The Dinar Daily, Sunday december 14, 2014
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  1. #1

    The Dinar Daily, Sunday december 14, 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, Sunday december 14, 2014

    Currency Auctions Announcement No. (2841)

    The latest daily currency auction was held in the Central Bank of Iraq on the 13-12-2014 results were as follows:

    DETAILS NOTES
    Number of banks 9
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 111,545,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 111,545,000
    Total offers for selling (US$) -----

    Currency Auctions Announcement No. (2842)

    The latest daily currency auction was held in the Central Bank of Iraq on the 14-12-2014 results were as follows:

    DETAILS NOTES
    Number of banks 12
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 136,624,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 136,624,000
    Total offers for selling (US$) -----

    Market Rate 1197 !!

  3. #3

    Re: The Dinar Daily, Sunday december 14, 2014

    Science and Technology E-governance opens tomorrow



    [Baghdad-where] The Ministry of Science and Technology announced the opening of e-governance on Monday.

    Minister Fares Jajo told all of Iraq [where], "it was the completion of e-governance, and we were able to train cadres them and we'll move from paper to electronic.

    He pointed out that the older Jajo agent in the ministry, Samir al-Attar will be opened by this project on my behalf as a result of a traffic special circumstance. "

    It is said that some Iraqi ministries began to seek to apply the e-government to speed up the completion of the transaction as well as the reduction of administrative corruption .anthy 2

    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%3D3325796&usg=ALkJrhgBpH3sezZTqh3HiGx6gkuXaVERAA

  4. #4

    Re: The Dinar Daily, Sunday december 14, 2014

    Sabri: The Cabinet is committed to send the budget to the parliament before the start of the second legislative term



    BAGHDAD - ((eighth day)) Saad al-Hadithi, the official spokesman for the prime minister said that "the Quartet committee in charge of the process of retrenchment in the ministries will submit its report to the Council of Ministers before its next meeting, and certainly will be one of the main budget file files that will be discussed at the meeting."

    He said in a statement reportedly made for ((eighth day)) that "it is difficult to say that the budget is resolved in one session they need to further consultations and some amendments and proposals to be presented to ministers."

    He stressed that "The Council is committed to send the draft budget to the House of Representatives before the start of the new legislative term of the parliament at the beginning of next year until the budget be present in front of him to take complete discussion and approval as soon as.."

    He is scheduled to hold its cabinet next Tuesday. (AA)

    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%3D3325756&usg=ALkJrhjIq5qjpOhxpI-mZhIJP3x7-7NhFg

    sczin11- Sounds like they are expecting changes be made, but still want it done fast!

  5. #5

    Re: The Dinar Daily, Sunday december 14, 2014

    Baghdad Investment downplays delay budget for investment projects



    BAGHDAD / Source News / .. shorted Chairman of the Investment Commission of Baghdad, Shaker Zamili, Sunday, the vulnerability of investment projects due to delays in the general budget of the country.

    He Zamili in a press statement that "there are many projects in the province, particularly those referred to the implementation by the local government of the capital implementation was delayed for reasons not to approve the state budget for 2014, among other reasons, the most important of the deteriorating security situation since June last 2014".

    He stressed, "not to stop a good number of projects completed or achieved advanced proportions of achievement, particularly those owned by local and foreign private investment sector, particularly in the industrial and tourism sectors, and is not affected by these general budget of the country because it is done outside the framework of the budget."

    And witnessed the 2014 budget of the country after an unprecedented delay exceeded the ceiling of 12 months a year without any approval, which legal experts consider it illegal and an encroachment on the Aldstor.anthy / 19 p

    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%3D3325845&usg=ALkJrhg6RTCEe76YL5FnxLofIiJzfkWrRQ
    Last edited by sczin11; 12-14-2014 at 10:52 AM.

  6. #6

    Re: The Dinar Daily, Sunday december 14, 2014

    Maliki: Government Abadi future changes "extensive" investment law



    Announced member of a coalition of state law, the Attorney Rubaie, the determination of the current Iraqi government headed by Haider al-Abadi conduct large-scale changes in investment and structuring investment Institutions Act, to encourage foreign investors to invest in the country.

    He said al-Rubaie said in a statement, reportedly for "Twilight News", and he made after the end of the meeting, "foreign investors in Iraq, which was held in the Emirate of Dubai, on Wednesday, that" Iraq is a fertile ground for investment, foreign investors can grow their investments for the privileged. "

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

    He called at the same time investors, to "not to believe some foreign media and Arabic, which is trying to undermine Iraq through the distortion of the image transparent," adding that he "submitted 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 ".

    For their part, according to the statement "Investors are promised to consider this request seriously."

    The General Secretariat of the Council of Ministers has urged the middle of last month, the Iraqi parliament on legislation, a number of laws, including the exemption of Iraqi and foreign companies implementing investment projects from taxes and fees, and embedding.

    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%3D3326080&usg=ALkJrhhoYh78DZdPJftErSajQNSCWLMduQ

  7. #7

    Re: The Dinar Daily, Sunday december 14, 2014

    The government will hold a conference of finance and economy experts to address the budget deficit



    Tomorrow Press / Baghdad: the Finance Committee in the House of Representatives revealed, Sunday, that the federal government will hold an expanded conference next week to discuss the general budget for the year 2015 deficit includes financial experts and Iraqi economies in the capital Baghdad, unexpected arrival of the budget to the parliament after the conference directly.

    The committee member said Abdul Qader Mohammed Omar for "tomorrow Press", "The Ministry of Finance, in cooperation with the ministries concerned and other arrangements for holding this conference on 21 of this month and for two consecutive days in the presence of Prime Minister Haider al-Abadi to put an immediate and possible disability suffered by the next year's budget solutions." .

    He stressed that "the government has not yet determined the oil prices, which will depend on the budget," adding that "there is a great Ankhvaz in oil prices following the last budget legislation, but the government is serious to develop the necessary solutions that will accelerate the approval in parliament in the next few days and to address all the mistakes that got and you get. "

    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.

    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%3D3326096&usg=ALkJrhhxYkEQrq_bbE1UVqqo9mmmYBmcHQ

    sczin11- This is VERY telling, if they hold to it! They want it completed, the 2015 Budget NOW!

  8. #8

    Re: The Dinar Daily, Sunday december 14, 2014

    Abadi: interested in increasing production of oil and gas investment



    The head of the Council of Ministers Haider al-Abadi, on Sunday, his interest in increasing oil production rates and solving the problems facing the work of companies in Iraq, and among the Iraqi government's keenness to expand gas investment and stop wasting it, he stressed that Iraq is committed to all its commitments with the oil companies operating in the country.

    He said the Office of the Prime Minister Haider al-Abadi in a statement received (range Press), a copy of it, that "Abadi CEO received (BP British), Bob Dudley, on Sunday at his office in Baghdad, where he addressed the meeting, they discussed the production and development of oil fields projects contributed by the company in Iraq, especially in the Rumaila and Kirkuk. "

    The Prime Minister's Office, said, "Abadi said during the meeting, his interest in increasing oil production rates and solving the problems faced by companies work in Iraq," noting that "the work of investment companies in the oil fields and the direction of its work to overcome the obstacles."

    The Office of the Prime Minister, that "Abadi between the Iraqi government's keenness to expand gas investment and stop wasting it," stressing that "Iraq's commitment to all its commitments with oil companies operating in the country." Analysts and experts enemy, the (December 4, 2014), that an increase in Iraqi oil production, and rejected the rest of the countries in OPEC and outside, to reduce their production, Cioagafan global demand growth over the next year in 2015, especially the vernacular markets experiencing a surplus in it now, stressing that oil will serve as a strategic change for the local market for Middle East crude factor.

    The oil minister, Adel Abdul-Mahdi said, in (November 27, 2014), Iraq's intention to increase its production next year in 2015, and when he called to bind the Petroleum Exporting Countries to withhold excess supplies on the global market for control of the conflict prices, urged international companies to invest in Iraq.

    The Iraq which has exported crude oil towards 2.0009 million bpd has been affected, from lower prices, which amounted to about $ 73.70 per barrel, according to the organization up to prices, (the 26th of November 2014 present).

    Fell twelve profits ten member states of OPEC, which is Iraq, Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Iran, Nigeria, Libya, Angola, Algeria, Ecuador, and Venezuela, which together produce more than a third of the world's crude, is also available on the large proportions of oil reserves.

    The Iraqi oil minister, Adel Abdul-Mahdi, predicted in a press statement, the (November 26, 2014), height of Iraq's oil production to three million and 800 thousand barrels per day next year in 2015, including the production of the Kurdistan region, noting that the country's exports will reach to an average of three million and 200 thousand barrels per day.

    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%3D3326174&usg=ALkJrhhRVDnXFqn3I9g0I_qg8UtlOuXUSA
    Last edited by sczin11; 12-14-2014 at 11:04 AM.

  9. #9

    Re: The Dinar Daily, Sunday december 14, 2014

    Parliamentary Energy: Iraqi oil exports will rise to 3 million barrels per day



    Commission on oil and energy parliamentary announced near the height of Iraq's crude oil exports to 3 million barrels per day, with the exception of the production of the Kurdistan region and the province of Kirkuk.

    The Vice-Chairman of the Committee on the Qubool told all of Iraq [where] that "The oil ministry has taken it upon themselves to develop a program three years ago to increase exports, and there is gradual directly proportional to the capacity to arrive soon to 3 million barrels spread over fields of the South, mainly the Basra, Maysan and Dhi Qar and Wasit. "

    He added that "these exports added to the agreed amount of oil in the northern region include the Kurdistan region of 300 000 barrels and 250 000 barrels of Kirkuk province and this total, will Brphi financial budget and that it was something as simple as our ambition was to increase the production capacity to four million barrels per day in 2015 from the oil fields in the north and the south produce. "

    He Qubool "optimism to produce 250 000 barrels of the region and the addition of imports at the expense of the national oil company Sumo."

    The Oil Ministry announced on the first of the month that the statistical initial oil exports for the month of November last achieved a rise in the average daily quantities of exported crude oil compared to previous months, reaching 2.51 million barrels.

    The spokesman said the ministry, Assem Jihad said in a statement received [where] a copy of "the amount of total exports amounted to 75 million and 310 000 barrels revenues amounted to five billion and $ 250 million based on the price of $ 70 and 4 cents per barrel."

    The federal government and the Kurdistan Regional Government has announced in two of this month to reach an agreement in relation to oil exports and the region's share of the budget.

    Under the agreement, the export of the Kurdistan region 250 000 barrels per day through Turkey's Ceyhan line with the export of 300 000 barrels of the province of Kirkuk fields through the same line, and delivery of their revenues to the federal government, which agreed to turn the Kurdish Peshmerga forces paying salaries as part of the Iraqi security system.

    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%3D3326188&usg=ALkJrhjEjmsIVY8uDV8lamme48c5Aiuzww

  10. #10

    Re: The Dinar Daily, Sunday december 14, 2014

    sczin11- More dates to look forward to...

    Deputy: Parliament's budget in 2015 will reach the end of this month

    Said Finance Committee member Abdul Qader Mohammed said the government sent the general budget for the year 2015 after the 22 of this month to the House of Representatives.

    He said Mohammed told PUKmedia, said on Sunday that "on 21 of this month will see the convening of a conference in Baghdad attended by senior advisers and financial experts to hold discussions on the budget and financial and economic situation in Iraq."

    He said Mohammed, "The conference will also discuss finding simple solutions that can be implemented at this time until the control of large budget deficits."

    A member of the Finance Committee for the Patriotic Union of Kurdistan bloc that "the 2015 budget need to be a lot of discussions and studies due to the fluctuation of oil prices, but the requirements will force the government to approve the budget and transferred to the House of Representatives."

    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%3D3326199&usg=ALkJrhiujVXgFZK_4JfuHlQ3g8qObVQxDw

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