Thread: Iraq/Dinar News up until March 18th Midnight ctz

Iraq allows non-citizens circulation in the bourse Justice / follow-up to the Executive Director of the Iraq market for securities Taha Ahmed Salam that the Board of Governors in the market ", the circulation procedures for non-Iraqis and referred to the competent authorities for approval and authorize the commencement of work,

وأعلن .Salam announced that "work is continuing now to move from the manual circulation systems to electronic trading after the contract with the Swedish شركهOMX, which carried out the same project in exchanges of Dubai and Abu Dhabi, Cairo, Saudi Arabia, Palestine, in addition to the seven European exchanges," pointing to "the end of the train 32 staff and 48 broker members of the Securities and Finance and the Board of Governors in the market, to use the new system late last month, Salam explained that the current year "will be important for the adoption of a transaction and the transfer of electronic files investors of companies contributing to the deposit, leading to the elimination of the daily problems experienced by the work of the Stock Exchange. وكذلك.As well as increasing the speed of the rate of turnover of shares, as well as to encourage investors to training and moving to electronic trading and accept the inclusion of new companies in the market, as well as the expansion of the investment signing of the agreement with the Kurdistan to open the hall to circulate securities which, linked electronically with the market in Baghdad, Iraq, as witness the accession to the European International exchanges and cooperation with the Arab stock exchanges for the opening of direct investment through channels Stock Exchange. " The Executive Director pointed out the difficulties and problems encountered during the investment last year, and it is the results of the operations of trading in the market was "not positive", the most important one, according to the "lack of stability and security departments and some companies of the threat, and each other's abduction curfews and preserve the lives of citizens, and the migration of some Iraqi capital abroad, which led to the liquidation of large shareholders governor. .Moreover, increases capital-organization. " He Salam to the reflections of increasing interest rates on bank deposits to boost investment. Given the inverse relationship between rising interest rates and stock prices, as well as the non-participation of the financial sector in the government invest in the bourse, despite the presence of large financial surpluses in assets - invested, and the failure of some departments of companies in the development of the industrial sector activity. still operating at less than capacity. In spite of these obstacles facing investment activity last year, the Executive Director of Iraq that the market for securities, "able to carry 93 meeting circulation rate of two a week, during which circulation 58 one billion shares at a value of 146 billion Iraqi dinars.
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OH looky, another article about reducing inflation and raising the dinar

The Iraqi Central Bank announced its intention to reduce inflation and increase the value of the Iraqi dinar to be in the interest of stability and economic growth.
وأفاد ".A statement from the Media Office of the Central Bank Taklt Agency (eye) media a copy of today, Tuesday, "The bank continues its activities in the implementation of policy, which will take some months until the effects on inflation trends and its operations."

".Pointing out that the bank took into account in implementing the monetary policy of the exceptional cases in the evolution of a sharp price phenomenon resulting from temporary factors occur from time to time, and lead to higher inflation rates, in particular in relation to Bahttzazat aggregate supply in the economy and in particular the extraordinary rises in the price of fuel, transport and communications, in addition the normal seasonal fluctuations experienced by some sectoral activities in the Iraqi economy. "

وختم البيان قوله :He concluded the statement saying :

""."Central Bank of Iraq is still determined to reduce inflation and to address the causes and trends of continuing its policy of raising the value of the Iraqi dinar and the interest rate has, so take inflation downward track and was in the interest of macro-economic stability and sustain the general growth of the Iraqi economy."

www.eyeiraq.comWww.eyeiraq.com

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Maliki-Anbar
Posted by: saleem on Tuesday, March 13, 2007 - 12:22 PM

Maliki-Anbar
Iraqi Premier visits Anbar and meets tribal chiefs
By Wathiq Ismael

Baghdad, March 13, (VOI)- Iraq's Prime Minister Nouri al-Maliki arrived on Tuesday morning in Ramadi, capital city of Anbar province, and met with tribal chiefs, an Iraqi official source said.
"Prime Minister Nouri al-Maliki arrived this morning in Ramadi city and met tribal chiefs there," the source told the independent news agency Voices of Iraq (VOI).

He added "al-Maliki arrived at 10:30, onboard a helicopter coming from Baghdad."

Al-Maliki's visit was the first to the Sunni Anbar province since he assumed his post as prime minister in April 2006.
Anbar is 110 km west of Baghdad.

http://www.iraqdirectory.com/DisplayNews.aspx?id=3396

Byblos Bank to open Irbil branch in early May

Daily Star - [13/03/2007]

Byblos Bank says it will open a branch in the northern Iraqi city of Irbil in early May, becoming the first Lebanese financial institution to operate in the country. Byblos officials refused to say how much they invested in the Irbil offices, which will be staffed by 15-20 Lebanese and Iraqi nationals. About nine months ago the Iraqi Central Bank granted Byblos a banking license, which does not come with minimum reserve requirements for the Irbil branch."Iraq is not a new experience for Byblos Bank," said spokeswoman Ingrid Sfeir. "During the 1960s and 1970s, Byblos had dealings with major Iraqi traders and industrialists and banks. Today, Irbil and Kurdistan are a safe area to operate in. We are also following some of our Lebanese, Arab and European clients who have established a presence in Irbil. We have a plan to increase our branch network in Kurdistan and subsequently in all of Iraq."Local bankers generally applauded the move, seeing Iraq as a potentially lucrative market. Despite daily media reports of violence, bankers said Irbil was secure."Irbil is more peaceful than Beirut," said Saad Andary, deputy general manager of Bank of Beirut and the Arab Countries (BBAC). "It is the most peaceful region in Iraq right now. There is a lot of trade and a lot of investment conducted in Irbil and its surroundings. This is a good move on the part of Byblos."Byblos Bank representatives would not discuss their business plan for Iraq, but several openings exist."The need for construction alone is billions," said Joe Sarrouh, executive adviser to the chairman of Fransabank. "Definitely there is an opportunity there - the only handicap is the security situation. Iraq in general is a very promising market ... We are interested."With the flood of Iraqis fleeing to Jordan, many entrepreneurs have turned to Jordanian banks, with a smaller number using Syrian and Lebanese institutions.

Lebanese banks interact with Iraqis now mostly through letters of credit for Iraqi traders, but by setting up shop in Iraq, Byblos Bank might be able to absorb some of the business now going to banks outside Iraq, Andary said.The move to Iraq is in keeping with the current regional expansion trend among Lebanese banks. Byblos Bank opened two new branches in Sudan last year and will christen a new headquarters there next year, Sfeir said. Byblos Bank also has plans to launch operations in Algeria, perhaps within a year.

Lebanon's largest bank, Banque Audi, cut the ribbon on its Saudi Arabia branch on February 21, and bankers here told The Daily Star that Banque Audi purchased premises in Iraq and trained staff, but put its plans on hold. Banque Audi officials refused to comment for this article.Fransabank sent a delegation to scout opportunities in Irbil two months ago, but decided to consolidate its recent expansion into Sudan and Algeria before opening any more new outposts, Sarrouh said. BLOM Invest Bank, however, said Iraq's instability - beyond security concerns - made it unattractive territory for banking.

http://www.iraqdirectory.com/DisplayNews.aspx?id=3395

Iraq and Jordan discuss the financial file

Translated by IRAQdirectory.com - [13/03/2007]
Iraq and Jordan discussed the financial file between the two sides, especially the issue of Iraqi funds blocked in Jordan and the Jordanian debt on Iraq, amounting to about 1.3 billion dollars. Government sources said that the joint Finance Committee between the two countries held a meeting the day before under the chairmanship of the Jordanian Minister of Finance, Ziyad Frez, and his Iraqi counterpart, Baqir Jabr Solagh, where it discussed the issue of capitals and businessmen transit between the two countries and removing obstacles to the flow of goods in both directions, especially on the Iraqi side. The two sides had agreed last year that Jordan imports Iraqi oil at preferential prices, but the security situation in Iraq and the lack of safe means of transport between the two countries had prevented the implementation of the agreement. It is noteworthy that the volume of Jordanian trade with Iraq has witnessed a retreat for more than three years and has stepped down from first to fifth, especially after Jordan stopped importing Iraqi oil. Jordanian exports to Iraq went down last year to $ 460 million, after having reached $ 536 million in 2005; also, the Jordanian imports from Iraq declined further for up to $ 7.3 million the last year, compared to $ 28 million in 2005.

Trade Minister confirms that Iraq began a new chapter for the development of relations

(Voice of Iraq) - 13-03-2007 This issue was sent to a friend

The Republic of Iraq
Council of Ministers-the National Center for Media
Media Relations
A press statement / Press Release
Tuesday 3-13-2007

Trade Minister confirms that Iraq began a new chapter for the development of its economic relations and trade with the countries of the region and the world

The Minister of Trade, Dr. Abdel Hassan Sudanese farmer that Iraq began a new chapter of economic and trade cooperation with many countries of the world, came during his meeting with the ones working in the Ministry of the Foreign Economic Relations Department, adding that the Iraqi government is willing to increase economic cooperation with various countries of the world in order finding new frameworks previous closes files and put up new vistas of cooperation and to serve Iraq and these countries.

The minister pointed out that the Ministry was serious in the implementation of these endeavors by emphasizing the signing of joint agreements in all fields and to promote relations with all of South Korea, Iran and Syria, in addition to a broad program in this area.

The Sudanese information on the importance of closer ties each of these countries and work on the files show the information to facilitate the task of the joint committees working on more than one level and the tendency to develop relations and resolving pending problems caused by the conditions of the previous stage, stressing that his ministry is based on new technology information provides the best mechanisms with a view to upgrading work at the trade and economic relations and strengthen economic relations with Iraq, the region and the world.

Nasiriyah : forming secret to lift the excesses of the city streets

(Voice of Iraq) - 13-03-2007 This issue was sent to a friend

Nasiriyah News Network / Mortada Hamid :

The Directorate of Municipal Dhi Qar and cooperation with the police Nasiriyah broad campaign to raise the excesses of the streets and sidewalks in the center of the city and this is aimed at reducing congestion and Alazdhamat suffered streets of the city and a meeting of the Network News Nasiriyah with Lt. Abdul Karim Nouri stressed that the recent (formation confidential named secrecy order of the abuses Mr. Chief of Police of Dhi Qar, whose basic function is to raise the squatters from vendors located on the sidewalks and streets, which impedes the functioning of our citizens, we have correctly noted the acceptance of the squatters during the reporting on, they did not notice any obstacle during our duty, and also the offices of the Islamic the role in this aspect of this matter during the welcoming).

In relation to the juvenile market Senate District that there is a plan to eliminate aimed to raise the excesses on the streets of the city, through the allocation of market consolidated itinerant vendors.

You sorta minimized the part bolded but I think he was referring to the denial of a currency change (notes) not rate.

Originally Posted by Adster

Who remembers this?


The Central Bank of Iraq Denies Change Dinar Early Next Year

Safed Alsamuk-Baghdad

The Iraqi Central Bank denied that the change of the local currency within the current Iraqi actions he intends to begin work so as to meet the economic inflation in Iraq with the beginning of the year 2007.

The official spokesman said told ((today)) announced yesterday that there is no intention to change the Iraqi dinar at the moment, He refused to disclose whether there were any similar intention in the near future, after the Financial experts recommended deleting three zeroes from the Iraqi dinar after the American dollar to her and about a thousand dinars.


The spokesman noted that the launching of the issuance of new categories of the Iraqi currency into circulation depends on the requirements of the Iraqi economy to meet the expenses of the state in the coming stage, especially local supervision of the banking activity by the central bank and means of reform...

LEADING STORY

Iraq Allows Non-Iraqis to Trade Stocks

The council of governors of the Iraqi Stock Exchange have approved procedures allowing non-Iraqi traders into the market and have submitted the new regulation to the designated authorities for endorsement, the market’s executive director Taha Ahmed Abdul Salam said to Al-Hayat.

Noozz.com | IRAQ

Please excuse if previously posted. Thank you.

Turkish firms, Shell set up Iraq gas JV
Tuesday, March 13, 2007

Ercan Ersoy
ISTANBUL - Reuters

Turkish companies and Royal Dutch Shell have set up a consortium to bid for a gas production license in Iraq and build a pipeline to Turkey's energy hub of Ceyhan, an industry source said..

"There is a joint venture that has been set up to that end among TPAO [state-owned Turkish Petroleum Inc], Shell, [state pipeline operator] Botas and [Turkish firm] Tekfen," the source told Reuters at an energy conference in Istanbul.

The pipeline would run parallel to an existing oil pipeline from Iraq's Kirkuk to Ceyhan on the Mediterranean.

The source said the production of gas and its transport to Turkey were a focus of discussions between Iraqi, Turkish and U.S. officials at a meeting on Friday in Istanbul.

Turkish Energy Minister Hilmi Guler confirmed the meeting, saying it had been successful, but declined to comment on what had been discussed.

"This meeting was the first. We will meet again soon," he told Reuters on the sidelines of the energy conference.

The U.S. State Department's Deputy Assistant Secretary Matt Bryza, who attended the talks, said on Thursday Washington supported Turkey becoming a transit point to Europe for Azeri and Iraqi gas to provide a new source of gas and break the dominance of Russian giant Gazprom.

Bryza said the energy map of Europe would change if gas from Iraq could be incorporated in the future with gas from ex-Soviet republics such as Azerbaijan and Kazakhstan, but said this would require clear signals to investors.

Last week, Guler said foreign firms had expressed interest in working with TPAO, Turkey's state oil exploration firm, in its search for crude and natural gas in northern Iraq.

The latest energy moves follow the Iraqi cabinet's recent endorsement of a draft oil law that regulates how the war-shattered country's oil wealth will be shared between its ethnic and sectarian groups.

The law, which must still be approved by the Baghdad parliament, allows regional administrations in Iraq to negotiate contracts with international energy companies.

But it would also put oil revenues into a central account which would then be distributed according to population.

Turkey has a complex relationship with the mainly Kurdish north of Iraq. Its army generals and politicians have sometimes threatened to take military action to crush separatist Turkish Kurdish rebels hiding in the mountains there.

But despite such political tensions, more than 600 Turkish firms are operating in northern Iraq. Analysts say Turkish exports to the Kurdish government there, including fuel, totaled about $5 billion in 2006 alone.

© 2005 Dogan Daily News Inc. Turkish Daily News - Mar 13, 2007