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Mrs. BGG
Iraqi Dinar/Dollar auction (most recent listing) 09-10-16
Currency Auctions Announcement No. 3277
This daily currency auction was held in the Central Bank of Iraq on the 09-08-2016
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 30 |
| Number of remittance companies | 15 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 136,428,356 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 136,428,356 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – Article: “Economy and Investment parliamentary reaffirms its support for the efforts of the central bank in the stability of the dinar exchange” Quote: “The Commission on the economy and investment representative, Thursday, to support the efforts of the Central Bank to stabilize the dinar and prevent inflation…” …Shabibi did keep it stable and within 2% for 10 months. …Shabibi also was about to implement currency reform. He had a huge media campaign (with the help of the WB) before Maliki stopped him. The good news this time is that it appears that the CBI, WB and IMF and the government appear to be on the same page to accomplish reforms. We can only hope that they begin soon.
Read More: http://www.dinarupdates.com/observer/
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Zebari in Amman to Iraq to complete talks with the International Monetary Fund
Economy News / Baghdad … Ministry of Finance announced on Friday for the arrival of its minister, Hoshyar Zebari, to the Jordanian capital of Amman to complete the international consultations between the government and representatives of the International Monetary Fund, IMF.
The ministry said in a statement: “Economy News” received a copy of it, “Finance Minister Hoshyar Zebari arrived on Thursday evening, the Jordanian capital, Amman, to complete the international consultations between the government and representatives of the International Monetary Fund IMF”, indicating that “took place during the last period technical talks between a delegation a government of the Ministry of Finance and Ministry of planning and the Ministry of oil and the Central Bank with the international Monetary Fund experts to review Iraq’s obligations under Stand-by program SBA with the Fund. ”
She added that “the fund under this program provided over a three-year revolving credit facility by $ 4.5 billion to Iraq to fill the financial gap and the budget deficit as a result of the financial and economic crisis in the country,” adding that “as a result of the commitment of Iraq’s Fund program to improve public finances and rationalize the policy performance costs and increase non-oil revenues, transparency and the fight against corruption, money laundering and illegal financial management legislation and the Central Bank. ”
She noted that “the total amount to be provided by the program to Iraq within three years from the IMF and the World Bank and the donor countries and international financial institutions is around 18 billion dollars to support the economy and financial Iraq,” adding that “the Fund provided last July initial financial push for Iraq amounted to round about 640 million to support the budget, is scheduled to receive another batch of Iraq and by $ 640 million in the month of November 2016 the implementation of fiscal and economic reform plans established in the financial and economic policies of the memorandum. ”
And participate in the talks, Mr. Governor of the Central Bank and Financial Advisor to Mr. Prime Minister and a number of general managers and experts in the Ministry of Finance and Planning and the Central Bank.
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BGG (Dinar Guru) – Regarding this conversation about them delaying dealing with Zebari in Parliament today – there were “musings” about such shenanigans being possible in the News yesterday and the day before…not out of character for them… lots of changes going on in Iraq right now…
Read More: http://www.dinarupdates.com/observer/
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rcookie (Dinar Guru) – [they were talking about putting Amnesty law in the Gazette in a day or 2… they are holding it off?] YES…SO RATHER THAN RESCIND THE ENTIRE LAW…THEY ARE ADDING AMENDMENTS PRESENTED SEPARATELY AND THEN WILL POST NEW LAW WITH AMENDMENTS IN GAZETTE…
Read More: http://www.dinarupdates.com/observer/
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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
Read More: http://www.dinarupdates.com/
BGG ~ This is a “Rewind” of one of the documents I referred to on the call last nite…
If you missed it – click on the “Call Banner” to the right..
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THIS REPORT WAS SENT TO CONGRESS in MAY 2012. IT PLAINLY SHOWS IN THIS REPORT THEY EXPECTED THE DINAR TO REVALUE AT AROUND A DOLLAR IN 2013.
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″…
Read More: http://www.dinarupdates.com/
BGG ~ The above is another one of the documents I referenced on the call last nite. A review of a review – so to speak…
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Central bank: there is no process of converting $ 6 billion out of Iraq
BAGHDAD / obelisk: The Central Bank announced the absence of any transfer of $ 6 billion and $ 455 million operation to calculate Hamad al-Moussawi outside Iraq.
According to the central bank sent the book to the Committee on Parliamentary Integrity, on 4 September 2016 to the absence of any transfer of $ 6 billion and $ 455 million outside Iraq to account Hamad al-Moussawi.
He held the book signing bank governor agency.
The leaked documents, indicated that al-Moussawi, fled the above amount to outside Iraq, and the issue was raised again by the Finance Minister Hoshyar Zebari said after the questioning session.
Thanks Andrew – from the private FB Group – https://www.facebook.com/groups/571383766355188/
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Why Maliki wanted former central bank governor Sinan al-Shabibi thrown in prison?
Baghdad Post – With the arrival of international experts to Baghdad to investigate the corruption files in Iraq , especially in the case of smuggling money and laundered at the Central Bank of Iraq, stand out to the surface of events causes removal of the former province Dr. Shabibi by former Prime Minister Nuri al – Maliki.
Known that Dr. Shabibi personal economic scientific academies and national global referred to Mendez, Masters received in 1971 from Manchester and PhD University of Bristol University in the United Kingdom a very good grade, and worked as a professor for postgraduate studies in European universities for many years and in March the banks managing professionally and his books taught in universities of the world. and when she was assigned for the management of the Central Bank of Iraq, the work of price stability and the implementation of prudent monetary policy with the professional management of foreign currency and raise the value of the Iraqi dinar against the dollar.
but this is a successful manager subjected to harassment by al – Maliki , who was appointed four members of his ruling party big positions within the central bank and they are not with jurisdiction, even influenced by the central bank and took a random hit Otunabh. these people are the Director – money laundering department, the director of the legal department, and director of banking surveillance, and Director of the economic Department.
and took corruption is rampant within the central bank by colleagues Maliki in the party, then the director – money laundering department allocates money Iraq funds for the benefit of the Dawa Party , traders, legal director of gloss it, and Director of the banks control taking sold dollars to private banks associated with the said Prime Minister Party, less than the market in amounts that make Iraq millions of dollars lost per day because of this corruption and the smuggling of government budget funds to the outside. when decided Central Bank Governor Sinan al – Shabibi change them in order to maintain the homeland of funds from theft, came to him a letter from the prime minister prevented him from removal of these corrupt and between the lines of the book “veiled threat.”
after the removal of the first “corrupt gang” mad – Maliki issued by his partner and friend Medhat Mahmoud , an arrest warrant on Shabibi after the latter was in Switzerland lectured about the new monetary policy in a global seminar for International monetary Fund.
and then appointed al – Maliki on the Keywords central bank governor, to hand over power to the Abadi budget Iraq empty and reserves of the Central Bank ravished to enter Iraq in a crisis large financial advancement of which can not after a decade even if oil prices improved today. quoting Shabibi, Maliki received more than all the rulers of Iraq money “combined” not being investigated by any unfinished mention the Iraqi people and the homeland, and was enough to build a new home according to the latest international standards can accommodate up to 30 million people live in the well – being and stability be security for all people in the world to live in.
after al – Maliki out of office, felonies Rusafa Court decided to acquit Shabibi from the false accusation that plotted against al – Maliki and the rule of juniors sentenced to seven years, and promised politically charged court pure and not a crime to the lack of any file condemnation against him.
it is worth mentioning that Dr. Sinan is the son of the poet and writer known as Mohammad Reza Shabibi was born in the city of Najaf, and was a mujahid with Mr. Mohammed Saeed Al-Habboubi in revolted, and became the Royal Prince and minister of Education in the four governments and the chairman of the board Senators and deputies in the parliament and deputies in the Senate and the speaker of parliament.
Article Link
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1182.000 | 1180.000 |
| Euro | EUR | 1328.213 | 1327.549 |
| British pound | GBP | 1581.634 | 1580.843 |
| Canadian dollar | CAD | 916.634 | 916.176 |
| Swiss franc | CHF | 1220.570 | 1219.960 |
| Swedish krona | SEK | 139.657 | 139.587 |
| Norwegian krone | NOK | 144.460 | 144.388 |
| Danish krone | DKK | 178.426 | 178.337 |
| Japanese yen | JPY | 11.651 | 11.645 |
| Special Drawing Rights |
SDR | 1658.819 | 1657.989 |