CBI Selling $

Central Bank of Iraq sells US$147 millions in its sales and purchase of foreign currencies
11/24/2011 3:40 PM

BAGHDAD / Aswat al-Iraq: The Central Bank of Iraqi (CBI) has sold 147 million US dollars in its daily auction today for selling
and buying foreign currencies, on an average rate of 1,170 dinars per dollar, exceeding Wednesday's sale that reached 122
million dollars, the CBI's daily bulletin reported on Thursday.

"The total size of demand on US dollars today has reached 147 millions and 535,000, covered by the CBI on an average rate
of 1,170 dinars per dollar, whilst the CBI's sales Wednesday had reached 122 millions and 820,000 US dollars," the bulletin
stressed.

The Bank's sales were distributed on cash sales of 7 millions and 870,000 dinars, on an average rate of 1,183 dinars per
dollar, including the CBI's interest of 13 dinars per dollar, whilst the Bank's foreign sales have reached 139 millions and
665,000 US dollars, on an average rate of 1,183 dinars per dollar and the Bank's interest rate of 13 Iraqi dinars per dollar.

The CBI repeated its daily comment that all the banks that attended its auctions, including the 27 banks that attended today's
auction, have failed to offer any dollar for sale.

The CBI holds 5 weekly sessions to sell and buy foreign currencies, beginning on Sunday and ending on Thursday, charging
13 dinars per dollar for its cash sales and another 13 dinars per dollar for its foreign transfers.

Non-existence of financing behind Gas contract with Shell, Southern Iraq's Gas Company's Director says
11/22/2011 12:24 PM

BASRA / Aswat al-Iraq: Southern Iraq's Gas Company's Director has said on Tuesday that the absence of local financing to invest the national gas locally, in its offering for investment and Shell Company's winning of its investment contract.

"Before signing the contract with Shell, we had several plans to invest the gas nationally and planning to build up the infrastracture for that," Ali Hussein Khudhier told Aswat al-Iraq news agency.

He said that after "meetings with the Oil Ministry's Economic Committee, it was noticed that it had been difficult to obtain necessary financing for same," he said, adding that "the building of the Project of Southern Gas Company for Oil Investment nationally, demanded 5.17 billion (b) US dollars, incuding 14 billions out of it on the earh and 3.5 billions, to be allocated to build a plant in the Arab gulf."

Khudhier, a former Iraqi Planning Minister, said: "We can't achieve such amount over the forthcoming 6 years, that is why we found the solution in foreign investment, according to Iraqi plans."
RM (TP)/SR