The Dinar Daily, Tuesday June 30, 2015
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  1. #1

    The Dinar Daily, Tuesday June 30, 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1298.108 1297.459
    British pound GBP 1829.804 1828.889
    Canadian dollar CAD -------- --------
    Swiss franc CHF 1248.260 1247.636
    Swedish krona SEK 139.709 139.639
    Norwegian krone NOK 147.403 147.329
    Danish krone DKK 173.999 173.912
    Japanese yen JPY 9.480 9.476
    Drawing Rights
    SDR 1636.166 1635.348

    Indicative rates - (as of) 30.06.2015

    Currency Auctions

    Announcement No. (2985- most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 30/06/2015 results were as follows:

    Number of banks 25
    Number of remittance companies 6
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 245,738,928
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 245,738,928
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 07-01-2015 at 10:09 AM.

  2. #2

    Re: The Dinar Daily, Tuesday June 30, 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, Tuesday June 30, 2015

    Cabinet approves law on "money laundering" and gives police combat allocations not on allocations

    Long-Presse / Baghdad

    Council of Ministers announced on Tuesday, agreeing to draft anti-money laundering law, and the financing of terrorism, as also agreed to grant allowances to employees of the federal police when their participation combat missions in the event of availability of appropriations, confirmed to proceed with the completion of the field survey of the coverage of social protection, to secure the database minutes.

    A statement issued by the Council of Ministers, and I got the (long-Presse), a copy of it, that "the Council of Ministers, held, its regular Tuesday under the chairmanship of Prime Minister Dr. Haider al-Abadi, the Council agreed to grant allowances to employees of the federal police at their participation in combat missions In the case of availability of appropriations. "

    The statement said, "The Council of Ministers approved a draft anti-money laundering law, and the financing of terrorism, which is of great importance for his role in drying the sources of terrorism and to respond to international trends in this area."

    The Council of Ministers, and according to the statement, "also to proceed with the completion of the coverage of social protection field survey, to ensure accurate data base, and to ensure the inclusion of eligible".

    The statement continued that the General Secretariat of the Council of Ministers will announce the decisions of the Council of Ministers at its forty-fifth session on Tuesday at a later time. 4857%2F%25D8%25A7%25D9%2584%25D8%25A8%25D9%2586%25 D9%2583-%25D8%25A7%25D9%2584%25D9%2585%25D8%25B1%25D9%2583 %25D8%25B2%25D9%258A-%25D9%258A%25D9%2582%25D8%25B1%25D8%25B1--%25D8%25B3%25D9%2583-%25D8%25B3%25D8%25A8%25D8%25A7%25D8%25A6%25D9%2583-%25D8%25B0%25D9%2587%25D8%25A8%25D9%258A%25D8%25A9-&edit-text=

  4. #4

    Re: The Dinar Daily, Tuesday June 30, 2015

    Babylon constitute an economic crisis cell to monitor local markets and monitor the movement of currency manipulation

    Long-Presse / Babylon

    Council decided to Babil province, on Tuesday, the formation of an economic crisis cell to monitor local markets and currency trading, among the cell will monitor currency manipulation and promotion of counterfeit currency operations.

    The head of the security committee in the House of Babylon Falah Abdul-Karim al-Khafaji said in an interview to the (long-Presse), that the local government of Babylon, decided to form an economic crisis of regulators and security to control and monitor the local markets and the movement of currency trading cell, "noting that" the decision came after extensive meetings with the security services and a number of economists to study the economic reality in the governorate. "

    Khafaji said that "the cell manipulation and speculation will monitor prices and promote counterfeit currency by economic sabotage gangs, which caused serious damage to the local economy operations."

    The economic security services in the province of Babylon conducting daily to monitor the movement of the local markets of higher prices and the scarcity of materials in the month of Ramadan. 4857%2F%25D8%25A7%25D9%2584%25D8%25A8%25D9%2586%25 D9%2583-%25D8%25A7%25D9%2584%25D9%2585%25D8%25B1%25D9%2583 %25D8%25B2%25D9%258A-%25D9%258A%25D9%2582%25D8%25B1%25D8%25B1--%25D8%25B3%25D9%2583-%25D8%25B3%25D8%25A8%25D8%25A7%25D8%25A6%25D9%2583-%25D8%25B0%25D9%2587%25D8%25A8%25D9%258A%25D8%25A9-&edit-text=

  5. #5

    Re: The Dinar Daily, Tuesday June 30, 2015

    Al-Bayati confirms that the National Alliance discussed security and political situations and economic presence Abadi

    a member of the National Alliance's political body, Abbas Al-Bayati, Tuesday, the National Alliance, discussed security and political situations and economic development during a meeting yesterday in the presence of Prime Minister Haidar Al-Abbadi, stating that the National Alliance stressed the need to escalate military operations to cleanse the remaining Territories that belong to terrorist daash gangs.

    Al-Bayati said, "tomorrow", "National Alliance met on Monday in the presence of Prime Minister Haidar Al-Abbadi, discussed security and political and economic, in addition to the coordination mechanism and work between the Government and Parliament and foreign diplomacy and the importance of the work on strengthening external relations".

    He added that "the security situation and values meeting the developments and achievements of the security forces and the crowd in Baiji," spend "the National Alliance stressed the need for the development of military escalation processes and results to clear the remainder of land usurped by daash".

    The leading national coalition called the patriotic forces in the country to take part in contributing to the defence of the country before the terrorist attack to different regions usually defend areas and provinces "everyone's responsibility", and the need to provide opportunity for all who can defend, and takes a course on Earth, and provide all necessary. %2F%25D8%25A7%25D9%2584%25D8%25A8%25D9%258A%25D8%2 5A7%25D8%25AA%25D9%258A-%25D9%258A%25D8%25A4%25D9%2583%25D8%25AF-%25D8%25A3%25D9%2586-%25D8%25A7%25D9%2584%25D8%25AA%25D8%25AD%25D8%25A7 %25D9%2584%25D9%2581-%25D8%25A7%25D9%2584%25D9%2588%25D8%25B7%25D9%2586 %25D9%258A-%25D9%2586%25D8%25A7%25D9%2582%25D8%25B4

  6. #6

    Re: The Dinar Daily, Tuesday June 30, 2015

    Financial grants exchange for more than 129 thousand Aailhdmn third meal through the smart card

    - The Ministry of Displacement and Migration in the federal government disbursed financial grants to more than 129 thousand displaced families in the third meal to grant one million dinars for each family displaced by the smart card.

    He said Immigration Minister Jassim Mohammed said in a statement, "Khandan" received a copy of it, "said the ministry third meal launched allocated for displaced people that are received by the smart card exclusively in accordance with the general budget for the year 2015 law grants", adding: "The number of families covered by the third meal was (129 605) thousand displaced families, has been transferred financial dues to their account so that they can review the branches of the smart card exchange for the receipt. "

    According to the Minister of Immigration, "The Ministry has already launched two meals last week for the first, it included (99) thousand displaced families, and the second included 104 thousand families". spx&edit-text=

  7. #7

    Re: The Dinar Daily, Tuesday June 30, 2015

    The dollar and other currencies prices

    Khandan - recorded US dollar and other foreign currencies prices on Tuesday (June 30, 2015) in the province of Kurdistan banking markets, prices listed below.

    He announced (hills Abdullah) His Office (Sruchty Jinyan) banking in the banking market in the city of Sulaymaniyah in a statement to "Khandan" that the US Dollar and other foreign currencies were as follows:

    US dollar exchange rate stood at 100 125 500 Iraqi dinars

    100 euro exchange rate amounted to 140 000 dinars

    100 pounds exchange rate stood at 198 000 dinars

    Exchange 100 000 Wish rate stood at 39 000 dinars

    Exchange 100 Turkish Liras price of 49 000 dinars

    He added that the dollar exchange rate and other foreign currencies was as follows:

    100 euros for $ 112 and 50 cents

    100 pounds for $ 157 and 50 cents spx&edit-text=

  8. #8

    Re: The Dinar Daily, Tuesday June 30, 2015

    BAGHDAD / JD / .. revealed the advisers in the Presidency of the Council of Ministers for the central bank to seek the inclusion of micro-enterprises with loans, while mortgage warned the Iraqi economy variable Iraqi dinar exchange rate of the reserve in order to maintain a fixed exchange rate.

    A government statement received / JD / copy of it: that the advisers in the Presidency of the Council of Ministers held a discussion seminar at its headquarters on the central bank's initiative in launching a project lending to small and medium-sized projects in Iraq in the presence of the concerned authorities in the Prime Minister's Office and the General Secretariat of the Council of Ministers and representatives of the Ministry of Planning and the World Bank CBI and the private sector and the Association of Iraqi private banks and a number of professors and specialists in the banking business and investment affairs, along with a number of experts and advisers in the body.

    He added that the seminar headed by Counselor for Economic Affairs in the body Abdul Hussain Al-Anbuge highlighted the bank's initiative as an important and necessary step to meet the challenges facing the country's economy and a panacea to overcome the difficulties experienced by large segments of society.

    The statement said that the Prime Minister for Financial Affairs Advisor to the appearance of Mohammed Saleh thanks to the advisers on Matqom of meaningful work and build for the development of the Iraqi economy, indicating that the central bank's initiative is an important point of the policy of the central bank for the promotion of agricultural, industrial and commercial sector and will contribute to the improvement of market movement and investment.

    According to the statement, Anbuge presented a working paper entitled the Central Bank of developmental window to correct the course of monetary policy in which he said: that the bank initiative directly supports the economy, investment and the private sector, especially after the submission trillion dinars to the private banks, which in turn lend citizens to create and invest the small and medium enterprises, and added: that those private banks will in turn lend citizens a few interest rate supports the private sector and gross domestic product and will contribute to increase revenue and stimulate the market movement.
    He noted that the current monetary policy of the Bank moving towards stability and development, warning of the Iraqi economy under one variable name (Iraqi dinar exchange rate) from the reserve in order to maintain a fixed exchange rate.

    He praised Anbuge policy of the new bank in supporting development in Iraq and said for the first time since the change in 2003 turns the central bank to support the development after it was Mtnsla for this task and encircled his role in being the stability of the bank for your son development, Msttrda: The development worker sponsor the creation of a sustainable stability, With the insistence on stability or improvement in the dinar exchange rate in the context of an underdeveloped country will not lead to development even in the long term, noting: that the new orientations of the bank responds to the need of the Iraqi economy and respond to the sound economic logic which we demand it from previous years.

    He said Anbuge: We support and endorse the lending trillion Iraqi dinars Agherada directed towards specific areas belonging to the real sectors, which leads the development, as we support not put a specific percentage of lending to any sector, in order to have the opportunity for the sector which has the potential for absorbing investment greater than the other to grow and expand as long as all achieve the goal of development in the country.

    But on the one hand implementation Anbuge has confirmed its support to the establishment of private banks manage credit portfolios to project financing of small and medium enterprises, he said, the private banks to face challenges, considering that large amounts outweigh its ability to expand credit as most of these banks to not possess many branches cover an area of ​​Iraq credit , along with the incompetence of the civil cadres and non-banking Tmrsha to work in the field of microlending, which requires the employee coexistence with the borrower over the life of the loan, and that most of the banks not possess a system for electronically prepared in accordance with international standards provides daily reports on the credit quality of the truth and the red zone.

    He also praised the terms of the loan and interest size as the interest rate borne by the borrower does not exceed the 5.5% rate is a good and encouraging for the borrower, noting that the ceiling lending of 50 million Iraqi dinars has is disproportionate to medium-sized enterprises, which up to a few hundreds of millions of cost, and it is supposed to be considering lending ceiling and how to guide the project funds in a more impact on the Iraqi economy.

    The seminar saw discussions and interventions for a large number of participants who Achado initiative of the central bank as it contributes to the alleviation of the suffering of low income citizens through their lending sums of money ranging from 5 million to 10 million dinars, and a simple interest rate payable over three years.
    They said this national project has significant economic implications, where he is working to provide more than 25 000 loan and more than 250 000 jobs and will improve the local movement of the market where loans granted to various sectors, especially the industrial, agricultural and services as well as support projects carried out by women in support of activation its role in society, particularly in the area of ​​economic activity.

    Participants agreed on the need for the inclusion of micro-enterprises with loans, the central bank has promised to establish a mechanism for that in the coming days. / End / 22 / php%3FID%3D5613

  9. #9

    Re: The Dinar Daily, Tuesday June 30, 2015

    Dinars / Abbas Al passengers / resort .. some graduates to give up the land of dreams Deed performed daily before planning how built by a dream and what is style that fits the space owned, or the last graduate to hand over his car "taxi" in which it operates for the duration of graduating from college without specifying, and supports an his family and his wife, in addition to providing the necessary supplies for his children, and this waiver of this cherished property rather than for surgery to graduate a for a family member or to pay a ransom for the kidnapping of one of them or because of tribal separation signed and must be paid to the family of the other, it is a Maatalbh brokers appointments in ministries and do not care who started to pay cash in exchange for appointing some of their graduates in one of the circles, but their applications rise with a rising market and change the direction of the stock market began to rob the graduate Maimlk.

    Some graduates have sold his bedroom or jewelry his wife bought her days of their marriage, or to resort to borrowing from friends in order to provide the required amount of it in order of appointment, but to Eisselmh to Alsemsar but it converted to buy a modern car or resorting to the purchase of spare Residential Land until the right So when his stand in a queue for graduates researchers set against the Maimlkon.
    "Muhannad" graduate teachers Institute looking for set any price after despaired of all Allowastat men and political parties who Trajatm to their appointment, these graduates have a modern car price tag of 16 million dinars exceeds by car market now, and is ready and all the open-mindedness that deliver to the appointment of.

    While one graduates adds that he does not have only a "piece of land" Deed exchange which will waive them in the real estate department after the Alsemsar bring a book his appointment, and if he did not like the location of these earth is fully prepared to sell to transfer the amount to the dollar to calculate Alsemsar or nepotism, or the buying land in other place determined Alsemsar even if forced to increase the amount to buy new land.

    He adds that the graduate that 10 years ago had graduated from the Faculty of Arts at a rate too high, and when you come appointments Officials in the region distributed to loved ones, friends and relatives after the book Sheikh clan share of them, and did not leave the door only and Trgueth but to no avail, so I thought the best way to ensure the appointment to me and my dignity without reservation of others or to humiliate me or Cosby party of the ruling political parties and controlling Iraq.

    The number of graduates in Iraq, exceeding the 200 thousand graduates according to "statements unofficial" most of them graduates of humanitarian departments who has no right for them to work only in one ministry is the Ministry of Education, this number also includes graduates of Graduate Studies, as the Ministry of Higher Education and Scientific Research has not developed It plans to accommodate them in the universities although it has opened a number of colleges and universities and scientific departments in most parts of Iraq, but they relied on the old cadres of turning them over to the young universities, especially those located near their residence.

    Some brokers appointment in Iraq and turned into major retailers by taking advantage of their proximity to senior officials in those institutions on their agreement or appointment with officials in exchange for payment of sums of money for each set is issued.

    There have been many problems in a number of areas of Iraq due to the escape of some of these abroad after taking sums of graduates under the pretext of recruitment in government departments, and often Matkon these tribal problems with people with these brokers and uncles, forcing some of them to sell their property to pay those amounts.

    And select the recruitment rate in some cadres of ministries to 12 million Iraqi dinars, compared to the 600 000 dinars salary not to exceed the Bachelor, and increase the amount of salary paid according to the appointment of a graduate of the higher salary increased amount of appointment.

    It recalls that the Integrity Commission and the departments inspectors general deployed in all state departments has not issued an arrest warrant for those brokers who manipulate the destinies of people and their future, and that the dominance of some of the ruling parties and the monopoly of appointments to those close to them and their use in attracting the masses have called on them not to activate the law, "the Federal Service Board" in force in most countries because it will deprive it of the monopoly of those appointments. / End / 22 / php%3FID%3D5613

  10. #10

    Re: The Dinar Daily, Tuesday June 30, 2015

    INTERVIEW-Iraq to issue intl bonds in August

    Iraq's budget deficit has risen to around 12% of GDP, said a central bank official.
    The Iraqi government is planning to issue a total of USD 11 billion in domestic and international bonds in the next two months to cover the state budget deficit, the acting central bank governor said.

    Ali Al-Allaq told TR Zawya that the government would issue around USD 5 billion in domestic bonds next month and around USD 6 billion in international bonds by the middle of August. He said the government has started talks with potential investors in Turkey for the five-year international bonds.

    "The domestic bonds will be repaid to the public in one year after deducting a specific rate that is close in value to the interest rate," said Al-Allaq, without elaborating on interest rates.

    The central bank also plans to repurchase government bonds as parts of wider efforts to provide financial liquidity, maintain price stability and support the economy, Al Allaq said. He said the state has allocated IQD 1 trillion over the next five years to support small and medium enterprises.

    The sharp drop in crude prices has hit the revenues of the oil producing country. Spending in the current budget stands at around IQD 125 trillion, and the deficit has risen to 12% of gross domestic product, the official said.

    Iraqi's Finance Minister Hoshyar Zebari previously told Reuters that the government has started discussions with Citibank and Deutsche Bank for the international bonds issue, but declined to say what maturity and interest rates were being negotiated.

    He said the ministry was looking at various methods to fund the budget deficit, including borrowing from state banks and converting some Iraqi bank assets held with the central bank into bonds.

    The Economist Intelligence Unit (EIU) said in a June report that despite rising crude production, weaker oil prices would result in an annual average fiscal deficit of 6.9% of GDP in 2015-16, but it expected public finances to return to surplus in 2018.

    The Iraqi government has reached an agreement with the International Monetary Fund for a USD 833-million loan program to help Iraq cope with the drop in oil prices as it increases spending on security to combat the threat of the Islamic State militant group, which now controls about one-third of the country.

    Al-Allaq said that inflation in the country remains at less than 2% and that the net flow of U.S. dollars into the central bank has also not been affected, he added.

    "At the daily auction of the central bank, we sell about USD 150 million, which is more than the USD 75 million [prescribed] in the budget law," said the central bank official.

    "Foreign reserves currently stand at USD 68 billion, while the dinar monetary supply is IQD 40 trillion."

    The central bank has maintained the Iraqi dinar peg to the U.S. dollar through daily currency auctions.

    The EIU said that the market rate of the dinar would continue to drift above the central bank auction rate so long as the size of the auctions is restricted. "The CBI could also come under pressure to weaken the dinar to help to ease the fiscal deficit," the report said.


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