US to provide $106 million funding to improve services in Iraq
US administration will provide $106 million in funding for “Taqadum” project to improve local services in Iraq, US Embassy in Baghdad said on Tuesday.
In a press statement, the US Embassy in Iraq noted that Stefanie Williams, Deputy Chief of Mission at the US Embassy in Baghdad and Maria Longi, US Agency for International development (USAID)’s Acting Assistant Administrator of the Bureau for the Middle East, have attended a final workshop of the joint American-Iraqi project entitled “Taqadum”.
The $106 million initiative will help the Iraqi local authorities to improve public services by implementing Law No. 21 as amended, giving local authorities and governorate authorities more powers to meet the needs of Iraqi citizens, the statement added.
Williams, Deputy Chief of Mission at the US Embassy in Baghdad, said that good governance and economic growth are inextricably linked and mutually reinforce each other.
She also noted that they are both the key to Iraq’s stability and welfare and prosperity of its people.
USAID’s governance strengthening project will be implemented through cooperation with the central government and governorates governments to develop their capacities in providing basic services to the Iraqi people, she added.
Read more: http://www.dinarupdates.com/showthread.php?49421-US-to-provide-106-million-funding-to-improve-services-in-Iraq
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Breitling (Dinar Guru) – …these countries, they’re pulling their businesses together because they want western style bank accounts. It’s that simple. You have Iraq, Saudi Arabia and all these guys where the elite live like kings and everyone else is second rate citizens. And then they look at Dubai and Abu Dhabi and all these guys and they say, “how come we can’t have that? We’re doing the same thing. We’re following the same laws and worship the same God.”…they are going to put together a new economy. Guess what? You and I are right in the middle of it. Not only that but you can’t have access to the middle east unless you go through Iraq.
Read more: http://www.dinarupdates.com/observer
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Parliamentary Finance: Iraq is able to pay its debts
BAGHDAD (Reuters) – Iraq’s parliamentary finance committee confirmed on Monday that Iraq was able to pay the debts owed by it, pointing out to the high classification of Iraq by international agencies.
A member of the Committee Jabbar al-Abbadi, in a statement, received / Mawazin News, a copy of it, “that Iraq is able to pay the debts owed by the fulfillment of its obligations and evidence of this high credit classification of Iraq according to international agencies,” noting that ” The majority of Iraq and the amount borrowed by this little government as well as that the loans taken not only for the purpose of operational projects, but were investment to be able to pay the debt.
Abadi pointed out that “the mechanism followed by the government was clear that these amounts for investment projects to meet the government’s obligations,” pointing out that “the debt was a few benefits and comfortable and a good proportion of institutions and international banks to support the budget.”
He explained that “some try to link the public debt to Iraq’s current government and current circumstances, but the public debt of the country is estimated at 111 billion dollars and foreign debt reached until 2014, nearly 56 billion, after that date, Iraq borrowed only 12 billion and borrowed externally “Noting that” the amount of 56 billion, some of them before 2003 and amounted to about 41 billion, which is outside the Paris Club and was not subject to the settlement that took place in the club and that most of the countries that have been borrowed from him has not claimed until now. ”
Abadi said, according to the statement, that “the remaining debt of up to 40 billion or a little less, and internal debt was up to 50% before 2014,” noting that “the amount achieved from 2014 to 2016 came to pay the salaries of self-financing companies losing”.
Read more: http://www.dinarupdates.com/showthread.php?49396-Parliamentary-Finance-Iraq-is-able-to-pay-its-debts
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“Eye of Iraq” publishes the final communiqué of the Arab-American Islamic Summit
The Arab summit held in Riyadh on Sunday called for building a close partnership between countries to confront “extremism and terrorism” and welcoming 34,000 troops as a reserve force to support operations against “terrorism” in Iraq and Syria.
“We must build a close partnership between the participating countries to confront extremism and terrorism, and the leaders reaffirm their countries’ firm commitment to fighting terrorism in all its forms,” the statement said.
It also included “an agreement among the participating countries to address the intellectual roots of terrorism and the drying up of its sources of funding, and to commend the exchange of information on foreign fighters and movements of terrorist organizations.”
The leaders welcomed the “establishment of a global center based in Riyadh to counter extremist ideology.”
The final statement “commends the exchange of information on foreign fighters and the movements of terrorist organizations, as well as the importance of progress towards a political settlement of conflicts.”
The statement also included “welcoming 34,000 troops as a reserve force to support operations against terrorism in Iraq and Syria.”
The Arab American Islamic Summit in Saudi Arabia ended on Sunday evening.
The summit took place on Sunday afternoon in the presence of leaders from more than 50 countries, including President Fuad Masum and US President Donald Trump.
Read more: http://www.dinarupdates.com/showthread.php?49350-quot-Eye-of-Iraq-quot-publishes-the-final-communiqu%E9-of-the-Arab-American-Islamic-Summit
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Saudi Arabia, Iraq discuss Economic Cooperation
Prime Minister Haider Al-Abadi received the Saudi Arabian Minister of Energy, Industry and Mineral Resources, Khalid bin Abdul Aziz al-Faleh, and his accompanying delegation in his office on Monday.
During the meeting, they discussed boosting cooperation in the oil sector, industry, petrochemicals, electricity, minerals, trade and banks, as well as reviewed cooperation to support OPEC oil prices.
His Excellency Prime minister Dr. Haider Al-Abadi stressed the importance of expanding bilateral steady cooperation for the benefit of the two countries which would lead the region to a comprehensive development beneficial for all.
The Minister of Energy Khalid Al-Falih conveyed the greetings of the Saudi King and the officials in the Kingdom , their blessing for the achievement of Iraq’s victories, pointing out that to the importance of Iraq’s role in the region and the strenuous steps taken in all fields.
The Minister of Energy Khalid Al-Falih expressed the readiness of the Saudi companies to cooperate and invest in Iraq and Saudi’s market desire to obtain Iraqi products.
Read more: http://www.dinarupdates.com/showthread.php?49416-Saudi-Arabia-Iraq-discuss-Economic-Cooperation
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Kaperoni (Dinar Guru) – Artile: “Experts: float the currency needs to be a productive economy and not Rieia (rentier)” Quote: “…to float the currency now in Iraq can not talk about that simple, as needed to advance measures…it could be done if the transformation of the Iraqi economy from a yield to productive…” This is actually a really good article because they state very clearly that under the current conditions they cannot float the dinar…and only once the market economy begins can they do so. So we continue to wait for Iraq to set the stage for investment. Pass the needed laws, get the dinar in compliance with the IMF, etc. to move to Article VIII. Only then will we see the dinar float and rise based on market forces. I am hopeful that yet this year we can see that happen.
Read more: http://www.dinarupdates.com/observer
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OPEC price goes up despite market’s downward trend
The price of OPEC basket of thirteen crudes stood at $51.50 a barrel on Monday, compared with $50.87 the previous Friday, according to OPEC Secretariat calculations.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
This comes as oil prices fell on Tuesday after U.S. President Donald Trump proposed the sale of half the country’s strategic oil reserves, according to Reuters.
Brent crude futures LCOc1 were trading down 43 cents, or 0.8 percent, at $53.44 per barrel at 0643 GMT.
U.S. West Texas Intermediate (WTI) futures CLc1 were at $50.71, down 42 cents, or 0.8 percent.
Read more: http://www.dinarupdates.com/showthread.php?49420-OPEC-price-goes-up-despite-market-s-downward-trend
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Exclusive: Parts freed so far in Mosul explained on map
An updated version of Mosul’s map showing the latest developments in the battle to oust ISIS from occupied districts in the city’s right bank has been obtained by The Baghdad Post on Tuesday.
On the map, the spots marked in green represent the previously ISIS-held areas that have been liberated.
As the map shows, the white spots represent the parts of the war-torn city where ISIS is still controlling.
In Mosul, there are areas still witnessing clashes between the Iraqi forces, backed by international coalition, and ISIS terrorists. They are marked in orange on the map.
Only seven out of 54 neighborhoods have not liberated in Mosul’s right bank, a local official in Nineveh Governorate confirmed on Tuesday.
Meanwhile, ISIS has executed seven of its top leaders in Mosul upon their attempt to escape Mosul battles, a security source said.
In a statement, the Center said it renews its commitment to neutrality when covering stories of the battles and the other issues. Our aim is nothing but the truth, the statement concluded.
Publishing the maps relating to the progress of the Iraqi forces in Mosul is done after contacts with multiple military sources and local officials, it added.
Iraqi Forces launched a major offensive on 19th of February to retake the western part of Mosul after declaring total control of the eastern part of the city on 24th of January as part of the military operations to liberate the city that started on 17th of October 2016.
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BGG (Dinar Guru) – I am very excited about the current state of things. I am very excited about the next short time frame… I think we are in an incredible window of time right now…and I do feel – if things advance as they have been – we could be very, very close. Maybe not today or tomorrow, but legitimately CLOSE. Unlike ever before. (keep in mind – we have been close before – the CBI had planned on 2013? sometime and put it off). According to the SIGR Report. We are close. REAL CLOSE.
Read more: http://www.dinarupdates.com/observer
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Oil prices rise to $ 54 a barrel
Crude oil prices continued to rise Monday, and Brent crude rose to $ 54 a barrel for the first time since April 18.
According to Russian media, “By 5.49 (Moscow time) the price of crude futures for the Brent North Sea crude oil futures contract reached $ 54.07 per barrel.”
The OPEC countries reached a meeting on November 30 last, an agreement to reduce the volume of oil production by (1.2) million barrels per day, starting in early 2017.
The non-OPEC countries agreed that the total reduction of their oil production would be 558,000 bpd, of which 300,000 barrels would be from Russia. ”
Read more: http://www.dinarupdates.com/showthread.php?49381-Oil-prices-rise-to-54-a-barrel
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It’s said that no greater love has a man than this — that he should lay down his life for his friends.
Vice President – Mike Pence
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Iraqi troops recapture half of biggest western Mosul district
Iraqi troops have gained control on part of the biggest west Mosul district and killed a number of Islamic State militants in an airstrike.
In statements on Friday, the War Media Cell quoted the Nineveh Operations Commander, Lt.Gen. Abdul Amir Yarallah, as saying that the 9th armored division retaken the northern part of 17 Tamuz (July 17) in the western side of Mosul.
In other statements, WMC said dozens of IS fighters were killed in airstrikes in western Mosul.
Iraqi fighter jets launched several airstrikes that destroyed booby-trapping workshop and vehicles and killed dozens of militants on Rifaie district.
“An IS headquarter and booby-trapping workshop were destroyed, while dozens of militants were killed on al-Zanjili district,” the statement added.
Iraqi forces have been sweeping through northwestern neighborhoods over the past two weeks in a way to invade the strategic Old City.
More than 16,000 IS members were killed since beginning of operations in Mosul, Brigadier General Yahya Rasool, the military spokesperson, said in a press conference on Tuesday declaring that 89.5 percent of western Mosul was liberated with only a few districts remaining under the militants’ control.
Eastern Mosul was liberated in January after three months of battles. Another major offensive was launched in February to retake the western side.
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U.N. says 200,000 more people could flee Mosul as fighting intensifies
The United Nations said on Thursday up to 200,000 more people could flee Mosul as Iraqi forces push into the last districts held by Islamic State militants.
Iraqi authorities and aid agencies are already struggling to cope with a surge in displacement since security forces opened a new front against the militants in Mosul earlier this month.
Backed by a U.S.-led coalition, Iraqi forces have dislodged Islamic State from all but about 12 square km (5 square miles) of the city and are seeking to claim victory before the holy month of Ramadan in less than two weeks.
The militants, however, still control the Old City, where they are expected to make their last stand in the densely populated, narrow streets that are impassable for armored vehicles.
“As military operations intensify and move closer to Mosul’s Old City area, we expect that up to 200,000 more people will flee,” Lise Grande, the U.N.’s Humanitarian Coordinator for Iraq said in a statement, describing the figures as “alarming”.
“The numbers of people who are moving are now so large, it’s becoming more and more difficult to ensure civilians receive the assistance and protection they need.”
Nearly 700,000 people have fled Mosul since the start of the campaign to retake the city last October, seeking refuge either with friends and relatives or in camps.
Human Rights Watch said on Thursday the Iraqi army and other local security forces had forced over 300 displaced families to return to districts of Mosul that are still at risk of attack by Islamic State.
“These families should not be forcibly returned to unsafe areas and areas that lack adequate water, food, electricity, or health facilities,” said Lama Fakih, deputy Middle East director at Human Rights Watch.
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Al-Rashid: Our predecessor to pensioners up to 3 million dinars
Al-Rasheed Bank announced on Thursday that it is providing advances to retirees up to 3 million dinars, stressing that the borrower must have a smart card from the bank exclusively.
The bank’s assistant director Muataz Abdul Rasul said that “the bank is still continuing to grant advances to retirees according to his pension and the amounts ranging between one million and 500 thousand dinars and two million dinars and three million dinars.”
Abdul Rasul said that “the interest on these advances up to 7% and the duration of payment of five years,” stressing that “the pensioner must be a smart card from the bank exclusively.”
It is worth mentioning that the Bank of Rasheed started in 2017 by granting salaries to employees of ten salaries according to certain mechanisms and controls.
Read more: http://www.dinarupdates.com/member.php?47292-MadDScout
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Economist: The decline in reserves of the Central Bank came because of the bank’s entry as a financier of many banks
The economic expert Bassem Jameel Antoine, said today that the decline in the reserve of the Central Bank came due to the entry of the bank as financier of many banks to save the process of development and economic decline.
Antoine said in an interview for the “trend” He added that “the central bank gave treasury bonds to the Iraqi government to fill the deficit of 21 billion dollars, the equivalent of 21 trillion dinars,” noting that “the Iraqi economy in decline in revenue due to low oil prices.”
“The Iraqi economy needs radical treatments through its transformation from consumer to producer through the activation of the productive sectors of agriculture, industry and tourism.”
He pointed out that “If these amounts withdrawn from the Central Bank for development purposes acted to develop the productive sectors and the private sector in particular Vakhov and consider the economy is good,” noting that “the amounts paid to salaries and non-productive sectors and does not cover the rate of interest you borrow is a mistake.”
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BGG (Dinar Guru) – Article: “Iraq offers compensation settlement and Kuwaiti debt against investment” Quote: “…the meeting also discussed the file of compensation with the State of Kuwait and ways to settle through the window of investment inside Iraq.“. two separate items talked about – how to pay back Kuwait (not to be confused with) – their eagerness to settle investments inside Iraq? One of the big problems needing dealt with – is they have few mechanisms in place to safe guard investors. Why would the IMF care about Iraqi investors. They don’t – this is referring to OUTSIDE investors. Period. Really good news – entering final talks – it appears.
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – Article: “ATMs for MasterCard card users” …it is fun to watch all the pieces be put in place for the economy to take off. Iraq is literally going from the stone age to the 21st century with technology in a few years.
Read more: http://www.dinarupdates.com/observer/
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Adam Montana (Dinar Guru) – [What will happen to the other major currencies when the CBI RV’s the IQD/USD exchange rate? The countries using the EUR, the GBP, the CHF, the JPY, and the CNY all have international corporations invested in Iraqi oil with contracts based on today’s exchange rates. How will a radical upward IQD/USD RV (which effectively decreases the value of the USD against the IQD) affect the EUR/USD and the GBP/USD and the CHF/USD and the JPY/USD and the CNY/USD exchange rates? Will these other major global currencies also be devalued and what in your opinion will that do to an already stressed global economy?] This is a great question, because it opens up the floor to discuss how an RV is really a zero-sum game, mostly because we are talking about a fiat currency. When the FED prints more USD, we don’t actually gain that money. It just dilutes the dollar a little bit more. IQD, and an RV of the currency, works the same way, just on a global scale. My opinion is that almost every other currency will take a slight hit, and then rebound once the IQD rate stabilizes, and within about a month all currencies will be back to normal… except the IQD will be dramatically different than it was a month prior.
Read more: http://www.dinarupdates.com/observer/
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Iraqi Dinar/Dollar auction 05-23-17 (most recent listing)
Currency Auctions Announcement No. 3448
This daily currency auction was held in the Central Bank of Iraq on the 05-22-2017
| DETAILS | NOTES |
| Number of banks | 40 |
| Number of remittance companies | 10 |
| Amount sold at auction price (US$) | 154,598,421 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 154,598,421 |
| Total offers for selling (US$) | —– |
Read More: http://www.dinarupdates.com/observer/
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1331.171 | 1330.506 |
| British pound | GBP | 1538.963 | 1538.194 |
| Canadian dollar | CAD | 878.078 | 877.639 |
| Swiss franc | CHF | 1219.236 | 1218.626 |
| Swedish krona | SEK | 135.809 | 135.742 |
| Norwegian krone | NOK | 142.033 | 141.962 |
| Danish krone | DKK | 178.844 | 178.754 |
| Japanese yen | JPY | 10.621 | 10.615 |
| Special Drawing Rights |
SDR | 1637.732 | 1636.914 |