7-15-13 Iraq Business News:  American-based private equity firm Carlyle Group is reported to be looking for opportunities in Northern Iraq.
A report from Dow Jones says the move comes as a result of a new $750m fund that the company hopes to raise to invest in the Middle East and North Africa.
The firm, which is expected to begin informal talks with investors after Ramadan, has been one of the few buyout firms to remain active in the region in recent years.

 

7-16-2013 Newshound Guru Tlar This lady is on the finance committee and is therefore most likely to be “in the know” after having just sat with Turki. This sentence…is very telling to me “Najib said that “previous administrative body of the Central Bank presented a study on the preparation of the project to delete zeros,” It indicates that to me Turki, is meeting with individual members of both the finance and the economic committees, selling the “scientific study” that was done in 2008 under Shabibi’s watch.
 

[millionday] ok here we go   this is very very important as it is the entry of iraq to the arab banking in a new way that is able to be done due to their release the effects are told here so lets read this together

[millionday] Met with Iraq’s participation the first after a hiatus of more than two decades in the Arab Banking Summit, which was held in Vienna recently welcomed internationally wide, and it was the arguments of Iraq’s great resonance among the participants in the summit, where he was raising the issue of good governance in light of economic and financial developments rapidly taking place the world.

Secretary General of the Union of Arab Banks and Sam Hassan Fattouh said in his speech at the conference: that Iraq’s contribution to the summit has achieved the goals and aspirations that we all aspire to elevate the Arab banking sector.

Read More Link On Right

  And we found in the research presented by the banking expert, Dr. Sadik Rashid Al Shammari treatments for the fundamental problems affecting the Arab banking sector in light of the developments taking place in the world economically and financially.

millionday] He added that the summit focused on the role of the Arab banking sector in building civil capacity and meet the challenges phase of post-conflict, also stood top at a detailed prospects for partnership between the public and private sectors to restore balance to the economy in the post-conflict and that explained the importance of building institutions capable of crisis management and move to Economic growth phase effective. In an interview the morning with economic d.

Sadiq Rashid Al Shammari after returning from the summit within the Iraqi delegation to the summit said: that of the summit witnessed the first Iraqi bank search for more than 20 years and received the attention of all the participants who discussed the mechanics of governance of banks in restoring balance to the Arab economies.

[millionday] He Shammari said: that the research has focused on the importance of the work of banks and financial institutions in order to restore the economic balance of economic sectors, and that governance is more necessary than to be an obligation imposed by regulators as a fantasy strategic her.,

And pointed out that governance without activating the principles and standards do not mean anything It thus becomes effort well spent where it should comply with standards of international banking, including capital adequacy standards and financial disclosure and transparency, the financial statements of banks and a strategic plan for the development of the technology used in the banking system,

according to the capabilities available and linking banks and the restructuring of the banking sector and improve mechanisms for internal and external oversight and methods of accounting in order to contribute to the development control methods and the promotion of transparency and disclosure.

millionday] note — in other words — all the paper plans in the world mean nothing without the activation of finance and economics   – he means stop with the planning and lets go already and make it count

[CaliDreamers] oh yea~~~~~~~~~~~~~~~~

[Sager] boom!

[millionday] He said the infrastructure development of the banking sector based on special programs for the training and development of senior leadership where in relation to Palmmazjh and linking the concept of governance and mechanisms through the establishment of training courses and development vehicle to raise awareness of accountants to the basic concepts of governance, managers and members of the Board of Directors in the capacity building of civil able to meet the challenges of post-conflict .

Here we must emphasize the importance of orientation strategic to the members of the Board of Directors and executive departments they have the right to formulate and success of the strategy the bank and its activation by moving away from the formal system aggravated bureaucracy at work and give the flexibility appropriate according to the method of work and thus contributing to the development of work and outstanding performance and meet the challenges in the environment external and internal.

millionday] in other words we need to move to action and answers ect and the application of the strategic plans and training and see it is action

[millionday] it also is very important for follow up for the training done so the accountants and other economic members have the correct answers according to the new system

[millionday] He stressed Shammari the importance of the use of quantitative methods and programs to learn how to use sources of banks and where lies the weaknesses and strengths to facilitate the investment of resources as required and through the use of technology and focus on training to develop the skills of workers in banks, so as to enhance civilian capacity in building the economies of advanced, as well as work on investing in profitable projects and short-range and long guarantees for banks liquidity necessary for the functioning actively work through the cash flow for these projects.

And that because of the rapid developments in the field of the banks it should study and continuous follow-up of international organizations and local and regional Basel Committee commitment Bmaaber and governance mechanisms issued by banks such organizations as an important step in regulating the banks and financial institutions.

[millionday] obviously he is referring to making sure they remain compliant with all international banking regulations since they have activated their banking reform and will also be activating much more of the services as this unfolds

[millionday] He Shammari need to growing interest in some financial indicators in order to not lose the confidence of the customer some private banks and try to go about existing resources have including investment cash is located has projects in low-risk and high short-term in order to be a role high revenue from these projects in order to fulfill its obligations to depositors .

[millionday] this next part is about the future of their advancements in banking and economy

[millionday] title >>>>>>>>>>>>>>>. The future of the international economy

[millionday] He stressed the importance of encouraging banks to offer new products and foreign currency using currency deposits mentioned available to them through the development of a future plan to achieve the merger between private sector banks to set up banking units large size can build advanced capabilities of the banking business domestically and internationally,

 through the adoption of a plan intensive to develop the performance of employees and members of the Board of Directors of the Bank through courses organized by the training centers depending on local expertise and the use of lecturers from abroad to keep abreast with what is happening in the world of economic developments and the serious financial and fast has profoundly affected the economies of many as I explained it casts a deep concern for the future the international economy in general,

and particularly the Arab economy after the global economy turned into a small village rival parties due to technical developments and informatics.

[millionday] note — obviously they are very concerned with joining the international community in the economic condition it is in and are referring to making sure that their economy expands and is not ruined or negatively effected by the condition

[millionday] last part of speech >>>>>>>>>>>>

[millionday] He concluded Shammari his speech by saying Based on the foregoing, the developments and changes and reflections on globalization effects and wide on the banking sector in the countries of the world, including the Arab countries,

especially regarding trends growing towards deregulation and the removal of obstacles legislative and regulatory prevent the expansion of these institutions in various activities especially in the global framework of the Convention on Trade in Services, which imposed a number of obligations on States in this regard.

millionday] so what this boils down to is that they are ready for its combination in the banking world and are learning and training to remain in the great condition they are in with all of their fresh training and also their huge training workshops buildings and international help —

millionday] they are expected to be a huge gain for the arab world economically and also are expected to make huge gains in the world entirely economically —

[millionday] iraq is referred to in many circles as the save all — so we shall see — obviously they missed the economic plunge so they have a chance of being just that and trust me many leaders are hoping for just that and have given much of their time — not so much for the new friend but the new opportunity

[millionday] smile   brb with more

[faith1] come on…”and the promotion of transparency and disclosure.” Disclosure,, come on out with it !! Whoo Hoo !!

[millionday] smile —    we know this is coming and very soon as we saw by the figures that we read last night concerning the cost of the activation and also the point of no return they are now in for their customs ect due to the incoming  [millionday] and outgoing as far as that goes

[millionday] Specialist called for the need to update teaching methods and tactics and the introduction of a new department or section in each institution called the building department mission to keep employees abreast on the latest management techniques in the world.

 He said legal expert Adil al-Lami “morning” should also activate the e-government project as well as project heal between universities, research centers and between institutions of the state, each according to its competence, pointing out that the legislative reform, especially the laws and economic legislation because it is the basis for progress and well-being of the Iraqi society.

[millionday] He stressed the need to examine ways in how to build Iraq on the basis of correct and which emphasize bring life to the private sector through a series of legislation that must be applied in practice on the ground as well as the need to implement the tariff law for the protection of national production and the need to follow the economic model and clearly would bring Iraqi economy Ahadath of rentier consumer stereotypes and private sector development.

[millionday] the legislation needs to be activated not formed or dreamed up or written ect — it needs to be activated and moved forward in schools — training and its form of reason    brb with more

[millionday] this is a huge step for iraq and is expected right now so this is great — also saleh speaking is not bad either — where has he been

[millionday] The presence of a credit rating of any country in the world better than the non-existence because it gives the degree adopted by the countries of the world to assess the country’s economy for the purpose of investment and economic activities and other business.

And saw the financial and banking expert d. The appearance of Mohammed Saleh, it is possible a credit rating of the country through bonds sold in global markets because the presence of credit rating, though low, is better than no rating mainly because there is no rating confirms that the country is a threat to all countries in the world.

And is rated the world’s credit ladder classification consists of 4 grades are A, B, C and D as well as variables that represent signal + or – and Petkrarat different. Saleh said in a statement to the (morning) that he must begin Iraq is now negotiating for the purpose Ranked credit.

[millionday] note — of course with it being stalled for so long we would expect low so no worries

[millionday] And launched the first round of the Conference of Finance and Commerce in June of last year, the presence of the representative of the U.S. Department of Commerce Cameron F. Kerry, in addition to economic circles in Iraq,

 it was agreed during which Iraq to encourage investors to come to Iraq and classification of credit to be able to give credit for foreign investors, as well as importance of Iraq that goes on in this category in order to give guarantees in investment opportunities and confidence to recover their capital.

IThe Fitch or Fitch classifies countries credit is an international institution recognized worldwide and is a subsidiary wholly owned by Hearst, which has in April 2012 to increase its stake in Fitch Group to 50 percent, which is one of three companies rated a major addition to Standard & Poor’s and Moody’s, the company has been founded by John Knowles Fitch in late 1913 in New York City as the Fitch Publishing, merged with IBCA Co., Ltd. is based in London in December 1997.

PART 2 CONTINUED

ERBIL, Kurdistan Region – The president of Iraqi Kurdistan, Massoud Barzani, is expected to accept a controversial ruling by the autonomous region’s parliament to extend his presidency by two years and is likely to announce his decision this week, a senior leader of his coalition said.
“He has agreed not to reject parliament’s decision,” said the source, a senior leader of the Patriotic Union of Kurdistan (PUK), which together with Barzani’s Kurdistan Democratic Party (KDP) is a ruling partner in the Kurdistan Regional Government.
Speaking on condition of anonymity, he said that Barzani had confessed in a meeting that accepting the controversial extension “isn’t going to be easy for him. ”
On June 30, based on a top-level agreement between the two parties, the Kurdish parliament decided in a majority vote to extend Barzani’s presidency until 2015.
Tariq Jawhar, an advisor to Kurdistan’s parliament speaker, said the law stipulates that the president has to read and decide on parliamentary decisions within 15 days. He added that the countdown began when parliament sent the decision to the presidency on July 2, three days after it was passed.
PUK and KDP leaders argue that extending Barzani’s presidency was important at this stage, when there is no consensus among political parties about the constitution and the mechanism of the next general elections.
The majority of MPs and some PUK and KDP leaders believe that if Barzani fails to make an announcement by the 15-day deadline, the parliamentary decree will come into effect and be considered final.
But opposition parties, which had immediately declared parliament’s move “illegal and undemocratic,” still hope that Barzani will reject the decision and return it to legislature.
“We hope that Massoud Barzani, who is one of our national figures, does not place himself in this political dispute,” Hiwa Mirza, a senior member of the Islamic Union, told Rudaw.
He added that three opposition groups, the Islamic Union, the Islamic League (Komal) and the Change Movement (Gorran) are expected to meet and decide on their next course of action in case Barzani does accept the extension.

 

Baghdad/ NINA/–Sales of dollar by the Central Bank of Iraq CBI and purchases of other foreign currencies showed declined on Tuesday auction to 268 million and 659 thousand dollars, after hitting on yesterday auction the level of 356 million and 882 thousand dollars, with a stable exchange rate of 1166 dinars per dollar.

The daily bulletin issued by the Central Bank, said : “The demand for dollar was ranging on today’s auction around the level of 64 million and 300 thousand dollars sold in cash ./End

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7. 16. 13
Point is to reduce dollarization, raise value of banknote

Called deputies Economic Commission, yesterday, to accelerate the implementation of the project “reset” the process of local مبينين that current currency “not worthy” status of Iraq’s economic and investment in it, while the view of an expert that would require security situation and a stable political and banking system accurate and honest, confirmed last that moment, “more appropriate” than it was before the deletion of zeros from the currency.
Abtan: the country does not suffer from the crisis money and says a member of the Economic Commission representative, Abdul-Hussein Abtan, in an interview to (range Press), “The Iraqi economy has become today in advanced position and good because supplier of oil big, which reached nearly three million barrels per day, “and suggests that” the Iraqi Central Bank recently announced that reserves reached $ 76 billion, a very significant amount. “
adds Abtan, that “in spite of all that does not still Iraqi suffering from a lack of precision in the management of the economic file as well as the lack of coordination between the pillars. ” It was the Iraqi Central Bank announced, in the (third from July 2013 now), that Iraq is “in control of the funds and treasury of gold” in international banks, one of the acting out , denying the existence of frozen funds “outside the control of the Iraqi administration,”
While revealed that the reserve bank amounted to $ 76 billion in May last year, counting that out of Chapter VII would give Iraq “more freedom” to act and attract foreign investment. calls for a member of the Economic Commission representative, to the need for “multiple revenue estimated reflected on the economy and not on the availability of cash reserves large,” and continues that this “evolution in oil production and reserves, the central bank must be reflected on the lives of the citizens, because the country still has a large proportion of the poor and low-income and high unemployment, crisis housing and the deterioration of agricultural and industrial sectors. “
and sees Abtan, that “Iraq does not suffer from the crisis of funds but from how to manage money, causing paralysis of the Iraqi economy,” and calls for “Bank of Iraq the central need to take quick steps to delete the zeros from the national currency. ”
and is a member of the Economic Commission Parliament, that “the reserve that exists in Iraq and put the current economic is not commensurate with the size of the local currency and value that contains the number of zeros, and the current currency does not befit the status of Iraq and strengthen the economy. ”
Daini: out of Chapter VII made ​​it necessary to delete the zeros For its part, says a member of the Economic Commission representative, Nahed al-Daini, in an interview to (range Press), said that “the deletion of zeros from the currency became a reality, especially after the withdrawal of Iraq from Chapter VII of the Charter of the United Nations. ”
And remember Daini, that “the Economic Committee of the Council of Ministers were wary in the past of the deletion of zeros from the currency of many considerations, “and turned out to be” out of Chapter VII made ​​it necessary to delete the zeros to be of the Iraqi dinar absolutely privacy. “
and calls for a member of the Economic Commission parliamentary political forces and stakeholders “Leave excuse the wrong time, which taken as a pretext to stop a lot of decisions which, if applied to have contributed to the recovery of the Iraqi economy significantly, “and stresses the need to” adjust the border crossing points and the adoption of the law of customs tariff and reset the currency and the implementation of the Consumer Protection Act for the advancement of economic reality. “
Najib: The project requires a real will to that says member Finance Committee parliamentary Najiba Najib, in an interview to (range Press), “The Commission did not discuss with the Iraqi Central Bank Multi deletion of zeros from the local currency after assuming Abdel Basset Turkish presidency,” and explains that “the Finance Committee parliamentary pending claim CBI to discuss with him in this matter. “
And remember Najib that “the governing body of the former Central Bank presented a study on the preparation for the project to delete the zeros,” and believes that “this study were professional, scientific and included companies that have been agreed with the implementation of the project. ”
stresses a member of the Finance Committee representative, that “Iraq needs some salt is the deletion of zeros from its currency because the size of the money supply traded very large”, showing that there is a “four categories of the Iraqi currency is currently thousand and five thousand and ten thousand and 25 thousand dinars, while becoming the category of 250 dinars worthless almost even thousand dinars on its way to losing its value. “
and follow Najib that there is “an urgent need because we have a currency suitable for the size of the funds and investments entering Iraq,” and draws out that “the implementation of this project needs to be a real will and solidarity between the legislative and executive branches and develop a plan sober to make it a success. ”
adds “The process needs to educate the media and make the currency switch currency over two years and not to restrict banks certain and to be a broad base of banks Iraq in all provinces. ”
Expert: require security situation and a stable political Meanwhile, says economist as Antoine, in an interview to (Long Press), said that “you want to delete the zeros is the restructuring of the currency and reduce the use of decimal numbers in the accounts of the process, which has become a danger,” and shows that “The other thing is to reduce the fraud that occur in the existing currency, which depreciated significantly and need to process Switch. “
and see Antoine, “The other point is the reduction of dollarization because when you delete the zeros will raise the value of the banknote, not currency because the latter means and not an objective,” and continues that “it reduces the dollarization in business dealings Instead of using billions of leaves from the local currency Stenzel These millions and instead of transferring currency bags of wheat (Alkouan) will carry bags. ” and narrows the “time to change the currency was appropriate in the year 2012 the past, but now it is not appropriate. ”
specialist: currently more appropriate contrast sees Head of Economic Studies at the Center for Mustansiriya for Arabic Studies and International Dr Abdul Rahman al-Mashhadani, that “the time whether the appropriate two years ago to delete the zeros from the currency it is today becoming more solvency to complete it. ”
says al-Mashhadani, in an interview to (range Press), “The process of deleting the zeros was supposed to expire Two years ago, because the issue is purely economic, “and shows that” the dinar, which was torn and steals a loss to the government and citizen. ” He continues, head of economic studies, that “denominations now need to transfer large banks need to protect and place great,” and goes on to “the Iraqi currency needs to change because, according to the international standards should be changed categories currently in circulation and that the Central Bank shall issue new categories. “
It was the Economic Committee in the House of Representatives, called for in (the sixth of July 2013 now), the central bank to “speed up” the process of deletion of zeros from the Iraqi currency In order to maintain them, and confirmed that it is not in the interest of Iraq, the survival of its currency with so much and irregularly, as pointed out that the deletion process will increase the value of the Iraqi dinar and reduce unemployment and poverty.
referred to as the General Secretariat of the Council of Ministers announced in (12 April 2012) , the patient in the application process to delete the zeros from the national currency, which had to stop action all relating to the operation mentioned until further notice.
noteworthy that some economists believe that Iraq is not ready at the present time to delete the zeros from the dinar, pointing out that the deletion needs to stabilize the security and political as well as economic stability. was the International Monetary Fund, announced in (the 23 of March 2013), that the funds preventive Development Fund for Iraq rose in 2012 to $ 18 billion, and cash reserves of the Central Bank of hard currency to $ 70 billion, and pointed out that This rise came from “oil revenues unexpected,” in called the Iraqi government to end the control of banks owned by the state of the banking sector, he stressed the need for Iraq to strengthen public financial institutions to ensure efficiency and transparency in the use of oil revenues.
predicted USAID, in (third from December 2012 the past) that leads the Iraqi economy, Arab countries within five years, stressing that Iraq possessed all the qualifications to be a powerful country economically.
Iraq is trying for years to attract foreign capital to develop its economy in the fields of industry especially oil, including housing and oil and gas extraction , for the need of funds for infrastructure development and reconstruction, but observers assert that the lack of interest of the state to the private sector and the absence of investment laws which guarantees for investors and the absence of other laws that are still obstacles to the development of the economy in the form required. depends Iraq, which has the fourth largest oil reserves in the the world to 95 percent of its annual budget on oil exports and currently produces about two million and 900 thousand barrels per day, while the issue up to 2. 0002 million barrels per day. was the UN Security Council voted in, (27 June 2013), unanimously approved the decision to remove Iraq from Chapter Chapter VII, after more than two decades of sanctions imposed whereby in the wake of the former regime’s invasion of Kuwait on the second of August 1990.
almadapaper. net

7. 16. 13
Special sources confirmed prominent political and close to the central bank, on Monday, the existence of political parties working to disrupt important projects, especially the proposal to delete the zeros from the Iraqi currency. ,
The sources said, on Monday, for »the future of Iraq» that «the project to delete the zeros still faces a rejection of politicians officials beneficiaries of destruction of the Iraqi economy, especially since the project will eliminate the quantum counterfeiter of currency exchanged by those in the lid of a bank is unknown and is Exposed ». ,
the sources said« This proposal would also reduce the rates of inflation in the market and obstruction of stock traders who monopolize the market according to political support large causing them considerable material losses during a period of not less than 4 months at best.
almustakbalpaper. net

Muscat: The Iraqi banking sector is set for significant earnings and asset growth over the next decade driven by a strong macro environment, increasing credit penetration and the improving security situation in the country, according to a new report on Iraq’s banking sector released by Sansar Capital Management.

With the International Monetary Fund (IMF) forecasting Iraq’s GDP to grow at a rate of 9 per cent in 2013, the banking sector in particular is expected to maintain steady growth over the next few years.

The Sansar Capital report points out that rising credit penetration is also expected to further fuel banking sector growth. The report cites a World Bank study which shows that Iraqi domestic credit to GDP stood at a mere 9 per cent of GDP at the end of 2011 as compared to a 55 per cent of GDP average for the Middle East and North Africa (Mena) region.

Domestic credit to GDP grew at a clip of 89 per cent Compound Annual Growth Rate (CAGR) between 2009-2011. Moreover, according to Central Bank of Iraq data, cash credit, such as loans and overdraft facilities, have grown at an impressive CAGR of 50 per cent from 2006-2011.

The detailed report analyses the Iraqi private banking sector through the perspective of five of the country’s largest private banks by deposit. The report reveals that buoyed by strong economic growth and rising credit penetration, these five banks saw their aggregate net income grow by 207 per cent between 2010-2012.

Dilution driven by increases in equity capital resulted in EPS growth to be lower.

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