Thread: Archive News - Iraqi Dinar Think Tank - 08/09/09 - 09/01/10

Iraqi-American Conference for business and investment during the month

Held in Washington, DC, on the twentieth and twenty-atheist month Iraqi-American Conference for business and investment co-sponsored by Iraq and the United States of America.

The Commercial Advisor to Iraq in Washington Novell Oboualhun Hassan told a news conference aims to build an economic partnership between Iraq and the United States, in addition to 12 focus on the economic sector will receive special attention by both sides in the coming period.

He is good to both Iraq and U.S. shares both in the preparations for the conference by various ministries and government departments in Baghdad and Washington, noting that high-level dignitaries and hundreds of guests and experts in the field will attend the economic work conference, which will continue for two days.

Hassan stressed the importance of this conference for Iraq, stressing that it would be an important opportunity to encourage investment in Iraq and to inform the business community, especially the Americans were, on the promising investment opportunities offered by Baghdad are currently in various economic fields.

http://radionawa.com/Ar/NewsDetailN....880&LinkID=105

Parliament seeks to resolve the draft amendment of election law in the next ten days

Presidency of the Council of Representatives announced that it will seek to resolve the draft amendment of election law during the next ten days to conduct the National Merit scheduled in early January 2010.

A source close to the Presidency of the Council of Representatives in a statement that the Presidency is working through her meetings and contacts with leaders and representatives of parliamentary blocs to reach common views on the proposed amendments to the electoral law in the coming days.

The source pointed out there is a desire for a number of blocks to resort to a secret ballot, whether by mail or documents to resolve the situation on the proposed amendments to the electoral law.

He pointed out that the five powers, representative supported the application of open-list, while a similar number refused, he says.

For his part, MP Abbas al-Bayati, revealed the identification of next Tuesday to complete reading the second reading of the electoral law, asserting the existence of six points in the controversial amendments to the law before.

http://www.radiodijla.com/cgi-bin/ne...?id=2009-10-10

Talabani discuss political and economic ties with Brown

Iraqi President Jalal Talabani, Prime Minister Gordon Brown at Downing Street Bdoanng central London means to develop relations of political and economic relations between the two countries.

A source close to the delegation accompanying President Talabani said that the talks with Mr Brown focused on Britain's participation in development processes and Iraqi reconstruction in addition to supporting the ongoing political process in Iraq.

http://www.radiodijla.com/cgi-bin/ne...?id=2009-10-10

Describes a parliamentary debate on the law of oil and gas as a purely political

MP on the mass of virtue Jaber Khalifa Jaber controversy over oil and gas law as a purely political at the time were still differences on this law are continuing between the political blocs.

He said in a press statement Jaber differences on the draft law of oil and gas "unrealistic" in light of the Governments of the Region Center and open the door to foreign investment in the development of oil fields.

Jaber added that the oil ministry says that the Annexes I and II should be the share of national oil company, in demanding the Kurdistan region to view all the supplements for investment, including that the oil ministry had already offered to producing fields and discovered to invest the difference no longer exists.

http://www.radiodijla.com/cgi-bin/ne...?id=2009-10-10

Iraq is a committee to study the new offers made by the major oil companies

Iraq to form a committee to study new or revised offers submitted by the major oil companies on oil fields, has not been awarded in a bidding round for the initial energy concluded last June. He drew a ministry official on condition of anonymity, noted that Exxon Mobil made a presentation on the new Zubair oil field, while Chevron and Total have made a new offer on the West Qurna field.

He explained that the offers under consideration is expected to take a decision soon. In the same context, the Chief ****utive Officer Peter Voser, Royal Shell Dac satisfaction of progress in negotiations with Iraq on the development of natural gas that is currently flared in the oil fields in Basra, hoping to finalize and reach agreements in this regard as soon as possible.

http://translate.googleusercontent.c...xBN8AbwyFzAOTA

Profiles of the Iraqi economy in 2010

One year after the global financial crisis and their implications reflected in a clear and evident in the Iraqi economy in 2009 will be the most impact in 2010 in all economic sectors, including in particular with regard to monetary policy, financial and banking system during the crisis of oil prices. Which is the main enforcer of the crisis on the Iraqi economy, given that oil is the main supplier to the achievement of the financial resources of Iraq.

In addition to the banking system in Iraq has no strategic partnerships of any kind with the global banking system and tactics in granting credit tight to a large extent.

Emphasizes the role of prices in the crisis, therefore, harmful influences in the Iraqi economy will be clear because of low public revenue offset by an increase in public spending and would inevitably in the figures and indicators of the overall budget for the year 2010, although the relative recovery of the world's major economies and higher oil prices higher installed to the $ 60 a barrel and we expect high levels of demand in the global market.

Therefore, this situation will impose a set of consequences and economic obstacles to the national economy, according to the following:

First - the sharp decline in overall revenues, including resources, mainly oil market during the next three years (2010-2012) due to a drop in oil prices, which you will never contact to high levels before the outbreak of the crisis hit in July 2007 up to (147) dollars per barrel as will determine the possibility of the Ministry of Finance in preparing a budget for the implementation of an ambitious reconstruction projects and the implementation of large investment projects planned.

II - expected in 2010, rising public expenditure and expenditure plans due to a security and stability and provide requirements of the forthcoming electoral process and the expenses of other requirements such as salaries, wages and amounts of coverage to support the ration card and the payment of foreign debt owed by Iraq and elsewhere. In addition to the continuing oil production quotas within the ceiling of a million and a half million barrels and not to develop oil projects and expansion of the network producing wells will not open to doubt as to restrict the movement of the economy and stop the lag in development projects and reconstruction because the deficit in the budget for 2010 will continue and rates are likely.

III - is expected that the approval of the budget for 2010 will be delayed some time due to the legislative elections and elect a government and a new Parliament that will affect the delay in the implementation of development plans will increase the investment potential negative consequences for the economy for the year 2010 in all areas, including significantly higher rates of inflation and unemployment rates that are already high at present.

IV - The inability of the Iraqi economy to develop domestic production capacity over the past years is clearly impact in the provision of local goods and services but also encouraged the expansion of imports increased and led to be competitive with the imported product is not balanced and thus will hurt the overall economy.

V. - will be the implications for investment in Iraq due to continued contexts and laws of the currently approved in the management of the investment process and development that did not encourage international companies to work in Iraq.

VI - will be affected by the banking system in Iraq is largely due to monetary and fiscal policies militant currently in place would impact positively on the economy in all vital facilities.

Remedies proposed to overcome the consequences in 2010

1. To increase public revenues and rising rates coupled with rising oil prices and we expect high demand during the next four months because of the winter season, coupled with high production quotas by at least (2-3) million barrels per day.

2. Reduction of public expenditure in all areas of the economy so as to achieve rational balance between revenue and expenditure and contribute to addressing the accumulated deficit in the budget for the years 2009 and 2010.

3. Promote, develop and build the bases of the national industry and what he believes to reduce imports and not to import what is produced locally and support the industrial sector activity in order to achieve this goal.

4. Created a solid legislative, economic and security to encourage international companies to invest in Iraq. And the development of an operational mechanism based experiments of the countries that have preceded us in this area and non-compliance is now available, including laws, policies and mechanisms, because the foundation in building the economy is the broad investment and healthy, which guarantees the rights of investors and attract capital, the Iraqi refugee and the conditions and requirements necessary to do so, including the establishment of long-term investment portfolio to provide mechanism for the role of market maker by global investment firms.

5. Strengthen and reform the private banking sector in Iraq, and directing fiscal and monetary policy as a refresher for the expansion of the possibility of economic growth and stimulate the private industrial, agricultural and commercial banking and to contribute to building and supporting the national economy, particularly in non-oil sectors.

6. Review and update the development and review of legislation and laws regulating the economic activity that contributes to building relations of mutual trust between the activity and private investors and government bodies responsible for different sectors of the economy and the most important of these laws must be reviewed by the Law on Banks and Securities Commission Act and the enactment of new financial investment A review of gaps in the investment law in force.

7. Reform of the private banking sector through support for private banks to allow them to carry out banking operations and tools for all the projects and activities undertaken by the ministries and departments affiliated to it and not identified and accounted for in banks and opening documentary credits from foreign imports and the acceptance of foreign remittances and the issuance of (a bill of exchange), and equality with state banks actually In practice, agreed that the Iraqi Central Bank and the Ministry of Finance and its related entities, including coordination and standardization of regulations and legislation to achieve this.

8. The Central Bank of Iraq to reconsider studying the possibility of reducing the legal cover deductible and 25% of the volume of deposits in banks and frozen with the CBI without investment. These amounts can be frozen to invest and benefit from the support of private banks and enable it to expand its investment and the search for new banking products.

9. Setting up a company to ensure and secure the credit of all kinds, making the state contribute to the control and the risks involved in doing these credits to ensure a fixed percentage and a way that makes the State will guarantee at least 50% of the credit.

10. Review of the instructions issued by the Central Bank of Iraq regards the setting of interest rates and make it (a minimum and maximum) and give freedom of movement for the banks to conform to these limits.

11. Study the development, support and motivate the Iraqi market for securities and find the means and tools that are pushing to raise the prices index of the market and companies, including assets and consistent with the standards for production and profits by at least certainly for the true value of the shares and to prevent speculation that harm the Iraqi assets which are disproportionate to the value of the real and actual.

12. The need to develop a new system to ensure control of companies and financial institutions "outside the banks," which deals overseas transfers to protect the interests of citizens and the fight against money laundering operations.

13. We suggest that the Central Bank of Iraq to organize timing of policies to reduce benefits in order to ensure reduction of precautions implemented by the banks so that they became some of these banks pursued policies of credit and some short became a matter for long-term fixed deposits and the banks have adopted policies are very conservative to reduce the risk of fluctuating interest rates.

* Senior Economist

http://www.alsabaah.com/paper.php?so...page&sid=91214

Iraq Signs Oil Agreement with British and Chinese Companies

The Iraqi Oil Ministry has announced the signing of the first service oil agreement with British Petroleum and China National Petroleum Company to develop the Rumaila oil field in southern Iraq.

The Rumaili oil field has reserves estimated at some 17 billion barrels. Presently, the Rumaila oil field produces 1.1 million barrels a day (b/d), or about half of Iraq's total production of 2.4 million b/d. Under the service agreement, the two companies will increase production to about 2.85 million b/d.

Iraq, which depends almost entirely on oil revenues as a source of income, would need to increase production to undertake a major development effort.

http://pukmedia.com/english/index.ph...13785&Itemid=1

Kurdistan becomes new emerging real estate market

Erbil, The fast developing city is regarded as the safest and most prosperous area in Iraq. Iraq is becoming the new emerging real estate investment market of the Middle East, led by a groundbreaking residential project in the northern Kurdistan Region, according to a development company about to start work there.

Atconz Real Estate Development, a New Zealand company, is building a 1565 unit residential compound in a suburb of Erbil, capital of the Kurdish Region. Called New Azadi and near Ainkawa, the project has a budget of US$100 million and is licensed by the Kurdistan Regional Government (KRG).

Atconz, which is exhibiting at Cityscape Dubai 2009, in the United Arab Emirates, to promote the project and seek partners for further development throughout Iraq, is expected to begin construction by the end of 2009 and complete in three years.

"We are taking part in Cityscape to deliver a message to investors of the important potential of this new emerging market and to network with financial institutions interested in the market," says Atconz CEO Dean Michael.

"We believe in partnership with the government investment authorities in Iraq who have identified the need for 1.5 million new residential units across the country. Our current project represents only about 1% of that potential but we hope it will encourage more investors to engage in this market."

There are fewer concerns about security in northern Iraq, Michael adds. "Security in the Kurdish region is safe compared with that of south of Iraq," he says. "In addition, the local people are welcoming all visitors investing money or bringing technology to the area."

The 750,000 square metre New Azadi project will consist of 810 two bedroom houses, 700 four bedroom houses, 55 five bedroom houses, four schools, an hotel, a supermarket, plantation, commercial and community services and parks.

Erbil, with an estimated population of 2 million, is the capital of Kurdistan Region. The fast developing city lies 350 km north of Baghdad and is regarded as the safest and most prosperous area in Iraq.

http://pukmedia.com/english/index.ph...13795&Itemid=1

Advisor Central Bank: interest rate monetary policy adopted by means of anti-inflation

adviser said the Iraqi Central Bank that interest rates adopted by the monetary policy is the means of anti-inflation expectations and the resulting investment activity in order to regain its rightful role outside the real incubator inflationary speculation.

The appearance of Dr. Mohammed Saleh told the independent press (Iba) said Sunday that the plan is not perceived as circles, not knowing the work of monetary policy and related mechanics, especially ignorance of the risks of continued inflationary pressures and expectations associated with them and provided for a negative environment is unstable for investment real repulsive and attractive force of the currents speculation in the market and away from productive activity.

He said the attractive force of the Iraqi dinar and a strong national currency which is now the best tool in the evolution of monetary savings and financial intermediation and the proper and appropriate way to address the phenomenon of inflationary expectations, which became the assets of alternatives to the dinar as the preferred means of wealth.

Salih noted that although the bulk of the country's development programs is the responsibility of the Government within the annual investment budget, but the real investment activity to the private sector's active role has not only assisted the Government and submission of concessional loans to boost their activities.

He noted that the benefit of the international reserves of the Central Bank of Iraq is based mainly in construction and stability. External value of the Iraqi dinar and defend exchange rates, high stability. Once again warned of the tendency to act outside the scope of the purposes and objectives of the monetary balance, claiming that the financing of investment projects of different government.

President Saleh has told (Iba) previously: that the conduct of international reserves of the Bank will lose the country's defense force for economic stability, the whole, as well as to weaken the ability of monetary policy in the protection of the national currency and re-enter in the failings of inflation caused by the deterioration of the exchange rate and assume a sudden high waves external imbalances.

http://www.ipairaq.com/index.php?nam...onomy&id=16303

Soon: Dutch delegation in Kurdistan over economic ties

A Dutch delegation will soon arrive in Iraq’s Kurdistan to boost economic ties between the Netherlands and the northern region, an official government statement said on Sunday.

“On Saturday (Oct. 10), a foreign relations official in the Kurdistan Regional Government (KRG), Falah Mustafa, received the Dutch ambassador to Iraq, Peter Van Lion, and his accompanying delegation to discuss the current situation in Iraq and means of boosting bilateral ties between the two countries,” according to a statement published on the KRG’s official web site.

According to the statement, the Dutch envoy said that a delegation comprised of representatives of Dutch companies will soon visit the region in an attempt to strengthen bilateral economic relations.

Mustafa called on the Dutch companies to benefit from investment opportunities offered by the regional government.

http://en.aswataliraq.info/?p=120194