Removing zeros from Iraqi dinar to start in September.

20/02/2012

BAGHDAD, Feb. 20 (AKnews) - The process of removing three zeros from the Iraqi dinar and replacing current banknotes with new ones will begin in September, announced the economic committee of the Council of Representatives as part of an agreement with the Iraqi Central Bank (ICB).

The announcement, which will see the ICB re-print 30tr dinars ($26bn), was made despite government fear over the project.

Economic committee member Abdul-Hussein Abtan said: "The agreement includes granting the process of switching currency [for a] full year where [both the] old and new currencies will be dealt in the market during this stage."

The ICB described the project as a positive move for the Iraqi economy. But particular arms of government expressed fear that the project will increase cases of money laundering and are working to convince the ICB to stop the process. The securities committee said deletion of the zeros will affect negatively financial trading in the stock market.

Abtan added however that the process "will contribute to dealing [with] inflation and facilitating economic cooperation with international banks and reducing social differences in the community."

The ICB previously said that it will consider the requirements of the project with the Council of Ministers to determine whether or not a law needs to be implemented.

The financial committee of the Council of Representatives said on Sunday that the passing of such law would allow Iraq to address economic inflation.

The move to delete the zeros will reduce the number of bank notes in circulation and simplify Iraq's payment system.

The ICB is responsible for maintaining price stability, implementing monetary policy and regulating the banking sector.

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Urgent .. Vote on the budget of the House of Representatives for 2012.

Thursday, February 23, 2012

Congress voted on a financial budget for the current year within the budget bill in 2012.

According to a parliamentary source told all of Iraq [where] said Thursday that "members of the House of Representatives voted to approve the financial budget allocated to the Parliament for the current year and included in the budget bill for fiscal 2012."

The House of Representatives held its regular day and voting on the budget bill for fiscal 2012. Ended 2.

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Prime Minister confirms the completion of the completion of preparations for the upcoming Arab summit in Baghdad

25 February, 2012

Prime Minister Nuri al-Maliki that Iraq today has full sovereignty and independence and qualifications of all his will, and that this has been achieved thanks to the awareness of Iraqis and bearing of responsibility.
This came during a meeting at his office today, the official delegation from the Iraqi Group for Strategic Studies.
The Prime Minister said that he can not freeze the position of Iraq, the Arab, regional and international levels in order to solve a particular problem, because it does not have today any country is free of problems, and internal problems can be solved within the national framework.
The Prime Minister added, "We have put all the introductions and the preparations necessary to convene the summit, the Arab League has informed us that everyone will attend the summit in Baghdad, and there will be a major presence at the level of leaders and presidents.
He called on Iraqi Prime Minister Group for Strategic Studies, to take their national role and effective in the context of the Arab summit in Baghdad, and to make positive atmosphere appropriate to move through the research centers and successful initiatives to support this topic.
Maliki said that the convening of the Arab summit conference in Baghdad is a significant milestone in the history of Iraq, to which we aspire to be featured in the highest levels.
He praised the efforts of the Iraqi Minister for Strategic Studies, and all the intellectuals for their distinctive performance of self and moved to Iraq and achieve the national interest, asserting that this role represents the true status of the intellectual take responsibility when the Iraqi national.
For their part, assured the members of the delegation of the Iraqi Strategic Studies that the success of the Arab Summit to be held in Baghdad, the responsibility borne by all, and they have prepared a program and committees and workshops to carry out this task, through political action, media, and standardization of media discourse in the Summit, and all that would promote the success of this conference.

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Financial expert: the exchange rate of the dinar against the dollar may be equal during the next two years thanks to central bank policy

Saturday 02/25/2012

It's does not mean it will take 2 years,it's depend on country economic stability.

Baghdad (news) .. Expected economic researcher Hussein star is equal to the exchange rate of the Iraqi dinar against the U.S. dollar during the next two years as a result of central bank policy in support of the currency, stressing that this process depends on the political and economic stability of the country.
He said the star (of the Agency news) on Saturday: The central bank succeeded managed through the control of the cash raised in the local markets, and make the Iraqi dinar rises two points during the month of February the current and this is an important development and significant in the work of monetary policy in Iraq.
He added that the Iraqi dinar currency today has become an important and influential in world markets being covered with large cash reserves of hard currency, which is estimated at (60) billion dollars, and this number is too large due to central bank policy in support of the national currency.
The Star: that the process is equal to the Iraqi dinar against the U.S. dollar depends on the strength and stability of the Iraqi economy and the domestic market as well as political stability and security environment is quiet, and perhaps up to during the next two years.
The central bank said earlier that his policy on the level of near work on the stability of the exchange rate of the Iraqi dinar against the U.S. dollar while at the intermediate and near will be equal to the Iraqi dinar exchange rate against the dollar. / Finished / 8. D. Q

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Planning announces the launch of the budget in 2012 for the purpose of expediting the implementation of projects

25 February, 2012

Ministry plans to launch the planning budget in 2012 in the first of next month to the ministries for the purpose of accelerating the implementation of projects.

The Minister of Planning Ali Shukri in a press statement that "the parliament's approval of the budget in the second month of the year will contribute to the exchange of budgets on a regular basis by the ministries and agencies and provincial councils."

He explained that "the government measures contribute to address many of the problems and obstacles facing the implementation of the budget on the ground and most of those measures direct coordination between planning and other ministries."

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Experts: the budget does not meet the urgent need and lack organization and the adoption of international standards in the preparation

25 February, 2012

House of Representatives approved Thursday a budget of 100.5 billion dollars for 2012, based on an average oil price of $ 85 a barrel, and an average crude exports of 2.6 million barrels per day, at a time between a number of experts that they do not meet the urgent need for service projects and reconstruction.

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Prime Minister confirms the completion of the completion of preparations for the upcoming Arab summit in Baghdad

25 February, 2012

Prime Minister Nuri al-Maliki to complete all preparations for holding the Arab summit conference in Baghdad, during a meeting with a group in strategic studies. Rescue, stressing that the summit in Baghdad means the return of Iraq to the Arabs and vice versa.

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Mutashar samurai rule out the national meeting before the Arab Summit

25/02/2012

The independent Iraqi news agency / follow-up ... Ruled out for the Iraqi List MP Mutashar Samurai to hold a national meeting before the Arab Summit and Samarrai said it was clear there who are trying to renege on agreements and manipulates the ceiling between the demands of politicians during the preparatory committees

He Mutashar to the reporter (and the Iraqi News Agency Independent) that the payment Ballqa National far behind schedule that the decision to him before the summit is just trying to pressure but of another kind to make the other offers some concessions, describing a meeting politicians anticipated what is Alanua of other types of anesthesia of the Iraqi street, stressing that the crisis will break out again after the conference sooner or later regardless of whether or not resolved the fact that there is a crisis of confidence as well as some with some other manipulation.

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CBI puts new controls for the sale of the dollar

25/02/2012 12:03

Baghdad, February 25 (Rn) - The Central Bank of Iraq, Saturday, about his new regulations to control the sale of the dollar through his window, pointing out that the new regulations require that it enters the window of foreign currency to be an Iraqi and defined bank account, criticizing banks and companies, money transfer to create what he called the market of its own.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the window is a window of foreign currency for the intervention of the central bank to stabilize the Iraqi dinar exchange rate and the output of this intervention is to finance the foreign trade of the private sector."

However, the benefit by saying that "even deflected this window and put them in the service of the Iraqi economy and we have some amendments to the FAQ that it enters the window must be an Iraqi defined bank account and pay the certified check in order to identify the customers in order to prevent the entry of customers unknowns".

"The central bank is able to finance the foreign currency market intervention," noting that he will start a new mechanism of action with banks and money transfer companies. "

He criticized the transformation of these companies and banks "of the broker to the foundation to create a market of its own through its mediation."

And the benefit that this phenomenon Sthzb "will be eliminated," explaining that the banks "only Bamoltha simple" as the central bank earns his commission on sales.

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Close to him for "news": Najafi leads the mediation between Maliki and Mutlaq .. And a meeting house of President Talabani

Saturday 02/25/2012

Baghdad (news) .. uncovered close to House Speaker Osama al-Najafi to lead the mediation between Prime Minister Nuri al-Maliki, and his deputy, Saleh al-Mutlaq.
The source (of the Agency news) on Saturday: The Najafi leads the mediation between Maliki and al-Mutlaq to resolve the crisis between them, bring them through at a meeting, it may be the home of President Jalal Talabani.
He added that Najafi seeks to resolve the dispute between them through his search for a method or solution may be to Aadhar parties, and is not considered a waiver by one to the other, indicating that Najafi awaiting the return of President Jalal Talabani to broach the subject it extensively, and have a meeting, "reconciliation" between the Mutlaq al-Maliki and President Talabani's house.
The Deputy Prime Minister Saleh al-Mutlaq Prime Minister Nuri al-Maliki as more of a dictator and will not apologize to him in response to the withdrawal of the staff of his office passes to the Green Zone.
Mutlaq said in a statement received the Agency (news) a copy of it on Saturday: that al-Maliki today act more of a dictator when it underlines the lack of faith in the law and that no nation is based on the law in Iraq, because when taken into the identity card of the officer rank of director general in my office of the government, this means that this employee can not enter his constituency and the exercise of his career without a legal reason.
He added that the resolution of the issues with al-Maliki is through submission to the Parliament for a vote if parliament voted no confidence Vmbrok them, and if this is not done, the Prime Minister accept that, because we come to a political consensus now rejected by al-Maliki.
He said: we have come through a vote in the parliament and I asked that the matter to the House of Representatives and I said I would accept any decision whether to vote Democrat, and what I fear is that voting is a sectarian way If this occurs, you'll end political harmony and national and social.
He: I will not apologize for the owners because the issue of the country is greater than the issue of apology between me and him, pointing out that the issue raised in the media concerning my capacity as a dictator began mainly on the issue of basic fundamental interest of all Iraqis, an issue that national balance in the state institutions The state built in a sectarian and partisan.
He pointed to: that the target is a cluster of Iraq, which was built on the basis of being a national project real includes Arab and Kurdish and Turkmen and Sunni Muslims and Shi'ite Muslims and non-Muslims, including anyone who is an Iraqi national, but there seems to be the will does not want such a project, approach and wants to keep the community divided in a sectarian and ethnic lines. / End / 33. n. r /

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Office of International Trade: the establishment of a free trade zone in Basra Seder substantial funds for the country

Saturday 02/25/2012

Basra (news) .. Chancellor declared the economy in the Office of International Trade and Transport in Basra reconcile inhibitor study prepared for delivery on the establishment of a free economic zone of the commercial exchanges to the National Investment Commission for the purpose of learning of the importance of this project for the Iraqi economy.
The inhibitor (of the Agency news) on Saturday: was handed over design study prepared by the Office of International Trade and Transportation to the National Public Investment on the establishment of free economic zone for the exchanges of trade on the Iraqi border in Basra.
He added: We ask the Council of Ministers approving the establishment of a free zone for international trade and industrial exchanges on Iraqi soil will be the center being the fulcrum of the producing companies in the world shopping for their goods from Iraq and will generate substantial funds compete for the country's annual oil revenues.
He explained: that the region will exceed the voyage to transport goods across the Mediterranean and the Suez Canal, which goes on its journey to (14) days until it reaches the exact location, leading to reduced cost of goods and the distance between producing and consuming countries have as well as it will reduce prices up goods (45% to 55%).
He pointed to: that this region will be the focal point for gathering investment companies and major manufacturers in the world Kalomirkah and European, Japanese, Chinese and either
Build factories or produce and its cargo and covered in the same region.
The Office of International Trade and Transportation held a seminar in Baghdad in the presence of a range of economic and political figures to demonstrate the importance of establishing a free zone for the exchanges of trade on the Iraqi border.

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Director of the Rasheed Bank: the emergence of fake currency like the original but it's not a huge

Saturday 02/25/2012

Baghdad (news) .. Warned the Director General of the Rasheed Bank Kazem fistula of the emergence of groups counted when forged currency, pointing to the existence of joint work between the rational and the private banks in the process of exchange of instruments and payments.
A fistula (of the Agency news) on Saturday: at Ahsaena of money deposited and recovered to the bank showing us a lot of groups forged like the original of the Iraqi currency, but it is not money the huge job by sending to the Central Bank as the only body that deals with all banks and banking offices, who shall does not appear to be destroyed again and spread in the local markets.
He added that the decision of the Ministry of Finance to deal with the prevention of private banks mostly on his way to the central departments of the ministries of the state, not the government banks.
He pointed out: that the Rasheed Bank has a joint work with private banks by accepting instruments and internal remittances and conduct of foreign remittances, as is usual in banking as well as private banks have joint accounts with the Bank good job by feeding their accounts with cash of Iraq in all the provinces when it was needed, as well as receive them cash dinar also whenever needed all the governorates.
The Deputy Governor of the Central Bank of the appearance of Mohammed Saleh has appealed to the security authorities to tackle the gangs that are forged Iraqi currency as a phenomenon that threatens the danger of the Iraqi economy.
Saleh said in an earlier statement (the news): You know who you are rigging the currency and raised in the markets, are they gangs specialize Beltzoar or is there a foreign government agencies in the implementation of the operation inside Iraqi territory. / Finished / 8. D. Q /

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Ziadi: the problem of debt and compensation are the most prominent problem is caught between Iraq and Kuwait

25/02/2012

The independent Iraqi news agency / Baghdad / p. X ... The member of the National Alliance, a coalition of law MP Faleh Ziadi. That al-Maliki talks with Kuwaiti officials during his upcoming visit to neighboring Kuwait. Will focus on removing Iraq from Chapter VII of the rescheduling of debt owed ​​by Iraq by the former regime's policies turn the page on the past. In addition to other outstanding matters, especially with regard to missing persons, documents and archives and the crisis in the port of Kuwait Mubarak.

Ziadi said to the reporter (and independent Iraqi news agency) if these countries were affected by the practices of the former regime, Iraqi people affected by its practices rather than exponentially. With this in mind will be confirmed by Maliki's visit to Kuwait to open a new page in relations between the two countries based on cooperation and overcome differences and all the outstanding problems because he can not continue like this, which is zero, the confidence between the two sides despite the passage of so long ...

He said the problem of debt and compensation are the most prominent problem is caught between Iraq and Kuwait, which Iraq is still under Chapter VII because of it.

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