The Dinar Daily, Tuesday January 20, 2015
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  1. #1

    The Dinar Daily, Tuesday January 20, 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.

    http://www.iraqhurr.org/content/article/26666313.html

    and

    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

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

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

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

    ARTICLE LINK

    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.

    http://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, Tuesday January 20, 2015

    Currency Auctions

    Announcement No. (2869)

    The latest daily currency auction was held in the Central Bank of Iraq on the 20-1-2015 results were as follows:


    DETAILS NOTES
    Number of banks 20
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 224,696,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 224,696,000
    Total offers for selling (US$) -----
    Market Rate 1215

    as of 8:35 am EST the indicative rates on home page not updated


    CURRENCY CODE SELL BUY
    US dollar USD 1166.000 1164.000
    Euro EUR 1351.161 1350.485
    British pound GBP 1772.670 1771.783
    Canadian dollar CAD 972.802 972.315
    Swiss franc CHF 1332.115 1331.449
    Swedish krona SEK 143.856 143.785
    Norwegian krone NOK 153.567 153.490
    Danish krone DKK 181.739 181.648
    Japanese yen JPY 10.016 10.011
    Special
    Drawing Rights
    SDR 1658.658 1657.829
    Indicative rates - 19.01.2015
    Last edited by sczin11; 01-20-2015 at 01:37 PM.

  3. #3

    Re: The Dinar Daily, Tuesday January 20, 2015

    Integrity demands estimate the value of the damage caused by the former ministers because of financial and administrative corruption



    BAGHDAD - Iraq Press - January 20: Commission asked for the Parliamentary Integrity inspectors general in the ministries and stakeholders appreciated the value of the damage caused by the former ministers and their ministries topped the list of financial and administrative corruption and to lodge a complaint against them.

    She explained that "most of integrity issues pertaining to certain ministries, can not eliminate today the completion of its own legal procedures, because of the Inspector General and the new minister and the judiciary to know them, the size of the damage that happened during the reign of the former minister, led to disable many of the existing files with the judiciary."

    She stressed the "importance that there be a database of damage happening in the ministry under the former and its minister immediately direct the new minister in his work, both in terms of lagging contracts or delusional or other, as can not open any file corruption without the presence of an assessment of the extent of the damage and file a complaint in this regard." . Admiral ended

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3437507&usg=ALkJrhhUKVMn3dwu-lfX1yHojqDVzhUn5w


    Last edited by magnetlady; 01-20-2015 at 12:44 PM.

  4. #4

    Re: The Dinar Daily, Tuesday January 20, 2015

    sczin11- DOUBLE JEOPARDY!

    Double jeopardy is a procedural defence that forbids a defendant from being tried again on the same (or similar) charges following a legitimate acquittal or conviction. In common law countries, a defendant may enter a peremptory plea ofautrefois acquit or autrefois convict (autrefois means "in the past" in French), meaning the defendant has been acquitted or convicted of the same offence and hence that they cannot be retried under the principle of Double Jeopardy.[1]
    If this issue is raised, evidence will be placed before the court, which will normally rule as a preliminary matter whether the plea is substantiated; if it is, the projected trial will be prevented from proceeding. In some countries, including Canada, Mexico and the United States, the guarantee against being "twice put in jeopardy" is a constitutional right. In other countries, the protection is afforded by statute.[3]


    International Covenant on Civil and Political Rights[edit]

    The 72 signatories and 166 parties to the International Covenant on Civil and Political Rights recognise, under Article 14 (7):
    No one shall be liable to be tried or punished again for an offence for which he has already been finally convicted or acquitted in accordance with the law and penal procedure of each country.

    http://en.wikipedia.org/wiki/Double_...litical_Rights

    sczin11- I HAVEN'T FOUND THE MIDDLE EASTERN COUNTRIES LISTED AT ALL, AND HAVEN'T COMPLETED MY RESEARCH, BUT, IT DOES APPEAR, THAT THE STANDARDS OF THE PROTECTION IN THE JUDICIAL PROCESS, UNDER DOUBLE JEOPARDY, IS RECOGNIZED IN MOST COUNTRIES OF THE WORLD, ESPECIALLY IN DEMOCRATIC SOCIETIES....

    THAT BEING SAID, THE CHANCES ARE SLIM TO NONE, ALL THOSE THINKING THE ARTICLES DEMANDING DR. SHABIBI BE RETRIED, CAN ACTUALLY TAKE PLACE....

    THIS IS ONLY AN OPINION, AND I DISAGREE AS YOU KNOW, WITH THE STATED INTERPRETATION OF THE VERBIAGE BY SOME OUT THERE, ON WHAT THE FC MEMBER JUBOURI WAS STATING...

    IT IS CLEAR TO ME, HE WAS JUST REHASHING THAT THE APPELATE COURT REVIEWED THE SHABIBI CASE, IN HIS PRESCENSE FROM SCRATCH, FROM START TO FINISH, AND THE EVIDENCE WAS STRONGER IN FAVOR OF DR. SHABIBI'S INNOCENSE, THAN IT WAS FOR THE PROSECUTION...CASE CLOSED!


    COMMENT : I AM NOT AN APPELLATE LAWYER AND THE INSTANT COMMENT IS NOT A STUDIED OPINION AS TO THE PROCEDURAL AND / OR SUBSTANTIVE LAW OF IRAQ. NEVERTHELESS, THE LANGUAGE AND PHRASEOLOGY CONTAINED IN THE NEWS ARTICLE BEING DISCUSSED MAY BE AN IRAQI LAYMEN'S UNDERSTANDING OF IRAQI JURISPRUDENCE WHICH IS FURTHER OBFUSCATED BY TRANSLATION ISSUES. FOR EXAMPLE, IN AMERICAN JURISPRUDENCE THERE ARE RULES WHICH GOVERN THE SCOPE OF REVIEW BY APPELLATE COURTS. CASES DECIDED BY THE LOWER COURT CAN BE REVIEWED BY THE APPEALS COURT IN THEIR ENTIRETY OR " DE NOVO " ( ' FROM SCRATCH ' MAYBE ? ). ALSO, THERE ARE STANDARDS OF EVIDENCE APPLIED BY THE APPELLATE COURT, E.G., " BEYOND A REASONABLE DOUBT " OR " BY A PREPONDERANCE OF THE EVIDENCE " ( THERE WAS MORE EVIDENCE OF INNOCENCE THAN GUILT ? ) AS WITH ALL THINGS IN IRAQ AND ABOUT IRAQ THERE IS SO MUCH THAT WE DO NOT KNOW, SO THE CAVEAT MUST ALWAYS BE NOT TO ATTACH TOO MUCH SIGNIFICANCE OR MEANING TO ANY ONE NEWS REPORT. REMEMBER, " THE ONLY TRUE WISDOM IS IN KNOWING THAT YOU KNOW NOTHING " - SOCRATES RESPECTFULLY SUBMITTED - CHATTELS
    Last edited by magnetlady; 01-20-2015 at 12:44 PM.

  5. #5

    Re: The Dinar Daily, Tuesday January 20, 2015

    Oil Minister: We have agreed with Arbil, 550 thousand barrels exported through the port of Ceyhan

    Oil Minister Adel Abdul-Mahdi said that "the meeting held on Monday with the parliamentary oil and energy has been fruitful, during which explain the ministry's plan for the current year, and the agreement between the federal government and the Kurdistan Regional Government." This came in a joint press conference with the Commission.

    He said the oil minister, according to the site the ministry, there is no "secret deal" in the agreement between the federal government in Baghdad and the Kurdistan Regional Government on the export of oil, Mbinna that the meetings with officials in the region on resolving the remaining differences will be completed after the approval of the budget in 2015.

    He said Abdul-Mahdi, that "the agreement with Erbil text on the export of 550 thousand barrels through the pipeline region to the Turkish port of Ceyhan," stressing "the lack of deals or secret treaties under this Agreement with respect to the export of oil, because the agreement was clear was published the contents of the agreement in A government statement. "

    He pointed out that "We will have meetings with officials in the Kurdistan region after approving the budget law, to complete resolve differences related receivables between Baghdad and Erbil."
    And that "Iraq produces four million barrels per day from the southern, central and northern oil fields," he said, adding that "the ministry put a ceiling on the export of oil, which is 3.3 million barrels per day."
    The minister added that he and "discuss the issue of the Kurdistan region's oil export through the port of Ceyhan with Turkish Energy Minister Taner Yildiz during his recent visit," noting that "Yildiz expressed his country's readiness to help Iraq to export this amount of oil through the port.

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3437781&usg=ALkJrhh9CpUuj7o5bSyN0AvJebCIC0EXNw

    ALSO :

    Kurdistan Is Committed To The Terms Of The Agreement With Baghdad




    BAGHDAD / NINA / Head of KRG, Nechirvan Barzani confirmed the region's commitment to the terms of the agreement with Baghdad.

    He said in a press statement that "the region is fully committed to the agreement between Kurdistan and the federal government and will be implemented literally, but until the ratification of the budget law," adding that "the federal government also passes in the biggest financial crisis."

    On the salaries of the staff of the region and the financial crisis, Barzani said that "the employees 'salaries crisis is not within the responsibility of Minister of Finance, but the Parliament should think realistically and do not put the employees' salaries in the political argument " .

    http://ninanews.com/english/News_Details.asp?ar95_VQ=HJGIHJ

    COMMENT : THIS IS A CHALLENGING TRANSLATION. IS BARZANI SAYING THAT COMPLIANCE BY KURDISTAN AWAITS PASSAGE OF THE BUDGET ? I HAVE OPINED IN RECENT DAYS THAT IT MAY BE THAT KURDISTAN HAS NOT AND IS NOT ABLE TO SUPPLY THE AMOUNT OF OIL AGREED UPON, YET.



    AND WHAT DOES THE FOLLOWING MEAN ? "the federal government also passes in the biggest financial crisis."


    BY CHATTELS

    and

    Oil Minister: Iraq Will Reach 4 Million Barrels Per Day To Compensate The Drop In Oil Prices Losses

    BAGHDAD / NINA / Oil Minister, Adel Abdul-Mahdi said that Iraq's oil production will reach / 4 / million barrels a day this year after the recent agreement with Kurdistan. "

    Abdul-Mahdi said in a press statement: "This is a historic figure happens for the first time, indicating that Iraq has made great efforts and invested large sums of money to get to this number."

    He added that Iraq's oil exports last month approached / 3 / million barrels per day, including the oil through the port of Ceyhan, "expected to see, in the second half or the last of this year, a surge in oil prices", expressing his belief that oil prices would not return to what they were during the past years. "

    He stressed that "to increase oil production volume will participate in compensate decline in oil prices," expected Iraq's exports at a rate of 3.3 million barrels. "

    It is noteworthy that world oil prices have seen a significant decrease is the first of its kind in five years, causing damage to many countries, including Iraq.

    http://ninanews.com/english/News_Details.asp?ar95_VQ=HJGIJK
    Last edited by magnetlady; 01-20-2015 at 01:16 PM.

  6. #6

    Re: The Dinar Daily, Tuesday January 20, 2015

    Conscious / Minister of Labour: soft loans generating income will be spent for the citizens at once



    Conscious / Baghdad / m L
    The Ministry of Labour and Social Affairs has decided to give soft income-generating loans to citizens at once instead of in two batches from the meal ninth for the current year.

    A statement of the ministry received (news agency, media / INA), the minister Mohammed Xiaa Sudanese Sudanese saying presided over the meeting of the fund management support small income-generating projects that the current stage requires simplification of procedures for the granting of soft loans, income-generating citizens with granting preliminary displaced in the registry on loans to their situation into account humanitarian and hard living.

    He noted "that the provinces will be fired register for this year within the Fund program to support small income-generating projects are Basra, Maysan and Muthanna, Diyala and Karbala as of mid-February for a month to complete the setup specified in accordance with the ratio of the population of these provinces, adding that there are candidates in other provinces did not launches their meals so far.

    According Sudanese that provinces that have met the physical share of the loans will be granted 20% extra amounts of loans, Qadisiyah and Wasit, Najaf in order to create permanence and continuity to fund lending as a result of the high incidence of poverty in. He stressed the importance of simplifying procedures and giving powers to the provinces to take measures quick and efficient in the delivery of loans to recipients stating that he will open a separate account to fund lending in Babil province after the formation of a committee consisting of the Fund's Board members who represent the ministries of planning, agriculture, industry and trade, finance, labor and social affairs and strengthened the appropriate amounts of exercise lending process is not centralized. In terms of the industrial sector loans minister said that he has been allocated (5) billion dinars for the loans include industrial services (500) project in Baghdad and the provinces granted between (5-10) million dinars to support the industrial process as an important means of work of the ministry.

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3437878&usg=ALkJrhjEzsQFAhUI0ofzvnrXxudTgPBkpA
    Last edited by magnetlady; 01-20-2015 at 01:16 PM.

  7. #7

    Re: The Dinar Daily, Tuesday January 20, 2015

    Alabboudh: Final Report of the Finance Committee will determine the date of the vote on the budget



    Confirmed the MP for the rule of law Rehab Alabboudh, on Tuesday, that the date for the vote on the general budget of the country will be determined by the final report of the Finance Committee, indicating that all the political blocs with the rapid adoption of the current year budget.

    Alabboudh said in a statement received by the agency / information / copy of it, "The past few days have seen intensive meetings of the Finance Committee with all ministries in order to reach the final version of the draft budget in order to be provided by the Committee of the Council."

    "The final report of the Finance Committee will be crucial in determining the vote on the budget session, which everyone hopes will be very close and during the next few days."
    This was during the work of the House agenda for this week's vote on the 2015 budget, while some politicians are likely delayed approval because of the continuing decline in oil prices.Ended 25 R.

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3437881&usg=ALkJrhgfd_MZWWH2czPMY5cGjxuOeylwYw

    AND

    There Is No Political Pressure In The Parliament To Block Adoption The Budget



    BAGHDAD / NINA /
    A member of the parliamentary finance committee Massoud Haider ruled out existing political pressure inside the House of Representatives to block the adoption of the federal budget.

    He told the National Iraqi News Agency / NINA /: "The House of Representatives is determined to pass the budget as soon as possible, noting that the country is in dire need for approving it at the moment, as the security conditions of the country had a negative impact on the economic situation, pointing out that the parliamentary Finance committee put the finishing touches on the project and reduced deficit in spite of the drop in world oil prices. "

    He said, "The world oil prices were rising gradually and it is hoped reaching up to normal with the second half of this year, and this will affect positively on the state budget, adding that the parliamentary finance committee adopted the principle of transfers amounts allocated to the ministries in the budget in order to grant a greater chance to the work of the important ministries that affect the lives of citizens and to reduce the deficit."

    The House of Representatives finished the second reading of the budget law for the current year last week and with the continuation of the Parliamentary Finance Committee to complete discussions in preparation for the drafting of the amendments in the final report of the budget.

    http://ninanews.com/english/News_Details.asp?ar95_VQ=HJGIFE
    Last edited by magnetlady; 01-20-2015 at 01:17 PM.

  8. #8

    Re: The Dinar Daily, Tuesday January 20, 2015

    Without the budget discussion: Vice Iraq meet tomorrow



    Erbil-Iraq Press -20 January: Iraqi Council of Representatives, announced on Tuesday that the work of the fifth session of the second legislative term of the first legislative year, the agenda includes the first reading of the four bills, while table devoid of draft financial budget for the current year 2015.

    And ensure that the work of the fifth session, which will be held schedule, on Wednesday, which was published on the website of the House of Representatives and I followed / Iraq Press / "The first reading of the draft Fifth Amendment to the law maintenance and drainage number of irrigation systems (12) for the year 1995, and the first reading of the draft secretion Law land and orchards within the design basis for the city of Baghdad and municipalities. "

    It also will witness the meeting, "the first reading of the draft agricultural land rent law and the first reading of the draft law of the Federal Court" .anthy

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3437887&usg=ALkJrhh_aXphVrdq90TvVWbGFotBcimSmw
    Last edited by magnetlady; 01-20-2015 at 01:17 PM.

  9. #9

    Canada special forces clash with IS in Iraq

    Canada special forces clash with IS in Iraq



    Baghdad (AIN) - Canadian special forces exchanged gunfire with Islamic State fighters in Iraq in recent days, in the first confirmed ground battle between Western troops and IS, a senior officer said Monday.

    The Canadians came under mortar and machine gun fire while training Iraqi troops near front lines and shot back in what Canadian special forces commander Brigadier General Michael Rouleau described as self-defense, killing the IS fighters.

    Rouleau said the melee had taken place in the previous seven days and was "the first time we've taken fire and returned fire" in Iraq, where the extremists have overrun large areas.

    "My troops had completed a planning session with senior Iraqi leaders several kilometers behind the front lines," Rouleau told a regular media briefing on the conflict.

    "When they moved forward to confirm the planning at the front lines in order to visualize what they had discussed over a map, they came under immediate and effective mortar and machine gun fire."

    The general said the Canadians used sniper fire to "neutralize both threats" and there were no Canadian injuries.

    The United States has previously reported having launched an unsuccessful hostage-rescue operation against the IS group in neighboring Syria, but Western forces have not officially engaged in ground combat.

    A US-led international coalition has been carrying out air raids on IS extremists in Iraq and Syria since last year. Canada is only involved in Iraq operations.

    http://www.alliraqnews.com/en/index.php/political-news/63351-canada-special-forces-clash-with-is-in-iraq.html

  10. #10

    MP: Employees' salaries not to be affected by measures of 2015 Budget Law

    MP: Employees' salaries not to be affected by measures of 2015 Budget Law



    Baghdad (AIN) –The member of the State of Law Coalition, Jasim Mohamed Jaafar, pointed "The employees' salaries must not be affected by the measures taken within Budget Law of 2015."

    He stated to AIN "SLC rejects reducing the employees' salaries due to the decline of the oil prices."

    http://www.alliraqnews.com/en/index.php/political-news/63353-mp-employees-salaries-not-to-be-affected-by-measures-of-2015-budget-law.html

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