The Dinar Daily, Friday June 26, 2015
Page 1 of 13 12311 ... LastLast
Results 1 to 10 of 122

Thread: The Dinar Daily, Friday June 26, 2015


    
  1. #1

    The Dinar Daily, Friday June 26, 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 1306.386 1305.733
    British pound GBP 1839.715 1838.795
    Canadian dollar CAD 945.891 945.418
    Swiss franc CHF 1250.402 1249.777
    Swedish krona SEK 142.700 142.628
    Norwegian krone NOK 149.721 149.646
    Danish krone DKK 175.059 174.927
    Japanese yen JPY 9.432 9.427
    Special
    Drawing Rights
    SDR 1641.227 1640.406

    Indicative rates - (as of) 24.06.2015 (no change as of 26.06.2015)


    http://www.cbi.iq/

    Currency Auctions

    Announcement No. (2981- most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 25/06/2015 results were as follows: (no change as of 26/06/2015)

    DETAILS NOTES
    Number of banks 28
    Number of remittance companies 2
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 313,613,012
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 313,613,012
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 06-27-2015 at 11:31 AM.



  2. #2

    Re: The Dinar Daily, Thursday June 26, 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, Friday June 26, 2015

    Basra Council calls for investment companies to maintain employment sons inventory and commit to continue this



    Long-Presse / Basra Called the Integrity Committee in the House of Basra, on Friday, foreign companies operating in the governorate, (590 km south of Baghdad), to hire local labor, indicating that it will scrutinize documents of employees in those companies to make sure that visual employment in size, while the Working Committee of the Council confirmed that it It will monitor the number of new appointments and terms of reference from outside the province and available within them, in order to ensure restrict the children of Basra.

    The head of the Integrity Committee in the provincial council in Basra, Mohammed al-Mansoori, in an interview to the (long-Presse), "The Committee recommended that foreign companies need to employ people of the province and were examining the documents the employment of local and identify them," noting that "the province embraces the oil companies and investment large but people of the province complain of unemployment because of the employment of outside despite having a lot of local talent, and the decision of the local government in this regard. "

    For her part, Chairperson of the Committee of Labor and Social Affairs of the Basra Governorate Council, Bushra Hamid, in an interview to the (long-Presse), that "the provincial council issued a decree restricts employment in foreign companies, public and private sectors, the children of Basra," indicating that "the Commission will monitor the new appointments and the number of terms of reference from outside the province and available within them. "

    Hamid explained, that "the Iraqi ports company announced its need to 850 degrees and careers," asserting that "the Commission will monitor the subject to make sure distributed to the people of Basra exclusively."

    And announced the council in Basra, on the fourteenth of June this in 2015, all inventory appointments in the departments of oil and security companies and border crossings children of the province, noting that the current local employment rate of those parties have not yet reached the proportion of 80 percent established in the oil licensing contracts, while The Commission on Oil Gas Council on the need to allocate a quarter of social benefits from the work of the oil companies, for the rehabilitation and development of employees to cut the road in front of the arguments that there is no skilled labor in Basra.

    http://www.almadapress.com/ar/news/50755/%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D8%A8%D8%B5%D8%B1%D8%A9-%D9%8A%D8%AF%D8%B9%D9%88-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D 8%B1%D9%8A

  4. #4

    Re: The Dinar Daily, Friday June 26, 2015

    Oil signed a contract with a French company to equip the refinery in Karbala cables



    Long-Presse / Baghdad General Company for Oil Projects, announced on Friday, signed a contract with the French company Nexans Nieksans industry and processing cables to supply voltages of low-lying system of Karbala refinery is under construction south of the province, with Nieksans company confirmed the manufacture of these cables in Turkey and South Korea.

    The French Nieksans company said in a statement seen by the (long-Presse), that "the company signed a contract with the State Company for Oil Projects for supply voltages of low-lying system of the refinery in Karbala, which is under construction south of the province," indicating that "a coalition of four South Korean companies being built and headed the company Hoendaa for engineering and construction projects. "

    She said the company, that "part of the terms of the agreement the company will manufacture, processing and supply up to 3,500 km of voltages low-lying for the project supplied casings PVC hydrocarbon cables resistance," pointing out that "these cables will be manufactured at the company's existing plants in South Korea, Turkey and the processing of the refinery in Karbala with the beginning of December 2016, to be the last meal processing by 2017 ".

    It is said that the absorptive capacity set for the refinery, which began created in February 2014, is 140 000 barrels per day, which will result in many of petroleum products, including fluid and gasoline and kerosene Oil, gasoline and gas fuel and motor fuels Altorboneh and asphalt gas, in accordance with international standards-compliant products for European help bridging the growing domestic needs.

    The Iraqi Oil Ministry has signed in (from 22 February 2014), a contract to build oil refinery in Karbala with a coalition of four Korean companies with a total value in excess of six billion dollars.

    The coalition of four Korean companies, announced in (the 19th of February 2014), won a contract for the oil refinery in Karbala, valued at 6.04 billion dollars, stressing that it will repeat 140 thousand barrels per day, and that its implementation will take 54 months.

    http://www.almadapress.com/ar/news/50768/%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%AA%D9%88%D9%82%D8%B9-%D8%B9%D9%82%D8%AF%D8%A7-%D9%85%D8%B9-%D8%B4%D8%B1%D9%83%D8%A9-%D9%81%D8%B1%D9%86%D8%B3%D9%8A%D8%A9-%D9%84%D8%AA%D8%AC%D9%87

  5. #5
    Moderator Loopback's Avatar
    Join Date
    Oct 2014
    Location
    Bora Bora
    Posts
    7,704

    Re: The Dinar Daily, Friday June 26, 2015

    Iraq plans to issue foreign bonds worth two billion dollars



    Friday 26-06-2015 | 9:57:40

    Twilight News / Finance Ministry said on Friday it plans to issue foreign bonds worth two billion dollars in the first phase of a total of five billion dollars included in the terms of the federal budget bill passed by the House of Representatives.

    He said Undersecretary Fadel prophet of the Twilight News that "the first stage of the securities that we will issue bonds worth two billion dollars of the total five billion dollars that included in the budget law for 2015, passed by the House of Representatives."

    He added that the Prophet "The government only agreed to issue financial bonds worth two billion dollars as a first stage."

    A number of members of the House of Representatives and local government Basra strongly criticized the statements of Finance Minister Hoshyar Zebari, in which he referred to the orientation of the mortgage Basra oil in exchange for foreign securities.

    The media has picked up a press statement the Minister of Finance in the federal government, Hoshyar Zebari, has said that the government continues to mortgage the Basra oil in favor of Western oil companies to obtain liquidity from the money.

    Zebari said his government plans to manage emergency funds through the sales of oil reserves of Basra, through the payment system in advance for the first time, and begin economic reforms to amend the oil contracts with major Western companies.

    And that has not yet determined the details of the quantities and value of those sales, known in the oil industry pre-funding but Iraq needs to liquidity to finance the military campaign against Daash To compensate for revenue lost because of falling world oil prices.

    Zebari said that Baghdad also plans to change the way it manages its exploration and production contracts with oil companies such as Royal Dutch Shell, BP and Exxon Mobil.

    http://www.ara.shafaaq.com/16182

  6. #6
    Moderator Loopback's Avatar
    Join Date
    Oct 2014
    Location
    Bora Bora
    Posts
    7,704

    Re: The Dinar Daily, Friday June 26, 2015

    US dollar against the Iraqi dinar for today



    All of Iraq - Follow-up
    Exchange rate in the capital of Baghdad to shut down the market on Thursday, 06.25.2015
    126.300

    In other words, one dollar is equal to 1263 dinars

    Goods banking

    Selling Price: 126.750

    Your price: 125.750

    http://www.kululiraq.com/?p=295653

  7. #7
    Moderator Loopback's Avatar
    Join Date
    Oct 2014
    Location
    Bora Bora
    Posts
    7,704

    Re: The Dinar Daily, Friday June 26, 2015

    A member of the parliamentary Finance: The Benefits of bonds worth $ 5 billion curtail the role of speculators



    2015/6/26 8:56

    [Baghdad-where]
    A member of the parliamentary finance committee, said the positives of the promotional tour of the bonds which $ 5 billion is to reduce the role of speculators.

    And between Jabbar al-Abadi told all of Iraq [where] that "there are several benefits to these bonds in question, including the withdrawal of the Iraqi currency under the currency bloc will be in dollars, and thus demand for the dollar to reduce speculation, as well as pumping dollars into the market."

    The Finance Minister Hoshyar Zebari said on June 22 that the current Iraq hoped to meet with investors at the end of next July, he plans on display version worth five billion dollars in bonds.

    The dollar rate against the local dinar rose over the past week but quickly dropped after the officials to rectify this matter.

    The Governor of the Central Bank of Iraq and the Agency on the Keywords said during a press conference 20 of this month, the lack of fear of the rise in the dollar's exchange rate against the Iraqi dinar, "revealing" Ask a local bonds worth $ 5 billion to provide liquidity to the state. "

    And formed anti-crime organization in the Directorate of the Ministry of Interior, a crisis cell in coordination with the Central Bank of speculators to prosecute the perpetrators of the high exchange rate Atar.anthy

    http://www.alliraqnews.com

  8. #8
    Moderator Loopback's Avatar
    Join Date
    Oct 2014
    Location
    Bora Bora
    Posts
    7,704

    Re: The Dinar Daily, Friday June 26, 2015

    In the parliamentary Finance member due the financial crisis in the country to lack a clear economic strategy



    2015/6/26 0:30

    [Baghdad - where]
    Said the parliamentary Finance Committee member Ahmed Sarhan, that Iraq is going through a financial and economic crisis large, as a result of lower oil prices, and the lack of a clear economic strategy of the government.

    He said Ahmed told all of Iraq [where] that "the tragic situation of Iraq require external borrowing to bridge the shortfall in the budget," noting that "the budget for the 2015 deficit close to 25 trillion Iraqi dinars," pointing out that "set policy in the budget law is give the Minister of Finance to borrow from the World Bank and the International Fund and the Islamic Bank for the purpose of the power to fill the gap. "
    And between Ahmed said "borrowing money will go to all of Iraq's ports, which need to be spent, including the displaced and the salaries of the security forces that fight Daash and other projects."

    An Iraqi government delegation includes Finance Minister Hoshyar Zebari, and Oil Minister Adel Abdul-Mahdi, and the Minister of Planning Salman Jumaili, as well as the Governor of the Central Bank on the Keywords, Advisor to the Prime Minister for Economic Affairs appearance of Mohammed Saleh, as well as senior advisers and experts ministries involved and the Central Bank, reached Istanbul to discuss the final stages in the process of sovereign government bond issuance in the global financial market.

    The Finance Minister, Hoshyar Zebari, said in 30 of last April, said that Iraq was seeking sovereign rating and continue with the credit rating agencies, as it prepares to issue huge bonds worth five billion dollars needed to cover the financial deficit caused by low oil prices.
    Iraq has announced an earlier time, it will issue bonds worth five billion dollars in the first issued in the international bond market nine years ago, it also in dire need of liquidity as the government predicted that the deficit this year to about 25 percent of the budget of 100 size almost one billion dollars. It is said that, the budget law for 2015, the government authorized the issuance of sovereign government bonds by seven trillion dinars to cover the fiscal deficit in the budget .anthy

    http://www.alliraqnews.com
    Last edited by Loopback; 06-26-2015 at 02:06 PM.

  9. #9
    Moderator Loopback's Avatar
    Join Date
    Oct 2014
    Location
    Bora Bora
    Posts
    7,704

    Re: The Dinar Daily, Friday June 26, 2015

    In the parliamentary Finance member attribute the financial crisis to the country's lack of a clear economic strategy



    26/06/2015 10:38 GMT

    Follow-up - and babysit - said the parliamentary Finance Committee member Ahmed Sarhan, that Iraq is going through a financial and economic crisis large, as a result of lower oil prices, and the lack of a clear economic strategy of the government.

    Ahmed said, "The tragic situation of Iraq require external borrowing in order to bridge the shortfall in the budget," noting that "the budget for 2015 suffer from a deficit of nearly 25 trillion Iraqi dinars," pointing out that "set policy in the budget law is to give borrowing Finance Minister validity from the World Bank and the International Fund and the Islamic Bank for the purpose of bridging the shortfall. "

    And between Ahmed said "borrowing money will go to all of Iraq's ports, which need to be spent, including the displaced and the salaries of the security forces that fight Daash and other projects."

    X, Y

    http://alrayy.com/145607.htm

  10. #10
    Moderator Loopback's Avatar
    Join Date
    Oct 2014
    Location
    Bora Bora
    Posts
    7,704

    Re: The Dinar Daily, Friday June 26, 2015

    A source familiar with: Central bank director on the Keywords taking pulls from Bank reserves, without offset to face the climb in the dollar exchange rate



    Ali Mohsen Radi

    June 26, 2015 4:40

    An informed source in the Economic Affairs said that the central bank director and agency to take on the Keywords pursuing a failed policy to stop the rise of the US dollar against the Iraqi dinar and instead of finding viable alternatives to stop the deterioration of the dinar took withdraw savings from the Central Bank and relegated to the domestic market,

    The source said in an exclusive interview news agency Buratha that Keywords instead of the increase of bank reserves taking pulls him in the hope of strengthening the dinar, but the problem is that all trades do not cover it until the planned issuance of bank bonds do not cover the amounts meaning it will not be able to recover the reserve like borrow a loan behind the loan, but will not be able in the end with a shot so there will be a shortage of bank reserves

    He pointed out that if it stayed that way in the face of the rise of the US dollar, the cash reserves of the bank will end and the final nutshell, Iraq will be on the lip of the hole Bankruptcy

    And he demanded the sacking Keywords source and bring the Iraqi economic efficiencies experienced know how to behave otherwise, Iraq will face a major crisis and today we heard that the reserve will cover, but tomorrow will be inevitably Bankruptcy.

    http://burathanews.com/news/269681.html

Posting Permissions

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