Archive for July 5, 2011

Opinion: New Dinars for Old (from Iraq Business News)

Posted: July 5, 2011 in Iraqi Dinar/Politics
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The Currency Newshound Commentary:  Keep in mind this is more of an opinion piece/editorial more so than a news piece from Iraq Business News.  IBN has historically been skeptical of the revaluation of the dinar for quite sometime.  It is fair to say the CBI articles can be confusing and therefore opinions will vary widely.  

At the end of last month, a spokesman for the Central Bank of Iraq (CBI) told reporters that a plan to redenominate the Iraqi dinar will be presented to the Council of Ministers in the near future. (See here and here.) The Council is then expected to submit the relevant legislation to Parliament for a vote. If the lawmakers approve the project, all existing banknotes will be replaced with new currency at the rate of 1,000 old dinar for one new over some unspecified period of time.

Given Parliament’s current backlog, this change can hardly be imminent. Still, you might think they could get around to voting on the CBI’s proposal some time before the end of this year. In that case, the redenomination could presumably be completed by the end of 2012.

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Kuwait PM: Gulf tour aims for closer coordination; Kuwait’s supports stability for Iraq

Posted: July 5, 2011 in Iraqi Dinar/Politics
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KUWAIT: His Highness the Prime Minister Sheikh Nasser Al-Mohammed Al-Sabah said yesterday that the Gulf tour, which he began on the same day in Saudi Arabia is aimed primarily at reinforcing relations and coordinating views on regional and international issues. In an interview with Al-Hayat newspaper, Sheikh Nasser said that he was looking forward to meeting with Saudi King Abdullah Bin Abdulaziz in order to learn from his wisdom and long-sightedness.

The Kuwaiti premier expressed his country’s appreciation for the great support from Saudi Arabia and the Saudi king for the Kuwaiti people, particularly during the 1990-91 Iraqi invasion and occupation of Kuwait.

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UPI: Lawmakers request ban on future oil contracts until HCL is passed

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Legal roadblocks for Iraq’s oil?

BAGHDAD, July 5 (UPI) — Lawmakers in Baghdad are asked to ban future oil contracts until a federal law on the energy sector gets passed, a committee member said.

Adnan Janabi, chairman of the Iraqi Parliament’s Oil and Energy Committee, called on lawmakers to ban future oil contracts until they can pass a federal hydrocarbon law, the Platts news service reports.

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Kuwait: Iraq border thermal imaging surveillance system a good idea

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Published Date: July 05, 2011

KUWAIT: A senior official with Kuwait’s Ministry of Interior (MoI) has welcomed reports that the Iraqi government intends to install a hi-tech thermal imaging surveillance system along the Kuwait-Iraq border to deter smugglers from entering Iraq illegally and quickly identify and capture anyone attempting to do so.

The MoI insider said that if the reports are true, such a system would be extremely helpful to the Kuwaiti authorities as well since it would also deter would-be smugglers or others planning to illicitly cross the border into Kuwait from Iraq from doing so.

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Allawi arrives in Baghad to attend fathers funeral; Monday, join Maliki in negotiations

Posted: July 5, 2011 in Iraqi Dinar/Politics
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For a parliamentary “However,” Allawi will arrive Baghdad today, but soon meet with Maliki

Confirmed Iraqi MP from the bloc to meet with the leader Iyad Allawi, the Iraqi bloc will arrive today, “Tuesday” on Baghdad, to attend the funeral of his father’s death, Vice President of the National Accord Movement Rasim al-Awadi, and that there is a plan in place to meet with Maliki during the next few days.

The pink in a statement to news agency the future “with” that Allawi will arrive today to Iraq, to attend the funeral of his father’s death User Rasim al-Awadi, at the same time, there is a plan in place to meet Prime Minister and head of state law, Nuri al-Maliki, to discuss ways to apply the terms of Arbil. “

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MP calls for international law experts to review 1992 demarcation agreement with Kuwait

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Deputy calls for using international law experts to review the decision on the demarcation of the border with Kuwait, Claims of Iraq’s oil is being tapped from across borders

Demanded Member of Parliament for the National Alliance Fatima Alzerkane government using experts of international law to review the Alaqraralamma No. 833 of 27 May 1992 on the demarcation of the border with Kuwait, with the possibility to distinguish and to challenge him, despite the passage of long period of time.

The Alzerkane in a statement, “told the independent press,” Kuwait and, through this resolution method uses drilling oblique to extract oil from Iraqi fields in the Safwan area and tenderness, which is within the Rumaila South and this thing where injustice is clear of the rights of Iraq in this area, adding that the rights of Iraq need to be further discussions of political, diplomatic, and thus a solution final satisfaction of both parties.

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Dabbaugh: Iraq is the fastest growing country in the oil industry

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Baghdad considered the Iraqi government, Tuesday, that Iraq is the fastest growing in the world within the oil sector, while noting that electricity projects are promising, expected to start the movement of the reconstruction is very high in the country.

The Minister of State, Iraqi government spokesman Ali al-Dabbagh conference held today in the building of the Minister and attended by “Alsumaria News”, “Iraq is the fastest growing in the world in the oil sector because the Iraqi government signed a one and a single 14 contracts to invest the oil fields,” noting that “nothing in any of the oil producing countries such as Thus activity. ” Dabbagh said the “oil-producing countries come contracts oil gradually, and Iraq, there are an exception because its oil sector was getting late and behind,” adding that “the Iraqi government entered the oil contracts and caused the movement of the work has no limits in the oil and gas.”

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Final Report from the IAMB issued June 30, 2011 on DFI

Posted: July 5, 2011 in Iraqi Dinar/Politics
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International Advisory and Monitoring Board
IAMB REPORT 2011

Background

The International Advisory and Monitoring Board (IAMB) was created under
the mandate of United Nations Security Council Resolution (UNSCR) 1483 of May
2003. The executive heads of the Arab Fund for Economic and Social Development, the
International Monetary Fund (IMF), the United Nations and the World Bank established the
IAMB in October 2003, with the finalization of the IAMB terms of reference. A fifth full
voting member was designated by the Government of Iraq in June 2004.
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Parliament calls on GOI, Kurds not to finalize oil contracts until oil and gas law is approved

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Iraqi parliament calls on governments and the federal Kurdistan not to conclude a new oil contracts

Erbil, July 5 (Rn) – The Commission on oil and energy in the Iraqi parliament on Tuesday, the federal government in Baghdad and the Kurdistan Regional Government not to conclude contracts for new oil until the approval of Representatives on the law of oil and gas, according to the site daily, “Wall Street Journal,” U.S. .

The Web site published a news story which said that “the Commission on oil and energy in the Iraqi Council of Representatives called the federal government and the Kurdistan Regional Government not to conclude contracts for new oil until the approval of Representatives on the oil and gas law,” noting that “the Commission on oil and energy parliamentary process of preparing a legal basis to regulate new sector oil and gas in Iraq, the satisfaction of all parties in the country. “

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Political leaders to meet next Monday to resolve outstanding issues

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Osman Algehiche: a meeting between Maliki and Talabani, Allawi, under the auspices of next Monday

MP for the Iraqi List Osman Algehiche that “Prime Minister Nuri al-Maliki will meet with the Iraqi leader Ayad Allawi, under the auspices of President Jalal Talabani on Monday next.”

He told all of Iraq [where] on Tuesday, said: “This meeting comes within the framework of efforts to Halhh the current crisis between the state of law and the Iraqi List, in order to resolve the outstanding issues such as the ministries and the security policies.”

Algehiche added that “This meeting will launch a new name for the post of defense minister is different from the names put forward previously,” noting that “there are signs that the new candidate has to accept the various political blocs, especially a coalition of state law and the Iraqi List.”

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Al Hashemi calls on Maliki to speed up the resolution of the security ministries

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Al Hashemi calls on Maliki to speed up the resolution of the security ministries against the backdrop of explosive coronary

Called on Vice President Tariq al-Hashimi Prime Minister Nuri al-Maliki to “speed up the resolution of the candidates for the ministries of security and begin the procedures for the effective resolution of this file.”

He said in a statement reported by his press office and the Agency has received all of Iraq [where] a copy of it on Tuesday against the backdrop of explosive coronary “Once again back crows of evil and crime to shed the blood of our people pure by a heinous crime add to the record of the criminal ugly by the terrorist attack the dual targeted a building of the Council municipality in the district of Taji, which killed and wounded dozens on its impact. “

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Allawi will meet with members of NATO in Rome not as Iraqi representative, but personal

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Deputy for the rule of law describes the presence of Allawi at a meeting of NATO Balchksa and not representative of Iraq
Tuesday, July 5, 2011

Description of the Deputy for the rule of law to attend the existing Iraqi President Iyad Allawi, a NATO meeting in the Italian capital of Rome “Balchksa and not representative for Iraq.”

The MP said the Shaker Darraji told all of Iraq [where] on Tuesday that “the presence of Allawi at a meeting of NATO is to attend a personal and not related to Iraq’s official representation at this meeting.”

He added that “Iyad Allawi could not be officially representing Iraq, because he does not have any official status in the country so that he can not be named as a member of the House of Representatives until this moment has not sworn.”

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Basel 3: Gulf banks standards and requirements

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Gulf banks have shown in the aggregate during the financial crisis on the ability to absorb shocks and to incur less damage compared to Western banks, as a result of the subject since 2005, efforts to check its position in the event of a financial disaster. With the publication of standards «Basel 3» two years after the start of the financial crisis, said Saudi central bank that the Saudi banks were directed towards achieving strong growth in activity during 2011, and has sufficient liquidity to enable them to cope with any potential obstacles, which helps banks also activate the wheel of lending in 2011 .

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Dabbagh: Beyond the neighboring countries of Iraq’s oil fields and its territorial waters and creates crises with

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Iraqi Government, Tuesday, that any infringement on Iraq’s fields and waters, and territorial integrity must be to create a crisis with the states of past, and while noting that Iraq is heading toward “cool heat” files between it and neighboring countries, revealed the visit of a delegation Iran to Baghdad tomorrow to discuss the border problems.

The minister said the state government spokesman Ali al-Dabbagh said in an interview for “Alsumaria News”, “any infringement on the rights of Iraq, whether the oil fields or waters or territory, it is necessary to create a crisis between him and the state of past, “noting that” Iraq is moving towards cooling the hottest files between it and neighboring countries, but according to the solutions to ensure that its interests, without taking steps reckless like was taken by the former regime, “as he put it.

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Kurdistan: Allawi and Maliki’s meeting is necessary

Posted: July 5, 2011 in Iraqi Dinar/Politics
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The Deputy for the Kurdish coalition blocs, Tuesday, that a meeting of Nuri al-Maliki, Ayad Allawi, is a necessity, noting that the head of the House of Representatives called on the President to intervene to gather the leaders of the Iraqi law and in the dialogue table to resolve the political crisis.

Said Ala Talabani in an interview (twilight), “The meeting of leaders of the law and Iraq’s Nouri al-Maliki, Ayad Allawi is something very necessary and a requirement for all political blocs,” indicating that “a meeting of heads of political blocs with the Chairman of the House of Representatives recently held the whole in which everyone on the need to collect al-Maliki, Allawi in the same table to discuss outstanding issues and get out of this crisis. “

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Source: Maliki may rely on first list of security candidates for nomination

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Source: al-Maliki is due to security first list of candidates

A political source, Tuesday, and for an orientation to the Prime Minister Nuri al-Maliki to return to the list of candidates of the security ministries and the first from the Iraqi List and the National Alliance.

The source said in an interview (twilight) “There is great pressure against Prime Minister Nuri al-Maliki because of the survival of the security portfolios vacant and in particular he did not settle down to the moment on the name of a particular and officially to fill security positions.”

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Falh: Next week will resolve the file security ministries

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Tuesday July 5, 2011

BAGHDAD – babysit – A member of a coalition of state law, Deputy Ali Falh for naming ministers that the issue of security will be made ​​next week, pointing out that in the coming days will hold talks between the Iraqi and state law to resolve the outstanding problems between the parties. “

Falh said in a statement to news agency public opinion (and babysit) on Tuesday: “The meetings between members of the Iraqi rule of law, did not stop and we are continuing with the aim to reach a shared vision that satisfies all parties.”

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Talabani and Maliki to discuss the possibility of a meeting of political forces to resolve differences

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Baghdad (news) .. Search by President Jalal Talabani, Prime Minister Nuri al-Maliki’s political and security situation in the country.

A source in the presidency (of the Agency for the sons of news) on Tuesday: President Talabani and Maliki discussed the most important political and security developments in the country, and differences between the political blocs.

The source added: Talabani assured the owners of the need to resolve differences between state law and the Iraqi, pointing out: that Talabani, Maliki told about his intention to hold a special meeting brings together Maliki, Allawi, and the source continued: Discuss President Talabani and Maliki, also the subject of the second meeting which will bring together political forces on the political differences . (more…)

Maliki’s visit to China soon to expand political and economic relations

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Baghdad (Ali Al Ameri): The Prime Minister Nuri al-Maliki’s close to the People’s Republic of China Based on an official invitation addressed to him earlier .

The Iraqi officials said the visit It is the first Prime Minister to China may be the middle of this month at the head of a delegation of A number of ministers, and which al-Maliki will focus on strengthening cooperation in the aspects Economic, trade and energy, which will renew the call to the Chinese companies To invest in Iraq in critical areas needed by the Iraqi people .

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Allawi to arrive in Baghdad within 24 hours for political talks

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Deputy for Iraq: Allawi would arrive in Baghdad during the (24) hours the next
On: Tuesday 07/05/2011 14:11

Baghdad (news) .. A Deputy from / coalition in Iraq / the fact that the existing Iraqi President Iyad Allawi will arrive in Baghdad during the (24) hours Sabdibakd the next series of meetings with his list.

The MP, who declined to be named in the statement (of the Agency news) on Tuesday: “The existing Iraqi President Iyad Allawi will arrive in Baghdad during the (24) hours after receiving the next treatment in London.”

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Preparations for a political summit atTalabani’s house next week

Posted: July 5, 2011 in Iraqi Dinar/Politics
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BAGHDAD (Iba): A member of the House of Representatives of the Alliance of Kurdistan forces that Muhsin al-Sadoun Next week will see a meeting of leaders of political blocs in the house of President Jalal Talabani to resolve Outstanding issues .

He added that al-Sadoun The next meeting would be complementary to the previous meeting which will discuss the many topics and files Tanttr significant discount in the coming period .

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Iraq-Shell natural gas deal may finally become a reality

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Finally, after three years, the Shell-Mitsubishi natural gas deal with Iraq may be heading towards fruition. Back in 2008, Royal Dutch Shell signed an initial agreement with Iraq’s Oil Ministry to develop gas produced from Basra’s petroleum fields. Later Mitsubishi joined as a junior partner. Talks dragged on and on over legal, procedural, and operational issues. That may finally be coming to an end, and the dream of developing Iraq’s vast natural gas resources could become a reality.

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Kuwait hands back remains of Iraq gulf war dead

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Kuwait returned the remains of 32 soldiers killed during the 1991 gulf war to Iraq today, the Ministry of Human Rights in South Iraq said.

“The handover ceremony took place today amid a solemn ceremony organized by the Iraqi armed forces on the Iraqi-Kuwaiti border at Safwan crossing, west of Basra city,” Said Mahdi al-Tamimi, head of the office.

Iraqi and Kuwaiti officials were present.

Most of the soldiers will now be given a fitting burial. However, the identity of some has not yet been discerned.

“A large number of the remains are unidentified” said al-Tamimi, “Therefore, they have to transferred to Baghdad’s forensic department.”

These 32 bodies brought the number of soldiers remains recovered from Kuwait since 2006 to 212.

In 1991, Saddam Hussein’s army marched into Kuwait following territorial disputes which led the international community to take action in a war that forced the Iraqi army out of Kuwait. Thousands of Iraqi troops were killed in the US-led coalition attacks with many hundreds of bodies not being returned to Iraq.

Kuwait and Iraq’s relations remain strained 20 years after the conflict, with disputes over the border, reparation payments and oil fields that straddle the border. However, recent years have seen some improvement, with concessions, such as the one made by Kuwait today, made by both sides.

http://wp.me/pZC7o-94b

Commission grants powers to national oil company

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Baghdad, July 4 (Aknews) – An official at the Oil and Energy Parliamentary Commission stated Monday that the commission decided to grant the national oil company the authority to oversee the oil resources and oil projects.

Furat al-Sharei told AKnews that the Commission decided to give the powers to the company to manage the oil resources after the Oil Ministry.

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Deputy in the Iraqi List, calls to his list not to rush to accept the claims of the National Alliance/State of Law

Posted: July 5, 2011 in Iraqi Dinar/Politics
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He called the Iraqi List, Hamza Alkrtani not to rush the process of annexation of the recent claims of the coalition and the unity of Iraq to the Iraqi List, so as not to paint Iraq in sectarian terms, affecting its national project.

He stressed in a statement “told all of Iraq” on Monday on the need to study the draft accession and the unity of Iraq to the Iraqi List, properly and accurately so as not to paint Iraq’s sectarian terms affect its national project, and hoped to not be the move came because of Altrchiqat ministerial what will happen in the institutions of government changes radical.

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Sen. McCain calls for keeping 13 thousand U.S. troops in Iraq

Posted: July 5, 2011 in Iraqi Dinar/Politics
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LONDON (Babinaoz): The member of the Senate, Republican John McCain, U.S. opposition to his administration to keep the 13 thousand soldiers from the U.S. forces in Iraq after the scheduled end of the year to end the combat mission, in a move he said aims to assist in peacekeeping in the hot areas.

He said McCain, who supported U.S. intervention in Libya, and defended the continued presence in Afghanistan, in an interview with the Financial Times published on Tuesday that “there is a convincing argument to keep U.S. troops in Iraq to the year 2012″, despite demands from his party to withdraw U.S. forces from there. He added: “I keep talking about between 10 and 13 thousand U.S. troops in Iraq for the intelligence capabilities and capacities as well as air and keeping the peace in the disputed areas around Kirkuk, which I think it is a pressing issue.”

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CBI: Reveals importance of private banks and a modern banking system

Posted: July 5, 2011 in Iraqi Dinar/Politics
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Central Bank confirms the absence of state banks, and its capital is the financial strength of the State of

Said the central bank adviser appearance of Mohammed Saleh, the importance of the entry clearance between the government and private banks to Iraq to offer financial and technical support and the introduction of Information Technology, commensurate with their aspirations in building a modern banking system.

Saleh said in a statement to the correspondent of news agency, Baghdad International that this step must be preceded by the process of financial restructuring of the Rafidain and good government that has been disrupted since 2006 and so far without completeness, so that the proportion of State-owned banks account for 80% of the banks in Iraq.

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CBI Daily Currency Auction July 5, 2011: $188 million

Posted: July 5, 2011 in Iraqi Dinar/Politics
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The latest daily currency auction was held in the Central Bank of Iraq on the 5-JULY -2011. The results were as follows:

DETAILS NOTES
Number of banks 16
Auction price selling dinar / US$ 1170
Auction price buying dinar / US$ —–
Amount sold at auction price (US$) 188,200,000
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 188,200,000
Total offers for selling (US$)

The Currency Newshound

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Swiss banks invest billions in Iraq

Posted: July 5, 2011 in Iraqi Dinar/Politics
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July 5 2011

Company Advisor, Swiss banks are willing to finance investments of billions of dollars in Iraq during a meeting said to collect Commission of economy and investment in the House by a delegation of representatives of the Swiss company Advisor, and during the meeting discussed the financing of investments and the various sectors in Iraq.

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