Rasheed Bank opens a banking office at Baghdad International Airport
Rasheed Khudair Wahid, Director General of Rasheed Bank, opened a banking office in the departure hall of Baghdad International Airport.
The Rasheed Bank said in a press statement that “the general manager of Rashid Bank Rashad Khudair, opened a banking office in the departure hall Babel at Baghdad International Airport where he will provide services to travelers, which include the sale of the dollar at the official price and purchase at market price.
He added that “the office will also receive the personal safety of passengers and a transfer from the General Authority of Customs, noting that the bank has a branch within the airport, which conducts all banking, including the opening of accounts of all kinds.”
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Iraqi Private Banking Association Concludes Training Course on “Corporate Risk Management”
Economy News Baghdad: A training course titled “Corporate Risk Management” organized by the Association of Iraqi Private Banks at its headquarters in the capital Baghdad was concluded on Thursday with the participation of 76 trainees from government, private and foreign banks and financial transfer companies.
The Executive Director of the Association of Private Banks Ali Tariq, told “Economy News”, “The Association of Iraqi private banks concluded today a training course in institutional risk management, which was organized in cooperation with Talal Abu-Ghazaleh and the Arab International Community of Chartered Accountants,” adding that ” The course 76 people working in banks and financial transfer companies operating in Iraq.
He explained that “the course of the training course ensures the management of risks, which are divided into market risks and operational risks and credit risks and applications of the elements and concepts of Basel,” pointing out that “the certificate given to participants recognized internationally because it issued by the Arab International Institute of Chartered Accountants.”
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Adam Montana (Dinar Guru) – My optimism in this venture is not waning, nor is it diminished even slightly. We have nothing but positives to consider at the moment. The cold hard truth is this: Iraq had a long road to travel. They have stood the test of time, they have marched forward through amazing troubles, and they are still heading in the “right” direction. But at no time in history, and at no time in the future, will they EVER tell us the “date” that they will do what they are bound to do at some point. At some point, they will raise the value. This is undeniable. But if they will do it tomorrow, or next Tuesday, or in a month or a year? We will never know that. I am going to say something with absolute conviction right now. This is absolute, no possible way to refute it, it is ABSOLUTE just like gravity pulls you towards the earth. With all my connections, with my decades of international communication and (I don’t even know how many airmiles) of travel, my past and present work and friendships with bankers, CEOs, politicians and more… I will tell you this… [post 1 of 2….stay tuned]
Read more: http://www.dinarupdates.com/observer
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Petroleum products distribution company: Investment refineries in the Kurdistan Region provided alternatives to refinery Baiji
General Manager of Oil Products Distribution Company Ali Abdul Karim Al Moussawi
Ruudao, Baghdad The director general of oil products distribution company Ali Abdul Karim al-Musawi said on Thursday that the investment refineries in the Kurdistan region were the best alternative to the processing of oil derivatives after the exit of Baiji refinery for service.
“The Baiji refinery, which supplies Iraq with about 45 percent of the oil derivatives, has not been an obstacle to the processing of the provinces because of the available alternatives, which were the investment refineries in the Kurdistan Region as well as the derivatives imported,” Moussawi told the network.
He was able to organize a bid to take control of Baiji refinery (40 kilometers north of Tikrit, Salah ad Din province) in April 2015. Baiji refinery witnessed bloody fighting between the Iraqi forces and the organization Daqash, which led to serious damage and stop service.
Al-Moussawi confirmed that the oil products distribution company started to equip generators with derivatives according to the support of Iraqi provincial councils. Explaining that the company relies on monthly or annual periodic reports to consider the validity of generators.
He also pointed out that the company distributes oil products will depend on the distribution of oil rations to the citizen monthly to provide stocks before the winter to avoid the occurrence of crises.
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Kaperoni (Dinar Guru) – Article: “Governor of the Central Bank of Iraq inspected the headquarters of the International Development Bank” They clearly seem to be getting ready for international banking!
Read more: http://www.dinarupdates.com/observer/
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RayRen98 (Dinar Guru) – The CBI talked about economic reforms in the next few days, and said that they would lose IMF support if they didn’t get it done! We haven’t had confirmation of lower denominations. IT was said that the supplementary budget had to be passed first, and we understand that when it is passed, the rest will appear in the next few days. Over the weekend, we were told that the budget was approved and it should show up in the Gazette on Wednesday. Iraq has a meeting …1. August with the World Bank about their 580 billion dollar loan, and reforms must be in place before that time. The CBI has submitted their paperwork to the World Bank, and I guess we are waiting for the IMF and World Bank to sign off on it. So we are looking for this to unfold prior to August 1, or on August 1. We’re feeling pretty good about the 1. August, or before, unless something unforeseen happens. It looks like we are at the end of this ride, based on the information.
Read more: http://www.dinarupdates.com/observer/
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The greatest stimulus of mankind is freedom. – Paul Ryan
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Oil: We seek to increase production of refineries and reduce imports to provide hard currency to the state treasury
Baghdad / Range Oil Minister Jabbar Ali al-Allaibi said in a statement that the ministry has developed large plans to develop production in Iraqi refineries and increase and improve production units to meet the local need of oil derivatives and reduce imports and provide hard currency to the federal treasury of the country.
The ministry said that the ministry has large projects to establish several refineries in the south, center and north of the country, and has offered to invest during this year, to produce more than one million barrels of oil derivatives to reach self-sufficiency of oil products and export surplus, which will increase the financial revenues of the state .
The statement also pointed out that the minister instructed the increase of production capacity of Najaf refinery to 50 thousand barrels per day, during the visit of the minister to the province of Najaf and meet with officials, while the spokesman of the ministry Asim Jihad during the statement, that the Minister of Oil also instructed the addition of new production units card 20 Thousand barrels to the current capacity of the refinery of Najaf, amounting to 30 thousand barrels, so that the capacity of the refinery to 50 thousand barrels.
The Ministry of Oil has announced on Tuesday, 25-7-2017 on the rate of exports and revenues achieved for the month of June, according to the final statistics issued by the Iraqi oil marketing company “Sumo”, more than 98 million barrels of revenue more than 4 billion dollars.
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Post RV Checklist (it’s getting to be that time!! Listen up!!)
Dos and Don’ts of Windfall Wealth:
Treat it like a PowerBall win
– Tell no one, not even family. If you must talk, do so with one who is already in the know.
– Don’t run out & buy new “stuff”. People notice.
– Get an unpublished number and give it out very sparingly.
– Get a tax accountant you can trust to make sure the IRS is satisfied (Certified Opinion is something to look into) and pursue asset protection…
Read Complete List: http://www.dinarupdates.com/showthread.php?18519-The-Post-RV-Checklist-and-Flashback-documents&p=128477#post128477
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Keywords: the next stage will witness economic victories
Through the trend towards construction and reconstruction of Baghdad / Hussein after Iraq has proved to the world enraptured images and values of the human and moral waiting to prove an economic victory over the construction and reconstruction during the next phase, and that the new role requires concerted efforts combined to support reconstruction, which should banks be the cornerstone in this matter and doing very well through their sophisticated technology.
These words were Governor of the Central Bank and the Association of Banks during the ceremony organized by the International Islamic Bank on the occasion of victory over the “Daesh” terrorist and the granting of a certificate of ISO International Bank , which is the financial success of our sector. Page task Central Bank Governor Dr. Ali Keywords said that Iraq has proved the finest images triumphs of the world and move human values before the weapon , and so was the pride in the battle that will retain its history, pointing out that the new role is to address the building and reconstruction and succeed in this page task.
We cherish that Iraq has the power and energy that will enable the country to economic advancement, and in the financial sector , we note the progress and innovation, urging young people to be more distinctive and characterize their ability to capture sophisticated information, asking the banking sector to be the first among the country ‘s institutions in the use of advanced technology, and must speed in the use of technologies.
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Iraqi private banks association: We seek to open up prospects for cooperation with foreign and US banks are particularly
The Minister of Economic Affairs at the US Embassy Larry Mimut on Wednesday, the banking sector , the most important one of the main reasons for the development of the Iraqi economy, and we will work with those who support it to develop, as Iraqi banks are encouraged to open relations with the US private banks association, and at the time indicates the International Development Bank, that many of the Iraqi private banks in compliance with international standards, and is ready to open accounts with banks in foreign correspondence because of its unique cadre of integrated services, has accused the Bank of Baghdad administration, government banks acquired the banking business in Iraq because of policies The government supported the banking sector account.
This was during a panel discussion held by the Iraqi Association of private banks at its headquarters included both the representative of the Central Bank of Mazen morning and the representative of the Union of Arab Banks Khawla al – Asadi and a member of the Committee on Economy Parliamentary Mahdi Al – Hafiz and managers of private and government banks and heads of branches of Arab and foreign banks operating in Iraq with the Minister Plenipotentiary for Economic Affairs Embassy American Larry Mimut, in addition to the representative of the US Treasury in Iraq, with the aim of opening a new page of relations with foreign banks, particularly US banks.
The Iraqi Association of private banks in a statement after the meeting got (range) , a copy of ‘The aim of this dialogue session is to open a new page of relations with foreign and specifically with US banks banks’, where he formed a committee chaired by the representative of the Central Bank, as agreed the formation of a delegation comprising government and private banks to visit the United States and establish strong relationships with correspondent banks and the US specifically. ‘
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Kaperoni (Dinar Guru) – Article: “Central announces solutions to avoid a shortage of dollar “deviation” in the price of holidays” They should have been doing this all along. Taking days off allows for the spread to increase due to a shortage. I would guess the IMF had a hand in this to get them to start attempting to get in compliance…and the CBI trying to minimize losses by only holding auctions on a schedule. But the reality is the fix is not to conserve dollars, it is to weed out the corruption.
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Map: Tal Afar in the sight of Iraqi forces
On Wednesday, the Military Information Cell published a new map of the province of Nineveh, showing the remains of Daish in Tal Afar district.
The map shows the black areas controlled by Ta’ash, which are part of Tal Afar, green areas showing Iraqi forces’ control, and red areas that are considered as clash zones.
On Monday (July 10th), the prime minister of the armed forces, General Haider al-Abadi, announced the lifting of the flag of victory in Mosul and its liberation from the terrorist.
Read more: http://www.dinarupdates.com/showthread.php?52257-Map-Tal-Afar-in-the-sight-of-Iraqi-forces
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Frank26 (Dinar Guru) – [Do you know when the MasterCard message was added to the Rafidain bank website?] YESTERDAY. [Did they initiate the RV process on Friday or Saturday?] NANO SECONDS AFTER MOSUL. [how will the [RV] launch be revealed?] ONLY BY THE CBI POSTING THE NEW RATE NOTHING ELSE COUNTS. [IYO, Does Iraq have the capacity and capability to withhold from posting a new trade-able rate on the CBI W/S (if they choose to), for an agreed or negotiated period of time?] YES! [When do you expect the rate to change?] IMO THIS YEAR. IMO EVERY SECOND HAS POTENTIAL NOW.
Read more: http://www.dinarupdates.com/observer/
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Islandg1211 (Dinar Guru) – Eight months ago, I posted that we would need to see in this order before the RV…the following:
1) Mosul Liberated, Announcement by Abadi, and a Celebration. Done.
2) Agreement with Kurds, including oil and territory settlement, then finally the HCL will be in position to be passed by the GOI. (Kurds, including Barzani and the oil minister from Baghdad meet today…) Getting Done.
3) CBI re-educating citizens on the deletion if the three zeroes (we are seeing the payments in country with e-dinars, CBI website upgraded to BIS), and finally
4) Iraq being compliant with Article VIII with the IMF and 5 – UN lifting sanctions and the RV.
The IMF is meeting with Iraq in DC this week. The UN came out a couple of days ago and told Iraq they need to be Article VIII compliant/RV. The lynchpin to the RV, now that Mosul has been declared liberated by Abadi, the Kurds and Baghdad finalizing the HCL agreement. Barzani wants independence, and this agreement is going to have to allow for that contingency in order to get him to sign off on it. [post 1 of 2….stay tuned]
Read more: http://www.dinarupdates.com/observer
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Delta (Dinar Guru) – …the CBI has to move forward. The media … just like we predicted … as soon as they get Mosul … speed of light. Right away the media has been jumping the gun on talking about the economy, etc. ..the CBI…we’ve known since January they been wanting to pull the trigger. The next 24-48 hours is going to be very interesting.
Read more: http://www.dinarupdates.com/observer
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Central Economic and victory
Dr.. On behalf of the Patriarchs In his comment exhibition on the paper presented by the Governor of the Central Bank within a seminar held in Baghdad, Prime Minister for Financial Affairs Acanutormzar adviser Mohammed Saleh he said that the central bank contributed to the victory over Daesh through its success in achieving financial and monetary stability in the country during the period of military confrontation and thus maintain the level standard of living of the citizen, as well as it lent the government (indirectly) more than twenty trillion dinars.
He added adviser said the central bank had two choices : the first is to maintain internal independence towards the government finances and the failure to provide any financing to the government through the secondary market, which could have created a major financial crisis , and the second option to sacrifice its independence in order to maintain the stability of the financial situation and not to collapse, has Central preferred the second option in order to achieve stability.
Although this is still some singing charges for central without taking into account the state of war that call for providing the most important on important, some of them wonder about the central refusal to provide funding to the previous government, simply I think that the previous government requested funding has owned a financial surplus and a far cry between the two cases and, by contrast to imagine what it could be the case if the government was unable to pay the employees ‘ salaries?!.
Some say that the government withdrew from the bank reserve, and to clarify say: that the central reserve of foreign currency is not the government reserves last because to be the Ministry of Finance, as the government did not withdraw from the central reserve and it is permissible, and the central reserve changes linked to the first two factors is demand on the dollar , which is derived from the demand for imported goods and services generated by public spending.
The second issue is presented dollar (sold from the Ministry of Finance to the Central to buy the dinar), depending on the dollar revenues received by the government from oil which are affected by the quantity and price and when it drops one or both decreasing size of the reserve, and therefore the reserve is linked to public finances of the state.
Here we must recognize the central successfully during the crisis in maintaining the size of the reserve in accordance with the internationally accepted standards as well as the installation of financial stability contributed to the achievement of economic victory.
Read more: http://www.dinarupdates.com/showthread.php?52241-Central-Economic-and-victory
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Finance confirms inclusion of all ministries and government advances
BAGHDAD / … denied the Ministry of Finance, on Tuesday, the exception of some ministries of advances launched by government banks, while confirming that the advances launched by banks to be inclusive of all ministries, without exception.
The director of the angel department and the public sector in the budget department in the ministry Kawthar Abdul Ilah’s “Eye of Iraq News”, that “there is no exception to some of the ministries of advances launched by government banks,” noting that “all the news that talked about the presence of Estinaat is news completely untrue. ”
She explained Abdul Ilah, said that “advances launched by banks to be inclusive of all ministries, without exception,” he said, adding that “the Ministry of Finance and clear instructions in this regard.”
The pages in some social networking sites have talked about the exception of some ministries of advances launched by government banks due to the reluctance of employees of those ministries to pay the loans and advances granted to them.
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Iraq contracts with a global company to determine the extent of damage in liberated cities
Najeeba Najeeb, a member of the Committee on Economy and Investment Parliamentary, revealed Tuesday, the contract of the Fund reconstruction of the affected areas with a global company to limit the damage suffered in the liberated areas, noting that what knows the talk of damage and destruction just expectations.
Najib said in a press interview that there is no real and clear number indicating the extent of the devastation and devastation of the liberated cities, pointing out that a global company will take care of this after the contract of reconstruction fund of the affected areas.
Najib added that the cities of Iraq that have been subjected to terrorist operations need international support, and these funds are not given without the existence of documents and accurate evidence, “indicating that” the work of the company is to limit the amount of damage and destruction in those cities.
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Phillyman (Dinar Guru) – [Once they finally clear ISIS wonder what the next obstacle is gonna be before we see a change in the rate…] …Even though they clear IS out of Mosul they are still in many other areas of Iraq. Will it stop the changes we are looking for from moving forward? Violence has permeated the region for centuries. [Guru] Breitling says the Sunnis will always hate the Shia but that it will not impact this reform. There seem to be too many countries/businesses pouring assets into Iraq to think it won’t turn around soon but of course time lines have brought so much frustration to this investment.
Read more: http://www.dinarupdates.com/observer/
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Adam Montana (Dinar Guru) – [Could Iraq state that only currency handed in to Iraq with-in its borders be given the preferential rate to start with? Please don’t think this is somehow an in country RV question I am asking as we know that rumor is totally bunk. Just thinking they may want to control the influx of currency to begin with is what I am getting at in a nutshell I guess.] I think that what you are describing is still an in-country RV, with a twist that the in-country part is temporary. If that’s what you are asking, then yes – it is possible. I don’t think it’s likely, but it is possible.
Read more: http://www.dinarupdates.com/observer
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BGG (Dinar Guru) – …I half way didn’t expect them to do this..but folks this is real. They are going to turn over the last bit of whatever is remaining in those funds…the food for oil program to Iraq and they are recognizing them as a country. They are not talking about letting them out of Chapter VII and it’s not even under chapter VII. This is Chapter VII charter. It’s a protection program. Looks like to me they had the meeting in 3 minutes and they put their rubber stamp on it and it’s over. It’s not the end of the security file…it’s the end of that particular program. There’s one more log on the fire. [post 2 of 2]
Read more: http://www.dinarupdates.com/observer/
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“Flash Cast LIVE” – Tuesday (the 21st) w/BGG
Click here for Video Replay
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Kaperoni (Dinar Guru) – “CBI website has a new look!” This is a good sign. I know it’s easy to just assume they are remodeling there website..but I think its much more. With all the speculation that the banking system must open up to perpetuate international activities to support global investment, this new website to me is much more polished, professional and institutional. We could be getting closer.
Read more: http://www.dinarupdates.com/observer/
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Chattels (Dinar Guru) – “CBI website has a new look!” “H.E Mr. Ali Muhsin Ismail / Acting Governor and Head of the Executive Board” I believe that the reference to Ismail as the “acting governor” is a change.
Read more: http://www.dinarupdates.com/observer/
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Click this link to join the DU “private” FaceBook Group…
https://www.facebook.com/groups/571383766355188/
(go here and ask to join… then add some Dinar Friends!!)
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Iraqi Dinar/Dollar auction 06-21-17 (most recent listing)
Currency Auctions Announcement No. 3470
This daily currency auction was held in the Central Bank of Iraq on the 06-21-2017
| DETAILS | NOTES |
| Number of banks | 39 |
| Number of remittance companies | 10 |
| Amount sold at auction price (US$) | 159,617,756 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 159,617,756 |
| Total offers for selling (US$) | —– |
Read More: http://www.dinarupdates.com/observer/
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1325.962 | 1325.299 |
| British pound | GBP | 1515.757 | 1514.999 |
| Canadian dollar | CAD | 895.884 | 895.436 |
| Swiss franc | CHF | 1219.613 | 1219.003 |
| Swedish krona | SEK | 135.962 | 135.894 |
| Norwegian krone | NOK | 140.286 | 140.216 |
| Danish krone | DKK | 178.289 | 178.200 |
| Japanese yen | JPY | 10.663 | 10.657 |
| Special Drawing Rights |
SDR | 1636.868 | 1636.050 |