The Dinar Daily, Friday April 24, 2015
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Thread: The Dinar Daily, Friday April 24, 2015

  1. #1

    The Dinar Daily, Friday April 24, 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1252.634 1252.007
    British pound GBP 1753.314 1752.438
    Canadian dollar CAD 951.837 951.361
    Swiss franc CHF 1222.863 1222.252
    Swedish krona SEK 134.982 134.914
    Norwegian krone NOK 148.363 148.289
    Danish krone DKK 167.871 167.787
    Japanese yen JPY 9.741 9.736
    Drawing Rights
    SDR 1613.464 1612.657

    Indicative rates - 23.04.2015

    Currency Auctions

    Announcement No. (2936 - most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 22/04/2015 and the results were as follows:

    Number of banks 18
    Number of remittance companies 4
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 167,345,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 167,345,000
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 04-25-2015 at 10:15 AM.

  2. #2

    Re: The Dinar Daily, Friday April 24, 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,
    Last edited by pinkadonai1; 04-25-2015 at 10:28 AM.

  3. #3

    Re: The Dinar Daily, Friday April 24, 2015

    Bloom to Build 40,000 Villas n Karbala

    (Source: Khaleej Times) Abu Dhabi’s Bloom Holdings is reportedly planning to build a new town outside Karbala.

    The project, which will take 10 years to complete, involves the construction of 40,000 villas, along with hospitality and educational components, according to Khaleej Times.

    Sameh Muhtadi (pictured), CEO of Bloom Holdings, told the newspaper:
    “We have received tenders for construction. We will select contractors this week.
    “We will visit the site in two weeks as land has already been handed over.”
    The mixed-use project will be funded by an international consortium.
    Last edited by pinkadonai1; 04-24-2015 at 01:13 PM.

  4. #4

    Re: The Dinar Daily, Friday April 24, 2015

    Egypt's Petrojet Wins $185m Gas Contract

    (Source: Vanguard News) Petrojet has been awarded a $185-million (216-billion-Iraqi-dinar) contract to build the first gas-processing plant for Iraq’s Siba oilfield.

    The Egyptian state-owned company will handle all the gas-processing plant’s related works including engineering, procurement, and construction (EPC).

    The project aims to increase the field’s production to 110 million cubic feet per day within 18 months.
    Petrojet is wholly owned by the Egyptian General Petroleum Corporation (EGPC). Siba field is operated by Kuwait Energy.
    Last edited by pinkadonai1; 04-24-2015 at 01:15 PM.

  5. #5

    Re: The Dinar Daily, Friday April 24, 2015

    Agility Iraq Receives ISO Certification

    (Source: TradeArabia) Agility’s GCC Services subsidiary in Basra has received the ISO 9001 certification, making it the first integrated remote site services company in the city to receive the certification.
    The United Kingdom Accreditation Service (UKAS) accreditation certificate was given following a site audit conducted by Bureau Veritas.

    TradeArabia reports that the Iraq unit serves small and large scale projects and currently operates 33 hard structures, 28 camps and 22 warehouses in remote and high-risk areas of the country. The company has also constructed 17 temporary dining facilities, including the largest in Iraq, with over 10,000 meals served every day.

    Rashad Sinokrot, CEO of GCC Services, said:
    “With the security situation being what it has been over the past few years, it is no small feat to receive the ISO 9001 certification in Iraq.
    “This independent verification underlines the technical and management capabilities of the company and is a reassurance to our customers that their needs are being looked after by the best team in Iraq.”
    Last edited by pinkadonai1; 04-24-2015 at 01:18 PM.

  6. #6

    Re: The Dinar Daily, Friday April 24, 2015

    US mulling training Iraqis to call in airstrikes

    WASHINGTON (AFP) -- Washington is working with Iraqi leaders to hone military operations against Islamic militants and is mulling whether to train Iraqis to directly call in US airstrikes, a US official said Thursday.
    During a visit to Washington last week, Iraqi Prime Minister Haider al-Abadi last week urged the Obama administration to speed up bombing missions against the militants saying there was a significant time lag between Iraqi forces identifying a target and a subsequent US air strike.

    "The one thing they want is to cut down the time from a request for a strike to a strike," a senior State Department official told reporters.
    "Though it's fairly fast, it's not immediate," he acknowledged.

    The US-led coalition has carried out about 3,000 air strikes over Iraq since September in the fight against extremist Islamic State (IS) militants who seized a swath of Iraqi and Syrian territory in a lightning move last June.
    While deferring to the Pentagon, the senior State Department official said the administration was looking at how to strengthen coordination with the Iraqis such as training joint terminal attack controllers (JTACs) who designate targets in air operations.

    "That might include things ... like training Iraqi JTACs from the Iraqi special forces. We've worked with those guys for many years," the official said.

    In its biggest victory to date, Iraqi security forces recaptured the town of Tikrit from IS last month. But it also revealed the complexity of trying to recapture urban areas, where the militants have laid booby traps, including huge truck bombs.

    Iraqi forces are gearing for an operation to retake Iraq's second city of Mosul, but it "will be incredibly complicated," the US official said.
    Between 4,000-6,000 Iraqis, many who fled during the capture of Mosul and now known as the Mosul fighting force, are currently being trained in the Kurdish peshmerga areas of Iraqi Kurdistan for the upcoming battle to retake the city.

    Mosul is a major hub for the IS militants and holds special significance as the place where IS leader Abu Bakr al-Baghdadi proclaimed his "caliphate" straddling Iraq and Syria.
    Reports emerged this week that Baghdadi may have been wounded in an air strike.

    The State Department official could not confirm the reports, but said: "All I would say is that when we put someone on our sights we're eventually going to get him. It's a matter of time."
    Last edited by pinkadonai1; 04-24-2015 at 01:19 PM.

  7. #7

    Re: The Dinar Daily, Friday April 24, 2015

    Hizbollah 'drone airstrip' discovered in Lebanon

    By Ben Farmer, Defence Correspondent Satellite imagery of the Hizbullah airstrip in northeast Lebanon

    Lebanon’s Shia militant group, Hizbollah, has built a remote airstrip to fly Iranian-made drones over Syria, new satellite images suggest.
    The airstrip in the northern Bekaa Valley was built sometime between February 2013 and June 2014, according to analysis by the magazine IHS Jane's Defence Weekly.
    The strip around 10 miles west of the Syrian border was spotted on satellite images that recently became available on Google Earth.

    Above: A Hizbullah drone - The single unpaved strip, which is around 730 yards long, is unlikely to be a smuggling route for weapons shipments because it is too short to take transport planes, said the magazine’s Nicholas Blanford.

    It may instead be built for Iranian-made unmanned aircraft, including the Ababil-3, which has been employed over Syria by Bashar al-Assad's allies, and possibly the newer and larger Shahed-129, he said.
    Hizbollah has reportedly confirmed it is using drones to back regime operations against rebel forces in Syria, particularly over the mountainous Qalamoun region on Lebanon's eastern border.

    The strip also features an antenna and six buildings.

    Iran's Ababil, or Swallow, surveillance drone has a flying range of around 60 miles and a top speed of 125mph, the country's state media said last year.
    It can fly to a height of 5,000m "and enjoys a high photography and imaging technology" it was reported.
    Last edited by pinkadonai1; 04-24-2015 at 01:22 PM.

  8. #8

    Re: The Dinar Daily, Friday April 24, 2015

    Turkey-Iraqi Kurdistan ‘secret agreement': Matter of national security?

    SLEMANI, Kurdistan region ‘Iraq’,— An 18-month-old “secret agreement” between Iraqi Kurdistan and Turkey goes for 50 years and potentially affects national security and oil exports. Nobody knows what’s in it but critics suggest it may not have a legal leg to stand on.

    In November 2013 the semi-autonomous Kurdistan region of Iraq and neighbouring Turkey signed what some have since described as a “secret agreement”. In a speech Iraqi Kurdish Prime Minister, Nechirvan Barzani, announced that the agreement covered several areas of cooperation and that the duration of the cooperation would be 50 years. However he didn’t reveal much, if anything, about what might be in this agreement. And the Turkish side didn’t mention the agreement at all.

    Ever since then questions have been being asked about the agreement: Why won’t the Iraqi Kurdish government tell anyone what is in it? Why isn’t the agreement helping Iraqi Kurdistan deal with various crises, security related and financial?

    “The government signed a 50-year agreement with the Turkish government covering several areas,” Safeen Dizayee, the spokesperson for the Iraqi Kurdish government, confirmed to Niqash. But then he refused to go into further details. “The concerned authorities have revealed what is important and what can be revealed. The main objective of the agreement is to strengthen trade relations between the two sides,” he concluded.

    Asking around various politicians in Iraqi Kurdistan, it seems that they too know little about the content of the agreement. They say these are only known to a handful of people, including the Turkish President, Prime Minister and Foreign Minister and then the Iraqi Kurdish Prime Minister, Barzani, and the Iraqi Kurdish Minister of Natural Resources, Ashti Hawrami.

    On condition of anonymity one local MP also listed the senior Iraqi Kurdish politicians who didn’t know what was in the agreement. These included the region’s former and current Deputy Prime Ministers, the Minister of Finance and the members of the region’s Oil and Gas Council.

    “This is the only agreement that very few people know about and there is no doubt that a big number of officials in the Kurdistan region’s government have no information whatsoever on this agreement,” MP Ali Hama Salih, a member of the anti-corruption Change movement and a senior member of the Kurdish Parliament’s Energy and Natural Resources committee, told Niqash. “Among them is the Minister of Finance, Rebaz Mohammad [Hamalan].”

    “Our committee asked the executive to provide information about the agreement by way of a formal letter,” says Kurdish MP and economist Izzat Saber, who heads the local Parliament’s Committee on Finance and Economics. “But up until now we have had no reply. During a meeting with the Oil and Gas Council we were informed that the agreement was valid for 50 years and it covered the oil and energy sectors as well as several others.”

    Saber believes it is very important to make the content of the agreement public because of possible impact on future generations.

    Information obtained by Niqash via enquiries with a former senior official, in office until 2013, indicates that the agreement is composed of 13 points covering three main areas: peaceful relations with Turkey, Turkey’s cooperation with Iraqi Kurdistan and oil and energy.

    The agreement apparently stipulates that the Iraqi Kurdish government should play a positive role in bringing the Turkish government closer to the Kurdistan Worker’s Party, or PKK, which has long been in violent conflict with Ankara. On the other side of the coin, Turkey apparently agrees to cooperate with Iraqi Kurdistan in several areas, and especially when the region is in danger. Allegedly there is also a paragraph that says Ankara will support Iraqi Kurdistan in conflicts between Iraqi Kurdistan and the federal Iraqi government in Baghdad.

    In terms of energy and resources, the agreement apparently says that Turkey agrees to store Iraqi Kurdistan’s oil in the country’s Ceyhan port until it can be exported on. In return, Iraqi Kurdistan agrees to supply Turkey with oil at reasonable prices.

    And it seems that the part of the supposedly secret agreement that deals with oil and natural resources is the most troublesome. The Iraqi Constitution says that the Kurdish region has the right to build relationships with other countries, especially in commerce and culture and that it doesn’t need prior approval from the federal government to do this.

    “Article 121 says that the region has the right to develop cultural, developmental and trade ties with other countries through offices that represent it,” confirms local legal expert, Al-Hakem Sheikh Latif.

    However the bit where Iraqi Kurdistan supplies oil to Turkey is different. The semi-autonomous northern region has been fighting with Baghdad for a long time about who owns the oil that is found in the region and whether sales and exports need to be channeled through Baghdad (with a percentage of profits then returned to the Kurdish region) or whether Iraqi Kurdistan can ship oil out by itself.

    “There is no explicit mention of oil exports in the Constitution,” Latif says. “It all depends on how the corresponding legislation is interpreted. And in this case Baghdad and Erbil interpret it differently.”

    And Iraqi Kurdish government spokesperson, Safeen Dizayee, insists that the region has not violated either the Iraqi Constitution with it’s oil exports, nor any Iraqi laws.

    In fact, the agreement between Turkey and Iraqi Kurdistan apparently came about as a result of this ongoing fight, at at stage when Prime Minister Barzani had felt he was unable to come to any kind of agreement on the issue with former Iraqi Prime Minister, Nouri al-Maliki.

    The al-Maliki administration was firmly opposed to the agreement and the independent sale of oil. However as yet, the new administration headed by Prime Minister Haider al-Abadi has remained silent on the agreement. Instead the two sides – Baghdad and Erbil – seem to have been trying to work toward some kind of reconciliation.

    “Up until now, we haven’t asked the region’s government to give us information on its agreement with Turkey,” says MP Areez Abdullah, who chairs the Oil and Gas Committee in the federal Parliament in Baghdad. But, he adds, when it becomes necessary, they will ask for details.

    Local writer and analyst of Turkish affairs, Nayaz Hamid, believes that the agreement between Iraqi Kurdistan and Turkey should be much more transparent. It could be seen as a matter of national security, he notes, and Iraqi Kurdistan is not actually a nation; it is a region of Iraq.

    “The signing of such an agreement could easily raise doubts because it could fall within the framework of national security,” Hamid points out. “It is an agreement that should be approved by two countries, two members of the United Nations, because that oil will eventually reach world markets and will affect the interests of many other sovereign states. That’s why this non-transparent agreement may well not have a real future.”

    By Honar Hama Rasheed, Slemani, Iraqi Kurdistan
    Last edited by rcookie; 04-25-2015 at 02:25 AM. Reason: photo

  9. #9

    Re: The Dinar Daily, Friday April 24, 2015

    Iraq’s Shia militias: Mosul can’t be liberated without Kurdish Peshmerga

    BAGHDAD,— The spokesman of the Hashid Shaabi (Popular Mobilization) Shia militia has said that regaining control of Iraq’s second-largest city, Mosul, and Hawija district in Kirkuk province will not be possible without Peshmerga involvement.

    Speaking in a press conference on Thursday, Karim Nuri praised current coordination between Hashid Shaabi and Kurdish forces in the fight against Islamic State (IS) militants in Iraq’s northern region.

    Nuri denied any tensions between the two groups of forces, in a move that seemed to reflect a turn in relations.
    Rhetoric from Kurdish and Shia Arab leaders in recent months suggested a conflict could erupt among Iraqi forces fighting on the same side against IS.

    Kurdistan Regional Government (KRG) President Masoud Barzani issued an order in February for the ministries of Peshmerga and Interior to prevent the Hashid Shaabi militia fighters from entering Kurdish areas to counter IS.

    Barzani’s statement came after reports of Kurdish forces based in Sinjar made contact with elements from the militias who had stated intentions to enter the northern Iraqi city of Kirkuk to help in the effort to push IS out of the area.

    “We do not need [Hashid Shaabi], and if we were in need, we would tell them,” Barzani said during a visit to Kirkuk.

    Muhammad al-Obaidi, a member of the Kirkuk Provincial Council, had also expressed contempt for the Shia group and its spread in Kirkuk, saying the militiamen were trying to cause rifts among the Sunnis of Iraq.

    Copyright ©, respective author or news agency,
    Last edited by rcookie; 04-25-2015 at 02:28 AM. Reason: photo

  10. #10

    Re: The Dinar Daily, Friday April 24, 2015

    Syrian Kurdistan flag waves on Rome municipality

    ROME,— The municipality of Italian capital Rome hung a banner of Syrian Kurdistan (Rojava) on its building after accepting to become the sister municipality of Kobani Municipality.

    Following a call by (Left, Ecology and Freedom (SEL) Party, the “sister municipality” protocol between the municipalities of Rome and Kobani was brought to the agenda with the signatures of PD (Democratic Party), M5S (Five Star Movement), Lista Marchini and Alleanza Popolare Nazionale.

    With 26 votes in favor and one abstention, the Municipal Council accepted the decision which stands as the first joint one made by Italian political parties with different political views.

    Speaking after the hanging of the Rojava flag on the municipality building, Municipal Council’s SEL Group President Gianluca Peciola recalled that the Kobani town of Syrian Kurdistan bordering Turkey was cleansed of ISIS gangs and liberated thanks to the resistance of Kurdish fighters.

    Noting that some two thousand people have lost their life during the four months of fighting, Gianluca Peciola said that; “Owing to the resistance of the Kurds, the international coalition recognized Kobani as a regained city. Women in the guerrilla fight played a major role in the fight against Islamic State group (IS). With the resistance they mounted in Kobani, the Kurdish people have deserved a historical and political recognition. This must also be joined by public enterprises in the West.”
    Last edited by rcookie; 04-25-2015 at 02:29 AM.

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