The Dinar Daily, Monday June 15, 2015
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  1. #1

    The Dinar Daily, Monday June 15, 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1308.252 1307.598
    British pound GBP 1807.766 1806.863
    Canadian dollar CAD 947.659 947.185
    Swiss franc CHF 1246.925 1246.302
    Swedish krona SEK 141.646 141.575
    Norwegian krone NOK 150.459 150.384
    Danish krone DKK 175.338 175.251
    Japanese yen JPY 9.441 9.437
    Drawing Rights
    SDR 1635.816 1634.998

    Indicative rates - (as of) 15.06.2015

    Currency Auctions

    Announcement No. (2970- most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 11/06/2015 results were as follows:

    Number of banks 26
    Number of remittance companies 0
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 165,986,725
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 165,986,725
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 06-16-2015 at 10:08 AM.

  2. #2

    Re: The Dinar Daily, Monday June 15, 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, Monday June 15, 2015

    Iraqi negotiating delegation in Turkey for the issuance of sovereign bonds

    Long-Presse / Baghdad Ministry of Finance announced on Monday that a delegation ministerial government negotiates in the Turkish city of Istanbul for the sovereign government bond issuance in the global financial market, as pointed out that the delegation held meetings with international companies to determine Iraq's credit rating in the international capital market.

    The ministry said in a statement received (long-Presse) a copy of it, "The Iraqi delegation includes Finance Minister Hoshyar Zebari and Oil Minister Adel Abdul Mahdi and Planning Minister Salman Jumaili and Governor of the Central Bank on the Keywords and Adviser to the Prime Minister for Economic Affairs appearance of Mohammed Saleh and senior advisers and experts ministries involved and the Central Bank We arrived in Turkey to negotiate a sovereign government bond issuance in the global financial market. "

    The ministry added that "the delegation began meetings with representatives of international banks, Citibank and JP Morgan and Deutsche Bank to review the financial and economic, political and security report on Iraq as well as with the international law office of Iraq."

    The ministry said that "it is scheduled to meet with the delegation and the two credit rating and Fitch International Tribunals Modiner order to determine the credit rating of Iraq in the international capital market."

    It is said that the budget law for 2015 has authorized the government to issue sovereign government bonds by seven trillion dinars to cover the fiscal deficit in the budget.

    The Iraqi Finance Minister, Hoshyar Zebari revealed, of Washington, on Thursday (16/04/2015), Iraq sought to obtain a loan of five billion dollars from international banks to meet the budget deficit bonds, while likely request financial aid from the International Monetary Fund up to $ 700 million, called on the government to reform the bureaucratic system "flabby" as a result of the presence of more than four million employees it costs the state nearly three billion and 500 million dollars a month.

    It is noteworthy that Iraq is facing a deepening financial crisis, as a result of the decline in world oil prices nearly 60 percent compared to last summer, and the repercussions of the war against (Daash).

    The House of Representatives has passed in, (the 29th of January 2015), the current year's budget in the amount of 119 trillion dinars, the equivalent of $ 117 billion, and a deficit of around 25 trillion dinars, or nearly 23 billion dollars.

  4. #4

    Re: The Dinar Daily, Monday June 15, 2015

    Work stopped complaining 8400 loan within the alleviation of poverty for lack of appropriations project

    Long-Presse / Baghdad Revealed the Ministry of Labour and Social Affairs, on Monday, for the 8400 loan-stop customized for the unemployed within the poverty alleviation project last year since 2014, while the main reason for the failure to allocate the necessary funds within the budgets that year or the year 2015.

    The Director-General of the Department of the loans and projects in the ministry Riad Hassan in an interview to the (long-Presse), "The ministry of many loans registered unemployed programs have," noting that "the ministry involved in poverty alleviation, which is run by the Ministry of Planning Project".

    Hassan added, that "the ministry created the 8400 loan since the direct project mitigation for 2014 poverty, but it is still parked because of the failure to allocate the necessary funds within the budgets of the past two years and the current," expressing his "ministry is ready launch those loans if the arrival of the amounts necessary, so as to contribute to increase employment opportunities and reduce poverty and unemployment ratios in the community. "
    The Ministry of Labour and Social Affairs, was launched during May 2015, the loans of their revenue ten million dinars registered unemployed have, totaling 3,300 people, indicating that it represents the meal of the tenth, where before it was awarded nine meals since 2014 last.

    Iraq has suffered substantial unemployment both among young people who are able to work category or among university graduates, and believed many economists that the statistical estimates for these young people do not necessarily reflect reality actually located, as the country suffers, a severe crisis in the housing due to the growing population, relative to the number complexes residential, as well as the inability of citizens with limited income from the construction of its own housing units, because of the high cost of land and construction materials, while experiencing a lot of neighborhoods and areas of the capital Baghdad, according to observers and specialists affairs service, deterioration evident in poor services to urban and health and service level, as is allocated large financial budgets for these purposes.

  5. #5

    Re: The Dinar Daily, Monday June 15, 2015

    Zamili calls for al-Maliki and Barzani and Nujaifi to answer questions for the Commission of Inquiry fall of Mosul

    Long-Presse / Baghdad The president of the Commission of Inquiry fall of Mosul of quitting, on Monday, that the results of the Commission's investigation would be obliged to eliminate the Iraqi government, and stressed that the Vice-President of the Republic Nuri al-Maliki and Osama Najafi did not answer some questions from the Commission so far, and with invited them and the President of Iraqi Kurdistan, Massoud Barzani, to answer them , he pointed out that the questions addressed to Barzani were normal "and did not tack bomb".

    To be continued ... 9%86%D9%8A-%D9%88%D8%A7%D9%84

  6. #6

    Re: The Dinar Daily, Monday June 15, 2015

    This article was brought to the chat yesterday by da58.

    Central Bank current problems as a result of the loss of independence

    15/06/2015 (00:01 pm)

    Sinan Mohammed Rida al-Shibibi

    Iraqi money market live in the present state of instability was the collapse of the market rate of the dinar, which amounted to 1340 dinars to the US dollar while the official price of about 1190 dinars to the dollar, although the size of the reserve is still great, which is considered a key factor in the stability of the currency.

    The reason is due to this difference between the two prices to enter ministries (Finance) and other parties (House of Representatives) and Amlaihm policies and terms were not unrelated to monetary policy, and not the central bank's ability to defend his advisers about the bank by law.

    The problem at present is that students have to pay a conversion secretariat equivalent to a certain percentage of taxes and customs when buying the dollar and at the request of the Ministry of Finance, and this is an important factor in the rise in the dollar price. These conditions have served the Ministry of Finance, but the principle that the purchase of foreign currency and selling it must be done fast and smooth and without any obstacles (except banking conditions and a commitment to capital) because the rapid movement of cash, and if there is a need for the central bank to take advantage of foreign currency sale for development was better to use it in Ttaiwiramlah bank credit, if given preference in the auction of the bank, who leads in the banking its credit.

    So there is the intervention of the Ministry of Finance in the work of the central bank. This intervention is designed to collect the financial resources of the Ministry of nothing to do with monetary policy, although the central bank is that the collection of these resources. In other words, the central bank is the one who collects these resources for the Ministry of Finance. As the budget included the central bank to buy Treasury bonds and remittances to $ 6 billion and reduce the percentage of legal reserve held by banks at the Central Bank in half to provide budget resources. The seriousness of these measures GOES to reduce the effectiveness of monetary policy in the fight against inflation. Therefore, on the fiscal and monetary authorities to assess what you get compared to inflation of resources and instability, which can be a cause for the collapse in the real rate of the dinar.

    Also restrict the sale by the House of Representatives means interference in the work of Parliament's central bank. Common among among economists and parliamentarians that the central bank continued to the House of Representatives, and this is a big mistake of the Central Bank is responsible to the House of Representatives and not subordinate to him, and here the Central Bank is no different from the rest of the ministries, but this responsibility (the responsibility of the central bank) explicitly mentioned in the Constitution.

    Thus, the central bank has lost its independence and became a bow to the decisions of the government and parliament. The style is the right to put forward ideas as proposals in the House of Representatives and then be voted upon.

    The government and parliament policies, and particularly in determining sales, led to a duplication of the exchange rate deceived enriched black market and some of them used by others in other funding terrorism may be one of them.

    Loss of autonomy has several caveats most important that the central bank will be subject to the instructions of the government, which will be reflected in the Bank's policies and therefore, the central bank will not be able to adopt the goal of reducing inflation in earnest. To make matters worse, that government spending is inherently inflationary result of the delay in the implementation of projects.

    And loss of independence would lead to the creditors to look to the central bank's money as government funds, becomes a target for creditors, and this is an important issue should be discussed with creditors and lawyers Iraq.

    The loss of independence means that the central bank to adopt monetary policies in line with the policy of the government, but the government's policies may not fit with the Central Bank Law. In other words, it does not focus on the fight against inflation does not give due importance to the goal of economic stability.The imposition of a financial nature policies on the central bank should be the subject of study and coordination by government and parliamentary bodies. The central bank has weakened administratively from the government, and often tried to governments to impose its policies on the central bank, including the former prime minister tried to borrow from the central bank which was rejected because the bank law prevents him from it, and ended up the attack on the central bank and the arrest of many of the finest staff.
    One manifestation of overtaking on independence is to waive it on the Central Bank reserves. Some repeating that this could be justified because the reserve exceeds the currency in circulation and in bank one and a half times. These justifications for the government to gradually dominate the central bank resources. The economy - such as the Iraqi economy - largely open on the outside needs to be significant resources to compensate for the results of any crisis, and if they are borrowing from the central bank would respond when will this money? What is the capacity owned by the bank towards the government to recover the money that?.

    The bubble and the high price of the dollar is a result of the policy of the government and the House of Representatives and it ought to be to remove obstacles for the foreign exchange market where you should not be given greater importance of fiscal policy, monetary policy is determine the exchange rate and help to manage the money and functions.

    The central bank does not lend to the government but it helps the economy as a whole through price stability and credit regulation and supervision of the banking and financial sector regulation and payments and maintaining the country's reserve. Lama speak much echoed by the government and the Finance Committee in the House of Representatives on "foreign currency auction", this auction is a monetary policy which pulls dinars from the market and bought by foreign currency and here Thread ends for the central bank, we have a cash discharge process direct and simple. And if there is no import of "auction" For parliamentarians to inquire about the reasons for this in the customs or the Ministry of Commerce import process does not fall within the monetary process. That the central bank must be matched each dollar demand and this is one of the fundamentals of price stability as the demand that has not saturated by the bank will go and creates another market prices and the other, which is contrary to the central bank law and creates a state of economic instability.

    I chose the Finance Committee put an upper limit on the sale of foreign currency (75 million dollars a day) thereby contributing to instability in and create multiple exchange rates for real because the demand was higher. In any case, this request does not ask about the central bank, but ask for all sectors of the economy, why the Finance Committee in the Parliament and practiced legislation and supervision question to sectors of the economy which are supervised by and to the private sector, especially not go and it's supposed to meet all corners of the economy. We do not doubt that there are irregularities, which requires follow-up with the relevant commercial banks, but we stress that the central bank is in front of the discharge process, but not cash, either by the imports is outside the scope of work of the Central Bank.

    On the other hand the money to go abroad because the state did not provide suitable opportunities to invest at home. Also, a section of which is a kind of external savings (within the concept of the national accounts of a country) will return to Iraq in appropriate circumstances that must be provided by the State. As for the extra money must be sure of their sources and legitimacy of the banks and the circles in which anti-money laundering that should be strengthened, the majority of sources may be derived from money laundering or simply that the subject is big operations out of capital.

    We must not forget that Iraq falls within the group of countries which are in transition from totalitarian regimes to open democratic systems provide the free economy. This group of countries undergoing many changes in the economy opens up (as states formerly the Soviet Union), but a lot of these countries, its economy was characterized by the transfer of capital abroad. In the case of Iraq also encourages this transition because of the conditions of violence and instability experienced by the country. This situation may explain the large amounts that are being converted to Aforeig.anha go abroad in order to spare, then we are in front of the case of capital flight and not smuggled. The situation in Iraq at the present time encourage capital flight, and if it does not allow for capital that moves the dollar exchange rate in the market will rise significantly hampering economic decision-making.

    Iraq has not yet become a safe place brings investment, we need large national efforts to ensure stability and attract investment.
    * Former Central Bank Governor
    Last edited by Loopback; 06-15-2015 at 11:17 AM.

  7. #7

    Re: The Dinar Daily, Monday June 15, 2015

    Deputy calls for the central bank to clarify the reason for the increase is natural in the exchange rates of the dollar against the dinar

    15/06/2015 eight fifty-four

    {Baghdad: Euphrates News} called on the Member of Parliament for the National Coalition MP Kazem al-Shammari, the Iraqi Central Bank management and Board of Supreme Audit to clarify the reason for the increase is natural in the dollar exchange rate against the local currency in the market, stressing the need to find and clear mechanisms at work between the Central Bank and private banks to control the matter before arriving at the borders can not be undone.

    Al-Shammari said in a statement received by the agency {Euphrates News} a copy of it on Monday, said that "there during this period rising abnormally in the dollar's exchange rate against the local currency which exceeded banknote exchange rate of dollars percent category 137 000 Iraqi dinars, which is a matter of question marks large about the role of the central bank and plans previously announced in order to control the stability of the market. "

    He added that "there are fears for the implications of Athmd consequences on the market situation, especially as we are at the doors of the month of Ramadan and there are more than 3 million displaced Iraqis, as well as to the situation security and economic deteriorating originally, thus obligatory us in front of a big responsibility to put real plans and find and clear mechanisms at work between the central bank and private banks to control the matter before arriving at the borders can not be undone. "

    He said Shammari on "the need to clarify the Iraqi Central Bank management and Board of Supreme Audit the reasons behind the local currency collapse and height is natural in dollar prices in front and that is to speed up coordination with the competent private banks sold the currency for the purpose of establishing a professional and clear strategy to control the situation. "

    scored the US dollar in the local market price rose sharply during the past few days, as per dollar rate was about 1280 Iraqi dinars, after it was during the last month varies within the limits of 1200.

    He said foreign currency traders in Baghdad, in the interviews: The US dollar exchange rate, is witnessing a remarkable increase since the beginning of this month, but this increase peaked Wednesday the past, after the dollar exchange rate per record in 1285 Danara.anthy

  8. #8

    Re: The Dinar Daily, Monday June 15, 2015

    Zamili: It took us 100 hours in the case of an investigative fall of Mosul and completed 90% of the expanded investigation {}

    15/06/2015 2:17 p.m.

    {Baghdad: Euphrates News} head of the security and defense committee in Parliament, of quitting, that "special investigation into the cause of the fall of Mosul Committee, took a hundred-hour investigative, in the case," he said, pointing out that "it is not appropriate to reveal details further investigate or give preliminary information misleading or false results. "

    Said Zamili at a news conference attended by the correspondent agency {Euphrates News} "The Commission was able to gather important and dangerous files, on the issue of the fall of Mosul through eyewitnesses and field visits to a number of areas", adding that "the Committee composed of 26 deputies from different blocs political. "

    He added that "have been prepared set of questions different to each of the former prime minister Nuri al-Maliki and Kurdistan leader Massoud Barzani, in order to determine the circumstances of the fall of Mosul," pointing out that "questions have not had a political thrust, and differentiated and objective".

    And between "we are working to reach to the results of the investigation without dealing Baaloah and class, because this issue affecting the blood of Iraqis, and because this attack, summarized the Iraqi provinces," noting that "there is a legal and legislative commitment, forced to Questions, where he was completing 90% of the investigation in the case of Mosul. "

    He asked Zamili of the media to stand by the Commission, and refute all tendentious radiation released by those who do not want to show the facts, "he said." Showing all questions investigative directed officials to the media. "

    He called on Prime and defense committee parliamentary security committee members achieve Mosul to "non-aligned to any destination covered by the investigation, noting that there were some members of the committee defending some of the covered parties to investigate in order to belong to political parties and blocs must impartiality of these affiliations for the safety of the investigation."

    Zamili that said "Without a fatwa religious authority governance in jihad Ulkipaia, but in the absence of the popular crowd fell Iraq as a whole, however Daash terrorist gangs. "

    He stressed that "we will follow the legal means to get answers to questions raised about the fall of Mosul", criticizing "officials who did not attend to a commission of inquiry fall of Mosul and make Pavadthm," noting that he "does not have a high on the martyrs of Iraq, whatever the position of the administrator. "

    He noted that "the Commission relies on the constitutional and legal frameworks in the investigation", pointing out that he "has been allocated and the questions asked, as Oivadat witnesses and the subject placed on their shoulders responsibility", adding that "the report is put by investigation with more than 80 character ".anthy

  9. #9

    Re: The Dinar Daily, Monday June 15, 2015

    Urgent Zamili criticizes the failure to attend a number of officials of the Commission of Inquiry Mosul

    15/06/2015 12:02

    {Baghdad: Euphrates News} criticized the chairman of the parliamentary security and defense of quitting during a press conference on Monday, officials who did not attend to a commission of inquiry and the fall of Mosul cast Pavadthm, noting that he "does not have the height to the martyrs of Iraq regardless of the position of administrator ..itba ...

  10. #10

    Re: The Dinar Daily, Monday June 15, 2015

    New drop in oil prices

    Mon, June 15, 2015 08:59

    BAGHDAD / Baghdadi News / ... Oil prices continued to fall on Monday, two days after consecutive losses late last week at a time, which led to the rise in production to balance with the strong production of refineries, but the storm could affect the operations in the Gulf of Mexico It led to the strengthening of US crude oil.

    The reports followed up the world's oil / Baghdadi News /, that "She's biggest exporter of crude oil in the world late last week to the willingness to increase production above record levels to meet the strong demand if the need arises, leading to falling prices."

    She reports that "the decline in prices came after two sessions of decline on Thursday and Friday after a rise in US crude oil prices to near $ 62 a barrel earlier in the week, a level not exceeded only during a single day in May of this year."

    At the same time, Deutsche Bank said that "withdrawals from US stockpiles have fallen steadily since April with the greatest process of withdrawing during the last week, driven by robust refinery runs and imports fell. But we remain concerned about the prospect that stocks are high by the fall and not to check the slowdown in production remains US yet, "noting" weaker US crude oil price to the nearest month maturity of 26 cents to $ 59.70 a barrel lysosome 0123 GMT, ".anthy 21 / m

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