The target rate of 1260 is what the Central Bank of Iraq is looking at achieving.
January 2007Monthly Archives
The Iraqi Kurds True Intentions
As I have been posting all along about the situation in Kirkuk; Iraq with the implementation of the ever so slow of happening Article 140 which is due in December 2007. The referendum on Kirkuk that is written in the Iraq’s Constitution, there is no word on funding for this program as of yet from the central Baghdad government. PM Maliki keeps either stalling or pressure from the Shia militias to not fund or help with any administrative help such as with volunteers or workers to make this happen.
One would have to ask why the central government in Baghdad appears to not want to fund the referendum stated in the Iraqi Constitution and why no support for it. Maybe the central government in Baghdad is seeing things in the Kurds more specifically inside the dealings and the workings of the Kurdish Regional Government (KRG) that would cause to not give funding to the KRG in support of the referendum in December 2007.
American Contractor Kidnapped in Iraq – Basra
BASRA, Iraq, Jan 5 (Reuters) – An American civilian contractor and two Iraqi translators have been taken hostage near the southern Iraqi city of Basra, a security source and police in Basra said on Friday.
Not Easy Being The PM Part II
As I predicted last November 18 (actually last June in private conversations with the owner of the Baby Biltmore) that the current PM Maliki would be replaced and now with his Wall Street Journal interview he admittedly states that he wishes to end his term as PM even sooner.
Most in the Iraqi Parliament would agree PM Maliki is ineffective and needs to be replaced if Iraq is ever going to improve. Someone that will move to disband the militias or go to battle against them and not be beholden to them as PM Maliki has repeatedly showed some favoritism in the past.
This is going to be hard to do, replacing the PM with someone that will go up against the Militias who control and strongly influence the Iraqi government. Such as the Firebrand Shia Cleric/commander who as of right now controls six Cabinet seats in PM Maliki government and 30 seats in the Iraqi Parliament.
An overview of the Banking industry in Iraq
The invasions of Iraq in the 1990’s the first Gulf war and followed by the economic sanctions thereafter have blocked the Iraqi banking industry to progress with the rest of the world.
Al-Rafidain Bank and State owned Al-Rashad Bank have 90 percent of the Iraqi banking sectors deposits and assets and all the previous regime debts rendering virtually insolvent. Iraq now has 32 banks, including seven from the public sector, 21 traditional banks, and four private Islamic Banks. These private banks serve as the foundation to Iraq’s financial infrastructure and the cornerstone of its newly emerging economy.
The deposits at these banks total $9.8 Billion dollars from private sectors, public sectors, and Iraqi Central Government. The Banks have an overall paid capital of 872.8 Billion Iraqi dinars, equivalent to $587.7 Million US Dollars.
The banking sector in Iraq still faces problems from previous sanctions and since the invasion in 2003. The banking owners and CEO’s have attempted to promote the Iraqi banking industry. However, setbacks have occurred due to the decreasing security situation in Iraq.
Iraq in Review
Deputy Parliament Speaker Khalid al-Atiyah confirming that the Parliament will discuss and endorse the 2007 budget after Id al-Adha.
Central Bank Expert predicts Deficit in 2007 Budget.
Finance Ministry Signs Agreement with Malaysia to settle Iraq’s debts.
Central Bank confirming relative improvement in inflation.
The Finance Minister said Iraq has signed agreements with 52 countries in order to decrease 80 percent of Iraq’s debts.
10bn dollars have been allocated to implement investment projects next year.
Newspapers reporting quickly decreasing demand on the dollar in Iraq’s Central Bank auction.
Talib Muhsin Abu Ju’laylah, director of the General Department for Taxes, saying that his department has achieved revenues worth 250bln Iraqi dinars this year.
The planning and development Cooperation Minister Ali Ghalib Baban saying that the International Monetary Fund Paris Club has pledged to write off 21 Billion dollars of Iraq’s debt.
