" The Dinar Daily ", Sunday, 15 March 2015
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  1. #1

    " The Dinar Daily ", Sunday, 15 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 ", Sunday, 15 March 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1237.476 1236.857
    British pound GBP 1747.368 1746.494
    Canadian dollar CAD 918.761 918.302
    Swiss franc CHF 1164.835 1164.253
    Swedish krona SEK 136.446 136.378
    Norwegian krone NOK 144.043 143.971
    Danish krone DKK 165.936 165.853
    Japanese yen JPY 9.587 9.582
    Drawing Rights
    SDR 1604.847 1604.045

    Indicative rates - 15.03.2015

    Last edited by chattels; 03-15-2015 at 07:54 AM.

  3. #3

    Re: " The Dinar Daily ", Sunday, 15 March 2015

    Oil companies offer to ‘slash’ development spending in Iraq Baghdad seeks to stem losses from falling oil prices

    BAGHDAD, March 13, (RTRS): Oil companies have proposed millions of dollars of cuts in development spending in Iraq, a senior oil ministry official said, after Baghdad told them low oil prices and its fight against Islamic State had made payments difficult. In a series of letters sent to companies such as Royal Dutch Shell, BP and Exxon Mobil since January, seen by Reuters, the oil ministry set out the need for change in response to “the rapid drastic decrease in crude oil prices”. The slump in crude prices to below $60 a barrel from $115 in June has slashed government revenues in Iraq, OPEC’s second biggest exporter, just as it faces economic crisis triggered by Islamic State’s seizure of north and western provinces and surging expenditure to fund a military counter-offensive.

    In view of the fact that a significant proportion of development costs are passed on to Iraq, the oil ministry called on firms to revise their oilfield development plans by considering postponing new projects and delaying already committed projects as long as no additional costs were incurred.

    They should cut development budgets “by a certain percentage” and request subcontractors to reduce costs in order to match “the new oil prices world,” the ministry said.


    Those cuts should be made against a backdrop of maintaining or even increasing current oil production levels, the February letter added, requesting a response by the end of that month.

    Most companies have replied, a senior oil ministry official said, with the largest offered cut in spending coming from Shell, which proposed slashing investment spending this year by more than a third to $1.5 billion from $2.4 billion.

    BP proposed a cut to $3.25 billion from $3.50 billion, Lukoil to $2.1 billion from $2.3 billion, while Exxon Mobil said it planned to maintain development spending at $1.8 billion and Eni had yet to reply, he said.

    “No direct meetings have been held with any of the foreign companies. We are now only testing waters with them via correspondence,” said the official, who declined to be named because of the confidential nature of the correspondence.

    A BP spokesman said the company held regular, confidential discussions with Baghdad about the development of the Rumaila field, which was operating normally.

    A spokesman for Lukoil said the firm had received a letter from Iraq asking to postpone all new developments or reduce works in 2015, adding: “We are studying it.” The West Qurna project was developing on schedule and unchanged so far.

    Exxon, the lead contractor to rehabilitate West Qurna, declined to comment. Chief Executive Officer Rex Tillerson said last week it was talking with Baghdad on restructuring oil agreements to help the government meet its near term cash needs. Eni and Shell were not immediately available for comment.

    International firms operate in Iraq’s southern oilfields under service contracts, currently based on a fixed dollar fee for additional volumes produced — a formula which has seen Baghdad’s bills ballooning just as its oil revenues collapse.

    “The oil ministry has irreversibly taken the decision to amend its service contracts with foreign firms, due to the cash crisis brought by oil prices drop,” the ministry official said.

    “We have to acknowledge that current contracts were hastily drafted and short-sighted in failing to take into consideration the impact of a potential oil price crash.”

    A letter sent to oil firms last month asked them to propose amendments to their contracts “based on the linkage between oil prices and cost recovery and due remuneration as a sliding scale”, so that both sides “take the risk and enjoy the reward”.

    The proposed amendment did not mean Baghdad was planning a formal move to production sharing contracts, but finding a middle ground between that and the current arrangements.

    “We should fix these flaws to save our economy from collapsing,” the official said.

    A source at one of the oil majors said such discussions were not unusual: “For the past five years we had cost inflation in the industry as oil prices rose. Now we have cost deflation as prices fall. We renegotiate contracts with service and engineering companies all over the world to achieve lower costs without impacting production.”

    Oil Minister Adel Abdel Mehdi said 10 days ago that Iraq was renegotiating the contracts with a view to restoring Iraq’s state share to around 20 to 25 percent, after it was reduced in recent amendments to around 5 percent.

    He said that under current contract terms, Iraq’s payments due to international companies in 2015 would reach $18 billion.

    It has already accumulated debts from last year and 2013. The government says it has started work on issuing a Treasury bond, and may resort to seeking forward payment for exports to address its growing debts to the firms, Finance Minister Hoshiyar Zebari said.

    For now, sources say, Iraq is not providing the service companies with the repayment volumes they are due and is instead sometimes assigning more cargoes to companies who purchase its crude for cash under term contracts in monthly export schedules.


    and FLASHBACK :

    Kurdistan oil contracts .. Do they achieve the dream of the region's economic recovery?
    20/02/2014 12:26

    Written by Ahlam Al-Frayji

    The oil contracts of Kurdistan region are an old controversy since the invasion of Iraq in 2003 so far and there are many questions raised about them with no clear answer .

    Does the Kurdistan region have the right to export oil without the agreement of Baghdad government , or Baghdad must control the country's natural resources ? .

    In contrast, we believe that the provincial government has invested its natural resources and oil contracts positively, which reflected on an urban renaissance taking place in the region that became so attractive for the foreign companies as well as the tourist movement .

    The Deputy Prime Minister for Energy in the federal government, Hussain al-Shahristani challenged the legitimacy of the oil contracts signed between the KRG and foreign companies , noting that it was in contrast with the Constitution.

    He explained that " conducting oil contracts with foreign oil companies should be made through the central government represented by the Ministry of Oil," adding that "the issue of the eligibility of exporting oil from Kurdistan region is an old issue and the Constitution cannot be explained temperamentally.
    Shahristani waved to go to the Federal Court to interpret the differences, but specialists in the Kurdistan region assert the legitimacy of the region to export oil, and the contracts concluded by the Kurdistan are "legal and based on the Constitution."

    On this matter , the economic security adviser in the Kurdistan region, Bioar Khansi said that " the policy of the province is according with the constitutional articles which Article 111 and Article 112, which permit managing the natural resources in the region, thus these articles give the right the provinces ."

    He added in a statement to the National Iraqi News Agency / NINA / , "The provincial government has managed, through these articles to obtaining the support of the Parliament of the Kurdistan region, in adoption the oil and gas law No. 22 of 2007, through which the provincial government established the Ministry of Natural Resources , and adopted a policy to seduce foreign companies in the oil and gas sectors and to conclude contracts with them . "

    Khansi pointed out that the provincial government was able, through the law of oil and gas, to exploit the natural gas and provide it to the province in power that mostly comes from the gas fields discovered in the region , in addition to enabling Kurdistan Regional Government to establish two oil refineries .

    He considered this as, " an important achievement to promote security, stability and peaceful coexistence in the region , as the government has devoted all its efforts to stabilize the security situation and stability in the region."

    He pointed out that " 2013 saw the influx of more than a million people to the region from the rest of Iraq and foreign countries because of the stable security conditions , and 27 consulates were opened in the province, in addition to the presence of foreign companies that see a suitable climate from all aspects ."

    He explained that " this effort by the province led the companies to invest, nearly 20 billion dollars, which expanded the area of the economic sphere in the region , and increased citizens' incomes in the region compared to 2003 ."

    He pointed to an intention to adopt the petro-dollar project for the benefit of the Iraqi citizen from oil imports , confirming the legitimacy of the governorates to take advantage of its natural resources .

    For his part , the Kurdish MP, of the Parliamentary Committee on Energy Mohammad Qasim affirmed the successful oil policy in the region and its supremacy over oil policy in the central government .

    He believed in a statement to / NINA / that "the oil policy of the center has a lot of confusion , especially in licensing contracts concluded by the oil ministry , which have no legal basis , while the contracts for the region are more successful and brought four giant companies dealing with the province and more than 19 countries exist in Kurdistan. "

    He noted in this regard to the conflict between the governments of Baghdad and Erbil and is likely to lead to the dialogue between them to reach an agreement between the two parties , saying that the dialogue is in the interest of all the Iraqi people .

    He considered the sharing contracts "more useful than service contracts," saying " whenever the cost is great the interest will be largest and vice versa ."

    The oil expert, resident in Denmark, Ahmed Musa told NINA that "the contracts signed by the Ministry of Oil are hybrid contracts, but better than the production-sharing contracts, and service contracts are better than production sharing contracts."

    He added, "If we compare the contracts concluded by the oil ministry with contracts signed in the region, we will see the Economic Assessment will be in the interest of Iraq, as the region contracts give preference".

    For his part, Ali al-Furaiji, in Harvard University believed that the reason for the Kurdistan region's success in invest oil contracts and success in economic growth in high levels, because most of the oil contracts signed in Kurdistan region with foreign companies have a large part of investments in the development of the oil industry and productivity within the region.

    He told / NINA / that "this matter has helped significantly the advancement of Kurdistan region with respect to the industrial sector and oil production."

    Frejee called on the Oil Ministry in Baghdad to invest in oil and gas extraction in accordance with the principle of ( double- Investment ), which ensures spending a large part of oil revenues directly to the projects needed by the country.

    Economists analysts believe that Kurdistan region took advantage of the political stability and security since 2003 to direct its efforts towards the exploitation of its natural resources in accordance with the policy of not to wait for what Baghdad determines in this area , and contracting with foreign firms on favorable terms and without the complexities through the contracts as stick magic to speed up the transferring the region to attractive area for global investments .

    While Baghdad is busy with endless problems, as the Ministry of Oil is following service contracts, which bond foreign companies with restricted controls and strict conditions do not find in the Kurdistan region, according to analysts .


  4. #4

    Re: " The Dinar Daily ", Sunday, 15 March 2015

    Hadi al-Amiri calls for erecting in Baghdad a statue for Qassem Soleimani.

    13/03/2015 15:14

    BAGHDAD / Nina /--Secretary general of Badr Organization, Hadi al-Amiri called for erecting a statue for the Iranian commander of Iran's Quds Force ,Qassem Soleimani for his heroic role which prevented the fall of provinces by Daash, Amiri said .

    Amir said in a televised statement that "the Americans give us weapons our in return of money, and talking about Iranian interference" confirming that unless the efforts of Soleimani many provinces would fell however by Daash.


    BGG ~ This is exactly why Ameri didn't wind up as PM - or anything vital in the new Iraqi GOI... He's very snuggly with the Iranian Shia apparatus.

  5. #5

    Re: " The Dinar Daily ", Sunday, 15 March 2015

    MP: The Political Blocs Agreed To Pass The National Guard law As Soon As Possible

    BAGHDAD / NINA / MP, of the Iraqi Forces Coalition, Abdul Kahar al-Samarrai said the political blocs agreed to pass the National Guard law as soon as possible.

    Samarrai said in a statement to the National Iraqi News Agency / NINA / today: "All the major political blocs in the House of Representatives agreed to pass the National Guard law as soon as possible, after the urgent need for that with the liberation of all areas in Salahuddin province from the control of the terrorist organization Daash, noting that the liberation process must be strengthened by the sons of the tribes and the National Guard in the future, and an agreement was reached on this issue between the political blocs. "

    He explained, "There are some controversial paragraphs facing the approval of the National Guard Act draft, including the linking of the National Guard to the General Commander of the Armed Forces or the Governor, as well as assurances not to make revenge or arbitrary arrests to unarmed civilians by the National Guard.

    The House of Representatives ended in March 2, the first reading of the draft of the National Guard Law, presented by the committee of defense and security and legal committee.

    The Chairman of the Council, Salim al-Jubouri said regarding the law that "the project of the National Guard Act is one of the national reconciliation projects, according to the political agreement which happened during the formation of the government," noting that there are notes in the articles of the law need to be adjusted in line with the desire of all parties, ".

    http://ninanews.com/Website/News_Details.aspx?9vhoAQOH%252fDsKZf4IZHIA2g%253d% 253d


    Bayati: National Guards law approved for voting

    Sunday, 15 March 2015 11:12

    Baghdad (AIN) –MP, Abbas al-Bayati, of the State of Law Coalition stated that the National Guards law is approved for voting.

    Speaking to AIN, Bayati said "The Committee tasked to follow up implementing the political deal document held a meeting on last Thursday and approved voting on the National Guards law in the parliament."



    MP: Blocs finalize National Guards law draft

    Baghdad (AIN) –MP, Rasoul Radhi, of the Iraqi National Alliance stated that the political blocs are setting the final ideas of the National Guards law.

    Speaking to AIN, Radhi said "The National Guards law is in the final preparations by all the political blocs to endorse it in the parliament."

    Last edited by chattels; 03-15-2015 at 05:58 PM.

  6. #6

    Re: " The Dinar Daily ", Sunday, 15 March 2015

    Daash loses More Than / 15 / Million Dollars Monthly After Losing Ajil Oil Field in Salahuddin

    14/03/2015 10:20

    BAGHDAD / NINA / The Economic Information Center, said the terrorist organization Daash loses more than / 15 / million dollars a month after liberating the strategic Ajil oil field in the battles of liberation Tikrit.

    The head of the Economic Media Center, Dhrqam Muhammad Ali told the National Iraqi News Agency / NINA /, that "Ajil oil field was producing more than / 30 / bpd before Daash entered to Salahuddin province, and after the entry of the terrorist organization extracted oil and sold it through intermediaries and with price between / 20 and 25 / per barrel and a daily average production of / 20 / thousand barrels per day, which provides revenue for the organization up to 15 to 18 million dollars a month, which is not small amount of the total revenue of the organization. "

    He pointed out that "the organization is still controlling other fields such as Najma and Qayyarah fields in addition to some fields in Syrian territories, but losing this field caused blow to Daash economy, which depends on stolen oil."

    It is mentioned that Daash controlled in June / 2014, on Ajil oil field, north-east of Tikrit, which is one of the largest oil fields in Iraq that includes 91 wells, while the field also produces a million and 200 thousand cubic feet per day of gas.


  7. #7

    Re: " The Dinar Daily ", Sunday, 15 March 2015

    Defense Minister Arrives In Anbar Province
    14/03/2015 11:57

    Ramadi / NINA / Defense Minister Khaled al-Obeidi arrived on Saturday morning 14, March to Anbar Operations Command headquarters.

    The reporter of the National Iraqi News Agency / NINA /: "al-Obeidi met, upon his arrival, Anbar Operations commander, Maj. Gen. Qassim Mohammadi and a number of military leaders and local officials in the province."

    The reporter added, " al-Obeidi's visit to Anbar comes to see the readiness of security forces in the province and to develop military effective plans for the Liberation of areas under the control of the terrorist organization Daash, and to study the security situation in the province in general," .


  8. #8

    Re: " The Dinar Daily ", Sunday, 15 March 2015

    Dozens of ISIL terrorists killed central Ramadi

    Anbar (AIN) –Dozens of the ISIL terrorists were killed in an airstrike of central Ramadi.

    Security source stated to AIN "The US-led Coalition bombarded the ISIL terrorists in al-Jomhouri area near Haroon al-Rasheed Mosque of central Ramadi to kill dozens of them."


  9. #9

    Re: " The Dinar Daily ", Sunday, 15 March 2015

    Iraqi Kurds claim Islamic State group used chemical weapons

    By AP

    Kurdish authorities in Iraq said Saturday they have evidence that the Islamic State group used chlorine gas as a chemical weapon against peshmerga fighters, the latest alleged atrocity carried out by the extremist organization now under attack in Tikrit.

    The allegation by the Kurdistan Region Security Council, stemming from a Jan. 23 suicide truck bomb attack in northern Iraq, did not immediately draw a reaction from the Islamic State group, which holds a third of Iraq and neighboring Syria in its self-declared caliphate.

    However, Iraqi officials and Kurds fighting in Syria have made similar allegations about the militants using the low-grade chemical weapons against them.

    In a statement, the council said the alleged chemical attack took place on a road between Iraq's second-largest city, Mosul, and the Syrian border, as peshmerga forces fought to seize a vital supply line used by the Sunni militants. It said its fighters later found "around 20 gas canisters" that had been loaded onto the truck involved in the attack.

    Video provided by the council showed a truck racing down a road, white smoke pouring out of it as it came under heavy fire from peshmerga fighters. It later showed a white, billowing cloud after the truck exploded and the remnants of it scattered across a road.

    An official with the Kurdish council told The Associated Press that dozens of peshmerga fighters were treated for "dizziness, nausea, vomiting and general weakness" after the attack. He spoke on condition of anonymity as he was not authorized to discuss the incident.

    The Kurds say samples of clothing and soil from the site were analyzed by an unnamed lab in an unnamed coalition partner nation, which found chlorine traces.

    "The fact ISIS relies on such tactics demonstrates it has lost the initiative and is resorting to desperate measures," the Kurdish government said in the statement, using an alternate acronym for the Sunni militant group.

    There was no independent confirmation of the Kurds' claim. Peter Sawczak, a spokesman for the Organization for the Prohibition of Chemical Weapons, which has monitored Syria dismantling its chemical weapons stockpile, said his group had not been asked to investigate the attack.

    Alistair Baskey, a spokesman for the White House's National Security Council, said American officials were aware of the Kurds' claim, though they had no information "regarding its veracity at this time."

    "We find such allegations deeply disturbing, and if there are parties engaged in such use, they should be held appropriately accountable," Baskey said. ( * WHAT ! ? KILL THEM MORE THAN ONCE ? )

    Chlorine, an industrial chemical, was first introduced as a chemical weapon at Ypres in World War I with disastrous effects as gas masks were not widely available at the time. While chlorine has many industrial and public uses, as a weapon it chokes victims to death.

    In the Syrian civil war, a chlorine gas attack on the outskirts of Damascus in 2013 killed hundreds and nearly drove the U.S. to launch airstrikes against the government of embattled President Bashar Assad. The U.S. and Western allies accused Assad's government of being responsible for that attack, while Damascus blamed rebels.

    There have been several allegations that the Islamic State group has used chlorine as well. In October, Iraqi officials claimed Islamic State militants may have used chlorine-filled cylinders during clashes in late September in the towns of Balad and Duluiya. Their disclosures came as reports from the Syrian border town of Kobani indicated that the extremist group added chlorine to an arsenal that already includes heavy weapons and tanks looted from captured military bases.

    Insurgents have used chlorine gas in Iraq before. In May 2007, suicide bombers driving chlorine tankers struck three cities in Anbar province, killing two police officers and forcing about 350 Iraqi civilians and six

    U.S. troops to seek treatment for gas exposure. Those bombers belonged to al-Qaida in Iraq, which later became the Islamic State group.

    Meanwhile Saturday, Iraqi security forces engaged in fierce clashes with the militants as they continued their offensive to retake Saddam Hussein's hometown, Tikrit.

    Iraqi forces, which include the military, police, Shiite militias and Sunni tribesmen, entered the city of Tikrit for the first time Thursday, gaining control of neighborhoods on its northern and southern ends.

    Militia commander Hadi al-Amiri has said security forces will hold their position until the area is cleared of any remaining civilians. He estimated on Friday that Iraqi forces would reach the center of Tikrit within two to three days.


  10. #10

    Re: " The Dinar Daily ", Sunday, 15 March 2015

    IMF urges Iraq to Tejevd expenses

    Expressed the International Monetary Fund, satisfaction with the adoption of the budget in Iraq, while stressing the importance of reducing and rationalizing Alladharoria reduce expenses.

    This came during periodic consultations between Iraq and the International Monetary Fund, which was held on Saturday, 03/14/2015, in the Jordanian capital, Amman, and these consultations are held twice a year between the two sides of the circulation and exchange of views on the state of the Iraqi economy and fiscal policies in the country.

    Participated on the Iraqi side, Finance Minister Hoshyar Zebari, and Oil Minister Adel Abdul-Mahdi and the Governor of the Central Bank and the Office of Financial Supervision and representatives of other ministries.

    The representatives expressed their satisfaction with the International Monetary Fund in approving the budget in 2015, and the realism of the Iraqi reality, but Cdo on the importance of reducing and rationalizing expenditure Alladharorah and prepare for fiscal adjustment in the future.

    And work to reduce the funding of the banking system and the Central Bank of Iraq and work to increase the internal revenue taxes and property tax public on sales and corporate income tax and improve the performance of the tax and customs.

    And made a number of recommendations to the Iraqi side repaired support system, and repair service for the modern system and repair of power sector reform and restructuring of state-owned enterprises as well as the reform of social protection system.

    Meeting to conclude a number of conclusions, the continuation of the government and the Ministry of Finance to adopt a proactive approach in the face of the crisis and to prepare a plan for public financial and maintain the independence of the central bank.

    These recommendations, despite its importance, it remains an advisory and non-binding but are useful to reform the conditions of our economy.

    The run-up to these consultations, the annual meetings of the spring ministerial countries in the world with the International Monetary Fund and the World Bank to be held in late April 2015.


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