Dinar Daily NEWS Blog

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Word for the day…

Luke 1:41-44 (NKJV)

41 And it happened, when Elizabeth heard the greeting of Mary, that the babe leaped in her womb; and Elizabeth was filled with the Holy Spirit. 42 Then she spoke out with a loud voice and said, “Blessed are you among women, and blessed is the fruit of your womb! 43 But why is this granted to me, that the mother of my Lord should come to me? 44 For indeed, as soon as the voice of your greeting sounded in my ears, the babe leaped in my womb for joy.

Heavenly Father, thank You for sending Your Son, Jesus. Help us to speak words that others leap for joy, when they hear the voice of our greeting. In Jesus Name, Amen.

Mrs BGG

Update…

Enorrste - …the street rate and official rate must be within 2% of each other PRIOR to allowing Iraq to move from Article XIV to Article VIII.  This is a fundamental pre-requisite to making that move to Article VIII…  The fact that the CBI concurs that it is doing what is necessary to get into compliance is also very encouraging.  To me this is an indication that we are “coming down to the wire.”  I do not believe they will be allowed to move to Article VIII prior to completing the 90 days of stable currency.  Having said that, however, I still hold out the very real possibility that they will begin the float prior to moving to Article VIII.  This only makes sense, because, as I noted earlier, once they float the currency then the official rate and the street rate become identical.  I am cautiously hopeful that the float could begin in mid or late January.

Read More: http://dinarupdates.com/observer/


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“VICTORY EVICT MALIKI”  DAY +100!!

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*** Current News ***

For a peek at all the most up-to-date DU News – check the Iraq News Thread (in the forum)…

http://www.dinarupdates.com/showthread.php?14887-The-Dinar-Daily-Friday-December-19-2014

http://www.dinarupdates.com/showthread.php?14894-The-Dinar-Daily-Saturday-December-20-2014

Cabinet to vote on the 2015 budget next Monday

BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - Prime Minister announced that he would discuss the federal budget for 2015, next Monday and voted on by the then sent to the Presidency of the Council of Representatives.

He said Deputy Prime Minister Bahaa al-Araji’s (IMN) “The day after tomorrow will be an extraordinary meeting of the Council of Ministers to discuss the federal budget for a vote.”
He added that “There are no differences on the budget, but there are technical issues involved in oil prices and other means that will help to bridge the deficit,” noting that “if the voting process completed on Monday, will be sent to the Council of Ministers.”

The Ministerial Committee for the reduction of unnecessary expenses and luxury of the ministries and independent bodies…

http://www.dinarupdates.com/showthread.php?14894-The-Dinar-Daily-Saturday-December-20-2014&p=88315&viewfull=1#post88315

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Deletion of zeros in 2014 .. project is ready and implementation deferred

BAGHDAD / JD / .. affected by the project to delete the three zeroes from the currency unchanged if the rest of the major strategic projects, the unstable security situation in the country, where he was supposed to be implemented early 2014

…after the creation of the logistical and technical measures by the central bank,

but the deterioration of the situation security in most parts of the country, which saw control of some terrorist groups.

Sparked fears the government and parliament and the Central Bank of the implementation of this major project, which some have described as possibly exploited by outlaws in achieving their ends despicable, prompting the central bank and in agreement with the financial and economic committees Alniabaten to postpone the implementation of the project over four years to come, until the creation of the appropriate security conditions for its implementation.

Member of the Committee on Economy and Investment Attorney Nora Albjara, attributed the lack of implementation of the project to delete the zeros during 2014 to the unstable security situation in the country, as suggested implemented over the next four years.

She Albjara Agency / BD /: “The Central Bank of Finance, Economy and Investment in the House of Representatives and the Committees agreed to postpone the implementation of the project to delete the three zeroes over the next four years, 

…although the central bank completed all technical and logistical procedures relating to the implementation of the project.”…

She added: “The reason for the postponement of the implementation of the project and not to be applied in 2014, due to the unstable security situation in most parts of the country, especially in the provinces experiencing control organization (Daash), because it may take advantage of the project by the terrorist groups to achieve their goals Katsyev currency or manipulation of the price of exchange which affects the economic situation in the country. “

The central bank had announced in 2012 that the application for the project to delete the zeros will be in early 2014, after being able to complete all procedures related to the stages of implementation of the project Ktba currencies and contracting with companies.

As a member of the Finance Committee MP Jamal Joker, stressed that the large project is not affected by the security situation, the fact that the central bank taking all things into consideration, noting that the process will be in the form of stages, so do not affect the market or citizen.

Some of the House of Representatives and economists Odhu jurisdiction rejecting the idea of ​​postponing the implementation of the project over four years to come, 

…and called on the central bank to apply the project in early 2015, the fact that the project is of strategic projects that need to be implemented because it will overhaul the local currency strengthens…

Joker told / BD /: “The central bank completed all necessary and essential for the implementation of the reform project of the currency measures, 

…which are now ready for implementation…

but some parties called for a postponement of this project under the pretext of the security situation.”

The member of the Finance Committee, the central bank to implement the project in early 2015 to be implemented in the form of any phases are thrown coins ancient coins and withdraw gradually so do not affect the market and citizens.

…The parliamentary finance committee has announced (October 28, 2013), that 2014 will see the implementation of the project to delete the three zeroes from the Iraqi currency, indicating that the deleted will be in coordination with the Central Bank… 

http://www.dinarupdates.com/showthread.php?14887-The-Dinar-Daily-Friday-December-19-2014&p=88286&viewfull=1#post88286

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Religious authority demanding politicians serious pause to resolve the budget crisis

BAGHDAD – ((eighth day)) Asked the religious authority pause to all politicians to solve the problematic of the budget, and must be that there will be one look at the pressure and limiting expenditure on essential items without prejudice to the needs of the people…

http://www.dinarupdates.com/showthread.php?14887-The-Dinar-Daily-Friday-December-19-2014&p=88160&viewfull=1#post88160

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Another “FLASHBACK”…

Economists Divided Over Deletion Of Zeros

By Amina al-Dahabi for Al-Monitor.

The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the business community, and Iraqi economists are divided…

…Haider al-Abadi, the head of the Iraqi parliamentary Finance Committee, told Al-Monitor that while deleting zeros from the current currency is possible, this has been postponed until after parliamentary elections. He noted that studies are being carried out to ensure that, following the currency change, counterfeiting is limited and that Iraqis don’t go back to trading in the old currency.

The step to delete zeros from the currency has been postponed several times, leading the parliamentary Economic Committee to demand that the CBI accelerate this project, as Al-Sharqiya reported. In a news conference held July 6, the Economic Committee confirmed that the deletion of zeros will lead to an increase in the value of the Iraqi dinar and will have positive repercussions, including a reduction in unemployment and poverty rates in the country.

ARTICLE LINK

home7

Iraqi Dinar/Dollar auction 12-18-14

Currency Auctions Announcement No. (2846)

This daily currency auction was held in the Central Bank of Iraq on the 18-Dec-2014

The results were as follows:

25k-Iraqi-Dinar-200x96DETAILS                                                              NOTES
Number of banks                                                11
Auction price selling dinar / US$                    1166
Amount sold at auction price (US$)               89,117,000
Total offers for buying (US$)                           89,117,000

Read More: http://dinarupdates.com/observer/

MARKET RATE – 1199

Saudi Arabia is playing chicken with its oil

Saudi King Abdullah sits before a meeting with U.S. Secretary of State Kerry at the Royal Palace in Jeddah

In August 1973, Egyptian President Anwar Sadat paid a secret visit to the Saudi capital, Riyadh, to meet with King Faisal. Sadat was preparing for war with Israel, and he needed Saudi Arabia to use its most powerful weapon: oil.

Until then, King Faisal had been reluctant for the Arab members of OPEC to use the “oil weapon.” But as the October 1973 Arab-Israeli war unfolded, the Arab oil producers raised prices, cut production and imposed an embargo on oil exports to punish the United States for its support of Israel. Without Saudi Arabia, the oil embargo would not have gotten very far.

Today, Saudi Arabia is once again using its “oil weapon,” but instead of driving up prices and cutting supply, it’s doing the reverse. In the face of a global slide in oil prices since June, the kingdom has refused to cut its production, which would help to drive prices back up. Instead, the Saudis led the charge to prevent OPEC from cutting production at the cartel’s last meeting on Nov 27.

The consequences of Saudi policy are impossible to ignore. After two years of stable prices at around $105 to $110 a barrel, Brent blend, the international benchmark, fell from $112 a barrel in June to around $65 on Friday. “What is the reason for the United States and some U.S. allies wanting to drive down the price of oil?” Venezuelan President Nicolas Maduro asked rhetorically in October. His answer? “To harm Russia.”

That is partially true, but Saudi Arabia’s gambit is more complex.

The kingdom has two targets in its latest oil war: it is trying to squeeze U.S. shale oil—which requires higher prices to remain competitive with conventional production—out of the market. More broadly, the Saudis are also punishing two rivals, Russia and Iran, for their support of Bashar al-Assad’s regime in the Syrian civil war. Since the Syrian uprising began in 2011, regional and world powers have played out a series of proxy battles there.

While Saudi Arabia and Qatar have been arming many of the Syrian rebels, the Iranian regime—and to a lesser extent, Russia—have provided the weapons and funding to keep Assad in power.

Since the U.S. invasion of Iraq in 2003, the traditional centers of power in the Arab world—Egypt, Saudi Arabia and other Gulf states—have been nervous about the growing influence of Iran: its nuclear ambitions, its sway over the Iraqi government, its support for the militant groups Hezbollah and Hamas, and its alliance with Syria.

The conflict is now a full-blown proxy war between Iran and Saudi Arabia, which is playing out across the region. Both sides increasingly see their rivalry as a winner-take-all conflict: if the Shi’ite Hezbollah gains an upper hand in Lebanon, then the Sunnis of Lebanon—and by extension, their Saudi patrons—lose a round to Iran. If a Shi’ite-led government solidifies its control of Iraq, then Iran will have won another round.

Today, the House of Saud rushes to shore up its allies in Bahrain, Yemen, Syria and wherever else it fears Iran’s nefarious influence. And the kingdom is striking back at Iran, and Russia, with its most effective weapon.

Russia and Iran are highly dependent on stable oil prices. By many estimates, Russia needs prices at around $100 a barrel to meet its budget commitments. Iran, facing Western sanctions and economic isolation, needs even higher prices. Already, Iran has taken an economic hit from Saudi actions. On Nov. 30, as a result of OPEC’s decision not to increase production, the Iranian rial dropped nearly six percent against the dollar.

The kingdom believes it can protect itself from the impact of the price drops. It can always increase oil production to make up for falling prices, or soften the blow of lower profits by accessing some of its $750 billion stashed in foreign reserves.

Still, Saudi Arabia is playing a dangerous game—there is little evidence that authoritarian regimes like Russia and Iran would change their behavior under economic pressure. Worse, the Saudi policy could backfire, making Russia and especially Iran more intransigent in countering Saudi influence in the Middle East.

With ongoing proxy wars in Syria and Iraq, Saudi Arabia risks instigating an oil war with Russia and Iran—a war that the kingdom can perhaps win in the short term. But like sectarian conflict, Saudi actions threaten a conflagration that can spin out of everyone’s control.

http://www.dinarupdates.com/showthread.php?14874-The-Dinar-Daily-Tuesday-December-16-2014&p=87657&viewfull=1#post87657

More interesting Headlines…

Former Deputy governor of the Central Bank (Mohammed Saleh) acquitted of the charges against him

Alsumaria News / Baghdad - Misdemeanor Court ruled Rusafa in Baghdad , Sunday, deputy governor of the acquittal of former Central Bank of the appearance of Mohammed Saleh of all the charges against him, in favor of the cause attributed to the lack of sufficient evidence to convict him.

Saleh said in an interview for “Alsumaria News”, “Misdemeanor Rusafa court ruled, today, Bnbarita of all charges against”, noting that “it came to count and there is sufficient evidence.”

Saleh expressed his “thanks and gratitude to the Iraqi judiciary on the fairness and impartiality.”

It is noteworthy that Saleh, who is considered one of the important economic efficiencies in Iraq , has served as deputy governor of the Central Bank, has been detained for more than a month on the fifth of December last, was released after he demanded Iraqi efficiencies of various disciplines the government of former Prime Minister Nuri Maliki , the completion of the Public and judicial rehabilitation of his compensation for the “great harm in the right.”

He is now in favor of the position of Counselor for Economic Affairs at the prime minister for a period of one year, renewable…

http://www.dinarupdates.com/showthread.php?14867-The-Dinar-Daily-Sunday-december-14-2014&p=87385&viewfull=1#post87385

BGG ~ This is very big news – hopefully, it bodes well for the charges against Dr Shabibi on the 22nd…

US Congress removes Iraqi Kurdish ruling parties PUK, KDP from terrorist list

Baghdad (IraqiNews.com) — The two Kurdish ruling parties in Iraqi Kurdistan, the Patriotic Union of Kurdistan (PUK) led by the former President of Iraq Jalal Talabani and the Kurdistan Democratic Union (KDP) led by the President of Kurdistan Region Massoud Barzani, have been removed from the United States terrorist list, media reported on Saturday.

http://www.dinarupdates.com/showthread.php?14867-The-Dinar-Daily-Sunday-december-14-2014&p=87359&viewfull=1#post87359

BGG ~ It’s about time – I was beginning to wonder if Washington was deaf or dumb or both…
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A “flashback recap” of a Live Q and A Call from about a year ago – on THE DAILY DINAR NEWS BLOG…

In general terms – there were three main focal points of interest I wanted to cover and then allow listeners to ask whatever questions they liked.

1) the SIGR report…


2) the Gold Article…


3) the IIER report…


I started the conversation out last night by highlighting how crazy this campaign being fielded to contact our lawmakers and bank CEO’s and tell them how unfair it is they are getting to exchange (exchange is the right terminology BTW – NOT “CASH-IN”) at 32.00 per Dinar and we are not – is. It is nuts.


Firstly, “they” are NOT being allowed to exchange “early” – or at 32.00 per Dinar. It makes you sound “stark raving MAD” to be caught saying such things. You would be better off barking at the moon. It is demeaning to the validity of a true currency play.


Secondly, this is entirely the wrong way to approach them. I pointed out on the call that Poppy and I fielded a very successful such campaign a couple of years ago. However, we sat down and came up with a much different approach. It was designed to get answers and to approach our lawmakers with respect and as their constituents. Not like a bunch of lunatics. We had extraordinary participation (because it made sense) and we received a good response from lawmakers. It started the conversation in a reasonable manner.


I asked one caller – “when was the last time you asked a banker for money and told him how unfair it was if he didn’t give it to you”??? Obviously – we chuckled…


Another caller asked me if (as DC had relayed) – the “zero’s were raised” and the lower denominations were in circulation??


I said plainly “no”…lower denominations being in circulation would (at the very least) imply there had been a value change. If there were no value change the lower denoms would not only be of little value, they would be such a hinderance – people might even throw them away just to get rid of them. So no – no lower denoms. I told the caller to check the 
CBI.iq website for “real” info on rate change.

The “zero’s being raised” or “deleted” – as explained by any reasonable researcher, economist or authority – is simply the process removing the large (3 zero notes) from circulation.


Referring to an Enorrste post from today on
THE DINAR OBSERVER DAILY(you may want to put this on your favorites and check in several times a day – we to it often )

“…I have never found a single article from the CBI or the IMF that equates “delete the zeros” to the idea of “move the decimal point.” Instead, the statements overwhelmingly come out to mean “remove the large notes from circulation.”


Also – this recent internal memo put out by Wells Fargo is likely “push back” from this recent campaign. I pointed out that Pinnacle Bank published an article by an “affiliate” in their internal publication and then “highlighted it” in a similar internal memo a couple of years ago. It is just a defense mechanism. I’m sure Wells is tired of having their name dragged through the “internet rumor mill”. This is highly likely the reason for their vigorous denials about handling it in the future. They get so many useless calls – it isn’t worth the headache. Can you blame them??


Further, for any bank, lawmaker, adviser or official to state the “Dinar is a scam” is nearly as foolish as some of the internet “Gurus”. It is the official currency of a COUNTRY. I pointed out (below) the post from yesterday’s DINAR OBSERVER DAILY
 – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
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THIS REPORT WAS SENT TO CONGRESS LAST MAY. IT PLAINLY SHOWS IN THIS REPORT THEY EXPECTED THE DINAR TO REVALUE AT AROUND A DOLLAR IN 2013.

We are seeing and hearing that the inflation rate is still climbing and they are pushing to get us our money?? This report is from page 84 of the massive SIGR report.


BGG ~
This is a screen shot from the “Special Inspector General for Iraq Reconstruction” – Apr 2012, quarterly report to Congress. For members of our Government to say they have no idea what is going on here – means they haven’t read some very basic documents presented them.
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I pointed out (last night) this is a highly speculative investment. We are, in no way, guaranteed anything. However, this SIGR report gives us some valuable insights…

1) This is information given to the US CONGRESS on a quarterly basis… I find it hard to believe such an information source would intentionally mislead Congress. They tend to frown on such behavior. Which goes directly to the validity of this adventure – against all advice from Wells Fargo or other such naysayers.

2) It points out there having been a legitimate “plan” – or time frame in motion…having been projected to be done in 2013. We are obviously in “over time” now.

3) It gives us an idea as to who is in charge…the CoM – or Council of Ministers. Who do they answer to?? Maliki. Period. When is he likely to push this forward?? Historically – he has been a “weak Dinar” policy advocate. However, rumor from his own inner circle admits he can’t win a third term in office without some currency reform.

I fully expect him to use every tool in his “wheel house” to win – his recent moves in Anbar and the disputed territories prove as much. Currency reform has to be a “biggie”. Though this WAS their thinking a couple of months ago – there is no promise it is still part of their political calculus. We shall see.

4) Though no guarantee of the actual future plan they wind up engaging – this report points out an increase in value that would have taken the Dinar from “one-tenth of a cent” to a value “of slightly less than $1″…

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