" The Dinar Daily ", Sunday, 29 March 2015
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  1. #1

    " The Dinar Daily ", Sunday, 29 March 2015

    The Exchange Rate of Foreign Currency in Economic Feasibility Studies

    Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars.

    Estimate the shadow price of foreign currency:

    1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine.

    The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs.

    * What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar.In particular the following outputs and inputs of foreign currency were distinguished:

    • Export-outputs.
    • Outputs marketed locally that substitute imports.
    • Imported inputs.
    • Inputs produced locally that usually go to exports.
    • Foreign labor.

    According to the pricing rules the value of the output and input (traded) is calculated using export prices (FOB) and import prices (CIF), according to what is listed in the pricing rules.

    In other words the pricing rules calculate what the project produces from foreign currency (quantity of exports multiplied by the export price (FOB) in foreign currency or the quantity of substitute imports multiplied by the import price (CIF) in foreign currency, as well as what the project uses from foreign currency and imported inputs multiplied by the import price (CIF) in foreign currency …. etc.).

    In a later step, project outputs and inputs must be converted from the foreign currency to its equivalent in local currency (dinars) by using a specific exchange rate for the foreign currency.

    2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports… etc.

    The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:

    • The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production.
    • The application of the amended exchange rate on project imported inputs will assist in directing investments away from aggregated sectors dependent on imported inputs and the preference of those sectors that rely on locally produced inputs.
    • The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded goods.
    • The real exchange rate has declined rapidly since the early seventies, through rapid rise of the level of prices and local costs which led by the steadiness of the official exchange rate to change in prices and actual local rate costs that gave an advantage for imported goods at the expense of locally produced goods, meaning that it led to deterioration of the competitiveness of alternative replacement goods and export commodities.
    • This action shows that the official exchange rate overestimates the value of the dinar, compared to the foreign currency and from the promoting goods substituting imports and export commodities point of view of.

    And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate.

    3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.

    The Republic of Iraq – Ministry of Planning


    A "flashback recap" of a Live Q and A Call from about a year ago - on THE DAILY DINAR NEWS BLOG...

    In general terms – there were three main focal points of interest I wanted to cover and then allow listeners to ask whatever questions they liked.

    1) the SIGR report…

    2) the Gold Article…

    3) the IIER report…

    I started the conversation out last night by highlighting how crazy this campaign being fielded to contact our lawmakers and bank CEO’s and tell them how unfair it is they are getting to exchange (exchange is the right terminology BTW – NOT “CASH-IN”) at 32.00 per Dinar and we are not – is. It is nuts.

    Firstly, “they” are NOT being allowed to exchange “early” – or at 32.00 per Dinar. It makes you sound “stark raving MAD” to be caught saying such things. You would be better off barking at the moon. It is demeaning to the validity of a true currency play.

    Secondly, this is entirely the wrong way to approach them. I pointed out on the call that Poppy and I fielded a very successful such campaign a couple of years ago. However, we sat down and came up with a much different approach. It was designed to get answers and to approach our lawmakers with respect and as their constituents. Not like a bunch of lunatics. We had extraordinary participation (because it made sense) and we received a good response from lawmakers. It started the conversation in a reasonable manner.

    I asked one caller – “when was the last time you asked a banker for money and told him how unfair it was if he didn’t give it to you”??? Obviously – we chuckled…

    Another caller asked me if (as DC had relayed) – the “zero’s were raised” and the lower denominations were in circulation??

    I said plainly “no”…lower denominations being in circulation would (at the very least) imply there had been a value change. If there were no value change the lower denoms would not only be of little value, they would be such a hinderance – people might even throw them away just to get rid of them. So no – no lower denoms. I told the caller to check the
    CBI.iq website for “real” info on rate change.

    The “zero’s being raised” or “deleted” – as explained by any reasonable researcher, economist or authority – is simply the process removing the large (3 zero notes) from circulation.

    Referring to an Enorrste post from today on
    THE DINAR OBSERVER DAILY(you may want to put this on your favorites and check in several times a day – we to it often )

    “…I have never found a single article from the CBI or the IMF that equates “delete the zeros” to the idea of “move the decimal point.” Instead, the statements overwhelmingly come out to mean “remove the large notes from circulation.”

    Also – this recent internal memo put out by Wells Fargo is likely “push back” from this recent campaign. I pointed out that Pinnacle Bank published an article by an “affiliate” in their internal publication and then “highlighted it” in a similar internal memo a couple of years ago. It is just a defense mechanism. I’m sure Wells is tired of having their name dragged through the “internet rumor mill”. This is highly likely the reason for their vigorous denials about handling it in the future. They get so many useless calls – it isn’t worth the headache. Can you blame them??

    Further, for any bank, lawmaker, adviser or official to state the “Dinar is a scam” is nearly as foolish as some of the internet “Gurus”. It is the official currency of a COUNTRY. I pointed out (below) the post from yesterday’s
    – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
    __________________________________________________ _____________


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

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

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

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

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

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

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

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

    __________________________________________________ ______________


    Coins put on the market !!

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

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

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

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



    CBI is preparing to issue a monetary metal parts

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

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

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

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

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



    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

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

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

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


    Crush Expected When Kuwaiti Banks Reopen Today

    March 24, 1991|From Reuters

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

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

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

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

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

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

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

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


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

    Hi BGG,

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

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

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

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

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

    Kind Regards,

  2. #2

    Re: " The Dinar Daily ", Sunday, 29 March 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1279.452 1278.812
    British pound GBP 1740.721 1739.851
    Canadian dollar CAD 934.969 934.502
    Swiss franc CHF 1222.222 1221.611
    Swedish krona SEK 138.155 138.086
    Norwegian krone NOK 148.764 148.690
    Danish krone DKK 171.329 171.244
    Japanese yen JPY 9.774 9.769
    Drawing Rights
    SDR 1623.888 1623.076

    Indicative rates - 29.03.2015


  3. #3

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    A Kurdish involvement for Mosul is not in vain

    By Polla Garmiany - As the war with the so-called Islamic State continues, there are Kurdish voices demanding that the Peshmerga forces stay out of an upcoming fight for the city of Mosul due to its allegedly Arab character.

    There is no question that today the majority population of the city is Arab, following the Arabization of Kurdish lands during the reign of Saddam Hussein and those of his predecessors.

    While each step forward by the Peshmerga forces in Kirkuk, Kobane and Shingal is highly lauded by the Kurds, it appears that their involvement in the fight for Mosul is undesired and unwanted by some.

    On social media sites Kurdish youngsters post comments like, “Don’t spill Kurdish blood for an Arab city!” or “Let Arabs fight for Arab cities and Kurds for Kurdish cities.”

    But have such commentators never heard about the Kurdish city of Mosul? Do they not know about a Kurdish population ever living there?

    Barely a century ago, in 1923, the Turkish Lausanne Commission provided demographic figures for the city, reporting that up to 50 percent of the population was Kurdish. In contrast, there were just about 13 percent Arabs and the remaining 37 percent Jews, Turkmens, Assyrians and Chaldeans.

    It is correct that the demography of Mosul has changed during the last decades, but does that make it a non-Kurdish city? Do Kurds accept the forced Arabization of cities like Kirkuk or Qamishli? And do they accept the suppression of their culture elsewhere in Kurdistan?

    One has to remember the Kurdish request for an independent state in 1938 at the League of Nations meeting in Geneva, where Kurdish representatives handed in a map that included the city of Mosul. The same request was also made in 1945 at the San Francisco Conference, held by the UNO. And one has to remember that to this day there is an office of the Kurdistan Democratic Party (KDP) in Mosul, serving the people of Kurdistan in this very city.

    But apart from all this, there are innocent people living in this city, held by a brutal terrorist organization which is anything but religious. All these people -- Kurds and non-Kurds, Muslims, Christians and Yezidis -- hope for a non-sectarian force to rescue them.

    The involvement of Peshmerga forces in the fight for Mosul would not be just a fight for a so-called Arab city or a fight for the Kurdish population of an ancient city with a very Kurdish character and deep Kurdish roots. It would be a fight for all the righteous and innocent people of Mosul, regardless of their ethnic and religious backgrounds.

    Moreover, it should be acknowledged that a participation in the fight for Mosul would not just help the city’s population: it would also enhance and strengthen the Kurdish position in later negotiations between Erbil and Bagdad concerning the disputed areas in Iraq, or even on a potential Kurdish independence.

    Therefore, it is important for the Peshmerga -- including the Assyrian and Chaldean battalions -- to join the fight for Mosul and help the struggling Iraqi forces free this ancient and great city from the terrorist “Islamic State.”

    An intervention would not just help the Kurds physically and politically, it would also confirm the Peshmergas’ image as a freedom force fighting for the innocent and oppressed people of the region.

    The writer is a Kurdish student at the Johannes Gutenberg University in Gemany.

    The views in this article are those of the author and do not necessarily reflect the position of Rudaw.

    Last edited by pinkadonai1; 03-29-2015 at 10:47 AM.

  4. #4

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Parliamentary Integrity Vice close to expel al-Maliki of membership

    I decided to Integrity Committee in the House of Representatives, today, to expel one of its members ‘close’ of the leader of a coalition of state law, the vice president, Nouri al-Maliki, due to the exploitation of its membership of the Committee to extort political and government figures, according to the member of the Committee.

    A member of the Commission in a press statement, the site of the new ‘Arab’, without named, that: his committee had received many complaints from the government and political parties and people accused of high Nassif MP Baptzazhm and threatened, being a member of the Integrity Commission, and accused the files of corruption fabricated, and the imposition of substantial them money or certain political positions against the concealment of those files.

    On the other hand, accused Nassif, Chairman of the Parliamentary Integrity, MP Talal Zobaie, B’msk file properties and the state to prevent me from participating in it, and revealed some of the files’.

    Last edited by pinkadonai1; 03-29-2015 at 10:49 AM.

  5. #5

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Re 15 billion dinars to the state treasury after cutting the names of beneficiaries of social welfare funds."

    Khandan -ali Nagy announced to the Labour and Social Affairs parliamentary, for re 15 billion dinars to the treasury of the State of Iraq, after the Ministry of Labor to cut off the names of bypassing Mstvdan of social welfare.

    The head of the committee MP Sadiq we hinted at a news conference attended by the correspondent (Khandan) that "through cooperate with the Commission, the Ministry of Labour and Social Affairs, matching the names of beneficiaries with some of the ministries, "revealing" the presence of 8851 employees and retired, bypassing the funds for social protection, and the total funds feedback to the state treasury 15 billion annually. "

    He demanded we hinted, all ministries. " in collaboration with the Ministry of Labour to give their employees a database for the purpose of compliance with the social protection program ", calling for" the tax department and the Iraqi registration and password to see the private property of the audited data with social protection. "

    Last edited by pinkadonai1; 03-29-2015 at 03:35 PM.

  6. #6

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Sheikh Mohammed, emphasizes the need for legislation that all important laws that will advance the political process

    Khandan - Deputy Chairman of the House of Representatives Iaram Sheikh Mohammed, the necessary legislation all important laws that advance the political process, especially after the release of the Iraqi constitution in 2005, but legislative politics were not a foreseeable level, but characterized by a kind of slow and Almmutalh. , said Sheikh Mohammed In a speech today at a conference (the law of parties from the perspective of a civilian) and held by the Commission and civil society institutions in the Iraqi parliament "can not talk about the democratic system in Iraq, unless you complete the basic pillars for building state institutions, and prove all the laws in the

    Constitution to regulate political life and civilian in the country. He said that there is a difficult task lies with the presidency of parliament and must be accomplished, noting, "I tell you in all honesty and sincerity We are determined to defy all the difficulties and obstacles inherited the previous sessions and aspire to be at the level stage, and God will spare no effort in order to cross into a new phase in the political life, too, and we know we have obstacles great, but we're going to open all laws thorny because of its great importance in determining the work of state institutions and competence frameworks. "

    Vice President of the House of Representatives also added, "We are going to talk about one of the laws, which is of great importance in the organization of political life in Iraq, a political parties law that regulates the party work legally, and means to install the principle of true pluralism and strengthen the spirit of citizenship and openness to all components of the people, but not limited to color or one sect and that successive governments in the country, all repeated the one-party experience, Otthzb state but so far have not tested the real multi-party democracy, on the basis of ingestion and other attempts of exclusion and marginalization, and providing equal opportunities for citizens and one, in order to put forward different visions for the advancement of the political process and build a state of citizenship. "

    Last edited by pinkadonai1; 03-29-2015 at 03:37 PM.

  7. #7

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Muthanna declares bankruptcy

    BAGHDAD / Obelisk: the governor of Muthanna Ibrahim Mayali Sunday announced the bankruptcy of the province and its inability to pay dues that Bzmtha for contracting companies, amounting to 25 billion dinars.

    Mayali said at a news conference followed the "obelisk" This announcement came due notice of the Ministry of Finance to maintain that there was no financial liquidity at the present time, noting that all projects within the investment plan as well as the retained projects stopped completely.

    He Mayali that the lack of liquidity displace about implementing such projects companies any legal burdens owing to the reluctance of its business.

    Last edited by pinkadonai1; 03-29-2015 at 03:38 PM.

  8. #8

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Parliamentary economy reveal withdraw the previous government two billion dollars from the International Monetary

    Revealed the economic and investment commission in Parliament, on Sunday that Iraq has the amount of four billion and $ 400 million in the IMF and the World Bank in accordance with the signed with the lateral agreement, indicating that the previous government in 2008 withdrew the amount of two billion dollars from its balance.

    She member Najiba Najib Committee told / information /, "The Iraqi government has concluded an agreement with the IMF and the World Bank to borrow a sum of money in case it's needed," noting that "international devoted to Iraq amount of four billion and $ 400 million to be withdrawn as he needs to."

    Najib added that "the previous government borrowed in 2008 the amount of two billion dollars for the need for such amounts," adding that "the right of the current government under the legal agreements concluded borrow the remaining of the loan if it took him" .anthy / 25 u

    Last edited by pinkadonai1; 03-29-2015 at 03:39 PM.

  9. #9

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Muthanna: financial obligations to the companies operating in the province amounted to 80 billion dinars

    Council Muthanna province, Sunday, revealed of the conservative toward operating in the province of companies and financial commitments amounted to 80 billion dinars, indicating that the conservative allocations of the draft federal budget for the current year law amounted to 136 billion dinars.

    The Chairman of the Commission services in maintaining Fahd sword Ghanimi Council told / information /, that "the local government in the province of Muthanna decided to migrate part of its projects last year to the current year's plan because of the lack of financial allocations."

    He added that "the size allocated to the province amounts is not consistent with the magnitude of the stomach projects Plan 2014 ".

    He said the "conservative allocations amounted to 136 billion dinars, prompting the local government to deport part of the province projects plan for 2014 to the current year," explaining that "the financial obligations toward operating in the province companies amounting to 80 billion dinars." Finished

    Last edited by pinkadonai1; 03-29-2015 at 03:40 PM.

  10. #10

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Abdul-Mahdi: our stock of oil will make us leaders of the country for centuries to come

    Oil Minister Adel Abdul-Mahdi, Sunday, that Iraq's oil would make him leading the country to the countries of the world for centuries to come, pointing to the country's need to increase production and oil exports during the next phase.

    said Abdul-Mahdi, in an article published in the local citizen, and I followed Agency / information / that "some think the illusion that the money has been spent in research and development and increase production and drilling more wells in the areas of oil and gas, is the effort is misplaced, because of the difficult economic conditions and the fight against" Daash. "

    He added that "in spite of the collapse of the Oil prices, which led to the financial crisis, but Iraq is not the country's poor, and it should adopt a rational policy, and has already trimmed the budget, and omit the billions of dollars of expenses, either unnecessary or that can be deferred, and are increasingly thinking activate Ahli and the private economy, which may opens new horizons towards the reform process and the seriousness of operations. "

    He said Abdul-Mahdi, in his article, "everyone knows the extent of the Iraqi economy's dependence on oil, now and for the duration of an adversary, Oil will remain a key factor to provide the necessary funds, through an increase in production and exports, to be able to complete the infrastructure and enliven in other real sectors .. as well as to maximize its position in the international markets. "

    The Minister of Oil that "Iraq is able to do the job investor basic fact we know it and know Investors, which is the magnitude of its assets or the enormous stocks that provide a guarantee for any serious investment in the country," He pointed out that "reports confirm that our stock is an original oil 516 772 000 000 standard barrels and reserves of the original record 181.4 billion barrels, and the remaining reserve up to 01.01.2015 is a record 142.4 billion barrels, and the gas reserves and the free accompanying remaining until 01.01.2015 is 130.966 trillion cubic feet of 32.695 trillion feet of free gas, and 98.271 trillion cubic feet of associated gas, all without the Kurdistan fields account and showed explorations recently. "

    He explained that "these large quantities of oil makes Iraq oil countries topping for centuries to come, It has these precautions, he must think hard about how to invest for the benefit of the country and future generations, which made ​​Iraq, nevertheless all conditions experienced or suffered Mnha- attractive to investors as we have seen and are seeing now, ".anthy 25 R.

    Last edited by pinkadonai1; 03-29-2015 at 03:41 PM.

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