The Dinar Daily, Friday February 27, 2015
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  1. #1

    The Dinar Daily, Friday February 27, 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, Friday February 27, 2015

    Reserved for Budget

  3. #3

    Re: The Dinar Daily, Friday February 27, 2015

    Reserved for Mosul

  4. #4

    Re: The Dinar Daily, Friday February 27, 2015

    Reserved for oil and gas

    Badr bloc's: the oil agreement between Arbil and Baghdad was temporarily

    http://aletejahtv.org/thumbnail.php?..._408611958.jpg

    Revealed MP Badr arrows Moses bloc on Thursday that the differences between the Governments of Kurdistan and the federal and especially oil, are still continuing despite the formation of the new government. Moses In the press her with "direction Press" confirmed that the Arbil did not fulfill their obligations with Baghdad over oil deal being was temporary and subject to many variables, according to parties' commitment to the terms of the Convention, noting that the recent agreement to ensure the export of Kurdistan 250 000 barrels per day from the fields and for two months in order to Kurds pay the employees' salaries.

    He added that the federal government pass today difficult circumstances because of the large fiscal deficit in Mozantha as well as the fierce battle being waged against the hardest criminal gangs all these things pushed Kurdistan to exploit and raise the proportion of their demands through pressure on the federal government, noting that the Kurdish officials acting on Iraq booty and trying to get a bigger financial gain from it.

    It is said that the Kurdistan Alliance MP Ares Abdullah revealed that the payment of the rights of the oil companies operating in Iraqi Kurdistan problem by the federal government is the main obstacle to the completion of the oil agreement between Baghdad and Erbil. Abdullah said during the interview, "the direction of the Press" that the government of Kurdistan be asked to pay dues of these companies in 2014 and companies operating there or let the Kurdistan sell certain quantities of oil to these companies to pay what Bzmtha of debt, noting that the two sides have yet to agree on a mechanism. Rahim Ali al-Lami

    http://tinyurl.com/nt52uzb

    and

    Kurdistan region endorses the political and scientific program to remove obstacles to the implementation of the oil deal with Baghdad


    http://www.alliraqnews.com/cache/mul...m36s48__BA.jpg

    KRG announced on Thursday endorsement of the scientific and political program to remove obstacles to the implementation of the oil agreement with Baghdad. A statement by the Kurdistan Democratic Party that "the region's president, Massoud Barzani met on Thursday evening at the headquarters of the province with the main political forces in Kurdistan to discuss several economic and political issues, security and discuss the current situation in Iraq and the Kurdistan regional government and the financial crisis."

    The complaint came out of the meeting endorsed the seven-point strategy, supported by Kurdish forces, according to the statement reads in part: First, the meeting expressed its gratitude to the spirit of the unlimited redemption and valor of the Peshmerga on the battlefield, and the high values ​​of steadfastness and heroism and promise a source of pride for the Kurds and Kurdistan and Democrats in the region and the world.

    Second, emphasis was placed on the unity of the Kurdish political forces in Iraq and the Kurdistan region and the row to break a political and military equation in the Kurdistan region, and the achievement of political, administrative and military victories and progress towards final victory.

    Third, in order to deliver the unity of political forces of Kurdistan to the top of political trust, meeting recommended the granting of the parties involved in the cabin eighth of the Government of the county change, the Islamic Union and the Islamic Group] positions and administrative seats and quotas in the federal, regional and provincial government, according to their merits election.

    Fourth: see the people and the government of Kurdistan that the province has the right, without doubt, the extraction and sale of oil in accordance with Article 112 and 115 of the permanent Iraqi constitution within the legal process and rules and law, and the commitment of both sides General Budget Law for Iraq Fed for the year 2015 to ensure that the economy of the region, who addresses the fundamental problem of the budget and the salaries of citizens Kurdistan and the Kurdistan Regional Government to implement all the clauses of the agreement signed with the government in Baghdad, and that the Baghdad government implement those Alnpod Also, the artistic and technically differences can be addressed through dialogue and discussions. "

    The statement pointed out that "In this area was approved on the political and scientific program in order to remove obstacles to the implementation of the Convention."

    Fifth Meeting House of Representatives and the Iraqi government and the Alliance of Shiite and Sunni powers demanding that Aajalo of political disputes and technical problems in all circumstances an obstacle to the citizens of the Kurdistan salaries, as well as the support of the Kurdistan Peshmerga and insurance paid just like the army and the rest of the Iraqi armed forces.

    Sixth: to be for the presidency of the region and the government and the Parliament of Kurdistan diplomat and an international program to safeguard the largest of countries and international centers of political support, as well as to get the support of the Peshmerga in the logistics field and provide it with heavy weapons.

    Seventh: The meeting emphasized his support for the Kurdistan Regional Government, in the hope that the government will continue in its efforts to address the problem of the budget and salaries.

    He assembled according to the statement about "hope to be able to and in accordance with the tight program and greater capacity, to achieve victory Strategy on Daash as soon as possible, and that these become the basis of the root treatment of all political, economic and social problems in Iraq and the Kurdistan region, including the implementation of Article 140 of the Iraqi Constitution victories." it's over

    http://tinyurl.com/oyd4l5z
    Last edited by chattels; 02-28-2015 at 11:08 AM.

  5. #5

    Re: The Dinar Daily, Friday February 27, 2015

    Reserved for Natl Guard

    Parliamentary Security begins next week to prepare a report of the National Guard Law

    http://www.alrasheedmedia.com/wp-con...8%A7%D8%B9.jpg


    BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - Commission on Security and Defence parliamentary said, it will begin next week to prepare a draft of the National Guard who arrived at the Presidency of the Council of Representatives yesterday from the government after completing its scrutiny of the Council of State Law Report discussions . The committee member said Iskandar, Tut's (IMN) , said that "for security and defense committee will hold a meeting next Sunday to start studying the project of the National Guard Law and listen to comments from members of the committee working on the numbers of the Commission's recommendations as soon as possible and submit it to the Presidency of the Council to start by reading the project read the first and second . " And berries, adding that "the most prominent key points in the law by almost a consensus of the political parties within the Commission which relates to command and control of the National Guard, which is in command of military operations in addition to the reinforcement which is less possibility of the army and the best of the local police . " The Deputy Chairman of the Iraqi Parliament Iaram Sheikh Mohammed, yesterday the arrival of a project of the National Guard Law to the Presidency of the Council formally by the Council of Ministers . A statement by the Office of the Deputy Speaker of Parliament, the National Guard functions of the fight against terrorism and the armed groups and the sixth
    paragraph of Article (4) These include the military power of the administrative chief of staff of the department stores and armament and military operations and intelligence its own .

    From: Haider Al-Tamimi

    http://tinyurl.com/nqctujb
    Last edited by chattels; 02-28-2015 at 11:10 AM.

  6. #6

    Re: The Dinar Daily, Friday February 27, 2015

    Reserved for Natl Rec

  7. #7

    Re: The Dinar Daily, Friday February 27, 2015

    Reserved for Natl Rec 2

  8. #8

    Re: The Dinar Daily, Friday February 27, 2015

    Maliki calls for the arrest of al-Abadi Ali al-Dabbagh


    Baghdad _ ((eighth day)) Student Vice President Nuri al-Maliki, a spokesman for the arrest of former Prime Minister Ali al-Dabbagh.

    Political and reported close to Prime Minister Haider al-Abadi, that the latter received a phone call from al-Maliki, informing him to stop agent charges the media and investigative committees assigned to indict him personally, and forget about the past period. "

    The source indicated that "al-Maliki told Abadi text that: exploration of the corruption of the previous phase, will delay his career seeking to repair the situation in Iraq, and what is not, it does not make Maliki only person responsible for the corruption of previous governments Files".

    He added that "al-Maliki tried to show that he is not only responsible for that dark period, and word-media all responsibility about the corruption of the previous Iraqi governments, is not true," explaining that "al-Maliki told Abadi that the best example of this responsibility Dabbagh deal Russian corrupt arms, and you should arrest him. "

    The source continued that "Abadi looked comfortable from the tense stand-Maliki and told him that the text" were not guilty do not fear punishment, legal investigations, and will take the role of the judiciary to hold accountable officials and corrupt whatever their position. "

    It is said that a deal of Russian weapons, has yet travel a government delegation in the previous period, Prime Minister Nuri al-Maliki and his former defense minister / agency Saadoun al-Dulaimi, and Ali al-Dabbagh, a group of those who followed them in addition to the participation of businessmen, traders senior, was al-Maliki is the only one responsible for it. | ST


    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%3D3563715&usg=ALkJrhhuTuiIQ6nYfN9Aafqm7hMSHbP6GA
    Last edited by pinkadonai1; 02-27-2015 at 11:12 AM.

  9. #9

    Re: The Dinar Daily, Friday February 27, 2015

    Finance: Iraqi budget took into account the pressure on government spending



    Cairo - directly: Iraqi Finance Minister, "Hoshyar Zebari," said that the issuance and publication of the budget law will be the work of the Ministry of Finance and other ministries and government institutions for the implementation of the budget, which was built on the basis of the agreement between the central government and the Kurdistan Regional Government during the current year items guide.

    According to a statement directly obtained a copy of it, the minister pointed to the difficult challenges faced by Iraq during this year due to lower oil prices in world markets on the one hand and the war on terror, on the other hand, so the budget has taken into account the need to put pressure on government spending and work to plug in the budget by maximizing the resources of the state of Iraq's internal sources and activate the collection of fees owed to the state, and that priority will be given to the defense and displaced persons and the basic needs of citizens, including security personnel and pensioners.

    He stressed that the ministry began regardless salaries of companies and institutions self-funded, and in the end of the press conference held at the ministry's headquarters on the occasion of the release and publication of the budget law minister replied to questions and inquiries media, to journalists.


    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%3D3563590&usg=ALkJrhi1NAaX2abT_9mrp-hx-U4n61TgQQ




    Last edited by pinkadonai1; 02-27-2015 at 11:14 AM.

  10. #10

    Re: The Dinar Daily, Friday February 27, 2015

    Finance "acted" the salaries of self-financing companies



    Finance Minister Hoshyar Zebari, on Thursday, the salaries of self-financing companies exchange, calling on companies to review the banks to take over their employees' salaries.

    The Ministry of Finance has announced the implementation of the decision of the Council of Ministers at its last session, and application of the law of the budget for 2015, the staff of the self-financing companies paying salaries, and has taken all necessary steps to pay those salaries start from next week's action.

    The Cabinet decided in an earlier release of the salaries of self-financing firms session and to recommend to the Ministry of Finance to implement it and Establish a special committee to resolve the problems of self-financing companies in earnest and to ensure the rights of the employees of these companies.

    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%3D3563299&usg=ALkJrhjCvIGEcPo38zjMpvmDHWoO30klvg


    Last edited by pinkadonai1; 02-27-2015 at 11:15 AM.

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