Restore confidence
Economy Uz_ Baghdad: Yasser mutawalli Most economists agree that the strength of the economy in any country must be accompanied by the presence of a solid banking sector is able to meet the requirements of development and investment.
This overview was still the most important requirements of international investment companies to initiate the implementation of strategic projects in the country and was one of the obstacles to attracting global investment in Iraq.
It saw the previous stage an accurate diagnosis of this case by economists who are asking them to provide a solid Anvkoa banking sector to meet the requirements of international investment companies.
Today, we see that Iraq has begun steps to reform in order to promote economic productivity and service sectors and in many important joints, but the observer notes that there are slow in achieving reform goals because of the lack of economic reform requirements, including the existence of a qualified banking sector to respond to the reform requirements – according to experts – .
What is the reason behind the lack of such a banking sector?
The main reason behind the absence of such a sector is due to the loss of confidence in banks, whether by the government or the citizen, regardless of the reasons for the lack of confidence, which has become known to everyone, but it requires the restoration of confidence in the banking sector so they can be the possibility of the implementation of economic reforms in the most important aspect of its requirements, but a banking sector is able to provide the implementation of the reform programs of the implementation of sustainable development projects.
Now, after a series of measures taken by the central bank to correct the performance of lagging banks track that, a relatively few, and in response to the banking sector overall to the requirements of the banking reform confidence returned again in this sector, the first step in restoring confidence led to a change of dealing with banks trend pattern the correct.
What is needed now restore citizen confidence in the banking sector so they can be re-treated with discreet banks, perhaps the central bank took the initiative to adopt restore confidence through several measures, including localization of salaries of employees in banks Dmanth and then work on the issue of legislation to ensure deposits of citizens in order to return the money compacta in homes to banks to invest in the implementation of development projects and thus advanced step achieved on the path of economic reforms mortgaged its success to the availability of discreet banking sector and thus can restore the confidence of international banks correspondent of Iraqi banks which is required to attract international companies To rebuild Iraq., Imad Trust of success.
Read more: http://www.dinarupdates.com/showthread.php?48226-Restore-confidence
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The Iraqi navy is discussing with the Kuwaiti army the development of military cooperation
(Baghdad: al-Furat News) Iraqi naval force commander, Brig. Gen. Ahmed Jassim Maaraj and the chief of staff of the Kuwaiti army, discussed the development of military cooperation between Iraq and Kuwait.
“The commander of the Iraqi Navy, Rear Admiral Ahmed Jassim Maarij, met with the Chief of the General Staff of the Kuwaiti Army Lieutenant General Mohammed Al-Khader, and during the meeting discussed ways to develop and enhance military cooperation between the two countries, as well as a number of files of common interest. is over.
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BGG […what your thoughts on that no float….I did some research and there are advantages and cons about a pegged rate. I read if theyd come out low it will help with trade but on the other hand it could raise inflation.] Not could – will…it would start an inflationary trend that might not be easy to stop. IMHO – it will be a “managed float” – meaning: it will look so much like a fixed rate – it might as well be fixed.
Read more: http://www.dinarupdates.com/observer/
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BGG Article: “Central Bank Governor: no room to cancel the sale of the dollar window, if canceled, the exchange rate has become 3 or 4 thousand, and perhaps more” Article quote: “On the prospects of floating Aldenarabraghi, similar to other countries in the region, Keywords said that it is Matrouh sealed now, and we are working on editing currency and not float, a large difference between the two” that is a BIG ARTICLE…there won’t be any FLOAT… (no float). PERIOD.
Read More: http://www.dinarupdates.com/observer/
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The Baghdad International Fair is due to open at its 44th session
The Ministry of Commerce announced the launch of the Baghdad International Fair in the next 44 session for a period of twelve days, the opening of this session, which was scheduled in early November coincides with the visit of the forty martyrdom of Imam Hussein peace be upon him.
Engineer Hashem Mohammed Hatem, Director General of the General Company for Exhibitions and Commercial Services of Iraq, said that the ministry has submitted the date of the 44th session of the Baghdad International Fair for a period of twelve days, to be 21-30 / 10/2017 instead of the first of next November.
Noting that the reason for the submission of the 44th session of the Baghdad International Fair, which will bear the slogan (“liberated our land and with your cooperation we build) the date coincides with the visit of the martyrdom of Imam Hussein.
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Oil is planning to build three gas processing plants
The oil Minister said Jabbar allaibi on plans to build three new plants for processing natural gas being burned in the southern oil fields and use the fuel to generate electricity and increase the nation’s income from energy exports.
Allaibi in a statement confirmed the Euphrates that Ministry is seeking to end gas flaring associated with operations over the next few years despite the economic and financial challenges.
Explaining that Iraq be forced to burn part of the gas produced along with crude oil for lack of necessary facilities for aggregated and treated as a usable fuel.
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Resumption of oil exports from the repaired port of Basra
Two contractors at the South Oil Company said that on Sunday completed the repair work in the dock freight at the port of Basra oil damaged by the collision of a tanker last month.
Crude exports from the port of Basra were not affected by the March 24 incident, when strong winds caused a giant crude tanker to deviate and collide with pavement number one.
The two-million-tonne tanker has been anchored at the pier since early Monday morning and carries a shipment of light crude, the company’s officials said.
Iraq, OPEC’s second-largest producer after Saudi Arabia, exports most of its crude from the southern Basra region, with port capacity estimated at 1.8 million bpd.
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Proposal to adopt a strategy to support the integrated economy
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Baghdad / Hussein Thugb The situation of the Iraqi economy is not unique in the world and can not be divided in complex to levels can not be found solutions, but there are ways to return the development train to its right, where we can employ the experiences of countries have been able to achieve rapid growth and effective in the world, Does not have the assets of Iraq of the fundamentals of economic advancement. The international economic expert Mohammed Najjar said that Iraq needs quick solutions that can change the shape of the national economy in light of the availability of data of success from natural and human resources to enhance the possibility of achieving the objectives, pointing out that the most prominent solutions to the problem of the national economy is to focus on the development of an important sector such as housing, Which in turn leads to the development of other sectors of the link to the lives of citizens, noting that the availability of good housing leads to demand better education and health services and other advanced things of life and as a result we can develop other sectors and start real development.
Architectural form
Najjar urged the need to find a sophisticated strategy for housing commensurate with Iraq’s current capabilities in the absence of central planning of this sector after the distortions caused by the process of fragmentation of homes changed the form of urban, and here must be coordination between the State and the private sector to manage this sector through the party The first is to support the investment process in the housing sector and the private sector is managing this chapter. Here, banks should be encouraged to lend to these projects and to create a real capital cycle that will lead to the withdrawal of funds from the specific project to the other project.
World Bank reports indicate hundreds of billions of dollars in Iraq do not find access to the economic process attracts these capital.
Global experiences
He pointed out that the cycle of the dollar around the world revolves around 23 times while inside Iraq continues three cycles Wicktens and this does not serve the capital cycle in this aspect, and here we can benefit from the experiences of the world where the citizen is running an exaggeration does not exhaust and here benefits the country And his personal economy through the adoption of sound mechanisms through the stock exchange or investment companies contributing.
Skilled labor
Al-Najjar added that the development of the housing sector leads to the creation of a major economic movement and provides many job opportunities for skilled and unskilled labor in this sector and in other sectors such as transport, construction materials, repair workshops, retailers and others.
Iraq needs more than 3 million housing units in all provinces, and the need for housing units increases with the increase witnessed in Iraq.
He said: “In the absence of a housing strategy to accommodate the increase in the proportion of the population, which doubles every 26 years, we can employ the experiences of other countries have developed rapidly in this area, such as Singapore and South Korea and the latest Dubai, which has managed over the past ten years to create a major economic force, I started from the urban aspect and housing, so if we want to develop we must choose a specific sector and surround it to promote its joints and preferably housing to provide raw materials and human resources.
Singapore Experience
He pointed out that the housing sector is a wealth and needs a huge amount of manpower and a large guarantees and a fortune for the person who owns the housing unit, and when we stand at the Singapore experience, we find that every citizen has a housing unit is a millionaire, for adoption of housing and urban policy taught in the world because it builds A secure economy where the value is doubled Property.
He stressed that the improvement of the housing axis of the citizen led to the desire to improve the reality of education and then health and social improvement means that it is spending for the national economy and thus achieved a major economic development in Southeast Asia, which has become crowned with trade and economic surplus in the world.
He explained that the successful experience of the Dubai Economic City was launched entirely from urban development, which led to the establishment of industrial industries and service industries including banks, health, education and all these sectors have been linked to housing.
Read More: http://www.dinarupdates.com/showthread.php?48233-Proposal-to-adopt-a-strategy-to-support-the-integrated-economy
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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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Liberty, when it begins to take root, is a plant of rapid growth. George Washington
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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.
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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 04-17-17 (most recent listing)
Currency Auctions Announcement No. 3424
This daily currency auction was held in the Central Bank of Iraq on the 04-17-2017
| DETAILS | NOTES |
| Number of banks | 37 |
| Number of remittance companies | 11 |
| Amount sold at auction price (US$) | 159,674,882 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 159,674,882 |
| Total offers for selling (US$) | —– |
The results were as follows:
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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 | 1483.315 | 1482.574 |
| Canadian dollar | CAD | 888.555 | 888.111 |
| Swiss franc | CHF | 1179.048 | 1178.458 |
| Swedish krona | SEK | 131.044 | 130.979 |
| Norwegian krone | NOK | 137.954 | 137.885 |
| Danish krone | DKK | 168.930 | 168.846 |
| Japanese yen | JPY | 10.845 | 10.840 |
| Special Drawing Rights |
SDR | 1608.334 | 1607.530 |