The Dinar Daily, Sunday July 12, 2015
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  1. #1

    The Dinar Daily, Sunday July 12, 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 1288.896 1288.252
    British pound GBP 1793.658 1792.761
    Canadian dollar CAD 916.019 915.561
    Swiss franc CHF 1227.110 1226.497
    Swedish krona SEK 137.544 134.475
    Norwegian krone NOK 142.917 142.845
    Danish krone DKK 172.723 172.636
    Japanese yen JPY 9.654 9.649
    Special
    Drawing Rights
    SDR 1629.438 1628.624

    Indicative rates - (as of) 12.07.2015


    http://www.cbi.iq/

    Currency Auctions

    Announcement No. (2993- most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 11/07/2015 results were as follows: (no change as of 12/07/2015)

    DETAILS NOTES
    Number of banks 20
    Number of remittance companies 2
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 209,752,493
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 209,752,493
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 07-13-2015 at 10:33 AM.



  2. #2

    Re: The Dinar Daily, Sunday July 12, 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, Sunday July 12, 2015

    IMF optimistic about the recovery of the Iraqi economy during 2015 and is likely to increase oil exports to "23%"

    Long-Presse / Baghdad


    Counting the International Monetary Fund, said on Sunday that Iraq faced "double shock" in 2014, the past, as a result of attacks (Daash) and the decline in world oil prices, expressing optimism the recovery of the Iraqi economy relatively during 2015, and the surprise of the performance of the oil sector, despite the "serious challenges" faced by , while stressing the continuation of cooperation "closely" with the Ministry of Finance and the Central Bank of Iraq to implement sound economic policies "," to enhance the hardness of the national economy, counting that the head of government, Haider al-Abadi, see the "correct" for the role of the private sector in the economy.

    The head of the IMF mission, Carlo Sdralavic, in a meeting singled out by the (long-Presse), "The Iraq over a rough time during 2014, where it was to deal with the double shock of the organization Daash attacks coincided with a sharp fall of global oil prices," returned to "conflict Daash with about a very serious impact on the Iraqi economy, as well as the human tragedy caused by, a large pressure on the budget, which should provide a significant increase in security spending, and meet the growing needs of the country. "

    He Sdralavic, that "Iraq influenced shocked oil prices much higher than other oil-exporting countries, due to the severity of the economy's dependence on hydrocarbons," noting that "Iraq's oil exports accounted for more than 93 percent of government revenues in 2014 being the driving force of performance in most areas The non-oil economy, particularly through government spending. "

    The head of the International Monetary Fund for Iraq mission, that "the Iraqi economy shrank overall by 1.2 percent in 2014, while non-oil economy shrank by almost nine percent," and expressed "optimism occurrence of some recovery during the current 2015, through the occurrence of growth rate 0.5 percent growth thanks to the oil sector. "

    He said Sdralavic, that "the Iraqi oil sector performance under challenging grave circumstances may surprise of many observers," likely the growth of the Iraqi oil sector, production increased by 11 percent in the current 2015, and that the oil exports increase by 23 percent, driven by production in the oil fields South-ins and oil exports, which facilitated the agreement between the federal government and the Kurdistan Regional Government. "

    And on the extent of Iraq's implementation of reforms by the Fund requested during recent meetings, he said the head of the IMF mission to Iraq, "The Fund works in close collaboration with the Ministry of Finance and the Central Bank of Iraq to implement measures and structural reforms necessary to deal with the impact of shocks", expressing his belief that "dialogue Fund with Iraq was very fruitful. "

    And pamper Sdralavic, the cooperation that the "Fund recommended to correct public finances to keep spending in the availability of resources and funding limits," he continued that "the budget in 2015, showed effort Mahmoud target pressure oil revenues on the one hand and increase spending on security and humanitarian needs on the other hand."

    And he went head of the IMF Mission for Iraq, that "The Fund also supports the government's efforts to diversify its sources of funding, internal and external alike," and added that "also seeks to help ease funding pressures through possible funding of $ 830 million almost offers to Iraq under rapid funding tool, which allows emergency assistance to member countries when facing balance of payments financing needs urgent, as is the case with Iraq. "

    He went Sdralavic, As for the "Central Bank of Iraq, the recent steps towards the liberalization of the foreign exchange market in line with the Fund's recommendations in this regard, such as those related to achieving a gradual reduction in the distortions foreign exchange market, which imposes significant costs on the economy, and can reduce confidence in the currency ", he returned to that would" help reduce the steps in the foreign exchange rate differentials in the parallel market and contribute to the reduction of the volatility of these differences. "

    In response to a question (range Press) whether Iraq has made progress in the empowerment of the private sector, saw the head of the IMF Mission for Iraq, that "the Prime Minister, Haider al-Abadi, see the sound of the role of the private sector in the economy, it is to provide a source of growth It is not linked to the oil sector, and job creation not in a position to provide the public sector the number of jobs that was able to be supplied by, "adding," but the security situation still poses a challenge to the effective participation of the private sector in the economy. "

    He went Sdralavic, saying that "Iraq continues, though, to take steps to enable the private sector, the financial sector example of this, where authorities were working to create an environment where equality between private banks and those of state-owned materialize," adding to it, "can be public entities currently accept letters of guarantee and guaranteed checks issued by private banks, has also increased the maximum letters of credit between the Finance Ministry and private banks, and allowed to become state-owned enterprises dealing with private banks to open accounts and the acquisition of deposits and the payment of salaries. "

    And he continued to head the International Monetary Fund mission to Iraq, as "the government also prepared a study on the reform of state-owned enterprises which envisages a systematic assessment of the cost-benefit in order to determine the most appropriate structure for each institution," stressing "the fund's commitment to close the dialogue on policies with the government and central bank to help Iraq the implementation of sound macroeconomic policies that will strengthen the economy in this hardness filled with challenging conditions grave. "

    It is noteworthy that the International Monetary Fund, a specialized agency of the Bretton Woods system of the United Nations, was established under an international treaty in 1945 to work on enhancing the safety of the global economy, and is based in Washington DC, and managed by its members who include all the countries of the world about their number of 188 countries.

    The Fund consists of the Board of Governors, which consists of the governor and deputy member appointed by each of the Member States shall formulate the general policy of the Fund. The management of the Fund consists of a board that includes sixteen members representing major countries and two members from Latin America and nine other countries, and play to contribute to the IMF quotas in determining the voices of the state in which, owns USA (23.1%) of the voting power, Britain (11% ) This gives these two countries to control the vote, and is determined by aid obtained by the Member States on the basis of the share in the Fund's capital, if needed state to amount to meet the deficit in the balance of payments Fund acknowledged the need they can get (25%) of its stake in the fund through one year to place at the disposition of this loan is equal to the national State in its own currency and can not enjoy this right only for five years.

    In this fund, and Iraq is a member, where its share amounted to eight million dollars, and in 1960 reached the quota (15) million and the share taken growing, gradually until it reached more than 200 million dollars at the end of the seventies, and enable Iraq to benefit from the Fund's resources when needed to foreign currency because of the shortage of reserves in 1976 as the withdrawal of the amount of (27) million in 1970.

    He announced the International Monetary Fund, in (the fifth of June 2015) is ready to give Iraq an exceptional financial assistance worth 833 million dollars, to help him to cope with the economic implications of war with al (Daash) and the deterioration of oil prices in the world market, noting that the Iraqi economy shrank by 2.1 percent in 2014, the past "because of the violence is the basis", and that "not record" the biggest growth of 0.5 percent this year, 2015.

    https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.almadapress.com%2Far%2Fnews%2F2 4857%2F%25D8%25A7%25D9%2584%25D8%25A8%25D9%2586%25 D9%2583-%25D8%25A7%25D9%2584%25D9%2585%25D8%25B1%25D9%2583 %25D8%25B2%25D9%258A-%25D9%258A%25D9%2582%25D8%25B1%25D8%25B1--%25D8%25B3%25D9%2583-%25D8%25B3%25D8%25A8%25D8%25A7%25D8%25A6%25D9%2583-%25D8%25B0%25D9%2587%25D8%25A8%25D9%258A%25D8%25A9-&edit-text=

  4. #4

    Re: The Dinar Daily, Sunday July 12, 2015

    One of the investment projects in Iraq

    Parliamentary Finance carry "bad" previous administrations responsible for resorting to payment on credit and the government justify

    Long-Presse / Baghdad

    Finance Committee in the Iraqi Council of Representatives carried, on Saturday, "ill" previous administrations of the economy and the Iraqi money responsibility for the Government's use of payment on credit projects, and stressed that this step will make future generations "city" for many years, and while noting Financial experts not to Iraq's possession of a financial management "Rachida", Prime Minister for Economic Affairs Adviser pointed out that the decision is contained within the terms of the law of the budget year 2015.

    She said the Parliamentary Finance Committee member Magda Tamimi, in an interview to the (long-Presse), "The government directed towards the implementation of projects Order-term results from the accumulation borne by the previous governments since 2004 until 2014," indicating that "the previous years had the governments are very substantial revenue of oil until there are budgets explosive. "

    Tamimi added that "those governments that were annihilating the budget and state revenues, because the greater the revenue increased expenses, and even allocations of investment projects in which corruption has become a big, where we have not seen built and funds projects went."

    Tamimi pointed out that the "extraordinary situation year to balance in 2015, because of lower oil prices with the increase in state spending because of the war with terrorism, prompting the government to resort to payment projects on credit, especially since the state treasury today are empty because of poor previous administrations of the economy and money", expressing Astgrabha of " not corrupt accounting. "

    Tamimi pointed out that "the government wants to Iraq bearing debt paid in the future because of the mistakes of the past, and make future generations indebted to many years."

    For his part, he said financial expert Majid picture in an interview with the (long-Presse), said that "Iraq does not possess a rational financial management and a clear policy for the management of the economy in the country, so if you do not know the financial base of Iraq is very difficult to go to domestic borrowing or external through projects Pay-term development. "

    Suri said that "there are too many questions on the subject of development should the government planned before heading to the payment projects on credit, including the study of the economic or financial situation of Iraq at present and for the future", adding that "this is linked to imports of oil that are difficult to forecast its imports."

    Image and continued that "if approved companies to enter the domestic or foreign projects implemented payment on credit and did not stop money entering Iraq to pay, it will enter into the non-payment of financial operations and this leads to very serious on the results of Iraq."

    I suggest financial expert, "the central bank support through the orientation of the development of internal projects to support the state budget as the central bank allocated trillion dinars small and medium-sized enterprises and there are five trillion dinars was allocated for industrial, agricultural and real estate sector and these methods substitute for borrowing if used well."

    For his part, Prime Minister for Economic Affairs Adviser to the appearance of Mohammed Saleh said in an interview to the (long-Presse), "The government needs to sort of understanding and coordination with the committees of the House of Representatives which has the right to see and question because they control the one hand, and that of the right of the government to explain to them borrowing limits and positions and the reasons behind it. "

    Saleh pointed out that "the government is able to convince the legislative authority and direction towards implementation of the payment term projects," noting that "The country is going through a lot of problems and also has a program must accomplish and is forced to intervene in debt and borrow."

    He emphasized the benefit of "the lack of payment on credit fears of projects as it exists under the terms of the law of the budget year 2015, which is part of the fiscal deficit is included for the purposes of Order-term investment and the executive implements the provisions of the law."

    She had announced that the Ministry of Construction and Housing, Sunday (April 19, 2015) its agreement with foreign companies to carry out projects on credit payment system, indicating that the implementation will be after approvals on them is complete.

    And led financial crisis in Iraq following the fall in oil prices, that local governments give up dozens of service projects, and the shrinking number of workers in the services sector and hygiene.

    The Iraqi Council of Representatives approved, on Thursday, (January 29, 2015), the financial budget for the current year 2015, B119 trillion Iraqi dinars and a deficit of 25 trillion dinars, and with House Speaker Salim al-Jubouri confirmed it was the first time that the adoption of the budget is during the month the first of the year, and described as "achievement".

    https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.almadapress.com%2Far%2Fnews%2F2 4857%2F%25D8%25A7%25D9%2584%25D8%25A8%25D9%2586%25 D9%2583-%25D8%25A7%25D9%2584%25D9%2585%25D8%25B1%25D9%2583 %25D8%25B2%25D9%258A-%25D9%258A%25D9%2582%25D8%25B1%25D8%25B1--%25D8%25B3%25D9%2583-%25D8%25B3%25D8%25A8%25D8%25A7%25D8%25A6%25D9%2583-%25D8%25B0%25D9%2587%25D8%25A8%25D9%258A%25D8%25A9-&edit-text=

  5. #5

    Re: The Dinar Daily, Sunday July 12, 2015

    IMF optimistic about the recovery of the Iraqi economy during 2015 and is likely to increase oil exports to "23%"



    Long-Presse / Baghdad
    Counting the International Monetary Fund, said on Sunday that Iraq faced "double shock" in 2014, the past, as a result of attacks (Daash) and the decline in world oil prices, expressing optimism the recovery of the Iraqi economy relatively during 2015, and the surprise of the performance of the oil sector, despite the "serious challenges" faced by , while stressing the continuation of cooperation "closely" with the Ministry of Finance and the Central Bank of Iraq to implement sound economic policies "," to enhance the hardness of the national economy, counting that the head of government, Haider al-Abadi, see the "correct" for the role of the private sector in the economy.
    The head of the IMF mission, Carlo Sdralavic, in a meeting singled out by the (long-Presse), "The Iraq over a rough time during 2014, where it was to deal with the double shock of the organization Daash attacks coincided with a sharp fall of global oil prices," returned to "conflict Daash with about a very serious impact on the Iraqi economy, as well as the human tragedy caused by, a large pressure on the budget, which should provide a significant increase in security spending, and meet the growing needs of the country. "
    He Sdralavic, that "Iraq influenced shocked oil prices much higher than other oil-exporting countries, due to the severity of the economy's dependence on hydrocarbons," noting that "Iraq's oil exports accounted for more than 93 percent of government revenues in 2014 being the driving force of performance in most areas The non-oil economy, particularly through government spending. "
    The head of the International Monetary Fund for Iraq mission, that "the Iraqi economy shrank overall by 1.2 percent in 2014, while non-oil economy shrank by almost nine percent," and expressed "optimism occurrence of some recovery during the current 2015, through the occurrence of growth rate 0.5 percent growth thanks to the oil sector. "
    He said Sdralavic, that "the Iraqi oil sector performance under challenging grave circumstances may surprise of many observers," likely the growth of the Iraqi oil sector, production increased by 11 percent in the current 2015, and that the oil exports increase by 23 percent, driven by production in the oil fields South-ins and oil exports, which facilitated the agreement between the federal government and the Kurdistan Regional Government. "
    And on the extent of Iraq's implementation of reforms by the Fund requested during recent meetings, he said the head of the IMF mission to Iraq, "The Fund works in close collaboration with the Ministry of Finance and the Central Bank of Iraq to implement measures and structural reforms necessary to deal with the impact of shocks", expressing his belief that "dialogue Fund with Iraq was very fruitful. "
    And pamper Sdralavic, the cooperation that the "Fund recommended to correct public finances to keep spending in the availability of resources and funding limits," he continued that "the budget in 2015, showed effort Mahmoud target pressure oil revenues on the one hand and increase spending on security and humanitarian needs on the other hand."
    And he went head of the IMF Mission for Iraq, that "The Fund also supports the government's efforts to diversify its sources of funding, internal and external alike," and added that "also seeks to help ease funding pressures through possible funding of $ 830 million almost offers to Iraq under rapid funding tool, which allows emergency assistance to member countries when facing balance of payments financing needs urgent, as is the case with Iraq. "
    He went Sdralavic, As for the "Central Bank of Iraq, the recent steps towards the liberalization of the foreign exchange market in line with the Fund's recommendations in this regard, such as those related to achieving a gradual reduction in the distortions foreign exchange market, which imposes significant costs on the economy, and can reduce confidence in the currency ", he returned to that would" help reduce the steps in the foreign exchange rate differentials in the parallel market and contribute to the reduction of the volatility of these differences. "
    In response to a question (range Press) whether Iraq has made progress in the empowerment of the private sector, saw the head of the IMF Mission for Iraq, that "the Prime Minister, Haider al-Abadi, see the sound of the role of the private sector in the economy, it is to provide a source of growth It is not linked to the oil sector, and job creation not in a position to provide the public sector the number of jobs that was able to be supplied by, "adding," but the security situation still poses a challenge to the effective participation of the private sector in the economy. "
    He went Sdralavic, saying that "Iraq continues, though, to take steps to enable the private sector, the financial sector example of this, where authorities were working to create an environment where equality between private banks and those of state-owned materialize," adding to it, "can be public entities currently accept letters of guarantee and guaranteed checks issued by private banks, has also increased the maximum letters of credit between the Finance Ministry and private banks, and allowed to become state-owned enterprises dealing with private banks to open accounts and the acquisition of deposits and the payment of salaries. "
    And he continued to head the International Monetary Fund mission to Iraq, as "the government also prepared a study on the reform of state-owned enterprises which envisages a systematic assessment of the cost-benefit in order to determine the most appropriate structure for each institution," stressing "the fund's commitment to close the dialogue on policies with the government and central bank to help Iraq the implementation of sound macroeconomic policies that will strengthen the economy in this hardness filled with challenging conditions grave. "
    It is noteworthy that the International Monetary Fund, a specialized agency of the Bretton Woods system of the United Nations, was established under an international treaty in 1945 to work on enhancing the safety of the global economy, and is based in Washington DC, and managed by its members who include all the countries of the world about their number of 188 countries.
    The Fund consists of the Board of Governors, which consists of the governor and deputy member appointed by each of the Member States shall formulate the general policy of the Fund. The management of the Fund consists of a board that includes sixteen members representing major countries and two members from Latin America and nine other countries, and play to contribute to the IMF quotas in determining the voices of the state in which, owns USA (23.1%) of the voting power, Britain (11% ) This gives these two countries to control the vote, and is determined by aid obtained by the Member States on the basis of the share in the Fund's capital, if needed state to amount to meet the deficit in the balance of payments Fund acknowledged the need they can get (25%) of its stake in the fund through one year to place at the disposition of this loan is equal to the national State in its own currency and can not enjoy this right only for five years.
    In this fund, and Iraq is a member, where its share amounted to eight million dollars, and in 1960 reached the quota (15) million and the share taken growing, gradually until it reached more than 200 million dollars at the end of the seventies, and enable Iraq to benefit from the Fund's resources when needed to foreign currency because of the shortage of reserves in 1976 as the withdrawal of the amount of (27) million in 1970.
    He announced the International Monetary Fund, in (the fifth of June 2015) is ready to give Iraq an exceptional financial assistance worth 833 million dollars, to help him to cope with the economic implications of war with al (Daash) and the deterioration of oil prices in the world market, noting that the Iraqi economy shrank by 2.1 percent in 2014, the past "because of the violence is the basis", and that "not record" the biggest growth of 0.5 percent this year, 2015.


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

  6. #6

    Re: The Dinar Daily, Sunday July 12, 2015

    Iraqi bank says it accepts all kinds of deposits

    Rafidain Bank expressed on Saturday its willingness to provide support in the field of commercial banking and investment funds and provide funding for the various sectors in accordance with the development plans.

    The general director of the bank , Basem Kamal al-Hassani said in a written statement received by Shafaq News, that "the bank is accepting deposits of all kinds and contribute effectively to the development and assignment of private banks in the field of banking systems."

    Al-Hassani said "Some wanted to discredit the bank's reputation in order to harm its technological progress and achievements during this period and that have not been achieved in the previous administrations of the bank."

    (zawya)

    http://iraqdailyjournal.com/story-z11153037

  7. #7

    Re: The Dinar Daily, Sunday July 12, 2015

    Parliamentary Finance: Corruption threatens the collapse of the country's economy



    In the event that corruption has spread to more than that corruption will become in the coming period, the scourge can not be processed and will cause the collapse of the Iraqi economy as a whole.

    BAGHDAD / Obelisk: the parliamentary finance committee confirmed Sunday that the rampant corruption and mismanagement of public funds in government institutions threatens the collapse of the country's economy

    Said committee member Saleh al-Hasnawi in an interview with local media, followed up "obelisk", that the rampant corruption in government institutions since 2003 and so far is equal to the largest amount of funds disbursed for investment purposes, and that the funds in 2014, with the exception of operating all waste.

    "The year 2015 is witnessing a severe financial crisis requires concerted efforts of all government institutions concerned of the Ministry of Finance and the Central Bank to reduce corruption."

    He continued that "if it has spread to more than corruption that corruption will become in the coming period, the scourge can not be treated and would cause the collapse of the Iraqi economy as a whole."

    The Finance Committee revealed, in April 2015 for the loss of the country about $ 360 billion, due to corruption and money-laundering operations, since 2003.

    And that Iraq's imports from the sale of oil since 2006 until 2014, amounted to about $ 550 billion, and 60% of that amount, or about $ 360 billion, it was sold in the currency auction in Baghdad organized by the Central Bank of Iraq, was transferred out of the country by companies civil and banking offices in mysterious circumstances.

    Iraq also that the money lost due to corruption and money laundering, where the eligibility of banks to buy currency and transfer abroad under the pretext of buying goods and goods which are not up to Iraq only a little.

    https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Falmasalah.com%2Far%2Fnews%2F37874%2 F%25D9%2588%25D8%25B5%25D9%2588%25D9%2584-%25D8%25B1%25D8%25A6%25D9%258A%25D8%25B3-%25D8%25A7%25D9%2584%25D8%25A8%25D8%25B1%25D9%2584 %25D9%2585%25D8%25A7%25D9%2586-%25D8%25A7%25D9%2584%25D9%2589-%25D9%2582%25D8%25A7%25D8%25B9%25D8%25A9-%25D9%2585%25D8%25AC%25D9%2584%25D8%25B3-%25D8%25A7%25D9%2584&edit-text=

  8. #8

    Re: The Dinar Daily, Sunday July 12, 2015

    World Bank lends $ 2 billion toward Iraq to ease the fiscal deficit



    Tomorrow/Baghdad: Finance Minister Hoshyar Zebari said Sunday that the World Bank agreed to lend $ 2 billion toward Iraq to ease the fiscal deficit in the current budget because of lower oil prices.

    Zebari said in response to a question by a reporter, "tomorrow", "the amount the Bank approved the waiving of Iraq amounted to $ 1 billion and 700 million, billion to ease the fiscal deficit in the current budget because of lower oil prices and 350 million for reconstruction of areas cleared by the terrorist and 350 daash million for construction of the port of Umm Qasr in Basra and is a strategic project that links Iraq to the port and the project has already started."

    He added that "there are some priorities for reconstruction of the military operations areas including Diyala and Salahuddin to fit a lot of people."

    http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Falghadpress.com%2Far%2Fnews%2F33636 %2F%25D8%25A7%25D9%2584%25D8%25A8%25D9%2586%25D9%2 583-%25D8%25A7%25D9%2584%25D8%25AF%25D9%2588%25D9%2584 %25D9%258A-%25D9%258A%25D9%2582%25D8%25B1%25D8%25B6-%25D8%25A7%25D9%2584%25D8%25B9%25D8%25B1%25D8%25A7 %25D9%2582-%25D9%2586%25D8%25AD%25D9%2588-%25D9%2585%25D9%2584%25D9%258A%25D8%25A7%25D8%25B1 %25D9%258A

    BGG Notes:

    Well that is a bigger number - however, even with the IMF's reported 833 Mil, the WB in for 1.7 Bil, plus the 350 Mil for rebuilding... it's still not even close. Without buying power - they miss the mark by about - Ohhhhh 35 BILLION!!

  9. #9

    Re: The Dinar Daily, Sunday July 12, 2015

    Finance signed a contract with the World Bank to lend Iraq $ 350 million



    Tomorrow/Baghdad: Ministry of finance, signed Sunday, a contract with your bank to lend Iraq $ 350 million for the rehabilitation of some sectors such as health, electricity.

    The Finance Minister said during the signing of the contract, Hoshyar Zebari and attended by "tomorrow", "the Finance Ministry today signed a loan agreement for the reconstruction of the liberated areas by organizing daash", stating that "the Iraqi Government has asked since April the loan from the World Bank to assist Iraq."

    "The amount loaned was signed 350 million dollars and is divided as follows, MEW limits of $ 67.5 million, to rebuild the infrastructure of transmission and distribution of energy," he said, adding that "the Ministry of municipalities share of 58.5 million loan to repair the infrastructure for water, sewage, solid waste and design to implementation, and the Ministry of construction and housing loan share of $ 117 million to repair roads and bridges destroyed in some areas and the preparation of plans and designs for infrastructure."

    "The Ministry of Health's share of the $ 37 million loan to rehabilitate and renovate hospitals and clinics mobile nature and ambulances, plus technical assistance worth $ 22 million, and prepare plans for the local administration in some of the liberated areas".

    He added that "the remaining 45, 8 not currently present, hoping to use it to sectors that can finance", saying "we agreed with the World Bank on the financial conditions of the World Bank that includes the loan term of 15 years and interest of one percent."

    http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Falghadpress.com%2Far%2Fnews%2F33631 %2F%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D9%88%D9%82%D8%B9-%D8%B9%D9%82%D8%AF%D8%A7-%D9%85%D8%B9-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A-%D9%84

  10. #10

    Re: The Dinar Daily, Sunday July 12, 2015

    Parliamentary Power: No feasibility of another oil deal with the Kurdistan



    BAGHDAD / Obelisk: the Commission on oil and energy parliamentary She opposes the orientation of the conclusion of another oil deal with the Kurdistan region in the absence of commitment to the first agreement, which was the end of last year.

    A member of the Committee Ali Fayad told I followed "the obelisk," The Kurdistan region did not abide by the oil agreement concluded with the federal government to hand over the agreed oil quantities to SOMO oil company, and sought refuge after the breach of the constitution through oil export independently of the federal government.

    Fayad said there is no point in the Kurdistan region claims to find a new formula for the oil deal with Baghdad, as the province did not abide by the first oil agreement, how it abide by oil last, pointing out that any new agreement is a delay in the delivery of oil to the region exports.

    The Ministry of Natural Resources in the Kurdistan region last week sold about 13 million barrels of oil during last June in isolation from the federal government by having to pay the expenses of oil companies in the region.

    She last month, sources in the Council of Ministers and the Ministry of Oil concern about the delivery of the Kurdistan region only 22% of its oil imports to the central government, indicating that the quantities exported illegally is a violation of the Convention oil.

    https://translate.google.com/transla...-text=&act=url

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