At the Iraq Britain Business Council (IBBC)‘s Spring Conference in London last week, there was a general feeling that the downturn in oil prices is temporary, and that Iraq’s finances will rebound in due course.

Referring to the long-term trend in oil prices, Vikas Handa of Weir Group was adamant that “there is only one way to go, and that is up.

Philippe Dauba-Pantanacce of Standard Chartered viewed Iraq’s financial difficulties as “cyclical“, adding, “money will come back to Iraq, simply because oil prices are bound to go higher.

In addition to the obvious importance of oil and gas to the Iraqi economy, Iraq’s Ambassador to the United Kingdom, Dr Salih Husain Ali, emphasised that Iraq also has other natural resources including uranium, silver and copper, and cited World Bank estimates of strong growth in the Iraqi economy over the next two years.


Member of the parliamentary economic: the situation of the country is not conducive to the deletion of zeros from currency

5.5.2016 10:38




{Baghdad} Euphrates News

Member of the Committee on Economy and Investment parliamentary Najiba Najib, explained that the security and political situation in the country does not help to make a decision to delete the zeros from the currency.


She said Najib told {Euphrates News} " The project to delete the zeros still exists, in terms of the study and details," afterthought "but implementation delayed because of the security situation is stable."

She added that " the political situation experienced by the country , which does not help for the success of the project," noting that " the lack of political and security stability in the country postponed the project to delete the zeros."

the Governor of the Central Bank and the agency on the Keywords, said a former time, that " the project to delete the zeros will be implemented in early 2017, noting that the bank" began to develop the first project steps. "

he explained " the purpose of deleting three zeros from the Iraqi currency is to support the Iraqi dinar and make it a competitor of foreign currencies. " it is
noteworthy that, the American site "how much.net", class last Saturday, the Iraqi dinar was ranked 20 among the strongest Arab currencies against the dollar,

according to the published by the site from the list of the order of Arab currency exchange rate of the strongest to Alodaf

http://alforatnews.com/modules/news/…storyid=115991

Potential growth of the Iraqi economy

5/5/2016 0:00

Ali Hassan al-Fawwaz
As far as the Iraqi economy is facing a lot of deep problems, the ambition to overcome these problems will remain intact, but in light of the adoption of effective economic policies, and the adoption of promising plans could mitigate its consequences, and what puts the legitimacy of high economic growth and a national goal of Ba..ohsp

that the IMF forecasts economic growth in Iraq, up – as the report says the IMF mission in Iraq to 2.9 percent for 2016 will be the prospect of any economic effort, but the face of the difficult conditions in which the Iraqi life-threatening, and most notably the war on terror costs, and lower oil prices, and the lack of seriousness in the implementation of economic programs investment.


High inflation and the deterioration of the currency and the poor performance of financial centers is the result of these problems, but the weakness of the face of complexity, and not to think about creating a sound investment economic environment and development would exacerbate the negative effects on the economic future,

and this Mayazz see the International Monetary Fund of reality and the nature of economic policies, which would give a boost to get Iraq to international financing by the Fund, and according to a joint program with Alarac.icol the latest report of the international Monetary Fund is expected to rise in the overall rate of growth in oil-exporting countries in the region to 2.9 percent in 2016

and this increases to up to 3.1 percent 2017 compared to 1.9 percent in the past year as a result of the economic activity is oil in Iraq, Iran, Yemen and Libya, the report said about Iraq, indicating its ability to respond to the context of the loans granted by the Fund program, even though the deficit conditions has, and the weakness of the government’s ability to spend.

Especially that the aid provided by the Fund normally associated requirements and procedures about spending and about the support materials and services in the popular sectors, or the implementation of some projects Alstratejah..an dealing with these difficult circumstances does not mean negative to rely,

as far as Mataattalb need for an extraordinary mechanisms of action, and the incentives to be able a real incentive to reduce the deficit, and the effects of the economic downturn, as well as to find effective policies to rationalize and adjust spending and rehabilitation of the administrative program of state institutions,

and impose real control on any messes or corruption in the money Am.an anticipate subsequent growth of the Iraqi economy – though difficult – indicates data It can be employed in this area, especially in the field of supporting chock economies,

and in the banking policies tuning, and in reducing corruption and smuggling of currency and money laundering, as well as indicators on a slight rise in oil prices during the past few days, and the desire of many countries to control the oil windfall for the purpose of control prices as well.

http://alsabaah.iq/ArticleShow.aspx?ID=115605

US dollar closes higher on Taipei forex

Focus Taiwan News Channel6 hours ago

Buying in the U.S. dollar also came after the People's Bank of China (PBOC) further cut the Chinese yuan's reference rate against the U.S.

Chinese Yuan Falls To 8-day Low Against U.S. DollarRTT News
Will Yuan Bears Return? PBoC Cut Yuan Fix Even As Dollar StrengthensBarron’s (blog)

Zimbabwe to print own version of US dollar

BBC News2 hours ago

Zimbabwe is set to print its own version of the US dollar in order to ease a cash shortage in the country. Central bank governor John Mangudya said the cash, known as bond notes, will be backed by $200m (£140m) support from the Africa Export-Import Bank.

Zimbabwe takes drastic moves to restrict US dollar outflowsShanghai Daily (subscription)
SA's future? Zimbabwe ATMs run out of cash as US Dollar supplies evaporateBizNews

By John Lee.

The Central Bank of Iraq (CBI) has reported that 31 banks and 22 remittance companies took part in its currency auction on Wednesday.

A total of $109,224,885 sold at a price of 1182 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

Another Way To Play The U.S. Dollar's Downturn – Sberbank

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There are many derivative plays offered by forex, which can be realized in the stock market. Buying and selling foreign companies is one way to play the US dollar. Many foreign companies are traded on US exchanges via ADRs. Sberbank provides a great …