The Dinar Daily, Wednesday April 22, 2015
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  1. #1

    The Dinar Daily, Wednesday April 22, 2015





    The Exchange Rate of Foreign Currency in Economic Feasibility Studies

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

    Estimate the shadow price of foreign currency:

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

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

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


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


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

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

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

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

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


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


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

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



    The Republic of Iraq – Ministry of Planning

    and

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

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

    1) the SIGR report…


    2) the Gold Article…


    3) the IIER report…


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


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


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


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


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


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

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


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

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


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


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

    THIS REPORT WAS SENT TO CONGRESS LAST MAY. IT PLAINLY SHOWS IN THIS REPORT THEY EXPECTED THE DINAR TO REVALUE AT AROUND A DOLLAR IN 2013.

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





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

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

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

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

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

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

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

    __________________________________________________ ______________

    AND

    Coins put on the market !!



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

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

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

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

    waradana.com

    And

    CBI is preparing to issue a monetary metal parts

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

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

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

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

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

    http://www.iraqhurr.org/content/article/26666313.html

    and

    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

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

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

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

    ARTICLE LINK

    Crush Expected When Kuwaiti Banks Reopen Today

    March 24, 1991|From Reuters



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

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

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

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

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

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

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

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

    http://articles.latimes.com/1991-03-..._kuwaiti-banks


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

    Hi BGG,

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

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

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

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

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

    Kind Regards,
    Kevin



  2. #2

    Re: The Dinar Daily, Wednesday April 22, 2015

    CENTRAL BANK OF IRAQ

    CURRENCY CODE SELL BUY
    US dollar USD 1166.000 1164.000


    CURRENCY CODE SELL BUY
    US dollar USD 1166.000 1164.000
    Euro EUR 1247.620 12496.996
    British pound GBP 1734.891 1734.024
    Canadian dollar CAD 949.976 949.501
    Swiss franc CHF 1215.090 1214.482
    Swedish krona SEK 133.736 133.669
    Norwegian krone NOK 148.086 148.012
    Danish krone DKK 167.219 167.135
    Japanese yen JPY 9.765 9.761
    Special
    Drawing Rights
    SDR 1607.109 1606.306

    Indicative rates - 22.04.2015


    http://www.cbi.iq/

    Currency Auctions

    Announcement No. (2934 - most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 20/04/2015 and the results were as follows:

    DETAILS NOTES
    Number of banks 15
    Number of remittance companies 2
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 136,025,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 136,025,000
    Total offers for selling (US$) -----

  3. #3

    Re: The Dinar Daily, Wednesday April 22, 2015

    Tarfi assures to vote for Federal Court Law in near future



    Baghdad (Forat) – MP, Habeb al-Tarfi, of the Citizen Bloc assured that the Parliament will vote on the Federal Court Law in the near future.

    Tarfi reported in a statement received by Alforat News Agency ''The Parliament will vote for the Federal Court Law since all sides involved in the political process.''

    ''The judiciary authority is a basic pillar in building a State and the lack in this case will hinder the work of the State,'' the statement concluded. \End\

    http://alforatnews.com/

    BGG ~ Personally - with the political clout Abadi came back with from Washington - I would have to assume several pivotal issues like this will get solved quickly.

  4. #4

    Re: The Dinar Daily, Wednesday April 22, 2015

    Breaking News CoM votes on reconsidering new pricing of electricity bill



    CoM votes on reconsidering new pricing of electricity bill

    Baghdad (Forat) – The Council of Ministers voted on reconsidering the new pricing of electricity bill to relief the poor citizens. /End/

    http://alforatnews.com/

    BGG ~ I have mixed thoughts on this - if they were to leave the new pricing "as is" it would be a more clear signal they intend to "make it up to them (the poor) some other way - (buying power)"...

  5. #5

    Re: The Dinar Daily, Wednesday April 22, 2015

    International Momentary Fund to present emergency financial aid to Iraq



    Baghdad (Forat) –The International Monetary Fund decided to present emergency financial aid to Iraq.

    A statement by the Ministry of Finance received by Alforat News Agency cited "The IMF delegation met the Iraqi concerned officials to discuss helping Iraq at the current financial crisis."

    "Both sides agreed on presenting an aid by the IMF to the Iraqi Government to help in reducing the public expenses," the statement concluded. /End/

    alforatnews.com

  6. #6

    Re: The Dinar Daily, Wednesday April 22, 2015

    Parliament finishes discussing amendments of Investment Law



    Parliament finishes discussing amendments of Investment Law

    Baghdad (Forat) – Economic and Investment Parlaimentary Committee announced finishing its discussions over the amendments of Investment Law.

    Member of the Committee, Burhan al-Mamouri, stated to Alforat News Agency "The Committee settled the discussions over the amendments of this law."

    "It is necessary to vote on the amendments of this law for their positive effects on the economic situation in the country," the source concluded. /End/

    alforatnews.com

  7. #7

    Re: The Dinar Daily, Wednesday April 22, 2015

    Najib confirms the absence of differences on the draft investment law




    Direction Press / The Commission on Parliamentary economy and investment, the lack of differences in the House of Representatives on the draft investment law, and with Ashat that it has made great efforts in the drafting of the Althanon, showed that the project focused on paragraph decentralization and financing of major projects .
    Said committee member from the Kurdistan Alliance Najiba Najib, he will amend the draft investment law to include on the agenda of the House of Representatives agenda in the coming days, pointing to the absence of any parliamentary differences on the bill.

    She explained that the inclusion of amending the draft investment law comes to be discussed within the parliament and take the views of the House of Representatives about it, pointing out that the Commission has made a great effort in this project and took the opinions of local and foreign investors and held meetings and workshops with stakeholders in the investment issue.


    She said, we are, we focused on a paragraph in the project of decentralization and financing of major projects and land, pointing out that the distribution of land on projects where a large corruption. ss

    http://aletejahtv.org/index.php/permalink/55336.html
    Last edited by pinkadonai1; 04-22-2015 at 01:53 PM.

  8. #8

    Re: The Dinar Daily, Wednesday April 22, 2015

    Iraqi tribesmen fight their own after breaking with Islamic State group



    MAKHMOUR, Iraq (AP) — By Bram Janssen and Sameer N. Yacoub - Associated Press - Nazhan Sakher, left, smokes a cigarette in the bedroom of the base on the frontline outside the city of Makhmour, northern Iraq, during a break in this Monday, April 20, 2015 photo. He leads a group of around 300 fighters from the al-Lehib tribe who have reluctantly allied with Iraqi troops and Kurdish forces to fight the Islamic State group — and fellow tribesmen who still support the extremists. (AP Photo/Bram Janssen)

    When Islamic State militants swept across northern Iraq last summer, the Sunni al-Lehib tribe welcomed them as revolutionaries fighting the Shiite-led government in Baghdad. But less than a year later, the tribe is bitterly split between those who joined the extremist group and those resisting its brutal rule.

    The tribe hails from a village just south of Mosul, Iraq’s second largest city, which was captured by the IS last year. Like many Sunnis in northern Iraq, they initially welcomed the Islamic State group as liberators.

    “We were happy when Daesh came,” tribal leader Nazhan Sakhar said, using an acronym for the extremist group. “We thought they were going to Baghdad to establish a government. But then they started killing our own people. It turned out they were the same as al Qaeda.”

    Now he leads a group of around 300 fighters who have reluctantly allied with Iraqi troops and Kurdish forces to fight the IS group — and fellow tribesmen who still support the extremists.

    Iraq’s Sunnis have complained of discrimination and abuse since the U.S.-led invasion toppled Saddam Hussein’s Sunni-led dictatorship and replaced it with an elected government dominated by the country’s Shiite majority. That discontent fueled the rise of the Sunni IS group and paved the way for its takeover of much of northern and western Iraq last year.

    The government is now trying to rally Sunni support, which will be key to defeating the IS group. But for many Sunnis that poses a dilemma, forcing them to choose between extremists who reserve their worst brutality for suspected traitors, and what many see as a sectarian government with a history of broken promises.

    once fought with the Sahwas, or Awakening Councils, which were made up of Sunni tribesmen and former insurgents who allied themselves with the U.S. military starting in 2006 to help roll back al Qaeda in Iraq, a precursor of the IS group. But the Shiite-led government never warmed to the Sahwas, and as U.S. troops withdrew support for the fighters dwindled.

    Sakhar said this time around he is getting some help, with each fighter receiving his first monthly paycheck from Baghdad, of around $600.

    But they have struggled to arm themselves. “We received weapons from (Kurdish) peshmerga forces, but it wasn’t enough. Then we bought the rest of the weapons with our own personal money,” he said. He said he has spent $150,000 on weapons, including a heavy machine gun, five lighter machine guns, a pickup truck and two rocket-propelled grenade launchers.

    Sakhar says his men will need more arms to drive the IS group out of Mosul and surrounding areas. He also said that with more weapons he could triple the size of his fighting force to 1,000 men, but that many tribesmen are holding back for now for fear they won’t be able to defend themselves.

    His decision to ally with Iraqi troops brings grave risks. The Islamic State group has massacred the men, women and children of Sunni tribes who rise up against it. Sakhar says he is second on an Islamic State hit list and has survived numerous assassination attempts, including one last week. He points out the bullet-hole in his car.

    He also laments the fact that he is now battling against his former neighbors and fellow tribesmen.

    “We are sure that a lot of the people who are fighting with Daesh now come from our tribe,” he said. “I am sad for this situation, but they chose the wrong path.”




    http://www.washingtontimes.com/news/2015/apr/22/iraqi-tribesmen-fight-their-own-after-breaking-isl/?
    Last edited by pinkadonai1; 04-22-2015 at 01:56 PM.

  9. #9

    Re: The Dinar Daily, Wednesday April 22, 2015

    Al Safi Danone Iraq to receive investment from IFC to expand dairy operations

    Safi Danone Iraq will receive around $18m in investment from World Bank Group member IFC to expand its dairy operations to enhance domestic food security.

    This is a part of World Bank Group's strategy to encourage South-South investments, while supporting the diversification of Iraq's economy and improved agricultural production to boost growth.

    The investment will be used to increase production of dairy products at its greenfield dairy processing facility in the Kurdistan region to meet increasing demand.

    This is expected to create over 250 new jobs in the next two years, while improving food distribution standards and reducing the nation's reliance on imported dairy products.

    Al Safi Danone GCC, Iraq and Levant general manager George Abi Najem said: "This investment will help us establish a modern dairy enterprise with the latest processing and packaging equipment and train our employees to international standards.

    "Thanks to this technology, the local market will enjoy higher quality dairy products at affordable prices. Al Safi Danone's new factory in northern Iraq is just the first sign of the group's commitment to Iraq, one of the most important markets in the region, despite its challenges."

    With a target production capacity of around 59,000 tonnes annually, the Kurdistan plant focuses initially on the production of spoonable and drinkable yogurt products, as well as cheese and UHT milk.

    http://confectionary.food-business-review.com/news/al-safi-danone-iraq-to-receive-investment-from-ifc-to-expand-dairy-operations-220415-4559324?
    Last edited by pinkadonai1; 04-22-2015 at 01:57 PM.

  10. #10

    Re: The Dinar Daily, Wednesday April 22, 2015

    IHEC : Holding Basra’s region referendum depends on the provision of financial allocations

    Attachment 375

    Shafaq News / The Independent High Electoral Commission (IHEC) confirmed on Wednesday that the commission's budget for 2015 has not allocated money to conduct any electoral process, including a referendum on Basra region.

    “IHEC will begin matching signatures of 44 000 voters of Basra province received by the Commission on the issue of the region," adding that "there is a big problem with the lack of financial allocations to the Commission to carry out any electoral process including a referendum on Basra region with the budget of 2015 ,” The Head of the Commission ,Serbest Mustafa told “Shafaq News”.

    Mustafa said that "the speculative cost to open the polling stations and the implementation of the referendum in Basra to get 10% of the province's voters need around 15 billion dinars, and the money must be allocated by the government."

    The member of the Board of Commissioners and spokesperson on behalf of the Commission , Miqdad Sharifi had announced last week that Basra elections office received (44 thousand applications) signed by citizens of the people of Basra who want the establishment of the region”.

    IHEC announced last Sunday, in a statement that it will examine the citizen’s name who signed the request for the establishment of Basra region through conformity with the voters' register within a period not exceeding ten days, noting that it will take special procedures on the referendum in light of the results achieved from Audit operations.

    http://english.shafaaq.com/politics/14071-ihec-holding-basra’s-region-referendum-depends-on-the-provision-of-financial-allocations.html
    Last edited by RCookie-Legacy; 05-05-2015 at 06:48 PM.

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