MIDEAST MONEY – Iraq dinar is short-term disappointment, long-term bet
* Iraqis still prefer hard currencies for many transactions
* But some foreign speculators see long-term opportunity
* External, budget surpluses could eventually boost dinar
* For now, central bank wants to keep currency stable (as of 2012)
* Any major appreciation unlikely before two or three years
By Aseel Kami
BAGHDAD, Oct 3 (Reuters) – Many Iraqis have lost faith in their dinar currency but to some foreign speculators, it promises big profits. The contrast underlines the uncertainties of investing in Iraq as the country recovers from years of war and economic sanctions.
The logic of the dinar bulls is simple. Iraq’s oil exports rose to 2.6 million barrels per day in September, their highest level in three decades; the country aims to hit 6 million bpd by 2017, which would put it close to Saudi Arabia’s current level…
Read More: http://www.dinarupdates.com/showthread.php?55734-FLASHBACK-(Oct-2012)-Iraq-dinar-is-short-term-disappointment-long-term-bet&p=180624#post180624
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
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]
Read more: http://www.dinarupdates.com/observer/
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]
Read more: http://www.dinarupdates.com/observer/
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…
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.
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.”
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.
Read more: http://www.dinarupdates.com/observer/
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.
Abadi office: This is what will happen after the removal of Iraq from Chapter VII
Abadi office – This is what will happen after the removal of Iraq from Chapter VIIA spokesman for Prime Minister Saad al-Hadithi’s press office said on Saturday that the Security Council’s decision to remove Iraq from Chapter VII was an important event in the history of Iraq, which coincided with the declaration of salvation from calling for the liberation of all Iraqi territories.
Al-Hadithi said that “today was announced salvation from calling for the liberation of all Iraqi territory and secure the border with Syria. This event coincided with the UN Security Council resolution and the announcement of Iraq’s exit from the seventh item.
“We can say that Iraq’s sovereignty has been fully realized and that Iraq has a real opportunity to advance and regain its status after it has returned its confidence to the international community,” he said.
He pointed out that “the removal of Iraq from the seventh item means the guarantee and protection of Iraqi assets and funds and deposits and property assets and banks abroad and inside and became safe from prosecution because of lawsuits against the background of the 1991 war in Kuwait and ensure their return to Iraq and not freeze.
He added that “the decision also entails the return of confidence between Iraq and the international community, which began to escalate and open doors to major international companies to invest in Iraq,” pointing out that “new horizons opened to Iraq in terms of foreign relations, especially as Iraq has become the focus of admiration of the international community after Its ability to confront and eliminate terrorism, and that the opportunity has become favorable to achieve economic renaissance in Iraq. ”
The Foreign Ministry announced earlier on Saturday that the Security Council issued its decision to exit Iraq from Chapter VII in the oil-for-food program.
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.
Barzani adviser responds to the letter Abadi: Without the forces of the Peshmerga, Mosul has not been liberated so far (he means wouldn’t have been – until now)
The head of the Iraqi armed forces, Haidar al-Abadi, ignored the role of the Peshmerga forces in the war against an oppressive organization, criticized Hinam Hawrami, adviser to the head of the Kurdistan Democratic Party (KDP), Massoud Barzani.
Abadi had announced earlier in the day in a televised address that all the Iraqi territories were absent from the presence of a preacher, while living the supreme reference of the Shi’a Ayatollah Ali al-Sistani and the Iraqi forces and popular crowd militias on this occasion without reference to the Peshmerga forces, The division is a victory, “in reference to the attack on the disputed areas on October 16 and the displacement of tens of thousands of Kurds.
“In his speech in which he announced that military operations were being waged against a militant organization, Abadi did not mention a single word about the role of the Peshmerga forces, which provided the blood of 1,826 martyrs who lost their lives in order to defeat the militant organization,” Hawrami wrote on social networking sites.
“Without the forces of the Peshmerga and Kurdistan, Iraq would not have been able to liberate the city of Mosul until now,” Hawrami said.
BGG ~ Firstly, this is (reportedly) a Barzani “advisor” speaking out, likely at Barzani’s behest…
But does anyone wonder why?? I mean – Barzani was such a team player and really responded to the international communities, what with all the trying to leverage himself into a better POLITICAL position on the back of an international tragedy and all.
No normal, rational person would blame Abadi.
Plus – with the recent reporting of Barzani and Maliki being in bed together on the smuggling of oil (and splitting the profits), Barzani could be next on the hit parade of corruption knock-off’s!!
Why he’s been up to has reflected badly on all Kurdistan.
The document: a political entity address the Prime Minister officially .. and demanding the dismissal of the Governor of the Central Bank
Baghdad / Sky Press – In the official letter addressed to the prime minister, the Iraqi National Unity Party (NDP) called for the dismissal of the governor of the Central Bank, Ali Al-Alaq, and the appointment of the most suitable person to manage the bank.
According to the book, which the party addressed to the Prime Minister and read by “Sky Press”, the request came based on the international study that was issued recently and placed the governor of the Central Bank of Iraq in the last rank as a central bank manager in the Middle East due to poor management of government and private banks and causing the loss of dozens Billions of cash reserves for Iraq.
The book pointed to a number of corruption files raised on the relations during the period of its administration to the Central Bank, most notably “currency auction” and all raised on these operations of suspicions, as well as the decline in the value of the Iraqi cash reserve to half a half during the past three years, in addition to failing in the management of banks And its transactions.
The party called on the Prime Minister to include this decision within the reform measures promised by the people.
An international study conducted by a center of financial studies sparked a major uproar in the Iraqi street after Kassua was classified as the head of a central bank in the Middle East and Africa.
BGG ~ If it turns out that Alak, in Abadi’s estimation, is this much of a problem – then this may move things forward quickly. Abadi is attacking corruption. Alak may well be a target. If so, great news.
In the event this is accurate… the assumption you could have had a value change with Alak in charge appears incorrect. Therefore – him being removed by Abadi doesn’t slow anything down. In fact, it may speed things along.
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
In the name of of Allah the Merciful (And on that day the believers will rejoice in the victory of Allah, who will be victorious,
Dear Iraqis: Your land has been completely liberated, and your towns and villages have been returned to the homeland. The dream of liberation became a reality and a king of the hand.
We have accomplished the difficult task in the difficult circumstances and we have won with the help of God and the steadfastness of our people and the bravery of our heroine forces … With the blood of the martyrs and the wounded, our land has produced a historic victory that is proud of all Iraqis over generations.
We declare to our people and to all the world that the spare heroes have reached the last bastions, urging and cleansing them, raising the flag of Iraq over the western parts of Anbar, the last Iraqi land being usurped, and that the flag of Iraq flies high above all Iraqi territory and at the farthest border point.
For three years, your heroic forces have entered towns and villages one by one and the Iraqi fighter has left the scourge of the enemy, the friend’s secret and the astonishment of the world. This is the truth of the Iraqi who conquers the challenges and wins in the most difficult and difficult circumstances.
Dear Iraqis: The victory of victory has been completed by preserving the unity of Iraq, which was on the brink of partition. The unity of Iraq and its people is the most important and the greatest achievement. Iraq has emerged victorious and united and thank God the Lord of the Worlds. We will continue with the same determination and strength in the service of all our people without discrimination. Respecting the freedoms, beliefs, religious, national, religious and ideological diversity of Mesopotamia, adhering to the Constitution and working on the rule of law throughout the country.
We are now in the post-victory phase on the urging of this stage, which was feared by the terrorists and the corrupt, as we and our struggling people see it as a sun shining on the land of one Iraq to purge of all evil.
Dear Iraqis: Unity is our weapon, which we have won, and we must adhere to this unity and strengthen it with all possible means. Today, Iraq is for all Iraqis and its wealth belongs to all in its south, north, east and west. Everyone must reap the benefits of victory, security, stability, reconstruction and prosperity.
Our future goal will not stop at the reconstruction of liberated cities, but will include all the cities of Iraq, where the fighters came out and martyred in defense of their homeland.
I call upon all politicians to shoulder their responsibilities in maintaining security and stability and preventing the recurrence of terrorism again. I call upon all of them to refrain from returning to the inflammatory and sectarian discourse that has been a major cause of human tragedies and to empower a gang that encourages the occupation of our cities and the destruction of millions of Iraqis.
It is the way to build the state and achieve justice, equality and stability.
The fight against corruption will be a natural extension of the liberation operations of man and land, and the spoilers will not have a place in Iraq, and there is no place left for this. This is another battle for everyone to participate seriously in all its surroundings and field of work and not only to monitor their results.
Your country has taken its natural course and we have opened a new page of cooperation with all Arab and neighboring countries and the countries of the world on the basis of respect for national sovereignty, mutual interests and non-interference in internal affairs.
I salute all the victors: our heroic forces of the army, the police, the security services, the popular crowd, the anti-terrorist apparatus, the air force, the air force, all the types and formations of our armed forces, the engineering and medical support, the supporters of the clans and the citizens of liberated areas who cooperated with their army. And contributed to the restoration of life, infrastructure and basic services ..
I salute the positions and sacrifices of journalists, media professionals, artists and intellectuals and every word was spoken and every voice is free With our people and our forces in the liberation processes.
The dream has come to an end and we must remove all its effects and allow terrorism to return again, our people have paid dearly for its security and stability and the blood of its finest youth, men and women. Millions of families have suffered the hardships of displacement and displacement.
Despite the announcement of the final victory, we must remain vigilant and ready to face any terrorist attempt targeting our people and our country. Terrorism is a permanent enemy and the battle with it continues, and we must preserve this unity, which we have defeated.
Thanks are due to all States and international and humanitarian organizations that have stood with Iraq and its people in this battle.
Greetings to every Iraqi fighter who took up arms in defense of his land.
A tribute to the souls of the martyrs, the wounded and their generous families who have saved Iraq and its people.
Iraq lived victorious and a safe homeland for all its sons. and thank Allah the god of everything.
Dr. Haider Abadi
Commander-in-Chief of the Armed Forces
The ninth of December
BGG ~ This was Abadi’s official “Victory announcement”.
Click this link to join the DU “private” FaceBook Group…
(go here and ask to join… then add some Dinar Friends!!)
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