Welcome to the Dinar Observer – Daily. For regular Dinar Updates, to see what the Dinar Gurus have to say, Dinar to USD listings, IQD and for Iraqi Dinar info – THAT MATTERS!! This is a good place to start for your Daily Dinar Recap – whether you are a Dinar vet or just looking for a little current Dinar info – Welcome.
Word for the day…
Mrs. BGG
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1182.000 | 1180.000 |
| Euro | EUR | 1234.481 | 1233.864 |
| British pound | GBP | 1458.233 | 1457.504 |
| Canadian dollar | CAD | 877.636 | 877.197 |
| Swiss franc | CHF | 1152.833 | 1152.257 |
| Swedish krona | SEK | 128.297 | 128.233 |
| Norwegian krone | NOK | 135.695 | 135.627 |
| Danish krone | DKK | 166.053 | 165.970 |
| Japanese yen | JPY | 10.055 | 10.050 |
| Special Drawing Rights |
SDR | 1584.081 | 1583.289 |
Indicative rates – 12.25.2016
http://www.cbi.iq/
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Run for your life from any man who tells you that money is evil. That sentence is the leper’s bell of an approaching looter. – Ayn Rand
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*** Current News ***
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Dinar Updates – “After Call!!”
Wed. nite – Dec 28th 6:30pm CST
w/RCookie, Mr White,
Daytrader and Hutch!!
641-715-3640 pin #528733
or Click-N-Listen!!
from Dec 20th – Smart phone user link – Click here
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Kaperoni (Dinar Guru) – Iraq: First Review of the Three-Year Stand-By Arrangement and Financing Assurances Review Quote: “They are also working actively on rapidly removing remaining exchange restrictions and a multiple currency practice, in close cooperation with IMF staff.” moving to Article VIII is important, And getting in compliance as soon as possible is very good news for us. We have to wait it out and watch…it is good to see the IMF is helping them get there
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Merry Christmas… BGG
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firefly (Dinar Guru) – IMO there is nothing else but to be VERY excited…be prepared for some very impressive news releases this week. Just my opinion but I feel it will unpeg from the USD…And peg to the SDR…As Kuwait is. And like I’ve been saying for many years, the IQD will NOT float. …a 1:1 IMO will not fill the void in the budget…3+ is what was refered to in 2012. I have not read anything official to counter that number. They have even more resources and reserves now than back in 2012. Remember…The IQD NEVER devalued, it was turned off due to sanctions! [the plan is coming to a conclusion just as planned.] I see no roadblocks yet, so …if the plan continues as outlined … something has to change 1st.
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loop (Dinar Guru) – I would not be in it if I did not think it was going to happen. Iraq is a natural source powerhouse and their currency will reflect that. It’s the when that drives people crazy.
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BGG ~ “…if they keep on this development arc… they are on right now, that kind of security (a U.S. type environment) is achievable and it is in their future.
If Iraq keeps going the way they are supposed to go and follow the IMF lead… it will be incredible. They will move forward VERY, VERY fast – THEY WILL MAKE DUBAI (The JEWEL of the Middle East) LOOK LIKE A CHARLIE BROWN CHRISTMAS TREE…
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loop (Dinar Guru) – Article: “Oil exceeds the threshold of $ 55” I was reading through the IMF’s SBA 1st review with Iraq and saw that they calculated that every dollar over the $42.00 budgeted amount for a barrel of oil would equate to 1.4 billion dollars more revenue. Not the 1 billion that some Iraqis have been quoted saying. If oil continues to trade at these levels their windfall will be in the neighborhood of 18.2 billion dollars. [No doubt, oil will help stabilize their economy, but non oil revenue will become as one aritcle said an explosion of possibilities in the near future.] I agree. Once the private sector gets rolling oil will not be as big a threat to their economic stability. Diversification is the key and with their nature resources their will be an economic force to be reckoned with.
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wmawhite (Dinar Guru) – Article: “Babylon Bank calls its customers the implementation of foreign credits and remittances at the official rate” Quote: “Babylon Bank renews its call for the implementation of his customers his foreign credits and remittances and official rate of the Central Bank of Iraq.” BINGO! This is what we are waiting for; implementation of foreign credits and remittances at the official rate. Paying their foreign bills with the IQD… currently all banks within Iraq settle all foreign credit and remittances in the USD…There also appears to be a movement within the banks to settle all foreign credits and remittances in the IQD…
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Babylon Bank calls its customers the implementation of foreign credits and remittances at the official rate
Babylon Bank renews its call for the implementation of his customers his foreign credits and remittances and official rate of the Central Bank of Iraq.
Babylon Bank is one of the Iraqi private banks, was established in 1999, and to comply with all the laws of the Iraqi Central Bank.
DinarUpdates.com
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1bobby (Dinar Guru) – [With the IQD in US banks. Does that take the IQD out of the exotic currency list?] Nope an exotic currency deals with the trading speeds/elements of the currency. Kuwait is still an exotic due to it’s trading factor. Just them tracking it says a lot. That’s not saying the IQD is “in the banks” just an electronic tracking. Now some banks still sell it but this deals with tracking a “buy sell rate” [I have some that I would like to trade quickly, at a revalued rate of course.] I think we’ll all be dealing with that issue soon.
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Kaperoni (Dinar Guru) – [there’s a reason all of the govt or CBI issued reports outline plans for 2016 or 2017 through to 2020.] All of Iraq’s forecasts are done in 5 year increments. I have stated several times, currency reform is a priority for a market economy. The forecasts are all inclusive to achieve the goal of a vibrant market economy, not 5 years to currency reform. In fact, currency reform/international convertibility is absolutely required before investors will come into Iraq to build a private sector/market economy. Therefore, I continue to believe we will see the reforms begin very shortly so they can achieve the success and growth of the economy to meet the forecast time-frames.
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World Bank Iraq describes a world’s richest nations on earth
Baghdad – Description of the World Bank, Iraq “one of the richest countries in the world on the face of the earth.”
Middle East director of the World Bank Farid Belhaj said that Iraq is “locked in a deep structural reforms and widespread at the same time, which is fighting a bloody war against the destructive power.”
Belhadj said that Iraq’s wealth from oil and gas constitute a solid guarantee for the repayment of loans. ”
He pointed out that “Iraq is one of the richest countries on earth, Iraq has a huge potential, Iraq has the ability to pay its debts.”
Aletejahtv.org
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1bobby (Dinar Guru) – I’d say the complete liberation of Mosul would be nice but not necessary. The budget should take place the 1st of January and will be interesting to see it’s implementation. The budget does not hinge on Mosul being liberated. Now when they speak of the Natl Reconciliation, everything hinges on the liberation of Mosul…But…they are taking the steps as far as support for that to be approved and implemented once Mosul takes place.
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loop (Dinar Guru) – Article quote: “the Central Bank of Iraq has performed over the past year more than the actions taken for (13) years past in terms of procedures and regulations set by the central bank.” HUGE STATEMENT…Second time an outside advisor has said that they are taking care of business and working overtime.
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loop (Dinar Guru) – Article: “World Bank Iraq describes a world’s richest nations on earth” Quotes: “Description of the World Bank, Iraq “one of the richest countries in the world on the face of the earth.” “Iraq is one of the richest countries on earth, Iraq has a huge potential, Iraq has the ability to pay its debts.” Who said this? Middle East director of the World Bank Farid Belhaj...”BOOM” HUGE STATEMENT. I cannot recall a time where an official representative of the World Bank has come out with a statement like this…HUGE HUGE HUGE.
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Iraq:
If you could find some way to convince folks to at least skim through this document, they would be amazed. The moves Abadi has been making the last few months – kind of sense now. There is some outstanding information here.
DayTrader
IMF EXECUTIVE BOARD COMPLETES FIRST REVIEW IRAQ’S STAND-BY ARRANGEMENT (45 pages…)
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Frank26 (Dinar Guru) – The IMF worked very, very hard with Iraq to maintain their numbers, MCP and to remove their restrictions on their currency to become internationally accepted. If banks are now selling the IQD…how long does the UST expect the American banks to hold-on to this basically worthless currency? Smells very strong of an RV…doesn’t it? To show NO RESTRICTIONS…means Article 8 have evaporated. All they need to do is raise the value of their currency. IMO – this year…2016. My new time line is the 20th to the 26th of this month. With the budget coming out to the internationally world by December 31st…IMO – the US Treasury is very happy…hence why the IQD is being made available in the American banks. I see international compliance…accepted before the RV of their currency…(that’s the RI). …IMO…they have completed the RI! IMO…it is the RV that is next. There was no announcement of these American banks with the IQD? (no memo) Very few knew about it. No announcements. It just happens. So will the RV.
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Kaperoni (Dinar Guru) – Article: “Iraq’s former finance minister loses appeal against ‘unconstitutional’ removal” Quote: “Iraq’s former Finance Minister Hoshyar Zebari has lost an appeal at the country’s federal court against his removal as minister by the parliament which he called unconstitutional.” This is really too bad.
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Kaperoni (Dinar Guru) – Article: “Parliamentary investment: central bank reserves fall to $ 40 billion ” It’s a game of chicken between the CBI and IMF. The IMF won’t let the CBI advance the banking system until they follow the directives, yet the CBI cannot stop the corruption which is depleting the reserves. Who will win?
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Dinar Updates – “Round Table Call!!”
from Tues. nite – Dec 20th
w/BGG, Mr White, Loop, 1Bobby, MadScout and MORE!!
Click-N-Listen!!
Smart phone user link – Click here
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tman23 (Dinar Guru) – The IQD to revalue at a rate that includes 3 zero notes at exchange NEEDS to be backed by somebody other than Iraq… Simply put…Iraq does not have the money to pay out exchanging 3 zero notes at a high revalue…Because Iraq does not have trillions to pay out exchanging high value 3 zero notes…countries are going to hold them in their currency basket…keep in mind most the big banks are public held and on the stock exchange…Not one of them is going to risk holding a toxic currency from an unstable region for any amount of time…UNless the UST guarantees the bank to cover that said currency…REALITY remains the same…They are lifting the 3 zeros beginning 2017 and the guess is still on going on how that affects the value of the 3 zero notes we hold…
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BGG (Dinar Guru) – [What’s up with the RV?] If you want to know about timing…listen to what Allaq with the CBI said…he said the Monetary Reform process would start in the early part of 2017...so the 1st quarter of 2017 is what the governor of the CBI says is when they will start the process.
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Dissertation by Daytrader:
There are three financial channels active in Iraq; monetary reform, economic reform and SBA loans. All three of these channels are interdependent (symbiotic).
Monetary reform is the responsibility of the CBI, but needs the cooperation of the GOI for legislation and the GOI’s preparation for the transition (budget, trade, ISX etc). Monetary reform will likely fail without a following successful economic reform.
Economic reforms are the responsibility of the GOI, but funding and loans from the CBI and the Iraqi banks along with international contributions are needed to make it a success. It is also reliant on the monetary reform to establish the financial foundation.
SBA loans are needed to bridge the revenue shortfall until the gains from the monetary and economic reforms surface. Additionally, a strong relationship with the IMF and World Bank will enhance Iraq’s status in the international community and improve its credit rating.
Read More: http://www.dinarupdates.com/blog/
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firefly (Dinar Guru) – Article: “Balutiqh..omanh Cabinet declares its non-stop government appointments” Quote: “…the adoption of all the records of the Ministry ratified by competent minister until the date of 31.12.2016, and the Ministry of Finance to complete all the procedures, including deletion and development.” to complete all the procedures, including deletion and development. [now that looks pretty exciting…so by Dec 31st?] Ya think? Thats what many articls are saying in print…
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Frank26 (Dinar Guru) – Article: “Sources to Baghdad Post: Military operations in Mosul come to end” Quote: “The military operations in Mosul have come to an end, security sources told The Baghdad Post. The sources pointed out that a police reshuffle is imminent after Haider al Abadi visited the operations headquarters earlier.” We told You…From the 18th into the 19th …A [Abadi] would release sometime of importance with the MR. Today …The SECURITY for the MR. IMO…There will be more tomorrow.
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Kaperoni (Dinar Guru) – Article: “Parliamentary Finance: most of the banks in Iraq do not apply the principle of “know your customer” Changing CBI governors is not something we want… Each time this occurs, it weakens the currency, investor confidence, citizen confidence and slows down monetary policy. Abadi more than likely is getting guidence from the IMF and World Bank on how Allaq is doing. The fact that he is still in place tells me he is doing his job, and moving reforms along as laid out in the various agreements. The last sentence…to a World Bank document…is clear when referring to the removal of Shabibi…i will paraphrase…no matter who is the CBI governor, the plan is moving forward.
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FaceBook “LIVE” session from Friday nite w/BGG
Click here for Replay
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Islandg1211 (Dinar Guru) – “THE IMF RELEASES ANOTHER $618 MILLION LOAN TO IRAQ” This article summarizes the meeting that resulted in the IMF releasing the loan installment even though Iraq did not meet all of their expectations. THE RV WAS NOT TIED TO IRAQ GETTING THE LOAN INSTALLMENTS. I was right that: 1 – The IMF would give them the loan without an RV. 2 – That the GOI would pass the Budget…but no other laws…nor vote in cabinet…and would leave for a month vacation.
BGG ~ Really?!? So 2 “no predictions” is a big win?? Means NOTHING.
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Kaperoni (Dinar Guru) – Article: “Parliamentary Finance: most of the banks in Iraq do not apply the principle of “know your customer” Changing CBI governors is not something we want… Each time this occurs, it weakens the currency, investor confidence, citizen confidence and slows down monetary policy. Abadi more than likely is getting guidance from the IMF and World Bank on how Allaq is doing. The fact that he is still in place tells me he is doing his job, and moving reforms along as laid out in the various agreements. The last sentence…to a World Bank document…is clear when referring to the removal of Shabibi…i will paraphrase…no matter who is the CBI governor, the plan is moving forward.
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1bobby (Dinar Guru) – Article: “Member of the Finance Parliamentary: 2017 Moismh positive cause to activate the financial realities and the private sector” ACTIVATE ACTIVATE ACTIVATE the Private Sector! Once again that phrase dominates the publishing of the 2017 budget. How could we not be excited about this budget? Too many people out there saying “Big deal, just another budget” Seriously?
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Don’t MISS – “DU NEWS TIME” w/BGG & Company – Dec. 27th 7:30pm EST – In the DU CHAT Room!!
www.DinarUpdates.com – save as favorite
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1bobby (Dinar Guru) – “There is nothing negative in this budget” With oil priced at $42 pbl, 2017 will be a cash cow for Iraq. Abadi stated in an interview “According to our own calculations, I think that the rise in oil prices, every one dollar for a barrel of oil will add one billion dollars to our budget. So, I think we will have more by cutting the production and increasing the price.” Oil is their collateral for supporting the private sector and other non oil revenues for sure.
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Adam Montana (Dinar Guru) – [Have you had the opportunity to read the first review of the three-year (2016-2019) Stand-by Arrangement by the IMF. Do we have to wait till 2019 for an increase of the dinar exchange rate?] Well, I certainly hope not! I don’t see why they need that much time. Things have started moving faster over the last year. If the situation had not changed in the manner that it has, then maybe we’d be looking at another 3 years. But I do see things ramping up and moving faster, and it doesn’t need to stretch out that long.
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1bobby (Dinar Guru) – Article: “Parliamentary Finance: the general budget and provided guarantees to rally public and clans and staff of Kurdistan and to support private sector” What a great article! Paragraph by paragraph shows us steps that will be taken to ensure a strong viable Iraq and a happy us. Notice how in almost every budget related article that transparency with the Kurds is prominent? The kicker to this one is that Iraq is tired of exiting monies, they now want monies entering Iraq via investment projects thru Global Banks. WOOT WOOT!! Again Baghdad will be in charge, but the Provinces will now have the go ahead with large investment opportunities which will lead to small businesses thriving.
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IBBC Ambassador (Frank) Baker lauds Iraq as future economic force in the region, few countries have her potential @IBBC #Iraq conference
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MadDScout (Dinar Guru) – Article: “Parliament will vote on the federal budget for 2017” This is the after report on the vote in parliament. This is just a way different budget (IMO) than we have seen in budgets of the past. None of them had the kind of “Activate the private sector” talk that seems to be a part of this one. Especially if you know that, what we as investors are waiting on is the activation in full of all reforms. Many of these are in various states of completion. Some being done, some waiting on certain parameters to be met ( i.e. budget vote? Complete GOI? <<(IMO)) With the signing off agency being the IMF. So for those who feel this can drag on just remember, they are being directed and guided by IMF and for IMF to sign off, they need accomplish those things stipulated.
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Adam Montana (Dinar Guru) – Here’s the short and skinny. 1. Good news surrounding the HCL lately. Is it going to happen before the new year? I have no idea, but good HCL news is good HCL news! 2. More good news on the progress in Mosul. I still can’t believe the MSM isn’t making a bigger deal out of this, but they are what they are. Things are going well there, and that’s what we need. Go Iraq! 3. The CBI seems to be talking more about the exchange rate lately, which is exactly what I expect before they finally make a big change. My suggestion is to not believe a word they are saying, but instead pay attention to the simple fact that they are discussing it.
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wmawhite (Dinar Guru) – Giving value to the IQD will also give the Iraqi citizen “purchasing power AND reduce the demand for the USD.” Are laws needed. Yes, but with out value to the IQD none of the private sector growth will ever occur. We have always thought, because we were told by certain self proclaimed experts, that it was investors first followed by economic growth followed by a rise in the IQD. Sorry! That is AXX Backwards. If the value in the IQD does not occur up front all of the above will not take place. The Iraqi citizens need purchasing power. Look at what Alak stated (above). [post 2 of 2]
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Dinar Updates – “News Time/Call!!”
from Thurs. nite – Dec 15th
w/MadDScout, 1Bobby and More!!
Click-N-Listen!!
Smart phone user link – Click here
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wmawhite (Dinar Guru) – …this is the ever evolving discussion about how best to control the value of the IQD “on the street”. Currently, the auctions are used for that purpose. it has been a failure. Now, everybody has an opinion about how best to do it. However, the Governor of the CBI just last week told the world how it will be accomplished; “He noted that the solution in Iraq lies in dollar demand reduction through structural correction of the Iraqi economy, and not through refraining from selling the dollar.” Reducing the demand is giving value to the IQD so that all of those goods being bought with the USD is now bought with the IQD. Giving value comes from the CBI in advance, prior, before, all of these foreign investors. Not after! [post 1 of 2….stay tuned]
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Kaperoni (Dinar Guru) – …there is an article …that does not sit well. CBI News. The article to me seems to be implying the CBI should just introduce a whole new currency at a 1 to $1 exchange rate. Which would not benefit current dinar holders. Not what the IMF nor the CBI have stated was in the plan. Not to mention a new currency with a random exchange rate would fail. I see this article as just another attempt to avoid what they should be doing. Like so often, Iraq tries shortcuts. There are no shortcuts. The IMF has clearly stated the plan for the dinar, it does not include a new currency. New lower denominations yes, but not a new currency. The issuance of a new currency would be counter productive for Iraq, especially with a few trillion dinar already circulated around world.
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firefly (Dinar Guru) – Quote: “Iraq continues to avail itself of the transitional arrangements under Article XIV, Section 2 but no longer maintains any exchange restrictions or multiple currency practices subject to Article XIV, Section 2, and currently maintains two exchange restrictions and one multiple currency practice (MCP) subject to Fund approval under Article VIII, Sections 2(a) and 3…” Straight from the IMF. …talking past tense! no longer maintains any exchange restrictions or multiple currency practices subject to Article XIV, Section 2… Wow, wow, wow!!! [awesome news.] Yes it is. I see no hold ups whatsoever to date.
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Iraq:
FIRST REVIEW OF THE THREE-YEAR STAND-BY ARRANGEMENT…AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR IRAQ (Very long…)
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firefly (Dinar Guru) – […i still do see how we all think that jan 2017 may be a change in the value…] If the project to remove the zeros begins as planned in early January 2017 wouldn’t it logically need a change in rate 1st?
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Kaperoni (Dinar Guru) – Iraq: First Review of the Three-Year Stand-By Arrangement and Financing Assurances Review [Looks like from this article the IMF wants them to stay on the peg indefinitely until oil prices go up and ISIS is gone. They speak of Iraq being committed.] Until the conditions are created, I would expect so. That means until laws are passed and investors begin to come into Iraq we are at status quo.
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Islandg1211 (Dinar Guru) – NOTHING, NOTHING, NOTHING…THEN SOMETHING! Recently…the CBI came out and stated that they had tried to delete the three zeroes before in 2011, 2013, and 2015, but were delayed and plan on beginning the projects the first part of 2017…Three attempts that failed…hopefully, 2017 finally going through.
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Dinar Updates – “Round Table Call!!”
from Tues. nite – Dec 13th
w/BGG, Mr White, Loop, 1Bobby, Daytrader and MadScout!!
Click-N-Listen!!
Smart phone user link – Click here
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Kaperoni (Dinar Guru) – Article: “Is Iraq heading to float the dinar against the dollar?!” Quote: “…and these expectations (float Iraqi dinar) does not have any credibility at all and can not be done during the current year (despite the economic benefits), and the reasons for not float the currency back to the nature of the local economy being a rentier which means that he relies on oil exports…” This guy is right, they can’t float the dinar at this time. Until the laws are passed and the market economy is started, investors begin to come into Iraq.
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BGG (Dinar Guru) – “Ministerial council looking reinforcement provided by NATO to support Iraq contracts” NATO support… [They have come a long way in terms of professionalism and quality of individual…] They want “International acceptance” and support – this is exactly how they get it. …they are on the road to restoration. Let’s hope sooner than later. All indicator seem to point to something being “up”…
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firefly (Dinar Guru) – IMO Iraq has only one chance to get this right. Once they implement the reform there is no turning back. They need to come out with absolutely no mistakes. So is this a delay or …
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Iraqi Dinar/Dollar auction 12-13-16 (most recent listing)
Currency Auctions Announcement No. 3337
This daily currency auction was held in the Central Bank of Iraq on the 12-13-2016
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 34 |
| Number of remittance companies | 15 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 149,426,498 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 149,426,498 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/blog/
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wmawhite (Dinar Guru) – Read this carefully, it is from a recent statement from the CBI: “noting that ” the central bank began the first steps of the project through the selection of designs, companies and the country that will be done Print currencies. “He noted that” the introduction of new currency does not mean the destruction of ancient coins, but it will continue to trade to about ten years…” “the introduction of new currency does not mean the destruction of ancient coins, but it will continue to trade to about ten years,” Now hear this! Your “ancient coins (translation… currency/notes)” …in other words…your 25,000 IQD notes will always be 25,000 IQD notes. Eventually…as the larger notes are withdrawn from the marketplace…smaller notes will be needed because the price of goods will decrease, and such notes as the 25 IQD will be commonplace.
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firefly (Dinar Guru) – [just hoping this time its really gonna happen.] It IS happening before our very eyes…NOBODY knows the Date ,,,, it will just happen one morning when you wake up… But…I believe if the project to remove the zeros begins as planned in January, something else has to occur 1st…Removing the 3 zeros refers to removing the 3 zero notes off the street…So what will they be replaced with? [the lower demons which would make them raise the rate] BINGO!
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wmawhite (Dinar Guru) – When the word project is used…it is referring to many pieces /action items that make up the project…if they state removing the three zeros then IMO it is referring to the lowering of the note count…which has been happening for some time, as well as…the need for the larger notes not being needed in the market place, i.e…
“removing the three zero notes from the currency“…that statement was just recently used be Alak…this, IMO…means the increase in value of the IQD which will lower the price of goods in the marketplace, thus…removing the need for the three zero notes.
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