Governor of the Central Bank: To cancel the dollar sale window, if canceled to become exchange rate 3 or 4 thousand and perhaps more??
Economy News / Special – The governor of the Central Bank of Iraq on the right to stop selling the dollar through the window selling currencies in the bank will lead to the collapse of the Iraqi dinar financial situation in Iraq in general, stressing that the central bank is obliged to carry out this task, even if reluctant to perform this role to collapse the financial situation in Iraq.
Al-Alak said in an interview with the envoy of the agency “Economy News” on the sidelines of the annual conference of the Union of Arab Banks, which was held in Beirut recently to close the window selling the dollar to become dollar exchange rate between 3 and 4 thousand dinars, and perhaps more
The governor will also be forced to cancel the window to print trillions of Iraqi dinars annually to cover the local need for dinars which will lead to the collapse of the Iraqi currency because of inflation or known as excessive cash
On the prospects of floating the Iraqi dinar like other countries in the region, said the relationship is not on the current situation, and we are working on the liberalization of the process and not float* and the difference between the big
He denied the existence of a currency auction in the Central Bank but the window of sale of foreign currency stressing that the central mediator between the Ministry of Finance and the public is nothing but
Turning to the experiences of Lebanon and Jordan, in the field of maintaining the stability of their currencies explaining that the situation in Iraq is different
He noted that the solution in Iraq lies in reducing the demand for the dollar by correcting the structure of the Iraqi economy, not by refraining from selling the dollar
The governor stressed the central bank’s efforts to settle salaries of employees in private banks, stressing the existence of a trend to settle all salaries of Iraqi employees during the next year 2017 in banks
The governor of the Central Bank welcomed any request to host the House of Representatives stressing the importance of meeting with Parliament, based on the fact that monetary policy is a specialized issue can not be addressed from afar, or through skirmishes and inaccurate analyzes.
The text of the dialogue with the governor will be published in the forthcoming issue of the Iraqi Banks Magazine issued by the Association of Iraqi Private Banks
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Breitling (Dinar Guru) – …Think about all the numbers we’ve been watching over the years…we knew what we needed to look for…We always talked about the note count. The note count has to be going down. At it’s peak when I got into the dinar…it was 15 trillion dinar…NOT NOTES…dinar. The max Iraq has had is 9 Billion notes which represented about 30 trillion dinar. So what does that mean? If you have 1 note that’s worth 25k and one note that’s worth 10k, you can see how there are more dinar than there are notes and that’s why we need to be able to parse those numbers to understand exactly what’s going on. But the total was 30 trillion dinar out there and they brought that number down by reducing the note count. So what are we at today?
Read More: http://www.dinarupdates.com/observer/
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Army: 2900 IS members killed in Mosul in 4 days
Mosul (IraqiNews.com) The Iraqi army said Sunday 2900 Islamic State members were killed over the past few days in western Mosul as U.S.-backed operations continue to clear the remaining districts of the region from militants.
Sabah al-Noaman, spokesperson of the army’s elite Counter-Terrorism Service, said the announced “preliminary” toll was the result of fierce encounters between the group and Iraqi forces over the past four days at the Tenek and Abar districts, both recaptured recently by the government troops.
Iraqi government forces recaptured eastern Mosul in January, and started a new offensive in February to retake the west. The Iraqi Joint Operations Command said Thursday its forces had recaptured 60% of the western flank of Mosul from Islamic State militants.
Late March, the international coalition estimated the number of Islamic State fighters in western Mosul by at least 1000.
Battles are currently most intense around Mosul’s densely populated and narrowly structured Old City district, where police forces cautiously approach the grand mosque where IS supreme leader Abu Bakr al-Baghdadi declared the establishment of the group’s rule. While admitting that battles in the western side of Mosul proved more difficult that those in the east, Iraqi and coalition commanders said IS’s influence was receding as many top leaders were either counted dead or tracked escaping the battlefield.
Read More: http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
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Dinar Updates – “NEWS TIME” w/BGG & Company – April 17th 7:30pm CST – In the DU CHAT Room!!
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“Flash Cast LIVE” session Sunday w/BGG
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Islamic State executes senior member, aides in Mosul over leaks
Mosul (IraqiNews.com) The Islamic State has executed eight of its members in Mosul, including senior security commander, over charges of leaking information to Iraqi security forces.
A local source told Alsumaria News that a firing squad from the group shot eight seven members including Abu Abdul-Rahman al-Hayali, a senior commander in charge of the group’s security detachments in western Mosul.
Islamic State’s Sharia court found the members guilty of treason, according to the source.
IS has been losing ground and personnel since Iraqi government forces, backed by a U.S-led coalition and paramilitary troops, launched an offensive in October 2016 to recapture Mosul, the group’s largest stronghold in Iraq. Operations managed to free the eastern side of the city in January and have been proceeding in the west since mid February.
Since the start of operations, the group has reportedly been ravaged with internal divisions, occasionally executing or cruelly punishing members for delinquency on the battlefield or attempting to escape fighting. Differences related to the structure of ranks and the system of command also arose from time to time, according to the reports.
IS has also executed dozens of civilians over attempting to flee areas under its control or for also collaborating with security forces.
Read More: http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
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Central Bank unveils plan to tackle money laundering
The Governor of the Central Bank, Ali Al-Allaq, revealed on Sunday the intention of the bank to prepare a solid base to address money laundering, stressing the need for concerted domestic and international efforts in this regard.
He pointed out that the trend to prepare a sound base to address money laundering is very important and contributes to building a sound financial sector, pointing out that it is a subject of local and international attention and we are working on building sound rules by adopting international standards that regulate financial work and immunity to the banking sector and prevent money laundering.
He stressed the need to adopt sound rules using the latest technology and coordination among all concerned parties to control these diseases and prevent their spread through a road map to be put in place to coordinate the work between all parties, and there are legal regulations to draw the correct courses of action,And expanding the circle of knowledge on this side.
Al-Alaq stressed that the Central Bank has made a great move on this aspect and provided basic and advanced work rules in this important chapter and a development has taken place in this regard during the last period and formed banks specialized units in this regard to undermine the opportunities of these crimes.
The process of money laundering means collecting funds from illegal black sources and introducing them into the economic cycle and removing them as clean money free from economic suspicions.
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International Energy: The oil market is nearing equilibrium
Trend Press / Agencies The International Energy Agency (IEA) said on Thursday that the world oil market is nearing a return to equilibrium after nearly three years of oversupply, with output cuts by major exporters offsetting the long-term decline in rich countries.
The Organization for Economic Co-operation and Development (OECD) said crude oil inventories fell 17.2 million barrels in March, while the first three months of the year increased by 38.5 million barrels or 425,000 bpd.
“It can be said with confidence that the market is very close to the balance already, and with more data, it will become clearer,” the Paris-based agency said. A second half “of the year is” interesting “.
Total crude inventories in OECD countries fell 8.1 million barrels in February to 3.055 billion barrels, to stay above the five-year average of 330 million barrels, the International Energy Agency said.
The International Energy Agency (IEA) cut its forecast for world oil demand growth in 2017 by 40,000 bpd to 1.32 million bpd, warning that these estimates may be optimistic given the slowdown in consumption in the United States and Asia’s advanced economies such as Australia, Japan and South Korea.
On the supply side, the agency reported that world production fell 755 thousand barrels per day in March to 95.98 million barrels per day, while OPEC and its partners are committed to a joint agreement to reduce production of 1.8 million barrels per day in the first half of this year.
The Organization of the Petroleum Exporting Countries (OPEC) has committed itself to a commitment to a “strong” level of 99 percent in March, the agency said, noting that non-Opec members, including Russia and Oman, have increased their commitment to 64 percent. Percent from 38 percent in February.
In 2017, the International Energy Agency said it expected non-Opec supply to increase by 485,000 barrels per day (bpd), up from 400,000 bpd in previous estimates, led by increases in US production growth.
Read More: http://www.dinarupdates.com/showthread.php?48173-International-Energy-The-oil-market-is-nearing-equilibrium
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A Dinar Updates “FaceBook Live”!!
“LIVE Q&A with BGG”
From – Apr 7th
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DayTrader, a News Researcher for DinarUpdates.com, recently had some interesting commentary.
Here are his thoughts:
Article 140 is much more complex than many realize. If you read Article 140 in the Iraq constitution, it refers to Article 58 of the Law of Administration for the State of Iraq for the Transitional Period that outlines all the steps that must be completed. This was a document constructed by Paul Bremmer to be used until a permanent constitution could be developed and ratified by Iraq. Article 58 states:
Article 58.
(A) The Iraqi Transitional Government, and especially the Iraqi Property Claims Commission and other relevant bodies, shall act expeditiously to take measures to remedy the injustice caused by the previous regime’s practices in altering the demographic character of certain regions, including Kirkuk, by deporting and expelling individuals from their places of residence, forcing migration in and out of the region, settling individuals alien to the region, depriving the inhabitants of work, and correcting nationality. To remedy this injustice, the Iraqi Transitional Government shall take the following steps:
(1) With regard to residents who were deported, expelled, or who emigrated; it shall, in accordance with the statute of the Iraqi Property Claims Commission and other measures within the law, within a reasonable period of time, restore the residents to their homes and property, or, where this is unfeasible, shall provide just compensation.
(2) With regard to the individuals newly introduced to specific regions and territories, it shall act in accordance with Article 10 of the Iraqi Property Claims Commission statute to ensure that such individuals may be resettled, may receive compensation from the state, may receive new land from the state near their residence in the governorate from which they came, or may receive compensation for the cost of moving to such areas.
(3) With regard to persons deprived of employment or other means of support in order to force migration out of their regions and territories, it shall promote new employment opportunities in the regions and territories.
(4) With regard to nationality correction, it shall repeal all relevant decrees and shall permit affected persons the right to determine their own national identity and ethnic affiliation free from coercion and duress.
(B) The previous regime also manipulated and changed administrative boundaries for political ends. The Presidency Council of the Iraqi Transitional Government shall make recommendations to the National Assembly on remedying these unjust changes in the permanent constitution. In the event the Presidency Council is unable to agree unanimously on a set of recommendations, it shall unanimously appoint a neutral arbitrator to examine the issue and make recommendations. In the event the Presidency Council is unable to agree on an arbitrator, it shall request the Secretary General of the United Nations to appoint a distinguished international person to be the arbitrator.
(C) The permanent resolution of disputed territories, including Kirkuk, shall be deferred until after these measures are completed, a fair and transparent census has been conducted and the permanent constitution has been ratified. This resolution shall be consistent with the principle of justice, taking into account the will of the people of those territories.
The challenge has always been how to implement the required changes. Those steps coupled with the fact that some of the people that Saddam Hussein forced out and those Sunnis that he brought in are no longer living. The resolution will have to involve their children, plus the process will also be challenged in identifying and finding all these families. This is not a quick fix. IMO that is why Abadi gave the responsibility to create an implementation plan to Barzani and the governor of the Kirkuk province. All of that said, I don’t believe that the implementation of Article 140 is tied to the revaluation of Iraq’s currency. I haven’t found any reference to Article 140 in any of the UN resolutions or SBA documents between the IMF, CBI and GOI.
Read more: http://www.dinarupdates.com/showthread.php?48133-Commentary-from-DayTrader
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Small minded people believe you are rejecting morality when you reject their visions of morality. – Will Spencer
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Chattels (Dinar Guru) – Isis ‘minister of war’ is killed by allied airstrike in Mosul. The highest ranking Islamic State commander in Mosul, described as the jihadists’ minister of war, has been killed in an airstrike.
Read More: http://www.dinarupdates.com/observer/
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Director of the Issuance Department of the Central Bank: Printed currency volume exceeds 11 billion and 600 million dinars
Most of the Iraqi Central Bank steps are subject to political and legal environment of the country , especially in regard to the deletion of zeros that counted specialists in the earlier trend sensitive and dangerous may still be , but the central remains the most important institution in terms of the need to adjust the financial management in light of the financial crisis experienced by the the Iraqi economy, which must have to deal with dilemmas , whether with regard to the citizen or the work of the central bank itself.
Questions concerning important files posed (range) in this meeting , the director of the release and the Treasury in the Central Bank Aa’bas behind, and with being answered by briefly he pointed out the most important points that showed that the currency is good for circulation deposited Central has exceeded one billion and a quarter of a million dinars an amount that is not a little if they were compensated by the stored banknotes at the bank , as some believe, at the time between the printed currency size has exceeded the “11 billion and 600 million dinars, he urged citizens on the need not to keep large amounts in homes or buried in the ground , the fact that the process of replacing in the event expose Dt to burn or damage costs the central administrative and financial burdens, stressing that the counterfeit currency rate is still within the internationally accepted borders, with the central quest to carry out an information campaign to educate the public on how to distinguish between the original currency and Almzorh.oicol behind on a question about the possibility of having higher versions of a class (50000 ) dinars?
– No at present intention to issue a higher class category (50000) dinars.
* What about the subject of the deletion of zeros and the reason for the delay?
– the decision on the deletion of zeros cannot be taken in isolation from the political and legal environment in the country under conditions the security situation as a result of terrorist acts and exit from the provinces outside the control of the state for the years 2014, 2015, 2016 which prevents certainly to wait in the implementation of this project, in addition to that this must be done in coordination with all state departments and the private sector, where it should be followed by changing the paragraphs contained in the various laws, which include a reference to fines or lump – sum collection of fees, must also change the financial and statistical records in order to conform with the project process the deletion of zeros. On the other hand, the technical preparations are underway by us.
* How is the cost of the annual replacement and replacement of damaged currency?
– First , there is no substitution instead of a damaged annually, as the bank instead seeks to issue new papers for security specifications developed, so the cost is reduced in this way it is the cost of issuing new banknotes specifications better used at the same time damaged to the replacement of currency from the previous editions .
We seek to carry out an information campaign to distinguish between original and counterfeit currency
* How discovered the counterfeit currency of the size?
– The Central Bank of Iraq resorted to the use of machines to sophisticated counting and sorting which can detect counterfeit currency, in addition to banks guide using modern techniques in the currency examination, but the problem is not doing shopkeepers enough efforts to use the machines to check the currency, as the bank seeks to campaign media to sensitize the public on how to distinguish between the original currency and counterfeit currency by issuing a booklet definitions and (posters) for this purpose and will be distributed to banks in major shopping malls, and in all cases, the counterfeit currency rate is still within the internationally accepted borders , where even T ratio (0.000025) (Twenty – five million paper sheet).
* What currency damaged by fire or poor storage of citizens compensation mechanisms?
– While we hope the citizens do not keep large amounts in homes or buried in the ground, and to do instead in the deposit with the banks, as the replacement of the burnt currency process or damaged it costs the central bank financial burdens and administrative Colva unwarranted, however the bank is to receive citizens whose savings in Iraqi currency to fire accidents provided that they are documented by the civil Defense Department and be sourced from the project, either in terms of currency (buried) are sufficiency statement on the sources of these funds, and in this regard we call on citizens not to accept the mediation of any hand to Astb The Iraqi currency and that this bank does not receive any commission for its replacement.
We applied security methods with modern technology advanced counting and sorting currency
* What future plans for the central bank currency and print?
– Iraqi Central Bank seeks to keep pace with the evolution of printing currency and modern technologies both in currency printing or counting devices and sorting the currency where they are constantly adding new security features in addition to the acquisition of advanced machines counting and sorting currency, was dispensed with final counting and manual screening process.
* How much is the size of the torn currency and how much of the size of the printed currency?
– The number of banknotes unfit for circulation deposited with this bank (1,277,049,543) cash paper of various categories, where they are compensated from the stored banknotes have this bank, as the number of printed banknotes (11,615,265,154) cash paper of various categories.
Iraqi Dinar/Dollar auction 04-16-17 (most recent listing)
Currency Auctions Announcement No. 3423
This daily currency auction was held in the Central Bank of Iraq on the 04-16-2017
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 36 |
| Number of remittance companies | 11 |
| Auction price selling dinar / US$ | —– |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 160,115,597 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 160,115,597 |
| Total offers for selling (US$) | —– |
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 | 1258.592 | 1257.963 |
| British pound | GBP | 1484.854 | 1484.112 |
| Canadian dollar | CAD | 891.902 | 891.456 |
| Swiss franc | CHF | 1178.696 | 1178.107 |
| Swedish krona | SEK | 131.853 | 131.787 |
| Norwegian krone | NOK | 137.954 | 137.885 |
| Danish krone | DKK | 168.930 | 168.846 |
| Japanese yen | JPY | 10.877 | 10.872 |
| Special Drawing Rights |
SDR | 1608.571 | 1607.766 |