rvhope

CBI Governor: Bank Restructuring to be Complete by end of 2014Posted: January 28, 2014 in Iraqi Dinar/Politics Central Bank Governor: 2014 will be completed by the end of restructuring Tuesday January 28, 2014 CBI has received many applications, by many banks, but so far has not been approved, but the licenses of two foreign banks to operate in the country. The newspaper quoted the “National” American Abdel Basset Turki, Governor of the Central Bank of Iraq, saying, “We’re going to give approval of the two banks in the region, but not the Gulf and will be scrutinized Bouksosma.” The speculation in the Iraq conference in Dubai, the financial lenders to two Lebanese banks, some of them already in the Kurdistan region. And the country is looking to open its doors for foreigners to work by modernizing infrastructure, and increase services and strengthen the banking sector, which includes mostly private banks. And imposed on the capital increase for the lenders of the private sector in an attempt to improve risk management and enhance corporate governance and shareholders’ equity separate from the bank’s management. The private banks raised the increase to 250 billion Iraqi dinars last June. Turki said that “five of the lenders are expected to face the problems now, in addition to the Warka Bank, which was considered a dominating by Standard Chartered Bank a few years ago,” noting that “the Bank of Basra was being liquidated.” Two of the banks, the government suspended their operations since the 2003 war as a result of their inability to repay government debt dating back to the Saddam Hussein regime. It is scheduled to be completed restructuring efforts by the end of this year. According to Turkish “We moved in late to do the restructuring., And I think we should have been doing it before, but I think that by the end of 2014 will be all about. Has been solving the problems of financial and accounting in a good way, and the only problem remaining is administrative.” According to Standard Chartered, the percentage of Iraq’s debt to GDP in 2003, about 800 per cent. After many debt relief programs, write off about 80 per cent of the debt in the Paris Club, the debt has declined in the country, so it should be external debt is about 25 per cent of GDP by the end of 2013. Said Andrew McCartney, a specialist in global banking International Finance Corporation, “The banking sector in Iraq is evolving and diversified its economy away from oil, the main challenge in the banking industry is how to engage in the profitability and sustainability.” http://bit.ly/1bvG5vW

CBI: Its Time Implement Instructions on the Sale of New and Foreign CurrenciesPosted: January 28, 2014 in Iraqi Dinar/Politics “Time to” get on the instructions of the Central Bank for the sale of new and foreign currency Published on Monday, 27 December / 2 January 2014 15:23 Issues special instructions to sell and buy foreign currencies, considering previous instructions issued in this regard void. And got “time” on the documentation for the instructions issued by the central bank, which included “17″ paragraph identified mechanisms of buying and selling and the proportion of intermediaries. The central bank said in the instruction book that carried the No. 03.09.21, dated January 26 current, it is instructed in a separate book bears the number 09/03/19 dated January 26 and considered the current window from the date of 16 this month. The face of the central bank these instructions to banks licensed profession of all banking and money transfer companies approved, companies and broker in the sale and purchase of foreign currency all, stressing published in a prominent place and to inform customers need to abide by them. And was based in the central issuance of these instructions to the provisions of its law number 56 of 2004, as amended, indicating that these instructions came to meet a real market need of foreign exchange and money laundering. http://bit.ly/1aF9FF2

CBI in talks with Western Union to bring services to Iraq Posted: October 2, 2013 in Iraqi Dinar/Politics Tags: Abdel Basset Turki, Baghdad, Central bank, Central Bank Iraq, Financial services, Iraq, News agency, Western Union 02-10-2013 10:16 AM Baghdad (newsletter).The Central Bank summoned company (Western Union financial services, Inc.) to discuss the company’s work in Iraq. A statement from the Central Bank received (News Agency), a copy of: the Central Bank Governor Abdel Basset Turki Agency held a meeting with the company (Western Union financial services, Inc.) to discuss the company’s future work in Iraq bit.ly/1g4wO30

A new Iraqi currency, SoonPosted: October 1, 2013 in Iraqi Dinar/Politics Tags: Central bank, Currency, Finance Committee, Haider al-Abadi, Iraq, iraqi, Iraqi dinar, United States Senate Committee on Finance Posted: October 1, 2013 The Central Bank seeks to delete the three zeros of the Iraqi currency since 2003. Which raises many concerns on the street level and the business and financial community and economists seem divided between supporters of the project saw an opportunity to reduce the rates of inflation and unemployment and forewarned of economic shocks might prevail in the Iraqi market by implementing this project. The project has been postponed after the Central Bank introduced its amendments, most of the time because of fears based on the most unruly security situation and open market to foreign goods and counterfeit currency circulating on the market in addition to rampant corruption in the country. The independent Iraqi news agency quoted a member of the Finance Committee in Parliament, Abdul Hussein Al-yasiri in fourth from last September as saying that 2014 will delete the zeros of the Iraqi currency, in coordination with the Central Bank. Al-yasseri said that this project will reduce the size of the national currency in circulation of four billion Iraqi dinars to 1 billion. , Said the Chairman of the Finance Committee in the House of Haidar Al-Abbadi for “monitor” it is possible to delete zeros from the current currency, but it has been postponed until after the parliamentary elections, adding that studies are now to establish safeguards to reduce fraud, and make sure that trading in the current currency. The process of deleting zeros was postponed more than once, until called on Parliament’s Economic Committee, reported channel “East” on the 7th of July, the Central Bank, to speed up the process of deletion of zeros of the Iraqi currency in a press conference that the deletion of zeros will increase the value of the Iraqi dinar will be reflected positively on the issue of reducing unemployment and poverty in the country. But the financial advisor in the “North Bank” Nafi ‘ Elias said in an interview to “monitor” the deletion of zeros are only administrative, process equation of cash must remain as they are, that the purchasing power of the new currency must be equal to the old currency. Elias said that trading in both currencies for up to three years old to withdraw gradually from the market. Elias predicted that highlights the problems if not resolved operations of the creditor and the debtor or if the any payments and withdrawals. But it would not affect inflation rates or poverty. , Vice Chairman of the Finance Committee in the Iraqi Parliament Ahmed Faizullah to “monitor” the wholesome Elias, noting that the deletion of zeros will not alter the purchasing power of the Iraqi dinar because it is linked to the volume of industrial production and import. What saved the Iraqi dinar is owning the Central Bank cash reserve of hard currency might formed engaging cover to the dinar. Called Faizullah to not implement the project at this time because it could confuse the market and citizens alike. Amid those views the Commissioner for “Breeze” stock trading for INAS Mohamed told “the monitor”, that the stock market will be affected by the change and delete the zeros. The stock is still selling dinar, currently equal to a thousand shares, while will become one new dinar after the deletion of zeros equals 000, which could confuse the stock market basically confused movement due to the security situation in the country. bit.ly/19g3iG0

Iraq’s currency reserves and what it means for the life of the citizen; Stability and an increase in exchange ratePosted: September 29, 2013 in Iraqi Dinar/Politics Tags: Abdel Basset Turki, Central bank, Central Bank Iraq, Commercial bank, Iraq, iraqi, Iraqi dinar, Radio Free Iraq 28/09/2013 The Central Bank of Iraq, as in other countries of the world, the management of the national currency and maintain the value and size of rolling them. The central bank also oversees the commercial banking system. Unlike the Commercial Bank, the central bank has a monopoly to increase the money supply in the country or be reduced, which is that prints paper currency and metal coin. The central bank controls the quantity of money supply through mechanisms such as setting interest rates and be the last resort to support the banking sector in troubled times and financial crises. Among the most important functions of the central bank to maintain the value of the national currency and protect it from fluctuations. And kept the central bank to provide cover for the national currency to build up the country’s foreign exchange and gold, for example. indicated that the Iraqi Central Bank as an institution has succeeded generally in this task until he level of efficiency is almost to be an island in a sea of inefficiency compared with other institutions, service was or productivity. The central bank kept at this level, although he suffered tremors before the period and attempts to undermine its independence. The bank announced recently that the reserves of Iraq’s foreign exchange and gold amounted to about $ 80 billion, compared with approximately $ 74 billion in June. said the central bank governor Agency Abdul Basit Turki in an interview that this increase is due to the high price of oil on world markets expected to increase the reserve in the the coming months as well. Radio Free Iraq met a former adviser to the Central Bank of Iraq the appearance of Mohammed Saleh, what this means the size of the cash reserve explained that sovereign wealth offer strong protection for the Iraqi dinar as well as securing months import of approximately 12 months, compared with 6 months in the past, but this extreme importance if we know that Iraq imports almost everything. predicted a former adviser to the central bank that reflected such a cover strong that provided by foreign exchange reserves of the national currency in the high purchasing power of the Iraqi dinar. member of the Economic Commission parliamentary Mahma Khalil noted that the increase in the reserve by the Iraqi build basket foreign currency and gold as well as an investment portfolio of Iraqi assets in the financial centers task such as London, Paris and New York means the success of the monetary policy pursued by the central bank. predicted MP Mahmh Khalil to go up the value of the national currency accumulated balance of the sovereign so that the Iraqi dinar equivalent to the U.S. dollar within the next four years (where Iraq plans to increase its oil production to 8 million barrels per day by the year 1917, also said a member of the Economic Committee of Parliament. stressed Mahmh Khalil on the importance of retaining the CBI باستقلاليته in order to continue its monetary policy sound calling on the government to stop its attempts to interfere in Bank’s policy, especially as the Constitution itself guarantee him this independence. Financial expert Majid picture cautioned that the presence of large reserves of foreign exchange alone is not enough to maintain the value of the national currency affected by external factors such as the volatility of oil prices, which sells for Iraq and the prices of goods imported by, and another Interior in the forefront of the security situation and consumerism with the government and the private together at the expense synergies product. Regarding the living conditions of the citizens, the reserve big foreign exchange means what it’s supposed stability of consumer prices, but parasites exploit usually the deteriorating security situation and political instability and ignorance dealers dinar and the dollar to increase prices various pretexts), as noted financial expert Majid picture. expected and the U.S. Agency for International Development late last year that leads the Iraqi economy, the economies of other Arab countries in the next five years. http://bit.ly/1hcSIyA Equivalent to USD in the next 4 years .... wtf ... I guess I can wait that long I mean its not like we have a choice if it comes to that but .... WTF

Economists calls for Iraq’s crude oil to be sold in IQD, step toward globally recognized IQD; CBI disagreesPosted: September 28, 2013 in Iraqi Dinar/Politics Tags: Central bank, Currency, Dinar, exchange rate, Iraq, Iraqi dinar, Local currency, Petroleum Sale of crude oil in local currency 09/25/2013 12:00 AM said researcher economic state fair: that of Iraq to sell crude oil in local currency depends on the stability of the general situation of the country as well as the stability of the dinar exchange rate and recorded as currency global. said in a statement (morning) that the moment is appropriate to take such a step because stability currency linked to the stability of the economic situation and the country’s public, as well as that any fluctuation is happening in global oil prices will directly affect the value of the Iraqi currency. , and pointed out that the registration dinar currency global makes it vulnerable to speculation and subject to fluctuation between high and low price in the global markets as may be reflected in the value of true in the internal business dealings in particular, and he covered 80 billion dollars. was a member of the Economic Committee the Nora Albjara parliamentary suggested earlier sale of crude oil in Iraqi dinars instead of dollars, to support the local currency and increase its value against foreign currencies. The Bijari indicated that the central bank does not agree to the sale of oil in Iraqi dinars for fear of fraud in the local currency. http://bit.ly/1bQrMqn

Iraqi banks should be given greater freedom to trade currency; Let market determine IQD value says Securties Commission ChiefPosted: September 22, 2013 in Iraqi Dinar/Politics Tags: Baghdad, Central bank, Currency, Dr. Abdul Razzaq al-Saadi, exchange rate, iraqi, Iraqi dinar, United States Senate Committee on Finance Al-Saadi urges to give banks greater trading currency 23/9/13 12: 00 am Baghdad-Farah pumice The view of the Chairman of the Securities Commission, Dr. Abdul-Razzaq Al-Saadi, the Iraqi dinar will not be affected by regional events. Al-Saadi said in the SMC (morning): “the dinar exchange rate specified by a market economy, it is determined by the supply and demand for currency, regional events, particularly in the region does not affect the Iraqi currency, linked to the availability of controls on Iraqi currency in circulation of funds so that such events will not affect the economy.” the President found that the dinar exchange rate against the US dollar, Especially the private banks idle in select trading process for hard currency, urging to give them ample freedom to determine policy for the imposition of strict control measures on the policy, then this process will move the market and dinar revaluation of cash. the parliamentary Finance Committee had announced the formation of a small Committee composed of three members of the control mechanisms of the dinar against the dollar, saying the action by the Central Bank recently led To address the problem gradually. Parliament was a guest last month Central Bank Governor Abdel Basset Turki Agency and discussed the reasons for the high price of the dollar to dinar. === Saadi urges banks to give a wider space for currency trading 23/09/2013 12:00 AM BAGHDAD – Farah pumice saw the head of the Securities Commission, Dr. Abdul Razzaq al-Saadi said the Iraqi dinar will not be affected eventful regional. Saadi said in a statement to the (morning): “The exchange rate of the dinar specific market economy, because it is determined by supply and demand for the currency,” adding The regional events, especially in the region does not affect the Iraqi currency, stressing that this is linked to the availability of control to rotate the Iraqi currency in the market for money and thus will not affect those events in the economy. “and found the Chairman of the Commission that the exchange rate of the dinar against the U.S. dollar is limited, especially that sector banks Special idly by in the identification process of trading for hard currency, urging on giving them a wide area of freedom to determine its policy, against the imposition of strict measures to control this policy, thus lead this process to move the dinar in the market and raise the monetary value. Should be noted that the Commission Parliamentary Finance has announced the formation of a small committee consisting of three deputies to observe the mechanisms Iraqi dinar exchange rate against the dollar, stressing that the practical measures undertaken by the central bank recently led to address the problem gradually.’s parliament has guest last month, the central bank governor Agency Abdul Basit Turkish and discussed with him the reasons for the high price of the dollar against the dinar. http://bit.ly/18NgUII

Finance Committee: CBI to pump small class dinars (250,500,1000) into marketsPosted: September 21, 2013 in Iraqi Dinar/Politics Tags: Ahmed Hassan, Baghdad, Central bank, exchange rate, Iraq, Iraqi dinar, News agency, United States Senate Committee on Finance Finance Committee: rapid damage of small groups dinars behind either in the domestic market 21-09-2013 10:40 AM Baghdad (newsletter). The parliamentary Finance Committee attributed the reasons for the dearth (scarcity) of small groups in dinars, [in] the local market [due] to perishability, prompting the Central Bank to print new currency and drag the damaged ones to balance the quantity of categories in the Iraqi market. The Vice-Chairman of the Committee, said attorney Ahmed Hassan (News Agency): most of the citizens and shopkeepers and city buses with a scarcity of small groups especially dinars (250) (1,000) dinars because of perishability. He added that the Central Bank is printing new currencies with small classes, good quality and [will] replace damaged categories for the purpose of creating a balance in the local market with quantities traded dinars. This and a number of citizens have complained about the lack of currency of small groups (250, 500, 1000), demanding the Central Bank pumped more quantities on the domestic market. http://bit.ly/1bxRjoi

Draft of 2014 budget complete; Not yet approved by Council of MinistersPosted: September 15, 2013 in Iraqi Dinar/Politics Tags: Ceyhan, Committee, Council of Ministers, Economy of Iraq, House of Representatives, Iraq, Member of Parliament, Oil reserves in Iraq Completion of the draft budget for 2014 and submit them to the Council of Ministers Posted on: 14/09/2013 09:28:09 Commission announced the economy and investment in the House of Representatives for the completion of the draft budget bill for next year 2014 is waiting for the adjournment of the Council of Ministers. A member of the Committee on the economy bloc MP Abdul Hussein Abtan citizen “The budget for 2014 submitted to the Council of Ministers has not been approved yet and therefore did not reach the House of Representatives.” “From the budget is expected to take a full month until completed, and that next year’s budget adopted 3 million and 500 thousand barrels of daily oil exports at $ 90 per barrel.” Between Abtan that “estimates of the total budget so far reached 166 trillion Iraqi dinars is expected to be completed in November next fully.” He explained that “the Ministry of Planning and Finance until now in the final stages of drafting the budget and then send to the Cabinet for discussion in several sessions and then put on the House of Representatives to be read and voted upon.” He pointed out that “the budget deficit to Ajribt by whether salaries for senior positions or salaries, but have its own law.” He pointed out that “the government each year rate recorded in the budget deficit from which to fill the gap in the event of rising oil prices in the region as well as the theory is based on the proportion of exports and imports but Atatmayora the government now.” But about unrest recent security in the Arab region Between Abtan “It did not affect the Iraqi economy, especially oil, but it has affected the image positive a high price of Iraqi oil to 102 dollars per barrel, while the negative aspects are that Iraqi oil exports via pipeline Ceyhan stopped for days or weeks because of the recent bombings but there is still problem Baltsidirat but to not be considered a big problem. “ The country suffers each year of delay in approving the general budget until the late months of the year, which affects the workflow and staff in particular. http://bit.ly/15uOalp

Syria war will raise oil prices and financial abundance will be achieved, says Iraq Finance Committee MemberPosted: August 29, 2013 in Iraqi Dinar/Politics Tags: Baadal, Egypt, Iraq, middle east, Suez Canal, Syria, Tartus, United States 29/08/2013 BAGHDAD / JD / .. Confirmed the Finance Committee in the House of Representatives that all projects mortgaged plenty of Finance will be realized if the price of oil as a result of the war in Syria. said a member of the Finance Committee parliamentary MP Najiba Najib Ibrahim told / JD / day: that all projects and issues mortgaged plenty of Finance for the current year can be implemented in the event of oil rose Baadal broke out war in Syria. said Najib that the abundance of financial realized by two factors are increasing the price of oil or the arrival of oil production as planned to 3 million barrels per day, noting that the production did not reach this rate, causing delays in project implementation. The economic analyst has confirmed that a military strike expected on Syria will affect Iraq positively and negatively at the same time in terms of increased oil prices and export capacity. said Executive Director of the Stock Exchange Global in Iraq Saif Ghanimi in an earlier statement / JD / that the crisis in the Middle East has begun Since the events of Egypt during the current month, which affected much on oil prices, noting that such a crisis impacted negatively on the surrounding countries due to the difficulty of transportation to and from the Suez Canal. and continued the strike expected from the United States on Syria will affect heavily on neighboring countries, including Iraq negatively and offere, explaining that the positive side of this question is to increase the prices of oil and this Miaud benefit Iraq and the budget being depends primarily on oil in the preparation, noting that the negative side of this issue is that the price of oil transportation will increase dramatically because the insurance companies imposed additional taxes, arguing that the Iraq of the worst countries that can convey including oil because the ports far and Iraq spent a lot of money on oil, whether it moves across the Turkish port of Ceyhan, or through the port of Tartus in Syria weighted for a military strike global http://bit.ly/14aTfLD

Iraqi Dinar Exchange Rate Linked To Oil Exports, Federal Reserves A client counts his money at Al-Rafidain Bank in Baghdad, June 21, 2009. (photo by REUTERS/Bassim Shati) Print FONT SIZE By: Omar al-Shaher for Al-Monitor Iraq Pulse Posted on August 27. إقرأ باللغة العربية According to an Iraqi financial expert, the value of Iraq’s federal reserves currently amounts to about $80 billion, following the recent increase in the country’s oil exports. Nevertheless, no information was made available by the Central Bank of Iraq (CBI) to this effect. About This Article Summary : Experts estimate that Iraq’s federal reserves have reached $80 billion, and are likely to grow given an expected increase in oil output. Original Title: Iraq’s Reserves Reach $80 Billion and Are Likely to Grow Author: Omar al-Shaher Posted on: August 27 2013 Translated by: Sahar Ghoussoub Categories : Originals Iraq Speaking to Al-Monitor, Iraqi financial expert Hussein al-Asadi said, “According to my information, the value of Iraq’s federal reserves currently amounts to about $80 billion. This includes funds, precious metals and other items.” Nevertheless, the spokesman for the CBI, which is charged with managing the federal reserves of Iraq, has yet to issue a statement in this regard. Meanwhile, Al-Monitor’s correspondent in Baghdad failed to obtain comment from the bank’s governor, Abdul Basit Turki, to this effect, or determine the identity of those authorized to speak to the media. The bank has only issued statements to comment on the developments of its work. The last comment made by the CBI regarding the country’s federal reserves dates back to Jan. 31, 2012, when the bank denied the “decline of gold reserves.” The CBI stated, “They have been stable throughout the past months and amount to 29,730 tons.” Asadi added, “The US dollar is the main currency in the Iraqi reserves. There are also some reserves in other currencies, in addition to gold. ... Due to the troubled military and political conditions of the country, Iraq’s reserves cannot be invested to a large extent, as is the case in China or the United Arab Emirates, for instance.” “Iraq is distributing its reserves to a number of banks just to protect [these funds], although it does generate some interest on the deposits,” Asadi added. Asadi also talked about the crisis that took place between the Iraqi government and the CBI under the management of its former Gov. Sinan al-Shabibi, who refused to lend the government a part of the reserves to implement projects related to providing services to citizens such as water and electricity. Asadi added, “Article 26 of the CBI law explicitly states that it is inadmissible to lend to the government.” On how the reserves are formed, Asadi said, “Iraq’s annual budget is in Iraqi dinars, which the CBI owns. The state’s revenues are from oil exports, and they are mostly in US dollars. The government buys dinars from the bank, which results in profits for the bank. ... The total CBI profits from selling dinars to the state constitute the country’s federal reserve, whose growth is associated with state spending. State spending increases in proportion with its oil exports.” Moreover, Asadi said, “With the expected increase in Iraq’s oil exports in the near future, the country’s reserves are likely to grow to a large extent in the coming years.” For his part, Iraqi MP Abdul Hussein Abtan, who is a member of the parliamentary economic committee, said to Al-Monitor, “The total value of funds and precious metals that make up Iraq’s federal reserves amounts to about $76 billion.” He added, “This reserve was only invested in projects to support the stability of the Iraqi dinar's exchange rate.” Abtan also talked about the currency auction, where the bank is putting up amounts of US dollars in cash for auction three times per week, to provide hard currency for traders and suppliers. Furthermore, in a phone call with Al-Monitor, Ahmed Hassan Faizullah, a member of the parliamentary finance committee, denied the fact that “the government is able to use Iraq’s federal reserves, despite its need for funds on more than one occasion.” Omar al-Shaher is a contributor to Al-Monitor’s Iraq Pulse. His writing has appeared in publications including France’s Le Monde, Iraq's Alesbuyia, Egypt’s Al-Ahaly and the Elaph website. He previously covered political and security affairs for Iraq's Al-Mada newspaper. Read more: http://www.al-monitor.com/pulse/originals/2013/08/iraq-federal-reserves-oil-grow.html#ixzz2dFF3hU00

Members of Finance Committee demand Baghdad, Erbil resolve differences prior to settling 2014 budget and election issuesPosted: August 21, 2013 in Iraqi Dinar/Politics Tags: Baghdad, erbil, Finance Committee, Fiscal year, Government, kurdistan, Ministry of Finance, Peshmerga Finance Committee: budget 2014 “election” .. Baghdad and Erbil to resolve their differences before reaching the Parliament Range – 08/20/2013 – 2:03 pm Warned the deputies and members of the Finance Committee, the parliamentary repeat the scenario of political debates which they are subject budget at the end of each year, and drew out that the differences that existed in last year’s budget between Baghdad and Erbil special allocations oil companies operating in the region and the allocation of the Peshmerga and the share of the regions of the budget subject to repeat this year not to hold the committees formed between the two parties any meeting so far, and accused the government of covering up the final accounts for the last four budgets. And demanded that a member of the Finance Committee for the Kurdistan Alliance MP Najiba Najib, the prime minister decisively points of contention between the Governments of the center and the region relating to entitlements oil companies and the allocation of the Peshmerga and the proportion of the region before being sent to the parliament so as not to repeat scenario of the budget in 2013, which saw deep divisions and districts for the session voted on by Kurds and Iraqi forces. She drew Najib said in a statement to the “long” that its Committee held two meetings with representatives of the Ministry of Finance has been able to discuss all the points that represent obstacles to the adoption of the budget quickly, noting that “the Commission called for the need to speed up to send the budget by the government over the next month. She explained that the budget of 2014 will be offset election and will be subject to outbidding political away from the professional and the language of economic figures, pointing out that in the budget, the last government relied on the surplus that has not been achieved to repay the dues of the companies operating in the region, called on the government to allocate door fixed for these benefits in order to avoid debate the political deadlock in each years. Regarding the technical issues in the budget, Najib explained that the budget will depend on the same speculative price of oil in the last budget of 90 dollars per barrel, with a slight increase in the general budget compared to the budget of 2013. Moreover A member of the Finance Committee, said the government and for the fourth year in breach of the law and the Constitution by sending the budget without disclosing the final accounts, and likely to be offset in 2014 without any statements Concluding, indicating that the processes of corruption are still ongoing and regular basis, it is difficult to detect in most ministries and projects provinces noting that the government refrain from sending these statements without legal justification. And on the committees that formed between the region and the center to resolve differences dues confirmed Najib said “the committees did not look these differences until now, because it did not hold in one meeting,” indicating that the coming days will witness a meeting of the committee to discuss the benefits and linking Peshmerga Ministry of Defence. To the male member of the Finance Committee MP for the rule of law Abdul Hussein al-Yasiri in a statement to the “long” that “the budget in 2014 will be الانضج on the grounds that the parliament will discuss the budget, fourth, and that the government and the Ministry of Finance gained more experience,” likely تدراك points of contention between Baghdad and Erbil . Yasiri linking differences Arbil and Baghdad on entitlements oil-producing companies in the region oil and gas law faltering considering that all the differences will disappear in the event of approval, pointing out that the region and disagreements center on entitlements has not been resolved until now. And confirms Yasiri “V of November is the deadline legal to send the budget in each year is no harm to end the government before the deadline, and the remainder of the fiscal year will be enough to discuss the doors and take the proposals blocks and included a condition that may not be such proposals to increase the budget,” noting that “The budget is over by the Ministry of Planning and the Ministry of Finance and is now under consideration in the Council of Ministers.” He predicted a member of the Finance Committee of the Iraqi List MP Hassan and flames, the continuing differences that occur each year in the budget between the center and the region, the fact that the parties failed to reach any solutions yet. He and flames in a statement to the “long” that the solution to these differences must be by joint committees unlikely to be resolved in the Finance Committee, the parliamentary if the arrival of the budget, likely continuation of these differences because the rest of the life of the government and parliament and in better political crises and the current security is enough to resolve these differences and will be migrated to the next parliamentary session. The value of the general budget for the year 2013.138 trillion dinars, or about 118.6 billion dollars based on an oil price of $ 90 per barrel and exports projected at 2.9 million barrels per day and a deficit of $ 19 billion, while experienced budget political differences sharp led to the adoption of the budget by majority central province blocs of the Kurdistan Alliance and the Iraqi voting session. http://bit.ly/172AWKI

2014 Iraq Budget will Likely Be Approved Before Years EndPosted: August 7, 2013 in Iraqi Dinar/Politics Tags: Baghdad, Finance Committee, Fiscal year, Government budget, House, Iraq, United States House of Representatives, United States Senate Committee on Finance Attorney General will likely approve budget Al-yassiri (2014) the end of the year 07-08-2013 01:41 PM Baghdad (newsletter). Outweighed the Financial Committee member MP//Abdul Hussein Al-yasiri, the adoption of the general budget (2014) the end of the year, the House of representatives began early in the discussion and adoption of some budgets to avoid the errors that occurred earlier that led to delay adoption of the general budget. He said Al-yasiri (News Agency): the House of representatives to discuss human rights and the budget of the Supreme Judicial Council and the House of representatives and made some modifications and is currently showing those budgets to vote for approval. He added that upon completion of a vote on those budgets, will facilitate the discussion and adoption of all sections and subsections of the public budget, particularly on allocations of ministries, stressing that the budget year (2014) will be completed during the year (2013) and be approved by the end of this year in order to release the POPs financial early next year. The parliamentary Finance Committee predicted that next year’s budget amounts to 150 trillion Iraqi dinars and the budget is the largest in the history of Iraq http://bit.ly/19NHGAQ

If the 500 note became 1/2 new dinar and the 250 note becomes 1/4 new dinar .... then how about the 50 dinar note ?? I've always compared Iraq to Saudi Arabia which has note denoms of 1 , 5 , 10 , 50 , 100 , 500 at face value. If Iraq redenominated / loped .... would it happen in the same exact way that other countries have done it ? Or could there be the possibility of another scenario where they would only LOP / RD the 3 zero notes ?? Turkey took off 6 zeroes from the large notes and the 100,000 and 50,000 notes were fractionized since they only had 5-4 zeroes. But still theres a huge difference between a 100k and 50k ""small" denom note like Turkey had versus the current small 500 or 250 or 50 dinar note that Iraq currently has. Anyway just wondering what your thoughts are on this. In any case I bought all my dinar in 500 and 250 notes just in case there is the slightest chance of these notes being safe from a LOP for some reason. I just figured if the biggest note in Saudi Arabia is a 500 there was no point for me in even buying 3 zero notes of IQD. Anyway but again just wondering what your thoughts are on this.

IMF recommends accelerating the pace of financial reform in IraqPosted: July 23, 2013 in Iraqi Dinar/Politics Tags: Amman, Central Bank Iraq, Development Fund for Iraq, Foreign exchange reserves, International Monetary Fund, Iraq, Iraqi Central Bank, Politics of Iraq recommended report issued by the International Monetary Fund for Iraq pace of structural reform to boost growth and job creation in the private sector, and the need to continue the good governance of foreign reserves at the Central Bank of Iraq and the Development Fund for Iraq. The report recommended that display the Resident Representative of the International Monetary Fund for Iraq Ghazi الشبيكات during a press conference held at the Iraqi Business Council in Amman to “accelerate the pace of structural reform to boost growth and job creation in the private sector and the intensification of work for the Liberation of the foreign exchange market and the creation of a stable exchange rate and simplify the instructions of foreign currency . “ He stressed “the need to ensure the continuation of fiscal consolidation and building margins and preventive financial face of fluctuations in oil revenues,” stressing “the need to continue the governance of reserves of foreign Central Bank of Iraq and the Development Fund for Iraq and deepen the reform of the financial sector and the establishment of equal treatment for private banks.” He advised the report “Iraq by creating a system of anti-money laundering and counter-terrorism and there should be management prudent reserve the Iraqi Central Bank’s foreign currency and the Development Fund for Iraq,” calling for “a law on the Gaza hydrocarbons and investment in electricity production and the abolition of fuel subsidies granted to producers and restructuring of state-owned enterprises Iraqi and governance reform and capitalization of institutions that can be fixed and the closure of non-viable. “ The report emphasized “the need to improve the business environment and attention to the agricultural sector through the reform of the public distribution system, which contributed to the decline of domestic production and to reconsider support mechanisms provided by the Iraqi government to its citizens,” noting that “the cost of supporting the fuel up to $ 10 billion or so.” The Resident Representative said “the most prominent risks facing Iraq is the implementation of weak political reform and the decline in the level of political and security situation and the delay in increasing the volume of oil production and declining global oil prices,” pointing to the necessity that “Iraq has the private sector is able to produce and direct investment sectors, non-oil especially electricity and agriculture that Iraq has a significant competitive advantage, “stressing that” Iraq needs to long years of work to rebuild the fortune of mankind. “ He added, “Despite the political and security conditions difficult through which Iraq but were positive economic developments in general has witnessed accelerated economic growth reached 8.4% last year and is expected to reach 9% during the current year.” He explained that “macro-economic prospects over the medium term will remain driven by developments in the oil sector, where output is expected to rise gradually from Iraq’s oil by 500 thousand barrels per day in the year to up to 5.7 million barrels per day by the year 2018 compared to 3.3 million barrels now.” http://bit.ly/162uRzl