The Dinar Daily, Sunday November 9, 2014
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  1. #1

    The Dinar Daily, Sunday November 9, 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, Sunday November 9, 2014

    Market Rate. 1199 !!!

    Iraqi Dinar/Dollar auction 11-08-14

    Currency Auctions Announcement No. (2812)

    The latest daily currency auction was held in the Central Bank of Iraq on the 08-11-2014

    The results were as follows:

    Number of banks 8
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 88,797,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 88,797,000
    Total offers for selling (US$) -----

    Iraqi Dinar/Dollar auction 11-09-14

    Currency Auctions Announcement No. (2812)

    The latest daily currency auction was held in the Central Bank of Iraq on the 09-11-2014

    The results were as follows:

    Number of banks 15
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 159,434,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 159,434,000
    Total offers for selling (US$) -----

    Market Rate 1199 !!!

  3. #3

    Re: The Dinar Daily, Sunday November 9, 2014

    Tourism Minister discuss with the governor of Dhi Qar files tourism in the province

    Search and Minister of Tourism and Antiquities just Alhurcab with the governor of Dhi Qar Yahya Nazarene files and archaeological tourism in the province of Dhi Qar

    The general director of the Department of Relations and Media Qasim Tahir Sudanese in a statement received for News Agency (et) that the two sides touched on the subject of activating the joint committee between the ministry and the province in order to develop a common vision and strategy to improve the quality and reality of tourism and antiquities in the province.

    Adding that the two sides have agreed to form a committee to pursue the subject of the establishment and opening of the Institute for Tourism in the province, as well as discuss the rehabilitation and maintenance of Nasiriyah Museum and neighborhoods of some heritage buildings in addition to reviving the heritage of historical figures in the province of Nasiriyah and the preparations for the festival to revive tourism marshes which were invited companies to address from various foreign countries for tourism actually in the marshes and a gathering point for tourist groups to them.

    And between the Sudanese that the Minister of Tourism and Antiquities, had confirmed during the meeting on the need for communication between the two sides in order to put the plans into effect, and that the relics in Nasiriyah is not belong to her, but to all of humanity, and interest in them is an urgent need to be that everyone works to be completed, also pointed out that The ministry is working on a joint coordination with all of the provinces in order to promote tourism and archaeological reality where.

    Last edited by AR Transplant; 11-09-2014 at 01:25 PM.

  4. #4

    Re: The Dinar Daily, Sunday November 9, 2014

    Parliament and the Kurdistan Regional Government discuss the possibility of amending the investment law

    Twilight News / parliamentarians and government officials in the Kurdistan Region of Iraq Sunday discussed investment projects in the region and the possibility of amendments to the investment law in Kurdistan.

    A member of the Economic Council's Committee of Ministers in the region Osman Huani in a speech on behalf of the government that the investment sector in the region is suffering from big problems.

    He said those problems will not be addressed by investing their own body and this government is currently working to draft a bill to ease the burden on the investment by issuing a law to establish the Housing Authority in the province as well as the amendment of the Investment Law.

    For his part, supported the First Parliament Member Sophie preceded him what his predecessor, the existence of legal problems in the investment sector, but he said they did not lose hope, the possibility of finding solutions to them.

    He cited an example of the problems surrounding the investment sector, saying that he is granted an investment license to build a press investment project is then converted into a business venture and this outside the law.

    He pointed out that those who are in this business are the ones who have the authority to do this and work illegally, stressing the need to amend the investment law to block the negative repercussions on society.

    And embarked Kurdistan Investment Law of 2006, which treats domestic and foreign investor Kalmstthmr, and have the first right to acquire the entire share capital of any project hosted in the region. However, the law does not allow an investor to own land that contains the oil and gas riches, or any precious metal or heavy.

    Also required to give the investor who is performing the contribution of investment projects provide the necessary funds for the protection of shareholders and guarantees on the body to take the insurance and banking procedures necessary to ensure their rights.

    The law gave privileges to investors, Kalaafa from taxes for a period of up to 20 years and owns land that are held by the project, to encourage them to enter the market and the region to contribute to the reconstruction process.

    And attracted those privileges in addition to the safe security atmosphere hundreds of foreign companies from regional and Western countries, making the region an important economic center in the region.

    Last edited by AR Transplant; 11-09-2014 at 01:29 PM.

  5. #5

    Re: The Dinar Daily, Sunday November 9, 2014

    Turkmen bloc reveal tour to neighboring countries to discuss Article 140

    Khandan -ali Naji revealed Turkmen bloc in the Iraqi Council of Representatives, for the tour will be out to neighboring countries, will be addressed through a file of Article 140 of the Constitution. The MP said the Turkmen Niazi architecture Ihsanoglu, in a statement to "Khandan" that "there is an intention to block Turkmen visit both Iran, Turkey, Saudi Arabia and the Arab League countries and the United Nations, "explaining that" the tour will include the Find Next fate component of Turkmen in the complex geographical, which are being contested by the Kurdistan region and the center, and in particular Article 140 of the Iraqi constitution. "

    and between architecture Davutoglu that "the reason for the visit to different countries from the confessional , due to the development of the Turkmen component divided between Sunnis and Shiites under one nation. "
    Last edited by AR Transplant; 11-09-2014 at 01:31 PM.

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    Re: The Dinar Daily, Sunday November 9, 2014

    Spokesman Abadi: Prime Minister to form a government committed to the implementation of agreements

    Khandan - said Saad al-Hadithi, spokesman for the Office of the Prime Minister Haider al-Abadi, the prime minister's commitment to the implementation of the program and the agreements under which the government was formed.

    A newborn in remarks to the newspaper "morning": that of forming a government agreement represents a roadmap of the political blocs and the three presidencies, stressing that the government's past in the implementation of paragraphs and gave assurances of commitment out with attention to priorities and decision-making procedures and sufficient time.

    He newborn that document, which contains six paragraphs represent a political consensus that led to the formation of the government at the current stage and draw a roadmap for the coming years and therefore can not be overlooked application program includes strategic axes without develop mechanisms governing the implementation of the next stage and applied in a real and coordination integrated between the three presidencies from the fact confirm commitment to the agreements and respect for the principles under which the announcement of the start of a new phase.

    He said the government has completed some of the paragraphs contained Alatvafah between the political blocs while being prepared for the implementation of other items, including the investigation balance in the state's institutions, pointing out that the government's quest does not stop at achieving a balance in the state's institutions, but includes the activation of the National Partnership enactment of Law of the National Guard, which is being prepared for him.

    Hadithi noted that the current stage requires establishing new rules and relationships between the political process components and achieve consensus that make Iraq united able to respond to the dangers of terrorism, which exposed him to the hands of "Daash" gangs of terror. He said the political agreement, by which formed a government comprising 6 axes is the basic foundation and a program for the current stage, especially the security and stability of the achievement and advancement of the reality service and the standard of living of the citizens as well as tackling corruption and conduct a comprehensive reform of all aspects of the state and governmental institutions and activating the control and laws that support for the government and independent institutions Kalnsahh, the judiciary and the offices of inspectors general.

    He Hadithi "The agreement also included provisions on the promotion and perpetuation of the oil industry and development by increasing the amount of oil exports and give flexibility in this axis and expand the sources of imports to increase the financial revenues and not restrict the oil sector. "

    Within the agreement also coordination between the three presidencies integrated and work them as well as to regulate the relationship between the federal government and local governments and the region. He newborn to the government's need to provide draft laws to regulate the terms and agreements that besides working on the completion of the laws that governing the powers of the institutions and build bridges of trust between the political components and establish rules sober to go towards a new phase of the unified collective action.

    He added that the Council of Ministers in connection with the adoption of the rules of procedure of the Council of Ministers Law and submit it to parliament for a vote where the law regulates the powers of the cabinet members and determines their powers and mechanisms of their work, noting he scheduled this law introduced in the Council of the tenth meeting Awazzra held within two weeks.

    And on the budget, which is among the items and claims blocs, Hadithi said that the government is seeking to approve the 2014 budget in spite of the challenges faced by the deficit and the expenses of the fact that the government has given assurances of commitment to the program It needs government attention to the priorities and decision-making procedures, but adding all sides confirm that he can not undo the implementation of the government program and the participation of all forces.
    Last edited by AR Transplant; 11-09-2014 at 01:34 PM.

  7. #7

    Re: The Dinar Daily, Sunday November 9, 2014

    Specialists: local banks not affected by the security situation and growing by 10%

    BAGHDAD / JD / .. Despite the extraordinary security conditions experienced by the country during the last few months, but the local banks experiencing ongoing activity and an increase in financial deposits and growing up rate of more than 10% during the third quarter of the current year, according to experts and specialists in the financial affairs and banking, where Benoit that private banks have fully prepared in the financing of small and medium enterprises and contribute to the promotion of economic development, calling for the federal government to deal with private banks and encourage them to actively contribute to the financing of investment projects of the country.

    Expert in financial and banking affairs Mohsen Ali, confirmed that "local banks experiencing continuous growth during the past period and began to work as true and introduced in the work of some advanced systems, which encouraged customers to deposit their money and increase their confidence in them," adding that "enhance mutual trust between banks and customers an important factor for the development of the work of local banks. "

    Ali told / JD /: "The recent data released by the Association of Iraqi banks indicated the presence of significant growth in the activity of banks in the third quarter of the current year 2014, reaching a growth rate of more than 10%, and this is a good proportion of what is going through the country security conditions and difficult military operations are ongoing. "

    Ali revealed, for "the intention of some of the Iraqi private banks to open branches in some of the neighboring countries in the region and, particularly after the development of their work and increase their profits," calling on the government to "deal with private banks to contribute to the financing of investment projects of the country."

    For his part, said Executive Director of the Association of private banks Abdul Aziz Hassoun to: "The private banks grew by 15% in the last year, and we expect that in the current year growth up to more than 15%," unlikely "impressed by the work of local banks, the security situation of the country."

    He said Hassoun told / JD /: "The private banks are willing to contribute to the financing of small and medium-sized enterprises, because of their large financial assets after increasing financial deposits where", stressing that "the government should strengthen confidence in banks civil and deal with them in the financing of projects and the granting of loans." .

    He called Hassoun, the government and the House of Representatives to the need for legislation Iraqi Banking Act because of its great importance in local banks to support and develop. "

    For his part, saw the financial expert, Nazim nice Ani, that "private banks need to be real and effective support by the Iraqi state, especially from the Iraqi Central Bank, on their affairs," noting that "it is through the amendment of the Banking Act, which is unfair because he missed a lot opportunities to Iraqi banks and the size of its work and its evolution. "

    He called Ani, to "allow the government departments develop financial deposits in private banks," returned that "it contributes to moving the financial activity and revive the domestic market."

    He said financial expert, that "the availability of deposits constitutes a powerful leverage for any bank," explaining that "deposits held by banks constitute the ratio of cash liquidity, which is essentially a high liquidity should be reduced through the launch of new loans to citizens what contributes to move money and directing them to serve the country's economy ".

    Ani and stressed the importance of "private sector support by increasing loans to small and medium-sized projects, and to facilitate the task of the owners to provide new income for them, and create more jobs, as a result, the national economy revives."

    Islamic banks in Iraq, announced earlier, the establishment of the association meets the current stage through which the requirements of the country's economy, and the importance of Islamic banking in addition to support small and medium enterprises to tackle unemployment and the provision of services to beneficiaries.

    A member of the International Union of Arab Bankers and Managing Director of the Islamic National Bank Sadiq al-Shammari, said in a statement, "The Islamic banking now has a broad base despite the recent activity in Iraq and has achieved success in terms of its spread in the provinces," noting that "the Iraqi society has considerable experience in the field activation of small and medium enterprises, something which will help Islamic banks to raise the possibilities of investment portfolios for all banks to provide the necessary loans in line with the objectives of expanding the banking service Islamic private and conservative lending for Islamic banks to stimulate the students excellence in universities and the owners of small and Crafts laboratories up to 25 billion dinars (about $ 22 million) as part of its program to achieve social and developmental responsibility. "

    He Shammari for "hope that holds the Islamic Association of Banks They include nine banks as well as Islamic windows in the Rafidain and Rasheed Bank Mesopotamia, achieve a better level of performance based on Islamic banking in Iraq in addition to the goal of communicating with its counterpart in the world, has become widespread in 57 State and attracted assets of more than $ 3 trillion is currently available in more than 600 bank in the world which constitutes an annual growth rate exceeding 30 percent of the market share of the banking business, which confirms that the Islamic finance operations has become attracting more attention from the international community and his investment. "

    Iraq has 56 banks, six of which government is Mesopotamia, rational, real estate, industrial, agricultural, trade TBI, and 30 regional banks and 20 Arab or foreigner.
    Last edited by AR Transplant; 11-09-2014 at 01:36 PM.

  8. #8

    Re: The Dinar Daily, Sunday November 9, 2014

    Warnings of increased fuel prices to 1250 dinars per liter due to austerity

    BAGHDAD / JD / .. warned a number of experts and specialists in the oil issue of asylum and the Oil Ministry to increase the prices of petroleum products after the government's intention to implement the austerity policy because of the drop in oil prices in world markets, the fact that it would hurt the Iraqi people and will affect the local market in terms of price rises .

    An official source at the Ministry of Oil has revealed the intention of the ministry to raise the price of gasoline at local stations from 450 dinars to 1250 dinars per liter, after the implementation of the austerity policy by the government and the decline in oil prices in world markets.

    The source told / JD /: "There is a proposal submitted by the Ministry of Oil of the Council of Ministers to increase the price of gasoline from 450 dinars to 1250 dinars per liter, due to lower global oil prices, which may up the price of a barrel of oil to below $ 75 during 2015, which will make the general budget in an awkward in terms of increasing fiscal deficit. "

    Economist Salam al-Quraishi, warned of the increasing prices of oil derivatives such as benzene White, oil and gas liquid, being hurt the Iraqi people, noting that the increase in gasoline prices will affect the level of prices in the local market in general, which will lead to other economic problems such as high inflation rate.

    He said al-Quraishi told / JD /: that rising gasoline prices will pay the owners of cars, "Taxi" and "Kia" to raise the wages of transport, as well as lead to an increase in food prices in the market due to increased transport costs, and therefore would hurt all that simple citizen.

    He added that "the government has to think about by radical not prosthesis out of a potential financial crisis Ktnoaa state revenues through the activation of other productive sectors, as well as interest in the oil conversion sector through the establishment of new refineries and restructuring of petro coefficient chemicals, the fact that oil derivatives, fixed prices Global markets are not affected by oil prices. "

    For his part, Finance Committee member Abdul Qader Mohammed, said the committee has asked the government that does not affect the austerity food on the citizen and the staff and pensions policy, but the excess expenses and where the waste of public money for ministries and government departments such as buying cars or furniture or Ivadat.

    He said Mohammed told / JD / "The House of Representatives will reject the implementation of this policy in the event that it would hurt the Iraqi citizens and affect their standard of living, stressing that the government should be based Ptqeil economic sectors, rather than resorting to such policies emanate from which economic problems for Athmd Akabaha".
    Last edited by AR Transplant; 11-09-2014 at 01:37 PM.

  9. #9

    Re: The Dinar Daily, Sunday November 9, 2014

    Baghdad Asks For Kurdish Oil Revenue From Turkey

    The federal government of Iraq has asked Turkey for Kurdistan Regional Government (KRG) oil revenues, currently deposited in the Turkish Halk Bank.

    A reliable source has alleged to BasNews that Iraqi Foreign Minister, Ibrahim al-Jaafari is asking Turkey to hand over KRG oil revenues.

    According to an announcement made by the Kurdistan Natural Resources Ministry, from January 2014 until now, almost 34.5 million barrels of Kurdish oil have been exported to Turkey. 21.5 million barrels have been delivered to Cihan port in Turkey through oil pipelines while the rest has been exported overland in tankers to the Mersin area of Turkey.

    Revenue from the exported oil is recorded at US $2.87 billion, $2.1 billion of which has so far been received by the KRG.

    The announcement reported that $400 million of the received money has been spent on logistics and the payment of oil companies.

    In a recent visit to Turkey, al-Jaafari asked Turkey to give the federal government of Iraq the income from Kurdish oil that has been sold on the global market.

    “We know that our money is in safe hands. We have not raised this issue this time but it will be on the top of our agenda in our upcoming meeting with the Turkish side,” Iraqi Foreign Minister Ibrahim al-Jaafari told a group of journalists Nov. 7, on the last day of a three-day visit to Turkey.

    Al-Jaafari was the first senior Iraqi official to pay a visit to Ankara since Prime Minister Haider al-Abadi formed a new government. Both countries described the visit as the beginning of a new era in bilateral ties after a long period of tension due to al-Maliki’s sectarian policies.
    Last edited by AR Transplant; 11-09-2014 at 01:39 PM.

  10. #10

    Re: The Dinar Daily, Sunday November 9, 2014

    State of law outweigh the 2014 budget report access to Parliament during the week

    Tomorrow press in Baghdad said a Deputy from the State of law Coalition to budeiri, Sunday arrival 2014 budget report to Parliament within a week, indicating that the report includes the province and government expenditures in the current year.

    He said Ahmed for "tomorrow," "the balance in 2014, which is in the form of the report do not need to read first and second in the House but you need only read and vote on them," he said, adding that "any report reads that way."

    He pointed out that "the Ministry of finance will send the 2015 budget to Congress early next month," adding that next year's budget ready by the Government ".
    Last edited by AR Transplant; 11-09-2014 at 01:40 PM.

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