The Central Bank reveals Iraq’s gold reserve
BAGHDAD – The governor of the Central Bank Ali al-Alak on Thursday revealed Iraq’s reserves of gold, pointing out that it exceeded 80 tons.
Al-Aalak said in a brief interview, “Iraq’s Iraq News”, that “the reserve of gold is more than 80 tons,” and with regard to the central bank’s storage of hard currency, “The reserve of the Central Bank is constantly changing, but it exceeds the size in 2016 “He said.
The central bank announced in February this year that its foreign currency reserves had fallen to 49 billion dollars as a result of continued low oil prices on world markets.
The central bank’s reserves of foreign currency in 2015 amounted to 68 billion dollars, but it began to decline as a result of the economic crisis faced by Iraq as a result of the drop in oil prices to about $ 40 and the result of military operations against the supporter of the terrorist is over.
Read more: http://www.dinarupdates.com/showthread.php?55855-The-Central-Bank-reveals-Iraq%92s-gold-reserve
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Dinar Updates – Q & A Call – with BGG from Dec 27th – 8:00 pm Conference Call Phone # 641-715-3639 pin #932875
12/27 – Recorded Call Replay Link
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Iraq reveals its reserves of hard currency
Iraq’s central bank governor Ali al-Alaq said on Tuesday that the bank’s reserves of foreign currency amounted to $ 48 billion, pointing out that Iraq will not resort to the currency.
“The central bank of foreign currency currently amounts to $ 48 billion,” al-Alak said in a statement Tuesday. He added that “Iraq, which is one of the oil states, has a fixed exchange rate, or fixed with flexibility, and does not have a fixed rate of return. in Iraq or other oil countries. ”
“The flotation is difficult to apply in Iraq, considering that the government, de facto, monopoly the offer of the dollar and foreign currencies.”
The floating currency is to make the exchange rate of this currency fully liberalized, so that the government or central bank does not interfere in determining it directly, but is automatically discharged in the currency market through the mechanism of supply and demand, which allows to determine the exchange rate of the national currency against foreign currencies.
Floating exchange rates fluctuate constantly with every change in supply and demand for foreign currencies, so they can change several times per day.
Read More: http://www.dinarupdates.com/showthread.php?55839-Iraq-reveals-its-reserves-of-hard-currency&p=180737#post180737
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Enorrste (Dinar Guru) – Article: “Central Bank: float the dinar is difficult to apply in Iraq” Alaq is giving a progress report on the plans to open the currency to a float. They have taken “a package of measures” to bring them to the point where a float will work. …Then he goes on to state that they are making efforts to achieve “financial inclusion” which I take to mean international acceptance of the dinar, now that the security and financial stability have been dealt with. Finally, he concludes by stating that paying federal employees through bank deposits is working to get people to use the banks. [post 1 of 2….stay tuned]
Read more: http://www.dinarupdates.com/observer/
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Enorrste (Dinar Guru) – The reason for the delay, in my view, is this last item. Unless and until the CBI can get the dinars out from the mattresses they are cautious to begin the float. In short, there are just too many dinars in circulation. However, as they get people to move to banking they can remove the large notes from circulation and begin the float. Therefore, I see this article as positive. It is a report card only but points to a goal (the float) that is imminent. I get to this conclusion because…it specifically is mentioned that Egypt moved to a float, but “too late.” This would imply to me that the CBI is not going to be “too late” in moving forward, unlike Egypt. [post 2 of 2]
Read more: http://www.dinarupdates.com/observer/
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Kurdish government accepts Baghdad’s conditions to end dispute
BAGHDAD: The Iraqi Kurdistan Regional Government (KRG) has agreed on the conditions stipulated by Baghdad’s federal government to solve outstanding problems between the two governments.
Talks will be resumed to end the punitive measures in the Kurdish region, Iraqi Prime Minister Haider Abadi said on Tuesday.
The KRG held a controversial referendum on independence in late September inside the region and disputed areas seized by the Kurdish forces during the past years.
Baghdad responded by imposing a series of punitive measures on the region including banning international flights into and from the region’s airports, shutting down the border crossings between the region, Turkey and Iran, and launching a huge military campaign to drive the Kurdish forces back to the 2005 constitutionally approved border.
Considering the September referendum illegal, Baghdad took steps to reinforce federal writ in and around the region, which has been autonomous since 2003. Abadi said there is a dispute between Baghdad and the KRG over the border of the region and the running of the border of the country.
“The constitution was clear relating to the border of the region and it was recognized (by the constitution) as the border of the region on March 9, 2001, but the regional (Kurdish) forces were out of these borders,” Abadi said on Tuesday in his weekly press conference.
“Also, the border (of the country) should be exclusively under the control of the federal government… so we took several measures to control the border and the border crossings.
“Now the regional government and the (Kurdish) officials said that they agree on these two points (conditions) and let’s talk,” Abadi said.
“I consider this an essential change… but we want to reiterate two things — which are the referendum was illegal and (there will be) no return to it (the results) again. The second thing is the recognition of the 2003 borders of the region and the borders (of the country) should be under the control of the central government.”
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BGG (Dinar Guru) – Article: “Anti-Government protest continue for third day in some Kurdish cities” These unfolding events are BIG NEWS… Barzani’s “Old Guard” regime is on the verge of collapse. Abadi has been plain in his efforts to protect and help ALL the people of Iraq.
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – Article: “A new term Atdoual Iraqi banks and earns “millions” during hours without paying one penny” Quote: “the daily speculation carried out by traders across the volatile instruments affect the stability of the currency rate and the size of the cash reserves of foreign currency because the bank will cover the needs of Iraq Foreign trade, but these speculators use these reserves for the purpose of profit.” So they either reduce the spread to 2% or less as required by the IMF or start the currency reform and float the currency so they can eliminate the dollar auctions.
Read more: http://www.dinarupdates.com/observer/
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International Monetary Fund: What is Article VIII of the IMF?
Pretty self-explanatory. It is a kind of dos and don’ts for member countries. Item 3 is probably the most relevant these days, since we are seeing a number of countries trying to artificially devalue their currencies to boost exports and thus their economies.
The other items are more focused on when the IMF rescues member-countries, which usually happens in cases of external crises (current account crises).
Article VIII: General Obligations of Members
http://www.imf.org/external/pubs…
Section 1. Introduction
In addition to the obligations assumed under other articles of this Agreement, each member undertakes the obligations set out in this Article.
Section 2. Avoidance of restrictions on current payments
(a) Subject to the provisions of Article VII, Section 3(b) and Article XIV, Section 2, no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions.
(b) Exchange contracts which involve the currency of any member and which are contrary to the exchange control regulations of that member maintained or imposed consistently with this Agreement shall be unenforceable in the territories of any member. In addition, members may, by mutual accord, cooperate in measures for the purpose of making the exchange control regulations of either member more effective, provided that such measures and regulations are consistent with this Agreement.
Section 3. Avoidance of discriminatory currency practices
No member shall engage in, or permit any of its fiscal agencies referred to in Article V, Section 1 to engage in, any discriminatory currency arrangements or multiple currency practices, whether within or outside margins under Article IV or prescribed by or under Schedule C, except as authorized under this Agreement or approved by the Fund. If such arrangements and practices are engaged in at the date when this Agreement enters into force, the member concerned shall consult with the Fund as to their progressive removal unless they are maintained or imposed under Article XIV, Section 2, in which case the provisions of Section 3 of that Article shall apply.
Section 4. Convertibility of foreign-held balances
(a) Each member shall buy balances of its currency held by another member if the latter, in requesting the purchase, represents:
(i) that the balances to be bought have been recently acquired as a result of current transactions; or
(ii) that their conversion is needed for making payments for current transactions.
The buying member shall have the option to pay either in special drawing rights, subject to Article XIX, Section 4, or in the currency of the member making the request.
(b) The obligation in (a) above shall not apply when:
(i) the convertibility of the balances has been restricted consistently with Section 2 of this Article or Article VI, Section 3;
(ii) the balances have accumulated as a result of transactions effected before the removal by a member of restrictions maintained or imposed under Article XIV, Section 2;
(iii) the balances have been acquired contrary to the exchange regulations of the member which is asked to buy them;
(iv) the currency of the member requesting the purchase has been declared scarce under Article VII, Section 3 (a); or
(v) the member requested to make the purchase is for any reason not entitled to buy currencies of other members from the Fund for its own currency.
Section 5. Furnishing of information
(a) The Fund may require members to furnish it with such information as it deems necessary for its activities, including, as the minimum necessary for the effective discharge of the Fund’s duties, national data on the following matters:
(i) official holdings at home and abroad of (1) gold, (2) foreign exchange;
(ii) holdings at home and abroad by banking and financial agencies, other than official agencies, of (1) gold, (2) foreign exchange;
(iii) production of gold;
(iv) gold exports and imports according to countries of destination and origin;
(v) total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin;
(vi) international balance of payments, including (1) trade in goods and services, (2) gold transactions, (3) known capital transactions, and (4) other items;
(vii) international investment position, i.e., investments within the territories of the member owned abroad and investments abroad owned by persons in its territories so far as it is possible to furnish this information;
(viii) national income;
(ix) price indices, i.e., indices of commodity prices in wholesale and retail markets and of export and import prices;
(x) buying and selling rates for foreign currencies;
(xi) exchange controls, i.e., a comprehensive statement of exchange controls in effect at the time of assuming membership in the Fund and details of subsequent changes as they occur; and
(xii) where official clearing arrangements exist, details of amounts awaiting clearance in respect of commercial and financial transactions, and of the length of time during which such arrears have been outstanding.
(b) In requesting information the Fund shall take into consideration the varying ability of members to furnish the data requested. Members shall be under no obligation to furnish information in such detail that the affairs of individuals or corporations are disclosed. Members undertake, however, to furnish the desired information in as detailed and accurate a manner as is practicable and, so far as possible, to avoid mere estimates.
(c) The Fund may arrange to obtain further information by agreement with members. It shall act as a centre for the collection and exchange of information on monetary and financial problems, thus facilitating the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.
Section 6. Consultation between members regarding existing international agreements
Where under this Agreement a member is authorized in the special or temporary circumstances specified in the Agreement to maintain or establish restrictions on exchange transactions, and there are other engagements between members entered into prior to this Agreement which conflict with the application of such restrictions, the parties to such engagements shall consult with one another with a view to making such mutually acceptable adjustments as may be necessary. The provisions of this Article shall be without prejudice to the operation of Article VII, Section 5.
Section 7. Obligation to collaborate regarding policies on reserve assets
Each member undertakes to collaborate with the Fund and with other members in order to ensure that the policies of the member with respect to reserve assets shall be consistent with the objectives of promoting better international surveillance of international liquidity and making the special drawing right the principal reserve asset in the international monetary system.
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Rafidain launches the ATM service (ATM)
Economy News – Al-Rafidain Bank announced on Wednesday the launch of the ATM service in Iraq through the adoption of the electronic payment card (master card and other payment card) held by the citizen to withdraw his money in any place.
The bank’s information office said in a statement received by “Economy News” a copy of it, that “the opening of the electronic bank service center in place to provide international banking services for citizens and employees for the purpose of withdrawing his funds when needed.”
“This step also limits the risk that various segments of citizens will be exposed to theft because the money they carry through this card will not be visible,” the office said
Read More: http://www.dinarupdates.com/showthread.php?55847-Rafidain-launches-the-ATM-service-(ATM)&p=180746#post180746
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Enorrste (Dinar Guru) – Article: “World Bank: ready for the advancement of the Iraqi economy” I agree with KAP that the fact that this is being driven by the World Bank is very significant. [Reference Guru Kaperoni post 12-14-2017] In the past we have heard many times that “in the coming period” something may happen, but these were all from within the GOI or CBI. The politics intervened and delays occurred. However, with the World Bank behind this move it seems that we may finally begin to see some real economic growth in the country. Obviously with that growth there will be a strengthening of the currency which should allow for the float to begin. It could take several months, but at least we have one of the “big boys” behind this, finally.
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – Article: “World Bank: ready for the advancement of the Iraqi economy” This is another very important article. Since the World Bank is who was helping the CBI with currency reform, it appears they are on board now to get it done. If you read previous delete zeros articles the World Bank was clear on the benefits and reason to restructor the currency. Seeing this article gives me hope that with the help of the WB, the project may start within a month or two. Keep in mind, those same articles stated that it takes a long time ( I am speculating at a few years) to delete the zeros.
Read more: http://www.dinarupdates.com/observer/
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The resignation of the President of the Parliament of Kurdistan of Iraq and the withdrawal of two parties from the Government of the Territory
The news agency “Reuters” quoting party sources that the President of the Parliament of the Kurdistan region of Iraq, Yousef Mohammed, submitted his resignation.
On the other hand, the Movement for Change and the Kurdistan Islamic Group decided to withdraw from the Kurdistan Regional Government of Iraq.
The channel “Alsumaria” a leading member of the Movement for Change Karwan Hashim said that “the Change Movement and the Kurdistan Islamic Group decided to withdraw from the government of the region,” explaining that “the decision to withdraw also included the withdrawal of the President of the Kurdistan Regional Parliament Yusuf Mohammed from office.”
Hashem confirmed that the decision to withdraw was a joint, and was caused by “the neglect of the authorities of the many attempts by the Movement for Change for the implementation of reforms in the Kurdistan region.”
He added that “the movement of change will turn into an opposition force to press for changes and reforms” in the region, stressing that it “is planning to start a new phase of political action.”
The movement’s leader also announced that it had decided to suspend its agreement with the Patriotic Union of Kurdistan. He said that “the leadership of the Movement for Change decided in its meeting today to suspend its agreement with the Patriotic Union of Kurdistan,” and “against the backdrop of recent developments in the Kurdistan region.”
He added that “the citizens of the Kurdistan region will not bear the most current bad conditions,” pointing out that “the current government failed to manage the region and must leave.”
Read More: http://www.dinarupdates.com/showthread.php?55811-The-resignation-of-the-President-of-the-Parliament-of-Kurdistan-of-Iraq!!
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Alaq confirms the government’s determination to activate the investment movement
BAGHDAD – The Secretary-General of the Council of Ministers Mahdi Al-Alaq on Wednesday revealed the government’s serious position in activating the investment movement in the country. The Secretariat of the Council of Ministers organized in cooperation with the World Bank a meeting of ambassadors and representatives of donor countries at the headquarters of the Secretariat. The meeting was attended by Chairman of the National Investment Commission Sami Araji, Mufti, World Bank representative Yara Salem and a number of ambassadors and representatives of donor countries to discuss key recommendations to ensure a sound investment climate in Iraq.
“The Iraqi government is serious in activating the investment movement in Iraq, especially since the most difficult battle in the history of Iraq is the elimination of an oppressor,” he said, adding that the prime minister and the Iraqi government emphasize the activation of investment in Iraq.
He also stressed the need to revitalize the investment movement, expressing his thanks and appreciation for the initiative of the World Bank to enter into the formulation of the main recommendations to achieve a sound investment in Iraq, which will be presented to the Supreme Committee for Reconstruction and Investment, which was recently chaired by the Prime Minister.
Read More: http://www.dinarupdates.com/showthread.php?55794-Alaq-confirms-the-government-s-determination-to-activate-the-investment-movement
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Click this link to join the DU “private” FaceBook Group…
https://www.facebook.com/groups/571383766355188/
(go here and ask to join… then add some Dinar Friends!!)
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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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