Thread: Iraq/Dinar News Until 5/31/2007 7:15 PM CST..

The Central Bank starts applying the electronic payment system (20/05/07)


The Iraqi Central Bank began applying the electronic payment system RTGS, with the accession of a number of Iraqi banks effectively.

A source in the Bank said that: the modern payments system would facilitate payment processes among banks and between them and the Central, as all banks have accounts in the Central Bank; reconciliations are done through moving these accounts also. He added that the Bank seeks to develop such a mechanism in future in a way that exceeds the scope of the banking sector, pointing out to linking the Ministry of Finance to this system, and added that the work on linking the Iraq market for securities, as well as remittances and bonds in the Central Bank.
The source indicated that the Bank is working on establishing a system for clearing checks electronically and has good and concrete preparations to develop the Iraqi banking sector to cope with the international development.
Source: Iraq Directory

Iraq Development Program - The Central Bank starts applying the electronic payment system

BUSH OKs $1B MILITARY SALE TO IRAQ

WASHINGTON [MENL] -- The Bush administration has approved a more than $1 billion military sale to Iraq.

The Defense Department has notified Congress that Iraq has requested medical supplies, equipment and training for its military and security forces. The Pentagon's Defense Security Cooperation Agency said the proposed sale could reach nearly $1.05 billion.

Under the proposal, which requires approval by Congress, Iraq would receive a range of medical equipment, medicine, support and training. Officials said the procurement would be required to facilitate an Iraqi response to attacks on soldiers and civilians.

"This proposed sale would contribute to the foreign policy and national security of the U.S. by providing basic medical needs to Iraqi forces and, as necessary and appropriate, civilians who are casualties of ongoing conflict," the agency said on Thursday. "The medical supplies will help minimize the casualties sustained during military operations."

Iran, Iraq to tap oil fields

Iran: 9 hours, 23 minutes ago
Iran is keen to develop untapped oil fields that it shares with neighbouring Iraq, reported Reuters citing Gholamhossein Nozari, the MD of the National Iranian Oil Company. Nozari said the nations had already held two rounds of talks on the fields and that a 'general agreement' regarding their development had been reached. Iran would look to ramp up its investment to maximize returns.

A question for anyone that knows...??

Central Bank Governor: This year's budget focused on increasing investment in Iraq
Translated by IRAQdirectory.com - [20/01/2007]
Dr. Sinan Shabibi, Governor of the Central Bank, said that this year's budget is an investment budget because it focused on increasing the size of investment.

Shabibi said that the Central Bank's role is to treat the imbalances resulting from the development process that will produce changes in the basic economic structure.

He pointed out that the task of the Central Bank is to achieve development in a stable monetary environment through utilizing all means and policies to achieve economic stability, intact environment and moderate inflation rate.

He continued: "Our relation to the budget is to preserve its resources, through fighting inflation".

Stressing that the Bank had made several measures including raising the exchange rate of the dinar, which had an impact on the budget through affecting the purchase capacity of the government; this impact will increase through dealing with inflation.

Shabibi added that: this policy will increase the confidence in the dinar, which will pull some of the money to the banking sector and rationalize the government spending because of its impact on inflation.

He indicated that this action will reduce the prices of imported goods such as the private sector imports and the government's imports for development that come from the conversion of the Iraqi dinar to the dollar.

He added that while this policy weakens the ability of the government to buy the dinar, it strengthens the Iraqi dinar owned by the government.

Pointing out that the bank wants a means to affect the economic and monetary policy by making the dinar valuable and powerful.


????......So when will the budget be implemented......If it has'nt already......????
Regards

Originally Posted by roycepsam

???......So when will the budget be implemented......If it has'nt already......????

Roycepsam...this article covers the budget.



Challenges of the economic situation in Iraq
Translated by IRAQdirectory.com - [27/04/2007]

Minister of Finance, Professor Baqir Jabr al-Zubaydi, headed an Iraqi delegation to attend the meeting of Governors of the World Bank held in Washington. Minister of Finance gave a speech at the beginning of the meeting in which he thanked the International Monetary Fund for hosting the Iraqi delegation, explaining the latest developments in Iraqi economy, and the reasons for not achieving the implementation ratios of the 2006 budget, which amounted to 50% due to the security situation which impaired the Iraqi and foreign companies to enter into contracts processing, as well as the lack of flexibility in the instructions of executing the contracts that were inherited from the former regime. The funds of 2006 budget has been released in the month of July of that same year, which means that ministries did not take enough time to implement their budgets, in addition to the lack of expertise and lack of Cadres elites capable of implementing projects, which lead to delays in the implementation; therefore, the Economic Committee headed by Deputy Prime Minister, Barham Ahmed Salih, took measures to accelerate the implementation of the budget and encourage units expenditure on implementation, and that is why funds were launched as soon as the 2007 budget was ratified at the end of the second month; the budget of 2007 stated in article 14 that the ministries who will not implement 25% of their budgets until July 2007 their allocations will be transferred to other ministries capable of implementation. the Ministry of Finance has recently held a meeting for nine of the service ministries and was attended by 80% of the staff of the Ministry of Finance to discuss the implementation of those ministries for their projects, and the Minister of Communications have surprised us that his ministry has implemented 90% of its budget for 2007; at the end of his speech, the Minister of Finance said that the rates of implementation for the current year will be much better than the ones of the previous year. As for writing off the Iraqi debt, the Minister of Finance said that there are good signs from Saudi Arabia to discuss the Iraqi debt extinguishment, stressing that the ratio of debt reduction to 80% instead of 100% is unacceptable to Iraqis because these debts and their interests were used to support Saddam's war with Iran, and this is our point of discord which is very important for us and the Iraqi citizen. Sinan Shabibi, governor of the Iraqi Central Bank and one of the members of the Iraqi delegation, said that there are good developments such as the inflation rate, which is currently 23%, stressing that there is a difference in the level of interaction with the debts of Iraq and asked the International Monetary Fund to exempt Iraq from its debts and encourage as well as help Iraq and the Fund to complete their programs in Iraq. Chief of Staff of the IMF, Mr. Khan, expressed his optimism of the good economic policy in Iraq and praised Iraq of having a record of achievements, confirming the need to reduce economic inflation and implement the budget as well as raise its rates, especially the investment budget for the oil sector to increase production rates, pointing out that Iraq will need the Convention (SBA) from September 2007 to December 2008 in order to enjoy the exemptions provided by the Paris Club Convention after the first agreement had been finished and Iraq had implemented all its requirements. The IMF suggested to hold a brief meeting in Amman at the end of this month and another meeting in mid-May to discuss article IV of the Convention; and to complete the current program, the IMF promised to announce the economic developments in Iraq in Sharm el-Sheikh meeting, where it will support Iraq's economic confident steps despite all the challenges faced by Iraqi and that its economic policy is working smoothly with the Fund which reported this to the World Bank. The meeting was attended by Sinan Shabibi, governor of the Iraqi Central Bank, the advisor to the Vice-President, Deputy Governor of the Central Bank, advisor of the Office of the Deputy Prime Minister and senior officials from the International Monetary Fund.

http://www.iraqdirectory.com/DisplayNews.aspx?id=3687

Originally Posted by shotgunsusie

i concur. personally i suspect the oil law has been agreed upon and some are just about to get the surprise of their life!!!

Hey SUS, I don't post that often but I do a lot of reading and the difference in the news coming out in the last few days and that from a year ago is totally amazing!!!! THANKS TO YOU DINAR GENIUSES,RR, INSCRUTABLE, NENO,OSW, AND THE REST, THERE'S TOO MANY TO NAME WITH ALL THAT DO ALL OF THE SEARCHING WE KNOW WE ARE ALMOST THERE!!!!
THANK YOU GUYS, VERY MUCH!
LISA
COME ON REVAL!!!!!!!!

Originally Posted by shotgunsusie

i concur. personally i suspect the oil law has been agreed upon and some are just about to get the surprise of their life!!!

SUSIE TELL US WHAT YOU KNOW. ???????

draft law oil and gas Why rush?

Why the delay?


Helal added *

Clearly, the concept of the proposed formula in the law on "contracts for exploration and production" is the same concept known universally as "contracts for production" That depends on the type of contracts by foreign firms to provide the funds necessary for the first step of the investigation and exploration and the provision of funds for the second step is drilling and building infrastructure for Oilfield ready production and export

The recovery amounts to be known by the company and by allocating the company's share of oil production, which I called "farm-cost cost oil" Having completed the recovery known by the company, the remaining oil called "oil profit profit oil", which divides between the state and the company agreed rates and the limits up according to this law up to 35 years.

Bakhtsarfan and this type of contracts, in which oil is the property of the government when it is in the reservoir and production, but when the foreign firm's share might be under considerable political pressure and external influences at the time of extraction and export for a long time may be sufficient to depletion of a quote represents the backbone of the Iraqi economy.
The question that presents itself is what is the real reason to endorse the law of oil and gas at the present time in particular?

The answer to this question is in two different visions of the bill, as follows :

First team : validation believe that the law is necessary because of the great need for global investments required to develop Iraqi fields could not state the Iraqi economy, exhausted and ailing provided further confirmation of the need for a rapid expansion in production and increasing the export capacity of the Iraqi economy need for liquidity necessary for economic development and to end budget deficit of the state and ending theme debt and Reparations and improve the value of the Iraqi dinar in the global market.

Panel II : believe that there is urgency in the passage of the law and could not be legislating serious and Iraq is the most difficult phase of the bloodiest in history and they wonder whether the instability in Iraq? Is there security? Are leaves Golan? Does possess any Iraqi control? Is owns any state official authority? It sure any Iraqi life? Are we spent on embezzlement, bribery, nepotism, and the militias and terrorist groups? Will spent on projects terrorism and mass killings and bombings and Altevkhikhat exercised by the killers against the innocent night? Is stabilized the situation in Iraq? Will the Iraqis on the road to the future? Are the internal problems resolved? Will triumphed in the national reconciliation rather than through political methods and maneuvers the name of democracy? Will triumphed in the national agreement on principles? Did we were able to resolve our problems in the Territories? Are we can chart our path to save Iraq's economy by economic laws concerning our economic ago legislation to make the most of our economic law? Have we succeeded in providing the minimum basic services for Iraqis all Iraqis of water and electricity and streets floor and decent housing, schools and hospitals? ! !
.. Etc., in order to proceed legally takes us away from the national industry does not mean only extradite investments to a number of companies therefore call for suspending the urgency of this project that will take Iraq hostage hands of others.


Supporters are quick federal approval a done deal, while supporters say the delay must resolve differences prior to the approval of the Constitutional Law "This is political." Therefore, it can be concluded that the oil and gas was considered as two visions are radically different local first : political vision of an "axis of difference."The second economic vision "axis of difference."

Therefore, I stated the following observations on the draft law and above as follows :

1.The importance of settled law is not controversial because of the Iraqi economy suffers from distortions and laziness, disability and the suffering of the Iraqi people from poverty and economic subjugation and begging.

2. The deteriorating oil industry and infected cases of prescription and loss and waste.

3. The need not to politicize the draft law fully and economic considerations to political considerations a priority in the process of granting the confidence of the draft law before parliament later emphasis on the principle of economic feasibility and efficiency more than other political considerations.

4. The Iraqi economy is moving towards a market economy and this requires us obligation fundamental issues perhaps the most important :


- A need to formulate a legal framework and institutional financial and monetary arbitrator clear and transparent investment law to be a central point of attracting investment and stimulating different kinds and nationalities in the framework of economic openness dovetail with the new international "This already exists."

B - that the central government's control over the oil issue by the Federal Council, which endorsed the law, in addition to project management of oil by the National Oil Company without foreign companies does not necessarily mean neglecting the role of regional governments and district councils "that the constitutionally."
It does not mean a monopoly and concentration of oil policy, however, central government authorities as explained empirical evidence in Iraq, the seriousness of this matter, what was only a waste of financial resources fate oil Here, shackle the hands of the government through the distribution of competences must contribute to the delivery of the people and its effective contribution to the make important decisions affecting national security or the contents of social justice, which could provide the government to take some day.

5. The consistency of the contents of paragraph reasons with the contents of the constitutional articles related to the fact that oil and gas owned by all the Iraqi people and diagnosing the responsibilities and powers of the federal authorities and provincial and district authorities Here, we assess the position of the government of Kurdistan characterized by flexibility.

6. It should be noted the efforts of three experts who contributed to the drafting of that plan even though we hope the number will be more than that, taking into account the view of academics in this important topic.

7. As long as the project to ensure equitable distribution of resources, it must be a unifying force for the Iraqi people is not working poor and disperse Here, we support the drafting of a special law to the issue of income distribution law of oil and gas and the distribution of financial resources should be the function of the federal government exclusively.
Article (11) Paragraphs (a, b).

8. The issue raises some urgency in the law as it was announced in the federal government agreement with the government of Kurdistan in the February 24, 2007 It was then passed the law after only two days in a February 26, 2007, right here is that the state of the economy and the conditions of the Iraqi people and the deteriorating security and political determination and dignity does not require acceleration the delay.

9. Despite the limitations formula participation, it would prefer a concession contracts, which followed previously, which was always link between granting the concession to companies according to State political positions of the government of that State on the political issues of Iraq and we are in desperate need of this formula at the moment, against a hostile media transformation democratic in the new Iraq.

10. That the process of ratification by Parliament in accordance with essential things in addition to other things, namely :

Is a validation of the law according to a balance between maximizing the benefits and returns and reduce the level of sunspots, and here we mean the benefits Refunds either national sunspots are benefits to the contracting companies to take into account the fact that the link between the two Iraqi national interests and the interests of the coalition.
B-ratification of the Bill contains a historical and moral dimension and that the project will have national commitments difficult to get rid of them to the outside world and no desire to nationalization may appear in future it would prejudice the political and societal security.

11. The draft law is not subject to the views and interests of political groups that no one will never criticize the draft law, should all or whole.

Finally, we hope that the project will contribute to promote political reconciliation is not in fragmenting "and politicians matter of before and after."
It must refer to me that I have discussed fully and figures on the draft law of oil and gas companies and Maalleha, I presented to the competent authorities in the Council of Ministers and the House of distinguished consideration because it is good for the country and people and God help and conciliation.

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

Originally Posted by shotgunsusie

confidence entered into me after i had heard THE rumor and came to the board to see the post of the pension law being enforced. i knew at that moment THE rumor was true. have i heard more? yes. is it good? yes.

SUSIE DO YOU MEAN I MAY BE FREEEEEEEE THIS COMING
WEEK? I FOLLOWED YOU FROM THE OTHER FORUM. DIDN'T
LIKE THE WAY THEY TREATED YOU. THANKS FOR ALL
YOUR WORK. WE LOVE YA!!!!!!

they said that the time of the tanks that come to the palace is gone,

نواب: العملية السياسية راسخة والخيار الدستوري هو الحكم

Deputies : solid political process and the constitutional option is good

بغداد - الصباح

Baghdad-Sabah.

عد عدد من النواب ان أية محاولة يراد منها التغيير كالانقلاب خارج الاطر الدستورية سيكون خاسرا وسيؤدي الى الى احتقانات طائفية لايمكن معالجتها بسهولة واعتبر النواب في احاديثهم لـ (الصباح) ان الشعب العراقي سواء المؤيد للعملية السياسية او من يقف في موقف اخر سيرفض اي خيار غير ديمقراطي يسهم بتدمير البنية السياسية للعراق الجديد وستكون له عواقب وخيمة على مستقبل العراق مؤكدين ان زمن الدبابات التي تستولي على القصر الجمهوري " مضى " الى غير رجعة

Counting the number of deputies that any attempt is meant to change coup outside the constitutional frameworks will be a loser and will lead to the sectarian tensions that can not easily be addressed and considered in the House of Representatives told inadmissible (morning) that the Iraqi people both in favor of the political process or who stands in the position of another option will reject any undemocratic contribute destroyed the political structure of the new Iraq will have dire consequences for the future of Iraq, stressing that the era tanks, which undercuts the Republican Palace, "before" irrevocably

وقال النائب عباس البياتي عن الائتلاف: ان الشارع العراقي ينظر بريبة الى اي عملية تقف ضد ارادته وهو يرسم اكثر من علامة استفهام حول بعض التحركات التي تجري في عو اصم عربية وغربية مشيرا الى انه لا يعتقد ان هناك " انقلابا " لان اي شرط من شروط الانقلاب التي كانت تحدث سابقا غير متوفرة .واشا ر الى وجود دستور دائم للبلاد ومسار ديمقراطي توافقي بالاضافة الى وجود شرعية دولية واقليمية للعملية السيا سية مبينا وجود بعض الغموض الذي اكتنف بعض التصريحات حول حكومة انقاذ او مسألة تصحيح المسار السياسي ما يعني وجود محاولات لقلب الطاولة على العملية الديمقراطية .واكد البياتي ان العملية السياسية راسخة ومتينة وتمثل ارادة شعبية ولايمكن لاي كتلة كبيرة او صغيرة ان تعاكس مسار الديمقراطية التي ضحى من اجلها الشعب العراقي كما ان الشعب لن يتراجع وهو في منتصف الطريق تحت ضغط الظروف الامنية والخدمية كما انه لايمكن لاي مخطط يرسم خارج الحدود ان ينجح تحقيقه .اما النائب عن التوافق عبد مطلك الجبوري فرفض اي " انقلاب " خارج الاطر الدستورية مؤكدا أن اي اتجاه بهذا المنحى سيخسر وسيؤدي الى احتقانات طائفية اكثر مماهي موجودة الان ولايمكن معالجتها بسهولة .واشار الى انه لايوجد ولا يتوفر اي مقوم من مقومات الانقلاب على الحكومة سوى من طرف واحد وهم " الاميركان " من يملك القوة العسكرية والسياسية في العراق مبينا انه لايمكن لاي فئة او حزب او طائفة ان تحكم العراق لوحدها فكل الفئات موجودة والحكم هو صناديق الاقتراع .ودعا الجبوري الى فسح المجال امام المشاركة السياسية الواسعة ضمن الاطر الدستورية والديمقراطية وضرورة عدم الاعتماد على المذهبية او القومية في الترشيح الانتخابي.

The MP said Abbas Bayati from the coalition : that the Iraqi street viewed with suspicion to any stand against his will is painted more than a question mark about some moves, which are compensated deaf in Arab and western pointing out that he did not believe that there was a "revolution" because a condition of coup they talked previously unavailable. Asha t to a permanent constitution for the country and the democratic path consensual addition to the presence of international and regional legitimacy for the process of Mr. Sey indicating the existence of some ambiguities of some of the statements on the issue of government save or correct political track means that attempts to reverse the tables on the democratic process. He Bayati political process that firm, solid and represent the popular will and can block any large or small hinder the path of democracy, which were sacrificed Iraqi people and the people will not retreat in the middle of the road under the pressure of the security conditions and service as it can be painted any scheme to succeed outside the borders achieved . The deputy compatibility Abdul al-Jabouri Mtalk rejected any "coup" outside the constitutional frameworks affirming that any direction and lose this trend will lead to more sectarian tensions Mmahi exist now and it can easily be addressed. He pointed out that no do not have any component of the coup on the government of only one party They are "Americans" who has the political and military power in Iraq, stating that can be any group or party or sect to govern Iraq alone Everything groups exist and governance is the ballot box. He called Al-Jabouri to allow for broad political participation within the framework of constitutional democracy and the need not to rely on sectarian or nationalism in the nomination election.

واشار نائب عن التحالف الكردستاني الى ان الدستور الذي صوت عليه الشعب باغلبية كبيرة لن يجعل اي طرف قادر على تهميش اراء الملايين من خلال صيغة ستنقلب " كارثة " على العملية السياسية .واشار الى ان الحديث عن " انقلاب " امر غير ممكن كونه سيواجه بالرفض من قبل الشعب " فلا يمكن ان يتم تدمير البنية السياسية العراقية من برلمان وحكومة منتخبين " وان اي عملية تخرق الدستور العراقي تعتبر هدما للبناء السياسي العراقي .وحذر من ان اي خرق للدستور ستكون له عواقب وخيمة على العملية السياسية وسترفضه اغلبية الشعب وحتى من رفض الدستور فلا اعتقد انهم سيقبلون بمبدأ القوة لان العراقيين عانوا كثيرا من التهورات السياسية.ويؤكد النائب عن التيار الصدري فوزي اكرم ان زمن الانقلابات بالدبابات التي تسيطر على القصر الجمهوري ودار الاذاعة " مضى " الى غير رجعة.واشار الى ان هناك دولة برلمانية ومؤسسات منتخبة من الشعب العراقي مبينا ان قيام بعض اعضاء البرلمان بالتحرك في عواصم عدة هدفه كسب الشهرة .وتساءل عن سبب عدم خدمة هؤلاء النواب لابناء الشعب من خلال البرلمان وايصال اصواتهم عبره او سبب عدم توحيد صفوفهم .واعتبر ان انعكاسات " الانقلاب " خطيرة على الشارع العراقي وستؤدي الى اراقة الدماء كون الشارع الــعراقي يريد اخراج المــحتل وتوفير الامن والاستقرار والخدمات الاساسية له.

The deputy of the Kurdistan Alliance noted that the constitution voted by the people, a large majority would not make any party capable of marginalizing the views of millions through formula will revert "disaster" on the political process. He pointed out that the talk about "a coup" is not possible it will face rejection by the people "There can be no destruction of the Iraqi political structure of the Parliament and elected government" and that any breach of the Iraqi constitution is demolition of building Iraqi political. He warned that any violation of the constitution would have serious consequences for the political process and the majority of people will reject it and even refused Constitution, I do not believe that they will accept the principle force because the Iraqis have suffered greatly from Althorat political. The deputy trend sternum Fawzi Akram The time of coups tanks that dominate the Republican Palace and the House Radio "before" irrevocably. He pointed out that there is a parliamentary elected institutions of the Iraqi people, pointing out that some members of Parliament to move in capitals several its gain fame. He wondered why the service of those deputies to the people through Parliament and the delivery of their voices through or why not unite. He added that the repercussions "coup" on the Iraqi street dangerous and will lead to bloodshed fact that the Iraqi street wants to remove the occupiers and providing security, stability and basic services to him.

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