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URL: http://www.nenosplace.com/content.php?466-The-Algerian-government-has-cleared-all-of-Iraq-s-debt-estimated-at-400-million
Neighbourhood: Detect the Ambassador of the Republic of Iraq, in Algeria, Uday goodness of God, that he had received correspondence an official from the Algerian government to inform him wipe all of Iraq’s debt to Algeria, which were estimated at more than $ 400 million, representing amounts owed and the benefits of it, as well as fines, according to El Khabar.
He Ambassador of the Republic of Iraq in Algeria, Uday Good God, gratitude for the step taken by Algeria and of clear all debts of the state of Iraq due to Algeria, which was estimated at 763 401 million U.S. dollars, and that through the correspondence received, yesterday, the Iraqi embassy in Algeria , which confirmed that Algeria, and after that proceeded to clear the outstanding amounts, I decided to clear the benefits of all this debt, as well as all the fines for delay in payment.
The ambassador pointed out in his statement to”news”yesterday in his office at the Iraqi embassy in Algiers, that the arrangements clear the debt agreement is a recognition of the whole, and this according to the agreement between the parties, which will become final and effective immediately after the entry into force. The Adi goodness of God that the embassy had offered to Algeria need to make the necessary arrangements to clear this debt in full, especially since Algeria was earlier confirmed clear the debt, but the amounts owed only, without interest, fines of non-payment,”but by sending yesterday informed us Algeria scans all of Iraq’s debt to Algeria.
The Iraqi debt to Algeria in more than $ 142 million amounts withdrawn and outstanding, and more than $ 167 million interest due and unpaid, and more than $ 91 million fines for delay in payment, bringing the value of debt total to more than $ 401 million U.S. dollars. and regrets the Iraqi ambassador in Algeria from the reluctance of a number of Arab countries on the survey of Iraq’s debt has, at the time rushed many Western countries to clear these debts. He stressed that Iraq may Contact all the countries that have a debt to clear it.
Source: Neno’s Place – A Community of Reality
URL: http://www.nenosplace.com/content.php?465-Deletion-of-zeros-from-Iraqi-dinar-health-economic-evidence
03.09.2011
Faris Omar
Since the central bank announced a plan to the deletion of three zeros from the Iraqi currency minting a coin to the banknotes currently in circulation.
He reviewed the Central Bank at the time, the difficulties caused by the current Iraqi currency Pfiadtha led by a handful of zeros in the trade. He pointed to the harassment caused by the currency of the citizen who should be used as bags packed stacks of dinars to purchase goods is simple.
Also, dealing with piles of dinars in daily life in this way preclude the use of automated teller machines, which have become common in other countries but still is a process in Iraq.
Due to the intrusion of zeros the Iraqi dinar to the days of hyperinflation that brought the value of national currency as a result of previous wars and the subsequent UN sanctions destroyed Iraq’s economy and sent the currency of Iraq to the paper was printing the former regime, issued in large quantities without the lid.
But the relative stability of the national currency and the return link Iraq to the global economy and the availability of foreign exchange reserves, thanks to oil exports, the central bank are all encouraged to think in the deletion of zeros. But the conviction displayed by officials in the bank this measure met with reservations from officials in the government and put a question mark on the feasibility of such a move and its timing. In this context, he noted adviser to Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge in a special interview for Radio Free Iraq that the rampant corruption in state institutions and the low level of efficiency and economic situation in general at this time not in favor of lifting of the zeroes, according to his opinion.
However, Advisor to the Governor of the Central Bank of the appearance of Mohammed Saleh described the system of cash payments current system, where the miserable largest denomination in which not more than twenty dollars worth pointing out that this provision is the installation of the Iraqi currency issued by the Central Bank continued to study after five years.
Adviser to the Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge warned his part to the bumps that will change the currency, and the deletion of zeros, including the risk of fraud and increasing the demand for goods and for reasons arising from the payment of fake dinars instead of the thousand dinars, as now.
But the adviser to the Governor of the Central Bank of the appearance of Mohammed Saleh considered that the fear of fraud rings reflects the look bleak reminder that other countries in deciding to switch its currency and dropped them zeros, such as Turkey, Romania and Brazil, without being of its economy to shocks and therefore, Iraq is not engaged in water unknown or walking in the way of did not knock him one before.
Adviser to the Prime Minister for Economic Affairs pointed out the high costs of re-printing of new currency, stressing that attempts will be made to persuade the central bank plans to slow down in this regard. But the adviser to the Governor of the Central Bank explained that the currency exchange and deletion of zeros decision taken by the executive branch and approved by the legislature and that the project will not be implemented hastily, but will be taken among other factors to consider before you start to implement it, including the date of the financial year and the strength of the national economy, among other indicators.
And the appearance of Mohammed Saleh expressed optimism about the prospects for the development of the Iraqi economy, stressing that the currency reform is strongly linked to the economy and that the goal of such a move is to restore the Iraqi dinar to the previous strength.
Economic analyst Bassem Jamil Antoine believed that the switch to hold the Iraqi currency is not inevitable and called for meeting the conditions necessary for the implementation process, particularly the security and political stability.
Over time until the mid-eighties the Iraqi dinar was equivalent to more than three U.S. dollars. It is estimated that raising the three zeros will lead to the exchange rate of one dollar per dinar.
Contributed to the file via Radio Free Iraq in Baghdad, Khalid Waleed
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URL: http://www.nenosplace.com/content.php?464-Deletion-of-Three-Zeroes-From-the-Iraqi-Currency-Will-Increase-the-Confidence
03/09/2011 13:25
http://translate.googleusercontent.c…ThGPDAABVN3l7Q
Dohuk 3 September / October (Rn) – The decision of the Economic Committee in the Iraqi parliament on Saturday that the deletion of three zeros from the Iraqi currency will increase the confidence and international credibility in Iraqi currency, noting that the Central Bank of Iraq has a real strategy on the matter, adding that the dinar Iraq will be the strongest in the Middle East.
muhammad xalill The Mahma Khalil told the Kurdish news agency (Rn), announced today that “the Iraqi government go really about the process of removing the zeros from the Iraqi currency and giving the fundamental pillars of it, so that there is a balance between the value in the hands of the citizen with the appropriate and value of the real exchange rate in the market.” . Noting that “the deletion of zeros will increase the confidence and international credibility in Iraqi currency, particularly that Iraq possesses huge economic resources.”
The organizers of the Central Bank of Iraq, has indicated in more than one occasion to the need to delete the three zeroes and issue a new currency, the categories of large cash transactions to fill the large, in addition to the presence of small coins, as well as the issuance of new currency in Arabic, Kurdish and English.
He Khalil, MP for the Kurdish coalition, said that “a promising future awaits the new Iraqi dinar, which will be the strongest currency in the Middle East,
particularly that Iraq will have in the next few years, balance the fantasy depends on imports of oil could reach 6 million barrels every day “.. He continued by saying “as well as gas revenues and income of industrial, agricultural and religious tourism, along with the experience and capabilities and the bright minds of Iraq.”
He believed that “the Iraqi Central Bank has a real strategy about the deletion of zeros from the Iraqi currency, and we trust those who hold it to have the experience of banking and economic outlook contributed and contributes to maintaining the balance of the sovereign of the Iraqi dinar and the holdings of the Iraqi people” .. Noting that “there is full coordination between the parliamentary Economic Committee and the Central Bank of Iraq, and to have our support and our confidence.”
And reduced specialize Iraqis in the area of the economy from the impact of the Central Bank of deleting zeros from the currency the purchasing power of the Iraqi dinar, also hopes the government from behind the move, as seen researchers that the cost of raising the zeros will be the biggest of its usefulness, given that the currency’s strength is measured by the stability of disbursement, which is based on the strength of the productive sector is capable of providing goods and services.
And on printing new currency in three languages, Khalil said “the Iraqi constitution states in Article IV that the Arabic and Kurdish are the official languages of Iraq, and guarantee issuing the official gazette in both languages, with the Speech and expression in official domains, like the parliament, Cabinet, courts and official conferences , any of the languages, “..
He continued by saying, “The law also stipulates the recognition of official documents and correspondence in the issuing of official documents in them and open schools in both languages and in accordance with educational guidelines, and paragraph (e) says any other realms that require the principle of equality, such as banknotes, passports, and stamps.”
The CBI had announced in June 23 last for his willingness to delete the zeros of the Iraqi currency, and as he emphasized that this step is one of the strategic functions of the Bank, pointed out that the new currency will contain on the Kurdish language in addition to Arabic.
The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Irbil and Mosul, where established bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, as well as to regulate the banking sector.
Numbness of the acetate, the Open: Wafa Zangana
Source: Neno’s Place – A Community of Reality
URL: http://www.nenosplace.com/content.php?463-Financial-(the-news)-We-aspire-to-make-the-Iraqi-dinar-portion-of-international-rese
BAGHDAD (Alobaah) / report / Hussein Faleh / .. aspiring professionals affairs financial that is the adoption of the Iraqi dinar as part of international reserves, through the establishment of a strong economy enhances the value of local currency.
Justifying the specialists in their talk (for the Agency news) approved the Iraqi trader when import his goods dealing in foreign currencies as dollar and the euro, and that the weakness of the Iraqi economy, which led to the unwillingness of countries to deal currency it. explained the expert economic peace Sumaisem reasons for non-traded Iraqi currency in foreign dealings, the weakness of the Iraqi economy and overburdened by debt, noting that the Kuwaiti dinar and Jordan have become strong because of their economies, in addition to the lack of debt and internal problems. and khat Sumaisem in a statement to the Agency (news) on Saturday: that the Iraqi trader himself has refused to deal in Iraqi dinars when the import of goods because it would not be desirable abroad.
For his part, said the central bank adviser the appearance of Mohammed Saleh in a statement to the Agency (news for the news) on Saturday: that the Iraqi dinar is not an international reserve currency until it is handled in the outside, saying we as a policy cash aspire to be the Iraqi dinar portion of international reserves, and this needs to be a long time.
Saleh added : that the Iraqi dinar is the local currency convertible to other currencies, excluding that are dealing in Iraqi dinar externally at present evidence is that the CBE regulations do not allow to bring the Iraqi dinar, but the limits of (200) thousand dinars for the traveler.
The central bank adviser that all countries in the world dealing currencies in neighboring countries, but narrowly, and not on a large scale of any dealing in transactions of small cross-border and not the way to pay big for financing foreign trade. and most likely a member of the economic and parliamentary deputy / National Alliance / Amer al-Fayez told the reporter Agency (news) in the near horizon that there will be economic policy, vision, and clear to make the Iraqi dinar refineries stable countries, stressing that there is no law forcing the Iraqi traders to deal in Iraqi currency abroad because the issue is not related to the merchant, but related to the global market. and Fayez that which makes dealing in Iraqi dinar abroad is to exit Iraq from Chapter VII, as the complete and maintain on deposits and balances are now in the Central Bank.
The member of the Economic Parliament: that the idea list now to delete the three zeroes from the Iraqi currency, and this project will hopefully contribute to give power to the Iraqi currency for its external transactions. The ask the Iraqi dinar in the thirties of last century and equated during the seventies three dollars, but later deteriorated in 1990 as a result of the invasion of Kuwait and the imposition of United Nations economic embargo strictly, to lose value quickly and up to 3000 dinars per dollar mid-nineties.
He has the former regime to print the currency outside of Iraq been issued new bank notes worth up and after that was the 25 dinars figure the Great, was printed banknotes and the category of 250 dinars, which were not equal, in fact, more than 25 fils to KD seventies.
and after the year 2003 issued new Iraqi dinar denominations larger to facilitate the daily transactions, became the 25 thousand dinars, the largest Iraqi currency now (the U.S. dollar is equal to 1120 dinars), but this price is still far from the ambition of the Iraqi citizen, is the deletion of zeros, the fastest way to raise the exchange value of local currency against the dollar, according to observers. / End / 8. t. M /
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URL: http://www.nenosplace.com/content.php?453-Bank-of-America-and-Countrywide-to-pay-8.5-billion-to-settle-claims!
NEW YORK — Bank of America and its Countrywide unit will pay $ 8.5 billion to settle claims that the lenders sold poor-quality mortgage-backed securities that went sour when the housing market collapsed.
The Charlotte, N.C., bank says the settlement with 22 investors is subject to court approval and covers 530 trusts with original principal balance of $ 424 billion.
http://link.email.washingtonpost.com…QAL/3NUX0/ZH/h
For more information, visit washingtonpost.com
Source: Neno’s Place – A Community of Reality
URL: http://www.nenosplace.com/content.php?454-House-of-Representatives-ended-the-second-reading-of-a-bill-of-service-and-retiremen
Council of Representatives resumed its sessions today, headed by Vice-President of the Council Qusay al-Suhail and the presence of two hundred and fifteen MPs, after a break since Sunday of last week.
Include today’s meeting to discuss the law of service and retirement for the internal security forces, the first reading of a draft resolution on Iraq’s accession to the International Convention against Doping in sport and the first reading of a bill to allocate part of the oil resources of the provinces which produced the first reading of the bill that the First Amendment of the Law of customs tariffs. It also includes meeting the second reading of draft legal holidays and the cooperation agreement between Iraq and the International Organization for Migration
Source: Neno’s Place – A Community of Reality
URL: http://www.nenosplace.com/content.php?451-CBI-decides-to-rely-on-private-banks-with-large-capital
The appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “the Iraqi Central Bank decided to rely on private banks with large capital, which has branches in the provinces in the process of circulation with the countries in the world and strengthen the role of global investment in addition to giving way to deal with the government institutions in Deposit the money. “
He added that “the number of private banks, 37 banks possesses 400 branches, compared with a few government banks of the 7 banks and has 400 branches in all governorates of Iraq.”
He pointed out that “Banking in Iraq is weak and not the level of ambition of the Central Bank as per 45 000 citizens bank and supposed to be every 6 thousand citizens bank.”
He called the Iraqi Central Bank earlier in the government institutions to deal with the financial private banks in the country.
The Iraqi government has confirmed that there is an economic necessity for the integration of private banks, among them the cash because their performance and financial have still not convincing.
And the central bank of Iraq in February that he would give the number of licenses to establish private banks, the banks confirmed that the increase will enhance the economic role of the country.
He denied the central bank in June 24 that the development of Iraqi private banks according to risk is confirmed by the Ministry of Finance regularly.
The total capital of Iraqi private banks Miliro $ 600 million currently, other than that owned by the branches of Arab and foreign banks operating in the country.
The Central Bank of Iraq said, Wednesday, the past that the high inflation rate 0.01 for the month of November compared with November last month will not affect the value of the Iraqi dinar.
The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
Source: Neno’s Place – A Community of Reality
URL: http://www.nenosplace.com/content.php?452-Bullseye-Most-Iraqi-private-banks-hit-85M-capital-target
June 15, 2011
22 out of 32 private banks reach $ 85 million capital target needed to spur banking activity. Banks that fail may have licenses revoked.
Reuters
Most of Iraq’s private banks have reached the central bank’s $ 85 million capital requirement level aimed at diversifying the financial sector’s activities, the head of a private banking association said on Tuesday.
Iraq is slowly getting back on its feet as it emerges from years of war and economic sanctions, and Iraqi banks hope that multi-billion dollar deals signed with international firms to develop the country’s vast oil reserves will spur lending and help private financial institutions flourish.
The central bank laid out a three-stage programme in 2009 for banks to raise their capital. The deadline for the first stage is end-June, when banks should reach capital levels of 100 billion Iraqi dinar ($ 85 million).
By June 2012, banks need to boost capital to $ 128 million and the third stage is for June 2013, by which time capital levels need to be at $ 213 million.
Abdul-Aziz Hassoun, executive director of the Iraqi Private Banks League, an independent organisation to support private banks, said 22 banks had so far reached the $ 85 million target.
He said another three banks were in talks to merge in order to reach the required level.
“The private banks are on the right path,” Hassoun told Reuters during an interview.
“Only seven banks did not undertake increasing their capital and they have to explain this to the central bank,” he said, adding that the central bank may withdraw the licences of banks that failed to meet the target.
According to the central bank website, OPEC oil producer Iraq has seven state-owned banks, 23 private banks, and eight Islamic private banks.
Its banking sector is dominated by two state-owned banks, Rafidain and Rashid. Much of the private banking activity is limited to deposit services and a small amount is personal lending.
“I personally agree with the capital increasing (decision)…in order to be able to enhance the financial entities’ capability to handle huge banking operations which are monopolised by the government banks,” Hassoun said.
He said private banks also needed to increase other services such as credit cards and ATM machines. Only eight private banks currently offer these services.
Ahmed al-Buraihi, a central bank deputy governor, told Reuters on Tuesday it was important to increase private banks’ capital to help raise their lending capacity.
“This planning is based upon anticipating the future of Iraq’s economy,” he said, referring to expected huge growth in the country’s oil and industry sectors. (By Aseel Kami; Editing by Serena Chaudhry and Toby Chopra)
Published on 09-21-2011 08:17 AM