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  1. #1

    The Dinar Daily, Saturday March 28, 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, Saturday March 28, 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 1280.851 1280.211
    British pound GBP 1739.089 1738.219
    Canadian dollar CAD ---- -----
    Swiss franc CHF 1218.391 1217.782
    Swedish krona SEK 137.448 137.379
    Norwegian krone NOK 149.057 148.983
    Danish krone DKK 171.493 171.408
    Japanese yen JPY 9.735 9.730
    Special
    Drawing Rights
    SDR 1622.676 1621.864

    Indicative rates - 28.03.2015


    http://www.cbi.iq/

  3. #3

    Re: The Dinar Daily, Saturday March 28, 2015

    Called the leader of the coalition forces of Iraqi Prime movement solution



    Dr. Jamal Karbouli Iraqi government must adhere to the decisions of the Arab summit held in Sharm el-Sheikh for the reconstruction of Iraq to its leading role in the region conference.

    As one of the founding members of the Charter of the Arab League and to contribute to the new Arab coalition to help Iraq to get rid of the terrorist organization Daash Expanding on the ground in Iraq and to contribute actively to the reconstruction of Iraq in general and the affected provinces in particular.
    Karbouli stressed that the return of Iraq to the Arab Hadhanth and bridge the relationship with the Arab world will reflect positively on the reality of the Iraqi political process
    In the face of the crisis in Yemen Circuit affirmed Karbouli support for the return of the legitimate in the country of the elected President Abed Rabbo Mansour Hadi, adding that the Houthis lay down their arms and return to the dialogue table, the United Nations and the Arab League-sponsored to complete the transition requirements. -

    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%3D3661719&usg=ALkJrhhkUGiO3-ECFEA6n1lRHxTBblc4nA
    Last edited by sczin11; 03-28-2015 at 10:42 AM.

  4. #4

    Re: The Dinar Daily, Saturday March 28, 2015



    Iraqi private banks Association
    Central Bank decides to meet the 8% tax rate and customs through banks


    Author: ASJ
    Editor: BS
    28/03/2015 12:44
    Number of Views: 53


    Long-Presse / Baghdad
    Decided to CBI, on Saturday, to approve the meet 8% of the taxes and customs special rate Bakiem imports by private banks, while the Association of Iraqi banks suggested that this decision reflected positively on the Iraqi economy and the private sector.
    The executive director of the Association of Iraqi banks Ali Tariq (to the extent Press), "The Association meetings going on and meetings with stakeholders held the Central Bank and the bodies of taxes and customs in order to stand on the recent decisions on obtaining the tax and customs own Balastairadat through banks Iraq own," noting that " discussions has with these entities as well as specialists in the banking sector to find a mechanism to pay these benefits through private banks. "
    He said Tariq that "those discussions and meetings yielded results can be described as good by setting rates and clear of taxes and customs are met through banks," he said, adding that "the central bank recently issued a decision in agreement with the bodies of customs and taxes allows for private banks completing 8% of Akiem taxes and customs own Balastairadat dispersed about 5% for Customs and 3% for taxes. "
    Executive Director of the Association of Iraqi banks and stressed that "the final decision on where to locate ratios is a good compared to the first resolution passed on imports, without specifying the descent", pointing out that the decision could have supported the Iraqi economy and the private sector. "
    The central bank may impose a special program of tax and customs guarantees of goods, and in the circles of banking and economic shown that this measure came under the guidance of the Council of Ministers to determine the work of traders and keep them away from illegal transactions in foreign currency smuggling.
    The CBI had announced his statement Tuesday (March 24, 2015) for the approval of the Economic Committee of the Council of Ministers on the central bank to accept a proposal issued by private banks instruments to pay all taxes and fees and without a fixed roof.

    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%3D3661779&usg=ALkJrhjS3MxlLRhCXXbutinh4VWmUaSWNQ

  5. #5

    Re: The Dinar Daily, Saturday March 28, 2015

    sczin11- THINKING OUT LOUD...COULD THERE BE A DELAY IN THE MR PROCESS? I FORGOT ABOUT THE COURT ACTION AGAINST THE BUDGET...MAYBE THEY HAD TO WAIT FOR THE APPEAL RULING...THAT COULD NEVER HAVE BEEN ANTICIPATED, THUS THAT WOULD CAUSE A DELAY BY THE CBI IN FUNDING/ACTIVATION THE BUDGET...JUST A THOUGHT..



    Parliamentary Finance to amend the budget law


    Possession Commission data and documents related to the process of money laundering and smuggling of foreign currency abroad contributed to a ceiling sell the currency auction of US $ 75 million a day.

    BAGHDAD / Obelisk: Parliamentary Finance Committee described, stabbed in parts of the private central bank of the General Budget Law as "unreasonable," saying the constitutional right to ownership transfers between the sections and the budget reduced.

    Central Bank made an appeal to the Federal Court to paragraph 50 of the budget bill for the current year 2015, which obliged not to sell more than 75 million dollars a day auction currency, which promise Governor of the Central Bank on the Keywords "stranger danger" being subject to the Central Bank of the directives of the government, and expected to resolve This is for the benefit of the Central Bank prosecuted.

    Member of the Finance Committee MP Masood Haider, confirmed the legitimacy of the Commission and the Parliament in accordance with the Constitution transfers between the doors and reduce the budget.

    Haider said that "the challenge presented by the Central Bank respect to Article 46 relating to banks and investment formed according to Islamic law, 50 and article which sets the ceiling currency auction 75 million US dollars a day," noting that "there is an intention by the Council of Ministers to appeal in all material added by the Finance Committee. "

    He revealed Haider "the possession of the Commission data and documents related to the process of money laundering and smuggling of foreign currency abroad, noting that in order to close a road in front of corruption in this area and to stop money laundering by what he called the" corrupt and influential "in state institutions has been added to this article," stressing "The committee will veto this appeal banking existing data has to disclose how whitening billions of dollars in Iraq and leaked to the outside."

    Haider noted that "all the articles that have been added by the Finance Committee to the budget bill within the carry process and reduce state spending at all levels, and that these materials which are not financial implications and do not lead to an increase in the budget for what has been put forward by the Council of Ministers."

    And on grades, between Haider, "The Finance Committee has redeploy 20 000 degrees were dedicated to the Ministry of Defence because of a lot of aliens and their distribution between the ministries and other state institutions."

    Parliament has been added and amended about 17 articles in the budget bill, notably Article 50, which states that "the central bank is committed to identifying sales of currency ceiling does not exceed 75 million dollars a day with exercise justice in the sales process."

    Mention that there are other materials that have been approved of reducing the number of cars of the three presidencies, and pressure Alaivadat Foreign posts by 50 percent, and compel the Ministry of Finance and ministries all regardless salaries and employee benefits in the provinces and hot areas, and install the contract-holders in the ministries who have three years of service and above in the budget 2015, and the creation of the reconstruction of areas devastated by the fund terrorism, and the allocation of two dollars for each province producing oil, and two dollars for every barrel of crude refining.

    The Council of Ministers has authorized the session held in the current March 3, boss, Dr. Haider Abadi challenge some of the articles and paragraphs budget (2015), said a source familiar with the Council of Ministers earlier, the Board intends to appeal paragraphs in the current year's budget, noting that al-Abadi someone paragraphs were be changed in Parliament, namely, "to reduce allocations displaced, and the salaries of self-financing companies," while counting the deputies that the amendment of the budget bill without the knowledge of the government, "illegality", expecting that the government earn stabbed.

    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%3D3661817&usg=ALkJrhgsrrpeHwmE1RRtomwQJYwqINwUyQ

  6. #6

    Re: The Dinar Daily, Saturday March 28, 2015

    House of Representatives held its 23 to read and vote for a number of laws



    House of Representatives held its 23 of the second legislative term after the adjournment for half an hour for lack of quorum.

    He said council member Jabbar Abdul Khaliq Radio tow council members arrived at the parliament hall after they were late for more than about an hour on the date of commencement of the meeting for reasons of congestion of traffic in the streets, referring to the quorum in the parliament hall is completed, where began session chaired by Salim al-vote on the resolution concerning the crimes of terrorist Daash against the Iraqi innocent children also showed that the Council will go then to the voting report of the Legal Committee on the work of the Committee and vote on the first amendment to the Law of the Federal service as well as the vote on the first draft amendment to the Law of service of the Federal No. 4 Act of 2009 Act, and vote on the bill Amendment judicial duties Law No. 14 of 1981, in addition to reading other laws.

    Abdul Khaliq has revealed that House Speaker Salim al-raising today's session for half an hour for lack of a quorum after a 120-member to attend only to the meeting, noting that some lawmakers in the way of their attendance to the meeting

    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%3D3661727&usg=ALkJrhjkJWarqPX7taoFyysOJWworexvsQ

    BGG ~ Original posting courtesy of SCZIN11

  7. #7

    Re: The Dinar Daily, Saturday March 28, 2015

    Parliamentary Finance to amend the budget law



    Possession Commission data and documents related to the process of money laundering and smuggling of foreign currency abroad contributed to a ceiling sell the currency auction of US $ 75 million a day.

    BAGHDAD / Obelisk: Parliamentary Finance Committee described, stabbed in parts of the private central bank of the General Budget Law as "unreasonable," saying the constitutional right to ownership transfers between the sections and the budget reduced.

    Central Bank made an appeal to the Federal Court to paragraph 50 of the budget bill for the current year 2015, which obliged not to sell more than 75 million dollars a day auction currency, which promise Governor of the Central Bank on the Keywords "stranger danger" being subject to the Central Bank of the directives of the government, and expected to resolve This is for the benefit of the Central Bank prosecuted.

    Member of the Finance Committee MP Masood Haider, confirmed the legitimacy of the Commission and the Parliament in accordance with the Constitution transfers between the doors and reduce the budget.

    Haider said that "the challenge presented by the Central Bank respect to Article 46 relating to banks and investment formed according to Islamic law, 50 and article which sets the ceiling currency auction 75 million US dollars a day," noting that "there is an intention by the Council of Ministers to appeal in all material added by the Finance Committee. "

    He revealed Haider "the possession of the Commission data and documents related to the process of money laundering and smuggling of foreign currency abroad, noting that in order to close a road in front of corruption in this area and to stop money laundering by what he called the" corrupt and influential "in state institutions has been added to this article," stressing "The committee will veto this appeal banking existing data has to disclose how whitening billions of dollars in Iraq and leaked to the outside."

    Haider noted that "all the articles that have been added by the Finance Committee to the budget bill within the carry process and reduce state spending at all levels, and that these materials which are not financial implications and do not lead to an increase in the budget for what has been put forward by the Council of Ministers."

    And on grades, between Haider, "The Finance Committee has redeploy 20 000 degrees were dedicated to the Ministry of Defence because of a lot of aliens and their distribution between the ministries and other state institutions."

    Parliament has been added and amended about 17 articles in the budget bill, notably Article 50, which states that "the central bank is committed to identifying sales of currency ceiling does not exceed 75 million dollars a day with exercise justice in the sales process."

    Mention that there are other materials that have been approved of reducing the number of cars of the three presidencies, and pressure Alaivadat Foreign posts by 50 percent, and compel the Ministry of Finance and ministries all regardless salaries and employee benefits in the provinces and hot areas, and install the contract-holders in the ministries who have three years of service and above in the budget 2015, and the creation of the reconstruction of areas devastated by the fund terrorism, and the allocation of two dollars for each province producing oil, and two dollars for every barrel of crude refining.

    The Council of Ministers has authorized the session held in the current March 3, boss, Dr. Haider Abadi challenge some of the articles and paragraphs budget (2015), said a source familiar with the Council of Ministers earlier, the Board intends to appeal paragraphs in the current year's budget, noting that al-Abadi someone paragraphs were be changed in Parliament, namely, "to reduce allocations displaced, and the salaries of self-financing companies," while counting the deputies that the amendment of the budget bill without the knowledge of the government, "illegality", expecting that the government earn stabbed

    http://almasalah.com/ar/news/50233/%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D9%86%D9%8A%D8%A7%D8%A8%D9%8A%D8%A9-%D9%84%D8%AA%D8%B9%D8%AF%D9%8A%D9%84-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D9%85%D9%88%D8%A7

  8. #8

    Re: The Dinar Daily, Saturday March 28, 2015

    A parliamentary debate on judicial fees law



    BAGHDAD / Obelisk: parliamentary source said on Saturday that the altercation broke out between the two MPs for Hassan Shammari and Mohammed Naji National Alliance on to postpone the vote on the draft law amending the law of judicial duties. The source said in a statement followed the "Obelisk", "The altercation broke out between the two MPs Naji al-Shammari, because of the latter claim to postpone the vote on the draft law amending the judicial fees Law No. (14) for the year 1981 for the purpose of passing on the parliamentary finance committee."

    The source, who asked not to be named, said that "the presidency of parliament decided to postpone the vote on the bill until next week."

    It is said that the parliament session agenda for the day includes a vote on a draft law amending the judicial fees Law No. (14) for the year 1981.

    http://almasalah.com/ar/news/50249/%D8%AC%D8%AF%D9%84-%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86%D9%8A-%D8%AD%D9%88%D9%84-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%B1%D8%B3%D9%88%D9%85-%D8%A7%D9%84%D8%B9%D8%AF%D9%84%D9%8A

  9. #9

    Re: The Dinar Daily, Saturday March 28, 2015

    Rafidain Bank branches allocated to pay the salaries of retirees in Nineveh and Salahuddin



    Twilight News / Rafidain Bank, announced on Saturday, the allocation of two branches for him to pay the salaries of retirees in the hot areas of Nineveh and Salahuddin.

    The Information Office of the Bank said in a statement reported for "Twilight News", the latter identified two branches of its branches in Baghdad to pay the salaries of retirees who are in Nineveh, Salahuddin and issuing smart card for them.

    The statement added that the main branches are green branch, which was allocated to the province of Nineveh, branch secretary of the province of Salahuddin.

    The Iraqi government has regained territory in the provinces of Salahuddin and Anbar from the control of the organization Daash in "oh Prophet of God," and "martyr Major General Star Sudanese", which was launched in conjunction earlier this month with the participation of thousands of security forces, and fighters of the popular crowd, and the Sunni tribes.

    Daash still dominates the city of Mosul, Nineveh province since the middle of last year after the withdrawal of security forces from them.

    http://www.kululiraq.com/?p=243276

  10. #10

    Re: The Dinar Daily, Saturday March 28, 2015

    Dollar down against a basket of major currencies

    BAGHDAD / follow Baghdadi News / ... drop the US dollar on Friday, against a basket of major currencies after traders refrained from buying the greenback ahead of US jobs data will be issued next week, and after comments from the head of the Federal Reserve Janet Yellen.

    Yellen said that "the US central bank is considering seriously to begin reducing the policy of monetary easing," adding that "the increase in interest rates may be justified later this year, although the decline core inflation or wage growth may force him to wait."

    Analysts said the "Comments unrelenting renewed in its entirety message statement issued by the Monetary Policy Committee in the House of reserve March 18 that the time frame for the interest rate increases will depend on the economic data in the United States."

    The dollar index fell 0.05% to 97.383 at the end of trading on the New York market.

    The euro rose slightly against the dollar at $ 1.0891.

    And in front of the Japanese currency the dollar fell slightly to 119.10 yen, while 0.12% lower against the Swiss currency to 0.9612 francs. Ended 21 / l

    http://www.kululiraq.com/?p=243313

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