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.

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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.

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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.

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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

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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.

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Central Bank Act to issue calls for the deletion of zeros from the currency

Saturday 03/03/2012


Baghdad / term follow-up
Approved the Iraqi Central Bank Governor Sinan Shabibi the presence of counterfeit currency in Iraq are being traded at rates limited, calling for the House of Representatives to pass a law to delete the zeros of the Iraqi dinar and replace the currency of more sedate difficult to falsify. Saw the Iraqi provinces several, including Karbala, Najaf, Babil, Wasit, Sulaymaniyah and Baghdad,

In recent months, adjust the amounts of counterfeit currency, and detained by local authorities in these provinces specialized gangs forged currency, promotion and fraud on the citizens.
The Shabibi during a hearing held by the Parliamentary Finance Committee that during the trading operations at the level of monthly Central Bank of Iraq, appeared between 8 and 16 sheets of a ten thousand Iraqi dinars a fake, and the same class of 25 thousand dinars.
For her part, the parliamentary economic committee member Nora Albjara told the newspaper that the life of its Committee heard comments about the Central Bank of counterfeit currency and the suggested solutions, pointing to the adoption of the provision of law to replace the existing currency with a new one after deleting three zeros from them.
And accused the regional countries facing economic sanctions, of trying to destabilize the Iraqi economy through the introduction of counterfeit currency and take advantage of collecting the maximum amount of foreign currency, such as the dollar, which began running out of the market.
The Central Bank of Iraq made adjustments to their systems to sell the dollar in the official auction, because the traders and the offices of Banking remove large amounts of dollars to Iran and Syria, which applied the right to economic sanctions led to the deterioration of their local currencies worldwide, where he began the CBI claim of private banks documents demonstrate their need for hard currency.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh said that counterfeiting is very limited in Iraq, pointing out that the most important obstacles faced by counterfeiters is the type of paper the distinguished used to make the Iraqi dinar, as is the paper handler and resistant to dirt and longer-lived in circulation, in addition to the presence of thread safety and the watermark and security rest of the specifications.
Did not rule out the occurrence of forgery, because of technological advances in printing processes, and the availability of printing devices attributes of high-definition at hand in the markets, but stressed that the presence of security features on the currency and the ability of the Iraqi banking system and the people on the discovery of fake very quickly to prevent the widening phenomenon.
And a project to replace the currency, after deletion of zeros, Salih stressed that this project is under development and will be issued a new currency the central characteristics than the world's currencies, non-penetrating or counterfeiting.
Financial authority and warned Iraqi banking offices and foreign exchange companies from exploiting their works everyday to promote counterfeit currency and money-laundering involvement, senior officials acknowledged their occurrence in Iraq.
Meanwhile, a President of the Economic Committee in the province of Karbala, Tariq Kikhany: that the security forces detected in a number of provinces have been active in gangs are forging currency, pointing out that these offices are not subject to scrutiny, because of the number and the dozens of people have opened offices banking, without reference controls in place.
She drew the local authorities in the province of Babylon, adjacent to Karbala, they arrested a gang of seven people, specializes in forging foreign currency, while its members are in the process of promoting counterfeit currency, and seized possession of a forged 60 thousand dollars.
The director of the beauty of the banking and foreign remittances beauty Ajili that counterfeit currency in the market, domestic and foreign, strange that some traders do not normally easily detectable.
The Judicial Council in the last Iraqi census that his 1297 sentence issued during the year against those accused of forgery of the currency.

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Issawi declare a full support for the various areas of the private sector and especially the banking sector

03/03/2012

The independent Iraqi news agency / Baghdad / s. P ... A source at the Ministry of Finance to the Minister Rafie al-Issawi discussed with the managers of private banks and private companies in the presence of MP Ahmed Chalabi, the main obstacles facing them.

Zcarpean and the Ministry of Finance received (and independent Iraqi news agency) The al-Issawi said its full support for the various areas of the private sector and especially the banking sector

He pointed to the role of the banking sector in building the Iraqi economy and promote investment opportunities in the country

The statement said al-Issawi agreed with those present on the audit work of private banks and companies by international companies to develop the work documented that the banks and increase their effectiveness.

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