Gimme Shelter Radio Show time: 11pm est ~
Saturday, April 30, 2011
Iraq ~ Zebari: Settlement Agreement compensation dropped by more than one billion dollars for Iraq
30/04/2011Zebari: Settlement Agreement compensation dropped by more than one billion dollars for Iraq
Erbil, The Iraqi foreign minister, on Saturday, said the claims settlement agreement between Iraq and the United States come to Baghdad, where the benefit will be brought down more than a billion dollars in exchange for compensation will be paid $ 400 million.
And Hocheari Zebari, hosted by the House of Representatives today, and broadcast his speech broadcast channel specialized sessions of the Council of Representatives, that "the amount of compensation claimed by Iraq before the U.S. courts reached one billion and $173.2 million."
He explained that "the agreement reached by peacefully resolve claims between the two countries, provided for dropping all claims for compensation filed or that will be submitted later, for Iraq to pay compensation in cases not worth 400 million dollars."
The House of Representatives has ratified the Convention on the day the settlement of claims between Iraq and the United States.
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Iraq approves $400M payment to 'human shields'~ Iraq hopes the deal will help protect its funds abroad ...
Snip ~ "The law still needs to be signed off by Iraqi President Jalal Talabani" and "A further $20.1 billion worth of claims already approved remains outstanding, to be paid from Iraqi oil proceeds, it said"
Previous article ~ Excellent ~ Iraq - Chapter 7~ approve payouts for Saddam's US victims The deal is part of efforts to end provisions for Chapter 7 of the UN's Charter
April 30, 2011
Previous article ~ Excellent ~ Iraq - Chapter 7~ approve payouts for Saddam's US victims The deal is part of efforts to end provisions for Chapter 7 of the UN's Charter April 30, 2011
Iraq approves $400M payment to 'human shields'
BAGHDAD - Iraq’s parliament on Saturday agreed a $400 million deal to compensate Americans who accused Saddam Hussein’s regime of using them as human shields during the 1990-91 Gulf War, lawmakers said.
MPs passed a law authorising the payment to settle all claims by Americans, some of whom said they were tortured by Saddam’s supporters.
Iraq hopes the deal will help protect its funds abroad, particularly money in the United Nations Development Fund for Iraq (DFI).
The law still needs to be signed off by Iraqi President Jalal Talabani.
“Today, the majority of parliament voted in favour of the law to settle claims with the United States,” Hamid al-Mutlaq, a lawmaker with the Iraqiya bloc, said.
Scores of Americans were captured by Iraq in 1990 and used as human shields to deter allied air strikes.
In court cases filed in the United States, the former prisoners alleged they suffered death threats, mock executions, starvation, sleep deprivation and had medical care withheld.
The Iraqi government signed a compensation agreement with the United States over the claims last September, which helped pave the way for the lifting of U.N. sanctions imposed during the rule of Saddam, toppled by the 2003 U.S.-led invasion.
After the 1991 war, the U.N. Security Council ordered Iraq to compensate countries that suffered as a result of its Kuwait occupation. Baghdad now sets aside 5 percent of its oil revenues for reparations payments, most of which go to Kuwait.
The U.N. Compensation Commission (UNCC), set up by the Security Council to evaluate damages claims related to the Gulf War, said on Thursday it had paid out a further $880 million for Kuwaiti corporate and governmental claims against Iraq.
It brings to $32.2 billion the total paid out to date by the Geneva-based body to individuals, companies and countries worldwide. A further $20.1 billion worth of claims already approved remains outstanding, to be paid from Iraqi oil proceeds, it said.
Bahaa al-Araji, a lawmaker belonging to anti-U.S. cleric Moqtada al-Sadr’s bloc, said the faction did not vote in favour of the law.
http://www.torontosun.com/2011/04/30/iraq-approves-400m-payment-to-human-shields
BAGHDAD - Iraq’s parliament on Saturday agreed a $400 million deal to compensate Americans who accused Saddam Hussein’s regime of using them as human shields during the 1990-91 Gulf War, lawmakers said.
MPs passed a law authorising the payment to settle all claims by Americans, some of whom said they were tortured by Saddam’s supporters.
Iraq hopes the deal will help protect its funds abroad, particularly money in the United Nations Development Fund for Iraq (DFI).
The law still needs to be signed off by Iraqi President Jalal Talabani.
“Today, the majority of parliament voted in favour of the law to settle claims with the United States,” Hamid al-Mutlaq, a lawmaker with the Iraqiya bloc, said.
Scores of Americans were captured by Iraq in 1990 and used as human shields to deter allied air strikes.
In court cases filed in the United States, the former prisoners alleged they suffered death threats, mock executions, starvation, sleep deprivation and had medical care withheld.
The Iraqi government signed a compensation agreement with the United States over the claims last September, which helped pave the way for the lifting of U.N. sanctions imposed during the rule of Saddam, toppled by the 2003 U.S.-led invasion.
After the 1991 war, the U.N. Security Council ordered Iraq to compensate countries that suffered as a result of its Kuwait occupation. Baghdad now sets aside 5 percent of its oil revenues for reparations payments, most of which go to Kuwait.
The U.N. Compensation Commission (UNCC), set up by the Security Council to evaluate damages claims related to the Gulf War, said on Thursday it had paid out a further $880 million for Kuwaiti corporate and governmental claims against Iraq.
It brings to $32.2 billion the total paid out to date by the Geneva-based body to individuals, companies and countries worldwide. A further $20.1 billion worth of claims already approved remains outstanding, to be paid from Iraqi oil proceeds, it said.
Bahaa al-Araji, a lawmaker belonging to anti-U.S. cleric Moqtada al-Sadr’s bloc, said the faction did not vote in favour of the law.
http://www.torontosun.com/2011/04/30/iraq-approves-400m-payment-to-human-shields
Parliament completed the first reading of four important security laws
30/04/2011Parliament completed the first reading of four important security laws
BAGHDAD (Babuz): Complete the Iraqi Council of Representatives in a regular session held on the first reading of the draft four important security laws.
This project is a project of the law and the Department of Homeland Security, and the draft Law on the Ministry of Defense and the draft law decorations and medals and the draft law for the possession of weapons.
Also included the agenda of the meeting of 60 held by the Council, headed by Osama Najafi and the presence of 206 deputies out of 325 deputies second reading of draft law of the Higher Institute for Research on embryos and treatment of infertility and the proposed law on the integrity and the law of the development of administrative formations, integrate and modify the association, as well as discuss the pricing of crops, wheat and barley and rice,.
http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http://www.babnews.com/
Very Nice ~ Parliament voted overwhelmingly to ratify the Convention on the settlement of claims between Iraq and the United States
April 30, 2011
Parliament voted overwhelmingly to ratify the Convention on the settlement of claims between Iraq and the United States
Iraqi Council of representatives, voted Saturday, a majority to ratify the Convention on the settlement of claims between the Government of the Republic of Iraq and the United States Government.
The source said in an interview the cuneiform for "news", "House of representatives voted during the 60th meeting held today, headed by Osama alngivi, attend Parliament 206 Deputy majority to ratify the Convention on the settlement of claims between the Government of the Republic of Iraq and the United States Government.
The source said on condition of anonymity, that "ratification of the Convention was to be voted on during the 59th session of Parliament, before being postponed until today".
Iraqi Council of representatives was held on Saturday, its 60th, headed by speaker Osama alngivi and attend 206 MPs, parliamentary sources confirmed that it will host the Foreign Ministers of finance and Central Bank Governor on ratification of the Convention on the settlement of claims between the Government of the Republic of Iraq and the United States Government, as well as the first reading of a number of projects.
Iraqi Council of representatives was included in the agenda of the 55th meeting, held on 16 April, the first reading of the draft law of ratification of the Convention on the settlement of claims between the Republic of Iraq and the USA.
And the Liberal bloc of the sadrist rejected a bill ratifying the Convention, adding that if there is pressure on the Government in this direction, it must not be in the House.
The Cabinet approved on 23 March, on the draft law on ratification of the Convention on the settlement of claims between the Governments of Iraq and the United States, and referred to the House based on the provisions of articles 61 item IV and 80 item II of the Constitution.
http://www.microsofttranslator.com/bv.aspx?from=ar&to=en&a=http%3A%2F%2Falsumarianews.com%2Far%2F1%2F20987%2Fnews-details-Iraq%2520politics%2520news.html
Parliament voted overwhelmingly to ratify the Convention on the settlement of claims between Iraq and the United States
Iraqi Council of representatives, voted Saturday, a majority to ratify the Convention on the settlement of claims between the Government of the Republic of Iraq and the United States Government.
The source said in an interview the cuneiform for "news", "House of representatives voted during the 60th meeting held today, headed by Osama alngivi, attend Parliament 206 Deputy majority to ratify the Convention on the settlement of claims between the Government of the Republic of Iraq and the United States Government.
The source said on condition of anonymity, that "ratification of the Convention was to be voted on during the 59th session of Parliament, before being postponed until today".
Iraqi Council of representatives was held on Saturday, its 60th, headed by speaker Osama alngivi and attend 206 MPs, parliamentary sources confirmed that it will host the Foreign Ministers of finance and Central Bank Governor on ratification of the Convention on the settlement of claims between the Government of the Republic of Iraq and the United States Government, as well as the first reading of a number of projects.
Iraqi Council of representatives was included in the agenda of the 55th meeting, held on 16 April, the first reading of the draft law of ratification of the Convention on the settlement of claims between the Republic of Iraq and the USA.
And the Liberal bloc of the sadrist rejected a bill ratifying the Convention, adding that if there is pressure on the Government in this direction, it must not be in the House.
The Cabinet approved on 23 March, on the draft law on ratification of the Convention on the settlement of claims between the Governments of Iraq and the United States, and referred to the House based on the provisions of articles 61 item IV and 80 item II of the Constitution.
http://www.microsofttranslator.com/bv.aspx?from=ar&to=en&a=http%3A%2F%2Falsumarianews.com%2Far%2F1%2F20987%2Fnews-details-Iraq%2520politics%2520news.html
State of Law Alliance says his Coalition is committed to Arbil Agreement ~ al-Iraqiya Coalition accused the State of Law Coalition with non-commitment
4/30/2011
State of Law Alliance says his Coalition is committed to Arbil Agreement.
BAGHDAD / Aswat al-Iraq: The Legislature of the State of Law Alliance, belonging to the National Coalition, has said on Saturday that his Coalition was committed to the Arbil Agreement, concluded by different political blocs.
“There is no need to exchange accusations about the implementation to the Arbil Agreement, so long as there is a written agreement, thing that does not necessitate the exchange of accusations,” Khudhier al-Khuza’e told Aswat al-Iraq news agency.
Khuza’e pointed out that “the exchange of accusations is an easy matter; but what we agreed upon in Arbil, we shall remain committed towards, and we won’t ignore a simple part of it.”
The Spokesman for al-Iraqiya Coalition, Shakir Kattab, has accused the State of Law Coalition with non-commitment to Arbil Agreement, charging it with non-seriousness and lack of willingness to implement the Agreement.
http://en.aswataliraq.info/Default1.aspx?page=article_page&id=142271&l=1
State of Law Alliance says his Coalition is committed to Arbil Agreement.
BAGHDAD / Aswat al-Iraq: The Legislature of the State of Law Alliance, belonging to the National Coalition, has said on Saturday that his Coalition was committed to the Arbil Agreement, concluded by different political blocs.
“There is no need to exchange accusations about the implementation to the Arbil Agreement, so long as there is a written agreement, thing that does not necessitate the exchange of accusations,” Khudhier al-Khuza’e told Aswat al-Iraq news agency.
Khuza’e pointed out that “the exchange of accusations is an easy matter; but what we agreed upon in Arbil, we shall remain committed towards, and we won’t ignore a simple part of it.”
The Spokesman for al-Iraqiya Coalition, Shakir Kattab, has accused the State of Law Coalition with non-commitment to Arbil Agreement, charging it with non-seriousness and lack of willingness to implement the Agreement.
http://en.aswataliraq.info/Default1.aspx?page=article_page&id=142271&l=1
May 8th Arab League mtg. in Cairo Iraqi MP says Parliament insists on holding of Arab Summit in Baghdad
Snip ~ "time, suitable for the Arab States, would be decided for the attendance of the largest number of Arab Leaders and Representatives by the meeting of the Arab Foreign Ministers in Cairo on May 8th"4/30/2011
Iraqi MP says Parliament insists on holding of Arab Summit in Baghdad.
Baghdad, Member of the Foreign Relations Committee in the Iraqi Parliament, Safiya al-Suheil, has said on Saturday that her Committee “insists on holding the Arab Summit in Baghdad and won’t accept the changing of its place,” stressing that Iraq’s position towards Bahrain won’t be the main reason for non-attendance of the Summit by Arab Leaders.
“The Parliament’s Foreign Relations Committee insists on holding the Arab Summit in Baghdad and won’t accept changing its place,” Suheil told Aswat al-Iraq news agency, adding that Iraq’s position towards Bahrain won’t be the main reason for non-attendance of the Summit by Arab Leaders, “despite fact that the recent developments in the Arab Region had a direct impact on that.”
“The Parliament’s Foreign Relations Committee insists on holding the Summit in Baghdad,” Suheil said, adding that “holding the Summit can’t stand any discussion, because it was the Arab League’s decision, and a time, suitable for the Arab States, would be decided for the attendance of the largest number of Arab Leaders and Representatives by the meeting of the Arab Foreign Ministers in Cairo on May 8th.
Iraq’s Permanent Representative in the Arab League, Qais al-Azzawi, had stated on March 2, 2011, that the Arab Foreign Ministers have decided in their meeting in Cairo, to postpone the holding of the Summit in Baghdad from its scheduled time at the end of March to May 15.
http://en.aswataliraq.info/Default1.aspx?page=article_page&id=142265&l=1
“The Parliament’s Foreign Relations Committee insists on holding the Arab Summit in Baghdad and won’t accept changing its place,” Suheil told Aswat al-Iraq news agency, adding that Iraq’s position towards Bahrain won’t be the main reason for non-attendance of the Summit by Arab Leaders, “despite fact that the recent developments in the Arab Region had a direct impact on that.”
“The Parliament’s Foreign Relations Committee insists on holding the Summit in Baghdad,” Suheil said, adding that “holding the Summit can’t stand any discussion, because it was the Arab League’s decision, and a time, suitable for the Arab States, would be decided for the attendance of the largest number of Arab Leaders and Representatives by the meeting of the Arab Foreign Ministers in Cairo on May 8th.
Iraq’s Permanent Representative in the Arab League, Qais al-Azzawi, had stated on March 2, 2011, that the Arab Foreign Ministers have decided in their meeting in Cairo, to postpone the holding of the Summit in Baghdad from its scheduled time at the end of March to May 15.
http://en.aswataliraq.info/Default1.aspx?page=article_page&id=142265&l=1
*** Iraq's Economic Plans ~ Al-Dabbagh takes part in Arab-Turkish Economic Forum in Istanbul he explained the Iraqi government’s economic plans
4/29/2011Al-Dabbagh takes part in Arab-Turkish Economic Forum in Istanbul
BAGHDAD / Aswat al-Iraq: Spokesperson of the Iraqi government Ali al-Dabbagh reviewed in his word during the 6th Arab-Turkish Economic Forum in Istanbul Iraq’s economic plans and its vision in the reconstruction field.
“Al-Dabbagh addressed the forum, held on Wednesday (April 28) in Istanbul, in which he explained the Iraqi government’s economic plans and their attempts to encourage investments,” said a statement released by his office on Friday and received by Aswat al-Iraq news agency.
“There is a big opportunity for Turkey to start strategic partnerships with local investors in the Arab region,” he added.
Iraqi Finance Minister Rafi Hiyad al-Issawi had said that Iraqi government attached a great importance to investments by private sector and especially to sectors of energy and electricity.
Al-Issawi said that there were important opportunities in the areas of construction, infrastructure, transportation, ports and agricultural fields in Iraq.
“Al-Dabbagh addressed the forum, held on Wednesday (April 28) in Istanbul, in which he explained the Iraqi government’s economic plans and their attempts to encourage investments,” said a statement released by his office on Friday and received by Aswat al-Iraq news agency.
“There is a big opportunity for Turkey to start strategic partnerships with local investors in the Arab region,” he added.
Iraqi Finance Minister Rafi Hiyad al-Issawi had said that Iraqi government attached a great importance to investments by private sector and especially to sectors of energy and electricity.
Al-Issawi said that there were important opportunities in the areas of construction, infrastructure, transportation, ports and agricultural fields in Iraq.
Held under the patronage of Recep Tayyip Erdogan, Prime Minister of Turkey, the forum attracted over 500 participants, including leading business and investment figures from 22 countries, as well as heads of Arab and Turkish authorities for developing Turkish-Arab relations.
TAF'11 is organized by Al-Iktissad Wal-Aamal Group and the Turkish ministry of Finance, in cooperation with the Foreign Economic Relations Board of Turkey (DEIK) and the council of Arab League.
TAF'11 is organized by Al-Iktissad Wal-Aamal Group and the Turkish ministry of Finance, in cooperation with the Foreign Economic Relations Board of Turkey (DEIK) and the council of Arab League.
http://en.aswataliraq.info/Default1.aspx?page=article_page&id=142253&l=1
Parliament session convenes, inviting Foreign & Finance Ministers.
4/30/2011Parliament session convenes, inviting Foreign & Finance Ministers.
BAGHDAD / Aswat al-Iraq: The Iraqi Parliament Session has convened on Saturday, inviting the Ministers of Foreign Affairs and Finance, about the promulgation of the Agreement on the Settlement of Financial Demands between Iraq and the United States of America, a Parliament source said.
“The Parliament’s 60th session has began, under chairmanship of Parliament Speaker, Usama al-Nujeify, and attendance of 206 MPs, to invite the Foreign and Finance Ministers, along with the Governor of the Central Bank, regarding the promulgation of the Agreement on the Settlement of Financial Demands between Iraq and the United States,” the source told Aswat al-Iraq news agency
The session shall also witness:
_the 1st reading of the draft-law on the National Security Ministry,
_the draft-law on the Defense Ministry, as well as the draft-law on on Awards and Notes, along with
_the draft-law on the arms, he stressed.
Maliki can submit the names of security ministers this week or before the legislative recess on March 14
30/04/2011Asmaa al-Musawi: Maliki Can Submit the Names of Security Ministers this week or before the legislative recess on May 14
Expected to block the Liberal MP for the names of al-Musawi, al-Maliki to present this week, security minister of the Council of Representatives.
She said: "Maliki is committed to provide security minister this week, or before the legislative recess on May 14 next."
She added: "The names of the security minister will be selected according to criteria that have been developed, led by the professionalism and impartiality and loyalty to the country, and not coverage de-Baathification."
They believed al-Moussawi said the remarks that talk that the security situation affected by the absence of ministers security, incorrect, and said: "The building of the security establishment since 9 years ago it was on the basis that her terms of reference and not a single reference, and it is not affected by this situation."
Prime Minister Nuri al-Maliki expected to testify this week to provide candidates for the ministries of security, indicating during a news conference last week: "The work of moving equipment to the fullest, and probably will see next week, Minister provide the names of security."
The file security ministries run by al-Maliki by proxy, is witnessing a broad debate within the political blocs, and disagreements on the names
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Friday, April 29, 2011
Saturday April 30th ~ Iraqi Parliament vote on the draft law the Supreme Judicial Council next Saturday
April 28, 2011Parliament vote on the draft law the Supreme Judicial Council next Saturday
Alsumaria News / Baghdad
A parliamentary source said on Thursday that the Iraqi Council of Representatives will vote during its 60th to be held next Saturday, the draft law on the Supreme Judicial Council, as well as first and second readings of a number of laws.
The source said in an interview with "Alsumaria News", "The House of Representatives will vote during its 60th which will be held on Saturday, the draft law on the Supreme Judicial Council," noting that "the meeting will see the first reading of the bill and the Department of Homeland Security, and the first reading of the draft Law on the Ministry of Defense. "
The source, who requested anonymity, that "the meeting will also include:
_first reading of the bill decorations and medals, and the
_first reading of the draft arms law, and the
_second reading of the draft law the Higher Institute for Research on embryos and infertility treatment, and the
_second reading of the proposed law the Integrity Commission."
The Iraqi Council of Representatives through its reading of 43, which was held in the 15 of last March, the draft law the Supreme Judicial Council second reading.
It is noteworthy that "Alsumaria News", won, on the seventh of February last, a copy of the draft submitted by the Supreme Judicial Council by the Legal Committee in the House of Representatives to the Presidency of the Council after its preparation in coordination with the Judicial Council on the basis of the provisions of Article (60 / I) of the Constitution to approve the legislation based on the provisions of Article (61 / I) of the Constitution.
The head of the Iraqi Council of Representatives Osama Nujaifi announced, on the fifth of this April, his rejection of the letter from the Council of Ministers demands to wait legislation five important laws, including legal Supreme Judicial Council and the Federal Court, asserting sought Parliament to legislate such laws as soon as possible to keep the judiciary from political influences and the fight against corruption .
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Iraqi Dinar Revaluation/Redenomination ~ Iraqi dinar is trying to get rid of Zeros ... But!!
Confusing the Iraqi citizens with the removal of the zeros. This article, imo, reinforces the fact that the dinar will increase in value.
April 29, 2011
And after it had been Iraq's currency is printed outside the Government launched the Iraqi inherently internally, in an attempt to accommodate the cash the huge been issued new bank notes worth up and after that was 25 dinars figure the Great, was printed paper reviews the category of 250 dinars, which were not equal, in fact, more than 25 fils JD from the seventies.
After the year 2003 issued new Iraqi dinar denominations larger to facilitate the daily transactions, making the 25 thousand dinars, the biggest Iraqi currency now (the U.S. dollar is equal to 1120 dinars), but this price is still far from the ambition of the Iraqi citizen, is the deletion of zeros, the fastest way to raise the exchange value of local currency against the dollar.
And justifies the powerful position the negative toward the deletion of zeros of the Iraqi currency to "the need for political stability, economic and legal capacity to control the overall situation during the transition to the new currency", to ensure non-exploitation "because of the corruption rampant not only in government departments but also in society in general."
The monetary illusion psychological "Vsirkz that the value of the currency will vary in terms of number and not the real value, and will highlight the problems of high price level because there is no power able to rein in the Iraqi market," On the other hand, "the person who has the ten million would think that he has lost this amount After you delete Asfarh."
And varied views of economists interviewed by "talk" between welcome the decision because it is not new in the economic arena, but rather "has preceded us, several countries such as Germany and Turkey," according to economic researcher cream Hilfi.
But this does not mean that cloning experiments are those countries where it is supposed that "the objective conditions are provided for the implementation of the process," because Iraq is "suffering from structural economic problems and high rates of unemployment, these problems can be solved only in the long run."
Iraq today is suffering from significant problems have negatively affected the economy in case the zeros of the banknote with a thousand dinars will turn into a category of one dinar, and in this case, the change will be negative and positive directions.
What he sees as the first adviser to the CBI the appearance of Mohammed Saleh is to "reduce the mass of the large cash amounting to about 27 today trillion Iraqi dinars," a negative impact on people's daily trading and banking."
Saleh denies that the transition quickly as some people think it will not only "economic terms that reduce the size of the inflation, after a thorough study write in the form of law brought to the Council of Ministers and then to the House of Representatives, who will decide the implementation or not," indicating that the central deal with this issue "cautiously and carefully as it may cause economic problems in case of hasty implementation."
Iraqi street, in turn, is closely watching the movements during the last period Dinarh exchange rate against the dollar and encourage high value against other currencies, but at the same time, fear of losing as a result of the deletion process.
Seller food markets of Baghdad, one would prefer not to deal in Iraqi dinars in its dealings with wholesalers in Iraqi dinars, he would prefer to carry the American dollar being smaller. "Lack of volume of foreign currency," says Abdul Amir "is the reason behind the preferential deal in the event of large deals that require millions of dinars," and not deal daily routine, either raise the zeros do not find the answer immediately on the subject, only more questions about the size of the expected loss
Will there be a control on the market to ensure stability.
The employee in one state departments morning David conditioned the project feasibility study on the citizens first before it is direct it, raising further questions P "Will raise the value of the Iraqi currency against the dollar is real?" And also "Do I get the same real value of the salary that you Get it zeros and without it? ".
It appears from where we stand today that the Iraqi dinar is willing to disarm Ocefarh which overwhelmed, but the road remains long, Vartdae dress inflation and the deterioration of the value needs to be a long time to change gown prosperity.
April 29, 2011Iraqi dinar is trying to get rid of Ocefarh ... But!!
Baghdad / Orr News
Fear economic researcher Qasim Jabbar from the tyranny of monetary illusion in the event of psychological delete three zeros from the Iraqi currency, considering that the general situation does not allow it now.
Baghdad / Orr News
Fear economic researcher Qasim Jabbar from the tyranny of monetary illusion in the event of psychological delete three zeros from the Iraqi currency, considering that the general situation does not allow it now.
Iraqi dinar, which began his career in the thirties of last century and equated during the seventies three dollars, after the deterioration of Iraq's invasion of Kuwait in 1990 and the imposition of United Nations economic embargo tough, to lose its value rapidly and up to 3000 dinars per dollar mid-nineties.
And after it had been Iraq's currency is printed outside the Government launched the Iraqi inherently internally, in an attempt to accommodate the cash the huge been issued new bank notes worth up and after that was 25 dinars figure the Great, was printed paper reviews the category of 250 dinars, which were not equal, in fact, more than 25 fils JD from the seventies.
After the year 2003 issued new Iraqi dinar denominations larger to facilitate the daily transactions, making the 25 thousand dinars, the biggest Iraqi currency now (the U.S. dollar is equal to 1120 dinars), but this price is still far from the ambition of the Iraqi citizen, is the deletion of zeros, the fastest way to raise the exchange value of local currency against the dollar.
And justifies the powerful position the negative toward the deletion of zeros of the Iraqi currency to "the need for political stability, economic and legal capacity to control the overall situation during the transition to the new currency", to ensure non-exploitation "because of the corruption rampant not only in government departments but also in society in general."
The monetary illusion psychological "Vsirkz that the value of the currency will vary in terms of number and not the real value, and will highlight the problems of high price level because there is no power able to rein in the Iraqi market," On the other hand, "the person who has the ten million would think that he has lost this amount After you delete Asfarh."
And varied views of economists interviewed by "talk" between welcome the decision because it is not new in the economic arena, but rather "has preceded us, several countries such as Germany and Turkey," according to economic researcher cream Hilfi.
But this does not mean that cloning experiments are those countries where it is supposed that "the objective conditions are provided for the implementation of the process," because Iraq is "suffering from structural economic problems and high rates of unemployment, these problems can be solved only in the long run."
Iraq today is suffering from significant problems have negatively affected the economy in case the zeros of the banknote with a thousand dinars will turn into a category of one dinar, and in this case, the change will be negative and positive directions.
What he sees as the first adviser to the CBI the appearance of Mohammed Saleh is to "reduce the mass of the large cash amounting to about 27 today trillion Iraqi dinars," a negative impact on people's daily trading and banking."
The second comes from the effect of reducing the money supply and therefore the return of the Iraqi trader to carry the currency of his country that finds it difficult to trade, "is contrary to what is happening now in the domestic market" where they are trading goods in the wholesale market in the U.S. currency while the equality of paper percent dollars to about 118 000 Iraqi dinars. "
Saleh denies that the transition quickly as some people think it will not only "economic terms that reduce the size of the inflation, after a thorough study write in the form of law brought to the Council of Ministers and then to the House of Representatives, who will decide the implementation or not," indicating that the central deal with this issue "cautiously and carefully as it may cause economic problems in case of hasty implementation."
Iraqi street, in turn, is closely watching the movements during the last period Dinarh exchange rate against the dollar and encourage high value against other currencies, but at the same time, fear of losing as a result of the deletion process.
Seller food markets of Baghdad, one would prefer not to deal in Iraqi dinars in its dealings with wholesalers in Iraqi dinars, he would prefer to carry the American dollar being smaller. "Lack of volume of foreign currency," says Abdul Amir "is the reason behind the preferential deal in the event of large deals that require millions of dinars," and not deal daily routine, either raise the zeros do not find the answer immediately on the subject, only more questions about the size of the expected loss
Will there be a control on the market to ensure stability.
The employee in one state departments morning David conditioned the project feasibility study on the citizens first before it is direct it, raising further questions P "Will raise the value of the Iraqi currency against the dollar is real?" And also "Do I get the same real value of the salary that you Get it zeros and without it? ".
It appears from where we stand today that the Iraqi dinar is willing to disarm Ocefarh which overwhelmed, but the road remains long, Vartdae dress inflation and the deterioration of the value needs to be a long time to change gown prosperity.
2 articles ~ Iraqi Dinar ~ The deletion of zeros from the Iraqi currency would overcome all the difficulties of economic
Saturday, April 30, 2011
Iraq: the deletion of zeros from the Iraqi currency would overcome all the difficulties of economic
Palm - saw an MP for the Iraqi List, reproach the league that the process of deletion of zeros from the Iraqi currency to work through all the economic difficulties, especially after the case of hyper-inflation experienced by the country.
The league said in a press statement today: The announcement of the Iraqi Central Bank Governor for putting the final touches to the process of lifting the zeros from the currency is one of the things in support of the Iraqi economy and reduce inflation, currently exist.
The governor of the Central Bank came to the House of Representatives earlier and discussed with the deputies, the subject of the Iraqi economy and the deletion of zeros from the dinar.
http://nakhelnews.com/pages/news.php?nid=7106
Iraq: the deletion of zeros from the Iraqi currency would overcome all the difficulties of economic
Palm - saw an MP for the Iraqi List, reproach the league that the process of deletion of zeros from the Iraqi currency to work through all the economic difficulties, especially after the case of hyper-inflation experienced by the country.
The league said in a press statement today: The announcement of the Iraqi Central Bank Governor for putting the final touches to the process of lifting the zeros from the currency is one of the things in support of the Iraqi economy and reduce inflation, currently exist.
The governor of the Central Bank came to the House of Representatives earlier and discussed with the deputies, the subject of the Iraqi economy and the deletion of zeros from the dinar.
http://nakhelnews.com/pages/news.php?nid=7106
Central Bank of the process of finalizing the draft raise three zeroes from the Iraqi dinar
Palm - The Central Bank of Iraq, on Tuesday, he is about to finish the project raise three zeroes from the currency, noting that the project is considered strategic, and submitted to the Council of Ministers and legislators if completed.
The central bank adviser said the appearance of Mohammed Saleh during permit media raising project three zeros from the dinar is a strategic project and the Central Bank is in the process of finalizing the project, the idea of theory into practice, and is nearing completion, and submitted to the Council of Ministers and Deputies.
The benefit that this project will reduce the cost of transactions and reduces the carry cash, he said, adding that Iraq is on the verge of producing 6 to 12 million barrels of oil and this will impact on the development and raise the value of the Iraqi dinar.
The adviser to the Iraqi Central Bank said the bank has achieved three things during the last stage, as the first building reserves from zero to $ 50 billion, within the past five years, reduce the price of the basic inflation from 34% to 4 or 3%, and achieved stability in the Iraqi dinar exchange.
He was adviser to the CBI the appearance of Mohammed Saleh, said in an interview earlier the bank's readiness to delete the zeros of the Iraqi currency, pointing out that those zeros that are added to the Iraqi currency during the last period formed a cluster of large cash amounted to 27 trillion Iraqi dinars.
On the other hand, revealed adviser to the CBI, said Iraq enter for the first time a system of payments between banks has been the transition to electronic clearing away from the hand and entered into by the six banks and the exchange of instruments between banks electronically and will link the smart card and credit system with the Central Bank.
Continued by saying that the central bank would be three years after the so-called Council of the payments, which sets protocols and is the infrastructure of Iraq.
Previously, specialists Iraqis in the field of economics that played down the impact of the central bank to delete zeros from the currency the purchasing power of the Iraqi dinar, also hopes the government from behind the move, as the view of researchers that the cost of lifting of the zeroes will be the biggest of its usefulness, given that the currency's strength is measured by the stability of disbursement which is based on the strength of the productive sector can provide goods and services.
Endeavour Cancelled until Sunday? ~ Friday at 3:47 pm ~ Final launch of space shuttle Endeavour set for Friday (postponed until Sunday, May 1st:)
April 29, 2011
Final launch of space shuttle Endeavour set for Friday at 3:47 pm
Kennedy Space Center, Florida - When Space Shuttle Endeavour blasts into space for the final time Friday, the launch will be particularly emotional for the commander on board.
Back on the ground, Cmdr. Mark Kelly's wife, U.S. Rep. Gabrielle Giffords, will watch the shuttle's ascent. Three months ago, Giffords was clinging to life after a gunshot wound tore through her brain in January's Tuscon, Arizona, mass shooting.
Kelly will lead a crew that includes pilot Gregory H. Johnson; mission specialists Michael Fincke, Greg Chamitoff and Andrew Feustel; and European Space Agency astronaut Roberto Vittori. Liftoff is scheduled for 3:47 p.m. ET.
Endeavour has logged more than 103 million miles in space, blasting off 24 times, but its 25th flight will be its last.
As NASA's shuttle program winds down with the last launch scheduled this summer, many in the astronaut corps are wrestling with what to do next. For the foreseeable future, Russian rockets will be the only way for U.S. astronauts to get to space.
As shuttle program ends, astronauts want to keep flying
Fincke spent a total of a year in space on the International Space Station, getting there and back twice on Russian rockets. However, it will be his first shuttle flight.
"I think all of us, with all the changes that are going on, with our country's space program and NASA, all of us professional astronauts are looking into our hearts to see what we're going to do next," Fincke said.
Endeavour's first commander reflects on shuttle's final mission
Four spacewalks are planned for this mission. The space walkers will retrieve experiments, install new ones, refill tanks and lubricate parts at the International Space Station.
In its cargo bay, Endeavour will carry the Alpha Magnetic Spectrometer. At $1.5 billion, it is the most expensive piece of equipment a space shuttle has ever carried.
The AMS is designed to capture space particles like antimatter and dark matter which scientists know very little about but believe exist in the universe. The AMS will be mounted outside the International Space Station. If it's successful, it could lead to a better understanding of how our universe began and evolved.
A few months ago, before his wife was shot, Kelly talked about his upcoming mission.
"Flying in space is a very difficult thing to give up," Kelly said. "I remember after my last flight thinking 'Well, maybe this is the last time I'm gonna do this.' And, you know, you go a couple of months out and you're like, 'Oh, I really hope this is not the end of my flying career.'"
Kelly said that when STS 134, the Endeavour's last flight, is over, "I'll be thinking the same thing, I can't really give this up. I've got to figure out a way to get back into space."
http://www.cnn.com/2011/US/04/29/shuttle.endeavor/index.html
Saturday April 30th ~ Parliament will host Foreign Minister, Zebari, and Finance Minister, Issawi, regarding settlement claims between Iraq and U.S.
April 29, 2011Zebari and al-Issawi (pictured above) told parliament on Tuesday to discuss the claim file
BAGHDAD (Agencies): A member of the Senate Foreign Relations Committee that the Iraqi Parliament House to invite the Ministers of Foreign Affairs Hoshyar Zebari, the Iraqi Finance Rafie al-Issawi to its tomorrow
Saturday came to the hosting of the Convention to provide explanations regarding the settlement of claims between the Iraqi government and the Government of the United States, and not accountable to them.
According to Rose Mahdi, said "the invitation of the Iraqi parliament to the Ministries of Foreign Affairs Hoshyar Zebari and financial Rafie al-Issawi the government of Nuri al-Maliki for its Saturday came to hosting for clarification regarding the Convention on the settlement of claims between the Iraqi government and the Government of the United States, and not accountable to the Convention," adding that "the invitation Committees Deputies on to host the ministers are still in the first phase will be on call for accountability in the second phase called for the need. "An official source said that "the Senate Foreign Relations Committee of Representatives of Iraq began after a meeting with Iraqi Foreign Minister Hoshyar Zebari yesterday in a campaign to collect signatures to call Zebari Iraqi parliament and accountability on the Convention on the settlement of claims between the Iraqi government and the Government of the United States."
Mahdi said that the "Foreign Relations Committee, the parliamentary process of preparing a mechanism for communication between them and the Iraqi Foreign Ministry to activate the supervisory role of the Commission on the performance of State," noting that "in the Committee's meeting with Foreign Minister on Thursday was put forward several proposals to give effect to this role was welcomed by Foreign these proposals condition to be within the framework of the permanent Iraqi constitution. "
The Iraqi Council of Representatives held its the (59), headed by Osama Najafi, on Thursday, to vote on the draft law on ratification of the Convention on the settlement of claims between the Iraqi government and the Government of the United States, while met with Foreign Relations Committee, Foreign Minister Hoshyar Zebari to discuss the summit and detained in the neighboring countries.
http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http://www.babnews.com/
Baghdad and Seoul sign agreement on cooperation in energy, economy
Links ~ Iraq and South Korea
30/04/2011
Baghdad and Seoul sign agreement on cooperation in energy, economy
بغداد Ù€ Ø§Ù„ØµØ¨Ø§Ø Baghdad morning
Resulted in the visit of Prime Minister Nuri al-Maliki to South Korea, and his meetings with officials and heads of companies out there, has signed an agreement to expand cooperation in the areas of energy and the economy.
Maliki's visit to Seoul in the efforts to strengthen Iraq's relations with world countries and invest the relative stability experienced by the country to attract capital and the contribution of international companies in a campaign of construction and reconstruction, as it deems observers, especially after Maliki's call for Korean companies to invest.
And met with Prime Minister during his current visit to Seoul, which began last Wednesday with President Lee Myung-bak at the presidential palace yesterday, where the two sides exchanged views on ways to strengthen bilateral relations between the two countries, said Maliki, the importance of strengthening the relations between the two countries for years and the need to strengthen and expanded.
Maliki said, according to a statement issued by his press office had received "morning," a copy of it: "The visit to Korea may mean many things to expand relations in all fields, adding that we are seeking to establish stable relationships and growing", stressing that Iraq sought to benefit from the Korean experience in how to promote reality and re-infrastructure.
For his part, South Korean President according to the statement, his country's desire Pettmtin these relations to serve the interests of two friendly countries.
During the meeting, signed an agreement to expand cooperation in the field of energy and the economy.
The prime minister has renewed his call for Korean companies to invest in Iraq.
He said during a meeting at his residence yesterday in Seoul, a number of heads of major Korean companies: "We believe that Korea is able to be our partner," adding that the government and parliament and the status of legislation and laws will support the investment companies in Iraq, especially the Korean ones.
In a related context, said company STX (STX) for Heavy Industries yesterday that it had signed with the Iraqi Ministry of Energy of a memorandum of understanding to build a diesel power plants with total capacity of 2500 MW.
Under the deal, the company will build 25 stations generate power diesel with a capacity of 100 MW in all parts of Iraq especially Baghdad and other areas that suffer from a lack of supply of electricity, in addition to building 500 units of power plants diesel capacity is between 4-8 MW .
http://translate.google.com/translate?hl=en&sl=ar&u=http://www.alsabaah.com/&sa=X&oi=translate&resnum=1&ct=result&prev=/search%3Fq%3Dwww.alsabaah.com%26hl%3Den%26client%3Dmozilla%26rls%3Dorg.mozilla:en-US:unofficial
30/04/2011Baghdad and Seoul sign agreement on cooperation in energy, economy
بغداد Ù€ Ø§Ù„ØµØ¨Ø§Ø Baghdad morning
Resulted in the visit of Prime Minister Nuri al-Maliki to South Korea, and his meetings with officials and heads of companies out there, has signed an agreement to expand cooperation in the areas of energy and the economy.
Maliki's visit to Seoul in the efforts to strengthen Iraq's relations with world countries and invest the relative stability experienced by the country to attract capital and the contribution of international companies in a campaign of construction and reconstruction, as it deems observers, especially after Maliki's call for Korean companies to invest.
And met with Prime Minister during his current visit to Seoul, which began last Wednesday with President Lee Myung-bak at the presidential palace yesterday, where the two sides exchanged views on ways to strengthen bilateral relations between the two countries, said Maliki, the importance of strengthening the relations between the two countries for years and the need to strengthen and expanded.
Maliki said, according to a statement issued by his press office had received "morning," a copy of it: "The visit to Korea may mean many things to expand relations in all fields, adding that we are seeking to establish stable relationships and growing", stressing that Iraq sought to benefit from the Korean experience in how to promote reality and re-infrastructure.
For his part, South Korean President according to the statement, his country's desire Pettmtin these relations to serve the interests of two friendly countries.
During the meeting, signed an agreement to expand cooperation in the field of energy and the economy.
The prime minister has renewed his call for Korean companies to invest in Iraq.
He said during a meeting at his residence yesterday in Seoul, a number of heads of major Korean companies: "We believe that Korea is able to be our partner," adding that the government and parliament and the status of legislation and laws will support the investment companies in Iraq, especially the Korean ones.
In a related context, said company STX (STX) for Heavy Industries yesterday that it had signed with the Iraqi Ministry of Energy of a memorandum of understanding to build a diesel power plants with total capacity of 2500 MW.
Under the deal, the company will build 25 stations generate power diesel with a capacity of 100 MW in all parts of Iraq especially Baghdad and other areas that suffer from a lack of supply of electricity, in addition to building 500 units of power plants diesel capacity is between 4-8 MW .
http://translate.google.com/translate?hl=en&sl=ar&u=http://www.alsabaah.com/&sa=X&oi=translate&resnum=1&ct=result&prev=/search%3Fq%3Dwww.alsabaah.com%26hl%3Den%26client%3Dmozilla%26rls%3Dorg.mozilla:en-US:unofficial
***July 1st ~ Iraq to resume paying war reparations to Kuwait ...
April 27, 2011Iraq to resume paying war reparations to Kuwait
Protected fund expires in late June as Iraqi government accounts normalise and UN-mandated payments of oil revenue to Kuwait restart
Iraq has approved opening two bank accounts to manage its revenues after a post-war fund to protect the money from foreign claims closes this summer, a government spokesman said Tuesday.
One of the accounts will hold 95 per cent of Iraq's government income, the vast majority of which comes from oil exports, while the second account, holding five per cent of Iraq's revenues, will deal with war reparations to neighbouring emirate Kuwait.
Saddam's 2 August 1990 assault on Kuwait was rapidly met with a concerted international military response that pushed his forces out of the oil-rich state and eventually ended in his 2003 ouster.
Under UN resolution 1956, Iraq is required to pay five percent of its oil income to Kuwait for reparations stemming from the invasion.
New funds await UN approval. "Iraq will present its proposal to the United Nations Security Council on May 1st for approval," government spokesman Ali al-Dabbagh told AFP. "The plan will take effect July 1st, pending Security Council approval."
He added: "Both accounts will be held by the US Federal Reserve to avoid foreign claims. ... These accounts will hold not only revenues from oil, but also all the money we can retake from the former regime."
The new accounts will replace the Development Fund for Iraq (DFI), which was set up after the 2003 US-led invasion that ousted Saddam Hussein to handle oil and other revenues.
The DFI has been protected against claims by a UN resolution that expires on 30 June.
On 15 December, the UN Security Council ended key international sanctions imposed on Iraq in a major move toward bringing closure on the Saddam era.
Three council resolutions halted punishing international restrictions to prevent weapons of mass destruction proliferation, ended the UN oil-for-food programme for Iraq, and mandated the closure of the DFI.
http://english.ahram.org.eg/NewsContent/3/12/10781/Business/Economy/Iraq-to-resume-paying-war-reparations-to-Kuwait.aspx
Related Articles ~ Iraq and U.S. Bank Accounts ~ The Iraqi government opened two accounts at a U.S. bank for the deposit of oil money ... and .. Beginning of May ~ CBI and Foreign Debt: Saddam borrowed from the whole world, we know not all of Iraq creditors .. and ..On Tuesday, Shabibi goes to Washington ~ Iraq and the Paris Club ~ Financial confirmed it seeks to cancel the external debt ... ..and..*Before May 1st ~ Iraq Settles $21B In Saddam-Era Commercial Debt -Central Bank
Vietnam ~ IMF forecast economic growth of Vietnam this year will be positive
4 months ago ~ IMF talks about exchange rate and interest rate issues in Vietnam
April 29, 2011
IMF forecasts GDP growth of 6.3% Vietnam
In assuming the macroeconomic policies continue on track, the IMF forecast economic growth of Vietnam this year will be positive and the inflation rate can be less than double digits.
In a report recently made, the International Monetary Fund (IMF) that Vietnam has overcome the global crisis thanks to fiscal stimulus package worth around 5% of GDP and monetary easing program. Thus, GDP is growing at 5.3% in 2009 despite the significant decline of foreign investments and exports. To 2010, growth figures up 6.8% thanks to foreign and domestic demand surged.
From mid 2010 to now, a series of policies continue to be launched in an effort to stabilize the macro economy and control inflation. IMF reviews the market reacts positively to the Government's decision but still in a state of awaiting the results of the implementation.
According to the IMF assessment, the outlook for growth and inflation in 2011 depends very much on the new policy package has just given above will be successful anywhere. Overall, this year will grow at 6.25% to 6.3%, before recovering to 6.8% rate in 2012.
The IMF also recommended that the Government should be ready to tighten policy in case of necessity. The policy implementation and ongoing maintenance is expected to drastically reduce inflation, restore confidence and strengthen the position of Vietnam on the assessment of international organizations.
If the macro-economic policy on track, the outlook for 2011 looks encouraging, the IMF said. In general inflation forecast, the IMF said that Vietnam's inflation this year may at 13.5%. However, in case makers successful implementation of macroeconomic policies has just launched, inflation may stop at a figure of 9.5%, the report of the IMF Articles of Vietnam .
Earlier, in March 3 / 2011, inflation jumped to 13.9% over the same period last year, the highest during the previous 24 months and much higher than other ASEAN economies. Underlying inflation (excluding food and fuel prices) increased by 9.8% over the same period last year.
Despite the current account deficit at relatively narrow, and only near 3% increase in capital in 2010, overall balance of payments is facing deficits due to a large amount of money flowing out banking system. Although no official statistics but the IMF estimates that money is flowing out at about 13.3 billion USD (accounting for 12.3% of GDP). This figure is mainly from the desire to accumulate gold and the dollar's growing population. Also, foreign exchange reserves fell to the equivalent of about 1.4 months of imports by end 2010.
To take the official exchange rate of close to a free market, the Government decided to further reduce the cost of the additional 8.5% in February, 2011. Meanwhile, the trading band is adjusted from narrow to + 3% + 1%.
Next, the Government announced a series of policies to control inflation and increase the supply of foreign currency for the financial system. The focus of this policy package is tightening program for the purpose of reducing credit growth below 20%.
Also, in an effort to increase the supply of foreign currency to the banking system, the State Bank has banned business undertakings free gold and foreign currency reduced by the corporation held by the State. Series of plans to curb public spending are also presented, with the aim of reducing the fiscal deficit in 2011.
http://www.einnews.com/vietnam/
April 29, 2011
IMF forecasts GDP growth of 6.3% Vietnam
In assuming the macroeconomic policies continue on track, the IMF forecast economic growth of Vietnam this year will be positive and the inflation rate can be less than double digits.
In a report recently made, the International Monetary Fund (IMF) that Vietnam has overcome the global crisis thanks to fiscal stimulus package worth around 5% of GDP and monetary easing program. Thus, GDP is growing at 5.3% in 2009 despite the significant decline of foreign investments and exports. To 2010, growth figures up 6.8% thanks to foreign and domestic demand surged.
From mid 2010 to now, a series of policies continue to be launched in an effort to stabilize the macro economy and control inflation. IMF reviews the market reacts positively to the Government's decision but still in a state of awaiting the results of the implementation.
According to the IMF assessment, the outlook for growth and inflation in 2011 depends very much on the new policy package has just given above will be successful anywhere. Overall, this year will grow at 6.25% to 6.3%, before recovering to 6.8% rate in 2012.
The IMF also recommended that the Government should be ready to tighten policy in case of necessity. The policy implementation and ongoing maintenance is expected to drastically reduce inflation, restore confidence and strengthen the position of Vietnam on the assessment of international organizations.
If the macro-economic policy on track, the outlook for 2011 looks encouraging, the IMF said. In general inflation forecast, the IMF said that Vietnam's inflation this year may at 13.5%. However, in case makers successful implementation of macroeconomic policies has just launched, inflation may stop at a figure of 9.5%, the report of the IMF Articles of Vietnam .
Earlier, in March 3 / 2011, inflation jumped to 13.9% over the same period last year, the highest during the previous 24 months and much higher than other ASEAN economies. Underlying inflation (excluding food and fuel prices) increased by 9.8% over the same period last year.
Despite the current account deficit at relatively narrow, and only near 3% increase in capital in 2010, overall balance of payments is facing deficits due to a large amount of money flowing out banking system. Although no official statistics but the IMF estimates that money is flowing out at about 13.3 billion USD (accounting for 12.3% of GDP). This figure is mainly from the desire to accumulate gold and the dollar's growing population. Also, foreign exchange reserves fell to the equivalent of about 1.4 months of imports by end 2010.
To take the official exchange rate of close to a free market, the Government decided to further reduce the cost of the additional 8.5% in February, 2011. Meanwhile, the trading band is adjusted from narrow to + 3% + 1%.
Next, the Government announced a series of policies to control inflation and increase the supply of foreign currency for the financial system. The focus of this policy package is tightening program for the purpose of reducing credit growth below 20%.
Also, in an effort to increase the supply of foreign currency to the banking system, the State Bank has banned business undertakings free gold and foreign currency reduced by the corporation held by the State. Series of plans to curb public spending are also presented, with the aim of reducing the fiscal deficit in 2011.
http://www.einnews.com/vietnam/
Iraq's Central Bank urges the government reform the tax system in the country
More articles about Iraq and taxes ~ Links ~ Iraq Taxes
29/04/2011
Baghdad, A central bank, the Iraqi government to sweeping reforms of the tax system and improve the performance of the Department of Taxes in the country.
The central bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency Friday, said that "the tax system in Iraq, not backward rise of the responsibilities granted by the Ministry of Finance, which cause great economic problems."
He added that "reforming the tax system in Iraq is aimed at creating an atmosphere of citizenship and removal of the conditional method, which is characterized by the device is evident in his handling of the tax with the citizens."
He said the "decline in hard currency to buy and sell customers come because of fear of government and private banks to deal with a state tax because of its decisions that lack of flexibility."
He revealed the Iraqi Central Bank on Thursday, a decline in hard currency sales from $ 150 million to $ 50 million a day because of the problems faced by clients in the private banks and government disclosure concerning the tax.
He continued that "there are several problems facing the advancement of the tax in Iraq, most notably the tax system in Iraq Aerai economic changes taking place in the country, which increases the momentum of economic problems."
He revealed the CBI alleged that the value of tax to balance in 2011 amounted to 2.7 trillion Iraqi dinars.
The sector has witnessed in Iraq, taxes nearly ceased in recent years because of the economic turmoil in Iraq and the security situation, the tension which led to limit the tax system on the sector staff, merchants and traders only.
And select the CBI 250 billion dinars as a minimum for the establishment of private banks in the country.
The House of Representatives its first session legislation to the Banking Act in 2007to organize the work of private and state banks.
And the central bank of Iraq last February that he would give the number of licenses to establish private banks confirmed that the increase in banks will enhance the economic role of the country.
He denied the central bank in June 24 that the development of Iraqi private banks according to risk is confirmed by the Ministry of Finance down.
The total capital of Iraqi private banks one billion and 600 million dollars now, other than bank branches owned by Arab and foreign companies operating in the country.
The CBI said, last Wednesday, that high inflation is 0.01 a month in November, compared with this last month will not affect the value of the Iraqi dinar.
The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
http://www.aknews.com/ar/aknews/2/235708/
Snip ~ "The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector"
29/04/2011
Central Bank urges the government reform the tax system in the country
Baghdad, A central bank, the Iraqi government to sweeping reforms of the tax system and improve the performance of the Department of Taxes in the country.
The central bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency Friday, said that "the tax system in Iraq, not backward rise of the responsibilities granted by the Ministry of Finance, which cause great economic problems."
He added that "reforming the tax system in Iraq is aimed at creating an atmosphere of citizenship and removal of the conditional method, which is characterized by the device is evident in his handling of the tax with the citizens."
He said the "decline in hard currency to buy and sell customers come because of fear of government and private banks to deal with a state tax because of its decisions that lack of flexibility."
He revealed the Iraqi Central Bank on Thursday, a decline in hard currency sales from $ 150 million to $ 50 million a day because of the problems faced by clients in the private banks and government disclosure concerning the tax.
He continued that "there are several problems facing the advancement of the tax in Iraq, most notably the tax system in Iraq Aerai economic changes taking place in the country, which increases the momentum of economic problems."
He revealed the CBI alleged that the value of tax to balance in 2011 amounted to 2.7 trillion Iraqi dinars.
The sector has witnessed in Iraq, taxes nearly ceased in recent years because of the economic turmoil in Iraq and the security situation, the tension which led to limit the tax system on the sector staff, merchants and traders only.
And select the CBI 250 billion dinars as a minimum for the establishment of private banks in the country.
The House of Representatives its first session legislation to the Banking Act in 2007to organize the work of private and state banks.
And the central bank of Iraq last February that he would give the number of licenses to establish private banks confirmed that the increase in banks will enhance the economic role of the country.
He denied the central bank in June 24 that the development of Iraqi private banks according to risk is confirmed by the Ministry of Finance down.
The total capital of Iraqi private banks one billion and 600 million dollars now, other than bank branches owned by Arab and foreign companies operating in the country.
The CBI said, last Wednesday, that high inflation is 0.01 a month in November, compared with this last month will not affect the value of the Iraqi dinar.
The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
http://www.aknews.com/ar/aknews/2/235708/
Iraq Headline News for April 29, 2011
High Nassif calls to listen to the demands of demonstrators
Tahrir Square, demonstrators renew their claims to comprehensive reforms
Iraqi Journalists Union: 6 journalists killed during the first third of this year
Gorran: not incite people to protest and our doors are open to serious dialogue
The assassination of a colonel in the Iraqi army with weapons fitted with silencers, west of Baghdad
Maliki renewed his call for South Korean companies to invest in Iraq
A local official accused the security forces in Diwaniya, soft
Gates Leaves "Pentagon" on June 30
U.S. commander: 20 thousand troops will stay in the U.S. embassy in Baghdad
United Nations conference to discuss the Kirkuk elections next week
Prime Minister Nuri al-Maliki's meeting of the Council of Representatives during the next few days ...
29/04/2011Leadership in the state of law is likely to asylum-Maliki to request support from the House of Representatives
Baghdad, most likely leading the coalition of state law on Friday, to attend Prime Minister Nuri al-Maliki's meeting of the Council of Representatives during the next few days, pointing out that he would ask the Council to support politically, as well as supporting the enactment of the stability of security.
The MP said the cult who told the Kurdish news agency (Rn) "Prime Minister Nuri al-Maliki has no fear to come to the House of Representatives, and as Prime Minister and Commander of the armed forces, he should submit a questionnaire to the House of Representatives for political and economic conditions."
"The House of Representatives has the right to ask the Prime Minister on security matters in the country is now running as bags security ministries and agencies."
He guessed that Waeli "asked the prime minister political support from the House of Representatives as well as legislative and logistical support to improve the security situation through the reallocation of certain funds from one sector to another, or an amendment to the law for security in the country."
He Waeli, who served as Minister of National Security in the previous government, that "the withdrawal of U.S. troops from Iraq by the end of this year the theme determined by the technician concerned over reports from the field."
He pointed out that "Iraq has the agreement signed with America's obligation to implement the parties to confirm a complete withdrawal from Iraq by the end of this year," denying that there is a trend in the at least the mass of state law to extend the stay of troops later this year.
A spokesman for the Iraqi List, Haidar al-Mulla said in a press conference building, the House of Representatives and was attended by the reporter (Rn), last Tuesday, the collected signatures of 75 deputies in the parliament to host the Prime Minister to stand on the readiness of Iraqi security forces with the approaching date for the withdrawal of U.S. troops from Iraq.
And preparing U.S. forces, numbering about 50 thousand soldiers, for the complete withdrawal from Iraq by end of this year pursuant to the terms of agreement between Baghdad and Washington.
Amid reports of non-readiness of Iraqi security forces to carry out its functions, are still armed groups affiliated with al Qaeda to launch attacks on government and civilian sites between different periods of time.
Petraeus: Iraqi government did not ask U.S. forces to remain but will support the Iraqis in the event of withdrawal ...
Related articles ~ Iraq and U.S. Troop Withdrawal ~ Baghdad didn''t ask for extending US troops presence -- Mullen and ... Senior U.S. diplomat completes visit to Iraq and ... United States and Iraq held its first meeting under the Strategic Framework Agreement between the Governments of the two countries (judiciary and law)
29/04/2011
Petraeus: Iraqi government did not ask U.S. forces to remain
Erbil, The commander of U.S. forces in Iraq, General David Petraeus on Friday that the Iraqi government did not ask us to stay in Iraq, noting that according to Article III of the security agreement will support the Iraqis in the event of withdrawal.
Petraeus said in a statement today quoted the free channel from the White House that "We will keep the military attache is supporting and equipping Iraqi forces to help them from internal and external risks."
He noted that "there is no request from the Iraqi government to keep troops longer," .. saying that "U.S. forces will withdraw by the security agreement even of the disputed areas, including the city of Kirkuk."
His comments came Petraeus during the process moves by President Barack Obama in his national security team, and was nominated director of the Central Intelligence Agency CIA Leon Panetta, to the post of defense secretary, replacing the current minister, Robert Gates, while the nominated commander of coalition forces in Afghanistan, General David Petraeus to succeed Panetta director of the intelligence agency.
These changes represent a quality shift in the security team for Obama since he took office in January 2009.
The fighting forces of the United States withdrew from the cities and villages, districts and areas of the interdependence of the Iraqi outposts at the end of June 2009.
It is scheduled to withdraw U.S. troops remaining in Iraq late this year, according to the security agreement signed between the two sides in 2008 and which entered into force on January 2009.
There are now in Iraq, about 50 thousand U.S. troops are a non-combat duties after he had finished the U.S. Army in combat duties in Iraq last August.
Iraq has signed and the United States in 2008, the Convention on the strategic framework to support the ministries and agencies of the Iraqi transition from the strategic partnership with the Republic of Iraq to the areas of economic, diplomatic, cultural and security, based on the Strategic Framework Agreement and to reduce the number of reconstruction teams in the provinces, as well as provide an important sustainable for the rule of law, including the program of development of the police and the completion of the work of coordination, supervision and the report of the Fund of Iraq relief and reconstruction.
http://www.aknews.com/ar/aknews/4/235776/
29/04/2011
Petraeus: Iraqi government did not ask U.S. forces to remain
Erbil, The commander of U.S. forces in Iraq, General David Petraeus on Friday that the Iraqi government did not ask us to stay in Iraq, noting that according to Article III of the security agreement will support the Iraqis in the event of withdrawal.
Petraeus said in a statement today quoted the free channel from the White House that "We will keep the military attache is supporting and equipping Iraqi forces to help them from internal and external risks."
He noted that "there is no request from the Iraqi government to keep troops longer," .. saying that "U.S. forces will withdraw by the security agreement even of the disputed areas, including the city of Kirkuk."
His comments came Petraeus during the process moves by President Barack Obama in his national security team, and was nominated director of the Central Intelligence Agency CIA Leon Panetta, to the post of defense secretary, replacing the current minister, Robert Gates, while the nominated commander of coalition forces in Afghanistan, General David Petraeus to succeed Panetta director of the intelligence agency.
These changes represent a quality shift in the security team for Obama since he took office in January 2009.
The fighting forces of the United States withdrew from the cities and villages, districts and areas of the interdependence of the Iraqi outposts at the end of June 2009.
It is scheduled to withdraw U.S. troops remaining in Iraq late this year, according to the security agreement signed between the two sides in 2008 and which entered into force on January 2009.
There are now in Iraq, about 50 thousand U.S. troops are a non-combat duties after he had finished the U.S. Army in combat duties in Iraq last August.
Iraq has signed and the United States in 2008, the Convention on the strategic framework to support the ministries and agencies of the Iraqi transition from the strategic partnership with the Republic of Iraq to the areas of economic, diplomatic, cultural and security, based on the Strategic Framework Agreement and to reduce the number of reconstruction teams in the provinces, as well as provide an important sustainable for the rule of law, including the program of development of the police and the completion of the work of coordination, supervision and the report of the Fund of Iraq relief and reconstruction.
http://www.aknews.com/ar/aknews/4/235776/
Iraqi Dinar Revaluation (Currently IQD 1,000 is worth around €0.60 and US$0.85 ... ~ Too many zeroes: iraq plans to change currency
April 27, 2011Too many zeroes: iraq plans to change currency
The Iraqi government plans to chop three zeroes off the national currency. It should make transactions easier and enhance the exchange rate. But local economists are not sure the country is ready.
Recently the Iraqi government announced that they were close to completing plans for re-denomination. Three zeroes will be removed from Iraq’s currency, the Iraqi dinar or IQD, and old banknotes will gradually be phased out. For example, this would make an IQD 1,000 note into an IQD 1 note. Currently IQD 1,000 is worth around €0.60 and US$0.85.
Logically speaking, re-denomination does not change the value of a currency nor should it cause inflation. It should make currency easier to use and increase its credibility. Re-denomination may also be a matter of political expedience.
For example, when Turkey announced a re-denomination in 2005, the country’s central bank explained that extra zeroes on their banknotes meant “problems in accounting and statistical records, data processing software and payment systems”, adding that the move to cut them was “psychologically and technically essential”.
Re-denomination can usually only be undertaken once inflation is under control and over the last few years, inflation in Iraq has dropped from over 30 percent to single digits. Nonetheless Iraqi opinions about the planned change remain divided.
Qasim Jabbar, an economic researcher, is concerned about the psychological impact the removal of three zeroes will have on locals. Additionally Jabbar does not think the time is right. “We must create a stable environment in political, economic and legal terms, in order to control the conditions during the transition period to a new currency,” he explained. “This is necessary in order to ensure that the transition is not manipulated by government departments and in society in general, where there is rampant corruption.”
Jabbar was also worried about the absence of a central authority that was truly capable of controlling the Iraqi currency market. He believed that the psychological problem will be people “focusing on the change in numbers, rather than in real value”. By rights, re-denomination should not impact the actual value of a currency; it should still buy the same goods as it did before for the same prices. “But a person with IQD 10 million will feel they have lost a fortune when the zeros are removed,” he noted.
Re-denomination is nothing new. “Many countries, such as Turkey and Germany, have also taken this step,” another Iraqi economist Kareem al-Halfi said. “But this doesn’t mean that the Iraqi experience will be like that, of those nations. Iraq has serious structural problems and high rates of unemployment. These problems cannot be solved in the short term and we need to create the economic conditions necessary to allow re-denomination.”
According to Mothahhar Mohammed Saleh, an advisor to the Central Bank of Iraq, which was established in 2004 to administer monetary policy in Iraq, the impact of re-denomination could have both positive and negative effects.
Firstly, a reduction in the large amount of currency in circulation – there is an estimated IQD 27 trillion in circulation – could have a negative impact on everyday transactions, he said. For example, one previously recorded impact in other countries has included the rounding up (or down) of prices due to re-denomination.
On the other hand, the currency will become far easier to use. “In the wholesale sector, goods are being traded using US dollars.” This process is known as “dollarization” and occurs when a country uses a foreign currency, in parallel to or instead of, its own currency because it is seen as more stable and subject to fiscal disciplined.
Anyway, according to Saleh, “this change will not be introduced hastily. It will only be introduced when inflation is under control - and after parliament and the Iraqi cabinet has gone through legislation thoroughly. They will then decide how the [re-denomination] law will be implemented.”
As Saleh said, “the Central Bank is proceeding cautiously in this matter because it realizes re-denomination could cause economic problems if implemented in haste.”
The IQD was first introduced in the early 1930s and was pegged first to the British pound, then the US dollar. After Iraq’s invasion of Kuwait, under the leadership of Saddam Hussein, strict economic sanctions saw the value of the IQD drop. By the mid-1990s, IQD 3,000 was worth around one US dollar.
In order to make purchases in Iraq, huge amounts of cash were needed. An IQD 25 note was the highest denomination available so to make life easier, the government introduced an IQD 250 note. After the American-led invasion in 2003, the Iraqi government issued even more notes with higher values. IQD 25,000 notes were now the highest value.
The average person on the Iraqi street said they would be happy to see the IQD stabilize further. But they are also afraid that the lopping off of zeroes will have a negative impact.
Baghdad merchant Abdul Amir trades in food products and when he deals with wholesalers he prefers to use US dollars because then he doesn’t have to carry as much paper around. “Large transactions require millions of Iraqi dinar. If I use foreign currency, I don’t need as much,” he explained. “But when it comes to daily transactions, I don’t mind using the dinar.”
As to his thoughts on the planned re-denomination, Amir had only questions: “Would there be a loss expected? Would the market be controlled to guarantee its stability?” he asked.
Government employee Sabah Daoud raised further questions: “Would the Iraqi dinar rise against the dollar? Would my salary be worth the same, with and without the zeroes?” He wanted to see more research on the impact of such a step on the average Iraqi citizen.
Currently the Iraqi government seems set on losing the extra zeroes, those digits that have become such a burden on the dinar. But the road toward this goal is a difficult one. And it is just one stop along an even longer road, the one leading toward prosperity and steady, stable economic growth for Iraq.
Niqash: briefings from inside and across Iraq ~ http://www.niqash.org/content.php?contentTypeID=28&id=2826&lang=0
*** Vietnam ~ Tuesday, May 3rd ~ ASEAN +3 Finance Meeting .. alongside 'ADB's Annual Meeting will be held in Hanoi ...
April 8-9 Meeting ~ *** ASEAN Finance Ministers' Meeting ends with 3 outcomes ...
Links to ASEAN+3 Chiang Mai Initiatve and Currency Swaps
April 23, 2011
'ADB Annual Meeting focuses on Asia's sustainable growth'
HANOI - The 44th ADB Annual meeting will focus on how to move forward together between Asian countries to maintain a sustainable growth in the next four decades, said Ayumi Konishi, the country director of the Asian Development Bank (ADB) in Vietnam.
Konishi made the remarks in a recent exclusive interview with Xinhua here on the occasion of the upcoming 44th ADB Annual Meeting which will start on May 3 in Hanoi.
There will be wide range of issues to be discussed during this meeting, including pace of recovery from global economic crisis, inflation control, environmental degradation and climate change, and global economic rebalancing. These issues are recent concerns for all ADB members, Konoshi said.
"For a long-term issue, there will be a presentation of a draft study on Asia from now to 2050 during a governors' seminar which looks at what the region must do to secure sustainable growth over the next four decades," Konishi said.
According to the Asian Development Outlook 2011 published by ADB in early April, Asian countries which have shown resilience throughout the global recession, is now consolidating its recovery. The report forecast the region's gross domestic product growth of 7.8 percent in 2011 and 7.7 percent in 2012.
Although the figure is lower than the 8.2 percent growth in 2010, it showed the Asian region continues its firm recovery from the global economic crisis.
The economist emphasized the importance of "internal motive force" of Asian economy. The strengthening of ties with developing countries in the region has much potential, but so far these links have been mainly used for final goods exports to major industrial countries.
"If the policy-makers can remove the constraints to 'South South', meaning developing-developing trade and investment, the region can explore and foster new sources of sustainable growth," he said. (http://ssc.undp.org/uploads/media/A58.pdf)
Talking about the biggest challenge for Asian region to maintain sustainable growth, Konishi said if to pick up only one answer, the biggest challenge would be people's understanding and support.
"For example, if you talk about energy, on the one hand, if you become wealthy, you want to use more energy. But on the other hand, from the sustainability view of point, how to make sure the energy consumption more efficient is of great significance. It's a balance issue," he said.
According to Konishi, the 44th ADB Annual Meeting will start on May 3, alongside a gathering of finance ministers of the Association of Southeast Asian Nations (ASEAN), China, Japan, and South Korea, or ASEAN+3.
Chair from G20 group, representatives from the International Monetary Fund (IMF) will also join the meeting to talk about the future stability of the recent economy, such as the backdrop of slow growth in G7 economies, reform of the international monetary system and high government debt in Europe.
"There won't be any immediately special agreements during the meeting, I think this time the meeting is more about the vision how to move forward together between Asian countries," Konishi said.
http://www.philstar.com/Article.aspx?articleId=679081&publicationSubCategoryId=200
Links to ASEAN+3 Chiang Mai Initiatve and Currency Swaps
April 23, 2011
'ADB Annual Meeting focuses on Asia's sustainable growth'
HANOI - The 44th ADB Annual meeting will focus on how to move forward together between Asian countries to maintain a sustainable growth in the next four decades, said Ayumi Konishi, the country director of the Asian Development Bank (ADB) in Vietnam.
Konishi made the remarks in a recent exclusive interview with Xinhua here on the occasion of the upcoming 44th ADB Annual Meeting which will start on May 3 in Hanoi.
There will be wide range of issues to be discussed during this meeting, including pace of recovery from global economic crisis, inflation control, environmental degradation and climate change, and global economic rebalancing. These issues are recent concerns for all ADB members, Konoshi said.
"For a long-term issue, there will be a presentation of a draft study on Asia from now to 2050 during a governors' seminar which looks at what the region must do to secure sustainable growth over the next four decades," Konishi said.
According to the Asian Development Outlook 2011 published by ADB in early April, Asian countries which have shown resilience throughout the global recession, is now consolidating its recovery. The report forecast the region's gross domestic product growth of 7.8 percent in 2011 and 7.7 percent in 2012.
Although the figure is lower than the 8.2 percent growth in 2010, it showed the Asian region continues its firm recovery from the global economic crisis.
The economist emphasized the importance of "internal motive force" of Asian economy. The strengthening of ties with developing countries in the region has much potential, but so far these links have been mainly used for final goods exports to major industrial countries.
"If the policy-makers can remove the constraints to 'South South', meaning developing-developing trade and investment, the region can explore and foster new sources of sustainable growth," he said. (http://ssc.undp.org/uploads/media/A58.pdf)
Talking about the biggest challenge for Asian region to maintain sustainable growth, Konishi said if to pick up only one answer, the biggest challenge would be people's understanding and support.
"For example, if you talk about energy, on the one hand, if you become wealthy, you want to use more energy. But on the other hand, from the sustainability view of point, how to make sure the energy consumption more efficient is of great significance. It's a balance issue," he said.
According to Konishi, the 44th ADB Annual Meeting will start on May 3, alongside a gathering of finance ministers of the Association of Southeast Asian Nations (ASEAN), China, Japan, and South Korea, or ASEAN+3.
Chair from G20 group, representatives from the International Monetary Fund (IMF) will also join the meeting to talk about the future stability of the recent economy, such as the backdrop of slow growth in G7 economies, reform of the international monetary system and high government debt in Europe.
"There won't be any immediately special agreements during the meeting, I think this time the meeting is more about the vision how to move forward together between Asian countries," Konishi said.
http://www.philstar.com/Article.aspx?articleId=679081&publicationSubCategoryId=200
Thursday, April 28, 2011
IMF raises GCC growth to 7.8%
April 28, 2011IMF raises GCC growth to 7.8%
The International Monetary Fund on Wednesday raised its 2011 projection for GCC growth to 7.8 per cent from 5.2 per cent, and said high oil prices would also boost the six-nation group’s current account surplus growth by 124 per cent to $ 304 billion.
The Washington-based fund said GCC’s growth would gain increased momentum from Qatar, growing at 20 per cent, and Saudi Arabia at 7.5 per cent. The UAE will grow by 3.3 per cent, the Fund said.
Overall, GCC’s nominal GDP is estimated to reach $ 1.402 billion in 2011 from $ 1.084 billion in 2010. UAE’s nominal GDP is estimated to reach $ 363.8 billion in 2011 from $ 301.9 billion in 2010.
Consumer price inflation in the GCC is forecast to soar by 5.3 per cent while its pace will be slower in the UAE at 4.5 per cent, the multilateral lender said in its Regional Economic Outlook released on Wednesday in Dubai.
In the Middle East and North Africa region, inflation was expected to increase to an average of 102 per cent as concerns about food security rise.
“Some governments, particularly in the GCC (Kuwait, Qatar, Saudi Arabia, the UAE), will need to carefully monitor the impact of expansionary fiscal spending on aggregate demand to prevent a resurgence of inflationary pressures,” it said.
The IMF gave a separate projection for the GCC non-oil growth and said it is set to accelerate by more than one per cent to 5.3 per cent in 2011.
The IMF’s overall economic growth forecast for GCC — up from five per cent in 2010 — is far rosier than the outlook for the rest of the Middle East region as “oil production expands to stabilise global oil supply in the face of supply disruptions elsewhere.”
read more @ http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/business/2011/April/business_April521.xml§ion=business&col=
April 29th Vietnam and IMF ~State Bank Vietnam on the right track and on May 3rd ASEAN +3 Meeting, Hanoi
Bumped~
Related article ~ Vietnam ~ Tuesday, May 3rd ~ ASEAN +3 Finance Meeting .. alongside 'ADB's Annual Meeting will be held in Hanoi ...
April 29, 2011
Country: Vietnam
2011 Article IV Consultation
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April 25, 2011
France’s Bouchet: SBV on the right track
Related article ~ Vietnam ~ Tuesday, May 3rd ~ ASEAN +3 Finance Meeting .. alongside 'ADB's Annual Meeting will be held in Hanoi ...
April 29, 2011Country: Vietnam
2011 Article IV Consultation
__
April 25, 2011
France’s Bouchet: SBV on the right track
HCMC – Professor Michel Henry Bouchet, an experienced French expert in international banking and especially in country risk assessment, has lauded the latest moves taken by the State Bank of Vietnam (SBV) to cope with outstanding economic problems.
At a conference on Corporate Management of Foreign Exchange organized by CFVG management school and the French Chamber of Commerce and Industry in HCMC last week, Bouchet said the central bank’s measures had helped cut excessive consumption, reduce money secretion, stabilize the gold price, and encourage people to shift from depositing the dollar to dong.
He, however, said the measures had yet to tackle the root cause of the overheating economy in Vietnam. “Because the root, the overheating economy, comes from a long time ago, from the last five years. When you had credit growth from 25% to 28% per year, you have to deal with excess money supply on Monday in Vietnam. So the central bank’s current regulations are a good signal that it is tackling the problem but that will take time to produce results,” he said.
Speaking to local media on the sidelines of the conference, Professor Bouchet said foreign exchange management was one of the policy tools that the central bank could use but it was not enough to fix the dong shrinkage. “You have to decrease the pressure on the dong and the pressure of the dong comes from basically excessive demand in the economy. Rising inflation is putting pressure on the exchange rate.”
That Vietnam has recently been downgraded by international credit ratings agencies will leave an impact on foreign institutional investors because they heed their project analysis and the country’s perception by the rating agencies as well, he said.
According to Bouchet, the IMF and the World Bank’s view of Vietnam’s macro economy by the end of last year was fragile market stability due to confusion over the Government’s policy intensions, increased macro economy risks given credit boom and asset price bubble, high inflation, downward pressure on the local currency, and deteriorating debt profile.
Vietnam’s long-term challenges, he noted, will require immediate policy actions of mobilizing long-term financing for current accounts, sharing more equitably social benefits of economic growth, and improving transparency and governance.
Bouchet is head of SKEMA Business School’s Global Finance Center, and strategy director of North Sea Global Equity Management Fund. He has strong previous experiences at France’s Prime Minister Office, the World Bank, and the Institute of International Finance in Washington D.C.
http://en.baomoi.com/Home/economy/english.thesaigontimes.vn/Frances-Bouchet-SBV-on-the-right-track/136359.epi
Obama Says U.S.-Panama Trade Pact Will Benefit Both Nations (one of three trade deals to be submitted to Congress)
President Barack Obama meets with Panamanian President Ricardo Martinelli in the Oval Office of the White House in Washington, Thursday, April 28, 2011Related article ~ United States and South Korea Free Trade Agreement Moves Forward (Columbia and Panama also moving forward)
April 28, 2011
Obama Says U.S.-Panama Trade Pact Will Benefit Both Nations
U.S. President Barack Obama said a U.S.-Panama free trade agreement would benefit both countries and he expects it will be approved by Congress.
“We are confident now that a free trade agreement would be good for our country” by opening new markets and creating jobs, Obama told reporters in the Oval Office after a meeting with Panamanian President Ricardo Martinelli.
Martinelli said the agreement would “bring growth for the United States and Panama.”
Obama said that Martinelli has put in place “significant reforms in banking and taxation in Panama” and that the accord “would create jobs here in the United States, open up new markets with the potential for billions of dollars of cross border trade.”
Earlier this month, U.S. Trade Representative Ron Kirk announced that the trade agreement is ready for consideration by Congress.
A trade agreement with South Korea is also awaiting congressional approval, while a separate deal with Colombia is awaiting changes sought by the U.S. to boost union protections.
Trade benefits for U.S. exporters from the Panama trade agreement will be the most modest among the three, according to the U.S. International Trade Commission.
Trade Balances
The pending deal with South Korea may boost U.S. exports by as much as $10.9 billion, and one with Colombia may add as much as $1.1 billion to exports once the agreements are fully implemented, the agency said. For Panama, it said, the accord would have a “small positive impact on the U.S. economy” and would “increase U.S. exports.”
Panama’s exports to the U.S. totaled $379 million last year, while the U.S. sent $6.1billion in goods to Panama, compared with $12 billion to Colombia and $38.8 billion to South Korea.
Senate Republicans have called for all three trade agreements to be submitted for congressional approval at the same time. Francisco Sanchez, undersecretary for international trade at the Commerce Department, said in an interview today in Rio de Janeiro that he expects lawmakers to act on the accords with Panama and Colombia this year.
http://www.bloomberg.com/news/2011-04-28/obama-says-u-s-panama-trade-agreement-will-benefit-both-nations.html
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