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  • BatmaninIraq's Avatar
    Yesterday, 12:52 PM
    5. Before discussing the planned process of how currency exchange would take plan after the IQD was released as an international tradable currency, he asked if I remembered my economics 101 and what the real purpose of currency is? "Yes teacher," I replied, "it’s a medium of exchange that facilitates the orderly distribution of goods and services among individuals, companies, countries etc." The often used example, is the use of currency allows an automobile dealer to exchange a new mustang GT (composed of many diverse parts each with its own individual market value) for the cash down payment + bank financing check of a proud new owner, and each has received equal market value at the moment of exchange. This is an important concept because the value of a particular currency may be defined by the value of what the currency can be exchanged for, instead of the usual underlying economic indicators. The complete discussion was rather lengthy so here’s the executive summary of how the exchange should work with IQD owned by a US speculator: 1. IQD is released internationally with an exchange rate of $1 USD = 1 IQD 2. IQD is exchanged by Mr. & Mrs. X at Bank Y. Their exchange value is credited to their designated financial account, Bank Y forwards the IQD currency to the Federal Reserve and Bank Ys account is credited at the bank private exchange rate. Yes, the banks will have a private rate and then they will add their profit spread to come up with their public rate. By law this bank spread could be as high as 8%, but it will be a competitive marketplace and the banks know investors will shop around. There is a possibility that there might even be a three rate structure (i.e. Treasury Rate – Bank Private Rate – Bank Public Rate) imposed, but he had no input on that subject. 3. The Federal Reserve adds the value of the exchanged IQD to their foreign currency reserve accounts and destroys the actual physical currency under agreement with the CBI, which serves to reduce the total IQD physical currency in circulation. This build up of the foreign currency reserve accounts serves to strengthen the USD in the marketplace, because heretofore the US has never held significant foreign currency reserves, because there wasn’t any country whose currency was perceived as being equal to or stronger than the USD. The IQD with its commodity (oil+others) base, potential for agriculture growth and aggressive private development growth, has the capability to become the most valuable currency in the world in the 10 years after its revaluation and approval as an internationally recognized currency. Other countries have lots of oil, but they can’t feed themselves, they operate under a monarchy or religious tribunal and they have no private development system in place. 4. Mr. & Mrs. X tithe to their church, local charity etc. which stimulates activity in that sector. They pay off their debts, making currency available for re-lending by their creditors. They buy a new house and car which stimulates their local economy and set up a conservative investment portfolio which adds capital to the investment markets. They also pay their estimated taxes which increases the cash flow to the US Treasury. 5. The Federal Reserve under a controlled redemption plan supervised by the IMF, will use its foreign currency reserve IQD account to buy oil for the national strategic reserve, DOD reserves, other country reserves as part of international support agreements or resell it to private oil companies etc. This gives the Federal Reserve a powerful market force capability to control the supply/price of imported oil which has far-reaching economic and national security implications. The economics of this scenario look like this, using the exchange of a 10,000 IQD Note with a two-tier 2% bank exchange spread as an example: 1. Mr. & Mrs. X get $9,800 credited to their non-interest bearing checking account. 2. Bank Y gets a $10,000 credit to its Federal Reserve account, and by adding the $200 profit to their capital account, allows them to increase their lending cap by $2,000 under the 10% fractional banking model. 3. The Treasury gets $3,500 in estimated taxes in the quarter after the exchange, because Mr. & Mrs. X are now in the rich category and get to enjoy the 35% tax bracket. This lowers the net cost of the IQD exchange to the US financial system to $6,500 USD (i.e. $10,000 out – $3,500 in). 4. The Feds designated agent, at some point, orders $10,000 worth of oil from Iraq. Payment will consist of a 10,000 transfer from the Feds foreign currency reserve IQD account to the IRAQ Oil payment account at the CBI. Even though the world spot price of oil is defined in terms of USD, the actual transaction may take place in any internationally recognized currency agreed to by the parties. For example, Iran only accepts Yen from Japan for their oil orders, because they don’t want USD in their foreign currency reserves. 5. The $10,000 order is filled with 200 barrels of oil based on the spot price on the date of the sale (for this example we used a $50 USD spot price). What does it cost Iraq to produce the oil to fill this order? Well they have negotiated productions agreements for $1.50 USD/barrel. From that price $.50 USD goes to the national Iraqi oil company who is the partner in the field the oil came from. Out of the remaining $1.00 the other oil field partners have to pay the Iraq government a profit tax of $.35 USD (35%). The net cost to Iraq to produce a barrel of oil used in this scenario is $.65 USD. (i.e. $1.50 – .50 – .35) 6. The transaction is completed with the Federal Reserve exchanging foreign reserve credits which are equal to 10,000 IQD (which had a net acquisition cost of $6,500 USD) for 200 barrels of oil (which has a net cost to produce of $130 USD. Simply put, it cost Iraq $130 USD from their foreign currency reserve accounts to redeem the value of 10,000 IQD, which goes into their operating accounts. At the same time the US got $10,000 worth of oil for a net cost of $6,500. That’s how it was originally planned for Iraq to RV at 1 IQD = 1 USD, with the variable being the political element (i.e. UN Sanctions, GOI actions, IMF actions, World Bank actions etc.) Now let’s really stir the pot by: a) Having the DFI ($280+ Billion USD) plus other frozen assets (estimated at $100 billion) turned back to Iraq and added to their foreign currency reserve, bringing it up to $430+ billion USD. b) Then change the current fractional IQD reserve requirements of 100% to 15%. That just raised the total potential money supply value to $2.8 Trillion (430 billion/ 15), while at the same time the total physical IQD in circulation is being reduced by removing the large bills with the 3 zeros. c) Also execute the plan Iraq announced to increase oil production from 2+ million barrels/day to 10 million barrels/day with the resulting revenues flowing directly to the Iraq treasury. d) To add a little more intrigue, have the CBI continue to use its sales window to market oil futures and Forex contracts. They have shown they can generate significant cash flow in the private market, think of their impact in public markets. We leave it to your analytical ability to determine how high of an RV exchange rate IRAQ can really support.
    1 replies | 88 view(s)
  • BatmaninIraq's Avatar
    Yesterday, 12:52 PM
    Retired State Dept economist: In our 40+ year career as a Retirement Consultant we have been blessed to meet some very talented professionals. One of them is a retired State Dept. economist who introduced us to the IQD investment in 2005. He had worked on the original plan to install a new monetary system for Iraq after the 2003 invasion. He had originally indicated that the plan was for the IQD to achieve financial parity with the USD over a 7-10 year period from the introduction of the new system. At that time the USDs use would be completely discontinued and it would be replaced by the IQD for in-country use and international exchange. The variable factor in the timetable would be the political environment. I visited with him recently and got an update on several issues: 1. He indicated the original time table was proceeding on a fast track due to the financial management skills exhibited by the CBI and the Finance Ministry in a. controlling the rate of inflation, b. controlling the value of the IQD in a declining economic environment and c. implementing a digital banking system both internally and externally, but the variable was still the political environment. Like most economist he doesn’t talk in absolutes (i.e. rate/date) but in probabilities. His knowledge base is pretty current since he is still part of a subsection of the original group that Iraq, State Department and IMF financial people bounce things off of. 2. We raised the issue of the large number of IQD reported as being in circulation (current estimates are at 25 Trillion). He indicated this was mostly made up of (1) in country physical currency, (2) the foreign currency reserves of the central banks around the world which are electronic, (3) currency that had been printed but not released (i.e. small denomination bills) and (4) privately held physical currency sold to increase the foreign currency reserves. The export oil revenues are still under the control of the UN supervised DFI, and Iraq only gets roughly 30% of the fair market value of the oil they are selling, which is to be used only for budgetary expenditures. Since Shabbibi, the head of the CBI, knew he couldn’t get any more cash flow out of the controlled revenue system the IMF/UN had him under, he opened a currency sales window at the daily auctions to tap into the wallets of the worlds speculators. Worked pretty good, since he’s built his foreign currency reserves to over $50 billion USD. 3. We then moved to the removal of big bills (the ones with the 3 zeros on them) and he said that this activity was always built into the plan. The activity was to begin as soon as Iraq had implemented a modern digital financial system (i.e. bank branches, credit/debit cards, ATMs, direct wire transfers etc.). The removal of the large bills in-country would be the reverse of the process that was used to remove the pre-2003 currency with Saddam’s picture on it. The example was a 25,000 IQD=$25USD/pre-rv note would be brought into the bank and exchanged for a 25 IQD note=$25 USD post/rv. The 25,000 IQD note would then be destroyed removing it from the currency in circulation account. I told him a lot of people would call that a LOP and he laughed, saying they are partially right, because 25,000 IQD was being lopped from the currency in circulation account, but the only reason for this process was to improve money handling ability at all organization levels, and reduce the actual physical currency in use in all areas of the Iraq economy. Interestingly enough, he said this activity could happen in-country without an approved RV rate being released to the International financial system. I asked how much physical IQD did he estimate was in circulation in-country, and he said probably less than had been originally introduced in 2003 which was about $4.5 billion USD worth at an exchange rate of 2000 IQD = $1 USD, because there has been a continuous process of not replacing the larger bills as they wore out. In fact this has resulted in currency shortages in some areas. 4. The next obvious question was how would the removal of the large bills with the three zeros work outside of Iraq, because of the number of world speculators holding IQD. He indicated, the amount of IQD held by speculators was relatively minor (less than 10%) compared to the IQD held as foreign currency reserve by the central banks of a number of major countries (US, China, England & France were the largest) with major financial interest in Iraq. He didn’t have an exact estimate of speculator holdings but ventured an educated guess of 750,000 individuals worldwide with the majority in the US. Estimated value of their holdings $1.5 Trillion – $1.7 trillion IQD.
    1 replies | 88 view(s)
  • Investors Iraq News's Avatar
    12-09-2016, 06:45 PM
    British water engineering company Biwater has been awarded a $1.2 billion contract by the Kurdistan Regional Government to meet vital water supply and sanitation needs. Biwater have been contracted to deliver water and wastewater treatment solutions for the cities of Erbil and Sulaimani in the Kurdistan Region of Iraq. Works will alleviate the current strain on existing infrastructure and reduce the region’s reliance on dwindling groundwater reserves to deliver long-lasting environmental benefits. Sir Adrian White, CBE, Chairman of Biwater, said: “Since Biwater was founded in 1968, we have delivered many large international water projects across the globe, including strategic turnkey solutions throughout the Middle East. The signing of this contract in Kurdistan is a major landmark in providing technological and financial solutions that address complex water-related challenges in the region.”* As a part of this project, Erbil will be provided with a 600,000 m3/day state-of-the-art water treatment plant, while Sulaimani will benefit from water treatment plant upgrades and the construction of cutting-edge wastewater treatment works and sludge treatment facilities. Present at a signing event in London today, Alastair White, Deputy Chairman, Biwater, extended his thanks to those involved saying: “Biwater is very grateful for the support of UK Export Finance (UKEF), the Department for International Trade (DIT) and Her Majesty’s Government teams in Erbil and Baghdad, who have been instrumental in bringing the project to fruition.” The London-based event was arranged to mark the signing of a loan to fund the project’s Development Works, which will include all relevant site surveys, social and environmental impact assessments and detailed designs. Development Works will run for a period of 6-12 months before construction. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 40 view(s)
  • Investors Iraq News's Avatar
    12-09-2016, 06:45 PM
    KRG Foreign Minister Falah Mustafa shed light on KRG’s international outreach, ties with Baghdad and the neighboring countries and Kurdistan’s contribution to regional stability, at this week’s Kurdistan-Iraq Oil & Gas Conference, arranged by CWC Group in London. Below is the full text of Minister Mustafa’s speech: Excellencies, distinguished guests, ladies and gentleman, I am happy to be here with you all today, Thank you to the CWC Group for bringing us all together again. The people of Kurdistan have come a long way from the sufferings of the past. Throughout our history, our people have been optimistic in the face of some very difficult obstacles. We are optimistic about our future and about building a peaceful and prosperous Region where the benefits of a growing and diversified economy can improve the lives of all our people and inspire the rest of Iraq. Kurdistan has been and will remain a pillar of security within Iraq. Our Peshmerga and security forces have done a remarkable job in a challenging environment. Since 2003 Kurdistan has been a factor for stability and a safe haven for different ethnic and religious groups fleeing violence and bloodshed. We are proud of our continued efforts to reach out to international community, our open door humanitarian policy in welcoming internally displaced people and refugees and our culture of peaceful co-existence and religious tolerance. We all know the horrors that violence and extremism can bring. Our people want to live in peace and prosperity far from any kind of violence and conflict. Ladies and Gentlemen, Building a productive and enduring relationship with the international community, as well as our neighbors, has been a major focus of KRG policies. We in the KRG have been able to forge important and substantive ties with 36 states across the globe. Because of our geopolitical location and the KRG’s policy of good neighborly relations, it has been important to maintain cordial relations with Turkey, Iran, and the Arab states. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 37 view(s)
  • Investors Iraq News's Avatar
    12-09-2016, 06:45 PM
    Freezing Temperatures in IDP Camps: UN Women Iraq Distributes High Thermal Blankets and Necessity Kits to Women and Girls in two camps Near Eastern Mosul The UN Women Iraq team went on mission near eastern Mosul this week to distribute 3,000 high thermal blankets to women and girls in two camps. Women and girls have mentioned freezing temperatures at night in the camps. UN Women has also distributed necessity kits for 20,000 individuals containing socks, soap, tooth brushes, toothpaste, feminine pads, vaseline, shampoo, nail clippers, laundry detergent, solar lamp/flashlight and other necessity items. One elderly woman mentioned “I am so grateful to receive the blanket so that my grandchildren and I are warm at night”. “These necessity kits and high thermal blankets from UN Women shows how much we value dignity for women and girls”, said Dr. Paulina Chiwangu. She further states that “As we are in the midst of 16 days of activism, a campaign to end violence against women, we also want to celebrate these heroic women and girl survivors of ISIL”. As seen in the blankets, these women are strong and resilient. UN Women is proud to continue supporting the women and girls from Mosul. This is only made possible with the generous support of donors. (Source: ReliefWeb) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 41 view(s)
  • Investors Iraq News's Avatar
    12-09-2016, 06:45 PM
    U.S. and coalition military forces continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq yesterday, Combined Joint Task Force Operation Inherent Resolve officials reported today. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria Attack and fighter aircraft conducted seven strikes in Syria: Near Raqqah, three strikes engaged an ISIL tactical unit, destroying a vehicle, a fighting position and a supply cache. Near Ayn Isa, two strikes damaged five ISIL supply routes. Near Dayr Az Zawr, a strike destroyed an oil wellhead. Near Palmyra, a strike destroyed 168 oil tanker trucks. Strikes in Iraq Attack, fighter, rotary and remotely piloted aircraft conducted five strikes in Iraq, coordinated with and in support of Iraq’s government: Near Bashir, a strike engaged an ISIL tactical unit and destroyed a fighting position. Near Beiji, a strike destroyed an ISIL rocket system. Near Mosul, three strikes engaged an ISIL tactical unit, destroying six vehicles, two front-end loaders, two vehicle bombs, an armored vehicle, an ISIL command-and-control facility, a heavy machine gun and a fighting position. An excavator and two supply routes were damaged. A tactical unit was suppressed. Task force officials define a strike as one or more kinetic events that occur in roughly the same geographic location to produce a single, sometimes cumulative, effect. Therefore, officials explained, a single aircraft delivering a single weapon against a lone ISIL vehicle is one strike, but so is multiple aircraft delivering dozens of weapons against buildings, vehicles and weapon systems in a compound, for example, having the cumulative effect of making those targets harder or impossible for ISIL to use. Accordingly, officials said, they do not report the number or type of aircraft employed in a strike, the number of munitions dropped in each strike, or the number of individual munition impact points against a target. Ground-based artillery fired in counterfire or in fire support to maneuver roles is not classified as a strike. Part of Operation Inherent Resolve The strikes were conducted as part of Operation Inherent Resolve, the operation to eliminate the ISIL terrorist group and the threat it poses to Iraq, Syria, the region and the wider international community. The destruction of targets in Syria and Iraq further limits ISIL’s ability to project terror and conduct operations, officials said. Coalition nations that have conducted strikes in Syria include the United States, Australia, Bahrain, Canada, Denmark, France, Jordan, the Netherlands, Saudi Arabia, Turkey, the United Arab Emirates and the United Kingdom. Coalition nations that have conducted strikes in Iraq include the United States, Australia, Belgium, Canada, Denmark, France, Jordan, the Netherlands and the United Kingdom. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 43 view(s)
  • Wolverine's Avatar
    12-09-2016, 06:10 PM
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  • BatmaninIraq's Avatar
    12-09-2016, 11:04 AM
    Forum compliance is the first of its kind as it deals with important topics at the local and international levels12-09-2016 Economy News / Baghdad ....Moving towards a solid and efficient banking sector adopts international regulations and undermines the financial crimes through anti-money laundering and terrorist financing through the adoption of international standards adopted by the major international banks has become the reality of the procedures in the banking business in Iraq after the adoption of mechanisms to address these crimes. Forum compliance and anti-money laundering and terrorism financing, which was held under the auspices of the governor of the Iraqi Central Bank and organized by private banks, which discussed the central bank measures to ensure compliance with and application of international standards in this area requirements which the US Treasury announced that Iraq Association has achieved exceptional progress financial sector during the past four years, but lacked to announce what has been achieved from the achievements.Financial Crimes Central Bank Governor Dr. On the Keywords said, that this event is the first of its kind as it deals with important topics at the local and international levels, calling for more forums that discuss these positions for making a solid barrier against financial crimes in Iraq, pointing out that the central attaches great importance to its organizations specialized in this regard. He stressed the need to improve banking institutions to work on the creation of an effective banking sector does not allow the operations of money laundering and financing terrorism, pointing out that the ongoing work to upgrade the work of the Central Bank through the strategy put forward by the aim of turning it into an enterprise engaged in the framework of the advanced central banks.Development goalsKeywords noted that the central shifting from achieving conventional goals to the goals of development achieved financial stability and perhaps the central bank lending initiative, which is carried out via specialized and private banks bear evidence of this trend to move the sectors of the economy, pointing out that the Central is looking forward to the electronic work across programs are being expanded at the central level, the private banking sector.He pointed to the Central shift to build the structure of a new organization responds to data development through the establishment of new units have a significant role in improving the real targets that the bank is looking to achieve, where the introduction of new modules promote work and rely sophisticated methods.Governance guideHe pointed to compel banks to form units of risk management and money laundering, where the central contribute to the preparation of competencies, attach this is particularly important through direct contact to focus on it and modular important elevate the performance of the banking sector and the strengthening of the external position, confirming the completion of banking governance guide, which will be piped to banks to comply its content, especially as he had prepared with special care under the supervision of a specialized center.Keywords He set new standards for the entry of the private banking sector to auction currency organize the sales process in accordance with the special rules indicate the extent of banks vocabulary commitment, pointing out coordination with specialized international bodies in the area of ​​capacity-building and hailed internationally this step, which enabled Iraq's transition from the gray area of ​​white to.Addressing the challengesPresident of the Iraqi private banks association Wadih Handal between the role of association and private banks operating in the implementation of these tasks and training and the creation of competent management activity and organizational structures for compliance units competencies and how to address the challenges facing the Iraqi banks with correspondent banks.This means compliance program of work of banking institutions depends transparency in work and avert the violation and punishment, through adherence to international standards, audit and supervision.He has been the Central Bank of Iraq and under the direct supervision of the governor's prominent role in the legislation of anti-money laundering law and terrorism financing No. 39 for the year 2015, which included basic materials for the protection of Iraq's money and combating the financing of terrorism and to maintain the pillars of structural Iraqi economy in addition to the procedures, policies and mechanisms detailed work will avoid the risk of bank reputation affected, especially in our banks relationships with correspondent banks and ensure the continuation of sound relations based on mutual trust and faith in the inevitability exceeded the Iraqi economy, the current dogged effective contribution from the Iraqi banking sector as the first episode major in finance and investment for building and economic reform activity in the post "Daesh stage "The terrorist.A solid economyConsultant in quality and institutional development department at the Bank of the Iraqi Center Sebastian Talat reviewed the stages that are fabricated by the evolution of the central work of praising the role of the world's leading international organizations and friendly countries to provide assistance in this matter, which gave a lot in training and infrastructure of the financial system in Iraq, and we look forward to more which contributes the development of the banking sector.He said that work began to assess the extent of compliance within the central bank and the banking sector, and here it was necessary to restructure the central bank in order to keep abreast of developments in the world's central banks, referring to the continuing application of goals in order to be effective in building a strong economy.Talat noted that compliance requirements include a set of national laws and international requirements must be adhered to by the bank, should also be having employees with a higher authority to oversee all operations and inform references, confirming the presence of an effective training programs lift capacity, as well as the existence of open channels between the central departments and procedures supervisory distinct with the help of a specialized international company in this regard.And sale of foreign currency mechanisms pointed to the existence of a joint working group between the center j Iraqi Federal and American Bank to sell the currency control mechanisms to make sure the money trends in the commercial sector and achieve the goals of the sale.
    0 replies | 73 view(s)
  • BatmaninIraq's Avatar
    12-09-2016, 09:34 AM
    Iraqi dinar lacks stability against foreign currencies, and continuous complaint12-08-2016 ARA News / Ahmed Schweich - howlerSee economists from Iraq and the owners of money exchange shops in Erbil / Irbil central capital of Iraqi Kurdistan market, that the Iraqi dinar live in a state of chaos and instability before the US dizziness and other foreign currencies.InstabilityYousef Qasim shop owner in exchange howler ARA News reported that «the dollar on Thursday, the price of the sale of 1310 Iraqi dinars and 1,300 dinars to buy», adding that «the dinar has seen a slight improvement compared to what it was several months ago, but it is not stable».Yusuf added that «the general unstable situation in Iraq has led to the decline of the Iraqi dinar against the dollar and other foreign currencies as well as increased demand for the dollar and dealing in Iraq and the Kurdistan region.»The weakness of sovereigntySaw Gaber Abdel Rahman, an economist based Iraqi howler, in his interview for ARA News that «the main reason for the loss of value of the Iraqi dinar against the dollar is the weakness of Iraqi sovereignty and the intervention of foreign countries in the Iraqi economy with Iraq's non-interest in the stock exchange and monitoring of global markets».Abdul Rahman also stressed that «when any country begin to deal in foreign currency on the basic currency account in their markets will inevitably be the fate of the collapse of its currency to its lowest level», adding that «Iraq under the cover debt and neighboring foreign countries».This was the Iraqi Central Bank Governor Sinan al-Shabibi said in an earlier statement to him «The increase in dollar remittances to outside Iraq and the unstable political situation, increase the demand for foreign currencies and invoking the US dollar exchange rate against the Iraqi currency
    0 replies | 93 view(s)
  • Brazileiro's Avatar
    12-08-2016, 08:50 PM
    yes since October I think. They haven't renewed their domain (website) yet either. Expired the end of Nov
    38 replies | 2559 view(s)
  • Lenmon's Avatar
    12-08-2016, 08:30 PM
    This is what I get. This connection is untrustedYou asked to connect securely to onlinebanking.warka-bank-iq.com, but we can't confirm that the connection is secure due to a problem with the website's security certificate. Such problems may indicate an attempt to steal your information.
    38 replies | 2559 view(s)
  • Will-it-happen?'s Avatar
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  • Investors Iraq News's Avatar
    12-08-2016, 09:09 AM
    By John Lee. Sky News has learnt that the former head of BG Group, Chris Finlayson, is being lined up to take over from*Tony Hayward as Chairman of Genel Energy?. An appointment is unlikely to be finalised until sometime in the new year, and Genel is also considering other candidates for the role, according to people close to the situation. Mr Finlayson, who was also a senior executive at Shell, left BG? in 2014; he has since held a string of boardroom posts, including chairmanships at Siccar Point Energy and InterOil. (Source: Sky News) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 45 view(s)
  • Investors Iraq News's Avatar
    12-08-2016, 09:09 AM
    By John Lee. According to a report from Reuters, commodities giant Glencore will likely fall short of its target of raising $550 million to pre-finance the purchase of Kurdish oil. Industry sources told the news agency that investors are exercising caution despite the 12 percent bond yield, and that Glencore has received investor commitments for between $200 million and $400 million. Rival oil traders such as Vitol, Petraco and Trafigura are reported to have*borrowed about $2 billion from banks to lend to Erbil, which is to repay the debt in oil. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 59 view(s)
  • Investors Iraq News's Avatar
    12-08-2016, 09:09 AM
    By John Lee. NATO is to start running training programs for the Iraqi military in Iraq itself from January. The alliance’s Secretary General Jens Stoltenberg told a press conference: “… we have already training activities in Jordan where we train Iraqi officers and we have trained several hundred officers there already. “We will continue our activity in Jordan but then from January we will start with around 20 trainers, so it’s a modest start, where we are going to train Iraqi officers in Iraq. “We do this of course in very close coordination and cooperation with the coalition and we have several NATO allies that are part of the coalition efforts and we will work with them when we establish our training activity in Iraq to start training Iraqi officers in Iraq.“ (Source: NATO) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 37 view(s)
  • Investors Iraq News's Avatar
    12-08-2016, 09:09 AM
    By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.* Iraq faces many threats to its environment, not the least of which are apathy, a lack of education and a need for cooperation from other countries. “Iraq is in dire need of environmental awareness. Environmental education is absent among the Iraqi people, whose dangerous behaviors are majorly affecting the environment,” Nader Abdallah, a professor of environmental studies at the University of Babylon, told Al-Monitor. Iraqi environmentalist Ibrahim Ramzi also noted how the bad behavior of citizens and businesses adds to the problem of pollution. He referred Al-Monitor to an article he wrote in January in which he noted “the disastrous levels of pollution in Iraq’s rivers, resulting from the deadly sewage flowing into the water and waste piling up on their banks.” Al-Monitor took a tour around the banks of Shatt al-Hilla in Babil province, only to find that the river had been turned into a landfill for household and industrial waste. A lack of water is at the center of many of Iraq’s problems. Iraqi Minister of Health and Environment Adila Hammoud headed a meeting Nov. 30 with a group of environmentalists and academics to address the serious dangers that threaten Iraq’s marshes, which could lead to the death of their aquatic ecosystems. Another effect of climate change is the drought of water bodies in southern Iraq, an area of over 16,000 square kilometers (6,177 square miles). The province of Basra, which had become known as the Venice of the Middle East, suffers from drought in its water channels. Ahmed Abd, a biology professor at the University of Qadisiyah, told Al-Monitor that while drought contributes to the problem, as does global warming, there is only so much Iraq can do about either. The country signed the Paris Agreement on climate change in December 2015, pledging to reduce greenhouse gas emissions by 15% between 2020 and 2035, the equivalent of 90 million tons of carbon dioxide. However, “The country does not have such a large number of industrial facilities or power plants, as is the case in industrialized countries, and the rates of fuel combustion in Iraq are much less than those of said countries,” he said. Still, Abd added, “Iraq needs to focus on reducing the high temperatures, because of the drought that hit many regions, and it should demand foreign countries to pressure Turkey and Syria into amending their unfair policies toward Iraq’s water.” The policies Abd is referring to are the dozens of dams set up by Turkey on the Euphrates River and its tributaries, which led to a clear water scarcity in the river, threatening agriculture as well as fisheries, and resulted in an Iraqi water deficit of about 23 billion cubic meters (6 trillion gallons) annually. In addition, Syria has established dams on the Euphrates River, reducing Iraq’s share of the water. Amer Habib, a professor and researcher in agricultural sciences working for the Ministry of Agriculture, spoke with Al-Monitor about another serious problem: silt and sediment buildup in the Tigris and Euphrates rivers and their main tributaries. Habib said a lack of regular dredging has also increased the sediment in Shatt al-Arab (River of the Arabs) in southern Iraq, formed by the convergence of the Tigris and Euphrates. Habib also pointed to a deadly, but less-often-cited, environmental danger. “The most important climate change factors in Iraq are the wars, which Iraq should address at climate conferences and urge the countries that took part in those wars, particularly the United States and United Kingdom, to help Iraq in terms of experience and techniques, and even financially, to save it from the devastating environmental effects caused by military vehicles, battles and the remnants of destructive weapons.” A*British inquiry revealed by The Guardian on Aug. 22, 2015, corroborates Habib’s point of view, noting that some of the climatic change taking place in Iraq has been caused by more than three decades of war, starting with the Iran-Iraq War*in 1980, the Iraqi invasion of Kuwait*in 1990 and the war to topple Saddam Hussein’s regime*in 2003. Speaking to Al-Monitor, Siham Moussa, a member of the Health Committee in the Iraqi parliament, encouraged educational events that stress the importance of a clean environment, such as one held April 24 in Baghdad by the Green Climate Organization. “Iraq’s participation in the climate conferences in Paris and Marrakech allows us to learn from the experiences of developed countries with environment-friendly economic and industrial systems,” she said. “Oil refineries, power and telephones towers, as well as industrial waste and the remnants of war are all negative factors that contribute to climate change in Iraq.” Meanwhile, Iraq’s government and citizens seem barely concerned with climate change. This makes it imperative for the government to include the cost for climate change solutions in government spending, particularly since it has not made financial allocations in its budgets to solve environmental issues since 2003. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 41 view(s)
  • tipawin's Avatar
    12-08-2016, 07:36 AM
    Sounds like an absolute load of garbish SURELY NOBODY BELIEVES ALL THIS CRAP
    3 replies | 210 view(s)
  • Investors Iraq News's Avatar
    12-08-2016, 12:52 AM
    By John Lee. ExxonMobil has reportedly pulled out of three of the six exploration blocks it operated in Iraqi Kurdistan. According to Iraq Oil Report, it has abandoned the Qara Hanjeer, Arbat East, and Betwata blocks, while retaining 80 percent stakes in the Al Qosh, Pirmam and Bashiqa blocks. KRG’s Minister of Natural Resources, Ashti Hawrami, is quoted as saying: “Some companies didn’t meet contractual deadlines and according to the contract had to relinquish their areas.” Click here to read the full report. (Source: Iraq Oil Report) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 41 view(s)
  • Investors Iraq News's Avatar
    12-08-2016, 12:52 AM
    Kurdistan Region Deputy Prime Minister Qubad Talabani outlined his government’s reform initiatives during speech to the sixth Kurdistan Oil and Gas conference, organised by CWC Group, in London on Monday. Below is the transcript of Deputy Prime Minister’s speech: Distinguished guest, ladies and gentlemen. I’d like to warmly thank CWC for inviting me back again this year.* As we approach 2017 I want to outline to you our vision, our plans and our reform initiatives intended to address the many challenges Kurdistan faces today. Last year, I had the pleasure to address you and I frankly presented to you the challenges of Kurdistan’s fiscal and economic situation.* I emphasized how Kurdistan was being tested by political, economic, humanitarian and security crises. I stressed how the triple shocks of Baghdad cutting our budget in 2014, the war with ISIS, the subsequent influx of almost 2m refugees and IDPs into Kurdistan;* and how our cumbersome and ineffective bureaucracy were all contributing to make our fiscal situation unsustainable and in need of major reform. I then outlined some of the steps that we had undertaken, or had planned to undertake to address our fiscal imbalances and restore our economic growth, including our government’s top three reform priorities at that time, which were to : Restructure government expenses, Reduce and eventually eliminate petroleum product subsidies, and carry out a major overhaul of our electricity sector. But almost immediately after last year’s conference, we were dealt yet another devastating blow.* Oil prices plummeted even further, and so, the combination of Baghdad cutting our budget, war, the burden of IDPs on our society and economy, our own visible deficiencies, and added to that $25/barrel oil prices left us with growing debts and monumental fiscal challenges. In January this year, we had a monthly operational deficit of over $460m! So our plans had to be re-examined and we needed to act fast. And we did. Urgent austerity measures and continued direct oil exports improved our Government’s immediate cash balance, while structural reforms began to tackle the longer-term challenge of transforming the public sector and promoting diversification of the Region’s economy. Recognizing the need for further austerity to close the gap between cash revenues and expenditures on a monthly basis, we announced a new measure to withhold a significant percentage of government salaries, pensions and stipends—excluding Peshmarga and other security forces. These cuts have been sustained since, reducing the average total monthly payment for salaries, pensions and stipends by more than one-third, from almost $750m to approximately $450m US. Needless to say this decision was very hard to make, and understandably unpopular with our massive civil service workforce.* We also reduced non salary operating expenses by over 50%. My Government has also moved to increase non-oil revenues by raising fees, penalties, water charges and electricity tariffs for industrial consumers; as well as by slashing petroleum product subsidies. The overall result has been an 80% drop in the consolidated fiscal deficit—measured on a cash basis–from 6.5bn US in 2014 to an estimated 1.3bn US in 2016. But while our austerity program and shift to direct oil sales have substantially narrowed the gap between monthly operating revenues and expenditures, we still continue to struggle to pay monthly salaries, pensions and stipends on time. Austerity is expected to continue in 2017 with the ultimate goal of generating an operating surplus in order to restore funding for critical public investments and over time to repay government debts, including advances from the banking system. The lack of financing has exacerbated the social pressures inherent in any crisis response, while scarce technical expertise imposes important hurdles to program design and implementation.* So along with the World Bank, we have prepared a comprehensive roadmap for structural reform in the Kurdistan region.* Within that framework, we have focused on priority areas that include: 1. Institutional Modernization of our Ministry of Economy & Finance (MOEF) to equip the ministry to lead fiscal policymaking and become a driver for reform. The program covers five reform streams: macro-fiscal, customs, tax, public financial management (PFM), and IT infrastructure and services. *In the macro-fiscal area, the reform aims to establish a macro-fiscal framework to guide the formulation of annual budgets for the KRG. A key step will be to prepare a budget for 2017 that sets clear targets for non-oil revenues and resizes expenditure envelopes in line with progress achieved under the austerity program. *For customs, we have begun to connect customs posts across the KR (Turkish border, airports and Iran border) to improve service standards, expedite customs clearance processes and provide real-time information on revenue collection. *Attention is also being given to improved coordination with the Federal customs authorities. In taxation, the priority is to improve tax administration by establishing a new service center for large taxpayers. This large taxpayer office (LTO) to be set up in 2017 will support a shift in procedure from presumptive taxation to self-assessment in line with international standards.* The LTO is expected to promote modernization of the accounting industry in Kurdistan. The immediate goal of PFM reform is to strengthen control over public expenditures, while improving management of government liabilities. As a key step, a new chart of accounts compatible with international standards (GFS) has been prepared and will be put in place in 2017-18. Regular annual and quarterly reports on the consolidated budget (including both MOEF and MNR operations) will be published starting by the end of 2016. *Improvements in IT infrastructure and services within MOEF will drive the transition to automation and away from outdated manual procedures.* As such, it will underpin the entire modernization effort by equipping the ministry with an international standard, integrated financial management information system (IFMIS). 2. Biometric Registration of government employees, pensioners and other citizens receiving monthly stipends (e.g., students, families of martyrs). *Rightsizing government stands out as a long-term goal of the KRG’s reform program.* Biometric registration represents a first step down this road that answers the question: who are we paying and how much?* This will open the way to more complex questions of ‘why and to do what’ under subsequent civil service reforms. *The registration process—encompassing government employees, pensioners and beneficiaries of stipends—is now underway after an intensive start-up phase with a three-month window to complete. After 2 weeks of actual operation, we have today registered over 150,000 government wage earners, so we are on track to meet our targets. The result will be an Identity Management System that drives broader reform of government payroll, and eventually human resources.* Through this initiative, we will identify those who are unlawfully receiving more than one salary from the government, of which we likely have many. We will also identify and eliminate ghost employees, of which we surely have many!* This will pave the way to subsequent e-payroll and e-payment systems that will further enhance administrative performance and transparency, as part of the ultimate objective of transitioning to modern e-government services in Kurdistan. 3. On Electricity Sector Reform, we are executing a two-pronged strategy. *The immediate goal is to cut costs and improve financial sustainability, while developing a medium-term reform plan also in cooperation with the World Bank.* Starting in 2015, we have undertaken steps to curtail costs for electricity generation, including: (i) a shift in supplying natural gas to the power stations in place of diesel fuel, (ii) the introduction of more fuel efficient combined-cycle technology by IPPs, and (iii) voluntary renegotiations to lower take-or-pay penalties in light of excess generation capacity. As a result, total costs have been cut by as much as $1.5 billion in 2016. The immediate focus is now shifting to revenue improvement. Tariff adjustments for industrial consumers came into effect in 2016. However, revenue performance remains very low, hampered by high losses (including theft) and poor collection.* The government intends to turn the situation around in 2017 through a program centered on the introduction of smart metering and more robust billing and collection. The medium-term reform plan aims to improve and sustain the quality of service for all electricity consumers through a transition to a modern institutional and regulatory framework that: (i) clearly delineates generation from transmission and distribution; (ii) strengthens financial discipline and energy accountability; and (iii) promotes private sector participation and investment in downstream activities. This transition will encompass a shift to fully cost-reflective tariffs that protect vulnerable groups in line with international practice.* The KRG’s ultimate goal is to ensure consumers are provided with better electricity service without recourse to fiscal or quasi-fiscal subsidies. 4. We believe Enhanced Government Transparency and Citizen Engagement is key to strengthening credibility and build public support for the KRG’s programs. We recognize that enhancing government transparency and citizen engagement are key to building and sustaining popular support for our programs. Governance is never a popularity contest, and this is particularly true in situations of crisis. Popular support has to be earned through government actions that strengthen credibility and promote participation.* We are working to step up our citizen engagement and public communications efforts. A cornerstone is the introduction of international audit of Kurdistan’s oil & gas operations.* Contracts with international auditors have now been signed and initial work is underway.* The audits will cover oil exports, IOCs, and domestic company operations (e.g., local sales of crude and refined products). *To promote public engagement and awareness, an observatory encompassing key representatives of civil society will be established to follow the audit process and help disseminate the results. *You will receive a special presentation on this initiative later on in the program. Finally… 5.*** Reform of the social protection framework aims to deliver on the KRG 2020 Vision to ‘put people first’. It encompasses plans to: (i) strengthen the labor market—including accelerating private sector job creation, (ii) expand pensions and social insurance—including introduction of pensions for private sector workers and creation of unemployment insurance, and (iii) improve the (non-contributory) social safety net—including using poverty as a main determinant of eligibility. The Social Protection Strategy is a long-term one for KRG that will put in place systems to address the social impact of the current crisis and to respond more effectively to future shocks that may affect the Region.* The new strategic framework has been developed in cooperation with the World Bank, which is now supporting the implementation phase. *We know what needs to be done. Moreover, we know that we must lead these reforms.* Unfortunately, the unconducive political climate in Kurdistan, while not an absolute obstacle to reform, certainly makes implementation more difficult. To our international partners, we express deep appreciation for the financial and technical support provided to date, including for the Peshmarga.* However, given the extent of the crisis and reforms required, further support is urgently needed in order to increase the odds of success, and alleviate social and other risks. We welcome guidance and technical expertise from the international community, including learning from other country experiences.* The KRG also remains fully open to engagement and cooperation with Baghdad in all areas, and reiterates its right to benefit from the program of international support currently being provided to Iraq. So, looking at the broader picture, while the world is focused on war and turmoil in the Middle East, we are steadfastly addressing our own issues head on, all the while being in the eye of the storm. While fighting a war, managing continued inflows of displaced people, and constantly navigating geo-political minefields, we are steadfastly tackling our own massive economic challenges, and forging ahead to secure Kurdistan’s political and economic viability. As members of the international coalition support Kurdish and Iraqi forces engaged to defeat ISIS in Iraq, we must be clear that only by ensuring a politically and economically viable Iraq, and Kurdistan, can we cement military victory won on the battlefield. This requires more strategic global engagement including by key partners such as the US and UK on Iraq and specifically in Kurdistan.* It necessitates a more comprehensive and holistic approach, to include facilitating consensus among the leading political forces in the country and ensuring economic sustainability that in particular creates job opportunities for the youth in the private sector. Ultimately, progress in diversifying the economies of Kurdistan, Iraq and the wider Middle East region will depend on progress in building a common economic space for all peoples living there. In closing, we have proven to be resilient in the face of adversity; resolute in delivering on our plans and vision; and unrelenting on the battlefield. We are thankful for the continued confidence you have in us.* Especially you in the Oil & Gas Community who have invested in Kurdistan. Despite our financial pressures, we are doing all we can to ensure timely payments to you.* Through credible reform efforts, we want to show you, by actions not words, that we are a worthy partner. We seek your continued and increased investment. Our strong partnership with you in the oil & gas sector is crucial for Kurdistan’s continued progress and our mutual success.* With your sustained support during these difficult times, together we will overcome today’s challenges, and forge a permanent foundation for peace and prosperity in the future. Thank you. (Source: KRG) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 43 view(s)
  • Investors Iraq News's Avatar
    12-08-2016, 12:52 AM
    U.S. and coalition military forces continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq yesterday, Combined Joint Task Force Operation Inherent Resolve officials reported today. Officials reported details of yesterday’s strikes, noting that assessments of results are based on initial reports. Strikes in Syria Attack, bomber, fighter and remotely piloted aircraft conducted 13 strikes in Syria: Near Abu Kamal, two strikes destroyed two oil wellheads and an oil pumpjack. Near Raqqah, three strikes engaged two ISIL tactical units and destroyed two storage sheds, a vehicle and a decoy tank. Near Ayn Isa, three strikes engaged an ISIL tactical unit, destroying an artillery system. An ISIL vehicle bomb was disabled. Near Dayr Az Zawr, three strikes destroyed four wellheads and two oil trucks. Near Manbij, a strike destroyed an ISIL decoy artillery system. Near Palmyra, a strike destroyed a vehicle. Strikes in Iraq Attack, bomber, fighter, rotary and remotely piloted aircraft conducted five strikes in Iraq, coordinated with and in support of Iraq’s government: Near Beiji, a strike destroyed an ISIL heavy machine gun fighting position. Near Mosul, three strikes engaged an ISIL tactical unit, destroying a vehicle bomb facility and an excavator. Three supply routes were damaged, and two tactical units were suppressed. Near Ramadi, a strike destroyed an ISIL vehicle bomb and a homemade explosives cache. Task force officials define a strike as one or more kinetic events that occur in roughly the same geographic location to produce a single, sometimes cumulative, effect. Therefore, officials explained, a single aircraft delivering a single weapon against a lone ISIL vehicle is one strike, but so is multiple aircraft delivering dozens of weapons against buildings, vehicles and weapon systems in a compound, for example, having the cumulative effect of making those targets harder or impossible for ISIL to use. Accordingly, officials said, they do not report the number or type of aircraft employed in a strike, the number of munitions dropped in each strike, or the number of individual munition impact points against a target. Ground-based artillery fired in counterfire or in fire support to maneuver roles is not classified as a strike. Part of Operation Inherent Resolve The strikes were conducted as part of Operation Inherent Resolve, the operation to eliminate the ISIL terrorist group and the threat it poses to Iraq, Syria, the region and the wider international community. The destruction of targets in Syria and Iraq further limits ISIL’s ability to project terror and conduct operations, officials said. Coalition nations that have conducted strikes in Syria include the United States, Australia, Bahrain, Canada, Denmark, France, Jordan, the Netherlands, Saudi Arabia, Turkey, the United Arab Emirates and the United Kingdom. Coalition nations that have conducted strikes in Iraq include the United States, Australia, Belgium, Canada, Denmark, France, Jordan, the Netherlands and the United Kingdom. (Source: US Dept of Defense) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 51 view(s)
  • Investors Iraq News's Avatar
    12-08-2016, 12:52 AM
    The UN High Commissioner for Refugees (UNHCR) has issued an update on the Iraq situation as at 6th December: KEY FIGURES 82,068 People displaced from Mosul and surrounding areas since the military offensive began on 17 October1 11,705 UNHCR kits of core relief items distributed to families (assisting some 70,000 people) displaced from Mosul and Mosul corridor 9,097 Family plots (for some 54,000 people) in UNHCR built camps are ready to receive IDPs displaced from Mosul corridor, of which 4,868 (53%) are currently occupied 3.1 million Internally Displaced Iraqis since January 20142 239,077 Iraqi refugees hosted by neighbouring countries in the region, with 3,516 Iraqis to Syria since 17 October FUNDING USD 584 million requested for IDPs and Iraqi refugees in the region POPULATION MOVEMENTS Mosul: Some 82,068 (13,678 families)1 are currently displaced from Mosul and surrounding areas since the start of the military offensive on 17 October, an increase of more than 4,200 individuals in the past four days (since 2 December). The vast majority of the displaced (88%) comes from Mosul district and over 81 per cent of them are sheltered in camps. UNHCR RESPONSE UPDATE Close to 52,000 persons are currently sheltered in UNHCR-supported camps built as part of Mosul response: Qaymawa and Hasansham U3 camps (built by UNHCR), and Khazer M1 and Khazer M2 camps (built by the Ministry of Migration and Displacement – MOMD) have received the bulk of the new arrivals, and currently provide shelter for 64 per cent of the families displaced from in and around Mosul since 17 October. Some 2,000 plots are still available in Khazer M2 while the three other camps are at full capacity. Construction at UNHCR Hasansham U2 has started on 6 December. Construction of UNHCR Chamakor camp is well underway. In total, the two new camps will have the capacity to provide shelter for up to 3,960 newly displaced families (some 18,000 persons). A total of 17,697 plots have been prepared for up to 107,000 people in camps built by humanitarian partners and the Government. The camps are now supported through the UNHCR-led Camp Coordination and Camp Management (CCCM) cluster response for Mosul and are currently ready to receive an additional 42,400 new arrivals (7,081 plots available). Advocacy with the Government continues to find additional land and facilities to accommodate new arrivals from Mosul. UNHCR has trained nine additional protection monitoring teams, a total of 27 staff, to be deployed to existing and new sites. UNHCR carried out a mission to the villages around Shura on 5 December, in order to meet with beneficiaries of recent distributions as well as local Sheikhs in 65 newly accessible villages located some 40 km south of Mosul. The main needs identified for the area are kerosene (used for heating), fuel to operate the water pumping station, and food (in particular flour for bread). The full report is available here. (Source: ReliefWeb) * Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    12-08-2016, 12:52 AM
    By John Lee. The*Central Bank of Iraq (CBI)*has reported that 35 banks and 15 remittance companies took part in its currency auction on Wednesday. A total of $150,580,002 sold at a price of 1182 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • James's Avatar
    12-07-2016, 08:29 PM
    www.almadapaper.net Affirmed the financial advisor to the prime minister, Haidar al-Abbadi, the Organization of Petroleum Exporting Countries decision (OPEC) to cut production, it will provide Iraq with nearly $ 14 billion a year, which means reducing the deficit budget next in 2017 by 65 percent, "and noted that it will revive the local economy and reduce the need to borrow internal and external, so the oil ministry revealed its commitment to reduce 200 thousand barrels per day of production under the resolution, but economists pointed out that the cooperation with the rest of OPEC producers can achieve a balance between supply and demand and improve the price. He said the appearance of Mohammed Saleh, in an interview (long-Presse) that "the OPEC decision to cut production will reflect positively on the Iraqi economy by reducing the budget deficit," noting that "any dollar increase in the price of oil enters an additional annual return of $ billion, as well as reduce the need for new oil investments and maintain redeeming investments to maintain production capacity at the same level. Financial advisor to the prime minister and added that "the decision means no need for expenses for a new increase in production," noting that it "is in two directions: first, to maintain the current production capacity and ensure that no retreat from current levels of oil wells, as well as exchange ceased to invest in new wells because of adherence production quota established by OPEC, which means the provision of between three to four billion dollars of investment plan for the next year in 2017 at the very least. " Saleh pointed out that "the outcome of the implementation of the resolution and the possible rise of crude prices by about ten dollars a barrel, means the provision of nearly ten billion dollars in annual revenues further, the other four as a result of lack of need for new oil investments," he returned to it, "thus means increased savings ratio and reduce the deficit budget in 2017 the next 65 percent. " He stressed favor, that "the potential recovery of the Iraqi economy in the event of rising oil prices, also contributes to reducing internal and external borrowing ratio." The price of Brent crude oil, has risen since Monday, by 19 percent, with the highest jump since last July 2015, above $ 55 a barrel, on the back of the Organization of Petroleum Exporting Countries decision (OPEC) cut its production ceiling by 1.2 million barrels per day. The budget deficit in 2017, which exceed percent trillion dinars, more than 21 trillion dinars. For his part, he said a spokesman for the Oil Ministry, Assem Jihad, in an interview (long-Presse), "The Iraq of important producers in OPEC," noting that "the organization to cut production decision came by agreement between the Member States to address the decline in the price of crude and its repercussions on the economies crisis." Jihad explained that "the decision to cut production will be implemented early next year, in 2017 and for a period of six months," pointing out that "ad hoc committees will monitor the market situation and identify the need to increase production in the event of stability after the expiry of that period." The spokesman for the oil ministry, that "the agreement requires that the cut Arabia produced up to 460 thousand barrels per day, Iraq stands at 200 thousand barrels," pointing out that "many producers outside OPEC supported the decision by their willingness to reduce 600 thousand barrels per day, including Russia, which It pledged to cut about 300 thousand barrels of daily production. " He continued jihad, "The decision is aimed at controlling the oil supply glut that the global market witnessed during the last term," he returned that "the implementation of the resolution will be supported by price increases and input-producing countries." And drew a spokesman for the Ministry of Oil that "Iraq will deal wisely with the subject to reduce the negative impacts and maximize the positive aspects, especially on the revenue," he "can not depart from the international consensus, especially since the decision was the result of tough negotiations." In turn, said the economist Ahmed Rehn, in an interview (long-Presse) that "OPEC's decision to cut production will lead to reduce oversupply in the international market, especially after crossing the barrier of two million barrels per day," noting that "cooperation OPEC countries with producers outside can bring balance between supply and demand and lead to the result of improved price of oil. " He said Rehn, "The global market has responded to the resolution by increasing the price of crude will reflect positively on the Iraqi economy," adding that "we we wished not covered by Iraq's decision because of the loss of a lot of opportunities for him for decades as a result of wars, sanctions and others." He stressed the economic expert, that "Iraq if it had been the fastest in the development of his energies to the extractive was more of the resolution have benefited." The OPEC countries, announced in (the thirtieth of November 2016), its members agree on a production cut for the first time since 2008, indicating that the implementation of the agreement will be the start of next January 2017, for a period of six months. It is hoped that OPEC members will meet with the rest of the producing countries outside the Organization, this weekend in the Austrian capital Vienna, to reach a final agreement on reducing production.
    0 replies | 52 view(s)
  • James's Avatar
    12-07-2016, 08:11 PM
    Mr. Issa mohammad.k.issa@warka-bank-iq.com
    38 replies | 2559 view(s)
  • dinar shore's Avatar
    12-07-2016, 05:22 PM
    Hi James, This is dinar shore (2004). Can you please send me the latest address for Mr. I? Thanks! Dinar Shore
    38 replies | 2559 view(s)
  • BatmaninIraq's Avatar
    12-07-2016, 12:46 PM
    Currency torn determines the suitability for trading? .. A lot of us do not realize the extent of banknotes symbolic increasingly towards malpractices such as writing them12-06-2016 BAGHDAD / Investigation Sectionconvey His «Kia» view between the street and the paper of 250 dinars, and examined by a good groping surface for fear of being glued transparent tape. He stretched out his hand over backwards to return it to its rightful owner: «possible change»? Young Driver of the old man asked, was contained last: »Why is Annie character?»! Then start Comments passengers crammed in the small Chinese car between supporters and dismissive of currency trading torn and damaged, and out of them five hundred dinars, painted in black. Another woman refers to cash paper that the driver attributed her 1000 dinars written by the verse!The proliferation of damaged paper currency has become a daily problem and room for discussion and perhaps sometimes quarrel between taxi drivers and buses with their passengers, and between employers and their clients Albesttiyat and even bakeries and ovens become experiencing this problem. But the strangest thing is that some of the beggars are now refusing to extradite torn currency Mahsnin.rpma a lot of us do not realize the extent of banknotes symbolic, increasingly towards malpractices such as writing them by some lovers and researchers to dating, and they are turning to free the paper from the wall by writing numbers and poems and Oboveat. Currency .. notebook! Some accountants and treasurers in the banks to transfer the money to the «notebooks» understand the record number «intensity» them, right down to the wrong storage at each other in places unfit for banknotes, at a time when declining portfolio can be used for exposed coins frequent let alone in the enclaves, most denominations, especially with the value of the 250 and 500 and 1,000 dinars, lost part of its specifications due to repeated use, and lost cohesion and became dilapidated and Mthrih, or been cut or mowing or burning of angles. His «Kia« says: «not a single day passes without that there will be one or more problems with the passengers because banknotes torn», adds Ali Karam (33) years: «When I give the passenger the rest of the fare, which usually consists of small groups; take refuses because it torn, and thus became obliged to that I also reject » the to this just good earner refers travels daily between new Baghdad and Palestine Street - that bus fare is 750 dinars, so always be no problem with the rest of the ground Danar.obiv Hassan «the presence of paper currency damaged causing us a lot of problems. When we go to buy our needs re - seller for us monetary papers torn and connected , but we face many difficult problems in the disposal, whether by shopkeepers or Kia drivers».Aslam nor am I!Owners of banking companies, who change your foreign currency to an Iraqi torn, refuse contrast recognizes local banknote If this Alhal.gosai Saad, owner of a money exchange in the Mansour, confirms that «most banking companies and transfer of funds refuse to extradite torn Iraqi currency». On the other hand he says that he «rejects the received banknotes damaged customers» .mozvon they also receive their salaries in cash cards are corrupted, and find an outlet for marketing discharged are not entitled to object to the Trustees of their constituencies funds on the currency type or Hklha.tcol Alia Abdullah employee government that « the people of accounts« in the official our departments have the classic answer always use it in the case of the protest on paper currency damage: «this is the responsibility of government banks that we received these papers». While another government employee explains that he receives each month in which a salary TDs Mmzkh.obiv leaves Mohammed Ayad , saying: «Sometimes I receive approximately fifty to a hundred thousand dinars from the class of 1000 and most of them are corrupted and do not know where to change it .»Our money and their moneyand pays to talk about the damaged currency, to question a retired waiting under the sun went wrong in his salary, near retirement circle in central Baghdad, where he says: «Are small and fractured groups of all retired right, or the administrator share with us the same carefree ?!» correct. Abu Haider retired teacher had decreased salary in the last two months, due to what has been said of him as the deduction for reasons of austerity, and then discovered that an error occurred in the Department of pension and came to be corrected, he adds: «in the event of a torn and dirty our currency remained scattered writings and figures it will lose value cash and difficult handling , and perhaps get to the refusal to fully accept ».ichir Khaled Salman , an expert in financial matter that he did not know who would be responsible for educating citizens to lift the injustice for our currency. Adding: «that developed countries respect the cash currency, especially leafy ones, they are always keen to keep its currency in circulation continuously» .oichir that financial authorities in the countries of the world, follow the organization 's policies in the «control» its currency and there are ongoing proceedings in the damaged currency withdrawn and replaced , because the interest in the national currency of civilized behavior, one of the sovereignty of nations indicators.Banks and conditionsrequire the banks in exchange for the damaged currency should not be «torn into three pieces», be it « the effects of oil or blood» or be «buried with earth» .otakd Leila Khader employee at Rafidain Bank that « the banks refused to accept banknotes and torn is subject to the controls of the central bank discussed above », adding:» If for some amount of damaged currency can be changed by the central bank, compared to deduct the amount of 10% of the total ».uibin economist Majid picture value that« the currency damaged whatever the class has a significant impact on per capita income level in general because their use affects the level of living »He adds that the picture of « dealing damaged currency is an illegal action », stressing said:» each bank that receives all the stale currency and replace it by new issued by the Central Bank ».okan central bank had announced earlier that it works on the issuance of small coins in Arabic and Kurdish to address liquidity in Iraq. Officials at the bank said that the «Bank» is considering the introduction of coins as part of his plan to restructure the currency.
    0 replies | 88 view(s)
  • BatmaninIraq's Avatar
    12-07-2016, 11:07 AM
    The stock market indicates a rise in the number and value of traded name for the month of November Economy News / Baghdad Iraq Stock Oroaq recorded a rise in Macherth for the number and value of shares traded during the month of November compared to October of last month. The executive director of the market, Taha Ahmed Abdul Salam, in an interview I followed the "Economy News", that the market is organized in the month of November 2016 (21) trading session, pointing out that the number of listed companies in the market of (97) companies what number of shares listed (9.333) trillion shares classified by sector, where banks were 27 companies and two telecommunications industry and the company for 21 companies, agriculture and tourism company 6 10 9 services company and financial investment company 6 company and money transfer of 11 companies and insurance companies 5. Abdul Salam confirmed that the number of shares traded companies in the market during the month of November amounted to (61) company, while the total number of shares traded reached 134 billion shares traded for a value was 82 billion dinars. Abdul Salam noted that the turnover ratio for the banking sector amounted to 2%, followed by the industrial sector by 1.7%, one of the positive indicators during the month of November compared to the month of October. It comparisons indicators November a month before the month of October between Abdul Salam that the number of companies traded index rising shares (10%), and the index number of shares traded is the other rising by 152% compared to the month of October. Abdul - Salam said the value traded Artvaat increased by 176% for the month of November compared to October , the month, and there has been a rise in the number of contracts executed (16%), the rise in the market price index of shares traded increased by 5%, indicating that themarket value Market Cap It may Ankhvadt 1.5% for the month of November compared to the month of October. And the market index ISX60 Abdul Salam explained that closed at the end of the month of November 2016 (636.28) points, up by 5% compared to its value to close the month of October amounting to (604.500 points).
    0 replies | 74 view(s)
  • Brazileiro's Avatar
    12-07-2016, 10:26 AM
    word for word the same response I received this morning...except the Dear Mr James part :)
    38 replies | 2559 view(s)
  • BatmaninIraq's Avatar
    12-07-2016, 05:54 AM
    Bruce: Any other specific Intel we are in a very close rate. This should be our week based on everything going through. The gold standard being passed and bond traders being paid out, the founders of the plan have been paid, and also the Chinese elders are being paid. The church groups that started a couple days ago, 69 percent have been paid as of yesterday afternoon. As far as I know, the church groups do not need to be completely done before we go. They are very close. These are people that put their money up over 5 years ago, and have renegotiated rates at that time. That has been handled the last two to three days. That has been going on. There are things happening that are new, and things that have yet to occur. The internet group should be the next group to go. We should be next. That is my understanding. We are expecting a toll free number to come through. If we are allowed, we will put it on our website: thebigcall.net. We will not be emailing people the toll free number. Do not be thinking you will get an email from us. If we are allowed, we will put it out on our website: thebigcall.net. You can get it there if you haven’t found it somewhere else online. Bruce: We plan on essentially when this does go through, if it happens say it does before Thursday, we will not do a call on Thursday. We will let you know when our next call would be. Just check our website for future calls and dates. We have a lot to do with our own accounts. This is pre-holiday season, and we want to be sensitive about that. Also we do want to stay in touch and let you know what we plan to do. Bruce: Intel wise we are about as button up as we can be for this to go. We are waiting for us to be notified. As far as banks are concerned there has been bank cleanup. That has been going on. That wrapped up on Saturday with one of the Banks. Things are really good. Positive things are happening with both HSBC and Wells Fargo perspectives. There is some nice joint scenario where they are working together on the redemption centers. Redemption centers have been fortified with additional security and services. It is really in a good shape to go to do our exchanges. It is really good, and I am looking forward for it starting and I know you guys are too. Bruce: We are partnering with HSBC, as the Lead Bank Internationally. Wells Fargo is the lead bank in the United States. Both of them are working side by side in the redemption centers essentially with the help of Abbot Downing. So we will still have the opportunity to partner. Do not forget the other banks we will be working with alongside HSBC we have AIIB, and People Bank of China. We have the top 3 Banks of China that we will be working with. Also we will be working with our Canadian partners to the north that are the Canadian Banks such as Royal Bank of Canada, TD Bank, Scotia Bank which is not only in Canada but also in the Caribbean. HSBC Bank is International. If you are not sure who to utilize internationally, if you have an HSBC Bank near you or you can travel to a HSBC that is a good starting point if you are outside of the United States. Also there is the Moca Pocia Bank in Central and South America which is under the HSBC umbrella. Too, down under, we have ANZ Bank and other banks. In the United States we have Chase, Citibank, and Bank of America. All these have been tuned up. I think you are going to see banks here solidate a little bit in the future in the next year or so. There will be some of that process going on. Overall, whoever you decide to bank with there are a good number of private banks. Do not forget there are also the Tier 2 banks like Fifth Third Bank, Regions Bank, Bank First, Sun Trust Bank, and other region banks. Do not forget your home town banks. I plan on using my home town bank. It is a good little bank. I think we will spread it around. When you are sitting there across from your banking partner, let them know yes I am here to negotiate a higher rate because of the humanitarian projects I plan on doing. You can go with a straight screen rate and not sign an NDA. I know the NDAs have been reduced. The NDAs that we thought were getting more and more complicated, they have simplified the NDAs. They got the NDA down to a page and ¾ to 2 pages. That is even the one that is not the basic one. You have an NDA that is where the rate is not the high rate but a medium rate on the ZIM. Above that rate you go to where you talk about the projects being 20, 25, even 50 years. That is going to involve a different NDA due to the timing of the projects, longevity of it. Just realize that the sky is the limit. Set your sites high. Aim high as they say because this kind of a one shot of this type of money. I know it is a whole lot, but just open your eyes in the possibility of going big. Think of the idea of adopting a city, or an Island in the Caribbean. You will have the resources to do it if you negotiate a high rate on the ZIM. It is there. Trust me. The high rate is there. I don’t care what you read of what certain people say out there. Just realize when it is all done, you have exchanged and you come out you will say Bruce was right. He was right about that. I am just saying. I feel very confident about that. Bruce: Let us stay positive and ready for it. I think this week is still our week. Even though it is Tuesday we have a lot of week to go. Stay positive with me, Sue, Bob, Ken, and Pastor Steven. I want everybody to do two things. I want everyone to stay ready for this at any moment. Second I want them to take their own health and wellness seriously. Let just say I do not expect to have a call Thursday. However, we might or might not. I hope we don’t. Let us see what happens. Stay great. Everybody have a great night sleep, and take a deep breath. Thank you everybody. All have a great and beautiful night. Good night.
    3 replies | 210 view(s)
  • BatmaninIraq's Avatar
    12-07-2016, 05:53 AM
    THE BIG CALL WITH BRUCE TUESDAY, DECEMBER 06, 2016, INTEL ONLY - TRANSCRIBED BY PINKROSES. Bruce: Good Evening Everybody. I am excited. In terms of Intel guys, the Intel we have been putting out has been coming out from my sources only. It is something we want you guys to feel comfortable with and I feel comfortable putting it out. We put it out so you can learn where we are and the status of our situation and so you can be prepared for this blessing. When you get the Intel from a call, concerning the information, you have to discern and you have find the truth. Sometimes it is tough. Sometimes I hear things that are out there that sort of make you go into different directions. l stay focus and have faith for this. I want to encourage and lift you up. That is my goal in this is to be a facilitator and edify you. Bruce: In the last day or so, about 4am the banks started recalibrating the rates and the rates started to change and reset. It is called repopulation of the rates. This has been going on for a couple of days. We thought they would be completed, but we still have several not settled in at the time of this broadcast. Yesterday all but 7 countries currencies were settled in and live on the screen and rates were fixed. Out of 209 countries we had 202 settled in and become solid on the screens live. That left 7 to go. Today two more settled in. One was Saudi Arabian currency, the Riyal. Then the Iraqi Dinar was the other one. Things are happening in Iraq and the Middle East making this thing happen. Bruce: A text I going to read: We do have this: Relating to Iraq and the Middle East in general. The Islamic Gold Standard Agreement what was holding this RV up from what we understand. The Islamic Gold Standard Agreement was passed. That was huge. The law was changed so the currencies in the Middle East could be gold backed. It was enacted and passed. Certain individuals that need to enter codes are in position to enter codes at any time now. Bruce: The biggest part of it has to do with the introduction of the gold standard not only in the Middle East but here also. Now we are at the point with the introduction of the gold standard is the soft disclosure and Gesare going through. That is huge. That tells us that we are so close because certain people are signing off documents that need to be sign. The gold standard here backs our USN and the TRN as well. That is what we need to happen. That is happening now and is very much important. The bond traders are being paid after midnight about 12:01am. They were paid in London, Zurich, Hong Kong, and the US and Canada. Large humanitarian funding sources are receiving their liquidity either now or tonight. They are all getting liquid and hydrated. It is very positive for us.
    3 replies | 210 view(s)
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