" The Dinar Daily ", Saturday, 13 July 2013 - Page 3
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Thread: " The Dinar Daily ", Saturday, 13 July 2013


    
  1. #21
    Legal expert: provinces border re-demarcation law's approval to destabilize security, rip social fabric
    Saturday, 13 July 2013 11:58

    Baghdad (AIN) -The legal expert, Ahmed al-Ibadi assured that the approval of the provinces' border re-demarcation law will destabilize the security and rip the social fabric of these provinces.

    The parliament Regions & Provinces Committee announced the closeness of enlisting the Provinces' border re-demarcation law within the parliament sessions' agendas.

    Ibadi said "The endorsement of this law will destabilize the security and bring nothing for the benefit of the country, but it came to put the Constitution's expired 140 article into force and it will bring the administrative map of Iraq back to fifty years."

    "The President, Jalal Talabani, put this law to normalize the situation in the disputed areas including Kirkuk in compliance with the terms of the article 140th of the Constitution, however, this article is no more applicable since the Constitution identified the application of the article till 31/December/2007," he pointed out.

    https://www.alliraqnews.com/en/index....tical&Itemid=2



  2. #22
    Sansar Capital releases latest Iraq Banking Sector Report

    The Iraqi banking sector is set for significant earnings and asset growth over the next decade driven by a strong macro environment, increasing credit penetration and the improving security situation in the country, according to a new report on Iraq's banking sector released by Sansar Capital Management LLC.

    With the International Monetary Fund (IMF) forecasting Iraq's GDP to grow at a rate of 9% in 2013, the banking sector in particular is expected to maintain steady growth over the next few years.

    The Sansar Capital report points out that rising credit penetration is also expected to further fuel banking sector growth. The report cites a World Bank study which shows that Iraqi domestic credit to GDP stood at a mere 9% of GDP at the end of 2011 as compared to a 55% of GDP average for the Middle East and North Africa (MENA) region. Domestic credit to GDP grew at a clip of 89% CAGR between 2009-2011. Moreover, according to Central Bank of Iraq data, cash credit, such as loans and overdraft facilities, have grown at an impressive CAGR of 50% from 2006-2011.

    The detailed report analyses the Iraqi private banking sector through the perspective of five of the country's largest private banks by deposit. The report reveals that buoyed by strong economic growth and rising credit penetration, these five banks saw their aggregate net income grow by 207% between 2010-2012. Dilution driven by increases in equity capital resulted in earnings-per-share growth to be lower but still impressive with aggregate EPS growth of 111% from 2010-2012.

    The report explores an odd idiosyncrasy in the Iraqi markets where banks with highest Return-on-Equity and growth profiles trade at the lowest valuation multiples. Sansar believes this is an example of market inefficiency which provides opportunity for those paying attention.

    The report also closely examines the reported financial statements of the Iraqi banks and demonstrates that adjusted underlying profitability and Return-on-Equity (ROE) for the banks significantly exceeds reported numbers with some banks approaching 60% underlying ROEs.

    The Iraqi Middle East Investment Bank, the third largest publicly traded bank in terms of deposits, in particular performed well in the past few years, having been able to attract large sums of quality deposits at very low interest rates. In 2012, Iraqi Middle East Investment Bank had the highest return-on-equity and the highest operating profits growth among the large Iraqi banks. Since 2009, the bank has grown profit before taxes by 330%, a CAGR of 63%.

    According to the report, the growth in Iraq's banking sector earnings and GDP - which IEA forecasts will grow 151% between 2011 and 2020 driven by the country's increasing oil revenues, go hand-in-hand with the improving security situation in the country. As violence declined by over 80% between 2006-2012, Iraqis in many parts of the country enjoyed relative calm and stability.

    However, despite the impressive growth, Iraqi private banks will have to overcome some important challenges if they are to continue their growth at the excellent pace witnessed over the last five years.

    Accessibility is among the biggest challenges facing the country's banking industry. Access to bank branches or ATM machines remains highly limited to the general Iraqi population. There are approximately 900 bank branches covering a population of 33 million Iraqis equating to just one branch serving 36,000 individuals.

    Other challenges include an uneven playing field enjoyed by the state-owned banks and a general mistrust of the banking system. This problem is further exasperated by the lack of any deposit insurance institutions that would guarantee customers their deposits back in the event of a bank failure.

    The report also raises some concerns regarding corporate governance and transparency at some banks. In the example of North Bank, the report highlights how audit and financial concerns raised by the accountants in the Arabic reports were missing from the English translated reports provided by the bank.

    "Iraq's banking sector, though certainly on the growth path, is not without its share of challenges. However, what is important to note is that all the challenges and hurdles can be overcome, especially with the combined efforts of the government and private sector. In particular, we believe that the private sector can help improve accessibility to branch networks and services while the government can help level the playing field between the state-owned and private sector banks. Of course, gaining the trust of the population would require efforts from both sides," said Sanjay Motwani, President of Sansar Capital.

    The report pointed out that Iraqi banks generate large sums of their revenue and profits from trade-financing related activities. For the year 2011, commissions driven by trade-financing related activities (wire transfers, letters of credit, FX spreads) accounted for a range of 28% to 83% of net revenues for the four largest 'traditional' banks. Traditional lending activities such as net interest income on loans became the second largest contributor of revenue with the four largest banks by deposits generating 13% to 49% of net revenues from these activities.

    The Sansar Capital report concludes that while the mix of an improving macro environment and security situation offer attractive investment ingredients in Iraq, many challenges remain for those interested in participating through public markets. In such an environment, investors are cautioned to carry out extensive due-diligence including having on the ground presence in the country.

    https://www.ameinfo.com/sansar-capita...-sector-348491

  3. #23
    Sadrist MP holds Maliki responsible for deteriorated security in Iraq
    Saturday, 13 July 2013 09:15

    Karbala (AIN) -MP Jawad al-Hasnawi of the parliament Ahrar bloc associated to the Sadr Trend, held the General Commander for Armed Forces, Nouri al-Maliki, responsibility for the security deterioration in Iraq.

    Baghdad and a number of Iraqi provinces are witnessing semi-daily bombings that claim dozens of lives, mostly civilians.

    Hasnawi told All Iraq News Agency (AIN) "Maliki is responsible for the deteriorated security situation as being the General Commander for the Armed Forces and the Acting Interior Minister as well as his responsibility for other security posts."

    "Iraq lacks advanced and efficient intelligence department that helps to disclose the terrorist assaults before they occur," he stressed calling to activate the intelligence efforts."

    https://www.alliraqnews.com/en/index....tical&Itemid=2

  4. #24
    Political analyst: dialogues between Baghdad and the region will be reflected positively on the work of parliament
    Saturday, July 13 / July 2013 10:47

    {Baghdad: Euphrates News} saw a political analyst, Haider al-Bahadli, established that the dialogues between the central government and the Kurdistan Regional Government, will be reflected positively on the work of the House of Representatives and the consensus between the blocs to pass laws broken.

    He said Bahadli told {Euphrates News} on Saturday that "ماقامت by the central government to go to the province and held the Cabinet meeting there, and the arrival of the President of Kurdistan, Massoud Barzani, to visit the center where it came from visits to improve the atmosphere and the advancement of the political process, to start a new phase of mutual trust Ben political parties, "noting that" such a future steps will lead to pass laws for ways real and effective participation is not limited to official visits and protocols. "

    He added that "when there is a consensus by most of the leaders of the blocks involved in the political process, will lead to pass a lot of laws broken in the corridors of the House of Representatives, because the political process in Iraq shown on the political consensus under a tent Constitution and not to depart from its umbrella is of giving Bill For those consensuses. "

    The head of the Kurdistan region, Massoud Barzani, has arrived in Baghdad last Sunday, at the head of a high level delegation included a number of Kurdish parties, and between Barzani during a joint news conference with Prime Minister Nuri al-Maliki, said "the purpose of the visit was to send a message to reassure the Iraqi people and we brothers in everything and one voice and we will continue to communicate with our partners in the political process, "stressing that" there is a real will on both sides to resolve the outstanding issues between Baghdad and Erbil, "stressing" the need to strengthen the internal front. "

    Maliki said during the conference that "the dispute between the central government and the provincial government was due to some articles of the Constitution," he said, adding that "there is no disagreement with the Kurds about the article {140} But there is a difference in viewpoints."

    This welcomed Alolaat the United States visited the President of the Kurdistan region to Baghdad, urging all political leaders to "uphold the spirit to overcome the national terror,"

    As described mass change Kurdish visit to "protocol", where the MP said Cheyenne Mohamed Taha, said "the visit of the President of Kurdistan, Massoud Barzani to Baghdad protocol did not exceed his conversations phrases construction" Musharh that "Barzani said during his remarks in Baghdad close ranks interior while He did not confirm the close ranks of Interior in the Kurdistan region, "indicating that" there are contradictions in the words of Barzani on consensus because in the region, making passing a majority in the parliament and outside while stressed in Baghdad on the need to take decisions by consensus and this is a contradiction great. "

    https://translate.google.com/translat...ed=0CFYQ7gEwAA

  5. #25
    Maliki can not extend his mandate because it does not have a parliamentary majority
    13-07-2013

    Erbil (news)

    MP for the mass change and a nice Mustafa Barzani's visit to Baghdad will not solve the outstanding differences between the federal government and the province.

    Mustafa said in a statement (of the Agency news): The visit of regional president Massoud Barzani to Baghdad latter did not resolve outstanding differences between the central government and the region.

    Mustafa ruled: that Prime Minister Nuri al-Maliki to extend the mandate Lnh does not have the political majority within the parliament, which qualifies him to be extended.

    He was a member of the Kurdistan Alliance MP for the Kurdistan coalition forces Chuan Mohamed Taha, counting the visit of the President of Iraq's Kurdistan region, Massoud Barzani, to Baghdad, they come in to facilitate the resolution of the problems between the political forces.

    https://translate.googleusercontent.c...#ixzz2YwKklkJe

  6. #26
    Currency Auctions

    Announcement No. (2425)

    The latest daily currency auction was held in the Central Bank of Iraq on the 13-Jul-2013. The results were as follows:

    Details Notes
    Number of banks 20
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 182,488,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 182,488,000
    Total offers for selling (US$) -----

    Exchange rates

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