Archive for March 8, 2012

01-03-2012 09:59 AM

According to Professor of Economics at the University of Babylon, Jawad al-Bakri that the draft raise zeros from the national currency involves a lot of positives on the reality of the economy in the country.

Bakri said in a press statement: One of the positive control to stop the dollar on the economy in the country and reduce the circulation of funds and the stability of the dinar exchange rate in addition to reducing the rates of inflation in the medium term and reduce the cost of economic transactions.

He said according to the Agency (news): The process of lifting the zeros can not be done only by taking action to ensure implementation correctly through the control of financial corruption and establishing the security situation in Iraq, pointing out that the financial authorities the boot process before the accepted time and not surprise the citizen so .

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08/03/2012 15:39

Baghdad, March 8 (Rn) – The Economic Committee in the Iraqi Council of Representatives, Thursday, they formed the Central Bank of Iraq with a joint committee to begin the process of deletion of zeros from the local currency.

Said Abdul Hussein Abtan told the Kurdish news agency (Rn) that “the Economic Commission formed a joint committee with the Central Bank of Iraq on Thursday to oversee the process of removing zeros from the local currency, which is scheduled to begin next September.” (more…)

08/03/2012

Why after the lifting of zeros?

economic expert said that a number of things can be achieved thanks to the deletion of three zeros from the currency, noting that in the forefront of those positive things to be achieved after the implementation of the project is to increase the control of monetary authorities on the trends of the currency in Iraq during the performance of its functions in the management of liquidity, monitoring and supervision of the national currency.

and started the government to change the currency in 2004, before the trend the central bank to introduce a deletion of three zeros from the Iraqi dinar, a project expected to implement it early next year, according to Deputy Governor of the Central Bank.

(more…)

08-03-2012 |
Commended the deputy governor of the Central Bank of the appearance of Mohammed Saleh the need to develop plans to solve the housing crisis in Iraq, as it gives an indication of serious inflation in the coming period.

Saleh said (of the Agency news) on Thursday: The occurrence of inflation in the country comes through the high real estate prices to very high levels, leading to increased prices of food and industrial goods in the domestic market, and this is what makes inflation index rises gradually. (more…)

3-3-2012

By: Shwan Zulal

Iraq could be one of the richest countries in the world. Yet over three quarters of Iraqis do not have bank accounts. So where do they keep that wealth? And can the Iraqi banking system be dragged into the 21st century?

The banking sector in Iraq reflects the economic mess that the country is in. Basic modern banking practices – like electronic funds transfers for payroll or other banking needs – are almost non-existent and credit facilities are hard to come by. Automatic teller machines remain a novelty while mortgages and loans are a rarity.

(more…)

Date: Thursday, 03/08/2012 12:22

Baghdad (news) .. A member of a coalition of state law, MP / National Alliance / Ahsan al-Awadi, that the visit of Prime Minister Nuri al-Maliki’s expected visit to Kuwait would be the end of the rupture between the two countries.

said Al-Awadi (of the Agency news) on Thursday: The Melvalalaqat between the two spiky since the period of the previous regime and there are some Observations on the role of the Kuwaiti government, especially after 2003, pointing out that Iraq is open to Kuwait to be there is a relationship of economic and political good will satisfy all parties.

(more…)

Posted 08/03/2012 08:14 AM

BAGHDAD – Babinaoz (Reuters) – The Iraqi government announced the formation of a special ministerial committee to prepare for the visit of Prime Minister Nuri al-Maliki to the State of Kuwait on 14 this March.

The Iraqi government spokesman Ali al-Dabbagh said in a statement that the Council of Ministers decided to form a ministerial committee to discuss the outstanding issues between Iraq and Kuwait and the preparation of all the primitives required to enable the government delegation which will visit Kuwait, to negotiate with the Kuwaiti side to find solutions that preserve the interests of Iraq and its people and end the problems that encountered in the development of a positive relationship between the two countries and two peoples and an end to the problems inherited, in the words of the statement did not address the nature of the files prepared for the delegation of the Iraqi negotiating team. (more…)

06/03/2012 8:43

A source in the administration of the Arab Bank of Jordan, that the amount transferred from Kuwait to the bank accounts of Iraqi special, there were one billion and a half billion dollars, the amounts were converted beginning in 2008 and so far, to calculate more than 200 “Iraq” in exchange for a no-objection to the draft Port Mubarak of Kuwait.

The source said the banking: “The remittances on how large they did not raise suspicion of Directors of the bank, although that amount represents half of the budget Jordan’s annual,” adding that “the condition is subject to receipt of such amounts, is that the share of the beneficiary of the amount and the host country of the bank interest, with half interest only, which is estimated at 2% of the direct beneficiaries. ” (more…)

Date: Thursday, 03/08/2012 13:28

Baghdad (news) .. said the Minister of Commerce Khairallah Hassan Babiker that there are a lot of presentations by a number of private sector companies for the purpose of investment in supermarkets, which are now under consideration by the Ministerial Committee formed for this purpose.

The minister said in a statement Department of Commerce has received the Agency (news) a copy of it today: that this matter is in cooperation with the National Investment Commission to choose the best offers on the basis of reputation and gravity of those companies and high efficiency in the implementation of such a project.

(more…)

Baghdad, March 8 / March (Rn) – The Ministry of Planning and Development Cooperation of Iraq, Thursday to postpone the launch of the budget in 2012 until the end of which the outstanding problems between the Council of Ministers and House of Representatives.

The Minister of Planning Ali Shukri, told the Kurdish news agency (Rn) that “the budget in 2012 that was planned for launch at the beginning of the month of March being postponed until the end of the outstanding problems upon between the Minister and the House of Representatives.” (more…)

Thursday, 08 March 2012 09:06 GMT

Announced the decision of the Iraqi parliament, on Thursday, that the presidency Republic ratified the federal budget for the current year 2012.

Muhammad Al-Khalidi said in an interview for “Alsumaria News”, “The Presidency of the Republic ratified the federal budget of the Iraqi state For the current year 2012, amounting to $ 100 billion” after two weeks of approval in parliament. (more…)

07/03/2012 8:53

Baghdad / Orr News
Amid the turmoil of the Iraqi government arrangements for a summit Baghdad at the end of this month, surprised Prime Minister Nuri al-Maliki and his allies, his opponents to set a date of his visit to Kuwait, while sources familiar with the deal (Iraqi – Kuwaiti) project to bury the port of Faw.

The sources close to the Prime Minister’s Office, told the (UR), “The partnership deal is equal to the prepared posed by al-Maliki during his visit to Kuwait on the port of Mubarak after secret meetings between him and the Kuwaiti officials.” (more…)

07/03/2012 8:47

At the time decided the Iraqi Central Bank to impose guardianship on the Warka Bank, described the members of Parliament in the Economic and Financial Committee and officials in the banking sector this step b (destroyer) of the banking sector, which is the main gate in the process of attracting foreign investment, among bankers that the decision to trust is not justified especially that of Warka, which was founded in 1999 still has the financial strength did not declare bankruptcy.

Central Bank of Iraq admitted in a report released by the Directorate of banking and credit control department inspection, that the reason for the lack of liquidity to the Warka Bank and also the rest of the private banks is the decision of the Ministry of Finance 402 on 15/1/2009 and ordered by all ministries and government departments to withdraw their deposits from private banks, Warka and do it and returned $ 800 billion dinars during the period of one month. (more…)

THURSDAY, 08 MARCH / MARCH 2012 13:28

the central bank, on Thursday, for that private banks are transfers of $ 40 billion per year have achieved large profits, indicating that the private banks Tnesb hostility to the central because they want to work without legal controls.

The deputy governor of the Central Bank of the appearance of Mohammed’s “Twilight News” that “the private banks that the 45 Iraqi banks and some branches of foreign based transfers an annual $ 40 Mllardolar have achieved large profits, and are such transfers a third of what turns Iraq’s foreign currency.” (more…)

WEDNESDAY, 07 MARCH / MARCH 2012 18:31

detection Deputy for the parliamentary Economic Committee, Wednesday, on his quest to provide a proposed law to regulate private banks with public and private sectors, pointing out that failure to address the state’s departments and the private sector with the banks because of the failure and lack of ownership by law.

A member of the Committee of Economy and Investment parliamentary Amer winner in an interview with “Twilight News” that “private banks and private does not have a law regulating its work but it does have instructions from the Central Bank is working under,” noting that “it must be the enactment of the domestic banks in accordance with specific controls to guarantee the rights citizens and government departments and those banks. ” (more…)

The latest daily currency auction was held in the Central Bank of Iraq on the8-MAR-2012. The results were as follows:

DETAILS NOTES
Number of banks 26
Auction price selling dinar / US$ 1166
Auction price buying dinar / US$ —–
Amount sold at auction price (US$) 257,516,000
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 257,516,000
Total offers for selling (US$) —–

Posted 08/03/2012 08:32 AM

BAGHDAD – Babinaoz (Reuters) – hosted the meetings of the Arab Summit to be held in Baghdad at the end of this month, Iraq is seeking to regain its Arab and regional levels, after years of estrangement and apathy, at a time trying to Iraqi political blocs to resolve their problems by holding a national conference is expected which is to be collected .

Observers believe that the Arab Summit and the National Congress involve great importance for Iraq, after The former is of Arab and international contributing to the return of Iraq to the Arab Hadhanth, and the second after a national help to solve the political problems between the Iraqi factions.
(more…)

House of Representatives held its regular Thursday which includes the agenda to read a number of bills in addition to the discussion of the proposed amnesty law. (more…)