Welcome to the Dinar Daily NEWS Blog. For regular Dinar News Updates, Dinar to USD listings, Iraqi Dinar info and Dinar info – THAT MATTERS!! This is a good place to start for your Daily Dinar Recap – if you are a Dinar vet or just looking for the current Dinar Value – Welcome.
Word for the day…
Mrs. BGG
Iraqi Dinar/Dollar auction (most recent listing) 07-13-16
Currency Auctions Announcement No. 3239
This daily currency auction was held in the Central Bank of Iraq on the 07-13-2016
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 29 |
| Number of remittance companies | 17 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 137,471,209 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 137,471,209 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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Just because you do not take an interest in politics doesn’t mean politics won’t take an interest in you. – Pericles (430 B.C)
*** Current News ***
Upgrading of Iraqi currency “dinar plastic (polymer)” Re-evaluate the value of the dinar
Upgrading of Iraqi currency dinar plastic polymer– Dinar plastic (polymer)
– Restructuring of the Iraqi currency
Re-evaluate the value of the dinar
– Iraqi dinar (polymer):
1.eetm the use of plastic money and made of material plastic polymer high-efficiency rather than paper made from cotton material and paper used in the money industry today and that are exposed to rapid deterioration use life short and the movement of disease transition and endemic and infectious bunches bacterial with it and move on to people when you touch Kalmndel infested.
2. plastic money outlive most of its peers paper twice a number of years and do not affect the high temperatures and humidity, water, dyes, crushing and does not allow the formation of clusters of bacterial Ovairoseh.
3. plastic money security features very high degree forgery make it almost impossible to 99.9%.
4. plastic money can be recycled after it is damaged and the use of new raw materials reduces costs to a very high percentage Unlike paper that Taathra and lose parts and comes with stickers or dyes, which burned and then buried. Nor used as the raw material.
5.alncod plastic as far as being the most evolved its industry costs less than the cost of paper-based counterparts.
6.dol world began a gradual transition to plastic money instead of paper and the first Arab state of Kuwait is applied to the new currency system.
– Of Iraqi cash reserves of $ 53 billion for the year 2016
– Iraq has reserves of 90 tons of gold
.. This is the cover of the Iraqi dinar.
Iraqi currency:
– It must be the value of the Iraqi dinar to reflect the value of this financial cover
– And who is currently (1118) dinars to one US dollar
(According to the Central Bank of the price, of course), a very low value of digitally ..
Make it difficult to deal externally Dinars let alone inside Iraq.
Iraq needs to restructure its currency (Iraqi dinar):
1. Delete the zeros phantom inflation inherited from the siege and war ..
2. Be the dollar value of 1 is equal to 1 dinar and 118 fils.
3.eetm payment in Iraqi dinars for imports from China, Iran, Russia and Turkey are all state of understanding with them about the currency that is dealt with.
Re-evaluate the value of the dinar:
Iraqi dinar code globally DI, and Fils F
1. The re-evaluation of the Iraqi dinar, where every dinar equivalent of 100 fils and not 1000
And that each 1 $ = 1 DI and 18 fils.
2. production units metal younger groups most heavily for many Astkhamat payment and collection of taxes and fees and the rapid public attitudes and privacy, public transport, ATM and Lafrath in the markets)
It produces metal categories:
– AED 10 fils
– Quarter of a dinar 25 fils
– Half KD 50 fils
-danar 1 and is equal to 100 fils, as well as the issuance of paper has increased by only 20%.
If the improvement in the Iraqi economy, industrial and agricultural sectors, tourism and housing via the investment Add categories are less fils are 1 and 2 fils and 5 fils future …
3. paper categories plastic polymer made of plastic resistant to damage and bacteria and fraud, namely:
-1 Dinars only 20% paper and 80 metal
Dinars -5
BD -10
25 dinars
JD 50
100 dinars limited trading major category of banking transactions and large international investment and business deals. They are forcing banks to deploy ATMs in every province and spend according to the market and the population density and the development of piggy banks levy metal sheet positions to collect mineral groups service fees compared to the corner the whole car managed .. The introduction of credit card banks digital money ..
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Don’t MISS – “DU NEWS TIME” w/RCookie and Mr White in DU CHAT ROOM – Sunday 7:30pm EST
www.DinarUpdates.com – save as favorite!
wmawhite (Dinar Guru) – Article quote: “ABDUL MAHDI STATES AT ECONOMIC SEMINAR 400-500 THOSAND PEOPLE BEING PREPARED ANNUALLY FOR LABOR MARKET AND SOLUTIONS TOWARD ACTIVATING THE PRIVATE SECTOR” This is huge…otherwise, what is there for them to prepare the citizens for? The private sector is coming.
Read More: http://www.dinarupdates.com/observer/
Dinar Updates “The After Call” – LIVE!!
“Immediately following News Time!!”
from 7/13 – LIVE CALL w/Q&A!!
Smart phone user link – Click here
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ECONOMIC ADVISER TO EBADI – INTERNATIONAL FUND APPROVES STANDBY CREDIT AGREEMENT WITH IRAQ
BAGHDAD / IBN – Economic Adviser to the President of the Council of Ministers confirmed the appearance of Mohammed Saleh, “The Executive Board of the International Fund approved a standby credit with Iraq on 7 July of the current agreement.
Saleh said on Thursday, in a statement to the Iraqi network transmitter (IBN) “The fund was launched in the history of 12 of July of this batch of the loan allocated for Iraq and the $ 634 million out of the total amount of 5.3 billion dollars.”
He added that “Iraq will receive this year in two installments of $ 2 billion, one in the next month of September, and the second at the end of this year to support the Iraqi budget and the economic sector in general within the fund, which will be extended to 36 months, which expires in August 2019 program.”
He noted that “the loan for five years on all installments payable after five years from the date of receipt of an interest rate (1.5%) and that on the top priorities of the Fund program is the reform of financial administration in Iraq and governance of financial operations in terms of payment systems and the transparency of financial data and amending some laws financial, including financial management and adjustment of the integrity Commission Act in line with the United Nations anti-corruption law. ”
“The first batch received by Iraq of the loan will go to the gates of exchange in the budget, the doors of social exchange such as social welfare, health, education and the ration card and the affairs of the displaced and then comes the other requirements.”
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rcookie (Dinar Guru) – Article quote: “BRITISH AMBASSADOR FRANK BAKER VISITS MUTHANA PROVINCE GOVERNOR ZIADI AND DECLARES DESIRE OF BRITISH COMPANIES TO INVEST IN THE ENERGY, OIL AND AGRICULTURE SECTORS…” THIS IS JUST 1 OF 2 MEETINGS WITH AMBASSADORS TODAY WHERE COUNTIES ARE ANNOUNCING THEIR INTENTION AND READINESS TO ENGAGE INT’L INVESTMENT AND BUSINESS WITH IRAQ.
Read More: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – Quote: “…the Iraqi Dinar ‘investment opportunity’ is a scam that has existed for more than a decade and has regained some of its former popularity…” Surely, the concept of “overnight” riches so often stated…makes this by definition a scam. That said, the potential for Iraq laid out in various documents including the IMF, WB etc. clearly show the upside potential for Iraq, which if achieved, would increase the value of the currency significantly. We just have to wait for that potential to come to fruition. There is nothing “to get to the bottom of,” it’s already well documented.
Read More: http://www.dinarupdates.com/observer/
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Iraqi dinars are exchanged for dollars at the busy Shorga market in Baghdad, Iraq: a key
priority in the new program is maintaining the exchange rate peg to the U.S. dollar, says IMF (photo: Sabah Arar/REX/Newscom)
Iraq Gets $5.34 Billion IMF Loan to Support Economic Stability
- Iraqi economy faces double shock of lower oil prices, rising security challenges
- IMF loan supports Iraqi government’s economic reform program, ensures debt sustainability
- Program includes measures to protect the poor, curb corruption
The IMF has approved a three-year, $5.34 Billion loan for Iraq focused on implementing economic and financial policies to help the country cope with lower oil prices and ensure debt sustainability.
The loan will be provided under the Stand-By Arrangement facility and also includes measures to protect vulnerable populations—critical in a time of ongoing conflict, which has resulted in over 4 million internally displaced people.
The program builds upon the success of the recent Staff-Monitored Program, which the authorities started in November 2015 to address the double shock of ISIS attacks and the sharp drop in global oil prices, and will help close a financing gap of about $18 Billion.
Speaking to IMF News, Christian Josz, IMF mission chief for Iraq, explains the underlying reasons for the loan and the main goals of the IMF-supported program.
IMF News: Why is Iraq requesting financial assistance from the IMF now?
Josz: Iraq has been hit with a double shock for an extended time period. First, the ISIS insurgency since mid-2014 has created a humanitarian and social crisis that unfolded into millions of internally displaced persons, with destruction to assets and infrastructure leading to disruptions in production and in trade routes. The non-oil economy sharply contracted as a result. Second, the steep fall in global oil prices—on which Iraq depends almost entirely for its government revenue—has made the situation worse, culminating in both internal and external imbalances, large and rising budget deficits and increasing public debt, as well as losses in official foreign exchange reserves and some pressure on the Iraqi Dinar.
As a result, the Iraqi authorities approached the IMF with a request for emergency assistance, and we worked with the authorities to provide emergency financing of US$1.2 billion in July 2015 under the Rapid Financing Instrument. However, the intensification of the two shocks thereafter led the authorities to request a longer-term engagement with us that would not only address the fallout from the crisis, but also lay the ground for long-delayed, deep-seated reforms. In this vein, a staff-monitored program (a program with no attached lending) started in November 2015—at the Authorities’ request—to instill the necessary conditions, and build the required capacity and track record to move to the current Stand-By Arrangement.
IMF News: What are the key policy components of Iraq’s program and how will it help the country?
Josz: The program is designed with a focus on four key elements: reduce budget spending and restore public finances to a healthy state and stabilize debt; protect spending on the social front to ease the lives of the poorest, internally displaced people and refugees; improve the quality of public spending and prevent accumulation of unpaid debt through improvements in public financial management; and begin the process of restructuring state-owned banks to reduce their dominance in the banking system, thereby mitigating financial sector risks and preserving the sector’s stability.
IMF News: How has Iraq’s economy been affected by ongoing conflicts and will this hinder the program’s implementation?
Josz: On the one hand, the non-oil economy contracted by 19 percent in 2015 and is expected to continue to contract in 2016. On the other hand, the oil sector, thus far spared by the ravages of war, grew by 13 percent in 2015 and by more than 20 percent during the first five months of 2016, helping to support the broader economy, critical budget outlays, and official foreign exchange reserves amid the double shock.
While there are risks to program implementation—such as the fight against ISIS, subdued global oil prices, and uncertainty around the budget sharing agreement between the federal government and the Kurdistan Regional Government—the policy responses outlined above will help stabilize Iraq’s economy.
IMF News: Can you explain the significance of maintaining the Iraqi Dinar’s peg to the U.S. dollar?
Josz: Iraq has maintained a peg to the U.S. dollar for years, and it has served the Iraqi economy well. The peg helps provide stability amidst a highly uncertain environment, especially with policy capacity weakened by the fight against ISIS. Under current circumstances and given the nature of the shocks, moving towards more exchange rate flexibility would not be warranted for two key reasons.
First, Iraq is predominantly an oil exporter, and devaluing the Dinar would have minimal bearing on the economy’s overall trade competitiveness. Second, there is a notable degree of import dependence—almost half of Iraq’s consumption needs are imported—and devaluation would immediately trigger a spike in inflation for most food and other consumer goods, which would exacerbate already difficult social tensions. The authorities are committed to maintaining the Iraqi Dinar’s peg to the U.S. dollar under these circumstances, and we support this view.
IMF News: How will the program help protect the poor and internally displaced populations?
Josz: The program has set a floor on a number of budget items that are considered crucial for social spending, with the objective of protecting the most vulnerable. This covers spending directed towards the social safety net, the public distribution system (subsidies on food items, wheat, rice), agricultural product subsidies, transfers and assistance for internally displaced populations and refugees, and spending for salaries and goods and services by the ministries of health and education.
IMF News: What measures could the Iraqi government take now to lay the basis for private sector‑led growth in the future?
Josz: By preserving macroeconomic stability, including debt sustainability, the Iraqi authorities are laying the ground for private sector development. By maintaining fiscal discipline, they will create the fiscal space to pay their suppliers and international oil companies on time, which is essential to maintain financial sector stability and oil production. Furthermore, the authorities can also spur private sector-led growth by restructuring state-owned enterprises—including the six state-owned banks—and prioritizing investment projects, such as in the electricity sector, which will help improve infrastructure development.
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BGG (Dinar Guru) – [Todays parliament meeting…on the whole package laws.] personally – I don’t think that is what we are waiting on – good for Iraq, yes. Required for us… I doubt. [Do you think there is ANY chance they will lop?] I do not.
Read More: http://www.dinarupdates.com/observer/
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For a peek at all the most up-to-date DU News – check the Iraq News Thread (in the forum)…
http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
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Agency US: IMF loan eases the financial crisis in Iraq and believes lending twenty billion dollars
He described the agency US credit rating and financial services, on Thursday, the agreement signed between Iraq and the International Monetary Fund to “positive” for their contribution to reducing the fiscal deficit suffered, while confirming that it would allow Iraq to get close to twenty billion dollars from the Fund and other countries loans.
The agency said the MODIS (Moody’s) in a statement seen by (long-Presse), “The Stand-By agreement signed between Iraq and the International Monetary Fund, amounting to up to five billion and 340 million dollars, a positive because it will improve the liquidity pace and reducing the severity of the fiscal deficit in the its balance of payments. ”
The agency added that “the agreement ratified by the executive body of the International Monetary Fund last week, giving way to provide another global financial assistance to Iraq worth $ 15 billion over the next three years to improve the situation of the country’s economy which was damaged fall in oil rates since mid-2014, as well as battles charged with being waged against al Daash. ”
The financial advisor to the prime minister revealed the appearance of Mohammed Saleh, in (27 May 2016), for Iraq, for “financial umbrella” international convergence of twenty billion dollars, as a result of its agreement with the International Monetary Fund.
And Moody’s (Moody’s Corporation) is a holding company, founded by John Moody in 1909, owns Moody’s service for investors Moody’s Investors Service based economic research and financial analysis and evaluation of private and government in terms of financial institutions and credit strength, and controls nearly 40 percent of the assessment of credit market In the world.
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1182.000 | 1180.000 |
| Euro | EUR | 1311.074 | 1310.419 |
| British pound | GBP | 1555.630 | 1554.852 |
| Canadian dollar | CAD | 908.113 | 907.659 |
| Swiss franc | CHF | 1203.789 | 1203.187 |
| Swedish krona | SEK | 138.708 | 138.639 |
| Norwegian krone | NOK | 140.224 | 140.153 |
| Danish krone | DKK | 176.271 | 176.182 |
| Japanese yen | JPY | 11.476 | 11.470 |
| Special Drawing Rights |
SDR | 1645.273 | 1644.450 |