DINAR OBSERVER DAILY Feb 14th

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

Dinar to USD – Dinar Value – Iraqi Dinar “IQD” listing

CURRENCY CODE SELL BUY
US dollar USD 1182.000 1180.000
Euro EUR 1341.215 1340.545
British pound GBP 1704.562 1703.710
Canadian dollar CAD 848.528 848.104
Swiss franc CHF 1218.431 1217.822
Swedish krona SEK 140.487 140.417
Norwegian krone NOK 138.149 138.080
Danish krone DKK 179.695 179.605
Japanese yen JPY —– —–
Special
Drawing Rights
SDR 1664.705 1663.873

http://www.cbi.iq/

Indicative rates – 02.14.2015

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A “progressive” income tax means this: The harder you work, the more you are punished. – Will Spencer

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*** Current Posts ***

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mike - …it’s tough to say when Iraq will add value to the dinar.  They’ve got some hurdles to get over before we can even think about when they add value, stuff like deposit insurance, banking reforms and Article VIII to name a few.  I’ve always placed more importance and value on information from the folks at the IMF, WB and others, and if they say they have a plan for the first half of 2016, then it just might happen.
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Poppy3 - can’t help but think DR SHABIBI IS LAYING OUT THE LIST OF CORRUPT MINISTERS OF WHO NEEDS TO BE REMOVED AS THEY MOVE FORWARD. REMEMBER… ABADI WAS PISSED OFF AND CORRUPTION RESOLUTION WAS NOT MOVING FAST ENOUGH…WELL HE IS MOVING FAST NOW.  [Sounds like Abadi has a deadline to meet!]  …THEY ALL HAVE THEIR LIST TO COMPLETE AND HIS IS TO STOP THE INTERNAL CORRUPTION. 
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Happy Valentine’s Day!!

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rcookie - I HAVE IRAQS YEARLY GDP & PPP DATA…IRAQ RANKS 51 OF 229 COUNTRIES 249.4 (PPP IN BILLIONS)…GDP REAL GROWTH RATE % IRAQ RANKS 73 OF 219 COUNTRIES 4.2%.  THEY HAVE THE STRONGEST BUDGET DEFICIT RATIO IN THE REGION…IN THE REGION…IN THE REGION…AGAINST COUNTRIES NOT FIGHTING A WAR…ESTABLISHED ECONOMIES AND INTERNATIONALLY ACCEPTED CURRENCY’S…OPERABLE STOCK MARKETS…ETC.
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Aggiedad77 - Well…well…what a wake up call for a Saturday morning…do you know where your Central Bank governor is and what his name is…yet another article…actually two articles that say Allak is not getting the job done and needs to be replaced...this time it comes from an Iraqi cleric…Sadr…so they finally see that Allak is merely a Maliki puppet…they want someone who is capable of working in an efficient and impartial manner…In other words someone who knows what the heck is going on and how to turn things around…someone of integrity… who should be above corruption at all levels of enticement…that sure sounds like Dr. Shabibi to me…Keep in mind this is yet another “suggestion” to PM Abadi and no action has been forthcoming as yet…but IMO…just a matter of time…give Abadi time to get home from Germany and let’s watch with interest all that transpires.
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Frank26 - Whereas many Currency’s are positioning themselves to do International Business with Iraq …SOME … Are being FORCED … Leaving NO CHOICE but to … Succeed.   You know what else?  M [Maliki] and Allack Know they are leaving on a jet plane … They also Know DRS [Dr. Shabibi] is coming back.
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Poppy3 - [Press Release:  "Workshop on Price Index Compilation Issues"..."IMF’s Middle East Regional Technical Assistance Center and the Statistics Department Conclude Workshop on Price Index Compilation Issues"  IRAQ'S INTERNATIONAL RATE IS COMPLETED! THEY WILL ANNOUNCE IT SOON TO THE WORLD.]  WELL I DONT KNOW THE SOURCE THAT SENT IT TO ME BUT IT IS VERY EXCITING NEWS AND NAMES THE RIGHT PEOPLE IN CORRECT ORDER.

BGG ~ I am aware of the source and the content and context of this workshop… this is not their conclusion.

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Stryker - Breaking News Today:  Sadr calls for Central Bank of Iraq’s Governor to be replaced by a more competent and experienced economist.
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rcookie - Press Release Quote:  “The International Monetary Fund (IMF)’s Middle East Regional Technical Assistance Center (METAC) and the Statistics Department held a workshop on “Price Index Compilation Issues” in Beirut, Lebanon from February 1-5, 2016.”    MANY OF THESE INITIATIVES BEING WORKED ON AT THESE WORKSHOPS…ARE THE VERY THINGS THEY ARE BEING TASKED TO DO WITH IMF LOI/MEFP/TECH MOU…AND THESE WORKSHOPS ARE BUILT STRATEGICALLY AROUND REVIEW PERIODS…IF YOU READ THE 2016 BUDGET…THE VARIOUS LOI/MEFP/TECH MOU’S AND SMP (STAFF MONITORED PROGRAM)…AND THE METAC WORKSHOP AGENDAS….THERE IS ABSOLUTELY NO DOUBT AS TO THE CO-AUTHORING PARTNERSHIP BETWEEN IRAQ AND IMF & WB TOWARD THEIR ECONOMIC & MONETARY REFORM ACTION PLAN.
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Kaperoni - Article: ”Economic parliamentary: financial and monetary situation is controlled and the central bank plans to put the task“    …we all know parliament has tried to get involved in CBI affairs for a while. And to have them come out now in support of the plan is great news. It for sure puts an end to the controversy of sorts by saying, (I’m paraphrasing) we saw the plan, we understand it and we are in full support of what they are doing.  Which IMO, should put an end to back and forth bickering and different viewpoints.
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FrostytheSnowman - Article quote:  “Oil prices are rebounding Friday after hitting a low not seen since 2003.”    You’ve aligned yourself in a SWEETHEART position(s) with the LOWEST COST EXTRACTION WINNERS …as the world’s addiction to oil makes it’s way towards a new reality…and soon to be…your new reality! Congrats your patience is about to pay off!!!  All in my “frozen” opinion.
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wmawhite - …to change a culture of greed and corruption is never accomplished overnight…thankfully, PM Abadi has taken the first steps to make those changes.   here is a question for all of us involved, “do you think that the IMF was aware of these issues back in November 2015 when they stated their expectations was for Iraq to enter the economy market during the 1st half of 2016?”  Answer: OF COURSE THEY WERE AWARE OF THESE ISSUES!
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tman23 - The market and investors do not like UNCERTAINTY…And uncertainty has hurt both the KRG and GOI.  Barzani said last month that the KRG will have it’s government issues solved before the beginning of March. Abadi appears to be on the same fast track with the GOI.   The question becomes…with the reshuffling of the deck in Iraq government positions…how plausible is it to see a change in value of the currency until the new people are seated and the dust settles?
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Kaperoni - Article quote:  “…Chairman of Committee for Economy and Investment parliamentary…We found plans and initiatives of the task of the central bank to achieve its objectives, including the development goals”  Parliament has met with the CBI, and now knows the plan.  They are clearly stating here “We found plans and initiatives…“  So now we have parliament fully supporting the CBI and the plans (with the help of the IMF).
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Dinar pic above Daily Dinar Value

Iraqi Dinar/Dollar auction (most recent listing) 02-14-15 

Currency Auctions Announcement No. 3136

This daily currency auction was held in the Central Bank of Iraq on the 02-14-2015

The results were as follows:

DETAILS NOTES
Number of banks 27
Number of remittance companies 19
Auction price selling dinar / US$ 1182
Auction price buying dinar / US$ —–
Amount sold at auction price (US$) 123,202,788
Amount purchased at Auction price (US$) —–
Total offers for buying (US$) 123,202,788
Total offers for selling (US$) —–

More: http://dinarupdates.com/blog/
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Millionday - [Does the huge amount of dinar in circulation and still being sold have any bearing on the right time to RV?]   NO — IT HAS A BEARING ON THE LIQUIDITY ON THE STREETS AND WHAT IS NEEDED IN THE BANK`S LIQUIDITY NEEDED IN THE COUNTRY — ALSO THE GLOBAL PRICING —GDP.
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Poppy3 - …I HAVE JUST BEEN SETTING BACK WATCHING THE EVENTS TAKE PLACE DAILY…WE ARE IN THE DRIVER SEAT…THEY CAN GET WHERE THEY NEED TO BE AT ANYTIME AND RELEASE THE NEW RATE. 
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Frank26 - I-TEAM and I had a conversation today…in that conversation I expressed to them that IMO we are looking at a very serious potential of them removing the program rate, lifting Article 8 by the end of March…and they said…more than likely it won’t be March…because in their opinion they are looking at February.
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wmawhite - [With the MOU in mind, and the end of Feb target date for Article 8, etc...With the dissatisfaction with the finance minister and IMF mandates not being followed...Is that Feb timeline in  jeopardy?]  No where is it in any IMF document that the end of February 2016 is a target date for Article 8. However, it is easy for us to tie the two together.  For those folks who have studied the Technical Letter of Agreement and MoU…it is very obvious that the IMF, GOI and CBI are shooting for a major event in the near future…IMO…and that is in keeping with what they told the world that Iraq is expected to join the economy market during the 1st half of 2016.
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Poppy3 - …I CAN TELL YOU SECURITY AND ISIS ARE NOT A HOLDUP…BECAUSE ISIS IS NOT OR NEVER HAVE BEEN IN CONTROL OF ANYTHING IN IRAQ…NOT ONE OIL FIELD…NOT ONE DAM…NOT ONE BANK…ALL MADE UP NEWS TO MAKE THE NEW MORE SENSATIONAL. YES IRAQ HAS PROBLEMS INTERNAL AND SOME MISGUIDED MANAGEMENT BUT THEY ARE GETTING IT CORRECTED FAST TO MEET DEADLINES OUTLINED TO THEM FOR COMPLETION OF THEIR FINANCIAL REFORM TO CONTROL INFLATION, GROW ECONOMY, HEAD OFF INFLATION, AND INCREASE THEIR GDP.  ALL PROGRESS IS IN THE RIGHT DIRECTION AND AS LONG DAILY WE ARE NOT STATUS AND MOVING FORWARD WE WILL GET TO THE NEW RATE…
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Millionday - …REMEMBER THE STEPS THAT IRAQ IS EXPECTED TO TAKE THIS MONTH.  THE STEPS ARE A LONG LIST BUT ACCORDING TO THE IMF AGREEMENT FOR IRAQ TO HAVE DONE BY THE END OF THIS MONTH DUE TO THE PLANNED MOVE TO ARTICLE 8 – THEY HAVE TO PEG WITH THE US DOLLAR — REMOVE DISTORTED EXCHANGE RATES FOR INTERNATIONAL CURRENCIES TO BRING IN INVESTORS…THE LIST GOES ON — IT IS VERY LONG WITH MANY MANY DONE.
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SteveI - [I trust Steve's info that Mosul must be free before any currency revaluation.]  …my information is very accurate. I have verified this from many sources. You simply cannot introduce new lower domination’s of currency to banks in an ongoing war zone, especially Mosul which is in the heart of the Kurdistan region.
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