Central Bank: report of the International Monetary supports our goals in the liberalization of the foreign exchange market

30/07/2013

BAGHDAD / obelisk: informed banking sources said that the report on the acts of the Executive Board of the International Monetary Fund last May endorsed the central bank's target Iraqi central goal of liberalization of the foreign exchange market.

The sources said in a statement "obelisk" that "what has been recently taken steps to simplify the rules of the market regulatory Born satisfaction of the Executive Council of the progress made by the central bank recently in the context of strengthening banking supervision and efforts to restructure the bank good and Mesopotamia."

The report was issued by the International Monetary Fund for Iraq, has recommended that the pace of structural reform to boost growth and job creation in the private sector, and the need to continue the good governance of foreign reserves at the Central Bank of Iraq and the Development Fund for Iraq.

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Finance Committee: more than 188 trillion dinars budget in 2016

30/07/2013

BAGHDAD / JD / .. announced the Finance Committee in the House of Representatives that the 2016 budget will be more than 188 trillion dinars.
Committee member said Magda al-Tamimi told the reporter / JD / within the Committee prepared for the budgets of Iraq strategy for the years 2014, 2015 and 2016 to be identified last year's budget up to 188 trillion and 188 billion dinars.
It showed that the total expenditure will be up to 178 trillion and 316 billion, noting that specified for the deficit in 2016 would be around 10 trillion and 567 billion dinars, or 3 percent of GDP.
And hinted Tamimi, he was awarded a price of a barrel of oil in 2016 up to 90 dollars per barrel, while the estimated quantities of oil production by 4.65 million barrels per day, noting that the exchange rate of the dollar will be up to 1.16 dinars per dollar.
The Finance Committee has announced that the 2015 budget will be increased by 157 trillion and 285 billion dinars
Said committee member Magda Tamimi in an earlier statement to the reporter / JD / he was forming a committee to prepare a budget strategy for the coming years, including the budget 2015 will be the total revenues have increased by 157 trillion and 285 billion dinars, while it will be the total expenditure of $ 168 trillion and 837 billion.
She added that the deficit in the budget year will be mentioned by 11 trillion and 552 billion, noting that he will be calculated per barrel of oil at $ 90 in quantities of oil source is estimated at 3.85 million barrels per day.
And alerted Tamimi that calculating the exchange rate of the dollar will be increased by 1.16 dinars, pointing out that the Commission had not received the report of a central location around the dinar exchange rate against the dollar, prompting the Commission to adopt the exchange rate on previous years and such a thing is not permitted at all. / End / / 23 

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Deputy: Ministry of Finance required to open windows for the sale of hard currency in all provinces to support the price of the dinar

30-07-2013

Baghdad (news) .. Student member of the Finance Committee MP / National Alliance / Amin Hadi, the Ministry of Finance to coordinate with the Central Bank to open the windows sale of hard currency in all branches of government banks to the generality of the country so as to prevent the monopoly of banks selling certain without the other.

Hadi said (of the Agency news): Some private banks are trying to monopolize the sale of hard currency to their advantage, which led to increase in the exchange rate of the dinar against the dollar, as a result of the existence of an imbalance in the balance of supply and demand for dollars in the local market.

He added: The Ministry of Finance required to develop a plan to open special outlets for the sale of hard currency in all branches of the Rafidain good governance in the country, both in Zakho or FAO to deliver the dollar to target groups of traders and businessmen or travelers and others, so as to support the stability of the dinar exchange rate, noting that the state needs badly because most of their dealings dinar to the dollar.

Has seen the Iraqi dinar exchange rate during the past few weeks a significant decline against the dollar, which made economists fear its impact on the country's economic wheel. / End / 8.'s. M /

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The dollar is dying

23-07-2013

We hope for the return of Iraqi dinar exchange rate against 3.3 dollars as it was !!!

Expectations of a number of experts, finance and economy collapse of the dollar is not at the global level because he is still master of the currencies in most countries of the world but مايهمنا at the level of the exchange rate in Iraqi dinars, we hope for the return of Iraqi dinar exchange rate against 3.3 dollars as it was, but this dream difficult to achieve and fetched it is can be achieved in the light of the global variables but can be achieved to get into a price equal of any one dollar against the dinar.

The second dream can be achieved gradually, if we have a good deal of this spirit of cooperation between the central bank and private banks, while this cooperation led to the oscillation control which hit Sarsrv dollar these days.

Frouhah joint action and application instructions and procedures aimed at the central bank by private banks contributed to this done and required perpetuate this deal with crises and work in a spirit of team work one to achieve the common goal Alaoho achieve stability in the exchange rate in order to Aaneks on the performance of the Iraqi market trends inflationary for اتحمد consequences.

Response conscious by private banks and support for the crackdown of the central bank contributed to the reduction of the dollar exchange rate against the dinar and return to prices prevailing before the crisis, the central and its repercussions were measures to reduce prices by banks to less than planned contribution to stop the fluctuation in the exchange rate and continued measures reduction at the expense of profits banks that the price reached 1180 dinars last Saturday but emerged this time is a healthy phenomenon by banks are competing in terms of reduction of the Gulf Bank told us an hour to prepare this new column yesterday cut one of Namira so since this day is sold to 1179 dinars.

Thus permission required to deal with this vital and important, and administration was the old central bank is trying to deliver Sarabv during the current year to 1,000 dinars, but the circumstances that engulfed بالمركزي prevented achieved, we see the possibility that the new administration to achieve the target if the pace of handling and dealing with private banks This upscale style by the Central Bank.

There are indications require access to this price, which is not the last but followed by a reduction of new progressive as I said until we achieve equal Aotsawi the real value of the Iraqi dinar due to يتسيد other currencies and the qualifications of the Iraqi economy and its potential is considerable and help to reach the exchange rate dinars per dollar in stages expected to experts be determined in three years, subject to increase and decrease, respectively on the circumstances.

That expectations about the possibility of the return of the power of the Iraqi dinar but brings hope to achieve this dream, but what can we explain the exchange rate so in a country wealth, earth-shattering, these expectations were built on perceptions of experts that Iraq would emerge and salvation from the provisions of Chapter VII but ستؤول to achieve reform and economic stability and to achieve the goals all, particularly the return of Iraqi dinar to the real strength of this vision and perceptions should be accompanied by better performance of denial and efficient administrations.

We believe that the stability of exchange rates one of the most important means of achieving economic stability, the central bank and banks the responsibility for achieving the goal of price stability and the return of the real value of the Iraqi dinar to the dollar collapses fact in front of our national currency.

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Economic center: sell the dollar in accordance with market needs control of the sales process will support the stability of the dinar exchange rate

23-07-2013

Baghdad (news) .. The head of the Economic Media Center Dergham Mohammed Ali, continued to sell the U.S. dollar from the central bank auction by the market need him with tighter controls on the sale process will enhance the stability of the exchange rate of the dinar against the dollar.

Said Mohammed Ali (of the Agency news): The dollar exchange rate is determined by supply and demand, which can supply the greater and at a specified price reduces the control of specific groups at the exchange rate and the monopoly of sales operations in certain ports, which promotes the reduction of the exchange rate of the dollar.

He added: that whenever remittances was liberated and open in front of the private sector through private banks and the exchange rate adopted by the central bank will cut the value of the dollar, noting that the continuation of overall sales under real market need will achieve required exuberance that supports the stability of the dinar exchange rate.

He called Muhammad Ali: the monetary authority to actually close monitoring for the protection of these ports of monopoly or infringement of the beneficiaries of the revaluation of the exchange rate to maintain the flow of foreign currency to the market smoothly. / End / 8.'s. M /

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Shield Association of private banks to the central bank governor

07/22/2013



Honored by the Association of private banks in Iraq, Iraqi Central Bank Governor Dr. Abdul Basit Turki Saeed granting Shield Association during a working breakfast hosted by the Association of Hotel Ishtar. And banquet was attended by a number of members of the House of Representatives and heads of professional bodies and a number of government officials and the general managers of the banks, government and heads of boards of directors private banks and the staff of the Central Bank and a number of businessmen. gave the President of the Association of private banks in Iraq, Adnan al-Chalabi, a speech welcoming attendees pointing to the role of conservative care and entrusting the Iraqi banking system.

Chalabi stressed that the goals that seeks Association to achieve does not depart from those adopted by the central bank. In a speech stressed the central bank governor importance of deepening cooperation between the banks and the central bank to achieve the goals that are in the framework of progress and development of the Iraqi economy, and hoped to continue to banks in the correct track towards performance better serve the national interests. were private banks have responded to the directions of the central bank and its quest to reduce the dollar exchange rate and succeeded in restoring stability.

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Economist: reduction of the U.S. dollar exchange rate in the private banks will stabilize the value of the dinar

20-07-2013

Baghdad (news) .. Said economic expert on behalf of Abdul Hadi, said the agreement private banks to reduce the dollar exchange rate will stabilize the value of the Iraqi dinar.

Abdul Hadi said (of the Agency news): The establishment of private banks to reduce the exchange rate of the dollar to 1180 dinars will lead to the stability of the value of the Iraqi dinar against other currencies and to activate the principle of transparency in dealing with foreign currency, in addition to reducing the speculative side.

He added: reduction of the U.S. dollar exchange rate is the role played by national private banks as well as its economic role.

The Association of Iraqi banks agreed with the central bank cut the cash dollar exchange rate to 1180 dinars as of next Sunday. / End / 5. G. / Mm

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Parliamentary economy: strengthening economic relations with the developed countries will develop the Iraqi economy

17-07-2013

Baghdad (news) .. Member of the Committee called for the economy and investment MP / National Alliance / Hussein المرعبي, the need to strengthen economic relations between Iraq and the developed countries as European and Asian countries and even Arabic for the development of the Iraqi economy and raising its standards.

He said المرعبي (of the Agency news): The House of Representatives voted in previous sessions on the set of laws which provides for the development of Iraq's relations with various world countries in various fields of life, including the economy, the fact that the Iraqi economy needs global expertise in order to develop it.

He added: strengthening relations with the economically developed European countries France, Almalinaa and others will open the doors to major international companies and internationally known banks to open branches in Iraq for the purpose of investment and work.

This has struck Iraq a set of agreements and memorandums of understanding with various countries the world, but it is still those conventions ink on paper and is disabled by the Iraqi government, which made economists claim to be activated in order to serve the Iraqi economy and its development. / End / 8. G. dd /

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World Bank praises the draft reform of the banking sector in Iraq

17-07-2013

Baghdad (news) .. Central Bank of Iraq, the World Bank praised the draft reform of the banking sector in Iraq.

The bank said in a statement received by the Agency (news) a copy of it: that the bank had received a letter from the World Bank praises the report issued by the international auditing firm for the final financial statements of the draft reform of the banking sector in Iraq.

He added: that the report was devoid of any observations or reservations and this report reflects the good efforts made by the management of the Central Bank of Iraq in this area. / End / b. PVC /

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Parliamentary calls to speed up the "reset" currency specialist believes that the current time is not suitable

15/07/2013




Range Press / Baghdad

Called deputies Economic Commission, on Monday, to accelerate the implementation of the project "reset" the process of local مبينين that current currency "not worthy" status of Iraq's economic and investment volume in which, when he saw the expert that it requires a situation militarily and politically "stable banking system accurate and honest" , confirmed last moment, "more favorable" than it was before the deletion of zeros from the currency.

Abtan: Iraq does not suffer from the crisis but of how funds management

According to a member of the Economic Commission representative, Abdul-Hussein Abtan, in an interview to (range Press), "The Iraqi economy has become today in an advanced position and good because supplier of oil big, which reached nearly three million barrels per day," and notes that "the Iraqi Central Bank recently announced that reserves reached $ 76 billion, a very significant amount. "

Abtan adds, that "in spite of all that Iraq is still suffering from a lack of precision in the management of the economic file as well as the absence of coordination between the pillars."

The Central Bank of Iraq announced, in the (third from July 2013 now), that Iraq is "in control of the funds and treasury of gold" in international banks, one of the acting out, denying the existence of frozen funds "outside the control of the Iraqi administration," While revealed that the reserve bank amounted to $ 76 billion in May last year, counting that out of Chapter VII of Iraq will allow "more freedom" to act and attract foreign investment.

And calls upon member of the Economic Commission representative, the need to "multiple revenue estimated reflected on the economy and not on the availability of cash reserves large," and continues that this "evolution in oil production and reserves, the central bank must be reflected on the lives of the citizens, because the country still has a large proportion of the poor and low-income and high unemployment and the housing crisis and the deterioration of the agricultural and industrial sectors. "

Abtan believes, that "Iraq does not suffer from the crisis of funds but from how to manage money, causing paralysis of the Iraqi economy," and calls for "the Iraqi Central Bank need to take quick steps to delete the zeros from the national currency."

And is a member of the parliamentary Economic Committee, that "the existing reserves in Iraq and put the current economic is not commensurate with the size and value of the local currency, which contains the number of zeros, and the current currency does not befit the status of Iraq and strengthen its economy."

Daini: out of Chapter VII made ​​it necessary to delete the zeros

For its part, says a member of the parliamentary economic committee, Nahed al-Daini, in an interview to the (Presse term), that "the deletion of zeros from the currency became a reality, especially after the withdrawal of Iraq from Chapter VII of the Charter of the United Nations."

Daini and remember, that "the Economic Committee of the Council of Ministers were wary in the past of deletion of zeros from the currency of many considerations," and turned out to be "out of Chapter VII made it necessary to delete the zeros of the Iraqi dinar absolute privacy."

And calls upon Member Economic Commission parliamentary political forces and stakeholders "leave no excuse time is not appropriate, taken as a pretext to stop a lot of decisions which, if applied to have contributed to the recovery of the Iraqi economy significantly," and stresses the need to "adjust the border crossing points and the adoption of the law of customs tariff and reset the currency and the implementation of Consumer Protection Act for the advancement of economic reality. "

Najib: The project requires a genuine will and solidarity between the legislative and executive branches

So says a member of the Finance Committee parliamentary Najiba Najib, in an interview to (range Press), "The Commission did not discuss with the Iraqi Central Bank Multi deletion of zeros from the local currency after assuming Abdel Basset Turkish presidency," and explains that "the Finance Committee parliamentary pending claim of the Iraqi Central Bank to discuss with him in this matter. "

Najib recalls that "the governing body of the former Central Bank presented a study on the preparation for the project to delete the zeros," and believes that "this study was professional, scientific and included companies that have been agreed with the implementation of the project."

And stresses a member of the Finance Committee representative, that "Iraq needs some salt is the deletion of zeros from its currency because the size of the money supply traded very large", showing that there is a "four categories of the Iraqi currency is currently thousand and five thousand and ten thousand and 25 thousand dinars, while becoming the category of 250 dinars almost worthless and even thousand dinars on its way to losing its value ".

The relay Najib that there is "an urgent need because we have a currency suitable for the size of the funds and investments entering Iraq," and draws out that "the implementation of this project needs to be a real will and solidarity between the legislative and executive branches and develop a plan sober to make it a success."

He adds that "the process needs to media awareness and make toggle currency currency over two years and not to restrict certain banks and to be a broad base of banks in all provinces of Iraq."

Expert: security situation requires a stable political and banking system accurate and fair

Meanwhile, says economist as Antoine, in an interview to (range Press), said that "you want to delete the zeros is the restructuring of the currency and reduce the use of decimal numbers in the accounts of the process, which has become a danger," and shows that "The other thing is the reduction of the process of counterfeiting that occur in the current currency that consumed significantly and need to switch process. "

In the opinion of Antoine, "The other point is the reduction of dollarization because when you delete the zeros will raise the value of the banknote, not currency because the latter means and not an objective," and continues that "it reduces the dollarization in business dealings Instead of using billions of leaves from the local currency Stenzel these millions Instead of currency transfer bags buckwheat (Alkouan) will be transferred bags. "

And emphasizes the expert, that this "process requires the security situation and a stable political and banking system accurate, fair and educate all the security services to reduce fraud and counterfeiting," the bridge and that "the central bank is ready for this process not be busy out corruption and others."

Antoine believes, that "the time to change the currency was appropriate in the past year 2012, either now it is not appropriate."

Appendix: deletion of zeros from the currency has become more convenient now

Conversely sees head of economic studies at Mustansiriya Centre for Arab and International Studies, Dr. Abdel Rahman al-Mashhadani, that "the time if it was appropriate two years ago to delete the zeros from the currency today it has become more to complete solvency."

Mashhadani says, in an interview to the (Presse term), "The process of deleting the zeros was supposed to expire two years ago because a purely economic issue," and shows that "the dinar, which was torn and steals a loss to the government and citizen."

He continues, head of economic studies, that "denominations now need to transfer large banks need to protect and place great," and goes on to "the Iraqi currency need to change because, according to the international standards should be changed categories currently in circulation and that the Central Bank shall issue new categories."

The Economic Committee of the House of Representatives, called for in (the sixth of July 2013 now), the central bank to "speed up" the process of deletion of zeros from the Iraqi currency in order to maintain them, and confirmed that it is not in the interest of Iraq, the survival of its currency with so much and irregularly, as indicated that the deletion process will increase the value of the Iraqi dinar and reduce unemployment and poverty.

It is noteworthy that the General Secretariat of the Council of Ministers announced (12 April 2012), the patient in the application process to delete the zeros from the national currency, which had to stop all actions related to the mentioned process until further notice.

It is noteworthy that some economists believe that Iraq is not ready at the present time to delete the zeros from the dinar, pointing out that the deletion needs to security and political stability as well as economic stability.

The International Monetary Fund, announced in (the 23 of March 2013), that funds preventive in the Development Fund for Iraq rose in 2012 to $ 18 billion, and cash reserves of the Central Bank of hard currency to $ 70 billion, and pointed out that this increase came from " unexpected oil revenues, "called on the Iraqi government to end the control of the state-owned banks on the banking sector, he stressed the need for Iraq to strengthen public financial institutions to ensure efficiency and transparency in the use of oil revenues.

They expected the U.S. Agency for International Development, in (third from last December 2012) that leads the Iraqi economy Arab countries during the five years, stressing that Iraq possessed all the qualifications to be an economically strong state.

Iraq is trying for years to attract foreign capital to develop its economy in the fields of industry especially oil, including housing and oil and gas extraction, for the need of funds for infrastructure development and reconstruction, but observers assert that the lack of interest of the state to the private sector and the absence of investment laws which guarantees for investors and the absence of Other laws are still obstacles to the evolution of the economy in the form required.

Iraq relies which has the fourth largest oil reserves in the world at 95 percent of its annual budget on its oil exports and currently produces about two million and 900 thousand barrels per day, while the issue up to two million and 200 thousand barrels per day.

The UN Security Council voted in, (27 June 2013), unanimously approved the decision to remove Iraq from Chapter VII, after more than two decades of sanctions imposed whereby in the wake of the former regime's invasion of Kuwait on the second of August 1990.

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Economist: Inflation rates in the country, up continuously due to the fluctuation of the exchange rate of the dinar

15-07-2013

Baghdad (news) .. Economic expert ruled out Abbas Ghalibi, having low inflation rates last month, indicating that the data are not considered a real indicators as what are speculative.

And said Ghalibi (of the Agency news): The decimal salaries reduced by inflation to not be considered a real indicators of quality standards as far as what is considered speculative and discretionary.

He added: rates of inflation continues to rise due to the difference of the dinar exchange rate between the period and the other toward the foreign currency as well as the policy is correct and dysfunctional in the management of the Central Bank of the new, as well as the rise witnessed in system prices, which negatively affects the inflation indicators adopted by the Ministry of Planning .

And predicted Ghalibi: that high rates of inflation in the coming months, stressing that the proportions are not true.
It is noted that the Ministry of Planning and Development Cooperation announced a decrease in the inflation index for the month of June, and at a rate of 1% and rising annually at a rate of 2%. / End / 5. H. P /

Economist: Inflation rates in the country, up continuously due to the fluctuation of the exchange rate of the dinar
Baghdad (news) .. Economic expert ruled out Abbas Ghalibi, having low inflation rates last month, indicating that the data are not considered a real indicators as what are speculative.

And said Ghalibi (of the Agency news): The decimal salaries reduced by inflation to not be considered a real indicators of quality standards as far as what is considered speculative and discretionary.

He added: rates of inflation continues to rise due to the difference of the dinar exchange rate between the period and the other toward the foreign currency as well as the policy is correct and dysfunctional in the management of the Central Bank of the new, as well as the rise witnessed in system prices, which negatively affects the inflation indicators adopted by the Ministry of Planning .

And predicted Ghalibi: that high rates of inflation in the coming months, stressing that the proportions are not true.
It is noted that the Ministry of Planning and Development Cooperation announced a decrease in the inflation index for the month of June, and at a rate of 1% and rising annually at a rate of 2%. / End / 5. H. P /

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Parliamentary economy: the law of competition and prevent monopoly will support trade and promotes the growth of the national economy

15-07-2013

Baghdad (news) .. The decision of the Commission stressed the economy and investment MP / coalition of Kurdish blocs / Khalil Mahma, the importance of activating the law of competition and prevent monopoly to support the movement of trade in the country and to promote the economic growth of the country.

Khalil said (of the Agency news): that there is a set of economic laws the task which has been legislation in the House of Representatives, including the law of market competition and prevent monopoly and tariff and protect the national product and other laws, it still is disabled by the executive branch under the pretext of it Ataatlaúm with Current country status.

He added: activate the law of the right to market competition and prevent monopoly will ensure receipt of goods is good for the country and therefore will support commercial traffic in both inside and outside the country, and this will reflect positively on the Iraqi economy.

It is noteworthy that a committee of economy and investment parliamentary earlier confirmed the existence of efforts to modify antitrust law and put pressure on the government to apply in order to support the Iraqi economy. / End / 8.'s. M /

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Najiba Najib: government to take measures to support the exchange rate of the dinar does not represent the policy of the central bank intervention

14-07-2013

Baghdad (news) .. A member of the Finance Committee MP / Kurdistan Alliance / Najeebeh Najib, that the government take urgent measures to strengthen the Iraqi dinar is not considered the work of the central bank intervention, stressing that the current laws are not commensurate with the policy of the free market economy.

Najib said (of the Agency news): to strengthen the Iraqi dinar is not only the responsibility of the central bank, but its responsibility rests with all relevant institutions and the Iraqi state, indicating that Iraq needs a strong economy and a strong currency.

She added: there must be urgent action and strategic plans by the government to strengthen the economy, without a strong economy and produce local and directed state can not strengthen the Iraqi dinar.

She pointed out: that the legislation window does not fit with a free market economy, nor with the government on plans to strengthen the economy, noting that strengthen the to ايطبق the dinar in a short period but need a set of procedures and a package of laws to get the desired results.

It is noteworthy that the Iraqi Central Bank is responsible for monetary policy and there is a tendency for the integration work between the central bank and the government to raise the purchasing power of the Iraqi dinar. / End / 5. H. P /

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Economist: central bank retain large quantities of gold will support the Iraqi economy (Iraqi Dinar)

14-07-2013

Baghdad (news) .. Refer economic expert Hazim al-Nuaimi, the reasons for retaining the Central Bank of large quantities of gold to avoid the Iraqi economy from the seriousness of the economic crisis that hit some countries in the world, as a safe haven for the national currency.

Naimi said (of the Agency news): Iraq depends mainly on oil and gas in the economy and the cover is important for currency, due to suspension of wheel production in it, and thus the central bank to keep the largest amount of gold and other foreign currencies to ensure the economy.

He added: that the economic situation in the country through the theory of supply and demand for goods is limited by the level of the economy in the global market.

It is noteworthy that Iraq has taken a big step to strengthen its gold reserves to join the other central banks of emerging market economies such as Brazil and Russia to diversify its foreign reserves. / End / 5. H. P /

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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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Governor of the Central for "obelisk": We have stocks of gold's largest foreign currency

03/07/2013

BAGHDAD / obelisk: Detect Iraqi Central Bank Governor / Agency Abdul Basit Turki, Wednesday, that the stock of Iraq's largest gold from the tally of foreign currency, confirming the assignment set of files of corruption at the central bank to the judiciary, adding that the exit from Chapter VII will allow us greater flexibility discretion, noting that the project raise zeros from the currency has been postponed for the time being.

Said Turki in an exclusive interview with "Obelisk" of Karbala that "Iraq has stocks of gold is greater than the tally of foreign currency and gold reserves of Iraq is managed by the central bank and deposited at the Bank for International Settlements as an agent of the Central Bank," noting that "Iraq is the owner of the treasury now, even before getting out of Chapter VII and the gold before a proportion of 10% of stockpiling reserves of the components of the Central Bank and Reserve President consists of foreign currency and is used to determine the exchange rate of foreign currency احتياطنا until last May $ 76 billion of hard currency. "

"Referred to a set of files of corruption at the central bank to eliminate was indicted for some officials for corruption some verdicts have been issued in the first case, as has been bringing in some of the issues managers of private banks to investigate."

Turki denied "the existence of frozen funds outside the control of the Iraqi administration," stressing that "the frozen funds being diverted down according to the UN resolution both before and out of Chapter VII or beyond to the fund managed by the Central Bank of Iraq."

The Turkish that "out of Chapter VII will allow us the freedom to act greater flexibility in addition to creating a general atmosphere to attract foreign investment," adding that "the great importance is the completion of Iraq's sovereignty because Quana under the provisions of Chapter VII offered for the intervention of international forces in some of the decisions on Iraq , "and that" the withdrawal of Iraq from Chapter VII-VI means the problems could be solved bilaterally with countries without international intervention and this is an important step on the level of Iraq. "

He revealed that "the financial statements did not send to the Central Bank in spite of our demand so we asked for statements until 30/6 did we receive until now."

He said that "the relationship between the value of the currency and issued on the basis of the existence of the gold content disappeared since 1971 and thus value of the currency depends on two foundations of the strength of the economy and the ability to maneuver through the presence of foreign currencies can be pumped in the market."

And that "Iraq's budget going to rise," expressing his confidence in "through my follow up of the accounts of the Ministry of Finance stocks, roundish and unexpected revenue sufficient for the implementation of the budget, even if 100% exhausted."

And money laundering, said Turki that "been sentenced two of the defendants laundered the money and there are still four people accused of directly we have begun to audit the transactions since we receive the task of the central bank and returned to the transactions ancient that we believe the existence of problematic where we have discovered the existence of Notes basic Fastqdinma managers commissioners and officials banks and Naakecnahm in these observations and احلنا to eliminate from not convinced Bhjajhm ".

Turkish revealed "to postpone the project raise zeros from the currency and the value of the Iraqi dinar toward climb to more power because we passed the bottleneck."

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Maliki: Iraq's highest growth rate among all the gas-producing countries had annual growth of up to a minimum of 10%

07.02.2013

 MOSCOW (Iba) ... Prime Minister Nuri al-Maliki said the International Atomic Energy Agency predicts an annual growth of gas production in Iraq has up to 10% minimum is considered the highest growth rate among all the gas-producing countries, noting that energy-mentioned gas production outweigh the need for domestic use .

Maliki said in a speech at the Second Summit of the gas exporting countries held in Russia: that Iraq was identified as a producer and exporter of crude oil since eighty years in the capital, Baghdad, was born in 1960, the Organization of producing and exporting countries (OPEC) did not occupy gas in Iraq an important position like that occupied by gas oil, although that may be known in Mesopotamia nearly four thousand years when أتقدت the flame of natural gas in the Baba Karkar within the city of Kirkuk, became known as the eternal fire.

He added: international oil companies in Iraq did not give the former any interesting little gas so it was most of the gas associated with oil burn waste, in addition to the non-targeting gas exploration but discovery was invader is a loss so exercised telecom companies of the closure of wells which discovered gas, There was no significant change in gas investment only after the nationalization of oil in Iraq, where carried out large-scale projects to invest in gas led to the reduction of heartburn, and managed to Iraq to release gas to the State of Kuwait for several years during the eighties of the last century, but that those projects have not experienced expansions planned because of the policies of wars that have thrown Iraq and the subsequent siege which led to the continuation of gas flaring in large quantities at a time when much needed both to generate electricity or in industrial projects.

And between Maliki: that installed gas reserves in Iraq amounted to 112 trillion standard cubic feet equivalent to 3.4 trillion cubic meters, ranking second century in the world, before entering into the development of the oil and gas sector in 2009.

He continued: that the government of the Republic of Iraq began the implementation of a broad program and an ambition to develop the oil and gas sector in Iraq and opened the doors of cooperation with major international companies and we have taken all measures to stop gas flaring to maximize the benefit from it. Has resulted from the implementation of the program during the biennium (2011-2012) a significant increase in proven oil reserves of more than 150 billion barrels of oil, accompanied by a significant increase in gas reserves due to exploration and development in the whole of Iraq led to the doubling of the previous reserve.

He added: Now that the spare Iraq a long way on the road to building a democratic system and the rule of law, he is paying increasing attention to the development of the economy and diversify sources and improve the working environment and stimulate investment and that within the requirements of the implementation of economic reform programs, legislative and public sector modernization. And falls in this context, attention to strategic planning where the Government of Iraq has launched days before the integrated national strategy for energy and that gave great attention to the oil-like gas and the rest of sub-sectors.

Maliki said: The main strategic directions of the Government of the Republic of Iraq in the gas sector are as follows: -

1. Expand gas reserves in Iraq in general and free gas, especially through the exploration of areas with possibilities promising, has launched this year's licensing round fifth target gas exploration in different parts of Iraq, according to the conditions and arrangements conducive to investors to enable them to development of direct discoveries of commercial, According to the latest studies to the possibility of

Double the current gas reserves because, as it contains probable reserves estimated at 170 trillion standard cubic feet.

2. Will result in the development of the production capacity of crude oil according to the scenario medium and favorite of (9.0) million b / d production capacity of associated gas ranging between 6-7 million standard cubic feet per day as forecasts of international institutions كالوكالة International Atomic Energy annual growth of gas production in Iraq up to a minimum of 10% which is the highest growth rate among all the gas-producing countries. The energy-mentioned gas production outweigh the need for domestic use and there is the commitment of the State to invest gas associated with the product through the construction of infrastructure and institutional capacity necessary for the collection and processing of gas and separated and transferred to the consumption centers was initiated already implementing this commitment, it is planned to be completed gas processing facilities in 2015 and it will be available processing power than energy production and shrink very much flaring.

3. Development and investment of free gas fields discovered previously Card 820 million standard cubic feet where contracts have been signed with three companies / coalitions global.

4. Meet the local needs of both gas and fuel to produce electricity and run factories or nutritious materials for petrochemical and fertilizer industry.

5. Serious thought launched a project to export gas or more neighboring countries or even Europe piped whether or in the form of liquefied gas from the port of praises in the Gulf south of Basra. The vigorous action to implement the pipeline to export gas pipeline with export-oriented across the Hashemite Kingdom of Jordan and we expect investors to refer the project to the end of this year.

6. Export gaseous fluids that ستفيض large quantities of the need for the local market.

He said al-Maliki: that based on the foregoing, the priority of energy policy in Iraq is a concern with gas being a national treasure and fuel clean, environmentally friendly and a source increasingly important role in the generation of electricity and the establishment of industries strategy for Iraq Kalptrrukemaoyat and fertilizers in addition to providing added value through export to world markets.

He added: The development of energy sources and oil and gas Tsnaahma and Tsidiarhama as raw materials or in the form of oil and gas products will enhance the prestige of Iraq and make it a major player in the global energy markets.

He pointed out: The vision of the Republic of Iraq match and see the Forum of Gas Exporting Countries We share with you our appreciation to the growing importance of gas and hold the same desire to participate to ensure supplies and stabilize the markets of the world as to give increasing attention to environmental initiatives and scientific and technological progress and exchange of experiences between countries. (End)

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A joint committee to browning Training Center Act monetary and banking

06/30/2013





The parliamentary Finance Committee raised the level of coordination with the Economic Commission for the completion of parliamentary bill Training Center monetary and banking.

And a member of the Finance Committee said Magda Tamimi's (IMN) that "economic joint committee with the parliamentary process to provide a final report on the draft law center monetary and banking training next week."

She added that "the draft law project provides for the replacement of Banking Studies Center training center monetary and banking in the Central Bank of Iraq to develop technical and practical treatments for fiscal and monetary policy."

And that "the Centre will be watching the decline and rise in the exchange rate of the Iraqi dinar and the nature of economic laws as well as the development of staff expertise in the banking sector."

And completed the Higher Committee overseeing the restructuring of State-owned banks in April / May last economic and technical studies necessary for the implementation of political restructuring.

Economists believe that re ھیكلة the Rafidain and Rasheed conditional on the legislative reform process for the banks, which is commensurate with the aspirations of the banking business in Iraq.

And holds the government banks 90% of the banking operations.

The restructuring plan includes four axes banks, is Restructuring Cgalah and strategic re-evaluation of assets and re-banks and accounts audited by an external auditor.

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Economists: out of Iraq from Chapter VII will bring foreign investment and is the country's frozen funds

30-06-2013

Baghdad (news) / report / Hussein Faleh / .. After the vote the UN Security Council voted unanimously to exit Iraq from Chapter VII, which imposed a year ago (1990), especially after Iraq's occupation of Kuwait, which provided for the adoption of economic sanctions stranglehold on the country, Iraq has sovereignty full national and liberation of all economic restrictions, which has become a stumbling block before the advent of international companies to invest in the country.

The confirmed number of deputies and economic experts that Iraq would emerge from the provisions of Chapter VII internationalist bring international companies sober-owned and developed countries to Iraq for the purpose of work and investment, which has been facing many difficulties prevent them from coming into the country by the UN resolution.

They explained their talk (of the Agency news) to remove Iraq from Chapter VII of money refunded frozen Iraqi funds in foreign banks, as well as in the Development Fund for Iraq to the country, gives him the freedom to dispose of them.

A member of the Finance Committee and the Secretary-General of the People's Movement Attorney Ali Alsjeri, stressed: that Iraq would emerge from the provisions of Chapter VII of the Charter of the United Nations will have significant economic benefits for the country.

And said Alsjeri (of the Agency news): This item behind the great economic damage, where pay international companies in various fields of work away from Iraq after being largely financial system and the impact on Iraq's sovereignty in general.

He added: remove Iraq from Chapter VII to VI سينقله the Rehab development by allowing the world's largest construction companies for reconstruction and therefore Iraq will return to the international community incubator after a break that lasted more than 23 years.

He pointed out: that the positive effects of which will be reflected directly on the State-owned banks that were forced to resort to secondary agents in order to sustain its foreign relations, which would have cost extra money and expressed the hope that this will contribute to the achievement of developmental renaissance in Iraq.

The Iraqi government announced that Iraq would emerge from Chapter VII of the Charter of the United Nations represents the last external obstacle in front of him to regain full sovereignty remains to deal with internal challenges.

It is noteworthy that Iraq would emerge from Chapter VII would make him able to manage his money without international trusteeship would also allow him to return to normal in the international community in terms of processing, especially health equipment and manufacturing, especially military weapons, light, medium and heavy-duty, except banned internationally.

For his part, said the decision of the Commission on the economy and investment MP / coalition of Kurdish blocs / Khalil Mahma, that the end of the provisions of Chapter VII, will enable Iraq to recover its funds frozen, and end the tax paid by the people, by the practices of the former regime.
He said (of the Agency news): that Iraq has met all its obligations towards Kuwait, which makes it imperative for the international community to fulfill its obligations towards Iraq and the lifting of prosecutions on frozen Iraqi funds abroad.

He added: The people and the Iraqi government has tolerated a lot in order to remove Iraq from Chapter VII and the time now, conveniently out of this limitation, which hurt many citizens, stressing that Iraq would emerge from this decision will prompt global companies owned by the developed countries to come to Iraq for the purpose of investment.

As an economist Adnan al-Kanani, said: that out of the provisions of Chapter VII requires urgent pause on the financial sector, particularly the banking sector, which will be faster beneficiaries from entering the global financial market and wider doors.
He said (of the Agency news) to: the importance of exploiting the opportunity and develop sector Bashklah the government and private sectors through partnerships and the formation of relationships with leading global banks known.

He added: it was time for the banks to develop their systems and electronic instructions and method of work and foremost a way of thinking and management as well as the expansion of its branch network both inside and outside Iraq, especially in the countries that we have with the trade as strong as Turkey, China, Saudi Arabia, South Korea, Iran, Russia and others, where does not have Iraqi banks there E., with no legal barriers, nor political, nor economic sanctions after today prevent us from communicating with the world.

Since the nineties groaning Iraq under the weight of sanctions, since the international embargo that resulted from the United Nations Resolution 661, which was issued on August 6, 1990 due to the Iraqi invasion of Kuwait, and provided for the adoption of economic sanctions stranglehold on Iraq to force his time on the immediate withdrawal from Kuwait. This decision was followed by almost ten successive resolutions, warning him of the consequences of his stay in Kuwait and the defiance of the international community.

And suffered Iraqis two of these sanctions, which deprived them of food and medicine, as well as all means of progress and technology that reached the world in the era of the nineties of the last century, which led to the deaths of a million and a half million children as a result of hunger and lack of medicine acute and their lack of the most basic means of life.

This siege lasted nearly 13 years where practically ended with the fall of the Baath regime in 2003, Iraq had suffered from severe isolation from most countries in the world politically, diplomatically and economically, but Iraq remained suffers from the effects of hindsight under Chapter VII of the Charter internationalist. And compared to the suffering of the Iraqi sanctions made Saddam Hussein, one of the richest ten richest in the world. / End / 8 /

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Expert: Agreement "NASDAQ" World Stock Exchange will contribute to the development of the stock market work

30-06-2013

Baghdad (news) .. Said Ismail Radi economist, said the agreement concluded by the Iraqi market for securities with the global institution NASDAQ stock exchange will contribute to the development of his work in the system business dealings.

Radi said (of the Agency news): The Iraqi market for securities in urgent need for the development of his work through the use of modern Technology systems, must be contracted with discreet international institutions specialized in the development of the work of international stock markets.

He added: that the initiative of the Iraqi market for securities Finance Ptaakedh with the NASDAQ Global Foundation will contribute significantly to the development of the work of the Iraqi Stock Exchange of current systems with another make them a platform for business transactions fast and sophisticated at the global level.

This institution has signed NASDAQ Global Market, on Saturday, an agreement with the Iraqi market for securities to develop the system work in business dealings.

The technology NASDAQ X-Stream currently used in more than 25 stock market in the world. / End / 8.'s. M /

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GCC welcomes the exit of Iraq from Chapter VII

 30, 2013

Welcomed the Gulf Cooperation Council (GCC) the exit of Iraq from Chapter VII.

The UN Security Council voted last Thursday to exit Iraq majority of international sanctions imposed on it under the provisions of Chapter VII, because of the former regime's invasion of Kuwait in 1990.

According to a statement for the meeting of the Gulf Cooperation Council after held yesterday in the Bahraini capital Manama that "the Council welcomed the Security Council resolution No. 2107/2013 unanimous referral of prisoners and missing persons and the return of Kuwaiti property to the United Nations Mission to help Iraq [UNAMI] under Chapter VI, instead of Chapter VII of the Charter of the United Nations, to follow up on this file. "

He said the "fruit of the positive development of relations between Kuwait and Iraq and mutual visits between officials of the two countries and on these visits resulted in the signing of important agreements of the parties, on some bilateral issues and international obligations."

The Council stressed "support this decision and that the issue of prisoners and missing persons and the return of Kuwaiti property matters of a purely humanitarian nature, and looks forward to the Iraqi government to continue its efforts in cooperation with the State of Kuwait and the international community." Is over.

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Vice observers: Kuwait's remarks on survival in Chapter VII concerning Bouklavadtha the Interior

30/06/2013

MPs and observers stressed, on Saturday, that Iraq came "in part" of the provisions of Chapter VII, and the remainder of its obligations under this chapter of the Charter of the United Nations is a "minor technical matters."
As stressed that Iraq has met many of its obligations towards the State of Kuwait, they saw that the reconstruction of the country for the seventh season need to difficult استصداره the UN resolution again, considering the Kuwaiti side talk about survival of Iraq under international sanctions, the issue of "internal marketing".
The UN Security Council voted unanimously last Thursday, the Resolution No. 2107 which provides for partially remove Iraq from the provisions of Chapter VII of the Charter of the United Nations, and an end to the mission of the Special Coordinator of the United Nations responsible for my Kuwaiti missing persons and property. The transfer of the Security Council, by resolution, My Kuwaiti missing persons and property under Chapter VI to the work of the United Nations Mission to help Iraq (UNAMI) and keep them under the umbrella of the UN Security Council review.
The text of the statement issued by the United Nations on "the application of Chapter VI of the Charter of the United Nations, rather than Chapter VII, with respect to the issue of missing Kuwaiti property and archives." He also urged Iraq to continue his efforts in the search for missing Kuwaiti property, including the National Archives through the Joint Ministerial Commission between the two sides.
The Kuwaiti Information Minister Salman Hamoud said, in a press statement quoted by the media, a Kuwaiti, said that "the file of compensation owed by Iraq of Kuwait is still under Chapter VII of the Charter of the United Nations," pointing to "the existence of a mechanism under the auspices of the United Nations to follow up the payment of compensation amounting to about $ 11 billion. "
Sabah expressed the hope that "the exit of Iraq from the provisions of Chapter VII fully," he said, adding that "there is a part of the compensation, there is a mechanism in the joint meetings under the auspices of the United Nations in the development of mechanisms to address compensation."
The Kuwaiti minister pointed out that "the survival of some of the files under Chapter VII does not mean that Kuwait has no fears towards its northern neighbor," stressing that "relations between the two countries have improved significantly."
In this context, the MP Hassan Chuird, a member of the Foreign Relations Committee, parliamentary, "The decision to exit Iraq from Chapter VII irreversible," adding that "the technical committees between Kuwait and Iraq working hard to end all outstanding issues between the two sides."
And saw Chuird, in a statement to the "long" yesterday, said, "What the rest of the outstanding issues between Kuwait and Iraq are missing and archive file and compensation," adding that "the technical committees have made significant strides."
It stresses a member of the Foreign Relations Committee in the House of Representatives that "Iraq is working hard to discuss the Kuwaiti archives and the remains of missing Kuwaitis in Iraq during Iraq's invasion of Kuwait in 1990," pointing out that "the compensation of Iraq to Kuwait, estimated at $ 11 billion will expire in 2015."
He adds Chuird saying that "Iraq does not have an interest in hiding Archive and missing Kuwaitis, so Iraq can not be returned to Chapter VII, but the existence of a new complaint against him, and this needs to be great strides difficult to achieve again."
The Undersecretary of the Kuwaiti Ministry of Foreign Affairs Khaled Al-Jarallah described a UN Security Council resolution as "an important step," adding that "the decision will reflect positively on Iraq's relations with Kuwait and the international community."
The neighbor of God that "Iraq showed significant cooperation in resolving the outstanding issues with Kuwait," he said, adding "for the missing property was handled by international coordinator under the provisions of Chapter VII, and now holds the job UNAMI in Iraq, the United Nations, so that remains of this compensation only little. " The Kuwaiti official stressed, saying "our brothers in Iraq Mentzmon in the payment of such compensation, and also confirmed that they will continue to pay this compensation to the end of the last installment."
In turn, attributed the Ali al-Jubouri, a professor of political science at Baghdad University, told the Kuwaiti Information Minister, for the survival of Iraq under Chapter VII, to "internal crises in Kuwait between the government and the opposition."
He believed Jubouri, in a statement to the "long" yesterday that "Iraq came partly from Chapter VII-VI and the remaining things minor technical," adding that "Iraq has completed many of the decisions relating to Chapter VII with the Kuwaiti side," diminishing of the "issues that still stuck because they will not hinder the country's exit completely from the provisions of Chapter VII. "
He criticized political science professor told the Kuwaiti Information Minister, noting that it "to Iraq and accused related to internal problems in the State of Kuwait."

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