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Mrs. BGG
Iraqi Dinar/Dollar auction 12-08-16 (most recent listing)
Currency Auctions Announcement No. 3335
This daily currency auction was held in the Central Bank of Iraq on the 12-08-2016
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 35 |
| Number of remittance companies | 15 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 149,531,438 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 149,531,438 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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Reading furnishes the mind only with materials of knowledge; it is thinking that makes what we read ours. – John Locke
*** Current News ***
How some investors are taking the ‘long view’ of Iraq despite war
Iraq’s Oil Minister Jabar Ali al-Luaibi arrives at a hotel ahead of a meeting of OPEC oil ministers in Vienna, Austria, November 28, 2016.
Heinz-Peter Bader | Reuters
As Iraq’s government battles against terrorists, a few investors aren’t entirely deterred from seeing opportunities in the war-weary country, which has yet to ascend to formal emerging market status. Some are taking a “long view” that calibrates inherent risks against potential opportunities.
Iraq is gradually emerging from a brutal two-year economic downturn, coupled with a bloody conflict with ISIS conflict and still percolating civil strife that has wreaked havoc on its infrastructure and institutions. Last month, one investor told CNBC a full-fledged economic revival would take at least a decade to come to fruition.
Yet a 2105 State Department report noted Iraq’s “long term potential” for U.S. investors, largely based on its status as the world’s fifth largest repository of oil reserves and massive reconstruction and infrastructure development needs. “U.S. companies have opportunities to invest in security, energy, environment, construction, healthcare, agriculture, and infrastructure sectors,” the report said, noting Iraq’s voracious import demand needs.
Meanwhile, a few experts point to the oil rich country’s vast natural resources, and a youthful and growing population that provides it with the manpower to achieve stability—eventually. Along with a growth rate predicted to top 7 percent this year, Iraq’s underlying fundamentals make it a golden opportunity for investors brave enough to look beyond the sound and fury. So where might crafty investors place their faith—and funds?
“Two major themes will drive Iraq’s revival over the immediate and long term,” Ahmed Tabaqchali, chief investment officer of the Iraq Fund at Hong Kong-based Asia Frontier Capital told CNBC recently. The firm specializes in frontier and exotic investments.
Tabaqchali explained that rebuilding with the country’s booming population in mind should help drive growth.
“Wholesale infrastructure, careful rebuilding of the economy and reconstruction of ISIS-liberated areas are key,” he told CNBC in an interview from London, as will consumer consumption. “Iraq’s young population is hungry to catch up with the rest of the world after all the years of conflict,” he added.
As it stands, the stock market isn’t an ideal place to park money, Tabaqchali added, citing figures that show less than 20 percent of Iraq’s population holds an active bank account. Credit to the private sector currently stands at around 6.8 percent of 2014 growth, the fund manager said—which could benefit from the adoption of the “banking culture” that exists in more developed nations.
As the fog of war dissipates, telecommunications, mobile and Internet also stand to benefit, Tabaqchali added.
First, the war-torn country must guard its assets against terror and collateral damage, said Asha Mehta, lead portfolio manager of Acadian Asset Management, which holds around $70 billion under management) in developing market assets.
Currently, Iraq lacks a formal financial custodian that can hold funds. Without confidence that invested capital will be returned—and because Iraqi markets are generally illiquid—direct investment opportunities are limited for most investors.
However, Mehta points to recent positive developments that can ease investor concerns, including a financial lifeline from the International Monetary Fund, rising commodity prices and strong growth. Just this week, the IMF completed a review of a more than $5 billion tranche of funding that will immediately free up around $618 million.
It all creates what Mehta called “bottom up opportunities …[in] a volatile market.” The long-view requires not only patience, but a solid time horizon tied to real progress on the social front.
“Returns may be sentiment driven, so even thinly traded markets such as Iraq have the potential to boast strong returns. For example, progress on the military front in Iraq could be a catalyst for market level returns,” said Mehta.
http://www.cnbc.com/2016/12/11/how-some-investors-are-taking-the-long-view-of-iraq-despite-war.html
BGG ~ “…progress on the military front in Iraq could be a catalyst for market level returns,”…
I think they just told us what is about to happen.
Rudaw EnglishVerified account @RudawEnglish
Angry protesters force #Iraq‘s former Prime Minister Nuri Al-Maliki to flee venue where he was due to speak.
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wmawhite (Dinar Guru) – Read this carefully, it is from a recent statement from the CBI: “noting that ” the central bank began the first steps of the project through the selection of designs, companies and the country that will be done Print currencies. “He noted that” the introduction of new currency does not mean the destruction of ancient coins, but it will continue to trade to about ten years…” “the introduction of new currency does not mean the destruction of ancient coins, but it will continue to trade to about ten years,” Now hear this! Your “ancient coins (translation… currency/notes)” …in other words…your 25,000 IQD notes will always be 25,000 IQD notes. Eventually…as the larger notes are withdrawn from the marketplace…smaller notes will be needed because the price of goods will decrease, and such notes as the 25 IQD will be commonplace.
Read More: http://www.dinarupdates.com/observer/
Rudaw English @RudawEnglish 5 hours ago
Protesters in #Iraq’s Basra city force former Prime Minister Nouri al-Maliki to flee conference venue, shoe sign reads “Go Nouri”.
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wmawhite (Dinar Guru) – When the word project is used…it is referring to many pieces /action items that make up the project…if they state removing the three zeros then IMO it is referring to the lowering of the note count…which has been happening for some time, as well as…the need for the larger notes not being needed in the market place, i.e…
“removing the three zero notes from the currency“…that statement was just recently used be Alak…this, IMO…means the increase in value of the IQD which will lower the price of goods in the marketplace, thus…removing the need for the three zero notes.
Read More: http://www.dinarupdates.com/observer/
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firefly (Dinar Guru) – [just hoping this time its really gonna happen.] It IS happening before our very eyes…NOBODY knows the Date ,,,, it will just happen one morning when you wake up… But…I believe if the project to remove the zeros begins as planned in January, something else has to occur 1st…Removing the 3 zeros refers to removing the 3 zero notes off the street…So what will they be replaced with? [the lower demons which would make them raise the rate] BINGO!
Read More: http://www.dinarupdates.com/observer/
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Urgent news for trapping al – Maliki at his residence in Basra
[Oan- Baghdad] Reportedly surrounded the demonstrators to head of a coalition of state law , Nuri al – Maliki at his residence in the governorate of Basra. Maliki visited Basra today and met with his party cadres of the Islamic Dawa in the province. The demonstrators had protested yesterday against the hotel set up by al – Maliki during his visit to the province of Maysan.
Alliraqnews.com
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Bayati: approving the budget law has restored the parliament role and unity
{Baghdad} Euphrates News saw the National Alliance MP Abbas al-Bayati, said the House of Representatives started to regain its role and unity after the voice on the year 2017 budget law.
Al – Bayati said in a statement to Agence {Euphrates News} today , “We can not say it is perfect for the budget gaps where austerity compelling; but the result ofthis compatibility detect a good start and a breakthrough in the political process.”
” We also vote on the budget and there is consensus within the Parliament Act it revealed, indicating that the parliament regains its role and its unity.”
The House of Representatives voted at its thirty – sixth regular Wednesday on the budget of the Federal Republic of Iraq for fiscal year 2017 .anthy p
Alforatnews.com
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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 | 1268.286 | 1267.652 |
| British pound | GBP | 1488.493 | 1487.748 |
| Canadian dollar | CAD | 891.941 | 891.495 |
| Swiss franc | CHF | 1170.065 | 1169.480 |
| Swedish krona | SEK | 129.693 | 129.629 |
| Norwegian krone | NOK | 141.065 | 140.995 |
| Danish krone | DKK | 170.518 | 170.433 |
| Japanese yen | JPY | 10.346 | 10.341 |
| Special Drawing Rights |
SDR | 1604.199 | 1603.396 |