The Dinar Daily, Saturday May 23, 2015
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  1. #1

    The Dinar Daily, Saturday May 23, 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1296.359 1295.711
    British pound GBP 1809.749 1808.844
    Canadian dollar CAD 954.799 954.321
    Swiss franc CHF 1241.350 1240.729
    Swedish krona SEK 139.005 138.935
    Norwegian krone NOK 154.374 154.297
    Danish krone DKK 173.778 173.691
    Japanese yen JPY 9.647 9.642
    Drawing Rights
    SDR 1634.172 1633.355

    Indicative rates - (as of) 21.5.2015 (no change as of 23.5.2015)

    Currency Auctions

    Announcement No. (2954 - most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 20/05/2015 and the results were as follows: (no change as of 23/05/2015)

    Number of banks 14
    Number of remittance companies 2
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 145,249,494
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 145,249,494
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 05-24-2015 at 10:12 AM.

  2. #2

    Re: The Dinar Daily, Saturday May 23, 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, Saturday May 23, 2015

    To the Committee on Energy: optimistic rise in oil prices and our production is approaching 4 million barrels

    Long-Presse / Baghdad It indicated to the parliamentary Committee on Energy "optimistic" the rise in oil prices in the global market, and considers it a positive returns on the financial crisis that has crippled the country for months.

    Committee expected prices continued to rise, revealing an unprecedented rise in Iraq to produce up to 4 million barrels per day, noting that the export rates have reached the limits of 2.9 million barrels per day.

    The Commission confirmed that it intends to submit its report on the visits by the Maysan Oil Company in addition to her meeting with the Energy Committee in the Kurdistan region's parliament.

    And remained Iraq's oil exports over three million barrels per day since the beginning of May, according to data load ships and source sector benefit which keeps on shipments from Iraq as the second largest producer within OPEC, near a record high, according to data published by the Reuters news agency.

    And enhances strong last month of Iraq indicators on high production major countries of the Organization of the Petroleum Exporting Countries with a focus on protecting its market share than global oil prices may push lower.

    He says Zaher al-Abadi, a member of the Commission on oil and parliamentary power, that "the Iraqi government develop a specific strategy for the oil sector and the policy of oil and clear to discuss the current situation which is witnessing a decline in oil prices", and called on the government to identify the reasons behind the descent of the barrel price to this level with prognosis him of the outcome of events in the future. "

    He said al-Abadi, in an interview for the "long", that "the Oil Ministry a specific mechanism for the export of oil and production with the development of infrastructure in all matters relating to the oil sector situation", adding that "the daily oil production reached to nearly four million barrels but export up to about 2.9 million barrels per day. "

    And it has seen a rise in oil prices exceeded barrier of $ 65 a barrel, after the decline in crude stocks for the third consecutive week that stocks reached record levels due to an oversupply, which raised fears of shrinking storage capacity.

    Attention MP for the province of Basra that "the increase in oil prices in global markets will have a positive effect blocked the federal budget deficit of $ 25 trillion dinars," expected "an increase in oil prices in the coming period with low shale oil prices, which is produced in the United States, Canada and Alborzaal" .

    And on the reality of power and the problems faced by the sector, the optical MP says that "the Commission on oil and energy continues to monitor the performance and the work of the Ministry of Electricity and equip citizens in electrical energy through continuous Minister and agents to identify the problems encountered in the work of the ministry Alastdavat."

    And confirms the MP for the Bloc reform that "Iraq needs to nearly 30 thousand MW while the daily production is still experiencing fluctuation depending on the circumstances and the need for domestic consumption."

    In turn, sees Mahabs Razak, the other member of the Commission on oil and energy, that "the performance of the oil sector has improved, during the last period, in terms of production and export", praising the performance of the Oil Ministry, which said it is trying to develop the oil sector.

    He Razak Mahabs, in an interview for the "long", that "lift production, export and development of the oil sector will be reflected positively on the federal budget because it Tamtd on oil significantly", calling on the government to search for sources of supply the budget is oil after the problems we've had in time the past. "

    And confirms a member of the Badr bloc that "Iraq has sources other than oil, including gold, uranium and platinum sulfur, glass and rocks as well as agriculture and industry."

    The decline in oil prices to more than 50% since late 2014 to enter Iraq in a severe financial crisis affected the high deficits and low development indicators, according to international statistics.

    In the meantime, the Commission is preparing for parliamentary oil and energy to submit a report to the Presidency of the parliament includes tours undertaken by the oil and electric projects and observations recorded by the performance of work and Zarate electricity and oil.

    MP says Kawa Abdullah, a member of the Parliamentary Committee on Oil, "What distinguishes this parliamentary session that all of the committees submit a periodic report deals with the achievements of the proposals and projects of the laws."

    Abdullah and alert you to the "Energy Commission hosted ministers of oil and electricity for their performance and the problems and obstacles that hinder the development of work in the ministries," noting that the report "addresses the visit by the Committee to the Maysan Oil and the Kurdistan region company and meeting that took place with the Committee on Energy in the Parliament of Kurdistan. "

    It is likely that the Kurdish lawmaker "upon the completion of the preparation is fully submission of the report read over the coming sessions."
    Last edited by pinkadonai1; 05-23-2015 at 10:35 AM.

  4. #4

    Re: The Dinar Daily, Saturday May 23, 2015

    Parliament held its meeting under the chairmanship of the 40-Jubouri and the presence of 213 deputies

    Long-Presse / Baghdad The Council of Representatives, on Saturday, the 40th session of the second legislative term legislative year, the first under the chairmanship of its President Saleem al-Jubouri and the presence of 213 deputies, while the meeting will vote on the draft law and the first and second readings of the five bills.

    A parliamentary source said in an interview to the (long-Presse), "The House of Representatives held its 40th of the second legislative term of the first legislative year, headed by its president Saleem al-Jubouri and the presence of 213 deputies," noting that "the agenda of the meeting includes a vote in principle on the draft rent land law Agricultural ".

    The source, who asked not to be named, said: "The session will also see the first reading of the draft law amending the Income Tax Law No. 113 of 1982, and the first reading of the draft law amending the Association of Accountants and Auditors No. 185 Act of 1969, and the second reading of the bill to exempt foreign companies and subcontractors law foreign contractors in licensing rounds decades of fees. "

    The source continued that "the meeting include the second reading of the draft Public Authority Law to guarantee the rights of the regions and governorates that are not organized in a region, and the second reading of the draft property installed in farmland and orchards excluded from the settlement works of the law."

    The Presidency of the Council of Representatives of Iraq lifted on 20 May 2015, the 39th legislative term of the second legislative year to the first session on Saturday, after the vote on the draft law and the end of the second reading of three draft laws, notably the National Guard.

  5. #5

    Re: The Dinar Daily, Saturday May 23, 2015

    Iran likely to start exporting gas to Iraq by the end of next June

    Long-Presse / Baghdad Suggested Iran's national gas company, on Saturday, start the export of Iranian gas to Iraq by the end of next June, he attributed the delay in gas export schedule for a month for technical reasons.

    The general director of the company Hamid Reza Iraqi in a press statement followed up (range Press), said his country is ready to export Iranian gas to Iraq within a month from now, "noting that" exports had fallen behind schedule for a month, because of final inspection on pipes measures.

    He said Iraqis that "discussions are ongoing with Iraqi officials to determine how the receipt of wages gas source, the fact that his country's cautious in the way of the receipt of money, because of the economic sanctions," pointing out that "the delay in exports to Iraq has nothing to do with political developments taking place in the country."

    The Gas Company of Iran announced (April 27, 2015) on the lack of readiness of Iraq to import gas from Iran, as she noted that in the standby state, therefore, exports will start at the end of next May, has made clear it will export five million cubic meters per day.

    The engineering company Iranian gas, announced Tuesday (April 22, 2015) about the arrival of the completion of the gas pipeline ratio from Iran to Iraq to 75%, as indicated that they will start to supply Iraq with natural gas over the next four months, confirmed that it will be issued after completion of the project five million meters cubic per day as a first stage, and predicted that the new exports generate revenues by $ 3.7 billion a year. "

    Iraq has suffered a shortage of electricity since the beginning of the year 1990, and increased hours of rationing power after 2003, in Baghdad and the provinces, because made a lot of stations as well as sabotage attacks on its facilities over the past years.
    Last edited by pinkadonai1; 05-23-2015 at 10:32 AM.

  6. #6

    Re: The Dinar Daily, Saturday May 23, 2015

    The stock market: the high value of stocks last week to more than 23 billion dinars

    Announced Market Iraq Financial Exchange, Saturday, for the high value of the total shares last week to more than 23 billion dinars, while the market organized sessions traded in extra time on the two companies, the Islamic Bank and the Bank of the North. The systems market during the last week of five daily sessions in the formal market and four in the second market, while the number of companies traded stood at 64 companies out of 95 companies listed in the market, including 75 companies in the formal market and 20 companies in the second market.

    The trading market during the last week 32.433 billion shares compared to 3.284 billion shares the previous week, an increase amounted to 887.54%, while the total value of the shares of 23.516 billion dinars, compared to 3.433 the previous week and an increase amounted to 585.16%. The total number of transactions in the market trades over the past week 3501 deal against the 1343 deal the previous week, while the market closed at 928.70 points. The number of traded shares purchased from non-Iraqis, 295 million shares financial value of 657 million dinars through the implementation of 146 transactions on the shares of 22 companies, with total stocks sold investors non-Iraqis, 835 million shares financial value of 1171 million dinars through the implementation of 291 transactions on the shares of 13 companies. The systems market during the week last two sessions of trading in extra time on the two companies carried out during which two things on the shares of the Islamic Bank Company on behalf of more than 16 billion shares and ordered the bank North shares amounted to more than 7 billion shares. The Iraq Stock Exchange was founded in June 2004, and was approved by the manual trading, and in April 2009 electronic trading adopted in part by some of the companies, and began trading electronically for companies listed in the year 2010, and trading in the market 95 subsidiary of eight sectors are banking, industrial, hotel, tourism, agriculture, investment, and insurance, in addition to communications.

  7. #7

    Re: The Dinar Daily, Saturday May 23, 2015

    Barzani Meets World Leaders in World Economic Forum

    The Kurdistan Region President took part in the opening session of the World Economic Forum (WEF) on the Middle East and North Africa and met with a number of Middle Eastern leaders to discuss the situation in the region.

    According to a statement released by the office of the Kurdistan Region Presidency on May 22nd, President Barzani participated in the WEF on Middle East and North Africa in Jordan, and met with the President of Egypt Abdel Fatah al-Sisi to discuss the latest developments regarding Islamic State.

    In addition to praising the leadership of the Kurdistan Region, the role of Peshmerga and the endurance of the Kurds, Sisi reiterated his country’s willingness to strengthen ties with the Kurdistan Region.

    Barzani held a separate meeting with Palestinian President Mahmoud Abbas. He outlined the latest security and political challenges which Iraq is facing. President Abbas explained Palestine’s international diplomatic efforts and expressed a desire to forge a closer relationship with the Kurdistan Region.

    President Barzani also met with Iraq’s Parliamentary Speaker Salim al-Jabouri and Iraqi Deputy Prime Minister Bahaa al-Araji.

    Al-Jabouri revealed the agenda set for his upcoming trip to the US, while al-Araji insisted that Erbil and Baghdad work harder to improve the situation between the two governments. “Most of the parties in Baghdad support better relations with Erbil.”

  8. #8

    Re: The Dinar Daily, Saturday May 23, 2015

    Iranian official: We will start exporting gas to Iraq next month

    Director General Gas Company Hamid Reza on Saturday announced that the "gas export to Iraq will start after a month after the final test of the gas pipeline network."
    He explained satisfaction in a press statement: "There talks with the Iraqi side about the gas delivery mechanism amounts Source" noting that he "was scheduled to begin the export of gas a month ago, but that both Ganیbn were not ready for that."

    "We will be chosen gas pipeline in the beginning and therefore we will start gas exports after a month."
    And the Iranian official stressed that "the postponement of export back to the problems of technology is not linked to political developments in Iraq," adding that "the amount of gas delivered mechanism is important to us frequently with the imposition of Western sanctions on Iran."

    He explained that "if the removal of sanctions will be able to receive payments directly, otherwise we have to look for a solution to that."
    It was Ali Reza کamla general manager of the company's national gas Iran announced on 11 April that "the Iranian gas be released to the cities of Baghdad and Basra," explaining that "the gas exports to Baghdad will begin the amount of export of 4 million cubic meters per day and will increase to 35 million cubic meters a day."
    He added that Camille "gas exports from Iran to Basra will begin the export of 5 million cubic meters per day a year after the signing of the contract [in 2016] and will increase to 30 million cubic meters a day."
    The Iraqi Ministry of Electricity has signed on 22 July 2013 of an important contract is the first of its kind with the Iranian Oil Ministry for processing natural gas, the amount of up to five million cubic meters per day, for a period of four years, subject to renewal, and the market price of Alaalmih.

  9. #9

    Re: The Dinar Daily, Saturday May 23, 2015

    Rafidain Bank: our branches abroad evolved and become equivalent to their counterparts in the region

    He Rafidain Bank, the branches abroad has evolved significantly, indicating that it has become equivalent to the banks located in the region.
    The general director of the bank on behalf of Kamal al-Hassani, on Saturday, in a statement received by the agency all of Iraq [where], a copy of the "branches of the bank in the Arab countries, specifically in Bahrain, Yemen, Jordan, Lebanon, Egypt, its services continuously lead to the Iraqi community and to commercial and financial sector in those countries. " He noted that "the General Administration of the Bank worked to strengthen their financial positions in order to be parallel with their counterparts in the region,".

  10. #10

    Re: The Dinar Daily, Saturday May 23, 2015

    Chairman of the House of Representatives to discuss with the German ambassador in Iraq, developments in the security and political scene

    House Speaker Dr. Salim al-Jubouri, received, on Saturday in his office official German ambassador in Iraq, Mr. Eckhard prominence. During the meeting, they reviewed developments in the security and political scene and bilateral relations between the two countries and ways of developing them.

    President al-Jubouri and stressed the importance of concerted efforts of all for the liberation of the Iraqi provinces, noting that international support for the government and tribal support for Iraqi forces to actively contribute to speed up the liberalization of the cities from the clutches of the terrorist organization Daash.
    He stressed the importance of achieving genuine reconciliation between all the components of the Iraqi people, pointing to the fact that there is a desire to hold a conference in this regard.
    Mr. prominence in turn, expressed his country's support to the efforts of Iraq in its war against terrorism, and to achieve civil peace between the components of the people.

    Information Office
    The President of the Iraqi Council of Representatives

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