Archive for August 24, 2011

Undersecretary of the Iraqi Finance Ministry: Raise three zeroes from Iraqi currency by the end of the current year

Posted: August 24, 2011 in Iraqi Dinar/Politics
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04:08:23 / 08/2011

Khandan – Dr. Fadel Prophet and Undersecretary of the Iraqi Finance Ministry in a statement to “Khandan” The budget for 2012 is much more than the budget that was announced recently, noting that it more than (115) trillion dinars.

He said Undersecretary of the Ministry of Finance, Central Bank of Iraq intensify its efforts to raise the zeros of the Iraqi currency, and it is hoped that the work is to raise three zeroes from the Iraqi currency is the end of the current year, pointing out that the replacement of currency needs to be approved by the Council of Ministers and the parliament.

Dr. Fadel prophet that the Ministry of Finance has completed the stages of budget preparation was not left only determine the final figure will be to guess and then sent to the Council of Ministers for approval.

http://bit.ly/nWjAih

Proposed resolution to activate the private banking sector

Posted: August 24, 2011 in Iraqi Dinar/Politics
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Barclays BankAugust 24 2011

Mohammed Karim
Economic Committee revealed in the Presidency of the Iraqi Government that it will soon develop controls which allow private banks to open credits for investment projects and development up to 4 million dollars after the ceiling was limited to two million dollars.

The Prime Adviser for Economic Affairs Abdullah al-Husayn Al-Anbuge to free Iraq radio that the decision to lift the roof open bank credit aimed at achieving two basic objectives. The very first activate the private banking sector and support “if we know that participation in the financing for development process so far does not exceed 3%, depending on expression.

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Vietnam Central Bank raises dong value to 20,628

Posted: August 24, 2011 in Iraqi Dinar/Politics
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Central bank raises US dollar prices

VietFinanceNews.com – The State Bank of Vietnam (SBV) on Wednesday raised the interbank average forex rate by VND10 to VND20,628 a US dollar after keeping it stable for 14 consecutive days since August 10.

This is the second hike this month after the VND10 a dollar rise on August 9 when the central bank officially approved the imports of 5 tons of gold to cool down the domestic market, extending the dong fall of 0.97 percent so far in August.

The bid and ask forex rate at the central bank’s transaction office today is VND20,600 and VND20,924 a US dollar, up 10 dong in the selling price and remaining unchanged for the buying price from yesterday.

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CNN: Who owns America? Hint: It’s not China

Posted: August 24, 2011 in Asian Currency Markets, US Economy
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By Tom Mucha, Global Post

Truth is elusive. But it’s a good thing we have math.

Our friends at Business Insider know this, and put those two principles to work today in this excellent and highly informative little slideshow, made even more timely by the ongoing talks in Washington, D.C. aimed at staving off a U.S. debt default.

Here’s the big idea:
Many people — politicians and pundits alike — prattle on that China and, to a lesser extent Japan, own most of America’s $14.3 trillion in government debt.

But there’s one little problem with that conventional wisdom: it’s just not true. While the Chinese, Japanese and plenty of other foreigners own

http://globalpublicsquare.blogs.cnn.com/2011/07/21/who-owns-america-hint-its-not-china/

Iraq denies signing an agreement with Kuwait over the port Mubarak

Posted: August 24, 2011 in Iraqi Dinar/Politics
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Iraqi portsBaghdad, August 24 / August (Rn) – denied legal adviser in the Iraqi government, Wednesday, the Iraqi technical delegation who visited Kuwait recently signed an agreement with the Kuwaiti side on the stages of the establishment Port Mubarak.

The legal adviser to the Prime Minister Fadel Mohammed Jawad told the Kurdish news agency (Rn) that “the technical delegation who visited Kuwait recently has not signed any agreement with the Kuwaiti side because it is not a delegation to negotiate, but his mission focused to report to the government on the location of the port of Mubarak.”

Some of the media on Tuesday quoted the words of the Horse of the Technical Committee signed an agreement with Kuwait on the stages of the establishment Port Mubarak.

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Iqbal to buy Iraqi currency, Central dropped the dinar: small traders destroy our monetary policy

Posted: August 24, 2011 in Iraqi Dinar/Politics
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He attributed the owners of exchange companies, on Saturday, the devaluation of the dinar against the dollar to rise in the demand for the latter in conjunction with the high prices paid by the government to purchase crops, while attributing the central bank to “rig speculators”, stressing that the reserves of cash has proven its efficiency in the exchange rate since six years, and noted that the dinar trusted other countries, which are seeking to buy the largest mass of cash from it.

The exchange rate of the dinar against the dollar, in Baghdad and the provinces, has seen volatile and clear during the past two days, ranging purchase price of the dollar to 1120 dinars / dollars, and the selling price of 1121 and 1123 dinar / dollar, and ranged the purchase price, in the provinces, to 1119 dinars / dollars, and the selling price to 1121 dinars / dollars, according to experts, they said “the world”, the dollar registered a rise of three points of its value last week.

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Financial experts: Immigration pave the way of cash out of Iraq without a return

Posted: August 24, 2011 in Iraqi Dinar/Politics
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Reflected the process of converting the money because of the circumstances through which Iraq, where he became of money used to not exceed (4%), of the total transfers out against the huge amounts of money because of the migration of many Iraqis in search of safe haven.

The central bank adviser said the appearance of Mohammed Saleh in a statement to the Contact Agency (news) on Tuesday: The remittances from outside to inside Iraq, not to exceed the (4%) due to the migration of many Iraqis to livelihoods and stability.

Saleh explained: “do not deny that the transfers are still kept from the outside to the inside Iraq, but by very few that did not exceed the (4%) and this is caused by the conditions experienced by the country and make the most of the Iraqis migrate for stability does not work and therefore this will reduce the conversion process.”

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ISX trades higher in Wednesday session

Posted: August 24, 2011 in Iraqi Dinar/Politics
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Iraqi Stock Exchange index higher by 0.28% in Wednesday’s session
Wednesday, August 24 / August 2011 14:24

Iraqi Stock Exchange index rose in Wednesday’s session by 0.28 percent to 141.8 points.

During the meeting, trading of shares of 26 companies out of the contribution of the 85 companies listed electronically, as shares of 16 companies, and prices of shares of 5 companies, 5 companies while preserving the price of its shares.

And the number of shares traded in today’s session 520 million shares worth 998 million dinars, achieved through the implementation of the 420 contract traded.

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CBI Daily Currency Auction August 24, 2011: $170 million

Posted: August 24, 2011 in Iraqi Dinar/Politics
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The latest daily currency auction was held in the Central Bank of Iraq on the 24-AUG-2011. The results were as follows:

DETAILS NOTES
Number of banks 20
Auction price selling dinar / US$ 1170
Auction price buying dinar / US$ —–
Amount sold at auction price (US$) 170,068,000
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 170,068,000
Total offers for selling (US$) —–

Higher central bank sales of dollars at auction on Wednesday
Wednesday, August 24 / August 2011 13:26

Central bank sales of the dollar rise in the auction on Wednesday and hit [170] million and [68] thousand dollars after it was yesterday [151] million and [325] thousand dollars.

The total sale price of $ [1170] dinars to the dollar while the total number of banks that participated in the auction today [20], after the bank yesterday [21] a bank.

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CBI warns of spread of phenomenon on money laundering

Posted: August 24, 2011 in Iraqi Dinar/Politics
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Download the Iraqi Central Bank money transfer companies and some private banks full legal responsibility for the promotion of external transfers, fall within the scope of the activities of money laundering.

The official currency in an auction of the day’s «Central» that auction currency is the only window through which feed the local market in foreign currency and convert oil revenues into cash, is instrumental in securing the expenses of the public budget.

He explained that «the rate of the auction sale of currencies a day up to between 150 and $ 180 million, with a monthly trading between 3 billion and $ 3.5 billion, and exceed $ 40 billion a year».

He pointed out that «the part of these funds raises doubts about the use of money laundering, and investigating this possibility in the bank».

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Iraqis must back nation’s development

Posted: August 24, 2011 in Iraqi Dinar/Politics
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8/24/2011

There is no other option but to stay the course and learn from firms like BP that are willing to invest The Iraqi government has been trying its very best to honour its agreements with different foreign companies to kickstart the new development and rebuilding process in the country. Iraqi Prime Minister Nouri Al Maliki, who is truly revealing new traits in his political and manoeuvring abilities, knows that for his government and State of Law Coalition to stay on top of the people’s preference charts, many infrastructure issues have to be fixed.

Electricity, water, jobs and dozens of other issues are on the list of Al Maliki’s priorities. However, to achieve his government’s goals, the country has to be rebuilt and big dollars have to start pouring in. Thus, oil concessions had to be devised in a transparent manner, and this is precisely what happened.

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Iraq is making more than $ 48 billion in oil revenues during the first half of this year

Posted: August 24, 2011 in Iraqi Dinar/Politics
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The Ministry of Oil in Baghdad, Wednesday, that the oil revenues during the first half of this year exceeded $ 48 billion, confirming that the continued rise will bring a large surplus of the general budget of the state, as pointed out that last May the largest recorded financial returns from oil sales during the current year.

A statement issued by the ministry, today, received “Alsumaria News,” a copy of it, that “Iraq has achieved a rise in sales of crude oil during the first half of the year 2011 with total sales during the first seven months 464 000 100 thousand barrels, at a rate of 2.0002 million thousand barrels per day, adding that sales revenues of more than $ 48 billion. “

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Local governments support Kurdistan-Iraq Oil and Gas Conference

Posted: August 24, 2011 in Iraqi Dinar/Politics
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Supported by the Kurdistan Regional Government, the Iraqi Government and the Ministry of Natural Resources – Kurdistan, Kurdistan-Iraq Oil and Gas will take place in Erbil on the 13-15 November 2011.

The summit will be opened by H.E. Dr Barahm Salih, Prime Minister of Kurdistan, and H.E. Dr Ashti Hawrami, Minister of Natural Resources, as well as Iraqi Prime Minister Representatives and the members of the Iraqi Federal Government.

H.E. Dr Ashti Hawrami, the Ministry of Natural Resources, said in his letter of support, “The conference will gather together prominent figures from the KRG and the Federal Iraqi Government as well as international industry leaders and politicians. It will showcase the achievements and opportunities in upstream and downstream. The focus will be on the untapped potential as well as the success stories.”

Read More:  http://www.ameinfo.com/273696.html

Talabani: Cabinet Ministers should unite in their statements

Posted: August 24, 2011 in Iraqi Dinar/Politics
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8/24/2011 1:57 PM

BAGHDAD / Aswat al-Iraq: Iraq’s President, Jalal Talabani, has called on the Iraqi Cabinet Ministers to unite in their positions when giving statements about the developments in other states, confirming that some states do not respond positively towards Iraq.

A Presidential statement pointed out that President Talabani had ordered an Iftar (Ramadan breakfast) in honor of the Prime Minister and his Cabinet on Tuesday evening, during which Talabani spoke about the misunderstandings between Iraq and its neighboring states, which then impact Iraq’s relations.

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AP: Kuwait port plans stir tension with old enemy Iraq

Posted: August 24, 2011 in Iraqi Dinar/Politics
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UMM QASR, Iraq (AP) — Iraq and Kuwait, two countries that share a small border and big history of mutual suspicion and war, are at it again. This time they are arguing about Kuwaiti plans to build a mammoth port that Iraq claims interferes with its shipping lanes in the Gulf.

Although it seems unlikely the tiff could escalate into another conflict, the remarks are disturbingly reminiscent of the recriminations that preceded Saddam Hussein’s invasion of Iraq in 1990 and point to the uneasy relationship that has persisted long after Saddam’s ouster.

“With this project, Kuwait has laid the cornerstone to put an end to Iraqi-Kuwaiti relations,” said Aliyah Nisayef, an Iraqi lawmaker who collected more than 70 signatures from parliament members denouncing the planned port, which would be among the Gulf’s largest and potentially overshadow Iraq’s proposals to attract shipping to its own tiny slice of the Gulf coast.

Read More:  http://bit.ly/pIonVv

Talabani discusses with Melkert on the implementation of agreements between political blocs

Posted: August 24, 2011 in Iraqi Dinar/Politics
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BAGHDAD / Aswat al-Iraq: Search by President Jalal Talabani, the representative of the Secretary General of the United Nations Ad Melkert, Tuesday, agreements between the political blocs, according to a statement for the presidency.

The statement received by the agency (Voices of Iraq) a copy of that Talabani met Tuesday Mlkrt “goodbye His Excellency on the occasion of ending his mission in Iraq,” he said, adding that Talabani “shed light on the political process and continued efforts to implement the agreements and comply with the findings of the political leaders finally “.

According to the statement, Melkert, “the price of Talabani’s role in the success of the recent meetings of the leaders of the blocs to reach a package of resolutions and agreements to end the political crisis.”

http://bit.ly/oDmXHD

Talabani expressed his concern of the movements taking place in Arab countries

Posted: August 24, 2011 in Iraqi Dinar/Politics
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Said President Jalal Talabani, Wednesday, that the partnership is not only in the positions, but must be in the making and joint action, expressing concern about the movements taking place in Arab countries that the results are not clear, as pointed out by Prime Minister Nuri al-Maliki that the external challenge should not significant.

Jalal Talabani said in a statement issued on the sidelines of his meeting with Prime Minister Nuri al-Maliki, yesterday, and received “Alsumaria News”, “partnership is not only in the positions, but the partnership must be genuine in the resolution and the joint work,” noting that “a strong Iraq’s booming now got up and needs for closer relations between all the forces in it and enhance and strengthen the national government and assigned to work. “

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GOI adviser: U.S. military official in accordance with the Convention for the Protection of Iraqi border

Posted: August 24, 2011 in Iraqi Dinar/Politics
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Baghdad, August 24 / August (Rn) – The adviser to the prime minister for the Kurdistan region of Iraq on Wednesday, the U.S. military responsible for protecting the Iraqi border land, sea and air according to the security agreement signed between the two countries, noting that the federal government to put pressure on U.S. forces to intervene and put an end the bombing of the Iranian and Turkish areas of the region.

The border areas are in the Kurdistan region bordering Turkey and Iran to the bombing by two aircraft and artillery struck the pretext of opposition strongholds in response to the insurgency.

The Iranian shelling has been going on for over a month, and resulted in the deaths of three citizens of the region as well as the displacement of hundreds of families and the burning of large areas of forests, orchards and livestock deaths.

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Academics: the economic card best way to force Iran and Turkey to stop them bombing Kurdistan

Posted: August 24, 2011 in Iraqi Dinar/Politics
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24/08/2011 10:55

Najaf, August 24 / August (Rn) – The Iraqi academics in the province of Najaf on Wednesday, Iraqi diplomacy to the threat of securities the economic pressure on Iran and Turkey to stop military bombardments on villages in the Kurdistan region, stressing that Iraq market, a large consumer of goods of Turkey and Iran, and can be tipped for this option to use if did not stop the two-state campaigning.

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CNN: China’s new currency policy

Posted: August 24, 2011 in Asian Currency Markets
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China’s government may be about to let the renminbi-dollar exchange rate rise more rapidly in the coming months than it did during the past year. The exchange rate was actually frozen during the financial crisis, but has been allowed to increase since the summer of 2010. In the past 12 months, the renminbi strengthened by 6% against the dollar, its reference currency.

A more rapid increase of the renminbi-dollar exchange rate would shrink China’s exports and increase its imports. It would also allow other Asian countries to let their currencies rise or expand their exports at the expense of Chinese producers. That might please China’s neighbors, but it would not appeal to Chinese producers. Why, then, might the Chinese authorities deliberately allow the renminbi to rise more rapidly?

Read More:  http://globalpublicsquare.blogs.cnn.com/2011/08/23/china%E2%80%99s-new-currency-policy/