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Announcement No.(1107)
D.G. of Foreign Exchange Control
The 1106 daily currency auction was held in the Central Bank of Iraq day Monday 2008/2/18 so the results were as follows :
Details Notes
Number of banks 10
Auction price selling dinar / US $ 1210
Auction price buying dinar / US $ -----
Amount sold at auction price (US $) 89.400.000
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 89.400.000 -----
Total offers for selling (US $) -----
Hashemi: Executive Board agreed to reconsider its economic policies
PUKmedia بغداد 15:51:56 2008-02-17 PUKmedia Baghdad 15:51:56 2008-02-17
أكد نائب رئيس الجمهورية الدكتور طارق الهاشمي وجود "خلاف حول السياسات الاقتصادية والمالية"، مبينا أن "هناك اجتهادات في هذا المجال لا ترقى لسد الاختناقات الاقتصادية ولا ترقى الى وضع خطة بعيدة المدى تعمل على تنويع مصادر الدخل في العراق". The Vice-President, Dr. Tariq Hashimi, a "dispute over economic and financial policies", noting that "there's jurisprudence in this area are not up to fill the bottlenecks in economic tantamount to a plan of long-term work to diversify sources of income in Iraq."
و شدد الهاشمي في تصريحات صحفية، على ضرورة العمل لإعادة تأهيل البنى التحتية وبناء مشاريع حديثة تنقل العراق الى متطلبات القرن الحادي والعشرين. Hashemi stressed, in press statements, the need to work for the rehabilitation of infrastructure and construction projects in modern movement of Iraq to the requirements of the twentieth century atheist.
واشار نائب رئيس الجمهورية الى ان المجلس التنفيذي اتفق في اجتماعه الذي عقد مؤخرا على تشكيل نواة لإعادة النظر في السياسات الاقتصادية ووضع سياسات اقتصادية قصيرة وبعيدة المدى تتصدى لمختلف الاختناقات التي يعاني منها المواطن العراقي. The Vice President noted that the Executive Board agreed at its recent meeting to form the nucleus of a review of the economic policies and economic policies short - and long-range address various bottlenecks experienced by the Iraqi citizens.
وبين نائب رئيس الجمهورية أنه" تم الاتفاق مع رئيس الوزراء على دعوة اللجنة الاقتصادية وتشكيل نواة يساهم فيها مجلس الرئاسة وعدد من المستشارين الضليعين في الاقتصاد العراقي لمعالجة الخلل في هذا المجال". And the Vice-President, "it was agreed with the Prime Minister to invite the Economic and forming the nucleus of the capital of the Presidency and the number of advisers in the Iraqi economy proven to address the imbalance in this area."
وفيما يتعلق بتشكيل الحكومة الجديدة، أوضح نائب رئيس الجمهورية أن "مناقشة هذه المسألة أُجلت الى الاجتماع القادم وقد تقدم رئيس الوزراء بتوصية تتضمن رؤيته في تشكيل الوزارة المقبلة" لافتا إلى أن "مجلس الرئاسة لديه ملاحظات حول هذا المشروع". With regard to the formation of the new government, the Vice President that "discussion of this issue was postponed until the next meeting were Prime Minister's recommendation containing his vision in forming the next ministry," noting that "the Presidency has made remarks about this project."
Over 70 firms bid for Iraq oil contracts
Mon Feb 18, 2008 1:51pm GMT
BAGHDAD (Reuters) - More than 70 international firms have registered to compete for tenders to help develop Iraq's oil reserves, seen as vital to providing the funds to rebuild the shattered country, Iraq's oil ministry said on Monday.
Iraq currently produces only a fraction of its vast reserves, the third-largest in the world and among the cheapest to produce, and international oil firms have been positioning for years to gain access.
Big oil firms such as Royal Dutch Shell, Total, Repsol YPF, ConocoPhillips, BP, and Norway's StatoilHydro are among firms that have said they have registered or intended to do so.
"We are going to carefully study and check the documentation. Next month we will declare the companies which are permitted to work in the Iraqi oilfields," Oil Ministry spokesman Asim Jihad told Reuters.
Iraq produces about 2.3 million barrels of oil a day, dwarfed by its 115 billion barrels of proven crude oil reserves. Only those of Saudi Arabia and Iran are larger.
An oil official said last year Iraq's oil sector could need as much as $75 billion (38 billion pounds) in investment.
Iraq has not said what fields it will tender, or on what terms, but the service and extraction contracts on offer are seen as a stop-gap until a crucial oil law is passed, and will not provide the long-term involvement big oil companies crave.
Violence and political wrangling over the oil law, which will decide how to share the country's oil wealth among its different regions, has stifled foreign input in the oil sector.
Iraq's cabinet agreed to a draft oil law a year ago but disputes with the Kurdistan regional government and objections from Shi'ite and Sunni Arab politicians have delayed it.
No end to the impasse is in sight, Iraqi officials and lawmakers say.
Some oil companies had already signed deals with the largely autonomous northern Kurdistan region, a move that has angered the government in Baghdad, which has threatened to blacklist them and declare the deals illegal.
BP has no plans to send personnel into Iraq until the security situation improves, but would be interested in service agreements and cooperation with Iraq, BP has said.
Violence has fallen 60 percent across Iraq since 30,000 additional U.S. troops became fully deployed in June, and Sunni tribal leaders turned against Sunni Islamist al Qaeda.
Attacks have also fallen on the back of Shi'ite cleric and militia leader Moqtada al-Sadr's ceasefire, declared last year but due to expire this month. He has not decided whether to extend it, a Sadr spokesman said last week.
Meanwhile, Iraq's oil infrastructure still is frequently targeted by insurgents, and rival groups in Iraq's mainly Shi'ite south -- Iraq's oil exporting hub -- are locked in a bloody battle for supremacy.
Deputy Governor of the Central Bank calls for increased funding opportunities Equities
بغداد ـ الصباح Baghdad morning
اكد ي د. The Deputy Governor of the Central Bank d. ا Ahmed Brihi need to increase equity funding opportunities, through the expansion of the corporate sector
غم قتصاد العراقي. He said in a statement to Al (morning): The current companies, although I have said it before but did not try issuing bonds in spite of their importance in funding and the corporate sector demands advancement in turn because it is still limited capitalization in the Iraqi economy.
واورفية واللمي 1فجوة. He explained that the value of equity capital to national income ratios found in the lengths of the world where all banking assets and existing shares in the market and bonds for the missing father more than 20 percent of national income while the world average 165 percent You can imagine the size of the gap.
ودي لذاته. He said that the countries have not developed administrative orders or decrees from the Ministry of the elites, but there are businessmen and academics, engineers and owners of capital and learnt how to build their country in a reference to the need to activate the private sector to itself.
وفي د. In the same context, describing Deputy Governor of the Central Bank of Iraq d. اقي. Ahmed Brihi initiative of the Ministry of Finance for allowing private banks to open credits and dealing with the ministries of the State as a good step on the road to activate its role in the advancement of the Iraqi economy.اععية. He urged the banking sector to engage all products recognized and contribute to the financing of new lines that will help the Iraqi economy for the rehabilitation of industrial enterprises.
واكد تعااتجاه. The cooperation and support of the central banks of pointing to the satisfaction of banks and the Ministry of Finance initiative in this direction.
وحاسة رصينة. On the question of the (morning) for the value of the Iraqi dinar said: "The Iraqi forces Aldnyar characterized by high confidence of the business sector and citizens and foreigners know the moneychangers Iraqi dinar backed balances and large international reserves and the policy serious.
بريهأ Brihi He noted that the Central Bank started
تخففض Reduction of the interest rate to 19 percent promised this measure of inflation linked to the size of pointing out the central policy aimed at reducing
التضخم. Inflation.
. He said inflation has fallen to very adequate levels in recent months and continued emphasis on the follow-up because the monetary policy system integrated If stabilized rate of inflation at acceptable levels, the Central will try to reduce the interest rate.
وبشتها. And on the question of (morning) on the impact of interest rates on economic process, said: "The banks are not the only source of financing, but other parts of the financial market are also claim the advancement of Companies is still limited capitalization in the Iraqi economy and true when interest rates are high cost of high finance But inflation problem requiring costs to address them.
دولي. , The Central Bank said that it will be published statistics and financial statements and related statistics macroeconomic Iraq for the first time in more than thirty years in the bulletin issued by the World Bank.ل. The Bank said in a statement issued recently that it will publish statistics on the Iraqi economy overall in Group and the International Financial Statistics in the periodic bulletin of the International Monetary Fund starting from the beginning of March.تماً. He (it is the first time since 1977 that Iraq enjoy this advanced level of the publication and circulation of information macroeconomic especially after missing pages from Iraq any useful information and withheld from the international community for a period of over thirty years.
واوضح اولي.... The statement said that the publication of these data "opened a new era of integration in the international community .... وا في التقالدولية”. The classification gives Iraq ahead in the evaluation of international development and transparency as well as relevant markets and deepening international financial and economic institutions. "
http://64.233.179.104/translate_c?hl...6sid %3D57260
Kuwaiti Food Inflation Almost Doubled in October From September
By Matthew Brown
Feb. 16 (Bloomberg) -- Kuwaiti food prices increased an annual 6.1 percent in October, almost double the 3.7 percent they rose in September, sending consumer price inflation to a record.
Housing costs rose an annual 13 percent in October, the same as the previous month, according to a faxed statement from the Kuwaiti government.
Inflation in Kuwait accelerated to 7.3 percent in October from 6.2 percent in September, a government official said Feb. 14 under condition of anonymity.
Prices have risen in Kuwait even after the nation dropped the dinar's peg to the dollar in May in a bid to reduce the cost of imports from Europe, which became more expensive after the dollar weakened against the euro.
Allocation of $ 825 2008
بغداد - المواطن Baghdad - Citizen
قالت وزارة الصناعة والمعادن أنه تم تخصيص مبلغ 825 مليار دينار لوزارة الصناعة ضمن موازنة 2008.وأوضح بيان صدر عن وكيل وزارة الصناعة والمعادن لشؤون الشركات محمد عبد الله العاني وتلقت أن "مجلس النواب العراقي وافق على تخصيص مبلغ 425 مليار دينار عراقي كقرض بدون فائدة لوزارة الصناعة والمعادن لأغراض تعديل رواتب منتسبيها، على أن تسترد خلال عشر سنوات بالاضافة الى مبلغ400 مليار دينار آخرى خصصت للوزارة لأغراض تأهيل وتطوير وتنفيذ المشاريع الخاصة بالوزارة." She said the Ministry of Industry and Minerals has been allocated $ 825 billion dinars to the Ministry of Industry in the 2008 budget. A statement issued by Undersecretary of the Ministry of Industry and Minerals Company Affairs Mohammed Abdullah Al-Ani and received that "the Iraqi Parliament approved the allocation of $ 425 billion Iraqi dinars interest-free loan to the Ministry of Industry and minerals for the purposes of amending the salaries of affiliates, to be recovered over a ten-year addition to the $ 400 billion dinars allocated to the ministry again for the purposes of rehabilitation, development and implementation of projects for the ministry. " مشيرا إلى أن المبالغ المخصصة هي ضمن موازنة عام 2008.واضاف البيان أن "تخصيص هذا القرض يمثل طفرة نوعية كبيرة في مقدرات الوزارة ويؤكد ما أطلقه دولة رئيس الوزراء على موازنة العام 2008 بأنها موازنة البناء والاعمار." He pointed out that the amounts are within the budget in 2008. The statement added that "the allocation of the loan is a great leap in the quality and power ministry confirms what fired by the Prime Minister on the general budget 2008 budget as construction and reconstruction." مؤكدا أن هذا المبلغ."ولفت البيان الى أن هذه التخصيصات من شانها ان تحقق الرضا الكبير لمنتسبي هذه الوزارة الذين عانوا من الضيم والحيف طيلة السنوات الماضية والذي ينعكس بدوره على أدائهم في الصعود بالطاقة الإنتاجية المستهدفة وبما يسهم في دعم ورفد القطاع الصناعي .ودعا البيان إلى ضرورة الاسراع في اكمال البيئة القانونية اللازمة لانعاش وتنمية الصناعة الوطنية وذلك بإصدار قوانين خاصة، وهي قانون حماية المستهلك وقانون حماية المنتج ومكافحة الاغراق للاسواق المحلية، وكذلك القوانين الخاصة بالبيئة المصرفية والنقدية He stressed that this amount. ", The statement indicated that this PROFILE would bring great satisfaction to employees of this ministry who have suffered from injustice and inequality over the past years, which in turn is reflected in their performance Ascending energy production target, in order to contribute to supporting and supplementing the industrial sector. The statement called for need to speed up the completion of the legal environment necessary for the rehabilitation and development of national industry by issuing special laws, the Law on the Protection of Consumer Protection Law and the producer of anti-dumping for local markets, as well as the laws on banking and monetary environment
All about the oil...........wonderful read! copied post
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Middle East
Feb 16, 2008
By M K Bhadrakumar
The cynosure of Western eyes at the meeting of the Organization of Petroleum Exporting Countries, commonly known as OPEC, in Abu Dhabi, the United Arab Emirates, last December 5 was an unexpected personality - Iraqi Oil Minister Hussain al-Shahristani.
But that wasn't a chance occurrence. By the time OPEC gathered in Vienna six weeks later, it was beyond doubt that Shahristani was on the way to becoming a celebrity in the West.
Shahristani is "a rare thing" in politics, to quote Toby Lodge, the well-known scholar on Iraq at the International Institute of Strategic Studies in London - "not too religious, not too political, not too secular, not too pro-American Shi'ite who [Grand Ayatollah Ali] Sistani would talk to".
But for the ease with which Shahristani traversed in his later years the dividing line that separates religiosity and idealism from worldliness and pragmatism, Shahristani would have become a cult figure for human-rights activists, given his extraordinary background as a top nuclear scientist who turned a stubborn dissident, and then a reckless jail breaker from Saddam Hussein's Abu Ghraib prison where he was tortured and tucked away in solitary confinement for an impossibly long 10 years till 1991.
But in Abu Dhabi, if Shahristani became a rising star for the Western media, that was for an entirely different reason. It was hardly metaphysical. Plainly speaking, the media had good enough reason to flatter him and pamper his vanities.
Iraq's 'super giants'
Of course, the soft-spoken, English-speaking Iraqi Shi'ite dissident leader was a familiar face in Western capitals through the 1990s. But today, he is no longer a political fugitive. He is no longer an Iraqi dissident seeking patronage. On the contrary, Shahristani finds himself in an enviable position as a creator of wealth for the Western world. He holds the key to the door that opens out to the magical world of Iraqi oil.
Iraq's proven reserves of oil are only smaller than those of Saudi Arabia and Iran - and Iraq is only about 30% explored. Experts are generally of the view that Iraq's actual oil reserves could well turn out to be at least double the 115 billion barrels of proven reserves. Beyond that, it is anybody's guess as to the scale of Iraq's as-yet-untapped gas reserves.
And Shahristani is visibly getting ready to negotiate the contracts for Iraq's "super giants". In the idiom of Big Oil, "super giants" are fields with at least five billion barrels of oil in reserve. Iraq's super giants are Kirkuk (in Kurdistan), Majnoon (bordering Iran), Rumaila North and South (in the south), West Qurna (west of Basra) and Zubair (in the southeast) fields, and, possibly, the Nahr Umr and East Baghdad fields. In addition, Iraq is estimated to have 22 "giant" fields, each having more than 1 billion barrels of oil.
In fact, Iraq may host the largest untapped reserves in the world. There is a strong likelihood that Iraq's reserves may turn out to be exponentially higher than the current estimations, which are based on old-style seismic surveys. All said, unsurprisingly, the world oil market is in a tizzy when Shahristani says something, anything. He is about to sign the contracts for these and many other large Iraqi oil-producing fields.
That indeed makes Shahristani a very important statesman today - at a time when worldwide oil demands are rising and consumer countries have appeared in Asia with gargantuan appetites for energy, when the oil majors' booked reserves are in decline and the known global reserves happen to be primarily under nationalized systems.
The acuteness of the situation is apparent from the stark warning by the former chairman of the United States Foreign Relations Committee, Senator Richard Lugar, last year in a speech in New York that something like three quarters of the world's oil reserves are located in countries which are not under American influence.
To cap it all, "we're in a new oil policy ball game", as author Steve Yetiv and economist Lowell Feld recently wrote, which is that the US's capacity to ease oil prices is diminishing. On his recent visit to Saudi Arabia, US President George W Bush pushed the subject of high oil prices increasing the likelihood of an American, and therefore, a global recession. There was a time since the late 1970s until quite recently when the US's Saudi allies would have promptly pumped the market with additional oil for depressing the price. This time around, the Saudis heard out Bush, "noted that the weakening US economy is a valid concern, but they remain reluctant to increase oil supply".
The two writers pointed out, "Saudi Arabia's reluctance to address sustained high oil prices, even in the face of a potential recession, represents an important break with past Saudi oil policy ... Why? The answer may define oil in the 21st century - or at least underscore the reasons for the US to seek greater oil independence."
Urgency for Iraqi oil
Yetiv and Feld, with much hesitancy, proceed to make an absolutely unthinkable suggestion that the Saudi reluctance might be borne out of a possibility that Riyadh is "getting global markets ready for the possibility that they may not have enough oil to be a long-term fuel pump to the world".
After all, it merits attention that the US Energy Information Administration (EIA) significantly has revised its earlier 2000 prediction about how much oil Saudi Arabia would produce in 2010. The EIA scaled back the figure from 14.7 million barrels per day to just 11.4 million barrels per day. That is a major reduction. (Feld, incidentally, worked for 17 years for the US Department of Energy.)
In the current circumstances of the world energy scene, the above underscores why any plan to hasten the US effort to achieve greater oil independence translates in political terms as taking control of Iraq's oil reserves. There is simply no other viable alternative open to the US. Essentially, it boils down to the 20 words that the former US Federal Bank chief Alan Greenspan wrote towards the end of his memoir, The Age of Turbulence: Adventures in a New World, "I am saddened that it is politically inconvenient to acknowledge what everyone knows: The Iraq war is largely about oil."
According to the International Energy Agency, the world demand for oil is set to increase from the current level of 85 million barrels a day ( mn b/d) to 116 mn b/d in 2030. Three quarters of the world's oil reserves (1,200 billion barrels) are located in the OPEC countries, with the Persian Gulf countries accounting for 62%. But the Persian Gulf countries are disinclined to raise their oil production sharply enough to meet the increase in global demand. Saudi Arabia, which has the world's largest oil reserves, for instance, is only planning to increase its oil production by 1.5 mn b/d over the next several years.
Therefore, it becomes imperative that Iraq plays a major role in meeting the additional global demand of 30 mn b/d during the coming two decades. There is yet another side to it. Peak oil - when global oil production will reach a peak and then begin to fall - is a real possibility sooner or later. It has happened in the US; it is happening in Britain, the North Sea and Indonesia; it is expected to happen in Mexico and some other major oil producing countries during the coming five-year period.
In this scenario, the criticality of Iraqi oil production cannot but be overstated. Furthermore, Iraq is particularly blessed in certain other ways. Apart from its massive reserves of oil and gas, the cost of oil production in Iraq at US$1 to $2 per barrel is very low. Second, the oil fields are dispersed evenly across the country. Third, Iraq's location itself is a boon. Unlike, say, the Caspian, Siberia or the Arctic, it is easy to develop oil export routes out of Iraq heading in several directions simultaneously - the Persian Gulf, Saudi Arabia, Kuwait, Jordan, Syria and Turkey. All this means that rapid expansion of Iraq's oil production and the arrival of substantial amounts of Iraqi oil - exceeding 10 mn b/d - in the international market is an attainable objective.
US presses for Iraqi deals
A major impediment has been the dangerous security situation within Iraq. But a significant US achievement in recent months has been the end of much of the fighting inside Iraq. Clearly, the US has bought off large segments of the Iraqi insurgency. Thousands of Arab Sunni fighters in western Iraq and parts of Baghdad have converted themselves as "comprador" militia at the beck and call of the US military. Such US-financed "resistance fighters" could number over 80,000 former insurgents.
Today, they actively collaborate with the US military in destroying the residual forces of the Iraqi resistance in the east and north of Baghdad and in cities such as Baqubah, Tikrit and Mosul, which are the residual hotbeds of insurgency. They have virtually decapitated al-Qaeda in Iraq. The four-province region of the Multi-National Division-North (comprising Diyala, Salahuddin, Ninevah and Tamim provinces), which used to be the favorite haunt of al-Qaeda fighters, is all but completely pacified. The US forces' commander in the region, Major General Mark P Hertling, has been quoted as claiming, "So many of them [al-Qaeda fighters] are going to the desert regions to just get away from being ratted out by the citizens and being pointed out and captured.
"Some of them are saying it's not even safe in the desert because the night raids are coming to get them. And that's a good thing. We want them to keep thinking that they can't sleep well at night because we're coming after them, because, quite frankly, we are."
All indications are that the US has in the more recent period met with success in striking a similar deal with the troublesome Mahdi Army militia owing allegiance to Muqtada al-Sadr, which controls the Shi'ite districts of Baghdad.
This can be expected to have a positive impact on pipeline security. According to various estimates, there have been over 600 incidents of pipeline attacks since the US invasion of Iraq in
March 2003; some 60 attacks on refineries; and over 500 attacks on tanker trucks. Close to 650 Iraqi oil workers might have been killed or wounded or kidnapped. Iraq's dual pipelines in the north heading toward Turkey were a major target of attack. The improving security situation has been a factor in increasing Iraq's oil production to nearly 2.4 mn bpd by end-2007, which is the highest level since the US invasion.
Oil production is now expected to cross the pre-war level of 2.6 million barrels by end-2008. Shahristani told The Times that he expected production to reach 6 million barrels per day within the next four years. The International Monetary Fund has predicted that Iraq's economy, boosted by the increase in oil revenues, is slated to grow by 7% this year as compared to 1.3% last year. The Times newspaper recently reported that the real estate market has been sharply picking up in parts of Baghdad city and there are visible signs of a construction boom
As can be expected, Washington is keen to exploit the vastly improved security situation in Iraq. The Bush administration is leaning on Shahristani not to wait for the fractious Iraqi Parliament to approve the Iraqi oil law that would have provided a legal framework for foreign investment in the oil industry. As the first step, the executives of some of the world's oil majors have been meeting with Iraqi Oil Ministry officials since January 24 in Amman, Jordan, for discussing the terms of technical support contracts, which are in the nature of shorter-term deals.
Shahristani told Argus Media recently that these service contracts will "help Iraq fast-track the purchase of necessary equipment and train the Iraqi people to install them". He said these companies would be favored in a bidding round for longer-term contracts on the Iraqi oil fields set for later this year. Another bidding round is expected to take place next year.
The Times of London reported that ExxonMobil, Chevron, ConocoPhillips and Shell have been targeted by the Iraqi Oil Ministry for awarding the service contracts (known as "technical support agreements" or TSAs). The report said that in exchange for the oil, these four oil companies would direct training of Iraqi workers and equipment to Iraq's largest oil and gas fields. The Middle East Economic Survey has quoted Shahristani as saying that the service contracts will be signed "within a few weeks". The general expectation is that the TSAs will be signed during the third round of discussions due in March.
Meanwhile, the Iraqi Oil Ministry's deadline for any interested oil firms to pre-register for the larger contracts to develop oil fields falls on February 18. Shahristani has promised an open bidding and transparent process but only in the event that he will be the decision-making authority. He suggested that competition would be intense. "Everybody in the world, more than 45 companies, have approached us [the Iraqi government] and shown a very keen interest in working with us - the Chinese, Russians, Indians, Brazilians," Shahristani said.
In sum, as Ben Lando, United Press International's energy editor put it, "Big Oil's big dreams are close to coming true ... According to insiders, Shell, which produced a technical study of Kirkuk in 2005, wants a deal for the field. BP wants one for Rumaila, which it studied last year. Shell and BHP Billiton are angling for the Missan field in the south. ExxonMobil is interested in the southern Zubair field while the Sabha and Luhais fields are being targeted by Dome and Anadarko Petroleum. ConocoPhillipsis talking with the [Iraqi] ministry about the West Qurna oil field ... Chevron and Total have teamed up in a bid for the Majnoon field."
__________________
I don't think the US will have a problem...We're so far in bed with Iraq we will have oil babies...lol If it wasn't for us they would be trying to fight off Iran with rusty ak47's lmao
definately progress in the right direction...imo
Economic boost gives hope to Iraqis
House prices on the up and increased banking business are not readily associated with Iraq. Yet as Humphrey Hawksley reports, there are entrepreneurs who see good times in the horizon.
"This is the entrance hall," said Naimah Abdul Jabbah, throwing open a huge pair of wooden double doors.
"How much?", I asked.
"$1m. Maybe some negotiation. But $1m, I reckon."
He turned to my interpreter to confirm the dollar exchange rate to the dinar, because in recent months Iraq's currency has been creeping up in value.
Business playground
Naimah, in his early 40s, is a leading Iraqi estate agent.
He took over the business from his father and talks of the glory days of the 1980s when Iraq dreamt of becoming a business centre and a playground of the Middle East.
He now sees a glimpse of the good times coming back again.
We were in a large detached house in a fashionable Baghdad suburb, standing under a dust-caked chandelier and next to floor-to-ceiling windows with the top half blocked out in case of a rocket attack or bombing.
"Since the drop in violence," I asked "how much have prices gone up?"
Dubai prices
"10%-12%."
He reached for his ringing mobile phone and switched to Arabic.
"I'm with some people now, but I can make it at 1300," he said, fixing up his next meeting.
Then, he picked up where we left off, "I'm told our prices are reaching those in Dubai."
"But they don't get bombed in Dubai."
"I know," he said amid peels of laughter.
"But Iraq, it's a beautiful place. Many people want to be here."
Just over a year ago, President George W Bush confounded his Iraq war critics by sending more troops to the country, instead of withdrawing them as much of America was demanding.
The plan is called the "surge" and in the past few months, its impact is being felt.
US and newly-trained Iraqi troops go into neighbourhoods, drive out insurgents, stay there, win round the local people and begin development programmes.
It is not all working. Bombers slip through.
There are daily killings. This is a country still very much at war.
But amid it, many Iraqis have a new spring in their step.
Buoyant prices
Buoyant property prices might be one result, just as the jumping, bustling shopping streets in central Baghdad are another - often so packed that you have to jostle your way through, past clothes stalls, shops of electronic gadgets and trolleys brimming with bright, fresh fruit.
Some of those oranges, bananas, apricots and apples find their way into the window display of the MeshMesha fruit juice and pastry bar run by Ahmed Sabah and his extended family.
Young nephews and cousins, dressed in smart, orange, sports shirts with the MeshMesha logo - which actually means Apricot - blend delicious drinks of fresh fruit for a steady stream of customers - Sunni, Shia, Kurds, Christians.
No-one seems to care as they sit at minimalist tables watching the world go by.
"When it's safe outside, of course business is better," said Ahmed.
"I have four branches - one we've had to close because it was in a violent neighbourhood, but once the war is over we can spread the chain throughout Iraq."
The MeshMesha chain supports five families that between them are raising 25 children still at school and it employs a couple of dozen of its youngsters in the fruit juice bars.
Return of the ATM?
Without work and a sense of the future, many young men head off to join a militia.
"Your money," I asked. "Do you keep it in cash, put it in the bank? How does that work?"
"In a bank," said Ahmed. "And we exchange some into US dollars."
One of Iraq's biggest private banks has a luxuriously designed office above the Baghdad Stock Exchange and I asked a senior executive how business was now compared to those glory days of the 1980s that Naimah, the estate agent, had spoken about.
"People didn't trust the banks, then," said the financier Mohammed Issa.
His accent was East Coast American and he wore a brown suit with a brightly coloured open-necked shirt.
He would have a panoramic view across Baghdad except the window was blocked by glass cabinets with ornamental displays - again to shield against a bomb attack.
"We had, maybe 4,000 clients under Saddam. Now we have 50,000," he explained.
"We've just set up Internet banking so our customers don't have to risk getting bombed by going to a branch.". He paused for a moment. "Yes, once the war's over, we'll have our ATM machines throughout the country."
Check-point fear
In the afternoon we were driving back to the office past what we thought was a routine check-point.
A van had been stopped.
Men in military uniforms waved guns holding open the vehicle's sliding door.
People were shouting. The expression of those in the van were of anger, anxiety and fear.
"What's happening there?" I asked our interpreter.
"I don't know." He shrugged. "It looks like the army, but I think it's a militia."
"What might happen to them."
"I don't know," he said sombrely.
There are glimpses of hope in Iraq, but at the moment only glimpses.
http://news.bbc.co.uk/1/low/programmes/from_our_own_correspondent/7183073.stm
I think you're right...I didn't see that..nice
they're being punished for suggesting a lop...lol
The revaluation of Gulf Cooperation Council (GCC) currencies against the dollar has been often discussed in the past few months, especially with the sharp drop in the dollar exchange rate, to which five out of the six GCC currencies are linked.
There have been conflicting and mysterious statements about revaluation, especially from the governors of GCC central banks.
These conflicting statements were issued almost one after the other, as if the issue was merely a lottery or a used car auction, not the monetary policy that affects the economy and finance of these countries.
Brokers and money exchanges made the most of these statements to increase their profits through speculation. Although this speculation reached alarming levels, the authorities in charge of controlling banks and money exchanges did not take any action, which means this speculation is still taking place in all GCC countries, and is negatively affecting travel, tourism and money exchange transactions.
It is not known whether central banks are aware of the negative effects of this trend on the financial and monetary situations in GCC countries.
Financial and monetary transactions are very sensitive to fluctuations and severely affected by speculation, but central banks can control transactions through their control departments, and this is one of their most basic tasks.
For example, a state advisor in Qatar said three weeks ago that the country is studying linking its currency to a currency basket or raising its value against the dollar to combat rising inflation.
This raised speculation on the Qatari riyal for a few hours, before a statement from another official totally denied the first one.
However, some central bank governors issue contradicting statements within the same week, which causes sharp fluctuations in their local currencies and raises questions about the reality.
There is a logical fact, which is that any GCC country cannot single-handedly delink its currency from the dollar without coordinating with the other countries. The results of this step and the effects it may have on financial and monetary situations are unpredictable.
The other fact is that more than 25 years of pegging GCC currencies to the dollar and pricing oil in the greenback does not give any GCC country the flexibility to take a unilateral step in this direction.
Following the last GCC Summit in Doha, there were reports about an agreement by the countries, excluding Kuwait, to coordinate their actions.
In this case, anything said about depegging GCC currencies from the dollar or revaluing them is unfounded. Thus, central banks, and especially their bank and money exchange controlling departments, must monitor transactions and exchange rates, which is a very simple task.
Any money exchange transactions must have official receipts, which clearly show the exchange rates. This makes it easy to monitor these transactions and protect the financial and monetary market from risky speculation.
Central banks must practice their professional and controlling roles rather than issue inconsistent statements, especially given the gloomy financial situation globally.
If statements must be given, they should be coordinated and studied carefully to put the minds of the public and the business sector at ease.
This may include issuing a joint statement by the general secretariat of the GCC for all countries, especially since these reassuring gestures reflect the truth of the good economic situation and constant development in GCC countries.
The writer is a UAE economic expert.
There have been conflicting statements about revaluation, especially from governors of GCC central banks.
http://www.gulfnews.com/business/Com.../10189451.html
"Following the session, which capped weeks of wrangling over the budget and other issues, the parliament began a five-week holiday."
.......
are you kidding me??? lmfao
http://news.yahoo.com/s/ap/20080213/ap_on_re_mi_ea/iraq_new_laws
UN Refugee Chief in Middle East to Urge Increased Assistance
Ant�nio Guterres, the United Nations High Commissioner for Refugees (<"http://www.unhcr.org/news/NEWS/47b189032.html">UNHCR), has traveled to the Middle East in a bid to raise awareness of the millions of Iraqis displaced by violence and host countries that are helping them.
Mr. Guterres is in Amman, Jordan, today to meet with senior Government officials, visit UNHCR's registration centre and confer with a group of Iraqi refugees, before travelling to Damascus, Syria, this evening.
During his week-long mission, the Commissioner hopes to "assure governments in the region of our continued commitment to and engagement in efforts to ease the plight of those displaced in the region and beyond," UNHCR spokesperson Jennifer Pagonis told reporters in Geneva.
Additionally, Mr. Guterres will emphasize the ongoing need for resources and global support and will thank governments such as Jordan and Syria for the generosity they have shown to Iraqi refugees.
According to UNHCR and its partners, out of Iraq's total population of 26 million, some 4.4 million are displaced, with 2.4 million uprooted within the war-torn nation's borders and 2 million in other countries. Over 40,000 non-Iraqis - including Palestinians, Iranians and Turks - are taking refuge inside Iraq.
This year, the agency hopes to raise $261 million to assist the most vulnerable of displaced Iraqis, both in and out of their home country, through programmes such as counselling, provision of household and shelter items; protection and legal help; and support for camps for internally displaced persons (IDPs). It also wishes to send 200,000 Iraqi refugee children to school in Syria, Jordan and other host countries through the appeal.
For UNHCR - which operates within Iraq with some 30 local and internal staff in collaboration with Iraqi aid agencies - helping the displaced has proven to be difficult given the insecurity plaguing much of the country.
Last year, the agency registered over a quarter of a million Iraqis in nearby countries, provided health services to more than 200,000 people and directly aided vulnerable families through initiatives such as giving cash cards to households headed by females, widows and people with disabilities.
In a joint effort with the UN World Food Programme (<"http://www.wfp.org/">WFP), UNHCR will feed up to 360,000 Iraqi refugees in Syria this year.
"We will also continue our resettlement programme for the most vulnerable Iraqis," Ms. Pagonis noted. Last year, UNHCR submitted over 21,000 Iraqi resettlement cases to more than one dozen governments for consideration.
Source: United Nations
Call Brian McNamee
This Dinar stuff needs a shot of HGH I think...lmao
Not alot of news around these days....hmmmmm
Report warns of weak follow-up to the financial settlements of investment allocations Ministry of Oil
أعطى المفتش العام بوزارة النفط صورة قاتمة عن واقع الاداء بالوزارة مشيرا الى تباطؤ انجاز المشاربع ومحذرا من الاعتماد المفرط على الريوع النفطية ومحذرا من ضعف متابعة التسويات المالية للتخصيصات الاستثمارية.وانتقد عبدالكريم اللعيبي في تقريره الرابع للشفافية"التأخير المقلق" لانجاز المشاريع الاستثمارية النفطية في مختلف التشكيلات النفطية خلال الاعوام من 2003 الى 2006 قياسا بما هو مطلوب.وعزا التاخير الى عوامل يعود بعضها الى القطاع النفطي واخرى تقع خارج سيطرة الوزارة.وشدد التقرير على ضرورة حشد جهود كافة الاطراف الحكومية والوزارية لمعالجة اسباب التدني في عمليت النهوض بمستويات الانجاز الى الافضل خلال السنوات الاربعة المنصرمة. I Inspector General of the Ministry of Oil grim picture of the reality of the ministry's performance, pointing to slower delivery schemes and warning of excessive reliance on oil rents and warned of weak follow-up to the financial settlements of investment allocations. Criticized `Allaibi in his fourth transparency" delay disturbing "for the completion of investment projects in various formations oil oil during the years 2003 to 2006 compared with what is required. attributed the delay is due to factors, some of the oil sector and the other is outside the control of the ministry. The report stressed the need to mobilize the efforts of all parties-governmental and ministerial to address the causes of the decline in practicability improve achievement for the better during the past four years. ولاحظ بعض الحقائق التي افصحت عن "مؤشرات خطيرة" تهدد وتربك اداء القطاع النفطي منها تقادم البنى التحتية وتعرضها الى التخريب والنهب والسلب وفقدان الوثائق والدراسات والخرائط التي يصعب تعويضها محليا.وكشف عن تدني نسب الانجاز في المشاريع الاستثمارية بسبب الحالة الامنية غير المستقرة او شح التخصيصات المالية. He noted some facts which revealed "serious indicators" and threaten to bedevil the performance of the oil sector, including prescription infrastructure and vulnerability to sabotage and looting, robbery and the loss of documents, studies and maps that are difficult to compensate locally. Detection and low rates of achievement in investment projects because of the unstable security situation and the scarcity of financial PROFILE . واوضح ان تهريب النفط الخام والمنتجات النفطية الى خارج البلاد سبب الارباك في عمل الشركات النفطية العراقية كما ان استهداف المرافق الانتاجية والتحويلية والتوزيعية سبب ارباكات وتذبذب في معدلات التصدير والانتاج وانتقد التقرير "تقادم قانون وزارة النفط ونظامها الداخلي وتشكيلاتها" الذي ادى الى صعوبة الاستجابة للتغيرات السياسية والاقتصادية الحاصلة في البلاد.وذكر ان تشتت التشكيلات النفطية وانتشار وفروعها على مستوى الرقعة الجغرافية للبلاد وتنوع انشطتها اضعف السيطرة على الانشطة . He explained that the smuggling of crude oil and petroleum products outside the country caused confusion in the work of the Iraqi oil companies and targeting production facilities and the manufacturing and distributive reason harassment and fluctuations in the rates of production, export and report criticized "the law of limitation of the Ministry of Oil and its internal configurations," which made it difficult to respond to political and economic changes in the country. stated that the dispersion of oil formations and the spread of the branches at the level of geographical area of the country and the diversity of its weakest control of the activities. لكن التقرير نبه الى ان القطاع النفطي "كان من اوائل القطاعات الاقتصادية التي استطاعت ان تعاود نشاطها بعد ايام قلائل من انتهاء العمليات العسكرية في نيسان 2003 حيث بدات معدلات الانتاج والتصفية والتوزيع بتصاعد مستمر حتى بلغت معدلات هامة قياسا بحجم التخريب للبنى التحتية". But the report cautioned that the oil sector "was one of the first economic sectors, which were able to resume their activities after a few days of the end of military operations in April 2003 which started production rates and liquidation and distribution constantly escalating rates so important compared to the size of sabotage infrastructure." ولفت الى ان القطاع النفطي عانى من "حجب الموارد المالية الضرورية لادامة الانتاج وتطويره طيلة الفترة بين 2003 – 2004 بقرارات غير صحيحة من سلطة الحاكم المدني الامريكي انذاك وتلكؤ اعادة اعمار المنشات النفطية التي تكفل بها الجانب الامريكي عن طريق شركات مقاولة وتاخر عمل بعض الشركات وتعثر تجهيز الطلبيات على المواد المتعاقد عليها ضمن مذكرة التفاهم مع الامم المتحدة وانعدام ونقص الخدمات المصرفية وبطء اجراءاتها وقلة كفاءتها".واشّر التقرير الاستهداف المتواصل من الجماعات المسلحة في مختلف المحافظات للمنشآت النفطية وتردي الوضع الامني واستمرار العمل بالتعليمات السابقة التي لاتنسجم مع التغيرات الحالية لاسيما في ظل بعض الظروف الصعبة والحرجة وانعدام الصلاحيات لمعالجة الحالات الاستثنائية والخلل في امداد المنشات النفطية بما تحتاجه من الطاقة الكهربائية لضمان استمرارية عملها لتامين الاحتياجات المحلية من الانتاج وتلبية متطلبات التصدير ولفت الى ان زيادة الانقطاعات في التيار الكهربائي ادى الى زيادة الطلب على الوقود من نوع زيت الغاز لتشغيل المولدات الخاصة.وحمل التقرير هذه العوامل تدهور الاداء النفطي متمثلا بإنخفاض الانتاج النفط الخام والغاز لعرقلتها تنفيذ خطط حفر الابار وتطويرها وبالتالي انخفاض معدلات التصدير وتفاقم المشاكل التشغيلية ما دعا الى اضطرار العراق استيراد المنتجات النفطية من دول الجوار .وحمل التقرير على الطابع الريعي للاقتصاد العراقي متمثلا في "اعتماد الدولة العراقية اعتمادا كليا" على العوائد النفطية في تمويل موازنتها وتغطية اوجه الانفاق العام.ووصف الاقتصاد العراقي بانه "مشوه واحادي الجانب" ويحتاج الى اصلاحات هيكلية بسبب عدم وجود توازن بين القطاعات الانتاجية من حيث حصتها من الناتج المحلي الاجمالي والدخل الوطني العراقي. He pointed out that the oil sector suffered from "withholding financial resources necessary to sustain production and development for the period between 2003 - 2004 is incorrect decisions of the authority of the U.S. civil administrator then and bold rebuilding oil installations to ensure that the American side by companies undertaking the work and delayed some companies faltered processing Orders materials contracted within the Memorandum of Understanding with the United Nations and the lack of lack of banking services and slow procedures and lack of efficiency. "Asher report and the continued targeting of armed groups in the various governorates of oil installations and the deterioration of the security situation and continuing work instructions prior to correspond with the current changes, especially in light of some circumstances difficult and critical lack of powers to deal with exceptional cases, the imbalance in the supply of oil installations with the necessary power to ensure the continuity of its work to secure the local needs of the production and meet the requirements of export and pointed out that the increase in the electricity supply interruptions led to increased demand for fuel from the type of gas oil for the operation of private generators. He held the report of these factors deteriorating performance represented a decrease oil production of crude oil and gas to obstruct the implementation of the plans and development drilling wells and thus lower export rates and the worsening of operational problems as called for forcing Iraq to import petroleum products from neighboring countries. carried the report on the rental of the Iraqi economy remains in the "adoption of the State Iraqi entirely dependent "on oil revenues to finance its budget, and coverage of public spending. described Iraqi economy as" distorted and one-sided "and the need for structural reforms because of the lack of balance between productive sectors in terms of their share of the gross domestic product and national income of Iraq.
وقال ان الموازنة العامة للدولة كانت ولا تزال تغذى بشكل اساس من العوائد النفطية ولا توجد عوائد زراعية او صناعية او سياحية او استثمارية ...دون استثمار رشيد للموارد الطبيعية الاخرى كما ان الواردات الضريبية لاتشكل على اختلاف اصنافها الا جزءا يسيرا من اجمالي تمويل الموازنة. He said that the general budget of the State was and still is the basis of the feed oil revenues no dividend agricultural, industrial or tourist or investment ... without rational investment of the natural resources and other import tax for passing on different brands only a fraction of the total financing of the budget. وحذر التقرير من ان ضعف المتابعة السنوية على صرف التخصيصات الاستثمارية النفطية وتشتت عمليات التسوية المالية سوف يؤدي الى ظهور نسب صرف شاذة من جراء المناقلة بالمبالغ من المشاريع واطئة الانجاز والمتعثرة الى المشاريع ذات الانجاز المتقدم مشيرا الى مناقلة (1000) مليون دينار خلالعام 2005 وتدوير مبالغ من التخصيصات بين الموازنات بين العامين 2003 و2004. The report warned that the weakness of the annual follow-up on the spending PROFILE oil investment and the dispersal of financial settlement will lead to the emergence of exchange rates as a result of abnormal amounts Redeployment of projects and low achievement and faltering projects to completion, pointing to the advanced transfers (1000) 2005 and the amounts of recycling PROFILE-balances between 2003 and 2004. واوصى التقرير باقرار تشريعات لادارة الثروات الصناعية والنفطية وايجاد استراتيجية موحدة لذلك ودعا الى التوزيع العادل للثروات وتفعيل دور الاقاليم والمحافظات وطالب بتمتين العلاقات مع الشركات العالمية واضافة طاقات انتاجية جديدة واعادة اعمار وتاهيل الحقول والمنشات النفطية القائمة واستثمار الغاز الطبيعي وتدريب وتاهيل الملاكات النفطية العاملة والمتخصصة The report recommended the adoption of legislation for the management of industrial and oil wealth and the creation of a unified strategy and called for the equitable distribution of wealth and activating the role of the regions and provinces called augur relations with international companies, adding new production capacities, reconstruction and rehabilitation of oil fields and installations existing and natural gas investment and the training and rehabilitation of Cadres oil and specialized workforce
KGLJ nice so far
CHRI gonna hit these dips all day
KGLJ CHRI seem good for today
ATMs in Iraq, unlike elsewhere Baghdad - Voices of Iraq
Tuesday , 12 /02 /2008 Time 3:43:07 </B>
Baghdad, Feb. 12, (VOI) – Automated Teller Machines (ATM) are newly introduced in Iraq. Iraqi private banks are currently providing their customers with some banking services through those machines but they are unlike international credit cards, they work on domestic level only.
Using ATMs requires that a customer has a debit or credit card. Customers of those banks prefer to use ATMs in Iraq due to security situation there these days; however, that usage is still very limited in Iraq nationwide.
Media spokesperson of Warka Bank for Investment and Finance – an Iraq private bank based in Baghdad (capital city of Iraq), Ali Loay, told Aswat al-Iraq – Voices of Iraq – (VOI) "We started using ATMs in all our subsidiaries, and we issued a special debit card, we called it Al-Medrar," explaining "Now, our customers can withdraw money from their Warka Bank accounts, using the ATMs available at any of the subsidiaries of our bank, without any delay or fess."
Despite that Iraqi issued credit and debit cards are for domestic use only, and cannot be used anywhere else, introducing this kind of banking services is considered crucial for businessmen and average citizens there by all measures.
Iraqi Kurdish businessman Farhad Hussein said "One of the big challenges that we have is that we cannot carry big amounts of money due to security reasons, and we cannot trust checks in our daily commercial dealings."
Hussein added "I think ATM cards will contribute to a solution of that problem."
The expert in charge of the database department of Kurdistan Bank – based in Arbil, Afram Toma, said to VOI "Since longtime ago, we are trying to implement the international ATM service in Iraq, and to link our country with the worldwide funding system, but international funding establishments consider Iraq unsafe and unsuitable for this kind of investments."
Toma added "We are still trying with VISA company in that regard," clarifying "The ATM cards that we provide our customers with are only for the limited domestic use inside Iraq."
Another Iraqi businessman, Sabah Hassan, agrees with Toma, "ATM cards are supposed to make life much easier, but those issued in Iraq are not working abroad, and those issued abroad do not work in Iraq."
ATM services of private banks in Iraq are still considered primitive compared to similar services provided by international banks out of Iraq. The Subtle problem of ATMs in Iraq is not related only to technical issues or security concerns; it goes far beyond that, reliability and credibility of dealings and dealers.
Old-style Baghdadi civil servant, Hassan Khalid, told VOI "I don't know how some people can trust a small piece of card; what if it would be stolen; what if a thief took it and forced me to expose its password to him under gun-threat?"
Funding banks lean on antecedent financial and social performances of a customer to conclude which kind of credit card he or she deserves. It isn't an arbitrary process, because credit and debit cards became part of the humankind culture. In Europe and America, people use their debit or credit cards everywhere.
Kurd economist, Dr. Hashim Zebari, has no doubts that using ATM cards is a cultural phenomenon, "Allover the world, investors and average individuals use ATM cards every day," Zebari told VOI.
The Iraqi economist said "Iraq currently experiences a tough era that makes it hard to introduce ATM cards nationwide," asserting "I am positive that using ATM cards will add a great momentum to the economy of Iraq."
Like any new innovation, it seems that the diffusion of ATMs and their cards in Iraq might require some time. Scientifically, this would depend on the obtrusiveness that issue would exert on the daily life of Iraqis.
http://www.aswataliraq.info/look/eng...=2&NrSection=4
lololol
yep, I think you're right..Iraqis could f%#k up a one car funeral...lol
A big increase in demand for the dollar purchase auction CBE
From Monday I believe but pretty good read
Increased demand for the dollar purchase auction Central Bank registered a total volume of demand was 153 million and 620 thousand dollars compared to 76 million and 790 thousand dollars on Sunday. Explained special bulletin ERA Central Bank that the volume of demand for the dollar distributed by 14 million and 580 thousand dollars in cash and 139 million and 40 thousand dollars in the form of remittances outside the country covered by the bank fully stable exchange rate for the fourth consecutive meeting capacity dinars in 1210 did not make the 14 banks participating in the auction offers to sell the dollar auction. said a dealers with the auction, the demand has risen because banks expected that the exchange rate will be reduced as usual on Monday of each week, however, the price of survival has not abrogated from the high ceiling applications, in particular in relation to transfers futures, which rose from the size of aggregate demand to buy the dollar. Yasiri pointed out that the low exchange rate at the next meeting or the next does not mean an increase in the volume of demand which drained most urgent orders Monday. part of the economic expert said that the absence of GC Acanutorabas sales presentations for a long time a sign of a healthy if it is related to what appears to delay the government budget estimated the Iraqi dinar, which may require some spectrum auction for the sale of the dollar and replace the Iraqi dinar to cover salaries and local contracts or for the payment of bills local contractors in the existing projects but delayed budget along this period led to the decline of the dollar sales auction. pointed out that the margin of the exchange rate between the price of the auction price, which is a semi-official account of the auction and the auction because the semi-official announced at each meeting that the price does not give rise to any obligation for the Central Bank, which made the exchange rate, however, an informal dealings continuous therefore the margin between the auction price and the market does not permit the sale of drugs from the market about the fact that the auction difference achieve profitability from the auction to the buyer, not the opposite. For his part, the economic expert and industrial Abdul Razzaq Sadiq that the reopening of the import items of the ration card dealers and Iraqis widely Sinct the commercial market even for the one who for the Ministry Aisouk it can raise other types of food markets thus preventing monopoly. between Abaiji that such movement will increase the demand for money orders to cover the contracts of the private sector and according to the contracts signed. carpets Ghazi's banking office confirmed that there are no significant changes to the exchange rate of the dollar throughout the week and that by 1220 dinars to the buying and selling of 1230 dinars. explained that these prices fluctuate with the Bureau since the Bureau controlled purchase price to create margin profit appropriately but that the sale price is determined by the Exchange Office, but the dollar
http://iraqnewssites.blogspot.com/
The Ministry of Finance responded to the remarks made by some members of the House of Representatives
12/02/2008م - 2:04 م | مرات القراءة: 118 12/02/2008 m - 2:04 p.m. | times reading: 118
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صدر عنالاتي Issued by the Economic Department in the Ministry of Finance statement follows
النواب . Dr. Mehdi Al-Hafiz MP in the House of Representatives a number of remarks about the budget draft with a list of the signing of a number of MPs. He asked that the remarks be translated so that the figures presented to the cabinet for decision, and actually provided the Finance Committee agenda required modifications made to the budget. form the Cabinet ministerial committee has studied and prepare answers for the purpose of submission to Cabinet and approve the findings of the Committee and answer the House of Representatives. وتم ذلك /7/2008 . This was done by the book and the Ministry of Finance No. 4242 dated 16/7/2008.
ومع ذلكوكمايلي : Yet offer the following clarifications on these observations and output follows:
الملاحظات التوضيحات Observations clarifications
(1 و 2 ) وفقا من (1 and 2) according to the Financial Administration Act and the Ministry of Finance, in conjunction with experts from
كل مناقي Each of the ministries of planning and oil, trade, the Central Bank of Iraq
. Examining all economic indicators achieved in the past years and Mamtouka next year post is the Ministry of Finance Astrtejih preparation of the budget for next year and estimates of the total budget, already provided by the Ministry of Finance under her book No. 405 / 4242 dated 16 / 7 / 2007 addressed to the Council of Ministers, this strategy for the Council of Ministers examined and approved until demand from the ministries and provincial and district estimates were prepared their budgets for the coming year thereunder.
وكسباً . In order to save time the Ministry of Finance to issue circulated No. 6 / 8 dated 18/7/2007 from the above estimates prepared and sent to the Ministry of Finance later than 31/7/2007 at the same time was the request to the Ministry of Planning to discuss investment projects with the ministries of to identify those to be included in the budget and put it PROFILE.
Received estimates schedule has been prepared to discuss them and reach agreement on the estimate their budgets
: Completed ministries were prepared to discuss the proposed budget at the beginning of the month of September, 2007, however, a problem emerged on the territory of Kurdistan determine their share of the budget, the problem is:
أ- . A - calculate their share of resources or expenses after downloading expenditures sovereign.
ب-3% أم 17% B - What Is the ratio of 13% or 17%
ج- C - resources that achieved in the province of taxes and fees and non-oil resources
. Other resources for inclusion in the budget.
د- . D - their share of the resources of the mobile phone and its relationship to open the skies in the region for companies that bought the holidays.
ذ- . Y - since the resources accruing in 2004 until 2007 that have not been paid to the Treasury.
هـ. E - the role of financial control in the coverage scrutinizing the accounts of the region, which was long and arduous negotiations with officials of the Territory after that came to Baghdad Territory Chief Minister and Minister of Finance and territorial agents visited and in the presence of Deputy Prime Minister Dr. Barham Salih. After discussions were difficult to reach an understanding on those topics to be presented to the cabinet for approval within the draft budget.
/10/2007. The Ministry of Finance budget to the Council of Ministers under the Paper No. 6290 dated 10/10/2007 and sent a copy of the draft budget to the Office of the Prime Minister on 9/10/2007.
. After lengthy discussions in the Cabinet and several meetings where fraught with a number of problems, including the share of the region where the ratio was raised 13% instead of 17%, and the issue of financing Guard Territory (Peshmergas) where the House of Representatives added to the 2007 budget law requires that the paragraph be agreed between the Prime Minister and the President Territory on the financing of this Guard.
. Approved the budget in the cabinet and sent to the House of Representatives under the book and Minister of State for Parliamentary Affairs No. 18943 dated 15/11/2007 was supposed to provide the Ministry of Finance in the third week for the budget presentation and conduct a first reading of the draft law and to answer questions but it happened otherwise between Kurdish bloc and the House of Representatives on some of the amendments that the Kurdish parliament said it was the draft law did not include in the draft before, which require an explanation from the Prime Minister's Office around.
لقدين الثاني 2007. The Ministry of Finance agreed with the Deputy Prime Minister HE Dr. Khalid Al-Attiyah, an investment of time that the adviser Excellency the Minister introduced the budget to the Board since His Excellency the Minister was an envoy to Damascus was already in the last week of November 2007.
ملاحظة(3 و 4): Note (3, 4):
. The Ministry of Finance in developing a strategy PROFILE budget estimate total project investment expected to be implemented and thus learn the Ministry of Planning.
. The Ministry of Planning Almottagtrah discuss investment projects implemented during the budget with ministries, regions and provinces in accordance with the priorities and the size of the total allocation for these projects and agreed with them and put PROFILE it could have been the financial and economic committee of the House of Representatives request and discussed with the officials of the Ministry of Planning.
ألا. However, to say that what has been allocated is overly ambitious at the time knew Dr. Mahdi Al-Hafiz as a former minister of planning and the urgent need to restore the large infrastructure and the reconstruction of Iraq and all of the amounts available for investment projects can be self-Levy in any way by only a few of those needs.
كما . As for the absorptive capacities, we believe that in 2007 was good for the previous years in the implementation of investment projects and improvements achieved in the area of security and the accumulation of experience will create a good environment to raise rates and implementation.
ملاحظة(5): Note (5):
بعدعام 2007 . Having deprived provinces for decades to benefit from the resources of Iraq and taking their share of those resources and self-investment projects that serve to maintain by their owners (the people of Mecca know anybody) lyrics included the following officials and members of the National Assembly and the House allocation of the funds required in the budget for investment projects which will be implemented in the governorates and the authorization of the provincial council and the governor develop agendas such projects and spent in coordination with each of the ministries of finance and planning and implementation has been allocated (2) billion dollars in the budget in 2006 and (2.3) billion dollars in 2007.
. As a result of efforts made by the provincial council and governor in the implementation of investment projects and the exploitation of two former PROFILE felt that the Ministry of Finance officials, the majority of Messrs. visualizes the House considers the need for a large allocations to these provinces in the budget in 2008 was actually a request from the provincial curriculum development investment in each conservative and identify projects in coordination with the Ministries of Finance and Planning.
. The question of control all spending or investment, both Gary and all contracts subject to the oversight and scrutiny Office of Financial Supervision and Dr. Mehdi Al-Hafiz to request the SAI said in a report on the auditing departments.
ملاحظة(6): Note (6):
العام. We have been allocated $ 3.3 billion to finance the ration card in the draft budget in 2008 compared with (3.1) billion dollars in 2007 in addition to the amount approved by the House of Representatives at the end in 2007 of $ 522 million dollars, which had been cashed at the beginning of this year.
لا . There is not any thought by the Ministry of Finance or the cabinet or any party to stop the ration card. . All that is being requested from the Ministry of Commerce guide style and the way the distribution of the card for the classes directed to the most needed and not disbursed to Mvuorin thus could include those amounts to improve vocabulary card in the case of the inadequacy of those PROFILE after rationalization and address the issue of corruption to preserve these resources has promised the Ministry of Finance developed PROFILE blocking everything you need and the Department of Commerce to provide materials to meet the ration card in the supplementary budget, which hopefully prepared in the middle of the year in light of the improved oil resources and due to the increase of export prices of crude oil and the expected increase in production and export.
ملاحظة(7): Note (7):
. The resources that come from international loans to finance investment projects part of the overall resources of the country and it treated the same treatment must own resources to regions and provinces to get a share of all these resources.
ارد . The view that an uneconomical because it is not based on the principle of integration benefits between units national economy is not accurate because the resources for investment projects distributed by the proportion of the population had an objection to the resources loans object to the former investment allocations in the budget is the question.
أما . The existence of strategic projects say belong to the country, yes allocations to these projects that were funded from the resources of international loans or personal resources as a general principle excluded from the total of these resources by calculating the share of the territory and the province.
ملاحظة(8): Note (8):
لقد بينا يس Pena has background on the allocation ratio of 17% of the total budget and no
(: (Income Financial) of the territory of Kurdistan, however, does not quite clarified again:
1- في05. 1 - the Government of the State of former Prime Minister Dr. Iyad Allawi, in the preparation of the budget in December 2005 decided to hold a meeting in September, 2004 was attended by the Deputy Prime Minister Dr. Barham Salih, Dr. Adel Abdel Mahdi, the minister of finance and financial ministers of the provinces of Erbil and Sulaymaniyah, Dr. Hassan Aziz Jaafar Under - The Ministry of Finance time to study the request of the Territory to identify the proportion of the total budget, which proposed to be 25%. after lengthy discussions addressed to the practice in the application of the draft the oil-for-food, medicine, which was 13% or adoption of the ration card and an estimated 13.5% and agreed solution Central determine the proportion of 17% after excluding expenditures sovereign where it is funded by the province with 13% of the resources without deducting expenses sovereign. endorsed former Prime Minister Dr. Iyad Allawi, this agreement has adopted this ratio when preparing the budget in October 2005.
2- في. 2 - in the government of former Prime Minister Ibrahim al-Jaafari, in the preparation of the budget in December 2006 adopted the same rate, the approved budget in the National Assembly had not been challenged.
3- . 3 - in the Government of the State of the current Prime Minister Nuri al-Maliki proposed adoption rate of 13% in the preparation of the budget in December 2007, but the proposal did not receive the required response and when the budget discussion in the Council of Ministers once again our proposal we submitted to the Council of Ministers during the debate the adoption rate of only 13% The directive was to pass the budget and not to create a problem, the continuing adoption rate of 17%. budget has passed the House of ministers and deputies, which include the adoption rate of 17% of the total budget (expenditure), without any little objection.
4- عند: 4 - in the preparation of the budget in January 2008 we raised with officials of the Territory adopt stipulated by the Constitution to be the ratio of resources and not from the total budget, the ratio of 13%, however, this attempt encountered categorically rejected by the officials of the Territory Vhaolna achieve some gains in return, which were represented in the article ( 19) of the draft budget law and this achievement applied for the first time in 17 years and became part of the budget bill as follows:
__________________
Parliamentarian blocs agreed on controversial laws-UIC member
Baghdad - Voices of Iraq
Tuesday , 12 /02 /2008 Time 7:23:55
Baghdad, Feb 12, (VOI) - A leading member of the Shiite United Iraqi Coalition (UIC) on Tuesday said the parliamentarian blocs agreed on the calendar year 2008 budget, the bill of areas not classified within provinces, and the amnesty law that were postponed several times earlier.
“The fiscal budget for the calendar year 2008 has been agreed upon, as have the bill on areas not classified within provinces and amnesty laws,” Sami al-Askari, UIC member, told Aswat al-Iraq - Voices of Iraq - (VOI).
He added “the parliament speaker delayed the session until 6 pm (3 GMT) to ensure that they have the final copies of the laws printed.”
UIC, the largest Parliamentarian bloc, holds 83 out of 275 seats.
Iraqi Parliament Speaker Mahmoud al-Mashhadani had said in a press conference on Tuesday that all blocks took part in the transaction; the UIC, the Kurds participated by keeping 17% share of the federal budget, the UIC through the bill on areas not classified within provinces, and the IAF through the amnesty law.
Earlier, a member of parliament from the Shiite Unified Iraqi Coalition (UIC) Tuesday’s Parliamentary session was delayed for half an hour in order to reach an agreement on the percentage of appropriations for the Kurdistan region from the 2008 federal budget.
Kurds insist on having 17% of the country's budget to the objection of legislators of the UIC, the Sunni Iraqi Accordance Front (IAF), which holds 35 seats, and former Prime Minister Iyad Allawi's National Iraqi Movement (22 seats).
UIC called to approve the bill on areas not classified within provinces with the 2008 budget law claiming they were several common items between the budget appropriations and provinces that necessitated having the two laws together
The Sunni IAF insisted on having the amnesty law finalized, citing pressure from their people to release scores of un-convicted detainees.
AM/SR
Iraq Welcomes Russian Debt Write-Off
11 February 2008 (Associated Press)
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Iraqi President Jalal Talabani welcomed Friday an expected Russian decision to write off 91 percent of Iraq's estimated $13 billion debt, calling it a "historic turning point" in relations between the two countries.
A diplomat at the Iraqi Embassy in Moscow said Thursday that the pact would be signed during a visit by Iraq's Foreign Minister Hoshyar Zebari that starts Sunday. A Russian Finance Ministry official also said a debt-restructuring deal was planned.
They both spoke on condition of anonymity because they were not authorized to make public statements.
Talabani and other Iraqi officials met Friday with a delegation led by the Russian ambassador to Iraq to discuss expanding ties. Russia strongly opposed the U.S.-led invasion in 2003 that overthrew Saddam Hussein.
"It is expected that a new agreement will be signed to reduce the Iraqi debt by a proportion of 91 percent," Talabani's office said in a statement. "The two sides have agreed that this will be a historic turning point in relations between the two countries."
The decision to write off Iraqi debt was seen in part as an effort to improve Russian companies' chances of winning oil contracts and other deals in Iraq.
The Iraqi government has complained that it cannot support its huge Saddam-era debt to various countries — amounting by some estimates to more than $60 billion. The Bush administration has urged other countries to follow its lead and write off Iraq's debts as a way for Baghdad to channel more money to rebuilding.
In June, China announced it was forgiving Iraq's debt. It didn't give figures, but the Iraqis said they owed China about $8 million.
But some of Iraq's major creditors, including Saudi Arabia and Kuwait, have refused to do so until they see progress on national reconciliation, economic reform and security.
http://www.iraqupdates.com/p_articles.php/article/27234
DEGH good open...worth a look
DEGH good open
Economic morning: the Central Bank of Iraq and its role in the national economy
Hilal Ta `
The role of the Central Bank of Iraq in the national economy can be seen from two basic: the first in terms of the post World Brkabth central bank on the monetary and Sirefi in the country and its impact in this, the second: in terms of the role played by
Or it can play in achieving economic stability and growth.
Known that the generally accepted view is that entrusted with the task of the Central Bank usually control the monetary and Sirefi in the country, however, recognize the Central Bank of this function is different from the ability to implement effective monetary control due to the fact that the bank is functioning and the central banking operations under the conditions of certain economic and financial and the impact of its operations and adopt its ability to implement its policies significantly on the amount of speed that foster the results of those processes and policies in the financial, monetary and Sirefi This, in turn, is linked to the availability of certain conditions can be summarized as follows:
1. Provide monetary and financial market advanced, systematic and integrated manner.
2. Tendencies commercial banks to keep rates steady monetary reserves compared Bmtlobacha of deposits.
3. Exercise commercial banks to the policy of the pieces in the Central Bank widely and resorts to borrowing it when needed as the definitive source of liquidity.
Therefore, the availability of these factors determines the success of the Central Bank to ensure effective control over the monetary and Sirefi of the country.
The fact that must be recognized is that the Central Bank is a bank which banks safe and Lifeboat and reference monetary support, without which we would see the Iraqi banks falling Kaorac autumn say this does not fear nor Zanier but the word right and the right of the Central Bank of confession as an important support provided by the Central Bank for banks Iraqi and conditions the recommended precautions.
But I am and I am kind of afraid that dragged the Central Bank once the abuse of power because of the wide powers to the banks on one hand and reaction to the irregularities on the other, and here the question arises which is the role that could be played by the Central Bank of Iraq in anti-inflationary monetary in Iraq? The answer is that the Central Bank played an important role in the fight against inflation, but not the only player in the Iraqi court to fight this dangerous phenomenon, but there are a number of other players should have the same role albeit in varying degrees will remind them later. Focused effort in the Central Bank combat the phenomenon of inflation in the two main points are:
First: the lifting of the exchange rate of the Iraqi dinar.
Second: raising interest rates paid by banks on the deposit as well as those charged by the disillusionment balances that the banks have, facilities and loans offered by them.
The lift came in stages and in more frequent intervals during one year and the result ultimately became interest rates twice what it was a year ago and in some cases exceeded weaknesses and should say here that if we want to address or solve the problem is we have to determine the date of the emergence of this the problem into existence and the reasons stood behind and the circumstances that have helped to spread and identifying those that are directly or indirectly related to the direction and coordination with the role of Co, effective and reassuring that does not have a role unhampered.
In this case, the key parties that are supposed to participate in the Central Bank to take responsibility and have a positive role within its jurisdiction because each of them contributed to the extent or another, inadvertently or intentionally created a problem of inflation.
We emphasize that such coordination can happen voluntarily if not binding decision of the Council of Ministers and Programme of Action measured by the real experts, not experts Mstenain Mslkyin got a degree because of years of service only, not own any scientific expertise are much in the current Iraqi government departments. I mean, those are the ministries of finance, oil, electricity, trade, industry, transport, planning and development cooperation, culture and media organizations and other quarters or other ministries have different roles in the score and details contributed to the creation of this deterioration, which they call a critical inflation and the Central Bank leaves struggling waves crashing alone unless he wanted That is to enter battle alone and this is what leads me to doubt his success in his difficult and thorny. To highlight the obstructionist role played by each ministry in the failure of the central bank's plan as wanting or not, which aims behind strengthening the purchasing power of citizens through improved capacity reciprocity for Iqdin owned or money, as follows:
1. Mone illation Finance Ministry: increasing staff salaries or salaries of retired law, I do not think that these actions serve to strengthen the purchasing power of employees and retirees at a time when rising inflation rocketed and no one able to eliminate or at least stop the encroachment This increase is the increase or illusory so-called scientific term Mone illation any illusion cash any increase in the number of monetary units, but their purchasing power is also the subject of a few buying the Iraqi dinar from the Central Bank and then the American dollar spent on the ministries and government departments in the absence of ownership of the country's tax system to a high level can withdraw liquidity from growing domestic markets In the hands of the citizens, all of these actions have contributed, in one way or another contribute to increasing rates of inflation, the monetary equivalent survey in Iraq indicate that the total spent most of the total money in circulation withdrawn and this will increase the money supply and the resulting increase in rates inflation.
2. Ministry of Industry: What did you do during the last four years after the events of 9 4 2003 May rehabilitate and operate factories? Are dissolved theme Mentsepe MIC dissolved? How is the number of workers who will serve in both pre-operational "stage of reform", or beyond? What did the issue of the protection of national industry arising from foreign competition in the Iraqi market dumping of foreign goods are cheap and expired.
3. The Ministry of Electricity: What did I do to alleviate the burden of suffering citizens and non promises inaccurate and Stumping on the issue of terrorism Yes terrorism destroys wire carrier of energy and fuel pipelines feeding stations What is the alternative? What solution? Terrorism destroys and the Ministry of Electricity and last question here continue to be conducted this serial strange? As of the end? The solution? To this dilemma, which has become a problem so that every Iraqi citizen is spent on gasoline for the operation generated more than is spent on nutrition, health and education.
4. Ministry of Trade: What did I do to serve the Iraqi people are responsible only for providing the food basket of the citizen or the so-called quota Supply citizen receives as a single article or articles of the total ten material assigned to him in the month and the remainder comes after several months under the manipulation of agents and carriers to share materials Without control of the ministry or any other government, and this has led to scarcity of this material in the local market and thus higher prices sharply For example, milk is not limited to adult material had been distributed among the ration for a month in February 2007 and so far this has led to high packet milk weighed 1 2 500 5000 dinars The question here would be how the price of a single canister in the blessed month of Ramadan? Is that milk is the rule Material Chemical dual difficult for the Ministry of Commerce import?
5. Ministry of Oil: Is it possible that the second largest oil reserves in the world lacks gasoline, kerosine, oil and gas cooking? Is it reasonable that the price of the bottle between 25000 to 30000 dinars, how is income citizens to buy gas bottle? It is strange that the ministry was talking about in strategic projects in 2010 or in 2012 we do not want to talk about these projects people want giant bottle of gas for cooking or litres of oil to protect our children from the winter cold bitter.
Thus, if most of the ministries and media organizations and other no need to engage in more details are known to all citizens and talk daily and all these gaps All of this imbalance is calculated on the government to speed up the drying and find appropriate solutions to them either to speak on the achievements of fictitious This kind of madness in fact none, statements resonant something else, and the best proof of that distress most people at the meeting with them on television and satellite channels must therefore take to the street to see the Iraqi reality deteriorating Iraqi citizen and a very bad and not Valsuwenh Iraqi Ile sank in the Sea of ocean waves, God forbid.
arabonics to me...lol anyone?
Economics: identify the factors influencing the Iraqi dinar exchange rate
Hossam judge *
صورة خاصة
Facts have proved and economic and political conditions experienced by Iraq during the last two decades of the last century and the recent years that there are a lot of overlapping and interlocking factors influencing the control line graph of the exchange rate of the Iraqi dinar ups and downs of foreign currencies in general and the dollar in particular,
ذا المجال.
That proved a mistake to count on the cash procedures established by the Central Bank finally, "despite its importance at this stage" However, these measures could be considered is the only factor and isolation from the rest of the other factors involving the sympathetic aspects of the task in this area.
السلع الاستهلاكية ي.
In addition to Iraqi citizen did not find the desired results of these actions in terms of goal which we envisage goal of reducing the rate of inflation, and that what took place is a clear rise in the prices of consumer goods and the low purchasing power of the Iraqi dinar, and this confirms the presence of a lot of other factors affecting the the real value of the Iraqi dinar.
.
Perhaps the economic factor, which depends on the nature of the variables of economic activities is one of the factors influencing directly in this area as the rates increase national income based on the increase in one-way domestic product may give the wrong and misleading indicators of the real economic growth, it is this increase due to the rise export prices or a resource such as oil or natural gas, and the increase in real GDP must rely on manpower investment and operation of productive and service sectors and diversify the sources of wealth of resources and non-oil sources, so it is the capital of natural resources-oil and non-oil and calculating returns Financial and economic investment in agriculture and industry, and the exploitation of other human energies that are different skills, will achieve a high proportion of self-sufficiency and reduce dependence on imports ratio and thus improving the status of the balance of trade, balance of payments and this in itself is an important factor in contributing to raising the rate of the Iraqi dinar.
اقي.
And the control of foreign transfers that could contribute to addressing the imbalance in the balance of payments and external balance it to maintain the external value of the national currency deterioration, in addition to the identification of capital flight because the exit of these funds is one of the direct causes of the events of the imbalance in the balance of payments, and that the relationship between has control over the conversion rate and the exchange rate seems clear through proportional distribution between consumer spending and investment domestically and externally, and also giving free conversion outer without specific controls lead to heavy demand for foreign exchange compared to what it is available locally and the consequent negative impact thereof The rise in the foreign exchange rate for the Iraqi dinar.
ب.
The variables global economic conditions are factored in the dollar exchange rate locally and globally Valmngirat controlling high or low crude oil prices worldwide have impact on the continuation of the wheel of the machine industry and agriculture of developed countries in a balanced and stable away from the fluctuation might change the prices of their products, which may have fluctuated sharply, and that the rise in crude oil prices globally if it is bad repercussions through higher prices of products exported by the advanced industrial nations affected bulk of this increase is the developing and underdeveloped non-oil producing and exporting bear more economic crises of the advanced industrial countries, which seek to compensate the high cost of production through the export of their products at high prices, and all of that will lead to changes in the exchange rate of the dollar globally and locally Slia or positively, as variables world oil prices and to reduce the effects caused by high oil prices globally note that the United States and other industrialized nations exercise kind of pressure on the Petroleum Exporting Countries to increase oil exports to reduce the price of a barrel of oil through the mechanism of supply and demand.
ي.
Other factors are also affecting the speculators banking offices and the exploitation of emergency which disturb the security situation and curfews and religious occasions and the month of Ramadan and the holidays and public holidays and other emergencies to raise the price of the dollar, in addition to the implications of the leak a lot of cash in foreign currency abroad because of the migration of owners capital of businessmen and industrialists, traders and investing outside Iraq, and could conceivably return of these funds and their impact on investment, increasing the money supply of foreign currencies and the ensuing rise in the value of the Iraqi dinar.
ية والامنية غير المستقرة ما زالت تؤكد صحة هذه المعادلة.
Perhaps the interrelationship between the political and security environment on one hand and economic conditions on the other factors are strongly influential in controlling Iraqi dinar compared to other currencies, and can be formulated this reality is "hypothetical equation" so to speak, affirming that security and political stability conducive to stability and economic well-being and thus stability of the local currency and the reverse is true, as witnessed during the Iraq crisis and war and the economic blockade has led to considerable defects of the infrastructure of the Iraqi deserts and the constant change and sharp exchange rate of local currency upwards or downwards secretions and the political and security situation is still unstable confirm This equation.
ين واضيفت كأعباء جديدة فوق ما يتحملون من اعباء.
There are many examples and evidence to support this view during the economic blockade and in proceeding to the signing of the Memorandum of Understanding "oil for food and medicine" during the nineties of the last century, many Iraqis believed that the beginning of this note means lifting the blockade or the economic embargo lifted and really followed by well-being and economic prosperity, low prices and the return of Iraqi dinar to its previous status which led to a sharp decline in the prices of consumer goods, cars, real estate and the sharp drop in the dollar exchange rate, but quickly became clear that this note is a simple maneuver or politically motivated or humane to alleviate the heavy burden , which was borne by Iraqi citizens, and that the final outcome of this issue led to considerable material losses incurred many Iraqis have been added as new over what bear the burdens.
In general, and serious scientific attempts to raise the exchange rate of the Iraqi currency must be taken into account concerted many factors influencing this area including the above mentioned factors.
* باحث اقتصادي
* Economic researcher
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Expected cabinet reshuffle won't include Maliki – president
Najaf - Voices of Iraq
Saturday , 09 /02 /2008 Time 7:02:56
Najaf, Feb 9, (VOI) – Iraqi President Jalal Talabani said on Saturday that the expected cabinet reshuffle would not include incumbent Prime Minister Nouri al-Maliki, revealing plans to widen the quadruple agreement to include six parties.
"The agreement signed last year would include the Iraqi Islamic Party (IIP) and Iyad Allawi's National Accord Movement," Talabani said in a press conference held at al-Hakim Foundation, led by Ammar al-Hakim, in the holy Shiite city of Najaf.
Talabani's Patriotic Union of Kurdistan (PUK), Iraqi Kurdistan President Massoud Barazani's Kurdistan Democratic Party (KDP), Maliki's Islamic Dawa Party and Abdul-Aziz al-Hakim's Supreme Islamic Iraqi Council (SIIC) had signed an agreement in August 2007 to push forward the political process in Iraq.
Ammar is the son of SIIC leader Abdul-Aziz al-Hakim, who is also the head of the Shiite Unified Iraqi Coalition (UIC), the largest bloc in the Iraqi parliament with 83 out of a total 275 seats.
Earlier on Saturday, the Najaf province's media spokesman, Ahmed Daibal said Talabani, a Kurd, arrived in Najaf to meet top Shiite cleric Grand Ayatollah Sayyed Ali al-Sistani.
"Talabani and Sayyed Sistani would discuss on the latest political and security developments in Iraq," Daibal told VOI.
During his weekly Friday sermon, Sistani's representative in Karbala, Ahmed al-Safi, criticized politicians on the delayed adoption of the state budget for the current fiscal year.
Kurds demand 17% of the budget be allocated to Iraq's Kurdistan region while non-Kurdish politicians insist on only 13%.
Najaf, said to be housing the tomb of Imam Ali Ibn Abi Taleb, a top holiest figure for Shiite Muslims, lies 160 km southwest of the Iraqi capital Baghdad.
Bush:Elections are referendum on Iraq policy
Saturday, February 09, 2008 11:49 GMT
US President Georges W Bush affirmed that US presidential elections which will be held in November are a referendum on his policies mainly in Iraq calling to achieve victory and preserve the White House through elections.
President Bush affirmed to conservative activists that they would soon have a standard-bearer without naming the front-runner for the Republican Party nomination Senator John McCain.
I'm a Gator fan!!! Right here in sunny S. Florida..lol
investment decisions on what?
IMO Israel will clobber Iran soon not US
ya never know..everyone wants to blow up Iran too..lol