Dear Proxy Stockholders ,

According to the current regulations and guidelines all stock holders holding stocks and shares under the name of our proxy company are kindly requested to submit a colored copy of their valid passport and a signed authorization letter authorizing our brokerage company (Warka Brokerage company) to transfer all stocks and shares held under the name of the proxy company to the direct name of the stock holder depositing the shares under his / her name in the ISX depository system.


Proxy holders whom fail to provide a copy of the colored valid passport and authorization within 15 days from posting this notice on our website will have their shares liquidated and sold and the funds deposited directly into their accounts held at Warka Bank for Investment and Finance.


Please send the requested information directly to our brokerage office 3044@warka-bank-iq.com noting that emails directed to the non relevant department will be disregarded and considered null and void.


Thank you for your fine cooperation.




Letter from Warka Bank

Dear Mr Burbank
Thank you for your below email.  Rest assured that once the increase in capital is effected as we are only waiting for the appointment of the shareholders meeting set by the company registrar, our obligations will be met.
The difficult times have passed away and with Almighty God willing, i am sure together will be stronger.
Best regards
Saad Albunnia

Iraq Business News was a Gold Media Partner at Symexco‘s Iraq Finance 2012 conference, attended by wide range of public officials and senior executives from the financial sector. It was a great gathering of finance minds and initiatives.

The following sound-bites will give you a small taste of the mood of the event:

“The opportunities in Iraq in the financial sector are the best in the world, but you have to have the appetite for riding the roller-coaster.”

– Professor Ali Allawi, former Minister of Finance.

“[We are committed to] an environment conducive to sustainable development on the basis of supply and demand … developing relations with the global economic system.”

– Dr Rowsh N Shaways, Deputy Prime Minister for Economic and Industrial Affairs.

“The Iraqi stock market is at the early stages of what will be a major capital market by any standards“.

– Lord Green of Hurstpierpoint, UK’s Minister of State for Trade and Investment.

It was also good to hear from Lord Green that the UK will finally open a visa application centre in Baghdad, making it much easier for Iraqi business people to enter the United Kingdom; at Iraq Business News we have expressed our concerns about the problem of visas in the past, and we hope that our highlighting of this important issue has helped to bring it to a resolution.

By Padraig O’Hannelly of Iraq Business News

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The finance committee in the Iraqi Council of Representatives warned on Wednesday about the deterioration of the Iraqi economy due to the low exchange rate of the dinar to the US dollar, assuring that proposals are underway to get the country back on its feet, reports AKnews.

According to AKnews, the Iraqi dinar hit its lowest exchange rate in three years against the US dollar, at a selling rate of 1290 dinars per dollar on Tuesday. On the othe hand, some online sources still show it trading in the range 1160 to 1165.

Committee member Shawrash Mustafa said the committee began to study the deterioration of the Iraqi dinar exchange rate and put in place several proposals to halt the crisis. He did not say what these proposals were, but that they will be delivered to the Ministry of Finance and Iraqi Central Bank (ICB).

The ICB has issued strict regulations on its sale of dollars, due to restrictions on trade with both Iran and Syria.

Azzaman reports that the dinar’s depreciation has prompted the Central Bank to intervene by increasing supply of dollars and withdrawing dinars from the market. The operation is supported by estimated foreign currency reserves of $62 billion, which Central Bank Deputy Governor Mudher Saleh said is sufficient to cover 120% of the value of local currency in circulation at current exchange rate.

Read Entire Article

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AKnews reports that Iraq’s new currency will include three languages: Arabic, Kurdish, and English. It will also include archaeological features including those of the Kurdistan Region.

Speaking on behalf of the economic committee in the Iraqi Council of Representatives, Muhama Khalil said that deleting the three zeros, and restructuring the currency will provide significant economic benefits.

He explained that Iraq signed a contract with four foreign companies to producing paper and coin variants of the new currency from the beginning of next year.

The move to delete the zeros will reduce the number of bank notes in circulation and simplify Iraq’s payment system. The Iraqi Central Bank will re-print some 30tr dinars ($26bn).

(Source: AKnews)


Central Bank: GDP of Iraq will rise from 180 billion toto 350 billion dollars after two years.

Baghdad – Mostafa Hashemi said the deputy governor of the Central Bank that the conditions experienced by the neighboring countries do not affect the Iraqi dinar exchange rate. confirmed the appearance of Mohammed Saleh told (the citizen) that the strength of the Iraqi dinar is derived from a link Iraq to the global economy.

He emphasized that the events taking place in neighboring countries can not affect the exchange rate of the currency, but in a superficial or negligible.

Pointing out that the currency’s strength also comes from the strength of oil exports to Iraq and how to maintain andinvest in real development. noting that the revaluation of the Iraqi dinar leap large will lead to increase the price of goods to weaken the double. also can not declare that the dinar will rise and will become the price Doe in order to prevent speculation and if what is left of the Iraqi economy at this pace and increased exports of oil and oil markets is controlled, it will make Iraq a key player in the region and will increase the GDP of Iraq of about $ 180 billion to 350 billion dollars in 2015 and this figure will be reflected on the price of the dinar in a logical yes. indicating that monetary policy aims to stabilize the external value of the Iraqi dinar exchange rate and at every opportunity to increase economic exchange rate.

Stressing that the Iraqi dinar currency strong and significant as the neighboring country (unnamed) Iraqi dinar traded at Mahalha and its markets as a hard currency at least as important as the U.S. dollar.

On the other hand, Saleh said that we are always working to review the controls sale of foreign currency out of the window official (central bank) and Iraq enjoy considerable freedom in the transfer of funds as provided for in Article VIII of the Convention on the International Monetary Fund has allowed Iraq to free current account to purchase goods and services from abroad without restrictions.

He said the obsession as a policy cash application of the law against money laundering, crime and terrorism, and must make it clear that the banking incubator for capital tainted.

Saleh said that the Iraqi economy is strong despite the lack of diversification of the economy is rent-seeking, one-sided is not a shame, Australia and Kendatad countries rents to this day ..

What matters is that import rents must be employed in development and economic progress and not in the type of economy.

Saleh expressed his support for the investments of oil in southern Iraq, saying that this will develop the Iraqi economy and not the accumulation of rent, but that the accumulation of rents in other sectors is what we aspire to Kaguetsadaan.

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The World Bank says it expects Iraq’s gross domestic product (GDP) to grow by 12.6 percent in 2012, and 10.2 percent in 2013, following a growth of 9.6 percent last year.

If achieved, this would give a compound growth of 36 percent in just three years.
This follows a downward revision of growth expectations for the world as a whole, with the global economy expected to expand 2.5 and 3.1 percent in 2012 and 2013 (3.4 and 4 percent when calculated using purchasing power parity weights), versus the 3.6 percent projected in June for both years.

The World Bank says it expects Iraq’s gross domestic product (GDP) to grow by 12.6 percent in 2012, and 10.2 percent in 2013, following a growth of 9.6 percent last year.If achieved, this would give a compound growth of 36 percent in just three years.

This follows a downward revision of growth expectations for the world as a whole, with the global economy expected to expand 2.5 and 3.1 percent in 2012 and 2013 (3.4 and 4 percent when calculated using purchasing power parity weights), versus the 3.6 percent projected in June for both years.

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The Iraqi dinar is the official currency of Iraq. The nation remains mostly isolated from international monetary markets. The country has no genuine sovereign credit, there’s little demand for its currency which stays thinly traded. All Iraqi property, such as its currency are viewed as currently being a very great risk. The Iraqi dinar value, or the Iraqi dinar exchange rate, is effectively decided through the central bank via it’s US dollar auctions.

The Iraq dinar was originally introduced in 1932 when Iraq grew to become independent from British rule. The dinar changed the Indian rupee that had been introduced by the British following winning management of Iraq from Turkey in WWI. The Iraqi dinar has been a managed or controlled money throughout its life.

The Iraqi Dinar is issued by the national central bank. The dinar value includes a long history as being a controlled unit of currency. Rarely, if ever, has the money been permitted to float freely. Upon its introduction, one Iraqi dinar was made equal to 13.5 rupees and pegged to the British pound. It remained pegged towards the pound until 1959 when its peg was switched to the dollar. The Iraqi money continues to be pegged to the US dollar.

Following the first Gulf War and the imposition of UN economic sanctions, financial circumstances within Iraq worsened sharply. By 1993, inflation had rocketed to an amazing annual rate of more than one thousand %, unemployment was at a massive 50 percent and also the Iraqi dinar exchange rate dropped considerably. Throughout 1994, it required about 2,500 dinars to buy one US dollar. To support the Iraqi dinar, various measures had been launched in 1996 such as new laws allowing Iraqi residents to own overseas money bank accounts.

Subsequent to the second Gulf conflict, new arrangements were created to be effective on fifteen October 2003 to issue a new Iraqi dinar and to control the Iraqi dinar exchange rate. Because those new arrangements were launched, the Iraqi Dinar Valuehas steadily been elevated. The current exchange rate is 1,170 dinars for one US dollar.

Figures printed by the Central Intelligence Agency (CIA) in its World Fact Book show the quantity of Iraqi dinars required to purchase one US greenback was at 1,475 dinars in 2005, 1,466 in 2006, 1,255 in 2007, 1,176 in 2008 and 1,170 in 2009. All indicators point to the currently prevailing exchange rate steadily increasing in the not too distant future.

Iraq is wealthy in raw oil, now possessing the second biggest level of confirmed crude oil reserves after Saudi Arabia. Iraq lately quantified its proven raw oil reserves at 143 billion barrels, compared to Saudi Arabia with 265 billion barrels of proven reserves. More importantly, these reserves are easily available and as a result the oil has a low cost to manufacture. About 95% of Iraq export income is generated from crude oil or oil derivative commodities.

As political security strengthens, and the economy restores efficiencies, crude oil output will rise and nationwide wealth should spread broadly among the Iraqi people, the Iraqi dinar worth might be anticipated to strengthen significantly over its present level.

Just like most currencies in the world currently, the Iraqi dinar value is vital to those who do business internationally. The opportunities available to those who are considering investing means tracking the Iraqi dinar exchange rate consistently.

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The Iraqi dinar is presently the topic of much supposition. The political instance in Iraq has long been unstable lately and war has guided Iraq into a very weak economic state. There was an occasion when one dinar was equal to 3 Us Dollars but now it has devalued a lot that 1 US Dollar now equals 1,170 dinars.
Right after the alienation of American troops from Iraq, individuals of Iraq anticipated to find some harmony but the failed elections of March 2010 trigger deeper uncertainty. The deadlock among two political parties in pursuit of the premiership has delayed all political improvement. In all this turmoil investors see a bright side.

Speculations are that once Iraq stabilizes and the economic system comes back on the right track the Dinar may get back its lost worth. That could only happen after it’s let out in the open market. At this time, this currency can only be bought from private retailers since commercial banking institutions stopped having it. This is because the dinar has not been listed on foreign currency, so banks do not wish to keep it. It is just when the dealing of dinar start publically, their value might be based upon the industry factors.

And so, the billion dollar concern here is when will the Iraqi dinar be traded publically?
It is a issue that can’t be resolved properly and only presumptions can be produced given that a lot of aspects are involved here. Even so, there are a few indicators to when this might happen. The first constructive indication will be the formation of a steady government in Iraq. The dinar was last available in industrial banking institutions in 2004. After that because of uncertainty banks stopped dealing in dinar.
Today, Iraq is plagued by war and territorial hostility. The war has left the country fragile, unstable and with very low man power. How can the government cope with all these issues right after the complete revulsion of American soldiers and will it be competent to guard its borders? All of these aspects will directly affect the need for Iraqi dinar on the market. The nation has vast oil reserves and that’s one of the most hopeful and beneficial portion of all. As soon as offers are made with foreign businesses and business regains its formal position the economy is bound to improve.

The Iraqi overall economy is intending to secure gradually yet continuously. It is increasing self-confidence in investors of Iraqi currency. The revaluation of Iraqi currency greatly relies on the Development Fund for Iraq (DFI). Iraq pleaded that increased funding must be given, at least for one more year yet this plea was refused by UNSC and alternatively a 6 month protection was offered. Therefore it is envisioned that things may settle down and stabilize within the end of 2011.

Anybody interested in buying Iraqi currency would have to speak to foreign currency traders. Several sellers are exchanging dinar for silver, gold or any other metals and gemstones. And when affairs come out as expected and then the Iraqi dinar regains its forfeited worth the buyers may benefit greatly.

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26/10/2011 | (Voice of Iraq)– – Sumerian News / MP from the Sadrist movement Bahaa al-Araji, Wednesday, central bank governor confirmed the possibility of curtailment amounts of imports of Iraqi oil for distribution to the Iraqi people, adding that Iraq’s economy will improve after the withdrawal of U.S. troops from the country.

Iraq Currency (De La Rue Print - Old)

Iraq Currency (De La Rue)

They said in a joint press conference held at the parliament building with MPs representing different political blocs and the Governor of the Central Bank and attended by “Alsumaria News”, “Among the many topics discussed by the deputies representing the mass of the free and the rule of law and the Iraqi List Iraqi and white with the Iraqi Central Bank Governor issue of giving a share of the oil resources of the people, “noting that” the central bank governor confirmed the possibility of curtailment amounts of imports of Iraqi oil for distribution to the Iraqi people and the application of the subject. ”

Referred to the cleric Moqtada al-Sadr, select, on 5 September 2011 , three conditions for the postponement of the demonstration, millions demand for better services to give the people’s share of the oil and the appointment of at least 50 thousand people in government departments, as well as provide power generators capacity fuel is free, and when he said that those conditions is the last chance for the government, reiterated his refusal to drop the Maliki’s government.

Araji said that “the Governor of the Bank pointed to the positive issue of the deletion of zeros and its impact on the economic situation,” adding that “the governor stressed that” the economy will rebound after the withdrawal of U.S. troops from the country because foreign companies will come to the Iraqi market. ”

The Central Bank of Iraq, said in twenty-fifth of September 2011 to 2013, will delete the zeros and the currency exchange. The Iraqi Central Bank Governor Sinan Shabibi, announced at a meeting of independent bodies with Prime Minister Nuri al-Maliki, which was held in (June 19, 2011), his willingness to create all the supplies to replace the Iraqi currency.