" The Dinar Daily ", Friday, 6 March 2015
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  1. #1

    " The Dinar Daily ", Friday, 6 March 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, 6 March 2015

    Supreme Religious Authority calls Iraqis to unite



    Karbala (AIN) –The Supreme Religious Authority called the Iraqis to unite to dismiss the ISIL terrorists from Iraq.

    http://www.alliraqnews.com/en/index.php/political-news/65302-supreme-religious-authority-calls-iraqis-to-unite.html

    and

    Supreme Religious Authority stresses necessity of involving citizens of occupied cities military operations



    Karbala (AIN) –The Supreme Religious Authority assured the necessity of involving the citizens of the occupied areas in Salah il-Din in liberating their areas by being involved in the military operation.

    http://www.alliraqnews.com/en/index.php/political-news/65303-supreme-religious-authority-stresses-necessity-of-involving-citizens-of-occupied-cities-military-operations.html
    Last edited by pinkadonai1; 03-06-2015 at 12:37 PM.

  3. #3

    Re: " The Dinar Daily ", Friday, 6 March 2015

    US General: Kurdistan’s struggle as ‘poster child’ of Iraq



    By RUDAW - NEW YORK -Gen. James L. Jones is a military professional with a quarter-century of experience with Iraq’s Kurdish population. He has served in top US military roles and was National Security Advisor during President Barack Obama’s first two years in office. Since 2012, Gen. Jones has been CEO of the US-Kurdistan Business Council (USKBC), a trade group of US firms investing in northern Iraq. In this interview with Rudaw, he shares his views on Kurds, the fight with Islamic State (ISIS) and Iran’s controversial nuclear programme.

    Rudaw: How did you get involved in the Kurdish cause?

    Gen. Jones: My experience with what we now call Kurdistan dates back to 1991, when I was on active duty. After the Gulf War, we and 25, 000 international troops, mostly from Europe, spent several months on a tour of the Kurdish relief operation when they were stampeded into the mountains of southern Turkey by the trail of a chemical and biological attack by Saddam Hussein. That’s when I first got involved with the Kurds, I’ve been sympathetic to their situation ever since.

    When it came time to leave the White House and do something worthwhile, I thought that the Kurdish people had always been great allies of the US, and they helped us immeasurably during the 2003 Iraq war. I wanted to help the reconstruction of Iraq with Kurdistan as its poster child. Now, with ISIS in the region, the economic imperatives of a long-term solution are still there, but it’s more difficult.

    Rudaw: Do you support Kurdish calls for independence?

    Gen. Jones: I don’t advocate that Kurdistan break away. It wouldn’t do them any good in the long run, certainly not now. After the disappointing results of Iraqi prime minister Nouri al-Maliki, I’m hopeful that the next government will have a broader vision for Iraq’s future, perhaps with three semi-autonomous entities linked to a central government. That’s the way we’re heading, only time will tell. There’s some very pressing security problems right now but I think if we can find a way ahead with the new government, and they do what they’re talking about doing, it might work out.

    Rudaw: How confident are you that Iraqi forces can tackle ISIS in Mosul and elsewhere?

    Gen. Jones: I’m confident that re-taking Mosul will eventually be achieved, but it shouldn’t be attempted until you know full well what the results will be. It’s going to take time. It will be interesting to see how this operation in Tikrit goes. Numerically, they have a preponderance of force of about three to one, and that is usually enough to do the job. Eventually there will be enough boots on the ground. I’m not sure where they’ll all come from but eventually to really defeat ISIS, they’re going to have to have sufficient ground operations.

    Rudaw: What do you think of Washington’s leadership against ISIS?

    Gen. Jones: I think it was a mistake to not react more strongly when Syrian President Bashar al-Assad violated the red lines (set by Obama on chemical weapons use). A lot of people drew conclusions around the world that were unfortunate. I think it was a mistake to announce that the US would not put boots on the ground. You don’t telegraph what you will do and won’t do in an operational sense. That is not wise. Even if you didn’t want to put boots on the ground, to remove that possibility so publicly only reinforces the enemy’s confidence.

    I think there were a couple of fairly serious foreign policy missteps and we’ve been trying to recover. Obviously, there are boots on the ground now, and perhaps not in combat but certainly there. And I believed all along that an air campaign alone is insufficient to resolve ISIS quickly.

    The best you can hope for is what we’ve achieved, and then basically watching for progress until you can tackle ISIS decisively with ground activity complemented by air activity. I don’t think it’s a strategic question, but I think it needs to be dealt with tactically, and effective engagement will send the messages to different parts of the world where people are inspired by ISIS.

    Rudaw: Surely the best tactic for beating ISIS in Syria is backing al-Assad?

    Gen. Jones: I’m not sure, to be honest. Some things going on are somewhat encouraging. I think Turkey and the US will find common cause eventually in Syria. My vote for Syria after the red lines of using chemical weapons would’ve been to partition Syria in the north with an international force, with US and Turkish participation, and create a no-fly, no-go, no-drive zone for refugees. It would’ve helped Jordan, stemming the flow of refugees. And Assad would’ve lost a chunk of his country as a result of using weapons of mass destruction, which is a horrific crime that he’s not really been held accountable for.

    I think the strategy to clean ISIS out of Iraq and at the same time think about what you want to do in Syria, they kind of go hand-in-hand. I don’t think you should stop with Iraq.

    Rudaw: How do you rate the nuclear negotiations with Iran?

    Gen. Jones: My experience with Iran is that, before you agree with that country you need to have ironclad verification that they’re going to live up to their promises; it would be naive of us to not have guarantees. There’s no question in my mind that Iran is at the table because these sanctions were hurting their economy. I was very proud to have been a part of creating those sanctions. I don’t think we should be supplicant to get a deal with Iran that isn’t ironclad and verifiable.

    Rudaw: What did you think of Israeli Prime Minister Benjamin Netanyahu’s congressional speech?

    Gen. Jones: I was disappointed in the way that the invitation for the Israeli Prime Minister to address the joint session of Congress was handled. I think it was an unnecessary political slap for the president that was poorly done. I have also been extremely critical about the prime minister, particularly in 2009 and 2010 when he had an opportunity to forge ahead in the Middle East peace. He came to Washington and said one thing and went back to Israel and did completely another. From his words this week, I’m not sure that he did anything but complicate the Middle East peace process. It was a great delivery, but for anyone who knows the history and the need for a two-state solution for the good of Israel, the Palestinians and the region, this was not the finest hour.

    Rudaw: Are you worried the deal leaves Iran with too much nuclear infrastructure?

    Gen. Jones: In the history of proliferation, most countries who’ve acquired nuclear weapons have quickly figured out that if they used them, they would face serious retaliation. If they didn’t fear retaliation, some countries would have already perhaps used them.

    I understand Israel’s concerns over its survival in the neighborhood it’s in. I get that. But I think the likelihood – and I could be wrong – of a nuclear exchange between Iran and Israel is pretty small -- the US would never let that happen. It’s important that the Iranians understand that the US is resolute in protecting its friends and allies.

    Rudaw: How does USKBC fit into your ideas for stabilizing the region?

    Gen. Jones: I think engagement in the 21st century will be different to in the 20th century, when many international problems were resolved through military force. The Cold War was not a shooting war, but was about the balance of military power and the economic strength of one side over the other. Defeating radical fundamentalism requires a combination of three pillars: security, economic development and governance and rule of law. This mix can transform troubled parts of our planet right now.

    An organization like USKBC, although small and dealing with a small but strategic area, is emblematic of a policy where, when the shooting stops and ISIS disappears, what will you do the next day? You need a plan for economic revival, the proper use of energy, shoring up the economy and educating young people about ISIS and other radical groups.

    If all we do is apply military power and walk away, then we’re just creating or making more enemies than you had. At the end of the day, Iraq as one country is going to be a hell of a lot better than just a series of tribes constantly fighting each other in a never-ending conflict.

    http://rudaw.net/english/interview/06032015
    Last edited by pinkadonai1; 03-06-2015 at 12:40 PM.

  4. #4

    Re: " The Dinar Daily ", Friday, 6 March 2015

    Netanyahu’s Address to Congress
    By DAVID ROMANO


    On March 3rd, Israeli Prime Minister Benjamin Netanyahu delivered his long anticipated speech before the United States Congress. Just the media coverage preceding the speech far exceeded the coverage most events get after they occur. The Israeli Prime Minister had accepted an invitation from Republican leader John Boehner to talk about U.S. negotiations with Iran over its nuclear program. Because the invitation was made without consulting U.S. President Obama, the entire event represented a significant breach of protocol and a strain on U.S.-Israeli relations.

    Immediately following Netanyahu's speech, lead Democratic congresswomen Nancy Pelosi expressed the sentiment of many within the Obama administration: "I was near tears throughout the prime minister's speech — saddened by the insult to the intelligence of the United States," she said, adding that she did not appreciate "the condescension toward our knowledge of the threat posed by Iran and our broader commitment to preventing nuclear proliferation."

    It does seem difficult to escape Mrs. Pelosi’s contention that the speech was condescending to the Obama administration. Mr. Netanyahu reminded the Americans that “Iran took dozens of Americans hostage in Tehran, murdered hundreds of American soldiers, Marines, in Beirut, and was responsible for killing and maiming thousands of American service men and women in Iraq and Afghanistan.....It even attempted to assassinate the Saudi ambassador, right here in Washington, D.C..”

    The Israeli Prime Minister tried to remind the Americans that Iran itself, rather than just its nuclear program, is a big problem for not just Washington but the entire region: “Iran's goons in Gaza, its lackeys in Lebanon, its revolutionary guards on the Golan Heights are clutching Israel with three tentacles of terror. Backed by Iran, Assad is slaughtering Syrians. Back by Iran, Shiite militias are rampaging through Iraq. Backed by Iran, Houthis are seizing control of Yemen, threatening the strategic straits at the mouth of the Red Sea. Along with the Straits of Hormuz, that would give Iran a second choke-point on the world's oil supply. In the Middle East, Iran now dominates four Arab capitals, Baghdad, Damascus, Beirut and Sanaa. And if Iran's aggression is left unchecked, more will surely follow. So, at a time when many hope that Iran will join the community of nations, Iran is busy gobbling up the nations.”

    Mr. Netanyahu then went on to warn the Americans that they were being tricked into a deal that fails to stop Teheran’s nuclear weapons program at the same time that it rewards the Iranians with an end to sanctions. In a rare instance of agreement, much of the Arab world – and in particular the Arab Gulf – agrees with and supports the Israeli leader’s warnings. The prospect of a nuclear Iran worries the likes of Saudi Arabia almost as much as Israel, and threatens to spark a nuclear arms race across an already unstable Middle East.

    The Israeli Prime Minister’s recommendations for when sanctions on Iran should be lifted appeared wholly unreasonable, however, and not linked to the nuclear issue at all: “Before lifting those restrictions, the world should demand that Iran do three things. First, stop its aggression against its neighbors in the Middle East. Second, stop supporting terrorism around the world. And third, stop threatening to annihilate my country, Israel, the one and only Jewish state.” No self-respecting state could accept the first two exceedingly vague conditions, and Iranian leaders are unlikely to break their habit of calling for the destruction of Israel either. Although they can hopefully help on the nuclear issue, the Americans cannot legitimately hold Iran down on other pretexts.

    When Mr. Netanyahu warns against not negotiating hard enough with the Iranians, however, the White House, Nancy Pelosi and their fellow Democrats should be a little less quick to take offense. Washington has lost the confidence of many, both in the Middle East and outside of it. Friends worry after the U.S. failed to send anyone to the Charlie Hebdo event in Paris (attended by everybody else, including Turkey, the Palestinians and Russia); after John Kerry blundered himself into proposing the Turkey-Qatar pro-Hamas terms of a Gaza cease-fire last summer; after Mr. Obama called the Islamic State a "JV" team last year when everyone in the intelligence community was saying this was becoming a real threat; and after Assad crossed Mr. Obama’s “red lines” with impunity – to name just a few of the latest reasons. Right now allies fret as Washington sends weapons to fantasy “moderates” in Syria, or to an Iraqi Army dominated by pro-Iranian militias – while its Kurdish friends get little. They worry as Mr. Obama seems more angry with Mr. Netanyahu than he is with people like Mr. Putin, Mr. Assad, Mr. Khamenei, Mr. Baghdadi and others.

    Perhaps Nancy Pelosi might therefore want to shed her tears about more important things than Mr. Netanyahu’s sleights, things like the declining confidence in Washington’s leadership.

    David Romano has been a Rudaw columnist since 2010. He is the Thomas G. Strong Professor of Middle East Politics at Missouri State University and author of The Kurdish Nationalist Movement (2006, Cambridge University Press) and co-editor (with Mehmet Gurses) of Conflict, Democratization and the Kurds in the Middle East (2014, Palgrave Macmillan).

    The views expressed in this article are those of the author and do not necessarily reflect the position of Rudaw.

    http://rudaw.net/english/opinion/06032015
    Last edited by pinkadonai1; 03-06-2015 at 02:43 PM.

  5. #5

    Re: " The Dinar Daily ", Friday, 6 March 2015

    Council Baghdad: our budget was reduced to half and did not reach yet



    Long-Presse / Baghdad Confirmed the Baghdad Provincial Council, on Friday, that the amount of the 2015 budget, which was reduced to half was not yet up, and as pointed out that it will reflect negatively on the implementation of projects in the capital, Baghdad, pointed out that the bulk of the allocations will be spent to complete with the percentage of completion of the important projects high.

    He said council member Saad logistical In an interview with the (long-Presse), "The assigned to the Baghdad Provincial Council, which was reduced to half due to the financial crisis experienced by Iraq did not reach until this moment amounts," noting that "it will reflect negatively on the implementation of projects in the capital, Baghdad." .

    He pointed out logistical, that "the provincial council reshaped strategy for the implementation of projects in the capital and its outskirts, and we are waiting for the arrival of the Council's budget amounts that were supposed to arrive until more than a month."

    He logistical, that "the bulk of the funds are to be allocated to complete important projects that reach completion to 80 or 90 percent after the completion of which will be switching to the same ratios projects least," noting that "the projects that are a percentage of 45% or below Vstagel to In the case of the supplementary budget is not available to leave next year because of the budget, which does not cover all the size of the projects. "

    The Presidency of the Republic of Iraq confirmed in the (February 10, 2015), that the President Fuad Masum approved the financial budget for the current year law in 2015, after being sent by the House of Representatives, and thanked the infallible contributed prepared and legislation, as called for cost control is necessary and taking into account the social strata Low income.

    The Iraqi Council of Representatives on Thursday approved, (January 29, 2015), the financial budget for the current year 2015, B119 trillion Iraqi dinars and a deficit of 25 trillion dinars, with House Speaker Salim al-Jubouri confirmed it was the first time that the adoption of the budget is during the month the first of the year, and described as "achievement".

    http://www.almadapress.com/ar/news/45082/%D9%85%D8%AC%D9%84%D8%B3-%D8%A8%D8%BA%D8%AF%D8%A7%D8%AF-%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%AA%D9%86%D8%A7-%D8%AE%D9%81%D8%B6%D8%AA-%D8%A5%D9%84%D9%89-%D8%A7%D9%84%D9%86%D8%B5%D9%81-

  6. #6

    Re: " The Dinar Daily ", Friday, 6 March 2015

    Parliamentary Finance: The government would appeal in the "central" sales restrictions probably



    Long-Presse / Baghdad
    Finance Committee in the House of Representatives suggesting that the government is moving to challenge substance identified in the budget ceiling of the central bank from the sale of certain foreign currency, which is one of the main modifications within (17 articles) introduced by the Parliament during the sessions saw the adoption of the budget law in the month of January last. It also defends adjusted to that paragraph says it guarantees not to waste money, a spokeswoman for the big money has been "Bleached" over the past years.

    This comes at a time criticizing an economist involving the "paragraph central bank" within the budget law, and considers it one of the reasons for the instability of (dollar) in the exchange rate in recent times, suggesting that citizens in panic due to the fluctuation of exchange rates, and the recent financial impact will continue for several years.

    The Cabinet decided Tuesday to authorize boss Haider Abadi right to challenge some of the provisions and articles contained in the federal budget for the current 2015 law, and to present its provisions and materials contested the Commission crisis.

    He says the Finance Committee member Massoud Rustam "long" that "Parliament has not yet received a formal letter of appeal government paragraphs budget", but it is likely that he probably would appeal to Article own set daily sales of the Central Bank of the dollar 75 million dollars a day, based on the "objection previously issued by some parties of the government, which has refused to this article. "

    And defends all Rustam Add parliament that paragraph, saying "We have information we will ensure them, the existence of cases of corruption and money laundering of money - refused mentioned Balthdid- contributed by the central bank sales over the past ten years."

    He said Rustam said that "the information is pushed from the parliament and the Finance Committee to restrict the Central sales of the dollar for fear of wasting money."

    Parliament has been added and amended some 17 items in the budget law, notably Article 50, which states that "the central bank is committed to identifying sales of foreign currency (dollar) in daily auction ceiling not to exceed $ 75 million a day with the exercise of justice in the sales process." And other materials related to reducing the number of cars of the three presidencies to five cars and the allocation of three cars each minister, and pressure Alaivadat Foreign Posts 50%, and compel the Ministry of Finance and ministries all under the pay and entitlements of staff in the provinces in the hot areas, install the contract-holders in the ministries who have three service years and older in the budget of 2015 and the creation of the reconstruction of areas devastated by the fund terrorism, and the allocation of two dollars for each province producing oil, and two dollars for every barrel of oil refining.

    But Abdul Aziz Hassoun, an expert in the affairs of the banks and the economy criticizes Article 50 of the 2015 budget, he says, "long" that "these extraneous material on the budget and is not related to the state funds spent and the gates of administration by law."

    He adds that the Goldfinch "determine the central bank sales in its daily auction from the sale of the dollar contributed to the Tzbb currency rates." As "The instability of the dollar was due to panic Iraqi government news from the scarcity of liquidity, prompting everyone to turn on the switch of the national currency to the dollar."

    Goldfinch says that "the government is the source of pumping money into the market, while scarce liquidity of the government, forced banks to non-fulfillment of obligations of borrowers who provide services to the government (and equipped contractors) and the delivery of other customers for their money."

    He adds Hassoun that "last year closed the banks on a wide range of obstructed loans that have not paid, and I tried this year, the allocation of funds to cover the deficit through earnings, so bogged down economic cycle, and began to banks facing mounting customer requests for money after that restricted some banks to launch money deposited with it ".

    Criticizes Goldfinch Central Bank, which says that he "has the tools to decode strapped banks, through the monetization of assets, Verhn bank bonds and turn it into money," stressing that "the central bank has a large stock of money, because Aovernmh- experiencing a crisis in Alsjulh- not have dollars to give to Central to turn him into a dinars. "

    And other solutions says banking expert that "banks achieved a surplus of money at the end of each working day, the international banks are not taken to be stored, but converted to other banks in the case of cooperation between banks to achieve liquidity to meet the demands of customers, but this does not exist in Iraq."

    On the other hand is likely to continue Goldfinch effects of the current financial crisis for years due to poor economic planning and Tdharbh, and "dispel" more than 75% of the revenue generated in an operating budget. It also says that consumer behavior during this phase change and comply with the sale and purchase transactions.

    http://www.almadapress.com/ar/news/45119/%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86%D 9%8A%D8%A9-%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D8%A9-%D8%B3%D8%AA%D8%B7%D8%B9%D9%86-%D9%81%D9%8A

  7. #7

    Re: " The Dinar Daily ", Friday, 6 March 2015

    Consultant Abadi: We set great hedges any surprises oil prices and the priority of the security and salaries [audio]



    [Baghdad-where]
    Revealed the appearance of Mohammed Saleh economic adviser to Prime Minister Haider al-Abadi for developing large hedges of the state in the event of what he described as "surprises or fluctuations" in global oil prices, which depend on Iraq dramatically in national income.

    Said Saleh told all of Iraq [where] "We are working the first two-way hedge oil volatility by reducing unnecessary expenses and provide the necessary and basic ones to defend Iraq and the fight against terrorism Aldaasha expenses, in addition to securing the living requirements of life for citizens in Iraq from the ration card and the salaries of the staff." .

    He added, "as that of Olwightna important strategic projects and the ruling that her prejudice in people's lives and the priorities that we set as a hedge against fluctuations in oil prices," he "plans and large hedges and the state took wary of any economic surprises."

    Saleh pointed out that "what happened in a significant drop in oil prices was the collapse of a devastating and a great harm to Iraq's financial resources make it in financial distress after reaching prices to the bottom of the landing, but the day began to rise and the price of a barrel about 60 or $ 61 of Brent crude, which Iraq is a measure in its oil sales. "

    And the Economic Adviser to the Prime Minister, "our expectations that oil prices will improve slowly and gradually improved and all in the interest of the general budget for Iraq, which relies 85% on oil revenues, as it was designed."

    Iraq is witnessing economic distress, in light of the decline in oil prices, which reflected negatively on the federal budget for 2015 and led to the deficit by 25%, as called for economists to the need to stimulate the private sector and activating investment and the adoption of local products to increase imports and reduce spending.

    The Finance Minister, Hoshyar Zebari, hinted about "signs to cross the financial crisis in the country through the procedures established for that," while Prime Minister stressed Haider al-Abadi, through hosted in the House of Representatives last Monday "to control the economic and financial situation, which would be good in the coming months ".anthy 2

    http://www.kululiraq.com/?p=223851

  8. #8

    Re: " The Dinar Daily ", Friday, 6 March 2015

    Iraq to issue bonds worth billions of dollars



    Agencies: to finance the deficit, Zebari said that the Ministry of Finance is considering measures including the issuance of bonds and borrowing from state banks and the conversion of some of the Iraqi banking assets in the Central Bank to bonds.

    Finance Minister Hoshiyar Zebari said Iraq is looking with Deutsche Bank and Citibank version potential for bonds worth about six billion dollars in its efforts to cover the expected huge budget deficit this year.

    Government revenues have fallen with the drop in oil prices at a time when Iraq is waging a costly militants organize an Islamic state in the northern and western provinces military campaign, which resulted in a potential shortfall of approximately $ 25 trillion mortgage dinars ($ 21.4 billion).

    To finance the deficit, Zebari said that the Ministry of Finance is considering measures including the issuance of bonds and borrowing from state banks and the conversion of some of the Iraqi banking assets in the Central Bank to bonds.

    And perhaps also considering raising funds through sales of oil futures if the Council of Ministers rejected plans to issue bonds for ten years. Officials say the council of ministers headed by Haidar al-Abbadi sees the proposed interest rate at nine percent too high.

    And payment of the sharp drop in oil prices Zebari to review the budget for the year 2015 several times to ensure each of them a reduction in the expected revenue from crude exports. I assumed the final version an oil price of $ 56 a barrel and exports of 3.3 million barrels per day.

    Iraq's oil exports remain high since the beginning of the year without the 2.6 million barrels per day due to reasons such as bad weather at the southern export terminals and major exports disappointing from the north through a pipeline run by the Kurds. But Zebari said the amounts are increasing.

    Zebari said from his office in Baghdad, "I think people now realize that this budget realistic."

    He said the proposal to transfer 50 percent of the assets of state-owned banks with the central bank into bonds Seder about five billion dollars to get a $ 1.8 billion through the International Monetary Fund and Iraq also will use special drawing rights.

    The government has also imposed taxes on imported cars and cards of mobile phones and the Internet. And hopes to borrow six billion dollars from state banks and provide two billion dollars by reducing the rewards of government employees who earn high salaries.

    Zebari said "In general, we try projected deficit through our own resources to cover."

    He said Zebari, a Kurd, said the authorities in the capital and the Kurdistan Regional Government in the semi-autonomous north of the country is still committed to the agreement to export oil despite disagreements about the amount of exports and payments.

    Kurds complain that Baghdad did not comply with its obligations to pay them part of government spending, while Baghdad says that only a small fraction of the northern oil fields is transported for export via Turkey.

    Zebari said "we deal with different expectations and a lack of confidence. But the agreement coherent and talks were continuing."

    He added that the government has turned 250 trillion dinars for the Kurds since the beginning of the year, a small fraction of the amount originally expected. He hoped to pay the other part, and soon a new round of talks.
    Source: obelisk


    http://www.nasiriyah.org/ara/post/58342
    Last edited by pinkadonai1; 03-06-2015 at 05:10 PM.

  9. #9

    Re: " The Dinar Daily ", Friday, 6 March 2015

    Deputy regional delegation will visit Kurdish: Baghdad next week and will be meeting with better results

    Overbalance the Kurdistan Alliance MP Abdul Kadir Mohamed, the delegation would visit Kurdistan Baghdad next week to discuss outstanding issues, adding that the results of the talks will be better than ever.

    He said in a press statement that "continuing agreement between the territory and the flexibility of the parties in order to reach better results", stating that "the talks this time will emerge with better results, since tactical constraints around the oil was processed and will be the best."
    "The Federal Government already sent 250 billion dinars to the territory as the salaries for the month of January, and will send a second meal such as salaries for the month of February, and recently it will send 280 billion dinars".

    He stressed that "there is a visit to Baghdad, and may be next week."
    He was Chairman of the Parliamentary Committee on oil and energy Ares Abdullah, confirmed Monday that a high-level delegation from the region will visit Baghdad if necessary to resolve the outstanding issues between the territory and the Centre.
    Abdullah said that "the delegation of the region to the highest level visit to Baghdad if necessary to resolve the outstanding issues between Baghdad and Arbil," Noting that "there are serious attempts to resolve the outstanding problems, and Ministers are Kurds in the Federal Government are trying to compromise with Prime Minister Haidar Al-Abbadi said.

    Here, the Kurdistan Coalition MP, sarweh AW, last Wednesday, the President of the Republic Fouad Massoum to collect the views of the political parties to submit the draft to end problems between Baghdad and Erbil on the oil agreement.

    Abdul Wahid, said that "the President is trying to gather the opinions of all political parties and to present a project to continue meetings between the region and Baghdad and end the outstanding files on the oil agreement, noting that" a delegation from the Kurdistan region of Iraq to visit Baghdad soon. "
    The President of the Republic, Fouad Massoum to Erbil arrived from Kirkuk last Tuesday and was greeted by a group of Ministers in the Kurdistan Regional Government and the Governor and senior officials in the city

    http://tinyurl.com/lr24rcp

  10. #10

    Re: " The Dinar Daily ", Friday, 6 March 2015

    Deputy regional delegation will visit Kurdish: Baghdad next week and will be meeting with better results



    Overbalance the Kurdistan Alliance MP Abdul Kadir Mohamed, the delegation would visit Kurdistan Baghdad next week to discuss outstanding issues, adding that the results of the talks will be better than ever.

    He said in a press statement that "continuing agreement between the territory and the flexibility of the parties in order to reach better results", stating that "the talks this time will emerge with better results, since tactical constraints around the oil was processed and will be the best."
    "The Federal Government already sent 250 billion dinars to the territory as the salaries for the month of January, and will send a second meal such as salaries for the month of February, and recently it will send 280 billion dinars".

    He stressed that "there is a visit to Baghdad, and may be next week."
    He was Chairman of the Parliamentary Committee on oil and energy Ares Abdullah, confirmed Monday that a high-level delegation from the region will visit Baghdad if necessary to resolve the outstanding issues between the territory and the Centre.
    Abdullah said that "the delegation of the region to the highest level visit to Baghdad if necessary to resolve the outstanding issues between Baghdad and Arbil," Noting that "there are serious attempts to resolve the outstanding problems, and Ministers are Kurds in the Federal Government are trying to compromise with Prime Minister Haidar Al-Abbadi said.

    Here, the Kurdistan Coalition MP, sarweh AW, last Wednesday, the President of the Republic Fouad Massoum to collect the views of the political parties to submit the draft to end problems between Baghdad and Erbil on the oil agreement.

    Abdul Wahid, said that "the President is trying to gather the opinions of all political parties and to present a project to continue meetings between the region and Baghdad and end the outstanding files on the oil agreement, noting that" a delegation from the Kurdistan region of Iraq to visit Baghdad soon. "
    The President of the Republic, Fouad Massoum to Erbil arrived from Kirkuk last Tuesday and was greeted by a group of Ministers in the Kurdistan Regional Government and the Governor and senior officials in the city

    http://tinyurl.com/lr24rcp

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