Parliamentary Finance: Delete the zeros depends on control of the Central Bank of the dinar exchange rate

Friday, May 25 / May 2012

 
Twilight News / confirmed to the parliamentary Finance Committee, on Friday, that the implementation of the project to delete the zeros of the Iraqi currency and restructuring depends on the extent of control and control of the Central Bank of the exchange rate of the dinar against the dollar, as called for the adoption of new monetary policies before the implementation of the project.

A member of the Finance Committee Najiba Najib in an interview with "Twilight News" that "the project to delete the zeros and the restructuring of the currency made ​​by the central bank depends on the extent of implementation of control and control of the Iraqi dinar exchange rate against the dollar."

Najib said that "the central bank and government in the event will allow them to take action and contribute to a new monetary policies to control prices of the Iraqi dinar against the dollar, they will be able to cancel the wait and start deleting the zeros and the restructuring of the currency."

The Cabinet decided, in the middle of the month of April last, be patient in the application of the deletion of zeros from the national currency.

She Najib that "the central bank is still working to control the lifting of the Iraqi dinar exchange rate against the dollar," afterthought by saying that "political and security situation and economic development at the present time does not help to delete the zeros and the restructuring of the Iraqi currency."

The Central Bank of Iraq began to modify the search categories dinar, last year, and is still a large part of the payments being in cash due to the evolution of the banking system.

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Parliamentary Finance: the high value of the dinar against the dollar as a result regulatory action

24/05/2012

The independent Iraqi news agency / Baghdad / and. Kh. A member of the Finance Committee Parliamentary Secretary Hadi said that "a proposal for the committee submitted to the Central Bank on increasing the number of those responsible for the sale of hard currency in the banking Rafidain and Rasheed, which was applied during the last few days has contributed to raise the value of the dinar against the U.S. dollar.

Hadi said the reporter (and independent Iraqi news agency) that "there is increased value of the dinar against the dollar after the central bank applied a proposal by the Finance Committee spends Auction diversification of foreign exchange and not restrict them to a limited number of companies."

He said the Secretary that "the central bank will be in accordance with the procedures to maintain exchange rate stability of the dinar against the dollar."

And saw the price of the dollar relative to local currency increased during the last few weeks and reached the exchange rate to about 1127 dinars to the dollar in the domestic market while the stable exchange rate of 1166 at an auction the bank, which he attributed Officials companies banking local to the central bank from making further action in the auction sale of foreign currency .

 
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Attorney Shaalan: secret vote will be between the political blocs to see the votes wishing to withdraw confidence from the Maliki

  Friday 5/25/2012

Baghdad (news) .. According to MP / coalition in Iraq / Shaalan Abdul-Jabbar, that the subject of withdrawal of confidence from the Maliki flexibility if implemented the terms of the Erbil, stressing that the political blocs will hold a secret vote among them to see how many votes wishing to withdraw confidence from the al-Maliki.
Abdul-Jabbar (the Agency news): The problems cropped up because of failure to implement the terms of the Erbil by a person who the Prime Minister, pointing out that Maliki can solve the current crisis and avoid the possibility of withdrawal of confidence with him through the implementation of terms of the agreement.

He added that al-Maliki able to implement some of the terms of the agreement, which includes oil and gas law and the security file and the accountability and justice, and leave some of them to Almatmalotunai, explained that most of the deputies of the National Alliance, including the deputy coalition of state law did not oppose the paper Arbil last.

And pointed to: that the issue of withdrawal of confidence from the al-Maliki does not have the support of everyone, and expected to hold a secret vote among some of the blocks to see who is pro-opposition, and this topic. / End / 12. D. Q 

 

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Director of private banks: Islamic banks have achieved financial returns than the rest of the banks

 Friday 5/25/2012

Baghdad (news) .. Approved the Executive Director of the Association of private banks Abdul Aziz Hassoun that the activity of Islamic banks is much better than other Iraqi banks being traded her in the middle of the market and not in the office, and its commitment to the laws of the Islamic religion.
The Goldfinch (of the Agency news): The work of Islamic banks is quite different from the normal business of the other banks being engaged in work in the middle of the market and the complexity of transactions and buy and sell outside their offices and away the financial risk faced by most banks.

He added that the commitment to the laws of the Islamic religion and beliefs that the text of the religion which make her a large audience "any depositors of money", and now has Aaúdt financial than achieved by the private banks the other, indicating that the spread will generate a competitive atmosphere between Iraqi banks in general.

It consists of the banking system in Iraq from the forty-three banks as well as the central bank and distributed according to ownership between (7) banks and government (30) my family, including Bank (7) Islamic banks in addition to (6) foreign banks. In spite of the Investment Law No. 13 of 2006 had excluded the investment in the banking sector of its provisions but the investment in the banking sector takes its legal framework on the basis of legal central bank No. 56 of 2004, banks No. 94 of 2004, with a minimum of the founding of a bank in Iraq 100 billion Iraqi dinars (ie, up to $ 85 million (. / Finished / 8. n. r /

 

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Iraqi Deputy for white: three presidencies responsible for the implementation of the Arbil

 Friday 5/25/2012

Baghdad (news) .. MP said / Iraqi bloc white / Daami Mohammed, said that the three presidencies responsible for failure to implement the terms of Arbil, and expected to resolve the crisis in the event of the National Congress.
Daami said in a statement (for the Agency news) that the authority of its president Atidah Nuri al-Maliki not bear responsibility for not only the implementation of the agreements, but the three presidencies are also responsible.

He called Daami: the blocks that do not look for implements of their demands or the withdrawal of confidence from the government but rather to provide research services to the people and the development of the country's interest above partisan and personal interests.
He expected the MP for the Iraqi bloc white: that the leaders of political blocs reach a consensus on the outstanding differences, noting that the National Conference to be held soon sponsor to resolve the crisis.

The political arena is witnessing profound differences between most of the blocks, and worsened between the State of Law Coalition and Iraqi forces on the one hand and the Kurdistan Alliance on the other hand, at the time held by President Jalal Talabani, a series of meetings in an effort to resolve the crisis, without being clear what has been reached during these meetings. / Finished / 2. n. r /

 

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Expert: the stock market needsExpert: the stock market needs two years to adapt to delete the zeros of the Iraqi currency two years to adapt to delete the zeros of the Iraqi currency

 Thursday, 24/05/2012

Baghdad (news) .. The head of Economic Information Center Dargham Muhammad Ali, that the application of the deletion of three zeros from the Iraqi currency will impact on the Iraqi market for securities, indicating he needed two years to adapt to the new system.
Ali (of the Agency news) said on Thursday that the project to delete the three zeroes from the Iraqi dinar will affect the Iraqi Stock Exchange index in terms of replacement of "dinars" to "money", requires re-programming systems of its own, and enough time to adapt gradually to the situation new.

He added that the market needs two years to create mechanisms and programmed trading under the new regime of Iraqi currency and serve as a transition to a new system change through restructuring of equity in the market and be a new form, or they are reduced to "any per thousand shares into one share," or put systems new management in the market through the implementation of the project to delete the zeros.

He pointed out: that the project to delete the three zeroes from the currency necessary for the time being because of the mass of large cash in the local market which is estimated at (3) trillion dinars, what made the need urgent for reduced, pointing out that he will help to ease the audit of the State, particularly in the development of the general budget, in addition to the accounts for the financial resources to be easier and more accurate than by dealing with it now difficult to deal with large numbers of existing.

It is noteworthy that the Iraq Stock Exchange confirmed earlier that the deletion of zeros from the local currency would hurt the level of stock trading in the Iraqi market for securities in the current phase of the existence of shares less than (80) Iraqi dinars and will be lost in case of deletion of zeros. / Finished / 8. D . Q /

 

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Member of the Committee on Energy: Run the third oil export platform will enhance the ability to export Iraqi oil

 Thursday, 24.05.2012

Baghdad (news) .. According to a member of the Committee on Energy and MP for the oil / Kurdish coalition blocs / Qassim Mohammed, that the operation of the export of oil floating platform will power the third export oil, calling for the modernization of the old oil pipeline to accommodate the additional quantities exported.
Mohammed (the Agency news) on Thursday: The energy export Iraqi crude oil began to increase after opening Alaaúmtin the first and second through the Persian Gulf, and when entering the floating oil-third to the service will enhance the export capacity of oil, noting that Iraq is an urgent need to increase production capacity and export oil because of the presence of a large fiscal deficit in the general budget is estimated at (15) billion dollars.

He added that the plan of the Ministry of Oil in place for the current year it is hoped to increase the export capacity to more than (3) million barrels of oil a day, while now Iraq issued two and a half million barrels a day, because of the obstacles that the most important of poor infrastructure of pipes oil and the lack of export outlets and rely on the implementers in the north through Turkey's Ceyhan and the South through the Persian Gulf. / Finished / 8. d. Q /

 

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