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  • Investors Iraq News's Avatar
    Today, 01:15 AM
    By John Lee. British Defence Secretary Ben Wallace met with his Iraqi counterpart, His Excellency Najah al-Shammari, signing a Memorandum of Understanding. Defence Secretary Ben Wallace said: “The work our personnel are doing in Iraq to help them combat the scourge of terrorism is absolutely vital. Not only are we making a valued international partner more self-sufficient for the future, but we are also keeping our own streets safer by suppressing the spread of Daesh’s evil ideology. “However, we are under no illusions and fully recognise that the threat from Daesh and al-Qaeda is still very real. This document is a signal of our commitment to continue to stand shoulder-to-shoulder with Iraq until that danger has been diminished, and also to form a longer-term defence relationship.” The UK currently has around 500 British personnel in Iraq, training and developing the skills and knowledge of local forces, as they deal with the ongoing insurgent threat from Daesh and other terrorist groups. The deal signed today focuses on military education, while also confirming that the UK will work alongside Iraqi Security Forces to develop their intelligence structures and provide wider training and development. In addition to targeting Daesh with airstrikes over Iraq and Syria, the UK has currently trained more than 103,000 Iraqi forces in infantry and weapons maintenance, counter IED, medical and engineering skills. This has already saved countless lives and is contributing to recent successful operations. (Source: UK Ministry of Defence) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Today, 01:15 AM
    By John Lee. Authorities in Baghdad are implementing a series of measures to improve passenger access to Baghdad International Airport (BIAP). The measures include the widening of the main road to the airport, the removal of a number of security barriers and allowing vehicles to reach the departure terminals to drop off passengers. These measures coincide with the the resumption of flights by major carries to Iraqi airports, and the expansion of Iraqi Airways route network. The easing of access to Iraq’s main international gateway comes just a few weeks after the Iraqi authorities oversaw the opening of the so called ‘Green Zone’ in central Baghdad to traffic, fulfilling an undertaking by Prime Minister Adil Abd Al-Mahdi and the Iraqi government. Soon after the defeat of Daesh in Iraq, the Iraqi government began to remove concrete barriers, blast walls and checkpoints, which have been in place for well over a decade, from other parts of Baghdad and cities across Iraq. (Source: Govt of Iraq) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Yesterday, 06:20 PM
    GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers. Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country. Please click here to download the latest report free of charge. For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at daniel.matthews@garda.com Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Wolverine's Avatar
    Yesterday, 03:43 PM
    661 replies | 69471 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 01:33 AM
    You are invited to apply for 2019-2020 DAFI scholarship programme under the Albert Einstein German Academic Refugee Initiative funded by the German Government and administered by the United Nations Higher Commissioner for Refugees (UNHCR). DAFI scholarship programme aims to support #refugee students in accessing higher education. The scholarship covers all tuition fees as well as living costs and educational materials during the Bachelor degree full-time studies, no longer than 4 years of studies Do you match the following criteria? You are a refugee or asylum seeker in Iraq with valid refugee or asylum seeker certificate; You have completed your high school study with GPA (Grade Point Average) of 75% and higher, or You are already enrolled in one of the universities, having excellent academic results, and would like to benefit from the DAFI scholarship; You have your original documents and academic certificates (if studied outside KRI); You are aged between 17–25 years old; Have not been selected for resettlement or family reunification process. Then apply online through*https://enketo.unhcr.org/x/#Dqg6ULC6*before 10.09.2019 For more information, contact DAFI hotlines at: (+964) 07734270537 (Kurdistan region of Iraq) (+964) 07734270535 (Kurdistan region of Iraq) (+964) 07809207282 (Iraq center and South) Or send us an Email at* IRQDAFI@UNHCR.ORG (Source: UNHCR) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • investindinar's Avatar
    08-23-2019, 06:52 PM
    Thank you for the empathy, but hey it's always a good time for 'live and learn', right? I still need to wait until the CBI allows Al Warka to return back full to operation and allow cash withdrawals from their current accounts. Until then, I can only wait and collect interest. I'm not even sure if it's even advisable to buy any subscription shares at 1 share per 1 IQD when they 'recapitalize' and offer their shares back in the ISX to be traded. The only silver lining in that respect would be if a major player popped in out of the blue and bought majority rights at 8 to 10 IQD per share. Then the AGM and subsequent sale of Al Warka shares may be worth waiting for. investindinar
    121 replies | 26802 view(s)
  • James's Avatar
    08-23-2019, 06:18 PM
    I'm sorry all that happened. Stocks are at an all time low so if you wanted to go with a different broker now would be the time. IMO Maybe... one day you can send Warka money to another brokerage firm or wire to your home location. At least your still showing a balance in your account.
    121 replies | 26802 view(s)
  • James's Avatar
    08-23-2019, 06:14 PM
    James replied to a thread Warka Standing in Warka Bank News
    Pretty much waiting on them to be reinstated by the CBI. As far as a bank if you have an account they are still crediting interest to your account. Email correspondences are sub par at best. Warka was suspended from trading on the ISX and not any activity as a broker. I transferred my stocks to Al Karmal 2 years ago. You can look at my profile for those past posts. ( I'm not an expert just don't have the time to rewrite that info again)
    1 replies | 44 view(s)
  • ToBeRich's Avatar
    08-23-2019, 02:22 PM
    So I have not been on here in some time. I would like any info concerning the standing of Warka and any shares purchased through them. Not just Warka shares, but all shares purchased. Thanks in advance for any info available.
    1 replies | 44 view(s)
  • investindinar's Avatar
    08-23-2019, 02:01 PM
    The email you described in your response to my post is exactly whom I've been communicating with for the last 18 months. Anyway, I think they vaporized my stock holdings, deposited everything into my current account with Al Warka, and never opened an account with the ISX under my name. Beginning in March of 2018, I did see substantial deposits into my current account without any explanation. To be honest, I think they had no intention of doing what they promised anyway. They used that announcement to liquidate everyone's position even though efforts were made to comply with the required documents within the deadlines. I've thought about getting legal counsel involved, but that may turn out to be a worse alternative. What's more, I think they are reticent to admit their actions to my numerous requests for information on their status, either due to gross incompetence, or simply because they never really had any intention of following through with their promise to transfer all stocks in proxy following that announcement, as I mentioned earlier. investindinar
    121 replies | 26802 view(s)
  • James's Avatar
    08-23-2019, 11:44 AM
    If they liquidated any of your stocks would it not show up in your Warka account as a deposit? (We would assume) If not maybe you will be able to transfer these shares still because they did not evaporate. Have you tried al-wasata.co (at) warka-bank-iq (dot) com? I once got an email from them when I had a stock question.
    121 replies | 26802 view(s)
  • Investors Iraq News's Avatar
    08-23-2019, 01:04 AM
    In Numbers 378,787 people assisted in July 2019 1,87 mt of food assistance distributed USD 3.04 million cash-based transfers made USD 68.2 million six months (August 2019 – WFP January 2020) net funding requirements Operational Updates In July, WFP delivered food assistance to 378,787 people in 10 governorates, reaching 89.7 percent of the monthly target of 422,376 people. This is mainly due to some delays in Mobile Money Transfers (MMT) payments to people assisted due to banking regulations issues. WFP Iraq is taking steps to resolve this by opening a local bank account in Iraqi dinars. WFP Iraq continues to coordinate with the Ministry of Migration and Displacement (MoMD) to meet the food needs of IDPs. In Anbar, Ninewa and Salah al-Din, WFP delivered a “top-up” to MoMD’s assistance. This represents around 65 to 70 percent of the total entitlement provided by MoMD and mainly consists of cereals and lentils (50 kg per-household) to complement MoMD’s food basket, or a cash transfer of 11,000 IQD. General food assistance to refugees is now being delivered through MMT. The transition from e-vouchers included successful rounds of SIM card distributions in nine camps, with good coordination between WFP teams, partners, camp management and Financial Service Provider (FSP) teams. In close coordination with the Ministry of Education, preparations are underway to resume School Feeding in October for the new academic year. A Call for Proposals for cooperating partners took place, and recruitment for the new team is also starting. Over 1,000 students graduated from the first cycle of EMPACT digital skills training. They are now enrolled in advanced (Level 2) courses focusing on advanced digital skills and English. Outreach is underway for the second cycle of new students to begin Level 1 classes in August. WFP Iraq’s sub-offices have received a donation of Google Chromebooks, which will be handed over to EMPACT classrooms for participants to use for freelance work from August. As part of the testing phase of the digitalisation of Iraq’s Public Distribution System (PDS) social safety locations in Anbar governorate. The first ePDS distributions took place in Duhok and Najaf, and the second distribution cycle took place in Baghdad. In partnership with Mosul University, WFP Iraq’s Resilience team has begun the “three-pronged approach” (3PA) training for the planning of resilience projects. The 3PA takes into account the nationwide, seasonal/livelihoods and community levels for planning. (Source: WFP) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • investindinar's Avatar
    08-22-2019, 09:56 PM
    Anyone have any luck with the proxy shares transfer first announced on January 24, 2018? I'm not having any luck at all with getting information from Al Warka, Al Rassam, M. K. Issa, or 3044 or anyone else. The only thing that I receive is a repetition of the instructions to submit a colored copy of my passport, etc., which I did within the adjusted deadline. I'm beginning to think that they liquidated my stock positions, didn't transfer anything over to the ISX, but refuse to admit it. investindinar
    121 replies | 26802 view(s)
  • Investors Iraq News's Avatar
    08-22-2019, 01:03 AM
    Abu Dhabi National Energy Company PJSC (TAQA) has announced that its subsidiary, TAQA Atrush B.V. (TAQA Iraq), has set a new production record from the Atrush oil field in the Kurdistan Region of Iraq. For the first time since the field commenced production operations in July 2017, the total monthly production volume exceeded 1 million barrels of oil in July 2019. The 1 million barrel mark is a key milestone in TAQA Iraq’s ongoing production improvement and expansion plans for the Atrush block and is a testimony to the effort, professionalism, and commitment to deliver safe and efficient operations in Iraq. The current rate of gross production at the Atrush block is approximately 34,000 barrels of oil per day, which is line with the company’s targets for Q2 2019. The increase in production was largely due to new wells coming on stream and the impact of de-bottlenecking work over the past few months, which has increased the capacity of volumes handled by the production facility. The facility has continued to meet targets at minimal spend and is a result of a focus on integrated planning and optimization. Speaking on the milestone, TAQA Chief Executive Officer Saeed Al Dhaheri said: “This significant achievement is a direct result of our Iraq team’s technical expertise and strategic planning efforts. As a global energy player with operations spanning four continents, our operations in Iraq have allowed us to strengthen our expertise as a leading developer of greenfield projects. “We look forward to building on this achievement to continue to deliver energy to our strategic partners in the Kurdistan region, and to continue to forge strong relationships with local communities around the Atrush block.” AbdulKhaliq Al Ameri, Managing Director of TAQA Iraq, added: “Our focus for the past two years has been to improve the value of our asset while ensuring cost-optimization and uphold our commitment to health and safety. I am particularly proud of our team, which comprises more than 300 people, many of whom are from the Kurdistan region. This achievement is a result of their hard work and dedication to TAQA’s vision.” The Atrush field is located 85 km northwest of Erbil and is one of the largest new oil developments in the Kurdistan Region of Iraq. The field was first discovered in 2011 and production started in 2017. In its two years of production, the Atrush field has produced of 17 million barrels of oil, with increasing efficiency. In May 2019, TAQA Iraq completed the acquisition of an additional 7.5% working interest in the Atrush block from Marathon Oil KDV B.V. With this acquisition, TAQA Iraq’s working interest in the Atrush block increased from 39.9% to 47.4% and represents an AED 116 million addition to the company’s assets. TAQA Iraq is the operator of the Atrush block and has a 47.4% working interest under the Atrush block Production Sharing Contract. TAQA Iraq’s partners in the project are the Kurdistan Regional Government (25%) and General Explorations Partners, Inc. (27.6%). (Source: TAQA) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    08-22-2019, 01:03 AM
    By John Lee. Scottish-based engineering firm Wood Group plc has said that its operations in Iraq will see increased activity. In its half-year results for the six months ended 30 June 2019, the company said: “Growth in 2019 will be led by Operations Solutions, where we expect increased activity in Iraq with customers including Basra Gas, and in Papua New Guinea and Australia with Exxon.” The company combined with Amec Foster Wheeler in 2017. (Source: Wood Group) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • BatmaninIraq's Avatar
    08-21-2019, 09:32 AM
    What's the use of coins at the moment Economy | 08:10 - 20/08/2019 BAGHDAD - Mawazine News commented member of the Iraqi Economic Council Sadiq al - Mashat, on the statements of the Parliamentary Finance Committee on the Iraqi government 's quest to re - work coins. Al-Mashat said in a statement received / Mawazine News / a copy of it, that "the Iraqi government going at the moment to re-work coins is not positive because the financial developments in most countries of the world go to electronic currencies," indicating that "the work of electronic currencies in Iraq has been in great demand during Last few years. " He added: "More useful to the state is to reduce the use of currencies in general and urged the Iraqi consumer to pay electronically," indicating that "this measure provides the state the value of minting coins and the value of printing paper currency." Al-Mashat called through the statement to "the importance of working in electronic currency rather than return to cash and metal," noting that "electronic currency can include small cash categories from one fils to one dinar and thus numbers upward for small cash categories." Al-Mashat said, "The banknotes will disappear after 30 years because of the high demand for electronic currency." The "Finance Committee in the Iraqi Council of Representatives announced on Monday (19-August-2019) the" government direction to reinstate the currency and delete zeros from paper currency in order to strengthen the national economy.
    12 replies | 860 view(s)
  • Investors Iraq News's Avatar
    08-21-2019, 12:55 AM
    By*Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Former Iraqi premier opens up about PMU, new PM, IranAl-Monitor’s correspondent in Iraq*interviewed former Iraqi Prime Minister Haider Al-Abadi at his family residence within the Green Zone in the capital Baghdad. There, he holds meetings of the Victory Alliance and*hosts guests. Abadi discussed many topics including his relationship with the Popular Mobilization Units (PMU),*the government of his successor Adil Abdul Mahdi,*the possibility of Iraq mediating between Washington and Tehran and*Israel’s*targeting of the PMU. Abadi warned against damaging carefully balanced ties between the Iraqi federal government and Iraq’s Kurdistan region because of*power conflicts. He also commented on the PMU*accusing him of serving the intersts*of the United States. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    08-20-2019, 10:13 AM
    The interior ministers of Iran and Iraq signed an agreement to implement plans to facilitate the Arbaeen pilgrimage to Iraq, including one on reopening the Khosravi border crossing. Iranian Interior Minister Abdolreza Rahmani Fazli and his Iraqi counterpart Yassin Al Yasiri met in Tehran on Saturday and signed a memorandum of understanding to facilitate the Arbaeen pilgrimage to Iraq by Iranian travelers. Based on the MoU, the two sides agreed to reopen the Khosravi border crossing and remove visa restrictions for pilgrims planning to visit Iraq for the Arbaeen ritual ceremony. Iran and Iraq also agreed to raise the level of services and facilities for the pilgrims and enhance border security during the Arbaeen season, which will culminate in a large gathering in Karbala on October 19. Arbaeen, one of the largest religious gatherings in the world, comes 40 days after Ashura, the martyrdom anniversary of the third Shiite Imam. Each year, a huge crowd of Shiites flock to the Iraqi city of Karbala, where the holy shrine of Imam Hussein (AS) is located, to perform mourning rites. (Source: Tasnim, under Creative Commons licence) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    08-20-2019, 10:13 AM
    By John Lee. The National Investment Commission (NIC) has announced the following investment opportunities: Chlorine production plant – State Company for Mining (Source: National Investment Commission) (Picture: Business opportunity word cloud, from ibreakstock/Shutterstock) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    08-19-2019, 10:36 PM
    By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. The Ministry of Oil and the “Odious Contract’ Trap” with ExxonMobil’ ConsortiumTalks have intensified recently about the continuation of negotiations between the Ministry of Oil (MoO) and ExxonMobil/CNPC consortium that might lead to the signing of a contract for the “South Iraq Integrated Project (SIIP)” at an estimated cost of $53 billion and a duration of 30 years, but no official confirmation or indications on the fundamental contractual provisions that were agreed on and those still pending. In the light of the available information, material evidence, actual examples, international geopolitical considerations and comparative analysis, a detailed evidence-based research and Report* was done on the project and related negotiation. The report on SIIP’ possible contract comprises: A necessary introduction and caveat; Political and geopolitical implications of ExxonMobil behavior and its apparent link to the “deep state” based on many evidences that actually and factually had negative consequences on oil projects, for example, in Russia and in Iraq. In Russia, ExxonMobil caused a delay of almost four years in the development of the Pobeda oil discovery in the Kara Sea when ExxonMobil withdrew, in late 2014, from its deal with Rosneft due to imposing US sanctions on Russia. Iraq had three bad experiences with this company in recent years. The first, when ExxonMobil negotiated secretly and concluded, against declared government policy, deals with KRG in 2011 soon after the company secured West Qurna 1 contract through first bid round with the federal ministry. That move led to excluding ExxonMobil from leading Common Seawater Supply Project (CSSP), reduce its Participating Interest in WQ1 and blacklisting it from any upstream project. The second and third bad experience occurred this year when the company evacuated, unilaterally and without government consent, all its foreign staff from WQ1. All these three incidents caused tremendous damage to Iraqi economic interest. Potential strategic risks, of an enormous scale, on SIIP that could be generate from the growing deterioration of the American-China relations as evidenced from the blacklisting of two major state oil companies, i.e. Zhuhai Zhenrong Corp and Sinopec. US escalating tension against Iran adds further geopolitical risks; Analyses of what would be SIIP contract was premised on what was reported by national and international sources that are originally based on information given by unnamed Iraqi officials. That was due to the absence of clarity and lack of transparency of the ministry regarding essential contractual terms and conditions. Based on the analyses and findings of the report, I am compelled to clearly alert and strongly, frankly and loudly warn both the Prime Minister and the Minister of Oil of the danger of pushing Iraq into a “trap of an odious contract” and by specifying ten of its most grave risks and disadvantages: ExxonMobil, as the consortium leader, is granted a monopoly position that allows the company directly controlling all vital oil projects in southern Iraq, and thus the entire national economy, for thirty years; It poses a multiplicity of major threats to national security and economic interest due to what can be called contractually-connected high strategic and geopolitical risks, since SIIP comprises many critical and vital projects such as Common Seawater Supply project-CSSP (for water injection), pipelines, storage tank-farms, export facilities, gas processing units and two oilfields; It contravenes the fundamental premises of the Iraqi Constitution because the contract requires “mortgaging/ reserving/ booking” two oilfields, with a combined plateau production of 500kbd, exclusively for the two foreign oil companies, i.e. ExxonMobil and CNPC, for the entire term of the contract- 30 years; It offers “Profit-Sharing Contract”, which, in reality, represents the monetary side of a “Production Sharing Contracts”, which, is impermissible by the Constitution; The announced astronomical cost (of $30bilion) increased already by $11billion in less than ten weeks while negotiating!; It offers all rent (windfall) resulting from oil price increases exclusively to the two foreign companies, nothing for Iraq!; It prevents SOMO (the only State Oil Marketing Company) from performing its role in marketing crude oil from the “mortgaged” two oilfields; this contravenes established policy, undermines annual state budget laws and weakens almost 50 years of SOMO’s function; It reduces the “national efforts” in the development of oilfields, thus, contradicting declared Ministry policy, weakens Iraq’s flexibility to comply with OPEC decisions through “swing fields”; Inconsistent with the regulations for tendering and contracting government projects; It lacks both transparency and competitiveness. Therefore, I suggested to the Ministry of Oil not to continue on wasting time and causing further delays: it should officially declare that it is not in Iraq’s economic interest and national security to award SIIP to ExxonMobil-CNPC (and for this matter to any one consortium) and end, immediately, all and any related negotiations. In the event that the Ministry of Oil and/or the Government insist on going ahead with this Odious Contract with ExxonMobil-CNPC, it becomes inevitable to refer the matter to the Federal Supreme Court to invalidate the contract on the bases of incompatibility with the Constitution; for eradicating the highest interest of the Iraqi people, including future generations (principle of inter-generational equity) *and for returning Iraq to what looks like abhorrent concessions of the, colonial, past. *A brief of the original Arabic text of the entire report was circulated widely within many networks and was published by and posted on many websites, and accessible on the following links: ????? ?? ????? ????? ?? “?? ????? ??????” ?? ???? ????? ???? https://www.akhbaar.org/home/2019/8/261291.html http://www.tellskuf.com/index.php/mq/83987-as174.html http://www.sahat-altahreer.com/?p=49115 Click here to download the full article in pdf format. Mr Jiyad is an independent development consultant, scholar and Associate with the former Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq’s Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: mou-jiya(at)online.no, Skype ID: Ahmed Mousa Jiyad). Read more of Mr Jiyad’s biography here. Source: Iraq-BusinessNews.com. Post your commentary below.
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  • BatmaninIraq's Avatar
    08-19-2019, 08:27 PM
    Parliamentary Finance Committee intends to raise the price of the dinar against the dollar and give it strength among other currencies Walter 2 hours ago Advertisements 10 hours ago Iraq Dollar and local Iraqi currency A member of the Parliamentary Finance Committee Abdul Hadi Saadawi said in a statement on Monday, August 19, 2019, that the Finance Committee will work to raise the price of the dinar against the dollar and give it strength among other currencies in the Arab world, or at least maintain the current exchange rate to have monetary power within Local market. The Finance Committee in the House of Representatives revealed that there is a tendency to reintroduce the coin, which has been used for decades in the country, while members of the Committee proposed to pre-empt the coin minting process by “deleting zeros” from the current currencies to be valuable to the small cash categories. Committee member Hanin al-Qadu told Al-Sabah semi-official newspaper on Monday, 19 August 2019, that during meetings and discussions with central bank officials, we stressed the need to reintroduce coins that have been used in Iraq during the past decades, rather than Paper that is damaged and printed in large quantities again. He added, that the use of metal categories and their descent for trading gives a notional value of the currency, noting that a number of neighboring countries exchange rates are very high against the dollar and yet we find that it has a coin in order to preserve the currency and not need to request more banknotes, especially those with small categories . He expressed surprise at the policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market. For his part, a member of Parliamentary Finance Majid al-Waeli readiness of the Committee to prepare any legislation required by the Central Bank, which could benefit the economy and the Iraqi market, including the circulation of coins. Al-Waeli told Al-Sabah that the committee respects the independence of the central bank and its monetary policy, stressing that the bank has technical autonomy by decision regardless of administrative affairs. While member of the Committee Jamal Cougar, that all countries in the Middle East and the world have a coin, indicating that this type of currency gives strength to its economy. Cougar told Al-Sabah that he hoped that the concerned parties could strengthen the currency so that the small groups could have purchasing power in case of using coins. Committee member Ahmed al-Saffar said that the cost of the coin is more than paper, and that it is harder to carry on the citizen. Al-Saffar told Al-Sabah that inflation in the economy prevents the minting of coins and makes them circulate among citizens, suggesting that there be a step to delete the zeros preceding the coinage process to be a value for small groups against. It is noteworthy that on 19/12/2018 Hoshyar Abdullah, a member of the Parliamentary Finance Committee MP from the change bloc that the Ministry of Finance did not make any adjustments to oil prices and the sale of oil prices and the dinar against the dollar in the draft budget for the year 2019. Abdullah wrote on his official page on the social networking site Elvis, that an official letter arrived from the Federal Ministry of Finance to the Council of Ministers, where he kept the price of a barrel of oil at $ 56 and kept the proportion of crude oil daily export by 3.88 million barrels, and the region must export 250,000 barrels of these The rate, pointing out that the Ministry of Finance also kept the price of one dollar against 1182 dinars as it was in the previous draft .. Abdullah said that the new draft of the general budget does not differentiate from its predecessor and there are no amendments and that Shiites, Sunnis and Kurds did not approve the previous draft and the new amendments do not solve the problems of any of those parties and parties. Majid Shankali, a member of the Parliamentary Economy and Investment Committee, said earlier that the Central Bank’s recent procedures for selling the dollar in the public auction contributed to raising the value of the dollar against the dinar. Trying to harm the national currency for their own benefit. Shankali added that the central bank is required to take supportive measures for the Iraqi dinar and to fight those who tamper with the security of the national economy, because the country’s interest is above all else. Shankali demanded, the government to accelerate the development of the banking and industrial sector, especially what we note these days there is a significant rise in the price of the dollar against the Iraqi dinar, as he put it, calling for investment law legislation to help bring international companies to Iraq to develop infrastructure, while attributed the parliamentary finance earlier The decline in the exchange rate of the dinar against the dollar to the decline of financial revenues belonging to the state from oil sales, indicating that oil was sold at more than $ 100 a barrel and today its price has reached below $ 50 and this means that the revenues decreased by 50%, which affected the exchange rate National. The Parliamentary Economy Committee said earlier that it discussed with the Central Bank Governor Ali Alaq the main reasons for the decline in the exchange rate of the dinar and effective solutions to the return of stability, noting that the central bank will take new measures to maintain the hard currency and the return of the stability of the exchange rate of the dinar against the dollar, stressing that the sale price The dollar in accordance with Article 50 of the budget reflected negatively on the Iraqi citizen pushed the Finance Committee to demand pumping dollars in the market. On June 27, 2019, as the FATF Financial Action Task Force (FATF) gave Iran until June of the same year to tighten its laws on terrorist financing and anti-money laundering, there was uncertainty about the actual sources of funding. Star Four, a Texas-based organization, reported on Feb. 13, 2012 that Iran was systematically stealing large quantities of Iraqi oil in the south, and that the thefts had helped the Iranian government overcome its plight as a result of the international economic embargo.
    12 replies | 860 view(s)
  • BatmaninIraq's Avatar
    08-19-2019, 10:38 AM
    Guide to re-work coin Political | 09:19 - 19/08/2019 BAGHDAD - Mawazine News A member of the Finance Committee Hanin al-Qadu, Monday, that the use of metal categories and sent down for circulation gives a notional value of the currency. "During meetings and discussions with Central Bank officials, we stressed the need to re-operate the coins that have been used in Iraq over the past decades, rather than the paper that is being destroyed," al-Qadu said. He added that "the use of metal categories and their descent for circulation gives a notional value to the currency," noting that "a number of neighboring countries - exchange rates are very high against the dollar - and yet we find that it has a coin in order to preserve the currency and not need to request more papers Cash, especially in small categories. " Al-Qadu expressed his surprise at the "policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market."
    12 replies | 860 view(s)
  • Investors Iraq News's Avatar
    08-18-2019, 12:53 AM
    By Omar Sattar for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.* *Oil, budgets, Kirkuk still nag Baghdad-Erbil relationsMeetings last month between representatives of Iraq’s federal government in Baghdad and the Kurdistan Regional Government (KRG) in Erbil failed to produce any clear resolutions of their ongoing*differences. A high-level delegation from*the Baghdad government*visited Erbil on July 25 for talks with the newly elected government there.*Discussions focused on KRG oil exports, its share of the federal budget*and control of disputed, oil-rich Kirkuk. The Baghdad representatives included Oil Minister Thamer Ghadhban*and Finance Minister Fouad Hussein,*national security adviser Faleh al-Fayadh and the director of the prime minister’s office, Mohammed al-Hashemi. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 0 view(s)
  • Investors Iraq News's Avatar
    08-17-2019, 08:25 PM
    GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers. Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country. Please click here to download the latest report free of charge. For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at daniel.matthews@garda.com Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    08-17-2019, 12:58 AM
    By John Lee. The economic agreements signed between Kuwait and Iraq have recently raised concerns among Iraqi experts, who warned against “political courtesy” at the expense of the country’s interests in relation to the proposed free trade zone on the border between the Iraqi city of Basra and Kuwait. A member of the Council of Basra, Mohamed Al-Fatlawi, expressed reservations about the idea of ??establishing a free trade zone between Iraq and Kuwait, insisting his opposition stemmed “from the simple reason that it will negatively affect the Iraqi Port of Al-Faw, which is being constructed on the waters of the Arabian Gulf”. He explained that “the goods imported by Iraq from Kuwait are two hundred times more than those exported by Iraq to Kuwait”. “The presence of a free economic zone means that the port is no longer useful,” Al-Fatlawi lamented, adding that: “The ships come to Mubarak Al-Kabeer Port in Kuwait and are unloaded there, but arrive at the free zone without paying any fees. So, it will be cheaper than coming through Al-Faw Port where tariffs are imposed.” Jamal Al-Mohammadawi, a member of the Oil and Energy Committee, also said that the free zone could have a negative impact on the Port of Al-Faw. “We will recommend that the government take this issue into account, so that there won’t be any agreements at the expense of trade and import from Iraqi ports,” the New Arab reported Al-Mohammadawi as saying yesterday.” The committee member added: “This year an amount of $400 million has been allocated from the budget to complete the Port of Al-Faw, and if the issue of the free zone is not dealt with, the ships and boats will come to the Kuwaiti port of Mubarak and take the corridor through Kuwait to the market or free zone directly, without the need to complete their way and reach the Iraqi Port of Al-Faw.” (Source: Middle East Monitor) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Will-it-happen?'s Avatar
    08-16-2019, 05:10 PM
    Any further updates on the capital increase?
    121 replies | 26802 view(s)
  • Investors Iraq News's Avatar
    08-16-2019, 03:41 AM
    By John Lee. A Scottish sweet manufacturer is reportedly seeing sales of its fudge and toffee surge in Iraqi Kurdistan. According to a BBC report, Golden Casket linked up with Sulaymaniyah-based businessman Farhad Haseb to sell the confectionery to upmarket stores in Erbil and Dohuk, as well as other towns and cities in the region. The holiday of Eid al-Adha has proved to be a strong driver of sales for the business, with Iraq now being Golden Casket’s third biggest export market, after America and Ireland. More here. (Source: BBC) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    08-15-2019, 01:03 AM
    By John Lee. Iraq’s Oil Ministry has confirmed that the Al-Sumoud refinery in Baiji is operating at capacity, following a fire in the area. The director general of the North Refineries Company (NRC), Qassem Abdul Rahman, said the fire was near the refinery but not in it. He pointed out that: “The fire that broke out in the vicinity of the Sumoud refinery in Baiji because of the fall of one of the transmission lines of electricity on abandoned agricultural land near the refinery and led to the movement of wind, set fire to dry grass … The fire was outside the refinery’s perimeter and did not affect its production.” (Source: Ministry of Oil) (Picture: Baiji refinery) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    08-15-2019, 01:03 AM
    By John Lee. Shares in Philippines-based International Terminal Container Services Inc. (ICTSI), which operates the Basra Gateway Terminal (BGT) (pictured) at the port of Umm Qasr, have closed up more than 6 percent on Wednesday following a strong set of results. The company said in a statement: “Net income attributable to equity holders of US$128.5 million grew by 42 percent compared to the US$90.2 million earned in the same period last year mainly due to improved operating income contribution from the terminals in Iraq, Australia, Democratic Republic of Congo and Subic in the Philippines.” (Source: ICTSI) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    08-15-2019, 01:03 AM
    By John Lee. Spartan Air Academy Iraq LLC, Irving, Texas, has been awarded a $31,477,060 task order, against indefinite-delivery/indefinite-quantity contract for continued Air Academy training in support of the Iraqi Air Force. Work will be performed at Balad Air Base, Iraq, and is expected to be completed by July 8, 2020. This award is the result of a country-directed sole-source acquisition. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
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