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  1. 2020/02/15 00:02:29 A- A A+ Shafaq News / Member of the Parliament of Towards Reforms Alliance , Salam al-Shammari confirmed on Saturday that the Prime Minister-designate Muhammad Tawfiq Allawi has almost completed the nomination of the ministers of the new government. Al-Shammari said in a statement received by Shafaq News that the new cabinet will be independent technocrats without any former minister, in desire for the demands of peaceful demonstrators and the order of the religious Marjiyaa. Al-Shammari added that most political blocs are with this trend, and the new government will vote and grant its confidence within the constitutional period. He stressed the necessity of the parliament's attendance at the session to grant confidence to the new government and its ministerial program, which is in line with popular demands.
  3. 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 gro 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 output y 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 (2 of 3) [3/31/2010 12:57:23 PM] Ministry of Planning 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 reappreciation by the competent authorities.
  4. KRG Delegation to Visit Baghdad Next Week Basnews English 04/08/2019 - 13:39 Published in Kurdistan ERBIL — A delegation from the Kurdistan Regional Government (KRG) is set to visit Baghdad for concrete talks with the federal government of Iraq, said KRG representative in Baghdad. Faris Isa told BasNews on Sunday that the delegation is expected to arrive in Baghdad “in the next two days”. He explained that the delegation consists of technical committees who are responsible to discuss the solutions to address the Erbil-Baghdad disputes pertaining to the contested territories, as well as gas and oil issues. Isa noted that the new cabinet of the KRG under the leadership of Prime Minister Masrour Barzani is keen to explore the possibilities with Baghdad to find solutions to the prolonged disputes between the regional and the federal governments. “Delaying a solution to the disputes serves no interests of Erbil and Baghdad. The situation has changed now,” the KRG envoy added.
  5. Iraqi Dinar revaluation postponed by Central Bank for 5 years says MP Noura al-Bajari by Amre SarhanOct 29, 2014, 11:54 pm55Comments A member of the Parliamentary Economic and Investment Commission, MP Noura al-Bajari. Baghdad ( A member of the Parliamentary Economic and Investment Commission, MP Noura al-Bajari, confirmed on Wednesday that the initiative to revalue and delete zeros from the Iraqi Dinar is ready for implementation by the Central Bank although it will be delayed by five years given the political and security situation of Iraq. In an interview with al-Bajari said “The policy to delete zeros from the Iraqi currency is ready to be executed by the Central Bank, however, its implementation will be delayed by 5 years on the basis of the extreme security and political situation of the country.” Al-Bajari said that the head of the Central Bank of Iraq had previously said that this policy from parliament was accepted and that the zeros will be deleted from the Iraqi currency in the next 5 years.
  6. ERBIL — Kurdistan Region Prime Minister Nechirvan Barzani received on Monday a British delegation headed by Ambassador Jon Wilks who invited Barzani to visit London in the near future. During the meeting, the sides welcomed the recent talks between Erbil and Baghdad which are expected to resolve the prolonged political tension between the two sides. According to a statement released by the Kurdistan Regional Government (KRG), the UK envoy reiterated his country’s support for a favourable atmosphere in which Erbil and Baghdad could discuss their differences and find a durable solution
  7. ERBIL, Kurdistan Region (Kurdistan 24) – Delegations from the Kurdistan Regional Government (KRG) and the Federal Government of Iraq have reached an agreement on several points, and both sides will continue meetings at the technical level, an Iraqi government official said on Monday. A delegation from the Iraqi government, consisting of 19 officials, arrived in Erbil on Monday to discuss the international flight ban on the Kurdistan Region’s airports, disputes over the control of border crossings, oil exports, and revenue sharing. Speaking to the media following the meeting, Ali Allaq, the Secretary-General of the Iraqi Council of Ministers, said the Iraqi government and KRG delegations “discussed the stranded issues between them.” Karim Shingali, the KRG’s Minister of Interior, added that the meeting “was good and successful, and we have reached very good agreements on the outstanding issues.” Minister of Communications and Transportation Mawlud Bawamurad, who also attended the meeting, told the media that the talks were on the basis of the Iraqi Constitution and both sides “demonstrated the will to resolve the disputes.” In a joint statement, the Erbil and Baghdad delegations revealed that five separate bilateral meetings were held on the matters of border security, airports, customs and border crossings, dams, and oil. According to the statement, both sides discussed recommendations for the matters which will be submitted to the Iraqi Council of Ministers for further discussion and final approval. On Saturday, a Kurdish delegation, led by Shingali, visited Baghdad to initiate talks with the Iraqi government over sanctions imposed on the Kurdistan Region. Following the historic independence referendum, Baghdad banned international flights to and from both the Erbil and Sulaimani airports and called on the KRG to hand over control of its border crossings. Editing by Karzan Sulaivany Updated4 hours ago
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