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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Iraqi Dinar/Dollar auction 12-07-16 (most recent listing)
Currency Auctions Announcement No. 3334
This daily currency auction was held in the Central Bank of Iraq on the 12-07-2016
The results were as follows:
| DETAILS | NOTES |
| 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$) | 150,580,002 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 150,580,002 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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Everyone thinks of changing the world, but no one thinks of changing himself. – Leo Tolstoy
*** Current News ***
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Kaperoni (Dinar Guru) – Nice. Good to see parliament accomplish something. 2017 budget now passed.
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.
BGG (Dinar Guru) – …there is SOOOOO much great financial / economic / legal news… lately…how can we NOT be really jazzed about where things are? The general consensus – we are in a VERY SHORT window… things are moving fast for Iraq right now...
Read More: http://www.dinarupdates.com/observer/
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rcookie (Dinar Guru) – THE IMF REVIEW IS A CHECK AGAINST IRAQS COMPLIANCE TO FISCAL REFORM COMMITMENTS…IRAQ MADE IN MAY (AHMAN,JORDAN) IN ORDER TO BE APPROVED FOR THE 1ST PART OF SBA FUNDS ACCESS…THE COMPLIANCE CHECK AGAINST FULLFILLMENT CAN ONLY COME FROM 1 SOURCE… [Passing the budget and passing laws?] THEY HAVE BY ALL REPORT ACCOUNTS MET THE REQUIRED REVENUE & EXPENDITURE MANDATES IN THE APPROVED DRAFT OF THE 2017 BUDGET LAW…BUT STILL REMAINS A REPORT UNTIL IT IS VOTED INTO LAW… [part 1 of 2….stay tuned]
Read More: http://www.dinarupdates.com/observer/
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House of Representatives approve the budget in 2017 has unanimously
Baghdad / term – After marathon negotiations fought political blocs throughout the day on Sunday, the House of Representatives voted on the general budget for 2017.
And wrangles final day postpone the parliament session, which was scheduled at five o’clock in the evening, more than once, until they were held at eight o’clock and lasted into late.
And it passed the House of Representatives, in the evening session, with revenues estimated 79.11 trillion Iraqi dinars budget, and a deficit of 21 trillion dinars. It was calculated as the rate of $ 42 for a barrel of a basic source of oil, of which the export of 3.7 million barrels per day, including 250 thousand barrels of the Kurdistan region of oil and 300 thousand barrels of Kirkuk. Parliament also voted to allocate $ 5 for every barrel of oil to the provinces.
The session witnessed the withdrawal of the Kurdistan Democratic bloc in protest against the non-inclusion of the Peshmerga forces allocations in Article IX, which determine the share of the Kurdistan region.
Article 9 / I that “determines the share of the Kurdistan region of 17% Seventeen percent of the actual total expenditures shown in (Table / d expenditures ruling) attached to this law and paid by the Federal Ministry of Finance and the approval of the Prime Minister.”
Article 11 of the Budget also provides that “re-examined in the share of the Kurdistan region and governorates not organized in a region in the federal budget for the year 2017 and beyond in light of the results of statistics and the census for the year 2017 to be in the light of determining the actual amount of the share of the region or province are not organized in region in the federal budget for the year / 2018 and display the difference on the Federal Council of Ministers of settlement. “.
Parliament also voted on Article 19, which prohibits the three presidencies appointments and the return of all of its members to their constituencies. Paragraph c of the same article, “Stop appointments in the three presidencies (the House of Representatives, the Presidency, the General Secretariat of the Council of Ministers and the Prime Minister’s Office), and the agencies and departments its subsidiaries, and may not be transferred services or placement at it from the ministries with the return of all employees of the ministries to their constituencies. “.
Article 33 also included a provision for the deduction of 3.8% from the salaries of state employees in general to cover the popular crowd and displaced expenses and compel the Kurdistan Regional Government to deduct the same percentage of the county staff.
Read More: http://www.dinarupdates.com/showthread.php?44162-House-of-Representatives-approve-the-budget-in-2017-has-unanimously&p=166071#post166071
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IMF Executive Board Completes First Review of Iraq’s Stand-By Arrangement
- IMF disburses about US$617.8 million following completion of first review of Iraq’s reform program
- The IMF-supported program includes measures to protect the poor, enhance financial sector stability, and curb corruption
- Significantly improving public financial management will be important
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Iraq’s three-year Stand-By Arrangement (SBA), which is designed to support Iraq’s economic reform program and restore fiscal balance over the medium term. The Board also completed financing assurances review under the SBA. The SDR 3.831 billion arrangement (about US$5.34 billion at the time of approval) was approved in July, 2016 (See Press Release No. 16/321) . The Board’s approval enables the disbursement of SDR 455 million (about US$617.8 million).
As part of the completion of the first review, the Board also approved Iraq’s request for a waiver for the non-observance of the continuous ceiling on new external arrears, and request to modify performance criteria. The Board also approved the request for a waiver of applicability for end of September targets of four performance criteria on the floor on gross international reserves (GIR) of the Central Bank of Iraq (CBI), the ceiling on net domestic assets (NDA) of the CBI, the ceiling on the stock of outstanding arrears to international oil companies and the ceiling on the stock of gross public debt, as well as a request for the rephasing of the arrangement.
Iraq’s economic reform program supported by the SBA aims to address the urgent balance of payments need, bring spending in line with lower global oil prices, and ensure debt sustainability. The program also includes measures to protect the poor, strengthen public financial management, enhance financial sector stability, and curb corruption. Iraq will require the support of the international community to implement these policies.
Following the Executive Board’s decision, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair of the Board, issued the following statement:
“The economic policies implemented by the Iraqi authorities to deal with the shocks facing Iraq—the armed conflict with ISIS and the ensuing humanitarian crisis and the collapse in oil prices—are appropriate. In the fiscal area, the authorities are implementing a sizable fiscal adjustment, mostly through retrenchment of inefficient capital expenditure while protecting social spending. In the external area, the authorities are maintaining the peg of the Iraqi dinar to the U.S. dollar, which provides a key anchor to the economy. Performance under the Stand-By Arrangement has been mixed; however, understandings have been reached on sufficient corrective actions to keep the program on track. Resolute implementation, together with strong international support, will be key.
“The revised fiscal program in 2016 and the draft budget in 2017 are aligned with the SBA. The composition of the fiscal adjustment should be improved over time by increasing non-oil revenue and reducing current expenditure, including the payroll and pension payments, and reforming the electricity sector, subsidies, and state-owned enterprises, in order to make room for larger but more effective and efficient investment expenditure that is conducive to growth.
“Significantly improving public financial management will be important. Arrears need to be assessed and paid following verification, and expenditure commitment and cash management should be strengthened to prevent the accumulation of new arrears.
“Measures to bolster financial sector stability include strengthening the legal framework of the Central Bank of Iraq, restructuring state-owned banks, and eliminating exchange restrictions. Measures to prevent money-laundering, counter the financing of terrorism, and strengthen the anti-corruption legislation also need to be implemented.
“Implementation of the budget-sharing agreement with the Kurdistan Regional Government would put both the federal government and the Kurdistan Regional Government in a better position to address the shocks to the Iraqi economy.”
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Iraq:
Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1182.000 | 1180.000 |
| Euro | EUR | 1268.759 | 1268.124 |
| British pound | GBP | 1507.523 | 1506.769 |
| Canadian dollar | CAD | 889.993 | 889.548 |
| Swiss franc | CHF | 1171.805 | 1171.219 |
| Swedish krona | SEK | 129.632 | 129.567 |
| Norwegian krone | NOK | 141.283 | 141.212 |
| Danish krone | DKK | 170.568 | 170.482 |
| Japanese yen | JPY | 10.398 | 10.392 |
| Special Drawing Rights |
SDR | 1607.248 | 1606.445 |