The Dinar Daily, Sunday June 7, 2015
Page 1 of 15 12311 ... LastLast
Results 1 to 10 of 148

Thread: The Dinar Daily, Sunday June 7, 2015


    
  1. #1

    The Dinar Daily, Sunday June 7, 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 1319.562 1318.902
    British pound GBP 1799.488 1798.588
    Canadian dollar CAD 934.520 934.052
    Swiss franc CHF 1254.033 1253.406
    Swedish krona SEK 139.882 139.812
    Norwegian krone NOK 151.032 150.957
    Danish krone DKK 176.886 176.798
    Japanese yen JPY 9.379 9.374
    Special
    Drawing Rights
    SDR 1643.267 1642.445

    Indicative rates - (as of) 07.06.2015


    http://www.cbi.iq/

    Currency Auctions

    Announcement No. (2965 - most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 04/06/2015 and the results were as follows:

    DETAILS NOTES
    Number of banks 13
    Number of remittance companies 0
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 93,699,500
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 93,699,500
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 06-08-2015 at 05:32 AM.



  2. #2

    Re: The Dinar Daily, Sunday June 7, 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
    Moderator Loopback's Avatar
    Join Date
    Oct 2014
    Location
    Bora Bora
    Posts
    7,706

    Re: The Dinar Daily, Sunday June 7, 2015

    Parliamentary Economy: pay ongoing investment projects completed dues by 10% this month



    06/07/2015 (00:01 pm)

    Baghdad / al-Suhail Ahmed: A commission of economy and investment representative, on Saturday, he will be paid out of investment projects dues by 10-20% continuing to companies in force during this month, as the Commission indicated that it will terminate the contracts with the lagging companies that have not implemented their projects and to bring these projects to other companies, he stressed economy experts there 6000 project worth 228 trillion dinars unfinished back to previous years, stressing the need to provide monthly statements and quarterly and semi-annual and annual rates of achievement.

    She said a member of the economic and investment commission in Parliament, Najiba Najib, in an interview for the "long" that "the ongoing implementation of investment projects will be paid their dues by 10-20% during the month, and will terminate the contracts with the lagging companies that have not been implemented projects for reasons of failure executing companies and not reasons beyond their will, "pointing out that" the budget law gave the power to terminate the contracts with the lagging companies that did not implement their projects in the sixth month and the announcement of the project again, to be forwarded to other companies. "

    She added that "the Commission will coordinate with the Ministry of Planning to provide them with a summary complete all projects at the level of local governments, ministries and after the legislative recess we will be familiar with the reluctance of companies and contracts that have not been implemented and will issue a decision by the authorities concerned termination of those contracts details. "

    Furthermore, Adviser to the Prime Minister for Economic Affairs, the appearance of Mohammed Saleh, he said in an interview "long" that "at the end of this month and within the draft budget, the projects of less than rates of completed about 50% will stop and that exceed this percentage will continue," noting that "this half-solutions, but this is available because of emergency financial conditions experienced by the country."

    The government will establish a higher council for the reconstruction of Iraq and be on the responsibility for referral and implementation of and follow-up of major projects, and on this basis a draft law is in this context is very important and is in the 2015 budget law " and stressed economic adviser, that "the government will establish a higher council for the reconstruction of Iraq and be on the responsibility for the assignment, implementation and follow-up of major projects, and on this basis a draft law is in this context, which is very important and is in the 2015 budget law " and pointed out that "the nature of the budget based on items not programs, and the problem is that at the end of the fiscal year recover unspent funds allocated to projects and thus resource allocations returned to the same projects and this technical problem in Money Project Management ", pointing out that" there is a tendency towards building a so-called budget programs and administration, and this will change the arithmetic mean the whole system. "

    He continued by saying that "the budget of 2014 did not recognizes, however, there were cash flows become budget, where an actual expense and revenue actual and supposed to ask the Court of control of the Ministry of Finance that scrutinizes the final account and see what actually disbursed until brought to the House of Representatives. "

    And the backlog of projects in previous years, said economic expert, Majid Suri, in an interview for the "long", that "there are 6 thousand accumulated value of the project 228 trillion dinars have not been completed by the budget in 2014, which did not recognize, and according to some statistics there are more than 8 thousand project has not been completed valued at 288 trillion dinars, and in with regard to infrastructure since June 2003 until September 2012, according to US authorities responsible for the reconstruction report was 202.9 billion dollars Exchange, but are not figure out the projects completed, of the total funds of more than $ 51 billion in US aid, and $ 12 billion amounts in food account for oil, and 126 billion Iraqi allocations and $ 12 billion in loans and grants, "pointing out that" the main charge of the waste is the executive authorities, whether the ministries or governorates "

    He continued by saying that "the BSA said a lot of violations of the laws and indicators the existence of financial and administrative corruption and no one cares of all the judicial, executive and legislative authorities, therefore the whole subject respect in the public administration of the country's failure in the previous period. "

    He pointed out that "there are articles in the Constitution stresses the need to provide the final accounts revealed cash flow and link budget, the process of economic development and development plans and the need to provide accounts on time in October of each year, but all this has not been implemented, as well as non-implementation of financial management and public debt law, which emphasizes the same as affirmed in the Constitution.

    "He stressed the need" to provide monthly statements and quarterly and annual and half, but unfortunately have not been following this subject in addition to the submission of statements on the implementation of the projects have not been followed up properly, as well as mistakes in the way the statements concerning the accomplishment account, where there is no comparison with the actual achievement and this one of the problems underlined the lack of budget transparency "pointing out that" the transparency of the budget is only 4%, according to international reports. "

    He noted that "the basic problem is the concept of investment and investment budget, as the budget is not an investment in economic terms is balancing the provision of services, did not definitively be interest investment process sustainable that lead to the process of economic development has not been interest in sectors of production and there is a flaw structural and regulatory and administrative budget.

    "For his part, former adviser to Ministry of Finance, Zia Alckheon said, in an interview to the extent of," We need a strict control of the Ministry of Finance and the Office of Financial Supervision because he discreet institution which have the right to pursue all the projects "and pointed out that" this appalling number of phantom projects can not happen in all the world, and there may be attributed corruption of up to 5% in the world, but this magnitude can not take, "attributing the reasons for the large waste of funds to the "palaces by the executive authorities, neglect and lack of oversight and accountability."

    He pointed out that "the graph of economic power of the country in a continuing waiver and the budgets of the country that was built on hundreds of billions of dollars did not lead to any real results, but that the state declared bankruptcy," noting that "There are countries that their balance sheets do not constitute 10% of Iraq's budget, but economically stable and the reconstruction and progress."

    Complain Iraq weak financial revenues due to declining oil prices and increased expenses, which the military side came on her head, which made ​​the government resort to austerity as one of the solutions adopted to cope with the economic situation that of the country.

    http://www.almadapaper.net/ar

  4. #4
    Moderator Loopback's Avatar
    Join Date
    Oct 2014
    Location
    Bora Bora
    Posts
    7,706

    Re: The Dinar Daily, Sunday June 7, 2015

    Ki-moon dispatched one of his aides to Iraq



    6/07/2015

    BAGHDAD / long-Presse:

    The United Nations announced that Assistant Secretary-General of the United Nations for Humanitarian Affairs Stephen O'Brien will visit Iraq on Sunday for an official visit last for three days.

    She pointed out that O'Brien will brief during the visit to the evolution in the delivery of humanitarian aid, and as likely to discuss the Assistant Ki-moon how best the United Nations to provide support for the Iraqi government to provide protection to all those affected.

    A spokesman for the Secretary-General of the United Nations Stephen Dogark during a conference he held at United Nations Headquarters and seen by the (long-Presse), "The Assistant Secretary General of the United Nations for Humanitarian Affairs Stephen O'Brien will visit Iraq tomorrow on an official three-day visit."

    And that "the envoy Stephen brief during his visit to the evolution in the delivery of humanitarian aid and expected to meet uprooted displaced and senior officials in the Iraqi government and the Kurdistan Regional Government. "

    He added Dogark, that "the humanitarian situation in Iraq is in crisis and we almost followed up a day", adding that "the visit will focus on the search to find the best ways in which the United Nations and humanitarian organizations from which provide support to the Iraqi government in providing assistance and protection to all the people affected. "

    http://www.almadapaper.net/ar

  5. #5

    Re: The Dinar Daily, Sunday June 7, 2015

    Barzani congratulates Turkey elections and wishes to solve the Kurdish issue after



    Long-Presse / Sulaymaniyah
    He congratulated the President of the Kurdistan Regional Government, Nechirvan Barzani, on Sunday, the Turkish people, the start of the general election in the country, as expressed the hope that "after which the solution to the Kurdish issue" in Turkey.
    Said Nechirvan Barzani, in a speech during the conference (PLATFORM Sulaymaniyah) held the grand meeting room at the Grande Millennium Hotel in Sulaymaniyah, under the slogan (PLATFORM platform for the consolidation of relations between the provinces of Iraq and the exchange of experiences and economic experiments) today and attended by, the (long-Presse), "I congratulate Turkish people, who is now the election of the new parliament, "hoping that" these elections are a cause of further spread of the goodness and peace in Turkey. "
    Barzani expressed his hope that "the electoral process is going peacefully, and result in good results for each Turkey, and solve the Kurdish issue in Turkey after the elections", concluding his speech by saying "I congratulate all in advance of winning the election authorities."
    Began in Turkey, at eight o'clock in the morning, the general parliamentary elections, and competed for by 20 political parties, as well as 165 independent candidates, and the number of voters in Turkey 53 million and 765 thousand and 231 voters, while the number arrived outside the country to 2,000,876 thousand and 658 voters.
    And was launched in the city of Sulaymaniyah, on Sunday morning, (June 7, 2015), events (PLATFORM Sulaymaniyah), which includes all Iraqi provinces representatives, while attended by the President of the Kurdistan Regional Government Nechirvan Barzani and member of the political bureau of the Patriotic Union of Kurdistan, Hiro Ibrahim Ahmed and a number of government officials as well as representatives of the Iraqi provinces and members of the House of Representatives and the Iraqi Kurdistan Parliament and representatives of the Presidency of the Republic.
    The aim of the conference, which lasts for two days to explore and discuss the problems and issues related to social, economic, artistic and cultural and tourism affairs in Iraq in general, with the first of its kind at the level of Iraq.


    http://www.almadapress.com/ar/news/4...8A%D8%AA%D9%85

  6. #6
    Moderator Loopback's Avatar
    Join Date
    Oct 2014
    Location
    Bora Bora
    Posts
    7,706

    Re: The Dinar Daily, Sunday June 7, 2015

    Islamic investment funds cover the fiscal deficit

    7/6/2015 0:00

    BAGHDAD - Hussein al-Tamimi Tgb ..escalated the importance of Islamic investment funds during the last period, after having provided products fit the current phase experienced by the economies of the world, where you find spread in most countries, and can cross her to provide the heads of big money contribute to the fiscal deficit of the budgets of many states cover.

    Assembly the savings of the International Union of Arab Bankers member d. Sadiq al-Shammari said that the Islamic investment funds provide a significant amount of money by pooling the savings of a large number of beneficiaries, as have the ability to stock selection and follow-up by specialists in the analysis and management of securities, as well as the distribution of the fund among a number of securities in different areas in terms of geographical distribution and distribution in terms of issuers securities of these and distribution in terms of various economic fields reduces risk.

    It means these funds it pot Mali usually takes the form of an independent company for the Bank and the assembled savings participants from individuals, companies and organizations are invested this money in it . He said in an interview with "morning" that these funds achieved an investment return is usually higher than the yield that can be achieved from bank deposits and employs efficient skills and abilities of excellence in the field of capital investment and management as a large-size of the Fund, as well as providing a quick cash with the spread of Islamic Banks transactions It became some Western countries to deal with the Islamic instruments.

    Shammari said, in regards to the investor, the risk is much less because he can sell it to any third party if it sensed the loss, either Muslim investor shall be more satisfied in dealing with the Islamic instruments, because they have no benefits asthmatic like Treasury Bills Vaharik is whether a gain or loss. cover the deficit and pointed to the ability of Islamic instruments to cover the fiscal deficit to governments and projects, pointing out that with regard to the investor, the income from these instruments is sheets of financial tradable internationally Access to yield an easy process, as it does not represent We have on the source.

    He pointed to enable these funds to borrow to increase their ability to invest and employment, indicating that it recipe can not be provided by the owners of the few savings, as the fund borrows to ensure those shares and then buy the other shares as the Ba investor who contributes Balvi dollars to get a place a return as if invested three thousand dollars.

    And the advantages obtained by the investor through funds Shammari said the funds maintain capital and provide a large volume of money by pooling the savings of a large number of individuals and maximize return on investment through the distribution of the fund among a number of securities in different areas in terms of geographical distribution and different economic areas, leading to reduce investment risk and achieve a return higher than the yield achieved by bank deposits, noting that it is characterized by diversification and focus, as the small investors they can not customize their money in a variety of investments lead to achieve a balance between return and risk In this sense, these funds provide a compilation of many money advantage to provide opportunities to benefit from diversification advantage even at the low level of individual savings. precious metals funds either diversify the portfolio of beneficiaries between al-Shammari, the possibility to check their desire through specialized investment funds (competent Kalsnadik in precious metals or other), and to participate in capital market transactions that can not access it alone, by providing the ability to stock selection and follow-up by an experienced and efficient in the analysis and management of securities, and investment funds for investors provides high liquidity Pklv low Finance Kalmward outside the budget represented kickbacks subscription and redemption fees and securities keeping and collection of coupons and management of the financial portfolio.

    http://www.alsabaah.iq

  7. #7
    Moderator Loopback's Avatar
    Join Date
    Oct 2014
    Location
    Bora Bora
    Posts
    7,706

    Re: The Dinar Daily, Sunday June 7, 2015

    Government freezes "the oil and gas law," and proceeds to have a new draft



    06/06/2015 21:19

    Long-Presse / Baghdad The federal government has canceled all previous versions of the law of oil and gas, and formed a ministerial committee headed by Prime Thamer Ghadhban the advisers in the Cabinet to prepare a new draft is consistent with reality and current conditions.

    Ruled out of the Oil and Energy Committee in the House of Representatives pass the oil and gas law in the next few period, attributed to political differences, but it confirms that the preparation of the new draft will then negotiate with all political blocs.

    And it spins a sharp disagreement about who holds the export and marketing of oil, while the federal government believes that the export of oil must be cross-SOMO, demanding the Kurdistan region to be done through a private company.

    He says Razak Mahabs, a member of the Commission on oil and energy parliamentary told the "long", "The Oil and Gas Law of the contentious between the political blocs, specifically between Kurdish blocs and the central government laws," pointing out that "there is a paper political agreement was drafted during the formation of the government states the adoption of this law. "

    The Commission on oil and energy in the House of Representatives confirmed, earlier, it is working on legislation oil and gas law for the service-producing provinces. The move drew to the enactment of laws to include all provinces Balpetro dollars, noting that work on the legislation the law of the Iraqi National Oil Company.

    He adds Mahabs "There is a committee set up within the government, headed by Haidar al-Abbadi undertook a review of all the controversial bills in the forefront of the oil and gas law," stressing that "this law is under study within the Council of Ministers."

    Explains the parliamentary energy commission member, he said "the Cabinet formed a committee headed by Thamir Ghadhban, head of the advisory board, to prepare a new draft of the oil and gas law for submission to the government for approval and sent to Parliament in the coming periods."

    The Oil Ministry has called, in December last, to expedite the enactment of the oil and gas law, to regulate the relationship between the federal and Kurdistan governments and ensure the distribution of oil imports to the producing provinces about their rights guaranteed.
    He continues bloc member Badr, saying that "the government told Parliament that all previous drafts of the law of oil and gas have been canceled, and she began writing a new bill," pointing out that "this draft will be written by the ministerial committee, headed by Ghadhban that, then you will be asked later to negotiate and discussions between the political blocs. "

    Mahabs says that "the legislature and awaiting the arrival of the new draft to be submitted for the first and second reading and then vote on them once the blocs of the negotiations and discussions about them."

    Zaher al-Abadi, in turn, the other member of the Oil and Energy Committee, said he "says during the period of the past year, the life of the current parliament, the government did not send the oil and gas law for the existence of significant problems encountered in its own legislation."

    He adds Abadi, he told the "long", that "pass this law needs to be political consensus between all components and blocs in the parliament," stressing that "the government sent a letter to the House of Representatives lingered bill sent by the year 2011".

    Enactment of the oil and gas law that would organize and manage the oil wealth produced and exported between the federal government and the Kurdistan and the cities of Basra and Missan, Kirkuk and end the differences accumulated.

    And confirms a member of the Energy Committee that "the new draft will take into consideration all the problems and innovations that have occurred in the current time within the oil and political caught."

    MP calls for visual to "solve all the problems between the region and the Centre and the oil-producing provinces across the enactment of this law, which is preparing for the new drafted." He believed that "do not enjoy some of the political parties the necessary flexibility contributed to delay the arrival of this project to the House of Representatives."
    .. Of Mohammad Sabah

    http://www.almadapress.com/ar

  8. #8

    Re: The Dinar Daily, Sunday June 7, 2015

    House sues Council of Ministers of the non-application of the budget law




    Information / special / of the Finance Committee in the House of Representatives, announced Sunday, the lifting of the legal department in parliament filed a lawsuit in the Federal Court against the Council of Ministers for its failure to perform the General Budget Law for the year 2015.
    The committee member said Sarhan Ahmad told / information /, "The Budget General and after approved by the House of Representatives and submitted to the President of the Republic Fuad Masum, and approved by, and then published in the Official Gazette and briefed the public on them, they came into force, "noting that" the Council of Ministers may issue a decision to wait in the implementation of the general budget for this year, the law is unconstitutional. " .
    Ahmed added that "the legal department in the parliament and in consultation with the Finance Committee filed a lawsuit in the Federal Court against the Council of Ministers for not cashed provinces dues from the general budget for 2015", stressing that "the pleadings lawsuit is still ongoing but has not yet been resolved."
    A number of provinces have expressed their dissatisfaction with the failure of its receivables from the general budget for this year's exchange, attributed the reason to stop most of its projects due to inadequate service funds in the treasury to maintain to cover those projects. Ended / 25 T


    http://www.almaalomah.com/news/22556...-%D8%B6%D8%AF-

  9. #9

    Re: The Dinar Daily, Sunday June 7, 2015

    Al-Maliki calls Abadi to exploit the Russian deal to pressure Obama in Berlin



    Shafaq News / The MP from State of law coalition, Abdul Salam al-Maliki called on Sunday, Prime Minister , Haider al-Abadi to exploit the Russian arms deal with Iraq to pressure
    on the United States military to accelerate the implementation of its obligations towards Iraq.
    Maliki said in a statement received by Shafaq News, that "al-Abadi expected to meet with US President ,Barack Obama during the 7G summit that will have significant benefits if strategic and important files have been put forward, as arming the Iraqi army file".
    "The United States has violated the terms of the security and strategic agreement and delayed supplying Iraq with weapons that have been contracted for and pay their price a long time ago and abandoned Iraq at a time when Iraq was in dire need of it."
    Maliki added that "now, we find that Russia actually began sending arms to Iraq under the contracts concluded with them therefore Abadi must focus on this matter and put pressure on the United States to speed up completing armament deals if it wants Iraq not abandon the military markets once and for all and go to other markets that serves the country during this stage. "
    Prime Minister ,Haider al-Abadi is participating in the 7 G summit, to be held in the German capital Berlin on Sunday and Monday, at the official invitation of German Chancellor ,Angela Merkel, according to a statement issued by his office.
    The statement said that the summit will discuss many of the economic issues and international crises, particularly fighting terrorism.
    He added that al-Abadi will meet with leaders of 7 G, as US President , Barack Obama to discuss further support Iraq in facing ISIS terrorist organization.
    Berlin summit comes just days after Paris conference, which announced broad support from the international community for the Iraqi government in supporting its plans in facing terrorism and clear entire Iraqi territory from ISIS.


    http://english.shafaaq.com/politics/...in-berlin.html

  10. #10
    Moderator Loopback's Avatar
    Join Date
    Oct 2014
    Location
    Bora Bora
    Posts
    7,706

    Re: The Dinar Daily, Sunday June 7, 2015

    Barzani opens PLATFORM Sulaymaniyah ... and regretted not "fulfill" its obligations towards Baghdad Peshmerga



    Author: HH, RA
    Editor: HH

    06.07.2015 11:05 a.m.

    Long-Presse / Sulaymaniyah: Opened by the President of the Kurdistan Regional Government Nechirvan Barzani, on Sunday, business conference (PLATFORM Sulaymaniyah), which lasts for two days to discuss economic and social problems in Iraq, in the first conference of its kind in the country, attended by representatives of all the provinces, and expressed Barzani expressed regret "for not fulfill the central government obligations toward the Peshmerga forces, "and as he emphasized that policies" non-consensual "offered economic development in Iraq to" significant risks ", he warned that" the Iraqi people now live situation is very bad because of the negligence of the Constitution. "

    Said Nechirvan Barzani in a speech during the opening of the Conference (PLATFORM Sulaymaniyah) on the big meeting room at the Grande Millennium Hotel in Sulaymaniyah, under the slogan (PLATFORM platform for the consolidation of relations between the provinces of Iraq and the exchange of experiences and economic experiments) and attended, (range Press), "The emergence of exchange and coordination in the economic field between the provinces will become a major cause in the formation of a strong relationship between the provinces and the components of the different regions in Iraq, "noting that" this will have a noticeable role in deepening political relations and to calm internal unrest ". He praised Barzani, "the governor of Sulaimaniyah Aso Feridun," in advance thanks "to the presence and participation of the Ministry of Provincial Affairs and the Council of Representatives of Iraq and all the supporters of Alblattform for a conference at this sensitive time to strengthen relations between the provinces, cooperation and the exchange of economic experiences", expressing at the same time, expressed the hope that "emerge from the good benefit for the future of relations between the provinces to enrich all of you experience some of you the other. "

    Barzani added that "Iraq and the region employers natural wealth is very rich, and the owners of a rich culture as well," but he also said, "but of no policy compromise offered economic development and coexistence in Iraq to a high-risk", warning that "the people of Iraq now living situation is very bad, and the reason President for this is the neglect of the Constitution. " Barzani said that "the President of Kurdistan warned all Iraqi authorities and the Iraqi federal government over the past years of poor results for the neglect of the Constitution," and expressed regret that he "did not listen to one of the Presidency of the Kurdistan happened that should not have happened."

    Nechirvan Barzani, and pointed out that "when alerted noted Barzani, in a letter to him on all sides and the Iraqi people from the emergence of exclusivity and neglect Constitution analyzed a lot of actors such warnings in a bad way, unfortunately," but he also said, "but the Iraqi people saw the devastation caused by the exclusivity policy that has become unfortunately a reason in shed the blood of thousands. " He said Barzani that "the new constitution of Iraq has made ​​the system of government in Iraq federally, but unfortunately put the Constitution aside and did not solve the problems that have been developed solutions of time in the Constitution at a time when a solution of those problems will be mainly in the formation of a federal Iraq and the emergence of consensus and partnership real in governance. "

    He Barzani expressed regret "being there did not echo the actual federalism in the governance of Iraq, as there was no echo of any partnership or alliance in the Iraqi government effectively, so there was always resented the majority of participating in the government ingredients and pulled out in a lot of cases, and managed a lot of government positions by proxy and in my time and there was coup Joe power in Iraq. " He stressed Barzani that "the political leadership of the Kurdistan region, and the testimony of all sides, has made ​​great efforts to create a consensus between all the components, and resolve all the problems consensual way, we did everything rests presidency and the people of Kurdistan, to be there just agree and coexistence in Iraq instead of bloodshed. "

    The head of the Kurdistan Regional Government regretted that "despite the heavy load indeed on the shoulders of the provincial government because of the advent of the large number of displaced people fleeing to Kurdistan, the vast and difficult war and facing the Kurdistan by Al (Daash) terrorist, but the Iraqi government has not fulfilled its obligations to Peshmerga forces as part of the defense system in Iraq, but placed many obstacles in front of the global aid to the Peshmerga. "

    Barzani pointed out that Baghdad "did not comply with its obligations to the Kurdistan region as part of Iraq, and did not even bother to involve representatives of the Kurdistan Regional Government to put them in the framework of the delegations of the federal government that are involved in important conferences."

    And was launched in the city of Sulaymaniyah, on Sunday morning, (June 7, 2015), events (PLATFORM Sulaymaniyah), which includes all Iraqi provinces representatives, while attended by the President of the Kurdistan Regional Government Nechirvan Barzani and member of the political bureau of the Patriotic Union of Kurdistan, Hiro Ibrahim Ahmed and a number of government officials as well as representatives of the Iraqi provinces and members of the House of Representatives and the Iraqi Kurdistan Parliament and representatives of the Presidency of the Republic.

    The aim of the conference, which lasts for two days to explore and discuss the problems and issues related to social, economic, artistic and cultural and tourism affairs in Iraq in general, with the first of its kind at the level of Iraq.

    http://www.almadapress.com/ar

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •