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.
______________________________________________________________
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.
______________________________________________________________
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…
______________________________________________________________
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)
______________________________________________________________
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.
______________________________________________________________
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.
______________________________________________________________
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.
______________________________________________________________
______________________________________________________________
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)
______________________________________________________________
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.
______________________________________________________________
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.
______________________________________________________________
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.”
______________________________________________________________
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/
______________________________________________________________
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]
______________________________________________________________
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...
______________________________________________________________
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]
______________________________________________________________
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.
______________________________________________________________
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]
______________________________________________________________
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]
______________________________________________________________
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]
______________________________________________________________
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)
______________________________________________________________
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]
______________________________________________________________
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.”
______________________________________________________________
sandyf (Dinar Guru) – …it is almost odds on certainty that the IQD will never float.
______________________________________________________________
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
______________________________________________________________
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.
______________________________________________________________
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)
______________________________________________________________
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.
______________________________________________________________
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.
Read Full Text with Commentary: http://www.dinarupdates.com/blog/
______________________________________________________________
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.
______________________________________________________________
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.
______________________________________________________________
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]
______________________________________________________________
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]
______________________________________________________________
______________________________________________________________
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.
______________________________________________________________
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]
______________________________________________________________
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]
______________________________________________________________
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/
______________________________________________________________
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.
______________________________________________________________
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.
______________________________________________________________
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.
______________________________________________________________
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.
(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.
______________________________________________________________
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 ]
______________________________________________________________
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 ]
______________________________________________________________
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 ]
______________________________________________________________
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.
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.
______________________________________________________________
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.
______________________________________________________________
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.
______________________________________________________________
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.
______________________________________________________________
______________________________________________________________
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.
______________________________________________________________
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.
______________________________________________________________
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.
______________________________________________________________
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.
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.
______________________________________________________________
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]
______________________________________________________________
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]
______________________________________________________________
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]
______________________________________________________________
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.
(Special Thanks to Loopster for sharing)
______________________________________________________________
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…
______________________________________________________________
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.
______________________________________________________________
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?
______________________________________________________________
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
______________________________________________________________
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…
______________________________________________________________
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.
______________________________________________________________
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.
______________________________________________________________
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”…
______________________________________________________________
The @IraqiGovt is implementing reforms
Follow us on twitter @DinarUpdates !!
______________________________________________________________
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.
_____________________________________________________________
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]
_____________________________________________________________
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]
____________________________________________________________
____________________________________________________________
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”.
____________________________________________________________
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.
____________________________________________________________
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!!!
____________________________________________________________
Sources: away from the Kurds National Alliance and the Union of forces agree to pass the budget
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/
____________________________________________________________
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]
____________________________________________________________
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]
____________________________________________________________
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.
____________________________________________________________
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.
____________________________________________________________
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.
____________________________________________________________
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…
____________________________________________________________
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.
____________________________________________________________
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!!!
____________________________________________________________
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.
____________________________________________________________
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/
____________________________________________________________
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.
____________________________________________________________
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.
____________________________________________________________
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.
____________________________________________________________
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.
____________________________________________________________
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.
____________________________________________________________
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.
____________________________________________________________
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.
____________________________________________________________
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.
____________________________________________________________
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.
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.
____________________________________________________________
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!!
____________________________________________________________
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.
____________________________________________________________
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.
____________________________________________________________
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/
______________________________________________________________
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
______________________________________________________________
You must be logged in to post a comment.