The Dinar Daily, Tuesday March 24, 2015
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  1. #1

    The Dinar Daily, Tuesday March 24, 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 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 March 24, 2015

    US dollar USD 1166.000 1164.000
    Euro EUR 1272.339 1271.703
    British pound GBP 1738.506 1737.637
    Canadian dollar CAD ----- -----
    Swiss franc CHF 1199.095 1198.495
    Swedish krona SEK 134.947 134.880
    Norwegian krone NOK 147.475 147.402
    Danish krone DKK 170.657 170.572
    Japanese yen JPY 9.720 9.715
    Drawing Rights
    SDR 1617.685 1616.876
    Indicative rates - 24.03.2015

  3. #3

    Re: The Dinar Daily, Tuesday March 24, 2015


    Meeting of the Arab Committee for the payment and settlement systems

    BAGHDAD - morning
    complexity of the Arab Commission for propulsion systems and settlement, its annual meeting atheist ten Tuesday and lasts two days in the Omani capital Muscat to discuss the latest developments concerning the work of the International Committee on the level of implementation of the new international principles for infrastructure capital markets issued by the Bank for International Settlements and the International Organization for bodies Approved Securities by the Group of Twenty.
    A statement by the Arab Monetary Fund, seen by the "morning" will participate in the meeting of the World Bank representative, who will present the most important aspects of the new initiative to support the Arab countries in the application of new international principles.
    According to the statement, it is scheduled to attend the President of the Board of Directors overseeing the coding system Consolidated global legal related Council financial stability, which will give a presentation about the new coding system and its impact on payment and settlement systems.
    will also be at the meeting to discuss the initial drafts of the four working papers on topics of interest to systems payment and settlement, the first on the "needs upgrading small value payment systems", and the second on "mechanisms to pay for workers' remittances", and the third on "job overseeing the payment and settlement systems", and the fourth on "aspects of the development of government payment and collection systems.

    Last edited by pinkadonai1; 03-24-2015 at 10:44 AM.

  4. #4

    Re: The Dinar Daily, Tuesday March 24, 2015

    Newspapers today addresses a meeting with al-Abadi and Aoyama Parliament to discuss the legal parties and Guards

    BAGHDAD / Nina / focused on Tuesday the twenty-fourth of March newspapers a number of topics including the upcoming visit of Prime Minister Haider al-Abadi to Washington and the announcement of House Speaker Salim al-Jubouri, the legal parties and the National Guard are two of the most important laws that will be legislation soon and other topics political and security.

    Bayan newspaper said Prime Minister Haider al-Abadi, the middle of next month will begin an official visit to Washington to meet with US President Barack Obama, to discuss cooperation in the military and security fields and to provide support and arming of Iraqi forces in the fight against the terrorist organization Daash.

    The newspaper quoted a statement issued by the Information Office of the Prime Minister, saying that al-Abadi will begin the middle of next month, an official visit to the United States take several days, during which he will meet US President Barack Obama and a number of administration officials to discuss the development of relations between the two countries in various fields, as well as for joint efforts to counter terrorism. "

    She added that "the Prime Minister will discuss cooperation in the military and security fields and to provide support and arming of Iraqi forces in the fight against Daash, and to discuss the progress of Iraqi forces under the cooperation of citizens and members of tribes with the Iraqi army and popular crowd, which includes volunteers from all the Iraqi people." .

    For its part, the newspaper Constitution for the White House was quoted as saying in a statement that the US president will meet Abadi in Washington on 14 Nisan.lbges range of issues including the continued US support for Iraq to weaken the organization Daash and destroy it in the end.

    The paper pointed out that the Prime Minister Haider al-Abadi had telephone contact with the presidents of Iran and Egypt, and Turkish Prime Minister in the government's move to rally regional countries to support Iraq in the face of the terrorist organization Daash ..

    And on the legal parties and the National Guard Mashreq newspaper quoted the head of the House of Representatives, Dr. Salim al-Jubouri said after arriving in the city of Karbala yesterday that the law of parties of the most important laws that will be legislation soon.Adding that the National Guard Act will be on the agenda of the next few days when Parliament.

    The newspaper said the security and defense committee formed a sub-committee consisting of five deputies from different blocks to review and amend the draft law of the National Guard.
    It quoted a member of the Committee MP for the Union of Forces Ali Mutaiota saying "this mini-committee will begin its work early next week through a series of meetings to take notes of the political blocs and add some amendments in line with the law and the constitution and political agreements, especially that there are points of contention on the project Guard Law National mini-committee will try to address them and move military units involved and a link to the leadership of the guard '.

    He Almitute "What we want is to give the local government and security committee within the province security authority over to reduce the central system of the need to involve the provinces in the General Commander of the Armed Forces decisions in the event of mobilization of the National Guard military units outside the province according controls and a mechanism to prevent exclusivity from any of authorities. "

    And on the battle of Tikrit quoted Zora newspaper issued by the Iraqi Journalists Syndicate for the security committee in Salahuddin province, as saying that the battle to liberate Tikrit was transformed from a military battle to battle engineering effort, attributed the reason to the terrorists made it quite area bomb,

    The newspaper quoted deputy head of the security committee in the House of Salahuddin province, Khalid grave saying: Daash gangs booby-trapped the entire city of Tikrit, and became both a house or a car parked in the street or a lamppost or trees, bomb, pointing out that the battle in Tikrit was transformed from military operations to battle engineering effort, where explosives experts dismantled a day dozens of improvised explosive devices and booby-trapped houses and roads.

    He said the grave: that intelligence information received from the inside of Tikrit, stating that Daash recently resorted to trapping sewage networks and connect them to each other in order to explode one prayed the other, pointing out that the battle to liberate Tikrit became a foregone conclusion.

    On another subject Mashreq newspaper said the Finance Committee in the House of Representatives crystallized a draft resolution to reduce the protections of officials to the extent that eases the financial burden on the already stretched budget deficit and the scarcity of money.

    The newspaper quoted a source in the parliamentary finance committee as saying that the reduction may go on all the addresses starting from the three presidents and their deputies up to the general managers, but the source said that the amount to be provided by the reduction will not be great
    Last edited by pinkadonai1; 03-24-2015 at 10:46 AM.

  5. #5

    Re: The Dinar Daily, Tuesday March 24, 2015


    sczin11 opinion...

    what to believe....and what not to believe!

    We read, we talk, we ponder, we dream....we hope to see progress...and every time we think we see motion in a positive direction, either it is debunked by something new, proven false, or seemingly un-confirmed!

    Case in point most recently...baghdad sends $420 million dollars to kurds...490 billion dinars...4-5 days later, $250 million dollars is stated...and implied, not even there yet...

    Case in point in last 36 hours.... Parliament postponed meeting from tuesday (tomorrow) until saturday march 28, at the request of celebrate a holiday...yet parliament committees are to meet tues, wed, and thursday this week, and national guard law to house in coming days...and kurd delegation to meet in baghdad tomorrow, or today, or soon...

    I could go on and on, but you all know the story... For some strange reason, it appears one hand doesn't know what the other is saying or doing...or on purpose, they choose to placate their people, and attempt to misguide the rest of the world...

    What we do know is very telling, however... They have a new government, one that believes in the democratic process, one that wants to show the world, the real iraq... The new iraq... The wealthy, powerful, sovereign, caring country in the middle east...

    They have stated they want full accession to the world trade organization...we see progress there, with a recent update on their web site... They have stated they want the dinar to be their sole currency...they are implementing changes to the economy and the private sector...they have upgraded their banking system, checks and balances, anti money laundering controls, counterfeiting preventions, electronic techniques, high security featured notes, etc...

    Judicial intervention is rampant...seeking to take down all involved in corruption, now and from the past...

    Many foreign companies are coming into iraq, opening consulates and embassies, bringing business, and offering loans and credit terms...

    World agencies are supporting the country in many leaders are inviting government officials daily...there is something about iraq, that the world wants a piece of....

    Iraqi airlines, a commercial enterprise, continues to buy and receive more commercial airplanes...*** this is huge folks *** ... This means tourism...tourism means economic boost...economic boost!!!!

    More trains coming to iraq, with routes from ports to main cities...transporting cargo and people, faster and easier...what cargo is coming that requires easier access? What people are coming in now, that requires all this additional transportation?

    Do you see the pieces of the puzzle here?

    International banks opening in iraq? Why? Do you have any idea of the cost, to set up a bank in a new, foreign location? The translators, or multi - lingual employees needed? The costs of operation before depositors are even ready to come in...the time required before the doors even open?

    And then we have the oil!!! Shell signs an $11 billion usd contract, from a memorandum of understanding back in 2012...luke oil signs a 30 year deal last year...exxon mobil, and more...

    How about pizza hut? Even they came in last year...who in the world can justify selling pizza, in a country where unemployment is ridiculously high, no money for the average citizen to eat anything more than rice?

    Again, more pieces of this puzzle..... Do you see that?

    Here is what we do know...we own the currency of a country... Not just any country, a country that is being sought after, defended, and guided, by most of the international world....

    To me that is very telling, i hope it is to you as well!

  6. #6

    Re: The Dinar Daily, Tuesday March 24, 2015


    The opening of the Saudi embassy in Baghdad in two months

    BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - reported to the Parliamentary Committee on Foreign Relations, Center Brief, that the opening of the Saudi embassy in Baghdad will not exceed 60 days.

    And the committee member Mohammed Abed Rabbo's (IMN), that "the main reasons behind the delay in the opening of the Saudi embassy in Baghdad respect to certain technical matters, such as selecting a suitable site for the embassy."

    Abed Rabbo pointed out, "there is no fear of the Saudi side for the opening of its embassy in Baghdad."

    It was scheduled to open the Saudi embassy during the month of February, after a delegation from Saudi Arabia visited Baghdad for talks on opening the embassy.

    And a majority of countries in the region, especially the neighboring countries like Saudi Arabia, Iran, Turkey and Jordan, attitudes supportive of the Iraqi government in the war against Daash gangs terror, while the Great Powers mobilized to intensify military support for Iraq as well as the adoption of supporting Iraq to the post-salvation of Daash.

    From: Adel Mustafa al-Araji, the Open: Faten Hussein
    Last edited by pinkadonai1; 03-24-2015 at 10:48 AM.

  7. #7

    Re: The Dinar Daily, Tuesday March 24, 2015

    Abadi: Liberating entire Salah-il-Din soon

    Baghdad (AIN) –Reliable source assured that the Iraqi Prime Minister Haider al-Abadi emphasized that "Liberating the entire province of Salah-il-Din is a matter of time only."

    The source told AIN "The next few days will witness liberating Tikrit city since the terrorist groups are surrounded from four directions but there are some technical and military strategies that should be provided in order to settle the battle," noting that "Military facts were denoting that liberating Salah-il-Din will take more time than that it took to liberate the occupied areas but bravery of our security forces and volunteers made these victories."

    The source added "All politicians, media professionals and academic teachers and tribesmen should stand behind the security forces and defeat rumors used by the enemies of Iraq."

    COMMENT: A curious thing to say I think. - chattels
    Last edited by pinkadonai1; 03-24-2015 at 10:49 AM.

  8. #8

    Re: The Dinar Daily, Tuesday March 24, 2015

    Kurdistan Region Seeks To Develop Its Relation With The Federal Government

    BAGHDAD / NINA / The leading figure of the Kurdistan Alliance, former MP, Mahmoud Othman, confirmed the Kurdistan region is seeking to develop its relationship with the federal government and seeks also to develop the oil agreement signed between the two sides.

    He told the National Iraqi News Agency / NINA / "The Kurdistan region plans to send ministerial delegations from the provincial government of the region to Baghdad early next week, to hold a new round of talks, in order to develop the relationship between the federal government and the province."

    Othman added, "The federal government has sent a sum of money to the Kurdistan region, and another sum of money will be sent in the beginning of next week."

    He pointed out that the Kurdistan region is currently seeking to increase the region's oil exports, gradually, in order to increase the financial resources of the oil to support the state budget. "

    Kurdistan Regional Government announced last Friday that Baghdad sent / 420 / million dollars to Arbil within the region's share of the budget./

    COMMENT : Why gradually ? There was an article some time ago quoting Barzani as saying the Kurdistan would produce no more oil than required under the " December agreement "
    - chattels
    Last edited by pinkadonai1; 03-24-2015 at 10:50 AM.

  9. #9

    Re: The Dinar Daily, Tuesday March 24, 2015

    Local Source: Dozens Of Displaced Families Refuse To Return To Their Homes In The Liberated Areas In Diyala

    Baquba / NINA / A local source in Diyala said dozens of displaced families in Khanaqin camps rejected to return to their homes in the liberated areas in the province.

    The source told the National Iraqi News Agency / NINA /: "Dozens of displaced families in Khanaqin camps refused to return to their homes in the liberated areas due to lack of basic services. And most of the houses were destroyed during the control of the Daash organization, and they need time to be rebuilt again".

    Thousands of families were displaced from areas north of Baquba, Muqdadiyah, Saadia and Jalawla northeast of Baquba, to Khanaqin area because of the control of Daash on those areas in June of last year . 253d
    Last edited by pinkadonai1; 03-24-2015 at 10:51 AM.

  10. #10

    Re: The Dinar Daily, Tuesday March 24, 2015

    Abadi: There are challenges facing Iraq, including those related to the economic and financial side as a result of lower oil prices

    BAGHDAD / Nina / The Prime Minister Haider Abadi stressed on Sunday Iraq's desire to resolve the obstacles that stand in front of the oil companies, noting that the government has taken since its functions direct decision to ease procedures for the entry of investors and companies to the country.

    A statement by his office said that the PM al-Abadi received today Head of Lukoil oil company Faguyt Alekperov and the delegation accompanying him and discussed fields of mutual cooperation and ways to facilitate the company's work in Iraq and accelerate the completion of projects to increase oil production.

    Abadi said that there are many challenges currently facing Iraq, including with regard to the economic and financial side as a result of lower oil prices, and said that the government was moving to this reason, to increase of oil production as well as search for additional revenue from other economic sectors.

    The visiting delegation thanked the facilities provided by the government to oil companies, praising the Prime Minister keenness to remove the obstacles facing their work.
    Last edited by pinkadonai1; 03-24-2015 at 10:52 AM.

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