Articles for March 21st, 2016

Sadr wants Iraqis to get a share of country's oil revenue
LINK

Influential Iraqi Shi'ite Muslim cleric Moqtada al-Sadr urged followers demonstrating in Baghdad for a new government to also demand that politicians give every Iraqi a direct share of the nation's oil revenues.

Sadr's followers have been staging protests for about a month demanding a new government be formed with technocrats not affiliated with political parties in order to fight what they say is rampant corruption.

As well as repeating that rallying cry, keeping the pressure on Prime Minister Haider al-Abadi, he demanded economic progress and for the country's petrodollars to reach ordinary citizens.

"Allocate a share for each Iraqi citizen from the oil revenues," he said in the televised speech detailing proposals to end graft, improve public services and revive the economy. He gave no detail on how this might be done.

Iraq, with crude oil reserves among the largest in the world, ranks 161 out of 168 in Transparency International’s Corruption Perceptions Index in 2015.

Since Friday, the protesters have also been holding a sit-in at the gates of the Green Zone which houses government offices, the parliament and embassies.
END

Articles For March 20th, 2016

Iraq Makes History With Its First Export of Natural Gas
LINK

The Basra Gas Company, a conglomerate between Shell, Mitsubishi and the Iraqi state-run South Gas Company, will export its first shipment of natural gas for from Iraq, the Ministry of Oil has announced via spokesman, Asim Jihad. The tanker will depart from the port of Umm Qasr in southern Iraq.  It was in November 2011 that Iraq had signed a contract to form Basra Gas Company and jointly harvest, produce and sell natural gas from oil-rich Basra's three fields: Rumaila, with 17.8 billion-barrels; Zubair with 4.1 billion barrels; West Qurna Stage 1, with 8.6 billion barrels. The International Energy Agency reported Iraq has estimated natural gas reserves of 112 trillion cubic meters, meaning it is the 11th largest globally.    Basra Gas Company which is made up of Iraq's 51%, Shell owning 44% and Mitsubishi owning 5% was formed to continue for 25 years in a $17US billion deal. This will no doubt assist Iraq with their economic struggle as national budgets are largely funding the effort to solve the geo political conflict affecting not only oil prices, but the government infrastructure as government posts are not being renewed, ministries are merged, construction is halted and new taxes are implemented.  The Ministry of Oil reported lower exports than expected at 3.225 million barrels per day in February 2016 and grossed $2.2 billion ($23 per barrel). Yet with 95% of Iraq's budget of 106 trillion Iraqi dinar ($89.7 billion dollars) relying on oil revenues, they are operating under a 24 trillion dinar deficit ($20.5 billion). The Iraqi government will be forced to get loans from international and local lenders.
END

US Embassy got Sadrists guarantees of non-exposure versus non-blocking demonstrations and sit
LINK

Baghdad -arac Press -20 March / March: political source in Baghdad revealed that the US embassy got assurances from the Sadrist movement, not to be subjected to the security of the embassy or the security of its staff. The source said the delegation of power, met last week with senior officials and conducted the deliberations of a practical nature where the embassy is committed not to block the sit-ins and demonstrations against the lack of direct any veiled threat or directly to the embassy, ​​says the source, who stressed not to mention SMH (that the meeting was satisfactory to both sides).

Green politicians are leaving

In the meantime, it revealed another source in the Iraqi Airways, on Sunday, to leave more than 220 officials and MPs have crossed three airports during the past two days, coinciding open-ended sit and wave the possibility of breaking into the Green Zone.

An officer in the Iraqi Immigration Department, said that "the majority of bookings on the Iraqi lines and other lines, were to Iraqi officials and their families and those close to them, who went to the Jordanian capital, Amman, and Istanbul, Turkey, as well as reservations to Dubai in the UAE."

According to the source, who declined to be named, the "more than 350 families , numbering reached about 1,400 people ,including women and children, have left Iraq in recent days, all of them relatives of officials and Iraqi lawmakers."   For his part, a senior official said , in one of the service departments, the green zone , where the government headquarters, said that "more than 120 houses and luxury apartment inhabited by officials and parliamentarians, have become free inside the green zone, having abandoned its inhabitants, finally."

He added, Anwar al-Tamimi, an employee in the Green Zone, "Most of the residential units and recreational areas, prepared for the accommodation of politicians, had been emptied of its residents who left to the capitals out of the country, while representatives left some lawmakers to their provinces and tribal areas."

She spoke political sources on the state of "panic" hit the Iraqi politicians and parliamentarians, with the escalation of theprotests carried out by followers of the Sadrist movement and civilians allied with them in the vicinity of the enhanced regional security, threatened Bagthamha.   The look of the Iraqi capital, Baghdad, free from political movement who usually moved within huge convoys of armored cars, as well as a cooling media activity and confined to statements write them on their pages on networking sites.

Iraqi officials and warns of a "soft coup" carried out , Muqtada al - Sadr, drawing tens Alylav of his followers.   The limited movement in the Green Zone, which isolated the Americans with their occupation of Iraq in 2003, the security elements and some foreign embassies operating in Iraq staff, as quoted sources from within the private accommodation of the ruling political elite security box.

And on Sunday it announced that the US embassy in Baghdad, it will not interfere in the sit-ins in front of the Sadrist Green Zone as an internal affair ..

The US ambassador to Iraq, Stuart Jonesanh not worried about the security of the embassy inside the Green Zone, expressing his belief that "the Iraqi security forces will provide protection for diplomatic missions" .anthy

News Articles for Iraq for March 18th, 2016

First sitters spend the night in front of the Green Zone gates

LINK

aghdad balances News

Spent sitters first night in front of the Green Zone gates, and spotted a camera / balances News / dozens of them and they are lying after a long day describe as "Juma biting fingers" to begin the countdown to ten days will witness the "Battle of bone-breaking" until a cabinet reshuffle and reforms demanded by the street and support the cleric Moqtada al-Sadr.

Hundreds of people gathered in a large marquee in small tents they Althvon blankets ready and others Avcrashwa sidewalks in exchange for small tents.

Reporter / balances News / as monitoring the presence Mkh_khash tent for the treatment of exposed to fatigue among the protesters and was equipped with the required medicines and medical supplies in case of emergency.

A source in the sit-ins of the Commission stressed that the protesters were divided into meals and participate in 2000 Moatasem front gate of the cabinet only, one of the entrances to the Green Zone.

The source told / balances News / "The protesters against the rest of the Green Zone gates will be coordination and determine their numbers and divided into meals," pointing out that "will be determined by the preparation of the protesters in front of the other gates also to keep organizing sit-ins."

And spotted tents of protestors from the civil power and gathered dozens of activists.

The protesters began to erect platforms sit in front of the gates of the Green Zone, a few minutes from the security forces allow them to cross the bridge of the Republic.

Organizing Committee of demonstrations and sit-ins of the Sadrist movement called, on Friday, all the protesters who do not have business cards registered by it (Lepage) to withdraw from the sit-in yards.

The head of the martyr Sadr's office in Baghdad, Ibrahim al-Jabri formation of a special committee to negotiate with the government in the event that the last wish.

Regulatory committee supervising and called on the sit-ins Msaoualjmah, to adhere to the unified slogans involving demands for reform and full cooperation with the security services and allowing them to exercise their functions, and charged the protesters to "wear uniforms by the Organizing Committee, which carries the slogan Iraqi flag."

The cleric Moqtada al - Sadr called on citizens to exercise their lives and not feel scared, and called for opening closed in the capital , Baghdad , roads, and said that " the prospects for change began and began nebula Balanakecaa , " stressing not to allow any armed spread outside the security forces framework .

In the past, to say "do not close the roads and closed shops nor the other", he stressed on the necessity of the continuation of "all work so that public interests do not stop."

is over

M h n 

END

SEE Video of people protesting 

Thousands march on Baghdad's Green Zone protesting corruption (Videos and Tweets)

LINK    <==  click there to see the tweets and the videos they didn't transfer here

Shia cleric Muqtada al-Sadr calls for technocrats to replace Iraq's cabinet ministers as masses protest at edges of fortified zone

END

Keywords: government implementation of a bygone close reforms
LINK

BAGHDAD - balances News

Director of the Office of the Prime Minister Mahdi Keywords, said Saturday that the government continues to make reforms based on the document launched by Abadi, a few days ago.

He explained Keywords during a seminar held by the progress of policy development institute and attended / balances News / "The government continues to implement its reforms, according to the document launched by the Prime Minister recently," he said, adding that "the document identified the criteria and mechanisms for repairing the ministerial change required."

He added that "there is a problem in the follow-up process by government institutions," adding "to ensure that there is harmony between theory and application."

He Keywords to "put points for examination Alkmarki in the northern and southern provinces," revealing "a clear increase in customs revenue."

It is said that the Prime Minister Haider al-Abadi has launched a comprehensive reform document and presented to the Alssayash.anthy 29/42 g blocs

News for Iraq for March 13th, 2016

TNT Tweet if you didn't get it:

TNTRAYREN98 ‏@THE_TNT_TEAM 44m44 minutes ago Release Codes arrived, yet still no action. I have many questions, but yet no answers. Do NOT call the banks! "I Believe"

Iran, Iraq banking ties to normalize

LINK

Baghdad, March 13, IRNA- In a visit with Governor of Central Bank of Iraq, Ali Al Alagh, Iranian ambassador to Iraq said that all banking relations between two countries will return to normal in upcoming days.

Hassan Danaie Far told IRNA that all banking services and cooperation will be re-established between the two countries.

An Iranian banking delegation is scheduled to have a trip to Iraq and it is expected to achieve a new understanding during this trip.

In the wake of lifting crippling sanctions imposed on Iran the Central Bank of Iraq employed measures regarding normalization of banking ties.

Experts expect considerable growth in Iraq-Iran bilateral turnover which was announced $12-14 billion for 2014.

9376**1312

The return movement to the Kurdistan Regional markets

LINK

5 hours ago

The return movement to the Kurdistan Regional markets

The price of US $ 100 further

Roudao - Erbil 

Movement returned to the Kurdistan Region markets, with staff salaries distribution, although not the full receipt, because of the savings the government part of it within its procedures to cope with the financial crisis. 

And transfer Rudaw Media Network reporter, Simand cream, some sellers saying, if the salaries of staff re-distribution movement into the region markets, where people began to shop and buy what they need, after the recession that was experienced by the region markets. 

The correspondent added that the sellers pointed out that the buying and selling traffic increases in the holidays. 

The following exchange rates in the markets Arbil on Sunday, 03/13/2016: 

US $ 100 126 thousand dinars 
100 euros 140 thousand and 500 dinars 
£ 100 181 thousand and 500 dinars 
100 thousand Iranian Toman 32 thousand and 250 dinars 
100 TL 44 thousand and 250 dinars 
SP 100 3 thousand Iraqi dinars

News Articles for March 10th, 2016

Looks like a 1 to 1 rate Maybe??

 Partial halt in the movement of the Iraqi market due to the high currency exchange rates
link

Economy News / Baghdad ... Iraqi markets open elevated since I arrived dollar exchange rates against the Iraqi dinar  = To 127.00 against the selling price = 126.00 purchase price  This witness and Iraqi markets and Iraqi stop is unprecedented in business dealings because of the rise in the exchange rates as well as partial deductions from employees' salaries, which have caused in the Iraqi market end

Iran to overhaul banking sector, tackle bad debt
LINK

LONDON, 11 hours, 14 minutes ago

Iran aims to overhaul its banking sector by tackling non-performing loans (NPL) and imposing tougher capital requirements after years of isolation, a senior central bank official said, adding the country was working on a Eurobond issue.

Many of Iran's banks are still struggling after piling up bad debt during the more than a decade-long sanctions era. The situation was compounded by several banks having exposure to the country's property market, which turned sour in 2012 leaving problem loans in the system.

"We are committed to tackling the NPL problem, hopefully by improving the economic conditions," Peyman Ghorbani, economic vice governor with Iran's central bank told Reuters on the sidelines of an FT Iran conference in London.

"But for the remaining part, it is under investigation in the central bank - if it is necessary to establish an asset management company, we are going to do so."

Official data showed the ratio of non-performing loans to total loans was 13.4 per cent in the Iranian month ending June 21, 2015. Market estimates point to nearly double that figure with the equivalent of $40 billion at the top end of estimates for non-performing loans.

"What we are trying to is repair the capital adequacy ratio of the Iranian banks. The first step is Basle I and then we will go to Basle II and III," he said.

Since the 2008 financial crisis, most banks must adhere to international capital standards, known as Basel III, which require them to bolster their balance sheets.

International sanctions, including banking restrictions, imposed against Iran ended in January under a deal with world powers in which Tehran agreed to curb its nuclear programme.

But US measures including a ban on dollar trading and a freeze on US banks engaging in trade remain in place. This has left non-US banks and insurers wary of processing transactions with Iran, fearing they may still fall foul of the existing measures and a lack of clarity on what they are able to do.

Ghorbani said Iran's central bank had started to have better cooperation with central banks in Italy and Switzerland.

"We want to have a good relationship with all banks including the European Central Bank," he said.

"We are committed to do so with the rest of Europe if they want to."

Ghorbani said the central bank did not see "any problem" with being cut off from dollar transactions after years of being frozen out when major banking sanctions were imposed in 2012.

TAPPING CAPITAL MARKETS

Iran was also working on a Eurobond issue, and was serious about tapping international capital markets if the need arose, said Ghorbani, without giving any details on timing.

"We have a current account surplus, but the needs of financing is so much if we need to get that 8 per cent growth we have to have inflow of capital."

The major oil producer, whose economic growth is currently close to zero, is aiming for 8 per cent annual economic growth under a new post-sanctions development plan.

Ghorbani also said the bank hoped for lower interest rates in the coming six months.

"As long as inflation comes down we are going to lower interest rates," he said. "We keep being active in the interbank market, and we do whatever it takes to lower the interest rate."

Ghorbani said Iran would unify its exchange rate in the coming financial year, which starts in late March.

"We are working on that, and we are going to implement it."

Iran has a formal exchange rate set by the central bank and an unofficial rate used more freely, and has said previously it planned to unify the two. – Reuters

Iraqi Article for March 9th, 2016

IMF calls for joint action to prevent a global economic collapse	Permalink
http://economy-news.net/content.php?id=2382 Economy News / Agencies ... Renewed his call for the International Monetary Fund on Tuesday, to take joint action to prevent a global economic collapse, warning of the dangers of misguided policies. Deputy IMF Managing Director David Lipton said there Raya "serious", which is that policy-makers around the world have exhausted options to support the economy or have lost the will to do so. He felt "to face it on the leaders to increase their efforts, including the provision of financial and monetary stimulus, and the application needed to support growth and structural reforms." Lipton said in a conference held by the National Association for Business Economics said that "politics Financial government spending and reduce Aldharaib- must Ihtla the most important policies in place." He added that the burden of increased growth rests on the advanced economies that have the financial room to maneuver. He stressed that "the risks are clearly more than the former, and became a joint action stronger the more necessary." He said that recent expectations regarding the Fund's growth "may no longer be viable," amid the withdrawal of capital from emerging economies and the sharp downturn in global trade. He continued that "In addition, the risks are increasing dramatically so that the volatile financial markets and lower commodity prices raises fresh concerns about the health of the global economy." He said Lipton, the decline and volatility in global stock markets is a reaction to fears that policymakers may have exhausted their options or perhaps lost their will. He stressed that "for the global economy has become mandatory for developed and developing countries to dispel this dangerous idea through to revive the spirit of bold action and cooperation that characterized the first years of the recovery efforts." He warned countries of trade protectionism and resorting to weaken the currency to strengthen growth, saying that these methods "will make the weaker countries in the long run." END Iran, Iraq negotiate joint oil projects LINK Tehran, March 9, IRNA – Minister of Petroleum Bijan Zangeneh expressed hope that Iran and Iraq will be able to reach agreements on joint projects during the on-going visit by a delegation from the Iraqi Oil Ministry. He made the remarks during a meeting with visiting Deputy Minister for Gas Refineries at the Ministry of Oil Fayaz Hassan here on Tuesday during which expansion of bilateral relations were discussed. “It is for a long time that Iran and Iraq are negotiating over a number of joint projects which will serve the interests of both countries and their peoples,” Zangeneh said, Shana reported. “We hope that there would be progress on some of the joint projects,” he added. The Iraqi official also hoped that bilateral negotiations will result in satisfactory results. Many of you know I am waiting to see the rating for Iran..... Iran in talks to get first credit rating LINK Home Iran Economy Iran is being billed as the largest emerging market closed to business since the fall of the Soviet Union. An official says Iran is in discussions to get its first credit rating as the country is emerging from years of sanctions and seeking to put its economy on strong footing.  A debut credit rating would help the country put itself on the global map for investment and business and cast off reservations held by global companies about entering its market. "We are in negotiations with some of these rating agencies," Iranian Chief of Staff Mohammad Nahavandian told Reuters in an interview in London, adding he expected the agencies to provide a full rating. He did not identify the agencies. None of the major ratings firms among Fitch Ratings Inc., Moody's Investors Service and Standard & Poor's Ratings Services rate Iran. Iran is being billed as the largest emerging market closed to business since the fall of the Soviet Union, with a tremendous amount of energy resources. Nahavandian's visit to London coincided with British Business Secretary Sajid Javid announcing plans for a trip to Iran in May at the head of the UK's biggest-ever trade delegation. This undated photo by the Tasnim news agency shows Iranian Chief of Staff Mohammad Nahavandian addressing a forum in Tehran. Javid said the two countries had signed a deal to simplify the financing of exports. Britain, he said, was also working with its European partners to help ease the impact of banking restrictions on trade with Iran.   With a well-educated population of more than 80 million and an annual output of over $400 billion and a market capitalization size of $170 billion, Iran is the second largest economy in the Middle East. The country owns the world’s largest oil and gas reserves combined and also sites on sizable mineral resources. The lifting of sanctions in January has triggered a wave of interest in trade with Iran among world governments and corporations but financial institutions have adopted a wait-and-see approach. An international rating will involve scrutiny of balance finances and revenue forecasts, providing prospective investors with reliable feedback about Iran's business environment. It could further catapult Iran to international debt markets for an eventual bond sale as the country is struggling to bring its economy out of a nagging stagflation. Oil sector is one of the target areas for investment, with the country seeking to bring some of its aging fields back to life. For now, Iran seeks to boost its production by 1 million barrels per day. Oil production rise  Nahavandian said the country would be ramping up its production -- in the near-term at least -- despite talks of an output freeze by some producers. "Iran has to go back to its market share there is no doubt about that. If there is any decision to be made on cutting production it has to be made by those who have filled the vacuum after the Iran sanctions," he said. "So Iran has to go back to the footing it used to enjoy, then it will join the group of producers considering production level changes," he added. Saudi Arabia, which pumped 10.2 million barrels daily last month, as well as Russia, Qatar and Venezuela proposed the freeze recently.

Articles for March 8th, 2016

So lot's of news out of the banks over there the Central Bank and the State Banks too.

The local currency to invest in global stock

LINK

lots of good words here but ... still we wait!

3/8/2016 0:00 

 BAGHDAD - Hussein al - Tamimi Tgb 

 continue specialists efforts in economic affairs in the search for exits reduce the impact of financial distress on Iraq, the adoption of mechanisms toelevate the Iraqi dinar cross - entered the global bourse. 

Specialist on global stock Osama Mahmoud said that minimize the effects of the financial crisis on the economy Iraq requires action on the adoption of measures and new solutions can be adopted for the next stage. multiple solutions and pointed out in aninterview for »morning« that the most important solutions to the current crisis is to enter into the world of the stock market and two - way are the public sector and the private sector, the government sector will find multiple solutions contribute to the alleviation of the crisis financial entry through the dinar traded, it can be to buy the local market requirements of global markets through it and thus encourage investment in Iraqi dinar and thus the amount of hard currency out into the world markets.  strengthening of thecurrency and said the entry of the Iraqi dinar in the stock market will reduce drafts and eliminates the black market and thus prevent fluctuation dinar exchange rate against thedollar, as well as he would give the strength and momentum of the Iraqi economy through the strengthening of the local currency in the global market, adding that he Aaufer citizen support in food prices, where the purchase of food commodities product President and international prices without the presence of mediations increase the cost of Article food. a second income either solutions to be provided by the stock market simple citizen is represented few savings simple citizen and could be a second source ofincome which can use these savings in the stock markets and thus achieve financial gains not too bad to be helped him in improving the personal financial situation, as well as the availability of goods President that the citizen needs a president in his daily life at constant rates unchanged in value, and given the economic stability of the citizen away from the greed of traders who controls the destiny of the people by manipulating prices under the pretext of changing the Iraqi dinar exchange rate. here it must be noted that the stock market is part of the many solutions on the Iraqi economic arena as well as the many solutions that will improve the economic situation of the country away from compromising the income of ordinary citizens. price changes and passes Iraq a severe financial crisis as a result of the country 's dependence on oil as the main source of funding and thus put the country 's economy likely to fluctuate with changes in oil prices in global markets, and with lower prices to record highs , the oil market has not seen since the nineties of the last century, it has become a critical situation in the economy, with an estimated deficit in the Iraqi budget according to the latest official statements byabout 34 billion Iraqi dinars.
END

Parliamentary Finance exclude the issuance of central bank Edition 100 thousand dinars

LINK

I would like a more straight forward translation of this but don't have it yet

BAGHDAD / JD / .. ruled the parliamentary finance committee, the Central Bank issued a new edition of 100,000 dinars category along the lines of 50,000 dinars for the time being, saying that if the issuance will be annulled and some small groups.

A member of the committee MP Sirhan Ahmed told / KD /: that the committee recently met with the Governor of the Central Bank and his accompanying delegation and discussed with him several issues, including the issuance of new categories in the Iraqi currency, indicating that the central bank governor stressed the importance of the issuance of Class 50,000 dinars on the market because of their many benefits, but he did not touch on the issue as another big category of 100,000 dinars.

He added that if the central bank went to the issuance of 100,000 dinars, it means that the central will cancel the small denominations of currency. This does not serve the economic situation in the current circumstances.

The central bank announced earlier to issue a new edition category of 50,000 dinars, while likely to issue 

another edition of 100,000 dinars category. / End

Rasheed Bank announces the availability of financial liquidity for the disbursement of pensions

LINK

Long-Presse / Baghdad

Rasheed Bank announced on Tuesday the availability of necessary financial cover for the disbursement of pensions, and expressed his keenness to follow up on receipt of instruments, as he emphasized that the information that speak otherwise, "baseless."

Al-Rasheed said the bank in a statement received, (long-Presse), a copy of it, that "we have enough cover for the disbursement of pensions," noting that "public pension body liberation instruments retirees and statements of the bank Rafidain and Rasheed, and is contacted banks by the competent authority for the purpose of receiving and payment to beneficiaries." .

The bank confirmed that it "is keen to follow up on receipt and exchange until late at night and on the same day in cooperation with the Commission taking into account the need for retirees to their salaries," stressing that "the statements that reported not to provide financial cover untrue, nothing to do with the Rasheed Bank it."

It is noteworthy that the Rafidain Bank attributed the management, on Sunday (6 March 2016), the reasons for the delayed payment of military pensions to delay retirement

  Authority to provide financial cover to the Rasheed Bank

END

Social protection distribution of salaries of 64 thousand beneficiaries this week
LINK

Tomorrow Press / Baghdad: 

The Ministry of Labour and Social Affairs, on Tuesday, it will launch this week, "the salaries of" social protection network of 64 thousand beneficiaries.

According to a ministry statement it received "Tomorrow Press", a copy of it, that "the Ministry of Labor will launch this weekend social subsidy of 64 thousand beneficiaries within the last extension of the fourth batch of 2015". 

The statement added, "This step comes after the removal of the causes of downtime in the capital Baghdad and other provinces."
END

KURDS SECURING 20% SHARE IN THE UPCOMING TECHNOCRAT CABINET IN BAGHDAD

LINK

This is an increase from past rates of 17% and 17.5 %

Kurdish factions in the Iraqi parliament meet with PM Abadi to discuss Erbil-Baghdad issues

Iraq, March 8, 2016 Show Video | Download Video Kurds have asked for a share of 20% from the Iraqi Government in a meeting with the Iraqi prime minister yesterday ,March 6th. The Iraqi Prime Minister, Haider al-Abadi, met with the Kurdish factions in the Iraqi Parliament to discuss the reform package he has recently declared as well as the Kurd’s share in the new cabinet. Musanna Ameen, the Iraqi Kurdish Parliament member, told BasNews on Monday that they have discussed political, economic, and security issues with the prime minister, and they have asked him to provide Kurds with a share not less than 20% from the new Iraqi government.  The prime minister, however, approved the request and asked the Kurdish blocs to present their candidates for the new technocrat government.    Discussing the Kurdistan Region's budget, Musanna Ameen said that PM Abadi has agreed to provide Kurdistan Region's budget if only Kurds implement a transparent policy in the Kurdish oil exports and they reach an agreement with Baghdad regarding the oil issues and the number  of the civil servants of the Kurdistan Region

News Articles For March 7th, 2016

Rafidain Bank in response to the Commission Starts to Pay (Updated)

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www.ara.shafaaq.com/59307&usg=ALkJrhjUA-4JDhIvFjTfL8UL3S_8vKHP9g

Monday 07-03-2016 | 8:59:36  sounds like a liquidity issue maybe???

Twilight News / Rafidain Bank on Monday denied reports that indicated deliberately military retirees pay the salaries under false pretenses delay, attributing the reason for non-payment of the salaries due to delayed retirement Authority to provide financial cover to the Rasheed Bank.

The general director of the bank on behalf Kamal al-Hassani said in a statement responded to the Twilight News, said that the main reason for non-payment of military pensions is delayed retirement Authority to provide financial cover to the Rasheed Bank and the failure of the Rasheed Bank converts the amount up to this day, to the Rafidain Bank, pointing out that they were promised that The amount will be converting on Tuesday.

The accused and the defense of parliamentary security committee yesterday Rafidain Bank intentionally delaying the military pensions under false pretenses, uncertain availability of funds.

UPDATE
http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D4646552&usg=ALkJrhjfhtsQNjq5usleBi2r2FJ4dxGi7g

Rafidain Bank begins to pay the salaries of retirees 

Rafidain Bank announced on Monday, the start of payment of military pensions and the campaign of the smart card arrears to banks.

A source told the'madar News', said the Rafidain Bank began to pay the salaries of retired military campaign and the smart card after the bank delayed payment, adding that the delay is due to reasons of Rafidain Bank.

The source , who requested anonymity, said there was no truth to the news that dealt with some of the media.

 ENDIran, China to launch oil cooperation in Iraq

LINK

TEHRAN, Mar. 07 (MNA) – NIDC managing director has announced the launch of negotiations with a Chinese company on joint implementation of oil projects in Iraq.

Managing Director of the National Iranian Drilling Company (NIDC) Heidar Bahmani described new plans for running oil projects in Iraq saying “for implementation of certain oil projects in Iraq, we have conducted talks with China, the winner of the Iraqi tender, in order to supply some required equipment.”

Bahmani also announced ongoing talks with some European companies present in Iraq in order to run join collaboration in Northern and Southern areas of the neighbor country; “moreover, negotiations are being held with Kuwait on carrying out joint Projects in the Persian Gulf littoral state.”

The official pointed out the provision of proper grounds for Iran’s presence in the international market commenting “we were not able to transfer drilling equipment to neighboring countries during sanction years while the issue has been completely resolved with the elimination of sanctions clearing the path for Iran’s more visible presence in Persian Gulf littoral states.”

Touching upon the dialogue with Italian firms, NIDC managing director explained “currently, an agreement is being sealed with Italians based on which the European side will undertake the investment portion while NIDC will carry out the drilling activities.”

“Furthermore, talks are being held with Singaporean firms on implementing offshore projects with Singapore providing finance and Iran offering equipment and facilities,” continued the official.

He also referred to plans to supply drilling rigs in the coming year asserting “certain Memoranda of Understanding have been inked with Chinese firms to supply rigs.”

“Since the Islamic Revolution, the number of drilling rigs in the country has risen from 6 to 75 while the figure will reach 80 in the next Iranian year (to begin March 20),” maintained Bahmani.

Stating that purchase of each offshore drilling rig demands at least $ 200 million, the official reiterated “we intend to increase the number of rigs with the participation of Iranian or foreign investors within the framework of lease-purchase contracts.”
END

Parliamentary Finance: raise taxes without providing services angers citizens
LINK

AGHDAD / Economy News ...

 

 

Parliamentary Finance Committee stressed the need to restructure the functional system of the state before starting to impose new fees on citizens, calling for a fight against the corrupt and bring them to justice, while economists called for to sustain the service institutions of the collected money itself.

 

The Baghdad Provincial Council, revealed his intention to impose a fee on vehicles entering the capital from other provinces, a total of up to one billion dinars per day, while the Municipality of Baghdad that has shown to have a plan to bring Baghdad International Airport to invest Street as well as a group of "investment opportunities" Other .

She said a member of the Finance Committee Magda Tamimi in an interview, said that most of the civilized world depends on their economies to collect taxes to meet the multiple unparalleled views submitted to an integrated services to its citizens without discrimination, "he recalls.

She added that "most oil-producing countries began today forgoes its resources to meet activating investment and tax aspects that have averaged ratio of 70% of the budget of those countries." 

Tamimi explained that "the low performance and mismanagement of successive governments for years and contributed significantly to the waste of billions of dollars, which, if invested correctly contributed to building countries like Jordan and Syria."

He showed that "insisting on receiving losers and corrupt Mokhtlsa public money has bedeviled the local economy and treasury went bankrupt and therefore the infrastructure destroyed most of the basic services that are lacking citizen now."

Tamimi confirmed that "economic reform is not by imposing material fee borne by the citizens, but also the duty of the government to develop plans and in-depth studies of how to provide services on an ongoing basis and claim Bogeorha of citizens."

She continued that "pervasive in various aspects of the state of financial corruption prevents the provision of the most basic services, which will be wasted tax money to be collected in various ways."

And increased that. "Restructure the career system of the State and the fight against the corrupt and bring them to spend the first steps of reform."   

In turn, the economic expert on behalf of Abdul Hadi said in an interview for the "long", that "the financial crisis experienced by the country prompted the government to find alternatives to increase its financial resources by imposing some taxes to meet submission services to citizens."

He added that "the development of detailed plans for how to increase pre-tax aspects of the citizens would decode the confusion that gets between some local and central institutions."

He said Abdul Hadi said "the money collected be motivated by a regulatory rather than financial, that the aim of collecting the money should be allocated to sustain the infrastructure of the services provided and not to increase the public treasury money on the welfare of the expense of the citizen."

And that "many government institutions raced to the imposition of multiple taxes titles without a thorough study of the feasibility and the amount of money withdrawn would aggravate the discontent among the public in general."

Asked Abdel-Hadi, "Is there a law that regulates the multiplicity of the updated tax? And how the money is imposed by the government institutions that control?"

He stressed that "the overall financial controls to prevent institutions from the redistribution of collection money their own without reference to the Federal Ministry of Finance, which is her right to determine the priorities of the ruling in the exchange process."

He said. "Impose a $ 1000 dinars to the entrants to the capital Baghdad and the collection of the Ministry of Health for a specific amount of visitors to patients do not represent large sums of money without having stats Dqiqih total individual beneficiaries of the service and the need for concentration of funds to sustain the infrastructure of these institutions." 

 The head of the investment committee in the Baghdad Provincial Council Burhanuddin Ishaq said, Monday (February 15, 2016), the Council discussed the possibility of collecting money from vehicles entering Baghdad and to vote on it at next week's session. "

He Isaac, that "nearly one million vehicle entering Baghdad daily, and the collection of about one billion dinars, of which if imposed thousand dinars on each one of them, as they are working with many countries around the world," noting that it "can provide the funds needed to sustain the streets and implementation other projects, in light of the Council's budget reduced by half as a result of the financial crisis. "

For his part, said a spokesman for the secretariat of Baghdad, Hakim Abdul Zahra, that the secretariat is studying with the Department of Transportation, which is responsible for Baghdad International Airport, the possibility of collecting money from passing vehicles on the airport road, because they offer services in it, "adding that" the secretariat was still studying a group of other investment opportunities, and to identify suitable land for it. "

He said Abdul-Zahra, the "Projects Department in the Secretariat is working to end the private investment plan for capital actions, having announced by the misses them,"she returned to "new investment opportunities include surprise for the young and unemployed," without revealing details.