Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on December 17 registered $157,523,465 in sales, a -6.99% volume decline from the US $169,364,577 sold by Iraqi Dinar, credit and transfer at the previous auction held on December 14. The latest auction was attended by 45 …

Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on December 17 registered $157,523,465 in sales, a -6.99% volume decline from the US $169,364,577 sold by Iraqi Dinar, credit and transfer at the previous auction held on December 14. The latest auction was attended by 45 …

United Nations: recovery of the growth of the Iraqi economy after the defeat of Wahhabism

12/16/2017



Foreign investors are beginning to be attracted to doing business in Iraq as the economic situation improves and a declaration of defeat defeats Wahhabism in the country, a Financial Times report quoted international officials as saying.

"Many countries have expressed their desire for economic cooperation with Baghdad after they have declared their full victory over terrorism in the country," the report quoted UN adviser to the Iraqi economy Falah Lami as saying on Saturday.

"In recent months, many delegations and government and private companies in Europe and the United States visited Iraq," he said, referring in particular to the "recent meeting between officials of the Central Bank of Iraq and representatives of Airbus and Total, as well as the visit of the British Prime Minister and a group of companies American. "

"All this indicates the recovery of Iraq. After announcing the final victory over terrorism, many have indicated that they want to invest in various areas of the Iraqi economy. Iraq has become a lucrative and attractive place for economic cooperation," he said.

"After falling oil prices, Baghdad desperately needs foreign capital and Chinese companies are already investing in the Iraqi economy," he said.

At the end of 2016, the World Bank approved a $ 1.485 billion new aid package for Iraq aimed at boosting the country’s economy, stimulating private sector growth and supporting job creation, while the country’s 2018 budget said strict costing would help the Iraqi authorities pay part Of its debt to the International Monetary Fund.

http://www.iraaqi.com/news.php?id=33…1#.WjU2PlWnGUl

By John Lee.

The 12th Economic Forum of the Iraqi-French Council of Businessmen [Iraqi-French Business Council] was held recently in Baghdad.

Dr. Sami Al Araji, Chairman of the National Investment Commission (NIC) opened the forum with a welcoming speech to the attendees including the Iraqi Minister of Trade, French State Minister for the Foreign Trade Affaires, the Iraqi Governor of the Central Bank and a number of governors, Vice Ministers, Consultants, Director Generals, Heads of Provinces’ Councils, Chairmen of Commercial Chambers and Unions, company owners and businessmen.

Mr. Jack Batist Lomowan, French State Minister for the Foreign Trade Affaires concentrated in his speech on the deep relation between the two countries and the serious wish of both governments to enhance this relation in various fields disregarding the big challenges Iraq is facing now.

He considered this meeting as a step towards the next donors’ conference in Kuwait. He also mentioned the most important French companies which are interested in working in Iraq in addition to the new ones that are eager to start business here. Oil & Gas, energy, water, and infrastructure are main sectors in Iraq in addition to agro industries and medication plus having the French TALS Co. for fund Insurance and protection for the French companies working in Iraq as France has landed Iraq $450-billion aiming at supporting the Iraqi-French relations specially after the Iraqi Prime Minister visit to Paris last October.

He ended his speech by referring to the importance of mutual trust bursting from real political desire of the two leaders to move ahead with the two countries relation and find mutual responsibility and in common interests.

Mr. Raghib R. Blaibil, head of The Iraqi- French Council of Businessmen, considered this forum is a precious opportunity for Iraqi and French businessmen to meet and discuss the fruitful business potential for both sides. He also mentioned the improvement in the economic situation after defeating ISIS in Iraq and the victory our security forces achieved on the ground.

The will be for reconstructing, bringing the displaced back to their homes and the elevated oil price are strong factors encouraging us to invite the French companies to work and invest all over Iraq strongly and freely with no hesitation or fear.

Mr. Blaibil addressed the French airlines companies to start a direct line between Baghdad and Paris after the Iraq opened its airs to the international civil aviation.

The Iraqi-French Council of Businessmen representative Mr. Arnold Brolack inquired about sectors Iraq is willing to invest with the French side and what Iraqi aid is available to achieve tangible results after unifying the two parties’ views.

Mr. Ali Al Alaq, Governor of the Central Bank, long speech emphasized on the successful financial policies of the Central Bank of Iraq during the past years. These policies, in cooperation with the Ministry of Finance, saved Iraq from the sudden oil price drop shock and unstable economic situation.

Dr. Mahir Hamad, Vice Minister of Finance, and Mr. Faisal Al Haimis, Director General of the Trade Bank of Iraq gave their speeches too.

Dr. Sami R. Al Araji ended the first session works with a detailed presentation of strategic opportunities available for investment in Iraq.

The second session started later where bilateral discussions between the Iraqi and the French parties in different economic sectors took place.

French Alstom Transport Co. signed two memoranda of understanding with local governments in Baghdad and Basra provinces to build modern metro with international specifications.

(Source: National Investment Commission)

Due to the restrictive effect of the external sector deficit (-14.3 billion dinars at the end of November), the acceleration of imports has increased the banks' reliance on the central bank for the purchase of foreign exchange to cover external commitments of economic agents. As a result, the overall volume …

Due to the restrictive effect of the external sector deficit (-14.3 billion dinars at the end of November), the acceleration of imports has increased the banks' reliance on the central bank for the purchase of foreign exchange to cover external commitments of economic agents. As a result, the overall volume …

BELGRADE (Serbia), December 14 (SeeNews) – Serbia's central bank, the NBS, said on Friday the share of dinar-denominated loans extended by local banks in the first nine months of 2017 stood at 35.8%, down by one percentage point on the year. The share of dinar-denominated deposits of …

BELGRADE (Serbia), December 14 (SeeNews) – Serbia's central bank, the NBS, said on Friday the share of dinar-denominated loans extended by local banks in the first nine months of 2017 stood at 35.8%, down by one percentage point on the year. The share of dinar-denominated deposits of …

The floating of the Libyan national currency – dinar – is not going to be possible without uniting the Libyan banking institution, a high-ranking official at the Central Bank of Libya has revealed, adding that such a step needs certain legislations, laws and decrees besides a plan that makes Libya avoid …

The floating of the Libyan national currency – dinar – is not going to be possible without uniting the Libyan banking institution, a high-ranking official at the Central Bank of Libya has revealed, adding that such a step needs certain legislations, laws and decrees besides a plan that makes Libya avoid …