" The Dinar Daily ", Tuesday, 10 March 2015
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  1. #1

    " The Dinar Daily ", Tuesday, 10 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


    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
    – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
    __________________________________________________ _____________


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

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

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

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

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

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

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

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

    __________________________________________________ ______________


    Coins put on the market !!

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

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

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

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



    CBI is preparing to issue a monetary metal parts

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

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

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

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

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



    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

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

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

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


    Crush Expected When Kuwaiti Banks Reopen Today

    March 24, 1991|From Reuters

    KUWAIT CITY, Kuwait — Thousands of Kuwaitis are expected to jam the country's banks today when they open for the first time since the end of the Iraqi occupation.

    Customers will be allowed to withdraw funds and to swap pre-invasion money for a new currency issued to make more than $1 billion in pre-invasion dinars stolen by the Iraqis worthless.

    "We expect a rush of people," said Issam Asousi, an executive with the Bank of Kuwait. He said it could be a chaotic first week because customers have a lot of questions about their accounts.

    Kuwaiti banks continued operating during the seven-month Iraqi occupation under managers brought in from Iraq, but they have been closed since the U.S.-led alliance ousted the Iraqi army from Kuwait a month ago.

    When the banks reopen today, customers will be able to withdraw up to 4,000 Kuwaiti dinars, equivalent to about $14,000 at pre-invasion exchange rates from their accounts, and to exchange a like amount for foreign currency.

    Balances of customers' accounts will go back to what they were on Aug. 1, a day before the invasion.

    Clients will not be able to exchange Iraqi currency issued during the occupation, when Baghdad pegged the rates of the strong Kuwaiti dinar to the far less valuable Iraqi dinar.

    The new Kuwaiti money will be exchanged for old at a one-to-one rate.


    BGG ~ Thanks to wmawhite for some facts on the subject.

    Hi BGG,

    Just thought I would drop you an email. I listened to the call, and was interested in what was said about Kuwait, if I may - I will add my 2 cents worth.

    You were spot on with what you said, I have a close friend who's father made a killing on the KWD. He bought from people who had fled the country and he paid pennies on the dollar (we are in Australia). He took the chance that Iraq would be kicked back out and he was right.

    When the money was reinstated, he exchanged it for AUD at a rate in the mid 3s. The interesting thing about it is, Iraq invaded in November 1990 (I think), they were kicked back out at the end of Feb 1991, the banks reopened with a brand new KWD in late March, that's not a bad time frame to get a currency designed, printed and made ready to use, also the time that the old KWD was valid was initially only for 2 months, then extended to 6, so it was valid until Sept 1991, interesting I think.

    Also the other thing that seems to be a "fact" in Dinar land is Bill Clinton used the Kuwait RV to pay off the debt. However, Clinton was not President in 91, he did not take office until 93, even I know that and I am an Aussie.

    Anyway thanks for the site and enjoy listening to your calls.

    Kind Regards,

  2. #2

    Re: " The Dinar Daily ", Tuesday, 10 March 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1266.276 1265.643
    British pound GBP 1761.010 1760.129
    Canadian dollar CAD 925.544 925.081
    Swiss franc CHF 1184.598 1184.006
    Swedish krona SEK 137.894 137.825
    Norwegian krone NOK 147.610 147.536
    Danish krone DKK 169.961 169.876
    Japanese yen JPY 9.634 9.629
    Drawing Rights
    SDR 1617.277 1616.468

    Indicative rates - 10.03.2015

    Last edited by chattels; 03-10-2015 at 08:50 AM.

  3. #3

    Re: " The Dinar Daily ", Tuesday, 10 March 2015

    Parliament to resume its session on Tuesday

    Baghdad (AIN) –Parliament will resume its session on Tuesday to read several law drafts.

    A statement by parliament received by AIN cited "Parliament will conduct the first reading of the Supreme Federal Court Law and the results of investigations over Speicher massacre in addition other law drafts."



    The meeting's agenda No. (19)

    Third parliamentary session

    The first legislative year

    Legislative Chapter II

    First, read verses from the Koran.

    Secondly, the Commission on Human Rights Report.

    Third, read the results of the work of the investigative committee regarding crime Spyker.

    Fourth: the first reading of a bill to control the noise. ( for the Health and Environment Committee , the Legal Committee ). (Article 13).

    Fifth: The first reading of the draft Islamic Banking Act. ( Finance Committee , the Committee of Religious Endowments and Religious Affairs , the Legal Committee ). (Article 16).

    Sixth: The first reading of the draft law on ratification of a headquarters agreement between the Republic of Iraq and the International Committee of the Red Cross (ICRC) Act. ( Foreign Relations Committee , the Legal Committee ), (2 items).

    Seventh: The first reading of the draft law of the Federal Supreme Court. ( Legal Committee ). (Article 24).

    Eighth: The second reading of the draft law amending the judicial fees Law No. (114) for the year 1981 ( the Finance Committee , the Legal Committee ). (Article 31).

    Ninth: the second reading of the first draft amendment to the Law reward trainees in vocational training centers under the Ministry of Labour and Social Affairs Law. ( Committee for Labor and Social Affairs ). (Article 5).

    Tenth: the second reading of the draft law on political parties. ( Legal Committee , the Committee on civil society institutions ). (Article 69)

    Session begins at: eleven in the morning.



    Parliament session starts, 220 MPs attend

    Tuesday, 10 March 2015 12:06

    Baghdad (AIN) –The parliament session of Tuesday started to read Federal Court Law and Parties Law as well as other laws.

    Parliamentary source sated to AIN "The parliament session is headed by Speaker, Saleem al-Jobouri, attended by 220 MPs."



    Speaker: MPs participate in fighting ISIL officially on leave

    Tuesday, 10 March 2015 12:46

    Baghdad (AIN) –Speaker, Saleem al-Jobouri, said that MPs participate in the fight against the Islamic State of Iraq and Levant terrorists are considered officially on leave.

    MP, Hussien al-Maliki, stated to AIN "Jobouri said during the session that MPs participate in the fight against are officially excused from attending parliament session in response to some sides in this regard."


    NOTE : Lucius (Titus) Quinctius Cincinnatus
    (b. c.519 BC)

    In 458 BCE (according to tradition), Cincinnatus, who had been consul in 460 BCE, was plowing his fields when messengers arrived to tell him he had been named dictator to defend the city against the Aequi and the Volscians. He took up the supreme command, defeated Rome's enemies, freed the beseiged consul Minucius, and returned to his farm, all within 16 days. Further, he refused the honors that came with his military victories.

    Parliament MPs decide to donate half of their salaries to volunteers fighting ISIL

    Tuesday, 10 March 2015 15:12

    Baghdad (AIN) –Parliament MPs decided to donate half of their salaries to volunteers of the Public Mobilization who are fighting the terrorists of the Islamic State of Iraq and Levant.


    Parliament session adjourned to next Thursday

    Tuesday, 10 March 2015 15:59

    Baghdad (AIN) –Parliament adjourned its session to next Thursday.

    Last edited by chattels; 03-10-2015 at 01:07 PM.

  4. #4

    Re: " The Dinar Daily ", Tuesday, 10 March 2015

    US-led coalition conducts 13 air strikes against Isis in Iraq and Syria in 24 hours

    Baghdad (AIN) -US and coalition forces conducted 12 air strikes against Islamic State (Isis) fighters in Iraq and one in Syria in the past 24 hours, the US military said on Sunday.

    The Syria strike, near Kobani, hit an Isis tactical unit and destroyed five fighting positions, according to the military’s statement.

    In Iraq, two air strikes near Al Huwijah destroyed six excavators and hit a tactical unit. Near Fallujah, four strikes hit two tactical units, a fighting position and destroyed three vehicles. Other strikes near Haditha, Kirkuk and Mosul also struck tactical units, fighting positions, excavators, vehicles and other targets.

    Two strikes near Tal Afar hit a factory for assembling improvised explosive devices, according to the statement.

    Strikes began in Iraq on 8 August and Syria on 23 September, after Isis fighters captured swathes of territory in the two countries.

    On Saturday, the chairman of the US joint chiefs of staff, Martin Dempsey, said strikes had paved the way for success in offensives by Iraqi troops, such as that currently being carried out against the Isis-held town of Tikrit.

    Also on Saturday, one Canadian special operations soldier was killed and three were injured in a friendly fire incident involving Kurdish Peshmerga forces near Mosul. On Sunday, the soldier who died was named as Sergeant Andrew Joseph Doiron, who was 29. He is Canada’s first casualty during the campaign against Isis.

    Canada has 69 special forces soldiers with Kurdish peshmerga fighters in what the government calls an advising and assisting role.


    NOTE : Iraq calls for air power to protect antiquities , Monday, 09 March 2015 12:13



    ISIS pounded by ground and air assaults in Iraq, Syria
    By RUDAW

    ERBIL, Kurdistan region – The US-led coalition to fight the Islamic State (ISIS) carried out 32 airstrikes in Iraq and 14 in Syria on Monday, US Defense Ministry announced in a statement.

    The airstrikes in Syria targeted at least seven ISIS bases and several armored vehicles were destroyed near Kobane, ethically Kurdish city in northearn Syria.

    Also on Monday, Kurdish Peshmerga forces cleared a large swath of territory south of the oil-rich city of Kirkuk in an advance backed by heavy airstrikes from the coalition forces.

    Coalition airstrikes, carried out in areas near to the cities of Kirkuk, Mosul and Fallujah, reportedly destroyed a number of ISIS bases.

    Iraq’s local military forces have also been actively operating in different parts of Iraq with support from US-led coalition airstrikes.

    Military efforts to retake Iraqi city of Tikrit, the hometown of former dictator Saddam Hussein, is now on its ninth day, with officials claiming the city will be recaptured soon.



    ISF, volunteers start wide military Operation to liberate Tikrit city

    Tuesday, 10 March 2015 12:22

    Salah-il-Din (AIN) –A wide military operation is conducted on Tuesday early morning to liberate Tikrit city from the terrorists of the Islamic State of Iraq and Levant.

    Security source stated to AIN "The Iraqi Security Forces and the volunteers of the Public Mobilization launched the operation from several sides heading towards the city."

    "Most of the ISIL terrorists left their positions and went to the Central Tikrit city,"
    the source concluded.



    ISIS in retreat at Khazar front near Erbil
    By RUDAW

    ERBIL, Kurdistan Region- Islamic State militants were repelled in an attack on Peshmerga forces at the Khazar frontline, 30 km from Erbil, a military official told Rudaw.

    “ISIS fighters attacked our forces on the Khazar front last night and the fight continued until early morning until ISIS was forced to retreat by the Peshmerga,” Mohammed Karim, deputy commander of the Zrevani forces, told Rudaw on Tuesday.

    According to Karim, several ISIS armored vehicles were destroyed while one Peshmerga was killed and another wounded.

    Peshmerga forces on Monday retook a number of villages and towns near Kirkuk from ISIS in a major offensive that was reportedly set to continue on Tuesday.

    Last edited by chattels; 03-10-2015 at 10:18 AM.

  5. #5

    Re: " The Dinar Daily ", Tuesday, 10 March 2015

    Canadian military: soldier’s death will not damage relations with Kurds

    TORONTO, Canada - Canada’s Chief of Defence Staff Gen. Tom Lawson said Monday that the friendly-fire death of a Canadian soldier by the Peshmerga was “a mistake,” and that it would not damage relations with the Kurdish forces in the war with Islamic State (ISIS/ISIL).

    “Although there was some awkward statements made, and we would really rather that they had not been made until an investigation is done, we've seen this tremendous partnership grow from six months ago when our fellows went in there -- we've seen the results, being Kurds who are very, very effective in bringing pressure to bear against ISIL," Lawson told reporters in Ottawa.

    He said that two investigation teams have set out for the Kurdistan Region to look into the incident.

    “They had been there earlier in the day, and had set this meeting up for later that evening, and something went wrong, and we're going to get to the bottom of that,” Gen. Lawson said.

    Sgt. Andrew Doiron was killed by Kurdish Peshmerga on Friday in the village of Bashiq in an incident that both Ottawa and Erbil have called friendly fire. His body is expected to be returned to Canada today.

    Canadian and Kurdish military officials have provided conflicting accounts about the incident.

    Peshmerga spokesman Halgurd Hekmat told the AP that the Canadian soldiers had arrived at the frontline unannounced and without prior coordination with the Peshmerga, at a place that had seen intense fighting with ISIS just hours earlier.

    “When they returned, the Peshmerga asked them to identify themselves,” Hekmat told the AP. "They answered in Arabic, that's when Peshmerga started shooting. It was their fault.”

    However, Canada’s Chief of Defence Staff told the media, “I'm sorry that's their assessment at this point." He added: "I think that the Kurds that we work with in that region have a far better idea of what took place there.”

    Sgt. Doiron was part of a team of 69 Canadian special forces sent to the Kurdistan Region last October to train the Peshmerga and coordinate airstrikes against ISIS near Mosul.

    “There is a friendship and a professional admiration that grows between the two groups, and that's what we want to build on,” said Gen. Lawson.

    The Canadian parliament is to debate whether or not to extend its mission to Iraq that is due to expire next month. Lawson said that the shooting incident would not jeopardize a possible extension. “The strategic reasons for being there remain in place,” he said.

    Also on Monday, Canadian Defence Minister Jason Kenney told the House of Commons the solder’s death was a case of mistaken identity, “A tragic question of friendly fire resulting from mistaken identity.

    “Obviously, our operators are ensuring that steps are taken to ensure there is no repeat of this tragic incident,” he said.


  6. #6

    Re: " The Dinar Daily ", Tuesday, 10 March 2015

    Washington: US won’t work with Iranian forces in Iraq
    By RUDAW

    WASHINGTON – The US military will not take part in the liberation of Tikrit due to the participation of Iranian forces and advisors, a Washington official has said.

    “United States will not be involved in offensive operations against ISIS militants in Iraq that Iranian forces are part of,” Jen Psaki, spokesperson to the US State Department, told a Rudaw reporter on Monday.

    According to Psaki, the US has no direct role in the current military offensive to recapture Tikrit, the administrative center of Salahaddin governorate, an ongoing battle that is now in its ninth day.

    Numerous photos have documented the participation of Iranian troops, including Iranian General Qassim Sulaimani, commander of Iran’s Quds force, who are backing Shiite militant groups in Tikrit.


  7. #7

    Re: " The Dinar Daily ", Tuesday, 10 March 2015

    Parliamentary Energy: There is no bill for oil and gas in the House of Representatives

    BAGHDAD / .. A member of the Commission on oil and energy parliamentary deputy Tariq friend, Sunday, that the draft oil and gas law was not up to Parliament after, noting that talk about discussions within the Commission about the law is no truth to it. A friend of mine, told the "eye Iraq News," that any project for the oil and gas law currently does not have in the corridors of the House of Representatives to be included on the Commission's agenda, or the House of Representatives, in order to debate and vote, noting that the last copy was sent to the federal government in order to coordinate and adjusted based on Notes the House of Representatives was in the year 2011.

    He said a friend that the law should be within the constitutional framework and be legally transparent gives powers to the provinces and the oil-producing provinces in the extraction, production and export, adding that the new law must be compatible with existing in Kurdistan since the 2007 law does not conflict with him.

    He said to a friend that there is news from inside the corridors of the Council of Ministers and the Ministry of Oil stating that they are working on a new formulation of the draft oil and gas law to Ersloh later to the House of Representatives in order to be included in the upcoming sessions.


    and / but

    Parliamentary Legal: "oil and gas" will arrive next week to Parliament

    BAGHDAD / .. Parliamentary Legal Committee, announced on Sunday that the oil and gas law will arrive in Parliament next week, noting that there are differences between the political blocs may hinder his reading and voting on it.
    Said committee member Ibtisam al-Hilali told the "eye Iraq News," The oil and gas law of the sensitive task that bears especially with regard to oil issues between the center and Alaqlm complexities of the laws, "indicating that he did not write to the far right way is being sought to amend some paragraphs before up to Parliament. "
    She Hilali, "The oil and gas law from within Almmthbth document the political agreement laws are now being intensive dialogue between the political blocs to reach a final formulas and remove the differences," pointing out that it is unlikely that these days up to the parliament. "


    Last edited by chattels; 03-10-2015 at 09:32 AM.

  8. #8

    Re: " The Dinar Daily ", Tuesday, 10 March 2015

    Win or lose Tikrit, Isis can only be defeated in Iraq by the Sunni

    The battle for the Iraqi city is the first serious attempt to dislodge Islamic State from a stronghold

    An Isis fighter takes part in a military parade. The group are now under attack in Tikrit.

    The military offensive against Isis forces in Tikrit, Iraq, is shaping up to be one of the most decisive moments in the profound struggle unfolding across the region. On Saturday no less a figure than General Martin Dempsey, chairman of the US joint chiefs of staff and so America’s top officer, declared that the combined force of Iranian-backed militias and Iraqi government troops was likely to prevail against Islamic State forces in the battle and that the Islamist militants would be pushed out of Saddam Hussein’s home town. “The numbers are overwhelming,” he said. But there are ominous signs that the campaign faces many perils and there are fears that its impact may unleash fresh waves of sectarian conflict, as well as long-term rebalancing of political forces in the region.

    The campaign, which entered it’s second week on Sunday, is the first serious attempt to dislodge Isis from a Sunni area it has governed since the group’s military blitz in Iraq last June. Despite the American-led air strikes since the summer, the militant group has faced little pressure inside what can be described as its heartlands, such as Mosul, Falluja, Raqqa and Deir Ezzor. The offensive in Tikrit is therefore a critical development that will be monitored closely and nervously by almost everyone involved in the conflict. It is also the first major effort led by pro-government forces without consulting the United States and members of the international coalition. That latter fact leaves many question marks about the campaign. The Iraqi government portrays it as a national effort, led by the security forces and including thousands of Sunni tribal fighters. It also claims that Tikrit is all but empty of civilians.

    But these claims are not entirely accurate. Hashd al-Shaabi, the umbrella organisation for Iranian-backed Shia militias, put together in the wake of Isis’s takeover of Mosul in June to serve as a de facto replacement for the army in the fight against the terror group, is leading the offensive. Any Sunni forces participating, notwithstanding their numbers, take a back seat at best.

    The claims with regard to civilians are particularly alarming. Hashd al-Shaabi has a track record of human rights abuses and sectarian and ethnic cleansing, as documented by Human Rights Watch. Instead of highlighting that Tikrit’s civilians have almost completely fled the city, the government should focus on ensuring no similar reprisals against civilians by these notorious militias are committed in Tikrit.

    A video circulated over the past week purportedly showed pro-government forces killing a boy. Many fear such acts will take place on a larger scale during the offensive, which is likely to take weeks, if not months. These fears are heightened by two main things promoted by Hashd al-Shaabi. First, the Tikrit offensive has been portrayed by many Shia militias as revenge for the Camp Speicher massacre committed last summer, when Isis killed at least 1,566 Iraqi air force cadets as government forces attempted to retake Tikrit from the group. Second, Shia militias have been warning they would reserve special ire for Sunni “collaborators” – the type of language Iraqis of all sects and ethnicities have grown to identify as having cleansing connotations.

    The aim of the campaign seems to be more political than tactically sound. A victory in Tikrit will boost Hashd al-Shaabi immensely in Iraq, politically, militarily and financially. The likely motivation is that Hashd al-Shaabi recognises that the fight against Isis in the Sunni districts of Tikrit will be a massive political win. Over the past few months, Hashd al-Shaabi has been the centre of debate in Iraq on a social and political level. The militias that constitute the core of the organisation pushed for its integration within the national institutions and opposed the formation of a “national guard” that would include the arming and funding of Sunni tribal fighters.

    Also, many Hashd al-Shaabi fighters have started to lose the appetite to fight beyond their areas, either because they have not been paid for months or because they see less need to mobilise nationally against Isis, thanks to the western air strikes and the apparent demarcation of borders of Kurdish, Isis and Shia militias over the past few weeks, as Isis is largely contained within Sunni areas. It is important to remember that many Shia do not see it as their job to liberate Sunni areas from Isis.

    The fight against Isis in Tikrit is likely to drag on and backfire. If Isis proves to be entrenched in Tikrit and capable of holding its ground, that may push Shia rank and file to question the logic of fighting in Tikrit, especially if the number of casualties grows. The expectation is that the fight will be short and decisive, which is not likely.

    A slowdown in the fight might also drag the international coalition into the conflict, which is probably the calculation of Hashd al-Shaabi and its Iranian backers. Since it is clear to those on the ground that Hashd al-Shaabi started the offensive, the Iranian-backed organisation can still claim credit for any victory. The calculation is that Washington would be desperate for such a huge win against Isis before launching an offensive against it in Mosul, so the US would still provide the air cover without getting credit for the initiative.

    Regardless of who wins the fight, appearances matter. For some Sunni in Iraq and outside, the fact that Iranian generals are leading a Shia-dominated offensive in the Sunni birthplace of Saddam Hussein, and without consulting the Americans, is enormously evocative. Dislodging Isis from Shia areas or from mixed areas by Shia militias is understandable. However, unilaterally launching a revenge-tinged campaign in a Sunni area by sectarian militias with a track record of acts of cleansing will unavoidably be seen as a vigilante operation.

    If the history of fighting Isis, and its previous incarnations, can teach us one lesson, it is that Isis can only be defeated by Sunni from within. After the invasion of Iraq in 2003, Falluja, for example, was flattened at least twice to defeat the Sunni insurgents there, but Isis today reigns supreme in the city.

    The idea that the offensive in Tikrit is a national effort is a myth. While the international coalition might be tempted to see Isis finally being defeated in one of its strongholds, it will do well to avoid taking what seems to be the easy route.

    Isis will benefit from the offensive in Tikrit, even if it loses militarily, as long as the victors are sectarian militias that behave in a similar manner. To defeat Isis in Tikrit is hard, but not impossible. The most likely outcome is that the city will be destroyed. But the defeat of Isis in Tikrit will not help in the fight in Mosul. On the contrary, it will convince Sunni communities living under Isis that the alternative is just as bad.

    Hassan Hassan is a Middle East analyst and co-author of the bestseller, Isis: Inside the Army of Terror. Follow him on Twitter: hxhassan


    Courtesy of the IQD Team

  9. #9

    Re: " The Dinar Daily ", Tuesday, 10 March 2015

    Iraqi Kurds say keeping their side of Baghdad oil deal

    By Isabel Coles

    (Reuters) - Iraqi Kurdistan said Monday it is on course to keep its side of an oil export deal reached with Baghdad in December, as loadings from the region reached the highest since it was struck.

    By the end of February, the Kurdistan Regional Government (KRG) had supplied almost 97 percent of the crude oil it agreed to hand over to Iraq's State Oil Marketing Organisation (SOMO) during that period, according to a statement from the Kurdish Ministry of Natural Resources.

    Loading data from the Turkish port of Ceyhan on Monday showed exports from northern Iraq are set to reach 400,000 barrels per day (bpd) for the first time since the agreement was struck, from an average of 350,000 bpd over the past week and some 275,000-300,000 in February and January.

    "The KRG (Kurdistan Regional Government) in turn expects the federal government to honor its obligations under the budget law and to provide the KRG with its legal monthly entitlement to its share of the budget, including the agreed special allocation of funds for the peshmerga forces," the statement read. The peshmerga are the Kurdish regional armed forces.

    Baghdad cut budget payments to the Kurds in January 2014 as punishment for their attempts to export oil independently, plunging the autonomous region into economic crisis and forcing it to seek loans at home and abroad.

    Under the December deal, the Kurds committed to export an average of 550,000 barrels per day (bpd) from Ceyhan via SOMO in 2015, in return for the reinstatement of budget payments.

    The agreement was hailed as a breakthrough that would help Iraq increase oil exports at a time when revenues are strained by low global prices and the cost of financing a war against Islamic State insurgents in the north and west.

    But the deal has already showed signs of strain. So far this year, Baghdad has paid only a fraction of the Kurds' budget share, arguing that the oil shipped did not nearly match the expected volumes, and it had been forced to reduce expenditure across the board.

    The Kurds in turn blamed outages in neighboring Turkey and technical issues at the Kirkuk oilfields for a shortfall in January, but said this would be made up. (Additional reporting by David Sheppard in London; Editing by Mark Heinrich and William Hardy)


  10. #10

    Re: " The Dinar Daily ", Tuesday, 10 March 2015

    Between speculators and the central procedures dollar exchange rate up to the highest rate in two years

    Alsumaria News / Baghdad

    Continuous rise in the price of the dinar against the dollar despite the central bank action to maintain stability, what is the secret of this rise after years of relative stability? And how they can be met, whether caused by a contraction of the dollar amounts of the market?

    During the past two months have seen the Iraqi market, a gradual rise in the dollar's exchange rate against the dinar, currently up to 1228 dinars to the dollar, the highest rate up to the exchange rate during the past two years, and while specialists Financial considered that a bubble is due to appear for the speculators, that the experts confirmed This increase was the result of the budget law, which reduced the amount of dollar selling in the auction.

    And confirms the Governor of the Central Bank on the relationship, "The rise in the dollar price in the market is slightly due to speculators," explaining that "this increase came after the Bank has developed new mechanisms to sell the dollar at the auction."

    Illustrates the relationship in an interview with Alsumaria News for, "This rise is due to speculators in the dollar and some groups that were subsist on the bank auction before," he said, adding that "the bank expected for such a rise in the dollar, which is unjustified and unreasonable and real at the same time ".

    Keywords and pointed out that, "This rise is considered normal when you move from one stage to another or from one mechanism to a new mechanism to sell the currency."

    For his part, Economic Adviser to the Prime Minister says the appearance of Mohammed Saleh in an interview with Alsumaria News's, "The rise experienced by the dollar in the market currently in front of the Iraqi dinar is just a bubble because there are some speculators and Translated in the market," he said, adding that "the dinar is very strong and is covered by one and a half of hard currency. "

    Saleh stresses that "the bank has enough to dispel these procedures bubble within a few hours of shut down and restart the situation to what it was previously."

    As a member of the Economic Committee Najiba Najib Afqatol in an interview with Alsumaria News's, "The budget bill for the current year 2015 included a restriction or condition within one of its articles, which can not exceed the sale of the bank conducted by more than $ 75 million per day auction, indicating that" the new procedures to sell the currency imposes the existence of documents of any order to buy the dollar by the Bank to participate in the auction banks, and these amounts can be obtained only after 15 days. "

    Najib confirms, that "the central bank introduced an appeal to the Federal Court to cancel this requirement in the budget, unexpected gain appeal there to be free to sell the dollar auction the bank, and therefore this will be reflected in the reduction of prices of the dollar."

    He says economist Hilal Tahan said in an interview for the Sumerian News, "The budget bill for the current year reduced the central bank sales of $ 300 million to $ 75 million a day, causing a rise in the dollar markets."

    Miller adds, "The rise of the dollar against the euro prices worldwide and sterling was another reason for the rise locally, and that the dollar supply in the domestic market is very small, which led to a rise to 1228 dinars to the dollar."

    The dollar price in the local market before the Iraqi dinar gradually up to 1228 dinars to the dollar, compared to 1225 thousand dinars to the dollar over the past month and 1,200 dinars to the dollar through the end of last year 2014.


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