Word for the day…
Mrs. BGG
Iraqi Dinar/Dollar auction 02-22-17 (most recent listing)
Currency Auctions Announcement No. 3387
This daily currency auction was held in the Central Bank of Iraq on the 02-22-2017
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 33 |
| Number of remittance companies | 13 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 161,244,975 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 161,244,975 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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Why are the people rebellious? Because the rulers interfere too much. Therefore they are rebellious. – Lao Tsu
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Kaperoni (Dinar Guru) – Article: “Funding Facility for Economic Reform established to invigorate IraqÂ?s reform initiatives” Quote: “…UNDP will support the Government of Iraq to address key economic challenges and invigorate the reform agenda. Diversifying the economy, increasing national income, and improving the management of national assets will be of specific focus.” Very good article. It appears the UN is helping Iraq push these needed reforms forward.
Read More: http://www.dinarupdates.com/observer/
Former central bank governor: Maliki wasted money building a new home can accommodate for 30 million people
BAGHDAD / Sky Press
Former Iraqi Central Bank Governor Sinan al-Shabibi, Tuesday, that the former prime minister and leader of a coalition of state law, Nuri al-Maliki received more money than all the rulers of the Republic of Iraq together of Abdul Karim Qasim leader Saddam Hussein, and squandered.
Shabibi said in an interview I followed “Sky Press,” “The money received by al-Maliki was enough to build a new home can accommodate up to 30 million people,” noting that “al-Maliki appointed four members of his ruling party big positions within the central bank. They are not for professional even affected The central bank took a random spread widely, and they Director-money laundering department, the director of the legal department, and director of banking surveillance, and Director of the economic Department. “
He added that “corruption was rife within the central bank by colleagues Maliki in the party,” adding that “the Director-money laundering department allocates money laundering Iraq in favor of the ruling party and legal director of the gloss upon the Director of the banks monitor traders taking sold dollars to private banks associated with the ruling party and president Minister, lower than the market, which amounts to make Iraq lose millions of dollars a day because of this corruption and the smuggling of government budget funds abroad in favor of al-Maliki and Gelaozath. ”
He Shabibi “when he decided to change them came to him a letter from the prime minister prevented him from removal of these corrupt and between the lines of the book veiled threat, and that when the first elements of the gang of corrupt beyond mad Maliki issued by his partner and friend, Medhat al-Mahmoud arrest warrant after he was in Switzerland lecturing about the new monetary policy within the international symposium for the International monetary Fund. “
Shabibi and between that “then appointed al-Maliki called on the Keywords central bank governor to plunder every provision of the Iraqi state in the amount of $ 67 billion in the last days of his dominance on the government to hand over power to Haider Alebadiomizanah Iraq empty and the Reserve Central Bank ravished, to enter Iraq in a major financial crisis can not advancement including a decade later, even if oil prices improved today. “
Shabibi He pointed out that “al-Maliki receive more money than all the rulers of the Republic of Iraq” together “of Abdul Karim Qasim leader Saddam Hussein, was being investigated by any unfinished mention the Iraqi people and homeland, it was enough to build a new home according to the latest international standards, can accommodate up to 30 million people live in which the welfare and stability will be security for all people in the world to live in. ”
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Enorrste (Dinar Guru) – Article: “Raise the price of the Iraqi dinar to the fore again” Quotes: “Some Iraqi economist calls for the government to lift the Iraqi dinar exchange rate against the dollar until the rising purchasing power and increasing confidence it represents the sovereignty of Iraq…” “…Since more than four years and officials in Iraq are talking about a project monetary reform in which to raise the Iraqi currency exchange rate against the dollar so that the new dinar equals 1.2 dinars...” “The government is expected to return to the project itself after the end of military operations.” This is one of the most positive articles I have read in a long time. The author clearly states that it is not possible to “RV” in the traditional sense and explains why. [post 1 of 2….stay tuned]
Read More: http://www.dinarupdates.com/observer/
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Ebadi: I did not understand Nuri al-Maliki orders the withdrawal of three teams from Mosul
Treasures Media – Follow-up – Iraqi Prime Minister Haider al-Abadi, who now leads the battle to liberate Mosul that so far did not understand why gave orders that day Iraqi Prime Minister Nuri al-Maliki of the three divisions of the Iraqi army to withdraw from Mosul, leaving their weapons and tanks to Daesh withdrawal and to come to Baghdad, he said.
It is terrible what he did Nuri al-Maliki on the sinner’s military which made the Iraqi army lost key and its airport city of Mosul and maintain the entire giving orders to withdraw three teams from the Iraqi army comprised 60,000 troops to withdraw and leave the vehicles and tanks and armored vehicles and artillery with ammunition to come Daesh and seize Mosul and the province and the entire military weapons of the three teams, which are valued at more than $ 12 billion.
KNOOZMEDIA.com
Loop ~ What is very encouraging about what is going on with regards to Maliki is that there is a common narrative that is being presented via the media. That is that the reason that Iraq is in the current financial crisis is because of the actions of Maliki. He stole the lions share of the money, he killed or jailed anyone who opposed he, and he allowed Daesh to take over Mosul. IMO.. There is much more to the meeting in Geneva between Abadi and the representatives from the International Criminal Courts (Hague).
Adam Montana (Dinar Guru) – This is the question I’ve been seeing a lot lately: “Is it a scam”? In a word – NO. The Iraqi Dinar is an item that has a past, present, and future value. We can put a dollar amount on that value for the past and the present, so the only real question is what the future value will be. If the value raises, you can profit. It’s THAT simple. Keep this in mind when you read anything on the dinar – a savvy speculator must always be able to separate fact, opinion, and distractions. Here are some facts that will help you with this question of whether or not the “Iraqi Dinar” is a scam. The Iraqi Dinar Currency that is used today in Iraq is arguably one of the most sophisticated currencies in the world. The technology that makes it almost impossible to effectively produce usable counterfeit dinar currency is amazing. …what about the “investment” itself? Is investing in the dinar currency a scam? The simplest concept you need to understand when talking about the Dinar Currency is that nobody is going to be able to tell you exactly when it will revalue. But does that mean the Iraqi Dinar Currency hype is a scam? Absolutely not! [post 1 of 3….stay tuned]
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Raise the price of the Iraqi dinar to the fore again
Some Iraqi economist calls for the government to lift the Iraqi dinar exchange rate against the dollar until the rising purchasing power and increasing confidence it represents the sovereignty of Iraq, and calling for the need to stop the «dollarization» economy by preventing the deal internally by making local transactions are limited to the use of the Iraqi dinar only.
It must be pointed out that 70 percent of the currency in circulation was covered in gold and foreign currencies until 1981, and the remaining bonds Iraqi government (currency) Act, and Iraq was then applied to the remnants of the gold standard system. In order to maintain the cover, successive governments have continued to link fiscal policy, especially current spending and investment, the status of the balance of payments, and the latter was determined by the government’s revenue from oil exports. But the success of this linkage administrative restrictions applied to the outside, both the conversion, trade in goods, services and movement of capital. Thus followed the monetary and fiscal policies the province has maintained the stability of the Iraqi dinar is installed by the Central Bank of $ 3.2 dinar.
And it gave a commitment to cover the dinar ease monetary authority in the exercise of its duties, where he was only concerned with maintaining the stability of the currency, but that check on economic development that have not been spending the expense of the adequacy of fear that increased spending affect the stability of the currency. But during the Iraq war – Iran that caused Ptlashi Iraq precautions huge foreign currency, the Iraqi government abandoned the currency law and began to spend on the war without quantitative restrictions, causing a continuous decline in the dinar exchange rate against the dollar and other major foreign currencies, because of the increasing gap between the Iraqi currency supply and demand. And increased the economic embargo imposed on Iraq in 1991 it worse. Despite holding the government at official exchange rate (US $ 3.2) for official transactions, resulting from the continuation of the growing imbalance between the currency volume in circulation and demand for another rate of the dinar is the parallel market rate or the black market, we arrived at certain times to 4000 dinars to the dollar.
After the occupation of Iraq in 2003, and lift the ban on oil exports and reserves of foreign currency deposits abroad and the resort’s central bank to regulate the daily auctions to sell the dollar, which means the withdrawal of part of the local currency, the value of the Iraqi dinar to rise began gradually until it reached 1200 dinars to the dollar, and remained range around this average. And deprived the Iraqi – Iranian war conditions and the economic blockade after the Iraqi dinar many regarded as a store of value and medium of circulation, what caused the shift most transactions at home and especially internal trade in goods and services, to the dollar, and thus has «dollarization» of the Iraqi economy.
From this background on how the Iraqi dinar exchange rate over the last 36 years the price of change, and how it has «dollarization» economy, it is time to discuss the claims of some economists now demanding higher when the dinar exchange rate and stop «dollarization».
Since more than four years and officials in Iraq are talking about a project monetary reform in which to raise the Iraqi currency exchange rate against the dollar so that the new dinar equals 1.2 dinars to the dollar instead of 1200. But the move was postponed to a later date due to the exit of some Iraqi areas under government control after the occupation of «Daesh» her. Then the military operations began to recover these areas which still exist. The government is expected to return to the project itself after the end of military operations. If the monetary reform is successful, there will no longer need to use the US dollar in local transactions. The latter earned after the completion of daily transactions difficult with the arrival of the dollar value of one thousand dinars to become, making individuals resort to dealing in dollars instead of the dinar, especially in large transactions in the hoarding of currency. So can not be canceled «dollarization» Iraqi economy administrative decision or administrative orders of the monetary authority, but will be gone phenomenon gradual demise of the reasons that led to it, that is, after the above are monetary reform referred to, because the dinar will then mode for easy handling and a store of value obviates the use of the dollar.
But monetary reform as mentioned above does not mean setting a new official exchange rate of the dinar against the dollar. If under the floating exchange rate as it is currently, the rise or fall according to the relationship between the width of the dinar and demand, the higher the stability of the dinar against the display or low demand, price declines cashed in against the dollar. And it gets the contrary, if the width of the dinar fell against the stability or rising demand. The monetary authority may resort to the installation of the new exchange to the dollar or to a basket of currencies. But in any case, is not advisable to adopt a high exchange rate, it does not give effect to the economy or raise the value of national sovereignty, as some believe, but have negative effects in the economy. The price of the Iraqi dinar former (US $ 3.2) was exaggerated and will continue to be overrated if has to return to it in the future. It will make imports cheaper, but it hinders improvement of production and export capacity of Iraq, may be the price of 1.2 dinars to the dollar or dinar against the dollar is a good price. But on the government to follow the fiscal and monetary policies that help to maintain it. So we can say that the calls that we hear today the lifting of the dinar exchange rate and the abolition of «dollarization» claims the economy is not right for your first or can not be achieved by the monetary reform for the second.
alhayat.com
Merkel Ebadi: We will send a special envoy to Iraq to support the “economic reform”
Roudao – Erbil – informed German Chancellor Angela Merkel , Iraqi Prime Minister Haider al – Abadi, Saturday, sending a special envoy to Baghdad in the coming days to support the “economic reform” plans.
He said al – Abadi ‘s office in a statement, that ” the Prime Minister Haider al – Abadi and German Chancellor Angela Merkel held in Munich today for a bilateral meeting and the meeting of joint talks, has been , during which the review of the advanced level reached by the relations between the two countries and the results of liberalization of Nineveh operations and supporting Iraqi troops and pay tribute to the sacrifices of Iraqis, as well as the reform program of the Iraqi government and issues of common interest in the region Search. ”
Merkel stressed, according to the statement, “her country ‘s commitment to the unity of Iraq and supporting Germany continuously both directly and through NATO will expand in the field of military support,” praising ” the cleanliness of the battle and respect for human rights and the protection of civilians by Iraqi forces.”
Merkel said she instructed to “send a special envoy to Iraq in the coming days to support the government ‘s economic reform plans.”
The Prime Minister Haider al – Abadi, arrived on Friday to Germany to participate in Munich Security Conference.
Read more: http://www.dinarupdates.com/showthread.php?46629-Merkel-Ebadi-We-will-send-a-special-envoy-to-Iraq-to-support-the-quot-economic-reform-quot&p=169871#post169871
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The following .PDF is the review by RCookie of the IMF board’s publishing of Iraq’s SBA (excellent info) – He would have wanted you all to have it.. posting the whole .PDF was the only way to get it on here. Enjoy. BGG
Robert Cook CSW CSS CBP CST CTC
Iraq:
If you could find some way to convince folks to at least skim through this document, they would be amazed. The moves Abadi has been making the last few months – kind of sense now. There is some outstanding information here.
DayTrader
IMF EXECUTIVE BOARD COMPLETES FIRST REVIEW IRAQ’S STAND-BY ARRANGEMENT (45 pages…)
THIS REPORT WAS SENT TO CONGRESS LAST MAY. IT PLAINLY SHOWS IN THIS REPORT THEY EXPECTED THE DINAR TO REVALUE AT AROUND A DOLLAR IN 2013.
We are seeing and hearing that the inflation rate is still climbing and they are pushing to get us our money?? This report is from page 84 of the massive SIGR report.
BGG ~ This is a screen shot from the “Special Inspector General for Iraq Reconstruction” – Apr 2012, quarterly report to Congress. For members of our Government to say they have no idea what is going on here – means they haven’t read some very basic documents presented them.
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I pointed out (last night) this is a highly speculative investment. We are, in no way, guaranteed anything. However, this SIGR report gives us some valuable insights…
1) This is information given to the US CONGRESS on a quarterly basis… I find it hard to believe such an information source would intentionally mislead Congress. They tend to frown on such behavior. Which goes directly to the validity of this adventure – against all advice from Wells Fargo or other such naysayers.
2) It points out there having been a legitimate “plan” – or time frame in motion…having been projected to be done in 2013. We are obviously in “overtime” now.
3) It gives us an idea as to who is in charge…the CoM – or Council of Ministers. Who do they answer to?? Maliki. Period. When is he likely to push this forward?? Historically – he has been a “weak Dinar” policy advocate. However, rumor from his own inner circle admits he can’t win a third term in office without some currency reform.
I fully expect him to use every tool in his “wheel house” to win – his recent moves in Anbar and the disputed territories prove as much. Currency reform has to be a “biggie”. Though this WAS their thinking a couple of months ago – there is no promise it is still part of their political calculus. We shall see.
4) Though no guarantee of the actual future plan they wind up engaging – this report points out an increase in value that would have taken the Dinar from “one-tenth of a cent” to a value “of slightly less than $1″..
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1229.584 | 1228.969 |
| British pound | GBP | 1455.018 | 1454.290 |
| Canadian dollar | CAD | 881.083 | 880.643 |
| Swiss franc | CHF | 1150.073 | 1149.498 |
| Swedish krona | SEK | 129.489 | 129.425 |
| Norwegian krone | NOK | 136.601 | 136.532 |
| Danish krone | DKK | 165.398 | 165.315 |
| Japanese yen | JPY | —– | —– |
| Special Drawing Rights |
SDR | 1582.534 | 1581.743 |