BGG ~ Lately there has been mostly “mish mosh” news out there… just noise filling up the “news space”.
Here are the things you really want to hear about…
Is this recent 11.74 rate thing real? No – of course it isn’t, but you already knew that. Right? It was some kind of glitch. A software error. Someone jacking everyone around (aka – “THE JACK FACTOR”). When there is a real value change, it will be real everywhere. There won’t be any doubt and you WILL KNOW. Did it get everyone a little excited?? Yeah – but not yet.
On the other hand, here are some REAL points of interest…
Recently, there has been a SIGNIFICANT tightening of the “Official Rate / Market Rate” – I think it is getting VERY CLOSE to being within IMF compliance. This is REAL. I cannot recall this ever being the case.
Then – there is this…
“Law of the National Oil Company .. A new era for the development of the economy” …
In some strange way, the Kurds may have forced everyone’s hand on some sort of improvised HCL in the form of this “National Oil Company” Law. The Iraqis are famous for vagaries and a fluid sense of description. It is not uncommon for their terminology and phrasing to be constantly changing.
Everyone imagined an HCL (agreement) Law would be something of a replacement for the current HCL in a “repeal and replace” sort of move. However, this may well be what they settle on after all. It seems to do, in principle, everything a new HCL agreement was meant to do. There seems to be a lot of internal excitement over it.
Further, getting this done could be a huge step towards getting Abadi re-elected. Think about the mentality of the voter who stands to share in oil revenues in the near future based on this move by Abadi.
The Kurds thinking they would (or could) “dethrone” Abadi may also well be the best thing that could have happened to him. Barzani gave everyone the perfect scapegoat – what with him snubbing the WORLD and then getting outed as being all tangled up with Maliki and such. All of this just got everyone South of Erbil on the same page (more or less) and voting something like this through… and it’s happening almost OVERNITE, RIGHT UNDER EVERYONE’S NOSES.
Imagine that – The Iraqi Parliament passing something like this without needing any Kurdish support. I say – miracle of all miracles…
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How Iraq’s Prime Minister Is Trying to Build Peace After 15 Years of Conflict
On a crisp afternoon in late winter, Bassem Qassim, a 55-year-old militia fighter, drives past a checkpoint on the edge of Baghdad, where the city’s clogged traffic gives way to sheep grazing and villagers tending small crops next to their houses.
A couple of dozen miles farther, he stops the car in a tiny hamlet to show how perilously close the Islamic State came to taking the Iraqi capital during its stampede into the country in 2014. He points to a cluster of trees on the edge of a small community. “They were right here,” says Qassim, who fought a fierce battle against the jihadists for 3½ years.
“This was our line of defense.”
The sleepy dot on the map does not look like a war front. And yet, after years of conflict, countless fault lines like this crisscross Iraq, leaving riven communities and millions of upturned lives in their wake. Now, as the country digs out from its grueling war against ISIS, it is trying to forge from its victory a lasting peace for the first time since the U.S. led a military invasion of Iraq in March 2003, in defiance of the U.N., to overthrow the autocrat Saddam Hussein.
Fifteen years on, TIME returned to Baghdad to speak to Iraqis of almost every stripe, from battle-hardened fighters and grieving civilians to Prime Minister Haider al-Abadi. All are trying to determine how they can finally prosper, and whether this relative calm can last. Having all but obliterated ISIS’s caliphate, Iraqis are grappling with a question that had largely receded during years of fighting, and that now looms large over the parliamentary elections scheduled for May 12: Can their country emerge as a functioning democracy, with its Shi‘ite, Sunni and Kurdish populations relatively united? And can it do that without the safety net of the U.S. military?
If it succeeds—and it is a big if—Iraq could become that beacon of freedom that U.S. officials once promised 15 years ago…
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Law of the National Oil Company .. A new era for the development of the economy
BAGHDAD (Reuters) – The House of Representatives voted Monday on a draft law of the National Oil Company, which will contribute to the development of the Iraqi oil industry, which aims to establish an Iraqi national oil company and enable it to carry out its work in the best way possible. National wealth said the academic economist d. Majid al-Baydani said in an interview with Al-Sabah that “the approval of the law of the National Oil Company will be a new era for the oil industry in the country as it will encourage the adoption of advanced scientific and technological methods to manage the national wealth to support the development of the economy.” “This will be an important shift in the development of extracting, marketing, transportation, storage and sales to the point of delivery and other oil operations,” he said.
The largest company
Al-Baydani said that “the Iraqi National Oil Company will be the second largest oil company in the world after Aramco and the largest of all international oil companies, which calls for the President to have a degree of experience and efficiency appropriate, commensurate with the powers of the company and capital.”
Article 2 of the law establishing the company consists of the capital of the company of (400) billion dinars paid by the government with the approval of the Council of Ministers and the company increase its capital on the proposal of its board of directors and approval of the Council of Ministers after the presentation of the feasibility study.
As stated in Article 5 of it “The Iraqi National Oil Company invests all the oil and gas areas in all the territory of the Republic of Iraq and its territorial waters and continental shelf, and may share with others the approval of the Council of Ministers if it finds it better to achieve its purposes and has the right to borrow from inside or outside Iraq to finance its investments inside Iraq and outside…
Key Phrase:
…the inclusion of the Iraqi National Oil Company A minimum of 10 percent is placed in four boxes with the first experience in the country, and one of the funds will give each Iraqi citizen residing within the country a share of that percentage…
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Will the Presidency of the Republic block the ratification of the budget law?
Baghdad / .. The National Alliance, on Sunday, blocking the Presidency of the Republic to approve the law of the budget of 2018, voted by the House of Representatives, on Saturday.
The MP for the alliance Thunder Diamond for the “eye of Iraq News,” that “the Presidency of the Republic consider the supreme interest of the country will not put the sticks in the wheel of ratification of the budget law,” asserting that “the rights of the Kurdistan region installed in the budget through the proportion of population and were distributed fairly” .
He added that the diamond “political consensus was present in the budget, but the insistence of some blocks on what you want forced us to do so,” noting that “passing the budget law is a fundamental issue because the interests of the country depends on them and should not go to this end.” Finished
Article Credit: aynaliraqnews.com
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Central Bank of Iraq Auctions $201,537,281 on 08 March 2018
Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on March 8 registered $201,537,281 in sales, a 13.43% volume increase from the US $177,669,700 sold by Iraqi Dinar, credit and transfer at the previous auction held on March 7.
The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on March 8 compared to the previous auction.
Data for the March 8 auction was made public by CBI Announcement Number 3651.
Dollar sales in the in the period January 1, 2018 to March 8, 2018 saw an increase of -1% compared to the sales of US $6.93 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.
An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to February 2018, sales of US dollars averaged US $1.89 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.
Article Credit: http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
BGG ~ I will continue to highlight the regular auctions. After recently asking around about the reasons for the “tightening” of the supply of Dinar in the U.S… one of the main reasons I got was the fewer and fewer auctions. Wait – what?!? They are still having fairly robust auctions.
So, obviously, that’s not true… so what is it?
Another possibility is this MASSIVE financial embargo on Kurdistan, provided this was where currency was coming from.
I have also heard of a couple of major players talking about having money in – or being able to get money out of Kurdistan… all baloney. Kurdistan has been under very tight controls since snubbing the world diplomats with this sham vote pushed by Barzani.
Why was it a sham vote? Simple fact: you can’t just take what isn’t yours to take just because you vote on it.
Back to my previous rebuttal – anyone who actually had money in Kurdistan would have either gotten it out or is REALLY “up a creek”… likely just more B.S.
So…
1) Fewer auctions?
2) Tightening borders (fewer exports)?
3) More demand? I sincerely doubt it.
4) IMHO and most likely, the supply here in the U.S. from disgruntled sellers, which is likely where the bulk of the U.S. supply really comes from, and current interested buyers has finally reached a point of parity where the “supply – demand” scales are more evenly balanced.
Hence, the price goes up (Currently selling between $1100-$1200 per million)
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The provincial government announces a political meeting on the budget and send a message to Baghdad
The Kurdistan Region Council of Ministers during a meeting on Sunday that the passage of the federal budget law is a clear violation of the principles of partnership and consensus on which the new Iraq was built.
The Council of Ministers of the Kurdistan Region expressed its appreciation to all the Kurdish blocs in the Iraqi Council of Representatives, praising their position and aligning them together and unify their word and position on the issue of the Iraqi budget law, and supported the unity of this row.
The Council decided to hold a joint meeting in the next few days with the Parliament of Kurdistan and the political parties in the Kurdistan Region to discuss this issue. According to a government statement.
The Council of Ministers of the Kurdistan Region stressed that the Kurdistan Region, despite all the problems and differences, is committed to resolving all problems with Baghdad on the basis of the Constitution, and expressed the hope that the talks and dialogue between the Kurdistan Regional Government and the Iraqi federal government to a result in the interest of everyone and solve all Problems.
After a difficult labor, the Iraqi parliament approved yesterday the law of the general budget for 2018, ending months of disagreements on most paragraphs of the law, especially the allocations of “popular mobilization” and oil-producing provinces, at a time boycotted Kurdish deputies meeting in protest to reduce the share of the region from 17 percent to 12 , 6 percent, threatened to boycott the political process.
Article Credit: shafaaq.com
BGG ~ This is almost comical… Think about this for a sec…
These guys, none of whom are elected and aren’t regional MP’s (because the Parliament was disbanded by Massoud Barzani) – are only advisers to Nerchivan Barzani who wasn’t elected either…
…all get together, look “super-duper” official and “send a message” to Baghdad.
Really?!?
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Chattels (Dinar Guru) – I am thinking that the implementation / application of the INOC [Iraq National Oil Company] could be an alter ego to the HCL or a precursor of it. The INOC does not specifically resolve all HCL issues, but it may be a foundational framework for it. There are significant constitutional issues that may be addressed going forward with the INOC regarding the federalism issues with the HCL.
Read more: http://www.dinarupdates.com/observer/
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Adam Montana (Dinar Guru) – There was a rumor this week that a lot of people brought to my attention. Yes, I’ve been on top of it. No, the rate has not officially changed. Here’s the deal: I hear more rumors than most, and I consider it my “job” to verify anything significant. The recent “buzz” about the rate change on Google and a few other places is causing a lot of buzz. Anytime something like this happens, the first thing I do is check with my top advisors. These are the people that are first-string contacts for us when we go to cash in, and even some of THEM have been double checking with me!
Read more: http://www.dinarupdates.com/observer/
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PM Barzani: This was not the Iraq we wanted after 2003
ERBIL, Kurdistan Region — KRG Prime Minister Nechirvan Barzani expressed that Iraq was founded after 2003 on the basis of partnership and the budget passed on Saturday did not underscore that.
The premier said at a press conference on Sunday it was “unfortunate” that the Iraqi bill was approved without meeting Kurdish demands because they reflect the government and the people.
The work of the Kurdish blocs in Baghdad was “appreciated” by Barzani.
“I want to thank all Kurdish factions for their attempts recently to guarantee Kurdish share in the budget,” he said, while promising to speak with all Kurdish parties and MPs.
“Despite all the internal issues in Kurdistan, all Kurds in Baghdad strived for Kurdistan’s interests,” Barzani said.
He stressed that he believes dialogue is the only way to resolve pending issues and he remains “hopeful.”
“I am in constant contact with Prime Minister [Haider al-Abadi] to resolve issues,” said Barzani…
BGG ~ PM Barzani? PM Barzani? What is he the the PM of? He wasn’t ELECTED by ANYONE!!
Oh and BTW – exactly how does the Kurdish Leadership’s theft, graft and corruption fit in this Utopian Iraq you’ve had planned since 2003??
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Adam Montana (Dinar Guru) – This is a crazy time for the dinar, and when things like this happen… there’s a good chance that there is a REASON for it. There is no verification of the “reason” right now, but I don’t believe in coincidences. I am receiving an overwhelming amount of similar “rumors” from sources that don’t generally react to anything of the sort. Some of these messages and calls are coming from people that I have business relationships with, but have NEVER contacted me regarding something that could be considered a “rumor”. Things happen… for a reason.
Read more: http://www.dinarupdates.com/observer/
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Mnt Goat (Dinar Guru) – Here it comes…RV…All I can say is – I TOLD YOU SO! Here come the re-education process we have been waiting for all along. Folks – Iraq is starting the rollout the rollout.Now be patient and let the process go forward. We will be at the banks shortly. On Tuesday Iraqi TV was showing lower category notes and explaining them to give the citizens instructions on how to use them and what to expect in the coming weeks. WOW! Then later out pops this article in the news media. Can it get any better? Article: “CURRENT NOTES SOON TO BE REPLACED” Quote: “About 5 trillion Iraqi dinars ($4.3 billion USD) will circulate along with the old notes, said al-Yasseri, gradually replacing the older issues. He added that for now, both old and new notes will circulate side-by-side.”
Read more: http://www.dinarupdates.com/observer/
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Parliamentary Energy: The law of the National Oil Company will give a share to every Iraqi citizen
The Iraqi oil and energy committee revealed on Tuesday that the Iraqi National Oil Company (INCOC) will include at least 10 percent of the funds in the first experiment in the country, while one of the funds will give each Iraqi citizen residing within the country a share of that percentage. “The legislation of the law of the Iraqi National Oil Company represents a great achievement for the House of Representatives, which re-established the law of forming the company, which was canceled by personal decisions of the former regime in 1987 after there was a law,” Ali al-Bahadli, chairman of the committee, told a news conference with members of the committee. No. 123 of 1967, where it was merged and subordinated to the Ministry of Oil, “noting that” after 2004 tried to the Ministry of Oil and former Minister Ibrahim Bahr al-Ulum to reactivate the law of the National Oil Company, but those efforts collided with objections from some. ”
Al-Bahadli added that “the law and after the efforts and discussions and workshops lasted for several months has seen the light, where will work to activate investment in refineries and the gas industry and all the goals set for the success of the work of the company can be achieved through several objectives and means in investment and exploration of new structures and activate investment under the mechanisms and scientific foundations And technical, “pointing out that” some understand that the company has powers higher than what some expect, but really draws its work and powers of the Constitution, the arm of the Ministry of Oil, which draws oil policies of the country and the company is working to implement those policies. “…
Read More: http://www.dinarupdates.com/showthread.php?56437-Parliamentary-Energy-The-law-of-the-National-Oil-Company-will-give-a-share-to-every
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Some interesting headlines…
Kirkuk to hold elections with other provinces, first time in 13 years
Agreement Reached with Erbil to Resume Kirkuk Oil Exports: Abadi
I wonder if these guys could ever just reach ONE AGREEMENT and then keep it?? This is about the 437th agreement neither side has kept.
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The Wall Street Journal predicts Abadi will remain in office after the May elections
Baghdad today – “The Wall Street Journal” in a report published Friday, the survival of Prime Minister Haider Abadi in office after the next election, while indicated that the alliances after May, who will decide the form of the next government.
The pro-Iranian Shiite factions, inspired by Hezbollah, also act as political parties, and as with Hezbollah, their ability to exercise political power within Prime Minister Haider al-Abadi’s government and abroad is derived from their weapons, By the total votes they will receive in the May 12 elections. ”
“The multiplicity of political forces and the influence of Iran and the fragmentation of the Iraqi parliamentary system means that post-election bargaining will determine the course of the state rather than the elections itself.”
“Nothing fundamentally changes in the way Iraq is governed,” the paper quoted Haddad, an Iraqi political specialist at the National University of Singapore, as saying.
Haddad added: “The election is likely to result from another coalition government headed by Abadi”
“There is no coherent opposition that can easily outperform it,” Haddad said.
Article Credit: baghdadtoday.news (Special Thanks to Charles Bright)
BGG ~ I like the WSJ’s optimism… we all know how accurate they were on the last election they “predicted”. I’m hoping on this one, they are more accurate.
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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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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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BAGHDAD, Iraq – After 13 years of being given a special status, Kirkuk is taking part in Iraqi provincial elections at the same time as other provinces on December 22..jpg)
Abadi congratulates ‘all Iraqi nations’ for passing budget
Iraqis are looking to build the economy after an investment environment, which may be more encouraging than before, to attract foreign investments. The level of security risk, which is one of the obstacles preventing investors from coming to Iraq , And the government has the responsibility to ensure the removal of the rest of the obstacles, foremost of which is administrative corruption .
Kurdish official: Baghdad committees completed the audit of salaries of the region by 96%
Twilight News – The meeting of the three presidencies began on Thursday evening to discuss the issue of the adoption of the Federal Budget Law 2018.
Economy News _ Baghdad – The economic and banking adviser to the Association of Iraqi Private Banks Samir Nusairi, said that the central bank and the banking sector played a key role in overcoming the economic and financial crisis, and support the state treasury and methods and procedures and new instruments in the applications of monetary policy.
Baghdad: Speaker of the House of Representatives Salim al-Jubouri, on Wednesday, all members of the Council to attend the meeting on Thursday for the purpose of voting on the federal budget.
