DINAR OBSERVER DAILY September 29th

Welcome to the Dinar Observer – Daily. For regular Dinar Updates, to see what the Dinar Gurus have to say, Dinar to USD listings, IQD and for Iraqi Dinar info – THAT MATTERS!! This is a good place to start for your Daily Dinar Recap – whether you are a Dinar vet or just looking for a little current Dinar info – Welcome.

Word for the day…

Mrs. BGG

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CURRENCY CODE SELL BUY
US dollar USD 1182.000 1180.000
Euro EUR 1326.795 1326.132
British pound GBP 1538.728 1537.958
Canadian dollar CAD 892.614 892.168
Swiss franc CHF 1216.926 1216.317
Swedish krona SEK 137.536 137.467
Norwegian krone NOK 145.982 145.909
Danish krone DKK 178.066 177.977
Japanese yen JPY 11.752 11.746
Special
Drawing Rights
SDR 1653.736 1652.909

http://www.cbi.iq/

Indicative rates – 09.29.2016

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It is better to offer no excuse than a bad one. – George Washington

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*** Current News ***

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rcookie (Dinar Guru) -   Article:  “Cabinet approves 2017 budget amendment“   SO 2017 BUDGET AMENDMENTS APPROVED BY CABINET…JUST AS LAST YEAR WITH THE IMF CO-AUTHORING BUDGET AND MANDATING THE CRITERIA THAT WOULD QUALIFY THEM FOR THE SMP AND THEN SBA LOANS…THIS YEAR EXACTLY THE SAME…THEY GOT THEIR 2ND INSTALLMENT OF SBA MONEY BECAUSE THEY MADE THE NECESSARY AMENDMENTS TO IMPAct deficit and reforms that were then inspected and approved by imf before relaesing loan money…  [Will the OPEC decision today hinder those output numbers?]  NO…THE OPEC NEWS IS GREAT BECAUSE IT WILL POSITIVELY IMPACT BUDGET REVENUES…AS OIL WAS ADJUSTED TO $42…DEFICIT ATTACKED ON BOTH ENDS…..IMF SMILES AND CUTS NEW CHECK…SIMPLE.  [post 1 of 2....stay tuned]
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Follow us on twitter @DinarUpdates !!

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Adam Montana (Dinar Guru) -   “on par with the neighbors” — I’ve heard this one for years and there is absolutely no reason one country can value its currency at a higher rate just because another country close by is at a higher value relative to the dollar…thats like me saying well bob down the road who is a CEO of his own company just got a new mustang … I should have one too ,even though I work part time in pizza hut…with todays crazy lending policies I probably could get the loan for it in this scenario but long-term it will destroy me just like if Iraq jumped the gun and set a rate too high based on a false belief in their ability to maintain that rate or deserve it. As mentioned above the factors that affect the value of a currency cannot be overlooked or dismissed just because one might want to keep up with the jones’s (or Muhammad’s in this case) its just an ego thing. I do think some day it will be on par, now whether thats because the IQD increases in value or all out chaos engulfs the middle east and everyone else drops to Iraq’s current value I don’t  know but time will tell.   [post 2 of 2]
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Adam Montana (Dinar Guru) -  [via The Machine]  [Oil prices are relatively stable, the price of gold is staying above $1300/oz and most likely going up.  Iraq has plenty of both.  With all that has gone on with Iraq this year: CBI talk, banking, more oil, more gold, security, government, IMF and UN aid, etc...things are actually looking promising.  I know about your 10 cent stance, and...I was just curious if you've heard anything about a possible rate of 13-26 cents, like a few other middle east countries are currently valued at as well.  Just so Iraq can be 'on par' with some of their neighbors, and take advantage of the resources they possess or have yet to tap into.]    oil prices stable ish  — yes…gold price staying above $1,300/Oz and heading higher — I sure hope so…Iraq has plenty of both — well we know for sure they have a lot of oil, how much gold they actually have at the moment is anyones guess.  as for the rate — 1c , 10c , 50c, $50 per dinar or even the current rate, it really doesnt matter to Iraq what the rate is life continues as normal, there are 120 factors that determine the value of a currency, everything from political stability to standard of healthcare, structure of the economy and population educational levels then the usual things like reserves, natural resources, workforce participation, interest rates, banking structure and policies, inflation rates and the volume of cash in the economy etc.  [post 1 of 2....stay tuned]
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Aggiedad77 (Dinar Guru) -   Article quote:  “The United Nations Development Programme (UNDP) signed an agreement today in Erbil with the Ministry of Planning of the Kurdistan Regional Government (KRG) to establish a new Funding Facility for Economic Reform (FFER).”   Notice how the UN and it’s various departments seem to all of a sudden be falling all over Iraq in attempts to help them….what pray tell might be coming from all this new found assistance.
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Iraqi Dinar/Dollar auction (most recent listing) 09-29-16

Currency Auctions Announcement No. 3287

This daily currency auction was held in the Central Bank of Iraq on the 09-29-2016

The results were as follows:

DETAILS NOTES
Number of banks 32
Number of remittance companies 15
Auction price selling dinar / US$ 1182
Auction price buying dinar / US$ —–
Amount sold at auction price (US$) 110,371,703
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 110,371,703
Total offers for selling (US$) —–

More: http://dinarupdates.com/blog/
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Kaperoni (Dinar Guru) -  Article:  “Float the Iraqi dinar economic phenomenon that will support the national currency“    hopefully the plan will be put in place soon so Iraq can start to create a private sector.  The dinar is key to that success.
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Adam Montana (Dinar Guru) -   If you’re watching the news stories, you’ll already know that my prediction to start seeing things moving around now is taking shape… we’ve actually got newsWhich is a GREAT thing, considering the lull that we were in for the last few monthsI think it’s clear that things are picking up pace. And that is exactly what’s happening now… I am liking the current situation.
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Kaperoni (Dinar Guru) -   Article:  “Central bank: Iraq will emerge from the gray list to the white early next year“   Quote:  “…the highest international group to monitor the money moving internationally to remove Iraq from the gray list to the white early next year, 2017…”  This is one of those articles that is so matter of fact.  There can be no confusion what the CBI is saying here.  No misunderstanding.  Here is what the IMF said in the SBA…”The authorities will gradually remove remaining exchange restrictions and multiple currency practice (MCP) (MEFP, 14). Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investor community that Iraq is committed to maintain an exchange system that is free of restrictions and MCPs for current international transactions and thus facilitate creation of a favorable business climate.”  We can clearly see that early 2017 the CBI plans to enter Article VIII.  This will facilitate international investment, confidence and international transactions using the dinar.  This also, IMO will be when the dinar begins to float. As already stated, the CBI plans to introduce a new 50, 100, and 200 at the same time so we can expect the dinar to improve significantly in 2017.
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Follow us on twitter @DinarUpdates !!

follow Dinar Updates on twitterDon’t MISS – “DU NEWS TIME” w/RCookie, Mr White & Hutch in the DU CHAT ROOM – Wed. – 28th 7:30pm EST

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Frank26 (Dinar Guru) -   Abadi is trying to take his country into the future…into the international world and to do business with it…not with the program rate…the UN applauded and said bravo to Abadi…and he met with many nations…and those nations promised many things to him…why would they do that at a program rate… Article quotes:  “We Will Raise the Value of the Iraqi Dinar and it will be to Reduce Corruption by Hitting One of the Main Sources of Currency Auctions”  “To Restore Confidence in Iraq Currency Retreating…”   IMO I think…that Mosul is so very close to us…because of that I believe now they want to talk to you about the Monetary Reform of the Iraqi dinar…and that is good.  There was another article…dealing with the Monetary Reforms and they said…we the Finance Committee, suggested that the best thing for us to do is to create a float…our exchange rate...once again another example within 48 hours of Abadi coming back from NYC and DC you see a lot of talk about the Monetary Reform.  [post 2 of 2]
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Frank26 (Dinar Guru) -   …we were…looking at the fact that Abadi was in Washington, DC…he left early…he actually left Thursday…and he was in Iraq Friday morning and…that to us was very significant…I think the most important reason is why did he come back…because the cockroaches were once again trying to mess with the GOI…the biggest issue IMO was to deal with Maliki…and Maliki’s son…But he has been caught with all the millions that he stole…this evidence is being piled up against Maliki and his son that is dealing with corruption…United Nations also says to Abadi…we are going to come with you too…why did they come to Iraq with Abadi…I guess it is because they are dealing with corruption not terrorism.  That is huge…all of the bad people we see over there are being dealt with right now...it is the root of corruption that the UN is now over there dealing with…and Abadi is right there dealing with them...Abadi is not targeting Maliki…that would be politically dangerous…but Abadi is allowing the UN to come and do the corruption clean up…in fact the US Treasury is there too…why…because the UST and the UN are both there now monitoring the CBI auctions…   [post 1 of 2....stay tuned]
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Kaperoni (Dinar Guru) -   Article:  “Float the Iraqi dinar economic phenomenon that will support the national currency”  Quote:  “Economist banks Rahim al-Adli suggested to the Central Bank of Iraq and the government “unrestricted flotation” Adoption in the auction currency instead of “limiting factor” that determines a fixed exchange rate to the dollar price…”    This is the plan, but they must create the conditions first by passing laws, etc. so investment comes in and the dinar appreciates.  If they do it now, the dinar may devalue..which we do not want.
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Iraqi Dinar/Dollar auction (most recent listing) 09-28-16

Currency Auctions Announcement No. 3286

This daily currency auction was held in the Central Bank of Iraq on the 09-28-2016

The results were as follows:

DETAILS NOTES
Number of banks 29
Number of remittance companies 15
Auction price selling dinar / US$ 1182
Auction price buying dinar / US$ —–
Amount sold at auction price (US$) 117,140,656
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 117,140,656
Total offers for selling (US$) —–

More: http://dinarupdates.com/blog/
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rcookie (Dinar Guru) -   Article:   “Jubouri ahead of us a historical responsibility to prosecute the corrupt and detection“   HISTORICAL RESPONSIBILITY TO DETECT AND PROSECUTE THE CORRUPT…AND “THE NEED TO SHIFT FROM A CRISIS SITUATION TO A STATE OF POLITICAL AND EXECUTIVE STABILITY… WOW!!! NUFF SAID…
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rcookie (Dinar Guru) -   Article:  “Parliamentary Finance: Financial Management Law will reveal flaws in the state’s economy…”  THAT IS PROBABLY THE BIGGEST AND MOST IMPACTFUL LAW WE HAVE BEEN WAITING FOR…  SO…WILL BE DISCUSSED IN THE NEXT HoR SESSION…  [which is next week right?]  YES…TUESDAY…THE FLAWS THAT IT WILL REVEAL IN THE IRAQI ECONOMY…IS THE VERY REASON THE IMF HAS PUT SUCH WEIGHT ON ITS ADDRESSMENT...
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BGG (Dinar Guru) -   Article:  “Urgent parliament obliging the government 10 days the progress of modifying the 2016 budget law“  [why do the need to modify the 2016 budget?]  I suspect they have some “house keeping” to get in order at the “behest” of the IMF… I know they have some missing line item things in the 2017 budget they have to get fixed as well… (about 12 billion worth of oil expense – from the sounds of it – IMF “no likey”… ).
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firefly (Dinar Guru) -   “Law No. (27) for the year 2016 general amnesty Arabic Original Document 26 Sep 2016“  From the Iraq Local Law and Governance Library folks!  In Print now.  It is now Law.
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BGG (Dinar Guru) -  [The Investment Law...is a pretty direct law, any idea what "tweaks" need to be done?]   I am not exactly positive about what they are doing with it – but it appears they will make adjustments to an existing law to satisfy international pressures… and by all indications – it will happen soon. Probably one of the final pieces to the puzzle.
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Frank26 (Dinar Guru) -   [...is the big event that is supposed to happen by November 1 something that we will be a part of...or will it only be for Iraq, as when they went international in July, but was only for them?]  Have said many time IMO RI is now with RV in 2017.   How can one complain on that opinion? Have also given..two reasons why these seem to have been put ahead of it’s schedule.
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Enorrste (Dinar Guru) -   Article:  “Iraq to the whitelist financially“  it is clear to me that this is all do to the workings of the IMF in the background.  I am actually beginning to think that the IMF may accomplish its goal which is to bring Iraq into the world market by early next year.  This is something that Iraq alone could not do but we are seeing small pieces of the puzzle coming together on a more and more regular basis ever since the IMF made its promise.
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Stryker (Dinar Guru) -   Article of the Day!!!  “Iraq expects to move to the white list financially early 2017
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BGG (Dinar Guru) -    Article quote:   ”…he said Hafiz said the deal is going on in economic circles on the text submitted an analysis of the budget in 2017 to be taken into account fundamental issues in dispute , particularly the exchange rate of the Iraqi dinar…”   they are in the middle of making some final “re-workings” on the 2017 budget… one of them sounds like some different exchange rate…which is weird… how can they “decide” what the price of oil will be – or their exchange rate… unless they already know.
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Dinar Updates “AFTER CALL – LIVE”!!

“Dinar Q & A Call!!”
Tues – Sept. 27th 8:30pm EST

w/RCookie, Mr White & Hutch

Smart phone user link – Click here

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rcookie (Dinar Guru) -   Article:  “Rise in the market value of companies in the stock market“  Quote:  “Mustafa al – Hashimi  headed Iraq Stock Exchange to contract with one of the Arab corporate systems and programming for increased activation of the trading process through Alanturnt.ozkr weekly report of the Stock Exchange, seen by the «morning» he hoped the signing of the Convention in October next month and that the service is launching in quarter the first of the year 2017.”    THE ONLINE TRADING PLATFORM…THE SERVICE WILL BE LAUNCHED IN 1ST QUARTER 2017…AND THE ISX IS ALREADY REACTING IN ANTICIPATION…
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SteveI (Dinar Guru) -   …sit back, relax and let this darn frustrating investment come to you. Follow the money and you will see that Iraq is going to be one heck of a powerhouse in the global market.
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BGG (Dinar Guru) -   Article:  “Rise in the market value of companies in the stock market“   they are working towards opening an “online” version of the ISX… does any of this look like they are delaying ANYTHING?  …and just a quick note…several years ago – a BILLIONAIRE friend of mine told me directly - the ISX will produce more new millionaires than the currency does…when they open that up – it’s ON!! Sisi let the “cat out of the bag” the other day…Egypt is going through much of the same stuff with the IMF…he plainly said “they would revalue their currency before the end of 2016″…Iraq is way ahead of them.
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Call to activate direct investment in all sectors

BAGHDAD – Al- Sabah - stressed competent in economic affairs Ahmed expensive on the need to adopt swift measures do direct investment for its role in achieving the development of all economic sectors.

And direct investment means the movement warheads global funds for the development of economic sectors achieve economic feasibility for all involved in the implementation of projects parties economic.

He is charged in an interview with «morning»: that this type of investment requires starting from attracting direct investment climate that can have direct access to Iraq to provide.

He pointed out that Iraq is in dire need of the global effort sophisticated and specialist and world capital that must work to attract them to the country and invested in various sectors , production and service…

Read More: http://dinarupdates.com/blog/
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BGG (Dinar Guru) -   …VND, ZIM, Rial and all the other HOAXES out there…what makes Iraq (and their situation) different from all these others how many of these countries have met with ALL THE OTHER WORLD LEADERS in the last 48 hours…how many of them had some kind of “top billing” at the recent IMF summit?  how many of them met with the President of the United States?  how many of them have this kind of economic future?  how many of these other countries are like Iraq?  NONE.  Not one…VASTLY different scenarios.  BTW – all of the stuff I mention about Iraq VS any other country “devaluing” has happened in the last 48 hrs!! Meetings, that’s just the last couple of days - so what makes Iraq different?? EVERYTHING!!!
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rcookie (Dinar Guru) -    Article:  “UNDP announces send anti – corruption investigators to Iraq next week“   THE UN INVESTIGATORS TO FIGHT CORRUPTION ARRIVE IN IRAQ NEXT WEEK…JUST AS THE IMF ORDERED…CAN YOU SAY STABILITY.
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BGG (Dinar Guru) -   it appears attacking the corrupt was one of the VITAL items on a short list that the IMF has been insisting on…It appears to me…the GOI is responding to the IMF, WB and UN – though they aren’t entirely happy about it…however, if they want “international acceptance”, they have little choice. They must respond…Iraq has been under some version of an “IMPOSED RATE” since when?  [2003.]   it’s not even an accurate value – “Grossly undervalued” is the term used by learned economists…SO – it stands to reason they are going to have to appease those who “IMPOSED” this rate to start with… and THAT, my friends, is what we are seeing play out before our very eyes…those same actors that “imposed” can “unimpose” – it appears they have made this point very clear.  Iraq is about IRAQ.  Nothing else – AND it is the hottest topic in world finance right now. Period.  With VERY GOOD REASON.  Abadi’s PM “brand” is HUGE right now…he’s moving Iraq forward mightily…they are moving with great speed.  I think the future looks very bright for Iraq.
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Iraqi Dinar/Dollar auction (most recent listing) 09-27-16

Currency Auctions Announcement No. 3285

This daily currency auction was held in the Central Bank of Iraq on the 09-27-2016

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$) 115,077,656
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 115,077,656
Total offers for selling (US$) —–

More: http://dinarupdates.com/blog/
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rcookie (Dinar Guru) -  Article:  “Parliament determines the sixth of October as the date for the interrogation of al – Jaafari“  Quote:  “MP Haitham al-Jubouri, Thursday, all documents and evidence to prove “the involvement of” a large part of the “leaders” of the Ministry of Finance Bmufat marred by corruption…”   MARK YOUR CALENDARS…INSERT “ANOTHER ONE BITES THE DUST” SONG HERE..
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Frank26 (Dinar Guru) -  ”Echoes of New York: World leaders praise the achievements of the Government of Abadi“   A [Abadi] is Reporting and asking for Economic Reform help … As the calendar of Iraq was Moved Up to accommodate an Article 8 position with the IMF
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Aggiedad77 (Dinar Guru) -   Article:  “Echoes of New York: World leaders praise the achievements of the Government of Abadi“   …things are being stepped up with Iraq now…what I want to see is the action that transpires upon Abadi’s return from the US…hopefully before the weekend …he has the fortitude and the necessary ability to put the best spin on things for Iraq and the world…watch for Abadi…IMO.
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Iraqi Dinar/Dollar auction (most recent listing) 09-25-16

Currency Auctions Announcement No. 3283

This daily currency auction was held in the Central Bank of Iraq on the 09-25-2016

The results were as follows:

DETAILS NOTES
Number of banks 27
Number of remittance companies 15
Auction price selling dinar / US$ 1182
Auction price buying dinar / US$ —–
Amount sold at auction price (US$) 114,221,577
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 114,221,577
Total offers for selling (US$) —–

Read More: http://dinarupdates.com/blog/
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rcookie (Dinar Guru) -   Article:  “Abadi adviser: IMF expressed its readiness to open up in front of his locker Iraq“   Quote:  “The recent meetings in Washington DC between a number of countries and the Iraqi delegation headed by Prime Minister Haider al-Abadi, there was a very positive and promises from a number of countries and agencies for the reconstruction of Iraq…”    …FURTHER SUPPORT COMMITMENTS FROM IMF OVER AND ABOVE RECENT WB STATEMENT OF THE SAME…AND ADDITIONAL PLEDGES FROM OTHER COUNTRIES AWAY FROM UN GENERAL ASSEMBLY…THE WORLD IS IN THEIR CORNER
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Frank26 (Dinar Guru) -   Article:  “Abadi discussed with the International Monetary director of the implementation of economic reforms and diversification of resources”   This is the next meeting with Iraq and IMF…In the first week of October.   BTW this 22nd until the 30th of October… They will have two more meetings… This is the first… IOO when A returns…Much will be said of much that has been done.
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Aggiedad77 (Dinar Guru) -   Article:  “Echoes of New York: World leaders praise the achievements of the Government of Abadi“   …I believe…Abadi would be reaching out to the IMF…the US…and the World Bank for support of their Economic Reforms…they would be sitting down with the international world asking for their support as well…Indeed this is what we see rolling out of this trek to the US…these exact things…Let’s be extra watchful for what happens upon Abadi’s return to his homeland of Iraq…IMO…it could be very exciting and good…maybe even gooder for all who have a stake in this blessing…no date…no rate here of course.
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IMF Statement on Iraq 

September 21, 2016

imfMr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), issued the following statement today:

“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

http://www.imf.org/en/News/Articles/2016/09/21/pr16419-IMF-Statement-on-Iraq?hootPostID=afc2530d7cd8829997396c3b43282254
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SteveI (Dinar Guru) - You get Mosul completely done, move the army to the border, and then finally great times ahead for all.
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firefly (Dinar Guru) -  Nobody seems to be talking about the UN meeting…With Abadi and Iraq.  Big is putting it mildly.   All I will say is it coincides with the previous G20 meeting in China.  Also …. Zebari is going NOWHERE!

BGG ~ Really?? NOWHERE!?!

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rcookie (Dinar Guru) -  Article quote:  “Hussain urged the government to sign more agreements air with other countries, especially that Iraq is on the verge of commercial traffic and open its market to foreign capital…”  IRAQ ON VERGE OF COMMERCIAL TRAFFIC AND OPEN ITS MARKET TO FOREIGN CAPITAL… BOULYAAAAAAAAAAAH!!!
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Iraq:

Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding

122215-loi

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Shredd (Dinar Guru) -    So, in summary, the “paying” for your exchange is passed on and the only entity that would ultimately lose money out of pocket per se would be the investor who was holding the dinar at the time if it would crash in value. This general rule applies in all levels of investment — buying low and selling high. We just get the benefit of the biggest jump in the difference of the two!  To that point, I personally plan on initially exchanging a certain percentage of my dinar and holding on to the remaining with the hopes of an even greater gain further down the road.   [post 3 of 3]
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Shredd (Dinar Guru) -   As far as who “pays” for the increase, we can’t look at currency exchange as a finite transaction, a “one-and-done” if you will. Rather, it’s an ongoing transaction
1. You bought the dinar at a low rate (this is the part of investment where the investor makes their money….on the low buy)
2. The value grows (this is driven by the market and no transaction happens in this step)
3. You sell your dinar (you get the gain and the exchanging bank deposits the USD in your account after verifying)
4. The exchanging bank exchanges the dinar with the dealer (thus balancing their “paying” for the initial exchange)
​5. The dealer resells the dinar at the current rate (thus balancing their “paying” for the exchange bank’s exchange)
6. The new buyer of the dinar ultimately “paid” for your initial exchange but they also hold the dinar at the new value and can exchange it again as the rate increases. Once they do, they balance what they “paid” for their purchase plus gained a bit since they chose to trade…and on and on it goes from here.    [post 2 of 3....stay tuned]
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Shredd (Dinar Guru) -   [Who pays for the delta/increase between the current rate and the increased rate we hope to receive?]  When you exchange your dinar for USD, the bank will verify the authenticity of the currency (either internally or with a vendor) and once the transaction is complete, the bank DOES NOT hold onto it but rather will exchange it again to USD with a foreign exchange dealer in what is referred to as the interbank market. The bank will set the rate based on the market and demand and will of course take their cut (spread)The foreign exchange market works through financial institutions, and it operates on several levels with few insurance companies and other kinds of financial firms are involved. Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars. Because of the sovereignty issue when involving two currencies, forex has little (if any) supervisory entity regulating its actions.  If you sell your dinar back to the broker you purchased it from, they will exchange with a large bank and the above process takes place the same.  [post 1 of 3....stay tuned]
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IRAQ

STAFF-MONITORED PROGRAM—PRESS RELEASE; AND
STAFF REPORT

cr1611

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Rcookie: ” WOW WOW WOW WOW!!” ” Just saw the Parliament agenda for tomorrow (today – Thurs). 1st item on agenda… INSERT DRUM ROLL.!!!! 1st reading Financial Management Law.

BOULYAAAAAAAAY!!!!!!!!!!!!!!!

Right from the IMF letter of intent/ MEFP/TMU (see below)…

Iraq:

Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding

06192016loi

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BGG (Dinar Guru) -  Article:  ”Parliament dismisses Hoshyar Zebari“  ”Jubouri: We will respect the Federal Court ‘s decision on answers Zebari“   Quote:  “House of Representatives voted to dismiss Finance Minister Hoshyar Zebari on the background of corruption charges“  Parliament dismisses Hoshyar Zebari…Which is – (all of their pursuit of corruption) – one of the key points the IMF has made to them… they HAVE TO DEAL with it…they are doing exactly what the IMF has advised them they must do…  Quote:  “…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…”   …they are responding to their IMF supervision.
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Shredd (Dinar Guru) -   Article: “Iraq Stock Exchange launches instructions online trading system for investors“  Quote:  “…the market identified instructed disclosures required of brokerage firms, which contain procedures to disclose the risks associated with an investment models dealing with investors (Know Your Customer KYC), and commissions that Satkadaha mediator, as well as the requirements are carried out by investors to agree to their trading via the Internet…”  this is a very good article and yet another reminder of the progress Iraq has and is making. Investors vetted via KYC and having access to easily trade electronically are huge foundational necessities for both public and private investment.
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