than ever in financial terms'.
ورصدت مصر 80 مليار جنيه (14.6 مليار دولار) للدعم في ميزانية السنة المالية التي تنتهي في يونيو 2008 أي حوالي تسعة بالمائة من الناتج المحلي الإجمالي المتوقع للبلاد. Egypt and made 80 billion pounds (14.6 billion dollars) to support the budget for the fiscal year ending in June 2008 or about nine percent of projected GDP of the country. وقد يصرف الدعم الذي يوجه معظمه إلى منتجات الطاقة مثل البنزين والديزل الحكومة عن هدفها لخفض عجز الميزانية إلى ثلاثة في المائة من الناتج المحلي بحلول 2010-2011. Having spent draws support mostly to energy products such as gasoline and diesel from the government aimed to reduce the budget deficit to three per cent of GDP by 2010-2011.
لكن خفض الدعم سيثير غضب المصريين البسطاء الذين يقول الكثيرون منهم إنهم لم يستفيدوا من نمو الاقتصاد. But the support will reduce the anger of ordinary Egyptians who says many of whom they have not benefited from economic growth.
وقال ريتشارد فوكس المحلل لدى فيتش للتصنيفات الائتمانية 'بالنظر إلى التكلفة الإجمالية لدعم الطاقة في الميزانية فإن إلغاءه تدريجيا مكون أساسي لسياسة الانضباط المالي في مصر .. He said Richard Fox, an analyst with Fitch credit to recreate 'view of the overall cost of energy to support the budget in the gradual phasing out of an essential component of the policy of financial discipline in Egypt .. من الواضح أن الأمر سيكون أكثر صعوبة إذا كان التضخم مرتفعا.' It is clear that the matter will be more difficult if inflation is high. '
وبهذا لقد أخفق نمو الاقتصاد المصري في تعزيز شعبية الحكومة ومن شأن استمرار ارتفاع التضخم أن يسمم أجواء تحرير الاقتصاد. With this growth has failed in promoting the Egyptian economy, a popular government would continued high inflation poison the atmosphere of liberalization. فقد لجأ آلاف العمال إلى الإضراب عن العمل على مدى العام المنصرم مطالبين غالبا بزيادة الأجور ومحتجين في بعض الأحيان على احتمال فقدان وظائف من جراء الخصخصة. For the thousands of workers to strike work over the past year, often demanding increased wages and protesters sometimes at the risk of losing jobs as a result of privatization.
وقد أدت هذه الزيادة إلى ارتفاع أسعار العقارات في مصر حيث احتل الاستثمار العقاري الأجنبي بها المركز الثالث بـ 11.1 مليار دولار. This increase has led to high real estate prices in Egypt where he occupied the foreign real estate investment by third-place b 11.1 billion dollars.
في قطر In Qatar
بيد أنه تعاني قطر أكثر من غيرها هذه الظاهرة وذلك على خلفية النمو المتميز لاقتصادها (حسب مجموعة الإيكونومست البريطانية حقق الناتج المحلي الإجمالي القطري نسبة نمو حقيقية قدرها 7.8 في المائة في العام الماضي وذلك بعد خصم عامل التضخم). Qatar, however, suffer more than others this phenomenon and that against the backdrop of remarkable growth of its economy (as the British Economist Group achieved a GDP growth rate of real country of 7.8 per cent last year, after deducting inflation factor).
كما قد جاء في تقرير لصندوق النقد الدولي أن الاقتصاد القطري عانى نسبة تضخم بلغت 14 في المائة في عام 2007. It may also stated in the report of the International Monetary Fund that the economy has suffered country inflation rate amounted to 14 per cent in 2007.
التضخم عالمياً Inflation globally
زيمبابوي إحدى الدول التي تعاني حالياً أعلى معدلات التضخم في العالم والذي قارب الـ 100 في المائة، ما حدا بالبعض إلى القول إن استخدام النقود الورقية في التجفيف أرخص من شراء ورق التجفيف نفسه. Zimbabwe one of the countries that are suffering the highest inflation rates in the world by boat and the 100 per cent, which led some to say that the use of banknotes in drying cheaper than buying paper drying himself.
لكن تاريخياً يقول فهد إبراهيم الثشيري الكاتب بصحيفة الاقتصادية السعودية قال إن معدل التضخم الذي شهدته ألمانيا عام 1923 يعد أعلى معدلات التضخم العالمية. But historically Fahd says writer Ibrahim Ihiri Saudi economic newspaper said that the inflation rate experienced by Germany in 1923 is higher global inflation rates. وحينها كانت الأسعار ترتفع بأربعة أضعاف كل شهر وتخيل النتائج المترتبة على ذلك. Then the price rises four times each month, imagine the consequences. فقد تعلمت ألمانيا من الدرس الذي شهدته قبل 80 عاماً لتضع سياسة مشددة تستهدف معدل تضخم أعلى لكي لا يتكرر السيناريو مرة أخرى. Germany has learned a lesson that we witnessed 80 years ago to establish strict policy of targeting inflation rate higher in order to avoid the scenario again.
دول أخرى تنضم إلى قائمة الأرقام القياسية لمعدلات التضخم منها العراق والتي تجاوز معدل التضخم فيها 60 في المائة، وقويانا والتي قارب معدل التضخم فيها 30 في المائة. Other countries join the list of indexes for inflation, including Iraq, which exceeded the inflation rate in 60 per cent, strong and the inflation rate in nearly 30 per cent. من الدول العربية التي سجلت معدلات قياسية للتضخم كل من ليبيا واليمن واللتين تبوأتا المرتبة العاشرة والـ 11 بين قائمة أعلى معدلات التضخم في العالم بمعدل يقارب 15 في المائة. Arab countries which recorded a record rates of inflation each from Libya, Yemen, which ranks tenth Labuan between 11 and the list of the highest rates in the world inflation rate of nearly 15 per cent.
لكن ماذا ينتج عن معدلات التضخم العالية" " Hyperinflation تلك؟ But what can result from high rates of inflation "" Hyperinflation that?
تصور أنك ترى نقودك تتناقص قيمتها كل يوم أمامك، ما التصرف الحكيم الذي ستقدم عليه؟ Imagine that you believed Ncodk declining value of each day to you, what would be wise to act on it? طبعاً صرفها وشراء سلع وتخزينها لكي لا تتناقص قيمتها، وهذا ما يحدث فعلاً في الدول التي تعاني معدلات التضخم العالية. Of course, disbursement and procurement of goods and storage so as not to diminish the value, and this is what actually happens in the States that are experiencing high rates of inflation.
فالعمال يجرون للأسواق لصرف ما يكسبونه من أجور لشراء السلع خشية أن تتناقص قيمتها في اليوم التالي، وهذا يؤدي إلى مضاعفة المشكلة، إذ يؤدي ذلك إلى زيادة إضافية في الطلب على السلع، ليس من أجل استهلاكها، ولكن من أجل استخدامها كمخزن للقيمة. Workers conducting market to distract from what they earn wages to buy goods for fear of diminishing the value of the next day, and this leads to double the problem, as they lead to a further increase in demand for goods, rather than for consumption, but to use the repository of value.
المستثمرون أيضاً يتضررون من التضخم العالي المعدل، إذ لن يكون في إمكانهم تقدير تكاليف الاستثمار وحساب معدل الأرباح المتوقع، ما سيؤدي إلى إحجامهم عن الاستثمار.هذا بدوره سيؤدي إلى نقص في الإنتاج ومن ثم نقص في المعروض من السلع، ما سيفاقم من مشكلة التضخم. Investors also affected by higher inflation rate, it will not be able to estimate the cost of investment and calculating the rate of profits expected, will lead to refrain from investing. This in turn will lead to a shortage in production and thus a shortage of supply of goods, what will exacerbate the problem of inflation.
والتعريف الشائع للتضخم هو الارتفاع في المعدل العام للأسعار، لكن هذا لا يعد تعريفاً دقيقاً للتضخم، وإنما ارتفاع الأسعار هو إحدى نتائج التضخم. The common definition of inflation is the rise in overall prices, but this is not a precise definition of inflation, but rising prices is one of the results of inflation. والتعريف الدقيق للتضخم هو انخفاض القوة الشرائية للنقود، والتي تنتج عن الزيادة من المعروض النقدي. The precise definition of inflation is low purchasing power of money, and the resulting increase of monetary supply. أي أن الدول بسعيها لطباعة المزيد من النقود الورقية تفرض بشكل غير مباشر ضريبة خفية على المواطنين تتمثل في انخفاض قيمة أجورهم ودخولهم الحقيقية. This means that the state seeks to print more banknotes are indirectly impose a hidden tax on citizens is the decline in the value of real wages and incomes.
تيم ماهون أحد المتخصصين في موضوع التضخم يشبه عملية طبع النقود بقيام شخص بكتابة شيك دون رصيد يعاقب عليها القانون بالسجن والغرامة وما إلى ذلك من الجزاءات. Tim Mahon A specialist on the subject of inflation similar to the process of printing money for a person to write a check without balance punishable by imprisonment and fines and other sanctions. لكن الأمر يختلف عندما تقوم البنوك المركزية بنفسها بكتابة شيكات دون رصيد تتمثل في النقود التي تقوم بطباعتها بشكل يومي. But it's different when the central banks themselves to write checks without money in the stock is printed based on a daily basis. لكن هل يعني ذلك أن الدول التي تتحكم بشكل في المعروض النقدي قد لا تعاني التضخم؟ But does this mean that countries that control the monetary supply has not had to suffer inflation? الإجابة على ذلك نعم بشرط ألا تعاني اختلالات توازنية في المعروض والمطلوب من السلع، والذي هو الآخر يعد أحد الأسباب الرئيسة للتضخم. Answer is yes, provided that they do not suffer disruptions in the supply and balances required of goods, which is also one of the main reasons for inflation.
هل التضخم دائما ظاهرة غير صحية؟ Is inflation always unhealthy phenomenon?
يجب التنويه في البداية ان التضخم ليس ظاهرة سلبية بالمطلق خاصة ان كان بنسب منخفضة ولم يكن لاسباب نقدية اي نتيجة الزيادة في عرض النقود اصدار كمية من النقد يفوق النمو الحقيقي للاقتصاد اذ يدل احيانا على ان الاقتصاد ينمو بمعدلات عالية كما يمكن ان يدل على انخفاض معدل البطالة لذلك يجب ألا نفترض ان معدلات التضخم المنخفضة اكثر من اللازم والقريبة من الصفر تدل على صحة الاقتصاد حيث ان اقتراب معدلات التضخم من الصفر يزيد من احتمالات دخول الاقتصاد في حالة انكماش وذلك بالتأثير السلبي على الانتاجية ومن ثم رفع معدل البطالة ودخول الاقتصاد في حالة انكماش سرعان ما تتحول الى ركود لذا يجب على راسمي السياسة الاقتصادية محاولة التوفيق بين عدة عوامل مختلفة ومؤشرات متعددة معدل التضخم ومستويات البطالة والانتاجية والاستهلاك والتنافسية وابقائها في نطاق يسهل السيطرة عليه وذلك حسب الظروف الاقتصادية المتغيرة باستمرار. Must be noted at the outset that inflation is not a negative phenomenon that was absolutely special low rates for reasons not any cash due to the increase in money supply issuing a quantity of cash than the real growth of the economy as it sometimes shows that the economy is growing at high rates could also indicate a decline in unemployment rate Therefore, we must not assume that inflation is too low and close to zero indicates that the health of the economy where inflation rates approaching zero increases the likelihood of entering the economy in recession and the negative impact on productivity and thus raise the rate of unemployment and the entry of the economy in recession soon Turn into a recession must therefore economic policy makers trying to reconcile several different factors and multiple indicators of inflation and unemployment levels and productivity, consumption and competitive and keeping them within easy to control, according to the constantly changing economic conditions.
الحلول Solutions
قدم بعض من تحدث في ندوة (ظاهرة ارتفاع الأسعار في دول مجلس التعاون الخليجي) والتي عقدت في العاصمة البحرينية المنامة في الأسبوع الماضي أفكارا لافتة لمواجهة معضلة التضخم في اقتصادات المنطقة. Some of speaking at a symposium (the phenomenon of rising prices in the Gulf Cooperation Council states), which was held in the Bahraini capital Manama last week a banner ideas to confront the dilemma of inflation in the economies of the region.
ركز المنتدون على نقطة جوهرية وهي مناقشة السبل الكفيلة لوقف زحف الغلاء والذي بات يأكل الأخضر واليابس مشكلا تهديدا للطفرة الاقتصادية المتميزة التي تعيشها دول مجلس التعاون وخصوصا المستوى المعيشي للمواطنين والمقيمين على حد سواء والقدرة التنافسية للمؤسسات التجارية. Forum focuses on the essential point is to discuss ways to stop the advance of price rises, which now eats green and the ground constituted a threat to the economic boom that has afflicted the distinct Cooperation Council states, especially the standard of living for citizens and residents alike and competitiveness of enterprises.
ولفت نظري ما قاله كبير الاقتصاديين في بيت التمويل الخليجي الدكتورعلاء اليوسف أن المطلوب من دول المجلس تحديد أهداف معينة للسياسات المالية والتحويلات الرسمية للبرامج الاجتماعية والمصروفات الرأسمالية فضلا عن إفساح المجال أمام مؤسسات القطاع الخاص لإقامة مشاريع البنية التحتية. He said theoretical Chief Economist in the Gulf Finance House Acanutorala Youssef required from the GCC countries to identify specific targets for the financial policies and official transfers for social programmes and capital expenditure as well as pave the way for private enterprises to set up infrastructure projects.
وعلى هذا الأساس، المطلوب من الجهات الرسمية تحديد أهداف السياسات المالية فيما يخص دخل الخزانة العامة من قبيل فرض أو تقليل الرسوم المفروضة على الخدمات الحكومية وذلك استنادا للبرامج المزمع تنفيذها. On this basis, the required official identification of policy objectives with respect to the financial income of the public treasury, such as the imposition or reduce fees for government services on the basis of programmes to be implemented.
خفض الدعم سيثير غضب المصريين Support will reduce the anger of Egyptians
بمعنى آخر، ربما يكون من المناسب تقليل مستويات الرسوم المفروضة على الخدمات الحكومية إذا لم تكن الحاجة ماسة آخذين في عين الاعتبار ارتفاع الدخل النفطي. In other words, it may be appropriate to reduce the levels of fees for government services if the need were not taking into account the rise in oil income. ولا بد من الإشادة في هذا الصدد بقرار السعودية والذي اتخذ في وقت لاحق من العام الجاري بتخفيض الرسوم المفروضة على بعض الخدمات الحكومية لمدة ثلاث سنوات. Tribute must be paid in this regard the decision of Saudi Arabia, which was adopted later in the current year reduction in taxes imposed on certain government services for three years.
كما أن من شأن تعزيز دور القطاع الخاص تقليص الدور المعهود للقطاع العام وبالتالي الحد من مزاحمة المؤسسات الرسمية في الحياة الاقتصادية. It would strengthen the role of the private sector to reduce the role entrusted by the public sector and thereby reducing competition official institutions in economic life.
الأمر المؤكد هو أن أحد أسباب التضخم في الآونة الأخيرة إنما يعود إلى تسريع وتيرة المصروفات الحكومية على مشاريع البنية التحتية. What is certain is that one of the causes of inflation in recent times was due to accelerate the pace of government expenditure on infrastructure projects. وبات صرف المزيد ممكنا نظرا لارتفاع إيرادات الخزانة العامة وذلك على خلفية ارتفاع الأسعار وبقائها مرتفعة في السنوات القليلة الماضية. The exchange has become more feasible because of the high income public treasury and that against the backdrop of rising prices to remain high in the past few years.
فمن المناسب أن تقوم مؤسسات القطاع الخاص بتشييد وتشغيل محطات الكهرباء والماء لأنها تفكر في الربحية وبالتالي العمل بأقل تكلفة ممكنة. It is appropriate that private sector institutions to construct and operate power plants and water because they think of profitability and, therefore, to work the lowest possible cost.
عدم فك الارتباط بالدولار Non disengagement dollar
في المقابل، رأى الدكتور اليوسف أن فك ارتباط عملات دول المجلس بالدولار الأمريكي (باستثناء الكويت والتي تربط عملتها بسلة من العملات الدولية) سيكون له تأثير محدود في أحسن الأحوال على تخفيض مستويات التضخم. In contrast, Dr. Youssef's disengagement currencies to the U.S. dollar States (except Kuwait and linking its currency basket of international currencies) will have a limited impact at best on reducing levels of inflation. ويعود الأمر بالضرورة إلى ارتباط ظاهرة الغلاء بعدة أسباب منها النمو الاقتصادي العالمي وارتفاع أسعار المواد الأولية بما في ذلك المشتقات النفطية. It is up to necessarily link the phenomenon occurred several reasons including the global economic growth and rising prices for raw materials, including the oil derivatives. وخير دليل على ذلك هو انتشار مشكلة التضخم في مختلف دول العالم بما فيها الاقتصادات التي لا تربط عملتها الوطنية بالدولار ومنها دول الاتحاد الأوروبي فضلا عن اليابان. The best proof of this is the widespread problem of inflation in various countries around the world including the economies that are not linking the national currency is the dollar, including the European Union countries as well as Japan.
تطوع لمراقبة الأسعار Volunteered for price control
ومن بين الأفكار الأخرى الجديرة بالاهتمام هي دراسة التجربة الماليزية في تشجيع المواطنين بمراقبة الأسعار وإخطار الجهات الرسمية عن التجاوزات. Among other ideas noteworthy study the Malaysian experiment in encouraging citizens control prices and the dangers of official abuses. فقد ذكر الدكتور محمد إقبال أن بلاده قامت قبل فترة بالترتيب لعمل تطوعي من قبل 14 ألف مواطن لمراقبة الأسعار في المحال التجارية بهدف تشجيع المؤسسات التجارية بالابتعاد عن كل ما شأنه تعريض سمعتها للتشويه. He stated Dr. Muhammad Iqbal said his country had before arranging to volunteer work by 14 thousand citizens to control prices in the shops aimed at encouraging businesses to stay away from everything that would endanger the reputation of the female. ويقوم هؤلاء المتطوعون بتوفير المعلومات لوسائل الإعلام ما يفسح المجال أمام التعرض لسمعة ومكانة المحال التجارية المتهمة. These volunteers and providing information to the media that leaves room for exposure to the reputation and standing accused of shops.
كما ظهرت بعض المقترحات الأخرى مثل الشراء الموحد من دول المجلس لغرض الحصول على أكثر الأسعار التنافسية. It also emerged some other proposals such as the purchase of the Common Council for the purpose of obtaining more competitive prices. لكن يعيب هذا المقترح صعوبة تنفيذه حيث يتطلب الأمر تنسيقا دائما وعلى كل المستويات. But the disadvantage of this proposal difficult to implement since it requires coordinated always and at all levels. مهما يكن من أمر، تتطلب معالجة معضلة الغلاء إقامة المزيد من الفعاليات في دول مجلس التعاون لغرض بلورة أفكار ومقترحات جديدة للوقوف أمام أكبر تحد للرفاهية الاقتصادية. Whatever the case, requiring the administration to address the dilemma of price rises more events in the Gulf Cooperation Council states for the purpose of developing new ideas and proposals to stand in front of the greatest challenge to economic prosperity.
Oil prices will revive profits Swiss banks
. Geneva: "When calamities folk folk benefits", this was the case for San Swiss banks while scorched States Almstheclh from high energy bill because of the registration record levels and oil prices exceeded the level of $ 120 a barrel, Swiss banks have huge profits by those altitudes.
وأوضح مدير رابطة البنوك السويسرية بيار ميرابو أن ارتفاع أسعار النفط عاد بالنفع على البنوك السويسرية لأن مثل هذه الزيادة خلقت عملاء جدد في البنوك بسبب ارتفاع الايرادات في الدول المصدرة للنفط. The head of the Association of Swiss banks Pierre Merapi that high oil prices benefited the Swiss banks because such an increase has created new customers in banks due to higher revenues of Petroleum Exporting Countries.
وأشار ميرابو في مؤتمر صحافي مشترك عقد مع رابطة الصحافة الأجنبية في سويسرا أن ارتفاع أسعار سلع اخرى غير النفط الخام ادى كذلك إلى جلب أعداد كبيرة من العملاء إلى البنوك السويسرية. The Merapi at a joint press conference held with the Foreign Press Association in Switzerland that the high prices of commodities other than crude oil also led to attract large numbers of customers to Swiss banks.
وأضاف "أن عملة اليورو تعد بديلا للدولار ولكنها لا تحل مكانه" كما اعرب عن اعتقاده بأن السوق العالمية لديها متسع لاستيعاب عملات اخرى. He added: "The euro is an alternative to the dollar but did not resolve the status" He also expressed his belief that the global market has room to accommodate other currencies.
هذا وقد قفز سعر النفط الخام في بورصة نيويورك اليوم لمستوى قياسي متجاوزا الـ120 دولارا في ظل قلق الأسواق من إمكانية تأثر المعروض بسبب حالات توقف بعض مواقع الإنتاج بنيجيريا وبالتزامن مع تأكيد إيران مجددا التمسك بمواصلة برنامجها النووي، حيث سجل سعر النفط الخام الأمريكي الخفيف 120.54 دولار للبرميل في أسواق نيويورك. This has jumped the price of crude oil on the New York Stock Exchange today, surpassing the record level of $ 120 under the concern of the markets affected by the possibility of supply interruptions because of some production sites in Nigeria and in conjunction with the confirmation of Iran reiterates adherence to continuing its nuclear program, where record oil price of U.S. light crude 120.54 dollars per barrel In the markets of New York.
من جانبه حقق سعر برميل النفط الخام رقما قياسيا جديدا أيضا في سوق لندن للنفط اذ تخطى حاجز 119 دولار للبرميل للمرة الأولى في حين بلغ سعر النفط الخام لبحر الشمال "برنت" 119.03 دولار للبرميل. For his part, achieved a price of a barrel of crude oil also set a new record in the London market for oil since crossing 119 dollars per barrel for the first time, while the price of crude oil to the North Sea "Brent" 119.03 dollars per barrel.
وعزا محللون كما أشارت وكالة الأنباء الكويتية "كونا" ارتفاع اسعار النفط إلى مخاوف من احتمال انقطاع الامدادات في نيجيريا وشمال العراق إضافة إلى تراجع مخاوفهم بشأن الاقتصاد الأمريكي متوقعين ان يمتص ارتفاع أسعار النفط أي انتعاش في الاقتصاد البريطاني والاقتصادات الاخرى في العالم. Analysts also attributed the Kuwaiti News Agency "KUNA" high oil prices to fears about possible disruptions in Nigeria and northern Iraq in addition to the retreat on fears the U.S. economy absorbs the expectation that higher oil prices any recovery in the British economy and other economies in the world.
يذكر أن اسعار النفط واصلت تحطيم الاسعار القياسية منذ تخطي اسعاره حاجز المئة دولار للمرة الاولى في عام 2008. It is noteworthy that oil prices continued to break the standard price since oil prices exceeded $ percent barrier for the first time in 2008.
وهبط انتاج شركة (شل الهولندية الملكية) في نيجيريا بنحو 164 الف برميل في اليوم بعد تعرض خطوط انابيب النفط الى سلسلة من الهجمات من قبل مجموعات مسلحة. The production company declined (Royal Dutch Shell) in Nigeria by about 164 thousand barrels per day oil pipelines subjected to a series of attacks by armed groups.
من جانب اخر يتعرض اقليم كردستان العراق الى هجمات عسكرية من قبل الجيش التركي تستهدف حزب العمال الكردستاني المحظور الذي يتخذ من الجبال الوعرة في تلك المناطق منطلقا للهجمات التي يشنها ضد اهداف تركية. The other is the Kurdistan region of Iraq to military attacks by the Turkish army targeting the PKK, which is prohibited by rugged mountains in those areas springboard for attacks launched against Turkish targets.
وعلى صعيد اخر فان التفاؤل بشأن انتعاش الاقتصاد الامريكي عزز اسعار النفط في اسواق التداول في الاسواق الاسيوية اذ اظهر التقرير الاقتصادي الامريكي ان قطاع الخدمات يوحي ببطء اقتصادي ولكن ليس بالقوة التي تم توقعها في البداية. On another front, the optimism about the recovery of U.S. economy strengthened in oil prices in the markets trading in the markets since the Asian economic report showed the U.S. services sector suggests that slow economic but not by force that had been anticipated at the outset.
Oil fly to new record levels
نيويورك: سجلت أسعار النفط الخام رقماً قياسياً جديدا لليوم الثاني على التوالي، حيث اقتربت من حاجز الـ 121 دولار للبرميل. New York: Crude oil prices recorded a new world record for the second consecutive day, where close to the barrier of 121 dollars per barrel.
وارتفعت عقود شهر يونيو الآجلة بمقدار 96 سنتاً لتصل الى 120.93 دولار للبرميل وهو ما يعد أعلى سعر منذ بداية التجارة في بورصة نيويورك للبترول عام 1983. Rose futures contracts for the month of June increased by 96 cents to hit 120.93 dollars per barrel which is the highest price since the beginning of trade in the New York Stock Exchange Petroleum in 1983.
ونقلت شبكة بلومبرج الأخبارية عبر موقعها الالكتروني عن محللين توقعاتهم بأن تتراوح أسعار النفط ما بين 150 و 200 دولار للبرميل في غضون عامين بسبب العجز في الامداد الكافي. The network quoted Blomberg news via its website on analysts expectations that oil prices ranging between 150 and 200 dollars per barrel within two years because of the deficit in adequate supply.
وفي بورصة لندن للبترول سجلت أسعار عقود يونيو الاجلة لخام برنت أرقاما قياسية أيضاً حيث ارتفعت 1.08 دولار بنسبة 0.9 % لتصل إلى 119.07 دولار للبرميل. On the London Stock Exchange Oil prices recorded in June futures contracts for Brent crude reaches also rose 1.08 dollars or 0.9% to hit 119.07 dollars per barrel.
وتأتي المستويات القياسية الجديدة لأسعار النفط مع تجاوز مستوى الـ 120 دولار وذلك في ظل قلق الأسواق من إمكانية تأثر المعروض بسبب حالات توقف بعض مواقع الإنتاج بنيجيريا وبالتزامن مع تأكيد إيران مجددا التمسك بمواصلة برنامجها النووي. The new record levels for oil prices exceeded the level with the 120 dollars and in light of concern to the market before because of the vulnerability of some cases stopped production sites in Nigeria and in conjunction with the confirmation of Iran reiterates adherence to continuing its nuclear program.
ويبرز الموقف الإيراني عودة العامل الجيوسياسي كورقة مؤثرة في اتجاهات أسعار النفط خاصة في حال تصاعد حدة التوتر من جديد بين واشنطن وطهران. And highlights the Iranian position on the return of influential group as a geopolitical trends in oil prices especially in the case of escalating tensions again between Washington and Tehran.
interesting auction comment highlights:::hmmmmmmmmm
The continuing decline in conversion rates encourage investors and owners of major banking offices on the conversion of more cash and purchase amounts deducted commissions from the conversion will make the conversion process outside the country and re-transfer to Iraq and selling in the market much more meaningful process of buying direct cash which is the difference between him and Remittances ten points.
uh-ohh Skinner: Now the truth emerged, there is evidence of Iranian weapons in Iraq
5-06-08
After conflicting information during his last two days about Iranian interference in the internal affairs Skinner: Now the truth emerged, there is evidence of Iranian weapons in Iraq
Summoned government spokesman Dr. Skinner on the number of journalists late Sunday night to clarify his remarks at a press conference held earlier in the day Sunday, when it seemed as if it indicates that there is no evidence that Iran is permitted to enter the arms to Iraq ".
Skinner said that "his remarks had been misunderstood." The government spokesman, at a meeting with journalists rank U.S. official, also reported the Washington Post in its edition of America yesterday, Monday, that "there is interference and proof that Iran interfered in Iraqi affairs, when asked about his assessment For evidence of the Iranians to allow entry of weapons into Iraq, Skinner added that "concrete evidence". The newspaper "for as long as the United States accused Iran providing bombs known as high-explosive bombs miraculous shields to militia elements, while Iran denies such a role. The newspaper reported that the government Iraq said it had "concrete evidence" that Iran irritation violence in Iraq, and that the Iraqi high-level committee formed to document evidence and sent to the Iranians. Commented the newspaper commented that "This statement came at a time when Iraqis found themselves on board between the United States and Iran, which will exchange accusations In spreading destruction in Iraq, especially that Prime Minister Nouri al-Maliki in a delicate situation because of its proximity to U.S. officials and Iranians. "
The newspaper quoted Skinner saying, "After the launch Prime Minister Nuri al-Maliki launched last month in Basra, troops found weapons was clear that they are made in Iran." Skinner added, "Now the truth emerged; There is evidence of Iranian weapons in Iraq and we are closer for the purpose of sending Them. "He explained that" a high-level committee was formed three days ago and included officials from the ministries of Interior and Defense to document the intervention of Iran war on Iraq. "Skinner was announced in a press conference Sunday in Baghdad, the Government's support for the efforts made by the delegation from the United Iraqi Alliance bloc, who visited Iran to inform Tehran to the fears and anxiety felt by the Iraqi government of Iranian interference in the region.
On a related government source said that Prime Minister Nouri al-Maliki asked to form a committee to collect evidence on what he believes Baghdad "interference" in Iranian Iraq to be presented later on Tehran, which denies any interference in Iraqi affairs. The announcement of the formation of this committee, which Skinner announced by the government spokesman, after a day of the return of Iraqi Alliance delegation from Tehran. The delegation presented to Iranian officials as saying it was "evidence" on Iran's support for militias in Iraq, but the Iranians denied the existence of any interference, according to Skinner.
Skinner explained that al-Maliki ordered the formation of the Committee on its registration and documentation of Iranian interference in Iraqi affairs, and that the government would pursue the matter with the Iranians and put them the results of their work. At the same framework Iranian official announced on Sunday his country's support for the efforts of the Iraqi government to disarm the armed militias in Iraq but Without the use of force. The news agency quoted the student to the Iranian official, who did not announce his name, saying: "We support the efforts of the Iraqi government to disarm the armed militias, we advise you not to enter confrontation with the population. The Iranian official said that" Iran's official position is to support the legitimate government of Iraq Within this framework, we will do everything we can in order to establish security in the country.
http://translate.google.com/translat...-US:unofficial
Barham Saleh calls for the allocation of quota directly to every citizen of oil
أخبار و تقارير - 06/05/2008 - 1:53 pm News and reports - 06/05/2008 - 1:53 pm
الملف برس ــ وكالات Portfolio Press Agencies
طالب نائب رئيس الوزراء برهم صالح الى ضرورة ان يكون للمواطن العراقي حصة مالية من الواردات النفطية. Asked Deputy Prime Minister Barham Saleh to the necessity for the Iraqi citizen's share of financial oil imports. وقال صالح ان المواطن العراقي له الحق بان يتمتع بحصة مباشرة من واردات النفط . Saleh said that Iraqi citizen has the right to enjoy a direct share of oil imports. والدستور يكفل بان النفط هو ملك الشعب العراقي ، وهذا الامر مرهون بقانون النفط . The Constitution ensures that oil is the king of the Iraqi people, and this matter is subject to the law of oil. وتابع ان هناك تخصيصات كبيرة مثبتة بالموازنة منها دعم البطاقة التموينية بان تؤخذ من واردات النفط وتصرف على المواطن العراقي، فلماذا لا نعطيه حرية الاختيار بين ان يحصل على مبالغ مالية او يحصل على الخدمات من الغذاء او الخدمات الاخرى .واوضح صالح ان هناك افكارا مختلفة تطرح بخصوص هذا الموضوع غير ان هذه الافكار لم تصل الى مرحلة النضوج , واشار الى انه يوجد مشروع لاعادة وتشكيل مجلس الخدمة ، وهو مطلب دستوري وقانوني ، يجب ان ننفذه باسرع وقت لانه بدون اعادة تشكيل مجلس الخدمة على اسس جديدة تتناسب مع متطلبات المرحلة يبقى جهاز الدولة محملا بالمشاكل . He continued that there are large installed budget allocations, supporting the ration card that taken from the imports of oil and disposal of the Iraqi citizen, so why not give him the freedom to choose between to receive payments or obtain services from food or other services. Saleh explained that there are various ideas put forward regarding This issue is not that these ideas did not reach the stage of maturity, and noted that there is a project for reconstruction and the formation of the service, a demand constitutional and legal, must be implemented as soon as possible because without the restructuring of the service on new foundations stage commensurate with the requirements of the state apparatus remains blaming problems . و بخصوص القوانين الخدمية ذكر صالح ان الدولة لحد الان لم تستكمل بعد مراجعة مشاريع هذه القوانين والتي هي مسألة ملحة . And the laws regarding service Saleh said that the state so far has not yet completed reviewing drafts of these laws, which are a pressing issue.
المصدر : الملف برس - الكاتب: الملف برس Source: Press file - Author: Portfolio Press
National - Baghdad in talks with Kurds over oil contracts 1-May-08 [16:40]
Agencies-- Baghdad was in talks with the Iraqi Kurdish regional authorities last week on contracts signed by foreign oil companies in the territory, Iraq’s Oil Minister Hussein al-Shahristani told reporters last Monday.
“There has been a delegation led by the prime minister of the KRG [Kurdistan Regional Government] in Baghdad and we have started our discussions”, Shahristani said on the sidelines of the International Energy Forum in Rome. “We will continue those discussions after my return to Baghdad”, he added.
The contracts “have to meet the conditions of the hydrocarbons law of February 2007”, the minister insisted, referring to a new law aimed at encouraging foreign oil companies to invest in the Iraqi oil sector.
The government in Baghdad and authorities in the autonomous Kurdish region of Northern Iraq have been at loggerheads over contracts signed between the Kurds and foreign oil companies for months.
In November, Shahristani announced he had cancelled around 15 oil contracts signed by the authorities in Iraqi Kurdistan.
In response, Kurdish Prime Minister Neshirvan Barzani insisted the contracts would be honored, saying “nobody can cancel contracts signed by Kurdistan”, as his government approved the signature of seven more oil contracts.
The autonomous Kurdish regional government in Northern Iraq has signed 15 exploration and export contracts with 20 international companies since it passed its own oil law last August, irritating the Baghdad government.
Shahristani has repeatedly said he considers the contracts “illegal.”
He has threatened the companies concerned that they would not in future have the chance to work with the Iraqi government, threats that have so far have not been carried out.
Great read !! Playing Monopoly with Iraqi money
The biggest transfer of cash in history
by Loretta Napoleoni and Georgia Straight
Global Research, March 18, 2007
Znet
The biggest transfer of cash in history took place from May 2003 to June 2004 when the U.S. Federal Reserve of New York shipped $12 billion in bills of various denominations to war-torn Iraq. Over the course of one year, a fleet of C-130s carried, from New York to Baghdad, 484 pallets weighing a total of 363 tonnes and holding 281 million banknotes. This is not an advertisement for a new board game but the summary of a memorandum prepared for a meeting of the House Committee on Oversight and Government Reform, chaired by Rep. Henry Waxman, which is examining the "reconstruction" of Iraq under Paul Bremer.
No proper record of the funds, which were distributed by the Coalition Provisional Authority, is available. They seem to have been disbursed like Monopoly money. Contractors were paid in cash from the back of pickup trucks; thousands of "ghost employees", people enlisted in ministerial jobs that did not exist, were paid salaries with bundles of currency; one million dollars was stolen from the CPA vault and nobody seemed to be bothered; $500 million was disbursed under the heading "TBD", which stands for "to be determined". An obscure consulting firm from San Diego was in charge of certifying the distribution of the money, yet it never conducted any review of internal controls, as was contractually required.
Bremer's financial adviser, retired admiral David Oliver, seems surprised by the House committee's concern, as if the billions that have vanished were really play money. When challenged by a BBC journalist about the consequences of the disappearance without trace of billions of dollars, he pointed out that it was irrelevant where the money had gone because it was Iraqi funds, not U.S. taxpayers' money. The $12 billion came from Iraqi assets seized after the first Gulf War, from the sale of Iraqi oil, and from surplus payments from the UN oil-for-food program. The $12 billion is not included in the $400 billion spent by the U.S. in Iraq since March 2003.
The procedure for unfreezing "political" money is generally very long and requires the fulfillment of several legal requirements. After a legal battle of more than a decade, waged by a group of Cuban exiles, then-president Bill Clinton finally released some of the Cuban funds frozen during Fidel Castro's 1950s revolution. Still locked in the vaults of the Federal Reserve is Iranian money seized after the Ayatollah Ruholla Khomeini ousted Mohammad Reza Pahlavi in 1979, some of Gen. Manuel Noriega's dirty money, and even some assets belonging to the recently deceased Ugandan dictator Idi Amin.
Iraqi funds were miraculously freed in less than two months. The procedure was quick and involved the approval of the United Nations, which, technically, was responsible for the oil-for-food surpluses. Those monies could have been used to bring back water and electricity to millions of Iraqis; if equitably distributed, they would have made each Iraqi man, woman, and child $15,000 richer. Instead, they were wasted by incompetent officers appointed by even more incompetent politicians.
It is surreal to think that the U.S. government rushed to fly hundreds of tonnes of cash to a country where its army could not stop people looting arsenals, banks, museums, and hospitals, to a country not yet pacified. As Waxman put it: "Who in their right mind would send 363 tonnes of cash into a war zone?"
War is not a board game; it is deadly serious business. Even more surreal is the fact that no plan existed for what to do with so much money.
Bremer claims that the CPA urgently needed the cash because the banking system had disappeared and Iraq was a cash economy. Yet his administration was not equipped to operate in a cash economy, proven by the way it wasted those billions. War zones are always cash economies. Did Bremer really think that after President George W. Bush's famous "mission accomplished"
declaration, ATM machines in Baghdad would miraculously start working again?
Those monies were also needed to inject U.S. dollars into a country where the local currency, the Iraqi dinar, was about to collapse. This is the other explanation Bremer put forward. Most currencies collapse after major conflicts. In the aftermath of the Second World War, devaluation spread like a virus among European currencies and new money had to be introduced by the central banks.
Injecting cash for the sake of injecting cash does more harm than devaluation; it can be extremely dangerous because war economies are run by militias, criminal gangs, black marketeers, and profiteers. Cash flows naturally toward these people.
Oliver, the man who was supposed to advise Bremer on these issues, is as unmoved as his ex-boss by the thought that the money they so irresponsibly distributed may have funded ethnic militias, criminal gangs, and insurgent groups in addition to "contractors" engaged in the reconstruction. Their lack of concern springs from the belief that they are not responsible for such failure because they are American and the money was Iraqi—they feel accountable to the U.S. taxpayer, not to the Iraqi people. The fact that some of those funds may have funded ambushes in which U.S. soldiers could have been killed does not cross their minds. War is a highly deceptive game.
Though the money was Iraqi, there is evidence that the CPA was eager to spend all of it before the interim Iraqi government was appointed. The House committee minutes report that one officer was handed $6.75 million in cash and told to spend it in the week before the interim government took control of the Development Fund for Iraq, where the money should have been held.
The motives behind such behaviour are clear. The primary objective was not to kick-start the reconstruction of Iraq. If it had been, the U.S. would have appointed competent people to run the CPA and the $12 billion would have gone to fund a sort of Marshall Plan, in which each penny would have been accounted for.
The objective was really another one: to establish an American bastion in the heart of the Middle East. Having incompetent U.S. officials distribute Iraqi money as if it were "funny money" instead of turning it over to the Iraqi interim government was part of this plan. Clearly, the Bush administration has never played Monopoly, or it would know the game's cardinal rules: never waste money and always invest wisely.
Gulf currency bets resurrect Islamic bonds...RV Talk
May 6, 2008 - 2:13PM
The Gulf's once red-hot Islamic bond market is coming back to life after a nine-month lull as sellers look to benefit from talk of Gulf currency revaluation and rock-bottom interest rates, bankers said.
Still, with more of the bonds priced in local currencies - potentially limiting interest from foreign buyers - the pace may not be quite as feverish.
Islamic bonds, or sukuk, are in high demand by both Muslims - who are increasingly seeking investments that comply with their beliefs - and non-Muslim investors seeking exposure to booming Gulf Arab economies.
A global credit crunch triggered by defaults on US home sales last summer prompted several companies to scrap sukuk sales as borrowing became more expensive.
But firms cannot postpone borrowing indefinitely and some sense the time may now be right to look at sukuk again.
Activity is on the rise with a slew of companies planning issues or completing new issues, including property developer Nakheel and air-conditioning firm National Central Cooling in the United Arab Emirates as well as mammoth chemicals firm Saudi Basic Industries and Kuwaiti real estate firm Gulf Holding.
Ras al-Khaimah, part of the UAE federation, announced a sukuk program on Sunday worth up to $US2 billion ($2.1 billion), the first tranche of which is likely to be in dirhams.
"Local currency sukuk are coming back to life and I think that will continue because there's huge liquidity in the system and issuers really want to take advantage,'' said Jaafar Badwan, a managing director at Bahrain's Unicorn Investment Bank.
All but one of the new sales are in Gulf currencies, which investors hope will eventually be allowed to strengthen, increasing the value of future bond returns. Most sukuk were previously priced in US dollars.
Aside from the Kuwaiti dinar, Gulf Arab currencies are pegged to the falling US dollar and, despite official statements to the contrary, there is constant speculation central banks may revalue to stave off soaring inflation in the region.
Forward rates on Monday indicated the UAE dirham could appreciate 4.6% in two years.
A nearly six-fold rise in oil prices since 2002 has flooded the Gulf with cash that bankers are scrabbling to invest. Global investors have been piling into assets denominated in Gulf currencies since last year, snapping up stocks and property, and the same appeal exists with Gulf currency bonds.
A key driver behind recent sukuk issuance has been falling benchmark interest rates in the region, which help keep spreads looking attractive.
Spreads on the HSBC-DIFX US dollar Gulf sukuk index were 66.1 basis points over the benchmark three-month London Interbank Offered Rate when the credit crunch first hit last June. By May, they had soared to 220.79 basis points, or about 1.55%.
But a series of rate cuts by the US Federal Reserve in recent months has seen Gulf Arab states also slash rates to maintain their currency pegs.
"The rise in spreads has been offset by the fall in interest rates,'' said the head of Standard Chartered's Saadiq Islamic division, Afaq Khan. "Spreads may have gone up 200 basis points but interest rates have gone down 200 basis points, so overall you're getting the money at the same price.''
Islam bans interest, and sukuk are typically based on physical assets that pay a rent or dividend to bondholders. However, the returns are compared to benchmark interest rates.
POST # 1000!!!!!! US to withdraw 3,500 soldiers from Iraq (Extra)
May 6, 2008, 13:38 GMT
Baghdad - About 3,500 soldiers that were part of a US troop surge in Iraq are to be withdrawn in the coming weeks, the US military said Tuesday.
The brigade, one of five units deployed in support of the surge, are to return to their home base in Fort Benning, Georgia in the next several weeks, the military said in a statement.
In June, the US deployed some 28,500 additional troops, mostly in Baghdad and surrounding areas, to improve security and curb violence.
The brigade is the third of the surge units to withdraw from Iraq while the remaining two brigades will redeploy by the end of July. The move is to decrease the number of US troops as violence in Iraq ebbs.
'The continued drawdown of surge brigades demonstrates continued progress in Iraq. After July, commanders will assess our security posture for about 45 days and determine future force requirements based on these conditions-based assessments,' said Brigadier General Dan Allyn from the US military.
Global bids to be invited for 10 Iraq oilfields
06 May 2008
Iraq intends to invite international bids to develop 10 of its oilfields as the Arab Opec producer is pushing ahead with plans to rehabilitate its war-damaged hydrocarbon sector, according to Iraq's former oil minister.
Thamir Abbas Ghadhban, who now heads a high-level committee that advises the Iraqi prime minister on energy issues, said technical agreements to be signed with a number of international oil companies (IOC) would add around 500,000 barrels per day to Iraq's crude output this year.
But the former minister appeared to be opposed to granting production-sharing contracts to IOCs for oilfields that have been already discovered and are producing, saying "no one of sane mind" would favour such contracts.
In an interview with the April issue of the Paris-based Arab Oil and Gas magazine, Ghadhban said nearly 70 IOCs had responded to an invitation by the Iraqi Oil Ministry to apply for permission to operate in Iraq as part of a multi-phase programme aimed at reviving the country's energy sector.
"It is a programme that is being implemented in several phases. The first stage is the negotiation of technical assistance contracts - technical service agreements (TSAs) - with at least five large international oil companies for the purpose of obtaining advice, technical support and the procurement of equipment outside Iraq... the Oil Ministry hopes this assistance will result in incremental production of around 500,000 bpd between now and the end of 2008 and the maintenance of that gain in 2009," he said.
"The second stage relates to some 10 fields. They are to be offered in an initial international tender in which 70 or more companies will be able to participate if they are effectively prequalified by the ministry.
"These fields are in production... service contracts are due to be awarded for the full development of these oilfields and the corresponding contracts will probably be concluded by the end of 2009. The third stage would be a second tender that would cover fields that have been discovered but not yet developed."
Ghadhban said he believed IOCs would accept services rather than production-sharing contracts (PSCs) for discovered oilfields on the grounds they are producing fields and have low production costs.
"In the case of already discovered fields, I think no one of sane mind would recommend PSCs, especially in Iraq. This type of contract was conceived for projects carrying a risk, which is not the case here," he said.
"These fields are simple and have been extensively studied and evaluated. The technical risks are very low, and the fields have a long production history. Furthermore, they are located close to existing infrastructure. I am certain IOCs will accept service contracts for our already discovered fields, in view of their geological characteristics, their very great potential, their low production costs and the current and future level of oil prices."
Iraq, a founding member of the 13-nation Organisation of Petroleum Exporting Countries (Opec) has the world's third largest proven oil resources after those of Saudi Arabia and Iran. But its output capacity has largely eroded because of conflicts over the past three decades.
Iraq had pumped in excess of 3.5 million barrels per day before its 1990 invasion of Kuwait but its current sustainable capacity is just above two million bpd. Officials hope development programmes could lift capacity to six million bpd and also boost its recoverable crude reserves. Last year, Iraq approved a controversial bill that regulates the oil sector in different areas but it has yet to be passed.
"I think there is still the possibility of a compromise on the text of the bill. There is certainly a great deal at stake, and the strained relations between the federal government and the Kurdistan Regional Government (KRG), and especially between the Iraqi Oil Ministry and the KRG's Ministry of Natural Resources, have made things even more difficult," Ghadhban said.
He said the decision by the KRG to sign several production-sharing contracts and the threat of the Iraqi Oil Ministry to place firms that have signed agreements with the KRG on a blacklist have complicated the problem.
But he remained optimistic. "The differences between the two sides are not huge in the end. I personally believe it would be easier to find a solution to this problem if agreements were concluded on other issues, such as the status of Kirkuk."
"The future oil law gives the planned Iraqi National Oil Company sufficiently broad powers for taking decisions about the type of relationship to be established with IOCs, and I hope these relations will be very professional. One must not politicise what should not be politicised."
US and Iraqi troops kill nine Shiite militiamen in Baghdad
May 6, 2008, 7:51 GMT
Baghdad - US and Iraqi troops killed nine Shiite militiamen in separate operations in Baghdad where they also uncovered weapons in the stronghold of the Mahdi Army militia, the US military said Tuesday.
In an operations on Sunday, Iraqi counter-terrorism teams backed by US special forces engaged 'special groups criminals,' killing three of them after they attacked the troops with small arms fire.
Special groups criminals is a term used by the US military to describe Iranian-backed Shiite militiamen.
In another incident in the northern Baghdad district of Shulah, the Iraqi force conducted an operation Monday 'to prevent Special groups activity and disrupt improvised explosive device networks,' according to the US military.
The operation involved a US aircraft, which fired four rounds, killing a gunman. The Iraqi force killed three gunmen and detained two after it was attacked by them.
'Operations to enforce the rule of law, detain criminal elements and disrupt their networks continue across Baghdad,' said Colonel Bill Buckner, a spokesman for the US military.
On March 25, the Iraqi government launched a crackdown on Shiite militias in the southern province of Basra and Shiite-dominated areas in east and north Baghdad.
While the offensive in Basra has nearly come to an end, deadly fighting in the east Baghdad district of Sadr City and surrounding areas are still raging, leaving hundreds dead and injured.
In Ur, east Baghdad, a US patrol killed a Shiite gunman Monday after a small arms fire attack by 'a special group criminal,' the military said.
Also in east Baghdad, a US aircraft killed a gunman and wounded another while they were placing an improvised explosive device in the Jamilla district, the military said.
US troops also uncovered a weapon cache containing 60-millimetre mortar rounds, a rocket-propelled grenade (RPG) launcher, an RPG warhead, a light anti-tank weapon, a light machine gun and other ammunitions.
The military statement did not give details of where the weapons cache was discovered.
In the restive Diyala province, north-east of Baghdad, 10 Iraqi soldiers were killed in a an attack on a checkpoint Monday, the US military said.
The attack, which the military blamed on insurgents from the al- Qaeda in Iraq group, took place in Mindili, 110 kilometres north-east of Baghdad.
Thirteen soldiers were injured in the attack.
Sunni extremist insurgents are active in Diyala where an operation by Iraqi troops backed by US forces have failed so far to quell the insurgency there.
ANALYSIS: Iraq's government caught between two rival allies
May 6, 2008, 12:47 GMT
Cairo- As tension rises between the US and Iran, Iraq's Shiite-dominated government finds it hard to juggle relations with its two powerful allies standing at the brink of confrontation.
Washington is accusing Iran of funding, arming and training Shiite militias in Iraq to attack US and Iraqi troops, while Tehran blames the presence of the US-led 'occupation forces' for the bloody unrest in the neighbouring Arab country.
Iraq's ruling coalition is dominated by Shiite political parties with strong religious and kinship ties with Iran, the largest Shiite Muslim country.
Many politicians from the ruling Shiite coalition spent years in exile in Iran and received considerable backing from its government before the collapse of the regime of former Iraqi dictator Saddam Hussein.
In recent weeks, not only have US officials intensified their accusations against Iran, but Iraqi officials themselves joined the chorus, said Zuhair al-Jazairi, editor of the independent Voices of Iraq news agency.
'The turning point came with the government offensive in Basra against the Shiite Mahdi Army militia and the ensuing fighting in Sadr City,' al-Jazairi told Deutsche Presse-Agentur dpa.
'It is usual for US officials to trumpet Iranian weapons discovery, but over the last weeks Iraqi officials too have come out publicly to speak about discovery of Iranian weapons,' the Iraqi journalist said.
The shift in the official Iraqi position on Iran has been mainly spurred by the fact that those weapons have a 2008 manufacture date, al-Jazairi maintained.
With the ongoing confrontation with the Mahdi Army of Iranian- backed cleric Moqtada al Sadr, the Iraqi army has found that the militia's arms supplies are being replenished with newly-manufactured weapons.
Iraqi Prime Minister Nuri al-Maliki appeared to have been so alarmed by the uncontrollable weapon smuggling from Iran along its 1,340 kilometre that he sent senior Shiite politicians to Tehran to convey his concerns.
Al-Maliki and many other top Iraqi officials have previously travelled to Iran, but this seems to mark the first time that an elite team has been sent to Tehran to raise the issue of Iranian meddling in Iraqi affairs, al-Jazairi said.
The Iraqi politicians returned from Iran Saturday with reassurances and support for al-Maliki's government. The positive response coming from Tehran did not cut ice among Iraqi and US officials.
The next day Iraqi cabinet spokesman, Ali al-Dabagh, issued contradictory statements on Iran's role in Iraq, saying Baghdad needed evidence for Iranian interference in Iraq. Hours later, al- Dabagh retracted what he said, saying proof existed.
The official contradictory statements highlight Baghdad's confusion over the scope of Iran's role, its ties with Shiite militias and the difficult task of juggling ties with Washington and Tehran.
'The Iraqi government is alarmed by recent weapon finds, but one thing is certain: it does not want Iraq to become a stage of a conformation between the US and Iran,' al-Jazairi said.
This view has been echoed by al-Dabagh.
'Iraq does not want to be pushed into any confrontation with neighbouring countries, especially Iran. What happened before is enough. We paid the price,' al-Dabagh told reporters Sunday.
The Iraqi official was referring to the Iran-Iraq war, which claimed the lives of about one million people through the 1980s.
Since the collapse of the Saddam regime, ties between both countries have significantly improved, especially under the Shiite- dominated coalition.
Baghdad will use diplomacy rather than confrontation to sort out the problem with Iran, al-Jazairi said.
'Baghdad has been acting as a mediator between the US and Iran as it attempts to defuse tension between them and avert a confrontation in which Iraq may be the main battleground, the journalist concluded.
Iraqi businessmen's conference "Rebuild Iraq" fair opens in Jordan
May 6, 2008, 12:38 GMT
Amman - The Iraqi Business Council opened its third conference in Amman Tuesday with the participation of hundreds of Iraqi entrepreneurs and representatives of foreign companies who seek investment opportunities in Iraq.
The three-day meeting, which is sponsored by the US-Iraqi Chamber of Commerce, is expected to focus on future investment outlets in Iraq and the chances of forging cooperation and partnerships between Iraqi businesses and their foreign counterparts particularly those taking part in the fifth Rebuild Iraq fair which opened in Amman Monday, organizers said.
'The conference is set to create a linkage among firms participating in Iraq's reconstruction and provides an opportunity for representatives of Iraqi, Arab and international firms to acquaint themselves with the investment projects in Iraq,' the chamber's Vice-Chairman Majed Michel said.
About 500 companies from 31 countries are participating in the Rebuild Iraq 2008 fair, according to Albert Aoun, chairman of the IFP Group, which organizes the event.
Sectors covered in the fair include building and construction, electricity, telecommunications, water and sanitation, health, agriculture, security and information technology and general products and goods, Aoun said.
English: Govt. confirms ability to double investments
Baghdad, May. 6, P. 1
PM Noori Maliki declared govnemnt's ability to double investment's allocations in provinces, as he confirmed that Iraqi economy's development became in an advanced level
Maliki said that at his opening first coordinating meeting of central government, regions and provinces councils, and ceremony of signing contract between the the government and Boeing and Bombardeir companies to purchase 65 airplanes.The government seeks carry out wide reconstruction campaign in all provinces, once the parliament approved them after forming higher panel headed by PM to complete security successes.
Announcement No.(1159)
D.G. of Foreign Exchange Control
The 1159 daily currency auction was held in the Central Bank of Iraq day Tuesday 2008/5/6 so the results were as follows :
Details Notes
Number of banks17-----
Auction price selling dinar / US $1201-----
Auction price buying dinar / US $1199-----
Amount sold at auction price (US $)127.170.000-----
Amount purchased at Auction price (US $) 1.200.000
Total offers for buying (US $)127.170.000-----
Total offers for selling (US $)1.200.000-----
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