Economic center: dinar become desirable internationally after withdrawal of Iraq from Chapter VII sanctions

14-07-2013

Baghdad (news) .. Favored the president of the Center for Economic Information Dergham Mohammed Ali, the Iraqi dinar coin becomes desirable to deal internationally after the withdrawal of Iraq from the provisions of Chapter VII internationalist.

Muhammad Ali said (of the Agency news): that Iraq would emerge from Chapter VII of the Iraqi currency will make internationally acceptable and wider than it is now, where in the past was acceptable regionally and traded in countries that heading have Iraqis tourists.

He continued: but the term will be expanded to increase trade and increased international openness as long as there is a guarantee cover of foreign currency for the local currency.

He added: He does not have a direct link between the withdrawal of Iraq from Chapter VII of the dinar exchange rate that the exchange rate linked to local factors and is linked to the management of monetary policy in the country through the auction, supply and demand and the effectiveness of speculators in effect, in addition to less effect of the tremors imported inflationary.

This has been the voice of the UN Security Council on Iraq would emerge from the provisions of Chapter VII after Iraq fulfill its obligations to repay the debt owed it to some countries. / End / 8. G. / Mm

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Expectations of reaching the hearts of Iraq, more than 35 million people

07/13/2013


Chancellor revealed in the Iraqi Institute for Economic Reform d. Ahmed Husseini, the presence of a number of solutions and proposals to give a greater proportion of the stability of the Iraqi dinar.

Husseini said that there are short-term solutions and long-term to reduce the volatility of the exchange rate of the dinar against the dollar.

He said the quick solutions include reducing pumping dollars through cash sales at the central bank auction, along with the adoption of increased foreign remittances, in addition to increasing the price of cash sales at the central bank auction for the equivalent selling price in the auction of foreign remittances, noting that the sale and purchase of foreign currency to companies conversion and mediation fiscal done by banks licensed in Iraq to reduce transactions not meeting the conditions and procedures adopted. said Husseini need to compel traders and dealers in the areas of trade exchange between Iraq and neighboring countries to deal transfer financial and letters of guarantee, rather than buying cash. and on radical solutions long-term, said Husseini it is reviewing the financial policy of the state and reduce inflation in spending, operational, and the need to speed up plans for banking reform in order to facilitate the procedures for exchange the cash, in addition to improving the tax code and work to expand horizontally while reducing tax evasion. pointed to the necessity of activating the law of customs tariff because of its role important in providing incentives for producers with feature economic, leading to a reduction in the volume of imports, as well as improved revenue workforce, stressing the importance of improving the business environment, the economic order to raise the efficiency of production for companies and institutions of local productive that will reduce imports and increase the intake of foreign exchange through export as well as attract foreign investment. Husseini stressed the need to use modern electronic mechanisms in the distribution of salaries and the use of bank instruments and to encourage savings, can also issue a new currency or deletion of zeros from the current currency to have a positive psychological effects on the local currency dealers.

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Economic parliamentary: We asked the central bank is implementing a project to delete the zeros

07/10/2013

BAGHDAD / JD / .. confirmed the parliamentary economic committee in the House of Representatives that the committee demanded that the Central Bank is implementing a project to delete the zeros from the Iraqi currency.
He said the Commission's decision MP economic Mahma Khalil Qassem told / JD / day: that the Central Committee had requested to reconsider the project and for purely economic reasons, is to maintain and improve the Iraqi currency against other currencies.
Khalil explained that this project is an old project was discussed in accordance with the laws in force in the central bank, and now a year after the discussion we see that the time is right, especially after the withdrawal of Iraq from Chapter VII of the revival of this project.
The Iraqi Central Bank estimated Estimated cost of the project to delete the zeros from the currency up to 172 billion dinars ..
She said a special study project to delete the zeros received / JD / copy: The speculative total cost of the project to delete the zeros up to a hundred and seventy-two billion dinars "..
The bank said in the study that the wages of transport and insurance of the role of copyright to the Baghdad International Airport up to (140), calculated on the basis of the ratio between the highest and lowest price (90-189) billion dinars from the presentations made by the companies ..
He added that "Estimated cost Mint coins of the new currency amounting to 16 billion dinars," ..
The bank continued, "The wages of cargo transportation, Fridays and public holidays, overtime, etc. amounting to 15 billion dinars," .. He pointed out that the cost of the media campaign and miscellaneous costs up to (1) billion dinars .. He recalled the bank the cost of the replacement process for the period from 15/10/2003 and the Bank of the reasons for the deletion of zeros, the first being that the process of deletion of zeros will be an opportunity to add new properties of the Iraqi currency to prevent potential counterfeiting of the new currency through the use of specifications of high security, leading to increased customer confidence ( and public institutions) as a result of low or no cases of counterfeiting ..
He pointed out that the second reason that the process of deleting the zeros will reduce Alokiem digital currency and financial Almahacbah and may play to reduce the time, effort and cost required to complete financial transactions and accounting as well as the possibility of reducing the number of banknotes traded especially if it were printed banknotes categories big "..
He said the third reason, it enhances the possibility of maintaining the exchange rate of the Iraqi dinar against foreign currencies earned the confidence of dealers. / End / Mona Fatlawi /

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Weights passage of oil and gas law during the current legislative session HCL

07/10/2013


I expected the Commission on oil and energy parliamentary reaching a political consensus helps to pass the law of oil and gas during the current legislative session, especially after the convergence great in views between the province and the center, and then revealed through the existence of the movements of the seriousness of the adoption of the law, stressed its importance in the organization contracts with companies the world, and in the management of that wealth.

The oil and gas law, the main laws of contention between the province and the center, especially in regards to the type of winning contracts, which is likely to center the contracting process in accordance with the principle of service, while the province supports sharing contracts.

Rapporteur of the Commission on oil and gas Mohammad Qasim Mchkta between that all the political blocs, has a serious interest in the enactment of the oil and gas, indicating that the convergence of views happened after the mutual visits of political leaders between the province and the center, which culminated recently visited the region's president, Massoud Barzani to Baghdad, expected to witness the coming period to discuss the law to its importance.

He said Mchkta that there are moves by the Commission on oil and energy to speed up the enactment of this Act, which is likely to witness the coming days, good results on approval, especially with the existence of a collective agreement on the legislation law, expressing optimism about the return of signs legislation important laws to the House of Representatives.

And points of contention in this law, and if they were to reach a solution on them or not, said Mchkta that the points of contention unresolved until now, especially those related to oil wealth, including oil and gas law, and the law of the national companies, and the Revenue Code, and the Law of the Federal Council for Oil and Gas, and the law of the Federal imports, indicating that the points of disagreement on this law is limited and can be discussed and to find common formats to overcome if there were a serious will to resolve.

The MP expressed his hope that include oil and gas law on the Council's agenda, especially after reading this law more than once already, and stop the limits of Article 26, which is the main stations of contention between the province and the center.

Article (26) of the oil and gas law that the legislation passed by the federal legislative authority ستعلو on any other legislation issued by the legislative authority other and that in case of conflict, with the exception Manst in Article (54 b), which is related to the province of Kurdistan.

For his part, member of the Commission on oil and energy Furat al-Shara said oil and gas law, it has not undergone any news of the self, but there developments objective grounds to quickly pass it during this period.

He said al-Shara in an interview »Center Brief for the Iraqi Media Network» that among the developments is the rapid approval of the Act to amend the provincial councils as this law gives the scope and freedom for local governments in the contract or benefit from the wealth carbonate enormous amount interest, because we are afraid in the case of a law oil and gas without the law provincial councils Alaztthmr the wealth this investment Okay. Shara called on the House of Representatives to speed up the enactment of this law for its important role in the organization of the nature of the contracts with oil companies and institutions with the federal government and the provinces.

The MP's visit the region's president is the quality and have raised good because it helps to absorb Aaltotr who was surrounding some of the blocks, and led to the convergence of destinations political relations between the province and the local government through the discussion of some of the laws, including the law of oil and gas, especially since this law is of great significance and come to a conclusion thereon helps to absorb Aaladid the of Alamtaadat.

The dispute is between Arbil and Baghdad on 41 contracts, oil and signed by the provincial government since 2007 until now, you see the central government that any oil contract must be done with their consent, and refused Kurdistan recent draft of the oil and gas law approved by the Iraqi government and sent to the House of Representatives for approval, which was opposed by the Government of Kurdistan strongly.

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Dler capable of: the financial budget for the year "2014" will arrive in October for approval this year

09-07-2013

Baghdad (news) .. Male member of the parliamentary Finance Committee MP / Kurdistan Alliance / Dler unable, to bill the federal financial budget for the year (2014) to the House of Representatives will arrive during the month of October, for approval by the Council during the year.

He is capable in a statement (of the Agency news): that according to the law of financial management and public debt No. 95 of 2004, as amended, to reach the budget in the month of October, indicating: that this year there was a work of the Committee in coordination with the government of the time on the budget, in order to accomplish and send it from time to time.

He added: that the budget will be sent financial law and according to what the law is, they will arrive the day before the session of the month of October, he said, adding: that during the two and a half months believe Council سيقرها, is to enter into force early next year.

Earlier, the parliamentary Finance Committee discussed the preparation of the federal budget estimates for the year 2014 and the agreement on the formation of a pop-up sub-committees of the members of the committee to discuss some of the Ministries of State on financial T_khasisatha.

The financial weightings, that the financial budget for next year, which will increase the grades and installation contractors with government departments, and also double the country's revenues to reach nearly 143 trillion dinars. / End / / 8.

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Member: Finance Committee plans to host bank managers to discuss issues related to their work

09-07-2013

Baghdad (news) .. Confirmed a member of the Finance Committee MP / Kurdistan Alliance / Najeebeh Najib, that of its host bank managers to discuss a number of issues related to citizens' loans and U.S. dollar exchange rate.

Najib said (of the Agency news): The Finance Committee will host the managers Rasheed and Rafidain bank after and Rhode some problems concerning the launch of the loans (100) salary and a distribution mechanism for citizens, as well as discuss measures that have been taken by them on the dollar.

It showed: He was scheduled to host the Executive Committee earlier but was delay, pointing to the near Hosting to know the steps they are taking to the issues relating to the granting of loans and exchange rate and how to conduct transactions of everyday citizens.

The Finance Committee revealed, for the start of the Iraqi Central Bank to take urgent action to preserve the stability of the exchange rate of the Iraqi dinar against the dollar by increasing outlets selling hard currency through government and private banks. / End / 5. B. PVC /

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A member of the Economic Committee: on the central bank set a new price of the Iraqi dinar against the dollar

  07-07-2013

 

Baghdad (news) .. Student member of the parliamentary Economic Committee MP / Kurdistan Alliance / Khalil Mahma, the central bank set a new price of the Iraqi dinar against the dollar coin, and that there be a real rate of the dinar.

Khalil said in a statement (of the Agency news): The political maintaining the currency and dinar Iraqi functions of the central bank, and the signals that we observe globally and economically, that there is a future for dinars, adding: may not be the exchange rate of dinar against the dollar per (1300) or ( 1200) Iraqi dinars, because this price is when the balance was $ 10 billion, and today the balance of sovereign Iraq (76) billion dollars.

He continued: political Central Bank to keep the bank is not correct, call the bank that there will be forces of Iraqi dinars, because what exists of the dinar, however, citizens of the Iraqi equivalent of the real price in the market, calling for the bank to invest the power of the dinar after the withdrawal of Iraq from Chapter VII, and today the central bank binding that there will be a new price against the dollar.

He pointed out that, because every dollar Aldaat entering Iraq, but there must be a real rate of the Iraqi dinar, because the strength of JD robust and powerful sovereign in terms of its position and strong economic as well as that of the Iraqi citizen suffers from vulnerability of Iraqi Aldnyar to the dollar.

It is noteworthy that, the Iraqi dinar less than its value once in a while, towards the dollar, for many reasons, including the blame Central Bank in this ascent, and others point out that the situation in Iraq and the region behind the rise of the dollar, as well as smuggling. / End / 8.'s. M /

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