Source: International Monetary Fund.
Iraq’s international reserves have played a critical role in helping ensure macroeconomic stability. The accumulation of foreign exchange reserves at the CBI allowed Iraq to stabilize the Dinar, reverse the dollarization process, and contain inflation. Gross international reserves of the CBI increased from US$ 44.3 billion at end-2009 to US$ 50.6 billion at end-2010.
The authorities remain committed to ensuring the independence of the CBI. A ruling by Iraq’s Federal Supreme Court also noted that while the CBI is part of the country’s executive apparatus, it is by law independent in its decisions and operations.
Monday, October 24, 2011
Friday, October 21, 2011
Wednesday, October 19, 2011
The oil ministry signs a memorandum of understanding with an Egyptian company to build a refinery in Mosul.
The Iraqi oil ministry signed an initial form of a memorandum of understanding with the KALAA Egyptian Company to build a refinery in Mosul with a power of 150 thousand barrel/ day.
Mr. Ahmed Al-Shamaa, the deputy minister of refining affairs shown that the memorandum of understanding provides the basics to build an investment refinery in MOSUL fed by crude oil from Najma & Kayara oil fields.
Mr. Shamaa added that one of the privileges granted to the investor according to the amended investment law is the possibility of opening gas stations affiliated with the Ministry's commitment to take advantage of oil products to be produced at the refinery. And assured that the agreement gave the company three years to put the studies and designs which will determine the possibility of the late construction according to the production peak of the two refineries. As well as Mr. Shamaa shown that the ministry took the decision of the refinery bulling because it is the best way to make use of the heavy oil of the two fields by producing the necessary oil products to meet the needs of the domestic consumption.
Iraqi Oil production reaches 2.900 million bpd.
The Iraqi oil minister Mr. Abdul Kareem liaybi announced for the new oil export capacity which reached 2.900 barrel per day and estimated to be 3 million barrels at the end of this year. And this announcement was during a celebration attended by members of the council of deputies, the deputy oil minister for refining affairs and other responsible employees in the ministry of oil.
At the same time the oil minister opened the water purification system with the capacity of 513 M3 in addition to a primary water treatment unit with a power of 1000 M3 in Midland Refineries Company. And the oil minister assured that the need for these two units came after the need in the applied projects for purified water by reversed osmosis membrane feeders for steam boilers, in addition to the isomerisation units which will qualify the fuel production and this will contribute so much in reducing the maintenance costs … in addition to reduce the time and effort.
And In relation to the exports of Ceyhan- Kirkuk pipeline, Said the spokesman of the oil ministry Mr. Assim Jihad that the oil pumping was started after a stop because of technical reasons.
As well as Mr. Jihad said that the oil ministry is keen to rehabilitate the Iraqi refineries by depending on the national efforts or the international expertise. And added that the application of the mentioned units was made according to a contract between the midland refineries company and the Lebanese company (IMCO) whom made the design, supply, setup equipments and operation, And the civil works of the project are applied by Al-Faw state company, and the total cost of the project was 18 million dollars with a time table of 14 months.
Saturday, October 8, 2011
Launch of the Republic of Iraq Financial Sector Review
| ||
| Begins: | Sep 24, 2011 14:00 | |
| Ends: | Sep 24, 2011 15:30 | |
On Saturday September 24, the World Bank will host a discussion on a new comprehensive report about Iraq’s Financial Sector. The report highlights the potential of the country, ongoing reforms and remaining challenges.
Opening remarks will given by the Bank’s Vice President for the Middle East and North Africa region Inger Andersen, Iraq’s Minister of Finance, Rafi El Essawi and the Governer of Iraq’s Central Bank Sinan Al Shabibi. The session will be moderated by Omer Karaspan, Knowledge Coordinator at the Bank’s Middle East and North African region.
IMF on Iraq 31 March 2011
Two-year Stand-By Arrangement (SBA) in the amount of SDR 2.38 billion (about US$3.8 billion), approved by the IMF's Executive Board on February 24, 2010. The IMF's Executive Board completed the first program review on October 1, 2010, and the second review on March 18, 2011, bringing the total resources currently available to Iraq under the arrangement to SDR 1069.56 million (about $1.7 billion). At the time of the second review, the program duration was extended by five months to July 2012, along with a rephasing of program disbursements based on a shift in financing needs from 2010 into 2011.
Wednesday, October 5, 2011
The Iraqi Central Bank has announced a large increase in the country's foreign-currency reserves
BAGHDAD -- , RFE/RL's Radio Free Iraq reports.
Mudher Muhammad Salih, an adviser to Central Bank Governor Sinan al-Shabibi, told RFE/RL on September 6 that the bank's reserves "are now at about $58 billion."
He said that was an increase from the $50 billion in foreign currency reserves it had at the end of 2010.
Salih added that the bank had recently succeeded in controlling the inflation rate, which he said in recent years had increased at a high rate and was 7.1 percent in July.
He said the Central Bank would continue to obtain different foreign currencies and increase its overall amount of foreign-currency reserves in order to protect the value of the Iraqi dinar, which he said was a "main goal" of the bank.
Iraq's foreign-currency reserves are 45 percent in dollars, 45 percent in euros, and 10 percent in British pounds.
Iraq depends on oil revenues for about 95 percent of its budget and the increase in foreign-currency reserves thus far this year is due to higher world prices for oil. Iraq has earned some 34 percent more from oil through the first five months than it had budgeted.
Economic experts welcomed the announcement about the country's currency reserves but warned that the total was still not high enough.
Iraqi economist Hilal al-Tahhan said the currency reserves should be roughly equivalent to Iraq's annual budget, which is about $79.6 billion.
Iraq's Baghdad-based Central Bank, which is an independent institution, has branches in Basra, Sulaymaniah, Irbil, and Mosul.
Mudher Muhammad Salih, an adviser to Central Bank Governor Sinan al-Shabibi, told RFE/RL on September 6 that the bank's reserves "are now at about $58 billion."
He said that was an increase from the $50 billion in foreign currency reserves it had at the end of 2010.
Salih added that the bank had recently succeeded in controlling the inflation rate, which he said in recent years had increased at a high rate and was 7.1 percent in July.
He said the Central Bank would continue to obtain different foreign currencies and increase its overall amount of foreign-currency reserves in order to protect the value of the Iraqi dinar, which he said was a "main goal" of the bank.
Iraq's foreign-currency reserves are 45 percent in dollars, 45 percent in euros, and 10 percent in British pounds.
Iraq depends on oil revenues for about 95 percent of its budget and the increase in foreign-currency reserves thus far this year is due to higher world prices for oil. Iraq has earned some 34 percent more from oil through the first five months than it had budgeted.
Economic experts welcomed the announcement about the country's currency reserves but warned that the total was still not high enough.
Iraqi economist Hilal al-Tahhan said the currency reserves should be roughly equivalent to Iraq's annual budget, which is about $79.6 billion.
Iraq's Baghdad-based Central Bank, which is an independent institution, has branches in Basra, Sulaymaniah, Irbil, and Mosul.
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