The Dinar Daily, Sunday January 4, 2014
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  1. #1

    The Dinar Daily, Sunday January 4, 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 January 4, 2014


    CBI UPDATE.... NO AUCTIONS...NO NEWS....

    BUT PAIRING RATES HAS BEEN UPDATED... STRANGE TO ME.. THIS IS WHAT IT SHOWS ON TOP RIGHT CORNER UNDER BOX OF RATES...

    Indicative rates - 04.01.2015

    sczin11- I AM ASSUMING THE CBI ELECTRONIC TECHNOLOGY CONTINUES TO WORK, WHEN THE BANK SEEMINGLY IS CLOSED..SO WE WATCH THE UPDATES, AND HOPE TO SEE THE CHANGES WE ARE ALL EXPECTING...EVEN WHILE THE CBI IS CLOSED...ACCORDING TO WHAT TMAN BROUGHT IN A FEW DAYS AGO, THERE WAS A REPORT, ALTHOUGH SEEMS TO HAVE BEEN DELETED FROM THE SOURCE, THAT STATED CBI WOULD BE CLOSED FOR EXTENDED PERIOD OF TIME.. VERY SIMILAR TO AFTER HOURS TRADING HERE ON THE STOCK EXCHANGES... THE BANK CURRENCY PAIRINGS, UPDATES 24/7...SO IT APPEARS


    http://cbi.iq/?pid=Home&lang=en
    Last edited by sczin11; 01-05-2015 at 03:14 AM.

  3. #3

    Re: The Dinar Daily, Sunday January 4, 2014

    Parliamentary Economy: The government 1/12 exchange of middle of the month budget



    The Deputy of the Committee on the economy and investment representative, said the approval of the budget of the federal government Leger exchange all customizations to government departments, noting that in the absence of ratification, the government exchange 1/12 proportion of the budget.

    The MP Najiba Najib in an interview for PUKmedia, today Sunday, 01/04/2015, that the probe of Representatives ended the first reading of the draft budget law, and in accordance with the provisions of the Rules of Procedure of the Council, there will be a second reading after the relevant committees submit their reports to the Council, noting that it was assigned to the Finance Committee, the Committee on Economy and Investment, Legal Committee, to submit detailed reports on the budget bill, to enable the Board to speed up the ratification.

    She MP Najib, if the reports ready before the date of the next hearing in 01/07/2015, the budget will display on the agenda of the meeting to read the second reading during the meeting, and will work to put the finishing touches to pass the bill.

    In response to a question in the absence of readiness reports or delayed approving the budget, said Rep. Najiba Najib, he

    In the event of failure to approve the budget before the end of the month, then in accordance with the provisions of the law of financial management, the government have to pay 1/12 of the budget until the ratification, because the approval of the budget authorizes the government and Ministry of Finance exchange all customizations to government departments, and in the absence of ratification Baali government exchange representing 1/12 of the budget.

    She drew MP Najib to that by the middle of this month on the state to start regardless of salaries and compensation of employees, and in accordance with the provisions of the law of financial management is obliged then regardless representing 1/12, noting that the government has not yet taken a formal decision regardless ratio after 1/12.

    This is due to the House of Representatives will reconvene on Wednesday, 01/07/2015, after raising its session on 25.12.2014, in which the impact of the completion of the first reading of the draft budget law, and to raise its seventh month of January.

    And approved by the Federal Cabinet approved on Tuesday, 23/12/2014, on the draft federal budget for 2015 Act, and referred to the House of Representatives.

    According to a statement of the Information Office of the Prime Minister, the cabinet during its meeting on Tuesday, approved the draft federal budget law for 2015 and forwarded to the House of Representatives, after the formation of a committee headed by the Prime Minister Haider al-Abadi and membership Deputy Prime Minister Bahaa al-Araji and finance ministers, planning and Higher Education and scientific research and transportation, to review and re-formulations of some of the material legally.

    The head of the House of Representatives Saleem al-Jubouri on Tuesday, 23.12.2014, Council members to attend a meeting to discuss the draft budget law after government approval, noting that this call comes in accordance with Article 58 of the Constitution first.

    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%3D3387907&usg=ALkJrhgOKckzXTfWOyb3m0J_z3o50XffjA

  4. #4

    Re: The Dinar Daily, Sunday January 4, 2014

    Babylon management calling on the government not to reduce the budget and making calls to maintain the historic capital of Iraq



    Long-Presse / Babylon - Called Babylon management, on Sunday, the government not to reduce the budget to maintain because they are in dire need of service projects and strategy, and confirmed that the province was very impressed because of the reduction amounts budget projects and military operations development plan north of the province, as demanded by making the province the historical capital of Iraq, deputies from the province indicated The proposals and recommendations will be submitted to the House of Representatives and the government.

    The governor of Babylon honest meaning Royal said in an interview to the (long-Presse), on the sidelines of conservative management meeting with members of the House of Representatives for the conservative scholar Ahmad Sousse Hall resort of Babylon, that "the local government of Babylon, called on all deputy governors to discuss the economic situation and reduce the province's budget and its impact on preservation projects, as well as the lack of ministries and projects demanding the central government to make the historic capital of Babil Iraq. "

    And the Royal, said: "This is the first time that an expanded meeting between the deputies of Babylon, local government executive in both the legislative," noting that "the province was very impressed by reducing the amounts budget development projects of 405 billion plan to 190 billion dinars, which is a very small amount compared Bmazlomah the province. "

    The Royal, that "Babylon is not covered by the draft petrodollars does not have a border ports or religious tourism," and urged "the central government not to cut its budget because it is an urgent need for projects and service strategy, especially in the north of Babylon that we have to re-qualify and re-serviced."

    He pointed Royal, that "terrorist gangs detonated and destroyed the majority of government where the facilities and these need a lot of money to qualify, in addition to the ten thousand displaced families in Babylon need large sums of money to help them and provide services to them," pointing out that "make Babylon the capital of the historic Iraq and investment will achieve economic returns great for the province. "

    For his part, head of the provincial council, Raad al-Jubouri said in an interview with the (long-Presse), "Babylon have been affected during the last period of the terrorist attacks in the cliff victory and the local government in Babil has allocated the majority of the technical capabilities and mechanisms for the war effort, in addition to reducing private enterprise development budget to maintain as well as Mazlomatha allocated to the provinces and ministries projects according to population density during the past years, which is estimated at more than six trillion dinars, but the ministries have been allocated to projects Babylon is worth a trillion and a half trillion dinars and many of which are lagging behind. "

    He Jubouri, we "demanded the central government not to cut the budget to maintain, but there is no positive feedbacks them yet," noting that "near Babylon, the capital of the historic Iraq file is complete and near sub-files that deal with cultural, historical and informational aspects that are related to this file is complete, before submitting it to the prime minister, and thus to the House of Representatives passed into law to coincide with the adoption of the budget. "

    He said al-Jubouri, that "the choice of Babylon, capital of the historic Iraq will open a number of economic and tourist be would revive economic reality and provide job opportunities for the youth areas, and thus have access to financial resources sufficient to meet the needs of the province and in particular it is the province of non-oil," noting that "We the local as a government, we want members of the Council Representatives from Babylon to convey the suffering of the people of the province to reduce its budget even though the actual need for service projects and strategy. "

    For her part, MP Manal Wahab Amuslimawi in an interview confirmed to the (long-Presse), "a joint meeting between the members of the House of Representatives from Babylon executive and legislative in the province and the government to study the economic reality in the light of the budget in 2015 and claim to make Babylon the capital of Iraq's historic day."

    Showed Amuslimawi, that "proposals and recommendations which will raise from Babylon after the conclusion of the conference will be presented in the form of communications of paper signed by the deputy governors to the House of Representatives, as well as we'll procuring signatures of members of the House of Representatives to exclude the province of cuts, and the pressure on the prime minister to allocate a special budget to hand cliff victory for the reconstruction of a new, as well as we will demand to allocate funds for the displaced from the hot spots, which forcibly displaced because of Aldaasha terrorism. "

    She Amuslimawi, "we will address and visit the relevant ministries to draft the historic capital city of Babylon, Iraq, especially the Ministry of Tourism and Antiquities and the Council of Ministers for adoption fact that Babylon has a large archaeological sites."

    For his part, MP Ali Alak said in an interview to the (long-Presse), "We as members of the House of Representatives will convey to the members of the Council and the central government's proposals and the suffering of the large province and especially that of Babylon suffered a lot from terrorism in the north", pointing to the need to "be there regular meetings between us and local government to listen to them and convey their opinions and demands to the central government. "

    The government officials and activists civilians Babylon demanded, in (December 26, 2014), the Federal Government to increase the financial allocations for the province for relief to the displaced, and called for the legislation of a special law of emergency and crisis situations, and while accusing the government of Babylon not to acquire them, "the real face of crises" plan, demanded investment expertise of specialists in order to avoid the "errors" in the future.

    And retracts the hopes of local government in Babylon, which began to reduce the number of workers daily wage cleaners and reduce their salaries to a hundred thousand dinars per month as a measure of austerity, that it would be good if it was able to go out next year to complete only one project is a great project for the streams, while local official says, if need to maintain 500 schools, and three thousand beds in the area of ​​health, and has projects in the areas of environment and hygiene, and the development of system of surveillance cameras in the area of ​​security, and the need to complete the Cree Hilla River, which passes the downtown project.

    The House of the province of Babylon, announced in (12 December 2014), reducing the Ministry of Planning and Budget conservative than 405 billion dinars to 368 billion dinars, as shown it has allocated most of the budget funds to ongoing projects in the province is the most important streams of Hilla Project, Baghdad demanded more conscious and considered have another lens because they got burned by "fire of terrorism."

    It is noteworthy that the province of Babylon strapped evident in projects for various sectors due to lack allocated to the province of central government funds.

    http://www.almadapress.com/ar/news/42043/%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%A8%D8%A7%D8%A8%D9%84-%D8%AA%D8%AF%D8%B9%D9%88-%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D8%A9-%D9%84%D8%B9%D8%AF%D9%85-%D8%AA%D8%AE%D9%81%D9%8A%D8%B6-

  5. #5

    Re: The Dinar Daily, Sunday January 4, 2014

    Iraq to count its cost of war

    Iraq's war with ISIS militants has taken a huge toll on the country’s economy, disrupting trade ties and huge losses of economic output for a number of sectors, according to a new report.

    A World Bank study notes that Iraq's average per capita income could have been nearly a third larger had the country managed to avoid conflict and liberalize its economy. Instead the conflict has dragged its per capita welfare down by 16%.

    The conflict has also hurt manufacturers' economic output (down 20%), chemicals and metallurgy (down 13%), and transport (-9%), according to World Bank financial modeling. The finance, insurance, and real estate sector also fell 6%.

    "In this assessment, we assume that ISIS has not captured the main oil extractive facilities in Southern Iraq. If this were to happen, Iraq's welfare, output, and export losses would be much larger in magnitude than those portrayed here," the World Bank said in a report measuring the impact of the war on Iraq and other Levant countries.

    The International Monetary Fund expects Iraq's GDP to contract 0.5% this year primarily due to the economic effects of the ISIS insurgency.

    In a statement, IMF said, earlier the month of December, "We estimate non-oil growth to have deteriorated since the start of the conflict due to the destruction of infrastructure, impeded access to fuel and electricity, low business confidence, and disruption in trade."

    Success in Recent Times

    After being taken completely by surprise by ISIS's success in the first half of the year, the Iraqi government has made a spirited comeback under new Prime Minister Haidar Al Abadi.

    "Iraqis have put their hope in the country's newly elected prime minister, Haider al-Abadi”, says Renad Mansour, analyst at Carnegie Endowment for International Peace. He added, “Having come to power as a result of Iraq's current crisis, Abadi's job is now to lead his country in the struggle against the so-called Islamic State, a Sunni extremist organization that now controls large swaths of the country."

    Recent successes by the Iraqi army against ISIS militants suggest that there is strong will by Baghdad to fight the menace. Strong co-ordination with Shia groups, along with Kurdish peshmerga forces and Sunni tribes also highlight that the federal government still has the influence to bring together the country in the face of a common threat.

    The Iraqi army's recent successes in Jurf Al Sakhr, Beiji, Jalawla and Kurdish forces victories near Mosul should help stabilize the political situation. Of course, ISIS is hardly a spent force and it is unclear whether the allied forces, with the help of regional and western powers, can hold on to their gains against the militant group.

    While the military strategy will be foremost on the mind of the prime minister, he also needs to move quickly on structural reforms. In November, the prime minister introduced plans to reform security sector, and reportedly fired 26 unnamed military commanders.

    "To rule Iraq effectively, Abadi must not only take on the Islamic State's leader, Abu Bakr al-Baghdadi," Carnegie's Mr. Mansour said. "He must also move out of the shadow of his own predecessor. It will be a difficult task, but there's a historical precedent: Abadi may have been elected as a weak leader, but so was Maliki back in 2006."

    In a sign of progress, the federal government has been able to secure an interim oil revenue sharing deal with the Kurdish Regional Government that should bode well for a longer term deal with the autonomous region. Baghdad and Erbil are reportedly in talks to secure a final deal within weeks. The pact calls for the KRG to provide 250,000 bpd of crude to Baghdad to sell and allows for another 300,000 bpd from Kirkuk to flow through the KRG's own pipeline system. In return, the central government would release the KRG's 17% share of national revenue.

    Baghdad had been shipping nearly 300,000 bpd from its northern fields until the federally‐controlled pipeline to Turkey was shut in early March due to repeated attacks by Islamist combatants.

    The December deal also provides for a separate USD1 billion payment to Kurdish Peshmerga forces, who are fighting alongside Iraqi forces - supported by an international coalition - to battle the militants. KRG pipeline exports now average 250,000 barrels per day this year, rising to 300,000 bpd in November.

    "New production is due on stream next year. Taq Taq should expand from 110,000 b/d to 170,000 b/d in the first quarter, and Tawke will almost double to 200,000 b/d. A new cenČtral processing facility at Khurmala Dome will boost capacity to over 240,000 b/d. All this new production will be available for export," according to a Petroleum Economist report.

    Iraq's own production remains stable at 3.4 million barrels per day, although refinery sector has been hit as the 320,000-bpd Baiji plant -- the country's largest refinery -- stays offline.

    Upcoming 2015 Budget

    Amid the turmoil, the Iraq government has proposed a budget of USD130-billion for 2015 which forecasts a USD41-billion deficit, as the war with ISIS divert much-needed funds for infrastructure, housing and construction for the war-ravaged country.

    "The government expressed its commitment to present a draft 2015 budget to parliament soon," the IMF said. "Lack of parliamentary approval of the draft 2014 budget has triggered a fiscal rule that has partly limited spending this year. However, off-budget spending, particularly on security, has boosted the deficit, which will likely reach about 5% of GDP."

    Mr. Abadi will need to move on multiple economic and political fronts to bring some semblance of order in Iraq. And while Baghdad has notched up a series of small victories, it remains a long way away from winning the war on the political and economic fronts.

    http://iraqdailyjournal.com/story-z10136845

  6. #6

    Re: The Dinar Daily, Sunday January 4, 2014

    Central Bank challenged the patent Shabibi .. and independence of the judiciary blown political interference



    BAGHDAD / Obelisk: A judicial source in the resumption of the Rusafa court, the central bank, made a formal appeal, Sunday, the decision of the patent for Governor of the Central Bank of Iraq the previous Shabibi and demanded the cancellation of this decision to the lack of legal grounds, including the introduction of the testimony of witnesses, which confirmed "Mqsria" Shabibi In issuing special instructions about banking policy has caused a big waste of public money.

    The patent Shabibi decision a setback in the process of eliminating corruption, according to followers of the Iraqi affair, in their statements, "obelisk" at a time when Iraqis hope of the Iraqi judiciary to be independent, and away from political or government intervention. "

    A judicial expert for "obelisk" declined to be named, said: "There is a matter of concern of the possibility of infiltration of rampant corruption in many of the state institutions to judicial work."

    What raises concerns, the announcement of the judiciary in Iraq, Monday, that the Rusafa Criminal Court decided to acquit former central bank governor Sinan al-Shabibi of corruption charges related to the central bank, while the main reason for the "lack of evidence".

    Meanwhile, a economist for "obelisk" the source, who followed his "obelisk" that "there are more than a senior official at the bank have been sentenced to prison because of the implementation of the orders issued by Shabibi with respect to the auction instructions of the coin, and multiplicity for a short period, causing a waste of public money, Also, more than twenty case for money laundering related to private banks, and that the acquittal Shabibi means exonerate the perpetrators of these crimes as well. "

    Interestingly, in the case of Al-Shabibi, Judge Gomaa Abdel-David, who handed down the sentence to seven years in prison Shabibi dated 09/03/2014 is the same as that issued his innocence of the charges against him, putting questions about the impact of political conditions and interventions leaders of blocs and their leaders in the Iraqi judiciary.

    Quoted among judicial and political for "obelisk" fear of vigorous attempts to give rise to suspicion, in closing the files of corruption, and the acquittal of those involved, where political parties seeking to appeal the Iraqi judiciary and accusing him of being "politicized" and "unfair", losing the community's trust in him, and prevents the most important institution in the elimination of Iraq into a puppet of those who seek to amnesty for terrorists and corrupt, under the pretext that calls held against them "malicious" and with political purposes.

    Central Bank of Iraq is the central bank of the Republic of Iraq, based in the Iraqi capital Baghdad. Founded in the current approach based on the Iraqi Central Bank Act of 2004 with a authorized capital of 100 billion dinars.

    A spokesman for the judiciary Judge Abdul Sattar Bayrakdar, "The body was competent integrity issues second in Criminal Rusafa Court issued a decision to acquit the central bank's former governor Sinan al-Shabibi of corruption charges against him issues related to the Central Bank during the period of his tenure as governor," attributing the decision of acquittal to "insufficient evidence in the charges against the Hbibi."

    Like the former central bank governor, appeared in court after returning from outside the country, following the promises that they would receive a fair trial, a judge cleared him on bail after that.

    At a time in which he emphasized the Supreme Judicial Council, said the sentencing of Sinan Mohammed Rida Jawad Al-Shabibi, and the judge jailed seven years based on the evidence and the facts and the evidence is clear, political parties seeking to appeal the ruling and considering a political decision, and KDE, fabricated from the former Iraqi government to end the claim.

    According to the book of the Supreme Judicial Council, in the possession of "obelisk" The problem Rusafa Criminal Court on 03/09/2014, headed by Judge David Abdullah Juma, sentenced the convicted Sinan Mohammed Rida Jawad Al-Shabibi, was sentenced to seven years imprisonment on the basis of the provisions of Article 340 of the Penal Code.

    Under it, ordered the arrest and investigation of the convicted issued in accordance with the provisions of Article 340 of the Penal Code, and must upon arrest or surrender attendance before this court, to conduct a public trial, and retain the right to claim compensation affected.

    Refers Book Court, obtained by "obelisk" which carries the number 1638 in the A / C 2/2014, the charges brought against the accused in accordance with the provisions of Article 340 of the Penal Code, and recorded an innocent about being a fugitive and then listened to the reading Deputy Attorney General, and the agent of the accused and issued its decision. According to the book "to the scrutiny and deliberation, and is fixed to the investigation proceedings, the court found that the facts of this case represented that the fugitive from 1/12012 until 08.30.2012, and in the central bank when he was governor of the bank above causing damage intentional with state funds and the interests of the party that works to their advantage, and by irregularities taking place in the auction sale of foreign currency for the period above and reflecting on the meeting with the case and evidence collected, the court found the evidence sufficient to convict the accused in accordance with the material charge being represented statements legal representative and the statements of witnesses and the defendants' statements divisive cases and the record of the administrative investigation, and report the BSA and the presumption of the accused escape a mechanism court found sufficient to convict the accused.

    It was the source of my rights, confirmed November 26, 2014, that both the former central bank governor, and former Minister of Communications, for example, before the Court, as soon as they returned to Baghdad, after promises that they would receive a fair courts, noting that the judge released them on bail.

    The source said on condition of anonymity, that Shabibi Governor of the Central Bank, and Mohammed Allawi, the former minister of communications, were released on bail.

    A political source said the "obelisk" that some political parties to discredit the Iraqi judiciary and beyond the Constitution and the laws in force when the defendant cases where Shabibi describes as "malicious", adding that "the political and financial interests behind the quest to exonerate Shabibi."

    The source familiar with, it was revealed the acquittal of former Central Bank Governor Sinan al-Shabibi, and former Minister of Communications Mohammed Allawi of the charges against them.

    The source said he was "acquitted Shabibi and Mohammed Allawi of the charges against them." The source, who asked not to be named, said: "Al-Shabibi, Allawi returned to Baghdad after that decision."

    The Iraqi judiciary issued in September 2014 and sentenced to seven years imprisonment against former Central Bank Governor Sinan al-Shabibi based on the charges against him during his administration of the Central Bank.

    In October 2012, a regulatory source of early detection for "obelisk" for the issuance of an arrest warrant against the Central Bank Governor Sinan al-Shabibi, while sources revealed his escape outside Iraq.

    The source, who spoke on condition of anonymity for "obelisk" that "an arrest warrant issued against the Iraqi Central Bank Governor Sinan al-Shabibi for his alleged involvement process monopoly of the dollar and money laundering."

    The former Iraqi government denied it relates to the issuance of an arrest warrant against al-Shabibi and the number of employees on charges of financial and administrative corruption.

    The Iraqi Council of Ministers decided to dismiss Shabibi after an investigation by a parliamentary committee in accusations of corruption within the bank.

    Moderated Shabibi, the Iraqi Central Bank, since 2003, the text of the decision of the Federal Court of linking independent bodies of the Secretariat of the Council of Ministers and not Parliament.

    The "obelisk" had contacted her time Bcbibi when he was in Tokyo, and refused to comment on the report at the time, saying only "deny the issuance of an arrest warrant against me I do not want to comment further on the subject," returned "obelisk" to relate Shabibi's office in the central bank, which expressed surprise at the news and his personal secretary said he was "currently at the annual meetings in Tokyo and it is hoped that up today and can make direct contact with him."

    So said a political source for "obelisk" to those who "Atpacon" on Shabibi trying to overcome the Iraqi judiciary, and are trying to challenge the decisions, even those that terrorism-related terms are considered arrest those terrorists as "political" decisions and "sectarian," as they called them .

    The source added that "they know very well that Shibib convicted, and forget at the same time he was dismissed from his post at the Commission on Public Integrity, fairness and parliamentary approval of the Presidency of the Council of Representatives of corruption files in the work of the Central Bank of files, in addition to the chief of the Parliamentary Integrity Committee Bahaa al-Araji time , the existence of an arrest warrant against the 30-Shabibi and help. " The Shabibi took advantage of the absence of a memorandum of travel ban against him, he traveled to Japan and then to Europe, where he remained a fugitive from justice, even the recent return to Baghdad.

    http://almasalah.com/ar/news/44261/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D8%B7%D8%B9%D9%86-%D9%81%D9%8A-%D8%A8%D8%B1%D8%A7%D8%A1%D8%A9-%D8%A7%D9%84%D8%B4%D8%A8%D9%8A%D8%A8%D9%8A


    OOTW - HERE ARE SOME FACTORS TO CONSIDER, PERTAINING TO THIS ARTICLE:

    1) THE SOURCE REFUSED TO BE QUOTED - THIS IS A MALIKI SUPPORTER AND HERE'S A COUPLE QUOTES FROM THE ARTICLE, EVIDENCING THIS, ."Moderated Shabibi, the Iraqi Central Bank, since 2003, the text of the decision of the Federal Court of linking independent bodies of the Secretariat of the Council of Ministers and not Parliament." - THIS SECTION IS STATING THAT SHABS WAS UPSET BECAUSE MALIKI WENT AGAINST THE CONSTITUTION (PERTAINING TO THE AUTONOMY OF INDEPENDENT BODIES, SUCH AS THE CBI - WHICH WE ALSO KNOW THE PLACEMENT OF THE HEAD OF THE CBI HAS TO BE "OVERSEEN" BY THE GOI - NOT JUST THE COM, AS WELL AS APPOINTEES WHICH SIT ON THE BOARD OF THE CBI) -----

    AND MALIKI AND MAHMOUD WORKED TOGETHER TO REASSIGN CONTROLS OVER THE CBI TO THE COM (AND THEREBY REMOVED ANY ABILITY FOR POTENTIAL PARLIAMENT INTERVENTION - THIS IS WHY (IN PART) ABADI HAD TO ADDRESS THE FED COURT ACT ASAP, ONCE HE GOT INTO OFFICE.

    THIS PERSON BEING QUOTED IS STATING THAT "IT'S WELL WITHIN OUR RIGHTS TO RENEW THE CHARGES (AGAIN, IN PART) BECAUSE THE COM IS PLACED (AGAIN THIS IS AS RESULT OF MAHMOUD AND MALIKI JOINING FORCES, AGAINST THE CONSTITUTION) BECAUSE TO OVERSEE WHAT HAPPENS PERTAINING TO ANY CBI ACTIVITIES" (WHICH IS UTTER BS -AND AN ATTEMPT TO COVER THE CORRUPT'S BUTTS).

    AND..."

    So said a political source for "obelisk" to those who "Atpacon" on Shabibi trying to overcome the Iraqi judiciary, and are trying to challenge the decisions, even those that terrorism-related terms are considered arrest those terrorists as "political" decisions and "sectarian," as they called them" .

    THIS PERSON IS TRYING TO CALL SHABIBI OUT ON TERRORISM CHARGES BECAUSE, AS THE ARTICLE ALEDGES, SHABS IS GOING AGAINST THE JUDICIARY (IN EFFECT - THE JUDICIARY HEADED BY MALIKI POCKET JUDGE, MAHMOUD).

    2) ALSO THIS ARTICLE CONFIRMS ALLAWI'S RETURN BUT DOES NOT CONFIRM SHABS "RETURN".

    3) THE PRIMARY REASONING FOR RENEWING THE COMPLAINT/CHARGES, BY THIS UNNAMED SOURCE, IS THAT THOSE WHO WORKED WITH SHABS, ARE, BY PROXY OF THE CASE BEING DISMISSED - ARE ALSO EXCUSED OF THE "CRIMES" - THIS, TO MY MIND IS ANOTHER WAY FOR THIS PRO MALIKI SUPPORTER TO TRY TO RE INTRODUCE THE CHARGES INTO COURT -

    CONSIDER ALSO; WHAT JUDGE HAS A LIMITED EGO? NONE, AND ALL OF THESE JUDGE GUYS WANT TO BACK EACH OTHER - IT'S A JUDGE CLIQUE..LOL.

    4) THE PERSON "UNNAMED SOURCE", BEING QUOTED, HAS TO DO THIS IN ORDER TO TRY TO REMOVE YET ANOTHER FOUNDATION OF CORRUPTION FROM BENEATH MALIKI (AND VERY LIKELY, THEMSELVES AS WELL) - TOO MUCH HAS BEEN ENTERED INTO THE NEWS PUBLICATIONS ABOUT MALIKI ATTEMPTING TO FORCE SHABS TO GIVE HIM CBI MONIES..WHICH WE KNOW SHABS WOULDN'T DO; AND THIS IS PROBABLY THE PRIMARY REASON AS TO WHY SHABS WAS CHARGED...

    SHABS KNEW THIS WAS COMING - OR WHY ELSE WOULD HE HAVE TAKEN DOCUMENTATION/EVIDENCE OF THE CORRUPTION MALIKI WAS TRYING TO GET AWAY WITH - REMEMBER WE SAW ARTICLES OF INTERVIEW WITH SHABS WHERE HE SHOWED THE PRESS COPIES OF THE EVIDENCE AGAINST MALIKI? THESE BUTTHEADS HAVE TO STICK TOGETHER - OR THEY'LL ALL GO DOWN, LIKE RATS ON A SINKING SHIP.

    IF THIS MAKES ITS WAY BACK TO THE COURTS (VIA APPEAL) I'LL BE SURPRISED, BUT ALSO - THIS, TO MY MIND, BASED ON THE DECISION, WILL BE A REAL TEST OF MAHMOUD'S SUPPORT OF MALIKI - OR IF MAHMOUD WILL PLAY NICE, BASED ON THE "COME TO JESUS" MEETING ALLAWI AND SEVERAL OTHERS HAVE HAD WITH MAHMOUD IN RECENT PAST.


    JAN 6 2014
    I JUST READ THIS AT THE SITE WHICH ISSUED THIS ARTICLE: ALSO, BUTIFLDRM TIPPED ME OFF THAT SHE READ THIS ARTICLE ON ANOTHER SITE, AND STATED THAT HAITHAM AL-JUBOURI IS "THE SOURCE" THIS IS A RELATION OF MALIKI.

    HERE'S THE COMMENT FROM THE NEWS SITE WHICH ISSUED THIS ARTICLE.

    (4) Name: employee Babil province - Date Submitted: 01/04/2015 18:19:46
    Unfortunately, Haitham al-Jubouri contractor Americans and those with him are responding Psonan Shabibi not to return so as not to reveal Sergathm and projects counterfeit in Babylon Haitham al-Jubouri and Aslan senior vice governor and head of the provincial council are involved company by was established in Dubai to undermine the people of Babylon, and I have conclusive evidence and those with him in this company a person named Abu Rugs and ye obelisk anime portrayed my comment to publish it in Elvis and will write you Tikln standards While not all comments Maliki and his ilk are all thieves Tnschero
    Last edited by OOTW; 01-07-2015 at 06:52 PM.

  7. #7

    Re: The Dinar Daily, Sunday January 4, 2014

    The parliamentary Finance Announces meeting to discuss reducing the financial deficit balance



    Tomorrow press Baghdad: Deputy Minister Magda El-Tamimi, said Sunday that the Finance Committee will hold a meeting to discuss the reports prepared by its members on the financial budget deficit reduction to come up with a unified vision.

    Tamimi said the "tomorrow" it, "suggested that parliamentary committees host Minister Commission to talk with him about the budget cuts and the possibility of reducing the deficit and channel financial resources to the correct destination", stating "it's called through their social networking page of the Iraqi people from economic and financial professionals to make their comments and proposals regarding the working budget to 2015."

    The "most observations suggested to without prejudice to employees ' salaries as well as the salary that had been previously announced," the banner "it would take those comments seriously and will make a proposal in the Finance Committee."

    Tamimi recalled that she "met with a group of contract employees in the Ministry of electricity for the purpose of hearing their applications for permanent proofed", noting that it "will follow the file installed with the Prime Minister, Dr Abadi personally as well as the inclusion in the general budget" proofed.

    http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Falghadpress.com%2Far%2Fnews%2F25015 %2F%25D8%25A7%25D9%2584%25D9%2585%25D8%25A7%25D9%2 584%25D9%258A%25D8%25A9-%25D8%25A7%25D9%2584%25D9%2586%25D9%258A%25D8%25A7 %25D8%25A8%25D9%258A%25D8%25A9-%25D8%25AA%25D8%25B9%25D9%2584%25D9%2586-%25D8%25B9%25D9%2582%25D8%25AF-%25D8%25A7%25D8%25AC%25D8%25AA%25D9%2585%25D8%25A7 %25D8%25B9-%25D9%2584%25D9%2585

  8. #8

    Re: The Dinar Daily, Sunday January 4, 2014

    Nasir Al-Issawi: Ministry of industry has become dependent on the State and most of its subsidiaries lost



    Tomorrow press Baghdad: Industry Minister Naseer Al-isawi said Sunday that the first steps in his Ministry had made a number of changes in the Inspector General's Department and some of the places where corruption flourishes, with the Ministry of industry has become dependent on the State rather than the rkiza of the pillars supporting the economy.

    The industry Minister, said Naseer Al-isawi in press conference at his Ministry's headquarters in Baghdad, attended by "tomorrow," "the first steps in this Ministry were a number of changes in the Inspector General's Department and some of the places where corruption flourishes and work towards expanding the follow-up to investigation of any case of corruption because he was the reason for the time being."

    The Ministry of industry has become dependent on the State rather than the rkiza of the support and advancement of the economy and that's what we do in a comprehensive strategy to work towards the private sector and investors are calling for all investors to hire or bring international companies specialized in all disciplines to work we will offer every facility for investors. "

    He said that "most of the operating companies of the seventy-one company in the industry is losing money and has no possibility of covering the salaries of its employees so we thought to invite investors, the private sector and our work in the past on a number of sectors, awaiting its production soon and start towards the right direction to promote the Ministry that we hope will be a supportive of the country's economy despite the limited budget of the Ministry for the year 2015 and 110 billion Iraqi dinar is not sufficient to open or create a laboratory one modern sophisticated"

    Article Link

  9. #9

    Re: The Dinar Daily, Sunday January 4, 2014

    Parliamentary Finance: Adoption of the federal budget will not exceed the month



    BAGHDAD / Baghdadi News / .. the parliamentary finance committee confirmed, Sunday, that the period of the adoption going forward will not exceed the current month.

    A member of the parliamentary finance committee Faleh applicable in a statement / Baghdadi News /, "The committee will study the vocabulary of the budget for the presidency, ministers and the amounts allocated to them," stressing that "the presidencies of the Republic and the Minister Ciecmlon reduction without exception."

    And the effect that "the Finance Committee will host some ministers and specialists over the next few days before the House of Representatives held its meeting next Wednesday, to get to the first report to be submitted to parliament and the parliament will determine how long the light will be the second reading of the budget."

    "The committee has coordinated with the prime minister to understand the pressure expenses, in order to reduce the deficit and reduce unnecessary expenditures large and over what happened in the past years," pointing out that "for approving the budget will not exceed January."

    The Cabinet approved the draft federal budget for the 2015 law, while Parliament completed during its first reading of the law Almoisna.anthy 21 / T exceptional

    : http://www.kululiraq.com/?p=156086

  10. #10

    Re: The Dinar Daily, Sunday January 4, 2014

    Governor of Kirkuk city's largest industrial project industrial project in Iraq is implemented in the province



    [Baghdad - where] announced the governor of Kirkuk, Necmettin cream, on Sunday, on the progress of the industrial city project which is being implemented at a cost of $ 183 million, explaining that the largest industrial project in Iraq, as he emphasized the need for investment development in the province to meet the financial challenges facing the the country.

    Karim said in a statement issued after the meeting with the President of the Provincial Council and the agency Ribawar high Abdul Majid, the agency received all of Iraq [where] a copy of it, that "the progress of the work of modern industrial city project which is being implemented in Kirkuk, at a cost of $ 183 million with the preparation of a study to ensure the provision of basic services In commending the largest industrial project in Iraq, "explaining that" the project will contribute to the compilation of shops and offices and industrial workshops and work to remove them from within the city center in order to preserve the safety of citizens and aesthetic environment and provide jobs for the unemployed. "

    He added cream, that "the province is witnessing the implementation of 26 investment housing projects, also awarded Investment Commission of Kirkuk 69 investment license to maintain," pointing to "the importance of investing in the development of Kirkuk to contribute to the citizens of the province service in light of the financial challenges facing the country," .anthy

    http://www.kululiraq.com/?p=156026

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