Category: Dinar News

Iraq Financial News: Iraq’s biggest banks claim ‘security concerns exaggerated’

Iraq’s biggest banks have claimed security concerns in the country are exaggerated, imploring international investors to participate in the $1 trillion rebuilding effort.

Central Bank of Iraq governor Abdul Bassit Turki Saeed said the return on investment in the still turbulent country far outweighed the risks.

“If I was an foreign investor, for example, if I compare what I would gain and the [risks] of it, definitely I would be in Iraq since yesterday,” he said through a translator on the sidelines of the Iraq Finance 2014 conference in Dubai.

“If we did have active economic [growth] in Iraq, this definitely would bring security because it would create chances and develop some ambitious visions.”

Chairwoman and CEO of the largest bank in Iraq, the Trade Bank of Iraq (TBI), Hamdiyah Al Jaff, said the ongoing conflict was misunderstood and did not affect the new development.

She called on international banks and investors to participate in the country’s huge infrastructure projects.

“We should all be inside Iraq without any fear or hesitation because the market of Iraq needs you as much as you need opportunities,” she said.

“We do not want to carry on these concerns regarding the security in Iraq because it’s not as it is shown in the media. The media exaggerate in presenting the Iraq security situation.

“It’s not excellent, however it’s completely different from difficulties we faced from 2000-2009.”

The comments come despite renewed sectarian violence in recent months. On Sunday, authorities said car bombings and shootings killed nine people across Iraq, while militants kidnapped soldiers in the embattled province of Anbar, where Al Qaeda-linked fighters hold portions of two major cities.

Meanwhile the country is attempting to rebuild infrastructure destroyed during three decades of conflict, including electricity supply, sewerage, health and education facilities, roads and 3 million homes.

The government last year approved a $1 trillion infrastructure spending program over the next 10 years.

It is relying on financing from a doubling of oil output, the privatisation of public assets including three banks and foreign direct investment.

Al Jaff said international banks were setting up in Iraq but they had made little input to the country’s restructure.

“We have very strong relations with big banking institutions in the world, however, frankly speaking, we haven’t seen, so far, any serious interest by those banks to support building Iraq,” she said.

“The Trade Bank of Iraq is a government bank and the guarantees it presents can be considered as government guarantees and we’re ready to support financing infrastructure projects.

“We will work together to eliminate obstacles to stability which is really creating a win-win situation for all of us.”

Country manager of a leading private bank, Byblos Bank, Jean Bassil, said while he agreed the security situation was not a major concern, there were still numerous reforms needed to strengthen the country’s banking sector and reduce risk for both banks and customers. 

He called for a credit bureau, similar to the one being established in the UAE, so banks could have greater confidence in lending, while building trust in the sector for potential customers.

“There is much work to be done to develop the banking sector in Iraq. What really interests us as a private bank in Iraq … is the information we can exchange through the Central Bank in terms of risk management, so we can realise any financial deal that comes to our door,” Bassil told Arabian Business.

“This is being developed and we hope to see this up and running in 2014.”

For Bassil, who is Lebanese, operating amid a reasonable possibility of further attacks in the country was part of doing business in Iraq.

“This is becoming the daily situation for us,” he said.

“There is a risk of course, it’s a high risk, but we are managing it.

“It’s not as bad as the media portrays it. Once you know how to go by, it’s okay.”

Source: Arabian Business

Vice President Biden’s Meeting with Iraqi Council of Representatives Speaker Osama al-Nujaifi

12093091283_06d4a82750_qThis afternoon, President Obama joined Vice President Joe Biden’s meeting with Iraqi Council of Representatives Speaker Osama al-Nujaifi and a delegation of Iraqi parliamentarians. Both sides reaffirmed the importance of the strategic partnership between the United States and Iraq.   The President encouraged Iraq’s leaders to continue dialogue to address the legitimate grievances of all communities through the political process. Both sides agreed on the need for both security and political measures to combat terrorism, and discussed efforts to formally integrate local and tribal forces into the state security structures consistent with the Government of Iraq’s public commitments in recent days. 

President Obama and Vice President Biden also expressed the United States’ strong support for continued cooperation between local and tribal leaders and the Iraqi Government against al-Qaeda in Iraq (AQI)/the Islamic State of Iraq and the Levant (ISIL).  The President and Vice President underscored that the United States stands with Iraq and its people in the fight against AQI/ISIL and other extremist groups.

Source: Official Wire, White House.Gov

Iraq Oil News: Iraqi premier mulls setting up ‘national council’ to oversee oil exports

130603131958-china-iraq-oil-614xaPrime Minister Noori al-Maliki wants to set up a ‘national council’ that will supervise oil development, output and exports.

Maliki made the remarks following reports that Baghdad and the Kurdish region were close to solving differences over oil exports.

A high-level Kurdish delegation headed by the region’s Prime Minister Nejervan Barzani ended a visit to Baghdad for talks on how to handle development of crude oil found in abundance across the country.

The Kurds have invested heavily in developing oil fields in their areas and already have solid infrastructure of pipelines and storage capacity to export up to 400,000 barrels of oil a day to Turkish terminals on the Mediterranean.

Maliki said he was pleased with the talks which he hoped will put an end to the ongoing dispute with Kurds over oil exports.

“It is important that the country adopts a unified stand vis-à-vis its oil exports as our strength is in our unity,” he said. “We want to have a national budget that takes into consideration realistic economic factors.”

“I urge the formation of a national council with representatives from the Kurdish region to supervise oil policies until a new oil law is promulgated,” Maliki said.

This year’s budget has been delayed by the parliament over differences with the Kurdish region and the royalties it has collected from what the government says are ‘illicit’ oil exports.

The Kurds rely on allocations from the central government which amount to 17% of the hard cash the country earns from its oil exports.

The deputies insisted on reducing the region’s share by at least seven percent unless the Kurds provided a full account of their own oil exports.

But the talks with Barzani in Baghdad seem to have reached a good conclusion, according to Deputy Prime Minister Husain Shahristani, who said that that Kurds in principle have accepted a government proposal that all oil exports originating anywhere in the country must under an agreed upon national scheme.

“The Kurds have promised not to export oil until a final agreement is reached,” added Shahristani.

Source: Azzaman

Wednesday Afternoon Dinar News and Opinions

Emailed to Recaps:

DebTarHeelGirl: THE WORD OF THE LORD TO ALL OF DINARLAND:  There is a way that seems right to a man, But its end is the way of death. Proverbs 16:25 NKJV.  

If you could only see behind the scenes what is REALLY going on to bring this RV to pass – THE REAL OPERATIONS CAN’T BE PUT OUT IN PUBLIC.

 Trust that the promise of an RV is still growing, and at the appointed time, you will see it fulfilled, then your confession about it all will be = “And it came to pass.”

To base everything you believe and take actions of retaliation on anything other than solid factual evidence presented in a tangible visual form, it’s dangerous and will lead to destruction. IF this is wrong, SHOW THE PROOF instead of shouting what is thought and only “heard.”

 Do you want to be counted in a mass effort that could bring destruction? Every action we take there is a reaction that comes back upon us, negative or positive actions. What is sown will be reaped.  

Please TRUST GOD ALONE – this is HIS wealth transfer and HE IS IN CONTROL and it will all work out as HE HAS PLANNED.  

MARK THIS: Once this release takes place, you will say amongst yourselves, why did we get so worked up and doubt this RV now that we see ALL the information?  

WATCH AND SEE THE SALVATION OF THE LORD.  Exodus 14:13a Moses answered the people, “Do not be afraid. Stand firm and you will see the deliverance the LORD will bring you today.”  I Samuel 12:16 “Now then, stand still and see this great thing the LORD is about to do before your eyes!”
….
Read More Link on Right

Stage2Omega:

Former Va. Gov. McDonnell, wife indicted on federal corruption charges http://www.washingtontimes.com/news/2014/jan/21/mcdonnell-wife-indicted-federal-corruption-charges/

********************************

MIG:

[xyz] How much did the 2008 financial crisis cost; about $180,000 a person? The American Bankers Association sued to stop a provision of the Volcker Rule and intended to stop banks from engaging in risky trading.   http://economictimes.indiatimes.com/news/international/business/how-much-did-the-2008-financial-crisis-cost-about-180000-a-person/articleshow/29196486.cms

********************************

I4U:

 [miabella] Had to go to my WF bank today because my Ck card was charged for unauthorized purchases…..The Personal Banker began giving me all the tips to watch for and do to avoid the same again. I never met him before and he started telling me about all of their other “services” in the bank. lol I was just waiting for him to get to the “good part”. He said, “Oh and we have the currency dept”. DO YOU KNOW how tempted I was? lol

[landons nana] miabella lol

[miabella] I think I have teeth marks on my tongue from biting it so hard. lol

[chucker7] miabella lol good girl

[landons nana] miabella my personal banker at WF owns dinar lol

[miabella] landons nana I wanted to ask soooooooooooo bad, but listened to my inner self saying, “Don’t you even”…………. lol

[Jamison] Just everybody be save in the future, just a little advice, if you sign up for any twitter with dinar people, if you go to that twitter person, it list everybody signed up for it with pictures of people and there names, you might want to protect yourself

*************************************

KTFA:

aggiedad77 » January 22nd, 2014, 2:22 pm  • 

Well now for the mid-day news….looks like the news is shaping up to be a busy day:

Source: “orphans” Saddam overseas funds fleeing to Jordan

It seems that some are following the trails of Saddam’s money…finding some of it in Jordan at this time….and that other members of the former regime may have attempted to smuggle money out of Iraq through Jordan for use against Iraq at a later date. The article also mentions $20 billion euro’s that were captured at the main Russian airport in 2007 that was believed to be part of Saddam’s legacy…..before his capture Saddam was reported by Forbes magazine as the third richest man in the world…shame he never got to use all that ill-gotten money.

Abadi: raise $ 5 a barrel comes to cover up the achievements of the dispute with al-Maliki and the Kurds

I wasn’t going to talk about this article because I originally thought it was one I had already mentioned…but there is something in it that is different….it seems that some of the flack being thrown up about the petrodollar issue may be just that….flack….attempting to gloss over things such as what is going on in Anbar or other successes of Maliki’s. This article also speaks to how the petrodollars are distributed to the provinces…..they are accrued until the end of the year and then distributed to the provinces. I’m betting we see and hear more on this.

Najafi and discuss Hegel file armament .. Allawi and leave for Washington soon

Najafi talked to Sec of Def Hagel and reiterated that Iraq needs weapons for fighting terrorism, these weapons will not be used in suppression of Iraqi people…..he also talked with Sec of State Kerry about strengthening bilateral relations with the US and Iraq in light of strategic relations…..still to happen is a meeting with Obama and Biden…and some members of Congress.

Urgent .. Maliki: It is time to end and resolve the existence of terrorist gangs in Fallujah

Maliki is calling upon the tribal people of Fallujah to put an end to the terrorist activity in their city. He is urging them to stand tall for what is rightfully theirs.

Othman expects reaching a compromises between the federal government and the province

Parliament is letting the Kurds and the government know that the budget can and will be passed without the Kurds, if they do not step up the process and come to an agreement between the two of them……someone with some backbone, telling both entities to kiss and make up.

President Barzani Urges European Support for Kurdistan

Kurdish President Barzani speaking before the European Parliament…..asked for support of Kurdistan….didn’t ask for help with Iraq….but for his home region….kind of selfish in one way…but also understandable.

Foreign Investment in Kurdistan at $33 billion; UAE Among Top investors

The Kurds have received $33 billion from foreign investors the largest of which is the UAE…..they are doing things to encourage investors into certain areas with great success….the UAE has now opened 3 Chamber of Commerce offices within the Kurdistan…there are over 130 UAE companies operating in the Kurdistan….per capita income is now at $7,000 and expected to rise to $10,000 in coming years.

The growing al-Qaida in Iraq, and the threat of Prime Minister Maliki … By Anthony Cordesman

This is an opinion piece written about the growth of al Qaeda since the US forces pulled out over two years ago and Maliki’s strangling hold on almost all aspects of Iraq, especially the military and security…..so much so that Sunni’s fear his reprisal in Anbar and many have sided with the al Qaeda terrorists as their only way of getting anywhere in Iraq today. They do not see any friendship from Maliki at all….but the US is telling Maliki to learn to play ball better with all involved….all but the terrorists.

Maliki: the Kurdistan and Baghdad ministries concerned to cooperate to resolve the issue of the budget

In his best “Larry the Cable Guy” imitation Maliki is saying “Let’s Git ‘Er Done” saying that things have improved between the Kurds and the Federal government…..the sticking point seems to be with how extracted oil is transported out of the Kurdistan region into other countries….Turkey….and whether or not payments are made to the appropriate fund.

In Kurdistan the number of millionaires rises

There are currently over 11,000 people in the Kurdistan region whose wealth exceeds $5 million….wow…..talk about income inequity…..we thought it was bad here…..the economic boom occurring in Kurdistan is given much credit for this sudden growth of wealth.

Dimensions out of Iraq from Chapter VII of the focus of discussions on the canopy of the University of Baghdad

A symposium on Iraq coming out of Ch VII and moving to Ch VI….very interesting….this is a historic accomplishment and will be discussed at length it seems by the Dean of the Faculty of Languages…..she states that Iraq will begin to play PIVOTAL role in regional and international activities…that gets me excited.

Improving the financial sustainability and increase production budget priorities highlighted in 2014

This talks to six areas of focus the 2014 budget will have for Iraq….1. Increase financial sustainability; 2. increase production capacity; 3. increase oil and gas production; 4. increase competitiveness of public and private institutions; 5. raise the level of services; 6. improve the welfare of the people……if it were left up to me, I think I would put the people a bit higher on the list….but then I don’t live in Iraq.

Oil: Rising exports and crude oil revenue for the month of December last

Oil exports were on the rise in December, exceeding 72 million barrels….wowser….that created revenues of almost $7.5 billion dollars!!! Yep you heard it right…..and this is in spite of bad weather during the month.

Iraqi Drilling Company expanded its business during the current year

2014 promises to be a better year for the drilling company…..in 2013 they drilled 82 new wells….and reclaimed or worked over 97 existing wells…..not a bad years worth of work.

Gang steal billions from banks in the provinces of Basra and

This headline for some reason made me think of Bonnie and Clyde….I know it’s been a long morning…..they stole over 3 billion dinars…..that is quite a haul of toilet paper…..Security did capture one of the robbers…..there appears to have been some inside collusion for them to make off with what they got….apparently they feel this is not just limited to Basra but over several provinces…..before anyone asks…..yes it does appear that some banks still have money.

The oil minister for “tomorrow Press”: the current state of the country’s need for the enactment of the oil and gas

The Oil Minister Karim….side note….why do you see coffee beside this man’s name when in print….strange….ok….so they know they need to pass oil and gas legislation…nothing new….and by doing so they guarantee wealth to the nation….again nothing new…..he wants to speed up the process….well that shouldn’t be too hard to do since it has been floundering for a number of years…..let’s move it on along now.

Shahristani to discuss with the Italian company workflow in the Zubair oil field

This is always big news when S is discussing oil business with anyone….he’s the big cheese…..basically they are agreeing on a rate of production for the field of 850 thousand barrels per day and extending Eni’s contract for 5 years to 2035.

Parliament is likely to return the budget to the government because of the many problems which

So some MP’s want to send the budget back to the COM because of the differences that the Kurds have with the budget as is…never mind that the Kurds are working on those issues…..also they would like to see the COM make changes to the petrodollar part of the budget….why not make those changes yourself…..you are all big boys and girls.

Divergence of views between support and rejection and warning about the decision to develop new provinces

I think all that needs to be said about this long article is that the creation of these new provinces will become…is becoming a political football….I am sure there will be more to be read on this issue in the coming days…..Maliki says it is perfectly constitutional…..others see problems…..well I say make lemonade then.

Closure of the course on accounting, budgeting and management of the banks in the Kurdistan Region

Woohoo, it has been six long weeks…..butts have gotten sore sitting and listening and hopefully learning some good things during this time…..but class is finally out…..64 attended the class and had discussions on accounting, budgeting….management of banks….roles of women…..sounds like a well rounded bean counter kind of class….they probably need to do more of this and take it on the road to other provinces.

Planning: 9% economic growth rate through 2013

Well 9% growth is healthy…..ahead of the Chinese it would seem who were at 7.7%……what is troublesome about this article is where they speak to the inflation rate saying that it dropped from “50 to 6% currently”……what I believe they mean is they have dropped the inflation rate by 50% from around 12% to 6%…..just my opinion….

Iraqi women mostly absent from political scene

Outdated traditions keep many women from pursuing political positions it seems…..even those that have found political positions say that is so because of quotas being filled.

Gotta end things here for now…..more later I can promise….lots of news today   Randy

June Dinar News – no RV yet for the Iraqi Dinar

Well, no RV yet as of June 13 2012. Here’s a list of articles I’ll reference in today’s chat:
New currency to be implemented over the next two years:
Read more:
Kurds push forward with efforts to boot Maliki, but may not have enough signatures:
Read more:
And finally, President Talabani confirms that they don’t have enough votes to oust Maliki:
Read more:
That’s it for now, be sure to check the forums for the weekly chats with Q&A from the members and additional insight to the Iraqi Dinar.
- Adam
Related posts:
This entry was posted
on Wednesday, June 13th, 2012 at 10:09 am and is filed under Uncategorized.
You can follow any responses to this entry through the RSS 2. 0 feed.

Both comments and pings are currently closed.

Iraqi Dinar News pre-Ramadan

Hey everyone! Here’s a short list of articles I referenced in chat today. (Here’s the link to the recent weekly )
With Ramadan right around the corner, it looks like we are back to “hurry up and wait” mode. Let’s stay positive to see some action after Ramadan!
Central Bank: speculative cost of the project to delete the zeros up to 172 billion dinars
BAGHDAD / JD / . . the Iraqi Central Bank estimated cost speculative project to delete the zeros from the currency up to 172 billion dinars . . The study by a private project delete the zeros received / JD / copy: The total cost of speculative to project the deletion of zeros up to a hundred and seventy-two billion dinars, “. . the bank said in his study that the wages of transport and insurance of the role of copyright to the Baghdad International Airport up to (140), calculated on the basis of the ratio between the highest and lowest price (90-189) billion dinars from the presentations made by companies . . He added that “the cost of speculative Stamping coins of the new currency of…
Read more:
 
Najafi is working to unify the visions of Representatives about the oil and gas law and the Kurdish national movement optimistic
Ruled out of the Kurdistan Alliance meeting to be House Speaker Osama Najafi heads of parliamentary blocs on Sunday, dedicated to pass important laws and settle disputes, revealing that the meeting was limited to study the law of oil and gas only.
As pointed out Nujaifi urged that the Legal Committee and the Committee on Energy in parliament to unite their proposals in…
Read more:
Three main points hinder adoption of oil and gas law, says parliamentary committee
BAGHDAD, July 16 (AKnews) – The oil and energy committee in the Iraqi Council of Representatives stated Monday that three main points hinder the adoption of the controversial oil and gas law related to the ownership of the oil wealth and its management.
Committee member Furat al-Sharei said: “The Kurdistan Blocs Coalition (KBC) and Iraqiya List support the management of oil wealth…
Read more:
Low rate of inflation in June and the annual rise in its index by 6%
BAGHDAD / JD / . . revealed the Ministry of Planning reported a decline in new indicators of inflation during the month of June compared with the month of May the previous year, with increased indicators annual rate of 6%.
The ministry said in a statement received / JD / copy of it: that the inflation index fell by (2%) during the month of June compared with May, who had witnessed a decline (1. 3%) compared to April 2012….
Read more:
Deputy for Iraq: the great teacher (in reference to America) is not pleased with the enactment of the law of oil and gas in Iraq
MP for the Iraqi List Mutashar Samarrai said the age of oil and gas law will ensure that identify abusers on the rights of the Iraqi people, adding that the lack of enactment of this law would open the door to the looting of the date of Iraq. Samarrai said in a statement to Agence {Euphrates News} on Tuesday that “the great master (referring to America) is not pleased with the enactment of the law of oil and gas in Iraq and wants to keep Iraq a poor country, “noting that” there are forces present in the world and everyone knows you want the Iraqi people to remain a poor country is the richest country in the world….
Read more:
 
That’s it for this week – best regards, everyone!
 
- Adam
Related posts:
This entry was posted
on Wednesday, July 18th, 2012 at 11:16 am and is filed under Uncategorized.
You can follow any responses to this entry through the RSS 2. 0 feed.

Both comments and pings are currently closed.