" The Dinar Daily ", 9 March 2015
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  1. #1

    " The Dinar Daily ", 9 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 ", 9 March 2015

    CURRENCY CODE SELL BUY

    US dollar USD 1166.000 1164.000


    CURRENCY CODE SELL BUY
    US dollar USD 1166.000 1164.000
    Euro EUR 1278.286 1277.647
    British pound GBP 1769.522 1768.637
    Canadian dollar CAD 924.223 923.761
    Swiss franc CHF 1192.351 1191.755
    Swedish krona SEK 139.701 139.631
    Norwegian krone NOK 149.646 149.572
    Danish krone DKK 171.549 171.463
    Japanese yen JPY 9.713 9.708
    Special
    Drawing Rights
    SDR 1623.025 1622.214

    Indicative rates - 09.03.2015

    http://www.cbi.iq/

  3. #3

    Re: " The Dinar Daily ", 9 March 2015

    US Chief of Staff arrives in Baghdad



    Baghdad (AIN) –The US Chief of Staff Martin Dempsey has arrived in Baghdad.

    http://www.alliraqnews.com/en/index.php/political-news/65424-breaking-news-us-chief-of-staff-arrives-in-baghdad.html

  4. #4

    Re: " The Dinar Daily ", 9 March 2015

    Cabinet approves World Bank's support for environmental projects in Iraq



    Long-Presse / Baghdad Environment Minister Qutaiba al-Jubouri, on Monday, for the approval of the General Secretariat of the Council of Ministers to take over the World Bank financing of strategic environmental projects in Iraq, and among the first environmental conference of the province of Baghdad, is the complementary case for the work of ministries and provinces, he stressed that the ministry's investment ideas aimed at eliminating pollution Environmental.

    Jubouri said the first environmental conference of the province of Baghdad and attended (range Press) "The General Secretariat of the Council of Ministers has agreed to take over the World Bank financing of strategic environmental projects in Iraq."

    Jubouri said that "the first environmental conference of the province of Baghdad, is the complementary case for the work of ministries and provinces," noting that "Iraq over many wars have been used many weapons until Iraq has become a testing ground and caused those wars many unsatisfactory cases of disease cancer cases satisfactory rare and this is sad for us." .

    Jubouri and pointed out that "the Ministry of Environment has many investment ideas aimed at the elimination of environmental pollution," asserting that "the Ministry of Environment and all the files are very heavy, one of which is equivalent to the work of ministries."

    Jubouri said that "the Green Belt of the most important ministry files, where dust storms sweeping the capital in 100 days of the year, he said, adding, that the State of Kuwait her visit to Iraq has expressed support for Iraq."

    The Deputy Prime Minister Bahaa al-Araji, confirmed on Monday that Baghdad passed Pantcasten because of the Mongols and Saddam and the American occupation, and wished that the latter first environmental conference of the province of Baghdad, is not one of its kind, and among the federal government believes in state institutions, everyone is invited to work on building healthy environment in Baghdad, Iraq.

    The governor of Baghdad, Ali Mohsen al-Tamimi, confirmed Monday that the wars of the serious sources of the environment and its negative impact on the citizens, between the first environmental conference of the province of Baghdad held the door of "national concern", and while pointing to rely on the media to combat environmental pollution, surprised at the lack meet the Mayor of Baghdad, for inviting her to attend the conference.

    According to official statistics of the Iraqi Ministry of the Environment, to the presence of 300 contaminated site needs billions of dollars and decades of anti-contamination, as there are 63 military sites contaminated as a result of military operations, as well as the spread of radioactive contaminants in several Iraqi cities.

    The Ministry of Environment was established in the year 2003 and its goals of environmental protection and nature conservation and biodiversity and promote sustainable development resources through public policy-making and the development of annual plans for the protection of the environment and appropriate solutions to address the problems in coordination with the relevant ministries and institutions, and its directorates environment in all provinces.


    http://www.almadapress.com/ar/news/45270/%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D9%88%D8%B2%D8%B1%D8%A7%D8%A1-%D9%8A%D9%88%D8%A7%D9%81%D9%82-%D8%B9%D9%84%D9%89-%D8%AF%D8%B9%D9%85-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84
    Last edited by pinkadonai1; 03-09-2015 at 02:57 PM.

  5. #5

    Re: " The Dinar Daily ", 9 March 2015

    Call for an increase in the proportion of the profits of banks to increase deposits



    BAGHDAD / JD / .. called the Association of private banks, private banks to encourage citizens to save money by increasing the proportion of profits per year, in order to increase deposits in banks.

    The executive director of the Association Aziz Hassoun told / BD /: that pumping so much money into the market it is imperative that result in growth and the rising rates of savings, which appear on the high figures of the banking system.

    He added that the monetary and fiscal authority to pay attention to it by the necessary treatment that involves encouraging people with access to the reduction of unnecessary consumption and shift to savings after that you give them two authorities the necessary stimuli that involve guarantees provide them with peace of mind on the value of their money in the future , by increasing the proportion of annual profits to increase deposits, which will contribute to the promotion of economic development of the country. / end / 8 /

    http://www.dananernews.com/News_Details.php?ID=5605
    Last edited by pinkadonai1; 03-09-2015 at 02:56 PM.

  6. #6

    Re: " The Dinar Daily ", 9 March 2015

    Remove the logo from the Iranian nuclear currency



    BAGHDAD / Obelisk: Iran's central bank announced the issuance of new securities described by check of $ 500 thousand riyals 35 euros, the largest paper in the cash value of the currency of the country since the release paper fifty thousand riyals in March last year.

    Removed Iran's nuclear slogan of the new monetary currency of a class of 50 thousand riyals, was a picture of the entrance of Tehran University put in his place, in a move interpreted as the creation of the Iranian public opinion to accept the stop nuclear program for a period of ten years, as suggested by the Iranian Foreign Minister Mohammad Javad Zarif before days.

    He criticized the Conservatives a move strongly considered right-wing MP and member of the National Security and Political Committee of Foreign Affairs of the Iranian parliament Alaeddin Boroujerdi that "the removal of nuclear slogan of currency is a betrayal to clear the blood of martyrs," and urged the central bank not to publish this category of the new currency.

    The Central Bank of Iran announced the issuance of new securities described by check of $ 500 thousand riyals 35 euros, the largest paper in the cash value of the currency of the country since the release paper fifty thousand riyals in March last year.

    The bank had said in a statement broadcast on local television that the new financial paper that became traded on the market today and will be dealt with like any other bank securities.

    Observers believe that Tehran is likely to stop its nuclear program for ten years in exchange for the lifting of sanctions imposed on it comes within Aarani- agree on a division of American influence in the region and accept the compromises in the framework of Tehran giving a greater role in Iraq, Yemen and Syria.

    US President Barack Obama said in an interview with Reuters last week that Iran is required to commit itself to freeze its nuclear activities can be verified for at least ten years, in order to reach a nuclear agreement between Tehran and the P5 + 1, which includes the United States, Britain, China, Russia and France and Germany.


    http://almasalah.com/ar/news/49029/%D8%A7%D8%B2%D8%A7%D9%84%D8%A9-%D8%A7%D9%84%D8%B4%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%86%D9%88%D9%88%D9%8A-%D9%85%D9%86-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9-%D8%A7%D9%84%D8%A7%D9%8A%D8%B1
    Last edited by pinkadonai1; 03-09-2015 at 02:55 PM.

  7. #7

    Re: " The Dinar Daily ", 9 March 2015

    Source for "information": 31 billion dinars per month presidencies, ministers, members of parliament and local government salaries



    Revealed official sources, on Monday, to 31 billion dinars per month for the disposal of the salaries of the president and his three deputies and the Prime Minister and his three deputies and all ministers, as well as to the President of the House of Representatives and his deputies and members of the Board, and members of the provincial councils.

    They said in a statement to the Agency / information /, "The salary of the President of the Republic and his three deputies estimated at 80 million dinars," noting that "the salaries and allowances Hamayatem equivalent to 120 million dinars, and the allocation of incidental office 10 million dinars per month, in addition to 15 million dinars monthly allocations car maintenance."

    She added that "salary Prime Minister and his three deputies drew 60 million dinars, and Hamayatem equivalent of 120 million dinars, "noting that" 25 million dinars acted in provisions incidental and car maintenance. "

    The sources pointed out that not to be named to the "one minister allocations in addition to his salary equivalent to 110 million dinars, "pointing out that" the Iraqi government composed of 34 ministers which is equivalent to three billion, seven hundred and forty million dinars for cabin ministerial. "
    She added that "the salary of the Speaker and his deputies up to 60 million dinars per month," noting that "Hamaiatahm salaries equivalent to 120 million dinars and 25 million dinars per month Knthreyh office and car maintenance. "

    The sources pointed out that "the salaries and allowances of the House of Representatives and Hamayatem up to 17 billion and 375 million dinars a month," indicating that "agents ministries and allowances salaries equivalent to two billion five hundred million dinars per month, in addition to the two billion five hundred million monthly advisers dinars in the Iraqi state. "

    They pointed out that "the conservatives and the heads of the provincial councils, in addition to the Mayor of Baghdad and head of the Integrity Commission and the Governor of the Central Bank and Chairman of the Electoral Commission and everyone degree Minister allocates them the equivalent of four billion four hundred million dinars a month," .anthy / 25 h


    http://www.almaalomah.com/news/13587/مصدر-لـ″المعلومة″:-31-مليار-دينار-شهرياً-
    Last edited by pinkadonai1; 03-09-2015 at 02:53 PM.

  8. #8

    Re: " The Dinar Daily ", 9 March 2015

    Iraqi ports Director: Complete surf the waves in the eastern port of Faw ratios of up to 91 percent



    Radi said in a statement to the Agency / information / Announced the State Company for Iraqi Ports director Omran Radi, Monday, for the arrival of the completion breaker eastern waves ratios in the port of Faw to 91%.

    "The port of Faw has several stages of the first stage completion Kasser eastern waves and carried out by the Greek Arcolidon company, "adding that" the project will be completed three months after it reached the completion percentage to 91%. "

    He added that "the second phase will be complete breaker western waves which takes a period of thirty months and implemented by the Korean Daewoo," noting "The completion percentage reached 10%."

    He called Radi Korean Daewoo company to "accelerate the implementation of the project breaker western waves," pointing out that "the Minister of Transport, told the Korean company not to give them any extra day in the case for the implementation of the project." Finished / 25 Q


    http://www.almaalomah.com/news/13573/مدير-الموانئ-العراقية-:-نسب-انجاز-
    Last edited by pinkadonai1; 03-09-2015 at 02:52 PM.

  9. #9

    Re: " The Dinar Daily ", 9 March 2015

    Kurdistan declares its commitment to the agreement with Baghdad over oil export



    Long-Presse / Baghdad The Ministry of Natural Resources in the Kurdistan Regional Government, on Monday, its commitment to the part on the oil export reached Arbil with Baghdad agreement, and what has been agreed upon in the fiscal budget for the year 2015 Act, and confirmed it by the end of the month of February pumped about 97% of the crude oil to the Turkish port of Ceyhan.

    The ministry said in a statement released today, and received (range Press), a copy of which, "The Kurdistan region is moving ahead towards the commitment part on its oil export agreement," explaining that "the end of the month of February, pumped region about 97% of the crude oil agreed supplied to the Iraqi Oil Marketing Company (SOMO) to the Turkish port of Ceyhan. "

    The ministry said in a statement, that "the federal government has provided so far less than 20% of the share of the Kurdistan region of the budget for the month of January and February, not the past."

    Agreed and the central province of Kurdistan, the two governments on the second of December 2014), to allocate a portion of the federal allocations of Iraqi ground forces to the Peshmerga forces, and delivery of the Kurdistan Regional Government, 250 thousand barrels of oil per day in addition to the export of Iraq 300 thousand barrels per day of Kirkuk.

    With the agreement also included the granting trillion and 200 billion dinars for the Peshmerga forces and the allocation of a percentage of the budget of the Ministry of Defense have.



    http://www.almadapress.com/ar/news/45279/%D9%83%D8%B1%D8%AF%D8%B3%D8%AA%D8%A7%D9%86-%D8%AA%D8%B9%D9%84%D9%86-%D8%A7%D9%84%D8%AA%D8%B2%D8%A7%D9%85%D9%87%D8%A7-%D8%A8%D8%A7%D9%84%D8%A7%D8%AA%D9%81%D8%A7%D9%82-%D9%85%D8%B9-%D8%A8
    Last edited by pinkadonai1; 03-09-2015 at 02:59 PM.

  10. #10

    Re: " The Dinar Daily ", 9 March 2015

    Parliamentary oil: the draft oil law is still with the government



    Khandan -ali Naji confirmed the Commission on oil and energy parliamentary, that the draft oil and gas law is still with the federal government did and send it to the House of Representatives until now, indicating that the former oil and gas bills have been returned to the government for the purpose of studying again.

    He said the oil and energy parliamentary member Razak Mheibes told the "Khandan" that "oil and gas law occupies a priority in the oil and energy parliamentary," adding that "the draft oil and gas law, the government until now," noting that "the oil and energy parliamentary waiting to send the bill to the Council of Ministers to the House Representatives for the purpose of reading and approval. " He noted that "projects and proposals for oil and gas laws of the previous session of the House of Representatives, has been returned to the government for the purpose of study and tabulated and sent to the House of Representatives."

    http://www.xendan.org/arabic/drejaa.aspx?=hewal&jmara=9979&Jor=2

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