The Dinar Daily, Wednesday June 17, 2015
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  1. #1

    The Dinar Daily, Wednesday June 17, 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 1307.669 1307.015
    British pound GBP 1817.094 1816.186
    Canadian dollar CAD 945.661 945.188
    Swiss franc CHF 1252.282 1251.656
    Swedish krona SEK 142.985 142.835
    Norwegian krone NOK 149.985 149.835
    Danish krone DKK 175.354 175.266
    Japanese yen JPY 9.445 9.440
    Special
    Drawing Rights
    SDR 1640.329 1639.509

    Indicative rates - (as of) 17.06.2015


    http://www.cbi.iq/

    Currency Auctions

    Announcement No. (2974- most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 17/06/2015 results were as follows:

    DETAILS NOTES
    Number of banks 22
    Number of remittance companies 4
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 257,651,600
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 257,651,600
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 06-18-2015 at 11:16 AM.



  2. #2

    Re: The Dinar Daily, Wednesday June 17, 2015





    The Exchange Rate of Foreign Currency in Economic Feasibility Studies

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

    Estimate the shadow price of foreign currency:

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

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

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


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


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

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

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

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

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


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


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

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



    The Republic of Iraq – Ministry of Planning

    and

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

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

    1) the SIGR report…


    2) the Gold Article…


    3) the IIER report…


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


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


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


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


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


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

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


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

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


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


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

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

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





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

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

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

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

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

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

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

    __________________________________________________ ______________

    AND

    Coins put on the market !!



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

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

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

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

    waradana.com

    And

    CBI is preparing to issue a monetary metal parts

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

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

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

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

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

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

    and

    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

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

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

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

    ARTICLE LINK

    Crush Expected When Kuwaiti Banks Reopen Today

    March 24, 1991|From Reuters



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

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

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

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

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

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

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

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

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


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

    Hi BGG,

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

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

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

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

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

    Kind Regards,
    Kevin

  3. #3

    Re: The Dinar Daily, Wednesday June 17, 2015

    Abadi up to Tehran on an official visit



    Long-Presse / Baghdad The president of the Iraqi Council of Ministers Haider al-Abadi, on Wednesday, to the Iranian capital Tehran on an official visit for one day to discuss several issues of common interest, especially the fight against al (Daash), in his second visit since taking office.

    An informed source said in an interview to the (long-Presse), "The Prime Minister Haider al-Abadi, arrived before noon today, to the Iranian capital Tehran on an official visit for one day," noting that he "was greeted Abadi, many officials in the Iranian government." .

    The source, who asked not to be named, said: "President of the Iraqi Council of Ministers will discuss many of the common issues between the two countries, especially the fight against al (Daash)."

    The Office of the Prime Minister Haider al-Abadi, announced on Tuesday, the last traveled to Iran on Wednesday, while attributed the reason for the visit to discuss common issues and the war on "terrorism" and international efforts to address the organization (Daash).

    It is noteworthy that Iraq and Iran have signed, in Monday (16-2-2015), several memoranda of understanding and agreements in various fields, notably the industrial, agricultural and commercial aspects, while the agreements were signed within the enlarged meeting of the Iraqi - Iranian Joint Committee.

    http://www.almadapress.com/ar/news/50268/%D8%A7%D9%84%D8%B9%D8%A8%D8%A7%D8%AF%D9%8A-%D9%8A%D8%B5%D9%84-%D8%A5%D9%84%D9%89-%D8%B7%D9%87%D8%B1%D8%A7%D9%86-%D9%81%D9%8A-%D8%B2%D9%8A%D8%A7%D8%B1%D8%A9-%D8%B1%D8%B3%D9%85%D9%8A

  4. #4

    Re: The Dinar Daily, Wednesday June 17, 2015

    SOC achieved the highest production levels since its inception and approaching the 3 million barrels



    Long-Presse / Basra It announced that the Southern Oil Company, Tuesday, achieve higher production levels since the founding of the company by about 2.00095 million bpd, and confirmed that it is seeking to achieve a balance between production and export, and storage, while Industry experts pointed out that the increase in the export of oil would adversely affect the prices of the abundance of supply of crude oil .

    The director of the Southern Oil Company Agency, Hayan Abdul Ghani, in an interview to the (long-Presse), on the sidelines of a ceremony organized by the company's anniversary of the forty-sixth anniversary in the Oil Cultural Center Hall in Basra, "The company achieved the highest production levels since its inception about 2.00095 million barrels every day. "

    The Hayan, that "the company is seeking to create a balance between the production and export, and storage after the rise in the export capacity to about three million and 100 thousand barrels per day," noting that "the company's strategy is based on the balance between the product provide for domestic consumption and to provide the country's resources."

    For his part, he said oil expert, Abdul-Jabbar Hilfi, in an interview to the (long-Presse), "The oil fields in Basra has a greater capacity resulting in them today, especially in the Allhis fields and brick and West Qurna," noting that "has the ability to add production capacity by about 250 thousand barrels per day to be added to the total production. "

    The Hilfi, that "increase the export of oil will adversely affect the price of oil because oil stocks in industrialized countries and the abundance of supply of crude oil," pointing out that "oil reserves industrialized nations arrived during the first quarter of 2014 to around eight billion barrels."

    The Ministry of Oil opened, the end of the month of May, system to pump heavy oil card 850 000 barrels per day, and three giant reservoirs of oil in the Faw oil depot, south of Basra, and pointed out that the system is the first of its kind in the Southern Oil Company, and while confirming that the system would be absorbed Previously the reduced quantities of oil and increase the export capacity of the southern ports, pointed out that the oil export rate of more than three million barrels per day.


    http://www.almadapress.com/ar/news/50227/%D9%86%D9%81%D8%B7-%D8%A7%D9%84%D8%AC%D9%86%D9%88%D8%A8-%D8%AA%D8%AD%D9%82%D9%82-%D8%A7%D8%B9%D9%84%D9%89-%D9%85%D8%B3%D8%AA%D9%88%D9%8A%D8%A7%D8%AA-%D8%A7%D9%84%D8%A7%D9%86%D8%AA%D8%A7

  5. #5

    Re: The Dinar Daily, Wednesday June 17, 2015

    Coalition Hakim warns of the inclusion of "terrorism" cases amnesty law and threatens to "block currently" in Parliament



    Long-Presse / Baghdad Of the Islamic Supreme Council headed by Ammar al-Hakim citizen bloc warned on Wednesday of the inclusion of "terrorism" cases of the general amnesty passed by the Council of Ministers, on the law, and referred it to the parliament, while threatened to disrupt the display for the first reading in the parliament, called for speeding up the implementation of death sentences imposed on those convicted .

    The MP for the mass of citizens that Abdolreza shower in a statement received (range Press), a copy of it, that "mass citizen warns of the inclusion of terrorism cases in the paragraphs of the amnesty law," indicating that "the law should not include such issues."

    She shower, that "in this case used the law to push for terrorism cases, stands Vaketlh not vulnerable until the first reading in the House of Representatives," claim the need to "accelerate the implementation of death sentences imposed on those convicted."

    The leader of the coalition forces Dhafer al-Ani played down on Wednesday (June 17, 2015), the importance of a general amnesty law passed by the Council of Ministers, yesterday, and sent it to parliament for a vote, as he emphasized that the law does not include re-trial detainees on charges of "terrorist" under Detective secret.

    The Council of Ministers approved, on Tuesday, (June 16, 2015), the general amnesty law and referred it to the parliament for a vote.

    The general amnesty law of the most important political program which was agreed upon between the political blocs to form the Iraqi government last September items.

    The Iraqi Council of Representatives passed in 2008, the year an amnesty law under which released thousands of detainees at the time, but he met a wide objections by some political parties being contributed to the release of some of the leaders of al Qaeda in a timely manner.

    http://www.almadapress.com/ar/news/50273/%D8%A7%D8%A6%D8%AA%D9%84%D8%A7%D9%81-%D8%A7%D9%84%D8%AD%D9%83%D9%8A%D9%85-%D9%8A%D8%AD%D8%B0%D8%B1-%D9%85%D9%86-%D8%A5%D8%AF%D8%B1%D8%A7%D8%AC-%D9%82%D8%B6%D8%A7%D9%8A%D8%A7-%D8%A7

  6. #6
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    Re: The Dinar Daily, Wednesday June 17, 2015

    / Baghdadi News / published verdicts excluded from the amnesty law



    Wednesday, June 17, 2015 13:13

    BAGHDAD / Baghdadi News / .. I got Baghdadi News, Wednesday, a copy of one of the paragraphs of the draft amnesty law, which includes provisions that have been excluded from the law.

    According to Article IV of the law "Esicny of the provisions of this law perpetrators of the crimes set forth in paragraph 1 of Article II of the Iraqi Criminal Court Act No. 10 of 2005 as amended, and offenses under the anti-terrorism No. 13 of 2005 law".

    Included Allmadh also "offenses against state security, external and internal stipulated in Articles 156 to 198 of the Penal Code No. 111 of 1969 average, in addition to possession offenses, trafficking and use of weapons, silencers and explosives and weapons with special category".

    Article included "offenses against bodies systemic stipulated in Articles 223 and 224 and 226 of the Penal Code No. 111 of 1969 average, in addition to human trafficking, kidnapping and smuggling of prisoners and those arrested and harboring convicted or accused for the excluded crimes of the provisions of this law."

    The article also provides for an exception "drug offenses, rape, sodomy, incest and bribery, embezzlement and theft of state funds and crimes of financial and administrative corruption and the smuggling of antiquities, money laundering, counterfeiting of currency and bank notes, financial bonds and crimes of falsification of official documents."

    The article also Astcent "of the law included a general amnesty No. 19 of 2008 or a special pardon."

    It is noteworthy that the Council of Ministers at its 23 voice on Tuesday, on the draft of the amnesty law and referred it to the House of Representatives for a vote.

    Government sources indicated that the law would include victims of confidential informant and who have not been tried or have passed their sentences. It ended 21 / Q.

    http://www.albaghdadianews.com

  7. #7
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    Re: The Dinar Daily, Wednesday June 17, 2015

    The start of the talks (Iran-Iraq)



    Wednesday, June 17, 2015 13:38

    BAGHDAD / Baghdadi News / ... Iranian Vice President of the Republic received, on Wednesday, Prime Minister Haider al-Abadi in the Iranian capital Tehran.

    A source familiar with L / Baghdadi News /, said that "Iranian Vice-President Ishaq Jhangeri received Prime Minister Haider al-Abadi in Tehran."
    He added that "bilateral talks began between the two parties."

    He indicated that the Prime Minister arrived in the Iranian capital Tehran on an official one-day visit and Ahadda.anthy 21 n
    Last modified on Wednesday, June 17, 2015 13:49

    http://www.albaghdadianews.com

  8. #8
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    Re: The Dinar Daily, Wednesday June 17, 2015

    Vice calls off sale of hard currency for banks and restrict civil Baovernmah



    6/17/2015 nine forty-one

    {Baghdad: Euphrates News} student member of the House of Representatives of the National Coalition MP Kazem al-Shammari, Wednesday, the Central Bank of Iraq to stop the sale of hard currency to private banks and turn them into government banks, warning of the existence of mafias working to pull the dollar from the central bank bills import counterfeit goods were the cause of the burning of the market and the decline of the local currency's exchange rate.

    Al-Shammari said in a statement received by the agency {Euphrates News} a copy of it today, "During our visit to the General Authority for the Iraqi Customs stunned the existence of cases of corruption and fraud get you through the transfer of funds from private banks and the central bank to traders under the buy goods title operations."

    He added that "the mechanism used going about the need to go a trader wishing to import goods to private banks to buy foreign currency and offers banks a bill of goods that are supposed to be purchased, where the National Bank in turn collects a number of bills and send them to the Central Bank to receive the amounts of those bills. "

    He added that "supposed Within this context The central bank approached Authority customs verification import goods process whether or not to add to the knowledge of the tax value shall be refunded from the import of those goods to be the proceeds of the central bank but what is happening that the central bank does not approached customs, and this creates Baba serious the doors of the withdrawal of foreign currency and traded in markets ".

    He said "there are some bills bearing strange figures including import 60 million refrigerated air and this means Mbrdtin each Iraqi citizen in addition to bills import rebar used in construction and that she had actually entered it constitutes a cloud of iron covered the skies of Iraq from north to south Not to mention that there are some traders sends every day purchase invoice for the withdrawal of hard currency without follow-up of the central bank and we are convinced that all these bills are forged. "

    He said Shammari said "There are serious mafias burned the market and on the central bank to stop sell the currency to domestic banks to save market local of ignition and sold to banks and government and are taking swift measures of the Integrity Commission and the Board of Supreme Audit to follow up on such cases was the cause of the local currency deterioration. "

    It is said that the dollar's exchange rate against the local currency, has seen a remarkable increase, where government source confirmed to take measures to reduce the dollar exchange rate against the dinar, and one of the measures to be taken is to increase the central bank sales, especially in the area of remittances, in addition to doubling Asdarriet Bank in this Ganb.anthy

    http://wwww.alforatnews.com

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    Re: The Dinar Daily, Wednesday June 17, 2015

    Parliamentary Integrity Announces filed 80 corruption case to the public prosecutor



    6/17/2015 1:50 p.m.

    {Baghdad: Euphrates News} Parliamentary Integrity Commission announced on Wednesday 80 raise the issue of corruption to the public prosecutor, confirmed to continue follow-up ministries, institutions and various pieces of file corruption, saying "to deal seriously with Jima files."

    According to the Commission's decision MP Juma Bureau told {Euphrates News} "The regulators in Iraq continuously work but claim effort more because spoilers and suspicions of corruption spread widely, stressing the need to combat corruption, especially since the country is going through a financial crisis and for everyone to increase efforts to eliminate the face Second gangs Daash a financial and administrative corruption. "

    and he finished by saying, "We as a committee integrity are dealing with any file given to us seriously and professionally, was open a lot of issues and we raised about 80 corruption cases to the public prosecutor and now we have a lot of files we have made ​​to the Integrity Commission to consider them and decide ".

    He said Friday that "the paradise of integrity working in coordination with other oversight bodies and follow up the work of all ministries, adding that" the Commission current integrity relay corrupted files opened by the former Commission was also open new files and we have a lot of reports about corruption and work is continuing issues escalating pace " .

    Iraq has been suffering for several years from the scourge of corruption that led to the deterioration of several joints in the state institutions and the decline of services provided to the people.

    The new government embarked on a campaign substantial reforms to fight corruption and has changed several officials and leaders of security within its government, which includes the fight against corruption ".anthy m

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  10. #10
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    Re: The Dinar Daily, Wednesday June 17, 2015

    Abadi: There are parties trying to manipulate the price of the dinar and the targeting of the economy and the law does not include amnesty for those involved in blood expanded {}



    6/17/2015 twelve forty-seven

    {Baghdad: Euphrates News} prime minister Haidar al-Abbadi accused on Wednesday, unnamed parties {} of trying to manipulate the price of the Iraqi dinar exchange and the targeting of the economy and livelihood of citizens, stressing that "the amnesty law to release those involved Aataleg the blood of Iraqis.

    He said al-Abadi in a speech before his departure to Tehran that "for Okhov on the exchange rate of the Iraqi dinar compared to the US dollar," he said, adding "there is speculation and manipulation by some who want to deteriorating economic conditions and manipulation Bakot of the Iraqi people, stressing that" the Iraqi currency and the Iraqi dinar Mahfouz and propped The hard currency as well as owning the country great potential and we have the grace of oil. "

    He noted that "Iraq engaged in several battles against Daash gangs of terror against the spoilers and manipulators Bakot Iraqi people."
    On the general amnesty law Abadi said, "The law, which was passed yesterday in the House Ministers will be sent during the next two days to the House of Representatives, "noting that" the proposed law does not allow the exit of any of the criminals and terrorists who have shed Iraqi blood cold-blooded, but allows the release of those who have committed ordinary crimes, and there are conditions that must be achieved to be done. "

    The Cabinet had voted Tuesday on the draft of the amnesty law and referred it to the House of Representatives.

    The National Alliance MP Abbas al-Bayati, had confirmed that the amnesty law does not cover terrorism crimes and convicted sentenced to death or to other provisions due to terrorist crimes, which claimed the lives of Iraqis, and shed their blood bombings, assassinations and kidnappings .anthy

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