Iraq Economic Brief
11/11/2014
Issuance of metal coins of seven small groups
Parliamentary Finance Committee demanded, the Iraqi Central Bank to apply the project to delete three zeros from the currency early next year, because of its great importance to support the national currency. The Commission pointed out: that «the present time appropriate for the application of the project, especially since Iraq has returned to the regional and international environment after the new government's policy to strengthen relations with all countries, where the central bank will begin the implementation of the project in the form of stages», calling on the central bank to «start implementing the initial stages the beginning of the year 2015 ».
Issuance of metal coins of seven small groups
Committee revealed the economy and investment in the Iraqi Council of Representatives that «the central bank completed its preparations for the issuance of metal coins of seven small groups».
Said committee member Rep., Nora my neighbor, that «the central bank and in conjunction with the implementation of the project to delete the three zeroes from the paper currency currently in circulation, will issue a metal coins from multiple categories to overcome the economic crisis, which may get a peer process of deleting the zeros», adding that «the launch of the project Coins take between four to five years and will be the launch of which categories of small coins gradually. »
Oil losses estimated at 400 thousand barrels per day
The Oil Ministry announced that Iraq's oil losses estimated at 400 thousand barrels per day, due to the control of the organization «Daash» terrorist on some fields.
The press spokesman for the oil ministry, Assem Jihad said «stop oil export line from Kirkuk - Ceyhan, cause the loss of about 300-400 thousand barrels per day, an average of one billion and 200 million dollars a month».
He added that «Daash traded Iraqi oil wealth, particularly in the fields of Nineveh and Salahuddin».
Investment assets «Central»
She told the parliamentary committee the economy, the Central Bank of Iraq has promised that he will invest its assets in foreign currency and gold early next year.
Said committee member Jawad al-Bolani said «the central bank confirmed to the Committee that the existing reserves of hard currency and gold will be invested early next year in various projects aiming to participate in the reconstruction of infrastructure in the whole of the country, which will be reflected positively on the gross domestic product of Iraq».
«Sinopec» began to create a pipeline project Maysan
Unit engineering and construction subsidiary of Sinopec government in the establishment of pipelines for the project Maysan Iraq began to contribute to the lifting of field production to 460 thousand barrels per day by 2016. The target Iraq to reach a total production capacity to 12 million barrels per day by 2020, which allows him to compete with Saudi Arabia largest exporter in the world after that signed contracts in 2009 and 2010 for the development of the southern oil fields. And China is the biggest buyer of Iraqi oil and energy acquires Chinese state-owned companies, including PetroChina Corporation China National Offshore Oil (CNOOC) on more than 20 percent of the oil projects in Iraq. Daqing Company Engineering and Construction, owned by Sinopec Group and has recently begun in the pipelines 30 kilometers and building power plants for Maysan field which is run by Snook.
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11/11/2014
Issuance of metal coins of seven small groups
Parliamentary Finance Committee demanded, the Iraqi Central Bank to apply the project to delete three zeros from the currency early next year, because of its great importance to support the national currency. The Commission pointed out: that «the present time appropriate for the application of the project, especially since Iraq has returned to the regional and international environment after the new government's policy to strengthen relations with all countries, where the central bank will begin the implementation of the project in the form of stages», calling on the central bank to «start implementing the initial stages the beginning of the year 2015 ».
Issuance of metal coins of seven small groups
Committee revealed the economy and investment in the Iraqi Council of Representatives that «the central bank completed its preparations for the issuance of metal coins of seven small groups».
Said committee member Rep., Nora my neighbor, that «the central bank and in conjunction with the implementation of the project to delete the three zeroes from the paper currency currently in circulation, will issue a metal coins from multiple categories to overcome the economic crisis, which may get a peer process of deleting the zeros», adding that «the launch of the project Coins take between four to five years and will be the launch of which categories of small coins gradually. »
Oil losses estimated at 400 thousand barrels per day
The Oil Ministry announced that Iraq's oil losses estimated at 400 thousand barrels per day, due to the control of the organization «Daash» terrorist on some fields.
The press spokesman for the oil ministry, Assem Jihad said «stop oil export line from Kirkuk - Ceyhan, cause the loss of about 300-400 thousand barrels per day, an average of one billion and 200 million dollars a month».
He added that «Daash traded Iraqi oil wealth, particularly in the fields of Nineveh and Salahuddin».
Investment assets «Central»
She told the parliamentary committee the economy, the Central Bank of Iraq has promised that he will invest its assets in foreign currency and gold early next year.
Said committee member Jawad al-Bolani said «the central bank confirmed to the Committee that the existing reserves of hard currency and gold will be invested early next year in various projects aiming to participate in the reconstruction of infrastructure in the whole of the country, which will be reflected positively on the gross domestic product of Iraq».
«Sinopec» began to create a pipeline project Maysan
Unit engineering and construction subsidiary of Sinopec government in the establishment of pipelines for the project Maysan Iraq began to contribute to the lifting of field production to 460 thousand barrels per day by 2016. The target Iraq to reach a total production capacity to 12 million barrels per day by 2020, which allows him to compete with Saudi Arabia largest exporter in the world after that signed contracts in 2009 and 2010 for the development of the southern oil fields. And China is the biggest buyer of Iraqi oil and energy acquires Chinese state-owned companies, including PetroChina Corporation China National Offshore Oil (CNOOC) on more than 20 percent of the oil projects in Iraq. Daqing Company Engineering and Construction, owned by Sinopec Group and has recently begun in the pipelines 30 kilometers and building power plants for Maysan field which is run by Snook.
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