Category: Tokyo

Asian stocks mostly higher ahead of BoJ; Nikkei down 0.42%

Investing.com – Asian shares traded mostly higher Friday, but Japanese stocks were among the region’s laggards as traders awaited new comments from the Bank of Japan.

In Asian trading Friday, Japn’s Nikkei 225 fell 0.42% after Japan’s Statistics Bureau said the country’s consumer price inflation fell to -0.5% last month from -0.3% in February. Analysts expected a March reading of -0.4%. Japan’s March CPI data could be a sign the Bank of Japan’s inflation target of 2% could be harder to reach than some had previously hoped.

In a separate report, the Statistics Bureau said that Tokyo’s core CPI, which excludes fresh food costs, increased -0.3% last month from -0.5% in February. Analysts expected Tokyo’s core CPI to rise to -0.4% last month.

Hong Kong’s Hang Seng jumped 0.91%, but the Shanghai Composite inched lower by 0.07%. The Shanghai Composite is the only Asian bourse poised for a weekly loss. The Nikkei is set to again to be the best Asian exchange this week.

Australia’s SP/ASX 200 inched up and is flirting with a gain of 4% this week. Australian markets were closed Thursday for a public holiday.

New Zealand’s NZSE 50 advanced 0.37% after Statistics New Zealand said the country’s trade balance unexpectedly rose last month to NZD718 million from NZD414 million. Analysts expected the trade balance to decline to NZD373 million.

The data also revealed that China has surpassed Australia as New Zealand’s top trading partner. New Zealand’s exports to China have tripled since the two countries signed a free trade pact five years ago. New Zealand’s total March exports rose 5.1% to NZD4.4 billion.

Imports fell 7.9% to NZD3.7 billion. In seasonally adjusted terms, New Zealand’s exports rose 0.8% while imports fell 0.7%.

South Korea’s Kospi fell 0.13% while Singapore’s Straits Times Index rose 0.21%. SP 500 futures dropped 0.21%.

Investing.com
Investing.com – Investing.com offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.
Read more News on Investing.com or Follow us on Twitter at @Newsinvesting

Forex

Investing.com – The euro weakened against the yen on Thursday after expectations continued to build for the European Central Bank to cut interest rates at a monetary policy meeting next week.

The yen, meanwhile, saw pressures of its own, mainly as better-than-expected U.S. jobs data steered investors away from safe-haven currencies, which cushioned the euro’s losses.

In U.S. trading on Thursday, EUR/JPY was down 0.12% at 129.35, up from a low of 129.06 and off a high of 129.90.

The pair sought to test support at 127.88, Monday’s low, and resistance at 130.67, Monday’ high.

In the U.S. earlier, the Department of Labor reported that the number of people filing for initial jobless claims fell by 16,000 to 339,000, last week, outpacing market expectations for a drop of 4,000 to 351,000.

Jobless claims for the preceding week were revised up to 355,000 from a previously reported increase of 352,000.

The numbers enticed investors out of the safety of the yen by allaying fears that the U.S. economy was running into a soft patch.

The euro, meanwhile, came under pressure of its own after U.S. investment bank Goldman Sachs said it expected the European Central Bank to trim benchmark interest rates 25 basis points at its monetary policy meeting next Thursday.

Slumping industrial output and service-sector data out of Europe have stoked fears that headwinds facing the currency bloc’s economy are building.

The euro, meanwhile, was down against the pound and flat against the U.S. dollar, with EUR/GBP trading down 1.10% at 0.8432 and EUR/USD trading unchanged at 1.3016.

On Friday, the Bank of Japan is to announce its benchmark interest rate.

Tokyo is also to release official data on consumer inflation.

Investing.com
Investing.com – Investing.com offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.
Read more News on Investing.com or Follow us on Twitter at @Newsinvesting

US dollar stays in lower 99 yen range in Tokyo

US dollar stays in lower 99 yen range in Tokyo

EastDay.com – 10 hours ago

Web Dictionary. U.S. dollar stays in lower 99 yen range in Tokyo. 2013-04-23 14:26. TOKYO, April 23 — The U.S. dollar traded in the lower 99 yen range in Tokyo early Tuesday. At 9 a.m., the dollar was quoted at 99.19-23 yen compared with 99.17-27 yen …

Dollar Stalks 100 Yen Following G-20 – CNBC.com – CNBC.com
Next Stop for Investors, The Land of the Rising Sun – ETF Daily News

News, Rumors, and Opinions in Dinarland Saturday Morning

(Dinar Recaps Note: This post is for informational purposes only.  It is not legal, tax or investment advice.  Dinar Recaps advises that everyone should do their own due diligence and seek local Professional tax, legal and/or investment advisers.)

I4U:

[tc0043] I want to remind everyone again that when you meet with your WF wealth manager, don`t forget to ask about tax free municipal bond mutual funds and generate a tax free monthly income for life.

[tc0043] This is free advice and not a solicitation for your business. I plan to retire after this lol

owl] tc0043 tc0043 TYVM! Good advice. Do you know offhand What the principal and outcome example might look like?

[tc0043] owl I have four funds picked out for myself that have averaged over 4.8% per year for the past ten years. 10 mil principal would generate an average of 480,000 a year or 40,000 a month average.

 [childofgod] tc0043 That’s my plan 5%

owl] CE process LOOKS time consuming and such, but I also imagine they will have multiple centers that are overstaffed and ‘specialize’ (for awhile) strictly on CE. They’ll process many and at high speed. jmHo
….
Read More Link on Right

DrRod] owl Yes, I agree. I talked to one of my banker friends and the banker said that there might even be special locations set aside just to accomodate the specific exchange for the IQD and the VND.\

 [misskitty05] DrRod we’ve been hearing that there will be special locations

 [owl] DrRod I suppose I could be wrong, BUT imo the Banks will be VERY motivated to gain control of this money asap!

 [DrRod] misskitty05 You are probably correct. Some exchange procedures will take longer especially if there are multiple documents like when you finance a house. UGH

 [owl] DrRod so, imo they will process quickly…imo the Wealth mgmt stuff will be where deferrals take place

[misskitty05] DrRod yes plus many people are not familiar with non disclosure agreements and there will be lots of questions about that

 [DrRod] owl Again, I agree very much. The greedy bankers always want to get their hands on our money. This will be no different. Once they get our IQD, they make more money…. Not only are they making money on the spread, but they also will be making money on their exchange as well.

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

greasee5] DrRod WF bank has around 6500 permanent braches in the US, all totaled there are well over 100,000 different bank brances in the US, not including the many credit unions, hope these numbers help

DrRod] Personally, I’m organized and a bit anal… I’m ready, have my documentation, my plan, my goals, and I hope I can go in and get out quickly… HOWEVER, I’m a student of my own advice: Be QUIET, Be QUIET, Be Quiet….

DrRod] Robertprofessor My thoughts on staying quiet is to be very very quiet… Too much info can be dangerous. All sorts of predators will be on the prowl.

misskitty05] Robertprofessor DrRod yesterday Papbear suggested asking about taxes while at the bank .. do you agree?

[DrRod] misskitty05 Not a bad idea about asking about taxes to the bank where you will exchange, BUT, inrealitymost at the banks are not qualified to talk about taxes. Better to get true professional advice. (I would go to several CPAs for tax advice.

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

[misskitty05] greasee5 I am highly skeptical about the 9 million number we heard yesterday … that was 9 million purchases not purchasORs…. many many have made multiple purchases so I think the number is much smaller than some think jmo

[owl] misskitty05 I know in my heart that number is prolly divisible by at least 4 if not more!

[greasee5] misskitty05 as well as I, maybe a number worldwide, but not in the US, imo

[jawjaboy] misskitty05 Agree I know I’ve done 15. The lady at the exchange place at the mall thinks I have a crush on her ROFL

[justincase] DrRod – I don’t think banks can withhold taxes… at least not before now..

[justincase] misskitty05 – what other options do we have other than banks??

 [misskitty05] justincase well at this point the NDA only applies to the WF group rate as far as we know … so other banks where you’ll get the street rate are an option. Currency dealers will also be exchanging like Dinar Banker, Tampa Dinar, etc and currency exchanges at airports and malls like Travelex imo

[misskitty05] justincase well at this point the NDA only applies to the WF group rate as far as we know … so other banks where you’ll get the street rate are an option. Currency dealers will also be exchanging like Dinar Banker, Tampa Dinar, etc and currency exchanges at airports and malls like Travelex imo

 [misskitty05] greasee5 jawjaboy owl yes I think divisible by at least 10 …could be worldwide as well jmo

[Cyndee49] justincase they can in Iowa If you have any tax situation it is withheld and our Casino’s will not pay out Jackpots without taking back child support, tax any thing out there against you

 [DrRod] justincase I’m not a tax expert, but I agree with you. I think that we are all going to learn about taxes once we exchange.

[notsoguru] misskitty05 IMO I think any institution that will exchange and give a ‘deal’ whether its is not charging a bank or brokerage fee or whatever else they come up with to get your $, will make you sign an NDA – again JMO

[notsoguru]just putting it out there so peeps ae not surprised if it happens at other places besides WF IMO

[misskitty05] notsoguru that would be a game changer imo. Right now the main reason to not do the group deal at WF is the NDA. If other places start using an NDA as well that will change the equation in my mind … significantly .. might as well go to WF and get the higher rate. Jmo

[sandytob] misskitty05 GM. I saw that you said something about the NDA being a negative for being part of the group at WF. Wondering why you feel that way since an NDA just requires that you not reveal information for a period of time if I understand it correctly.

[misskitty05] sandytob we really don’t know what the NDA requires b/c no one has seen it yet. It could simply require that we not post the rate or could be much broader .. we just don’t know plus the WF group rate may require that we keep a certain amt at WF so that reduces our flexibility with the funds … I’m still inclined to go with WF but I was saying that IF other banks use an NDA as well that makes going with WF even more likely b/c if we’ll need to sign an NDA wherever we go then might as well get the higher rate imo

[paradisegirl] misskitty05 I just want my money to be working for me. If we have to leave a percentage w/ WF, that is fine, as long as they have products that will generate a decent return.

sandytob] misskitty05 oh, ok, I came in late and thought maybe that you were thinking there would be something really bad about it…which I don’t.

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

[justincase] DrRod DrRod – Depending on the actual rate, outcome, etc – my leaning is to pay all taxes (not even defer them) so then it should forever be free and clear.

[DrRod] justincase I would tend to agree, BUT, my analytical mind tells me to seek out professional advice from some high priced tax attorneys/cpas. There may be tax advantages in paying it off all at once, OR deferring it a bit over several years…

[justincase] DrRod drrod – agreed!

[greasee5] misskitty05 DrRod Robertprofessor interesting, this a.m. on fox, they were talking about proposals of gov’t., of a flat income tax across the board for all Americans, thought in my head hmmmm, and also how the pres. tax rate was only 18%, something he made a big deal over his opponent

[Robertprofessor] greasee5 We need a fair, simple tax structure like a naked person in Antartica needs warm clothes.

[Cyndee49] Robertprofessor IMO the best tax we could have here is a Value added tax… so many people work off the books that if there was a tax on what we buy excluding food and medicine All would have to pay their fair share

[misskitty05] greasee5 flat tax proposal has been kicking around for a while hasn’t it? But would be interesting if that picks up support given current events imo

[justincase] Robertprofessor – tax code should be like Forbes says… on a 3 by 5 card. … of course it would put millions of taxpeople out of work… it would have to be phased in ?

[Robertprofessor] justincase Forbes is a financial genius. I like that idea. Simple tax code. No loop holes or exemptions at all. Keep the rates low and the economy would boom like never before … the tide raises all boats equally.

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

[DrRod] I think that when this all goes down and we have a receipt in our hands, we can say that it was trully worth the wait. Til then, all of the many well intentioned predictions, projections, bank stories, Tier stories, the butler did it stories, are all just a bunch of entertaining chatroom blips.

[justincase] DrRod – A real test of who we are as people will occur after we get C/E’ed.

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

sunny] Hey remember that link this morning to live TV? It’s a post on Dinar Recaps saying they are broadcasting revalue of their money? PD is saying it’s old and not valid. How can that be if it’s “live TV?”

[paradisegirl] sunny Tony at PTR has been saying for weeks that his sources in Iraq say the tv has shown a scroll advising the people that the dinar will soon increase in value. Sounds like they are prepping them and trying to keep them from rioting.

[sunny] paradisegirl I listen to Tony. You are correct. That’s another reason I’m having a hard time accepting that it’s a hoax

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

GET:

[CarrolBeams] Good morning everyone. can we post Nesara news heading here? 

[turkeyhtr] CB, when do u think the emails will be sent? 

[CarrolBeams] turkeyhtr sun/mon 

[falquar] CarrolBeams Does that mean, if we’ve already paid our taxes —do we get that money back??

[CarrolBeams] falquar that’s what they said 

[CarrolBeams] rv — republic rumors updates Informed by Intel Sources — from multiple sources that: Dinar Rate still climbing —- above 8.

 Confirmed Dong Rate above 1.0 and climbing. Liberty day ——- irs terminated 4/15/13.

All communications to be returned after 4/14/13.

Awaiting corp govt terminated 4/15/13.

Awaiting announcement pending and rv for tier 3 on monday april 15.

Public can exchange in banks/currency dealers throughout the country. Awaiting irs termination to allow for safe gold treasury currency distribution.

Fed reserve and irs have no access to the treasury bank system.

Global settlements & distributions — green button has been pushed. Sign offs completed in Hong Kong and Singapore.

Thank our loving lord for these Blessings.

[falquar] OK guys, you’re confusing me — do we get the money back that I just mailed yesterday??? They won’t get it until Mon. or Tues.


 [CarrolBeams] falquar I “heard” long time ago..all 2012 irs payments went to ust..not irs.

[Precious] CarrolBeams correct I just made my check out to them yesterday U S Treasury..not IRS

 [CarrolBeams] Precious perfect

 [Precious] CarrolBeams and I thought hmmm. different

[CarrolBeams] Precious that’s why…bye bye Irs.

[Precious] but we still pay

 [falquar] CarrolBeams OK, thank you. Can’t hurt to wish, as we could really use it in the interim while we’re waiting for the CE. [C

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

MIG:

[xyz] United States puts Japan on notice in currency report – Fri, Apr 12 2013 (Reuters) – The Obama administration on Friday put Japan on notice that it was watching its economic policies to ensure they were not aimed at devaluing the yen to gain a competitive advantage.
http://www.reuters.com/article/2013/04/13/us-usa-treasury-currency-idUSBRE93B12E20130413

xyz] EU Leaders Hear Radical Solution to Banking Crisis Published: Saturday, 13 Apr 2013 | 2:13 AM ET http://www.cnbc.com/id/100639257

[xyz] US declines to label China currency manipulator WASHINGTON (AP) — The Obama administration on Friday declined to label China a currency manipulator, although it said that China’s currency remains significantly undervalued….   http://hosted.ap.org/dynamic/stories/U/US_CHINA_CURRENCY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-04-12-19-11-31

xyz] Iraqis Poorest Among Neighbors with Highest Budget 13 April 2013 12:25 Shafaq News/The head of the Iraqi National Alliance, Ibrahim al-Jaafari said that Iraq’s budget is the highest among its neighbors though its people is the poorest. “Iraq’s budget is higher than the budget of five of its neighboring countries and its population is no more than quarter of their people,” Jaafari said in a statement received by “Shafaq News”. “However people’s living condition are lower than the standard”. Jafari’s remarks came during a meeting with a delegation of Sadr City ‘s dignitaries. Jafari’s statement highlighted the significance of anti-corruption “to eliminate widespread poverty in the community”. The head of the Shia alliance -once run as the country’s premier- made it clear that he count on people to make their choice wisely when casting ballots. ”The elections will be a motive to recruit Iraq’s budget pr
http://www.shafaaq.com/en/politics/5776-jaafari-iraqis-poorest-among-neighbors-with-highest-budget-.html

 [xyz] increase hard currency outlets will contribute to the stability of the exchange rate of the Iraqi dinar 13-04-2013 08:01 AM Baghdad (news) .. Likely financial expert as Hadi Al-Tamimi, the stability of the exchange rate of the Iraqi dinar against the dollar, after the necessary measures taken by the Directors of the Central Bank, included an increase of outlets selling hard currency. Tamimi said (of the Agency news): The increase in the number of outlets for the sale of hard currency in the government and private banks by the central bank will contribute significantly to the stability of the dinar exchange rate it would meet the market needs of the dollar. He added: that the process of the sale of hard currency must be accompanied by other operations to monitor the buying and selling foreign exchange operations to reduce currency smuggling and money laundering, that appear from time to time. This revealed the Finance Committee in the House of Represent
http://www.ikhnews.com/index.php?page=article&id=81185

xyz] accusations directed the central bank will affect the reputation of the dinar and the advent of global companies 13-04-2013 11:28 AM Baghdad (news) .. Denied a member of the Committee on the economy and investment MP / National Alliance / Hussain Salman Mura’bi, the accusations against the Central Bank regarding the theft of (10) tons of gold, warning affected by these charges on the bank’s reputation and the dinar and the advent of companies. Said Mura’bi (of the Agency news): There was an error happened in the documentation for collecting full backup of gold and sent to the International Monetary Fund by the Central Bank, where he wrote in the first report (39) tons, and then was corrected in the subsequent report and wrote (29) tons . He pointed out: that the Integrity Commission when they saw the difference between the two reports confirmed that there is theft (10) tons of gold without check and make sure the subject, which led to Thoelh media and http://www.ikhnews.com/index.php?page=article&id=81215

[xyz] Kurdish MP: Province gave a period of one month to the federal government to implement its demands. 13/04/2013 12:12:00    
http://www.ninanews.com/english/News_Details.asp?ar95_VQ=GHFGJI

[xyz] US warns Japan, South Korea on currencies 13 Apr, 2013 WASHINGTON: The United States on Friday said China’s currency remains “significantly undervalued” and warned Japan and South Korea against weakening their currencies to gain a trade advantage. In a twice-yearly finding to Congress on exchange-rate policies, the US Treasury took aim at the country’s big Asian trade partners ahead of a series of high-level international meetings in Washington next week. Taking surprise aim at Tokyo, the Treasury raised questions about Japan’s effort to reflate its economy, a move that has sent the yen sharply tumbling to its lowest level since May 2009. The yen has moved from 77 to the dollar to nearly 100 to the dollar since October.    http://economictimes.indiatimes.com/news/international-business/us-warns-japan-south-korea-on-currencies/articleshow/19521412.cms

Drop the charges and cancel the arrest warrant for Iraqi Central Bank Governor Sinan al-Shabibi

Drop the charges and cancel the arrest warrant for Iraqi Central Bank Governor Sinan al-Shabibi

11/04/2013

Central Bank of Iraq Governor ShabibiPalm – The Iraqi Central Bank Governor Sinan al-Shabibi issued an arrest warrant, on Wednesday, he heard it was dropping the charges against him, pointing out he was waiting for formal notification in order to return to Iraq.

Shabibi said who is outside Iraq in a media interview that he heard the decision to drop the charges against him, but did not reach an official letter to resolution so far, “noting that it” can not return to Iraq until it is formally notified.

Shabibi said that he “will return if notified,” stressing the need to drop the charges for Bank staff and employees because they staff أنزه, as he put it.

Prime Minister Nuri al-Maliki said, (November 5, 2012), The warheads big fall issue of the central bank, while stressing that the presence of Shabibi in the bank is wrong to expiration appointed governor, pointed out that he is not acting funds Iraqi, but had no information on size or the location of the deposit.

It is noteworthy that the Supreme Judicial Council confirmed, in (19 October 2012), the issuance of an arrest warrant against the central bank governor and a number of officials in corruption cases, after the media quoted a local, in (14 October 2012), sources control the judiciary issued an arrest warrant for al-Shabibi corruption charges, pointing out that he escaped out of the country after the issuance of the memorandum, the bank denied the news, saying that the governor is currently involved in an annual conference in Tokyo and will return to Baghdad.

It is noteworthy that the Iraqi Central Bank was established under the law issued on the sixth of March of the year 2004, as an independent body and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as regulate the banking sector to promote system competitive and financial independent.

nakhelnews.com

Shabibi: I heard charges against me are dropped, I wait for formal notification

Shabibi: I heard charges against me are dropped, I wait for formal notification

10/04/2013

Dr. Shabibi

confirmed CKD Iraqi Central Bank Governor Sinan al-Shabibi issued an arrest warrant, on Wednesday, he heard dropping the charges against him, pointing out that he awaits notification formally in order to return to Iraq.

Shabibi said who is outside Iraq in an interview for “Alsumaria News”, “It heard the decision to drop the charges against him, but did not reach a formal letter of resolution so far,” noting that “can not return to Iraq until it is notified formally.” He Shabibi he “will return if notified,” stressing the need to “drop the charges for staff and employees the bank because they are أنزه staff “, as he put it.

Prime Minister Nuri al-Maliki said, (November 5, 2012), The warheads big fall issue of the central bank, while stressing that the presence of Shabibi in the bank is wrong to expiration appointed governor, He pointed out that it is not acting funds Iraqi, but had no information on the size or the location of the deposit.

referred to the Supreme Judicial Council confirmed, in (19 October 2012), the issuance of an arrest warrant against the central bank governor and a number of officials in corruption cases, having transferred Local media, in (14 October 2012), sources oversight that the judiciary has issued an arrest warrant for al-Shabibi corruption charges, pointing out that he escaped out of the country after the issuance of the note, with the bank denied the news, saying that the governor is currently involved in an annual conference in Tokyo He will return to Baghdad. noteworthy that the Iraqi Central Bank was established under the law issued on the sixth of March of the year 2004, as an independent body and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, in addition to organizing the banking sector to promote a competitive financial system and independently.

alsumaria.tv

Senior Iraqi official who earns 800 thousand dollars a day from the central bank?!!

Senior Iraqi official who earns 800 thousand dollars a day from the central bank?!!

10/02/2013

Palm – accused the House of Representatives a senior official of profiting from the central bank auction sales of foreign currency over the three months prior to raise the issue of the bank.

The MP said Qassim al-Araji, said there is a large warheads benefiting from central bank scandal case and pointed out that a senior official was earning about 800 thousand dollars a day from bidders central bank for foreign currency during the last three months leading up to raise the issue of the bank.

Araji said that investigations in the case of the central bank faced بضغوطات sharp Tsuifaa and cover them up to the extent of haggling over the linked issues of similar such deal Russian arms, warning at the same time attempts to corner the case file the Central Bank in Listing closed to keep suspicions about headers beneficiary major, he says .

And raised the issue of the Iraqi Central Bank considerable debate in political circles, and there were accusations of multiple corruption affected politicians from abuse blocs, accused the political blocs Prime Minister Nuri al-Maliki fabricating the case for control of the central bank, which is one of the most independent bodies ten in Iraq and of the supervisory House of Representatives.

The Supreme Judicial Council issued in October last arrest warrant against Central Bank Governor Sinan al-Shabibi, who was in Tokyo, and a number of its officials, including his deputy, the appearance of Mohammed Saleh of corruption which was released recently on bail.

The House of Representatives announced the formation of a committee to investigate the repercussions of the central bank, included the Chairman of the Finance Committee Haider Abadi, and Chairman of the Economic Committee Ahmed al-Alwani and Governor of the Central Bank and Abdul Basit Turki agency and under the direct supervision of the board of the presidency of the parliament.

nakhelnews

Iraq Construction News: Construction begins on medical city in Baghdad

Work has begun on building an integrated, modern medical city in the centre of Baghdad, slated to provide services to citizens free of charge, the Iraqi government announced last week.

In building the medical city, officials seek to “boost the state of medical services offered to citizens especially in view of the increase in the capital’s population in the past six years”, said Ali al-Allaq, secretary-general of the Iraqi cabinet.

The new medical city is under construction on the site of the former al-Rasheed hospital, an area of about 100,000 square metres, he told Mawtani.

Al-Allaq said the 1,200-bed facility will include 12 medical sections, including oncology, neurological surgery, spinal cord medicine, haematology, cardiology, obstetrics, communicable diseases and other specialisations the country still lacks.

Building the new city will cost about $350 million and will take about three years, under the supervision of “reputable local and European companies”, he said.

The facility will play a dual role as treatment centre and teaching hospital, giving medical students “the opportunity to practise medicine in the final year of their education”, said Deputy Health Minister Dr. Khamees al-Saad.

He told Mawtani his ministry contracted German, British and Japanese companies to import modern medical equipment for the entire hospital.

Services will be provided free of charge to citizens, al-Saad added.

Many doctors internationally trained

Staffed by Iraqi doctors currently training at internationally-reputable universities such as Harvard University, the University of Texas, the University of London and Tokyo University, personnel at the hospital will be qualified to perform complex surgeries, al-Saad said.

Laith al-Salehi, director of the ministry’s engineering department, described the city as a series of eight high-rise buildings, each with 12-20 floors, and each with a medical specialty.

The compound includes gardens, restaurants, meeting and training halls, and modern laboratories, he said.

Three European and two local companies are implementing the project, considered the largest in the capital in 30 years, he added.

The compound will help ease “overwhelming traffic at the other hospitals in Baghdad, and it will have the capacity to absorb” medical cases from other Iraqi cities as well, al-Salehi said.

The facility will include a special children’s section and another dedicated to psychiatric medicine, he said.

Saleh al-Mutlaq, deputy prime minister for services, told Mawtani Iraq loses tens of millions of dollars annually on medical treatment outside the country.

“The medical city will save hard currency for the country, spent by Iraqis abroad” to treat conditions like cancer, heart problems, congenital deformities and problems caused by terrorist attacks, he said.

“The medical city will be staffed by excellent Iraqi doctors” and will contract western doctors to perform operations inside Iraq, he said, adding that it will “ease the burden on the citizens both financially and physically” because services will be free of charge.

Source: Al Shorfa