The Dinar Daily, Saturday June 20, 2015
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  1. #1

    The Dinar Daily, Saturday June 20, 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1315.131 1314.474
    British pound GBP 1835.634 1834.716
    Canadian dollar CAD 947.351 946.878
    Swiss franc CHF 1255.248 1254.621
    Swedish krona SEK 142.600 142.529
    Norwegian krone NOK 150.739 150.664
    Danish krone DKK 176.351 176.263
    Japanese yen JPY 9.447 9.442
    Drawing Rights
    SDR 1642.183 1641.362

    Indicative rates - (as of) 18.06.2015 (no change as of 20.06.2015)

    Currency Auctions

    Announcement No. (2975- most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 21/06/2015 results were as follows: The port day 20/6/2015

    Number of banks 22
    Number of remittance companies 3
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 210,212,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 210,212,000
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 06-21-2015 at 10:11 AM.

  2. #2

    Re: The Dinar Daily, Saturday June 20, 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, Saturday June 20, 2015

    Central Bank: Financial will issue bonds worth $ 5 billion sold to the public

    Long-Presse / Baghdad Central Bank:
    Financial will issue bonds worth $ 5 billion sold to the public.
    To be continued...
    Last edited by pinkadonai1; 06-20-2015 at 10:36 AM.

  4. #4

    Re: The Dinar Daily, Saturday June 20, 2015

    The central bank to stop the deduction of tax on the secretariats of the dollar Thoilath

    Long-Presse / Baghdad Iraqi Central Bank decided, on Saturday, stopping the deduction of tax and customs secretariats on the amounts due to the dollar remittances, while pointing to direct this decision since June 18 of the current.

    The bank said in a statement received (long-Presse) a copy of it, that "the Iraqi Central Bank decided to stop the deduction of tax and customs secretariats of the amounts owed by the banks for dollar transfers that are made by the bank."

    The statement added that "the decision has direct since the current June 18, that the customs and tax authorities are taking their charges are met in accordance with law."
    Last edited by pinkadonai1; 06-20-2015 at 10:40 AM.

  5. #5

    Re: The Dinar Daily, Saturday June 20, 2015

    Finance calls for the central bank to deal with transparency and disclosure of the Iraqi currency reserves

    Saturday, June 20, 2015 15:36

    Baghdad / Baghdad Uz..dat member of the Finance Committee parliamentary Ola Nashi, on Saturday, the Iraqi Central Bank to deal transparently with respect to future plans and strategies, while confirming the need to detect the real value of the reserves as part of the integrity and transparency.

    Nashi said in a statement received / Baghdadi News / copy of it, that "the Central Bank of Iraq is a big responsibility to maintain the stability Sarabv Iraqi currency, so it must be handled transparently with regulatory and advisory with respect to plans and strategies."

    He added "It is certain that the bank did not disclose the actual reserves of foreign currency and this in itself is part of the crisis of confidence between the regulators and the executive", is certain that "the recent financial crisis which caused lower exchange rate of the Iraqi currency bears the burden of the Central Bank and the face of public opinion."

    It is said that a member of the economic and investment commission parliamentary confirmed earlier that the assets of the Central Bank amounting to almost 66 trillion dinars. It ended 21 / d

  6. #6

    Re: The Dinar Daily, Saturday June 20, 2015

    Central bank: Bank intervention in the decisions affected his work

    Saturday, June 20, 2015 12:38

    BAGHDAD / Baghdadi News / ... said Governor of the Central Bank on the Keywords, on Saturday, that the Bank agreed with the Association of Iraqi banks to cut the price of the dollar, "warning of interference in his work.

    Keywords and he said at a news conference with the Association of Iraqi banks and the Federation attended / Baghdadi News /, that "it was agreed with the Federation of banks to reduce the dollar exchange rate in the domestic market," warning of "interference in the affairs of the Bank will affect his work."

    "The migration of capital out of Iraq is one of the reasons for the high dollar," noting that "the country needs an integrated economic model in order to maintain a fixed exchange rate."

    He Keywords that "the decision of the prime minister to raise the 8% of dollar transactions are not exempt permanently imported goods", adding that "we can not accuse any party about the sudden rise of the US dollar either dinar," noting that "depriving the banks of the currency auction is not new and they occur on an ongoing basis. "

    He Keywords that "the inflation rate reached 1.7% and there is an increase in oil production confirms the presence of a great visit in the dollar and there is no financial problem," explaining that "the Central Bank does not have any fears of the impact on the exchange price of the dollar."

    Also he said that "the crisis cell, headed by Mr. Abadi has agreed to issue financial bonds worth $ 5 billion," adding, "Iraq's possession of foreign currency Dv value in the local market," .anthy 21 / m

  7. #7

    Re: The Dinar Daily, Saturday June 20, 2015

    Rivers: Cards (MasterCard) for the distribution of pensions outside Iraq

    Saturday, June 20, 2015 10:35

    BAGHDAD / Albulgdadah News / ... announced the Rafidain Bank, for pensioners living abroad pay the salaries by service (MasterCard) in three Arab capitals, "arguing the move is keep pace with technological development witnessed by the bank in this period.

    The bank said in a statement received / Baghdadi News /, a copy of the "bank instructed" to its branches in the capitals of Arab countries, namely, (Amman, Beirut, Abu Dhabi) regardless of retired residents salaries abroad by MasterCard card. "

    The bank said that "this move would keep pace with modern technological development witnessed by the bank during this period and what can be posed from a common meeting point between him and the banks in a number of developed countries," .anthy 21 / m

  8. #8

    Re: The Dinar Daily, Saturday June 20, 2015

    Judiciary confirms that the decision to "travel ban" shares adjusts many wanted

    Saturday, June 20, 2015 15:37

    BAGHDAD / Baghdadi News / ... the judges said that the decisions of the travel ban against the accused and heinous taken after the issuance of arrest warrants, and attributed the continued despite the implementation of some of these commands to escape the fear of the accused, taking advantage of the decision to release on bail, which may be issued against him, stressing that this employees helped in the arrest of several of the most wanted files, especially those involved embezzlement.

    And the transfer of the media center for the judiciary in a report, seen by / Baghdadi News / Judge Mejbel Hussein, saying that "preventing travel of ways to compel the accused to attend and give himself up to the court or authority which issued the ban," noting that "this procedure conservatory to prevent him from escaping and undergoing judicial proceedings, whether it is required in a criminal or civil suit. "

    Hussein said in his commentary, that "this procedure is later to the arrest warrant, it does not issue from the investigating judge and the Court of Criminal only after the issuance of an arrest warrant on the accused of a felony and could not be implemented despite investigated."

    He added that "a decision fugitive reserve funds and prevent his departure is my passport to the investigating judge and the Court of Criminal Procedures, which are the responsibility of the Ministry of Interior indicate where prevention decisions at airports and border crossings."

    And the possibility of repeal, Hussein explained that "the decision to ban travel repealed when the arrest of the accused or the same delivery, there was no need for him."

    He pointed out that "an exception gets in some courts and is to remain a travel ban in effect until the resolution of the case", and attributed to the fact that "many of the accused are released on bail what lead to the escape of another addition to the personal punishment as there can be represented guarantor or any other person of the accused. "

    In response to a question concerning the survival of the validity of the decision to ban travel despite the execution of the sentence, if the sentence ends or be paid a fine what, Hussein replied, "the convict or the public prosecutor to apply to the sentencing court requesting the removal of the decision to ban travel to the expiration of his sentence or he was released or released after the acquisition of decision-degree bits. "

    He pointed out that "binding the abolition of the travel ban and notice the relevant authorities to implement the court to become then free to move and travel."

    In regard to the similarity of names in the travel bans Qazi Hussain said that "the text of the application of Article 93 of the Code of Criminal Procedure of the procedures to be followed in order to avoid this similarity."

    And that "this article necessitated the availability of data in the arrest warrant, including the full name of the accused, surname, mother's name and identity and descriptions, place of residence and the type of crime the legal and material."

    He stressed Hussein that "the President of the Federal judiciary Judge Medhat al-Mahmoud issued Aamamat several to address cases of similarity in names," adding that "one of them included a review of all arrest warrants previously issued and re-images of them to the courts issued for the purpose of completing the information and returned to the implementation."

    He explained, "may not be executed arrest warrants that contain the name of a binary or triple or do not contain complete data, as well as the decisions of the Prevention of these commands to travel."

    For his part, confirms the Deputy Prosecutor in the Court of achieving Baya Ammar Basil the media center for the judiciary, the importance of the travel ban, and says that he "helped in the arrest of many of the accused; because most of them resort to escape out of the country, especially those who were involved embezzlement crimes."

    With noted that the "travel ban narrowed down the fugitive and force him to give himself up", he explained that "this action is to instruct the competent authorities to prevent him from traveling pointing at border crossing points and airports."

    Basil said that "the judiciary keen to harmonize and balance the activation methods of forced attendance and personal freedoms guaranteed by the Constitution."

    And the role of prosecutor, said that "his role is to monitor legality, and in the case of a similarity with the name of the accused asked to cancel the arrest warrant," adding that "every action affects the freedoms of citizens be subject to appeal by the public prosecutor." It ended 21 / b

  9. #9

    Re: The Dinar Daily, Saturday June 20, 2015

    Handal pays tribute to the decisions of the central bank to lower the dollar and calls for the media to "precision"

    Author: HH
    Editor: AB, HH

    6/20/2015 eleven forty-three

    Long-Presse / Baghdad
    The head of private banks, the Commonwealth of the depositary Handal, on Saturday, the decisions of the central bank to maintain market stability, and stressed the support of the Association of the policy of the central bank and openness to dialogue properly and correctly, and as pointed out that the volume of inflation in Iraq, "almost non-existent", called on the media to " the transfer of facts "by the central bank only and not to move" raises panic "in the market.

    Said Wadih Handal during a joint press conference with the Governor of the Central Bank on the Keywords held in Baghdad and attended (range Press), "The private banks association supports real central bank policy and openness to dialogue properly and correctly with the Iraqi private banks," noting that "there are workshops weekly between the central bank and the banks to issue the decisions in line with the market. "

    Handal emphasized, that "the volume of inflation in the Iraqi market is almost non-existent compared to neighboring countries," adding that "the lifting of the 8% rate will ease for citizens and will reduce prices of consumer goods."

    He praised Handal, "the decisions of the central bank to reduce the dollar exchange rates and maintain the stability of the market", calling on the media to "the transfer of the facts by the central bank and not the news that creates a state of panic and fear in the market being affected in the country directly."

    The Prime Minister Haider al-Abadi stressed, on Thursday (the eighteenth of June 2015) on the need to follow up and address any problematic novel about the dinar exchange rate against the dollar in the local markets, as approved crisis cell on the proposal of the Central Bank delete the amounts added on remittances, stressed the need commitment to the oil agreement with Erbil.

    The Iraqi Central Bank announced, in (the eighteenth of June 2015), sold for $ 203 million to applicants in the currency auction, as he emphasized the need to cover the market.

    Economists attributed, in the (16 June 2015), the high dollar exchange rate against the dinar to the floundering economic policy, and the neglect of the productive sector, while the Parliamentary Finance Committee confirmed that the concerned state has taken action to support the value of the dinar, which increase the width of the dollar in the market Package and acceptance of all purchase orders submitted by traders and banking companies and banks, and the abolition of tax deposit and customs that were collected in advance by eight percent.

    Finance Committee in the Iraqi Council of Representatives promised, on Monday (the fifteenth of June 2015), that many of the question marks are raised on the outcome of the Iraqi Central Bank action to stop the deterioration of the value of the dinar against the dollar, while the economic and investment commission parliamentary felt that many of the economic crisis solution is to amend the law so as to ensure the bank's independence from the government, and carry Bankers "abuse" the central bank responsibility for a stronger dollar, despite the latter denied this and accused them of responsibility and speculators, and vowing action "deterrent"

    The Central Bank of Iraq, decided Tuesday (June 16, 2015), considered Saturday formally durable, banks to meet the need of the currency, noting that it reduced the duration of the special deposit amounts from ten to five days.

    And it saw the dollar exchange rate steady rise in the local markets, from about 1200 dinars to the dollar, the beginning of the current 2015 to 1400 dinars currently.

  10. #10

    Re: The Dinar Daily, Saturday June 20, 2015

    Keywords: tomorrow the work begins delete 8% of customs and excise tax imposed on the purchase of the dollar extended {}

    2015/6/20 13:51

    {Baghdad: Euphrates News} said Governor of the Central Bank and the Agency on the Keywords, on Saturday, that "the application of the decision to cancel 8% of customs and excise tax imposed on the purchase of the dollar will do, starting on Sunday, adding that" this decision will contribute to lower price exchange over the next week, will also contribute down prices of consumer goods. "

    According Keywords in a press conference attended by the correspondent agency {Euphrates News} "The rise in the exchange rate is worth pursuing and patch because what happened in the last days of the rapid rise of the exchange rate is to lock in profits and also involves other targets do not go into detail because it has not be normal, which resulted in a single day to a high degree and a hundred of these factors and unnatural causes led to this rise; but the question here is do you hold such attempts and whether the exchange rate will change to say here that the practical realities can not be compatible with these attempts. "

    He noted that "the exchange rate may have affected consumer spending and inject money into the market and a weak government spending, confirming the presence of the bank and financial coordination and a high degree on a daily basis and there are things that in consultation avoid affecting the exchange rate."

    He said, "Statistics shock that I got for the high exchange rate causes us to look for why demand for the dollar has grown, and we see that it happened to several factors, including increasing the volume of imports and abandoned money to other countries and we stand with this phenomenon and nationally and how to achieve stability and bring money and keeping it at home and bring foreign investments and the entry of foreign currency into the country.

    He stressed the need to launch an economic model for Iraq as an important step, noting that "the absence of this model that determines the programs and tracks there are economic problems, and we must put this Agreed Framework in order to not be the problems there."

    Keywords criticized some guidance to its impact on the exchange rate and monetary policy rate, stressing that monetary policy must be free loose and scaled leads to confusion and makes the bank accounts of limited and non-empowered, adding that "the central bank is not a substitute for the constituencies in the state institutions other and can not be held accountable everyone and this stakeholders in the tax and customs and the Ministry of Commerce and Ministry of Interior through the task of economic crime in the follow-up of offenders, such as those that serve as a guide and mentor of the Central Bank in order to take action in the light of reports received, including "..

    And he finished "The subject of the independence of the bank is very important and keeps the central bank and the independence respectable but some pressures and statements occur affect it."

    And he finished by saying, "The Iraq issue more than 3 million barrels of oil a day and has a $ 68 billion reserve is not bankrupt but there is a problem in liquidity and a shortage did not get to the extent that threatens Modvin with the salaries we did not exhaust all sources, resources and work closely with the Ministry of Finance to fill any a problem in this area. "

    He announced Keywords "OK cell crisis on the Ministry of Finance to issue bonds worth five billion dollars to be sold to the public and this happens for the first time after it was sold bonds abroad."

    He noted that "50 000 dinars category in press and will be working out the end of the working class, but the 100 was postponed for the time being although they do not affect the level of inflation."

    On the banks and its impact on the exchange rate he said: "There is coordination between the banks, but the rise is normal and there is a big player in the market create this movement and dragging the rest of the parties, noting that the banks strove to sell the currency and exchange rate to the lack of payment of loans because of pressure from government spending and the lack of Activity banker, noting that "Activity sell the currency at the banks and the secondary is Atatah him."

    "The dollar's exchange rate against the Iraqi dinar reached 1250 dinars to the dollar will fall and during the next week. Ended

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