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) 09-18-16
Currency Auctions Announcement No. 3278
This daily currency auction was held in the Central Bank of Iraq on the 09-18-2016
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 34 |
| Number of remittance companies | 15 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 127,161,362 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 127,161,362 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
BGG ~ Auctions are back online (meaning they are back to business)…
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Every man is a damn fool for at least five minutes a day. Wisdom consists of not exceeding the limit. – Elbert Hubbard
*** Current News ***
Saleh: Iraq has implemented all the conditions of the International Monetary Fund!
BAGHDAD / News Network Iraq – Declared Prime Minister adviser on fiscal policies, the appearance of Mohammed Saleh on Thursday, for an end to Iraq ‘s own commitments first phase of the Stand -By agreement with the International Monetary Fund of several stages include 13 commitment by which it agreed to grant Iraq a financial loan $ 5.3 billion.
concluded Iraq and the international Monetary Fund in May / May last deal after meeting for several days held in the Jordanian capital Amman to grant Iraq a financial loan of 5.3 billion dollars with an interest rate of up to 1.5%, acknowledges Iraq share an initial value of $ 634 million in July / last June, said adviser to the Iraqi prime minister for financial policy,
the appearance of Mohammed Saleh, in a press statement today: ” the first phase of the standby credit agreement with the international Monetary Fund included several reform requirements of the Iraqi economy, and performance standards, and financial management reform, reform.
some laws, procedures for restructuring the general budget, and maintain the central bank ‘s reserves, all of Iraq ‘s commitment to them. ”
Saleh added that” the willingness of credit with the international Monetary Fund by which it agreed to grant Iraq a financial loan of $ 5.3 billion agreement, includes 13 consultation or obligation , Iraq and the international Monetary Fund , they finished the first review, there will be future revisions in early October in Washington.”
Iraq ‘s chief financial officer , and continued that” after each audit is released part of a financial loan to Iraq in accordance with the agreement, and we expect that Iraq has received the second installment of the financial loan next month (without revealing its value). ”
for his part, expressed the international Monetary Fund, on Wednesday, thanked the Iraqi authorities to” good cooperation with him and discussions frank and fruitful during the first review of the agreement to prepare the credit, which has in the Jordanian capital Amman recent meetings. ”
The Iraqi government acknowledged the end of last month, the country ‘s budget for next year by 102 trillion dinars (about US $ 85 billion), to begin a new phase of internal and external negotiations may be more complicated on how to secure the fiscal deficit which stood at 30% of the total budget.
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BGG (Dinar Guru) – […IMO the interest for us now is only the intro of new currency and how they will treat the existing 3 zero notes…] no need to be concerned about how they treat the 3 zero notes… they are worth a Dinar and will still be worth a Dinar once they make the change...
Read More: http://www.dinarupdates.com/observer/
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“Dinar Q & A Call!!”
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BGG:
My commentary from News Time Saturday afternoon was mainly based on the above article and Saleh’s comments coming out of the IMF meetings in Amman, Jordan
So let’s give some frame of reference in “layman’s terms”…
We’ve talked over and over and OVER about this IMF “world” assistance package…
to start things off – they will get 5.3 Billion USD over the next 5 years.
their budget for 2017 is roughly 85 Billion (expressed in USD – which isn’t really significant – just saying it in USD terms)…
I don’t recall what their budget was for 2016 – probably similar…
Once we’re done with this – I’ll ask a few important questions…
So they will have gotten something around 1 Billion USD in IMF aid this year – once the balance of the two payments are made – next month??
Everyone follow so far??
So their total budget is around 85 Billion US and they are getting this “life-saving aid” amounting to a little over 1 Billion US…
That works out to a little over 1% of their budget… seriously?!?
This would be like you making 50,000 per year… you find yourself in a “financial crisis” – your banker comes to you and says “I’ll give you $250.00 in July and another $250 in October”… how far do you think that would go towards solving your crisis??
Seriously??
scottiegirl:
Like trying to save the Titanic with a tea cup
BGG:
THAT’S WHAT THE ACTUAL DOLLARS HERE MEAN… NOT MUCH!!!!!
So what in the world are they talking about when they say with this IMF and “world” support they have “over-come” their financial crisis?????
So what in the world are they talking about when they say with this IMF and “world” support they have “over-come” their financial crisis?????
they are either on CRACK or they are talking about something other than the MONEY!!!
Obviously – they are talking about something other than this little amount of financing… Saleh is essentially saying “we’ve done everything the IMF has asked”… this is critical for what’s next – CRITICAL…
Forget the loan – it (in and of itself) is almost useless…
scottiegirl:
Hopefully moving to the international stage….with an acceptable currency….maybe?
BGG:
What are the 2 things they really, really, really need??
BGG says to scottiegirl:
NOW YOU’RE GETTING THERE!!
slh5282:
acceptance to the WTO and money with value
BGG says to slh5282:
VERY CLOSE.
two things they really need…
1) IMF oversight and a demonstrated ability to do as they are told…
(that’s a biggie)
2) international acceptance… re-integration with the world economies.
#2 won’t fully happen without #1…
AND
international acceptance in every way. This includes an internationally priced and accepted currency…
Obviously – Saleh is prone to bluster… he’s a big talker.
but – they won’t get #2 – without #1…
it’s not about the meetings – it’s about what they are actually DOING.
Let’s go backwards a little – then cover this again…
Why do they need international acceptance??
Their whole budget relies entirely on oil – everything you see in their budget is their whole oil production… their everything rises and falls on oil production and oil prices.
The IMF doesn’t want that… neither should Iraq.
Their oil income should be the ENGINE that drives their economy – NOT THE WHOLE THING…
So how do they get things turned around?
By doing EXACTLY what they are doing.
Getting along with the IMF… this loan is just a vehicle to get the IMF and “world support” on board…
According to economists – once they are internationally integrated – their currency priced right, investment laws are properly amended and internationally accepted – THEY WILL GET HIT WITH A WALL OF INVESTMENT MONEY… (their actual words).
When this happens – they will be a lot less dependent on oil income… far more diversified.
TONYV:
BGG: IMO, I see the carrot and stick approach from the IMF. Make no mistake, the IMF is in charge. What say you?
BGG:
I agree…
thedinarian:
and that will give them they stability they need and what we investore want to see.
BGG:
and they seem to be responding.
I really think all of this is part of “the financial reform”… no doubt.
tman23:
…. IMO the interest for us now is only the intro of new currency and how they will treat the existing 3 zero notes……
BGG says to tman23:
no need to be concerned about how they treat the 3 zero notes… they are worth a Dinar and will still be worth a Dinar once they make the change…
I don’t see how they can wait that long – unlike in previous regimes – there is no stall here… it’s all GO, GO, GO!!
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BGG (Dinar Guru) – Article quote: “…the willingness of credit with the international Monetary Fund by which it agreed to grant Iraq a financial loan of $ 5.3 billion agreement…” …their whole budget relies entirely on oil – everything you see in their budget is their whole oil production… their everything rises and falls on oil production and oil prices. …this loan is just a vehicle to get the IMF and “world support” on board… two things they really need...1) IMF oversight and a demonstrated ability to do as they are told… 2) international acceptance… re-integration with the world economies. #2 won’t fully happen without #1…AND international acceptance in every way. This includes an internationally priced and accepted currency… [post 1 of 2….stay tuned]
Read More: http://www.dinarupdates.com/observer/
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BGG (Dinar Guru) – According to economists – once they are internationally integrated – their currency priced right, investment laws are properly amended and internationally accepted – THEY WILL GET HIT WITH A WALL OF INVESTMENT MONEY… (their actual words). When this happens – they will be a lot less dependent on oil income…far more diversified. […the IMF is in charge. What say you?] I agree… and they seem to be responding. I really think all of this is part of “the financial reform”… no doubt. …unlike in previous regimes – there is no stall here… it’s all GO, GO, GO!! [post 2 of 2]
Read More: http://www.dinarupdates.com/observer/
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IRAQ
STAFF-MONITORED PROGRAM—PRESS RELEASE; AND
STAFF REPORT
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Iraq:
Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding
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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 | 1335.187 | 1334.520 |
| British pound | GBP | 1580.570 | 1579.780 |
| Canadian dollar | CAD | 915.640 | 915.182 |
| Swiss franc | CHF | 1221.579 | 1220.968 |
| Swedish krona | SEK | 140.283 | 140.213 |
| Norwegian krone | NOK | 145.209 | 145.136 |
| Danish krone | DKK | 179.390 | 179.300 |
| Japanese yen | JPY | 11.627 | 11.621 |
| Special Drawing Rights |
SDR | 1660.828 | 1659.998 |