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

Banks call upon Iraqi parliament to issue law protecting them
A number of owners of banking offices in Baghdad demanded on Saturday the Iraqi parliament of legislating a law that regulates and protects their financial transactions from the market changes because of the sudden decisions taken by the Iraqi government.

Ali Abdul-Zahra, owner of an exchange shop told AKnews that the work of banking in Iraq is still blurry and in need of regulation through legislation of laws that regulate the opening of the exchange offices.

"The law is supposed to prevent any economic decision that may disrupt the currency market which negatively affects the work of the offices."

"The circulation of hard currency (dollar) at the present time follow the decisions taken by the Iraqi government in particular with regard to the entry of goods into the country or not."

fadil Taher, the owner of Qusour Exchange office in Baghdad told AKnews that "the exchange work in Iraq is subjected to unjustified controls and in need of great facilities by the concerned authorities."

"The banking offices suffer from the problem of moving exchangers who affect the Iraqi market and this require serious treatment by the Iraqi government to prevent the excahnge outside the unknown offices."

"The well-known banking offices do not deal with unknown external financial actors and they work according to the regulations of money laundering law, which is adopted by the Iraqi Central Bank (ICB)."

The CBI had announced earlier this month about submitting a new law to combat money laundering to the Iraqi parliament in coordination with other government institutions, in order to provide greater protection for Iraq's economic system and to enter the international assessment.

The Anti-Money Laundering law adopted in 2004 states on securing the financial institutions, it also emphasizes on the punishment of a fine that is not more than 40 million Iraqi dinars, or a fine that is equal to twice the value of the property for everyone who initiates illegal financial with his knowledge, with respect to the issue of financing the crime and the armed operations.

The ICB monitors the financial institutions and the issuance of a regulation, in addition to that it issues a list of suspicious financial activities.

The anti-money laundering law states on authorizing the ICB to control the financial institutions and check their documents and accounts.

While MP Haidar al-Yasiri told AKnews that the parliament will work to organize the work of banking offices after the completion of some important laws for the Iraqi economy.

"The exchange offices do not need a legislative act, but a non-governmental legislation that coordinate with the government to organize its work."

"The parliament is considering the implementation of this idea that is the formation of a council for the exchange offices to change the work."

Hundreds of exchange offices are found in Iraq and they work almost daily and has links with the most countries in the world.

http://www.zawya.com/story.cfm/sidZAWYA20110306065313

Invitation to establish a banking sector mixed

According to a banking expert to the next stage requires the strengthening of Iraqi private banks to enable them to meet the requirements of construction and reconstruction campaigns.

The Managing Director of one of Iraqi private banks Mohammed Hassan al-Samarrai said the responsibility borne by the boards of directors of banks that it did not respond to the decisions to lift or increase capital or merger in the event of ability to do so, he said, adding that the government's responsibility is to encourage these banks by giving them authority to expand the provision of banking services lifting restrictions it to invest their money in the form required by the construction phase.

http://radionawa.com/Ar/NewsDetailN....644&LinkID=155

Iraq to Amend Investment Law?

A member of the Economic Commission in the Iraqi parliament said on Saturday that the current investment law will be changed completely and replaced by a new one that fits the economic needs of the country, and which will accelerate the completion of service projects.

Salman al-Moussawi told AKnews that the Economic Commission is not convinced that the current investment law is sufficiently flexibile.

The Iraqi Planning Ministry said that the next phase requires the development of new mechanisms to implement investment projects in the country to address the problem of delays in completing service projects.

“The Commission will consider a set of international laws in countries that have succeeded in implementating investment projects.”

The Iraqi government plans to remove the obstacles facing local and foreign investors.
“The new investment law will solve the problem of land allocated to projects, as well as the problem of the old laws that were legislated by the former regime and are still valid.”
Since 2006 The Iraqi government has imposed levies of between 8 and 12% of the land value of a project, reports AKnews.

The Commission approved in 2006 a new investment law in Iraq, under which the commission is exclusively responsible for all strategic investment projects of a federal nature, while the regional and provincial bodies are responsible for investment planning and granting investment licences in their areas.

http://www.iraq-businessnews.com/201...nvestment-law/

Iraq earmarks more than $1.5 billion for import of medicines

Iraq’s budget for the import of pharmaceutical and medical supplies for 2011 amounts to $1.57 billion, said the head of the state-run Company for the Marketing of Pharmaceutical and Medical supplies.

Sattar al-Saadi said the sum will be spent on the import of drugs and medical equipment and supplies to meet needs for 2011.

He said more than 1250 different types of drugs were included in the list of medical supplies to be imported this year.

Saadi did not say which countries or pharmaceutical firms his company intended to deal with.

In total more than 9000 medical items – drugs and medical supplies – were to be imported this year, he said.

The country’s 2010 medical import bill will also include, according to Saadi, 45 hi-tech medical instruments to be distributed across major hospitals.

He said the sum was so big to the extent that his company has allocated $80 million for the import of furniture to Iraqi hospitals and clinics.

“We have allocated $200 million to refurbish operation theaters in Iraqi hospitals,” he added.

Iraq imports more than 90% of all its medical needs, Saadi said, adding that the country’s pharmaceutical industry barely meets 6% of domestic requirements

http://www.azzaman.com/english/index...03-05\kurd.htm

CBI sells $130m in auction

The Central Bank of Iraq (CBI) sales on Monday registered $130.834 million, compared to the previous session’s $77.887 million sales at an exchange rate of 1170 Iraqi dinars per dollar.

"The demand hit $2.309 million in cash, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $1128.525 million in foreign transfers outside the country, covered at an exchange rate of 1,183 Iraqi dinars per dollar," according to a CBI news bulletin received by Aswat al-Iraq news agency.

http://en.aswataliraq.info/Default1....&id=141350&l=1

Iraqi Oil and Gas Recruiter Opens in Basra

Oil and gas companies now have another source for qualified Iraqi oil and gas workers. Al Sabah for Employment Services (SES), an Iraqi-owned company, now has a full time office in Basra with representatives in Baghdad and Kurdistan, all supported by a team of international recruiters.

SES is owned by Dr. Sabah Ali, a medical doctor from Basra who successfully grown his last recruiting agency to the 2nd largest in the United Kingdom. Returning to Iraq, his desire is to support his country by assisting oil and gas companies find the right candidates for their critical positions.

In doing so, his focus is on getting Iraqis back to work supporting this key sector. SES brings with it more than twenty-five years of experience in recruiting, and an in depth knowledge of the Iraqi labor market. More information can be found at www.ses-iraq.com.

http://www.iraq-businessnews.com/201...pens-in-basra/

Government adviser and experts: the options in front of the Iraqi government a few for the advancement of economic reality

see Undersecretary of the Ministry and government adviser, and two economists that the options available to the Iraqi government are few and need to develop economic policies and development in the public and private sectors to confront all the difficulties that stand to provide the economic sector, despite the development of recent policies, plans Strategic for the advancement by the Iraqi economy in all sectors in an effort to create a renaissance to face all challenges.

He says an adviser to Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge told the Kurdish news agency (Rn) that "the available options for the government to improve the economic situation as a result of a few slack-winning goal of the existence of more than four million government employees in a country of 31 million people."

But he points to some of the measures taken by the Government, represented by the current year to "increase the financial allocations of the ration card of three to six billion dollars, noting that" it will be reflected positively on the quantity and quality of food items on the citizens. "

The Advisor to the Prime Minister that economic "Investment Factor is only available to the Iraqi government to improve the economic situation," stressing "the need to develop the full protection of investors and investments and to facilitate the process of granting licenses and the allocation of land required, in order to release the wheel of investment and construction in the country is capable of absorbing a lot of workforce and improve their lives. "

And confirms Anbuge that "investment opportunities in Iraq to improve the economic situation is not great, especially since most of the general budget of the State of operational consumables," stressing "the need for economic reforms by the government of transfer allocations and grants powers to the provinces to get rid of the central abhorrent that increase red tape in the implementation of required projects. "

And facing the Iraqi governments after 2003 challenges in the sector of the economy, notably the confusion made in the development budgets of annual and described by economists and great, but the areas of exchange where Atmahb to invest but also to the operational area, which suffers from operations of administrative and financial corruption dropped its adverse effects on the high incidence of poverty unemployment and poor services in the country.

On the other hand calls for economic expert member of the Arab Council for economic policy and academic at the University of Petra, Jordan's Ali Al-Shammari government pledge to the citizens to make optimal use of economic resources for the well-being, and determine the size of government in the economy as measured by government spending to GDP so that does not exceed the 15-25%.

And stresses in his Shammari, told the Kurdish news agency (Rn) to "override the government of the poor distribution of financial allocations during the review again, financial allotments for the three presidencies (the Republic and parliament and cabinet), where they exceed a set allocations service ministries."

And calls on economic expert on the government to "overcome the low efficiency of use of financial resources to focus its impact on economic growth and social development in the state, pointing out that the latest indications on the growth of the Iraqi economy refers to the high proportion of administrative and financial corruption in the institutions and departments, and thus decrease the effectiveness of public spending and purpose towards economic reform and raise the level of social development. "

And demands that the economist-Shammari "to promote and strengthen and activate the exchange controls through the monthly reports that focus on the performance of the development plan and to all ministries, in addition to preparing annual reports to the Accounting defaulting ministries in their work, as well as

The need to form an advisory economic council membership includes a group of economists in order to raise the recommendations and advice to the government so that they are bound to apply. "

The financial expert and former member of the Baghdad Chamber of Commerce Samir Alwan stresses the need to pursue a policy of fiscal discipline in order to avoid the risk of entering Iraq in the chaos of financial leads him to enter into a tunnel to the economic crisis.

Alwan and shows in an interview with Kurdistan News Agency (Rn) that "the policy of fiscal discipline achieved in the adoption of precautionary policy price of oil so that the rate of oil prices for the last three years less than the expected global oils prices to 15 dollars."

It also stresses the need to "build a sovereign wealth fund that consists of capital through the difference between the price of oil for precautionary global level, in addition to the establishment of funds related resources from the petro-dollar allocated to the provinces of oil producing and oil resources."

The expert notes that the financial Alwan "petro-dollar funds, resources will be the safety valve of the Iraqi economy from changes in world oil prices and also can provide capital investment in the future."

But the head of the Central Agency for Statistics and the Deputy Minister of Planning and Development Cooperation Mahdi Keywords believes that the Iraqi economy needs to achieve the goals and concepts and the foundations of the theory are starting to develop and which to reality, especially with the great challenges facing the country at this time.

And the most prominent faces of the Iraqi economy's problematic MALE Keywords (Rn) that "the weak production and the elements of empowerment and declining industries and agriculture are the main reasons for slower economic growth in Iraq," noting "the importance of those sectors in support of the gross domestic product."

Shows the Undersecretary of the Ministry of Planning Keywords that "there is a risk to keep the economy entirely on profit-taking, and reliance on oil imports, asserting that" the keys to the progress of the economic reality is both sides in advancing the agricultural, industrial and energy saving. "

The Iraqi government spokesman Ali al-Dabbagh announced on the sixth of last month, the cabinet approved the law of the federal budget for 2011, as amended, which amounted to 96.6 trillion dinars. As for the House of Representatives on the seventh of the same month the second reading of the budget law.

He noted that "the Iraqi Council of Representatives to be decided in the case of any abundance Artva oil prices or increase production in Iraq during this year, turning a large part of the financial returns of these Alaratva to bridge the budget deficit in 2011."

And announced that the advisers in the Iraqi prime minister that the government decided to raise the investment ratio in the slot in the current year budget to 30% at the expense of the operational aspect in order to support investment projects.
And warned the Ministry of Planning in the earlier of the consequences of delay in approving the budget in 2011 that this puts Iraq on the touchstone of economic risk.

The Iraqi Council of Ministers had earlier said he had approved a draft budget for 2011 a deficit of $ 12 billion will be covered by the amounts retained from the previous year's budget and borrow internally and externally, between the expected income is estimated at 66.7 billion dollars, while expenditures amounted to 78.7 billion dollars, ie, a deficit of $ 12 billion.

http://www.aknews.com/ar/aknews/2/223344/

Economic official stresses the need to raise the level of services in Iraq

Stressed an economic advisor to Prime Minister Abdel Hussein Al-Anbuge the need to work towards providing the appropriate environment for the provision of service projects in terms of quality and quantity, pointing to the importance of policies followed and a tight implementation of all projects to raise the level of services in the general areas of the country.

Anbuge added that the implementation of projects must be accompanied by several important factors to reach the goal of implementation in the form required, and the most important provision of integrity, and must also be no knowledge of officials at the institution in the mechanics of the conclusion of contracts and implementation of projects, noting that there are millions of dollars spent on projects that have not come into existence efficient quality of the agreed quality specifications, which announced during the phase of the assignment.


http://radionawa.com/Ar/NewsDetailN....645&LinkID=155

Najaf governor criticizes the investment law, Iraqi lawmaker calls to grow and

The governor of Najaf, Adnan al-Zurfi Monday the instructions for the Iraqi investment law, but defended at the same time the Estmar the province, as Iraqi Deputy students to focus on this aspect because it spends on unemployment.

Zurfi said at a symposium in which he talked about obstacles to investment and was attended by the correspondent of the News Agency of Kurdistan (Rn) that "the delay in the vacation of some projects due to the code is stable in the investment law and not reluctance of the investment of county departments."

He said, "Najaf is the only province that gave 142 vacation and handed over 60 pieces of land for investors," he said, adding that he is personally responsible for directly through the signing of the investment licenses.

Zurfi said that "the province and found some solutions to end the problems between the municipalities and real estate registration, agriculture and others on the transfer of land ownership in order to accelerate investment because of its reflection to meet the needs of the citizens in Najaf, a private residential projects."

He pointed out that "the volume of investment in the tourism sector amounted to more than $ 500 million in the housing sector has reached more than three billion dollars," adding that "the agricultural sector earned four leaves that gave it them for the cultivation of 70,000 acres in the Sea of Najaf completed the three- thousands of acres. "

Meanwhile, a member of the House of Representatives of the Iraqi National Alliance honest gum that "reality can not promote the service only through investment, because the budget is able to meet the many needs of the Iraqi street, so must be enabled to support other aspects of the budget and the most important investment."

"We in the House of Representatives are ready to discuss and amend any of the laws that hinder the investment process because they ultimately will be reflected on the reality of circumstances, which are main aim and basic to the work of parliament," adding "the government should provide what is necessary laws and draft amendments to be resolved quickly."

He pointed out that "The government should also avoid all the obstacles occurring between the body and the competent ministries Alastmar through Altqtaat in implementation, if any, administrative Bmarjaiat Tzmn flow away from the bureaucracy."

http://www.aknews.com/ar/aknews/2/223432/

Iraq begins oil project injection wells with water within one month

Abdul Mahdi al-Amidi, director of licenses and contracts from the Ministry of Oil that he expected that Iraq will soon begin the first phase of oil-water injection wells to help increase the rates of production of crude oil from southern fields.

Amidi said stating that talks are currently concentrated with oil companies on the total cost of the first phase of the project, and it is expected to begin the first steps after a month.

Amidi said that Iraq had agreed with the oil companies, led by Exxon, which coordinates the initial studies for the project, to pump two million barrels of water per day in the fields of Rumaila and Zubair first stage.

Amidi said that oil companies will pay the cost of the project based on the amount of water pumped, adding that Iraq will pay the cost for companies at a later stage.

http://radionawa.com/Ar/NewsDetailN....613&LinkID=155