Rebuilding Iraq is central to the agenda of the Iraq Britain Business Council (IBBC) autumn conference at The Address, Dubai Marina on 12th November.

The opportunity for businesses in the region to engage in Iraq is reflected by the attendance of a number of high profile Iraqi Ministers: from Electricity, Transport, Oil, Construction and Housing, to the Governor of Basrah and International financiers, including the IMF and World Bank.

Vikas Handa, the IBBC UAE representative agrees:

“Iraq is the second largest oil producer in OPEC and has one of the biggest programmes for new power generation projects in the region; Iraq presents massive opportunities for housing, Infrastructure and FMCG businesses. The event is designed to discover the opportunities and projects live and intended in Iraq, for business people to meet the decision makers, to obtain insights and to network”.

UAE is increasingly seen as the regional hub for corporate operations in Iraq and the place where business decisions are determined.

We can confirm this as a range of leading international companies are attending, including GE, Siemens, BP, Wood, Serco, Shell, Petronas, Gulftainer, Zain, KCA Deutag, the International Islamic Bank and more. There will also be plenty of networking and engagement on the sidelines beyond the main stage.

The IBBC Dubai conference is also the location for the Governor of Basrah to outline his vision for the future, and it is expected ministers will outline the latest thinking on the evolving situation in Iraq and the opportunities this brings.

To register, please follow the link: http://www.webuildiraq.org/ibbc-conference/autumn-conference/

(Source: IBBC)


Source: Iraq News

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Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on October 31 registered $145,300,970 in sales, a -3.10% volume decline from the US $149,944,501 sold by Iraqi Dinar, credit and transfer at the previous auction held on October 30.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on October 31 compared to the previous auction.

Data for the October 31 auction was made public by CBI Announcement Number 3560.

Dollar sales in the in the period January 1, 2017 to October 31, 2017 saw an increase of 0.13% compared to the sales of US $13.9 billion in the same period in 2016. The total amount of US currency sold by CBI in the calendar year 2016 was US $14.55 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to October 2017, sales of US dollars averaged US $1.8 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2016 January 2
2016 February 2.09 4%
2016 March 1.95 -7%
2016 April 1.94 -0%
2016 May 2.09 8%
2016 June 1.8 -14%
2016 December 0.4 -78%
2017 January 2.2 450%
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 2.1 110%

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Source: Iraq Business News

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Japan Lends $502m to Iraq for Development

JICA to Support Reconstruction in Power Supply and Iraqi Government’s Fiscal Reforms: Signing of Two Japanese ODA Loan Agreements for Iraq

The Japan International Cooperation Agency (JICA) and the Iraqi Government have signed two loan agreements at Ministry of Finance in Baghdad.

These two ODA (Official Development Assistance) loans, amounting to JPY 57,220 million (approximately USD 502 million) in total, will be used for Phase 3 of the Electricity Sector Reconstruction Project and the Fiscal Reform Development Policy Loan (II).

The loan agreements were signed by Dr. Maher Hammad Johan, Acting Deputy Minister of Finance and Yuho Hayakawa, Chief Representative of JICA Iraq Office, in the presence of H.E. Mr. Fumio Iwai, Japanese Ambassador to Iraq.  These concessional ODA loans aim to support the Government of Iraq and Iraqi people in efforts to reconstruct the country with significant challenges.

The first loan, amounting to JPY 27,220 million (approx. USD 239 million), is used for the Electricity Sector Reconstruction Project (Phase 3).  The Ministry of Electricity implements the project which reconstructs and develops fixed and mobile substations in conflict-affected Anbar as well as Baghdad and surrounding areas.  The project is expected to contribute to restoration and stabilization of electricity supply to millions of people in conflict-affected areas.  Prior to this Phase 3 project, JICA is already funding preceding Phase 1 and Phase 2 projects in various governorates.

The second loan, Fiscal Reform Development Policy Loan (II) amounting to JPY 30,000 million (approx. USD 263 million), supports the budget of the Government of Iraq with urgent needs for enormous financial resources.  It aims to promote on-going administrative and financial reforms of the Government through (i) expenditure rationalization, (ii) energy efficiency and (iii) transparency and governance of state-owned enterprises.  This is a part of phased co-financing supports with the World Bank and other partners since 2016.  The previous phase of this loan, of which amount is JPY 25,000 million (approx. USD 219 million), was already fully disbursed in June 2016.  JICA is also implementing technical cooperation for strengthening debt management capacity of the Iraqi government officials, which is required under the reform program.

Both loans are very concessional with the interest rate of JPY LIBOR+0.05% and the repayment period of 15 years including 5-year grace period.

JICA is a development assistance agency under Japanese Government and provides financial and technical cooperation for developing countries.  Since 2003, it has provided assistances for Iraq through ODA loans which amount to JPY 683 billion (equivalent to USD 6.0 billion) and technical cooperation including training programs in which more than 8,000 Iraqi officials have participated. JICA supports Iraq’s efforts for urgent reconstruction, stabilization of people’s daily lives and sustained socio-economic development of the country.

(Source: JICA)


Source: Iraq News

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Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on October 30 registered $149,944,501 in sales, a 9.29% volume increase from the US $137,196,863 sold by Iraqi Dinar, credit and transfer at the previous auction held on October 29.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on October 30 compared to the previous auction.

Data for the October 30 auction was made public by CBI Announcement Number 3559.

Dollar sales in the in the period January 1, 2017 to October 30, 2017 saw an increase of 0.13% compared to the sales of US $13.9 billion in the same period in 2016. The total amount of US currency sold by CBI in the calendar year 2016 was US $14.55 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to October 2017, sales of US dollars averaged US $1.8 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2016 January 2
2016 February 2.09 4%
2016 March 1.95 -7%
2016 April 1.94 -0%
2016 May 2.09 8%
2016 June 1.8 -14%
2016 December 0.4 -78%
2017 January 2.2 450%
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 2 100%

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Source: Iraq Business News

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Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on October 29 registered $137,196,863 in sales, a -1.52% volume decline from the US $139,321,000 sold by Iraqi Dinar, credit and transfer at the previous auction held on October 26.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on October 29 compared to the previous auction.

Data for the October 29 auction was made public by CBI Announcement Number 3558.

Dollar sales in the in the period January 1, 2017 to October 29, 2017 saw an increase of 0.13% compared to the sales of US $13.9 billion in the same period in 2016. The total amount of US currency sold by CBI in the calendar year 2016 was US $14.55 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to October 2017, sales of US dollars averaged US $1.79 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2016 January 2
2016 February 2.09 4%
2016 March 1.95 -7%
2016 April 1.94 -0%
2016 May 2.09 8%
2016 June 1.8 -14%
2016 December 0.4 -78%
2017 January 2.2 450%
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 1.9 90%

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Source: Iraq Business News

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CBI directs Banks to implement SWIFT Standards

The Central Bank of Iraq (CBI) has directed all Iraqi banks to adopt user protection standards approved by SWIFT before the end of 2017.

The bank explained that the standards of the 16-user protection network can be summed up by the need to restrict access to the Internet, separate sensitive systems from the overall IT environment, and mitigate cyber-attacks and vulnerabilities.

Other security measures include security intuition to protect against access to Internet sites, storage and prevention of safe password detection, management of bank identification numbers, separation of privileges, detection of suspicious activities within the system, registration of operations and plans to respond to various situations (errors and incidents) and information sharing.

(Source: Central Bank of Iraq)


Source: Iraq News

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Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on October 26 registered $139,321,000 in sales, a -0.65% volume decline from the US $140,231,908 sold by Iraqi Dinar, credit and transfer at the previous auction held on October 25.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on October 26 compared to the previous auction.

Data for the October 26 auction was made public by CBI Announcement Number 3557.

Dollar sales in the in the period January 1, 2017 to October 26, 2017 saw an increase of 0.13% compared to the sales of US $13.9 billion in the same period in 2016. The total amount of US currency sold by CBI in the calendar year 2016 was US $14.55 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to October 2017, sales of US dollars averaged US $1.79 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2016 January 2
2016 February 2.09 4%
2016 March 1.95 -7%
2016 April 1.94 -0%
2016 May 2.09 8%
2016 June 1.8 -14%
2016 December 0.4 -78%
2017 January 2.2 450%
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 1.8 80%

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Source: Iraq Business News

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Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on October 25 registered $140,231,908 in sales, a 2.24% volume increase from the US $137,164,993 sold by Iraqi Dinar, credit and transfer at the previous auction held on October 24.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on October 25 compared to the previous auction.

Data for the October 25 auction was made public by CBI Announcement Number 3556.

Dollar sales in the in the period January 1, 2017 to October 25, 2017 saw an increase of 0.13% compared to the sales of US $13.9 billion in the same period in 2016. The total amount of US currency sold by CBI in the calendar year 2016 was US $14.55 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to October 2017, sales of US dollars averaged US $1.78 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2016 January 2
2016 February 2.09 4%
2016 March 1.95 -7%
2016 April 1.94 -0%
2016 May 2.09 8%
2016 June 1.8 -14%
2016 December 0.4 -78%
2017 January 2.2 450%
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 1.7 70%

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Source: Iraq Business News

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Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on October 24 registered $137,164,993 in sales, a -1.00% volume decline from the US $138,551,645 sold by Iraqi Dinar, credit and transfer at the previous auction held on October 23.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on October 24 compared to the previous auction.

Data for the October 24 auction was made public by CBI Announcement Number 3555.

Dollar sales in the in the period January 1, 2017 to October 24, 2017 saw an increase of 0.13% compared to the sales of US $13.9 billion in the same period in 2016. The total amount of US currency sold by CBI in the calendar year 2016 was US $14.55 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to October 2017, sales of US dollars averaged US $1.77 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2016 January 2
2016 February 2.09 4%
2016 March 1.95 -7%
2016 April 1.94 -0%
2016 May 2.09 8%
2016 June 1.8 -14%
2016 December 0.4 -78%
2017 January 2.2 450%
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 1.6 60%

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Source: Iraq Business News

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Update from Warka Bank

Dear Bill,
 
I am sure we will reach a mutual arrangement that works best for you and the bank. Although I can not quote a specific number at the moment as we have many outstanding commitments as well over 50 thousand clients all waiting anxiously to be included in the payment plan that will be supervised by the CBI however rest assured your case will be given special attention and care as well as priority.
 
The bank will extend its full support to the best of its efforts in pushing payments in your favor as soon as the capital increase is completed which should be finalized by the end of this year. 
 
Sincerely.
 
Saad S.  Al-Bunnia