Blog posts tagged with 'Economy of Iraq'

IMF Press Release: IMF Approves Seven-Month Extension of Stand-By Arrangement for Iraq- Thursday, August 2, 2012

IMF Press Release: IMF Approves Seven-Month Extension of Stand-By Arrangement for Iraq

IMF Approves Seven-Month Extension of Stand-By Arrangement for Iraq
Press Release No. 12/286
August 3, 2012

The Executive Board of the International Monetary Fund (IMF) approved on July 20, 2012—on a lapse-of-time basis1—a seven-month extension of Iraq’s Stand-By Arrangement (SBA), to February 23, 2013.
The SBA had been scheduled to expire on July 23, 2012. The extension, which had been requested by the Iraqi authorities, will provide them with time to implement the policy measures needed to complete the combined third and fourth reviews under the SBA. The extension will, in particular, provide time for discussions on fiscal policies for the remainder of 2012 and on measures to improve the functioning of the exchange regime.
The two-year Stand-By Arrangement (SBA) in the amount of SDR 2.38 billion (about US$3.58 billion), was approved by the IMF's Executive Board on February 24, 2010 (see press release 10/60). The IMF's Executive Board completed the first program review on October 1, 2010 (see press release 10/373), and the second review on March 18, 2011 (see press release 11/90). At the time of the second review, the program duration was extended by five months to July 2012, along with a rephasing of program disbursements based on a shift in financing needs. Total resources currently available to Iraq under the arrangement amount to the equivalent of SDR 1307.24 million (about $1.96 billion).
1 The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.

Bankers are preparing the country‚Äôs entry of global banks a real incentive to invest- Tuesday, July 31, 2012

Bankers are preparing the country’s entry of global banks a real incentive to invest

Translation: welcomed banking experts to enter the international banks of the country by opening branches fixed it, pointing out that it would pay the wheel of investment as well as the introduction of technology of modern banking.

announced that Arab banks to open branches in Baghdad and the provinces, while there are international banks other Kalawrobeh and American

Expressed willingness to open branches in Iraq during the coming period. The director of government banks in the Ministry of Finance Crescent Taan entry of international banks of the country by opening branches in a profitable business for both parties because the investment market in Iraq in need of capital-in the foreign banks as the latter aims to achieve profits.

said Taan (range): The sector banking system in Iraq is Ghaderaly keep pace with evolution in fact the investment witnessed in the economic sectors, pointing out that it is necessary to enter the banking world as it has large amounts of capital that will promote major projects as well as create competition with local banks in addition to training Iraqi personnel in place.

and called on the government to the need to legislate legal protection of these banks as well as tax exemptions.

to the counting banking expert as Abdul Hadi Central Bank Law New catalyst main entry of these banks of the country, pointing out that their presence will support expertise to a large extent through the transfer of technology advanced banking to local banks.

said Abdul Hadi’s (long): The banking system in Iraq has seen significant outage to keep pace with evolving global banking is the latest state of confusion in Iraqi banks is very large, pointing to the need to issue instructions by the central bank provides to direct banks to invest in addition to the adoption of methods of credit long-term.

For his part, said financial expert, Farouk Ramadan (range): The work of international banks in Iraq is a clear indication of the strength and durability of the Iraqi economy, explaining that he had not been affected by spring Arab.

He Ramadan: The cash reserve achieved by the Central Bank amounting to $ 60 billion has not been achieved on Iraq as well as to the seriousness of the decisions of the Central Bank increased the capital of the banks that have had a significant impact on the willingness of international banks to enter Iraq.

Meanwhile, the economic expert, Bassem Jamil Anton that the global crisis and economic recession, which witnessed some European countries during the recent period and the need of the country for construction, reconstruction and investment projects to make the banking world are racing to open branches in Iraq, noting that it seeks to take its role in funding projects and benefit from the profits realized, pointing out that it will be transferred international experience in banking to banking sector which leads to the development and promotion.

said Anton Iraq has elements of great economic is mineral-extractive existing in the ground such as oil, gas and phosphate, in addition to the investment environment fertile that are lacking most of the world, prompting the investment companies to come for the purpose of investment, bearing in mind that international banks started to open branches in Baghdad and the provinces.

He added that the world in a state of saturation for projects and service construction, there has been a worldwide economic depression, while Iraq because of war and the siege imposed on it in the nineties of the last century, led to an urgent need for infrastructure projects, service and health projects and processing power, making the eyes of corporations and international banks tend to Iraq out of the global economic crisis.
It is reported that Abu Dhabi Islamic Bank and the banks of the Lebanese and Kuwaiti announced in the last period to open branches in Baghdad and the provinces, while there are banks, other global Kalawrobeh and the U.S. expressed its readiness to open branches in Iraq during the coming period.

Finance Committee: Delete the zeros of the local currency begins early next year- Friday, July 13, 2012

Finance Committee: Delete the zeros of the local currency begins early next year

Diyala July 14 (AKnews) - Translated:  The parliamentary Finance Committee, Saturday, that the process of replacing the currency and delete the zeros of which will be gradually beginning of next year, noting that the process takes two to three. said committee member and MP for the Iraqi List, Hassan Auzmn told Kurdistan News (Rn) that the CBI will withdraw the existing currency early next year gradually and keep trading currency current grant citizens enough time to replace the currency. " He Auzmn replace the currency and delete the zeros experience successful and useful for the Iraqi economy through their success in a number of other countries, pointing out that "The operation will contribute to ease carrying banknotes among citizens and will not have any negative impact on the Iraqi economy (according to him). has not ruled out Auzmn attempts forging new currency afterthought: the security measures to be taken to protect the currency will mark easily between the old currency and the new currency. announced the Finance Committee Parliamentary early July of this that the budget next year 2013 will be the new currency after deleting three zeros from the current currency, saying that the reluctance of traders and companies from trading in Iraqi currency behind the adoption of the Central Bank project to delete zeros. Some economists that Iraq is not formatted for the time being to delete the zeros of Iraqi dinar, pointing out that the deletion needs to security and political stability as well as economic stability. : Mahmoud al-Jubouri, the Open: Peace Baghdadi