The Dinar Daily, Sunday December 7, 2014
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  1. #1

    The Dinar Daily, Sunday December 7, 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, Sunday December 7, 2014

    Currency Auctions
    Announcement No. (2835)

    The latest daily currency auction was held in the Central Bank of Iraq on the 06-12-2014 The Port on 07-12-2014 results were as follows:

    Number of banks 11
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 104,916,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 104,916,000
    Total offers for selling (US$) -----

    Announcement No. (2836)

    The latest daily currency auction was held in the Central Bank of Iraq on the 07-12-2014 results were as follows:

    Number of banks 13
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 125,285,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 125,285,000
    Total offers for selling (US$) -----
    Exchange rates

    Market Rate. 1197

  3. #3

    Re: The Dinar Daily, Sunday December 7, 2014

    Iraq is making with a special 29 Iraqi banks accused of corruption and money laundering

    Confirmed the significant economic official in the Iraqi government, refused to disclose the identity of the November 18, 2014 to refer 29 Iraqi banks a special investigation, the charges related to corruption and money laundering cases, out of 33 banks, is the sum of the Iraqi private banks operating in Iraq.

    According to published site in the November 16, 2014, based on the report, which was written by the Inspector General for Iraq Reconstruction Stuart Bowen, the money laundering through the central bank caused the loss of more than $ 100 billion over the past ten years, most of which leaked to the banks in Dubai and Beirut.

    He said Prime Minister's Advisor Dr. appearance of Mohammed Saleh in the November 26 event, a big disappointment in the private banking sector, which relied upon to rebuild the country's economy. Chancellor favor and explain the high number of banks assigned to investigate the causes of several, most notably the absence of governance for private banking departments, cash credit and weak, forcing banks to look for profit-taking, are in most cases, operations non-bank, pointing out that the regulatory philosophy of the Central Bank after 2003 changed from the control of compliance to preventive censorship, a supervisory task and not Satria, where the central bank is watching the credit and liquidity to ensure safety in accordance with the financial ratios.

    Confirms that the absence of banks credit rating makes the creditworthiness of the private banks are not supported, a process that must be performed by a third party (a specialized international offshore company in it) adopted by the Central Bank.

    For his part, one of the major shareholders saw one accused of bank financial operations are illegal, on condition of anonymity, in November 25, 2014, that the former banking competencies that trained in a bank Rafidain and Rasheed, and running until recently in the private banking sector, laid off from work in private banks, and become CEOs new operational tool to requests adults shareholders who drive these illegal operations, so now they see that Almsaqan investigations are executives at the 29 banks covered by the investigation, and most of them fell victim to lack of experience.

    He added that the manipulation operations began in private banks with the process of the currency in 2004 switch, which create mafias financial dominated the market, came after the Banking Act, which prevent private banks in paragraph 28 of the entry in investment operations or participate in, and prevent them from owning property more of need (ie prevent investment in the real estate market), which led the banks to look for funds and methods of capital to make profits illegally, and thus to enter the capital is clean for profits. Consequently, I worked in the money laundering is not subject to the tax, and entered the funds from abroad, and some of them from the inside do not know their sources to private banks, and even dominated the owners of those funds to the departments of some banks, and thus took control of the dollar auction at the Central Bank and ridiculed those funds for personal benefits .

    On the other hand, the cooperation between banks and influential in certain circles inside and outside Iraq, falsified documents tab where he went to the dollar, which was often go out of the country, to the Gulf, Jordan, Iran and others.

    However, the banking expert, Dr. Majid picture he saw in a statement to 'the Monitor' on November 25, 2014 that private banks are not intelligence work for the follow-up documents, so it is not responsible for the source of funds that go to it, but if there is a doubt, amounts to the bank's central bank which in turn is responsible parties to take legal action.
    He stressed that private banks are the victim of a holistic view erroneous, and that the sources of these perceptions are the leaders and officials and minds dominant economic activity in the overall picture in Iraq.
    However, Dr. Suri refers to the serious imbalance in the series follow the movement of funds in Iraq, which contributes in great shape in the occurrence of financial irregularities and illegal dealings, where the discovery of financial corruption and transactions illegal comes too late, and up audits of banks to the Central Bank after month to conduct operations, and continue checking at the central bank for another month is reviewed any previous operations, which took place two months ago. The funds are then may come to an end, perhaps on the other side of the globe.

    To solve those big problem, urges Dr. Suri's central bank on the need to adopt a comprehensive technological banking system, which guarantees immediate control, and access information in the same moment, and in government and the private banking sector together.

    The chief executive of Standard Chartered Bank UK, which opened a branch of the bank in Baghdad in late-2013, decaffeinated and Wishart said in a statement published in the agency's eyes Iraq on August 21 / August 2014 The way in which managed a weak Iraqi banks, and in the need to adopt international experiences in this area, the adoption of international standards and specifications.

    Which is confirmed by expert regulatory Dr. Mohsen emotions in November 25, 2014, noting that the financial control of the private banking sector is not currently feasible, as described Balkhjulh.
    Here and alert to the need for greater government intervention in the form of the fact that the private banking sector closed and administered in the form of a family, a large gap for the passage of financial corruption. Believes that the solution lies in the formation of a joint committee of the BSA and the central bank and private bank itself, the task of direct real-time control.

    In this regard, adds its voice to Chancellor Dr. appearance of Mohammed Saleh to adopt better corporate governance as a way to reduce the private banking sector problems.

  4. #4

    Re: The Dinar Daily, Sunday December 7, 2014

    Spokesman Abadi: No guarantees for Americans except as provided by al-Maliki

    Erbil, December 7 (PNA) - After less than 24 hours of statements attributed to the US ambassador in Iraq, Stuart Jones on the agreement with Iraqi Prime Minister Haider al-Abadi to grant American advisers working in Iraq currently legal immunity, denied the US Embassy in Baghdad, the content of those statements, describing what has been circulated through the media that he «inaccurate».

    The embassy said in a statement yesterday that «some of the media picked inaccurate statements on the lips of the US ambassador to Iraq, Stuart Jones that Prime Minister Haider al-Abadi has done to provide assurances on the immunity and privileges granted to trainers and advisers Americans currently in Iraq». The embassy added that «this information is accurate, and that what he said Ambassador Jones is that the US government has to build on the official written correspondence between the United States and Iraq under the Strategic Framework Agreement guarantees, has been an exchange of diplomatic notes relevant in the month of June 2014 », ie, in the era of former Prime Minister Nuri al-Maliki, who currently serves as the Vice President of the Republic.

    Embassy explained that «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», noting that «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 for our partnership Also ».

    According to information obtained by the «Middle East» of high-level source, who asked not to be identified, the «Iraqi government was quick to clarify the situation of the US Embassy in this regard because it contrasts with what has been agreed and before they get political repercussions for that, because there are political parties Iraq has a sensitivity to grant any immunity for the Americans in Iraq. » The source added that «the US Embassy and promised that it will clarify the content of the statements correctly.»

    For his part, stressed tributary Jabouri, media spokesman of the prime minister's office, told the newspaper «Middle East», that «the US Embassy explained it because there was not any new agreement between the Iraqi and US governments on the legal status of American advisers in Iraq, but that there is an agreement with the previous government, according to the Strategic Framework Agreement between the two countries, and provides for the treatment of advisers working in the same manner as the embassy », pointing out that« it does not exceed the diplomatic immunity and not legal, and that their role is not a combat role ». The new Jabouri Iraqi government's firm stance on «not to request ground forces, will not get this because Iraq told the international community not need to ground forces as much as he needs the support in the areas of arming and training.»

  5. #5

    Re: The Dinar Daily, Sunday December 7, 2014

    Iraq to discuss with the International Monetary Fund deterioration in oil prices

    Iraq to discuss with the International Monetary Fund deterioration in oil prices Held on Sunday, December 7, 2014, in the Jordanian capital Amman round of annual consultations between the government and the International Monetary Fund (IMF).
    Chaired by Finance Minister Hoshyar Zebari, the delegation and with the participation of representatives of the central bank and the Ministry of Planning and the Ministry of Oil and a number of financial experts and economies.

    The Minister of Finance review of the political, security and economic conditions and the current plans and programs of the government in the coming period, especially 2015 budget submission to the House of Representatives and the fight against corruption and an administrative and financial reforms.
    This meeting aims to identify the impact of the conflict and the war against Daash on the Iraqi economy and to discuss the 2015 budget plan.

    It was reviewing the situation in the oil sector and the impact of the deterioration of oil prices and economic activity and international non-oil needs and the foreign exchange market, and there was an exchange of views on the role of the International Monetary Fund to help Iraq through this difficult phase of the Iraqi economy.
    It was decided to perpetuate these meetings and communication to enhance cooperation between the two sides.

  6. #6

    Re: The Dinar Daily, Sunday December 7, 2014

    Rafidain Bank: re Hikalh our bank and Rasheed Stgolhma more efficient and does not mean separating them from the financial

    Long-Presse / Baghdad
    Confirmed the Rafidain Bank, on Sunday, demanding that parliament was restructuring with his brother, Rashid, does not mean separated from the Ministry of Finance, but come to improve and Aqahma and increase their effectiveness and automation of their work along the lines of international banks, noting that cases of breach recently witnessed that motivated with the Central Bank of Iraq, to re-examine the system of electronic clearinghouse to put controls "tougher" to control it around completely.

    The Director-General of the Rafidain Bank, on behalf of al-Hassani, said in an interview to the (long-Presse), "The invitation Parliamentary Finance Committee to structure the Rafidain and Rasheed, through the study of Qanonehma, does not mean separation from the Ministry of Finance, but also rid the budget of owed them debts more efficiently and imbedded and mechanization of work along the lines of international banks ", noting that" Rafidain Bank form the basis part of the national financial system and supports the Iraqi economy. "

    The Parliamentary Finance Committee, revealed earlier for examining legislation bill to restructure the Rafidain and Rasheed made available to them, including the possibility of competition in the market.
    He said al-Hassani, that "the attempt that almost lead to a loss of 142 billion dinars from the bank's assets, not for his commitment and solidarity with stakeholders, made him the Central Bank of Iraq, reconsider the electronic clearing system recently introduced by the latter."

    Known bankers clearing as discount part of the supreme value of the debt between two people both creditor and debtor at the same time, the sense of religion from another religion higher value than truncated, and is based on the use of magnetic instruments read special devices connected to the information network of the Central Bank of Iraq, to ​​provide the banks concerned and the World Bank Central, the financial position of each of the instrument as the editor of the debtor and the holder as a creditor alike, to take place during the clearing process after mere seconds, after that was to continue for days or even months Osabie sometimes, through paper instruments.
    The promise of the Director-General of the Rafidain Bank, "revisit the clearing system does not mean the existence of an imbalance as far as the need
    for more explicit details, the largest and training for employees," he continued that the "incident prompted the bank with the central bank to put more stringent controls, to develop the system and control almost the entire ".

    The al-Hassani, was approved in the (27th of November 2014), during a press conference held at the bank building, 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 uncover those involved convert the amount by electronic clearing system and the number, and while pointing to the formation of an operations room to stand on the incident.

    The Central Bank of Iraq, announced earlier on Saturday, for the formation of a committee to uncover the circumstances of the theft of 500 billion dinars from the Rafidain Bank, noting that most of the stolen money was returned from the banks that have transformed the exception of certain amounts to the two banks are being dealt with now.

  7. #7

    Re: The Dinar Daily, Sunday December 7, 2014

    Parliamentary Legal: National Guard must be planned and managed by the central government exclusively

    Tomorrow Press / Baghdad: stressed member of the Legal Committee in the House of Representatives MP Ibtisam Hashim, Sunday, to be the management and planning of the National Guard by the central government exclusively, and not the provinces, because he will be devoted to a sectarian army.

    She said Hashem for "tomorrow Press," "We demanded to restore conscription, for he is the best of the National Guard, which will lead to a conglomerate sectarian or building a sectarian army, and therefore we do not want it," indicating that "the National Guard must be managed and planned by the central government. "

    And on the security situation in the province of Karbala and the entry of visitors to the province Hashem showed a deputy from Karbala to "maintain enters day millions of visitors expected to visit this year and the figures will be around 20 million on Friday, which will be the peak day."

    She added that "there is a high coordination between all security agencies, as well as the intelligence effort," adding that "the number of foreign visitors by about five million entry and exit, according to statistics Najaf airport."

    It is expected that the formation of the National Guard troops in the provinces of self-protection, while looming on the horizon some objections from some lawmakers.

  8. #8

    Re: The Dinar Daily, Sunday December 7, 2014

    Fayad: The government is not obliged to send the oil agreement to Parliament

    BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - Economic Adviser to the President of the House of Representatives, Ali Fayad said on Sunday that the government is not obliged to send the oil agreement concluded with the Kurdistan Regional Parliament, pointing out that some MPs claims are illegal.

    He Fayad's ((IMN, that "the oil agreement between the federal government and the Kurdistan Regional Government, is part of the government program presented by Prime Minister Haider al-Abadi by granting his government confidence by the Parliament points, and the government is legally obliged to send the contents of the application of the government program to the Board "ensures the oil agreement reached last week between the federal government and the provincial government to the province's commitment to the export of 250 000 barrels of oil per day, with the export of 300 000 barrels of oil from the Kirkuk fields, that the province gets a share of 17% of the federal budget.

    Fayad said that "the Council since discovered that there would cause damage to Iraq's oil wealth through the agreement signed with the provincial government, it has the right to ask the government for clarification on paragraphs that he sees a mysterious" .lavta that some of the claims of Representatives introduced the agreement on oil illegally Parliament ".
    He called the number of the members of the House of Representatives introduced the oil agreement reached last week on the board, and some of the details vague statement saying, according to, and inquire about how they will be under the export of oil from the region, and is monitoring the process actors.
    From: Haider al-Tamimi, the Open: Charter Shafiq.

  9. #9

    Re: The Dinar Daily, Sunday December 7, 2014

    Abadi is unable to complete the process of reforms for fear of whales call

    Since he assumed the presidency of the Iraqi government last September, and Haider al-Abadi focus of attention of everyone internally and externally he fumbles walks his way carefully for fear of committing mistakes frustrate hopes the authority to correct the fatal mistakes of his predecessor, Nuri al-Maliki, who lived Iraq during his period of 8 years lasted for days lean.

    Observers say the steps Abadi, the prime minister is in trouble now after the reform steps bold taken in recent weeks that he can not first exclude all corrupt state institutions, military and civilian once given the difficult conditions that prevailed in the country .. versus secondly popular demands urgent to complete this process.

    Observers point out that the slowdown Abadi in his career this reform may lose the popular tally and provoke him in the form of public opinion, which would lead to a relapse of his popularity. They say that the continuation of the reforms on the other hand will bring Abadi from Walker snakes and intervention in an unequal battle with al-Maliki and his followers they still make up so far no significant strength because Mtnfve Islamic Dawa Party still live Naim what lavished on them master Maliki positions and land and real estate and commercial deals to earn their loyalty In addition to implicating him they became serious corruption issues linked to its fate, leaving Abbadi lonely swim against the stream less sweeping Khosarath not return a call for representatives who arrived in office under Avcth.

    Observers He adds that there is another dilemma facing Abadi, where he is currently facing blackmail some politicians who seek to exploit and put the embarrassment this in order to force him to make concessions to them, which makes it an open back Maliki and his followers in the face mafias corruption and influence also .. also comply Abbadi of the Kurds and their demands is Constitutional lose by being wide popular support enjoyed by so far. According to the writings of site

    Therefore, observers believe that the al-Abadi said fumbles carefully reservoirs each step travels in order to correct the legacy of the past corrupt and be careful in the profit and loss accounts in each one of these steps .. and assert that it is not in front of al-Abadi, in this case only the showdown people and address it directly to his motives and causes every measure provides him all of its aspects and its aftermath the people to be synonymous with his supportive of the steps .. It is a companion will support the external position which enjoys broad support not received by the former head of government since the change experienced by Iraq in 2003 .. which is expressed by the US Secretary of State John Kerry in Saeb and accurate when he said NATO 'NATO' conference held in Brussels last Thursday (Iraqi Prime Minister Haider al-Abadi wowed everyone Bouktoath reform in addition to that it has taken steps to root out corruption and unite Iraqis), a word of Iraqis are looking forward to their destination because Abehrhm Abadi also his ability to overcome all these difficulties faced by them and bring some Mitmahon him and look forward to him 11 years ago.

  10. #10

    Re: The Dinar Daily, Sunday December 7, 2014

    Araji: Council of Ministers is determined to finish the budget before the end of the financial year

    Deputy Prime Minister Bahaa al-Araji

    Tomorrow Press / Baghdad:
    Deputy Prime Minister Bahaa al-Araji, Sunday, that the Council of Ministers Akif on the completion of the preparation of the general budget in the coming days and before the end of the financial year in the form that suits the global oil prices.
    a statement received by "tomorrow Press", "The budget prioritization necessary for sectors such as security, defense and health and the ration card and social care will be where, in any case, the government is determined to take the necessary measures to not affected by the citizens of this crisis, especially since the Iraq oil country It has a large provision of oil. "

    "At the same time we have to think about how we can come out winners from this crisis through research and development of the Iraqi state resources other than oil, as well as aspects of knowledge and spending priorities."

    It is noteworthy that the state budget for the current year has not yet recognize ago that sent the government for nearly eight months to former House were not included on the agenda, while procrastinated previous Presidency for inclusion due to the lack of them political blocs agreement, nor that harassment continues while people wait for things to material related thereto, as well as the stalled projects.

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