Abadi’s policy to open files of corruption “serious” “regardless of date”
Twilight News – Shivak News / Prime Minister Haider al-Abadi on Wednesday chaired the meeting of the Supreme Council for Combating Corruption.
At the beginning of the meeting, Abadi stressed the need to pay attention to the investigative evidence in the files of corruption, reflecting the accuracy in following up the issues and the prosecution of all files of corruption, regardless of the date of receipt.
The council discussed “serious” corruption cases that have been investigated and referred to the judiciary, and those responsible have been prosecuted.
Abadi stressed the importance of drafting a general framework for the management of inspection work in Iraq to ensure the performance of the offices inspectors inspectors their role legally defined in ministries, governorates and other bodies.
The Council discussed its agenda and adopted a set of resolutions. It also reviewed the work of the National Committee of Experts to follow up the files that were reviewed and submitted to the judicial bodies.
Abadi stressed the importance of following up all issues related to corruption and reporting on them and focusing on the major corruption crimes that led to the theft of public money.
Article Credit: shafaaq.com (Special Thanks to Charles Bright)
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Judiciary fears holding the “Barzani and Talabani” (families) accountable for stealing budgets of the region
The mass change parliamentary, that the judiciary is unable to hold the family of “Barzani and Talabani” or to take a decision against them, for stealing the budgets of the province being afraid.
This was announced by MP for the change bloc Piston super, in a press statement, on Wednesday, pointing to the existence of bank accounts and large amounts in European banks in the name of my family Barzani and Talabani stolen from the budgets of the region, indicating that the projects of the families and their companies filled Europe.
“The huge money allocated to the Kurdistan region from the previous budgets and the money that was derived from the export of oil without the knowledge of Baghdad went to the accounts of my family Barzani and Talabani.”
“There are accounts opened on behalf of the two families in European banks and deposited billions of dollars in money from the Kurdish people,” he said.
He explained that “my family Barzani and Talabani have giant companies and large projects of the funds of Kurdistan Vtohaha in Europe and other neighboring countries and the region.”
Article Credit: knoozmedia.com (Special Thanks to Paul Moseley)
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Kaperoni (Dinar Guru) – Well when i started 10 years about I thought rv too! …there is a reason they cant…The CBI…said they would join the world currency exchange…How without a float…the CBI will have to get off the peg…and float. …the value is 1184 that is what it will start at…They will move to a float prior to opening the CBI Capital Account…In doing so, the CBI can raise the value as inflationary pressure is created from investment…we know they must float because global investment will cause inflation in Iraq and Iraq must have a plan to counter that…could it rise fast? sure…how fast? no idea. As the dinar appreciates in value the CBI will introduce smaller notes as needed. Same for the larger notes, they will disappear. …From the CBI… “A source at the Central Bank of Iraq for four companies currently competing to win a draft print the new Iraqi dinar, which will generate graceful after deleting three zeros from him, while Samay central bank to raise the value of the dinar against the dollar gradually down to the day to start replacement where the value will be in the absence of a fluctuating one Iraqi dinars equivalent to U.S. dollars one.”
Read more: http://www.dinarupdates.com/observer/
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Central Bank of Iraq Auctions $185,896,400 on April 11th 2018
Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on April 11 registered $185,896,400 in sales, a 11.29% volume increase from the US $167,042,900 sold by Iraqi Dinar, credit and transfer at the previous auction held on April 10.
The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on April 11 compared to the previous auction.
Data for the April 11 auction was made public by CBI Announcement Number 3676.
Dollar sales in the in the period January 1, 2018 to April 11, 2018 saw an increase of -1% compared to the sales of US $9.92 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.
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Top Iraqi court set to rule on Kurdistan’s oil exports
Iraq’s top court will begin hearings in May on the legality of oil exports from Kurdistan, which are at the center of a row between the Kurdistan Region Government and Baghdad’s Federal Government, Reuters reported on Tuesday.
The oil dispute is the main hurdle to normalising relations between the Federal Government and the KRG of northern Iraq which conducted a referendum on independence despite Baghdad’s opposition.
The Supreme Federal Court said in a statement it has asked to hear the opinions of officials including the Federal government’s Prime Minister Haider al-Abadi, Oil Minister Jabbar al-Luaibi and Finance Minister, in addition to the KRG’s prime minister, on May 6.
Iraqi oil minister Jabar al-Luaibi had asked the court to issue a ruling that bans independent oil exports from the KRG, which started in 2014, through a pipeline across Turkey.
The KRG says the Iraqi Constitution recognises the legality of its existence and contains no article specifically forbidding it from developing oil resources on its territory.
International energy firms including Exxon Mobil, DNO, Dana Gas, Rosneft and Genel are among companies with agreements with the KRG to operate in the Kurdistan region.
Article Credit: www.thebaghdadpost.com (Special Thanks to Charles Bright)
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Kaperoni (Dinar Guru) – The recent article from the WTO is motivational for Iraq but until they have exports and reduce dependence on oil they will not get full of accession.
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – I went back a few weeks and recorded the spread based on the articles so we could get some sort of beginning timeline for the 2% compliance. This is what I found…2/28 1220, 3/10 1215, 3/14 1215, 3/14 1210, 3/15 1207, 3/15 1213, 3/18 1210, 3/18 1213, 3/20 1207. So to me, it looks like the CBI meet compliance around March 15.
Read more: http://www.dinarupdates.com/observer/
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Maliki has $ 3 billion in his account in Central Bank
A document circulating on social media indicates that the former Iraqi premier Nouri Al-Maliki has assets up to $ 3 billion.
The document was issued by the legal affairs department in the Central Bank.
Maliki is proved to be involved in several crimes, including Camp Speicher. He also was behind Mosul’s fall into the hands of ISIS terror group.
He has close ties to Iran. And he is one of those working for it to implement its schemes in Iraq.
Article Credit: www.thebaghdadpost.com (Special Thanks to Rey Medina)
BGG ~ Sounds like it’s about time to actually implement their “Where did you get this? Policy”… starting with Maliki.
Which – BTW, doesn’t sound good for him if they are publishing news and articles about his ill-gotten gains and ties to foreign actors right before the elections – and in the middle of the GOI actively hunting around for funds.
Not good at all (for him).
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Randy Koonce (Dinar Guru) – A quick update to all the citizens of Dinarland. This has been the ride of a lifetime, and certainly one none of us ever imagined. One of these days, they will actually quit moving the goal posts, and the ‘dinarball’ will actually make it to the other side, right down the middle. It looks like things are lining up – again. We have heard from several pretty reliable sources that another window has opened for Iraq to revalue their currency. This window should remain open from now, until the the 20th of April. As always, remember: This is Iraq. It is our sincerest hope that nothing new will come up – this time.
Read more: http://www.dinarupdates.com/observer/
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Randy Koonce (Dinar Guru) – I want you to know that while this should have happened several years ago, the Dinar revaluation has been turned into a major political football. Everyone has wanted to use it to their own advantage, whether national or individual. There have been many events that should never have affected this event, but the influence has been there. While I am not at liberty to disclose the identity of my sources, I can assure you: they are people who do know what is going on, and have access to the influences that will be able to see this finished. I cannot and will not guarantee this will be done by April 20 – but there is good shot at it happening this time. …We are close.. Every large bank will exchange… RELAX the RV is coming…Breathe…Check www.cbi.iq every day to see if it has changed…
Read more: http://www.dinarupdates.com/observer/
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Calls for banking sector governance to stop the corruption of the currency auction
The economic expert, Salam Samisem, called for banking sector governance to stop the corruption of the currency auction and stabilize the Iraqi dinar.
“The importance of the currency auction stems from the fact that it is an auction for the exchange of foreign currency to cover large expenses to support Iraq’s foreign trade, and on the other hand to help in the partial withdrawal of the local currency from the markets to help maintain specific levels of inflation, Selling the dollar to the owners of commercial transactions and banks at legal prices, but the entry of the political line on the banks make business deals with a lot of suspicions of corruption.
Samisem stressed that without a real governance of the banking sector can not stop the corruption of the auction of currency, because without it are not processing the banks in dollars mainly, especially as the currency offer is a major base to provide stability for the Iraqi currency.
The Central Bank of Iraq had earlier announced its decision to deprive three private banks and 99 banking companies from entering the window selling the currency, for violating the laws and regulations on the purchase and sale of foreign currency.
Several documents revealed the biggest corruption outlets, of which $ 312 billion were leaked through central bank auctions to sell the currency through fake bills.
Artilcle Credit: www.thebaghdadpost.com (Special Thanks to Tim Tarkington)
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Some interesting headlines…
Oil is at its highest level since 2014
Governor of the Central Bank of Iraq participates in the meeting of Governors of the Arab Monetary Fund
Iraqi oil ministry calls on US companies to increase their presence in Iraq
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Central Bank: We have succeeded in ending the exchange rate gap
Economy News Baghdad: The head of the central bank’s financial operations, Mahmoud Dagher, said Saturday that the central bank’s three-pronged strategy has contributed to the reform and development of the banking sector.
Dagher said during a seminar held on the ground of the Baghdad International Fair entitled “Challenges of the banking sector and the reform strategy” and attended by “Economy News”, “The reform carried out by the Central Bank, based on three axes, the first close the exchange rate gap, Carrying out financial inclusion and settling salaries and the third related to the process of technical development within the banking system.
He stressed that “these axes constitute the basis of the strategy of the Central Bank to develop the banking system.”
During the seminar, the Director of Financial Statistics at the Central Bank talked about identifying the challenges coming from the external environment, which included public banks and the science of low capital, as well as the absence of law in the process of achieving the shortcomings of the customers towards banks.
The director of risk management at the Bank of Baghdad, Nabil Abdel-Hur Toman, talked about the political risks and their relationship to foreign investment.
“Any country with high political risk will prevent the foreign investor from coming to it,” Toman said. “We need to develop a methodology and strategy for the coming years related to planning, measuring and analyzing risks to minimize their impact.”
And that the reduction of risk requires the participation of the government and the central bank and investment bodies as well as the banking sector.
He pointed out that “Tuman should provide a saving investment environment to the successful investor has a sophisticated banking system and fixed laws and investment facilities for taxation,” adding that “Iraq during 2014-2015 was ranked sixth in the world on the level of political risk, according to international reports” .
In turn, the financial adviser to the Association of Iraqi Private Banks, Samir Nusairi, explained during a speech at the symposium that “the challenges facing the banking sector is not the last responsible, but the structural imbalance in the economy in general.”
He stressed the need for a clear methodology to overcome this structural imbalance, which is reflected in the inability of non-oil revenue and the deficit of the general budgets of the state as well as the balance of payments deficit and other aspects related to infrastructure.
He pointed out that the banking sector, under the leadership of the Central Bank of Iraq and according to the strategy of the last years 2016 2020, has been able to achieve good results in the development of the banking sector, including financial inclusion and the settlement of salaries.
Article Credit: economy-news.net (Special Thanks to Vernell)
BGG ~ This article has been out for a bit…
There has been all kinds of commentary on it. What does it mean? Will it float? Are they in compliance with the IMF’s directives?
Many interesting points, but I think everyone is missing the big picture here. What are these miracle steps the CBI has taken to close the gap between the “Market rate” and “Official rate”? Bottom line? Nothing really… They wrote a few memos and changed how they are doing things a little. Other than making threats to deal with their endemic corruption… nothing really.
So what is it? Short story – they want to. For a very long time the IMF, UN, WB and others have had these guidelines in place.
However, Iraq and her corruption politicians have thumbed their noses at the world systems and continued robbing their own people blind… right up to the point of nearly setting the whole Middle East on fire for the nothing more important than a slight political edge in the then upcoming elections.
On the other hand, the IMF, UN, WB and others have been content to shrug their shoulders and leave Iraq at the same value and in the same (financial) condition she has been in for decades. If they don’t want to play ball – no reason to let them back in until they can show some financial accountability.
All of this begs the question – “What does the IMF, UN and WB have to do with the value of Iraq’s currency”? Iraq can declare whatever number they dream up, much like Saddam did. If no one will accept it, buys it or agrees to hold it – what does it matter what the number is?
Fast forward to today… we watch this AMAZING closing of the “Market rate” and “Official rate” gap in Iraq… It hasn’t EVER happened. Why now?
First, who is this announcement by the CBI for? Does this affect the everyday people in Iraq? If it did, it would be to the tune of few dinars per transaction… so no, it doesn’t affect them much. Then who is the CBI talking to? I see this as a public declaration by the GOI and CBI to the IMF and others they intend to play ball.
Secondly, they have to do this before they will be fully accepted by the world exchange markets. It appears they intend to get there quickly.
Why? The answer to this whole commentary is simple… BECAUSE THEY WANT TO. They simply lacked the right level of desire before. It seems like they have it now.
Going back to what are they doing to affect this change? Dealing with their corruption. That’s it.
Do I care what they do or how they do it? I do not. The end result will be the same. I am happy we are seeing real results. Carry on.
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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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