The Dinar Daily, Saturday July 4, 2015
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  1. #1

    The Dinar Daily, Saturday July 4, 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1294.260 1293.613
    British pound GBP 1825.839 1824.926
    Canadian dollar CAD -------- --------
    Swiss franc CHF 1237.661 1237.042
    Swedish krona SEK 140.436 140.366
    Norwegian krone NOK 148.026 147.952
    Danish krone DKK 173.476 173.389
    Japanese yen JPY 9.507 9.502
    Drawing Rights
    SDR 1634.919 1634.101

    Indicative rates - (as of) 02.07.2015 (no change as of 04.07.2015)

    Currency Auctions

    Announcement No. (2987- most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 02/07/2015 results were as follows: (no change as of 04/07/2015)

    Number of banks 26
    Number of remittance companies 6
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 260,621,299
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 260,621,299
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 07-05-2015 at 10:09 AM.

  2. #2

    Re: The Dinar Daily, Saturday July 4, 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 July 4, 2015

    Money in one of the private banks

    Government adviser: 5% of the gross domestic product of Iraq seeps through money laundering and the law .... "strictly" to combat it

    Long-Presse / Baghdad

    A government team in Iraq and will work on drawing up special policies to address the issues of money laundering, according to the law, which was issued last week by the Council of Ministers.

    And it will consist of a team that is likely to be headed by the Minister of Finance or the Governor of the Central Bank, other members of the foreign, interior and defense, trade and intelligence ministries and other institutions concerned with security and money.

    The team is, according to the Parliamentary Finance Committee to monitor the movement of Iraqi funds at home and abroad and the imposition of deterrent and preventive measures for money laundering.

    It will provide the new law, which is supposed to be prescribed. House of Representatives soon, "sedate" the banking and financial system in Iraq, and limit the movement of the financing of terrorism in the country through cooperation with interested international cells in this regard.

    The first law of its kind in the country after 11 years on the issuance of instructions by the former civil administrator Paul Bremer. But a number of experts deemed the ruling civil proceedings "limited and constrained by the central bank in the money control", noting that the money laundering operations in Iraq, amounting to 5% of gross domestic product.

    Ebadi said Office, in a press release last week, that "the Council of Ministers approved a draft anti-money laundering law, and the financing of terrorism," noting that "this project is of great importance for his role in drying the sources of terrorism and to respond to international trends in this area."

    National team to combat money laundering

    In this context, says the appearance of Mohammed Saleh, Economic Adviser to the Prime Minister, that "the new law will work on the formation of a national team that works with a view to formulating policies, according to the legislation that will be issued for Parliament, to curb money laundering and issue instructions in this regard, a political umbrella, will help him (umbrella operations) in the implementation of those measures. "

    And adds the benefit of, in connection with the "long", saying "will be finance minister or central bank governor or deputy presidency of the team, according to law, and the membership of representatives from the private financial issues and economic crime Interior, Defence and Foreign Affairs and International police and security agencies and other Ministry of institutions."

    It is expected adviser to Prime Minister that "given the chairmanship of the Governor of the Central Bank, after the enactment of the law, the fact that the latter is headed by a cell in the bank operates in the same regard."

    He said the appearance of Mohammed Saleh speech by saying "Intergovernmental Panel will issue instructions and regulations to prevent money laundering commensurate with international standards," adding that "Iraq is a member of a team known as the International Financial Action Task Force of the North and East Africa have average since 2004".

    Saleh noted that "the new law will enable Iraq to cooperate with the international team, which imposes certain conditions to work with him, and will enable us to cooperate with the United Nations and World Bank."

    Will provide information in collaboration with the Unit for Combating Money Laundering in the central bank (say an economic advisor to the Prime Minister that "the umbrella of the operations within the national team for the elimination of money laundering, a point of intelligence on the movement of funds), and will exchange information quickly and to deal more easily than in the past follow-up money. "

    It is estimated the government official money laundering around the world to range between 3 to 5% of GDP and that "Iraq is close to this figure as well." He pointed out that the law will give the guarantee and sedate Iraqi banks and financial situation in the country.

    He praised the Governor of the Central Bank on the Keywords, recently, the Cabinet's decision to vote on the draft anti-money laundering law submitted by the central bank, which was put on according to the latest international standards and agreements and coordinate directly with the World Bank and the Financial Action Task Force and international organizations, according to a press statement issued by Keywords week the past.

    And he called on the Governor of the Central Bank of the House of Representatives to "give priority to pass a law where there is a few months deadline given to Iraq if it is not the adoption of the project will be placed Iraq on the blacklist, which has serious consequences for Iraq's position internationally."

    He noted that "the new law lays the framework and concepts clear and effective provisions that enable the central bank, the judiciary and the relevant authorities to exercise the roles and tools commensurate with the seriousness of the crimes of money laundering and terrorist financing."

    Law will support the work of the Central

    So says Najiba Najib, a member of the Parliamentary Finance Committee, the "long" that "the new law will enable the central bank to move more easily to follow the movement of funds."

    Najib and adds that "the Central Bank told us in the Finance Committee that is restricted and can not easily pursue money laundering cases to the absence of a law supports his work, where smuggling was a lot of money and the inability of the bank to cope with it."

    Asked nominated from the terms of the new law that has just arrived in the House of Representatives, Najib he says, "will determine the meaning of money laundering and establishes sanctions against the perpetrators of this crime, and to take deterrent steps and other treatments for after the discovery of the crime, will also address the law the financing of terrorism, which is the money laundering of the most prominent issues sources ".

    And it will replace the law, which the Cabinet sent to parliament recently, replaced the law in force, which began in the US civil administrator in Iraq, Paul Bremer, time and bears the number 93 of 2004.

    According to the MP for the Kurdistan Democratic bloc that "the fight against money laundering needs to be international cooperation with Turkey, Iran, Jordan and other countries that represent the largest importers and exporters of Iraq," pointing to "the necessity of activating the Ministry of Interior procedures and national security and intelligence services and the Ministry of Commerce to monitor the traders and owners of capital." MP also assume that the "Iraqi economic attaché in all countries of the world to monitor the movement of Iraqi money there."

    On the other hand says that the member of the Finance Committee for its "check the existence of charges for the judge to stop the proceedings against a number of banks that money to flee abroad."

    She said some media leaks that the judge who is extorting telecommunications companies and the owners of the banks to close the cases brought against them being the chairman of the appeal committee in the form of communications, estimated at around 2500 issue, Najib said that while "the figure mentioned is uncertain so far."

    .. Of Wael grace 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, Saturday July 4, 2015

    Deputy Prime Minister Bahaa al-Araji

    (Kuwait Energy) plans to start gas project in Diyala and al-Araji, confirms: We seek to attract companies

    Long-Presse / Baghdad

    Deputy Prime Minister Bahaa al-Araji, on Saturday, the government seeks to attract discreet and specialized in the field of global energy companies, and as revealed Company (Kuwait Energy oil) its intention to start gas project in Mansouriet mountain field in Diyala province, pointed to the arrival of work in the field of Saybah in Basra to advanced stages.

    Information Office of the Deputy Prime Minister Bahaa al-Araji, said in a statement received (range Press), a copy of which, "The Deputy Prime Minister Bahaa al-Araji received his official office in Baghdad delegation Company (Kuwait Energy oil) operating in Iraq," noting that "The meeting discussed the latest business and the company's accomplishments, especially in the fields invested in Iraq and ways to support the government for its work and remove the obstacles they face. "

    Information Office was quoted as saying al-Araji, said that "the Iraqi government and the Energy Committee is working in earnest to attract sober and international companies specialized in the field of energy to work in Iraq, and the maturing role of the private sector through the expertise of those companies."

    He said the Information Office, said that "the company's delegation stressed that the gaseous project in Mansouriet mountain field in Diyala province, will start after the establishment of the security situation in the province, as work continues in the Siba field in Basra province and will reach advanced stages after that has submitted it in 2011."

    The Deputy Prime Minister Bahaa al-Araji said, in (June 26, 2015), the importance of continuing the work of the international oil companies in Iraq, while noting the government's keenness to pay financial dues BP, Chief Executive stressed's (BP) his company's commitment to developing the oil sector and expand the work in unexplored fields.

    Iraq and live a difficult economic situation after the case of austerity which resorted to it in the budget of 2015 and the decline in oil prices, which relied upon as a resource head for the usual levels, with the country at war with al-Daash who occupied large areas of Iraq and the resort of Iraq to buy weapons and customize a lot of money to meet the regulation. 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, Saturday July 4, 2015

    Side of the joint press conference of the President of the Kurdistan Regional Government Nechirvan Barzani and the Secretary General of the Islamic Union of Kurdistan Muhammad Faraj

    Barzani compatibility required to resolve the issue of the presidency of the region and the Islamic Union: continue meetings

    Long-Presse / Arbil

    He stipulated that the President of the Kurdistan Regional Government Nechirvan Barzani, on Saturday, compatibility between the Kurdish political parties to resolve the issue of the Constitution and the presidency of the region away from the "narrow prejudices," and he thanked the Kurdistan Islamic Union for machined link between the Kurdish parties, with the Islamic Union confirmed the continuation of meetings between the Kurdish parties until they reached a satisfactory solution for all parties.

    Said Nechirvan Barzani, during a joint press conference with the Secretary General of the Islamic Union of Kurdistan Mohammed Faraj, on the sidelines of a meeting between the parties in the Islamic Union headquarters in Erbil and attended (range Press), "The meeting discussed issues related to the Constitution and under the chairmanship of the region," noting that "the Constitution will not be written for someone one, but for the people of Kurdistan. "

    Barzani said, "The meetings will continue with other parties to reach a satisfactory outcome in the interest of the Kurdish people," stressing that "the condition of the agreement is the President compatibility between the Kurdish parties away from the narrow prejudices."

    And gave Barzani, thanks "to the efforts of the Secretary-General of the Islamic Union of Kurdistan through the formation of a link between the other political parties in the region to find solutions."

    For his part, Secretary General of the Islamic Union of Kurdistan Muhammad Faraj said, "The atmosphere of the meeting was positive," noting that "meetings will continue to arrive at a satisfactory solution for all parties, including the five-year meeting, which will include the Kurdish parties."

    The Patriotic Union of Kurdistan confirmed, in (the first of July present), that the views of the Union and the Social Democratic Party of Kurdistan close, pointing out that the owner of consensus and national reconciliation project to overcome the crisis and to reach a suitable solution to file the presidency of the Kurdistan region and the Constitution, while the Socialist Party called on all parties Protection to work to address the problems and to be part of the solution.

    The promise of President of the Kurdistan region, Massoud Barzani, on June 29, 2015, what happened in the Kurdistan Parliament during the first reading of the law presidency of the region, "the risk of compatibility and agreements" that formed the eighth government, parliament and the presidency, as he emphasized the need to reach a solution "compromise" before the 20th of the month next August.

    The Kurdistan Democratic bloc in the Parliament of Kurdistan, demanded in (June 29, 2015), Chairman of the Parliament of the region to "apologize" for violation of the rules of procedure in the previous session of the Council, while confirming that the President of the Parliament exceeded by two points in the rules of procedure.

    And published means a Kurdish news media, that the representatives of the Kurdistan Democratic withdrew from the committee preparing the Constitution as a result of the above in the Parliament of Kurdistan read projects submitted by the parliamentary blocs on the presidency of the region.

    It is noted that in the parliament session XVII, which was held last Tuesday, did not attend the communism and Turkmen blocs session and the Christian Democratic and Socialist, while the Democratic bloc Kurdistan pulled out of the session before the vote on the projects that have been submitted about the presidency of the region by the four parliamentary blocs, the Patriotic Union of Kurdistan (PUK) and the Movement for Change and assembly of the Islamic Union and the Islamic.

    The head of the Kurdistan region, Massoud Barzani, issued Saturday (June 13, 2015), a decree regionally to conduct a general election to choose a president of the Kurdistan region in the 20th of the month of August, with all concerned students to "take the necessary action all for the management of the electoral process is democratic and free."

    As in the Kurdistan region of the Supreme Commission for Elections Council decided not to conduct elections presidency of the region in the 20th of next August, he attributed the reason to the lack of sufficient budget as well as 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=

  6. #6

    Re: The Dinar Daily, Saturday July 4, 2015

    Iraqi Council of Representatives Hall (Archive)

    Parliament lifted its third meeting to tomorrow

    Long-Presse / Baghdad

    He raised the presidency of the Iraqi Council of Representatives, on Saturday, the third session of the first legislative term of the second legislative year to the day on Sunday, with the meeting witnessed the first and second readings of four bills.

    A parliamentary source said in an interview to the (long-Presse), "The Presidency of the Council of Representatives raised the third session of the first legislative term of the second legislative year, held today, chaired by Salim al-Jubouri and 218 deputies to attend on Sunday."

    The source, who asked not to be named, said: "Today's meeting saw the first reading of the draft law on ratification of the Republic of Iraq on the Statute of the Council of the Arab Peace and Security Act, and the first reading of the draft ratification loan Istisna'a and the law of ratification agency Istisna'a between the Government of the Republic of Iraq and the Islamic Bank for Development Convention Convention on the Law" .

    The source continued that "the Council read during the session the second reading of the draft law amending the Law on Compulsory insurance of motor vehicle accidents No. (52) for the year 1980, and the second reading of the draft Islamic Banking Act."

    The Iraqi Council of Representatives, it was announced on Saturday, it will be discussed during the third legislative term of its first second legislative year, which will be held today, the first and second readings of four bills. 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=

  7. #7

    Re: The Dinar Daily, Saturday July 4, 2015

    Relatives of Kuwaiti oil companies discuss ways to support the Government to facilitate its

    Tomorrow/Baghdad: Deputy Prime Minister
    received Bahaa Al-araji, a library official Baghdad delegation (Kuwait Energy) oil working in Iraq, to discuss government support for the company and to facilitate its work.

    Al-araji's Office said in a statement it had received "tomorrow", "Deputy Prime Minister received in his Office a delegation (Kuwait Energy) oil operating in Iraq, and another was discussed the work and achievements of the company, particularly in fields invested in Iraq and ways to support the Government in its work and remove impediments."

    During the meeting, Al-araji noted that "the Iraqi Government and Energy Committee is working in earnest to attract international companies specialized in discreet and energy to work in Iraq and Browning of the role of the private sector through the expertise of these companies."

    Delegation, said the company "gas project in the field of mansourieh mountain in Diyala, will begin after the security situation in the province, and is still continuing in the Basra governorate Saybah field and reach advanced stages after forward in 2011." %2F%25D8%25A7%25D9%2584%25D8%25A7%25D8%25B9%25D8%2 5B1%25D8%25AC%25D9%258A-%25D9%258A%25D8%25A8%25D8%25AD%25D8%25AB-%25D9%2585%25D8%25B9-%25D8%25B4%25D8%25B1%25D9%2583%25D8%25A9-%25D9%2586%25D9%2581%25D8%25B7%25D9%258A%25D8%25A9-%25D9%2583%25D9%2588%25D9%258A%25D8%25AA%25D9%258A %25D8%25A9-%25D8%25B3

  8. #8

    Re: The Dinar Daily, Saturday July 4, 2015

    Finance: The World Bank will lend Iraq $ 1.7 billion

    BAGHDAD / Baghdadi News / .. Ministry of Finance announced on Saturday, the determination of the World Bank to lend Iraq $ 1.7 billion, to support the development and reconstruction of the liberated areas of the organization Daash.

    A statement issued by the ministry, I followed / Baghdadi News /, "she discussed with Iraq's program director, Robert existence, the World Bank and a team of experts and specialists in the economy and implementation of development programs, plans and programs of the Bank to provide Iraq's humanitarian and development assistance and the proposed loan of $ 1.7 billion ".

    The statement added that "the loan will be divided into: billion as financing development policy loan, and $ 350 million for reconstruction and stability to the liberated areas of Daash, and $ 350 million for the project through Umm Qasr - Basra". It ended.

    : all of Iraq - Source: Baghdadi News

  9. #9

    Re: The Dinar Daily, Saturday July 4, 2015

    Rafidain Bank opens prospects for cooperation with Arab and international banks

    (Independent) .. Rafidain Bank stressed that the prospects banking cooperation with Arab and international banks contributes to increasing the volume of external banking transactions through the opening letters of credit and the issuance of letters of guarantee and hold foreign investment and remittances operations

    The general director of the bank on behalf of Kamal al-Hassani in a press release that the bank seeks to achieve further supporting the national economy Maousel achievements and keep up with him in the developed world banking systems.

    He noted that the establishment of a banking relationship with the countries of the world is an important step in terms of modern technology and a step in the direction of the development of the banking business and its comparison with banks abroad countries. (End)

    Entry Rafidain Bank opens prospects for cooperation with Arab and international banks first appeared on the independent press - Iraq News .

  10. #10

    Re: The Dinar Daily, Saturday July 4, 2015

    9.4 billion value of Zain Iraq on the first day of entering the stock market

    (Independent) ...
    the launch of the third generation (G3) earlier this year promising growth opportunities appear in Bgdadonht Zain Telecom Group all listing procedures and begin trading on the shares of the ring company - owner of the company was raised Telecom Iraq which operates under the Zain name, responsive all its obligations to regulators and on the telecommunications sector in Iraq.

    And it revealed the group in a press release I followed (Independent) that successful insertion process that has within two months notice, came in implementation of the Convention on the joint memorandum between both Almsahh ring Company (parent company raised Telecom Pvt Ltd, which operates under the Zain in Iraq and the media and communications Name Iraq and the Iraqi stock market and the Iraq Stock Exchange and the center of the Iraqi deposit.

    The group reported that the ring company actually began trading in its shares in the Iraqi market for securities starting from yesterday, and become open to public investment.

    She stated that Zain is working in Iraq since 2003 and has invested more than $ 5 billion so far, in the creation of basic infrastructure for mobile communications in all parts of Iraq, as they employ nearly 2500 Iraqi employees.

    Group indicated that in line with the terms and conditions of the operating license granted to the ring, the 25 percent of the shares were offered for sale in the market on the part of one of the founding shareholders, we have seen first day of trading buying and selling operations and the stock was 6.09 dinars rate after closing at the price of 5.99 dinars Iraqi, which unlike market value of the ring valued at 10.96 trillion Iraqi dinars ($ 9.4 billion).

    The chief executive of the Iraqi Stock Exchange market Taha Abdul Salam, said that the success of any economy depends on its ability to absorb employment and investment of the national capital and foreign, within the framework of joint-stock companies that increase capital formation to him, and the contribution of the private sector in GDP.

    He added that the establishment of companies and mechanism incorporated and traded in the stock market contribute to strengthen the economy, which is expected from the listing and trading of Telecom ring, which has a capital of one trillion and eight hundred billion dinars and has more than 500 contributor to it.

    For his part, Managing Director of the ring, Deputy Prime Zain Bader Nasser Al-Kharafi Group "management Padrajna said of the shares of the largest telecommunications company ring company in the Iraqi market, we may have a big step towards our commitments in the Iraqi market, which we have sought the enthusiastically to that offer real value in the Iraqi telecom sector. "

    Al-Kharafi expressed his happiness successfully insertion process and the start of trading on the ring, which has succeeded in applying the terms and conditions contained in their license agreement, thanking regulators, and regulatory bodies in Iraq, on the extreme professionalism throughout all stages of the listing process.

    And eighth-Kharafi support and transparency which the grandmother company through an end to the insertion process measures, noting that the company offers investors the opportunity to participate in one success of the leading telecommunications companies in Iraq and the Middle East, and crossing them toward the next phase of development and growth in this promising market.

    Al-Kharafi stressed that Zain Group will continue to provide support and support to the local management team in Iraq, in order to maintain the market leadership enjoyed by its operations in Iraq, and that this team carries with it the achievements of bus successes records.

    He said Al-Kharafi, the growing Zain in infrastructure to its network constantly investments, consolidates the leadership in the Iraqi market, noting that the successful launch of services third-generation (G3) earlier this year, demonstrates the strategic vision for the sector of the Iraqi communications, and is owned by the promising growth opportunities, to Despite the challenges of the security situation.

    Zain said it can for all who are interested in trading shares ring Company investors to do the procedures of purchase orders through contact any of the authorized dealers listed the Iraq Stock Exchange Stock Exchange. (End)

    Entry $ 9.4 billion value of Zain Iraq on the first day of entering the stock market first appeared on the independent press - Iraq News .

    : all of Iraq - the source: the independent press

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