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Iraqi News On Iraqi Economy

iraqidinars — Wed, 09 May 2012 07:57:31 +0000

Learn some interesting updates on Iraqi economy courtesy of fresh Iraqi news such as WTO accession, tourism potential, and banking reform.

Iraqi News Update: Private Banks Conference

Iraqi Finance Committee recently revealed its intention to hold a conference for the advancement of private banks. Iraq’s Council of Ministers has already approved the request of the committee regarding the matter at hand. The ministers, as a matter of fact, coordinated with the Central Bank Iraq (CBI) prior to granting the request. According to Iraq news, the CBI and the government have met twice to discuss the details of the upcoming conference on the advancement of private banks, too.

Iraqi News Update: Promising Tourism Potential

Kuwaiti Ambassador to Baghdad, in an interview with Iraqi news, asserted that Iraq has got promising tourism potential. The ambassador, in particular, stressed out remarkable historical attractions in the country ranging from ancient shrines to heritage sites. Kuwait, in the same way, expressed its intention to facilitate exchange tours between Iraq and Kuwait. Besides, it’s high time to revive tourism sector in Iraq.

Iraqi News Update: Accession To The WTO

Iraqi government has been waiting for WTO membership grants. WTO extends exclusive trading privileges and opportunities to members. Unfortunately, Iraq has to settle outstanding internal issues to join the rosters of WTO-member countries. Prevalent political and economic issues have been hindering Iraq to step into the WTO list. Iraqi Economic Committee member told Iraqi news that the country should promote political and economic reforms to get into the WTO.

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Iraqi News On Iraq-Kuwait Relations

iraqidinars — Wed, 02 May 2012 05:40:43 +0000

Iraqi news revealed favourable developments on harmonious fraternal relations between Iraq and Kuwait such as the follow-up on international agreements, settlement of outstanding issues, and signing of navigational regulation.

Iraqi News Update: Kuwait And UN To Visit Iraq By Yearend

In an interview with Iraqi news, the Kuwaiti Ambassador announced the upcoming visit of Kuwaiti Prime Minister Sabah within the last quarter of 2012. United Nations (UN) delegation, in the same way, intends to visit Iraq at the end of the year. The delegates are likely to look into the progress of Iraqi-Kuwaiti Joint Management Committee formed to settle outstanding issues between Iraq and Kuwait.

Iraqi News Update: Kuwait And Iraq To Settle Chapter VII Issue

Iraqi Foreign Ministry asserted that Iraq and Kuwait has agreed to facilitate issues on Chapter VII withdrawal. Both parties expressed their interest to create the mechanism for Iraq to get out of the Chapter VII bondage. Both parties also agreed to share a common vision toward a bright future for the two Arab countries. Thanks to mutual political will courtesy of the Joint Management Committee.

Iraqi News Update: Iraq And Kuwait To Sign A Convention

Iraq and Kuwait, through Almiri (Iraqi Transport Minister) and Salim (Kuwaiti Transport Minister), recently signed for a convention on navigational regulation at Khor Abdullah. The issue on Khor Abdullah, in particular, is one of the most compelling issues yet to be resolved by the neighboring countries. No wonder, it has been discussed during the meetings of the Iraqi-Kuwaiti Joint Management Committee according to Iraqi news.

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Iraqi News: Resolving Outstanding Issues

iraqidinars — Thu, 19 Apr 2012 16:09:53 +0000

There are many issues confronting the Iraqi economy, revealed by Iraqi news, such as the strengthening of the Iraqi Dinar, controlling US Dollar value, and supporting local banks.

Iraqi News Update: Strengthening Iraqi Dinar

The entire banking industry, aside from the CBI, has been working its way to strengthen the Iraqi Dinar. Executive Director of the association, in an interview with Iraqi news, revealed that private banks shall engage into increasing credit cash to eight times as much as capital reserve. Such a bold move intends to stimulate economic activity, not to mention the provision of financial support. Private Iraqi banks, in the same way, are also expecting that all these shall work in favour of strengthening the Iraqi Dinar.

Iraqi News Update: Controlling Dollar Value

The increasing trend for Iraqi Dinar price compelled the Iraqi government to act upon the matter at hand. In response to the current issue, Finance Committee member Abbas recommended the partnership between the Ministries of Planning and Finance and the Central Bank of Iraq. The two institutions are likely to work hand in hand toward controlling US dollar value. According to Iraqi news, the partnership shall study the cause of the problem and provide outright resolution.

Iraqi News Update: Supporting Local Banks

The local banking sector of Iraq is a significant component of the Iraqi economy. That is why the government seeks to support local banks in the country. As a result, the government expressed its intention to close local bank deficits to provide financial guaranty. Based on Iraqi news reports, it is one of the demands of foreign investment companies to successfully penetrate the market.

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Iraqi News: Ban Ki Moon’s Take On Iraq

iraqidinars — Wed, 11 Apr 2012 12:42:56 +0000

Based on Iraqi news, the United Nations (UN) has gotten inevitable interests on Iraq particularly its fraternal relations with Kuwait. That explains why UN Secretary-General Moon expressed his take on matters between the two Arab countries. After all, Iraq is still subject to UN Chapter VII sanctions.

Iraqi News Update: Moon’s Take On Iraqi Politics

UN Secretary-General Moon, in an Iraqi news interview, appealed to Iraqi leaders to work on current political condition. Internal borders should be resolved immediately to avoid problems that may arise concerning national security. As a matter of fact, the secretary-general cited the recommendation of the United Nations Mission in Iraq’s (UNAMI). The UNAMI report, in particular, stressed out that Iraqi leaders should work hand in hand for national unity.

Iraqi News Update: Moon’s Take On Iraq-Kuwait Relations

Secretary-General Moon expressed his sentiment on Iraq-Kuwait relations through Iraqi news reports. The secretary-general was delighted by harmonious fraternal relations between the two neighbouring Arab countries. According to Secretary-General Moon, he was elated by the UNAMI report commending the efforts of Iraq and Kuwait toward resolution of outstanding issues. Of course, he also noted that the upcoming meeting of the Kuwait-Iraq committee would make a perfect opportunity to further resolve interstate issues.

Iraqi News Update: Chapter VII Withdrawal

Iraqi news recently revealed that harmonious relation between Iraq and Kuwait is critical to the UN’s decision covering Chapter VII withdrawal according to Secretary-General Moon. Thanks to mutual interests and efforts extended by both countries for the betterment of current fraternal affairs. In support of Iraq, Kuwaiti ambassador to Baghdad told Iraqi news that Kuwait is amicable on Iraq’s call for the lifting of Chapter VII sanctions.

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Iraqi News: Iraq-Kuwait Outstanding Issues

iraqidinars — Thu, 05 Apr 2012 21:57:41 +0000

According to Iraqi news, there are many issues surrounding Iraq and Kuwait such as the Mubarak Port construction, Kuwaiti prisoners’ file, and Chapter VII withdrawal.

Iraqi News Update: Mubarak Port Construction

The State of Kuwait recently expressed its interest to reinstate the flight line in Baghdad. For over 21 years, it has shut down the line of flight due to serious tension between Kuwait and Iraq in the past. Now, that the tension has died down, as a consequence of harmonious foreign relations, Kuwait is expected to re-open the line of flight soon. Iraqi news revealed that the reinstatement of Baghdad flight happens to be a culmination of strong partnership between the two Arab countries.

Iraqi News Update: Kuwaiti Prisoners Coordination

The State of Iraq, in the same way, has been sincere on its efforts toward strengthening fraternal relations with Iraq. Iraqi news asserted that the Iraqi government, through the Ministry of Prisoners, shall be working on the file of Kuwaiti prisoners under the supervision of the International Red Cross. Consequently, Baghdad has already claimed that it has not been holding any Kuwaiti war prisoner for the last 20 years.

Iraqi News Update: Chapter VII Withdrawal

The United Nations (UN) Iraq/Kuwait High Level Coordinator shall present its report soon. The UN Security Council, every six months, summons the coordinator to come up with a report on Iraqi-Kuwaiti relations. UNSC report shall cover issues, achievements, and recommendations relating to the current status of Iraq and Kuwait. After all, fraternal relations between the two countries shall have a favourable impact on Chapter VII withdrawal. That was claimed by UN Secretary-General Moon in an interview with Iraqi news.

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Iraqi News: The Arab Summit In Baghdad

iraqidinars — Mon, 02 Apr 2012 07:02:21 +0000

Iraqi news reported the successful commencement of the Arab Summit in Baghdad on March 29 featuring participation of prestigious international delegation such as the UN Secretary-General to discuss outstanding issues.

Iraqi News Update: UN Secretary-General Joins The Delegation

United Nations, through the Secretary-General, showed its support to the Arab community on the day of the Baghdad Summit. UN Secretary-General Moon arrived in the city on Thursday to participate in the convention. Foreign Minister Zebari, as well as, Communications Minister Allawi welcomed Secretary-General Moon upon his arrival. Based on Iraqi news, the Secretary-General came from Kuwait prior to his trip to Baghdad. Hopefully, the Iraqi government can take the opportunity to discuss Chapter VII withdrawal with the UN Secretary-General. As we all know, Iraq has been calling for the lifting of Chapter VII sanctions.

Iraqi News Update: Prestigious Arab Leaders In The House

As a major event in the history of the Arab community, the Arab Summit has been met by overwhelming participation of Arab leaders. Heads of states joined the XXIII Conference such as the presidents from the Comoros, Djibouti, Iraq, Kuwait, Lebanon, Libya, Palestine, Somalia, Sudan, and Tunisia. The actual number of participants is half the roster of member countries in the Arab League. Nonetheless, Iraqi news reported that political analysts found the 50% participation rate acceptable.

Iraqi News Update: Exclusive Meetings Behind Closed Doors

Closed-door sessions, amidst the Arab Summit, were held to discuss outstanding issues in the Arab community. Declaration of Baghdad, for instance, is one of the matters on the priority list brought up by Iraqi President Talibani. Iraqi news reporters were escorted on their way outside the conference hall prior to the exclusive closed-door meeting.

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Iraqi News Reports On Foreign Relations

iraqidinars — Thu, 29 Mar 2012 06:41:46 +0000

There is a couple of Iraqi news reports pertaining to foreign relations such as Chapter VII withdrawal, Kuwait-Iraq international affairs, and Arab trade integration.

Iraqi News Update: Chapter VII Withdrawal

Iraqi human rights advocates spearheaded by Secretary General Gharrawi, from the Iraqi Strategic Human Rights Centre, persuaded the Iraqi people to take a humanitarian pause on the Arab Summit day. In an interview with Iraqi news, they asserted that such a bold move intends to call for the Iraqi Congress to act on a stipulation for Chapter VII withdrawal. The same group insisted that removal of Chapter VII sanctions should be included in the Arab Summit’s agenda, too.

Iraqi News Update: Kuwait-Iraq Relations

Iraq and Kuwait agreed to come up with a joint committee to resolve outstanding issues such as boundary demarcation, as well as, Chapter VII withdrawal. The Kuwaiti government, as a matter of fact, confirmed the establishment of the joint committee in the days to come. Recently, Iraqi news reported the successful visit of Prime Minister Maliki in Kuwait to meet with the Kuwaiti Prince and the President of the Parliament.

Iraqi News Update: Arab Trade Integration

Ministers of Finance and Economics, along with Arab traders, shall convene in Baghdad. The convention is likely to discuss customs tariff integration among Arab countries. Customs tariff integration and standardization intend to help out the Arab economy. That means an immense sigh of relief for the Iraqi economy. After all, Iraqi news claimed that the Iraqi government seeks to promote trade with Arab countries.

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Iraqi News Reports In Favour Of The Iraqi Economy

iraqidinars — Thu, 15 Mar 2012 08:09:20 +0000

Iraqi news asserted many favourable developments in the Iraqi economy. As a matter of fact, Iraqi news agencies reported updates on Iraq’s Chapter VII withdrawal. Nonetheless, there are also intriguing reports on Iraq’s foreign relations.

Iraqi News Update: UN Foresees Better Iraq-Kuwait Fraternal Relations

Iraq and Kuwait has already turned a new page of history toward harmonious fraternal relations. Iraqi Prime Minister Maliki, according to Iraqi news, is officially headed to Kuwait on mid-March in pursuit of harmonious foreign relations between Iraq and Kuwait. The Iraqi Prime Minister, along with Foreign Affairs Minister Zebari, is likely to discuss some compelling issues between the two countries.

United Nations Representative Kubler, in an interview with Iraqi news agency, contended better fraternal relations between Iraq and Kuwait upon withdrawal of the Chapter VII resolution. The same official, in particular, pointed out favourable breakthroughs amidst outstanding issues on Iraq-Kuwait relations.

Iraqi News Update: Iraq Convenes With France For Better Economic Relations

Iraqi news reports validated that the Iraqi government and the European Union recently convened to come up with an international partnership. The official agreement is expected to be signed by both parties in a couple of weeks as reported in Iraqi news. Aside from the European Union, Iraq has also met with many other European countries such as Britain and Italy.

Iraq, through Foreign Economic Relations Director General Hatem, seeks for strong economic relations between Iraq and France. The two countries, in light of this pursuit, sponsored the Iraq-French Joint Economic and Technical Cooperation Meeting in Paris. Iraqi news has published that the Iraq-French joint agreement shall be officially signed at the end of the convention, too.

Iraqi News Update: CBI Foreign Reserve Propels Economic Stability

Generous foreign reserve is likely to stabilize the Iraqi economy. The Central Bank of Iraq, through Iraqi news, claimed over $60 billion worth of overseas funds. Thanks to overwhelming oil sales pouring into the national revenue. Consequently, the CBI expects stabilization of the Iraqi Dinar along with the national economy through the country’s foreign reserve.

World Economic Newspaper Editor Maytham Laibi told Iraqi news that Iraq’s foreign reserve shall play a vital role in national economic progress. The foreign reserve is expected to secure import financing, not to mention stability of local currency. Moreover, the central bank is mandated to make the most of the country’s foreign reserve.

Iraqi News Update: Economist Perceives Huge Global Economic Potential

Prominent economic expert Ulum, in an interview with Iraqi news, revealed immense potential for global economic development. The economist specifically stressed out Iraq’s opportunity to employ modernization of industrial and agricultural sectors. Development on these sectors is likely to emerge along with the rise of the middle class in the society.

Iraq is also inclined to shift from being a consumer to a producer of agricultural products. In the previous year, the country spent seven million for food import. There is no doubt that Iraq can save up a significant amount of money should the country gets to produce its agricultural food supply. Apparently, this has been addressed in Ulum’s Iraqi news interview.

Disclaimer: Dinar exchange is not an investment company. Any information found on this site and in email correspondence should not be taken as investment advice.

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Iraqi News Reports On Local Banking Sector

iraqidinars — Fri, 09 Mar 2012 13:17:32 +0000

Iraqi news reports revealed many goings-on in Iraq’s local banking sector. Current news updates include Warka Bank guardianship, profitable private bank transfers, and electronic banking proposal. Consequently, all of these are under the ultimate supervision of the Central Bank of Iraq.

Iraqi News Update: CBI Upholds Warka Bank Guardianship

Iraqi news recently reported insolvency issues encountered by Warka Bank. As a result, the CBI decided to assume guardianship pending the resolution of the problem. The central bank, in particular, expressed the appointment of a new administrator eligible to go through the bank’s ordeal brought about by insolvency. Warka bank’s insolvency issue, based on Iraqi news, surged after the withdrawal of government funds upon the directive of the Ministry of Finance.

Warka Bank, in turn, has been robbed of its liquidity, not to mention operational independence thereafter. Imagine debiting $800 billion Iraqi Dinars to grant the withdrawal of public funds in a month. What made the situation even worse is the loss of consumer confidence after the closure of 50 branches vindicated by the CBI. Unfortunately, many other small banks may tread the same road in the absence of large equity. The CBI, nonetheless, is in high hopes that local Iraqi banks, specifically the Warka Bank, can resolve the insolvency perhaps through integration of small banks prescribed by the Economic Commission.

Iraqi News Update: Private Banks Faces Profitable Bank Transfers

Private Iraqi banks, amidst low capital issues, are likely favoured by the large amount of bank transfers. Given annual bank transfer equivalent to $40 billion, private banks are undoubtedly favoured along the process. The CBI, according to Iraqi news reports, pointed out 45 Iraqi banks along with some foreign banks that profited from generous bank transfers.

CBI Deputy Governor Saleh, in an interview with an Iraqi news agency, asserted that, Iraqi government recognizes the role of the private banking sector toward shifting into a market economy. The state, as a matter of fact, has shown its support to local banks through closure of domestic bank deficits, as well as, issuance of financial guarantee. After all, the Iraqi state is likely to benefit from the progress of the private banking sector.

Iraqi News Update: Iraqi Banks Welcome Electronic Transactions

Economic experts, in their Iraqi news commentaries, reiterated the significance of modern banking technology for expeditious investment. As of the moment, only a few local Iraqi banks employ electronic banking technology. Interbank fund transfer, in turn, becomes a tedious process to local bankers, not to mention customers. Unfortunately, the Iraqi economy can’t afford to leave local Iraqi banks way below the par. As a booming Arab economy, with the fourth largest oil reserve in the world, Iraqi banks need to cope with modern banking system.

As part of the government’s efforts, Iraq’s Economic Commission came up with private banking regulations bill to improve the private banking sector. The proposed private banking law is expected to pursue necessary reforms within the sector. Besides, Iraqi news reports claimed the absence of existing laws covering private banking regulations although the CBI has been issuing instructions.

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Iraqi News Reports On Iraq’s International Affairs

iraqidinars — Tue, 28 Feb 2012 12:52:27 +0000

Iraqi news reports are leaning toward dynamic foreign relations in favour of the Iraqi nation. Current news updates include Iraq-Kuwait relations, Iraq-Arab relations, and Iraq-UN relations. Given these reports, there is no doubt that Iraq has already been reinstated on its rightful place in the global community by virtue of full sovereignty.

Iraqi News Update: Iraq To Mend Relations With Arab Community

Khalid Al-Alwani, MP for Iraqi List, asserted that Iraq urgently needs to build harmonious relations with neighbouring Arab countries. Based on Iraqi news reports, the same official also called for the Foreign Affairs Ministry to take relevant actions. These actions aimed improving the country’s foreign relations with members of the Arab community. Besides, it is the responsibility of the Iraqi Foreign Affairs Ministry to work on the matter.

Iraqi Foreign Affairs Ministry, according to the Iraqi news, revealed that Saudi Arabia reached out to the non-resident ambassador to Iraq on the former’s efforts to turn over some relevant documents intended to fortify fraternal relations between Saudi Arabia and Iraq. Nonetheless, Iraq hopes that the upcoming Arab Summit can open doors for harmonious relations between Iraq and other Arab countries.

Iraqi News Update: Iraq To Resolve Compelling Issues With Kuwait

Iraq recognizes the significance of harmonious relations with Kuwait. Foreign Minister Zebari, as a matter of fact, expressed the interest of Iraq to resolve compelling issues with Kuwait such as the Mubarak Port, as well as, the UN Compensation Fund. The Foreign Minister also revealed that Iraqi Prime Minister Maliki shall visit Kuwait soon to discuss outstanding issues according to Iraqi news.

Foreign Minister Zebari, in particular, stressed out the importance of Iraqi-Kuwaiti relations predicated on common interests, not to mention mutual respect. On the celebration of the National Day of Kuwait, the Foreign Minister also congratulated the Prince of Kuwait and the Kuwaiti government. Iraqi news further reported that, the Iraqi Vice President Khuzaie extended congratulatory messages via telegram to the Crown Prince of Kuwait along with the hopes to build fraternal and cooperative relations between Iraq and Kuwait, too.

Iraqi News Update: Kuwait Amicable With The Iraqi Government

Kuwaiti government, through the Kuwaiti ambassador to Baghdad, asserted that Kuwait shares the sentiment of Iraq toward building fraternal relations. The ambassador, on his speech, was even reported by Iraqi news expressing its interest to extend bridges of love to Iraq based on common values and interests.

Kuwait ambassador to Baghdad, in the same way, expressed that Kuwait supports Iraq on its efforts to break free from the sanctions of the Chapter VII resolution. Recently, Iraqi news published that Iraqi human rights organizations are persuading United Nations Secretary-General Ban Ki Moon to lift Chapter VII sanctions and utilize the former’s authority to close the Kuwaiti debt.

Iraqi News Update: Iraq To Seek Refuge From The United Nations

Iraqi news has long published that Baghdad shall hold the Arab Summit in March. The Iraqi government, in turn, recently completed necessary preparations for the upcoming event. Consequently, Iraq is in high hopes that the Arab Summit can help promote Iraq’s campaign to lift Chapter VII sanctions.

Human rights advocate Gharrawi appealed to the international community to make a humanitarian pause on the Arab Summit Day while persuading the Congress to work toward expedited removal of Chapter VII sanctions. Iraq, moreover, hopes that the United Nations get to notice this appeal according to Iraqi news.

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