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

Central Bank warns of continuing high inflation rates in Iraq





Adviser warned the Iraqi Central Bank of the continuing high rates of inflation as a result of near total dependence on oil imports.

And the appearance of Mohammed Saleh said during a press statement on Saturday that inflation will continue to rise unless it is handled that economic development and diversification of funding sources other than oil towards the development of agricultural and industrial projects and support domestic production.

Saleh added that monetary policy in the country will continue to rise in the event of continued development of gross domestic product unable to meet the imported materials to match supply with demand of economic goods.

He said the natural events that took place in some economically important countries such as Japan led to the rise in food prices as well as a shift of some food ingredients such as corn to fuel, so the inflation will continue to rise in Iraq and rising oil prices in the interest of Iraq.

http://ar.radionawa.com/Detail.aspx?id=1215&LinkID=197

Bulgarian companies review investment opportunities in Wassit

A number of Bulgarian companies discussed investment opportunities in Wassit, chairman of the Wassit Investment Commission said on Friday.

“Representatives of a number of Bulgarian companies discussed on Thursday (March 24) in the Wassit Investment Commission in Kut investment opportunities in agriculture and industry sectors,” Sadeq Howeidi told Aswat al-Iraq news agency, noting that the delegation, accompanied by a medial team, signed a memorandum of understanding with the province I the medial sector.

“They also expressed readiness to start projects in the infrastructure sector,” he added.
Kut, the capital of Wassit, is 180 km southeast of Baghdad.

http://en.aswataliraq.info/Default1....&id=141620&l=1

Iraqi Parliament to discuss 12 laws this week, including oil production, leading officials salaries and Journalists Protection Law

The Iraqi Parliament has decided to discuss 12 laws, including oil production, leading officials salaries and the Iraqi Journalists Protection, in its sessions on Sunday and Tuesday, the semi-official al-Sabah newspaper reported on Saturday.

“The Sunday session is expected to vote on a law to abolish a draft-law to promulgate a contract for the development and production of southern Iraq’s al-Ahdab Oil field and to vote on a draft law for Iraq’s adjustment of the agreement on the oil pipeline, concluded with Turkey on 27/8/1973,” the newspaper said.

It added that the said two Parliament sessions would also discuss a draft- law on the Iraqi Integrity Commission and the draft-law on the Iraqi Housing Fund.

The two sessions, the newspaper added, shall also discuss the draft-law for the special investment regarding the crude oil refinery No. 64 of 2007, as well as the law on Protection of Journalists and the draft-law on salaries and allocations of the President, his two vice-presidents, the prime minister, his deputy prime ministers, ministers, under-secretaries and other high-ranking officials, as well as the Parliament’s speaker, his two deputies and the other members of Parliament.

http://en.aswataliraq.info/Default1....&id=141632&l=1

Rep. Susan Saad: Council of Representatives will vote on Sunday on the first laws to the Commission on oil and energy parliamentary

Confirmed member of the Commission on oil and energy and natural resources in Parliament MP Saad Susan that will vote on Sunday on the first legal Crathma Committee previously.

Al-Saad said in a statement received by the independent press (Iba) a copy of the committee will be legal abolition.

http://www.ipairaq.com/index.php?nam...onomy&id=36797

Central Iraq: 250 billion dinars minimum capital for the establishment of private banks

The Central Bank of Iraq adviser, on Saturday, the bank select the $ 250 billion Iraqi dinars as a minimum for the establishment of private banks in the country.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Central Bank of Iraq select 250 billion Iraqi dinars capital companies that want to establish private banks in the country given half after getting the final license by the Central Bank."

And the central bank of Iraq in the last month that he would give the number of licenses to establish private banks, stressing that the increase in banks will enhance the economic role of the country.

Saleh explained that "the procedures for the registration of private banks begin to offer the company a request via Mhaorha to the legal department of banks in the bank and attached with the economic feasibility and then gets to leave the primary."

He continued that "access to leave the final to be decided upon by the Governing Council after the completion of official documents and most important of which leave from work before the Registrar of Companies and a detailed view on the work of the bank and the main financial and monetary transactions."

He denied the central bank in June 24 last that the development of Iraqi private banks according to risk is confirmed by the Ministry of Finance down.

The total capital of Iraqi private banks one billion and 600 million dollars now, other than bank branches owned by Arab and foreign companies operating in the country.

The Central Bank of Iraq said last Wednesday that the high inflation rate 0.01 November November compared with last month will not affect the value of the Iraqi dinar.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.

http://www.aknews.com/ar/aknews/2/227478/

Basra: a conference on oil investment with the participation of British

Search Investors British and foreign and Iraqi businessmen as well as representatives of local government in Basra on Saturday, means the oil investment in the province as well as study the situation of the Iraqi market, during the investment conference of oil second in the presence of members of the British House of Lords, and representatives of a number Companies of the Iraqi and British and foreign companies operating the oil sector under the auspices of the British Business Council in cooperation with the Iraqi General Union of businessmen in Basra.

The head of the Iraqi Business Council - British Baroness Emma Nicholson of Kurdistan News Agency (Rn) "The aim of the Council, attracting British and foreign investment to enter the Iraqi market in order to rebuild and stabilize the country and contribute to the overall upswing."

She added: "We had a recent successful conference in Arbil on investment and last week we met in Baghdad with Deputy Prime Minister for Energy, Hussain al-Shahristani as well as agents and a number of Iraqi ministries, and we were able to attend the extended meeting with the Iraqi Council of Ministers."

She explained that "there are 36 members of the Council came to Basra to discuss the investment opportunities available in the province." Asserting that "the Council, a charitable organization non-profit organization aimed at bringing investors to Iraq, and participants today at the conference attended on their own members, including the owners of oil companies in order to create a family of businessmen and British North America as well as Iraqi businessmen. "

The Business Council of Iraq - the British are about a year and a half and includes Iraqis and British investors, as well as the British out of Iraq.

For his part, said the President of the Union of businessmen in Basra Sabih al-Hashemi said "the participants at the conference will discuss the conditions of the Iraqi market and opportunities available to it, and what can be done by the invited companies from the investment, particularly in the oil field."

He pointed out that "The second day will be the final recommendations of the Conference for discussion and approval." He said, adding, "The conference is a clear message reflecting the image of stability in Basra."

Between the Director General of the Southern Oil Company, Jafar al-Moussawi said, "such as this conference is important is the opportunity it provides for international companies visited the province and a field examination of their positions and investment opportunities available in it."

"The Southern Oil Company is seeking to participate in such events with the participation of international oil companies hope to enter the market of oil investment in the country, either through licensing rounds or through service contracts in the oil fields."

The conference takes place over two days in Basra, Millennium Hotel, attended by representatives from the British company BP and Shell U.S., as well as representatives of companies that have not previously worked in Basra as Sky.

http://www.aknews.com/ar/aknews/2/227488/

Economists call for resources to find "alternative" for oil to support Iraqi economy

It seems that the popular protests in the cities of Iraq because of poor services was the reason behind the launch of a number of government decisions to reform the service situation in the country.

However, the absence of strategic planning for these reforms to make it ineffective and inadequate, and will have negative repercussions on the economic reality of the country, especially that Iraq today is based on 90% of its oil, according to economists.

According to the National Alliance MP Abdul Hussein al-Yasiri during an economic conference held in Baghdad Gulf Bank and was attended by the correspondent of the News Agency of Kurdistan (Rn) that "Iraq's dependence on oil to support the economy is a threat to the country."

Yasiri said "The government should be looking for new resources of the Iraqi economy, including agricultural development, livestock and food security, as well as providing support to the private sector and create an environment that supports investment through laws."

And floats on a sea of ​​oil, and has the third largest reserves in the world, after it announced the Iraqi Oil Ministry in October to increase oil reserves by 25 per cent to 143.1 billion barrels.

He added Yasiri that "the fact still did not venture beyond the 30% investment and the development of means to reduce unemployment in the country," and wondered "if it stops the production of oil or how marketing will support the Iraqi economy?".

In turn, said Hussein Allawi, an energy expert at the conference that "the problem that has plagued Iraq is having a crisis of decline in the level of energy production and the reason is due to the absence of strategic planning for action".

He noted that Allawi "to address the problem is not setting up the stations and it is how to provide these fuel stations," waving to "This process requires the cooperation between the Ministry of Oil and Ministry of Electricity and ministries concerned with energy."

He continued by saying that "Iraq today has opportunities available in quantities of oil and gas and clean energy resources like wind and sun," noting that "these resources should be exploited in the construction of large industrial complexes compete complexes in the Middle East."

The expert said in the area of ​​food security through porous peace conference that "the citizen has the right to access to electricity services and livelihood opportunities and the elimination of unemployment and the provision of rations," asserting that "these things to ensure a minimum stability of the citizen to survive."

She porous that "the government as a sponsor of the right-General is supposed to provide these demands," warning that address these demands by turning it into cash allowances even if they were small they would not serve the interests of the market and the Iraqi economy and will cause inflation. "

Experiencing a number of Iraqi cities, popular demonstrations since 25 of the last month in protest against the deterioration of services and the growing phenomenon of youth unemployment and the spread of administrative and financial corruption in state institutions as well as the lack of vocabulary ration.

http://www.aknews.com/ar/aknews/2/227508/

Ministry of Oil: a gradual increase in production over the coming months

Oil Ministry confirmed that the current rates of crude export amounted to 2.202 million barrels per day of Almwani South and North.

He said the ministry, spokesman Assem Jihad said on Friday, "There are gradual increases in the export of crude oil during the coming months through increased oil production."

The official emphasized that "the ministry is working to produce more than three million barrels per day, the end of this year," explaining, "It is hoped to get an increase in production through licensing rounds, the first and second."

He pointed out that it is within the Ministry's plans to develop system of oil exports from the south and in line with the gradual increase of the production of the future of Iraq.

http://www.radiodijla.com/cgi-bin/ne...?id=2011-03-25

Economist: economic situation is threatened with collapse unless dealing with unemployment

Iraqi economic expert, Saturday, on the economic situation in Iraq is threatened with collapse unless it addresses the file unemployment, attributing the cause to political interference in management.

The former Planning Minister Mehdi al-Hafez told the Kurdish news agency (Rn) that "Iraq is entering a major economic crisis will threaten the economic security and increase the political and social tendencies in the country."

Al-Hafiz explained that "economic security strategy is missing," adding that "economic growth is far from the political changes in unemployment, while dealing with a radically through activation of the private sector and foreign."

He said, "activating the private sector and the public are not taken only through a clear strategy of the government accompanied by a package of economic legislation the task."

He added that the "men of the State a large part of them consider that it is above the law and regulatory regimes, including economic policy of the country."

He pointed out that "the political and economic situation could deteriorate if the situation continued living of Iraqis," noting that "the State has not established a clear mechanism to combat unemployment and the reduction rate, which reached as reporting the official government and international organizations to 30% the number that does not have in developing countries or developed or live high levels of poverty."

The results of the survey recently conducted by the Ministry of Planning and Development Cooperation in collaboration with the Ministry of Labour and Social Affairs of Iraq, that the unemployment rate among the population aged 15 years and over of 28.1% for both sexes.

The survey indicates that the unemployment rate for males stood at 30.2% versus 16% for women.

According to a report on the results of a survey of employment and unemployment rate of unemployment in urban areas, 30% versus 25.4% in rural areas.

http://www.aknews.com/ar/aknews/2/227557/

Economic Committee in the Parliament critical of the mechanism and the Oil Ministry signed with international companies

Member of the Economic Commission parliamentary mechanism and the oil ministry in contracting with international companies regarding the duration of contracts entered into for the production of crude oil from Iraqi fields.

The committee member said Salman al-Moussawi, "The Oil Ministry was supposed to conclude licensing contracts for a period of five years, subject to renewal with the oil companies that won licenses in the three rounds."

"The conclusion of contracts between the oil ministry and international companies for a period of 25 years of work is clearly wrong and must be addressed, the fact that such contracts must be structured according to the oil and gas law, which regulates oil policy in the country."

http://www.radiodijla.com/cgi-bin/ne...?id=2011-03-26