The Dinar Daily, Monday January 19, 2015
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  1. #1

    The Dinar Daily, Monday January 19, 2015

    The Exchange Rate of Foreign Currency in Economic Feasibility Studies

    Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars.

    Estimate the shadow price of foreign currency:

    1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine.

    The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs.

    * What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar.In particular the following outputs and inputs of foreign currency were distinguished:

    • Export-outputs.
    • Outputs marketed locally that substitute imports.
    • Imported inputs.
    • Inputs produced locally that usually go to exports.
    • Foreign labor.

    According to the pricing rules the value of the output and input (traded) is calculated using export prices (FOB) and import prices (CIF), according to what is listed in the pricing rules.

    In other words the pricing rules calculate what the project produces from foreign currency (quantity of exports multiplied by the export price (FOB) in foreign currency or the quantity of substitute imports multiplied by the import price (CIF) in foreign currency, as well as what the project uses from foreign currency and imported inputs multiplied by the import price (CIF) in foreign currency …. etc.).

    In a later step, project outputs and inputs must be converted from the foreign currency to its equivalent in local currency (dinars) by using a specific exchange rate for the foreign currency.

    2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports… etc.

    The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:

    • The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production.
    • The application of the amended exchange rate on project imported inputs will assist in directing investments away from aggregated sectors dependent on imported inputs and the preference of those sectors that rely on locally produced inputs.
    • The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded goods.
    • The real exchange rate has declined rapidly since the early seventies, through rapid rise of the level of prices and local costs which led by the steadiness of the official exchange rate to change in prices and actual local rate costs that gave an advantage for imported goods at the expense of locally produced goods, meaning that it led to deterioration of the competitiveness of alternative replacement goods and export commodities.
    • This action shows that the official exchange rate overestimates the value of the dinar, compared to the foreign currency and from the promoting goods substituting imports and export commodities point of view of.

    And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate.

    3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.

    The Republic of Iraq – Ministry of Planning


    A "flashback recap" of a Live Q and A Call from about a year ago - on THE DAILY DINAR NEWS BLOG...

    In general terms – there were three main focal points of interest I wanted to cover and then allow listeners to ask whatever questions they liked.

    1) the SIGR report…

    2) the Gold Article…

    3) the IIER report…

    I started the conversation out last night by highlighting how crazy this campaign being fielded to contact our lawmakers and bank CEO’s and tell them how unfair it is they are getting to exchange (exchange is the right terminology BTW – NOT “CASH-IN”) at 32.00 per Dinar and we are not – is. It is nuts.

    Firstly, “they” are NOT being allowed to exchange “early” – or at 32.00 per Dinar. It makes you sound “stark raving MAD” to be caught saying such things. You would be better off barking at the moon. It is demeaning to the validity of a true currency play.

    Secondly, this is entirely the wrong way to approach them. I pointed out on the call that Poppy and I fielded a very successful such campaign a couple of years ago. However, we sat down and came up with a much different approach. It was designed to get answers and to approach our lawmakers with respect and as their constituents. Not like a bunch of lunatics. We had extraordinary participation (because it made sense) and we received a good response from lawmakers. It started the conversation in a reasonable manner.

    I asked one caller – “when was the last time you asked a banker for money and told him how unfair it was if he didn’t give it to you”??? Obviously – we chuckled…

    Another caller asked me if (as DC had relayed) – the “zero’s were raised” and the lower denominations were in circulation??

    I said plainly “no”…lower denominations being in circulation would (at the very least) imply there had been a value change. If there were no value change the lower denoms would not only be of little value, they would be such a hinderance – people might even throw them away just to get rid of them. So no – no lower denoms. I told the caller to check the website for “real” info on rate change.

    The “zero’s being raised” or “deleted” – as explained by any reasonable researcher, economist or authority – is simply the process removing the large (3 zero notes) from circulation.

    Referring to an Enorrste post from today on
    THE DINAR OBSERVER DAILY(you may want to put this on your favorites and check in several times a day – we to it often )

    “…I have never found a single article from the CBI or the IMF that equates “delete the zeros” to the idea of “move the decimal point.” Instead, the statements overwhelmingly come out to mean “remove the large notes from circulation.”

    Also – this recent internal memo put out by Wells Fargo is likely “push back” from this recent campaign. I pointed out that Pinnacle Bank published an article by an “affiliate” in their internal publication and then “highlighted it” in a similar internal memo a couple of years ago. It is just a defense mechanism. I’m sure Wells is tired of having their name dragged through the “internet rumor mill”. This is highly likely the reason for their vigorous denials about handling it in the future. They get so many useless calls – it isn’t worth the headache. Can you blame them??

    Further, for any bank, lawmaker, adviser or official to state the “Dinar is a scam” is nearly as foolish as some of the internet “Gurus”. It is the official currency of a COUNTRY. I pointed out (below) the post from yesterday’s
    – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
    __________________________________________________ _____________


    We are seeing and hearing that the inflation rate is still climbing and they are pushing to get us our money?? This report is from page 84 of the massive SIGR report.

    BGG ~
    This is a screen shot from the “Special Inspector General for Iraq Reconstruction” – Apr 2012, quarterly report to Congress. For members of our Government to say they have no idea what is going on here – means they haven’t read some very basic documents presented them.
    __________________________________________________ ______________

    I pointed out (last night) this is a highly speculative investment. We are, in no way, guaranteed anything. However, this SIGR report gives us some valuable insights…

    1) This is information given to the US CONGRESS on a quarterly basis… I find it hard to believe such an information source would intentionally mislead Congress. They tend to frown on such behavior. Which goes directly to the validity of this adventure – against all advice from Wells Fargo or other such naysayers.

    2) It points out there having been a legitimate “plan” – or time frame in motion…having been projected to be done in 2013. We are obviously in “over time” now.

    3) It gives us an idea as to who is in charge…the CoM – or Council of Ministers. Who do they answer to?? Maliki. Period. When is he likely to push this forward?? Historically – he has been a “weak Dinar” policy advocate. However, rumor from his own inner circle admits he can’t win a third term in office without some currency reform.

    I fully expect him to use every tool in his “wheel house” to win – his recent moves in Anbar and the disputed territories prove as much. Currency reform has to be a “biggie”. Though this WAS their thinking a couple of months ago – there is no promise it is still part of their political calculus. We shall see.

    4) Though no guarantee of the actual future plan they wind up engaging – this report points out an increase in value that would have taken the Dinar from “one-tenth of a cent” to a value “of slightly less than $1″..

    __________________________________________________ ______________


    Coins put on the market !!

    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara "The project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find metal coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century


    CBI is preparing to issue a monetary metal parts

    Metal coins from the category of 25 fils were in circulation until the nineties of the last century

    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara Radio Free Iraq, "said the project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century.


    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

    The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the business community, and Iraqi economists are divided…

    …Haider al-Abadi, the head of the Iraqi parliamentary Finance Committee, told Al-Monitor that while deleting zeros from the current currency is possible, this has been postponed until after parliamentary elections. He noted that studies are being carried out to ensure that, following the currency change, counterfeiting is limited and that Iraqis don’t go back to trading in the old currency.

    The step to delete zeros from the currency has been postponed several times, leading the parliamentary Economic Committee to demand that the CBI accelerate this project, as Al-Sharqiya reported. In a news conference held July 6, the Economic Committee confirmed that the deletion of zeros will lead to an increase in the value of the Iraqi dinar and will have positive repercussions, including a reduction in unemployment and poverty rates in the country.


    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.

    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,

  2. #2

    Re: The Dinar Daily, Monday January 19, 2015

    Currency Auctions

    Announcement No. (2868)

    The latest daily currency auction was held in the Central Bank of Iraq on the 19-1-2015 results were as follows:

    Number of banks 17
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 166,606,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 166,606,000
    Total offers for selling (US$) -----
    Market Rate 1215

  3. #3

    Re: The Dinar Daily, Monday January 19, 2015

    Parliamentary Integrity: 16 regional banks in the capital Baghdad, involved the issue of central bank

    BAGHDAD - ((eighth day))
    Said a member of the Parliamentary Integrity Committee MP Taha defense that judicial rulings will be issued against the 16 regional banks in the capital Baghdad proven involvement in the issue of the Central Bank.

    The defense said in a statement reported for ((eighth day)) that "there is a judicial verdicts issued against staff at the central bank were convicted regardless of remittances and false invoices and has a legal trial."

    He said the defense is a member of the Special Committee to follow the central bank file that "the courts continue to complete the investigation the cause of bank procedures and there are new provisions will be issued against 16 banks waged in Baghdad proven involvement in the case."

    He noted that the "special committee to investigate the conduct of sequence in the central bank file procedures and will prepare a comprehensive report presented to the House of Representatives if the conclusion of the investigation and the announcement of judicial rulings."

    The judiciary and recently decided to acquit the former Central Bank Governor Sinan al-Shabibi of corruption charges related to the central bank, while the main reason for the "lack of evidence". (AA)

  4. #4

    Re: The Dinar Daily, Monday January 19, 2015

    Jubouri block: the government has completed a draft of the National Guard and voted on this week

    Alsumaria News / Baghdad
    Confirmed mass Diyala identity led by House Speaker Salim al-Jubouri, on Monday, that the government committee responsible for the preparation of a draft National Guard Law was able to accomplish, while likely vote on the draft during the current week.

    The leader of the Bloc MP Salah al-Jubouri said in an interview for "Alsumaria News", "draft National Guard Law, has been completed by the Security State Committee, which had been prepared," expected "draft Ask the Cabinet meeting this week to vote and sent to the House of Representatives ".

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    He added that "the Council of Ministers binding vote on the bill and send it as a project of the Council of Representatives, because it is part of a close political agreement that formed the basis of the current government."

    Jubouri said that "after the arrival of a draft law to guard the House of Representatives, the project will be read as reading the first and second, and then amended in accordance with the proposals and items that meet the ambitious, and then passed."

    The Minister of State for Provincial Affairs and Parliament Ahmed al-Jubouri, in (January 12, 2015) that the draft of the National Guard law will be presented to the Council of Ministers within the next two weeks for approval and sent to the House of Representatives, stressing the need to have the National Guard under the military tent.

    The president of the House of Representatives Saleem al-Jubouri, in (January 6, 2015) that the National Guard Law is a "case of turning positive" in the security establishment, structure, calling to expedite the completion of the executive bodies competent to be submitted to the parliament to be a quality addition to the formations of our army.

    The cabinet instructed, in (9 September 2014), to prepare a draft law for the establishment of National Guard troops and organize volunteers from the popular crowd.

  5. #5

    Re: The Dinar Daily, Monday January 19, 2015

    Barzani will not participate Davos

    President of the Kurdistan region Massoud Barzani

    Roudao - Erbil

    Apologized Kurdistan Region President Massoud Barzani, from attending the Davos forum, scheduled to begin its work in Switzerland next Wednesday.

    The President of the Presidium of the region, Fouad Hussein, in a statement to the network Roudao media, that "despite the fact that Barzani received an official invitation to attend as a guest master, but he decided to attend the forum to apologize for."

    Regarding the reasons for non-participation Barzani in the current session of the Economic Forum, Fouad Hussein, said: "Barzani apologized for attending the forum, because of the exceptional circumstances experienced by the Kurdistan Region, the circuit between the Peshmerga and organize Daash battles", citing the words of Barzani as saying: "I can not let go Kurdistan, at this sensitive stage. "

    The head of the Kurdistan region Massoud Barzani, had participated in the previous two sessions of the Davos forum, which is held annually in the presence of a large number of heads of states and governments and political figures, businessmen, and it is addressed to the political and economic topics.

    Is scheduled to appear in the Kurdistan Region Forum, all of Fouad Hussein, the head of the Department of Foreign Relations of the Government of the Territory Falah Mustafa.

  6. #6

    Re: The Dinar Daily, Monday January 19, 2015

    Parliamentary Finance:'ve accomplished 80 percent of the final draft of the budget

    Information / Baghdad / ..
    Finance Committee announced in the House of Representatives, on Monday, on the completion of 80% of the final draft of the law of the state budget, while the likely completion of discussions on Tuesday.

    A member of the committee MP Ahmed Sarhan told / information /, "The Finance Committee has completed nearly 80% of the discussion of the draft general budget of the law in 2015," likely "to end the discussions on Tuesday and submitted to the Presidency of the parliament for the purpose of inclusion in the meeting agenda next Wednesday." .
    He added Sarhan that "the Finance Committee did not leave any note or a proposal made by the House of Representatives or observations of the political blocs," pointing out that "all the observations and suggestions taken seriously."

    The House of Representatives decision Niazi architecture Ihsanoglu revealed today announced that Parliament refused to return the draft budget law to the Council of Ministers to rehash after falling oil prices, while approving the budget law ruled out through its Council scheduled for next Wednesday. Finished / 25 m

  7. #7

    Re: The Dinar Daily, Monday January 19, 2015

    The conflict between al-Abadi, Maliki and Iraq crisis

    There is no doubt that the arrival of Dr. Abadi for prime minister to replace his colleague in the Dawa Party, after a long marathon of recrimination between Nuri al-Maliki and his political opponents, who have agreed with US support, and the support of Saudi and the insistence of regional, taking advantage of the fall of Mosul crisis, which was the privilege of an American game - Asraúlah neat to change the political map is not in Iraq According to, but in the whole world.

    The world after the fall of the connector is no longer as it was before, it has become the policy of the International axes more pronounced than in the beginning of the Syrian crisis.
    Russia, China, Iran and Syria support the government Alaracah.fa time was still the western US hub of the Gulf and Turkey supports them and other armed parties and even Daash to establish a new system in the world and the Middle East in particular.

    The goal of this introduction to explain what is happening in the rough for Iraq and the other in the framework of the existing new American world to create crises and take advantage of the maximum extent and drain the resources of States under the list of international terrorism, but Married to emphasize is that the elaborate game and that are meant to become a reality in the relationship between Abadi and his predecessor, al-Maliki .
    Every day we are faced channels, newspapers and websites and personalities of tendencies and trends Baathist to talk about the crisis between the two men in a malicious attempt to divide the unity of the national ranks first and second Shiite.

    I'm not here for the defense of al-Maliki and disasters adopted them and connote Abadi errors of Altazmanm .lcla men disadvantages and advantages .ela The insistence on this topic masks is meant probably passed under the pretext of this controversy began arming Sunni tribes and through the National Guard and the mechanics of composition gels up to Budget and exposed him to blackmail by region and other political parties.
    The conflict between Abadi al-Maliki ordered the Aémna as much attention to what the government will achieve Abadi under difficult and faltering steps accompanied by military operations and the oil crisis and the scarcity of financial entity may threaten the existence of the Iraqi state in the future.

  8. #8

    Re: The Dinar Daily, Monday January 19, 2015

    Maliki's coalition candidate for the presidency of the National Alliance: the Supreme Council of taking more than its due

    Erbil كانون الثاني / يناير 19 (PNA) - the head of the coalition announced the rule of law in the Iraqi parliament and a leading figure in the Islamic Dawa Party Ali al-Adeeb, that the coalition led by Nuri al-Maliki «past his candidacy for the presidency of the National Alliance for the fact that a coalition of state law is a major bloc».

    Adeeb said in an interview with the newspaper «Middle East» that «the issue of the nomination of Supreme Council leader Ammar al-Hakim, to head the National Alliance has not yet raised officially, we did not know it, but after two months of our candidature for the post», pointing out that «coalition of state law does not define The reason why the Supreme Council rejects this nomination, which is part of a consensus within the National Alliance components. »

    In response to a question about what you say the National Coalition forces (the Supreme Council and the Sadrists) of the State of Law coalition had received the prime minister, and therefore it must be the presidency of the National Alliance of the share of the National Coalition, said the writer said that «this argument is incorrect; because the Council Top taking more than its share of ministerial posts and the post of Deputy Speaker of Parliament and the Ministry of sovereignty, such as the oil ministry, through the points, all in return for a coalition of state law for the prime minister, according to the quotas that Nmguetha all of us, but this is the current reality, and therefore there is no justification for their insistence to block the candidate of a coalition of state law for this site. »
    And on the extent to which that takes these differences between the components of the National Alliance, the writer said: «We are involved in this matter and we hope that soon we finish this story.»

    The writer served as Minister of Higher Education and Scientific Research in the Maliki government, and serves as the second man in the Dawa Party, which is led by al-Maliki. The writer failed to get the post of Minister of Tourism in the parliament has been nominated to head the coalition's parliamentary bloc of state law, and then for the leadership of the National Alliance.

    For his part, Salim Shawki, a member of parliament for the Supreme Council of the Islamic citizen bloc stressed, in a statement to the newspaper «Middle East», that «Mr. Ammar al-Hakim did not nominate himself for the position will not need to enter the competition, whether voting or other candidate with the brothers in the coalition the rule of law, but the nomination was based on requests submitted by the parties of the fundamental forces of the National Alliance, and submitted them to the cleric Moqtada al-Sadr, as well as other personalities ».

    Shawki added that «National Coalition refuses to take a coalition of state law, the presidency of the National Alliance, he took his share the post of prime minister, and thus is no longer acceptable to have two jobs presidents of the National Alliance», adding that «this is nothing to do with human beings because we are not against This personal or that, but we are with the principle, which is why we reject it clear that this position goes outside the National Coalition components, namely the Supreme Council and the Sadrists ».

    And on al-Hakim's nomination for the post, Shawki said «Hakim did not ask himself a candidate for the job; it is more important role in the political process, but we see that it is a sponsor of this process, and therefore it does not need to relevance and did not put himself forward as we have said more than once, but the candidate Many of the forces, both within the National Alliance or through the national space, believes that al-Hakim is the best personal take on this job, but the Sadrists task entrusted to him ».
    Shawki explained that «Hakim does not mind took up the post in case there was a consensus, especially that Hakim refused to enter the competition with a writer or other by voting or any other way».

    It is noteworthy that the current Foreign Minister Ibrahim al-Jaafari was serving as president of the National Alliance for the past 8-years, but he still manages the National Alliance meetings because of continuing differences between the coalition of state law and the Islamic Supreme Council.

  9. #9

    Re: The Dinar Daily, Monday January 19, 2015

    Parliamentary Integrity: 16 regional banks provided false invoices central bank to buy dollar

    Alsumaria News / Baghdad
    Revealed to the Parliamentary Integrity Commission, on Monday, the 16 regional banks provided false invoices to the central bank to buy the dollar, while confirming that he has been a number of bank employees who dealt the arrest of those counterfeit bills.

    A member of the Committee Taha defense in an interview for "Alsumaria News", "The 16 regional banks provided false invoices to the central bank to buy dollars," noting that "the investigation into this case is still ongoing and will be issued judicial verdicts against some bank managers in the event of proven involvement in dealing counterfeit bills. "

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    The defense that "the judiciary issued the provisions of the arrest of some of the staff at the bank who dealt billing counterfeit of these banks," adding that "the central bank governor gave clear evidence to the courts proved his innocence of the charges against him, which is for the fake bills have been released."

    The President of the Parliamentary Integrity Committee Talal Zobaie, on Sunday (January 18, 2014), the re-judgment in the case of the Central Bank "from scratch," according to the law in the presence of the former Bank Governor Sinan al-Shabibi, as shown that innocence in this case stronger evidence of the prosecution evidence, confirmed it completed the 3007 issue.

    Central Bank of Iraq and held daily for the sale and purchase of foreign currencies with the participation of Iraqi banks sessions, with the exception of public holidays in which the Bank stops these auctions, sales and be either in cash or in the form of remittances sold abroad in exchange for a certain commission.

  10. #10

    Re: The Dinar Daily, Monday January 19, 2015

    Hakim calls for parliamentary financial speedy adoption of the budget without prejudice to the salaries of employees and retirees

    Head of the Islamic Supreme Council of Iraq Ammar al-Hakim called on Monday to speed up passage of the budget being of interest to the interests of citizens.

    A statement by his office received by all of Iraq [where] a copy of the "al-Hakim met in his office in Baghdad, President of the parliamentary finance committee, Ahmed Chalabi, accompanied by several members of the committee stressed during the meeting the need to rationalize the doors of the budget, again emphasizing the lack of prejudice to the salaries of low-income segments of the employees and retirees and a network of social protection. "

    He also called on politicians and decision-makers to take the form of national responsibilities commensurate with the scale of the crisis experienced by the country, stressing the need to put the correct processors economic and financial realities in the country after the decline in oil prices Alaalmih.anthy

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