Abadi’s adviser “Economy News”: Iraq will discuss with the IMF, the development of foreign reserves
Financial Advisor to the President of the Iraqi government, the appearance of Mohammed Saleh, on Tuesday, announced that the Iraqi delegation, which will meet with the IMF in the coming days in Washington will discuss the development of foreign reserves.
Saleh said in an exclusive interview for “Economy News”, “The Iraqi delegation will discuss with the IMF, the implementation of the financial budget for the current year and the management of public revenue and expenditure and the financing of the fiscal deficit,” adding that it “will discuss the development of foreign reserves to ensure stability.”
He explained that “the Iraqi government succeeded in achieving economic reform, which is reflected positively on the economy,” stressing that “the benefits of the International Monetary Fund loans are very few.”
The start of the Iraqi delegation headed by the Minister of Finance Agency Abdul Razzaq Al-Issa, next Friday in Washington discussions with the International Monetary Fund and the World Bank to prepare a review of the credit agreement, which included lending Iraq $ 5.4 billion to cover the deficit in the fiscal budget.
A source in the Iraqi government refused to reveal his name for “economy News”, that “an Iraqi delegation headed by the Minister of Finance Agency Abdul Razzaq al-Issa will go to the American city of Washington this week to discuss the readiness of credit agreement signed by Iraq in 2015,” noting that “the delegation meetings with the international Monetary Fund and the World Bank will begin on Friday, the next day on April 21 and lasts for three days”.
The source added that ” the delegation includes the Minister of Finance Agency Abdul Razzaq al- Issa and Central Bank Governor Ali Keywords Financial Advisor to the Prime Minister the appearance of Mohammed Saleh, and officials from the Ministry of Finance, the Ministry of Oil and the Ministry of Planning and Oil Marketing Company (SOMO), the Central Bureau of Statistics, the Central Bank of Iraq , and representatives of the Kurdistan Regional Government, and the Office of financial supervision”.
The Iraqi delegation held with the International Monetary Fund experts discussions in Amman during the period from 5 to 17 March 2017 on Article IV consultations in 2017, and the second revision of the agreement to prepare credit(SBA) with Iraq, amounting to a 36 – month, which was approved by the Executive Board of the International Monetary Fund on July 7 2016 .
It aims to prepare the credit agreement to correct the fiscal balance and the balance of the external position, and improving public financial management, while protecting social spending. The first review was complete under the standby credit agreement on 5 December 2016.
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The central bank sets a 5% interest for the bonds of the contractors
Economy News _ Baghdad: The Central Bank of Iraq revealed on Thursday that the interest rate for contractors’ entitlements in the national bonds to be given by the Ministry of Finance will be 5%, stressing that it will not bear any error in the receivables of contractors.
The bank said in a statement received “The Economist News” a copy of it, “The Central Bank of Iraq will on behalf of the Ministry of Finance as a financial agent to pay the arrears of contractors delayed after the completion of the Federal Audit Bureau to audit those receivables,” noting that “the interest of bonds will be 5% annually The maturity period is three years. ”
He added that “the Ministry of Planning will prepare lists of names of eligible contractors and amounts owed to them and send them to the Ministry of Finance after being signed and stamped by the ministries,” pointing out that “the role of the Central Bank of Iraq is to hand over bonds to contractors and according to their entitlements based on the lists received from the ministries Financial and planning and does not bear the Central Bank of Iraq any responsibility for the validity of amounts owed to contractors. ”
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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Kurdish President of the Iraqi Parliament
( OPED ) The first phase of the country will witness major changes that may not touch the essence of the political process, but will press hard. To the decisions and positions of shock after years of transformation and suffering, and the lack of seriousness in the fulfillment of promises to citizens complaining of poor performance, lack of services, and the absence of a solution to the ongoing crises, especially as everyone seemed to be unable to perform the responsibility placed on them properly.
The possibility of turning the equation in favor of changes in the distribution of positions of sovereignty that resulted from sectarian and ethnic quotas has become great, and it is not excluded that the presidency of the Republic to the Sunnis instead of the presidency of parliament, which may go to a Kurdish woman where the Kurds do not keep a similar desire to their Arab counterparts who prefer men to take up positions Supreme, which may lead to the appointment of one of the current parliament deputies from the Patriotic Union of Kurdistan, led by former President Jalal Talabani (Ala Talabani) as President of the next parliament, which is one of the most Kurdish politicians open to the Arabs and active forces in Baghdad, pal G of intransigence on issues concerning the rights of the Kurds, which also enjoys a remarkable support from Shiite forces in the National Alliance.
The efforts of the Kurdish powers to head the parliament result from dissatisfaction with the post of President of the Republic, which is symbolic but not influential in the political process, and they need to pass many laws that serve their cause, which prompts them more to demand the presidency of Parliament to be able to control the ways of legislation of laws.
Over the past years, and despite the Kurds control of their affairs in the Kurdistan region but they were having difficulty in dealing with Baghdad, especially on controversial issues, and perhaps it would be like the presidency of parliament to achieve them added sovereignty in the capital, while recognizing the difficulty that they are demanding secession from Baghdad.
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US approves potential $295.6m weapons sale to Peshmerga
A Kurdish Peshmerga soldier trains with Combined Joint Task Force counterparts as part of Operation Inherent Resolve in October 2015 near Erbil. Photo: US Army
ERBIL, Kurdistan Region – The US State Department has approved a possible sale of military equipment to the Peshmerga to an estimated cost of $295.6 million.
The sale would include equipment to fully outfit two Peshmerga light infantry brigades and two support artillery battalions, a statement from the Defense Security Cooperation Agency detailed on Wednesday.
A wide range of equipment was requested for purchase, including machine guns, armoured vehicles, body armour, small arms, chemical weapon detection and protection equipment, medical equipment, MRAPs, and ambulances.
The sale would assist in the defeat of ISIS, the statement said, adding it would not “alter the basic military balance in the region.”
The sale has not been concluded as of yet.
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Kurdistan Region: There is “strong” coordination between the Peshmerga and the Iraqi army
Baghdad / Sky Press: Kurdistan Region President Nechervan Barzani said on Thursday that there is a “strong” coordination between the Peshmerga forces and the Iraqi army, noting that the other areas between the center and the region have not witnessed serious dialogue, pointing out that the referendum is a natural right for the people of Kurdistan.
The Kurdistan Regional Government Presidency said in a statement received by “Sky Press”, a copy of it, “The President of the Kurdistan Regional Government, Nechirvan Barzani, met today, with German Foreign Minister Ziegmar Gabriel,” indicating that “Gabriel price of the people of the Kurdistan region and Peshmerga forces to resist and defend the principles Humanitarian and protection of various components of terrorist attacks. ” According to the statement, Gabrielle stressed “the continuation of German military and humanitarian support to the Kurdistan region and the development of bilateral relations between the two sides in various fields,” adding that “dialogue is the best way to resolve outstanding problems between Baghdad and Erbil.”
For his part, Barzani said that “there is strong coordination between the Peshmerga forces and the Iraqi army, but the other areas did not see a serious dialogue,” stressing the “importance of the participation of the international community in this area.”
Barzani added that “the referendum is a natural right for the people of Kurdistan to determine their fate.” He added that “the people and the Kurdistan Regional Government and the political parties do not believe in guaranteeing their rights in the future through the use of violence, but requires that through serious dialogue and the international community can help in this regard.”
The German Foreign Minister Zgkmar Gabrielle last night to Erbil and held a meeting with the President of the Kurdistan region Massoud Barzani.
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Crude oil rises amid optimism about a commitment to cut output
Trend Press / Agencies Oil prices rose in European trading on Thursday, rebounding from a six-week low amid optimism that OPEC will expand its current deal with non-OPEC members to cut output beyond June in an attempt to rebalance the market.
“We expect a global agreement to cut oil supplies to be extended beyond June, supported by greater compliance by non-Opec producers,” Reuters quoted Kuwait’s Oil Minister as saying.
In November last year, the Organization of Petroleum Exporting Countries (OPEC) and other producers, including Russia, agreed to cut production by 1.8 million bpd between January and June.
A joint committee of ministers of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members will meet in late April to make a recommendation on the fate of the treaty. The final decision on whether to extend the deal after June will be made by the oil organization on May 25.
London Brent crude for June delivery rose 38 cents, or 0.7 percent, to $ 53.31 a barrel, after falling $ 1.96 in the previous session.
Elsewhere, crude for June delivery rose 34 cents to $ 51.18 a barrel.
Oil has continued to rise in a familiar range since the beginning of the year amid concern that a continued recovery in US shale production and an increase in US inventories could hamper the efforts of other major producers to rebalance global supply and demand for oil.
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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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Observe good faith and justice toward all nations. Cultivate peace and harmony with all.
George Washington
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tman23 (Dinar Guru) – Coincidental…? You all should be very interested and excited…chatter regarding 4/21 and launching or beginning of something new with in IMF etc…Then i read this…Newshound Guru Stryker Article: “Iraq resumes next Friday talks with the International Monetary Fund and the World Bank“. What makes this so interesting is that everyone is meeting in Washington after they already had 12 day meeting in Amman just last month. Then I saw Legarde in an interview…will be meeting Mnunchin for the first time…Wanna know the date of the meeting …GUESS! Friday…4/21. [post 1 of 2….stay tuned]
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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 04-20-17 (most recent listing)
Currency Auctions Announcement No. 3427
This daily currency auction was held in the Central Bank of Iraq on the 04-20-2017
| DETAILS | NOTES |
| Number of banks | 37 |
| Number of remittance companies | 11 |
| Amount sold at auction price (US$) | 168,067,601 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 168,067,601 |
| Total offers for selling (US$) | —– |
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 | 1269.840 | 1269.205 |
| British pound | GBP | 1520.197 | 1519.437 |
| Canadian dollar | CAD | 879.643 | 879.204 |
| Swiss franc | CHF | 1188.278 | 1187.684 |
| Swedish krona | SEK | 132.206 | 132.140 |
| Norwegian krone | NOK | 138.738 | 138.668 |
| Danish krone | DKK | 170.706 | 170.621 |
| Japanese yen | JPY | 10.907 | 10.902 |
| Special Drawing Rights |
SDR | 1615.982 | 1615.174 |