The Dinar Daily, Sunday November 30, 2014
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  1. #1

    The Dinar Daily, Sunday November 30, 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.

    https://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, Sunday November 30, 2014

    MARKET RATE. 1197 !!!

    Currency Auctions
    Announcement No. (2829)


    The latest daily currency auction was held in the Central Bank of Iraq on the 29-11-2014 The Port on 30-11-2014 results were as follows:





    DETAILS NOTES
    Number of banks 11
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 105,151,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 105,151,000
    Total offers for selling (US$) -----



    Announcement No. (2830)


    The latest daily currency auction was held in the Central Bank of Iraq on the 30-11-2014 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$) 149,354,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 149,354,000
    Total offers for selling (US$) -----

  3. #3

    Re: The Dinar Daily, Sunday November 30, 2014

    House of Representatives held its meeting to vote on three bills
    Sunday November 30, 2014 - 13:44 Write a comment


    The Council of Representatives, on Sunday, its 34th of the legislative term first legislative year for the first third of the parliamentary session, headed by its President Salim al-Jubouri, and the presence of 175 deputies, as witness the meeting to vote on three bills and the decision to consider organizing Daash genocide, the first reading of four bills .


    A parliamentary source said in a press statement followed Radio tow that "the Iraqi Council of Representatives held at noon today, its 34th of the legislative term first legislative year, the first of the third parliamentary session chaired by Riise Salim al-Jubouri, and the presence of 175 deputies," noting that "the agenda of the meeting includes swearing Constitutional members of the House of Representatives who hold government positions and replacements for those who have held a ministerial or vice-president positions. "


    The source, who asked not to be named, said: "the meeting will also vote on a resolution regarded as crimes committed by Daash criminal gangs genocide, read the report of the committee charged with the distribution of the House of Representatives a grant to the displaced, and the vote on the draft law on ratification investment promotion and protection between the Convention on the Law the Government of the Republic of Iraq and the government of the Hashemite Kingdom of Jordan and the ratification vote on the draft agreement between the Government of the Republic of Iraq and the Government of the State of Kuwait law to encourage mutual investment protection. "


    The source continued that "the meeting include a vote on the draft law on ratification of economic, commercial, scientific and technical cooperation between the Government of the Republic of Iraq and the Republic of Armenia and the first reading of the first draft amendment to the Law reward trainees in vocational training centers under the Ministry of Labour and Social Affairs and the first reading of the proposed first amendment to the law judicial investigators privileges Law Convention on the Law No. (80) for the year 2012, the first reading of the draft regulation on human organ transplants and prevent trafficking law, the first reading of the draft law on political parties. "

    https://translate.googleusercontent.c...UiNjSGyR_R0taw

  4. #4

    Re: The Dinar Daily, Sunday November 30, 2014

    Jubouri: Parliament will hold a special meeting in recess if the arrival of budget
    Sunday, October 2 / November 30, 2014 13:52




    [Baghdad - where]


    Parliamentary source for the Iraqi Council of Representatives to convene a special session revealed during the legislative recess if the arrival of the general budget of him.


    The source told all of Iraq [where] that "the Iraqi parliament speaker Salim al-Jubouri has said that during today's session, Parliament will enter into the legislative recess," pointing out that "Asttnaah session will be held during the legislative recess Mama budget bill arrived in the parliament."


    It is said that the mainland Iraqi Man will begin legislative Batlth, on Monday since for ten days.


    On the other hand the government has failed to send the general budget of the 2014 Act before the end of the first quarter Legislative .anthy 14

    https://translate.googleusercontent.c...Y1LSxF1TLOtw4g

  5. #5

    Re: The Dinar Daily, Sunday November 30, 2014

    Abadi attend the parliament session today to explain the reasons for delay in adoption of the budget
    History of edits:: 2014/11/30 13:30 • 23 visits readable


    {Baghdad: Euphrates News} Prime Minister Haider al-Abadi attend Sunday to the House of Representatives hearing to explain the reasons for delay in adoption of the budget.
    According to an informed source told the News} {Euphrates that "the Prime Minister Haider al-Abadi attend the House of Representatives hearing to explain the reasons for delay in adoption of the budget."
    He told the Legal Adviser to Prime Minister Abbas al-Saadi, on Saturday, the House of Representatives not to the arrival of the next year's budget 10 days ago.
    The cabinet decided during its special session, yesterday, to review the proposal of the general budget for the year 2015 and the formation of a ministerial committee shall conduct a comprehensive review of public expenditure of the state.
    A statement by the Council of Ministers that "the Council of Ministers held an extraordinary session to review the proposal of the general budget for 2015 submitted by the Ministry of Finance," adding that "in light of the sharp decline, which happened in oil prices over the past few days and caused a serious increase in disability rates, decided Cabinet formation of a ministerial committee shall conduct a comprehensive review of public expenditure of the State; to come out with recommendations made during the week to address and reduce the projected deficit in the budget, ".anthy

    https://translate.googleusercontent.c...ibQIIWPu86dE1g

  6. #6

    Re: The Dinar Daily, Sunday November 30, 2014

    Parliament calls for a breach of the Constitution


    Parliament calls for a breach of the Constitution


    30-11-2014 10:48 AM
    Free -
    He called for a national coalition of Kazim al-Shammari, Sunday, chairman of the parliament to 'violating the constitution' and the abolition of the parliamentary recess if McCann in it for the Iraqi people benefit, noting that the Constitution came to serve Iraq and its people and that it was in violation of benefit to them we will not hesitate to claim violating.


    Al-Shammari said in a statement that 'the Constitution is the safety valve for the political process and came to protect the interests and rights of the citizens and the sovereignty of Iraq and the organization of the things', noting that 'the general budget is the practical foundation to achieve all these things, and there are problems hinder their access to the parliament.'


    He added that "we do not believe that there is harm in violation of the constitutional paragraph which states granting legislative vacation to Parliament after each legislative term of one month there as long as the public interest in this rags ', adding that' Article 57 of the Constitution, noted the absence of legislative term of the parliament which has been finished the budget. '


    He explained that 'everyone knows that the budget could reach between the moment and the other', pointing out that 'the legislative recess granted full for the month due to delays in the budget for a day or two extra is a new obstacle will delay the budget more and complexity of political, economic and security landscape more than it is a complex'.


    Shammari and that 'the Constitution has been breached several times on previous occasions to serve the interests of political parties and blocs thus Flader today that was a repeat of this breach', stressing that 'this time to serve the Iraqi people, who came to these parties and blocs to Maouselt him from office.'


    He said al-Shammari 'the importance of continuous session of the parliament as a bargaining task pressure on the government to resolve as soon as the budget and send it to parliament', adding that 'the holiday that was granted to the parliament will be a convenient outlet for the government to ensure that the postponement sent for a longer period.'


    He said that 'Parliament is the legislative authority initiated the Constitution and vested amending the paragraphs which authority representing the people and defending their rights and as long as people wait for the budget to relate to life Bamorh', stressing 'we have to be careful people to continue our work until the legislation as soon as regardless of violating the constitution of whether or not '.

    https://translate.googleusercontent.c...do1q6xTHKIPq-g

  7. #7

    Re: The Dinar Daily, Sunday November 30, 2014

    sczin11- It is Iraq! 10 more days for budget? Parliament recess tomorrow? They will come back to vote on budget if approved by COM? Even though budget is not the RV trigger, IMHO, appears for whatever reasons, only the Iraqi PTB know, they are in NO rush to get the MR completed! Investment law read once, now must wait 2 weeks to read again, i believe, according to their constitution! They seem to show an urgency to enter the open market, yet continuously do things, or dont do things, that cause delays!


    Abadi: 2015 budget will be completed after 10 days and that the delay was due to oil prices
    Sunday November 30, 2014 - 14:46 Write a comment


    Haider al-Abadi
    Iraqi Prime Minister Haider al-Abadi announced that the 2015 budget will be completed after 10 days and that the delay was due to oil prices.


    The head of the Iraqi government, Haider al-Abadi had arrived on Sunday, the Iraqi Council of Representatives to discuss the reasons for the late arrival of the financial budget law for 2015, the Council of Ministers.


    A parliamentary source said in a press statement followed tow Radio that "al-Abadi, arrived this afternoon, to the House of Representatives to attend the 34th session to discuss the reasons for the delay sending cabinet financial budget law for 2015".


    The source, who asked not to be named, said: "Abadi will explain the main reasons behind blocking the completion of the budget and the time limit to be sent to the House of Representatives."
    https://translate.googleusercontent.c...fl9_uImeWP6dnw

  8. #8

    Re: The Dinar Daily, Sunday November 30, 2014

    Minister of Commerce to discuss with Iranian Minister of Finance and the possibility of establishing a joint bank
    30/11/2014




    BAGHDAD / JD / .. revealed the Ministry of Commerce for talks with the Iranian side on the possibility of setting up a joint bank away from the barriers and obstacles that prevent activation of increasing trade between the two countries.

    The ministry said in a statement received / JD / copy of it: that the Minister of Trade Mlas Mohammed Abdul Karim met with the Minister of Economy and Finance of Iran on the sidelines of their participation in the meetings of the COMCEC in the Turkish capital Istanbul and they discussed about the development of relations between the two countries and the need to increase interaction and create a genuine partnership between the two countries.

    The statement added that Abdul Karim said during the meeting on the proposal submitted to the Minister of Industry and Trade of Iran during his visit to the Islamic Republic of Iran on the possibility of establishing an Iraqi joint bank - Iranian away from the barriers and obstacles that prevent activation of increasing trade between the two countries.

    For his part, the Iranian minister welcomed the proposal, stressing that he would follow up the subject of the establishment of the bank, as suggested by the signing of the financial transfer agreement and the opening of a branch of the Bank of Iran is banned internationally and the completion of the negotiation of the Convention on the protection and promotion of investments, as well as the prevention of double taxation agreement.

    The Minister of Trade on the need to coordinate the work between the Iraqi and Iranian authorities examination and laboratory standardization and quality control of his part, the Iranian minister welcomed this proposal suggesting the establishment of an Iraqi joint venture company - Iran holds the process of examining the materials.

    Commerce Minister also visited on the sidelines of the meetings of the COMCEC wing Union of Iraqi Chambers of Commerce in MUSIAD Exhibition, which was organized in Istanbul and met a number of Iraqi traders participating in the exhibition.

    He stressed during the visit, the need to communicate with these events in order to consolidate economic and trade relations between Iraq and the Islamic countries as well as to increase the Iraqi businessmen interact with their counterparts from Muslim countries. / End / 22 /

    https://www.dananernews.com/News_Details.php?ID=5348

  9. #9

    Re: The Dinar Daily, Sunday November 30, 2014

    Abadi, a delegation of the Kurdistan region: We do not believe that there is a problem is solvable according to the Constitution and Justice


    02:16:30/11/2014




    Khandan - Kurdistan region delegation headed by Nechirvan Barzani, head of the provincial government, met with the federal Prime Minister Haider al-Abadi. and said the office's media office of the Iraqi prime minister in a statement that al-Abadi said during the meeting: that (Iraq's interest is greater than all, and that the threat of terrorism is a threat to all of Iraq which invites us to solve all the problems, but do not think that there is a problem is solvable, the according to the Constitution, justice and equity). He said Abbadi (sound foundations pave resolve any problem and not necessarily solve all at once and we need to create the appropriate atmosphere for that.) said Barzani told Al-Abbadi , according to the statement: that (the steps that you are making encouraging for all Iraqis, and we aspire to open a new page for the benefit of all of Iraq, not just the province of Kurdistan, and we have the same approach to solve the problems and support the development of a clear strategy for solutions through ongoing meetings), pointing to (that Iraq is facing the threat of Daash terrorist economically and challenge, a battle all).


    https://www.xendan.org/arabic/drejaa....ara=7700&Jor=1

  10. #10

    Re: The Dinar Daily, Sunday November 30, 2014

    Minister: 2015 draft budget abolished the penalty clauses that were previously imposed on the Kurdistan region



    Khandan
    - The Minister of Science and Technology in the federal government Knight Jajo Sunday, the draft budget 2015 abolished the penalty clauses that were previously imposed on the Kurdistan region in the preparation of the annual financial budget, pointing out that the draft budget is being rewritten again after the low sale price of oil in global markets.

    He said Jajo in remarks told 'Anatolia' Turkish, "Today there are no penalty clauses against the Kurdistan region within the federal budget for the project, which has been prepared, The Region will receive 17% of the federal budget in return for export quantities of oil will be later agreed to increase mechanism".

    The Minister of Science and Technology, that the draft budget, which was prepared during the past few weeks was based on a price of $ 80 per barrel, but now there is a big drop in the sale of oil prices, he said, adding that according to the report, which arrived from the Ministry of Oil, the price of a barrel reached $ 66 a barrel in global markets, which prompted the government to reconsider the project submitted and rework the draft budget according to the new oil prices curtailed Financial Gr.

    https://www.xendan.org/arabic/drejaa.aspx?=hewal&jmara=7701&Jor=1

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