DINAR OBSERVER DAILY – April 23rd

Kaperoni (Dinar Guru) –  …We read matter of factly the other day in a news article from Prime Minister Abadi that they expect to open the banking system or engage the banking system with the world directly after the elections so there isn’t anything more clear than that…
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Chattels (Dinar Guru) –  I do not believe that the dinar is a scam per se. It was a highly speculative venture that has been impacted by developments / conditions in Iraq, social, financial and political. The outcome was and is unknown…About 22 days remaining before the Iraqi people go to the voting booths.
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Kaperoni (Dinar Guru) –  I laughed at the guru’s keep saying over and over that they could not float. The fact is that is what countries do…that is the only option, your either pegged or you float!  When the CBI moves to IMF Article VIII they will have to move to a different exchange rate regime and get off the peg. that is a must to counter inflationary pressure created by the influx of capital from investors.  That is also the reason why they cannot RV or RI because the appreciation of the float is a tool used to counter inflationary pressure.
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Kaperoni (Dinar Guru) –  …They also could never RV or RI because there is over 66 trillion Iraqi dinars in circulation that must be reduce gradually over time to reduce the money supply.  They cannot reduce the money supply prior because it is necessary to keep a balance between dinars and dollars for the daily auctions to maintain the correct spread. “There is not 66 million circulating in Iraq Most of the dinars are non circulating”   Sorry, if they are outside the CBI they are in circulation.  And the number is 66 trillion not billion.
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Mnt Goat (Dinar Guru) –   Article quote: “The CENTRAL BANK’S AUCTION IS SUPPOSED TO BE TEMPORARY FOR A SITUATION THAT THE IRAQI ECONOMY HAS LIVED UNDER IN CERTAIN CIRCUMSTANCES AND IT MUST STOP AFTER THAT, BUT IT HAS CONTINUED FOR MANY YEARS”.  I strongly believe that the corruption involved in these auctions and billions being made by the politicians being involved with their fictitious companies may be one of the reason for delaying this RV for so long.  …So what we want is for them to discontinue them.
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Parliamentary integrity reveals cases of corruption worth 70 billion dollars in two files

The Parliamentary Integrity Committee on Wednesday revealed the existence of cases of corruption about 70 billion dollars in the files of the auction of currency and real estate of the state, noting that the current government did not invest the opportunity available to them in the fight against corruption, despite international and domestic support…

…The MP from the Union of Forces Abdul Rahman al-Luizi confirmed in a previous statement to / information / / the government’s intention to open files of administrative corruption in the auction of selling foreign currency from the cash reserve and the investigation of the family of all private banks.

Article Credit: almaalomah.com (Special Thanks to Tim Tarkington)
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Kaperoni (Dinar Guru) –   The problem with most dinar investors is they think the dinar can revalue to some random number… it cant... It is mathimatically impossible to RV or RI…the only thing that can happen is the world can set the rate…that means float… Once capital markets are integrated internationally, vast amounts of money may flow into and out of the country in a short period of time…This will make it very difficult for the country to maintain a fixed exchange rate.  …So they have to move off the peg to a float, there is no option… well documented… factual…written in imf docs
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Chattels (Dinar Guru) –  Our best / earliest hope is post election, IMO. The election is May 12 and Ramadan starts a few days thereafter.
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Kaperoni (Dinar Guru) –  So we hope it doesn’t happen but al-Maliki is a real threat to cause problems with the upcoming elections as he tries for a third term, the retweets of his brutal tactics are an example.
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CBI sets the terms of the negotiable banknotes

Alsumaria News / Baghdad – The Central Bank of Iraq, on Tuesday, the terms of the banknotes are negotiable.

The bank said in a statement received by Alsumaria News, a copy of it that “the banknote is valid for trading even if exposed to what comes if there was a tear or more than no more than 3 cm and was repaired with a transparent adhesive tape from one side or both sides did not affect the features” .

The bank added that “one of the other conditions that the banknote is valid for trading if it was cut in one of its corners up to 2 cm and did not affect the features,” noting that “of the other conditions if the effects of trading and use and did not harm or harm affects the shape, color and size “He said.

The Central determines the terms of the non-negotiable banknotes

The Central Bank obliges banks to provide five hours for their applications to buy currency
Many of the banknotes that many citizens refuse to trade are traded in local markets.

Article Credit: www.alsumaria.tv (Special Thanks to Carol Williamson)
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American Contractor (Dinar Guru) –   …You may see some action possible after the elections depending on which party has control of the government.  The Iraqi parliament will have to vote on the delete the zeros project given that they did not get the opportunity in 2012.  The Iraqi cabinet stopped it because they believed the economic climate was not yet ready.  …Oil prices are continuing to go up and businesses are returning although cautiously and investing in startups and existing companies…   ...You will learn of the delete the zeros project getting ready to be implemented when you read that there is a education campaign going on inside Iraq.  The education campaign will consist of news media, flyers, and radio advertising to get the word out.  The CBI wants to make sure that everyone is informed about the delete the zeros project…
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American Contractor (Dinar Guru) –   …In the course of the next few months you may quite possible see media reporting about a delete the zeros project.   According to the intel I have, as well as info I received today from a banker, the delete the zeros project is going to be progressing at a much faster pace, and word has it that new information will be published after Ramadan.  …Everything from this point on is riding on the upcoming national and local elections (May 12).  There appears to be a vast more supporters than not for the delete the zero’s project
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Kaperoni (Dinar Guru) –  The upcoming elections in Iraq could play a critical part in whether monetary reform occurs sooner than later.  Today rumors of al-Maliki supporters tearing down opposition posters. Some say Maliki is paying 50 million dinar to vote for his block.  Monetary reform/currency reform is a must for Iraq to engage with the world economy, more importantly bring investors to Iraq. But can Iraq overcome the opposition?
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Maliki has no chance to win elections in Karbala – Observers

Observers to the electoral campaigns in Karbala governorate affirmed Wednesday that State of Law coalition, headed by Vice President Nouri al-Maliki has almost a no chance in winning the upcoming election.

Competition in Karbala is between Victory coalition, headed by PM Haidar al-Abadi, al-Wataniya coalition headed by Ayad Allawi, Wisdom Movement headed by Ammar al-Hakim and al-Fatah by Hadi al-Ameri, the observers affirmed.

“Maliki’s coalition has no place in the race to the parliament, for his unpopularity in Karbala, unlike the election of 2010 where the coalition obtained 200k votes, which allowed it to win 7 seats out of 11,” observers said.

Iraq is anticipating a parliamentary election on May 12.

Article Credit: www.thebaghdadpost.com (Special Thanks to Charles Bright)
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Mnt Goat (Dinar Guru) –   “ADOPTION OF THE LAW OF OIL AND GAS CONTRIBUTE TO ENDING THE ETERNAL DISPUTE BETWEEN BAGHDAD AND ERBIL”   so here it is in writing – HCL is done!Also I have been telling everyone the contention between the GOI and KRG and that is was all about getting a formal, legal law passed in parliament for how the oil and gas (95% of the wealth of Iraq) is to be managed.
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Kaperoni (Dinar Guru) –   …articles surfaced today confirming directly after the elections they plan on opening the banking system.
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MilitiaMan (Dinar Guru) –  Notice the theme of late is about instructions… As in this is how you pay people with allocations of  %’s and we/they (CBI) showed everyone how to collect old money and replace with new notes that will be circulating, the new system of electronic payments, etc.. Oh the new deal between us (Bagdad) and them (Erbil) in regard to the Oil and Gas…
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Abadi’s policy to open files of corruption “serious” “regardless of date”

Twilight News – Shivak News / Prime Minister Haider al-Abadi on Wednesday chaired the meeting of the Supreme Council for Combating Corruption.

At the beginning of the meeting, Abadi stressed the need to pay attention to the investigative evidence in the files of corruption, reflecting the accuracy in following up the issues and the prosecution of all files of corruption, regardless of the date of receipt.

The council discussed “serious” corruption cases that have been investigated and referred to the judiciary, and those responsible have been prosecuted.

Abadi stressed the importance of drafting a general framework for the management of inspection work in Iraq to ensure the performance of the offices inspectors inspectors their role legally defined in ministries, governorates and other bodies.

The Council discussed its agenda and adopted a set of resolutions. It also reviewed the work of the National Committee of Experts to follow up the files that were reviewed and submitted to the judicial bodies.

Abadi stressed the importance of following up all issues related to corruption and reporting on them and focusing on the major corruption crimes that led to the theft of public money.

Article Credit: shafaaq.com (Special Thanks to Charles Bright)
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American Contractor (Dinar Guru) –   Iraqi Security Forces (ISF) have recaptured all of the territory hold by the Islamic State (ISIS).  However, in December of 2017, the Prime Minister Haider al- Abadi declared ISIS defeated.  Unfortunately, large areas of northern and westen Iraq continue to lay in ruins from the extensive fighting.  Since 2014, the lack of local governance, secure transportation, disruption in local services, and a decrease in international oil prices have severely impacted Iraq’s economy.  At the present time, the Iraqi’s are shifting their attention towards recovery and the country’s political future.  The security conditions are improving and the Iraqi army is continuing onward with their counter-terrorism operations against the Islamic State.
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American Contractor (Dinar Guru) –   There are currently 26 days left in the Iraqi national elections.  Over 1,000 candidates are campaigning for all the various political positions.  Each and every one of my Iraqi contacts have stated that this election is their most crucial one for the future of Iraq.   The Iranian government is trying to maintain their control of the Iraqi government.  Clearly, Iran does not want to see the Iraqi government align themselves with the west.  In my opinion, the Iraqi government has an unstable relationship with the west and a stronger relationship with Russia, Iran and China.
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American Contractor (Dinar Guru) –   It has been reported, that the Central Bank of Iraq (CBI) have closed the gap with the parallel market rate.  Issues remain with the currency and the CBI is preparing to print even more currency shortly after the elections.  As if they don’t have enough already!  Ramada begins May 15, 2018, so clearly nothing significant will happen during this time. 
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Maliki has $ 3 billion in his account in Central Bank

A document circulating on social media indicates that the former Iraqi premier Nouri Al-Maliki has assets up to $ 3 billion.

The document was issued by the legal affairs department in the Central Bank.

Maliki is proved to be involved in several crimes, including Camp Speicher. He also was behind Mosul’s fall into the hands of ISIS terror group.

He has close ties to Iran. And he is one of those working for it to implement its schemes in Iraq.

Article Credit: www.thebaghdadpost.com (Special Thanks to Rey Medina)

BGG ~ Sounds like it’s about time to actually implement their “Where did you get this? Policy”… starting with Maliki.

Which – BTW, doesn’t sound good for him if they are publishing news and articles about his ill-gotten gains and ties to foreign actors right before the elections – and in the middle of the GOI actively hunting around for funds.

Not good at all (for him).

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Kaperoni (Dinar Guru) –    Well when i started 10 years about I thought rv too!   …there is a reason they cant…The CBI…said they would join the world currency exchange…How without a float…the CBI will have to get off the peg…and float.  …the value is 1184 that is what it will start at…They will move to a float prior to opening the CBI Capital Account…In doing so, the CBI can raise the value as inflationary pressure is created from investment…we know they must float because global investment will cause inflation in Iraq and Iraq must have a plan to counter that…could it rise fast? sure…how fast? no idea.   As the dinar appreciates in value the CBI will introduce smaller notes as needed. Same for the larger notes, they will disappear.   …From the CBI… “A source at the Central Bank of Iraq for four companies currently competing to win a draft print the new Iraqi dinar, which will generate graceful after deleting three zeros from him, while Samay central bank to raise the value of the dinar against the dollar gradually down to the day to start replacement where the value will be in the absence of a fluctuating one Iraqi dinars equivalent to U.S. dollars one.”
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Kaperoni (Dinar Guru) –  The recent article from the WTO is motivational for Iraq but until they have exports and reduce dependence on oil they will not get full of accession.
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Mnt Goat (Dinar Guru) –   …just a little over a week ago…the prime minster of Iraq Abadi came out and told the news media and I quote –  “THE SUBJECT OF DELETING ZEROS FROM THE CURRENCY IS READY BUT NEEDS A SUITABLE ENVIRONMENT TO BE APPLIED TO PREVENT MANIPULATION AND FRAUD”.  Then in a follow up article shortly after we heard and I quote from the article-  “THE CENTRAL GOVERNMENT STANDS WITH THE CENTRAL BANK’S DRAFT TO DELETE THREE ZEROS OF THE CURRENCY, BECAUSE IT SEES IT “HURT THE EFFICIENCY OF THE SYSTEM OF CASH PAYMENTS,” ACCORDING TO THE FINANCIAL ADVISER TO THE PRIME MINISTER”  So now we know the CBI and GOI are on the same page. This is fantastic news. We need the GOI to support this action of the CBI. Just too bad they both support a postponement.
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Top Iraqi court set to rule on Kurdistan’s oil exports

Iraq’s top court will begin hearings in May on the legality of oil exports from Kurdistan, which are at the center of a row between the Kurdistan Region Government and Baghdad’s Federal Government, Reuters reported on Tuesday.

The oil dispute is the main hurdle to normalising relations between the Federal Government and the KRG of northern Iraq which conducted a referendum on independence despite Baghdad’s opposition.

The Supreme Federal Court said in a statement it has asked to hear the opinions of officials including the Federal government’s Prime Minister Haider al-Abadi, Oil Minister Jabbar al-Luaibi and Finance Minister, in addition to the KRG’s prime minister, on May 6.

Iraqi oil minister Jabar al-Luaibi had asked the court to issue a ruling that bans independent oil exports from the KRG, which started in 2014, through a pipeline across Turkey.

The KRG says the Iraqi Constitution recognises the legality of its existence and contains no article specifically forbidding it from developing oil resources on its territory.

International energy firms including Exxon Mobil, DNO, Dana Gas, Rosneft and Genel are among companies with agreements with the KRG to operate in the Kurdistan region.

Article Credit: www.thebaghdadpost.com (Special Thanks to Charles Bright)
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Kaperoni (Dinar Guru) –  I went back a few weeks and recorded the spread based on the articles so we could get some sort of beginning timeline for the 2% compliance. This is what I found…2/28    1220,  3/10    1215, 3/14    1215, 3/14   1210, 3/15   1207, 3/15   1213, 3/18   1210, 3/18   1213, 3/20   1207.  So to me, it looks like the CBI meet compliance around March 15.
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Chattels (Dinar Guru) –  Ramadan begins Wednesday, May 15, 2018 and ends Thursday, June 14, 2018.
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Randy Koonce (Dinar Guru) – A quick update to all the citizens of Dinarland. This has been the ride of a lifetime, and certainly one none of us ever imagined. One of these days, they will actually quit moving the goal posts, and the ‘dinarball’ will actually make it to the other side, right down the middle.  It looks like things are lining up – again. We have heard from several pretty reliable sources that another window has opened for Iraq to revalue their currency. This window should remain open from now, until the the 20th of April. As always, remember: This is Iraq. It is our sincerest hope that nothing new will come up – this time.
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Calls for banking sector governance to stop the corruption of the currency auction

The economic expert, Salam Samisem, called for banking sector governance to stop the corruption of the currency auction and stabilize the Iraqi dinar.

“The importance of the currency auction stems from the fact that it is an auction for the exchange of foreign currency to cover large expenses to support Iraq’s foreign trade, and on the other hand to help in the partial withdrawal of the local currency from the markets to help maintain specific levels of inflation, Selling the dollar to the owners of commercial transactions and banks at legal prices, but the entry of the political line on the banks make business deals with a lot of suspicions of corruption.

Samisem stressed that without a real governance of the banking sector can not stop the corruption of the auction of currency, because without it are not processing the banks in dollars mainly, especially as the currency offer is a major base to provide stability for the Iraqi currency…

Read more: http://www.dinarupdates.com/blog/
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Randy Koonce (Dinar Guru) –   I want you to know that while this should have happened several years ago, the Dinar revaluation has been turned into a major political football. Everyone has wanted to use it to their own advantage, whether national or individual. There have been many events that should never have affected this event, but the influence has been there. While I am not at liberty to disclose the identity of my sources, I can assure you: they are people who do know what is going on, and have access to the influences that will be able to see this finishedI cannot and will not guarantee this will be done by April 20 – but there is good shot at it happening this time.   …We are close.. Every large bank will exchange… RELAX the RV is coming…Breathe…Check www.cbi.iq every day to see if it has changed…
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Chattels (Dinar Guru) –   If 90 days of compliance is a condition precedent to article 8 or completion of the Iraqi Banking Sector Reform Project then we are looking at mid-June at the earliest.   According to some compliance was effective mid-March…Compliance with the 2% variance between official rate and the parallel market rate that is.  [is the 2 percent been verified as a condition?]   According to Kaperoni it is.  How soon will Iraq have a new government seated is arguably a concern.  My sense of it all is beginning 2019 at the earliest. We shall see, eh ?
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Kaperoni (Dinar Guru) –   ...if the dinar is undervalued as some economist have stated, and investors are waiting to come in as reported with these contracts then we should see some results soon.  It’s alot of “if’s” but they have to begin somewhere and with the encouragement of the IMF, WB this should begin in a few months.
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Central Bank: We have succeeded in ending the exchange rate gap

Article Credit: economy-news.net (Special Thanks to Vernell)

BGG ~ This article has been out for a bit…

There has been all kinds of commentary on it. What does it mean? Will it float? Are they in compliance with the IMF’s directives?

Many interesting points, but I think everyone is missing the big picture here. What are these miracle steps the CBI has taken to close the gap between the “Market rate” and “Official rate”? Bottom line? Nothing really… They wrote a few memos and changed how they are doing things a little. Other than making threats to deal with their endemic corruption… nothing really.

So what is it? Short story – they want to. For a very long time the IMF, UN, WB and others have had these guidelines in place.

However, Iraq and her corruption politicians have thumbed their noses at the world systems and continued robbing their own people blind… right up to the point of nearly setting the whole Middle East on fire for the nothing more important than a slight political edge in the then upcoming elections.

On the other hand, the IMF, UN, WB and others have been content to shrug their shoulders and leave Iraq at the same value and in the same (financial) condition she has been in for decades. If they don’t want to play ball – no reason to let them back in until they can show some financial accountability.

All of this begs the question – “What does the IMF, UN and WB have to do with the value of Iraq’s currency”? Iraq can declare whatever number they dream up, much like Saddam did. If no one will accept it, buys it or agrees to hold it – what does it matter what the number is?

Fast forward to today… we watch this AMAZING closing of the “Market rate” and “Official rate” gap in Iraq… It hasn’t EVER happened. Why now?

First, who is this announcement by the CBI for? Does this affect the everyday people in Iraq? If it did, it would be to the tune of few dinars per transaction… so no, it doesn’t affect them much. Then who is the CBI talking to? I see this as a public declaration by the GOI and CBI to the IMF and others they intend to play ball.

Secondly, they have to do this before they will be fully accepted by the world exchange markets. It appears they intend to get there quickly.

Why? The answer to this whole commentary is simple… BECAUSE THEY WANT TO. They simply lacked the right level of desire before. It seems like they have it now.

Going back to what are they doing to affect this change? Dealing with their corruption. That’s it.

Do I care what they do or how they do it? I do not. The end result will be the same. I am happy we are seeing real results. Carry on.

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Don961 (Dinar Guru) –  Article:  “Is it time to delete three zeros from the currency?”   Economists are saying… Politicians … put up or shut up … real reform is way overdo … imo.
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APMCRX (Dinar Guru) –   Article:   “Market Review: Market Consolidates”  Wow wow wow this article is telling you when the IQD will start a real recovery…Timing…. a lot of timing is still need it… Demand and supply…M2 will increase over the time…Abadi is doing bussiness around the world… investments in a short-medium term good for the IQD…IMO
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Chattels (Dinar Guru) –    Article quote:  “Dollar exchange rates today in Iraq Release date: 2018/4/6 9:31 • [Ayn-Baghdad] Foreign exchange markets in Baghdad, on Friday morning, stabilized at the dollar exchange rate against the Iraqi dinar. The market price in the Kifah Stock Exchange in Baghdad was 1202.5 dinars per dollar...”  1202.5 dinars per dollar
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Kaperoni (Dinar Guru) –   I try to teach people not to believe what I say but to research this investment. And doing so you will find that currency simply does not RV or RI, they float and gradually rise overtime. In fact once they begin this transition it could take two years or more to appreciate to a level that we all would consider cashing in.  There is no single event. This is a process that takes time.  
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Is it time to delete three zeros from the currency?!

Economy News Baghdad: The central bank submitted a project to delete three zeros of the currency, in order to confront inflation and stimulate the economy, but was forced to stop because of the deteriorating security and political situation in the country.

The governor of the Central Bank, Ali al-Alaq, in a discussion session with the editors of a number of Iraqi media, including “Economy News”, “The subject of deleting zeros from the currency is ready, but it needs an environment suitable to apply,” noting that ” To prevent manipulation and fraud by the owners of weak souls. ”

The central government stands with the central bank’s draft to delete three zeros of the currency, because it sees it “hurt the efficiency of the system of cash payments,” according to the financial adviser to the prime minister.

He added, the appearance of Mohammed Saleh, in an interview, “the economy News,” that “the current environment suitable for this project because there is financial and political stability witnessed by the country, especially after the salvation of the organization (da’ash).”

He stressed the need not to rely on the project to support the Iraqi dinar, but “focus on the creation of all conditions that would support the Iraqi dinar and represented by political and economic stability,” pointing out that “the central bank has accumulated experience in dealing with the subject.”

The economist said, in the name of Jamil Anton, for “Economy News”, “The current environment is not suitable for the project to delete the zeros at the moment, because the security situation has not settled so far in the ideal form.”

He pointed out that “the project needs educational campaigns to be accepted by citizens and does not affect the movement of the market,” noting that “the project has the benefits of reducing the amount of money used in deposits, which helps accountants not to fall in error in dealing with zeros in large amounts, As well as reduce the number of trustees funds and protect money from theft. ”

Antoine predicted that the project would be implemented after the legislative elections scheduled for next May.

Article Credit: economy-news.net (Special Thanks to Vernell)

BGG ~ This was dated today. This is current news!! It appears both Saleh and Alak believe the current climate is right, however, one economist mentioned does not. We’ll soon see (as in – between now and a month or two after the elections – according to them).

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 Kaperoni (Dinar Guru) –   […What will happen to the dinar notes we hold here in the US? Any thoughts?]  According to the CBIs own words, held in central banks around the world for a very long time.
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sandyf (Dinar Guru) –  There would be very little point in a 1 to 1 redenomination. The only other answer to what you are implying would be a redenomination followed by a revaluation. Two separate events with a variable time gap, although a possibility, not a scenario people would want to face.   …a float…is a contentious issue and always a possibility although not normally considered a good move for an emerging market. If it were to go ahead, appreciation would be limited with very little in the way of returns…
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Central Bank: We have succeeded in ending the exchange rate gap

Economy News Baghdad: The head of the central bank’s financial operations, Mahmoud Dagher, said Saturday that the central bank’s three-pronged strategy has contributed to the reform and development of the banking sector.

Dagher said during a seminar held on the ground of the Baghdad International Fair entitled “Challenges of the banking sector and the reform strategy” and attended by “Economy News”, “The reform carried out by the Central Bank, based on three axes, the first close the exchange rate gap, Carrying out financial inclusion and settling salaries and the third related to the process of technical development within the banking system.

He stressed that “these axes constitute the basis of the strategy of the Central Bank to develop the banking system.”

During the seminar, the Director of Financial Statistics at the Central Bank talked about identifying the challenges coming from the external environment, which included public banks and the science of low capital, as well as the absence of law in the process of achieving the shortcomings of the customers towards banks.

The director of risk management at the Bank of Baghdad, Nabil Abdel-Hur Toman, talked about the political risks and their relationship to foreign investment.

“Any country with high political risk will prevent the foreign investor from coming to it,” Toman said. “We need to develop a methodology and strategy for the coming years related to planning, measuring and analyzing risks to minimize their impact.”

And that the reduction of risk requires the participation of the government and the central bank and investment bodies as well as the banking sector.

He pointed out that “Tuman should provide a saving investment environment to the successful investor has a sophisticated banking system and fixed laws and investment facilities for taxation,” adding that “Iraq during 2014-2015 was ranked sixth in the world on the level of political risk, according to international reports” .

In turn, the financial adviser to the Association of Iraqi Private Banks, Samir Nusairi, explained during a speech at the symposium that “the challenges facing the banking sector is not the last responsible, but the structural imbalance in the economy in general.”

He stressed the need for a clear methodology to overcome this structural imbalance, which is reflected in the inability of non-oil revenue and the deficit of the general budgets of the state as well as the balance of payments deficit and other aspects related to infrastructure.

He pointed out that the banking sector, under the leadership of the Central Bank of Iraq and according to the strategy of the last years 2016 2020, has been able to achieve good results in the development of the banking sector, including financial inclusion and the settlement of salaries.

Article Credit: economy-news.net (Special Thanks to Vernell)
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G-Lin (Dinar Guru) –   Article:  “Central Bank: We have succeeded in ending the exchange rate gap”   They are referring to what they have already accomplished.  …I know they have had settlement of salaries. The banking industry will continue to improve but it sounds as though they are compliant with IMF. Lets improve that rate and they should be good to go. For them to announce they have closed the gap is pretty big
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Stryker (Dinar Guru) –   Article:  “AMBASSADOR DOUGLAS SILLIMAN REMARKS AT IRAQ ENERGY FORUM”   This shows us without a doubt that Abadi and his Cabinet of Ministers must be willing to turn over the economy to the private sector and release control of this out of date centralized economic system and it needs done NOW!!
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Kaperoni (Dinar Guru) –   Article:  Central Bank: We have succeeded in ending the exchange rate gap”  Quote:  “The reform carried out by the Central Bank, based on three axes, the first close the exchange rate gap, Carrying out financial inclusion and settling salaries and the third related to the process of technical development within the banking system…”   nice to have a matter of fact statement.
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The Presidency of the Republic announces the sending of the budget to the Ministry of Justice for official publication

The Presidency of the Republic announced on Thursday the sending of the budget law to the Ministry of Justice for publication in the official newspaper Al-Waka.

The state television said in a news bulletin followed by Alsumaria News that “the Office of the Presidency of the Republic sent the budget to the Ministry of Justice for publication in the official newspaper.”

A member of the parliamentary legal committee Salim Shawqi said on Tuesday (March 27, 2018) that the Financial Budget Law for 2018 will be published in the Official Gazette within the next two days, while most of the remarks that came from the President of the Republic on the budget were considered “formality”.

Member of the Parliamentary Law The publication of the budget is expected to be published in the Official Gazette within two days

Justice issued a statement on the publication of the budget law in the Official Gazette
It is noteworthy that the House of Representatives voted, in its session held on Saturday (March 3, 2018) on the federal budget for the current fiscal year boycotting the Kurdish deputies.

The Presidency announced on Tuesday (March 13, 2018) that President Fuad Masoum decided to re-budget the House of Representatives to re-examine the form and content of the constitutional, legal and financial, noting that there are about 31 points in the budget “intersect with the legislation in force.”

Prime Minister Haider al-Abadi said on Tuesday (13 March 2018) that “no one has the right to suspend the general budget of the country after the vote by the House of Representative.

Article Credit: alsumaria.tv
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Kaperoni (Dinar Guru) –   Another low auction day around 1205 to $1 US dollar.  My calculations put this at about two and a half weeks now of auctions that are within compliance.  If the 90-day rule is true, I would expect the CBI to request article VIII in early June.  Could or would the CBI wait before moving to Article VIII?   It seems unlikely they would since continuing the auctions at these levels reduces the reserves. And initiating foreign investment is a top priority.  One wild card in all of this is the timing of the upcoming new elections that coincidentally are occurring at the same time monetary policy needs to engage with the world financial system.
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tlm724 (Dinar Guru) –  Article:  “Urgent: The value of the dinar rose to 1197 per dollar”  It is great news…! Appears to me that the time is perfect to hold it under the 2%, they got this and we wait about 80 days, give or take, to see if they can maintain this ( I think they can & will).   [Whats your thoughts do you think we may see so real action this year like starting the movement soon.]   We are seeing action right now, so yes to answer your question, this year looks fabulous to me!
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Enorrste (Dinar Guru) –   Mike’s question is well put: What, exactly are the conditions to begin removing the zeros?  The answer to that question, not surprisingly, is really quite simple.  The one condition that is needed is the assurance that the value of the dinar will rise when they move to the international currency market and Article VIII The problem with discussing “remove the three zeros” is that it is seen as an event…when in fact it is a process, as will be the case in Iraq.  The ONLY way that the three zeros will be eliminated in Iraq is through a gradual rise in the value of the currency…  It has been shown conclusively that the RV concept is not tenable because there is too much currency in circulation to effect an RV.  The ONLY way to get to our goal is to see the currency move to a float and then see a gradual removal of the large notes as the value of the currency rises.  Therefore, “remove the three zeros” can only occur over time with the gradual rise in the value of the currency.
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Enorrste (Dinar Guru) –   The fact that the most recent articles are stating that the only thing holding the implementation of the project is a “suitable environment” brings us closer to Mike’s question.  What is the “suitable environment?”  This phrase is a little more specific than Mike’s question concerning a “condition” needed.  A suitable environment could involve any of a number of factors.  We know one of them:  security.  For well over a year this was what was holding up the implementation of the project.  More recently, however, it seems that the security issue is now either solved or secondary.  A second issue might be the coming election.  After all, if Abadi doesn’t win re-election then the suitable environment will clearly not exist, right?  I personally don’t see any other significant factor that would constitute a need for the creation of a suitable environment.  A recent article stated that education efforts are once again being implemented to inform the people of what to expect.  This has occurred before, as we know, and seems somewhat minor to be a significant factor.  There has been ample education and discussion on this matter.
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Enorrste (Dinar Guru) –    Where economists used to argue entirely against the project, that has waned and now the arguments are “how” to implement rather that “if” they should implement.  So, in that sense, the environment educationally is already suitable.  Therefore I am left with the conclusion that the election is the key.  It is a significant factor and could throw a real wrench into the gears if it doesn’t go down with Abadi on top.  On the other hand, with a victory, and especially a significant victory, the environment would be suitable for implementation of the plan.  Consider it sort of like the Trump election:  a lot of promises were made, but only implemented once the election was in his hands.  With that accomplished,  he ran like a race horse and has, in a little over a year, accomplished 64% of his promises, the best record in history.  Is Abadi looking at Trump as a “guru” to help him jump start his second term?  Perhaps he is.  What better kick off to a new term than to implement the project?
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G-Lin   Article:  “Urgent: The value of the dinar rose to 1197 per dollar”  [If it goes much lower, it will not be very profitable and then why the auctions.]   Yep the auctions need to stop. I think when they talk about preventing manipulation and fraud as far as deleting the 0’s,  they are referring to the auctions. JMO.

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Dinar News Update –  The CBI is reporting another new 52-week high for the market rate of the dinar – it now stands at 1209 (the lower this number, the stronger the dinar).  Some feel the IMF “2%-for 90 days rule” must be satisfied before the dinar can reach international acceptance… The dinar official rate and market rate have been within 2% for the past couple weeks already!
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Kaperoni (Dinar Guru) –   I think it was stated yesterday that 60 trillion dinar exists outside the banking system (under beds, couches etc.)  Reducing the money supply has to occur over time.  IMO it will occur while they are floating the dinar.  I am expecting IMF Article VIII sometime between June -August and a float to begin as investors bring capital into Iraq thereafter.  …Until they can get their profits out, no investors will come.  Article VIII offers that ability.  And that is why the IMF made it so clear in the Article IV Consultation….”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 MCPs and restrictions for current international transactions and thus facilitate creation of a favorable business climate.”  …Improving some laws is a must, but IMO Iraq has the laws to begin investment in a private sector.
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G-Lin (Dinar Guru) –   Article:  “Iraq’s debt is $ 71 billion”   Quote:  “deleting zeros from the currency is ready but needs a suitable environment for its implementation.”  That is good news. It is ready.   For the last few weeks I have been looking high and low for a delete the 0’s art. With the spread coming together the way that it has, I just felt we might see a delete art. …Finally I’m excited again.  I saw a poll conducted in Iraq on popularity of the next P.M. and Abadi is favored to win by over 70%. Of course you never know but I think the closer we get to the elections we could see some arrest warrants issued. Clamp down on some of the corruption and bam. That may be the only timing we are waiting for.  I’m pretty sure Interpol is ready to freeze accounts of the whales. That might be all it takes to accommodate the deletion of 0’s. I feel the banks are ready and they are really pushing their in country products for exporting. If they are not currently ready, they are close.   As usual this is just my opinion. Don’t quit your day job just yet.     About all I can say is WOO the hell HOO!!
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Iraq’s debt is $ 71 billion

Economy News Baghdad: The Iraqi central bank governor Ali Aliak said on Monday that the Iraqi debt reached 71 billion dollars, stressing that the subject of deleting zeros from the currency is ready but needs a suitable environment for its implementation.

Al-Aalak said in a meeting with the editors of a number of Iraqi media and attended by “Economy News” that “Iraq’s external debt is still within reasonable rates did not reach the red zone,” stressing that “the current Iraqi debt is $ 71 billion, divided into 42 billion An internal debt dollar and $ 29 billion in foreign debt. ”

He added that “some specialists add to the total debt amount of more than 40 billion dollars, which is a Gulf debt since the time of the previous regime and is pending and did not claim these countries,” explaining that “the Gulf countries may be debt cancellation at any time.”

On the other hand, Al-Alaq said that “the subject of deleting zeros from the currency is ready but needs a suitable environment to be applied to prevent manipulation and fraud by the owners of vulnerable souls,” noting that “the Central Bank sent the salaries of employees of the Kurdistan region before solving the problem with the central government and deposited In the branch of Erbil. ”

Read More: economy-news.net (Special Thanks to Tim Tarkington)

BGG ~ We got a couple of very exciting pieces of news yesterday and now this. It has been quite some time since we have seen so much as a reference to the “Deleting of the Zeros” project and then BOOM. There it is. However, a strong word of caution…

In context, this appears to be some kind of budget / reporting / financial meeting with Alak simply mentioning this subject as one of the topics. Be careful when assuming his mere mention of the subject means “an RV is imminent”. He is simply affirming what we have been speculating on all along. It is a subject. They are aware of it… we are aware of it.

The more important thing to note is, his reasoning for it not being done yet. It sounds an awful lot like they are wanting more controls in place and some kind of campaign out there so people don’t get taken advantage of during the transition.

This doesn’t sound like a float?? I’m not taking a side – I’m just commenting on what I see here. In fact, if I had to go by the indicators over the last month or two, I would say I could easily see a scenario where they raise the value gradually over some period of time. Then this comes out. I’m not exactly sure what to make of it. It is most interesting.

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Chattels (Dinar Guru) –    The dollar is stabilizing today in Iraq  “The market price in the Kifah Stock Exchange in Baghdad was 1210 dinars per dollar, or 121 thousand dinars for one hundred dollars.
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tlm724 (Dinar Guru) –   Article:  “Iraqis lose 77% of the value of their money in the Hoarding”  It’s time for Iraq to make some serious changes in banking and gaining the confidence of the people. Stop the auctions and make the Dinar the star!
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Kaperoni (Dinar Guru) –   The auctions have been between $170 and $201 million per day the last 3 weeks.  Yes that is high but the result is compliance with the IMF.  The reserves will drop if this continued for months and…we will see the CBI write the letter for Article VIII as soon as they are allowed.  Remember the IMF also wants them in Article VIII.
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Kaperoni (Dinar Guru) –   Article quote:   “The dollar witnessed the exchange rate of the dinar against a significant decline recently due to increased selling hard currency at the central bank auction rate as sales exceeded $ 250 million per day after it was more than $ 130 million in the past years.    …I cannot recall ever seeing an article stating that sales was over $200 million in a day.  And with the IMF and UST helping them reduce the spread I find it unlikely that this is not closely watched.
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Mnt Goat (Dinar Guru) –   Article quote:  “Warka clients are now permitted to purchase Warka stock from the funds now deposited in their bank accounts participating in the capital increase in accordance with the banking laws.”   …This is nothing more than the bank selling stock to increase capital in their own bank. The stock is selling for less than a penny USD. Yes if they sell a lot of it and the IQD does get revalued the bank stands to make a ton of money.

BGG ~ Thanks for reading my commentary on this subject… like a week ago 😀

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Kaperoni (Dinar Guru) –   There is enough evidence from various news articles over the last month to imply the CBI is now in compliance with the IMF. The clock is now ticking.  And to boltster my view, the CBI is selling $180+ million at auction per day.  It is my view that the CBI will write a letter to the IMF asking for acceptance into Article VIII sometime around June 2018.  This also coincides with an article that they want to end the auctions.  I could be wrong and they could wait longer but that makes little sense with the continuing auction amount exceeding $180 million each day.  3 reasons, they said they want to end the auctions, the IMF made it clear Article VIII sends a positive messege to investors, and selling $180 million + will drain reserves.
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Masoum endorses the law of the Iraqi National Oil Company

Shafaq News / The Information Office of the Presidency of the Republic, announced on Sunday that Fuad Masoum Sadiq today ratified the law of the Iraqi National Oil Company.

The Office explained in a statement to the News Agency that this law, which was voted by the House of Representatives earlier, based on the provisions of item (I) of Article (61) and Article (III) of Article (73) of the Constitution, The oil resources in the fields and land allocated to them under the law on behalf of the Iraqi state and to increase production and development of oil and gas industry and related facilities and facilities and working methods on the basis of efficiency, flexibility and competitiveness to maximize revenues for the benefit of the Iraqi people.

He added that it came in accordance with internationally recognized standards, which requires the formation of the Iraqi National Oil Company as a public company wholly owned by the state and reflect the concept of ownership of the people of oil and gas and the development of specialized formations within the organizational structure commensurate with its role in the management and development of oil and gas fields produced and discovered to promote the oil and gas industry and develop various Other energy sectors in Iraq.

The statement pointed out that this law was sent for publication in the Official Gazette.

Article Credit: shafaaq.com (Special Thanks to both Tim Tarkington and Charles Bright)
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sandyf (Dinar Guru) –    …the new oil and gas law the same thing as the HCL? – Yes it is. You will never see the Hydrocarbon law pass through the Iraqi parliament, they only refer to it as oil and gas law.
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Adam Montana (Dinar Guru) –   OMG the RATE! Google has shown a higher than expected rate multiple times in the last couple weeks.  IS THERE SOMETHING GOING ON HERE?! Google is showing a new rate! …0.0015.   To be blunt – I don’t know for sure. I have contacts that can reach into the GOI and CBI to get answers, and none of them are admitting anything right now. The one place I do NOT have contacts, go figure, is the Google itself. …I’d love to go straight to the horse’s mouth and ask what’s causing these deviations in their shown exchange rate.  I will say one thing for certain, however. NONE of the published rates, whether they are on XE, Google, Coinmill, or anywhere else…NONE of them matter until Iraq itself (via the CBI) announces that they are exchanging with foreign countries.
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Adam Montana (Dinar Guru) –  Back to the rate showing up in different places at different rates… does Google know something we don’t? It’s certainly possible, but there’s probably no way to know for sure.  Another important point… there will be no RV without HCL. The timing of this Google rate thing is extremely suspect when you factor in this: Article:  “March 29, the latest session of the parliament”  They are specifically mentioning HCL being addressed on the 29th – 8 days from now. That’s precisely the kind of window I’d be expecting to allow the major banks and trade centers time to prepare for a massive influx of a new currency! 
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Central_Bank_of_Iraq_LogoCentral Bank of Iraq Auctions $199,645,811 on 25 March 2018

Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on March 25 registered $199,645,811 in sales, a 18.43% volume increase from the US $168,576,870 sold by Iraqi Dinar, credit and transfer at the previous auction held on March 20.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on March 25 compared to the previous auction.

Data for the March 25 auction was made public by CBI Announcement Number 3661.

Dollar sales in the in the period January 1, 2018 to March 25, 2018 saw an increase of -1% compared to the sales of US $8.18 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to February 2018, sales of US dollars averaged US $1.89 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Article Credit: http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS

BGG ~ We will continue to highlight the regular auctions.

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Kaperoni (Dinar Guru) –   People…need to stop looking at forex trade sites. The dinar is not internationally traded at this time. You want the value…  cbi.iq  Price is fixed at 1184.  [There is a rumor going around tonight that people have 5 Days from today to cash in their dinars!]  The dinar is not a lottery ticket, it does not expire. It’s real currency.
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Chattels (Dinar Guru) –   [Iraq’s currency can revalue at any time and none of their laws being pass have anything to do with it. Kuwait revalued and didn’t even have electricity. Funny how IMF and world Bank and UN just gave them the go ahead...]  Kuwait did not “revalue “.   The value returned post invasion / ouster of Saddam. People bought a currency with depressed value and sold it at the returning value. IMO.
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tman23 (Dinar Guru) –   next 12 days just became very interesting…with regards to IQD possibilities of speculation
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Chattels (Dinar Guru) –   An average of $ 200 million dollars is about $ 50 million more per auction than the rough average for the past several months which captures alot of dinar from general circulation is a thought that occurs to me. 
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To our esteemed and distinguished Warka clients,

Warka Bank for Investment and Finance is delighted to inform its fine clients that the distinguished Central Bank of Iraq has approved that our clients participate in the upcoming capital increase. Warka clients are now permitted to purchase Warka stock from the funds depoisted in their bank accounts participating in the capital increase in accordance with clause 56 no. 4 of the Iraqi Company Registration Law the adjusted law no. 21 for the year 1997 . There are no limitations to the amount of shares purchased where Warka clients are permitted to use their entire deposits to purchase Warka Stock participating in the Capital increase.

Warka clients are kindly requested to submit a signed authorization letter authorizing our bank to withdraw funds from their account to purchase the stock indicating your account number, signature, the funds in IQD to be withdrawn from your account as well as a clear colored copy of your id and passport.

The Warka stock will be purchased at a value of 1 IQD per Warka share and will be registered in the clients ‘s good name in the ISX depository system where the stock will re-trade regularly back in the Iraqi Stock Market once the general assembly hearing and capital increase procedures have been completed.

Warka clients wishing to participate in the capital increase are kindly requested to send their authorization letter with the full details indicated above to our brokerage office 3044@warka-bank-iq.com within two weeks from posting this notice.

Wishing all our Warka clients prosperity and growth true success and much fortune

Respectfully,

Warka Bank for Investment and Finance

Article Credit: warka-bank.com (Special Thanks to Alan Wright)

BGG ~ OH DEAR LORD!!

I get it that they’ve changed (ownership / management), they’re all different now and under the direct oversight of the CBI (which might even bother me a little more)…

BUT HOLY COW!! These guys are really something…

“Here’s a letter authorizing us to withdraw the money from your account”… (because it’s somehow – legally O.K.) …and put it in ours… “sign right here please… press hard – there are three copies”

However, the flip side of this is, what if…

They know (or can foresee) something is on the horizon? They bring in all this IQD (for essentially – FREE)… then the IQD value goes up.

They just sold millions upon millions of shares of a Bank that is essentially worthless for $1 per share (or more). Sounds like the greatest financial coup in history.

Would the value of the IQD going up make the bank more valuable?

No, it does not… but if Warka pulls this off they will be sitting on a GIGANTIC PILE OF MONEY.

Why else would they sell a share of their (albeit $h!tty) bank for FRACTIONS of a cent?? They would be GIVING IT AWAY…

Unless, of course, they foresee buying the incoming money at one price and selling it later at another.

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Mike (Dinar Guru) –   Article quote:  “Alsumaria News /  Baghdad , the US dollar exchange rate prices continued to decline against the Iraqi Aldnyar in exchange central struggle in Baghdad, local markets on Monday (March 19 2018). Kifah Stock Exchange – Baghdad 121.150, while the prices for Sunday was 121,300. Selling and buying prices in the money market Selling price of the dollar = 121,500 dinars. The price of buying the dollar = 120.500 dinars”  [They cant keep doing 200 million dollar auctions…and now they are at 1205…looking great!]  Now they need to hold it for 90 days, keep them auctions running Keywords.
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Kaperoni (Dinar Guru) –   …the CBI is selling lots of dollars right now (200 million today) so my guess is they are in compliance and not planning to wait to much longer for Article VIII.  They want to end the auctions and stop draining the reserves.  Hang in there.

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G-Lin (Dinar Guru) –   They claim there are about 23 laws that would be passed in a basket. They haven’t listed all of them but Oil and Gas is the primary one. I’m not optimistic about this happening before elections. They could throw a surprise session on us but without the Kurds I don’t see that happening.   Politically things are scary, but economically things are very exciting.And I do think the two can be separated. Shoot look at what has been accomplished the last few months. Epic decisions, Chap. 7, Art. 140, National Oil Law, the percentage of distribution of proceeds to citizens from oil and gas, FIFA lifting the ban on international games, budget completed in record time…, International ban on Kurdistan flights lifted, ban on many imported goods and taxing many of the remaining imported goods and all of that will benefit the local products. That will jump start exports. The 2% spread is compliant and imo they do not need to enter art. 8, just be compliant, which I believe they are. Drop that rate about 20 more pips and hit that 1200 target… 
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Kaperoni (Dinar Guru) –   I don’t understand why so many are trying to figure out what the correct 2% spread is for the Market Rate?  This is pretty simple….  The Official Rate at the CBI is 1184, you add the CBI commissions on auction currency of 6 dinars to reach 1190.  The spread then is derived from this at 2% or 24 dinars making it 1214 to $1 or less to be in compliance.  Based on today’s numbers, they are within compliance.
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Central_Bank_of_Iraq_LogoCentral Bank of Iraq Auctions $200,110,472 on 15 March 2018

Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on March 15 registered $200,110,472 in sales, a 0.39% volume increase from the US $199,335,352 sold by Iraqi Dinar, credit and transfer at the previous auction held on March 14.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on March 15 compared to the previous auction.

Data for the March 15 auction was made public by CBI Announcement Number 3656.

Dollar sales in the in the period January 1, 2018 to March 15, 2018 saw an increase of -1% compared to the sales of US $7.62 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to February 2018, sales of US dollars averaged US $1.89 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Article Credit: http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS

BGG ~ This appears to be the most recent auction entry.

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Kaperoni (Dinar Guru) –   […what’s your position on reinstatement?]  Nonsense. A currencies value is not arbitrary. When they float, it will rise based on economic pressure created by investment…Balassa-Samuelson effect.
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BGG (Dinar Guru) –   ...according to the IMF’s own published documents Iraq has been in compliance with their MCP policies for quite some time now, with the exception of one situation with Jordan (or someone like that)… but they were given a technical waiver on this one instance.
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Mnt Goat (Dinar Guru) –  Article:  “The governor of the Central Bank Ali Alaq, on Tuesday, the agreement of Baghdad and Arbil to subject the banks in the Kurdistan region to under the control the Central Bank of Iraq , indicating that it was also agreed to avoid double taxation.”   …this was one of the sticky points in the 2018 budget. Kurdistan already planned for taxing incomes, while the GOI via CBI also planned to tax the same income. So who get the taxes? The KRG again wanted to control the money, while the GOI said they have the right as the centralized government. So now it seems they have this settled.
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Parliamentary economy: the coming days the date of passing the law of oil and gas

Special – Mawazine News – A member of the Committee on Economy and Investment parliamentary, Harith al-Harithi, Wednesday, that the next few days will witness the vote on the laws of a very important, while noting that among these laws the law of oil and gas.

Al-Harithi told Mawazine News that “the next few days will witness the completion of all the laws that are stalled reading and voting to end this few remaining period of parliament by reading the largest number of laws.”

He explained that “the important laws that will be read are the law of oil and gas for its economic importance and the revenues of the state and how to deal with it, in addition to the laws of parties and social security and health professions and many laws will be read and voted to end.

It is noteworthy that there is a package of laws in the House of Representatives because of the differences of political blocs around them, and was deported to several parliamentary sessions. Ended 29/6 N

Article Credit: mawazin.net (Special Thanks to Tim Tarkington)
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Mnt Goat (Dinar Guru) –    So recently many asked me when is the 90 days up for the MCP monitoring program by the IMF?   The reinstatement submittal was done in late December. No firm date is known.Get it? The article did not give us a date.  If we give a week from the last week in December for the IMF to review Iraq’s request this puts us to at least the end of the year 2017.  Then if they do place a mandatory monitoring program in place for the MCP we can see 90 days probably begins around Jan 1st.  So if we go out 90 days then where do we land So knowing all this then when do you think we might see it happen …no one knows the date of the RV, we only speculate and try to figure it out using the best information we have on hand at the time.  It’s not rocket science to see a possible window coming up very soon… 

BGG ~ I have no idea what this person is trying to say… according to the IMF’s own published documents Iraq has been in compliance with their MCP policies for quite some time now, with the exception of one situation with Jordan (or someone like that)… but they were given a technical waiver on this one instance.

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Apmcrx (Dinar Guru) –  Article:  Abadi: Iraq will become an economic power in the world”  IMO in My speculative opinion!!!…   Every day Iraq is telling us they will be a great again (like america) but this “economic development” is something that no any country can make overnight…not even U.S…so in my opinion the reforms will work over the time maybe all the way to the next Iraqs fiscal year or maybe the next after that one…IMO.
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Adam Montana (Dinar Guru) –   Dinar is so on the verge of making a breakthrough. I don’t even know what to say right now! Yes, this could be another false flag… but it might be our time. Many of us are about to receive an incredible amount of wealth…
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The value of the Iraqi dinar rose against the dollar by 0.20%

The value of the dinar rose 0.20% against the dollar on Thursday, after the central bank sold more than $ 181 million to cover the private sector’s dollar needs to import and meet the requirements of travelers for tourism, treatment and work.

The exchange rate of the dollar in the capital Baghdad:

The sale price of the dollar = 121.750 dinars
The price of buying the dollar = 120.750 dinars

The dollar exchange rates were recorded in the northern governorates:

The sale price of the dollar = 122.250 dinars
The price of buying the dollar = 121.250 dinars

The dollar exchange rates were recorded in the southern governorates:

The sale price of the dollar = 122,000 dinars
The purchase price of the dollar = 121,000 dinars

Article Credit: en.economiciraq.com (Special Thanks to Charles Bright)

BGG ~ They almost NEVER show the buy/sell in the various regions like this… so this isn’t vital information “tourists” need (as if there were any of those in Iraq)… it’s an advertisement directed at the IMF and the world.

It’s up to you to figure out why.

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Don961 (Dinar Guru) –   Article:  “The Presidency of the Republic reveals the reason for the refusal of the infallible ratification of the budget”  imo…the key phrases are:   “the existence of about 31 points intersect with the legislation in force,”…re-audit form and content of Constitutional, legal and financial aspects “.  “…scrutinize in detail to diagnose the most important constitutional and legal and financial violations of some of the articles or items or paragraphs that need to be addressed before ratification and to address any imbalance in the formulation Formalism“.   Masoum is fixing the redundancy and the illegalities of some of the added articles … that Parliament overlooked or ignored.

BGG ~ Not according to the news out today!!

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Kaperoni (Dinar Guru) –  Article:  “Keywords Erbil: The Federal Government delegation is working to coordinate with the province to unify tax”   This seems like it would be critical to resolve prior to opening the banking system internationally.
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Chattels (Dinar Guru) – Article:  “Masoum refuses to approve the 2018 budget and sends it back to the House of Representatives Editorial date: 2018/3/13”    I cannot remember this happening before.
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The rise in the value of the dinar strengthens international confidence in the Iraqi economy

Baghdad / Hussein Thugb – The recovery of the Iraqi dinar and the stability of the exchange rate leads to the strengthening of international confidence in the national economy, where local markets indicated an increase in the value of the Iraqi dinar against the dollar and conflicting views on this and came the opinion of the Central Bank to be the subject.

Director of operations at the Central Bank of Iraq, Mahmoud Dagher, said that “the improvement of the value of the Iraqi dinar against the dollar recently, is not a new phenomenon, but the outcome of the work continued for a full year, was through the identification of large measures on the process of currency presentation and address violations of demand. Classification and audit and noted that “over the past year we were able to achieve great stability of the upper and lower limits to the dollar either Aldnyar, and then we moved to a new situation this year , represented a new classification procedures adopted and auditing, as well as the offer.” Greater coverage and added that ” it is hard to be one variable indicator in this change , there are several measures and cover greater demand for the dollar, as well as emphasis on control over the sales operations with banks and regulate this process accurately based on classifications.

Read More: http://www.dinarupdates.com/showthread.php?56471-Rise-in-the-value-of-dinar-strengthens-international-confidence-in-the-Iraqi-economy

(Special Thanks to LoopBack)

Dave S – “the improvement of the value of the Iraqi dinar recently, is not a new phenomenon, but the outcome of the work continued for a full year, was through the identification on the process of currency presentation and address violations of demand.”

In other words nothing has changed on a national level.

The dinar has continued to fluctuate as in the past against the dollar on a national level.

The challenge is going to an international level meaning that in order to do that their needs to be a change in “classification “, in my opinion, lower denominations for ATMs and for the purposes of auditing etc… 

This is the process to get the dinar recognized on an international level.

I could be wrong but just my humble interpretation of this article.

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Kaperoni (Dinar Guru) –   Article:  “Alnasiri: Implementation of the Central Bank’s strategy contributed to the improvement of the dinar’s exchange rate against the dollar”   They had a few months with the UST and IMF to figure out a plan to reduce the spread.  It seems likely they are ontrack to compliance. We all know the investment won’t come if they do not get the market economy going.  Time is running out.  I believe once it starts, it won’t take more than a year to rise to a value we are comfortable with.  Seems all we are waiting on now is sustainable compliance with the 2% spread.  We just watch and wait and see.
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Mike (Dinar Guru) –   Article:  “Al-Hadithi: The news about the IMF’s rejection of the federal budget is not true”   Quote:  “The government denied the news that the International Monetary Fund rejected the federal budget for 2018, because it is not in line with the agreement signed between him and Iraq.”   Bottom line, Iraq is ignoring the IMF’s recommendations about taxes, reducing government payroll and other austerity measures, we’ll have to wait and see what the IMF state publicly, there’s nothing on their website regarding Iraq’s budget…yet.  It doesn’t really matter in the end, Iraq has every right to ignore the IMF’s recommendations, the problem is they’ll lose financial support from the west because of the potential political gain.
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Sandyf (Dinar Guru) –  […trying to establish if the HCL is a necessity…]  …how is the HCL tied to a rate increase?  I wouldn’t know if it is one way or the other, but some seem to think it isThe HCL first saw the light of day in 2007 and the profit sharing aspect has been so contentious there needs to be some serious amendment to see some sort of agreement. Article 140 also needs to be addressed before they can establish who can deal with whom.
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Mnt Goat (Dinar Guru) –   …I was being told that some news was coming from the CBI about the currency reform. But we did not yet get it. It could still happen this weekend. We will see.
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MilitiaMan (Dinar Guru) –  Article:   “Trading currencies”    Quote:  “We now have a currency that is not previously known by the current monetary capital authority that has swept the development field and is keeping pace with the pattern managed and organized by the giant economies.”      …it sure looks like this article is telling us that what is coming is here now.   Most of the Iraq population has no idea about smaller notes from the past. “We now have a currency not previously known….” That part is like music to my ears. The have new products in banks.. Okay, would that be the new lower notes spoken about in Jordan TV? Sure sounding like it is…imo.
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Kaperoni (Dinar Guru) –  The rumors of some article saying the dinar is being replaced/upgraded is not true. I have found no such article.
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Mnt Goat (Dinar Guru) –   Articles:  “INCLUSION OF THE LAW OF THE NATIONAL OIL COMPANY IN THE AGENDA OF THE HOUSE OF REPRESENTATIVES”  “AL-ALLAIBI: THE VOTE ON THE LAW OF THE NATIONAL OIL COMPANY IS AN HISTORIC DECISION AIMED AT PROTECTING THE NATIONAL WEALTH”  “THE ALLOCATION OF A SHARE OF THE NATIONAL OIL COMPANY TO THE CITIZENS”    …here comes HCL.  …HCL will come prior to the RV. No HCL…No RV!  IT IS A MANDATORY REQUIREMENT BY THE USA AND IMF.  …do you realize just how good this news is? It is wonderful and amazing news. This is what we have been waiting for now for over 10 years and HCL is finally here…WOW…WOW…WOW!
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How Iraq’s Prime Minister Is Trying to Build Peace After 15 Years of Conflict

On a crisp afternoon in late winter, Bassem Qassim, a 55-year-old militia fighter, drives past a checkpoint on the edge of Baghdad, where the city’s clogged traffic gives way to sheep grazing and villagers tending small crops next to their houses.

A couple of dozen miles farther, he stops the car in a tiny hamlet to show how perilously close the Islamic State came to taking the Iraqi capital during its stampede into the country in 2014. He points to a cluster of trees on the edge of a small community. “They were right here,” says Qassim, who fought a fierce battle against the jihadists for 3½ years.

“This was our line of defense.”

The sleepy dot on the map does not look like a war front. And yet, after years of conflict, countless fault lines like this crisscross Iraq, leaving riven communities and millions of upturned lives in their wake. Now, as the country digs out from its grueling war against ISIS, it is trying to forge from its victory a lasting peace for the first time since the U.S. led a military invasion of Iraq in March 2003, in defiance of the U.N., to overthrow the autocrat Saddam Hussein.

Fifteen years on, TIME returned to Baghdad to speak to Iraqis of almost every stripe, from battle-hardened fighters and grieving civilians to Prime Minister Haider al-Abadi. All are trying to determine how they can finally prosper, and whether this relative calm can last. Having all but obliterated ISIS’s caliphate, Iraqis are grappling with a question that had largely receded during years of fighting, and that now looms large over the parliamentary elections scheduled for May 12: Can their country emerge as a functioning democracy, with its Shi‘ite, Sunni and Kurdish populations relatively united? And can it do that without the safety net of the U.S. military?

If it succeeds—and it is a big if—Iraq could become that beacon of freedom that U.S. officials once promised 15 years ago…

Read More: http://www.dinarupdates.com/showthread.php?56450-How-Iraq%92s-Prime-Minister-Is-Trying-to-Build-Peace-After-15-Years-of-Conflict
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Chattels (Dinar Guru) –   I am thinking that the implementation / application of the INOC [Iraq National Oil Company] could be an alter ego to the HCL or a precursor of it.  The INOC does not specifically resolve all HCL issues, but it may be a foundational framework for it.  There are significant constitutional issues that may be addressed going forward with the INOC regarding the federalism issues with the HCL.
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Sandyf (Dinar Guru) –    There is a fundamental difference between an “International currency” and an “Internationally recognised currency”…   Article 8 would make the IQD an “Internationally recognised currency” which means that it would normally be exchanged at banks worldwide, it does not mean it can be normally used to make payment in international trade. When the IQD comes under Article 8, it will move from a non convertible currency to a partially convertible currency and international trade is normally conducted in a fully convertible currency, about 80 percent of which is in USD. For countries to trade in their own currencies it would normally require a bilateral agreement.
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Adam Montana (Dinar Guru) –   There was a rumor this week that a lot of people brought to my attention. Yes, I’ve been on top of it. No, the rate has not officially changed. Here’s the deal: I hear more rumors than most, and I consider it my “job” to verify anything significant. The recent “buzz” about the rate change on Google and a few other places is causing a lot of buzz.  Anytime something like this happens, the first thing I do is check with my top advisors. These are the people that are first-string contacts for us when we go to cash in, and even some of THEM have been double checking with me!
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Law of the National Oil Company .. A new era for the development of the economy

BAGHDAD (Reuters) – The House of Representatives voted Monday on a draft law of the National Oil Company, which will contribute to the development of the Iraqi oil industry, which aims to establish an Iraqi national oil company and enable it to carry out its work in the best way possible. National wealth said the academic economist d. Majid al-Baydani said in an interview with Al-Sabah that “the approval of the law of the National Oil Company will be a new era for the oil industry in the country as it will encourage the adoption of advanced scientific and technological methods to manage the national wealth to support the development of the economy.” “This will be an important shift in the development of extracting, marketing, transportation, storage and sales to the point of delivery and other oil operations,” he said.

The largest company

Al-Baydani said that “the Iraqi National Oil Company will be the second largest oil company in the world after Aramco and the largest of all international oil companies, which calls for the President to have a degree of experience and efficiency appropriate, commensurate with the powers of the company and capital.”

Article 2 of the law establishing the company consists of the capital of the company of (400) billion dinars paid by the government with the approval of the Council of Ministers and the company increase its capital on the proposal of its board of directors and approval of the Council of Ministers after the presentation of the feasibility study.

As stated in Article 5 of it “The Iraqi National Oil Company invests all the oil and gas areas in all the territory of the Republic of Iraq and its territorial waters and continental shelf, and may share with others the approval of the Council of Ministers if it finds it better to achieve its purposes and has the right to borrow from inside or outside Iraq to finance its investments inside Iraq and outside…

Read More: http://www.dinarupdates.com/showthread.php?56455-Law-of-the-National-Oil-Company-A-new-era-for-the-development-of-the-economy&p=181443#post181443

Key Phrase:

…the inclusion of the Iraqi National Oil Company A minimum of 10 percent is placed in four boxes with the first experience in the country, and one of the funds will give each Iraqi citizen residing within the country a share of that percentage…
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Adam Montana (Dinar Guru) –   This is a crazy time for the dinar, and when things like this happen… there’s a good chance that there is a REASON for it. There is no verification of the “reason” right now, but I don’t believe in coincidences. I am receiving an overwhelming amount of similar “rumors” from sources that don’t generally react to anything of the sortSome of these messages and calls are coming from people that I have business relationships with, but have NEVER contacted me regarding something that could be considered a “rumor”.  Things happen… for a reason. 
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Mnt Goat (Dinar Guru) –  Here it comes…RV…All I can say is – I TOLD YOU SO!  Here come the re-education process we have been waiting for all along.  Folks – Iraq is starting the rollout the rollout.Now be patient and let the process go forward. We will be at the banks shortly.  On Tuesday Iraqi TV was showing lower category notes and explaining them to give the citizens instructions on how to use them and what to expect in the coming weeks. WOW!  Then later out pops this article in the news media. Can it get any better?  Article:   “CURRENT NOTES SOON TO BE REPLACED”   Quote:  “About 5 trillion Iraqi dinars ($4.3 billion USD) will circulate along with the old notes, said al-Yasseri, gradually replacing the older issues. He added that for now, both old and new notes will circulate side-by-side.
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Mike (Dinar Guru) –   Quote:  “Government / private banks and authorized financial transfer companiesM / training course…We would like to inform you about a training course entitled “Counterfeiting and counterfeiting local and foreign currency and counterfeiting”   …who counterfeits a currency worth 0.00090 to the dollar? And, it’s not even accepted outside of Iraq itself. Counterfeiting a $100 bill makes perfect sense, but a 50K note worth $40 bucks?  [They look towards the future Mike.]   I guess so but Iraq’s currency will slowly rise in value due to the effect of the Balasaa-Samuelson effect, it’s not an overnight deal. In addition, security symbols, raised dots, colored threads and the Spark optical features make this one of the toughest currencies to counterfeit today. With a value of 0.00090 to $1.  Shabibi told us all throughout 2011 and 2012 that counterfeiting was an excuse by Iraq’s leadership to not make a change in the value of the dinar. It was a scare tactic. Why we’re still seeing this stuff is beyond me.   …it sure seems like a lot of work for a currency that’s essentially worthless outside the country.
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The provincial government announces a political meeting on the budget and send a message to Baghdad

The Kurdistan Region Council of Ministers during a meeting on Sunday that the passage of the federal budget law is a clear violation of the principles of partnership and consensus on which the new Iraq was built.

The Council of Ministers of the Kurdistan Region expressed its appreciation to all the Kurdish blocs in the Iraqi Council of Representatives, praising their position and aligning them together and unify their word and position on the issue of the Iraqi budget law, and supported the unity of this row.

The Council decided to hold a joint meeting in the next few days with the Parliament of Kurdistan and the political parties in the Kurdistan Region to discuss this issue. According to a government statement.

The Council of Ministers of the Kurdistan Region stressed that the Kurdistan Region, despite all the problems and differences, is committed to resolving all problems with Baghdad on the basis of the Constitution, and expressed the hope that the talks and dialogue between the Kurdistan Regional Government and the Iraqi federal government to a result in the interest of everyone and solve all Problems.

After a difficult labor, the Iraqi parliament approved yesterday the law of the general budget for 2018, ending months of disagreements on most paragraphs of the law, especially the allocations of “popular mobilization” and oil-producing provinces, at a time boycotted Kurdish deputies meeting in protest to reduce the share of the region from 17 percent to 12 , 6 percent, threatened to boycott the political process.

Article Credit: shafaaq.com

BGG ~ This is almost comical… Think about this for a sec…

These guys, none of whom are elected and aren’t regional MP’s (because the Parliament was disbanded by Massoud Barzani) – are only advisers to Nerchivan Barzani who wasn’t elected either…

…all get together, look “super-duper” official and “send a message” to Baghdad.

Really?!?

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Breitling (Dinar Guru) –  They said they got it [note count] down to 4 billion notes.  In my mind they are looking at the different denominations.  One of the generals who put the currency out that you and I have…american general…he said Iraq’s goal, very specific, is to get to a billion notes and those billion notes will represent their wealth.  It’s that easy.   The reality is they are at 4 billion and when we get at a billion they said they plan to get it to $3.25.   That’s all the information we have.  There hasn’t been any [updated] reports.  I haven’t seen anything.
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G-Lin (Dinar Guru) –   Article:  “Parliamentary Energy: The law of the National Oil Company will give a share to every Iraqi citizen”   It has taken years. But it did pass and having them all agree on it was the biggest hurdle. Finally profit sharing is addressed. This is the biggy. The entire world has been waiting for this and now it is done
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Breitling (Dinar Guru) –  …They’re going to add value to their currency…their plan was to rebuild their economy and…they wanted to get as modern as possible and be able to get outside of the oil industry.   They wanted to be able to diversify so they had a little bit of insurance.  And that’s still their intent.  The first step in order for them to do that is to add value to their currency.  That way they have purchasing power to be able to go out in the world and compete with their own currency…it’s very very simple….they have 2 options to revalue.   They can revalue in an up market or they can revalue in a down market.   There’s no way they are going to get out of it.  Either way they have plans to do so.  Nothing has changed.  If you look at their original statements that came out of the CBI, the Ministry of Planning and Parliament…when they went to the IMF they said they wanted to get their currency back to $3.25…Iraq has a plan.  It hasn’t changed.   The only opinion that should concern you is the CBI, the Ministry of Planning and Parliament.  Nothing has changed.
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Sadrists rally against corruption in Baghdad ahead of elections

Supporters of fiercely pro-Iraq Shiite cleric Muqtada al-Sadr gather on Friday at the nation’s capital.

Some held signs reading “the people demand accountability for the corrupt.”

The demonstrators gathered at Tahrir Square, as Iraqi lawmakers are yet to pass a 2018 spending bill.

Others read “million-man march, reformist, electoral, walking towards reform.”

The country is set to hold May 12 parliamentary elections.

Article Credit: Rudaw.net

BGG ~ This may be some of the best news yet. Seeing Sadr and his people on this side of things is a very, very big deal.

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BGG (Dinar Guru) –   Article:  “Sadrists rally against corruption in Baghdad ahead of elections”    Quotes:  “Supporters of fiercely pro-Iraq Shiite cleric Muqtada al-Sadr gather on Friday at the nation’s capital. Some held signs reading “the people demand accountability for the corrupt…Others read “million-man march, reformist, electoral, walking towards reform….The country is set to hold May 12 parliamentary elections.”   This may be some of the best news yet. Seeing Sadr and his people on this side of things is a very, very big deal.
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Chattels (Dinar Guru) –    When Kap  says that we are close he is referring to the 2% variance or spread between the official rate and the “street” rate / parallel market rate.
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G-Lin (Dinar Guru) –   Articles:  “Parliament votes on a clause that the headquarters of the National Oil Company in Baghdad”   “The Ministry of Oil welcomes the vote on the law of the National Oil Company in the session of the House of Representatives today”   Quote:  “Al-Luaibi said that the adoption of the law will constitute a new era for the oil industry, based on scientific methods, modern technology and the national management of the country’s wealth. In order to support and develop the national economy.”   This is our HCL IMO
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Kaperoni (Dinar Guru) –   Article:  “Dollar exchange rate and the price of gold in Iraq on Monday”   Quote:  “According to the figures in the “Economy News” sell the dollar in Baghdad, recorded today 121 thousand and 500 dinars and the purchase price of 122 thousand dinars for $ percent, while yesterday scored 122 thousand 250 dinars and the purchase price of 123 thousand and 500 dinars for $ percent.”   1215 to $1 we’re close!

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The Wall Street Journal predicts Abadi will remain in office after the May elections

Baghdad today – “The Wall Street Journal” in a report published Friday, the survival of Prime Minister Haider Abadi in office after the next election, while indicated that the alliances after May, who will decide the form of the next government.

The pro-Iranian Shiite factions, inspired by Hezbollah, also act as political parties, and as with Hezbollah, their ability to exercise political power within Prime Minister Haider al-Abadi’s government and abroad is derived from their weapons, By the total votes they will receive in the May 12 elections. ”

“The multiplicity of political forces and the influence of Iran and the fragmentation of the Iraqi parliamentary system means that post-election bargaining will determine the course of the state rather than the elections itself.”

“Nothing fundamentally changes in the way Iraq is governed,” the paper quoted Haddad, an Iraqi political specialist at the National University of Singapore, as saying.

Haddad added: “The election is likely to result from another coalition government headed by Abadi”

“There is no coherent opposition that can easily outperform it,” Haddad said.

Article Credit: baghdadtoday.news (Special Thanks to Charles Bright)

BGG ~ I like the WSJ’s optimism… we all know how accurate they were on the last election they “predicted”.  I’m hoping on this one, they are more accurate.

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Kaperoni (Dinar Guru) –   The market rate is in essence the rate on the street…the dinar is a little weaker than the actual value from the CBI which is pegged to the US dollar which is part of Article 14.  In order to meet the stipulations of IMF Article VIII you need to simplify your foreign exchange and reduce the market rate spread which is the spread on the street…The rest of the world’s banking system for the most part is in Article VIII…they have expertise in managing their currency and meet the conditions.  This is important because if you’re ever going to accept article VIII and make the dinar internationally convertible you need to maintain that exchange rate for international transactions…
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Kaperoni (Dinar Guru) – …Banks don’t want to lose money.  They want to know what the spread is from day to day.  They want to know how much it’s going up and how much it’s going down and so on…this has always been an issue since I’ve been in this investment.  The Central Bank had to reduce the spread…Shabibi actually did a wonderful job.   He lowered the spread within the conditions set forth in their article IV consultations.  He got it down to 1200 or so on the street and held it there for 10 months.  In September of 2012 he announced he was going to begin currency reform so we assumed he was going to Article VIII at that point.  Then of course PM Maliki at the time said No, we’re not ready.  We don’t want this to occur…When Shabibi was out of the country for a conference Maliki put out a warrant for his arrest.  Which in essence kept him out of the country and stopped the process in it’s tracks…

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Chattels (Dinar Guru) –    Article quote:  “Jubouri: Vote on important bills Monday 03/03/2018 15:44 BAGHDAD / NINA / Speaker of the House of Representatives Salim al-Jubouri, said that the meeting on Monday is no less important than previous meetings. “The Monday session will feature important bills,” he said at a news conference. “The national oil, the protection of teachers and teachers, accountability and justice, and the protection of engineers.”    “…national oil...”   Could be the “HCL”.   [5% TO THE PEOPLE…I have seen many Iraq people posting this number on Abadi posts on facebook over the last few months. This is the number i think the citizens are wanting in this regard.  TO THE PEOPLE…or there provinces…will these funds be directly given to this citizen via the government or the province in which they reside? ..Meaning the …HCL? The 5% is an allowance for/to certain oil producing provinces.

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Iraqi parliament approves $88 billion 2018 budget

By Ahmed Aboulenein and Ahmed Rasheed

BAGHDAD, March 3 (Reuters) – Iraq’s parliament approved a budget on Saturday, lawmakers said, but Kurdish MPs boycotted the vote over their region’s allocation.

The budget of 104 trillion Iraqi dinars ($88 billion) is based on projected oil exports of 3.8 million barrels per day (bpd) at a price of $46.

It envisions government revenues of 91.64 trillion dinars ($77.6 billion) with a deficit of 12.5 trillion dinars ($10.58 billion), according to lawmakers.

The projected 3.8 million bpd exports include a 250,000 bpd contribution from Iraq’s semi-autonomous Kurdistan region.

“We boycotted the vote and there are proposals for Kurdistan to withdraw from the entire political process in Iraq over the unfair treatment we have received,” said Kurdish MP Ashwaq Jaff.

The budget trimmed the Kurdistan Regional Government’s share to 12.67 percent, down from the 17 percent the region has traditionally been entitled to since the fall of Saddam Hussein…

Read More: http://www.dinarupdates.com/blog/
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BGG (Dinar Guru) –   Article:  “Iraqi presidencies meet and discuss the federal budget”   Well, the good news is – they met. They talked.They actually tried to get the vote done in the afternoon. Reportedly, they passed a “provisional budget” – or parts of it. Not exactly sure what it all means just yet. We’ll see. However, I have said all along – this budget will get done, it just won’t be the harbinger some people are looking for.
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BGG (Dinar Guru) – Article:  “Kurdish official: Baghdad committees completed the audit of salaries of the region by 96%”   My first reaction is…They had to do an AUDIT Because the CROOKED Kurdish leadership was asking for salary money for 50,000 employees that didn’t exist!! It’s no wonder Baghdad kicked them in the 8@!!$$  with 12.5% of the budget thing…
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The Wall Street Journal predicts Abadi will remain in office after the May elections

Baghdad today – “The Wall Street Journal” in a report published Friday, the survival of Prime Minister Haider Abadi in office after the next election, while indicated that the alliances after May, who will decide the form of the next government.

The pro-Iranian Shiite factions, inspired by Hezbollah, also act as political parties, and as with Hezbollah, their ability to exercise political power within Prime Minister Haider al-Abadi’s government and abroad is derived from their weapons, By the total votes they will receive in the May 12 elections. ”

“The multiplicity of political forces and the influence of Iran and the fragmentation of the Iraqi parliamentary system means that post-election bargaining will determine the course of the state rather than the elections itself.”

“Nothing fundamentally changes in the way Iraq is governed,” the paper quoted Haddad, an Iraqi political specialist at the National University of Singapore, as saying.

Haddad added: “The election is likely to result from another coalition government headed by Abadi”…

Read More: http://www.dinarupdates.com/blog/
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Chattels (Dinar Guru) –   Article:  “After the vote on 12 articles of the budget law .. Jubouri declares violation of the quorum 01/03/2018 15:48 BAGHDAD / NINA / Parliament ended the vote on Article 12 of the Federal Budget Law. The chairman of the council, Salim al-Jubouri, announced that the deputies had been defeated in the presence of only 159 deputies…”  The Iraqi budget is read and approved article by article.  After 12 articles the number of deputies present fell below 165 and the quorum was lost. There is likely no mystery to the budget process in Iraq. Generally the Parliament does not convene except to approve decisions made in committee and elsewhere. It appears that there was agreement on some articles, but not all so the quorum was disrupted “by design”.
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Kaperoni (Dinar Guru) –  …Over the last year or so the central bank has taken the development of the banking system seriously and started to make some serious changes in Iraq…The reality is the Central Bank of Iraq can’t do anything until they are in compliance [2% rule].  That’s the bottom line.   If they want to open their banking system.  If they want to make the dinar International tradable…where the dinar is traded among the Central Banks around the world…they have to get into compliance like every other bank in the world.  This was the last restriction on Iraq.  When you make your currency internationally recognized and internationally convertible more than likely they are also going to change the exchange rate regime…right now it’s pegged.  We believe they are going to go to some kind of float which will allow the currency value to go up.
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Kurdish official: Baghdad committees completed the audit of salaries of the region by 96%

(Baghdad: Al-Furat News) The spokesman of the Ministry of Health in the Kurdistan region, Khalis Qader, on Friday, cutting committees sent by the federal government to the region a significant step in resolving the outstanding issues between the parties.

Qader said in a press statement that “the competent committees of the federal government, which works to audit the salaries of employees of the Kurdistan region, has so far completed more than 96% of the instructions entrusted to it.”

He added that “the committees raised more than two positive reports, to the federal government, to pay the salaries of employees of the Kurdistan region, and the basis of the staff of health and education.”

“According to the reports of the committees, it told the federal government, the matching checks with the existing explanations,” adding that “but there is no response by the federal government to the reports of its committees to the territory.”

The spokesman of the Ministry of Health in the Kurdistan region, revealed on February 5 that ”
“We are waiting for the decision to pay salaries for the month of January this year, by the head of the federal government, Haider Abadi.”

He hinted that the health of Kurdistan demanded that the federal government to pay the salaries of its employees for the month of December 2017, and be spent within the decision on salaries last January, “adding,” But we do not know if the December dues or not. ”

Article Credit: alforatnews.com (Special Thanks to Charles Bright)

BGG ~ My first reaction is…

They had to do an AUDIT Because the CROOKED Kurdish leadership was asking for salary money for 50,000 employees that didn’t exist!! It’s no wonder Baghdad kicked them in the 8@!!$$ with 12.5% of the budget thing…

Also, this title is a little misleading, the real version is more like – they have finished (reportedly) 96% of the audit. Meaning: they are NEARLY done (with the AUDIT). Not actually done.

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EHankins (Dinar Guru) –  In my opinion…I see the many things coming to the surface…the HCL, The auctions losing value and heading to a suspension, the price of the IQD is rising to meet parity with the auctions.  The CBI is speaking to the three-headed monster of the “time frame” that is plugged into the current timeline of events.  We wait for the budget yet, it is finished actually in reality…we just can’t see it.   I believe all…these things mentioned are in place and quivers with energy waiting on one thing… .   When this one thing happens, what we look for will not explode… there won’t be a boom.   When the RI takes it’s first breath… then EVERYTHING mentioned will simply lean forward into the center where the RI sits and all of this will simply function as one well oiled purposeful Monetary Reform without hesitation. Only in my Opinion…
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BGG (Dinar Guru) –  Article:  “Abadi discusses with INTERPOL Secretary General the exchange of expertise on cyber crimes and money laundering”    While they appear to be making headway on their “Official rate – Market rate” spread… it would do wonders for international investment if they would make some visible and public encroachments against their endemic corruption.  Their bloated OR/MR spread is just a symptom – it is not the problem. The problem is the corruption that feeds the disparity.
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Chattels (Dinar Guru) –   Quote:  “The House of Representatives, Thursday, its meeting to next Saturday to complete the vote on the budget after the imbalance of the quorum and the exit of some members of the HaLL”    To resume on Saturday according to one report…There it is…Parliament convened with the bare minimum of 165 in the afternoon after failing to make quorum this morning I read…

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The stability of the dollar exchange rate against the Iraqi dinar

(Independent) … The prices of the dollar exchange rate stabilized on the Stock Exchange and local markets on Tuesday (February 27, 2018).

Kifah Stock Exchange – Baghdad 122,000 dinars, the same price for Monday.

Selling and buying prices in banking shops:

Selling price of the dollar = 122,500 dinars.

The price of buying the dollar = 121.500 dinars.

Article Credit: mustaqila.com

BGG ~ This was from yesterday… I haven’t seen anything further on the OR/MR parity yet today (it’s what I’ll be watching close for a few days).

It’s is basically saying that after a few days of gains – the value of the Dinar has stabilized for now.

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Kaperoni (Dinar Guru) –  …Banks don’t want to lose money.  They want to know what the spread is from day to day.  They want to know how much it’s going up and how much it’s going down and so on…this has always been an issue since I’ve been in this investment.  The Central Bank had to reduce the spread…Shabibi actually did a wonderful job.  He lowered the spread within the conditions set forth in their article IV consultations.  He got it down to 1200 or so on the street and held it there for 10 months.  In September of 2012 he announced he was going to begin currency reform so we assumed he was going to Article VIII at that point.  Then of course PM Maliki at the time said No, we’re not ready.  We don’t want this to occur…When Shabibi was out of the country for a conference Maliki put out a warrant for his arrest.  Which in essence kept him out of the country and stopped the process in it’s tracks.
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Kaperoni (Dinar Guru) –  …The market rate is in essence the rate on the street…the dinar is a little weaker than the actual value from the CBI which is pegged to the US dollar which is part of Article 14.  In order to meet the stipulations of IMF Article VIII you [Iraq] need to simplify your foreign exchange and reduce the market rate spread which is the spread on the street…The rest of the world’s banking system for the most part is in Article VIII…they have expertise in managing their currency and meet the conditions.  This is important because if you’re ever going to accept article VIII and make the dinar internationally convertible you need to maintain that exchange rate for international transactions…
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Kaperoni (Dinar Guru) –  …IMF:   “Although performance under the Stand-By Arrangement has been weak in some key areas, understandings on sufficient corrective actions have been reached to keep the program on track. Against this background, Directors encouraged resolute implementation of the authorities’ program including continued efforts toward fiscal consolidation, strengthening the financial sector, and implementing structural reforms to promote private sector activity and improve the business environment.”   Very key…That is about as stern as I have ever seen from the IMF.   I just think were in a good place finally. With the help of the UST and IMF it looks like they got a plan to reduce the spread.  And with at 1220 now we are only 7 dinars away from 2%.  So by end of week maybe.  Can they hold itWell I think there is to much riding on it to not to.
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Nusseiri: The implementation of the strategy of the Central Bank contributed to the improvement of the dinar exchange rate against the dollar

Economy News _ Baghdad – The economic and banking adviser to the Association of Iraqi Private Banks Samir Nusairi, said that the central bank and the banking sector played a key role in overcoming the economic and financial crisis, and support the state treasury and methods and procedures and new instruments in the applications of monetary policy.

Al-Nusairi said in an interview with “Economy News” that “the Central Bank has worked mainly on combating money laundering and financing of terrorism, strict adherence to international regulations, rules and standards, re-evaluation and classification of banks in light of their compliance with compliance regulations and determining the last beneficiary in the window of sale of foreign currency and work mechanisms New in the proactive control internally and externally led to higher value and purchasing power of the Iraqi dinar against the dollar exchange rate, “noting that” the most prominent reasons for the recovery of the Iraqi dinar is the plan and procedures of the Central Bank and cooperation with the banking sector and the commitment to Died and standards issued by the Central Bank. ”

“The Iraqi banking sector is the first major link in the economic circles of Iraq and occupies a fundamental and important aspect as the financial and investment sector, which is the main part of the financing and management of economies.”…

Read Full Text: http://www.dinarupdates.com/showthread.php?56381-The-implementation-of-the-strategy-of-the-CBI-contributed-to-the-Dinar-improvement

(Special Thanks to Vernell)
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Kaperoni (Dinar Guru) –   From the IMF last Sept…  “25. The government will gradually remove remaining exchange restrictions and a multiple currency practice (MCP) with a view to eliminating exchange rate distortions.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 MCPs and restrictions for current international transactions and thus facilitate creation of a favorable business climate.”   So it’s coming.  That should perpetuate a new exchange rate regime as well causing the dinar to rise.  …I believe once it starts, it won’t take more than a year to rise to a value we are comfortable with.
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Enorrste (Dinar Guru) –   …Once the ball starts rolling it will proceed quickly to a value that we can all enjoy The simple fact is that there are now a vast majority of factors in our favor versus the few left that seem to be holding this back.  ISIS is decimated in Iraq; the banking structure is becoming more internationally connected; interest in investing has risen even if actual investment has not yet begun; the CBI has finally tackled the problem with the spread (this is really key)the CBI is officially on the record now for some time to move toward a floating currencytalk of ending the auctions has risen to the point that it will become a reality soon; the IMF is trustee over the CBI and is on record to move Iraq into the real world; etc.  I will be surprised if we don’t see the float begin sometime this year.
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Kaperoni (Dinar Guru) –  Article:  “A new drop for the dollar today in Iraq”   Quote:   “The exchange rate of the US dollar against the Iraqi dinar continues to decline for the second month in a row.  The foreign exchange markets in Baghdad, on Monday morning, the decline in the dollar exchange rate against the Iraqi dinar. The market price in the Kifah Stock Exchange in Baghdad was 1220 dinars per dollar, or 122 thousand dinars for one hundred dollars.”  …All we can do is wait and see each day what they report for the auction.  1220 is close…let’s give it another week and see if they are in compliance.
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BGG Q & A:

Q: What is this 90 day 2 % everyone talking about has it started and does it mean we have to have 2 % for 90 days before a rv ?

A: If I recall correctly, the “IMF 2% rule” refers to the spread between the Official rate and Market rate of the currency on any given day.

The rule is, basically – they must maintain this 2% (or less) gap for at least 90 days prior to accepting IMF Article 8 general obligations (as a member country) and concurrently from then on. Now – would the IMF allow them some latitude on the 90 day entry point? Possibly.

However, the real issue everyone is stewing over is this…

Does this recent closing of the gap between the “Official rate” and “Market rate” forecast some coming change or is it much ado about nothing?

There are articles regularly touting the tightening of this gap… or the “Strengthening of the Dinar against the Dollar” or some other various titles along those same lines. Ask yourself why? Because they know what it means.

Whichever side of the fence you are on here, this tightening of the OR/MR gap is the single most visible, interesting and encouraging “data point” we’ve seen in a very, very long time…

Read More: http://www.dinarupdates.com/blog/
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Kaperoni (Dinar Guru) –   Article: “Alnasiri: Implementation of the Central Bank’s strategy contributed to the improvement of the dinar’s exchange rate against the dollar”  They had a few months with the UST and IMF to figure out a plan to reduce the spread.  It seems likely they are on track to compliance. We all know the investment won’t come if they do not get the market economy going.  Time is running out.
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Kaperoni (Dinar Guru) –  …We need to see the spread (the official rate to the market rate) go down within 2%.  When it’s within 2% then they are within compliance.  Then it puts them into a position to accept the conditions of article VIII and launch their currency internationally.   And more importantly exit the peg that they are on and go to some kind of float.  Which would let the world set the exchange rate based on supply and demandThey need to be in compliance for 90 days…They might get an exception from that simply because Iraq is in dire consequences.  The recent war.  You have a lot of unemployed people…There is a certain amount of expedience needed in Iraq so therefor they may give them an exception.  Maybe not and the IMF is going to hold them to a full 90 days of compliance.  If they get in compliance in the next week it creates a window in March and the end of May which would be the 90 days where Iraq could accept Article VIII and begin it’s transition to engage with the world financial system.  That is the step we want to see occur. 
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mike (Dinar Guru) –   Article:  “Kurdistan Alliance confirms the continuation of the boycott budget”   Why are they stallingThey want 17%, if Iraq’s political leadership would just take a peek at the Iraqi Constitution, it clearly states the Kurd’s are to receive 17% of Iraq’s budget, outside of sovereign responsibilities…They don’t need to re-invent the wheel, just follow the legal and constitutional requirements of Iraq’s existing laws and pay the Kurd’s their 17%… after a while, they’re going to say enough is enough and make another mess that takes three years and billions of dollars to correct.
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Chattels (Dinar Guru) –   It is encouraging to watch the improvement in the market rate of the dinar in Iraq. Arguably a singular transparent progress available to us.
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Sandyf (Dinar Guru) –   My opinion…article 8 is an absolute must…and they aint there yet…then when they are eligible...IMF can take up to 60 days for a yea or nay vote… so we got a while …Art 8 is a major bullet point. But it should be remembered the onus is on Iraq, it is up to them to accept the obligations of Art 8, they could remove the IMF issues at any point with the stroke of a pen. It is not about the parallel market rate, it is about the settlement of international invoices at a rate that deviates from the official rate. Vietnam had exactly the same problem and they made it illegal for companies not to settle the transaction at the official rate. If companies made loss/profit on buying the dollars they must show it separately in the accounts. Personally I think that Iraq is holding on to Art 14 for a reason, hopefully as part of some other agenda.
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Kaperoni (Dinar Guru) –  …The recent articles from the last 3 days are very very significant…where economists are putting out articles about the market rate in Iraq and how the market rate is coming down substantially.  Titles, “The continuing decline of dollar in Iraq”, another one titled, “Hooray Iraqi Dinar”, another one titled, “The Recovery of the Iraqi Dinar”, another titled “What has causes the sudden price decline of the dollar against the dinar is there a relationship to the decline near the election”.  these articles are very significant because now the citizens and economists are starting to notice that the dinar market rate which was well over 1250 is starting to fall in line with…the Central Bank of Iraq’s official rate.  This is very very important toward the next step into the international financial system…We’re getting closer and it’s something you should be excited about…We’ve been here before in 2012 when we were close like this under Shabibi.  Hopefully this time they will accept the conditions or Article VIII and begin to appreciate the currency…
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Sudani: Iraq is moving towards a market economy

BAGHDAD / Al-Sabah: The Minister of Labor and Social Affairs Mohammed Shiaa al-Sudani said that Iraq, having achieved victory over terrorist gangs, is witnessing a qualitative shift in its policies towards a market economy.

“The government has embarked on a package of economic reforms to support the private sector and create an attractive environment for investment,” Al Sudani said during a speech at the Islamic Conference of Labor Ministers held in Jeddah, Saudi Arabia.

The Sudani, said «the Ministry of Labor and Social Affairs and its supporters began to pay attention to issues of poverty and unemployment through the enactment of new laws».

Article Credit: alsabaah.iq (Special Thanks to Tim Tarkington)
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Mike (Dinar Guru) –   Article:  “international rating reflects a look contrary to expectations and negative for the fiscal deficit and the economy in Iraq”  Quote:  “…The ratings agency Standard & Poor’s said it affirmed Iraq’s rating at B- / B with a stable outlook.”  The rating is unchanged. 
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Mike (Dinar Guru) –    …the current reality is that the dinar is pegged to the dollar and under Article XIV, there is just about zero demand for a currency you can’t spend outside the country, pragmatically, why would anyone want it? To become a currency that’s internationally recognized under Article VIII with the IMF they have to hold this rate for a minimum of 90 days, it’s too easy to manipulate the rate for a short term and it doesn’t prove that Iraq has it’s act together and has the ability to maintain stability. There’s no reason any other country would accept it for payment for imports, they want the dollar. Like always, time will tell us what’s really going on, if Iraq can get the rate within the 2% band for minimum compliance with the IMF”s MCP requirements, all they have to do is hold it and hopefully they can accept the responsibilities Article VIII. 
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Kaperoni (Dinar Guru) –   Ya never know, maybe the CBI with the help of the IMF and US Treasure finally figured out a plan to succeed at reducing the spread.  It would be nice to think so at least.
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Today, the dollar is falling against the Iraqi dinar


(Independent) ..
The prices of the dollar exchange rate resumed the decline with the beginning of this week on the stock market and local markets on Saturday (24 February 2018).

Kifah Stock Exchange – Baghdad 122.250 dinars, while prices for Thursday 122,500 dinars.

Selling and buying prices in banking shops:

Selling price of the dollar = 122.750 dinars.

The price of buying the dollar = 121.750 dinars

Article Credit: mustaqila.com (Special Thanks to both Charles and Tim)
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MilitiaMan (Dinar Guru) –  Article: “Association of Private Banks concludes the course «Accounting for financial institutions”    I would think [Quote] “the stability of the dollar exchange rate against the dinar will encourage foreign companies to invest inside Iraq.“,  especially when it is 1:1 or better and not a program rate we currently have thus far today. 
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Kaperoni (Dinar Guru) –   Article:  “Dollar exchange rate and gold in Iraq on Thursday prices”  Quote:  “According to figures received by the “Economy News”, it has reached sales of $ 100 at the exchange rate in Baghdad struggle to 122,000 dinars, while the purchase was 121.750 dinars, after it was 122.250 yesterday, settled with the sale price of $ 100.  In Erbil Stock Exchange 122.750 dinars, and when the purchase was 122.250 dinars.”  So pretty much the spread is 1220 to $1  They still got about 7 dinar to go to get in compliance.
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Kaperoni (Dinar Guru) –    [I read that the Official Rate is 1180.]   …the CBI auction post under CBI news states the price at 1182. … market forces (interbank) are minimal at this point plus the CBI has pegged to the dollar.  …that is why the CBI cannot stay pegged once in compliance. The CBI needs to move to a different exchange rate regime (some type of float) which would allow flexibility to adjust the value of the dinar based on economic pressure (this is known as discovery) created by investment.   …I  think its key to understand why they CBI must move off the peg before investment begins…   “Adopting a flexible exchange rate before liberalizing the capital account enables a country to absorb capital account shocks at  lower cost to the real economy than under a fixed exchange rate. By contrast, liberalizing the capital account first can help offset temporary current account shocks, expand the range of instruments available for risk management, and deepen the foreign exchange market.”
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Central_Bank_of_Iraq_Logo

Central Bank of Iraq Auctions $194,883,291 on 22 February 2018

Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on February 22 registered $194,883,291 in sales, a 10.90% volume increase from the US $175,734,132 sold by Iraqi Dinar, credit and transfer at the previous auction held on February 21.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on February 22 compared to the previous auction.

Data for the February 22 auction was made public by CBI Announcement Number 3641.

Dollar sales in the in the period January 1, 2018 to February 22, 2018 saw an increase of -1% compared to the sales of US $5.57 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to February 2018, sales of US dollars averaged US $1.81 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Read More: http://www.dinarupdates.com/blog/
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Kaperoni (Dinar Guru) –   Article:  “Source: The increase in the depreciation of the dollar against the dinar due to the actions of the Central Bank”   …the Market Rate will never be less than the Official Rate at the CBI.  And the CBI cannot stop the auctions until there is an alternative for international commerce.   I believe I am correct, the 2% rule is calculated off the Official Rate plus CBI commissions (1182 + 8 dinar commissions X .02 = 23.8) which puts it at 1213 to $1.   How long the CBI must wait may be subject to IMF review.  We know they were not giving them an exception on the spread, but they may give them an exception on time (90 day rule) due to the urgency of maintaining stability and encouraging investment.

[Based on Kaperoni’s 8 dinar commission rule some feel the percentage difference between the official rate and market rate needs to be 1214 to meet the IMF 2% stipulation. However, no one seems to be clear on how to calculate the number – opinions range from 1203 to 1214]

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Kaperoni (Dinar Guru) –   Article:  “IFC is cooperating with the Iraqi Central Bank to strengthen corporate governance in the banking sector”  Quote:  “This initiative comes within the framework of IFC’s strategy to stimulate private sector growth in Iraq…”   …the IFC is going to drive investment into Iraq and as a result capital through the CBI.  Exactly what we want...
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Adam Montana (Dinar Guru) –  Dinar is getting interesting again, isn’t it? It’s about time!   Major news is pretty simple – no HCL yet, but it’s gaining a lot of outside support in a quick way. Notably, the price of Crude has stabilized to around the same price it was back in early 2014. This is exactly what the recent OPEC agreement was intended to do, and the fact that it’s succeeding is VERY encouraging.  Reports that it should get back up into the $80 range are everywhere.  The important part here is that oil IS stable, and it IS going up, in a mostly predictable fashion. This is what Iraq needs to really move on the HCL…Also promising is reports that some dealers are showing a shortage of IQD notes for sale. This could be a strong indicator that the available supply is drying up, or it could mean that demand from investors like us is getting lower… Good for us, either way!… [post 1 of 2]
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URGENT The dollar is blowing in Iraq

​Foreign exchange markets in Baghdad, on Wednesday morning, a significant decline in the exchange rate of the dollar against the Iraqi dinar.

The market price in the Kifah Exchange in Baghdad was 1220 dinars per dollar, or 122 thousand dinars for one hundred dollars.

The prices of selling and buying dollars in banking companies were:

The selling price of one dollar 1225 dinars, or 122 thousand and 500 dinars, for one hundred dollars.

And the purchase price of the dollar is 1215 dinars, or 121 thousand and 500 dinars, for one hundred dollars.

Foreign Exchange Rates:

EUR World Price: 100 Euro = 123.23

GBP The World Price: 100 Bounds = 139.85 $ The

Turkish Lira The International Price: $ 100 = 379.15 Turkish Lira.

Article Credit: http://www.alliraqnews.com (Special Thanks to Tim Tarkington)

BGG ~ Listen folks, this is good news. The Dinar is getting stronger. It is harder to get (over here), the price is going up and the exchange rate is better over there (for us). None of this is bad. It is all good.

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Adam Montana (Dinar Guru) –   …On a different subject, I saw a news clip about a confrontation in Iraq yesterday. It surprised me, because we’ve really seen almost NOTHING along those lines in the last year…major violence in Iraq has been almost non-existent lately when compared to 2013,14,15…as we all know here, Iraq certainly is not the same place it was 5 years ago! It makes one wonder…is Iraq finally to a point where they are “flying under the radar” for the most part, and therefore in a perfect place to surprise the world with something big? That could certainly be the case. Bring it on! They might catch the rest of the world by surprise, but not us.[post 2 of 2]
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Randy Koonce (Dinar Guru) –   All the ‘gurus’ have watched since the first of the year for the RV to happen. What we have all learned is that the revaluation of the Iraqi Dinar has become the biggest political football in history. And that is why we are still waiting.  However, it appears that the time has come for Abadi to finally step up to the plate. Based on information I am receiving, we believe that the RV will (should) take place within the next 2 weeks. Great pressure is being brought to bear to make this happen. Everyone – including the people who can make this happen – are tired of waiting for this to happen. And ‘they’ are pushing.  So. We are in a 2 week window. Right now.   [post 1 of 3]
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Randy Koonce (Dinar Guru) –  …there is a very real reason why the RV has not happened years ago. So, some history…One of the things that we learned was the fact that Obama was never going to let it happen as long as he was president. We learned that half of Obama’s cabinet wanted to release the RV and the other half agreed with Valerie Jarrett, who did not want anyone in the US to participate in this blessing.  …So, between Maliki’s regime and Valarie Jarrett’s influence over Obama, the previous eight years were a total waste of time from the RV standpoint. Now that Trump is in office, he very much wants this done, but does not want Iran to benefit. President Trump is working hard to get this done, because he knows many of us are holding dinar, and wants to allow us to bless and grow the economy of the USA. You’ve probably heard the phrase…Make American Great Again?  [post 2 of 3]
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Erbil-Baghdad Agreement Imminent

ERBIL — The Kurdistan Region and Iraqi governments are close to reach an agreement over their disputes in the nearest future, said a source close to Iraqi Prime Minister Haider al-Abadi.

The high-level delegations from Erbil and Baghdad are due to resolve the differences over Kurdistan Region’s airports, customs and border lines, the source told Shafaq News.

He further revealed that the Kurdistan Regional Government has already agreed with most of the points in the political deal, the rest would remain under discussion.

Iraqi Prime Minister Haider al-Abadi said earlier the day that Erbil and Sulaymaniyah airports would soon be re-opened after over four months since Baghdad imposed a flight ban on the Kurdish region.

Article Credit: basnews.com (Special Thanks to Tim Tarkington)
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Randy Koonce (Dinar Guru) –   In addition, it is being rumored that Abadi has been trying to solicit money from various countries, in return for Dinar. But, some of that money would go to him, and not Iraq. If true, this may be the reason Abadi has been dragging his feet on ‘pushing the button’. He could be wanting to make one last attempt to feather his own nest a little better.  However, not only the Trump administration but these other countries as well, are putting tremendous pressure on Abadi to get this done…Or Else!  …In the event that we do not see this finished in the next 2 weeks – don’t despair. They do not have to wait for another year. This will get gone – this year.  …the best thing we have going right now is a Very – Determined – President.  We are close…Every large bank will exchange…RELAX the RV is coming…Check www.cbi.iq every day to see if it has changed…Breathe…   [post 3 of 3]
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G-Lin (Dinar Guru) –   Articles  “The recovery of the Iraqi dinar”;  “Merry of Iraqi dinar”   These arts. are by two leading economist from Iraq and they are heaping praise on the CBI for narrowing the spread in the market place. This is exactly what the IMF has been trying to get Iraq to do for years. This fights corruption and gives some prestige to the dinar. Higher value and stronger purchasing power.  Hopefully this tread will continue and we will see them liberate the exchange rate in the open market internationally. We know Iraq is examining the example of Egypt pound… Egypt is a success story and their economy has improved since they started the float in 2016.  I like this part of the above art.  “restore the splendor in the currency market .. Financial stability and the strength of the Iraqi dinar aim to reduce the systemic risks that have emerged with the recurrence of financial crises.”
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sandyf (Dinar Guru) –   …it is almost odds on certainty that the IQD will never float.

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The date of voting on the budget of 2018

Baghdad News – A member of the Finance Committee of Parliament Mahasen Hamdoun, said Monday that next Tuesday is the date of voting on the budget in 2018.

Hamadoun said in a press statement that ‘the Finance Committee continues its meetings to discuss the budget and will not clear things, only on the day of voting on it’.

“The vote on the budget will be next Tuesday,” she said, stressing that ‘deductions of salaries of employees stopped in the budget’.

“The Finance Committee is meeting today to complete the discussions and will not show the picture only in the voting session on the budget,” adding that ‘the proportion of the region will not change and the members of the Kurdistan Alliance did not attend to discuss the budget so far, so the situation remains as it is.

Read More: http://www.dinarupdates.com/showthread.php?56313-Disclosure-of-the-date-of-voting-on-the-budget-of-2018
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Kaperoni (Dinar Guru) –   Article:  “The recovery of the Iraqi dinar”   …Nasiri is giving props to the CBI for reducing the spread.  The IMF continues to guide them towards the finish line ever so slowly...we all would love some sort of RV, but truthfully, it is just not possible. Both monetary policy wise and logistically.  But I do agree, Iraq does need to raise the value soon and hopefully that will begin to occur this year.

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Kaperoni (Dinar Guru) –  Article:  “Dollar rates: a slight rise in Baghdad, Erbil and stability in Basra”   1221 to $1.  I believe the 2% goal is 1213 to $1  (1184 + 6 dinar CBI commission =1190 x .02 = 1213)
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Chattels (Dinar Guru) –   Difficult to know whether the “improvement” in the market rate for the dinar is the result of a decline in the value of the USD or betterment for the dinar?   Likely the former some say.
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Iraq prime minister promises corruption crackdown, says laws will protect nervous foreign investors

More than six months after Iraq’s leadership proclaimed the defeat of ISIS on Iraqi territory, the country is on a path to rebuild and has seen promising signs of international investment for its reconstruction.

Though the country’s reconstruction is in its early stages, Prime Minister Haider al-Abadi told CNBC Sunday at the Munich Security Conference, he described the progress as “encouraging” and as evidence of trust from the international community in Iraq…

Read Full Text with Commentary: http://www.dinarupdates.com/blog/
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G-Lin (Dinar Guru) –  “Economist shows the most important “problem” facing investment in Iraq”   The news currently is scarce and most of it is propaganda…Being an election year in Iraq, it is hard to tell the honesty in most arts.  It is time for Iraq to act on their economy however. And floating their dinar may be a life saver. I think it would give the investors a little bit of confidence that seems to be missing. They really need to do something at this stage. We shall see.
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Chattels (Dinar Guru) –  Article quote:  “Foreign exchange markets in Baghdad, on Sunday morning, a significant decline in the exchange rate of the dollar against the Iraqi dinar. The market price in the Kifah Stock Exchange in Baghdad was 1225.5 dinars per dollar, ie 122 thousand and 550 dinars per hundred dollars.”   [… if the exchange declines…will that reduce the spread?]   Yes, a 2% spread or variance requires that the Dinar market rate be about 1202.
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mike (Dinar Guru) –   Article:  “Invest Iraq conference” concludes in Kuwait”   For sure, this conference did not live up to the expectations that folks were screaming about before the event. This was planned for months prior to the February 12th, Abadi was counting on this to aid his bid for a second term as PM, which is why these tepid articles about success are beginning to come out. He has to spin this in a way that serves his purpose.  Pledges and contracts in the ME are not the same as cash in hand. Iraq won’t manage any of the funds the Sunni countries put towards reconstruction, these will all be managed by the WB and IMF.  [post 1 of 2]
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mike (Dinar Guru) –   The math on this is super simple…they received roughly $1.5 billion in cash, that’s it, a far cry from the minimum $88 billion estimated to rebuild Anbar Province.  Many articles spoke to these businesses in Kuwait for the conference but were reluctant to jump in because of the rampant government corruption and difficulty to operate in Iraq. Abadi has got to get a grip on the corruption, pass the laws for economic growth and get his country’s currency in line for international acceptance before anyone’s putting real money into this country outside of the oil industry. Hoping for large contracts that may start at the beginning of 2019 isn’t the answer we’re looking for, Iraq needs help and action right now, today.  2.5 million people are displaced and have no home.  [post 2 of 2]
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Chattels (Dinar Guru) –   Article:  “Invest Iraq conference” concludes in Kuwait ”   Perhaps the conference was not the failure it appeared at first blush, but we may not know until 2019 + and how Iraq will make progress on the problem of corruption remains to be seen also.
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BGG (Dinar Guru) –    …some interesting stuff out there right now…with the send-off Abadi got at Davos, I had figured this Kuwait Conference wouldn’t go quite the way everyone was thinking.  …There wasn’t much in the way of “hand-outs” directly to the government of Iraq.  There were some commitments and some direct loans (if they want them).  However, loans will weigh down their future budgets (is their concern)…I get the impression they were mainly after free money.  On the other hand,   I am still encouraged. In fact, this recent article:  ”Float the Iraqi dinar and stop the auction currency is the only solution of the Iraqi economy”…shows us a couple of things:  1) While there seems to be some resistance – from somewhere in the GOI to a move with the currency, where that is or why it is, I am unsure…2) …there also appears those on the other side of the fence…  [post 1 of 2….stay tuned]
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BGG (Dinar Guru) –    …I am assuming those opposed to corruption and the corrupt processes…are putting pressure on the first group to do something, other than just fish around for free money. Such is noted in the above article.  On a side note, and relating to “fishing around” for free money…there did appear to be something of a start to rounding up corrupt political figures in an effort to reclaim “ill-gotten gains”.   As an additional note:  Reported in Baghdad recently, it is implied this push must include Maliki and his henchmen if such a move is to be recognized by the world (and Iraqis) as a genuine effort.  While a float may or may not be what they (or you and I) had envisioned, they just may well do something like this before they do nothing at all.   …I don’t really care how it starts…just that it does and they GET TO IT!!   [post 2 of 2]
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Float the Iraqi dinar and stop the auction currency is the only solution of the Iraqi economy.

Under Conference : Kuwait , the results of which are discouraging to solve the problem economic Iraqi especially after the devastation resulting from the grinding war on terrorism must think of radical solutions and take advantage of other peoples experiences

I want to point to the experience of two states at the time Alhadrohee experience Masrafiqirh powered and experience its Vnzula oil – rich experience sister bank to float the Egyptian pound in 2016, which produced Mayati after only one year of floatation first year float ..

Egypt stronger “numbers” after the liberation of the exchange rate .. cash reserve jumps from 19 to 36.5 billion dollars .. and $ 56 billion to save imports .. and $ 13.7 billion Surplus payments .. and 17.3% higher transfers abroad…

Read Full Text with Commentary: http://www.dinarupdates.com/blog/
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Kaperoni (Dinar Guru) –   Article:  “Float the Iraqi dinar and stop the auction currency is the only solution of the Iraqi economy”  [If they float, auctions cannot stop until the dinar is equal to dollar.]    …that is false.  Accepting  IMF Article VIII (making the dinar more internationally accepted and convertible) is the key.  Doing so would allow the CBI to stop selling dollars to pay for imports.  As well, the CBI then makes commissions off the conversion of currency.  This is why the CBI is trying so hard to reduce the spread…so they are in compliance and can move to Article VIII.

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Chattels (Dinar Guru) –   Quote:  “With these constitutional points, we can reform our economy”   If we must await a constitutional amendment for the completion of economic / banking reform in Iraq then we could be here for quite awhile.
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Chattels (Dinar Guru) –   Article:  “Baghdad News – The exchange rate of the dollar fell in the Iraqi market against the dinar, and the general trend on demand was moderate. The exchange rate of the dollar in the Stock Exchange Baghdad purchase price $ 100 = 122.750 Iraqi dinars Selling price $ 100 = 122.800 Iraqi dinars.”   The market rate is improving for the Dinar against the dollar in Iraq.  It was as high as 1,300 within the past year as I recall.
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COMMITTEE OF ACCOUNTABILITY: ANNOUNCE THE NAMES OF 5,000 PEOPLE INCLUDED IN THE SEIZURE OF FUNDS THIS WEEK

The Commission on Reconciliation, Accountability and Justice in the House of Representatives, that next week will see the announcement of the names of about 5,000 people included in the seizure of funds.

The head of the committee Hisham al-Suhail told the news agency, “The Supreme Commission for Accountability and Justice ended the names of all those involved in the seizure of funds,” noting that there is some delay from the Secretariat General of the Council of Ministers not to form a special committee, calling for the urgency of issuing instructions and the formation of the Committee through an approach The competent ministries shall designate the general directors who shall form the committee.

Al-Suhail, who is covered by the decision to hold the money, estimated about 5,000 persons, while the names of tens of thousands will be issued and they can be disposed of afterwards.

Read More: http://www.dinarupdates.com/showthread.php?56297-Announce-the-names-of-5-000-people-included-in-the-seizure-of-funds-this-week&p=181258#post181258

(Special thanks to Vernell)

BGG ~ Funny how that works… about one day after they realize the world isn’t going to “give them” anymore money, they go back and think about getting it back from the crooked politicians who’ve been stealing from the GOI and the people of Iraq.

According to recent estimates, they could collect as much as 500 BILLION (USD) back to the state treasury by enacting and enforcing simple legislation they’ve had in the works for some time now.

P.S. as reported in major OP ED’s in Baghdad recently, Maliki and his henchmen had better wind up on this list…

It is critical to Iraq’s long term success to get a handle on the endemic corruption.

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Breitling (Dinar Guru) –  …What’s the trend that’s coming out?  I’ve been getting emails from people asking, “Hey can you recommend a place to buy currency because I went to this trader and they don’t have anymore?” …I started getting more and more emails…The reality is everyone is running out of dinar…I waited and waited to actually find out…from the guys who actually ship the currency over here.  There are only three sources that ship the currency over here.  And I found out they have no problem at all getting dinar…there’s no laws preventing them from getting dinar.  No one has said anything to them.  They have a shortage.  Do you know what that means?  That means they reduced the note count down that much.  It means everything!  [Post 1 of 3 ]
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Breitling (Dinar Guru) –  …Those numbers reflect…Do I have the exact number?  No…I can tell you when I got into this investment they had about 9 billion notes.    And that’s the information I got from the IMF when I researched this…so it went from 9 billion notes to 15 billion notes…I was like holy crap it’s not going to revalue when it gets this high.  But guess what?…they said they were going to reduce the note count and they finally did.  The last report was 4 billion notes.  And I don’t know why they put that report out because you’re not supposed to do that….The reason why it got so high was coming from General Petraeus and these guys …they were saying they’re trying to keep the value down, cheap, so they could rebuild that country.  [Post 2 of 3 ]
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Breitling (Dinar Guru) –   …And the Iraqi Dinar was becoming so popular they had to squash it.  There has been a policy to keep the dinar artificially low.  All we had to do was watch when the policy flipped…and what do we see?  A huge huge decrease in dinar availability.  That’s huge…the numbers don’t lie.  The numbers are there and you see the result of it…you should right now be very very happy.  There is still dinar out there…but it’s not sitting out there like it used to be.   So that’s phenomenal news that’s coming out.  We’re actually seeing the result of the reduction of the note count.  And that means EVERYTHING.  They just can’t add value to a currency.  It has to physically equate and represent.  Just like the U.S. dollar…and guess what?  You’re seeing that.  It’s here right in front of you.  [Post 3 of 3 ]
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Central Bank of Iraq Auctions $198,173,094 on 15 February 2018

Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on February 15 registered $198,173,094 in sales, a 8.69% volume increase from the US $182,320,645 sold by Iraqi Dinar, credit and transfer at the previous auction held on February 14.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on February 15 compared to the previous auction.

Data for the February 15 auction was made public by CBI Announcement Number 3636.

Dollar sales in the in the period January 1, 2018 to February 14, 2018 saw an increase of -1% compared to the sales of US $4.75 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to February 2018, sales of US dollars averaged US $1.81 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Read More: http://www.dinarupdates.com/showthread.php?56268-Central-Bank-of-Iraq-Auctions-182-320-645-on-14-February-2018&p=181224#post181224

BGG ~ I will continue to highlight the regular auctions. After recently asking around about the reasons for the “tightening” of the supply of Dinar in the U.S… one of the main reasons I got was the fewer and fewer auctions. Wait – what?!? They are still having fairly robust auctions.

So, obviously, that’s not true… so what is it?

Another possibility is this MASSIVE financial embargo on Kurdistan, provided this was where currency was coming from.

I have also heard of a couple of major players talking about having money in – or being able to get money out of Kurdistan… all baloney. Kurdistan has been under very tight controls since snubbing the world diplomats with this sham vote pushed by Barzani.

Why was it a sham vote? Simple fact: you can’t just take what isn’t yours to take just because you vote on it.

Back to my previous rebuttal – anyone who actually had money in Kurdistan would have either gotten it out or is REALLY “up a creek”… likely just more B.S.

So…

1) Fewer auctions?

2) Tightening borders (fewer exports)?

3) More demand? I sincerely doubt it.

4) IMHO and most likely, the supply here in the U.S. from disgruntled sellers, which is likely where the bulk of the U.S. supply really comes from, and current interested buyers has finally reached a point of parity where the “supply – demand” scales are more evenly balanced.

Hence, the price goes up.

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Adam Montana (Dinar Guru) –  Maliki – that’s an interesting topic right now. I think he’s backed off of the “old Maliki” style considerably, and Abadi is no fool. He’s certainly wise to the posturing and politics. They say there’s no such thing as an “honest politician”, and even though I am a cheerleader for Abadi, the adage applies to him as well. I truly believe that Maliki has created enough past bad-will that he will never truly find himself in a position of power again, and Abadi can play the game well enough to ensure that stays true. If anything, Maliki’s new approach will encourage positive progress for the country as a whole. Abadi should remain in his position, and any kind of peaceful and reasonable discourse between the parties will move us closer to an RV. Conclusion: As much as I loathe these words… I don’t see Maliki as a hindrance to a ReValuation any more. In fact, he may be helping in a roundabout way. 
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BGG (Dinar Guru) –   Article:  “$30bn Pledged to Iraq – Time to Act!”  Quote:  “While this is well short of the $88 billion in funding estimated to be needed…”   They were actually talking about 100 Billion in “grants” (all along)… not 88 billion and not a single “grant” in sight.  Looks like Iraq is gonna’ have to earn it. No one is giving it away today.
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Kaperoni (Dinar Guru) –   Article:  “Iraq awaits the outcome of the Declaration of the participants their contributions to the reconstruction conference”    Quote:  “…the bank has focused on monetary stability, which is a major objective of monetary policy, especially as it alone manages the money supply and thus affect the price system…”    This is great!  They are doing what the IMF stated they must do first.  Article VIII will come once they meet compliance.
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mike (Dinar Guru) –   Article:  “World Bank: Iraq is not able to afford the donor debt”   So, the WB thinks that Iraq needs to address the corruption as well:  Quote:  “the World Bank had recommended the Iraqi government not to borrow more loans, including soft, but the participating countries of Iraq granted sovereign loans, threatening the country ‘s wealth in the event of failure to regulate the investment process .”   There are no more free lunches for Iraq, pass the laws, punish the corrupt and engage the open market policies required for financial survival.
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Kaperoni (Dinar Guru) –  Article:  “Abadi announced the start of the second phase of the reconstruction of Iraq plan”   Quote:  “…the current reconstruction phase will create thousands of jobs and improve economic development.”   More importantly it will create economic pressure forcing the CBI to begin to raise the value.  
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Kaperoni (Dinar Guru) – Article:  “United Nations: Kuwait Conference stunning proof of the confidence in the government and the people of Iraq   Quote:  “Iraq is on the right track and the international community has shown its confidence in Iraq, which is very important , a good news”   A very good sign.
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Iraq receives nearly $ 11 billion from Arab and foreign countries for reconstruction

Baghdad Mawazine News – Iraq received nearly 11 billion dollars from Arab and foreign countries during the Kuwait International Conference for the Reconstruction of Iraq.

Saudi Arabia’s foreign minister, Adel al-Jubeir, said that “the kingdom has allocated $ 1.5 billion for reconstruction projects in Iraq and the financing of Saudi exports to it.”

While the Turkish Foreign Minister Mouloud Javishoglu, during the conference, to provide five billion dollars to support the reconstruction of Iraq.

Iraq also received $ 100 million as a contribution from Australia to reconstruction, while Britain pledged up to $ 1 billion a year to Iraq in the form of export credit over 10 years.

Germany announced at the Kuwait conference that it will provide aid to Iraq worth 350 million euros in 2018, and the UAE announced a pledge of 500 million dollars for the reconstruction of Iraqi cities.

Finland has donated $ 10 million to carry out humanitarian projects in Iraq and has pledged to train Iraqi forces.

While Qatar allocated one billion dollars in the form of loans and investments and export facilities for its products in Iraq.

The Amir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, announced at the Kuwait International Conference for the Reconstruction of Iraq, on Wednesday, that his country will allocate $ 2 billion in accordance with the mechanism of Kuwait Fund for the reconstruction of Iraq and encourage investment in it.

Read More: http://www.dinarupdates.com/showthread.php?56263-Iraq-receives-nearly-11-billion-from-Arab-and-foreign-countries-for-reconstruction

BGG ~ I keep hearing the complaints about Iraq getting all kinds of “welfare” as though they are living on these “pending grants” and IMF loans (instead of revaluing their currency).

I would be careful in assuming this is the situation or that any of this is any kind of “hold-up” to economic and monetary reform. I doubt so very much.

Everyone (as in – the investors and countries) wants to get close, be in on the beginning, but not so much so that they are just giving “hand-outs” with nothing in return. Iraq has to do their part. I get a little bit of the sense Iraq is kind of getting the cart before the horse with this latest conference.

It has long been speculated (and openly reported by Iraqi economists) Iraq would be hit with a “wall” of investment capitol when they truly started economic, monetary and governance reforms. However, it does not appear to me we are quite to this point yet. Everyone wants in – Iraq just don’t have the temperature quite right yet.

Keep in mind… these are “allocations”, “pledges” and “financing” and “projected exports” for projects. Basically these are all “feel good, sweet nothings” at a conference.

Next Monday we’ll see what’s what. Thus far they are well short of the 100 billion in give-aways (and grants) they were asking for.

On the other hand – why should they be given anything (for free)? If they would just pass corruption law(s) currently caught up in their Parliament’s legislative log-jam and then enforce them, their state treasury will swell by an estimated 500 billion (as they have plainly reported).

No need for anything from anyone.

Further, it is my opinion, Iraq should be held to account for (that means – PAY FOR) the military and humanitarian aid tab they’ve run up over the last few years.

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Mnt Goat (Dinar Guru) – Today is the third day of the Donor Conference. So the RV did not happen by Sunday, as expected. The conference has started on Feb 12 and will run until Feb 14th. What next?  I can see we can expect more of the same investment strategy for Iraq. The news now is all about investing in Iraq and part of that investment is the rebuilding of Iraq and moving it to a “market economy” driven by the private sector We must think of the Donor Conference in Iraq as a piece to the puzzle for accomplishing these goals.  [post 1 of 3….stay tuned]
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Mnt Goat (Dinar Guru) –   Iraq has had many investment seminars over these 11 years since I have been in this investment. Why is this one so important?  It is important due many reasons: 1) PM Abadi at the helm (political stability)  2) Honest intent to move forward (banking and financial reforms in place)  3) Investment laws in place allowing investors to come in  The investment law and its amendments are yet more pieces to the puzzle and were the banking reforms. So you can see each step they make brings them yet closer and closer to an economy that can grow.  But when will the economy take off?…   [post 2 of 3….stay tuned]
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Mnt Goat (Dinar Guru) –  Some believe they must first reconstruct the cities and allow businesses to come back in. I do not know the answer but if we THINK for a second, we can see that all they really need is to get to a point where they can guarantee that the launching of their new currency will not crash and they can maintain the rate. This is the extent they need. Personally, I believe that if they pulled the trigger today they would be just fine. I am saying this because their overall economy is now much better than prior to 1991 invasion. So could they technically trigger and survive? Yes, I believe they could.  [post 3 of 3]
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Iraq is ready to reform the financial and economic sectors

Economy News Baghdad: UN Secretary-General Antonio Guterich said Iraq was ready to reform the financial and economic sectors.

Guterich said in his speech to the Iraq reconstruction conference held in Kuwait and followed by “Economy News,” that “the United Nations development programs operating in 25 areas of Iraq to help Iraqis and develop their reality of living.”

“The United Nations launches a grant program that helps repair infrastructure, improves daily life and helps improve economic reforms and revitalize areas that have been damaged,” he said.

Read More: http://www.dinarupdates.com/showthread.php?56261-Iraq-is-ready-to-reform-the-financial-and-economic-sectors

(Special Thanks to Loopster for sharing)
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Aggiedad77 (Dinar Guru) – Article:  “The House of Representatives concludes reading and discussing the Federal Budget Bill of 2018   In policy February 13, 2018”   WELL LET US SEE WHAT THURSDAY WILL BRING FOR PARLIAMENT…THINK ABOUT IT…THE DAY AFTER THE KW CONFERENCE…SO WILL THIS BUDGET HAVE AN IMPACT ON WHAT WAS DONE AT THE CONFERENCE…IFO…NO… IMO… NO… BUT WE KNOW/SUSPECT HIGHLY WHAT THE FINAL OUTCOME OF THE BUDGET WILL BE…LOADED WITH STARS…PRIMING IRAQ FOR A FRESH NEW START…A START THAT DOES NOT INCLUDE AN ACTIVE WAR AGAINST TERRORISM, BUT INSTEAD A FOCUS TOWARDS THE REBIRTH OF THEIR ECONOMY, THEIR COUNTRY AS A NATION TO BE RECKONED WITH BY THE WORLD…MAYBE THE LION WILL ROAR IN KUWAIT TOMORROW [WEDNESDAY]…IMO IT WAS CERTAINLY AWAKENED THERE TODAY WITH THE GOINGS-ON THAT WE’VE SEEN…OPTIMISTICALLY EXCITED…THAT BE ME…IMO…3…2…1…
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mike (Dinar Guru) –  Article:  “Corruption, bureaucracy and armed practices threaten 157 Iraqi projects at the donor conference”   Parliament just passed a law protecting those in government from prosecution for corruption, their timing couldn’t have been worse. I realize the west doesn’t want to leave Iraq vulnerable to Iran’s influence, but at this point, Iraq is in Iran’s back pocket, losing them to Iran has already happened. These folks can’t even agree on a 2018 budget, how can they expect the world to donate billions when they can’t even balance their own checkbook?  The world has stood up and done everything it can to help this country…  These guys have got to put on their big boy pants and act like they care about the country and its citizens, if they don’t, the world won’t. IMO.
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Mnt Goat (Dinar Guru) –   Article quote:  “THE BUDGET WILL CONTINUE AFTER THE COMPLETION OF THE SECOND READING IN PARLIAMENT, WHICH WAS SUPPOSED TO BE READ IN YESTERDAY’S SESSION, BUT BECAUSE OF THE ABSENCE OF A LEGAL QUORUM WAS NOT PUT ON THE AGENDA OF THE MEETING”   …I want to emphasize that no budget – no RV.   Just saying is there a connection?
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World Bank: Iraq is the best place to invest in the world

The International Finance Corporation (IFC), the private sector arm of the World Bank, has urged international companies to overcome their concerns about financing reconstruction projects in Iraq and capitalize on high-yielding investment opportunities there.

“As the country emerges from a devastating three-year war against ISIS, I do not think anywhere in the world there are such opportunities for investment,” said Ziad Bader, head of the International Finance Corporation’s mission in Iraq, in a speech at Kuwait Chamber of Commerce and Industry.

“IFC has investments of about $ 1.2 billion in various projects in Iraq, including banks, cement factories and telecommunications companies, and is preparing to announce an investment of $ 250 million in a telecommunications project,” he said.

Read More: http://www.dinarupdates.com/showthread.php?56255-World-Bank-Iraq-is-the-best-place-to-invest-in-the-world
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Mnt Goat (Dinar Guru) –   Appears that a company…will sell you gold and silver and allow you to pay for it in dinar (much below market prices given). Really? To me this is WOW news and confirms to us all that the dinar is very valuable and is in demand or will be shortly in very high demand…
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BGG (Dinar Guru) –  Article:  “Speaker Jabouri calls 2018 Iraqi budget bill ‘unconstitutional,’ rejects to pass it”  Quote:  “…Salim al-Jabouri said the parliament will not approve cutting the salaries of civil servants.”   IMHO, this has very little to do with the actual budget they are trying to get passed and much more about political alliances being developed for the upcoming elections.  Seriously?!? Jabouri cares at all about the KRG share?? No. I think not.  All part of the process – it will happen.
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 sandyf (Dinar Guru) –   I get the impression that many perceive currency coding as nothing more than window dressing, nothing could be further from the truth. Currency codes are the backbone of all financial systems. Every computerized accounting software operates on a base currency and once set that currency code cannot be altered. When a country needs to introduce a new currency, the code must first be issued by the ISO, accounting software needs to be amended and a new set of accounts created in the new currency. This is why I often remind people that a redenomination cannot happen overnight nor in secret. One thing you can be sure of is that Iraq, or any other country is not going to be introducing a new currency anytime soon. It should be noted that the introduction of alternative denominations is an addition to an existing currency and not a new currency.
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Aggiedad77 (Dinar Guru) –   He [Abadi] is an integrally smart man who is also learning new chess moves IMO from a MASTER…T…and he is about to put Iraq on the roadmap of the world in so many ways…the term “MECCA” won’t even be able to fit in Iraq when he is done IMO…expansion like we’ve never seen before IMO…it is all good…and it is all coming…IMO in a way that you would least expect it to…there are major pieces in this this game that dance to their own rules and are not used to being told no or used to delays…I look for no more delays, no more excuses…”the time is now”…
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The @IraqiGovt is implementing reforms

Follow us on twitter @DinarUpdates !!

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Kaperoni (Dinar Guru) –  Article:  “Al-Nasiri: Central Bank aims to build a solid banking sector in 2018”   Quote:  “In addition to its results and the extent of its commitment to implement the monetary policy directions of the Central Bank and reflect on its actual contribution to GDP and its contribution to sustainable development and its transition from the role of banking to the developmental role.” “In addition to its results and the extent of its commitment to implement the monetary policy directions of the Central Bank and reflect on its actual contribution to GDP and its contribution to sustainable development and its transition from the role of banking to the developmental role.”  This is a very clear statement for those looking for an overnight RV, it ain’t happening.  This means they are sticking with sound monetary policies that will improve the value of the dinar as the GDP improves.  In other words, as investment comes into Iraq, the dinar will rise in value.  Which from everything else we have read, appears to be some kind of float.
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Mnt Goat (Dinar Guru) –   So the BIG question is this – is there a new plan to stock the US Reserves with Iraqi dinar and use it to pay off the National Debt after its revaluation Well one thing we do know for sure is the Iraqi dinar will have a very substantial revaluation unlike the initial re-instatement of the Kuwaiti dinar. We know this from knowing about the process to “delete the zeros”.   In fact the Kuwaiti dinar never really did revalue, it only rose in rate (not value) due to the float on FOREX and pure speculation. It then came back to reality…   [post 1 of 2….stay tuned]
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Mnt Goat (Dinar Guru) –   I am positive there is some plan to do something and use some of this to pay off debt if nothing else in part to use it for the deficit negotiations…   Can they balance the deficit? Trump will look like a hero if they can and do it without closing down the govt again.  As the US is not doing all this work in Iraq to just fight terrorism.  I do not know all the details nor will I pretend to know. We shall all find out after the fact. This is all information that, if you tie it all together, points to the near completion of the project to delete the zeros and eventual revaluation of the Iraqi dinar. This what we are looking for. This is our TARGET!  [post 2 of 2]
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Frank26 (Dinar Guru) –   Article:   “Al-Nasiri: Central Bank aims to build a solid banking sector in 2018”   Quotes:  “Central Bank’s adoption of standards and controls conforms to the requirements of international standards and the basic and subsidiary objectives of its strategy until 2020 and to activate and consolidate new visions of monetary policy applications,,,”;   “…the Central Bank has introduced new policies and visions and mechanisms of smooth implementation, but it is monitored and followed up on a daily and accurate basis inside and outside Iraq in order to achieve the above economic goals and strengthen international banking relations with the international banks in order to serve our national economy and the banking sector.”  YOU NEED TO READ THIS WITH THE HEART OF A STUDENT OF YOUR INVESTMENT…THIS IS THE MAIN SOURCE…DO NOT WALK BY THIS…”ARTICLE”.
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sandyf (Dinar Guru) –   There seems to be some confusion between the availability of IQD at banks and forex, the two are not directly related. There are many levels of forex and all Art 14 currencies can be traded without being available at banks. International banks will normally only deal in Art 8 currencies but may do so at their own risk. It is Art 8 that guarantees redemption by the central bank. Around here there are a few local Art 14 currencies and they are all available at banks because the foreign nationals are present in the country.
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Frank26 (Dinar Guru) –   IMO ON MONDAY IN KW…THE LL (long line) DOES NOT SEEK A BUDGET FROM A…BUT MORE SO AN EXPLANATION OF…IRAQ’S CURRENCY!  [Of course they aren’t going to talk about their budget, who cares about that! I would want to know about the laws that are going to protect me, how I am going to exchange my currency while doing business, the banking laws that will protect my company & my contracts, the transfers, payments, insurances … the who, what, why and how about everything IQD.]   YES…YOU ARE NOW…GETTING THE TRUE PICTURE OF…THE KW CONF!!!
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Sources: away from the Kurds National Alliance and the Union of forces agree to pass the budget

Image result for picture of Kurdish National Alliance

Sources – away from the Kurds National Alliance and the Union of forces agree to pass the budget Parliamentary sources confirmed that the National Alliance in the House of Representatives, reaching an agreement with the Union of forces to pass the budget without the Kurds who oppose the proportion allocated to them in the budget, while likely to move Kurdish budget without counting the proportion of 17% of the region, threatening to take steps to escalate.

“The majority of the deputies of the National Alliance agreed with the Union of Forces to pass the budget away from the Kurds as they continue to object to the proportion of the province in the budget law,” he said, adding that ” The Kurds withdrew from the session of parliament, which saw the second reading of the budget, but their withdrawal did not affect the reading because it has not been put to the vote yet.

The source, who did not disclose his name, said that “the Kurds stand against the vote on the budget and their insistence on the previous proportion of the budget for the region 17%,” pointing out that “the budget today was built on the basis of population ratios in addition to that many cities and regions need funds Great for their reconstruction. ”

For his part, MP MP from the Patriotic Union of Kurdistan, Peston Zankana, pass the budget without counting the percentage demanded by the Kurds and threatened political escalation if the National Alliance and the Union of Forces implemented the scenario they agreed upon.

Read more:  http://www.dinarupdates.com/blog/
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Mnt Goat (Dinar Guru) –   Okay so where are we now in the investment?   …I did dig deeper and found that the rollout is being stalled due to two items:  First issue are the mandates to pay the salaries, retirees and pensions and to be all caught up in reoccurring debt.  Second is budgetary issues. They need to resolve these issues including the Article 140 issues with Kurdistan. We know that the KRG is the main reason why the budget is not being passed. So they already had a reading of the budget. The Iraqi Euphrates reports that the legal committee confirmed that parliament will complete the second reading of the budget during the meeting on Sunday, while pointing out that the proposed vote will be after four days.  [post 1 of 2….stay tuned]
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Mnt Goat (Dinar Guru) –   So are they targeting to have the FOREX rates out before this Kuwaiti Donor Conference? I am being told they had targeted for this weeks ago and so this is why they are rushing the budget now before parliament. The conference runs from Feb 12th thru Feb 14th. If you look at the recent news and look at the date there is no way they are going to have this budget passed before the Donor Conference. So I do not believe this will have any impact on getting the RV any sooner…it is looking like maybe by the end of next week, at the earliest.  [post 2 of 2]
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Frank26 (Dinar Guru) –   IN TEAM CHAT…I GAVE …3 POWERFUL THINGS TO CONSIDER…THEN ONE FINAL ONE.   FOR THE REST OF KONA…  […Can you give us a hint…please!]   …IMO…IT’S NOT THAT THEY THINK NOR CONSIDER THE RI….IT IS THAT THEY DO IT.  OUR TEAMS HAVE NOTICED A NEW PATTERN WITH AMERICAN BANKS:  MANY OF THE “FOUR” ARE SENDING THEIR CUSTOMERS NEW PROCEDURES ON FOREIGN CURRENCY TRANSFERS…VIA WIRING OR JUST ABOUT THEIR ACCOUNTS.  IF THIS WAS JUST ON ”CURRENCIES” …THEN THAT WOULD BE NORMAL…BUT…THEY TARGET “FOREIGN CURRENCIES”!   ALSO…BANK ANNOUNCEMENTS ARE NORMALLY DONE AT THE START OF A YEAR…NOT IN THE MIDDLE OF FEBRUARY IMO.  …NEW ATTITUDE.
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Chattels (Dinar Guru) –    I was asked whether I thought that the rate, impliedly ” new rate ” was in the budget.  I seriously doubt that any increase in the value of the dinar is going to be forecast in / by the budget.   …there is a discernable rate / value to the dinar evinced in the budget. That value in my time has always been the current value of the dinar.  The budget is a months long process. Is Iraq going to announce an increase in the value of the dinar in their draft budget? I don’t think so.
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Former minister: $ 500 billion will return to the state by applying the law “Where do you get this”

Baghdad – Mawazine News – Former Minister of Water Resources Mohsen Al-Shammari revealed that 500 billion dollars will be returned to the State Treasury in the event that a law is applied where you come from (better translated “Where did you get this”).

The House of Representatives on Saturday, during the session of the House of Representatives first reading of the proposed law on graft “Where you get this.”

“Former Minister of Water Resources Mohsen al-Shammari, it is likely to recover 500 billion dollars to the state treasury if the law applies” Where do you get this? “…

Read More: http://www.dinarupdates.com/blog/

BGG ~ 500 Billion USD is an awful lot of money… especially when you consider Iraq is only asking for 100 Billion for their COMPLETE rebuilding process. 

This is the size and scope of their corruption problem. This bill will be a problem. Everyone voting on it is crooked. Kinda’ like trying to get term limits passed here.

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G-Lin (Dinar Guru) –   Article:  “Financial Advisor-Abadi: the agreement with the IMF is forcing the Government to “observe”   Quote:  “Saleh noted…another important thing is the Conference Kuwait, how Iraq can go to a Of the Conference and communicate with the donor countries and is not able to adopt balanced? This is a very negative signal for this budget must be authenticated before Kuwait Conference».”    Wow…So the IMF is still keeping their foot on Iraq’s neck. Is this saying they need to get their budget in place before Kuwait Conderence? Iraq may very well walk away from this conference empty handed. The west wants assurances…
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Kaperoni (Dinar Guru) –  Article:  “Financial expert for “Economy News”: Rising oil prices helped lower dollar exchange rates”  Quote:  “The witness exchange rates declined significantly, as the dollar exchange rate in local markets reached this day, to 123.750 dinars per $ 100.”  Sounds like the spread is going down. 1237 to $1.”    [...Needs to be around 1202 to begin 90 day IMF compliance, I think?]   Once they are in compliance it will be interesting to see if the IMF makes them wait the 90 days. We may see a concession on the time. 
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Stryker (Dinar Guru) –  Topics  “Parliamentary Finance: Things are moving quickly towards the adoption of the budget”; “Masoum stresses Iraq’s urgent need for a solid and open economy“;  “Economist reveals the future of the dollar exchange rate in local markets   …Things are starting to heat up for Iraq; it’s time for action in the form of implementation and less talk!!!
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Kaperoni (Dinar Guru) –   Article:  “Kuwait is considering converting Iraq’s compensation to the projects and investments”  [If they settle it this way it could be 1 step closer to article VIII.]   Not related…   Article VIII is based on monetary policy and the IMF.   If Kuwait agrees to such a thing the benefit would be with the United Nations Security Council closing the reparations file and any subsequent resolutions. 

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Masoum stresses Iraq's urgent need for a solid and open economy

Masoum stresses Iraq’s urgent need for a solid and open economy

{Baghdad: Al-Furat News} President Fuad Masum, stressed the urgent need of Iraq to build a solid economy.

“The great victory that our people have achieved on the organization of the terrorist advocate has strengthened Iraq’s regional and international standing,” Masoum said during a speech at a conference of ambassadors and heads of missions in Iraq held by the Foreign Ministry on Friday, adding that international respect for Iraq’s strategic status as a force of terrorism Because it gives him a valuable opportunity to strengthen and multiply the possibilities of progress and construction and achieve security and peace. ”…

Read More: http://www.dinarupdates.com/blog/
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mike (Dinar Guru) –   Article:  “Washington reaffirms its support for the Iraqi economy”   Iraq’s leadership just don’t get it, the US is ready and chomping at the bit to get the TIFA side of the the project moving and all Iraq has to do is pass the legislation for the banks and the economy and get out of the way. But they don’t and then complain about it. We’re not going to: “give a signal to US companies that Iraq is open for business.”It’s not true, Iraq still has some heavy lifting to do before the country is open for outside investment. Property rights, business ownership, the currency, the banks and the economy are not attractive to US investment on a large scale if it doesn’t pertain to oil, it’s just too risky. Your move Abadi.
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G-Lin (Dinar Guru) –   Article:  “CBI Signature of the deposit guarantee company”   Quote:  “In accordance with the duties of the Central Bank of Iraq provided for in its law and in order to ensure the stability of the banking sector and increase confidence in it, “the contract of establishment of the bank deposit guarantee company was signed with the founding body“.   This is CBI taking action on a law that was already in place. I have to assume that by the signing of this Doc between the banks and the company providing the insurance for the deposits, this was implemented today. Very much like our FDIC. This is huge news. Investors and the public will now feel safer with their money in the banks. Iraq needed to do this before the Kuwait extravaganza and also it will pull that mattress money out of hiding.
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Enorrste (Dinar Guru) –   Article:  “Central Bank: Signing a contract to establish a deposit guarantee company with 44 banks”   I sense that the IMF is still in the background pushing Iraq forward slowly.  Like KAP  I’m reluctant to get too excited until we see this actually implemented and deposits start to flow into the banks.
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Adam Montana (Dinar Guru) –   Not sure if anyone noticed, but this has been a great week for Dinar. I know, the price didn’t move. We’re not at our “Post RV” destination right now, and that’s a bummer for some people. But let’s get real… back to the basics. Did you see anything BAD about IQD this week? I didn’t think so. How many weeks in a row is it possible that I can say that? More importantly… how many weeks in a row can that be said without something breaking?!!   We’re close. It’s only a matter of time, a practice in patience, and some sweet sweet victory soon…It’s going to happen, and no amount of analyzation or hypothesizing on my part will change it.
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Special for change .. Abadi of parliament: the international community will not help Iraq if the budget is not approved

Quoting the channel of change .. Abadi of parliament: the international community will not help Iraq if the budget is not approved

Altahreernews.com

BGG ~ Oh wow. We’ll this pretty much spells it out. However, keep in mind – this is likely Abadi talking TO his Parliament, urging them to adopt their budget.

When I initially started down this line of reasoning, I had no idea international sentiment was as tough as it appears to be. WOW!!

The UN, IMF and WB all appear to want to support Iraq in the worst way – but it also very much appears there are results that are yet required.

P.S. This might also explain this very direct, “hands on” push by Abadi to get the budget done.

We wait and watch.

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Kaperoni (Dinar Guru) –   Article:  “Financial expert for “Economy News”: Rising oil prices helped lower dollar exchange rates ” Sounds like the spread is going down.  1237 to $1.
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Chattels (Dinar Guru) –  A red letter day in Iraqi banking reform.   Article:  “Central Bank: Signing a contract to establish a deposit guarantee company with 44 banks”   Quotes:   “It is expected that this company will play a major role in protecting the banking sector…”  “the company’s capital is 100 billion dinars, of which 55 billion dinars from government and private banks where the proportion of government banks 25% and private banks 30% and the remaining 45 billion dinars will be put for public subscription.”   [This is good news. Am I reading this right that the Deposit Insurance program’s funding is $84 million dollars, or 100 billion dollars?]   My read on the text is that it is 100 billion dinar (or 84 million dollars ?), of which 55 billion or 55 % is from the government (30%) and private banks (25%) and the remaining 45 billion (45%) will be sold to the public.
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MilitiaMan (Dinar Guru) –  Article:  “US Deputy Secretary of State: We are committed to Iraq with the strategic framework agreement”  Quote:  “Announced that the US State Department on Tuesday January 30, 2018, a summary of deputy Minister John Sullivan meetings in Iraq, as he stressed his country ‘s commitment to “strategic framework agreement” with Iraq, ”    Looks like they are sealing the deal for everyone to get the picture. They mean business. They didn’t do all this work for nothing. They are doing it all for the Foreign investors. They will need a trade-able international rate a PROVEN one… eos.
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 Al-Alusi: Donor countries will not pay one dirham to a corrupt government

Special Mawazine News – Parliamentarian Mithal al-Alusi said on Tuesday that donor countries would not pay one dirham to a government accused of corruption.

“The donor countries can not be assured of their support at the donor conference to be held in Kuwait next month,” Alusi told Mawazine News.

“Those countries will not give Iraq a single dirham, because the government and the conservatives are accused of corruption,” he said.

“The states have informed the Iraqi government and politicians (we will not give you money because you are not trustworthy),” Alusi said.

The government has earlier announced efforts to coordinate with the Kuwaiti government to invite more than 70 countries to the donors conference scheduled to be held in Kuwait in February.

Source

Paul Moseley – “BGG YOU HIT THE NAIL ON THE HEAD”!!

BGG ~ Another accurate portrayal in the news. That is all. Thank you though 🙂

I have been talking the last however long about what Abadi needs to do along the lines of a real fight against corruption and why. Then I came out and did a fairly long dissertation on the matter. Some people didn’t like what I had to say… I only call it the way I see it. 

Then this came out today…

…”Those countries will not give Iraq a single dirham, because the government and the conservatives are accused of corruption,” he said…

This might explain the less-than-luke-warm response Abadi got while at Davos.

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BGG –  Article:  “Associated Press: Donor countries will ask Iraq guarantees not to go to corrupt money”  This is EXACTLY the case I have been laying out. Abadi is on a roll – but he needs to keep rolling!!
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mike (Dinar Guru) –   Article quote:  “…confirmed that Iraq imports 99 percent of its needs, indicating it is estimated at 50 billion dollars.”   Iraq is relying on the Balassa-Samuelson effect in order to slowly raise the value of the dinar that exports create. There won’t be any demand for the dinar if they don’t stop importing everything they consume and start creating their own goods.
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Angelquest (Dinar Guru) –   Article:  “Deputy: The government has completed the file of participation in the donor conference andthe budget must be passed before it is held. . the budget must be ready and voted before the conference”   Abadi hasn’t pushed the budget AT ALL – for Oct, Nov, Dec, Jan.. I think he’s ready… and that’s VERY VERY suspicious that he hasn’t.. which makes me think the rate is in it…and…I’m thinking he lowered the Kurds to 12% months ago – intentionally, possibly, just knowing the hoopla it would cause – such as no quorum, etc.. makes sense to me – cuz – he didn’t want that budget seen, or done, or voted yet.. so – tossed a wrench in it on purpose.
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Abadi’s war against corruption must begin with Maliki and his henchmen

Corruption is the most dangerous obstacle against Iraq’s development. As the country enjoys many natural resources like minerals and oil, the international community is concerned with Iraq’s high level of corruption.

Corruption in Iraq has caused severe poverty in Iraq, which led to civil and sectarian strife that caused the extreme damages to the country’s infrastructure.

Shia parties lead corruption…

Read More: http://www.dinarupdates.com/blog/

 

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Post RV Checklist (it’s getting to be that time!! Listen up!!)

Dos and Don’ts of Windfall Wealth:

Treat it like a PowerBall win

– Tell no one, not even family. If you must talk, do so with one who is already in the know.

– Don’t run out & buy new “stuff”. People notice.

– Get an unpublished number and give it out very sparingly.

– Get a tax accountant you can trust to make sure the IRS is satisfied (Certified Opinion is something to look into) and pursue asset protection…

Read Complete List: http://www.dinarupdates.com/showthread.php?18519-The-Post-RV-Checklist-and-Flashback-documents&p=128477#post128477
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If you found this blog, our website or chats helpful – Forward it to a friend!! We couldn’t do it without you!! Thanks – BGG!!

www.DinarUpdates.com

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