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* Parliamentary Finance: There are Problems in the final accounts since 2004 to 2010

January 7, 2012 Leave a Comment

Source: Dinar Daddy’s Tidbits
URL: http://feedproxy.google.com/~r/115/BKGb/~3/ou66WCiuXZU/

Baghdad, January 7 (Rn) – brought to the Finance Committee in the Iraqi Council of Representatives, Saturday, that the final accounts for the years 2004 to 2010 marked by significant problematic, noting that there is a fiscal surplus is estimated at 44 trillion Iraqi dinars.

And confirmed a member of the Finance Committee MP Magda al-Tamimi, told the Kurdish news agency (Rn) announced today that the final accounts since 2004 to 2010, “where some of the dilemmas, including the Finance Minister said that the Treasury Anbar was targeted in 2009 and burned the papers in the other province died of the governor and had received large amounts of Americo after 2004 we do not know where this money went. ”

It added that its “I asked the Minister of Finance of the Federal sending lists of surpluses achieved since 2007 and so far, noting that since 2007, to 2010, there is a surplus verified from the general budget of $ 44 trillion dinars for each year an amount of surplus from the budget and the $ 11 trillion dinars.”

Tamimi stressed that the House of Representatives “checked in the surplus and demanding clarification on the amounts, because there is an account in the Development Fund of Iraq’s (EDF any) is estimated at $ 13 trillion Iraqi dinars.”

She said Tamimi said the Finance Committee, “I do not know yet what is the real quantity of Iraqi oil source,” afterthought said, and in particular that “there Naftaarakie an escape from all the ports and this is no secret about any Iraqi official and is installed with and due to the lack of counters to measure the amounts of exported oil, it did not know the true size of the quantity exported, and I think it’s bigger than the amounts mentioned in the records. “

The agenda for the meeting of Parliament today to ensure the second reading of the budget bill to the Federal Assembly in 2012.

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* Parliamentary Integrity: the final accounts for 2010 and 2011 behind the delay in the budget next year

November 29, 2011 Leave a Comment

Source: Dinar Daddy’s Tidbits
URL: http://feedproxy.google.com/~r/115/BKGb/~3/2_nHE-aR1po/

11/29/2011 | (Voice of Iraq) – Add comments – Alsumaria News / Baghdad, attributed the Parliamentary Integrity Committee, Tuesday, reasons for delay in the annual budget for the next year to delay the final accounts for 2010 and 2011, calling for the speedy approval for direct investment projects in the provinces .

A member of the Talal Zobaie in an interview for “Alsumaria News”, “delay in the adoption of the budget is due to the arrival of the final accounts for 2010 and 2011 so far.” He Zobaie that “this delay is not allowed because of all the governorates and the Iraqi people are expected to spend this budget To carry on the development began in 2011. ” and used the political blocs to adopt the budget without closing accounts due to the reluctance of some ministries to send the final accounts of the annual Ministry of Finance, by Alarbakat faced by the country in recent years. The head of the House of Representatives Osama Najafi, students on Monday (November 28, 2011), the need to expedite the completion of the annual budget for the coming year during a short period, stressing the need not to prejudice the rights of the provinces in pumping money into ventures and investments, as he emphasized the International Fund that is currently working to reduce and minimize the recurrent budget in the budget Iraq in 2012. It is noteworthy that Prime Minister Nuri al-Maliki, announced (November 16, 2011), that the financial budget for the year 2012 will be forwarded to the House of Representatives soon, adding that many countries agreed to implement projects in a payment on credit. The Iraqi Ministry of Planning, announced (22 September 2011), that the financial budget for next year will be between $ 112 and $ 120 billion, confirming that 35% of the budget allocated to the investment.

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* Iraqi Finance: deductible proportion of the contribution of Kurdistan in the general budget rather than imports in 2010

November 13, 2011 Leave a Comment

Source: Dinar Daddy’s Tidbits
URL: http://feedproxy.google.com/~r/115/BKGb/~3/nChf20Cjrxk/

Erbil, November 13 (Rn) – The Undersecretary of the Ministry of Finance of Iraq, that imports of the Kurdistan region in 2010 amounted to about 300 billion Iraqi dinars, while he and Minister of Finance Government of the Territory to be deducted the amount of imports of the region during the year 2010 from its share in the general budget of the country for 2011.

According to Fadel Prophet told the Kurdish news agency (Rn), that “imports of the Kurdistan region in 2010 amounted to about 300 billion Iraqi dinars,” adding that “the Government of the Territory completed all legal procedures for transferring and imports to the Iraqi government.” The members of the Parliament of Kurdistan may have been critical of the paragraph relating to imports of the region the financial part of the law of the current year budget, amid suspicions that the imports were larger than had been referred to in the law. For his part, Minister of Finance, the territorial Government Buys Talabani’s (Rn), that “his ministry referred in the first of December the second last documentation for imports of the region during the year 2010 to their Iraqi counterparts to complete the legal procedures by and check it. ” Talabani said that “according to prior agreement between the Ministries of Finance in the federal government and the Kurdistan Regional Government, it is an annual assignment of all receipts and documentation for imports of the territory of Finance to the first to be cutting out those imports from the region’s share in the budget, the Iraqi public, which is 17%. ” He noted the Minister of Kurdistan “to be deducted the amount of imports of the region during the year 2010 from its share in the general budget of the country for the year 2011.”

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SCOOTER POST: QATAR — AT 19.40% GROWTH, IT’S THE FASTEST GROWING ECONOMY IN 2010

October 28, 2011 Leave a Comment

Source: Dinar Daddy’s Tidbits
URL: http://feedproxy.google.com/~r/115/BKGb/~3/xScLbb4Tkl4/

Hi folks,

I know I just posted the country analysis but this article was too good not to share — Emerging Geo’s: Qatar Economy | Economy Watch.  At $ 0.27, there’s tremendous room for growth with this currency.

Good Luck,

Scooter

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Filed Under Dinar Daddy Tidbits Tagged With 19.40%, 2010, economy, fastest, growing, growth, It’s, Post, Qatar, Scooter

* SCOOTER POST — 2010 CBI Annual Bulletin: Dinar Recaps 10/14/11

October 15, 2011 Leave a Comment

Source: Dinar Daddy’s Tidbits
URL: http://feedproxy.google.com/~r/115/BKGb/~3/GeRZW_ZXmac/

(Red Lily post at PTR)

Hi Folks,

I hope all is well. Here’s some data from the CBI and its annual bulletin. Good to review again.

Enjoy,

Scooter

Link to SCOOTER’S REPORT

http://emerginggeos.blogspot.com/2011/10/hi-folks-i-hope-all-is-well.html

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Filed Under Dinar Daddy Tidbits Tagged With 10/14/11, 2010, Annual, BULLETIN, dinar, Post, Recaps, Scooter

SCOOTER POST: 2010 CBI ANNUAL BULLETIN REVIEW

October 12, 2011 1 Comment

Source: Dinar Daddy’s Tidbits
URL: http://feedproxy.google.com/~r/115/BKGb/~3/sxc7YSuDcnA/

[unable to retrieve full-text content]Hi Folks, I hope all is well.  Here’s some data from the CBI and its annual 2010 bulletin.  Good to review again. Emerging Geo’s: SCOOTER POST — 2010 CBI Annual Bulletin Enjoy, Scooter

Filed Under Dinar Daddy Tidbits Tagged With 2010, Annual, BULLETIN, Post, review, Scooter

* Iraq’s Oil Production Flattens Out In 2011 As Profits Surpass 2010

September 28, 2011 Leave a Comment

Source: Dinar Daddy’s Tidbits
URL: http://theiraqidinar.com/2011/09/28/iraq%E2%80%99s-oil-production-flattens-out-in-2011-as-profits-surpass-2010/

Starting in 2011, Iraq’s oil exports received a nice boost from the work of international oil companies that signed a number of deals in 2009. As happened in previous years, production has since flattened out as the country’s infrastructure is at near capacity, and cannot handle any larger flows of oil. At the same time, due to unrest in the Arab world, especially in Libya, international petroleum prices have risen to over $ 100 a barrel for the last six months. That means despite exports flat lining, Iraq has still been able to bring in huge profits, so much that it has already surpassed all of last year’s revenue.

August 2011 showed how Iraq’s oil industry is at or near capacity. Exports were at an average of 2.19 million barrels a day. That was slightly up from July’s average of 2.16 million barrels, but below this year’s high of 2.27 million barrels achieved back in June. The rise in exports was due to an increase in overall production from 67.2 million barrels in July to 67.9 million last month. That put August at just about the yearly average. So far this year, Iraq has exported 2.18 million barrels per day. This is above last year’s mark of 1.89 million. Still, the numbers show that exports have flattened out. Foreign oil firms that entered Iraq in 2009 have been able to increase output, but the pipelines and terminals cannot handle anymore.

Luckily, prices for Iraqi oil remain high. The cost for buying Iraqi crude slightly dipped, going from an average of $ 108.80 per barrel in July to $ 104.92 in August. August marked the sixth straight month that Iraqi petroleum has sold for more than $ 100 per barrel. For the year, prices have averaged $ 104.68 per barrel. In 2010 they averaged $ 75.62. The Arab Spring is responsible for the high prices. Starting in December 2010 with protests in Tunisia, the Middle East has been wracked with a series of demonstrations and the civil war in Libya. The latter has severely cut its oil production as a result. This has increased fears in international markets over access to the region’s resources, and upped prices.

Iraq Oil Exports And Profits 2010-2011

Month

Avg.  Exports

(Mil/bpd)

Avg.  Price Per Barrel

Revenue

(Mil)

Jan. 10

1.92

$ 73.97

$ 4.441

Feb.

2.05

$ 73.04

$ 4.229

Mar.

1.84

$ 76.20

$ 4.351

Apr.

1.80

$ 79.66

$ 4.222

May

1.88

$ 73.85

$ 4.335

Jun.

1.86

$ 71.10

$ 3.889

Jul.

1.82

$ 71.21

$ 4.009

Aug.

1.82

$ 71.43

$ 3.957

Sep.

2.02

$ 73.07

$ 4.428

Oct.

1.91

$ 77.10

$ 4.526

Nov.

1.92

$ 80.59

$ 4.618

Dec.

1.95

$ 86.31

$ 5.222

Jan. 11

2.16

$ 90.78

$ 6.082

Feb.

2.20

$ 98.44

$ 6+

Mar.

2.15

$ 107.13

$ 7.167

Apr.

2.14

$ 114.26

$ 7.342

May

2.22

$ 108

$ 7.45

Jun.

2.27

$ 105.16

$ 7.173

Jul.

2.16

$ 108.80

$ 7.3

Aug.

2.19

$ 104.92

$ 7.124

Iraq has been an unexpected beneficiary of the unrest, which is good for its finances. In the first eight months of 2011 it has already surpassed the total revenues of 2010. Last year, Iraq earned $ 52.202 billion from its oil exports. This year it has already earned $ 55.733 billion. That’s good news for Baghdad. At that rate, it will bring in around $ 83.5 billion by the end of the year. That will cover the 2011 budget, which was set at $ 82.62 billion. Originally, the government expected a $ 13.44 billion deficit, but that doesn’t look likely now. The ministries and various offices also lack the capacity to deal with all of their budgets, so even if oil prices were to dip at the end of the year, there will still probably be a surplus leftover.

The trends seen in Iraq’s oil industry in the first eight months of the year are likely to continue for the remaining four. Exports will hover just around 2.2 million barrels, while prices will remain high. Iraq has plans to boost its capacity, but implementing them has gone very slowly. It’s probably two to three years until the first projects come on line. Until the country is able to complete these major renovation and development projects on its oil infrastructure, this will be the status quo in the foreseeable future.
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Filed Under Dinar Daddy Tidbits Tagged With 2010, 2011, Flattens, Iraq’s, Production, Profits, surpass

* Iraqi financial completion final accounts announced for 2010

August 20, 2011 Leave a Comment

Source: Dinar Daddy’s Tidbits
URL: http://theiraqidinar.com/2011/08/20/iraqi-financial-completion-final-accounts-announced-for-2010/

Iraqi financial completion final accounts announced for 2010
20/08/2011 16:41

Baghdad August 20 (aknews) – the Federal Ministry of Finance of Iraq, Saturday, she completed the final accounts for the 2010 final form and sent to the Office of financial supervision for the purpose of the check.

Spokesman for the Ministry increased Zamel Kurdistan News (aknews) that “the Ministry of Finance has the final accounts for the year 2010 for all ministries and government bodies.

“File final accounts for the 2010 sent the Office of financial supervision after verification will be sent to the House.”

He noted that “the final accounts for the previous years was sent to the House after audit by the Office of financial supervision”.

And invited the Iraqi Finance Ministry last month, government ministries and governmental bodies to provide the final hasabetha the end of each month.

Iraqi Central Bank demanded earlier, the Office of financial supervision to submit the final accounts for the budget 2010.

Hasabetha Government ministries did not provide for the years 2008 and final and 2009 because of government inaction on balancing mechanisms.

The former House was approved in January 2010 budget, which amounted to 27 billion and $ 400 million deficit of 19 billion and $ 600 million, assuming the price of a barrel of oil at 62 dollars and 50 cents

The 2010 budget was delayed for months because of some political blocs claim established Federal Service Council on employment in State services.

From Jafar Alunan, pen: a Baghdadi

http://www.microsoft…2F2%2F258016%2F

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* Iraqi Finance announces the completion of the final accounts for 2010

August 20, 2011 Leave a Comment

Source: Dinar Daddy’s Tidbits
URL: http://theiraqidinar.com/2011/08/20/iraqi-finance-announces-the-completion-of-the-final-accounts-for-2010/

Baghdad, August 20 / August (Rn) – The Federal Ministry of Finance of Iraq, Saturday, announced that it completed the final accounts for 2010 are final and sent to the Office of Financial Supervision for the purpose of auditing.

A spokesman for the ministry Zaid Zamel told the Kurdish news agency (Rn) that “the Ministry of Finance has completed the final accounts for 2010 once and for all ministries and government bodies.”

“The file final accounts for 2010 sent to the Financial Inspection Office and will be sent after verification of the Council of Representatives.”

He pointed out that “the files the final accounts of previous years were sent to the House of Representatives after being examined by the Office of Financial Supervision.”

And called on the Iraqi Finance Ministry last month, government ministries and governmental bodies to provide the final Hsaptha the end of each month.

He called the Iraqi Central Bank earlier, the Financial Inspection Office to provide the final accounts of the budget in 2010.

Did not provide the final Hsaptha government ministries for the years 2008 and 2009 due to inaction and the government to follow a budget and disbursement mechanisms.

The House had previously acknowledged last January that the 2010 budget at 72 billion and $ 400 million deficit of $ 19 billion and $ 600 million, assuming the price of a barrel of oil at 62 dollars and 50 cents

The 2010 budget was delayed for months because of the demand by some political blocs, the establishment of the Federal service on recruitment in government departments.

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* Trade Bank of Iraq (“TBI”): Final Results for the Year to 31 December, 2010

May 12, 2011 Leave a Comment

Source: Dinar Daddy’s Tidbits
URL: http://theiraqidinar.com/2011/05/12/trade-bank-of-iraq-%E2%80%9Ctbi%E2%80%9D-final-results-for-the-year-to-31-december-2010/

Commenting on the results, Mr. Hussein Al-Uzri, Chairman and President of TBI said: “I am proud of TBI’s financial results for 2010 and its return to record profits. Our business fundamentals are strong and our significant participation in the Iraqi economy puts us in a unique position to ride the wave of growth throughout the country. In addition, our internal reforms have prepared us to scale new heights.” Chairman’s Statement This performance was achieved despite a significant fall of $ 3.5 billion, or 31%, in LC volumes in 2010 and a $ 408m, or 37%, drop in LG volumes. TBI’s Investment & Treasury Department investment strategy and careful management of the Bank’s investible assets was a major driver in achieving record profits in 2010.

Despite continued success, TBI maintains its policy of prudence in its business undertakings and has again bolstered its balance sheet, with assets at the end of 2010 standing at $ 15 billion. This has led to management receiving approval from the Board to increase its authorized capital to $ 1.2 billion, a 41% increase on 2009, with total shareholders’ equity now standing at $ 1.5 billion.

This is a very significant uplift on TBI’s capitalization of $ 102m at its founding in 2003.

The Iraqi dinar has remained remarkably stable, and is likely to continue to do so as attested recently by the International Monetary Fund which stated that the currency was close to fair value at the beginning of 2011. The core inflation rate, according to data released by the CBI, rose to 5.5% in February 2011, which fares well against the MENA average. Global investors who are keen to invest in the promising economy of Iraq have voted with their pockets by buying the Iraq 2028 Eurobond and driving its yield to 6.8% from 8.6% a year earlier, well below many emerging and even European sovereign bond yields.

TBI’s retail network continues to grow organically in line with our mission to have branch representation in all of Iraq’s 18 provinces. 2010 saw the opening of five branches, bringing the total number to 14. TBI plans to open three new branches in Iraq in 2011, including a branch at Baghdad Airport. We have further plans to open international branches in London and Beirut this year.

Investment opportunities are plentiful and talks concerning privatization schemes are underway, with IPP opportunities being offered to ease the electricity shortages. The government has increased its spending budget for 2011 by 16% over the 2010 budget and the forecasted average oil price for 2011 may mean a surplus in reality.

The Investment & Treasury Department has managed the growth of TBI’s investment portfolio in 2010. It has taken a strategic policy of diversifying our investments into mostly highly liquid investments such as CBI Deposits, Treasury Bills and Iraq 2028 Eurobonds. We are also selectively pursuing investments in less liquid, but higher yielding and economically beneficial private equity assets. Since August 2010, more than 10 private equity deals have gone through our due diligence process, with one deal already signed, marking a milestone in TBI’s business strategy.

Our Foreign Exchange Bureaus opened, during 2010, as a pilot project within a few branches and their service to our customers were well received and successful. Further openings are planned for 2011.

TBI’s Credit Portfolio grew 4% in 2010 to $ 2.1 billion, with growth in private sector loans and advances surpassing growth in advances to the public sector.

The private sector represented 41% of the gross loans and advances made in 2010, reaffirming TBI’s commitment to developing the sector.

TBI recognizes the importance of Iraq’s banking sector as one of the critical pillars of the Iraqi economy and TBI continues to facilitate its growth by processing LCs under $ 4m through Private Commercial Banks. TBI’s training and development programs further complement this strategy by not only targeting internal employees, but also staff at Ministries and Private Banks at its own expense.

TBI’s technological infrastructure saw a massive leap forward in 2010, with the deployment of the Misys Equation system across the whole branch network in Iraq.

This has allowed senior management at headquarters to oversee and communicate with branch operations nationally. The Equation system integrates the Corporate Banking, Retail Banking, Trade Finance and Treasury divisions into a single cutting edge platform, which facilitates accounting, audit, control and managerial needs. This has significantly improved management of customer transactions, reduced service time and substantially reduced operational risk within TBI.

About TBI: TBI was established in July 2003 to facilitate Iraq’s international trade and the country’s reconstruction after the expiry of the UN’s Oil-for-Food Programme. Today, TBI has moved far beyond funding basic humanitarian needs and now provides comprehensive banking services to Iraq and its people.

The Bank plays a major role in promoting international trade and foreign investment in Iraq. It currently has a total of 14 branches in Iraq with plans to expand internationally.

In 2010, TBI won the Exporta ‘Best Business Continuity Bank in Iraq’ and ‘Best Trade Finance Bank in Iraq’ awards and the EMEA Finance ‘Best Local Bank in Iraq’ award.

http://www.tbiraq.com Contact: Ileana Georgiadis, +44(0)2028618586, +44(0)7796794895, i.georgiadis@bell-pottinger.co.uk SOURCE TRADE BANK OF IRAQ (“TBI”) www.prnewswire.com Copyright (C) 2011 PR Newswire. All rights reserved -0- KEYWORD: Iraq INDUSTRY KEYWORD: FIN SUBJECT CODE: ERN

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Filed Under Dinar Daddy Tidbits Tagged With 2010, Bank, december, final, Iraq, results, Trade, year, “TBI”
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