“Steady Increase” in the Iraqi Dinar
There has been a steady increase in the market price of the Iraqi Dinar (IQD) versus the USD, according to an Iraq Business News Expert.
In his market report for the month of June, Ahmed Tabaqchali said the premium over the official exchange rate has fallen to 1.2 percent, the lowest point in a number of years, from just under 6 percent at the end of 2017 and 10 percent at the end of 2016.
“FX spreads are one of many sources of revenues for the higher quality banks but constitute the bulk of earnings for the lower quality banks“, he adds…
Read Ahmed Tabaqchali’s full report here.
Credit: http://www.iraq-businessnews.com/ (Thanks to Charles Bright)
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The Iraq Report: MPs fearing corruption charges flee Iraq en masse
As the partial manual vote recount begins to finally settle the controversy-ridden general elections held in May, Iraqi parliamentarians have been leaving the country in large numbers.
Iraq has suffered from a plague of corruption since the US-led invasion in 2003 installed a new government, and many lawmakers are concerned they will be caught in the net of the incoming parliament, who have many political scores to settle by way of corruption allegations and scandals.
Meanwhile, the terrible story of the rise and fall of the Islamic State group continues to trouble Iraq as a key witness to events leading to the fall of Mosul to the extremists was found murdered. The witness allegedly had evidence that could have implicated the administration of former Prime Minister Nouri al-Maliki, blaming his government for severe shortcomings that led to Iraq’s second city falling under the sway of dangerous jihadists.
Vote recount begins as lawmakers flee
With the Iraqi Supreme Court’s decision late last month to conduct a partial manual recount of the votes cast in last May’s general election, the process has finally begun in the oil-rich disputed city of Kirkuk in northern Iraq.
Iraqi officials began a hand recount on Tuesday, state television reported, in a move that is set to prolong the already lengthy formation of a new government.
Footage of dozens of ballot boxes lined up on the ground in a sports hall were televised, with the government stating that the recount would be undertaken before representatives from the United Nations and other political parties. The sports hall was also covered by security cameras and protected by elite counterterrorism soldiers.
The high security came as a suicide bomber attempted to blow up a truck in the warehouse where the ballots were being held on Sunday, just days before the recount was set to begin. Although the bomber failed to destroy the ballots, he succeeded in damaging the facility and killing at least two security officers and wounding 21 bystanders.
The fact that the manual recount process has begun in Kirkuk will not be lost on the Turkmen, Arab and Kurdish parties who contested the elections in the divided governorate. Immediately following the release of the election results, Arab and Turkmen communities cried foul as the Patriotic Union of Kurdistan (PUK) party swept the majority of seats, including in ethnically non-Kurd districts.
These fears were substantiated by the International Crisis Group, which reported several disturbing incidences of potential voter fraud a little over a week after the elections. ICG also reported how electoral results history showed that ethnically Arab and Turkmen districts tend not to vote for Kurdish political parties in Kirkuk, and therefore there was a high possibility of fraud in these districts where the PUK swept the opposition away.
The delay in verifying the election results has led to Iraq facing a parliamentary vacuum for the first time since the 2003 invasion, as parliament held its last session on Saturday. Although the recount has begun, that has not stopped the winning coalitions from attempting to cut deals with each other to form a new government, showing the recount is unlikely to change the outcome significantly.
However, the process has caused panic among dozens of former lawmakers, who have flocked to Baghdad International Airport and departed to a range of countries on one-way tickets.
The New Arab’s Arabic-language service reported on Sunday that around 45 politicians from various blocs had taken to the skies, heading for destinations including Turkey, Egypt and Iran, often with their families. An airport official said they could be fleeing the country before their parliamentary immunity expires, leaving them open to prosecution on charges of corruption levelled against them by the incoming parliament.
The New Arab meets: Haifa al-Amin, the communist preparing to take a seat in Iraq’s parliament
Iraq has been riddled with corruption, particularly since the US deposed the Baathist regime of Saddam Hussein and installed a new government. Rather than having a transparent democracy, Iraqis have long complained of corrupt officials profiting from dipping into public coffers and becoming overnight millionaires in a country struggling with poverty, unemployment and economic instability.
Key witness ‘assassinated’
A major witness in an investigation into the 2014 fall of Mosul to Islamic State group extremists has been assassinated, The New Arab reported on Tuesday.
Mohammed Salim al-Fatlawi’s corpse was found last week dumped on the side of the road between the cities of Babil and Karbala, a security source revealed. Foul play is suspected.
“The killing is directly related to his role in the investigation into the fall of Mosul,” claimed the source, speaking on condition of anonymity.
Fatlawi was a military communications officer in Mosul just before the city fell to IS militants in 2014 as Iraqi military and police personnel fled the city and left it to its fate. He had already spoken to a parliamentary commission about the circumstances that led to the city’s fall, and was due to give evidence about the final transmissions received from central command before the militants took over.
Fatlawi’s murder is suspected to be part of a cover-up, protecting senior political and security officials in the government of former Prime Minister Nouri al-Maliki, a pro-Iran Shia Islamist politician from the same party as outgoing Prime Minister Haidar al-Abadi.
A parliamentary report in 2015 held 36 officials – including Maliki – responsible for the fall of the city, but no action was taken against them.
Maliki has been accused of an array of failures, including failing to provide military units with clear orders for the defence of Mosul, as well as allegations that a general retreat was ordered despite some estimates placing the Iraqi army as having a 3,000-to-one advantage against IS. Maliki has also been blamed for cultivating a hyper-sectarian environment in which Shia security and governmental officials mistreated Mosul’s Sunni majority, allowing IS and other insurgent groups to infiltrate and recruit.
With the fall of Mosul being overshadowed by the triumphalism of its recapture – even though Mosul is now the scene of mass devastation – it is unlikely that any government failures will be highlighted and punished. This is particularly so as witnesses to these failures are now turning up dead, sending a clear message of the price one must pay for talking to investigators.
Operations against IS resume
Iraq’s IS woes are far from over, however, as the country launches another major operation supported by the US-led anti-IS coalition to tackle the group that the government declared defeated last December.
The “Vengeance for the Martyrs” operation was launched on Wednesday after the bodies of hostages executed by IS were found late last month on a highway north of the capital, Baghdad. IS had threatened to kill hostages if the government failed to secure the release of female prisoners, and carried out their threats when the authorities ignored them.
In retaliation, Baghdad expedited the execution of a dozen prisoners last Friday. The authorities also declared on Sunday the development of a Trump-like wall along the Syrian border, allegedly to keep militants from traversing the porous frontier.
However, the main issue attracting controversy is Iraq’s record in dealing with the wives and children of IS militants. Human Rights Watch (HRW) has urged the Iraqi government to deal with foreign women and children on a case-by-case basis rather than issuing blanket death sentences as a “one size fits all” solution.
Iraq has incarcerated 833 children from 14 different nationalities, and on Tuesday called for those countries to repatriate their charges. Iraqi law renders children criminally liable from nine years old, according to HRW, and many are being held without charge or trial in a shocking contravention of international law. They may be punished for up to 15 years in prison for violent acts, and many of them are being accused of being members of IS by virtue of having adult relatives who were militants.
Article Credit: Alaraby.co.uk (Special Thanks to Charles Bright)
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Mnt Goat (Dinar Guru) – Quote: “THE USNs HAS BEEN APPROVED BY PRESIDENT TRUMP AND THIS WAS HOLDING BACK THE RV” ...the “USN” designation is merely a code meaning (next day) transfer of US Dollar funds USD indicating how the funds are to be used. According to UN/CEFACT recommendation 9, paragraphs 8-9 (ECE/TRADE/203, 1996, it is used for inter-banking transactions. It does NOT mean “new” US currency. …“USN” is NOT a designation for a new currency coming out to replace the USD old currency that you now have. It is not GOLD backed. I quote from the [forex] site: “The US dollar actually has three codes assigned: USD, USS (same day) and USN (next day)...” …the dinar is already pegged to the US dollar by a “de facto” peg put in place in 2003 to keep the dinar from fully crashing. As part of moving to Article 8 the IMF plans to re-peg the dinar to the SDR basket of 5 currencies of the strongest developed nations, one of which is the USD.
Read more: http://www.dinarupdates.com/observer/
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Political: Abadi received the green light for the second term
Information / Private .. The political analyst Hazem al-Bawi said Friday that Washington violated the security agreement with Baghdad after the establishment of the secret location of the artillery base in the west of the country, noting that the silence of the government in respect of this violation may be behind the green light of an American granting Abadi a second term.
“The secret location of the US artillery base in Anbar province represents a new violation of the security agreement between Baghdad and Washington,” al-Bawi said in a statement to Al-Maaloumah.
He added that “the government has repeatedly stressed that it is against the policy of axes and may not enter the game of agendas, and the Iraqi people are concerned about the continued silence of the government against this blatant violation so that the Prime Minister Haider Abadi has received a green American light to ensure a second mandate has the right to remain silent about what is happening In this rule of developments and suspicious movements. ”
He pointed out that “the talk of the military newspaper” Miltari Kom “is a recognition by the opinion bodies within the United States, that in the desert area of western Iraq there are vast areas that prevent the US forces Baghdad government from approaching and the extension of authority.
Article Credit: Almaalomah.com (Special Thanks to Charles Bright)
BGG ~ My thinking – this is political jibberish put out by Maliki, etc, etc. Someone is trying to put a wedge between Abadi and Sadr. This looming political bloc is too big for the bad actors to overcome. They are trying to get it to not happen.
This is classic Maliki. He counts on the inherent inability of Iraqi politicians to get along… so, get everyone arguing with one another and thrive in the chaos.
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Al – Abadi ruled out the change of election results after re-counting and manual counting
BAGHDAD (Reuters) – Re-counting will not change many of the announced results, with the exception of minor changes involving minor entities, a member of the victory coalition led by Prime Minister Haider al-Abadi said on Wednesday. , Especially as voter turnout was poor.
Al-Hayat quoted al-Hassani as saying today (July 4, 2018) that re-counting will not change much of the declared results, except minor changes that include simple entities in the western and northern parts of the country.
He added that “the recount of all votes by hand, will restore the confidence of the citizen politicians, especially as the turnout was weak because of the crisis of confidence suffered by the Iraqi people,” and felt that “partial recount will not take time,” and expressed hope that the hopes Who demanded it.”
The Iraqi Independent Electoral Commission (IHEC), which is mandated by the judiciary, has started a manual counting of voters in centers suspected of rigging and rigging the results. It announced the start of the counting process after the arrival of the team of judges assigned to Kirkuk and a number of other constituencies .
The newspaper quoted a senior source, who declined to be identified, that “the process of counting and partial sorting of the results of Kirkuk include more than 500 funds distributed to various centers in the province, including 190 funds have not sent data to Baghdad so far.”
“Strict procedures have been adopted by the panel of judges who are supervising the re-counting of the voices of questionable centers, including not allowing journalists and supervisors of electoral entities to enter their phones into the counting rooms . ”
The source revealed that “counting and sorting is not limited to the province of Kirkuk exclusively, but includes all the provinces that registered complaints and complaints,” pointing out that “the process of partial counting and sorting in all centers may take a full month, if there are no obstacles to prevent the flow of work.”
The Commission’s spokesman, Judge Laith Jabr Hamza, said in a statement that “the task entrusted to the Board of Commissioners under the third amendment to the electoral law, not in the form of some thought to see the mere recalculation of Voices, but includes a recount and manual sorting according to the legal context according to The laws and regulations in force for the elections, in addition to the procedures contained in the decision of the Federal Supreme Court in this regard.
It is worth mentioning that “the elections of the House of Representatives took place on 12 May last, and used the system of electronic voting, which is applied for the first time in the country, and faced the results of the election wave of objections, mostly political parties did not win, while a parliamentary commission of inquiry recorded irregularities related to fraud and mismanagement Elections.
Article Credit: http://sngiq.net/wordpress/?p=142432 (Special thanks to Charles Bright)
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Adam Montana (Dinar Guru) – Work is steady across the pond in that big sandpit, which is all I’m asking for right now. Abadi continues to move forward as if there wasn’t even another party and there weren’t elections recently. I’m not sure I’ve ever witnessed someone so smoothly ignoring the outcries from what has historically been a very disruptive opposition in these times. It’s actually refreshing to see! …I’ve been a supporter of Abadi since before he was first elected to his position. His demeanor and work ethic at this time, in spite of what could easily be an excuse to let things slide… the man is once again proving he’s business minded and goal oriented.
Read more: http://www.dinarupdates.com/observer/
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Maliki is currently without immunity and Iran is afraid of movement from Sadr to pursue him
Baghdad today – The newspaper “Al Quds Al Arabi” in a report published on Wednesday that Iran is fearing a judicial move by the leader of the Sadrist movement Moqtada al-Sadr, to prosecute the leader of a coalition of state law Nuri al-Maliki, which maintains good relations with him, while referring to the escape of dozens of wanted to judge on charges Related to corruption.
“Dozens of political figures accused of corruption left Iraq, coinciding with the end of the legislative session (June 30), fearing their prosecution after the lifting of their immunity,” the newspaper quoted a source as saying on condition of anonymity.
“All political leaders are seeking to form the government as soon as possible to obtain immunity, especially those accused of corruption and causing the entry of an organization calling to Iraq, and the waste of the country’s wealth.”
He added that “Iran does not want to raise the leaders of political blocs close to them, any problems with the leader of the Sadrist movement Moqtada al-Sadr,” attributing the reason for “the possibility that the use of Sadr’s absence of immunity from Maliki to trigger lawsuits against him.”
The roots of the deep dispute between al-Sadr and al-Maliki, according to al-Quds al-Arabi, were between 2006 and 2007 when the latter carried out a cavalry operation targeting the Mehdi Army fighters of the Sadrist military wing in Baghdad and other provinces.
Sadr, the main supporter of the alliance, insists on forming a new Iraqi government with an “Iraqi decision,” away from external interference, as well as “corrupt” accountability, the report said.
Article Credit: Baghdadtoday.news (Special Thanks to Charles Bright)
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Adam Montana (Dinar Guru) – In spite of that, I think we’re still on the uphill slope of this thing, at least for the next week or so. There may not be an “official” announcement of an election “winner”, or there may be multiple “announcements” that end up being meaningless and Abadi just carries on doing his job… if we don’t see anything negative in the next 3-7 days, I think we’re looking at some HCL news within the next couple weeks, and that will get this train back on track. Looking forward to some exciting times in the VERY near future, my friends! All it’s going to take is a little nudging and we’re off…
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – A good article today…sounds like Sadr is calling for currency reform.
Read more: http://www.dinarupdates.com/observer/
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Some interesting headlines…
Sadr’s understanding with Allawi and Hakim waiting for Abadi
End of the meeting of the three presidencies and political leaders .. Jabbouri announced the details
BGG ~ So – let me get this straight… these guys have a meeting, set out a way to verify the results and move on, then someone who was in this meeting, doesn’t like the sound of things – and immediately (the next morning) tries to set fire to the ballot boxes (which would be used to further this effort).
Here’s my take – this is as close as Maliki will ever get to having his way again. Any one thing doesn’t go his way from here on in and he’s done for good.
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Monetary policy .. fixed rate or partly floating?
Adel Abdul Mahdi – I have repeatedly written about the absurdity of the survival of the trillions of dinars outside the banking cycle, or frozen in banks, which instead of encouraging them to enter the banking cycle and turned them into investments and instruments for the stability of the monetary markets, exaggerated by the repressive measures, keen on the philosophy and loss of dinars.The economy has interests, relations and rights, governed by the laws of its interior rather than its appearance, moving towards points of attraction and escaping the points of danger .. This is why the nations are keen to increase the factors of encouragement and temptation, and resort mainly to the deterrent controls produced by the self-immunity of the movement of these laws, about her. We have repeatedly proposed adopting an encouraging vision in tax accounting and financial facilities, protecting money from arbitrary measures to escape, and eliminating the economy of the currency, the cash economy, which is the most important tool of corruption, which we talk about long.The rationality of rent and the rigidity of economic thought and its limited budget and collection, loans and foreign parts, and the neglect of real economic tools, put us in a vicious cycle of crises and lures and corruption .. Which leads us to more dependency and import and weak production and increase unemployment, I recently received a detailed report written by the end of 2014 one of the financial experts of one of the major banks, I saw useful publication of the most important paragraphs.
“There are three types of exchange rate: fixed (Iraq) .. Fully floating or moving (determined by market factors entirely) .. And partially or creeping (Lebanon) In order to determine the most appropriate system, the main economic indicators of the Iraqi economy should be: 44 billion dollars in the balance of trade, and surplus in the balance of payments about 30 billion dollars at the end of 2012 .. b) total foreign exchange reserves $ 71 billion at the end of 2013 .. c) the value of the monetary mass MO (paper and metal) ) M2 (M2 + demand deposits + mobile savings accounts) is about 73 billion.
Based on the assumption that 30% of the M2 will be available to citizens for daily expenses. This figure, according to the figures above, will be $ 22 billion. It is not used to buy the dollar and therefore does not constitute a demand for it. Some measures can be proposed to absorb liquidity: The disclosure of bank accounts and freezing them for reasons not related to the specific cases specified will contribute to the flight of capital from banks, And keep them in cash, constitute x (C) Issuance of treasury bonds to the public, which are subscribed by banks with a nominal nominal value of one bond, with periods ranging from one to two years, with attractive interest, to absorb up to $ 20 billion of the size of the monetary mass.
The Central Bank shall determine the price of the dollar, for example, 1170 for buying, and 1200 dinars for sale. B) The Central Bank shall release the market of the pieces and leave the banks and customers free to sell and buy. C) The Central Bank shall intervene or sell when the price is touched. The Central Bank reserves control of the market, especially in light of the presence of a cash mass of more than 23 billion dollars. In addition to other measures such as controlling the movement of money through border crossings, and encouraging citizens to deposit their savings in banks, And easing of strict measures, in the neighborhood Money Traceability can be tracked and moved. ”
Article Credit: Nrttv.com (Special Thanks to Vernell Washington)
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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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Iraq officially exits the FATF International Financial Control List
BAGHDAD / Tomorrow ‘s Press: announced the International Financial Action Task Force “FATF”, on Sunday, “officially” out of Iraq from the follow – up area thanks to the achievements of the Iraqi Central Bank and the Office of the fight against money laundering and the financing of terrorism “significant progress”.
The Central Bank of Iraq said in a press statement that “the International Financial Action Task Force officially announced the exit of Iraq from the follow-up area, because of the achievement of the Central Bank of Iraq and the Office of AML / CFT of significant progress in improving and addressing shortcomings.”
He added that “Iraq has fulfilled all its obligations towards the recommendations of the group and address the requirements of the strategy of combating money laundering and financing of terrorism prepared by the Central Bank of Iraq.”
“In addition to the enactment of the Anti-Money Laundering Law No. 39 of 2015, the issuance of instructions and regulations and the establishment of the Anti-Money Laundering and Terrorism Financing Council, as well as the Committee for the freezing of terrorist funds.”
“Thus, Iraq is no longer subject to monitoring and follow-up by FATF,” the bank said.
Article Credit: Alghadpress.com (Special Thanks to Vernell Washington)
BGG ~ It means – ONE STEP CLOSER!!
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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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