Iraq an economic Study

Douglas Silliman Retweeted EconDiplomacy@State

I am speaking today with U.S. businesses considering working and investing in Iraq, and those interested in the @USChamber 's upcoming business mission to Baghdad. We are ready to explore the many opportunities. @USEmbBaghdad @USConGenErbil @USAConsulBasrah @EconAtState




[link to search4dinar.wordpress.com (secure)]

The appearance of Mohammed Saleh: * Towards the settlement of official foreign debt of Iraq **: (Terms of the Paris Club Agreement Paris Club Terms)


Read from the beginning at link.

In conclusion, in order to implement the terms of the Paris Club Agreement and ensure its proper application, the French banking financial institution known as LAZARD to act as financial advisor and follow up the mechanism for settlement of Iraq's debt scheduled with the group of Paris Club countries related.



(*) Iraqi economic researcher and writer, former deputy governor of the Central Bank and financial advisor



Former Prime Minister Dr. Haidar Abadi

(**) led the negotiating team to reach the Paris Club Agreement to reduce the external indebtedness of the Republic

Iraq, Mr. Adel Abdul Mahdi, and a technical team composed of Dr. Sinan

Al-Shabibi, former Governor of the Central Bank of Iraq and Dr. Aziz Jaafar,

The appearance of Mohammed Saleh and Dr. Ahmed Breihi and conducted legal consultations with the Office International Law (Clare Gatelop) and other technical consultations with the International Monetary Fund

Of the UN Security Council resolution In implementation of Act No. 1483 of May 2003. After standing on Dr.. The appearance of Mohammed Thalh towards the settlement of official foreign indebtedness of Iraq



The results of an analysis of the so-called debt sustainability analysis

is the signing ceremony of the above agreement took place at the Paris Club headquarters on 21 October 2018, which resulted in a commitment to write off more than $ 100 billion Iraq's external debt.



Copyright © Iraqi Economists Network. Reproduction is permitted provided that reference is made to the source Iraqi Economists Network. 29 October 2018.



[link to iraqieconomists.net]

Economy News Baghdad

Saudi Arabia has allocated $ 1.5 billion to build an integrated sports city in Baghdad.

A source in the Ministry of Youth and Sports in a statement quoted by the agency "Alsumaria News" and viewed by "economy News", "Saudi Arabia has allocated $ 1.5 billion to build an integrated sports city south of Baghdad."

"The sports city will be built near Alwa al-Rasheed south of the capital as a gift from the Kingdom to Iraqi sports."

The source, who preferred not to be named, that "the amount is in the Saudi embassy in Baghdad and there is only left administrative procedures to start building the sports city."

It is noteworthy that the Iraqi Foreign Minister Ahmed Mahjoub said earlier that relations with Saudi Arabia is improving over 14 years, in the development of relations towards the opening of economic prospects between the two countries, especially on the subject of electricity and energy.

[link to economy-news.net]

Defining Iraq’s priorities

The government programme identifies several broad-based priorities that will guide all action by federal ministries and agencies for the next four years and beyond. These include:

– Protecting Iraq’s democratic system, independence and sovereignty

– Upholding the rule of law, delivering meaningful justice and reconciliation

– Safeguarding national security and countering extremism

– Improving essential services, reducing poverty and tackling the housing shortage

– Supporting reconstruction, investment, economic and human development

– Improving public administration, governance and combating corruption

– Optimising benefits from oil, gas, water & other natural resources

– Maintaining good relations with Iraq’s neighbours and international partners

The programme outlines clear timelines for implementation of government policies and objectives ranging from short-term (3-6 months), to medium term (7-18 months) and long-term (19-48 months), and sets targets for each federal ministry for delivery against agreed objectives.

The programme acknowledges that delivery of key objectives is contingent on effective administration, good governance, and rigorous oversight mechanisms. It, therefore, commits the government to an ambitious reform agenda over the next four years to cut red-tape, restructure key institutions such as the Cabinet Office, combat corruption, and invest in building effective and responsive e-government infrastructure.

Prime Minister Abd Al-Mahdi told parliament that citizens are at the heart of the new Iraqi government programme, as it seeks to put Iraq on the path of development and peace-building after years of conflict. He urged all political parties, citizens, civil society groups and the international community to work with the new Iraqi government to deliver a better future for all of Iraq’s communities.

[link to gds.gov.iq (secure)]

Independent) .. An official source at Hamorabi Bank Aljsari that the chances of economic renaissance in Iraq are available, and we have to start in the actual aspects that we believe we have the elements of rapid success, which can be activated without the need for long periods of time such as the agricultural sector and small industrial projects And the tourism sector.
He added that it also requires the development of the banking system to provide the best services in the world to these sectors, which must be linked to the plans of a phased strategy to develop all joints to the establishment of major projects in the coming periods and the small and medium-sized projects are complementary to strategic projects.
He pointed to the importance of attracting part of the foreign investment flows, and the adoption of the use of advanced technological means of communication and information, and the process as a whole requires a sophisticated banking system capable of supporting all economic processes, and this is recognized by our banks and working hard to develop all aspects of its work.

[link to translate.googleusercontent.com (secure)]

Sounds pretty positive!

Central Bank suspends licensing of electronic payment companies

Date of release: 2018/11/8 14:23


} The Central Bank of Iraq decided to stop granting licenses of electronic payment companies for one year.

"The decision was based on the decision of the board of directors of this bank in its session No. 1575, which was held on 4 November 2018, 12/31 "

(Baghdad: Al-Furat News) Prime Minister Adel Abdul-Mahdi, the need to provide a suitable investment environment for the launch of projects.

"One of the main priorities of the government is to develop the Iraqi economy, and we must provide an appropriate investment environment for launching projects," Abdul Mahdi said in a speech at the opening of the Baghdad International Fair on Saturday.

He added that "the obstacles are still in place to carry out investment projects," calling for contributing to reconstruction for the benefit of all "He

pointed out that" the wars destroyed the infrastructure, "noting that" Iraq does not bear the responsibility of construction alone, and our battle today is to impose order and law enforcement , And we do not want a single commodity economy. "

[link to alforatnews.com]

Barham Salj

Barham Salih | Since 11 hours on 10 November 2018 - Last updated on November 10 2018 / 10:54

The new phase may be a turning point in the history of Iraq. Although the political process since 2003 has achieved achievements, especially at the level of democratic construction, the Iraqis have faced many challenges and risks, which have often resulted from structural imbalances in the government system. Internal conflicts fueled by corruption and regional and international tensions that have pushed Iraq from one serious crisis to another.

It is possible that this stage is the real beginning of the exit of Iraq from the spiral of its crises and thus contribute to overcome the entire region of its crises, and the road has become more clear to the Iraqis on the other bank, and is linked to internal entitlements and mutual external relations with brothers and neighbors and countries of the world, At the legislative and executive levels there is a clear vision of such benefits. Internally, the road map starts with real reforms that guarantee the re-strengthening of the contract and the restoration of trust between the citizen and the state through the provision of services and employment opportunities and the development of legal structures in the fight against corruption with force and firmness. An internal national dialogue to address the structural imbalances in the system of government and solve the problems accumulated between the Kurdistan region and the federal government.

Today, the population of Iraq is 38 million, with an annual increase of one million. These population increases come amidst a destructive service infrastructure and rampant unemployment, and the scene could worsen without comprehensive and radical economic reform.

But Iraq, on the other hand, has strong economic fundamentals that can be invested in a rational economic policy that moves the country from the struggling and unable to meet the needs of its citizens to a productive, productive and promising economy.

The achievement of community security and civil peace is linked to the comprehensive modernization of economic structures, the promotion of investment, the provision of employment opportunities, the promotion of national industries, the promotion of agricultural production and the support of major urban projects, together with the promotion of small and medium enterprises.

* President of the Republic of Iraq

[link to www.alhayat.com]

The Media the Office AMVerifiedAccount @ IraqiPMO
FollowingFollowing @ IraqiPMO
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Prime Minister Mr. Adel Abdul Mahdi @ AdilAbdAlMahdi confirms that Iraq is open to his brothers and his friends to promote investment and cooperation opportunities that serve common interests and promote peace and security, development and employment opportunities came during the opening of its sovereignty today 's forty - fifth session of the Baghdad International Fair.



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Al Ahli Bank signs agreement with IFC


Al-Ahli Bank announced on Sunday the signing of an agreement with the International Finance Corporation concerning the bank's accession to the World Trade Finance Program through which the Corporation will guarantee the bank 10 billion dollars against letters of guarantee executed by the Iraqi bank to its customers. The agreement is an important "starting point" for the bank.

"The bank signed a memorandum of understanding (MoU) with the Iraqi National Bank and the International Finance Corporation (IFC) today with regard to the NCB's accession to the World Trade Finance Program, through which the Corporation will guarantee 10 billion US dollars against letters of guarantee Which is implemented by the Iraqi bank to its customers. "

"The memorandum of understanding concerns the Bank's support in terms of enhancing corporate governance to ensure best practice in this area, especially as it has been announced by the Governor of the Central Bank to issue a revised guide to the modified governance of banks," Al Salem added. Al Ahli to the global trade finance program because it grants the ability to finance companies and global banks and ease the conditions required by the international banks, the most important of which is cash. "

"The Iraqi Bank has been able to open up to the outside world, which enabled it to obtain trade finance and a number of correspondent banks, which enabled it to provide foreign trade financing through the volume and appropriations issued about 700 million dollars in 2017, That "the reopening of the border with Jordan, which led to the increase in trade exchange between the two countries since the beginning of this year, and we expect that the credits will see further increase during the current year."

Al-Salem said that "the bank obtained the first place in the exploitation of the initiative of the Central Bank related to the financing of small and medium enterprises and occupies the second place among the private banks in the project to settle the salaries of employees," noting that "the Central Bank hailed the bank's development of the banking sector and the Iraqi economy "He said.

"The signing of the agreement is an important starting point for the bank to develop and move towards the networking of international relations and the stabilization of its position and foreign relations, as it is an important and vital issue in the banking sector," said the governor of the Central Bank, pointing out that "the banking sector without a real arm And extensive external relations can not be able to progress and development and the completion of many services and products.

He added that the banking sector in Iraq has begun to be of importance to international institutions, as well as expressing the opposite of confidence in dealing with the issue.

He continued: "At the level of Iraq, we have taken an important step in strengthening Iraq's status in the classification of combating terrorism and the financing of terrorism, which has become an issue in the dealings between countries," pointing out that "the classification was obtained by the international financial work that moved Iraq during the two years of the region Gray to an ongoing area to the continuous follow-up area to which all the country is subjected, and this gave strength in dealing with foreign institutions. "

He pointed out that "a series of actions took place within the banking sector through the promotion and consolidation of international practices and standards that have been able to move the banking sector to another situation, and there are other applications in compliance and the principles of governance," noting that "the central bank developed the banking sector, To absorb internal and external financial transactions and implemented advanced protection systems and the national payment system is one of the most advanced systems in the world. "

Here’s an article that a dr I used work with around the world. Wrote about Iraq.
He now goes into Iraq and does what I USED to do.
This is what life is like in Iraq.

I was mostly in Japan, and Thailand doing this work. Just to give you a background of where Ohio chic’s former life used to be.

[link to www.odt.co.nz (secure)]

CENTRAL: OUR BANKING PROCEDURES TRANSFERRED IRAQ TO THE NORMAL FOLLOW-UP AREA
by Walter


Iraq, Monday, 12 November 2018

The governor of the Central Bank of Iraq Ali al-Alaq, Sunday, that the actions taken by the bank was sufficient to move Iraq to the normal follow-up area.

"The banking procedures that we have taken have gone a long way in strengthening Iraq's standing in the AML / CFT classification, which today is a key and important issue in cooperation," Al-Aalak said at a signing ceremony with the International Bank of Iraq. Between financial institutions and between countries'.

The Central Bank of Iraq officially exits from the list of EU sanctions The Central Bank warns of 'individuals and networks' practicing fraud and fraud The added that the classification obtained by the International Labor Organization, which transferred Iraq during the last few years from the gray area to the region continued follow-up and then managed From access to the normal follow-up area to which all countries are subject. '

"This new indicator will enable all international financial institutions to open their doors and their relationship with our banking institutions in Iraq," he said.

The Central Bank of Iraq was established as an independent bank under its law of 6 March 2004 as an independent body responsible for maintaining price stability and implementing monetary policy. It supervises 10 commercial banks, 26 private banks and 16 Islamic banks, as well as 19 foreign banks. 6 financial institutions and 31 financial transfer companies.

alsumaria

[link to www.iraqdailyjournal.com]

Governor of the Central Bank of Parliament: Despite all the circumstances and pressures, we kept the exchange rate
by Walter



Baghdad / News

The governor of the Central Bank of Iraq Ali al-Alak, on Monday, that all the public balances of Iraq has not supported the Iraqi industries, while pointed out that the bank and despite all the circumstances maintained the exchange rate.

Al-Alak said during his meeting in the House of Representatives in its 13th session held today in the presence of 234 deputies that 'the central bank balanced between the financial options and managed despite the pressure and impossible goals to maintain the exchange rate of the dinar against other currencies, including the dollar'.

He added that ' all the public balances of Iraq has been free of support for Iraqi industries'.

The most important points for discussion with the Governor of the Central Bank is the building of the Central Bank and put the name of the governor on the Iraqi currency and its causes and repercussions and currency and what is raised around it.

[link to translate.googleusercontent.com (secure)]

The stock market announces the launch of the circulation of national bonds issued by the Central Bank

Editorial Date: 2018/11/14 15:39



} The Iraqi market for securities announced the launch of the circulation of national bonds issued by the Central Bank of Iraq category five million dinars.

The Executive Director of the market Taha Ahmed Abdul Salam said in a statement received by the agency {Euphrates News} a copy of it today, "The deposit of the second national bonds issued by the Central Bank of Iraq in April 2017 of the category of five million dinars, due in April 2019 have been achieved and will be traded in it Within the market ".

"These bonds will be launched on Sunday, November 18, 2018, for the first time in the Iraqi securities market," Abdul Salam said

Anyone ever go to dinar douchebags and read? Well I did a few years ago. It got me down etc. But ole SamIAm is back trying to disuade others to believe the dinar will ever RV.

What do you guys think of his research?

Sobering read OC.

Parliament moves to re-independence of the Central Bank of Iraq!
by Walter


Political situation
Thursday 15 November 2018 05:39 pm

BAGHDAD / The deputy MP of the Kurdistan Democratic Party (KDP), Pierre Taher, said on Thursday that parliament is moving to take measures to restore the independence of the Central Bank.

Tahir said, "the eye of Iraq News," that "there is negligence and a clear negligence in the performance of the work of the Central Bank of Iraq, and his work lacks the full professional and there are several shortcomings in aspects of service provided and performance," noting that "the Governor of the Central Bank bears waste more than 7 Billion Iraqi dinars in circumstances attributed to the floods previously flooded the province of Baghdad. "

He added that "the parliament will take the necessary measures to restore the independence of the Central Bank and the performance of his work fully professional to contribute to the revitalization of the national economy."

[link to aynaliraqnews.com]

. The central bank reveals the amount of cash and gold reserves currently in Iraq
by Walter
17:31 - 15/11/2018



Information / special ...
revealed the Central Bank of Iraq, Thursday, total printed from the Iraqi currency in the whole country, which is estimated at 40 trillion dinars, noting that Iraq has reserves of foreign currency and gold isestimated at more than $ 60 billion.
"Iraq has plans and strategies that it is working on periodically to make adjustments to the currency and pull out the damaged from public markets and replace it with a new one," said Central Bank spokesman Bassem Abdulhadi.
He added that "the total Iraqi currency printed in the public market, banks and coffers of the bank up to 40 trillion Iraqi dinars," noting that "there is no intention at the present time to issue any new category and existing categories that cover the need of local Iraq."
He said that "the total reserves of the Bank of foreign currency and gold is estimated at more than 60 billion dollars," noting that "this figure is variable and depends on Iraqi oil exports to decline and rise."

[link to www.almaalomah.com (secure)]

Where to print the Iraqi currency and how much it cost?
by Walter
03:54 - 18/11
MP Naji Radis al-Saidi, on Sunday, the place where the printing of the Iraqi currency, pointing out that it cost 4 cents per paper.
"The Central Bank was in the past printing the banknotes of the Iraqi currency in Switzerland, but he changed the place of printing and is currently printing at the British Institute in London and it is supposed to be specifications prevent damage," Saidi said in an interview with Mawazine News.
"The cost of printing one banknote is between 4 and 5 US cents, and then the currency is transferred to Iraq," he said.
The director of the issuance in the Central Bank Ihsan al-Yasiri said that the Central Bank of printing a thousand papers of the category of 25 thousand dinars in Arson international companies at less than $ 60, noting that the bank will not spend a lot of liquidity to print the new monetary categories because they cost a few. / H

The Iraqi parliament is calling on the US Congress to make serious efforts to support Iraq and enable it to go beyond an encouraging stage
by Walter



19/11/2018


Baghdad - Mawazine News

The Iraqi delegation representing the Iraqi Council of Representatives on Monday called on the US Congress to take serious action to support Iraq and enable it to move beyond an encouraging stage.



[link to search4dinar.wordpress.com (secure)]

The Central Bank commits commercial banks to the capital adequacy standard
by Walter


Central Bank of Iraq
Banks

Economy News Baghdad

The Central Bank of Iraq (CBE) has committed all commercial banks to the minimum capital adequacy standard.

"In order to keep abreast of developments in the global banking system and in order to reach the Basel Committee's decisions, banks will have to adhere to the minimum capital adequacy criteria," the central bank said in a statement read by Al-Iktissad News.

He added that "the minimum limits will be based on the method of calculation adopted in accordance with the conventional bands."

[link to economy-news.net]

United Investment Bank confirms its readiness to meet the requirements of its customers
by Walter
Banks

Economy News _ Baghdad

The bank's director-general Imad Abdul-Hassan said on Monday that the bank is ready to meet the requirements of its customers.

"The bank is one of the oldest banks established in 1994 and is keen to meet the requirements of its customers," Abdul-Hassan said in a television interview with Al-Iktissad News. "Today, the administration is supported by the Central Bank and is appointed by him for the importance of the bank and its place in The Iraqi banking sector, and to give it strength and support and put it within the proper context of banking. "

He reassured the public and the customers of the bank that he is a rest and continuity in his work to provide the best banking services.

"The reasons for the banking sector are the conditions that prevailed in the country after the introduction of the terrorist" Da'ash "organization, the financial crisis, the low oil prices, the delay of the state by paying the dues of the contractors and because of the activity of the broad United Bank and most of its customers from contractors was the most affected among banks.

[link to economy-news.net]

URGENT US Treasury Secretary Abdul-Mahdi: We are committed to supporting Iraq
by Walter

Date of release: 2018/11/19 10:14

{Baghdad: Al Furat News} Prime Minister Adel Abdul Mahdi received a telephone call from US Treasury Secretary Stephen Manuchen.

"The commitment of the United States and the Treasury Department to support Iraq and strengthen bilateral relations," Manouchein said, according to a statement by the Prime Minister's Office.

During the meeting, they discussed boosting cooperation between the two countries in various fields.

"The importance of continued international support for Iraq," Abdul Mahdi said

[link to alforatnews.com]

The Association of Iraqi Private Banks is conducting a liquidity risk management and interest rate course
by Walter

Economy News _ Baghdad

On Sunday, the Association of Iraqi Private Banks held a training course on "Managing liquidity risk and interest rate" at the headquarters of the Association, with the participation of 34 trainees from the Central Bank and government and private banks.

"This training program will enable us to understand the challenges and recommendations needed to manage the liquidity risk," said Ahmed Al Hashemi, director of administration and training at the Association of Iraqi Private Banks, during his speech at the opening of the session. "Liquidity risk has long been one of the main drivers of the crisis, During the early phase of the liquidity crisis, which began in 2007, many financial institutions, regardless of their capital adequacy level, are still struggling because they do not manage liquidity properly.

"The course will last for four days for the period 18-22 / 11/2018," Hashemi said, adding that participants at the end of the program will be able to review the lessons learned from liquidity management in the current crisis and use a structural approach to assess liquidity risk management and asset and liability management and funding strategy Understanding how banks can anticipate, control and perform stress checks on the funding sources available to the institution and build an emergency strategy to deal with external cash flow pressures.

[link to economy-news.net]

That would be us trying to cash in.

{Baghdad: Al-Furat News} Rafidain Bank, announced that the issuance of the card {mastercard} international branches include employees and citizens.

The bank's information office said in a statement received by the agency {Euphrates News} a copy of it, "The citizens and employees can visit branches dedicated to granting electronic cards in Baghdad and the provinces for the purpose of obtaining those cards."

He pointed out that "the MasterCard card has many advantages that are used by its holders in depositing and withdrawing funds wherever they are."

[link to alforatnews.com]

BAGHDAD (Reut3rs) -

US President Donald Trump said on Monday he plans to visit Iraq and Afghanistan in the future.

"I have several plans, including the visit of US soldiers in Iraq and Afghanistan," Trump said in an interview with FoxNews television and its Mawazine News.

The US president declined to disclose the timing of his visit for security reasons.

Trump has not visited Iraq since he took office two years ago.

[link to www.mawazin.net (secure)]

Central Bank reveals to “NAS” details of the project “Structuring the currency”

Monday 19 November 2018

Baghdad - Nas

The Central Bank of Iraq revealed on Monday details of the project "Structuring the currency", which aims to delete 3 zeros, to facilitate the circulation of currency.

"The currency structuring project, when it was first floated, faced many objections. It was postponed to be launched again in 2014 and started to be implemented," said Abdulkarim Hassan, general manager of the issue and treasury, in an interview with NAS today (November 19, 2018). A new reason to postpone it. "

Hassan explained that "the draft currency structure aims to delete three zeros to turn the category of a thousand dinars to one dinar, while replacing the thousand dinars in the place of one million dinars." He pointed out that "the project allows the printing of new categories of dinar and half dinars down to deal with the bank."

He stressed that "the idea is integrated and there is a comprehensive study and the project does not need to apply," stressing that "this project must be implemented despite the obstacles that led to the postponement."

I never have understood how deleting zeros would ever make us dinar holders a profit but I’m not exactly versed on this monetary policy stuff so could someone explain, in layman’s terms, how this would be a good thing for us?

Last Edited by Ohio chic on 11/19/2018 06:12 PM

Here's a old link to an article that might shine some light on it ?


Retired Economist talks Iraqi dinar...
10/3/2012

[link to www.dinarguru.com (secure)]