This confidence boost may be the starting pistol on Iraq’s Road to becoming a market economy.
War-torn Iraq recently got an unexpected boost on its way to becoming an investment hot spot, which may take its next step sooner than conventional wisdom suggests.
Even as military forces wage a fierce offensive against ISIS, global ratings agency Fitch upgraded last month Iraq’s outlook to stable, based largely on the country’s improving public finances.
To be sure, Iraq’s B+ credit rating is still deeply entrenched in speculative, or junk territory. The low rating reflects what Fitch analysts called political risk and instability associated with the conflict-ridden country that’s “among the highest faced by any sovereign rated by Fitch.”
Yet as a marker for big institutional buyers like hedge funds and sovereign wealth arms, Fitch’s vote of confidence could mark the start of a broader shift among investors about Iraq’s long-term potential. The upgrade could be pivotal for a country still considered besieged, but considered by a handful of savvy market watchers to be a potential diamond in the rough.
“Some analysts say that investors believe that with solid oil reserves and other sectors to build upon, Iraq could have serious growth potential,” said Stephen Simonis Sr., chief currency consultant at online currency broker FXDD Global.
“Clearly this can be looked at from either side, as the willing investor will point out the huge risk/reward possibility as the upside is very enticing,” Simonis told CNBC. “The doubting investor will say the region remains too unstable and the situation remains far too volatile.”
Iraq remains a country to approach with caution, analysts say, roiled by an ISIS insurgency and civil strife. Yet Fitch’s revised outlook could be a green light for buyers of Iraq’s assets, especially at a time when smaller institutional and private investors are seeking long-term opportunities.
In fact, Iraq’s stock market has already been running with at full steam since at least last year, with investors discounting an end to a bloody conflict that’s lasted since the 2003 invasion. Some are looking ahead to the reallocation of military spending and the potential boost to infrastructure spending and economic revival.
While foreigners have been mostly absent from the equity market for the month of March, some are already looking for signs that the Fitch decision could reverse this dynamic.
“Overall, foreign interest in Iraq continues to go through a transformational change in the eyes of global institutional investors,” Ahmed Tabaqchali, chief investment officer of Asia Frontier Capitals Iraq Fund, told CNBC.
In fact, Iraq’s sovereign risk premium has narrowed in an environment of rising yields, just after the country tapped capital markets with a second $1 billion bond offering.
“It seems logical to conclude that this implies favorable interest in Iraq and that it would likely be followed by foreign direct investment and eventually by equity inflows,” Tabaqchali said.
Although Iraq joined other OPEC members in a production cut — a challenge for the country’s oil-reliant economy — some analysts believe the oil sector is managing to stay afloat in an environment of lower prices.
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A military source: besieged Baghdadi in Mosul and near the end
{Baghdad: Euphrates News} a military source said early on Sunday that security forces are likely to be Abu Bakr al-Baghdadi, leader of the terrorist gangs Daesh occurred in the siege in Mosul and its end came close.
The source said that “what is likely to conclude the Iraqi military, infiltration attempt Aldoaash ten days ago in a convoy of vehicles quad payment backed by a few tanks to the Iraqi city of Tal Afar , near Mosul from Syria.”
He added, ” The terrorists tried to decipher the ring referred to followers of them trapped in Tal Afar, in order to serve in the event of the success of their plan to strengthen their abilities to march on Mosul.”
He pointed to “enable the popular crowd forces from the liquidation of all those who were in the convoy mentioned Aldoaash mentioned, while likely Our analysts to be the purpose behind trying to infiltrate terrorists into Tal Afar and then Mosul, the evacuation of the remaining leaders in Daesh there, or save Baghdadi himself, especially and we do not rule out its presence in Mosul. ”
The source did not enslave be Baghdadi wounded in Mosul after the bombing of the gatherings “Daesh” on the Syrian – Iraqi border recently.
The airline Air Force, was killed last Friday 200 terrorist gangs Daesh infiltrated from Syria to the west of the city of Mosul.
According to a statement to the media war, he received {Euphrates News}, “based on the information of the General Directorate of Ostbart and security, carried out the Hawks Air Force several air strikes resulted in the destruction of three nests and clusters of elements Daesh terrorist and killed nearly {150 to 200} terrorists entered from Syria to Baaj district south west of Tal Afar , “.anthy
Read more: http://www.dinarupdates.com/showthread.php?47938-A-military-source-besieged-Baghdadi-in-Mosul-and-near-the-end
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National Alliance: raise the flag of the Kurdistan Region in Kirkuk step is unsuccessful
Described the National Alliance on Sunday evening in the presence of Iraqi Prime Minister Haider al – Abadi, the Kirkuk provincial council decision to raise the flag of the Kurdistan Region in the province circles as a “step unsuccessful.”
A statement for the presidency of the alliance held a meeting public body in a statement seen by Roudao media network, he said that ” the General Authority of the National Alliance held its regular meeting in the presence of Prime Minister Haider al – Abadi, discussed the participants are coming operations files Aaninoy victories achieved by the security forces Daesh terrorist near the resolution of the battle militarily with terrorism. ”
The statement “files distributed meeting on the issue of interrogations and the results of some of the committees of the National Alliance, while counting the National Alliance Kirkuk Provincial Council decision to raise the flag of the Kurdistan Region in the province in isolation from the rest of the ingredients step is successful and contrary to maintain national cohesion requirements, and called on participants to peaceful coexistence between the sons of the province. ”
The meeting underlined ” the importance of questioning a constitutional right to provide conditions for the interrogation and not be far from professional,” stressing ” the importance of canthus challenges faced by Iraq on the security, economic and political level.”
For his part, Prime Minister Haider al – Abadi , ” a detailed explanation on the developments in the battle and the results of his visit to Washington, and the results of his attendance at the meetings of the Arab summit.”
Read more: http://www.dinarupdates.com/member.php?49998-Loopback
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Rasheed Bank directs its branches open documentary credits to public and private sector companies.
In General Manager Rasheed Bank, Rashad khudair, branches to expand open documentary credits to public and private companies.
Lone said a statement to inform the Bank received {Euphrates news} copy of it, that process the most effective means for settling international sales operations so as to ensure the seller receiving the goods and the buyer received the goods and by correspondent banks to Rasheed Bank abroad in accordance with the rules. ”
He noted that “the sums converted at the official exchange rate set by the Central Bank of Iraq”.
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BGG (Dinar Guru) – When we talk about the price tag the IMF and the UN have put on Mosul…one has to wonder exactly what leverage the UN has in this game… It is clear what say the IMF has – they are the IMF… but the UN, on the other hand, not so clear…unless viewed through this narrow window. I doubt the UN will allow Iraq an immediate exit from Chapter 7 – the sanctions, yes… the protection… I just doubt it. What does this mean for us? As long as they are doing as the IMF and UN have laid out for them – no reason the IMF and the UN won’t support a return “international acceptance and integration”…and that is all any of us care about. [what has to happen for them to get out of chapter 7] A better question – and the one we all really want to know is… do they even have to be fully out of Chapter 7? My guess. No – they do not…
Read More: http://www.dinarupdates.com/observer/
Eat Well – Lose Weight!!
The time is always right to do what is right. Martin Luther King Jr.
1bobby (Dinar Guru) – …if we look at CH 7, the 2 big ones that were given back to Iraq were the right to defend themselves and control of their currency. Having the U.N announce the removal of CH 7 to the world is what Abadi’s looking for.
Read More: http://www.dinarupdates.com/observer/
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Abadi: Anti – terrorism apparatus has become the first force in the Middle East
Twilight News / Iraqi Prime Minister General Commander of the Armed Forces Haider al-Abadi / said on Saturday that the anti-terrorism apparatus of the Iraqi army has become the first force in the Middle East.
This came during his visit to the headquarters of the anti-terrorism system, which includes the elite forces have received training at the hands of the US military, which serves as the head of the spear in the ongoing military campaign to expel Daesh from Mosul.
A statement by the Office of the Abadi responded to Twilight News, he said that al-Abadi met with officers and the ranks of anti-terrorism apparatus, and praised “their role in the fight against terrorism and achieve victories on Daesh,” asserting that “the device has become the first force in the Middle East.”
He said the Prime Minister that “the heroes of anti-terrorism apparatus have two characteristics different in that one Ataatovr in any army of the world’s ferocity and strength in the fighting and humanitarian sympathy on civilians.”
He continued Abadi, saying, “We will not contain the Aldoaash we will not allow their survival in Iraq.”
Iraqi Dinar/Dollar auction 04-03-17 (most recent listing)
Currency Auctions Announcement No. 3414
This daily currency auction was held in the Central Bank of Iraq on the 04-02-2017
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 35 |
| Number of remittance companies | 11 |
| Auction price selling dinar / US$ | —– |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 160,203,018 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 160,372,101 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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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:
IMF EXECUTIVE BOARD COMPLETES FIRST REVIEW IRAQ’S STAND-BY ARRANGEMENT (45 pages…)
| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1265.814 | 1265.181 |
| British pound | GBP | 1474.376 | 1473.639 |
| Canadian dollar | CAD | 889.557 | 889.112 |
| Swiss franc | CHF | 1182.817 | 1182.226 |
| Swedish krona | SEK | 132.536 | 132.470 |
| Norwegian krone | NOK | 138.065 | 137.995 |
| Danish krone | DKK | 170.183 | 170.098 |
| Japanese yen | JPY | 10.567 | 10.561 |
| Special Drawing Rights |
SDR | 1606.510 | 1605.707 |