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Showing posts with label re-denomination. Show all posts
Showing posts with label re-denomination. Show all posts
Friday, September 16, 2011
Saturday, September 3, 2011
Deletion of zeros from Iraqi dinar health economic evidence
Deletion of zeros from Iraqi dinar health economic evidence
03.09.2011 03.09.2011 فارس عمر Faris Omar Since the central bank announced a plan to the deletion of three zeros from the Iraqi currency minting a coin to the banknotes currently in circulation.
He reviewed the Central Bank at the time, the difficulties caused by the current Iraqi currency Pfiadtha led by a handful of zeros in the trade. He pointed to the harassment caused by the currency of the citizen who should be used as bags packed stacks of dinars to purchase goods is simple.
Also, dealing with piles of dinars in daily life in this way preclude the use of automated teller machines, which have become common in other countries but still is a process in Iraq.
Due to the intrusion of zeros the Iraqi dinar to the days of hyperinflation that brought the value of national currency as a result of previous wars and the subsequent UN sanctions destroyed Iraq's economy and sent the currency of Iraq to the paper was printing the former regime, issued in large quantities without the lid.
But the relative stability of the national currency and the return link Iraq to the global economy and the availability of foreign exchange reserves, thanks to oil exports, the central bank are all encouraged to think in the deletion of zeros. But the conviction displayed by officials in the bank this measure met with reservations from officials in the government and put a question mark on the feasibility of such a move and its timing. In this context, he noted adviser to Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge in a special interview for Radio Free Iraq that the rampant corruption in state institutions and the low level of efficiency and economic situation in general at this time not in favor of lifting of the zeroes, according to his opinion.
However, Advisor to the Governor of the Central Bank of the appearance of Mohammed Saleh described the system of cash payments current system, where the miserable largest denomination in which not more than twenty dollars worth pointing out that this provision is the installation of the Iraqi currency issued by the Central Bank continued to study after five years.
Adviser to the Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge warned his part to the bumps that will change the currency, and the deletion of zeros, including the risk of fraud and increasing the demand for goods and for reasons arising from the payment of fake dinars instead of the thousand dinars, as now.
But the adviser to the Governor of the Central Bank of the appearance of Mohammed Saleh considered that the fear of fraud rings reflects the look bleak reminder that other countries in deciding to switch its currency and dropped them zeros, such as Turkey, Romania and Brazil, without being of its economy to shocks and therefore, Iraq is not engaged in water unknown or walking in the way of did not knock him one before.
Adviser to the Prime Minister for Economic Affairs pointed out the high costs of re-printing of new currency, stressing that attempts will be made to persuade the central bank plans to slow down in this regard. But the adviser to the Governor of the Central Bank explained that the currency exchange and deletion of zeros decision taken by the executive branch and approved by the legislature and that the project will not be implemented hastily, but will be taken among other factors to consider before you start to implement it, including the date of the financial year and the strength of the national economy, among other indicators. And the appearance of Mohammed Saleh expressed optimism about the prospects for the development of the Iraqi economy, stressing that the currency reform is strongly linked to the economy and that the goal of such a move is to restore the Iraqi dinar to the previous strength.
Economic analyst Bassem Jamil Antoine believed that the switch to hold the Iraqi currency is not inevitable and called for meeting the conditions necessary for the implementation process, particularly the security and political stability.
Over time until the mid-eighties the Iraqi dinar was equivalent to more than three U.S. dollars. It is estimated that raising the three zeros will lead to the exchange rate of one dollar per dinar.
Contributed to the file via Radio Free Iraq in Baghdad, Khalid Waleed
LINK
03.09.2011 03.09.2011 فارس عمر Faris Omar Since the central bank announced a plan to the deletion of three zeros from the Iraqi currency minting a coin to the banknotes currently in circulation.
He reviewed the Central Bank at the time, the difficulties caused by the current Iraqi currency Pfiadtha led by a handful of zeros in the trade. He pointed to the harassment caused by the currency of the citizen who should be used as bags packed stacks of dinars to purchase goods is simple.
Also, dealing with piles of dinars in daily life in this way preclude the use of automated teller machines, which have become common in other countries but still is a process in Iraq.
Due to the intrusion of zeros the Iraqi dinar to the days of hyperinflation that brought the value of national currency as a result of previous wars and the subsequent UN sanctions destroyed Iraq's economy and sent the currency of Iraq to the paper was printing the former regime, issued in large quantities without the lid.
But the relative stability of the national currency and the return link Iraq to the global economy and the availability of foreign exchange reserves, thanks to oil exports, the central bank are all encouraged to think in the deletion of zeros. But the conviction displayed by officials in the bank this measure met with reservations from officials in the government and put a question mark on the feasibility of such a move and its timing. In this context, he noted adviser to Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge in a special interview for Radio Free Iraq that the rampant corruption in state institutions and the low level of efficiency and economic situation in general at this time not in favor of lifting of the zeroes, according to his opinion.
However, Advisor to the Governor of the Central Bank of the appearance of Mohammed Saleh described the system of cash payments current system, where the miserable largest denomination in which not more than twenty dollars worth pointing out that this provision is the installation of the Iraqi currency issued by the Central Bank continued to study after five years.
Adviser to the Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge warned his part to the bumps that will change the currency, and the deletion of zeros, including the risk of fraud and increasing the demand for goods and for reasons arising from the payment of fake dinars instead of the thousand dinars, as now.
But the adviser to the Governor of the Central Bank of the appearance of Mohammed Saleh considered that the fear of fraud rings reflects the look bleak reminder that other countries in deciding to switch its currency and dropped them zeros, such as Turkey, Romania and Brazil, without being of its economy to shocks and therefore, Iraq is not engaged in water unknown or walking in the way of did not knock him one before.
Adviser to the Prime Minister for Economic Affairs pointed out the high costs of re-printing of new currency, stressing that attempts will be made to persuade the central bank plans to slow down in this regard. But the adviser to the Governor of the Central Bank explained that the currency exchange and deletion of zeros decision taken by the executive branch and approved by the legislature and that the project will not be implemented hastily, but will be taken among other factors to consider before you start to implement it, including the date of the financial year and the strength of the national economy, among other indicators. And the appearance of Mohammed Saleh expressed optimism about the prospects for the development of the Iraqi economy, stressing that the currency reform is strongly linked to the economy and that the goal of such a move is to restore the Iraqi dinar to the previous strength.
Economic analyst Bassem Jamil Antoine believed that the switch to hold the Iraqi currency is not inevitable and called for meeting the conditions necessary for the implementation process, particularly the security and political stability.
Over time until the mid-eighties the Iraqi dinar was equivalent to more than three U.S. dollars. It is estimated that raising the three zeros will lead to the exchange rate of one dollar per dinar.
Contributed to the file via Radio Free Iraq in Baghdad, Khalid Waleed
LINK
0
Tuesday, August 2, 2011
Dinar regain glory and coins in our pockets soon
Dinar regain glory and coins in our pockets soon
Sattar Jabbar Ghazzi
Posted 01/08/2011 07:23 PM
Central Bank soon begin to raise three zeros advice of international economic organizations and
Baghdad?
A Deputy Governor of Central Bank of Iraq that Iraq began the restructuring of the involvement of the currency of international economic organizations focus on raising three zeros and the development of new metallic currency.
The appearance of Mohammed, told the people that "the central bank agreed with the international organizations on the process of restructuring of the currency and support the level of the value of the Iraqi dinar against foreign currency (dollar)."
He pointed out that "the process of restructuring, which will begin this week will focus on providing appropriate climates to raise three zeroes from the local currency in addition to the development of simple coin for 500 dinars and 1,000 dinars."
And that "the level of the local currency will evolve during the next five years, according to the structure established by the Central Bank, which will address the economic gap of the part."
"The currency does not lag behind the current currency rise to the level of advancement of the Iraqi economy and to address the gap and inflation during the next phase."
He expressed the IMF in August / August, his support of the Iraqi economy in the event of having a number of economic measures including the privatization of banks and raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq. The Iraqi government has denied holding any change in the local currency this year to reduce inflation. The local currency of Iraq has passed in the history of changes to several, most recently in 2004 when the former Governing Council replaced the previous currency, which was the symbol of the former regime. The main tasks Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
LINK
Sattar Jabbar Ghazzi
Posted 01/08/2011 07:23 PM
Central Bank soon begin to raise three zeros advice of international economic organizations and
Baghdad?
A Deputy Governor of Central Bank of Iraq that Iraq began the restructuring of the involvement of the currency of international economic organizations focus on raising three zeros and the development of new metallic currency.
The appearance of Mohammed, told the people that "the central bank agreed with the international organizations on the process of restructuring of the currency and support the level of the value of the Iraqi dinar against foreign currency (dollar)."
He pointed out that "the process of restructuring, which will begin this week will focus on providing appropriate climates to raise three zeroes from the local currency in addition to the development of simple coin for 500 dinars and 1,000 dinars."
And that "the level of the local currency will evolve during the next five years, according to the structure established by the Central Bank, which will address the economic gap of the part."
"The currency does not lag behind the current currency rise to the level of advancement of the Iraqi economy and to address the gap and inflation during the next phase."
He expressed the IMF in August / August, his support of the Iraqi economy in the event of having a number of economic measures including the privatization of banks and raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq. The Iraqi government has denied holding any change in the local currency this year to reduce inflation. The local currency of Iraq has passed in the history of changes to several, most recently in 2004 when the former Governing Council replaced the previous currency, which was the symbol of the former regime. The main tasks Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
LINK
Tuesday, July 26, 2011
Deputy: Iraqi resolve security candidates within two days. And the national security and intelligence between national walkordstani Tuesday 26-07-11 01: 36 pm
Baghdad (newsletter).The leadership said in a State of law coalition and the National Alliance Deputy//Haitham Al-Juburi said Iraqi list security ministries candidates names will, within a couple of them, Khaled Al-Obeidi,
At the same time referring to: the National Alliance will get the Ministry of national security and intelligence apparatus is the Kurdish Alliance or vice versa.
The House voted by a majority vote of confidence in the Government of Prime Minister Nouri al-Maliki without security ministries on 21 December last year.
The Agency said Al-Juburi of the newsletter) News Tuesday: the National Alliance did not discuss the names of the candidates nominated by the ministries of the Interior and national security, and the Iraqi list have not been sent for this moment, the names of candidates for the Ministry of defence.
National Deputy said: during the next two days, the Ministry will submit candidates, including former candidate, Khalid al-Ubeidi, Minister of State Adam Al-Juburi, is expected to ask Vice President Tariq al-Hashimi, adding that the Ministry of national security, it does not determine the fate of resolved and national intelligence receives the Kurdistan Alliance, or vice versa, or become a Directorate under the Ministry of the Interior.
It was housed within the clusters, National Alliance, have agreed to submit candidates for the Ministry of the Interior and defence next week to Parliament, the Assembly affirmed the need to resolve the issue of the US withdrawal at a meeting of leaders of the political blocs in the home of President Talabani.
Held late Monday at the headquarters of Prime Minister Nuri al-Maliki, the National Alliance meeting in the presence of all the leaders of the Alliance.
A source at the National Alliance (News News Agency): the coalition leaders agreed on the need to submit the names of candidates for the ministries of defence and aldtkhlihh of Parliament soon, preferably next week or the next, before entering Parliament, holiday, which starts on the 19th of August next.
Source: the meeting discussed three important issues (strategic policy Council, the security ministries, the US withdrawal), where it was agreed that the extension of the US forces, and discussion of the topic at the meeting of leaders of the political blocs in the home of President Talabani, did not take the theme into policy Council at the meeting.
The source pointed out: the National Alliance leaders agreed that they will listen to the rest of us withdrawal from the blocks and then will make their position on this matter.
The source said: the leaders of the bloc stressed the need to resolve the issue of security ministries soon./finished/7 n. p.
LINK
At the same time referring to: the National Alliance will get the Ministry of national security and intelligence apparatus is the Kurdish Alliance or vice versa.
The House voted by a majority vote of confidence in the Government of Prime Minister Nouri al-Maliki without security ministries on 21 December last year.
The Agency said Al-Juburi of the newsletter) News Tuesday: the National Alliance did not discuss the names of the candidates nominated by the ministries of the Interior and national security, and the Iraqi list have not been sent for this moment, the names of candidates for the Ministry of defence.
National Deputy said: during the next two days, the Ministry will submit candidates, including former candidate, Khalid al-Ubeidi, Minister of State Adam Al-Juburi, is expected to ask Vice President Tariq al-Hashimi, adding that the Ministry of national security, it does not determine the fate of resolved and national intelligence receives the Kurdistan Alliance, or vice versa, or become a Directorate under the Ministry of the Interior.
It was housed within the clusters, National Alliance, have agreed to submit candidates for the Ministry of the Interior and defence next week to Parliament, the Assembly affirmed the need to resolve the issue of the US withdrawal at a meeting of leaders of the political blocs in the home of President Talabani.
Held late Monday at the headquarters of Prime Minister Nuri al-Maliki, the National Alliance meeting in the presence of all the leaders of the Alliance.
A source at the National Alliance (News News Agency): the coalition leaders agreed on the need to submit the names of candidates for the ministries of defence and aldtkhlihh of Parliament soon, preferably next week or the next, before entering Parliament, holiday, which starts on the 19th of August next.
Source: the meeting discussed three important issues (strategic policy Council, the security ministries, the US withdrawal), where it was agreed that the extension of the US forces, and discussion of the topic at the meeting of leaders of the political blocs in the home of President Talabani, did not take the theme into policy Council at the meeting.
The source pointed out: the National Alliance leaders agreed that they will listen to the rest of us withdrawal from the blocks and then will make their position on this matter.
The source said: the leaders of the bloc stressed the need to resolve the issue of security ministries soon./finished/7 n. p.
LINK
Saturday, July 16, 2011
Short Update
Ok all,
I originally started this blog for friends and family members only. I did a couple write-ups, such as http://dinarcentral.blogspot.com/2011/05/why-dont-we-hear-about-this-on-news.html?m=0 that a couple of major Dinar related sites got a hold of, and bam! I started getting hits from other places and it grows everyday. Over the past couple of weeks I have received a few emails from readers thanking me. I appreciate these emails as it tells me I'm helping people, which is indeed my true passion! I am not a "guru" nor do I want to be. I simply aim to provide news as it relates to our investment and views from a normal investor point of view. Thanks again for the emails. Remember the email address is dinarcentral@gmail.com.
Now, where are we currently? Well, it all depends on who you listen to. Personally, I like to follow everything that I can so that my circle of knowledge and views are of a more broad spectrum for my own benefit. In order to do this, I must also follow the rumor mill, but news is still the most trustworthy source on info in my eyes. The proof is simply in the fact that the Dinar has NOT revalued to date, and there have been thousands of predictions from "rumors" stating such things as "it is done" or "it will be done this week" or "we should see it by..." and my favorite one was a certain someone waking everyone up in the middle of the night a month or so ago to claim "it has happpened".. bla bla bla! Guess what? They are all WRONG to date! More recently, articles have surfaced that do indeed show some great progress, though there usually is a contradicting article not to far behind them. I have said all along that at SOME POINT, there would be some smoke and mirrors surfacing. The thing that bugs me is, most people take every article that seems a bit negative on the face, and call them ALL smoke. This has been the case for a LONG time. Now, based on the progress that has been made and the factual news we have all read, there is certainly reason to believe that NOW might indeed be a time for some misdirection. To what degree? Who knows!
So let's take all this and ball it up together and see what we have... My opinion, we are closeer than we ever have been, and we get closer every day. When will it happen? I have no clue, but I will say that based on my experience in this investment, these last few details or "check boxes" are certainly the most difficult to hurdle. There certainly is major progress being made, but we are clearly NOT done if we read the news. I would not be surprised if it went on for a couple months or so. Maybe I'll amend that statement as the days/weeks progress. BUT, based on what I'm seeing, I think it to be the case.
We most certainly could be there, but we will not know until it's all over. I have a lot of friends and family that call me daily about this investment, and I have been giving them my take on this. I do NOT want to ASSUME it's done, I have no real concrete reason for believing that. What I will say is this, it has been stated many times by Shabibi that this is a STRATEGIC plan. So is war for example, it requires the element of surprise in order to protect the country initiating the action, and give them the advantage. If a country decides they are going to war, do they come out and ANNOUNCE it first? NO! They GO TO WAR, and THEN they address their actions. This can easily be compared to that in my opinion. In addition, just like Phoenix3333 said on his show the other night, this is a ONE shot deal. There are NO do overs! It has to be done ONCE and it has to be done PERFECTLY all at once, at the perfect time. What is the perfect time? I have no clue what so ever!
Put your minds at ease knowing that you are in a once in a lifetime investment, you should be HAPPY regardless of when it happens. Do NOT count on this to happen by ANY certain time! Do NOT sit around and wait for it to happen to pay your bills or bail you out of a jam! Do NOT take the rumors seriously as you can not afford to! DO thank god that he put you in front of this once in a lifetime opportunity! DO thank the person that introduced you! DO get your plan and strategy together so you are ready to execute it at a moments notice!
It's like Christmas is coming, only we don't know when :) Be happy and excited, the time will come! Maybe sooner than later, but maybe not. WE SHALL SEE!
Thanks to you all for reading and supporting this blog!
DinarCentral
dinarcentral.blogspot.com
dinarcentral@gmail.com
I originally started this blog for friends and family members only. I did a couple write-ups, such as http://dinarcentral.blogspot.com/2011/05/why-dont-we-hear-about-this-on-news.html?m=0 that a couple of major Dinar related sites got a hold of, and bam! I started getting hits from other places and it grows everyday. Over the past couple of weeks I have received a few emails from readers thanking me. I appreciate these emails as it tells me I'm helping people, which is indeed my true passion! I am not a "guru" nor do I want to be. I simply aim to provide news as it relates to our investment and views from a normal investor point of view. Thanks again for the emails. Remember the email address is dinarcentral@gmail.com.
Now, where are we currently? Well, it all depends on who you listen to. Personally, I like to follow everything that I can so that my circle of knowledge and views are of a more broad spectrum for my own benefit. In order to do this, I must also follow the rumor mill, but news is still the most trustworthy source on info in my eyes. The proof is simply in the fact that the Dinar has NOT revalued to date, and there have been thousands of predictions from "rumors" stating such things as "it is done" or "it will be done this week" or "we should see it by..." and my favorite one was a certain someone waking everyone up in the middle of the night a month or so ago to claim "it has happpened".. bla bla bla! Guess what? They are all WRONG to date! More recently, articles have surfaced that do indeed show some great progress, though there usually is a contradicting article not to far behind them. I have said all along that at SOME POINT, there would be some smoke and mirrors surfacing. The thing that bugs me is, most people take every article that seems a bit negative on the face, and call them ALL smoke. This has been the case for a LONG time. Now, based on the progress that has been made and the factual news we have all read, there is certainly reason to believe that NOW might indeed be a time for some misdirection. To what degree? Who knows!
So let's take all this and ball it up together and see what we have... My opinion, we are closeer than we ever have been, and we get closer every day. When will it happen? I have no clue, but I will say that based on my experience in this investment, these last few details or "check boxes" are certainly the most difficult to hurdle. There certainly is major progress being made, but we are clearly NOT done if we read the news. I would not be surprised if it went on for a couple months or so. Maybe I'll amend that statement as the days/weeks progress. BUT, based on what I'm seeing, I think it to be the case.
We most certainly could be there, but we will not know until it's all over. I have a lot of friends and family that call me daily about this investment, and I have been giving them my take on this. I do NOT want to ASSUME it's done, I have no real concrete reason for believing that. What I will say is this, it has been stated many times by Shabibi that this is a STRATEGIC plan. So is war for example, it requires the element of surprise in order to protect the country initiating the action, and give them the advantage. If a country decides they are going to war, do they come out and ANNOUNCE it first? NO! They GO TO WAR, and THEN they address their actions. This can easily be compared to that in my opinion. In addition, just like Phoenix3333 said on his show the other night, this is a ONE shot deal. There are NO do overs! It has to be done ONCE and it has to be done PERFECTLY all at once, at the perfect time. What is the perfect time? I have no clue what so ever!
Put your minds at ease knowing that you are in a once in a lifetime investment, you should be HAPPY regardless of when it happens. Do NOT count on this to happen by ANY certain time! Do NOT sit around and wait for it to happen to pay your bills or bail you out of a jam! Do NOT take the rumors seriously as you can not afford to! DO thank god that he put you in front of this once in a lifetime opportunity! DO thank the person that introduced you! DO get your plan and strategy together so you are ready to execute it at a moments notice!
It's like Christmas is coming, only we don't know when :) Be happy and excited, the time will come! Maybe sooner than later, but maybe not. WE SHALL SEE!
Thanks to you all for reading and supporting this blog!
DinarCentral
dinarcentral.blogspot.com
dinarcentral@gmail.com
Sunday, July 3, 2011
CBI announces the presence of seven branches of international banks in the country
http://translate.goo...knews/2/249742/
CBI announces the presence of seven branches of international banks in the country
02/07/2011 16:16
Baghdad, July 2 (Rn) - The Central Bank of Iraq, Saturday, that the number of branches of foreign banks in the country of 7 branches.
The central bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the number of foreign affiliates in Iraq hit 7 branches and 7 partnerships with private banks which operate in accordance with licensing law No. 94 of 2004."
"The Central Bank of Iraq works on attracting more international banks to raise the level of banking in the country to foreign Ttoiralaguetsad integration and global banking."
He noted that "Iraq is a road map to strengthen the presence of a typical foreign banks in the country based on raising capital and developing banking services Interior, which aims to create a banking environment is characterized by competition."
He said "a few posts a foreign bank not fit with the nature of the Iraqi economy, which plans to open up to the global economy through the banking sector."
And select the CBI 250 billion dinars as a minimum for the establishment of private banks in the country.
The House of Representatives its first session the Banking Act legislation in 2007 to organize the work of private and state banks.
And the central bank of Iraq in February that he would give the number of licenses to establish private banks, stressing that the increase in banks will enhance the economic role of the country.
He denied the central bank in June 24 that the development of Iraqi private banks according to risk is confirmed by the Ministry of Finance regularly.
The total capital of banks, Iraqi Special billion and 600 million dollars now, other than that owned by the branches of Arab and foreign banks operating in the country.
The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
Wanan of Jafar, the Open: Peace Baghdadi
CBI announces the presence of seven branches of international banks in the country
02/07/2011 16:16
Baghdad, July 2 (Rn) - The Central Bank of Iraq, Saturday, that the number of branches of foreign banks in the country of 7 branches.
The central bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the number of foreign affiliates in Iraq hit 7 branches and 7 partnerships with private banks which operate in accordance with licensing law No. 94 of 2004."
"The Central Bank of Iraq works on attracting more international banks to raise the level of banking in the country to foreign Ttoiralaguetsad integration and global banking."
He noted that "Iraq is a road map to strengthen the presence of a typical foreign banks in the country based on raising capital and developing banking services Interior, which aims to create a banking environment is characterized by competition."
He said "a few posts a foreign bank not fit with the nature of the Iraqi economy, which plans to open up to the global economy through the banking sector."
And select the CBI 250 billion dinars as a minimum for the establishment of private banks in the country.
The House of Representatives its first session the Banking Act legislation in 2007 to organize the work of private and state banks.
And the central bank of Iraq in February that he would give the number of licenses to establish private banks, stressing that the increase in banks will enhance the economic role of the country.
He denied the central bank in June 24 that the development of Iraqi private banks according to risk is confirmed by the Ministry of Finance regularly.
The total capital of banks, Iraqi Special billion and 600 million dollars now, other than that owned by the branches of Arab and foreign banks operating in the country.
The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
Wanan of Jafar, the Open: Peace Baghdadi
Friday, July 1, 2011
Iraq takes over billions in oil revenue set aside by U.N.
July 1, 2011 -- Updated 1341 GMT (2141 HKT)
The Iraqi flag flutters at the opening of the second refinery for crude oil in Al-Dora complex in Baghdad on September 16, 2010.
"The members of the Security Council welcomed the Government of Iraq's establishment of a successor arrangement for the transition of the Development Fund for Iraq," the United Nations said in a statement released Thursday.(CNN) -- Iraq took control Friday of billions of dollars in oil revenues set aside by the United Nations following the 2003 U.S.-led invasion that toppled Saddam Hussein, money intended to be used build up the country's economy.
The U.N. Security Council hand over of the Development Fund for Iraq is considered a milestone for Iraqi autonomy, which comes as the United States prepares to withdraw its roughly 47,000 troops from the country by the end of the year.
The fund will be turned over to an Iraqi committee of financial experts that will operate under terms approved by Iraq's Council of Ministers, it said.
In the statement, the Security Council reiterated the commitment by Iraq to "ensure that oil revenue is used in the interests of the Iraqi people, and to ensure that transition arrangements remain consistent with the constitution and with international best practices in respect of transparency, accountability and integrity."
A 2003 Security Council resolution that created the development fund requires 5% of Iraq's oil revenue be used to pay reparations, primarily Kuwaiti claims that arose from the 1991 Gulf War.
In December, the Security Council lifted all but a few sanctions put in place prior to the invasion. Among the issues to still be resolved: war reparations to Kuwait, the demarcation of the Iraqi-Kuwait border and efforts to locate missing Kuwaitis and third-party nationals.
Thursday, June 30, 2011
Iraq Gets Control of its Development Fund (DFI)
Iraq Gets Control of its Development Fund (DFI)
29 June 2011
There was more sabre rattling on the Iraqi political scene this week, as the Speaker of parliament, Osama al-Nujaifi, hinted at the possibility of a break-away Sunni state.
His statements follow indications, finally, from Prime Minister Nouri al-Maliki to the effect that ministerial heads may metaphorically roll as a result of their poor performance.
These stories, against a background of increasing violence, have perhaps distracted attention from the fact that the Development Fund for Iraq (DFI), which was set up after the 2003 war to handle oil and other revenues, reverts to Iraqi control from tomorrow, 30th June.
The sums involved are immense, and it is essential that they are handled professionally. We can expect some clarification from the International Advisory and Monitoring Board (IAMB) on Thursday regarding the future management of the fund.
http://www.iraq-busi...pment-fund-dfi/
29 June 2011
There was more sabre rattling on the Iraqi political scene this week, as the Speaker of parliament, Osama al-Nujaifi, hinted at the possibility of a break-away Sunni state.
His statements follow indications, finally, from Prime Minister Nouri al-Maliki to the effect that ministerial heads may metaphorically roll as a result of their poor performance.
These stories, against a background of increasing violence, have perhaps distracted attention from the fact that the Development Fund for Iraq (DFI), which was set up after the 2003 war to handle oil and other revenues, reverts to Iraqi control from tomorrow, 30th June.
The sums involved are immense, and it is essential that they are handled professionally. We can expect some clarification from the International Advisory and Monitoring Board (IAMB) on Thursday regarding the future management of the fund.
http://www.iraq-busi...pment-fund-dfi/
Wednesday, June 29, 2011
Iraq Investments: "SMACKDOWN WITH SCOOTER" -- TONIGHT AT 6:30 PST//9:30 EST -- SEVERAL TOPICS AND SEVERAL GUEST!
Iraq Investments: "SMACKDOWN WITH SCOOTER" -- TONIGHT AT 6:30 PST//9:30 EST -- SEVERAL TOPICS AND SEVERAL GUEST!: "'SMACKDOWN WITH SCOOTER' -- TONIGHT AT 6:30 PST//9:30 EST -- SEVERAL TOPICS AND SEVERAL GUEST!"
"SMACKDOWN WITH SCOOTER" -- TONIGHT AT 6:30 PST//9:30 EST -- SEVERAL TOPICS AND SEVERAL GUEST!
Iraq seeks to restructure the currency
In a move designed to develop the Iraqi payments system, the Central Bank recently announced a plan to restructure local currency through the upgrading of the local currency and the introduction of new categories of paper.
He justified the appearance of Central Bank Adviser Mohammed Saleh this step that the Iraqi dinar has suffered over the past two decades significant degradation.
Speaking to Al Jazeera NET, Saleh Pat dinar lag structure is not commensurate with the Iraqi payments system in the country, so it is in need of major work for large transactions, and in need of small transactions for currencies.
The dinar stabilizing, particularly after the Central Bank reserves rose sharply to nearly $ 250 billion, offset by the development in the country’s oil exports.
Implementation mechanisms
And mechanisms for the implementation of this project, says Saleh it will shorten the blocks large cash in classes smaller but significant procurement size, commensurate with the nature of the payment in the country, adding that the accounting system and accounting firms, banks and even the general budget of the State of Iraq became read trillions, this Government seeks to create a small cash, but met with great goodies.
And mechanisms for the implementation of this project, says Saleh it will shorten the blocks large cash in classes smaller but significant procurement size, commensurate with the nature of the payment in the country, adding that the accounting system and accounting firms, banks and even the general budget of the State of Iraq became read trillions, this Government seeks to create a small cash, but met with great goodies.
He recalled that the draft put forward by the Governor of the Central Bank on the 20th of this month during a cabinet meeting, won approval of the Council, awaiting special legislation to implement it in stages.
He drew for the new currency will be in three languages, English and Arabic and Kurdish.
Stability
Linking financial expert and Director of the National Bank of alorkaa Mohammed Al-samarrai, the success of the project the political stability and security in the country.
Linking financial expert and Director of the National Bank of alorkaa Mohammed Al-samarrai, the success of the project the political stability and security in the country.
Samarrai said of Al Jazeera net off three zeros from the currency of Iraq aims to get rid of the vast amount of money supply.
Samurai: removed three zeros from the dinar aims to get rid of the vast amount of money supply (Aljazeera.NET)And what would the project, said samarrai, that would address the massive inflation and the accumulation of past in the country, saying that the much-delayed and that its implementation will encourage investors.
And on the impact of this project on the performance of private banks, the Samurai would help to improve the performance of banks in terms of the block size of cash circulation and transfer, as well as security would be best.
The great inflation saw Iraq since the war with Iran 1980-1988 and the 1991 Gulf war and the siege which lasted for more than 13 years.
And has seen annual inflation index for 2010 significantly compared to previous years, where indicator 3% by 2010 compared to 53% in 2006, and 7% in 2009.
http://www.upstreamonline.com/live/article264329.ece
BP inks $90m Iraq contract
BP has splashed out $90 million on a one-year contract at its huge Iraqi oilfield for a pair of oil infrastructure stalwarts.
Petrofac and China Petroleum Engineering & Construction (CPECC) have picked up the deal for inspection, repair and maintenance work at the giant Rumaila field in the south of the country.
UK-based Petrofac will, as leader of the contract, pocket $63 million of the funds, an announcement read today.
"Work will commence following a short transition and the scope of the contract covers rotating machinery, degassing stations and cluster stations," the announcement continued.
BP operates the oilfield which it discovered in 1953 and which is currently producing 1.3 million barrels per day of oil. The British supermajor is currently producing a total of 2.5 million bpd of oil in Iraq.
Chief executive Bob Dudley said earlier this month that he expects Iraq's likely output to be only half of the government's official target of 12 million bpd by the end of the decade.
Petrofac has already scooped one deal in Iraq this year after receiving a $240 million contract from the Shell-Petronas partnership for early production facilities at the giant Majnoon oilfield.
Tuesday, June 28, 2011
Monday, June 27, 2011
Deputy for the rule of law: resolving the contentious issues will be the one basket
Baghdad (news) .. The member of a coalition of state law and the MP / National Alliance / Ali Kurd, Husseini said resolving the controversy between the blocks, will be a basket and one.
The political scene in a state of tension that could lead to new agreements due to lack of understanding of Council policy strategy, which came across Erbil Convention that produced the Government called the designation of national partnership.
Husseini said in a statement (the Agency news) on Monday: “The Convention on the Erbil included the development of the National Council for the strategic policy, and not vote on the President of the Council within the parliament, pointing out that things are moral one between the political blocs are linked together, such as the security ministries and the National Council and the remaining items of table, grabs one basket. “
He favored the MP for the National: resolve these outstanding issues during the month, after discussing ways to implement the blocks.
Include the remaining items from the desk of Irbil, as they consider Iraqi; First, the balance in the ministries of the state. Second, the revival of the National Council, Third: Turn off the procedures for the accountability and justice, IV: Stop arrests without issuing warrants, V. nominate ministers security and a defense minister exclusively from the candidates in Iraq. VI: Presentation of the Rules of Procedure of the Council of Ministers and the government program for the ministries of the Council of Representatives to review it.
Central Bank denying change in exchange rate W/Millionday's comments below
Posted Yesterday, 05:00 PM
Hope Millionday or someone can explain this... it sounds like either a smokescreen, or we are in for a disappointment...Help please??????????
Date: Mon 06/27/2011 4:43
A Deputy Governor of Central Bank of Iraq, Ahmed Ibrihi that "the deletion of zeros from the Iraqi currency has nothing to do at the exchange rate and prices." Ibrihi said in a statement to the Agency all of Iraq on Sunday, said: "Some people imagine that the state wants to influence prices
Or exchange rate (a reduction or waiver) by the deletion of zeros and this is not true. "He added that" the deletion of zeros nothing to do with price and exchange rate and that the addition of larger groups of the currency does not require the deletion of zeros. "
He continued that "it is not expected to convene Officer in the state to promote a false consciousness about economic life and promote the illusions of the common disorder. "
It should be noted that the "plan of deleting three zeros from the Iraqi currency is one of the proposed projects. And confirms the economists that this project will facilitate cash transactions; because the handling of cash in Iraq is complex; due to the variation in currency exchange between the Iraqi dinar and the U.S. dollar, which could reach the cash transactions to the trillions it requires complex calculations to see the results of those transactions in the profit and loss, and others. "
The central bank Iraq has decided to restructure the local currency in order to develop the payment system in the country, and start execution of the strategic long-term, specialized to the restructuring of the local currency for the development of the payments system in Iraq.
The "International Monetary Fund calls Iraq a number of economic measures including the privatization of banks and raise the zeros three of the local currency and to meet debt and compensation is the responsibility of Iraq, if Iraq's desire to receive support the International Fund.
In the meantime, he saw an expert industrial Abdul Hassan Shammari that the deletion of zeros from the Iraqi currency is an achievement will go down to the Central Bank in the event was implemented, as announced Bank is ready to delete the zeros from the currency, and added that the step is one of the functions of strategic him.
Al-Shammari said the Agency news on Sunday: the restructuring of the currency will not affect the Industry and Trade of Iraq, but it is a good step from the central bank, which will add an achievement should the state have been implemented because they will ease a lot of effort to balance and commercial stores.
He Shammari: This topic is very important and was supposed to be implemented some time ago, indicating that we are not the only country that has raised the zeros, Turkey deleted six zeroes from the currency and has become a LL one.
The central bank announced in Earlier, his willingness to delete the zeros of the Iraqi currency, as he emphasized that this step is one of the jobs strategy of the bank, and pointed out that the new currency will contain the Kurdish language in addition to Arabic.
The adviser said the Iraqi Central Bank Governor appearance of Mohammed Saleh told Alsumaria News The "zeros that Added to the Iraqi currency during the last period, formed a cluster of large cash $ 28 trillion and 500 billion Iraqi dinars nearly five trillion paper money, "noting that" the Bank prepared the supplies all of the deletion of zeros from the currency. "
Saleh added that "the process is one of the jobs strategy of the Bank Central Iraq, "noting that" the Bank's monetary policy is based on the structure and reduce the volume of currency in a country moving to the stage of the economy. "
Salih stressed that "the project to delete the zeros have been completed and will be presented to the management of the Central Bank of Iraq during its next meeting, and then raise before the Council of Ministers to be presented to the House of Representatives for a vote, "pointing out that" the mechanisms of switching and changing the currency would be gradual preceded by campaigns to educate the citizens. "
Saleh continued that "the new currency that will be printed after the deletion of zeros will contain the Kurdish language in addition to Arabic, as well as for some pictures that refer to the heritage and cultures of Iraq and symbols of scientists and thinkers the Iraqis. "
The Iraqi Central Bank Governor Sinan Shabibi said at a meeting of independent bodies with Prime Minister Nuri al-Maliki, who held on 19 June current, ready to create all the supplies to replace the Iraqi currency.
in turn, said member the Finance Committee in the House of Representatives of Iraq, that the committee did not address so far to the question of changing the Iraqi currency.
and said Najiba Najib told the Kurdish news agency that he "had not been talking so far in the Finance Committee representative on the issue of changing the Iraqi currency, having met some time ago the Governor of Central Bank of Iraq and Minister of Finance, has not had discussions in this regard so far. "
She Najiba "The Iraqi dinar exchange rate compared with the U.S. dollar is stable at the present time, the central bank could maintain the stability of the Iraqi dinar exchange rate against the dollar."
"The change currency will not cause a rise in the value Aldenarabraghi, and there are a number of accounting measures should be taken by the central bank, in order to stabilize the dinar exchange rate, including the buying and selling bonds, and dealing with international banks in various countries. "
http://almadapaper.n...n=view&id=43137
Date: Mon 06/27/2011 4:43
A Deputy Governor of Central Bank of Iraq, Ahmed Ibrihi that "the deletion of zeros from the Iraqi currency has nothing to do at the exchange rate and prices." Ibrihi said in a statement to the Agency all of Iraq on Sunday, said: "Some people imagine that the state wants to influence prices
Or exchange rate (a reduction or waiver) by the deletion of zeros and this is not true. "He added that" the deletion of zeros nothing to do with price and exchange rate and that the addition of larger groups of the currency does not require the deletion of zeros. "
He continued that "it is not expected to convene Officer in the state to promote a false consciousness about economic life and promote the illusions of the common disorder. "
It should be noted that the "plan of deleting three zeros from the Iraqi currency is one of the proposed projects. And confirms the economists that this project will facilitate cash transactions; because the handling of cash in Iraq is complex; due to the variation in currency exchange between the Iraqi dinar and the U.S. dollar, which could reach the cash transactions to the trillions it requires complex calculations to see the results of those transactions in the profit and loss, and others. "
The central bank Iraq has decided to restructure the local currency in order to develop the payment system in the country, and start execution of the strategic long-term, specialized to the restructuring of the local currency for the development of the payments system in Iraq.
The "International Monetary Fund calls Iraq a number of economic measures including the privatization of banks and raise the zeros three of the local currency and to meet debt and compensation is the responsibility of Iraq, if Iraq's desire to receive support the International Fund.
In the meantime, he saw an expert industrial Abdul Hassan Shammari that the deletion of zeros from the Iraqi currency is an achievement will go down to the Central Bank in the event was implemented, as announced Bank is ready to delete the zeros from the currency, and added that the step is one of the functions of strategic him.
Al-Shammari said the Agency news on Sunday: the restructuring of the currency will not affect the Industry and Trade of Iraq, but it is a good step from the central bank, which will add an achievement should the state have been implemented because they will ease a lot of effort to balance and commercial stores.
He Shammari: This topic is very important and was supposed to be implemented some time ago, indicating that we are not the only country that has raised the zeros, Turkey deleted six zeroes from the currency and has become a LL one.
The central bank announced in Earlier, his willingness to delete the zeros of the Iraqi currency, as he emphasized that this step is one of the jobs strategy of the bank, and pointed out that the new currency will contain the Kurdish language in addition to Arabic.
The adviser said the Iraqi Central Bank Governor appearance of Mohammed Saleh told Alsumaria News The "zeros that Added to the Iraqi currency during the last period, formed a cluster of large cash $ 28 trillion and 500 billion Iraqi dinars nearly five trillion paper money, "noting that" the Bank prepared the supplies all of the deletion of zeros from the currency. "
Saleh added that "the process is one of the jobs strategy of the Bank Central Iraq, "noting that" the Bank's monetary policy is based on the structure and reduce the volume of currency in a country moving to the stage of the economy. "
Salih stressed that "the project to delete the zeros have been completed and will be presented to the management of the Central Bank of Iraq during its next meeting, and then raise before the Council of Ministers to be presented to the House of Representatives for a vote, "pointing out that" the mechanisms of switching and changing the currency would be gradual preceded by campaigns to educate the citizens. "
Saleh continued that "the new currency that will be printed after the deletion of zeros will contain the Kurdish language in addition to Arabic, as well as for some pictures that refer to the heritage and cultures of Iraq and symbols of scientists and thinkers the Iraqis. "
The Iraqi Central Bank Governor Sinan Shabibi said at a meeting of independent bodies with Prime Minister Nuri al-Maliki, who held on 19 June current, ready to create all the supplies to replace the Iraqi currency.
in turn, said member the Finance Committee in the House of Representatives of Iraq, that the committee did not address so far to the question of changing the Iraqi currency.
and said Najiba Najib told the Kurdish news agency that he "had not been talking so far in the Finance Committee representative on the issue of changing the Iraqi currency, having met some time ago the Governor of Central Bank of Iraq and Minister of Finance, has not had discussions in this regard so far. "
She Najiba "The Iraqi dinar exchange rate compared with the U.S. dollar is stable at the present time, the central bank could maintain the stability of the Iraqi dinar exchange rate against the dollar."
"The change currency will not cause a rise in the value Aldenarabraghi, and there are a number of accounting measures should be taken by the central bank, in order to stabilize the dinar exchange rate, including the buying and selling bonds, and dealing with international banks in various countries. "
http://almadapaper.n...n=view&id=43137
Millionday's comments on this article:
Posted Today, 01:15 AM
THIS IS A GREAT ARTICLE HUN -- WHAT IT IS SAYING IS THAT ONE OF THE PROCESSES TO APPLY THE MONETARY REFORM TO IRAQ IS THE EXCHANGE OF THE CURRENCY IN THE COUNTRY. THE MOST EXCITING THING THAT IT SAYS IS THE CURRENCY THAT IS OUTSIDE OF THE COUNTRY IS GOING TO BE TREATED AS DEBT AND THAT IF THEY NEED HELP ==THE IMF WILL HELP RETRIEVING IT FROM THE BANKS OF THE WORLD . YOU SEE THE IRAQ GOVERNMENT HAS I THINK 6 MONTHS TO GET THE MONEY BACK FROM THE VARIOUS COUNTRIES THAT WILL BE HOLDING THE IRAQI DINAR -- THIS IS GOING TO BE SOMETHING THEY OWE. THE RATE WILL CHANGE WHEN THEY START THE PROCESS AND IT WILL BE A SUCCESS. THE ONES HELD IN US WILL BE A DEBT THAT IRAQ WILL OWE. THEY ARE ALSO REASSURING THE IRAQI CITIZENS THAT THIS IS NOT A GOVERNMENT TACTIC TO EFFECT PRICES TO GET THEIR MONEY AND EFFECT THE ECONOMY. THEY ARE SAYING THAT IT WILL BE OK AND THAT IT HAS BEEN DONE IN OTHER COUNTRIES AND HAS BEEN DONE CORRECTLY --DONT WORRY
Sunday, June 26, 2011
Expert: raise zeros from the currency will go down is an achievement of the Central Bank
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International banking expert advises global banks to invest in Iraq, private banks to merge
June 26 2011
- Global financial companies want to invest but collided with challenges
- Three private banks on the way to integration
International banking expert stressed the need to integrate private banks now before the entry of foreign banks to invest in Iraq. Head of Board of Directors, murabaha consulting, finance, investment, Dr. Hassan Hamoui, based in London: the merger of banks would in future to impose conditions on any negotiations with any international package.
During his participation in the meetings of the general body of the International Bank of Assyria, adding: that integrate financial power is competitive and fill requirements.. Pointing not to miss this opportunity because the ground is sufficient to integrate interested departments of the three banks started to communicate among themselves.
He hinted that the company registered abetl as Murabaha in Britain a financing institution and an investment consultant looking to Iraq and looking for an investment and we want to enter in the financial markets with either existing banks or in partnership with new banks or even ask new banking products as we participate in banking, we would like to point out that we adopt in our management on profit and look first for risk management and then enter another, meaning that any risk we can afford without affecting our financial and get our profit Investing in Iraq and disclosed that touch through discussions moderated by the Chairman of the Board of Directors of the Bank of Assyria depositary alhanzal that there are three difficulties impede the entry of large investments, despite bone opportunities in Iraq, the first Iraqi banks does not seem able to raise and improve the performance and the second constraint is the issue of solvency and challenge the other is how I invest, I know that sakoki is not acceptable and unacceptable aatmadati in government projects and there is a lack of experience in raising capital.
Promising opportunities in Iraq as a big piece of cake for all international banks that wish to contribute to building Iraq through opportunities and projects should address this matter.
And criticized the handling of private banks, wondering, how do we ask banks to develop their performance and I did not acknowledge their instruments or banking kvalatha? Isn’t this fledgling banks and Iraqi economic system certification certified under the resolutions of the State?
He promised the integration step sound and wise said that integration was one of the options and the best and quickest under the circumstances of the country and less costly, citing a representative of the Central Bank of Iraq which showed soft integration mechanism.
The representative of the Central Bank also spoke on article 13 of the Act on banks, which included steps to be followed when merging banks. Pointing out that integration is a global phenomenon, in Japan, for example, there were more than 60 major banks joined in a giant five banks and now leads the economic development in Japan and elsewhere in Lebanon also joined several banks became 60 banks after 19 banks. He explained that in Saudi Arabia thirty banks have merged into one bank is Saudi Commercial Bank and capital now amounts to us $ 500 billion and more than 1,300 branches throughout the world and is a giant lead development operations In Saudi Arabia and abroad.
Either the Executive Director of the securities market of Iraq Taha Ahmed Abdul Salam has reduced fears of integration and said that this is not the first operation there are mergers between companies in the 1990s these mergers covered by company law and articles of the law of private banks.
Abdul Salam called for the inclusion of securities market and Iraq and the Iraqi filing Centre to discuss the future of companies because they are in contact with this process and to overcome the challenges that may arise from actions to shareholders ‘ rights are reserved. repeated: that integration is not something impossible nor difficult and wished to have a body and market Centre role and presence in these meetings for technical reasons and important to know the future of stock belonging to shareholders after the merge.
Paragraph 8 of the agenda of the plenary to discuss the proposal included Ashur bank merger connector for development and Investment Bank and Union Bank with Bank of Assyria is raised this discussion turned to the WSOP accounted for 6 hours of discussion out of 7 hours per meeting to discuss the agenda of one hour.
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