The Dinar Daily, Monday January 12, 2015
Page 1 of 10 123 ... LastLast
Results 1 to 10 of 95

Thread: The Dinar Daily, Monday January 12, 2015


    
  1. #1

    The Dinar Daily, Monday January 12, 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

    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.

    https://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

    Crush Expected When Kuwaiti Banks Reopen Today

    March 24, 1991|From Reuters



    KUWAIT CITY, Kuwait — Thousands of Kuwaitis are expected to jam the country's banks today when they open for the first time since the end of the Iraqi occupation.

    Customers will be allowed to withdraw funds and to swap pre-invasion money for a new currency issued to make more than $1 billion in pre-invasion dinars stolen by the Iraqis worthless.

    "We expect a rush of people," said Issam Asousi, an executive with the Bank of Kuwait. He said it could be a chaotic first week because customers have a lot of questions about their accounts.

    Kuwaiti banks continued operating during the seven-month Iraqi occupation under managers brought in from Iraq, but they have been closed since the U.S.-led alliance ousted the Iraqi army from Kuwait a month ago.

    When the banks reopen today, customers will be able to withdraw up to 4,000 Kuwaiti dinars, equivalent to about $14,000 at pre-invasion exchange rates from their accounts, and to exchange a like amount for foreign currency.

    Balances of customers' accounts will go back to what they were on Aug. 1, a day before the invasion.

    Clients will not be able to exchange Iraqi currency issued during the occupation, when Baghdad pegged the rates of the strong Kuwaiti dinar to the far less valuable Iraqi dinar.

    The new Kuwaiti money will be exchanged for old at a one-to-one rate.

    https://articles.latimes.com/1991-03-..._kuwaiti-banks


    BGG ~ Thanks to wmawhite for some facts on the subject.

    Hi BGG,

    Just thought I would drop you an email. I listened to the call, and was interested in what was said about Kuwait, if I may - I will add my 2 cents worth.

    You were spot on with what you said, I have a close friend who's father made a killing on the KWD. He bought from people who had fled the country and he paid pennies on the dollar (we are in Australia). He took the chance that Iraq would be kicked back out and he was right.

    When the money was reinstated, he exchanged it for AUD at a rate in the mid 3s. The interesting thing about it is, Iraq invaded in November 1990 (I think), they were kicked back out at the end of Feb 1991, the banks reopened with a brand new KWD in late March, that's not a bad time frame to get a currency designed, printed and made ready to use, also the time that the old KWD was valid was initially only for 2 months, then extended to 6, so it was valid until Sept 1991, interesting I think.

    Also the other thing that seems to be a "fact" in Dinar land is Bill Clinton used the Kuwait RV to pay off the debt. However, Clinton was not President in 91, he did not take office until 93, even I know that and I am an Aussie.

    Anyway thanks for the site and enjoy listening to your calls.

    Kind Regards,
    Kevin



  2. #2

    Re: The Dinar Daily, Monday January 12, 2015

    Currency Auctions

    Announcement No. (2863)

    The latest daily currency auction was held in the Central Bank of Iraq on the 12-1-2015 results were as follows:


    DETAILS NOTES
    Number of banks 18
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 150,695,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 150,695,000
    Total offers for selling (US$) -----
    ​Market Rate 1227

  3. #3

    Re: The Dinar Daily, Monday January 12, 2015

    sczin11- IT would appear the case against Maliki continues to be created...


    "Maliki assigned 200 post important to follow a proxy before his

    departure from the prime minister Payam"


    Revealed the leader of the Supreme Islamic Council and a member bloc citizen Fadi al-Shammari, for the former Prime Minister Nuri al-Maliki

    appointed 200 people from his followers in important positions proxy, before leaving office Payam.

    Al-Shammari said in a statement to'khandan 'that "the owners of the role in the joints of the current government of its institutions and its departments,

    by appointing people subordinate to him by proxy," adding that "the former prime minister has the backing of more than 200 post proxy for people subordinate to him, including the

    General Secretariat of the Council Ministers and Central

    Bank
    and the Bretton Alsaaaan prisoners and martyrs. "

    Shammari said that "al-Maliki assigned these positions a few days before he

    left for the seat of government, ie,

    as head of the caretaker government, and therefore

    this is a violation of the Iraqi Constitution and the law,"

    noting that "the Commission equilibrium state institutions that formed the current government, will review all of these appointments."

    https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=https://www.faceiraq.com/inews.php%3Fid%3D3411436&usg=ALkJrhi5PW172Se9llDJFPguOOrj5MR7BA
    Last edited by sczin11; 01-12-2015 at 10:17 PM.

  4. #4

    Re: The Dinar Daily, Monday January 12, 2015

    Forming a small committee to receive proposals to amend the investment law of the provinces

    Twilight News /
    formed a parliamentary committee the economy and investment, on Monday, a small committee working on proposals received investment authorities in the provinces and investment committees in their own provincial councils amendments Investment Law No. 13 of 2006 average.



    Said committee member Najiba Najib's "Twilight News", "The Committee decided to form a sub-committee of several members of the task of receiving investment proposals and investment committees bodies in all provinces on amendments to the investment law."
    Najib explained that "an expanded meeting will be held next month in the House of Representatives includes investment bodies and committees investment in the provincial councils, along with an invitation for many investors who carry out projects in Iraq to reach a common vision on amendments to the law before putting the law to a vote in parliament."
    Oil prices fell in global markets recently to less than $ 50 per barrel, while the federal budget approved by the government on the sale of $ 60 per barrel price that was built after reduction of $ 70.

    And passed the House of Representatives in 2006, Law No. 13 of private investment to encourage foreign companies to enter the country and to contribute with the government's efforts for the reconstruction of infrastructure destroyed by war and terrorist operations.

    The House of Representatives held in 2009 an amendment to the law allowed the foreign investor the right to own land and property belonging to the State allowance determined in accordance with special regulations, has also the right to own land and property belonging to the mixed and private sectors for the purpose of establishing the housing projects.

    https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=https://www.faceiraq.com/inews.php%3Fid%3D3411476&usg=ALkJrhgaiZI_HlWRU7i0ZBjj31oc8KFHTA

  5. #5

    Re: The Dinar Daily, Monday January 12, 2015

    Judiciary: the former finance minister to appear before the court



    Roudao Arbil

    He Judiciary Chairman Medhat al-Mahmoud said the death penalty decision against former MP Ahmad al-Alwani needs to ratify the Court of Cassation in order to be effective, as called for former Finance Minister Rafie al-Issawi, to turn himself in and habeas corpus to install his innocence, while attempts continue for the return of the vice president Former Tareq al-Hashemi to Iraq.

    Said Medhat Mahmoud told a news conference: "The decision to execute former MP Ahmad al-Alwani, subject to ratification by the Court of Cassation to be effective, also called on former finance minister in the government of Nouri al-Maliki, Rafie al-Issawi to appear in court to prove his innocence, as did former Central Bank Governor Sinan al-Shabibi and former Minister of Communications Mohammed Allawi. "

    A spokesman for the judiciary Sattar Bayrakdar, in October 23 last for the issuance of the Central Criminal Court of the execution of former MP Ahmad al-Alwani, referring to the decision distinguishable.

    The Iraqi Finance Minister, Rafie al-Issawi announced his resignation from the Iraqi government in March 2013 in front of a crowd of protesters in Ramadi in Anbar province in western Iraq, saying: "No I am honored to be a part of a sectarian government. I have decided to stay with the people."

    https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=https://www.faceiraq.com/inews.php%3Fid%3D3411671&usg=ALkJrhhms5fIROqxvKU-ZAQ3evtIgzhD8Q



  6. #6

    Re: The Dinar Daily, Monday January 12, 2015

    Conscious / Minister of State for Parliamentary Affairs: the budget will be approved by the twentieth of this month



    Minister of State for Parliamentary Affairs Ahmed Abdullah al-Jubouri announced that the state budget for 2015 will be approved in the (20) of the current month.
    Jubouri said in a press statement carried reporter (news agency, media / INA), that the House will complete the second reading of the budget in addition to the discussion today to be passed on the twentieth of the month of January, indicating that the amount of the budget after the reduction will be less than 100 trillion dinars, which will not affect the employees' salaries. "He pointed out that" the government has a program to find other resources for the state to be associated with the oil resources. "
    It is scheduled that the House begin the second reading of the budget bill in its meeting held today.
    And on the tribal delegation from Anbar province to Washington, al-Jubouri said that "the situation in general is not allowed to ask the question of Anbar province during the visit, because most of the public Almentvdh provinces Dabbagh province under the current circumstances," is noteworthy that the head of Iraq's Awakening Conference Ahmed Abu Risha will lead a delegation to visit the capital US Washington middle of this month, so as to secure the weapon of the Iraqi army and the Iraqi police and increased advisory and training effort for the international coalition forces in Anbar for the training of thousands of volunteers in the ranks of the army and police of tribal members.

    https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=https://www.faceiraq.com/inews.php%3Fid%3D3411703&usg=ALkJrhisncUz2q7mak0hlDTmeHpJlhg4Gg

  7. #7

    Re: The Dinar Daily, Monday January 12, 2015

    Parliament held its meeting to complete the second reading of the budget in 2015



    Iraqi Council of Representatives held on Monday, its headed by Salim al-Jubouri, and the presence of 210 deputies, with parliamentary source said the meeting will include the second reading of the draft 2015 budget law.


    The source said in a press statement followed Radio tow "The House of Representatives held its fourth meeting of the Legislative Chapter II, headed by Salim al-Jubouri, and the presence of 210 deputies."

    "The meeting will end the second reading of the draft budget law."
    The head of the House of Representatives Saleem al-Jubouri, had announced on Sunday that the parliament will end on Monday, the second reading of the draft budget law, as pointed out that the Council take into account the drop in oil prices.

    https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=https://www.faceiraq.com/inews.php%3Fid%3D3411786&usg=ALkJrhjrWsZOL-gaQcmJhpNkysM9twUAKQ


  8. #8

    Re: The Dinar Daily, Monday January 12, 2015

    Jubouri: National Guard law will be submitted to the government within two weeks



    Roudao Baghdad

    The Minister of State for Provincial Affairs and Parliament, Ahmed al-Jubouri, on Monday, that the draft law of the National Guard will be presented to the Council of Ministers during the next two weeks in order to approve and send it to the House of Representatives for the legislation.

    Jubouri said in a press conference that "the National Guard needs a special mechanism and the law, and must be within the military establishment."

    "The draft law will be presented the National Guard during the next two weeks for approval and sent to the Parliament, we will not accept to be without the military, because that would be tantamount to a second Daash."

    And instructed the Iraqi Council of Ministers (09.09.2014) to prepare a draft law for the establishment of National Guard troops and organize volunteers from the popular crowd in order to regain control of the areas dominated by the organization of the Islamic state since the month of June last.

    https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=https://www.faceiraq.com/inews.php%3Fid%3D3412138&usg=ALkJrhgnFQncNSKnFNxKIx4r2IAs6E3PPg



  9. #9

    Re: The Dinar Daily, Monday January 12, 2015

    Bolani: activation of the single window to support investment in the provinces


    BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - Chairman of the Committee on Economy and Investment parliamentary Jawad al-Bolani, said the committee agreed with the National Investment Commission and provincial councils to activate the single window in the granting of investment licenses in 2015.

    He said al-Bolani's (IMN) "The single window system was disabled in the past years, in spite of its importance, which is to collect the relevant ministries in one place to reduce the obstacles to the investor in the issue of land and the granting of investment licenses."

    And that "the government's drive in the next phase aims at activating the investment and reduce the financial and administrative obstacles to investors, especially in the southern provinces experiencing stable security."

    "The committee supports the government's economic program, which emphasized to encourage the transition to the private sector through activation of investment projects and the market system and the organization of modern tax administration."

    He pointed out that "the Economic Committee held extensive meetings with government committees in order to make the relationship a friendly between the public and private sector orientation gradually towards the private sector."
    He continued, "We have agreed with these committees on the need to encourage economic investment and support for religious tourism and industry for imports supportive and funded for the 2015 budget."
    He said the Prime Minister Haider al-Abadi, last Saturday, the investment disable resembles committed a terrorist act, calling for the ministries and provinces to open the door for investment and to reduce barriers routine.
    From: Ahmed Sattar, the Open: Yusuf al-Hassani

    https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=https://www.faceiraq.com/inews.php%3Fid%3D3412200&usg=ALkJrhgIj-V-5cO5c3OjXKedYRxc6QbFAw

  10. #10

    Re: The Dinar Daily, Monday January 12, 2015

    Abdul-Mahdi: Egypt wants to buy about 4 million barrels of oil

    Egypt wants to buy about 4 million barrels of Iraqi oil

    Oil Minister Adel Abdul-Mahdi announced that Egypt wants to buy about 4 million barrels of Iraqi oil per month.
    Said Abdul-Mahdi said in a statement during his stay in Egypt: That's equivalent to about 133 thousand barrels per day, adding that the talks were still ongoing on this matter, especially that Egypt has asked to extend the payment period to become within 270 days of receipt of shipments, while Iraq wants to be a period of payment within 90 days.

    https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=https://www.faceiraq.com/inews.php%3Fid%3D3411723&usg=ALkJrhj8fWo5a2_X_bs5NjnRru0ZuQKCnQ


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •