Baghdad, The Economic Committee in the Iraqi Council of Representatives, Friday, Central Bank of Iraq to develop controls and monitor the sale of hard currency, at the time carried the government and the executive committees of an economic responsibility to the fake currency entering the Iraqi market.
A member of the Committee Mahma Khalil told the Kurdish news agency (Rn) “We asked the central bank put controls on the sale of foreign currency because of wills Iraq comes through the sale of oil and the currency of the dollar is our credit only,” adding, “we fear the vulnerability of the Iraqi currency against the dollar and afraid of the influence it”.
Khalil said that “under the Constitution, the central bank is linked to the House of Representatives and the Economic Commission is concerned to study the economic feasibility of the country,” noting “so there must be controls to stabilize the Iraqi currency,” adding, “We are afraid of smuggling the money out of Iraq.”
He held Khalil government and the executive committees of an economic responsibility entry of counterfeit currency into the country and spread in the Iraqi markets, “calling to” prevent the entry of the currency and punish people who trade these currency (…) and the application of the law on accountability of people who enter the counterfeit currency of Iraq. “
The CBI said that the high exchange rates of U.S. dollar in the local markets of Iraq and the rise in sales to finance trade, other countries are neighbors, noting that it will reflect negatively on its reserves of hard currency.
And witness the exchange rate of U.S. dollar in the local markets about the Iraqi dinar increased significantly between 1221 to 1225 thousand Iraqi dinars to the dollar, while the exchange rate of U.S. dollar against the Iraqi dinar in the past year 2011 of 1180 dinars to the dollar.
The Central Bank of Iraq on the sixth of January, a rise in foreign currency reserves to $60 billion, after it had its reserves in 2010 had reached $ 58 billion.
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraqi Dinar: Scam or God-Send?
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Economic Parliamentary Calls for CBI to Set Controls for the Sale of Currency is a post from: The Iraqi Dinar Trade
]]>WesternZagros Resources has made an oil discovery in the Upper Fars Formation at the Mil Qasim-1 exploration well in the Kurdistan Region of Iraq.
Mil Qasim-1 Discovery Well (Garmian Block)
Lower Bakhtiari and Upper Fars Formations
Mil Qasim-1 was drilled to a total depth of 2,425 metres in December 2011 ahead of time and on budget. The well encountered a gross hydrocarbon bearing interval of approximately 800 metres containing numerous sandstones (each in the range of 2-13 metres thick) in the Lower Bakhtiari and Upper Fars Formations. Hydrocarbon shows and wireline logs indicate the presence of oil in the Upper Fars Formation and this was the focus of the testing program. Hydrocarbon shows and wireline logs also indicate the potential for additional oil in the Lower Bakhtiari Formation, but testing of this interval has been deferred to a later date.
The testing program has resulted in the flow of light, 43 to 44 degree API oil to surface from low permeability sandstone reservoirs and natural fractures in the Upper Fars Formation. No H2S and no formation water were identified during testing. Four tests were conducted in the Mil Qasim-1 well. Test 1 was an open hole test, Tests 2 to 4 were cased hole tests.
Test 1 was conducted over the open hole section between the depths of 2,129 metres and 2,168 metres. Test 1 resulted in a flow of 44 degree API gravity oil with no formation water, at an average rate of 108 barrels of oil per day (“bopd”) over a two day period using an 8/64″ choke with a flowing well head pressure of 1,606 psi. Initial reservoir pressure was calculated to be 6,405 psi.
Test 2 was conducted over a gross perforated interval of 49 metres between the depths of 2,054 metres and 2,103 metres. Although Test 2 successfully flowed limited amounts of oil to surface, the test failed to evaluate the potential of the reservoir interval due to ineffective perforations.
Test 3 was conducted over a gross perforated interval of 167 metres between 1,799 metres and 1,966 metres. Test 3 resulted in a flow of 44 degree API oil with no formation water, at an average rate of 488 bopd over a one day period using a 48/64″ choke with a flowing well head pressure of 113 psi. Initial reservoir pressure was calculated to be 5,338 psi. Test 3 analysis conducted by an independent third party engineering expert indicates that this interval has the potential to produce at over 1,000 bopd if formation damage can be mitigated by stimulation or use of alternative drilling techniques. The Company is considering additional measures to enhance future flow from this interval.
Test 4 was conducted over a gross perforated interval of 107 metres between the depths of 1,636 metres and 1,743 metres. Test 4 resulted in a flow of 43 degree API oil and an emulsion at an estimated rate of 250 barrels per day (“bpd”) over a one day period. Test 4 was conducted using a 32/64″ choke with a flowing well head pressure of 90 psi.
These drill-stem testing operations were concluded on February 14, 2012. However, upon approval from the Kurdistan Regional Government, WesternZagros plans to immediately conduct an extended well test over the Test 4 interval to further clean-up the well and gain additional information on its long term deliverability. The Company will conduct additional analysis to determine how to increase flow rates and unlock the considerable potential of the low permeability, naturally fractured sandstones of the Upper Fars Formation.
Upper Bakhtiari Formation
The Mil Qasim-1 well also encountered hydrocarbon shows in a high porosity conglomerate and sandstone interval of approximately 25 metres thickness in the Upper Bakhtiari Formation at a depth of approximately 500 metres. The Company is actively researching lower cost drilling solutions to evaluate this shallow zone later this year as it is encouraged by the existence of numerous highly productive water wells drilled in the Upper Bakhtiari Formation in the southern Garmian area that have typical flow rates of 6,000 bpd.
Commenting on the test results, WesternZagros Chief Executive Officer Simon Hatfield said, “The data gained while testing Mil Qasim-1 significantly contributes to our improving knowledge of the Upper Fars Formation. We’re encouraged that we have flowed oil from multiple zones in the Upper Fars with no identified formation water and we are optimistic that these reservoirs can achieve economic flow rates in the future.
The next two wells that WesternZagros plans to drill in the area, Sarqala-2 and Hasira-1, although being drilled for deeper targets, will also provide additional information on the Upper Fars reservoirs and the extent of the Mil Qasim discovery. The light oil discovered in Mil Qasim underscores the importance of our Blocks as a source of high quality light oil from the Kurdistan Region of Iraq.”
Kurdamir-2 Exploration Well (Kurdamir Block)
The 13 5/8″ intermediate casing in the Kurdamir-2 exploration well has been set and cemented at 2,315 metres in the Lower Fars top seal above the Oligocene reservoir. The well is on track to drill and test the Oligocene reservoir as expected by the end of the first quarter of 2012.
Sarqala-1 Extended Well Test (“EWT”) (Garmian Block)
Following the installation of additional tank storage capacity, production continues at an average rate of 5,000 bopd. Sarqala crude is being processed in local refineries under the auspices of the Ministry of Natural Resources.
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraqi Dinar: Scam or God-Send?
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
WesternZagros Strikes Oil in Kurdistan is a post from: The Iraqi Dinar Trade
]]>Baghdad, The Economic Commission of the Council of Ministers said it has decided to implement the national ID card project during this year worth $ 260 million.
A member of the Committee and Minister of Planning Ali Shukri, told the Kurdish news agency (Rn) that “the Economic Committee in the Council of Ministers decided to add $ 260 million to the budget in 2012 to implement the national ID card project.”
“The card project aims to expand the national security information to track down terrorist groups and knowledge of Iraqis by the national ID card which will contain all the information and archives.”
He continued that “the file submitted to the House of Representatives for the purpose of adding this project within the project budget in 2012 and will be implemented by the Ministry of Interior, which is part of the Federal Electronic Government project.”
And put the Federal Government of Iraq on the tenth of August last high central plan to link ministries with each other via a computer, supervised by the Ministry of Science and Technology and the Ministry of Planning in cooperation with companies with high specialization in electronic communications.
Iraq and lacks a government program to provide electronic information and data for agricultural projects, commercial, industrial and economic development for the past eight years.
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraqi Dinar: Scam or God-Send?
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Iraq Decides to Implement the National ID Card Project Worth $ 260 Million is a post from: The Iraqi Dinar Trade
]]>Deputy Prime Minister for Energy, Hussain al-Shahristani Britain to its banks to open branches in Iraq to facilitate the work of foreign companies, while Britain confirmed its quest to encourage its enterprises to enter the Iraqi market.
Shahristani said in a statement issued by his office, on the sidelines of a meeting, Chief Executive of the trade and investment in Britain Nicholas Baird, said that foreign companies operating in Iraq need to facilitate their work, funding and therefore the British banks could play an active role in this area, calling on the British side to open branches of banks in Iraq.
Shahristani stressed the need to contribute to British companies in the reconstruction of Iraq in various fields, especially in energy and electricity, as well as strengthening the economic relations between the two countries and their development.
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraqi Dinar: Scam or God-Send?
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Hussain al-Shahristani Calls Britain to its Banks to Open Branches in Iraq is a post from: The Iraqi Dinar Trade
]]>Called for a number of businessmen, “the Council of Ministers and House of Representatives to reconsider the conditions for contracting and government tenders are avoiding exploitation in corruption, and calls upon the services of integrity to be aware of this issue and speed up the review it as part of their oversight role.”
And called for “bind ministries to accept lower bids specifying technical conditions must be met in any project specifications that you see a positive.”
Said a businessman, “This paragraph has caused a loss is worth billions of dollars as a result contended ministries and departments concerned it is not interested to accept the lowest bids and start the relevant committees on the basis of the authority granted to its bargaining participants bidder who submitted bids to pass the high bids for certain commissions close to the amount of the difference between the bid and the highest bid at least.”
And that “these committees to bring about the technical specifications in the time that can be imposed with the technical specifications to accept lower bids and thus avoid the state billions of dollars in losses.
^
^
^
^
^
Related Iraqi Dinar Articles-
Iraqi Dinar: Scam or God-Send?
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Not to Accept the Lowest Bid is Losing Billions of Dollars in Iraq is a post from: The Iraqi Dinar Trade
]]>
Ashour said in a statement received radio copy of the Tigris that “the the stage of high oil prices that have returned to Iraq benefit although not converted to economic reality sophisticated probably will not continue with the outbreak of any conflict in the region may lead to cut off oil supplies in the region.”
He said that “Iraq does not have a clear economic policy based on scientific rules aimed at developing the country and the lives of citizen “, calling for a” policy Iraqi economic wise take into account the risks that surround the area and which may explode by conflicts or crises threatening the regional economy and Iraq and warning of disasters threaten the lives of Iraqis.”
He pointed out that “the security aspect is still consumes most of the budget while the development of economic measures and effective plans for the building are those that can contribute to the stability of the security aspect.”
On the other hand said that “the deterrent measures against financial corruption in Iraq is still limited and do not suggest that Iraq get rid of the specter of corruption soon,” pointing out that corruption is refreshing terrorism, but the government does not want the conviction that in order to fight it seriously and realistically.”
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraqi Dinar: Scam or God-Send?
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Iraq Warns of the Iraqi Economy is Affected by the Sanctions Imposed on Syria and Iran is a post from: The Iraqi Dinar Trade
]]>Citizen – the follow-up predicted economic analyst Abdul Latif Salem Ugaili the arrival of Iraq’s oil revenues during the next ten years to a trillion and a half trillion dollars in the case of exploitation of oil well, and the discovery of oil fields other than through licensing rounds to come.
He said Ugaili in his study of analytical: Do not doubt that the building on the rules of solid economic is one of the most important elements of building a modern state that require system administrative advanced management events and activities pathways reflect the clarity of economic philosophy adopted in the resources of the country’s economic, to ensure you get the best results and most influential. He attributed Ugaili to contracts with oil companies in the past, reflected the Iraqi experience, the lack of mechanisms for clear policies for the management of the Iraqi economy, after the failed programs of successive Governments to manage the country in the crystal clear strategy for the Liberation of the Iraqi economy from a node unilateral rode Mujtha since the second half of the last century, have become a use of proceeds derived from crude oil sales to pay the expenses of the State at the expense of spending on municipal services, social and development, the common denominator to the trends of the Iraqi state in the various stages.
He noted that the Iraqi economy is subjected to distortions and sharp imbalances in its composition, leading to increase the volume of economic and social problems that affected the process of distribution of resources because of the difficulty of the events that the country experienced in the last two decades of the last century, particularly the war and its consequences disastrous embodied most notably in the international sanctions burned by the heavy firepower of our people for more than a decade, as well as the isolation of Iraq’s international and regional which led to his living outside the circle of scientific development and technological progress accelerated.
Promise Ugaili the most prominent difficulties that still lives under the brunt of the Iraqi economy is the structural imbalance of the national economy by relying basis and the president on oil, which caused an increase of the proportion of the extractive industries of gross domestic product (GDP) at the expense of retreat productivity sectors of the economy fundamental to agriculture, industry, tourism and other economic activities.
Add to that unemployment rates rose to real rates are not acceptable in a country rich in such as Iraq, where the rates exceeded the barrier (50%) according to the statistics of some government institutions, and many NGOs.
He continued, as well as the poverty that has reached per year 2007 to (37%), according to more applied studies, debts of Iraq, which he inherited from the legacy of the former regime, as well as borrowing again from the International Monetary Fund and World Bank.
He said his study is that among other vital sectors covered by this fact is the oil sector, which still suffers from a lot of issues that are related Bbnah infrastructure and the level of development of fields that are not able to increase the level of oil production to levels close to the share of energy export to the region accredited by the Organization of Petroleum Exporting Countries (OPEC), as well as the failure of oil refineries owned by Iraq ten years, compared to refineries neighboring countries, as a result not subject to the business and requires the development work since 1980, according to statements by officials in the Ministry of Oil.
Added Ugaili: that because of the importance of the oil sector, as a strategic sector that adopted by the State mainly in the financing of public expenditure from without the benefit of these revenues in the development of other economic sectors, as well as the resources of the oil industry itself, the management of the oil sector found itself in dire need to adopt policies and promising, they can contribute to the task of rehabilitation of this sector and the development of joints in order to strengthen the national economy and bail him out of the state of deterioration that hit various sectors.
He said that while building the hopes of government and the popularity and wide adoption of the Oil Ministry’s policy could strengthen the national economy, guided management of the oil sector to pursue a policy of investment licenses to drive numbers rates of daily production of oil to the curves higher; in order to achieve financial savings by required by the task of rehabilitation of the elements of the national economy. and commented on this: Despite the blessing of administrative leaders of this trend, the oil licensing rounds, the three signed by the Ministry of Oil with a number of specialized international companies, immune from skeptics not to legality and non-constitutionality, it is still controversial wide, and rejected by some specialists, as well as some of the partners of the political process.
Said Ugaili studied the task of developing Iraq’s oil industry centered to begin the development of oil fields currently producing, as well as the development of discovered fields and is invested by up to (63) field, where the number of fields are invested does not exceed (17) field, as well as the development of processes exploratory in order to find new oil fields.
He pointed out that the adoption of this activity is justified by the need for Iraq’s large to provide materials for reconstruction on the back of the destruction of infrastructure and superstructure and the increasing burden of debt incurred by him, as well as for escalating crises own sector of municipal services and social hit most of its neglect for years, which necessitated the need to work on securing the appropriate environment for the development of the oil industry, calling to take advantage of the high level of expertise and technologies owned by international companies specialized oil industry, which required from the Ministry of oil adopt a policy to attract international companies, the failure to adopt national investment, which is characterized not effective in the present time; the small potential and the lack of resources.
He pointed out that the Oil Ministry in accordance with these justifications objectivity proceeded to the formation of the Department of Contracts and Licensing Petroleum, which came in line with the oil and gas law, according to officials manage the oil sector.
Have been successful this department in the implementation of three rounds of licenses according to Iraqi legislation in force, as well as announcing the beginning of 2011, its intention to establish a tour of new licenses for the development of six oil fields productive and gas fields. stressed the necessity of activating the legislation in force as well as new legislation such as the tax on companies foreign oil No. (19) for the year (2010), and the law of commercial arbitration in order to contribute to strengthening the rule of the state of its oil wealth and reduce unemployment. and seal economic analyst, his study by pointing out that oil licensing rounds through significant results that will lead to, and fully reflected the effects of positive on the Iraqi economy, as it will lead to the arrival of proceeds derived from sales of crude oil during the next ten years and a half trillion dollars.
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraqi Dinar: Scam or God-Send?
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Study: Iraq’s Oil Revenues Will Reach a Trillion and a Half Trillion Dollars Over the Next Ten Years is a post from: The Iraqi Dinar Trade
]]>Baghdad – Mostafa Hashemi said the deputy governor of the Central Bank that the conditions experienced by the neighboring countries do not affect the Iraqi dinar exchange rate.
Confirmed the appearance of Mohammed Saleh told (the citizen) that the strength of the Iraqi dinar is derived from a link Iraq to the global economy.
He emphasized that the events taking place in neighboring countries cannot affect the exchange rate of the currency, but in a superficial or negligible. Pointing out that the currency’s strength also comes from the strength of oil exports to Iraq and how to maintain and invest in real development.
Noting that .. the revaluation of the Iraqi dinar leap large will lead to increase the price of goods to weaken the double.
Also cannot declare that the dinar will rise and will become the price Doe in order to prevent speculation and if what is left of the Iraqi economy at this pace and increased exports of oil and oil markets is controlled, it will make Iraq a key player in the region and will increase the GDP of Iraq of about $ 180 billion to 350 billion dollars in 2015.
And this figure will be reflected on the price of the dinar in a logical yes.
Indicating that monetary policy aims to stabilize the external value of the Iraqi dinar exchange rate and at every opportunity to increase economic exchange rate Fsnrfh.
Stressing that the Iraqi dinar currency strong and significant as the neighboring country (unnamed) Iraqi dinar traded at Mahalha and its markets as a hard currency at least as important as the U.S. dollar.
On the other hand, Saleh said that we are always working to review the controls sale of foreign currency out of the window official (central bank) and Iraq enjoy considerable freedom in the transfer of funds as provided for in Article VIII of the Convention on the International Monetary Fund has allowed Iraq to free current account to purchase goods and services from abroad without restrictions.
He said the obsession as a policy cash application of the law against money laundering, crime and terrorism, and must make it clear that the banking incubator for capital tainted. Saleh said that the Iraqi economy is strong despite the lack of diversification of the economy is rent-seeking, one-sided is not a shame, Australia and Kendatad countries rents to this day ..
What matters is that import rents must be employed in development and economic progress and not in the type of economy. Saleh expressed his support for the investments of oil in southern Iraq, saying that this will develop the Iraqi economy and not the accumulation of rent, but that the accumulation of rents in other sectors is what we aspire to Kaguetsadaan.
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraqi Dinar: Scam or God-Send?
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Central Bank: GDP of Iraq Will Rise from 180 to 350 Billion Dollars After Two Years is a post from: The Iraqi Dinar Trade
]]>BAGHDAD – Iraq government threat to bar oil majors taking up exploration activities in the autonomous region of Kurdistan from participating in its next round of oil and gas licensing auction, has failed to deter French oil giant Total or US energy giant Exxon Mobil Corp.
Exxon Mobil Corp will be barred from Iraq’s fourth oil-and-gas exploration licensing auction, scheduled to be held in May, because of the deals it has struck with the country’s semi-autonomous Kurdistan region, a spokesman for Iraq’s Deputy Prime Minster for Energy Hussein al-Shahristani said.
The Iraqi government had declined to accept any deal signed with the Kurdistan Regional Government (KRG), which has clarified that all its deals are in compliance with the country’s new constitution.
Speaking in Basra on Sunday, Al-Shahristani said, “No company has a right to sign a contract without the approval of the central government of Iraq.”
Despite the Iraqi central government disapproval, Total is reportedly close to reaching an agreement with the KRG authorities to explore oil in a number of fields in the southern regions of Iraq, while Exxon Mobil has already signed production sharing contract for exploration in six blocks.
Under deal signed in November 2011, the Exxon Mobil will undertake exploration in six field blocks of which three are located in the disputed areas of Kirkuk and Nineveh Provinces.
Details of Total’s deal with KRG are yet to be disclosed.
A report by The Sunday Times claims that results are expected to be announced within weeks.
Energy news service Platts has quoted sources in Kurdistan who claim that the French company has already entered an agreement with the KRG to work on six blocks that have been relinquished by the smaller companies Petoil and Shamaran.
There is no confirmation of the pact from Total so far.
A number of large oil discoveries in the southern region under KRG are attracting both big and small oil companies to seek a footing despite possibilities of being blacklisted by Iraqi authorities.
Under the fourth round of oil and gas blocks auctioning in May, Baghdad plans to offer 12 exploration areas including seven for oil and five for gas.
Baghdad’s excessive red tape whether in matters of tender or contracts besides the unsteady security situation in the country are some of the reasons why international companies are prepared to defy the ban threat and secure contracts in KRG, which is estimated to hold around 40 per cent of Iraq’s proven oil reserves.
Last week praising prospects in KRG, Total executive chief Christophe de Margerie told reporters in Paris “It’s a place where there are important oil and gas reserves and contracts.”
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraqi Dinar: Scam or God-Send?
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Baghdad ban threat fails to deter Exxon-Mobil, Total is a post from: The Iraqi Dinar Trade
]]>Arabs are increasingly relying on the US dollar to escape some of the economic repercussions of the Arab Spring. According to a study by New York’s International Peace Institute, Egyptians and others are choosing to use dollars rather than their own currencies. Iraq‘s central bank says that its dollars are sustaining Syria’s black market in currency, and in Libya, people line up at banks every morning to purchase dollars.
A year after leaders were toppled throughout North Africa, the transitions in governments has not managed to ease economic hardships. Two-thirds of Egyptians see the economy as the country’s primary challenge, and since the West’s promised aid has not yet materialized, saving in foreign currencies has increased and government borrowing costs have skyrocketed.
Foreign currency deposits in local banks in Egypt increased 15 percent in 2011 after the downfall of Hosni Mubarak. The Egyptian pound could be devalued by as much as 16 percent, foreshadowed by non-deliverable forward contracts, which provide insight into investor expectations. Additionally, economic growth slowed to 0.2 percent in the third quarter of 2011, compared with 5.5 percent in the same period of 2010.
Egyptian Treasury bills also lost out, as foreigners sold $7.5 billion in the first 9months of 2011, after purchasing $8.6 billion the year prior. Egypt’s foreign currency reserves fell 50 percent in 2011 to $18.1 billion, and fell an additional $2billion in January 2012.
Egypt’s benchmark stock index fell 49 percent last year, making it the worst year since the world-wide economic slump in 2008. As the stock market begins to recover, government borrowing costs increase and the yield on one-year treasury bills has risen 5.32 percentage points to a record 15.91 percent.
In Tunisia, the dinar, which is linked to a basket of currencies, dropped by 4.4 percent and the arrival of a balance of payments deficit running 7 percent put further pressure on the exchange rate, according to a statement by the Governor of the Central Bank of Tunisia. According to the International Monetary Fund (IMF), savings and currency deposits of foreign currency increased by 8.3 percent during the first 11 months of 2011. Additionally, the stock index fell by 7.6 percent last year, the first annual loss since 2002.
Also according to the IMF, in Libya, the dinar dropped 20 percent against the dollar on the black market because the Central Bank could not sell enough of the foreign currency, despite the fact that Libya has the largest oil reserves in Africa.
In Syria, which is still at the height of its revolution against the regime of Bashar al-Assad, demand for the dollar has increased so sharply that the Iraqi Central Bank Governor claims traders buy dollars in Iraq to sell illegally in Syria.
A common complaint in many of these nations is that the promised Western aid is not arriving. However, political uncertainty is most likely to blame. As Liz Martins, a Dubai-based senior economist at HSBC told Bloomberg, “How do you lend over the long term to a government that may not be there in a few months?”
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraqi Dinar: Scam or God-Send?
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Arabs Increasingly Relying on the US Dollar is a post from: The Iraqi Dinar Trade
]]>The central bank said it did not reduce the sales of hard currency, but the imposition of measures to protect the country’s economy from deteriorating.
The deputy governor of Bank of the appearance of Mohammed, according to (Rn), bank sales fell after the imposition of new measures for transactions of $ 200 million to less than $4 million last Thursday, “noting that” sales on the rise and reached about 68 million dollars.”
Saleh added: “The analysis of the bank to refrain from buying the difficult process due to two reasons: first is the existence of a users tried to thwart the new bank procedures and controls, and the other reason is the existence of a culture of fear among Iraqis.”
He said “a lot of Iraqi traders have many transactions and have fear,” noting that “the Bank discovered that some traders do not have a bank account,” and expressed surprise at “the existence of traders do not have a bank account.”
And that “sowed some of the central bank cut its sales of foreign exchange thus leaving an impact in the market led to the rise of the dollar compared to local currency”, describing the rise of “temporary.”
And saw the price of the dollar compared to a rise in local currency during the past few days, which officials attributed to a local banking companies, the central bank to stop sales of hard currency.
At the same time the benefit of the country’s business dealings in Canada is very small and that there is no role for the Canadian banks in the deposit of Iraqi funds.
Saleh said, according to (Rn) that “Iraq‘s dealings with Canada is very weak and does not reach the stage of warning from the deposit of money in Canadian banks.”
He added that “the Canadian judiciary is not fair with Iraq did not interact with the process of political change that took place in Iraq.”
He noted that the central bank with the government has a plan focused on protecting the money from creditors who did not join the ghost to the Paris Club agreement.
This confirmed to the national investment that international companies do not object to the performance of local banks, saying it decided to open the door of investment to build 100 housing units in each of the provinces of Basra and Mosul.
The Economic Commission has called last week to provide banking facilities for foreign investment companies
The head of the Investment Authority, according to Sami al-Araji (Rn) that “the investment companies in Iraq does not have any problem in the work of banks.”
He added that “the investment will be part of a project one million housing units of investment projects in the provinces of Mosul and Basra.”
He pointed out that “the Investment Authority gives priority to the display housing projects and services in coordination and cooperation with all relevant ministries including the Ministry of Construction and Housing, Municipalities and Public Works and provincial councils.”
And watching the World Bank process development and investment in the country by a team of experts headed by the Economic Majid picture.
He called the World Bank, the government enabled the single window system and the formation of a committee of senior staff to facilitate the entry of foreign companies in order to promote investment in the country.
The Commission announced the economy and investment representative, earlier, support for the government directions aimed at an amendment to the Investment Law No. 13 in force for the year 2006, indicating that the problem of land acquisition by the investor is still the problem is most complex.
And Iraq admitted in 2006, Law No. 13 for investment to encourage foreign companies to enter the country and to contribute with the government’s efforts to rebuild the crumbling infrastructure due to war and siege. And the First Amendment, conducted by Iraq to the law in 2009 allowed the foreign investor the right to own land and property belonging to the state allowance determined according to the system particular, also has the right to own land and property belonging to the mixed and private sectors for the purpose of the establishment of housing projects.
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraqi Dinar: Scam or God-Send?
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Central Confirms the High Sales of Foreign Currency is a post from: The Iraqi Dinar Trade
]]>Deputy Prime Minister for Energy, Hussain al-Shahristani said the international oil companies that sign agreements with the Kurdistan Regional Government by preventing her from participating in the licensing round next.
Came during a meeting between al-Shahristani, the day after the opening of an oil platform managers of international oil companies and discussed with them ways to overcome the obstacles that stand in the through their action-oriented instructions to facilitate the granting of visas to Iraq for workers in the international oil companies.
Shahristani said that Exxon Mobil is not qualified, “now” to participate in the licensing round, the fourth expedition which is expected to be held on April 12 the next because of their agreements with the Kurdistan Regional Government.
He said he was the dangers of Exxon’s position the government and the U.S. company requested time, indicating that Baghdad was waiting for its final response to informing the Government’s decision final, however, he added, saying that the company is currently not eligible to participate in the fourth round.
He noted that this approach would apply to (Total), the French are talking about a deal possible with the Kurdistan region of Iraq, which Shahristani said he did not have the right to sign oil deals with Kurdistan region of Iraq without the approval of the Federal Government and the French company will bear, like the other companies the full consequences if it did so.
He added that the Iraqi oil by the Iraqi Constitution belongs to all the people and that he is not entitled to any company contracted with the province or territory without the consent of the Federal Government, represented by the Ministry of Oil.
He added that any such agreement will not be recognized by the government will not be entitled to these companies to work on Iraqi territory and it will bear the full consequences of that.
And on the other hand, said al-Shahristani he did not believe that Iran will be carried out its threat to close the Strait of Hormuz because of Iran’s oil supply depends on the waterway and that the closing will not benefit Iran.
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraqi Dinar: Scam or God-Send?
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Deputy Prime Minister Warns of Global Oil Companies Sign Agreements with the Kurdistan Regional is a post from: The Iraqi Dinar Trade
]]>The Board of Kirkuk to balance the preservation of the 2012 from my program petrodollars and the development of regions of 600 million dinars.
Said Council President Hassan Turan Bahaa Eddin said that “for everyone to make determined efforts to take advantage of the huge budget accruing to the province this year, amounting to about 600 billion dinars, and seek to avoid the mistakes that accompanied the process implementation of projects in previous years.”
Said Bahaa El Din, that “the Council Egypt to allocate a budget to support students and send patients abroad for treatment, in light of its previous decision to allocate ten billion dinars for two slices and not to allow reduction of the amount allocated within the plan year 2012.”
He pointed out that “the not to adopt the federal budget is the reason for the delay in disbursement of funds allocated to the students.
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraqi Dinar: Scam or God-Send?
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Kirkuk: 600 Billion Dinars Allocations of Petrodollars and the Development of Regions is a post from: The Iraqi Dinar Trade
]]>WICHITA, Kansas — When Michael Capps set foot in Iraq with Halliburton, Iraqi Freedom was well underway, but the buzz in the American bases had nothing to do with politics.
“The minute you hit the ground, there was hype,” said Capps.
Service members were talking cash, Iraqi money called dinar.
“You couldn’t almost walk into an American base without somebody mentioning the Iraqi dinar, the revaluation, the investment…we’re going to become instant millionaires,” said Capps.
The idea? Buy dinar at the current low value, near worthless, and hope for appreciation.
When Capps bought his currency in Iraq, $14,000 worth, the dinar was valued around 1,500 to one dollar.
Best case scenario, the dinar would return to its pre-war value 3.5 to one, making Capps and many other investors instant millionaires.
“If it sounds too good to be true, come on wake up, it’s too good to be true,” said Certified Financial Planner, Don Grant.
Grant is the first to steer potential investors away from the dinar. He starts with the dinar’s valuation. Unlike the U-S dollar, the dinar isn’t backed by a stable government.
“The dinar has been valuated initially by Saddam Hussein. He is the one who said, ‘This is what it’s worth,” and it’s pretty much maintained that same value for the past decade,” said Grant.
According to online exchange site xe.com, today’s value of the dinar is about 1,160 to every dollar. Back in 2005, it was around 1,500. That’s a seven year appreciation of about 30 cents.
Capps is well aware his investment might take time. He’s well-aware it’s nothing more than a gamble in the first place.
“I think there’s definitely some potential for some real opportunity, but anybody that’s got the view that it’s a get rich quick overnight, it definitely isn’t going to happen that way,” said Capps.
But Grant and many other advisors have one undeniable reason they don’t see that potential. The Iraqi government may be the last one to want their currency to appreciate. They’re in big debt. If their currency gains value, that just deepens their debt. In fact, many say Iraq would be far more likely to scrap the dinar altogether and create a brand new currency, making all that dinar sitting in American houses nothing more than pretty paper.
But say, the dinar stays put and it does appreciate. Here comes the next problem, says Grant. Where do you cash them in?
“I don’t know of a place in America where I can go trade dinars other than some place that is perhaps illegal,” said Grant.
The currency is not regulated. To see for yourself, Grant offers a challenge to those thousands of Iraqi dinar dealers online.
“Present them the opportunity of buying some that you have. Tell them you’ll sell them at a discount. I don’t think they’ll buy it,” said Grant.
That’s something both Capps and Grant agree on. It’s the middle men you need to be wary of. With shipping and handling and commission charges, you end up paying two to three times the dinar’s true value, making the dealers the ones who may be getting rich.
Yet the trend of dinar investment continues to grow and there’s one reason for that; hope.
No one knows for sure if it will or won’t pay off.
But even Capps offers this advice:
“The dinar as a whole is completely a risk. You know, one of the things people will tell you about any investment is, don’t invest money you’re not prepared to lose.”
Grant encourages anyone interested in foreign currency investment to get with a certified financial planner. Visit cfp.net for more information.
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Dealing in Dinar is a post from: The Iraqi Dinar Trade
]]>Baghdad, (Rn) – The Iraqi Ministry of Trade said it had started proceedings convert supermarkets to the private sector, because it failed to promote their betterment economy since April 2003.
Said Inspector General of the Ministry of Commerce Mohamed Hussein, Zan told the Kurdish news agency ( Rn) that “the General Company for supermarkets failed to promote the betterment of economic over the past years, and the best solution has transferred to the private sector.”
And added that “the number of staff supermarkets than 6 000 employees, and it needs to activate the role of investment or participation in order to played by Economic and that can pay the salaries of Mozfahaaly least.”
And explained that “the supermarkets is covered by a restructuring and that the 40 markets sawmill in all the provinces headed the ministry about investing and activating the role of the private sector.”
And called for the Economic Commission representative, Ministry of Commerce to resolve two central markets and import cars and the integration of employees of other companies. He and Zan that “claim to dissolve General Automotive Company of the ministry can not be applied, because it is a company self-financing a winning and not losing companies such as supermarkets.”
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Iraqi Trade Measures Begin to Convert Supermarkets to Invest is a post from: The Iraqi Dinar Trade
]]>Baghdad, The U.S. government has denied press reports that spoke of Washington sought to reduce the number of staff at its embassy in Baghdad in half, just two months after the withdrawal of the last of its troops from Iraq.
Said Thomas Naidz Deputy Secretary of State for Management and Resources in a report contrary to some news reports, we do not reduce our operations by 50%.
He stressed that the Administration hoped to be able during the next few months to reduce the size of the U.S. presence in Iraq by reducing the reliance on contractors, and considered it to our taxpayers and did not identify with a certain percentage of the reduction is expected.
Naidz explained that the approved plan includes a shift towards reliance on local contractors in the area of supplies and food security, and noted that this would be less expensive, and will make the embassy a part of the community even more.
It is noteworthy that most of the staff at the Embassy in Baghdad and Washington are not diplomats but security contractors.
The United States has expressed the hope to strengthen its diplomacy following the withdrawal of its military forces, but the interaction between two thousand and the general Iraqi diplomat remained in the range is limited by security considerations.
For its part, said a spokeswoman for the U.S. Department of State Victoria Nuland, told reporters that the ministry does not consider reducing the number of diplomats by half, but said that officials are looking at how to reduce the number of staff of the Embassy of their country in Iraq.
She added that the process of evaluating a number of contractors wanted has already begun, but it is not specified after the number.
It is noteworthy that the U.S. Embassy in Iraq is the largest in the world and was built at a cost of $750 million.
The New York Times reported that officials – not detected them – in Baghdad and Washington said it was being reviewed by half the annual cost of the diplomatic mission in Iraq and the estimated six billion dollars and reduce the number of employees is estimated at around 16 thousand, mostly from contractors
In addition, The Commission on Security and Defence parliamentary said the United States reducing its embassy in Iraq, believes in balance in the nature of relations between Iraq and America.
A member of the Security and Defense Committee head of the Virtue Ammar Tohme’s / Baghdadiya News / “The reduction of Washington’s embassies in Iraq believes in balance in the nature of relations between the two countries and to achieve the ideal base to handle customs and diplomatic relations.”
And Tohme “contract represents the ideal base because the context of the standard governing the external relations between states and regulates the implementation of Activity embassies.”
The member of the Commission on Security and Defense, the head of the parliamentary virtue, “The visas for workers in the U.S. Embassy will be determined through the function and nature of the work and important factor and limit the number and assumes that the reduction starts with the end of the U.S. withdrawal from Iraq
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
United States Will Not Reduce the Number of Staff of its Embassy in Baghdad is a post from: The Iraqi Dinar Trade
]]>Qatar signed a 20-year agreement with South Korea for the sale of two million tonnes of liquefied natural gas a year, during a visit by President Lee Myung-Bak to the energy-rich Gulf state.
Qatar’s Ras Laffan is to deliver the annual shipments starting in 2013, in addition to incremental medium-term volumes from 2012 to 2016, the company ResGas said in a statement.
The agreement was signed by RasGas subsidiary Ras Laffan Liquefied Natural Gas Co Limited (3), or RL3, and Korea’s KOGAS, on the day Lee arrived in Qatar, his second stop in a Gulf tour following a visit to Saudi Arabia.
The two countries already have two long-term LNG purchase agreements, the first dating back to 1995 under which Qatar delivers 4.9 million tonnes annually (Mta), and the second signed in 2007 for 2.1 Mta.
Qatar is the top natural gas exporter to South Korea, accounting for 23.7 percent of the country’s entire natural gas imports, according to a presidential statement released ahead of Lee’s visit.
The small emirate, which holds the world’s third-largest gas reserves, last year celebrated raising its production capacity for LNG to 77 Mta, boosting its position as the world’s largest producer.
Lee arrived in Doha for talks on oil supplies and construction projects for the 2022 World Cup finals to be held in Qatar, according to an interview with a local daily.
The scheduled two-day visit came after the South Korean president, expected to visit the United Arab Emirates after Qatar, secured Saudi pledges to ensure a stable supply of oil to the east Asian nation.
Lee said in comments published on Qatari daily Al-Sharq’s website on Thursday that his discussions with the emir, Sheikh Hamad bin Khalifa Al-Thani, would focus on “energy, climate change and green growth.”
According to an Arabic translation of his interview, Lee said he also “anticipates cooperation between the two countries” in the development of infrastructure ahead of the 2022 games.
The South Korean president hailed Qatar’s diplomatic efforts in the wake of the Arab Spring revolutions, saying the Gulf state had played a “prominent role in resolving conflicts and establishing peace and stability in the Middle East.”
In South Korea, oil refiner S-Oil said Thursday it had signed a 20-year supply deal with Saudi state oil giant Saudi Aramco.
Saudi Aramco will provide about 230 million barrels of crude oil each year, about 30 percent of the country’s total annual consumption, said S-Oil, the nation’s third-largest oil refiner.
S-Oil does not import from Iran. But it said the deal offers assurances that its needs will not be disrupted by “serious volatility in the market” due to sanctions on Iranian crude for its suspected nuclear weapons programme.
Lee met Saudi King Abdullah on Wednesday in Riyadh, where they agreed to “bolster bilateral relations in a variety of sectors,” according to a statement by the Saudi news agency SPA.
Their meeting came after Lee held talks with Saudi Oil Minister Ali al-Naimi and the Saudi Aramco head, Khalid al-Faleh.
“Regarding oil supply-demand, we will meet any request and additional demand from South Korea,” Korean presidential press secretary Choe Geum-nak quoted Naimi as saying.
The kingdom also agreed to strengthen defence cooperation with South Korea.
Washington wants close ally Seoul to reduce purchases of Iranian crude in line with a US-led drive to sanction Tehran for its suspected nuclear weapons programme.
South Korea, the world’s fifth-largest oil importer, accounts for around 10 percent of Iran’s oil exports but has yet to cut Iranian crude imports due to fears of economic damage.
In 2011, top world oil exporter Saudi Arabia sold 270 million barrels of oil to South Korea, accounting for 31.4 percent of Seoul’s entire oil imports.
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
SKorea’s Lee Scoops Gas Deal on Qatar Visit is a post from: The Iraqi Dinar Trade
]]>NAJAF – Iraqi policy makers are striving to draft a bill for the creation of a real estate board to make it easier for members of the public to build their own houses.
Member of the acting Economic Committee Abdul-Hussein Abtan said it is hoped that the bill and the board will allow for the construction of thousands of residential units annually. He added that the bill will be handed to the presidency of the House of Representatives late March.
Abtan criticized the decision of the government to use investments both as a way to construct residential communities and as the solution to the housing crisis.
He said the government “should give loans… so that the poor and those with low incomes can obtain a house to shelter their families.”
The news follows the announcement from the Ministry of Construction and Housing on February 1 that is had halted its low-cost housing project due to a lack of land allocated and non-payment of the ministry’s budget for the current year.
The ministry has demanded 1,300tr IQD ($1.1tr) from the 2012 budget, which is yet to be ratified due to disputes. The ministry started its cheap housing project on January 5 after receiving 2,300bn IQD ($2bn) from the budget.
The ministry has indicated the need to construct 250,000 housing units annually, while the budget it has called for is sufficient for only 3,000 units.
Reports prepared by non-governmental organizations and international companies suggest it will take Iraq 20 years to overcome its housing crisis.
*
*
*
*
*
Related Iraqi Dinar Articles-
Iraq Dinar Value Seems Likely To Significantly Increase
The Recent Iraq 2011 Budget May Have Leaked the Coming Currency Revaluation
Buy New Iraqi Dinars and Put Them in a Drawer
Iraqi Dinar Trade – What Next After the Revaluation?
Investing in Iraq- What Investors Have Been Waiting For
Central Bank: Raise Zeros From the Currency Gurenaf
Real Estate Board Could Help End Housing Crisis is a post from: The Iraqi Dinar Trade
]]>