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Iraq receives first rating in boost to bond issue plans

LONDON/BAGHDAD, Aug 7 (Reuters) – Iraq received its first sovereign credit rating on Friday, which it had sought ahead of a planned $5 billion international bond issue aimed at relieving the pressure of low oil prices on state finances.

Fitch assigned Iraq a B- rating with a stable outlook, six notches below investment-grade, citing political risks and insecurity that are among the highest faced by any sovereign rated by the agency.

It also forecast a double-digit fiscal deficit for 2015, owing to lower oil prices, higher military spending and costs associated with the fight against Islamic State insurgents in the country’s north and west.

Finance Minister Hoshiyar Zebari said earlier this year that Iraq was planning its first international bond sale for nine years. Obtaining the credit rating could help persuade global fund managers and banks to buy the bonds.

Haitham al-Jubouri, secretary of the Iraqi parliament’s financial panel, said the junk-grade rating did not “meet ambitions” but could be considered a launching pad for financial development.

“It encourages us to start taking serious steps to reform the Iraqi banking sector, to send a positive message to investors and improve our future financial and economic outlook,” he told Reuters by phone.

In steps towards increasing investor confidence, the World Bank said last month it would provide Iraq with loans totalling $1.7 billion, while the International Monetary Fund reached an earlier agreement for a $833 million loan programme.

As the holder of the world’s fifth biggest oil reserves, Iraq could be an attractive investment for some investors. Oil accounts for around 40 percent of gross domestic product and over 90 percent of fiscal and current external receipts.

“Production costs are low. The bulk of oil production facilities and infrastructure are away from areas of domestic insecurity,” Fitch noted in a statement.

A rebound in oil prices would help improve the government’s fiscal position with Fitch forecasting a small deficit by 2017.

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Rafidain Bank issues more than 400 000 smart card to their beneficiaries

Rafidain Bank announced on Saturday releasing more than 400 000 smart cards to their beneficiaries during the first half of this year.

The Media Office of the Bank said in a statement that the total number of cards that have been issued in the first half of 2015 amounted to 488 782 smart cards that included various categories covered by them.

The statement explained that those cards were distributed on the departments of Displacement and Migration , the network of social protection , retirement Department , other departments and other state institutions.

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Iraqi Dinar exchange rate against the dollar on Saturday 8-8-15

Iraqi Dinar exchange rate against the dollar on Saturday 8-8-15 08-08-2015 12:30 PM Iraq today Iraqi dinar exchange rate against the US dollar on Saturday in the Iraqi banks and markets: US $ 1 = 1161.7725 Iraqi dinars 1 Iraqi dinars = US $ 0.0009 news…

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US presidential candidate: Iran’s non-binding deal for us and will lose its powers with Obama out

US presidential candidate: Iran’s non-binding deal for us and will lose its powers with Obama out 08/08/2015 BAGHDAD / announced presidential candidate for the US Democratic Party, “Brad Sherman” for the US-Iranian deal, signed by the current US President “Barack Obama” is a non-binding on the United States in the next run it and will […]

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THEY DO INTEND TO INCREASE THE VALUE OF THE DINAR

OOTW:   I’VE BEEN ROLLING AROUND THE CESSATION OF THE TARIFFS… I CAN SEE HOW THE STATEMENTS FROM THE PM AND KEYWORDS ONLY LEND AT LEAST SOMEWHAT MORE CREDENCE TO THE FACT THAT THEY DO INTEND TO INCREASE THE VALUE OF THE DINAR AND ARE ONLY/SIMPLY BEING MORE CAUTIOUS IN THEIR APPROACH. AND I CAN ONLY SEE THAT THIS WOULD END UP LENDING MORE STABILITY TO THEIR MONETARY POLICY WHEN THEY DO DECIDE TO IMPLEMENT THE TARIFFS.

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Minister of Industry: we started collecting cadres of the former military manufacturing to revive the military industry

Minister of Industry: we started collecting cadres of the former military manufacturing to revive the military industry 08/08/2015 nine nine [Baghdad-where] Minister of Industry and Minerals Mohammed Darraji, announced his ministry directly collect the cadres of the former military manufacturing to revive the military industry in Iraq. Said Darraji told all of Iraq [where] “formed […]

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Adding value is the focus right now for the currency

Frank26:   The CR (Credit Rating) was issued at a B minus but given as STABLE. Moody and Finch is the first to report this last night. The other agencies are waiting for instructions. It is NOW Iraq’s Sovereign CR. Jabouri wanted a higher CR but he understands this is the start of adding value and that is the focus right now for the currency.

The RI is being kicked in iMO and the B is the RI phase that will take us into the RV. We have information that this Saturday meeting may be bigger than most meetings by the CBI. Why is it at a hotel with luxury for thousands that are coming…why the royal treatment? Why at the same moment the IMF reiterates that Alack is only the acting governor of the CBI for now? Why is the GREEN ZONE blocked again today?

Why is Abadi letting the protestors have their way against the corrupt officials of their country? Why did the defense minister arrest 35 last night? Why is the GOI scattering like cockroaches? Abadi dismissed all of M’s followers and they are not getting paid by the GOI. Many small things are leading to one big thing. IMO…the thousands that will show up at the Sheraton tomorrow [Saturday] may be that the CBI is announcing…”open for business”.

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Keywords: public expenditure did not contribute to the expansion of the productive base

Keywords: public expenditure did not contribute to the expansion of the productive base and did not achieve any developing economy 08/08/2015 08:45 GMT Follow-up – and babysit – The governor of the Central Bank on the Keywords, Saturday, that the public expenditure did not contribute to the expansion of the productive base and did not […]

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