18/12/2011
Central reduces the risk of high dollar and is expected to increase growth rates 12 percent a year
Stressed the importance of the withdrawal of foreign forces in the doubling of demand for investment companies
BAGHDAD - Fulayyih Heidar al-Rubaie
An official source at the central bank to total GDP in the years 2014-2015 more than $ 300 billion, asserting that Iraq was on the verge of great economic revival would make it a destination for global investments in the coming years, while he expressed a number of stakeholders in the economic fears of recession entry of firms and investors after the withdrawal of foreign troops from Iraq, the source said foreign forces out a clear signal to turn Iraq from a country's wars to a field of large investments by the civil power of companies and businessmen who seek to enter the arena of investment Iraqi remarkably and significantly.The deputy governor of the Bank CBI appearance of Mohammed Saleh during his speech (morning): The process of withdrawal of U.S. troops and other foreign from Iraq is a sign of clear and explicit on the end of what was brought by the seventh item, a step which demonstrates the weakening of this item a manner that will turn Iraq into a force reconstruction, construction and investment is signs of turning pages of military and replace it with another civilian.He noted the benefit of that investment oil giant has worked to transform the country into a big workshop will lead later to revive all the economic aspects, particularly the increasing rates of development and high rates of GDP, and expected to rise in output during the years 2014 -2015 to up to $ 300 billion, a figure that will be exploited in the construction and reconstruction, wider than the rest of the areas, according to Saleh, who stressed the need to continue the country in attracting more oil companies and held rounds of other licenses and exploitation of all potential underground Iraqi best.
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The Deputy Governor of the Central Bank that the increase in polarization of giant oil companies will transform the country to the importer of the labor force and diminish unemployment rates after use fully, which will help increase the growth rate more than is reached by major industrialized countries such as China, emphasizing that those rates will jump thanks to the development plan of the country that have been developed for the years 2010-2014 to reach 9.4 percent, rising from the annual rate of 12 percent, a figure which he said was large compared to the rest of the achievements of the major countries that did not exceed the growth rates from 8-9 percent more.And on the high exchange rate of the dollar against the dinar in the local markets during the past few days ...Saleh said that these things do not go beyond that to be more than speculation practiced by many currency traders at times, confirming the presence of large capacity with the Central Bank to intervene to contain any of the vibrations that may be exposed to it the Iraqi dinar on the strength of large reserves with the CBE, amounting to more than $60 billion, noting that the financing of some of the trades of Foreign Affairs by Iraqi businessmen as a result of what is happening to some Arab countries and neighboring countries has led to increased demand for the dollar and thus rising prices against the dinar, as well as a conversion factor to fund some of the free trade deals for local projects, Saleh said in this regard: that the central bank is a major economic power capable of restoring the situation in the domestic market at any time he pleases.
The Central announced the initiation of a project key national who cares about the introduction of modern technologies in the banking system by facilitating the work of the payments and instruments in Iraq, and the benefit that this project is an electronic device inventor called "Qassim national" works to facilitate the withdrawal of money fast and brief for people who have credits in Iraqi banks of any bank they want within this device instead of going to the bank and let it be trusted, for the purpose of facilitating the payments system and the exchange of instruments between banks in Iraq, as well as the introduction of technology mobile to know the bank account and credit transfer by a Mobile collaboration with telecommunications companies in Iraq.
He added that a national Qassim managed by a company that specializes in this work for certain wages and are monitored by the Central Bank of Iraq to determine its performance and the extent of its capabilities and efficiency in the process of providing financial services to the citizen.
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December 5, 2011
Central Bank of Iraq - wishes to implement a national Retail Payment
The Central Bank of Iraq (CBI) wishes to implement a national Retail Payment Systems Infrastructure including a National EFTPOS / ATM Switch and an Iraq ... CBI .. PDF File @
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Snip ~ "In the period from (18 to 19) of the month of November of this year, the systems department development plan, the financial one section of the Central Bank conference Nqashiya in Istanbul to study the draft National key to facilitate dealings in credit cards and electronic cash Alale for the development of electronic banking system in Iraq"
Saturday 12/17/2011
Central Bank announces the "national key" to facilitate the payment system and instruments in Iraq
Baghdad, Central Bank of Iraq for starting a key national who cares about the introduction of modern technologies in the banking system by facilitating the work of the payments and instruments in Iraq.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh in a statement to the Agency (news) on Saturday: that the central bank is working hard to the introduction of modern technologies in the Iraqi banking system through the use of electronic devices to facilitate the work of payments and instruments between
Iraqi banks within a project called key national levels.
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And in favor: This project is an electronic device inventor called "Qassim national" works to facilitate the withdrawal of money quickly The brief for people who have credit in Iraqi banks of any bank they want within this device instead of going to the bank, which filed it be trusted, for the purpose of facilitating the payments system and the exchange of instruments between banks in Iraq, in addition to the introduction of technology phones in knowledge of the bank account and credit transfer Using your mobile in collaboration with telecommunications companies in Iraq.
He added that the device Qassim national managed by a company that specializes in this work for wages and conditions and monitored by the Central Bank of Iraq to see their performance and the extent of its capabilities and efficiency in the process of providing financial services to the citizen.
Saleh pointed out : that there is a local and international companies expressed their desire to manage this device will be announced soon for an international tender to enter the largest number of companies to choose the company efficient, which will manage the device, and continued after it is determined the company would be the formation of the national top consists of: representatives from the Central Bank and Ministry of Finance as well as banks and telecommunications companies to monitor and organize the work of this device for fear of disagreements in the process of drawing and performance.
The deputy governor of central bank monetary policy in Iraq continues, in the process of introduction of modern banking technologies and works invisibly with the help of international organizations and international institutions for the success of the plans for the development of the banking sector in Iraq, those of the U.S. Development and the World Bank and all other international organizations in countries friendly to Iraq.
In the period from (18 to 19) of the month of November of this year, the systems department development plan, the financial one section of the Central Bank conference Nqashiya in Istanbul to study the draft National key to facilitate dealings in credit cards and electronic cash Alale for the development of electronic banking system in Iraq.
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Same subject .. different source ~ Iraq ~ Shabibi ~ Delete the Zeros from the Iraqi Currency ~ Parliamentary looking economy with the Governor of the Central Bank ...
*Below article references the following 2 articles ~ Central Bank declares its readiness to start deleting zeros from the Iraqi currency ... and .. *November 18, 2010 ~ Finance: Delete the zeros of the local currency enhances the value of the Iraqi dinar in the International Monetary Fund ...Wednesday, 14/12/2011
Economy considering the possibility of parliamentary delete zeros from currency
Baghdad, The committee of economy and investment representative, on Tuesday, it will consider the deletion of zeros from the Iraqi currency, noting that the Governor of the Central Bank and economic experts have made several proposals in this regard.
A member of the Sheriff Aziz said in a statement received Mayahi term, a copy of it,
The "Committee for Economy and Investment hosted, today, Governor, Central Bank of Iraq with a number of economic experts," noting that "the two sides discussed the issue of deletion of zeros from the Iraqi currency."
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Mayahi added that "the Commission listened to a detailed explanation by the delegation on the issue of deletion of zeros," noting that "the Commission will consider the proposals of the delegation in this regard in order to reach the right decision to serve the interests of the Iraqi people."
The Member of the parliamentary economic and investment that "the Commission discussed with the delegation, a number of economic issues Kaltdkhm and ways to reduce its impacts on the Iraqi economy."
The Central Bank of Iraq announced that, in (29 September 2011), that the year 2013 will see the deletion of zeros and the currency exchange, pointing out that the existing currency formed a cluster of large cash estimated at 30 trillion dinars.
He said an adviser to Prime Minister for Economic Affairs Abdul Hussein Al-Anbuge, in (25 August 2011), to raise zeros from the currency is the biggest corruption in Iraq if it was during this period, and fall under the name of tampering with the economic, warning of "mafias currency" is preparing to rig the trillions of dinars Iraq to replace them in the light of the planned changes.
He accused the Iraqi Central Bank, in the (12 September 2011), government agencies of obstructing monetary reform and vowed to sue, blaming the authorities responsible for exposing the financial interests of the country to danger.
According to some economists that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, noting that the deletion of zeros needed to stabilize the security and political as well as economic stability.
And declared the Iraqi Central Bank Governor Sinan Shabibi, at a meeting of independent bodies with Prime Minister Nuri al-Maliki, who was held in (June 19, 2011), his willingness to create all the supplies to replace the Iraqi currency.
The Central Bank of Iraq was established as a bank independent under the law issued on the sixth of March of 2004, as an independent body is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the financial system competitive and independent.link
Bumped .. Related articles ~ *Iraqi Dinar = U.S Dollar ~ Deputy in the Finance Committee is expected to equal the Iraqi Dinar against the U.S. Dollar during the next biennium and flashback .. March 2010 ~ 'The Iraqi dinar has all reasons to grow stronger,' says Maliki and ~ Shabibi 'Our aim is to establish a forward market in Iraqi dinars
Tuesday, December 13, 2011
Parliamentary looking economy with the Governor of the Central Bank project to delete the zeros from the Iraqi currency
Baghdad, Committee discussed the economy and investment representative with the Governor of the Central Bank of the project to delete the zeros from the Iraqi currency.
A member of the Committee Aziz Mayahi in a statement said today that "The Commission on Economy and Investment hosted on Iraqi Central Bank Governor Sinan Shabibi with a number of economic experts, and discussed the issue of deletion of zeros from the Iraqi currency, the Committee heard to a detailed explanation by the delegation on this subject.
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He added that "the Committee will consider the proposals of the delegation in this regard in order to reach the right decision to serve the interests of the Iraqi people," adding that "the Committee discussed with the delegation, a number of economic issues Kaltdkhm and ways to reduce its impacts on the Iraqi economy."
The Central Bank of Iraq and on to San bank adviser appearance of Mohammed Saleh told Al [where] the need for Iraq to the process of administrative reform of the currency, cash, and that the project to delete the zeros is a step comes as part of the country's needs to the process of administrative reform of the currency in order to reduce the cost of cash transactions in the economic process as well the need to provide small groups of coins used in daily circulation of small transactions.
The officials at the Central Bank as well as some politicians and economists urged the government to delete the zeros from the currency and the issuance of new currency denominations large cash in addition to the presence of small coins.
Observers say that the government intends to delete the zeros from the currency as a step towards improving the purchasing power of the Iraqi dinar is that economists played down the importance of this step, considering that the cost of raising the zeros will be greater than the benefit expected to raise zeros.
And Abdul Hussein Al-Anbuge Adviser to the Prime Minister for Economic Affairs had warned earlier that the removal of zeros from the currency in the events will cause big problems and disrupt the Iraqi economy.link
Bumped ... Paris Club ~ Iraq Settling Debts? Iraq Higher Committee to Pay Dues: local private sector, foreign and Int'l organizations and ... Iraq ~ Central Bank assisted by IMF and World Bank to end the debt file ...
Wednesday December 8, 2011
The Iraqi Central Bank: file of Iraq's debts will be settled completely as soon as possible
Baghdad: Ahmad nasir
At the time, by which the council decided Iraqi prime minister during its last session to approve to form a supreme committee to check and the national and foreign private sector and international organizations, the central bank said that most of the details of the file of Iraq's debts have been settled and remain anything but very few will be resolved as soon as possible.
He said the official spokesman for the Iraqi government, Ali Al-Dabbagh, said in a statement received (the Citizen) a copy of it, that " the Council of Ministers decided to approve the recommendation of the Committee on Economic Affairs on the individuals and private companies from national and foreign and international organizations to set up a higher committee to check and the private sector, whether more than ten million dinars, or less would be out of the exchange rate and interest thereof."
Is the file of debts due owes Iraq one of the most complicated files, which faced the country post-change in 2003, with the volume of debts of state official or the beginning of Iraq for the benefit of the states more than 123 billion dollars.
Al-Dabbagh Said that " economic affairs committee recommended under foreign private sector debt to Paris Club deal in line with the Iraqi government not to differentiate between creditors and the need for being one of the applicable to everyone."
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Al-Dabbagh Said that " claims that it prove the non-which will be transmitted to the elimination of where will the Supreme Committee for the Iraqi private sector to devise a mechanism of exchange process and the necessary conditions to ensure the validity of debt and follow-up to the exchange of any other cases."
The Paris Club is an informal group of economic from 19 countries one of the richest countries in the world, which provides financial services such as debt rescheduling and debt relief, debt cancellation on the debtor countries والداءنة. The International Monetary Fund is to identify the names of those states after they have alternative solutions have failed.
The Central Bank of Iraq as the official in charge of the file of fiscal and monetary policy at a time of the former regime, currently one of resisting the debt, he said, the first deputy governor the Mohamed Saleh, that a dossier on Iraq's debts will be fully as soon as possible, after it succeeded in Iraq and in getting rid of most of its debts and left to small amounts of money are being negotiated by now.
And Saleh to (citizen), that the concerned authorities to follow up the issue of Iraq's debts represented by the Ministry of Finance and the central bank and the government of Iraq continues to follow up the matter with the creditor countries, indicating that there are three types of debts of Iraq's first representative of the Paris Club debt was nearly completed, the full effects through the many mechanisms after the reduction, such as the sale and the issuance of financial bonds in the name of Iraq, or payment by installments eight years in return for a percentage of the benefits of simple.
And he said there is the second type, non-Paris Club sovereign debt this type-in Poland, a move which will end soon, as the third type is commercial debt, Iraq paid a debt of 22 billion and a total of 25 billion, and to put an end to this kind of debt through so-called agreements or settlement, for example, there are companies requests Iraq 35 million dollars reduced by 90 percent and Iraq would be paid ten percent, and there are those who before with 8 % interest to fire 88 percent of the value of the debt.
And that Bologna is the only country in Europe did not cut off its debts so far, (850) million dollars, Iraq proposed talks with the Polish to invest in Iraq's debts in the process of reconstruction by Polish companies.
And the appearance that the number of companies which have made claims on Iraq under its debt amounted to 13 companies, most of which have been settled the matter with no remaining only a few and some of them asked the private sector, pointing out that Iraq has already succeeded in the management of this file completely.
The expert revealed that the bank's debt to close the file of that debt, most of which has been resolved, bearing in mind that such debts are debts of the original but debt resulting from the benefits of the principal amount doubled and debt is not clear or questionable in outstanding debts and non-fixed, the Ministry of Finance and the World Bank are going in the direction of debts file was extinguished more than $100 billion out of a total of 120 billion dollars.
Minister of finance advisor on the debt with Aziz, Aws Al-Khafaji, in a study on this issue that the Iraqi government inherited a heavy legacy of economic, social and destroy all infrastructure was the most influential " large debt, in particular, and of foreign affairs at the time with an estimated 130 to 140 billion dollars, set up about 500 600 percent of gross domestic product and about 700800 of its resources at that time. It was necessary to deal with this debt because the continuation of its survival will lead to the restoration of the Iraqi economy recovered as a result of this the gorge as well as not to encourage the flow of foreign capital.
Tour, US Secretary of State James Baker in different countries to gain support to reduce Iraq's debt and decisions of the conference of donor countries, which was held in Madrid in October 2003, the positive impact on the Iraq and an important step to settle the debt.
Al-Khafaji, The creditors to Iraq into four groups with the aim of the negotiations with all of the group and they (the Paris Club creditors representing 18 state debt estimated at the time between $4550 billion) and II (of creditor nations that are not members of the Paris Club with an estimated debt of more than 20 billion dollars), while the third is (the Gulf countries, creditor and both the kingdom of Saudi Arabia, Kuwait, Qatar and the United Arab Emirates. Their claims with an estimated between 3040 billion dollars) finally (commercial creditors, estimated its claims about $20 billion.
The private sector creditors on the basis "to the Paris Club agreement has held the Iraqi government represented by the Ministry of Finance and the Central Bank's negotiations with all creditors of the Commercial private sector in accordance with the" to similar treatment (Comparibilty Treatment) has been in the last period to achieve the following: debt to buy a number of private creditors, which was carrying debts of 35 million dollars equivalent to 10,25 cents to the dollar has been the purchase of some 4,456 billion dollars in the reduction of about 90 percent. 2
As for the debt of more than $35 million in credit from private creditors have been exchanged with a value of 20 percent against 100 percent of the debt and interest paid semi-annual installments over a period of eight years as " (2020) and (2028). 3
As for the rest of private creditors, which has not been settled, of about 4 percent of the total debt of the private sector, including Creditors branch of the Rafidain Bank in London subject under liquidation. Was the opening of a new draft resolution to be introduced and debts of these creditors who register their claims with the international company Ernst & jonk accounting agent of the Iraqi government, were they to the reality of Iraqi records will be purchased these debts according to the same principle, which was bought by the private sector's debts last offers, which is 10,25 cents per dollar We hope to be settled before the end of this year.
The United Arab Emirates, according to vice-governor of the Central Bank of the saleh has decided on the other hand, fire all its debts on Iraq, which is (7) billion dollars and we hope to do the rest of Gulf countries do the same.
He said the appearance that " Iraq is keen to put an end to this issue and will not hesitate in the rights to their owners on condition that the claimant provided by proof of its claim to Iraq is not stable and used by many malicious claims and fictitious, but this does not mean that we are not able to refute these claims and verify."
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18/12/2011
