The Dinar Daily, Sunday November 2, 2014
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  1. #1

    The Dinar Daily, Sunday November 2, 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 (IraqiNews.com) 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 IraqiNews.com 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.

    http://www.iraqinews.com/features/ir...-central-bank/

    And

    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.

    http://www.iraqhurr.org/content/article/26666313.html

    and

    [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.

    http://www.ninanews.com/english/News...ar95_VQ=HHEFFL

    * More SLC " double talk " , IMO

    and


    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

    and

    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
    CBI.iq 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
    DINAR OBSERVER DAILY
    – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
    __________________________________________________ _____________

    THIS REPORT WAS SENT TO CONGRESS LAST MAY. IT PLAINLY SHOWS IN THIS REPORT THEY EXPECTED THE DINAR TO REVALUE AT AROUND A DOLLAR IN 2013.

    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″..

    __________________________________________________ ______________

    AND

    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

    Re: The Dinar Daily, Sunday November 2, 2014

    Executive Director of the Iraq market: the launch of the new electronic trading system X-stream
    November 2, 2014 11:52Last updated: November 2, 2014 11:52Source: Direct



    Sabah newspaper reported, citing Executive Director of the Iraqi market for securities in Iraq, saying that the market for the first time in the Iraqi Stock Exchange Date launched a new electronic trading system X-stream being one of the more sophisticated electronic trading systems in the world as well as being a high flexibility and performance of advanced and meets the needs of growing market.
    And the Executive Director of the Iraqi market for securities, Taha Ahmed Abdul Salam, in an exclusive interview with "morning" that the Iraqi Stock Exchange from the first five stock exchanges in the Middle East that have been used this new system through the development of study design and implementation plan by the market experts in collaboration with the company "NASDAQ or or X, "as well as work on the development of the market Hardware - software with global companies," NASDAQ OMX and IBM "and according to the tests, which ended with success, he said.
    He said Abdul Salam that the market has conducted technical tests on the beta versions of the system as well as its training and testing of a group of employees and brokers as trainers for the purpose of training intermediaries and authorized stressing make amendments to the filing system to comply with the "X-Stream" system, said Abdel-Salam said the market was working according to electronic trading system for the Horizon very end of October 2014, pointing out that the user and the system applied by most Arab and European bourses returned him a success according to electronic trading rules.




    http://translate.googleusercontent.c...CwX9lN64Rud1DA

  3. #3

    Re: The Dinar Daily, Sunday November 2, 2014

    CBI Law prevents investment cash reserve
    November 2, 2014 11:50Last updated: November 2, 2014 11:50Source: Direct




    November 2, 2014 11:50Last updated: November 2, 2014 11:50Source: Direct
    Part
    Sabah newspaper reported that the monetary reserves of the Central Bank is the most prominent is its independence as a financial institution designed to maintain the market exchange rate of the local currency stability to foreign counterparts, and at a time when the hints is thought that the show's central bank will act in this reserve, matched by official assurances that the cash reserve the central bank is not permitted to be touched at all as to him that the government should not lend any reason whatsoever.


    It consists of strategic reserves of gold, silver, convertible currencies, as well as some currency that can be converted to either a convertible currencies or to Zhb.ovi this context, explained the academic banking advisor Dr. Essam Mahouelle: in Iraq, a country of oil, part of the oil revenues are deposited in the Central Bank Offer no reserve the Government may ask the central bank to provide them with any amount of this reserve because they (ie the government) has taken its share of oil revenues, as well as taxes and introduced within the state budget.


    The central bank governor Dr Ali Alak denied earlier in the central bank's intention to invest its reserves of gold and currencies to oppose it with the goals of the reserves and the central bank law. Comes the central banished after transfer from the parliamentary economic committee of the central bank promised that it will invest its assets in foreign currency and gold early Almqubl.ocd Mahouelle in a statement to the newspaper (morning): The Central Bank maintains has a reserve being the property of the people and for future generations, explaining that the section of these reserves is used as a cover of banknotes issued within the country is a matter of confidence in the national currency, adding that the reserves represent international purchasing power and thus provide an important pillar of the external value of the national currency in times which shows a deficit in the balance of payments.
    http://translate.googleusercontent.c...9uULnCdxp5lNiw

  4. #4

    Re: The Dinar Daily, Sunday November 2, 2014

    PUK delegation dealing with officials in Baghdad security files, and the government and the budget


    High-level delegation held by the Patriotic Union of Kurdistan, headed by Deputy Secretary General of the Union of Rasool Ali interviews and meetings with politicians Iraqi officials string in Baghdad, took up his talks with these parties, the security file and the formation of the Iraqi government and the region's share of the general budget of the country and the salaries of his staff.


    The delegation includes both the working body responsible Mullah Bakhtiar, a member of the Authority operating Omar Fattah, a member of the Political Bureau of Rizgar Ali, a member of the Leadership Council Khosrow Cole Mohammed, and held a series of meetings with political parties and blocs of Iraq to resolve the outstanding issues between Baghdad and the Kurdistan crisis during the past three days.
    He said the Kurdistan Alliance member Mahma Khalil, network Roudao media on Sunday, "The delegation met with Dr. Fuad Masum, chairman of the Republic of Iraq in order to congratulate him on his new position," noting that "the president said of his part, the advent of high delegation from the offer congratulations to him the political bureau, as a support very large him morally initiate its work and success in it. "


    Khalil said that "the delegation stressed at the meeting with Dr. Fuad Masum, the Patriotic Union of Kurdistan would do everything he could to ensure the success of the functions of the President of the Republic, and to offset the representation of the Patriotic Union of Kurdistan in Baghdad in the absence of President Mam Jalal," explaining that it "will maintain the unity of the national described unit row forces and thKhalil added that "As part of the delegation meeting with Dr. Fuad Masum, research addressing the problems between the Kurdistan Region and Iraq, including the issue of the budget and salaries mechanism."


    The delegation visited the political body to block the Liberal headquarters in Baghdad and were greeted by User political body Nassar al-Rubaie and MP Juma Office of the Attorney conclusion Jawad, Khalil said that "the delegation also presented his greetings to Mr. leader Moqtada al-Sadr, saying his positions and the positions of the Sadrist movement in general of the outstanding issues and to try to change the previous government means legal and constitutional. "


    It is noteworthy that the National Union delegation also met with the House of Representatives of the Kurds in Baghdad, and called on them Rasool Ali to preserve the unity of the class away from partisanship and partisan, stressing their role and the great hope held them to defend the legal rights of the people of Kurdistan. e Kurdish parties in Kurdistan, Iraq and the region. "


    Khalil added that "As part of the delegation meeting with Dr. Fuad Masum, research addressing the problems between the Kurdistan Region and Iraq, including the issue of the budget and salaries mechanism."


    The delegation visited the political body to block the Liberal headquarters in Baghdad and were greeted by User political body Nassar al-Rubaie and MP Juma Office of the Attorney conclusion Jawad, Khalil said that "the delegation also presented his greetings to Mr. leader Moqtada al-Sadr, saying his positions and the positions of the Sadrist movement in general of the outstanding issues and to try to change the previous government means legal and constitutional. "


    It is noteworthy that the National Union delegation also met with the House of Representatives of the Kurds in Baghdad, and called on them Rasool Ali to preserve the unity of the class away from partisanship and partisan, stressing their role and the great hope held them to defend the legal rights of the people of Kurdistan.


    For his part, organizations Baghdad center of the Patriotic Union of Kurdistan official said Saadoun Alfeli network Roudao "The visit was designed to offer congratulations to the President of the Republic Fuad Masum, and held a series of meetings and meetings with Iraqi officials."
    He described the visit Alfeli PUK delegation as "positive," and said it "was a good step and we are waiting to yield good results and that the role of the Kurds prove better."


    The delegation also met with the secretary general of the Islamic Dawa Party, Vice President Nouri al-Maliki, said Alfeli that the visit "was in response to a meal of al-Maliki, was not through talking about any political matters, and was friendly dialogue, also addressed terrorism and Daash file."
    http://translate.googleusercontent.c...hLzZp8FEO_YxhA

  5. #5

    Re: The Dinar Daily, Sunday November 2, 2014

    Jubouri emphasizes the need to unite all efforts for the advancement of the Iraqi reality
    36 Show November 2, 2014 12:20


    (Independent) .. Search House Speaker Salim al-Jubouri, on Saturday evening, with the secretary general of the Iraq coalition, Abbas al-Shammari latest political and security developments in the domestic arena and ways to consolidate efforts for the advancement of the Iraqi reality.


    Jubouri said that Iraq is facing huge challenges which require urgent action and a joint in order to stand faces these challenges, especially regarding the security file and the need to eliminate the terrorist groups that shed the blood of innocent citizens.


    For his part, al-Shammari expressed support for the efforts of the President of the House of Representatives in this area, and gave him a symbolic gift from him proud of the efforts of al-Jubouri, in order to ensure the success of the political process and the preservation of the supreme national interests.

    http://translate.googleusercontent.c...iONjomSEFiMJAA

  6. #6

    Re: The Dinar Daily, Sunday November 2, 2014



    Iraqi Dinar/Dollar auction 11-02-14

    Currency Auctions Announcement No. (2805)

    The latest daily currency auction was held in the Central Bank of Iraq on the 01-11-2014

    The results were as follows:

    DETAILS NOTES
    Number of banks 10
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 116,757,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 116,757,000
    Total offers for selling (US$) -----



    Iraqi Dinar/Dollar auction 11-02-14

    Currency Auctions Announcement No. (2806)

    The latest daily currency auction was held in the Central Bank of Iraq on the 02-11-2014

    The results were as follows:

    DETAILS NOTES
    Number of banks 17
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 168,388,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 168,388,000
    Total offers for selling (US$) -----

    Market Rate 1202 !!!

  7. #7

    Re: The Dinar Daily, Sunday November 2, 2014

    Iraqi Foreign Minister Ibrahim al-Jaafari, up to Kuwait
    SUNDAY, OCTOBER 2/02 NOVEMBER 2014 12:35 M P
    User Rating: / 2
    Weak Good
    Twilight News / day and access to Kuwait, Iraqi Foreign Minister Ibrahim al-Jaafari, an official visit is the first of its kind since he took the foreign minister in the new Iraqi government.






    It is scheduled to be a two-day visit during which he will meet with al-Jaafari, the Emir of Kuwait Sabah Al-Ahmad and First Deputy Prime Minister and Foreign Minister Sabah Al-Khalid.


    Jaafari as speakers will present at a seminar at the Faculty of Social Sciences at the University of Kuwait Monday under the title of political developments in the region and their impact on the social environment.


    It is noteworthy that al-Jaafari, a tour of the region starting from Kuwait.
    http://translate.googleusercontent.c...qf-o6cReCV1ScQ





  8. #8

    Re: The Dinar Daily, Sunday November 2, 2014



    sczin11- Note the source of this... SAUDI PRESS AGENCY

    http://www.spa.gov.sa/images/header.png



    Political / meet with the Emir of Kuwait, Iraqi Foreign Minister
    Kuwait 09 Muharram 1436 AH corresponding to November 2, 2014, SPA
    Met with His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Amir of Kuwait today, Iraqi Foreign Minister Dr. Ibrahim Al-Jaafari, who is currently visiting Kuwait.
    During the meeting, they discussed relations between the two countries and ways of enhancing them in all fields, in addition to a number of issues of common concern.
    // // Ended
    13:32 ITM

    http://translate.googleusercontent.c...msc_zG5VANX1bw


  9. #9

    Re: The Dinar Daily, Sunday November 2, 2014

    Parliamentary committee calls for the central bank to implement deletion of zeros early next year





    BAGHDAD / JD / .. the parliamentary finance committee demanded, the Iraqi Central Bank to apply the project to delete the three zeroes from the currency early next year, because of its great importance to support the national currency.


    A member of the Committee MP Jamal told Joker / JD /: he was "on the central bank to start the implementation of the initial phases of the project to delete the three zeroes from the currency, instead of resorting to the issuance of new editions of the coin with a large class K 50 000 dinars, or other."


    He noted: "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 it will begin the Central Bank to implement the project in the form of stages," calling on the central bank to "start implementing the initial stages beginning the year 2015 ".


    He ruled out the Joker, "for economic problems in the event of implementation of the project during the next few days," pointing out that "the project is one of the important strategic projects of the country being reduces the money supply and works to reduce the rate of inflation in the market."


    The central bank is preparing to issue a new edition of the coin category 50 000 dinars, while noting that the project to delete the zeros will be implemented over the next five years. / Finished / 8 /

    dananernews.com

  10. #10

    Re: The Dinar Daily, Sunday November 2, 2014

    Alsumaria News / Baghdad
    The member of the Committee on Economy and Investment parliamentary MP Jawad al-Bolani, Sunday, to the need to work on the establishment of an economic system that ensures the dimensions of Iraq from economic shocks, stressing that Parliament is determined to conduct investigations of all spending that occurred in the operations of government institutions.


    Bolani said in an interview for "Alsumaria News" that "should work on the establishment of an economic system that ensures the dimensions of Iraq and the economic tremors shortfall and tumble country economically."

    Bolani added that "the government must deliver all reports with the utmost precision and transparency through its institutions," pointing out that "determined to hold investigations into all spending that took place in all government institutions, processes the House of Representatives."


    The member of the Committee on the economy and investment representative that "the House of Representatives as a legislative and regulatory unable to re-produce the same institution and legislative oversight."


    It is noteworthy that the Committee on the economy and investment representative in the (October 29) the past, the government has warned of an economic crisis would run Iraq in the next year if they do not take into account the proposals of Parliament on the pressure expenditures in the budget next year and limited to operational to overcome the shortfall in them.
    http://translate.googleusercontent.c...xXoJY7HhZZeiFQ

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