IMF criticizes the Iraqi banking system and urges the government to strengthen supervision of financial system

Alsumaria News / Baghdad asked the International Monetary Fund on Sunday, the Iraqi government to supervise the Iraqi banking system for taking damage growth prospects in the country, adding that most commercial banks do not work be acting, and some are selling cars, as called for Iraq to appear diversified economies if he wants to attract investments and provide jobs “for millions of people.”

A report passed by the World Bank and presented on the sidelines of the IMF and World Bank held in Washington, said that “the Iraqi banking system damage growth prospects in Iraq, must be developed in order to attract foreign investment and diversify the economy of oil-producing , “asserting that” there are seven state-owned banks dominate the banking system has 89% of bank deposits in the country.”

Iraq: the continuing disputes over oil and gas law with the lack of consensus

25/09/2011 20:24

Baghdad, September 25 / September (Rn) – continue to differences in Iraq, on oil and gas law which is supposed to contribute to the organization of this vital sector in the country, while working for the Commission on oil and energy in the Iraqi Council of Representatives sorting the points agreed in the three drafts of the law and wait to reach consensus between the political blocs on the points of contention.

The recent rejection of the Kurdistan Region draft oil and gas law approved by the Iraqi government and sent to the House of Representatives for approval.

Finance minister to sign the Convention on the amendment to restructure Iraq’s debt to the Arab Monetary Fund

Baghdad (IBA). Finance minister signed Rafie Al-Issawi, with the chairman of the board of the Arab Monetary Fund, Dr. Jassim al-mannai on the amendment to restructure Iraq’s debt to the Arab Monetary Fund.

Said the signing of the agreement mentioned on the sidelines of the extraordinary meeting of the Arab finance ministers, which was held in the United Arab Emirates capital Abu Dhabi to discuss the current economic and financial challenges facing the Arab countries, in the light of international economic developments on the one hand, and the events taking place in some Arab countries on the other.

http://bit.ly/pxfuID

MPs will win on independent bodies

Shortly before the heated debate the official and popular on the link independent bodies the House of Representatives or the Council of Ministers, although the Constitution was clear enough and detailed status of each body, but some tried various ways to raise the dust has been evacuated in the House when the vote on the law of impartiality, the Office of Financial Supervision Some of the paragraphs of accountability and justice.

Yesterday won the day and all will become a legally independent bodies linked to Parliament and not the Council of Ministers of the Sultan on the appointment of its members or dismissal from office as united with others who fell in his work with the prime minister, He was fired or resigned from office.

U.S. plan to support the Iraqi economy after the withdrawal

Minister announced Commissioner for Political Affairs at the U.S. embassy in Baghdad, Sunday, the existence of an economic plan for the U.S. to support Iraq’s economy next year after the withdrawal of U.S. forces end of 2011.

In a statement to the Office of the Deputy Speaker Arif Tayfur, got “Twilight News”, a copy of it, that “the Deputy Speaker Arif Tayfur received in his office a delegation from the U.S. Embassy in Baghdad, which included the Minister Plenipotentiary of affairs; political Douglas any Silliman and senior staff at the embassy , “pointing out that” Silliman said there is an economic plan for the United States to support the Iraqi economy in the next year, after the withdrawal of U.S. forces the end of 2011. ”

MPs and experts: bank guarantees and the existence of Iraq under Chapter VII and behind the flight of investors

.. I agree parliamentarians and experts in economic affairs to the Iraqi Investment Law No. (7) for the year (2010) that a good law and contains clauses that are ambitious and encouraging for investors, but is facing some difficulties and obstacles in its application of them, bank guarantees and the existence of Iraq under Chapter VII, in addition to routine killer in the review of all state departments.

Senior banker: on the government to allow its departments to deal with private banks to take advantage of the abundance of financial

The head of the Association of private banks and banking expert Abdul Aziz Hassoun, the government to deal with private banks as it has the money and abundant, for use in financing their business operations and investment projects, stressing that there is a clear distinction between government and private banks by the Central Bank.

The Goldfinch in a statement to the Agency (news) on Sunday: the government should allow for the ministries and departments in dealing with banks eligibility to benefit from the abundance of financial owned by these banks for the purpose of financing their operations and projects, noting that this subject was searched by a long with the concerned authorities, and Similarly, issued a decision by the Economic Commission of the Council of Ministers to develop a plan to deal ministries and government departments with private banks to finance its expenditures, but not implemented yet.

Finance Minister discusses with a team of World Bank economic interests and investment in Iraq

Finance Minister Rafie al-Issawi with a team from the World Bank in Washington, ways to develop bilateral relations to serve the economic interests and investment in Iraq and a strategy to address the problems of the financial sector in it.

The statement said the ministry had received the Agency (news) copy of “The Search During the meeting, ways to reduce the unemployment rate and supporting and building the labor force and Iraqi development and training in addition to the discussion of the energy sector and overcome the obstacles that stand in front of the development. ”

International bodies urged Iraq to reform the financial system

25/09/2011 12:08

Erbil, 25 September / October (Rn) – The international lending agencies on Saturday that the Iraqi banking system damage growth prospects in Iraq must be developed in order to attract foreign investment and diversify the productive economy of oil.

A report passed by the World Bank said that seven state-owned banks dominate the banking system and has 89 per cent of bank deposits in the country, according to the reported “Reuters.”

Experts said many of these banks provide limited services and most commercial banks do not be acting work and some selling cars.

Najafi: There is a historical necessity to change some of the terms of the Iraqi constitution and the independence of the independent bodies

The head of the House of Representatives Osama Najafi, Sunday, that there is a historical necessity to change some provisions of the constitution of Iraq, noting that this need not compromise the will but the will of the overwhelming popular, while stressing the need for the independence of the independent bodies.

Nujaifi said during a conference of independent bodies, which was held today, the parliament building in Baghdad, attended by “Alsumaria News”, “the Iraqi constitution has been enacted will of the people, must respect the popular will respect absolutely unequivocally no hesitation,” stressing “the historical need to change some of the items the Constitution, because this need is not compromise but the will of the will of the overwhelming popularity. ”

Tayfur calls for oil and energy committee to review the draft law of oil and gas

Called the Second Deputy Chairman of the House of Representatives, Saturday, the Commission on oil and energy to the parliamentary review of the draft law of oil and gas participation of all political blocs to being overwhelmed by the violations and constitutional violations.

The Iraqi government announced on 28 August for ratification of the draft law of oil and gas, and decided to refer it to Parliament for approval, while the declared Office of the Deputy Prime Minister for Energy, Hussein Shahristani, the government introduced some amendments to the draft oil law, which is long overdue and reviewed by Energy Commission of the Cabinet.

Tayfur: Iraq needs the support and the support of friendly countries to build

said the Second Deputy Speaker Arif Tayfur that Iraq needs the support and the support of friendly countries to build it.

A statement of the Office of Tayfur received Agency (news) a copy of it on Sunday: During a meeting with a delegation from the U.S. embassy headed by the Minister Plenipotentiary of affairs; political Douglas any Silliman today Tayfur as saying that “Iraq hopes the efforts of loyal and patriotic forces to pass crisis and differences and work hard to reach appropriate solutions for all the files and the outstanding issues.”

House of Representatives will discuss tomorrow the law of nomination for the presidency of the Republic and the selection of deputies

detection decision the House of Representatives, Sunday, for the council will discuss at the meeting tomorrow of the draft law on provisions for nomination to the presidency of the republic and choose the number of deputies.

Said Mohammed al-Khalidi in an interview with “Twilight News” that “one of the laws to be discussed by the House of Representatives at the meeting tomorrow is the law of regulation provisions for nomination to the presidency of the republic and choose the number of deputies.”

Najafi: The Constitution of Iraq need to amend some of its clauses

25/09/2011 14:57

Baghdad, September 25 / September (Rn) – The head of the Iraqi parliament on Sunday, Osama Najafi, that the country’s constitution needs to modify some of its clauses, at the same time warned against exerting pressure on the independent bodies that would threaten the independence and impeding the implementation of its tasks.

Opposed to senior politicians, some of the provisions of the constitution, most notably Prime Minister Nuri al-Maliki, who called in 2009 the need for amendments to the Constitution guarantees the existence of the Government of the “centrality” strong in the country, was described as the end of last month, some of the provisions of the constitution material “explosive”, which should accelerate the process of modification .

Iraq’s Squadron 70 commands the skies

CONTINGENCY OPERATING BASE ADDER, Iraq – Iraqi Lt. Col. As’ad and Iraqi Maj. Ahmad regularly pilot a Sama CH-2000 military tactical surveillance aircraft on four-hour flights, viewing the skies of Southern Iraq from an eagle’s perspective. They use this to their advantage on the lookout for smuggling and other illegal activity on the borders with Kuwait and Iran.

As’ad and Ahmad are pilots in the Iraqi air force, Squadron 70, stationed on Contingency Operating Base Adder. The personnel of Squadron 70 have worked with Airmen of Iraqi Training and Advisory Mission-Air here to prepare them for the reposturing of U.S. Forces in Iraq.

Read more: http://www.dvidshub.net/news/77522/squadron-70-commands-iraqi-skies

CBI Daily Currency Auction Sept 25, 2011: $195.4 million

The latest daily currency auction was held in the Central Bank of Iraq on the 25-SEP-2011. The results were as follows:

DETAILS	NOTES
Number of banks	25
Auction price selling dinar / US$	1170
Auction price buying dinar / US$	—–
Amount sold at auction price (US$)	195,435,000
Amount purchased at Auction price (US$)	—–
Total offers for buying (US$)	195,435,000
Total offers for selling (US$)	—–

Vietnamese Inflation Slows for the First Time Since August 2010

VietFinanceNews.com – Vietnamese inflation slowed for the first time in more than a year, bolstering the government’s scope to support economic growth by lowering borrowing costs.

Consumer prices climbed 22.42 percent in September from a year earlier, easing from a 23.02 percent pace in August, according to figures released by the General Statistics Office in Hanoi today. That’s the first deceleration since August 2010. Prices rose 0.82 percent in September from August.

Vietnam’s government said Aug. 25 the nation’s central bank will leave so-called policy interest rates unchanged for now and consider cutting them if inflation slows. Asian officials from the Philippines to South Korea and China have avoided monetary tightening in recent weeks as concern grows the world economy may be on the brink of another recession.

Reuters: Iraq urged to reform financial system

WASHINGTON (Reuters) – Iraq’s banking system is hurting the country’s growth prospects and must be revamped in order to entice foreign investment and diversify the oil-producing economy, international lending bodies said on Saturday.

Kuwait FM urges UN to stimulate Iraq into fulfilling its (CH VII) commitments toward Kuwait

Iraq - Kuwait

Politics 9/24/2011

By Salwa Al-Jandoubi UNITED NATIONS, Sept 24 (KUNA) — Kuwait Deputy Prime Minister and Minister of Foreign Affairs Sheikh Mohammad Sabah Al Salem Al-Sabah on Saturday urged the UN General Assembly (UNGA) presidency to help Iraq step up the fulfillment of remaining commitments towards Kuwait, particularly those stated in UN resolution 833 on borders.

Sheikh Mohammad raised the issue during a meeting Saturday with incumbent President of the UNGA Nasser Abdul-Aziz Al-Nasser, a Qatari national.

“We talked about all issues that are on the UN General Assembly and Security Council’s agendas particularly those related to Kuwait and the pending Iraqi commitments towards Kuwait,” Sheikh Mohammad told KUNA following the meeting.

World Bank Press Release: Further reforms needed in the Iraqi Financial Sector to ensure economic growth

WASHINGTON, September 24, 2011 – A new World Bank report released today, Republic of Iraq Financial Sector Review, highlights that while reforms are ongoing in the financial sector, the country needs to push further to ensure that a system still characterized by state-domination and lack of transparency reaches its full potential.

The report stresses the critical importance of the financial sector in modernizing the Iraqi economy and allowing it to reach its full potential.

“The link between sound and well-developed financial systems and rapid and sustained economic growth is clear and backed up by decades of empirical evidence in many developed and developing countries,” says Sahar Nasr, World Bank Finance Lead Economist in the Middle East and North Africa region and the report’s principal author. “Efficient and prudent allocation of resources by the financial system is absolutely critical for increasing productivity, enhancing equality of opportunity, and reducing poverty.”

CBI confirms deleting zeros and changeover 2013

Iraqi Central Bank, announced Saturday, 2013 will delete the zeros and the currency changeover, noting that current currency formed block significant monetary worth 30 trillion dinars.

He said the Bank’s Deputy Governor Mohammad Saleh said in an appearance “llsomret news”, “the Central Bank’s strategy of deleting three zeros and currency switch would be at the beginning of new year and a new budget for the State of Iraq”, predicting that “the currency is switched in the new fiscal year to 2013”. 

Saleh said “zeros added to the currency led to the deterioration of the currency in Iraq, leading to poor efficiency of cash Exchange”, stating that “the Iraqi monetary institutions currently errors in accounts and records due to the high numbers of hard-currency read.” 

Editorial: The Iraqi dinar and the deletion of zeros

Posted 23/09/2011 07:45 PM

Ihsan Shomran Yasiri

I listened with interest to the symposium presented by the Iraqi satellite channel on the theme of the restructuring of the Iraqi currency, and deleting three zeros from them.

I had listened to the statements a state officials who oppose this issue and the market excuses about the dangers of topic ..

I have done as good Iraqiya met with Iraqi Central Bank Governor, his Deputy and the President of the Finance Committee in the House of Representatives ..

Says the idea that promises by the central bank said that the process of lifting the zeros aims to reduce the number of banknotes that are open to the people.

Iraqi House of Representatives has yet to receive committee’s report on Kuwaits Port Mubarak

State law: House of Representatives has not yet received the report of the Special Committee on Port Mubarak

said a coalition of state law, the Sabbath, that the House has not received to date report of the Special Committee on the Port of Mubarak, and among the Iraqi people still have a concern on the issue of the port of Kuwait, pointed out that the Foreign Minister had the facts when he stated in the United Nations on the port.

House of Representatives will convene next Monday

raising the Iraqi Council of Representatives, Saturday, its the 32 of the legislative year the second to the next Monday, with parliamentary source that the meeting had to host the President and members of the Federal Supreme Court and vote on the law of the Integrity Commission and the draft Law of the housing fund, as well as to postpone the vote on the system Internal and read the other bills on the agenda of the meeting.

Talabani criticized for his New York trip and confirmed that he spoke on behalf of the Kurdistan region of Iraq and not

Alsumaria News / Baghdad criticized the Iraqi List, Saturday, a speech by President Jalal Talabani to the General Assembly of the United Nations because it focused mostly on the territory of Kurdistan, stressing that the Iraqi parliament is given the confidence of the post and not Kurdistan.

The MP said the Iraqi List, Ahmed al-Jubouri said in an interview “Alsumaria News”, “the President of the Republic is the symbol of the state and was supposed to President Jalal Talabani, when he delivered his speech to the General Assembly of the United Nations at its sixty-sixth to speak on behalf of Iraq and Iraqis, and not on behalf of the Kurdistan region on the basis of the Constitution, and keep away from regionalism and party, which has long heard hesitated before officials in international forums. “

Iraqi Finance Minister Issawi in the US to discuss Iraq’s debt

24/09/2011 16:45

Baghdad, September 24 (Rn) – Finance Ministry said Saturday that Iraqi Rafie al-Issawi and its minister arrived in the United States to attend the meetings of the World Bank and the IMF to discuss Iraq’s debt.

The deputy governor of Central Bank of Iraq nine days ago that Iraq’s debt owed to the world of 23 billion dollars.

But the Office of Financial Supervision, said about eight days ago that Iraq needed $ 68 billion.

World Bank: 2011 Iraq Financial Sector Review Report

PDF Doc

A new report examining the Iraqi financial sector notes that while the system is still characterized by state-domination and lack of transparency, the financial sector can play a key role in modernizing the Iraqi economy and allowing it to reach its full potential. The report also assesses the impact of recent reforms introduced by the Iraqi government and the Central Bank of Iraq on the performance and soundness of the financial sector, as well as the sector’s contribution to enhancing the country’s economic growth.

This report was initiated at the request of the Iraqi government to get a better understanding of the overall financial sector in Iraq. The main objective of the report was to develop a comprehensive assessment of the financial sector. The report assessed the impact of recent reforms introduced by the Iraqi government and the Central Bank of Iraq on the performance and soundness of the financial sector, as well as the sector’s contribution to enhancing Iraq’s economic growth. It followed a forward-looking developmental approach, identifying key challenges and priority areas of reform moving forward.

Iraq Finance Committee Member: Iraqi dinar has recovered and has become internationally recognized

On: Saturday 24/09/2011 13:10

Baghdad (news) .. According to a member of the Finance Committee and parliamentary deputy / National Alliance / Abdul Hussein al-Yasiri, that the Iraqi dinar at this time recovered from what it was in the past and began to deal in abroad, noting that the Central Bank of Iraq has up to (57) billion dollars, and this demonstrates the strength of Iraqi economy.

Banking expert: wanted a new law governing economic relations

Considered an expert guillotine bank draft regulations, which plans to the coherence of the Organization of American development adopted in cooperation with the Iraqi government is a waste of time in the banking sector suffers from an imbalance in the laws that run.

The executive director of the Association of Iraqi private banks Abdul Aziz Hassoun: It’s hard to have a specific destination and even the Ministry of Justice to have the entire archive laws and regulations that are being searched for the abolition of the bulk and simplify them.

Investigations and contemporary society: a controversial issue; the project to delete the zeros of the local currency between the timing and economic feasibility

Not Dated

Poll: Qasim flavor still

Tributary Sadiq
Raised the project to delete the zeros of the local currency, which was announced the CBI on June 22 last debate between the economic and financial circles, at the time raised the reactions of the popular wondering about the timing and economic feasibility of the process that could cost millions of dollars and spoke upheaval in the domestic market. (Union) polled a number of experts and academics on the dialectic of the deletion of zeros from the local currency over the following survey: