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Word for the day…
Hebrews 13:15 (NKJV)
15 Therefore by Him let us continually offer the sacrifice of praise to God, that is, the fruit of our lips, giving thanks to His name.
Heavenly Father, we Praise You and bless Your Holy Name! We love You 🙂 In Jesus Name, Amen.
Mrs BGG
Iraqi Dinar/Dollar auction 06-08-15 (no change)
Currency Auctions Announcement No. (3008 – most recent listing)
This daily currency auction was held in the Central Bank of Iraq on the 06-08-2015
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 23 |
| Number of remittance companies | 4 |
| Auction price selling dinar / US$ | 1166 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 318,817,652 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 318,817,652 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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BGG ~ I am so sorry. The last two calls we had scheduled were postponed – Tuesday AT&T had a region wide service outage. We had four layers of internet access go out. Thursday we had a medical emergency (my Dad “coded” while in the hospital). As soon as possible I will actually get a call done… in the mean time, as we are able we’ll keep doing online updates.
Fitch gives Iraq its first credit rating
The ratings agency has given the country a stable outlook and a B- rating, six notches into junk.
The country is planning a $5bn bond issue towards the end of this year.
Fitch is cautious. Very cautious. It says:
Political risk and insecurity are among the highest faced by any sovereign rated by Fitch. Sectarian conflict has raged with varying intensity since 2003, ISIS militants currently effectively hold three of the 18 provinces, relations with the Kurdish regional government are volatile and governance indicators are exceptionally weak.
Iraq’s fiscal position has deteriorated rapidly since 2013 and Fitch forecasts a double-digit fiscal deficit for 2015, owing to lower oil prices, higher military spending and costs associated with civil conflict. Savings buffers built during previous years of high oil prices have been largely eroded and the deficit will be financed by debt, likely including a eurobond and funding through an IMF rapid financing instrument that was approved in July.
And if that wasn’t enough…
Iraq scores the worst of all Fitch-rated sovereigns on the composite World Bank governance indicator, reflecting not only insecurity and political instability but also corruption, government ineffectiveness and weak institutions. Doing Business indicators are below the peer median, although there is outperformance in some areas. GDP per capita, at USD5,300, is almost 50% greater than the peer median, but the Human Development Index is in line.
Iraq, of course, has oil. Lots of it. Indeed, the country has a “commodity dependence among the highest of all rated sovereigns”, Fitch says.
The ratings agency is assuming here that the price of Brent holds at an average of $65 a barrel this year, $75 next year, and $80 in 2017. “Iraqi oil production is conservatively forecast to increase to an average of 4.2m b/d in 2017,” it says.
BGG ~ This is just a credit rating – however… I really like this line…
“Fitch Ratings has assigned Iraq a long-term foreign currency Issuer default rating (IDR) of ‘B-‘ with a stable outlook…”
The credit rating allows them to sell international bonds. On the other hand, it is a “double edged sword”… they can sell – but not for a premium (at that credit level)…which puts more pressure on Abadi to come up with other revenue. He’s having to face reality.
Maliki has to go – Alak has to go… the CBI has to “pony up…”
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Abadi directed to postpone the introduction of the new customs tariff
BAGHDAD / Obelisk: Information Office of the Prime Minister Haider al-Abadi, announced Thursday that al-Abadi face to postpone the introduction of the new customs tariff until ensure the readiness of all border crossings to apply .
Office said in a statement seen by “obelisk”, “The prime minister Haider al-Abadi face to postpone the new customs tariff of work, while ensuring the readiness of all border crossings to enforce the law, away from the corruption and double standards . “…
BGG ~ This is a fairly big deal. The issue isn’t that Abadi is postponing it…. that isn’t good for us. It’s that he knows there is a missing component – THE ADDED VALUE!! Their own economists warned against this VERY SCENARIO!! It’s no wonder the people are about to be rioting over tariffs with no value.
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Commercial Solicitation
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CURRENCY CODE SELL BUY
US dollar USD 1166.000 1164.000
| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1166.000 | 1164.000 |
| Euro | EUR | 1268.958 | 1268.323 |
| British pound | GBP | 1817.911 | 1817.002 |
| Canadian dollar | CAD | 884.472 | 887.030 |
| Swiss franc | CHF | 1190.403 | 1189.808 |
| Swedish krona | SEK | 133.653 | 133.586 |
| Norwegian krone | NOK | 141.067 | 140.996 |
| Danish krone | DKK | 170.063 | 169.978 |
| Japanese yen | JPY | 9.381 | 9.376 |
| Special Drawing Rights |
SDR | 1620.740 | 1619.930 |