The Iraqi delegation wraps up talks with the IMF amid optimism
The Iraqi delegation concluded talks with the International Monetary Fund and the World Bank within days-long spring meetings in Washington, DC.
According to a statement by the Iraqi Ministry of finance news “economy” got a copy of it, the delegation agreed with the representative of the International Monetary Fund Middle East and East Asia Christian jaws, at the end of the talks on the Iraqi side headed by Finance Minister Abdul Razzaq agency Alissa and attend the Prime Minister’s Advisor for financial affairs Mohamed Saleh appearance and a number of officials of the ministries of finance, electricity and with the participation of the Iraqi Ambassador in Washington Fred Mustafa updating meetings and joint coordination difficulties surround the financial crisis.”
The representative of the International Monetary Fund Christian nut “said optimism level understanding and progress with the Iraqi Government,” adding that “joint coordination and consultation steps will be completed in the near term will contribute to addressing the financial problems posed by war and attendant economic effects.”
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The most prominent Council of Ministers’ decisions today
The cabinet held its regular meeting on Tuesday , April 25, 2017 , headed by Dr. Haider al – Abadi.
During the meeting , informed the Council of Ministers on the progress of the battle to liberate the right side of Nineveh in addition to the report on the preparation of the displaced and the measures taken to provide services to them.
The Cabinet also discussed the Turkish air strike , where the Council of Ministers condemned the Turkish air attack on Iraqi territory in the Sinjar area, which caused the occurrence of Iraqi victims and represent a serious violation of Iraqi sovereignty is incompatible with the provisions of international law and the principles of good neighborliness.
The Iraqi government warns Turkey to repeat this overshoot is unjustified and which could lead to escalation steps affecting the efforts of Iraq and the international community in the war against terrorism.
It was also the first vote on the draft amendment to the law of the amnesty law.
Later , the Council of Ministers Resolution No. 59 included the development of 430 degrees and careers for employees of the Wasit thermal station cabinet decided to approve the establishment of the Ministry of Finance and the development of 287 degrees and functional installation of outstanding contractors in the production, transport and distribution sectors affiliated to the Ministry of Electricity for their contribution to seamlessly in the return of power to the province of Nineveh provided that trade – offs are adhered standards.
As it has been the approval of the allocation for the purpose of completing Granaries metal project in Shatra from the contingency reserve allocations and inflicted Karbala metal silo.
There was discussion of the subject properties General Company Central Markets processors and take advantage of them were taken guidance in this regard.
It was formed as a government committee to assess the real need of the electricity consumed in the various state departments and mechanisms to stop wastage.
It was approved to secure financial liquidity to assign hospitals in the city of Basra Hospital and Medical Specialist for children and treatment of cancer diseases.
The Council adopted a decision to implement the Social Protection Act No. 11 of 2014 in the liberated provinces have also been discussed to facilitate lending to industrial, agricultural and residential projects and measures introduced the report of the Ministry of Oil to extinguish the oil wells
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Parliamentary Finance: Due to high oil prices, there is no need to deduct employees’ salaries
The Parliamentary Finance Committee confirmed on Wednesday that there is no need to cut salaries of employees, as approved in the general budget, in view of the high international oil prices.
Committee member Ahmed Hama said in a press statement that the decision to withhold the salaries of employees, which was decided in the general budget for the year 2016 by 3% and in 2017 has increased to 3.8% has ceased the need for it at the present time due to high global oil prices, noting that the need of cut Was due to the deterioration of oil prices in time and ceased to increase these prices today.
He added that the government can provide for the needs of the displaced and the salaries of the popular mobilization, especially after the adoption of the law of the Commission, which obliges the government to pay their dues without resorting to the deduction of salaries of employees, stressing the need not to hold the staff consequences of the subject for a longer period of the financial committee submitted the proposal to cancel after being able to Gathering a number of signatures of deputies on the subject.
It is noteworthy that the member of the Finance Committee MP Masoud Haider, announced the formation of a subcommittee to meet with Prime Minister Haider Abadi, in order to find mechanisms to improve the performance of the Ministry of Finance, pointing out that the Sub-Committee will discuss with Abadi abolish paragraph deduction of 3.8% of the salaries of employees.
Haidar said that “the Finance Committee and during its discussion of the federal budget for the fiscal year 2017, taking into account then two ideas, the submission of a supplementary budget in the event of increased imports or the placement of amounts and additional income that enter Iraq as a reserve to support the currency and retention and commitment to the existing budget of expenses.
Read more: http://www.dinarupdates.com/member.php?47292-MadDScout
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Kaperoni (Dinar Guru) – Article: “World Bank of Iraq: Economic reforms need to get to the head of an integrated financial system” Quote: “…the World Bank representatives have indicated that economic reforms represent the need to get to the head of an integrated system for the management of the financial operation of the state at the federal and local level.” I have stated it over and over, you cannot have a market economy without the banking system first opening to the world so investors may get profits out. That requires the CBI to get in compliance, move to Article VIII and get the dinar off the peg. As a result, investors will bring money to Iraq through the CBI’s capital account which will allow the CBI to raise the value to offset inflationary pressure created in the economy. First and foremost, the banking system must be activated. Good to see the IMF and WB telling Iraq to get going.
Read more: http://www.dinarupdates.com/observer/
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“FaceBook LIVE” session from Friday w/BGG
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BGG (Dinar Guru) – The UN Chapter 7 Charter is still in place and is not going anywhere…they’re going to do what they are going to do with their currency’s value…Chapter 7 doesn’t matter at all…all of the sanctions have been removed but the Charter is still there so that we…the U.S…can move troops around at will and that includes all other UN partner nations that matter.
Read More: http://www.dinarupdates.com/observer/
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International Monetary optimistic to go beyond Iraq’s financial crisis
Conclude the Iraqi delegation talks with the International Monetary Fund and the World Bank in the spring meetings , which lasted for days in Washington DC.
A statement by the Iraqi Ministry of Finance received by all of Iraq [where] a copy of it, that the delegationagreed with the representative of the International Monetary Fund for the Middle East and East Asia Christian nut, at the end of the talks , chaired by the Iraqi side, Minister of Finance Agency Abdul Razzaq al- Issa and in the presence of Prime Minister Advisor financial Affairs appearance of Mohammed Saleh and a number of finance ministries and electricity and with the participation of the Iraqi ambassador in Washington, Mustafa Farid officials to complete meetings and joint coordination to contain the difficulties of the financial crisis.
The representative of the International Monetary Fund , Christian nut according to the statement optimism about the level of understanding achieved and progress with the Iraqi government stressing that ” the steps of coordination and joint consultations will be completed in the near term will contribute to addressing the financial problems posed by the circumstances of war and its attendant economic effects
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Truth will ultimately prevail where there is pains to bring it to light – George Washington
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South Korea is ready to cooperate with Iraq to combat corruption
The head of the Anti-Corruption and Civil Rights Commission of South Korea has expressed his willingness to cooperate with Iraq in the field of fighting corruption.
“The ambassador of the Republic of Iraq to South Korea, Wadih Hanna Betty, met the head of the Anti-Corruption and Civil Rights Organization of Korea, Song Yong-hoon, in the headquarters building in Seoul,” the foreign ministry said in a statement. And highlighting the democratic experience in Iraq and the fight against corruption, which is an important issue of the Iraqi government. ”
“Iraq views corruption as a parallel battle against terrorism, and combating it comes from the priorities of the Iraqi government after the defeat of gangs and the terror,” the ambassador said. “Iraq can benefit from the Korean experience in this area through signing a memorandum of understanding between the agency Integrity of Iraq and its Korean counterpart. ”
For his part, the head of the anti-corruption and civil rights authority of Korea, “fully agree with the ambassador’s proposals,” expressing his full readiness to cooperate with Iraq in the fight against corruption and the importance of participation of Iraqi cadres in the programs and training courses established by the Commission.
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As anti-ISIS campaign grinds on, Mosul’s businesses start rebuilding
Local business owners roll up their sleeves and start the hard work of bringing life back to the city.
April 26, 2017 Mosul—Some businessmen in Mosul have begun rebuilding their shattered premises without waiting for financial support from the cash-strapped Iraqi government or for the final defeat of Islamic State in the city.
“If we wait for support, it could take a long time,” said Rafeh Ghanem, who owns an automotive spare-parts business in the eastern side of the city.
An airstrike in January reduced the two-story building that houses his shop and dozens of others to a heap of rubble and twisted steel rods.
US-backed Iraqi forces took back the eastern side of Mosul in January, after 100 days of fighting. They are now fighting Islamic State in districts lying west of the Tigris river that bisects the city.
Mr. Ghanem said he and the 25 other businesses that rent space in the building agreed to contribute funds to help the landlord clear the debris and rebuild one of the two stories.
Reconstruction started on April 11 and Ghanem hopes to return to business in three to four months.
He says waiting is of no use since the price of building materials is expected to rise as more reconstruction projects get under way, boosting demand for steel and cement.
The city, captured by IS in 2014, has suffered extensive damage as hundreds of houses and public buildings including the airport, the main railway station and the university have been destroyed.
Cement and steel prices have gone down steeply since the militants were defeated in eastern Mosul, as road connections have opened up with the rest of Iraq and Turkey, allowing supplies to resume.
A metric ton of cement used to sell for up to 350,000 Iraqi dinars ($300) after the militants took over nearly three years ago. It now costs 80,000 to 90,000, said an importer, Saif Ibrahim.
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Governor of the Central Bank of Iraq has made great efforts to get out of the gray area
The governor of the central bank on the Keywords, on Wednesday, that the central bank is waiting for Iraq to complete his studies on projects in order to provide funding noting that Iraq has made great efforts to get out of the gray zone in the classification of the recent Financial Action Organization.
Keywords and said in a press statement seen by “Economy News”, the central bank is waiting for the completion of Iraq for his studies on projects in order to provide funding adding that the 9 million grant to the dollar for the extraction of gas are part of the project support plan in the country
Keywords confirmed that Iraq has made great efforts to get out of the gray zone in the classification of the recent financial work organization noting that the World Bank to impose conditions on the banks of Iraq to fight money laundering
The Governor of the Central Bank explained that Iraq managed and in coordination with the US authorities to prosecute hundreds of financial transactions that are riddled with suspicions of terrorism
It is noteworthy that both the World Bank and the IMF, are carrying out a review of the program to improve the performance of the Iraqi economy, allowing Baghdad to obtain billions of dollars in loans from financial institutions and donor countries to address the liquidity crisis resulting from lower oil prices and the requirements of Daesh war.
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A Dinar Updates “FaceBook Live”!!
“LIVE Q&A with BGG”
From – Apr 7th
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DayTrader, a News Researcher for DinarUpdates.com, recently had some interesting commentary.
Here are his thoughts:
Article 140 is much more complex than many realize. If you read Article 140 in the Iraq constitution, it refers to Article 58 of the Law of Administration for the State of Iraq for the Transitional Period that outlines all the steps that must be completed. This was a document constructed by Paul Bremmer to be used until a permanent constitution could be developed and ratified by Iraq. Article 58 states:
Article 58.
(A) The Iraqi Transitional Government, and especially the Iraqi Property Claims Commission and other relevant bodies, shall act expeditiously to take measures to remedy the injustice caused by the previous regime’s practices in altering the demographic character of certain regions, including Kirkuk, by deporting and expelling individuals from their places of residence, forcing migration in and out of the region, settling individuals alien to the region, depriving the inhabitants of work, and correcting nationality. To remedy this injustice, the Iraqi Transitional Government shall take the following steps:
(1) With regard to residents who were deported, expelled, or who emigrated; it shall, in accordance with the statute of the Iraqi Property Claims Commission and other measures within the law, within a reasonable period of time, restore the residents to their homes and property, or, where this is unfeasible, shall provide just compensation.
(2) With regard to the individuals newly introduced to specific regions and territories, it shall act in accordance with Article 10 of the Iraqi Property Claims Commission statute to ensure that such individuals may be resettled, may receive compensation from the state, may receive new land from the state near their residence in the governorate from which they came, or may receive compensation for the cost of moving to such areas.
(3) With regard to persons deprived of employment or other means of support in order to force migration out of their regions and territories, it shall promote new employment opportunities in the regions and territories.
(4) With regard to nationality correction, it shall repeal all relevant decrees and shall permit affected persons the right to determine their own national identity and ethnic affiliation free from coercion and duress.
(B) The previous regime also manipulated and changed administrative boundaries for political ends. The Presidency Council of the Iraqi Transitional Government shall make recommendations to the National Assembly on remedying these unjust changes in the permanent constitution. In the event the Presidency Council is unable to agree unanimously on a set of recommendations, it shall unanimously appoint a neutral arbitrator to examine the issue and make recommendations. In the event the Presidency Council is unable to agree on an arbitrator, it shall request the Secretary General of the United Nations to appoint a distinguished international person to be the arbitrator.
(C) The permanent resolution of disputed territories, including Kirkuk, shall be deferred until after these measures are completed, a fair and transparent census has been conducted and the permanent constitution has been ratified. This resolution shall be consistent with the principle of justice, taking into account the will of the people of those territories.
The challenge has always been how to implement the required changes. Those steps coupled with the fact that some of the people that Saddam Hussein forced out and those Sunnis that he brought in are no longer living. The resolution will have to involve their children, plus the process will also be challenged in identifying and finding all these families. This is not a quick fix. IMO that is why Abadi gave the responsibility to create an implementation plan to Barzani and the governor of the Kirkuk province. All of that said, I don’t believe that the implementation of Article 140 is tied to the revaluation of Iraq’s currency. I haven’t found any reference to Article 140 in any of the UN resolutions or SBA documents between the IMF, CBI and GOI.
Read more: http://www.dinarupdates.com/showthread.php?48133-Commentary-from-DayTrader
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tman23 (Dinar Guru) – Coincidental…? You all should be very interested and excited…chatter regarding 4/21 and launching or beginning of something new with in IMF etc…Then i read this…Newshound Guru Stryker Article: “Iraq resumes next Friday talks with the International Monetary Fund and the World Bank“. What makes this so interesting is that everyone is meeting in Washington after they already had 12 day meeting in Amman just last month. Then I saw Legarde in an interview…will be meeting Mnunchin for the first time…Wanna know the date of the meeting …GUESS! Friday…4/21. [post 1 of 2….stay tuned]
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Director of the Issuance Department of the Central Bank: Printed currency volume exceeds 11 billion and 600 million dinars
Most of the Iraqi Central Bank steps are subject to political and legal environment of the country , especially in regard to the deletion of zeros that counted specialists in the earlier trend sensitive and dangerous may still be , but the central remains the most important institution in terms of the need to adjust the financial management in light of the financial crisis experienced by the the Iraqi economy, which must have to deal with dilemmas , whether with regard to the citizen or the work of the central bank itself.
Questions concerning important files posed (range) in this meeting , the director of the release and the Treasury in the Central Bank Aa’bas behind, and with being answered by briefly he pointed out the most important points that showed that the currency is good for circulation deposited Central has exceeded one billion and a quarter of a million dinars an amount that is not a little if they were compensated by the stored banknotes at the bank , as some believe, at the time between the printed currency size has exceeded the “11 billion and 600 million dinars, he urged citizens on the need not to keep large amounts in homes or buried in the ground , the fact that the process of replacing in the event expose Dt to burn or damage costs the central administrative and financial burdens, stressing that the counterfeit currency rate is still within the internationally accepted borders, with the central quest to carry out an information campaign to educate the public on how to distinguish between the original currency and Almzorh.oicol behind on a question about the possibility of having higher versions of a class (50000 ) dinars?
– No at present intention to issue a higher class category (50000) dinars.
* What about the subject of the deletion of zeros and the reason for the delay?
– the decision on the deletion of zeros cannot be taken in isolation from the political and legal environment in the country under conditions the security situation as a result of terrorist acts and exit from the provinces outside the control of the state for the years 2014, 2015, 2016 which prevents certainly to wait in the implementation of this project, in addition to that this must be done in coordination with all state departments and the private sector, where it should be followed by changing the paragraphs contained in the various laws, which include a reference to fines or lump – sum collection of fees, must also change the financial and statistical records in order to conform with the project process the deletion of zeros. On the other hand, the technical preparations are underway by us.
* How is the cost of the annual replacement and replacement of damaged currency?
– First , there is no substitution instead of a damaged annually, as the bank instead seeks to issue new papers for security specifications developed, so the cost is reduced in this way it is the cost of issuing new banknotes specifications better used at the same time damaged to the replacement of currency from the previous editions .
We seek to carry out an information campaign to distinguish between original and counterfeit currency
* How discovered the counterfeit currency of the size?
– The Central Bank of Iraq resorted to the use of machines to sophisticated counting and sorting which can detect counterfeit currency, in addition to banks guide using modern techniques in the currency examination, but the problem is not doing shopkeepers enough efforts to use the machines to check the currency, as the bank seeks to campaign media to sensitize the public on how to distinguish between the original currency and counterfeit currency by issuing a booklet definitions and (posters) for this purpose and will be distributed to banks in major shopping malls, and in all cases, the counterfeit currency rate is still within the internationally accepted borders , where even T ratio (0.000025) (Twenty – five million paper sheet).
* What currency damaged by fire or poor storage of citizens compensation mechanisms?
– While we hope the citizens do not keep large amounts in homes or buried in the ground, and to do instead in the deposit with the banks, as the replacement of the burnt currency process or damaged it costs the central bank financial burdens and administrative Colva unwarranted, however the bank is to receive citizens whose savings in Iraqi currency to fire accidents provided that they are documented by the civil Defense Department and be sourced from the project, either in terms of currency (buried) are sufficiency statement on the sources of these funds, and in this regard we call on citizens not to accept the mediation of any hand to Astb The Iraqi currency and that this bank does not receive any commission for its replacement.
We applied security methods with modern technology advanced counting and sorting currency
* What future plans for the central bank currency and print?
– Iraqi Central Bank seeks to keep pace with the evolution of printing currency and modern technologies both in currency printing or counting devices and sorting the currency where they are constantly adding new security features in addition to the acquisition of advanced machines counting and sorting currency, was dispensed with final counting and manual screening process.
* How much is the size of the torn currency and how much of the size of the printed currency?
– The number of banknotes unfit for circulation deposited with this bank (1,277,049,543) cash paper of various categories, where they are compensated from the stored banknotes have this bank, as the number of printed banknotes (11,615,265,154) cash paper of various categories.
Iraqi Dinar/Dollar auction 04-26-17 (most recent listing)
Currency Auctions Announcement No. 3430
This daily currency auction was held in the Central Bank of Iraq on the 04-24-2017
| DETAILS | NOTES |
| Number of banks | 37 |
| Number of remittance companies | 11 |
| Amount sold at auction price (US$) | 145,551,728 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 145,551,728 |
| Total offers for selling (US$) | —– |
The results were as follows:
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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:
IMF EXECUTIVE BOARD COMPLETES FIRST REVIEW IRAQ’S STAND-BY ARRANGEMENT (45 pages…)
| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1284.403 | 1283.761 |
| British pound | GBP | 1517.710 | 1516.952 |
| Canadian dollar | CAD | 877.557 | 877.118 |
| Swiss franc | CHF | 1190.309 | 1189.713 |
| Swedish krona | SEK | 133.560 | 133.494 |
| Norwegian krone | NOK | 138.930 | 138.860 |
| Danish krone | DKK | 172.658 | 172.571 |
| Japanese yen | JPY | 10.760 | 10.754 |
| Special Drawing Rights |
SDR | 1620.103 | 1619.293 |