The Dinar Daily, Friday July 10, 2015
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  1. #1

    The Dinar Daily, Friday July 10, 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1285.398 1284.756
    British pound GBP 1791.209 1190.314
    Canadian dollar CAD 916.523 916.064
    Swiss franc CHF 1233.210 1232.593
    Swedish krona SEK 137.009 136.940
    Norwegian krone NOK 141.720 141.649
    Danish krone DKK 172.256 172.170
    Japanese yen JPY 9.553 9.549
    Drawing Rights
    SDR 1627.538 1626.724

    Indicative rates - (as of) 09.07.2015

    Currency Auctions

    Announcement No. (2992- most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 09/07/2015 results were as follows:

    Number of banks 24
    Number of remittance companies 5
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 242,666,428
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 242,666,428
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 07-11-2015 at 11:14 AM.

  2. #2

    Re: The Dinar Daily, Friday July 10, 2015

    The Exchange Rate of Foreign Currency in Economic Feasibility Studies

    Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars.

    Estimate the shadow price of foreign currency:

    1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine.

    The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs.

    * What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar.In particular the following outputs and inputs of foreign currency were distinguished:

    • Export-outputs.
    • Outputs marketed locally that substitute imports.
    • Imported inputs.
    • Inputs produced locally that usually go to exports.
    • Foreign labor.

    According to the pricing rules the value of the output and input (traded) is calculated using export prices (FOB) and import prices (CIF), according to what is listed in the pricing rules.

    In other words the pricing rules calculate what the project produces from foreign currency (quantity of exports multiplied by the export price (FOB) in foreign currency or the quantity of substitute imports multiplied by the import price (CIF) in foreign currency, as well as what the project uses from foreign currency and imported inputs multiplied by the import price (CIF) in foreign currency …. etc.).

    In a later step, project outputs and inputs must be converted from the foreign currency to its equivalent in local currency (dinars) by using a specific exchange rate for the foreign currency.

    2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports… etc.

    The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:

    • The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production.
    • The application of the amended exchange rate on project imported inputs will assist in directing investments away from aggregated sectors dependent on imported inputs and the preference of those sectors that rely on locally produced inputs.
    • The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded goods.
    • The real exchange rate has declined rapidly since the early seventies, through rapid rise of the level of prices and local costs which led by the steadiness of the official exchange rate to change in prices and actual local rate costs that gave an advantage for imported goods at the expense of locally produced goods, meaning that it led to deterioration of the competitiveness of alternative replacement goods and export commodities.
    • This action shows that the official exchange rate overestimates the value of the dinar, compared to the foreign currency and from the promoting goods substituting imports and export commodities point of view of.

    And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate.

    3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.

    The Republic of Iraq – Ministry of Planning


    A "flashback recap" of a Live Q and A Call from about a year ago - on THE DAILY DINAR NEWS BLOG...

    In general terms – there were three main focal points of interest I wanted to cover and then allow listeners to ask whatever questions they liked.

    1) the SIGR report…

    2) the Gold Article…

    3) the IIER report…

    I started the conversation out last night by highlighting how crazy this campaign being fielded to contact our lawmakers and bank CEO’s and tell them how unfair it is they are getting to exchange (exchange is the right terminology BTW – NOT “CASH-IN”) at 32.00 per Dinar and we are not – is. It is nuts.

    Firstly, “they” are NOT being allowed to exchange “early” – or at 32.00 per Dinar. It makes you sound “stark raving MAD” to be caught saying such things. You would be better off barking at the moon. It is demeaning to the validity of a true currency play.

    Secondly, this is entirely the wrong way to approach them. I pointed out on the call that Poppy and I fielded a very successful such campaign a couple of years ago. However, we sat down and came up with a much different approach. It was designed to get answers and to approach our lawmakers with respect and as their constituents. Not like a bunch of lunatics. We had extraordinary participation (because it made sense) and we received a good response from lawmakers. It started the conversation in a reasonable manner.

    I asked one caller – “when was the last time you asked a banker for money and told him how unfair it was if he didn’t give it to you”??? Obviously – we chuckled…

    Another caller asked me if (as DC had relayed) – the “zero’s were raised” and the lower denominations were in circulation??

    I said plainly “no”…lower denominations being in circulation would (at the very least) imply there had been a value change. If there were no value change the lower denoms would not only be of little value, they would be such a hinderance – people might even throw them away just to get rid of them. So no – no lower denoms. I told the caller to check the website for “real” info on rate change.

    The “zero’s being raised” or “deleted” – as explained by any reasonable researcher, economist or authority – is simply the process removing the large (3 zero notes) from circulation.

    Referring to an Enorrste post from today on
    THE DINAR OBSERVER DAILY(you may want to put this on your favorites and check in several times a day – we to it often )

    “…I have never found a single article from the CBI or the IMF that equates “delete the zeros” to the idea of “move the decimal point.” Instead, the statements overwhelmingly come out to mean “remove the large notes from circulation.”

    Also – this recent internal memo put out by Wells Fargo is likely “push back” from this recent campaign. I pointed out that Pinnacle Bank published an article by an “affiliate” in their internal publication and then “highlighted it” in a similar internal memo a couple of years ago. It is just a defense mechanism. I’m sure Wells is tired of having their name dragged through the “internet rumor mill”. This is highly likely the reason for their vigorous denials about handling it in the future. They get so many useless calls – it isn’t worth the headache. Can you blame them??

    Further, for any bank, lawmaker, adviser or official to state the “Dinar is a scam” is nearly as foolish as some of the internet “Gurus”. It is the official currency of a COUNTRY. I pointed out (below) the post from yesterday’s
    – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
    __________________________________________________ _____________


    We are seeing and hearing that the inflation rate is still climbing and they are pushing to get us our money?? This report is from page 84 of the massive SIGR report.

    BGG ~
    This is a screen shot from the “Special Inspector General for Iraq Reconstruction” – Apr 2012, quarterly report to Congress. For members of our Government to say they have no idea what is going on here – means they haven’t read some very basic documents presented them.
    __________________________________________________ ______________

    I pointed out (last night) this is a highly speculative investment. We are, in no way, guaranteed anything. However, this SIGR report gives us some valuable insights…

    1) This is information given to the US CONGRESS on a quarterly basis… I find it hard to believe such an information source would intentionally mislead Congress. They tend to frown on such behavior. Which goes directly to the validity of this adventure – against all advice from Wells Fargo or other such naysayers.

    2) It points out there having been a legitimate “plan” – or time frame in motion…having been projected to be done in 2013. We are obviously in “over time” now.

    3) It gives us an idea as to who is in charge…the CoM – or Council of Ministers. Who do they answer to?? Maliki. Period. When is he likely to push this forward?? Historically – he has been a “weak Dinar” policy advocate. However, rumor from his own inner circle admits he can’t win a third term in office without some currency reform.

    I fully expect him to use every tool in his “wheel house” to win – his recent moves in Anbar and the disputed territories prove as much. Currency reform has to be a “biggie”. Though this WAS their thinking a couple of months ago – there is no promise it is still part of their political calculus. We shall see.

    4) Though no guarantee of the actual future plan they wind up engaging – this report points out an increase in value that would have taken the Dinar from “one-tenth of a cent” to a value “of slightly less than $1″..

    __________________________________________________ ______________


    Coins put on the market !!

    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara "The project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find metal coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century


    CBI is preparing to issue a monetary metal parts

    Metal coins from the category of 25 fils were in circulation until the nineties of the last century

    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara Radio Free Iraq, "said the project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century.


    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

    The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the business community, and Iraqi economists are divided…

    …Haider al-Abadi, the head of the Iraqi parliamentary Finance Committee, told Al-Monitor that while deleting zeros from the current currency is possible, this has been postponed until after parliamentary elections. He noted that studies are being carried out to ensure that, following the currency change, counterfeiting is limited and that Iraqis don’t go back to trading in the old currency.

    The step to delete zeros from the currency has been postponed several times, leading the parliamentary Economic Committee to demand that the CBI accelerate this project, as Al-Sharqiya reported. In a news conference held July 6, the Economic Committee confirmed that the deletion of zeros will lead to an increase in the value of the Iraqi dinar and will have positive repercussions, including a reduction in unemployment and poverty rates in the country.


    Crush Expected When Kuwaiti Banks Reopen Today

    March 24, 1991|From Reuters

    KUWAIT CITY, Kuwait — Thousands of Kuwaitis are expected to jam the country's banks today when they open for the first time since the end of the Iraqi occupation.

    Customers will be allowed to withdraw funds and to swap pre-invasion money for a new currency issued to make more than $1 billion in pre-invasion dinars stolen by the Iraqis worthless.

    "We expect a rush of people," said Issam Asousi, an executive with the Bank of Kuwait. He said it could be a chaotic first week because customers have a lot of questions about their accounts.

    Kuwaiti banks continued operating during the seven-month Iraqi occupation under managers brought in from Iraq, but they have been closed since the U.S.-led alliance ousted the Iraqi army from Kuwait a month ago.

    When the banks reopen today, customers will be able to withdraw up to 4,000 Kuwaiti dinars, equivalent to about $14,000 at pre-invasion exchange rates from their accounts, and to exchange a like amount for foreign currency.

    Balances of customers' accounts will go back to what they were on Aug. 1, a day before the invasion.

    Clients will not be able to exchange Iraqi currency issued during the occupation, when Baghdad pegged the rates of the strong Kuwaiti dinar to the far less valuable Iraqi dinar.

    The new Kuwaiti money will be exchanged for old at a one-to-one rate.

    BGG ~ Thanks to wmawhite for some facts on the subject.

    Hi BGG,

    Just thought I would drop you an email. I listened to the call, and was interested in what was said about Kuwait, if I may - I will add my 2 cents worth.

    You were spot on with what you said, I have a close friend who's father made a killing on the KWD. He bought from people who had fled the country and he paid pennies on the dollar (we are in Australia). He took the chance that Iraq would be kicked back out and he was right.

    When the money was reinstated, he exchanged it for AUD at a rate in the mid 3s. The interesting thing about it is, Iraq invaded in November 1990 (I think), they were kicked back out at the end of Feb 1991, the banks reopened with a brand new KWD in late March, that's not a bad time frame to get a currency designed, printed and made ready to use, also the time that the old KWD was valid was initially only for 2 months, then extended to 6, so it was valid until Sept 1991, interesting I think.

    Also the other thing that seems to be a "fact" in Dinar land is Bill Clinton used the Kuwait RV to pay off the debt. However, Clinton was not President in 91, he did not take office until 93, even I know that and I am an Aussie.

    Anyway thanks for the site and enjoy listening to your calls.

    Kind Regards,

  3. #3

    Re: The Dinar Daily, Friday July 10, 2015

    CBI Document: Announcement of the Tender Extension No.5 that concerned to supply XPRL system

    The page will not let me copy and paste. You can find the document by following the link below to the CBI webpage. Interesting.

  4. #4

    Re: The Dinar Daily, Friday July 10, 2015

    Jubouri being a regional tour to support a summit of Islamic Parliaments in Baghdad

    Information / Baghdad / .. office said House Speaker Saleem al-Jubouri, Thursday, that the latter will be a regional tour to a number of Islamic countries to support for a summit of Islamic Parliaments in Baghdad.

    The office said in a statement received by the agency / information /, copy it, that "al-Jubouri, will be a regional tour to a number of Islamic countries to rally support for a summit of Islamic Parliaments in Baghdad, after a steady drumbeat of news about the reluctance of some countries from participating because of the security situation. "

    He added that "al-Jubouri, he began his tour, which coincides with the holiday before the holiday in Turkey and Jordan and the intention to include Kuwait and Iran, "noting that" the summit's agenda includes a discussion of supporting Islamic countries for Iraq in its war against terrorism and to develop mechanisms to combat extremism with the participation of all Member States in this project. "

    Iraq had earned the right to host the Conference of the Parliamentary Union of Islamic countries next year. Ended / 25

  5. #5

    Re: The Dinar Daily, Friday July 10, 2015

    The International Monetary Fund is expected to decline in the economy this year to its lowest level

    Information / follow-up / .. International Monetary Fund forecast, decline in global economic growth this year to its lowest level since the recession in 2009 with its survival threatened by the consequences of the Greek crisis.

    The IMF said in a statement the new forecast that "the global economy will not rise this year by more than 3.3% of what constitutes a decline of 0.2 percent compared with the April forecast, and a slowdown compared with the rate of 3.4% recorded in 2014.

    Fund stressed that "the Greek crisis and the risk of exit of the country from the euro zone did not have much effect so far on the functioning of the global economy", and maintained its forecast the growth of the euro zone.
    and tried, chief economist at the International Monetary Fund, Olivier Blanchard, "underestimated the implications of the Greek crisis on the rest of the world."

    The Fund pointed out that "cut its forecast for global growth is linked to reality by a factor of Old and exceptional, a contraction of the US economy in the first quarter of the year on harsh winter background. "End quote / 25 T.

  6. #6
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    Re: The Dinar Daily, Friday July 10, 2015

    Calls on private banks to combat money laundering in Iraq

    Friday 10-07-2015 | 11:38:40

    Twilight News / Iraqi private banks association announced that the Cabinet approve the anti-money laundering law will give confidence to the global private banks, stressing that banks will adhere to the law.

    The head of the Association meek Nuri al-Handal said in a statement to Al-Hayat reported that "the Council of Ministers approve the draft anti-money laundering and terrorism financing law of important laws and in support of the banking sector."

    He pointed out that this law will provide frameworks, concepts and provisions that enable the central bank, the judiciary and the relevant authorities to use the proper tools to combat money laundering and terrorist financing and the development of a deterrent to such practices, and that the law would give "confidence global in foreign dealings with Iraqi banks."

    "All banks are members of the Association is keen to abide by the law if enacted, because of its importance and direct impact on the economy and society, especially in the current stage, and the approval soon avoid Iraq access to the blacklist."

    He was an economic advisor to the prime minister appearance of Mohammed Saleh stressed that "the crime of money laundering need to be strong and effective law of Parliament in cooperation with the regulatory authorities and the executive, because it is a wide process and you need a common political umbrella of all departments and agencies to prosecute criminals," adding that "audit procedures and information Stopped on the legislation before the House of Representatives. "

    "These crimes affect in government and economic stability of the country's political transactions, a recent crimes because of the financial and international financial openness and globalization", stressing the need that everyone works for legislation laws to curb such crimes.

    The Governor of the Central Bank on the Keywords had praised the Cabinet's decision to vote on the draft law presented by the Central Bank, which put according to the latest international standards and agreements and coordinate directly with the World Bank and the Financial Action Task Force and international organizations, calling on the House of Representatives to give priority to pass, while approved Council of Ministers last week on the bill.

    The economic community warned on more than one occasion of the expansion of the phenomenon of money laundering in the Iraqi banking sector, and described lesions that are harmful to the sector, noting that "the situation in Iraq anti-money laundering No. 93 Law of 2004 and the Bill of secure knowledge of illegal sources and venture capitalists illegal and take the necessary sanctions that protect society from their evil. "

    And it called for an action by the relevant government institutions to reduce this phenomenon through legislation laws and regulations required by the citizen's financial and banking institutions in line with many of the actions taken in the states.

    She explained that "money laundering is a global phenomenon threatens the economic growth and sustainable development of countries as one of the economic crimes dangerous to the community for their negative effects on the level of the economic cycle of any country, as well as pollution of the financial and banking institutions and the consequent obstruction of economic growth and gross domestic product and production cycle and rampant unemployment, low Monetary value and the low purchasing power of the citizen. "

    The phenomenon of money laundering have risen in recent years to the size of organized crime, gangs and defended her organizational structures in a manner becoming gripping the world's economies, especially in light of technological development.

    It is noteworthy that the charges issued against some private banks in this regard without identified, what raised the ire of Iraqi private banks association, which warned of the negative consequences that affect the banking sector in the event of charges relating to money laundering crimes without determining the responsibility of the Bank of violating the instructions to do so.

    He quoted the Executive Director of the Association of Tariq Ali as saying "the adoption of mechanisms to put an end to the crime of money laundering and smuggling legislation with strict laws in this context, it will guarantee to confront this crime."

    Abizaid and "eager to communicate with each banking association in order to ensure compliance with the Central Bank of Iraq, for addressing the crime of money laundering".

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    Re: The Dinar Daily, Friday July 10, 2015

    Maliki: audience "year" in their politicians and sectarian projects division does not agree

    07/10/2015 12:57

    Iraq affects the entire risk and if the structure would fall on the heads of everyone.

    BAGHDAD / obelisk: First Deputy Chairman of the Republic of Iraq Nuri al-Maliki, that the United States did not Taatat positively regarding the level of military support provided by Iraq in its war against al Daash, describing it as "not at the required level."

    Maliki said in remarks over the phone the German news agency in Cairo, "if the United States is serious in the armament process to collapse security dangerous in Iraq was an event," explaining "what we got was not enough in light of the ongoing war, so Iraq resorted to Find other sources of arming of Russia, Iran, Korea and Bulgaria. "

    Maliki confirmed that "will resolve the battle with the terrorist organization are the sons of the security forces and the crowd popular and clans who are now playing a key role in the fight and being expelled from the territory of Iraq," noting that "the bombing of Flight International Alliance of sites Daash only to 10% of all what has been achieved lead On the ground ".

    Maliki said that "if the world is serious about the fight against terrorism, they should first stop its funding sources .. and stop the flow of terrorists into Iraq," warning that Iraq "will not be alone arena for terrorism."

    Rated and about the Iran-Iraq relations, al-Maliki praised the role played by the Islamic Republic of Iran to support Iraq in its war against terrorism, and said "the Iranian role supportive of Iraq was not great and positive attitude to Tehran what we were able to continue the fight against Daash".

    He talked about that "Tehran has offered to buy arms Iraq and in large quantities, and this helped a lot to stop the security collapse that occurred .. as well as the existence of a large volume of trade exchange with Iran $ 13 billion a year."

    He stressed the lack of health or the need for Iraq for the presence of any foreign troops on its territory, especially as he already has enough troops of his sons to face threats both from Daash or the other.

    He believed that the frequent criticism of the PDF crowd "is only new attempts by advocates of partition to thwart this national experiment that was able to protect the unity of Iraq, and the same voices that were launched by the distortion against the Iraqi army and Osagtoh campaigns."

    He warned of "repeating the same day planned to drop the popular crowd and across the target sometimes likened to the Iranian Revolutionary Guards at other times," and said that "this is absolutely true, because the crowd at the end of it will be part of the title of the National Guard."

    Maliki expressed support for the adoption of the National Guard Law ", but not the current as a threat to national unity, and they turned out the idea of ​​the National Guard of the assumed its function of protecting the entire nation to the independence of administrative provinces guard."

    He renewed his rejection of any arming process taking place component Iraqis outside the framework of the Federal Government, in reference to put before the part of some in the US administration about the possibility of arming the Sunnis or the Kurds without reference to the federal government, and considered that this idea represents a major threat to the unity and sovereignty of Iraq and supports projects divisive.

    He stressed that "the public year are not Kssayasehm in terms of sectarian adoption or adoption projects division but they are with the unity of Iraq .. and they do not need to call to strengthen their role in the war against Daash who violated their land and shedding the blood of their children, because they are involved mainly in the fight against the entry of Turkey to People crowd along with their brothers and free them of many of their areas. "

    With regard to the Syrian crisis, al-Maliki warned that the "continuation will lead to a completely burning the region, especially since the elimination of Daash Iraq is linked to the end of the crisis there," and stressed that the solution is to "sit all parties to the conflict to the negotiating table without preconditions and abide by the results of the dialogue, which must be supported and should be realistically to avoid greater risk if the regime fell, however, extremists and terrorists. "

    He expressed his appreciation for the magnitude of the challenges currently faced by the Government of Haider al-Abadi, describing his relationship with the latter as "good".

    He concluded by al-Maliki invited Iraq's politicians to support Abadi and stand with him, and warned that "the danger Iraq touches the entire structure fell and if it will be on everyone's heads."

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    Re: The Dinar Daily, Friday July 10, 2015

    Deputy: the application of the right of government savings salaries

    07/10/2015 15:32

    Committee at its last meeting did not discuss the subject of savings salaries, lack of knowledge, stressing that the government applied the savings or not.

    BAGHDAD / Obelisk: A member of the Finance Committee in Parliament MP Jabbar al-Abadi, said Friday that the powers of the government apply a paragraph savings salaries, which came in the fiscal budget for 2015 "at any time", as explained that his committee was not aware spoken of the government to apply that paragraph or not .

    Ebadi said in an interview with local media, followed up "obelisk", that "one of the paragraphs of the financial budget for 2015 provided for the Employees Provident salaries, meaning that the government deduct the percentage of the salary that exceeds one million Iraqi dinars".

    And that "the article showed the possibility of saving the application at any time it deems appropriate government, to save salary for a certain period in which the cash problem goes beyond".

    He said al-Abadi, that "the Committee at its last meeting did not discuss the subject of salary savings", stressing that "lack of knowledge that the government applied the savings or not."

    The prime minister Haidar al-Abbadi accused, earlier, "some" of trying to make a "fanfare" on compulsory savings, as pointed out that oil prices and the decline in imports is "out of our control."

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    Re: The Dinar Daily, Friday July 10, 2015

    Change: 10 years is enough to label Barzani dictator

    Massoud Barzani

    09/07/2015 19:49

    Barzani stuck to his position for 10 years, enough to be called a dictator in accordance with legal norms.

    BAGHDAD / Obelisk: Change parliamentary bloc confirmed, Thursday, that the Kurdish people has thousands of replacements to fill the presidency of the Kurdistan region, Massoud Barzani, rather than who is trying to extend his mandate for two more years, while confirming that the region is going according to the parliamentary system.

    She said MP from the bloc Tavkh Ahmed said in a statement seen by "obelisk", that "Barzani is not the sole leader of the Kurds and must find a replacement to take over the presidency of the Kurdistan region."

    And demanded Ahmed, the Kurdistan Democratic Party, led by Barzani to "Trchikh other personal substitute him even if his family."

    She added, that "block change and strongly rejects the proposal Barzani block on the extension of his term of Kurdistan until 2017," pointing out that "the Democratic Party justifies the extension of the rule to be completed Barzani of the Kurdistan region Constitution."

    And showed, that he "has been agreed between the Kurdish groups to conduct ongoing negotiations, including on rescue region, which is going through its adherence to Massoud Barzani stage under his chairmanship," while deemed it "is not the right Massoud to choose himself president of the province after the end of 10 years of his reign, and that these period sufficient to label Barzani Baketatur ".

    MP, however block change by saying, that "the region is going parliamentary system, so the Kurdish people has thousands of people for the position of Barzani."

    The row between the political forces in Kurdistan on scheduled on 20 August next Kurdistan presidential election with the introduction of each of the Patriotic Union of Alkrdstanna and Change and parties, the Kurdistan Islamic bills to determine the validity of the President of Kurdistan and his deputy, as it seeks to transform the system of government in Kurdistan to parliamentary and not presidential, which was rejected the Kurdistan Democratic Party led by Massoud Barzani, returned him of a departure from the principle of national consensus.

  10. #10

    Re: The Dinar Daily, Friday July 10, 2015

    "Keywords: private banks can promote the transactions of small and medium-sized enterprises."

    Governor of the Central Bank revealed on the Keywords, about the possibility of promoting private banks transactions of small and medium enterprises loans, indicating that it is possible to increase the volume of loans if the results of what has been achieved good development.

    Keywords and said for "Ply News", "The central bank has held several meetings with representatives and heads of private banks in cooperation with the Association of Banks in order to clarify and explain the controls of his initiative mechanism for financing small and medium enterprises, lending and recovery and distribution of ratios between all the productive sectors in the country for coverage of funding ".

    Keywords and added that "the relevant committees in the bank worked dramatically simplify these procedures and support this initiative," pointing out that "private banks that can promote transactions for borrowers to give them the implementation of small and medium for the month of July current projects loans."

    Keywords and said that "the central bank will compensate those loans granted by the bank concerned during the month following the granting of loans to be there smooth and speed in handling."

    Keywords stressed that "the central bank will be watching closely the financing of such projects and disbursed as well as the way he would decide later increase the absolute size of the loan to banks amounting trillion dinars but after the results of those projects and the development of sectors operating in Iraq."

    It should be noted that the central bank decided last May to issue instructions to contribute to the financing of small and medium enterprises in order to achieve economic and social development through the support of this project and run with outstanding skills the workforce, as the allocated amount (trillion dinars) for the purpose of lending to such projects through banks operating in Iraq and wishing to selling out this project.

    This project targets or initiative sectors (agricultural, industrial, housing, commercial, health, educational and tourism services), as the Bank determines a higher ceiling for the loan granted to (50 million dinars), the recovery of 3 years for no more than with the possibility of extension for a period of one year with the consent of the governor of the bank Central, at an interest rate not to exceed 5.5 percent (interest rate that the bank met by no more than 4 percent rate, and the percentage collected by the guarantor of no more than 0.8 percent, while the proportion met by the central bank to not more than 0.7 percent).


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