Thread: Iraq/Dinar News to April 19, 2007 10PM CST

Hi,

I ask the question once again has the Iraqi Stock Exchange opened to foreign investers yet, I was under the impression that the 15th April was to be the day.Does anybody know???.

Amnesty : Iraqi refugees on the verge of crisis
(Voice of Iraq) - 16 - 04-2007

Conference to help them begin tomorrow in Geneva with the participation of 60 countries

London :> Middle East>
Amnesty International warned yesterday that the Middle East was on the verge of a new humanitarian crisis, unless Western forces take urgent action to help the four million Iraqis displaced by the war.

The warning coincided with the convening of an international conference opened in Geneva tomorrow to address the problem of refugees, immigrants, refugees and the Iraqis, under the auspices of the High Commission for Refugees and the International Committee of the United Nations. UNHCR also invited Iraqis living in Syria, to register their names with, but cautioned that the services it can offer them limited. The human rights organization, based in London, the United States, the European Union and others to assist the Governments of Jordan and Syria, which are struggling to accommodate some two million Iraqi refugees fled the country.

The displacement of about 9.1 million refugees last in Iraq, many of them during the past year, which were marked by suicide bombings and sectarian violence.

Amnesty said in a statement <the Middle East on the verge of a new humanitarian crisis unless the EU and the United States and other countries were urgent and concrete action>, according to Reuters.

Said Malcolm Smart, Director of the organization's Middle East and North Africa, Syria and Jordan bear the largest share of refugees so far, <but there should be a>.

He said <it is necessary to intervene other governments now ... To provide direct assistance to ensure that refugees have access to appropriate housing, food and access to health care and education, to Syria, Jordan and other countries (host)>.

According to the United Nations High Commissioner for Refugees, flees between 40 thousand and 50 thousand Iraqis from their homes monthly, in a campaign exodus linked to the continued violence and poor basic services and lack of jobs and uncertain future.

Sotaliraq.com - ÕæÊ ÇáÚÑÇÞ

Originally Posted by abbey56

Hi,

I ask the question once again has the Iraqi Stock Exchange opened to foreign investers yet, I was under the impression that the 15th April was to be the day.Does anybody know???.

as far as i know the isx trades on monday and wednesday still. the 15th is on a sunday and i wouldnt expect any trading goin on.

Economic morning : market experiencing a state of alert consumers, traders maintained at prevailing rates
In light of the gradual rise of the dinar exchange rate

Baghdad-Abbas Algalbi

With the Iraqi Central Bank confirmed its intention to move its policy cash seeking to control the hyperinflation that has ravaged the Iraqi economy Pant fruit gradual rise witnessed remarkable dinar rate of exchange against foreign currencies appeared on the horizon of consumer markets state of alert consumers to offset the case of some traders maintained at prevailing rates before launching the Central Bank and its policy parallel to the current exchange rate of 1480 dinars to the dollar Dr. Mohamed Saleh appearance adviser in the Iraqi Central Bank attributed this to the state of alert consumers to weak public confidence in the monetary policy being followed because of the efficiency and integration of information available on this policy, saying that problems and enrollment imposed in the Iraqi market dealings.
Saleh emphasized that the Central Bank issued monthly statements exposure to price trends and developments adopted by the monetary policy, describing that policy Balemtemesch and transparent in putting itemized and procedures, pointing out the importance of consolidating the confidence of the public in those actions that require additional time to quote and called on the media to the need to deliver all joints The concepts of monetary policy currently used by the central bank to the public at large dealers and to all market institutions in order to create a state of interaction between the pillars of market institutions and the information it makes monetary policy decisions leading to efficient and balanced.
He emphasized that monetary policy path towards stability and the reduction of inflation and promoting economic growth needed to be convinced and enjoys without doubt or suspicion or anticipation by consumers, considering that this requires building bridges of trust with all its market.
As Amjad Al-Jabouri head of Baghdad Chamber of Commerce, who praised While monetary policy, which led to a rise in the dinar exchange rate against foreign currencies, he counted the cause of this increase maintained some traders prices previously parallel to the dinar rate of exchange of 1480 dinars to the dollar, pointing out that it led the rise to a disparity in the prices of goods purchased when compared with the time the offer was delayed due to storage areas outside of trading in the market due to lack of delivery because of the security situation.
He called Al-Jabouri all traders to understand the policy goals of the Iraqi Central Bank, describing such a policy Balzamanh for futures trading.
Call head of Baghdad Chamber of Commerce in this context, signaling the interaction one of the most important pillars of the market and they (traders) with the feasibility and effects of monetary policy aiming at reducing inflation and because of the refunds to create a state of instability in the markets in turn leads to lower or stabilize the prices of goods, especially consumer goods, such indicators positive signals appeared to stabilize trading and price represent anticipated Iraqi markets taking into consideration the implications of the security situation, which is considerable concern among dealers and consumers, importers and carriers in the Iraqi market.
He expected that the target of some traders expressed its continued high prices for some goods and commodities different with the supposed demise of the margin loss due to the high exchange rate of the dinar stressing that Baghdad Chamber of Commerce sought in the near future to unify Square merchants work to prevent speculative trading.
He said in this context : that the coming period will witness countless import by traders for goods specific without resorting to import goods, as well as various controls in coordination with the relevant government agencies to prevent fraud industrial and commercial created by some traders and the need for deterrent measures limit those situations.
He attributed Habib Ibrahim Mohammed is a wholesaler in the markets of construction materials caused some traders maintained prices prevailing in the markets and the parallel exchange rate of the Iraqi dinar earlier to avoid significant loss due to differential import prices and the prices of the offer, sale and the time difference between the two cases considering the high dinar rate of exchange against foreign currencies resulted in losses in the capital of the merchant made him removed from the prevailing prices.
He called Habibb government to the need to intervene to support the traders through swift action Katefae interest on their loans at banks and identifying periods of payment of those loans asserting that these actions contribute greatly to the failure by some traders to raise prices at the same time stressing to take deterrent measures in the interview non-compliance traders to limited price controls and adjusted according to the mechanisms established by the competent authorities.
Given the uncertainties in the determination of the bank's current monetary policy, and to what extent will the creaking in the market, the coming days might witness price changes cast a shadow over the markets consumer.

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Originally Posted by abbey56

Hi,

I ask the question once again has the Iraqi Stock Exchange opened to foreign investers yet, I was under the impression that the 15th April was to be the day.Does anybody know???.

Abbey
ISX-Pulse claims a delay for foreign investors due to bureaucracy.
http://www.isx-aman.com/

Foreign investment in ISX delayed read new ISX-Pulse....Market dips further with delay in foreign investment read isx-pulse March 28 2007

Economic Assabah : Investment Law occupies an area of great interest and is still on the table

:In a House of Wisdom :
Baghdad: Haidar spring
The economic expert Dr. Mahdi Al-Hafiz National Authority for Investment to the flute work on the basis of automatically granting all those who want to leave the draft, but the placement of all investors, foreign or local standards and economic controls including the provision of external finance for the purposes of national development priorities While stressing economic adviser in the presidency Alozeraeabd God Albender the need to provide technological competencies and big capital by foreign companies wishing to invest. This came in a symposium organized by the House of Wisdom, which fell within the vast area of interest which was occupied by the law accounted opinions of experts and spe******ts in symposia held in Baghdad and Amman on organized centers and multilateral economic forums.
Hafidh had stressed the need to activate the issue of partnerships in the new Iraqi investment law, whether companies at the national level or foreign, in addition to interest the private sector through a variety of programs and laws that allow it to support the investment process.
.Pointing to the significant role which could be played by the National Authority for Investment through what can be saved from the benefits of capital and encourage foreign investors to work inside Iraq, as well as the provision of external finance for the purposes of national development priorities.
Hafiz also said during the seminar organized by the House of Wisdom on the importance of activating the investment law and the role that could be played by the National Authority for Investment and attended by a number of businessmen from the private sector, said : must link between investment programs, priorities and needs of the overall national development, and this is important for the future of investment in Iraq.
As interest in the private sector is not interested in theory but must be reflected programs, as well as other important point in the investment law should rely upon is the question of partnerships, both at the national level between the companies and projects in different economic sectors and between the national side arm or not.
He added Hafiz : more fear is that the work of the National Authority for the investment based on an automatic basis, and this is a big problem, and if that gives anyone who wants to leave the draft is approved, and without standards and controls, and without economic vision, it will be not the desired outcome of the law, but the desired outcome of the law governed vision economic.
Hafiz emphasized that the policy-making body of the national investment should bear in mind the provision of external finance for the purposes of national development priorities, which falls within the context of diversification of the national economy and boosting the role of the private sector through partnerships, and this will lead to the desired results at the economic level, of providing opportunities any action against unemployment "productive employment" and not job opportunities for transient services, in addition to providing the acquisition of modern technology, because the economic structures is backward and must join the outside world and all of the achievements reached in the scientific and technological level.
.Hafiz also stressed the importance of putting the right mechanisms for the work of the Investment Authority and the need refrained from sectarian quota system in selecting the workers because that would create a sort of corruption by saying Hafiz "In the same vein keeper added : there is important and must be taken into consideration is to build mechanisms and forms of cooperation between the bodies of investment, where the side of the body, many other bodies in the regions and governorates not associated with the territory, this according to the law, the problem in this matter is the quotas, and make these quotas room for building government institutions, and if the this would negatively affect the national economy.
Accordingly, "The talk of Hafez" If we want to build a real working bodies criterion must be built on the basis of experience and competence
The professional qualifications, and if we are to come, including leading investment process must bring the person who understands the meaning of the investment, and has the experience and expertise and can estimate the negative and positive everywhere in the draft, and that can draw a clear policy .. We must not bring that person on the basis of party affiliation or ethnic and Hafiz saying goes : It diseases consequence of this is because the issue of corruption weakens when someone backed or sectarian bias and then could not be held accountable for this guarantee partisan or sectarian.
The keeper out that the private sector could be a reference to the economic thinking if they abandoned the idea of state support him, and intensified economic dialogue between workers, in addition to exploiting the principle of partnership with the outside world and take advantage of the internal partnership.
Hafiz said about this : I am one of those who have a say in the private sector organizations still have non-specific proposals that are inconsistent with the future economic plans, and organizations must progress step further, any consideration to what extent can the private sector to enter partnerships with the outside world, at the same time use them in under the national economy, and this issue needs to develop economic dialogue with businessmen, and should benefit the private sector of these dialogues to develop important programs for the future, and we must not build hopes on the state, since the state is not the source of experience and the only full and we do not have to expect the state to do, for this why could lead private sector economic thought, not economic thought abstract thought, but Iraqi, which seeks to have the vision to develop plans in the area of economic development.
He explained that the keeper of such observations need to be careful discussion and dialogue, in addition to the existence of some kind of interaction views, which leads to important results about the experience, such as the experience of investing in Iraq.
الندوة مهمة للتعريف بدور هيئة الاستثمارSymposium task of defining the role of the Investment Authority
For his part, the Economic Adviser to the Prime Minister Abdullah Albender the importance of the symposium in the definition of the role that could be played by the investment boom in the Iraqi economy, in addition to the role that must be played by the Investment Authority.
He also Albender : The symposium is very important for the evolution of the Iraqi economy, since the investment law is one of the most important laws, which rely on the government, because of this law would convey the Iraqi economy from what it is the deterioration to a better, as in Iraq, many bounties and resources.
Albender adds : Iraq now needs to develop the local economy and local capacity, the need for urgent task and the entry of foreign investments efficient, high technology and big capital. It also recalls : The symposium highlighted the role that could be played by the Investment Authority, and what are the duties incumbent upon President body, and how it can be to choose members of the College, then what is the timeframe for the work of this body less time and began the work whenever auspicious start in the economy Iraqi work.
Taxes are not an obstacle to investment
So counting general director of the General Tax Muhsin Jaber called "Abu Gaillah" that taxes are not an obstacle to foreign or local investors being very low compared with countries in the region or neighboring .. .Calling attention to investment in the agricultural field, because Iraq possessed of fertile land and abundant water.
He said Abu Gaillah also : Investment Law aims at introducing modern technology and provide employment opportunities and involvement of the private sector and the stability of the balance of payments and export promotion, and these things require significant work to revitalize the investment law, which is also one of the most important objectives of the Act.
He added : often speak on the subject of taxes and their relationship to investment, since they "tax" not a problem of investment at all universities low, and after it was reduced 75% to 50% and then to 40% and now is 15%, which is a low not found in every tax systems even in the region, so the tax is not an obstacle to investment.
Abul Gaillah : What I said is that much talked about topic of investment to encourage national industry, did not touch at all to agricultural investment. Iraq is a country rich agricultural its territory and waters, but we find that irrigation projects and reform and the elimination of all salinity projects had not been dealt with the task of the investment were not dealt with the previous governments, so we hope investors and the state to encourage agricultural investment to our paper ..
How must search for the return of capital and labor Iraqi migrated Iraq, to work and invest at home
Meanwhile, Deputy Prime praised Baghdad Chamber of Commerce Mahmoud mutton including putting things in the symposium said : it serves the interest of the Iraqi economy forward, calling to work seriously and for the return of capital and labor migrated because of the Iraqi security disturbances, in addition to his involvement of the private sector and well in the investment process.
He added mutton : Symposium very important, because after the issuance of the Investment Law has been the formation of the National Authority for Investment to exercise fully its role in the development of this law into effect ..Especially since Iraq is on the verge of a revolution in the field of reconstruction in various activities and events in the industrial sector and the tourism and service and other .. Hence the importance of the activation of this law and the requirements for success in the forefront of those requirements to achieve security aspect.
Mutton also said : One of the most important things that are supposed to examine this field is how to attract capital because of the poor condition of migrant security, as well as attracting national employment, which many of them have emigrated out of Iraq for the same reason .. In addition to the necessity of activating the banking sector funding and make it capable of establishing joint investment projects. Mutton also pointed out the role that could be played by the private sector in building Iraq, said in this regard : this sector has large potential and experience, and flexibility in decision-making and implementation of many projects, and had a long experience in this field and, if given the opportunity and provided with the required skills, it will contribute actively in the process of building and reconstruction.

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This article looked so good on Page 13...wanted to make sure everyone saw it.

Originally Posted by Lunar

Chaired by Mr. Zubaidi Baqir Jabr, the Minister of Finance
(Voice of Iraq) - 16 - 04-2007

The name of God the Merciful
The Ministry of Finance
Media Bureau
Numbers :
History :


A press
بغـــــــــــــــــد اد
16/4/2007

Chaired by Mr. Zubaidi Baqir Jabr and Minister of Finance Iraqi delegation to attend a meeting of Governors of the World Bank held in Washington 0

The Minister of Finance, Mr. speech at the beginning of the meeting in which he thanked the International Monetary Fund for hosting the Iraqi delegation explaining the latest economic developments in Iraq, explaining the reasons for the failure to achieve rates of implementation of the budget for 2006, which amounted to the highest implementation rates for the ministries of 50% due to the security situation, which greatly impaired the companies Iraqi and foreign entry in the field or processing of contracts as well as the lack of flexibility and instructions to execute the contracts that were inherited from the former regime has released funds in the 2006 budget for the month of July of that same year, which means that the ministries did not take enough time to implement their budgets and the lack of expertise

The lack of middle echelon cadres are capable of implementing such projects led to the delay in implementation of the Economic Committee under the chairmanship of Deputy Prime Minister Barham Ahmed Salih take measures to accelerate the implementation of the budget and encourage units expenditure on implementation why funds launched soon to ratify the 2007 budget at the end of the second month and balancing Act 2007 in the text of Article 14 that the ministries will implement 25% of their budgets until July 2007 allocations will be transferred to other ministries capable of implementation have been held by the Ministry of Finance recently held for nine ministries attended the service and 80% of the cadre and the Ministry of Finance to discuss those ministries in the implementation of projects have surprised us by the Minister of Communications that he had carried out 90% of its budget for 2007 0


At the end of his speech, the Minister of Finance that the current year will be much better than the previous year's rate of implementation of the budget 0-1

The Finance Minister, Mr. extinguishing debt on the theme that there are Iraqi good signs from the Kingdom of Saudi Arabia to discuss the Iraqi debt extinguishment stressing that the ratio of debt reduction to 80% instead of 100% is the proportion of non-acceptable to the Iraqis because their debts and their words were for amounts in support of the war with Iran, which Saddam DISCORD point, a very important point for us and the Iraqi Allmwatuna 0

And Mr. Sinan Shabibi governor of the Central Bank of Iraq one of the members of the Iraqi delegation that there are good developments such as the inflation rate, which is currently 23%, stressing that there is disparity in the level of interaction with debts of Iraq and asked the Iraqi Central Bank governor says that the International Monetary Fund that the exemption of Iraq debt issue interest Fund and encourage and help Iraq and the IMF to complete their programs in Iraq 0

Mr. Khan and Chief of Staff of the International Monetary Fund the Fund optimism of good economic policy in Iraq and here that Iraq's record of achievements, stressing the need to reduce inflation and economic implementation of the budget and raise the rates, especially the implementation of the investment budget for the oil sector to increase production rates, he said, pointing out that next September will need to Iraq the Convention on the (SBA) from September 2007 to December 2008 in order to enjoy exemptions provided by the Paris Club and comes after the end of this Convention and the first implementation of the Convention Iraq each state 0

The IMF suggested that there be a meeting in Amman short end of this month and another meeting in mid-May to discuss Article IV of the Convention and the completion of the current program 0

He promised to the International Monetary Fund announced that the economic developments in Iraq in Sharm El-Sheikh meeting, where support Iraq's economic confident steps despite all the challenges facing Iraq and the economic policy is working smoothly with the fund, the World Bank has reported that 0

The meeting was attended by Mr. Sinan Shabibi governor of the Central Bank of Iraq and adviser to Mr. Vice President and Mr. Vice Governor of the Central Bank and advisor of the Office of the Deputy Prime Minister and senior officials from the International Monetary Fund 0

3X already!! woOt!!!!

Hi Thanks Lunar, It would appear that it was complete waste of time getting the FIL passed as it would appear that it will be sometime way in the future that foreign investers can come on board, looks like the same thing is happening with the HCL. What I cant understand is what is the advantage to Iraq in not revalueing their currency, absolutely nothing.

Originally Posted by abbey56

Hi Thanks Lunar, It would appear that it was complete waste of time getting the FIL passed as it would appear that it will be sometime way in the future that foreign investers can come on board, looks like the same thing is happening with the HCL. What I cant understand is what is the advantage to Iraq in not revalueing their currency, absolutely nothing.

actually im seeing all sorts of opportunities to invest in the country already for foreigners. i just read some articles here that indicated they were seeking investment for certain projects etc. i even saw a couple i would be interested in myself. they already warned us from the beginning that the isx would be slower in getting foreign investment going so i wouldnt think this would be a surprise.