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

Central Bank says the current price of the dollar amount (1170)

Iraqi Central Bank denied its intention to change the mechanism adopted in the sale of the U.S. dollar for the banks to cover the needs of the Iraqi private sector.

A source at the bank, told a news briefing that the current price of the dollar amount (1170) dinars, he noted that the bank during the past two days, an increase in the exchange rate of the dollar in the domestic market.

The source pointed out that the Central Bank now covers the private sector imports, without any limitations, at the price declared by the Central Bank, through Iraqi banks.

The local market over the past two days have seen an increase in the price of the dollar, as the price of exchange (1200) dinars to the dollar.

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US security firm Blackwater ends Iraq operation

A key contract for US security firm Blackwater ended in Iraq on Thursday, a US embassy official said, closing a controversial era for the company whose guards shot dead 17 civilians in Baghdad in 2007.

"The task order for security protection operations held by Blackwater comes to an end today in Baghdad," American embassy spokesman Susan Ziadeh said, adding that security firm Triple Canopy would replace it.

Triple Canopy, a Virginia-based firm, will take over the lucrative government contract to protect US government personnel working in Iraq.

Other contracts such as helicopter patrols currently held by Blackwater are set to end soon and have already been offered to other contractors, Ziadeh said.

In January, the US State Department refused to renew multi-million-dollar contracts for Blackwater, which was renamed Xe earlier this year, after the Iraq government banned the company over the killings in Baghdad's Nisur Square.

An Iraqi investigation found that 17 civilians were killed and 20 wounded when Blackwater guards opened fire with automatic weapons while escorting an American diplomatic convoy through the square.

US prosecutors say 14 civilians were killed in the incident. Five former Blackwater guards pleaded not guilty at a federal court in Washington in January to manslaughter charges.

The shooting focused the spotlight on the shadowy and highly lucrative operations of private security contractors in Iraq.

Iraqis and critics have repeatedly accused Blackwater of having a cowboy mentality and a shoot-first-ask-questions-later approach when carrying out security duties.

Headquartered in North Carolina, Blackwater is one of the largest security firms operating in war-torn Iraq with about 1,000 staff, and has been employed to protect US government personnel since the 2003 invasion.

http://www.zawya.com/Story.cfm/sidAN...aq%20operation

The entry of new investments in the work of the Iraqi Stock Exchange's why the recent rise in the value of the dollar

Expert opinion that the economic rise in the value of the dollar against the dinar in the last period due to expansion in the work of the Iraqi Stock Exchange and the entry of new investments.

Said Dr. Nabil al-Saidi teaching in the Faculty of Economy and Administration, told the independent press (Iba) said Friday that the rise and decline in the value of foreign currency against the dollar in most cases depends on a supply and demand may lead the general situation faced by the country committed to a reduction in the local currency.

He has led the latest development in the work of the Iraqi market through direct mail and the draft circulation system of deposit to pay the new foreign investors to buy shares and sell strongly. Noting that this is a whole led to the withdrawal of the dollar over the practice of the market.

Saidi and refuted on the return of inflation expectations in the event of high economic value of the dollar. He pointed out that increased demand has nothing to do with the high rates of inflation.

He said that the value of the dollar settled at the end of 2006 what it has been proven the success of monetary policy in recent years and led to the gradual devaluation of the dollar, despite the stability in value, the inflation rates continued to the end of the mid-2007.

It should be noted that the Central Bank of Iraq issued a statement confirming that there is no intention to change the mechanism has to determine the exchange rate to the dollar. He continued to sell the dollar to the Iraqi banks (and cash transfers) to cover the private sector imports.

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New well drilled in Wassit's Ahdab oilfield

A Chinese company working on al-Ahdab oilfield project will drill a new well to probe for oil in Wassit province, according to a local official source.

"Today, the company began the drilling of its second well in the province," the source told Aswat al-Iraq news agency.

The first well has a capacity of 25,000 barrels per day.

"Some false media reports have spoken of sabotage acts that allegedly targeted the project and cost the companies millions of dollars in losses," the source noted.

On April 18, a spokesperson for the Iraqi Ministry of Oil, Aasem Jihad, denied the news, saying the company has good relations with the local community.

The oil ministry has recently launched a plan to attract foreign companies to invest in Iraq's oil sector and to increase the country's output to reach 4-4.5 million barrels per day (bpd) by 2010 if the discovered oilfields - 80 in number - were developed.

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

Finance Ministry pays 20% of regional projects' funds

The Iraqi Finance Ministry on Wednesday announced that it has paid 20 percent of the funds allocated for regional development investment projects, stressing that provinces should submit projects' e.xecution budgets; otherwise, funding would stop.

"The funds are related to the year 2009," the ministry said in a release received by Aswat al-Iraq news agency.

"The ministry is working to remove all the obstacles related to funding so that provinces can develop," it added.

http://www.zawya.com/Story.cfm/sidZA...%27%20funds%20

Iraq lawmakers call for oil and gas law ratification to cover budget deficit

Friday, May 08, 2009 07:58 GMT

Iraq lawmakers stressed the necessity to accelerate the ratification of oil and gas law as it contributes to increase oil exports and cover budget deficit.

http://www.alsumaria.tv/en/Iraq-News...t-deficit.html#

Twitter keen on partnership with Iraqi operators
The founder and chairman of Twitter is eager to have more people ‘tweet’ in Iraq.

In a trip organised by the US State Department, Twitter boss Jack Dorsey met with local m.obile operators in Baghdad to discuss partnership opportunities and ensure the micro-blogging service is available on local cell p.hones.

Aside from meeting representatives from Zain and Asiacell, Twitter is also looking at working with four other carriers in Iraq.

"The (m.obile) carriers we talked to last night went from 300,000 subscriptions to 10 million in two years, so there is amazing potential," Dorsey said.

"We definitely have an intention to get it going here," he added. "I spoke to my business development person last night and said 'can we work with these people?'. We intend to do it."

Top E.xecutives from other American IT giants, including Google, AT&T and YouTube, were also involved in the landmark trip.

http://www.arabianbusiness.com/55496...raqi-operators

Central: continue to sell the dollar to banks "without borders"

Iraqi Central Bank announced on Thursday, it continued to sell the dollar for the U.S. banks, Iraqi money through money orders, without any limits, and the fixed price of 1170 dinars per dollar, ending a stopover on the news of the sale of the banks, but difficult conditions, contributed to the sudden rise of the dollar.

A statement of the Central Bank received the agency (Voices of Iraq) a copy of it today (Thursday) from the authorized source at the Central Bank as saying, "noted the Central Bank of Iraq during the past days, an increase in the exchange rate of U.S. dollar over the Iraqi dinar in the local market, and would like to make it clear that continuing to sell U.S. dollar remittances to the Iraqi banks and cash to cover the private sector to import goods and services and without any limits, "according to" the price at which the announced day of 1170 dinars per dollar, it has no intention to change the mechanism adopted in this regard."

Statement did not mention the Central further details.

The price of the U.S. dollar in the domestic market had got a significant fluctuation throughout the day Thursday, as the price rose in Baghdad, Basra and Arbil, from 1170 dinars to the dollar to 1250 dinars to 1224 dinars Baghdad and in Erbil and Basra, and then back down to 1223 in Baghdad and in Erbil to 1221, and remains on a conservative price of 1224 in Basra, amid reports of lack of liquidity due to reduced sales in dollars the central bank, by the requirement to provide additional gripping of the private banks, which rely on the central auction to provide its customers in dollars.

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Attorney ABOLHASSANI: failure to pass the oil law, an indication of the inability of the parliament and the governing bodies for the adoption of important laws
AKI): said the decision of the Energy Commission in the Chamber of Deputies Abdel Hadi al-Hassani told (AKI) Italian news on Friday that "the failure at the age of oil and gas law

I mean the inability of the parliament and the governing bodies of all three to pass important laws related to the direct interests of Iraqis, particularly since Article 111 of the Aldstoraeraki confirm that the oil and gas belongs to all people, and therefore the right of the people we have to enjoy the natural resources ".

He added: "We're still working to date the former laws, and we confine ourselves to the conclusion of contracts of service and concession, and the risk is in all cases is not encouraging foreign investors to venture funds in the tune of drilling, drilling and rehabilitation of oil fields to the lack of legal authority supports the position and bring the country's interests", as he put it.

The deputy, Ahmed al-Alwani, the Accordance Front, that "the law is directly linked to complex issues relating to constitutional amendments, but has not been resolved aspects of the organization of powers between the Federal Government and the Kurdistan region and end the intersections between the two branches, it is very difficult to approve the law".

The al-Alwani, "We disengagement and overlap in the understanding of the exclusive powers of the Constitution, and expediting the approval of the oil law, which is of great importance both politically and economically," as he put it.

For his part, the deputy United Alliance Abbas al-Bayati, that "the law was completed in all respects, whether technical or legal".

"The Council of Ministers approved the final draft of the law to meet all the conditions, but the political differences are to be passed by the House of Representatives to the present time." The "Iraqi political leaders to a summit meeting for the purpose of the agreement on three major issues are, the oil and gas law, constitutional amendments, and election law," Colhokan to the Iraqi Council of Ministers approved in February 2007 on the draft oil law and described the formal and final, but the political differences of the objected to introducing the debate and then passed in the parliament.

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Mr. Haider Abadi, and billions of the Central Bank of Iraq

Mr. Haider Abadi, and billions of the Central Bank of Iraq
Khalid Ibrahim

Al-Abadi, single arrows of his hostility to the Central Bank of Iraq, accusing him of swimming in the vicinity has nothing to do with Iraq and calling for the central bank to provide the government billions of dollars in cash reserve to meet the national Ajzalve experienced the current budget.

Do not know Mr. Abadi, knowledge or experience or competence in economic affairs, and how to revive and save the third world countries and Iraq have not heard one with experience in monetary policy formulation and how to strengthen national security and the cash on this, the DD statement for this outreach to him to be a successful political pressure on officials of the Central Bank of Iraq to keep up with the current government and demand the use of a large part of the cash reserve, which is located on the central bank and the only task of maintaining it.

I recall that Mr. Abadi, Iraq's cash reserve was still the basis of the stability of the Iraqi dinar and should not be used this national reserve only if absolutely necessary, which must be decided by the Central Bank of Iraq alone, as an institution should be independent Iraqi failed to conduct the political pressure it never forgot Mr. Abadi said the main objective the list of the rule of law is to build state institutions?! Did not the wisdom to propose to Mr. Abadi said the Iraqi Council of Representatives will call the Governor of the Central Bank of Iraq and to clarify the accountability of the monetary policy pursued by the bank is instead of his current firearms?

Mr. Abadi said Laidlaw before weighing in on such a serious issue in Aevgah priorities fundamentals or know that the first and this is his feeling the pulse of the street, the foundation of Iraq and to respond to the demands of the Iraqi people and to initiate a national campaign to fight the corruption that is endemic in all joints, the Iraqi state. We hope that the Attorney-Abadi, speaking about how to protect Iraqi citizens from terrorist attacks or heard from him on the disgusting work that took place in the Ministry of Commerce when it escaped and disappeared from sight of some of its officials accused of corruption.

Not to Aitalb MP Ibadi and codified by reducing expenditures and reducing the salaries received by all the fictional State officials, ministers and senior grades for the owners and the House of Representatives, one of them and this alone will provide substantial amounts of Iraqi budget and the other side, who must call to Mr. Abadi is to attract investments from outside the country, that alone would be enough to achieve qualitative shift in the Iraqi economy will reach the good consequences for all aspects of life in our country dear.

I call on Mr. Abadi to do a real service to the citizens of Iraq by calling for the initiation of a national campaign to combat corruption and to work immediately in order to stop terrorist attacks and improve the living situation and the fight against unemployment and reconstruction of infrastructure and other national tasks which the Iraqi people long waited in vain for all these tasks Atstdei the use of cash reserve levels.

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