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Iraqi Dinar/Dollar auction (most recent listing) 09-29-16
Currency Auctions Announcement No. 3287
This daily currency auction was held in the Central Bank of Iraq on the 09-29-2016
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 32 |
| Number of remittance companies | 15 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 110,371,703 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 110,371,703 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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IMF confirms the continuation of talks with Iraq
Economy News …. Assured the International Monetary Fund on Saturday, continuing his talks with Iraq despite the sacking of Finance Minister Hoshyar Zebari, noting that its agreements are concluded with States and not with the people, stressing the need for Iraq to adopt a program of economic reform.
The head of the IMF mission in Iraq, Christian nut, in a press statement on Saturday, that the Fund would continue talks with Zebari Wazziralve succeed in the Iraqi Ministry of Finance.
The Iraqi Council of Representatives recently voted to withdraw confidence from Zebari, after being questioned.
rcookie (Dinar Guru) – BARZANI IN BAGHDAD FOR 1ST TIME IN 5 YEARS TO MEET WITH ABADI AND BLOCS…GOING TO BE HUGE WEEK..
Read More: http://www.dinarupdates.com/observer/
SteveI (Dinar Guru) – Article: “A government official: There is a shortage in the domestic market Dinars“ Quote: “the fiscal policy of the Iraqi government in general is facing a shortage of Iraqi dinars in the local market.” This problem is about to change in the very near future. Hang in there.
Read More: http://www.dinarupdates.com/observer/
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CBI solid steps in achieving development goals
Banking expert – That central banks in the countries are entities Mallet of sovereign sober and independent in carrying out its tasks and policies of cash which oversees and monitors the banking sector is Almstcharalmala the government and the Central Bank of Iraq, his role was fundamental in the process economic conditions in the administration of Iraq after the change in 2003 through his handling of monetary policy and achieve its objectives in terms Over Iraq during the years (2003-2016) an important stage in its economic system since the beginning of the change included new applications for economic construction depends build introductions transition from the philosophy and strategies of the central economic system in the management of the economy to the philosophy and strategies and mechanisms of a market economy.
The most important hallmark of this stage is the pilot exercise and assumptions that economic policies that rely primarily on the experiences of countries preceded us in the application of market economy mechanisms without relying on the fundamental economic underpinnings for this transition, as confirmed all the studies and reports issued by the World Bank and the International Monetary Fund.
The confusion of vision and lack of coordination between fiscal and monetary policies and different economic policies and the lack of clarity in the economic approach of the new building of the economy contributed to a clear contribution to the dispersion of applications in the monetary policy and the different visions and strategies to reach the central objectives set, in addition to the lack of some of the legislative environment materials of economic laws that govern economic process, which led to turmoil in the application .ala that the Iraqi Central Bank and the banking sector’s footsteps steps big evolution toward transition from Sairafi activity to development activity since the issuance of the laws governing the banking business in 2004 and the issuance of central bank law 56 of 2004, great achievements have been made in the field reduction of hyperinflation, which was suffered by Iraq and its access to good rates for the year 2016 amounted to 2 percent
As data and financial indicators suggest that the Iraqi Central Bank was able to maintain for several years until the present time the Iraqi dinar exchange rate against the US dollar in a balanced way in spite of fluctuation and variation up and down depending on the economic conditions difficult financial and economic crisis due to the decline in Asaralinvt and the war on terrorism and speculation that occur in the markets.
Where he notes that the intervention
The daily Iraqi Central Bank to manage the sale and purchase of foreign currency in the light of the details of monetary policy which has been adopted since (10/04/2003) Despite the criticisms and observations many of the exports are really made a significant contribution in maintaining monetary stability and face any amounts needed by the market for the purpose of trade finance sector and the private meeting the needs of the Ministry of Finance local currency.
To Musbandhhzh criticism of the Bank issued instructions and controls and tried to seize control on the violations that occur review daily and follow-up of the money laundering offices in the bank and in the banking and oversight proactive electronic as Asdragira money laundering guide Takeda to adjust the application of Money Laundering Act and the new anti-terrorism, in addition to continuing his thinking to adopt a style of documentary credits and their replacement gradually instead of the current approach to control the movement of foreign currency and the reduction of disposition other than economic targets set for the application of monetary policy.
Since the deal the buying and selling of foreign currency is one of the largest open market operations to control the levels of domestic liquidity and put surplus cash in the safe in the general budget and tracks consumer spending.
As the Iraqi Central Bank maintained in 2016 to stabilize the Iraqi dinar exchange rate against the US dollar on the parallel market up (1290) dinars per dollar, as recorded in 2012 to 2015 at rates ranging from (2230-2250) dinars per Dolarma knowing that the central bank may Keep the official price of daily transactions at fixed an economist’s a good sign that the stability of the exchange rate during these years, despite the difficult economic conditions experienced by Iraq during 2014 and 2015 and is still going on because of the sudden drop world oil prices by more (65 percent) compared to price levels in 2014 and the lack of security and stability and the war on terrorism and speculation in the currency market, but he kept his up and down balanced rates, and we expect to return to a normal level, especially after the relative improvement in global oil prices and increased volumes of oil for marketing purposes and the application of the new mechanism adopted by the Central Bank of Iraq 2017.
The CBI also managed to retain foreign cash reserves up to $ 50 billion because of falling world oil prices and the conditions of economic recession. However, the form of Secretary of the Iraqi dinar cover of Commerce and to cover up a six-month period and is globally certified standard rate
This marks a clear fact that the CBI has been able efforts and clear over the past two years to boost the tally of foreign exchange in the bank lockers in foreign banks and reserves of gold in Baghdad and abroad well commensurate with the oil prices and developments on the local and regional scene.
It must be noted here that the big role played by the Iraqi banking system as a tool of monetary policy implemented by planned by and oversees the implementation of the Central Bank of Iraq, which constitutes the basic wheel in the financing and management process of economic development and attracting investment Iraqi, Arab and foreign.
Despite what indicated by studies and official reports issued by international organizations and the Central Bank of Iraq that the Iraqi banking sector because of the challenges faced by not contributing requested contribution to the economic development over the past above despite its evolution rates growing since 2003 until 2014, in terms of total assets and capital funds and Odaiah and its credit evolved cash granted and capital adequacy in terms of total assets developed by (8 percent) in 2014 compared to 2013 as Ttoralaytman cash granted by 28 Balmayh 2014 compared to 2013. the recorded warheads money and Alodaya increase ratios (13 Balmayh) and (23 Balmayh), respectively, a positive sign the important role played by the sector in Almsrgi sustainable development.
The impending new legislation public financial management in Iraq
Economy News … He favored the financial advisor to the Prime Minister Haider al-Abadi, Saturday, near the legislation of a new law on public financial management to fill the gaps and deficiencies in the current law, while stressing that the new project is characterized by governance and financial administration in Iraq to be “clear and explicit” in front of the international financial community.
He said the appearance of Mohammed Saleh said in an interview to the (long-Presse), and I followed the economy News that “the State Council studied the draft of the administration’s bill of public finances in preparation to be sent to parliament for discussion and approval soon after you make simple adjustments relating to paragraphs 22 and 24, two special powers of the Minister of Finance,” he , that “the adoption of the law serves the interests of Iraq being gives leeway to rectify the imbalance in the financial management of the state.”
Saleh added that “financial management and public debt, No. 95 of 2004, currently in force was released in the US civil administrator time, Paul Bremer, was built on the General Accounting of the 1941 Act, and suffers from many shortcomings,” adding, that “the most important of these the shortcomings governance of financial operations in terms of transparency and disclosure, participation and accountability, where the international financial community discovered that financial management applications in Iraq need to restructure. ”
He continued financial advisor to the Prime Minister, that “the law currently in force does not encourage the financial management of the development in Iraq,” pointing out that “the World Bank and the International Monetary Fund and the United Nations recommended some time ago the need to re-examine this law nearly kept pace with the administrative and financial international standards of sound.”
Salih stressed that “public finances in Iraq are not trivial, because the economic activity of the government holds 67% of the GDP,” explaining that “a huge government financial operations and affect the lives of every citizen, what he needs to see and standards clear to achieve justice and financial governance required Balnho “.
And Saleh stressed that “the time has come to enact a new law for financial management, taking into account not intersects with national and international standards,” noting that the “most important features of the project financial management of the new Code, financial management governance in Iraq, especially that it needs to be clear and explicit to the community international financial. ”
Read More: http://www.dinarupdates.com/showthread.php?41908-The-impending-new-legislation-public-financial-management-in-Iraq&p=162860#post162860
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rcookie (Dinar Guru) – [any news on parliament voting?] TUESDAY…JAAFARI QUESTIONING 9TH…ABADIS MINISTERS INCLUDING FINANCE, DEFENSE AND INTERIOR NEXT WEEK…
Read More: http://www.dinarupdates.com/observer/
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Erbil-Baghdad have ‘agreed to solve’ all disputes, Kurdish president says
BAGHDAD, Iraq – Following a meeting with the Iraqi prime minister in Baghdad on Thursday, Kurdistan Region President Masoud Barzani said that Erbil still maintained relations with Iraq and that both sides sought to solve all disputes through dialogue and understanding.
“The Kurdistan Region looks at its relations with Baghdad with strategic depth,” Barzani told reporters in a joint press conference with Iraq’s Prime Minister Haider al-Abadi.
“With the PM (Abadi) we have agreed to solve the disputes, especially economic and oil and gas and seek a better solution for all them all,” he added.
Barzani arrived in Baghdad Thursday at the head of a top level delegation consisting of senior leaders of five Kurdish political parties for talks with the Iraqi premier and other political leaders.
At the press briefing, Barzani said he congratulated Iraqi troops and Peshmerga forces for their recent victories against “terrorists” of the Islamic State (ISIS) and that “all other areas still under their control will soon be liberated, too.”
Iraqi PM Abadi said he welcomed Barzani “to Baghdad the capital of all Iraqis” and that his government worked “for the prosperity of all Iraqis from Zakho to Fao,” using a local term that refers to the territorial integrity of Iraq from its Kurdish north to the southernmost point of the country.
The Kurdish president has made very few visits to the Iraqi capital since the overthrow of Saddam Hussein’s regime in 2003 and therefore Thursday’s visit was considered groundbreaking and crucial for mending the breakdown of relations between Erbil and Baghdad.
His visit comes ahead of a looming offensive against the Islamic State (ISIS) in Mosul, in which Iraqi and Kurdish forces have agreed to cooperate.
Muthana Amin, a Kurdish MP in the Iraqi parliament told Rudaw that he believed Barzani’s visit would benefit the Kurdistan Region and may end a series of crises that were caused by his refusal to deal with the Iraqi central government.
“There have been a number of ongoing crises between Erbil and Baghdad and we as other parties have always believed that Barzani staying away from Baghdad has harmed the people of Kurdistan and their source of livelihood,” Amin said. “This has created problems that neither Barzani and his party want, nor the people of Kurdistan. Now that he has returned to Baghdad, it is something we all welcome, and better late than never.”
Amin said that among the main topics of talks between Barzani and Iraqi leaders were “Iraq’s budget, which we in parliament expect to receive next week.”
“The delegation will not get into its details but they will be given an outline and policy of the new budget,” he added. “The second is the Kurdish independence referendum which Mr. Barzani is pursuing and he must bring it up there.”
Rudaw.net
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Yuan joins IMF’s elite reserve currency club in a milestone moment for China
The yuan becomes the fifth member of the prestigious SDR basket on Saturday, but more reforms are needed before it is a freely traded currency, say analysts
China’s yuan joins an elite group of reserve currencies created by the International Monetary Fund on Saturday in a move hailed as a milestone in the country’s rise to global financial prominence.
From tomorrow, the yuan, also known as the renminbi, will become the fifth member of the IMF’s prestigious Special Drawing Rights (SDR) basket of currencies, alongside the US dollar, euro, Japanese yen and British pound.
Analysts say it marks the beginning of a new era for the yuan, paving the way for its wider adoption in international trade and bolstering China’s status as a key player in the global financial system.
However, they also say that Beijing would need to carry out more reforms in the years ahead to push the internationalisation of the yuan, as it is now the only SDR reserve currency that cannot be fully traded. International investors still face a lot of restrictions in trading in yuan-denominated bonds and stocks.
Peter Wong Tung-shun, chief executive of the Asia-Pacific region for HSBC, described the inclusion of the yuan in the SDR basket as “a landmark moment in the renminbi’s journey towards becoming a truly international currency.”
The SDR is an international currency reserve created by the IMF in 1969 to promote trade, increase liquidity and supplement member countries’ official reserves during financial crises.
Beijing first started to allow use of the yuan outside the mainland in 2003 when it let Hong Kong banks conduct certain designated business in the currency. In 2009, it started to push the currency harder, permitting international companies and businessmen to settle trade in yuan, and a year later allowing the yuan to be used in investment.
In November last year IMF managing director Christine Lagarde declared that the yuan satisfied the two main criteria for inclusion in the basket, namely that it was “widely used” and “freely usable”. The IMF announced the yuan was to become its fifth reserve currency in December.
“The SDR inclusion now formally catapults it into the ranks of the world’s most important reserve currencies, and will give greater confidence to companies and institutions around the world to settle trade in yuan and invest in yuan-denominated assets,” Wong said.
“Going forward, we believe the Chinese authorities will continue to deliver financial and capital market reforms, gradually opening the door to more cross-border flows, and ensuring that China and the renminbi become increasingly integrated into the global financial system.”
Wong said Hong Kong, as an offshore yuan trading centre and a key financial and asset management market, would play a pivotal role in the internationalisation of the yuan in the future.
China is likely to let the yuan become fully convertible only when its economy recoversMARC CHANDLER, BROWN BROTHERS HARRIMAN INVESTOR SERVICES
Marc Chandler, global head of currency strategy of Brown Brothers Harriman Investor Services, described the yuan’s induction into the SDR basket as “an acknowledgement of the immense strides China has made since the 1970s, and especially since its entry in to the World Trade Organization in 2001.”
The World Bank last month sold US$700 million in bonds denominated in SDR, the first such issue in more than 30 years.
“In the bigger picture, the role of the yuan as a reserve currency can only go up. The IMF has estimated that the yuan accounts for about 1 per cent of global reserves,” Chandler said.
King International chief executive Jasper Lo believes it may need five years for the yuan to become fully convertible.
He said: “The mainland economy is weak and a fully convertible yuan now would lead to capital outflow. China is likely to let the yuan become fully convertible only when its economy recovers. This may need about five years time.”
On the eve of its including in the SDR basket, the yuan remained weak, trading at 6.6698 per US dollar, down almost 7 per cent in the past year.
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Iraq:
Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1182.000 | 1180.000 |
| Euro | EUR | 1326.795 | 1326.132 |
| British pound | GBP | 1538.728 | 1537.958 |
| Canadian dollar | CAD | 892.614 | 892.168 |
| Swiss franc | CHF | 1216.926 | 1216.317 |
| Swedish krona | SEK | 137.536 | 137.467 |
| Norwegian krone | NOK | 145.982 | 145.909 |
| Danish krone | DKK | 178.066 | 177.977 |
| Japanese yen | JPY | 11.752 | 11.746 |
| Special Drawing Rights |
SDR | 1653.736 | 1652.909 |