Archive for June 30, 2011

UNSC welcomes Iraq’s assumption of oversight over development fund

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

30 June 2011 – The Security Council today welcomed the Iraqi Government’s assumption of full autonomy, with effect from tomorrow, over the proceeds of a development fund set up after the 2003 United States-led invasion to meet the country’s humanitarian needs, economic reconstruction and infrastructure repairs.

In a press statement, the Council welcomed the Government’s establishment of a successor arrangement for the transition of the Development Fund for Iraq, in line with the United Nations body’s resolution 1956, adopted last year.

(more…)

Iraq Minister of Foreign Affairs meets with World Bank Representative; Plans to open permanent office

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

Met the agent, however, Abawi on 06/30/2011 with the Special Representative of the World Bank in Iraq, Mrs. Mary Helen Boknyl.

And Mrs. Boknyl pleased to come to Iraq and open a permanent office and a resident of the bank in Iraq will be is at the head of this office, noting that this will expand their office and staff will increase the number of residents in Baghdad after the closure of the office in Amman.

(more…)

International banks are deterred from entering Iraq due to Chapter VII

Posted: June 30, 2011 in Iraq: Chapter VII, Iraqi Dinar/Politics
Tags: , , , , , , ,
0

Chapter VII Obstacle in the Way of Advancement of the Banking Sector

Long live Iraq, long years in isolation almost completely from the outside world and its development because of the adventures of the former regime, and this isolation to the failure of vital economic sectors behind the accelerating progress at various levels, and contributed to the consecration of such failure the policy of the previous regime of central planning and controlling the bureaucracy on the national economy in all joints. and the banking sector was most affected by this international isolation and economic Alawamra at home.

(more…)

US State Dept Press Release: National Emergency with Respect to the Stabilization of Iraq to Continue for Full Year

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

Media Note
Office of the Spokesperson
Washington, DC
June 30, 2011

The United States has completed its evaluation of Iraq’s ongoing efforts to finalize the full and effective transition to a post-Development Fund for Iraq mechanism by June 30, 2011.

Recognizing positive developments in this regard, including progress in resolving outstanding debts and claims arising from actions of the previous regime, and in accordance with the President’s May 17, 2011 Notice on the Continuation of the National Emergency with Respect to the Stabilization of Iraq, the President has determined to continue these arrangements for the full twelve month period ending on May 20, 2012.

(more…)

Maliki is preparing to reduce Iraq’s largest government by half

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

Maliki is a project to cancel half of the aprons of his government

BAGHDAD (AFP): heading Prime Minister Nuri al-Maliki to cancel the portfolios in his government, which is the largest in the history of Iraq to be reduced to about half in order to activate its role in the face of challenges, most notably poor services.

Ali al-Moussawi, media adviser to the Prime Minister that “the prime minister is a plan for reducing its cabinet (reducing the number of ministers) include the deletion of 16 ministries of the State, with the exception of the Ministry of State for Parliamentary Affairs because it is necessary to relate between the government and parliament.”

(more…)

Parliament will reconvene Saturday

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , ,
0

House of Representatives to raise its seventh Saturday

Raised the Presidency of the Council of Representatives, Thursday, meeting of the Council of seven and next Saturday, while the parliamentary source that the meeting witnessed the questioning of the President of the Council of the Electoral Commission for elections. The source said in an interview for “Alsumaria News”, “Vice President of the House of Representatives Qusay al-Suhail adjournment of the seventh of the legislative year the second to the next Saturday. “

(more…)

Iraq: Parliamentary committee blames government for dwindling local production; Customs law

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
1

Baghdad, June 30 (AKnews) – The government’s freeze on a new customs law has led to the domestic market being swamped with imported goods and led to a demise in local production, said the parliamentary Economy and Investment Committee today.

Under the new law – ratified in February this year – imported goods would be subject to a customs fee of up to 20% of their market value.

(more…)

Bloomberg: S&P Would Cut U.S. to D Rating on Default

Posted: June 30, 2011 in US Economy
Tags: , , , , , , ,
0

Standard & Poor’s would cut the U.S. credit rating to its lowest level and Moody’s Investors Service said it will probably reduce its ranking if the government fails to increase the debt limit, leading to a default.

S&P would lower its sovereign top-level AAA ranking to D, the last rung on its scale if the U.S. can’t pay its debt, John Chambers, chairman of the company’s sovereign rating committee, said today. Moody’s said it would probably assign a position in the Aa range, or within three steps of its highest level.

Read More: 
http://www.bloomberg.com/news/2011-06-29/moody-s-would-likely-cut-u-s-debt-rating-to-aa-range-in-event-of-default.html

Bloomberg: Yuan Gains for a Sixth Quarter as China Takes Measures to Stem Inflation

Posted: June 30, 2011 in Asian Currency Markets
Tags: , , , , , , ,
0

China’s yuan rose for a sixth straight quarter on speculation inflation is accelerating, spurring speculation policy makers will allow more appreciation to stem price gains.

Inflation may reach 5.3 percent for the first half and 4.9 percent for the year, the China Securities Journal reported today, citing estimates by the State Information Center. Li Daokui, an adviser to the central bank, said yesterday price increases will be relatively high in June due to the rise in the cost of agricultural products and pork. The People’s Bank of China set the yuan’s reference rate 1.3 percent stronger this quarter.

Read More: 
http://www.bloomberg.com/news/2011-06-30/yuan-gains-for-a-sixth-straight-quarter-as-china-seeks-to-stem-inflation.html

Bloomberg: Colombia Peso Volatility Falls as Traders Bet on Central Bank Intervention

Posted: June 30, 2011 in South/Central America
Tags: , , , , , , ,
0

Traders are cutting bets for swings in the Colombian peso on speculation policy makers will put the brake on a rally that’s made the currency the best performer in emerging markets this quarter.

Implied volatility on three-month options for the peso versus the dollar, which reflect expectations for fluctuations over the next three months, dropped 9.1 percent since March 2 to 11.285 percent yesterday, data compiled by Bloomberg show. That’s the measure’s lowest level since May 4.

Read More: 
http://www.bloomberg.com/news/2011-06-30/colombia-peso-volatility-falls-as-traders-bet-on-central-bank-intervention.html

Vietnam: 20.8% inflation; Central Bank aims to reduce rate to 15%-17% by year end

Posted: June 30, 2011 in Asian Currency Markets
Tags: , , , , , , ,
0

JUNE 30, 2011

Government Targets 15%-17% Inflation by Year-End

VietFinanceNews.com – The Vietnamese government is targeting year-end inflation of 15 percent to 17 percent, according to a news item posted on its website today, signaling the country may not meet a target set earlier this month.

Vietnam raised its inflation target to 15 percent from 11.75 percent on June 3. Consumer prices climbed 20.82 percent this month from a year earlier, according to data released by the General Statistics Office in Hanoi on June 24.

(more…)

Iraqi List still undecided on candidate(s) for Defense Minister

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

THURSDAY, JUNE 30, 2011
Confirmed the Iraqi List, a Thursday, they did not agree to the moment for any candidate to the Ministry of Defense allocated according to political agreement.

A spokesman for the Iraqi Shaker in an interview for a book (Twilight) “The ingredients list did not agree among themselves to a candidate who is now on the words of Prime Minister Nuri al-Maliki, to the moment.”

(more…)

Parliament studying draft law on petro dollars; Integral to oil and gas law

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

The law of federal income beyond the first reading across the Law of petrodollars
THURSDAY, JUNE 30, 2011

Committee announced the parliamentary oil and energy, said Thursday that it is studying a draft law of federal income, indicating that this project is behind the delay the first reading of the law of petrodollars.

A member of the Commission on oil and energy Farhad Atrushi in an interview (twilight) The committee is studying a draft law of federal income, which is an important and integral to the oil and gas law, which he murmurs, and much debate between the political blocs with regard to imports of oil, especially with the Kurdistan Region.

The Chair decided that the House of Representatives in session, on Wednesday, postponing the first reading of a bill to allocate part of the oil revenue-producing provinces, and the second reading of the draft law public holidays.

Atrushi explained that “the draft federal law regulating the distribution of revenue resources between the federal government and local governments and regional,” stressing that “this law was behind the House of Representatives to postpone the first reading of the petro-dollar bill.”

The most prominent is provided by the draft law of oil and gas, which was approved by the Iraqi government in 2007 that the ownership of oil and gas belongs to all people in all regions and governorates, and the law applies to oil operations in all regions of Iraq, including the soil and subsoil on land, as well as in inland waters and territorial waters.

http://wp.me/pZC7o-8XY

CBI agrees with World Bank to support private banks

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

Iraq decides to support the private banks to become capital to 250 billion Iraqi dinars (210 million dollars) by the end of 2013

Iraqi Central Bank reported that the government agreed with the World Bank re-governmental support for private banks, and called to offer for sale to banks and global financial institutions, to increase the confidence of investors to operate in Iraq.

The officials in the Iraqi private banks, government decisions that had paralyzed the whole banking sector for many years. The government is demanding banks to raise capital to 250 billion Iraqi dinars (210 million dollars) by the end of 2013.

(more…)

Nujafi: My visit to the United States succeeded and came to establish the rights and Iraq’s money

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

The head of the Iraqi Council of Representatives Osama Najafi, Thursday, that his visit to the United States succeeded and came to establish the rights and Iraq’s money.

Osama al-Najafi, during a press conference held at Parliament House today, attended by “Alsumaria News”, “My visit to the United States was successful in all standards and was the defense of the interests of Iraq and the installation of the rights and Iraqi funds looted from the Development Fund for Iraq,” noting that “There are more than 17 billion dollars has been manipulated by the officers and U.S. officials involved with some of the Iraqis.”

(more…)

CBI Daily Currency Auction June 30, 2011: $175 million

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

The latest daily currency auction was held in the Central Bank of Iraq on the 30-JUN-2011. The results were as follows:

DETAILS NOTES
Number of banks 19
Auction price selling dinar / US$ 1170
Auction price buying dinar / US$ —–
Amount sold at auction price (US$) 175,382,000
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 175,382,000
Total offers for selling (US$) —–

Iraq meets with UN Trade and Development officials in Geneva

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

Wednesday, June 29, 2011 13:50

Permanent Representative of Iraq to the United Nations Office at Geneva meet the Secretary General of the UN is on Trade and Development, Mr. Supachai Baenticpkda in his office

Met with Ambassador Dr.. Muhammad Ali Hakim, in his quest for closer relations between the Representation of the Republic of Iraq and the international organizations in Geneva, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD), Mr. Supachai Baenticpkda in his office in the Palais des Nations in Geneva on the morning of Wednesday, 29 / 6 / 2011.

(more…)

House of Representatives convened Thursday

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

House of Representatives held its seventh meeting, chaired by Suhail and the presence of 240 deputies

The Council of Representatives, Thursday, its seventh of the second legislative year under the chairmanship of Vice-President of the Council Qusay al-Suhail and the presence of 240 deputies, with a parliamentary source said it will complete the questioning of the President of the Council of the Electoral Commission for elections.

(more…)

What is the IAMB?

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

The International Advisory and Monitoring Board (IAMB) is an audit oversight body for the Development Fund for Iraq (DFI).

The DFI was established pursuant to United Nations Security Council Resolution 1483 and holds the proceeds of petroleum export sales from Iraq, as well as remaining balances from the UN Oil-for-Food Program and other frozen Iraqi funds.

(more…)

Reference: IAMB Press Release May 9 regarding DFI

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

The Currency Newshound Commentary:  As the DFI is set to expire today, June 30th, this press release by the IAMB may be a useful reference for todays conference in Jordan.

May 9, 2011

Press Release:  International Advisory and Monitoring Board of the Development Fund for Iraq

Statement by the International Advisory and Monitoring Board of the Development
Fund for Iraq

The International Advisory and Monitoring Board (IAMB) of the Development Fund for Iraq
(DFI) met in Paris on April 27 and 28, 2011 and issued the following statement:

“The IAMB met to continue its oversight role over the use of resources of the DFI, which is
the principal repository for Iraq’s oil-export receipts, and oversee audits of the DFI in line
with its mandate under UN Security Council Resolutions.

(more…)

Bloomberg: Iraq Oil Assets May Be at Risk of Seizure

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

The expiration today of United Nations protection of Iraq’s oil revenue from creditors seeking damages stemming from Saddam Hussein’s 1990 invasion of Kuwait may make the assets vulnerable to seizure, exacerbating tensions between the two countries.

The Security Council voted in December to allow expiration of UN oversight and immunity for oil revenue deposited in the Development Fund for Iraq, created in 2003 to pay off debts incurred by the Hussein regime. Iraq, which holds the world’s fifth-largest crude reserves, will continue to pay 5 percent of its oil revenue to Kuwait as compensation for damages, including the theft of 10 Kuwaiti aircraft by Hussein.

Read More: 
http://www.bloomberg.com/news/2011-06-29/iraq-oil-assets-may-be-at-risk-of-seizure.html

Iraq Gets Control of its DFI; IAMB Meeting on Thursday in Jordan

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

There was more sabre rattling on the Iraqi political scene this week, as the Speaker of parliament, Osama al-Nujaifi, hinted at the possibility of a break-away Sunni state.

His statements follow indications, finally, from Prime Minister Nouri al-Maliki to the effect that ministerial heads may metaphorically roll as a result of their poor performance.

These stories, against a background of increasing violence, have perhaps distracted attention from the fact that the Development Fund for Iraq (DFI), which was set up after the 2003 war to handle oil and other revenues, reverts to Iraqi control from tomorrow, 30th June.

The sums involved are immense, and it is essential that they are handled professionally. We can expect some clarification from the International Advisory and Monitoring Board (IAMB) on Thursday regarding the future management of the fund.
http://wp.me/pZC7o-8Xh

 

 

Talabani and Jeffrey discuss activation of the strategic framework agreement

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

30/06/2011

Talabani statement: Preparations under way to convene the second meeting between political leaders

Search by President Jalal Talabani, with the U.S. ambassador to Iraq, James Jeffrey ways to enhance cooperation between the two countries. He said a presidential statement received “morning,” a copy of it, that the two sides discussed bilateral relations between Iraq and the United States and the need for expanded and Tedeidha, especially the future bilateral cooperation within the strategic framework agreement signed between the two countries.

(more…)

World Bank seeks to help foreign investors in Arab countries

Posted: June 30, 2011 in Iraqi Dinar/Politics
Tags: , , , , , , ,
0

The World Bank, on Monday, the International Agency for Investment Guarantee will propose a one billion dollar insurance to cover risks in the Arab countries for foreign investors.

The bank said in a statement that the insurance agency on the political risk can be an important tool to cover investors worried about their investments or who present their projects in the region.

And on the period of insurance, said an official at the agency’s risk management Paul Barbour said the agency refers to the average order, ie, three or four or five years.

http://wp.me/pZC7o-8Xn