The Dinar Daily, Friday July 17, 2015
Page 1 of 13 12311 ... LastLast
Results 1 to 10 of 128

Thread: The Dinar Daily, Friday July 17, 2015

  1. #1

    The Dinar Daily, Friday July 17, 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 (no change as of 17.07.2015)

    Currency Auctions

    Announcement No. (2997 most recent listing)

    The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 15/07/2015 results were as follows: (no change as of 17/07/2015)

    Number of banks 29
    Number of remittance companies 8
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 364,691,686
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 364,691,686
    Total offers for selling (US$) -----
    Last edited by pinkadonai1; 07-18-2015 at 10:10 AM.

  2. #2

    Re: The Dinar Daily, Friday July 17, 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,
    Last edited by pinkadonai1; 07-18-2015 at 10:11 AM.

  3. #3

    Re: The Dinar Daily, Friday July 17, 2015

    Kurdistan supports the orientation of the Federal Government on the Oil Agreement

    BAGHDAD / Center Brief for the Iraqi Media Network (IMN)
    - the Kurdistan Alliance bloc said it supports the direction the federal government and the Kurdistan Regional Government to find a new formula serve the parties with respect to the oil agreement.

    A member of the bloc Muhsin al-Sadoun's (IMN), "The previous versions of the oil agreement between the federal government and the Kurdistan Regional Government have witnessed many stops, and it was difficult to handle and the Kurdistan Regional Government also can not to fulfilling financial obligations."

    He added Sadoun "We are looking for new formulas to achieve the purpose of which will be the largest financial revenue of the federal budget and thus bypass any future dispute between the parties."

    The cost of the economic crisis cell headed by Haider al-Abadi, Iraqi Prime Minister and Minister of Oil, Adel Abdul Mahdi contact Kurdistan to return to work the oil agreement signed between the parties.
    Last edited by Doodle Brain; 07-17-2015 at 11:52 AM.

  4. #4

    Re: The Dinar Daily, Friday July 17, 2015

    Reference: Financial borrowing may not be the most appropriate solution to the economic crisis and the government's preparation of the next year's budget

    BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - Supreme religious authority promised financial borrowing from abroad may not be the most appropriate solution to address the current economic situation, calling on the government to prepare next year's budget in accordance with the economic vision.

    The representative of the reference in the holy city of Karbala, Ahmed net during Friday prayers saucer-Husseini al-Sharif said that "the government agencies to provide all the necessary requirements of the fighters in confronting gangs terrorist Daash", "returned" financial borrowing from abroad may not be the most appropriate solution to address the economic situation of the country and It is going through a financial crisis. "

    Net and added that "should the government and the preparation of the financial budget for next year Deputies in accordance with economic vision commensurate with the size of the financial wills and rid of unnecessary expenditures and give priority to the security and health and education," pointing to the importance of "the fight against financial and administrative corruption, as there is no development and for the stability and security unless it is a real fight against corruption, as well as not only formal steps to address them. "

    And he invited the representative of the religious authority in the holy city of Karbala on Friday, Arab and regional countries to reduce the phenomenon of supplying guerrilla fighters Aldaashah, noting that terrorists Daash will return to form criminal cells in their countries.

  5. #5

    Re: The Dinar Daily, Friday July 17, 2015

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

    Long-Press / Baghdad
    - Counting the Iraqi Central Bank, on Monday, that the acceptance of the Federal Court appeal lodged by the budget law, promotes independence and allows it to diversify its monetary policy and flexible orientation tools, noting that sales of the dollar aims to provide the Ministry of Finance dinar you need to finance the budget, and to achieve stability of exchange rates General and prices, and to ensure that citizens and the economy, investment and banditry on the "greedy and malicious."The governor of the Iraqi Central Bank and the Agency, on the Keywords, in a statement received (long-Presse) a copy of it, that "the Federal Supreme Court's decision to accept the appeal submitted by the Central Bank in the materials, which included limitations and orders to the bank, came accordance with the Constitution and the law of the Central Bank", He returned to "The court's decision involves a great importance because of its impact in strengthening the independence of the central bank and support, and its dimensions to influence policies and decisions."

    Added Keywords, that "independence is not a matter of form, but the basis of the requirement to enable the central bank to achieve its tasks, particularly in monetary policy that are inherently the diversity of tools and flexibility orientation", noting that "the general budget law governing fiscal policy in spending and annual revenue which is we must be specific to the items contained in it by virtue of the nature of the resource and expenditure management. "

    Said Governor of the Central Bank and the Agency, that "monetary policy is totally different from fiscal policy, where it is normal mobility and flexibility and to deal with changes in the economic situation and the situation of the market," pointing out that it "did not happen in countries that follow the market system to be budget law specific and directed and constrained by the policy of the central bank, or even in the other because it loses its role as the central bank and took away his tools used to create balance and access to achieve the goals that move the market movement and the economic situation and cases of inflation and recession and others. "
    Keywords said, that those "movements occur on an ongoing basis and sometimes daily, in the neighborhood of the budget is valid for one year the law," adding that it "makes it real and restrictions tied monetary policy and this reverse their role and nature."

    And on foreign currency sales (the dollar), he saw the Governor of the Central Bank and the Agency, that those "Sales is not an option of choice, or a business process or coverage of the activities of a commercial, but is in the Iraqi situation and as it is in countries that control the export and the monopoly of foreign currency by the nature of their resources , oil such as States, "stressing that" the process of replacing the existing Iraqi dinar to the dollar in trading, is to provide the Ministry of Finance dinar against the dollar, which is received by oil sales, which do not need, but you need to the Iraqi dinar to finance the general budget. "

    He continued Keywords, that "determining the dollar sales ceiling means the result determine the amount of the taxpayer dinar public budget", Msttrda that in "case specifically taking, as stated in the General Budget Law, means a shortage and a large decrease in the amount required to cover the budget expenditures of the dinar."
    He went Governor of the Central Bank and the agency, explaining if "sold the central bank $ 75 million a day, as contained in the budget law, it means that the central bank will sell annually the equivalent of 22 trillion dinars, almost, while operating expenses, dinars, about 70 trillion dinars. "

    Keywords He said this "The truth is clear to many who call invitations determine the dollar sales ceiling, as well as lack of awareness of the role of the central bank and its mission to stabilize the exchange rate and public prices that require high and continuous flexibility in the quantities sold by the bank, because there is a big difference in price exchange between the official rate and the parallel market, price is paid by the citizen and the economy, investment and hurt huge profits in the pockets of greedy and malicious. "

    Keywords concluded, that "curb all this will be only to control the quantities beyond a shadow of those dangerous phenomena," according to his statement.
    The Federal Supreme Court has ruled, earlier on Monday, the unconstitutionality of some of the federal budget materials for the current year 2015, stressing that the legislation was contrary to the constitution of the fact that these materials were not present in the original sender of the project from the government to the parliament.
    The Keywords, may also praised today the Federal Supreme Court's decision to accept the appeal submitted to the bank on the budget materials, stressing that the resolution provides for the abolition of all additives by the House of Representatives on the state budget law.

    The Governor of the Central Bank of Iraq and the Agency, announced, in (the seventh of March 2015), for an appeal to the Government to paragraph 50 of the financial budget law for the current year 2015, which require him to sell $ 75 million a day, and a description of this paragraph "Balgraybh and dangerous" as a subject Central Bank of the orientations of the government, and while counting, that paragraph did not make clear in the first and second readings and "squeezed" at the last minute, the expectation that this matter resolved in favor of the central bank.

    The Iraqi Council of Representatives (the 29th of January acknowledged, 2015), the financial budget for the current 2015, in the amount of 119 trillion dinars, the equivalent of $ 117 billion, and a deficit of about 25 trillion dinars or about 23 billion dollars, and calculates the price of a barrel Oil at $ 56 a barrel.;&edit-text=

    Last edited by Doodle Brain; 07-17-2015 at 01:59 PM.

  6. #6

    Re: The Dinar Daily, Friday July 17, 2015

    Chinese oil company wins contract to drill two sites in Iraq worth $ 26 million

    Long-Press / Baghdad - Announced a Chinese oil company, on Thursday, its contract to drill two sites in Iraq, as pointed out that the contract value of $ 26 million. The company said (Honghua Group) Global Chinese oil services, in a statement quoted by site (Upstream) oil news, and seen by the (long-Presse), it was "contracted to provide drilling services in Iraq for two $ 26 million," noting that it "will bring drilling locations equipment ".

    News website added that "Honghua party that has been the signing of the contract with the company did not disclose the site implementation of drilling operations, whether in the fields or in southern Iraq in the Kurdistan region."

    The Chinese Anton Oil Services Company oil fields, announced the other, in (the first of the current July 2015), won the contract for the purchase of maintenance materials and other materials for three oil wells in central Iraq, worth approximately 18 million dollars.
    And several Chinese companies operating in Iraq, especially in the fields of Wasit, Maysan and Basra.
    Last edited by Doodle Brain; 07-17-2015 at 12:24 PM.

  7. #7

    Re: The Dinar Daily, Friday July 17, 2015

    Security plan of Eid al-Fitr announced in Najaf

    Najaf ( The Police Department of Najaf province declared the security plan dedicated for Eid al-Fitr.The Commander of Najaf Police Department, Muqdad al-Musawi, reported to the correspondent of ”The plan will include the participation of (31,000) security elements and the Air Force as well as deployment of security checkpoints at the entrances and exists of the city.””The Explosive Ordinance Disposal Experts Units and the intelligence efforts as well as feminist police will be distributed over (40 KM) of the city, ” noting that ”The inspection and search operation will cover the Wadi al-Salam Cemetery, which expected to witness wide attendance where people come to visit their late relatives during days of Eid al-Fitr,” the statement added.”The security plan will include to impose security cordons start from Eishreen Square to the Old City and the holy shrine of Imam Ali (PBUH),” the statement pointed out.”The security plan will continue throughout days of Eid al-Fitr under the supervision of Middle Euphrates Operations Command, ” calling upon ”All the citizens to cooperate with the security forces by informing them about any suspicious situation,” the statement concluded. \END\
    Last edited by Doodle Brain; 07-17-2015 at 01:44 PM.

  8. #8

    Re: The Dinar Daily, Friday July 17, 2015

    Energy Kirkuk : maintain exports through Ceyhan rate of 300 thousand barrels

    Alsumaria News / Kirkuk - Confirmed the Energy Committee in the Council of Kirkuk , said Friday that oil exports from fields across the province Turkish port of Ceyhan stable and the rate of infusion of 300 thousand barrels per day, while the federal government called for the need to launch a budget of Kirkuk.

    The head of the Military Committee Ahmed said in an interview to the Sumerian News, "The rate of oil exports through the Kirkuk pipeline line region of Kurdistanhyphen to the Turkish port of Ceyhan, currently stands at 300 thousand barrels per day. "

    He added that the military "export stable at these rates, and the province of Kirkuk oil exports and deprive it of any government's budget to meet what is being exported," noting that "the province has not received any money for two years, because most of the projects stopped."

    He said, "There are important sectors such as cleaning hospitals and residential neighborhoods and the provision of services, and all these sectors have a direct contact with the daily life of the citizen, and not to provide the money means stop these services."

    It is noteworthy that the North Oil Company manages oil fields in the provinces, which lies north of Iraq, and export crude oil through the pipeline Kirkuk-Ceyhan in Turkey at a rate of 600 thousand barrels per day, but the pumping operations across the mentioned line vary from time to time because especially on the Iraqi side armed attacks.

  9. #9

    Re: The Dinar Daily, Friday July 17, 2015

    Financial: parliamentary salaries higher State revenue will amplify

    Tomorrow/Baghdad: parliamentary Finance Committee, confirmed Friday that the State towards reducing the salaries of higher grades and special would maximize revenue and reduce expenditure, saying it would support the resolution.

    Committee Member said Magda El-Tamimi for "tomorrow", "the Iraqi State with today the situation of financial insolvency as a result of lower oil prices, as well as narrative in fiscal policy over the past years and wasted billions of dollars without accounting found wanting".

    "The decision to reduce the salaries of the three presidencies, in addition to special grades in government ministries will have a positive impact on State revenues and reduce expenditures, it is normal that compel to the Government for such a decision after having emptied state coffers".

    And Tamimi confirmed that "the reduction is a step in the right direction and that came later, but need to support walrvd further steps, especially that there is a spread between salaries and privileges earned by owners of big private degrees".

    The Cabinet stressed earlier, the Government reduced the financial allocations for the three presidencies, Ministers and other high-salaried, previously Prime Minister Haidar Al-Abbadi called last week to reduce the salaries of senior officials to the principle of social solidarity. %2F%25D8%25A7%25D9%2584%25D9%2585%25D8%25A7%25D9%2 584%25D9%258A%25D8%25A9-%25D8%25A7%25D9%2584%25D8%25A8%25D8%25B1%25D9%2584 %25D9%2585%25D8%25A7%25D9%2586%25D9%258A%25D8%25A9-%25D8%25AE%25D9%2581%25D8%25B6-%25D8%25B1%25D9%2588%25D8%25A7%25D8%25AA%25D8%25A8-%25D8%25A7%25D9%2584%25D8%25AF%25D8%25B1%25D8%25AC %25D8%25A7

  10. #10

    Re: The Dinar Daily, Friday July 17, 2015

    Deputy: The only positive current session of Parliament is the good relationship with the government

    Alsumaria News / Baghdad - MP from the National Alliance, Ali al-Badri, said Friday that the positive, which is calculated for the House of Representatives in its current relationship is "good" between the legislative and executive branches, noting that the Parliament did not succeed in the adoption of important laws.

    He said al-Badri, in an interview with Alsumaria's News, said he "went full legislative year on the work of the third parliamentary session of the House of Representatives, without the approval of laws needed by the Iraqi people and affecting his life," adding that "the Council has failed to pass laws either, which is building the state on this basis , or that relate to the lives of citizens. "

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts