The Dinar Daily, Wednesday November 12, 2014
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  1. #1

    The Dinar Daily, Wednesday November 12, 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

    waradana.com

    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


    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, Wednesday November 12, 2014

    Parliamentary Power: heading for the adoption of the old oil and gas law



    Khandan - discussed the Commission on oil and energy parliamentary Today, a number of important laws, including the oil and gas law.

    He announced to the Commission on oil and energy parliamentary member Zahir al-Abadi, said the committee is moving to adopt the old oil and gas law to be discussed after the government sent in response to the adoption, noting that there are many laws that will be discussed, notably the oil and gas and the law of the employees' salaries and the law of the national oil company law.

    Ebadi said in a statement to the newspaper "morning", said the law, which will be discussed today, is the law of 2011, which was adopted by the prime minister, noting that the committee will show the observations and then sent to the prime minister to be modified.

    In addition, MP for the oil and Alghazawad Awadi, the oil and gas law will be part of discussions Commission's agenda and he will be the adoption of the old law of oil and gas after the government confirmed its adoption.

    He hinted Awadi said in a statement the "morning" to the government committee notified by adopting the oil law, the old energy, in order to read it and passed, pointing to the existence of another set of broken laws that the Commission seeks to legislation and approval, especially national companies Act, the amendment to invest refineries, as well as oil and gas law.

    http://translate.googleusercontent.c...kybewGvFw1qBqQ

  3. #3

    Re: The Dinar Daily, Wednesday November 12, 2014

    Currency Auctions

    Announcement No. (2815)

    The latest daily currency auction was held in the Central Bank of Iraq on the 10-12-2014 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$) 208,930,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 208,930,000
    Total offers for selling (US$) -----

    Market Rate 1199 !!

  4. #4

    Re: The Dinar Daily, Wednesday November 12, 2014

    Investment Authority: the allocation of 25 000 housing units and the end of the second amendment to the investment law



    Baghdad -National Investment Commission announced, on Wednesday, for the allocation of 25 000 housing units and an end to the second amendment to the investment law.

    Sami al-Araji told all of Iraq [where] we need to help the provincial councils for the construction of the units mentioned tranquility. "

    And on the amendment of investment law between al-Araji said the "body in the process of ending the second amendment of the law which can then be to the House of Representatives and a part of this law includes the allocation of land."

    He pointed out that "all lands allocated for investment in which the body has difficulty Balastmlak."

    It is said that House Speaker Salim al-Jubouri, held today a meeting with the heads of independent constitutional bodies in the hall in the House of Representatives under the banner of [independent bodies correlation mechanisms and the relationship] in the presence of heads of bodies. "

    The meeting was the first between the two sides after the election of the House of Representatives Aljdid.anthy 2

    http://translate.googleusercontent.c...1XKIiVIG0T8F4A

  5. #5

    Re: The Dinar Daily, Wednesday November 12, 2014

    BP: Rumaila field was not affected by the conflict or the fall in oil price



    BAGHDAD
    / JD / Chairman of the company .. "BP" in Iraq, Michael Townshend said that operations in the largest Rumaila oilfield in Iraq, was not affected by a decline in oil prices and the battle waged by the government in the face of the organization Daash.

    According to the Reuters news agency, under a contract signed between Baghdad and the company "BP" and her partner of China, "CNPC", to develop the Rumaila field, the companies will work to increase production to 2.1 million barrels per day by the year 2024.

    The production of the Rumaila currently about 1.3 million barrels per day.

    The finance minister said this month, said that the fight against the Islamic state regulation costs weaken the government's efforts, in order to continue functioning in the State, and that the government has failed so far to provide a budget for 2014 to Parliament.

    At the same time, oil prices tumbled from $ 115 a barrel in June to about $ 83 today. The breakeven price in Baghdad estimates by the needs of the budget in 2014 is $ 109 a barrel, according to the International Monetary Fund.

    The contract is one of a series of deals with international oil companies to increase production capacity of Iraq to about 8.5 million barrels per day by 2020.

    The oil sources said, it has signed some minor delays in the payment of fees owed to the Baghdad-based companies to develop Rumaila.

    Townshend said the head of BP. In Iraq, in Abu Dhabi, the Rumaila production was not affected by a drop in oil prices or the security situation. "There were not delays," referring to the payments from the government.

    "The work in Rumaila constant and never withdraw during the year, and we continued to work and did so to a large extent influenced by the security situation." / End / 22 /

    http://www.dananernews.com/News_Details.php?ID=5303

  6. #6

    Re: The Dinar Daily, Wednesday November 12, 2014

    Arab-Kurdish agreement on the presidency of the parliamentary committee of the regions for two trading"



    Khandan -Ali Naji agreed powers of Kurdistan with the national forces Union, to the chairmanship of the Committee of the Regions and provincial parliamentary two-year trading.

    Said committee member MP for the Kurdistan Democratic Party Shirin Zeno in a statement to "Khandan" The "blocs, including the Kurdish blocs Atafqatt among themselves on the presidency of some committees for two years trading, "adding that" the Kurdistan agreed with national powers on the presidency of the Committee of the Regions and governorates not organized province, by the MP for the Association of National powers Khaled Mufriji, and after the end of two years, headed by one of the Kurds of Representatives.

    " She said the MP Shirin Zeno that "the members of the committee voted majority to elect Mufriji Chairman of the Committee, and MP for the change Serwa Abdul Wahid as vice president, and MP for the coalition of state law Messenger Radi Rapporteur of the Commission. " Referred to the Committee of the Regions and the provinces of important parliamentary committees, which specializes in the legislation of laws relating to provincial assemblies and the powers of these councils, as well as functions of legislation Kirkuk provincial council elections law, and the draft administrative demarcation of the border of the provinces law.


    http://www.xendan.org/arabic/drejaa....ara=6258&Jor=2

  7. #7

    Re: The Dinar Daily, Wednesday November 12, 2014

    Supreme Council: the parties in the National Alliance impede resolve differences with Arbil



    Khandan -Ali Nagy , leader of the Supreme Islamic Council, Fadi al-Shammari, the presence of the parties within the National Alliance is working to obstruct resolve differences between the federal government and the Kurdistan region. Al-Shammari said in a statement to "Khandan" that "a majority of the National Alliance forces such as the masses of the citizen and the Liberals as well as Prime Minister Federal Haider al-Abadi, they have the desire and motivated toward the solution of problems with the region through the creation of mechanisms to resolve and a clear roadmap by mutual concession.

    " Shammari said that "the outstanding issues between the two sides technical, not political, and sit together to develop solutions could move toward resolution," pointing out " The presence of the parties inside and outside of the National Alliance is working to block the problems and solutions to the outstanding issues, and stand in front of him, "rejecting" naming these parties. "

    http://www.xendan.org/arabic/drejaa....ara=6259&Jor=2

  8. #8

    Re: The Dinar Daily, Wednesday November 12, 2014

    Abadi: We aspire to link the electricity grid with neighboring countries



    Khandan
    - Called on Iraqi Prime Minister Haider al-Abadi to "the need for a network of relations and economic interdependence and Social structure between Iraq and all countries of the region." This came during a meeting with Iranian Energy Minister Hamid Jet Jian, according to release from the Information Office of Ebadi's statement.

    The statement quoted Abadi as saying, "Our policy based on the promotion and strengthening of relations with the Islamic Republic of Iran in all areas, and we have the ambition to link the electricity grid with neighboring countries. " For his part, Minister of Energy of Iran, "his country's readiness to cooperate in the field of electricity, and building power plants, and supplying Iraq with the techniques necessary for the development of this sector and equipment .

    " The visit of the Iranian delegation at the invitation of her Abadi, during his recent visit to Iran in order to activate bilateral cooperation in the field of energy and electricity, according to the statement.


    http://www.xendan.org/arabic/drejaA....ara=6252&Jor=2

  9. #9

    Re: The Dinar Daily, Wednesday November 12, 2014

    Heads the National Alliance blocks meets to discuss the arrears laws



    Khandan - Leaders affiliated to the National Alliance political blocs met in the office of a member of the Presidency of the Council of Representatives Sheikh Hamoudi to discuss the arrears laws in the House of Representatives. According to a statement issued by the Information Office of the Hamoudi "Khandan" received a copy of it, that Almjmtaan stressed the need to consolidate the positions between the blocks Political accelerate in naming the heads of parliamentary committees. The statement said that the conferees also stressed the need for the adoption of important laws that affect the needs of citizens, particularly the General Budget Law.


    http://www.xendan.org/arabic/drejaA....ara=6255&Jor=2

  10. #10

    Re: The Dinar Daily, Wednesday November 12, 2014

    Bahr Al-Ulum to calculate the price of a barrel by 65 dollars to avoid the deficit budget in 2015



    Tomorrow press Baghdad: former oil Minister and MP for the block of Ibrahim Bahr Al-Ulum, Wednesday, to calculate the price of a barrel up $ 65 in 2015 to avoid crisis in oil prices.

    Ulum said the "tomorrow" in the "lower oil prices and declining exports to Iraq because of budget deficit in 2014 by 27 trillion dinars, and the Government will not cover only 25% and are looking for other sources to cover the deficit."

    "The Ministers of oil, finance and planning said the Government will not affect salaries or any other citizen concerns despite the Government's austerity and a financial crisis in Iraq", predicting that "continue to impact next year.

    Ulum said that "oil prices in 2015 should be based on objective prices to calculate the price of a barrel to $ 65 card export up to three million barrels per day," prompted by "reduction of sundry charges and sundry charges and the allocation of special grades and Ministers as a way to reduce costs and deficit."

    http://www.microsofttranslator.com/b...258A%25D9%2584

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