Word for the day…
Mrs. BGG
Iraqi Dinar/Dollar auction 02-02-17 (most recent listing)
Currency Auctions Announcement No. 3373
This daily currency auction was held in the Central Bank of Iraq on the 02-02-2017
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 36 |
| Number of remittance companies | 15 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 157,588,076 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 157,588,076 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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First ask yourself: What is the worst that can happen? Then prepare to accept it. Then proceed to improve on the worst. – Dale Carnegie
*** Current News ***
A Dinar “News Time” Call
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UN official: “Daesh days are numbered.”
New York , February 2 (Petra) – The UN Security Council held a meeting on Thursday on the Iraqi file , which heard a briefing by the head of the hybrid mission in Iraq, Jan choise.
Kois said that the Iraqi forces are facing a major challenge in its assault on western Mosul , which is still under the control of a gang Daesh.
Kubis warned that the significant progress made in Mosul must not conceal that the battle was and remains a major challenge , especially within the old city west of Mosul, adding that the editing operations in Iraq will end soon , ” the organization Daesh days are numbered.”
FaceIraq.com
wmawhite (Dinar Guru) – Article quote: “In 2016, the revenue for Hajj and Umrah was more than $5 million,” Naqshbandi said. “We collected more than $4 million from the people, who need to pay 50 IQD [about $38 USD] to fill in the application form. And we collected about $1 million from Umrah fees. With this, we had more than $5 million in revenue from these two elements, and have provided the revenues to the government.” Does something jump out at you from this piece of an article? to pay 50 IQD [about $38 USD] 38 IQD divided by $50 = $0.76. [I believe it is speaking of a 50,000 note.] you are probably correct…it still amazes me that an error of 50,000 can be made in the writing of this article. This article is Rudaw (out of Kurdistan). Normally very good with their reports and translations…
Read More: http://www.dinarupdates.com/observer/
Central Bank signed a memorandum with Britain for the development of anti-money laundering and terrorism financing procedures
Economy News / Baghdad … The Central Bank of Iraq, Wednesday, for signs MoU with Britain to develop anti-money laundering and terrorist financing measures.
The bank said in a statement: “Economy News” received a copy of it, Governor of the Central Bank of Iraq, Ali Mohsen Ismail Keywords signed a memorandum of understanding with the British ambassador to Iraq Frank Baker, aims to develop and support the fight against money laundering and terrorist financing measures
The statement added that “the *agreement signed on Wednesday include the provision of a grant from the British side of the Iraqi Central Bank, which in turn Sa_khassa to support efforts in the field of combating money laundering and terrorist financing through the organization of courses and workshops to develop capabilities in collaboration with specialized international institutions.”
Loop (Dinar Guru) – …when we first heard about KPMG being contracted to provide training last month, one of the main areas of focus was detection of illegal activity… Now they sign a MoU with the UK to help with their measures to combat money laundering and financing of terrorism. Remember that the US Treasury and Federal Reserve are also help in this regard with the World Watch database. This all points to one thing. THEY ARE SERIOUS ABOUT STOPPING THE MONEY LAUNDERING AND TERRORIST FINANCING. REMEMBER THIS IS PART OF THE IMF SBA. MORE PROGRESS.
Read More: http://www.dinarupdates.com/observer/
A source reveals for “tomorrow Press” about the size of the cash reserve at the Central Bank
BAGHDAD / tomorrow Press: A government source revealed on Sunday, for the low monetary reserves of the Central Bank of Iraq to $ 45 billion, as a result of the deterioration of oil prices and the continuation of the “waste” of public money.
The source for “tomorrow’s Press,” that “the government has stopped for the time being its reliance on central bank reserves, and began to take advantage of the state’s resources and borrowing,” noting that “the high price of world oil market also contributed to stop relying on the financial reserve.”
He added that “the central bank’s reserves in 2014 was 87 billion dollars, and as a result of cost to the country because of the war on Daesh and lower oil prices, Iraq relied on this reserve for running the country and the payment of staff salaries and the needs of the market,” pointing out that “waste of money year contributed to the decline in current reserves to 45 billion dollars. ”
He pointed out that “the Iraqi dinar is still safe despite the decrease in the reserve, is expected to return to its former glory after the end of the war on Daesh.”
This was brought into Newstime last night by Mr. White…. GREAT FIND! – LOOP
Loop (Dinar Guru) – Their actions over the last 18 months to reform their banking and financial sectors are indicating that they plan on moving to some degree of a market economy. The most encouraging thing about this, IMO, is that the tempo in which they are getting things done is increasing all the time…Which is a big indicator that this move will occur sooner rather than later.
Read More: http://www.dinarupdates.com/observer/
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Iraq: Calls to raise the value of the dinar
Registration of the Iraqi economy, experts do not rule out a relatively rebound this year compared to 2016, «in the event of rising crude oil prices continued worldwide». They expected the government to take the initiative on economic reform «a broader dimension to the level of activation of the special efforts supported any productive sectors of industry, agriculture and services.» And approaching experts forecast a lot of calls to correct the value of the Iraqi dinar and the path, consistent with the exceptional economic situation in which the country is going through, with many believing that the official pricing of the dinar against the dollar is unrealistic in the current circumstances.
Economic academic Essam Mahouelle called in an interview to «life», noted that this year be the year to enhance the purchasing power of the dinar and the ability of «strengthens the confidence in the national currency, which represents the sovereignty of Iraq». He stressed the need to «restrict foreign business dealings only in dollars.»
And ways to raise the price of the dinar, Mahouelle saw the need to «manage the country’s affairs, economic mentality and look long-term, along with a quote economic experiences of states passed in conditions similar to those in which the passing of Iraq, as well as the reduction of trading the dollar in the domestic business transactions to support the national currency.» He stressed that the supervision of the Central Bank and coordination with economic authorities and relevant ministries «role in enhancing the value of the dinar by preventing the circulation of foreign currency in the local trade for whatever reason, and counted only foreign transactions». He stressed the importance that the «private and government banks take action to deal strengthens Iraqi dinars».
The dollar exchange rate against the dinar will fluctuate up and down, as he was about 4 thousand dinars in the nineties in the dollar, and scored a gradual decline after 2003 to continue to fall to 1200 dinars to the dollar in the last ten years. And it rose again after the adoption of the budget in 2015, and to require the central bank to determine its sales of foreign currency in accordance with Article 50 of that year’s budget law.
Mahouelle He pointed out that «importers of goods were turning the dinar to the dollar when paying their price by banks, as the audience did not feel the importance of the US currency only when traveling abroad and are turning to banks, turned them dinar to the dollar in foreign currency and give them cash or instruments travelers after bank approval Central and under the foreign exchange law. »
He was an expert in the industrial sector Aqeel al-Saadi, said that the government’s initiative to reform the economy «will take a wider range with the central bank’s quest to launch industrial and agricultural loans, as well as legislation supporting the private sector laws and the transition to a market economy».
He said the financial expert Thamer al-Azzawi, «the new year will see a recovery in the capital market, with the trend to increase the foreign currency sale and provided outlets for citizens, as well as the central bank is keen to maintain the value of the Iraqi dinar and the dollar exchange rate». He explained that the new year «will see a greater reliance on technology in financial transactions, as well as to facilitate the transactions of the citizens in the banks.» He predicted that «Iraq Stock Exchange achieved a wider traded compared to last year, during which the record trillion traded shares of companies contributing to Iraq, because of the direction the state to move to a market economy».
He guessed expert Rahim al-Shammari, that «the sale of crude oil price increases in the world markets, because of« OPEC »and nations outside the Organization agreement means that the coming months will see a rise in prices». Did not rule out that the «estimated price of a barrel of crude oil between $ 55 to $ 65.»
Rawabetcenter.com
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The following .PDF is the review by RCookie of the IMF board’s publishing of Iraq’s SBA (excellent info) – He would have wanted you all to have it.. posting the whole .PDF was the only way to get it on here. Enjoy. BGG
Robert Cook CSW CSS CBP CST CTC
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…)
THE DESPERATE BATTLE TO DESTROY ISIS
…By the time ISIS showed up in Mosul, the city was being protected by a zealously sectarian Shiite force overseen by Nouri al-Maliki, Iraq’s zealously sectarian Shiite Prime Minister. Although the swat team included Shia, Turkmen, Kurdish, Christian, and Yazidi members, it reflected the demographics of Mosul and was therefore, like isis, predominantly Sunni Arab. (Mezher and Rayyan are both observant Sunnis.) “The relationship between the Army and the Nineveh Police was terrible,” Captain Basam told me. “We were from Mosul. They were all from Baghdad and the south. They didn’t allow us to go to any of the areas they controlled.” Many former residents of Mosul told me that one reason Shiite forces abandoned the city so readily in 2014 was that they feared reprisal from emboldened Sunni civilians for their abuses as much as they feared ISIS…
…After ISIS overtook Mosul, the U.S. began sending more trainers, weapons, and matériel to the Iraqi government—more than a billion dollars’ worth, and counting—in order to rebuild its military. Maliki’s successor, Haider al-Abadi, is a Shiite who belongs to Maliki’s political party, but he has reinstated many professional commanders whom Maliki had replaced with Shiite hard-liners, and has tolerated recruitment efforts that aim at diversifying the Army.
In 2015, the reinvigorated Iraqi military liberated Ramadi and Falluja. Credit for these victories, however, went less to Iraq’s Army than to a special-operations force popularly known as the Golden Division, whose chain of command is independent of the Ministry of Defense. Trained by Green Berets and armed with American weapons, the Golden Division has spearheaded every major engagement with ISIS in Iraq outside of Kurdistan. It was widely expected to take the lead in the Mosul assault as well. While the swat team was in Tal al-Shaeer, thousands of Golden Division soldiers were massed north and east of Mosul…
Read More: http://www.newyorker.com/magazine/2017/02/06/the-desperate-battle-to-destroy-isis
BGG ~ This is a VERY LONG read, but well worth it. If you have any interest in the Middle East – this is good reporting… The article has been touted as the best reporting since 9/11.
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1229.584 | 1228.969 |
| British pound | GBP | 1455.018 | 1454.290 |
| Canadian dollar | CAD | 881.083 | 880.643 |
| Swiss franc | CHF | 1150.073 | 1149.498 |
| Swedish krona | SEK | 129.489 | 129.425 |
| Norwegian krone | NOK | 136.601 | 136.532 |
| Danish krone | DKK | 165.398 | 165.315 |
| Japanese yen | JPY | —– | —– |
| Special Drawing Rights |
SDR | 1582.534 | 1581.743 |