The Dinar Daily, Sunday December 21, 2014
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  1. #1

    The Dinar Daily, Sunday December 21, 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 21, 2014

    MARKET RATE 1217...... sczin11- do we really put credence in the information being put out on the CBI web site? Look at the size of the auctions for Saturday and today! How about the small number of banks that participated? Something just doesnt look right!

    Currency Auctions Announcement No. (2847)

    The latest daily currency auction was held in the Central Bank of Iraq on the 20-12-2014 results were as follows:


    DETAILS NOTES
    Number of banks 5
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 51,146,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 51,146,000
    Total offers for selling (US$) -----
    Market Rate 1217

    Currency Auctions Announcement No. (2848)

    The latest daily currency auction was held in the Central Bank of Iraq on the 21-12-2014 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$) 82,639,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 82,639,000
    Total offers for selling (US$) -----
    Market Rate 1217
    Last edited by sczin11; 12-21-2014 at 10:35 AM.

  3. #3

    Re: The Dinar Daily, Sunday December 21, 2014

    sczin11- A very strong statement regarding the need to bring investors into Iraq, with positive incentives for a good return!

    Council Baghdad: 2015 budget includes allocations and ongoing mission projects only



    {Baghdad: Euphrates News} a member of the Baghdad Provincial Council Fatima al-Hassani on Sunday stressed the need for the establishment of investment projects by pointing out that "Ma_khass of Baghdad province only of the budget in 2015 and continuing task of the projects."

    According to al-Hassani told {Euphrates News} that "the drop in oil prices and the budget deficit cast Bdilalh on the implementation of projects and reduce Ma_khass the province of Baghdad from 2015 budget."

    She stressed that "the money allocated to the province in 2015 will be spent continuing and very important projects, noting that for alternative solutions could be opening the doors of investment", stressing "the need to remove all Almarqlat in front of investors."

    She explained that "there is a simple countries and a modest budget implemented large projects by investing in Iraq, while huge amounts of money without the implementation of similar projects in those countries exchange."

    It noted that the laws and regulations to facilitate the work of the investor but there are executive departments hinder the application of those laws as well as the spread of financial and administrative corruption, leading to knockdown profit for the investor to make it away from investing in Iraq. "

    The deputy governor of Baghdad Jassem Mohan Alboukhata, had announced earlier stopped more than {400} project because of the fiscal deficit in the budget and lower oil prices.

    He Alboukhata told {Euphrates News} "The fiscal deficit in the budget and the drop in oil prices gave Bdilalh to delay projects and today we are going to more than {400} project was stopped because of a lack of financial liquidity."

    He pointed out that "we have in the province in the feminine side cleaners as was access to a quarter of the planned number, has been deleted three-quarters of the number due to the cleaners."

    He Alboukhata "was also shut down fuel support mechanisms in six districts in addition to other incentives were stopped and incidentals."
    It is noteworthy that many of the projects in the provinces were disrupted as a result of lack of adoption of the budget of the year 2014, while the projected shortfall in next year's budget in 2015 led the drop in oil prices to the adoption of the policy of limbering .anthy 1

    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%3D3348972&usg=ALkJrhgblBkWKBhTXrIZDBbYk_16nDsphg

  4. #4

    Re: The Dinar Daily, Sunday December 21, 2014

    Economic Commission of the Sadrist movement recommends reducing the support of oil products to 50%



    Alsumaria News / Baghdad - Economic Commission recommended the Sadrist movement, Sunday, reducing the support of oil products to 50%, and the imposition of sales tax on products such as cars and mobile card and the Internet, in addition to forcing companies to pay the accumulated debt.

    Said committee member Majda al-Tamimi during a press conference held today, attended by "Alsumaria News", "The final recommendations of the Conference of the economic reform of the Sadrist movement include the reduction of subsidies on petroleum products by 50 percent in the first phase to 2015 and the allocation of the amount of the fund to support the poor or displaced."

    She said "the Commission also recommended to deduct 30 percent of the allowances and incentives of special grades of director general and above, in addition to the legalization of expenditures on services in general, and the imposition of an upward pricing for electricity, water and sanitation."

    She Tamimi that "the Commission has called for the postponement of payment of sums of petrodollars in the current budget and calculated on the basis of current oil in the market, in addition to activating the taxes and fight tax evasion, particularly classes traders and businessmen, as well as the imposition of sales tax on products such as cars and Carte mobile and the Internet and forcing companies to pay the accumulated debt. "

    Tamimi confirmed that "the Commission also recommended the financial restructuring of the border and set the input products and the imposition of customs duties, and the abolition of intermediaries in the ration card and contracting directly with the product."
    The Economic Committee of the Sadrist movement had on Saturday held several workshops in economic Rasheed Hotel in Baghdad to develop recommendations on the reform of the economic situation in light of the general budget for next year and other years, in light of the low oil prices to $ 60 per barrel.

    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%3D3348728&usg=ALkJrhi4vDd1BH5opvIL1JoE3MVAow4umg
    Last edited by sczin11; 12-21-2014 at 10:28 AM.

  5. #5

    Re: The Dinar Daily, Sunday December 21, 2014

    Foreign Relations: Iraq has a new vision in promoting regional cooperation with neighboring countries



    [Baghdad - where] Chairman of the Parliamentary Committee on Foreign Relations Chuird Hassan said that "Iraq has a new vision is to promote regional cooperation with neighboring countries, through the fight Daash the one hand, and on the other hand, the need to install Daash gangs fight terror on a regional and global scale."

    He said Chuird told all of Iraq [where] that "Iraq is moving towards opening new horizons with neighboring and regional countries, and that his vision is to collaborate on the level of the terrorist gangs Pluteaceae Daash the one hand, and on the other hand, install your attitude and approach to fighting Aldoaash."

    He pointed out the necessity of Kuwait thanked the position supporter and backer of the Iraqi government.

    On the other hand Chored that "communication between the countries, is very important and necessary to be said that there is a common economic interests and investment between the two countries, to work on other nations to protect its interests in those countries .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%3D3349099&usg=ALkJrhhMxwxhx4ovJgZMYV3aG3Mdsn4WCQ

  6. #6

    Re: The Dinar Daily, Sunday December 21, 2014

    Sczin11- This is what the Economic and Monetary reform is all about! We see the contracts with International companies in play! We see the number of Jobs that will be created from just one project! We see how the citizens of this country can and will benefit from these reforms! And most important, we see the continued BUILDING OF THE NEW IRAQ!!! Not with a DINAR VALUED AT 1166 to 1 USD!

    Baghdad Municipality invites investors to complete their projects and avoid exposure to fines and legal action



    {Baghdad: Euphrates News} called the Municipality of Baghdad on Sunday all investors to speed up the completion of investment projects to avoid being held legally accountable.

    According to a statement of the Secretariat of the agency {Euphrates News} received a copy of it today that "the secretary of Baghdad agency Naim Abaub toured the Mall palm investment accompanied by Chairman of the Committee of Construction and services in Parliament {Nazim Kata Saadi} and MP Ahmad Kanani and general manager of relations and media {Hakeem Abdul-Zahra} and a number of businessmen to see the stages of completion of the project and the percentage of completion achieved.

    "The secretariat of Baghdad supportive and dramatically investors being the main pillar for the development of the capital as the Municipality of Baghdad in turn to create investment opportunities that will activate trade and economic movement and the reality of urban and urban city of Baghdad."

    "The mall will provide some {7} thousands of jobs besides being will create business opportunities and economic task of serving the nearby areas especially is located in Palestine Street in the center of the metropolitan area."

    He called on Secretary of Baghdad agency according to the statement all investors to the fastest in the completion of investment projects and avoid being held accountable legal and withdraw the investment license or impose heavy fines while expressing willingness Baghdad Municipality full support of investors and provide all necessary for them facilities which in turn will be reflected on accelerating the commercial traffic and economic activity .

    "The project is expected to attract more than {45} global trademark and is composed of several layers containing commercial and non-resident shows, restaurants, entertainment centers and parking and other activities included within this project."

    He noted that "this mall is part of a series of projects Baghdad Municipality has succeeded in signing contracts with a large number of companies through the activation of the Investment Law and the support of investors and create a genuine partnership with the private sector, especially as it corresponds to the direction the government."

    It is noteworthy that the Municipality of Baghdad has been awarded many investment licenses in the capital include the establishment of residential complexes and commercial malls and places of entertainment and five-star hotels and condominium parking and other projects that need capital Baghdad .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%3D3349134&usg=ALkJrhghEIaztXjBCAe2wJaNe7ZuCzfE0g
    Last edited by sczin11; 12-21-2014 at 11:51 AM.

  7. #7

    Re: The Dinar Daily, Sunday December 21, 2014

    sczin11- Remember what Governor Turki stated on May 2, 2014- The CBI can maintain and support the Dinar Value, "TO THE ROOF"! Now look at the last line in this article! Who says the price of oil in the world market is haulting the activation of MONETARY REFORM?


    JSC: declining level of investment in the banking sector



    BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - Chairman of the Securities Commission said Abdul-Razzaq al-Saadi, on Sunday, a decline in the level of investment banking for the Iraqi market for securities sector, as well as undermining confidence in the sector itself.

    He said al-Saadi's (IMN), that "the decline in shares traded on the Iraq Stock Exchange for the price of three banks, the Bank of Basra and Warka, economic, shook investor confidence in the banks sector, especially after the lack of profit in it."

    She informed the Securities Commission, earlier, that the delay in financial Agheraralmoisnp, hurt investment in the Iraq Stock Exchange process, indirectly.

    Saadi added that "the Securities Commission had approached the central bank" Committee Commandments "for those banks, to take a role in promoting trust between the citizens and the banks." Noting that "the Commission is not responsible for monetary credit for the banks."
    And confirmed a member of the parliamentary finance committee Najiba Najib, earlier, that the

    Iraqi Central Bank maintained the rate of the dinar against the dollar, despite the fall in world oil prices.

    http://translate.googleusercontent.c...zS_cP3L5loLS-w
    Last edited by sczin11; 12-21-2014 at 11:13 AM.

  8. #8

    Re: The Dinar Daily, Sunday December 21, 2014

    Consultant Abadi: postpone the budget discussion of the Cabinet because of rising oil prices



    BAGHDAD / Source News / Economic Advisor to the Government said the appearance of Mohammed Saleh, said that there has been a slight rise in the oil price (Brent), push the government to take the time to discuss the budget and adjusted on the basis of the new price
    He pointed to the Agency / Source News / day to the existence of a hidden struggle within the international oil companies and international compressor, stressing raise the budget to the House of Representatives before the end of this month, adding that the Cabinet seeks to balance free of controversy and convinced by the House of Representatives.

    However, a member of the Committee on Economy and Investment MP Najiba Najib explained that the delay was for busy Prime Minister visited the Jordanian prime minister and held several meetings and consultations with the government, asserting that the 2015 budget will not see a controversy as some believe, after the agreement, which was held between the governments of Baghdad and the region on the export oil.

    For his part, the economic expert on behalf of Jamil Antoine said several variables obtained led to the postponement of the budget discussion by the government, and most recently Kuwait approval to postpone the final installment of Kuwaiti reparations, as these things require a review of the proposed budget.

    Antoine said that the budget must be approved before the end of this year, pointing out that the price of oil will stabilize at $ 50 per barrel. And that if the government has been subject to changes in the price of oil will not endorse the budget, approving the budget proposal quickly and prepare a supplemental budget, similar to previous years.

    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%3D3349212&usg=ALkJrhh9QmQGlYQSMnT-0sSdPT68AGNyPw
    Last edited by sczin11; 12-21-2014 at 11:31 AM.

  9. #9

    Re: The Dinar Daily, Sunday December 21, 2014

    Urgent .. House of Representatives held its seventh of next month, rather than third of it



    [Baghdad - where] The Presidency of the Council of Representatives has decided to hold its first meeting on the second legislative term in the seventh of next month, instead of the third of the same month as planne

    According to a parliamentary source told all of Iraq [where] that "the Iraqi Council of Representatives has decided to start the second legislative dismiss him on the seventh of next month in the event of non-arrival of the budget law ahead of schedule."

    It is said that the Iraqi Council of Representatives has appeared in the legislative recess earlier this month .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%3D3349283&usg=ALkJrhg6-fe6CtfHt5xrltJejexIQCMY0Q

  10. #10

    Re: The Dinar Daily, Sunday December 21, 2014

    sczin11- Hmmm... Very curious translation...

    The Central Bank continue to cover all the requirements of the conversion and sale of cash in auction

    Alsumaria News / Baghdad - The Central Bank of Iraq, Sunday, continue to cover all the cash conversion and sales requirements in the auction, as pointed out that he believes in the importance of the private sector and its role in building Iraq .

    The bank said in a statement received "Alsumaria News", a copy of it, he was "continuously covered all conversion requirements for the purposes of import and various legitimate transactions," stressing "the development of new facilities for foreign remittances in addition to cash sales."

    The bank said that "there is no intent to put restrictions on the conversion activity despite the circumstances in the country," he said, adding that he "believes in the importance of the private sector and its role in the reconstruction of Iraq."

    And increased dollar prices in the local markets to 1250 dinars to the dollar because of what I talked with some of the financial institutions of the central bank to impose other conditions for the dollar.

    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%3D3349344&usg=ALkJrhivcQ8nk2jnbawul-yWReid4qamZA

    OOTW - HERE'S THE BING TRANSLATION:

    The Central Bank continue to cover all the requirements of the conversion and sale of cash in auction

    Alsumaria news/Baghdad - The Central Bank of Iraq, said Sunday, continuing to cover all requirements for conversion and sale in the auction, as he believes in the importance of the private sector and its role in building Iraq.

    The Bank said in a statement received "alsumaria news", a copy of it, it "continues to cover all requirements for importation and conversion of various legitimate transactions," he said, adding "a new facility for foreign remittances add to cash sales".

    The Bank said that "there is no intention to place restrictions on the conversion activity, despite the country's circumstances," adding that he "believes in the importance of the private sector and its role in building Iraq."
    Last edited by OOTW; 12-21-2014 at 08:31 PM.

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