Welcome to the Dinar Observer – Daily. For regular Dinar Updates, to see what the Dinar Gurus have to say, Dinar to USD listings, IQD and for Iraqi Dinar info – THAT MATTERS!! This is a good place to start for your Daily Dinar Recap – whether you are a Dinar vet or just looking for a little current Dinar info – Welcome.
Word for the day…
Mrs. BGG
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CURRENCY CODE SELL BUY
Dinar to USD – Dinar Value – Iraqi Dinar “IQD” listing
| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1182.000 | 1180.000 |
| Euro | EUR | 1333.178 | 1332.511 |
| British pound | GBP | 1710.118 | 1709.263 |
| Canadian dollar | CAD | 910.491 | 910.036 |
| Swiss franc | CHF | 1221.327 | 1220.716 |
| Swedish krona | SEK | 143.988 | 143.916 |
| Norwegian krone | NOK | 141.660 | 141.590 |
| Danish krone | DKK | 178.850 | 178.760 |
| Japanese yen | JPY | 10.620 | 10.615 |
| Special Drawing Rights |
SDR | 1662.057 | 1661.226 |
Indicative rates – 03.22.2015
http://www.cbi.iq/
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Nothing is more destructive of respect for the government and the law of the land than passing laws which cannot be enforced. – A. Einstein
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*** Current Posts ***
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*** Current News ***
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wmawhite – A true value for the IQD. If the world trades the Omani Ryal at $2.59, which they do, and Iraq has an economy 1,000% greater, then the true value of the IQD is not $0.00085. …we don’t know what the true value is…however, we can look around the region and see a comparison of other countries and none of them are at $0.00085, except for Iraq and the world knows that the IQD is programed/imposed/not true… Any thing greater than 1182 ($0.00085) is an increase in purchasing power…the question is how great can Iraq leverage the IQD…and IMO, that is what we will see. [post 2 of 2]
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wmawhite – …if we believe that today 1 IQD is not truly valued at $0.00085 why would the CBI enter the world markets at something that is not reflective of their true value? This is why I continue to ask this question: What is missing in the following list of currencies? 1 Egyptian Pound = $0.13 1 Jordanian Dinar = $1.41 1 Qatar Riyal = $0.27 1 Bahraini Dinar = $2.65 1 Israeli Shekel = $0.26 1 Saudi Riyal = $0.27 1 United Arab Emirates Dirham = $0.27 1 Omani Riyal = $2.59 1 Kuwaiti Dinar = $3.31 1 Iraqi Dinar = $0.00085 What is missing? [post 1 of 2….stay tuned]
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Kaperoni – Article: “Consultant Abadi: Document Prime Minister based on state-building and market adoption of smaller and more powerful government” This guy does not understand the auctions and the reason for them. That being said, he is right about the rest…reforms must be “quick” and they must get integrated with the global market soon if they are to succeed. Quote: “economic reform policies must be quick and based on extensive studies to develop solutions in line with developments in real – time local and global market.” I remember reading somewhere (some IMF doc) that the transition should be overnight, quickly, direct, etc., and not gradual to avoid confusion of citizens. Once they are ready, I am hoping they are listening.
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“Round Table” Dinar Call!!
“for Dinar News – that MATTERS!!”
03/22 – @ 5:30pm CST
Smart phone user link – Click here
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wmawhite – Does everybody understand why Iraq uses the USD? The first couple of days following the US enter Iraq we dumped 100s of billions of USD into Iraq so that they could survive as a country…they had to continue to feed themselves…and today, because the IQD is not openly accepted on the world market, Iraq uses the USD as its currency. IMO, we are finally at the point in time when the auctions are going to be reduced because the USD will start to be reduced inside of Iraq and the IQD will be the currency of choice and it is accepted in the world markets. Of course, with a reduction in the price per barrel of oil…there is less USD flowing into Iraq. Therefore, less liquidity…It is quite interesting how so much of these issues have continued to push Iraq in the direction we needed them to go.
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Stryker – Iraq’s Global Economic Diversification…We are seeing Iraq evolve its economy through diversification. Yesterday the first shipment of liquid gas left Iraq’s liquid gas port and head to the open sea on it’s way to their first global customer. We are witnessing history folks as Iraq has never exported liquid gas to any market until now.
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Mnt Goat – …talk now is that Iranian influence must end, ISIS is almost under control (their last stronghold is Mosul), IMF is now working closely with the CBI to align the banking systems and financial systems, the financial and political paths have not yet converged, no RV has taken place. Right now I still hold the conviction of mid March to mid April for an RV. I can only relate the news given to the possibility of the RV according to what they tell us. Will it happen? Events change and the process can speed up or slow down. We wait and see. As I said many times the RV is a by-product of the process, the end result and not the main driving force. It will simply happen when the conditions are right.
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Three presidencies agree to conduct a cabinet reshuffle within a week
Three presidencies decided at the conclusion of the formation of the first meeting of the two committees to follow up the ministerial reforms and adjustment in a week and the other to communicate with the protesters…
Read More: http://www.dinarupdates.com/blog/
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Mnt Goat – “The Pressure is Building” There was a ton of news…It came at us like a running bull once the protestors took to the streets again and crossed over into the green zone. This scared many of these politicians and so finally we began to see some real action towards movement of the Abadi reforms for his cabinet reshuffle. The only hope is that they too can perform and can get the job done without the level of corruption we have seen by their predecessors. Iraq got the majority of the much needed laws (at this point in time of what is needed), we now have a heightened awareness of the crimes committed by Maliki and his goons, the citizens and religious leaders are now driving the pressure for reforms…
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Tlar – The spread between the street and program rate getting bigger, was predictable …You cannot reduce a spread by raising the sale or program rate, especially in such a corrupt environment. The CBI is dancing around the only solution possible for the spread problem. The only long term solution to this problem is to get rid of the multiple currencies usage and just use the dinar. This will close the house of theft (the auctions).
With all the long term systemic corruption built into the auctions and with the sophisticated organized smuggling units that have operated around those auctions now for years in Iraq, there is only one way to stop it. STOP THE AUCTIONS. To do that Iraq must USE THEIR OWN CURRENCY. To do that the PEOPLE MUST TURN IN THEIR DOLLARS for dinars. To do that THE DINAR must be STABLE AND HAVE VALUE. To do that THEY MUST GIVE IT VALUE BEFORE ANY OF THE ABOVE CAN TAKE PLACE.
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Iraqi Dinar/Dollar auction (most recent listing) 03-22-16
Currency Auctions Announcement No. 3162
This daily currency auction was held in the Central Bank of Iraq on the 03-22-2016
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 25 |
| Number of remittance companies | 19 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 82,828,967 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 82,828,967 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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Poppy3 – PROGRESS HAS BEEN TREMENDOUS IN THEIR MARKETPLACE AND LEGAL DEPARTMENTS BUT THAT DOESNT GET US PAID. WE REMAIN IN THE DARK ON REFORM OF CBI BANKING, FULLY FUNDING THE BUDGET. MANY THINK ARTICLE 8 BRINGS RV BUT IT IS JUST ANOTHER STEP IN THE RIGHT DIRECTION. THE RV IS COMING AND JUST LIKE YEARS PASSED THE TIMING IS AND HAS BEEN THE ONLY THING WE DO NOT KNOW. WE ARE IN THE BEST POSITION EVER TO BECOME WINNERS FOR OUR FAMILIES BUT THAT TIMING AND DATE OR THE AMOUNT OF THIS BLESSING IS PURE GUESS WORK.
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rcookie – WHEN YOU CONSIDER ALL OF THE RECENT NEWS AND DIRECT RELEVANCE TO PROGRESS AND STATUS FOR THE EVENT WE ARE LOOKING FOR…ALONG WITH IMF LOI/MEFP/TECH MOU…ARTICLE VIII PROCESS & STATUS…WTO ACCESSION UNDERSTANDING & STATUS…THESE THINGS WILL HELP YOU SLEEP MUCH BETTER..
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tman23 – Iraq IQD was to be a special situation…And a country that had an imposed rate because of war but for years carried a $3 plus rate… It is logical to believe the imposed rate could be lifted and return to the $2.85 – $3 plus that it carried for 50 plus years…
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Millionday – UNDERSTAND THAT THE INCLUSION OF SUCH A GREAT NUMBER OF COUNTRIES AND BUSINESSES TO START BACK UP THE TOURISM >>INDUSTRY<< IT TAKES THE ABILITY TO EXCHANGE THEIR CURRENCY OBVIOUSLY — MAKES NO SENSE ANY OTHER WAY. SO…THE GOAL IS TO EXPAND THE MARKET WITHIN IRAQ — THIS IS GOING TO RAISE THE GDP AND MAKE THEM A SUSTAINABLE COUNTRY WITH WHAT RESOURCES THEY HAVE AS WITH ALL MARKETS. [post 2 of 2]
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Millionday – SO NICE TO KNOW THAT IRAQ IS MOVING TOWARD A FREE MARKET GLOBAL ECONOMY. FIRST LET ME SAY THE SECURITY IN IRAQ HAS IMPROVED REPORTEDLY — HOWEVER SOME INTERNATIONAL INVESTORS ARE NOT FEELING IT. Article quote: “…Barzani kicked off a tourism conference in Erbil on Saturday, saying that participation by hundreds of foreign companies from more than two dozen countries amid an economic crisis in Kurdistan “is a great support” to both Kurdish tourism and people.” …ONE OF THE MARKETS TO DIVERSIFY THE MARKET (GDP) OF IRAQ IS TOURISM…IT HAS ALWAYS BEEN A GOAL OF MANY. [post 1 of 2….stay tuned]
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Tlar – The question in my mind is only this. Is the government considered stable enough. That is a question left to better minds than I have, but in my mind, the Iraqi government is as stable even with all its problems, as many who are openly trading in the world. No promises and don’t hold me too it but I think Iraq is on track to join the world economy whether the government is done or not. I am still very hopeful that it is this month on or before March 31st. There are more than just a few signs that at least that is a target in my mind. Whether they hit it maybe another thing altogether.
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Tlar – The political problems are serious and hopefully they will be resolved as fast as they can be peacefully. I believe the economic problems will also be resolved when they are ready to be resolved. Most folks in dinar land see these two issues as intertwined and it may well be, but I tend to think of these two issues as separate issues meaning they are not necessarily intertwined whereby the political issues have to be resolved first in order for the economy to be started. I see them as two separate issues with equal importance. There are many countries with political issues that still have internationally accepted currencies.
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Tlar – Article: “Abadi moved away from his promise to form a government of technocrats” […Abadi can’t just make changes without Parliamentary approval its unconstitutional, it’s exactly what Maliki was trying to do.] You are right on that statement but he could get rid of the proxy ministers because they are under a one year mandate and replace them with recommended technocrat proxies of his own… He is trying too hard to do the right thing and to get hostile blocks like the SOL to be on board. Either way change has to come and its got to come quick or Abadi will pay a price. The last resort to dismiss the government and then resign leaves too wide an opening for Maliki.
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wmawhite – There are numerous issues at play… the move into the international markets is totally separate from the reforms being pushed ay Abadi. The price of oil is secondary to the move into Article 8. Once Iraq can order that rice from Thialand and pay for it with an account with IQD in it then there will be no need for the auctions. When that happens…and we believe the IMF gave us a timeframe then it is best for Iraq to conduct business at a value that will not kill them financially…their true value.
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wmawhite – Here is some information that I believe tells you exactly where we are: Iraq: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding December 22, 2015: 12. The spread between the official and the parallel foreign exchange market rate receded to around 2 percentage points since August… 19. The government will gradually remove remaining exchange restrictions and multiple currency practice (MCP) with a view to eliminating exchange rate distortions. Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investment community that Iraq is committed to maintain an exchange system that is free of restrictions and MCPs for current international transactions and thus facilitate creation of a favorable business climate. folks…if you wonder what remains to be done in order for Iraq to move into Article 8…there it is…dated December 22, 2015.
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Tlar – Article: “Governor of the Central Bank of Iraq will receive substantial financial support soon” Iraq still needs loans even after they change the value of their currency and they need huge infusion of capital because fiscally, they are still draining whether they raise the value of their currency or not. The advantages to raising the value are many…1st is investment. With an international Article Viii currency companies are more apt to invest large sums in Iraq because they see an easy path to get their money out. Secondly, it will stop the auctions because there usefulness will have run its course due to Iraqi companies not needing to convert to USD before they pay. No more remittances needed. No more systemic theft through the auctions. Third they will be pulling in dollars and letting dinars out as long as the rate is attractive enough, meaning the spread between the program rate and street rate disappears. Auctions will no longer be a vehicle with which speculators make a short profit and devalue the dinar and the CBI is expecting a resurgence in people coming back to use the banks again. These and many other reasons by raising the rate and going to Article VIII, will help Iraq immensely...
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For a peek at all the most up-to-date DU News – check the Iraq News Thread (in the forum)…
http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
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