" The Dinar Daily ", Thursday, 2 April 2015
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  1. #1

    " The Dinar Daily ", Thursday, 2 April 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 ", Thursday, 2 April 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 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
    Special
    Drawing Rights
    SDR 1623.888 1623.076

    Indicative rates - 02.04.2015


    http://www.cbi.iq/

  3. #3

    Re: " The Dinar Daily ", Thursday, 2 April 2015

    Iraq hails victory over Islamic State extremists in Tikrit
    By Associated Press



    TIKRIT, Iraq
    The government declared victory in Tikrit on Wednesday over extremists of the Islamic State group, and it warned the militants holding other Iraqi provinces that they would be the next to fall.

    Prime Minister Haider al-Abadi walked triumphantly along a street in Tikrit, carrying an Iraqi flag and surrounded by jubilant forces.

    Across the border in Syria, however, ISIS fighters made their deepest foray yet into the capital of Damascus by infiltrating a Palestinian refugee camp, according to opposition activists and Palestinian officials.

    Iraq's victory over the extremists in Tikrit was seen as a key step toward eventually driving the militants out of Mosul, Iraq's second-largest city and the capital of Nineveh province.


    Defense Minister Khalid al-Obeidi announced the victory, saying security forces have "accomplished their mission" in the monthlong offensive to rid Saddam Hussein's hometown and the broader Salahuddin province of the militant group.

    "We have the pleasure, with all our pride, to announce the good news of a magnificent victory," Obeidi said in a video statement, and he named the other Iraqi provinces still being held by the IS militants.

    "Here we come to you, Anbar! Here we come to you, Nineveh, and we say it with full resolution, confidence, and persistence," he said.

    Al-Abadi said that military engineering units still need more time to clear Tikrit of booby traps and looked to the next steps for the city and province.

    "God willing, there will be a fund to rebuild areas destroyed by Daesh and the war. Tikrit and Salahuddin areas will be covered by this fund," al-Abadi said, using the Arabic acronym for the Islamic State group.

    The extremists seized Tikrit last summer during its advance out of Syria and across northern and western Iraq.

    Iraqi forces, including soldiers, police officers, Shiite militias and Sunni tribes, launched a large-scale operation to recapture Tikrit on March 2. Last week, the US launched airstrikes on the embattled city at the request of the Iraqi government.

    Recapturing Tikrit is seen as the biggest win so far for Baghdad's Shiite-led government. The city is about 130 kilometers (80 miles) north of Baghdad on the road connecting the capital to Mosul. Retaking it will help Iraqi forces have a major supply link for any future operation against Mosul.

    White House spokesman Josh Earnest said the victory was compelling evidence that the US strategy against IS was working. He said the Tikrit operation had been stalled for weeks but that coalition airstrikes and advancing local forces apparently caused IS fighters to withdraw.

    "What is clear is that over the last five days, this strategy of backing up Iraqi security forces that are multisectarian in nature with coalition airstrikes is a pretty powerful combination," Earnest said.

    Earlier Wednesday, Iraqi security forces fired on snipers and searched homes for remaining militants. Soldiers fanned out from the charred, skeletal remains of the Salahuddin provincial government complex, captured Tuesday.

    Militant mortar fire, which had been intense in previous days, fell silent Wednesday, with commanders saying only a few militant snipers remained in the city. They spoke on condition of anonymity to discuss ongoing operations.

    The objective, said Interior Minister Mohammed Salem al-Ghabban, is now to restore normalcy as quickly as possible.

    "After clearing the area from roadside bombs and car bombs, we will reopen police stations to restore normalcy in the city, and we will form committees to supervise the return of people displaced from their homes," al-Ghabban said. He said the government will help displaced residents return and that a civil defense unit will be combing the city for roadside bombs and car bombs.

    "Daesh is completely defeated," he added, using an Arabic name for the group.

    A satellite image of Tikrit, released in February by the U.N., showed at least 536 buildings in the city have been affected by the fighting. Of those, at least 137 were destroyed and 241 were severely damaged. The current offensive also exacerbated previous damage, particularly in the south where clashes have been the most intense.

    Parliament speaker Salim al-Jabouri urged the government to find the means to resettle residents from damaged Tikrit buildings. He said this "requires effort and support by the central government in order to financially support the people in rebuilding their houses."

    Aziz Jaber, a political science professor at Baghdad's Mustansiriyah University, said retaking Tikrit could be seen as the "beginning of the end" for the Islamic State group in Iraq.

    "Daesh was very talented in psychological warfare, but not any more after its defeat in Tikrit," he said. "Now, the morale of the Iraqi forces is high, while that of Daesh is low."

    In the fighting in Syria, where Islamic State militants control large parts of the north, the extremists entered the Palestinian refugee camp in the capital of Damascus from the nearby Hajar Aswad neighborhood.

    The Britain-based Syrian Observatory for Human Rights said the IS group took control of large parts of the Yarmouk camp. If they gain full control, they can potentially threaten the heart of Damascus, the seat of President Bashar Asssad's power.

    The Observatory reported heavy clashes in the camp between IS fighters and members of an anti-Assad Palestinian faction called Aknaf Beit al-Maqdis.

    Yarmouk, a Palestinian refugee camp in southern Damascus, has been under government siege for nearly two years. U.N. aid workers have been sending food parcels into the camp, where thousands of civilians remain trapped and in desperate need of food and medicine. The camp had seen fighting in the past between government forces and militants who control much of the camp.

    Anwar Raja, the spokesman for the pro-Assad Popular Front for the Liberation of Palestine — General Command, said ISIS fighters had been based in the Hajar Aswad neighborhood for months. He said Wednesday's push into the camp showed coordination between ISIS and a rival group, the Nusra Front, al-Qaida's branch in Syria.

    "The Nusra Front opened the road for them in order to infiltrate the camp and several hours ago they entered Yarmouk," Raja said by telephone.

    http://rudaw.net/english/middleeast/iraq/02042015


    and

    ISIS parades tanks and weapons in Mosul after Tikrit defeat
    By RUDAW

    http://rudaw.net/english/middleeast/iraq/020420151

  4. #4

    Re: " The Dinar Daily ", Thursday, 2 April 2015

    Baghdad Scores a Goal in its Oil Dispute with Kurdistan
    By RUDAW


    Last September, the federal government in Baghdad filed a $300 million lawsuit against the Kurdistan Regional Government’s (KRG) most important oil tanker shipping partner, Greece’s Marine Management Services (MMS). MMS’ oil tankers may be familiar to readers who followed the news about the KRG’s efforts to pursue independent Kurdish exports: the United Carrier, the United Emblem, the United Dynamic the United Leadership and the United Kalavryta (which is the tanker that spent months off the coast of Texas last year, until finally unloading its oil in Israel instead). The lawsuit claimed that MMS was illegally participating in the sale of Iraqi oil when it shipped the KRG’s exports to market without Baghdad’s consent.

    It is not clear how the lawsuit would have turned out, as a number of provisions of the 2005 Iraqi Constitution support the Kurdish view that they have a right to export Iraqi Kurdistan’s oil (provided they share the proceeds with all of Iraq). No one doubted, however, that a long legal battle would have proven very costly to MMS and might well have included injunctions and asset freezes until it was settled. Often the simple act of pursuing someone legally is enough to change their behavior, no matter the likelihood or length of time until a legal judgement can be reached.

    This is how Baghdad won a victory of sorts against the KRG this week. MMS agreed to settle with Baghdad rather than be dragged through international courts for the next several years. In the settlement, MMS apparently agreed that as soon as its current contracts with the KRG expire towards the end of this year, they will stay away from any Kurdish oil not approved by Baghdad. This furthers Baghdad’s efforts to deny the KRG a route to financial independence from the central government, and comes along with the ongoing denials of large portions of the KRG’s share of the Iraqi budget.



    In all likelihood, the Kurds will be pushed to find new carriers for their oil – just as Baghdad’s refusal to pay Kurdistan-based oil companies for their oil started the whole Kurdish bid for independent exports in earnest. Israeli flagged oil tankers, for instance, might enjoy the same advantage that Israel enjoys when it buys oil from the KRG: since Iraq does not recognize the Israeli state, it can hardly sue it or its companies in a court of law. Given that an export capacity of 500,000 barrels per day and counting is unlikely to remain stranded for long, other mechanisms may be found to get Iraqi Kurdish oil to international markets.

    The truly galling part of all this involves the underlying logic, however. As recently as in its December 2014 agreement with Baghdad, the KRG showed itself willing to share its oil proceeds with the rest of Iraq. In that agreement, Kurdistan delivers some 550,000 bpd to Baghdad in return for its share of the national budget – which was illegally cut off by the previous Maliki government. So far, the Kurds have been delivering most of that oil – although the daily tally sometimes dipped below 550,000 bpd, KRG Natural Resources Minister Ashti Hawrami insists that the average daily oil deliveries will come out on target.

    Yet Baghdad has yet to deliver the KRG’s share of the 2014 budget. For 2015, sums far short of Kurdistan’s 17% of the Iraqi budget made it to Erbil. While public servants’ salaries in Kurdistan remain months in arrears, Baghdad keeps paying civil servants in ISIS-controlled territories like Mosul. Politicians in Baghdad have claimed that this is because the Kurds are still selling oil independently, beyond the 550,000 bpd they turn over to Baghdad’s State Organization for the Marketing of Oil (SOMO). Yet Baghdad implicitly endorsed this practice in the December 2014 agreement when it refused to take on the task of paying oil companies in Kurdistan their productions costs (Kurdistan’s 17% share of the budget, in contrast, is calculated after oil operation expenses) and it asked the KRG not to sell additional oil more cheaply than SOMO.

    With the price of oil so low and the war against the Islamic State still raging, neither Iraq nor Kurdistan can afford these sorts of shenanigans. The simple compromise would be for Baghdad to accept the KRG’s right to sign its own contracts with oil companies and manage its own oil resources, while the KRG agrees to let SOMO market its oil along with that of the rest of Iraq. SOMO would collect revenue with an automatic gross 17% going straight into a KRG-controlled bank account, from which the KRG could pay its oil companies.

    Unfortunately, nothing happens simply in Iraq these days.

    David Romano has been a Rudaw columnist since 2010. He is the Thomas G. Strong Professor of Middle East Politics at Missouri State University and author of The Kurdish Nationalist Movement (2006, Cambridge University Press) and co-editor (with Mehmet Gurses) of Conflict, Democratization and the Kurds in the Middle East (2014, Palgrave Macmillan).

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

    http://rudaw.net/english/opinion/02042015

    Comment : I have observed several times that the temporary december agreement does not address the sale of oil in excess of 550,00 barrels. - chattels

  5. #5

    Re: " The Dinar Daily ", Thursday, 2 April 2015

    UN: Iraq violence killed at least 1,000 last month
    By RUDAW



    ERBIL, Kurdistan Region – The UN Assistance Mission for Iraq (UNAMI) said that at least 1,000 Iraqis were killed and more than twice as many wounded by “acts of violence and terrorism” in March.

    The number of civilians killed was 729 (including 42 civilian police), and the number of civilians injured was 1,785 (including 98 civilian police), UNAMI said on its website.

    It added that a further 268 members of the Iraqi Security Forces, including Peshmerga, SWAT and militias fighting alongside the Iraqi Army – but not including casualties in Anbar province -- were killed and 387 were injured.

    The casualty figures coincide with operations by Iraqi forces to recapture territories lost to Islamic State (ISIS) last year in Salahadin and Anbar provinces in central Iraq. In Salahadin, Iraq declared victory against ISIS on Wednesday in the city of Tikrit.

    The UN tally shows that Baghdad has taken the lion’s share of casualties, despite being away from the main battlefields between the Iraqi army and ISIS.

    Baghdad affected governorate registered 1,290 civilian casualties -- 362 killed and 928 injured. Diyala suffered 51 killed and 75 injured; Salahadin suffered 34 killed and 48 injured and Nineveh 20 killed and 15 injured.

    UNAMI said Anbar province has also “suffered a total of 939 civilian casualties (237 killed and 702 injured). This included 58 killed and 391 injured in Ramadi and 179 killed and 311 injured in Fallujah.”

    “I am shocked to see that Iraqis continue to bear the brunt of appalling numbers of casualties caused by successive waves of violence, which are threatening with additional suffering and misery”, the Special Representative of the United Nations Secretary-General for Iraq Jan Kubis was quoted as saying.

    UNAMI said that some of the casualty figures have remained unverifiable, but should be dealt with as the “absolute minimum.”

    http://rudaw.net/english/middleeast/iraq/020420152

    COMMENT : MORE DEATHS IN BAGHDAD THAN IN THE WIDER CONFLICT WITH DAESH. SO MUCH FOR THE PEACE PROCLAIMED BY SOME IN BAGHDAD. OH, THAT INFORMATION MUST BE SMOKE ! IT IS SMOKE BECAUSE IT DOES NOT CONFORM TO THE BELIEFS OF A FEW ! ? - chattels

    and

    These Are The Major U.S. Cities With The Highest Murder Rates, According To The FBI

    http://www.huffingtonpost.com/2014/11/12/highest-murder-rate-us-cities-2013_n_6145404.html

    and

    The population of Baghdad is 7,220,000 and is the largest city in Iraq.


    http://www.visitcapitalcity.com/asia/Baghdad-Iraq
    Last edited by chattels; 04-02-2015 at 01:09 PM.

  6. #6

    Re: " The Dinar Daily ", Thursday, 2 April 2015

    Re-Post From Yesterday...

    sczin11- OPINION PIECE.......


    THE CBI WILL BRING THE EXCHANGE RATE OF THE DINAR/DOLLAR BACK TO THE IMPOSED ARTIFICIAL RATE OF 1166/1 USD.....

    THIS CAN BE GREAT NEWS.... WHY YOU ASK???

    FIRST OF ALL, THIS NEWS HAS BEEN COMING OUT FOR OVER A WEEK NOW...THE FIRST ARTICLES SAID IN A FEW DAYS...

    THE NEXT RELEASES SAID IN A FEW WEEKS....

    THEN TODAY SAID NEXT MONTH, IMPLYING APRIL...

    DO ANY OF YOU REALLY BELIEVE, THAT ANY OF THE FEW PEOPLE IN GOVERNMENT WHO KNOW THE DATE/TRIGGER, WOULD TELEGRAPH WHEN THAT WAS??? IT IS CALLED , IN OUR WORLD INSIDER TRADING...IT WOULD POSSIBLY BE A BREACH OF NATIONAL SECURITY...IT WOULD ANNOUNCE TO ALL SMUGGLERS, COUNTERFEITERS, AND OTHER CRIMINALS HOW MUCH TIME IS LEFT....

    NEXT, DO ANY OF YOU REALLY BELIEVE THERE ARE NO INTELLIGENT, GENIUSES IN IRAQ IN ALL FIELD OF BUSINESS, INDUSTRY?? DO NOT KID YOURSELF...EACH AND EVERY I GETS DOTTED, AND EVERY T GETS CROSSED...WHY DO YOU THINK EACH NEW LAW AND AMENDMENT GETS READ 3 TIMES, BEFORE A VOTE....MOST WITH COMMITTEES FORMED TO REVIEW BEFORE THE VOTE, AS WELL...

    DO YOU BELIEVE, THAT THESE ARCHITECTS DIDNT KNOW WHAT WOULD HAPPEN WITH THE DINAR PAIRINGS, EXCHANGE RATES, VALUES, AS THEY WENT THROUGH THE STEPS, TO INITIATE MONETARY FORM, AND BEGIN THE ENTRY OF THE NEW IRAQI DINAR, INTO THE INTERNATIONAL, GLOBAL, OPEN MARKET ECONOMY, AND COMPLETE THE MONETARY REFORM PROJECT??

    WE DO NOT NEED TO BEAT A DEAD HORSE, AND GO OVER ALL THE CHANGES THEY HAVE MADE THUS FAR, BUT THE PHRASE MANY ARE HARPING ON, IS ENOUGH TO JUSTIFY MY PREVIOUS STATEMENT....THEY HAVE BEEN GIVEN THE GREEN LIGHT!!!

    NOW, PUT THESE PUZZLE PIECES TOGETHER, WHAT I STATED AT THE TOP OF THIS PIECE ABOUT THE RATE OF EXCHANGE, AND THE TELEGRAPHING, WITH WHAT I HAVE STATED JUST ABOVE, WITH THE CHANGES, AND STEPS THEY HAVE TAKEN, AND WHAT DO YOU GET???

    A CHANGE IN THE EXCHANGE RATE OF THE IRAQI DINAR, IN THE POSITIVE DIRECTION, HIGHER VALUE AGAINST THE USD....REMEMBER, WHEN THE RATE GOES FROM 1270 TO 1166, THAT IS A RAISE IN VALUE...A HIGHER VALUE IF YOU WILL...

    AND WHY MAKE ALL THE CHANGES THEY HAVE, OVER LAST MONTHS AND YEARS, MOST SIGNIFICANTLY, DURING THE NEW ABADI REGIME, ONLY TO WATCH DINAR GO FROM 1166 TO 1270 AND BACK TO 1166????

    NOW WHO DOES THAT MAKE SENSE TO?

    FOLKS, THE CHANGE IN THE VALUE OF THE IRAQI DINAR, MUST BE A SIGNIFICANT INCREASE, OR THEY WOULD NOT HAVE GONE THROUGH THE STEPS THEY HAVE, THUS FAR...AND WE ONLY REALLY KNOW, THAT WHICH THEY HAVE CHOSEN TO SHARE!!!

    WE ARE IN A GREAT PLACE...WE ARE IN A GREAT INVESTMENT...AND MOST IMPORTANT, THE IRAQI CITIZENS, WILL FINALLY BE PUT IN A POSITION, OF TRUE ECONOMIC PROSPERITY...

    PEACE, HEALTH, AND MOST OF ALL, PROSPERITY TO THE CITIZENS OF IRAQ, AND TO US!!!!

  7. #7

    Re: " The Dinar Daily ", Thursday, 2 April 2015

    Civil Aviation Authority agrees to the establishment of Babylon International Airport



    Long-Presse / Babylon
    Approved the Iraqi Civil Aviation Authority, on Thursday, on the establishment of Babylon International Airport for transport, air freight, and as pointed out that the conservative management of the project will be completed by investing, investment companies invited to submit bids.

    The deputy governor of Babylon Hassan napkin during a press conference held at the Office of the province and attended the (long-Presse), said that "the Iraqi Civil Aviation Authority has agreed, on Wednesday, on the establishment of Babylon International Airport for transport and shipping and through investment in accordance with the international standards."

    Napkin and added that "the land expropriated area to now are seven Doanm out of eight allocated to the project Doanm, and work is continuing to acquire the remaining land," adding that "the province obtained the all approvals from all relevant departments, agriculture and real estate State Oil and municipalities, industry and Antiquities and Tourism" .

    He called napkin, all competent management investment companies and airport construction in accordance with the international standards to "submit bids to the local government," stressing that "there is no conflict with neighboring airports, including airports Najaf East and Euphrates about creating Babylon Airport."

    It is noteworthy that the former local government of Babylon, submitted applications to the Ministry of Transport to create Babylon International Airport for the shipping and transportation, but the ministry rejected the request.

    The Ministry of Transport has approved the establishment of the airport, which is located between the areas of the Nile and Midhtah near the international road.

    http://www.almadapress.com/ar/news/46462/%D8%B3%D9%84%D8%B7%D8%A9-%D8%A7%D9%84%D8%B7%D9%8A%D8%B1%D8%A7%D9%86-%D8%A7%D9%84%D9%85%D8%AF%D9%86%D9%8A-%D8%AA%D9%88%D8%A7%D9%81%D9%82-%D8%B9%D9%84%D9%89-%D8%A5%D9%86%D8%B4%D8%A7%D8%A1

  8. #8

    Re: " The Dinar Daily ", Thursday, 2 April 2015

    Shaways opens Businessmen Forum in Paris, France wish to work in Iraq



    Long-Presse / Baghdad
    Opened by the Deputy Prime Minister for Economic Affairs Rose Nuri Shaways, Thursday, business entrepreneurs Iraqi Forum French in the French capital Paris, while the Iraqi National Business Council stressed the strong desire of the French delegation to work in Iraq.

    The head of the Iraqi National Business Council delegation Khaled al-Obeidi, said in a statement received (range Press), a copy of which, "The Deputy Prime Minister for Economic Affairs Rose Nuri Shaways opened today, business men Forum French Iraqi businessman in the French capital Paris," noting that "attendance was typical of French men and Iraqi businessman who Hebdo Trgibhm and support for the implementation of various projects in Iraq. "

    He said al-Obeidi, that "the Iraqi National Business Council delegation held a number of meetings and meetings with businessmen Frnssen and representatives of the French giants," noting that "explain investment opportunities in Iraq and nature and how possible future contract for which the delegation agreements."

    Obeidi said, that "the French delegation expressed a strong desire to work in Iraq and promised to be in the near future visits to various businessmen and French investors in order to see up close the windows of investment opportunities and trade and the possibility of working in Iraq."

    The forum was attended by Minister of Tourism and Foreign Trade, French and Mr. Amir al-Bayati and deputy Minister of Communications and the Iraqi ambassador to Iraq in France and France's ambassador in Iraq and the representatives of the Iraqi Foreign Ministry and a number of French businessmen and Iraqis.

    http://www.almadapress.com/ar/news/46470/%D8%B4%D8%A7%D9%88%D9%8A%D8%B3-%D9%8A%D9%81%D8%AA%D8%AA%D8%AD-%D9%85%D9%84%D8%AA%D9%82%D9%89-%D8%B1%D8%AC%D8%A7%D9%84-%D8%A7%D9%84%D8%A7%D8%B9%D9%85%D8%A7%D9%84-%D9%81%D9%8A-%D8%A8

  9. #9

    Re: " The Dinar Daily ", Thursday, 2 April 2015

    Securities: March saw a rise in the volume of shares traded increased by 93% and $ 62 billion Iraqi dinars



    Long-Presse / Baghdad Iraq Stock Exchange, confirmed on Thursday that trading stock indices rose by 93 percent during March last compared to last Bashbat, while showed that the amounts are also increased from 38 to 62 billion dinars, during the same period, attributed to disclose to contribute their data to companies Finance.

    The Executive Director of the market, Taha Ahmed Abdul Salam, in an interview to the (long-Presse), "The Iraq Stock Exchange held 23 trading session during the March 2015", pointing out that such "sessions saw shares of 71 of the 89 listed company on the market firm ".

    He said Abdul Salam, that "the number of shares traded in those meetings was 81 billion, an increase of 93 percent compared to last Bashbat, which was trading 42 billion shares through it," noting that "the value of shares traded increased from 38 billion dinars during last February, to 62 billion During last March, an increase of 63 percent. "

    He explained Executive Director of the Iraqi market for securities, the "market value (Market Capitalization) rose from seven trillion and 679 billion dinars during last February, to nine trillion and 146 billion during March last, thus achieving an increase of 19 percent," pointing out that "the market index ISX60 closed in March last, at 905.32 points, recording an increase of 3 and a half percent from its value last February of $ 874.32. "

    And saw Abdel-Salam, that "the most important factors affecting positively in shares traded prices of the market index, is a joint-stock companies to disclose their financial statements, as in (the 31st of December 2014 the past), showing the results of its operations during the past year, and achieved earnings What Stozaah to shareholders, within the legal period, which extends to the end of May 2015, "returned to the" Move to purchase shares of these companies, especially in the banking sector, which has accounted for, including 89 percent of the total shares listed on the market demands. "

    And on the size of the non-Iraqi trading in the market indicators, said its chief executive, said: "The number of shares bought by non-Iraqis, through March last, reached 32 billion worth of 23 billion dinars, an increase of 25.3 percent compared to last Bashbat," and added that "the number of non-Iraqis, sold 40 billion shares in March last, worth 26 billion dinars, an increase of 43 percent from a check last February. "

    The Iraq Stock Exchange, organized in (14 March 2015), a workshop for joint stock companies and investors, and brokers, to discuss ways to stimulate investment in it, as the systems in (24 March 2015), elections contribute listed to choose its representative in the Board of Governors companies, companies have been elected, Managing Director of the company, Baghdad, Iraq for public transport, Thaer Ali Mohammed Ghanem, the site of the Council of the cycle period of 2015 to 2016.

    It also organized the market, (25 March 2015), a workshop for investors and brokerage firms, in cooperation with the chemical industry company, to discuss the company's performance and disclosure to investors.

    http://www.almadapress.com/ar/news/46454/%D8%A7%D9%84%D8%A3%D9%88%D8%B1%D8%A7%D9%82_%D8%A7% D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9_%D8%A2%D8%B0%D 8%A7%D8%B1_%D8%B4%D9%87%D8%AF_%D8%A7%D8%B1%D8%AA%D 9%81%D8%A7%D8%B9_%D8%AD%D8%AC%D9%85_%D8%A7%D9%84%D 8%A3%D8%B3%D9%87%D9%85_%D8%A7%D9%84%D9%85%D8%AA%D8 %AF%D8%A7%D9%88%D9%84%D8%A9_%D8%A8%D9%86%D8%B3%D8% A8%D8%A9_93%25_%D9%88%D8%A8%D9%85%D8%A8%D9%84%D8%B A_62_%D9%85%D9%84%D9%8A%D8%A7%D8%B1_%D8%AF%D9%8A%D 9%86%D8%A7%D8%B1_%D8%B9%D8%B1%D8%A7%D9%82%D9%8A

  10. #10

    Re: " The Dinar Daily ", Thursday, 2 April 2015

    Parliamentary Finance: Baghdad on payment of the province after oil exports rose



    Khandan -ali Nagy announced the parliamentary finance committee, said that oil exports from the Kurdistan region for the federal government have been rising, while the federal government called for the exchange of financial benefits to the region. He said the Commission's decision MP Ahmad Haji Rashid told (Khandan) that "Since yesterday, reached the Kurdistan region's oil exports, which go to the expense of the State Oil Marketing Company (SOMO), to 600 000 barrels per day, "noting that" reaching the figure of export, is a good indicator for the implementation of the oil agreement between the federal government and the Kurdistan region. " He said the decision parliamentary finance committee "It is imperative that the federal government has the obligation to pay dues to the region and included in the financial budget," explaining that "it is within this Peshmerga salaries entitlements as part of the federal ground forces."

    http://www.xendan.org/arabic/drejaa.aspx?=hewal&jmara=11486&Jor=1

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