Archive for July 17, 2012

Member of the Finance Committee: 99% success rate of replacement of the currency in the world

Posted: July 17, 2012 in Iraqi Dinar/Politics
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| on 7/17/2012 |

He said the parliamentary Finance Committee member Faleh Al Sari said 99% success rate of replacement of the process and delete the zeros in the world.

That the money supply in the markets is the large mass when compared to the size of trades and the magnitude of the current budget and investment budget yearly, indicating that it was successful experiences and influenced a positive impact on the price of sale and purchase of the currency and we see very necessary to have a well defined plan. (more…)

Economic Committee Member: Deletion of zeros from the currency in the middle of next year .. And the withdrawal of the old currency will continue and a half years

Posted: July 17, 2012 in Iraqi Dinar/Politics
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On: Tuesday 17/7/2012 7:56

Baghdad (news) .. most likely a member of the Committee of Economy and Investment MP / National Alliance / Ibrahim Rikabi, the application of the deletion of the three zeroes from the national currency in the middle of next year and not in the beginning that the project needs to be enough time to study it for fear of the entry of counterfeit currency when implemented, He pointed out that the process of replacing the currency will continue (18) months. (more…)

Economic Committee Member: Add the Kurdish language for the new currency requires a constitutional amendment

Posted: July 17, 2012 in Iraqi Dinar/Politics
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17/07/2012

BAGHDAD / JD / .. the committee said that the addition of the Kurdish language to the new currency requires a constitutional amendment, noting that the Government has so far not submitted to Parliament a proposed law amendment. (more…)

Source says Maliki to call on CBI Gov and Committee heads to suspend currency remittances outside of the country

Posted: July 17, 2012 in Iraqi Dinar/Politics
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A source well-informed about Prime Minister Nuri al-Maliki ordered to stop foreign transfers to the dollar, stressing that he summoned the Governor of the Central Bank and a number of heads of special committees to discuss the issue of remittances outside the country. (more…)

There are political aspects in dealing with oil and gas law, says Iraqi MP

Posted: July 17, 2012 in Iraqi Dinar/Politics
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ERBIL, July 16 (AKnews) – An MP from the Kurdish Blocs Coalition (KBC) stated today that there are political aspects in dealing with the oil and gas file between Erbil and Baghdad, assuring that the Kurdistan Regional Government (KRG) announced that it would liquidate amounts of oil in the Turkish refineries to meet the needs of the citizens of Kurdistan. (more…)

Economist: Iraq needs for the development of all economic sectors to enter WTO

Posted: July 17, 2012 in Iraqi Dinar/Politics
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Date: Tuesday, 17-07-2012 09: 59 am

Baghdad (News) … A. the star suggested Economist, economic Conference on the possibility of Iraq’s entry into the World Trade Organization and identify mechanisms to join, Noting that the terms of accession requires development in all economic sectors.

He said the star (News Agency news) on Tuesday that Iraq needs approximately (10-15) in order to be eligible for membership in the World Trade Organization (WTO) as a result of poor infrastructure and increase the production cost and the scarcity of raw materials within the domestic industry, as well as the vulnerability of local products to foreign competition. (more…)

Low rate of inflation in June and the annual rise in its index by 6%

Posted: July 17, 2012 in Iraqi Dinar/Politics
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17/07/2012

BAGHDAD / JD / .. revealed the Ministry of Planning reported a decline in new indicators of inflation during the month of June compared with the month of May the previous year, with increased indicators annual rate of 6%.

The ministry said in a statement received / JD / copy of it: that the inflation index fell by (2%) during the month of June compared with May, who had witnessed a decline (1.3%) compared to April 2012 (more…)

CBI raises the bank’s new bill to the House and the State Advisory

Posted: July 17, 2012 in Iraqi Dinar/Politics
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Iraq’s central bank raised the bank’s new bill to both houses of the State Consultative and House of Representatives for discussion and approval. (more…)

CBI: a new mechanism will be announced within a few days to deal with branches of international banks

Posted: July 17, 2012 in Iraqi Dinar/Politics
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17/07/2012

Announced the Central Bank of the dollar exchange rate is still higher than the required level, although control of the operations sold in the auction day, revealing a new mechanism will be announced within days to deal with branches of international banks. (more…)

United States has indicated their willingness to fully support Iraq to develop the financial expertise

Posted: July 17, 2012 in Iraqi Dinar/Politics
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17 July, 2012 12:26:00

Showed the U.S. Treasury Department is fully prepared to support Iraq to develop the financial expertise, and praised the progress made in Iraq in the financial field. (more…)

Parliamentary Committee confirms its insistence on the application of tariff law

Posted: July 17, 2012 in Iraqi Dinar/Politics
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On: Tuesday 17/7/2012 1:08

confirmed member of the Finance Committee in the House of Representatives Majida al-Tamimi said its committee is determined to apply the law of the tariff during the current year, referring to host the Minister of Finance in the coming days to find out the reasons to wait.

said Tamimi said in press statements that the Tariff Act has been postponed twice during the current year by the federal government, noting that the first delay last February was the result of the lack of citizen awareness of how to apply in addition to relevant government institutions are not eligible to apply the law Vtm postponed to the end of last June. (more…)

CBI: integration of small banks with large will help build strong banking management

Posted: July 17, 2012 in Iraqi Dinar/Politics
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Date: Tuesday, 17-07-2012 01: 42 pm

Baghdad (News) … He appearance of Central Bank Adviser Mohammad Saleh, the idea of integration of small, vulnerable banks a good idea and help build a banking entity with strong banking management.

He said Saleh (News Agency news) on Tuesday that the Banking Act No. (94) of the year (2004) does not force weak banks to integrate but offers tips to convince vulnerable banks merging with private banks in particular that large State banks with government support.

(more…)

IMF cut its forecast for global economic growth next year

Posted: July 17, 2012 in Iraqi Dinar/Politics
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17-07-2012 10:57 AM
Are free – Reduction of the International Monetary Fund on Monday, July sixteen forecast growth rates on the global economy next year from 4.1% to 3.9% in light of the ongoing debt crisis in Europe that showed their negative impact on the growth of China and India. (more…)

U.S. court: Iraq is not responsible for cancellation of contracts in the oil for food program

Posted: July 17, 2012 in Iraqi Dinar/Politics
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U.S. appeals court said that Iraq does not assume legal responsibility for ending two decades in the oil for food program to return during the regime of dictator Saddam Hussein.

The Appeals Chamber of the U.S. ninth in California that the current government of Iraq deserves protection under the Foreign Sovereign Immunity Act of 1976 because the case does not include the activities of American business “with legal significance.” (more…)

CBI Daily Currency Auction for July 17, 2012

Posted: July 17, 2012 in Iraqi Dinar/Politics
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The latest daily currency auction was held in the Central Bank of Iraq on the 17-JUL-2012. The results were as follows:

DETAILS NOTES
Number of banks 32
Auction price selling dinar / US$ 1166
Auction price buying dinar / US$ —–
Amount sold at auction price (US$) 263,811,000
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 263,811,000
Total offers for selling (US$) —–

Exchange rates

Minister of Finance T-Bill Auction for July 16, 2012

Posted: July 17, 2012 in Iraqi Dinar/Politics
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Auction number HY42 of government debt securities was a uniform price auction for IQD 100,000,000,000 par value of bills which  concluded on 16-07-2012.

Total public  IQD 131,000,000,000 Valid competitive bids totaled IQD 129,500,000,000 and valid non competitive bids totaled IQD 1,500,000,000 and The cut off yield (the highest yield of a successful bidder) determined by auction was 4.70%. (more…)