The Dinar Daily, Saturday January 3, 2015
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  1. #1

    The Dinar Daily, Saturday January 3, 2015

    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


    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 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
    – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
    __________________________________________________ _____________


    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″..

    __________________________________________________ ______________


    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


    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.


    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.


  2. #2

    Re: The Dinar Daily, Saturday January 3, 2015

    Daash open the first banks

    Daash opens his first bank after issuing its own currency, which had not been popular among Iraqis or Syrians in areas under his control, a move that allows him to save stolen from Syria, Iraq and houses, institutions and shops that burgles in both countries money.

    Where the organization goes Daash his money? Billion Iraqi dinars and US dollars are in the possession of stolen Daash, his choice was to go towards economic integration to terrorize, and who began to control the oil, dams, banks and markets wells in Mosul.

    Huge amounts of money stolen puts Daash hand it after its gunmen stole the Rafidain Bank in Mosul, in addition to the funds looted from other banks and to achieve significant revenue from the sale of oil.
    In a move that seemed to regulate and exploit Sergath Daash first opened its own bank to replace the money and deposited in order to avoid the spread of paper currency damaged the largest possible amount of small coins and containment.

    Bank staff who are members of the organization were exploiting the Iraqi citizens and the replacement of their currencies to the dollar cheaply and informal, as they allow the currency to replace up to $ 25 thousand dinars a maximum of every citizen every day.
    In an effort to win over the Iraqi citizens Daash promised to provide housing loans without any interest but not more than two million Iraqi dinars.

    In practice this will allow the bank promotion currency Daash or the so-called Islamic dinar organization name by which it seeks to withdraw Iraqi and foreign coins and replaced, in preparation for the consecration of economic dominance.
    The establishment of the bank, according to bankers aims to regulate the money laundering operations with the fear of having planned to withdraw liquidity from the financial markets in conjunction with the Iraqi crisis, the collapse of oil revenues, which may represent a severe blow to the Iraqi economy, does Daash succeed?

    Economists believe that the ambitious Daash to create an independent economy was not random nor fluke, The city of Deir Syrian Zor was established Dewan Zakat where, and that mission is to collect Zakat who requires the collection of them as it is on the owners of the money to pay a rate of 2.5 percent for every 100 grams of gold, or its equivalent in money, organization and warned citizens to take them by force Zakat funds in case they did not pay.

    In summary, Daash seeks to develop an independent economic nucleus and imposed on others as it does in security and politics, and the imposition of Akhawat, based on capitalist ideas that suggest that possessed of money influences in politics, the Constitution and the law's economy, which has not been and will not Daash succeed it also succeeded in killing and slaughter.

  3. #3

    Re: The Dinar Daily, Saturday January 3, 2015

    Parliamentary Finance postpone its meeting on the budget discussion for tomorrow and confirm presented for the second reading session Wednesday

    Parliamentary Finance Committee postponed Saturday's meeting to discuss the draft financial budget law for 2015 to on Sunday.

    The committee member said Jabbar al-Abadi told all of Iraq [where] that "because of the holiday and the presence of Parliamentary commitments to the members of the Committee decides to hold a meeting tomorrow."

    He added, "We will discuss the provinces and ministries and expenses rations to be presented next Wednesday in the House of Representatives for the second reading."

    He was scheduled to meet the Finance Committee in the House of Representatives today to discuss the budget bill is the second postponement her after deferred Monday. "

    The House of Representatives resumes its sessions on Wednesday after the Parliamentary recess in which to start the second reading of the budget law is likely.

    The council had completed at its special session, which was held in 25 of the last month, the first reading of the draft budget law and forwarded to the Finance Committee before its lift to the seventh of this month.

    The total budget size of 125 trillion dinars and a deficit of 25 trillion Danar.anthy 2.

  4. #4

    Re: The Dinar Daily, Saturday January 3, 2015

    Sunday's official time and Tuesday next holiday

    BAGHDAD - Iraq Press - January 3: the Baghdad Provincial Council announced on Saturday, that day, Sunday, will be on official time in all departments and state institutions in the capital Baghdad.

    A member of the local government, Saad logistical, L / Iraq Press / The "Sunday will be a public holiday to mark the birthday of the Prophet, but a normal day will witness the capital, all government institutions and will open its doors to citizens," he said, adding that "the holiday-born al-Sharif has been adopted, today Saturday, officially by the federal government. "

    He added logistical that "the federal government in Baghdad decided to have, on Tuesday, the next official holiday on the occasion of the Iraqi army festival to celebrate the anniversary of Ninety-fourth and stop all Iraqi institutions with the exception of the Interior and Health Ministries and the Municipality of Baghdad," calling at the end of his speech the Iraqi government to "adoption of the Platform clear for the holidays Alsmah announce the start of each year to overcome the confusion stage in deciding occasions and prescribed the House of Representatives passage of public holidays in the law as soon as possible. "

  5. #5

    Re: The Dinar Daily, Saturday January 3, 2015

    Saudi Arabia: Commission to Iraq to arrange the opening of the embassy in Baghdad and the consulate in Erbil

    An official source at the Saudi Foreign Ministry said 'technical committee affiliated to the ministry will leave for Iraq next week, to arrange for the opening of the Saudi embassy in Baghdad and the consulate in Erbil.'

    The source explained in a statement seen by (news) that 'it was based on what was agreed upon between the leaders of Saudi Arabia and Iraq to reopen embassy in Baghdad and the establishment of a consulate general in Erbil'.

    He added that 'the Commission will develop for the selection and processing of appropriate buildings for two missions Mbacherthma arrangements in preparation for the work at the earliest opportunity.' 3CmV.dpuf

  6. #6

    Re: The Dinar Daily, Saturday January 3, 2015

    Muthanna management: our share of the budget has been halved, and we will have to rewrite the project plan

    Long-Presse / Muthanna Management announced Muthanna province, on Saturday, for the low share of the budget for the current financial year 2015 to half compared to previous years, while confirming that this decline will make the local government intends to reformulate its projects plan for 2014 to fill the large shortfall in the budget.

    The governor of Muthanna Ibrahim Mayali in an interview with the (long-Presse), said that "the province's share of the state budget for 2015 dropped to half compared with its share of the previous budgets, where its share of this year amounted to about 86 billion dinars, which will lead to the occurrence of serious problems affecting the projects, which it was hoped direct them in this year's budget, "proportions.

    He Mayali, that "Muthanna will fall grave problems of being in dire need of economic and urban effective projects," adding that "these amounts distributed by 79 billion share of the province of the development of the regions budget in addition to the amount of 7 billion share of the province of petro dollars allocations and private preservation."

    For his part, the Council of the province of Muthanna member Harith to inertness in an interview with the (long-Presse), said that "this decline will make the local government intends to reformulate its projects plan for 2014, which at a cost of 600 billion dinars to fill the large gap and winning in the budget of 2015".

    He explained to the inertness that "SOA projects will be divided into three categories based on the importance and applicability because of going through the province of large austerity prevents them from implementing the projects, which it was hoped to be implemented this year."

    It is noteworthy that the local government in the province of Muthanna, announced earlier, that the money allocated from the budget of the province are few and their impact needs to stimulate the private sector to run labor and the work of some of the projects of interest to the city.

    The Presidency of the Council of Representatives of Iraq, have been lifted on Thursday (25/12/2014), for a discussion of the financial budget law for the next 2015 special meeting, the seventh of January of next year, as the session saw the completion of the first reading of the budget and forwarded to the legal and financial committees .

    The Iraqi Council of Representatives held on Thursday (25/12/2014), held its own discussion of the financial budget of the special law for the next year in 2015, led by its President, Salim al, filed for half an hour to make way for the budget bill printed and distributed to members, to resume later.

    He announced the Iraqi Council of Representatives, on Thursday, (December 25, 2014), that the Prime Minister Haider al-Abadi signed a draft financial budget bill for the next 2015, and sent it to the House of Representatives, as he emphasized that al-Abadi told to vote on it.

    He called on Iraqi Parliament Speaker Salim al-Jubouri, Tuesday, (December 23, 2014), to hold a special session on Thursday (25 December 2014), to discuss the financial budget bill for the next year in 2015, after approval by the Cabinet.

    The Iraqi cabinet has approved, on Tuesday, (December 23, 2014), a project of public finance budget bill for next year 2015, while decided to allocate it to the House of Representatives for a vote.

    He announced the Information Office of the Prime Minister Haider al-Abadi, on Tuesday, (December 2014 23), the Council of Ministers approved the federal budget for 2015 B123 trillion dinars, and as pointed out that the price speculative oil was about $ 60 a barrel, most likely holding the House of Representatives its budget after about eight days.

    The Parliamentary Finance Committee has revealed, in (14 December 2014), about the government's efforts to address the budget deficit because of falling global oil prices through a series of austerity measures that would provide at least $ 13 billion, the Commission predicted that the government resorted to dispose of 50 percent of the Rafidain and Rasheed reserves, as well as borrowing from the balance of the commercial bank and fund minors, as the Commission suggested that includes austerity "luxury expenses sovereign" which said it accounts for 10 percent of the country's budget.

    It is noteworthy that the Prime Minister, Haider al-Abadi, revealed in (the twentieth of October 2014), during a press conference following a meeting with religious Shiite, Ali al-Sistani, in Najaf, and attended, (long-Presse), to discuss the Council of Ministers on the balance three times, and that the Council will prepare a budget in which a military spending as a fait accompli, noting that the budget in 2015, will be based on the 2014 current budget, due to the presence of the same problems, of oil from Kirkuk and stopped completely, as well as lower world prices, and expectations about to fall over, that's the Cabinet decided austerity.

  7. #7

    Re: The Dinar Daily, Saturday January 3, 2015

    Federation of Chambers of Commerce confirms that Iraq imports 65 billion dollars a year and prepared "drain on the domestic product."

    Long-Presse / Baghdad Detection of Chambers of Commerce Union, on Friday, for the annual value of Iraq's imports and $ 65 billion, it promised to "drain" of local products, while student support national products, pointed to the necessity of activating the quality control systems at border ports.

    He said Federation President Jaafar al-Hamdani, in an interview to the (long-Presse), "The government and private agencies statistics indicated that the importation of goods that enter the country each year the size of estimated 65 billion dollars," returned "the drain on the domestic product and foreign currency entering Iraq."

    He called al-Hamdani need to "find ways and fast to ensure to reduce import which competes domestic product through its support and strengthen especially in light of the decline in oil prices, as well as the activation of committees and systems of quality control at border crossing points to control the imported effectively."

    Hamdani and pointed out that "Iraq is still suffering consumption through imports entering the country and is a major burden on the state, especially in the private and public sectors, and make the unit to compete with the national and imported product is a vast difference in them and great."

    The Ministry of Planning announced earlier, a rise in the volume of imports of non-oil commodities for 2013 by as much amount (48.8%) for the year 2012, total imports amounted to 2013 for material non-oil merchandise (33.3) trillion Iraqi dinars, equivalent to (28.5) The billion dollars in the year 2012 amounted to (22.4) trillion Iraqi dinars, equivalent to 19.1 billion dollars.

  8. #8

    Re: The Dinar Daily, Saturday January 3, 2015

    Oil Minister: pumping oil from Kirkuk to Turkey within the agreement signed with the Kurdistan

    - The Iraqi Oil Minister Adel Abdul-Mahdi, that was the end of last week to begin pumping oil from the Kirkuk fields through Turkey, under the agreement signed between the central government in Baghdad and the Kurdistan Regional Government. , said Abdul-Mahdi in the remarks, "the new Arab" newspaper, The total primary energy for the operation of pumping up to 175 thousand barrels per day, after the completion of the technical and technical matters in the connecting pipes.

    He said Abdul-Mahdi, said Iraq will increase oil production rates of up to more than 4 million barrels per day, stressing that this increase will enhance the export site that expected to exceed 3 million barrels per day. In this context, a spokesman for the Oil Ministry, Assem Jihad, yesterday, that the average of the country's crude exports in December totaled 2.94 million barrels per day, the highest level since 1980 and was the country's exports from the southern ports registered a record level of 2.76 million barrels per day. Jihad said that the median sales price in December was $ 57 a barrel, while its revenue to 5.24 billion dollars, adding that full-year revenues of $ 84.21 billion.

  9. #9

    Re: The Dinar Daily, Saturday January 3, 2015

    Warning .. Iraq is heading toward borrowing from the International Monetary Fund

    BAGHDAD / JD / .. committee recommended economy and investment representative, among the proposals to bridge the fiscal deficit in the budget of 2015, borrowing from the International Monetary Fund, which will lead to a low government spending and raise the price support for public goods and services to the public sector, in addition to raising taxes and fees on public service institutions.

    Said committee member Rep. Najiba Najib told / BD /: "The 2015 budget is facing a lot of challenges, the most important of the fiscal deficit of $ 25 trillion dinars," noting that "this deficit is different from previous years as a real deficit of the fact that the price of oil is installed in the budget by 60 dollars and sold on world markets at less than this price. "

    She added: "The Commission on Economy and Investment parliamentary taken several steps to reduce the fiscal deficit, including borrowing money from local banks Kalravedan and Rasheed and (TPI), as well as borrowing from the International Monetary Fund."

    He said: "There are expectations of an increase in oil prices in global markets from $ 60 to $ 74 per barrel during the first quarter of 2015, in light of the efforts made by OPEC members to avoid the problem of falling oil prices."

    Knows: that borrowing from the International Monetary Fund will lead to interference in the internal policies under the pretext that the Fund ensures the ability of these countries to repay the loan by making the cost-cutting are the removal of subsidies gradually and be away through social justice and who bears the results of that is just a simple citizen.

    Among the most prominent demands to give the loan, from this fund, reduce government spending, reduce government intervention in the price mechanism and the movement of the markets, in addition to raising the price support for public goods and services to the public sector, and increase taxes and fees on public service institutions, as there would be a control on the market cash through credit identifying and raising interest rates and exchange rates and the settlement until the devaluation. / End / 8 /

  10. #10

    Re: The Dinar Daily, Saturday January 3, 2015

    General Provident staff includes only grades

    BAGHDAD / JD / .. The Commission on oil and energy parliamentary, that public savings, which the government intends to implement to reduce the budget deficit grades staff includes only, as pointed out that the main measures to be taken to reduce the deficit activation of tariffs and taxes on the mobile phone and Internet companies.

    A member of the committee MP Ali Fayad told / BD /: "The total 2015 budget of 125 trillion dinars, while the total fiscal revenue up to 99 billion dinars," The fiscal deficit of between 24 trillion to 25 trillion dinars. "

    He added: "The financial and legal committees Alniabaten had held some amendments to the budget to reduce the unnecessary expenditure of the ministries and take some action to cover the deficit, including activation of the tariff and the imposition of a financial tax on mobile phone and Internet companies, as well as national savings."

    He pointed out: that special grades staff as general manager and above will be subject to a savings compulsory and will then have the money end of this year, indicating that the Parliament working on the lack of prejudice to the citizens with limited income to reduce the fiscal deficit measures except for the imposition of taxes on the mobile phone and the Internet because these things are normal and taken in All countries of the world. / end / 8 /

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