The Dinar Daily, Wednesday April 15, 2015
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  1. #1

    The Dinar Daily, Wednesday April 15, 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, Wednesday April 15, 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1231.762 1231.147
    British pound GBP 1708.073 1707.219
    Canadian dollar CAD ----- -----
    Swiss franc CHF ----- -----
    Swedish krona SEK ----- -----
    Norwegian krone NOK ----- -----
    Danish krone DKK ----- -----
    Japanese yen JPY 9.731 9.726
    Drawing Rights
    SDR 1598.551 1597.752

    Indicative rates - 15.04.2015

    Currency Auctions

    Announcement No. (2930)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 15/04/2015 and the results were as follows:

    Number of banks 19
    Number of remittance companies 0
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 117,789,137
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 117,789,137
    Total offers for selling (US$) -----

  3. #3

    Re: The Dinar Daily, Wednesday April 15, 2015

    Parliamentary Oil: contract with Shell, Total is the optimal employment of the oil wealth

    Ali Qubool

    Tomorrow Press / Baghdad: The Commission on oil and energy parliamentary, Wednesday, that the contract with the Ministry of Oil and Shell and Total Employment Wars is optimized for investments of oil wealth.

    The deputy chairman of the Commission on oil and energy parliamentary, Ali Qubool for "tomorrow Press", "The Commission has long recommended that the Ministry of Oil need to develop the oil sector through the oil wealth to invest and not to rely on the extraction and export of crude oil operations," noting that "Iraq holds of oil wealth and other infrastructure, making it the developing countries, if exploited properly. "

    He added that "The oil ministry step towards the conclusion of memoranda of understanding with the Ministry of Industry and with my company (Shell) and (Total), the largest Petrokimyawat manufacturers in the south area of ​​the Created longer employment and investment optimization of the oil wealth in a real orientation to maximize oil resources."

    He called Qubool to "the need to approach the ministry and thinking seriously about the development and rehabilitation of oil refineries, where Iraq is still importing petroleum products from abroad, such as gas, gas oil and gasoline, and huge amounts decimate the state budget."
    Last edited by pinkadonai1; 04-15-2015 at 10:31 AM.

  4. #4

    Re: The Dinar Daily, Wednesday April 15, 2015

    Iraqi dinar exchange rate against the dollar in Iraqi banks and markets

    US $ 1 = 1,188.4500 Iraqi dinars

    1 Iraqi Dinar = 0.0008 US dollars
    Dollar exchange rate in the Iraqi market price of 1,300

    Last update: Wednesday, April 15, 2015, 8:49 GMT Baghdad

    Last edited by pinkadonai1; 04-15-2015 at 10:32 AM.

  5. #5

    Re: The Dinar Daily, Wednesday April 15, 2015

    Tourism calls on the international community to protect the activate its effects, museums and culture of Iraq

    Baghdad /...talapt Ministry of Tourism and Antiquities, Wednesday, activating the international community decisions to protect Iraqi antiquities and museums and cultural property after a terrorist Daash publication of the video for the destruction of the ancient city of Nineveh.

    The ministry said in a statement received by the "eye of Iraq News" that "when a terrorist Daash assaulting blatant Nimrod archaeological on the fifth of last month, bulldozed and destroyed sculptures and blow up landmarks, condemned our ministry with all the honorable and involved in the world of this heinous crime, and here they are today, after Military defeats raise humanitarian feelings again Bardhm to register photographer particular crime indulging them to defy the will of the world, "pointing out that" this persistence in the attack and destruction, all calls to action to accelerate the elimination of these stray gangs before they are made on the remainder of the effects of Mesopotamia ".

    The ministry said in a statement that "the international community, which felt and feel distressed and shocked at the brutality Daash and criminal dealings, are required to take swift action to help Iraq to protect its effects and museums and cultural property to activate the relevant international resolutions."

    The video was posted on the social networking site on the Internet, beginning this week, in which militants belonging to the organization / Daash / terrorist, appeared destroying ancient Assyrian city of Nimrud in northern Iraq.
    The city of Nimrud, located about 30 kilometers south of Mosul, constructed in 1250 BC, and then four centuries became the new capital of the Assyrian Empire, which was at one time the most powerful country in the world ./anthy 7
    Last edited by pinkadonai1; 04-15-2015 at 10:34 AM.

  6. #6

    Re: The Dinar Daily, Wednesday April 15, 2015





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    HERES SOME MORE...The world's Muslim population is expected to increase by about 35% in the next 20 years, rising from 1.6 billion in 2010 to 2.2 billion by 2030, according to new population projections by the Pew Research Center's Forum on Religion & Public Life.


    Compliments of Rcookie

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  7. #7

    Re: The Dinar Daily, Wednesday April 15, 2015

    Abadi and discuss with the heads of giant US companies investing challenges in Iraq

    BAGHDAD / Source News / .. discussed Prime Minister Haider al-Abadi, with a group of heads of major US companies, mutual cooperation, and simplify procedures for investors and raise any obstacles faced as a result of bureaucratic procedures.

    He expressed Abadi, according to a press statement received by the Agency / Source News / copy of it on Wednesday, "Iraq's desire to enter international companies to invest in the country."

    For their part, representatives of the companies offer "perceptions about how to help Iraq to promote his abilities in various sectors, as well as ways to exit Iraq from the financial and economic challenges experienced by the result of the decline in oil prices," .anthy
    Last edited by pinkadonai1; 04-15-2015 at 10:36 AM.

  8. #8

    Re: The Dinar Daily, Wednesday April 15, 2015

    Exxon Mobil, Occidental confirm the devotional desire to continue to work and increase production

    Information / Baghdad / ..Bretton confirmed Occidental Petroleum and Exxon Mobil, Wednesday, their desire to continue to work and increase production.

    Ebadi said office said in a statement received by the agency / information / copy of it, "the Prime Minister Haider al-Abadi, received at his residence in Washington, president of Occidental Petroleum Corporation Steve Jazan and president of Exxon Mobil Corporation Rex Tlison operating in Iraq in two games alone."

    The statement added that "the owners of the two institutions offer advances in production thankful efforts that have contributed to the improvement in the security situation in Basra, which was reflected positively on their work."

    The office said in a statement, "has also been discussion of raising obstacles to their work in Iraq and declared their desire to continue to
    work and increase production."

    Last edited by pinkadonai1; 04-15-2015 at 10:38 AM.

  9. #9

    Re: The Dinar Daily, Wednesday April 15, 2015

    Communications and e-Karbala declares open the door of investment to implement the project access optical networks

    Information / Karbala / ..Etisalat announced Directorate and write Karbala province, on Wednesday, opening the door for investment in front of local and international companies to implement the project access optical networks.
    She said the directorate said in a statement the agency / information / received a copy of it, for the happiest Aziz Communications Manager and Mail Karbala that "contacts Directorate and write Karbala province declared open the door for investment in front of local and international companies specialized to implement a project force optical networks in the province."

    "We are seeking to get the companies to invest in the field of communications and convert terrestrial networks that were used copper to optical cable, or what is known as optical access networks, which is one of the most important projects in the field of modern communications."

    The statement noted that "these networks contribute to the development of effective communication, in addition to the services provided on the Internet and access to satellite television services as well as contribute to the e-government, as well as its contribution to the security system."

    Last edited by pinkadonai1; 04-15-2015 at 10:39 AM.

  10. #10

    Re: The Dinar Daily, Wednesday April 15, 2015

    Securities: Old Companies Act and failure of the private sector

    Iraq Stock Exchange:

    Tomorrow Press / Baghdad: Iraq Stock Exchange confirmed Wednesday that the law of registration of companies and Old malfunction work of the private sector in Iraq, calling on the Commission to the economic need to amend the registration of the Companies Act.

    The executive director of the Iraqi market for securities, Taha al-Rubaie, for "tomorrow Press", "The current law for the registration of companies located in the Ministry of Commerce Old and does not carry any development of the work of the corporate sector in Iraq as well as it disrupted the work of the private sector," adding that "the law reflected negatively on the functioning of the market. "

    He pointed out that "Iraq's transition from a socialist system to a market system and the law is not in line with modern trends that support the private sector and want to advance and evolve."

    Rubaie said that "the new draft law submitted to the House of Representatives three years ago, but until now had not been discussed," calling the Economic Commission to "support the new law for the reform of the economy."

    It is noteworthy that Iraq Stock Exchange was established in June 2004 and operates under the supervision of the Iraq Securities Commission, an independent body set up along the lines of the American Association Securities and Exchange Commission.
    Last edited by pinkadonai1; 04-15-2015 at 10:40 AM.

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