The Dinar Daily, Friday December 5, 2014
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  1. #1

    The Dinar Daily, Friday December 5, 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


    A "flashback recap" of a Live Q and A Call from about a year ago - on THE DAILY DINAR NEWS BLOG...

    In general terms – there were three main focal points of interest I wanted to cover and then allow listeners to ask whatever questions they liked.

    1) the SIGR report…

    2) the Gold Article…

    3) the IIER report…

    I started the conversation out last night by highlighting how crazy this campaign being fielded to contact our lawmakers and bank CEO’s and tell them how unfair it is they are getting to exchange (exchange is the right terminology BTW – NOT “CASH-IN”) at 32.00 per Dinar and we are not – is. It is nuts.

    Firstly, “they” are NOT being allowed to exchange “early” – or at 32.00 per Dinar. It makes you sound “stark raving MAD” to be caught saying such things. You would be better off barking at the moon. It is demeaning to the validity of a true currency play.

    Secondly, this is entirely the wrong way to approach them. I pointed out on the call that Poppy and I fielded a very successful such campaign a couple of years ago. However, we sat down and came up with a much different approach. It was designed to get answers and to approach our lawmakers with respect and as their constituents. Not like a bunch of lunatics. We had extraordinary participation (because it made sense) and we received a good response from lawmakers. It started the conversation in a reasonable manner.

    I asked one caller – “when was the last time you asked a banker for money and told him how unfair it was if he didn’t give it to you”??? Obviously – we chuckled…

    Another caller asked me if (as DC had relayed) – the “zero’s were raised” and the lower denominations were in circulation??

    I said plainly “no”…lower denominations being in circulation would (at the very least) imply there had been a value change. If there were no value change the lower denoms would not only be of little value, they would be such a hinderance – people might even throw them away just to get rid of them. So no – no lower denoms. I told the caller to check the website for “real” info on rate change.

    The “zero’s being raised” or “deleted” – as explained by any reasonable researcher, economist or authority – is simply the process removing the large (3 zero notes) from circulation.

    Referring to an Enorrste post from today on
    THE DINAR OBSERVER DAILY(you may want to put this on your favorites and check in several times a day – we to it often )

    “…I have never found a single article from the CBI or the IMF that equates “delete the zeros” to the idea of “move the decimal point.” Instead, the statements overwhelmingly come out to mean “remove the large notes from circulation.”

    Also – this recent internal memo put out by Wells Fargo is likely “push back” from this recent campaign. I pointed out that Pinnacle Bank published an article by an “affiliate” in their internal publication and then “highlighted it” in a similar internal memo a couple of years ago. It is just a defense mechanism. I’m sure Wells is tired of having their name dragged through the “internet rumor mill”. This is highly likely the reason for their vigorous denials about handling it in the future. They get so many useless calls – it isn’t worth the headache. Can you blame them??

    Further, for any bank, lawmaker, adviser or official to state the “Dinar is a scam” is nearly as foolish as some of the internet “Gurus”. It is the official currency of a COUNTRY. I pointed out (below) the post from yesterday’s
    – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
    __________________________________________________ _____________


    We are seeing and hearing that the inflation rate is still climbing and they are pushing to get us our money?? This report is from page 94 of the massive SIGR report.

    BGG ~
    This is a screen shot from the “Special Inspector General for Iraq Reconstruction” – Apr 2012, quarterly report to Congress. For members of our Government to say they have no idea what is going on here – means they haven’t read some very basic documents presented them.
    __________________________________________________ ______________

    I pointed out (last night) this is a highly speculative investment. We are, in no way, guaranteed anything. However, this SIGR report gives us some valuable insights…

    1) This is information given to the US CONGRESS on a quarterly basis… I find it hard to believe such an information source would intentionally mislead Congress. They tend to frown on such behavior. Which goes directly to the validity of this adventure – against all advice from Wells Fargo or other such naysayers.

    2) It points out there having been a legitimate “plan” – or time frame in motion…having been projected to be done in 2013. We are obviously in “over time” now.

    3) It gives us an idea as to who is in charge…the CoM – or Council of Ministers. Who do they answer to?? Maliki. Period. When is he likely to push this forward?? Historically – he has been a “weak Dinar” policy advocate. However, rumor from his own inner circle admits he can’t win a third term in office without some currency reform.

    I fully expect him to use every tool in his “wheel house” to win – his recent moves in Anbar and the disputed territories prove as much. Currency reform has to be a “biggie”. Though this WAS their thinking a couple of months ago – there is no promise it is still part of their political calculus. We shall see.

    4) Though no guarantee of the actual future plan they wind up engaging – this report points out an increase in value that would have taken the Dinar from “one-tenth of a cent” to a value “of slightly less than $1″..

    __________________________________________________ ______________


    Coins put on the market !!

    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara "The project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find metal coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century


    CBI is preparing to issue a monetary metal parts

    Metal coins from the category of 25 fils were in circulation until the nineties of the last century

    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara Radio Free Iraq, "said the project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century.


    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.


  2. #2

    Re: The Dinar Daily, Friday December 5, 2014

    sczin11- Confirmation SFA is DONE!

    US Ambassador: We have reached an agreement with the Iraqi government to grant legal immunity of our troops in the war on Daash

    Said the new US ambassador to Iraq, Stuart Jones, that the United States had reached an agreement with the Iraqi government on giving the privileges and immunities of the growing number of American troops stationed there, thus helping in the fight against militants Daash terrorist organization in Iraq.

    Jones said in comments carried by the statements newspaper The Guardian] British, Friday, Iraqi Prime Minister Haider al-Abadi gave assurances that US forces would get immunity from prosecution which was a major point of contention during the presence of the former Iraqi Prime Minister Nuri al-Maliki in office , which ultimately led to the decision to withdraw all US forces in late 2011. "

    He said: "It was a different attitude, and these forces have a different role, and we have assurances that we need from the Iraqi government on the privileges and immunities, and this is at the heart of the official written communications between the two governments, and an agreement of strategic framework of cooperation, which is the legal basis also of our partnership."

    Jones confirmed that US forces are working away from the front lines, where their work is limited to launch air strikes, and the exchange of information and advice to Iraqi forces and help them and train them.

    The Foreign Minister Ibrahim al-Jaafari said in front of the House of Representatives in 16 of the last month of October that "the legal immunity granted under the law is passed in the parliament has not been granted to any Ajunbah.anthy forces

  3. #3

    Re: The Dinar Daily, Friday December 5, 2014

    sczin11- It is no coincidence, that the news below, announced right after the news above!

    Congress approves defense budget allocates 1.6 billion dollars for equipment and training Iraqi forces

    Approved by the US House of Representatives, on Thursday, to the defense budget, which is estimated at $ 585 billion law, which recognizes the expanding campaign against al Daash in Syria and Iraq.

    And the voice of the majority of the US House of Representatives, with the approval of 300 votes, compared to 119 to reject the bill, which is expected to be submitted to the Senate for a vote in the coming days.

    Under the harmonic formula that has been reached in the bill to allocate 521.3 billion dollars to spend on national defense in addition to the $ 63.7 billion foreign military operations, including Iraq and Afghanistan.

    This budget allocates an amount as much as $ 5 billion for the air operations launched by the US military against al Daash, as well as $ 1.6 billion for Iraq aid equipment and training, and proposed a draft law send 1,500 additional US troops to Iraq.

    And send the bill to the Senate, to be discussed next week, and then vote on it.

    The US Secretary of State John Kerry said on the sidelines of the NATO meeting in Brussels last Wednesday that "the cost of the war on Daash in Iraq and Syria, amounting to $ 8 million per day," pointing out that "the implementation of the International Alliance of about 1000 raid on the terrorists."

    It is said that Iraq announced earlier refusal to pay any amounts the international coalition against the air raids against Daash sites.

    He said Foreign Minister Ibrahim al-Jaafari, hosted a session of parliament in the 16 last October, that "Iraq will not pay any amount the international coalition in the bombing Daash," adding that "the cost of military operations will be the responsibility of participating in the air campaign nations because Iraq is not ready to pay any expenses ".anthy

  4. #4

    Re: The Dinar Daily, Friday December 5, 2014

    Zebari: reviewing the budget with the ministries to reduce the deficit, and we want an internal alternatives avoided foreign borrowing

    Long-Presse / Baghdad Detection and Finance Minister Hoshyar Zebari, on Friday, about the intention of the ministry reduce the general budget for 2015 to 120 trillion, and explained that the ministry is serious about reducing the budget deficit to 30 trillion dinars through a review of its provisions with the Ministries of State, and the search for domestic sources to reduce the deficit rather than borrowing foreign, and while stressing adherence to the ministry at a price of $ 70 a barrel in the general budget, confirmed the existence of the desire of the federal government to normalize relations with the region.

    Zebari said in an exclusive interview with the (long-Presse), said that "for the study of the budget committee on a daily basis to hold meetings and meetings of art with each ministry and the board of the state in order to reduce the fiscal deficit existing budget," pointing out that "the Committee engaged in a debate now with six to seven Ministries in order to review their budgets in order to provide the budget end of this year to the parliament. "

    He guessed Zebari "provide general budget soon to the Council of Ministers and then submitted to the House of Representatives for approval at the beginning of next year."

    Finance Minister explained that "there is a large deficit in the budget requires us to rationalize spending in order to be accepted and be under the roof of 30 trillion dinars because the current figure for the deficit of 47 trillion is too big," noting that "The ministry is looking for domestic sources to reduce the deficit rather than foreign borrowing ".

    Zebari said that "the general budget for 2015 by the size of the reduction is 155 trillion dinars, and we want to be reduced to 120 trillion dinars," he said, adding that "the reduction will focus on the part of the investment budget and some of the projects and some other things."

    And the Minister of Finance that "there is debate about the calculation of the price of a barrel of oil in the budget between 60 to $ 70," following up "We are committed to a price of $ 70 a barrel for the expected increase in oil prices because of the winter."

    And the 2014 budget, Zebari stressed that "this budget does not exist and will provide a financial statement that comes to us after the final accounts for the end of this year, which will show disbursements and expenses, and how to spend them, what aspects of exchange.

    And on the recent agreement between Baghdad and Erbil to solve the problem of oil exports, between Zebari "The agreement represents a framework to solve problems on the budget and the export of oil and accruals Peshmerga fighting terrorism as part of the security system," he said, adding it was "the first time that the commitment of the federal government to support happen dues and salaries of the Peshmerga. "

    Zebari said that "the two sides sit down to be all things financial settlement between the parties to the federal government and the region," stressing "the political will of the new government to implement the relations between the region.

    The Oil Minister Adel Abdul-Mahdi, announced 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 its disposal The federal government, confirmed that the President of the Government of the Territory will visit Baghdad at the head of a delegation to develop a "comprehensive" and constitutional solutions to resolve outstanding issues.

    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.

    The House of Representatives has begun the legislative recess on Monday (30/11/2014) for a period of one month to convene an emergency session of parliament if the arrival of the budget. D8%A7%D8%AC%D8%B9_%D8%A7%D9%84%D9%85%D9%88%D8%A7%D 8%B2%D9%86%D8%A9_%D9%85%D8%B9_%D8%A7%D9%84%D9%88%D 8%B2%D8%A7%D8%B1%D8%A7%D8%AA_%D9%84%D8%AE%D9%81%D8 %B6_%D8%A7%D9%84%D8%B9%D8%AC%D8%B2_%D9%88%D9%86%D8 %B1%D9%8A%D8%AF_%D8%A8%D8%AF%D8%A7%D8%A6%D9%84_%D8 %AF%D8%A7%D8%AE%D9%84%D9%8A%D8%A9_%D8%AA%D8%AC%D9% 86%D8%A8%D9%86%D8%A7_%D8%A7%D9%84%D8%A7%D9%82%D8%A A%D8%B1%D8%A7%D8%B6_%D8%A7%D9%84%D8%A3%D8%AC%D9%86 %D8%A8%D9%8A

  5. #5

    Re: The Dinar Daily, Friday December 5, 2014

    Abadi Office: We have agreed with NATO to increase its support armament and training will be held soon, an international donors conference

    Long-Presse / Baghdad Detection Office spokesman, Prime Minister Haider al-Abadi, on Friday, in an agreement with NATO to increase cooperation "armament" and training, and is likely to witness the coming weeks coordination on the reconstruction of the affected areas Fund, while pointing out near the convening of an international donor conference.

    Saad al-Sabri said in an interview to the (long-Presse), "The Brussels conference to support Iraq in the fight against terrorism and make it able to address the economic and security challenges, not a protocol for the purpose," noting that "Congress has seen the agreement with NATO to increase the pace of cooperation aspect armament will be there Hosting of the alliance to security experts and Iraqi military to develop their expertise, and leave the details to the coordination mechanism and the needs of Iraq and what can be provided by the coalition countries. "

    Sabri added that "all the conferees stressed the need for the international community and the Coalition offers various Iraq forms of support bayonet against terrorism," noting, "stressed during lateral meetings between Prime Minister Haider al-Abadi with the United States and Saudi Arabia, representatives of the High Commissioner for Refugees (UNHCR) on the basic needs of Iraq." .

    Newborn and guessed that "witnessing the coming weeks coordination on the reconstruction of the affected areas Fund after its liberation from the control of the organization (Daash), which called for the Iraqi prime minister," explaining that "Iraq needs economic support."

    Sabri pointed out that "the next few weeks will see the convening of an international donor conference in order to know what they could offer to the obligations of Iraq in material and armaments sides," noting that "France pledged to great strides to arm Iraq."

    The head of the Iraqi government, participated Tuesday, (second from December 2014 present), in counter-terrorism conference in the Belgian capital, Brussels, to attend a meeting of international anti-terrorism coalition forces in order to talk about the crowd support in dealing with terrorist groups that threaten the region.

    And participate in the Brussels conference by representatives of 33 countries of the coalition countries, coordination is required in the escalation of the confrontation organizing operations and discuss (Daash), and evaluate the situation in Iraq.

  6. #6

    Re: The Dinar Daily, Friday December 5, 2014

    Salhi demanded the oil ministry to deal with the Kirkuk oilfields "sense of responsibility" and calls to keep drilling staff

    Long-Presse / Kirkuk The head of the Turkmen Front, on Friday, the oil ministry to deal with Kirkuk as the "spirit of responsibility" and humanity, as he met with a number of Iraqi Drilling Company officials first operations, between the need to maintain development projects to develop the fields.

    He said Salhi, on the sidelines of a meeting with workers in ethnic Drilling Company, in an interview with the (long-Presse), "We met today to our office 47 officially employees of the Iraqi Drilling Company first operations of the Ministry of Oil and who are residents of the city of Kirkuk and were working in Basra has completed the legal limit their work outside their province for three years after their appointment in 2010. "

    Salhi said, "because of the security incidents were placement to Kirkuk since last June, is the second of operations for the Iraqi Drilling Company management Kirkuk want them to return to work in Basra who are the people of Kirkuk and suffer long distance and security risks."

    Salhi and pointed out that "the Iraqi prime minister while attending the House of Representatives recently spoke about the Kirkuk oil after we asked him and he replied, that the risk of oil and need for development, reconstruction and maintenance to increase production."

    He Salhi, "The oil fields in Kirkuk experiencing neglect and a failure to develop, although Kirkuk oil for all Iraqis do not accept that productivity goes down because it would hurt all Iraqis."

    He called al-Salihi, "Oil Minister to deal with the humanitarian spirit of Kirkuk responsibility to keep the oil is for all Iraqis came time to take advantage of the Kirkuk oil for the benefit of the people of the province who have been through decades artery to support the Iraqi economy."

    It is noteworthy that Kirkuk includes sites for the North Oil Company and gas north and the Iraqi Drilling Company.

  7. #7

    Re: The Dinar Daily, Friday December 5, 2014

    Iraq reviving supermarkets

    BAGHDAD / Obelisk: Ministry of Commerce announced the signing of a joint cooperation with the Islamic Republic of Iran to revive the Central Markets protocol .

    The Minister of Trade Mlas Mohammed Abdul Karim was a joint cooperation with the Islamic Republic of Iran for the establishment of a common market between the two countries to revive Central Markets protocol signing and to alleviate the suffering of the Iraqi citizens, which includes supplying Iraq with food items and construction excellent quality controlled quality and standardization .

    He added that some provinces apologized for the idea ration of local governments distribution due to the instability of some of them, or the lack of stores in each other, stressing that the ministry is ready to implement this proposal to ease the load on the burdened any distribution of materials by the provinces and not buy them because the ministry so expensive .

    He continued that the work of the ministry has a direct contact with the citizens to provide steam and any defect occurs reflected negatively on the work of the ministry, noting that the ministry has the tenders in the field support the ration card items to negotiate directly with discreet manufacturers that it is possible that the ministry is preparing materials needed, the fact that the ministry effort The government's focus is to provide the ration card of the citizen .

    He pointed out that the ministry is facing a problem in this period due to the entry of terrorism into three provinces, the most productive of the substance of wheat and this is going to impose on us that we have to import more quantities to be provided within the vocabulary ration.

  8. #8

    Re: The Dinar Daily, Friday December 5, 2014

    Dentex: holiday Wednesday and Thursday include all government departments in the capital

    Announced the Baghdad Provincial Council, said Friday that on Wednesday and Thursday holiday will include all government departments in the capital Baghdad was circulated it to all departments official books.

    The head of the Council Riad dentex told / information / "The Council has issued a decision disruption based on the public interest of the country has been coordinated with the governor of Baghdad and interested parties. "
    He added that "send official letters to all state departments on the official holiday was and will include the deactivation of all government departments in the capital on Wednesday and Thursday and will promote the book to the General Secretariat of the Council of Ministers on Sunday . "

    The Baghdad Provincial Council announced two days before the announcement on Wednesday and Thursday an official holiday, which prompted the number of holiday parties to include only the provincial council staff considered. "Finished / 25 / andالعضاض-:عطلة-الأربعاء-والخميس-تشمل-جميع-

  9. #9

    Re: The Dinar Daily, Friday December 5, 2014

    Formation of a committee to uncover the circumstances of the theft of 500 billion dinars from the Rafidain Bank

    Iraqi Central Bank
    announced on Friday the formation of a committee to uncover the circumstances of 500 billion dinars steal from the Rafidain Bank, stressing that most of the stolen money has returned from Alsarv that transformed the exception of certain amounts to the two banks are being dealt with now.

    The bank said Central said in a statement received by the agency / information /, copy it, that "one of the employees of the Rafidain Bank committed a number of irregularities on the bank accounts in collusion with some customers taking advantage of the opportunity to accomplish more than a step in the work," pointing out that "that led to the conversion of large amounts of bank accounts to accomplices customers accounts with a number of banks. "

    He added, "was formed a crisis cell of the Rafidain Bank, a day after the discovery of the bank for this incident," noting that "it was directed banks that have transformed the money to its customers to return them immediately to the Rafidain Bank."

    The statement stressed "the return of all amounts except for certain amounts to the two banks are being dealt with now according to legal procedures and actions of the monetary authority."

    He explained that "this bank indicates a positive commitment to some banks and directives issued by him to make the necessary care and not exaggerated instruments that have been made ​​to some of the manipulators and accomplices customers exchange with him as we have noted the lack of commitment others from banks these guidelines, "adding that he is currently working on" Evaluation of these practices to take the legally necessary action. "

    He continued, "formed an investigative committee of the Integrity Commission and the Department of the Inspector General of the Ministry of Finance and the Department of Economic Crime in the Ministry of Interior in addition to the CBI to investigate the matter and reveal circumstances of the perpetrators and to ensure there is no repeat. "

    He said the bank that he "formed a committee of staff and representatives of a number of banks to" review the matter and ensure compliance with the instructions window and unify the work contexts, "revealing that" the total number of instruments subject of manipulation more than 500 billion dinars did not withdraw them only 11 billion dinars are being returned to the Rafidain Bank using legal means. " Finished / 25 dتشكيل-لجنة-للكشف-عن-ملابسات-سرقة-
    Last edited by OOTW; 12-05-2014 at 05:23 PM.

  10. #10

    Re: The Dinar Daily, Friday December 5, 2014

    Parliamentary Integrity: we will reveal satellite companies in the coming days

    Described the Parliamentary Integrity Committee, on Friday, dozens of investment projects and companies benefiting b "space", saying disclosure of the names of these companies and figures amounts that have been embezzled without the implementation of the projects entrusted to it over the next few days.

    A member of the Committee Juma Bureau in told / information /, that "the Parliamentary Integrity Commission took it upon themselves to complete the files, which began with the previous Commission, including projects that have not been completed in addition to the projects and companies phantom files."

    He said the Court that "the Commission has a lot of corrupt files that relate to the troops and security projects phantom In addition to files related to some state departments, "refusing to disclose those files.

    He described the Office of dozens of investment projects and companies benefiting b "space", stressing that he "will be revealed the names of these companies and figures amounts that have been embezzled without the implementation of the projects entrusted to it over the next few days ". Finished / 25النزاهة-البرلمانية:-سنكشف-عن-شركات-فضائية-

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