Iraqi Dinar 123

According to the member of the ministry of oil, Assem Jihad; the southern ports exported 75.7 million barrels during July through the ports off Basra while the exported barrels of oil from Baardat were 7.8 million barrels. The average sale price per barrel was 102.80 dollars per barrel. It was seen that the oil exports were quite low from the Kirkuk area, this proved to be a great boost to the economy of the country.

It was reported that the dollar rate fell during the auction on Tuesday. The Central Bank of Iraq was selling at 1166 dinars per dollar and managed to sell 251 million and 787000 dollars which was earlier a figure of 245 million and 813000 dollars.

The governor of the Iraqi Central Bank and the Agency Abdul-Basit Turki said that "the most prominent changes incurred by the new category of paper ten thousand dinars are the factors of safety against forgery and damage," noting that "the new edition will include changing the image of the Arab world, al-Hasan ibn al-Haytham and replaced in the Liberation Monument in central Baghdad"

It was shown on Saturday that Rasheed Bank wanted to announce and show the properties of the investors to increase the profits in several provinces under specific circumstances. Mohammad Kazem, the bank director reported that the bank would open its branches in Erbil, Dohuk and Sulaymaniayah with an Islamic banking branch opening in Erbil for the benefit of the clients.

It was reported on the bases of the economy of Iraq to see that the economic experts included the integration of yearly budget of 2014 and 2015. The parliament and the House of Representatives said that the next year's budget needed one approval only. It is expected that the budget would help with the economy of Iraq.

It was reported that the private banks sold the U.S currency in the black market using the passports if the citizens. The economists said that several currency traders are taking wrong benefits of the citizens by taking their passports in exchange for cash. They are doing so to smuggle the currency from the local market and sell it out of the country to go above 30 percent.

The prices of gold were closed at $ 1,290 an ounce on Monday. This was termed as weak data on non- expected U.S job concerns that identify the Federal Reserve, this lead to the lowering of the rates in the stock market. According to the data presented on Friday, it was seen that the rate of unemployment in the U.S went up. This increase indicated that the labor market faced a sudden relaxation that helped the labor class.

A member of the Parliamentary Commission of Economy Aziz Mayahi "The government revenue and private provision of public service to the citizens decreased dramatically after the change that took place in 2003 due to the cancellation of the government a lot of tax laws.

During the auction on Monday the CBI saw the sale in the dollar go up. It went more than 251 million dollars where it was 178.513 million dollars on Sunday. The bank gave a statement that this was the auction rate while the exchange rate remained at 1166 dinars. There were 15 banks taking part in the auction.

Prime Minister of Iraq is now selected and just one meeting is left to take final decision. There is complete coordination between government of Iraq and the central bank of Iraq now. Therefore we can say that all the leadership is on same page to take final decision.

Hussein al Tamimi is now new chairman of the Association of Private Banks in Iraq. He held a meeting Baghdad last night and decided to participate in the economic development of Iraq. Tamimi said that he is worried about exchange rate of Iraq currency in the global market.

Central bank of Iraq is introducing new banking strategies for local and foreign banks to operate in the country. According to these new strategies, the foreign banks will be allowed to open new branches in almost all the parts of the country. There will be no any restriction on the number of branches in the cities. There were restrictions on every foreign bank to open new branches in the famous cities of Iraq.

National Business Council of Iraq said that Iraq is rich country in the natural resources that need international efforts and cooperation to get maximum benefits from these available resources. The clashes between Iraq security forces and Sunni militants affected the economy of Iraq badly. The experts believe that there is no any military solution of Iraq situation.

Announced that the Iraqi Oil Ministry announced yesterday that the country's exports of crude oil rose in the (July) to 2.442 million barrels per day in an average of 2.423 million barrels per day in the previous month and issued a statement which drew that shipments from the northern Kirkuk oil fields are still parked.

Looking this, the chairman of the board along with the governor of central bank of Iraq decided to soften the rules and regulation for foreign investors to invest in the country. This may help the economy of Iraq in the present situation when hundreds of foreign investors are withdrawing their funds from country.

Central bank of Iraq introduced some new rules for the improvement of banking sector of Iraq. Now local and international companies can claim its loss with the central bank of Iraq in the case of failure of commercial banks in the performance of contract. According to guardianship rule, central bank of Iraq is responsible for any negligence on the part of commercial banks in any of the contract with foreign companies.

The delay in budget has become a criminal negligence on the part of government of Iraq if we look at its negative impacts on the economy of Iraq. The delay in budget has divided the country and also abundant Iraq alone in the region. Kurdistan regional government is looking to print its own currency due to lack of funds for daily use that means Kurdistan is planning its own separate home land.

Shkran Fatlawi, the banking specialist stress on the need of sophisticated banking policies to combat the money laundering or the economic development of Iraq. There must be a better system to monitor the movement of capital throughout the country. Otherwise the sick banking system can destroy the economy of the country.

The Member of Parliament for the Liberal bloc, Magda al-Tamimi said that "among the definitions section (2) of the Financial Administration Act and the Public Debt No. 95 of 2004 amended there is a clause stating that the budget allocation is the legal authority granted to the government to spend public money during the fiscal year for the purposes of specific.

Iraqi Dinar is thought as the jackpot for many investors to sell and buy against other currency. Actually, this is known to be get rich quickly scheme. At present the value of Iraqi dinar is at low value and this is glorious chance for investors to invest in this currency.