Thread: Iraq/Dinar News until 5/23/07 Midnight CST

A press statement .. Mr. Head of the Ministerial Committee for granting licenses

(صوت العراق) - 16-05-2007

(Voice of Iraq) - 16-05-2007

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Name of God the Merciful
The Ministry of Finance
Media Bureau
Baghdad

16/5/2007

May 16, 2007
A press

Mr. Head of the Ministerial Committee for granting licenses for phone networks worsening situation in some of the companies operating in Iraq, which negatively impacted on communications in Iraq.

He stressed that in a time when these companies to improve their performance as secure the best services for citizens, stressing that any slowdown in this area would negatively affect the participation of these companies in action in Iraq.

He called Mr. Head of the Ministerial Committee for granting licenses phone to the door open for all international companies operating in the field phone, without exception, to work in Iraq.

On Mr. Baqir Jabr al-Zubaydi, Minister of Finance on the need to accelerate the companies operating in the area to phone Accountability tax and obtain a patent discharged from the tax for the purpose of opening new horizons of cooperation with these companies.

Translated version of http://www.sotaliraq.com/

Virtue is proposed that the names of the new ministers on commissions

(صوت العراق) - 16-05-2007

(Voice of Iraq) - 16-05-2007

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Virtue is proposed that the names of the new ministers on the relevant parliamentary committees for discussion

Baghdad-Sabah.
A deputy from the Virtue Party, Dr Bassem Sharif on its proposal to the Presidency, the House of Representatives on how to discuss the names of cabinet ministers covered by the amendments.

Said Deputy Sheriff of the "morning" that the proposal submitted to the House of Representatives provides that the names of cabinet ministers included amendments to the competent committees of the respective competence. He added that the committees in the event of the names it will be a full report on the names of the candidates after discussion by the Members of the knowledge competence, experience, integrity, as well as the participation of all political blocs in this case is all the more reassuring on the correct choice. He explained that this proposal had been supported by a good number of members would mean presented during the next meeting of the Council for discussion and introduced found that the response stating that the question of choice Ministers are still being discussed between the presidency of the parliament and the prime minister to reach the appropriate mix of mutual consent of all the political blocs.

Translated version of http://www.sotaliraq.com/

Originally Posted by Hkp

Maliki reiterated his commitment request bloc chest appointment of ministers

(صوت العراق) - 16-05-2007

(Voice of Iraq) - 16-05-2007

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Maliki reiterated his commitment request bloc chest appointment of ministers independent ... The constitutional amendments extend its work 10 days and use the heads of the political blocs to overcome differences

Baghdad-Hussein Ali, Omar Sattar life-16 / 05 / 07 / /

The Committee of the constitutional amendments in the Iraqi Parliament to extend its ten days of unresolved contentious issues between the political blocs, led with disagreements within the «United Iraqi Alliance» Shiite to postpone the cabinet reshuffle expected until next week.

The deputy chairman of the Committee on constitutional amendments Abbas Bayati told «life» that «the Commission decided to extend its work into next week to end some of the issues that are still under discussion between members» pointing out that «the Commission resolved a lot of issues that were the subject of disagreement between the blocs».

He added that «the Commission decided to refer the controversial articles remaining to the heads of parliamentary blocs to crystallize a unified vision to avoid a dispute in the future after which the Committee was unable». He pointed out that the final version of the amendments will be presented to the parliament next Tuesday although the Constitution imposes on the Commission completed its work middle of this month.

He said Unadim Kana, a member of the constitutional amendments for «life», the «disagreements centered on federalism and uprooting the Baath Party and Article 140 of Kirkuk» stressing the need for more time to resolve these issues. There is a sharp disagreement on article 140 of the normalization of the situation in Kirkuk between the Kurds and the Accord Front, which saw article directed against Arabs in the city and called for amendments rejected by the Kurds, considering that this breach of the Constitution».

He added that we «federalism is still a bone of contention in some of the details of the bill, especially the powers of provinces and the role of the central government», adding that «Accord Front threatened not to approve the adoption of federalism without assurances of the territorial integrity of Iraq and non-dividing future».

The spokesman «consensus» Salim Abdullah expressed the hope b «complete amendment of the constitution as stipulated in the political consensus», He informed Abdullah «life» that «one of the conditions for entering the front in the political process was to make amendments to some articles of the constitution that had been reservations about» link continuation of the Front in the political process adopt these amendments.

The director of the Committee on Constitutional Support of the United Nations demanded Nicholas Haysom, pledge in a meeting with the Speaker of Parliament Mahmoud Almchidani day before yesterday, parliamentary blocs and different political forces need to reach political agreement on the issues of disagreement and work on the wording satisfies all parties, He warned that «Failure to do so means that the constitutional review process would devolve to dissent and discord».

He said that Almchidani «ensure the success of the Constitutional Commission requires all political parties concessions and non-adherence to what some political blocs red lines» pointing out that the House has extended the work of the Committee.

According to Iraqi Permanent Constitution requires that the parliamentary expensive to prepare proposals to amend its constitution to the parliament during the four months from the commencement of its work. The Committee is composed of 29 members representing various Iraqi spectrum that the contentious points centered on the powers and the powers of federal regions and how to manage the distribution of mineral wealth and reconsider dealing with the Baath Party and the issue of Kirkuk. The Committee began its work in October last (October) and was scheduled to submit its recommendations on the 15th of May (May 5).

Elsewhere deputy bloc chest Falah Chanchal told «life» that «withdrawal from the government was conditional that the new ministers of independent technocrats, away from sectarian and partisan Ditching». He added : «The first Prime Minister Nuri al-Maliki to benefit from this initiative comes ministers be independent loyalty to the homeland and not for a range».

He explained that Chanchal «was scheduled to put names to the parliament last Saturday and then for this to the meeting last Monday because of objections made by the bloc chest names that belong to some parties».

He expected the issue to end Chanchal cabinet reshuffle next week, pointing out the «great response from the Prime Minister and components to the demands of coalition bloc chest».

The deputy «Alliance» Sami military, candidate for the post of the Minister of Transport, l «life» that «objections from within the coalition bloc led to the delay of the ministerial changes to the House» pointing out that his candidacy for the post of the Minister of Transport «faced objection from the« Supreme Council »,« Badr Organization »for believing Kony is not independent and belong to the Dawa Party, which left five years ago», He pointed out «Prime Minister's request bloc chest appoint ministers from the independents» where student opposition to the new names b «provide any evidence of the lack of independence of one of the candidates».

Al-Maliki said in a press statement that «objections to some candidates resulting from lack of knowledge, and they certainly will be lost because we investigated the efficiency and independence when all prospective candidates for ministries».

The names seven candidates for the ministerial portfolios are Sami new military transport ministries, Jaber Eissawi for agriculture, Ahmed Abbasi of Justice, Sadiq Al-Jaber of health, and Dietary Abd al-Kazim of State for civil society, Rafie inch for the provinces, and Zuhair Mohammed of State for antiquities and tourism.

Informed sources in the House told «life» that «modifications to the list last Monday, which was scheduled to be presented to the House of Representatives are nominated Rasul Sadik morning to the Ministry of Health, Hassan Saleh Jabr of the Ministry of Agriculture, rather than Saber Eissawi Secretary of Baghdad, which has apologized for the prestigious ministry.

Translated version of http://www.sotaliraq.com/

1260 folks.....whats now?

Announcement No.(925)

D.G. of Foreign Exchange Control

The 925 daily currency auction was held in the Central Bank of Iraq day Wednesday 2007/5/16 so the results were as follows :

Details Notes
Number of banks 16 -----
Auction price selling dinar / US $ 1260 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 56.830.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 56.830.000 -----
Total offers for selling (US $) ------ -----

The financial and banking system in Iraq
اة الآتية:Financial system consists in Iraq following basic points :
1- .1 - the general budget and the state's role in the economy.
2- الب-Central Bank, banks, governmental and private.
3- سوق -market securities and non-bank financial institutions.
4- رأس.4-Iraqi capital and foreign.
. The banking system and the stock market and non-banking financial institutions in a market-economy system is the backbone of the development of the economy. Since Iraq was trying to act in accordance with the market economy system must be working on the development of this system is suited to the needs of the Iraqi economy and stages of development.

ان ية.The banking sector in Iraq at the present time (except for the Kurdistan region) consists of 37 banks, including 27 banks emerged 7 includes the participation of foreign banks and 4 foreign banks and government banks 6, after the merger of Bank of Iraq (So******t) Rafidain Bank, a decision of the Ministry of Finance. لىDivided banks in Iraq ف .1-commercial banks overall.
2- رف.2-specialized banks and agricultural and industrial real estate, banks and government.
3- .3-Trade Bank of Iraq will be responsible according to law to open credits for the interest of the state, a bank and continue as temporary charter until 2014.
من:We have taken the Iraqi authorities and the Central Bank of Iraq after the fall of the former regime following actions for the development of this system :
1- .1-issuance of new laws, the law of the Iraqi Central Bank, which gives the bank full independence in the exercise of its authority monetary and supervisory authority over banks and accountable to the Legislature and became a financial agent of the government, and the Banking Act, which allowed greater freedom and autonomy to banks in decision-making and exercise activities, in terms of content is very close to the banking laws in the market economy.
2- تم - has been setting the minimum capital of banks to list ten billion dinars and the new banks Fifty billion dinars
3- -establish an auction of foreign currency in the Central Bank of Iraq and the auction of treasury transfers on behalf of the Ministry of Finance
4- .4-advanced steps taken by the Iraqi Central Bank to establish an Iraqi system of payments for such transactions as they occur, including the communication system linking banks quick Iraqi Central Bank.
.In addition to the actions that were carried out by the Iraqi Central Bank to regulate the working of banks and protect depositors. :The evolution of the work of banks during the past three years in spite of all the obstacles on security and political stability and the conditions of occupation, and advanced no small task and stage of evolution and began operating in openness to the global banking system, and some banks started to develop themselves in accordance with world standards. but so far failed to reach an appropriate level to the requirements of the evolution of the Iraqi economy according to the market economy system, because :
1-العالمية1-mismatch services provided by the Iraqi banks in terms of number and type of procedures and method of delivery and speed requirements of a market economy and weak compared with the number and type of services provided by the global banking industry
2- .2-twice the technological means used by banks and the lack of rapid means of communication required by the new working conditions, with the absence of sophisticated computer programs that fit with the need to develop banking and the expansion and improvement of services, and enable them to control and control daily, and in order to develop policies and strategies to avoid risks and improve performance and expand services, in many of the banks.
3- ترهل.3-Slouchier administrative structure in a large number of banks, especially the government and the weakness of modern banking expertise because of political and social conditions and economic passed and Iraq is undergoing, which has led to the accumulation of everyday problems and the failure to implement effective controls and corrective actions.
4- .4-rise in the volume of outstanding loans and weak financial allocations for them, and not to take drastic actions to liquidate positions guarantees a meeting due to the instability and thus economic security.
.The main reason for this situation is the lack of understanding of some banks to make it clear that the purpose of lending is not obtaining guarantees, but to improve the financial situation of the borrower in order to increase revenues and enable it to repay the loan.
5- حتى -so far failed any bank Iraqi access to international classification of an internationally recognized firm
كردستانBanks in Kurdistan
هما:According to the information available there officio Chairman banks in Kurdistan are :
1- -Kurdistan International Bank for Investment and Development
2- -Bank Emerald
وبلغ.The number of open branches in Kurdistan, government and private, and that their basically in Baghdad, 45 branches, including 27 branches of the government banks, Rashid (12), the Rafidain (10), Industrial Bank (2), the Agricultural Bank Cooperative (3), with the rest of its branches and 18 branches of banks carved eligibility..There are two branches of the Central Bank of Iraq, one in Erbil and the other in Sulaymaniyah.
ان .The link between the Central Bank of Iraq in Baghdad, and a subsidiary in Sulaymaniyah and Erbil are not as fundamentalist, where these branches to grant licenses to banks eligibility without reference to the Central Bank in Baghdad's right to grant such licenses as the World Bank and the Banking Act. .At the same time, government banks suffer headquarters in Baghdad uninterrupted communication problem between public administration and its branches in Kurdistan. .. ان:This situation has led to :
1- عدم .I use non-government banks in the Kurdistan region of the possibilities enjoyed by the President headquarters in Baghdad, the Ministry of Finance owns these banks and deprive them of contact with the developments taking place in Baghdad at the same time deny the public administrations in Baghdad of the possibilities available in the Kurdistan region and developments in this branches that might benefit them in their work.
2- ان - Any deal fundamentalist international banks located in the Kurdistan region will be only after the confirmation of the license issued by the Central Bank of Iraq and the subordination of these banks for the control and supervision of the bank said, and the experience of the Bank of Emerald best proof of that, where some international banks refused to deal with him unless he had a license issued by the Central Bank of Iraq in Baghdad
3- عن3-isolating banks of the Kurdistan on developments in the Iraqi banking system and the global banking industry, which is limited mainly directed towards Baghdad.
دور:The role of banks and non-bank financial institutions in development :
من t is known that the banks in Iraq have preferred to exercise banks overall banking activities including the specialized banks. وحتى.So far there is no significant role for Iraq market for securities in development as a result of the weakness of this market due to the weakness of the Iraqi economy in general and production and service companies that could be the basis for the activity of this market. .At the same time there are significant weaknesses in the activity of non-banking financial institutions except the activity on the money exchange and remittance. ان .To engage in a discussion banking and non-banking financial institutions compels us to recall the basic points of this activity as banking operations are service-related direct and indirect him.
1- لها.1-State economy and the fiscal and monetary policy of the State as the mechanisms and tools to achieve part of this policy and not making it.
2- 2-economy sector, which includes the activity of the institutions and individuals in all its forms.
3- -economy and international economic relations and international financial
.Most banks have passed since the world's problems and critical circumstances have had a negative and significant impact on the banking system in many countries and international banking relationships, which led to the adoption of urgent and decisive action to restructure and develop performance a manner consistent with the development of bilateral economic and financial relations, international institutions and formed a special organization of the work of banks and signed international conventions on the need for prudential criteria to be key indicators for assessing banks and classified.
ان .The great international interest in the performance of banks stems from the importance of the role they play in economic relations and international financial bodies as accurate and responsibility in the implementation of these transactions, and these standards have become important conditions for any bank to implement international banking transactions and the establishment of relations with the banks, ranked internationally.
ان.The change happened in Iraq in April 2003 Iraq has been transferred to a new phase of its evolution, the development of the banking system before the new tasks to serve the new economic principles and policies adopted market economy, The establishment of appropriate international banking relations with the requirements of the new situation and for these banks must act to respond to the requirements of this change to develop itself into a global level of the banking industry in order to gain international confidence and the implementation of new tasks assigned to it.
من .It is known that the commercial banks in general can Tphom attribution of economic development in Iraq through the provision of loans to various sectors of economic activity, but the work of these banks is limited mainly to provide loans of short and medium-term guarantees are sometimes unattainable, Therefore, the role generally limited to the provision of support is essential to meet the needs of working capital, and sometimes for some expansions in existing successful projects, Whatever it is it can not be based commercial bank financing their whole economic sectors of the capital, whether small, medium or large. :Therefore, in order to encourage the construction and development projects must be established :
1- -investment funds specializing in small economic development projects using methods that differ from the method followed by the commercial banks, using other methods, such as method of lease (leasing) in the development of these projects, and the soft, Since these conditions must be easy to play the state (government of the Kurdistan), using the financial capabilities of the founding of such funds, It is also possible to attract international institutions that wish to support the private sector in Iraq, the establishment of special funds or funds to support subsidized by the state to carry out small-scale economic development projects in accordance with the mechanisms of the market economy.
2- .2-establishment of banks for economic development and investment banks and investment companies usually awarded medium and large enterprises by contributing to and through attracting foreign capital and domestic for such projects. لقد .The 2006 budget allocated $ 500 million for the establishment of three development banks, one in Mosul and the second in the Kurdistan region and the third in the Basra governorate, but until now had not been implementing this project disappeared this amount from the 2006 budget there is no mention of this project in the 2007 budget, The establishment of such a bank and the support of the central government and the government of Kurdistan region in the Kurdistan region will be a catalyst to attract foreign investment and encourage domestic investment, considering that these projects will be supporting the government bank.
.The main task of these banks do not carry out normal banking, but the process of investment in various economic activities. .Therefore, to be entrusted with specialized administrative work to undertake studies the economic and technical feasibility of proposed projects or review the studies submitted by other parties wishing to invest and validated and conform to local conditions in addition to what is required of this work of complex international relations.
ان.That the private sector's banks and investment companies would strengthen the State and the government of Kurdistan region to implement joint projects large, medium and the participation of foreign capital. since foreign investors prefer dealing with the private sector assigned by the State and this would enhance investment activity on sound bases, using mechanisms of a market economy. انestablishment of such companies and banks in turn will strengthen the market for securities Iraq and activate its role to be a factor Sanda to accumulate capital in local and foreign market, it is feasible to establish a special securities in Kurdistan, the Iraqi branch of the market for securities markets or independent.
. The establishment of such banks and companies must be accompanied by the provision of the regulations which govern the operation of these companies and banks, issued by the Central Bank of Iraq as the power to issue such regulations as the Central Bank and Banking Act.
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We are optimistic that Iraq's accession to WTO
14:40 2007.05.14:40 2007.05. 1 51 5

PUKmedia :PUKmedia Leila Shamari / Baghdad :

..Dr. Abdel Hassan farmer Sudanese, Iraqi Trade Minister optimism on the success of future negotiations with the World Trade Organization to be held in the Geneva late this month ..

..The Sudanese announcement during the Iraqi negotiating team that Iraq had completed all the mechanisms and questions addressed to him by the International Organization addition to updating laws and legislation and sent to the State Consultative Council and the Council of Ministers to be studied in order to keep abreast of Iraq's participation in the WTO ..

.He added that the negotiating group established for three years and succeeded in completing all'll requirements of the World Trade Organization and develop appropriate responses for each organization offers Therefore, we are optimistic that the outcome of future talks to be held in Geneva with a team represented by the exit of the recommendations of the task could accept Iraq in the light of the implications of the results.

.The Sudanese to the importance of education and public awareness through the media and Iraq accedes to the WTO that this economy will gain (strength and evolution), and inform the experiences of the developed countries of the Organization for the freedom to control the operations of the economy and world trade.

..Pointing out that the Iraqi government has issued many laws that serve the Iraqi economy and facilitate coordination with the global economy, where the form of the investment major turning point future results will be significant movement of the market economy and to develop the country and most of the provinces that suffered greatly as a result of their negligence and self central control of the State on the economic movement ..

.The minister stressed that the accession of Iraq to the World Trade Organization does not mean necessarily accept the new restrictions imposed on the Iraqi economy, laws and regulations of the organization and believes that some Ha Thus Thus but some team work places this side the best interest of the country and the interests of the Iraqi rights before taking any action addition, we find that the economy Iraqis have great potential capable of overcoming the problems and come back to the top of the economics of the region's countries.

.Stressing the importance of Iraq's presence in international organizations being shunned for many years and it was unacceptable that this move away from what is happening in the world of enormous economic developments will seek to make use of it to serve the Iraqi economy, and thus determine the feasibility of presence in these international organizations.

..The meeting was considered a range of topics and mechanisms put forward by the negotiating team representing the Iraqi government before the World Trade Organization in Geneva and already sent to the government many of the questions asked and answers in order to consider the request seriously Iraqi ..



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Originally Posted by moneyhunter

Announcement No.(925)

D.G. of Foreign Exchange Control

The 925 daily currency auction was held in the Central Bank of Iraq day Wednesday 2007/5/16 so the results were as follows :

Details Notes
Number of banks 16 -----
Auction price selling dinar / US $ 1260 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 56.830.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 56.830.000 -----
Total offers for selling (US $) ------ -----

Finally the "magical" 1260 is here. This is the figure they have based there budget on as most of you know.

So what will happen?

1 Scenario:
1260 will be rock solid for the upcoming auctions. This means imo that they are waiting to have everything settled and when they are, RV big time!

2nd scenario :
could be that they continue to drop the rate and that 1260 was just a number taken from the air to have something to base the budget on.

Time will tell, but sooner or later they have to RV!
i vote for 1st Scenario! anyone else?

Originally Posted by Raditz

Finally the "magical" 1260 is here. This is the figure they have based there budget on as most of you know.

So what will happen?

1 Scenario:
1260 will be rock solid for the upcoming auctions. This means imo that they are waiting to have everything settled and when they are, RV big time!

2nd scenario :
could be that they continue to drop the rate and that 1260 was just a number taken from the air to have something to base the budget on.

Time will tell, but sooner or later they have to RV!
i vote for 1st Scenario! anyone else?

I vote for whatever gets us the rv, LOl i'm easy!

Agreement on Federalism, Debathification awaits understanding--------------------------------------------------------------------------------

16 May 2007 (Al-Sabaah)
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Constitution Amendment Committee closed to end the amendments according to article 142 of the constitution, and information refer to agree on the federalism, Iraq’s Arabism while the Debathification needs little touches as source in the committee said.

MP Abbas Bayati reporter of the committee said that final form of the amendments would refer to presidency of Parliament on 22nd of recent month though the law imposes upon the committee finishing its work today
http://www.iraqupdates.com/p_article...&article=17415