Word for the day…
Mrs. BGG
Iraqi Dinar/Dollar auction 02-20-17 (most recent listing)
Currency Auctions Announcement No. 3385
This daily currency auction was held in the Central Bank of Iraq on the 02-20-2017
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 32 |
| Number of remittance companies | 13 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 161,429,245 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 161,429,245 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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Freedom is the right to question and change the established way of doing things. – Ronald Reagan
*** Current News ***
Merkel Ebadi: We will send a special envoy to Iraq to support the “economic reform”
Roudao – Erbil – informed German Chancellor Angela Merkel , Iraqi Prime Minister Haider al – Abadi, Saturday, sending a special envoy to Baghdad in the coming days to support the “economic reform” plans.
He said al – Abadi ‘s office in a statement, that ” the Prime Minister Haider al – Abadi and German Chancellor Angela Merkel held in Munich today for a bilateral meeting and the meeting of joint talks, has been , during which the review of the advanced level reached by the relations between the two countries and the results of liberalization of Nineveh operations and supporting Iraqi troops and pay tribute to the sacrifices of Iraqis, as well as the reform program of the Iraqi government and issues of common interest in the region Search. ”
Merkel stressed, according to the statement, “her country ‘s commitment to the unity of Iraq and supporting Germany continuously both directly and through NATO will expand in the field of military support,” praising ” the cleanliness of the battle and respect for human rights and the protection of civilians by Iraqi forces.”
Merkel said she instructed to “send a special envoy to Iraq in the coming days to support the government ‘s economic reform plans.”
The Prime Minister Haider al – Abadi, arrived on Friday to Germany to participate in Munich Security Conference.
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Loop (Dinar Guru) – Article: “Iraq joined the Convention on the transparency between investors and states” Quote: “National Investment Commission announced on Wednesday it had signed an agreement on transparency in the arbitration treaty-based investor-State in 2014 at the United Nations headquarters in New York.” What is very encouraging about…this article, is that it indicates that some of these international and bilateral agreements have already been signed. Which is right in line with Article 22 of the Investment Law…this is a very big tell. Why on earth would they even bother with these agreements unless they had every intention of needing them in the near future? [post 1 of 2….stay tuned]
Read More: http://www.dinarupdates.com/observer/
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from Thurs – Feb 16th
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Market economy ensures community rights
BAGHDAD / Hussein Tgb – Because it guarantees the rights of all segments of society and promote the production and maintains a capital cycle locally Iraq has begun to adopt the principle of transition from a centralized economy to an open market economy, in a serious step to achieve a multiplicity of resources and investment of local resources as fully as possible in accordance with the feasibility studies prepared for this.
The desired transformation
Vice President of the Baghdad Economic Forum on behalf of Jamil Antoine said that the shift towards market economy requires that we know we have any kind of it we want , but against him, pointing to the need to be our next destination in the desired shift towards social market economy and move away from the unrestrained market economy.
He said in an interview for the “morning” to the social market economy left a positive impact on the local community, through moving the wheel of production in plants and factories to raise its contribution to the GDP, indicating that it contributes effectively to solve the problems of high poverty and unemployment rates and reduce foreign imports and contribute to the reduce hard currency out into the outside , but on a small scale.
The content of Article 25 of the Iraqi Constitution discloses a clear definition of the nature of the new economic order in Iraq and suggests that ” the state shall guarantee the reforming of the Iraqi economy according to modern economic principles to insure the full investment of its resources, diversifying its sources and encouraging and developing the private sector.”
Capital
Antoine said the adoption of free – market mechanisms of social productive sectors to create an authentic supports the principle of competition in quality and quantity to serve the domestic market, is also working on the localization of capital within Iraq and prevent it from escaping out of Iraq and away from the national economy , which is in dire need of a service.
He pointed out that the trend of the most positive aspects, does not allow the monopoly of resources by a particular class, and even be in the service of society and improve the productive performance and communicate with rode development witnessed by the world in all areas of life.
Economic activities
And the market economy or free market economy is a capitalist economy or economic system , which is a key economic liberalism as a component, and the idea in a free economy is the lack of state intervention in economic activities and let the market regulate itself.
And the challenges facing the artificial joint to work in accordance with the market economy transition Antoine said , after 2003 was the private sector Astbhr a radical change in the management of the economy and the transition to a market economy, but over the challenges of several due to fear of the relevant authorities, pointing to obtain international pressure towards the privatization of companies public and turn it into a stock or special order to improve performance and raise the productive capacities and contribute to the lifting of the gross domestic product.
He cautioned that slowing down the privatization process did not provide an alternative to the ministries program continued to pay wages and reached 15 Trliuna until 2014 the Ministry of Industry exclusively without progress in the gross domestic product.
Antoine said that a lot of specialists have applied several studies to the concerned authorities for the purpose of privatization and improve their performance, but faced many obstacles and Amoalat of privatization has created a kind of fear toward privatization.
Transformation goals
He was among the expert academic Falah al – Rubaie , the goals of the transition to a market that is redistribution of roles between the public and private sector, and address the chronic deficits in government budgets as a result of its support facilities losers economy and financial market development and revitalization, as well as creating the right investment climate to encourage domestic investment and attract investment foreign, as well as improving efficiency in the use of scarce economic resources, through appropriate pricing of those resources and factors of production, especially foreign exchange and energy sources and Ras the money.
Read More: http://www.dinarupdates.com/showthread.php?46701-Antoine-market-economy-ensures-community-rights
BGG (Dinar Guru) – …much of the expectation we’ve all had – was directly inspired by Abadi and Alak. They are the ones telling us when they were going to “start the project”… whatever “delay” Alak commented on – seems to drawing to a close…the delay – appears to be the handling of Mosul. They expected this done sooner – it wasn’t… looks like now it is. That’s the key – AND, I fully expect some very good news coming out of Mosul this coming week.
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Keywords declares near the application of the Deposit Insurance System
Called on private banks to finance large projects
BAGHDAD / Hussein Tgb face development challenges and build local capacities represent obstacles need to be addressed by the banking on the private sector to achieve economic advancement of the process as the engine for all device activities through funding provided from Mali.
Iraqi Central Bank Governor Dr. On the Keywords and during the opening of the headquarters of Iraqi private banks association ceremony demanded by attracting money deactivated without real employment of which an estimated 70 percent of the money supply in Iraq size, pointing out that it requires the creation of opportunities to attract money through confidence – building between the banking sector and the citizen who must We are reassured on his money.
Egyptian Central
Keywords thanked the first generation of Iraqis bankers who owned the good reputation and vast experience that established a solid banking system for decades and contributed to the construction of Arab central banks of the Egyptian Central Kalpnk.
He stressed that the central Keywords banking sector is pushing for the adoption of advanced banking systems that chime and adopted by the international banks, not striking that the central works on the infrastructure that will develop banking business in Iraq so as to enhance the services provided to beneficiaries at the retail level calendar.
He revealed near the private system application company guarantee deposits , which helps to create trust between the citizen and the banking sector, calling on all banks to be one hand to support this project , which serves all parties and guarantee the rights of depositors.
He called Keywords private banks to take a leading role in economic development by financing large projects process, and must rely sophisticated methods of work, especially that many of the private banks were able to build a modern framework for its work.
Great opportunities
and cautioned on the need for Iraq economic stimulus form in which it invests all resources, calling for banks that have a positive role in this area despite the inter challenges, but the presence of many big opportunities to overcome obstacles which requires effective products capable of supporting development.
He said the legacy public banking sector backwater of global developments and the movement became slow and you need to stand when a lot of joints.
Keywords and stressed the importance of training in the development of the financial sector and its impact on all sectors of the economy, praising the role of the Association in this important area, stressing that the courses achieved a real growth in capacity, given that the demands of the banking sector to keep pace with global developments.
Activity money
head of the Iraqi private banks association Wadih Alhntl said that the central bank ‘s major role in the private banking sector development through follow – up prior and instructions that the activity money in Iraq, stressing that the Association gives financial capacity building within the priorities of their plans and annual programs aimed at rehabilitation experiences in all banking activities without exception.
He noted that the new headquarters contains all the specific training requirements that provide an atmosphere ideal for Mtdreb and lecturer, pointing out that private banks aims to develop all joints and be a competitor to the regional and international counterparts.
He described the celebration of the experiences that I got up Iraqi banks over the past decades and the duty because they put the foundations of a new generation of banking experience , which began its work and gained great experiences for the advancement and development of products.
It also included opening the signing of a Memorandum of Understanding between the Institute of progress for Development Studies and the Association of Private Banking activities.
BGG (Dinar Guru) – [...is HCL land boundries and alotment for oil?] HCL is (generally) referrred to as “The Hydro-Carbon Law” – AKA H.C.L. there are several variants. for a true HCL – it is possible they need to solve Article 140 – which will require a truely accurate census… (none of which will happen soon)…now – here’s the good news…They have managed to “side-step” this whole issue by regularly “codifying” something of an HCL agreement in each and every annual budget…since 2015? HCL isn’t so much land boundaries as it is – WHO GETS WHAT… in simplest terms…how much each bunch gets. But…they have handled it – in more of a technical “end around”… […always heard no hcl no reval.] Let me help you – that’s bull ****.
Read More: http://www.dinarupdates.com/observer/
Chairman of the National Authority for Investment: Iraq’s accession to the Convention on “transparency in arbitration promissory between investors and states” an important message
Roudao – New York – The Iraqi National Investment Commission signed an agreement on transparency in arbitration promissory between investors and states, at United Nations Headquarters in New York City, Iraq , becoming the second Arab country to accede to the Convention that preceded them 18 countries in the world.
The head of the National Investment Commission, Sami Raouf Al – Araji, the reporter Roudao Media Network in New York, the glorious system of religion, said that signing of the agreement “represents an important signal to international arena that Iraq is committed to all the rules of transparency in international arbitration in case of dispute between the investors and the states , ” and expressed the hope to be “Iraq primarily to attract capital center.”
He explained that the agreement “means all contracts between states and investors will come into effect some of the entry of two other members, you also need to the Iraqi parliament ‘s approval , ” noting that there are “steps must precede recourse to international arbitration , a compromise local courts , such as the Commercial Court in Iraq and the Court of investment soon in the absence of conviction decision can resort to international arbitration and is in the interest of the state parties and the investor. ”
He said , “This agreement is one of the five agreements we signed earlier, the legislative and the environment in Iraq became one of the best in the region and is an important message to reassure investors that his rights reserved and respect for the application of the results of international arbitration.”
And on the differences between the Kurdistan Regional Government and the company Dana Gas, Araji said: “I have no comment, because I do not know the privacy of the contract between the Kurdistan Region and Dana, and I apologize for the answer to this question is that I did not have the clarity of vision and science and privileges parties rights.”
He stressed that “any economic or administrative reform against corruption always welcome by the central government and the Kurdistan Regional Government and the governments of the region process, and this is a fundamental goal we all strive to attract big investors and give more space for building and reconstruction through local and international Alasttmarin.”
Read More: http://www.dinarupdates.com/showthread.php?46630-Iraq-s-accession-to-the-Convention-on-quot-transparency-in-arbitration-promissory-between&p=169872#post169872
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The following .PDF is the review by RCookie of the IMF board’s publishing of Iraq’s SBA (excellent info) – He would have wanted you all to have it.. posting the whole .PDF was the only way to get it on here. Enjoy. BGG
Robert Cook CSW CSS CBP CST CTC
Iraq:
If you could find some way to convince folks to at least skim through this document, they would be amazed. The moves Abadi has been making the last few months – kind of sense now. There is some outstanding information here.
DayTrader
IMF EXECUTIVE BOARD COMPLETES FIRST REVIEW IRAQ’S STAND-BY ARRANGEMENT (45 pages…)
THIS REPORT WAS SENT TO CONGRESS LAST MAY. IT PLAINLY SHOWS IN THIS REPORT THEY EXPECTED THE DINAR TO REVALUE AT AROUND A DOLLAR IN 2013.
We are seeing and hearing that the inflation rate is still climbing and they are pushing to get us our money?? 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.
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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 “overtime” 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″..
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1229.584 | 1228.969 |
| British pound | GBP | 1455.018 | 1454.290 |
| Canadian dollar | CAD | 881.083 | 880.643 |
| Swiss franc | CHF | 1150.073 | 1149.498 |
| Swedish krona | SEK | 129.489 | 129.425 |
| Norwegian krone | NOK | 136.601 | 136.532 |
| Danish krone | DKK | 165.398 | 165.315 |
| Japanese yen | JPY | —– | —– |
| Special Drawing Rights |
SDR | 1582.534 | 1581.743 |