Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content


  • Posts

  • Joined

  • Last visited

Profile Information

  • Gender
    Not Telling

Frangipani's Achievements


Newbie (1/14)



  1. ive not seen rial on sale with any bank - i contacted chase and wells fargo as well as my local airport and travelex..they are not offering it.
  2. jaygo - ##### is about backing up their take on the news with the links to the actual and often times official press releases, so if you would like, you may go to that site and participate in the chat room to get information first hand or poke around in the forum where they post breakdown's on official press releases and articles and how they relate to laws etc. **** We do not spam our links on other boards – do not mention other dinar sites here. Only post links to LEGITIMATE NEWS SOURCES. ***** Read more:
  3. Butifldrm Member Members 7,573 posts LocationTexas Posted 11 August 2014 - 05:09 PM Iraq has the ability to use their Visas, Mastercards, Qi cards in country. This article describes the ability of the Iraqi Banking system. Iraq Banking A History of Iraq BankingHistorically, banks were owned by the state before Saddam Hussein allowed private banks in Iraq during the late 1990’s (Al Sayegh, 2011, para. 12). Currently, 96% of Iraq’s banking assets are managed by state-owned banks according to the U.S. Department of State (2013). The first Iraq bank was established in 1941, called the Rafidain Bank. This was a state-owned bank controlled by the Iraqi federal government. For over fifty years, Iraqi people did not bank with anything else – there were no private or foreign financial institutions allowed. Rafidain Bank presently has numerous branches over Iraq, extending to countries such as Egypt, UAE, Yemen, Jordan and the UK. In 1988, certain Rafidain Bank branches were re-branded, re-named and madeover by the federal government. This new brand of banks was called Rasheed. The same federal laws applied for both banks. Iraq Banking: Private BanksWhen the Gulf War ended in 1991, the Iraqi government finally allowed private banks to begin business. The first two private banks were established by two of the richest families in Iraq: The Buniyah family started the Iraqi Investment Bank; the al-Hafidh family started The Middle Eastern Bank. Currently, 96% of Iraq’s banking assets are managed by state-owned banks according to the U.S. Department of State (2013). Both banking models challenge Iraq business growth. Iraq Banking: Inflation of The Iraqi DinarOn August 2nd, 1990, Iraq invaded Kuwait. As a result the Security Council of Iraq issued an economic sanction, along with several other countries: George Bush of the United States froze Iraqi and Kuwaiti assets and banned financial and trade relations with Iraq. The USSR suspended military equipment deliveries to Iraq. In response to the global clampdown on Iraq, Iraqi citizens frantically attempted to withdraw their money from the Rafidain and Rasheed banks, fearing economic collapse. To avoid bankruptcy, Saddam’s federal government refused all requests for full withdrawal of money. Instead, they allowed citizens to withdraw only a small percentage of their funds. The Central Bank of Iraq declared it had the right to withhold the rest of the funds for an indefinitely long period of time. The official value of the Iraqi Dinar (IQD) before the invasion of Kuwait was 1 IQD = 3 USD. As the sanctions grew worse, the Iraq Dinar declined as well. Within months, 10,000 IQD was worth a mere 200 USD. The rapid inflation was worsened by the Iraqi government’s reckless printing of trillions of dinars. During the American invasion and liberation of Iraq in 2003, the 1 IQD was worth a mere 0.0002857 USD. Citizen Distrust: Iraq Banking SystemDue to the unstable history of the Iraqi banking system, there is much distrust of the financial systems in Iraq by Iraqi citizens. Stories of corruption, bribes and scandals in both the Central and Private banks are consistently circulated. The volatile political situation–corruption, tenuous security, etc.–has made operating private banks especially difficult. Many scandals were related particularly to private banks in recent years, which has affected the overall reputation of the private banking sector. Although the exact figure is unknown, it is estimated that there are less than 10% of people in Iraq who have and/or use a bank account. Iraq Banking: E-banking in IraqThere are few E-banking methods available in Iraq. This has created a major gap within the sector, which has yet to be filled. One citizen described a Baghdad-based bank, which offered bank account updates via text; however, these updates came at a fee. This service was offered for a matter of months before it was rescinded with no notice to the customer. Value of GoldGold maintains its value through war and sanctions. Iraqi citizens indicate the value of using banks as safes. Money is kept in the bank to avoid being stolen from residences. Some citizens may keep their money at the bank for safekeeping, but other citizens also distrust the banks and keep their wealth as gold. An additional incentive is the government’s guarantee of deposits at the state-owned banks. During May and June of 2013, results of a study conducted by Sansar Capital Management displayed 89% of public sector deposits and 63% of private sector deposits were controlled by state-owned banks. Banking HoursBanks close at 12:00 or 1:00 pm. Due to shortened banking hours, people are challenged to leave their work in order to conduct banking transactions. Additionally, the short business hours result in long lines at the customer service windows. Once customers reach the customer service window, the bank tellers are less than helpful. Banking PersonnelIraqi citizens express a need for trained bank personnel. When customers reach the teller, often he/she is not helpful. Banks do not hire employees who can inform the members about the bank’s basic services. Customers do not receive suggestions from knowledgeable staff who can consult on money management and finances. Iraq Banking: Transferring Money Outside IraqThe central bank has issued very strict rules in terms of transaction with USD outside Iraq. These laws make it very difficult to transfer money outside of Iraq. “Lately, I had to transfer the money to Erbil, and then my friend in Erbil transferred the money to my friend in [the] US.” one Iraqi citizen reported. Citizens dodge high bank transfer fees by using Western Union, which has a reduced transfer rate in comparison to Private and State banks. The timing of money transfers is also frustrating, as well as the withdrawal. Many people have to wait a period of week to be able to withdraw a transfer due to lack of funds in the bank. ATM-sATMs could ease the services required in person at the bank, but rarely exist as an alternative means to deposit or withdraw money. The ATMs are too few and existing ATMs are not dependable. Customers are required to report problems during the bank’s business hours. The person’s urgent need for money becomes a lengthy procedure to rectify the issue with the bank only to obtain the money days later. Additionally, individuals are unable to withdraw large amounts of money due to a daily withdrawal limit. At times, people use Western Union to conduct rapid and large money transactions. However, the preference is to use the bank due to the expensive fees garnered by Western Union. Credit and Debit CardsCredit cards and debit cards could be another means for money transactions or payments, as well. People who travel and conduct business in various countries understand the value and security of carrying credit and debit cards as opposed to cash. In Iraq, ATMs are infrequent, and many local businesses do not own card readers. Therefore, the banks issue few debit and credit cards to customers. Need of LoansThe banking system challenges daily commerce and long term goals for the individual and businesses. After providing guarantees consisting of documents which show mortgages and property ownership, respondents describe the lengthy process of obtaining loans as bureaucracies. Once loans are approved, the loans pay for a fraction of the requested amount, require a large deposit, high interest, and the loans need to be paid within three years. According to The World Bank, Iraq ranks 180 out of 189 economies on the ease of obtaining credit (2014). Without the ease of obtaining credit and loans, entrepreneurship is stifled in Iraq. Yet, the challenge has not gone unnoticed. Iraq has partnered with countries such as the U.S.- Iraq Business Initiative (USIBI and Iraq Britain Business Council (IBBC). The partnerships initiate projects to stimulate commerce and trade and are poised to assist the Iraqi nation in a GDP expected to grow 6.% during 2014 (IMF, 2014, para.4). Islamic Banking in IraqIn response to the economic growth, Lebanese and Abu Dhabi Islamic Bank (ADIB) private banks will open branches in Iraq to compete with the majority state-owned banks within Iraq. According to the Institute of Islamic Banking and Insurance, Islamic banks follow moral and ethical guidelines based on Islamic law (2014). Iraqi individuals generally do not express a trust of Islamic Banks in Iraq, just as they do not to other Iraqi banking institutions. The issue of loans, and haram, is often brought up in the context of Islamic Banking and philosophies differ between individuals of what qualifies as Haram and what does not (interest rates, etc.). Islamic Banking appears to be a sensitive issue with the Iraqi public. However, citizens are concerned mainly with intelligent, efficient, easily accessible banking services. Private and state-owned banks need to evolve and adapt to modern banking technologies and services. Short term and long term goals of banking customers can be more easily achieved with services which increase the speed and reliability of money transactions. Click here for a complete list of Banking and Financial Institutions in Iraq. Read more: IBBCEVENTS AND CONFERENCE SPRING CONFERENCE IBBC’s 2013 Conference at the Mansion House The IBBC has been fortunate to host an annual conference at The Mansion House in the City of London since 2011. The Mansion House is the working residence of the Lord Mayor of the City of London, and it has been a privilege to receive the support of Lord Mayors for these conferences. The conference is an opportunity for IBBC members, leading Iraqi businessmen and representatives of the Iraqi and UK government to discuss and present on a number of issues and projects. Previous conferences have seen international experts and business leaders from across a range of sectors deliver presentations and take questions for the benefit of IBBC members and guests. These have included: Energy Infrastructure Finance Housing and Construction Telecommunications The second day of the conference, organised in partnership with UKTI, acts as a platform for leading small and medium-sized Iraqi and British business. The second day is open to non-members, meaning that attendees can network with a wide range of individuals. The reports of our latest Spring Conference are available below: Spring Conference 2014 – Day One Report Spring Conference 2014 – Day Two Report IBBC Spring ConferenceIraq 2015: Realising Potential 1st & 2nd June 2015 Mansion House & Royal Over-Seas League, London this should be an exciting conference with lots of big players
  4. Securities demanding the central bank to amend the work of banks Details Group: economy Published on Monday, March 02 / March 2015 05:42 Posted By: Jawad dreams Hits: 89 BAGHDAD / Center Brief for the Iraqi Media Network ( IMN ) - The Securities Commission has demanded the Central Bank, to amend the work of banks in order to attract investors and to ensure that facilitate their work. The head of the Abdul-Razzaq al-Saadi's ( IMN ), that "investors suffer from the weakness of the facilities in the banks, which negatively affects their work, which leads to a reluctance to invest." Economists said failure to resolve the economic development in Iraq problem at the present time, but the establishment of a development bank is able to collect the necessary process of economic development funds . Saadi added that "the Commission has contacted officials to look at the problems of the securities, which have a negative impact on the country's market economy." The focus of the government program, to adopt institutional reform curriculum, and to accelerate the completion of the administrative reform program, and the provision of economic and financial reform suitable environment, anti-corruption, and to encourage a shift towards the private sector, and the provision of infrastructure and the most important of electricity, water and transport . From: Walid al-Zaidi, the Open: Faten Hussein
  5. what's the matter Carrello or 'Brule' - there's not enough people to play cruel head games with over at your other haunt?
  6. 01-07-2014 Benefits Transfer (EBT) of the Central Bank profits exceeded the previous year Care of minors circle: the rate of investment during 2014 more than one billion, eight hundred thousand dinars Announced the auspices of the Department of minors, for achieving rewarding benefits of cash for a slice of minors in an auction of treasury transfers the Iraqi Central Bank and Ministry of Finance exceeded one billion, eight hundred thousand dinars through 2014. And confirmed the general manager of the care of minors circle Hind Abdul Bg: The total profits from investing the money in remittances central bank and the stock market was (180,517,970,000,00) billion and eight hundred and five million and seventy-nine thousand seven hundred dinars, during the period of the month April until December of 2014. The Director-General: The rate of profits earned in investment funds in the minors remittances central bank and the stock market last year in 2014, higher than 2013 earnings, indicating that these profits periodically added to the minor deposited in the account department. According to the Director-General: The entry in the Securities and remittances central bank market is one of the surest important investment projects that meet the financial interest of a minor without the risk or the risk, noting that the value of the amounts returned to the circuit at the end of each auction, which is made every month, so as to ensure an increase of minors funds . Government urges staff to use the smart card to the seriousness of cash trading Wednesday, 07 January 2 / January 2015 23:26 [baghdad-where] Directed the General Secretariat of the Cabinet ministries and departments not related to the Ministry and the provinces all research staff on the use of smart card substitute for financial cash. According to a statement received by all of Iraq [where] a copy of the "uncles aims to reduce cash circulation to the magnitude of the risk, and maximize liquidity in Iraqi banks, and credit expansion capabilities, in order to achieve stimulate economic and investment activities." And uncles, according to the statement that "those banks willing to provide deposit and withdrawal outlets in places that fit employees' .anthy is there a connection between these articles? i found these at another site and people are saying they connect but don't explain exactly why. thanks.
  7. Beyond the line of the frank a. "Iraq News" interaction of the Governor of the Central Bank: By: wab4 Date: Saturday, 27-12-2014 08: 23 pm Iraq's cash reserves are reassuring and inability to balance its funding sources available by 2015 * * Compulsory employees provident will turn to liquidity and investment will benefit them * The 500 billion dinar and $ 80 million in disaster losses, connector * * We completed a draft law against money laundering and terrorist financing Interviewer: Dr. Abdel Amir Al Faisal It is one of the oldest financial institutions in the history of the Iraqi State.. His name was often before 2003, then jumped and strongly to interface events when he found the Iraqis that the only guarantor of the dollar in the domestic market and what that means stability in various areas of life swing depending on the exchange rate of the dollar. .. That the CBI is. A giant financial institution through which we can know that our financial policy is moving us to safety or vice versa in. Today is a foundation in economic policy, financial, monetary and balance the 2015 all surrounding details of war on one of the central egg measured which give an advisory opinion on the features of the budget deficit did not know the previous budgets, as well as on a evoked much controversy here and there about compulsory saving for employees and what the State is heading, and how the Bank losses from the recent fall of Mosul hit every State without exception, joints and many other questions by "Baghdad news" conservative table The Central Bank on the relationship between the known information that few meetings and don't approve of a.. This was dialogue editor with Mr. relationship, which exceeded the usual frankness and a line points of absent characters equation complex situation that Iraq faces serious challenges. Distinctive front He was greeted by Mr. Ali al-allaq's "Baghdad newsletter highlighted the positive atmosphere of dialogue in every sense of the word, very well run before tripping questions initiated by saying the Central Bank is the cornerstone of fiscal and monetary economic policy for the country, because through the Central Bank achieved things that represent the Foundation of the economy when we talk about the exchange rate and inflation, control of the banking sector in General, we are talking about a fundamental aspect of the economy, which is the basis for everything the country needs development and advancement Fast. Budget deficit and effective treatment • Much talk about the budget deficit and talk of fairy figures what the Central Bank's cash reserve and do ttamn citizen cash reserve? The foreign exchange reserve for its Central Bank is still in excellent by international standards and the world's central banks, usually seen through the reserve money supply of local currency in circulation in the market if the local currency in circulation in the market is a good thing, some States placed 70 percent of currency in circulation, and for Iraq, the one and three-fourths of the currency reserve ratio this is reassuring, therefore, that the Iraqi dinar has maintained his power, recently Because of low oil resources and being the source of the country's dollar, when NYMEX oil sales than from the dollar and this affects the reserve if drawdowns and sale to the dollar at the same level, so we are watching this case very carefully and not unlike our equation to balance out and sold, and the State cannot Benefit from the reserves because it is governed by the law of the Central Bank, which does not allow to act up and the Government did not apply for Bank reserves, but consulted with the parties and we are going to deepen the practice as we aim to have the Central Bank as a financial advisor to the Government and coordination between fiscal and monetary policy, and if each one of them separately, it will impact on the economic situation and we are trying to create a kind of consultation and coordination so that the Government took the view on the subject and given us a certain section for ideas The retrenchment and personally participated in the preparation of the structural balance by pressing certain expenditures and at the same time as the deficit can be covered by issuing treasury bonds, or bonds in the bond is not a Central Bank, but the Central Bank helps to promote and coordinate with banks in Iraq, we need to create a market that doesn't exist and this time we tried Expand the bonds to be custom and culture in the stock market, we had our touches directly on budgeting and attended the Cabinet meeting which approved the budget to clarify some things and I think that the budget was designed to contain the deficit, but at the same time proved how to eliminate it, unlike previous years when the budget deficit issue and leaves a shortfall of surpluses and a subsequent bond issue this time and deficit how specific coverage as well, and the deficit limits of 23 trillion but reassuring presence of sources For funding and part of these sources is the balance of the vowel to the Finance Ministry. Save for what? • Why is the State of compulsory savings for employees? Our proposal was the subject of savings should not reduce staff salaries and then convert them to operational expenses, be pressed to the employee not on expenditures and has this proposal the Cabinet should not use this money to finance the budget, and so agreed, and when reading the budget will not be clear, and there are certain compulsory savings ratios will be taken from appropriations and not pay for it, it will exceed the limited income categories. • Is the selected reporting compulsory savings ministries? No Ministry but the income levels of allocations, we proposed that this amount is not used in the financing of the budget, so it is not part of the shortfall but will provide liquidity, and we have proposed to invest and the payback is in favour of the employee, and thus we have achieved two goals: first, we used economic stimulus money because if we flick the expenses of citizens and employees extensively we would influence negatively the economic cycle and therefore have a negative impact on the budget in terms of income from Other taxes and others so as 40 trillion to 2 trillion salary to be taken as they invest savings and be a payoff for the employee, there are areas for investment with high risk and we are in Iraq we have great investment opportunities and if we all narrowed opportunities can be used as bonds, traded on the market, and that the 23 trillion from section will be rounded to the Ministry of Finance within 3 trillion Section is the parcels of tpi banks who own an estimated 3 trillion surplus and bonds with the Rafidain Bank and Rasheed who have liquidity and foreign bonds are also trying to be active in this aspect, some foreign banks operating in Iraq is ready to help us in this aspect and bring buyers of these bonds. • Is it possible to have a compulsory savings benefit to the employee? Our proposal in the Cabinet was that of compulsory savings interest on employee and approved by the Cabinet and then will consult on means to achieve best value for the employee after a meeting between the Government and the Central Bank. Scary numbers of disaster daash • How much the Central Bank lost money when entering daash to Mosul? -Lost approximately 500 billion and 80 million dollars to banks and private banks and that there are no accurate statistics about them. To follow the Central Bank? • Is the Central Bank of the Government or Parliament? The Central Bank is not a Government but is an independent body but within the Constitution and the law on the Central Bank to be a coordination between monetary and fiscal policy by the Central Bank, the Government was endeavouring to implement greater exchange and possible as there was no brake because the Government cannot go without spending accounts for the economic impacts this may create inflationary effects and the Central Bank would be problematic then stem the inflation. • Do you charge you for political pressure? Through my time at the Central Bank did not touch any pressure from politicians, but the pressure through the media and through messages from politicians, so I don't find any intervention at the present time I am trying to reverse the equation, always the Government interfere with the work of the Central Bank today, trying to reverse the equation. Connect with money is important • Is it possible to link the Elimination of money to create a State strategy under this circumstance? No doubt that the State cannot live as scattered islands and all authorities must meet for the service of the State cannot be spaced apart for policies that depart affect each other and that the Central Bank had not coordinated with justice cannot exercise its activities for example money laundering activity and you are interested in some States if the modalities of the justice in this case, how to govern the issues to him are from us and if not effective elimination of this I need activity to a competent judge with money laundering and not leave it to another judge does not know what is the issue of money laundering being the case relating to the financial aspects and in need of background knowledge, and therefore the authorities should be integrated with each other and in some States, the Central Bank called the monetary authority of that key authority operate independently in determining policy for each country and that I came today with a decision I might change the economic and political situation and security as a whole. Combat money laundering • What are the arrangements about the phenomenon of money laundering? Unfortunately, in previous years the Bank's point of view about assuming responsibility for combating money laundering and does not see that this activity is through the Central Bank and personally, I disagree with the Central Bank in this matter because according to the law of the Bank and the money laundering reporting Office is linked to the Central Bank, so see the previous administration that had led to the failure of anti money laundering activity for that activation of the money laundering Act on the Central Bank was trying to convert it to others in Then you discuss with the law against money laundering, and today we are working to correct the deficiencies in existing resolutions, and we as a member of the financial action concerned primarily with money laundering and this year we chaired the Organization and aching a few gaps and report and assessment prepared by the World Bank, the Organization of follow-up observations so since direct in The Central Bank you activate Office and gave a kind of autonomy in its administration and its staff, we completed today the draft law against money laundering and terrorist financing, and this was the demand of organizations concerned with this issue and I was given this topic a priority today, the draft was sent to the State Council and will be an important act at the national level, although we are late in the preparation of this project but now we have prepared the latest developments in this area. Banks funded terrorism • What are the procedures for the Central Bank to the right bank sponsors of terrorism? The fact that this is possible for not only in Iraq, but also in some neighbouring countries and thus we practice today might be troublesome regulatory role for banks and remittance companies but this happens due to the gravity of what is happening in the banking and remittance companies at present and there is a large movement observation remittances, deposits, etc. and there are no specific figures, but the focus of our attention and put it most of our focus. • Have you been raising ceilings to exchange offices? We put a lot of restrictions and controls and inspection committees are continuing on a daily basis and the requirements for conversion companies obviously heavy but wanted it don't have an option but to control in fact measures we have taken in the past few days to review the cash dollar sales for the all-cash be compromised and that the use of "cash" in Iraq is not with what happens in the rest of the world as there are today aircraft movement amounts from New York to the Rashid Street in order to sell the dollar for citizens and the The issue became controversial from States and international organizations, we want to make everything within the banking system for movement control and direction and I can see where he went and to any use as well as the other States supplement you turn it also monitors and standards used in most States agreed surely will be mutually complementary roles and on the principle of know Your customer any know what do and where his source of funds so we can detect the latest attempt in the Rafidain Bank and when you see a striking amount of attention it must know the client and where it came from and when the amount received instruments of large amounts of people newly in bank accounts that drew was contacted directly, although fundamentalist add complicity treatment by the employee upon contact with the responsible authorities and their knowledge to pass a number of billions we could detect the network and weaved, today we seek to move away from Cash trading and the culture we seek to strengthen the Central Bank's recent slight increase occurred in the dollar because we end of cash sales and left the money orders to traders and importers of such responsibility in covering foreign trade activities, but when someone requests withdrawal of a large quantity of dollar, this is difficult and eye-catching for the dollar is used by travellers and low rates. • Are private banks control? All banks are subject to oversight and monitoring of violations and fines them if spotted bankruptcy of a bank we revitalize and impose guardianship but some understand it wrong but the right thing is to restore and rehabilitate and revitalize the Bank from bankruptcy in order not to damage the depositors, and for example we run only the economy and bank transactions which constitute the Bank's resources as a currency auction and buy USD we manage as well as loans granted by the Bank to get into collectible, another option is to allow a bank to bankruptcy. • What is the percentage of deposits banks eligibility? Proportion of collateral and I reported to the Cabinet that we give employees the salaries of around 40 trillion and 90% of them to intervene in the banking system, and I suggested that a machine in each Ministry by which payroll staff to avoid theft and congestion that might get banks so that it provides liquidity. Zeros out the currency to where? • Does the process eliminated currency? That project still exists and such steps needed to organize the process and stability for not creating any breaches and to ensure the success of the process and what we think now is a replacement paper and this is where violations occur and risk need to manage complex and we're in the situation we fear of violations so that our plan is the introduction of the new currency without dragging the old currency and when maraina situation stabilizes, we will implement the project, after arranging with all stakeholders, in order to avoid problems that may occur in records and numbers And others, we educational procedures on the subject before you start the project will be implemented, but the regulatory framework, we will enlarge the currency as we finished issuing the 50,000 and this currency will not increase inflation. • What is your relationship with the World Bank? Our close relationship with the World Bank and on several levels as Iraq part of international organizations and their shareholders and thus take advantage of the facilities and the expertise provided by the World Bank in many areas to develop existing resources through the World Bank, as well as studies and recommendations offered by us, and many of the recommendations by the World Bank but the present-day context of current does not allow the application and sometimes find their interest, reaffirming the Bank to restructure the banking sector particularly in the Rafidain Bank and Rasheed Bank had a great role in Recommendations and advice. The region can benefit from the Central • How do you deal with fiscal policy in the region? The Central Bank has two branches in Erbil and Sulaymaniyah, but the fact of the matter is not our direct management therein; working independently of the Central Bank and this thing serves the territory because the Central Bank is a third party between the banks and the public, the Government, and it organizes the tunes to avoid risk in the banks and I believe that there is disagreement in the process of overseeing the territory as a result of the territorial Government is overseeing it, we did not agree and now there is a change of attitude and that's probably a territory that Banks there must be managed by the Central Bank because this relationship territory benefits from having an independent party capable of governing the operation of the absence of Central Bank got problems seemed they float on the surface of reality and expect changes. • Are you satisfied with the Government's programme to Dr Abadi? I am satisfied with his work if applied vision and program schedule. • How is the currency switch bad? Many citizens stand to switch currency damaged by new ones we've worked on switch we have wages that were imposed on citizens who have damaged the new.
  8. Consultant-economy: remove leading zeros from currency requires a security and economic stability Monday, December 22, 2014 Baghdad/.. Was Advisor to the Prime Minister for Economic Affairs Mohammad Saleh appearance Monday, to remove the zeros of the Iraqi currency nowadays requires a security and economic stability, citing the current crisis in Iraq ghirmlaemh for this one. Saleh said in a statement with "Iraq News", was appointed to draft the removal of zeros to u.s. accounting system and monetary values without the interference of wealth and work to remove leading zeros from the accounts of the Republic of Iraq in full ", pointing out that this project requires a stable economic, security and political high level." Rejected in favour of support for any tghiirali the currency at the moment,but do not support any change in currency only after a year or more until there is liberalize all governorates of Iraq organize daash in addition to improved oil prices which can regain our recovery economic. " Worth mentioning that the Central Bank announced at the end of November this year, the oil-dependent, such as net foreign assets Iraq any foreign currency earned from the sale of oil is the mainstay of their cash because they rely on oil to finance their spending and dramatically. " The Bank said in a statement that "the Iraqi Government, specifically the Ministry of finance are replacing foreign currency (the dollar) that you earn from the sale of oil with the Iraqi Central Bank for local currency (the dinar), so the internal expenses, so that the growth of foreign reserves (the dollar) when the Government is increasing oil prices and quantities sold." The Bank said that "that would enable it to continuously and available swap with the Central Bank for local currency (the dinar) and the quantities you need, but with lower oil prices, the oil revenues surely will be affected will lower the cash reserve at the Central Bank." Meanwhile, the Central Bank, "the subject of the deletion of zeros from the currency has been postponed for the time being." completed/
  9. i believe his real name is Steve Hanson or Hansen - thanks Deborah
  10. Jubouri: Kuwaiti debt has been converted into investment projects in Iraq Agency eighth dayDecember 22, 2014, 16:43 BAGHDAD - ((eighth day)) Finance Committee member said Haitham al-Jubouri said the Kuwaiti debt owed by Iraq, which has been converted into investment projects. Jubouri said in a statement to the Agency ((eighth day)): The State of Kuwait has agreed to the debt owed by Iraq, amounting to $ 4.6 billion until 2016 and was transferred to the postponement of investment projects. He added that most of these funds will be invested by the Ministry of Transport and the Ministry of Industry the fact that most of the Kuwaiti investment companies in these sectors. And the date of adoption of the budget Jubouri likely approval during the current week. End
  11. A source in the prime minister: Shabibi will return to his central bank governor BAGHDAD / JD / .. An official in the Prime Minister's source, the intention of the prime minister Haider al-Abadi return of former central bank governor Sinan al-Shabibi to office after the issuance of the court acquitted. The source, who preferred not to be named, told / BD /: "The day Monday, 22.12.2014 date the trial of former Central Bank Governor Sinan al-Shabibi for the acquittal of the charges against him by the previous government under the pretext of wasting public money." He added: "The prime minister Haider al-Abadi waved the return of the conservative story office Kmhafeza the central bank in the event of an acquittal from the court, the fact is Shabibi figure of great economic mentality." She had announced the Integrity Committee in the House of Representatives of the previous session that sack Shabibi been through it, that the competent court of inquiry to consider the fairness issues negated the charges to the Governor of the Central Bank of the article Shabibi, describing him out of office, "targeted personally" for failing to grant money to Prime Minister Nuri Maliki and his son Ahmed, where the investigation has shown that he does not court entered the central bank and former boss Shabibi process waste money mentioned by the investigative committee formed by the House of Representatives, not even the BSA "Report ./ ended / 8 /
  12. About the acquittal of the thinker and the world economic Iraqi appearance of Dr. Mohammed SalehBy: Iraqi Democratic Movement in Australia - 17-12-2014 A statement of the Iraqi Democratic Movement in Australia about the acquittal of the thinker and the world economic IraqiDr. appearance of Mohammed Saleh Misdemeanor Rusafa court acquitted the economic world, Dr. appearance of Mohammed Saleh, of the charges against him when he was deputy governor of the Central Bank of Iraq and the previous dismissal of the suit and drop the charges against him and that On Sunday morning, December 14, 2014. We are in time to recall what happened to these national and educated personal violation bypass false charges and damage morale and character based on malicious accusations because of the people's money, who is keen on the national position, we announce our happiness by virtue of fair judiciary also congratulate Dr his innocence.Dr. suffered appearance of Mohammed Saleh from arbitrary arrest issued by the former prime minister of his right, where he turned himself in on 4 December of 2012 and was released on bail on January 21, 2013 after a campaign to defend him by civil society organizations, economists, lawyers and students and honorable sons of the nation. That the totality of the case that sparked the executive branch and its president was because of his refusal and his colleague Dr. Shabibi former central bank governor, delivery of public money, however, the executive branch, where it was overtaking on the central bank law and the Constitution.The Practical Guide to patent the appearance of Dr. Mohammed Saleh of the charges against him is again appointed as an adviser in the Council of Ministers by Dr. Haider Abadi, head of the current cabinet, thanks to its knowledge and experience in financial and banking activity.We affirm the constitutional articles that emphasize the rights of the Iraqi human and not overtaking him and arrested because of false accusations have no legal basis and at the same time we demand the reinstatement of Dr. Shabibi and drop the charges against him and returned to his job as governor of the Iraqi Central Bank.
  13. Finance: taxes and customs duties to reduce the budget deficit NEW MORNING ECONOMIC AFFAIRS DECEMBER 20TH, 2014 1028 NUMBER OF READINGS Said the retrenchment would not include medicine and food Baghdad's new morning: Finance Minister Hoshyar Zebari revealed that the ministry is working to reduce the budget deficit by increasing taxes and imposing customs duties on goods entering the country. Zebari said in a press statement, said that «the ministry is working to reduce the budget deficit in 2015 through the creation of alternatives to oil such as increased taxes and impose tariffs on some goods entering Iraq .. Many countries rely on their budgets on such as Britain and the United States Tax ». and the minister said he «will be pressure for budget expenditure to reduce the deficit, but that this pressure will not include medicine and food». Zebari stressed that «the beginning of the year Next there will be a budget after the Ministerial Committee complement pressure the budget and reduce the deficit and delivered to the Cabinet for approval ». He declined Zebari disclose the size of the budget or the amount of the deficit, noting that discussions are still ongoing. and formed a government late last month a special committee to reconsider the draft budget after landing oil prices to the lowest level in five years. The draft is based on the price of $ 70 per barrel, but oil prices tumbled to below $ 60 a barrel. Iraq relies on oil revenues to fund 95 percent of budget income. The prime minister Haider al-Abadi confirmed, that there is a financial problem for the year 2015 due to lower oil and military spending rates, likely that this problem extends to 2016. Ebadi said in a joint press conference with his Jordanian counterpart Abdullah Eagles in the capital, Baghdad, said that «Iraq is not bankrupt countries and the economic potential but we have a financial problem and may extend to 2016 if it continued to decline in oil prices». Abadi added that «the Iraqi government can not calculate a discounted price for a barrel of oil in the general budget for the year 2015 », pointing out that it« will begin to reduce unnecessary expenditures and increasing allocations for issues Chairperson such as social protection network which has increased the amounts in 2015 ». and Abadi that« oil agreement with the Kurdistan to export oil flowing into the federal and provincial government interest, which is the knowledge of the government » , expecting «raise Iraqi oil exports after the implementation of the recent agreement to the new quantities of Iraqi oil officially sold in global markets». Proposal for investment projects in the budget of 2015 and Order forward 12/21/2014 0:00 Insert a provision preventing the sale of the public sector without private sector competition BAGHDAD - Hussein al-Tamimi Tgb proposed member of the National Business Council, the Iraqi included the budget year 2015 the introduction of all the projects proposed by the ministries provided to include the clause regulated under the protocol with the States Order term and the repayment through oil shipments A year after the Protocol. David Abdul Zayer said the measure can compensate the absence budget of investment allocations after they stopped all projects for 2014 for failure to approve the federal budget. Zayer said in an exclusive interview with "morning" that this mechanism will help the general budget in reduce operating expenses, which could reach 20 percent to the fullest extent. He suggested Zayer add the item into the general budget provides for the implementation of the proposed new investment projects by the ministries and agencies concerned, which did not have a financial allocation in the 2015 budget that stipulates that "this Projects implemented Order term under the Protocol government will be responsible Bibramh with countries that have the potential implementation of these projects and processing of commodity under the international standards. " He explained that this protocol provides for payment on credit for time to be agreed upon within the Protocol and repayment through the export of oil after at least a year an end to the implementation of projects and the interest of not more than 3 percent per year of the amounts paid only from that State, which concluded with the Protocol and on the basis of ensuring the export of crude oil to those countries concerned. Was based Zayer in this vision to the promises made ​​by the Oil Ministry itself to raise the volume of production to 5 million barrels per day, and the repayment of Akiem export surplus after covering the federal budget allocations. He pointed out that this mechanism will ensure oil market to ready buyer, as well as ensuring implementation of investment projects, which were not included in the next budget allocations. He said the experience had been in place previously in some other states that have passed the same conditions and proved successful, pointing to the Amaknyh employed for the treatment of stage and force of the crisis low fiscal revenue because of low crude oil prices in world markets. The Zayer had warned in the introduction to his speech from the repercussions of not include the budget in 2015 for investment projects, because it is one of the goals of aggression Daash to weaken the Iraqi economy and ways to grow. Zayer between that do not include the next year's budget for investment projects again is a matter of concern, especially that a large segment of the youth employment skilled work in these projects and different terms of reference, indicating the importance of preserving jobs for them, and stay away from the consequences of disabling this segment of business. He continued by saying that these protocols lead to build bridges of cooperation with neighboring countries and that will be a positive impact on the country of all economic respects and security and social, especially after those countries associated with the domestic market, and will work towards maintaining its interests in Iraq. Zayer He concluded by referring to the importance of the inclusion of an item in the budget to prevent the sale of the public sector to the public sector without competitive private sector, pointing out that this supports the activation sector private, especially as the government program emphasized the activation of the role of this sector in economic life. Check privatization of economic reform in the country 12/21/2014 0:00 BAGHDAD - the joy of pumice in the transformation requirements of a market economy as stipulated in the Constitution and in line with the government program, specialists and concerned calls for the application of the privatization policy has increased what contributes to the achievement of economic reform in the country. privatization policy adopted by some developing countries privatization policy key to factors such as funding problems resulting from the achievement of the trade deficit in the balance of payments and public budgets, where some of the public sector units turned to the private sector, especially as it (privatization) containing the radical changes in the approach to the political, economic and social state, led to a change in behavior and production units and services. Chairman Businessmen Union Reza Ragheb Blibl said "morning" in this regard that in the orientation of the private sector that have an important role in shaping economic policy and move toward a market economy, it is a subject of interest after the change process. surplus labor and pointed Blibl that privatization must be built on the basis of successful without following the swift measures caused problems in the community, and taking into consideration the surplus labor for projects metamorphic, especially that of the private sector works in accordance with the economic feasibility and the extent of the project's success, he says. He believed that privatization is developing the economy in the country where contribute to increasing growth rates in GDP and keep up with global technology, stressing the need to develop controls for the transformation process, the most important of the sold projects or factories for the professionals and not commercially. He Blibl importance of forming a committee to draft and taught accurately and integrated, in order to qualify for work, production and development lines and make it according to the mechanics certified objectively, noting that the methods followed in the process of transformation in the countries of the world is done by the economic feasibility study of the transformation or privatization, so as to achieve a breakthrough in GDP, as well as the provision of market needs and operation of labor.
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.