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.
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Mrs. BGG
Iraqi Dinar/Dollar auction (most recent listing) 09-19-16
Currency Auctions Announcement No. 3279
This daily currency auction was held in the Central Bank of Iraq on the 09-19-2016
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 32 |
| Number of remittance companies | 15 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 134,033,525 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 134,033,525 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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One of the symptoms of an approaching nervous breakdown is the belief that one’s work is terribly important. – Bertrand Russell
*** Current News ***
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Don’t MISS – “DU NEWS TIME” w/BGG and Co. in the DU CHAT ROOM – Monday 7:30pm EST
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BGG ~ Hey gang – I had intended to do a News Time tonite…
I’m not feeling well. I’m going to lay down and take it easy tonite.
Parliamentary showing financial support for the IMF conditions
Economy News / Baghdad Finance Committee in the House of Representatives expressed, on Saturday, its support to the conditions imposed by the IMF on Iraq in return for lending, and demanded that the Prime Minister Haider al-Abadi as “bold positions to resolve the corrupt file”, as economists asserted that Iraq faces ” a real dilemma, “because of the” lack of maturity “economic might obliged to accept the conditions of the IMF, warned against the imposition of the final conditions” most unfair “in the absence of Iraq’s commitment.
She said the Parliamentary Finance Committee member Majida al-Tamimi, in an interview I followed the “Economy News”, “International Monetary Fund request from Iraq as part of recent discussions additional cuts expenditures and the fight against corruption and activating the economic sectors”, expressing its support for “the International Fund demands.”
Tamimi stressed the need to “include cuts unnecessary spending of the state, and that does not affect employees and retirees, or the life of the salaries of citizens”, calling for “the resolution of thousands of files of corruption in the Integrity and Accountability spoilers.”
She Tamimi surprise of “spending three million and 799 thousand dollars to hire a private aircraft, during the last quarter of the year 2014 and over the past year in 2015, as well as the expenditure of funds and other money on Aivadat officials, in spite of the serious consequences of falling oil prices and the war against al (Daesh) “, Prime Minister Haider al-Abadi required to” be more aggressive in resolving the corrupt files, especially since he knows very well the defect points and the size of the waste of public money, since he held the presidency of the Finance Committee in the House of Representatives economic and kissed her. ”
For his part, economist Anton spokesman, said that “a number of recommendations and conditions placed when he agreed to lend Iraq, including a review of public budgets of the state and the actions taken to rationalize spending and anti-corruption International Monetary Fund.”
Anton said that “the International Monetary Fund found that some of the recommendations have not been applied properly, what could herald its objection and perhaps his lack of loan,” stressing that “Iraq is still in front of a big problem not addressed so far, is mono-economy and the continued decline in global oil prices, which may be obliged to accept the terms of the international Monetary Fund despite the prejudice of some of those conditions. ”
He Anton that “Iraq faces a real dilemma has compelled him to make other concessions paid for the Iraqi people, which forms the basis of the victim’s austerity and loans,” attributing the reason to “financial mismanagement of the government and the dominance of the ruling parties on the financial file, in addition to rampant corruption and lack of activating the private sector.” .
It is noteworthy that the Jordanian capital Amman witnessed, on Saturday (September 10 2016), the conclusion of the first review of the Convention on standby credit with the representatives of Iraq and the mission of the International Monetary Fund to supplement the IMF loan negotiations during the current year 2016 has been delivered to Iraq before mid-July 2016, about 634 million, the first installment of the IMF loan account immediately after the IMF Executive Board approval, in (the seventh of this month), on the standby credit agreement with Iraq, noting that the loan term is five years, annual interest rate low of one and a half percent (1.5% ), and that the number of payments is 13 batch stretches over 36 months.
The United States confirmed, in (the twentieth of April 2016), that the economic reforms the Iraqi government began to show the effects of an increase of non-oil imports, indicating that the Iraqi government’s success in reducing the budget deficit means obtaining a loan from the International Monetary Fund worth billions of dollars. AJ
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BGG (Dinar Guru) – […IMO the interest for us now is only the intro of new currency and how they will treat the existing 3 zero notes…] no need to be concerned about how they treat the 3 zero notes… they are worth a Dinar and will still be worth a Dinar once they make the change...
Read More: http://www.dinarupdates.com/observer/
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Wed 9/21 – “After Call – LIVE”
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from 9/15 – Smart phone user link – Click here
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Proposal to approve the foreign remittances Law
BAGHDAD Mustafa al – Hashimi – Called for a banking expert Dr. Essam Mohamed for legislation or the adoption of a law on foreign remittances to reduce hard currency out of Iraq without achieving real returns contribute to the achievement of development of the national economy.
He said Muhammad’s “morning” that the existence of such a law after studying extensive study will contribute to put the right foundation for trust business real banking, noting that the sale of the dollar at the central bank window allowed for a number of banks that profited them due to remittances and credits, what caused the reluctance of the social role and economic actor in the development process.
He stressed that the legislation conversion law the outside will contribute significantly to reducing tampering without the knowledge economy as it will reflect positively on the citizen by enhancing the likelihood of obtaining loans for the establishment of industrial shops in productive projects, among others.
He stressed the importance of hiring the proceeds of the oil dollar through development programs and other lending adopted by private and government banks under the supervision of the central bank if launches loans or advance for widows and young people and the rest of the categories that can be productive to strengthen the family economy.
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BGG (Dinar Guru) – Article quote: “…the willingness of credit with the international Monetary Fund by which it agreed to grant Iraq a financial loan of $ 5.3 billion agreement…” …their whole budget relies entirely on oil – everything you see in their budget is their whole oil production… their everything rises and falls on oil production and oil prices. …this loan is just a vehicle to get the IMF and “world support” on board… two things they really need...1) IMF oversight and a demonstrated ability to do as they are told… 2) international acceptance… re-integration with the world economies. #2 won’t fully happen without #1…AND international acceptance in every way. This includes an internationally priced and accepted currency… [post 1 of 2….stay tuned]
Read More: http://www.dinarupdates.com/observer/
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BGG (Dinar Guru) – According to economists – once they are internationally integrated – their currency priced right, investment laws are properly amended and internationally accepted – THEY WILL GET HIT WITH A WALL OF INVESTMENT MONEY… (their actual words). When this happens – they will be a lot less dependent on oil income…far more diversified. […the IMF is in charge. What say you?] I agree… and they seem to be responding. I really think all of this is part of “the financial reform”… no doubt. …unlike in previous regimes – there is no stall here… it’s all GO, GO, GO!! [post 2 of 2]
Read More: http://www.dinarupdates.com/observer/
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Encourage investment needs to be an attractive regulatory environment
BAGHDAD morning – tightened competent in economic affairs Inas al – Zubaidi on the need to promote the sectors of production at a time when the country is suffering financial hardship has affected the reality of work Mlhod.
She noted in an interview for the “morning” that encourage investment attraction requires that coincides with the structural changes in the regulatory environment and structures of institutions economic as well as aspects of fiscal spending, noting the importance of a review of all other laws and the application of international standards and the development of the stock market combination.
It showed that the banking system bear a wide responsibility for the success of economic reform programs, and will require significant efficacy of private banks and work to finance large development projects that there will be a prominent role for financial intermediaries in stimulating the market money.
It showed that the existing legislation in many sectors need to be reviewed to enhance the overall growth in the framework of the reform process and the wide covering various aspects of the work, to eliminate corruption and bureaucracy, control and other concomitant diseases for some departments and institutions. Zubaidi said that the current and the next stage requires activating the role of the private sector in sustainable development, and this raises the importance of the development of the local business environment so as to be polarized national and foreign investments.
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Iraq:
Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding
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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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Saleh: Iraq has implemented all the conditions of the International Monetary Fund!
BAGHDAD / News Network Iraq – Declared Prime Minister adviser on fiscal policies, the appearance of Mohammed Saleh on Thursday, for an end to Iraq ‘s own commitments first phase of the Stand -By agreement with the International Monetary Fund of several stages include 13 commitment by which it agreed to grant Iraq a financial loan $ 5.3 billion.
concluded Iraq and the international Monetary Fund in May / May last deal after meeting for several days held in the Jordanian capital Amman to grant Iraq a financial loan of 5.3 billion dollars with an interest rate of up to 1.5%, acknowledges Iraq share an initial value of $ 634 million in July / last June, said adviser to the Iraqi prime minister for financial policy,
the appearance of Mohammed Saleh, in a press statement today: ” the first phase of the standby credit agreement with the international Monetary Fund included several reform requirements of the Iraqi economy, and performance standards, and financial management reform, reform.
some laws, procedures for restructuring the general budget, and maintain the central bank ‘s reserves, all of Iraq ‘s commitment to them. ”
Saleh added that” the willingness of credit with the international Monetary Fund by which it agreed to grant Iraq a financial loan of $ 5.3 billion agreement, includes 13 consultation or obligation , Iraq and the international Monetary Fund , they finished the first review, there will be future revisions in early October in Washington.”
Iraq ‘s chief financial officer , and continued that” after each audit is released part of a financial loan to Iraq in accordance with the agreement, and we expect that Iraq has received the second installment of the financial loan next month (without revealing its value). ”
for his part, expressed the international Monetary Fund, on Wednesday, thanked the Iraqi authorities to” good cooperation with him and discussions frank and fruitful during the first review of the agreement to prepare the credit, which has in the Jordanian capital Amman recent meetings. ”
The Iraqi government acknowledged the end of last month, the country ‘s budget for next year by 102 trillion dinars (about US $ 85 billion), to begin a new phase of internal and external negotiations may be more complicated on how to secure the fiscal deficit which stood at 30% of the total budget.
BGG:
My commentary from News Time Saturday afternoon was mainly based on the above article and Saleh’s comments coming out of the IMF meetings in Amman, Jordan.
So let’s give some frame of reference in “layman’s terms”…
We’ve talked over and over and OVER about this IMF “world” assistance package…
To start things off – they will get 5.3 Billion USD over the next 5 years.
Their budget for 2017 is roughly 85 Billion (expressed in USD – which isn’t really significant – just saying it in USD terms)…
I don’t recall what their budget was for 2016 – probably similar…
Once we’re done with this – I’ll ask a few important questions…
They will have gotten something around 1 Billion USD in IMF aid this year – once the balance of the two payments are made – next month??
Everyone follow so far??
So their total budget is around 85 Billion US and they are getting this “life-saving aid” amounting to a little over 1 Billion US…
That works out to a little over 1% of their budget… seriously?!?
This would be like you making 50,000 per year… you find yourself in a “financial crisis” – your banker comes to you and says “I’ll give you $250.00 in July and another $250 in October”… how far do you think that would go towards solving your crisis??
Seriously??
scottiegirl:
Like trying to save the Titanic with a tea cup
BGG:
THAT’S WHAT THE ACTUAL DOLLARS HERE MEAN… NOT MUCH!!!!!
So what in the world are they talking about when they say with this IMF and “world” support they have “over-come” their financial crisis?????
They are either on CRACK or they are talking about something other than the MONEY!!!
Obviously – they are talking about something other than this little amount of financing… Saleh is essentially saying “we’ve done everything the IMF has asked”… this is critical for what’s next – CRITICAL…
Forget the loan – it (in and of itself) is almost useless…
scottiegirl:
Hopefully moving to the international stage….with an acceptable currency….maybe?
BGG:
What are the 2 things they really, really, really need??
BGG says to scottiegirl:
NOW YOU’RE GETTING THERE!!
slh5282:
acceptance to the WTO and money with value
BGG says to slh5282:
VERY CLOSE.
Two things they really need…
1) IMF oversight and a demonstrated ability to do as they are told…
(that’s a biggie)
2) International acceptance… re-integration with the world economies.
#2 won’t fully happen without #1…
AND
International acceptance in every way. This includes an internationally priced and accepted currency…
Obviously – Saleh is prone to bluster… he’s a big talker.
but – they won’t get #2 – without #1…
It’s not about the meetings – it’s about what they are actually DOING.
Let’s go backwards a little – then cover this again…
Why do they need international acceptance??
Their whole budget relies entirely on oil – everything you see in their budget is their whole oil production… their everything rises and falls on oil production and oil prices.
The IMF doesn’t want that… neither should Iraq.
Their oil income should be the ENGINE that drives their economy – NOT THE WHOLE THING…
So how do they get things turned around?
By doing EXACTLY what they are doing.
Getting along with the IMF… this loan is just a vehicle to get the IMF and “world support” on board…
According to economists – once they are internationally integrated – their currency priced right, investment laws are properly amended and internationally accepted – THEY WILL GET HIT WITH A WALL OF INVESTMENT MONEY… (their actual words).
When this happens – they will be a lot less dependent on oil income… far more diversified.
TONYV:
BGG: IMO, I see the carrot and stick approach from the IMF. Make no mistake, the IMF is in charge. What say you?
BGG:
I agree…
thedinarian:
and that will give them they stability they need and what we investore want to see.
BGG:
and they seem to be responding.
I really think all of this is part of “the financial reform”… no doubt.
tman23:
…. IMO the interest for us now is only the intro of new currency and how they will treat the existing 3 zero notes……
BGG says to tman23:
no need to be concerned about how they treat the 3 zero notes… they are worth a Dinar and will still be worth a Dinar once they make the change…
I don’t see how they can wait that long – unlike in previous regimes – there is no stall here… it’s all GO, GO, GO!!
Read More: http://www.dinarupdates.com/showthread.php?41073-NEWSTIME-WITH-BGG-Saturday-afternoon-September-17-2016
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1182.000 | 1180.000 |
| Euro | EUR | 1331.878 | 1331.212 |
| British pound | GBP | 1573.833 | 1573.046 |
| Canadian dollar | CAD | 906.929 | 906.475 |
| Swiss franc | CHF | 1213.054 | 1212.448 |
| Swedish krona | SEK | 139.983 | 139.913 |
| Norwegian krone | NOK | 144.034 | 143.962 |
| Danish krone | DKK | 178.947 | 178.858 |
| Japanese yen | JPY | 11.560 | 11.554 |
| Special Drawing Rights |
SDR | 1657.235 | 1656.406 |