The Dinar Daily, November 1, 2014
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  1. #1

    The Dinar Daily, November 1, 2014

    Today is day fourty of victory in the eviction of Maliki or " VEM - Day 53 ".

    Iraqi Dinar revaluation postponed by Central Bank for 5 years says MP Noura al-Bajari

    A member of the Parliamentary Economic and Investment Commission, MP Noura al-Bajari.

    Baghdad ( A member of the Parliamentary Economic and Investment Commission, MP Noura al-Bajari, confirmed on Wednesday that the initiative to revalue and delete zeros from the Iraqi Dinar is ready for implementation by the Central Bank although it will be delayed by five years given the political and security situation of Iraq.

    In an interview with al-Bajari said “The policy to delete zeros from the Iraqi currency is ready to be executed by the Central Bank, however, its implementation will be delayed by 5 years on the basis of the extreme security and political situation of the country.”

    Al-Bajari said that the head of the Central Bank of Iraq had previously said that this policy from parliament was accepted and that the zeros will be deleted from the Iraqi currency in the next 5 years.


    CBI is preparing to issue a monetary metal parts

    Metal coins from the category of 25 fils were in circulation until the nineties of the last century

    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara Radio Free Iraq, "said the project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century.


    [S]ecurity ministers file will be resolved soon and their selection will be exclusively by Abadi
    BAGHDAD / NINA / MP for the state of law coalition, Hisham al-Suhail said that "the issue of the security ministers will be resolved soon through the agreement of the concerned political blocs on the candidates."

    He told the National Iraqi News Agency / NINA / "The situation experienced by the country and the region urgently needs an end to this file and no to delay it too much, because it does not benefit the political process in the country."

    Suhail added that "the Prime Minister is determined to end this file and he has the final word because he has an obvious desire that these two offices should be run by professionals."

    The House of Representatives failed to vote on the candidates submitted by Abadi to the ministries of interior and defense Riad Ghraib, Jaber al-Jabri, respectively, and decided to postpone the vote on the positions until reaching national consensus.

    * More SLC " double talk " , IMO


    The Exchange Rate of Foreign Currency in Economic Feasibility Studies

    Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars.

    Estimate the shadow price of foreign currency:

    1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine.

    The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs.

    * What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar.In particular the following outputs and inputs of foreign currency were distinguished:

    • Export-outputs.
    • Outputs marketed locally that substitute imports.
    • Imported inputs.
    • Inputs produced locally that usually go to exports.
    • Foreign labor.

    According to the pricing rules the value of the output and input (traded) is calculated using export prices (FOB) and import prices (CIF), according to what is listed in the pricing rules.

    In other words the pricing rules calculate what the project produces from foreign currency (quantity of exports multiplied by the export price (FOB) in foreign currency or the quantity of substitute imports multiplied by the import price (CIF) in foreign currency, as well as what the project uses from foreign currency and imported inputs multiplied by the import price (CIF) in foreign currency …. etc.).

    In a later step, project outputs and inputs must be converted from the foreign currency to its equivalent in local currency (dinars) by using a specific exchange rate for the foreign currency.

    2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports… etc.

    The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:

    • The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production.
    • The application of the amended exchange rate on project imported inputs will assist in directing investments away from aggregated sectors dependent on imported inputs and the preference of those sectors that rely on locally produced inputs.
    • The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded goods.
    • The real exchange rate has declined rapidly since the early seventies, through rapid rise of the level of prices and local costs which led by the steadiness of the official exchange rate to change in prices and actual local rate costs that gave an advantage for imported goods at the expense of locally produced goods, meaning that it led to deterioration of the competitiveness of alternative replacement goods and export commodities.
    • This action shows that the official exchange rate overestimates the value of the dinar, compared to the foreign currency and from the promoting goods substituting imports and export commodities point of view of.

    And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate.

    3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.

    The Republic of Iraq – Ministry of Planning


    A "flashback recap" of a Live Q and A Call from about a year ago - on THE DAILY DINAR NEWS BLOG...

    In general terms – there were three main focal points of interest I wanted to cover and then allow listeners to ask whatever questions they liked.

    1) the SIGR report…

    2) the Gold Article…

    3) the IIER report…

    I started the conversation out last night by highlighting how crazy this campaign being fielded to contact our lawmakers and bank CEO’s and tell them how unfair it is they are getting to exchange (exchange is the right terminology BTW – NOT “CASH-IN”) at 32.00 per Dinar and we are not – is. It is nuts.

    Firstly, “they” are NOT being allowed to exchange “early” – or at 32.00 per Dinar. It makes you sound “stark raving MAD” to be caught saying such things. You would be better off barking at the moon. It is demeaning to the validity of a true currency play.

    Secondly, this is entirely the wrong way to approach them. I pointed out on the call that Poppy and I fielded a very successful such campaign a couple of years ago. However, we sat down and came up with a much different approach. It was designed to get answers and to approach our lawmakers with respect and as their constituents. Not like a bunch of lunatics. We had extraordinary participation (because it made sense) and we received a good response from lawmakers. It started the conversation in a reasonable manner.

    I asked one caller – “when was the last time you asked a banker for money and told him how unfair it was if he didn’t give it to you”??? Obviously – we chuckled…

    Another caller asked me if (as DC had relayed) – the “zero’s were raised” and the lower denominations were in circulation??

    I said plainly “no”…lower denominations being in circulation would (at the very least) imply there had been a value change. If there were no value change the lower denoms would not only be of little value, they would be such a hinderance – people might even throw them away just to get rid of them. So no – no lower denoms. I told the caller to check the website for “real” info on rate change.

    The “zero’s being raised” or “deleted” – as explained by any reasonable researcher, economist or authority – is simply the process removing the large (3 zero notes) from circulation.

    Referring to an Enorrste post from today on
    THE DINAR OBSERVER DAILY(you may want to put this on your favorites and check in several times a day – we to it often )

    “…I have never found a single article from the CBI or the IMF that equates “delete the zeros” to the idea of “move the decimal point.” Instead, the statements overwhelmingly come out to mean “remove the large notes from circulation.”

    Also – this recent internal memo put out by Wells Fargo is likely “push back” from this recent campaign. I pointed out that Pinnacle Bank published an article by an “affiliate” in their internal publication and then “highlighted it” in a similar internal memo a couple of years ago. It is just a defense mechanism. I’m sure Wells is tired of having their name dragged through the “internet rumor mill”. This is highly likely the reason for their vigorous denials about handling it in the future. They get so many useless calls – it isn’t worth the headache. Can you blame them??

    Further, for any bank, lawmaker, adviser or official to state the “Dinar is a scam” is nearly as foolish as some of the internet “Gurus”. It is the official currency of a COUNTRY. I pointed out (below) the post from yesterday’s
    – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
    __________________________________________________ _____________


    We are seeing and hearing that the inflation rate is still climbing and they are pushing to get us our money?? This report is from page 94 of the massive SIGR report.

    BGG ~
    This is a screen shot from the “Special Inspector General for Iraq Reconstruction” – Apr 2012, quarterly report to Congress. For members of our Government to say they have no idea what is going on here – means they haven’t read some very basic documents presented them.
    __________________________________________________ ______________

    I pointed out (last night) this is a highly speculative investment. We are, in no way, guaranteed anything. However, this SIGR report gives us some valuable insights…

    1) This is information given to the US CONGRESS on a quarterly basis… I find it hard to believe such an information source would intentionally mislead Congress. They tend to frown on such behavior. Which goes directly to the validity of this adventure – against all advice from Wells Fargo or other such naysayers.

    2) It points out there having been a legitimate “plan” – or time frame in motion…having been projected to be done in 2013. We are obviously in “over time” now.

    3) It gives us an idea as to who is in charge…the CoM – or Council of Ministers. Who do they answer to?? Maliki. Period. When is he likely to push this forward?? Historically – he has been a “weak Dinar” policy advocate. However, rumor from his own inner circle admits he can’t win a third term in office without some currency reform.

    I fully expect him to use every tool in his “wheel house” to win – his recent moves in Anbar and the disputed territories prove as much. Currency reform has to be a “biggie”. Though this WAS their thinking a couple of months ago – there is no promise it is still part of their political calculus. We shall see.

    4) Though no guarantee of the actual future plan they wind up engaging – this report points out an increase in value that would have taken the Dinar from “one-tenth of a cent” to a value “of slightly less than $1″..

    __________________________________________________ ______________


    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

    The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the business community, and Iraqi economists are divided…

    …Haider al-Abadi, the head of the Iraqi parliamentary Finance Committee, told Al-Monitor that while deleting zeros from the current currency is possible, this has been postponed until after parliamentary elections. He noted that studies are being carried out to ensure that, following the currency change, counterfeiting is limited and that Iraqis don’t go back to trading in the old currency.

    The step to delete zeros from the currency has been postponed several times, leading the parliamentary Economic Committee to demand that the CBI accelerate this project, as Al-Sharqiya reported. In a news conference held July 6, the Economic Committee confirmed that the deletion of zeros will lead to an increase in the value of the Iraqi dinar and will have positive repercussions, including a reduction in unemployment and poverty rates in the country. ARTICLE LINK

  2. #2

    Kurdish delegation meets as chairman of the parliament to discuss the release of the

    Kurdish delegation meets as chairman of the parliament to discuss the release of the provincial budget and salaries

    Confirmed that the Kurdistan Alliance MP Shirin bucket on Saturday, said a Kurdish delegation met with the Presidency of the Council of Representatives to discuss the issue of the budget and the launch of the provincial employees' salaries.

    She bucket in an interview for "Alsumaria News" that "the Kurdish delegation arrived in the House of Representatives and held a meeting with the Presidency of the Council of Representatives."

    "The delegation discussed with the Presidency budget issues and the launch of the provincial employees' salaries and the region's oil exports and merged with the Iraqi government's exports."


  3. #3

    Parliament held its meeting under the chairmanship of the 26-Jubouri and the presence

    Parliament held its meeting under the chairmanship of the 26-Jubouri and the presence of 201 deputy

    Alsumaria News / Baghdad - The Council of Representatives, Saturday, its 26th President of the Council, headed by Saleem al-Jubouri, and the presence of 201 deputy, while the parliamentary source said that the meeting will see the first reading of the draft labor law, and the draft rights of Turkmen law.

    The source said in an interview for "Alsumaria News" that "the parliament held its 26th, Saturday, headed by Saleem al-Jubouri, and the presence of 201 deputy," noting that "the meeting will be sworn deputies that they occupy positions of government and replacements for those who have held ministerial positions or the Vice-President the Republic. "

    The source, who asked not to be named, said "the meeting will read a statement on the humanitarian and security situation in the province of Nineveh, and to discuss the recommendations of the Committee on Parliamentary Affairs displaced temporary." He stressed that "Parliament will be read during the meeting, the first reading of the draft rights Turkmen Regulatory Act, and the first reading of the draft labor law," adding that "the meeting will see the second reading of the draft law on ratification of economic and trade, scientific and technical cooperation between the governments of Iraq and Armenia Cooperation Convention on the Law."

    The Presidency of the Council of Representatives decided, on Thursday (October 30) the past, to adjourn the meeting of the Council of 25 to Saturday (November 1, 2014).


  4. #4

    Without cash reserve .. .. and do not balance the $ 79 billion debt

    Without cash reserve .. .. and do not balance the $ 79 billion debt

    Discussions have shown a high level host Parliament of the Ministers of Finance, Planning and oil difficulty issuing country's budget for the current year because of the shortfall with lower production and oil prices and the continuing volatile security situation, which means the bankruptcy of the state treasury, which may force the government towards formal announcement of austerity and spending cuts in order to reduce the fiscal deficit and the rationalization of the early parliamentary Alinvqat..oekshv

    source revealed the absence of any cash reserves in Iraq and the state owes about 79 billion Dolar..oicol source, who declined to be named for ((the Constitution)): The Parliament yesterday discussed the issue of the budget in the presence of the ministers of planning and financial and oil, although the discussions revealed drowned out by Iraq's debts amounted to more than $ 79 billion, a legacy of the government Alsabakh..oekshv

    Source: show us during the discussions that Iraq today without any cash reserve which was withdrawn large sums of money during the years 2012 and 2013, which means that The new government received an empty treasury and that Iraq was spent in 2014 about $ 171 billion, the largest number from the 2014 budget of about $ 50 billion, and this means that the trade deficit in Iraq had reached the stage of temporary

    part of the Finance Committee revealed the absence of the current year's budget ..otcol Chairperson of the Committee Magda Tamimi's ((Constitution)): It does not exist for the current year's budget and what currently exists budget and not Moisna..otdau Tamimi to delete all the charges and expenses that strain the budget as cars officials and the large numbers and delete Aldiavatt and incidentals within ministries with reducing Alaivadat and identified the fact that most of them are not justified and is Nafh..otodh:

    The total income and expenditure of the budget since the beginning of this year to 31 last August, including the Kurdistan region of salaries for the months of January and February amounted to 65 Trliuna and 319 billion dinars for ongoing expenses, although revenue amounted to 72 Trliuna and 406 billion dinars ..

    It adds: The cash benefits of the ministries on the circular balance amounted to 7 trillion and 780 billion dinars, and amounts drawn to the Ministry of Defense Trliuna and 132 billion Danar..otban:

    The oil imports estimated at $ 80 billion and operating section of the budget consumed so far $ 83 billion, how can Adoption of the budget is less than the operating section in that budget which will come to the House of Representatives will not recognize, but will be returned to the Council of Ministers.
    Last edited by AR Transplant; 11-01-2014 at 10:27 PM.

  5. #5

    BLOM searches for new markets in Gulf and Iraq

    BLOM searches for new markets in Gulf and Iraq

    BLOM, one of the largest banks in Lebanon, is eying the Gulf States and Iraq, but it is also cementing its presence in some of the other states in the region, the chairman and general manager of the bank said Tuesday.

    Saad Azhari mentioned, “We are expanding our operations in places where we are [already] present.”

    “I came back from Jordan, where we opened our 13th branch, and in two months we will open the 14th branch. In Egypt also, we are expanding our branch network.

    “We also have good growth activity in the Gulf, including in Dubai, Qatar and Saudi Arabia. We recently opened a branch in Baghdad and in few weeks [we will open a branch] in Irbil.

    “We hope that once the situation has stabilized, we will be able to expand, because this country has a lot of future potential.”

    Azhari said that BLOM was keen to expand in the Arab Gulf region, noting that the bank had branches in Dubai and Sharjah and a representative office in Abu Dhabi.

    BLOM currently has an investment banking license in Saudi Arabia, but not a commercial license. “When the regulations permit, we hope to expand our presence in the Gulf states,” he said.

    “I am looking forward to expanding business in other Arab countries when we feel that there is a possibility to grow.”

    Azhari said the situation in Syria had affected directly and indirectly the performance of Lebanon’s banking sector, because many local lenders had a presence in Syria.

    “There is no longer considerable increase in net income [in Lebanon],” he said.

    “Banks also increased their provisions for non-performing loans in light of the situation in Syria. Lebanese banks have managed to absorb the shock in Syria and have succeeded in maintaining reasonable profits.”

    Azhari admitted that the profits in Syria had almost disappeared in 2011, 2012 and 2013 due to the war. However, he emphasized that BLOM compensated this loss in other countries in which the bank had a presence.

    “In our case, we had good growth and profits in Jordan, Egypt and Saudi Arabia,” he said. This year, BLOM saw a 50 percent increase in profits in Egypt and 30 percent profit growth in Jordan.

    But Azhari made it clear than any possible acquisition deal of a bank in Lebanon should meet certain strict criteria.

    “Growth for the purpose of growth is not our strategy,” he said. “If we find something that will improve our return on equity and not affect negatively the quality of our assets, we will consider acquisition.”

    Azhari believes that BLOM will maintain the same growth in deposits, assets and profits at the end of the year. BLOM recorded a net profit of $269 million in the first nine months of this year, an increase of 2.7 percent compared to the same period of last year.

    Azhari also commented on the government’s fiscal policy.

    “The Lebanese government is still our biggest customer and the finance of the government is very important,” he said.

    “We have seen since 2011 an increase in debt-to-GDP ratio, although the ratio fell in 2008 and 2009, thanks to the growth achieved in the country during that time.

    “It is very important for the government to lower debt-to-GDP and this can be done through structural reforms and improving tax collection. The increase in spending has led to a higher deficit.”

    Asked if the Lebanese banks would continue to invest in Lebanese sovereign bonds, he said that banks had liquidity that could be partly used for such purposes.

    “We will continue to renew the maturing bonds, but not increase the level of financing of the state,” he said. “This will put pressure on the government not to increase the deficit. Any increase in spending should be matched by an increase in revenues.”

    Azhari considered the proposal to tax the sovereign securities of the commercial banks as a form of double taxation, adding that this type of tax was not welcomed by all international institutions.

    “For us, increasing the salaries for the civil servants is beneficial, but at the same time we don’t want the government to increase the deficit,” he said.

    “We are not against increasing taxes, but we objected to double taxation, which could lead to higher interest rates.”

    Azhari said that if the banks were taxed on their interest income and were taxed again on the return on government securities, this effectively was double taxation.

    “This will lead to a higher interest rate,” he said. “This means that there will be higher rates on the housing loans of consumers.

    “It will be an extra burden and not a solution. This is not a burden on the banks but a burden on the economy.”

    Azhari, who attended the IMF and World Bank conference in Washington this month, expressed satisfaction about his talks with the US officials and American banks.

    He also mentioned, “The U.S. financial authorities were very happy with the efforts of the Lebanese banks to abide by all international rules and regulations.”

    In his speech in Washington on the 12th of this month, Azhari, who is also the vice president of the Association of Banks in Lebanon, said ABL was prudent to take the relationship with correspondent banks very seriously, making sure that it was conducted with the highest professional standards.

    He added, “We also believe that such comprehensive regard for these rules and regulations preserves the interest of all involved – both Lebanese and foreign correspondent banks – and sets our relationship on a steady, confident and rewarding path.”

    Azhari added that the trip to Washington had affirmed the bank’s commitment to clean, safe, transparent and reliable banking.

    “U.S. officials even told us they wish some countries have the same level of compliance with regulations and rules as Lebanon,” he said.
    Last edited by AR Transplant; 11-01-2014 at 11:41 PM.

  6. #6

    Belarus is keen to boost tie up with Iraq

    Belarus is keen to boost tie up with Iraq

    Belarus is willing to dramatically expand cooperation with Iraq, Chairman of the House of Representatives of the National Assembly of Belarus Vladimir Andreichenko said as he met with Ambassador Extraordinary and Plenipotentiary of the Republic of Iraq to the Republic of Belarus Haidar Hadi on 29 October.

    Vladimir Andreichenko said, “Belarus greatly values the friendly relations between our countries. We are ready for the most dramatic steps to intensify cooperation.”

    The speaker noted that at present the cooperation between the two countries lags behind its true potential. The legal framework of the bilateral ties is still in its nascence, which greatly impedes the progress in promoting the bilateral contacts. Besides, the trade between the two countries is still insignificant.

    “However we believe that we have no obstacles for ramping up cooperation,” the Chairman of the House of Representatives said. In his words, closer inter parliamentary ties might play an important role here. “I cannot say that we do not cooperate on inter parliamentary level these days. We have welcomed delegations from Iraq and Iraq has played host to delegations from Belarus. We closely interact with the Iraqi Embassy in Belarus,” the speaker said. In his words, the Belarusian parliament has sent an invitation to the Iraqi speaker to visit Belarus any time. “We believe that during this visit we could sign a cooperation agreement between the parliaments of the two countries. This agreement might give an impetus to cooperation in other fields,” he said.

    Vladimir Andreichenko informed the Iraqi Ambassador that the Belarusian parliament sets up inter parliamentary cooperation groups that maintain contacts with the parliaments of other countries. So far there are 56 such groups. The speaker believes that similar groups could be established by the parliaments of the two countries.

    Addressing the Iraqi diplomat Vladimir Andreichenko said, “We see how hard you work to promote the bilateral cooperation and strengthen the friendly ties between Belarus and Iraq”. In his words, MPs will always help materialize various initiatives coming from Iraq.

    Haidar Hadi agreed that the trade between Belarus and Iraq is small and falls short of its potential. However, the Iraqi side is actively working on it. During the visit of the Iraqi business delegation led by the chairman of the chamber of commerce and industry in June 2014, the parties signed a memorandum of understanding between the Belarusian Chamber of Commerce and Industry and the Federation of Chambers of Commerce and Industry of Iraq.

    According to him, the parties have drafted the memorandum of understanding between the Agriculture and Food Ministry of Belarus and the Agriculture Ministry of Iraq. Belarus has already completed interstate procedures needed to sign the document.

    The memorandum is expected to the signed during a high-level visit. The diplomat expressed hope that this and other important documents will be concluded in the near future during the scheduled visits of Iraqi ministers to Belarus.

    Haidar Hadi emphasized that Iraq considers Belarus one of its key partners in Europe. In his words, the Iraqi government appreciates Belarus' support of the fight against terrorism. In June 2014 Belarus condemned the actions of terrorist groups in Iraq that killed thousands of people and made hundreds of thousands internally displaced.
    Last edited by AR Transplant; 11-01-2014 at 11:42 PM.

  7. #7

    Parliamentary Finance exclude exchange for the advance of the Kurdistan region

    Parliamentary Finance exclude exchange for the advance of the Kurdistan region

    BAGHDAD / JD / .. ruled the parliamentary finance committee, the federal government disbursed financial advance to the Kurdistan region because of the provincial government's commitment to measures production and export of oil, while the government called for the center to speed up disbursement to the region they will affect the standard of living of citizens province.

    A member of the committee MP Abdul Qader Mohammed told / JD /: "The prime minister Haider al-Abadi was a working paper of the new government, which stipulates that after the House of Representatives approval of the formation of the government cabin center government will, regardless of financial advance to the Kurdistan region, and paid the provincial government to export oil Sumo across national company. "

    He added that the Kurdistan Regional Government refused to export oil through the territory of national SOMO and delivery of data production and export of oil during the past months, prompting the federal government to refrain from disbursing financial advance conditional on a worksheet of the current government. "

    He called Muhammad, the federal government "not to repeat the mistakes of the previous government and to deliver financial advance to the Kurdistan Regional Government and disbursement of salaries of employees of the fact that the region will affect the reluctance standard of living of citizens of the Kurdistan region,".
    Last edited by AR Transplant; 11-01-2014 at 11:46 PM.

  8. #8

    Good season for buying and selling at a loss ... Gold prices have been falling in Muh

    Good season for buying and selling at a loss ... Gold prices have been falling in Muharram

    It is said that gold "Accessories and safe." But this is exposed to a decline in Treasury sometimes seasons or religious events, and these events monthly Muharram and Safar solutions after him.

    The longer these days is a good chance some exploited in transforming Maldih of money to buy gold jewelry at cheap prices compared to prices in the rest of the days, and the decline was attributable gold prices these days to the ceremony wedding and engagement stops at most of Iraq's population, especially when "the Shiite community," which is then hated the establishment of an engagement or wedding ceremonies and grief following the example of the anniversary of the martyrdom of Imam Hussein, "peace be upon him," and the range of his household and his companions in "e 60".

    Goldsmith, "Abu Adam" and says that gold prices to Athddha conditions in Iraq only, but the global gold market is limited by the rise and fall, local and our market belonging to world markets, and that there was a decline in the month of Muharram shall be slight because it originally low price of gold since Muharram last year, The gold market is influenced by our religious occasions, but varying proportions.

    Noteworthy that the Iraqi gold market did not depend on Matsnah fingertips Iraqis jewelers only, but gold importer helped fill the domestic market need when seen from a great demand, to increase the income of the Iraqi people and get great leaps ladder salaries and also the recovery of trade in it, and over what constitutes gold importer is "United Arab Emirates" which is characterized by diverse and beautiful wording Nakecat but lighter than the Iraqi gold, and also "Iranian gold", which ranks second after the United Arab Emirates in the local market and also Italian.

    And stop price carat gold "24" at 44 860 and 32 fils, equivalent to 38 US dollars and 57 cents, and the caliber of "22" at 41121 and 88 fils any equivalent in dollars $ 35 and 75 cents, and the caliber of "21" when 39 252 ie "33" $.

    She says, "Umm Zahraa" that has a collection of gold jewelry and was very needy for a sum of money to buy a piece of residential land, but the market price for Aabashr okay so you postpone the sale to another time, hoping higher price, and adds, "Um Zahra," said one of her relatives had purchased a piece land to build a house on them, and has also introduced the gold Musogatha but prices are not convincing to the seller, Fbaat this woman "necklace" in the amount of one million six hundred thousand only, while the purchase price of two million two hundred thousand dinars, as well as the sale of "two rings" of 200 thousand dinars, and the purchase price of 500 thousand dinars.

    And by some Iraqis, whether employees or non-employees to save money by converting to gold jewelry resort to it when needed or having, but the gold market turmoil in recent case without it, began to look more people are turning towards the purchase of real estate and spare residential land to keep their money.

    The advantage of gold personal success in savings because it is "of ornamental accessories and saves running out of money at the same time" and took sometimes a way of smuggling money abroad by turning them into jewelry and ornaments ladies, suspicion away from the smugglers.
    Last edited by AR Transplant; 11-01-2014 at 11:49 PM.

  9. #9

    Industrial assembly warns Cancel 2014 budget

    Industrial assembly warns Cancel 2014 budget

    BAGHDAD / JD / .. warned Iraqi industrial assembly, the federal government and the House of Representatives Cancel 2014 budget because of oil prices, noting that the lack of approval will lead to economic disaster in the country.

    Said assembly Chairman Abdul Hassan Shammari told / JD /: "The Finance Minister Hoshyar Zebari's remarks when hosted in the House of Representatives not to provide 2014 budget is a big mistake, because the oil resources of the past ten months information and the remaining two months of the current year, it can be calculated on the price an estimated $ 80 and provide the budget to parliament recognizes. "

    He said: "The failure to approve the budget this year will increase the suffering of the Iraqi citizen and will be an economic disaster for Athmd Akbaha in the country", calling on Prime Minister Haider al-Abadi to "attention and to provide for the current year's budget to avoid any potential economic problems."

    The parliamentary Finance Committee had suggested earlier in the ratification of the final accounts of the ministries and government departments instead of approving the budget in 2014.
    Last edited by AR Transplant; 11-01-2014 at 11:53 PM.

  10. #10

    Re: Parliament held its meeting under the chairmanship of the 26-Jubouri and the pres

    News Details

    Electricity coordinate with the Trade Bank of Iraq to set up a residential complex for its members


    Electricity coordinate with the Trade Bank of Iraq to set up a residential complex for its members

    BAGHDAD / JD / .. and the Ministry of Electricity revealed its intention to set up a residential complex for its staff in coordination with the Trade Bank of Iraq, while confirming that in this complex of housing units will be in installments and long repayment duration.

    He said the ministry spokesman Musab teacher in a statement received / JD / copy of it: that the Minister of Electricity Qassim Mohammed Fahdawi, said during a meeting with the Director General and Chairman of the Trade Bank of Iraq Hamdiya Dry administration, the determination of his ministry to provide decent housing for all employees of the ministry as soon as and less expensive.

    According to the statement, the minister stressed the role of the Trade Bank of Iraq in support of the companies that will be implemented residential complexes that have been identified in two locations in the capital, Baghdad, as a first stage, in coordination with the Housing Ministry's staff association, calling to be a monthly premium paid by the enrollee is very soft, so do not affect the Warbler Monthly and long repayment duration, as well as identifying areas for these units starting from 150 square meters and above to be fit for the housing member and his family.

    For its part, expressed readiness dry Trade Bank of Iraq to support the Ministry of Electricity in the implementation of the project of residential complexes for its members, such that the implementation by solid companies implemented complexes worthy of its reputation and the reputation of her own. / End / 22 /

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