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Iraqi Dinar Under Attack


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Iraqi Dinar Under Attack

Posted on 12 January 2012. Tags: dinar, IQD, iraqi dinar, re-denomination, re-valuation, Redenomination, revaluation

The Iraqi Central Bank (ICB) said it’s under a “currency attack” as traders buy U.S. dollars in daily auctions and resell them on the black market in Syria and Iran, which face hard currency shortages due to sanctions, according to a report from Bloomberg.

Demand for the dollar at the central bank auctions has risen since November to about $200 – $300 million a day, compared with about $160 million per day over the prior 12 months, the deputy central bank governor, Mudher Salih, said in an interview.

He added, “now we are checking the applications to buy dollars from the auctions more closely. We are afraid that some of it may be related to money laundering. We are now under a currency attack because of the regional situation.”

U.S. Treasury Undersecretary David Cohen said on 1st December that Iranians are having trouble accessing foreign currencies due to the plunge in the value of the rial following sanctions.

Syria, Iran’s regional ally, has also come under greater sanctions from the U.S., Europe and some Arab countries over a violent crackdown on pro-reform protests. A European oil embargo is affecting Syria’s revenues and giving the state far less access to foreign exchange, David Butter, regional head for the Middle East at the Economist Intelligence Unit, said last month.

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Posted in Banking & Finance1 Comment

Opportunity Iraq Seminar

Opportunity Iraq Seminar

Posted on 12 January 2012. Tags: AAIB, Aberdeen, Anglo Arab Insurance Brokers, upper quartile

Businesses considering entering the Iraqi market are being offered a second free seminar, to explore further the considerations for operating in Iraq.

The second of a series of “Opportunity Iraq” seminars is being delivered by Upper Quartile as part of Aberdeen City Council’s international trade and investment team’s support services. This will deal with the commercial aspects of managing and building a commercial operation in Iraq and in particularly Basra.

The Seminar will be held in Marischal College on Friday 27 January, with presentations commencing at 2pm and concluding by 5pm.

Presenters include representatives from AAIB Insurance, who offer specialist insurance in high-risk markets; Blue Hackle, who offer security in Iraq and an Iraqi national whose business helps foreign companies set up in Iraq.

Companies attending the seminar will have the opportunity to discuss specific issues relating to their business with the speakers, representatives of both Upper Quartile and Aberdeen City Council.

Please click here to download futher details and agenda.

Posted in 'Your Country' - United Kingdom, Banking & Finance, Construction & Engineering, Industry & Trade, Oil & Gas0 Comments

2nd Middle East Energy Insurance Forum

2nd Middle East Energy Insurance Forum

Posted on 11 January 2012. Tags: C5, Energy Insurance Forum

Insurance solutions to address and cover the risks and exposures in oil and gas exploration & production.

Tuesday, February 14 to Wednesday, February 15, 2012

Hilton Jumeirah Hotel, Dubai

With recent political unrest in the Middle East facilitating a spike in oil prices, the growth in energy projects is set to continue unabated with the Arab Petroleum Investment Corporation predicting $530 billion in investment over the next 5 years. However, as projects become increasingly ambitious and ever greater in size and scope, there are a number of technical challenges and risks which need to be clearly understood by both risk managers and their insurers in order to prevent significant losses.

Expert insights, advice and guidance on the hottest issues affecting the Middle East energy insurance market:

Gain exclusive insights on the current risks, potential losses and exposures for insurers arising from large scale construction projects in Iraq and Saudi Arabia

Hear leading risk managers from the region discuss their concerns as well as their considerations when purchasing insurance

Understand how international reinsurance market capacity will affect the regional market and what the opportunities are for regional reinsurers over the coming year

Get the latest statistics and analysis on energy claims including attritional losses and its affect on policy margins

Hear how the events of the Arab Spring have impacted upon existing and future projects and underwriting in the MENA region

For further information, please contact Toby Hartley on t.hartley@c5-online.com or visit www.c5-online.com/energyinsurance

Take advantage of your Iraq Business News relationship by registering with a 10% discount now. Register HERE and quote Priority Service Code 657I12-IBN

Posted in Banking & Finance, Industry & Trade, Oil & Gas0 Comments

Warka Bank enters Djibouti Market

Warka Bank enters Djibouti Market

Posted on 11 January 2012. Tags: Warka Bank

President Ismail Omar Guelleh recently inaugurated the first subsidiary of Iraq-based Warka Bank for Investment and Finance (BWAI) in Djibouti to offer full range of banking services. The ceremony was attended by the Prime Minister Dileita Mohamed Dileita, Mr. Hichem Ben Turkia, who is Warka Bank representative, several members of government, as well as ambassadors and representatives of diplomatic corps accredited to Djibouti and representatives of international organizations.

Established in 1999 in the Iraqi capital, Warka Bank for Investment and Finance now has branches in Jordan and Lebanon and is one of Iraq’s biggest private banks. The entry of BWAI has risen the number of private banks operating in the country to a dozen. It plans to offer facilities such as transferring remittances, credit cards, personal loans, long-term finance, trade finance, structured finance and investment.

The Chief of Djibouti’s central bank, Mr. Jama Mohamoud Haid, who was also present for the occasion said this event highlighted Djibouti’s rapidly growing economy. “This second ribbon cutting ceremony of a banking institution in the space of two weeks demonstrates the vitality of the sector particularly financial and our economy in general,” he said.

He further stressed that the bank will place Djibouti in a more favorable economic position in the region and help strengthen trade relations with the Arab world. He said the central bank was providing the right environment for private banks to thrive.

“I can assure you Mr. President, the local banks tell me that their goal is also to play an important economic contribution to the creation of national wealth. And therefore , to improve the lives of our citizens the central bank of Djibouti is committed to motivate and support them in this will,” he said.

He urged international investors to take advantage of Djibouti’s position as a stable and leading regional financial, trade and transport hub. Appealing to foreign investors, he said, “a strong and stable currency, political stability, Geo-strategic position open to the outside world, a telecommunications system performance, and finally the existence of a port structure in the potential.”

“We hope that the arrival of Warka Bank in the financial Djibouti will contribute to further transform the banking landscape, making it more competitive by introducing a wider range of financial products and services, while respecting international law and regulations of the Central Bank of Djibouti which has continued to support us and advice, “he said finally.

(Source: Somaliland Press)

Posted in Banking & Finance1 Comment

DFC Iraq Market Tracker

DFC Iraq Market Tracker

Posted on 10 January 2012. Tags: DFC Market Tracker, DNO, Dunia Frontier Consultants, Exxon, Genel Energy, Gulf Keystone, WesternZagros

Advertising Feature

Iraq Business News is delighted to bring you the latest Market Tracker report from Dunia Frontier Consultants.

In This Report:

Companies Mentioned:

DNO, Exxon, Genel Energy, Gulf Keystone, WesternZagros

Action Calls

Maliki on way to de facto majority government

Stability in government, but watch Kurds for Exxon, future of oil in both Kurdistan and Iraq.

Genel Energy to buy Longford’s Chia Surkh oil stake

Genel continues consolidation drive in Kurdistan.

Exxon payments deliberately delayed?

Distraction. Don’t watch this – watch Kurds and Maliki.

Headlines

Confusion surrounding Issawi “assassination attempt”

Maliki not likely behind this. Unfortunately, just de rigueur in Anbar.

Multiple explosions rock Baghdad

Unfortunately, not unexpected: recent uptick in violence explainable as annual attack on Shiites during Ashura and Arbaeen.

Calendar

January – Kurdish statements, continuing Maliki cabinet appointments

Watch the noise coming out of Erbil for an indication of how the Kurds’ discussion with Maliki’s government over regional rights is shaping up. This will be the prime indicator of the future of Kurdish autonomy over oil and territory, and therefore the future of oil contracts within Kurdistan and Iraq in general. Secondly, with the parliamentary crisis subsiding, look for Maliki to clean up his cabinet with appointments moving his rivals out of, and his allies into, key roles. However, don’t expect a walkover for him, as the Sadrists’ turning down Finance in favor of the existing Minister (and sometime Iraqiya PM) Issawi indicates that Maliki is being watched by his coalition in these appointments. (Which by the way is a good sign for the maintenance of plurality and minority rights in Iraqi government.)

Please click here to download the full report free of charge.

If you would like to sign up for a weekly email version of this newsletter please send an email to kyle.stelma@dfcinternational.com.

Posted in DFC Market Tracker, Investment0 Comments

“Iraq infinity”

Posted on 04 January 2012. Tags: Al Jazeera, Entreprenuership, Ideas sYnergy, Iraq, TEDxBaghdad, Youth

By T. Keyzom Ngodup, co-founder at Ideas sYnergy. Ideas sYnergy is Iraq’s first multiple bottom line advisory company committed to inclusive economic and social development through market-based solutions that help build and scale youth-driven innovative ideas for social change.

Hamada Zahawi’s article on Al Jazeera writes about the TEDxBaghdad conference in Baghdad that focused on hope. A hope that Iraqis may pass on a great Iraq to their children. Central to this hope is TEDxBaghdad’s goal to galvanize and re-engage Iraq’s scattered and highly educated diaspora to provide invaluable mentorship, training, opportunities and inspiration to Iraq’s youth. TEDx Baghdad supports ‘ideas worth spreading’ and aims to provide a stage for the ideas to spark deep discussions and foster innovation.

Iraq’s youth do not have a voice in driving their country’s future. Although the youth overcame fear of bomb blasts during the 2011 demonstrations, everyone thought everyone else was a government intelligence agent, inciting paranoia in citizenry. It is thus concluded that Iraq’s youth do not have the avenue/forum through which to participate in Iraq’s future.

Iraqis are inherently entrepreneurial. My last post showcased some of the daring young entrepreneurs. There are others applying for Echoing Green innovation fellowship, a linkage Ideas sYnergy is facilitating. . Many open a coffee shop, a restaurant, a computer servicing company, or a salon while at university or even right after 12th grade. Most of the ideas are not revolutionary but they are an indication that a revolution is brewing at bay. Our success as Iraqis and stakeholders in Iraq will be measured by our ability to create dynamic, supportive and empowering entrepreneurship ecosystems for the Iraqi youth.

By T. Keyzom Ngodup, co-founder at Ideas sYnergy. Ideas sYnergy is Iraq’s first multiple bottom line advisory company committed to inclusive economic and social development through market-based solutions that help build and scale youth-driven innovative ideas for social change.

Posted in Keyzom Ngodup0 Comments

Dar Es Salaam Sells Insurance Unit

Dar Es Salaam Sells Insurance Unit

Posted on 04 January 2012. Tags: banking, Dar Es Salaam Bank, Gulf Insurance Company, HSBC, Insurance

Dar Es Salaam Investment Bank, a 70.1% owned subsidiary of HSBC Asia Holdings BV, has sold its 19.465% equity interest in Iraqi insurance company Dar Es Salaam Insurance to Gulf Insurance Company for a cash consideration of IQD1.557bn (approximately US$1.33m).

The sale took place on 18 December 2011 and represents the disposal of a non-core investment by HSBC.

(Source: HSBC)

Posted in Banking & Finance0 Comments

KRG granted 1,500 Agricultural Loans in 2011

KRG granted 1,500 Agricultural Loans in 2011

Posted on 03 January 2012. Tags: agricultural loans, KRG, Loans

The Ministry of Agriculture and Water Resources of the Kurdistan Regional Government (KRG) gave loans to almost 1,500 individual projects in 2011, reports AKnews.

Nuri Ismael, The Ministry’s loans and marketing director, told the news agency that the agricultural banks in Sulaimaniya, Erbil, and Duhok provinces as well as Garmiyan area have given a total of 57.465 billion IQD (almost $49m) as loans to 1,498 projects.

The official did not provide any figures for comparison with the previous years.

Currently the maximum loan is 100 million IQD ($85,000 USD), to be repaid in installments, but Ismael added that the Ministry of Finance and Economics has decided to raise the maximum loan to 150m IQD ($127,500 USD).

“But we will try to issue new instructions for obtaining the loans so that more farmers can benefit from them,” he added.

Agriculture Minister Jamil Suleiman told AKnews in December that the Ministry will hold a conference in January to reconsider and improve agricultural loans which in the past few years have boosted the sector.

At the conference, the minister added, agricultural directors and the director-generals of the agricultural banks will recommend more productive methods for boosting agriculture in the region by utilising these loans.

Three years ago the Ministry announced a five year strategic plan which aims at regional self-sufficiency in vegetables, grains, diary and meat by end of 2013.

(Source: AKnews)

Posted in Agriculture, Banking & Finance0 Comments

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second part

Rising demand for dollars “is affecting our dollar-sale auction,” Salih said. “This isn’t in the interest of the Iraqi economy and it will suck foreign currency reserves … A lot of money in dollars and also deposits which are supposed to be invested in Iraq are being exchanged to U.S. dollars to fund the trade in neighboring countries.”

Foreign exchange reserves in Iraq, holder of the world’s fifth-largest crude deposits, touched $60 billion this year, the most in its history, he said.

Salih added that the central bank will cut three digits from the currency in 2013, reversing a policy it introduced in the 1980s to address the government’s budget deficit.

The yield on the country’s six-month treasury bills fell 1.1 percentage points to 8.2 percent at the last auction on Dec. 13, according to data compiled by Bloomberg, the lowest yield since August 2010. With yields above 8 percent, Iraq has no plan to issue sovereign bonds this year, the deputy governor said.

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