Central Bank of Iraq lowering auctions sales
The Central Bank of Iraq (CBI) had an auction on Thursday, January 29, 2015 of 98.2 million dollars. The auction was not as high as usual, and this is due to the lack of liquidity, lower oil prices and reduced imports into the country. The CBI auctions will be more depressed for a time being and not as high as in the past. The reason is not that of a law that was passed in Iraq it is because of employees or unknown persons are smuggling the money out of the CBI. A recent audit has shown that the CBI reserves are lower than what is being reported.
The CBI has sent out a memo to the foreign import and export banks stating that they would cover the Iraq government’s foreign accounts with U.S. dollars. The Iraqi government didn’t want to cause any fears that the Iraqi government would have any problems in paying for their imported goods. Depositing the U.S. dollars in the foreign accounts made Iraq’s foreign partners more at ease. They were relieved that they were going to be paid for the imports.
The Iraqi government has placed austerity measures throughout the public sector reducing government salaries. The wages will be lower most for parliament and cabinet members.
The Rafidain Bank has issued credit cards with MasterCard to its customers. The credit cards will work with bank branches in the country. Rafidain Bank will continue with its pilot program with MasterCard.
Islamic State Continue with buildup of Mosul
The Islamic State (ISIS) are still ramping up in the city of Mosul and building defenses for the upcoming assault in the fall of 2015. ISIS is continuing to build a sand berm around the city to defend it. Recruiting has been continuing in Mosul as ISIS been forcefully compelling young men to join ISIS. Since last June 2014, when the ISIS terrorists entered Mosul they had been setting up military bases for training. ISIS has been setting up checkpoints inside Mosul to recruit young men and to arrest anyone that violates the Islamic State’s caliphate. The ISIS took several teachers to unknown locations because they resisted the recruiting of students.
On Friday, the ISIS militants have attacked the oil city of Kirkuk in northern Iraq. The militants attacked an abandoned hotel in the center of town that local police were using as their headquarters. Peshmerga and Kurdish forces raided the hotel and killed three gunmen. The militants used two suicide bombers to keep the Kurdish forces out of the hotel.
ISIS militants were fighting near a town called Maktab Khalid, 12 miles southwest of Kirkuk. The heavy fighting with the Islamic State militants killed a Kurdish Army Brig. Gen. who was the operational commander of the Peshmerga Army brigade.
The economic advisor to the Prime Minister, Mohammed Saleh stated that the new economic reform policies will start in the next few weeks.
Iraq cabinet meeting for implementing the National Strategy for the Development of the Private Sector.
On February 12, 2015, the board of advisors associated with the Iraq Cabinet will be implementing the National Strategy for the Development of the Private Sector (NSDPS). The strategy is to increase the Direct Foreign Investment (DFI) and to create a climate for investors to invest in the country. This will be a time where you will see State Owned business turned over to the private sector. This has been a long time benchmark of the International Monetary Fund (IMF).
Iraq Oil and Energy fields still under threat by the Islamic State ISIS
The Kirkuk Gas Company has stopped all operations because of the Islamic State threat. The gas company stopped to protect its employees and to prevent any damage to the infrastructure.
They are several Shia Militia groups that are operating in Iraq. The names of the most active and largest are:
League of the Righteous
There many smaller groups that all report to one of this six militia groups. On Saturday evening, the Leader of the Party of GodWatch Full Movie Online Streaming Online and Download Shia militia group was kidnaped by unknown gunmen in Jadriya district Baghdad. The unidentified gunmen were wearing military uniform and driving rescue vehicles. The Party of GodWatch Full Movie Online Streaming Online and Download militia members are active in operations against the ISIS terrorists group. A search was conducted to find the gunmen.
In Mosul, the ISIS has been imposing taxes on business that are still operating in Mosul. The tax is 15,000 IQD per day from traders, doctors, lawyers and gold shops. The funds are collected and transferred to another location outside of Mosul.
You’re going to see the Iraqi government move in the direction of the European Union to encourage Direct Foreign Investment. The Prime Minister is making the conditions right to start negotiating with the European countries. The EU is very interested in the Oil and Gas sector as the Russians are shutting down supplies to Western Europe.
The Iraqi parliament economic committee will be having an economic conference on February 5, 2015. The economic conference will be attended by senior financial advisors, legal, investors and university professors. There is also a possibility that International Monetary Fund (IMF) and World Bank members will also attend the economic conference.
The Iraqi Air Force will be receiving in the next few months American F-16 fighter jets that the government purchased in 2012. The additional warplanes will be a great addition to conducting airstrikes on the Islamic State terrorists.
Parliamentary Finance reveal low central bank reserves and restricts sales in dollar auction
Central Bank agrees to cover bank accounts outside of Iraq to the dollar
Kirkuk Gas Company Suspends operations due to Islamic State threat
ISIS launches attack on oil rich northern Iraqi city Kirkuk
The appearance of Mohammed Saleh: direct reformist policies soon
If you enjoy the information, make sure you join the mailing list. You can join by clicking on this link and entering your email address.