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Iraqi Dinar/Dollar auction (most recent listing) 10-09-16
Currency Auctions Announcement No. 3293
This daily currency auction was held in the Central Bank of Iraq on the 10-09-2016
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 31 |
| Number of remittance companies | 14 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 139,101,193 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 139,101,193 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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The most important political office is that of private citizen. – Louis Brandeis
*** Current News ***
Hutch (Dinar Guru) – The lottery ticket people here need to get their heads out of the gutter… Lets say its 3.86 tomorrow morning…. the thing everyone is missing is, what about it be internationally traded? What about the banking laws needed for it to survive… remember, we will need time before the banks in the US ramps up and is ready to make exchanges. Things to ponder. Its really a good thing for us to understand ALL of the inner workings of what is going on, so we can benefit from all of their hard work of rebuilding a country.
Read More: http://www.dinarupdates.com/observer/
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rcookie (Dinar Guru) – Article quote: “Said MP from the coalition of state law , Jassim Mohammed Jaafar, said Saturday that the prime minister Haidar al – Abbadi, adjourned the submission of candidates to the ministries after the tenth of Muharram holiday, noting that al – Abadi told the Kurds that they have candidates for the post of Minister of Finance.” Abadi postpone the submission of candidates for the ministries … and Kurds disclose the names of candidates to the Ministry of Finance.
Read More: http://www.dinarupdates.com/observer/
Parliament will hold its meeting tomorrow in the presence of al-Jaafari (today)
[Oan- Baghdad] – Hold the House, its regular, on Thursday, in the presence of Foreign Minister Ibrahim al-Jaafari.
And it includes the agenda of the meeting, according to the information department of the parliament “vote on the draft support doctors law, voting in principle to the draft second amendment to the law the abolition of the legal provisions that prohibit courts from hearing lawsuits No. 17 of 2005, the first reading of a proposal to protect the diversity and prevent discrimination law.”
It also includes directing “an oral question to the Foreign Minister of MP Hanan al, and report and discuss the draft law of the government banks, and report and discuss the Iraqi National Paralympic Committee Act.”
The table also includes a “report and discuss the first draft amendment to the law take care of minors No. 78 of 1980, a report and discussion of the proposed First Amendment law of the Companies Act No. 21 of 1997 as amended, and the report and discuss the proposal of the First Amendment to the law of the Iraqi Media Network No. 26 of 2015 Act, and report and discuss the proposal ownership of low-income residential land law. ”
It would be “for the discussion about the follow-up to water and electricity file, and the formation of a joint committee on the subject of media reports accusing some senior Oil Ministry officials of corruption issues” on the agenda.
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Kaperoni (Dinar Guru) – Article quote: “In Iraq, ‘all the pieces’ are now in place to take Mosul back from the Islamic State…”
Read More: http://www.dinarupdates.com/observer/
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Keywords: $ 50 billion in the country’s reserves of hard currency (Nice fine – RCookie)
BAGHDAD / Tariq al – Araji
The following is the text of the interview:
Assured success in curbing inflation and keeping the economic situation of the country
The governor of the Iraqi Central Bank on the Keywords that the reserve is currently in the bank is estimated at $ 50 billion, adding that the IMF forecast was referring to a previous review, to drop up to ten billion dollars at this time of year. And articulated in an interview with the «morning», the central bank ‘s success during the last term, to control the price of the dollar and curb inflation and maintain economic situation in spite of the financial situation is difficult the country has experienced during the last term.
The Central Bank transactions
* Do deals CBI with people or companies as well as banks accredited?
No CBI any dealings with individuals or companies, it deals with licensed entities such as banks and corporate conversion, banking and so on , as there is for the Bank of any account to anyone, but we have one account to the government through Ministry of Finance, also have accounts to banks by virtue of its dealings with the bank or depository located in the bank, either dealing with the private sector , this is non – existent in his dealings, does not deal with anyone, the only direct petition is with the banks, and even exchange companies are conversion to it through banks.
Financial situation of Iraq
* what is your assessment of the financial situation of Iraq?
perceived financial position through the Treasury and the Ministry of Finance and not by the Iraqi Central Bank, the financial situation for the Ministry of Finance depends mainly revenues obtained from oil exports, and therefore relies heavily on oil prices and the sharp drop of prices that took place and the lack of other sources of national income, the form of great pressure too on the government.
for his part , the central bank tried to support the Treasury put through the purchase of treasury transfers, as it has at the end of 2015 and last months of this year, discount of about 17 trillion dinars, and allowed the banks that have reserves in the Central Bank, the purchase of treasury transfers in addition to the bond – related contractors, farmers, processors, and so the Central Bank has provided more than 20 trillion dinars to boost liquidity in the country, and this amount is very large, but does not provide these amounts would have been financial situation is very critical , and perhaps the will to some extent the government ‘s inability to pay salaries, and must give serious consideration to planning expenses and revenues of the state in the light of experience and lessons that have occurred during the last term, large fluctuations of oil prices, it is supposed to do real reforms to avoid such crises.
Auction currency
* Are you continuing to work with the auction sale of the currency? Especially that there are those who say that it is one of the smuggled outlets?
Must put real descriptions of the phenomenon of currency sale and convert them out of the country and the process of smuggling, because the latter means that the person is transferred his money across the border without going through channels legal, financial and banking, which is not happening and what is happening now two cases, the situation the first relating to the financing of foreign trade, as the Iraq imports all its needs, hence the source to cover the need for import to the dollar, is the central bank because it is unfortunately not for Iraq and other sources to the dollar, as if the investment, tourism or export of the private sector or others.
the second case relates to the transfer or movement or capital flight from within Iraq to the outside because of the political, security and economic conditions, and therefore the basis on which it is running the central bank principle is a legal and regulatory principle, legal principle asserts that the Bank Act states that the process of foreign currency sale in a simple unconditional and this is consistent with the position of Iraq through the signing of the IMF agreement in 2008 and in line with the economic framework or a new economic philosophy of the country ‘s market – based economy , economic freedom, and the process is linked to the fact that the Iraqi economy and the country ‘s resources and financial nature general of the State.
The Ministry of Finance for its part, the receipt of funds obtained from oil exports and the dollar amounts, paid part of it to cover imports of government and foreign commitments and contributions and foreign debt currency, and the other part is the largest , which is estimated at 80 percent , which is obtained by the Ministry of Finance of the dollar and its transformation to dinars to cover general budget expenditures, and the role of the central bank is doing to re – sell the dollar and the withdrawal of the dinar from the market and giving the Ministry of Finance and this is not an option for the bank or finance, it is imperative to carry out this process, and without them, the option is that the central bank to print dinars and handed over to the Ministry of Finance what causes two problems, the first flooding the market with large cash lump cause significant inflation , as happened during the rule of the dictatorial regime of the former, and the second non – coverage of imports obtained from abroad in foreign currency , and this is also where a large harmful, being lead to higher prices, which dictates the central bank dollar selling.
* Where the problem lies in the processes auction currency?
The problem is not selling the dollar because they process are inevitable being maintained to achieve the goals of many and balances, some of which is wrong on the central bank operation and described descriptions illogical and inaccurate he did not know that the salary received by it from Almsthsal dinar from the auction of the currency, it is the source of public money and not , as some say waste of public money, but on the contrary is a source for public money to cover Ath.almhklh expenses in the verification of the money involved operations in the process of buying the currency, and whether this funds are legitimate, clear and transparent sources, and not falling out of money laundering, and is it the result of crime or financing of terrorism, this is a large gap that existed in the past, and the administration earlier in the central bank was believed that this is not the bank ‘s job, but it is an important security points, we disagree with the views because the legal Bank and the anti – money laundering for the year 2004, stipulate that the central bank is doing the process so you do not build a money laundering in which office as required, but marginalized and almost froze, simple and a number of employees have worked issues has not been for their onion .
After Tsenma responsibility, we have been working on activating the performance of money laundering office, as it has been given the powers of the administrative and fiscal conservative and independence of administrative and financial, and the allocation of its own owners, one of the appointment and independence of spatial order is granted complete independence, is currently under rehabilitation process and building the capacity of workers in the office We created since we started, and now provides us with substantial international support to build these capabilities and there is a direct coordination with the international organizations in this regard.
$ 50 billion
* what amount of central bank reserves? Is it reassuring for the Iraqi situation?
Central bank primary mission within the law, it is to maintain the general level of prices and curb inflation, and the fact that some people think that the reserve is located in the bank is surplus to the state treasury and maintains the Central Bank, this concept is not true, as the real surplus is the one who is in the Ministry of Finance, even if the ministry spends the dollar less than what you are converting to JD the section held by be the real surplus used by countries as establishing sovereign fund used in the budget deficit conditions, either reservists currently in the Central Bank is estimated at $ 50 billion, and the expectations of the international Monetary Fund was in this review at this time of the year, proving that the central reserve is supposed to be lower by about ten billion dollars is expected.
Attitudes toward bank reforms
* what international organizations attitude toward reforms followed in the Central Bank
The central bank action and performance – money laundering office, it is expected that Iraq moved to the white box in international financial transactions, and money laundering office is an office receives reports on suspicious transactions from banks , financial companies and other parties, the central bank is the entity responsible for monitoring to make sure adherence and compliance with the rules of the fight against money laundering because the office is not verified nor builds capacity within the banks.
the work of the central bank is done through banking and credit control directorate, which has worked on a broad program for the application of the provisions of anti – money laundering in banks and financial companies and other law, and proven set of measures that are being implemented now in banks such as the creation of the unit for combating money Laundering in the banks, and the development of a unit for risk management in all banks, and requiring all banks to abide by the principle of (know Your customer) this principle requires each bank, to take the information forms prepared in advance internationally agreed to see the client and the sources of his money and his work all that it involves to have clarity for the funds that go into Kaadaat in banks are buying foreign currency of .
there is a package of measures will be issued a large Bkras, and I explained at the beginning assigned the job in the Finance Committee , the House of Representatives, the issue of selling the currency window and showed all the things related and gaps in them, as also shown that the role of the Central Bank of the foundation in accordance with both the data and the law and regulations and international practice, is to monitor the legality of the funds that go into the process of buying foreign currency, and told them that this role will need time to build such capacity within the central bank and in banks and companies Other.
I would like to point out that the fight against money laundering is not the responsibility of the banking and financial system only, now under the new law all segments of the business sector on the subject of the gold dealer and (auctioneers) real estate offices, insurance companies, lawyers, accountants, legal and many other slices, for example, that someone he may have a capital resulting from certain crimes and go to buy a property in . It then sells the property and when attending to the bank and his desire to deposit amounts, comes the testimony of sale of property deemed to be a capital project. If not pursue all ties on the subject of money laundering , we can not control this issue, and this is what we him, since a new topic on the country and on both these segments, we have set up regulations for each category of the business and we started trained by and educate in this direction and we started Nlzmanm exercise of certain procedures.
No interventions work of the central bank
* there are those who question the existence of interventions work of the central bank and the lack of control it?
Central bank is more institutions in the Iraqi state bowing to internal and external oversight, there is internal control and there is a committee independent audit from outside the central bank of people , professionals , accountants and lawyers, and there is an international audit office is one of four offices to scrutinize the world, in addition to the Board of Supreme Audit, either external oversight is being conducted by the international Monetary Fund, the World Bank and the financial action Task Force, and the US Treasury, as well as the US Federal Bank.
Read More: http://www.dinarupdates.com/showthread.php?42133-Keywords-for-morning-50-billion-in-the-country-s-reserves-of-hard-currency-10-5&p=163153#post163153
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These are the files of corruption investigated by the UN team in Iraq
Baghdad to Babylon 24 /. . After decide to send international investigators to Iraq to investigate Iraq’s inability to investigate them, and caused the loss of more than by the United Nations to investigate corruption files big, that $ 800 billion, the detection of the files that will be (investigated).
The source said, “the most prominent files that will take investigators Nations United investigated are, the Commerce Department and its Minister, former Abdul Falah Sudanese file, and issues of corruption in the Ministry of Industry and its Minister, former Ahmed Karbouli with his brothers Jamal and Mohammed, and thefts and the Ministry of Electricity ministers administration former Gdt Ayham al-Samarrai and Mohsen Shalash.
“He continued,” in addition to phantom projects may be involved in Nuri You Maliki and his son Ahmed and a number of the big contractors, robberies, agriculture and transport. “
Baghdad province and responsible for them the former governor Salah Abdul-Razzaq, and thefts of Basra province and responsible for them the former governor Khalaf Abdul Samad, and other files related to the Ministry and among
“The team will also investigate the files of corruption in the bidding and tenders of the Ministry of Education a time Minister Khodair al, and arms deals and responsible for them al-Maliki and a number of his advisers and former Minister of defense Saadoun al-Dulaimi. “
Read More: https://www.facebook.com/groups/571383766355188/search/?query=files%20of%20corruption
Iraq woes deepen amid charges of Maliki comeback plot
Iraqi Prime Minister Haider al-Abadi addresses the United Nations General Assembly in New York on September 22. Photo by Monika Graff/UPI | License Photo
LONDON — Nuri al-Maliki, Iraq’s former prime minister, has been accused of undermining his successor, Haider al-Abadi, after allegedly engineering the dismissal of a second senior government minister in the space of a month.
Hoshyar Zebari, who held the finance portfolio, was dismissed in a parliamentary no-confidence vote in September that he claims was both unconstitutional and politically motivated. Zebari, a Kurd, said he believed the vote was part of a hidden political agenda “carried out by the State of Law parliamentary bloc, headed by Nuri al-Maliki.”
He said in a statement that parliamentary Speaker Salim al-Jabouri had been complicit in what Zebari described as a “vindictive, short-sighted” decision that was clearly intended to narrow political agendas.
The removal of Zebari, one of Iraq’s most experienced political leaders, came weeks after a similar parliamentary vote ousted Iraq’s Sunni Defense minister Khalid al-Obeidi.
Both men were central to the Abadi Cabinet — Zebari as the official in charge of overseeing a major international loan to salvage the country’s ailing economy and Obeidi as the one in charge of spearheading the military campaign against the Islamic State.
Michael Knights, a veteran Iraq analyst with the Washington Institute for Near East Policy who had recently returned from Baghdad, commented on Twitter: “I know a guerrilla war when I see one and Maliki is mounting a very effective political insurgency, back on his clandestine home turf.”
Both Zebari and Obeidi, who have dismissed corruption allegations levelled against them, were removed by a simple rather than an absolute majority of the parliament in secret votes, contrary to the constitution.
Zebari said he planned to challenge the vote in the courts. He said his removal would jeopardize efforts to reintegrate Iraq into the world financial system, including implementing a $5 billion loan from the International Monetary Fund.
The IMF has said it was committed to the deal with Baghdad, with or without Zebari.
Maliki’s opponents claim he has exploited divisions within both Kurdish and Sunni factions in parliament to undermine his rivals. Zebari is linked to the Kurdistan Democratic Party, the ruling party in Erbil that is at odds with the opposition Gorran Movement and elements of the rival Patriotic Union of Kurdistan.
Observers have speculated that Maliki’s ultimate target is Abadi himself, although it might take more than a simple majority to remove the prime minister.
Abadi took over in 2014 after vigorous efforts by Maliki to cling to power despite presiding over the loss of Mosul and a large area of Iraqi territory to IS forces. He secured the country’s shared vice presidency for a year until the post was abolished in 2015.
Maliki’s parliamentary power base is the State of Law bloc but he is also widely seen as the mastermind of the shadowy ad hoc Reform Front that groups oppositionists from a number of parties. The Reform Front exploited rivalries within the Sunni block to target Obeidi and generate enough parliamentary support to remove him.
The latest political maneuverings come at a time of intense speculation about when Iraq will launch a long-awaited military offensive to retake Mosul from IS. It is an issue that is likely to be at the top of the agenda when Masoud Barzani, the Kurdish leader and head of the KDP, makes an anticipated visit to Baghdad for talks with Abadi.
The defense post is likely to remain vacant at least until an appeal by the ousted Obeidi makes its way through the courts. Any nominee for a replacement must win the support of parliament and there is a fear that sectarian elements will try to play politics with an appointment that would normally, but not automatically, go to a Sunni.
The hiatus automatically complicates plans for the retaking of Mosul, which explains why the United States lobbied so intensively but unsuccessfully, to retain Obeidi.
The situation could be further complicated if a pro-Iranian, a nominee of the Reform Front or a non-professional ends up with the defense portfolio. Some analysts see it as improbable that an autumn offensive against IS could go ahead without a defense minister in place.
Fuad Hussein, Barzani’s chief of staff, underlined the current political perils when he told Voice of America’s Kurdish service: “Now there is no finance minister, no defense minister, no interior minister.” He said the foreign minister might be the next to go.
“If the policy is to bring down the Iraqi government, this will destabilize the situation because the question is, if this government is to go, who’s going to form the next government?” Hussein said. “How would you form it? When will it materialize? This is a dangerous thing.”
This article originally appeared at The Arab Weekly. Harvey Morris has worked in the Middle East, including Iran and Lebanon, for many years and written several books on the region, including No Friends but the Mountains published in 1993.
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Iraq:
Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1182.000 | 1180.000 |
| Euro | EUR | 1322.067 | 1321.406 |
| British pound | GBP | 1501.849 | 1501.098 |
| Canadian dollar | CAD | 894.777 | 894.329 |
| Swiss franc | CHF | 1208.095 | 1207.491 |
| Swedish krona | SEK | 137.378 | 137.309 |
| Norwegian krone | NOK | 146.998 | 146.925 |
| Danish krone | DKK | 177.667 | 177.578 |
| Japanese yen | JPY | 11.425 | 11.419 |
| Special Drawing Rights |
SDR | 1644.233 | 1643.411 |