The Dinar Daily, Tuesday December 16, 2014
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  1. #1

    The Dinar Daily, Tuesday December 16, 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, Tuesday December 16, 2014

    Currency Auctions

    Announcement No. (2844)

    The latest daily currency auction was held in the Central Bank of Iraq on the 16-12-2014 results were as follows:


    DETAILS NOTES
    Number of banks 20
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 169,809,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 169,809,000
    Total offers for selling (US$) -----
    Market Rate 1197

  3. #3

    Re: The Dinar Daily, Tuesday December 16, 2014

    sczin11- Huge News

    Kuwait agree to Iraq's request to postpone the final installment of compensation



    Kuwait has confirmed its commitment to the security and stability of Iraq, which is facing serious challenges, one of the counter-terrorism.

    It quoted press sources Kuwaiti first Deputy Prime Minister and Foreign Minister Sabah Al-Khalid emphasis on his country's keenness on the stability and security of Iraq confronted serious challenges represented by terrorism, noting that his government responds with Iraq regarding the postponement of the last installment of compensation without prejudice to the UN Security Council resolutions.

    http://translate.googleusercontent.c...-V2dMho3L1y9pA

  4. #4

    Re: The Dinar Daily, Tuesday December 16, 2014

    Baghdad Municipality is seeking to activate the municipal law of imports



    Baghdad / m. The Secretary of Baghdad Engineer Naim al-Kaabi Abaub Baghdad Municipality departments to pursue all of its real estate to meet the rents of them and reconsider the collection amounts to maximize the Baghdad Municipality resources and support for the state budget.

    This came during chairing a meeting of the people of the real estate officials in the municipal districts and was attended by Director General of the real estate department has been able to discuss the preparation of new mechanisms to meet the wages of rental properties and increase the amount of collection and conduct a field survey and collect sufficient information to all of the Municipality of Baghdad real estate for reclassification and be fully utilized to increase the Baghdad Municipality resources Finance and investment that money to implement a number of services, recreational and construction projects in the capital. "

    It quoted the Directorate of Relations and Media in a statement received (news agency, media / INA)today announced Kaabi as saying that "the Municipality of Baghdad will go in the next stage towards increasing financial and imports for the implementation of projects and supplement the state budget and invest that money in the implementation of a large number of important projects in the capital."

    "The Municipality of Baghdad approached the higher authorities in order to obtain approvals for activating municipal imports Act and modernize the law to ensure that the Municipality of Baghdad increased imports as well as working to change the uses of the number of properties with important sites to be fully utilized to ensure more money collection.

    "The orientation of the new Baghdad Municipality will include the re-pricing of the collection of fees the water pure and vacations, licenses and prepare a study to collect wages hygiene and sanitation services to turn Baghdad Municipality of consumer Foundation to productive enterprise and join the global-up similar to what the case in the municipalities of Tehran and Istanbul and other capitals Ajawarma countries taking into account the effect of non-cash income tax collection in the standard of living of the citizen. "

    The meeting also discussed the legal methods and penalties that can be imposed on offenders and evaders to pay what discharged from the collection fees and Aejaramlak Municipality of Baghdad as well as a discussion of all the problems faced by the officials the people of real estate in the collection of the accumulated debt owed ​​by the owners of shops and commercial complexes and property of the Municipality of Baghdad and find appropriate solutions her.

    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%3D3332920&usg=ALkJrhhgPI4BFiH7dqyZ3FnLrPDCodY66A

  5. #5

    Re: The Dinar Daily, Tuesday December 16, 2014

    The Ministry of Science and Technology is celebrating the release of the first e-government applications

    The Ministry of Science and Technology celebrated the launch of the first application of e-government in regard to the management of the Ministry of Human Resources for cadres in order to provide an electronic source of official information and the consolidation of interactive relations between the ministry and the staff and save time. -

    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%3D3332860&usg=ALkJrhgevNXPySp2vS7smnUWgyF3P2lpQQ

  6. #6

    Re: The Dinar Daily, Tuesday December 16, 2014

    Zubaidi: Cabinet session will see the final report of the 2015 budget today


    {Baghdad: Euphrates News} Transport Minister Bayan Jabr announced that the final report of the 2015 budget will be presented at a cabinet meeting on Tuesday.

    A statement by the Office of Media Zubaidi agency {Euphrates News} received a copy of it today that "the Commission reconsider the budget in 2015 met on Monday to prepare its final report, which will be presented at the Cabinet meeting scheduled for today."

    The head of the Supreme Islamic Iraqi Council Ammar al-Hakim, has expressed support for the meeting, which was between the Commission and the government to discuss the 2015 budget, stressing the rationalization of the doors of a private luxury budget Mnha.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%3D3332866&usg=ALkJrhguDBDU0Pz_UAH9iCXqqv1_eiMgjA

  7. #7

    Re: The Dinar Daily, Tuesday December 16, 2014

    Abadi, the Iraqi businessmen in UAE: the government is serious with the support and participation of the private sector construction



    Alsumaria News / Baghdad - The prime minister Haider al-Abadi , on Tuesday, that the government is bound to support the private sector as a "genuine and serious", indicating that the government is working to provide the appropriate climate for private sector participation in the construction of Iraq .

    He said the Cabinet Office said in a statement issued on the sidelines of a meeting Abadi, at his residence in Abu Dhabi, United Arab Emirates, a large number of Iraqi businessmen residing in the UAE, "and received" Alsumaria News ", a copy of it, he" reviewed the investment opportunities available to the private sector and businessmen Iraqis and the obstacles that stand in their way. "

    The office added that "al-Abadi listened to the opinions and observations of business investors and proposals relating to the laws and procedures of travel, and the need to facilitate the importance of providing the right environment for this vital sector, and to take advantage of the Iraqi competencies in the fields of construction and reconstruction needs of Iraq."

    The office said that "the prime minister answered questions and observations of the audience directly," pointing out that "he stressed that the government go to support genuine and serious private sector, and the government is working hard to provide the appropriate climate for private sector participation in the reconstruction of Iraq."

    Arrived Prime Minister Haider al-Abadi, on Monday (15 December 2014), to the United Arab Emirates on an official visit at the invitation by UAE Foreign Minister Abdullah bin Zayed Al Nahyan, last month, where he met with officials there and discussed with them the development of bilateral relations between the two countries.

    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%3D3332351&usg=ALkJrhjV5Koo1QdtW9r3vZAzSwx5LpAPbw

  8. #8

    Re: The Dinar Daily, Tuesday December 16, 2014

    Emirates encourage the new Iraqi leadership to proceed with the opening of the Arabian Ocean Policy



    Emirates encourage the new Iraqi leadership to proceed with the opening of the Arabian Ocean Policy


    Reception Iraqi Prime Minister yesterday in the UAE beyond immediate physical goals of helping Iraq to overcome the effects of Daash aggression on its territory to implement a realistic vision of the UAE to help the country to re-Tamoqah in the regional environment in a more balanced.
    Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Iraqi Prime Minister Haider al-Abadi, who led yesterday's visit to the United Arab Emirates received said Iraqi media that the underlying theme of «Search support the UAE to fund the reconstruction of the affected areas of the organization Daash addition to the needs of the displaced », while well-informed sources said that the visit has political implications deeper relevant approach Emirati broad issues of the region include urged Baghdad to establish balanced relations with Iran and the rest of the Arab countries of the surroundings.

    Ebadi said after arriving in Abu Dhabi that his visit to the UAE aims to promote common interests, security and stability in the region.

    As stated in the statement of the prime minister's office that the latter held a meeting with Sheikh Mohammed bin Zayed, pointing to his pride in the development of relations between the two countries, and expressed his «Thanked Emirates supporting the positions of Iraq and its people in the face of Daash terrorist gangs and their contribution to the construction and reconstruction».

    Emirates has shown in various difficult Almnarjat experienced by Iraq to have political ends there
    Taking frequent reference to the issue of reconstruction, but the sources, who spoke to the Arabs quoted Iraqi officials as saying that the results hoped accessible from Abadi visit to the Gulf country with the most comprehensive regional dimension. She stressed that the UAE began some time ago to work on maturing comprehensive approach to the issues of the region are realistic and take into account what is facing the region the risk of requiring overcome the differences between the various countries and the search for common ground for convergence, taking into account existing balances, and without thinking changed once but adjusted gradually in direction to ensure the interests of the various parties.

    And apply it in practice on the Iraqi file, explained the sources, the UAE's approach includes urged Iraq to balanced relations between Iran and the region, and so out of the realization Emirati that talk about the whole move away to the Iraqi government about Iran today talk is unrealistic and does not take into account the situation on the ground.

    The sources told the newspaper «Arabs» The UAE established perspective this on the basis of in-depth knowledge of the political, social and religious intricacies, and even the military between Iran and Iraq, and the consequent all away Iraq for the Arab ranks, especially during periods of rule by former Prime Minister Nuri al-Maliki.

    According to the same sources, the UAE is trying its reception Iraqi Prime Minister invest signs of change encouraging in Iraqi politics compared to his predecessor, which touches at least in the political discourse directed by the government to the states in the region and expressed a desire to communicate and collaborate, which reflects the conviction among Abadi that policies domestic and regional hostility what led Iraq but for the worse.

    The sources confirmed the presence of willingness on the part of senior officials in the UAE state for political efforts in order to help Abadi to translate this conviction to regional policies re-positioning of Iraq in a more balanced within the regional surroundings. And passes to the implementation of the UAE's vision issues in the region, including Iraq, by seeking to alleviate the sectarian tension that squeezed states in the region.

    According to observers, the UAE derive confidence alone in the ability to eject Iraq and the region of the eddy current based on its history in dealing with the Iraqi issue, since the previous balance in dealing with this issue calmly and moderating them in a position to reach out to Iraqis site of all sects and ethnic backgrounds, and dealing with the various components of Iraqi society on an equal footing and without sectarian backgrounds.

    According to observers, the which qualifies the UAE to achieve a breakthrough in the Iraqi file thorny, that the Gulf state has shown in various difficult Almnarjat experienced by Iraq to have political ends there, and in contrast to the neighboring countries of other nearby seemed much interference in Iraqi affairs is not balanced which Iraq has increased departure from the incubator and the Arab rush toward Iran.

    Previously, the UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan, to express his country's approach to the Iraqi affair, saying during a visit to Baghdad in late November that: «the UAE will continue to support the political process that achieve security, justice, equality and political participation of all the Iraqi people, as the Iraq's security and stability pillar of regional security and stability », adding that« we are with brotherly Iraq in its efforts to rebuild and to achieve security and safety in the face of the forces of terrorism, which poses a threat to all countries in the region and distorts the values ​​of our Islamic religion ».

    And translated Emirates this perspective in practice during the crisis, which still exist in Iraq since been a large part of its territory to the invasion by the organization Daash, expressing positive dealings with the situation there through engaging in war the international effort on the militant group, and accelerate the allocation of financial aid to thousands of displaced people flooded areas, especially on the north of the country to escape the war.
    Emirates as they seem today ready to help Iraq financially to the reconstruction and overcome remnants of war against Daash and the resulting losses and destruction.

    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%3D3332489&usg=ALkJrhg_NS2J-lS-uvEcCap6ZKyOVNmnyg

  9. #9

    Re: The Dinar Daily, Tuesday December 16, 2014

    ​sczin11- we like brotherly love

    The Government of Kuwait are keen on the stability of Iraq and Sntgob with a request to postpone compensation


    Independent / follow-up / - said First Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khalid, on Tuesday, said that Kuwait is keen on the stability and security of Iraq, stressing that his government responds with Iraq, which is facing serious challenges regarding the request to postpone the last payment of compensation, without prejudice to the decisions Security Council.

    He immortal in remarks published by the newspaper "Al-Qabas" Kuwaiti and seen by the (independent), "respond with Iraq about the last installment of compensation to postpone without prejudice to the Security Council resolutions," adding that "Iraq is facing serious challenges, one of the counter-terrorism, and Kuwait is keen on security and stability. "

    He immortal, that "the international community has formed an alliance of sixty countries to help restore security, the international community is also responsible for the difficult economic situation in Iraq," explaining that "the International Committee of compensation arising from the Security Council resolutions will be considered in this Iraqi demand."

    He continued, that "Kuwait has responded and will respond in whatever alleviates the difficulties faced by our brothers in Iraq, without prejudice to the Security Council resolutions."

    The Finance Minister Hoshyar Zebari announced on Friday (12 December 2014), Iraq sought to postpone the final payment of compensation Kuwait, amounting to $ 4.6 billion, on the back of liquidity crisis faced due to lower oil prices and the war with "Daash," while a senior official in the stressed Compensation Commission that any change in the date of the compensation requires the approval of the Compensation Committee of the UN Security Council.

    http://translate.googleusercontent.c...MdFqimcgAt1w9g

  10. #10

    Re: The Dinar Daily, Tuesday December 16, 2014

    Erbil hosts a seminar for the development of the banking sector and its contribution to economic development


    Erbil -
    Examined the Association of private banks in Iraq and a number of specialists the honored banking possibility of developing the banking sector and its contribution to economic development came during a seminar organized by the Association in Arbil.

    He Wadih Handal Chairman Association of private banks in Iraq in his speech that "the importance of a true partnership between the private and public sectors, bankers and achieving goals properly and support the national economy through treatment of private banks, the same criteria used to dealing with government banks."

    And between bitter melon that "private banks since its inception suffered many challenges, most recently what was exposed in the hot spots and suffered heavy losses, calling for the study of the mechanism and how they trace to compensate, focusing on the need to follow suit and take advantage of global expertise to take advantage of the legal reserve and increase the liquidity of the banks to participate in various development projects. "

    The executive director of the Association of Tariq Ali said the seminar discussed the recommendations of the banking conference held in Baghdad at the end of November of this year, which came out with (11) recommendation.

    He noted that the participants indicated the importance of the recommendations are being applied and it will benefit the national economy and Alsdam the private sector, especially that Iraq is going through an economic and financial crisis and the need for cooperation and solidarity between the private and public sectors in a genuine partnership to participate in the solution to the current crisis.

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