7. 30. 13
It has been presumed that the fall of economy or Iraqi dinar price is not a big concern now. After a few efforts and withdraw of the chapter VII sanctions, Iraqi dinar price has become stable to some extent.
With the rise of economy of the country and growing foreign investments in this region, Iraq has been anticipated to do well in future days, as opined by the team of experts.
There are expectations for the possibility of the return of the power of the Iraqi dinar offers hope to achieve this dream, but what can we explain the exchange rate so in the country of its wealth earth-shattering, these expectations were built on perceptions of experts that Iraq would emerge and salvation from the provisions of Chapter VII.
Though there are numerous problems within the country, it can be expected that the country would do well in all aspects. The business activities are encouraging in the country and that is why investors are eyeing on them.
7. 30. 13
Two Iraqi parliamentary committees monitoring fiscal policy in Iraq have held two contradictory positions on the Iraqi currency “reset” project, which would delete three zeros from the currency. Controversies were there regarding the feasibility of this project and some of the experts have opined that it will take a long to implement.
The Parliamentary Economic Committee thinks that deleting zeros from the Iraqi currencies would lead to strengthening Iraqi economy. However, the Finance Committee is worried about the project aftermaths as it may bring a lot of counterfeit operations.
Mudher Mohammad Saleh, former deputy governor of the Central Bank of Iraq, warned against the consequences of such a step if it is not implemented at the appropriate time. Abdul Abbas Shayya, a member of the Economic Committee in the Iraqi parliament, told, “Reforming the management of the Iraqi currency now requires the deletion of three zeros. This has been endorsed by the parliamentary Economy and Investment Committee. ”
Shayya, an MP for the State of Law Coalition led by Iraqi Prime Minister, added that the Economic Committee “asked the government and the Central Bank to quickly replace the current Iraqi currency with another that is less [in value] by three zeros. ”
“The Iraqi currency is weak, and the money supply has amounted to multi-trillions because of the existence of these useless zeros,” he said. “The country will witness a significant increase in oil revenues, financial earnings and high budgets. Thus, we need to print new banknotes, as estimated by the Central Bank. ”
“Iraq would need about 9 billion banknotes in the event of applying the deletion of zeros. Iraq today is dealing with 4 billion banknotes,” he said.
MP Nahida Daini agrees with Shayya, her colleague in the Economic Committee. In an interview with Al-Monitor, she stressed the need to implement the Iraqi currency “reset” project. However, she said that the government fears money laundering operations in the event of the project’s implementation.
She said, “The Economic Committee last week requested to implement the deletion of zeros from the currency, but the Council of Ministers asked to delay the process for fear of money laundering operations. ”
Daini believes that the government’s fears “are mere concerns. ” She said, “There are regulators in Iraq who can follow up and ensure the integrity of the project. ”
Magda al-Tamimi, member of the parliamentary Finance Committee, told, The delay in deleting zeros from the currency was due to fears of possible fraud operations. The Finance Committee is currently focused on controlling the currency auction,” which is carried out by the Central Bank to provide merchants with hard currency necessary for import!” The fiscal policy of Iraq has come under criticism recently due to the fluctuation of local currency exchange rates against global currencies.
According to Tamimi, “Iraq is not ready to control the possible currency fraud that may result from the deletion of zeros. ” The Finance Committee, Tamimi added, “is now working toward controlling the Iraqi currency auction, which is witnessing a significant fluctuation in the exchange rate of the Iraqi dinar against the dollar. ”
“Development is the gateway to strengthening the currency. Thus, raising the value of the dinar is more important than the deletion of zeros,” she said.
Saleh remarked, “The deletion of three zeros from the currency means deleting three grades from the calculation records of the Republic of Iraq. The decision to implement the deletion of zeros next year is very dangerous and risky. This issue must be done at the appropriate time. ”
Saleh added, “We need to reform the currency management and accounting systems in the country in general. This can only be initiated in a new fiscal year. ”
“There are many encouraging positive factors to reform the currency management system,” he said, also noting that the deletion of zeros “does not only involve changing the design of the currency. It implies changing the economic system in the country in general. ” Updated 26 Jul 2013
30-07-2013 12:35 PM
Orbit news –
Move the location of the magazine ‘Daily Beast’ American specialized analysis Alabaran intelligence sources American official as saying that ‘the attack on the prisoner Abu Ghraib and Taji like a nightmare for counter-insurgency and intelligence.’
American sources made it clear that ‘escape of prisoners lost after both did not kill him, who were at the base and the large number to Harbin confounded analysts Americans. ‘
sources revealed that the ‘United States now launches aircraft is armed drones and other types of aircraft from Turkey in order to collect intelligence on Iraq.’
said director of the National Security Council, former U.S. in Iraq Doug Olivent ‘whenever we looked at the escape from prison whenever there that more disasters will happen. ‘
said Doug Olivent that this command (escape from the Abu Ghraib prison) will rebuild Qaeda in Iraq networks in the levels of the middle and upper. ‘
quoted ‘Daily Beast’ for a Sahwa leaders in Anbar Jassim Mohammed Suedawi saying: ‘I fear retaliation escaped prisoners from Abu Ghraib understand imprisoned by men Awakening who fought al-Qaeda and their goals first will be the leaders in the awakening like me’.
added Suedawi: ‘Washington abandoned us, despite its alliance previous with us and we do not have any contact with the U.S. government since the withdrawal of troops from Iraq They let us in the wind ‘.
30-07-2013 12:40 PM Orbit news – Baghdad (news)
Refer economic expert on behalf of Jamil, the reason for the reluctance of investment projects in Iraq to the inefficiency of the investing companies and the lack of experience and potential.
, said Jamil (of the Agency news): that most of the investment companies have fake IDs and do not have any possibilities in the implementation of actions and projects assigned to them ,
adding that the financial corruption that plagued in the body of the state make such Contracting take projects despite the loss of possibilities for implementation and follow-up work. said:
He must contract with companies after the confirmation of the potential contractor and material efficiency in pursuing the project and the terms of the contract clear and explicit, as well as the presence of Engineers كفوئين with high professional completion of investment projects task.
pointed to: that take a lot of those jobs are not eligible because of quotas party had a role in the distribution of contracting unexpectedly thoughtful both his ministry or his party without regard to the interest of the country.
noted that several projects built infrastructure, hospitals and schools have been referred to more than one company is solid and did not accomplish these specific projects with the times and some of them have not already done.http://www.almadarnews.info/index.php?page=article&id=659
7-29-2013 TNT Tony: I know you have been waiting all day! I have been taking calls all day and getting info all day! I am still on calls and we are still waiting and the clock is still ticking down but it has all been positive news! …tomorrow…I will update you on today’s progress. I have received nothing but good news!
7. 30. 13
informed banking sources said that the report on the acts of the Executive Board of the International Monetary Fund last May endorsed the central bank’s target Iraqi central goal of liberalization of the foreign exchange market.
The sources said in a statement “obelisk” that “what has been recently taken steps to simplify the rules of the market regulatory Born satisfaction of the Executive Council of the progress made by the central bank recently in the context of strengthening banking supervision and efforts to restructure the bank good and Mesopotamia. ”
The report was issued by the International Monetary Fund for Iraq, has recommended that the pace of structural reform to boost growth and job creation in the private sector, and the need to continue the good governance of foreign reserves at the Central Bank of Iraq and the Development Fund for Iraq.
7. 30. 13
Baghdad (AIN) -The British Newspaper, the Guardian, described the Premier, Nouri al-Maliki, as “A disastrous leader, subverting the constitution to concentrate power in his own hands, to exclude the Sunni minority and potentially to threaten the so far peaceful Kurdish north. ”
On Tuesday, the Guardian mentioned “Iraq’s slide into endemic violence has been obscured by the outside world’s preoccupation with the Syrian conflict. Yet Iraq is in almost as parlous a state as its neighbor. Indeed, in July so far, deaths in Iraq have exceeded those in Syrian. Consult the Iraq Body Count for the death list on any given day, say this Saturday just past. The pitiful tally then was two people by gunfire and AED in Baghdad, one person by IED in Mosul, one farmer by IED in Baquba, one person stabbed in Ba’aj, and “one preacher by gunfire” in Karmeh. ”
“Behind those acronyms, AED for adhesive explosive device, and IED for improvised explosive device, lies a technology of killing which barely existed 10 years ago when the Americans and their allies invaded. Saturday, however, was a very light day in Iraq. On Sunday, more than 60 people were killed in car bomb blasts, the majority Shi’ites, and there was a similar toll from Monday’s bombs,” the Newspaper added.
Stressing the regularity of targeting the common citizens in the terrorist bombings, the Newspaper assured “As usual, the victims were ordinary folk, people waiting at bus stops, labourers on their way to work, men lined up for job interviews, amateur footballers. The viciousness and utter lack of discrimination recalls the terrible years after 2006, years Iraq was supposed to have put behind it with the establishment of a democratic government, the amendment of the constitution, and the transfer of the responsibility for security from the Americans to Iraqi soldiers and police. ”
“The resulting Sunni backlash, exploited by al-Qaeda, is the background to the latest violence. The situation has been made worse by recent breakouts from the Abu Ghraib and Taji prisons, which returned veteran extremists to the fray and which suggest that the government may be as incompetent as it is dictatorial. Security, after all, is supposed to be Maliki’s forte,” the Newspaper continued.
Over the connection between the Syrian conflicts and the Iraqi deteriorated security situation, the Newspaper emphasized “True, conventional fighting on the scale seen in Syria, as opposed to war by bombing and assassination, is not likely in Iraq because the proportions in the two countries are different. In Iraq the government derives from the Shi’ite majority, and the rebels from the Sunni minority. In Syria, the Alawite minority, notionally Shi’ite, rules, or tries to, and the rebels are drawn from the Sunni majority. The military balance reflects this demography. ”
“But both sides in both countries grasp that they could perhaps redress this balance by allying with their co-religionists on the other side of the border. The two conflicts thus already overlap, and might even one day merge, a nightmare possibility that could extend the agony of both peoples into the far future,” the Newspaper concluded
7. 30. 13
|Central Bank criticizes global report described Iraq’s economy to "المتخبط" |
|Alsumaria News /
Baghdad said the Iraqi Central Bank, on Tuesday, the stability of the exchange rate of the Iraqi dinar against the dollar in response to a report by the International Center for Development Studies talked about the "reality flopped in the Iraqi economy,"
noting that its reserves of hard currency amounted to 70 billion at the end of 2012, while noting to strengthen the tally of gold to 29.7 tons. statement said the bank had received "Alsumaria News" copy,
"The report issued by the International Center for Development Studies in Britain on the facts taking place in the Iraqi economy, which a lot of inaccuracies and lack of understanding," adding that "the Bank
He was able to maintain the stability of the exchange rate of the Iraqi dinar against the dollar officially through auctions conducted by the bank and by 1166 dinars to the dollar since 2012 until now. "
the statement added that "the fluctuation in the price of the dinar in the markets was simple and not that great, as mentioned by the center," explained "
The Bank data for 2012 indicate that the highest rate of exchange rate amounted to 1263 dinars to the dollar in April, and the lowest rate was 1,200 dinars for the month of October of the same year."
It was a report by the International Center for Development Studies, and position the British capital London, revealed in April 2013 that Iraq has lost three billion dollars in two months during the year 2012 as a result of money laundering.
said the Iraqi Central Bank in its statement that "the tally of foreign currency difficult amounted to $ 70 billion for the end of 2012, which represents the Bank’s activities in the composition of its reserves and strengthened as a result Bank policy successful,
"pointing out that" the balance of reserves of foreign currency to the Development Fund for Iraq (DFI), which represents oil imports, which belong to the Ministry of Finance (the government) amounted to 18 billion dollars by the end of 2012. "
and the World report that the Central Bank of Iraq announced In August of last year that its reserves of hard currency amounted to 67 billion U.S. dollars, while the Iraqi government announces that balances preventive in the Development Fund for Iraq amounted to $ 18 billion.
assured the CBI that "strengthened its reserves of gold to $ 29.7 tons the end of August in 2012, which is the same so far after it was 5.9 tonnes in July 2012, an increase of 23.8 tons,
"explaining that" what appeared in the media about the disappearance of ten tons of gold earlier is untrue which commercials irresponsible.
" The reserves Central Bank Gold lost between global status report that he dropped by 20% in less than a year, which fell from nearly 39 tons in 2011 to 31 tons in 2012,
while some accuse the central bank’s current presidency is responsible for the disappearance of ten tons of reserves Gold, Iraq needs these reserves to enhance the value of the Iraqi dinar in the money markets abroad.
assured the International Center for Development Studies in its report that fact المتخبط and chaos in the Iraqi economy and the spread of financial and administrative corruption requires the existence of transparency in the accounts of Iraqi funds in the Development Fund for Iraq in the Bank of the U.S. Federal ,
returned this is very important, especially with the loss of billions of dollars of these funds in prior periods and conflicting statements about the size of these funds and reserves that are considered the property of the future generations of the Iraqi people.