The Dinar Daily, Sunday May 31, 2015
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  1. #1

    The Dinar Daily, Sunday May 31, 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1270.474 1269.838
    British pound GBP 1783.047 1782.156
    Canadian dollar CAD 934.520 934.052
    Swiss franc CHF 1232.037 1231.421
    Swedish krona SEK 137.311 137.242
    Norwegian krone NOK 149.625 149.550
    Danish krone DKK 170.308 170.223
    Japanese yen JPY 9.426 9.421
    Drawing Rights
    SDR 1620.285 1619.475

    Indicative rates - (as of) 31.5.2015

    Currency Auctions

    Announcement No. (2960 - most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 28/05/2015 and the results were as follows:

    Number of banks 17
    Number of remittance companies 2
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 217,275,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 217,275,000
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 06-01-2015 at 10:23 AM.

  2. #2

    Re: The Dinar Daily, Sunday May 31, 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, Sunday May 31, 2015

    Claims Legislation to Protect the Financial Deposit Law

    Agencies - demanded economic and investment commission in Parliament, the completion of the government to protect the financial deposit law enacted in parliament, indicating that this law will encourage companies to bid farewell to their money in local banks.

    Said committee member Rep. Najiba Najib in a press statement, that "there is a lack of trust between citizens, businesses and investors in local banks to the lack of law that protects the money deposited in it."

    "The government is required to speed up the completion of financial protection for the deposits sent to the Parliament Act for the purpose of voting on it," pointing out that "this law is one of the important laws which will encourage companies and owners of capital to bid farewell to their money in local banks."

  4. #4

    Re: The Dinar Daily, Sunday May 31, 2015

    The launch of 85 000 barrels per day of heavy Oil

    Agencies - The Iraqi Oil Ministry on Sunday announced the launch of 85 000 barrels per day of heavy oil, pointing to rising oil exports to more than three million barrels per day, asserting that the export of heavy oil will enhance the reputation of Iraqi oil on world markets.The agent said the Oil Ministry Fayyad good grace in a joint press conference with the province of Basra, was attended by local media, said that "Iraq launched today system export of heavy oil and the card 58 000 barrels per day," and pointed out that "the quantities produced from West Qurna / 2 and Halfaya gradually will increase. "

    He explained that the blessing "of Iraq's oil exports rose to three million barrels per day," pointing out that "Iraq began issuing two types of oil after it was previously issued one type."

    For his part, Undersecretary of the Ministry of Oil for liquidation agency Zia al-Moussawi said "lower oil prices is not our own hands, but we were able to achieve an increase in production and exports," pointing out that "the export of heavy oil will enhance the Iraqi oil reputation in the global markets."

    He said al-Moussawi said "Iraq today has achieved a rise in its exports amounted to three million barrels per day," expected "these exports rising to three millions and 500 thousand barrels soon."
    The Oil Ministry announced earlier, to begin their quest for the separation of its production of crude oil into two classes of Basra, saying it will begin to offer heavy type of Basra crude from the month of May.

    There are three different types of oil are heavy, medium and light, mainly linked to the qualitative weight, as any crude oil specific gravity less than 28 degrees is considered a heavy oil flow and be heavier and harder.

    The average oil increases the qualitative and weighed between 28 to 32, light oil and between 32 and 50 up to a higher degree, located in the North African countries of Libya, Algeria, Nigeria, Indonesia, America and Europe.

  5. #5

    Re: The Dinar Daily, Sunday May 31, 2015

    Last Article That MillionDay Posted During Newstime on 5/30/15

    Iraq looking to get credit rating

    5/31/2015 0:00

    In order to issue denominated foreign bonds in dollars

    BAGHDAD - Mostafa Hashemi - said Iraq's intention to issue IOUs sovereign, internal and external, for the purpose of finding funding to cover the budget, which is estimated at about a quarter of the amount of the budget for the current year's 119 trillion and 585 billion and 322 million and 783 000 dinars deficit.

    According to Article ( 2 / II / a) of the budget law, the amount of the deficit is covered from internal and external borrowing, and because Iraq lacks the credit rating of the three global agencies, it speed up access to this category for the purpose of issuing foreign bonds fact that the tenure for rating supports its strength in international markets.

    In This connection between economic academic d. Essam Mohamed importance of obtaining the credit rating of sovereign bonds (external) by saying that the degree classification give investors a clear view of a road map of their investments in the country, especially on the subject of the bond because it determines that a range of circulation in the global bond markets after identifying risks.

    He said Mohammed in an interview for the "morning" : that Iraq is capable of issuing such bonds because it possesses previous experience when called Paris Club bonds years ago and is due for repayment in 2028 year.

    The Finance Minister Hoshyar Zebari said that Iraq is considering denominated international bond issue in dollars for five years worth of five billion dollars to help him Plug in the budget.

    Wade Mohammed is the view of experts and specialists that Iraq enjoys a good reputation in terms of its financial obligations and possesses resources that qualify it paid off its foreign debt at maturity.

    He was economic adviser to Prime Minister Dr. The appearance of Mohammed Saleh said the "morning" earlier: that Iraq lacks the sovereign credit rating but bonds issued by to extinguish the Paris Club debt rated close to those countries that have such a rating awarded Iraq.

    He explained that the interest rate and the discount rate on the Iraqi offered bonds in Earlier it is approaching the price of some countries that have rated sovereign, pointing out that the classification of Iraq's credit, although he did not officially yet determined, Vhually probably at a temperature -B returned him well and cause an indication of optimism, saying: that this place is an official but set the intensity of turnout on the purchase of Iraqi bonds raised by accordance with the Paris Club and sold in global markets, amounting to $ 2.7 billion annual steady at 5.8 percent interest rate.

    So it looked Committee on Economic Affairs with the competent authorities to issue external loan bonds and influence positive to get a credit rating from international rating agencies.

    came that by hosting the Committee for each of the Chairman of the Finance Committee Dr. Ahmed Chalabi and head of the economic and investment commission Jawad al-Bolani, the Parliamentary, in the presence of financial banks representatives (Cleary Office Gottlieb Steen & Hamilton LLP, Citibank and Deutsche bank and Jp Morgan), to discuss the article (2 / Second / a) of the Federal General Budget about the version of the external loan bonds law and what the expected results of the issuance of those bonds.

    As discussed the positive impact resulting from obtaining a credit from international rating agencies rating to support the economy and the construction and reconstruction in Iraq by increasing the financial resources of the state derived from These bonds.

    The Committee on Economic Affairs was formed under the chairmanship of Deputy Prime Minister D.roژ Nuri Shaways and membership of ministers (finance, planning, commerce, agriculture) and Chairman of the National Authority for Investment and Advisor to the Prime Minister for Economic Affairs and Deputy Secretary General of the Council of Ministers of Finance and Administrative Affairs and the Director of the Legal Department of the Office Prime Minister.

  6. #6

    Re: The Dinar Daily, Sunday May 31, 2015

    Central demands to ensure the safety of the banking system

    5/31/2015 0:00

    D. Qusay al-Jabri: price stability of the most important priorities

    BAGHDAD - Imad emirate: is keen monetary authority to achieve a high level of use and install economic activity at the highest possible level of employment of natural and human resources and to take measures to reduce the levels of unemployment and the accompanying deflationary factors in output through monetary policy expansive working to increase investment and income levels, as well as working to alleviate the violent and constant changes in the price level for the attendant fluctuations in the value of money and the resulting adverse effects in the distribution of income and wealth level and the allocation of economic resources, this is what he said «morning» d . Qusay al-Jabri, Dean of the Faculty of Administration and Economics at the University of Mustansiriya.

    Monetary values ​​and added d. Jabri comes stabilize prices of the most important priorities of the monetary authority to maintain the value and volume of cash circulation in the economy as well as to maintain the monetary values ​​with real values ​​in the economy in relation to the growth of output, and interfere with the monetary authority by controlling the interest rate the banking and credit in controlling spending economic units in order to maintain the integrity of the currency swing, which infect a result of balance of payments deficit, when a deficit in the balance of payments raise the monetary policy interest rate, leading thus to a decline in credit economic units and then their liquidity makes them regain their capital employed abroad on the one hand and the flow of foreign capital to the inside the impact of higher domestic interest rate leads to higher foreign asset size and improve the balance of payments and the opposite happens in the case of surplus, and seeks monetary authority to influence the investment environment and rehabilitation and then achieve a continuous and adequate increase in real GDP growth, or average real per capita income by influencing in investment by changing the interest rate, leading to a growth in output and then narrow Fjute.

    Impediments to monetary policy and continued d. Jabri, hinder monetary policy, a number of obstacles in her career to achieve its goals adopted and comes in the forefront of the conflict between the goals in terms of monetary policy suffers from the inability to achieve two goals or more in that one, for example, to achieve stability in prices often collides with the stabilization of interest rates and access to a high rate of use as the reduction of inflation requires a deflationary monetary policy works to raise interest rates, what causes the reduction of investment and use and requires the ultimate goal to take a range of measures that require a period of time to select and begin its implementation and the achievement of results was obtained during the period of time a shift in the economic situation so that the measures are not commensurate with the situation that had taken place and the goals came to realize them. financial panic and alerted d. Jabri on the condition of the financial panic that could undermine the monetary policy of what it wants if it occurred, should the monetary authority to change its strategy in the event of a financial panic so as to ensure the safety of the banking system and the flow of credit properly, under a deflationary policy if it occurred the case of financial panic reasons may not be cash, but real reasons or individuals expectations this would hinder monetary policy, as it should be on the monetary authority to follow an expansionary policy to avoid aggravation of the situation.

    He said Jabri that the financial panic and the sharp recession that is likely to happen after that can result in significant unemployment , then it can ease the financial panic logically through increased operating or make the central bank reserves are easily available through the mechanism of an opponent to provide liquidity to the banks to deal with withdrawals of individuals and then control of the bout financial panic, and when the monetary authority follow the contractionary policy through interest rate significantly , this action will cause instability and capital markets business and conservative investment environment among individuals, which may generate a wave of anger among the dealers in the economy may have created from the monetary authority to change its policy.

  7. #7

    Re: The Dinar Daily, Sunday May 31, 2015

    Central Bank supports Islamic banks

    Author: alzawraapaper

    BAGHDAD / Nina: Said managing director of the Islamic National Bank, the President of the Association of Banks Islamic in Iraq Sadiq al-Shammari's central bank to support the broad activity that has become characteristic of Islamic banking in Iraq.

    Shammari said in a statement to the Iraqi News / Nina / National Agency "that the idea of Islamic instruments came To resolve the problem in front of Islamic banks in order to enter in investing in these instruments, which he described property instruments that bear the losses and profits instead of traditional debt securities bonds and Treasury money market funds and others.

    He explained, "that these instruments will be an attractive alternative for companies that need to fund capital with reluctance many who They want to be their investments acceptable legally and those who stayed away from investing in debt securities and debt, to the quality of interest and trading in debt and we mean selling religion to religion. "

    Among Shammari, "The terms of these instruments provide owned assets to those constituent be able to generate income on a regular and ongoing basis, as it should be Enjoy the assets to be Tskeckha attractive for the investor and Hmaattalb presence creditworthy in assets Kantzam repayment guarantees in kind. "

    The Al-Shammari said that "a broad program to be adopted by the Association of Banks of the Islamic case approval of its law and its system in order to enhance the activity of this sector and its development after the overall development and success, which is characterized by this type of activity and a widening customer base with him and expressed his expectation to increase space presence of this sector in large areas of Iraq during the coming period. "

    The eighth-Shammari, who heads the Islamic Association of Banks in Iraq, remarks Iraqi Central Bank Governor Dr. Ali Keywords recent over his support for the banking Islamic orientation adopted by the Iraqi Central to stimulate this type of banking in line with the success of the region and the world. "

    The Governor of the Central Bank of Iraq Dr. Ali Keywords had said in press statements support the Central Bank of the broad activity that has become characteristic of Islamic banking in Iraq as a result of admissibility growing that you achieve your goal of citizens who have reservations to deal with usurious banks or commercial.

    Keywords and said that the central Iraqi eager to evaluate this type of banking and facilitates its inception process and spread down to the wishes of the vast amount of wanting to deal with this type of banking citizens, referring to the "The central bank" is following the law of Islamic banking, which is expected enacted by the House of Representatives after being passed by the Council of Ministers. "

    He said there is a great need to support Islamic banks in order to help them keep abreast of Islamic banking in the world and the evolution of their products, which called for most of the international banks seeking to take advantage of the contents Islamic banking.

  8. #8

    Re: The Dinar Daily, Sunday May 31, 2015

    Parliamentary Economy: the value of assets in the Central Bank of Iraq up to 66 trillion dinars

    Baghdad / Baghdad Uz..cdt the economic and investment commission in Parliament, on Saturday, that the value of the assets at the central bank up to 66 trillion dinars, expected to amount up to 70 trillion by the end of this year.

    Said committee member olive-Dulaimi, in an interview with / Baghdadi News / "The Governor of the Central Bank on the Keywords and during his stay in the meetings of the Committee, revealed the existence of 66 trillion dinars assets in the Central Bank", noting that "this amount is good compared with the situation in Iraq current of lower oil prices and the war on terrorists Daash organization. "

    "The bank balance of gold is very good, and is able to walk the things the country to safety," asserting that "the improvement in oil prices during the last period will be a positive factor to increase the asset level at the Central Bank, where he is expected to arrive in the amount of assets at the end of 70 trillion dinars. "

    It is said that the parliament select sell a barrel of oil in the budget price of $ 56, with oil prices at the moment, ranging between 64 and 67 dollars in the global markets .anthy 21 / d

  9. #9

    Re: The Dinar Daily, Sunday May 31, 2015

    Turkey: No political motives behind the control of the Bank of Asia

    Sunday, May 31, 2015 08:53

    Baghdad / follow-up Baghdadiya News / .. Turkish Deputy Prime Minister Ali Babacan said on Saturday that there was no political dimension to put Asia under the supervision of the Bank Insurance Fund and guarantee deposits and the Islamic Bank will continue to work while the search sale or merger options.The banking supervision and monitoring body on Friday that Asia Bank

    Who immerses himself in a dispute between President Tayyip Erdogan and the Islamic cleric Fethullah Colin, who lives in the United States poses a threat in terms of confidence and stability in the banking system.

    Body and handed over control of the bank to the insurance fund and ensuring responsible for dealing with troubled banks deposits.
    Babacan said in an interview seventh Turkish TV channel "Bank continues its activity and is not closed. It's simply that the insurance fund and guarantee deposits will be from now on, responsibility for the shareholders and property rights."
    "And it will do so until it is partially or completely sold, merged or turned over."

    The Association of banking supervision and control imposed in February, the administrative control of the Bank of Asia on the basis of his lack of legal standards. The move sparked accusations of political interference that could harm the country's reputation among international investors.

    The move began after the bank saw withdrawals of deposits and wide last year, when Pat immersed in a power struggle between Erdogan and his supporters who created Colin Bank. Colin Erdogan accuses of trying to topple him, which he denies Colin.

    These developments came a week before parliamentary elections at a time when the authorities intensify their campaign to follow Colin who work in the field of media, the police and the judiciary. Erdogan refers to Colin follow in those areas as "a parallel state".

    Babacan denied the existence of any political motives, saying that the battle against parallel state has been going on for over a year.
    "If there was a political decision, it would have taken those steps a year ago."

    "The move completely in line with the law and banking regulations. Supervision and control of banking and insurance fund and deposit guarantee body two organizations are committed to it." End

  10. #10

    Re: The Dinar Daily, Sunday May 31, 2015

    Abadi al-Jubouri and discuss security and political situation

    Sunday, May 31, 2015 12:20

    BAGHDAD / Baghdadi News ... Mr. Prime Minister Haider al-Abadi met in his office on Saturday, Parliament Speaker Salim al-Jubouri
    According to the Information Office of the Prime Minister and received / Baghdadi News /, a copy of "The prime minister Haider al-Abadi, received in his office the President of the House of Representatives Saleem al-Jubouri to discuss developments in the security and political situation and the strengthening of cooperation between the legislative and executive branches and file displaced government program."

    The statement added that "the price of the meeting victories and progress achieved by our security forces the heroine of a popular army, the police and the crowd in the pieces," noting that "it was stressed the importance of national reconciliation and the need to consolidate efforts and call on the challenges confrontations taking place in the country."

    He explained that "was addressed to the importance of international backing for Iraq in order to fight Daash terrorist gangs" .anthy 21 / m

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