Iraq joins the Asian Investment Bank’s Infrastructure Agreement

The cabinet on Monday approved the draft law on Iraq’s accession to the Asian Investment Bank (AIB) agreement.

"The Cabinet approved the draft law on Iraq’s accession to the Asian Investment Bank’s Infrastructure Agreement, which entered into force on 15/12/2015," the Secretariat said in a statement.

"The council decided to refer the bill to the parliament, based on the provisions of Articles 16 and 80 of the constitution, and the decision to send the request to join the Asian Investment Bank for infrastructure after completing the legal procedures stipulated in the treaty, 35 "for the year 2015".

The statement said that "the Council granted in its resolution above a subsequent leave for the signing of the Undersecretary of the Ministry of Finance, a request that includes Iraq’s desire to join as an observer of the Asian Investment Bank for infrastructure on the basis of the provisions of Article (6)…5%D8%A7%D8%B1/

Economic Advisor: In 2022 Iraq will pay $ 10 billion of its debts


The adviser to the Prime Minister for Economic Affairs, the appearance of Mohammed Saleh, on Monday, that Iraq will pay 10 billion dollars of debt in 2022, indicating that Iraq has a good credit rating.

"Iraq will pay its debt, which will not be less than 10 billion dollars in 2022," Saleh said in a televised interview.

He added that "the government must hedge from now to pay these large debts through the establishment of a fund to compensate the debt by putting funds in it annually," stressing that "Iraq is able to pay these debts, especially after Iraq obtained a good credit rating, That Iraq has not been late to pay the debts incurred previously. "

Iraq has received foreign debts from the International Monetary Fund and the World Bank, in addition to internal debt by offering private equity bonds to finance its public budget, which was heavily affected by the decline in international oil prices, which Iraq depends mainly on its public budget. 9%8A-%D9%81%D9%8A-%D8%B9%D8%A7%D9%85-2022-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D8%B3%D9%8A%D8%B3/

Damaged currency causes great suffering and embarrassment to citizens


Some circles do not accept dealing with them
Baghdad / Huda al-Azzawi

The Iraqi citizen may be one of the few citizens in the world, who complain about not accepting the deal in the national currency torn or damaged by some departments or institutions or shops, which causes him many problems and verbal quarrels may reach sometimes to conflict with hands in full view of The concerned authorities that did not issue a clear and direct order obligates everyone to deal with the currency in any way.

Currency torn within salaries
Al-Sabah spoke with more than one official and a citizen in order to shed light on this problem.

"At the end of each month, we allocate more than (200) thousand dinars of the currency torn apart equally among the employees of our district," said a member of the committee to receive salaries in a state department.

The employee, who did not want to be named, said that «a lot of problems and verbal quarrels occur between us and the trustees of the Fund, who insist on handing over sums of money smuggled and affixed on both sides, beginning with the employee’s suffering in how to manage this currency rejected by most dealers, Cabs to shop owners ».

She cautioned the employee that all this is happening as a result of the absence of a number of measures and means that the Central Bank of Iraq to take to maintain the prestige of the currency and ease of circulation in the markets.

Currency exchange

As for the burning or buried currency, Hassan pointed out that it is submitted to the Central Bank exclusively to replace them according to certain controls, noting that the bank is working on its part to solve this problem through the processing of Rafidain Bank and Rashid new banknotes and small categories to pay within the salaries of employees,

He pointed out that t
he bank continues to print and improve the banknotes, especially small groups, and pump them to compensate for the damaged paper, while at the same time preserving the currency and accepting it whatever its status as a symbol representing Aadh country and inform the bank in the case of refusal of banks received the damaged currency of citizens.

The suffering of the working class
For his part, said the citizen Rafie Abdul Latif MP, that the working classes and poor are the most social groups are vulnerable to deal with damaged currencies, because this segment traded in many of them, in addition to the same currency to factors that lead to damage early, such as moisture and wet and other It is noteworthy that even the gas stations have refused to accept the torn paper currency,

Therefore, the government and the concerned parties should enact laws to protect the currency as is the case in a number of foreign countries that have issued legal provisions criminalizing those who refuse to deal with them if they are torn or

Stamping of coins

On the re-minting of the coin for small groups and thus salvation from the problem of extinction of the currency currently in circulation, drew Professor of Economics, University of Nahrain Dr. Ngham Hussein Nima, that there were attempts in 2005-2006 to issue a coin of 250 dinars and 100 dinars and 50 dinars and 25

But the loss of the culture of trading in small metal groups among the public forced the Central Bank to stop circulation and convert it into scrap metal and sell it to a trader, so before taking any steps for the introduction of the coin must propagate the culture of trading in small metal categories

And this is certainly the responsibility of the Central Bank of Iraq through the dissemination of financial culture among all segments of the society and openness to the public to raise financial awareness among their ranks and to indicate the importance of dealing with metal groups And keep the currency

Measures to protect the currency
to that said economic researcher Hassan Jamg, said the currency ‘s strength will be in a positive state with the power of the state, the larger the strong and stable state and the economy in the active state, the same presence and effectiveness in the transactions of internal and external of this currency,

and no secret that most communities and nations take A number of measures and means to preserve this currency and to attempt to secure its material and moral status from any external influences that may be natural or by an effective act, such as the case of currency fraud or smuggling abroad,

it may be among the solutions to emphasize the need to respect National currency and dealing Regardless of their condition, and in the case that the currency is very tired or in poor condition, such as torn or semi-damaged, the obligation of government agencies to facilitate the taking or retrieval, and then delivery to banks or the competent banking authorities to destroy them and issue a new currency instead of that damaged.

Economic events awaiting the global markets


During this week
Capitals / follow-up morning

The world markets are receiving a new week of important political and economic events amid central banks’ control of the scene. Several central bankers are also scheduled to speak on different occasions giving their views on monetary policy, as well as a number of central banks

Markets are also awaiting the presidential elections in Venezuela in conjunction with the economic problems experienced by the state.

The start of the week Many European markets are trading at the beginning of this week, with trades resuming on Tuesday.

Germany, France and Switzerland are among those markets celebrating Monday White Day. Central Bank Presidents The President of the Bank of England and the Chairman of the Federal Reserve are speaking on various occasions this week.

On Thursday, Bank of England President Mark Carney is due to speak at the Bank of England’s Markets Forum in London. On Friday, Carney and Jerome Powell are scheduled to take part in a panel discussion on the future of central banks at a Stockholm conference.

OPEC meeting

OPEC holds its monthly meeting on Monday, in the presence of the 13 member states along with 11 other oil-producing countries.

In OPEC’s regular meetings, developments in the oil market and levels of production and demand for crude are discussed. While the monthly report of the Organization of the increase in production in April by 12.1 thousand barrels per day to 31.930 million barrels per day.

European and the minutes of the Federal European Central Bank and the Federal Reserve announced the minutes of their last meeting over the weekend, which is often released after 3 weeks of the bank meeting.

On Wednesday, the Fed will announce its meeting at which it decided to set interest rates at 1.50 to 1.75 percent, a move that has been approved.

The European Central Bank is due to release minutes of its meeting on Thursday on interest rate stabilization, with interest rates on major refinancing and interest rates on lending and deposits at 0.00 percent, 0.25 percent and 0.40 percent respectively.

VENEZUELA, Venezuela – Venezuela held its presidential election on Sunday at a time of huge economic problems ranging from currency collapse to rising inflation, along with a lack of oil production.

The role of economic morning


Dr.. In the name of Brahimi, the
press in Iraq continues to be an important factor in the formation of collective opinion in all areas despite the entry of social media as a strong competitor, but a few of these newspapers succeeded in the economic field by keeping pace with the events we witnessed during the last stage,

New if we say that the morning comes in the forefront of its sisters from the Iraqi newspapers, so that it became a platform for all and different aspects of intellectual and school science in

What counts for the morning is not only keeping up with the events, but also taking the lead in many times in news and information, as well as its role in motivating and taking care of many important topics and putting them under the spotlight and at the dialogue table with a group of specialists to diagnose the economic imbalances through constructive criticism in a process matured by experience to reach what is It is

The process of maturity has been the objectives of the economic morning, it seeks to raise the level of professional and treatment in the impartial opinion to serve the highest goals of the country away from the goals of self or interim and this is clear today where it could declare it as a page for all without exception, Professionalism and impartiality.

As I say, my testimony is insulted to the economic page and its employees because I have a brotherly relationship that has been consolidated during the experience of writing the weekly column since more than one year, prepared by one of my best experiences in writing to the press.

Economic woes that we believe are important to the general public and the economists in

The morning has contributed during the last year to at least the coverage of many important topics and may be the most prominent coverage of the activities of the week of financial inclusion, which was established in cooperation between the Central Bank of Iraq and Iraqi banks and this coverage was not just a press duty as much as it was a national duty to the importance of awareness in this

The important project that is being worked out now in Iraq, finally a word of thanks should be given to all the workers in the morning and especially the brothers in the economic page with my wishes to all with success and every year and morning okay.

DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new, five-year senior unsecured bonds to be issued at 100 percent of par with a coupon rate of 8.75 percent. The bond placement received strong investor demand across international markets and was oversubscribed.

The bond issue is expected to be settled on or about 31 May 2018, subject to customary conditions precedent. An application will be made for the bonds to be listed on the Oslo Stock Exchange.

In connection with the bond placement, the Company has agreed to roll over USD 200 million in nominal value of DNO01 bonds (ISIN: NO0010740392) at 103.25 percent of par plus accrued interest into the new bond. The rolled over bonds will be canceled and USD 200 million of outstanding DNO01 bonds will remain.

Net proceeds from the new bonds will be used towards refinancing the outstanding DNO01 bonds and for general corporate purposes.

Pareto Securities AS acted as lead manager and bookrunner with Danske Bank and SpareBank 1 Markets AS as co-managers and bookrunners.

(Source: DNO)

By John Lee.

Newtechnic, which describes itself as a world leader in building engineering technology, has reportedly won the contract to design the facade and oversee the co-ordination and construction of the new Central Bank of Iraq (CBI) building in Baghdad.

According to New Civil Engineer, the building, designed by Zaha Hadid Architects (ZHA), will be 172m high and will stand on a 200m by 100m podium.

Chief Executive Andrew Watts said he will deploy UK- and US-based design-engineering teams to work on the project, which is expected to be completed by 2021.

More here.

(Source: New Civil Engineer)

The document: the Iraqi Central Bank stops dealing with the Bank of the Islamic country

The Iraqi Central Bank decided to stop dealing with the Islamic Bank of Iraq in Iraq after accusing him of financing terrorism by the US Treasury Department.

According to a document seen by the agency (News Agency) issued by the Central Bank to all authorized banks and financial transfer companies and companies to mediate the sale and spread of foreign currencies to stop dealing with the Bank of the Islamic country.

"Due to the inclusion of AlBilad Islamic Bank and its Chairman (Aras Habib Mohammad) on the OFAC list, and based on the international agreements signed by the Iraqi side, and in order to preserve the integrity of the financial and banking system in Iraq, The following precautionary measures:

First: To stop the bank from entering the window of selling and buying foreign currency.

Second: The reservation to all the accounts of the bank and the accounts of the Chairman of the Board of Directors referred to above and notified us of these absences.

Third: The reservation on the circulation of shares of the bank and shares registered in the name of the Chairman of the Board of Directors.

On Tuesday, the US Treasury Department listed Arsab Habib’s Islamic Bank of Iraq as a terrorist group.

Habib, secretary-general of the National Congress Party and a candidate for Prime Minister Haidar al-Abadi’s victory coalition, said he had conclusive evidence refuting the "fabrications" of the US Treasury Department .. /

DNO ASA, the Norwegian oil and gas company with operations in Iraqi Kurdistan, is contemplating the issuance of a new, five-year senior unsecured bond with a minimum size of USD 400 million through a private placement.

The coupon rate and the issue size will be determined during the accelerated book building commencing today.

The net proceeds from the contemplated bond issue will be used towards the refinancing of DNO’s existing DNO01 bond (ISIN NO 0010740392) and for general corporate purposes.

Existing DNO01 bondholders that participate in the contemplated new bond issue will be given the opportunity to offer part or all of their DNO01 bonds at 103.25 percent of par plus accrued interest at settlement of the contemplated new bond issue.

Pareto Securities AS is acting as lead manager and bookrunner with Danske Bank and SpareBank 1 Markets AS acting as co-managers and bookrunners.

(Source: DNO)