Jumat, Juli 21, 2006

Iraqi Stock Analysis For Wednesday Session 07/19/2006

the price Index was about 25.426 point .Index for Bank sector was(37.192) ,Index for Insurance Sector was (97.581), Index for Investment Sector was (108.092), Index for services Sector was(73.018) , Index for Industrial Sector was(12.180),Index for Hotels sector was (12.710), Index for Agriculture sector was(85.814) . from the Bulletin we can see the Trading for (8) banks,(1)Insurance Company, (2) Investment Companies, (2) Services Companies ,(13) Industrial companies,(1)HotelsCompany ,(1)AgricultureCompany . Generally the shares prices were Increased in (9) Companies and Decreased in (9) companies &(10) companies were Stable in its Previous Average Prices.(Source)Iraq Stock Xchange

Jumat, Juli 14, 2006

Iraq to switch to free market economy

"Iraq is determined to change the economy from a central one to a free market one,” Malki told parliament.

He also said his government would assign one trillion Iraq dinar ($666.66 million) to a social safety net in the coming budget and double the number of beneficiaries to two millions next year.

He also promised investments in the agricultural sector and support for domestic industries to enable them to compete globally.

Malki also said an investment law to be presented to parliament would safeguard Iraqi sovereignty.(Source)Aswat Iraq

Kamis, Juli 13, 2006

Iran allocates $ 1 billion to develop communications in Iraq

In statement to as-Sabah Daily, in the fringe of talks took place between Iraq and Iran in Baghdad, the Minister of Communications Mohammed Tawfeeq ‘Alowi said that talks include project of connecting the optical cable with Iran via five border outlets and effectuate the postal services, considering Tehran one of the current centers for transporting mails for most countries of the world.(Source)AlSabah

International Contract for Iraq

The statement explained that the intended contract, apart from helping progress in political, economic and social fields over the next 5 years, would also concentrate on the development of mechanisms to serve the economic transformation of Iraq by offering the opportunity for integration in regional and international economies.

The statement said that the Iraqi Government considers this International Contract to be an important step towards the future development of the country.(Source)AlSabah

International Contract for Iraq

The statement explained that the intended contract, apart from helping progress in political, economic and social fields over the next 5 years, would also concentrate on the development of mechanisms to serve the economic transformation of Iraq by offering the opportunity for integration in regional and international economies.

The statement said that the Iraqi Government considers this International Contract to be an important step towards the future development of the country.(Source)AlSabah

Monetary and exchange rate of Iraqi dinar policies of Central Bank

The stabilization of exchange rate of Iraqi dinar against the major currency transaction (US dollar) is necessary and appropriate,and foreign currency auctions held by the Central Bank of Iraq played an important role in maintaining and stabilizing an appropriate level of exchange rate, When any pressure occurs on exchange rates, the central bank is tightening monetary policy, including lifting interest rates on deposits in Iraqi dinars, and to allow greater flexibility in the management of monetary policy.

The Bank has taken several steps to expand the list of tools available to monetary policy, coverage of reserve required to include governmental deposits, and granting facilities on deposits that mature in a short period of time in order to allow banks to manage liquidity in a more effective manner and reducing the risks of liquidity to the Central Bank.

The monetary sector, in any economic system, consists of a Central Bank, commercial banks and other financial institutions. And it is the only sector among the four main sectors covered by the national accounting, which consists of the real sector, the central government, the monetary sector and the external sector.

The objectives of monetary policy to achieve economic growth, reduce unemployment rates, the stability of goods prices and services, the stability of exchange rates in the case of a floating exchange rate, and improve the balance of payments.

These objectives are achieved through the tools of monetary policy direct and indirect, the latter aims to control the public budgets of Iraqi Central Bank, while direct tools targets to control the balance sheets of commercial banks such as a credit ceilings and determine interest. The direct tools lead to efficient use of resources, reducing effectiveness of investment and the multiplicity of exchange rates.

The structural stability of current exchange rates have been granted an opportunity for rebuilding the Iraqi economy and its growth, although prices have not fully stabilized, this is due in part to instability and nature of security and political conditions throughout Iraq.

Within this context, the Central Bank of Iraq has succeeded in collecting the reserve at a high level of foreign exchange,that requires stabilization of exchange rate of Iraqi dinar against US dollar which is appropriate and required at the current stage. In support of this structure, the Central Bank of Iraq is ready to provide the required amounts of foreign currency on the basis of maximum rate in daily auctions.

To allow greater flexibility in management of monetary policy, Central Bank of Iraq has taken a number of steps to expand list of tools available to monetary policy, and the Bank granting coverage of reserve that is required to meet governmental deposits, planning a critique of the years 2005 and 2006 to set predictions about growth in demand for currency, currency in circulation and expectations about economic growth and inflation.

In order to improve management and transparency of Central Bank of Iraq. The Iraqi government commissioned the international company (Ernist and Young) to review of operations and financial statements of the Central Bank to monitor the economic performance and analysis of the essence of the monetary policy pursued by the Central Bank of Iraq in this area with a view to achieving the targets and goals of the monetary policy in Iraq.(Source) Dr.Bata'a Khalifa

Minggu, Juli 09, 2006

Iraq Oil Production Could Reach Nine Million Barrels a Day

But the lack of a clear development strategy for Iraq's oil resources is delaying the much-needed foreign investment required to reach this level of production, Micael Gulbenkian warned in an interview with Portugal's Lusa news agency.

"Iraq has gigantic potential," said Gulbenkian Saturday, whose company has projects in the war-torn country. "The Iraqi economy is a failure. The country doesn't have the means to develop and explore its national resources."

Iraqi authorities are torn between a policy which would seek to keep the development of the country's oil resources in national hands and a policy of openness to foreign investment in the sector, he added.

Iraq expects its daily oil production to reach 6.0 barrels per day by 2012 and be challenging Saudi Arabia as the world's largest producer by 2015, Iraq's Oil Minister Hussein Shahristani said last month.

Iraq's highest oil production was 3.5 million barrels a day, he said.

Production was about 2.5 million dollars a day when President Saddam Hussein was deposed by US-led forces in 2003. It then collapsed to virtually nothing and has been slow to rebuild because of insurgent attacks and other problems.

Heritage Oil, based in Canada, has a development property in Russia, a producing property in Oman, exploration projects in Uganda and has entered into projects in Kurdistan, Iraq.

Gulbenkian was in Lisbon to take part in a course on oil management offered to 46 Iraqis which is sponsored by Heritage Oil and Portuguese oil and gas company Galp.(Source)Al-Sharq Al-Awsat

Jumat, Juli 07, 2006

Iraq, UN work on five-year project to support Iraqi economy

UN Deputy Secretary General, Mark Malloch Brown, who is currently visiting Iraq, had talks with Iraqi government officials about its initiative for a new partnership with the international community dubbed, "International Contract for Iraq." According to the statement, the contract is focused on creating methods that will supports Iraq's economic transformation and offer opportunities to become part of the regional and international economies.

Brown had met with Iraqi President Jalal Talabani, Prime Minister Nouri Al-Maliki and other senior officials.

The statement added, the Iraqi government agreed to form a preparatory committee which will be co-chaired by the UN.

The committee will prepare the contract with strong support from the World Bank, the IMF and other regional financial institutions.

The contract, the statement concludes, will offer the world an opportunity to support Iraq as it transforms its economy.(Source)Kuna

Iraqi Dinar stable according to Central Bank Of Iraq

Salih added that the Bank departments are assessing the monetary stability and have not noticed any problems so far.

Salih said that any future demand for additional money printing has to be preceded by an increase in investment projects.(Source)Al-Sharq Al-Awsat

Kamis, Juli 06, 2006

Central Bank of Iraq allows opening of Bank of Beirut

On the other hand, the Bank of Beirut also allows Iraqi banks to expand relations by interacting with the Bank of Beirut (UK) London branch.

The Bank of Beirut is ranked sixth among the largest Lebanese banks with high assets offset by the high capital that allow board of directors to move freely in various world markets, particularly in financing of foreign trade.

The bank's board of directors has decided to allocate credit limits sufficient to meet demand in promising Iraqi market.

The Bank provides its services through (41) branches on the Lebanese territories, and through the Bank of London, international unit of banking in Cyprus and representation offices in both United Arab Emirates and Nigeria.

The bank's board of directors has chosen banking expert Abdel Aziz Hasoon to be the head of representation office in Iraq.(Source)AlSabah

Rabu, Juli 05, 2006

Iraq Investment law waiting ratification

Maliki said that the investment demands of the Saudi contribution to the consolidation of the infrastructure of Iraq and reconstruction, pointing out that the Iraqi government has completed a law allowing investors to invest Arabs and foreigners working in Iraq with sufficient safeguards.

Maliki called Saudi investors to work in the area of housing, energy, manufacturing, tourism and others.

Officials said that the delegation sees big response from the Saudi Arabian side in this direction, pointing out that the topic requires activation of the Iraqi investment law, which still awaits ratification in the State Consultative Council.(Source)AlSabah

Adoption of electronic trading project in Iraq, Baghdad Stock Exchange

He expected that Major Iraqi investors in Arab bourses, especially in Gulf countries, will sell a portion of their investments and invest in Iraqi Stock Exchange market when observing signs of positive change in Iraq. The same is true for the Arab investors, "especially after the issuance of a legislation that enables them to invest", He pointed out that prices of shares on Iraqi Stock Exchange is much lower than other markets, which is the most appropriate investment opportunities for non-Iraqis.

Regarding stock exchange electronic trading, he said that they have plans related to trading, cooperation and openness to the world. He pointed out that a committee from the Board of Market Governors Bourses visited Dubai and Bahrain and submitted a report to the Council about market needs of electronic transactions and deposit center systems. He added that the Swedish company "OMX" was chosen to apply and update these systems for five years starting from the date of application and operation.

And Abid Al-Salam expected that the application of electronic trading will improve performance of stock exchange dramatically and qualitatively. He said : "We are currently holding two sessions a week for two hours each, but with the help of electronic trading we'll have two sessions a day : morning, evening sessions, so ten sessions per week. Then the buyer can buy in morning session and sell in the evening or vice versa. And electronic trading will also enable us to be connected electronically with three banks to enable investors to obtain financial clearance after the sale. "(Source)Dar Al-Hayat

World Bank important role in the reconstruction of Iraq

Has been established the World Bank in 1944, Iraq was one of the founding Members of the bank said the number of members to 184 at present, the Bank is working to assist the Governments of poor nations in reducing the numbers of poor people through the provision of funding and technical expertise needed in the building of schools, roads, and reform of government services only much through the five institutions comprising :

International Bank for Reconstruction and Development : The provision of loans for low - and middle-income countries benefit significantly less than the interest charged by commercial banks on lending.

International Foundation for Development : The provision of grants and interest-free loans to the poorest countries so that the major component of the grant.

International Investment Guarantee Agency : working to encourage foreign investment in developing countries by providing guarantees to foreign investors against non-commercial risks such as war, political unrest and natural disasters.

International Center for the settlement of international disputes on investment : The settlement of disputes in the field of investment between governments and foreign investors from the private sector.

After the definition of World Bank institutions must be stopped on the most important activities undertaken by the reconstruction of Iraq, as follows :

- In mid-2003 helped the World Bank with other international institutions to prepare a study for the basic needs of rebuilding Iraq and the determination of the amounts required by the international community grants contribute to the reconstruction of Iraq on the basis of which has been estimated grants and soft loans to the extent 33 billion.

- The World Bank contributed to manage part of the grants provided by donors to Iraq since the establishment of a fund to finance the reconstruction of Iraq funds consist of grants from donor nations and to develop mechanisms for the fund, Having reached the funds deposited in this fund about $ 454 million contributed by 17 donors including the European Union, Japan, Britain, Spain and Australia.

- Has been allocated funds to implement these 9 projects were signed grant agreements between the World Bank and the Iraqi ministries recipient follows :

40 million dollars for the printing of textbooks - the Ministry of Education.

$ 60 million for the rehabilitation of schools - Ministry of Education.

$ 25 million for the rehabilitation of the health sector - the Ministry of Health.

$ 65 million for water and sewage project in Baghdad - the Baghdad.

$ 90 million for water and sewage sector in the provinces-the Ministry of Municipalities.

$ 55 million private sector development - the Ministries of Planning and Communications.

$ 20 million for infrastructure in rural areas - The Ministry of Water Resources.

$ 10 million for capacity-building (training).

- The World Bank, through the International Foundation for the Development of a soft loan to Iraq of $ 500 million. The term loan of 40 years including a grace period of 10 years without the benefits of financing projects in the areas of education, roads and bridges, health and electricity.

From the foregoing, we find that the World Bank will contribute effectively to the reconstruction of Iraq, but the important thing that must be mentioned is that the mechanisms of the World Bank in funding and implementation of projects require a long time based on the terms and conditions approved general have, Additionally, the security situation in Iraq would lead to a delay in implementation of the largest and does not expect tangible results in the near future, we may find this explanation of Iraqi citizens that he heard a lot about projects, but not seen, very little. (Source)AlSabah

MULAI HARI JUM'AT TANGGAL 14 NOV 2008, KAMI MEMBUKA LAYANAN PEMBELIAN DINAR IRAQ

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