Najafi participate in the Eighteenth Conference of the Arab Parliamentary Union in Kuwait

04 March, 2012

Scheduled to leave House Speaker Osama al Baghdad on Sunday, heading to Kuwait on an official visit at the head of a parliamentary delegation high.

The visit to participate in the activities of the eighteenth meeting of the Conference of the Arab Parliamentary Union to be held in Kuwait with the participation of heads of parliaments of eighteen Arab countries.

Link

Advisor to the Prime Minister: most of the money and Iraqi oil revenues are deposited in U.S. bank

04/03/2012

The Iraqi News Agency Independent / Baghdad / follow-up ... He adviser to Prime Minister Mohammed Fadhil that most of the money and Iraqi oil revenues are deposited in the U.S. central bank, adding that Iraq needs to renew the protection for these funds in order not to allow any company booking them.

Mohammed said through a press statement transferred reporter (news agency Iraqi Independent) That the money and revenue reserves, whether the Iraqi central bank money or property caused by the Iraqi government export oil now exist in America by 90% or more

He pointed out that Iraq needs to be protected from lawsuits in the United States the fact that most of the money deposited with

He pointed out that we We need a presidential decision to renew U.S. protection so as not to come any company, whether U.S. or non-American to reserve these funds and to bring an action thereon, and therefore these funds will be protected in the United States of America.

The Cabinet had approved on 28 February, the recommendations of the Ministerial Committee on the subject of Iraqi funds abroad and to assign the Ministry of Foreign Affairs approached the U.S. side through diplomatic channels in order to issue an executive order by the U.S. President for the continued protection of Iraqi funds for an additional year as of 22 May 2012.

Link

Vice chest describes the policy limit the central bank remittances to some banking companies with "monopolistic"

Sunday, March 04 / March 2012

Description of the Deputy for the Liberal parliamentary bloc central bank policy in money orders to "monopolistic."

The MP said the governor Zamili told all of Iraq [where] that "the political central bank in the inventory of remittances to and from outside Iraq for banking companies is the policy of limited monopolies are contrary to the political practice in the banking world."

The CBI had earlier decided to limit the entry of domestic and foreign funds, known as the [orders] with some banking companies in the country as a precautionary measure to curb the circulation of counterfeit currency in the commercial markets of Iraq.

The Central Bank of Iraq under the law issued on the sixth of March of 2004, an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the system financial competitive and independent. ended 8.

Link

Central Bank: The Government are determined by the interest rate on loans given that 90% of the bank's financial liquidity, including

Sunday, March 04 / March 2012

Deputy Governor of Central Bank of Iraq the appearance of Mohammed Saleh said that the issue of loans and the rate depends on the political benefits the banks and the real problem is that the largest banks are government which accounts for 90% of the banking activity in bank inside Iraq.

Said Saleh told all of Iraq [where] that "the government banks are still subject to the policy owner or the administration there and in mostly the government is the owner," asserting that "banks do not have the autonomy to make its decisions and the reason is that more liquidity Finance from the government and thus the last that can reduce the proportion of the interest rate of loans. "

He added that "the central bank supports the philosophy of financial liberalization, which means the banks are free to set prices, the benefits of permanent and the City either for loans or deposits," noting that "the banks are free to direct credit to the sectors it deems appropriate without setting limits of time or restrictions on credit and this principle is acted upon since the second half of 2004 and is called the principle of financial liberalization. "

And that "this principle is also accompanied by the freedom of financial transfer abroad not intersect with the law against money laundering, money crime and terrorism."

He was "there is a reference to deal with the central bank called the reference interest rate and content of monetary policy is used with the banks that deal with the central bank and the interest is calculated depending on the size of inflation in the market and in some cases, the interest rate is zero%." Ended 2

Link

Oil and Gas Legislation Deadlocked

04/03/2012

ERBIL, Iraqi Kurdistan -- Adil Barwari, Iraqi Prime Minister Nuri al-Maliki’s adviser for affairs of the Kurdistan Region, does not think that Iraqi Parliament will pass the oil and gas legislation this year.

Barwari told Rudaw, “Due to political disagreements, it is hard to see the oil and gas legislation resolved this year.”

Maliki’s State of Law coalition in parliament said that the issue of oil and gas would be finalized this year.

The oil and gas legislation has been the major point of dispute between the Kurdistan Regional Government (KRG) and Baghdad for several years.

In 2007, Erbil and Baghdad agreed on a draft law for the country’s oil and gas that was supposed to be sent to parliament for approval, but later the central government abandoned the agreement and prevented the draft from being referred to parliament.

Last summer, the Iraqi Ministry of Oil unilaterally prepared another draft to be reviewed by parliament for voting, but the Kurdistan Region strongly rejected the drafted document and demanded a return to the 2007 agreement.

Following the 2010 elections in Iraq, the Kurds lent their support to Maliki’s government on the condition that he would pass and abide by the points of the 2007 agreement.

But two years on, the oil and gas law still lies in the drawers in Baghdad.

Prime Minister Maliki has indicated in the past that he is willing to finalize the issue and his Ministry of Oil says the draft is in parliament and only needs the blessing of the political parties.

Asim Jihad, a spokesman for the Ministry of Oil, told Rudaw, “My ministry’s duty was to prepare the draft. It is now finished and has already been sent to parliament. That’s why it is not our concern anymore.”

But Farhad Atrushi, a Kurdish member of the oil and gas committee in the Iraqi Parliament, said, “The draft that has been sent to parliament was prepared by the Iraqi Council of Ministers. We, the Kurds, will not approve this document because it is against the constitution and Kurdish interests.”

Atrushi admitted that, “Lack of political agreement has caused the oil and gas legislation to reach a deadlock. It will be difficult to resolve this issue right now.”

On the other hand, Qasm Muhammad Qasim, a Kurdish MP in Iraqi Parliament, said, “There are currently two drafts for oil and gas in Iraq. One prepared by the Iraqi government and the other by the parliamentary oil and gas committee.”

According to Qasim, the different blocs in parliament are in dispute over the two drafts and that is one of the reasons for the delay in passing the country’s oil and gas law.

“According to Resolution 111, priority will be given to the draft law that has been prepared by the committee of oil and gas and we have consulted on this matter with the legislation committee,” Qasim said.

The major difference between the two drafts, Qasim said, is that, “The file prepared by the Ministry of Oil will give more power to the central government and the prime minister, and that goes against the constitution.”

Kurds advocate for the passing of the original draft law that would give provinces and federal regions authority to run their own natural resources without referring to the capital.

Ali Shalla, a close aide to Prime Minister Maliki, told Rudaw, “Passing the legislation will not be delayed another year.”

“The parliament will approve the drafted legislation this year, as the KRG and the central government are both serious about resolving this issue,” he added.

Link