Central Bank of Iraq Auctions $164,447,400 on 02 May 2018
Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on May 2 registered $164,447,400 in sales, a -5.69% volume decline from the US $174,367,874 sold by Iraqi Dinar, credit and transfer at the previous auction held on April 30.
The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on May 2 compared to the previous auction.
Data for the May 2 auction was made public by CBI Announcement Number 3690.
Dollar sales in the in the period January 1, 2018 to May 2, 2018 saw an increase of -1% compared to the sales of US $11.78 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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Who are the corrupt in Iraq?
Maliki, when threatening his political opponents with files of corruption, does not disclose his (own) personal corruption.
By: Farouk Yousef
As the legislative elections in Iraq approach, the condemnation of corruption and corruption has escalated to the point that we recognize that Iraq is the only country in the world where the opinion of the people and politicians is in line with the call to fight corruption exceptionally.
Everyone there stands against corruption. The poor and the rich. Outcasts and Privileges. Servants and gentlemen. Secularists and Baptists. Public and private. Intellectuals and secondhand clothing vendors. Opponents and beneficiaries of the spoils of the system of sectarian quotas. Former murderers and new killers. Imams of mosques and militia leaders who committed the most heinous crimes.
At every moment, the Iraqis seem to be coming out in a demonstration against corruption these days. They have nothing to do except to attack corruption. Which in turn suggests a typical awakening after the night of long religious parties.
Corruption has destroyed the lives of Iraqis. That’s true. Corruption humiliated them and defeated them and deviated by their morals, they became either robbers or thieves. Corruption has destroyed their values, their customs and the realities of their lives, and stolen the most beautiful of what they have – social solidarity and tolerance in looking at the different one. Corruption has deprived them of education, health, and infrastructure services and has destroyed their ability to see the facts as they are. Neither their religion nor their world is fresh.
All this is true, but corruption is not an abstract or intellectual phenomenon.
Here is a legal question: “Who are the corrupt?” No corruption of non-corrupt…
Read More: http://www.dinarupdates.com/showthread.php?56775-Who-are-the-corrupt-in-Iraq&p=181774#post181774
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Sandyf (Dinar Guru) – “The Governor of the Iraqi Central Bank issued a statement that floating of the Iraqi dinar currency is very hard to implement as the monopoly of Iraqi government regarding the distribution of the U.S dollar and other foreign currencies in the country. The CBI Governor Ali Al-Alak said in a press interview that most oil producing and exporting countries rely on a fixed exchange rate or fixed according to flexibility. It doesn’t affect the mechanism of floating the currency and never happened in Iraq or other oil rich countries.” The statement from Alak is ambiguous and could be interpreted various ways. A floating exchange rate is not the preferred option of an emerging economy so I see it highly unlikely. Egypt was forced into it and lost half its value overnight, not a particularly good example.
Read more: http://www.dinarupdates.com/observer/
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Visa Card for “Economy News”: The Iraqi market is promising and has a good future
Economy News Baghdad – Visa International announced that the Iraqi Iraqi market is promising and has a good future, stressing that the banking sector is committed to the strategy set by the Central Bank.
“Visa Card considers the Iraqi market to be promising and the banking sector is committed to the strategy led by the central bank in addition to having several competencies,” said Tarek Husseini, regional director of Visa International, To deal professionally with mistakes to avoid wasting more time to promote the reality. ”
He pointed out that the company signed a contract with the Central Bank to activate its strategy on financial coverage and expand the base of electronic payments in the Iraqi market and provide the necessary services for that.
Article Credit: economy-news.net (Special Thanks to Charles Bright)
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Abadi is just around the corner from the second term
Baghdad / Al-Ghad Press: The leader of the Dawa Party, MP Ali al-Alak, expected on Thursday that Prime Minister Haider al-Abadi will have a second term as prime minister.
“Prime Minister Haider al-Abadi has a strong chance to take over as prime minister again after the May elections,” al-Aalak told Al-Ghad Press.
“Abadi is the favorite among all the political figures for this position and is therefore just around the corner from the second term,” he said.
He explained that “through the extrapolations of political figures, the person Abadi has the qualifications to renew confidence as prime minister, especially as he led the country in a critical period and succeeded.”
Article Credit: alghadpress.com (Special Thanks to Tim Tarkington)
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Breitling (Dinar Guru) – …What would be the optimal time for Iraq to revalue? This is just my opinion. I have not heard them talk about this and there are no articles attached to this…it very rare that I throw my opinion out. In my opinion they should revalue before the prices go down in energy…if they wait for the oil prices to go down too far then they can only make money off revaluing their currency…What’s the date? I don’t know. What’s that rate? They are going to have to have enough to compete in the world. In other words they have to have a price that people can go out and invest…for people to take the dinar seriously. So it’s not going to be at a tenth of a penny. It’s not going to be two cents. It’s not going to be ten cents. It’s going to be up there…the currency has to be able to compete with the Euro and the US dollar. And that’s how it works and that’s what’s coming down the road. It’s all based on energy and the projection of energy…
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – …there is a news article that says the price is 1200 to $1 which is well within compliance. Yesterday’s reports from the auction had conflicting articles that varied from 1215 to $1 to 1205 to $1. Giving Iraq the benefit of the doubt, it appears that they are still in compliance and moving forward on the 90-day requirement. Remember the CBI stopped reporting officially the daily auctions last year so all we have is news articles as confirmation.
Read more: http://www.dinarupdates.com/observer/
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BAGHDAD – hosts investors from all over the world to rebuild Iraq
In addition to the decisions of the Kuwait Conference, a number of investors from all over the world gathered in Baghdad to present their investment projects for the reconstruction of Iraq under the umbrella of the General Secretariat of the Council of Ministers, which aims to create a fertile environment for investors and enact legislation to facilitate the routine procedures that hinder the work of investors in the country.
“We must prepare an investment map, what is the geography of investment in Iraq and what priorities we need, we need to rebuild the infrastructure, especially in the areas that the income has been encouraging,” said Riyadh al-Adadh, head of the Baghdad Provincial Council.
The Iraqi government recently focused on increasing investment opportunities in the country to reconstruct the affected areas by providing an environment conducive to them, represented by the security situation and remove abuses that hinder the work of investors.
Article Credit: en.economiciraq.com
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Sandyf (Dinar Guru) – …The fundamental problem in all this is the interpretation of the term “revaluation”. Revaluation is a recognized term in respect of an upward change in the value of a currency on a fixed exchange rate. Currencies on a floating exchange appreciate rather than revalue. Revaluation can also be used as the overall outcome of a re-denomination, in this case it is a revaluation of the monetary unit and not the currency itself. Under certain circumstances the term can be used when the price of something changes value. It is just financially impossible for the Iraqi dinar to move from the current rate to around $4 in a currency revaluation per se. If there is to be any significant return on the dinar it has to come from a different direction. …As far as Iraq is concerned, the re-denomination could be the end of monetary reform, not the beginning…
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – Well here’s the deal… None of these numbers that are being reported are official so even though they may be in compliance or out of compliance there is nothing official from the CBI these are just third-party numbers being reported from media outlets. So now visiting two or three other media outlets I have found yet another set of reported spread numbers from today’s auction and these numbers are within compliance. These are reporting sale of the dollar at 1200 to $1. Since there is no way to confirm the legitimacy of these numbers all we can do is wait out the 3 month IMF requirement and see what happens.
Read more: http://www.dinarupdates.com/observer/
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Iraqi Supreme Court: Article 140 is in force and must be implemented
The Supreme Federal Court issued a decision on constitutional article 140, noting that it is one of the important articles of the Constitution and does not die in any way.
The legal expert Khalil Mirani said in an interview with the official website of the Kurdistan Democratic Party that the Federal Supreme Court issued a few days ago its decision on the constitutional article 140, explaining that according to the court’s decision, Article 140 of the articles of the Iraqi Constitution is not in any form and must be implemented, he said.
He added that “the decision came in response to the people and the Iraqi forces, which claimed that the 140 has expired, but the Kurds insist on it, because the Iraqi authorities when the implementation of any constitutional article in favor of the Kurds do not implement.”
The legal expert pointed out that “the Kurds have been busy during the last period of building Iraq to live all Iraqi people under the state in all their components after 80 years of dictatorship and become a federal democracy,” but added that “it appeared that those who ascend the throne of power in Iraq governed by mentality Previous itself “.
He stressed that “the implementation of Article 140 until 2007, but it was not implemented, because of Baghdad,” pointing out that “the Kurds will not give up those areas of Kurdistan, which falls within the constitutional Article 140.”
He explained that “most of those areas were until last year under the authority of the Kurdistan Region,” but added that “because of some traitors, the region lost those territories.”
“The people should punish the traitors who caused this great betrayal in the loss of part of the territory of Kurdistan,” he said.
Article Credit: shafaaq.com
BGG ~ In the simplest terms: it was predicted, Article 140 was one of the 3 main issues needing solved before any major market shift could happen…
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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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A campaign poster of former Iraqi Prime Minister Nuri al-Maliki is seen in the street ahead of the parliamentary election, in Baghdad, Iraq, May 1, 2018. Picture taken May 1, 2018. REUTERS/Thaier al-Sudan
Iraq’s Maliki poses as Shi’ite champion in race for top job
BAGHDAD (Reuters) – Former Iraqi Prime Minister Nuri al-Maliki fulfilled his life-long goal of wresting power from the country’s minority Sunnis after the fall of Saddam Hussein but his drive to entrench Shi’ite dominance proved his downfall.
Blamed for the widespread corruption and divisive policies that contributed to the collapse of the Iraqi military and the rise of Islamic State, Maliki lost the premiership to fellow Dawa Party member Haider al-Abadi after a 2014 election.
Now, after four years sidelined as one of three largely ceremonial vice-presidents, Maliki is taking on Abadi in a May 12 election in a bid to win a third term as prime minister, and is posing again as Iraq’s Shi’ite champion.
Posters of Grand Ayatollah Mohammed Baqir al-Sadr who was executed by Saddam in 1980 fly at Maliki’s rallies, the dominant color of his campaign banners is the green of Islam and he is proposing to do away with the power-sharing formula that has ensured government roles for the dominant non-Shi’ite groups.
Sentenced to death under Saddam for being part of the outlawed Shi’ite Islamic Dawa Party, Maliki spent nearly a quarter of century in exile mainly in Syria and Iran, continually agitating for the dictator’s downfall.
After returning in 2003, Maliki joined Iraq’s interim government and became prime minister in 2006, establishing a reputation as a shrewd political operator and the Shi’ite leader who pulled Iraq back from the brink of civil war.
Maliki’s supporters praise him for signing Saddam’s death warrant in 2006 and for refusing to allow U.S. forces to stay in Iraq beyond 2011.
But during eight years in office, Maliki was also perceived as an inveterate sectarian who alienated the minority Sunnis and Kurds by shutting them out of key security positions and undermining power-sharing.
“When he became prime minister, he continued to function as an underground Dawa operative. He put in place shadow Dawa cells in each ministry reporting directly to him, and not the minister,” said a non-Shi’ite who served in Maliki’s cabinet.
“It wouldn’t be far-fetched to say that he created a parallel government and parallel security services reporting directly to him,” the former minister told Reuters.
Responding to accusations Maliki ran a parallel government, his media adviser, Abbas al-Musawi, said the former prime minister was at times forced to launch initiatives directly to boost the economy when he felt ministers from other groups were delaying or obstructing the work of government.
Blamed for letting Islamic State seize a third of Iraq in 2014, Maliki was blocked from winning a third term by Iraq’s top Shi’ite cleric, Grand Ayatollah Ali al-Sistani, opening the door for Abadi to become prime minister.
‘POLITICAL MAJORITY’
On the face of it, Maliki’s campaign call for a multi-ethnic “political majority” government to make the administration more efficient and cohesive could be seen as a break with his past.
Maliki is proposing to replace the system whereby the cabinet must reflect the parliamentary representation of political parties with a multi-ethnic governing majority and a multi-ethnic opposition minority.
But non-Shi’ite politicians fear the plan could keep the main non-Shi’ite groups out of government and reduce their influence, in contrast to the more inclusive policies of Abadi.
“Shi’ite religious parties have been controlling the key positions of the state, public administrations and security services since 2003. Having a political majority rule under these conditions will remove all the checks and balances non-Shi’ite parties have,” said Jaber al-Jaberi, a Sunni MP.
Opponents say the proposed system would, in practice, allow a prime minister to chose Kurd or Sunni ministers who are not representatives of the main Kurdish or Sunni parties, as long as they were qualified and agreed on a common program.
“The claims that there is a deep state controlled by the Dawa is a big lie,” said Saad al-Muttalibi, a lawmaker from Maliki’s group in parliament.
Campaign posters of former Iraqi Prime Minister Nuri al-Maliki is seen ahead of the parliamentary election, in Baghdad, Iraq, May 1, 2018. Picture taken May 1, 2018. REUTERS/Thaier al-Sudan
“The previous (Maliki) governments were partnership cabinets and the political forces that took part in them share the credit of success and the blame of failure,” he said.
Maliki’s followers see his removal in 2014 as a conspiracy because he championed Shi’ite interests in Iraq and the region.
“He is a strong leader, he is not afraid of confrontation,” said Mohamed Ghabbar, a student in the Shi’ite holy city of Kerbala, south of the capital Baghdad.
In Syria, Maliki sided with Shi’ite neighbor Iran and Bashar al-Assad in the civil war pitting the Syrian president against predominantly Sunni opponents backed by Saudi Arabia, Qatar and Turkey.
Like many Iraqi Shi’ite leaders Maliki is closely tied to Iran, where he built relationships during his exile.
In his election campaign, Maliki continues to advocate an anti-Saudi line, implicitly criticizing Abadi for rebuilding bridges with Riyadh and other Sunni capitals.
“I had told these countries that I won’t allow the regime in Syria to fall,” he said in an April 24 interview to Al Mayadeen, a Lebanese TV channel close to Assad, who belongs to the Alawite sect which is an offshoot of Shi’ism.
“Saudi Arabia failed (in Syria) and it is trying now to bring Iraq to the Saudi alliance. Iraq can’t be part of this alliance,” he said, in an apparent reference to a conference in Kuwait in February to raise funds for Abadi to rebuild Iraq.
As the leader of the Dawa Party, Maliki will command a solid base of Shi’ite support in the election, especially from religious Shi’ites wary of power-sharing.
But this time round, the Shi’ite vote looks set to be split between three frontrunners: Abadi, Maliki and another ally of Iran, militia leader Hadi al-Amiri, whose stature and popularity rose after he commanded the fight against Islamic State.
If no clear winner emerges, Maliki will have to call on all his negotiating skills again to secure a governing alliance, or risk being sidelined once more.
Article Credit: Reuters.com
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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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