The Dinar Daily, Wednesday July 15, 2015
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  1. #1

    The Dinar Daily, Wednesday July 15, 2015


    US dollar USD 1166.000 1164.000

    US dollar USD 1166.000 1164.000
    Euro EUR 1288.313 1287.669
    British pound GBP 1814.179 1813.272
    Canadian dollar CAD 913.650 913.193
    Swiss franc CHF 1231.257 1230.641
    Swedish krona SEK 138.644 138.575
    Norwegian krone NOK 144.697 144.625
    Danish krone DKK 172.641 172.555
    Japanese yen JPY 9.518 9.514
    Drawing Rights
    SDR 1631.129 1630.313

    Indicative rates - (as of) 15.07.2015

    Currency Auctions

    Announcement No. (2996 most recent listing) the amounts deposited on 6/7 and 13/7 owed day

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 14/07/2015 results were as follows:(no changes as of 15/07/2015)

    Number of banks 17
    Number of remittance companies 3
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 248,160,085
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 248,160,085
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 07-16-2015 at 10:11 AM.

  2. #2

    Re: The Dinar Daily, Wednesday July 15, 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, Wednesday July 15, 2015

    Oil-parliamentary member reveals the existence of a new oil agreement between Baghdad and the region

    Wednesday, July 15, 2015 10:04

    BAGHDAD / Baghdadi News / .. announced the Commission on oil and energy parliamentary member Kaveh Mohammad, on Wednesday that the coming weeks will witness a new oil agreement between the center and the region. Kaveh said in a press statement seen / Baghdadi News / him that "the controversy between the center and the region occurred on the export of oil, was because of the financial benefits to the province of salaries and debt, in light of the region that exposure to significant financial pressures." "The dispute has not reached an impasse, but there were signs of the return of the agreements between the parties," pointing out that "the next few weeks will see a new agreement." "The solution will be expected to reformulate the recent oil agreement between Baghdad and Arbil, and the study of the points of disagreement." It ended 21 / Q.

    BGG Notes:

    Very curious - I expect this will happen... it virtually has to. However, the very next question is - if Baghdad couldn't pay the Kurds during the last "agreement cycle" - it begs the question where they are getting the money for this "new agreement". These are the facts.

  4. #4

    Re: The Dinar Daily, Wednesday July 15, 2015

    Emirates Air to resume flights to Erbil next month after the demise of security risks

    Author: AHF, HAA
    Editor: AHF, BS

    07/15/2015 2:30 p.m.

    Long-Presse / Baghdad
    Emirates Airline announced on Wednesday it would resume flights to Erbil, capital of Iraqi Kurdistan from 15 next August, and showed that while risk assessment was in line with the company's safety standards, confirmed will change the flight paths during flights to Arbil.

    He said Senior Vice President Commercial Operations at Emirates Sheikh Majid Al Mualla, in a press statement seen by the (long-Presse), said that "Emirates Airlines will resume passenger flights to Arbil, capital of Iraqi Kurdistan, starting on 15 August next after that the potential risks in line evaluation with came the company's safety standards. "

    He Mualla "We continued during the last period monitor the situation closely in the north of Iraq and assess the potential risks, according to strict standards of safety adopted by the Emirates have decided the lead to resume operation of our travels regularly to Arbil," noting that "the company will resume four flights weekly to Erbil with change paths Aviation as a precautionary measure which will lead to increased flight time. "

    The Gulf Air has suspended its flights to Erbil in the past month of March for security reasons after the demolition of the organization (Daash) areas in the north of the country.

  5. #5

    Re: The Dinar Daily, Wednesday July 15, 2015

    Al-Zubaidi: negotiations to get a loan to finance the deal, Boeing positive and we have composed a fleet of 30 aircraft

    Long-Presse / Baghdad - The Ministry of Transportation, said on Wednesday that negotiations for a loan to finance the Boeing deal going in a positive way, as shown that Iraq has 30 aircraft and a number of "national vector", refused to impose loans cost Iraq a lot.

    He said Transport Minister Bayan Jabr said in an interview with the (long-Presse), "We had a round of talks in London I met with officials from Boeing and talked on the subject of getting a loan to finance the Boeing deal."

    Zubaidi said that "the ministry were continuing with the US embassy and we have meetings going on in Istanbul through Undersecretary and his team and we got to ranges close and are not final, but it's going in a positive way," noting that "without the loan Iraq will not get on the aircraft from Boeing."

    He said al-Zubaidi "We have 30 aircraft and five vectors national aircraft have transported passengers and the number of these aircraft is not a little compared to neighboring countries."

    He said Transport Minister "We have talks with Airbus for the purchase of aircraft, but the problem is that we want the loan of (ACSM Bank) French a few interest," noting that "the company asked us to borrow from a third party but that this borrowing costs Iraq, and I'm not ready to sign the like This contract because we want to be a contract between Iraqi Airways and the French government. "

    The Transport Minister Baqir al-Zubaidi revealed in (June 17, 2015), for the ministry has sought to unify the Iraqi Airways fleet aircraft Boeing modern, and as pointed out that the ministry is seeking to create only a new company comprising Airbus aircraft and the CIA RG, said the ministry is considering employment Investment Foreign activated in air traffic.

    The date of the founding of the Iraqi Airways "Green Bird" due to (18 May 1938), when it recommended the Iraqi Aeronautical Society on the purchase of three aircraft type (Darkin Rapid), in aircraft factories (De Havilland), have reached Baghdad Saturday (first October 1938), and was on a domestic route and to neighboring countries.

    Iraq had possessed more than 20 civilian aircraft Ilyushin Russian (Eastern Fleet) an Iraqi Airways ahead of 1991, where most of them were destroyed in Operation Desert Storm, and the transfer of the other part of them to neighboring countries during the period of sanctions.

    Iraq signed in May 2008, the first two decades with the company (Boeing) for the purchase of 40 US aircraft, and the second with the company (Bombardier) Canadian, to buy ten aircraft, while the Ministry of Finance showed that the total value of the two contracts amounting to five billion dollars.

    Iraq and received since the end of 2012 until the month of March a number of Boeing aircraft within the contract signed with the company and which it is hoped that the end of the year ends in 2018, also received a Bombardier CRJ900 aircraft over the past years.

    The Ministry of Transport announced the (March 20, 2015) for receipt of new aircraft from Boeing under the contract signed between Iraq and the company during 2008, while confirming that the Iraqi Airways fleet currently consists of 28 aircraft.

    The Transport Minister Baqir al-Zubaidi announced (26th February 2015), that Iraq will receive 13 aircraft from Boeing, during the current 2015, while detect the presence of negotiations with Airbus for the purchase of aircraft which, he stressed that Iraqi Airways supported the state budget for 2015 of $ 450 million.

    BGG Notes:

    This deal isn't pivotal - or even critical. However, to point out, it is one of the deals they have been working on since last October in an attempt to restructure their budget, debt, etc... to meet their current and looming budget short falls. They've known this was coming all along.

  6. #6

    Re: The Dinar Daily, Wednesday July 15, 2015

    France wishes elevate economic relationship with Iraq to the level "excellent" political counterpart

    Author: BS, MK
    Editor: BK, BS

    14/07/2015 11:09 p.m.

    Long-Presse / Baghdad
    Confirmed the French ambassador in Baghdad, on Tuesday, the durability of his country's relationship with Iraq, expressing hope that elevate the economic side, "excellent" level that is characteristic of the political level, while between Iraqi Minister of Transport, that relations between the two countries are developing in various fields , revealing the French experts set up to control Iraqi airspace systems.

    He said the French ambassador in Baghdad, Marc Baretti, in a speech during the ceremony held by the Embassy on the occasion of the French National Day, in the Rashid Hotel, and attended (range Press), "The French are old and solid relations - Iraq has seen many of the exchange of visits at the highest levels", calling to "promote and sustain those relationships for the benefit of the two peoples and to live up to the excellent economic relations which are characterized by the level of political relations."

    He Baretti, that "France has provided all the political and military support to the Iraqi authorities for the implementation of the political program of the Prime Minister, Haider al-Abadi, anti Daash," returned to "France and Iraq were fighting a common enemy is terrorism."

    For his part, the Iraqi Transport Minister, Bayan Jabr, in a speech during the ceremony, "the Iraqi - French relations are particularly sophisticated in recent times", in advance thanks to the "French officers who are training Iraqi forces."

    Zubaidi said, that "Alaguet between the two countries advanced in political and economic spheres," pointing out that "the meetings of the Iraqi - French Committee resulted in several agreements."

    The minister said, "The Iraqi Airways Airbus includes many of the aircraft involved in the production of France," asserting that "French experts will install the latest control of Iraqi airspace systems."

    The French ambassador in Baghdad, Marc Baretti, revealed in (July 6, 2015) about the presence of 260 French officer in Iraq to train Iraqi forces, while among the 15 French plane involved in the international coalition against al (Daash), confirmed his country's readiness to meet the demands of arming Iraqi forces.

  7. #7

    Re: The Dinar Daily, Wednesday July 15, 2015

    A new partnership between the European Investment Bank and the Organization "FAO" to boost private sector investment in agriculture

    July 14, 2015 23:02

    (Independent) .. working of the European Investment Bank (EIB) to keep up with the renewed global attention to agriculture, to intensify its cooperation with the United Nations Food and Agriculture Organization (FAO) in an effort to expand investment and deepen in the agriculture sector in countries that do not belong to the European Union.

    The two sides signed today a memorandum of understanding last five years and aims to strengthen the investment operations in the field of agriculture, and the development of value chains and the private sector so as to promote the priorities of the European Investment Bank and the strategic objectives of the organization, "the FAO." The agreement, which was announced on the sidelines of the Third International Conference on Financing for Development in Addis Ababa, as the participation of the European Investment Bank in the agro-industrial sector, while representing for an organization, "FAW" partnership with one of the largest international financial institutions.

    Said Jose Graziano da Silva, Director General of the Organization "FAO", that "this is a historic opportunity for both sides, in order to combine technical knowledge and financial ability of both and the involvement of private investors and the public in the goal of eradication of hunger," noting that ensure adequate supply Food at the global level to meet the needs of the growing population ... and make agri-food systems context for higher sustainability are goals that require huge investments in developing countries.

    For his part, Vice President of the European Investment Bank Pim van Balecom, that "agriculture and agro-industries are the key sectors affecting development, where it will remain the pillars of life and livelihood and social stability, as well as being also a cornerstone of projects local business, jobs, growth in many countries all over the world. If we can combine the field experience of the Organization "FAO" and knowledge with our investment and technical expertise to inject funding urgently needed to better food supplies for the benefit of the business, so why not do it? ".

    While the organization and the European Investment Bank collaborated previously through known as "EastAgri" information exchange platforms, would today's agreement to intensify cooperation in the stages of analysis, planning and implementation of investment operations. The "FAW" expertise in investment and formulating policies of investment projects, as well as the European Investment Bank's ability to access international capital markets and his proficiency in creating a solid investment operations ... a natural complement to each other.

    Early focus on Europe's neighbors, the Group of Caribbean, Africa and the Pacific

    At the outset, it will be looking to cooperate toward the neighboring countries to the east and south of the European Union, and the Caribbean, Africa and Pacific group (ACP); and likely to be early initiatives focused on investment support in Georgia and Ukraine, and take advantage of available credit lines currently on the part of the European Investment Bank.

    The ECB actually goes on today under the umbrella group the Caribbean, Africa and Pacific countries, with the support of small and medium enterprises development in the agro-industrial sector. In recent times, a group Caribbean, Africa and Pacific countries signed a memorandum of understanding with the Organization "FAO", pledge cooperation to promote private sector support for smallholder owners and the overall agricultural value chains.

    And stands a large number of 79 members in the group and the Africa Caribbean and Pacific countries, the state is particularly vulnerable to climate change, making this a priority consideration for both the organization "FAW" European Bank. It will be planning for the implementation of interventions by the two bodies in the agricultural sector of the countries of the group, based on these common priority.

    Others include the European Investment Bank priorities four key areas for investment ... in the promotion of innovation and skills, and to take measures in the field of climate, and improve strategic infrastructure, and the promotion of access to financing for small businesses. Recently, the European Bank also agreed to mobilize support towards small farmers and local initiatives in favor of supply chains and smaller income in order to strengthen the resources in rural areas.

    In the past year, monitoring the European Investment Bank 77 billion euros as the value of its investments, making it the largest multilateral lender in the world financial body in terms of size. And it allocates about 10 per cent of the loans offered by the Bank, to invest outside the current membership of the European Union amounting to 28 countries; and where agriculture tends to occupy a more important site constantly internationally as a new priority.

    And on the same level, investments "FAO" since 1964 it has helped to mobilize $ 110 billion in agricultural development, service, and support more than 2,000 projects in 170 countries ranks.

    The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by the EU member countries. This body shall provide long-term financing sound investment in order to contribute to the attainment of the objectives contained in EU policies.

    International body, the Organization "FAO" includes 194 member countries and associate members and one member organization is the European Union. And dealing with the organization to respond to the demands imposed by the world's major trends in the field of agricultural development and challenges faced by member countries.

  8. #8

    Re: The Dinar Daily, Wednesday July 15, 2015

    Despite the agreement on the Iranian nuclear program: higher oil prices

    July 15, 2015 12:13

    (Independent) ... oil prices recorded in Asia, Wednesday, rising, despite the agreement on the Iranian nuclear program, who paves the way for the return of the country to an already bloated market, but brokers expect it to take some time.

    The record price per barrel of light oil (light sweet infraction) in August / August, which clearly declined since the beginning of the month delivery, a rise of 26 cents to $ 53.29, so after gaining 84 cents Tuesday in New York.

    The Brent North Sea in August / August delivery oil also has gained ten cents for a price of $ 58.61, and had risen 66 cents Tuesday in London.

    And it signed Iran and major powers in Vienna historic agreement on Iran's nuclear file, which is poisoning international relations for 12 years.

    The agreement aims to ensure that the nuclear program for military purposes in exchange for the lifting of international sanctions, including the oil exports of the country, which strangle Iran's economy.

    And can do so for Iran a member of the Organization of Petroleum Exporting Countries (OPEC) to export its oil freely again, which raises the concern of intermediaries in the oil market, where the excess supply currently between 1.5 million and two million barrels per day.

    But analysts say that it takes months to show the effects of the lifting of sanctions on Iranian crude oil exports.

    Observers are skeptical Alnaftyon Iran's ability to produce an additional million barrels per day in the months that will follow the lifting of sanctions, as announced in June.

    The expert agency's financial rating "Fitch" who appreciate the current volume of exports to Iran B1.1 million barrels per day compared to 2.5 million barrels by 2012, argue that production of Iran will not be able to overcome the 700 thousand barrels per day next year, "and needs for years to return to previous levels." . (End)

  9. #9

    Re: The Dinar Daily, Wednesday July 15, 2015

    Jubouri review with the governor of Anbar province conduct of military operations

    July 15, 2015 14:48

    (Independent) .. accept Parliament Speaker Salim al-Jubouri on Wednesday, with the governor of Anbar Suhaib al-Rawi political and security situation in Iraq, and developments in the ongoing war on Daash in Anbar military operations.

    He said al-Jubouri, according to a statement from his office, his support for the start of these operations aimed at freeing cities of the province, pointing to the need for sons areas involve larger in this fight to give the war momentum and strength, and give them a role in the maintenance of territory and security management where after liberation.

    As the sons of Anbar tribes called to active participation in the liberation of their cities from the terrorist organization, and to make every effort to do so.

    For his part, al-Rawi said the local government's keenness on supporting the joint forces in order to restore the usurped cities as soon as pointing to the importance of the role of the tribes in the resolution of the battle and the return of life to these cities without any problems or obstacles.

  10. #10

    Re: The Dinar Daily, Wednesday July 15, 2015

    Parliamentary Finance calling on the government to subdue the salaries of deputies to the principle of the certificate and the service

    Date: 15/07/2015 11:23

    Information / special / ..
    the parliamentary finance committee called for Wednesday, the Government Abadi to reconsider the salaries of deputies and special grades and be subject to the principle of the certificate and the service and adopt a fundamental criterion in the calculation of the salary, praising invitation Abadi to cut officials and senior grades salaries.

    A member of the Finance Committee in Parliament MP Magda Abdel Latif told / information /, that "the invitation, Prime Minister Haider al-Abadi reducing the officials and grades Alodavih own and the high calling of correct salaries and was on the government and parliament passed since before approving Almoisanh time."

    She added that "the government should reconsider its blessings officials and special grades salaries and the adoption of the certificate of study and career service standards, so as to achieve justice, "she wondered," How can equality MP who holds a graduate degree and long service in the state with Vice holds a junior high and probably a lot of them does not have the functional Aillarth years of service in departments and institutions of the state. "

    The Abadi called , in the atheist th of this month, to reduce the salaries of all officials in the state to achieve social solidarity, a proposal to open a fund to help combat effort. Ended / 25 m

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