CBI Announcement September 2011


al mahnawaya island Iraq by architect Ali Akber Poonawala

*The whole design is the hierarchy between the landscape and build spaces
*The projects is self sustain and design on the concept of renewable energy .
*The island area is 715 acres
*Natural island along the river
*Divided into 52 blocks.
*Master planning of island has 07 major zones,
*Including commercial, religious, entertainment, accommodation, administration, services and landscape.
.*In island 64 % area is green including 19 different theme parks.
*The Whole Island has 21 high rise buildings
* 12 buildings for accommodation facility
* 09 commercial and amenity buildings.
*In center of island there is monument
*Buildings fulfill there energy requirements by the modern architectural technologies
*There is an iconic monument in the center of island

“CBI” enact legislation to protect the decision-makers from accusations

Central Bank of Iraq said today, it is in the process of enacting legislation to protect the decision-makers of accusations, stressing continuity in the working mechanisms to ensure exchange rate stability in the markets.

According to Ali Allaq- “Central” bank governor in an official statement on the sidelines of a meeting of questioning random accusations made against the work of the Central Bank by some non-professionals, which found its way into the media and involved a great deal of inaccuracies and misunderstandings.

The meeting came a series of recommendations, including work to enact legislation to protect the decision-makers at the central bank of charges, because of ignorance, or self-interest, political motives and give them legal immunity enjoyed by their counterparts in the world’s central banks.

He acknowledged that the recommendations in the continuation of the central bank orientations and working mechanisms to ensure exchange rate stability, to prevent speculation, the removal of big differences from the official price and the adoption of full transparency in sales thru selling at currency window.

He said that among other recommendations of the study provided the adoption by the governor, as a general framework for the work of the Central Bank and the options available to him, distributed to professionals and the media in order to shed light on the facts and dispel the image blur on the work of the Central Bank mechanisms.


Europe will allow the green bird to cross over its airspace again

{Baghdad: Euphrates News} The Ministry of Transport announced today Iraqi Airways planes re-allowed in atmosphere of Europe.

According to a ministry statement received by the agency {Euphrates News} today, “This move came after efforts and follow-up by the authorities concerned; for the purpose of the airline crossing vital routes.”

He noted that “only three months after the papers are audited and procedures allow the planes again by international agencies responsible for the security of airspace and trans-European aircraft”.

Euphrates News

Central bank announce imposition of fines on offending banks

BAGHDAD / Obelisk: The Central Bank of Iraq Saturday, to impose fines on banks for violation of instructions worth 400 billion dinars, stressing that the Bank Act authorizes the imposition of fines on banks that are contrary to it’s instructions.

The governor of the bank in a symposium on monetary policy in Iraq was held at the Institute of the progress of financial policies in Baghdad, attended by local media and pursued “obelisk”, “The Bank Act authorizes the imposition of fines on banks that are contrary to instructions,” noting that “the amounts imposed on these banks amounted to 400 billion dinars.”

He added that “80%, which is estimated at 40 out of 50 private banks were having problems in relation to the purchase of foreign currency from the central bank before placing conditions per new instructions in 2012 for the sale and purchase of currencies”, noting that “these problems relate to the fact that their documents incomplete or false.”

He continued that “certain transactions not only problematic but the documents related to suspicions of money laundering and were forwarded to eradicate,” pointing to “the existence of a cooperation agreement between the Central Bank of Iraq and Jordan in this regard.”


Following the closure of nearly 12 years .. the opening of one of the main streets in New Baghdad

BAGHDAD / JD / .. the secretariat of Baghdad opened one of the main streets in the New Baghdad area after closure for nearly 12 years in coordination with Baghdad Operations Command.

The Secretariat said in a statement received / JD / copy of it: that the new Baghdad municipal districts restored in coordination with the security forces, the opening of the street link between the road (77) President and the millennium house in the new district of Baghdad, after about 12 years of closure to ease the traffic momentum and facilitate the flow of traffic walk in this important region.

She explained that the work of the municipal department implemented service campaign for the rehabilitation of the street before opening included raising concrete barriers used in closing and removing burning cars, obstacles caused by terrorist acts in the past years then clean and wash it raising large amounts of waste and debris cleaning gratings discharge of sewage, rainwater and treatment of bumps.

It showed that the opening of this street is part of the joint plan between the Municipality of Baghdad and the Baghdad Operations Command, which includes opening a large number of closed streets in the capital to ease traffic momentum and raising the burden on citizens.

Dananer News

Current price does not reflect the real value of the Iraqi currency against the US dollar


BAGHDAD / National Iraqi News Agency / the MP of the Economic Commission for the Kurdistan Alliance Najiba Najib confirmed the current dinar exchange rate against the dollar does not reflect the real value of the Iraqi dinar, indicating that the dinar true exchange rate is 1189 dinars and not 1200 dinars.

She said Iraqi National News Agency / Nina / that “the current exchange rate of the dinar against the dollar, the price is not the real price of dinars in the light of oil revenues may be the state not occurring on the profit or benefit by selling the dollar, the official price is 1189 dinars and when you add the interest rate up to 1200 But this value does not reflect the real value of the dinar.”

She stressed that the price “continuously fluctuating as a result of supply and demand equation the more demand less supply increased and vice versa, noting that the rate of the dinar is now good, stable price and there are no downward fear again.”

The Iraqi dinar is currently witnessing a simple swing between 1220 and 1223 dinars against the US dollar confirms the local currency improved.

National Iraqi News Agency

The Chinese yuan will be in the basket of world’s major currencies


Dubai – direct: Fitch ratings has announced that it expects the Chinese yuan to become part of basket of major currencies in the world and this is because the company expects China to get the International Monetary Fund approval.

Fitch noted that “the IMF will approve it at its next meeting on the 30th of November 2015. But with that “Fitch” do not lead to lead to clear changes in assets denominated in the Chinese yuan in the world.

It is worth pointing out that the agency “Fitch” has kept China’s credit rating at A +, expectations future stable, believes that Chinese sovereign enterprises facing a significant level of commitments, that any reduction in the credit rating will increase the pressure on these institutions and lead to greater economic volatility.

On the other hand, the European Central Bank and the Bank of China, test currency exchange agreement, where the agreement was signed in October 2013 to exchange the equivalent of 350 billion yuan, conducted a test last July.

BOC said that the test is a good step to facilitate international trade with Europe as well as improve the investment in the euro area.

The European Central Bank, has pointed out that this test WAS successful and confirm the readiness of both the Bank of China and the European Central Bank for the implementation of the Convention.

Also assured the European Central Bank that this agreement is able to improve the international financial stability and provide liquidity.


Progress of development policies Institute is hosting tomorrow central bank governor to discuss monetary policy

The progress of development policies Institute hosts on Saturday Governor of the Central Bank for the purpose of discussing monetary policy.

According to a statement of the Institute received by all of Iraq [where] a copy of it “will be hosting the Governor of the Central Bank tomorrow in the Institute building at 10:30 am to talk about monetary policy and the reserve, and other files.”

He added that the symposium which will include elite financial and economic experts.