The Dinar Daily, Thursday April 9, 2015
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  1. #1

    The Dinar Daily, Thursday April 9, 2015

    The Exchange Rate of Foreign Currency in Economic Feasibility Studies

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

    Estimate the shadow price of foreign currency:

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

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

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

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

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

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

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

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

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

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

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

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

    The Republic of Iraq – Ministry of Planning


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

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

    1) the SIGR report…

    2) the Gold Article…

    3) the IIER report…

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

    __________________________________________________ ______________


    Coins put on the market !!

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

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

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

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


    CBI is preparing to issue a monetary metal parts

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

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

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

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

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


    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

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

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

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


    Crush Expected When Kuwaiti Banks Reopen Today

    March 24, 1991|From Reuters

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

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

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

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

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

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

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

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

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

    Hi BGG,

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

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

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

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

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

    Kind Regards,

  2. #2

    Re: The Dinar Daily, Thursday April 9, 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1266.509 1265.876
    British pound GBP 1742.354 1741.483
    Canadian dollar CAD 932.203 931.737
    Swiss franc CHF 1214.077 1213.470
    Swedish krona SEK 134.932 134.864
    Norwegian krone NOK 145.969 145.896
    Danish krone DKK 169.506 169.422
    Japanese yen JPY 9.700 9.696
    Drawing Rights
    SDR 1617.090 1616.282

    Indicative rates - 09.04.2015

  3. #3

    Re: The Dinar Daily, Thursday April 9, 2015


    Conscious / high dollar is intentional and the government to take the necessary measures

    Conscious / Baghdad / FSMP for the Kurdistan Alliance Majid Chenkali, on Thursday, that the rise in the dollar price in the domestic market, exacerbating Iraq's economic crisis, and as the government called for the need to realize the seriousness of the economic situation in Iraq, he noted that this increase was intended.

    He added in a statement Chenkali (news agency, media / INA) that the high dollar over the past few days, is intended by some authorities to crack down on the Iraq market.
    He pointed out, that the artificial crisis and the government must publish destinations regulators to control the stock market, indicating that the pricing of the Central Bank of the dollar has not changed but the aspirants in the Iraqi market, behind the high prices.

    He explained that the rise will lead to a recession a lot of goods and stop buying and selling in the markets, so the regulators and Finance in the government that is going joint detachments of the police and the Office of Financial Supervision to detect the perpetrators.
    Last edited by pinkadonai1; 04-09-2015 at 10:31 AM.

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    Re: The Dinar Daily, Thursday April 9, 2015

    Displaced people from Tal Afar in Nahrawan, south of Baghdad .. Photographed by Mahmoud Raouf.

    Long-Presse / BaghdadRevealed the smart card company (Ki Card), on Thursday, for the issuance of 550 thousand displaced families to receive the cards of 400 thousand dinars per month government grant, while confirming that it continues to distribute the cards until the completion of all the displaced.

    The deputy general manager of the smart card Ibrahim Abdul-Hadi said in an interview to the (long-Presse), "The smart card company (Ki Card) launched in collaboration with the Ministry of Displacement and Migration and the Rafidain and Rasheed campaign smart card issued to about 550 thousand Iraqi families who were displaced after the January events first in 2013, for the purpose of the monthly distribution of government grants. "

    Abdul Hadi said that "the company launched the cards through its teams and offices throughout Iraq in the first of this April, with the exception of the Kurdistan region, where was postponed until the completion of logistics settings related to the mechanism of distribution, preparation and open channels of communication with government agencies in the region."

    Abdul Hadi said he, "as directed by the Department of Immigration requires citizen (IDP) to bring the identity of the original Civil Status (Vsforh) in addition to one other probative archives, such as (the ration card, certificate of citizenship, residence card, voter card, support for housing from the local council, annual vehicle, leave the market, the identity of the employee, "adding that" any citizen displaced people to get a card (Ki-Card) from any version Center open for a period of up to cover all the displaced families in all Iraqi provinces. "
    The central government has decided to exchange each displaced family of a monthly grant of 400 thousand dinars in order to improve their economic conditions. "

    The Deputy Prime Minister Saleh al-Mutlaq, announced (15 September 2014), giving extraordinary powers of the Sub-Committees and local governments in the provinces, to deal with the displaced, stressing that a lot of money provided to Iraq in aid for the displaced, but did not appear on the ground because of "bureaucratic" and threatened to punish with "difficult" for the displaced employees involved stealing money and give "substantial financial reward" for both of them, the Ministry of Displacement and Migration indicated that she recorded more than 221 thousand displaced families.

    It is noteworthy that the seizure (Daash) on a number of areas of Iraq after (the tenth of June last 2015), caused a wave of major exodus, more than two million and 500 thousand people, according to UN estimates, as well as the displacement of hundreds of thousands of Syrians to the Kurdistan region.
    Last edited by pinkadonai1; 04-09-2015 at 10:33 AM.

  5. #5

    Re: The Dinar Daily, Thursday April 9, 2015

    Newspapers Thursday highlights the attention the launch editor of Anbar and observations blocs on the law of parties

    BAGHDAD / Source News / .. highlighted local newspapers in Baghdad on Thursday, interest in launching military operations to liberate Al-Anbar province of terrorists Daash and visiting Prime Minister Haider al-Abadi to Habbaniyah military base, as newspapers focused on the observations of the parliamentary blocs on the law of parties to be passed in Parliament.

    And military operations Mashreq newspaper, "said confirmation of what we published in an earlier number, the liberalization of Anbar plan had been placed in front of the Prime Minister Haider al-Abadi."

    The newspaper reported a permit for a military source in which he said that "the plan developed by the specialized operations room has received the approval of the Commander in Chief of the Armed Forces, which was discussed at length with a number of senior officers and advisers. The plan was inspired by military and operational lessons from the Battle of Tikrit, taking into account the difference in the nature of the ground as well as the extension the vast desert in Anbar. "

    The Abadi arrived yesterday to Anbar province to oversee the launch of its liberation from the control of the organization «Daash» process with the announcement of arming 10 thousands of tribesmen to participate in the battle and the appointment of a senior officer in the army commander of the PDF crowd of volunteers in the province.

    The statement to this newspaper, "The commander of the armed forces, Prime Minister Ashraf said Haider al-Abadi to edit Anbar operations from the control of the terrorist organization Daash which started yesterday."

    The newspaper added that "the Commander in Chief of the Armed Forces held a meeting in Habbaniyah base with field commanders during which they discussed the details of the editing process."
    The head of the Anbar province Krhot morning announced the start of the zero hour for the Liberation of cities from the control of Anbar Daash.

    The newspaper quoted Krhot saying that "the military operation involved the security forces of the army and police, backed by 10 thousand fighters of the popular crowd, which form in Anbar, in addition to the two regiments of the popular crowd from the southern provinces sons fighters and (2600) fighter of the sons of Anbar tribes "Adding that" the Baghdad Operations Command, will bear the liberation of the remaining terms of the vine and the border Administrative between Baghdad and Anbar province down to the administrative border of the city of Fallujah while will lead the island's operations and the desert edit the cities of western Anbar plus Iraqi - Syrian border security functions. "

    The newspaper Echo virtue Weekly reported the news on the block virtue Notes Parliament on the planned approval in the House of Representatives law of parties, where The head of the bloc MP Ammar Tohme According to the paper, the need for the party that proves the existence of a regulatory link or financial him any point of non-Iraqi solution, pointing to the need depriving the head of the party and its leaders from politics for life.

    He said Tohme according to the newspaper Echo virtue, must not be among the founders of the party and its leaders and cadres of belonged to the Baath Party buried, as required in the founding party to be Iraqis and of Iraqi parents and is not covered by the procedures of accountability and justice, and not to be dual nationality and that no less than 35 years old.

    He added that among the observations on the law of parties is the need for the independence of the body or department responsible for approving parties incorporation requests and is responsible for follow-up work parties activities and compliance with the provisions of the law, as well as to keep the Chapter VI on the rules of procedure for the parties to its importance in contributing to draw the democratic practice in the ranks of the parties and the method of making decisions and choose their leaders and the transparency of the financial system of the party rules and determine the resources and ways of spending.

    Tohme and called for the prevention of the degree of the Baath Party member of any party affiliation to be established under this law as well as the commitment of the heads and leaders of the parties to submit financial disclosure revealed annually to the Integrity Commission. "

    Tohme pointed to the need, to convene a meeting of the General Authority and the presence of two-thirds of the members in the absence of a quorum postponed and held at least 51% of the number of members and is not true that those who attended the completion takes place because the decision will be established a mechanism in which the absence of the will of the majority.

    And between the prime virtue block, that the law punishes of established party holds thought Tkverria or sectarian ten years in prison, as well as the text of the same punishment on an individual who belongs to this party and is known there is a difference between a crime establishing such a party and just enroll the individual has not permissible for a similar punishment for two people.

    He concluded by saying, that the law grants to stop the party at the request of the parties, the Department has the authority to temporarily pending a formal request and this is not true and should wait for judgment of the competent court to the health justifications party solution.

    The newspaper published an editorial evidence under the title of martyr chest .... faith defeated the tyranny of the Sultan came it .. adage say (best work right word generally unjust ruler) I said Aashahydna bridges fill your mouth and echoed with you time and immortalized days and bushy history characters of light generally Infidel Saddam Vtgazzm and you become a mountain towering sir Iamamed Baqir al-Sadr.

    The newspaper said "no Atrapk ascendancy Sultan unjust infidel nor Hillman his lavish nor the might of his soldiers millions nor his methods repressive intimidation to you God believer that God had mercy Almighty mighty heavens and the earth and the tyrants to the demise Botfh reasons Ahtha believer that the mighty are involved and the people staying. I said to the tyrant word advising Mhafqa go Your and your authority and remain the curses of the oppressed Tlahakk in Hfrk Because Jabbar or invited were deaf ear to tell the truth and that God hears of wills and what you Bmsama in the graves is the same appeal the Lord repeats with Pharaoh and Haman, however returned and Thamud and Karun and Nahari faction camel favor and Nimrod Mordant prophet Ibrahim (r), which is to make God Almighty fire coolness and peace for Abraham. / End Q

    Last edited by pinkadonai1; 04-09-2015 at 10:35 AM.

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    Re: The Dinar Daily, Thursday April 9, 2015

    Jubouri from Moscow: The government is considering reducing salaries and rule out a vote on the National Guard Law

    BAGHDAD - Iraq Press - April 9: Iraqi Parliament Speaker, Saleem al-Jubouri, in an interview, said in Russia, which is visited by now that "the government is considering reducing the salaries and expenses in the event of continued decline in oil prices, the longest period in an attempt to overcome the budget deficit and maintain the pace of funding for the war, "pointing out that" the House of Representatives is keen to form a unified army, and eliminate the phenomenon of multiple armed forces in Iraq. "

    He Jubouri that "the Prime Minister's decision, Haider al-Abadi, the judge overseeing the popular crowd himself is a move that reflects the event of crisis in the country and that the House vote on the law of the formation of the National Guard, is unlikely."

    It is said that a source close he had pointed out, that the current visit by the President of the Parliament to Russia resulted in the signing of a memorandum of understanding between the two countries, parliamentary, as well as to examine the activation of economic cooperation and increase the number of scholarships.

    The source said that "the President of the House of Representatives signed in Moscow a memorandum of understanding with the President of the Russian State Duma, Sergei Naryshkin, cooperation parliament between the two countries," adding that "the two sides held a meeting which discussed aspects of parliamentary cooperation at the bilateral and international levels and the exchange of expertise, consulting and delegations to strengthen the bonds of relations between the two countries, "Admiral .anthy

    Last edited by pinkadonai1; 04-09-2015 at 10:36 AM.

  7. #7

    Re: The Dinar Daily, Thursday April 9, 2015

    Hamoudi: national product is the key foundation for the advancement of the country's economy
    Khandan - called the Presidium of the Iraqi Council of Representatives member Hamoudi to national product support through contract ministries and private trade for the acquisition of the national product is installed into the budget and many of the laws.

    He Hamoudi said in a statement on the sidelines of his visit to the factory sugar refinery in Hilla and received "Khandan" a copy of it, that the reconstruction work in the vital factories step strategy at a time when Iraq's economic constraints and unemployment among young people, saying that the move "a primary key for the advancement of economic and industrial reality in country. "

    He called Hamoudi state support for national products and industries, particularly sugar factory, which has become comparable to the highest foreign products, pointing out that both the House and the ministers will be going to support each national product.

    He Hamoudi "We emphasize the need to encourage Iraqi citizens to buy Iraqi goods sake of Iraqi money that does not go abroad and contribute effectively to the elimination of unemployment and the preservation of the country's economy.
    Last edited by pinkadonai1; 04-09-2015 at 10:37 AM.

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    Re: The Dinar Daily, Thursday April 9, 2015

    Parliamentary Finance commends the central measures to reduce the guarantees on loans

    Information / special / ..Parliamentary Finance Committee considered, on Thursday, an Iraqi Central Bank to reduce the guarantees for the loan applicants correct step, indicating at the same time that the Commission did not fully looked at these measures.

    A member of the committee MP Magda Tamimi told / information /, that "any financial holding respect of loans provided by the central bank to various sectors that must be accessible and easy to not burden the loan applicants and the decision on the reduction of the guarantees is one of the measures that will contribute to expanding the base of the granting of loans ".

    "The Finance Committee received a number of decisions and official books of the central bank, but it will not look at the reduction decision." Finished / 25 m
    Last edited by pinkadonai1; 04-09-2015 at 10:39 AM.

  9. #9

    Re: The Dinar Daily, Thursday April 9, 2015

    The continuing decline in the price of the dinar against the dollar and calls for the central banks to reconsider recent decisions?

    Long-Presse / Baghdad He attributed specialize in the banking sector, on Thursday, the reason for the high dollar exchange rate against the dinar to the recent central bank own deduct customs duties and taxes in advance procedures, and called for a "freeze" the resolution, as expected continued decline in the value of the Iraqi dinar, stressed the need for the abolition of Article 50 of the Budget .

    The Iraqi Central Bank announced, in (17 March 2015), the adoption of a new mechanism for the payment of taxes and control the "money laundering" through the prepayment of taxes and customs of the goods entering Iraq, returned it will double the country's imports.

    The bank decided in (28 March 2015) to meet 8% of tax rates and customs own Bokiem imports by private banks ,.

    Serafi said Ali Saad's banking district Harthiya in an interview to the (long-Presse), "The US dollar exchange rate went up to 1,340 dinars, because of the procedures followed by the central bank to increase demand and reduce the size of its sales."

    Saad said that "the continuation of the central bank actions may result in the coming weeks to a large rise in the price of the dollar against the Iraqi dinar."

    For his part, the Executive Director of Bank Union Muhannad Kassem said in an interview to the (long-Presse), "The rise in the dollar exchange rate is due to the new regulations followed by the Central Bank of Iraq to get individuals or companies on the hard currency to cover imports of goods", calling for a "freeze decision."

    Qasim pointed out that "the trader was formerly offers the amount of the Iraqi dinar and documentation required to get a dollar, but that the last instruction imposed on the merchant approximately 8% of the amount required to buy dollars in Iraqi dinars," explaining that "5% of the secretariats to calculate customs and 3% to account general tax authority ".

    He denominator "after taking these taxes will rise the dollar on the merchant nearly 90 tiger and this means increasing the cost of the dollar in 1282, thus raising the price of the dollar," stressing that "this mechanism has been talked about among specialists in government departments and experts, economists and central bank Nearly a month or more and applied on 25 March. "

    Qasim said that "the importers are getting on the dollar after the submission of documents and insurance after 15 days," expected "continued high dollar exchange rate if there is no change mechanism or at least freeze to search for other viable mechanism".

    And the Executive Director of Union Bank that "the impact of exchange rate appreciation on the Iraqi market will be negative because the country relies B95% of its needs to import."
    For his part, the Executive Director of the Association of Iraqi banks Tariq Ali said in an interview to the (long-Presse), said that "Article 50 of the federal budget for the 2015 law forced the Central Bank of Iraq to sell $ 75 million a day and is one of the reasons for the fluctuation of the dollar exchange rate."

    Tariq pointed out that "the other reason behind the increase in the dollar exchange rate is the central bank's decisions on tax and customs deductions in advance," explaining that "these actions are correct but they must be applied gradually."

    And invited the Executive Director of the Iraqi Central Bank to the banks, "the exchange rate returns to normal by injecting the dollar amounts of the private market and the Iraqi market needs more than $ 75 million."

    It is noteworthy that the International Monetary Fund predicted in (21 March 2015), the high proportion of the deficit in the budget for Iraq in 2015 to more than the 12 percent announced by the government, due to lower oil prices, and the weakness of the possibility of Iraq's commitment to export 3.3 million barrels per day, and assume the budget, The proposed implementation of reform measures include strict austerity in investment projects, and a commitment to reducing expenses, and reconsider the limits of central bank sales of the currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.

    The current year's budget law, committed the Central Bank of Iraq, in paragraph 50, identifying sales of foreign currency (dollar) in daily auction ceiling does not exceed 75 million, with the exercise of justice in the sale, and claim the participant in the auction the bank providing the introduction of cargo documents and data Tax settling accounts and savings Alkmarki within 30 days from the date of purchase of the amount, and so it applies penalties stipulated in the Central Bank Act or regulations issued it, and use other banking tools to maintain the strength of the dinar against the dollar.
    Last edited by pinkadonai1; 04-09-2015 at 10:42 AM.

  10. #10

    Re: The Dinar Daily, Thursday April 9, 2015

    Deputy for the National: Barzani should visit Baghdad in the coming days

    BAGHDAD - ((eighth day)) MP for the National Alliance Taha defense, that the Prime Minister's visit to Arbil, Haider al-Abadi at this time is very important in light of the victories achieved by the Iraqi army and volunteers in Tikrit, especially since the government has directed the liberalization of Nineveh Daash.

    Slack said in a statement ((eighth day)) that "the great preparations carried out by the Iraqi government needs to joint coordination with the Peshmerga for the Liberation of Nineveh and contacts with Kurdish leaders part of the visit Abadi, in addition to discuss the outstanding problems of the oil and the agreement with the Kurdistan, pointing out that "Previous governments held things between the two governments and caused a lack of trust, one of the most important problems in major escalation between Baghdad and Erbil."

    "The visit will open horizons toward discussing the oil agreement and turn it into a permanent as well as increased cooperation in the area of ​​budget and border crossings and the Central Bank and the discussion about the areas liberated from the Peshmerga and the return of displaced families, including the process of holding the ground, calling, Massoud Barzani, the initiative to visit Baghdad to bring the views and restore confidence between the two governments and coordination in resolving all outstanding problems between the two parties.

    The Abadi visited Kurdistan on Sunday and met with Massoud Barzani to discuss the latest political and security situation and developments. (AA)
    Last edited by pinkadonai1; 04-09-2015 at 10:44 AM.

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