National development plan Conference kicks off in Erbil
Started the first Conference events for the national development plan “2018 – 2022,” Saturday, sponsored by the ministries of planning and Kurdistan, in collaboration with local area development programme implemented by the United Nations development programme, funded by the European Union.
The meeting is scheduled to be held in the Hall “Saad Abdullah in Erbil for three days.
The Conference Planning Minister, Salman Al-jumaili, the planning Minister in the Kurdistan Regional Government, Sindi, Secretary General of the Council of Ministers, Mehdi relationship, coupled with the expert in Economic Affairs, Mehdi Hafez, economists and a large number of attendees.
The Conference includes workshops, in addition to highlighting the economic policy in Iraq, the main challenges and visions of the future.
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.
The Office added that “the meeting discussed many aspects of SOA, security and the return of displaced persons and the financial challenges facing the country, in addition to providing an enabling environment for investment and the transfer of powers”, stating that “the meeting stressed the need to improve service and urban projects actually stalled due to the financial crisis.”
He explained that “the meeting discussed the need for regional development projects with advanced ratio amounts to complete its work.”
The meeting stressed, “keen to maintain full financial dues collected from the general budget to be able to resume work on stalled projects due to lack of funding.”.
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Iraqi Forces Recapture Strategic Town near Mosul
Iraqi forces on Thursday recaptured the strategic town of Hatra, with its roads linking the provinces of Nineveh, Salaheddin and Anbar.
Popular Mobilization Forces (PMF), also known as Hashed al-Shaabi recaptured the town from Islamic State (IS) militants.
The town is located about 120 kilometers away from Mosul, but is of importance to the IS for its roads linking multiple provinces, which can be utilized for resupplying its fronts with weapons and fighters.
“Hashed Al Shaabi forces fully liberated Hatra town in record time,” said the Iraqi Army Staff Lieutenant General Abdulamir Yarallah, as reported by The Jordan Times.
According to Yarallah, IS militants incurred “heavy losses.”
He also noted that Iraqi flags were hoisted above key buildings following the victorious battle over the terrorist group over the town.
An archilogical site in Hatra’s vicinity was recaptured by the PMF on Wednesday.
The site has been damaged by IS militants. However, the extent of the damage is as of now uncertain.
Currently, PMF is clearing the western part of town from planted bombs and booby-traps left by the IS.
Approximately 5,500 civilians and 16,000 sheep had been evacuated from the area.
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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.
Read more: http://www.dinarupdates.com/observer/
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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.
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The IMF puts a plan for improving Iraq’s revenue from taxes
Private sector representatives discussed with a delegation from the International Monetary Fund, his approval of a loan to Iraq to pay arrears to contractors and suppliers and farmers, ways to solve this problem, given the importance of stabilizing the economy.
He asked the Deputy Head of the International Monetary Fund for the Middle East and Asia Christian jaws at the meeting in Baghdad about the possibilities that increase State revenues, including activation of taxes and those levied on non-oil products, pointing out that the tariffs were between 5 and 10 per cent, saying it’s not the right way where customs revenues, and stressed the need to change this method for up to 30 per cent.
He said that the fastest gains and revenues resulting from tax assignment unit planning, these great earnings imposed on traders.
Called JAWS to hiring freeze until the management development, because a higher proportion of staff in the civil service was a way to please the other and recruited without regard to efficiency, this system will lead to a deficit over the next 10 years.
The problem of weak banking sector and the importance of strengthening business through restructuring of Rafidain and Rasheed, and open wide space in front of the private banks with the need for calendar weaknesses and lay the foundations to combat money laundering, as a form of integrity and specialized organizations. And noted the progress made by the Office of financial supervision audit unaudited transactions.
The Economist said Ibrahim Al-Baghdadi in the intervention, Iraq began to collect tariffs in some Customs resources increased to more than 30 times, electricity collection rose 20 times, and the Ministry of electricity power companies fees collection under investment contracts, started to show positive results.
He stressed that payment will move the wheel market and address poor liquidity in markets, which affected the level of per capita income and small business.
Iraqi contractors Union President called on óäçýí, release the arrears of transactions audited by the Office of financial supervision. Contractors said 34 features a contractor, gets a large portion of their suffering at some point tax calculation, tax deduction amounts are reserved to the provinces.
Economic researcher considered Lubna Al-shammari, the reform of the banking sector gate to enter diverse investments to Iraq
We know that in the end, good will triumph over evil, and that as long as we refuse to close our eyes or to silence our voices, we know that justice will ultimately prevail.
The United Nations calls on Turkey to respect Iraq’s sovereignty
The United Nations expressed concern about strikes by Turkish forces to northern Iraq Sinjar area, inviting Turkey to respect Iraqi sovereignty.
Channel “Russia today” from the spokesperson Organization Secretary General Stephane dujaric, saying at a news conference Wednesday evening, saying “we are very concerned about this incident and express our condolences to the victims ‘ families, we understand the interest of Member States in United Nations security issues, but we remind them of their obligations under the Charter of the Organization, which demands full respect for the principles of sovereignty, territorial integrity and non-interference in the internal affairs of other States.”
Diogarik called “the Governments of Turkey and Iraq to hold consultations on all topics of concern and anxiety involved.”
The Turkish army announced that military aviation, Dawn Tuesday, RAID sites to PKK militants and affiliated organizations in Sinjar in northern Iraq and mount korgokh (Kara chowk), Northeastern Syria, he said.
The army claimed that the areas targeted by the raids turned into “nests of terrorism”, “terrorist” attacks killing and injuring civilians, soldiers and security personnel.In turn, the spokesman “protect the people” ridor Khalil Kurdish, Turkish strikes in Syria, that the outcome of the raids on mountain korgokh of 20 dead and 18 wounded.
As anti-ISIS campaign grinds on, Mosul’s businesses start rebuilding
Local business owners roll up their sleeves and start the hard work of bringing life back to the city.
April 26, 2017 Mosul—Some businessmen in Mosul have begun rebuilding their shattered premises without waiting for financial support from the cash-strapped Iraqi government or for the final defeat of Islamic State in the city.
“If we wait for support, it could take a long time,” said Rafeh Ghanem, who owns an automotive spare-parts business in the eastern side of the city.
An airstrike in January reduced the two-story building that houses his shop and dozens of others to a heap of rubble and twisted steel rods.
US-backed Iraqi forces took back the eastern side of Mosul in January, after 100 days of fighting. They are now fighting Islamic State in districts lying west of the Tigris river that bisects the city.
Mr. Ghanem said he and the 25 other businesses that rent space in the building agreed to contribute funds to help the landlord clear the debris and rebuild one of the two stories.
Reconstruction started on April 11 and Ghanem hopes to return to business in three to four months.
He says waiting is of no use since the price of building materials is expected to rise as more reconstruction projects get under way, boosting demand for steel and cement.
The city, captured by IS in 2014, has suffered extensive damage as hundreds of houses and public buildings including the airport, the main railway station and the university have been destroyed.
Cement and steel prices have gone down steeply since the militants were defeated in eastern Mosul, as road connections have opened up with the rest of Iraq and Turkey, allowing supplies to resume.
A metric ton of cement used to sell for up to 350,000 Iraqi dinars ($300) after the militants took over nearly three years ago. It now costs 80,000 to 90,000, said an importer, Saif Ibrahim.
Governor of the Central Bank of Iraq has made great efforts to get out of the gray area
The governor of the central bank on the Keywords, on Wednesday, that the central bank is waiting for Iraq to complete his studies on projects in order to provide funding noting that Iraq has made great efforts to get out of the gray zone in the classification of the recent Financial Action Organization.
Keywords and said in a press statement seen by “Economy News”, the central bank is waiting for the completion of Iraq for his studies on projects in order to provide funding adding that the 9 million grant to the dollar for the extraction of gas are part of the project support plan in the country
Keywords confirmed that Iraq has made great efforts to get out of the gray zone in the classification of the recent financial work organization noting that the World Bank to impose conditions on the banks of Iraq to fight money laundering
The Governor of the Central Bank explained that Iraq managed and in coordination with the US authorities to prosecute hundreds of financial transactions that are riddled with suspicions of terrorism
It is noteworthy that both the World Bank and the IMF, are carrying out a review of the program to improve the performance of the Iraqi economy, allowing Baghdad to obtain billions of dollars in loans from financial institutions and donor countries to address the liquidity crisis resulting from lower oil prices and the requirements of Daesh war.
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Parliamentary Economy: Iraq looks to diversify the sources of funding the state treasury
He assured the Committee of Economy and Investment parliamentary member Jawad al-Bolani, on Wednesday that the telecommunications sector is a second source of the Iraqi state treasury after oil while suggesting the need for Iraq to investment and the exchange of experiences with the outside world
Bolani said in a statement received “Economy News”, that rational investment demand and an economic important, Iraq needs investment and the exchange of experiences with the outside world, especially since the world is now turning to a different system of interests
He said, “The investment does not mean breach of the requirements of sovereignty or national security, information security and the Ministry of Communications is responsible for it as the technical as well as the responsibility of other state institutions.”
He said al-Bolani, said that Iraq is looking forward to the development of the investment sector in the field of telecommunications which generates huge revenues for the country constitute a second source of oil after the public treasury.”
Set off on Wednesday morning, the activities of the Arab Investment Conference in information technology and communication under the title (investment in the telecommunications sector of the Arab Organization map) in the presence of political figures and a number of ambassadors of countries accredited.
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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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.
Questions concerning important files posed (range) in this meeting , the director of the release and the Treasury in the Central Bank Aa’bas behind, and with being answered by briefly he pointed out the most important points that showed that the currency is good for circulation deposited Central has exceeded one billion and a quarter of a million dinars an amount that is not a little if they were compensated by the stored banknotes at the bank , as some believe, at the time between the printed currency size has exceeded the “11 billion and 600 million dinars, he urged citizens on the need not to keep large amounts in homes or buried in the ground , the fact that the process of replacing in the event expose Dt to burn or damage costs the central administrative and financial burdens, stressing that the counterfeit currency rate is still within the internationally accepted borders, with the central quest to carry out an information campaign to educate the public on how to distinguish between the original currency and Almzorh.oicol behind on a question about the possibility of having higher versions of a class (50000 ) dinars?
– No at present intention to issue a higher class category (50000) dinars.
* What about the subject of the deletion of zeros and the reason for the delay?
– the decision on the deletion of zeros cannot be taken in isolation from the political and legal environment in the country under conditions the security situation as a result of terrorist acts and exit from the provinces outside the control of the state for the years 2014, 2015, 2016 which prevents certainly to wait in the implementation of this project, in addition to that this must be done in coordination with all state departments and the private sector, where it should be followed by changing the paragraphs contained in the various laws, which include a reference to fines or lump – sum collection of fees, must also change the financial and statistical records in order to conform with the project process the deletion of zeros. On the other hand, the technical preparations are underway by us.
* How is the cost of the annual replacement and replacement of damaged currency?
– First , there is no substitution instead of a damaged annually, as the bank instead seeks to issue new papers for security specifications developed, so the cost is reduced in this way it is the cost of issuing new banknotes specifications better used at the same time damaged to the replacement of currency from the previous editions .
We seek to carry out an information campaign to distinguish between original and counterfeit currency
* How discovered the counterfeit currency of the size?
– The Central Bank of Iraq resorted to the use of machines to sophisticated counting and sorting which can detect counterfeit currency, in addition to banks guide using modern techniques in the currency examination, but the problem is not doing shopkeepers enough efforts to use the machines to check the currency, as the bank seeks to campaign media to sensitize the public on how to distinguish between the original currency and counterfeit currency by issuing a booklet definitions and (posters) for this purpose and will be distributed to banks in major shopping malls, and in all cases, the counterfeit currency rate is still within the internationally accepted borders , where even T ratio (0.000025) (Twenty – five million paper sheet).
* What currency damaged by fire or poor storage of citizens compensation mechanisms?
– While we hope the citizens do not keep large amounts in homes or buried in the ground, and to do instead in the deposit with the banks, as the replacement of the burnt currency process or damaged it costs the central bank financial burdens and administrative Colva unwarranted, however the bank is to receive citizens whose savings in Iraqi currency to fire accidents provided that they are documented by the civil Defense Department and be sourced from the project, either in terms of currency (buried) are sufficiency statement on the sources of these funds, and in this regard we call on citizens not to accept the mediation of any hand to Astb The Iraqi currency and that this bank does not receive any commission for its replacement.
We applied security methods with modern technology advanced counting and sorting currency
* What future plans for the central bank currency and print?
– Iraqi Central Bank seeks to keep pace with the evolution of printing currency and modern technologies both in currency printing or counting devices and sorting the currency where they are constantly adding new security features in addition to the acquisition of advanced machines counting and sorting currency, was dispensed with final counting and manual screening process.
* How much is the size of the torn currency and how much of the size of the printed currency?
– The number of banknotes unfit for circulation deposited with this bank (1,277,049,543) cash paper of various categories, where they are compensated from the stored banknotes have this bank, as the number of printed banknotes (11,615,265,154) cash paper of various categories.
Iraqi Dinar/Dollar auction 04-27-17 (most recent listing)
Currency Auctions Announcement No. 3431
This daily currency auction was held in the Central Bank of Iraq on the 04-27-2017
|Number of banks||34|
|Number of remittance companies||10|
|Amount sold at auction price (US$)||162,103,675|
|Amount purchased at Auction price (US$)||—–|
|Total offers for buying (US$)||162,103,675|
|Total offers for selling (US$)||—–|
The results were as follows:
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The following .PDF is the review by RCookie of the IMF board’s publishing of Iraq’s SBA (excellent info) – He would have wanted you all to have it.. posting the whole .PDF was the only way to get it on here. Enjoy. BGG
Robert Cook CSW CSS CBP CST CTC
IMF EXECUTIVE BOARD COMPLETES FIRST REVIEW IRAQ’S STAND-BY ARRANGEMENT (45 pages…)