The Dinar Daily, Wednesday May 27, 2015
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  1. #1

    The Dinar Daily, Wednesday May 27, 2015

    CENTRAL BANK OF IRAQ

    CURRENCY CODE SELL BUY
    US dollar USD 1166.000 1164.000


    CURRENCY CODE SELL BUY
    US dollar USD 1166.000 1164.000
    Euro EUR 1273.972 1273.335
    British pound GBP 1797.272 1796.374
    Canadian dollar CAD 938.053 937.584
    Swiss franc CHF 1229.569 1228.954
    Swedish krona SEK 137.854 137.785
    Norwegian krone NOK 152.233 152.157
    Danish krone DKK 170.890 170.805
    Japanese yen JPY 9.578 9.573
    Special
    Drawing Rights
    SDR 1622.081 1621.270

    Indicative rates - (as of) 27.5.2015


    http://www.cbi.iq/

    Currency Auctions

    Announcement No. (2957 - most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 25/05/2015 and the results were as follows: (no change as of 27/05/2015)

    DETAILS NOTES
    Number of banks 21
    Number of remittance companies 1
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 172,610,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 172,610,000
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 05-28-2015 at 11:14 AM.



  2. #2

    Re: The Dinar Daily, Wednesday May 27, 2015





    The Exchange Rate of Foreign Currency in Economic Feasibility Studies

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

    Estimate the shadow price of foreign currency:

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

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

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


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


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

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

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

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

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


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


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

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



    The Republic of Iraq – Ministry of Planning

    and

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

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

    1) the SIGR report…


    2) the Gold Article…


    3) the IIER report…


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


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


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


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


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


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

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


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

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


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


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

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

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





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

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

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

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

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

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

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

    __________________________________________________ ______________

    AND

    Coins put on the market !!



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

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

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

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

    waradana.com

    And

    CBI is preparing to issue a monetary metal parts

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

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

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

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

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

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

    and

    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

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

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

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

    ARTICLE LINK

    Crush Expected When Kuwaiti Banks Reopen Today

    March 24, 1991|From Reuters



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

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

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

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

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

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

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

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

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


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

    Hi BGG,

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

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

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

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

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

    Kind Regards,
    Kevin

  3. #3

    Re: The Dinar Daily, Wednesday May 27, 2015

    Financial announces launch of sending part of the budgets of the provinces



    Tomorrow press Baghdad: Ministry of finance, announced Wednesday, that Minister Hoshyar Zebari began to send part of the budgets of provinces, indicating that stalled because of delays in sending budgets to the lack of financial liquidity.

    He said Undersecretary Fadhil Nabi for "tomorrow," "the Minister of Finance began to work for the provincial budget for 2015", stating that "there is a lack of liquidity, leading to delays in disbursement of budgets of the provinces".

    "The main problem for non-Exchange is the lack of liquidity," adding that "he now works to divert part of the budgets of the provinces I took their while liquidity."

    The country suffers from a major financial crisis because of falling crude oil prices, and its entry into the war against terrorist groups for nearly a year, resulting in political practice austerity.

    http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Falghadpress.com%2Far%2Fnews%2F31474 %2F%25D8%25A7%25D9%2584%25D9%2585%25D8%25A7%25D9%2 584%25D9%258A%25D8%25A9-%25D8%25AA%25D8%25B9%25D9%2584%25D9%2586-%25D8%25A8%25D8%25AF%25D8%25A1-%25D8%25A7%25D9%2584%25D8%25B9%25D9%2585%25D9%2584-%25D9%2584%25D8%25A5%25D8%25B1%25D8%25B3%25D8%25A7 %25D9%2584-%25D8%25AC%25D8%25B2%25D8%25A1-%25D9%2585

  4. #4

    Re: The Dinar Daily, Wednesday May 27, 2015

    Al-Hakim called for activating the principle of centralization and grant the provinces greater powers



    Tomorrow press Baghdad invited the Chairman of the Islamic Supreme Council of Iraq, Ammar al-Hakim to operationalize the principle of centralization and grant the provinces greater powers.

    Al-Hakim said in a statement issued by the information Office, received "tomorrow" I, "it is necessary to activate the provincial investment to overcome the financial crisis in Iraq", reaffirmed "the importance of activating the principle of centralization and the necessity of giving wide powers to the provinces."

    He noted "the importance of establishing the appropriate security plans supporting the security and stability of the provinces", stressing the "get off the ground by administrators and service aspects and dimensions of provincial councils on political bickering back."

    Hakim to "activate the Inland Revenue Ordinance and the provincial share of the overall budget and projects planned for the provinces in proportion to the population."


    http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Falghadpress.com%2Far%2Fnews%2F31496 %2F%25D8%25A7%25D9%2584%25D8%25AD%25D9%2583%25D9%2 58A%25D9%2585-%25D9%258A%25D8%25AF%25D8%25B9%25D9%2588-%25D9%2584%25D8%25AA%25D9%2581%25D8%25B9%25D9%258A %25D9%2584-%25D9%2585%25D8%25A8%25D8%25AF%25D8%25A3-%25D8%25A7%25D9%2584%25D9%2585%25D8%25B1%25D9%2583 %25D8%25B2%25D9%258A%25D8%25A9-%25D8%25A7%25D9%2584

  5. #5

    Re: The Dinar Daily, Wednesday May 27, 2015

    Maysan to go bankrupt and cease all construction projects



    Tomorrow press Maysan: a Maysan provincial Council, not Wednesday, bankruptcy no funds budget allocated by the Central Government, and halt all ongoing projects and projects for this year, ruling out solutions in the exceptional circumstances of the country.

    He is a member of the Maysan provincial Council is Franck's "tomorrow," that "no funds to keep within budget because the total bankruptcy, with stops all ongoing projects as a result of non-payment of advances to contractors as well as the projects included in the plan this year," predicted "the arrival of 30 billion dinars, distributed as a predecessor to ongoing projects to completion."

    "The province is unable even to provide fuel for its vehicles, because of the unfortunate situation in financial allocations, which impacted negatively on each joints", stating that "it is hoped that they will not contribute funds only in sustaining the project but wheel will move the market."

    He ruled out the Franck "solutions at present as the country is passing through exceptional circumstances as well as the Central Government bankrupt and had to borrow staff salaries of some banks that low oil prices raise the budget deficit by 2015".

    The Ministry of Finance announced Wednesday that the Minister Hoshyar Zebari began to send part of the budgets of provinces, indicating that stalled because of delays in sending budgets to the lack of financial liquidity.

    The country suffers from a major financial crisis because of falling crude oil prices, and its entry into the war against terrorist groups for nearly a year, resulting in political practice austerity.

    http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Falghadpress.com%2Far%2Fnews%2F31493 %2F%25D9%2585%25D9%258A%25D8%25B3%25D8%25A7%25D9%2 586-%25D8%25AA%25D8%25B9%25D9%2584%25D9%2586-%25D8%25A5%25D9%2581%25D9%2584%25D8%25A7%25D8%25B3 %25D9%2587%25D8%25A7-%25D9%2588%25D8%25AA%25D9%2588%25D9%2582%25D9%2581-%25D8%25AC%25D9%2585%25D9%258A%25D8%25B9-%25D8%25A7%25D9%2584%25D9%2585%25D8%25B4%25D8%25A7

  6. #6

    Re: The Dinar Daily, Wednesday May 27, 2015

    Parliamentary Economy: Investment Law Amendment encourages the housing sector and addresses its obstacle



    Citizen - Baghdad Parliamentary Economy: Investment Law Amendment encourages the housing sector and addresses its obstacles

    Member of the committee of economy and investment parliamentary Najiba Najib confirmed "that the amendment of the Investment Law includes housing sector, encourage investment, and addresses the obstacles facing investors.

    She said Najib in an interview: "The solutions and treatments for the housing crisis is not at the required level, as we have seen these problems and Chksnaha in the investment conference, which was held last February, and amended investment law certainly to encourage investment in the housing sector because it is very important."

    She explained, "it was the introduction of several amendments to the Act, relating to the inclusion of legal texts to finance housing projects, provided that the interest-free to be able to firms investing in the housing sector of the success of their projects."

    She Najib said the "legislation of the new investment law, will address problems that have been investing in the housing sector, including the issue of land, which was repulsive to companies, whether foreign or domestic work in the housing sector, as it has been addressed obstacles facing investment this sector, in terms of funding, decentralization, as well as an end to the routine in the land question, and address those problems related to the allocation of land to the companies. "

    She added that he "did not specify a certain date by the House of Representatives to end the housing crisis, as the role of regulatory and legislative, and as legislation tackled problems that were hindering the success of these issues, and with respect to the oversight role, we are continuing supervisory our part with the Investment Authority, and fund housing and reconstruction."

    Najib stressed "the need to have the biggest support fund for housing", pointing out that "one of these processors, approve the Fund by the Central Bank, to be able to grant loans to citizens to build housing for them."

    The Central Investment Committee, approached the 23 of last April, donors of the land arising out of investment projects transfer of ownership of this land to the investor in accordance with the Investment Law.

    A press statement by the Ministry of Construction and Housing: "The Undersecretary Dara Hassan Rashid Yara, attended a meeting of the Investment Committee Central to discuss and study the contracts signed with investors and the emphasis on the payment of the amounts owed to them, explaining that he has during the meeting, discussing and approaching donors of the land arising out of investment projects to transfer the ownership of the land to the investor in accordance with the Investment Law and according to the instructions the National Investment Commission, that the investor submit a written undertaking that includes continuing to operate the project without delay to be done according to time and not to claim any compensation or wages in the case of non-registration of the land in his name for any reason. "

    He was a member of the Committee on Economy and Investment parliamentary Ahmed Kanani said early April that "the amendment of the Investment Law, addressed the issue of the completion of the investor of the project by 25%, and take a loan from the government and the official bank bail the project, shall be 25% [completion rate] guarantor, either personal guarantees do not depend on the descent. "

    He explained Kanani in an interview: "The nature of dealing with the investor when the come in the past, had difficulty procuring investment license and the earth from other ministries, and this shortened within edited several paragraphs for the purpose of obtaining the land as soon as possible, as it was in the past many paragraphs and now a shortcut for the purpose of speed."

    The Deputy Chairman of the Committee of Economy and Investment parliamentary Harith al-Harthy, in 20 of last March, that the amendment of the investment law, investors will be in service, and the elimination of standard routine in the state dealing with investors circles.

    Iraq News Portal - Source: Citizen New

    http://www.aliraq.info/?p=301574

  7. #7
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    Re: The Dinar Daily, Wednesday May 27, 2015

    Al-Bayati: National Guard Law will be an army of Iraq and not to the provinces and will pass after the addition of amendments



    {Baghdad: Euphrates News} MP for the National Alliance Abbas al-Bayati, said Wednesday that the National Guard is good law, and will pass after some amendments, stressing the importance to be popular for the crowd and be the priority in which his spine.

    He said al-Bayati told {Euphrates News} "The Commission and the defense of parliamentary security you want to vote on this law and we want a third force with the army and police and to be popular for the crowd backbone of the Law of the National Guard, because the heroes of the crowd fought and struggled and persevered and defended Iraq should be for this law to be a large percentage of the children of the popular crowd. "
    He continued, "There is this law three sensitive issues should be addressed in an arm of the National Guard, which should be light and medium type is not heavy and can not have the helicopters or tanks and armor, in anticipation of the outbreak of fighting between the provinces, The second thing is his leadership must be, however, the Commander in Chief of the Armed Forces and volunteering which should be opened to all citizens and not exclusively to the provinces sons, for being a problem army to protect all of Iraq. "

    He continued, "The Council is committed to the political Charter which coincided by the political blocs and will pass this law, but after amendments, it is generally good and needs some minor changes. "
    refers deputies to the need for legislation National Guard Act that does not have an outlet to gnaw the body of the military and security establishment in the country, and the importance of command and control of the new military formation be under the command of the Commander in Chief of the Armed Forces, and warn of attempts to form zonal armies within the military through the gate of the National Guard.
    The project Guard Law Aloutin still on the negotiations between the political blocs to the presence of different views on the nature of armament and security powers and the number of grades and military ranks and population representation to the provinces table, amid calls to open the national space in front All provinces sons and all of the components and communities to engage in the formations of the National Guard to be representative of all the sons of Alhab.anthy

    alforatnews.com

  8. #8
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    Re: The Dinar Daily, Wednesday May 27, 2015

    Raising the minimum wage for workers in the private sector to 250 000 dinars



    Brother - Baghdad: The Ministry of Labour and Social Affairs, for an increase in the minimum wage for unskilled workers by 250 thousand dinars in the private, mixed and cooperative sector.

    According to a statement of the Ministry, on Wednesday, it received for News Agency (et) a copy of the "Committee to determine the minimum wage for workers, headed by the ministry, recommended the adoption of the amount of 250 000 dinars a minimum wage for workers in the private sector instead of the previous amount of 120 000 dinars." .

    "The Council of Ministers voted on the Commission's decision", adding that "the Committee was based on the provisions of Article 46 / item II, of the Labour Law No. 71 of 1987 to adopt a minimum wage worker is skilled in sectors [private, and mixed, and the cooperative] amount dinars of $ 250 per month instead of the previous amount of $ 120 dinars per month. "

    The statement said "There is a draft law to work has been read a second reading which is in its final phase, as amended by the committee charged with reviewing the bill."

    He said, "The law provides that a worker gets a wage sufficient to meet basic needs, and enable him to support his family and give him the opportunity to enjoy the fruits of what is achieved economic progress."

    He stressed "the need to address to the international conventions, including the Convention No. 26 of the ILO, which included methods of determining the minimum wages," noting that he "will not be so far to determine the minimum wage for specialized professions."
    He called for "use of the tours and field inspection teams and the Ministry of Industry and the Federation of Iraqi industries being a framework that must move through it, as well as the use of scientific theories and studies and research on the subject of the minimum wage."

    It pointed to "the need to follow up social protection network variables according to the variables of the poverty line and the relationship of this topic the economic aspect of the country and wage levels."

    khabaar.net

  9. #9
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    Re: The Dinar Daily, Wednesday May 27, 2015

    Maliki meets US ambassador



    Brother - Baghdad: Deputy President of the Republic Nuri Kamal al-Maliki, on Wednesday, the need to coordinate positions between Baghdad and Washington and activate efforts to eliminate regulations "terrorist," while the US ambassador to Iraq, Stuart Jones pointed to his country's commitment to provide full military support to Iraqi forces.

    Maliki's office said in a press statement that "the First Vice President of the Republic received his official office, today, the US ambassador to Iraq, Stuart Jones," noting that "During the meeting, they discussed developments in the political and security situation in Iraq and developments in the confrontation with al-Daash terrorist".

    Maliki stressed according to the statement "the need to coordinate stances between the two countries and activating efforts in a bid to curb the expansion of terrorist groups and eliminate them completely," adding that "the duty of the international community to support Iraq in its war against terrorism and the provision of supplies due to that."

    For his part, Jones expressed "his government's continued support for Iraq in its war against terrorism," adding "the US government's commitment to provide full military support to Iraqi security forces."

    khabaar.net

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    Re: The Dinar Daily, Wednesday May 27, 2015

    Parliamentary legal rule out the adoption of the Law of the Federal Court hearing tomorrow



    BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - a member of the parliamentary legal committee smile Hilali ruled out the adoption of the Federal Court Act by the House of Representatives in session on Thursday.

    She said Hilali's (IMN), "The Presidency of the Council of Representatives reached with heads of political blocs to an agreement on the law, but that the dispute is still going on about the 12th paragraph of the law."

    She said the "Declaration of State of Law coalition boycott of the meetings of the House of Representatives will also contribute to disrupt the law was passed at a meeting tomorrow," indicating that "pass the law requires a two-thirds vote of the Council members."

    Parliamentary Legal Committee and announced political blocs to reach an agreement to pass the Federal Court Act, indicating that it set next Thursday as the date for submission to the House of Representatives and vote on it.

    House Speaker Salim al 22 reported that the bill reached the stage of voting in parliament, noting that the National Guard and the Federal Court Rules and laws of the leading parties, which came to a vote.

    From: Haidar Abdul-Kadhim, edit: Ali Al-Shammari, Posted: Dreams Jaddah

    center-imn.net

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