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Carrello

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Posts posted by Carrello

  1. Meet Top Iraqi Officials at IBBC Conference

    general-banner-IBBC-Spring-conf-advertorial.jpg

    Hear Iraq's principal ministers and financiers share their vision and policies for Energy, Finance and Educational sectors at IBBC's Mansion House conference on 24th May.

     

    Iraq is on the cusp of forming a new Government and is benefitting from high oil revenues and stability. The IBBC Spring conference is ideally timed for a potential new Government announcement with key players in both oil and finance speaking and sharing their vision of what policies and the future landscape lies in store for Iraq and the private sector.

     

    Iraq is clearly open for business, and we can expect to hear strong indicators of where the economy and investment will be directed and how banks and government expect to achieve this.

     

    Addressing the new government agenda of reforms, we have a panel dedicated to the Iraqi Government White paper, led by Dr Alaa, the executive director or the Prime Minister's reform unit.

     

    It is also expected that the Minister of Oil will announce several investment opportunities that will be discussed in a separate session after the energy panel during the afternoon

     

    This is your opportunity to meet these confirmed speakers: the Minister of Oil H.E.Ihsan Abdul Jabbar Ismaael, the Governor of the Central Bank of Iraq, H.E Mr. Mustafa Ghalib Mukheef, Ms Taif Sami, Deputy Minister of finance, the Minister of youth and sport H.E. Adnan Darjal Motar Al-Rubaye, and higher education, as well as a Dr Salem Chalabi, President & Chairman of the Trade Bank of Iraq and a delegation of Iraqi private banks. In addition, key IBBC members including BP country director Zaid Elysari, Shell, Total, GE, Siemens, KBR, SKA, Serco, Petronor and Petrofac, PWC, EY, Standard Chartered Bank, JP Morgan, TBI, SAP, Barclays, City and Guilds among many, and from the UK Government Mr Louis Taylor, director of UKEF are attending.

     

    The overall theme will examine how Iraq can sustain economic growth going forward, through the significant speaker energy, finance and Insurance panels who will discuss this at length.

     

    New topics include privatisation of state-owned enterprises at a round table discussion led by Prof. Frank Gunter with the participation of the Prime Minister's Office, additionally, a special paper on the subject written by members of the IBBC Advisory Council will be launched on the day and form the backdrop of the discussion.

     

    Panels on project finance and energy transition are included during the day.

    Beyond these topics many companies will find ample opportunity to meet the key speakers, as well as network with large businesses in Iraq and UK during the conference and in separate sessions. IBBC constantly advocates for the opportunity of private business to change economies and this conference confirms the benefits business brings to Iraq.

     

    Economic sustainability is not just confined to energy and finance sectors as the knock-on effect of an expanding economy is creating big demand for skilled employees across all sectors, an issue that will be addressed by the educational panel including MSelect, who's Iraq employment report has shed great light on the unprecedented nature of skills and sectoral requirements and how they might be addressed.

     

    IBBC are very proud to be holding, possibly our best conference and we hope those companies' operating in Iraq and considering joining our council, will attend at this time of opportunity and evolution for Iraq's economy to meet the people who are shaping its future.

     

    https://www.iraq-businessnews.com/2022/05/19/meet-top-iraqi-officials-at-ibbc-conference/

     

     

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  2. Tenth Iraq Day at The Mansion House

    Sustaining Iraq’s Economic Growth

    IBBC Spring Conference, Tuesday 24th May 2022 AGENDA

     

    08.00 Arrival and registration, tea & coffee 08.55 Move to the Egyptian Hall
     

    09.00 Welcome Addresses:

    Baroness Nicholson of Winterbourne, IBBC President
    Alderman Vincent Keaveny, The Lord Mayor locum tenens
    British Minister tbc

    H.E Dr Ihsan Abduljabbar Ismail, Minister of Oil, Government of Iraq H.E Mr. Mustafa Ghalib Mukheef, Governor of the Central Bank of Iraq H.E Mohammed Jaafar Al-Sadr, Iraqi Ambassador to the UK

     

    10.10 Tea & Coffee break
     

    10.50 Keynote address: Mr Louis Taylor, Chief Executive, UK Export Finance 11.00 Keynote address: Ms Taif Sami, Deputy Minister of Finance
    11.05 
    Keynote address: President, Iraq Private Banking League (tbc)

    11.10 Session 1: Implementation of the Iraqi Government’s White Paper
    Chairman: Mr Shwan Aziz Ahmed, IBBC Advisory Council
    Panelists: Dr Alaa Al-Saedi, Executive Director PM’s Reform Management Cell, Professor Frank Gunter, Lehigh University

     

    11.35 Session 2: Developing the Banking Sector
    Chairman: Mr Ismail Maraqa, PWC
    Panellists: Dr Salem Chalabi, Chairman of TBI, Mr Richard Wilkins, JP Morgan, Mr Brahim Razgallah, Barclays, Mr Mohammad Al Mossawi, Moody's Analytics

    10.50 Women’s Group Roundtable Discussion (South Drawing Room) 12.20 Tea & Coffee break

    Iraq Britain Business Council (IBBC), a company registered in England and Wales with company number 06929280 Registered as an NGO in Iraq with registration number 2D76104

     

    12.45 Session 3: Project Finance
    Chairman: Mr John Curtin, E&Y
    Panellists: Mr Khalid Murad, DG Public Debt - GOI, Ms Cristina Bergomi, GE, Mr Adeeb Nezer, UB Holding, Mr Faruq Mohammed, Standard Chartered Bank, Mr Tim Palmer, UKEF

    12.45 Insurance Roundtable Discussion (South Drawing Room)
    Chairman: 
    Ms Sarah Safa Kasim & Mr Douglas Way, Al Maseer Insurance
    Panellist: Mrs Israa Dawood, Legal Advisor to the National Insurance Company at the Ministry of Finance

    12.45 KRG Ministerial Round Table Discussion (North Drawing Room) 13.30 The Rasmi Al Jabri Award
     

    13.40 Lunch, Long Parlour
     

    14.50 Tech Forum (South Drawing Room)

    14.50 Privatisation of State-Owned Enterprises Roundtable Discussion (North Drawing Room)

    14.50 Session 4: Energy Transition  Challenges and Opportunities
    Chairman: Dr Luay Al Khateeb, Iraq Energy Institute
    Panellists: Mr Kareem Hattab, Deputy Oil Minister Upstream; Mr Zaid Elyaseri, BP; Mr Rasheed Janabi, GE Iraq;

     

    16.00 Tea & Coffee Break
     

    16.20 Energy Transition Roundtable Discussion (room tbc)
    16.20 Ministry of Oil Investment Projects Roundtable Discussion (room tbc)

    16.20 Session 5: Education and Skills
    Chairman: Professor Mohammed Al Uzri, IBBC
    Panellists: Mr Hal Miran, Mselect, Mr David Tannourji, Mselect, Ms Anna Esaki-Smith, Education Rethink, Mr Tony Degazon, City & Guilds

     

    17.40 Close of the conference

    Sponsors:
    Gold Sponsors 
     Sardar Group & Hydro-C

    Iraq Britain Business Council (IBBC), a company registered in England and Wales with company number 06929280 Registered as an NGO in Iraq with registration number 2D76104

     

    https://iraqbritainbusiness.org/wp-content/uploads/2022/01/2022-05-11-Spring-Conference-Agenda.pdf

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  3. 23 hours ago, Theseus said:

    Apparently you don't read if you call Luigi the author of the posting. He does nothing more than Roncarpa by posting what other so-called gurus are saying. This is why it is in the RUMOR section. If you think this gospel and truth, you are so gullible that I could probably pick a rock up and sell it to you as a moon rock.  There are far more people that could be gotten rid of on here than Luigi. 

     

    One last word, if you don't like Luigi's posts, DON'T READ THEM. It's that simple.

     

    "One last word, if you don't like Luigi's posts, DON'T READ THEM. It's that simple."

     

    I'm guessing that advice could apply to to the reading of all posts.

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  4. Why would Iraq want outside investors to "dump" their IQD when the RV would have no affect on Iraq? It has been understood the IQD exchanged in the US would be placed into the federal foreign reserves, never returned to Iraq for accounting.

     

     

     

     

    A couple of things....First the zeros off the current dinar do not change.  That makes me wonder.  And second though they are holding symposiums to teach Iraqi's, this still is only a proposal.  The CBI has not formally stated it is official or confirmed it is their plan.  And lastly, as I have said, parliament would have to vote and agree to a new currency.  So I would sit tight, not sell your dinar or do anything different until we know for fact what is going to happen.

     

    My personal view remains the same..that the current dinar gradually rises (floats) as a result of the success and growth of Iraq's economy.

    --

    Today's pizza...mushrooms, black olives and pepperoni
     
    April 15, 2022 at 4:12 PM Flag Quote & Reply
     

     

     

    I agree with KAP.  In fact, I  would not be surprised to find out that the 50 cent exchange proposal is a red herring.  Think about it:  if you believe that your $1000 worth of dinar (1 million) will only be worth $500 next year, wouldn't you be tempted to unload dinar now?  Of course you would!  I personally think this is an attempt to get us to unload the dinar we are holding.  It almost has to be the case since we outside of Iraq are sitting on trillions of dinar.  If they can get a lot of us to dump our currency now (taking a 50% loss) then they will be in a better position next year to come out with a conversion rate of $1 to 1000 dinar later.  

    This is pure speculation on my part, but it seems to me to make sense.  They are tempting us to dump.  I agree with KAP:  sit tight and wait until the dust settles.

    I also agree with KAP that a true LOP has never been in the cards for Iraq.  I read through what he posted here and sent me and the examples given of other countries like Turkey, Algeria, and others, are not even remotely similar to what is going on in Iraq.  In particular, Iraq does not suffer from rampant inflation.  It was the inflation that caused the zeros to be ADDED to the other country's currency.  This is not the case in Iraq.  The zeros were added intentionally just after the Iraq war for no other reason than to make it impossible for Iraq to continue a fight.  There was no other justification given.

    Therefore, I conclude, with KAP that when the dust settles we will at least reach parity ($1 per 1000 dinar) or better.  I also think that when the dust settles this will be shown to not be a LOP but rather a movement to a FLOAT that will coincide with removal of the zeros.  Remember, the plan was given us years ago by Saleh (the same man who is in this article, incidentally).  Back then the goal was to reduce the money supply as the value rose.  It will not surprise me to see the end result be what Saleh proposed years ago.  In fact, it would not surprise me to see the FLOAT precede any movement to a new currency without zeros.  As the value rises the large notes (25000 dinar) will be exchanged for smaller notes until, hopefully, and in a short period of time, ideally, they will no longer be found in the market at all, having been replaced by smaller notes that hold the value originally held by the three zeros notes.

    It is no accident, in my view, that Saleh is referenced as having input in this process.  It was he who proposed years ago a float of the dinar and a gradual removal of the large notes (and reduction of the money supply) as the value of the dinar rises.  Finally, in this article it is stated clearly several times that the goal is to raise the value of the dinar.  This sort of language would not be used if the intention was merely a LOP.

    Good find, KAP!

     
    April 17, 2022 at 3:58 PM
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  5. It's difficult to see the complete picture Kaperoni is attempting to present without seeing the documents he is referencing. I can post them if anyone wants to see them.  Here is a one comment from Kap on this when reviewing information one year old:

     

     

    So here is my view..several economists last fall held symposiums in Iraq to discuss deleting zeros.  Papers have been written with a plan and submitted to the central bank on the timing and process.  This particular plan was written by Dr.. Yusuf Hakim Ghadeer the General Directorate of Education Babylon.  It was posted on the AL GHAREE for Economics and Administration Sciences 2021, Volume 17, Issue 2, Pages 92-106

     

    https://www.iasj.net/iasj/article/216703

     

     

    I have translated it and discusses the same things as this article posted above on Pukmedia.

     

    If they proceed with this plan, it is stated the conditions are now correct for implimentation.  The timeframe is 1/1/2023 to 1/31/2023.

     

    The concern is what the intent is..this is my understanding.

     

    Iraq will issue a New Dinar.  That dinar will be internationally recognized without zeros (1, 5, 10, 20, 50 etc.) 

    The current dinar (what we own) will continue and used / removed over time.

    The current dinar will have rate of 1000 to 1 of the New Dinar.

    The exchange rate of the New Dinar globally will be approximitely $.50 to the dollar initially (according to the article above).

     

    So what this means is the following:

    If you own a million of the current Iraqi dinars you can exchange them for 1000 New Iraqi Dinar (timeframe to exchange them not given but may be limited).

    1000 New Iraqi Dinars will have an exchange rate of about $500 (1 New Dinar is equal to .50 cents in article) US dollars initially.

     

    The intent is to peg the New Dinar to a basket of other currencies (partial float) and allow it to rise based on investment and growth of the economy in Iraq.  The New Iraqi Dinar value could eventually rise higher against the dollar thereafter.

     

    They claim this New Dinar (without zeros) would be internationally recieved and accepted in transactions.  Would reduce the money supply from trillions to billions, and would create excitement in Iraq to use the New Dinar and would reduce the usage of dollars in Iraq.  The currency auctions would also end since the New Dinar is internationally traded/pegged to a basket and floating. Would also eliminate corruption from the auctions since they would end.

     

    My problem with this is the initial exchange rate offer (1 New Dinar is equal to $.50 US dollar) is a further reduction in the exchange rate therefore would create even more hardship for the citizens.  I do not believe $.50 is appropriate and would have to be at least equal too or higher than the current rate of 1000 dinars (1 New Dinar) about $.68 cents.

     

    This article is in essence a form of a LOP or redenomination.

    --
    Today's pizza...mushrooms, black olives and pepperoni
     
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  6. The Undersecretary for Multilateral Affairs and Legal Affairs meets the Director-General of the United Nations Office in Geneva

     

    09/02/2022

     

    The Undersecretary for Multilateral Affairs and Legal Affairs, Dr. Qahtan Taha Khalaf with Ms. Tatiana Valovaya, Director of the United Nations Office in Geneva, to discuss UN preparations for a formal meeting to end the work of the United Nations Compensation Committee (UNCC) and to close the Kuwaiti compensation file permanently after 31 years of issuing the relevant UN resolutions.

    It is expected that the UN Security Council will adopt a UN resolution later this month, according to which the compensation file will be closed permanently, and thus Iraq will exit from all its obligations stipulated in the Council's decisions within the provisions of Chapter VII of the Charter of the United Nations.

    It is worth noting that the Undersecretary of the Ministry heads an official delegation that includes in its membership the permanent representative of Iraq to the United Nations in New York, Ambassador Dr. Muhammad Bahr Al-Uloum, the Permanent Representative of Iraq to the United Nations Office in Geneva, Ambassador Abdul Karim Hashem, and the Ministry’s advisor, Dr. Muhammad Al-Hajj Hammoud.

     

     

    https://www.mofa.gov.iq/2022/02/?p=29523

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  7. Thanks, Yota! This is a very good article. 

     

    "The forum witnessed the presentation of many of the articulated axes that His Excellency the Minister touched upon, the most important of which is the policy of changing the exchange rate that guarantees the revival of the Iraqi economy by supporting the productive sectors in the private sector and discussing opinions and ideas related to the current economic reality, and ways to move from the current low level of productivity. And income to a high level of productivity and income, which is done by addressing the factors that led to low labor productivity in Iraq..."

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  8. Amiri?

     

    Iraq Ministry of Interior

     

    The Ministry

     

    Despite the great development in the Iraqi security institution, which  included all the work aspects in the ministry departments and despite  the introduction of modern technology,  the challenge for this institution became greater due to the prevalence of criminal behavior. This requires the Ministry of Interior to redouble efforts and draw up security plans and strategies,  commensurating with the magnitude of criminal behavior development  in the world in general and in Iraq in particular.

     

       Through the above, the Ministry of Interior_ through the vision and strategy of those working in security in Iraq_  goes along with the scientific and technological development, and employs systematic planning in the development of programs that promote the work of the ministry and determine the goals we seek.

     

    The Ministry of Interior considers security in its comprehensive and democratic perspective that takes into consideration the rule of law and building the state of institutions, as we firmly believe that the development of other faciluties in Iraq depends mainly on the development of security.

     

    The duties, assigned to the Ministry of Interior through its laws generally aim at implementing the general policy of the State in maintaining the internal security of the Republic of Iraq; reinforcing public order and protecting constitutional rights, in particular to protect the people`s  lives and freedom; protecting public and private possessions and ensuring their safety from any threatening danger. In addition, they aim at crime prevention, taking the legal procedures against the perpetrators,  and enactment of  legislations, in order to give the performance a legal .

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  9. On 12/30/2021 at 9:52 PM, Engine1 said:

    What gets me is,,,,   you can post your opinion and others can post their opinions, just as long as they post the belief that this is going to RV you are happy. But as soon as someone post a negative post stating that they feel it's not going to RV you think Adam should change their name. Maybe you should accept the fact that not everyone thinks like you do and get over it. 

     

    Everybody has their own opinion. That's great. I just don't like comments preaching I'm an idiot for my investment, it will never happen, this is all a joke. Why would anyone spend time every single day making negative comments and probably making many feel forlorn about their investment? What is productive or positive about trying to crush other's dreams? 

     

    Perhaps more time should be spent researching Chapter 7 and what the correct name is rather than taking the time to post basically the same, negative comments everyday.  Boring? You got that right.

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  10. Merger of brokerage firms by buying and selling foreign currencies

     

    December 20, 2021

    Proceeding from the role of the Central Bank of Iraq in achieving monetary stability in Iraq, and in view of the success of the project of merging mediation companies by selling and buying foreign currencies to form exchange companies under categories ( A, B ) and providing them with modern banking services and their expansion and for the purposes of combating money laundering and terrorist financing in accordance with modern international requirements and standards, it was decided that The last date for receiving merger applications for your companies under the above two categories is no later than 9/30/2022 in accordance with the requirements mentioned in the regulations regulating the work of exchange and mediation companies in the sale and purchase of foreign currencies No. (1) of 2021.

     

    https://cbi.iq/news/view/1901

     

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