The Dinar Daily, Wednesday December 10, 2014
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  1. #1

    The Dinar Daily, Wednesday December 10, 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 84 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, Wednesday December 10, 2014

    Currency Auctions
    Announcement No. (2833)
    The latest daily currency auction was held in the Central Bank of Iraq on the 03-12-2014 results were as follows:
    DETAILS NOTES
    Number of banks 15
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 170,771,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 170,771,000
    Total offers for selling (US$) -----

    Market Rate 1197 !!

  3. #3

    Re: The Dinar Daily, Wednesday December 10, 2014

    IMF: Iraq's economy will grow at a rate of {2}% during 2015 with the increase in oil exports as a result of an agreement center and the region



    {Baghdad} Euphrates News International Monetary Fund forecast growth of the Iraqi economy over the next year in 2015 at a rate of 2% {} with the increase in oil production and increase its exports supported the agreement, which was recently between the governments of the center and the Kurdistan region of Iraq.
    According to a report seen by the Fund and the Euphrates News Agency {}, "Iraq's economy will shrink this year by 0.5% {} because of the resulting war against gangs Daash economic impacts."

    The report is likely deterioration of the growth in non-oil sector in Iraq since the conflict began with Daash, because of the destruction of infrastructure, and the obstacles to obtaining fuel and electric power in the country, as well as the decline in the confidence of the business community, and the disruption of trade.

    He pointed out that "the arrival of Iraq's oil production in 2014 is expected to {3.3} million barrels per day, and that of {3.1} million barrels per day in 2013 due to the oil infrastructure survival lies in the south of the country away from the control Daash, as well as with the situation in account of the production of the oil region of Kurdistan, "pointing out that" Iraq's oil exports will remain at the same level in 2013 of $ {2.5} million barrels a day. "

    He noted that he "is expected to reach the growth rate of the economy next year {2%} with the increase in oil production, thus increasing oil exports, backed the agreement, which the federal government reached with the Kurdistan Regional Government, which will ensure its access to oil revenues, the source of the north, as well as facilitate the export Oil extracted from the Kirkuk oilfields, through the oil pipeline stretching in Kurdistan to the Turkish port of Ceyhan. "


    He explained that "the rate of inflation by the end of October in the Iraqi provinces, which are located outside areas of conflict reached on an annual {0.9% basis}," noting that "the Central Bank of Iraq has maintained linking the Iraqi dinar US dollar, with the difference between the US dollar in the market price dropped official and parallel to up to {2.6%} in September, thanks to the steps taken by the central bank towards the liberalization of the foreign exchange market. "

    He said the "high volume of Iraqi imports, accompanied by lower oil revenues, and the lack of converter foreign exchange from the Iraqi government and the Central Bank in order to finance government spending contributed to the decline of Iraq's foreign exchange reserves of the {77} billion dollars by the end of 2013 to about {67} billion dollars by the end of November last. "

    The report continued that "the exploitation of the Iraqi government to the Development Fund for Iraq {DFI} and balances that have been converted from the fund to the central bank contributed to the decline in the fund balance of {6.5} billion dollars at the end of 2013 to {4} billion dollars last November."

    However, that "extra-budgetary spending and private security in Iraq, led to an increase in the budget deficit, which will reach more likely to {5%} of GDP," noting that "the Fund's staff team discussed with the Iraqi Ministry of Finance and the challenges associated with the formulation 2015 budget, which aims to address the ongoing extraordinary spending pressures, as well as a significant drop in oil prices. "

    The report went on, "as the supposed spending in the draft budget for 2015 is limited, we expect the decline in the budget deficit to 2 {%} only of GDP" .anthy

    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%3D3314223&usg=ALkJrhiY-H3BxAgJ-xNAt4OwfqGkFQlGpQ

  4. #4

    Re: The Dinar Daily, Wednesday December 10, 2014

    Prime Minister's Office said Haider al-Abadi said the cabinet would discuss the draft federal budget for the year 2015 Act through its next meeting after completion in the coming days.


    Saad al-Hadithi, official spokesman for the prime minister's office said in a press statement that the problem of the Ministerial Committee on the state budget will end its work in accordance with the time limit of schedule and will complete its report on the draft general budget bill during the three or four coming days, adding that the report will be presented for discussion after accomplished by Committee during the next Cabinet meeting.

    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%3D3314313&usg=ALkJrhgMI2lItsiJGFjTXMEx3zSv0vBbXA

  5. #5

    Re: The Dinar Daily, Wednesday December 10, 2014

    Kurds and Turkmen were two other demands they put in front of House Speaker Salim al-Jubouri, where members emphasized the Kurdish Fraternal List of Kirkuk on the priority of the application of Article 140 of the Constitution and rely on building elements and infrastructure to maintain the airport in the forefront.

    As Turkmen student arming and be Kirkuk province has privacy during a transition period, either Salim al sought to radically undermine this dispute, stressing the importance of arming Turkmen and Arabs, and the people of the areas to Agerhm charge of protecting and maintaining soil.

    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%3D3314419&usg=ALkJrhibHHAPr8bphe5ObGPRvQZQ9bqKeA

  6. #6

    Re: The Dinar Daily, Wednesday December 10, 2014

    Parliamentary Economy: State Administration of investment mentality of socialism will exacerbate the financial crisis



    Committee on Economy and Investment parliamentary warned, exacerbated by the current financial crisis, the State Administration of the investment process, "the mentality of socialism."

    Said committee member Mohammed al-Darraji told all of Iraq [where] that "the country is run today with the mentality of socialism and the state wants to inventory everything inher hand and this is not true and exacerbate the financial crisis."

    "We must diversify the investment, but not the current classic way through attracting investors and reduce the risk to them and this is important and it's another to diversify sources of income to impose customs tariffs and tax increases and rationalize spending and give its own sphere of action of the sector in the country."

    It is said that Iraq suffers from a difficult economic situation because of the shortfall in the budget year 2015, which is estimated according to Finance Minister Hoshyar Zebari at about $ 40 billion, to coincide with the fall in world oil prices, which make up 90 percent of Iraq's imports by reaching to around $ 62.

    The Council of Ministers is working on the preparation of the budget and revised to reduce the ceiling price of oil from $ 70 to $ 64 or less to meet the deficit.

    Zebari also revealed, for the intention of reducing his ministry's budget in 2015 to 120 trillion dinars, after it was 155 trillion dinars to reduce the deficit through a review of its provisions with the Ministries of State, and the search for domestic sources to reduce the deficit rather than foreign borrowing.

    The Prime Minister Haidar Alabaa revealed in 29 of the last month, "the Council of Ministers to prepare a draft bank guarantee law and the establishment of an investment bank backed by the state and supported and provide him with the advancement of economic reality" .anthy 2.

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  7. #7

    Re: The Dinar Daily, Wednesday December 10, 2014

    Hashemi reveals: The son of Nuri al-Maliki arrest

    Former Vice President of the Republic
    is required judicially revealed on terrorism charges, currently resident in Turkey that the son of Vice President Nuri al-Maliki is being held in Lebanon on charges of smuggling $ 1.5 billion of the people's money.

    Tareq al-Hashemi said former Vice President of the Republic through his page on "Facebook," said Ahmed Nouri al-Maliki is being held in Lebanon for smuggling $ 1.5 billion of the poor and disadvantaged Iraqi funds to the banks of Lebanon. "

    He also added: "This money is the sum of 300 000 salary space was acquired on monthly salaries," and wondered "why the Iraqi government did not send a team so far to Beirut to take back the money?".

    On the other hand, raising the 67 employees were transferred from the Council of Ministers and the ministries of service to other sporadic cases against al-Maliki's son guilty punished unjustly.

    Said Alaa Fadel employee in the Ministry of Health said in a statement, said he raised the separate lawsuits against Ahmed Nouri al-Maliki, who has served as Associate Director of the Office of the Prime Minister and the track has been conveyed all without knowing the reasons. "

    He added, "We raised claims to the prime minister Haider al-Abadi take us to reconsider the decisions."

    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%3D3314709&usg=ALkJrhjSeIAWhL80CBABpK43LWB06DnO0A

  8. #8

    Re: The Dinar Daily, Wednesday December 10, 2014

    Rubaie: Iraq muck and encouraging foreign investors



    MP for the coalition of state law Rubaie, Wednesday, for large-scale changes in investment and structuring investment institutions in Iraq Act, to encourage foreign investors to invest in Iraq, calling on investors to visit Iraq and see the security, political and economic reality, and not rely on some of the media, to know the internal situation in Iraq.

    Rubaie said after the meeting, which was held in Dubai that "Iraq is a fertile ground for investment,

    a
    nd can foreign investors to grow their investments for the privileged", adding that

    "the new government, which recently formed, trying to find a political, security and economic reforms, as well as the fight against corruption through mechanisms process, including subsidized could be adopted in the amendment of the Investment Act and encourage investors. "

    He called al-Rubaie investors, to "not to believe some foreign media and Arabic, which is trying to undermine Iraq through the distortion of the image transparent."

    He pointed out that he "made a request to the investors, inviting them to visit Iraq, and see the

    true reality of the size of the possibility of investing in Iraq and that investors and promised to study this request seriously."


    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%3D3315042&usg=ALkJrhhO3JEH4RLc5HbF3Tts5UCH6geSBA
    Last edited by sczin11; 12-10-2014 at 01:46 PM.

  9. #9

    Re: The Dinar Daily, Wednesday December 10, 2014

    The formation of a new committee for the application of Article 140 of the Constitution By Zubair is Hearing 16 minutes ago


    Article ad Iraqi constitution


    Announced the Kurdistan Alliance MP Adel Beeston, on Wednesday, the House of Representatives in connection with the formation of a temporary committee to resolve the problems encountered in the implementation of constitutional article 140.

    Adel said the network Roudao media "when Iraqi parliament speaker Salim al visited the city of Kirkuk this week; we asked activating all constitutional articles relating to Article 140 of the Constitution and its application."

    Adel added that "the President of the Parliament proposed to form a committee to resolve all the problems encountered in the implementation of article, and follow-up work of the previous committee at the point where I stopped, and follow the money allocated to them."

    Kurdish MP stressed that "after the end of the recess will be formed an ad hoc committee of members of the areas that fall within Article 140."

    The head of the Iraqi Council of Representatives Saleem al-Jubouri, stressed at the outset of his visit to the city of Kirkuk on Tuesday, that the constitutionality of Article 140, but you need to form a committee to follow its provisions effective resolution of problems encountered in its implementation.

    For its part, the MP for the coalition of state law high Nassif, "she said, if we go back to the Federal Court to see that this article is dedicated timed and over, and today Kirkuk has become, however, the Kurds, and there are a lot of demographic change in the region, and therefore we have to go back to either the 1957 census or count 1977 or to any census can be agreed upon, and that does not go back to the statistics of the former regime change demographic. "

    However, she said that "the current statistics also obtained demographic change, so we must take the average of the things that can solve the problem, so I think that the formation of this committee must start from scratch, and that does not depend on what built by the former Commission," asserting that " Kurdistan Region is the coexistence region of each Iraqi people. "

    And on the work of the previous committee, Nassif said she "did not solve the problem radically, and the failure to reach radical solutions leads to maximize the problem again, do not forget that today Kirkuk became part of the interventions regional in the region, and can not be resolved without the decisive final content with it All Iraqi parties. "

    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%3D3315157&usg=ALkJrhgKg9oLExtLGXrLh-hoDRsQLs_zqg

  10. #10

    Re: The Dinar Daily, Wednesday December 10, 2014

    Vice Kurdistan suggest the arrival of the budget to the parliament during the next two days



    {Baghdad: Euphrates News} tipped the MP for the Kurdistan Alliance Shirin satisfaction the arrival of the general budget for next year to parliament during the next two days.
    According to Reza told Euphrates News} {today that "the prime minister Haider al-Abadi promised to send the General Budget Law for 2015 to parliament within ten days, indicating that the parliament will go a legislative recess and hold a special session if the arrival of the budget to him."

    They expected to reach 2015 budget to the House of Representatives during the next two days.

    It is said that Prime Minister Haider al-Abadi pledged to complete the general budget of the country for 2015, within ten days, and the reason for the delay attributed to lower oil prices, lower domestic export rates.
    He Abadi, in a speech during the hosting of the Iraqi Council of Representatives to him earlier, that Iraq is now bankrupt, but it suffers from the problem of monetary require reconsideration of the economic strategy, stressing the importance of exploiting the current economic situation for the development of the private sector and encourage investment.

    The head of the House of Representatives Saleem al-Jubouri announced that the Council will hold a special meeting to discuss and approve the general budget of the country, during the first legislative term holiday. Ended tc

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