Secretary General of the Council of Ministers stresses the importance of boosting investment in Iraq
Cabinet Secretary General Mehdi Tuesday relations, the importance of spurring investment, removing obstacles and raise the excesses of this land, to accelerate investment activity which would provide many jobs and economic recovery. ”
The statement quoted the Secretariat on the relationship economy “news got a copy of it, that during his presidency a workshop held at the guest house under the slogan (processing speed up to raise the land earmarked for investment excesses) that” this workshop at the behest of the Prime Minister in pursuing investment projects and business hosting reluctant investors to view constraints. ”
Read more: http://dinarupdates.com/blog/
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BGG (Dinar Guru) – […looking at the past , we know IQD was at $3+ at one time. the Kuwait dinar is over 3+ now. I would think at sometime in the future they would want to be at least even with Kuwait, an ego thing…] We are welcome to think that – but… when presenting factual news and commentary … best to stick with facts and print in INK. $3 is NOWHERE in sight. will it happen? Who knows?
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tman23 (Dinar Guru) – …Revaluation (Definition): A calculated adjustment to a country’s official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country’s government (i.e. central bank) can alter the official value of the currency. Re-denomination has nothing to do with Re-valuation. When a currency is redenominated the central bank of that country will reissue notes at a decided ratio for both speculators and its citizens. For ex., If you have a 1000 INR note and Reserve Bank of India (RBI) redenominated at a ratio 1:10 then RBI will take your old 1000 INR note and issue you new 100 INR whose value stays the same. The net value of old 1000 INR will be same as new 100 INR. [post 1 of 2….stay tuned]
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Follow us on twitter @DinarUpdates !!
Dinar Updates – “News Time” w/MadScout & The DU FaceBook Crew!! May 11th – 6:30 pm CST – In the DU Chat Room!!
www.DinarUpdates.com – save as favorite
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BGG (Dinar Guru) – Second half of the answer…Who – in Iraq ever said anything DIRECTLY about $3? …all of the foundational documents we have uncovered and are using as our basis for research seem to indicate something around $1…SIGR report…Iraq MOP studies…recent interviews with CBI Officials…I haven’t verified $3 ONE TIME – NOT ONCE…in fact, it seems clear they intend to get to $1 – but how exactly they intend to do that – we are not sure of… NOR CAN WE BE. Relax and enjoy the show – YOU’VE GOT A TICKET TO RIDE! [post 3 of 3]
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BGG (Dinar Guru) – …the only reason they have to worry about what is outside of Iraq is they might have to redeem it in some way. The CBI has been sensitive to this issue for some time… and the IMF – UN – WB have had an eye on it as well…the Dinar that is INSIDE Iraq is still going to be worth a Dinar. Nothing changes on that front – they just get more for it. It’s not costing the CBI a DIME!! …a Dinar is still worth a Dinar – post RV. Iraqis are not going to be POURING INTO BANKS to exchange their Dinar for some other foreign currency… why would they? [post 2 of 3….stay tuned]
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BGG (Dinar Guru) – …a friend calls me this week…has a couple of questions for me to answer. How can Iraq, if they have 25 Trillion Dinar outstanding – ever RV at a $3 dollar rate and pay for it? Isn’t that like 75 Trillion Dollars? First, we have NO IDEA what the real outstanding number is – OUTSIDE OF IRAQ. That is the key number…there is NO RELIABLE INFO on this… even the CBI’s internal people can only estimate… and they don’t think it is that much. Could be as low as 3 Trillion – maybe less now…So – the real lesson is not to base complex analysis on wide gaps in actual information. The 25 Trillion number is likely a flawed assumption… AND if they get “international support and acceptance” – that 3-6 Trillion could even get held in various Treasuries as “Foreign currency reserves” – JUST LIKE the IRAQ CENTRAL BANK DOES WITH OTHERS. [post 1 of 3….stay tuned]
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Kaperoni (Dinar Guru) – Article: “Achieving the objectives of monetary policy requirements until the year 2020” Quote: “It is important to activate the monetary policy to support the private banking system and review the policies of lending and mechanisms of credit risk management in the granting of credit to small and medium investment and loans in productivity and investment sectors that achieve cash flow clear and revive the economic cycle will contribute to the economic development and diversification of the financial resources of the general budget.” They are dead in the water without taking the next step with the dinar…so we wait.
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Phillyman (Dinar Guru) – Article: “Mosul to be fully liberated within few days: Military official” Quote: “Chief of Staff of the Iraqi army Gen. Osman al-Ghanemi said on Saturday Mosul will be declared completely ISIS-free within few days.” Don’t know why these guys keep throwing out predictions but here we go again
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“FaceBook LIVE” w/Call-in from Sunday w/BGG
Click here for Video Replay (4/23)
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Aggiedad77 (Dinar Guru) – […you think Dr. S [Shabibi] would show up when Trump decides to go and congratulate A [Abadi]? It would be a great day to see the 3 of them make the announcement all together. Correct me if I’m wrong but if we don’t get an announcement before Ramadan it will be more than likely after and would be a great gift to the country.] It’s been said before that Dr. Shabibi is enjoying his retirement in Switzerland…don’t look for him to come back…he knows his country is in good hands…with Abadi and Allak. As for Ramadan…who truly knows…I just know…I have a feeling…with money that has been moved…vast amounts of it…with changes in prices that we’ve witnessed…with the changes in salary payments that we’ve seen…something IMO needs to happen…and by all rights it should happen well before Ramadan.
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MadDScout (Dinar Guru) – Article: “Minister-Iraq-Welcomes-Joint-Ventures-with-Iranian-Companies” Whether we like it or not Iran and Iraq have a business relationship…this can only be good for Iraq to be on good relations with it’s neighbors and to work on those common ties. [Maybe the saying, Keep your enemies closer than your friends is in play here?] Could very well be part of the logic.
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Enorrste (Dinar Guru) – Article: “Vice: oversees the United Nations five-year plan for economic development in Iraq” i agree with KAP [Guru Kaperoni…reference post 5-2-2017] that the IMF is what she is referring to. This confirms and ties into what we have known for some time, namely that the IMF is controlling the plans for change at this point. Furthermore, they are on record that they intend to “bring Iraq into the world market” sometime in the first half of this year. If they are on schedule then we should expect some significant changes within the next 60 days. Of course this is Iraq, and even with the control in the hands of he IMF, it is anyone’s guess how long it will take to get to the float.
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Iraq, US in talks to keep American troop presence after IS
Prime Minister Haider al-Abadi is in talks with the Trump administration to keep American troops in Iraq after the fight against the Islamic State group in the country is concluded, according to a U.S. official and an official from the Iraqi government.
Both officials underlined that the discussions are ongoing and that nothing is finalized.
But the talks point to a consensus by both governments that, in contrast to the U.S. withdrawal in 2011, a longer-term presence of American troops in Iraq is needed to ensure that an insurgency does not bubble up again once the militants are driven out.
Read more: http://dinarupdates.com/blog/
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1bobby (Dinar Guru) – Article: “Iraq Launches project to reform and modernize the State’s financial management systems” [Does this, you think, include smart cards for the Iraqi population?] The smart cards are becoming a mainstay/reality in Iraq on a daily basis. I think we saw 10 more Ministries going to the smart card as far as salary/payroll. The more e dinar we see, the better off we are.
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MadDScout (Dinar Guru) – Article: “Baghdad – Journal News The parliamentary finance committee confirmed that the World Bank’s step in reforming the financial system in Iraq is an important step in supporting investment in the country.” I am thinking this is their confirmation that they are taking the advice of World Bank and moving forward on reforms.
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Kaperoni (Dinar Guru) – Article: “Parliamentary Finance: World Bank pursues tough policies with Iraq” Quote: “The World Bank’s move to reform the financial system in Iraq is an important step in supporting the country’s investment, the parliamentary finance committee said on Thursday.” As I have stated over and over, the banking system is the key. You cannot have private investment if you cannot get your profits out of Iraq. So they are now being held to the fire to get it open to the world (ie electronic banking, reduced corruption, IMF compliance, Article VIII, etc) so investors will come and develop the private sector.
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UN official: Iraq’s experience in a unique global community reconciliation deserve transfer
Branded UN Mission Coordinator for Humanitarian Affairs in Iraq, Lisa Grande, experience community reconciliation in Iraq as “unique”.
Grande said a statement to the Cabinet Secretariat said all Iraq [where] a copy of it, during the meeting the Secretary General Mehdi relationship that “Iraq’s experience and what has been achieved is a unique experience worth to transfer as experience in meeting the challenges in community reconciliation in conflict areas in the world.”
Read more: http://dinarupdates.com/blog/
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This is the date of declaration of the full liberation of Mosul
This is the date of declaration of the full liberation of Mosul Ayman.
The Ninewa Operations Command revealed today that the announcement of the liberation of the entire right coast of Mosul will be announced in a few days.
“A few hours apart the security forces from breaking into the remaining neighborhoods in the western axis and penetrating the central axis of Mosul to save civilians held by a terrorist in the areas under their control,” the commander of Nineveh operations, Maj. Gen. Najem Jubouri, said in a statement that ” Which arrived in the village of Hleileh and stationed with the forces of the anti-terrorism in the western axis will launch operations during the hours of the liberation of the areas of Musriva and Riffi and Tmuz and carpenter and remaining neighborhoods in the western axis
Read more: http://dinarupdates.com/blog/
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Kaperoni (Dinar Guru) – Article: “Abadi: We need to strengthen the economy and the protection of the national industrial and agricultural product…” Quote: “…we want to increase Iraq ‘s exports of many materials and we want to give Iraqi concessions for industrialists who can to issue so that there is not only a departure from the currency but the currency intervention and a trade exchange between Iraq and states on one level this is important in activating the work…” …Abadi is telling the public they are trying to “create the conditions” so investors and investment comes to Iraq. Only then can they move off the peg and let the world decide what the dinar is worth. These kinds of articles to me are very reassuring.
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Kaperoni (Dinar Guru) – Article: “Vice: oversees the United Nations five-year plan for economic development in Iraq” Quote: “this time is different from its predecessors, because the United Nations oversees this plan and has allocated a large sum for her, that’s why we think the success of this plan.” UN means the IMF and World Bank. We should be excited.
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Kaperoni (Dinar Guru) – Article: “Abadi: We prepare for the announcement of the great victory” Quote: “According to a statement to the Office of the Prime Media Minister, Abadi said, in his speech , a festival of national unity , which was held under the slogan ( the great victory on our way towards peace): «We are gearing up to announce a great victory, the biggest priority of peace...” Let’s hope so.
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A Dinar Round Table Call!!
“with the whole DU Crew”
from Thurs nite – Apr 27th
Click-N-Listen!!
Smart phone user link – Click here
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BGG (Dinar Guru) – “Would BGG please give us the true meaning of the deletion of the zeroes project“?] The “Delete the Zeros” project – (we believe) is part of the currency reform project in Iraq. Most notably the process of raising the value of the Dinar and then removing the larger “3 zero” notes from the market…they don’t want people sitting on those big notes – they want them out, where they can easily retract them from the marketplace.
What about the subject of the deletion of zeros and the reason for the delay?
1) Security – control of the state (ie; Mosul)… CERTAINLY PREVENTS THE IMPLEMENTATION OF THE PROJECT.
2) When it is DONE – it must be “…done in coordination with all state departments and the private sector…” Here’s the DOOZY folks… [post 1 of 2….stay tuned]
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BGG (Dinar Guru) – 3) “…where it should be followed by changing the paragraphs contained in the various laws…” MEANING – ONCE THE VALUE CHANGES THEY HAVE TO GET A FEW THINGS CHANGED TO SUIT THE VALUE.
THEY JUST TOLD YOU THE ORDER OF THINGS.
4) “…must also change the financial and statistical records in order to conform with the project process the deletion of zeros…” This bit ALSO INFERS A VALUE CHANGE AS THE PRECURSOR TO REMOVING THE NOTES AND THE REST OF THE PROJECT…here’s another ZINGER…
5) “…On the other hand, the technical preparations are (already) underway by us…” – WHAAAAAAATTTT?? THEY ARE ALREADY GETTING THE TECHNICAL STUFF UNDERWAY. THEY MUST THINK WE ARE CLOSE? This is the ACTUAL CBI talking. [post 2 of 2]
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Backdoc (Dinar Guru) – AS I RECALL, ONE ARTICLE MENTIONED THAT MOSUL WOULD BE ANNOUNCED ON OR BEFORE THE 30 th. EVEN THOUGH WE SAW ARTICLES ABOUT THE SAT. POSSIBILITY, I THINK …THAT TODAY’S ARTICLE IS SIMPLY A POWERFUL TEASE FOR WHAT’S COMING. I WOULDN’T BE SURPRISED TO SEE A RATE CHANGE JUST IN TIME BEFORE FRIDAY THE 5th. OF COURSE THAT GIVES THEM A TUES. WED. THURS. WINDOW. MANY OF US REMEMBER OVER TWO YEARS AGO THE U.S. TREASURY DEPT. CHANGED THEIR INTERNAL RULES SO THAT THEY COULD PAY BILLS WITH FOREIGN CURRENCIES. NOW WOULDN’T THAT BE MORE THAN CONVENIENT FOR A TIME LIKE THIS? IMO.
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Iraqi Government support to discuss security and rebuilding infrastructure
Foreign Minister Ibrahim Al-Jaafari, with the head of the National Alliance, Ammar al-Hakim, Tuesday, to support the Government in achieving security and reconstruction of liberated cities infrastructure.
Jaafari’s Office said in a statement/balance of news copy, “the Foreign Minister Ibrahim Al-Jaafari, received in his Office today, the Iraqi National Alliance President Ammar al-Hakim.
The Office said, “the meeting discussed the soul pain highlights Iraq scene, strong political efforts to save national unity, support the security forces in the fight against terrorism.”
Read more: http://dinarupdates.com/blog/
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Baghdad pledges to provide a suitable environment for investment
Baghdad Province, announced Saturday, pledged to provide a suitable environment for investment and the transfer of powers to sustain during the next stage.
Governor of Baghdad, the statement said Atwan, settle their suspended problems/balance of news copy, to “settle their suspended problems attended the meeting of the supreme body for coordination between the provinces, chaired by Prime Minister Haider Abadi, attended by heads of provincial governors and representatives of some ministries.
Read more: http://www.dinarupdates.com/blog
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Frank26 (Dinar Guru) – Article: “Planning Minister emphasizes the need to prepare a new development plan for the post “Daesh” So does the CBI with the Lifting of The Three Zero’s …POST DAESH …
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tman23 (Dinar Guru) – …Thursday…Confirmed…Cargo planes are now allowed to land in Kurdistan Region’s airports and deliver shipments…Means security is under control… Baghdad and Kurdistan cooperating… We seen Banking follow the CBI exchange…and now cargo direct…
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Kaperoni (Dinar Guru) – Article: “Baghdad embraces a global financial conference next month” Quote: “Iraq is in dire need to reduce the gap between the Iraqi and international banks, and after the association adopted a training program periodically targeting workers in banks , public and private sectors , and managed to create efficiencies able to advanced systems management, pointing that banking technology conference complements these efforts.” That’s 3-4 banking conferences from April to May.
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Kaperoni (Dinar Guru) – Article: “Central Bank: No distinction between foreign and Iraqi banks and currency auction” Quote: “…the existence of discrimination to deal for the Central Bank of Iraq between banks operating in Iraq, whether foreign or Iraqi, but on the basis of classification because they are part of the Iraqi banking system.” This is an important statement for the CBI to make… this is a requirement of Article VIII (and it has been referred to several times in the consultations) to not only liberalize the foreign exchange, but make it available at any and all banks. A good step to show the IMF the CBI is trying to comply.
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The most prominent Council of Ministers’ decisions today
The cabinet held its regular meeting on Tuesday , April 25, 2017 , headed by Dr. Haider al – Abadi.
During the meeting , informed the Council of Ministers on the progress of the battle to liberate the right side of Nineveh in addition to the report on the preparation of the displaced and the measures taken to provide services to them.
The Cabinet also discussed the Turkish air strike , where the Council of Ministers condemned the Turkish air attack on Iraqi territory in the Sinjar area, which caused the occurrence of Iraqi victims and represent a serious violation of Iraqi sovereignty is incompatible with the provisions of international law and the principles of good neighborliness.
Read more: http://dinarupdates.com/blog/
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BGG (Dinar Guru) – […I can’t help but feel like we’re starting to go backwards…] How is it possible to imagine we are going backwards? Mosul is nearly liberated…all the of the world financial powers are taking note of Iraq…they all want to support the re-engagement of Iraq with the world financial communities…none of that can happen at their current rate…it’s an artificially low value. Obviously Abadi and Alak were very positive about the early part of 2017 – but that assumed the speedy removal of ISIS and some political stability…things change – just gives us more of a sense of their direction. …if we’ve ever been in a legitimate “window”, we seem to be heading into one now.
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Kaperoni (Dinar Guru) – Article: “World Bank of Iraq: Economic reforms need to get to the head of an integrated financial system” Quote: “…the World Bank representatives have indicated that economic reforms represent the need to get to the head of an integrated system for the management of the financial operation of the state at the federal and local level.” I have stated it over and over, you cannot have a market economy without the banking system first opening to the world so investors may get profits out. That requires the CBI to get in compliance, move to Article VIII and get the dinar off the peg. As a result, investors will bring money to Iraq through the CBI’s capital account which will allow the CBI to raise the value to offset inflationary pressure created in the economy. First and foremost, the banking system must be activated. Good to see the IMF and WB telling Iraq to get going.
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BGG (Dinar Guru) – The UN Chapter 7 Charter is still in place and is not going anywhere…they’re going to do what they are going to do with their currency’s value…Chapter 7 doesn’t matter at all…all of the sanctions have been removed but the Charter is still there so that we…the U.S…can move troops around at will and that includes all other UN partner nations that matter.
Stryker (Dinar Guru) – Iraq is ready to take its place internationally. An update of Iraq’s Economic Reforms from the IMF and World Bank review…
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EXOGEN (Dinar Guru) – THURSDAY INTEL UPDATE: 1. IN COUNTRY STABILITY IN IRAQ IS FINALLY ALMOST HERE. NOTE: WE TOLD PEOPLE YEARS AGO YOU CAN NOT REVALUE A CURRENCY IN AN UNSTABLE ENVIRONMENT CONTROLLED BY ISIS/ISIL. 2. PAY CLOSE ATTENTION TO THE KURDS. 3. THERE IS ALSO AN OIL PIPELINE TRANSACTION THAT IS THE MAJOR TRIGGER MECHANISM UNDER THE TABLE…HINT HINT! (PAY CLOSE ATTENTION TO OIL JOINT VENTURES WITH IRAQ) 4. IQD PARITY TO OTHER CURRENCY IS INEVITABLE.
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Stryker (Dinar Guru) – Our dinar dominoes are finally ready to topple over in the direction of the perfectly aligned stars that are overlooking the desert soaked deeply in oil.
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BGG (Dinar Guru) – [is the new rate inside the budget?] There is no “new rate” inside the budget…in fact, one of the recent interviews with a CBI official – all but said it wouldn’t happen that way…they did give us an actual list of what was required and in what order it should occur.
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Eat Well – Lose Weight!!
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BGG (Dinar Guru) – [so we are waiting on Mosul’s liberation and then it rv’s?] That is a pretty “canned” statement… though it may not be far from the truth…as in- pretty absolute. [What about the other currencies?] Dong looks to be a ways out (at best).
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tman23 (Dinar Guru) – Coincidental…? You all should be very interested and excited…chatter regarding 4/21 and launching or beginning of something new with in IMF etc…Then i read this…Newshound Guru Stryker Article: “Iraq resumes next Friday talks with the International Monetary Fund and the World Bank“. What makes this so interesting is that everyone is meeting in Washington after they already had 12 day meeting in Amman just last month. Then I saw Legarde in an interview…will be meeting Mnunchin for the first time…Wanna know the date of the meeting …GUESS! Friday…4/21. [post 1 of 2….stay tuned]
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tman23 (Dinar Guru) – …it is being said in inner circles that something big regarding IMF…world currency…be that e-currency or whatever the speculation is was beginning 4/21... All I can say…about it is…What I have been reading regarding 4/21 is from a complete different circle from dinarland and nothing to do with IQD… BUT with the latest report of Iraq being there…Sure makes things interesting along with the April 28th budget gap looming… [post 2 of 2]
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The World Bank confirms its support for Iraq’s economic reforms and development through an integrated financial management system
The World Bank on Saturday confirmed its support for Iraq’s economic reforms and development through an integrated financial management system, while welcoming the steps taken by the Iraqi government in the field of resource management and the crystallization of reform visions .
The Ministry of Finance said in a statement issued on the sidelines of a joint meeting between an Iraqi delegation headed by Finance Minister Abdul Razzaq al-Issa and in the presence of Prime Minister’s Advisor appearance of Mohammed Saleh and a number of officials of the Ministry of Finance and the World Bank team and representatives in Baghdad in the spring meetings of the IMF and the World Bank in Washington, , “Appointed Iraq News” that “representatives of the World Bank indicated that economic reforms are a major necessity to reach an integrated system to manage the financial process of the state at the federal and local level .”
Read more: http://dinarupdates.com/blog/
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BGG (Dinar Guru) – [Do you think that the IMF meeting with the CBI and GOI this weekend could be the GO/No Go meeting for the Revalue of Iraq’s currency?] …IMHO it looks as if all these “talks” will happen first – THEN the Executive Board will decide and vote on, what to do. …the next few days are going to be very, very full of activity. Followed up by the IMF Executive Board. I’m saying – the end of April… up through about the 29th – is a VERY BUSY TIME for Iraq and the world financial overseers.
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BGG (Dinar Guru) – […what your thoughts on that no float….I did some research and there are advantages and cons about a pegged rate. I read if theyd come out low it will help with trade but on the other hand it could raise inflation.] Not could – will…it would start an inflationary trend that might not be easy to stop. IMHO – it will be a “managed float” – meaning: it will look so much like a fixed rate – it might as well be fixed.
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MadDScout (Dinar Guru) – [Do you think that the IMF meeting with the CBI and GOI this weekend could be the GO/No Go meeting for the Revalue of Iraq’s currency?] I will offer that it is a very important meeting. With the frozen funds coming back on line in June seems strategic.
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Breitling (Dinar Guru) – …Think about all the numbers we’ve been watching over the years…we knew what we needed to look for…We always talked about the note count. The note count has to be going down. At it’s peak when I got into the dinar…it was 15 trillion dinar…NOT NOTES…dinar. The max Iraq has had is 9 Billion notes which represented about 30 trillion dinar. So what does that mean? If you have 1 note that’s worth 25k and one note that’s worth 10k, you can see how there are more dinar than there are notes and that’s why we need to be able to parse those numbers to understand exactly what’s going on. But the total was 30 trillion dinar out there and they brought that number down by reducing the note count. So what are we at today?
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Chattels (Dinar Guru) – Isis ‘minister of war’ is killed by allied airstrike in Mosul. The highest ranking Islamic State commander in Mosul, described as the jihadists’ minister of war, has been killed in an airstrike.
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BGG (Dinar Guru) – Article: “Central Bank Governor: no room to cancel the sale of the dollar window, if canceled, the exchange rate has become 3 or 4 thousand, and perhaps more” Article quote: “On the prospects of floating Aldenarabraghi, similar to other countries in the region, Keywords said that it is Matrouh sealed now, and we are working on editing currency and not float, a large difference between the two” that is a BIG ARTICLE…there won’t be any FLOAT… (no float). PERIOD.
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Iraqi Dinar/Dollar auction 05-04-17 (most recent listing)
| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1292.810 | 1292.163 |
| British pound | GBP | 1530.438 | 1529.673 |
| Canadian dollar | CAD | 863.351 | 862.920 |
| Swiss franc | CHF | 1195.115 | 1194.517 |
| Swedish krona | SEK | 134.283 | 134.216 |
| Norwegian krone | NOK | 137.711 | 137.642 |
| Danish krone | DKK | 173.831 | 173.744 |
| Japanese yen | JPY | 10.503 | 10.498 |
| Special Drawing Rights |
SDR | 1621.216 | 1620.405 |
Indicative rates – 05.04.2017
http://www.cbi.iq
Read more: http://www.dinarupdates.com/blog/
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1bobby (Dinar Guru) – Article: “Parliamentary economy talks about the provisions of the law “Trademarks” As we delved further into what we are seeing is a WTO requirement. The TRIPS Agreement within the WTO guidelines mainly deals with intellectual property protections, it also go into trademark issues. Some ask if this needed for an RV. What it is needed for is promoting trade which is one of the pillars that influences exchange rates.
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Kaperoni (Dinar Guru) – Article: “UNDP to Implement E-Tendering system in Iraq” Quote: “The UN Development Programme (UNDP)’s Iraq Country Office has announced that, starting 1st May 2017, all procurement processes will be conducted using an online E-Tendering system (Electronic Tendering Platform).” Good to see. More electronic, less corruption.
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1bobby (Dinar Guru) – Article: “Iraq and Kuwait to discuss mechanisms for achieving economic complementarity” When they speak of “mechanisms” that means that the substance(s) of the agreement have been met, now they are looking towards implementation. Kuwait and the other ME Countries are learning that they can not survive by oil alone and they need to open the doors to more of a non oil revenue based economy. Iraq has lifted a ban that basically gives the right to Kuwati citizens the right to own property and invest in Iraq. Now Iraq wants the same from Kuwait. Kuwait calls Iraq “An important and promising market“.
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The Baghdad International Fair is due to open at its 44th session
The Ministry of Commerce announced the launch of the Baghdad International Fair in the next 44 session for a period of twelve days, the opening of this session, which was scheduled in early November coincides with the visit of the forty martyrdom of Imam Hussein peace be upon him.
Engineer Hashem Mohammed Hatem, Director General of the General Company for Exhibitions and Commercial Services of Iraq, said that the ministry has submitted the date of the 44th session of the Baghdad International Fair for a period of twelve days, to be 21-30 / 10/2017 instead of the first of next November.
Read more: http://dinarupdates.com/blog/
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DayTrader, a News Researcher for DinarUpdates.com, recently had some interesting commentary.
Here are his thoughts:
Article 140 is much more complex than many realize. If you read Article 140 in the Iraq constitution, it refers to Article 58 of the Law of Administration for the State of Iraq for the Transitional Period that outlines all the steps that must be completed. This was a document constructed by Paul Bremmer to be used until a permanent constitution could be developed and ratified by Iraq. Article 58 states:
Read More: http://dinarupdates.com/blog/
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BGG (Dinar Guru) – […I saw the ad for Zain prepaid phone cards in denominations of 250, 500, and 1000 IQD. I would assume they would be similar to 25, 50, and 100 dollar cards. Is this then telling us they are removing 1 zero and not 3? Not sure what to think.] Could just be moving toward increased value. I highly doubt they “take off one zero” since the whole “three zeros project” isn’t about nominal value – or moving the decimal point. It’s about increasing the value.
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Kaperoni (Dinar Guru) – Article: “Jubouri Kubiche: The victory of the security forces returned to the political stability of the country” ...if Iraq was waiting for this (as they have said over and over) then yes, it should be a sign of good things to come. That being said, I continue to believe the CBI must meet compliance with the IMF before anything currency related can occur… and they are not in compliance.
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Kaperoni (Dinar Guru) – Delegation from US Congress visiting Iraq says…”Iraq on the verge of a big boom.”
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Loop (Dinar Guru) – Article: “Head of the IMF mission’s (term) interest peg to the dollar rather than a large reduction of the Iraqi economy” The head of the IMF mission in Iraq is answering questions. THe IMF is saying that to decrease the value of the dinar against the dollar would only lead to inflation and that the CBI has the needed reserves to support the economy. [we certainly dont want it devalued any more.] It won’t. THere is no reason for it. Their economy is expanding so why on earth would the throw it into reverse? Just like I do not think a float is going to happen. They also are saying that there is no issue with the debt that they have taken on to support the country as long as the follow the process as outlined in the SBA.
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BGG (Dinar Guru) – The BIGGEST article of the day… “Director of the Issuance Department of the Central Bank: Printed currency volume exceeds 11 billion and 600 million dinars” (the title is a little weak for the content of the article)…the title should have read RV- RV- RV!! Quote: “Most of the Iraqi Central Bank steps are subject to political and legal environment of the country, especially in regard to the deletion of zeros…” …this is what you are after – EXACTLY. PERIOD. it’s isn’t a removing of the 000 from the notes…it isn’t a changing of the DECIMAL POINT…it isn’t a change in the nominal value…IT’S A CHANGING OF THE REAL VALUE and A BRINGING IN OF THE BIG NOTES… “…deleting the big 000 notes from the market place” = RV. [post 1 of 2….stay tuned]
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BGG (Dinar Guru) – …they have no intent on bringing out any bigger note classes – THEY DON’T NEED IT… value is going the other way…nowhere in there does it mention Article 140 – HCL – or anything else… nor does it bother to mention any laws needing passed… just a few changes. (aka – AMENDMENTS) [Also key phrase is “where it should be FOLLOWED by” Meaning the laws should be changed AFTER.] BINGO! money first – laws AFTER! why? They need to get this done now! This is about as much heads up as they are willing to give anyone…if they change the laws ahead of time – EVERYONE WILL KNOW. BIGGEST PIECE YET…here it comes… “On the other hand, the technical preparations are underway by us.” Meaning – on the other side of everything he’s said so far… they are and have been already making technical preparations (by the CBI). Pretty plain – if you ask me…pretty huge news... [post 2 of 2]
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MadDScout (Dinar Guru) – Article: “Rasheed Bank directs its branches to open documentary credits to public and private sector companies” Another way of getting business used to the banks. There is gobs of banking reform news out there. ...it has not always been this way. These are the many gears that are turning So to ask about hold ups is to not have a good grasp on what this whole situation encompasses.
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Delta (Dinar Guru) – MASTERCARD SHOWING IQD NOW. 1 IQD = 0.000888 USD. ANOTHER ONE IS SHOWING NOW BLOOMBERG…COME ON CBI JUST DO IT.
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MadDScout (Dinar Guru) – [As we look for signals of a rate change coming, are there any similarities we can find with other countries who have been through this?] …I would say this is a very unique situation, as compared with other countries situations, and as BGG put’s it, “there is no actionable intel”.
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Director of the Issuance Department of the Central Bank: Printed currency volume exceeds 11 billion and 600 million dinars
Most of the Iraqi Central Bank steps are subject to political and legal environment of the country , especially in regard to the deletion of zeros that counted specialists in the earlier trend sensitive and dangerous may still be , but the central remains the most important institution in terms of the need to adjust the financial management in light of the financial crisis experienced by the the Iraqi economy, which must have to deal with dilemmas , whether with regard to the citizen or the work of the central bank itself.
Read more: http://www.dinarupdates.com/blog/
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1bobby (Dinar Guru) – Article: “Office: Abadi agreed with the delegation of the Kurdistan Region to remove obstacles that prevented the activation of Article 140” The infamous Art 140 is in the Constitution, just not activated and or implemented. Now 140 does not cover all of Iraq, just Kirkuk and the disputed territories, Kikuk being ground zero. With Abadi agreeing to remove all obstacles to implement 140 is a HUGE step forward and something the Kurds can work with. Now while there are numerous cities/districts covered under 140, Kirkuk is the main concern. Kirkuk sits atop one of the largest oil reserves in Iraq, most reports estimate over 40 billion barrels of oil. …If Abadi is willing to remove the obstacles, then the Kurds will control Kirkuk. This action does not require a Parliamentary vote since it’s already in the Constitution. What Baghdad wants is what the constitution states “All oil within Iraq belongs to all Iraqi’s“…So if the Kurds get what they want, Baghdad will want all oil proceeds to flow thru Baghdad and then %’s will be distributed accordingly. We’ll just have to let this play out and see what they do, not what they say.
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MadDScout (Dinar Guru) – [What’s left before NEEDED to be taken off programmed rate?] Answer: That is what we are watching for. But from CBI (Alak’s) view, they are looking for stability…social, political, economic, security, take your pick as to how much of each of those goes into the criterion they are looking toward.
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Kaperoni (Dinar Guru) – Article: “The call for legislation of “important” laws before the end of the parliamentary session” Quotes: “The oil and gas laws, the Reconstruction Council, the Federal Service Council and the Federal Court Act, as well as the amending law of the amnesty law, are among the most outstanding laws that should be resolved as soon as possible,” the bloc said in a statement.” “noting that “the need to resolve to see the light soon.” …the only wildcard is if the US, UN etc get involved. We have seen in the past when something must be passed, it is done so with a little pressure. If the doors are ready to open, be assured what law or laws need to be passed will get done.
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Iraqi Dinar/Dollar auction 05-04-17 (most recent listing)
Currency Auctions Announcement No. 3435
This daily currency auction was held in the Central Bank of Iraq on the 05-04-2017
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 45 |
| Number of remittance companies | 11 |
| Auction price selling dinar / US$ | —– |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 159,555,532 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 159,597,950 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/blog/
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MadDScout (Dinar Guru) – [We have always heard when article 140 and HCL are put into place and activated we should see the rate within hours of implementation. We know Mosul is a key part. Can they implement HCL and Article 140 on a program rate?] Answer: That theory is old and unfounded, and tends to put events in the wrong order, according to what we know right now. Being as this is never mentioned in any of Alaks statements when asked about what the CBI needs to make full monetary reforms, I have put it out of my vocabulary. As to the third part of your question, can they implement 140 at program rate, I think it is so far in the future (Art140) they will have a “rate” by then. But IMO one doesn’t equal the other. They are stand alone issues, unhinged one from another. Rate is only important to us.
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Kaperoni (Dinar Guru) – Article: “Abadi: Two months separating Iraq’s exit from Chapter VII” [It would seem that Iraq’s removal of Chapter 7 would occur before the dinar becomes marketable and begins to float…] …though it’s important for Iraq to have it’s own currency once sovereign, I do not think they are directly related. When the dinar floats is a more of a decision of the CBI based on monetary policy. IMO, I do not expect it to begin until just before foreign investment begins to pour into Iraq.
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