After the completion of exchange planning procedures launches Contractors dues amounting to 781 billion dinars

4/29/2017 0:00

Baghdad / Suha Shaykhli
louder voices contractors because of the delayed payment of financial dues and the resulting economic effects affected a wide range of workers in various sectors, and the delayed implementation of the payment of dues in disrupting the local labor market movement contributed, which calls for the need to accelerate the payment of their dues to re revitalization of the labor market.

In order to alleviate this suffering and the Ministry of Planning revealed recently announced the launch of 781 billion and 274 million dinars of dues contractors after their support by the Office of Financial Supervision, where he will receive the contractors accounted for 40 percent of the total dues within this amount of 300 billion and 457 million dinars.

The official spokesman for the Ministry of Planning Abdul – Zahra al – Hindawi "morning": that the ministry has completed all the procedures relating regardless of receivables and sent to the Ministry of Finance , which will be dispensed soon in cooperation with the Central Bank of Iraq,

indicating that these benefits are distributed among a number of ministries and departments not associated with the Ministry and the provinces in the framework of projects implemented within the investment program or regional development program and the petro – dollar program.

He Hindawi said these receivables that have been launched , representing 57 percent of the first meal being launched, amounting to Trliuna and 364 billion dinars, pointing out that the work is going on in full swing in order to complete all the receivables after being audited by the Audit Bureau.

He pointed out that the payment of these benefits came at the Council of Ministers Decision No. 161 of 2016 , where it was approved by the Ministry of Finance launch dues contractors exchange through the issuance of treasury bonds and 40 percent of them as a down payment (and commensurate with the percentage of completion proportional)

and until the end of Federal Office of financial supervision of the audit to be processed consolidated annual allocations at the end of the fiscal year and in coordination with the Ministry of planning , which the formation of a committee of experts to identify priority strategic projects according to the needs of the state

indicating its bonds are payable after the age of three Watt interest rate prescribed 5 percent to put the necessary allocations within the budget of the relevant year 2019 are entitled to bond holders deducted, mortgage or sold, to be paid to complete the strategic benefits provided by 100 percent completion of the project.

He Hindawi said the number of private worthily contractors transactions very large has passed several points of departments in the Ministry of Finance and the treatment that is audited takes its owner dues and that the central bank is the payment of dues by the treasury bonds, and can the contractor winning the bond disbursement, the Bank a government or even civil banks,

and this is the first installment of the receivables and will be followed by other payments and benefits allocated to contractors the amount of 5 trillion dinars have worked these measures due to the financial crisis.

The central bank warns of trading "fake foreign papers" and calls for the competent authorities follow-up

Iraqi Central Bank warned on Thursday of the existence of fake foreign securities, are traded between the weak people, denying Iraqi banks deal with these papers.

The central bank said in a statement, "Tomorrow ‘s Press" received a copy of it, that " the central bank in recent years, note the trading of foreign banknotes for some countries, some real trader, and some of them drawn from circulation."

He added that "some foreign counterfeit securities, by some weak souls of outlaws, for the purpose of fraud on the citizens through lure them to replace the Iraqi dinar much more than their real value."

He noted that "weak people are using pretexts and allegations that the replacement of money is a big gain for them and rare opportunities for investment , " adding that "these (outlaws), they do not have enough time to use the usual ways."

He explained that "some of these papers may be transferable in accordance with applicable instructions, but the banks operating in Iraq as well as the Central Bank of Iraq do not deal with it."

He called upon the Central Bank of Iraq to "public and approaching the security and regulatory specialized follow – up of these things and not to deal with those banknotes , " stressing " the need to focus on the Iraqi banknotes and those that deal with the Iraqi Central Bank and the banking system to avoid falling into the traps of law – breakers."

The Integrity Commission has revealed, earlier last year, from imposing fines estimated at 245 billion dinars by the Iraqi Central Bank to private banks violating the instructions of the currency auction, which confirmed two members of the Parliamentary Integrity Committee, that the funds that have been smuggled through the auction size sell the currency by private banks forged bills equivalent to Iraq ‘s budget for a year or two.

High annual rate of net foreign investment

4/27/2017 0:00

Baghdad / follow – up Mustafa al – Hashemi
increase the volume of foreign investment is direct is a priority for each of the securities market for securities Iraq fiscal authority in this important economic sector , which is the gateway for foreign investment and domestic as reflecting local market activity.

Seeking the Securities Commission to the promotion of non – direct investment in all its aspects sector by increasing trading on the shares of the private sector companies listed 98 companies and of the number, to keep up with the level of the developed world through the application of special legislation aimed at providing opportunities to increase trading of non – Iraqi investors in the market Iraq Stock Exchange.

The Commission stated in its report on non – Iraqis trading in the Iraqi market for securities for the year 2016 that the non – Iraqi investors started the trading in securities increasingly since 2009 , especially after the issuance of non – Iraqi body trading instructions in the Iraq Stock Exchange.

The trading value between the report that the annual rate of net foreign investment amounted to 246.4 billion dinars for the period from 2013 to 2016, adding that last year saw a decline in the value of purchases of non – Iraqis compared to 2015 .az amounted to purchases of non – Iraqi in 2016 about 53834.5 million dinars , compared to purchases of non Iraqis for the year 2015 amounting to 73200.5 million dinars , a decrease of 26.5 per cent.

According to the report also last year by non – Iraqis it saw a decline in share value of sales compared to 2015, as sales of non – Iraqis reached in 2016 about 38126.4 million dinars, while these sales amounted to 2015 about 113,501.7 million dinars, a decline of 66.4 percent.

The investment value of the report pointed out that the value of net foreign investment for the year 2016 witnessed an increase compared to the previous year, as net foreign investment last year amounted to 15.7081 billion dinars, while net foreign investment for the year 2015 amounted to approximately 40301.2 million dinars.

Total stocks report noted that the year 2016 witnessed an increase in the number of shares bought by non – Iraqis from the previous year, pointing out that the number of bought them shares in the past year amounted to 74 million and 919 000 dinars , while it was in the year 2015 about 72.2022 billion shares.

He said the shares sold by non – Iraqis have seen a decline in 2016 from 2015, reaching approximately 59.4138 billion shares last year, while in 2015 the number of shares sold approximately 182.2865 billion shares.

Foreign investment saw a net foreign investment in 2016 a rise in the number of traded shares from the previous year, reaching about 15506 million shares, while in the year 2015 amounted to approximately 110084 million shares.

Successful management

4/26/2017 0:00

Marked and rapid development in the performance of government banks during these days and tangibly took to walk their way Boabed.

This is while these banks are vulnerable to criticism of the financial experts and economists in Iraq , where she was living Spata clear and did not provide the banking products and services nothing but just a simple business to not fit the size of its funds and cash reserves of capital, which accounts for 90 percent of the cash deposits to citizens and a government The estimated trillions of dinars.

This that accompanied her performance was to not invest this money in order to contribute to the construction and reconstruction of the country and the real development recipe inertia.

See what occurred in these banks in order to achieve promising results?
In fact, most economists and money who face them this question completely agree with me that the success achieved was behind the successful administration that was able to demonstrate its ability to achieve qualitative and tangible development in the field of providing outstanding performance.

So was the choice of a young and efficient government departments for the leaders of these banks in the right direction.

It was not more than a year to set these departments when assessing their performance and the results they have achieved Tjaddalmahr that the choice of jurisdiction and technocrats were the reason why they achieve these results the testimony of the people of knowledge and experience.

Most importantly , these departments fully aware of the meaning of the use of modern technology in the banking business after it was the monopoly of private banks , which were preceded by much Imad success achieved.
Moreover , the nature of dealing with international accounting standards of performance and hardened as well as convergence with the central bank and trust cooperation with him and with private banks boosted the process of the banking sector.

Orbiter creative initiatives undertaken by the Trade Bank of Iraq in various fields groping achievements closely, especially in the banking products aimed at contributing to the support of the citizen and development programs.

As for banks , Rafidain and Rasheed have Antahja Agherazia program well thought contributed to the emergence of their role in promoting the reform of State targeted programs, and perhaps the most prominent can be mentioned in this area to assist in resolving and solving the housing crisis , hateful , and those decisions to help citizens in the purchase of residential units the best witness and guide.

The impression of these steps and achievements of this period Bhetwasal but reflects the desire of these banks to achieve real competition in order to prove the capabilities that led to the logical outcome results that we have mentioned in the column.

How many of us really need to create a spirit of competition and to devote their culture in the rest of the production and service sectors in order to attain the goal of sustainable development and the development of our programs and support