Welcome to the Dinar Observer – Daily. For regular Dinar Updates, to see what the Dinar Gurus have to say, Dinar to USD listings, IQD and for Iraqi Dinar info – THAT MATTERS!! This is a good place to start for your Daily Dinar Recap – whether you are a Dinar vet or just looking for a little current Dinar info – Welcome.
Word for the day…
Mrs. BGG
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1182.000 | 1180.000 |
| Euro | EUR | 1328.332 | 1327.667 |
| British pound | GBP | 1542.865 | 1542.093 |
| Canadian dollar | CAD | 906.511 | 906.058 |
| Swiss franc | CHF | 1221.327 | 1220.716 |
| Swedish krona | SEK | 137.392 | 137.324 |
| Norwegian krone | NOK | 145.854 | 145.781 |
| Danish krone | DKK | 178.197 | 178.108 |
| Japanese yen | JPY | —– | —– |
| Special Drawing Rights |
SDR | 1655.131 | 1654.303 |
http://www.cbi.iq/
Indicative rates – 09.25.2016
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The first lesson of economics is scarcity. The first lesson of politics is to disregard the first lesson of economics. – Thomas Sowell
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*** Current News ***
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Follow us on twitter @DinarUpdates !!
Don’t MISS – “DU NEWS TIME” w/BGG and Co. in the DU CHAT ROOM – Sunday – 25th 7:30pm EST
www.DinarUpdates.com – save as favorite
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BGG (Dinar Guru) – …VND, ZIM, Rial and all the other HOAXES out there…what makes Iraq (and their situation) different from all these others? how many of these countries have met with ALL THE OTHER WORLD LEADERS in the last 48 hours…how many of them had some kind of “top billing” at the recent IMF summit? how many of them met with the President of the United States? how many of them have this kind of economic future? how many of these other countries are like Iraq? NONE. Not one…VASTLY different scenarios. BTW – all of the stuff I mention about Iraq VS any other country “devaluing” has happened in the last 48 hrs!! Meetings, that’s just the last couple of days – so what makes Iraq different?? EVERYTHING!!!
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rcookie (Dinar Guru) – Article: “UNDP announces send anti – corruption investigators to Iraq next week” THE UN INVESTIGATORS TO FIGHT CORRUPTION ARRIVE IN IRAQ NEXT WEEK…JUST AS THE IMF ORDERED…CAN YOU SAY STABILITY.
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BGG (Dinar Guru) – it appears attacking the corrupt was one of the VITAL items on a short list that the IMF has been insisting on…It appears to me…the GOI is responding to the IMF, WB and UN – though they aren’t entirely happy about it…however, if they want “international acceptance”, they have little choice. They must respond…Iraq has been under some version of an “IMPOSED RATE” since when? [2003.] it’s not even an accurate value – “Grossly undervalued” is the term used by learned economists…SO – it stands to reason they are going to have to appease those who “IMPOSED” this rate to start with… and THAT, my friends, is what we are seeing play out before our very eyes…those same actors that “imposed” can “unimpose” – it appears they have made this point very clear. Iraq is about IRAQ. Nothing else – AND it is the hottest topic in world finance right now. Period. With VERY GOOD REASON. Abadi’s PM “brand” is HUGE right now…he’s moving Iraq forward mightily…they are moving with great speed. I think the future looks very bright for Iraq.
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Dinar Updates “AFTER CALL – LIVE”!!
The next “Dinar Q & A Call!!”
Tues 9/27 – “After Call – LIVE”
w/RCookie, Mr White & Hutch
from 9/21 – Smart phone user link – Click here
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rcookie (Dinar Guru) – Article: “Parliament determines the sixth of October as the date for the interrogation of al – Jaafari” Quote: “MP Haitham al-Jubouri, Thursday, all documents and evidence to prove “the involvement of” a large part of the “leaders” of the Ministry of Finance Bmufat marred by corruption…” MARK YOUR CALENDARS…INSERT “ANOTHER ONE BITES THE DUST” SONG HERE..
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Frank26 (Dinar Guru) – “Echoes of New York: World leaders praise the achievements of the Government of Abadi” A [Abadi] is Reporting and asking for Economic Reform help … As the calendar of Iraq was Moved Up to accommodate an Article 8 position with the IMF.
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Aggiedad77 (Dinar Guru) – Article: “Echoes of New York: World leaders praise the achievements of the Government of Abadi” …things are being stepped up with Iraq now…what I want to see is the action that transpires upon Abadi’s return from the US…hopefully before the weekend …he has the fortitude and the necessary ability to put the best spin on things for Iraq and the world…watch for Abadi…IMO.
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Iraqi Dinar/Dollar auction (most recent listing) 09-25-16
Currency Auctions Announcement No. 3283
This daily currency auction was held in the Central Bank of Iraq on the 09-25-2016
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 27 |
| Number of remittance companies | 15 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 114,221,577 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 114,221,577 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/blog/
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rcookie (Dinar Guru) – Article: “Abadi adviser: IMF expressed its readiness to open up in front of his locker Iraq” Quote: “The recent meetings in Washington DC between a number of countries and the Iraqi delegation headed by Prime Minister Haider al-Abadi, there was a very positive and promises from a number of countries and agencies for the reconstruction of Iraq…” …FURTHER SUPPORT COMMITMENTS FROM IMF OVER AND ABOVE RECENT WB STATEMENT OF THE SAME…AND ADDITIONAL PLEDGES FROM OTHER COUNTRIES AWAY FROM UN GENERAL ASSEMBLY…THE WORLD IS IN THEIR CORNER…
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Frank26 (Dinar Guru) – Article: “Abadi discussed with the International Monetary director of the implementation of economic reforms and diversification of resources” This is the next meeting with Iraq and IMF…In the first week of October. BTW this 22nd until the 30th of October… They will have two more meetings… This is the first… IOO when A returns…Much will be said of much that has been done.
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Aggiedad77 (Dinar Guru) – Article: “Echoes of New York: World leaders praise the achievements of the Government of Abadi” …I believe…Abadi would be reaching out to the IMF…the US…and the World Bank for support of their Economic Reforms…they would be sitting down with the international world asking for their support as well…Indeed this is what we see rolling out of this trek to the US…these exact things…Let’s be extra watchful for what happens upon Abadi’s return to his homeland of Iraq…IMO…it could be very exciting and good…maybe even gooder for all who have a stake in this blessing…no date…no rate here of course.
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IMF Statement on Iraq
September 21, 2016
“IMF Managing Director Christine Lagarde met on September 21 with Iraq’s Prime Minister Haidar Al-Abadi in New York on the sidelines of the United Nations General Assembly meetings. During the meeting, they discussed Iraq’s IMF-supported economic reform program that was approved by the Executive Board on July 7, 2016.
“The Managing Director welcomed the Iraqi authorities’ economic program, which is being supported by a $5.34 billion Stand-By Arrangement (SBA) from the Fund approved in July 2016. The Managing Director and the Prime Minister exchanged views on how the SBA can help Iraq address the shocks posed by violent attacks and the drop in global oil prices. The Managing Director reiterated the importance of strong commitment to sound policies and decisive action on key reforms that are crucial to yield the largest gains for Iraq’s population.”
IMF Communications Department
http://www.imf.org/en/News/Articles/2016/09/21/pr16419-IMF-Statement-on-Iraq?hootPostID=afc2530d7cd8829997396c3b43282254
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SteveI (Dinar Guru) – You get Mosul completely done, move the army to the border, and then finally great times ahead for all.
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firefly (Dinar Guru) – Nobody seems to be talking about the UN meeting…With Abadi and Iraq. Big is putting it mildly. All I will say is it coincides with the previous G20 meeting in China. Also …. Zebari is going NOWHERE!
BGG ~ Really?? NOWHERE!?!
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rcookie (Dinar Guru) – Article quote: “Hussain urged the government to sign more agreements air with other countries, especially that Iraq is on the verge of commercial traffic and open its market to foreign capital…” IRAQ ON VERGE OF COMMERCIAL TRAFFIC AND OPEN ITS MARKET TO FOREIGN CAPITAL… BOULYAAAAAAAAAAAH!!!
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Iraq:
Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding
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Shredd (Dinar Guru) – So, in summary, the “paying” for your exchange is passed on and the only entity that would ultimately lose money out of pocket per se would be the investor who was holding the dinar at the time if it would crash in value. This general rule applies in all levels of investment — buying low and selling high. We just get the benefit of the biggest jump in the difference of the two! To that point, I personally plan on initially exchanging a certain percentage of my dinar and holding on to the remaining with the hopes of an even greater gain further down the road. [post 3 of 3]
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Shredd (Dinar Guru) – As far as who “pays” for the increase, we can’t look at currency exchange as a finite transaction, a “one-and-done” if you will. Rather, it’s an ongoing transaction…
1. You bought the dinar at a low rate (this is the part of investment where the investor makes their money….on the low buy)
2. The value grows (this is driven by the market and no transaction happens in this step)
3. You sell your dinar (you get the gain and the exchanging bank deposits the USD in your account after verifying)
4. The exchanging bank exchanges the dinar with the dealer (thus balancing their “paying” for the initial exchange)
5. The dealer resells the dinar at the current rate (thus balancing their “paying” for the exchange bank’s exchange)
6. The new buyer of the dinar ultimately “paid” for your initial exchange but they also hold the dinar at the new value and can exchange it again as the rate increases. Once they do, they balance what they “paid” for their purchase plus gained a bit since they chose to trade…and on and on it goes from here. [post 2 of 3….stay tuned]
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Shredd (Dinar Guru) – [Who pays for the delta/increase between the current rate and the increased rate we hope to receive?] When you exchange your dinar for USD, the bank will verify the authenticity of the currency (either internally or with a vendor) and once the transaction is complete, the bank DOES NOT hold onto it but rather will exchange it again to USD with a foreign exchange dealer in what is referred to as the interbank market. The bank will set the rate based on the market and demand and will of course take their cut (spread). The foreign exchange market works through financial institutions, and it operates on several levels with few insurance companies and other kinds of financial firms are involved. Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars. Because of the sovereignty issue when involving two currencies, forex has little (if any) supervisory entity regulating its actions. If you sell your dinar back to the broker you purchased it from, they will exchange with a large bank and the above process takes place the same. [post 1 of 3….stay tuned]
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IRAQ
STAFF-MONITORED PROGRAM—PRESS RELEASE; AND
STAFF REPORT
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Rcookie: ” WOW WOW WOW WOW!!” ” Just saw the Parliament agenda for tomorrow (today – Thurs). 1st item on agenda… INSERT DRUM ROLL.!!!! 1st reading Financial Management Law.
BOULYAAAAAAAAY!!!!!!!!!!!!!!!
Right from the IMF letter of intent/ MEFP/TMU (see below)…
Iraq:
Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding
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BGG (Dinar Guru) – Article: “Parliament dismisses Hoshyar Zebari” “Jubouri: We will respect the Federal Court ‘s decision on answers Zebari” Quote: “House of Representatives voted to dismiss Finance Minister Hoshyar Zebari on the background of corruption charges” Parliament dismisses Hoshyar Zebari…Which is – (all of their pursuit of corruption) – one of the key points the IMF has made to them… they HAVE TO DEAL with it…they are doing exactly what the IMF has advised them they must do… Quote: “…the first phase of the standby credit agreement with the international Monetary Fund included several reform requirements of the Iraqi economy, and performance standards, and financial management reform…” …they are responding to their IMF supervision.
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Shredd (Dinar Guru) – Article: “Iraq Stock Exchange launches instructions online trading system for investors” Quote: “…the market identified instructed disclosures required of brokerage firms, which contain procedures to disclose the risks associated with an investment models dealing with investors (Know Your Customer KYC), and commissions that Satkadaha mediator, as well as the requirements are carried out by investors to agree to their trading via the Internet…” this is a very good article and yet another reminder of the progress Iraq has and is making. Investors vetted via KYC and having access to easily trade electronically are huge foundational necessities for both public and private investment.
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