The rise in the value of the dinar strengthens international confidence in the Iraqi economy
Baghdad / Hussein Thugb – The recovery of the Iraqi dinar and the stability of the exchange rate leads to the strengthening of international confidence in the national economy, where local markets indicated an increase in the value of the Iraqi dinar against the dollar and conflicting views on this and came the opinion of the Central Bank to be the subject.
Director of operations at the Central Bank of Iraq, Mahmoud Dagher, said that “the improvement of the value of the Iraqi dinar against the dollar recently, is not a new phenomenon, but the outcome of the work continued for a full year, was through the identification of large measures on the process of currency presentation and address violations of demand. Classification and audit and noted that “over the past year we were able to achieve great stability of the upper and lower limits to the dollar either Aldnyar, and then we moved to a new situation this year , represented a new classification procedures adopted and auditing, as well as the offer.” Greater coverage and added that ” it is hard to be one variable indicator in this change , there are several measures and cover greater demand for the dollar, as well as emphasis on control over the sales operations with banks and regulate this process accurately based on classifications.
(Special Thanks to LoopBack)
______________________________________________________________
How Iraq’s Prime Minister Is Trying to Build Peace After 15 Years of Conflict
On a crisp afternoon in late winter, Bassem Qassim, a 55-year-old militia fighter, drives past a checkpoint on the edge of Baghdad, where the city’s clogged traffic gives way to sheep grazing and villagers tending small crops next to their houses.
A couple of dozen miles farther, he stops the car in a tiny hamlet to show how perilously close the Islamic State came to taking the Iraqi capital during its stampede into the country in 2014. He points to a cluster of trees on the edge of a small community. “They were right here,” says Qassim, who fought a fierce battle against the jihadists for 3½ years.
“This was our line of defense.”
The sleepy dot on the map does not look like a war front. And yet, after years of conflict, countless fault lines like this crisscross Iraq, leaving riven communities and millions of upturned lives in their wake. Now, as the country digs out from its grueling war against ISIS, it is trying to forge from its victory a lasting peace for the first time since the U.S. led a military invasion of Iraq in March 2003, in defiance of the U.N., to overthrow the autocrat Saddam Hussein.
Fifteen years on, TIME returned to Baghdad to speak to Iraqis of almost every stripe, from battle-hardened fighters and grieving civilians to Prime Minister Haider al-Abadi. All are trying to determine how they can finally prosper, and whether this relative calm can last. Having all but obliterated ISIS’s caliphate, Iraqis are grappling with a question that had largely receded during years of fighting, and that now looms large over the parliamentary elections scheduled for May 12: Can their country emerge as a functioning democracy, with its Shi‘ite, Sunni and Kurdish populations relatively united? And can it do that without the safety net of the U.S. military?
If it succeeds—and it is a big if—Iraq could become that beacon of freedom that U.S. officials once promised 15 years ago…
Read More: http://www.dinarupdates.com/showthread.php?56450-How-Iraq%92s-Prime-Minister-Is-Trying-to-Build-Peace-After-15-Years-of-Conflict
______________________________________________________________
______________________________________________________________
Law of the National Oil Company .. A new era for the development of the economy
BAGHDAD (Reuters) – The House of Representatives voted Monday on a draft law of the National Oil Company, which will contribute to the development of the Iraqi oil industry, which aims to establish an Iraqi national oil company and enable it to carry out its work in the best way possible. National wealth said the academic economist d. Majid al-Baydani said in an interview with Al-Sabah that “the approval of the law of the National Oil Company will be a new era for the oil industry in the country as it will encourage the adoption of advanced scientific and technological methods to manage the national wealth to support the development of the economy.” “This will be an important shift in the development of extracting, marketing, transportation, storage and sales to the point of delivery and other oil operations,” he said.
The largest company
Al-Baydani said that “the Iraqi National Oil Company will be the second largest oil company in the world after Aramco and the largest of all international oil companies, which calls for the President to have a degree of experience and efficiency appropriate, commensurate with the powers of the company and capital.”
Article 2 of the law establishing the company consists of the capital of the company of (400) billion dinars paid by the government with the approval of the Council of Ministers and the company increase its capital on the proposal of its board of directors and approval of the Council of Ministers after the presentation of the feasibility study.
As stated in Article 5 of it “The Iraqi National Oil Company invests all the oil and gas areas in all the territory of the Republic of Iraq and its territorial waters and continental shelf, and may share with others the approval of the Council of Ministers if it finds it better to achieve its purposes and has the right to borrow from inside or outside Iraq to finance its investments inside Iraq and outside…
Key Phrase:
…the inclusion of the Iraqi National Oil Company A minimum of 10 percent is placed in four boxes with the first experience in the country, and one of the funds will give each Iraqi citizen residing within the country a share of that percentage…
______________________________________________________________
Central Bank of Iraq Auctions $199,935,053 on 12 March 2018
Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on March 12 registered $199,935,053 in sales, a 0.07% volume increase from the US $199,804,108 sold by Iraqi Dinar, credit and transfer at the previous auction held on March 11.
The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on March 12 compared to the previous auction.
Data for the March 12 auction was made public by CBI Announcement Number 3653.
Dollar sales in the in the period January 1, 2018 to March 12, 2018 saw an increase of -1% compared to the sales of US $7.19 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.
An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to February 2018, sales of US dollars averaged US $1.89 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.
Article Credit: http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
BGG ~ We will continue to highlight the regular auctions.
______________________________________________________________
The provincial government announces a political meeting on the budget and send a message to Baghdad
The Kurdistan Region Council of Ministers during a meeting on Sunday that the passage of the federal budget law is a clear violation of the principles of partnership and consensus on which the new Iraq was built.
The Council of Ministers of the Kurdistan Region expressed its appreciation to all the Kurdish blocs in the Iraqi Council of Representatives, praising their position and aligning them together and unify their word and position on the issue of the Iraqi budget law, and supported the unity of this row.
The Council decided to hold a joint meeting in the next few days with the Parliament of Kurdistan and the political parties in the Kurdistan Region to discuss this issue. According to a government statement.
The Council of Ministers of the Kurdistan Region stressed that the Kurdistan Region, despite all the problems and differences, is committed to resolving all problems with Baghdad on the basis of the Constitution, and expressed the hope that the talks and dialogue between the Kurdistan Regional Government and the Iraqi federal government to a result in the interest of everyone and solve all Problems.
After a difficult labor, the Iraqi parliament approved yesterday the law of the general budget for 2018, ending months of disagreements on most paragraphs of the law, especially the allocations of “popular mobilization” and oil-producing provinces, at a time boycotted Kurdish deputies meeting in protest to reduce the share of the region from 17 percent to 12 , 6 percent, threatened to boycott the political process.
Article Credit: shafaaq.com
BGG ~ This is almost comical… Think about this for a sec…
These guys, none of whom are elected and aren’t regional MP’s (because the Parliament was disbanded by Massoud Barzani) – are only advisers to Nerchivan Barzani who wasn’t elected either…
…all get together, look “super-duper” official and “send a message” to Baghdad.
Really?!?
______________________________________________________________
Kaperoni (Dinar Guru) – Article: “Alnasiri: Implementation of the Central Bank’s strategy contributed to the improvement of the dinar’s exchange rate against the dollar” They had a few months with the UST and IMF to figure out a plan to reduce the spread. It seems likely they are ontrack to compliance. We all know the investment won’t come if they do not get the market economy going. Time is running out. I believe once it starts, it won’t take more than a year to rise to a value we are comfortable with. Seems all we are waiting on now is sustainable compliance with the 2% spread. We just watch and wait and see.
Read more: http://www.dinarupdates.com/observer/
______________________________________________________________
Mike (Dinar Guru) – Article: “Al-Hadithi: The news about the IMF’s rejection of the federal budget is not true” Quote: “The government denied the news that the International Monetary Fund rejected the federal budget for 2018, because it is not in line with the agreement signed between him and Iraq.” Bottom line, Iraq is ignoring the IMF’s recommendations about taxes, reducing government payroll and other austerity measures, we’ll have to wait and see what the IMF state publicly, there’s nothing on their website regarding Iraq’s budget…yet. It doesn’t really matter in the end, Iraq has every right to ignore the IMF’s recommendations, the problem is they’ll lose financial support from the west because of the potential political gain.
Read more: http://www.dinarupdates.com/observer/
______________________________________________________________
PM Barzani: This was not the Iraq we wanted after 2003
ERBIL, Kurdistan Region — KRG Prime Minister Nechirvan Barzani expressed that Iraq was founded after 2003 on the basis of partnership and the budget passed on Saturday did not underscore that.
The premier said at a press conference on Sunday it was “unfortunate” that the Iraqi bill was approved without meeting Kurdish demands because they reflect the government and the people.
The work of the Kurdish blocs in Baghdad was “appreciated” by Barzani.
“I want to thank all Kurdish factions for their attempts recently to guarantee Kurdish share in the budget,” he said, while promising to speak with all Kurdish parties and MPs.
“Despite all the internal issues in Kurdistan, all Kurds in Baghdad strived for Kurdistan’s interests,” Barzani said.
He stressed that he believes dialogue is the only way to resolve pending issues and he remains “hopeful.”
“I am in constant contact with Prime Minister [Haider al-Abadi] to resolve issues,” said Barzani…
BGG ~ PM Barzani? PM Barzani? What is he the the PM of? He wasn’t ELECTED by ANYONE!!
Oh and BTW – exactly how does the Kurdish Leadership’s theft, graft and corruption fit in this Utopian Iraq you’ve had planned since 2003??
______________________________________________________________
Sandyf (Dinar Guru) – […trying to establish if the HCL is a necessity…] …how is the HCL tied to a rate increase? I wouldn’t know if it is one way or the other, but some seem to think it is. The HCL first saw the light of day in 2007 and the profit sharing aspect has been so contentious there needs to be some serious amendment to see some sort of agreement. Article 140 also needs to be addressed before they can establish who can deal with whom.
Read more: http://www.dinarupdates.com/observer/
______________________________________________________________
Mnt Goat (Dinar Guru) – …I was being told that some news was coming from the CBI about the currency reform. But we did not yet get it. It could still happen this weekend. We will see.
Read more: http://www.dinarupdates.com/observer/
______________________________________________________________
Parliamentary Energy: The law of the National Oil Company will give a share to every Iraqi citizen
The Iraqi oil and energy committee revealed on Tuesday that the Iraqi National Oil Company (INCOC) will include at least 10 percent of the funds in the first experiment in the country, while one of the funds will give each Iraqi citizen residing within the country a share of that percentage. “The legislation of the law of the Iraqi National Oil Company represents a great achievement for the House of Representatives, which re-established the law of forming the company, which was canceled by personal decisions of the former regime in 1987 after there was a law,” Ali al-Bahadli, chairman of the committee, told a news conference with members of the committee. No. 123 of 1967, where it was merged and subordinated to the Ministry of Oil, “noting that” after 2004 tried to the Ministry of Oil and former Minister Ibrahim Bahr al-Ulum to reactivate the law of the National Oil Company, but those efforts collided with objections from some. ”
Al-Bahadli added that “the law and after the efforts and discussions and workshops lasted for several months has seen the light, where will work to activate investment in refineries and the gas industry and all the goals set for the success of the work of the company can be achieved through several objectives and means in investment and exploration of new structures and activate investment under the mechanisms and scientific foundations And technical, “pointing out that” some understand that the company has powers higher than what some expect, but really draws its work and powers of the Constitution, the arm of the Ministry of Oil, which draws oil policies of the country and the company is working to implement those policies. “…
Read More: http://www.dinarupdates.com/showthread.php?56437-Parliamentary-Energy-The-law-of-the-National-Oil-Company-will-give-a-share-to-every
______________________________________________________________
Some interesting headlines…
Kirkuk to hold elections with other provinces, first time in 13 years
Agreement Reached with Erbil to Resume Kirkuk Oil Exports: Abadi
I wonder if these guys could ever just reach ONE AGREEMENT and then keep it?? This is about the 437th agreement neither side has kept.
______________________________________________________________
The Wall Street Journal predicts Abadi will remain in office after the May elections
Baghdad today – “The Wall Street Journal” in a report published Friday, the survival of Prime Minister Haider Abadi in office after the next election, while indicated that the alliances after May, who will decide the form of the next government.
The pro-Iranian Shiite factions, inspired by Hezbollah, also act as political parties, and as with Hezbollah, their ability to exercise political power within Prime Minister Haider al-Abadi’s government and abroad is derived from their weapons, By the total votes they will receive in the May 12 elections. ”
“The multiplicity of political forces and the influence of Iran and the fragmentation of the Iraqi parliamentary system means that post-election bargaining will determine the course of the state rather than the elections itself.”
“Nothing fundamentally changes in the way Iraq is governed,” the paper quoted Haddad, an Iraqi political specialist at the National University of Singapore, as saying.
Haddad added: “The election is likely to result from another coalition government headed by Abadi”
“There is no coherent opposition that can easily outperform it,” Haddad said.
Article Credit: baghdadtoday.news (Special Thanks to Charles Bright)
BGG ~ I like the WSJ’s optimism… we all know how accurate they were on the last election they “predicted”. I’m hoping on this one, they are more accurate.
______________________________________________________________
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!!)
______________________________________________________________
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
______________________________________________________________