Turkey gives formal approval to US to use air base for anti-IS raids

Ankara (AFP) – The Turkish government has given its formal approval for the United States to use the Incirlik air base in southern Turkey for raids against Islamic State (IS) militants in Syria, a foreign ministry official said Wednesday.

“The cabinet has signed the decree,” the official told AFP, without specifying when the authorisation was given. “The (Incirlik) air base can be used (by the US against IS) anytime.”

The accord came after months of tough negotiations between the two NATO allies that saw Washington grow increasingly frustrated over Turkey’s reluctance to play a robust role in the international coalition against jihadists.

The decree signed by the cabinet authorises the implementation of an agreement between Turkey and the United States on the base that was thrashed out during a visit to Ankara by US presidential envoy John Allen earlier this month.

The cabinet has agreed to “implement elements agreed between Turkey and the United States,” said the official. “The basis is there for the use of the facility,” the official added.

The United States has long pushed for the use of the base in the campaign against IS jihadists in Syria due its location relatively close to Syria just outside the Turkish city of Adana.

Turkey’s failure to let US planes use the base for raids against IS in Syria had caused severe irritation in Washington. But Ankara is now hardening its line against the group.

Turkey blamed deadly suicide bombing in a Turkish border town on IS and on Friday, Turkish warplanes for the first time bombed the IS targets in Syria.

The agreement comes as Turkey also takes military action against Kurdish militants in northern Iraq, a move some analysts see as tacitly approved by Washington in exchange for the Incirlik deal.


Iraq Stock Exchange new online trading system calls to provide offers

lraq Stock Exchange Automated Systems Department Invitation JulY 2015 On-Line Trading System We are inviting you to offer your offers of On-Line Trading System to perform the following functions:

l- The System Hosting in Iraq Stock Exchange, and All the Equipment and Applications of this Project will be inside the Iraq Stock Exchange.

2. The; system must be compatible with the ISX X-Stream System

3. System consists of two Modules, the First Module is for Investor Services, and the Second Module is for Brokers Services’

4. The Investors Services include : View market Data feed in Real time ‘ View their portfolios in the market, and their shares in the CSD ‘ Get all specific data, studies and news that are generated by ISX

5. The Brokers Services include: Ensure feeding market data to clients and investors Trading service via the Internet in real time to its investors Ensure open a handling account in the csD and in the Broker. Granting the ability to investors to view their portfolios and data Financial transfers between banks and the clearing bank and brokers Technical Analysis of the problems

6. The System must be compatible with IBM WebSphere Portal

7. The system must be compatible with IBM Mobile solution

8. The System Providing the Services vi Internet , Mobil App , SMS , Email ‘ Bid Conditions:

l- – Offers (commercial and technical) should be delivered within the next 15 days after the announcement date

2. The company bears the cost of the system and the costs of operating the equipment . system, with an exclusive contract for the company to manage service

3. The company must give a technical support, And Training the ISX Technical Staff.


A contract with Siemens for implementation of (4) manufacturing plants in Baghdad

BAGHDAD / JD / .. the Directorate General for power transmission projects and the Ministry of Electricity, concluded a contract with Siemens for the implementation of (4) manufacturing plants in Baghdad.

The Director General of the General Directorate for power transmission projects Sabah Kadhim Ekrb in a written statement / received a copy of it: we have concluded a contract with Siemens, includes processing equipment, public works and implementation of four important manufacturing stations 132 kV in the capital Baghdad.

He explained that the contract contains processing equipment, execution of public works for the four stations, are already present to service, will be rehabilitated under this contract, the establishment of new alternative for old plants in Kadhimiya, Al-Ghazali, Baghdad and Yarmouk.

For his part, Ali Rashid Jawad Associate Director of Projects transfer stations in the Directorate-General for projects that power transmission stations (132 kV) of type (Ja.o. MSI) gas-insulated, noting that the term of the contract, which includes all processing equipment and public works (485) days, starting from the activation of the contract, the day of opening credit.

Rashid stressed that the project is vital, because it will contribute to lift bottlenecks in Karkh and Rusafa effectively.

Dananer News

No change in the date of application of the tariff

Tomorrow Press / Baghdad: The head economic affairs adviser Mohammed Saleh, Wednesday, said that the application of the tariff will not change schedule will apply on time.

Saleh said for “tomorrow Press”, that “the application of customs taxes decision an economic level to improve the lives of citizens and service delivery goals,” stressing that “the decision to apply the tariff schedule will not change and will be implemented on time.”

“The tax will be taken from specific financial revenue will not be random,” pointing out that “the tax will contribute to the solution of economic problems pertaining to the social reality of the citizen and infrastructure projects.”

Alghad Press

Kuwait defer the deduction of the amounts of compensation from Iraqi oil revenues, an additional year

Baghdad: {Euphrates News} the Iraqi Ministry of Foreign Affairs announced approval by Kuwait to defer the deduction of the amounts of compensation from Iraqi oil revenues, additional years.

The spokesman for the Foreign Ministry Ahmed Gamal told {Euphrates News} Today, “in response to the request of Foreign Minister Ibrahim al-Jaafari, the Kuwaiti government decided to approve the postponement of the deduction of the amounts of compensation from Iraqi oil revenues extra year from 2016 until 2017; because of the sharp decline in prices oil, in addition to the extra expenses made ​​by Iraq in the fight against terrorism.”

“The Ministry of Foreign Affairs expresses high regard for this noble crossing the depth of brotherly relations between Iraq and Kuwait”. Iraq filed 5% of the proceeds from sales of petroleum, petroleum products and natural gas in Compensation Fund pursuant to Security Council resolution 687 of 1991, to establish a fund to pay compensation to governments, companies or individuals who have suffered direct losses as a result of the Iraqi invasion of Kuwait in 1990 and the establishment of a committee to manage the fund.

Alforat News

Chatroom Log Monday

[21:08:54] TRC: next weekend tariffs start
[21:09:30] Tf: good news
[21:09:36] TRC: in all provinces
[21:09:52] Stormy: So how do they enforce tariffs on Syrian and Jordanian borders? I thought IS controlled them.
[21:09:56] TRC: except Anbar
[21:10:07] TRC: Anbar is closed
[21:10:23] TRC: iraqi forces have isis trapped
[21:10:37] TRC: they got to mop it up
[21:11:04] Tf: good news
[21:11:26] TRC: borders with Turkey, Iran, Saudi Arabia and Kuwait tariffs start
[21:11:43] Tf: good news
[21:11:58] Stormy: That is like adding tax to people
[21:12:15] TRC: Jordan and iraqi delegations are negotiating on shipping , most likely thru saudi border
[21:13:07] TRC: and bigger amounts thru Basra sea ports from Aqaba Jordan
[21:13:29] TRC: until Anbar is free of all isis
[21:17:20] AMG: tarrifs = 5 days……………………………..nice
[21:21:44] TRC: ok lots happening
[21:21:58] TRC: Turkey is getting involved
[21:22:15] TRC: they will soon be part of coalition
[21:23:05] Tf: good news, TRC
[21:23:19] TRC: the new money laundering law will allow CBI to begin changing the currency
[21:23:29] Tf sent an audio message: Drumroll
[21:23:40] Tf: good news
[21:23:52] TRC: global finance has given Iraq until October to activate the law
[21:23:55] AMG: WB says 2 months
[21:24:01] brown sugar: TRC we may be getting close
[21:24:33] TRC: if they do not pass it and activate it, Iraq will be put on black list
[21:24:58] TRC: considered a money launder nation
[21:25:14] TRC: lol
[21:25:34] TRC: which would also include the dinar dropping in value
[21:25:50] Tf: well, we thought the currency auctions were a thing of the past….
[21:25:57] TRC: how far , no bounds
[21:26:30] TRC: currency sales still ongoing
[21:26:36] Tf: the only other way is to let the dinar be traded on open currency exchange, right??
[21:26:50] TRC: but will be closed for few days from Thursday until the 4th
[21:27:13] Tf: that is what they thought would happen…then something happened….
[21:27:13] TRC: they are upgrading system
[21:27:28] Tf: still transitioning….
[21:27:35] TRC: always
[21:28:06] brown sugar: I hope they upgrade the value of the dinar lol
[21:28:20] Tf: the same old story…..it took longer than we thought..
[21:28:24] TRC: the website had some issues renewing for another year brown sugar,
[21:28:50] Tf: just so it happens….better late than never…
[21:28:50] TRC: the server host changed data servers
[21:29:19] Tf: what a ride….
[21:29:51] brown sugar: good things in the wait I hope
[21:31:09] TRC: so the reason this is fluid situation is the money laundering law needs to be prioritized in parliament
[21:31:26] TRC: along with investment law
[21:31:37] TRC: to change the currency
[21:31:45] Tf sent an audio message: Drumroll
[21:31:56] brown sugar: how long will that take
[21:32:02] TRC: lol
[21:32:09] TRC: aka fluid
[21:32:28] TRC: they are supposed to speed things up
[21:32:29] Tf: we still have a few days left in July, brown sugar…
[21:32:52] TRC: but , speed may not be in iraqi lingo
[21:33:17] TRC: parliament meets Tuesday
[21:33:22] Tf: hurry up….and wait…..maybe even take a few steps back….
[21:33:45] Tf: so it seems..
[21:33:47] brown sugar: please not backward
[21:34:00] TRC: two finance experts have said time is ripe to begin
[21:34:12] TRC: in last 7 days
[21:34:29] Tf sent an audio message: Oh Boy!
[21:34:35] TRC: CBI will not reveal their hand
[21:34:41] Tf sent an audio message: Drumroll
[21:35:12] TRC: IQD street value rose about 20 to 30 dinar this week
[21:36:16] TRC: if you want to buy treasury bonds you can with dinar at any iraqi bank, at 1095 dinar per dollar
[21:38:33] AMG: hmm, bonds & Warka
[21:38:37] TRC: iraqi banks are having difficulty meeting demands for their customers
[21:38:52] TRC: limiting withdrawals
[21:38:53] AMG: liquidity
[21:39:45] TRC: the reason is they are not big enough, they need to merge with other banks local or international
[21:39:53] Tf: good news…
[21:40:31] Tf: any good news from Anbar today, TRC?
[21:40:33] TRC: merging with global banks will not happen until investment law in current form is voted and activated
[21:41:19] TRC: iraqi forces took more towns
[21:41:19] Tf: it seems they have a sense of urgency again….
[21:41:25] AMG sent an audio message: Drumroll
[21:41:30] AMG sent an audio message: Yahoo!
[21:41:30] Tf sent an audio message: Drumroll
[21:41:39] TRC: in and around Fallujah and Ramadi
[21:41:47] Tf: good for them…
[21:41:47] AMG: Security IS the key
[21:42:06] TRC: they are tightening noose in both those areas
[21:42:12] Tf sent an audio message: Drumroll
[21:42:47] TRC: Fallujah residents protested against isis, wanting to be allowed to leave
[21:43:04] TRC: isis refused to allow it
[21:43:27] TRC: isis executed 80 of their own
[21:43:46] Tf: bad people….
[21:44:12] TRC: more rumors baghdadi is dead
[21:44:29] Tf: let’s hope..
[21:44:34] AMG: hmm
[21:44:35] Tf: again..
[21:45:15] TRC: there will be big increase in air attacks in both Syria and Iraq shortly
[21:46:25] TRC: US air force based in Turkey will be able to double their sorties
[21:46:53] TRC: turkish air force will be including paralell sorties
[21:47:00] Tf: I hope they don’t stop at the Iraqi/Syrian border in their pursuit of ISIS….
[21:47:23] Tf: I hope they don’t let them have a safe haven like before…
[21:47:25] TRC: isis is doomed
[21:48:01] Tf: follow them….find them….end their threat….once and for all…
[21:48:30] TRC: Turkey wants to remove assad, so something must be put on table for turks help to wipe out isis in Syria
[21:48:57] TRC: both isis and assad are now turks enemies
[21:49:17] Tf: how is the GOI with Assad?
[21:49:41] TRC: note prime minister of Turkey had private meeting with Putin yesterday
[21:49:44] Tf: how is the USA and coalition with Assad?
[21:49:58] TRC: Putin is assad supporter
[21:50:01] AMG: oh…..Putin
[21:50:04] Tf: yes
[21:50:13] Tf: its complicated…
[21:50:18] AMG: really don’t like him
[21:50:25] AMG: :-(
[21:50:39] TRC: I think we may see agreement , allowing assad to leave to safe haven country
[21:50:54] Tf: well…
[21:51:01] AMG: we can only hope
[21:51:19] TRC: assad said today they are falling short in manpower to fight isis
[21:51:49] Tf: Assad killed his own people…
[21:52:09] TRC: with assad gone , they could use remaining syrian army as allies to remove isis
[21:52:18] TRC: use too
[21:52:22] Tf: don’t know how he could remain in power and have any lasting peace…
[21:52:24] AMG: yup
[21:52:54] AMG: IMO, he can’t
[21:52:55] TRC: turks would also help much more , maybe with turkish forces on ground
[21:53:18] TRC: Russia has naval base in Syria also
[21:53:25] Tf: yes
[21:53:42] TRC: with assad gone they could all work together to kill isis
[21:53:52] AMG sent an audio message: Drumroll
[21:53:58] Tf sent an audio message: Drumroll
[21:54:12] TRC: turks, russians americans, etc.
[21:54:16] AMG: nice thought
[21:54:32] Tf: will the Russians get on board, though??
[21:54:38] TRC: isis is common enemy
[21:54:55] Tf: I mean to get rid of Assad?
[21:55:03] TRC: russians do no want isis overtaking country
[21:55:21] TRC: their naval base is very important
[21:55:31] TRC: they would kill for it
[21:56:00] TRC: if assad got to go to save Syria
[21:56:21] TRC: Putin would make an agreement
[21:56:49] Tf: I hope he would..
[21:57:03] TRC: maybe I am thinking these folks are smarter than they seem
[21:57:31] TRC: but was interesting to see turkish leader and Putin meeting
[21:57:50] TRC: turks are not best of friends with Russia
[21:57:55] TRC: lol
[21:58:05] Tf: who is??
[21:58:29] TRC: historically they have never gotten along
[21:59:00] TRC: ottoman empire fought three wars with russian empire
[21:59:04] Tf: I have Russian friends…
[21:59:13] Tf: sweet people…
[21:59:32] TRC: Turkey could say crimea belongs to them
[21:59:40] Tf: yes
[21:59:49] TRC: turks were there before russians
[21:59:49] When is RV?
[21:59:49] Do we have date and rate
[22:00:38] TRC: getting off track here
[22:00:48] TRC: we are talking bout Iraq
[22:00:54] AMG: lol
[22:00:56] Tf: :)
[22:01:07] AMG: back to Iraq
[22:01:11] AMG sent an audio message: Drumroll
[22:01:16] Tf sent an audio message: Drumroll
[22:01:23] AMG: where’s my rV?
[22:01:46] TRC: Tuesday will be cabinet meeting see what they say
[22:02:06] TRC: parliament session too
[22:03:07] Tf sent an audio message: Drumroll
[22:03:35] Tf: you mean tomorrow, TRC?
[22:03:48] TRC: yes
[22:03:57] Tf: or actually, tonight…our time…
[22:04:18] TRC: what ever
[22:04:32] Tf: their Tuesday will be ending in the morning when our Tuesday is just beginning, right?
[22:04:48] TRC: suppose so
[22:05:18] Tf: that is why I am always hopeful in the mornings when I awake….
[22:05:38] Tf: hoping they have done something while we have been asleep…
[22:21:59] Tf: 1130.6000
[22:22:26] Tf: heading in the right direction….
[22:22:50] Tf: slowly….
[22:23:00] Tf: still up and down…though…
[22:23:13] Tf: still being manipulated….
[22:23:54] Tf: been waiting to see them let it go….run with the big dogs…

Amidst liquidity shortage, Iraq’s banks refuses to reimburse

Private banking sector of Iraq is having trouble meeting customers’ demands because of liquidity issues, leading to unrest and worry.

Some banks are limiting withdrawals to a specific percentage of deposited funds, while others have stopped allowing them altogether. In addition, even funds originally deposited in US dollars can only be withdrawn in Iraqi dinars, according to the exchange rate of Capital bank.

Such procedures confused customers and angered many of those who deal with banks. Overall deposits in one Iraqi bank — whose name cannot be published for legal reasons — did not exceed 2.5 million Iraqi dinars (about $2,000) in an entire workweek, which is a relatively modest figure. The bank’s lobby was filled with scores of customers demanding their money, and the administration was refusing to allow customers to withdraw all of their funds at once.

Umm Ahmad, the mother of four grown children, travels more than 300 miles every Thursday from Basra governorate to Baghdad to make withdrawals from North Bank. She began doing this after the bank stopped allowing withdrawals from its branches in various provinces and limited such transactions to its main branch in the capital.

Umm Ahmad seemed stressed as she discussed her situation. She told that her children need money to emigrate, so she decided to sell their house, give her children half of the proceeds and buy herself a smaller house with the remaining amount of money she had deposited in the bank’s branch in Basra. However, the bank refused to let her make the withdrawal. The person who bought her house is now demanding eviction in less than a month, while she is unable to pay for the new house because the bank limits withdrawals to $2,000 per week and sometimes only allows withdrawals every two weeks.

Many Iraqi citizens have with similar stories. During the aforementioned visit to the unnamed bank, it has been noted that people shouting among themselves and fistfights broke out between the bank’s staff and the customers. An official at the bank said they had a rescue plan and had offered customers cars and real estate in place of their money.

Umm Ahmad said such offers gave her hope that she would see at least some return of her savings, even if not in cash, so she decided to buy a house. She and other interested customers were given a list of addresses for the houses they could purchase with deposited funds, yet they were shocked after those living in the homes threatened to kill the customers should they buy their houses. Umm Ahmad said it became clear that all of the listed properties were mortgaged to the bank and the owners had failed to pay the interest on their loans.

On 19th March, Ihsan al-Yasiri, the director of issuance and reserves at the Central Bank, made a press statement aimed at reassuring customers of national banks, explaining that the Central Bank can ensure the money through the legal reserves available at each bank.

Banking expert Inas Mohammed said that the government is responsible for a huge chunk of what the private banking sector is going through.

She added, “The liquidity problem in private banks is linked to investment transactions and projects with the government. For example, the Ministry of Education owes one of the banks that are currently suffering from liquidity issues 100 billion dinars in dues, and the ministry has only paid back 8 billion dinars in a payment last week.”

According to a source who requested anonymity for security concerns, Asia Cell, one of the largest communications companies in Iraq, withdrew deposited money from its account at that same bank.

The source told Al-Monitor that the bank still owes Asia Cell 200 billion dinars, an amount it is unable to pay, putting the bank on the brink of bankruptcy.

Awatef Jalloub, an economics professor at Baghdad University, told that the solution lies in approving a new law that would help develop and support local banks, since current law does not allow them to be open to the international market. She pointed out the necessity of encouraging banks to pair with international banks in order to create major development banks that are able to finance large projects in the country.

Meanwhile, Safwan Qassi, an accounting professor at Baghdad University, believes the answer to saving these stumbling banks lies in merging them with bigger banks or government intervention, whereby the government buys out these banks or takes on a role in managing them. Qassi noted that codifying customer payments, controlling withdrawals, imposing a certain exchange rate and forcing a change in currency are all factors that weaken the banks and undermine customers’ trust, which results in poor performance on the part of the bank.

Iraq Directory

Iranian company to build a power station in Basra, at a cost of $2.5 billion


Alsumaria News / Baghdad
Announced that the Iranian company “MAPNA”, Monday, launching the implementation of power plant project in the Rumalia area in Basra after a year and a half of negotiations with the Iraqi side at a cost of $2.5 billion.

The newspaper “site Iran Daily “, citing the company’s CEO Abbas Ali Abadi Monday,” The company began implementing the plant to generate electric power and natural gas in the South Rumalia Iraq after a year and a half of negotiations with the Iraqi side.”

It is scheduled that the station project is completed within 4 years with the first unit will enter them into the national grid early 2017.

For his part, the CEO of the contracting Shamara with the Iraqi side Ali Shamara said, “The Iraqi government will guarantee the purchase of electricity produced at the plant of 15-17 years,” noting that “the Iraqi government will finance the entire project.”

The station aims to add 3,000 megawatts of power to the Iraqi national grid, which suffers from an acute shortage of current capacity, which amounts to 8500 MW.


Global financial institutions gave Iraq until October to approve the money laundering law


Tomorrow Press / Baghdad: parliamentary economic and investment commission member Ahmed Kanani, Monday, said the World Bank and other international financial institutions gave Iraq until October as the date for the adoption of anti-money laundering law.

Kanani warned in a statement received “tomorrow Press” “of the consequences of the House of Representatives delayed in approving the anti-money laundering and terrorism financing law, who said he did not receive attention of the Presidency of Parliament.”

“The parliament has not yet significance required for this vital law, which depends upon the continuation of economically connect Iraq with the world, the focus of the Chamber of Deputies on the minor issues.”

Kanani said that “Iraq would be included on the black list countries economically with lack of enactment of this law,” adding that “this measure will eliminate the purchasing power of the Iraqi dinar and put the Iraqi Central Bank in a corner makes it isolated from the world.”

He said the “deadline only two months left on the head of the House of Representatives that the law be included on the agenda, but the nearest session and will be responsible for the punitive economic measures to be taken by the world against Iraq.”

Alghad Press