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CBI reduces interest rate again....
April 3, 2010 - 05:40:56
BAGHDAD / Aswat al-Iraq: The Central Bank of Iraq (CBI) on Saturday said it would reduce the interest rate from 7% to 6%, as well as the banks’ legal reserves from 25% to 20% as of this Sunday.
“The CBI has decided to reduce the interest rate on loans from 7% to 6% as of tomorrow,” a CBI advisor, Madhhar Mohammed Saleh, told Aswat al-Iraq news agency.
The private banks’ legal reserves will also be reduced from 25% to 20%, Saleh noted.
Interest rate reached 20% in 2007 as part of a CBI policy to contain inflation, sparking a wave of criticism by the private sector, which accused the central bank of obstructing investment in the country.
http://en.aswataliraq.info/?p=129623
I believe that lower denominations will be introduced,rate increased
and withdrawal of the large denominations(not being reissued)in that order.
Economist: neglected oil fields surprise investment companies
Saturday, April 3rd 2010 5:00 PM
Baghdad, Apr. 3 (AKnews) A senior Iraqi economic expert said Saturday that Shell Oil Company would be unable to extract 175 thousand barrels of crude oil per day from the Majnoon field by 2012 due to the technical problems in the field.
al-Fakka Oil1
Khalil Ward said Saturday that Shell would be unable to develop the Majnoon oil production by 2012, which has been licensed by the Government of Iraq recently.
"Most of the international oil companies, particularly Shell and PETRONAS companies were surprised when seeing the reality of the neglected wells for a long time by the Ministry of Oil." Ward added.
Majnoon is one of the largest oil fields in the world and currently produces 45 thousand barrels of oil per day.
The field's final target output is 1.8 million barrels of oil per day.
Shell and PETRONAS won the contract for development of the oil field which is located south of Iraq with reserves estimated at about 12.6 billion barrels of oil.
The term of the contract is 20 years, one of several agreements concluded by Iraq in an attempt to rise to third place from its 11th position of the largest oil-producing countries in the world.
ry AKnews
Iraqi Trade Ministry contracts 16 Iranian companies to resolve the ration card crisis
Iraqi Trade Ministry contracts 16 Iranian companies to resolve the ration card crisis
Saturday, April 3rd 2010 12:50 PM
Baghdad, April 3 (AKnews)- An official source at the Iraqi Trade Ministry revealed that the government will contract with Iranian companies to import the items of the ration card.
"The ministry will contract Iranian companies to control the global crisis of distributing the ration card items that the Ministry failed to resolve recently", advisor of the Trade Ministry, Fadel al-Awadi said.
The next phase will witness a partial solution by the Ministry of Trade for the distribution of ration cards items to the citizens.
Al-Awadi said "next month, sixteen companies will present their offer for the delivery of the ration card items to Iraq in a short period"
The Ministry of Trade announced last March its intention to get over with the lack of ration card items, in coordination with trade companies of neighbouring countries in order to get all the components in 90 days.
Sa/ae (AKnews)
http://www.aknews.com/en/aknews/2/131267/
(revised again)
The Central Bank of Iraq's lack of intention to remove three zeroes from the Iraqi currency to reduce inflation suffered by the economy
Raise three zeroes from the currency Idhwr put the Iraqi dinar
Baghdad / citizen
? . The Central Bank of Iraq's lack of intention to remove three zeroes from the Iraqi currency to reduce inflation suffered by the economy. ? He said Central Bank Governor Sinan Shabibi
". "This operation is unlikely at this time and that there are rational solutions to be adopted by the World Bank and the Finance Ministry to reduce inflation gripping the country, finally, by the misuse of funds by some government institutions mission." ". Shabibi said that "the process of removing zeros at the current currency degenerate put the Iraqi dinar and reduced the level of selling the U.S. dollar more than it is now." . In a related development adviser said the Iraqi Central Bank the appearance of Mohammed Saleh, said that the Iraqi dinar exchange rate against the U.S. dollar is steady and stable, indicating that conditions are subject to foreign exchange reserves, including the outcome of the oil licensing rounds, which will hopefully raise Iraq's imports of Finance.
Saleh added that "the policy of the central bank depends on maintaining the stability of the currency exchange rate, which currently stands at 1170 dinars per dollar," noting that monetary policy "is usually not fixed in absolute terms, and the CBE intervention which comes for the needs of customers from the dollar for legitimate purposes." The Rumors have circulated in the local market spoke that the central bank would reduce the exchange rate from 1170 dinars to the dollar to 1000 dinars per U.S. dollars. He Saleh said, "What is being said about the exchange rate depreciates or stop currency auction just rumors aimed at selfish gains only, especially since the transfer abroad is permissible, and the freedom of foreign exchange, not intersect with the law on combating money laundering and money, crime and terrorism, "noting that" all funds that do not intersect with the law is money free, owners are free to remittances, so we build a stable economy we do not need to resort to crisis or to surprise the public, and these policies, if any, it would be stated and clear, without rely on the secret. "and on the cash reserve legal Saleh pointed out that the central" has the reserves are adequate and sufficient, and conditions are subject to including results of the rounds of licensing oil, and if wrote to her success in the export of large quantities of oil Vstkhaddm the national economy and development efforts, and thus will enter flow into Iraq, and not vice versa. "Iraq had signed a ten oil contracts with major international oil companies through two rounds of licensing the first oil and the second, which was held in Baghdad in mid and late last year, which expected to raise Iraq's production of 2,5 million barrels per day to about 12 million during the next six years. On the future of the Iraqi dinar Saleh said that the "exchange rate governed by the reserves, and price trends, which are stable at the moment," expected to be "the future of the dinar prosperous and stable Iraq, expressing hope that the future of the Iraqi economy in general and promising according to an optimistic outlook must be drawn in the mind and the changes will be positive provided that other factors not subject to constant surprises
http://translate.googleusercontent.c...9328oWlDChp_Kg
Executive Director told me Commissioner for Smart Card Company
03/04/2010
Launched a series of loans that the government sent joy in the hearts of the slides covered retirees, employees and others.
Routine, but sometimes causes Ptngis this opportunity to the large number of supplies or archives and the required endorsements, most recently the health of the breasts. Despite the importance of this mechanism to ensure the rights of the lender, but contribute to the crush of time and sometimes to justify some spoilers pressure on the recipient to get some favors «bribery» unacceptable legally and morally.
Executive Director told me Commissioner for Smart Card Company, a mixed-sector company that could use his card to the smart management of loans and advances to all State officials and the private sector and financing opportunities by the banking sector, government and the community to carry on credit guarantee salaries.
It is noteworthy that this system as a detector of forgery because of the centrality of credit information and protect the citizen from borrowing more than their potential and to ensure payment of electronic premiums.
This technique blocks the road, according to managing director - on counterfeiters favors to get the most from a loan and in excess of its capacity to pay.
And other advantages contribute to the management of credit facilities and provide accuracy and speed of lending while ensuring retrieved deduction mail and prevent duplication and illegal access to other people's money also included the recovery of investment financiers.
Secrets and ways to manipulate this system reveals many Sankhvha in the post And that at the commencement of this advanced technology and waiting to see the employee as it dragged its loan easily and quickly without disturbances and without blackmail spoilers
http://translate.googleusercontent.c...JTwGlLw80LPT5Q
Iraqi Finance: debt file will end in 2010
Saturday, April 3rd 2010 9:34 AM
Baghdad, April 3 (AKnews) - The Iraqi Finance Ministry mentioned that it intends to end the file of debts in 2010, noting that most of the creditor countries expressed their willingness to reduce that debt.
"The plan prepared by the Ministry of Finance to reduce the size of the debt is proceeding according to the study made by the Commission on debt reduction, which ended a substantial part of its tasks successfully." The chancellor in the Ministry of Finance Dea Kayon said.
Kayon added that "Iraq has signed an agreement with the Chinese government an agreement to reduce 80% of the debts of the Chinese companies to Iraq, which is another attempt to close this file in 2010" adding that "China and Korea have shown their desire to establish investment projects in Iraq in return of cutting the debts to approximately 80% of them. "
Iraq has been seeking since 2003 to cancel the debts arising on it during the period of the previous regime, which is more than 120 billion dollars of some compensation because of wars; most of them had been dropped, particularly the Paris Club debt amounting to about $ 55 billion.
Iraq is still owed to some Arab countries, including the Gulf States $ 21 billion which is 15 billion dinars to Saudi Arabia and six billion dollars to Kuwait, negotiations are under way to settle them permanently.
http://www.aknews.com/en/aknews/2/131194/
The completion of the computerization of the postal system and ATM this year
03/04/2010
Baghdad Worley confident
Announced that the Postal Service and Savings of the Ministry of Communications stated that the current year will witness the accomplishment of a computerized mailing systems and ATMs. The Director General, Department of Safa al-Din Hamza al-Badr in a special statement for the "morning"
Will hopefully be completed this year's draft computerization of the postal system and the system of ATMs in all branches of the circle, adding that this move comes within the framework of implementation of its medium-and long-term plans to upgrade and advancement of the joints of the work of mail across the country. He disclosed the existence of a proposal by the ministry requires asking post offices for domestic investment and external, along with the development projects on international remittances to a post office station for the exchange of different kinds of transfers, similar to what is applied in most countries. He said he will be transferred to the Postal Service's extensive publicity within the so-called the "direct mail" and the exploitation of people and vehicles and plasma screens in post offices to promote activities for companies wishing.
http://translate.googleusercontent.c...pVlHnVsDZ_NVew
The increase in production capacity will activate the investment
April 3, 2010
BAGHDAD - morning
Economists confirmed, that the increase in production capacity will activate the investment in the oil sector and the expansion of the outlook in line with the Iraqi Government's plans to rely on investment as the basis for a strong national economy in the next stage and face the global economic crises and to prevent being influenced by some large.
Dr. Raad Hamdani of the Iraq Center for International Studies and Strategy pointed out that the doubling of efforts in this regard and the pace of work would expand to invest in oil fields, especially undiscovered, along with efforts as well as for incorporation within the system of the discovered fields and working in Iraq during the current phase, adding The technical staff and engineering in the Oil Ministry and its institutions are working hard in this context, we call on them at the same time seeking to raise the pace of production commensurate with the necessities of progress and the announcement of investment of more than an oil well in the general areas of Iraq and within the short period of time and meet the requirements of economic development and resource development Finance of the country in line with the current realities of the trend towards the provision of substantial financial resources to counter the effects of the global financial crisis and rationalization of the paragraphs of the financial budget for the current year.
He added that the process of upgrading oil production requires long periods of time during which work on the development of infrastructure for the oil sector in Iraq, which had been repeatedly to sabotage and negligence as to make Iraq largely missing out on other countries, exporting and producing oil in the world, here you must have a clear vision investment policy successful during the next phase, characterized by rounds of licensing successive announced by the Ministry of Oil and contracts with a number of international companies advanced in this area, which makes the oil production in Iraq jumps to the rate of (4.765) million barrels per day and access to the roof of the ( 12) million barrels per day and compete with Saudi Arabia, which is currently producing (12 - 13) million barrels per day.
With the expert on the studies of oil Sami Al-Shukri, chairman of companies, the good of Iraq's oil investment: the higher rate of production of oil fields and the optimal exploitation by investing in oil companies would be the rule sober by which construction of the biggest fortune in Iraq and the region, and benefit the presence of representatives of the biggest international companies specialized in the investment of oil fields in the world and raise domestic production and the importance of training cadres working in the oil sector with the need to benefit from the experience of those companies in this field.
http://translate.googleusercontent.c...OyyaY8zeky6HVg
Central Bank calls for financial audit of sales of foreign currency and money orders
03/04/2010
Baghdad morning
Demanded that the Ministry of Finance officials in the Iraqi Central Bank audited sales of hard currency and foreign remittances per day.The statement said the ministry received a «morning» copy of which
Sales of Bank in foreign currency up to «120» million dollars a day, indicating that most of these funds allocated to the import of goods and food, indicating that the General Commission for Taxes in the Ministry during the audit figures and records in collaboration with the Financial Inspection Office and found a difference and a mismatch between external transfers daily and goods entering the country. And that knowledge of the exact amounts that target import of goods and food will require considerable effort, stressing that the private sector banks and the central bank held responsible for this audit.
http://translate.googleusercontent.c...w8lnzUwSKIenuA
BAGHDAD (Iba) / follow-up / And China and Iraq signed an agreement for removal of 80% of the debt of Chinese companies in Iraq.
. The news agency quoted sources in the country for the Chinese capital, "The agreement was signed by the Secretary of the Chinese companies signed with the creditor on the Iraqi side Fadel Nabi Othman, Deputy Minister of Finance" ..
.. And Fadhel Othman said that "the Government is ready to implement its obligations under this Convention in addition to working on facilitating the entry of Chinese companies in reconstruction projects," ..
For his part, secretary of the Companies Committee creditor of Iraq was "optimistic that this signature will open the door to the entry of Chinese companies to contribute to the reconstruction of infrastructure of the Iraqi economy and the development and diversification of resources and will also be a major turning point in the process of bilateral relations in all areas."
Has most of the creditor nations write off all or most of the debts on Iraq during the period that followed the fall of the former regime to Iraq to help the economic advancement of the new. (End) / p / ...
http://www.ipairaq.com/index.php?name=inner&t=economy&id=23277
Trade Bank of Iraq doubles credit limits to finance booming Iraq trade
AME Info - [4/1/2010]
Trade Bank of Iraq (TBI) has doubled the maximum value of Letters of Credit it allocates to the private banking sector in Iraq.
Last year alone 945 Letters of Credit were allocated to private banks, at a value of approximately $ 500m. The total number allocated to private banks by TBI is 2,446, at a value of about $ 3bn.
In response to a strong increase in demand for cross-border trade finance, TBI has increased the value of each Letter of Credit from a value of up to $ 2m to a new maximum of $ 4m.
This will immediately free 18 private banks to increase the size and range of the business activities they finance for their clients. The number of Iraqi banks involved in the scheme is also expected to increase.
The return of widespread stability to the country, plus developments such as the successful issuance of oil licences, has put Iraq back on the path to economic growth and business expansion.
Hussein Al-Uzri, Chairman of TBI, said:
"The Bank has the strong capital base and the expertise to help the private banks to expand this important line of business at a time when demand for trade finance is rising fast. We have always been prudent in determining credit limits and are confident that the increased limit prudently matches the revival in credit appetite. "
"As well as allocating Letters of Credit we are providing a training programme to enable each local bank to develop its own in-house ability to arrange cross-border business. TBI is also helping them to develop their own working relationships with our large and growing number of international correspondent banks.
"We are proud to be a catalyst in the regeneration of the banking system in order to finance and facilitate Iraq's re-emergence as a major regional and international economic power."
http://www.iraqdirectory.com/DisplayNews.aspx?id=12076
Media Centre Economic demanding mobile companies to correct the exchange rate dinar c
2010-04-02
BAGHDAD (Iba) .. Student Information Center Economic mobile phone companies to correct the exchange rate after the announcement on the transfer of mobile tariffs dinars last Thursday.
The lion Mohammed Ali, chairman of the center told the independent press (Iba) said on Friday that "these measures have a positive effect by bypassing the dollarization policy which characterizes all business dealings in Iraq, but the conversion rate to the dinar, accompanied by the lifting of the tariff on the basis of calculating the same rate the old calculated dollar. "
" It was based on the exchange rate estimated by the company for 1200 dollars at a price higher than the commercial rate for the dollar in the domestic market of 1180 dinars, thus bringing the two companies excess profits at the expense of the citizen."
Reported that "the calculation of the price of service must be the principle that preference for the good of the citizen and to be rate local supported not higher Mmahe originally in dollars, with a mind that the value of the conversion through the Central Bank to 1173 dinars to the dollar through auction, a mechanism that transforms Zain which profit no lower of the estimated price under the new tariff rates of the service to 27 dinars per dollar. "
And opinion on "The companies did not commit themselves to improving the service that worsen the increasing numbers of participants and the stability of the number of transmitters and receiving of those companies, which reduces the frequency focus of each user in the geographical area it is causing a significant deterioration in service."
Called "the governmental body competent for the activation of the Consumer Protection Act of the Iraqi exploitation and monopoly, poor service and the inclusion of companies which insist on violating contract terms, a waste of citizen's right to blacklist and prevented from working again in Iraq."
The mobile phone companies, "Zain Iraq, Asia Cell," have made a decision which turned the tariff of the service from the Iraqi dinar to the dollar in addition to the announcement of the intention to transfer calls charged per second.
http://translate.googleusercontent.c...2ODYBGXrU6Ra9A
Iraqi Officials Suspended For Not Disclosing Personal Finances
Iraqi ambassador to the United Nations Hamid al-Bayati is among those suspended.
April 02, 2010
BAGHDAD -- Iraq's anticorruption czar says some 90 officials -- including judges, diplomats, and ambassadors -- have been suspended because they failed to submit financial-disclosure statements, RFE/RL's Radio Free Iraq reports.
Judge Abd al-Rahim al-Ugaily, the chairman of Iraq's Integrity Commission, told RFE/RL on April 1 that 50 provincial-council members from all over Iraq except for the Kurdish provinces, 25 members of the Supreme Judicial Council, and 12 high-ranking Foreign Ministry officials -- including six ambassadors -- have been suspended from their posts following repeated demands and ultimatums for them to disclose their finances.
Among those suspended are Alberat Edward Yelda, the ambassador to the Vatican; Ghanim Alwan al-Jumaili, the ambassador to Saudi Arabia; and Talib Hamid al-Bayati, Iraq's envoy to the United Nations.
Ugaily said the law required all government officials with a grade of director-general or higher to file periodical reports disclosing information about their finances.
Ugaily pointed out that although such a law was unprecedented in Iraq, there was outstanding response by many in 2009 as a total of 56 state-owned enterprises and government officials achieved 100 percent compliance.
Saad Muttalibi, a political adviser to Prime Minister Nuri al-Maliki, told RFE/RL that those suspended are not necessarily corrupt as many of them think the Integrity Commission's financial disclosure form is too intrusive and tantamount to being a violation of their privacy.
He said, for example, that the form asks for a detailed breakdown of the jewelry owned by each official's spouse.
Muttalibi said this rigorous approach is designed to demonstrate how seriously Iraqis take the question of combating corruption and improving their country's image on this issue.
In Transparency International's 2009 Corruption Index, Iraq ranks 167th, above only Sudan, Burma, Afghanistan, and Somalia.
http://www.rferl.org/content/Iraqi_O...s/2001248.html
He's here to hide the Easter eggs?
Iraq awards $500m Rumaila well deals
Iraq: Thursday, April 01 - 2010 at 11:35
.Abdul-Mahdy al-Ameedi, director of the licensing office at the Iraqi oil ministry has said that Iraq has awarded contracts to drill 49 out of 56 new wells at the giant Rumaila oilfield, each valued at around $10m, Reuters has reported. Chinese firm Daqing and a joint venture between Schlumberger and the state-owned Iraq Drilling Co are each being awarded contracts to drill 21 new wells, while Weatherford International was awarded seven new wells, Ameedi said. "The remaining seven wells we have left for later, once we review the performance of the contractors," he said.
http://www.ameinfo.com/228469.html
IMO=In my opinion
DD is referred to as researching and documentation
The seeds of inflation have been firmly planted in Iraq, and the Central Bank Gov. is on it.
But rarely is the exchange rate seen for what it is: a relative price that, like any other, responds to the laws of supply and demand.
On the other hand, as a country becomes more closely integrated into the global financial system, a need evolves for some flexibility in the exchange regime (provided the technical expertise in policymaking is gained and other compensating adjustment mechanisms are inactive6).
The official interest rate in Iraq is more of a guide to bank rates than a direct monetary mechanism (sounds inactive to me) as the banking sector is small and capital markets are undeveloped.
"Monetary policy will follow developments in inflation," Shibibi said)
Concerns have been raised that these inflows can lead to asset price bubbles and put upward pressure on exchange rates. This can complicate the implementation of monetary and exchange rate policies, especially in those countries with less flexible exchange rate regimes.
Jan. 2010 WEO IMF
Asia Cell's switch from the dollar to IQD creates instant additional demand on the currency supply.
BP/CNPC's $500 Million FDI injection into drilling activities (and that's just one field) represents even more inflationary pressure.
Inflation is good, when the CBI Gov. states he will use it as an inflation controling policy instrument.
all from post I've previously posted here.....
twist it whatever way you want too Aero.....
True ....but fails to address the problem of the lack of "buying power" of the Iraqi Dinar, Iraq needs this due to the fact of being so heavily reliant on imported goods.
Combined with the factor that the CBI has been buying back currency for several years (true figures of what is in circulation is still unknown)
I'm still bullish on the dinar....but those who are not should quit wasting their time on these forums. No-one here needs some unknown user name to save us from our selves....get enough of that mentality from out so called government.
Iraq doesn't have a dollar......it's currency is the dinar....
another version of yesterdays article.....
Central Banks refuses not remove 3 zeros on Iraqi monerty units to reduce inflation
Friday, April 2nd 2010 1:17 PM
Baghdad, Apr. 2 (AKnews) – The Central Bank of Iraq stressed Friday that it won't drop three zeros on the country's monetary units this year.
Iraqi dinar, Iraq money
The Bank is not going to remove three zeros on the country's monetary units to reduce inflation in Iraq's economy this year, Sinan Shebibi, director of the Central Bank of Iraq (CBI) said Friday, because removing the zeros only adds to the complications as it requires huge funds and needs an experienced staff to implement the project.
Shebibi said there were other suitable ways to reduce the inflation caused by the misusing of the national resources by some state institutions.
After the U.S.-led invasion of Iraq in 2003, Iraq's dinar was reprinted but multiplying one Swiss-printed dinar by 150 of the new dinar. And in place of the old 1, 5, and 10 bills, 1 thousand, 5 thousand, and 10 thousand dinar bills were printed which cause inflation.
During the previous term of parliament, a number of the members of the Financial Committee called on the CBI and the Ministry of Finance to solve the issue of the fall in the purchasing value of Iraqi money by removing three zeros on the monetary units.
ry (AKnews)
Iraq's industry needs economic cooperation with U.S. for more than a decade
Friday, April 2nd 2010 11:36 AM
Baghdad, Apr. 2 (AKnews) - The Iraqi Ministry of Industry and Minerals said Friday that the country needed economic cooperation with the Unites States for more than 15 years as of now.
Technical Advisor in the Ministry of Industry, Fadel Isma'il, said his ministry had a comprehensive plan which addresses the extent to which Iraq needs the United States experience in developing factories and industries.
"Iraq wants to expand more economic cooperation with the United States during the coming period, especially with regard to the implementation of projects that develop the infrastructure of the country." Isma'il said.
The next period is a difficult economic phase which requires further academic studies conducted by the by the Americans in the major factories in the United States, according to the advisor.
The ministry will fall in during the coming period to join the World trade Organization (WTO) and the global industry of America as a first step for inclusion in the world countries economically supported by the United States, he said.
ry AKnews
Iraq is expected to see an "economic breakthrough" in the coming 5 years
Friday, April 2nd 2010 11:36 AM
Baghdad, April 2 (AKnews) - The Ministry of Planning and Development Cooperation on Friday announced that it had put the development plan into effect which will continue until 2014 and that the next five years will see an "economic breakthrough".
Ali Baban
Ali Baban, Iraqi Minister of Planning, said the plan had economic and integrated development dimensions which seeks to end the unemployment issue in the country though focusing on the major sectors like oil, electricity, industry and agriculture.
"The plan will begin with revitalization of the economy of financial income to the Iraqis through the revitalization of the role of investment and vital institutions Iraqis need in the current period." Baban added.
The five-year plan will contribute to easing the economic reality as it focuses on the development of oil and electricity, industry and agriculture sectors that have been neglected in previous years due to lack of planning, according to the Minister.
Upon completion, the plan would lead to economic growth by up to about 9.4% through the creation of "many" jobs by 2014, Baban noted.
The Ministry of Planning said recently the plan aimed at providing more than 2700 projects, to the tune of US$186 billions funded by the federal budget devoted to it.
ry AKnews
Updated news on Asiacell, again!
Wednesday, March 31, 2010
April 1st ~ The first of April pricing scratch cards for all mobile phone companies Bdinaraeraki instead of the dollar ...
31 March, 2010
The first of April pricing scratch cards for all mobile phone companies Bdinaraeraki instead of the dollar
Said Communications and Media Authority said in a statement Wednesday that mobile phone companies operating in Iraq (Asia Cell, Zain Iraq, Cork) will be priced scratch cards (Rtat) PAL Iraqi dinar instead of the dollar as of tomorrow, the first of April.
The statement noted that the appeals will be calculated in seconds instead of minutes and that companies will pre-announced conversion process in all media, audio-visual and print media in order to prepare participants to do so.
He said through these ads will determine the value of the new recharge cards and the cost of telephone calls by those companies.
Asiacell Plans to Change the Currency Used In All Its Dealings and Tariff Prices from US Dollar to Iraqi Dinar
Interested in the transfer of experience to Baghdad - French companies: Iraq is a large market able to absorb ((600)) billion dollars
3/29/2010 4:45:07
The French delegation that visited Baghdad on the eve of legislative elections, which included both the Minister of Industry Christian Astrozzi, President and Vice-Mayor of Nice, and four deputies, including former ministers, two Renault Muselier and Jacques Blanc, in addition to Daniel Garrick President of the Friendship Group of the Iraqi - French and Bernard Kazuo Senator . accompanied the delegation also 20 heads of companies and representatives from 40 major French companies, the mission of these companies will be the investment in vital sectors such as: health (pharmaceutical) water and (executing a pure water facility which will provide four million of Baghdad's population by 2013, drinking water), in addition The transportation sector will be implemented as these companies Baghdad Metro Project and infrastructure of bridges, roads, power stations, housing projects, will also specialized companies implementing projects related to space (draft Iraqi satellite) maintained by Thales let alone education projects and research centers.
Coordinator of the French Embassy in Baghdad confirmed that French companies will announce the availability of many jobs for Iraqis. The French Embassy in Iraq has established a fund with a capital of up to more than one billion Iraqi dinars, subject to renewal, to fund projects to assist poorer Iraqi citizens to create jobs and provide essential services to the poor.
The French ambassador said that France is optimistic about the future of cooperation to avoid any kind of interference in internal affairs of Iraq. Iraqi Minister of Industry Fawzi Hariri, said "The visit of this delegation affirmed the keenness of France's relations with long-term strategy, adding that the economic opportunities are very large, and Iraq is promising market and welcomes the French companies its terms of reference of all, adding that he looks forward to many meetings with the French. The minister revealed Iraqi industry that the files are stuck with the French government has pledged to solve this problem, and there are joint committees to work in this area because it is not just files, or obligations, but are moral obligations more than what is contractual. The French minister among his part, said thanks the French President, who visited Iraq since He added: Since that time, we meet every day to strengthen the relationship with this friendly country, noting that Iraq's large market able to absorb more than 600 billion dollars, which is very important, and the possibilities of Iraq was capable of reconstruction in all fields. And went on to say: what prompted me to visit Iraq is our solidarity with this country since the Iraqi President's visit to Paris a year ago, we have expressed our support for Iraq and confirmed that our relations with the old and solid. The minister also revealed that the oil companies, France large will participate in the file, the Iraqi oil through contracts of assignment and investment despite the fact that Total has attracted only a small part in the investment area, but we are interested in the transfer of experience to Baghdad, and we know that Iraq needs all types of commodities, both production and consumption .
We had a number of members of the French delegation who asserted reassuring French companies to invest in Iraq, and high efficiency for French companies in the field of transport (the fastest train in the world France), and France's determination to communicate with Iraq at various levels. It is known that the latest agreements signed with the French (late last month) included three memorandums of understanding to develop the petrochemical industry and rehabilitation of cement plant Kerbala as well as compilation of Renault cars and bus manufacturer. The French-Iraqi relations has seen a marked improvement after the visit of French President Nicolas Sarkozy to Baghdad in 2008, has been launched this visit, a race in which dozens of major French companies in a bid to win contracts in the Iraqi market.
http://www.daraddustour.com/%D8%A7%D...1/Default.aspx
http://translate.google.com/translat...px&sl=ar&tl=en
Concur....Shab's has stated numerous times that they need to "increase the strength of the dinar"(buying power since Iraq imports everything)
A lop does not do this.....just revenue neutral.
Developmental role of the Banking sector Today at 4:16 pm
Panhead
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the developmental role of the banking sector
? Hussein star
??? . Known that the monetary policy of the central bank was successful by all standards and in accordance with international standards and recognized by international experts and directory administration of Iraq, proper management of cash without being influenced by the great global financial crisis and reduce inflation rates and work on a new plan to open up global markets and local markets of a desire to open ports to the markets Local to compete in the auctions of the national currency.
?? . What we want through this introduction that the private banks in Iraq, disclosed to her development and therefore it is time to rely on building strategies to expand lending to the Iraqi private sector in addition to the potential for development and indicate the possibility of entering the housing sector, even though the initiatives of the partial reconstruction of homes and assisting in the conversion of the building housing horizontal to vertical and thus open new doors to move the Iraqi market.
. Add to this that the banking sector needs to prepare to move the Iraqi Central Bank is opening up to foreign currency auction and develop the role of the private sector and opened plants or stock exchanges, particularly outside of the Central Bank but within Ala_ak_ip regulations and directives in force, thus creating a new realm of competition between private banks to activate and the expansion of banking their tools, we also note that the tools are in electronic banking is still in the beginning of the road (especially the Almstr Card and Visa Card), for example, the reason that the banks still have so far not made the best customer who accepts the acquisition of such distinguished service and thereby increase the demand for this service .
The banking sector today is still playing an influential role in bringing his new role instead of the old role, which had imposed the internal environment but to the will of the votes was
???? ? An inevitable and was dictating to banks that Tdlo
? A bucket of TBI when we read about the project
???? Leading finance a power plant in Kurdistan
????? Iraq, and that they intend to lead the work now
?. Financing of the electricity sector in Baghdad and other provinces.
???. Will will step up to the ranks of regional banks in Egypt and the UAE and Lebanon, or whether we are going to invoke the rule of circumstances or the situation as the title objection to the flow of private funds to banks in order to stimulate sectors of the local market
http://www.alsabaah.com/paper.php?source=akbar&mlf=interpage&sid=100031
G-20 Panel Calls for Implementation of Accords
By Na Jeong-ju
Staff Reporter
The leaders of five members of the G-20 Steering Group urged G-20 member nations to carry out the agreements reached at the past meeting in Pittsburgh quickly to reform the global financial regulatory framework and create post-crisis measures.
In a letter, signed by South Korean President Lee Myung-bak, Canadian Prime Minister Stephen Harper, U.S. President Barack Obama, U.K. Prime Minister Gordon Brown and French President Nicolas Sarkozy, the steering group called for stronger policy coordination among G-20 countries to strengthen the status of the summit as the premier global economic forum.
The letter, made public simultaneously in the five nations, was sent to heads of the other G-20 members.
The action reflects common understanding among the five that a strong political commitment is necessary to put the accords made in Pittsburgh ? such as financial reform, free trade and job creation ? into action ahead of the planned meetings in Toronto in June and Seoul in November, said Sohn Jie-ae, spokeswoman of the Presidential Committee for the G-20 Summit.
``As the past, current and future chairs of the G-20 Summit, we are writing to you today to emphasize the need to implement our commitments to ensure strong macroeconomic policy cooperation and to continue our regulatory reform,'' said the letter.
The leaders said the nascent recovery of the world economy remains fragile.
``Current strains illustrate the continuing risks to global economic financial stability,'' the letter said. ``It is vital that we continue to work together to achieve our mutual objectives in addressing new and emerging risks, safeguarding stability and supporting a robust return to growth and job creation in all our economies.''
Last week, experts from South Korea, Canada, the U.S., the U.K. and France, met in Ottawa to review key elements of the G-20 agenda in 2010. According to the letter, progress was made at the meeting to set the stage for the Toronto summit and the later one in Seoul.
jj@koreatimes.co.kr
http://www.koreatimes.co.kr/www/news...116_63319.html
Gulf cenbanks won't set common currency deadline - Jasser
Tue Mar 30, 2010 6:04am EDT
RIYADH, March 30 (Reuters) - Gulf central banks forging a monetary union will not set a deadline for the launch of the common currency, Saudi Arabia's central bank chief Muhammad Al-Jasser said on Tuesday.
The peg for the new monetary unit would be set by the common central bank, Jasser, head of the Saudi Arabian Monetary Agency and newly named chairman of the Gulf monetary council, said.
Central bankers from four Gulf oil producing states launched on Tuesday the joint monetary council, which is expected to lay the foundations for a regional central bank and prepare the launch of a single currency in a nearly decade-old plan.
The four central bank governors are now expected to set an agenda for coming months at their inaugural meeting.
Jasser said Arab countries from outside the Gulf Cooperation Council such as Iraq would not be allowed to join the union.
BANKERS: the stability of the local currency against those Alojunbipaaml important to curb inflation
(Voice of Iraq) - 29/03/2010
(Voice of Iraq) - Baghdad / term economic
Inflation is a state of continuous rise in the general level of prices which is the economists signal in the low purchasing power of citizens to be achieved despite an increase in Mdjulath, often Matkas several indicators, including inflation, so called (CPI), a index of consumer prices and other global indicators adopted in many developed countries in this area.
An economist at the Bank Group the economy to investment and finance Qais Al-Abdali said the stability of the Iraqi dinar against other currencies, particularly the U.S. dollar was the most important factor in reducing the negative impact of inflation which is still suffered by the Iraqi economy at the present time, which in turn caused a host of economic problems on the the country and citizens alike, in terms of weak purchasing power and a sharp drop in Mdjulath daily and monthly.
He is often measured by the inflation rates of the prices of goods and services that are affected by several variables are always in market conditions and fluctuations from time to time over the years, with the exception of prices of petroleum products which are subject to several variables always in accordance with the political and economic changes unfolding in the world, as evidenced by the fact that rates annual inflation of the past year 2009 has not recorded an increase or a decrease recall and a number of important sectors, a sector of housing or food, etc., which is an indication of the stability of the economic situation and control the rate of inflation continued to rise.
He pointed out that inflation is measured by indicators of price indexes to the consumer who is being most important to know the overall performance of the national economy of each country and the statement of the true values of important economic indicators such as income and gross-General and others, may have some of those factors, the greatest role in the rising inflation index, regardless of the signaling low in the rates of inflation and other factors, such as petroleum products have a major role in raising the levels of inflation, despite the low rates of consumer goods and food production and increase consumer spending on goods and certain services without the other, on the other hand may be a combination of factors, values, meet him for the role of higher rates of inflation, such as those mentioned former or otherwise, that could be reversed if a negative impact to positive to show us a clear role in the low rates of inflation and thus creating a state of economic stability that will be a window into the recovery and economic well-being and improvement in standard of living of the citizen direct reflection of those positive changes.
He explained that a number of circumstances have led to high inflation rates in an unprecedented way in Iraq, including the high prices of oil derivatives and the retreat of government support for a number of public sectors and citizens alike and to increase the volume of goods imported by the large turnout by the consumer against a decline in the domestic product and the instability of the dollar against the Iraqi dinar, which reached the ceiling of the (1470) IQD during the years 2004-2006, resulting in higher rates of inflation for many goods and services, including petroleum products exceeded by many of the scenarios predicted by specialists in this area.
He said the relative stability of the Iraqi dinar and stability to the U.S. dollar and other foreign currencies has contributed significantly to the stability of financial and economic situation in the country and reduction in the effects of rising inflation and stop at a certain point, but rather to decline to low levels and this is the case in the present time, with the adoption of indicators measure inflation using the inflation index from the foundation without relying on the normal measure of inflation rates and clear indicators of inflation, especially at the current stage of all Motaiattha and evaluation of the current economic reality in a scientific and deliberate in order to avoid economic problems after the diagnosis correctly and to find solutions that are required at a specific time.
Hill Says New Iraq Government Must Ramp Up Economy
By Nicole Gaouette
March 30 (Bloomberg) -- The next Iraqi government should focus on boosting economic growth in the oil-producing nation to generate more money for public services, the U.S. ambassador to Iraq said today.
“I want to see the economy pick up,” Ambassador Christopher Hill told reporters in Washington through a video link from Baghdad. “The last government did good things on oil resources. I want to see that continue.”
Hill said the U.S. has no favorite in the competition between Iraqi Prime Minister Nouri al-Maliki and former Prime Minister Ayad Allawi to build a governing coalition after this month’s parliamentary elections.
Al-Maliki appealed the results yesterday after Allawi finished with 91 seats to al-Maliki’s 89. Al-Maliki’s Shiite Muslim State of Law alliance asked the Supreme Court for a recount in Baghdad and the northern city of Mosul. A ruling may come in 10 days.
“You really do need to stay tuned,” Hill said. “The U.S. doesn’t have a favorite in this election. We are prepared to work with whoever emerges.”
Al-Maliki’s appeal comes as a vetting committee tried to have six winning candidates disqualified for their alleged ties to the outlawed Baath Party of former Iraqi leader Saddam Hussein. Four of the six are members of Allawi’s coalition, raising the prospect that Allawi could lose his two-seat edge, making al-Maliki’s the largest group.
‘Agony’ of Losing
Given the narrow margin between al-Maliki and Allawi, Hill said that a challenge about the results was to be expected. “It’s not fun to lose a close election,” Hill said. “I don’t think anyone should be too surprised about comments that reflect the agony of losing.”
Hill said he believes political bargaining will succeed and doesn’t see Iraq descending into the sort of deadly sectarian violence it experienced four years ago.
Al-Maliki has been “very clear” with the U.S. in public and private that he will obey the law and the final results, Hill said. “He has 91 seats. He needs at least another 70-plus seats if he’s going to form a government. His ability to do that depends on his ability to work with coalitions.”
Iraq’s parliament has 325 seats.
Al-Sadr Loyalists
Allawi, who leads a secular alliance, has held talks with the followers of the anti-U.S. cleric Moqtada al-Sadr who won 40 seats in the March 7 vote, “one of the surprises” of the election, Hill said. The Kurds, who backed al-Maliki in 2005, will play a decisive role in determining the formation of a coalition government, Hill said.
After the election results are settled, Hill said he expects the new Iraqi government to turn its attention to the country’s internal development and especially its economy.
“In the next four years, we’re going to see further development, especially in the economic arena,” Hill said.
The ambassador would also like to see Iraq work on reconciliation between Kurds and Arabs and reach out to its neighbors to “improve the overall atmosphere.”
He cautioned those who would interpret tensions over the election as a reflection of Iran’s involvement or its uneasy relationship with the U.S. “This is an election by and for the Iraqi people,” Hill said.
To contact the reporter on this story: Nicole Gaouette in Washington at ngaouette@bloomberg.net
Last Updated: March 30, 2010 14:15 EDT
http://www.bloomberg.com/apps/news?p...d=avE5Mnn6rYU0
I'm not really familiar with the poster.....but he's quoted a lot
a lot of the same things I've stated in the past on other forums.
I'm still bullish on dinar......
from another forum?.....
Transferring Iraq to a Private-Sector State as IMF condition to grant it loans
Sunday, March 28th 2010 9:29 AM
Sulaimaniyah, Mar. 28 (AKnews) – Iraq’s Finance Ministry Undersecretary, Fazil Nabi, has announced on Sunday that the International Monetary Fund (IMF) is going to push Iraq forward in order to shift into a “private sector” system, in order to grant it a loan to cover the deficit into its state budget..
“The State Presidency seems to force the Finance Minister to make a deal with the IMF to receive money for covering the state budget deficit, despite our disagreement on such conditions,” Fazil Nabi said.
According to the above-mentioned funds, Nabi said: “the Iraqi government has made the deal with the IMF, in order to use it in reconstruction and housing projects in Iraq.”
The IMF, at the mean time, has forced Iraq to shift into the “private-sector system,” but this process must be taken gradually for accepting it.
Earlier, the Iraqi MP and Financial Commission Member, Sámi Atrushi said: “the IMF has impelled tough conditions, such as increasing oil prices and decreasing domestic spends, as well as restricting the salaries of employees and retired personnel, as a condition to lend money for Iraq.”
“The above conditions have negative impacts on the Iraqi financial and economic aspects together with changing both educational and health sectors to private ones,” Atrushi said.
Ba/SH (AKnews)
Finance ministry rails against private banks in Iraq
Sulaimaniyah, Mar. 28 (AKnews) – Iraq's Ministry of Finance has taken strict measures on the private sector banks in the country after voicing concern that they have not been conducive to the country development.
Undersecretary of the ministry Fazel Nabi said Saturday that the private banks opened in Iraq in a short period did not do their part as required to help in the country in the development process.
Many of the private banks have been experiencing financial troubles according to Nabi, and are feared to face bankruptcy.
The government, Central Bank of Iraq and economists all agree that the strict measure is necessary against the private banks, he added.
"The banks are currently working like money exchange shops and have no qualities of banks, therefore strict courses of action will be taken against them as of now, in addition to issuing instructions to state offices as to how deal with the banks" he said.
Nabi noted that the banks were authorized to work in Iraq to provide facility to the country, and to help provide facilities to contractors and businessmen to implement projects in the country but they have failed.
http://www.aknews.com/en/aknews/2/129427/
Asiacell, the first mobile telecommunications company in Iraq, was established in the city of Sulaimaniya in 1999 by the well-known entrepreneur Mr. Faruk Mustafa Rasool. It is today the only national Iraqi telecom network to provide coverage for all of the country's provinces in the north and the south and is the largest private Iraqi company, serving over 7.5 million subscribers and connecting the Iraqi nation together.
http://www.zawya.com/story.cfm/sidZA...aqi%20Dinar%20
Rapidly growing Asian countries could lift living standards by allowing their currencies to appreciate and by importing more from laggards in the developed world, a top Australian central banker said on Friday.
SATURDAY, MARCH 27, 2010
Asia Could Benefit from Currency Appreciation’
Sunday, March 28, 2010
Asia could benefit from currency appreciation’
* Reserve Bank Australia's governor warns heavily indebted countries to set out credible paths to fiscal sustainability or risk market-driven rise in borrowing costs
SYDNEY: Rapidly growing Asian countries could lift living standards by allowing their currencies to appreciate and by importing more from laggards in the developed world, a top Australian central banker said on Friday.
Reserve Bank of Australia (RBA) Governor Glenn Stevens also warned that heavily indebted countries in Europe and North America needed to set out credible paths to fiscal sustainability or risk a market-driven rise in borrowing costs. Stevens’ main argument was that currency appreciation would benefit fast-growing countries in Asia since it would make imports cheaper and boost living standards.
That is a different take from the United States, which has argued that Chinese control of the yuan is destroying jobs in the US and causing dangerous imbalances in world finances. Beijing’s controls on the yuan has been a major cause of friction between the US and China and a bipartisan group of Senators has proposed legislation that could lead to tariffs on Chinese exports if Beijing does not revalue its currency.
Policymakers in Australia have not joined the chorus of criticism against the yuan policy, in part because China is Australia’s biggest export market and Australia is one of the few countries that runs a trade surplus with China.
Stevens noted emerging countries from China to India, Brazil and a number of smaller east Asian countries had all enjoyed rapid recoveries from the global financial crisis.
That was leading to relatively higher interest rates than the rest of the world, attracting inflows of capital.
It also meant they would near full employment, and thus their limit of productive capacity, well before the “old world” of North America and Europe.
The emerging nations could still meet extra demand through imports from the old world, gaining a boost to living standards, but this would best involve a rise in their currencies.
Stevens said there were understandable reasons why capital inflows were distrusted by many Asian countries after the turmoil of the Asian crisis of the late 1990’s, where an exodus of hot money led to huge falls in currencies and IMF rescue packages.
“The point is, nonetheless, that the current and prospective differences in economic circumstances between significant parts of the world are likely to put strains on the relative settings of macroeconomic policies and exchange rate arrangements,” Stevens said.
On sovereign debt troubles in Europe and North America, Stevens said the global financial crisis had exacerbated fiscal problems that were already present. Aging populations and generous welfare, health and retirement systems had all played a part in worsening the fiscal outlook.
“The demographic drivers will continue for the foreseeable future, while the unwillingness or inability to tackle the structural trends in earlier “good times” has significantly reduced future flexibility,” said Stevens.
Countries obviously wanted to have their recoveries entrenched before embarking on a major fiscal tightening.
“But unless a credible path to fiscal sustainability can also be set out, growth could easily be stunted byrising risk premia built into interest rates as markets worry about long-run solvency,” Stevens warned.
AP
Asiacell Plans to Change the Currency Used In All Its dealings and tariff prices from US Dollar to Iraqi Dinar
As part of its ongoing commitment to contributing to the development of the Iraqi economy, and within its aim to advance the financial situation in Iraq, Asiacell - the largest private Iraqi company and the first and only mobile telecommunications company to provide coverage for all of Iraq - announced its plans to change the currency it uses in all its dealings and tariff prices from US dollar (USD) to Iraqi dinar (IQD).
Asiacell's decision to implement this currency switch is based on the Iraqi Government's request for telecom companies to use Iraqi dinars instead of US dollars in all their transactions and dealings. The company's plan also reflects Asiacell's efforts towards developing the Iraqi telecom sector and bolstering the nation's economy, which would positively impact both the nation and its citizens.
Within this context, Mr. Faruk Mustafa Rasool, Asiacell's Chairman, said: "Asiacell is a leading national company in the Iraqi telecom sector, and is an authentic Iraqi investment that adheres to national policies aimed at serving the nation and its people. As such, we proudly bear our responsibility towards driving the country's economic development, overcoming all economic obstacles, and contributing to restoring the domestic currency. Our decision confirms our ongoing dedication to enhancing the trust our customers have placed in us in order to remain as their number one choice for telecom services in Iraq and contribute to supporting the collective developmental efforts towards building the new Iraq."
http://www.zawya.com/story.cfm/sidZA...aqi%20Dinar%20
The sooner Maliki is out of the picture the better, he's always had very close ties with Iran....and Allawi has a better background for moving the country forward economically.