Welcome to the Dinar Daily NEWS Blog. For regular Dinar News Updates, Dinar to USD listings, Iraqi Dinar info and Dinar info – THAT MATTERS!! This is a good place to start for your Daily Dinar Recap – if you are a Dinar vet or just looking for the current Dinar Value – Welcome.
Word for the day…
Mrs. BGG
Iraqi Dinar/Dollar auction (most recent listing) 09-15-16
Currency Auctions Announcement No. 3277
This daily currency auction was held in the Central Bank of Iraq on the 09-08-2016
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 30 |
| Number of remittance companies | 15 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 136,428,356 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 136,428,356 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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In the mountains of truth, you never climb in vain. – Friedrich Nietzsche
*** Current News ***
Central Bank: No category million dollars and we deal
Long-Presse / Baghdad – It said an informed source at the Central Bank of Iraq, on Wednesday, that there is no currency of one million dollars a category, and among that this currency is real and may be used to waddle or games, he stressed that a higher currency Bank deals with are a class of ($ 100).
The source said in an interview (Amdy Press), said that “the trading day in the Iraqi market and among the citizens of the existence of a class coin (one million dollars), is not true and there is no such a category,” he said, “that category may be for the purposes of Strutting ( gift), or used for the Games. ”
The source, who not to be named, said, “The Central Bank does not deal with that group, and that the highest category in the dollar coin is ($ 100), so the Central Bank does not deal with that category one million dollars because that does not exist.”
And circulation of citizens and the Iraqi market news for the currency of the category million people exchanged presence as part of a new currency will be worked out in the country.
Article Link
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Kaperoni (Dinar Guru) – Article: “Rasheed Bank proceed to sell the dollar for travelers dinars 1200” This should quickly reduce the spread to within 2% as others follow to compete. Again, the CBI is trying to get in compliance. This is great news to meet the IMF directive in the SBA.
Read More: http://www.dinarupdates.com/observer/
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Iraq:
Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding
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Kaperoni (Dinar Guru) – So we can see here that the CBI is doing exactly what the IMF dictated. And they are moving closer to accepting the obligations (don’t know the date) of Article VIII. Which we all know Article VIII is the “key” to make the dinar internationally convertible and as a result would remove the dinar from the peg at that time and allow it to float. IMO, they are moving towards the goals of early 2017 (remember the 3 notes the CBI wants to bring out!) Gotta love the line….”Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investor community” It really is fantastic news because the IMF is not going to let the CBI and banking system stay closed to the world much longer. The plan is in action. [post 2 of 2]
Read More: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – this should get us all excited…From the IMF SBA…: “The authorities will gradually remove remaining exchange restrictions and multiple currency practice (MCP) (MEFP, 14). Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investor community that Iraq is committed to maintain an exchange system that is free of restrictions and MCPs for current international transactions and thus facilitate creation of a favorable business climate.9 As a first step, the Council of Ministers will approve and introduce to parliament an amendment of the Investment Law, or the CBI will issue clarifying implementing regulations, to remove the limitation on transfer of investment proceeds that gives rise to an exchange restriction (SB, Table 5), as recommended by a recent technical assistance mission of the IMF. As a second step, the CBI will increase the sale of foreign exchange for valid current exchange transactions on the official market in order to reduce the spread between the official and parallel exchange rates (10). In particular, the CBI will, by the end of 2016, make the weekly limits on the purchase of cash at the weekly foreign currency auctions indicative, in the sense that any bank requiring additional cash for legitimate travel expenses for its clients will be able to obtain the required amount above these limits on the basis of appropriate documentation.” [post 1 of 2….stay tuned]
Read More: http://www.dinarupdates.com/observer/
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IRAQ
STAFF-MONITORED PROGRAM—PRESS RELEASE; AND
STAFF REPORT
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THIS REPORT WAS SENT TO CONGRESS in MAY 2012. IT PLAINLY SHOWS IN THIS REPORT THEY EXPECTED THE DINAR TO REVALUE AT AROUND A DOLLAR IN 2013.
This report is from page 84 of the massive SIGR report.
BGG ~ This is a screen shot from the “Special Inspector General for Iraq Reconstruction” – Apr 2012, quarterly report to Congress. For members of our Government to say they have no idea what is going on here – means they haven’t read some very basic documents presented them.
I pointed out (last night) this is a highly speculative investment. We are, in no way, guaranteed anything. However, this SIGR report gives us some valuable insights…
1) This is information given to the US CONGRESS on a quarterly basis… I find it hard to believe such an information source would intentionally mislead Congress. They tend to frown on such behavior. Which goes directly to the validity of this adventure – against all advice from Wells Fargo or other such naysayers.
2) It points out there having been a legitimate “plan” – or time frame in motion…having been projected to be done in 2013. We are obviously in “over time” now.
3) It gives us an idea as to who is in charge…the CoM – or Council of Ministers. Who do they answer to?? Maliki. Period. When is he likely to push this forward?? Historically – he has been a “weak Dinar” policy advocate. However, rumor from his own inner circle admits he can’t win a third term in office without some currency reform.
I fully expect him to use every tool in his “wheel house” to win – his recent moves in Anbar and the disputed territories prove as much. Currency reform has to be a “biggie”. Though this WAS their thinking a couple of months ago – there is no promise it is still part of their political calculus. We shall see.
4) Though no guarantee of the actual future plan they wind up engaging – this report points out an increase in value that would have taken the Dinar from “one-tenth of a cent” to a value “of slightly less than $1″…
Read More: http://www.dinarupdates.com/
BGG ~ The above is another one of the documents I referenced on the call last nite. A review of a review – so to speak…
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For a peek at all the most up-to-date DU News – check the Iraq News Thread (in the forum)…
http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
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IRAQ
FIRST AND SECOND REVIEWS OF THE STAFF-MONITORED PROGRAM AND REQUEST FOR A THREE-YEAR STAND-BY ARRANGEMENT—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR IRAQ
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1182.000 | 1180.000 |
| Euro | EUR | 1328.213 | 1327.549 |
| British pound | GBP | 1581.634 | 1580.843 |
| Canadian dollar | CAD | 916.634 | 916.176 |
| Swiss franc | CHF | 1220.570 | 1219.960 |
| Swedish krona | SEK | 139.657 | 139.587 |
| Norwegian krone | NOK | 144.460 | 144.388 |
| Danish krone | DKK | 178.426 | 178.337 |
| Japanese yen | JPY | 11.651 | 11.645 |
| Special Drawing Rights |
SDR | 1658.819 | 1657.989 |