Dinar Daily NEWS Blog – December 10th

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Iraqi Dinar/Dollar auction 12-08-16 (most recent listing)

Currency Auctions Announcement No. 3335

This daily currency auction was held in the Central Bank of Iraq on the 12-08-2016

The results were as follows:

Number of banks 35
Number of remittance companies 15
Auction price selling dinar / US$ 1182
Auction price buying dinar / US$ —–
Amount sold at auction price (US$) 149,531,438
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 149,531,438
Total offers for selling (US$) —–

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

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rcookie (Dinar Guru) –   Article quote:  “And about the prospects for Iraqi dinar to float, like other countries in the region, this relationship does not arise in the present, and we are working on is not currency float, and the big difference between the two.”   READ THAT QUOTE FROM ALAK…AND ASK YOURSELF HOW DELUSIONAL YOU HAVE TO BE TO STATE AN ABSOLUTE VALIDATION TO THE FLOAT PLAN…WHEN IT CLEARLY STATES THE OPPOSITE…

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

House of Representatives held complete the vote on the budget session, headed by al-Jubouri

Twilight News / parliamentary source said on the House of Representatives held its meeting on Wednesday chaired by Salim al-Jubouri, head of the Council for the completion of the vertebrae and the terms of the federal budget for fiscal year 2017.

The source told Twilight News, that the Presidency of the Council decided to hold the meeting after the completion of a quorum in the presence of 186 members from various parliamentary blocs.

Read More: http://www.dinarupdates.com/showthread.php?44297-House-of-Representatives-held-complete-the-vote-on-the-budget-session-12-7


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rcookie (Dinar Guru) –   Article:   “Central Bank Governor: no room to cancel the sale of the dollar window, if canceled , the exchange rate has become 3 or 4000 and maybe more”  Quote:  “And about the prospects for Iraqi dinar to float, like other countries in the region, this relationship does not arise in the present, and we are working on is not currency float, and the big difference between the two.”  THAT ARTICLE WAS ONE OF THE MOST INFORMATIVE WE HAVE EVER SEEN…  HE TALKS IN SPECIFICS ABOUT THE…POLITICIANS AND MEDIA STATEMENTS WAGGING THEIR FINGERS ABOUT AUCTION FAILURE AND STABILITY OF IQD…AND HE SAYS IT VERY SIMPLY…YOU ARE NOT GOING TO STABILZE THE IQD BY TURNING OFF THE AUCTION FAUCETS…THE ONLY TRUE WAY TO DELIVER IQD STABILITY IS TO REDUCE THE DEMAND FOR THE USD…AND IDENTIFIES “STRUCTURAL CORRECTION OF THE IRAQI ECONOMY”…AND HOW DO THEY INHERENTLY REDUCE THE DEMAND FOR THE US DOLLAR…   [post 1 of 2….stay tuned]

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


Nasiriyah is preparing for a demonstration against the arrest of al-Maliki and a number of activists

Detecting activists civilians in Dhi Qar, said Thursday their intention to organize a demonstration against the Vice President Nouri al – Maliki in conjunction with his visit to the province today, as they carried him responsible for the occupation of a large part of Iraq by Daesh and the blood of thousands of victims, confirmed the arrest of a group of them security forces were paving of the demonstration.

He said civil rights activist Gamal Jabbar in an interview (range Press), ” The activists of the province are preparing to organize a demonstration, in Haboubi Square Nasiriyah city center in the second hour of the afternoon, against Vice President Nouri al – Maliki in conjunction with his visit to the province, today , ” noting ” the activists called on people of the province to participate in the demonstration to express their rejection of Maliki ‘s visit.”

He said Jabbar, ” The demonstration comes to the fact that al – Maliki is to blame for the fall of large parts of the country fist organize Daesh and the killing of thousands of civilians and brass as a result of this, including the victims of the massacre Spyker and the victims of the popular crowd , ” stressing that “security force arrested a number of activists were paving of the demonstration, in Haboubi Square in central Nasiriyah. ”

Read More: http://www.dinarupdates.com/showthread.php?44342-Nasiriyah-is-preparing-for-a-demonstration-against-the-arrest-of-al-Maliki-and-a-numb


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Iraqi investment law .. moving in the opposite direction

Foreign investment is known as the WTO as a direct investment occurs when an investor has a resident in his native originally a productive in another country (the host country); the purpose of his administration described so kind of investments as long-term.

Investment property are included in foreign direct and play a role in the economies of the host countries, especially developing as an important source of funding, it is also an effective means of technology transfer and exploitation of natural resources, and the development of new methods of production and the development of modern methods and methods of economic management, and break the local monopoly, and enhancing national competitiveness, stimulate exports and open up markets new overseas.

And contribute to foreign investment to raise economic growth rates and increasing employment opportunities in the host country’s economy, which helps in the national effort to reduce the unemployment rate; therefore grew up competition between countries to attract investment property are included in foreign direct, but foreign investment alone can not create sustainable economic development Venjaha depends on creating real development and availability of a number of data, the most important macroeconomic stability components of the host country, such as associated with the liberalization of trade and exchange rate policies, and the availability of the catalyst level of investment structure.

Reflects the Foreign Investment Law No. 13/2006 on Iraq investment policy to encourage and organize R. A will of Arab and foreign funds in the context of public policy in the state and in line with the objectives and priorities of the national development strategy for the years 2004-2007, and the highlights of the law: the formation of a body called -haih investment – has a moral personality, represented by the President of the Commission or his nominee, and the Authority chairman of the rank of minister and deputy rank of Deputy Minister, strengthen confidence in the investment environment, identifying investment opportunities and stimulating investment in and promotion.

Simplification of the procedures for registration and license for investment projects and follow up on existing projects and giving them priority in processing with the official authorities and obtaining the required approvals and to advise and provide data and information to investors and to facilitate allocation of land needed and leasing of the establishment of the project wage determined by the Commission also included.

The law allowed the possibility of extracting capital and returns, introduced by the investor to Iraq provided it does not conflict with the provisions of the law and procedures composting ownership, tax, and that the project has obtained an investment license from the Commission of tax exemption and fees for a period of five years from the commercial operation start date and at different rates of between 25 % -75% according to the areas prescribed by law a-b-c by economic development and the nature of the activity.

The investor is not subject to the provisions of the law if they had invested in the extraction and production of oil and gas and investment in the sectors of banks and insurance companies.

And here arises specialists Whatever: Is a Question encourage foreign investment in Iraq at the required level, and why it favors foreign investment in the UAE, Lebanon or Jordan or Malaysia …. Instead of investing in Iraq?

Found in the Iraqi environment limitations and constraints and problematic expelling foreign direct investment, including the deterioration of infrastructure since the nineties of the last century as a result of the war and the siege imposed on Iraq, and the deterioration of the comprehensive and systematic destruction that took place after the events of 2003; to paralyze the economy, for example:

-qtaa Electricity: Statistics and estimates indicate the need for Iraq to 15 thousand MW and available now does not exceed (7.5) thousand megawatts and this means that there is a gap of more than 50%, despite the size of investment allocations for the period 2006- in 2012 , but the added power did not exceed a thousand megawatts, reflecting the state of the administrative and financial corruption in the electricity sector , which is defined as the lifeblood of economic development.

– Drinking water: Most reports indicate that 79% of Iraq ‘s population have access to improved water , which is a very low rate, and that most of Iraq ‘s rural population does not reach them clean of salt and contaminants of drinking water in addition to the 20% of the urban population does not have access to pure water. Reports also indicate weakness in the piped water networks, making the citizen depends on electric pumps.

– Sewage networks: confirms numerous reports and studies that 73% of Iraq ‘s population have access to sanitation services is a very low rate and this means that there is 27% of the population have not benefited from sanitation services, and if we take into account cities , including Baghdad residents the large number of them suffer poor sanitation services.

And suffer sewage networks many problems, especially Alteixrat because of their age and the misuse and lack of maintenance and lack of cooperation by the citizen making the water floating on the streets and parks , leaving a disease that increases the harm the constant power outages and the resulting stop for sewage pumps and other problems.

-Airports: Airports Iraq suffer the lack of a fleet of modern aircraft and leased aircraft remains the most ancient, which reflected negatively on the tourism and investment and thus on the national economy, as well as the lack of airports in several provinces.

– Rail: where any development did not happen in the field of railway or renewal train or services, whether passengers or the transfer of goods and services. The cover of the Iraqi railways about 1906 kilometers and exploiter of which 104 kilometers double Kskk and the age of most of these rail production between 60 to 80 years, except for two lines railing already established between 1978 and 1987, and at the present time, there is a service line and one for travelers between Baghdad and Basra. And because of the bad conditions of the railway and locomotives, the railways, the average speed of 50 km / h, and dominate oil products and wheat and military equipment on shipping by rail, which is deviation outside the railway track are common in the network run by the Iraqi railways company, despite that restrictions on speed.

– Methods of Transportation: Most of the roads are suffering within cities and between provinces of Alteixrat due to their age and poor maintenance, as well as being generated when the number of Iraq ‘s population does not exceed 12 million , and the volume of trade services is limited, according to the limited size of the population , but now forgave number (32) million.

The road network in Iraq , 53,000 kilometers, representing the highways and main roads 23% of them, and has been building the bulk of the network in the seventies and eighties of the twentieth century did not then subject to any maintenance work.

As for the legal side in Iraq, he suffers weak legal environment; the lack of laws and weakness or disable other laws as the law of competition and prevent monopoly, the National Product Protection Act, the Consumer Protection Act, the tariff composting ownership law, export subsidies law, trademark law, registration of companies and laws law standardization and quality control and quality, as well as the protection of intellectual property law. This package of laws and legislation when it is not activated give negative signals to foreign investors not to move towards the Iraqi environment.

Comparing between the Interim Constitution of 1968 and the new constitution of 2006, we find that Article 12 of Chapter Two in the Interim Constitution of 1968 states that the economic system aims to achieve socialism, indicate Article 14 of Chapter II that the natural resources owned by the state, indicate Article 15 the second door to the use of capital in serving the national economy that is not inconsistent with the use of the common good of the people.

According to Article 17 of Chapter II that private property is inviolable law regulates the performance of its social function, and indicate Article 18 of the same door that the law sets the upper limit of land ownership and accrues to the country has increased to the upper limit. Article 35 of Chapter II says that the right to education for all Iraqis guaranteed by the State to establish schools, colleges and universities and cultural and educational institutions. Article 37 of the same door and found that health care is a right guaranteed by the state to establish hospitals and health institutions.

The new constitution of 2006 stipulates Article 112 Second “to rely on the latest techniques of market principles and encouraging investment, says Article 111: The oil and gas are the property of all the Iraqi people in all the regions and provinces.

According to Article 25 that the state shall guarantee the reforming of the Iraqi economy according to modern economic bases, in a way that ensures complete investment of its resources, diversifying its sources and encouraging and developing the private sector, while article 26 that describes the state guarantee the encouragement of investment in different sectors, and is regulated by law.

The Article 23 says: that private property is inviolable and the owner is entitled use it, exploit and dispose of them, Article 23 says Second , it may not expropriation except for the public benefit in return for just compensation.

While confirming Article 23 Third: The Iraqi has the right to own property anywhere in Iraq Article 34 IV “that the private and public education is guaranteed and regulated Bakanon.oualemadh 31 , says Second: Individuals and entities have to build hospitals and clinics , or special treatment … this result in a comprehensive vision of the image which will take them to invest in the future of Iraq and which can be summarized Bmayle form:

1 – economic system, from socialism to capitalism.

An important turning point in the goal that investment will seek to achieve and that at the national level and this goal will be to move towards the free capitalist market economics uncontrolled self by supply and demand mechanisms in exchange for reducing the state ‘s role in the intervention of economic life (relying on the latest market- principles techniques Article 109 Second ” -), and here, the Constitution tells us to stay away from the realization of socialism and move closer to market principles.

2 – wealth from state ownership to the people of the permanent Iraqi constitution , seen as the subject of the ownership of natural resources , major (oil and gas) different look to look at the Constitution of 1968, as the new constitution indicates that the oil and gas belongs to the people – Article 108. While the wealth key was king State and this means that there is a change in the look of State to the property, from state ownership to individuals as if the Constitution is trying to give us the introductions for the transition from a totalitarian economic system to the economic system approaching from individual systems, as well as the van it means to move away from state control of resources and economic life and approaching based on individual initiative and allow market forces and economic system to take the largest space in contributing to the allocation of resources.

3 – investment, according to a market economy.

Constitution addressed the issue of investment in the permanent constitution in a different manner to the Constitution of 1968, where the new constitution referred to the phrase ( the state shall guarantee the reforming of the Iraqi economy according to modern economic bases, in a way that ensures complete investment of its resources, diversifying its sources and encouraging and developing the private sector).

The analysis of this article means that the state is determined to be the investment for the whole of Iraq ‘s economic resources according to the principles of market economy, which means that the state will not do is the investment process is chairman but that this task will be guaranteed to the private sector so that it will be the state ‘s role is supportive of investment – the role which Place , will be through the sector and not the role of the existing investment.

4 – domestic and foreign investment, his unbridled This signal seems clear in the new constitution and these relate to invest in different sectors (state guarantees to encourage investment in various sectors -almadh 26) This means that there is no constitutional objection to invest in all sectors , including strategic , well, there is no constitutional objection to investment whether local or foreign, in other words , it does not hurt to do foreign investment in the economy.

5 – the private sector, leading the economic reform process.

Constitution focused on the important issue is the role of the private sector in carrying out the reform of the Iraqi economy, the introduction of a new term which is a term economic reform, which has to do with the private sector based on market economy.

All of these reasons is a barrier made of Iraq ‘s economic environment is favorable for investment either in terms of self – causes associated with developed countries , and its monopoly and preventing the orientation of foreign investment.

1. Most of the developed countries and companies suffer the monopoly of the large surplus in production, which is searching for markets for their surplus, and Iraq, one of the markets important consumer nature of the Iraqi people and the size of the population, as well as high purchasing power, how directed investments to Iraq and produce goods and services that could compete with goods produced in developed countries.

2. will not enter direct foreign investment to the agricultural sector to produce food for political and economic monopoly of the reasons, in order to keep Iraq as well as developing countries in need of food imported from developed countries produced, as the monopolistic companies suffer a surplus of food great, and searching for markets to dispose of, how can they come to Iraq produces food.

3. The political considerations of direct foreign investments to Iraq will not tend to keep the political extension of Western countries, particularly the United States.

4. Iraq is the second country in terms of oil reserves, estimated at 145 billion barrels, so The outline remains Iraq exports oil and imports of food and everything needed goods and services. And manpower in Iraq workforce is unemployed and possess the skills and competencies and experience what it takes to work for foreign companies and low wages compared to labor inflows from abroad, and the best example of one of the mobile phone companies that give the Egyptian engineer (800-1000) per month excluding housing while earns Iraqi engineer (300-400) per month.

In spite of all the reported that the Iraqi environment is favorable and encouraging foreign direct investment, which means it repulsive to him, due to lack of infrastructure, which leads to higher production and lower quantities of the costs, administrative and financial corruption, which complicates things and raise costs in the shadow of the absence of legal environment, and the lack of some of the laws and the weakness of the other, and the weakness of the effectiveness of economic policies and the lack of clarity in the economic program of the government, all of this will claim to increase the risk on the one hand, and low return on investment on the other.

The investment in Jordan , we find there are many pull factors, including: the Investment Promotion Law and the treatment of the investor is Jordan ‘s treatment of the Jordanian investor giving him the right to invest in the Kingdom of ownership or to participate or contribute in any economic project, it is not permissible to own the entire project within a certain business services sectors construction and contracting, and investor absolute right to his management style , which he saw as persons who are selected for this administration.

The Investment Promotion Law No. (16) for Jordan in 1995 an appropriate legislative framework to attract foreign investment and domestic stimulus, the tenor of the benefits, incentives and guarantees for investment laws at the regional level, providing customs and tax exemptions for investment projects within the following sectors: industry, agriculture, hotels, hospitals, maritime transport, railways, cities entertainment and leisure tourism and convention centers.

In Dubai, the success of investments due to several factors , including Decree No. 2 of 2002 , the establishment of Dubai to attract investment and development as it was established more than 34 free trade zone in the UAE attracts investors from around the world, including the Jebel Ali Free Zone one of the fastest global growth as one one of the fastest free zones growing on a global level, as provided incentives for many successes achieved during the past years where he recorded a growth in the customer base reached 60% during the past four years, also recorded an average growth of 34% per year in revenue, in addition to providing more than 160 thousand jobs Emirates economy, the flow of foreign direct investments to the UAE.

Free zones for investors in the UAE and provides a range of important facilities sought by most of them, namely:

1. an absolute monarchy to foreign companies, tax exemptions on imports and exports, and the lack of restrictions on the currency and the free movement of capital, and also provides a transaction to obtain authorization procedures within 24 hours, and provide the best terms and conditions ideal for business and enterprise, distinctive infrastructure facilities, facilitating sponsorship and visas for all employees and staff procedures, and the completion of the transaction as soon as possible through a single window, allowing for products that produce free zones trade in the domestic market through a proxy. These are all considered to attract investment into the country factors.

And here we get to that on the Iraqi government’s review of the proposed strategy for 2006 to attract foreign country’s investments in which they can convert the investment environment in Iraq by expelling environment for investments into an attractive environment for the organization of the legal environment and to reconsider legislation that existed before the occupation with the Cancel (Bremer) Investment and legislation of new investment laws encourage national, Arab and foreign direct investment, as well as legislation to a package of laws such as the protection of physical and intellectual property rights, consumer protection, competition and antitrust, tariffs, export subsidies and trade mark law in order to ensure the event to reassure the investor on the one hand and preserving the national aspects and economic.

Shatha Khalil

Read More: http://www.dinarupdates.com/showthread.php?44350-Iraqi-investment-law-moving-in-the-opposite-direction-12-8&p=166335#post166335



Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding



US dollar USD 1182.000 1180.000
Euro EUR 1268.286 1267.652
British pound GBP 1488.493 1487.748
Canadian dollar CAD 891.941 891.495
Swiss franc CHF 1170.065 1169.480
Swedish krona SEK 129.693 129.629
Norwegian krone NOK 141.065 140.995
Danish krone DKK 170.518 170.433
Japanese yen JPY 10.346 10.341
Drawing Rights
SDR 1604.199 1603.396

Indicative rates – 12.10.2016


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