Parliament: the reform depends on the shift towards a free economy
25/07/2013 12:00 AM
said a member of the Committee on Economy and Investment parliamentary Salman al-Musawi: that economic development in Iraq can not be reached only through the transformation of the economy’s dictatorship to a free economy, pointing out that this issue is complex and not simple and requires concerted efforts despite the fact that the Constitution guarantees this transformation .
said in his speech for the “morning” in order to promote the economic reality should provide conditions are interdependent on her head, determine the strategic general economic transformation and policies used it as a policy investment, human development, production goods and services, financial aspects, monetary, customs, competition and prevent monopoly, management integrity, social responsibility and others.
infrastructure and pointed Moussawi said there also مانسميه infrastructure for economic activity as one of the most important requirements of economic development in the country, pointing out that they need to have a capital market efficient and effective with joint-stock companies an effective and successful and the system of banking and insurance market with excellent contexts work sophisticated as well as the need for a management system efficiently and effectively based on modern technologies in the management and information systems, pointing out that it is difficult to make progress tangible economic unless it is to change the administrative system prevalent in government departments and institutions.
legal system and stressed the importance of finding a legal system that includes all legislation and regulations economic combines the current legislation scattered in one group after trimmed and make adjustments required by, as well as finding a security system developed can provide security and protection for economic projects and people and property. welfare and stressed Moussawi said the improved economic activity leads therefore to improve the level of welfare of the Iraqi individual and it requires a concept of good governance down to economic progress, pointing out that the economic and investment commission is seeking to develop the Iraqi economy by contributing to the preparation of action plans and the provision of supplies as well as prepare a plan for the development of the capital market of Iraq and make it able to accommodate future changes in the Iraqi economy as well as the completion of the plan concerning the development of the administrative system year in administrative government.
Moussawi concludes his speech that the economic problem in Iraq, despite the efforts of various stakeholders to develop the economic reality but the results are regrettably

25/07/2013 12:00 AM
Baghdad Shaima Rashid
considered the Commission on oil and energy parliamentary that political differences the most prominent obstacles that have prevented the adoption of several important laws of the country, especially oil and gas law, which it considered legislation that are no less important than the Constitution, revealed the existence of the movement to pass the law of the national oil company which could be a contributing factor in the enactment of the oil and gas, according to the Commission.
, and the way of approving oil and gas law, some of the obstacles which differs by region and center, especially things that pertain to revenue, and methods of contracting with international companies, as well as technical aspects other.
decision of the Commission on oil and energy Qasim Mchkta stressed the importance of the existence of a national consensus for legislation important laws, including the oil and gas law, which is considered of laws vital that comes after the constitution to its importance.
between Mchkta in an interview »Center Brief for the Iraqi Media Network», having set points related legislation this law , will be present in the meetings of the joint committees between Baghdad and Erbil, especially as the agreement signed between the central government and the provincial government last April includes the need to resolve this file as soon as possible.
noted that the joint committees between the Kurdistan region and the center resumed its work to resolve outstanding
issues between the parties, the center’s insistence shown by the National Alliance for the settlement of all files is different on them, particularly oil and gas laws and border demarcation and Article 140, which is the same thing expressed by the coalition of Kurdish blocs, when expressed welcomed the move which he described as »positive».
between Mchkta having moved into the oil and energy to resolve the issue of the law National Oil Company, which is one of the companies affiliated to the law, which in the case of moving this law, it is hoped to be a contributing factor in the enactment of the oil and gas with a national consensus.
and the Attorney that the law of oil and gas, important laws, which could work to organize the economic sector, especially as the oil constitute 95 percent of Iraq’s exports and 90 percent of the revenues of the federal government, so it can not be a sector of this size without the law is organized, warning that leaving the oil sector without the law is can offer it for many of the failures and problems in the future.
and on the main points of contention on this law, explained Mchkta that there are many points of contention, notably dependency Federal Council for Oil and gas insisted the Commission on oil and energy to be a body independent to carry out their duties, but that the opinion of the central government is to be affiliated to the Council of Ministers, noting that the point contentious second related to neglecting the government project for the role of producing provinces, as well as regions in the policy-making oil, and the other point is the formation of a body to end the differences oil on Contracts for the Kurdistan region and the federal government.
, it surprised a member of the Oil and Energy Committee Mutashar samurai survival of the oil sector without the law until far.
Samarrai said in an interview »Center Brief for the Iraqi Media Network»: There is no justification for the survival of the oil wealth is managed without law, pointing to the existence of trying to block the adoption of this law, especially with the presence of beneficiaries, without being called those actors.
, and continued: calls for action by law or in the version presented in 2007, is the most prominent solutions that could lead to the results lead to the adoption of the law, and in the event of a considerable constraints it is possible to modify some of the paragraphs of the

AdminBob:  Banking sources: Outlook down the dollar against the Iraqi dinar in the coming days       24/07/13 05: 16

Parliamentary sources confirmed, that the rate of the Iraqi dinar will rise versus the dollar in the coming days in light of steps taken by the Central Bank of Iraq.

A source in the Iraqi Central Bank said he expected the dollar to decline and that the rate of the Iraqi dinar has improved more over the next few days according to the indications of the Central Bank and the market.   LINK

AdminBob Site Owner:  Expectations down the price of the US dollar against the Iraqi dinar       2013.07.240057 economy/Arabic

Baghdad on July 24/Qena/economic sources predicted that the Iraqi dinar rose against the dollar in the coming days in light of steps taken by the Central Bank of Iraq.

Read More Link On Right

  The CBI said that parliamentary officials and economists praised the reduction in the exchange rate of the dollar and rise of the dinar in the light of steps taken by the Central Bank and banks in this area, which is reflected in this activity, expected to continue this decline of the dollar and the dinar improved more during the next few days, according to the indications of the Central Bank and the market.

The report recommended that the International Monetary Fund Iraq the pace of structural reform to boost growth and job creation in the private sector, and the need for continued governance of the Bank’s foreign reserves and the Development Fund for Iraq.

A bank source said earlier that Iraqi banks Association agreed with the World Bank to reduce the cash dollar exchange rate to 1180 DT instead of 1,184 Iraqi dinars from last Sunday and predicted that all banks responded to this initiative, stressing that such a reduction would bring significant benefit to the citizen.  Qena 1011 GMT 2013/06/24  LINK

ReVbo:  “A bank source said earlier that Iraqi banks Association agreed with the World Bank to reduce the cash dollar exchange rate to 1180 DT instead of 1,184 Iraqi dinars from last Sunday and predicted that all banks responded to this initiative, stressing that such a reduction would bring significant benefit to the citizen.”

The 4 pip reduction can’t possibly be the “significant benefit to the citizen” he’s talking about, right?

He’s got to be talking about the big change that comes once they’ve got the rate stabilized at near the program rate, because 4 dinars per dollar at a rate of 1180:1 is saving Iraqis a third of a penny, and a third of a penny is hardly “significant.”      Ordo ex Chao

PGLD:    That’s been my contention all along Rev. The think a 4 pip move is going to work wonders…I don’t get it. Turki’s “surprise” is going to be moving a handful of pips, lol. Now they can buy a piece of gum and put another piece on layaway with the “significant” increase.

The biggest influence the world can have over them is to overtly pull out all investments and any talk of investing, and have a Mexican stand-off. We’ll see who blinks first. Has everyone is iraq forgotten the benefits of the “former glory” fo the dinar value?

Kaperoni Moderator:       ReVbo, this IMF doc is a great read.  Pages 28-32 explain how countries exit a closed monetary policy and engage in a float.   It is posted in the Research Library, but here is a direct link and some highlights…it is very encourging when you compare what is stated in this, to what we are seeing with the CBI.  LINK

  “Early preparation for an exchange rate float can bolster the chances of success of the exit strategy gradual or rapid. Many of the operational areas require substantial time to build and the groundwork should be laid under the peg.”

“Several aspects of the operational prerequisites—including securing central bank independence, improving inflation forecasting capacity and monetary policy transparency, developing information systems on foreign exchange risk, and increasing information on balance of payments developments—can be undertaken early on, even before exiting a peg.”

“The second stage may involve allowing some exchange rate flexibility to stimulate foreign exchange market activity, and continuing to develop other operational areas. Intervention policies can be addressed at a relatively later stage, once greater exchange rate flexibility is embraced.”

“While the pace of exit is not a matter of choice under disorderly exits, the authorities still need to prioritize among the operational requisites to manage the flexible regime. In this regard, stabilizing the exchange rate is usually the top priority, given the extremely high level of volatility following the exit, particularly in emerging market economies (Figure 5).”

“Stabilizing the exchange rate, in turn, often hinges on eliminating the dollar shortage in the market and maintaining monetary control by avoiding massive liquidity support for the financial system (Berg and others, 2003). Efforts should also be made to signal a conservative monetary policy stance, although the explicit design of an alternative nominal anchor would probably take more time. “

Kap:  We can see from this document that the CBI is following the book prior to leaving the closed monetary policy they currently are in.   They want to stabilize the exchange rate, eliminate the dollar shortage (huge auctions as of late) which then in turn will act as a “buffer” during the transition.   

Personally, I think Turki is getting ready to launch the dinar internationally (Forex) and what we are seeing from the CBI is those preparations.  That will be the “surprise.”

ReVbo Moderator:          That wasn’t my point, PG. I think he’s saying something like, “I know it doesn’t sound like much, but getting the street rate and the CBI rate in line is going to bring a great benefit,” which will be the liberating of the exchange rate to international convertibility,

 and an actually-significant increase in value, not just 4 pips, but he can’t say that, so it comes out sounding like he’s trying to convince Iraqis that 4 pips is a big deal.

As tlar has been saying, these banks can’t continue to sell at 1180, or even 1184 for that matter, for very long, so if the 4 pips is indeed the “great benefit,” it will be a very short-lived benefit.    Ordo ex Chao

Tomceejay:         4pips would not be the big surprise Turli has spoken of

Kaperoni Moderator:     Turki is just greasing the wheels before the road trip…sit back and let it come to us

ReVbo Moderator:  My father, who goes by the handle “Zee” on DA, just made a great point, which expands on tlar’s, about this new program. It should be the CBI taking the hit here, not the independent banks.

Instead, CBI continues to make its 13 dinars per dollar and the banks make nothing?! If I’m an independent bank president and Turki comes to me asking me to forego all my profit while he sits up in his ivory tower collecting his 13 dinars, I’m going to tell him to stick it. Unless… ;)   Ordo ex Chao

Terry:    ReVbo, I agree 100%. There has to be a big IF. and we all know what it is.

Money_Matters:   Great post Kap!  We will keep our eyes open to see if this is true..

Mike:    Thanks for the explanation Kap. I, too, was disappointed at a 4 pip move but when you put into context everything changes.

Tlar:       It begs the question “what’s in it for the for profit banks to give up the largest part of their profit”?

 We know it can’t be patriotism because some of these banks are owned by foreign nationals and foreign investors. The stick is the banks are taking an immediate hit on their profits which they can’t do for long.

Maybe the carrot is such an improvement to the rate that the average Iraqi starts using the banks again. We know that this commission is more important to at least some of these independent banks because they have stated that they make more money selling dollars than they do on the depositors.

Some banks even favor the sales of dollars over their regular account holders. We also at least think that nothing will change the value of the dinar until these rates are within the proper range of about 2%.

If this plan of the independent banks temporarily making no profit on sales of dollars works, their has to be a reward or a pretty decent incentive of some kind that terminates this plan.

If it is not achieved within 30 days this plan is kaput as these for profit banks will definitely say enough and gravitate back to profit in order to survive as any company must. I see this as putting the currency in a pressure cooker and it puts the CBI on a Shiite or get off the pot situation.

 If the plan is successful the CBI will do something relatively quick. If this plan does not bring the rates together, Turki will be fighting an even worse uphill battle to get these rates right as these same banks that are doing these “selfless” acts backfire on the CBI. I think Turki is taking a risk here and I just hope it works.

Kaperoni Moderator:     The thing is, 80% of currency auctions are handled by private banks..and their primary source of revenue.  Now, we know that has to change..and the banks need to stop being currency traders and start functioning like banking institutions.

 I posted a few weeks back an article with staggering numbers…next to nil on deposits and no access to capital for investments. So IMO, the CBI is trying to transition them..not so much to stop the auctions, just rely on other services for revenue. 

And that only makes sense if the CBI is going to support them by accepting Article VIII of the IMF and making the dinar internationally convertible.  An influx of capital will then come in.

Tlar:       Well said Kap. I might add that the 80% banks have relied heavily on the sales of dollars to stay afloat. By nature no company will sacrifice itself and its own well being without some kind of a major incentive. I think you just supported my argument above with this sentence,

 “I posted a few weeks back an article with staggering numbers…next to nil on deposits and no access to capital for investments. So IMO, the CBI is trying to transition them”

 Again what company would sacrifice the only area of profitability without some kind of assurances that the sacrifice will yield a better result. These banks are sacrificing today for a hope for a better tomorrow.

ReVbo Moderator:          Amen, tlar and Kap. If this doesn’t do it, nothing will. As a business owner myself, I have all too personal experience with this. You do a loss leader like this, hoping that it will bring you some real benefit in the near future.

If it doesn’t, you stop, and you look, with major skepticism, at the scam artist who asked you to step out on that limb. These banks are taking a serious risk, just by being banks in Iraq.

If they are not quickly rewarded for “taking one for the team,” so to speak, they’re gonna bail on this program as quickly as they got in.    Ordo ex Chao

Kaperoni Moderator:     Tlar, take a look at this…  I think this is ur sales job…

joeg:      Kap, thanks, great explanation about stabilizing the rate.  With the IMF report and some of your recent explanations, I actually feel better about this than I have in a while.  Although we disagree on the timing, you give me comfort in believing that something will truly happen eventually to make us rich.  Thanks again.

Tlar:       Thanks again Kap.  I think you are right.  This is the meeting that was decisive in the Associations decision to make no money selling the dollar.  I would love to read the minutes from this meeting as it appears it was well represented by the pro “increase the dinar” crowd.

Oldtown:  Kap Tlar how long do you think the banks are going to do this a week 2 weeks what

U mad bro?:  oldtown, I think it is saying. .

“the rate of the Iraqi dinar will rise versus the dollar in the coming days”

Tlar:  oldtown,  I would be surprised if it goes 30 days.  I8 am cautiously optimistic.

U mad bro?:  Tlar, is it your opinion that we will see Iraq move to article VIII sometime in next 30 days?

Tripphood:         Thanks to all, very good analysis of the information at hand. I believe that you have restored a little more faith that we will see positive results……soon. You guys must have a lot of time on your hands to make sense out of all of these articles. Thank you all for what you do, it is much appreciated.

Enorrste:   Once again I agree with KAP entirely.  This stabilization move on the part of the CBI will get it to 1166 shortly and it will then hover there, stable as a rock, until the announcement of the free float.

Incidentally, the word “pip” is the wrong one to use here.  We should be using the word “point”, since a “pip” is 1/100th of a point.  FYI   Enorrste

Punisher:            I would love to jump for joy like everyone in this thread but we have heard “in the coming days” for a long while now and should already know what it means…months! The good news is August is next Thursday and by the time we know it we will all be yelling Happy New Year :)

AdminBob Site Owner:  Banking sources: Outlook down the dollar against the Iraqi dinar in the coming days    Thursday, 25/07/2013 | Source:

Parliamentary sources confirmed, Tuesday, that the rate of the Iraqi dinar will rise versus the dollar in the coming days in light of steps taken by the Central Bank of Iraq.

According to a source in the Iraqi Central Bank “parliamentarians, officials and economists praised the reduction in the exchange rate of the dollar and the high price of the Iraqi dinar in the light of steps taken by the Central Bank and banks in this area, which is reflected in this activity”.

The source stressed that “this is expected to continue to decline for the dollar and that the rate of the Iraqi dinar has improved more over the next few days according to the indications of the Central Bank and the market.”

The report recommended that the International Monetary Fund, Iraq the pace of structural reform to boost growth and job creation in the private sector, and the need to continue the rational management of the foreign reserves of the Central Bank of Iraq and the Development Fund for Iraq.

The Bank had earlier said (19 July), that Iraqi banks Association agreed with the Central Bank reduced the cash dollar exchange rate instead of the dinar to 1180-1184 Iraqi dinar as of last Sunday, with the expectation that you responded to this initiative, all banks, he indicated that this reduction will bring great benefit to the citizen. LINK

DarbSalad:          It will bring minimal benefit to the citizens.  Still have a national currency will very little purchasing power.  I believe the per capita income in Iraq is barely over $4,000.00.  They will not boost growth and job creation in the private sector until they start this float.  The CBI continues to defy the recommendations of the IMF.

PGLD:    My sentiments too Darb. I’m struggling to understand the “great benefits to the citizens”, or any group for that matter.

Post by BulldogFord65 » July 25th, 2013, 1:26 am   •  [Post 116] 

 Family: Here are the conference call notes from Wednesday night call
Blessings to each of you!

Frank26 IQD Update after Investment Night Wednesday, July 24, 2013

• Two weeks ago, Frank and Eagle1 agreed they will no longer give the intel they receive from their sources which discuss specific dates for the release of the rate; on last night’s conference call Bluestar read an intel report from Eagle1 which gave specifics from his sources –

and on the call last night Frank specifically said that he does not agree that the rate would be released in the timing that the intel stated – he did not agree that the rate would be released last night and said that on the call last night

Read More Link On Right


• Frank’s physician has ordered him to reduce stress; he is taking control of the conference calls and has asked forum Admins to control the posts; there will be more discipline to prevent stress and messes that have to be cleaned up; if any disagree, post constructively with articles, but negativity and inappropriate chat on the CC’s and posts on the forum will be deleted, and those who continue will have posting privileges suspended and Admins will have to approve every post

Delta came on the call at this point

Frank read article from Bandit post 133: Article 4 consultation consider creating the conditions to allow a more flexible exchange rate; this is a great article, great news; Delta agreed and will talk more about it, as well as some things the CBI is doing; the full IMF report came up on the website a couple of days ago

Frank asked everyone to look at Megawatt’s post 347, it’s a graphic of the investment supplementary budget – looks like a Monopoly board game

Delta started with the IMF articles, they are beautiful; the IMF held 2 consultations with the CBI and told them they have to work as fast as they can to adjust the market rate to as close to the actual rate as they can; the CBI came up with a plan 3 – 4 months ago and they have done an excellent job of closing the gap to approx. 1300 dinar to the dollar

• Yesterday the CBI did the auction, and for the first time since Turki took his position in the CBI, the rate went to 1208; this is a market price; only about 42 dinar separate the actual rate and the market rate; this is fantastic

• There is a way to find out the banks participating in the auction, but it’s only on the Arabic side, not on the English side; about 80% of the numbers are done electronically, but most important to us is the cash portion – so a letter is sent in advance asking for the amount of money they want to purchase, and it includes a cash option; the CBI uses this to control the physical cash

• The Council of Ministers announced this Thursday and next Thursday as official holidays – but the CBI is still having auctions scheduled for those days, plus Fri and Sat – they are having auctions 6 days per week which is giving them the time to control the rate and close the gap as low as possible

• Iraqia TV said there will be significant drop in the exchange rate to the dollar over the next few days, and banks are even offering to sell US$ without commission – this is excellent news for our investment; this shows the coordination between the state banks, private banks and the CBI – there is an urgency, and there is coordination and team work

Delta has not seen auctions at the CBI on holidays before, they need to do this to control and bring in the rate

Delta commented on post by Memphis where Memphis caught a disclaimer in the IMF report that they can delete any sensitive information from their reports, so what we are seeing is not complete – the exchange rate is confidential and not included; can see this report on the IMF website

• Why is the CBI trying to close the gap US$ to IQD? They are trying to end the citizens addiction to the US$ and make them fall in love with the IQD; should see the rate continue to go down, the next few days will be interesting

Delta reinforced NO ONE KNOWS THE DATE OR RATE!!! Just look for patterns and break in patterns – notice the CBI working on holiday and weekend – there is sense of urgency and something is happening

• Iraq is out of CH7, and they are obligated to follow the rules set forth by the UN; the UN wants money, and they also will profit from raising the rate; it is coming soon

• Regarding Qi cards: Delta has been talking about them for a year; it’s essentially a government/state bank-backed pre-paid card; they are trying to copy USA technology; the Qi card was created in 2008, and could only be used INSIDE Iraq, but 3 – 4 months ago, announced that by end of July the card will be able to be used internationally; Mastercard came in and the MC logo is on the card and will become international status

• Any Iraqi citizen can go to the bank and get a Qi card, even if they do not have a bank account; it contains all of the person’s identity information; the generation 2 card will have many new features added, and can be used internationally when the rate comes out; income deposits can be made directly onto the Qi card

• There cannot be a contract with Mastercard if there is no international tradable currency!!!

Delta said the next question is can the go international on the Qi card with the 1166 rate? NO; why not? If you go to the IMF website, since 2003 – 2004 it states 1166 is a program rate while Iraq under sanctions; they are out of CH7, but they need to go into CH8 (int’l currency status), and Delta’s opinion is that Turki’s letter with the rate was submitted to the IMF but it was deleted from the published report as confidential information; this is not rumor, it is fact – you can go to the IMF website and read it

Eagle1 came on the call at this point

Eagle1 question for Delta with regard to the time limit imposed by the IMF, does Delta have any information?

Delta replied in his opinion the Letter of Intent from the CBI to the IMF accepted CH8 and the rate was deleted in the published report; Delta believes the time from when the IMF said they must raise the rate is 30 days, but it’s not known when the 30 day window began

Eagle1 asked to confirm that we don’t know when the 30 day period began?

Delta responded that there were 2 IMF consultations with the CBI in March and May, but no, not know when the 30 day window began; what is known is that the Qi cards are stated to be international by the end of July, so in

Delta’s opinion, this would indicate a rate by the end of July, but again, no one knows for sure; but, there is urgency, especially with working on the holidays this week and next week

Frank asked about the HCL – does Delta believe we need to see the rate before the HCL, or at the same time?

Delta said the HCL is important but does not have anything to do with the monetary policy; if the HCL is not passed for 2 – 3 years, will the currency be held up? No, Iraq could not do business with oil companies without the rate

Delta’s opinion is that the HCL will probably not be passed this year; the Kurds want each state to be able to enter into contracts with oil companies without going through the central government, they want to be free to contract with any nation or company;

Delta believes in his opinion that HCL does not have anything to do with the monetary reform;

Delta believes that the opposite is true, the rate should come out first, and then the HCL; the HCL is the profit sharing, it is logical the rate comes first, then the payment of the profit sharing

Delta stated that “1,000% sure” the LD’s are printed and ready to go when the green light is given; right now Iraq has obligations to follow with the IMF

Delta’s opinion is that the HCL has nothing to do with the monetary reform

Frank asked Delta if he truly believes that the rate will be visible this month?

Delta replied that in his opinion, if the article is correct about the Qi card being international by end of July, so watch for articles about the Qi cards international status; yes, there could be more delays, no one knows the date/rate; but seeing the urgency in the auctions on holidays this week/next week, something is happening – huge break in pattern! THIS IS NOT A DATE!!

Frank said that he and Delta are in agreement; they have been following the Qi cards since February, and they are “key” to the rate

• The US embassy in Iraq is helping Iraq to accomplish so many things – to upgrade systems, get prepared – and it’s all about the money!!

Delta said no matter what happens the monetary reform must go through, it’s all about the money

Frank said the Qi card is so advanced, it will prevent money laundering and fraud; notice what companies and banks are in the Green Zone – they are helping advance Iraq’s technology; watch the Qi cards!

Delta was supposed to have dinner with a GOI member last week, but put off to next week; Delta did ask some questions to this contact already; one was are LD’s printed? He replied “yes;”

 Delta asked are we getting close, He replied “yes;”

Delta asked is Iraq in control (of the date)? He replied “no” – the order has to come from outside Iraq

• The server for the CBI is in Houston, TX; all of the government website/servers/hosting is in the USA; do not see this with other country’s central banks

Frank asked if Delta recalled China arrival in the NE USA to discuss gold; this week, Vietnam just arrived in the NE USA – this is not a rumor, it’s confirmed; this is amazing, this is huge

Frank asked what if we don’t see anything as of Aug 1? Don’t worry, they are working on it!

Bluestar came on the call at this point

Bluestar apologized for sharing the intel last night – and reminded everyone that Frank stated it was not set in stone, he shared due to having 3 sources with same intel

Bluestar asked with respect to the Qi cards, have they been distributed to the entire populace? Delta said no, they are not forcing everyone to have a Qi card;

Bluestar asked if the article can be posted again on the forum

Frank reminded us to study the Qi cards

Frank ended the call with singing “Amazing Grace”         

A member of the Economic Committee: delay amend the investment law endures head of the investment
25-07-2013 11:03 AM

Baghdad (news) ..

Download a member of the Committee on the economy MP / National Alliance / Ibrahim stirrup, head of the investment responsibility for delaying the approval of the draft amendment to the Iraqi investment law.

said stirrup (of the Agency news): The delay in amending the investment bears responsibility chairman of the investment which must follow the stages and the arrival of this law to the House of Representatives with the Commission on the economy and investment.

added: that his committee will be fully prepared to receive the law, which is capable to make it law discreet promote investment projects, stressing that he will serve all construction projects major projects of industry and agriculture through its flexibility and relieved for companies World of taxes and facilities that apply to companies and bypass the red tape and create the atmosphere and the right environment attractive for these companies.

noteworthy that the political crisis taking place in the country prevented amend the investment law, which made ​​meetings sporadically among the members of the committees of the
economy parliamentary and ministerial about it.

Mutlaq: Maliki does not bear sole responsibility and we have to look for salvation government

07/25/2013 – 13:07

| Source:


Editor: Muhannad Muhammad, Nihad Qais

Alsumaria News / Baghdad
MP for the Commission on Security and Defense parliamentary Hamid al-Mutlaq, on Thursday, Prime Minister Nuri al-Maliki is not solely responsible for what happened in the prisons of Abu Ghraib and Taji, but the government and the political parties, calling to find salvation government.

Mutlaq said during a press conference , the parliament building and attended by "Alsumaria News", "It is not new what happened in the prison of Taji and Abu Ghraib, if we went back to the security implications persistent failure of the State Administration and solutions miserable," asserting that "Maliki is not solely the responsibility of the government, although he bears the greatest responsibility" .

said Mutlaq, said that "political leaders and parties who have gone through the rivalry and allowed other countries to interfere in Iraqi affairs are responsible," adding that "we as politicians have failed and we have to admit it."

and demanded Mutlaq to "hold negligent and corrupt people in the incident smuggling prisoners from prisons, Abu Ghraib and Taji, not to surround families innocent and prevents them food and medicine in the holy month of Ramadan,

"calling for" Search for the Government of the stage and the Government of the rescue and we are collaborators and acknowledging our mistakes and not a rival. "

He was a member of the Commission on Security and Defense parliamentary governor Zamili revealed, in (July 22 2013) , for the escape of 500 _ 1000 Guest from Abu Ghraib Central, stressing that most of al-Qaeda, while believing that it has never happened in any country in the world.

and the adoption of al-Qaeda, in (July 23, 2013), the storming prisons Dad Ghraib and Taji and edit hundreds of prisoners, describing them as "invasion", while the announced end of the plan, "the demolition of the walls," which announced last year.

condemned the Arab League, on Wednesday (July 24, 2013), strongly attack, which was adopted by the organization, "the Islamic State in Iraq "and targeted prisons Abu Ghraib and Taji, and killed dozens of security officers and prisoners, as well as the escape of hundreds of prisoners.

called independent MP Sabah al-Saadi, on Wednesday (July 24, 2013), dismissal of the defense minister and agency and agent oldest to the Interior Ministry and the commander of the Baghdad Operations and brought to trial military against the backdrop of an incident prisons Abu Ghraib and Taji.

noteworthy that prisons whale in the district of Taji, north of Baghdad, Baghdad Central Prison (Abu Ghraib previously) in the district of Abu Ghraib, west of the capital exposure, in (July 21, 2013), to the mortar fire,

followed by an attack by Unidentified gunmen with prisons guards in attempt to Aqthamanma, while guests raised in prisons, riots and burning a number of halls, resulting in the escape of 500 _ 1000 a central prison of Abu Ghraib, most of them princes and the leaders of al-Qaeda.ا…77;-و/ar

considered the Commission on oil and energy parliamentary that political differences the most prominent obstacles that have prevented the adoption of several important laws of the country, especially oil and gas law, which it considered legislation that are no less important than the Constitution, revealed the existence of the movement to pass the law of the national oil company which could be a contributing factor in the enactment of the oil and gas, according to the Commission.

By John Lee.

Reuters reports that the China Petroleum Engineering & Construction Corporation (CPECC), the engineering and construction subsidiary of the China National Petroleum Corporation (CNPC), has won a $548-million service contract to develop the Halfaya oilfield.

The company will handle engineering, procurement, construction and commissioning work at the oilfield, which is forecast to produce 535,000 bpd in 2017.

CNPC has a 37.5 percent stake in Halfaya, with 25 percent hel d by Iraqi’s South Oil Company, 18.75 percent by Malaysia’s Petronas and another 18.75 by French giant Total. Under the terms of their contract, signed in 2010, they receive a fee of $1.40 per barrel.

State-owned China National Petroleum Corp said last year the first phase of the Halfaya field had started operating and had a production capacity of 100,000 barrels per day.

(Source: Reuters)

By John Lee.
Reuters reports that the China Petroleum Engineering & Construction Corporation (CPECC), the engineering and construction subsidiary of the China National Petroleum Corporation (CNPC), has won a $548-million service contract to develop the Halfaya oilfield.
The company will handle engineering, procurement, construction and commissioning work at the oilfield, which is forecast to produce 535,000 bpd in 2017.
CNPC has a 37.5 percent stake in Halfaya, with 25 percent hel d by Iraqi’s South Oil Company, 18.75 percent by Malaysia’s Petronas and another 18.75 by French giant Total. Under the terms of their contract, signed in 2010, they receive a fee of $1.40 per barrel.
State-owned China National Petroleum Corp said last year the first phase of the Halfaya field had started operating and had a production capacity of 100,000 barrels per day.
(Source: Reuters)


Post your commentary below.

Millionday News 7/23/13

    [millionday] that is the best news yet and its no joke

    [lorijeanmarshall] millionday Lay it on us baby!

    [millionday] lets see where we are hmmmmm not going to be sitting here much longer   now tonight is a very serious news night  ALL about all these years we have been in here   so know one thing —–

    [millionday] just know this  big huge smile  so i am going to load you up with some news  and trust in this  i am going to load you up with some news  smile  whooop whoop  – so i would guess that everyone has seen the stock market news but  there is more to show you

    [lorijeanmarshall] millionday About Moon ringing the closing bell today?

    [millionday] whooop whoooo    no  about the bell tomorrow   smile brb

Read More Link On Right

     [lorijeanmarshall] millionday Oh. LOL Sorry. That’s all I know

      [millionday] ok so this is what i have to say – i am verifying news that is out that iraq is ringing or joining the ny stock exchange tomorrow and cant say yes or no yet

    [millionday] i have to do much more looking but i will do it after we look at the news  then we will sit around and wait for me to find out

    [Sager] millionday I believe I can get you an article on that if you give me 1 minute

    [lorijeanmarshall] millionday Are you waiting for ink on it?

    [millionday] so we will do news and then i will bring the very good contact i have about this  and give you the info on if it is happening or if it is just bad news   or i should say wrong news

    [belabun] I Listened to UN sec today, at 5:20 on counter said will ring closing bell, but who the heck knows, but on todays webtv

    [millionday] so let me get done with what i have for news for tomorrow from iraq and then i will address the issue

    [belabun] millionday good!   minor stuff

    [millionday] smile    we want to be right

    [Sager] millionday I have found the article on nyse

    [millionday] and not give you news that is carp to be honest so i will make sure after this

    [Godsalli/Jim] Hate carp

    [millionday] i have read the article as well hun — just want to make sure – you know how the media can make us look silly

    The s family] I can see why joining the stock exchange is a big deal. But why is ringing the bell?

    [Sager] millionday ??? do you want me to bring the article?

    [millionday] The s family it is a historical honor

    [Sager] millionday millionday it’s from the nyse website itself

    [The s family] Ok,

    [millionday] Sager sounds good hun

    [Sager] Media Alerts United Nations Secretary-General Ban Ki-moon Visits the NYSE and Rings The Closing Bell® to Commemorate NYSE Euronext’s Participation in the United Nations Sustainable Stock Exchanges (SSE) Initiative For Release: 23 Jul 13 Who/What: United Nations Secretary-General Ban Ki-moon will visit the New York Stock Exchange (NYSE) to commemorate NYSE Euronext joining the United Nations Sustainable Stock Exchanges (SSE) initiative,

which explores how exchanges can work together with investors, regulators, and companies to enhance corporate transparency on environmental, social and corporate governance (ESG) issues and encourage responsible long-term approaches to investment.

To mark the occasion, NYSE Euronext will host a high-level event, gathering senior executives from NYSE-Listed companies and sustainability professionals with leaders from the United Nations, academia and non-profit organizations at the NYSE. UN Secretary-General Ban Ki-moon will deliver special remarks on the evolving role of stock  exchanges in promoting sustainable capital markets.

    [millionday] is there more ?

    [Sager] yeah trying to get it in…

    [millionday] k

    [Sager] New York State Comptroller Thomas P. DiNapoli, who has shown enormous leadership on these issues, will also give remarks. Following the forum, both guests will join NYSE Euronext CEO Duncan L. Niederauer in ringing the NYSE closing bell.

    [Fresh] props to lorijeanmarshall for being on top of that apparently

    [Sager] This celebration further demonstrates NYSE Euronext’s commitment to sustainability. In 2012, NYSE Euronext achieved carbon-neutral status for the third year in a row, again making it the only global exchange operator to do so. In the same year, the company was also named to CDP’s S&P 500 Carbon Performance Leadership Index and received a Green Power Leadership Award from the Environmental Protection Agency (EPA).

 For a number of years, the company has also been included in several key sustainability indices, including CDP’s S&P 500 Disclosure Leadership Index, the Dow Jones Sustainability Index and FTSE4Good, and is a member of the EPA’s Green Power Partnership.

    [Sager] When/Where:  Wednesday, July 24, 2013    2:15 p.m. Arrival of press

    [Sager] NYSE Security Checkpoint/Tent at corner of Exchange Place and Broad Street

    [millionday] thank you hun

    [Sager] 2:30 p.m. Reception and ceremonial signing of the SSE, featuring remarks by UN Secretary-

    [millionday] great article

    [Sager] 4:00 p.m. The Closing Bell rings

    [millionday] see this is the thing

    [Sager] ··· 058.html

    [millionday] and let me have the floor  thank you hun — smile

    [millionday] there is a blog out that says that iraq is ringing the bell at the new york stock exchange

    [millionday] it is not true  obviously  so lets know one thing though

    [lorijeanmarshall] As soon as that was brought into chat, I went to the NYSE website and verified that it was not true. It is just about UNSC and Ki Moon

    [millionday] the subject matter is not a bust   rock star — lori — koodos to you hun so let me say this

    [lorijeanmarshall] millionday nawwwwwww, just due diligence. And that fact that I can’t let anything go.

    [millionday] emerging markets are a very important issue and also the companies that are involved are very important as well

    [millionday] as we know there is a lot going on with iraq as well right now so lets check that out and try to hold our hats on   i almost had a coronary    smile    cant even spell it lol  so anyway

    [millionday] The researcher Suhad economic virgins that the dispersion of the Iraqi private sector institutions and distancing itself from some of which led to the erosion of the real role that could be played by the sector in the current phase, which represent the true Transitional market economy.

 He confirmed in a statement (morning): The absence of formal representation for this sector in the forums and international economic forums miss the opportunity on Iraq to bring in foreign investment.

    millionday] This comes at a time in which it invited a number of economists, specialists and academics to find common ground pool private sector representative as a board or body to take its role and real actor in the development process, and drew virgins to the issue of representing the Iraqi private sector in international fora and that there is a lack clear views Official represent it, which may miss the opportunity to define the true reality of the investors to invest in the country.

She pointed to the need to supervise agencies and economic commissions government to establish an official body representing the private sector instead of having bodies or unions represent some of the joints of the private sector union businessmen and the Union of Industrialists and chambers of commerce and others. Confirmed virgins importance of expediting the establishment of hand represent the Iraqi private sector because

    [millionday] wow that virgin really throws us off a little

    [millionday] There are calls from the points of international economic local private sector, but met the individual and do not represent all of the private sector, pointing to the need to unify the visions in this area, calling at the same time government agencies to speed up the establishment or the establishment of an official and recognized to represent the Iraqi private sector in the forums and global economic fora.

And the importance of the presence of the leading private sector sees economic academic d. Majid Baidhani that there is a clear fragmented private-sector organizations.

He told the (morning) that it is necessary to have a representative of the real sector where we note the presence of National Business Council of Iraq, and Exporters Association and other organizations that must unite and intensify their efforts in the service of the economy and actual direct in the process of economic development of the country.

    [millionday] so of course we see they are wanting a national business council in iraq and are saying that they entering the international arena

    [millionday] Baidhani said the survival of these unions and blocs without unite cause the dispersion of the private sector and not being able to consolidation clear on legislative issues and to reconsider the intersecting and overlapping laws.

His new adviser in the Iraqi Institute for Economic Reform, Dr. Ahmed al-Husseini his call for the establishment of the Division in the Ministry of Finance be competent partnership between the public and private sectors and enactment of a law to regulate the practices of their partnership.

 Husseini said in a statement (morning): that the main problem facing the process of paying growth and economic development is the dichotomy is clear between the public and private sectors.

    [belabun] untouched

    [millionday] lol   good grief have to love translations

    [belabun] babysit = watch    ok, shh

    [millionday] noting that there is an urgent need to enable the private sector today after monitoring weaknesses President, said al-Husseini that there is a limited role for the private sector and the incentives for the advancement of this sector is almost non-existent, as The decline in rates of electricity and water supply for drinking and the continued backwardness of transportation networks and the sharp decline in industrial and agricultural capacity formed the most prominent obstacles to the growth and development of the private sector and provide an attractive environment for investment.

    [millionday] so what we have is them trying to bring together all the departments –  that is for the national context and also for the local  –  as we have here  so brb with more

    [millionday] here we go – In an interview, the “morning” with the head of the IMF mission to Iraq Carlo Sidr Allweg on highlights of the report in regards to Iraq,

he said: The work was done primarily through the programs of the International Monetary Fund (IMF) official, which also included financial and technical assistance.

It has provided those programs framework to help the Iraqi government and the Iraqi Central Bank on the application of sound policies, especially public finances of the state, and to contain inflation, and maintain a fixed price for the Iraqi dinar exchange (strong and stable) and the restructuring of external debt Iraqi successfully.   [millionday] smile

    [millionday] The report of the fourth article is a way for regular periodic oversight exercised by the International Monetary Fund (IMF) on each of its members. These controls are a relatively new type of relationship between the IMF and Iraq; because we – the IMF – we were and still working with Iraq since 2004.

    schmidtberger] nice

    [millionday] very

    [cookie2] strong and stable — I like

    [millionday] He said Allweg: The report issued by the major recommendations emphasize the importance to take policy-makers Iraqis stand initiatives further towards addressing many of the challenges facing Iraq, in order to realize the potential of Iraq’s enormous economic entirety, and dissemination of the benefits of economic growth to the general population.

Adding that the report contains mentioned on five policy recommendations, will lay, from the standpoint of the International Monetary Fund (IMF), the foundations for achieving higher economic growth and lower rates of poverty over the next few years. He stressed that the recommendations are:

    [millionday] First, the government should focus on developing sustainable budgets can finance public spending of the proceeds of oil revenues.

But because government spending is the main channel of the shocks coming from the international oil market, the construction of public financial reserves, which can fortify the spending of declines in oil exports or in the price of oil, is crucial as well.

The government actually owns these reserves in the Development Fund for Iraq (a type of bank accounts that spared to meet the need in the future), but the government should also increase the value of those reserves.

    [millionday] yes they should — note — this is the report i promised you

    [millionday] And that is also important to contain the growth in public spending to avoid large gaps in the budget in the future, in addition to reducing waste in spending as well.

We appreciate the special role played by the public sector in Iraq, but we still see room for continuing to play this role, for example, by reducing the growth of employment / employment in the public sector, and reduce subsidies to the electric power sector, and reform of the public distribution system, owned and state-owned companies to the state.

In addition to the construction of public financial reserves, Iraq can use the savings to upgrade the quality of qualitative social spending and public investment in infrastructure.

    millionday] The second recommendation, it had to be on the central bank to accelerate the pace of liberalization of the foreign exchange market, knowing that he had already started so recently. He served the exchange rate stable Iraq is well over the past few years, thus providing a nominal pillar of the economy, and helping to maintain a low level of inflation in an environment beset by doubts.

But the Iraqi Central Bank had introduced a number of restrictive regulations intense in the last two years in response to concerns that Sawrth on money laundering and foreign exchange flows of illegal out of Iraq. In our view, these regulations quoted a great deal of legitimate demand for foreign currencies to the parallel market, and as a result, has risen a price difference between the official and parallel exchange, reaching 8 percent in the month of April.

    [millionday] Explaining that the third recommendation drawn to the importance of continuing to exercise prudent management of Iraq’s foreign currency reserves held by the Central Bank of Iraq and the Development Fund for Iraq.

The IMF supports strongly the independence of the Central Bank of Iraq, and the need for the Bank to manage international reserves without political interference in order to support the value of the Iraqi dinar. We also believe that it is also important to maintain the current separation between the process of international reserves which are managed automatically from the central bank alone, and between the public financial reserves, which are controlled by the government, and in the Development Fund for Iraq. And must continue to wisely invest these reserves in liquid assets to a large extent.

    [millionday] He noted that the International Monetary Fund (IMF) urged Iraq to make progress in financial sector reform.

He said that we appreciate what Iraq’s progress in improving process control and restructuring of banks Rasheed and Rafidain bank. But the financial system in Iraq is still too late to grow more dangerous, in the presence of levels of deposit, credit, much lower than the averages of the deposit and credit in the Middle East and North Africa.

The final recommendation came out a little bit about our basic framework, but is gaining critical to economic growth in Iraq. We see a critical need for structural reforms to promote private sector growth and job creation.

    [millionday] The latest program from among those programs was “a standby credit agreement”, which was adopted to approve in the year 2010, and expired in February 2013.

Therefore, we are moving at the present time to establish a relationship independent of free and equal between Iraq and the International Monetary Fund, but we still hope that you can this relationship to help Iraq, and we stand ready, of course, to return to a level of cooperation together more intense, if they want government Iraq;

Our ultimate goal is to support the Iraqi people, and will provide this support in the best way we can use. And evaluation of the Fund for the latest performance record of the Iraqi economy, and what are the prospects for this economy?

    [millionday] Said Allweg was still recent developments for the growth of the entire positive macroeconomic widely, and the credit for this is due, in a great degree of it, to the high volume of oil exports. It surpassed the economic growth rate of 8 percent in 2012, and is likely to rise to 9 percent in 2013 when oil production rises to the level of 3.3 million barrels per day.

As well as the inflation rate fell from 6 percent at year-end 2011 to 3.6 percent at the end of last year, and should rise only a slight rise to about 5 percent in 2013.

Also, the external situation of Iraq is also strong. Stressing that the international reserves of the Central Bank of Iraq has risen from $ 61 billion at year-end 2011 to $ 70 billion at year-end 2012.

The fiscal reserves to the Development Fund for Iraq has risen is the other (16.5) billion U.S. dollars to 18 billion U.S. dollars.

    [millionday] this is the recommendations of the imf for iraq and its coming into what they have been working on since 2004

    [millionday] they are wanting them to do many things but most of all separate the gov money and the country funds — also to move forward with all plans for the stable dinar

    [millionday] the report we read last year about the growth rate being 9% they have retracted  and stated that the growth will be much more

    [millionday] they want the programs that they have in place to be implemented and the country to move forward with the work they have done and the stability for the economy

    [millionday] they now have control over their funding and they back them as they do the countries of the world and have now finished their work in putting in place the programs economically that they were helping them with in other words

    [millionday] the credit program is expired and they are expected to move forward with their release    [millionday] brb with more