Iraq plans New Bond Issue in 2018

By John Lee.

Following Iraq’s successful return to the bond markets earlier this year, it is now reportedly planning a $2 billion sovereign bond issue in 2018.

The Governor of the Central Bank of Iraq (CBI), Dr. Ali Mohsen Ismail Al-Allaq [Alak] (pictured), told Reuters that the plan is currently awaiting parliamentary approval.

He added that Iraq’s foreign currency reserves have risen from $46.5 billion at the end of 2016 to $49 billion , helped by the increase in oil prices.

The country’s budget deficit is running at around $15.4 billion to $16.3 billion.

(Source: Reuters)


Source: Iraq News

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Statement from IMF Mission on Iraq

The Iraqi authorities and the staff of the International Monetary Fund (IMF) continued discussions in Amman from November 17 to 21, 2017 on the third review of Iraq’s 36-month Stand-By Arrangement (SBA).

The IMF Executive Board approved the SBA on July 7, 2016 (See Press Release No. 16/321), and completed the second review on August 1, 2017 (See Press Release No. 17/311).

At the end of the mission, Mr. Christian Josz, Mission Chief for Iraq, issued the following statement:

The Iraqi authorities and IMF staff continued discussions on the third review of the SBA and made good progress towards reaching agreement on a draft 2018 budget in line with the SBA.

“During the discussions, the team met with Acting Governor of the Central Bank of Iraq (CBI), Dr. Ali Mohsen Ismail Al-Allaq, Acting Deputy Minister of Finance, Dr. Maher Johan, Deputy Minister of Planning, Dr. Qasim Enaya, Financial Adviser to the Prime Minister, Dr. Mudher Saleh, Chairman of the Board of Supreme Audit, and officials from the ministry of finance, CBI and the ministry of oil. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

(Source: IMF)


Source: Iraq News

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Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on November 20 registered $161,164,580 in sales, a -3.69% volume decline from the US $167,335,660 sold by Iraqi Dinar, credit and transfer at the previous auction held on November 19.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on November 20 compared to the previous auction.

Data for the November 20 auction was made public by CBI Announcement Number 3574.

Dollar sales in the in the period January 1, 2017 to November 20, 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 November 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 2.2 120%
2017 November 1.3 -41%

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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 November 19 registered $167,335,660 in sales, a 0.77% volume increase from the US $166,064,244 sold by Iraqi Dinar, credit and transfer at the previous auction held on November 16.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on November 19 compared to the previous auction.

Data for the November 19 auction was made public by CBI Announcement Number 3573.

Dollar sales in the in the period January 1, 2017 to November 19, 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 November 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 2.2 120%
2017 November 1.2 -45%

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Source: Iraq Business News

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Parliament Speaker Salim al-Jabouri

Washington, DC (IraqiNews.com) Parliament Speaker Salim al-Jabouri urged the international community on Thursday to support the Iraqi economy.

During a meeting held at the American Chamber of Commerce in Washington DC, al-Jabouri said, “Supporting the Iraqi economy will help improve the living conditions of the Iraqi people during the coming period.”

“The Iraqi Parliament was keen to pass a number of laws in the past period to revive the Iraqi economy, particularly after the recent drop in oil prices on global markets,” he said in a statement, a copy of which was obtained by the Baghdad Times news website.

Al-Jabouri stressed that the Iraqi government seeks to launch more projects during the coming period, particularly after the liberation of Iraqi territories from IS militants.

“Such projects will help provide new job opportunities and empower the Iraqi youth to play a greater role in the reconstruction process of Iraq,” he pointed out.

Al-Jabouri further called for mobilizing all international efforts to reconstruct areas liberated from IS militants in Iraq as soon as possible.

Al-Jabouri traveled to the United States on Monday to discuss the future of Iraq as well as the latest developments of the fight against terrorism.

His visit to the US comes a few days after Vice-President of Iraq Osama al-Nujaifi held a series of talks in Washington DC with American officials.

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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 November 16 registered $166,064,244 in sales, a 25.71% volume increase from the US $132,098,597 sold by Iraqi Dinar, credit and transfer at the previous auction held on November 15.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on November 16 compared to the previous auction.

Data for the November 16 auction was made public by CBI Announcement Number 3572.

Dollar sales in the in the period January 1, 2017 to November 16, 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 November 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 2.2 120%
2017 November 1.1 -50%

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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 November 15 registered $132,098,597 in sales, a -6.42% volume decline from the US $141,154,530 sold by Iraqi Dinar, credit and transfer at the previous auction held on November 14.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on November 15 compared to the previous auction.

Data for the November 15 auction was made public by CBI Announcement Number 3571.

Dollar sales in the in the period January 1, 2017 to November 15, 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 November 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 2.2 120%
2017 November 1 -55%

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Source: Iraq Business News

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Iraq is eyeing a flightline between Baghdad and Venice in Italy, Italian media quoted Iraqi transport officials as saying on Tuesday.

Baghdad (IraqiNews.com) Iraq has reached a deal with Canadian jet manufacturer Bombardier for the purchase of five passenger jets, a statement by the transport ministry said on Tuesday.

Minister Kazim Finjan said in the statement that the ministry reached a deal with the company for the purchase of five CS300 jets.

According to the minister, the agreement comes to activate a preliminary contract signed with Bombardier in 2013 for the purchase of five jets for nearly USD387 million.

Finjan said the new model can help cut plane fuel consumption by 20% compared to other aeroplanes, and enjoys high-degree safety options, including autopilot landing.

Iraq’s passenger fleet consists of 33 Boeing and Bombardier jets.

 

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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 November 14 registered $141,154,530 in sales, a -12.79% volume decline from the US $161,856,286 sold by Iraqi Dinar, credit and transfer at the previous auction held on November 13.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on November 14 compared to the previous auction.

Data for the November 14 auction was made public by CBI Announcement Number 3570.

Dollar sales in the in the period January 1, 2017 to November 14, 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 November 2017, sales of US dollars averaged US $1.76 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 2.2 120%
2017 November 0.9 -59%

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Source: Iraq Business News

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IBBC holds Successful Autumn Conference in Dubai

Iraq Britain Business Council holds successful Autumn Conference in Dubai

Following on from the first Iraq Britain Business Council conference in Dubai in 2016, the IBBC was delighted to host its Autumn Conference in the UAE once again. The event was strongly supported by the UAE authorities.

Alongside Baroness Nicholson, the UK Prime Minister’s Trade Envoy to Iraq and President of the IBBC, the conference was opened by H.E. Abdullah Al Saleh, Under Secretary for Foreign Trade and Industry, UAE Ministry of Economy.

The Minister reminded delegates that non-Oil & Gas related trade between the UAE and Iraq had already passed 11 Billion USD in 2016, with Dubai in particular being a hub for local and international companies in the region.

The Minister firmly believes that the UAE’s role in the rebuilding of Iraq will continue to expand and expressed his wish to cooperate with organisations such as the IBBC to accomplish this crucial task.

Vikas Handa, IBBC UAE Representative and the Managing Director of the Emirati Company DrillTech, warmly thanked the minister and stated that the IBBC stands ready to work even more closely with the UAE in Iraq.

The Government of Iraq sent a high calibre ministerial delegation led by H.E. Mr Qasim Al-Fahdawi, The Minister of Electricity, to the conference. The delegation included H.E. Mrs Ann Naufi Aussi Balbool, Minister of Construction Housing and Public Municipalities; H.E. Kadhim Fijan Al Hamami, Minister of Transport; H.E. Dr Sami Al Araji, Chairman of the National Investment Commission (NIC); and H.E. Mr Fayadh Hassan Nima, Deputy Minister of Oil for refining affairs.

The conference was structured around several sessions in which the Iraqi officials and international companies operating successfully in Iraq, most of which are members of the IBBC, exchanged their views and experiences.

These sessions focused on strengths, weaknesses and opportunities of the economy in Iraq, Reconstruction & Infrastructure, Transport, Power and Oil & Gas. In parallel, a series of high level round-table discussions between investors and Iraqi Government representatives took place.

The conference included for the first time a presentation on the rapidly developing Tech sector in Iraq , given by the CEO of Zain.

IBBC thanks the International Finance Corporation (World Bank) and the IMF for its participation. Thanks also go to the IBBC members who sponsored the conference: Gold Sponsor International Islamic Bank; Silver Sponsors Serco and Gulftainer; Lunch Sponsor Rolls-Royce; pre-reception Sponsor Wood; and Coffee Break Sponsors Eversheds Sutherland and KCA Deutag.

IBBC Managing Director, Christophe Michels, stated that the increasing involvement of the UAE and wider GCC with Iraq was a game changer for the country. The IBBC very much welcomes this development and is delighted to be part of it and support it. The organisation will increase its presence in the UAE and the Autumn Conference in Dubai will become a regular feature in its calendar of events.

(Source: IBBC)


Source: Iraq News

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