Thread: Archive News - Iraqi Dinar Think Tank - 24/01/201 - 23/07/2011

ICB: Oil policy has major impact on Iraqi monetary policy
The government plans to raise oil export to one million barrels per day.

An advisor to the Iraqi Central Bank (ICB) said Monday that monetary policy is deeply affected by the oil policy, which is the backbone of the Iraqi economy.

Muzher Mohammed Saleh told that the ICB has large reserves because it believes that any imbalance in the Iraqi oil policy would cause major economic problems, especially in the monetary policy managed by the bank.

Iraq relies heavily on oil to finance its internal economy after industry and agriculture were semi-paralyzed in the country after the allied invasion in April 2003.

Since 2003, the central bank has been able to provide a secure umbrella of $50bn to meet its local and international capital needs.

"The government plans to raise oil export to one million barrels per day over the next five years after setting up three rounds of investment licenses for the country's oil fields," he said.

"Oil revenues from 85% of the income of the general budget, and 95% of the monetary reserves of the country," he continued, "the government pays in Iraqi Dinars while the ICB gives US dollars in return in order to establish a strong monetary reserve known as currency cover".

The ICB hit the headlines last month following the announcement of a Federal Court ruling that linked the bank, along with a number of other bodies, to the cabinet of ministers rather than to parliament.

Many parties warn that the Bank will lose its independence and become subjected to political pressures like the rest of the independent bodies covered by the latest court decision, but the federal court?s rulings are conclusive and cannot be contested.

http://www.kurdishglobe.net/display-...3FBA41707A59DE

Msdermtalaa reveals deal with the Kurds, al-Maliki to pass a federal budget for the current year

A senior source revealed to the decision-making on the results of the visit the Prime Minister of the Kurdistan region to Baghdad, and discuss with Prime Minister Nuri al-Maliki, on the outstanding issues.

The source said in a statement to the Agency by news Tuesday that Nuri al-Maliki had agreed with the Prime Minister Barham Saleh on the number of points that were impeding the Kurdistan Alliance, a vote on the federal budget for 2011.

Revealed that al-Maliki granted the Kurdistan region of $ 200 million budget for the Regional Guard (Peshmerga) in addition to the Kurdistan share of the budget, amounting to 17%.

The source added that he was agreed to non-interference in the affairs of the Centre Regional Guard, and reduce the share of Kurdistan, the export of crude oil from one hundred and fifty thousand barrels per day to one hundred thousand barrels a day.

http://radionawa.com/Ar/NewsDetailN....326&LinkID=155

Representatives of 50 Iranian companies descend on Sulaymaniyah today

is scheduled to arrive to the city of Sulaimaniyah on Tuesday, a senior Iranian trade delegation to strengthen trade relations between the two sides,

A statement by the Union of importers and exporters in the province of Kurdistan, said the delegation includes representatives of 50 of the leading Iranian companies specialized in the areas of electricity, construction, and natural resources, agricultural and food, to discuss the investment of Iranian companies in the province.

The statement said the delegation will discuss ways to develop trade relations with the Union of Importers and Exporters in Kurdistan.

http://www.ipairaq.com/index.php?nam...onomy&id=35522

Shell expects to double oil production to double in 10 years

Said in Royal Dutch Shell said on Monday that Iraq's oil production will double, to double in the next ten years, not four-fold as indicated in the initial goals of the Government of Iraq, but still able to challenge the influence of Saudi Arabia in OPEC. Shell said in the report of energy scenarios to 2050, published for the first time since 2008 that Iraq represents a point vaguely in the form of oil supplies that are likely to reach its production to between five and six million barrels per day over the next ten years if progress is a reasonable amount of stability and security.

The former Iraqi government said that the partnership with oil and gas companies including Shell, may increase production to 10-12 million barrels a day.

Shell said, "This means that it is essential to maintain growth rates at ten to 15 percent annually through at least a decade, a feat not achieved in modern history."

Shell said that it is essential in the medium term to achieve a balance between raising Iraq's oil production at a rapid pace to earn income and avoid the glut of supply in order to be able to manage the sidelines of OPEC spare capacity as it should.

The company said "an important factor for price volatility levels of spare capacity of OPEC and the Organization's commitment to quotas agreed to curtail production during periods of weak demand and continued market perceptions about the decrease in supply over demand in the medium to long term."

Shell said that because Saudi Arabia re-configure the excess production capacity through the operation of new facilities, it will retain under the leadership of OPEC and reinforce its international influence.

She added, "This leadership will be challenged if it continues the current margin of surplus OPEC capacity, as it is during the next ten years. This will depend on the rate of absorption of Iraq's oil production and the competitive responses from other countries in OPEC wants to maintain its market share."

On the other hand Shell said supplies of natural gas boom in North America is one of the most important changes in the balance of energy markets in the past few years. She added, "is currently believed that the total resource potential is large enough to cover current levels of consumption for about a century. The boom beyond the coast of North America much. There are many other countries, which encouraged the search for new sources of gas."

http://translate.googleusercontent.c...ju0_RDvggCOHpQ

Zain Iraq fined $ 262 million

Imposed on the media and communications Iraqi fine of $ 262 million on the Mobile Telecommunications Company (Zain) for violating the licensing agreement. The authority said in a statement on its website it had imposed fines on 11 January and before Zain period of three months to pay the fine.

He said the jurist, a member of the Board of Trustees that the body of Zain's right of appeal against the decision.

He added that Zain used five million raised by the slide in the market without the knowledge or permission.

http://translate.googleusercontent.c...auFZxkfoRfvmkg

Baghdad and Washington talks to start to develop economic and trade cooperation

Began in Baghdad yesterday, Iraqi talks - U.S. to strengthen cooperation and trade relations and economic interdependence in various fields. statement of the Office of the Deputy Prime Minister Ruz Nuri Shaways him as saying yesterday during a meeting of the Coordinating Committee of Iraq - the U.S. Joint Special economy and energy in the light of the strategic framework agreement between Iraq and the United States (SOFA): that «the government is encouraging investment and the contribution of the private sector in the development process through a administrative reforms and enactment of new laws and to provide facilities for investors ».

The statement said that «the heads and representatives of joint working groups of Iraq and the United States discussed the current areas of cooperation and reviewed the latest developments in the field of discourses and their previous meetings«.

He said they discussed «How to facilitate the movement of businessmen and investors and how to develop and support banking systems in Iraq to enable it to offer advanced banking services, with a discussion of the issue of support industries, the private sector small and medium-sized enterprises in support of the economy and through the provision of new job opportunities».

The statement continued: The «Discussions included the successor arrangements to the Development Fund for Iraq, DFI, and the appropriate procedures to ensure the protection of Iraqi funds after the lifting of the current protection, as the conferees discussed the measures taken and to be taken for Iraq's accession to the WTO, as well as to study some of the things common economic«.

The two sides agreed to continue their efforts and their meetings, especially at the level of technical working groups in order to reach common understandings and close cooperation to establish a long-term relationships and sustained benefit on the economy of the two countries and the welfare of the people of Iraq and the United States.

The Iraqi side headed by the Deputy Prime Minister Ruz Nuri Shaways, while the side was headed by U.S. Deputy Treasury Secretary Neil Lane, and was attended by the heads and representatives of the management teams of public finance and trade, investment and private sector development and a working group of oil and gas from both countries.

In the meantime, search Shaways with Deputy Head of the General Federation of Trade Unions Jabbar Taresh Darraji and a number of EU members, the rights and freedoms of association.

He said another statement, the Office of Shaways: The «Members of the delegation reviewed the reality of work of the Union, as well as the concerns of workers and the importance of accelerating the issuance of the new labor law being resolved many issues of concern to employers, workers and work programs, health and safety professional and the rights and freedoms of association and the need to hold elections free trade union and independent».

The statement quoted Shaways as saying: The «workers part of the basis and important part of Iraqi society and the economic process under way, and the Iraqi government will support the orientation and the rights of workers and ensure the freedoms and safety and the rights of trade unions as guaranteed by the Constitution, laws and relevant international conventions«.

http://translate.googleusercontent.c...HoDRvlghMMJsUA

Iraq raises the volume of oil exports to 3 million barrels per day year-end

The Oil Ministry announced on its ability to increase the size of Iraq's oil exports to 3 million by the end of this year.

He said Undersecretary Ahmed candle that Iraq will be able to increase the size of its oil exports by 900 thousand barrels per day later this year, bringing the total exports of Iraq to about 3 million barrels per day, adding that the Iraqi Oil Ministry has extended the deadline to receive bids on the fourth stop export floating or anchored floating platform, starting from late December until next April.

http://radionawa.com/Ar/NewsDetailN....295&LinkID=155

Government decides to postpone the purchase of F-16 aircraft and the allocation of funds to the ration card

Iraqi government decided to postpone its plans to buy 18 fighter jets from the U.S. F-16 and use the money allocated to it to buy food for the poor.

The BBC quoted the BBC, government spokesman Ali al-Dabbagh as saying: The Iraqi government will use the money for the purchase of aircraft to enhance the ration on which a large sector of the Iraqi people.

The complaints have increased in recent times to reduce this share, poor quality, which called on parliament to host the Minister of Commerce, and the number of officials and for investigation into contracts for the ration cards.

Dabbagh said that he was scheduled to be paid in Iraq this year one billion dollars to the United States, the first of the purchase price of the aircraft, but we urgently need the money this year to fund other necessary purchases.

He stressed that Iraq did not think to buy aircraft from another country at a lower price also cited a number of Iraqi newspapers in recent days, but we believe that these aircraft are more efficient aircraft, the world and we need it, absolutely.

For his part, U.S. military spokesman said that the United States understands that Iraq must take the difficult financial decisions.

And saw several areas in Iraq in recent days, demonstrations calling for the fight him with corruption in state institutions and improving public services.

http://www.ipairaq.com/index.php?nam...onomy&id=35518

Deputy: allocation of one dollar per person for the provinces of non-oil producing

The deputy of the Iraqi List, said Tuesday, an agreement between the political blocs on the award of the Iraqi provinces non-oil producing amount of one dollar for each individual to maintain, within the budget year.

Said Ziad worldwide abolition of the Kurdistan News Agency (Rn) that "the political blocs agreed on the Adoption of the item in the draft budget law in 2011, provides for the provincial non-oil producing amount of one dollar for each individual to maintain, in addition to funds the development of regions and that of 800 Iraqi dinars per person ".

"The 2011 budget contains many economic problems, so the political blocs, is counting on the Economic Commission for the development of a fair balance for all provinces."

Revealed the Economic Committee in the Iraqi parliament on Tuesday that it will finish writing the final report of the Federal budget, containing the claim, inter amendments and clarifications, unexpected vote on the budget before the end of this month.

He noted that the worldwide abolition "to give the provincial non-oil producing one dollar for every person living in the province, comes from the door of the efforts to find a balance between Iraqi provinces the oil-producing and non-producing oil."

This agreement comes between the political blocs to achieve a kind of balance between the provinces after Iraq admitted last year to grant the provinces the oil-producing amount of one dollar for every barrel of oil produced from the fields, and called the amounts allocated to it as "petrodollars."

The Iraqi government has approved the final version of the draft federal budget law for fiscal year 2011, reaching 96.6 trillion size of Iraqi dinars (81.9 billion U.S. dollars).

Economists expect the budget deficit to reach about $ 12 billion, in what is expected that the rate of spending about 54.7 billion dollars.

Iraq relies He is a member of the Organization of Petroleum Exporting Countries on oil revenues to finance about 95% e of the annual budget.

In the opinion of a number of deputies that the delay in the budget over the period has been delayed disrupt the process of construction, age and impede the movement of government and ministries.

Witness the preparation of budgets, the country's financial and approval delays by the government and the House of Representatives because of the large number of objections and criticisms on some of its clauses, most notably the aspects of exchange and the financial allocations for some government institutions and the three presidencies.

http://www.aknews.com/ar/aknews/2/218443/

Basra Investment Commission is preparing for the exhibition Iranian Specialist its second session next Friday

Examined the Basra Investment Commission with palm Middle East Iranian sponsors of the exhibition Specialist for its second exhibition and coordination to receive more than 80 Iranian companies Mokhtssp in various sectors.

A source in the body in a statement received by the independent press (Iba) for the company's vice president Mohammed Roshan Zada as saying that there are more than four thousand Iranian company has investments with a capital of $ 90 billion in the UAE have expressed their willingness to invest in the province of Basra, and will be the most important capital in this exhibition to identify the sectors and investment environment in Basra, more broadly as a prelude to entry and the establishment of projects that contribute to developing the economy of the province and create jobs.

The exhibition will be held at the International Fair ground in the port of Basra stronghold of the date of 18 to 22 / February, 2011

http://www.ipairaq.com/index.php?nam...onomy&id=35516