The Dinar Daily, Wednesday, July 8, 2015
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  1. #1

    The Dinar Daily, Wednesday, July 8, 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 1274.555 1273.917
    British pound GBP 1802.519 1801.618
    Canadian dollar CAD 915.228 914.770
    Swiss franc CHF 1229.439 1228.824
    Swedish krona SEK 137.291 137.223
    Norwegian krone NOK 141.885 141.814
    Danish krone DKK 170.820 170.735
    Japanese yen JPY 9.503 9.498
    Special
    Drawing Rights
    SDR 1626.500 1625.687

    Indicative rates - (as of) 08.07.2015


    http://www.cbi.iq/

    Currency Auctions

    Announcement No. (2990- most recent listing)

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

    DETAILS NOTES
    Number of banks 21
    Number of remittance companies 7
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 225,115,111
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 225,115,111
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 07-09-2015 at 11:18 AM.



  2. #2

    Re: The Dinar Daily, Wednesday, July 8, 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, Wednesday, July 8, 2015

    Barzani up to Kirkuk and hold a meeting with the governor and leaders of security



    Long-Presse / Kirkuk The president of the Kurdistan region of Iraq, Massoud Barzani, on Wednesday, to the province of Kirkuk, in a meeting with the Governor Necmettin cream and Minister of Peshmerga and security leaders to discuss many issues.

    A reporter (range Press), said that, the President of Iraqi Kurdistan, Massoud Barzani, arrived at noon today, to the province of Kirkuk in a surprise visit was not announced in advance, "noting that" the governor of Kirkuk, Najm al-Din Karim, was greeted by Barzani in the leadership of the 70 forces headquarters Peshmerga forces. "

    The correspondent added that, Barzani held upon his arrival in a meeting with the governor of Kirkuk, and leaders of the Peshmerga forces in the presence of the Minister of Peshmerga Mustafa Sayid Qadir and the commander of the Kirkuk police Major General Jamal Taher and the leaders of military themes and ordered 70 troops and a number of security leaders, "adding that" the meeting discussed security developments in Kirkuk and war against al (Daash).

    The unit security tension in Kirkuk rose, after gunmen seized control of (Daash) on areas in Hawija and the areas of Riyadh and Abbasi and Zab as well as al-Bashir village, which lies on the outskirts of the city, after seizing the Mosul, Nineveh province, (405 km north of Baghdad) , in (the tenth of June 2014), and the repeated attacks by the organization on the outskirts of the city in order to storm it

    http://www.almadapress.com/ar/news/51469/%D8%A7%D9%84%D8%A8%D8%A7%D8%B1%D8%B2%D8%A7%D9%86%D 9%8A-%D9%8A%D8%B5%D9%84-%D8%A5%D9%84%D9%89-%D9%83%D8%B1%D9%83%D9%88%D9%83-%D9%88%D9%8A%D8%B9%D9%82%D8%AF-%D8%A7%D8%AC%D8%AA%D9%85%D8%A7

  4. #4

    Re: The Dinar Daily, Wednesday, July 8, 2015

    Anbar Council held the first consultative conference in Sulaimaniyah to help the displaced and volunteering to expel (Daash)



    Long-Presse / Sulaymaniyah Contract Anbar Provincial Council, overnight Tuesday, the first consultative conference in the province of Sulaymaniyah in the presence of the heads of tribes and elders of Anbar, for the delivery of aid to the displaced people of the people of the province, and with The head of the Anbar province morning Krhot, the need to encourage young people to volunteer in the police and military forces to drive out the elements of the organization (Daash) of the province, he thanked the management Sulaimaniyah province to help in the transfer of the ration card items for the displaced.

    Morning Krhot said in an interview with a number of media, including (range Press), on the sidelines of the first consultative conference of Anbar province, the Council of the city of Sulaimaniya, "The conference discussed how to find appropriate formulas to alleviate the burden of Anbar sons of displaced people in Sulaimaniya and the transfer of quota vocabulary for places close of residence, according to agents ration. "

    Krhot He added that he "came to emphasize during the conference on the need for young Anbari pushing and encouraged to volunteer in the ranks of the police and army for the liberation of the province of terrorists and cleared of Conception organization (Daash)", pointing out that he "also has been agreed with tribal leaders to encourage young people Mutawa'een all in the ranks of the police to return to their duty stations as in the past in order to be imprisoned in the training sessions after US forces opened training camps in Anbar province as a step towards intensifying efforts for the return of all displaced people to their wallets. "

    And gave Krhot, thanks and appreciation "to the Government of Sulaymaniyah and departments for their position fraternal embrace the displaced people of Anbar since the year and a half so far and to provide the many for the convenience of those families facilities, has formed several committees to implement the project transfer ration which we referred to the vocabulary," pointing out that "began the Ministry of Commerce Iraqi transfer Hacbadtha own materials ration here in Sulaymaniyah in order to stroll and spend that vocabulary to the displaced people of Anbar. "

    He Krhot that "we started field visits to areas of the displaced live in Chamchamal and Rania and Kalar and arabized and other areas and we will over the next week travel to the provinces of Arbil and Dohuk for the same purpose, and look at the situation of our brothers and their families of the displaced people of Anbar and listen to their problems and complaints in this regard and we are trying to solve all their problems and their needs ".

    Krhot and continued that "the Anbar Provincial Council form a specialized committee to help the displaced and to facilitate various transactions and grant one million dinars granted to some families and some of them did not receive it until now, and how to deliver other aid and demanded to increase aid and support from the relevant ministries."

    The conference was attended by representatives from the Ministries of Trade and Displacement and Migration and representatives of civil society organizations and members of the Iraqi parliament and continued his work until late at night to discuss how to move the ration for displaced vocabulary Anbar province to Sulaimaniyah, which began two weeks ago in the programs to mitigate the burden of those families until Edit mode preservation of the organization (Daash).

    According to official sources, the region is home to two million and a half million displaced people who were divided on the towns main camps in the provinces of Sulaimaniyah, Dohuk and Arbil which was established after the events of Mosul in the (10 June 2014), which resulted in the control of the organization (Daash) Nineveh and other Sunni provinces province to the displacement of hundreds of thousands of citizens of these provinces towards the safe areas in Kurdistan.

    The Anbar province has seen heavy fighting and control organization (Daash) on most of the cities of the province including Fallujah and Ramadi and western regions and the loss of hundreds of dead and wounded among the military and police and civilians during the clashes, while witnessed the displacement of thousands of families to the cities of the Kurdistan region and the rest of the Iraqi provinces.

    http://www.almadapress.com/ar/news/51466/%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D8%A3%D9%86%D8%A8%D8%A7%D8%B1-%D9%8A%D8%B9%D9%82%D8%AF-%D9%85%D8%A4%D8%AA%D9%85%D8%B1%D9%87-%D8%A7%D9%84%D8%AA%D8%B4%D8%A7%D9%88%D8%B1%D9%8A-%D8%A7
    Last edited by pinkadonai1; 07-08-2015 at 11:59 AM.

  5. #5
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    Re: The Dinar Daily, Wednesday, July 8, 2015

    Masum, the US ambassador: a national reconciliation of the important pillars to consolidate civil peace



    7/8/2015 2:06 p.m.

    {Baghdad: Euphrates News} Fuad Masum, the President stressed that "national reconciliation one of the important pillars of the consolidation of civil peace."

    A statement by the Presidency of the Republic received by the agency {Euphrates News} a copy of "infallible received at the Peace Palace in Baghdad, Ambassador of the United States of America Stuart Jones was by talking about the political and security situation and the path of the bilateral relations between Iraq and the United States, and the support provided to Iraq under the strategic agreement meeting between the two countries. "

    The statement added, "There was also discussion necessary for the success of the national reconciliation mechanisms."

    President infallible and highlighted the "overall efforts in this area," noting that "there is international interest in the issue being one of the important pillars of the consolidation of civil peace."

    He stressed Masum, the need to "strengthen relations between the two friendly countries", praising the "American and international support for Iraq in its war against terrorism, and to contribute to the relief programs and rehabilitation of displaced persons and displaced persons throughout the country."

    For his part, reiterated the US ambassador "his country's support for Iraq in response to a guerrilla terrorist Daash, and continue to provide necessary assistance for the displaced, stressing US support for the efforts of President infallible in completing the reconciliation Alhakiqih.anthy

    http://wwww.alforatnews.com/modules/news/article.php?storyid=89501

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    Re: The Dinar Daily, Wednesday, July 8, 2015

    Parliamentary Energy: Kurdistan exports for 6 months in line with the oil accord



    Wednesday 08-07-2015 | 11:01:52

    Twilight News / promised the Commission on oil and energy parliamentary Wednesday Kurdistan Region's oil exports over the past 6 months, it harmony of the terms of the oil agreement signed between Baghdad and Erbil, indicating that the billion and $ 120 million still owed by the federal government did not pay for the region.

    The committee member said Tariq friend of Twilight News, "The Kurdistan Region during the first three months of this year in January, February, March, could not export quantities set forth in the oil agreement due to technical problems, and this is included in the oil agreement, which gave the region a period of three Months allow to increase oil production. "

    He added that "the region during the months April and May, and June, the federal government handed over the largest amounts of oil from the oil specified in the agreement amounts, and thus the agreement executed by the federal government hand over items about 80 million barrels of oil over the past six months."

    He said a member of the parliamentary committee that "the federal government handed over the provincial government two billion and 285 million Iraqi dinars, less than two billion dollars, while in the custody of the Federal Government is still about one billion and 120 million dollars for the region's share of oil exports in the past six months."

    Under the budget that the Kurdistan export of 550 000 barrels per day of oil from the Kirkuk fields and fields through the pipeline owned by the province for the benefit of the federal government in exchange for a share of the provincial budget, amounting to 17 percent.

    Kurdish officials say the Baghdad send monthly payments much lower than their share of the budget despite the fact that the region currently is pumped up to the agreed amount of oil.

    http://www.ara.shafaaq.com/18023

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    Re: The Dinar Daily, Wednesday, July 8, 2015

    Determine the dollar sales ceiling will make a big shortage Dinars



    06/07/2015 22:19

    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.

    BAGHDAD / Obelisk: The governor of the Iraqi Central Bank on the Keywords, Monday, that the identification of the dollar sales ceiling will make a big shortfall in the amount required to cover the financial budget for the expenses of the dinar, in what was considered the acceptance of the Federal Court of appeal in the budget materials supports the independence of the Bank and deported to influence its policies and decisions.

    Keywords and said in a press statement seen by "obelisk", "The foreign currency sales (the dollar) is not an option and is not a commercial or process coverage of the activities of business it 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, is 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, means a shortage and a large decrease in the amount required to cover the budget expenditures of the dinar, if sold Central Bank $ 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. "

    And the Governor of the Central Bank 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", pointing out that "The presence of a significant 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 as "a big importance because of its impact in promoting and supporting the independence of the Central Bank and remove him from influencing the 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. "

    Keywords and stressed that "the general budget law governing fiscal policy in spending and annual revenue which is they have to be specific to the items contained in it by virtue of the nature of the resource and expenditure management, while monetary policy is totally different from the fiscal policy as the nature of movement, flexibility, dealing with changes in the situation economic and market conditions, "adding that he" did not happen in countries that follow the market system to have the budget law is checked and directed and constrained by the policy of the central bank, or even in the other because the central bank loses its role and took away his tools used to create a balance and get to achieve the goals that move the movement of the market and the economic situation and cases of inflation and recession and others. "

    Keywords and stressed that "these movements occur on an ongoing basis and sometimes daily basis, and the law of the budget law applies for the year, making it a real limitations and restrictions tied monetary policy and this reverse their role and nature."

    The Federal Supreme Court decided on Monday (July 6, 2015) rule unconstitutional a number of materials for the federal budget in 2015, stressing that the legislation was contrary to the contexts provided for in the Constitution.

    The Article 50 of the Budget Law for the current year 2015 included a condition or restriction within one of its articles, which should not exceed the sale of the bank conducted by more than 75 million dollars a day auction.

    http://almasalah.com/ar

  8. #8

    Re: The Dinar Daily, Wednesday, July 8, 2015

    Maliki: Denunciation of the court for a number of budget materials will contribute to the support of the local currency against the dollar



    (Independent) .. A member of the economic and investment commission in Parliament MP Abdul Salam al-Maliki, Wednesday, that the revocation of the Federal Court for a number of the general budget items added by the House of Representatives especially those related to determining roof sell the currency from the central bank is the right step and will contribute to the local currency support versus dollar.
    Maliki said in a press statement by his press office, said that "the discretion of the parliamentary finance committee to add some material on the budget was a step which, according to certain estimates to stop the depletion of hard currency and to stop money laundering but were not successful step was deterring than positive."
    "The central bank needs to provide liquidity of local currency the Ministry of Finance to provide employees and retirees' salaries in addition to the existence of a deliberate policy to keep the market price, so any measures or jurisprudence for whatever reasons in the conduct of the central bank measures if they are not studied in an objective of all respects from the concerned authorities Vsaneks negatively on the economic and financial reality in the country which is what happened in the high dollar exchange rate to more than 140 000 dinars earlier. "
    Maliki said that "those materials that have been revoked by the court there were opposing them on the day of the vote on the budget, but what happened that the majority overshadowed the logical opinion was passed, therefore, the step of the Federal Court to overturn those materials are constitutional, valid and will contribute to support the currency against the dollar."


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

  9. #9

    Re: The Dinar Daily, Wednesday, July 8, 2015

    Iraq expresses its desire to extend the mandate of UNAMI

    (Independent) .. Iraq expressed in a letter addressed to Foreign Minister Ibrahim al-Jaafari to the General Secretariat of the United Nations on his desire to extend the mandate of the UN mission (UNAMI) for another year.
    The term of the United Nations Assistance Mission for Iraq by the end of the current month of July.
    He said Foreign Minister Ibrahim al-Jaafari in a letter to Secretary-General Ban Ki-moon that "Iraq is currently facing significant challenges in fight against terrorist groups, particularly the Daash which caused yet the displacement of more than two million people from Iraqi families from their homes and their areas controlled by force."
    And al-Jaafari said "the important role played by the mission in the field of providing advice and assistance and support to the people and the Iraqi government, particularly in light of a sensitive and critical stage through which Iraq is in its modern history."
    He stressed "the urgent need for Iraq logistical assistance provided by the United Nations to secure a decent life for all the displaced families."

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

  10. #10
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    Re: The Dinar Daily, Wednesday, July 8, 2015

    Controversy over the independence of the Central Bank



    07/07/2015 23:52

    Economist Maitham Laibi confirmed that the admission of the Federal Court of appeal in the budget materials and in particular Article 50 will support the independence of the central bank and away from influencing its policies and decisions.

    BAGHDAD / obelisk confirmed economist Maitham Laibi that the acceptance of the Federal Court of appeal in the budget materials and in particular Article 50 will support the independence of the central bank and away from influencing its policies and decisions .

    Under article 50 of the general budget for the financial year 2015 Law, the Central Bank establishes its sales of foreign currency (dollar) in the daily auction ceiling does not exceed $ 75 million a day, with the exercise of justice in the sales process, to co-bank demand at the auction to provide the introduction of cargo documents and data settling accounts and tax savings Alkmarki within 30 days from the date of purchase and the amount otherwise apply to the bank penalties stipulated in the Central Bank Act or regulations issued it and use other banking instruments to maintain the strength of the dinar against the dollar .

    He told Aabaan role of Article 50 was not only a negative signal to the market, which has weakened the power of the central bank and the dollar, because it gave the impression of independence and not to the central bank's ability independently to maintain the value of the dinar .

    He added that the challenged articles of the budget is one of the legitimate claims of the Central Bank, which represents an interference in the work of monetary policy, a victory for the independence of the Central Bank, pointing out that the relationship between the central bank and the parliament does not represent the tutelage relationship or dependency as far as a relationship of supervision and control .

    Coffee and continued that despite of approving the budget and Ooda Article 50 which identified the amounts of sales at 75 million dollars, but that the central bank does not comply with all the past months Bimbiath number $ 75 million contained in the article .

    The Federal Supreme Court decided Monday not to rule the constitutionality of a number of materials for the federal budget in 2015, stressing that the legislation was contrary to the contexts provided for in the Constitution .

    It is noteworthy that the Governor of the Central Bank on the Keywords confirmed last Monday, that the identification of the dollar sales ceiling means the result determine the amount of the taxpayer dinar general budget, pointing out that in the case specifically taking, as stated in the General Budget Law, it means a shortage and a large decrease in the amount of required dinar to cover the budget expenditures .

    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.

    http://almasalah.com/ar

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