The Central Bank of Iraq is concerned of the Iraqi dinar being counterfeited and have set up internal measures. The Iraq budget continues to be stalled in the Iraq parliament.
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The Issue of New Iraq Currency
There has been quite a bit of news articles in reference to the deletion of zero’s or the issue of the new Iraq currency. The plan is for it to start if approved will be in 2013 not in September as some of the reporting from the Baghdad media. The inflationary measures the Central Bank of Iraq will be acting on still needs the approval of the Iraq Parliament. The Iraq government has not approved anything as of this posting.
27 December 2011
The Islamic State of Iraq is claiming responsibility for the Thursday, 22 December attacks that killed 69 people.
The anti-US cleric Muqtada al-Sadr, is using his position in the Iraqi government and calling for removal of the Iraqi Parliament and issuing new elections. The political situation in Iraq is at an all time low. Muqtada al-Sadr is proclaiming to be an ally of Prime Minister Maliki and is now calling for early elections. Prime Minister Maliki has not responded to the call of new elections. I am sure PM Maliki is probably wondering about his political position.
Muqtada al-Sadr launched a campaign for peace last week. Al-Sadr mistakenly thought calling for new elections and getting rid of the Iraqi Parliament could be done peacefully.
Saudi Arabia flushed with cash in 2011. Budget surplus of 81.6 billion dollars. With that type of clout who needs competitors in the GCC.
On Tuesday, 27 December two Iraqi’s were killed in a Kirkuk car bomb in Kirkuk Huwalja district.
A video about last weeks attack on 22 December. Hat-tip to Joel Wing over on Musings on Iraq.
25 December 2011 – Christmas Day
The Prime Minister Nuri Maliki said on Saturday, 24 December that if the Sunni’s created an autonomous region it would lead to “rivers of blood.”
“Despite the killings recently the political crisis the country is still unified according to PM Maliki.” — From Article.
***They make so much money each quarter not worried about a fifty-million dollar payment from the Iraqi Government….this is Iraq we work for free.
Vice-President Tareq al-Hashemi said he hasn’t committed any sins now claims he’s Patriotic…
Accused of running a hit squad in Iraq says the Iraq Higher Judicial Council on Christmas Day. I think if they wait any longer to make the arrest it will be too late he will be having dinner in Turkey.
The US Government does not have the influence it once did when you have 170k troops in Iraq. Now it is a policy.
“There is a strong sense that we need to let events in Iraq play out,” a senior administration official said. “There is not a great deal of appetite for re-engagement. We are not going to reinvade Iraq.” –From Article.
Dysfunctional Banking in Iraq
This article by Roy Gutman a McClatchy Newspaper news reporter did a great job in writing this piece about the shambles of the Iraqi banking system. Something I have been saying for the last 5 years. Good Job Roy. You must all read this article slowly and read it again.
Highlights of the article:
- No electronic funds transfers for Payroll or bills
- No checking accounts
- No Credit cards
- ATMs few working
- Banks are only a safe deposit box for your money
Quotes:
“Iraq is a completely destroyed country. Nothing is working. All the sectors are obsolete, and we have to start from minus, not zero.” – Iraq Government Spokesperson Ali al-Dabbagh
“The government cannot employ everyone. The private Sector has to play its role.” – Iraq Government Spokesperson Ali al-Dabbagh
They must have took lessons from the KRG. – AC
24 December 2011
Bayz Talabani, Kurdistan Region’s Minister of Finance, Iraq Kurdistan Regional Government
VP Banned from Leaving Iraq
Reuters is reporting Prime Minister has banned his own Vice-President Tareq al-Hashemi from leaving the country. The reporting so far is stating the recent arrests of the body guards are linking the Vice-President to terrorism. We are going to have to wait and see as this plays out. Everyone in Iraq is very concerned about the situation. Vice-President Tareq al-Hashemi remains in al-Suleimaniya visiting with the Iraq President. Look for the Vice-President to give his resignation to the Prime Minister Maliki.
GE Opening Office In Iraq
I’ve noticed an increase in the amount of articles that have been coming out in the Iraq media in regards to the deletion of the zeros and the distribution of the new currency. The articles are repetitive. I havent noticed anything new about which denominations will be replaced or what new denominations will be printed and circulated.
Salary Raises for Iraq Government Workers – Jan 2012
There’s been some positive news for State and government retirees who are currently collecting a pension from the Iraq central government. The Parliament Finance committee has decided to give a raise in salary to the pensioners and State employees in the beginning of 2012. The State employees and retirees pay raise has been included in the upcoming central Baghdad federal budget of 2012. The 2012 Iraq Federal budget will be between 112 and 120 billion usd. The second largest federal budget after Saudi Arabia.
http://www.alnaspaper.com/inp/view.asp?ID=5543
New Reports published Iraq
Things are progressing with the last remaining troops leaving Iraq which all will be redeployed back to there respective home bases. I have also included reports that would be of interest to Iraq investors newly published reports that are a must read.
A U.S. Army Brigade Combat Team will serve their remaining 12 month Iraq tour in Kuwait. The Army unit arrived in Iraq on July 2011 and will reposition themselves in Kuwait until the end of their tour in July 2012.
According to the Brigade Commander “This force will function as a reserve in the region to provide maximum flexibility for response to contingencies,” it said.
http://paktribune.com/news/US-shifts-soldiers-from-Iraq-to-Kuwait-245012.html
Please take a moment and download these reports USAID Investor Guide which has been updated published Nov 2011 and the IFC Country Report.
USAID Investor Guide Iraq Nov 11
http://export.gov/iraq/static/Investor%20Guide%20of%20Baghdad_Eng_Final_Latest_eg_iq_041335.pdf
IFC Country Report on Iraq 2011
http://export.gov/iraq/build/groups/public/@eg_iq/documents/webcontent/eg_iq_038641.pdf