Thread: Archive News - Iraqi Dinar Think Tank - 06/05/09 - 04/09/09

A legal expert: All previous legislation continue unless revoked or amended by Parliament

Said the legal expert Tareq war that its national security was established by order of the Coalition Provisional Authorities, noting that all previous legislation under the provisions of the constitution will continue unless revoked or amended by the House of Representatives.

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Back - Maliki in Baghdad after a successful European tour

Returned Prime Minister Nuri al-Maliki in Baghdad Sunday night, ending a successful European tour that included Britain and France. According to sources close to the government of the "morning", the prime minister will brief officials in the State during the next few days.

The results of his talks in London and Paris, and the success of the government during the investment conference held in London, the participation of 600 international companies. The head of government had signed with his British counterpart Gordon Brown in London on the sidelines of his participation in the investment conference in Iraq last week, a cooperation agreement between the two countries aimed at strengthening the strategic relations, technical and economic. Maliki flew to London on Sunday for Paris, as announced during a meeting with representatives of the companies there and the French Foreign Minister Bernard Kouchner, said all the conditions are ripe for investment in Iraq by global corporations, calling at the same time, French companies to contribute in the development of the Iraqi economy and investment in various areas and improve infrastructure. He met with Prime Minister during his visit Paris, French President Nicolas Sarkozy and Prime Minister Francois Fillon, held talks with Maliki has called a news conference as "fruitful." For his part, President Sarkozy's Elysee Palace, support for the Paris to Baghdad through the cancellation of 80 percent of Iraq's debt amounting to $ 8 to $ .4 billion, he said, adding that "Iraq no longer poses a threat to the region" and the "restoration of international stature," but at the same time that Iraq is "a" to regional stability. It is scheduled to visit the French Prime Minister Francois Fillon and Foreign Minister Bernard Kouchner, Minister of Economy Christine Lagarde, and a delegation of the reconstruction of Baghdad soon, the signing of agreements involving several sectors and areas of vital, according to informed sources revealed to "the morning

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Ministry of Oil: Maliki's visit will set off the European competition for the Iraqi oil cake

spokesman said the information for the oil ministry, on Tuesday, the prime minister's visit to Britain and France will set off the competition and investment Alkaakaap to Iraqi oil, and expressed the readiness of the ministry to equip the European Union if the development of gas field in western Iraq in the crutch results of the first announcements to the licensing of June June.

The Assem Jihad told Voices of Iraq (VOI) that he believed that the visit of Prime Minister Nuri al-Maliki to the United Kingdom and France during the past few days, "will set off competition among the leading investment companies Alkaakaap to Iraqi oil," explaining that "the Iraqi oil industry is replete with a lot of promising investment opportunities attractive and relevant to companies in various countries of the world. "

He said the government "has at the highest levels during the last term on the definition of the world on the investment environment existing in the oil sector and other sectors of work and production in the country at all levels", adding, "especially after the success in achieving a state of security and stability in the clear majority of Iraqi provinces Although the bubbles that emerge here and there from time to time."

And Prime Minister Nuri al-Maliki called on senior officials of French companies on Monday (3/5/2009), to work in Iraq and contribute to the process of reconstruction, indicating that during the meeting, the Iraqi oil sector needs a "comprehensive process of renewal", as was the oil in the center of the President Maliki met with French President Sarkozy (during the past two days) and British Prime Minister Gordon Brown (through the end of last week) and the basis of the terms of the agreements that were signed with them.

The jihad, "the ministry's readiness to meet the desire of the European Union for Iraqi gas," indicating that they will be able to develop a crutch if the gas in western Iraq in the results of the first licensing announcements next June."

He added that the EU "had expressed his desire to obtain gas from Iraq to secure its growing wealth and the Iraq's possession of a large majority of non-invasive or in need of investment for development", pointing out that this desire, "was quoted by several delegations that have visited or met with the ministry during the period Bmswouliha the past."

He added that the field crutch Jihad "is now producing small quantities of more than 50 Mqmq (standard cubic meters) of gas per day, despite the size of gas reserves of good in it," noting that "the development of the work will start immediately after the announcement of the names of companies that won the first licensing cycle."

He reported that "the results of the first session of the licenses by the Ministry in February 2008 included the development of six oil fields and gas fields, one crutch and the other is Mansourieh in Diyala," pointing out that the will of the Iraqi gas field crutch "through the pipeline to transport gas to the joint Arab Syria, Turkey and then to Europe."

Jihad said that the "pipeline to transport gas from the field of a crutch to the Syrian side is under way," explaining that both Iraq and Syria is implementing its own line Nabeb access to a specific point on the common border."

He said that Iraq "will be equipped with Syria to be a quantity of between 50 to 100 cubic meters of gas per day to measure the field of a crutch," he said, adding that the company's oil projects "are implemented in the D-tubes from the field to the Syrian border."

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Angry farmers sabotage Chinese oil equipment in southern Iraq

Angry Iraqi farmers have grounded Chinese oil activities in southern Iraq to a halt, sources and residents said.

They said the farmers destroyed cables and pipelines the Chinese have extended over their farms.

It is the second incident in less than a week involving the Ahdab oil field which the China National Petroleum Corporation is developing.

Last week unidentified gunmen destroyed a power station feeding the field but an Oil Ministry source said the damage did not lead to a halt in Chinese activities.

The damage the gunmen caused “did not halt the seismic and exploration work by the Chinese,” said Assem Jihad, the ministry’s spokesman.

But the farmers’ revolt has practically prevented the Chinese from working as without these cables and pipelines the field’s development would be impossible.

The farmers fear the government will confiscate their farms. “The Chinese have entered our land without permission and extended their cables. The work has destroyed our farms,” one farmer, refusing to be named, said.

Jihad said the damage to the farms was minimal and “and cannot be used as an excuses for sabotage.

“There are hidden hands pushing the farmers to commit acts of sabotage. They want to stop the oil project on behalf of a foreign state,” he said.

Jihad admitted that conditions for the Chinese were not so good.

“The company has moved its position to an uninhabited site. Such moves have detrimental impact on the sensitive equipment the company is dealing with,” he said.

Jihad said all the area needed for the development of Ahdab belonged to the state and the farmers had illegally moved there.

But the farmers say they will prevent any such activities on their land until they are handsomely compensated.

Jihad said the government has intensified security in the area where the Chinese are working.

http://www.azzaman.com/english/index...05-05\kurd.htm

Dollar sales drop to 77 million on Wednesday

Demand for the dollar dropped in the Central Bank of Iraq’s (CBI) auction on Wednesday, reaching $77.834 million compared to $78.435 million in the previous session.

“The demand hit $3.140 million in cash, covered by the bank at an exchange rate of 1,176 Iraqi dinars, and $74.694 million in foreign transfers outside the country, covered by the bank at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.

None of the 10 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/?p=112708

Does the Islamic banks are the ideal alternative to traditional banks?

The question arises, in the midst of financial and economic events were the same in the business world after the financial crisis, exposed to their banking systems with a global reputation, which does not have shares, but a few prominent businessmen, whether companies or individuals have been allowed to pass banking systems and operations in more than a fraud (50) billion dollars on the most vulnerable estimates.

As a result of these developments is the world after the terrible shock of Finance is looking for alternatives to the banking systems are not free and the trick will be circumvented and the money to the security and safety so that the banks in the phenomenon of civilization that can not be replaced by sharpened perception of the Islamic banks.

The address book of several that the Islamic banking system Hualbdel better where the focus was based on the Islamic banks handle checks in accordance with Islamic sharia law in terms of financial transactions to avoid usury, which is the basis of financial crises and to suggest that the scholars of Muslims as the Islamic Bank to avoid sales Forbidden These sales, which constitute lifeblood of traditional banks comes from the "Halal is a solution by hand" and take the vehicle of interest to increase the revenue base has been reversed companies, governments, traders and individuals with these banks and financial policies based on the development of mechanisms for debt service and other such policies for the purpose of reaping huge profits in return for loans might be paid times the borrower got out of the loan. Therefore, the banks played a significant role Alaslamipvi find them fill the existing gaps in banking systems that were built on the doctrine of free economy advocated by Adam Smith or the doctrine of restricted economy advocated by both Karl Marx and Frederick Angeles. It is here comes the question of the meaning of May before the existing Islamic banks in the world right now is a sign of Islamic banking in their dealings? The approach it takes to be the Islamic bank is able to move in the atmosphere and the success of the corrupt reality of the pension? In other words, the Islamic version of the Atkhalq complex, which strongly contrast with the reality of a riba-based bank capital and its surroundings, the degree to which public social Thalh movement and life. In the view of some thinkers that the ******* Islamic bank in order to successfully lead a leading role in the development of the economy of the country in which it operates and contribute effectively to the development of industry in that country. roads legitimacy of Islamic Banks in completing financial transactions with the capacity of the area, which gives it the ability to move in several aspects, and to avoid prohibited transactions, where it is able to view of some writers that the percentage of transactions were prohibited not a percentage of 10% of the total traditional banking operations, or even less than that but I doubt the significance of the Holy Quran in this sense to give credence to this reasoning, as stated in the says:

((But the campus you dead meat, blood and pork and the people of God by the non-)): Surat Al-Baqarah: verse 173. "According to this verse that no man's land and other things only in the specific capacity of halal, here is a letter from Islamic banks, which should adhere to the views of doctrinal aware of the meaning of contemporary financial transactions, and global developments in electronic commerce and develop ways to make money to benefit all communities and that the money boys and the life of the world as decoration refers to the Holy Qur'an in Surat Al-Kahf.

* An academic researcher, university professor and former director of a bank

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President of the Federation of Business

Chairman of the Federation of Iraqi businessmen willing Blibl satisfaction that the working paper submitted to the fifth meeting of the Commission to support and develop the private sector (industrial and commercial) for the study and submitted to the Committee on Economic Affairs in the Council of Ministers

Legislation for the regulation of foreign trade on the basis of modern rules and not to leave any side effects at the level of rigidity of the productive sector and the degradation of products and believe in the same time to stimulate the sector and enable it to produce goods with unique qualities need to adopt national standards for goods produced. She urged the paper to the customs tariff law, which canceled the former U.S. administrator of Iraq Paul Bremer and Palanflat and caused chaos in the import process and the introduction of imported finished goods and customs to meet the campus of customs duties and conduct health screening and adopt a global standard specifications for these goods. The paper proposed a review of expatriate employment and the use of technical means for labor and cheap, off that does not adversely affect the level of unemployment.

Invited to give adequate powers to address the economic situation to the Commission to support and develop the private sector industrial and commercial problem by the Economic Commission of the Council of Ministers, and the urgent adoption of the initiative by the Prime Minister based on balancing the requirements of the plan covering the rescue of the productive sector, especially the industrial and the possibility of revitalizing the role of the national economy The gross domestic product and enhance its ability to compete in the Iraqi market. And demanded the rehabilitation of industrial projects across the set of measures and actions aimed at technological upgrading and expansion of production lines and raise the level of productive efficiency, training and development of the capacities of workers.

The paper urged to adopt a policy of funding capital projects for the interest rate of 2% per annum and a repayment period appropriate to assume the government the difference in interest rates and the adoption of a resolution by the Council of Ministers General Secretariat of the 1-5 / 2006 in addition to creating the position of information and statistical activities, analysis and activating the role of industrial statistics in the Ministry of Planning. And called for the promotion of the productive sector in accordance with the Investment Law No. 13 of 2006 in particular, Article 32 of the Act to give the probability of internal investments whenever possible, and industrial projects exempt from duties and taxes for a period of ten years of raw materials and machinery and equipment.

The paper proposed the application of the Ministry of Electricity, the processing of industrial projects of electricity during the daytime hours at the formal enough for the operation of these projects and the reduction of tariffs rates are encouraging, in addition to the provision of petroleum products needed by the projects and the reduction of prices. And asked to facilitate the procedures for the granting of soft loans and exemption from all the interest for a period of ten years until the rehabilitation of the project and to ensure the project and its assets, and the activation of the Development Fund of the Ministry of Planning and Development Cooperation and from the money to do the work and operation of existing projects, as well as new.

He Blibl's paper business to the nature of the transitional period experienced by the Iraqi economy is gradually moving towards a market economy requires a notation that are necessary for this transition in support of the directions of the role of the private sector growing at both the financial and moral decline compared to the simultaneous and increasing the contribution of the state in the direct management of the economy especially at the sectoral level.

He also noted the absence of systematic strategic and balanced vision of the tasks, objectives and priorities required in the medium and long term, as well as the insistence of the Central Bank of Iraq to adopt a tight monetary policy in the context of one-sided view of the pretext of combating inflation and raise interest rates to unprecedented rates, not usual in any of the States and to impose of this policy for the banking sector in the country which has contributed to the reconstruction and development to block the development of investment and failure of the Iraqi banking industry about the performance of its positive role in the adoption of policies and funding programs and lending a sophisticated and dynamic of the construction, reconstruction and development. He referred to the constraints of clear imbalance and lack of balance in the partnership between the public and private sectors and separation on the study and a careful and sober Ahtaha to look around the minor to engage in joint ventures without upgrading to a genuine partnership and not to allow the private sector to assume its Acharakip in the decision-making and the formulation of Alstrutejiat, methodologies and specific policies for the future of economic development in the country. He put temporary solutions and remedies and simple and easy, rather than those resulting from the deep and careful study of the systematic and long-term vision, as well as trends in the absence of coordination, interaction and intersection of the powers and responsibilities between the departments of the central state, regional and local administration and within each individual and the inadequacy of the legal environment and cope with the lack of developments.

He Blibl well as the accumulation of laws and decrees, regulations and instructions inherited from the former regime and not to formulate a systematic, integrated and comprehensive review of these laws in the light of economic developments hampered by the current in the country and the absence of basic services such as electricity, fuel and water as well as the deterioration of infrastructure and lack of improvement and development

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Iraq Central Bank refuses to borrow government money from its reserves

Iraq Central Bank refused governmental bids aiming at borrowing money from the reserves of the Bank in order to face the budget deficit. The Central Bank considered this step illegal and said that it breaches the independence of the bank.

The counselor of the Central Bank Mazhar Mohammad Saleh said that Iraq reserves covered the financial liquidity during the last years and thus it is now out of the government’s financial authority. To that he also called to adopt an alternative way to cover the deficit such as applying secondary market policies upon which it has been agreed with the government.

http://www.alsumaria.tv/en/Economics...-reserves.html

Jordan looking forward to sign free trade agreement with Iraq

Salem Khazaaleh, minister of state for legal affairs and acting minister of industry and trade, said Tuesday Jordan is interested in rebuilding Iraq, expressing the Kingdom's keenness to support economic development and stability in the neighbouring country. Speaking during the opening of the fourth Iraqi Forum, organised by Iraqi-American Chambers of Commerce and Industry, he said Jordan is looking forward to sign a free trade agreement with Iraq. Also on Monday, deputising for Prime Minister Nader Dahabi, Khazaaleh inaugurated the Project Near East 2009 where around 400 companies from 28 countries are taking part in the event.

During the exhibition, which concludes on Thursday, 11 countries are participating with official or national pavilions, including Italy, Germany, France, Kazakhstan, Indonesia, Jordan, Pakistan, China, Saudi Arabia, Turkey, India and the United Arab Emirates, according to IFP, the organising company. Hamad Khalil, the general manager of IFP, underlined the importance of the event saying it guarantees an environment rich in terms of project and purchasing managers, suppliers, distributors, government officials and other key decision-makers. Exhibitors are showcasing products and services in several fields, including construction materials and equipment, metal production, electrical engineering, lighting and water technology among others.

http://www.zawya.com/Story.cfm/sidZA...%20with%20Iraq

Originally Posted by Seaview

Iraq Central Bank refuses to borrow government money from its reserves

Iraq Central Bank refused governmental bids aiming at borrowing money from the reserves of the Bank in order to face the budget deficit. The Central Bank considered this step illegal and said that it breaches the independence of the bank.

The counselor of the Central Bank Mazhar Mohammad Saleh said that Iraq reserves covered the financial liquidity during the last years and thus it is now out of the government’s financial authority. To that he also called to adopt an alternative way to cover the deficit such as applying secondary market policies upon which it has been agreed with the government.

http://www.alsumaria.tv/en/Economics...-reserves.html

Cash Reserve

Represents the international monetary reserves in the building of the foundation and the stability of external value of the Iraqi dinar and strengthen its monetary and currency able to make it contribute to the economic stability in the whole country and may create stability in the Iraqi dinar exchange rate is one of the fundamental in the promotion of foreign exchange reserves and that foreign reserves available to the Bank Koaniatat a result of Iraq's central exchange or barter a precedent for the country's resources of foreign currency earned the Iraqi dinar in order to finance the general budget of the state and local expenditures to cover the reality of the matter is in the Bank's mission in the professional management of foreign cash to achieve a balance of internal and external.

The current monetary policy tended to deal with the phenomenon of inflation and to maximize the purchasing power of the Iraqi dinar and the achievement of balance in the cash market has indicated the official data from the Ministry of Planning and Central Bank to reduce inflation from 34% in 2006 to 11.7% currently and the stability of the dinar exchange rate at 1117 dinars to the dollar.

This policy comes at a time of rising calls from parliamentary and other circles of the elite international reserve assets of the disposal of the cash to finance investment projects and to address the projected shortfall in the state budget due to higher operating expenses at the expense of investment expenditure and the Central Bank and Maervdah as multiples of the capacity of monetary policy in the protection of the national currency and re-enter in the failings of inflation that may result from the deterioration of exchange rates and gold in the bank rejected the reservation, but this calls for no cuts in the cash reserve is a flagrant violation of the official of the Central Bank Act No. 56 of 2004 and contrary to the rejection of the Center Asaglalith and this may be justified because the cash reserve can not be prejudice to the financing of investment projects, but is an asset that would maximize the purchasing power of local currency and the strengthening of foreign currencies against the Sarsrvha.

As the prejudice to the international foreign reserve assets in accordance with this mechanism there will be an imbalance in the balance of cash and caused a deterioration in the Iraqi dinar exchange rate and thus reduce the value of which will the result to the disruption in economic activity if Maakzna considered archaic dominant feature of the Iraqi economy and the structural imbalances that have experienced severe and require the deepening of the international monetary reserve to be up to twice the value of real GDP in anticipation of the non-oil external shocks that may occur as a fallout of the global financial crisis as well as the high fixed operating expenses payable under the circumstances, which may be subjected to the Iraqi economy.

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