The Dinar Daily, Wednesday May 20, 2015
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  1. #1

    The Dinar Daily, Wednesday May 20, 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1303.588 1302.936
    British pound GBP 1809.632 1808.727
    Canadian dollar CAD -------- --------
    Swiss franc CHF 1253.090 1252.463
    Swedish krona SEK 140.495 140.425
    Norwegian krone NOK 156.035 155.957
    Danish krone DKK 174.768 174.681
    Japanese yen JPY 9.721 9.716
    Drawing Rights
    SDR 1641.087 1640.266

    Indicative rates - (as of) 20.5.2015

    Currency Auctions

    Announcement No. (2952 - most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 18/05/2015 and the results were as follows:

    Number of banks 18
    Number of remittance companies 2
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 119,716,023
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 119,716,023
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 05-21-2015 at 09:57 AM.

  2. #2

    Re: The Dinar Daily, Wednesday May 20, 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,

  3. #3

    Re: The Dinar Daily, Wednesday May 20, 2015

    I was able to translate this pdf from the CBI website. It's older but interesting to read anyways. I hope you enjoy.

    The restructuring of the Iraqi currency
    Project to delete the three zeroes and a thousand cash transactions

    *D. The appearance of Mohammed Qasim
    *Deputy Governor of the Central Bank of Iraq
    *2012 JANUARY
    *_________________________________________________ _________________
    In light of the economic and financial conditions and volatile inflation pressures that befell in
    Previously our country, and it led to a negative impact on the regularity of the commercial market and labor markets and production
    The standard of living of citizens, has generated many distortions in economic structures and relationships that
    Among them was the presence of the mass of cash many zeros of little value and in a manner commensurate with the developments
    The next in the present and future of the Iraqi economy, which requires finding a solution to these circumstances
    And offal, and these solutions repair currency management system through restructuring and delete
    Zeroes of them to control the flow and management of the cost of the money supply to optimally.
    The mass circulation of cash exporter of more than 30 trillion Iraqi dinars various categories
    And reflected by the number of securities traded amounting to 4 billion banknotes are the product of a long period of
    Inflation and economic decline, rising, for example, the index of consumer prices
    Bassas 1993 from 100 to 200,000 in the midst of 2003, which means that the item, which
    It was sold at 100 dinars become sold for 200,000 dinars ... and so on. So under the circumstances
    And the deterioration of the currency value of the currency rose largest category of 25 dinars to 25,000 dinars, which means that
    Inflation is the one who added the zeros *.
    * Do not fit the current currency classes with the current economic situation and the next Windos example and before the outbreak of the Iran-Iraq war was 25 category
    Dinars equivalent to $ 75 purchasing power of that time or its equivalent at present 300 000 dinars. Inflation has been added in the country over the
    Three decades zeros to the currency, and although it did not raise those zeros from the purchasing power of the largest class of the currency which the 25 000 dinars
    And which is equal to $ 21 today. Today we need to restructure the currency. Valasfar large mass means significant cash in circulation stands at about
    30 trillion dinars, which required a direct cash trading and to a significant cost in the count and takes time and spatial properties and security. In the system
    Prices, longer price is the value of crossing them with cash and then the costs of payments and the wage and salary structure and Akiem not all transactions eventually become
    Commensurate with the country's need to cash management system consistent with the restructuring of the real sector and price levels reached. The country needs to easy monetary system
    Dealing and small groups and large expressive that the real cost of the structure. (See details in the margin of the subsequent page).

    And he noticed that during the period 2007-1990 increased inflation index of consumer prices
    % To 400,000 and with a view to streamlining the item which was sold a hundred dinars before the start of the Kuwait war
    In 1990 it became sold for 400,000 dinars in 2007. Note that the value of the dinar
    Iraqi and twice fell sharply during the period 1998-1990 at a rate of more than 99% against the dollar
    US. The decline was the first in 1990 and the other was the decline in 1997
    And increased by 93.2%, making Ajmal decline in the Iraqi dinar exchange rate against the dollar
    By (negative 99.99%) at the end of 1998 and during this period alone amounted to
    Inflation in the index of consumer prices of 45,000%.
    Taking Maalmna inflation means money himself high prices on goods money price
    And services (any mother of the money we need to swap certain bundle of goods and services .. Whenever
    Increase the amount of money allocated to the swap on the package itself means that there is inflation or
    A rise in cash prices). Noting that the value of money is inversely proportional with money rates, and
    Price is the value of goods and services expressed in cash *

    (*) Social studies suggest that entered Iraqi doctor monthly rate was not worth purchasing a force in the nineties of the last century, only to buy 30
    Chicken egg and 20 pieces of bread in the month and over the years of the economic blockade. That as many of the workers in different institutions may quit
    Working for the fact that the monthly turnover does not cover transportation costs to the place of work. And forgotten how created distorted markets in the country bartered by the materials used
    Of furniture, consumer durables and clothing to buy flour or sugar and fill the minimum food needs of families. And that the agricultural sector itself feudalism
    Food producer mess, have deteriorated since the seventies of the last century because of the deterioration of the countryside and Bria oil indulging in public office
    And the militarization of the country During the period 1982-1972, for example, average annual growth rate in the agricultural sector (minus 1.1%). While the rate of growth
    In the sector between the years 1972-1962 of 7.1% per year has reached. With the offer to all commodity sectors saw a deterioration in growth during the year
    The nineties, especially agriculture and industry.
    Today, the average annual per capita income of the Iraqi gross domestic product rose to more than US $ 5300, after he was currently only $ 750
    By the year 2003 and that the average government employee income of approximately twice the average per capita income of gross domestic product and an estimated 10,000
    Dollars annually.

    And when the money was anything is agreed upon by the community to become a broker of exchange and a store of value
    And the unity of account, the money (legal) issued by the monetary authority under the law and relevant
    Legal tender of the receivables, viewed as a social institution Social Institution, where increasing efficiency
    Economy and its operations in exchange efficiently move those social institution any coins and vice versa
    Versa. Continuous inflation has led to high number of traded 23 billion dinars in the currency
    1991 to around 30 trillion dinars at the present time, the higher the largest category of coin
    25 dinars to 25,000 dinars over time. Thus, drawing new inflation figures of the coin
    Traded to add three zeros which has increased the amount of cash transactions and arranged nominal costs
    The production of large quantities accompanied by the promise of storage, and distribution, sorting and checking her escort operations
    And double the levels, helped to increase the operational risks associated with Operational Risk
    With price stability and optimism in Iraq's future development it has become necessary
    A radical reform of the management system and the currency by re-structure commensurate with the structure
    The new prices, stable and different levels of wages and salaries, which differed significantly from the
    The last thirty years, as well as handle the mass of cash in large components so weak
    It has become the largest category of the coin, but not worth $ 21 at the present time. Noting that the rise
    GDP for Iraq of $ 140 billion at the end of 2010 to more than
    $ 300 billion at the end of 2015 will increase the money supply Exporting than 30 trillion dinars
    To about 70 trillion dinars. And the weak structure of the currency structure as mentioned above may take
    It adds cost is called the cost of cash transactions in terms of trading by both between individuals themselves
    And individuals, banks and within the same banking system. **
    ** Lamcy demand for the US dollar (in particular the category of $ 100) is an urgent need for the settlement of cash transactions in the market ___________________________
    Local outside the will of the monetary policy of the fact that the market is looking at transactions into categories is the largest currently available but it is embodied
    The category of large US currency for easy to carry and traded to reduce the cost of trading cash or cash transactions. So the system
    Iraqi cash has become an urgent need to reform the administrative system of cash payments for there to be a high purchasing power of monetary categories
    Trading in easy to carry and acquisitions in order to facilitate cash exchanges for the purposes of transactions that imbalance Aoualemtajerh .mnohen
    In the structure or composition of the current monetary units have the depth of the problems (dollarization), which arranged undesirable traces on the effectiveness and performance
    Monetary policy.

    In Sweden, for example, which is now available in one of the best systems
    Cash payments in the world and in spite of that, the cost of trading cash counting
    And sorting and transport and storage of the coin costing the national economy gain of 4% of GDP
    Of Sweden. How can we compare this in a country such as Iraq it shall be managed so weak enormous amounts of cash
    Installation, which adds the cost of cash transactions possibly up to 8% or more of gross domestic product
    Overall, the burden borne by the individual in his dealings, which reduces the efficiency of taking cash as an institution
    Social support to the economy of various institutions, including the market as evidenced by the limited
    Big push to the US dollar cash transactions, which means bringing in a currency other country
    Trading for the award of cash transactions because of falling efficiency and installation of the current money supply.

    And raises the multiplicity of zeros on the currency classes with low purchasing power have great difficulties
    The difficulty of trying to express the monetary value as well as the difficulties of monetary operations and the same problems
    Technical in the recording of statistical data and registration in the accounting books and change of Computing Systems
    And settlements systems as well as long-figures show prices make it difficult or sometimes even counters
    Digital devices to read Asfarha at gas stations or other digital devices.
    On this basis, it has become a need to reform the system of cash payments through
    The following advantages:

    The spas on the horizontal plane: deleting three zeros
    - Conversion of 30 trillion dinars to 30 billion dollars by deleting three zeros from the currency
    Current and replaced with a new currency, making it easier to deal with arithmetic numbers are fewer
    At the level of the federal budget accounts, banks' balance sheets and companies as well as
    Cash family budget (individuals) without any change or arrange change on income or wealth
    Monetary and moral natural for people as well as the lack of impact on contracts
    And obligations between the natural and legal persons of all. It is the so-generating function
    Sports homogeneous class zero Homogenous Function of Degree Zero,
    As long as the amount of new money covers smaller number of commodity exchanges in the package itself

    In the old figure of the larger coins. On this occasion, it looks like (David Hume (1711 - 76
    (One of the pioneers of the science of economics pre-classical school in the famous political debate his book
    Or political controversy Political Discourse issued in 1752) the effect of price levels
    Par with the amount of money Alatvaa such as the transition from the Romanian figures Arabic numerals
    (The figures currently English), this move does not change the basic principles of
    The account or mathematics. The rise in the amounts of money leads to higher prices for
    Without the same impact on the results of the real economy.

    Second on the vertical level: restructuring and currency composition
    - What was the big category amounting to 25,000 dinars form alone (two-thirds of the amount of securities
    Traded), the issuance of the largest categories mean the reduction of four billion securities traded cash
    Now converted into a number equal to (1.180) billion banknotes. As Stakhtzl categories
    Large currency of approximately 90 - 80% of the total exported to the new categories%
    Trading (200 100 categories such as 0.50 new dinars).
    *Based on the foregoing, the cost of cash transactions between individuals and between banks and
    Individuals themselves natural or moral will fall inevitably in terms of counting and sorting costs
    And audit. If Maalmna, that the stock traded eroded cash on average during the period
    Five years, which means replacing the enormous mass of poor installation and arrange printing costs
    High security specifications which is another burden is borne by the issuing authority, a cash of
    Waste management system cash generated by the previous economic downturn and not fit to become
    And the desired stability and economic progress.
    Finally, that the reasons for changing the current currency expresses the fruit of economic stability
    And the success of the policies of the Iraqi Central Bank in maintaining stability and of
    The stability of the Iraqi dinar exchange rate and inflation falling to one decimal and building
    Foreign reserves support the Iraqi dinar at levels never before achieved within the thirty
    Last year, which is the Iraqi currency cover. In addition to improving the payment system
    Cash and make it leave the adhesion and installed Alrahnin past economic and Achtlalath
    And rebuild for the future economic development of real and nominal and givens.

    Therefore, the Bank has prepared the Iraqi central long-term strategy is applicable
    In the future when the availability of appropriate opportunity and gradually according to clear instructions and regulations
    Extention provide protection for the various rights and interests in line and the stage of prosperity
    And future economic growth is expected, where average per capita income will increase over the past
    Coming to more than once and the economy will step steps towards progress, which requires reform
    The remnants of the stages of inflation and perhaps some of the legislation requires this regard.

  4. #4

    Re: The Dinar Daily, Wednesday May 20, 2015

    Parliament completes the second reading of the National Guard .. and vote on the ratification of the Convention in the field of environmental protection between Iraq and Kuwait Law

    BAGHDAD / Baghdadi News / ... the voice of the House of Representatives, on Wednesday, on the draft law on ratification of the Convention in the field of environmental protection between the Governments of Iraq and Kuwait law.

    The MP said the National Union of powers Ahmed al-Jubouri's / Baghdadi News /, "The House of Representatives voted in its meeting held now, on the draft law on ratification of the Convention in the field of environmental protection between the Government of the Republic of Iraq and Kuwait with the law."

    Jubouri said that "the security and defense committee in Parliament completed reading the report of the second reading of the law of the National Guard, and discuss the proportion of ingredients in it." He noted that the "positive atmosphere prevails parliament session in the absence of any incompatibilities."

    Link to Article

  5. #5

    Re: The Dinar Daily, Wednesday May 20, 2015

    Central remittances

    BAGHDAD: Mustafa al-Hashimi of the Central Bank of Iraq regulated in the twenty-sixth of this month, a live auction for the sale of Hawwalath for 91-days.

    A source in the bank for "morning" that this auction will be atheist ten of its kind within the central plan to issue Hawwalath this year, indicating that the amount Asdarih is 200 billion dinars.

    He expressed the hope that the whole sale Asdarih banks that will participate in it.

    The central has organized in the twelfth of this month, the auction of a Hawwalath of the order itself participated in the auction 5 banks were selling the full amount of Asdarih banks that won him the amounts submitted at the price of a multi-utility and the highest price discount of 5 percent.

    According to the statistical "morning", the total amount of Asdarriet of remittances sold since the beginning of this year up to 12.5.2015 amounted trillion and 751 billion and 95 million dinars.

    It is worth mentioning that four auctions have seen full Asdarih amount sale ( 200) billion dinars, which all of the auction No. c129 and c132 and c133 and c136 ranged participate in the preparation of between 4 and 6 banks banks.

    Link to Article

  6. #6

    Re: The Dinar Daily, Wednesday May 20, 2015

    Model in the banking industry competencies

    I was very pleased the news of more than 10 Iraqis and passing cycle development of banking leaders, which lasted for 18 months, during which the movement of trainees between Erbil and Cairo and Abu Dhabi This is another indication of the extent of Iraqi capabilities in passing the test of superiority despite the tribulations faced by the country.

    And more than that, this tender Walther submitted by a constellation of Young Iraqi-form would be a source of competition pushes young people to excel, especially as the choices of this group from the top of the specialized colleges and this in itself is enough to push young people toward excellence.

    This event organized by and sponsored by Abu Dhabi Islamic Bank, but indicate to us how important the presence of Arab and international banks the homeland to instill in young Iraqi high expertise as well as providing employment opportunities prestigious and the level befitting the capabilities and competencies of young WIN in these training courses.

    This constellation superior've been in the presence of gracing the central bank governor, who has expressed his admiration and thanks to Bank of Abu Dhabi in contributing to the preparation of banking Angels young lead banks towards acclaimed in the world of evolution, say that this presence reverse the monetary authority interest on such a mission effectiveness.

    On the other hand, how many banks first winners and owners of jurisdiction such an interest? minor exceptions, I say to make this initiative a model in human investment and the adoption process Iraqi capabilities and nurtured in order to create a renewed and a new generation of leadership of the banking business in the future.

    Here are suggested to the boards of directors of banks and their managers Commissioners and through their association to come Association of private banks in Iraq this model adoption and experience and to benefit from the expertise and training methods followed by the Abu Dhabi Islamic Bank in the preparation Banking leaders in order to improve the performance of our banking sector.

    It is true that a number of banks has been adopted in the preparation of its personnel on courses in Oman, Lebanon and elsewhere but were duration is limited, required the adoption of this experience and the signing of bilateral cooperation agreements with Bank of Abu Dhabi in the training of Iraqi young talent In a lengthy-running sessions more than a year, it provided mastering the English language to deal with the banking variables in the world if possible.

    Bank of Abu Dhabi sent several messages through the effectiveness of the quality of high-level presence on the perceptions of the development of the banking business and marketing himself and display his abilities well and this is one of the success attributes enjoyed by discreet banks.

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  7. #7

    Re: The Dinar Daily, Wednesday May 20, 2015

    World Bank Supports building dairy factory in Iraq worth 17 and a half million dollars

    Tomorrow Press / Baghdad: World Bank office in Iraq, Wednesday, confirmed that one of his organizations will support the construction of dairy factory in the capital, Baghdad up the value of create it to more than 17 and a half million dollars. The representative of the International Finance Corporation in Iraq Khalid Oeryan an affiliate organizations to the World Bank for "tomorrow Press," that "the institution is working to support Iraq to projects which provide the opportunity for the growth of the economy and helping to reduce poverty and unemployment," adding that "the institution implemented a number of projects in Iraq, most recently was the pursuit of the implementation of the project Investment flows into the Iraqi service. " He added that "the institution is considering seriously the actual building a special factory dairy products," pointing out that "this plant will be supportive of food security in Iraq," adding that "the plant is hoped that the cost to build more than 17 million and a half dollars. " Oeryan stressed that "it is hoped that the production capacity of this plant to more than 50 000 tons per year of various dairy products, as well as it will provide the hands of working up to about 300 workers."

    Link to Article

  8. #8

    Re: The Dinar Daily, Wednesday May 20, 2015

    Parliamentary Economy: deactivated investment projects are not limited to Baghdad

    Residential Complex project Basmaja

    Tomorrow Press / Baghdad:
    According to a member of the Committee on Economy and Investment, Osman Haji, the idle projects are not limited to only the province of Baghdad, but in most parts of Iraq. He said Haji for "tomorrow Press," that "the reluctance of projects is not limited to placed the allocation of land and financial amounts, but the deteriorating security situation following the turn also on investment projects. " He added that "the absence of the future vision of the projects halted a lot of investment proposals," noting that "Almarqlat that impede the implementation of the projects is the failure to allocate large sums of money in this year for investment projects and the Investment Authority" . Haji said that "the economic and investment commission has opened the door for any investor from any quarter or for the Ministry to put its projects and discussed, and the Committee will provide its services to investors."

    Link to Article

  9. #9

    Re: The Dinar Daily, Wednesday May 20, 2015

    The meeting's agenda number (39) Wednesday 20 May 2015

    First: Read verses from the Koran.

    Second: The vote on the draft law on ratification of the Convention in the field of environmental protection between the Government of the Republic of Iraq and the Government of the State of Kuwait law. ( Committee on Foreign Relations , the Committee on Health and the Environment ). (Article 2).

    Third: Committee of the Regions and governorates not organized in a region around the work of the Committee's report.

    Fourth: The continuation of the debate for the second reading of the draft law of the National Guard. (Commission on Security and Defense, the Legal Committee ).

    Fifth: The second reading of the draft law Martyrs Foundation. (Committee of the martyrs and victims and political prisoners, Human Rights Committee, the Legal Committee ). (28 articles).

    Sixth: The second reading of the draft accession of the Republic of Iraq to the agreement to encourage and protect and guarantee investments between the Member States of the Organization of Islamic Cooperation. ( Committee on Foreign Relations , the Committee on Economy and Investment). (Article 2).

    Session starts at: eleven am

    Link to Article

  10. #10

    Re: The Dinar Daily, Wednesday May 20, 2015

    Parliamentarians holding a meeting to discuss the fall of al-Maliki hosted on Mosul

    BAGHDAD / ... a number of members of the House of Representatives, on Wednesday, an expanded meeting to discuss the former host Prime Minister Nuri al-Maliki in parliament on the fall of the city of Mosul, however Daash terrorist gangs in the tenth of June last year.

    The reporter said "Eye Iraq News" that MPs from different political blocs held a meeting in the Constitutional Hall of the House of Representatives decision to host al-Maliki in parliament to listen to his statement on the collapse of the city of Mosul, however Daash terrorists ".

    The parliamentary committee in charge of investigating the fall of the city of Mosul, confirmed in the third of this May that hosting al-Maliki in the House of Representatives need to vote by parliament ".

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