The Dinar Daily, Saturday November 8, 2014
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  1. #1

    The Dinar Daily, Saturday November 8, 2014

    Coins put on the market !!

    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 "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 metal 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


    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

    Re: The Dinar Daily, Saturday November 8, 2014

    Parliamentary Finance: There is no budget for 2014 and the final data will be read as a report in Parliament bonds

    Parliamentary Finance Committee announced on Saturday, that the final data for the 2014 budget will be read on the form of a report in the parliament and there are no bonds, and showed that the 2015 draft budget law will come to Parliament early next month.

    The Chairman of the Interim Committee Magda al-Tamimi, in a press statement that it 'has no bonds to balance the 2014', pointing out that 'there will be closing statements of the money spent by the government will be presented in the form of a report and read into the House of Representatives.

    She added that '2015 budget will project from the Council of Ministers to the House of Representatives early next month', asserting that 'the budget includes an increase civil servants' salaries and the salaries of the popular crowd and the release of the grades of the departments and institutions of the state'.

    The MP for the coalition of Iraqi forces Nahida Daini revealed, the (November 5, 2014), that the draft budget law of 2014 will reach the House of Representatives the end of this month in the form of bonds, as pointed out to transform the budget allocations of the salary scale and grades to the budget in 2015.

    It is noteworthy that the state budget for the current 2014 became the substance of the debate and the exchange of accusations between all the political blocs, was returned to the Council of Ministers to make adjustments to some of its clauses, with fear among the popular and political repetition of the same scenario with the next year's budget.


  3. #3

    Re: The Dinar Daily, Saturday November 8, 2014

    Securities: economic conditions and more signed on citizen security and a new system of income in the trading operations
    Chairman of the Securities Commission Abdul Razzaq al-Saadi

    Tomorrow Press / Baghdad: The head of the Securities Commission Abdul cyanosis Saadi, Saturday, that the economic conditions more impact than the security conditions on the citizen, revealed that while a new system to enter the trading process in Iraq Stock Exchange.

    He said al-Saadi's "Tomorrow's Press," "The security conditions do not greatly affect the Iraqis are more than economic conditions, delayed budget and low oil prices, all of these indicators are worrisome deterioration of the Iraqi economy if it does not find a suitable solutions."

    "The recent security conditions are not directly affected by the trading operations in the Iraq Stock Exchange with evidence that index trading operations in all its aspects in mounting either low Asar stocks and height at different times can not measure it in general on the work of the securities market."

    He said al-Saadi "The Securities and Market Iraq Securities Commission seeking dramatically in order to find the best opportunities for investors in the securities market by providing sophisticated and modern atmosphere of the world and keep pace, pointing out that since the beginning of last Sunday began to work effectively in the securities market and the system of electronic talk and sophisticated. "

    He said al-Saadi said, "and before about five years was Iraq Stock Exchange operates electronic trading Horizon system and since Sunday we started working the new electronic trading system, X-stream being more electronic trading systems advanced in the world as well as being a high flexibility and performance of advanced and meets the needs of the market growing.

    And back to work in the stock market in Iraq to the early nineties of the last century, and was dubbed the Baghdad Stock Exchange, which was run by the Iraqi Ministry of Finance at the time the name, and after 2003 the Iraqi Stock Exchange closed but she returned and opened its doors again after the issuance of Law 74 for the year 2004 under the market name Iraq Stock Exchange, and run by the Securities Commission.


  4. #4

    Re: The Dinar Daily, Saturday November 8, 2014

    Parliamentary Foreign Affairs: Some countries opened embassies custody of the ideological positions

    BAGHDAD / Center Brief for the Iraqi Media Network (IMN) -
    ruled out the Chairman of the Committee on Foreign parliamentary relations Alusi, opening embassies of some countries in Iraq, led by Saudi Arabia, pointing out that Iraq addresses all States for this purpose, provided their faith in human rights and the declaration of its stance against terrorism.

    The Saudi newspaper Al Jazeera earlier that the governments in Baghdad and Riyadh would discuss soon the opening of the Embassy of Saudi Arabia in Iraq arrangements.
    The newspaper quoted a Saudi official sources who asked not to be named, that the higher authorities in the Kingdom reached convinced of the need to open an embassy in Baghdad after he had agreed with Iraq to resolve the most contentious issues, especially in the field of counter-terrorism

    He said al-Alusi's (IMN), that "there is no veto against any Iraqi state progressing to open embassies in Baghdad on condition that its policy is to be an advocate of terrorism".

    He continued that "the psychological node to those countries will not last long as you will know very well that the political and diplomatic interests are with Iraq."
    From: Sattar Jabbar, the Open: Yusuf al-Hassani


  5. #5

    Re: The Dinar Daily, Saturday November 8, 2014

    Jordan's Prime Minister Abdullah Ensour (R) walks with his Iraqi counterpart Haider al-Abadi upon their arrival to meet with Jordan's King Abdullah at the Royal Palace in Amman, Oct. 26, 2014. (photo by REUTERS/Muhammad Hamed)

    Abadi’s visit to Jordan focuses on fate of Anbar

    Iraqi Prime Minister Haider al-Abadi on Oct. 26 visited Amman, an event seen by local observers as a major step toward normalizing Jordanian-Iraqi ties after months of tension. Abadi made Amman his first Arab destination since he took office on Sept. 8, replacing Nouri al-Maliki who had governed Iraq for eight tumultuous years. Abadi met Jordan's King Abdullah who assured his visitor of Jordan’s concern over Iraq’s unity, security and stability. He also underlined the need to involve all Iraqis in building the country’s future. The king reiterated Jordan’s commitment to standing by Iraq in the face of various challenges, while Abadi said Jordan remains Iraq’s closest neighbor.

    But beyond public statements, Abadi’s visit came at a time when both countries are facing mutual threats. Jordan has joined the international coalition to fight the Islamic State (IS) in Iraq and Syria, and its air force has carried out an unspecified number of airstrikes against targets in both countries. But for Amman and Baghdad, recent gains by IS fighters in Anbar province constitute a major threat to both. With world attention focused on the battle for the Kurdish Syrian border town of Kobani, IS has managed to claim most of Anbar including the highway linking Amman to Baghdad.

    Abadi came to Amman to discuss Jordan’s role in thwarting IS in the mostly Sunni province of Anbar, Jordan’s land gateway to Iraq. Since the fall of most of the province into IS hands, trade between the two countries dropped considerably. Historically, Amman has maintained good relations with the province’s tribal heads and played a pivotal role in supporting the so-called Awakening movement (2006-09) that succeeded in evicting al-Qaeda militants from Anbar. Jordan provided logistical and intelligence backing, which eventually helped the United States hunt down and kill Abu Musab Zarqawi, a Jordanian jihadist whose organization later became the precursor of the Islamic State of Iraq and al-Sham, now IS.

    Abadi, who promised to reverse his predecessor’s policies of excluding Iraq’s Sunnis from the political process and end sectarian tensions, wanted to get Jordan’s support in convincing key Anbar tribal heads — many of whom are in exile in Amman and Erbil — to form a 30,000 strong volunteer force to fight IS. Most of these tribal heads fled after Maliki sent his army earlier this year to quash a Sunni uprising in Anbar that was calling on the Baghdad government to abandon its sectarian policies. Others left the province after IS fighters took major cities and towns, including most of Fallujah and Ramadi.

    Relations between Amman and Baghdad worsened this year when Jordan allowed Iraqi Sunnis to hold a major conference on July 15 that called for Maliki’s exit. Abadi is now trying to open a new chapter by wooing Sunni tribes in Anbar to help in the fight against IS. After meeting key representatives in Amman, Abadi offered to train and arm the new volunteer force. It is not clear yet if Jordan will play a role in training the volunteers, but observers point to the fact that Amman had trained members of the new Iraqi army in the past. One government source told Al-Arab Al-Youm daily that Jordan has agreed to train Iraqi tribes in Anbar and to exchange intelligence information in a bid to stop IS infiltration into the province.

    But Abadi’s efforts to lure the Anbar Sunnis are facing challenges. After the fall of Mosul to IS in June, Iraq’s Shiite spiritual leader Ali al-Sistani called on his followers to form militias to defend holy places. With the Iraqi army in disarray, most of the fighting against IS near Baghdad and in the north is being carried out by Shiite volunteers. There have been reports that these forces are responsible for atrocities against Sunni residents whom they accuse of aiding IS militants. The formation of a Sunni volunteer force in Anbar may pave the way for future confrontations between Sunni and Shiite militias on sectarian grounds.

    Moreover, Iraq’s Sunnis are shocked that the Iraqi army had deserted a main tribe in Anbar, the Albu Nimr, which had stood against IS. Since last week, hundreds of tribe members, including women and children, have been abducted and executed by IS. Their appeal for help from the United States or the Baghdad government was unanswered. The targeting of this tribe at such large scale is a warning by IS to other Anbar Sunnis not to join government forces.

    But the fall of Anbar to IS will be a huge setback to the United States and the international coalition. On Oct. 30, both US Secretary of Defense Chuck Hagel and Chairman of the Joint Chiefs of Staff Gen. Martin Dempsey announced in a joint press conference that the US administration was looking at ways to engage the Sunni Muslims in Iraq and empower them in their fight against IS. “We need to expand the train-advise-and-assist mission into the Anbar province. But the precondition for that is that the government of Iraq is willing to arm the tribes,” Dempsey said.

    Abadi has yet to deliver on his promise to arm the Sunnis of Anbar. Sistani called on him on Oct. 31 to rush to the aid of the beleaguered province. Defense Minister Khaled al-Obeidi promised that Anbar province will be liberated within a month. Jordan will be watching developments in this key border region, and a government source told Al-Monitor that Amman is considering all options, “including the worst-case scenario.”

    Strategic analyst Mousa Ishtaiwi told Al-Monitor that unless the ground rules of the political process change in Iraq, the country faces one of three options: partition, federal rule or a long civil war. “What is happening in Anbar will determine where that country is heading,” he said.

  6. #6

    Re: The Dinar Daily, Saturday November 8, 2014

    ​sczin11- THIS IS THE ESX!!!

    Side of the city of Arbil in the Kurdistan region of Iraq amid imaging (AA)

    Securities Commission expects direct "exchange" trading Erbil end of 2014 and is seeking to open another in Basra

    Long-Presse / Baghdad - Predicted Iraq Securities Commission, on Friday, the company directly "market Arbil Securities" working end of the current year 2014, attributed the delay to the lack of contribution in the Kurdistan region companies, while confirming its quest to open a stock exchange in the province of Basra.

    The head of the body, Abdul Razzaq al-Saadi, said in an interview to the (long-Presse), "The Securities Commission and the Iraqi market for securities, support the establishment of Erbil Stock Exchange to enhance the investment service of the national economy," noting that "the market Arbil Securities is preparing to start trading After modifying the Iraq Stock Exchange system, electronic trading of Horizon to the X-stream, which is the most advanced in the world system, as well as enjoy its high flexibility to meet the growing needs of the market. "

    He Saadi, expressed the hope that "the complexity of one direct one or more of the markets session, during the next few days, the real beginning of the work of the North Gate to invest in Iraq," noting that "the Commission aims to establish another stock market in Basra, the southern gate of the investment."

    The President of the Iraq Securities Commission, that "the launch of Erbil Stock Exchange should have started work since last August, but was delayed due to lack of companies accept the insertion where, because the majority of family law does not allow it," pointing out that "the Securities and Market Authority Iraq Stock Exchange, seeking to convert a number of family companies in the Kurdistan region to facilitate the contribution to be included in the market, as well as a number of banks operating in the region. "

    He said al-Saadi, that "the Commission has organized several seminars and conferences in the Kurdistan region to put forward the idea of ​​work and ways of Erbil market success," expected to "Erbil Stock Exchange held the first trading sessions before the end of the current year 2014".

    It is noteworthy that the Kurdistan Regional Government, pledged in 2008 to be the "stock market," the upcoming independent of those in the capital, Baghdad, taking care to find "understanding and consensus" in the work between the two exchanges.

    And became head of the Kurdistan attract capital and investors in the Middle East Center, where accept the business opportunities available in various sectors to take advantage of the privileges granted by the Government of the Territory under the law, which prepared for it.

    It is noteworthy that the investment in the Kurdistan region, confirmed in (23 September 2014), the 716 local or Arab company or a foreign invested in the region nearly $ 41 billion currently, indicating that the delay in adoption of the state budget, security and political developments have affected the implementation of projects of these companies because of the departure of a significant proportion of foreign workers that depend on them, while the view of the investor, the investment law in the territory in which the situation in 2006 need to be developed, and revealed Financial and Economic Committee in Kurdistan Parliament, for its proposal amending the law about achieving a balance between the investor and the citizen.


    Along with all the ER/MR news we have been seeing, think about this.. ISX tests and launches their Xstream global platform, last week, 5 months after they projected launching... and 1 week later or so, we see, in INK, the ESX will open before years end, and an announcement again the hopes of another exchange opening in Basra.... It would appear they are ready for foreign investors to charge into their economy.... If the MR were so faar out, why in the world go through all these changes, upgrades, and additions, NOW?
    Last edited by sczin11; 11-08-2014 at 01:01 PM.

  7. #7

    Re: The Dinar Daily, Saturday November 8, 2014

    Iraq's ambassador to Washington confirms negotiations with the government of Arbil on oil

    BAGHDAD / Baghdadi Iraqi ambassador in Washington, Luqman Philly that the Baghdad government has entered into talks with the Kurdistan Region to resolve the oil dispute.

    He Philly in a statement to the media and American vassal / Baghdadi News / "The positive indicators in the talks, which recently launched on the sharing of oil revenues and other points of contention which is locked in Baghdad and the Kurdistan Regional Government talks thereon agreements," pointing out that "all oil sales in Iraq must that are transnational SOMO, and any sales outside of this framework would be to undermine the unity of the country. "

    "The verdict on the outcome of the talks still, where there will be mutual visits between Erbil and Baghdad officials, we now need to sit at the same table and discuss the matter."

    He indicated that the relationship between Arbil and Baghdad tense because of the Kurdistan region to export oil extracted from existing oil fields in the region .anthy 21 / j

  8. #8

    Re: The Dinar Daily, Saturday November 8, 2014

    Slightly different translation - Wow?!?

    The private sector contributes to increase the value of the dinar

    Baghdad – Mostafa Hashemi - Many wonder why the high purchasing power of the dinar since years now despite having a good cover of gold and hard currency as well as the high oil exports improved against the dollar, when the exchange rate continues to improve with increasing salaries, we’ll get to the stage are not commensurate with the economy’s productive reason to support the private sector and grant the privileges commensurate with the privileges of public sector wage rate.

    In this context economic academic Dr. Al Majid Baidhani said the importance of finding a balance between this equation by increasing individual productivity to increase access, explaining that the individual worker productivity comes through the activation of the private sector projects in the productive sectors such as agriculture and industry, “he told the (morning): necessary financial earnings by finding jobs in the private sector and make them equal privileges of government officials that contributes a lot in the revival of the booming economy after the oil industry to activate the Opportunities.

    The Central Bank could through successful implementation of financial policies in recent years contributed significantly to the stability of the market this is turn has led to improvement in the exchange rate: Here comes the role of Government and the competent authorities to complete the drawing of this picture by providing focused support to the private sector and the implementation of the Government programme which emphasized its importance in driving the economy forward. Stressing that successful monetary policy is to maintain exchange rate stability by increasing productivity and allowing the IMF to support countries with economies in transition implement the currency controls to stabilize its economy during the reconstruction phase that served the local economy during the past years.

    Iraq currently possesses the experience and competencies existing in economic expertise what it takes to take the lead and initiate the self-reliance to develop the economy through the implementation of reform programmes and development policies suited to this stage.

    He said the possibility that Iraq declined as the country imports of other goods and services that can be provided locally with rising oil exports, noting that it was an urgent necessity that the country is about to increase its exports of crude , Baidhani called finally to revalue Iraqi dinar increased purchasing power because of its profound impact on the development of economic reality and give additional force to currency [and] strengthen confidence among the world’s currency markets, especially that [the] dinar is covered by a cash reserve to be reckoned with.

    BGG ~ This is the HUGE NEWS of the WEEK!! Last paragraph is plain as day.

    P.S. This same economist was on Iraqi TV right after this was published and saying essentially the same thing.

  9. #9

    Re: The Dinar Daily, Saturday November 8, 2014

    Ambassador reaches out to Houston energy

    The Iraqi ambassador to the U.S. said he wants to see oil prices stabilize and he asked Houston's energy and banking sectors to form more mutually beneficial partnerships with Iraq.

    Iraq Ambassador Lukman Faily, who recently completed the New York City Marathon, told Houston's Bilateral U.S.-Arab Chamber of Commerce that the threat from the Islamic State group will eventually be overcome and that Houston companies can help Iraq rebuild and prosper.

    "Iraqis are determined to increase oil production," Faily said, noting that he would like to see oil prices stay above $75, although OPEC has continued to discount its rates and contributed to declining prices in Texas and the rest of the world.

    "Maybe $75-plus. Anything under that is not good news I would say, not just for us, but for Houston and others," Faily said. "I don't anticipate a significant change from the OPEC meetings because of the internal needs of the countries to address their immediate issues that have to do with their budgetary requirements."

    Faily said he wants "more cooperation within OPEC to provide a stable narrative to the world in relation to the oil supply."

    Faily said there are opportunities for Houston and U.S. companies to contribute to "stability, development and prosperity" in Iraq in ways that benefit the companies as well.

    "People are sometimes looking at the financial aspect of it. Can they make money from it?" he said. "But, most importantly, people want to see that the U.S. engagement in Iraq was beneficial to the people of Iraq, provided long-term stability and freedom, but at the same time prosperity for them, especially from such richness of that country and diversity of that country and the rich heritage of that country."

  10. #10

    Re: The Dinar Daily, Saturday November 8, 2014

    Iraqi Kurdistan Close to Economic Independence, Says Oil Minister

    The Iraqi Kurds are within sight of economic if not political independence with oil exports expected to rise to 500,000 barrels a day by early next year, Ashti Hawrami, minister of natural resources in the Kurdish Regional Government, said on Thursday.

    He said not even the sweep of Islamic State forces across northern Iraq since June had been able to prevent the flow of Kurdish oil, which had "increased by 60 per cent since the first bullets were fired."

    "We have sold 20 million barrels of oil. We've got paid for that," he said on the final day of the Middle East Research Institute's forum on regional affairs being held in Erbil. "There's more demand than we can supply and there's no stranded oil,"

    Baghdad has claimed that Kurdish oil shipments that started in May via a pipeline to Ceyhan in Turkey are illegal and it launched legal action against the Kurdish Regional Government (KRG) in the US.

    Several tankers carrying Kurdish oil were reported to be "stranded" around the world with no buyers but the KRG has insisted it has sold all its exports.

    Hawrami said sometimes the oil was sold at the international price and "sometimes it's cheaper."

    A KRG official told Rudaw last week that the discount offered on Kurdish crude was only a modest $8 discount. Brent crude, an international benchmark, is currently trading at around $83. Heavier crude from Kurdistan would attract a lower price, even without the discount.

    The KRG has been tight-lipped about its oil deals because of their commercial sensitivity. But it also is involved in a dispute with Baghdad, which has withheld the KRG's 17 per cent share of budgetary revenues for several months.

    The KRG did not advertise who was buying Kurdish crude because "we don't want our friend SOMO chasing them through the international courts," Hawrami said, referring to the Iraqi state marketing company.

    The KRG was using the same processes and paperwork as SOMO and it would prefer to export oil in partnership with Baghdad rather than in defiance of the national capital, Hawrami said.

    Since the KRG passed its investment law in 2006, the region had become almost self-sufficient in power generation, in fuel supply including jet fuel, and had laid the groundwork for financial independence, he said.

    Federalism had failed in Iraq and the country should consider confederation, under which political units such as the KRG would have greater autonomy than at present, he said.

    Bayan Jabir Al Zubaidi, the Iraqi minister of transportation, told the same panel that Baghdad was committed to finding a solution to the many disputes it has with Erbil.

    He said Baghdad was almost broke following mismanagement by the previous government led by Nouri Al Maliki. Iraq needed all the revenues it could get so it would be preferable to reach an agreement with Erbil, he said.

    Baghdad was also losing revenue because of illegal oil sales by ISIS, he said. "Everybody in Iraq is suffering. Everyone is losing 600,000 barrels of oil because of various issues such as illegal sales," he said.

    Zubaidi, who is a former commander of the Shia military Badr Brigades, even suggested connecting Kirkuk to the KRG pipeline to enable exports.

    Kurdish Peshmerga moved into Kirkuk and other areas the KRG claims as its own when the Iraqi army fled the ISIS offensive in June. The KRG concedes that the final status of Kirkuk, which has a mixed community that includes Kurds, Arabs and Turkomans, will be decided in a referendum.

    "Why don't we link Kirkuk with the KRG pipeline and export it through KRG?" Zubaidi said. "Both [Baghdad and Erbil] will benefit and $1million worth of Kirkuk oil can be exported a day. I shouldn't have said that but I decided to speak frankly."

    Qubad Talabani, deputy KRG prime minister, told the panel that Kurdish oil sales would help Baghdad in its budget crunch. "We can use oil sales for budget expenditures instead of going back to Baghdad for the money," he said. "So this is a solution but the solution needs an agreement with Baghdad."
    Last edited by AR Transplant; 11-08-2014 at 08:30 PM.

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