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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