The Dinar Daily, Monday July 6, 2015
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  1. #1

    The Dinar Daily, Monday July 6, 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 1290.296 1289.650
    British pound GBP 1818.377 1817.468
    Canadian dollar CAD -------- --------
    Swiss franc CHF 1227.627 1227.013
    Swedish krona SEK 138.595 138.526
    Norwegian krone NOK 146.707 146.634
    Danish krone DKK 172.953 172.867
    Japanese yen JPY 9.451 9.447
    Special
    Drawing Rights
    SDR 1631.630 1630.815

    Indicative rates - (as of) 05.07.2015 (no change as of 06/07/2015)


    http://www.cbi.iq/

    Currency Auctions

    Announcement No. (2989- most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 06/07/2015 results were as follows:

    DETAILS NOTES
    Number of banks 17
    Number of remittance companies 4
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 94,455,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 94,455,000
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 07-07-2015 at 10:29 AM.



  2. #2

    Re: The Dinar Daily, Monday July 6, 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, Monday July 6, 2015

    Central Bank praises the decision of the Federal Court declared unconstitutional additives on the Budget Law



    Long-Presse / Baghdad Praised the Governor of the Central Bank of Iraq on the Keywords, on Monday, the Federal Supreme Court's decision to accept the appeal submitted to the bank on the budget materials, as he emphasized that the resolution provides for the abolition of all additives by the House of Representatives on the state budget law.

    He said the Keywords in a statement received (range Press), a copy of it, that "the Central Bank of Iraq hails the decision of the Federal Supreme Court, today, the judge accepted the appeal filed on behalf of the Central Bank of Iraq."

    Keywords and added, "The decision provides for the abolition of all additives by the House of Representatives at the federal budget with respect to the functions of the Central Bank of Iraq Law".

    The Federal Supreme Court ruled on Monday (June 6, 2015), the unconstitutionality of some of the federal budget for the current 2015 materials, while confirming that the legislation was contrary to the constitution of the fact that these materials were not present in the original sender of the project from the government to the parliament.

    The governor of the Iraqi Central Bank on the Keywords announced, in (March 7, 2015), for an appeal to the Government to paragraph 50 of the financial budget law for the current year 2015, which require him to sell $ 75 million a day, and a description of this paragraph "Balgraybh and dangerous" being subject to the Central Bank government guidelines, and as he emphasized that the paragraph did not make clear in the first and second readings and "squeezed" at the last minute, the expectation that this matter resolved in favor of the central bank.

    The Iraqi Council of Representatives (the 29th of January acknowledged, 2015), the financial budget for the current 2015, in the amount of 119 trillion dinars, the equivalent of $ 117 billion, and a deficit of around 25 trillion dinars, or about 23 billion dollars, and calculates the price of a barrel Oil at $ 56 a barrel.


    http://www.almadapress.com/ar/news/51347/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D8%B4%D9%8A%D8%AF-%D8%A8%D9%82%D8%B1%D8%A7%D8%B1-%D8%A7%D9%84%D9%85%D8%AD%D9%83%D9%85%D8%A9-%D8%A7%D9%84

  4. #4

    Re: The Dinar Daily, Monday July 6, 2015

    Federal eliminate the unconstitutionality of some articles of the 2015 budget



    Long-Presse / Baghdad The Federal Supreme Court ruled on Monday, the unconstitutionality of some federal budget for the current 2015 materials, while confirming that the legislation was contrary to the constitution of the fact that these materials were not present in the original sender of the project from the government to the parliament.

    A spokesman for the federal judiciary Abdul Sattar Bayrakdar, in a statement received (range Press), a copy of which, "The Federal Supreme Court held today its plenary considered the Appeals declared unconstitutional a number of federal budget materials for 2015 made by each of the Chairman of the Board Ministers and central bank governor in addition to Ozivthma ".

    He Bayrakdar, "The impugned by the materials are all from Article (4) and Article (13/1 / c, e, f, g) and Article 41 and Article 46 and Article 47 and Article (49/2) and Article (50 ) and Article 55 of the law, and asked the referee to raise cigarettes a phrase from the inability of Article (33 / A), which states (and 300% on cigarettes and alcoholic beverages), "noting that" the Court also considered another stabbed in Article 43 of the same law made by the Prime Minister and Minister of Industry and Minerals in addition to Ozivthma ".

    He Bayrakdar, that "the court found that these materials were not present in the original sender of the project from the government to the House of Representatives," saying that it "has decided to rule the unconstitutionality of these materials because the House of Representatives has Pthariaha without returning to the government to take approval or project returns them for the purpose of considering the proposals. "

    He pointed Bayrakdar, that "the resolution stressed that the preparation of the budget is the prerogative of the Council of Ministers and in accordance with the principle of the separation of powers provided for in Article 47 of the Constitution," noting that "the court's decision was consistent with Article 80 / I of the Constitution, which states the jurisdiction of the Council of Ministers in the planning and implementation of public policy of the state, public plans, and supervising the work of ministries and departments not associated with the Ministry. "

    He Bayrakdar, that "The decision also came in line with Article 110 of the Constitution which granted federal authorities the power to draw financial policy, and customs, and issuing currency, organizing trade policy among regions and provinces in Iraq, and the development of the state budget, and formulating monetary policy and the establishment of the Central Bank, and his administration. "

    The governor of the Iraqi Central Bank on the Keywords announced, in (March 7, 2015), for an appeal to the Government to paragraph 50 of the financial budget law for the current year 2015, which require him to sell $ 75 million a day, and a description of this paragraph "Balgraybh and dangerous" being subject to the Central Bank government guidelines, and as he emphasized that the paragraph did not make clear in the first and second readings and "squeezed" at the last minute, the expectation that this matter resolved in favor of the central bank.

    The Iraqi Council of Representatives (the 29th of January acknowledged, 2015), the financial budget for the current 2015, in the amount of 119 trillion dinars, the equivalent of $ 117 billion, and a deficit of around 25 trillion dinars, or about 23 billion dollars, and calculates the price of a barrel Oil at $ 56 a barrel.

    http://www.almadapress.com/ar/news/51346/%D8%A7%D9%84%D8%A7%D8%AA%D8%AD%D8%A7%D8%AF%D9%8A%D 8%A9-%D8%AA%D9%82%D8%B6%D9%8A-%D8%A8%D8%B9%D8%AF%D9%85-%D8%AF%D8%B3%D8%AA%D9%88%D8%B1%D9%8A%D8%A9-%D8%A8%D8%B9%D8%B6-%D9%85%D9%88%D8%A7

  5. #5

    Re: The Dinar Daily, Monday July 6, 2015

    Talabani's party start meeting to respond to the proposal to extend the mandate Barzani



    Long-Presse / Sulaymaniyah Began shortly before the political bureau of the Patriotic Union of Kurdistan (PUK) meeting, a discussion on the Kurdistan Aldemcrdoa Party's proposal on the constitution and the file extension of the mandate of the President of Kurdistan, Massoud Barzani, for two years.

    The official spokesman of the political bureau of the Patriotic Union of Kurdistan Emad Ahmed said in an interview to the (long-Presse), that "the political bureau of the Patriotic Union of Kurdistan (PUK) meeting chaired by Deputy Secretary-General of the Federation Kosirt contract Rasul Ali to discuss the Kurdistan Democratic Party's proposal on the extension of the presidency of Massoud Barzani to the end of the session the current parliamentary (for two years). "

    Ahmed added that "After the meeting we will respond to the Kurdistan Democratic Party formally proposed."

    The Patriotic Union of Kurdistan revealed, on Sunday, (July 5, 2015), a proposal made by the Kurdistan Democratic Party to extend the mandate of President of the Kurdistan region Massoud Barzani for two years, and said he would discuss the proposal within today's meeting Sunday, as pointed out he would respond to the proposed officially.

    The head of the Kurdistan Regional Government Nechirvan Barzani stressed, on Sunday, the Kurdistan Democratic Party agreement with the Patriotic Union of Kurdistan on the democratic parliamentary system in the Kurdistan region, and stressed that there are different views on the details, and with ready the party for dialogue on re-writing the constitution showed, Deputy Secretary General of the Patriotic Union of Kurdistan, Barham Salih, to the need to continue meetings to serve the people of Kurdistan.

    And the holding of the Kurdistan Democratic Party delegation headed by Chairman of the provincial government, on Sunday, (July 5, 2015), a meeting with the Patriotic Union of Kurdistan headquarters city of Sulaimaniya to discuss the presidency of the Kurdistan region and the issue of the Constitution.

    The head of the Kurdistan Regional Government Nechirvan Barzani, speaking on condition during a press conference, on Saturday (July 4, 2015), on the sidelines of a meeting with a delegation from the Kurdistan Islamic Union, compatibility between the Kurdish political parties to resolve the issue of the Constitution and the presidency of the region away from the "narrow prejudices" He thanked the Kurdistan Islamic Union for machined link between the Kurdish parties, with the Islamic Union confirmed the meetings between the Kurdish parties until a satisfactory solution for all 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, "a threat to the consensus 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 on 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 in a 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.

    http://www.almadapress.com/ar/news/51345/%D8%A8%D8%AF%D8%A1-%D8%A7%D8%AC%D8%AA%D9%85%D8%A7%D8%B9-%D8%AD%D8%B2%D8%A8-%D8%A7%D9%84%D8%B7%D8%A7%D9%84%D8%A8%D8%A7%D9%86%D 9%8A-%D9%84%D9%84%D8%B1%D8%AF-%D8%B9%D9%84%D9%89-%D9%85

  6. #6

    Re: The Dinar Daily, Monday July 6, 2015

    Karbala get a European grant of $ 540 million for projects carried out by German companies



    Long-Presse / Karbala Karbala Governorate Council announced on Monday, for receiving a European grant of $ 540 million will be allocated for the implementation of humanitarian and service projects, and as he emphasized that German companies will implement these projects, indicated company (bbabc) German to it arise coefficient of building ready and the industry of aluminum and plastic in Karbala.

    He said the Karbala Provincial Council member Jassim al-Maliki, in an interview with the (long-Presse), that "Karbala got worth a European grant of $ 540 million, or the equivalent of 600 billion Iraqi dinars will be allocated for the implementation of humanitarian and service projects are direct them soon," noting that "the company ( bbabc) Germany will open an account in the Trade Bank of Iraq and the projects are implemented and funded without government Karbala receive any amount of the grant. "

    Maliki said that "110 billion dinars of the grant will be allocated to electricity projects and the amount of 85 billion dinars for water and sanitation projects, and projects Health 105 billion dinars, in what would be the share of schools 125 billion dinars, and the housing 165 billion dinars, as well as funds for social welfare projects," noting that "it was agreed that the introduction of German companies for the implementation of these projects will facilitate the Government of Karbala on all its requirements and overcome the obstacles they face."

    For his part, President of the Board of Directors of the company (bbabc) German Olaf Schnur, in the event (range Press), "The EU grant was shown on all of Iraq's provinces, but that was the forerunner of Karbala launched projects concerning the aspects of interest to the company."

    Schnur said that "the company will implement a number of projects such as the establishment in Karbala coefficient of building ready and aluminum and plastic industry and the introduction of engineering and technical cadres from outside Iraq, with the use of Iraqi Bmlakat".

    And suffers a shortage in the province of Karbala municipal, health and educational services projects despite the large number of financial allocations granted to her over the past years by the central government, while the administration was forced this year to stop the existing projects due to the financial crisis and the lack of allocations did not open any new projects,

    http://www.almadapress.com/ar/news/51334/%D9%83%D8%B1%D8%A8%D9%84%D8%A7%D8%A1-%D8%AA%D8%AD%D8%B5%D9%84-%D8%B9%D9%84%D9%89-%D9%85%D9%86%D8%AD%D8%A9-%D8%A3%D9%88%D8%B1%D9%88%D8%A8%D9%8A%D8%A9-%D8%A8%D9%82%D9%8A%D9%85%D8%A9-

  7. #7

    Re: The Dinar Daily, Monday July 6, 2015

    Peshmerga retake Kirkuk village in surprise attack



    KIRKUK, Kurdistan Region—Kurdish Peshmerga forces recaptured a village from the Islamic State (ISIS) south of Kirkuk in the early hours of Monday, Kirkuk police chief said.

    Brig. Sarhad Qadir told Rudaw that the Peshmerga attacked ISIS positions in Mura Gawra in the dark of night, capturing the village and killing 14 militants.

    Qadir added that the surrounding areas were also cleared of ISIS control.

    “The ISIS militants were totally defeated by this Peshmerga attack,” Qadir added.

    According to Qadir, a group of ISIS militants relaunched a counterattack against the Peshmerga, “but they were hit back and weren’t able to retake any territory,”

    The Kurdish Peshmerga took control of Kirkuk last summer shortly after ISIS captured Mosul from the Iraqi army. Since then they have fought some of their fiercest battles with the radical group south of the city.

    http://rudaw.net/english/kurdistan/06072015

  8. #8

    Re: The Dinar Daily, Monday July 6, 2015

    Federal Court decides the unconstitutionality of Article 43 of the 2015 budget for granting brand



    (Independent) .. Federal Supreme Court decided to rule the unconstitutionality of Article 43 of the own brand of the general budget, stressing that the legislation was unconstitutional format.
    The judge said Abdul Sattar Bayrakdar the official spokesman for the federal judiciary that "the Federal Supreme Court heard an appeal in Article 43 of the brand for granting budget."
    Bayraktar said that "the appeal made by the Prime Minister and the Minister of Industry and Minerals in addition to Ozivthma."
    He explained that "the court found that the article were not present at the origin of the sender of the project from the government to the House of Representatives."
    Bayrakdar and added that he "decided to rule unconstitutional article; because the House of Representatives has Pthariaha without returning to the government to take its approval of the project or return them for the purpose of considering the proposals."
    It was to be "the resolution stressed that the preparation of the budget is the prerogative of the Council of Ministers and in accordance with the principle of the separation of powers provided for in Article 47 of the Constitution."
    Bayrakdar and that "the court's decision was consistent with Article 80 / I of the Constitution which provides for the competence of the Council of Ministers in the planning and implementation of public policy of the state, public plans, and supervising the work of ministries and departments not associated with the Ministry."
    Fuller said, "The decision came in line also with Article 110 of the Constitution which granted federal authorities the power to draw financial policy, and customs, and issuing currency, organizing trade policy among regions and provinces in Iraq, and the development of the state budget, and formulating monetary policy and the establishment of the Central Bank, and his administration ".

    http://translate.google.com/translat...ws/163489.html

  9. #9

    Re: The Dinar Daily, Monday July 6, 2015

    Union of Forces: no alternative to al-Jubouri, the presidency of the parliament



    (Independent) .. Description Iraqi forces union said in a statement today; what is leaking through the websites "exotic" about the intentions change Ribs Parliament Saleem al-Jubouri that carries no credibility.
    The statement stressed that the selection of al-Jubouri, the chairman of the parliament did not arbitrarily or elated but ruled the current phase conditions and challenges faced by Iraq in general and the year in particular.
    The statement stressed the need for the unity of the Sunni grade imposes on everyone not to be dragged behind the representatives and supporters of foreign agendas that do not want to ruin the country Sawa and do not want the Sunnis Sawa undergo Alersouh and under the control of the terrorist organization Daash.
    He warned the Iraqi Union of Forces against attempts to fragmentation and division and to weaken the Sunni component in Iraq for the purposes of personal and regional interests.
    http://translate.google.com/translat...ws/163489.html

  10. #10

    Re: The Dinar Daily, Monday July 6, 2015

    Federal Court cancels decision to exclude MP Mishan al-Jubouri



    (Independent) .. canceled Federal Supreme Court decision to exclude MP Mishan Rakkad Jubouri, stressing that the issuance of such decisions need to vote two-thirds of the members of the House of Representatives, pointing out that it did not address the subject of Is that the certificate is forged or counterfeit need to achieve in the House of Representatives, according the Constitution.
    Judge Abdul Sattar Bayrakdar spokesman for the federal judiciary, said that "the Supreme Federal Court decision to exclude promised MP Mishan al-Jubouri Rakkad unconstitutional for violating the provisions of Article 52 of the Constitution."
    He said, "The court stressed in its decision that its terms of reference to consider the health of the federal authorities, including the procedures for the House of Representatives proceedings".
    He explained that "in accordance with the decision to exclude the deputy of invalidity of membership need to vote two-thirds of the members of the House of Representatives." (End)

    http://translate.google.com/translat...ws/163489.html

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