If you have questions about the DUCE list, please go to the BLOG…
Read more: http://www.dinarupdates.com/blog/
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MilitiaMan (Dinar Guru) – URGENT FROM IRAQI TV: Association of IRAQI Banks seeking to link local banks universal. July 13, 2017 Article: “America Invites the Association of Private Banks to Participate in the Arab American Banking Conference in New York” So from the past July 13th article…they tell us they are having a Pow Wow in the USA to show case the Iraqi Banks and one has just hit the top 1000 banks in the world, we read today…Article: “The Association of Banks seeks to link local banks to the universal“ This has been in the works for a little while now, imo. Iraq’s Security and Stability has increased there by raising Iraq’s credit rating. They are also telling us today the MC cards for all can be used freely for just about every Global transaction appropriate. For that the Banks need to be Universal in that regard.
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In Beirut. The reconstruction of Iraq’s liberated areas was launched
Diyala Governor Muthanna al-Tamimi announced on Monday the launch of the reconstruction of liberated areas in the Lebanese capital Beirut.
Al-Tamimi said in a statement that “the work of the Conference on the Reconstruction of liberated areas in Iraq was launched today in the Lebanese capital Beirut in the presence of Mustafa al-Hiti, head of the reconstruction fund of the areas affected by terrorist operations, and representatives of the provinces of Mosul and Anbar and Salah al-Din as well as Diyala.”
“Diyala has been subjected to a fierce terrorist attack by a pre-emptive organization, and needs local, regional and global support for its reconstruction and the return of displaced people to their liberated areas,” Tamimi said.
Read more: http://www.dinarupdates.com/blog/
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EHankins (Dinar Guru) – Article: “Saudi-Iraqi negotiations to form a new alliance and return Baghdad to the Arab embrace” “Serious negotiations are under way between Iraq and Saudi Arabia to form a new alliance that would give Riyadh a leading role in rebuilding Iraq’s war-torn cities.“ IMO…THIS IS A SHOW OF TREMENDOUS STABILITY AND, YES, EVEN SECURITY TO JOIN WITH SURROUNDING COUNTRIES TO CREATE AND GIVE BREATH TO UNITY AND STRENGTH. POWER IN NUMBERS MINUS THE ONE AND THAT IS A SIGN OF THE WILLINGNESS AND…THE DESIRE TO UNITE. IRAQ AND SAUDI ARABIA…HISTORY RENEWED…
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G-Lin (Dinar Guru) – Article: “The recovery of the Iraqi economy depends on the adoption of 4 vital laws” “The four laws (customs tariff law, domestic product protection law, consumer protection law, antitrust law)
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MilitiaMan (Dinar Guru) – Article: “Kuwaiti newspaper reveals a non-cash payment mechanism for Kuwait’s compensation to Iraq” This is imo answering questions out there on how Iraq is doing business on a program rate. They aren’t. They are doing it in like kind value products. Imo. The Dinar is pegged to the Dollar. Thus, when shipping oil or gas it is based on world trade that is done in the USD. kW is owed $ 4+ Billion, therefore, they will get it in like kind value irrespective of the current exchange rate unless the contracts have a future maturity date that is in or at a different rate of exchange that has been set already, just not for our eyes just yet. There is all sorts of trade that can be done now that Chapter 7 is lifted. [post 1 of 2….stay tuned]
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Hakim is discussing with Trump a number of files, most notably the developments in the war against terrorism
The head of the National Alliance, Ammar al-Hakim, on Sunday discussed with US President George W. Bush’s envoy to the international anti-terrorism coalition Bert McGurk several files, including the developments in the war against terrorism and the cutting of supply routes.
“The head of the National Coalition, Ammar al-Hakim, received in his office in Baghdad, the envoy of the American President of the International Coalition against Terrorism, Bert McGurk,” the press office said, in a statement that “Hakim discussed with the Trump envoy the developments of the battle Critical against terrorism “.
Read more: http://www.dinarupdates.com/blog/
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Speedcast Awarded VSAT License in Iraq
Speedcast International Limited has announced it has been awarded a VSAT (Very Small Aperture Terminal) license to operate in Iraq through its locally-licensed entity, prompting the completion of a new systems integration project providing managed network services for an international oilfield services group in the country.
The VSAT license is a strict new requirement as of January 2017 for service providers operating in Iraq, which was previously covered under the yearly telecommunications license required to operate communications networks in-country.
Read more: http://www.dinarupdates.com/blog/
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Adam Montana (Dinar Guru) – [Has the CBI issued any holidays before or is this upcoming weekend the first time they have done so? A few of us were wondering if there wasn’t something going on behind the scenes when it comes to it.] The CBI issuing a holiday announcement is certainly intriguing. I can’t tell you for certain if it’s the first time, but… certainly intriguing, indeed.
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American Contractor (Dinar Guru) – In the country of Yemen, the Central Bank of Aden has made a poor decision to float their exchange rate. We have dinar experts (I use that term used loosely) in the dinar community that think that the float in Yemen is a great idea. I can tell you that it is not. There are numerous groups and organizations that are against floating the currency and are asking others to follow suit and not follow the floating free market exchange rate. As it stands, there will be banks and ATM machines closing in Yemen, thanks to the corrupt practice of the Saudi supported Central Bank of Aden.
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The necessities of economic reform in Iraq
The economic reform process is one of the urgent necessities of reforming the structure of the national economy in the event of crises caused by slow economic growth or imbalance in the balance of payments and imports, which requires the decision-maker in the country to work on a reform plan to find solutions to the imbalances, .
In the current circumstances of the Iraqi economy, resulting from the global economic crisis, which left its effects on the various economies of the world, especially the rental economies dependent on the export of one commodity and the significant price declines, it is necessary to work on an economic plan to work on Eliminate the negative effects of the decrease in imports resulting from the decline in oil prices globally.
Read more: http://www.dinarupdates.com/blog/
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International Monetary Fund praises Iraq’s actions to achieve comprehensive economic development
The International Monetary Fund praised the government’s measures aimed at achieving comprehensive economic development through controlling and reducing spending, encouraging investment and going to the private sector as well as serious steps towards maximizing its non-oil revenues to avoid or reduce the budget deficit by moving away from the total dependence of oil as a basic resource for the budget. That the Fund revealed through indicators of the overall financial and economic conditions in Iraq for the period from 2013 to 2022 on the arrival of the volume of public debt to Iraq to 122.9 billion dollars, which constitutes 63.8% of gross domestic product, expected to reach the public debt during 2018 to 132.4 and continue to Fund forecasts even up to 132.9 during 2022.
The Fund, through the Executive Directors’ assessment on the sidelines of the conclusion of the IV Article IV Executive Board with Iraq, welcomed the policies set by the Iraqi Government to deal with the shocks of armed conflict with the organization of the terrorist advocate and the humanitarian crisis resulting from the waves of displacement and its aftermath, as well as the second shock of falling crude oil prices.
The outlook for growth in Iraq is positive in the medium term. Growth will be driven by the moderate increase in oil production, the recovery of non-oil growth, supported by the expected improvement in the security situation, and the implementation of structural reform measures.
Read more: http://www.dinarupdates.com/blog/
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Kaperoni (Dinar Guru) – …the recent IMF Article IV is very important…Not only does it lay out the steps for the CBI, we are seeing the CBI take action in recent days as a result. In the last few days, we have seen in Iraq, the private banks continue training and the CBI announce a conference for AML…all recommendations from the IMF.
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Adam Montana (Dinar Guru) – […more and more I am thinking that before the HCL is even voted on, the Parliament is waiting for the CBI to make sure all the little things they need to do are done before they will even consider the HCL. When Parliament sees the CBI is ready, they will pass the HCL.] I think CBI and parliament are equally important. They both have to be ready… but in that regard, I believe the CBI is ready already.
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American Contractor (Dinar Guru) – There is lots of chatter referencing Article 140, however, many of you do not realize that it is no longer a viable point in politics. Last week, the Kurdistan Regional Government (KRG) published a statement in regards to becoming an independent state by a vote. There are certain countries in the world that are opposed to this, the Iraqi government being one, and so it is unlikely that it will happen. It appears that the idea of an independent KRG is simply wishful thinking.
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Expert: Banking products portal access to the outside world
Introduced by the Iraqi Trade Bank of Baghdad / follow Farah pumice to strengthen banking services across Iraq, has invested the Iraqi Trade Bank services to be an important turning point in the business point, through the horizontal expansion in the number of branches, better to corporate clients and individuals , government institutions, the development of new products and offer. In this regard, economic expert Thamer Nawaf that the expansion of the opening of branches of banks in the Iraqi provinces, a healthy condition to ensure the delivery of banking services to all regions, and reduce the burden of distance from the customer.
The Iraqi Trade Bank opened its branch in the province of Basra, after the branch moved to the building owned by the bank, in order to ensure the investment of its assets, after being fully rehabilitated by the Engineering Division and the bank’s staff within the rehabilitation plan of the branches.
Read more: http://www.dinarupdates.com/blog/
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Kaperoni (Dinar Guru) – Those that didn’t know, earlier this year, Egypt and Morocco announced they would float their currencies. Well today, Yemen announced a free float! I think that Yemen decided to float today is huge! This should help Iraq make the decision once ready. I read the other day since March (which is when Egypt floated), Egypt has raised there reserves $15 billion dollars. Still doubt the dinar will float? We know for a fact the plan is to float the Iraqi dinar because the CBI gov..Ali al-Allaq said so… The only way the dinar can be in the world markets is if it floats. [post 1 of 2….stay tuned]
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Iraq is trading more than 65 billion shares in its financial markets and banks are advancing on companies
The market of Iraq Stock Exchange in the current July 21 trading session in the regular market, which includes 72 companies and 10 sessions in the second market, which includes 29 dormitory companies The ISX60 market index closed at the end of the month (575.61) points, down by (0.09%) compared to its value at the end of the month of June (576.11) points.
“The number of shares traded during the month of July reached (65.877) billion shares, while the value of shares traded (40.720) billion dinars, indicating that trading in the market focused on the shares of banking companies, where the Commercial Bank of Iraq, a number of shares amounted to 26.400 Billion shares followed by the Arab Bank of Islam after the number of shares of 12.985 billion shares either Bank of Baghdad was a number of shares 7.457 billion shares and the Bank of the Middle East with a number of shares 6.057 billion shares and the Gulf Commercial Bank with a number of shares 2.711 billion shares and the Islamic Bank was the number of shares of 2.061 billion shares, The closure increased by JD (0.670) by (11.7%) from AGLA The previous month of JD (0.600).
Read more: http://www.dinarupdates.com/blog/
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BGG (Dinar Guru) – “Iraq sets a milestone by entering the international market with its first sale of independent bonds” While staying away from gross generalizations, it would appear they are deep within the “process” of being re-engaged with world economies… even if they aren’t being “officially recognized” just yet. …they reportedly had much more interest than they had actual bonds to sell during this last offering. Obviously – we’ll see a follow-up bond offering. However, I would suspect there could be some restraint to this particular action by the IMF, etc, until they are content with Iraq’s compliance. None of the above is saying the IMF isn’t perfectly satisfied with their progress to date, nor am I saying any of this is directly tied to potential value change. It is merely my view of things.
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Adam Montana (Dinar Guru) – It’s not often I think I have a date nailed down, for ANYTHING related to Iraq, but right now I’m chomping at the bit for a tiny hint of confirmation on a couple things. One is heavily HCL related. That’s as far into the “intel” that I’m going to go. Those of you that know me well, know that I keep a very steady and even keel regarding this investment. Am I optimistic? You bet! Do I let my emotions overtake my logic? NEVER. (At least not regarding the Dinar! ) So this is really one of the very few times I have ever felt this way… the feeling is a slight bit of annoyance that something didn’t happen in the timeframe I expected it to. [post 1 of 2….stay tuned]
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Central Bank: Conditions of the International Monetary Fund aims to reform Iraq’s economy
The governor of the Central Bank, Ali Alalak, that the economy of Iraq can not rise without the existence of a real banking sector and effective, stressing that the conditions of the International Monetary Fund aims to reform the economy.
Al-Alak said in his speech at the celebration held by the Islamic Bank of Iraq on the occasion of the anniversary of the “25” year of its founding, and attended by “Economy News”, “It can not rise the economy of Iraq without a real banking sector and actively contribute to support the productive sectors,” adding that ” Of the Iraqi banks possess human and financial capabilities and keep abreast of developments in banking systems. ”
He pointed out that “the need to strengthen confidence between banks and citizens, which reflects positively on the economy of the country and facilitate banking operations and create great competition,” noting that “the Central Bank launched the largest lending initiative in the history of Iraq through the allocation of 6 trillion dinars.”
Read more: http://www.dinarupdates.com/blog/
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Foreign Minister discusses with UN Secretary-General’s Representative in Iraq the reconstruction of liberated areas
Foreign Minister Dr. Ibrahim al-Jaafari received the Representative of the Secretary-General of the United Nations in Iraq Mr. Jan Kubic at the Ministry’s headquarters. The two sides discussed the latest political and security developments.
The Minister praised the role of the United Nations and humanitarian organizations in the relief of the displaced and provide them with help and support despite the dangers. He also discussed the role of the international community in the reconstruction process of the liberated areas, stressing that Iraq has successfully passed a stage after liberating the cities that were in his grip, It ends because it is a mixture of unthinkable ideas, hatred, and brutality, unparalleled in history. It is aimed at killing a person regardless of his religion, race and gender.
Read more: http://www.dinarupdates.com/blog/
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MilitiaMan (Dinar Guru) “Iraq is entering the global financial markets with great success” Quotes: “this move gives a strong signal to investors to deal with Iraq with high confidence…” “The plans implemented by Dr. Abadi three years ago were well studied, especially with regard to capital. We succeeded in maintaining the dinar exchange rate while continuing to pay salaries and dues, maintaining the war against the enemy and achieving economic victories parallel to security.” The confidence the investors have in Iraq has arrived. An additional point to think about is the three years it has been in the making. If we recall the MOP shows that time line for the IQD as well… with two sets of books per se, one may deduce they have been doing them for a heck of a lot longer than ever thought. If true, how sweet it is!!
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Iraq sets a milestone by entering the international market with its first sale of independent bonds
BGG ~ While staying away from gross generalizations, it would appear they are deep within the “process” of being re-engaged with world economies… even if they aren’t being “officially recognized” just yet.
As we discussed on the last call, they reportedly had much more interest than they had actual bonds to sell during this last offering.
Obviously – we’ll see a follow-up bond offering. However, I would suspect there could be some restraint to this particular action by the IMF, etc, until they are content with Iraq’s compliance.
None of the above is saying the IMF isn’t perfectly satisfied with their progress to date, nor am I saying any of this is directly tied to potential value change. It is merely my view of things.
(The above Tweet and video was courtesy Okie Dinar)
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BGG (Dinar Guru) – [Iraqi Prime Minister Abadi announced the below on the Iraqi Govt Twitter: THE OIL-FOR-FOOD FILE HAS BEEN RESOLVED COMPLETELY] Apples and watermelons. Ch 7 designation and the Oil-for-Food are different files entirely. The last remaining Oil-for-Food money was reportedly turned over to Iraqi control. However, to imply this means the lifting of all Ch 7 “sanctions” is not an accurate analysis. There really aren’t much in the way of Ch 7 sanctions left in force anyway. Further, I highly doubt the UN completely removes the Ch 7 designation anytime soon. I suspect they want the latitude to go in and help settle things down again – if needed. As they did with ISIS. None of this is directly detrimental to a value change in the currency…If it were – How would it have been possible for the CoM and CBI to have been planning a value change back in 2012?
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International Monetary Fund expects positive growth of Iraqi economy in the medium term
The International Monetary Fund (IMF) expects a positive growth of the Iraqi economy over the medium term thanks to improvements in the security situation and the implementation of infrastructure projects.
“Iraq is currently facing a double economic challenge of compensating for the material losses caused by the war against Isis as well as the decline in oil production and prices,” the IMF said in a report.
“Iraq’s real gross domestic product rose by 11 percent in 2016, as a result of a 25 percent rise in oil production, which was not significantly affected by the conflict with Isis at the time,” he said.
Read more: http://www.dinarupdates.com/blog/
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BGG (Dinar Guru) – …The correct terminology you’d look to hear from them [Iraq] would be monetary reform [Instead of RV] or you’d look to hear something along the line of deleting the zeros project or something along those lines might be what’s you’d be looking at…it’s going to have a bunch of good news particularly financial good news. However, if you’re looking for some actionable information forecasting this event, I guarantee you will be disappointed. It will just happen. They are not going to telegraph it…I think the cat was out of the bag a long time ago…By the way, it’s kind of interesting that we are seeing this slew of articles lately that are talking about, in big terms, all the success that is coming to Iraq soon.
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Central Bank: 20 financial transfer companies turned into banks
Economy News Baghdad: The director of the Central Bank’s accounts department, Ihsan Shamran, said that the government has drained the resources of Al-Rasheed and Rafidain banks, adding that 20 financial transfer companies have become banks.
“The government has drained the resources of Al-Rasheed and Rafidain banks and borrowed from them 25 trillion dinars to cover the salaries of companies,” Shamran said in an interview with the satellite “Iraqi News” and his “Economic News”, adding that “Al-Rasheed Bank and Rafidain did not provide anything because of lack of liquidity.”
Read more: http://www.dinarupdates.com/blog/
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Political Reform in Iraq
What was almost the atmosphere of the great military victory in Mosul receded a little, until the withdrawal of political conflicts filled the skies of Iraq and its territories from north to south, he hoped to open the sacrifices and the efforts of the great fighters a window of political thinking to deal with the crises of Iraq in a new spirit puts national interests above all considerations This means concessions on party and factional interests, and serious thinking about leaving the political methods of action that have brought the country to what it is.
Read more: http://www.dinarupdates.com/blog
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Association of Private Banks: Banks are working on issuing four million bank cards
The Iraqi Private Banks Association announced on Monday that Iraqi banks are currently working on issuing four million bank cards.
The Executive Director of the Association of Private Banks, Ali Tariq, in an interview with “Economy News”, “The banks operating in Iraq are currently working on the issuance of four million bank cards and put them on the market,” adding that “the world will see in the coming years, Using electronic cards in daily transactions. ”
He stressed that “the issue of bank cards is of great importance after the opening in the society and the expansion of the banking culture of the citizen,” explaining that “the Association of private banks will establish several courses for bankers on the development of their capabilities in dealing with bank cards.”
Read more: http://www.dinarupdates.com/blog
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Enorrste (Dinar Guru) – Article: “Keywords confirms the existence of a large and promising role for the private sector in the next phase” Quote: “Secretary General of the Council of Ministers d. Mahdi Keywords presence of government plans to give a major role and promising the private sector in Iraq by activating the investment side in the next stage within the sectors of the economy and reconstruction.” I’m with KAP [Guru Kaperoni] on this one. This sort of language doesn’t leave much wiggle room. It seems to me that forces are in play to open the currency to the world before the end of the year. [reference Guru Kaperoni post 7-7-2017]
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Islandg1211 (Dinar Guru) – Today the GOI passed laws related to decentralize government and elections in the provinces. These are important to support the local governments which us apart of the original UN plan to rebuild the country of Iraq as a democracy. So they are complying with the UN sanctions to de-centralize the government. The GOI has actually done something last week and today when they approved the budget amendment. That was a requirement of the IMF, and by passing it, they got the loan installment approval from the IMF’s review. Today’s regional laws help them comply with the UN. So the GOI actual made progress. But, the real need here is a deal with the Kurds. They are coming to Baghdad next week but it’s all about Barzani getting his own country. Also they announced that the budget has been amended and is projected to go from 95% revenue derived from oil down to 85%. That’s an important step to economic diversification that the IMF wanted. [post 1 of 2….stay tuned]
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Abadi: Iraq remains and triumphs and radiates hope to others
BAGHDAD, Iraq – Prime Minister Haider al-Abadi said on Saturday that the advisory fatwa was turned into a victory fatwa, after the sons of the country responded to the fatwa of the religious authority Ali al-Sistani, explaining that Iraq remains and triumphs and radiates hope to others
The victory makers are the martyrs, the wounded and the fighters, as well as the engineering effort, the medical effort, the air force and other tanks a statement from the media office of Abadi said.
We have won and we will continue the journey of victory, and everyone should not listen to the stingy voices We will not allow them to take us back to square one the statement said.
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Breitling (Dinar Guru) – A lot of people are talking about the IMF. Don’t read into this hype. What the IMF is doing is they gave loans to Iraq. The reality is the IMF is making sure that the money is fine and if they get to a situation where they are mismanaging and they can’t pay the IMF back for the loans…the IMF gets management rights. That’s it. And guess what? Iraq has not even been close to being at that stage. They pay their bills. They have plenty of money to pay their bills. It has nothing to do with if it’s going to revalue tomorrow or an indicator. Everyone get’s loans. I know millionaires who get loans.
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Efforts to increase citizen confidence .. Central Bank announces a plan to increase the number of foreign banks in Iraq
Al-Alak said in a press interview that “the number of foreign banks, including Arab, has increased during the past two years, to currently reach 18 banks, and the number of foreign banks, After the number did not exceed 11 banks, “stressing that” these steps were conducted in coordination with the World Bank and most of these banks is solid and has branches in most of the world. ”
He added that “branches of foreign banks can not be required to new rules, since the bank has one capital for the branch or the original, which applies to our banks in Iraq and neighboring countries, and falls under the policy of reciprocity with the countries of the world, International law “.
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US Secretary of State calls Abadi: keen on Iraq’s unity and respect for its constitution
Prime Minister Haider al-Abadi on Friday received a telephone call from the US Secretary of State, while the latter stressed his country’s keenness on Iraq’s unity and respect for its constitution.
Abadi said in a statement received by Al-Ghad Press that the latter had received a telephone call from US Secretary of State Rex Tilerson and renewed his congratulations on the Iraqi forces’ victory in the battle of Mosul, praising the wisdom of the leadership and the high level of coordination in the battle.
The US Secretary of State, according to the statement, “continued support for Iraq’s efforts in the post-urging,” stressing “the position of the United States and its concern for the unity of Iraq and respect for the Constitution.”
Read more: http://www.dinarupdates.com/blog
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Adam Montana (Dinar Guru) – [what is your take on their statement of establishing the National Oil Company and then doing the HCL?] I don’t think the National Oil Company is a prerequisite to move forward on the HCL. [If the Kurdish separate from Iraq, will they still use the Iraq Dinar? Whats your opinion how this would effect our investment?] It’s my opinion that will never happen.
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The Central Bank announced a plan to increase the number of foreign banks in Iraq
The Central Bank Governor said on Thursday relations plan aims to increase the number of Arabic and foreign banks and financial companies operating in Iraq will continue until the year 2020.
Alak said in an interview with the London life and followed news that economy “” number of foreign banks including Arabic rose during the past two years, bringing the 18 banks, currently number 11 was a Bank, “stressing that” these steps took place in coordination with the World Bank and the majority of these strong and banks have branches in most of the world. ”
Read more: http://www.dinarupdates.com/blog/
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IMF confirms Iraq’s commitment to reforms required by 2nd Review of Credit SBA
Alsumaria News / Baghdad The International Monetary Fund (IMF) on Wednesday commitment to the reforms required in the second review of the credit standoff agreement, adding that this will pave the way for the third review, which will start in September.
The Central Bank of Iraqonfirmed Iraq’s c in a statement received, Alsumaria News, a copy of it, “The International Monetary Fund congratulated the Central Bank and the Ministry of Finance and the Prime Minister on the success of the second audit consultations and the Convention on credit readiness after the implementation of programs and financial and monetary targets and placed in a framework that provides financial stability for Iraq and face Financial and security challenges “.
Read more: http://www.dinarupdates.com/blog
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G-Lin (Dinar Guru)- “In a letter sent by the International Monetary Fund, congratulated the Central Bank of Iraq, the Ministry of Finance and the Prime Minister’s Office on the success of the second audit consultation on the Credit Standby Agreement, which came after Implement the programs and financial and monetary targets and put them in a framework that provides for the financial stability of Iraq and meet the financial and security challenges.” However, this says they will have a third review in Sept. on Iraq’s monetary policy. That’s unusal and I like it.
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Bruce (Dinar Guru) – What we are hearing from Iraq’s point of view is they were going to have the IMF meeting in Iraq today [Tuesday]… I do know that things have occurred over there with the Iraqi citizenry where they do have a new rates and do have their new Qi cards which I refer to they have a share of the oil and gas exploration revenue on those cards. …Today this morning for the citizens in Iraq, those cards were live and accessible. They were able to access those funds at the new rates… That has to tell us that we are very close. …I think the IMF meeting was an overall success. I believe what Iraq needed to do is present their rate to the IMF today and I believe they did that successfully. I believe they had that rate approved today.
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On July 26, 2017, the Executive Board of the International Monetary Fund (IMF) discussed the Fund’s ongoing work on enhancing collaboration between regional financing arrangements (RFAs) and the Fund. The work is part of a broader discussion with Executive Directors over proposals to strengthen the Global Financial Safety Net (GFSN), which has included the creation of a new Policy Coordination Instrument on July 14, 2017.
As the GFSN expanded and became more multi-layered, stronger collaboration between its various elements has become increasingly important to ensure timely and effective crisis mitigation. After establishing the mutually reinforcing benefits derived from stronger collaboration, the paper proposes modalities for collaboration—across capacity development, surveillance, and lending. Building on past co-lending experience, it outlines operational principles to help guide future co-lending between the Fund and the various RFAs. Recent experience with co-lending highlights the importance of early and evolving engagement between the RFA and the Fund; the benefits of exploiting complementarities; the criticality of a single program framework; and the need to mutually respect the institutional independence and capacity of the partners.
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Bruce (Dinar Guru) – What we are hearing from Iraq’s point of view is they were going to have the IMF meeting in Iraq today [Tuesday]… I do know that things have occurred over there with the Iraqi citizenry where they do have a new rates and do have their new Qi cards which I refer to they have a share of the oil and gas exploration revenue on those cards. …Today this morning for the citizens in Iraq, those cards were live and accessible. They were able to access those funds at the new rates… That has to tell us that we are very close. …I think the IMF meeting was an overall success. I believe what Iraq needed to do is present their rate to the IMF today and I believe they did that successfully. I believe they had that rate approved today.
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Central Bank: Our financial situation is good for four years to come even as oil prices do not recover
The central bank explained that the reserve of gold that it has, is part of the cover of the national currency, and its function is not the transition time hard to dollars to strengthen the budget as some believe, and stressed by saying, it is not practical to liquidate that reserve and convert it to the dollar in front of any financial problem passes Said that even if Iraq does not recover oil prices, its financial position will be good for four years to come. An economist confirmed that the central bank has good reserves and does not raise the burden of deductions from the citizen, as some believe, indicating that the reserve is used to finance imports. Not for domestic spending This is the case in all countries of the world.
Read more: http://www.dinarupdates.com/blog/
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Abadi announced the establishment of a plan to liberate Tal Afar with the participation of all the security services and the crowd
BAGHDAD – Prime Minister Haider al-Abadi announced on Saturday that the government and security leaders will soon launch a plan to liberate Tal Afar with the participation of all security services and popular and clan rallies, stressing the need for a national political class to be ” Calling. ”
“We want a national political class similar to the military leaders in their race to defeat the oppressor,” Abadi said in a speech at the Youth Parliament. “The countries of the world have participated in Iraq and supported it in the war on terror because it has found a genuine determination to fight a fanatic.”
“We want to balance our relations with countries and not to hand over our interests to a state without others,” he said. “There is a class that does not want the state to recover, including terrorist gangs, and that these people will not survive.”
Read More: http://www.dinarupdates.com/blog/
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Enorrste (Dinar Guru) – Article: “Governor of the Central Bank of Iraq: expect economic movement in the next stage” …this is opening the door to foreign investment. Quote: “noting that “Iraq will be able to attract foreign investment because of the stability of the security situation and increase the number of investment opportunities.” Therefore…we should expect the dinar to be opened to the world market very soon. There will be no foreign investment without an internationally tradable currency.
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MilitiaMan (Dinar Guru) – Article quote: “to achieve the goal of maintaining the exchange rate and ensure the use of foreign cu
rency out of order to meet the needs of the economy and market and development and non-directed to non-purposes; ” There is a meeting with the IMF on 08/01/2017 if I am not mistaken. A one in regard to Article IV with Iraq. The article above speaks volumes of what has been done over the preceding two years. Not just one year. I believe this has to do with Article VIII… They have been working to maintain the exchange rate of the Dinar against Foreign Currency to cover imports entering Iraq while maintaining their independence under law. They go on to say that they are (imo) effectively ceasing MCPs (Multi Currency Practices) not supported or at least if are supported by the IMF, they are under the guidance of the IMF when doing so and would be short lived if even relevant. [post 1 of 2….stay tuned]
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MilitiaMan (Dinar Guru) – They have all the mechanisms in place to facilitate trade to serve their national economy from the looks of things. They have mediation in order to be prepared for typical disputes in trade at borders. Basically, they are fully ready, if not already INTERNATIONAL and by all means! They are telling us they are going to contribute to GDP by having implemented monetary policy for sustainable development. They are telling us the Central Bank has facilitated procedures and controls, became transparent in disclosures in regard to maintaining their exchange rate. Ya buddy… This meeting with the IMF is not about what needs to be done, it is done! It must be about dotting I’s and Crossing T’s, and atta boyz and girlz, for a job well done! imo. [post 2 of 2]
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Politics of the United Nations discuss with Abadi referendum Kurdistan
Shafaq News / Iraqi Prime Minister Haider al-Abadi discussed with the Special Representative of the Secretary-General of the United Nations in Iraq, Jan Kubic, political files. According to a statement of the Special Mission in Iraq, the meeting focused on the topics of national reconciliation and the referendum on independence in the Kurdistan Region of Iraq. The two sides also discussed Iraq’s participation in the next session of the United Nations General Assembly.
Read more: http://www.dinarupdates.com/blog/
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Iraqi Private Banking Association Concludes Training Course on “Corporate Risk Management”
Economy News Baghdad: A training course titled “Corporate Risk Management” organized by the Association of Iraqi Private Banks at its headquarters in the capital Baghdad was concluded on Thursday with the participation of 76 trainees from government, private and foreign banks and financial transfer companies.
The Executive Director of the Association of Private Banks Ali Tariq, told “Economy News”, “The Association of Iraqi private banks concluded today a training course in institutional risk management, which was organized in cooperation with Talal Abu-Ghazaleh and the Arab International Community of Chartered Accountants,” adding that ” The course 76 people working in banks and financial transfer companies operating in Iraq.
He explained that “the course of the training course ensures the management of risks, which are divided into market risks and operational risks and credit risks and applications of the elements and concepts of Basel,” pointing out that “the certificate given to participants recognized internationally because it issued by the Arab International Institute of Chartered Accountants.”
Read more: http://www.dinarupdates.com/blog/
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Bruce (Dinar Guru) – Fiat dollars are no longer recognized in Iraq. So that’s a pretty good indicator how close we are to this happening for us. About Smart cards…Qi cards have been in Iraq for years now with varying rates, depending on region of country, type of payment and such… The newest latest cards are out to Iraqi citizens, even those citizens out of the country. They had to activate them by last Saturday night and they did. We are hearing that money will be on those cards around noon tomorrow [Friday] eastern time. Those cards will receive the proceeds from the oil that they are to share with the Iraqi citizens (HCL 140) just like they do in Alaska for Alaska citizens. Access to the oil proceeds start tomorrow at the new rate. We really believe we are supposed to have our start by the end of the week. [post 2 of 2]
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The outlook for global growth is stable for the current and next years
An IMF report highlighted the growth of the global economy, the Middle East and North Africa, where the IMF kept its outlook for global economic growth unchanged for the current and next year while adjusting growth forecasts for the euro zone and China upwards. A marked slowdown in 2017 for the growth of the Middle East and North Africa economy, Saudi Arabia’s growth is likely to fall to zero, the International Monetary Fund said Monday. Gross world product in the latest World Economic Outlook, the report said the GDP growth rate would be 3.5 percent in 2017 and 3.6 in 2018.
The latest IMF forecast was released in April.
The International Monetary Fund’s June report lowered the US growth forecast for 2017 and 2018 to 2.1 percent from 2.3 percent and 2.5 percent respectively three months ago.
The IMF forecast slightly stronger growth in the euro area in 2017, 1.9 percent, up 0.2 percentage points from Nissan.
Read more: http://www.dinarupdates.com/blog/
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Adam Montana (Dinar Guru) – My optimism in this venture is not waning, nor is it diminished even slightly. We have nothing but positives to consider at the moment. The cold hard truth is this: Iraq had a long road to travel. They have stood the test of time, they have marched forward through amazing troubles, and they are still heading in the “right” direction. But at no time in history, and at no time in the future, will they EVER tell us the “date” that they will do what they are bound to do at some point. At some point, they will raise the value. This is undeniable. But if they will do it tomorrow, or next Tuesday, or in a month or a year? We will never know that. I am going to say something with absolute conviction right now. This is absolute, no possible way to refute it, it is ABSOLUTE just like gravity pulls you towards the earth. With all my connections, with my decades of international communication and (I don’t even know how many airmiles) of travel, my past and present work and friendships with bankers, CEOs, politicians and more… I will tell you this… [post 1 of 2….stay tuned]
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Aggiedad77 (Dinar Guru) – “The Council of Ministers authorizes Araji to sign the investment project between Iraq and America Protection Convention” …that be UUUUUUGGGGGGEEEEEE news …protection of investments between Iraq and the US…can you spell Trump DEALS on this...IMO…this is yet another step they are showing us in just how ready they are for things to move in a positive and extremely proactive direction IMO...
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Chattels (Dinar Guru)- […does the power lay with the CBI or Abadi?] My belief is that it is rather unimportant who has the power between the CBI and the office of the PM. What is important is whether any “public rate” is acceptable / sustainable in the world marketplace. [so a float would answer that?] The bottom line to me is what “amount” a sovereign nation is willing to exchange their “dollar” for in dinars? A float rather presumes that there is a value to the dinar initially and whether that value will be stable or increase, eh?
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The outlook for global growth is stable for the current and next years
Capitals / follow-up Shukran al-Fatlawi An IMF report highlighted the growth of the global economy, the Middle East and North Africa, where the IMF kept its outlook for global economic growth unchanged for the current and next year while adjusting growth forecasts for the euro zone and China upwards. A marked slowdown in 2017 for the growth of the Middle East and North Africa economy, Saudi Arabia’s growth is likely to fall to zero, the International Monetary Fund said Monday. Gross world product. In the latest World Economic Outlook, the report said the GDP growth rate would be 3.5 percent in 2017 and 3.6 in 2018. The latest IMF forecast was released in April.
The International Monetary Fund’s June report lowered the US growth forecast for 2017 and 2018 to 2.1 percent from 2.3 percent and 2.5 percent respectively three months ago.
The IMF forecast slightly stronger growth in the euro area in 2017, 1.9 percent, up 0.2 percentage points from Nissan.
Read more: http://www.dinarupdates.com/blog/
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Opportunities are coming
Economists, businessmen and businessmen consider that the next phase of the richest investment opportunities that the international companies are looking for in relation to the construction and reconstruction of Iraq is the same, but it is natural that the requirements of achieving this goal require considerable funds to absorb its implementation. Because it has huge money, modern technology and the required benefit, but there are challenges and outstanding effects that hinder the entry of these companies with large sums of money. What is required for this challenge?
Read more: http://www.dinarupdates.com/blog/
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Kaperoni (Dinar Guru) – Article: “Governor of the Central Bank of Iraq inspected the headquarters of the International Development Bank” They clearly seem to be getting ready for international banking!
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RayRen98 (Dinar Guru) – The CBI talked about economic reforms in the next few days, and said that they would lose IMF support if they didn’t get it done! We haven’t had confirmation of lower denominations. IT was said that the supplementary budget had to be passed first, and we understand that when it is passed, the rest will appear in the next few days. Over the weekend, we were told that the budget was approved and it should show up in the Gazette on Wednesday. Iraq has a meeting …1. August with the World Bank about their 580 billion dollar loan, and reforms must be in place before that time. The CBI has submitted their paperwork to the World Bank, and I guess we are waiting for the IMF and World Bank to sign off on it. So we are looking for this to unfold prior to August 1, or on August 1. We’re feeling pretty good about the 1. August, or before, unless something unforeseen happens. It looks like we are at the end of this ride, based on the information.
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Mike (Dinar Guru) – [Getting the dinar into Article VIII would be the first step into stopping the auctions? That would mean the spread would have to be 2%; how close are they to that at this time?] Great question, here’s the thing, if Iraq un-pegged today there would be no disparity between the market and street rates, although, the IMF has advised them not too. Why? Because if they do, the dinar will more than likely drop to somewhere around 1500-$1 which would increase inflation and the pain the citizens are already feeling. Without an economy and exports other than oil, there’s next to zero demand for the dinar and that won’t change overnight, we’re still waiting for the needed legislation to encourage internal business creation and foreign investment. [post 1 of 2….stay tuned]
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The World Bank confirms its readiness to help Iraq
BAGHDAD / .. confirmed the World Bank, on Wednesday, readiness to help and support the Iraqi government ‘s efforts and plans for economic reform.
A statement by the Information Office of the Council of Ministers received, “appointed Iraq News”, “Prime Minister Haider al – Abadi received regional director of the World Bank , ” noting that ” the World Bank director congratulated Ebadi and victories edit Mosul.”
According to the statement, the bank manager said on the “readiness of the bank to help and support the Iraqi government ‘s efforts and plans for economic reform and the promotion of reconstruction projects and the development of Iraqi cities.”
For his part, Prime Minister Haider al – Abadi stressed ” the importance of cooperation with international efforts in support of Iraq, and accelerate the related job creation program steps, and stimulate the economy, and the return of displaced people to their homes.”
Read more: http://www.dinarupdates.com/blog/
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Prime Minister Dr. Haider Al-Abadi receives the Regional Director of the World Bank
The Prime Minister received Dr. Haider Al-Abbadi, Regional Director of the World Bank, Saroj Kumar Jha.
The Regional Director of the World Bank congratulated Dr. Abadi on the victories and the liberation of Mosul, stressing the readiness of the World Bank to assist and support the efforts of the Iraqi government and its plans for economic reform and the promotion of reconstruction projects and development of Iraqi cities.
Read more: http://www.dinarupdates.com/blog/
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Kaperoni (Dinar Guru) – Article: “Central announces solutions to avoid a shortage of dollar “deviation” in the price of holidays” They should have been doing this all along. Taking days off allows for the spread to increase due to a shortage. I would guess the IMF had a hand in this to get them to start attempting to get in compliance…and the CBI trying to minimize losses by only holding auctions on a schedule. But the reality is the fix is not to conserve dollars, it is to weed out the corruption.
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We are Stabilizing IQD Exchange Rate without a space for Speculation: CBI Governor
On Sunday, the Governor of Iraqi Central Bank issued a statement that main objective of CBI is to stabilize the balance between the sale of U.S dollar and demand in the domestic markets. He also added that the sustainability shouldn’t be considered an edge of speculation and huge profits. The Governor of CBI delivered his words in a press interview with Alsumaria News and indicated that the Bank is looking to maintain a balance between the sales of U.S dollar and to keep it stable. He pointed out that the balance of foreign currency has become strong in the past couple of years and there isn’t any kind of space for speculation and huge profits. He added that Iraq has been experiencing some exceptional circumstances and a significant amount of decline in the global oil prices was considered one of the major reasons behind the economic and financial crisis in the country.
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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