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Chapter 7 sanctions lifted.

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Chapter 7 sanctions lifted.

Post  evilbyte on Wed Nov 02, 2011 10:45 am

Link

It's an old article but it says they were dropped.
News : 2011
Sunday, June 05, 2011
BANK SAYS IRAQ IS “RIFE” WITH OPPORTUNITIES FOR INVESTMENT
Press Release

24 May 2011 Iraq presents international business leaders with an opportunity for huge early mover advantage, according to the Chairman of the Trade Bank of Iraq (TBI), Hussein Al-Uzri.

BANK SAYS IRAQ IS "RIFE" WITH OPPORTUNITIES FOR INVESTMENT


Speaking today in London at an event organised by the Iraqi British Business Council (IBBC), Chairman Uzri said that his country was "rife with investment opportunities" and that Iraq is "entering a new era of economic and political stability."

At a summit held in the Lord Mayor of London's Mansion House residence, he explained to over 120 British commercial delegates that the Iraqi market should be viewed as particularly appealing to investors at a time when profitable overseas opportunities are becoming harder to find and develop.

"Iraq's combination of strong economic growth and increasing stability and security make it an excellent and viable proposition for investment", he added.

Chairman Uzri is confident of Iraq's prospects and pointed out that the country has emerged from war and that the British troops had withdrawn without needing to be replaced.

He said: "But I have to be pragmatic and say that, while the journey is not yet over, civilian causalities due to violence have dropped to their lowest level since 2003, so we are well within sight of where we want to be. Early movers and investors will clearly have a great advantage."

Baroness Nicholson, Chairman of the IBBC said, "With support at the highest levels of both the Iraqi and British Governments, as well as from key financial institutions in the City of London and worldwide, IBBC and TBI will be able to contribute to the growing strength of Iraq's financial and professional services sectors, thereby building a stable future for Iraq and its people."

There are many economic success stories in Iraq to date:

The Central Bank of Iraq (CBI) has maintained an effective and conservative monetary policy. The dinar has remained remarkably stable and is likely to continue to do so, as attested recently by the IMF, which stated that the Iraqi dinar was close to fair value at the beginning of 2011. The core inflation rate, as per released data by the CBI, rose to 5.5% in February 2011, which fares well against the MENA average.

Increased oil prices coupled with boosted oil production has lead to higher revenues. The Ministry of Oil announced that monthly oil revenues increased by 43 per cent year on year on the back of higher oil prices and production increases from the 11 International Oil Company (IOC) deals signed in 2009; three of these major oil fields are already surpassing their oil production targets for 2011.

Wheat production almost doubled in 2009, and check points throughout the country have been eased. Furthermore, measures have been introduced to aid foreign investment, such as new courts to protect foreign investors, reforms in arbitration, the lifting of the last of the UN Chapter Seven sanctions and collaboration with the WTO.



TRADE BANK OF IRAQ SPONSORS IBBC IRAQ DAY SUMMIT AT MANSION HOUSE TO ENCOURAGE FOREIGN INVESTMENT IN IRAQ

Whilst other countries in the region fight for democracy, Iraq experienced its second free and fair elections in March last year, with 62 per cent of the population voting. Although it has not been easy, Iraq has the potential to be one of the strongest economies in the Arab world given its large population, land mass, strategic location and abundant oil and gas reserves.

Ends TBI was established in July 2003 to facilitate Iraq's international trade and the country's reconstruction after the expiry of the UN's Oil-for-Food Programme. Today, TBI has moved far beyond funding basic humanitarian needs and now provides comprehensive banking services to Iraq and its people.

Notes to Editors

About TBI



The Bank plays a major role in promoting international trade and foreign investment in Iraq. It currently has a total of 14 branches in Iraq with plans to expand internationally.

In 2010, TBI won the Exporta 'Best Business Continuity Bank in Iraq' and 'Best Trade Finance Bank in Iraq' awards and the EMEA Finance 'Best Local Bank in Iraq' award.

www.tbiraq.com

About IBBC IBBC facilitates business, trade, investment, human resources, training and transfer of technology and know-how into the Republic of Iraq, seeking to bring together Iraqi, British and international companies and public sector bodies through a joint platform identifying mutual interests and common goals.



It aims to be a powerful network of the most important Iraqi, British and international business organisations enjoying high-level support from both Governments and the EU.

http://www.webuildiraq.org/


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Kuwait

Post  evilbyte on Wed Nov 09, 2011 10:39 am

I have done some research and by what I have found out, the only chapter 7 sanctions left are the ones that have to do with Kuwait. So once they get stuff worked out. The port and war debts.

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