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  1. #1

    The Dinar Daily, Thursday November 27, 2014





    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

    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

    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, Thursday November 27, 2014

    Currency Auctions
    Announcement No. (2828)


    The latest daily currency auction was held in the Central Bank of Iraq on the 27-11-2014 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$) 172,768,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 172,768,000
    Total offers for selling (US$) -----







    Market Rate. 1198

  3. #3

    Re: The Dinar Daily, Thursday November 27, 2014

    sczin11- Surprise! The reading of the investment law? Huge! Was to be read 2 weeks ago, and postponed as a review was requested! This is HUGE!



    Iraqi Council of Representatives Hall (Archive)
    Parliament lifted its 32nd to Saturday


    Author: HH, SSJ
    Editor: HH
    11/27/2014 14:27
    Number of Views: 82


    Long-Presse / Baghdad
    Raised the Presidency of the Council of Representatives of Iraq, Thursday, 32 of the first legislative term of the first legislative year of the third parliamentary session meeting until the day after tomorrow, Saturday, with the session saw the vote in principle to organize the work of counselors law, and to postpone the vote on the law and the decision to be considered crimes (Daash ) genocide and the completion of the first reading of the four laws and read the first report on the incident Base Speicher.


    A parliamentary source said in an interview with the (long-Presse), "The Presidency of the Council of Representatives decided to adjourn the meeting of 32 of the first legislative term of the first of the third parliamentary session legislative year, to be held the day after tomorrow, Saturday," noting that "the meeting saw the vote in principle to organize the work of consultants and read the initial report on the incident Base Speicher law. "


    The source, who asked not to be named, said: "The meeting also saw the completion of the first reading of the bill abolishing the dissolved Revolutionary Command Council Resolution Act (959) for the year 1978, and the first reading of a bill to encourage anesthesiologists law, and the first reading of the draft support physicians law, and the first reading of the draft law The second amendment to the Investment Law No. (13) of 2006, "noting that" the meeting included postpone the vote on the Ministry of Health Law and the decision as to organize crimes (Daash) genocide until further notice. "


    The Iraqi Council of Representatives held on Thursday, (November 27, 2014), the 32nd session of the first legislative term of the first of the third parliamentary session legislative year, led by its President Salim al-Jubouri, and the presence of 205 deputies, while the agenda of the meeting included the swearing-in of the members of the House of Representatives who They hold government positions and replacements for who occupied ministerial positions or vice-president, and the first reading of the five bills.

    http://translate.googleusercontent.c...bQ-0OExHM3owYw

  4. #4

    Re: The Dinar Daily, Thursday November 27, 2014

    Rafidain Bank acknowledges the existence of a "defect and negligence" transfer of 142 billion dinars to a bank confirms retrieval


    Long-Presse / Baghdad Approved the general manager of the Bank of Iraq on behalf of al-Hassani, on Thursday, there was a "defect and negligence" in the transfer of $ 142 billion dinars to the Muslim country's bank, retrieved after 48 hours, and confirmed that investigations were continuing to expose those involved to transfer the amount by clearing the electronic system and the number, and while pointing to the formation of an operations room to stand up to the incident, he noted that the country's cooperation with the Bank of the operating room and prevent the release of the amount.

    He said on behalf of al-Hassani during a press conference building Rafidain Bank in Baghdad, attended by the (long-Presse), "make sure the public and the government that the money that was rumored in the media that it was stolen in safety and was retrieved after 48 hours," noting that "a number of staff have transferred 142 billion dinars through electronic clearing system to the Islamic Bank of the country. "

    He said al-Hassani, that "the process has by Branch President and not by Mansour branch", pointing out that he "was formed operations room included the Minister of Finance and the Governor of the Central Bank and the General Manager of the Bank of Iraq and the inspector general of the Ministry of Finance to determine the incident and the investigation in the circumstances."

    He said al-Hassani, said that "the investigation is still going on we do not know those involved in the conversion of the amount and the number so far," based "and neglect the existence of a bug in some cases for a number of systems used, but the bank was soon faced."

    Said al-Hassani, said that "the amount was eventually stopped in the Muslim country's bank, who has collaborated with the operating room and prevent the release of this amount to any customer to the presence of out system your clients, as well as the speed of the actions taken by the operating room," pointing out that "the bank used the clearing-mail system The newly launched by the Central Bank of Iraq to the need of banks to such techniques, because Iraq and the long years he was away from the banking techniques. "

    Hassani said, "The bank will work to amend the clearing system in collaboration with the Central Bank to ensure not to fall into such errors."

    He was denied the Rafidain Bank, in (November 20, 2014), a branch of the incidents of theft exposure, indicating that what happened is a technical glitch and has been processed by the competent Division in the bank.

    It is noteworthy that Rafidain Bank, a government banks in Iraq, was founded in the forties of the last century and has more than 146 branches in Iraq and more than eight branches in Arab countries.

    http://www.almadapress.com/ar/news/40336/%D9%85%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%B1%D8%A7%D9%81%D8%AF%D9%8A%D9%86-%D9%8A%D9%82%D8%B1-%D8%A8%D9%88%D8%AC%D9%88%D8%AF-%D8%AE%D9%84%D9%84-%D9%88%D8%A5%D9%87%D9%85%D8%A7%D9%84-

  5. #5

    Re: The Dinar Daily, Thursday November 27, 2014

    Araji: 2015 budget will be about 108 trillion dinars and Snrzlea to parliament before the legislative recess


    Long-Presse / Baghdad
    Expect Deputy Prime Minister Bahaa al-Araji, on Thursday, sending the budget year 2015 to Parliament before entering into the legislative recess, and pointed out that the total amount of the budget is 108 trillion dinars and a deficit of 41 trillion dinars, while likely to increase oil production and export in the absence of higher prices.

    They said in a statement received by the (long-Presse), a copy of "The government is serious about sending the budget year 2015, to the House of Representatives within the time ceilings," noting that "the Council of Ministers will be held today an extraordinary session in order to approve the budget and send it to the House of Representatives to stop the legislative recess."

    Araji said that "the total amount of the budget in 2015 is 108 trillion dinars, based on a price of $ 70 per barrel of oil export by 2.75 million barrels per day, and a deficit of 41 trillion dinars," pointing to "the exclusion of all luxury spending and social benefits."

    He favored the Deputy Prime Minister "increase the production and export of oil to reduce the difference between the two prices and increased revenue in the absence of an increase in oil prices."

    A spokesman for the Information Office of the Prime Minister, on Wednesday revealed (November 26, 2014) for the determination of the Council of Ministers to discuss the budget Thursday hearing on "exceptional", and had been expecting an economic advisor to the prime minister, not the budget barrier volume exceeded percent billion dollars, urged the member Finance Committee of Parliament on Wednesday, the government to expedite the dispatch of next year's budget in 2015 before the first legislative term holiday.

    The Parliamentary Finance Committee predicted in, (22 October 2014), to reduce the state budget by 59 trillion Iraqi dinars, and called on the government to austerity and reduce expenditures is necessary, while an economist suggested reducing the upper layers of the salaries of the state, and stimulate the private sector to be able to find opportunities new jobs to absorb the unemployed rather than the full dependence on the state in this area.

    While economists are expected to reduce the number of grades, demanding the need to find an alternative to absorb the unemployed by providing new job opportunities through the private sector.

    The Prime Minister, Haider al-Abadi, revealed in (the twentieth of October the past), during a press conference following a meeting with religious Shiite, Ali al-Sistani, in Najaf, and attended, (long-Presse), to discuss the Council of Ministers on the balance three times, and that the Council will prepare a budget in which a military spending as a fait accompli, noting that the budget in 2015, will be based on the 2014 current budget, due to the presence of the same problems, of oil from Kirkuk and stopped completely, as well as lower world prices, and expectations about to fall over, for this, the Council Ministers decided to austerity.

    http://www.almadapress.com/ar/news/40342/%D8%A7%D9%84%D8%A3%D8%B9%D8%B1%D8%AC%D9%8A-%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-2015-%D8%B3%D8%AA%D8%A8%D9%84%D8%BA-%D9%86%D8%AD%D9%88-108-%D8%AA

  6. #6

    Re: The Dinar Daily, Thursday November 27, 2014

    Kurdistan receive $ 500 million from Baghdad under the agreement between the parties



    Long-Presse / Sulaymaniyah The Ministry of Finance of the Kurdistan Regional Government, on Thursday, received about $ 500 million from the federal government, under the agreement between the parties to resolve the outstanding problems between them.

    The finance minister said the Kurdistan Regional Government Rebaz Mohammed lambs in a press statement followed up (range Press), "The ministry has received $ 500 million from the federal government under the agreement between the governments of Baghdad and Erbil to resolve the outstanding problems between the two countries."

    The Minister of Oil, Adel Abdul Mahdi, in (November 13, 2014), agreed with the President of the Kurdistan Regional Government on the federal government to transfer $ 500 million to the region, and among the agreement to ensure that the Government of the Territory put 150 thousand barrels of crude oil per day at the disposal of the government Federal, regional president stressed that the government will visit Baghdad at the head of a delegation to develop a "comprehensive" and constitutional solutions to resolve outstanding issues.

    The oil minister Adel Abdul Mahdi visited, in (November 13, 2014), to Erbil to discuss the oil file and come to an agreement between the central and regional governments on oil disputes

    It is noteworthy that the former prime minister, Nuri al-Maliki, instructed to cut the budget of the Kurdistan region since the beginning of 2014 the present, including staff salaries, against the backdrop of the crisis between Baghdad and Erbil.

    http://www.almadapress.com/ar/news/40349/%D9%83%D8%B1%D8%AF%D8%B3%D8%AA%D8%A7%D9%86-%D8%AA%D8%AA%D8%B3%D9%84%D9%85--%D9%85%D8%A8%D9%84%D8%BA-500-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1

  7. #7

    Re: The Dinar Daily, Thursday November 27, 2014

    Iraq Energy Institute recommends preparing a budget fit with the current situation

    BAGHDAD / JD / ..
    recommended Iraq Energy Institute, the House of Representatives and the ministers to prepare a "budget and Bnas" in 2015 to conform with the current financial and economic situation of the country, warning of a major financial crisis hit the country in the event of failure to prepare an ideal budget for next year.

    The head of the Institute Louay Khatib in a study by the Agency / BD /: "What facing Iraq is a war of attrition with distinction, financing of non-conventional war and manage file two million refugees in the context of low oil prices will make us in the position of not begrudge him where unavoidable deficit, but the adoption of a policy strict austerity real review of disbursements and ways of investment and economic policies and administrative controls. "

    He added that "The following are the ten commandments which I propose to whom it may concern in preparing the 2015 budget: First shut down employment owners of state policy, and secondly: to provide facilities to the private sector with regard to the registration of companies and the issuance of investment licenses with end deadly bureaucratic element of time and shorten the period of time does not exceed 72 hours, and thirdly: Review the salaries and allowances associate angel State.

    He continued: Fourth: the privatization of state enterprises (especially industry and some electricity and oil companies Kaltosea - here I do not mean the extraction and production of oil companies), V. assignment disguised unemployment to social security and linking them to a training program specific cut the time to be able to work in the private sector companies, Sixth: reduce the powers of the federal ministries with Srvyatea and give executive powers to the provinces, and the adoption of international companies for the purpose of audit and management companies to monitor the progress of projects contracted Baltoukitat taking into account the controls and global conditions.

    He added: Seventh: invite the private sector to compete for projects that were the preserve of the public sector companies while providing tax breaks for giant projects, and Eighth: invite investment companies to safe provinces (relatively) and give them the facilities to attract capital, and IX: review oil contracts to give incentives (k Reserves Booking) for global companies in exchange for reducing the proportion of payments (benefits) for the next ten years, and Tenth: borrowing from the investment bank guarantee of strategic projects to be the main partner which will also provide local investors banking facilities in the private sector (industry, agriculture, transport, housing, tourism, Services) guarantee corporate assets.

    He said: "These commandments if they were taking the country can advance and avoid any potential economic crises, calling for the preparation of the 2015 budget in accordance with the scientific basis of correct and well thought out to avoid mistakes and crises.

    The Iraq Energy Institute was established in 2008 as an independent non-profit organization working to conserve energy policy in Iraq and providing the economic and legislative reform efforts, and the development of scientific research in the oil, gas, electricity and renewable energy fields. The Institute has been appointed as a consultant to the Commission on oil and energy parliamentary in the Iraqi parliament. The main center of the Institute in the United Kingdom (London) and participate in the management of the Institute Advisory Council and its Committee Iraqi experts in all fields of energy. / End / 8 /

    http://www.dananernews.com/News_Details.php?ID=5340

  8. #8

    Re: The Dinar Daily, Thursday November 27, 2014

    Parliamentary Finance: budget deficit ratio in 2015 of 42 trillion dinars

    Khandan
    -ali Nagy announced the parliamentary finance committee, that the financial budget for 2015 is estimated at 150 trillion Iraqi dinars, while showed that the deficit of up to 42 trillion. , said the parliamentary finance committee member Masood Haider told'khandan '"The Iraqi state revenues up to 108 trillion Iraqi dinars, and the general budget of 150 trillion dinars, and therefore the budget deficit will be 42 trillion, "explaining that" there are procedures to be followed by the ministries of planning, finance and oil to reduce the deficit. " He said Haider that "sovereign expenditure in the budget affect the share the Kurdistan region, "explaining that" since 2005 until now the region's share did not exceed 12% of the 17% of the financial budget. "

    http://www.xendan.org/arabic/drejaA.aspx?=hewal&jmara=7640&Jor=2

  9. #9

    Re: The Dinar Daily, Thursday November 27, 2014

    Rafidain Bank: we are still investigating, trying to steal money from the Bank



    Tomorrow, the Baghdad Director of Rafidain Basil Kamal Al-Hasani, Thursday, that the management of the Bank and the Finance Ministry is still investigating incidents of theft of $ 142 billion from the Bank, stating that the amount was refunded in full and not pinching any of it

    Al-Hasani said at a press conference held today at the Bank and attended by "tomorrow," "the incident started when the use of the electronic clearing system, which the Bank since 7 months to convert $ 142 billion dinars to Islamic countries want the Bank cashed by the Bank to a customer but after knowing the incident by Bank management management orientation to the formation of the operations room and the Ministry of finance to alhagthh and then to the amount in the payment Islamic countries that cooperated with the Bank ".

    Al-Hasani stressed that "the Administration is investigating the incident and we still don't know the number of those involved in the incident and after knowing there would be severe punishment from them is dismissal and imprisonment."

    Al-Hasani said that the "amount in the Bank and Treasury cash dinar from the orphans '", noting that "the Bank in cooperation with the Central Bank of Iraq will work on clearing system and processing errors as well as staff training and staff".


    http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Falghadpress.com%2Far%2Fnews%2F23672 %2F%25D9%2585%25D8%25B5%25D8%25B1%25D9%2581-%25D8%25A7%25D9%2584%25D8%25B1%25D8%25A7%25D9%2581 %25D8%25AF%25D9%258A%25D9%2586-%25D9%2585%25D8%25A7%25D8%25B2%25D9%2584%25D9%2586 %25D8%25A7-%25D9%2586%25D8%25AD%25D9%2582%25D9%2582-%25D8%25A8%25D9%2585%25D8%25AD%25D8%25A7%25D9%2588 %25D9%2584%25D8%25A9-%25D8%25B3

  10. #10

    Re: The Dinar Daily, Thursday November 27, 2014

    Minister of oil: production will reach 3.8 million barrels per day in 2015


    Tomorrow press Baghdad: Iraqi oil Minister Adel Abdul Mahdi, said Thursday that he expects his country's oil production rises to 3.8 million barrels a day in 2015, including the production of the Kurdistan region.

    Abdul-Mahdi said that the exports will reach an average of 3.2 million barrels per day. "

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