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Economic expert: Iraq cannot trade in its local currency
BAGHDAD (Reuters) – Iraq’s agreement with other countries to trade through the local currency and abandonment of the dollar will have positive repercussions on the economic situation, the economic expert said on Thursday, pointing out that Iraq cannot take such steps at the moment because of weakness Economy and the absence of national industry.
“Iraq’s agreement with other countries for commercial exchange through the local currency and abandonment of the dollar will have a positive return on the economy,” Smisem said, “noting that” trade in local currency will reduce the inflation rate significantly because of the lack of the need to buy Dollar or reduce the proportion of purchase. ”
The economic expert said that “Iraq cannot take such steps at the present time because of the weakness of the economy and the absence of national industry as it is still dependent on foreign imports and a large percentage,” noting that “the agreement between Turkey and Iran on trade in local currency came because the economy of the two countries Strong and at the same level will benefit the two countries due to the decline of the Turkish lira as well as for Iran, which was suffering from economic sanctions. ”
On Wednesday, Turkish President Recep Tayyip Erdogan announced the use of local currency as an alternative to the dollar in trade between Turkey and Iran. Finished 2
BGG ~ You do realize what they are talking about here – right? This is a fairly direct reference to the “deleting of the zeros” project in a veiled sort of way. Fact.
“Iraq’s agreement with other countries for commercial exchange through the local currency and abandonment of the dollar will have a positive return on the economy,” Smisem said, “noting that” trade in local currency will reduce the inflation rate significantly because of the lack of the need to buy Dollar or reduce the proportion of purchase. “
Even though they are saying they can’t do it right now… doesn’t mean they won’t – or this person has the final say in such matters.
If they want to re-engage with other world economies, this will happen. All of these items appear on a collision course.
However, they won’t be able to lay off the dollar or fully engage internationally at the current value… it is too much of imbalance.
It is going to be interesting to see the outcome of these next meetings with the IMF starting on the 13th here in Washington D.C.
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Economic consultant: More than 172 factories have been suspended since 2003 – until now
Trend Press / Baghdad – The adviser to the Prime Minister for Economic Affairs, the appearance of Mohammed Saleh, that the reopening of sugar factory Sumer is a step to restore Iraqi industry again, revealing the existence of 172 plants have been idle since 2003 and until today.
“The trend towards a market economy to be a strategic partner with the private sector is taking place for the first time in Iraq, which is a correct step to restore the movement of Iraqi industry again,” he said in a statement. % Since 2003 and so far.
He stressed that “the only solution to address the wheel of the Iraqi economy and the return of laboratories is to engage the private sector with the state in the market, noting that Article 14 of the Federal Budget Law 2017 provides for partnership between the State and the private sector.”
The Minister of Industry and Minerals Mohammed Shiaa al-Sudani opened on Tuesday Sumer plant.
BGG ~ This is a “catch phrase” some have interpreted as some kind of precursor “dog whistle” to a soon coming RV…
“The trend towards a market economy to be a strategic partner with the private sector is taking place for the first time in Iraq, which is a correct step to restore the movement of Iraqi industry again,” he said in a statement.
I’m not so sure about all that – but it is really nice to see this lingo starting to surface again. Also, this is the primary economic adviser to the Prime Minister speaking… BTW.
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Hakim calls for the withdrawal of Maliki’s nomination to head the National Alliance
Called the stream of parliamentary wisdom, on Thursday, a coalition of state law to withdraw the nomination of coalition president Nuri al-Maliki for the post of President of the National Alliance for the next session, noting that Maliki’s nomination at the moment will create a political crisis within the leaders of the coalition.
“We call on the coalition of state law to withdraw the nomination of Vice President and the leader of the coalition Nuri al-Maliki to the post of president of the National Alliance.”
He added that “the candidate to fill the post of head of the coalition to be full-time political action and does not have any other links, as is the case with the Vice-President of the Republic as well as unacceptable to the leaders of blocs in the National Alliance.”
He continued that “the insistence of the blocks on the choice of al-Maliki is tantamount to firing a bullet of mercy on the coalition and the introduction of its forces in a new crisis,” noting that “the current situation, especially after the elimination of the criminal and the Kurdistan region to conduct the referendum we need a person capable of serious dialogue with those blocks Do not escalate with it on the basis of positions.
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MilitiaMan (Dinar Guru) – So if we look at the timing of events and the knowledge we have from the plethora of information we have been freely given by many people to use for to find a foundation in our investment that imo is not speculative at all. It is in fact, based on hard data that supports the Iraqi Dinar is by far under valued. We can look at not only natural resources, taxes and tariffs, agriculture, claw back of stolen goods and monies, and to soon be a booming in tourism industry, etc., that supports the value of an international convertible currency at a market rate. The above should give security to those investors even more now. Their money and persons will be safe to move freely! The expectation of Abadi to speak now about full liberation of Iraq is greater than ever before, imo.
Read more: http://www.dinarupdates.com/observer
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Kuwait: talks with Iraq to import gas instead of the remaining compensation
The Minister of Oil and Electricity and Water Minister Essam al-Marzouq said that there are discussions currently underway with Iraq on the import of Iraqi gas in return for compensation owed to Kuwait, amounting to more than 4 billion dollars as a result of the invasion of the former regime of the country.
In a statement to reporters on the sidelines of the German Embassy in Kuwait on the occasion of the National Day of the Federal Republic of Germany, Marzouk said that “part of the ongoing talks on the import of gas to Kuwait and we will see the impact soon.”
“We will soon sign the agreement with the Iraqi side and the understanding remains on the value,” he said, noting that “the volume of imported gas will start at 50 million cubic feet will increase to about 200 million feet.”
The State of Kuwait provided four options to meet the compensation instead of cash payment, and these proposed alternatives; the purchase of Iraqi gas at the agreed price between the parties and negotiate the reduction of the percentage of Iraq’s imports of oil and its derivatives.
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Adam Montana (Dinar Guru) – [In the past you have mentioned you thought Iraq would stand united. I realize the recent referendum on the Kurd’s independence was just that…and nothing can happen with that right away…Long term however, do you see Iraq becoming 3 States?] Long term…. I don’t know. I see the RV happening before any split, though…For now, I’m not concerned about them splitting or not… I just want to see this HCL get done.
Read more: http://www.dinarupdates.com/observer
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IMF Staff Concludes Visit on Iraq
September 28, 2017
“End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.”
The Iraqi authorities and the staff of the International Monetary Fund (IMF) held discussions in Amman from September 17 to 28, 2017 on the third review of Iraq’s 36-month Stand-By Arrangement (SBA). The IMF Executive Board approved the SBA on July 7, 2016 (See Press Release No. 16/321), and completed the second review on August 1, 2017 (See Press Release No. 17/311).
At the end of the mission, Mr. Christian Josz, Mission Chief for Iraq, issued the following statement:
“The Iraqi authorities and IMF staff started discussions on the third review of the SBA and made good progress towards reaching agreement on a draft 2018 budget in line with the SBA. These discussions will continue during the upcoming IMF and World Bank Annual Meetings from October 13–15, 2017 in Washington, DC.”
“During the visit, the team met with the Acting Governor of the Central Bank of Iraq (CBI), Dr. Ali Mohsen Ismail Al-Allaq, Acting Deputy Minister of Finance, Dr. Maher Johan, , and officials from the Prime Minister’s office, ministries of finance, oil, planning, and electricity, the State Oil Marketing Organization, the Central Statistical Organization, the Central Bank of Iraq, and the Board of Supreme Audit. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.”
Imf.org
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G-Lin (Dinar Guru) – Article: “Iraqi parliament reveals new sanctions for the Kurdistan region” Quote: “...in addition to a package of resolutions, notably the suspension of the sale of the dollar to the region, government and private banks, as well as a lawsuit against four companies.” […why suspend the sale of dollars to Kurdistan?] I’m not real sure about their thinking on this…In an art. posted a few days ago it stated that Kurdistan has 30% of the hard currency in their banks. Also the CBI said they will not stop selling the dollar in Kurdistan. So who has the final word? Independent CBI or Minister of Finance in Parl.? It seems that this move would cut Iraq’s nose off to spite it’s face. It will affect them too. Economist say this is a bad idea. As usual, we shall see how this plays out.
Read more: http://www.dinarupdates.com/observer
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The Central Bank: the draft zeros delete will be implemented in early 2017
Tomorrow Press / Baghdad confirmed the governor of the Central Bank of Iraq, on Thursday that the deletion of zeros project will be implemented in early 2017, indicating that the bank began to develop the first steps of the project.
Keywords and said for “Tomorrow ‘s Press”, said that ” the goal of deleting three zeros from the Iraqi currency is to support the Iraqi dinar and make it a competitor for foreign currency”, returned him as ” a strategic project that will serve the country ‘s economy.”
“The bank is working on the mechanisms used towards the implementation of this project is expected to start by the beginning of 2017 , ” noting that ” the central bank began the first steps of the project by selecting the designs and companies and the country in which it will be printed currency.”
He noted that ” the launch of the new currency does not mean the destruction of the old currencies , but it will continue to trade to about ten years , ” pointing out that “this period will enable the central bank to withdraw the old currency in accordance with the mechanisms will maintain market liquidity.”
The Finance Committee in the former House of Representatives revealed, (2013 August 15), for the postponement of the process of deleting zeros from the currency until after the next parliamentary elections, while confirming that the government is demanding guarantees for non – substituent currency back to the markets and forge.
BGG ~ This paragraph was some historical perspective leading up to the first part of the article…
The Central Bank of Iraq confirmed, in (April 25, 2013), that there is no intention at the present time to restructure the currency and the deletion of three zeros of them, denying reports that in this regard.
BGG ~ More historical background on the subject – referring to the 2013 time period (NOT CURRENT EVENTS)…
It is noteworthy that the General Secretariat of the Council of Ministers announced (April 12, 2012), wait for the application of the process of deleting zeros from the national currency, which had to stop all procedures related to the process mentioned until further notice.
BGG ~ This paragraph pretty much confirms the instance cited on PG 84 of the SIGR Report delivered to the US Congress in 2012. – This was a Maliki era decision. Obvious crookery going on.
It is noteworthy that some economists believe that Iraq is not ready at present to delete the zeros from the dinar, noting that the deletion needs to be a security and political stability as well as economic stability.
BGG ~ ….”the deletion needs to be a (in) security and political stability as well as economic stability”…. This last bit seem to be a more recent argument. It would appear the “experts” in this camp have been winning the argument. However, it is plain to see the UN, IMF and WB are helping very much in all these areas, helping to bridge the gap and move Iraq into an era of security, political stability and economic well-being.
Alghadpress.com
BGG ~ Though this piece was likely a “re-hash” of sorts, it has some more recent lingo added. Which lends some credence to it’s veracity. It is likely they just added some lines, rather than go back and re-write the whole subject in a current article.
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Dinar Updates – Q & A Call – BGG & Co. From Sept. 26th, 8:00 PM CST 641-715-3640 pin #528733
9/26 – Recorded Call Replay Link
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CENTRAL BANK: DELETE ZEROS IN EARLY 2017
November 7, 2016
BAGHDAD / IBN – The governor of the Iraqi Central Bank on the Keywords that project to delete the zeros will be implemented in early 2017, indicating that the bank began to develop the first steps of the project.
BGG ~ This says they have already began to develop the first steps – indicating they are into the process (in late 2016). This would imply they are further along today… and likely many of the AML, electronic banking and international banking interactions are leading up to the implementation of this project.
Keywords and said in a statement on Monday, received Iraqi transmitter Network (IBN) a copy of the “The purpose of deleting three zeros from the Iraqi currency is to support the Iraqi dinar and make it a competitor of foreign currency,” pointing out that “this strategic project will serve the country’s economy if it will be inclusion of the Iraqi dinar in the global basket of currencies in the vital world exchanges. ”
BGG ~ This is a key phrase: “…will serve the country’s economy if it will be inclusion of the Iraqi dinar in the global basket of currencies in the vital world exchanges. “…
He added that the bank “is working on mechanisms for the implementation of this project is expected to start at the beginning of 2017,” noting that “the central bank began the first steps of the project through the selection of designs, companies and the country in which the currency will be printed.”
He pointed out that “the new currency entry does not mean the destruction of ancient coins, but will continue to trade for about ten years,” pointing out that “this period will enable the central bank to withdraw the old currency in accordance with the dynamics and mechanics in order to preserve liquidity in the market.”
Ibnnews.net
BGG ~ This is the first of the two “flashback” articles I mentioned on the Conference Call the other night. This was published in early Nov, 2016. Obviously, it is easy to see why there was so much excitement over the “first part” of 2017.
BECAUSE THEY SAID SO…
However, there now seems to be have been more to the story. Lots of info in this piece to reflect on though.
Another reason to repost and reflect on this, they have said nothing contradictory since. They are obviously not “on schedule” but they are not denying it either.
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Post RV Checklist (it’s getting to be that time!! Listen up!!)
Dos and Don’ts of Windfall Wealth:
Treat it like a PowerBall win
– Tell no one, not even family. If you must talk, do so with one who is already in the know.
– Don’t run out & buy new “stuff”. People notice.
– Get an unpublished number and give it out very sparingly.
– Get a tax accountant you can trust to make sure the IRS is satisfied (Certified Opinion is something to look into) and pursue asset protection…
Read Complete List: http://www.dinarupdates.com/showthread.php?18519-The-Post-RV-Checklist-and-Flashback-documents&p=128477#post128477
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