" The Dinar Daily ", Friday, 3 April 2015
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  1. #1

    " The Dinar Daily ", Friday, 3 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


    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 ", Friday, 3 April 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1254.033 1253.406
    British pound GBP 1722.648 1721.787
    Canadian dollar CAD 924.516 924.054
    Swiss franc CHF 1204.048 1203.446
    Swedish krona SEK 135.143 135.075
    Norwegian krone NOK 144.305 144.233
    Danish krone DKK 167.857 167.773
    Japanese yen JPY 9.721 9.716
    Drawing Rights
    SDR 1608.800 1607.996

    Indicative rates - 03.04.2015


  3. #3

    Re: " The Dinar Daily ", Friday, 3 April 2015

    Iraq caught between U.S. help and Shiite militias

    Jim Michaels, USA TODAY

    WASHINGTON — U.S. airstrikes helped Iraqi troops drive Islamic State militants from Tikrit this week, yet the government may balk at cutting loose Iranian-backed Shiite militias as the price for continued American help in future battles.

    The militias played a leading role in the Tikrit offensive when it began several weeks ago. After initial successes, Iraqi troops and the militias could not dislodge the militants from the city despite an overwhelming edge in forces.

    So the Iraqi government asked the U.S. military for help last week. The Pentagon agreed to provide airstrikes and surveillance on the condition that the militias step aside because of their ties to Iran and fears of sectarian retribution against mostly Sunni residents of Tikrit.

    The U.S. warplanes conducted about 40 airstrikes over the past week around Tikrit, according to U.S. Central Command.

    The United States' hopes of using the successful outcome of the offensive to drive a wedge between the Shiite-led Iraqi government and the militias may not be realistic, however.

    "U.S. officials are delusional if they believe they can convince Iraq's government to remove these militias from ongoing military operations against the Islamic State," said Ali Khedery, a former special assistant to five U.S. ambassadors in Iraq. "There's been a lot of wishful thinking going on."

    The militias are tied to powerful politicians in the government and have been armed and financed with government money, according to experts on Iraq.

    "The militias are embedded in the state institutions and they're getting more and more entrenched," said Richard Welch, a retired Army colonel who spent years in Iraq running reconciliation efforts.

    Iraq's government values the U.S. support, but may place a higher premium on the vital ground forces that Shiite militias and Iran provide, particularly since President Obama ruled out sending in combat troops.

    "I do not think the Iraqi government is in a position to discontinue Iranian support in exchange for U.S. air support," said Sterling Jensen, an assistant professor at the United Arab Emirates' National Defense College in Abu Dhabi. "The ground component is more important than the airstrikes."

    The Obama administration has authorized a contingent of about 3,000 troops, including advisers and trainers to rebuild an Iraqi military that was routed last year by Islamic State invaders. The U.S. forces will remain mostly on bases and will not accompany Iraq's armed forces into combat.

    Iran has dispatched advisers to help the Shiite militias and has provided artillery and rocket support during recent operations.

    Iraq's government "can't do a ground offensive in the near term without the Shiite militias or Iranian support," Jensen said.

    Iraq's government may struggle to protect Tikrit without the assistance of the militias. "It's easier to take a city than it is to hold it," said Michael Barbero, a retired Army lieutenant general who served three tours in Iraq.

    The toughest fighting is yet to come. Iraq's armed forces, with U.S. assistance, are preparing for an offensive to liberate in Mosul, Iraq's second-largest city, from Islamic State occupation. "You'll see a different fight in Mosul," Barbero said.

    Although most residents of Tikrit fled before the offensive, hundreds of thousands of civilians remain trapped in the city under the rule of the militants, raising the prospect of mass civilian casualties if there are street battles.

    It is not clear how the Pentagon would react to heavy militia involvement in a Mosul offensive. It has said the U.S. military will not coordinate directly with Iranian advisers and will only deal with Iraq's central government.


  4. #4

    Re: " The Dinar Daily ", Friday, 3 April 2015

    After expelling ISIS, Iraqi bomb squads begin clearing Tikrit

    By Associated Press

    TIKRIT, Iraq — After a month of ferocious street battles that finally pushed Islamic State militants out of Tirkrit, a dangerous calm has descended on this city north of Baghdad as Iraqi bomb squads fan out to remove booby traps and explosives left behind by the extremists.

    Ahmed Khamis and his team of 12 explosives experts from Iraq's Federal Police have their work cut out for them.

    Their labor is slow as they crawl on their hands and knees, street by street, searching painstakingly for any sign of improvised explosive devices, or IEDs, which have inflicted heavy losses on their comrades and kept them from taking the city for so long.

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

    Most of Tikrit's residents fled when the fighting began. Now, the government has ordered security forces to finish the job by ensuring that Saddam Hussein's hometown is cleared of booby traps before residents start returning.

    Their safe return will be of major importance, just as the victory over the extremists in Tikrit is seen as a key step toward eventually driving the militants out of Mosul, Iraq's second-largest city. Mosul lies farther north of Tikrit and also fell to the IS militants last summer.

    At one point on Wednesday, Khamis stopped and turned to look at the long road behind him. "The street linking the city center to the Tikrit University has been secured," he said.

    "I feel fear every time I approach a package because I think it will kill me, but then I get it open successfully and say 'Thank God,'" Khamis told The Associated Press.

    Down Tikrit's main street, Khamis' men inched toward a potentially live IED. A few tense moments later, they were able to cut the wires and deactivate it. Once it was removed for study, the team moved on.

    It's risky work, Khamis' men acknowledged, but the city needs to be cleared before Tikrit residents can return home.

    At least 40 bombs — iron cylinders ranging in length from 25 to 30 centimeters (about 9 to 10 inches) — were collected within hours of the battle for Tikrit being declared a victory.

    Iraq's Defense Minister Khalid al-Obeidi said Wednesday that Iraqi forces had "accomplished their mission," seizing back Tikrit from the Islamic State group, which captured the city during a blitz last June that also seized much of northern and western Iraq, along with a swath of land in neighboring Syria.

    Khamis is hard of hearing — a price he says is small for working with explosives. His wife and mother call him daily, begging him to come home, offering to sell their jewelry and precious belongings if it convinces him to quit his job and return home.

    "I refused," he said. "This is my work."

    Across town, another explosives team, led by 30-year old Ahmed Salah, was also working hard.

    Salah said he was trained for three months in de-mining work, which allowed him to join the Federal Police's bomb squad.

    "There is a 50 percent chance I will be killed," Salah said, shortly after using a cutter to defuse a roadside bomb.

    He said the "most dangerous kind" are bombs detonated by remote control, because they imply IS militants are nearby, waiting for would-be victims.

    "Once you get close, Daesh watches you and detonates it," he said using the group's Arabic acronym for the Islamic State group.

    Later in the day, the two teams met up near the Tikrit University — and everyone was accounted for.

    It was time for Khamis' and Salah's men to relax and celebrate being alive. They all burst into song and dance, firing celebratory gunshots in the air.

    Tomorrow is a new day and there is no telling what it will bring.


  5. #5

    Re: " The Dinar Daily ", Friday, 3 April 2015

    Report: Iraq lost more than $ 165 billion from the Development Fund through 6 years only

    BAGHDAD - East April 2: A report issued by the International Center for Development Studies, said that Iraq has more than one hundred and sixty-five billion of the Development Fund for Iraq in six years Vqtoodh report to the Centre that the Development Fund for Iraq which was established in two thousand and three for the deposit product sales Oil reached its assets to one hundred and sixty-five billion dollars in two thousand and nine, but that revenue was likely where disappeared seventeen billion dollars of them in two thousand and three-year, while announced the disappearance forty another billion dollars in two thousand and ten year of corruption and explained report that mismanagement and cases of financial and administrative corruption has made these large balances shrink to reach in two thousand and twelve year to eighteen billion only, noting that the Iraqi government has failed to justify the disappearance Ahdashr billion of those Alersdhoichir report that there were no balances Today in the Development Fund for Iraq, while the Iraqi Central Bank, who arrived in two thousand and thirteen year to more than seventy-six billion dollars is the other reserves had fallen to about sixty-eight billion dollars in the last year, despite the insistence of the bank not to prejudice that money to maintain the value of the Iraqi dinar stable private and steady against the dollar.

    http://www.alsharqiya.com/?p=158362&utm_source=rss&utm_medium=rss&utm_campaign=%25d8%25aa%25d9%2582%25d8%25b1%25d9%2 58a%25d8%25b1-%25d8%25a7%25d9%2584%25d8%25b9%25d8%25b1%25d8%25a7 %25d9%2582-%25d9%2581%25d9%2582%25d8%25af-%25d8%25a7%25d9%2583%25d8%25ab%25d8%25b1-%25d9%2585%25d9%2586-165-%25d9%2585%25d9%2584%25d9%258a%25d8%25a7%25d8%25b1-%25d8%25af%25d9%2588%25d9%2584%25d8%25a7%25d8%25b1-%25d9%2585download

    Courtesy of the IQD Team

  6. #6

    Re: " The Dinar Daily ", Friday, 3 April 2015

    Sheikh d. Hamoudi: Terrorism almost up to the oil wells in the south and the Gulf of fatwa reference and does not unite people, sons

    A member of the board of the Presidency of the Council of Representatives Sheikh d. Hamoudi Terrorism is almost up to the oil wells in the south and the Gulf without a fatwa religious good reference Ya in Najaf and calls for national leaders to defend themselves and save their community and their entity, the people and unite in the fronts face obscurantist Daash.

    And between Sheikh Hamoudi during his speech at the conclusion of the business conference international parliamentary unions held in the Vietnamese capital "Hanoi" The events taking place in Iraq will take precedence over the global level, Iraq today is the first line in the face of the phenomenon of terrorism excommunicating brutal and backward, which is to "Daash", which rejects the other works on the slaughter and burning and the enslavement of peoples .

    "The Daash used the ugliest means in their war Kalzbh and families Alaesideat women and sold and force Christians to pay tribute or to Islam, in addition to murder and slaughter and burning of Shiites and others from the Shabak, and even Sunnis who do not are led to the succession was killed, and the destruction of relics older than five thousands years in a manner frightening and impressive, and crush all humanitarian and cultural monuments that reflect the identity of the peoples and cultural history of the human.

    He explained, "The Iraqis are painted pure blood that was mixed on the battlefield future coexistence among themselves, and that these sacrifices are to save the world from evil and seek Daash to destroy everything and Sentrz this blood Badges victory over these gangs in the field of confrontation. "

    He stressed member of the board of the presidency should not be the will of the peoples overcome through military action, intelligence and territorial occupation, noting that external attack any country threatens regional and international stability, and opens the doors to a wide expansion and methods of terrorist groups deceptive and brutality, the people are stronger The occupation of tyrants and terrorists, whatever Tafranoa.


  7. #7

    Re: " The Dinar Daily ", Friday, 3 April 2015

    The economic and investment commission discussed proposals to amend the investment law

    The economic and investment commission held a meeting headed by MP Jawad al- Chairman of the Committee on Thursday, 02/04/2015 to discuss the proposals for amendment to the Iraqi Investment Law No. (13) for the year 2006.

    The MP said Bolani During the meeting, the Commission has not only the recommendations of the committees to participate in the First International Investment Conference held in Baghdad for the period from 4_5 / 2/2015 with the participation of representatives from the concerned sector investment destinations, but have been a number of web hosting international experts specialized in the creation of a favorable environment for investment and arbitration contract International and tackle corruption files, indicating near to raise proposals to amend the bill to a final vote.

    The meeting addressed several issues most important to include material law under which many of the powers and functions of the Executive Iraqi provinces will be granted to ensure that appropriate laws relating to the investment sector, which requires speed and overcome the routine.


  8. #8

    Re: " The Dinar Daily ", Friday, 3 April 2015

    Agricultural Bank about new loans to farmers

    The bank has confirmed that more than 250 billion dinars from refunds of loans and will work to obtain the approval of the Cabinet to lend to farmers.

    BAGHDAD / Obelisk: The general director of ACB Mohammed al-Khafaji, on Friday, that the bank in the process of obtaining Cabinet approval to lend to farmers of refunds of loans, indicating that the bank 252 billion dinars of those amounts.

    Khafaji said in a press statement vassal "obelisk", "The ACB will address the Council of Ministers, to get approval to lend to farmers from loan amounts Almstrh during previous years."

    "The Agricultural Bank at 252 billion dinars in loans recoveries since 2009 until now."

    The Ministry of Agriculture earlier, it spent during the agricultural initiative launched by the government since mid-2008 and the end of last year's 2 trillion and 200 billion dinars to lend to farmers and farmers in all provinces projects.

    The House of Representatives has decided to exempt farmers and peasants of the benefits of the previous agricultural loans.


  9. #9

    Re: " The Dinar Daily ", Friday, 3 April 2015

    Abdul-Mahdi: Iraq paid dues international oil companies

    Iraqi Oil Minister Adel Abdul-Mahdi stressed that Iraq paid dues for international oil companies, and among that Iraq's oil production reached 3.3 million barrels per day, welcomed the Iranian nuclear deal and the lifting of sanctions, indicating that it will re-balance the global oil market.

    BAGHDAD / obelisk announced Iraqi Oil Minister Adel Abdul-Mahdi, the Sabbath, that Baghdad had paid dues for international oil companies, and was able to solve the problem to allocate funds from the budget of up to about $ 12 billion, and issued treasury bonds of the same amount, pointing out that the dues companies for 2014 amounted to nine billion dollars paid all in 2015, and that the amounts to be paid in each quarter of 2015 amounting to four billion dollars, to be paid the last quarter of the current year dues at the beginning of next year.

    In an interview with reporters at the Iraqi Embassy in Paris in the presence of the Iraqi ambassador Fred Yassin, Abdel-Mahdi said in response to a question from the newspaper "life" as published Friday and I followed, "obelisk" the message sent by the ministry to international oil companies, "We asked them to cut costs that do not impact on production. "

    He pointed out that Iraq's oil production reached 3.3 million barrels per day, pointing out not to accurate information about the Kurdistan production, and said, "I'm not quite sure of its size, because we do not get accurate information, but we know that what comes from the Turkish port of Ceyhan up to about 400 thousand barrels per day, and if we have increased about 125 to 130 thousand barrels per day for domestic consumption in Kurdistan, Iraq's total production shall be between 3.7 and 3.8 million barrels per day. "

    He announced the signing of a memorandum of understanding with the French Ministry of Industry, "Total" committed under which participate in the construction of a petrochemical plant in the south of the country.

    Asked about the impact of falling oil prices in the production target of Iraq, said, "We are aiming to reach production to 12 million barrels per day, after seven years, but we have reduced this goal last year to 9 million barrels per day, with the extension of the period sometimes for some companies to 15 years to reach the goal ".

    Abdul-Mahdi stressed that Iraq negotiates international companies, and there is a mutual ideas to improve the contracts. And partnership contracts for adoption in production with companies, he replied, "such contracts supported in Kurdistan (...), we do not need to participate in the production, but to give the elements to attract and encourage companies, and may not change the service contracts but Ndmnha some additional items incentives for companies to work when the price of oil rises or when it drops, to be more flexible contracts. "

    He pointed out that the "war against Daash affect the oil situation, since March 2014 production ceased in Kirkuk, Baiji refinery and disrupted after June, but now came back Kirkuk oilfields to work 600 thousand barrels per day (...). Daash enjoyed several fields such as Guiarh and Ajil and Klaas, and attacked the baker field. I have visited the region last month, found that the oil industry was very impressed, and the pipeline network between Kirkuk and Baghdad sometimes affected as a result of the status quo, and shortly before liberation field baker and Ajil (. ..), however gradually restore calm, installations can be repaired and re-work the Baiji refinery fully. "

    And an agreement with the Kurdistan Regional Government in December (December) the past, and a complaint Kurds that they do not receive the agreed funds, said Abdul-Mahdi, "the first phase with the Kurdistan Regional Government, was to rebuild confidence that the central government gets from the region of 550 thousand barrels of oil in return to pay him $ 450 million. "

    He added, "The second phase was agreed that the pay per month for the Kurdistan 17 percent of the budget (...). Goes in good shape with some obstacles, but the rate of what has been exported from Ceyhan totaled thousand barrels per day, in the beginning, the Kurdistan give government about a third of this amount, and the rest exported, but finally we have two-thirds of this amount and issue a third. "

    And the Iraqi stance of policy in the production, "OPEC," he said, "It is premature to announce our position, this is based on our analysis of the market." Asked about Iran's influence back in the oil market, he replied, "We would be happy if there was an agreement between Iran and the six countries on the nuclear issue (...). More Iranian oil in the market will affect the prices, but the satisfaction of the region give hope may affect the balance the market ".

    French President Francois Hollande met with Abdul-Mahdi, who chaired the meeting of the French - Iraqi Joint Committee held its meeting in Paris.


  10. #10

    Re: " The Dinar Daily ", Friday, 3 April 2015

    Muthanna bear some responsibility for the delay investment entities "Sawa and Warka" complained a few vital installations

    Long-Presse / Muthanna
    He attributed the number of deputies and local officials in Muthanna, on Friday, the deterioration of the economic and trade situation in the province to a lack of vital installations, and called on the central government to the treatment of the province on the basis of "poverty" and not the population, while they carried a number of agencies responsible for not giving investment opportunities for Lake Sawa and the effects of Warka.

    The Member of Parliament Ali gesture Morshedi in an interview to the (long-Presse), said that "half the population of Al-Muthanna live on less than two dollars per day that is, they are below the poverty line," attributing the cause to "economic situation deteriorating to maintain because of the lack of vital installations as well as the absence of factories and investment of natural materials. "

    Morshedi added that "Muthanna is not like the rest of the other provinces of economic or commercial terms like Basra, which has ports and border ports."

    For his part, Chairman of the Al Muthanna province governor Yasiri said in an interview to the (long-Presse), "The financial budgets allocated to a few of the province due to the adoption of the budget allocated to population ratio," noting that "in recent years did not take the conservative simpler the prescribed ratios, and thus led to the prevalence of poverty among families. "

    Yasiri called "the central government to maintain treatment on the basis of poverty and not on the basis of the census of the distribution of funds her hand," returned the allocation of the budget on the basis of the ratio of the population "unfair."

    For his part, the Council of the province of Muthanna member, Ghazi al-Khatib said in an interview to the (long-Presse), "The Muthanna now has a bright face can do the elimination of the large poverty rates by converting Sawa or the effects of Warka Lake into a tourist landmarks giant", blaming "some parties not to give the opportunity for investors to work because of the bargain money that prevented them from coming companies to implement their projects. "

    Khatib pointed out that "the quota system and inefficiency in light of the lack of allocated to the province's public budget was another reason for the spread of unemployment and poverty in light of thefts that occur in each project submitted."

    Turn a population of the province Abu Ali said in an interview to the (long-Presse), I "live in the poorest village in the province and I have four children and my house that I live in was built of (block), which is not uncertain of the heat of summer or the cold of winter," and urged "the central government and the provision of local needs as simple as a simple citizen. "

    The Ministry of Planning, announced in the (June 2011), the percentage of the poverty level in Iraq amounted to about 23%, which means that a quarter of Iraq's population lives below the poverty line, including nearly 5% live in the level of extreme poverty , while indicated on the third of June 2012, that the statistics confirmed that the unemployment rate in Iraqi society was (16) percent.

    Iraq has suffered substantial unemployment, both among young people who are able to work a class or among university graduates, and believed many economists that the statistical estimates for these young people do not necessarily reflect reality actually located, as the country suffers, a severe crisis in the housing due to the increasing population, compared to the number of complexes residential, as well as the inability of citizens with limited income from the construction of its own housing units, because of the high cost of land and construction materials, while experiencing a lot of neighborhoods and areas of the capital Baghdad, according to observers and specialists affairs service, deterioration evident in poor services to urban and health and service level, as is allocated large financial budgets for these purposes.


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