This was an email question and answer to the CEO of Al-Warka Bank Mr. Saad al-Bunnia on 6 June 2006. I appreciate him taking part and answering the questions set forth by American Contractor.
May 2007Monthly Archives
The Real Deal Banking in Iraq
Despite with all that is happening in Iraq one thing is for sure and that is the Banking sector is slowly but surely getting better however, it still has a long way to go to get anywhere near or as close to your local bank in the western world.
Iraq’s Oil Law is Unworkable
“It’s very difficult to predict whether the oil law will pass or not. If I were to make a guess — perhaps it will after an uproar,” Tariq Shafiq – Oil Expert
Read it here.
Billions in oil in Iraq ‘missing’
More missing oil!!
Read it here
Iraq oil law will deter foreign investment
Still having problems with the Iraq Oil and Petroleum law let’s hope for the end of May.
Notes from Amman meeting
Apparently the post The target Rate Announced in Amman Jordan has caused a commotion.
American Contractor Email Interview of Bank CEO in Iraq
In June of last year American Contractor had requested an email interview with a CEO of a private Iraqi bank and was accepted. The CEO was advised that it would be published on the blog shortly after the interview.
The target Rate Announced in Amman Jordan
In last months meeting in Amman Jordan at the Iraqi Banking conference the target rate for the the Iraqi currency is 1250.
Currency Conversion And Transfer Policies
This is from the U.S. State Department referring about the Iraqi Dinar currency restrictions by the banks who are not to engage in speculative purposes.
The currency of Iraq is the Dinar (IQD – sometimes referred to as the New Iraqi Dinar). The Iraqi currency is fully convertible and can be exchanged freely with any other currency. The new investment law allows investors to bank and transfer capital inside or outside of Iraq, which provides considerable flexibility for foreign investors.
The Government of Iraq’s monetary policy since 2003 has focused on maintaining price stability and a stable exchange rate. Banks may engage in spot transactions in any currency, but are not allowed to engage in forward transactions in Iraqi Dinar for speculative purposes. The Central Bank of Iraq (CBI) can intervene, when necessary, in order to maintain stability in the foreign exchange market. There are no taxes or subsidies on purchases or sales of foreign exchange.
Situation is worse in Iraq; civil war possible – Saudi minister
Iraq is getting closer and closer to a civil war according to the House of Saud.
Cairo- In the wake of the so-called “neighbours-plus” conference, Saudi Foreign Minister Saud al-Faisal in comments published Saturday said the situation in Iraq is only getting worse and that civil war could break out in the already-divided country. “The situation in Iraq is only getting worse,” al-Faisal, who was considered one of the key players in the Egypt conference, told al- Hayat newspaper. “We fear that the situation will deteriorate into a civil war.”
