The Dinar Daily, Tuesday July 7, 2015
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  1. #1

    The Dinar Daily, Tuesday July 7, 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 1283.533 1282.891
    British pound GBP 1814.063 1813.156
    Canadian dollar CAD 923.491 923.029
    Swiss franc CHF 1233.210 1232.593
    Swedish krona SEK 137.612 137.543
    Norwegian krone NOK 144.063 149.991
    Danish krone DKK 172.032 171.946
    Japanese yen JPY 9.514 9.510
    Special
    Drawing Rights
    SDR 1629.951 1629.136

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


    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: (no change as of 07/07/2015)

    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; 07-08-2015 at 11:20 AM.



  2. #2

    Re: The Dinar Daily, Tuesday July 7, 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, Tuesday July 7, 2015

    To the Committee on Energy agree to set up investment in Maysan station with a capacity of 1000 MW



    Follow-up - and babysit - approved of the Energy Committee in the Council of Ministers, on Tuesday, to set up investment in Maysan station with a capacity of 1000 MW, Fimaahalt the subject of the Ministry of Electricity contracts staff to the Legal Department of the General Secretariat of the Council of Ministers.

    The committee said in a statement received news agency public opinion (and babysit) a copy of it on the sidelines of the tenth meeting of the Energy Committee in the Council of Ministers, "it was approved the request of the Ministry of Electricity to establish an investment station in Maysan province, with a capacity of Faculty of 1000 MW."

    She said the Commission that it "has also decided to refer the subject of the Ministry of Electricity contracts staff to the Legal Department of the General Secretariat of the Council of Ministers to provide an opinion that will ensure the rights of contractors and transferred to employees in accordance with the law of the budget for 2015 and financial possibilities available to the public budget."

    http://alrayy.com/146592.htm

  4. #4

    Re: The Dinar Daily, Tuesday July 7, 2015

    Keywords: challenge the federal budget to determine currency auction sales supports the independence of the Central Bank



    Follow up and babysit - counting the Governor of the Central Bank of Iraq and the Agency on the Keywords, the Federal Court to accept the appeal in private financial budget law materials Bank as "supports the independence of the Bank and deported to influence its policies and decisions."

    Keywords and said in a press release, "The foreign currency sales (the dollar) is not an option and are not the business process or coverage of the activities of a commercial, but is in the Iraqi situation, as is the case in countries which controls the export of foreign currency and a monopoly by virtue of the nature of its oil resources such as States, the process of replacing the existing Iraqi dinar to the dollar in trading in order to provide the Ministry of Finance dinar against the dollar, which is received by oil sales, which do not need even need the Iraqi dinar to finance the general budget. "

    Keywords and added that "determining the dollar sales ceiling means the result determine the amount of the taxpayer dinar general budget," explaining that "in the case of specifically taking, as stated in the General Budget Law, it means a shortage and a large decrease in the amount required to cover the budget expenditures of the dinar."

    And that "if the central bank sold $ 75 million a day as set out in the budget law, it means that the central bank will sell annually the equivalent of almost 22 trillion dinars, while operating expenses (JD) about 70 trillion dinars."

    He explained Keywords, that "this fact is clear to many who call invitations determine the dollar sales ceiling, as well as a lack of understanding the role of the central bank and its mission to stabilize the exchange rate and public prices, which require high and persistent in the quantities sold by the bank flexibility."

    He pointed out that "there is a big difference in the exchange rate between the official rate and the parallel market price is paid by the citizen and the economy, investment and hurt huge profits in the pockets of greedy and malicious, and can not curb all this only to control the quantities beyond a shadow of those dangerous phenomena."

    Keywords He continued that "the Federal Supreme Court's decision to accept the appeal submitted by the Central Bank in the materials, which included limitations and orders to the bank, came accordance with the Constitution and the law of the central bank," saying the court's decision "constitutes a great importance because of its impact in promoting and supporting the independence of the Central Bank and the dimensions to influence policies and decisions, and this independence is not a matter of form but is the basis of the requirement to enable the central bank to achieve its tasks, particularly in monetary policy by the diversity of nature on the tools and flexibility orientations. "

    http://alrayy.com/146589.htm

  5. #5

    Re: The Dinar Daily, Tuesday July 7, 2015

    Planning: We seek to feminine project plan for 30% of the 2016 budget



    Baghdad and babysit - The Ministry of Planning, Tuesday, to the quest for feminine projects plan to 30% in the 2016 budget, noting that it has prepared a working paper represents the proposed mechanism to move the subject of payment on credit.

    Said Undersecretary for Technical Affairs Maher Hammad Johan in a statement that "public opinion" has received a copy of it, that "the ministry and in the framework of the table the final discussions with the implementing agencies for projects to develop the final framework of the priorities and limbering be achieved, seeking to reducing its plan to at least 30 percent whether to postpone or lifting of the plan for the ministries and provinces, "noting" the range of solutions to address the problems arising from the financial crisis between the different contracting parties and seek to obtain the approval of higher authorities related to financial adjustments and settlement of letters of various security issues develop. "

    He said Johan "These discussions are part of the recommendations made by the special rearrangement of investment expenditure by priority ministerial committee", adding that "investment projects discussions with the concerned parties come to agree on the specific point of priorities about final down to reducing its investment plan as much as possible and in line with the financial situation the country is going through and the continuing decline in oil prices, which reflected negatively on the revenue earned from it. "

    He Johan "The projects that will be discussions during the first half of the month of July of this include the provincial development projects at a rate of two provinces a day as well as all ministries and projects, calling on all ministries and departments not associated with the Ministry and folders to" take into account the current circumstances through which Iraq and be projects submitted are most important maximum. "

    http://alrayy.com/146584.htm

  6. #6

    Re: The Dinar Daily, Tuesday July 7, 2015

    Start planning the investment budget projects for the year 2016 discussions



    (Independent) .. began in the Ministry of Planning in the first of July of this extensive and exhaustive discussions with all ministries and departments not associated with the Ministry and the provinces to discuss the proposed investment plans for 2016

    Said Undersecretary for Technical Affairs Maher Hammad Johan that these discussions will come within the framework of the recommendations made by the special rearrangement of investment expenditure ministerial committee in order of priority, as well as the outcome of the workshop held by the Ministry of Planning and the end of the month of May .. indicating that the re-prioritization of projects will be based on importance of the project in light of the current economic conditions and the postponement of the least important projects ..

    Johan said that the ministry had prepared a mechanism for the implementation of investment projects in the light of the current crisis, which turned out to recommendations by the General Secretariat of the Council of Ministers and the board of advisors.

    He added that investment projects discussions with the concerned parties come to agree on the specific point about priorities final down to reducing its investment plan as much as possible and in line with the financial situation the country is going through and the continuing decline in oil prices, which reflected negatively on the revenues accruing from it ..

    He noted that the projects to be agreed upon will serve as the first step in preparation of the proposed investment budget for the next year in 2016 after the establishment of the Ministry of Finance determine the financial ceilings for these projects and identify projects that will stop and those that will be postponed or removed to reduce the financial obligations to the state budget

    He also noted Johan that the ministry and in the framework of the table the final discussions with the implementing agencies for projects to develop the final framework of the priorities and limbering be achieved as hoped feminine plan to at least 30 percent either postpone or lifting of the plan for the ministries and provinces .. revealing at the same time

    The ministry developed by a range of solutions to address the problems arising from the financial crisis between the different contracting parties and seek to obtain the approval of higher authorities related to financial adjustments and the settlement of various issues letters of guarantee

    He said the projects being discussions during the first half of the month of July of this include the provincial development projects and daily rate of two provinces as well as the agricultural sector projects of the ministries of agriculture, water resources, science and technology, higher education and scientific research ..

    He added: The industrial sector projects which are to discuss projects submitted by the ministries of industry, electricity and oil ..

    The transport and communications ministries ages and different formations and the Ministry of Communications and the secretariat of Baghdad and the Ministry of Justice, Interior, Defence and Planning and the Ministries of projects sector projects include as well as the Iraqi Media Network and the Ministry of Trade and the Ministry of Municipalities Public Works and Shiite Waqf

    The agent pointed out that the discussion of buildings and service sector projects will be earmarked for projects and ministries of reconstruction, education, culture, labor and tourism, Office of Financial Supervision and the Sunni Endowment, the Ministry of Justice and the Supreme Judicial Council and the presidents, ministers and the General Secretariat of the Council of Ministers and the intelligence service and the Supreme Commission for Elections .. as well as the Ministry of Defence Shiite Waqf projects and endowments Christian and Yazidi and Sabean Mandaean and the House of Wisdom religions and scientific complex of Iraq, as well as the Ministry of Commerce and the Foundation of the martyrs and political prisoners and the House of Representatives and the Ministry of Justice and the Ministry of Youth and Sports and the financial and Olympic Committee and the Ministry of Displacement and Migration projects and the board of Integrity Foreign Affairs, Health and Planning and the Ministry of

    He pointed out that the buildings sector projects discussions include discussion of internal projects and the board of the Securities and Science and Technology and the Ministry of Environment and the National Security Council and the Ministry of Higher Education and municipalities .. calling on all ministries and departments not associated with the Ministry and folders to take into account the current circumstances through which Iraq and be projects submitted characterized the utmost importance

    He concluded, Undersecretary of the Ministry of Planning by saying that the ministry has prepared a working paper represents the proposed mechanism to move the subject of payment on credit and to address the higher authorities to Drjha about urgent in its agenda and work to activate this mechanism in accordance with Article (26) of the state budget for the 2015 law and that helps to activate the economic movement of the country .. pointing out that this mechanism is a proposals to key stakeholders sectoral namely the Ministry of Finance and the Central Bank of Iraq and the board of advisers .. directed urgent call for the authorities to approve the mechanism proposed by the Ministry of Planning to work on the implementation of moving the market wheel facing many problems

    Entry start planning the investment budget projects for the year 2016 discussions first appeared on the independent press - Iraq News .
    : all of Iraq - the source: the independent press

    http://www.kululiraq.com/?p=301234
    Last edited by pinkadonai1; 07-07-2015 at 11:20 AM.

  7. #7

    Re: The Dinar Daily, Tuesday July 7, 2015

    Keywords: abolition of additives on the budget law strengthens the independence of the central bank and can diversify monetary tools



    Long-Presse / Baghdad
    Counting the Iraqi Central Bank, on Monday, that the acceptance of the Federal Court appeal lodged by the budget law, promotes independence and allows it to diversify its monetary policy and flexible orientation tools, noting that sales of the dollar aims to provide the Ministry of Finance dinar you need to finance the budget, and to achieve stability of exchange rates General and prices, and to ensure that citizens and the economy, investment and banditry on the "greedy and malicious."
    The governor of the Iraqi Central Bank and the Agency, on the Keywords, in a statement received (long-Presse) a copy of it, that "the Federal Supreme Court's decision to accept the appeal submitted by the Central Bank in the materials, which included limitations and orders to the bank, came accordance with the Constitution and the law of the Central Bank", He returned to "The court's decision involves a great importance because of its impact in strengthening the independence of the central bank and support, and its dimensions to influence policies and decisions."
    Added Keywords, that "independence is not a matter of form, but the basis of the requirement to enable the central bank to achieve its tasks, particularly in monetary policy that are inherently the diversity of tools and flexibility orientation", noting that "the general budget law governing fiscal policy in spending and annual revenue which is we must be specific to the items contained in it by virtue of the nature of the resource and expenditure management. "
    Said Governor of the Central Bank and the Agency, that "monetary policy is totally different from fiscal policy, where it is normal mobility and flexibility and to deal with changes in the economic situation and the situation of the market," pointing out that it "did not happen in countries that follow the market system to be budget law specific and directed and constrained by the policy of the central bank, or even in the other because it loses its role as the central bank and took away his tools used to create balance and access to achieve the goals that move the market movement and the economic situation and cases of inflation and recession and others. "
    Keywords said, that those "movements occur on an ongoing basis and sometimes daily, in the neighborhood of the budget is valid for one year the law," adding that it "makes it real and restrictions tied monetary policy and this reverse their role and nature."
    And on foreign currency sales (the dollar), he saw the Governor of the Central Bank and the Agency, that those "Sales is not an option of choice, or a business process or coverage of the activities of a commercial, but is in the Iraqi situation and as it is in countries that control the export and the monopoly of foreign currency by the nature of their resources , oil such as States, "stressing that" the process of replacing the existing Iraqi dinar to the dollar in trading, is to provide the Ministry of Finance dinar against the dollar, which is received by oil sales, which do not need, but you need to the Iraqi dinar to finance the general budget. "
    He continued Keywords, that "determining the dollar sales ceiling means the result determine the amount of the taxpayer dinar public budget", Msttrda that in "case specifically taking, as stated in the General Budget Law, means a shortage and a large decrease in the amount required to cover the budget expenditures of the dinar."
    He went Governor of the Central Bank and the agency, explaining if "sold the central bank $ 75 million a day, as contained in the budget law, it means that the central bank will sell annually the equivalent of 22 trillion dinars, almost, while operating expenses, dinars, about 70 trillion dinars. "
    Keywords He said this "The truth is clear to many who call invitations determine the dollar sales ceiling, as well as lack of awareness of the role of the central bank and its mission to stabilize the exchange rate and public prices that require high and continuous flexibility in the quantities sold by the bank, because there is a big difference in price exchange between the official rate and the parallel market, price is paid by the citizen and the economy, investment and hurt huge profits in the pockets of greedy and malicious. "
    Keywords concluded, that "curb all this will be only to control the quantities beyond a shadow of those dangerous phenomena," according to his statement.
    The Federal Supreme Court has ruled, earlier on Monday, the unconstitutionality of some of the federal budget materials for the current year 2015, stressing 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 Keywords, may also praised today the Federal Supreme Court's decision to accept the appeal submitted to the bank on the budget materials, stressing that the resolution provides for the abolition of all additives by the House of Representatives on the state budget law.
    The Governor of the Central Bank of Iraq and the Agency, announced, in (the seventh of March 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" as a subject Central Bank of the orientations of the government, and while counting, that 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 about 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/5...82%D8%A7%D9%86

  8. #8

    Re: The Dinar Daily, Tuesday July 7, 2015

    The Energy Committee of the Cabinet agree to the establishment of an investment station in Maysan



    Long-Presse / Baghdad
    Announced that the Committee on Energy Affairs of the Iraqi Council of Ministers, on Tuesday, its approval of the request of the Ministry of Electricity to establish an investment station in Maysan province, with a capacity of Faculty of 1000 MW, and as decided to refer the subject of the Ministry of Electricity contracts staff to the Legal Department of the General Secretariat of the Council of Ministers to issue an opinion on them, it looked water flows to the Tigris and Euphrates crisis and ways to end it.
    Deputy Prime Minister for Energy, Bahaa al-Araji in a statement received (range Press), a copy of it, on the sidelines of the Tenth Meeting of the Committee on Energy Affairs, said that "the Commission has taken during the meeting, several resolutions related to the sectors of oil, electricity, and discuss the water flows of the Euphrates and Tigris rivers and find ways to crisis termination as soon as possible. "
    Araji said that "the Commission to refer the subject of the Ministry of Electricity contracts staff to the Legal Department of the General Secretariat of the Council of Ministers to provide an opinion that will ensure the rights of contractors and transferred to employees in accordance with the law of the budget for 2015 and financial possibilities available to the public budget," noting that "the Commission approved the request of the Ministry of Electricity the establishment of an investment station in Maysan province, with a capacity of Faculty of 1000 MW. "
    And chairs the Committee on Energy Affairs in the Council of Ministers, Deputy Mr. Bahaa al-Araji, the Prime Minister and members include both the ministers of oil, electricity, higher education and scientific research, water resources and the environment.


    http://www.almadapress.com/ar/news/5...B9%D9%84%D9%89

  9. #9

    Re: The Dinar Daily, Tuesday July 7, 2015

    The governor of Dhi Qar, demanding the inclusion of industrial investment projects within the city



    Long-Presse / Dhi Qar
    Demanded the governor of Dhi Qar, Yahya Mohammed Baqir al-Nasseri, on Tuesday, the inclusion of the city with industrial Qar within the investment projects and not to wait until the adoption of the industrial cities law by the House of Representatives, predicted delay in adoption of the law for two years Mqubltin, as he emphasized the possibility of developing the industrial and economic sectors through investment city Industrial.
    Said Yahya Mohammed Baqir al-Nassiri said in a statement received (long-Presse) a copy of it, that "the administration of the province demanded that be a city of Dhi Qar, industrial within the investment projects and not subject to the law of industrial cities which did not begin until now by the House of Representatives despite the passage of several years of draft law to the Council mentioned. "
    He predicted the Nazarene "Disable the adoption of industrial estates law for more than two years Mqubltin which hinder the work in the industrial city caused by depriving the province of its potential economic capabilities," pointing out that "the administration of the province need to be wider to enable the Department of Industry City file administrative powers, and must be included in the project investment. "
    Nazareth and continued that "the administration of the province worked in coordination with the Ministry of Industry and the Council of Ministers to speed up the employment of the economic potential in the industrial city," noting that "a committee of directors-general in the Ministry of Industry visited the province of Dhi Qar recently to assess the reality of the industrial city, and the other committees of the administration of the province provided Several studies about the industrial city earlier, but the situation is still disabled. "
    He stressed the need of Nazareth, "the city administration properly serve the economic sector in the province," calling to "accelerate and take advantage of the great potential in the industrial city for the development of investment and industrial development, economic and job opportunities for graduates and unemployed sector."
    He pointed out the governor of Dhi Qar to be "operational capabilities of the industrial city available within the first phase has made many foreign companies to invest in the industrial city," explaining that "the administration of the province has allocated large areas for the establishment of the industrial city and the Ministry of Industry has spent big money for the construction of facilities within the work of the first phase furnished with electricity. "
    He was the governor of Dhi Qar, Yahya Mohammed Baqir al-Nasseri called on Tuesday (12 May 2015) to accelerate the adoption of industrial estates law before the House of Representatives four years ago, and as he emphasized that delay in approving the law caused disable investment city with industrial Qar measures, he noted that a group of companies Chinese government made a bid for the establishment of industrial factories and laboratories to accommodate tens of thousands of manpower.
    Industrial city consists in Dhi Qar that have been implemented on an area of ​​2,000 dunums of four industrial zones, two for light industry and two medium-sized industries are equipped with all necessary for the establishment of factories services have been allocated 62 billion dinars for the work of the first and second phases of the implementation of the industrial city.


    http://www.almadapress.com/ar/news/5...6%D8%A9-%D8%A7

  10. #10

    Re: The Dinar Daily, Tuesday July 7, 2015

    Parliament stop questioning the governor of Najaf procedures



    Long-Presse / Najaf
    Fidelity revealed in the House of Najaf province, on Tuesday, for the receipt of a letter from the Iraqi Council of Representatives demanded by the Najaf provincial council to wait question the governor Adnan al-Zurfi proceedings pending the outcome of his request.
    The head of Fidelity Radwan Canadian, which belongs to the governor of Najaf, in an interview to the (long-Presse), "The provincial council received a letter from the House Legal Committee, asking him to wait question the governor Adnan al-Zurfi procedures for pending his request to dissolve the province of Najaf."
    He said the Canadian, "The Legal Committee emphasized that the request to dissolve the council by the governor history came before the date of the Board's request to question the governor."
    The Fidelity announced in the House of Najaf on Tuesday for its withdrawal from allocated to question the governor Adnan al-Zurfi session to protest the contract, despite his absence as "a legitimate excuse," while the mass of citizens promised that his absence was "unjustified".
    The mass of the citizen of the Supreme Council of the Islamic Council in the province of Najaf confirmed, in (July 5, 2015), the governor of Najaf, Adnan Zurfi Council told not to attend the questioning session, as pointed out that the Council questioned him past.
    The governor of Najaf, Adnan Zurfi revealed in (the first of July of this) for receiving the interrogation questions, stressing that he had to submit a request to the Council to resolve the Iraqi parliament.


    http://www.almadapress.com/ar/news/5...A7%D9%81%D8%B8

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