Rafidain Bank launches an ATM service
Rafidain Bank announced on Friday the launch of the ATM service, which depends on the electronic payment card.
The Bank’s Information Office said in a statement that “the ATM service in force internationally depends on the electronic payment card such as MasterCard and other payment cards that facilitate the citizen to withdraw money in any place where it is.
The statement pointed out that ‘this step comes to reduce the theft of citizens.’
Read more: http://www.dinarupdates.com/blog/
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Iraq enters 2018 with celebrations and hopes after seven lapses
Iraq is entering 2018 and hopes to maintain the military victory and this year is the year of economic and financial relief, while the expected departure of US forces Iraq, where the picture appeared during the celebration of the year as the title of the truth of what has been achieved and achieved.
“The year of victory will remain immortal in the history of our people,” Prime Minister Dr. Haider al-Abbadi congratulated the New Year.
Abbadi offers the warmest congratulations, congratulations and best wishes to our noble people, especially the Christians, and to all humanity on the occasion of the new Gregorian year.
He pointed out that the year of the Great Victory will remain immortal in the history of our people.
“We look forward to working together to maintain victory and unity and to continue with the same vigor and determination to restore stability and reconstruction and to complete the return of displaced people to their homes,” he added..
Abadi said that the year 2018 should be a year of peace and stability for the peoples of our region and the whole world, and he said that “conflicts and wars must be stopped and human aspirations must be realized with a better future.”
Read more: http://www.dinarupdates.com/blog/
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BGG – There is a lot of news about this major private bank offering major ATM services. This is very interesting. There are lots of people talking about that there are lower denominations, this that and the other thing. We don’t know that. We have no facts to back that up. We have no proof. We’d like to see some proof. I know it as fact that there was an article that kind of alluded to lower denoms but it’s not like that…they talked about the 500 notes and the 1000 notes. I have no idea why they would do that it they didn’t have a value associated with that but they did talk about it and it is in an article…so that is the extent of lower denominations…there is no shred of proof that those ATMs are loaded with lower denoms. When there is proof we will post it but right now there is no proof.
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Follow us on twitter @DinarUpdates !!
Dinar Updates – Q & A Call – with BGG Dec 27th – 8:00 pm Conference Call Phone # 641-715-3640 pin #932875
12/27 – Recorded Call Replay Link
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Economic Outlook for the New Year
The global economy in 2017 underwent major shifts, moving from recession to growth, and 2017 results can be briefly described as “aspirations” and “standards.”
The 2017 results were better than economists had expected for the Russian economy, as it managed to break out of recession and grew by 1.7%. For 2018, experts expect growth of between 2% and 2.5%, thanks to increased investment and growth in domestic demand.
With regard to the performance of the global economy in 2018, optimism over the expectations of experts, where they expect the continuation of the momentum of global GDP, and the global economy, according to the site, “DynamicExport”, by 3.1%.
Economists also expect the world’s largest economy to grow by 2.2% in the new year, while the UK economy is expected to slow to 1.5% this year and next.
Gold is heading towards breaking new record highs
The year 2017 witnessed a marked increase in demand for gold due to several events, most notably tensions over the Korean Peninsula, yet the precious metal, a safe haven, did not exceed the psychological barrier of $ 1,300 an ounce.
Read more: http://www.dinarupdates.com/blog/
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Mr. White – …He then in turn gave the equivalent amount of IQD to the bank. The bank went to the auction window with CBI. The CBI sold dollars and the dollars were returned to the merchant. The CBI turned around and sold IQD to the Government of Iraq, they had US dollars because they sold oil and it was this circle…the corruption just kept getting bigger and bigger. But now for the first time in 14 years…Never never have they talked about ending the auctions… [Post 2 of 3 All of this pertains to Guru BGG’s “cataclysmic” post below…]
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Mr. White – …The auctions have been like the IV stuck inside the arm of the patient lying in bed since 2003. Now they’re going to pull that IV out. How in the world can they do that? Unless that patient of Iraq can bring this stuff in…Do international commerce with something other than the auctions. And the auctions only do one thing…puts dollars back into the street. Back into the merchant. Back into the banks. Now they’re going to stop it. I am excited about this. I’ve been sitting on this stuff for the past 2, 3 or four months satisfied because I know what’s happening and now this… [Post 3 of 3 All of this pertains to Guru BGG’s “cataclysmic” post below…]
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BGG – There is a ton of news…the news for the last 3 or 4 weeks has been absolutely spectacular…It is just huge. There’s 3 main veins of news lately. 1. It’s about the Kurdish situation. The whole thing seems to be coming to a head both politically, international pressure wise on the ground…i doubt this goes on much longer…and that’s going to be good for everybody. 2. Investment and economic climate in Iraq. this is the Key and is really really good stuff. We are getting this in waves lately and we’re getting avalanched with this stuff. I’ve never seen this before. It’s very exciting for the future of Iraq. 3. Fight against corruption. There seems to be a very direct, immediate and through push to deal with their corruption issues. Huge amounts of progress lately. There is lots yet to be done but this is good news…
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Iraq once again Controls own Economy, Free of UN Sanctions
By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
The United Nations Security Council (UNSC) has agreed to lift sanctions imposed on Iraq when the country invaded Kuwait 27 years ago.
The Iraqi Foreign Ministry said Dec. 9 the country had completed its obligations under the sanctions, which were imposed in 1990 when dictator Saddam Hussein invaded Kuwait. The UNSC levied the penalties after naming Iraq a threat to international security and ordered it to pay reparations to states and other parties that suffered as a result of the invasion.
Some 27 years later, Iraq is still suffering the effects of the invasion. Hisham al-Rukabi, the head of Vice President Nouri al-Maliki’s press office, told Al-Monitor that the Iraqi people welcomed the recent UN decision.
Saad al-Hadithi, the spokesman for Prime Minister Haider al-Abadi, said the move is “an important event in Iraq’s recent history and the closing of a painful [age] that lasted a long time, during which the Iraqi people suffered reduced sovereignty as well as political and economic sanctions that damaged the country’s institutions as well as individuals.”
Read more: http://www.dinarupdates.com/blog/
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Randy Koonce (Dinar Guru) – One more update to all citizens of Dinar Land. And it is my deepest hope – this will be the last one. It really should be The Last One. If you have been keeping up with posts from other renowned Dinar Land Gurus (which everyone does!!) you should know that the news from Iraq right now is Phenomenal. Stupendous. Amazing…For what it may be worth to you, I wanted to let you know that my sources are echoing very positive news along with everyone else. It looks like the window for a rate change should be wide open during the 1st two weeks of January. And, that might even include this weekend. Maybe…However – everyone who has been in this for a while knows the Dinar Land mantra: It’s Iraq!!! [Post 1 of 2]
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Mr. White (Dinar Guru) – …I think there is something within the last couple days that speaks volumes as to what’s coming down the road…there is something that came out in the news…that has not been spoken about at all since 2003. In 2003 the provisional government set up the auction as we know it today for the purpose of giving the government of Iraq as well as it’s economy [the ability] to import goods from the outside. And the way they did that was they had to pay for goods with U.S. Dollars to bring this stuff in. When a merchant paid in US dollars, say $500,000 to import rice or sugar, that guy went to the bank immediately and said I just used $500,000 of my US dollars I want it returned to me… [Post 1 of 3 All of this pertains to Guru BGG’s “cataclysmic” post below…]
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BGG (Dinar Guru) – This is the #1 piece of information being overlooked right now. When they stop those auctions and they don’t say particularly when they’re going to do it next year. I’d assume it happens fairly early in the new year…right after the first of the year. Something cataclysmic is going to happen. I’d assume they have some sort of a plan for that… [Stay tuned for Guru Mr. White’s explanation of what the auctions are, why they’re so significant and what had Guru Mr. White so excited…]
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Rafidain Bank launches an electronic ATM service
Al-Rafidain Bank announced on Wednesday the launch of the ATM service in Iraq through the adoption of electronic payment card (master card and other payment card) held by the citizen to withdraw his money in any place.
The bank’s information office said in a statement, “The opening of the international electronic bank service center to provide excellent banking services for citizens and employees for the purpose of withdrawing funds when needed.
“This step also limits the risk that various segments of citizens will be exposed to theft because the money they carry through this card will not be visible,” the office said.
Read more: http://www.dinarupdates.com/blog/
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Iraq reveals its reserves of hard currency
Iraq’s central bank governor Ali al-Alaq said on Tuesday that the bank’s reserves of foreign currency amounted to $ 48 billion, pointing out that Iraq will not resort to the currency.
“The central bank of foreign currency currently amounts to $ 48 billion,” al-Alak said in a statement Tuesday. He added that “Iraq, which is one of the oil states, has a fixed exchange rate, or fixed with flexibility, and does not have a fixed rate of return. in Iraq or other oil countries. ”
“The flotation is difficult to apply in Iraq, considering that the government, de facto, monopoly the offer of the dollar and foreign currencies.”
The floating currency is to make the exchange rate of this currency fully liberalized, so that the government or central bank does not interfere in determining it directly, but is automatically discharged in the currency market through the mechanism of supply and demand, which allows to determine the exchange rate of the national currency against foreign currencies.
Read more: http://www.dinarupdates.com/blog/
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Iraq plans to extend a new pipeline to transport Kirkuk oil
The Ministry of Oil called on international companies to invest through the implementation of a project to extend a new pipeline for oil exports from the fields of Kirkuk to the Turkish border, according to an official statement. The statement quoted the spokesman of the Ministry of Oil Assem Jihad, “The oil projects company called on local and international companies to participate in the implementation of a pipeline project for oil exports from the fields of Kirkuk to the Iraqi-Turkish border.”
He added that “the pipeline length of 350 km and diameter of 48 knots and more than one million barrels per day.”
He explained that “the project is implemented in the form of investment, the investor company is spending on the project and then recover costs after the operation of the pipeline according to the time period agreed upon,” without further details. He pointed out that the contract requires a coalition of companies that will win the implementation of the project with the participation of local companies by not less than 25 percent.
The Oil Ministry set the twenty-fourth of January 2018, a deadline for submission of tenders, according to the spokesman.
Read more: http://www.dinarupdates.com/blog/
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G-Lin (Dinar Guru) – Having Iraq released from the restrictions of Chap. 7 was just HUGE!! And Parl. should be back on the 3rd of Jan. and we might see the added amendments to the budget that the Council of Ministers have been busy with. [See Ch7 Article below: 12-26-2017 Guru American Contractor]
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American Contractor (Dinar Guru) – Article “Iraq once again controls own economy, free of UN sanctions.” According to this article Iraq has free from all UN sanctions. Previously until this article was written Iraq has always been under Ch. 7 sanctions. Quote: “The United Nations Security Council (UNSC) has agreed to lift sanctions imposed on Iraq when the country invited Kuwait 26 years ago. The Iraqi Foreign Minsister said Dec 9 the country had completed it’s obligations under the sanctions…Kuwaiti Oil Minister Essan Al-Marzouq said Dec. 10 that the 10 year deal with Iraq provides for imports of 50 million cubic feet of natural gas a day…later rising to 200 million. The deal appears to have been the key factor that persuaded Kuwait to call for the UN to life the sanctions…Iraqi Parliament member Jassem Mohammad…’Before sanctions were lifted, Iraq was not even able to open foreign bank account in the name of the government…that cost the Iraqi Treasury enormously…” [Post 1 of 2]
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Jubouri: the next stage towards economic stability
Transfer to the sons of Basra , thanks and appreciation of the liberated provinces of Baghdad / Saad Al- Samak stressed Chairman of the House of Representatives, Dr. Salim al – Jubouri, the need to speed up holding a real dialogue in which you can put up opportunities the solution and activate the mobility of the collective towards ending the crisis, praising the role of tribes in support of stability and limited arms in the hands of State And impose the prestige of the law and the protection of citizens, and called on the Council of Ministers to include a number of paragraphs in the draft financial budget for the year 2018. Jubouri, during a meeting with the local government in the province of Basra: In a statement to “morning”, “The Parliament at its next meeting will introduce the budget law on the Council to Rath first reading , “stressing that” the employees ‘ salaries for us a red line and should not affect. ”
“Terrorism, when it is defeated, has given us a new challenge: achieving reconstruction and stability,” the speaker said. “We can not lose sight of our youth to deprive them of terrorism or other areas of futility.”
Read more: http://www.dinarupdates.com/blog/
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Enorrste (Dinar Guru) – Article: “Central Bank: float the dinar is difficult to apply in Iraq” Alaq is giving a progress report on the plans to open the currency to a float. They have taken “a package of measures” to bring them to the point where a float will work. …Then he goes on to state that they are making efforts to achieve “financial inclusion” which I take to mean international acceptance of the dinar, now that the security and financial stability have been dealt with. Finally, he concludes by stating that paying federal employees through bank deposits is working to get people to use the banks. [post 1 of 2….stay tuned]
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Enorrste (Dinar Guru) – The reason for the delay, in my view, is this last item. Unless and until the CBI can get the dinars out from the mattresses they are cautious to begin the float. In short, there are just too many dinars in circulation. However, as they get people to move to banking they can remove the large notes from circulation and begin the float. Therefore, I see this article as positive. It is a report card only but points to a goal (the float) that is imminent. I get to this conclusion because…it specifically is mentioned that Egypt moved to a float, but “too late.” This would imply to me that the CBI is not going to be “too late” in moving forward, unlike Egypt. [post 2 of 2]
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Washington and Baghdad are negotiating a long-term US presence in Iraq
The United States and Iraq have recently intensified their talks to keep a section of US troops permanently in the country following the expulsion of armed militants.
Both countries want to avoid repeating what happened in 2011, when US forces withdrew from Iraq after they successfully curbed al-Qaeda’s threat and reduced violence in the country. But three years after that withdrawal, the Iraqi army collapsed in the face of the march of armed militants.
According to US officials, who declined to be named because they were not authorized to speak publicly, the United States and Iraq have yet to decide on the size and composition of the force that would remain, which could change over time.
Read more: http://www.dinarupdates.com/blog/
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BGG (Dinar Guru) – Article: “Anti-Government protest continue for third day in some Kurdish cities” These unfolding events are BIG NEWS… Barzani’s “Old Guard” regime is on the verge of collapse. Abadi has been plain in his efforts to protect and help ALL the people of Iraq.
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Kaperoni (Dinar Guru) – Article: “A new term Atdoual Iraqi banks and earns “millions” during hours without paying one penny” Quote: “the daily speculation carried out by traders across the volatile instruments affect the stability of the currency rate and the size of the cash reserves of foreign currency because the bank will cover the needs of Iraq Foreign trade, but these speculators use these reserves for the purpose of profit.” So they either reduce the spread to 2% or less as required by the IMF or start the currency reform and float the currency so they can eliminate the dollar auctions.
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Anti-Government protest continue for third day in some Kurdish cities
6:36 p.m.
Kurdish health officials lower protest death count from 5 to 2
The KRG Ministry of Health and local officials have lowered the death casualty for Tuesday violent protests in the city of Raniya to two, down from five.
Taha Mohammed, spokesperson for the health department in Raniya, had told Rudaw on Tuesday that five people were killed and 80 more injured after the anti-government protests in Raniya, the capital city of Raparin Administration, northwest of Sulaimani.
He told Rudaw on Wednesday evening that they had “mistakenly calculated” the death casualties as their hospitals were overcrowded by dozens of injured protesters.
On Tuesday evening, the public hospital in the city recorded five deaths “three of whom died of normal conditions” unrelated to the protests. He added that only two died from the clashes on Tuesday.
Dr. Khals Qadir, the spokesperson for Kurdistan’s Ministry of Health, also told Rudaw on Wednesday that they have recorded only two cases of death from Tuesday’s protests.
Mohammed, from the Raniya health department, added that the number of injured has risen to 87 following fresh protests in Raniya on Wednesday…
Read More: http://www.dinarupdates.com/showthread.php?55809-Anti-Government-protest-continue-for-third-day-in-some-Kurdish-cities
BGG ~ These unfolding events are BIG NEWS… Barzani’s “Old Guard” regime is on the verge of collapse. Abadi has been plain in his efforts to protect and help ALL the people of Iraq.
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Mike (Dinar Guru) – Article: “Identify obstacles to sustainable development and demand overcome them” Quote: “This conference aims to intensify and coordinate efforts between the Iraqi private sector on the one hand, and between the decision – makers in the House of Representatives and the executive representative of the government of the other side and the support and sponsorship of the International Project Center” I like this guy and he seems to be headed in the right direction, let’s hope the GOI is listening and picks one task and fully accomplishes it and moves on to the next one. …Revamp the investment law. Provide guarantee’s on bank deposits. Move the dinar into Article VIII. Empower the open market economy. Before you know it, the west is investing in Iraq instead of handouts.
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Mnt Goat (Dinar Guru) – …the CBI’s next move is to set the program rate to 1000 : 1 (dinars to US dollars) in early January. But this is not the kind of huge change we are waiting for. We need the 1:1. But this change in January will be a sign for us that the 1:1 is coming soon.
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Stryker (Dinar Guru) – Breaking News: Parliamentary finance raises the draft budget to the Presidency and we are waiting to set a date for approval…Ever Closer To The Finishline.
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Kaperoni (Dinar Guru) – Article: “External: one file and out of Iraq from the provisions of Chapter VII” Whether its UN Chapter VI or VII, it’s pretty clear that the UN has some control over Iraq until the final balance to Kuwait is paid in full. The good news is that they agreed to start paying again in 2018.
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The resignation of the President of the Parliament of Kurdistan of Iraq and the withdrawal of two parties from the Government of the Territory
The news agency “Reuters” quoting party sources that the President of the Parliament of the Kurdistan region of Iraq, Yousef Mohammed, submitted his resignation.
On the other hand, the Movement for Change and the Kurdistan Islamic Group decided to withdraw from the Kurdistan Regional Government of Iraq.
The channel “Alsumaria” a leading member of the Movement for Change Karwan Hashim said that “the Change Movement and the Kurdistan Islamic Group decided to withdraw from the government of the region,” explaining that “the decision to withdraw also included the withdrawal of the President of the Kurdistan Regional Parliament Yusuf Mohammed from office.”
Hashem confirmed that the decision to withdraw was a joint, and was caused by “the neglect of the authorities of the many attempts by the Movement for Change for the implementation of reforms in the Kurdistan region.”
He added that “the movement of change will turn into an opposition force to press for changes and reforms” in the region, stressing that it “is planning to start a new phase of political action.”
The movement’s leader also announced that it had decided to suspend its agreement with the Patriotic Union of Kurdistan. He said that “the leadership of the Movement for Change decided in its meeting today to suspend its agreement with the Patriotic Union of Kurdistan,” and “against the backdrop of recent developments in the Kurdistan region.”
He added that “the citizens of the Kurdistan region will not bear the most current bad conditions,” pointing out that “the current government failed to manage the region and must leave.”
Read More: http://www.dinarupdates.com/showthread.php?55811-The-resignation-of-the-President-of-the-Parliament-of-Kurdistan-of-Iraq!!
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Kaperoni (Dinar Guru) – Article: “The document: a political entity address the Prime Minister officially .. and demanding the dismissal of the Governor of the Central Bank” The one key thing with Alaq as he seems to have united his plans with the GOI. Something that never would have occurred with Shabibi. And I would think if those plans were not in the best interest of Iraq the IMF would have said something as they are present at the meeting, conferences and consultations.
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Enorrste (Dinar Guru) – Article: “Iraq replaces the confidence of the world economically” It appears that Abadi is more positive about the banking situation in Iraq than he should be. We have seen over the years that the banking system in Iraq was woefully deficient. There have certainly been improvements made, but one factor that has not yet occurred is the movement of dinars from mattresses to banks. Unless and until that occurs I fear that the economy will not take off and, more importantly, the CBI won’t be able to reduce the money supply allowing the value to rise. Foreign investment will help but I doublt that it will be as aggressive initially as Abadi would like to believe. This is like trying to move an ocean liner. It starts out slowly and, as KAP [Guru Kaperoni] has noted, gains momentum. But this is not a 100 yard dash. It will take time, months at least, to see any significant change in the investment climate. That’s my 2 cents worth. I wish I were wrong, but I’ve been in this over 11 years and I can’t help but believe that Abadi’s hype is overstated.
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Senior Sunni scholars support Abadi’s push to fight corruption
The Iraqi Jurisprudence Council of Senior Scholars for Preaching and Fatwa declared Monday its support for the measures taken by Prime Minister Haider al-Abadi for fighting corruption.
In a statement, the council said a high-level delegation visited Najaf city on Saturday.
During the visit, Sunni scholars met with a number of Shia scholars.
The delegation has discussed many issues of concern to the Iraqi people, which will contribute to finding solutions to many problems at the present stage, the most significant of which is achieving unity and combating of extremist ideas, the statement read.
According to the statement, the Sunni delegation stressed that it stands by the Iraqi prime minister in his push to fight corruption and corrupt officials.
The visit is an important step in the joint cooperation between Sunni and Shia clergies to achieve peaceful coexistence, the statement added.
This comes after Abadi announced he will unveil a list of corrupt officials.
Read More: http://www.dinarupdates.com/blog/
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Enorrste (Dinar Guru) – Article: “World Bank: ready for the advancement of the Iraqi economy” I agree with KAP that the fact that this is being driven by the World Bank is very significant. In the past we have heard many times that “in the coming period” something may happen, but these were all from within the GOI or CBI. The politics intervened and delays occurred. However, with the World Bank behind this move it seems that we may finally begin to see some real economic growth in the country. Obviously with that growth there will be a strengthening of the currency which should allow for the float to begin. It could take several months, but at least we have one of the “big boys” behind this, finally.
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Kaperoni (Dinar Guru) – Article: “World Bank: ready for the advancement of the Iraqi economy” This is another very important article. Since the World Bank is who was helping the CBI with currency reform, it appears they are on board now to get it done. If you read previous delete zeros articles the World Bank was clear on the benefits and reason to restructor the currency. Seeing this article gives me hope that with the help of the WB, the project may start within a month or two. Keep in mind, those same articles stated that it takes a long time ( I am speculating at a few years) to delete the zeros.
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Follow us on twitter @DinarUpdates !!
Dinar Updates – Q & A Call – with BGG from Dec 12th – 8:00 pm Conference Call Phone # 641-715-3639 pin #528733
12/12 – Recorded Call Replay Link
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Adam Montana (Dinar Guru) – […do you have some good news about thé HCL? RV?] I wish I did right now! We’re in a little bit of a lull with the HCL, and I’m not sure when that lull will be over, but I AM certain that it will end soon. All we can do right now is wait to hear some news. My guess is we should get HCL news within the next 6 weeks. It’s a topic that cannot be ignored forever, it’s something they NEED regardless of their currency value, and it is only going to benefit them. I get torn on this next statement… I want to say “the sooner, the better!” But then I also like the sound of “The HIGHER, the better!” With those words in mind, I usually decide it’s best if I exercise some of that virtue called “patience”, and I’m ok with letting it take a little longer if it’s going to be done right.
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MilitiaMan (Dinar Guru) – Article: “Iraqi bank receives international award” Another indicator of significant progress or coming about international if you will. Setting up for to the final outcome imo.
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Mnt Goat (Dinar Guru) – If you are paying attention to all the news…You should, and now be aware Iraq is on a very strong position to the final phases of the “project to delete the zeros”. The news could not get any better. Last week Iraq delivered to us some amazing news. It was all news that we have been waiting for many years to receive. It is here now and we are moving forward at a faster pace. We heard from the IMF, after the release from Chapter VII, that Iraq is now truly a “fully” sovereign nation…and can now freely deal with the international community… …Iraq can now handle all its oil sales revenues directly. [post 1 of 2….stay tuned]
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Jubouri and the Saudi Ambassador agree to activate the factors of economic and investment development
Baghdad / Al-Ghad Press: Speaker of the House of Representatives Saleem al-Jubouri and the Saudi ambassador on Saturday agreed on the necessity of activating the economic and investment development factors between the two countries, opening new horizons and opportunities for developing trade and Saudi Arabia playing an important role in the reconstruction of liberated areas…
Read more: http://www.dinarupdates.com/blog/
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The Central Bank strengthens banks in local currencies of small groups
Baghdad / Al-Ghad Press: Called the Central Bank of Iraq on the need to maintain the local currency, pointing to the strengthening of local banks in local currencies of small groups.
A source from the Central Bank of “Al-Ghad Press”, said on Tuesday that “the bank calls for the preservation of the local currency and the strengthening of banks with small groups of local currency,” pointing out that “the printing of the Iraqi currency and replace them cost amounts,” calling on citizens to maintain and maintain Bank notes when trading “.
He revealed that “the Central Bank has announced a tender for the printing of new banknotes (small categories) in the printing companies of the world.”
Read more: http://www.dinarupdates.com/blog/
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Mnt Goat (Dinar Guru) – We know ...currency auctions are killing the CBI reserves and must be halted due to corruption. These auctions limit the ability to trade and pay in Iraqi dinars… We know last month that Iraq made trade agreements with boarding countries (Iran, Jordan, Saudi Arabia, Turkey and Iran) and to pay debts in their own currencies. Meaning Iraq is to pay in Dinars, Iran in Riyal, etc. Oh – but how can Iraq when they are restricted in these currency auctions to convert Iraqi IQD to USD and pay in US dollars? We now know (from a previous article this week) that the financial fiscal year for Iraq ends today Dec 15th. I am not going to give you any promises of an RV. I am only trying to bring out the possibilities with EVIDENCE, PROOF and FACTS that this RV ride may soon be over. …There is just so much evidence pointing in the direction of the end of the year. [post 2 of 2]
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MilitiaMan (Dinar Guru) – Quote: “We would like to inform you that RTL transfers has been activated MSG via electronic services via the Internet” This is telling us Iraq just went Digital… imo… if this is true, then our time is near! imo
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Mnt Goat (Dinar Guru) – A lot of readers asked me if Iraq was “fully” out of Chapter VII sanctions of the UN Charter for member nations. Here is my answer: Iraq is “fully” out of the part of sanctions that took them into the oil for food program, thus for the period mid April 1995 – Dec 2017 all oil revenues (petro dollars) had to be deposited first into the DFI fund (Development Fund for Iraq). This protected the funds from predator debt collectors and also corrupted officials. BUT NOW THIS IS NO LONGER MANDATED! Iraq can now receive oil revenues directly and the DFI fund is closed. This is just like before the first gulf war. This is what we want. This is said to mean “full” sovereignty… This is what Iraq wanted and needed prior to the RV. However technically there are still minor Chapter VII issues but they will have little to no impact on the re-instatement of the currency.
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Resolving Erbil-Baghdad Crisis “Big Priority for US”: National Security Advisor
ERBIL — National Security Adviser to the US President, H. R. McMaster, said on Wednesday that finding a solution to the disputes between Erbil and Baghdad is “a big priority” for Donald Trump’s administration.
Speaking at an annual conference of the Jamestown Foundation, McMaster explained that Washington has been assisting Kurds since 1991 with Operation Provide Comfort (OPC), hoping to protect them from atrocities carried out against them.
“What happened?” McMaster asked. “You saw the Kurdish Region flourish.”
He valued the developments in Kurdistan Region and said, “It’s a miracle, almost, what happened in Northern Iraq in terms of beautiful cities in Sulaimani, Erbil, and Dohuk.”
“We think an important aspect of Iraq being strong is resolving this conflict and tension between the Kurdish Region and the rest of Iraq,” he said, as reported by Kurdistan24. “So we’re committed to that.”
“We are committed to the territorial integrity of Iraq and also the territorial integrity of the Kurdish Region… We are committed to work together with the Kurdish leadership [and] the Iraqi leadership to mediate the best we can.”
Read more: http://www.dinarupdates.com/blog/
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MilitiaMan (Dinar Guru) – Article: “Saleh: There are question marks on mechanisms to convert foreign currency to Iraq” When Saleh talks about the safest way to secure payment methods at this juncture in time, is serious information. The documentary credit [reference post 2] is looking to be the way he is going to protect that long line. It is an assurance that the importer has complied with standards that are acceptable for international trade. This is setting the stage for what is expected and that is a level playing field in an international setting that requires transparency and a stable currency at a stable price. Bye bye program rate! imo~ Chapter 7 was lifted on the 8th of December from the article I read.. Imo That was a go time! wink wink wink The twins were born.. lol ~ [post 1 of 2….stay tuned]
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MilitiaMan (Dinar Guru) – “The documentary credit is one of the most secure payment methods in international trade, offering the exporter a conditional payment guarantee from the importer’s bank. Documentary credits usually require the presentation of certain documents, which must be complied with before payment can take place. You must be aware that banks examine the documents only with respect to the documentary credit and do not look at contracts, agreements or the condition of the goods.” [post 2 of 2]
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Iraq emerges from Chapter VII and the “oil for food”
Iraq ended Saturday with a decision by the Security Council to withdraw from Chapter VII of the oil-for-food program imposed on it since the 1990s.
“Iraq has regained its normal status and international standing,” Foreign Ministry spokesman Ahmad Mahjoub said in a statement, adding that his country had completed all commitments to the program after a series of diplomatic successes.
According to the Security Council resolution that “completed the efforts of Iraq to end its files from the era of the former regime,” he ended his obligations under Chapter VII on the oil-for-food program, after he carried out in full.
In 1996, the United Nations imposed the $ 64 billion oil-for-food program to enable Iraq, besieged by timely international economic sanctions, to sell certain quantities of its oil and buy basic necessities.
BGG ~ Obviously, this is very big news, however…
Is Iraq being FULLY removed from the UN Ch 7 Charter (as in – all UNSC oversight)?
(BTW – the sanctions and “the UNSC Charter” may well be two related but different functions)
The wording is still a bit murky for me…
There are some “tensing”, translation and direct reference issues I would like to see cleared up.
It’s not entirely clear they are officially clear of Ch 7 entirely. In many of the articles and interviews, it appears (to me) as though this is referring to the Oil-for-Food program as an individual issue… apart from the UNSC overall function.
I have said repeatedly – I’m not sure they will release Iraq from their UNSC Ch 7 oversight anytime in the near future. This would greatly limit the UN’s ability to come and go (within Iraq’s borders) as they see fit.
Though the UN appears to be pushing Iraq forward rapidly, I am dubious they give up a big tool in their fight against terrorism in the region.
Does Iraq have to be fully released from the UN Ch 7 charter (the protection portion) to progress to where we would like them to? I believe not. JMHO.
Worst case – they are released from the Oil-for-Food portion of the UN Ch 7 sanctions – which is the last of the active CH 7 sanctions and allows them to sell oil more freely on the open market. Great. Huge move forward.
I am going to be somewhat reserved until a official U.N. announcement of a full release from CH 7.
It’s also curious how they managed to hold an international bond offering without this previously and were successful??
My advice – NO MATTER WHAT… calm down. There is an extraordinary amount of jumping from A to B to Z in the community right now. None of the assumptions have to be correct. Relax – wait for the facts.
Don’t add to the “internet hysteria” going on right now…
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Kaperoni (Dinar Guru) – [What other laws are we waiting on? I believe I read something a while back from Kap saying the cbi law was what was needed and there was no specific law needed for the deposit insurance.] Both are done... CBI law passed last month and deposit insurance was passed months ago, never implemented…yet the CBI stated just a day or so ago insurance was imminent.
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Don961 (Dinar Guru) – Some are confused and have asked: Chapter VII, Chapter VI are UN sanctions…having to do with Kuwait war reparations from Sadaam’s attack on them… Article VIII compliance has to do with the IMF…Dotting all the i’s , crossing all the t’s to comply with IMF rules and regulations.
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Kaperoni (Dinar Guru) – Article: “Specialist: Iraq’s exit from Chapter VII paving the way for a safe area for business and investment” [I don’t see them getting out of Chapter VII until they satisfy their debts to the Kuwaiti’s…] …a deal is done to pay the balance with Kuiwait. Today’s press release concludes Oil for Food program under Chapter VII moving Iraq to Chapter VI. I think the references to the assets and banking accounts is significant. This could effect the dinar.
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SECURITY COUNCIL
8126TH MEETING (AM)
All Measures Imposed under Iraq Oil-for-Food Programme Implemented in Full, Security Council Concludes, Unanimously Adopting Resolution 2390 (2017)
The Security Council concluded today that all the measures imposed in its resolutions 1958 (2010) and 2335 (2016) pursuant to Chapter VII of the Charter of the United Nations in relation to the Iraq oil-for-food programme had been fully implemented.
Unanimously adopting resolution 2390 (2017), the Council welcomed the fact that the remaining funds in the escrow accounts established pursuant to resolution 1958 (2010) had been transferred to the Government of Iraq pursuant to resolution 2335 (2016).
The Council acknowledged the Secretary-General’s final report on the matter (document S/2017/820), which stated, among other things, that the remaining $14,283,565 in the administrative escrow account had been transferred to Iraq.
Following the adoption, Amy Noel Tachco (United States) applauded Iraq’s complete implementation of measures under the oil-for-food programme, although the country still faced many challenges. She looked forward to close cooperation internationally and bilaterally in support of Iraq as a federal, democratic and prosperous country.
The meeting started at 9:45 a.m. and ended at 9:48 a.m.
Resolution
The full text of resolution 2390 (2017) reads as follows:
“The Security Council,
“Recalling its resolutions 1958 (2010) and 2335 (2016),
“Acknowledging receipt of the final report of the Secretary-General pursuant to paragraph 4 of Security Council resolution 2335 (2016), S/2017/820,
“1. Welcomes the implementing arrangements entered into by the Secretary-General and the Government of Iraq as requested in paragraph 7 of Security Council resolution 1958 (2010);
“2. Also welcomes that the remaining funds in the escrow accounts established pursuant to paragraphs 3–5 of Security Council resolution 1958 (2010) have been transferred to the Government of Iraq pursuant to Security Council resolution 2335 (2016);
“3. Concludes that all the measures imposed by the Security Council in resolutions 1958 (2010) and 2335 (2016) pursuant to Chapter VII of the Charter of the United Nations have been fully implemented by the parties.”
Read more: http://www.dinarupdates.com/blog/
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G-Lin (Dinar Guru) – Article: “The UN Security Council issued a decision to exit Iraq from Chapter VII” Quote: “After the series of diplomatic successes achieved by the Iraqi Foreign Ministry, its efforts culminated in the issuance of a Security Council resolution to remove Iraq from Chapter VII in the oil-for-food program,” Foreign Ministry spokesman Ahmed Mahjoub said in a press release. After completing all the commitments of the program “. I find it very interesting that this is occurring out of nowhere here at the end of the year. This is pretty huge.
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Apmcrx (Dinar Guru) – Article: “The Central Bank holds its third annual conference with an Arab and international presence” Quote: “the conference will witness a large Arab and international presence, including Kuwait, Lebanon, Egypt, Jordan and Tunisia as well as representatives of the Bank and the International Monetary Fund.” This article smells like our next announcement from IMF article 8 to Iraq is coming too…!!! IMO.
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Delta (Dinar Guru) – Article: “France is looking to expand investment cooperation with Iraq” Quote: “I can assure investors that the Central Bank has been able to remove the last restrictions related to the external transfer of the amounts that represent the proceeds of the investment.” VERY HUGE AND GOOD JOB…ARTICLE 8 RIGHT THERE… FREEDOM OF MOVEMENT OF CAPITOL.
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Masoum calls for the unification of the Iraqi banking system to promote economic reality
President Fuad Masum called on Thursday for the unification of the Iraqi banking system in all parts of the country in order to promote economic reality.
“President Fuad Masum received at the Peace Palace in Baghdad on Thursday, the governor of the Central Bank Ali al-Aalak,” said a statement by the president of the republic.
“The meeting discussed the current monetary and financial situation and the need to modernize banking mechanisms and specialties in Iraq, taking advantage of the latest international technical data,” the statement said.
He stressed the infallibility of the central role of the Central Bank of Iraq in supporting partnership with foreign banks approved and facilitate transactions with local and foreign monetary institutions and strengthen its work within the country in accordance with the law and serve to accelerate the construction of a comprehensive and strong economic system.
Read more: http://www.dinarupdates.com/blog/
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Apmcrx (Dinar Guru) – Article: “Security Council issues a decision to exit Iraq from Chapter VII” Quote: “...remove Iraq from Chapter VII of the oil-for-food program and restore it to its natural status and international status…” Official announcement!!! Natural and International rate is coming!!! Imo.
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Adam Montana (Dinar Guru) – …over in Iraq, we have a little more news than usual this week! It’s being rumored (some confirmed sources, some… not so confirmed) that there is a legitimate push to introduce new currency notes, presumably in smaller denominations. That’s not something you do unless you can establish a need for those smaller notes, which of course requires a stronger exchange rate. The Budget is likely to be finalized in February. I know that’s an eternity for some of us, but that’s the buzz. Unfortunately, I have nothing to report on the HCL. I’m hearing rumors, but nothing confirmed..
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Governor of the Central Bank of the first economic profile for 2017
*The support provided by the Central Bank to the national economy during the economic and financial crisis and the war on terror is a shining point and a successful experience of success in a country that is going through harsh conditions and a historical phase which is the most difficult to face the economic and security challenges that no country has experienced in the world during the last three years like Iraq.
As proved Mohsen Alalak, Governor of the Central Bank of Iraq and his team that they are Mujahideen of first-class in the promotion of economic steadfastness and achieve financial stability and financial victory.
Through prudent efforts and measures and the applications of monetary policy and the development procedures of the Central Bank in the difficult economic stage of Iraq that they were able to draw a strategy for the years (2016-2020) and a clear roadmap goals and ambitions to stabilize the financial system and stimulate fiscal growth and financial inclusion and structural and institutional construction and investment Human capital through the achievements of its mission achieved during the years (2015-2017), the most prominent: maintain the inflation rate of not more than 2% and the level of foreign reserves within acceptable rates in accordance with international standards, where the reserve a foreigner to Iraq up to $ 47 billion and stimulate the banking sector regulatory and supervisory and supervisory and establish new units within the regulatory structures of banks such as compliance and combating money laundering and financing of terrorism and credit and operational risk management and the issuance of the law of money laundering 39 for 2017 and the development of payment systems and the application of all payments by retail and mobile phone and the establishment of the national division.
Read more: http://www.dinarupdates.com/blog/
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G-Lin (Dinar Guru) – Article: “The Central Bank strengthens banks in local currencies of small groups” Quotes: “…the printing of the Iraqi currency and replace them cost amounts,” calling on citizens to maintain and maintain Bank notes when trading.” “the Central Bank has announced a tender for the printing of new banknotes (small categories) in the printing companies of the world.” Is this the beginning of distribution of L.D.’s? If so, they did it last month. It just doesn’t make sense to me for CBI to go to the expense of printing 1000’s and 500’s based on today’s value unless they intend to give them a higher value. It cost more to print them than they are worth. Of course they wouldn’t tell us if they distributed anything smaller. That would tell us too much.
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Kaperoni (Dinar Guru) – [where do you think the float will start at?] I expect it to start right where it is at 1184…may go up fast who knows. The CBI would be foolish to RV, to much money to be made off commission. The IMF wants currencies to float. […could you please explain how this will work.] …hard to know for sure but we will learn when it happens. I have my own guess…That the CBI will get in compliance with the IMF and accept Article VIII. Move to a float…and gradually remove the 3 zeros notes and the dinar rises in value. People dont realize the CBI needs a new exchange regime… choosing to float is a good thing…the CBI makes money…remember, if the CBI stops the auctions, they need to have an alternative. A float allows for the CBI to buy/sell and make commissions and its all about the money. Lets put it another way, you cannnot revalue 44 trillion dinar…thats 4 times the worlds money supply…no such event will ever occur.
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The role of scientific research in developing the reality of the Iraqi economy
Scientific research is one of the most important means of developing countries in various fields, whether technological, medical, scientific, educational, cultural or other fields. The economic aspect comes in the forefront of these fields because of its great role and vital and effective in the study of economic reality and scientific methodology to identify Pros and cons that lie in the economic joints and identify the strengths and weaknesses in order to work to strengthen and develop the sources of strength and reform of the existing weakness and work to overcome the negatives that accompany economic performance in accordance with the scientific method based on the integrated methodology study.
The results of the scientific research are based on statistics and data obtained from the real reality and work to provide solutions and alternatives derived from the results of scientific research, which enables the development and development of the economic reality in various aspects investigated and the work of scientific research to study.
Read more: http://www.dinarupdates.com/blog/
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Follow us on twitter @DinarUpdates !!
Dinar Updates – Q & A Call – with BGG from Nov 8th – 8:00 pm Conference Call Phone # 641-715-3639 pin #528733
11/08 – Recorded Call Replay Link
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G-Lin (Dinar Guru) – A well-informed political source reveals the “identity” of the two companies that the Abadi government contracted with to help fill corruption files... Article quote: “A source familiar with the political, on Sunday, that two companies are conducting the verification of files of corruption in Iraq since 2003. The source said in a press statement that ‘two companies, one American and one British are conducting the audit files corruption in Iraq since 2003 so far, and its task to detect corruption and identify the identities of those involved.” The investigation into the corruption cases is due to start on the basis of a memorandum of understanding signed by the Iraqi government with the United Nations. International investigators will assist the Iraqi government in uncovering the fate of Iraq’s $ 361 billion budget deficit between 2004 and 2014.
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Kaperoni (Dinar Guru) – Article: “Expert for {morning}: 2018 will see a renaissance by making {in Iraq}” Quote: “the government has worked during the last term on the advancement of the industry through a partnership with the private sector, but the move has seen a delay because of the war on terror, but we hope to be activated during the next year” [2018 it is.] I dont like to get overly excited. This could take another 3-6 months before they get into Article VIII and begin to float. Nothing moves fast in Iraq. But we can hope.
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Where is the Iraqi economy?
The economy is the engine of the joints of the state and the recovery of the various sectors, whether government or private sector so all countries of the world seek to develop plans either short or long-term; in order to improve their economic reality.
It is obvious that the positive economic return is a factor in the well-being of the people and the rise in income, not to mention moving the sectors in a way that serves the wheel of construction and development, especially as the market world today forces countries to enter the competition in order to increase their imports and seek to acquire the market.
Iraq is part of today’s world, which has needs and requirements that must be provided to sustain life and meet the needs and wishes of citizens and the state alike. But the economic equation says that the trade balance should be moderated to realize whether we are in a good economic situation or that the balance of payments exceeds the balance of imports.
Read more: http://www.dinarupdates.com/blog/
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G-Lin (Dinar Guru) – Abadi has a ridiculously tough job and I don’t think he can do it alone. Amal Clooney has appeared before the U.N. several times begging Abadi to sign a simple doc. that would open Iraq up to the I.C.C. and to my knowledge he has not cooperated yet. Parl. probably has him handcuffed. So frustrating. The I.C.C. has all of the docs. on Maliki and many more and interpol could issue arrest warrants immediately. Maliki and Barzani are too powerful and charges must be brought up in the international courts. Curtailing Iran’s influence is no easy task. I did read yesterday where Russia is giving some resistance to Iran and the Gulf summit will be held in Kuwait next week. Results of that summit may be fruitful
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Kaperoni (Dinar Guru) – We all should know by now currency reform is a process. Currency reform like we want to see requires stability, implementation of technology, and planning. From what I am reading, progress has been made in recent weeks with the new CBI law, anti money laundering, electronic banking. But this takes time to implement and activate. Not to mention the CBI still has work to do to be in compliance with the IMF. The good news is the CBI is pushing forward on reforms, have banking events scheduled next month, next year. With all this known, hopefully we will see changes in the next few months to perpetuate the banking system and encourage investment
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Follow us on twitter @DinarUpdates !!
Dinar Updates – Q & A Call – with BGG from Nov 8th – 8:00 pm Conference Call Phone # 641-715-3639 pin #528733
11/08 – Recorded Call Replay Link
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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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