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Sunday, November 20, 2016

Dinar Updates Daily Chat Log for Sunday 11/20/16 - Part 1

Dinar Updates Daily Chat Log

Part 1 - No Featured Members

Doug_W says to charwesley(6:19 AM):

what part of Fla are U in ?

Doug_W says(6:19 AM):

Central here

loop says(6:33 AM):

Baghdad and Erbil agree to remove customs points between the region and the center and south of the country

Sunday, November 20, 2016 12:39

BAGHDAD / Baghdadi News / .. the federal government and the Kurdistan Regional Government agreed, on Sunday, the removal of customs points between the region and the center and south of the country.

The head of the Chamber of Commerce Dohuk Iyad Hussein said in remarks followed up / Baghdadi News /, "The instructions were issued by the Council of Ministers of the Kurdistan region has been circulated to all the competent authorities, including chambers of commerce in the region, requires imposing new duties on imports of goods up to 25% of the value of Item, in line with the fees imposed by the Iraqi federal government on imports of goods declined for the region implemented earlier. "

Hussein added, "The new procedures will apply to 222 items in the first phase before you include other goods, in response to the request of the federal government unification of customs duties on imports of goods fees."

He explained that "the application fee increases would lead to the abolition of customs points of the Iraqi government, which will raise prices in the Kurdistan region, and expected increase in the movement of goods from Alaqilm to various parts of Iraq, especially coming from Turkey goods."

The central government has raised duties on imported goods to 25% of the value of the item, but the KRG authorities have refused to impose an increase on fees and kept them at a level of 5%, which prompted the federal government to develop a point to meet the new tariffs in areas that separates the provinces of Region Kurdistan and the central and southern Iraq, which has led to increased prices of goods in the region compared to the rest of Alarac.anthy 21 / t zones

loop says(6:34 AM):

$ 145 million central bank sales today 11-20

$ 145 million central bank sales today

History of edits:: 11.20.2016 13:29

{Baghdad: Euphrates News} central bank sales recorded, on Sunday, in the auction for the sale of foreign currency, of $ 145 million.

According to a statement of the bank today, the agency {Euphrates News} received a copy of it, " The size of the amount sold today reached 145 million, 593 thousand, and $ 190, priced at 1182 dinars exchange rate against the dollar, and with the participation of 30 banks and 15 financial transfer company."

He added that " the amounts transferred to the accounts of banks selling abroad is priced at 1190 dinars per dollar, and the cash sales price shall be the price of 1182 dinars per dollar."

He pointed out that " the amount of remittances and credits totaled 138 million, and 681 thousand, and $ 930, while the quantity sold 6 million was in cash, and 320 thousand dollars."

He was general manager of banking and credit control in the bank Ihsan Shomran Yasiri, said on the fourth of September, in a press statement that " the monetary reserves of the Central Bank of Iraq from foreign currency of up to $ 50 billion , which is quite normal number with a country in the past three years a large deficit in the state , "noting that" this is the foreign reserves , according to the international Monetary Fund on the safe side. "

He explained, that "more than 90% of central bank sales are through dependencies documentary universally used, and either direct sales through the window of foreign currency sell a few to sustain the economy and inject dollar trade" .anthy

loop says(6:35 AM):

Parliamentary Finance: There are no major difficulties before approving 2017 budget before next month's solutions

History of edits:: 11.20.2016 13:56 

{Baghdad: Euphrates News} denied the parliamentary finance committee member Ahmed Sarhan, Sunday, having great difficulties in front of the law approving the budget year 2017 before the month this December.

Said Ahmed told {Euphrates News} today that " the adoption of 2017 budget will be the predecessors of 2015 and 2016 , " he said , adding "there is a change in some of the figures for expenditures and revenues and the deficit and the price per barrel of oil."

He added , "In light of this , it is of no great difficulties delay the submission of the budget law for a vote by all parliamentary blocs , " noting that "in the next week will meet with members of the Finance Committee to finalize the budget once and for approval before the start of the month this December."

The House of Representatives has completed the second reading of the 2017 budget law, while urging the President of the Parliamentary Legal Committee Muhsin al - Sadoun, to make clear amendments to the draft budget law, particularly the paragraphs that give rise to an increase in financial allocations to ensure that no one challenged Bha.anthy

loop says(6:37 AM):

In the presence of Professor Ihsan Shomran and Mr. John Sullivan, the US Treasury representative in Iraq,

Economy News ....

Qualification certificates for the training of anti-money laundering ..

It ended 19 trainees from various private banks course in the fight against money laundering and the financing of terrorism and organized by the Iraqi private banks in cooperation with the Association of Iraqna for Training and Development and lasted five days ..

The association has set up a closing ceremony attended by Director General of the banking and credit of the Central Bank of Iraq Ihsan Shomran Yasiri and a representative of the US Treasury, John Sullivan and Sebastian, general manager of compliance at the CBI ..

He gave the word Yasiri trainees in which he referred to the great efforts in the implementation of this session, which measure up to the level of importance and for the central bank need to prepare the cadres of specialized money laundering work to achieve the required precautions from slipping in the maze of this phenomenon.

He called on the participants to be in that level of responsibility to be the core of the training and development of competencies and bank staffs and create a base of specialists including money laundering rise to the level and interest of the developed countries of the world Guy combat. Also called on banks to be concerned with the selection of personnel and compliance events and money laundering.

While expressing the US Treasury representative in Iraq, John Sullivan expressed his thanks and admiration for the efforts made by the Association and banks in setting up this session, noting that this certificate is one of the most prestigious certifications in the world and is gaining importance in the holders to maintain their banks from slipping in the phenomenon of money laundering. He hinted that the Association is going mistake successful in strengthening the banks fortify the phenomenon of money laundering and so Successful Bastaadadadtha in organizing the Forum compliance and anti-money laundering and terrorist financing, which will be held soon, which is very important at this stage to promote tendencies Central Bank in this regard.

Then distributed certificates qualifying and discretion among graduates by the guests. It should be noted that awaits them graduates pass the most important test for certification specializing in the fight against money laundering and terrorism financing.

loop says(6:38 AM):

He gave the word Yasiri trainees in which he referred to the great efforts in the implementation of this session, which measure up to the level of importance and for the central bank need to prepare the cadres of specialized money laundering work to achieve the required precautions from slipping in the maze of this phenomenon.

loop says(6:38 AM):

US Treasury representative in Iraq, John Sullivan expressed his thanks and admiration for the efforts made by the Association and banks in setting up this session, noting that this certificate is one of the most prestigious certifications in the world and is gaining importance in the holders to maintain their banks from slipping in the phenomenon of money laundering.

loop says(6:39 AM):

certificate is one of the most prestigious certifications in the world

loop says(6:47 AM):

AMF: Islamic banks grew annually by 20%

By Roudao one hour ago

Roudao - Erbil

The Director General Chairman of the Arab Monetary Fund, Abdulrahman bin Abdullah Al- Hamidi, on Sunday, that Islamic banks have achieved growth of between 15% -20% per year during the current decade.

Hamidi said in a speech on the sidelines of a conference on the control and supervision of Islamic banks in Abu Dhabi, Islamic banks increased in number and geographical spread widened, becoming scattered in more than 60 countries.

He explained that Islamic banks' assets rose to about $ 2 trillion at the end of 2015.

The Islamic banking industry in both Saudi Arabia and the UAE of global importance, and represents the assets of Islamic banks with them about 19 and 7%, respectively, of the industry's assets worldwide.

According to a study released last June by the Arab Monetary Fund, the Islamic banks have become holds a significant part of the liquidity levels in a number of countries in the world, requiring the central banks continued keep pace with this rapid development and successive and the development of monetary policy tools to suit the growing activities this industry.

Hamidi pointed out that this development in the volume of Islamic banking requires paying the safety and durability of this important sector necessary in order to maintain financial stability in the economies in which it operates these institutions.

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(7:28 AM)george was kicked out by george!

(7:29 AM)magnetlady changed nickname to *.MOD.magnetlady!

loop says(7:32 AM):

Fadhil Othman Badran: * what is the future of Iraq's oil sector


POSTED ON 19/11/2016

I have written this article for publication in your network, but I was surprised by the oil Ministry's decision to delay and modulating the Ministry announcement on 23 October 2016 and pushed to mid-2017 and add some fields to direct implementation by national companies. This was followed by some support for this trend, and without knowing the grounds for the postponement and modulation. So it seemed to me that this article has become marginal. But I still think we are going in the right direction in the development of oil and gas fields. Outlined below are some reasons for that:

1. During the next six years, how the oil Ministry the ability to have more than a billion dollars to invest in these fields?

2. The stated fields will increase its production of 500 thousand barrels per day, and this will be the most production in the middle of the third decade to coincide with the oil literature featuring the possibility of absorbing the oil markets to more oil production, Iraq would remain as it was in previous decades without spare production capacity or convincing share in the oil markets.

3. He was expected to add these fields to the productive fields to accommodate the development Ministry and the operational companies more graduates and unemployed labour and who do not find work only in the oil sector.

4. The fields given in the third and fourth licensing round are gas fields and cut exploratory and did not expect it reaches sustained production during the third decade.

5. It was advertising for small and medium-sized fields, it was rather the Ministry modified the qualification requirements for businesses so that small and medium-sized businesses jointly or forming coalitions, or allow global banks with small and medium-sized businesses in these bidding.

6. The Ministry and the operational companies need competent staff to manage the development of the fields, and won't be such a formatted staff only at the beginning of the third decade through his work with foreign companies that work in developing fields.

7. If we look at the neighboring Iran and interest in developing oil and gas fields 50 to invest and wish to increase production after the siege for two or three years, we in Iraq since 1980, yet suffer from the failure of the oil sector because of wars, economic blockade and security conditions. Cannot now that constrain the activity in the sector because of security conditions, and there is plenty of room to work in secure areas.

8. That ongoing development in our fields don't oil looks bright but frustrated because it's not investment contracts, service contracts, and no State until the end of this decade to commit to putting a huge investment in this sector.

9. Unfortunately, we do not know is that the postponement came by the Government or the House of representatives, the Ministry cannot take such a decision during the month without serious consideration of the situation in the oil market over the next 10 years.

10. Wiggle those decisions reversed and shows our instability and our industry, oil field development will invest by domestic and foreign companies, the Government will not provide any cost in the development of these fields.

(The article previously prepared for publication)

loop says(7:32 AM):

Since 2003 until now Iraq was unable to build a clear oil policy and a process for developing the oil activity in the track, being the cornerstone of Iraq's economy, despite persistent calls for building a new structure for the private sector, however, continued oil price shocks, especially what happened in 2008 in mid-2014 has committed a lot of public sector workers to go about addressing these emergency situations by Selena, which licenses that helped stop declining crude oil production and increased production rates, She has many visualization track that way it's Ministry in developing oil and gas fields and exploration. But falling prices since mid-2014 and yet has some drawbacks in those decades and persistent attempts to modify some of its items, and also led some companies to withdraw mode and scaled some of the work in Iraq, the Ministry did not give convincing reasons for such withdrawals. It was supposed that the Government and the House of representatives and the Federal Ministry of oil and Ministry of petroleum in the region put sound to work in the private sector through:

1. Uniform law for oil and gas

2. National oil company recomposing unite extractive companies activity.

3. Writing a Federal Federal Council for oil and gas to put standard oil policy

4. Review the structure of the Ministry of oil and the methods of work

5. The distribution of oil resources (note that reported the approval of representatives of the law of distribution of financial resources during the last days)

Unfortunately, due to political disputes over continuing security problems, the Government has been unable to House not to implement any of the grounds mentioned above.

Rotate the oil Ministry since 2003, yet several of them tried to go about tackling some of the problems afflicting the sector, but this orientations confronted with objections involving a large section of oil experts all unilaterally, and missed the truth and become part of the community life chimed misses to advisory organizations that are neutral to give correct opinions both new tracks or correct wrong paths, leading to partisan public sector and put the correct path for its development. Very noticeable after fair 2014 so far:

1. The oil Ministry could not devise a plan to develop the remaining fields or expand in exploration, some even pays off not to go to develop new fields and keep what was given during the four licenses and floundering oil Ministry in implementing an important strategic decisions.

2. Not having a plan to explore whether different Iraq areas or deep reservoirs.

3. Despite the continuing development of new refineries in investment, but the investment law in refineries failed to attract investors despite multiple amendments to the law were not at that level, and we didn't find any explanations from the Ministry for the lack of success of the law, or they went to build joint refineries in oil-consuming countries like Saudi Arabia, Kuwait and Venezuela.

4. Significant slowdown in processing natural gas associated with the production of crude oil or gas fields development.

5. Erosion of the economic and legal and technical staff in the private sector both in the Ministry or operational companies.

6. Politicized sector and political and sectarian disputes over racism and their impact on the sector.

7. Tender manner demonstrated in the oil sector activity was not successful in an integrated manner, and that the method of direct talks and reach the best contracts and approval by the House is the best way to reach the best results. There are those who try to believe that contracts that were not profitable for both parties will be successful contracts, each party will try to complicate and escalate problems to gain at the expense of the other. Licensing contracts demonstrated having some bug where when the oil Ministry did not specify the field's production ceilings, so I went to amplify the expected productivity and ceilings give different numbers of what you expect from cost productive, not taken into consideration the prospect of falling oil prices, and therefore the Ministry was forced to go to modify the contracts and keep its request to other amendments, which led to the withdrawal of some oil companies and some sizing of work in Iraq, service contracts and go to compare it with other oil States participation contracts.

8. Iraq is not exploited for political and economic conditions both for oil producing countries, consumer countries, to get the best deals.

loop says(7:32 AM):

9. Political tension between the region and the Central Government which caused a partisan in the private sector, both in developing fields in the northern region of Iraq outside the territory and fluctuation in export quantities from the North.

10. Mixing oil policy in the oil industry

11. Administrative and financial corruption

12. Trap lapses and failures and amplify errors

13. Focus on resolving security problems and leave solutions to economic problems for later.

Major factors affecting the growth of this sector or paralysis:

1. The political factor

2. Economic factor

3. Technician

4. The social worker

When addressing the problems of the sector must study these factors combined, it is with great regret that all our studies for this sector to address one or two problems and neglect other factors making our studies always incomplete or non-executable

For example, some deemed not to expand into other fields development and maintain what has been planning to develop, or slowdown in exploration in various regions of Iraq, such a view does not take into account economic and technical workers only and does not take into consideration that the oil sector is the only sector that believes different segments of business graduates of art and humanity rather than employment in sectors paralyzed and convincing unemployment created. The political factor, the evolution of the sector means putting large reserves of Iraq and rising production and increase exports and a manageable backup productivity as an important factor in the strategies of oil consuming countries. And when he puts Iraq oil field development and 12 cost national companies to develop 10 fields by itself, or with the participation of oil service companies, try going to invest, how can you compare that with Iran which put 50 oil and gas fields to foreign and domestic investment and acknowledged the negative contracts failed? And developed new and encouraging investment contracts for foreign companies with the approval of the Iranian Government and the Iranian Parliament, while avoiding Iraqi oil Ministry from going to the House because of political and sectarian and racist llmanavat that characterize the decisions of the House of representatives. Then we can't find corrupt our ideas and energy economists about the correct path for the economy in Iraq, and many of them focus on the negative aspects instead of proposing appropriate solutions and even if you find a useful strategy dimensions good studies, we find that there are taken into consideration, whether by the Government or Parliament.

loop says(7:33 AM):

As the oil and economic conferences by foreign companies prepared for these conferences focus, with great regret, to try to bring Iraqi officials with advanced centers with foreign companies that purport to work in Iraq, then glided up to these conferences in recent years not to take into consideration what goes where. Iraqi organizations that focus their attention on the economy and oil cannot continue its work for lack of funding, which largely avoids the foreign companies ' contribution in funding and support thus failed in its activities and conferences to a minimum.

I admit that I write this to defend recent oil Ministry directives, whether this orientations by the current oil Minister without harmony with Ministry staff, this trend has been without the support of the Council of Ministers or the House Energy Committee. Either dragging and pending completion of Iraq's remaining land and liberation that we tie all the political and economic approaches and focus on it, and then the Government forcing oil Ministry adjusted its orientation, that would reduce the States and companies that aim to invest in Iraq – and who would be the biggest loser? We must support the Ministry of oil, especially in this critical period as not adhering to the production ceiling, at least for two or three years, because during the past 30 years did not have the production and export of oil, even within the ceiling of production that has been allocated to Iraq in the 1980s. We must support the Ministry in its orientation to complete the new infrastructure and repair oil facilities and infrastructure devastated by terrorism.

You must go to invest in small and medium-sized fields in different locations in Iraq and lack of focus on developing great fields only, and discuss with the small oil companies as big companies prefer giant fields and fields and contracts and franchising and don't prefer any other type of contract.

I echo in the end Chinese proverb:

"Who sees his house burning is not sitting and writing a book on logic"

(*) Iraqi oil expert

Copyright network of economists. Allow republish provided indicate the source. 19/11/2016

Continue to Part 2



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