The Dinar Daily, Wednesday March 18, 2015
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  1. #1

    The Dinar Daily, Wednesday March 18, 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, Wednesday March 18, 2015

    CENTRAL BANK OF IRAQ

    CURRENCY CODE SELL BUY
    US dollar USD 1166.000 1164.000


    CURRENCY CODE SELL BUY
    US dollar USD 1166.000 1164.000
    Euro EUR 1230.946 1230.331
    British pound GBP 1724.048 1723.186
    Canadian dollar CAD 913.435 912.978
    Swiss franc CHF 1160.314 1159.734
    Swedish krona SEK 134.077 134.010
    Norwegian krone NOK 141.716 141.646
    Danish krone DKK 164.876 164.793
    Japanese yen JPY 9.605 9.600
    Special
    Drawing Rights
    SDR 1596.487 1595.689

    Indicative rates - 18.03.2015


    http://www.cbi.iq/
    Last edited by sczin11; 03-18-2015 at 11:52 AM.

  3. #3

    Re: The Dinar Daily, Wednesday March 18, 2015


    Re-Posted from last nite forum...Donnie Thank You!

    -------
    Proposal to launch a Government bond debt in dollars


    3/18/2015 0:00


    BAGHDAD - Mostafa Hashemi
    suggested economist appearance of Dr. Mohammed Saleh, the Ministry of Finance to

    issue Government bond debt is denominated in dollars, not dinars

    to contribute to the achievement of a national dividend would reduce the budget deficit ratio.

    According to Wikipedia, the sovereign debt in the form of bonds, and when governments issue bonds they behave Spillane either put up their own currency bonds, which are geared toward local investors, in this case called the religion we have a government.

    or the government to issue-oriented investors in overseas currency other than the local currency bonds, which are often international, such as the dollar or currency euro.

    Saleh added in a statement the "morning" that the citizen trust much the government and when issuing government support and promotion at home and abroad, it is expected to deliver a high turnout of the public who are looking for an easy and low-risk investments.


    He said the possibility of issuing such bonds periods repay chains of time ranging from one year, 5 years and 10 years, stressing the possibility that sold in the secondary domestic and global markets at a discount, pointing to the need to be classified degree credit for receiving the admissibility more among citizens abroad or foreigners who wish to buy these bonds.

    He pointed out that the reason for evaluating the dollar comes to granting citizen's confidence to achieve greater financial returns and encourage the acquisition because it has thus contributed to the support of the country's economy and establish a good market for borrowing and reassure the public the possibility of selling in global markets or local (banks).


    http://www.alsabaah.iq/ArticleShow.aspx?ID=89086


    sczin11- WOW.... AT FIRST GLANCE, THIS WOULD APPEAR TO GO AGAINST THE CONCEPT OF THE IRAQI MONETARY REFORM PLAN...SOME HAVE OPINED, BY SELLING BONDS IN DOLLARS, THEY ARE INDICATING NO NEED FOR THE CHANGE IN VALUE OF THE IRAQI DINAR....I SAY, IN MY EBULLIENT STYLE, THAT IS HOGWASH!...THEY ARE LURING INVESTORS IN TO PROVIDE INCENTIVES AND CONFIDENCE, IN THE BENEFITS OF INVESTING IN THE NEW IRAQ...THIS IS A GENIUS PLAN...GIVE THE FOREIGN INVESTOR A NICE RETURN, SECURED BY THE WEALTHIEST COUNTRY IN THE WORLD, IN A CURRENCY THEY ARE COMFORTABLE WITH, GET A TASTE OF WHAT IS AVAILABLE AND GOING ON IN IRAQ, GET THEM IN TO THE LOCAL BANKS, SET EXAMPLES FOR THE LOCAL CITIZENS TO FOLLOW, AND BOOM...THE PRIVATE SECTOR PLAYS FOLLOW THE MONEY, THE IRAQI BANKS BEGIN TO FLOURISH, CONFIDENCE IS RESTORED TO THE PUBLIC...AND IRAQ, HELPS LIQUIDITY ISSUES, REDUCES BUDGET DEFICIT, AND BUILDS THEIR RESERVES EVEN MORE, TO HELP SUPPORT AN EVEN HIGHER VALUE,!! JMHO.

    Last edited by sczin11; 03-18-2015 at 10:13 AM.

  4. #4

    Re: The Dinar Daily, Wednesday March 18, 2015

    Parliamentary Culture: The holidays will not exceed 20 days in which we will soon be law to parliament



    Tomorrow Press / Baghdad announced member of the Committee of Culture and Information Serwa Abdul Wahid, Wednesday, that the holidays will not exceed 20 days in the new Holidays Act, which we will present soon to the House of Representatives for the first reading.

    Said Abdul Wahid for "tomorrow's Press," Our Committee "in the process of submitting a draft Holidays Act to the presidency of the parliament to read it soon after the inclusion of our proposals and the date of the first reading determined by the Presidency," adding that "the Holidays Act Ataatardah any problems so far, it is located since 2008 in Parliament, but he did not see the light. "

    "The more the subject was the subject of differing blocs in the Holidays Act is a holiday ninth of April, but in this session canceled this holiday law," pointing out that "the number of official holidays will not exceed 20 days per year, a malfunction New Year's Eve and the days of Eid and the first and tenth Muharram. "

    She drew a member of the Committee on Culture and Information, said that "there fault will relate Btoa˙v certain components and not to everyone," noting that our committee "proposed to be on the 25th of December of each year, which is suitable for the birth of Jesus Christ an official holiday as well."

    And on the national anthem law, Abdul Wahid he showed "there are still differences between the political blocs on the national anthem, so you must agree blocks so that we can offer a project of the National Anthem Act for approval by everyone without objection," indicating that "the Commission did not address the subject of Anthem so far because of the differences. "


    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3629087&usg=ALkJrhgqUCMI0VBdtYqFyE-Bc2I7258VZg
    Last edited by pinkadonai1; 03-18-2015 at 11:33 AM.

  5. #5

    Re: The Dinar Daily, Wednesday March 18, 2015



    Re-Post from yesterday
    -------




    sczin11- OPINION PIECE, AGAIN!


    -------------------


    AS MOST KNOW, THE NEWS REPORTED IN INK, NOT ONLY IS CONFLICTING AND CONTRADICTING AT TIMES, IS ALMOST ALWAYS REPORTING WHAT HAS HAPPENED, PAST TENSE...


    ANYTHING INVOLVING NATIONAL SECURITY, POLITICAL MOVEMENTS, INTER AND INTRA COUNTRY DEALS, AGREEMENTS, AND CONTRACTS, FOR MANY REASONS, WOULD NOT BE DISCUSSED IN THE MEDIA, UNTIL FINALIZATIONS WERE IN PLACE...


    THE CBI IS IN CONTROL OF MAINTAING THE STABILITY OF THE IRAQI CURRENCY...IT IS THEIR JOB, THROUGH PEACEFUL TIMES, AND TIMES OF WAR, TO ASSURE THE PEOPLE OF THEIR COUNTRY, THAT THEIR MONEY IS SAFE...IT IS THE JOB OF THE CBI, TO MAKE ADJUSTMENTS WHERE AND WHEN NECESSARY, TO PROVIDE THE STABILITY NECESSARY, FOR WORLD TRADE TO FLOW SMOOTHLY...THIS PROCESS, CONTINUES 365 DAYS A YEAR...THE WORLD DOESNT STOP WORKING, BECAUSE A BOMBER SET OFF A BOMB...THE TRADES DONT STOP TAKING PLACE, BECAUSE ONE COUNTRY IS CELEBRATING A HOLIDAY....


    WHEN NEW LAWS ARE PROPOSED, IN ANY MUNICIPALITY, OTHER DEPARTMENTS WITHIN THAT MUNICIPALITY, DO NOT STOP WORKING, BECAUSE LAWS ARE BEING PROPOSED, AMENDED, OR VOTED ON...


    WE KNOW IRAQ HAS MANY LAWS BEING WORKED ON, AND WE KNOW MANY HAVE BEEN SITTING ON DESKS FOR YEARS....BUT, FOR SOME TO FOCUS ON ANY ONE LAW OR ANOTHER, AS NEEDED, NECESSARY, FOR THE COMPLETION OF THE MONETARY REFORM, AND INITIATE THE RAISING OF THE VALUE OF THE IRAQI DINAR, TO ME IS BEING BLINDED BY THE NEED TO FIND THE TRIGGER THAT WE ALL WAIT FOR...


    MY POINT, EVEN WITH THE INVESTMENT LAW, THE ONE WE ARE TOLD WILL HELP LURE FOREIGN DOLLARS INTO IRAQ, WILL HELP PROTECT THEIR MONEY, WILL PROVIDE LAND , ETC....WHAT DOES THAT HAVE TO DO WITH CHANGING THE VALUE OF THEIR CURRENCY, TO A TRUE VALUE REALITY RATE? OR THE DESIRE TO GET THE LOCALS INTO THE BANKS BY PASSING DEPOSITOR INSURANCE LAWS.....WHY DOES THAT PREVENT A CHANGE IN THE VALUE OF THEIR CURRENCY? THE ANSWER IS IN BOTH EXAMPLES, THEY DONT!!!


    THE MONETARY REFORM IS HAPPENING NOW...IT IS IN PROCESS...IT IS NOT DELAYED...IRAQ IS OPEN FOR BUSINESS...THE IMF IS DONE MAKING DEMANDS...ONLY SUGGESTIONS NOW...THEY ARE COMPLIANT WITH INTERNATIONAL STANDARDS AND PROTOCOL...THEY HAVE TRAINED THEIR BANKERS, AND ARE HAVING MORE CLASSES ALL THE TIME..THEY HAVE MARKED THEIR OLD CURRENCY, AND PRINTED THE MOST SECURE CURRENCY NOTES, TO DATE, IN THE WORLD...


    THEY HAVE DE-DOLLARIZED, THEY ARE NOT INTERESTED IN USING THE US DOLLAR, THEY WANT THE WTO, THEY WANT THE NEW IRAQI DINAR...


    SO IN SUMMARY, I WANT TO REMIND ALL, WE CAN CHOOSE TO PICK UP CHANGES, EVENTS, NEWS TO TRY AND FIGURE OUT, IF THAT IS THE TRIGGER, OR NOT...WE CAN OPINE THAT THIS IS NEEDED, AND THAT MUST BE DONE...BUT, NO ONE HAS A CHECKLIST...NO ONE KNOWS FOR CERTAINTY...


    JUST KNOW, YOU OWN THE CURRENCY OF ONE OF THE WEALTHIEST COUNTRIES IN THE WORLD, AND THAT IS A FACT WE DO KNOW....


    THE REST YOU SHOULD BE ABLE TO FIGURE OUT....


    PEACE AND PROSPERITY FOR US, FOR THE CITIZENS OF IRAQ, AND FOR THE ENTIRE WORLD!!!!

  6. #6

    Re: The Dinar Daily, Wednesday March 18, 2015

    Sczin11- GREAT NEWS...HISTORIC....IT IS HAPPENING!


    Parliamentary Foreign Affairs: Opening of the Saudi embassy next month



    Information / Baghdad /Announced the Foreign Relations Committee in the House of Representatives, on Wednesday, the opening of the Saudi embassy in Baghdad next month, confirming the completion of all formalities related.

    Committee Chairman Hassan Chuird told / information /, "The opening of the Saudi embassy procedures and reached the final stages have been completed all the belongings," adding that "the embassy will open the end of next month at the most."

    He Chuird, that "there is nothing to hinder the opening of the embassy," he said, adding that "based on the most intense coordination between the concerned authorities."

    Saudi Arabia was recently announced its desire to opening an embassy in Baghdad after a diplomatic rupture lasted for nearly two decades, with a delegation from the Saudi foreign capital, recently visited Baghdad to discuss the procedures for opening the embassy. Finished / 25


    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3629455&usg=ALkJrhh-Q1p0eFhJ9-rChov8m7LSinNlPw
    Last edited by pinkadonai1; 03-18-2015 at 11:35 AM.

  7. #7

    Re: The Dinar Daily, Wednesday March 18, 2015

    Quote Originally Posted by sczin11 View Post

    Re-Posted from last nite forum...Donnie Thank You!

    -------
    Proposal to launch a Government bond debt in dollars


    3/18/2015 0:00


    BAGHDAD - Mostafa Hashemi
    suggested economist appearance of Dr. Mohammed Saleh, the Ministry of Finance to

    issue Government bond debt is denominated in dollars, not dinars

    to contribute to the achievement of a national dividend would reduce the budget deficit ratio.

    According to Wikipedia, the sovereign debt in the form of bonds, and when governments issue bonds they behave Spillane either put up their own currency bonds, which are geared toward local investors, in this case called the religion we have a government.

    or the government to issue-oriented investors in overseas currency other than the local currency bonds, which are often international, such as the dollar or currency euro.

    Saleh added in a statement the "morning" that the citizen trust much the government and when issuing government support and promotion at home and abroad, it is expected to deliver a high turnout of the public who are looking for an easy and low-risk investments.


    He said the possibility of issuing such bonds periods repay chains of time ranging from one year, 5 years and 10 years, stressing the possibility that sold in the secondary domestic and global markets at a discount, pointing to the need to be classified degree credit for receiving the admissibility more among citizens abroad or foreigners who wish to buy these bonds.

    He pointed out that the reason for evaluating the dollar comes to granting citizen's confidence to achieve greater financial returns and encourage the acquisition because it has thus contributed to the support of the country's economy and establish a good market for borrowing and reassure the public the possibility of selling in global markets or local (banks).


    http://www.alsabaah.iq/ArticleShow.aspx?ID=89086


    sczin11- WOW.... AT FIRST GLANCE, THIS WOULD APPEAR TO GO AGAINST THE CONCEPT OF THE IRAQI MONETARY REFORM PLAN...SOME HAVE OPINED, BY SELLING BONDS IN DOLLARS, THEY ARE INDICATING NO NEED FOR THE CHANGE IN VALUE OF THE IRAQI DINAR....I SAY, IN MY EBULLIENT STYLE, THAT IS HOGWASH!...THEY ARE LURING INVESTORS IN TO PROVIDE INCENTIVES AND CONFIDENCE, IN THE BENEFITS OF INVESTING IN THE NEW IRAQ...THIS IS A GENIUS PLAN...GIVE THE FOREIGN INVESTOR A NICE RETURN, SECURED BY THE WEALTHIEST COUNTRY IN THE WORLD, IN A CURRENCY THEY ARE COMFORTABLE WITH, GET A TASTE OF WHAT IS AVAILABLE AND GOING ON IN IRAQ, GET THEM IN TO THE LOCAL BANKS, SET EXAMPLES FOR THE LOCAL CITIZENS TO FOLLOW, AND BOOM...THE PRIVATE SECTOR PLAYS FOLLOW THE MONEY, THE IRAQI BANKS BEGIN TO FLOURISH, CONFIDENCE IS RESTORED TO THE PUBLIC...AND IRAQ, HELPS LIQUIDITY ISSUES, REDUCES BUDGET DEFICIT, AND BUILDS THEIR RESERVES EVEN MORE, TO HELP SUPPORT AN EVEN HIGHER VALUE,!! JMHO.

    I agree but the real question of this isWHAT WILL BE THE VALUE OF THE IRAQI DINAR? Their goal is to stand on their own feet and join the WTO with THEIR OWN CURRENCY this should put more pressure to add a real rate.
    Blessings
    jim

  8. #8

    Re: The Dinar Daily, Wednesday March 18, 2015

    ISX Iraq Stock Market Summary

    General index 72.86
    Change 1.25
    % Change 1.74%
    Value traded 1,115,929,547
    Shares traded 1,218,675,311
    The number of transactions 608
    Traded Companies 48
    Shares rose 29
    Shares fell 10
    Fixed stock 9

    http://www.isx-iq.net/isxportal/portal/homePage.html?currLanguage=ar
    Last edited by pinkadonai1; 03-18-2015 at 01:29 PM.

  9. #9

    Re: The Dinar Daily, Wednesday March 18, 2015

    Iraq and Iran sign a memorandum of understanding for joint cooperation in the field of construction materials



    Baghdad: Euphrates News Director General Trading Company construction materials Khalil Ibrahim, attributed his company announced the signing of a memorandum of understanding for cooperation in the field of supply and processing of construction materials with the Iranian side.

    According to a statement of the ministry and agency {Euphrates News} received a copy of it today that "This came during his visit with the ministry delegation of Islamic Republic of Iran has held several meetings with representatives for the production of iron companies armament industry, iron and cement, Kashi, ceramics, doors, pipes, which resulted in the establishment of a joint memoranda of understanding with representatives of laboratories sober and approved by the Ministry of Industry and Minerals and the Iranian trade. "

    He pointed to the "interesting and Commerce Minister Mlas Mohammed Abdul Karim develop the company's performance and upgrade them came through the activation of activities to keep up with the local market need of high standards of construction materials quality as a result of the expansion of winning and expected operations construction and reconstruction taking place in the country. "

    He added that "the company's activity is turned off ten years ago as a result of circumstances that has gripped Iraq during this period."
    The Ministry of Commerce, signed earlier with the Iranian side joint memoranda of understanding in the fields of trade and exhibitions on the sidelines of the Iran-Iraq Committee Joint Higher, which took place in the sixteenth of February and the last took place in addition to the many Tfaaudhat resulted in the hold joint meetings in both countries. Ended

    http://wwww.alforatnews.com/modules/news/article.php?storyid=79712
    Last edited by pinkadonai1; 03-18-2015 at 01:30 PM.

  10. #10

    Re: The Dinar Daily, Wednesday March 18, 2015

    Peshmerga repel Daashaa at Sinjar, west of Mosul attack



    Nineveh: Euphrates News Peshmerga forces repelled an attack by terrorist gangs lived in the district of Sinjar, west of Mosul.

    A security source told the Euphrates News} {today that "Peshmerga forces managed to repel the attack within the axis of Sinjar and inflicted serious losses Daash gangs resulted in the killing of a number of them and burning them with three wheels."

    "As a result of the attack, which lasted about an hour wounding two members of the Peshmerga minor injuries." Ended 31

    http://wwww.alforatnews.com/modules/news/article.php?storyid=79715
    Last edited by pinkadonai1; 03-18-2015 at 01:31 PM.

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