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) 09-21-16
Currency Auctions Announcement No. 3281
This daily currency auction was held in the Central Bank of Iraq on the 09-21-2016
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 31 |
| Number of remittance companies | 15 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 144,861,109 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 144,861,109 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
______________________________________________________________
Every time you say “Somebody should …”, try replacing the “Somebody” with “I” and see how it changes your outlook. – Will Spencer
*** Current News ***
IMF Statement on Iraq
September 21, 2016
“IMF Managing Director Christine Lagarde met on September 21 with Iraq’s Prime Minister Haidar Al-Abadi in New York on the sidelines of the United Nations General Assembly meetings. During the meeting, they discussed Iraq’s IMF-supported economic reform program that was approved by the Executive Board on July 7, 2016.
“The Managing Director welcomed the Iraqi authorities’ economic program, which is being supported by a $5.34 billion Stand-By Arrangement (SBA) from the Fund approved in July 2016. The Managing Director and the Prime Minister exchanged views on how the SBA can help Iraq address the shocks posed by violent attacks and the drop in global oil prices. The Managing Director reiterated the importance of strong commitment to sound policies and decisive action on key reforms that are crucial to yield the largest gains for Iraq’s population.”
IMF Communications Department
Follow us on twitter @DinarUpdates !!
Don’t MISS – “DU NEWS TIME” w/BGG and Co. in the DU CHAT ROOM – Wednesday 7:30pm EST
www.DinarUpdates.com – save as favorite
Parliament dismisses Hoshyar Zebari
Parliament dismisses Hoshyar Zebari
House of Representatives voted to dismiss Finance Minister Hoshyar Zebari on the background of corruption charges
The reporter said Baghdadi News that 156 deputies voted in favor of the dismissal Zebari, out of 249 deputies followed ..
Read More: http://www.dinarupdates.com/showthread.php?41314-Parliament-dismisses-Hoshyar-Zebari
BGG ~ So – obviously, the first question I get is “will this slow things down?”…
No – exactly the opposite – they are doing exactly what the IMF has advised them they must do…
“…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…”
And then… [Now (that) he is fired they can press charges against him correct??]
Not sure how that will go – but they are responding to their IMF supervision.
“…International Monetary Fund request from Iraq as part of recent discussions additional expenditure cuts and the fight against corruption and activating the economic sectors…”
______________________________________________________________
rcookie (Dinar Guru) – Article: “Iraqi judiciary: general amnesty law implemented from the date of approval” Quote: “A spokesman for the federal judiciary Judge Abdul Sattar Bayrakdar said the amnesty law provided for the implementation of pre-publication in the Official Gazette.”
Read More: http://www.dinarupdates.com/observer/
______________________________________________________________
Dinar Updates “AFTER CALL – LIVE”!!
“Dinar Q & A Call!!”
Wed 9/21 – “After Call – LIVE”
w/RCookie, Mr White & Hutch
Smart phone user link – Click here
______________________________________________________________
Jubouri: The differences between the political blocs on the amendments to the Accountability and Justice Law is not substantial and will be adopted next week
MP for the Iraqi coalition forces Muzahim Salah al – Jubouri, Tuesday, that all political parties agree on the approval of amendments to the accountability and justice law, and that the differences between the political blocs on the amendments to this law is not significant.
Jubouri said, in a press statement, said the differences between the political blocs on the amendments to the accountability and justice law ‘not substantial’, pointing out that these amendments will be approved next week.
He said al – Jubouri, said the accountability and justice of the laws that have been agreed on approval in the paper the political agreement the law, and it was hoped approval with the ban on Baath Party Law, but it was delayed, adding that all political parties agree on the approval of amendments to the Act.
He said al – Jubouri, the total adjustments include rights relating to pensions covered by the accountability and justice law, stressing that there are some political differences on some of the paragraphs of the law, but will hopefully be agreed upon during the next few days, so as to ensure the rights covered by the amendments and satisfy everyone.
______________________________________________________________
rcookie (Dinar Guru) – Article: “Abadi will meet on the sidelines of the General Assembly meetings of Obama and a number of prominent leaders and the heads of the world” Quote: “…the prime minister left for New York City to attend the annual meetings of the General Assembly of the United Nations, pointing out that Iraq Abadi, will deliver a speech during the meetings of the General Assembly…”
Read More: http://www.dinarupdates.com/observer/
______________________________________________________________
A new action plan to ease the pressure on the budget
BAGHDAD / Hussein Tgb included another amendment to the Investment Law No. 13 of 2010, the developer concept, which came a new action plan to ease the financial pressure on the state budget, so the distribution of investment tasks.
Developer means »that is, or the company is implementing infrastructure fully for all specialized facilities of the city industrial, commercial or scientific or residential, and after the developer distributes investment opportunities on new investors have assumed the responsibilities of the implementation of various joints work» President of the National Business Council of Iraq David Abdul Zayer said that another amendment was issued on the investment law to ensure the development of the developer axis that runs the first developer Bmvsalin and Almsttmr.oadav in an interview with «morning» that the first developer, which handles the creation of industrial infrastructure of cities or tourist, as well as residential to other major projects, which allows him law to receive the land and the provision of infrastructure full cycles of various roads and bridges and basic services.
Land division and said that the land, which provide them with infrastructure is divided and given to other investors through the first developer, eg if we want to build us a residential city to provide roads, sewer, telecommunications and water within the confines of this space is then divided space into residential land and other recreational spaces for services education and construction of places of worship and the requirements so cities.
And issued Investment Law No. 13 of 2006 in order to boost economic and social development process, development and bring technical and operational expertise and human resources development and creating job opportunities for Iraqis to encourage investment and support the establishment of investment in Iraq and expansion projects and development of various economic levels, the process and the granting of privileges and exemptions for these projects, so this law was enacted He pointed out that the investment law, as amended protects the developer as well as investor and this is important Mnaf work investment and new element to attract contained Alastosmar.ofatt law that the new amendment granting the developer the right to grant the land to the investor under the investment license and the approval of the first developer and collection services and a portion of the amount of infrastructure that group spent to serve the new investor, pointing out that in this case has investment indivisible and we can build a modern new cities a way that minimizes the costs of the investment business, where investment in major projects require large sums of money may not be strengthened by a single investor.
He said that this method enables the investor to work in a part of the project and the completion of the work assigned to him specifications defined and within the executive potentials and during the time period, indicating that these amendments get in cooperation with the local sector, which has a lot of proposals capable of advancement of the national economy because he lives to the field of work and on familiar with the most important implementation of projects and determinants that prevent this requirement.
______________________________________________________________
Be sure to join the Dinar Updates “private” FaceBook Group…
https://www.facebook.com/groups/571383766355188/
(go here and ask to join… then add some Dinar Friends!!)
______________________________________________________________
Iraq:
Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding
______________________________________________________________
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
______________________________________________________________
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
______________________________________________________________
| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1182.000 | 1180.000 |
| Euro | EUR | 1321.949 | 1321.288 |
| British pound | GBP | 1532.936 | 1532.169 |
| Canadian dollar | CAD | 893.559 | 893.112 |
| Swiss franc | CHF | 1208.713 | 1208.108 |
| Swedish krona | SEK | 138.325 | 138.256 |
| Norwegian krone | NOK | 142.685 | 142.613 |
| Danish krone | DKK | 177.395 | 177.306 |
| Japanese yen | JPY | 11.597 | 11.592 |
| Special Drawing Rights |
SDR | 1649.599 | 1648.774 |