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Word for the day…
Philippians 4:6-7 (NKJV)
6 Be anxious for nothing, but in everything by prayer and supplication, with thanksgiving, let your requests be made known to God; 7 and the peace of God, which surpasses all understanding, will guard your hearts and minds through Christ Jesus.
Heavenly Father, Thank You for Your peace that surpasses all understanding! Thank You that we can bring our requests to You with thanksgiving. In Jesus Name, Amen.
Mrs BGG
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No amount of IMF, World Bank and other handout interventions can bring prosperity to repressive nations. – Walter E. Williams
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*** Current Posts ***
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Abadi plans to cancel Integrity Commission
Follow-up scales News – Newspaper, “life” of Saudi Arabia, Sunday, for the determination of Prime Minister Haider al-Abadi Cancel the Integrity Commission, as pointed out that failure to push for the sacking of Chief Justice Medhat al-Mahmoud…
Read More: http://www.dinarupdates.com/blog/
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Breitling – Everybody is in an uproar about the dinar being devalued [article]. …I’ve been telling you the dinar will not devalue. They [Bloomberg] are trying to pretend they know the market rate of the dinar. What they don’t understand is that it’s a completely manipulated currency right now and it’s manipulated by the amount of notes they have out there. Just like any other currency out there. The liquidity is shoring up…it went from 9 billion to 4 billion notes so it is very strange that these guys [Bloomberg] would even come up with an article like that. Let’s say, if the value of the dinar should go down as the price of oil has gone down. To keep the value up they’d have to get more dinar out of the market right? And guess what? At the end of the article it says by the CBI…the reserves won’t be depleted and the dinar will not be devalued…so why even print the article? [Post 1 of 2]
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Backdoc – THESE TWO MONTHS [SEPT. & OCT.] WILL BE VERY HISTORICAL I ASSURE YOU!! LIFE AS WE KNOW IT NOW WILL NOT BE MUCH LONGER. I LOOK FOR THE PACE TO QUICKEN AS SEPT. MOVES FORWARD. ABADI WILL DO WHAT HE NEEDS TO DO TO HELP THE GOOD DR S MOVE FORWARD. IRAQ DOESN’T WANT TO BE PUT BACK TO THE STONE AGE.THEY WILL WRAP THINGS SOON.
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Nova & My Ladies – NEXT WEEK IS GOING TO BE INTERESTING TO SAY THE LEAST! …WE ARE IN THE NEW SYSTEM…AND IF THE REFORMS GET DONE SOON THERE WILL BE NO STOPPING THE TRAIN.
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Follow us on twitter @DinarUpdates !!
Don’t Miss “NEWS TIME” in the Dinar Updates CHAT ROOM – Sunday evening at 7:30pm CST!!
www.DinarUpdates.com – save as favorite!!
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Frank26 – The LAWS that You and i seek as investors and other entities for the MR have been positioned to be instantly activated…Triggered at the blink of an eye. THE LL…Is the SPINAL CORD of Iraq’s Economic Survival and Future Existence. When they are READY is when DRS will be ready.
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SteveI – Press Release Quotes: “…scheduled to travel a senior government delegation…next week, to the United States and Britain to discuss the issue of Iraq sovereign bonds” “The delegation will include government and finance ministers, oil and Governor of the Central Bank and the consultants and experts in economic and financial Shan officials to discuss the process of issuing sovereign government bonds in the global financial market.” OK, why would the Governor of the CBI be going? He would go to sign documents making things official and ready to implement! I think we are all closer then you think with articles like this. Yes you do have to read between the lines a bit, but when you do, my excitement level increases.
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Frank26 – DELTA has CBI contacts going to DRS [Dr. Shabibi]. ITEAM walks and talks with him. This combination not only gives me confidences but the eye of a Hawk as well. It is up to me to share what we learn…BTW…INTEL has it…These limited International Bonds will ALL sell in an instant. Even with the failure of 2006 Bonds…Why? A [Abadi] and DRS [Dr. Shabibi] give…Confidence.
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Commercial Solicitation
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Bax – I have a friend in Baghdad who skyped me last night… he has been there over 3 years… he said there are tens of thousands protesting… mostly peacefully… said its the most he has ever seen….
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Chattels – Article quote: “Wednesday, Parliament’s intention to pass the investment Pencchth amended law in the parliament session next Monday to achieve the full support of the Iraqi economy.” Even if it passes there is the implementation issue with all things in Iraq. My belief is that if there was only a first reading then there must be a second and then a four day scheduling wait, so next week may be an ” ambitious” timeline under the best of circumstances.
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Adminstrator Bob – Article quote: “The central bank plans to put up a large gold bullion weights to sell to citizens” [More reserves Gone!] Reserves are a combination of foreign currency and precious metals (mainly gold). Central banks adjust these reserves often for profit. This has little if any effect on the CBI overall reserves.
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Iraqi Dinar/Dollar auction 06-09-15
Currency Auctions Announcement No. 3029 (most recent listing)
This daily currency auction was held in the Central Bank of Iraq on the 06-09-2015
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 24 |
| Number of remittance companies | 6 |
| Auction price selling dinar / US$ | 1166 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 200,178,144 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 200,178,144 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/blog/
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BGG – WB/IMF says OCT 1st (as a deadline for the AML Law ) and I added the Investment Law would go a long ways towards Abadi’s credibility…I really think the AML Law is pointed directly at Maliki and his bunch…which sounds like they will be doing sometime next week. [The National guard Law is crucial as well.] it is – balances and puts power under the direction of Baghdad. [AML Law = Anti-Money Laundering Law]
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Adam Montana – [ I see…different things needing to happen before there can be an RV. I thought that the RV was the sole responsibility of the CBI and not the government. I think that now would be a good time to clarify this again, just to keep us all on the same page.] Here’s a quick…recap: 1. The GOI can’t force the CBI to honor a higher rate. It simply wouldn’t work. 2. Equally important – the CBI doesn’t need the support of the GOI to successfully raise the value of the dinar, but they also don’t want opposition from the GOI. With those things in mind, we can know that the CBI makes the final call, but both entities will work together to ensure the success.
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BGG – Quite honestly folks – the news is a real mixed bag. Some good – some not so good…and some downright confusing… personally – I think it’s all about these reforms right now. I sure hope Abadi hasn’t bitten off more than he can chew.
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CURRENCY CODE SELL BUY
US dollar USD 1166.000 1164.000
| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1166.000 | 1164.000 |
| Euro | EUR | 1309.301 | 1308.647 |
| British pound | GBP | 1781.765 | 1780.874 |
| Canadian dollar | CAD | 883.400 | 882.959 |
| Swiss franc | CHF | 1201.071 | 1200.471 |
| Swedish krona | SEK | 138.656 | 138.587 |
| Norwegian krone | NOK | 141.195 | 141.124 |
| Danish krone | DKK | 175.476 | 175.388 |
| Japanese yen | JPY | 9.668 | 9.663 |
| Special Drawing Rights |
SDR | 1638.218 | 1637.399 |
Indicative rates – 09.06.2015
http://www.cbi.iq/
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firefly – All country’s purchase Bonds based on the country’s credit rating. A “B” is NOT an investment rating. Iraq would need at least a BBB. Iraq has little time left. They need to do something and do it FAST!
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Breitling – You will never find a country putting out their daily note count. That is a well kept secret. Iraq has put out 3 reports in the Iraqi Journal. the first report was 9 Billion to 6 billion [Note count] then 6 billion to 4 billion…but their is no daily count…it simply does not work that way.
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Frank26 – There’s a committee that’s a delegation coming from Iraq to the US – they’re already here – on the 11th there will be more. They’re here for the bonds…After this meeting in the US, they’ll move to the UK…at this meeting on the 11th, they’ll also talk about DAASH… [IMO we should keep our eyes peeled on next week’s Bond meetings in USA and BRITIAN.] Oh YES…It’s very important. Don’t know another way to express it’s importance! DRS [DR. SHABIBI] WILL BE THERE!
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Follow us on twitter @DinarUpdates !!
Iraq Live Update @IraqLiveUpdate
Abadi’s letters delivered to senior Iraqi politicians to re-assign their bodyguards to frontline units with ISF
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From the DU Chat Room (9/4)
rcookie: Here is a link for the IMF Report for the G20 Summit …GLOBAL PROSPECTS AND POLICY CHALLENGES G-20 Finance Ministers and Central Bank Governors Meeting September 4–5, 2015Ankara, Turkey….Looks like some of the verbiage and outline of necessary structural reforms being mandated toward Iraq are right out of this playbook…and the obvious backdrop to the S & P credit rating..AWESOME READ!!
http://www.imf.org/external/np/g20/pdf/2015/090415.pdf
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Frank26 – Who has the GREEN LIGHT from the IMF to lift the three zeros? DRS. [DR. SHABIBI]. So IMO…No RI until he returns. Guess what. He is. IOO…Just after ALAK leaves.
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My Ladies – ADJUSTING ONES CURRENCY IS VERY PAINFUL FOR THE ECONOMY. MAKE NO MISTAKE…WHEN IRAQ COMES OFF THIS PROGRAM RATE AND HAS REAL MONEY WITH REAL VALUE IT WILL TOTALLY SUCK FOR THEM FOR A FEW YEARS. IT WILL BE PAINFUL, MANAGING THE MARKET ECONOMY IS NO JOKE. SOME LESS INFORMED FOLKS THINK OH WELL THEY ARE GOING TO GET 2+ OR 3+ DINAR TO THE DOLLAR. REALLY? I MEAN REALLY? THE PEOPLE INSIDE IRAQ ARE NOT GOING TO GET ANY SUCH THING. THE 2+ AND THE 3+ IS FOR ALL THE FOLKS ON THE OTHER SIDE OF THE BORDER!
BGG ~ There is absolutely no truth to – or evidence there will be an “in-country” and “out-of-country” rate. This is a silly assertion!!
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Adam Montana – [I had read some weeks back how al-Abadi was cleaning house, with the result that a number of people were out of a job. Have you heard or read what progress is being made on filling those positions, hopefully with people who have integrity. Are there positions in the GOI that will need to be filled before the RV?] If I’m thinking of the same thing you are, Abadi didn’t actually plan on “re-filling” those positions – they were simply being eliminated. I like that plan, because too many monkeys on the same tree is just as bad as too many chefs in the same kitchen. What I said sometime ago about the GOI being important was that we needed a significant change and improvement in the GOI, and I believe that requirement has been “filled” to a very reasonably satisfactory level.
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The people of Maysan: People’s mobility will continue to provide the corrupt to justice, including “al-Mahmoud”
He called on the people of Maysan province during a demonstration exit protest against the deterioration of the security reality and service the dismissal of the provincial council and the district councils and respects fully.
The protesters who took to the streets of the city of Amarah after Friday prayers on the need to bring corrupt officials to maintain to the judiciary and not just Baqalthm only in addition to the activation of the general amnesty law and fire the head of the Supreme Judicial Council, Medhat al-Mahmoud such as stressed and called on the masses of Maysan, the Iraqi government to keep sectarian and partisan quotas for circles State and abide by the terms of appointment for those who meet the integrity and political independence, vowing at the same time consistently popular mobility in the event of a stall to meet their demands.
http://www.dinarupdates.com/showthread.php?19429-Maysan-People-s-mobility-continue-provide-corrupt-to-justice-including-Mahmoud-9-4&p=129695&viewfull=1#post129695
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Breitling – ...right now if you look how much dinar they have taken off the market and the way the economy is growing based on the past and how they have framed up the currency based on market rates, you’re looking at between .42 and .52 cents right now. That is where it should be if they pulled the trigger today. Remember, that’s manipulated. That’s because of the amount of notes they have on the market. I’m not saying they are going to come out at the range…that’s what we calculated. that’s the value that we are looking at. We are all at the mercy of the CBI. We have to wait to see what’s going on. [Post 2 of 2 ]
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Millionday – Article quote: “…Sheikh Hamoudi, the need for the completion of the Investment Law and approval as soon as the activation of its importance in the national economy and promote development wheel…” THERE ARE TEN LAWS IN PARLIAMENT FOR THE ECONOMIC REFORM… SO OBVIOUSLY THIS SEEMS TO BE WORTH THE WAIT — THIS IS ALL ANNOUNCED TO THE CITIZENS.
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Frank26 – Article: “Re-investigation in the case of Dr. Shabibi with the CBI.” That’s false…nobody is investigating Dr. S…It’s the judges who are being investigated because they took a payola from Maliki who stole everything. He’s coming back to the Central Bank of Iraq. What is he going to do when he comes back? He’s going to fix the mess in the CBI. Dr. S and A [Abadi] want the MR to flow but it has to be done correctly. Dr. Shabibi said when he left – GIVE ME STABILITY. In order to see that date you want so badly. The MR [Monetary Reform] is no where complete. No dates. We’re not ready though a lot of the things are done. The MR is active, moving, constructive, amazing…but he will come back to clean up the mess.
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NAJAF PROTESTERS ARE DEMANDING THE TRIAL OF AL-MALIKI AND PRAISE THE ROLE OF AL BAGHDADI FIGHT CORRUPTION
Najaf – Baghdadi News … student protesters Najaf province, on Friday, the trial of former Prime Minister Nuri al-Maliki and investigate the massacre Spyker.
The reporter said – albgdadah News, said the demonstrators in the province of Najaf called for Sunday evening, the trial of former Prime Minister Nuri al-Maliki and investigate the massacre Spyker.
He that, demonstrators praised the role of Al Baghdadi fight corruption and expose the corrupt.
It is said that Baghdad and central and southern governorates, witnessing for the sixth straight week, a mass popular demonstrations, to demand the dismissal of the corrupt and provision of services and reform the judiciary.
http://www.dinarupdates.com/showthread.php?19431-Breaking-news-Najaf-protesters-are-demanding-the-trial-of-al-maliki!!&p=129697&viewfull=1#post129697
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Millionday – Article quote: “We are following the reforms of the judiciary and its importance,” noting that “the Federal Court Act based system Federal.” THE FEDERAL COURT ACT WE READ WAS IN PARLIAMENT… THEY HAVE REACHED A POINT THAT WILL ALLOW THE VOTE OF THE VERY IMPORTANT FEDERAL COURT ACT SO THE REFORM MAY MOVE FORWARD. SO THE ISSUE THAT WAS IN THE WAY IS NOW REPORTED TO BE RESOLVED — MORE GOOD NEWS. THEY DID NOT HAVE ENOUGH TO REACH QUORUM UNTIL CHANGES WERE MADE SO NOW THEY FEEL AS THOUGH IT WILL REACH VOTE.
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BGG – [Do we know when Allaqs term is up at the CBI ? sept 8th or is it in Oct ?] He is a “proxy appointment” so he will be gone when he is replaced. Not until… [I thought alak was appointed official by ink or am i wrong?] he is a “proxy” appointee – (by Maliki) and not an entirely legit appointment at that…they need a legitimate CBI Gov soon.
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Breitling – They are selling the bonds for US dollars and they are going to put them in their foreign currency reserve. They are not using the bonds to take out dinar they are using the bond to take out dollars…those US dollars will not be in the Iraqi economy to compete against the dinar… I don’t see anything in Iraq pushing or delaying the value of the dinar going up…they are going to float it up little bit by little bit…it’s a 2 year time frame. [Post 1 of 2]
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firefly – Article quote: “Obeidi said in a special statement to the Agency information that “reducing the central bank sales of the dollar and make it in the field need the truth to the citizens as well as international bonds to be issued by the central bank and the $ ten million dollars will provide Iraq’s hard currency and thus will protect the Iraqi dinar from fluctuations in the currency.” So now they are talking INTERNATIONAL BONDS? WOULD NOT SURPRISE ME IN THE LEAST IF THEY BYPASSED THE SOVEREIGN ENTIRELY.
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Throwback Thursday
The Exchange Rate of Foreign Currency in Economic Feasibility Studies
Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars.
Estimate the shadow price of foreign currency:…
3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.
Read More: http://dinarupdates.com/blog/
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