The potential for a big rebound in politically and economically unstable countries in the Middle East and North Africa has some investors turning to risky currencies as a potentially lucrative investment. International investors are focusing their attention on currencies such as the Iraqi dinar, the Egyptian pound and the Afghan afghani as a way to capitalise on reconstruction and recovery efforts […]
(Reuters) – The U.S. stock market almost wiped out his retirement account, but retired pilot Ronald Scarpa hasn’t lost his taste for risk. Lately he has turned to one of the chanciest investments in the world – the Iraqi dinar. “It’s not a question of if, but when Iraq revalues its currency,” said the Las Vegas-based Scarpa, who keeps dinars […]
As we look to the future, investments around the world are scarce and many investors are looking to the Middle East, in particular the newly democratic Iraq. With Iraq hosting the Arab League Summit and The Energy Expo, not to mention having one of the largest oil reserves in the world, Iraq is touted as an emerging market to watch. Many […]
AMMAN -(Dow Jones)- The Iraqi Oil Ministry is planning to officially announce a fourth bidding round next week at a news conference hosted by the oil minister, an Iraqi oil official said Wednesday. “The Oil Minister Abdul Kareem Luaiby will announce officially the fourth bidding round at a news conference that he will hold on Monday, April 25,” the official […]
It is 21 years since Austrian Airlines last flew to the Iraqi capital. Austrian Airlines is to resume services between Vienna and Baghdad from June 8. The carrier will operate a total of three flights a week to the Iraqi capital. The service will be provided using an aircraft from the Airbus A320 fleet. It is 21 years […]
Erbil, (AKnews)- German manufacturer MAN Truck & Bus through and by their exclusive marketing sales and service organization Terramar is presently holding a workshop in Kurdistan Region’s capital city Erbil at ETTC center as they are working on expanding their market here. The experience shows that customers in the Kurdistan Region focus on the buying price first, rather than considering […]
“The metal is seen as a safe store of value in troubled economic times.” LONDON – The price of gold topped US $1,500 for the first time on Wednesday as a weaker dollar plus fears over high inflation and debt attracted investors into the traditional safe-haven precious metal. Gold reached US $1,505.65 an ounce at 0945 GMT on […]
If you have invested in the Iraqi dinar, you no doubt wonder when the country’s new currency will be revalued and put back on the international stage. As investors and speculators, we want it done yesterday, or last year! However, on the world stage there is much more at stake. You can read posts all over the net, mostly on forums […]
Baghdad – The Iraqi Agriculture ministry said Saturday that the scientific studies and indicators at the ministry confirm that next summer will be better than its predecessor in the availability of rivers water because of the heavy rain in many parts of Iraqi Kurdistan. Karim al-Tamimi, the official spokesman of the ministry told AKnews that the Agriculture Ministry is working to […]
Baghdad, (AKnews) – The oil minister in the Iraqi government revealed on Wednesday the establishment of a new system to begin the oil export that will be completed by the end of this year, saying it will add 5% increase to the current export capacity. Iraq has since the early eighties of the last century a wide array of crude export […]
Baghdad, A member of the Commission on oil and gas representative, on Friday, that the members of the Committee will hold a meeting tomorrow to determine the problematic law, oil and gas, and the points at issue on them, indicating that the Commission intends to present the law to the House of Representatives in the coming weeks. He said Furat al-Shara […]
WASHINGTON, U.S. Treasury Secretary Timothy Geithner told a House panel Wednesday he remains confident that the IMF’s Special Drawing Rights is not capable of usurping the U.S. dollar’s global reserve currency status. During a House Appropriations subcommittee hearing on funding requests in the FY12 budget for the Treasury’s international programs, Geithner was pressed on the risk that IMF’s SDRs could […]
BAGHDAD: Iraqi Prime Minister Nuri al-Maliki should step down if his government fails to meet his own 100-day target to improve its performance in the wake of Egypt-inspired protests, one of his deputies said Friday. The remarks, by Deputy Prime Minister Saleh al-Mutlaq, reveal the deep divisions remaining in a fractious coalition government formed in December after nine months of […]
Hundreds of forex offices are found in Iraq and they work almost daily and have links with the most countries in the world. According to a report from AKnews, a number of bankers in Baghdad have demanded that the Iraqi parliament legislates to regulate and protect their businesses from market changes because of the sudden decisions taken by the Iraqi government. […]
To confirm go to the USGS article link at the bottom. Here’s an astonishing read. Important and verifiable information : About 6 months ago, the writer was watching a news program on oil and one of the Forbes Bros. was the guest. The host said to Forbes, “I am going to ask you a direct question and I would like a […]
Baghdad,(AKnews) – Stores selling alcohol in the Iraqi capital were shut down by the Baghdad provincial council on Monday amid protests from their owners. Store owners were caught by surprise when police patrols arrived unannounced on their premises with orders from the provincial council to close down all unlicensed shops and casinos that sell alcoholic drinks. Shop-owner Sulaiman Faraj told AKnews […]
NAJAF, Iraq — Known across the region for its fine texture, the Najafi abaya is worn by all manner of VIPs from officials to oil-rich sheikhs. But the men who produce the hand-made cloth, inheritors of a generations-old trade, are increasingly going out of business. “Let me tell you something,” said Kadhim, laughing bitterly while embroidering one of the full-length […]
BAGHDAD: Iraqi Prime Minister Nouri al-Maliki said on Wednesday that all doors are open to Korean companies to invest in Iraq and to contribute in reconstruction operations, according to an official statement. “Al-Maliki received today at his office in Baghdad South Korean Minister of Economy Choi Joong-kyung and his accompanying delegation,” said the statement received by Aswat al-Iraq news agency. “Al-Maliki […]
KIRKUK (Iraq) – A FIRE that led to the shutdown of an oil pipeline from northern Iraq to Turkey was caused by sabotage, and repairs could take up to one week, an official at North Oil Company said on Thursday. Wednesday’s attack at Ninawa, some 110 kilometres west of the city of Kirkuk, forced the complete shutdown of the pipeline which […]
Iraqi stand appears for first time at ITB Berlin after eight years of war, violence that shattered its tourism sector. BERLIN – The world’s biggest tourism fair, the ITB Berlin, opened Wednesday with an Iraqi stand for the first time, eight years after the toppling of Saddam Hussein and the turmoil that followed. “This is the first participation in […]
Baghdad, Iraq’s cabinet decided on Tuesday, during its periodic increase financial allocations for the ration card $1.5 trillion dinars after the rise in oil prices in the world affected by tensions in the region. The government’s decision in conjunction with popular protests sweep the number of Iraqi since the fifth of February last, to demand the ration card items and […]
While Libya – as well as Egypt and Tunisia – continue to consume most of the American foreign policy debate’s available oxygen, other crucial issues remain at key moments of decision making themselves. Notably, Congress is now debating whether to fund ongoing State Department and development activities in Iraq next year. With all due respect to the new Congress, this […]
Iraq plans to buy more than 2.8 million tonnes of wheat for 2011, compared with 1.9m tonnes last year, to increase its strategic stockpile, the head of its grains trading board said in an interview on Tuesday. Director General Muthanna Jabbar also told Reuters a tender would be issued around the end of the month for the construction of eight silos […]
Baghdad, (AKnews) – A spokesman for the ministry of electricity said on Tuesday that plans to move the national grid underground are being considered to prevent citizens illegally taking power supplies directly from overhead distribution lines. Musab al-Mudarres told AKnews that the practice of taking electricity directly from local power lines is widespread across all Iraqi provinces and the ministry does […]
Baghdad, (AKnews) – A spokesman for the ministry of electricity said on Tuesday that plans to move the national grid underground are being considered to prevent citizens illegally taking power supplies directly from overhead distribution lines.
Musab al-Mudarres told AKnews that the practice of taking electricity directly from local power lines is widespread across all Iraqi provinces and the ministry does not have the power or resources to prevent them.
“Underground networks have proved successful in some areas of Baghdad such as Zayouna and Yarmouk where they have replaced the overhead power lines,” Mudarres said, adding that similar projects have been set up in Sadr City and Adhamiya.
Last July the Iraqi government launched a campaign in the capital to put an end to the public theft of national power supplies in response to public protests over limited hours of domestic provision.
According to government figures, the energy available to Iraq is around 9 thousand megawatts of energy, while demand is estimated at up to 14 thousand megawatts during the summer months.
Iraq’s power stations and distribution networks, already suffering from years of neglect attributed to the economic sanctions imposed on the country by the UN in 1990, were badly damaged during the allied invasion of the country in 2003 and by repeated acts of insurgent sabotage thereafter.
The Iraqi government has announced plans to increase the country’s generative capacity to 27,000 megawatts over the next four years, requiring an investment of between $3bn and $4bn per year.
The majority of households across the Iraqi provinces have between six and eight hours of national electricity each day.
This poor provision of electricity has been one of the main grievances of protestors in the wave of public demonstrations that have swept through Iraq over the past month.
The Iraqi government says that the lack of deterrent measures against abusers have encouraged more and more citizens to take their power directly from the overhead lines which is a heavy burden on the national grid.
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