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Iraq: The bankers demand the reactivation of Investment funds

Bankers asked the Iraqi government to re-activate the investment funds to take advantage of the money supply large monopolized by public banks and other government agencies, to stimulate the economy.

According to the CBI that there are more than 70 percent of the mass of cash in public institutions is invested. Banking expert, Mohammed al-Samarrai told «life», that «Iraq in dire need of a government decision encourages the activation of investment funds and the exploitation of masses of cash, whether in government banks, «Iraq» and «good», or those deposited in special accounts with the government departments and institutions, worth trillions of dinars.

He said: «financial institutions government does not know how the operation of the funds and manage, which generates benefits for the economy, and the owners of capital from the merchants and citizens did not find direct them to invest the cluster of large cash and frozen they own in a safe, under the auspices of the government and participation. He Samurai decisions «Council ages» and guidance in the fifties of the last century, the establishment of companies and organizations successfully mixed to a very large extent, carrying out industrial and agricultural projects and successful tourism, through the combination of state power and flexibility of the private sector.»

He explained that the reactivation of investment funds through major investments shared between the state and the private sector could have led private banks to use funds to lend to local and foreign investors who resort is usually to foreign banks to secure the cash and start projects in Iraq, and that too to achieve additional benefits for the development of mass domestic monetary.

The expert, the first in the Central Bank of Iraq the appearance of Mohammed Saleh said «to take advantage of the money supply within the country is relative, since the norm is not less than the share of foreign investors in local projects 25 percent, but this does not preclude borrowing some money, local persistence run projects, but not in a form that is relied upon for development».

He noted that the opening of Iraqi banks to foreign investors and facilitate obtaining loans to them, «put her in danger, and attracts adventurers may share with them a profit, but may bear the loss alone also». and the volume of liquidity or cash the state banks, he noted that the liquidity include savings, any money the Iraqi citizens, and a good percentage represents 40 percent of gross domestic product, at around 45 trillion Iraqi dinars, has the bank «good» and «Iraq» two thirds of this amount.

For to investment funds and projects, mixed, said the appearance: «I do not mind the establishment of such funds, as we need to activate this sector, because the real investment is still slow, and we hope in the coming period to activate this sector, a joint effort, these funds are able to reduce unemployment and stimulate companies and the construction sector».

http://www.iraqdirectory.com/Display....aspx?id=16422

Economists: the market economy in Iraq (rumor) is controlled by the government!!

after the question as posed by the requirement of faith in the economic (market economy) to get away completely from the practice of commercial activity limited to the government and the private sector? Response specialists in their talk (for the Agency news) that the Tsoaj government activity with the private sector and be supportive and non-controlling it.

The economist said Dargham Mohammed Ali in a statement to the Contact Agency (news) on Tuesday: "directed economy to a market economy, rumors and just ink on paper, refusing to be the inclinations of the government control of the private sector for being unlawful manner.

and called on the government to be mated to its industrial and trade cooperation with the private sector is monopolized and controlled him and prevent him from competition, "saying the government Bsellstha current Ataatuge toward a market economy but prevent him from performing his work We also note that the Ministry of Commerce, which gives privileges to the car company and public company of construction materials and makes them unable to compete and this is reflected on the citizen and the trader."

said economic expert: no support from the government to the private sector except for agricultural initiative is the only one who began to work to support sector, either of Industry and Trade does not have any support, and that the question of raising slogans in order to transform the economy to a market economy are just rumors have not been implemented yet but is ink on paper, in addition to the lack of legislation and laws that move the market economy.

He attributed the researcher for Economic Affairs Institute for Iraq Energy Hussein star (of the Agency news) why the order Iraq ranked (166) Exercise of business and economic out (183) state due to lack of government support for private sector and non-activation of Laws and legislation.

The star "is supposed to be the role of government incentive and encouraging the private sector through legislation and to provide logistical support to him, noting that there are some ministries support the departments by having a portfolio of loans for development as it is in the Ministry of Planning.

He spoke star for the advancement of the private sector, saying: "If we see international reports that the World Bank Iraq the rank (166 ) the exercise of business, economic, and which was supposed to move forward as it contains Iraq's chances of foreign investment and large local, calling for the activation and operation of the role of the private sector as in (UAE, Egypt and Algeria).

The researcher pointed to the existence of Iraqi companies operating in Oman and other countries but the lack of incentives and alpine legislative and lack of banking culture makes many companies migrate.

The economic expert Ahmed Abreha The doctrine of economic (market economy) to Atchetrt stay away from the practice of the business of government and shortened the private sector.

He Abreha (of the Agency news) "The division of economic labor between the state and the private sector to Atgma doctrines only, but there are considerations of scientific as well, if the note when it worsened the recent financial crisis and was hit by large financial institutions are heavy losses, which went bankrupt, initiated by the U.S. government ownership of these institutions, including, for example (générale Monr Kubni) car maker famous, this is contrary apparent with the doctrine of market economy."

and wondered Abreha: Why she did the U.S. government to these measures? Why did not object to congressional U.S.? "replying that" the interests Aleilia require that after the Second World War, European countries, without exception, the governments manage production activities immediately and even intervene in determining the prices and decision-making, noting that the (ideological economic) impact, but in the end the best interests of the country imposing the same, even if Take the example of electricity in Iraq can not the private sector so far generated, distribution and production, is on the Iraqi government to give up on this subject because they believed in the doctrine of the market? Of course not, and so for the rest of the sectors and activities.

He said economic expert to the existence of service sectors and the productivity of the limit now does not want the private sector to enter it has to Egged feasibility to practice the profession but are necessary and indispensable.

http://www.ikhnews.com/news.php?action=view&id=17514

Crisis Talks To Avert War with Kuwait

Iraqi prime minister Nouri al-Maliki and his Kuwaiti counterpart, Naser al-Subah, have been talking directly by telephone to try to prevent a diplomatic crisis from worsening.

A spokesperson for Maliki said on Monday that Kuwait had shown “more flexibility” in ongoing discussions over a new Kuwaiti port.

Mubarak Port, due to be completed in 2016, has caused a huge storm to build between the two countries because it is believed by many that it will devastate Iraq’s maritime economy.

The Iraqi government wants Kuwait to pause the construction until it can be established that the port will not affect Iraqi interests. Kuwait has said that the building work cannot be put on hold.

The tensions have become so serious that there is now talk of war. This is a continuation of border disputes between the two countries lasting half a century, according to the Tehran Times.

However, Iraqi MP Ameer al-Kinani said that Kuwait will not go through with the port, because their neighbour’s economic interests will not be affected. Kuwait already has three ports to Iraq’s one deep-water port of Umm Qasr.

http://www.iraq-businessnews.com/201...r-with-kuwait/

BP Rewrites Rumaila Oil Contract

The 2009 contract between BP and the Iraqi government for oil production at the Rumaila oil field has been quietly rewritten in favour of the oil giant, according to Aknews.the Iraqi government will now continue to pay BP when production is affected by civil disruption, disruption in oil transportation, political decisions or OPEC cuts.

Platform, which campaigns for social and environmental justice, first reported about the “illegitimate contracts” between BP and the Ministry of Oil when they were signed back in 2009, as workers unions believed this would put 10% of Iraq’s proven reserves effectively under the control of foreign companies – BP and its Chinese partner CNPC.

Now, Platform said these new changes “reveals what subsequently happened behind closed doors to make the contracts much more attractive to the multinational companies, at the expense of the Iraqi people.”

http://www.iraq-businessnews.com/201...-oil-contract/

Iraqi Legislature warns foreign oil companies from holding contracts with any state without Iraq’s approval

The Legislature of the White Iraqiya Bloc, Alia Nuseif, has warned foreign oil companies, that got licenses to work in Iraq from holding any consignment for exporting Iraqi oil or natural gas for any state, including Kuwait, without Iraq’s previous approval.

“The foreign oil companies are acting in Iraq, according to the principle of partnership with Iraq and they don’t reserve the right to negotiate or hold any contract or consignment with any state, before consulting the Iraqi official departments,” Nuseif told Aswat al-Iraq news agency on Tuesday.

“Our monitoring bodies must observe any negotiations held with international parties, in order to protect Iraq’s rights and secure non-holding of any consignments with such states relations of whom are witnessing political tension, such as Kuwait,” she said.

Noteworthy is that Kuwaiti media sources had reported recently the existence of negotiations between the Kuwaiti side and an international oil company, operating in Iraq, to export natural gas for Kuwait indirectly, passing through another state.

http://en.aswataliraq.info/Default1....&id=144083&l=1

Middle East Currencies
http://video.cnbc.com/gallery/?video=3000036478

Middle East Currencies

WED 03 AUG 11 | 12:30 AM ETRohit Chawdhry, Head of Equities and Alternative Investments at Bahrain Islamic Bank talks about his outlook on the Middle East.

The central bank announced the rate of annual inflation

Central Bank of Iraq that the rates of annual inflation fell by three per cent, stressing the importance of control on the money supply in the Iraqi market to help maintain lower levels of inflation.

and bank adviser said the appearance of Mohammed in a press statement that monetary policy pursued by the Bank have contributed directly in reducing the annual inflation rate of thirty-three per cent to three per cent.

The economists contend that the activation of the Investment Law and the entry of international companies to the Iraqi market, and the legislation of laws that regulate the entry of imported goods would lead to the prosperity of the Iraqi economy and reducing inflation in the country.

http://ar.radionawa.com/Detail.aspx?id=12481&LinkID=197

Economic Commission confirms that the investment law, amendments need to

The Economic Commission of the Council of Representatives, Thursday, that the investment law needs some modifications in line with the nature of the direction the economy in Iraq.

The head of the Economic Commission parliamentary Ahmed al-Alwani, that in the year 2009, amending the Investment Law No. 13 of 2006, but still need to some of the amendments, indicating that the amendments should be aligned with the economic system, free Iraqi.

He Alwani that bank guarantees are one of the problems that hinder investment in Iraq in addition to corruption in some government departments and the issue of ownership, pointing out that the Economic Commission engaged to amend the investment law and the provision of legislation legal grounds for the legislation and the issuance of Iraqi banks.

http://ar.radionawa.com/Detail.aspx?id=12507&LinkID=197

Central bank: no application is to establish a joint bank between Iraq and Turkey and Iran

The Central Bank of Iraq on Thursday that the Finance Ministry did not submit any request to grant a license to establish a joint bank between Iraq and Turkey and Iran.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh told the Kurdish news agency (Rn) "Ministry of Finance did not provide the Central Bank of any request to establish a joint bank with Turkey and Iran to support the banking between the three countries."

The Ministry of Finance has announced this week it began to establish a joint bank with Turkey and Iran. Saleh added that "the Ministry of Finance is supposed to provide a complete study for bank joint venture with a formal request for a license to establish a joint bank and the statement of capital and mechanisms of banking." fear a number of economic experts that involved Iraq in establishing a bank with Iran because of the financial sanctions imposed by the United Nations to deal Iranian banks.

Saleh said that "the establishment of any Bank is supposed to be consulted by the central bank, whether public or waged, because the central bank is responsible for monetary policy must be continuous coordination with him. " Iraq has held a number of economic agreements with neighboring countries, especially Turkey and Iran since the overthrow of the former Iraqi regime in 2003.

http://www.aknews.com/ar/aknews/2/255303/

ECA: Investment Law amendments need to Iraqi banks and banking offices like

Baghdad confirmed the Economic Committee in the House of Representatives, Thursday, that the investment law needs some modifications in line with the nature of the direction the economy in Iraq, and affirming that the bank guarantees one of the problems that stand in the face of foreign investment in the country, and described the Iraqi banks as like the offices of banking.

The head of the Economic Commission parliamentary Ahmed al-Alwani in an interview for "Alsumaria News", that "in 2009 was amended Investment Law No. 13 of 2006, but still need some adjustments," noting that "the amendments must be consistent with economic system, an Iraqi free."

He Alwani that the "bank guarantees is one of the problems that hinder investment in Iraq in addition to corruption in some government departments and the issue of ownership," noting that "the Economic Commission engaged to amend the investment law and the provision of legislation legal fertile and pass legislation to Iraqi banks".

The Alwani that "the Iraqi banks like at the present time the offices of banking due to lack of capital, as well as isolated from the global economic system with the exception of Bank of Iraq for trade," noting that "Iraq is still a fertile environment for investment, but need to stabilize the security and departments are free of bureaucracy and corruption that prevented the implementation of many projects."

The National Investment Authority, confirmed on Wednesday (3 August now), that the problems of land nested between provinces hampered the implementation of more than 350 projects for investment in different parts of Iraq, noting that the red tape and deal Some ministries have led also to delay these projects.

http://www.alsumarianews.com/ar/3/25...-details-.html