The Dinar Daily, Monday January 12, 2015 - Page 10
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  1. #91

    Re: The Dinar Daily, Monday January 12, 2015

    sczin11- FROM THE IMF WEB SITE- RELEASED YESTERDAY


    A tale of two shocks in Iraq


    An Op-ed first publish in "Al Arabiya" by Masood Ahmed
    January 11, 2015
    Iraq is facing a “double shock” from the self-proclaimed Islamic State of Iraq and Syria (ISIS) insurgency and the global plunge in oil prices. While the new government led by Prime Minister Haidar al-Abadi was formed with the express objective of dealing with the insurgency and addressing the humanitarian disaster it has caused, it is now facing another threat, this time of an economic nature, which brings into sharp focus the underlying vulnerabilities inherent in the country's heavy reliance on oil.
    A recent IMF mission discussed these challenges with Finance Minister Hoshyar Zebari and Deputy Central Bank Governor Zuhair Ali Akbar and their staff.
    The impact of conflict and declining oil prices
    Despite a stall in ISIS’s advance following targeted airstrikes by the coalition forces supporting the government, the conflict seems far from over. The violence has triggered a humanitarian tragedy, with more than 2.1 million internally displaced people and countless casualties among the civilian population.

    The insurgency is heavily affecting the non-oil economy through destruction of infrastructure and assets, trade disruptions, impeded access to fuel and electricity, and deterioration of investor confidence. These negative effects drove the IMF’s revision of GDP growth in Iraq in 2014 from over 6 percent in the spring, before the beginning of the insurgency, down to a contraction of about 0.5 percent—despite a better than expected performance of the oil sector, which expanded even in this difficult situation.
    The recent collapse in world oil prices has added to the tensions caused by the ISIS insurgency and is complicating efforts to deal with it. With oil export revenues accounting for more than 90 percent of total government revenues, Iraq has always been highly vulnerable to oil price volatility. Falling oil prices are already reducing government revenues (and dragging down the economy through lower government spending), while security and humanitarian expenditure due to the conflict are increasing. As a result, the government deficit is likely to have reached 5 percent of GDP in 2014.
    In addition, international reserves have fallen from over $77 billion at end-2013 to about $67 billion at end-November due to the combination of lower oil revenues and relatively high imports, particularly by the government. These figures exclude the Development Fund for Iraq (DFI) which was created in 2003 mainly to funnel Iraq’s oil revenues and serve the function of a fiscal buffer. The DFI was already down to $6.5 billion at end-2013, and declined further to about $4 billion in November.
    Hard choices
    How should Iraqi policy makers react to this difficult situation? The government’s highest priority is clearly resolving the security situation. But to do so, it needs a realistic and coherent fiscal policy that can support an effective use of the oil resources and strengthen government credibility vis-ŕ-vis its international partners. The cabinet’s go-ahead for a draft 2015 budget based on a $60 oil price is an encouraging development in this regard.

    "The recent collapse in world oil prices has added to the tensions caused by the ISIS insurgency and is complicating efforts to deal with it".
    There are other positive signs that the government is taking a more pragmatic approach to its budgetary difficulties. Baghdad and Erbil have long been embroiled in a dispute over the Kurdistan Regional Government’s (KRG) oil oxports. In December, they reached a deal, endorsed by the cabinet, to share in the export and revenues from oil fields in Kurdistan. While the agreement does not address the fundamental questions of which fields belong to the KRG and its right to export independently, it is still an important step towards normalization of Baghdad-Erbil relations, a sign of unity in face of mounting threats from ISIS. More recently, the government obtained a one-year suspension on the payment of its war reparations to Kuwait, which will provide some fiscal space in 2015.
    However, the draft 2015 budget still relies on relatively optimistic revenue assumptions and envisages a large deficit which will be difficult to finance, even if oil prices do not decline further. Therefore, the government might have to face hard choices in reducing the spending envelope even more than the draft budget. With nominal government spending growing almost 14 percent on average since 2004, Iraq has gotten used to an ever expanding role of the public sector, so reversing this trend will be painful. But the government could nevertheless push further in systematically rationalizing expenditures, for example by reducing subsidies, particularly in the electricity sector; streamlining public employment (starting with a census of government employees to weed out ghost workers); phasing out transfers to state-owned enterprises; and prioritizing investment projects.
    Looking forward
    Iraq also needs to look beyond the current emergency. I see three main areas where work is needed to increase the capacity of the economy to handle future crises.

    First, the country would be advised to push ahead with the transition to a market-based economic system.

    This requires a continued effort to reduce the role of the government by restructuring state-owned banks and enterprises while implementing reforms that remove obstacles and administrative impediments to a competitive private sector and a sound financial sector. The goal is to build a lively, diversified economy which does not depend so heavily on government spending and, ultimately, on oil money. Second, Iraq would benefit from a strengthened capacity to manage oil resources through better public financial management practices, and resume accumulating fiscal buffers that would allow the government to implement anti-cyclical policies when needed. This is best done through the rehabilitation of the Development Fund for Iraq as a transparent and efficient tool for managing oil resources. Third, the country could look into how its huge oil resources are redistributed among the population, and how fiscal decentralization institutions and practices can improve fairness and sense of belonging among all citizens.

    In sum, faced with the "double shock" of lower and falling oil prices and the ISIS insurgency, pushing through such a transformative reform agenda becomes even more urgent. The challenge for Iraq's new leadership is to address not only the current crisis and provide for the millions of refugees who are in dire need of assistance, but also to lay the foundations to address the long-standing weaknesses of its economy.



    IMF COMMUNICATIONS DEPARTMENT

    https://www.imf.org/external/np/vc/2015/011115.htm




  2. #92

    Re: The Dinar Daily, Monday January 12, 2015



    Chairman of the Joint Chiefs, US Army Gen. Martin Dempsey, listens to a question during the House Armed Services Committee on Capitol Hill in Washington, Nov. 13, 2014. (photo by REUTERS/Larry Downing)


    Dempsey says Iran’s role in Iraq might be 'positive'


    Iran gets another "positive" from US


    Gen. Martin Dempsey, chairman of the US Joint Chiefs of Staff, said on Jan. 8 that Iran’s influence in Iraq could be “positive.”


    Dempsey, who spoke with reporters following a meeting at the Pentagon with Lt. Gen. Benjamin Gatz, chief of the General Staff of the Israel Defense Forces, said, “If it is a path that ties the two countries [Iran and Iraq] more closely together economically or even politically, as long as the Iraqi government remains committed to inclusivity of all the various groups inside the country, then I think Iranian influence will be positive. But what really matters is where it all goes, and we're watching that very carefully."


    Last month, US Secretary of State John Kerry said that “the net effect is positive” of reported Iranian strikes against Islamic State (IS) targets in Iraq.


    A poll directed by Shibley Telhami, Anwar Sadat Professor for Peace and Development at the University of Maryland and a nonresident senior fellow at the Brookings Institution, revealed that only 12% of Americans consider Iran the top threat to the US interests in the Middle East, compared to 70% for IS and 13% for the Israeli-Palestinian conflict.


    A possible, if tentative, thaw in long-entrenched US hostility to Iran, at least relative to the threat from IS, comes as US Secretary of State John Kerry is slated to meet Iran Foreign Minister Mohammad Javad Zarif in Geneva on Jan. 14, followed by bilateral meetings between the US and Iran negotiating teams and then the political directors from the P5+1 (the permanent members of the Security Council and Germany) on Jan. 18.


    Robert Einhorn, a former top arms control adviser in the Obama administration, told Laura Rozen this week that the talks have “become hostage to internal divisions in Tehran,” and that the Iran negotiating team has not been empowered to make the decisions necessary to move the negotiations forward.


    Seyed Hossein Moussavian argues that the holdup in the talks is more likely the result of Israeli and congressional obstruction, rather than Iranian infighting. He writes that the door is already ajar to US-Iran collaboration in the battle against IS and terrorism:


    “Obama’s recent remarks, including on the possibility of reopening of embassies, even if far-fetched at this moment, point to the direction that has to be taken, which, under the current circumstances, might take the form of quiet collaboration on fighting Salafist extremism and terrorism in the region. Such actual cooperation, preferably without fanfare, carries the potential for further expansion to include other regional hotspots and crises.”


    Assad as ally against IS?


    The three-day terror spree in Paris last week, which left at least 20 dead, including the three killers, may foreshadow a new chapter in the terrorist threat resulting from the war in Syria.


    In a speech prepared before the rampage in Paris, Andrew Parker, director-general of the UK’s MI5 Secret Service, said on Jan. 8 that “a group of core terrorists in Syria is planning mass casualty attacks against the West” that aim to “cause large-scale loss of life.”


    This column proposed in February 2014 a new regional security alignment among Syria and its neighbors focused on counterterrorism. US President Barack Obama outlined the need for new global counterterrorism alliances in a speech in May; we have said he should return to this theme.


    In August, we wrote, “There is an all too obvious strategic rationale in recognizing that the Syrian military could be an asset in defeating IS, whose foreign fighters are now described as a threat to the US homeland. There may be a slow and quiet trend in this direction. While no one is calling for the West to embrace Syrian President Bashar al-Assad, especially given the crimes and excesses his government has carried out during the war, no one has ever accused Assad of being a threat to the US homeland, as is the case with IS, which is also a mortal enemy of the Syrian government.”


    The United States need not deal with Assad directly, but can leverage the Iran-Syria-Iraq alignment against IS, as we wrote in September.


    Telhami’s poll also reveals that while 70% of Americans are either “somewhat” (52%) or “very” (18%) convinced that the Syrian war cannot be resolved without Assad’s removal, a majority (60%) believe that the United States should not fight the Syrian army and should instead allow Assad’s troops to fight IS.


    Some Syrians opposed to the Assad government are also reluctantly drawn to this view as a lesser of two evils. Edward Dark wrote in September: “The only alternative then appears to be an unpalatable and unholy alliance with the Syrian regime, the only force on the ground right now capable of taking on and defeating IS with any degree of success.”


    Gaza’s Salafists


    Asmaa Al-Ghoul reports that’s Gaza’s disparate Salafist groups appeared to share support for IS and jihad in Syria, but are careful to distance themselves from acts of terrorism in the Gaza Strip. Hamas authorities are monitoring the groups but are downplaying the threat, at least for now.


    “Hamas deputy leader Mousa Abu Marzouk told Al-Monitor during a news conference Dec. 8 that 'IS militants are not present in the Gaza Strip. Some youth are adopting ideas under the pressure of the current circumstances, but if the situation changed, they would too.’”


    Ghoul reports further: “An official in the Gaza City security services, still under Hamas, confirmed to Al-Monitor on condition of anonymity that the scattered structure of jihadists in Gaza made it difficult for pro-IS cells to be taken seriously. ‘Their structure is unlike the hierarchical organizations of the rest of the political Islamist groups, where a single person is in charge. Each Salafist group has an emir, and the groups compete with each other,’ he said, adding: ‘We will never allow these groups, especially those that pledged allegiance to IS, to work on the ground, as these will cause great chaos and infighting, especially with parties known for their proximity to Iran, such as Islamic Jihad.’”


    Mohammed Othman, also reporting from Gaza, spoke with Abu Noor al-Maqdisi, a Salafist leader and IS supporter:


    “‘The armed Salafist factions in Gaza are no longer restricted within the scope of individual currents, but have formed a united bloc.’ He added, ‘All the Salafist currents are following the Islamic State ideology, but have not yet pledged allegiance to it. Some fighters formerly affiliated with Ansar Bayt al-Maqdis and who joined IS have pledged allegiance to Caliph Abu Bakr al-Baghdadi and are fighting with IS. They have strictly adopted IS' ideology, and some of them were even killed [in Syria].’


    “Maqdisi emphasized that all the Gaza currents are committed to supporting IS and will join its ranks in the future. For now, however, Maqdisi said, only those fighters who have left Gaza to fight for IS against those he called ‘enemies of God’ have pledged allegiance to IS.”


    Salafist sources in Gaza reported that between 50-100 Gazans left to fight alongside IS.


    al-monitor.com

  3. #93

    Re: The Dinar Daily, Monday January 12, 2015

    Daash published an explanation of its currency in Iraq and Syria
    Monday, January 12, 2015 Islamic State suspended billboards in the city of Mosul aims to clarify the advantages and value of the new currency, which will begin to deploy in areas controlled by the organization soon. Media Office and published in the "mandate of Nineveh" pictures of some of the ads that hung in the streets and markets of Mosul, in addition to the suspension of one of the paintings in the University of Mosul, amid the rush by parents to get to know the new currency which will be imposed on them.

    It consists coin organization of the Islamic state, according to the dissemination of the three metals are "gold, silver, and copper," where the equivalent of one gold dinar worth
    US $ 139.

    The Islamic State said earlier that its currency to spend on other currencies "Altagotip" states, in reference to "the Syrian pound," and "the Iraqi dinar." https://translate.google.com/transla...html&edit-text

  4. #94

    Re: The Dinar Daily, Monday January 12, 2015

    The opening of the first state bank in accordance with the Islamic Sharia law in Iraq ... and our plan for this year's funding for the largest number of small and medium enterprises to reduce the incidence of poverty and unemployment

    By: shariq

    Dated: 12/01/2015 Monday



    Islamic Mesopotamia Bank is considered the first bank to open in Iraq is working in accordance with the Islamic Sharia law through a committee formed for the purpose of deciding on the transactions they handle knowing that this bank will soon through five branches to finance larger number of small and medium-sized projects for the purpose of contributing to addressing unemployment and poverty situations .. ..
    Met with the director in the bank, Mr. Abdul-Hussein Ali Mundhiri to Giebna about how to establish the bank and the aim of its creation and business plan during the current year and the reality of the work of Islamic banks in Iraq and Almntqh.alcherq / Murtaza Abbas al-Tai

    Q / Tell us first about how to establish the Islamic Bank of Mesopotamia?

    C / The rivers Islamic Bank was established under Law 95 for the year 2012 was published in the Official Gazette newspaper dated 12.17.2012 and the start of the bank unchanged if the rest of the Islamic banking rules and regulations of incorporation with the Central Bank of Iraq in accordance with the basic requirements for the establishment of the bank starting capital and building the bank and furnishing and staff human who leads the banking business within the bank. He pointed out that we have four branches currently are Islamic asset in Baghdad Shorja and second in the peace zone in the province of Najaf and Mesopotamia first branch in Jihad neighborhood in Baghdad and the second in the region in the worshiper Fallujah area as well as the main branch. He added that the bank he formed the control legitimacy of the body of a number of mostly religious scholars hold a doctorate Islamic jurisprudence certificate presented to them all the transactions by the bank to take in order to give legal consent to the exercise of these contracts required by the banking business and thus Snthashy caveats legitimacy and mistakes legitimacy of our work in order to be a reassuring factor for all dealers with Musrva.mnoha that the bank has also form a board of directors, mostly inept economic Macs hold the doctorate degree they are shiny and well-known names in the economic community will be their duty to take decisions that are going work of the bank. Stressing that the Islamic banks initiated take its normal course of action, starting from the establishment of the Dubai Islamic Bank in 1975 and the Islamic Development Bank in Jeddah in 1977, as well as direct the work of Islamic banking in 1993 by the Iraqi Islamic National Bank, which was established in accordance with the special law by the previous government until it reached number currently seven private Islamic banks and the Bank of government and one in addition to opening a branch of the Abu Dhabi Islamic Bank in Iraq.

    Q / Did you receive support for the establishment of this bank?

    C / The Ministry of Finance was and is a key supporter of the main bank and this cooperation resulted in the establishment of this bank from the allocation of the building down to the allocation of capital as well as the transfer and placement of staff from other banks in order to do the banking process management.

    Q / What is the purpose of the establishment of the bank?

    C / explained Mundhiri that the first goal of the Islamic banking objectives including Mesopotamia Islamic Bank is to provide far from usury Islamic products and are compatible with the principles of Sharia Alasalamah.vdila that the bank do not deal in accordance with the starters interest in which they operate commercial banks ratio, but we deal in accordance with the starters profit ratio, which comes through the achievement of the work, which is achieved through the sale and purchase transactions. and that the bank will work within this year plan to lend to small and medium enterprises through the bank's capital and deposits investors these projects being did not need big money in order to the largest possible number of projects funding for the purpose of contributing to addressing unemployment and poverty incidence.

    Q / when to proceed with the actual work in the bank lending process citizens?

    C / that the bank will begin work soon after he completed all the needs and requirements of Altacis.mbana that our bank is the first Islamist government bank will carry on Islamic banking in Iraq. He pointed out that the work of Islamic banks have become nowadays universally required, regionally and locally, whether by Allasalama society or countries the world of European and western fact that Islamic banking is based on real Economics and owns real assets primary objective is to invest and not traded debt, such as working with commercial banks. Indicating that the wizard will bank with a capital estimated at 150 billion dinars after merging Islamic windows of a bank Rafidain and Rasheed under the budget law for 2015 with Mesopotamia Islamic Bank.
    Stressing that it is expected to double the bank's assets during 2015 to 200% of the capital and that falls within the bank's ambition to achieve this Alanejaz.ozkr that the bank in front of a large and available opportunities to attract deposits of the public who wish to deposit of money in accordance with the principles of Islamic law.
    . Stressing that it is hoped to be the Islamic Mesopotamia Bank in its inception wizard will through practicing his work in a new and non-existent in the banking market products, especially with regard to supporting small businesses and the field of infrastructure projects, especially after it became the budget can not meet all the infrastructure projects and thus became in front of banks Islamic chance to move its activity Asamimi and authentic, a finance investment projects.

    Q / What is the lending bank plan that will be implemented during 2015?

    C / that the 2015 plan will be based on the exploitation of the work of the windows of the Islamic four in a bank Rafidain and Rasheed addition to the founding of the main branch of the bank in the same building, public administration, so the bank will carry on his work during the current year through five branches. It is hoped to open new branches during the plan 2016 in a number of provinces for the purpose of meeting the requirements of the choices and the public. He said the lending process will be determined by the type of project and the bank select ceiling lending million down to 100 million dinars, with availability guarantees and the duration of dominance ranging between 3 and 5 Snoat.mhira that the bank will grant loans in the first stage to buy a car or buy raw materials for the owners crafts or industrial workshops fact that the bank's money to Aymanh directly to the borrower, but the bank to purchase materials needed by the borrower and sold to willing Cra.onoh that the bank will Broken loans to buy homes during 2015, the fact that the capital Aithml the fact that the purchase of the homes need to be exaggerated very high and the duration of a long-term repayment. He stressed that in the case of issuance of Islamic Sukuk Act or the Central Bank of Iraq to allow our bank to establish investment funds will be directed the bank to implement a new strategy in the coming years from the entry through the implementation of or participation investment projects, whether real estate projects or bridges or railway lines or airports and all projects you need the infrastructure and the most important residential projects in order to alleviate the housing crisis afflicting the country.

    Q / Is there a financial allocations identified in the financial budget for this year?

    C / The capital of this bank is 150 billion dinars, and the bank got in the 2014 budget financial allocation..


    Q / Is there a financial allocations identified in the financial budget for this year?

    C / The capital of this bank is 150 billion dinars, and the bank got in the 2014 budget financial allocation..


    Q / Is there a financial allocations identified in the financial budget for this year?

    C / The capital of this bank is 150 billion dinars, and the bank got in the 2014 budget financial allocations increase the capital of banks, including Islamic Mesopotamia Bank the amount of 50 billion dinars, but the failure to approve the budget, the reason for not receiving bank for this amount and now because of the financial crisis experienced by the country due to lower oil sales prices, this amount was not included in the budget of 2015 Oadha.makda that Rasim current bank capital is 150 billion dinars, which is a good amount of the best among private banks.

    Q / What is your vote for the work of Islamic banks in Iraq?

    C /, Islamic banks in Iraq is weak and does not represent the aspirations of the customers of the public because of the weakness of money these banks capital in addition to the weakness of its assets and Deposits, ADRs and the enthusiasm of the public by causing to a delay in the work was the real product that you need his investment and development operations of private infrastructure projects in progress. that's still the Islamic banks are still weak and brief transactions on simple transactions such as Murabaha and advances and participation. Stressing that the private banks currently can not attract deposits from the public in order to be pumped to the process of production and invest according to Islamic investment roads.
    He pointed out that we have asked from the central bank and finance ministry to speed up the issuance of Islamic Sukuk Law so that the bank to attract the savings of citizens and investors for the purpose of her husband own society, the fact that the economic process that is community support infrastructure and funding projects on the State-owned banks that make up 90% of the bank the size of Iraq.
    He stressed that the bank will proceed in this direction through an agreement with the provinces and investment companies boards that have contracts and contracting with the government for the purpose of participation in the implementation of important investment projects in the country and in amounts too large through the bank's capital or the creation of investment approval of the Central Bank of Iraq funds or during the Islamic law instruments if they are issued.

    Q / most important obstacles facing Islamic banks operate in Iraq?

    C / The only constraint faced by the work of banks phalanx is legal reserve any must CBI deals with Islamic banking differs from handling all commercial banks on the subject of calculating reserves the legal fact that the money that is pumped to Islamic banking goal is to engage in productive projects, which date back to the citizens and not the bank will cause disruption in part and this will reduce the financing of projects as well as lower profitability compared to what give private banks deposits from the public on these deposits. Thus, the competition will be for the benefit of commercial banks to .ontalb Islamic banks account from the central bank to reconsider by the legal reserve.

    https://www.microsofttranslator.com/b...w%26id%3D16113

  5. #95

    Re: The Dinar Daily, Monday January 12, 2015

    12/1/2015

    Regulation published in Mosul, an explanation of its currency in Iraq

    Daash begin distributing Zakat funds to recipients in Fallujah

    Bagdad - Organization "Daash" announced today that it has begun distributing zakat funds to beneficiaries in the Iraqi city of Fallujah, a novel center called "Zakat Chamber" .. With the deployment of the organization in Mosul pictures of models of its currency in Iraq and Syria, with an explanation of their value.

    In pictures published by the organization "Daash" sites "jihadist" media supporting him, and seen by the "Culture" Monday, the organization announced it had begun distributing zakat funds to beneficiaries district vine in the district of Fallujah, Iraq's Anbar province (110 km) west of Baghdad, which imposes control them since late last year.

    He wrote the organization says, "God is great .. {Glory be to God, His Prophet and the believers, but the hypocrites know not .. Islamic state," state caliphate "mandate of Fallujah .. illustrated report on the distribution of Zakat funds to the beneficiaries." The images show a huge building in Fallujah was lifted "Daash" knowing him and wrote in the above "Islamic state mandate of Fallujah .. Zakat Chamber vine Office" .. and also appears in the images of men and women in the ranks of waiting in line to receive money from the Zakat of a bearded man in front of a table described by the amounts of Iraqi dinars, was written on the table, "the Islamic State Zakat Chamber office vine branch" .. as they appear in the photos Michhat veiled women and men in black and walking on crutches, as well as children.


    And established organization recently offices for Zakat in cities dominated by Iraq, particularly the northern city of Mosul, capital of Nineveh province, and the dissemination of images of operations counting carried out by members of the organization for shops ongoing manner similar to the finance ministries of countries to determine the tax due for profit value, as well as the influx of citizens in the city to pay the money that imposed upon them, and the deployment of other pictures of receipts Exchange "zakat" to those who deserve it ..

    Late last year, the imposition of the "Islamic state" to dealers and owners of plants in the control regions of Iraq, pay Zakat by "Zakat Chamber" of the organization, which traders and industrialists were forced to pay a rate of 2.5 percent on each amount equal to the price of 100 grams of gold every year.

    On the other hand, the deployment of the organization of the Islamic State of billboards in the city of Mosul aims to clarify the advantages and value of the new currency, which will begin to deploy in areas controlled by the organization soon. Media Office and published in the "mandate of Nineveh" pictures of some of the ads, which were suspended in the streets and markets of Mosul, in addition to the suspension of one of the paintings in Mosul University as parents rushed to the ads for the new currency, which will be imposed on them.

    Currency "Daash" composed according to the dissemination of the three metals are: gold, silver, copper, where the equivalent of one gold dinar worth US $ 139. The organization said that the currency will kill the other currencies, "Altagotip" states in reference to the Iraqi dinar and the Syrian pound.

    He pointed out that the aims of the issuance of this coin to stay away from the "unjust financial system" and said he will issue a statement later to explain the value of the currency exchange and where can be provided.

    Currency will include seven two coins of gold, three silver and two copper .. pointing out that this process is "dedicated to the face of God" and will help Muslims to be free from "the document to the usury satanic global financial system," he says.

    Last week, Iraqi sources in Mosul said the organization of the Islamic State "Daash" has acknowledged the financial budget for 2015, which are estimated at two billion dollars and the expected surplus of $ 250 million.

    She noted that the Friday sermon of Mosul, Sheikh Abu Saad Ansari confirmed the adoption of "Daash" the first financial budget in a large development in the states and cities of the planning program, including monthly salaries for the poor, the disabled, orphans, widows and people with dead air strikes launched by the coalition and the Iraqi regime forces. He said that the planned budget is two billion dollars each succession zones in Iraq and Syria, and will be distributed to the expected surplus of $ 250 million on the military side, he says.

    The organization of the Islamic state has been opened in Mosul earlier this year by the first private bank to replace the money and deposit dubbed "the Islamic bank." The organization directed towards the banks in order to avoid the spread of paper currency damaged the largest possible amount of small coins and containment as well as to avoid the problem of thefts that the population began to suffer them after widespread poverty among low levels in areas controlled by the organization.

    An informed source in the city of Mosul, said the bank staff who are members of the organization they started their work in the bank to allow all Iraqis to replace the currency 250 dinars (less than a dollar), which traders in the Iraqi market and handle large amounts rejected by not less than five thousand dinars, adding that the bank be allowed to replace Currency even $ 25 thousand dinars a maximum of every citizen a day as well as for the replacement of damaged currency.

    Controlled organization "Daash" the capital of the province of "Ninoy" Mosul fully on the tenth of June 2014 before it expands its control over vast areas in the north, west and east of Iraq, declaring the establishment of what he called the "Caliphate State". https://translate.google.com/translat...99&prev=search
    8%D8%B1%D9%8A%D8%A7.html&edit-text

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