Information / special / ..
Economist Basil al-Obeidi, on Wednesday, discuss a plan to protect the Iraqi dinar declining and volatility of exchange rates.
Obeidi said in a special statement to the Information Agency that “reducing the central bank dollar sales as well as international bonds to be issued by the central bank will provide Iraq with hard currency and thus will protect the Iraqi dinar from fluctuations in the currency.”
He added that “the decline of the dinar is linked to oil price fluctuations. If the price of oil has not seen remarkable stability in the stock market cause currency to fall.”
Alsumaria News / Baghdad
Greek authorities announced that, on Wednesday the Coast Guard stopped cargo ship loaded with weapons and explosives suspected of being sent to the organization “Daash” in Iraq and Syria.
The news agency “Associated Press” from the Greek authorities as saying, it “captured cargo ship loaded with weapons and explosives near the island of Crete was taken to the nearby port for research and investigation.”
The local media said “arms shipment was sent by terrorists linked to al Daash Libya on their way to Iraq and Syria.”
According to “Associated Press”, “the Greek authorities have not so far made any information about the type and quantity of weapons on board the ship, also did not reveal the identity of the ship and crew.”
The elements of the organization “Daash” had taken in the past year on the coastal city of Sirte and the surrounding areas in Libya, while military officials have estimated that there are approximately 3,000 to 4,000 terrorists are trained there regularly in the organization at camps.
BAGHDAD Alaa al-Tai
A senior government delegation, including ministers, officials and experts in the financial and economic affairs, next week scheduled to travel to the United States and Britain to discuss the issue of Iraq sovereign bonds, to explain the ability of the country to fulfill its obligations to investors who purchase those bonds in markets.
High-level government source, who preferred anonymity, said in an interview singled out the “morning” that a government delegation will travel Monday, accompanied by a credit rating talks team, to the United States and the UK to clarify Iraq’s ability to fulfill its obligations to investors who purchase Iraqi and international bonds promotion, in a move that serve the welfare of economic reform measures and to maximize state revenues.
The source said, “The delegation will include government’s finance and oil ministers, Governor of the Central Bank, consultants and experts in economic and finance, officials to discuss the process of issuing sovereign government bonds in the global financial market.”
The source noted, that the Iraqi government delegation held talks in Turkey during last June in order to promote Sovereign bonds to be issued by Iraq, stressing that the delegation held meetings with representatives of international banks also reviewed finance and economic, political and security of Iraq report.
The source said that the talks with a credit rating company and the International Tribunals “Modiner and Fitch” in order to determine the credit rating of Iraq in the international capital market, also held talks with British companies rating and contacts to get a credit rating. The source indicated that Iraq’s current credit rating within the group (B), noting that the delegation will explain the possibilities and Iraq’s oil export.
Iraqi Prime Minister Haider al-Abadi, a heavy legacy of corruption and the corrupt accumulated during the reign of his predecessor, Nuri al-Maliki, making his way to the application of full reforms of obstacles.
The observers of the Iraqi affair concern the seriousness of the files that Abadi open, that are related to very serious tight groups work during the eight years of the reign of al-Maliki of the country, earlier calling Abadi to be handled with caution.
One of the most prominent Iraqi ministers said that “al-Abadi remark during a recent cabinet meeting on the path of reform to confront the corrupt whatever it takes,” noting that “opens very serious and linked to the leaders of the militias.
“The minister, who preferred not to be named explained:” Abadi forming special committees to open the Central Bank files, on the issue of dismissal of the former Governor Shabibi, the like of the charges brought against him by the mafias of corruption that seized power in that period.
“He added that” the committees also open State Real Estate sold file acquired by the political and partisan forces per a window in the previous governments, open oil licensing contracts file marred by charges of corruption to deal with international oil companies.
“He stressed that” those files of the most dangerous in the country, which is hazardous to the reformist project, Abadi has personal reactions unexpected faces by those in charge of those files.
Information / special / ..
Economist Mohammed Abdul-Zahra, on Monday, asked the central government for an urgent financial plan to control the stability of the Iraqi dinar against the dollar.
He said / information / that “the survival of the financial situation for what it is, especially since the country living in severe financial crisis represented delay staff salaries, delays in the implementation of projects and the lack of financial liquidity, “noting that” those things have contributed and contribute to the instability of the Iraqi dinar against the dollar.
“He stressed the need to” put urgent government financial plan in order to avoid falling into a major crisis in the Iraqi economy”.
BAGHDAD / Nina / Ministry of Industry confirmed the direct operation of the pilot production line and assembly of Kia cars will start mid September, under the supervision of specialist engineering staff by the Korean company.
A statement of the ministry for the minister Mohammed Darraji saying: “The Kia will be accredited to the Kia Technical Specifications 2500 – 2700 – 3000 / ton vehicles, the design capacity of 32 cars a day,” he said, adding that rate for cars produced will reach 60%. ”
Added: “The total cost of the line set up with the equipment and complementary business amounted / 5 / billion dinars, implemented efforts by specialized personnel,” explaining: “The car assembly plant will be a hub for the start of the new car market in Iraq, established in order to assist in achieving the ambitions of the market that there is a presence of Iraqi industry in the automotive market.”
Alsumaria News / Baghdad
Italian oil company Eni announced, the discovery of one of the largest natural gas fields in the world off the coast of Egypt in the Mediterranean, noting that the detection of gaseous development will take about 4 years.
The company said in a statement received Alsumaria News, a copy of which, “The gas field is located at the depth of 1450 meters below the water’s surface to 100 square kilometers and reserves estimated at 30 trillion cubic feet of gas, which is equivalent to about 5.5 billion barrels of oil.”
The company added that “Sunrise gas field, which was discovered is the largest discovery made in Egypt and in the waters of the Mediterranean,” noting that “it may become one of the largest discoveries of natural gas in the world.”
She said “historic disclosure would turn the fate of power in Egypt,” pointing out that “the detection of gaseous development will take about 4 years.”
The company said “gas will contribute significantly to meet the needs of domestic consumption of natural gas for several decades.”
Italian oil company Eni is one of the largest foreign exploration companies on the continent of Africa, the company signed a contract in June to explore for energy with the Egyptian Ministry of Petroleum sources worth two billion dollars.
The contract gives the company the right to exploration of energy sources in the areas of Sinai and the Gulf of Suez, the Mediterranean and the Nile Delta.
[21:11:39] AMG: quiet day in Dinarland
[21:12:00] TRC: yes
[21:12:25] AMG: so they want to sell more bonds in September
[21:13:00] AMG: hmm, wonder why
[21:13:13] TRC: no, they extending deadline to buy them
[21:34:45] TRC: national guard law was postponed,
[21:35:34] AMG sent an audio message: Say What?!
[21:35:37] TRC: Abadi gave lengthy speech
[21:36:12] TRC: threatening the parliament
[21:36:30] TRC: about not passing laws
[21:36:30] AMG: hope the investment law moves forward
[21:37:13] TRC: he said he could impose martial law if they continue to argue over small things
[21:37:54] TRC: he also said if they do not like his rule they could vote to remove him
[21:38:15] TRC: but I think he is chuckling on that remark
[21:38:31] TRC: they could not agree to vote to remove him
[21:38:37] TRC sent an audio message: Laugh
[21:39:06] AMG sent an audio message: Drumroll
[21:39:39] TRC: not sure when next session is, for parliament
[21:40:21] TRC: looks like national guard law is higher on priority list than investment law
[21:43:26] TRC: national guard law seems to include items unifying the iraqi armed forces sectors
[21:43:35] TRC: under Abadi
[21:43:59] design: need investment law too
[21:44:02] TRC: which usa is encouraging to help defeat isis
[21:44:35] TRC: according to schedule national guard law is next then investment law
[21:44:51] design: ok
[21:45:02] TRC: seems there are a few disagreements with national guard law
[21:45:13] TRC: tribal or what have you
[21:45:17] TRC: militias
[21:45:34] design: small things
[21:46:29] TRC: they do not want to give up local command of their militias
[21:46:46] TRC: that is bottom line
[21:52:14] TRC: was supposed to be passed last week, every session it was postponed
[21:52:45] TRC: so Abadi launched a lengthy speech
[21:53:46] AMG: 😉
[21:55:05] TRC: if they cannot move forward without this law approved, it is then bery important
[21:56:00] TRC: not sure when next session is, one said Tuesday next week, another said Thursday this week, another said Saturday
[21:58:08] TRC: so looks like we are at one of those crossroads
[21:58:22] TRC: does Abadi have the stuff
[21:59:22] TRC: about giving up power
[21:59:35] TRC: many do not want to do that
[22:01:04] TRC: they have passed two very important laws the last couple weeks, so is there more good stuff, or does everything stop here
[22:01:31] TRC: labor law and the political parties law
[22:10:52] TRC: you cannot have one country with multiple armed groups under different authorities
[22:16:50] AMG: so true, M is a textbook example
[22:18:11] TRC: yes the national guard law is another biggy
[22:20:25] design: where does money laundering law stand… final vote?
[22:21:09] TRC: they only have 4 weeks to do that
[22:21:35] TRC: that depends on the politicians
[22:21:46] design: oh yeah…. lol
[22:22:01] design: down to crunch time
[22:22:19] TRC: hence Abadi’s speech
[22:22:50] TRC: threatening martial law
[22:23:50] TRC: he can issue decrees allowing these laws approval
[22:23:52] design: they got to get with it
[22:24:04] TRC: under martial law
[22:24:14] design: really!
[22:24:34] TRC: like presidential order in usa
[22:24:44] design: wouldnt put it past him
[22:24:53] design: wants to move forward
The economic and investment commission in Parliament, announced the completion of the amendment of the Investment Law No. 13 of 2006.
A member of the Committee, Osman Doski, told all of Iraq, that “the Commission has completed writing the draft amendment to the law, it will be presented at the earliest session of parliament for a vote.”
He explained, that “the most prominent amendments to the Act to add clauses to facilitate foreign investor work in Iraq, give him the right to submit a judicial complaint in Iraqi courts and abroad Investment Authority if what happened there is disagreement between them, with facilities in the acquisition of land for investors.”
The head of the economic and investment commission in Parliament, Jawad al-Bolani, said last month, “The second draft amendment to the investment law will be presented to the final vote in the coming period, would be a great achievement of the legislative side of the Iraqi economy.”
He stressed that the introduction of a number of radical changes to the law which will form an important factor in the creation of excellent investment environment and meet the aspiration of all parties.”
Alsumaria News / Baghdad
The central bank announced on Sunday, extending the period for the bond sale for the benefit of the Ministry of Finance one month, while explained that it will sell bonds in Iraqi dinars at a price of 1095 dinars per dollar.
The bank said in a statement Alsumaria News received a copy of it, “will be extended sales in bond futures delivery in the currency of the US dollar on behalf of the Ministry of Finance the first of September up to 30th of month,” noting that “will be four categories (2500/ 10,000/ 50,000 and 100,000) US dollars and the total amount of two billion dollars.”
The bank said it “will sell the bonds at a price in Iraqi dinars 1095 per dollar and payable by the Ministry of Finance on February 28, 2017 to be paid in dollars at maturity.”
The Central Bank of Iraq became independent under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies daily for the sale and purchase of foreign currencies sessions except public holidays which stops the Bank for these auctions.