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  1. MIDEAST MONEY-Iraq dinar is short-term disappointment, long-term bet By Aseel Kami | Reuters – Wed, Oct 3, 2012 Iraqis still prefer hard currencies for many transactions* But some foreign speculators see long-term opportunity * External, budget surpluses could eventually boost dinar * For now, central bank wants to keep currency stable * Any major appreciation unlikely before two or three years BAGHDAD, Oct 3 (Reuters) - Many Iraqis have lost faith in their dinar currency but to some foreign speculators, it promises big profits. The contrast underlines the uncertainties of investing in Iraq as the country recovers from years of war and economic sanctions. The logic of the dinar bulls is simple. Iraq's oil exports rose to 2.6 million barrels per day in September, their highest level in three decades; the country aims to hit 6 million bpd by 2017, which would put it close to Saudi Arabia's current level. Even if unstable politics, militant violence and bureaucratic inefficiency prevent that target from being hit, Iraq still seems to be on the threshold of an oil boom that will transform its finances. Inflows of new oil revenue could give the country big external surpluses and push state finances deep into the black by late this decade - the classic recipe for a strong currency. "As far as our investors are concerned, when they buy Iraqi dinars they do know it is a long-term investment. You know it takes time for a country to rebuild itself," said Hassnain Ali Agha, president of Dinar Trade, a U.S. dealer of exotic currencies. Because the dinar is not freely traded by banks outside Iraq, online dealers of banknotes such as Dinar Trade are the only way that most foreigners can invest in the currency. The Las Vegas-based company says it sells as much as hundreds of thousands of dollars worth of dinars daily, shipping dinar notes to thousands of customers in the United States and elsewhere. Agha said that because of optimism about Iraq's oil wealth, there had been solid demand for dinars since his company was founded in 2004, a year after the U.S. invasion which triggered years of political violence and economic turmoil. Back in Baghdad, however, Iraqis themselves are not convinced. Many take what opportunities they have to change their dinars into hard currency, and conduct all but small day-to-day transactions in U.S. dollars. "We have no trust in the Iraqi dinar - we feel afraid to save it. We trust the dollar more. The dollar does not go up and down, it is fixed," said housewife and mother-of-two Eman Saadeldine. WILD SWINGS The dinar has endured wild swings over the past three decades. In the 1980s, one dinar bought around $3, but economic sanctions imposed on Iraq around the time of the 1991 Gulf War sent the currency into decline and stoked inflation, which the government fuelled by printing money. By late 1995, $1 bought as much as 3,000 dinars. After the 2003 invasion, the central bank intervened in the currency market to strengthen the dinar, using its supplies of dollars to manage the exchange rate. But over the last several years, even as Iraq's oil production has expanded, there has been none of the appreciation for which speculators have been hoping. The central bank now sells dollars in daily auctions at a fixed price of 1,166 dinars, a level barely changed since 2009. In fact, the dinar has recently faced downward pressure as a result of the international economic sanctions imposed on neighbouring Iran and Syria. Iraqi traders rushed to buy dollars to sell on illicitly to residents and businesses in those countries, which are hungry for hard currency. The dinar fell as low as 1,280 in the open market this year before Iraqi authorities reacted by allowing two state-run banks and some private lenders to sell dollars, helping push the exchange rate back to around 1,200 currently. Another factor counting against the dinar is the fact that the largest banknote is only 25,000 dinars. This often makes the currency unattractive to use in an economy where the banking system is primitive and deals are often done in cash. Saadeldine recalls paying in cash for a new house in 2009. "If our money had been in dinars, it would have been impossible for us to carry it. It was in dollars and we carried it in a small suitcase," she said. The central bank has been considering plans to knock three zeros off the nominal value of banknotes to simplify financial transactions. This would not in itself increase the real value of the dinar, since prices would adjust in line with the redenomination, but economic experts say it could improve confidence in the dinar and thus boost its value eventually. "It would increase trust in the dinar even though its value would not change," said Baghdad-based economist Majid al-Souri. "Indirectly, when trust increases there will be appreciation." Earlier this year, however, the cabinet decided to suspend the technically complex redenomination plan until further notice, saying the economic climate was not suitable. The biggest obstacle to dinar appreciation is the fact that for now at least, Iraqi authorities appear content with the exchange rate in its current range. In a memorandum to the International Monetary Fund on economic and financial policies for 2011, written in March that year, the Iraqi government said it saw benefits in keeping the dinar stable. "We believe that the policy of maintaining a stable exchange rate continues to be appropriate, as it provides a solid anchor for the public's expectations in an otherwise uncertain environment and in an economy with a still very low level of financial intermediation," it said. LONG TERM In the long term, however, Iraq's finances and economy may improve so dramatically that authorities feel comfortable allowing the dinar to appreciate under the pressure of flows of oil money into the country. The IMF expects this year's estimated budget surplus of just 0.2 percent of gross domestic product to balloon to 12.1 percent in 2017. The country's balance of trade in goods and services, in deficit as recently as 2010, is projected over the next five years to shift to a large surplus of 11.3 percent of GDP. Deputy central bank governor Mudher Kasim told Reuters that he expected redenomination of the dinar to go ahead in 2014 or later, by which time the amount of Iraqi currency in circulation would have increased significantly, making financial dealings in cash even harder. In the long term, the central bank aims to make 1 dinar equal to $1 with a combination of redenomination and appreciation, although that will take over three years because of instability in the Middle East, Kasim said: "If not for the regional circumstances, we would proceed faster with that plan." Some analysts think the appreciation could go further. Kamal al-Basri, research director at the Iraqi Institute for Economic Reforms, an independent research body in Baghdad, said he expected the dinar to stay stable for the next three years, but that afterwards it might strengthen beyond parity against the dollar, including the effect of redenomination. For that to happen, Iraqi politics will have to stabilise, skill and education levels rise and the economy diversify so that it is not so heavily dependent on oil exports, he said. Speaking at the Baghdad currency exchange shop that he owns, Ahmed Abdul-Ridha said the dinar's stability in the past three years was good, but it did not indicate the long-term trend. "We wish the dinar's value would go back to what it was like before, when it used to equal $3 in the 1970s and even in the 1980s," he said. "I expect that day will come. Why not? What we are going through is an abnormal condition...We are an oil country."
  2. World Bank chief Kim signals changes to come By Lesley Wroughton | Reuters – 6 hrs ago WASHINGTON (Reuters) - The head of the World Bank said on Thursday he is preparing broad reforms at the development lender to make it more effective in ending global poverty and will discuss the changes with member countries at meetings in Tokyo next week. The annual meetings of the International Monetary Fund and World Bank from October 11-14 in Japan will be the first opportunity for Jim Yong Kim to put his mark on the institution since becoming president in July. "We're not ready to ask for specific changes yet ... but if we are going to be really serious about ending poverty earlier than currently projected ... there are going to have to be some changes in the way we run the institution," Kim told reporters. He said he wants the poverty-fighting institution to be less focused on pushing development loans out of the door and more on making a difference on the ground. "Specifically, I am going to ask the governors to work with us so the organization can move to a model where we move more quickly, we can make mid-course corrections more easily and where our board and our governors focus much more on holding us accountable for results on the ground in countries, rather than focusing so much on approval of large loans," he added. Kim said he would be more specific about reforms at the next meetings of member countries in April. "The need for these changes have been clear for a very long time," he added. With the United States and European countries wrestling with weak growth and high debt burdens, Kim said now was not the time to ask big donors to pony up money for the World Bank. "At this point, I see really no appetite ... it is not the time for us to have a discussion about a capital increase, this is something I don't think the donor countries are ready for," he added. Kim, a Harvard-trained medical doctor and anthropologist, said the Tokyo meetings would also highlight growing concerns about rising food prices and the impact climate change is having on farmers around the globe. The worst drought in half a century in the United States and poor crops from the Black Sea bread basket have lifted world prices of staples such as corn, wheat and soybeans. While prices have not reached 2008 record levels, increased food price volatility is a worry. As the first scientist to head the World Bank, Kim said the increases have raised his concern over the impact on poor countries from climate change. "This is the first drought that scientists clearly attributed to man-made climate change," Kim said. "Climate change is real, the scientific community is overwhelming in agreement about the dimensions about man-made climate change and we simply must face it." Until now, the World Bank has been reluctant to speak out loudly on global climate change for fear of getting involved in the politics of combat ting global warming. Developing countries have blamed the European Union, the United States and other rich economies for trying to avoid deeper emissions cuts and dodging increases in finance to help poorer nations deal with climate change. SLOWING GLOBAL GROWTH Kim said the euro zone debt crisis and its impact around the world would also loom large in the Tokyo meetings. Developing nations, which have so far weathered the global crisis well, are now seeing clear signs of slowing economic activity as a two-year debt crisis in the euro zone continues to stifle demand and financial markets are roiled by uncertainty over bailout prospects for Greece and Spain. Despite the slowdown, economies in Africa, Asia and Latin America are still likely to grow at rates above 5 percent thanks to more than a decade of solid policies and a growing interest by investors to tap into so-called frontier markets. "All of us are rooting for the Europeans to quickly find a path toward solidarity in a way to resolve their problems," Kim said, adding that the World Bank stood ready to offer its expertise to any country, include those in the euro zone. The bank has had decades of experience working with governments in developing countries to help improve the functioning of their economies through structural changes. Some analysts believe that expertise could help countries like Greece and Portugal. As Kim hones in on ways to make the World Bank more flexible, he said it should focus on helping governments create an environment where businesses can flourish and create jobs - one of the most pressing issues facing many countries. "One of the things we are trying to do is define more clearly what is the bottom line for the World Bank, what is it that we really do, and how we are going to organize ourselves so that every day we are working toward that bottom line," he said. "It seems clear that what we're best at and what people have the greatest passion for is to work to end poverty. The way we do that is by boosting prosperity," Kim added. (Reporting by Lesley Wroughton, editing by Gary Crosse)
  3. Currency damaged .. Financial and economic losses Date: Sunday 09/23/2012 07:50 AM Baghdad / Ali Author In memory many of us, paper currency that was in circulation during the past years, and known among Iraqis (b Swiss), which was an example of the currency paper most traded between citizens timetable with the lack of exposure to damage due to the characteristics of good, which is very different from the currency in circulation now that we heard it printed global Bmtaba and absent quality to become more susceptible to damage and disruption, which makes trading problem added to the problems of citizens. He says the deputy governor of the Central Bank of Iraq the appearance of Mohammed Saleh (range): The bank has prepared a plan to replace the Paper denominations damaged, especially small ones for damaging them, whether such exposure to fires or damage in general, and here the role of the central bank to address this imbalance through stocks replacement (compensation). And adds that the benefit the next two months will witness the withdrawal of currency damaged and replaced with new ones from the reservoir replacement and compensation, Banknotes with small groups of perishable which does not exceed the lifetime of the trading average of five years by about less or more percentages circulation and damaging them, especially from groups leafy small. He points out that there are other solutions to include them central part of its future plans in the project to delete the zeros from the currency, which include put metal coins of small denominations as part of a restructuring of coins in Iraq, which are of greater benefit in use among citizens. . For his part, explains Amir Abdulla, vegetable seller in the market neighborhood group People's (range): The vendors in the market are the most vulnerable to corruption issues paper currency because of the nature of work and the vocabulary to deal daily with people in the buying and selling of materials characterized by being more moisture and exposed to dirt, which lead to exposure of paper money to wetness, dirt and tear easily, etc., and Banknotes damaged private with groups large we were losses that exceed the profits that we achieve, where not received my owner Alwa vegetables and the customer, and forced then to go to the bank to substitute them undamaged. While he says Ismail al-Azzawi, an employee at the Ministry of Commerce said paper currency current various categories is good compared to currency paper known (Swiss), and poor easily rigged and is resistant to atmosphere climate Iraqi and most susceptible to damage and damage, which makes trading them is very difficult, as The processors prosthetic paste torn parts of the paper currency not write her success when groups were large paper currency. While recalling Sawsan Rasheed employee at the Oil Ministry said one of the most chronic problems suffered by the employee is generally received a salary which contains a lot of money damaged and torn and that do not accept people in the market, especially from Banknotes large, and keep the road some of them do not know how he has behaved markets, and banks do not receive money damaged and torn, knowing that the money Ntkadaha of salaries comes to our departments of banks themselves directly, and wonder why not re banks mechanism of action earlier in the receipt of cash damaged and torn a new one as it was in the past. The economic expert in the development of sustainable development Raouf al-Asadi says that paper currency currently in circulation in the local markets and banks are no longer usable, and therefore there will be financial damage heavily on Iraqi citizens by and on the national economy, as these currencies lose value with the passage of days, without develop effective solutions to the problem are increasing day after day. And wonder about not having this problem in many countries, even those that are classified by being less developed in the economic and developmental from Iraq, and most of the neighboring countries and regional do not suffer from this phenomenon, where they are trading the currencies and paper good and world-class multi-categories, the Unlike Iraq, which is trading where citizens Banknotes are the buttocks between currencies in neighboring countries. He believes that part of the solution lies in the re-use of coins, especially those with small groups and the most heavily traded between citizens instead of staying in the use of paper currency damaged and torn, and keep in dealing categories paper on groups large exclusively to the fact that use is limited compared to groups small, to overcome the problems presented Currency rapid damage as a result of continuous trading in the markets. And show emotions Jassim employee in one of the branches of the Rafidain Bank that the issue of changing the old currencies or damaged depends on the procedures and controls carried out by the management of the Bank itself according deal allowed in this area, there are banks deal subject recognizes categories damaged and torn and the other refuses to do so, and it may be turned off the percentage of damage, as in the vision of the Iraqi Central Bank does not see all the currencies damaged despite difficult trading, but the important thing here is to adopt a clear mechanism and fixed in delivery method that currency to the Central Bank, and of making inventory on the money deposited by the distribution of salaries and hold them for money financial fines on them.
  4. Proposed the establishment of the Board of Oil and Gas Top involving local governments Date: Sunday 09/23/2012 07:53 AM Baghdad / Ahmed Abed Rabbo ا Suggested a number of parliamentarians and experts of oil professionals form a higher council for oil and gas takes it upon himself to organize the country's oil wealth management through the adoption of the oil and gas law, stressing the need to involve all provinces in the Council. A member of the Commission on oil and energy parliamentary Furat al-Shara's (range): There should be a big role for local governments in the oil law and Alghazan through the formation of joint committees between the Government Center and territory and local governments, explaining that the oil is in the provinces of the country all but differently, so have to be an actual post provinces in economic decision-making, as the oil sector is the backbone of the national economy. و. Shara revealed the formation of a committee to choose a draft law of oil and gas, pointing out that the committee includes the oil and gas as well as the Legal Committee in the House of Representatives would consider choosing the appropriate draft law of oil and gas. For his part, former Rep. Abdul Hadi al-Hassani to the need to form a higher council for oil and gas takes it upon himself to determine the contracts signed with international companies in terms of the legal framework and its kind as well as creating an infrastructure specialist oil industry such as the development of refineries and create a national oil company. He said Hassani's (range): You must support the Iraqi oil sector through private involvement in licensing rounds announced by the Ministry of Oil, pointing out that the latter refused to deal with the private sector preferred contracting with foreign companies. وقا". A number of economists that the marginalization of the regions and provinces in the oil and gas law weakens the position of Iraq in OPEC, pointing out that the lack of involvement of the regions and provinces in the policy-making the country's oil and expand its powers weakens the position of Iraq's OPEC because it depends on the political diversify Leaders oil. " At the same time warned oil expert Hamza jeweler, to pass the draft law of oil and gas for the year (2007) in the House of Representatives for a vote as containing mines ticking stomach to explode as he put it, stressing that the project and the proposed law submitted by the government and the House of Representatives are best suited to provide one to the Council the vote that two closely to the views of parliamentary blocs (90%). He said the jeweler, according to the Agency (news): The draft law of oil and gas provided by the federal government in February (2007) where paragraphs filled with mine, and the past five years, according to the problems of oil between the Governments of the region and the center revealed many things and it turned out that the paragraphs contained in that draft were not enough high and foggy, There can be passed at the current time for a vote. He added: The draft law submitted by the federal government in the year (2011) and the proposed law prepared by the Commission on oil and energy parliamentary two fittest to provide one to the House of Representatives for a vote, because two full conformity to the views and proposals of all the blocks and the federal government and the oil-producing provinces and the region by ( 85% - 90%), and the remaining percentage (5% - 6%) centered point of contention between the Governments of the region and the center. Oil expert called to be negotiated between the Governments of the region and the center on the points of difference to pass the oil and gas law for the year (2011) to support and develop the Iraqi oil sector. He pointed out: that if the adoption of a draft law of oil and gas and set the paragraph prevents deal of foreign oil companies with oil-producing provinces and the region, the fate of companies have yet to negotiate with them and make some concessions to them with the consent of the Federal Government to convert their contracts oil from post to service contracts. The Ministry of Oil has announced that crude oil inventories in the country was 505 billion barrels of discovered fields that $ 66 oil fields, with total recoverable reserves of 143 billion barrels of oil. و Iraqi Oil plans to increase its exports during the next six years to 12 million barrels per day after obtaining the approval of the world's oil (OPEC). Article (111) of the Constitution states that "oil and gas are owned by all the people of Iraq in all the regions and governorates," while Article (112) states that "The federal government will administer oil and gas extracted from current fields with the governments of producing regions and provinces, on the that distributes its revenues equitably in proportion to the population distribution in all parts of the country. "
  5. Nassif calls on politicians to unify their foreign policy to remove Iraq from Chapter VII Date: 23/09/2012 07:19:25 Sunday Baghdad (news) .. called MP / coalition in Iraq free / high Nassif, Iraqi politicians to unify their positions and their foreign policy to coincide with the meetings of the 67th session of the General Assembly of the United Nations, in order to remove Iraq from Chapter VII. She told him the Information Office of the coalition: the responsibility to remove Iraq from Chapter VII rests with all Iraqi politicians, and this requires them to put all their differences aside and unify their positions and agree on a unified foreign policy to coincide with the meetings of the General Assembly of the United Nations. She added that: common foreign policy imposed on all politicians not to deviate from the consensus toward the Iraqi positions of some countries, and this requires not compliment any country at the expense of the national interest of Iraq. / End /. /
  6. Dollar no longer primary oil currency as China begins to sell oil using Yuan <LI class=created content="2012-09-12T08:05:47-06:00" property="dc:date dc:created" datatype="xsd:dateTime">September 12, 2012<LI class=author>By: Kenneth Schortgen Jr On Sept. 11, Pastor Lindsey Williams, former minister to the global oil companies during the building of the Alaskan pipeline, announced the most significant event to affect the U.S. dollar since its inception as a currency. For the first time since the 1970's, when Henry Kissenger forged a trade agreement with the Royal house of Saud to sell oil using only U.S. dollars, China announced its intention to bypass the dollar for global oil customers and began selling the commodity using their own currency. Lindsey Williams: "The most significant day in the history of the American dollar, since its inception, happened on Thursday, Sept. 6. On that day, something took place that is going to affect your life, your family, your dinner table more than you can possibly imagine." "On Thursday, Sept. 6... just a few days ago, China made the official announcement. China said on that day, our banking system is ready, all of our communication systems are ready, all of the transfer systems are ready, and as of that day, Thursday, Sept. 6, any nation in the world that wishes from this point on, to buy, sell, or trade crude oil, can do using the Chinese currency, not the American dollar. - Interview with Natty Bumpo on the Just Measures Radio network, Sept. 11 This announcement by China is one of the most significant sea changes in the global economic and monetary systems, but was barely reported on due to its announcement taking place during the Democratic convention last week. The ramifications of this new action are vast, and could very well be the catalyst that brings down the dollar as the global reserve currency, and change the entire landscape of how the world purchases energy. Ironically, since Sept. 6, the U.S. dollar has fallen from 81.467 on the index to today's price of 79.73. While analysts will focus on actions taking place in the Eurozone, and expected easing signals from the Federal Reserve on Thursday regarding the fall of the dollar, it is not coincidence that the dollar began to lose strength on the very day of China's announcement. Since China is not a natural oil producing nation, the question most people will ask is how will the Asian economic power get enough oil to affect dollar hegemony? That question was also answered by Lindsey Williams when he pointed out a new trade agreement that was signed on Sept. 7 between China and Russia, in which the Russian Federation agreed to sell oil to China in any and all amounts they desired. Lindsey Williams: "This has never happened in the history of crude oil. Since crude oil became the motivating force behind our (U.S.) entire economy, and everything in our lives revolves around crude oil. And since crude oil became the motivating factor behind our economy... never, ever has crude oil been sold, bought, traded, in any country in the world, without using the American dollar." "Crude oil is the standard currency of the world. Not the Yen, not the Pound, not the Dollar. More money is transferred around the world in crude oil than in any other product." "On Friday, Sept. 7, Russia announced, that as of today, we will supply China with all of the crude oil that they need, no matter how much they want... there is no limit. And Russia will not sell or trade this crude oil to China using the American dollar." -Interview with Natty Bumpo on the Just Measures Radio network, Sept. 11 These duo actions by the two most powerful adversaries of the U.S. economy and empire, have now joined in to make a move to attack the primary economic stronghold that keeps America as the most powerful economic superpower. Once the majority of the world begins to bypass the dollar, and purchase oil in other currencies, then the full weight of our debt and diminished manufacturing structure will come crashing down on the American people. This new agreement between Russia and China also has serious ramifications in regards to Iran, and the rest of the Middle East. No longer will U.S. sanctions against Iran have a measurable affect, as the rogue nation can simply choose to to China, and receive Yuan in return, and use that currency to trade for the necessary resources it needs to sustain its economy and nuclear programs.The world changed last week, and there was nary a word spoken by Wall Street or by politicians who reveled in their own magnificence as this event took place during the party conventions. A major blow was done on Sept. 6 to the American empire, and to the power of the U.S. dollar as the world's reserve currency. And China, along with Russia, are now aiming to become the controllers of energy, and thus, controllers of a new petro-currency.
  7. Talabani calls for Iraqi businessmen to expand trade relations Iraq Date: Sunday 26/08/2012 06:05 pm Baghdad / WAP / expressed by President Jalal Talabani, on Tuesday, expressed hope that contribute to Iraqi businessmen to expand Iraq's trade relations. The presidential statement said on Sunday that "Talabani received today global businessman originally Jassim al-Baqir," noting that "Baqir expressed during the interview to Talabani expressed his congratulations on the success of the surgery that he underwent and recovered near his return to the homeland." For his part, Talabani thanked Baker for his good feelings, expressing the hope that "contributes to big businessmen to expand economic and trade ties between the homeland of Iraq and the countries in which they operate." / End 1
  8. Central Bank includes three official bodies to sell the currency for the purpose of travel 26/08/2012 10:08 BAGHDAD / Bri Center for the Iraqi Media Network - said the Iraqi Central Bank that gives banks and banking companies and money transfer companies specific amounts of dollar a week to sell to the citizens for the purposes of travel. The deputy governor of the Bank the appearance of Mohammed's (Center Brief for the Iraqi Media Network) that "the dollar is sold for travel until ten thousand dollars, and we give each bank a week up to two million dollars, except bank Rafidain and Rasheed, who share one of them up to five million dollars." He added that "the central bank also gives all banking companies and money transfer companies has registered 75 thousand dollars for each of them a week also sold it to the citizens for the purposes of travel and banking offices and remittance companies are also present in the provinces." He continued that "about 40 to 50 million are sold to banks and banking companies mentioned and financial Althobl companies, all for the purpose of travel." The auction sale still hard currency in the country's controversial political and mutual accusations of the existence of corruption cases. 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.
  9. Maliki calls for America to accelerate the pace of arming the Iraqi security forces Tuesday, August 21 / August 2012 22:58 Prime Minister Nuri al-Maliki United States to accelerate the pace of arming the Iraqi security forces, helping to secure Iraq's sovereignty over the entire land and waters and airspace. Maliki's call came during a meeting with Chairman of the Joint Chiefs of Staff U.S. Army Gen. Martin Dempsey, who responded to confirm "the United States is ready to discuss all the needs of Iraq in the field of defense so as to ensure its unity and independence," according to a statement from the meeting of the Prime Minister's Office. Maliki said upon receiving his official office this evening, General Dempsey and his entourage: "The strategic framework agreement painted all these tracks and we monitor the implementation of what was agreed upon, whether in the field of military cooperation and armaments or in other areas." وا The statement added that al-Maliki said: "The capacity building of Iraq and equip its forces with modern equipment so as to ensure its goals defense, contributes to the stability of the region and its stability." The statement said: "The meeting discussed in depth the current situation in Syria and the region." He said al-Maliki: "Iraq, since the outbreak of the crisis, was keen on the need to move away from interference in internal affairs and work to promote a peaceful political solution." He see Iraq posed from the outset, which he said: "It is an integral part as proposed by Representative internationalist and joint Arab Kofi Annan, through its focus on the need to move within the political steps deliberate lead to the desired change, without giving further violence and bloodshed," noting : "Iraq presented a paper on this matter for some delegations of Arab States at the Summit, which was held in Baghdad." و He called on the prime minister to "move quickly to stop the bloodshed and achieve the desired transformation of the Syrian people," stressing the willingness of Iraq to provide all it can to do so. For his part, chairman of the Joint Chiefs of Staff in the U.S. military believed that Iraq can play an influential role in the Syrian crisis more than any other country in the region because of his outstanding during this crisis. Gen. Dempsey: "The United States is proud of its partnership with Iraq and What progress has been made ​​in the security aspect in building the army on the basis of scientific and professional", stressing the readiness of the United States to discuss all the needs of Iraq in the field of defense so as to ensure the unity and independence. End.
  10. Economist: measures to reduce the high dollar is viable it needs time Monday, 20 August / August 2012 14:54 ا He economist Bassem Jamil Antoine measures taken by the government as limiting the rise in the dollar is it needs a long time. He told all of Iraq [where] the day that "these measures are related to economic conditions the country's public and control procedures as the central bank can not afford to control and decide because there are many, including economic and honest and should create some sort of cooperation with them in order to reduce the high dollar ". He Antoine that "Iraq is in the long run can prevent high Ataran by subtracting the amounts of dollar equals slate spent and this is what we see through the lack of a significant difference between the official price of the dollar and the market price at the moment." He noted that it was "natural high exchange rate in the holidays and events such as the holy month of Ramadan, as there is a huge demand for shopping, which makes it difficult to control the exchange rates in addition to the situation in the region, especially with regard to the crisis and the Syrian economic blockade imposed on Iran." And Antoine that "the House of Representatives does not follow professional in the selection of members of the central bank and there is a politically motivated control it," pointing to the existence of "a wave of criticism of the central bank and a number of officials in addition to the accusations without evidence that the official is ه These accusations quickly Maglt. " He stressed the need to "be criticism building and aims to reform and not for destruction," and wondered "Is there suggestions and measures official economic professional, not political, for the treatment of the problem or just a political process dropping against people technocrats have enough experience." And Antoine went on that "the Finance Committee that you submit the evidence and the names and show people accused of these acts and are they strongman government or Mtshehadon or is the process of accusation false." و He stated that "bodies Alsmottaglh including the central bank has become a target and I think that Iraq and its economy will lose in the event of a change is deliberate and non-professional, because one of the reasons set back Iraq's economy is the reluctance of professionals and isolate them from contributing to the development Alaqtansad Iraqi and conducted at random." This has escalated in recent days the accusations against the central bank's involvement officials where currencies money laundering and financing of terrorism, as deputy accused the coalition of state law, Abdul Salam al-Maliki of whom he called by figures partisan influential] is working to provide a cover for money laundering and smuggled out of Iraq. For his part, attributed the member of the Committee of Economy and Investment Salman al-Moussawi inability House of Representatives to monitor the performance of the central bank because of the lack of the Council to the experts in financial management and banking, "noting that" Central Bank Governor Sinan Shabibi rejected earlier that the central bank is subject to the supervision of the executive branch as an independent body and that the Constitution made ​​the central bank controls linked to the Council of Representatives. "
  11. The United States calls on oil companies to deal with the Iraqi government and not to sign contracts directly with the KRG Tuesday, August 21 / August 2012 14:05 The United States called the American oil companies today to deal with the Iraqi government and not to sign contracts directly with the KRG as done by Exxon Mobil and Chevron Alamirkatan and French company Total. The spokeswoman for the U.S. State Department Victoria Nuland said in press statements that "should the oil companies have to deal with the Iraqi government and not to sign contracts directly with the Kurdistan region, as did Exxon Mobil and Chevron Alamirkatan and French company Total." ". She said Noland, "In terms Bashrkatena we continue to say it to sign oil contracts for the production or extraction with state region was in Iraq without the approval of the federal authorities Iraqi is offered to legal difficulties," indicating that "these companies definitely take their own decisions, but as long as there is no legislation federal Iraqis in this area and this is what we demand they run the risk of that. " This recently bought French oil company Total minority stake in the exploration area in the Kurdistan Region, ignoring threats made ​​by the central government in Baghdad after the conclusion of a similar agreement last month. The dispute is between Baghdad and Erbil on 41 oil contracts signed by the provincial government since 2007 until now and describes Baghdad in the absence of transparency in the signature. The central government has threatened to cancel contracts Wi deal with companies that contract with the Kurdistan region in the field of exploration and extraction of oil without the approval of the Ministry of Oil, while the Prime Minister warned of the danger of Nuri al-Maliki decades Exxon Mobil oil with the Kurdistan region. It is said that the Ministry of Natural Resources in the Kurdistan Regional Government said earlier this month that "the oil contracts concluded by the region more transparent contracts in many countries of the world in spite of pressure from the federal government," arguing that "Prompt recent export oil from through pipes Iraqi recognition of the outcome of those contracts. "ended.
  12. Kuwait announces its desire to invest in agriculture and tourism in the province of Kurdistan Sunday, April 22 / April 2012 10:41 { Baghdad {: News} Euphrates Minister of Amiri Diwan Affairs State of Kuwait, Sheikh Nasser Sabah Al Ahmed Al Sabah, on the visit of a delegation of Kuwaiti businessmen to the Kurdistan region over the next month. A statement by the presidency of the province received by the agency {Euphrates News} a copy of it on Sunday that "the Kurdistan Region President Masoud Barzani met on Saturday in the resort of Salahuddin in Erbil, Sheikh Nasser Sabah Al Ahmed Al Sabah, Minister of Amiri Diwan Affairs in Kuwait, and high-level delegation to include all of the Lieutenant-General Ali the insured's ambassador to Iraq, Kuwait and a number of Kuwaiti officials, the meeting was in search of bilateral relations in the Kurdistan region and the State of Kuwait and ways of strengthening them. " He added, "Barzani welcomed Minister of Amiri Diwan Affairs of the State of Kuwait and his accompanying delegation, praised the bilateral relations between the Kurdistan Region and the State of Kuwait, wishing the continuation of the bilateral relations between the two sides and promotion, and expressed the desire and aspirations of the Kurdistan region to strengthen bilateral relations in the interest of the parties." The statement quoted Barzani said that "the special place of Kuwait and its importance to the people of Kurdistan, and the people of Kurdistan smoothly understand the degradations of the Kuwaiti people, at the same time understand what the people of Kuwait suffered our people." He explained, "after the fall of the dictatorial regime, we have an historic opportunity and we have to start steps to promote bilateral relations." The Minister of Amiri Diwan Affairs of the State of Kuwait, according to the statement about "his admiration for the progress and prosperity witnessed by the region, wishing strengthen relations between the two sides." He touched on during his speech to "the strategic partnership between his country and Iraq in general and the Kurdistan region in particular." He added that "the restoration of security and stability of Iraq is the stability of Kuwait, too, and not all his respect for the Kurdistan region," announcing "his country's desire to invest in the Kurdistan region and especially in agriculture and higher education and tourism." Ended m
  13. Kordstani Deputy: meeting with Barzani, Talabani will bring views between Baghdad and Erbil On: Sun 04/22/2012 14:05 Explained by the Kurdistan Alliance MP / Kurdish coalition blocs / Vian outsider, held that the upcoming meeting between President Jalal Talabani and the Kurdistan Region President Masoud Barzani, will bring the views between Baghdad and Erbil on the differences between the parties. The intruder in the statement (of the Agency news) on Sunday: The leadership Kurdistan and in particular the Kurdish regional president Massoud Barzani, along with any idea or initiative for rapprochement and reconciliation between the political parties opposing, noting that Kurdistan is the initiator in solving problems between the National Alliance and the Iraqi List, and that any something in the interest of the Iraqi people, it would be his supporters. And suggested the Attorney Kurdistan: The meeting was held between President Talabani and Barzani this week or next week, where the meeting will bring the views between the Federal Government and the Kurdistan Regional Government, noting that Kurdistan did not create problems or provokes crises, even got the convergence or by offering solutions to the argument by the other side, we do not reject them. The MP for the / Kurdish coalition blocs / Chuan Mohamed Taha, has revealed the forthcoming meeting between President Jalal Talabani and the Kurdistan Region President during the next few days, saying (the news): The Presidents Talabani and Barzani agreed to hold a meeting as soon as possible, and may be through the next two days to discuss the situation and the political crisis, adding that President Talabani, Barzani, President Contact Hatfaha, and discussed with him the possibility to quickly hold a meeting between them as soon as. / Finished / 7. n. r /
  14. A joint committee between the government and the Central Bank to discuss the low value of the dinar Date: Thursday, 04.19.2012 7:48 Baghdad / term follow-up Announced by the Finance Committee Deputy Secretary Hadi Abbas to form a joint committee by the Ministries of Finance and Planning in addition to the Central Bank to discuss the reasons for the high exchange rate of the dollar against the dinar, and follow-up spent to control the value of hard currency in the country, Abbas said (to the Agency news): The Secretariat of the Council of Ministers called for the formation of a joint committee by the Ministries of Finance and Planning as well as the Central Bank to discuss the reasons for the increased value of the dollar during the follow-up of how to exchange currency And traded in local markets to control the exchange rate of the dinar against the dollar and the reduction of the continuous increase in value. He added that this committee will have a field operation plan for the next month to maintain the stability of the Iraqi dinar [/url]to avoid economic problems may be generated as a result such as high rates of inflation or otherwise.
  15. Experts: external factors behind the rise in the dollar exchange On: Sun 04/15/2012 9:03 Baghdad / Ahmed Abed Rabbo I noted the weakness in the government controlled Central Bank of Iraq on the process of foreign exchange to the dollar, a number of experts (range) that the central bank has succeeded to a large extent, except in its monetary policy to raise interest rates at banks. He called head of economic studies at the University of Mustansiriya Abdul Rahman al-Mashhadani to the need to give the Central Bank of the field enough to do to complete the rest of the procedures, saying that the policy of the bank are going the right way. He said al-Mashhadani (range): The bank is managed through several procedures to work on the stability of the dinar exchange rate, as well as control the rate of inflation and uncontrolled, despite the fact that fiscal policy is open, explaining his work on maintaining the balance between fiscal and monetary policy. He said al-Mashhadani: the slight increase in the dollar exchange rate needs to be a set of procedures, fiscal policy is supposed to be complementary to the cash, noting that external crises reflected on the economic situation in the country, the Iraqi market is affected by the rumors are very large.
  16. Oil plans to sign an agreement for the fields in common with Iran and Kuwait On: Saturday 04/14/2012 7:27 Baghdad / term follow-up Oil Ministry plans to sign agreements with the Governments of Iran and Kuwait to invest in joint oil fields, the ministry announced in Turkey on the reform of the damage to the carrier pipe from the fields of Kirkuk to the Turkish port of Ceyhan. He said ministry spokesman Assem Jihad, the oil's "Twilight News" that "The oil ministry has reached the final stages of negotiations for the signing of agreements with Iran and Kuwait on joint oil fields and in cooperation with the Ministry of Foreign Affairs." He explained that "each country from neighboring countries have the sovereign right to invest in oil fields within its territory, but the interest of countries to work jointly with respect to the common fields. و He added jihad: The Geological Survey satellite shows the status of joint oil fields and on the basis of which is determined by the share of each of the parties. " Includes Iraq 24 oil fields in common with Iran, Kuwait, Syria, including 15 field producer and other untapped, and highlighted those fields Safwan and Rumaila and Zubair with Kuwait, and crazy and Abu West and Bazargan and loose change and oil check with Iran. And the Jihad that "The oil ministry will work in coordination with the concerned authorities in Iran and Kuwait signed with foreign companies to invest in the common fields." The agency "Persia" Iran quoted the Executive Director of National Iranian Oil Company Ahmad castle builder saying, "The volume of crude oil production in Iran currently stands at four million barrels per day, while providing five-year program V to develop the oil sector to produce five million barrels per day ". To the Oil Ministry announced on the reform of Turkey's damage to the tube carrier from the fields of Kirkuk to the Turkish port of Ceyhan after being subjected to three simultaneous attacks, saying the resumption of oil exports from the tube through the course the main after a break for a week, as pointed out that export rate is between 400 to 450 thousand barrels per day. The spokesman said ministry spokesman Assem Jihad, "Alsumaria News" The technical teams of Turkey completed the repairs to the damage to the tube-oil carrier from the fields of Kirkuk to the Turkish port of Ceyhan due to exposure to three simultaneous attacks, "noting that" pumping oil from the Kirkuk oilfields to Turkey resumed , yesterday afternoon, over the course of the main tube after the repair the damage. " A source in the North Oil Company has confirmed, on the fifth of this April, the resumption of Iraqi oil exports from the Kirkuk oilfields to the Turkish port of Ceyhan after a stop for several hours after exposure to the carrier pipe three simultaneous attacks, indicating that the pumping has been transferred to another route. و Jihad said that "the export rate now ranges between 400 to 450 thousand barrels per day," pointing to "the stability of the oil storage at the pumping stations." The pumping of oil through the pipeline linking the fields of Kirkuk and the Turkish port of Ceyhan has stopped, last Thursday, April 5, 2012, hours after exposure to three bombings in Turkish territory. The exposed pipe main carrier oil from northern fields to Turkey to bombings and sabotage, most recently, in February 5, 2012, where they had stopped oil exports because of a bomb attack on oil pipeline passing through the triangle areas of the village of two thousand and the village of Barman and the village of advice of the judiciary Sapor state of Mardin, Turkey, and is adopted by later the PKK. And operates the North Oil Company oil fields in the provinces, which lies north of Iraq, and to export crude oil through the Kirkuk - Ceyhan in Turkey, including up to 600 thousand barrels per day, but pumping operations across the line in question vary from time to time, because of insurgent attacks especially on the Iraqi side. The tube Iraqi-Turkish carrier oil, which starts from the city of Kirkuk, Iraq, 250 km north of Baghdad, passing through the territory of Turkey down to the port of Ceyhan there, the most important lines that transport crude oil, has begun work in this line that has a diameter of 40 knots in 1973, has been expanded the system twice in 1983 and in 1987, and completed the final capacity of $ 1.75 million barrels a day, and the length of the line 1048 km. The Ministry of Oil signed in September 2009, an agreement with the Turkish side for the renewal of the Convention relating to the export of oil through the pipe President for 15 years, and identified dollar and cents number of barrels per source, while declining to less than a dollar when it is exported more than one million barrels a day.
  17. Maliki is not "convinced" the performance of the central bank governor On: Saturday 04/14/2012 11:12 Baghdad / term Government confirmed yesterday that Prime Minister Nuri al-Maliki is "absolutely convinced" the performance of the Central Bank Governor Sinan Shabibi, as a result of continued high inflation in the country and the recent economic crisis. He accused the Central Bank of speculators in the currency market attempts to illicit enrichment through the exploitation of crises experienced by some neighboring countries and the smuggling of foreign currency that are harmful to the value of Iraqi dinar, saying that the value of the last strong possession of an arsenal of the U.S. dollar. A member of the Committee on Economic Affairs Minister Mohammed Al Shammari told Twilight News, said "al-Maliki is not convinced at all, including Shabibi provided by the central bank governor." He explained, "al-Maliki believes that Shabibi not coordinate with the fiscal policy pursued by the Iraqi government to continue the unjustified result of high inflation and the devaluation of the Iraqi dinar against the U.S. dollar." "The House of Representatives is authorized to oversee the work of the Central Bank and keep the details of his work and achievements of the last stage and discovers how the Iraq lacks the financial policy." The price of the dollar has seen in recent days made notable gains, as the price of the dollar to 132 thousand dinars for every $ 100, while the central bank set exchange rates to 117 thousand dinars per $ 100, an increase of 15 thousand Iraqi dinars.
  18. Reference: politicians out of Iraq from Chapter VII On: Saturday 04/14/2012 11:24 Karbala / Amjad Ali Criticized the representative of religious authority in Karbala, Mr. Ahmed net to keep the problems between the political parties without a solution, they returned them moving on the Iraqi people, calling at the same time working to remove Iraq from Chapter VII and the restoration of what he called Iraq's money so as not to be utilized by parties trying to influence and exploitation funds. Strongly criticizing the decline in level of education in Iraq, which became the states do not recognize the certificate issued by the university, criticizing the lack of Margbat education, including the absence of school buildings. " Safi said in his Friday sermon yesterday, " The political parties to hold a national conference to be held in order to solve all the problems, "he said," The difference is out of the question, but it has limits and there are things to all be taken into account, such as to have a reference, a constitution that can not be explained by non-specialists, and pointed out that the problems whenever remained unresolved affected the citizen, who is to pay the price, calling for a diagnosis of the controversial points and to find a solution that begins with planting the confidence between the parties, and called on the net on the other side of the speech to work on the launch of Iraqi funds seized because of the policies of the former regime that destroyed Iraq before in 2003, and pointed out that those laws signed the Iraqi people under Taúltha, which is repeated each year in attempts to protect Iraqi funds, and wished the officials to find a radical solution, that keep the money under the status of the hand in a serious condition if it is at the disposal of Iraq because there exploited and affect the Iraqi funds, because they are not in the hands of Iraq. "
  19. The announcement of an agreement facilitating the entry of Kuwaiti merchants to Iraqi markets On: Friday 4/13/2012 6:27 Baghdad / Rn Announced that the Kuwaiti embassy in Baghdad on Thursday, it had agreed with the Iraqi government to facilitate the entry of Kuwaiti companies to work in Iraq, stressing that Kuwaiti companies prefer to work in Irbil because of the improved security situation. He said the Kuwaiti Ambassador to the insured, told the Kurdish news agency (Rn) today, "the Kuwaiti government agreed with the Iraqi government to facilitate the entry of traders and Kuwaiti businessmen especially with regard to the granting of visas and entry permits in order to promote investment and trade between the two countries." He added that "the problem that was facing the Kuwaiti companies related to the subject security, and not because of the perception of some political parties as a result of the unresolved political differences," adding that "Kuwaiti companies chose in the previous stage of the business in Erbil as a result of the security situation in the province of Kurdistan." Announced that the Kuwaiti embassy in Baghdad the day before yesterday, from entering the 50 companies Kuwaiti to work in Iraq at the end of this month, after that saw Iraqi-Kuwaiti relations sophisticated and clear after attending the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Sabah, Arab League summit in 29 of the last month. 1990. It is the first visit to the Emir of Kuwait to Iraq since the invasion of Iraq for his country during the reign of the former regime in 1990. Turkey has, earlier, that the value of trade with Iraq reached $ 12 billion over the past year, as confirmed and the Iraqi Ministry of Trade that the volume of trade with Iran (except oil activities) had reached $ 4 billion, while the volume of trade with Jordan billion dollars, and with Syria over $ 2 billion last year, and with Egypt billion dollars annually. . Iraq seeks to open multiple investment areas with the regional countries that have economic participants with him, including Iran, Saudi Arabia, Syria, Kuwait, Egypt and other countries.
  20. The government denies the request to link to the Central Bank On: Friday 4/13/2012 7:01 Baghdad / term Denied the Council of Ministers, yesterday, that there is a demand from the government by linking the central bank. ". The Secretary-General of the Council of Ministers on the Keywords in a statement released yesterday, and received a "long", a copy of "The Iraqi government did not ask the Council to link the central bank, or even trying to undermine its independence." The head of the Iraqi Council of Representatives Osama Najafi said, on April 10 now, should not be dependent central bank for the government to prevent the seizure of Iraq's money or the implementation of international provisions issued against Iraq by the creditors, while pointing out that the Council will host a Bank Governor Sinan Shabibi in session listen to illustrate the issue of the exchange rate of the dollar against the Iraqi dinar, attributed Shabibi reasons for the high exchange rate of the dollar against the dinar to the weakness of domestic production and the weakness of the government's actions. Article 2/2 of the Law on Central Bank of Iraq 56 of 2004 on the "pursuit of the objectives of the Central Bank of Iraq and to accomplish its tasks, the Central Bank of Iraq independent and responsible as provided for in this Act, except as otherwise determined herein.
  21. Central Bank confirms the existence of (ghost) behind the increasing demand for the dollar On: Tuesday 10/4/2012 8:46 Baghdad / menopausal Hossam Acommok . Accused in some quarters of the parliamentary nominated "mafia Iraqi traders" dollar smuggling to neighboring countries that suffer international economic sanctions (Iran and Syria), pointing to a link to these traders. Political figures in the window you want to influence in the Iraqi economy for personal gain by saying, Which led to a slight increase in the exchange rate of the dollar against the Iraqi dinar. In contrast, an economist stressed the existence of other factors did not talk about the parliamentary committee, the most important domestic trade as well as pressure on the financing of armed groups for terrorist operations in huge amounts paid in dollars. . In the meantime, he Central Bank of confusion about the increasing demand for the dollar, stressing that an unknown person (ghost) stands behind it by opening accounts for people traffickers false return for kickbacks Athsalon them, stressing that the movement of trade in the neighboring countries also contributed to the increase dollar compared to the Iraqi dinar. The price of the dollar in the local markets, according to the reporter (range) to the 1227 Iraqi dinars, despite the auction, the Bank witnessed heavy turnout on it. A member of the Finance Committee in the House of Representatives Jubouri Haitham: "The economic embargo imposed on Iran and Syria need to make them hard currency (dollar) which is exploited (mafia) Iraqi traders and worked on the smuggled into these countries at the expense of the national economy." He Jubouri (range): "The smuggling of electronic transfer form under the pretext of shopping or transfer money to some people." He Jubouri: The measures taken by the Central Bank by identifying the amount to be converted and who received it undermined the smuggling and contributed to the slightly lower price of the dollar compared to the past and continued follow-up will restore the bank to Ajraeth dollar exchange rate set by the past. " He accused Jubouri politicians did not identify being involved in a high dollar, and said "Some of them linked Pmaviac traders .. they are trying to benefit from the continued high price of the dollar and achieving the wishes of the character," adding, "but some of the media yields in this matter by presenting a distorted picture of exaggerated for the economic landscape of Iraq, stressing the need to prosecute those involved in this file in cooperation with the Economic Committee in the parliament and the government urged us, as well as continuing the Central Bank of the need for there to be equality between supply and demand of dollars to ensure the stability of the Iraqi market. " And the amount of money smuggled to Tehran and Damascus in the current period, said a member of the Finance Committee, "I do not have precise figures about this file .. but in a steady decline, though, we turn large sums to Iran, especially by legal means, because we import many goods of them, as well as visitors flocking to and from Iran. " For his part, said the economist Majid picture, "there is a set of pressure to buy the dollar in Iraq resulted from political and economic conditions in neighboring countries, especially Syria and Iran, which are subjected to economic sanctions, which led to its high price compared to the Iraqi dinar." And added the picture in a telephone conversation with ( range): "Madjaet by the parliamentary Finance Committee is true to some extent .. but there are other things affected the price of the dollar in the forefront of a lot of money to go to domestic trade as well as money pumped by armed groups in the financing of terrorist operations, which are usually in dollars." and the actions taken by the central bank said the picture "It's not enough .. is supposed to be accompanied by practical steps from the relevant government agencies such as the Ministry of Finance and security institutions, especially at the border as well as banks." And that the picture of "the process of exchange of the Iraqi dinar on the one hand and Altoman the Iranian and Syrian pound the other hand, within the country also weighed on the dollar was the smuggling of large hard currency." In the meantime, Vice President of the Central Bank of the appearance of Mohammed Saleh: A person who is not known (the specter of ) open bank accounts of dozens of merchants is true to meet certain currency between the parties. " Saleh added (range): "The Finance Committee has extensive information about it because it is overlooking the legislative side and have a link with the bodies, all of which provide it with information and documents confirming the smuggling of hard currency to neighboring countries." Saleh continued: "Previously we did not ask for documentation of the person requesting the amount of under 50 thousand dollars .. we noted at the time that about 92% of the requests do not exceed the 49 thousand dollars, which demonstrates seek to circumvent the regulations, instructions and thus worked to change the criteria between Onah and the other as well as the demand for passage of a tax year as well as document business. " With regard to the size of demand for the dollar in the domestic market between the benefit that the central bank exceeded 400 million dollars a day, stressing that "it is illogical to ask the Iraqi market, this huge, pointing out that in the previous year did not exceed the demand barrier of 1.5 million dollars a day, a confirms that the increase in demand is not about the Iraqi economy but for other reasons, including the regional markets that suffer from the scarcity of the dollar with an overlap of a commercial cast a shadow on the Iraqi dinar at the current stage.
  22. Shabibi attribute the rise in the dollar to the tense political situation On: Wednesday 11/4/2012 9:25 Baghdad / term Attributed the central bank governor Sinan Shabibi during a meeting with House Speaker Osama Najafi reasons for the high exchange rate of the dollar against the dinar to the political situation tense internally and regionally. Saw the dinar exchange rate declined significantly over the last few days against the U.S. dollar to reach in local markets to 126.5 thousand dinars for the paper category percent dollars. A statement by the Office of the Prime Najafi Iraqi Council of Representatives met in his office in the Central Bank Governor Sinan Mohammed Rida al-Shabibi and reviewed with him the economic situation and the reality of the work of the Central Bank. The statement quoted Najafi emphasis on the necessity that the central bank is independent and responsible according to the provisions of Article {103} paragraph {2} of the Constitution as well as Article 2/2 of the Law on Central Bank of Iraq 56 of 2004 which states {In order to achieve the goals of the Iraqi Central Bank and to accomplish its tasks, Iraqi central bank is independent and responsible as provided for in this law}, except as determined contrary to this law. "said Najafi said the central bank will not receive instructions from any entity or person or institution, including government institutions and will respect the independence of the Central Bank of Iraq can not be any a person of influence and improper for any member of the decision-making body in the Central Bank of Iraq during the performance of his duties in the bank, or to interfere in the activities of the Central Bank of Iraq. " He referred to "support the House of Representatives absolute work of the Central Bank in accordance with the Constitution and the law", stressing the need to continue to the Central Bank with the parliamentary committees relevant to discuss and clarify the problems that plagued Iraq in the areas of monetary policy and banking. "Stressed Nujaifi" should not be dependent central bank to the government so as to prevent the seizure of Iraq's money or the implementation of international rules issued against Iraq by the creditors. "He also explained that" the House of Representatives will host the Governor of the Central Bank at a hearing to explain the reality of the Bank's work and illustrate the issue of the exchange rate of the dollar against the Iraqi dinar and the economic conditions and monetary policy in place " . For his part, attributed the governor of the Central Bank according to the statement the reasons for the high exchange rate of the dollar against the dinar to the "weakness of domestic production and the lack of Iraq's exports {excluding oil} and the weakness of the government's measures to attract capital to Iraq, as well as the political situation tense internally and regionally, and the economic blockade suffered by some neighboring countries.
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