The Dinar Daily, Tuesday December 9, 2014
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  1. #1

    The Dinar Daily, Tuesday December 9, 2014





    The Exchange Rate of Foreign Currency in Economic Feasibility Studies

    Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars.

    Estimate the shadow price of foreign currency:

    1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine.

    The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs.

    * What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar.In particular the following outputs and inputs of foreign currency were distinguished:


    • Export-outputs.
    • Outputs marketed locally that substitute imports.
    • Imported inputs.
    • Inputs produced locally that usually go to exports.
    • Foreign labor.


    According to the pricing rules the value of the output and input (traded) is calculated using export prices (FOB) and import prices (CIF), according to what is listed in the pricing rules.

    In other words the pricing rules calculate what the project produces from foreign currency (quantity of exports multiplied by the export price (FOB) in foreign currency or the quantity of substitute imports multiplied by the import price (CIF) in foreign currency, as well as what the project uses from foreign currency and imported inputs multiplied by the import price (CIF) in foreign currency …. etc.).

    In a later step, project outputs and inputs must be converted from the foreign currency to its equivalent in local currency (dinars) by using a specific exchange rate for the foreign currency.

    2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports… etc.

    The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:


    • The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production.
    • The application of the amended exchange rate on project imported inputs will assist in directing investments away from aggregated sectors dependent on imported inputs and the preference of those sectors that rely on locally produced inputs.
    • The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded goods.
    • The real exchange rate has declined rapidly since the early seventies, through rapid rise of the level of prices and local costs which led by the steadiness of the official exchange rate to change in prices and actual local rate costs that gave an advantage for imported goods at the expense of locally produced goods, meaning that it led to deterioration of the competitiveness of alternative replacement goods and export commodities.
    • This action shows that the official exchange rate overestimates the value of the dinar, compared to the foreign currency and from the promoting goods substituting imports and export commodities point of view of.


    And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate.

    3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.



    The Republic of Iraq – Ministry of Planning

    and

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

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

    1) the SIGR report…


    2) the Gold Article…


    3) the IIER report…


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


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


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


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


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


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

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


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

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


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


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

    THIS REPORT WAS SENT TO CONGRESS LAST MAY. IT PLAINLY SHOWS IN THIS REPORT THEY EXPECTED THE DINAR TO REVALUE AT AROUND A DOLLAR IN 2013.

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





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

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

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

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

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

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

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

    __________________________________________________ ______________

    AND

    Coins put on the market !!



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

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

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

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

    waradana.com

    And

    CBI is preparing to issue a monetary metal parts



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

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

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

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

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

    http://www.iraqhurr.org/content/article/26666313.html

    and

    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

    The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the business community, and Iraqi economists are divided…

    …Haider al-Abadi, the head of the Iraqi parliamentary Finance Committee, told Al-Monitor that while deleting zeros from the current currency is possible, this has been postponed until after parliamentary elections. He noted that studies are being carried out to ensure that, following the currency change, counterfeiting is limited and that Iraqis don’t go back to trading in the old currency.

    The step to delete zeros from the currency has been postponed several times, leading the parliamentary Economic Committee to demand that the CBI accelerate this project, as Al-Sharqiya reported. In a news conference held July 6, the Economic Committee confirmed that the deletion of zeros will lead to an increase in the value of the Iraqi dinar and will have positive repercussions, including a reduction in unemployment and poverty rates in the country.

    ARTICLE LINK



  2. #2

    Re: The Dinar Daily, Tuesday December 9, 2014

    Currency Auctions
    Announcement No. (2838)


    The latest daily currency auction was held in the Central Bank of Iraq on the 09-12-2014 results were as follows:





    DETAILS NOTES
    Number of banks 14
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 142,170,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 142,170,000
    Total offers for selling (US$) -----




    Market Rate 1197
    Last edited by OOTW; 12-09-2014 at 11:43 PM.

  3. #3

    Re: The Dinar Daily, Tuesday December 9, 2014

    Cabinet approves release of the remaining half of Basra Alaptroodlaor allocations



    The Cabinet approved on Tuesday the release of the Ministry of Finance for the remaining half of the petro-dollar allocations to the province of Basra.
    A source in the Council of Ministers told / information /, "The Council of Ministers approved in its regular, today, the launch of the Ministry of Finance for the remaining half of the petro-dollar allocations to the province of Basra."

    The head of the Islamic Supreme Council Ammar al-Hakim called during a telephone conversation with Prime Minister Haider al-Abadi importance of resolving the problems of the southern provinces and reduce suffering, stressing the need to fulfill the granting of oil-producing provinces right of petrodollars. Finished / 25

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3311542&usg=ALkJrhhQCrD9skCAi8NbxdRcquTvVOHKMg

  4. #4

    Re: The Dinar Daily, Tuesday December 9, 2014

    Cabinet to vote on the remaining of the petro-dollar benefits for the oil-producing provinces Exchange



    Voice of the Council of Ministers, on Tuesday, the exchange of the remaining dues to the petro-dollar oil-producing provinces.

    State television said in a flash I followed "Alsumaria News" that "the Council of Ministers during its regular voice, which was held today, on the exchange of the remaining dues of petro-dollars to the oil-producing provinces."

    He met Prime Minister Haider al-Abadi , on Thursday (November 6, 2014), with the Higher Coordination Committee of the provinces of non-performing province, said a source familiar with the Abadi discuss with the Committee the security side and the issue of petrodollars and the transfer of sub-districts of some ministries to the provinces.

    It is said that the Iraqi Council of Ministers approved, in (January 28, 2014), to modify the amount of petro-dollar to five dollars for the oil-producing provinces, with the face using the border crossing points to the provinces not covered by revenues in petro-dollars in unnecessary expenses.

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3311582&usg=ALkJrhjFakDqSUq1K1jZBKtbDyxWylT66Q

  5. #5

    Re: The Dinar Daily, Tuesday December 9, 2014

    Abadi Office : Budget Sntdz within days and will discuss the session the Council of Ministers next



    Alsumaria News / Baghdad Said the official spokesman for Prime Minister Saad al-Hadithi office, on Tuesday, the completion of the draft federal budget law for 2015 in the coming days, while noting that it will be displayed after the session the Council of Ministers to be discussed next.

    Sabri said in an interview for "Alsumaria News", "The ministerial committee on the issue of the state budget will end its work in accordance with the time limit set her will complete its report on the draft budget bill during the next three or four days. "

    He added that the newborn, "the report will be presented for discussion after its completion by the Commission in the next Cabinet meeting."

    The Prime Minister's Office announced, in (November 29, 2014), the Council of Ministers formed a ministerial committee to determine cut expenses all ministries in order to reduce the deficit budget in 2015, and that the Committee will submit its recommendations within a week to address and reduce the projected deficit.

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3311594&usg=ALkJrhhum9F5q0uNU2KXwF-oH67Rm0boIA

  6. #6

    Re: The Dinar Daily, Tuesday December 9, 2014

    Chuck Hagel arrives in Baghdad for talks with Iraqi PM



    Visit is first by a US defence secretary since Barack Obama ordered American troops out of Iraq in 2011

    Chuck Hagel has arrived in Baghdad for the first visit by a US Defence secretary Since Barack Obama ordered American Troops out of Iraq in 2011.

    Obama Started ordering Troops back to Iraq this summer to help counter the advance of Islamic State, and Hagel said before his visit That the Fightback by the Iraqi army and Kurdish Forces was gaining momentum.

    "This is a long-term effort. It's difficult. There will be setbacks. There will be victories. So I think that's where we are and I look forward to getting some first-hand assessments, "he told reporters in Kuwait on Monday.

    Last month Obama authorised roughly doubling the number of US ground forces to 3,100 as the military expands the reach of its advisers and starts training Iraqi and Kurdish forces.

    Hagel told US and Australian soldiers at Baghdad airport on Tuesday: "We have a role to play here but always our role has to be a support role ... It is their country. They have to lead. "He said the US was training, assisting and advising Iraqi forces but the key to progress was an inclusive government in Baghdad that could rally all Iraqis.

    Since taking office in September the Shia prime minister, Haider al-Abadi, has worked to build alliances with Sunni tribes and reached a deal on oil exports with the semi-autonomous Kurdish region. Hagel is due to meet Abadi and the Iraqi defence minister, Khaled al-Obeidi, during his visit.

    The US commander for Operation Inherent Resolve in Iraq and Syria, Lt Gen James Terry, said Washington's coalition allies would send about 1,500 troops to help train and advise local forces.

    Since their June offensive, Islamic State's Sunni militants have had little success in breaking beyond the solidly Sunni Muslim provinces of Anbar in the west and Salahuddin north of Baghdad, as well as the strongly Sunni province of Nineveh, home to the city of Mosul which the Islamists overran in June. Iraqi and Kurdish forces have made gains, including securing Mosul dam.

    Terry said Islamic State was still conducting limited attacks but appeared broadly on the defensive. "When you look at some places out in Anbar, it's a little bit stalemated out there. And we've got some work to do. And I think it's do-able, "he said.

    Chuck Hagel US foreign policy Iraq Middle East and North Africa

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3311640&usg=ALkJrhgJcy3JDyBwRhTQrEGqpHIPaaA8Bw

  7. #7

    Re: The Dinar Daily, Tuesday December 9, 2014

    Cabinet approves draft amendment to the Income Tax Act and forwarded to Parliament



    Alsumaria News / Baghdad The Cabinet decided on Tuesday approved a draft law amending the Income Tax Act and forwarded to the House of Representatives.

    Information Office of the Council of Ministers said in a press statement received "Alsumaria News", "The Council of Ministers approved during its thirteenth regular held today, the extension of the Council of Ministers Resolution No. (535) for the year 2013 to the end of 2015 and the General Secretariat of the Council of Ministers audited Names and Numbers of employees covered by the decision, "stressing that" not later than the last extension (3 years). "

    Cabinet cancels 10 project in the 10 in Sadr City, and agrees to take over the barley from Kurdistan
    Cabinet Secretariat: no export directive to prevent demonstrations and our mission urged the government to abide by the laws

    The bureau said in its statement that "the Council approved an amendment Akiem stamp duty cut and relative contained in the table (a) facilities linking book and the Ministry of Finance / Budget Department with a number (7508), dated 10/07/2014 the proposal of the Ministry of Finance, whenever necessary, and dictated by economic changes, according to the provisions of Article (37) of the Stamp Duty Law No. (71) for the year 2012, "he said, adding that" We must increase does not exceed the cumulative rates of inflation. "


    And the media office that "has approved a draft law amending the Income Tax Act No. (113) for the year 1982 the auditor by the State Council and forwarded to the House of Representatives, according to the provisions of articles (61 / item I) and (80 / second item) of the Constitution with taking into consideration the opinion of the General Secretariat of the Council of Ministers. "

    The cabinet held on Tuesday of each week session where laws and developments projects on various political, economic and social levels discussed.

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3311823&usg=ALkJrhhtajg4vJ2GeXmQ5xS7rmXX81V7iQ

  8. #8

    Re: The Dinar Daily, Tuesday December 9, 2014

    Cabinet approves release of Basra remaining allocations of petrodollars



    Long-Presse / Baghdad The Cabinet approved on Tuesday the release of the remainder of the petro-dollar allocations to the province of Basra, money, and decided to authorize the Minister of Electricity authority to direct contracting, as approved a draft law amending the income tax, the face of the Ministry of Finance Btzlev Council of Nineveh province billion dinars.

    The council said in a statement received (range Press), a copy of "The Council decided during its regular 13-chaired by the Prime Minister Haider al-Abadi at the Ministry of Finance launched the remaining half of the petro-dollar allocations approved by the Cabinet in its former province of Basra."

    The statement added that "The Council agreed to authorize the Minister of Electricity power to direct contracting exception of the Implementing Regulations of government contracts (2) for the year 2014 referrals and limits of the powers of the cases in which the display it does not exceed 70% of the value of the import of the subject matching the specifications required to be a manufacturing rate actual national domestic at least 25%. "

    The statement stressed "the need to adopt another contract with the Ministry of Electricity to this article, in cases in which it offers to be more than the figure mentioned are the implementing instructions above them."

    The statement continued that "the Council approved a draft law amending the income tax number Law (113) for the year 1982, the auditor by the State Council, and forwarded to the House of Representatives, according to the provisions of articles (61 / item I) and (80 / second item) of Constitution, taking into consideration the opinion of the General Secretariat of the Council of Ministers. "

    The Council approved according to the statement of "the Ministry of Finance to secure the amount of one billion dinars to the Council of Nineveh province in the form of an advance, in order to repay the owed by the province earlier debts, while ensuring the continuity of the follow-up activities and duties required level," explaining that "the amount of the advance settlement will be duly After the issuance of the federal budget for the year / 2014 law. "

    The Council of Ministers approved (November 11, 2014), the inclusion of "martyrs" popular crowd forces with all the privileges and rights similar to the martyrs of the armed forces, as instructed the Ministry of Finance to launch 50% of the amount Alaptroodlar of the province of Basra and exchange-month salary for workers in the public companies, self-funded, confirmed approval to launch the central appointments in the Ministry of Health for the current year.

    http://www.almadapress.com/ar/news/40924/%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D9%88%D8%B2%D8%B1%D8%A7%D8%A1-%D9%8A%D9%88%D8%A7%D9%81%D9%82-%D8%B9%D9%84%D9%89-%D8%A5%D8%B7%D9%84%D8%A7%D9%82-%D8%AA%D8%AE%D8%B5%D9%8A%D8%B5%D8%A7

  9. #9

    Re: The Dinar Daily, Tuesday December 9, 2014

    Nineveh Council grant in the amount of one billion dinars to pay off debt



    BAGHDAD / JD / .. Council of Ministers to grant the province of Nineveh an advance of $ billion dinars to pay off the debt of the province, as approved an amendment Akiem stamp duty.

    A government statement received / JD / copy of the Council of Ministers approved during its regular thirteenth headed by the Prime Minister Haider al-Abadi, the Ministry of Finance to secure the amount of $ billion dinars to the Council of Nineveh province in the form of an advance, in order to repay the owed by the province earlier debts and ensure the continuity of the follow-up activities and duties required level, that is settled amount of the advance fundamentalist after issuing the federal budget for the year / 2014 law.

    He added: also approved the extension of the Council of Ministers Resolution No. (535) for the year 2013 to the end of 2015, and not later than the last extension of the (3 years), and the General Secretariat of the Council of Ministers audited Names and Numbers of employees covered by the decision.

    The statement noted that the council also approved an amendment Akiem stamp duty cut and relative contained in the table (a) facilities linking book and the Ministry of Finance / Budget Department with a number (7508), dated 10/07/2014 proposal of the Ministry of Finance whenever necessary and dictated economic changes that did not exceed the cumulative increase rates of inflation, based on the provisions of Article (37) of the Stamp Duty Law No. (71) for the year 2012. / end / 22 /

    http://www.dananernews.com/News_Details.php?ID=5380

  10. #10

    Re: The Dinar Daily, Tuesday December 9, 2014

    Kirkuk staff currency damaged complain in salaries

    Kirkuk / Baghdadi News / ... said officials in Kirkuk province, on Tuesday, that the currency distributed in monthly salaries damaged, and while crying out of mafias and gangs, corruption, currency, confirmed that Almassalv managers throwing the ball in the court of the Baghdad government.

    He said officials from the province of Kirkuk to the reporter / Baghdadi News / that "the currency in which they receive monthly salaries corrupt and attribute this to the mafias and gangs of corruption in the province."

    Acharo and that "the provincial council wondered banks and managers, in turn, threw the ball in the court of the Baghdad government of non-arrival of cash to Kirkuk since 2003."

    It is said that the Iraqi Central Bank revealed in 08/08/2014 in interviews that he was "for the purpose of the development of the current series of Iraqi banknotes and increase its efficiency, the central bank seeks to bring its currency local and in a new and using the finest paper and put the technical and advanced security properties" .

    He said the bank "as a first step will be put ten thousand category revamped the end of the month of August which carried some changes, including changing the image of the Arab world, al-Hasan Ibn al-Haytham to the Freedom Monument, has also been modified dates Hijri and Gregorian to 2014 --1 435 E, as well as the new paper will be charged signing of the Governor of the Central Bank of Iraq agency Abdul Basit Turki Saeed "0.12 / b

    http://www.kululiraq.com/?p=133578

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