Dinar Daily NEWS Blog – April 27th

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Word for the day…

Titus 3:4-5 (NKJV)

But when the kindness and the love of God our Savior toward man appeared, not by works of righteousness which we have done, but according to His mercy He saved us, through the washing of regeneration and renewing of the Holy Spirit,

Heavenly Father, thank You for Your kindness and love!  Thank You for Your mercy and the renewing of the Holy Spirit!  In Jesus Name, Amen.



BGG - …I believe we are as close – right now – as we ever have been….that is my honest opinion (and nothing more)…too many financial moves being made in Iraq – ie “smoke” – for there not to be some fire.  I don’t care what number it starts at – let’s just get started!! …having spoken with some very learned economists – if it does start low – it won’t be long before it’s right were it belongs.

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


*** Current News ***

Tune in for Round Table Chat w/Millionday @ 1:00PM EST – today (4/27) in the DU Chat Room!!

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



wmawhite - the CBI will introduce the IQD to the world prior to the massive wave of investors flooding into Iraq, which will be prior to all of these so called needed laws.  [Do we really think that Shabbi was ready for a RV in 2013...?]   We truly do not know…what we do know for sure is what is taking place today. We know for sure that PM Abadi stated that he will remove ALL obstacles to investment in Iraq…and as soon as the CBI instructs its banks to start accepting foreign remittances…the true value will be established and the world currency markets will be informed.  Iraq has inked trade agreements with over 18 countries. Iraq doesn’t want to open up their country at essentially $0.00086 per share. 

You can buy bank shares today on the ISX at 1.6 dinar per share. That is still less than $0.01 per share. If the ISX was opened to the world today every major company in Iraq would be owned by the rest of the world within hours.  This is why the IQD will reprice prior to/before the world of investors flood into Iraq.  Again, we know as fact, that PM Abadi stated that he was removing all obstacles to the investors. He is doing this now and IMO, we will see the repricing prior to this.   [So does that say Iraq wants to keep ownership in country?]  What it tells me is Iraq believes it is well worth more than $0.00086.  In orther words If someone from the USA was going to invest $1,000,000 today they would only need the same as $860.00.  Remember, these investors coming into Iraq long term are going to change their currency into IQD and set up shop and do business there. Today, at the current rate all they need is $860 to do $1,000,000 worth of business.  IMO Iraq is going to say NO WAY world…we are worth more.

the other reason for a dramatic increase in value is because 90% of all goods are imported…meaning bought outside of Iraq at $0.00086 which increases the costs 1,000s of times. That is why it takes a 25,000 note to buy a bag of sugar. Increasing the value off the bat at least a 1,000 times will reduce the costs on the shelves 1,000 times putting tremendous buying power into the economy.  What Iraq is dealing with today is what is left over from the war when billion of USD was flooded into the country in order to keep its economy going. This is coming to an end very soon and as they tell us the IQD return to greatness.

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

Iraqi oil in return for Iraqi debts

Tawke oil field in Iraq, Kurdistan

Iraq has agreed to exchange its debts to the oil companies developing its giant fields with crude oil, media reports have said.

Iraqi oil ministry has said that the prices of the crude oil given to the western companies were relative to prices in international markets.

Aljazeera.net reported a senior official in the British Oil Company BP saying that his firm had loaded more crude oil from Iraq during the last two months in return for its services in the south of the country…


BGG ~ Many have speculated this is how Iraq will “finance” much of their future – currency included.

Strong message to al-Maliki Allahjh..mn Abadi

Allahjh..mn severe message to al-Abadi al-Maliki

Sent Prime Minister Haider al-Abadi strongly worded letter to the Vice President and Secretary General of the party, the current call Nuri al-Maliki. A source close to the Prime Minister’s ((eighth day)) that “Abadi Send morning phone message strongly worded to al-Maliki on the back of promotion-led websites affiliated on the issue of what happened in Anbar Nazim blather.

He added that the message Abadi included a severe warning to the official sponsor of each of the sites of state law and a forum omens smelting Maliki Yasser Abed Ckal

He said that al-Abadi said in the text of his letter to the owners, “said the army-led clique and you will not deter the government from the victories and the Iraqi army and never we will hold all standing in front of it in the future. (AA)



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Bahraini firms ‘investing big in Iraq’

Bahraini businesses are investing millions of dinars in Iraq to support its conflict-hit economy, a senior government official said.

Hotels, furnished apartments and other services for pilgrims visiting religious sites in Najaf and Karbala are the main focus of this investment, Bahrain’s Ambassador to Iraq Salah Al Malki told the Gulf Daily News (GDN),our sister publication, in an exclusive interview.

He said the embassy was helping businessmen fill out the necessary permits, as well as advising them on the necessary documents required.

“In recent years, due to an influx of pilgrims going to Iraq, we have seen a surge in the number of Bahraini investment projects around the religious shrines in Najaf and Karbala,” he said.

“There are more projects awaiting permits in the hotel industry, which sees huge demand throughout the year with millions of people from across the world keen on making a visit to the holy sites…


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ISIS chief Abu Bakr al-Baghdadi is dead claims Radio Iran

ISIS chief Abu Bakr al-Baghdadi has according to Radio Iran died after suffering serious injuries in an air strike in western Iraq.

Media reports on April 21 said Baghdadi suffered life-threatening injuries during the attack by the US-led coalition in March.

Baghdadi’s injuries led to urgent meetings of Islamic State leaders, who initially believed he would die and made plans to name a new leader, said media reports.

In October 2011, the US State Department had listed Baghdadi as a Specially Designated Global Terrorist, and announced a reward of up to USD 10 million for information leading to his capture or death.

Baghdadi, who is known to his supporters as Amir al-Mu’minin or Caliph Ibrahim, lead the Islamic State of Iraq and the Levant (ISIL) an Islamic extremist group in western Iraq, Libya, northeast Nigeria and Syria self-styled as the ‘Islamic State’.



Iraqi Dinar/Dollar auction 4-23-15

Currency Auctions Announcement No. (2937 – the most recent listing)

This daily currency auction was held in the Central Bank of Iraq on the 23-Apr-2015

The results were as follows:

Number of banks 18
Number of remittance companies 2
Auction price selling dinar / US$ 1166
Auction price buying dinar / US$ —–
Amount sold at auction price (US$) 139,045,742
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 139,045,742
Total offers for selling (US$) —–

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

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Commercial Solicitation


Keywords: invited the government to economic reform processes to maximize other resources

Tomorrow Press / Baghdad: called Governor of the Central Bank, on the Keywords, Sunday, on the government to carry out a reform operations economical to maximize other resources other than oil. Alak said for “tomorrow’s Press,” that “it is necessary to activate a lot of procedures that restore financial and economic system in the country “asking” big reform process enhances efficiency, financial, economic, achieving address the economic situation in the future. “ He noted that “the economic situation affected the large decline of oil prices and the decline is possible to lead to a real review because the primary supplier to balance the country and this shows the country to the ongoing risk as a result of fluctuations in oil. ”

Article Link

BGG ~ I was wondering out loud in our Chat Room this morning – this seems like an odd thing for him to be saying (and odd timing)… I am curious if he knows something is coming and may be setting himself up to take some credit for it… cagey move, if so…



US dollar USD 1166.000 1164.000

US dollar USD 1166.000 1164.000
Euro EUR 1256.015 1255.387
British pound GBP 1749.583 1748.708
Canadian dollar CAD 959.908 959.428
Swiss franc CHF 1209.042 1208.437
Swedish krona SEK 133.285 133.218
Norwegian krone NOK 147.489 147.415
Danish krone DKK 168.363 168.279
Japanese yen JPY 9.718 9.713
Drawing Rights
SDR 1611.121 1610.315

Indicative rates – 27.04.2015


Keywords: 80 tons of central bank gold reserves

Tomorrow Press / Baghdad: central bank governor said the agency relationship, the Sabbath, the central bank reserves includes a basket of foreign currencies and international bonds and gold, noting that the bank has 80 tons of gold. He Keywords for “tomorrow’s Press,” that “the IMF International issued the list of directives, internationally agreed upon to determine the state basket and what are the international currencies, gold and bond rate, ”noting that” the Iraqi Central Bank owns 80 tonnes of gold, including re-10 from the bank reserves, a good rate and within internationally accepted equations do not make trouble. ” He added, “The gold safer, but keep it does not achieve the earnings may increase the cost of retention.” He announced the World Gold Council, that Iraq was ranked 37 globally and fifth Arabs of gold reserves, while the United States ranked first in the world and the first Saudi Arab.

Article Link


“the IMF International issued the list of directives, internationally agreed upon to determine the state basket and what are the international currencies, gold and bond rate,..

and then they go on to draw some comparison of Iraq’s reserves to the U.S. and Saudi Arabia… Hmmmmmm

CBI is working to put the two categories, one hundred fifty thousand dinars of currency

Iraqi parliamentarian said on Saturday, the Central Bank of Iraq intends to launch two new categories of the Iraqi currency and fifty thousand and two hundred thousand dinars.

Sarhan said Ahmed, member of the Finance Committee in the Iraqi parliament, the reporter “Basenyoz,” The CBI will continue to work for the issuance of two new categories of currency fifty-two thousand, one hundred thousand dinars, “noting that” the central bank has taken the necessary preparations for that. ”

He added that “the central bank looked at it and made the decision about it leaving only the allocation of funds for the printing of two new categories,” pointing out that “Under the law will be charged the two new categories of currency writings in Kurdish language.

He said the Iraqi parliament to issue two new categories of the Iraqi currency in the preparations for a future plan that includes deleted several zeros from the currency.


BGG ~ Here is an article that showed up again yesterday and is trending in the community… having looked at the “source code” – I am skeptical it is a recent writing. I am thinking it is a re-run…

Whatever the case, in context – I would compare this verbiage with that of the recent “Flashback” piece (below) I used just a couple of days ago. I hate to re-run it since I left it for several days (based on it’s importance). However, it most clearly demonstrates their actual intentions (instead of scaring everyone witless…)

Iraq planning new 50,000-dinar note

Mar 08, 2012 11:45 AM Category: Middle East

According to an article on Iraq-Business News dated 28 November 2011…

…the Central Bank of Iraq confirmed it will issue a new banknote valued at 50,000 dinars (US$43), but marked as 50 dinars.

Deputy Chairman Dr. Muzher Saleh said the bank is working to issue this new money in addition to coins in both Arabic and Kurdish in an effort to address the liquidity problem in Iraq. Currently the largest denomination in Iraq is the 25,000-dinar note (Pick 96). The new currency will include symbols that reflect the diversity of Iraq’s sects and cultures including the Kurdish culture. “Iraq needs to support its economy and its currency through the issuance of a currency similar to foreign ones like the $100 bill,” Saleh added.

Keep in mind, for the past four years Iraq has reportedly been attempting to revalue its currency, and just last month it was reported that new notes would be issued in September 2012.


Deputy for the National emphasizes the need to facilitate the work of investors for the advancement of economic reality

نائبة عن الوطني تؤكد على  ضرورة تسهيل عمل المستثمرين للنهوض بالواقع الاقتصادي

{Baghdad: Euphrates News} said an MP for the National Alliance Charter Hamidi, the need to facilitate the work of investors to promote the economic reality of the country.

He said al-Hamidi told {Euphrates News} “The House of Representatives was able to read the Investment Law second Alqroh,” asserting “the country’s need to this law, because of the severe financial crisis that has spread to the country.” and called for the need to find a facility to work investors in Iraq to be the advancement of the reality of investment and economic him. ” and revealed to the parliamentary Committee of Economy introduced a number of new items on the investment law to promote the reality of investment for the country, and among those items to activate single window .anthy of Law


BGG ~ So apparently they aren’t living in “economic reality” but some contrived version of events… I find it very curious this Investment Law, outside investor interests and their “economic reality” are all referred to in the same contexts…

P.S. ever wonder exactly what IS the “economic reality” they keep talking about??

The implications of the application of the tariff law

BAGHDAD / Obelisk: The new tariff law issued by the central government for the benefit of the northern ports. A member of the parliamentary finance committee, Abdul Qader Mohammed, Friday, that the tariff law will be applied in all the northern and southern Iraq outlets, pointing out that the Kurdistan region now apply special tariff law of the province, and they can choose between two laws as Tguetzih interest region.

According to media sources, seen by the “Obelisk”, “The new tariff law issued by the central government for the benefit of the northern ports private, and that the province is applied tariff law imposes lesser amounts of the new law.”

In response to a position of local government Basra reject the application of the new tariff law, which was applied in the southern ports Muhammad explained that “the local government of Basra obliged to apply it, in case you have no objection or return to some of the paragraphs on appeal to the Federal Court pending the resolution will be local government obliged to apply it. ”

The Basra provincial council has refused to apply the decision of the Ministry of Finance to increase the tariffs on goods entering through border ports in Basra.

The president of the Basra Governorate Council, Albzona morning, about the possibility of the application of this decision in the western provinces and the Kurdistan region, indicating that the local government categorically rejects the application of any decision which excluded the western provinces and the Kurdistan region of the resolution to be applied only in the south.


BGG ~ The implications are simple – without added buying power (in this context) for the regular citizen (via currency reform) these tariffs will be a heavy burden.

P.S. I mention “in this context” because the GOI also needs the internal buying power “amped up” to help meet their internal (inside Iraq) budget needs… (same scenario – different impact)

Our forgotten ally

Syrian refugees play on a building site at the Qushtapa Refugee Camp in Erbil, Iraq. Since the Islamic State began its onslaught on Iraq in June, Kurdistan has also taken in a more than one and a half million displaced people.


IRBIL, Iraqi Kurdistan — Since Islamic State extremists overran much of northern Iraq last summer, the office of Vian Rasheed Younis has been responsible for coordinating the humanitarian response for the Iraqis who have fled to the relative safety of Iraq’s autonomous Kurdistan region.

Younis, a civil engineer for the local government, and her staff of five are responsible for coordinating services among the United Nations agencies, hundreds of international NGOs and the Kurdistan Regional Government. “We’re acting as both the first and the last support for 300 organizations,” she says. “But we’ve got virtually no budget.”

They’ve done what they can, working up to 36 hours straight while trying to provide for 1.25 million displaced Iraqis (and another 250,000 Syrian refugees). Like most civil servants, her salary is months in arrears.

Younis’ predicament illustrates Kurdistan’s wider problem. She’s been at the forefront of dealing with the humanitarian cost of the Islamic State, and while every day she’s meeting with foreign delegations, she’s not getting the support she needs to do the job.

Resisting the Islamic State is bleeding the Kurdistan region dry. Meanwhile, Washington is taking for granted its most important ally in the fight.

While lauding the efforts of the peshmerga soldiers who have led the ground fighting, the Americans have largely ignored the enormous role Kurdistan is playing in sheltering Sunni Arab Iraqis who fled the Islamic State. The region can’t provide for all the Iraqis who have arrived in the last year, but more keep arriving — some driven by U.S. bombing. If this vital rear base crumbles, the war on the Islamic State becomes unwinnable.

Already Kurdistan is warning that the burden is so severe, and the assistance it is receiving from the United States so inadequate, that it is affecting the Kurds’ ability to continue fighting.

The government doesn’t even have money to pay its frontline peshmerga soldiers. The additional load on the electricity grid is creating daily blackouts that last for hours (the shortage of 1.5 megawatts is the equivalent to a medium-sized power plant). Garbage collection services, the water supply and the sewage system are all close to being overwhelmed, officials warn. Schools have been unable to open because displaced persons are living there. The economy is in recession, and poverty has more than doubled.

The population of the region has increased 28 percent, mostly in the past year. More than 40 percent of Iraq’s displaced people have been drawn to the relative safety of Kurdistan, the U.N. estimates. The World Bank warns that the region needs an additional $1.4 billion this year to maintain services. “That’s just a baseline figure,” says Younis.

As the Iraqi army and the peshmerga geared up to launch a widely anticipated offensive to retake Mosul, likely with the help of U.S. airstrikes, a new wave of fleeing Iraqis was expected. Up to 400,000 could be displaced, the Kurdistan government estimated. “That is what we are contingency planning for,” Younis says. “But we don’t have the resources for that.”

Without those resources, the Kurdistan government cannot keep fighting and cannot provide Iraqis with an alternative to living under the Islamic State, but the current focus on airstrikes misses this bigger picture.

The U.S. was instrumental in creating Kurdish autonomy when it implemented a no-fly zone across northern Iraq in 1991 to protect the Kurds from the murderous campaigns of Saddam Hussein. The Kurds welcomed the U.S. invasion in 2003 and are proud of the fact that no U.S. soldiers were ever killed here. Its government has shown many of those traits the U.S. has sought to instill in the Middle East: holding democratic elections and having a measure of accountability and responsiveness to its citizens. They are worthy of greater support.

When the Islamic State threatened to overrun the region last summer — coming within 20 miles of the capital, Irbil — the United States was quick to offer support. In addition to airstrikes, the international community provided funding to build comfortable camps for displaced Iraqis.

On the outskirts of Irbil, Hashem Camp houses 271 families, mostly from around Mosul. There is a toilet and shower for every eight families, security patrols, solar street lighting, a large generator to provide backup electricity to the tents, a primary school and education center offering vocational training, including IT and cosmetic classes. There is even a medical laboratory.

These camps were expensive to build, which also means expensive to maintain, says Peter Joshi, humanitarian adviser to the Kurdistan government. Many of the operational costs — supplying electricity and water and dealing with waste — fall on the local government. Each of the six camps around Irbil cost the district $10,000 a month in electricity alone, he says.

More importantly, the services provided at the camps are attracting more Iraqis to the region, even though the camps are full. Across the Kurdistan region, less than 20 percent of displaced persons are living in camps, according to some estimates.

In Dibaga, 25 miles south of Irbil, 751 Sunni Arab families took refuge in the village in January. Overnight, the Kurdish villagers found themselves outnumbered 3-to-1 one in their own town. Mayor Tola Khoshnaw says services were overwhelmed — the local medical clinic ran out of supplies in a single day.

Zagros Fattah, director for the capital investment budget at the Kurdistan Ministry of Planning, says the burden of caring for so many extra people is unsustainable. “Even a developed country like the U.S. wouldn’t be able to deal with this number of people,” he argues.

Support from the international community is drying up. United Nations agencies say they don’t have money to maintain their existing services. The World Food Program recently warned that unless funding is secured, 1.8 million people will lose food assistance in May.

“The international community is turning away from these people who are suffering as a result of ISIS,” Fattah says.

Part of the issue is that the international coalition against the Islamic State does not want to become bogged down in nation-building like it was after the 2003 invasion of Iraq. A senior coalition official in Baghdad, who was not authorized to speak on record, explains: “We are here at the invitation of the Iraq government for the purpose of defeating daesh,” the Arabic acronym for Islamic State.

The very existence of the Islamic State, though, points to the failure of U.S. nation-building policy to keep up with its bombing campaigns.

So far, the Pentagon says the military campaign has cost $1.83 billion since August. In terms of humanitarian aid, the U.S. has contributed just $125 million to all of Iraq in 2014 and 2015, according to the United Nations’ Financial Tracking Service.

Defeating ISIS will require more than a bombing campaign, though. “Airstrikes are important,” says Fattah, “but there are other, more effective ways they can help us, which might be cheaper.”

More money to provide for the Iraqis who have fled to the region is the main request. “We might be winning the war against ISIS in constraining them to a geographical area,” Fattah says. “But at the end of the day we are losing another war if the people who have come here as a result of ISIS are not being well-treated.”

Campbell MacDiarmid holds bachelor’s degrees in law and political science from the University of Otago in New Zealand and a diploma of European and international law from Université Paris X Nanterre, France. Based in the Middle East since 2012, he lives in Iraqi Kurdistan. He wrote this as part of The Dallas Morning News’ partnership with the Munk School of Global Affairs at the University of Toronto, where he was a fellow. Follow him on Twitter at @CampbellMacD.


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