Welcome to the Dinar Daily NEWS Blog. For regular Dinar News Updates, Dinar to USD listings, Iraqi Dinar info and Dinar info – THAT MATTERS!! This is a good place to start for your Daily Dinar Recap – if you are a Dinar vet or just looking for the current Dinar Value – Welcome.

Word for the day…

Mrs. BGG

Iraqi Dinar/Dollar auction (most recent listing) 07-05-16

Currency Auctions Announcement No. 3235

This daily currency auction was held in the Central Bank of Iraq on the 07-05-2016

The results were as follows:

DETAILS	NOTES
Number of banks	30
Number of remittance companies	18
Auction price selling dinar / US$	1182
Auction price buying dinar / US$	—–
Amount sold at auction price (US$)	138,409,694
Amount purchased at Auction price (US$)	—–
Total offers for buying (US$)	138,409,694
Total offers for selling (US$)	—–

More: http://dinarupdates.com/observer/
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To know what people really think, pay regard to what they do, rather than what they say. – René Descartes

*** Current News ***

Follow us on twitter @DinarUpdates !!

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IMF board approves $5.34 billion standby arrangement for Iraq

The International Monetary Fund said on Thursday its executive board approved a new three-year, $5.34 billion standby arrangement for Iraq to support Baghdad’s efforts to deal with lower oil prices and ensure debt sustainability.

The IMF said in a statement the approval will allow for the immediate disbursement of about $634 million under the program. In July 2015, Iraq received about $1.24 billion under the previous rapid financing instrument program.

The IMF said that Iraqi authorities have pledged to maintain their currency peg to the dollar, reduce spending on inefficient capital expenditures whole protecting social spending. It said overhauling the management of public finances will put the government in a better position to combat the Islamic State militant group and cope with lower oil prices.

“The Iraqi economy has been hit hard by the double shock arising from the ISIS attacks and the sharp drop in global oil prices,” IMF Deputy Managing Director Min Zhu said in a statement. “The policies put in place by the authorities to deal with this double shock are appropriate.”

Zhu said that Iraq’s accumulation of large external arrears to international oil companies and domestic arrears in 2015 was “unfortunate” and they should be paid down.

The program also requires Iraq to take significant steps to strengthen anti-corruption laws and to prevent money laundering and counter the financing of terrorism.

Read More: http://www.dinarupdates.com/showthread.php?36764-IMF-board-approves-5-34-billion-standby-arrangement-for-IraqIMF-board-approves-5-34

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rcookie (Dinar Guru) –    THE 12TH IS A DATE BEING REPORTED AS THE RETURN OF REGULAR PARLIAMENT SESSIONS IN THIS LEGISLATIVE TERM…FINANCIAL & ECONOMIC LAWS…ARE CUED UP AND AWAITING VOTE…THESE HAVE ALL BEEN GIVEN PRIORITY STATUS FOR ADDRESSMENT UPON PARLIAMENTS RETURN…AS WELL AS SOME OF THE NATIONAL RECONCILIATION AND UNITY LAWS… AMNESTY/ACCOUNTABILITY & JUSTICE/ FED COURT…

Read More: http://www.dinarupdates.com/observer/
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rcookie (Dinar Guru) –    THEY HAVE BEEN UNDER THE EXISTING SMP SINCE JAN 2015 AND IT RUNS THROUGH DEC 2016…AND THE PERFORMANCE OF IRAQ INSTILLED CONFIDENCE WITH IMF TO EXTEND SBA ACCESS EARLY...IT DEMONSTRATES IRAQS EXEMPLARY PERFORMANCE WITH IMF AND WB FINANCIAL & ECONOMIC TECHNICAL ASSISTANCE INITIATIVES…AND FISCAL DISCIPLINE…    …FOCUSING ON DATES AND FALSE INSINUATIONS…ARENT NECESSARY WHEN THE FACTS ARE SO JUICY!!!

Read More: http://www.dinarupdates.com/observer/
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Are consistent with the EFCC Act and Economic Reforms

With the rising importance of the transition to a market economy and reliance on the private sector as an essential factor for the advancement of Economics, headed the House of representatives to vote on amending the law of the Federation of Chambers of Commerce of Iraq during the current legislative term to its importance in achieving the objectives that correspond to government reforms.

According to walastthmaralniabih economy Committee Chairman Jawad Al-bulani, the new election mechanisms include alterations and cancellation of some previous help hinder the work of the Union, as well as nomination and put his instructions and how to support and promote steps that contribute to the development of the private sector in the country.

The Parliamentary Committee last month held a workshop to discuss the second amendment of the EFCC Act (43) of 1989, which was attended by the President of the Federation of Chambers of Commerce gafralhamdani and his entourage and representatives of the private sector. For more than a million and 100, 000 residents work in internal and external trade.

Boolean asserted that law after its amendments would be sedated and meets the ambitious merchant, will serve the citizen who relies on his life fully on this sector who believes his clothing, food and other services and life matters.

EFCC works on organization and development of business competence and enhance the role of this activity in the process of economic development. For his part, the Economist called iam_ronoc to simplify procedures for registering companies.

Shimmari told reporters stressed the need to include this amendment point (simplification of procedures) with the aim of improving the Iraqi economy for the better development of trade relations and the promotion of the private sector which is one of the most important current development poles, urging the Government to speed up reform document application for side

Read More: http://www.dinarupdates.com/showthread.php?36728-Are-consistent-with-the-EFCC-Act-and-Economic-Reforms-7-6
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firefly (Dinar Guru) –   [...the 500s came out, I was wondering if any others like 100s had come out?]  Only the 500s so far. IMO the remaining notes will appear very shortly

Read More: http://www.dinarupdates.com/observer/

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For a peek at all the most up-to-date DU News – check the Iraq News Thread (in the forum)…

http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
______________________________________________________________

Iraq and the International Monetary Fund

Hussein Ahmed Sarhan

Reading in the government’s commitments to the 2016 direction of the Fund under 22 / December / agreement in 2015

Because of the difficult economic conditions experienced by Iraq due to the escalation of the level of military spending after the control of the organization of what is known as (the Islamic state “Daash”) terrorist nearly one-third of the Iraqi state area since June 2014, and the drop in oil prices late the same year, which caused a shock of revenue for the state budget, which led to the promotion of the budget deficit.

For this purpose, the government began her meetings with international financial institutions, particularly the IMF and the World Bank for financial assistance as provided for in the general budget for the 2016 law, which requires him to issue a “letter of intent” and the memorandum of economic and financial policies.

The Iraqi government has issued a letter of intent and memorandum of economic and financial policies in the 22 / December / 2015 describe the policies that the government will implement as part of a program watched by the International Monetary Fund experts Memorandum of Economic and Financial Policies MEFP)) as part of the program watched by the International Monetary Fund experts Staff-Monitored program (SMP) government to show to impress and practical manner, then moved to the funding program as soon as possible.

The most important of the contents policy note:

Description of the large correction in fiscal consolidation carried out by the Iraqi government in 2015 and plans to continue to be implemented during 2016.

Reforms in the foreign exchange policy, public financial management and banking supervision, which the Iraqi government is committed to implement during the year 2016.

Moreover, the Iraqi government informed the Fund taking any additional steps may be necessary. The government will consult with the Fund on the approval of any measures of this kind. And identifies policy note recent economic developments and prospects of economic and fiscal policies in 2015 and 2016.

Data political frame-security current political, passing the Iraqi state is very difficult

Politically, the Iraqi state going through a very difficult -walba, particularly inside Iraq and observers abroad stage knows and understands Aavadha- a result of political problems, deferred crises since the political change in 2003, the lack of the necessary legislative frameworks and the resulting lack of vision state-building and attention to all sectarian interests and narrow partisan. To make matters worse, it is the events of last April and the ensuing vacancies in government positions and are not in session, and as a result the crisis of political reform has turned into a crisis in the management of the highest state institutions, it has been deteriorating over to turn into a crisis of the rule, especially with the increasing decline of the legitimacy of the current political system by the case of popular rejection of his lack of understanding of the system based on the nature of the phase-sufficiency in view of their interests, and they have achieved their gains after the change, even become negative political reality reflected on the daily life of citizens, security and economic class basis.

Security, and as well as the decline of the power of legitimate coercion of the state and weak law enforcement institutions in the entire territory of the State of Iraq, the Iraqis are fighting on many fronts to eliminate the organization “Daash” terrorist attacks that put Iraq in a very dangerous situation, and still well in spite of the decline of the organization and crush it big decline; and that the weakness of the security situation in the rest of the areas controlled by the government in central and southern Iraq, and the spread of the manifestations of crime and disorder. As well as the internal forced displacement and sectarian displacement, which produced more than three million displaced people and away from the residence, and nearly 10 million (or nearly one-third of Iraq’s population) to require humanitarian aid.

Also it has been a reliable international community and international institutions on the reform measures, and felt that those in charge of the political system in Iraq, they realized the seriousness of the current stage and began to take the appropriate steps to get out of the dark tunnel and out of danger.

But they ran into the reality of action and passivity and turn it into a complex political crisis, and this point have weak state institutions and a negative performance.

It is important that in this situation, proceeded Iraqi government – As part of its efforts to reduce the state budget deficit for 2016 and head to external borrowing -aly provide a policy paper and a letter of intent to the International Monetary Fund as a first stage to enter into a credit point, and this ranks on Iraq

-If what has been move toward implementation of the agreement with international financial institutions, particularly the IMF and World Bank Aldoliyn- obligations, particularly the Iraqi government is negotiating with these institutions and with assistance from the US side to engage in credit and loan collection phase.

And the nature of these obligations is in several respects:

Political-Security –

Economic policies –

The obligations of the availability of legislative frameworks that support these economic policies, such as amending the Investment Law read in the economic indicators and commitments contained in the further economic and financial policies.

Economic activity –

The decline in economic activity is oil contraction 8% for 2015 due to lower capital spending after the decline in oil revenues, after he saw a contraction boat of 9% during the year 2014.

In 2016, growth is expected to rise in the gross domestic product to a rate (10.6%) due to the expected increase in production oil ratio (20%) with the survival of gross domestic product, the non-oil steady.

The official reserves of foreign currency

due to lower oil prices, is expected to shift the current account balance from a surplus of 1% of GDP in 2014 to a deficit of 6% of gross domestic product in the year 2016 will total deficit up to $ 11 billion in 2016, and this the expectation is based on the survival of the imposition of oil prices below US $ 40 per barrel.

This deficit will be financed At large part Menh- by withdrawing large sums of official reserves of foreign currency, and this will reduce the total reserves of $ 67 billion in 2014 to $ 43 billion (7 months) of the year 2016. But the recent rise in oil prices and exceed the threshold of 45 dollars and complete liberation of the territory controlled by “Daash” and reduced military spending, may reduce the decline in reserve.

Therefore, the fund is expected to resume reserves to rise in the year 2017 onwards of $ 48 billion (7 months) from the year 2017 to 88 billion dollars (10 months) of the year 2020, due to the rise in oil prices.

The budget deficit

The decline in oil prices led to a significant deterioration in the financial position of the Fund that is expected deficit in budget year 2016 to 10% of gross domestic product subject to the adoption of the following measures:

A significant reduction in the overall financial balance of the first non-oil [ 1], ie about 12% of the total non-oil GDP (24 trillion Iraqi dinars, or $ 20 billion), and is expected to be completed by the biggest part of it by the end of 2015. this commitment was met Ptozm political situation and forestry stagnant economic activity.

A large increase in domestic funding as well as external financing in the short term in line with the sustainability of debt sustainability over the medium term. To mitigate the impact of fiscal adjustment on the population and the refugees, the government will protect social spending (ie spending on health and education transfers that support social protection network and internally displaced persons and refugees).

Public finance program in 2016

December / 2015 provided the Iraqi government to parliament amendments to the draft budget submitted by the 18 / October 2015, and was aimed at a deficit of initial non-oil fiscal reduce the 77 trillion Iraqi dinars (56% of GDP the total non-oil), and it will be achieved through the implementation of the government to the following procedures:

– collect no less than 8.8 trillion Iraqi dinars (6.5% of the GDP of non-oil) in revenue is oil, and includes (1) trillion Iraqi dinars increase taxes and wages.

– Determine the initial spending of non-oil at $ 86 trillion dinars (63% of gross domestic product, the non-oil), and will once again achieve this emphasis in the initial spending of non-oil mostly on a higher level Bqil of the low level of 2015 by the postponement of investment projects non-oil priority at least for subsequent years.

We believe that to walk in this direction and delivery of this measure will reflect negatively on the overall production activity, and therefore has to be thinking about reducing the unnecessary expenditure of state institutions and rationing spending and this will save big money.

– It is for the first non-oil deficit in public finances financing, and investment spending of oil and debt service, the government will resort to oil revenue (73 trillion dinars), and domestic financing (20 trillion dinars), and external funding (four trillion dinars).

– Will be local funding to cover (20 trillion dinars) through the issuance of remittances treasury, which are re-financed through commercial banks up to (7 trillion dinars) in the discount window at the Central Bank of Iraq, and the issuance of national bonds to the public of $ (5 trillion dinars), reduced government in the banking sector deposits amounting to (four trillion dinars).

– The external financing (4 trillion dinars) will be funded through:

(a) the planned release of its Eurobonds ($ 2 billion),

(b) the Islamic Development Bank loans ($ 500 million)

(c)- project loans from the World Bank ($ 50 billion)

(d)- a loan from the Japanese international cooperation Agency JICA (502 million dollars),

(c) Italy ($ 40 million)

That the government does not resort to the accumulation of arrears as a way to finance the deficit and comply with the ceiling zero for external arrears, and that the government inventory of domestic arrears (domestic debt) to ensure uncle accumulation and make payments if done from audited as required.

Iraq’s obligations on public finances

In order to strengthen fiscal discipline, the government will action the following:

– The Ministry of Finance to submit a new draft of the law of financial management according to observations Monetary Fund and the World Bank which was submitted to the State Council. It should be noted that the influential Financial Management Act is a financial management and public debt No. 95 Act of 2004

– so far the government by including the amount of 2.4 trillion Iraqi dinars to repay domestic arrears in the 2016 budget, after the government set domestic arrears worth 7.3 trillion dinars including 5 trillion dinars accumulated in 2015. The government will continue to conduct a survey and audit and pay domestic arrears, and will be the Ministry of planning as a first step, to be completed in February 2016.

– design, implementation and technical assistance from the international Monetary Fund, a system for monitoring compliance with the implementation of the budget is based on a financial plan a comprehensive implementation of the budget.

– An integrated information system for financial management design (IFMIS) and implemented with the help of the World Bank. As a first step to adopt by the end of April 2016 map detailing the basic evidence, including account functional requirements and keep track of expenses over several years and the deportation of resources from one year to another and administration advances and cash management arrangements.

– Reform of the public investment management (PIM) with the help of the World Bank. In fulfillment of this commitment, the Prime Minister issued a decree on October 18, 2015 ratified whereby a part of the process of public investment management based on World Bank recommendations, including this context, investment selection and implementation and subsequent evaluation, that the Ministry of Planning and creation of a unit to manage public investment to sort out projects based on their feasibility, and to establish and manage an integrated bank studies for projects (IBP) to run as a branch of the Iraq development system (IDMS).

[2] – the need to apply the existing procedures for financial disclosure for senior officials in order to improve governance and strengthen anti-corruption efforts, and continues Authority integrity publish the names of those who do not submit financial disclosure.

Commitments regarding banking supervision

About 89% of the banking system’s assets are grouped at the three government banks of (7), including banks and one Islamic, and these banks are (Mesopotamia, Al-Rasheed, the Iraqi Trade Bank).

– The government will re-structuring bank Rafidain and Rasheed. As the first step will be the Ministry of Finance at the end of February 2016 contracted with international auditors to audit the financial statements for the last two banks, in cooperation with the Executive Committee for restructuring these two private banks and the World Bank.

And by the central bank, it will continue to implement reforms to strengthen the stability of the banking sector in Iraq measures, namely:

– start using the system of international bank account number (IBAN) in Iraq.

Raising the capital requirement of banks to 250 billion dinars, equivalent to 214 million dollars. It has all the private banks of (32), to raise its capital to this level except for one bank.

– Hiring a consultant to help the Iraqi Central Bank in enhancing the special precautionary measures liquidity and capital adequacy ratio.

– A review of precautionary measures by the Central Bank of Iraq with the help of regional technical assistance center for the Middle East (METAC) of the International Monetary Fund.

– Prepare for the deposit insurance system provides for the establishment of a public institution licensed by the Central Bank of Iraq, and made available to the banks an opportunity to contribute to the capital of this institution.

– Issuing bank law for financial institutions that offer Islamic services.

Follow-up Program

The program will be a review of quarterly and will be quantitative targets regarding:

– the balance of the first non-oil (ie, the difference between the non-oil revenues and expenses preliminary non-oil excluding interest)

– the balance of net domestic assets of the Central Bank

– foreign exchange reserves with the Central Bank

– Social spending and the lack of new external arrears starting from the month of December 2015

And it will determine each review of the program a number of benchmarking structural in necessary for the success of the program areas, and must be completed the first review by the end of the month of May 2016. the government plans to submit to impress under this program, which watched by the international Monetary Fund experts to move to a possible financial agreement with the IMF as soon as possible.

The table below contains the contents of the review, which is supposed to be completed by the end of last month:

Case: It has been met: Maintaining macroeconomic(s):

Cabinet approval of the amendments to the draft budget for 2016 and forwarded to the parliament so that they are in line with the macro-economic framework that was agreed upon in accordance with the program which is watched by experts of the Fund.

Enhance cash management :  The first review

The completion of the Ministry of Planning survey has arrears on domestic investment spending (the amount of arrears, the identity of the creditor, invoice, identification of the goods and services offered, the credit line in the budget, which authorizes such spending)

Enhance cash management :  The first review

Ministry of Finance and the Central Bank is preparing a list of all bank accounts under the control of the Ministry of Finance and all spending units and sub-units of spending in the federal government with the central bank and state-owned banks. The details should include the assets until December 2015 and account number and title, location and purpose and who is responsible and Mufdan sign.

Enhance the stability of the financial sector: The first review

The appointment of one or more international auditor to audit the financial statements for the last bank Rafidain and Rasheed, and according to international standards.

Strengthen public financial management: The second review

Adoption of the Minister of Finance draft finance law administration in line with the comments made by the International Monetary Fund and the World Bank about the latest draft law, which has been submitted to the State Council.

Conclusion:

We must explain how positive the above commitments on the Iraqi situation. In this regard it should be recalled that Iraq -as Zkrna- going through a very difficult economic conditions, and increased the severity of the security situation and the negative fighter organization “Daash” terrorist on a broad front from its territory due to increased spending on armaments and the requirements of the fight, this is the part.

On the other hand, the Iraqi economy is suffering from structural crisis – marovh manifestations of Ba- over the decades reflected negatively on the overall economic activity and appeared evident in the last two years in a financial liquidity crisis. Therefore, it calls for economic reform and a broad program in accordance with the economic philosophy of the state set by the Constitution in accordance with the material (24, 25.26).

So we believe that the above commitments constitute an important beginning to benefit from international expertise in this area and employment in line with the development of the State of Iraq for the time being, given that the above commitments would result in a transition to a financial agreement with the Fund, and this Aaakhlu of interest in financing part of the Gr budget general state of 2016. we believe that the investment turns to its side, ie are employed to obtain loans -hal Alleha- to increase capital expenditures to achieve two goals: first, to move economic activity, II: improving infrastructure mode to be reflected positively on overall economic activity.

Euphrates Center for Development and Strategic Studies / 2004- Ⓒ 2016 www.fcdrs.com

Read More: http://www.dinarupdates.com/showthread.php?36734-Iraq-and-the-International-Monetary-Fund
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CURRENCY	CODE	SELL	BUY
US dollar	USD	1182.000	1180.000
Euro	EUR	1316.157	1315.499
British pound	GBP	1570.642	1569.856
Canadian dollar	CAD	—–	—–
Swiss franc	CHF	1213.179	1212.572
Swedish krona	SEK	139.541	139.472
Norwegian krone	NOK	141.560	141.489
Danish krone	DKK	176.951	176.863
Japanese yen	JPY	11.487	11.481
Special Drawing Rights	SDR	1650.025	1649.200

Indicative rates – 07.08.2015

http://www.cbi.iq/

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www.DinarUpdates.com

Welcome to the Dinar Daily NEWS Blog. For regular Dinar News Updates, Dinar to USD listings, Iraqi Dinar info and Dinar info – THAT MATTERS!! This is a good place to start for your Daily Dinar Recap – if you are a Dinar vet or just looking for the current Dinar Value – Welcome.

Word for the day…

Mrs. BGG

Iraqi Dinar/Dollar auction (most recent listing) 07-05-16

Currency Auctions Announcement No. 3235

This daily currency auction was held in the Central Bank of Iraq on the 07-05-2016

The results were as follows:

DETAILS	NOTES
Number of banks	30
Number of remittance companies	18
Auction price selling dinar / US$	1182
Auction price buying dinar / US$	—–
Amount sold at auction price (US$)	138,409,694
Amount purchased at Auction price (US$)	—–
Total offers for buying (US$)	138,409,694
Total offers for selling (US$)	—–

More: http://dinarupdates.com/observer/
______________________________________________________________

If your answer to every failure of government is more government, you are like an alcoholic trying to drink yourself sober. – Will Spencer

*** Current News ***

Follow us on twitter @DinarUpdates !!

Don’t MISS – “DU NEWS TIME” w/BGG in DU CHAT ROOM – Friday 7:30pm CST

www.DinarUpdates.com – save as favorite!

______________________________________________________________

Are consistent with the EFCC Act and Economic Reforms

With the rising importance of the transition to a market economy and reliance on the private sector as an essential factor for the advancement of Economics, headed the House of representatives to vote on amending the law of the Federation of Chambers of Commerce of Iraq during the current legislative term to its importance in achieving the objectives that correspond to government reforms.

According to walastthmaralniabih economy Committee Chairman Jawad Al-bulani, the new election mechanisms include alterations and cancellation of some previous help hinder the work of the Union, as well as nomination and put his instructions and how to support and promote steps that contribute to the development of the private sector in the country.

The Parliamentary Committee last month held a workshop to discuss the second amendment of the EFCC Act (43) of 1989, which was attended by the President of the Federation of Chambers of Commerce gafralhamdani and his entourage and representatives of the private sector. For more than a million and 100, 000 residents work in internal and external trade.

Boolean asserted that law after its amendments would be sedated and meets the ambitious merchant, will serve the citizen who relies on his life fully on this sector who believes his clothing, food and other services and life matters.

EFCC works on organization and development of business competence and enhance the role of this activity in the process of economic development. For his part, the Economist called iam_ronoc to simplify procedures for registering companies.

Shimmari told reporters stressed the need to include this amendment point (simplification of procedures) with the aim of improving the Iraqi economy for the better development of trade relations and the promotion of the private sector which is one of the most important current development poles, urging the Government to speed up reform document application for side

Read More: http://www.dinarupdates.com/showthread.php?36728-Are-consistent-with-the-EFCC-Act-and-Economic-Reforms-7-6

Dinar Updates “The After Call” – LIVE!!

“Immediately following News Time!!”
6/29 – LIVE CALL w/Q&A!!
641-715-3640 pin#528733

Smart phone user link – Click here

______________________________________________________________

firefly (Dinar Guru) –     …appears the the new 500 dinar note count now has Kurdish language on it.  The Kurds always insisted on it…looks like they got it.    Quote:  “For more than five years, the Central Bank of Iraq has planned to remove three zeroes from the banknotes and add Kurdish text. To date the efforts to redenominate the dinar have failed to come to fruition, but as this note demonstrates, the addition of Kurdish text is underway…”  “…but as this note demonstrates, the addition of Kurdish text  is underway…”  If this doesn’t excite you or make you jump for joy you are literally pushing up daisies!

Read More: http://www.dinarupdates.com/observer/
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firefly (Dinar Guru) –   IMO …this investment is now ripe for the picking…And NO… I’m NOT calling anything or putting out any silly dates…But it sure looks sweet.

Read More: http://www.dinarupdates.com/observer/
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Launch Central Bank loans to finance agricultural projects

Baghdad scales news – The Ministry of agriculture, said Wednesday, launching agricultural loans from the Central Bank by ACB bin by 33% and equivalent (1, 650) trillion dinars.

According to a statement by the Department of public relations and international cooperation at the Ministry received/balance of news copy, “the Committee completed the preparation of the controls and instructions and regulations according to the approved lending mechanisms functioning by Mr Prime Minister,” indicating that “a detailed report was prepared for the preparatory phase.

The statement said that “firing mechanisms were approved electronic forms to apply for agricultural and industrial and residential loans pursuant to the recommendations of the preparatory phase of the Supreme Committee of the Iraqi Central Bank loans allocated to various projects including small.”

He continued, “these projects aim to provide significant employment opportunities for young people and graduates and women working on raising the standard of living of citizens and move the wheel of development”, adding that “the Ministry circulated launching mechanisms of electronic forms of agricultural loans to all circles and companies and divisions.

He noted that “abstract lending mechanisms for small (500) million SMEs (3) billion dinars, and large projects in excess of 3 billion dinars and not more than 20 billion dinars, and strategic projects of more than 20 billion dinars where loan (5) years, except for a one-year grace period, apply to the agricultural Bank.

The statement stressed that “the total amount of loans (6, 5) trillion dinars, with shares of other sectors increased by 33%, equivalent to (1, 650) trillion dinars for Industrial Bank, housing fund by 17% up (850) billion dinars in the same for real estate Bank, dyed with the share of private banks by $ 1 trillion of loans which promotes 50 million for small and medium-sized enterprises.” over 29/34

Read More: http://www.dinarupdates.com/showthread.php?36727-Launch-Central-Bank-loans-to-finance-agricultural-projects-Read-More-http-www-di
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wmawhite (Dinar Guru) –  [If I understood Mr. White last week, he said the CBI along with the IMF would RV or RI the Iraq currency. Did I read that wrong?]  The answer to your question lies in the answer to this question; who owns the Iraq Dinar?  The Central Bank of Iraq or the International Monetary Fund?  The answer is on every IQD note.  …there is only one entity that is responsible for maintaining the value of a currency…the central bank that owns the currency…no one else.

Read More: http://www.dinarupdates.com/observer/

______________________________________________________________

For a peek at all the most up-to-date DU News – check the Iraq News Thread (in the forum)…

http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
______________________________________________________________

Iraq and the International Monetary Fund

Hussein Ahmed Sarhan

Reading in the government’s commitments to the 2016 direction of the Fund under 22 / December / agreement in 2015

Because of the difficult economic conditions experienced by Iraq due to the escalation of the level of military spending after the control of the organization of what is known as (the Islamic state “Daash”) terrorist nearly one-third of the Iraqi state area since June 2014, and the drop in oil prices late the same year, which caused a shock of revenue for the state budget, which led to the promotion of the budget deficit.

For this purpose, the government began her meetings with international financial institutions, particularly the IMF and the World Bank for financial assistance as provided for in the general budget for the 2016 law, which requires him to issue a “letter of intent” and the memorandum of economic and financial policies.

The Iraqi government has issued a letter of intent and memorandum of economic and financial policies in the 22 / December / 2015 describe the policies that the government will implement as part of a program watched by the International Monetary Fund experts Memorandum of Economic and Financial Policies MEFP)) as part of the program watched by the International Monetary Fund experts Staff-Monitored program (SMP) government to show to impress and practical manner, then moved to the funding program as soon as possible.

The most important of the contents policy note:

Description of the large correction in fiscal consolidation carried out by the Iraqi government in 2015 and plans to continue to be implemented during 2016.

Reforms in the foreign exchange policy, public financial management and banking supervision, which the Iraqi government is committed to implement during the year 2016.

Moreover, the Iraqi government informed the Fund taking any additional steps may be necessary. The government will consult with the Fund on the approval of any measures of this kind. And identifies policy note recent economic developments and prospects of economic and fiscal policies in 2015 and 2016.

Data political frame-security current political, passing the Iraqi state is very difficult

Politically, the Iraqi state going through a very difficult -walba, particularly inside Iraq and observers abroad stage knows and understands Aavadha- a result of political problems, deferred crises since the political change in 2003, the lack of the necessary legislative frameworks and the resulting lack of vision state-building and attention to all sectarian interests and narrow partisan. To make matters worse, it is the events of last April and the ensuing vacancies in government positions and are not in session, and as a result the crisis of political reform has turned into a crisis in the management of the highest state institutions, it has been deteriorating over to turn into a crisis of the rule, especially with the increasing decline of the legitimacy of the current political system by the case of popular rejection of his lack of understanding of the system based on the nature of the phase-sufficiency in view of their interests, and they have achieved their gains after the change, even become negative political reality reflected on the daily life of citizens, security and economic class basis.

Security, and as well as the decline of the power of legitimate coercion of the state and weak law enforcement institutions in the entire territory of the State of Iraq, the Iraqis are fighting on many fronts to eliminate the organization “Daash” terrorist attacks that put Iraq in a very dangerous situation, and still well in spite of the decline of the organization and crush it big decline; and that the weakness of the security situation in the rest of the areas controlled by the government in central and southern Iraq, and the spread of the manifestations of crime and disorder. As well as the internal forced displacement and sectarian displacement, which produced more than three million displaced people and away from the residence, and nearly 10 million (or nearly one-third of Iraq’s population) to require humanitarian aid.

Also it has been a reliable international community and international institutions on the reform measures, and felt that those in charge of the political system in Iraq, they realized the seriousness of the current stage and began to take the appropriate steps to get out of the dark tunnel and out of danger.

But they ran into the reality of action and passivity and turn it into a complex political crisis, and this point have weak state institutions and a negative performance.

It is important that in this situation, proceeded Iraqi government – As part of its efforts to reduce the state budget deficit for 2016 and head to external borrowing -aly provide a policy paper and a letter of intent to the International Monetary Fund as a first stage to enter into a credit point, and this ranks on Iraq

-If what has been move toward implementation of the agreement with international financial institutions, particularly the IMF and World Bank Aldoliyn- obligations, particularly the Iraqi government is negotiating with these institutions and with assistance from the US side to engage in credit and loan collection phase.

And the nature of these obligations is in several respects:

Political-Security –

Economic policies –

The obligations of the availability of legislative frameworks that support these economic policies, such as amending the Investment Law read in the economic indicators and commitments contained in the further economic and financial policies.

Economic activity –

The decline in economic activity is oil contraction 8% for 2015 due to lower capital spending after the decline in oil revenues, after he saw a contraction boat of 9% during the year 2014.

In 2016, growth is expected to rise in the gross domestic product to a rate (10.6%) due to the expected increase in production oil ratio (20%) with the survival of gross domestic product, the non-oil steady.

The official reserves of foreign currency

due to lower oil prices, is expected to shift the current account balance from a surplus of 1% of GDP in 2014 to a deficit of 6% of gross domestic product in the year 2016 will total deficit up to $ 11 billion in 2016, and this the expectation is based on the survival of the imposition of oil prices below US $ 40 per barrel.

This deficit will be financed At large part Menh- by withdrawing large sums of official reserves of foreign currency, and this will reduce the total reserves of $ 67 billion in 2014 to $ 43 billion (7 months) of the year 2016. But the recent rise in oil prices and exceed the threshold of 45 dollars and complete liberation of the territory controlled by “Daash” and reduced military spending, may reduce the decline in reserve.

Therefore, the fund is expected to resume reserves to rise in the year 2017 onwards of $ 48 billion (7 months) from the year 2017 to 88 billion dollars (10 months) of the year 2020, due to the rise in oil prices.

The budget deficit

The decline in oil prices led to a significant deterioration in the financial position of the Fund that is expected deficit in budget year 2016 to 10% of gross domestic product subject to the adoption of the following measures:

A significant reduction in the overall financial balance of the first non-oil [ 1], ie about 12% of the total non-oil GDP (24 trillion Iraqi dinars, or $ 20 billion), and is expected to be completed by the biggest part of it by the end of 2015. this commitment was met Ptozm political situation and forestry stagnant economic activity.

A large increase in domestic funding as well as external financing in the short term in line with the sustainability of debt sustainability over the medium term. To mitigate the impact of fiscal adjustment on the population and the refugees, the government will protect social spending (ie spending on health and education transfers that support social protection network and internally displaced persons and refugees).

Public finance program in 2016

December / 2015 provided the Iraqi government to parliament amendments to the draft budget submitted by the 18 / October 2015, and was aimed at a deficit of initial non-oil fiscal reduce the 77 trillion Iraqi dinars (56% of GDP the total non-oil), and it will be achieved through the implementation of the government to the following procedures:

– collect no less than 8.8 trillion Iraqi dinars (6.5% of the GDP of non-oil) in revenue is oil, and includes (1) trillion Iraqi dinars increase taxes and wages.

– Determine the initial spending of non-oil at $ 86 trillion dinars (63% of gross domestic product, the non-oil), and will once again achieve this emphasis in the initial spending of non-oil mostly on a higher level Bqil of the low level of 2015 by the postponement of investment projects non-oil priority at least for subsequent years.

We believe that to walk in this direction and delivery of this measure will reflect negatively on the overall production activity, and therefore has to be thinking about reducing the unnecessary expenditure of state institutions and rationing spending and this will save big money.

– It is for the first non-oil deficit in public finances financing, and investment spending of oil and debt service, the government will resort to oil revenue (73 trillion dinars), and domestic financing (20 trillion dinars), and external funding (four trillion dinars).

– Will be local funding to cover (20 trillion dinars) through the issuance of remittances treasury, which are re-financed through commercial banks up to (7 trillion dinars) in the discount window at the Central Bank of Iraq, and the issuance of national bonds to the public of $ (5 trillion dinars), reduced government in the banking sector deposits amounting to (four trillion dinars).

– The external financing (4 trillion dinars) will be funded through:

(a) the planned release of its Eurobonds ($ 2 billion),

(b) the Islamic Development Bank loans ($ 500 million)

(c)- project loans from the World Bank ($ 50 billion)

(d)- a loan from the Japanese international cooperation Agency JICA (502 million dollars),

(c) Italy ($ 40 million)

That the government does not resort to the accumulation of arrears as a way to finance the deficit and comply with the ceiling zero for external arrears, and that the government inventory of domestic arrears (domestic debt) to ensure uncle accumulation and make payments if done from audited as required.

Iraq’s obligations on public finances

In order to strengthen fiscal discipline, the government will action the following:

– The Ministry of Finance to submit a new draft of the law of financial management according to observations Monetary Fund and the World Bank which was submitted to the State Council. It should be noted that the influential Financial Management Act is a financial management and public debt No. 95 Act of 2004

– so far the government by including the amount of 2.4 trillion Iraqi dinars to repay domestic arrears in the 2016 budget, after the government set domestic arrears worth 7.3 trillion dinars including 5 trillion dinars accumulated in 2015. The government will continue to conduct a survey and audit and pay domestic arrears, and will be the Ministry of planning as a first step, to be completed in February 2016.

– design, implementation and technical assistance from the international Monetary Fund, a system for monitoring compliance with the implementation of the budget is based on a financial plan a comprehensive implementation of the budget.

– An integrated information system for financial management design (IFMIS) and implemented with the help of the World Bank. As a first step to adopt by the end of April 2016 map detailing the basic evidence, including account functional requirements and keep track of expenses over several years and the deportation of resources from one year to another and administration advances and cash management arrangements.

– Reform of the public investment management (PIM) with the help of the World Bank. In fulfillment of this commitment, the Prime Minister issued a decree on October 18, 2015 ratified whereby a part of the process of public investment management based on World Bank recommendations, including this context, investment selection and implementation and subsequent evaluation, that the Ministry of Planning and creation of a unit to manage public investment to sort out projects based on their feasibility, and to establish and manage an integrated bank studies for projects (IBP) to run as a branch of the Iraq development system (IDMS).

[2] – the need to apply the existing procedures for financial disclosure for senior officials in order to improve governance and strengthen anti-corruption efforts, and continues Authority integrity publish the names of those who do not submit financial disclosure.

Commitments regarding banking supervision

About 89% of the banking system’s assets are grouped at the three government banks of (7), including banks and one Islamic, and these banks are (Mesopotamia, Al-Rasheed, the Iraqi Trade Bank).

– The government will re-structuring bank Rafidain and Rasheed. As the first step will be the Ministry of Finance at the end of February 2016 contracted with international auditors to audit the financial statements for the last two banks, in cooperation with the Executive Committee for restructuring these two private banks and the World Bank.

And by the central bank, it will continue to implement reforms to strengthen the stability of the banking sector in Iraq measures, namely:

– start using the system of international bank account number (IBAN) in Iraq.

Raising the capital requirement of banks to 250 billion dinars, equivalent to 214 million dollars. It has all the private banks of (32), to raise its capital to this level except for one bank.

– Hiring a consultant to help the Iraqi Central Bank in enhancing the special precautionary measures liquidity and capital adequacy ratio.

– A review of precautionary measures by the Central Bank of Iraq with the help of regional technical assistance center for the Middle East (METAC) of the International Monetary Fund.

– Prepare for the deposit insurance system provides for the establishment of a public institution licensed by the Central Bank of Iraq, and made available to the banks an opportunity to contribute to the capital of this institution.

– Issuing bank law for financial institutions that offer Islamic services.

Follow-up Program

The program will be a review of quarterly and will be quantitative targets regarding:

– the balance of the first non-oil (ie, the difference between the non-oil revenues and expenses preliminary non-oil excluding interest)

– the balance of net domestic assets of the Central Bank

– foreign exchange reserves with the Central Bank

– Social spending and the lack of new external arrears starting from the month of December 2015

And it will determine each review of the program a number of benchmarking structural in necessary for the success of the program areas, and must be completed the first review by the end of the month of May 2016. the government plans to submit to impress under this program, which watched by the international Monetary Fund experts to move to a possible financial agreement with the IMF as soon as possible.

The table below contains the contents of the review, which is supposed to be completed by the end of last month:

Case: It has been met: Maintaining macroeconomic(s):

Cabinet approval of the amendments to the draft budget for 2016 and forwarded to the parliament so that they are in line with the macro-economic framework that was agreed upon in accordance with the program which is watched by experts of the Fund.

Enhance cash management :  The first review

The completion of the Ministry of Planning survey has arrears on domestic investment spending (the amount of arrears, the identity of the creditor, invoice, identification of the goods and services offered, the credit line in the budget, which authorizes such spending)

Enhance cash management :  The first review

Ministry of Finance and the Central Bank is preparing a list of all bank accounts under the control of the Ministry of Finance and all spending units and sub-units of spending in the federal government with the central bank and state-owned banks. The details should include the assets until December 2015 and account number and title, location and purpose and who is responsible and Mufdan sign.

Enhance the stability of the financial sector: The first review

The appointment of one or more international auditor to audit the financial statements for the last bank Rafidain and Rasheed, and according to international standards.

Strengthen public financial management: The second review

Adoption of the Minister of Finance draft finance law administration in line with the comments made by the International Monetary Fund and the World Bank about the latest draft law, which has been submitted to the State Council.

Conclusion:

We must explain how positive the above commitments on the Iraqi situation. In this regard it should be recalled that Iraq -as Zkrna- going through a very difficult economic conditions, and increased the severity of the security situation and the negative fighter organization “Daash” terrorist on a broad front from its territory due to increased spending on armaments and the requirements of the fight, this is the part.

On the other hand, the Iraqi economy is suffering from structural crisis – marovh manifestations of Ba- over the decades reflected negatively on the overall economic activity and appeared evident in the last two years in a financial liquidity crisis. Therefore, it calls for economic reform and a broad program in accordance with the economic philosophy of the state set by the Constitution in accordance with the material (24, 25.26).

So we believe that the above commitments constitute an important beginning to benefit from international expertise in this area and employment in line with the development of the State of Iraq for the time being, given that the above commitments would result in a transition to a financial agreement with the Fund, and this Aaakhlu of interest in financing part of the Gr budget general state of 2016. we believe that the investment turns to its side, ie are employed to obtain loans -hal Alleha- to increase capital expenditures to achieve two goals: first, to move economic activity, II: improving infrastructure mode to be reflected positively on overall economic activity.

Euphrates Center for Development and Strategic Studies / 2004- Ⓒ 2016 www.fcdrs.com

Read More: http://www.dinarupdates.com/showthread.php?36734-Iraq-and-the-International-Monetary-Fund
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CURRENCY	CODE	SELL	BUY
US dollar	USD	1182.000	1180.000
Euro	EUR	1316.157	1315.499
British pound	GBP	1570.642	1569.856
Canadian dollar	CAD	—–	—–
Swiss franc	CHF	1213.179	1212.572
Swedish krona	SEK	139.541	139.472
Norwegian krone	NOK	141.560	141.489
Danish krone	DKK	176.951	176.863
Japanese yen	JPY	11.487	11.481
Special Drawing Rights	SDR	1650.025	1649.200

Indicative rates – 07.07.2015

http://www.cbi.iq/

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Welcome to the Dinar Daily NEWS Blog. For regular Dinar News Updates, Dinar to USD listings, Iraqi Dinar info and Dinar info – THAT MATTERS!! This is a good place to start for your Daily Dinar Recap – if you are a Dinar vet or just looking for the current Dinar Value – Welcome.

Word for the day…

Mrs. BGG

Iraqi Dinar/Dollar auction (most recent listing) 07-05-16

Currency Auctions Announcement No. 3235

This daily currency auction was held in the Central Bank of Iraq on the 07-05-2016

The results were as follows:

DETAILS	NOTES
Number of banks	30
Number of remittance companies	18
Auction price selling dinar / US$	1182
Auction price buying dinar / US$	—–
Amount sold at auction price (US$)	138,409,694
Amount purchased at Auction price (US$)	—–
Total offers for buying (US$)	138,409,694
Total offers for selling (US$)	—–

More: http://dinarupdates.com/observer/
______________________________________________________________

If your answer to every failure of government is more government, you are like an alcoholic trying to drink yourself sober. – Will Spencer

*** Current News ***

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Are consistent with the EFCC Act and Economic Reforms

With the rising importance of the transition to a market economy and reliance on the private sector as an essential factor for the advancement of Economics, headed the House of representatives to vote on amending the law of the Federation of Chambers of Commerce of Iraq during the current legislative term to its importance in achieving the objectives that correspond to government reforms.

According to walastthmaralniabih economy Committee Chairman Jawad Al-bulani, the new election mechanisms include alterations and cancellation of some previous help hinder the work of the Union, as well as nomination and put his instructions and how to support and promote steps that contribute to the development of the private sector in the country.

The Parliamentary Committee last month held a workshop to discuss the second amendment of the EFCC Act (43) of 1989, which was attended by the President of the Federation of Chambers of Commerce gafralhamdani and his entourage and representatives of the private sector. For more than a million and 100, 000 residents work in internal and external trade.

Boolean asserted that law after its amendments would be sedated and meets the ambitious merchant, will serve the citizen who relies on his life fully on this sector who believes his clothing, food and other services and life matters.

EFCC works on organization and development of business competence and enhance the role of this activity in the process of economic development. For his part, the Economist called iam_ronoc to simplify procedures for registering companies.

Shimmari told reporters stressed the need to include this amendment point (simplification of procedures) with the aim of improving the Iraqi economy for the better development of trade relations and the promotion of the private sector which is one of the most important current development poles, urging the Government to speed up reform document application for side

Read More: http://www.dinarupdates.com/showthread.php?36728-Are-consistent-with-the-EFCC-Act-and-Economic-Reforms-7-6

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“Immediately following News Time!!”
6/29 – LIVE CALL w/Q&A!!
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firefly (Dinar Guru) –     …appears the the new 500 dinar note count now has Kurdish language on it.  The Kurds always insisted on it…looks like they got it.    Quote:  “For more than five years, the Central Bank of Iraq has planned to remove three zeroes from the banknotes and add Kurdish text. To date the efforts to redenominate the dinar have failed to come to fruition, but as this note demonstrates, the addition of Kurdish text is underway…”  “…but as this note demonstrates, the addition of Kurdish text  is underway…”  If this doesn’t excite you or make you jump for joy you are literally pushing up daisies!

Read More: http://www.dinarupdates.com/observer/
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firefly (Dinar Guru) –   IMO …this investment is now ripe for the picking…And NO… I’m NOT calling anything or putting out any silly dates…But it sure looks sweet.

Read More: http://www.dinarupdates.com/observer/
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Launch Central Bank loans to finance agricultural projects

Baghdad scales news – The Ministry of agriculture, said Wednesday, launching agricultural loans from the Central Bank by ACB bin by 33% and equivalent (1, 650) trillion dinars.

According to a statement by the Department of public relations and international cooperation at the Ministry received/balance of news copy, “the Committee completed the preparation of the controls and instructions and regulations according to the approved lending mechanisms functioning by Mr Prime Minister,” indicating that “a detailed report was prepared for the preparatory phase.

The statement said that “firing mechanisms were approved electronic forms to apply for agricultural and industrial and residential loans pursuant to the recommendations of the preparatory phase of the Supreme Committee of the Iraqi Central Bank loans allocated to various projects including small.”

He continued, “these projects aim to provide significant employment opportunities for young people and graduates and women working on raising the standard of living of citizens and move the wheel of development”, adding that “the Ministry circulated launching mechanisms of electronic forms of agricultural loans to all circles and companies and divisions.

He noted that “abstract lending mechanisms for small (500) million SMEs (3) billion dinars, and large projects in excess of 3 billion dinars and not more than 20 billion dinars, and strategic projects of more than 20 billion dinars where loan (5) years, except for a one-year grace period, apply to the agricultural Bank.

The statement stressed that “the total amount of loans (6, 5) trillion dinars, with shares of other sectors increased by 33%, equivalent to (1, 650) trillion dinars for Industrial Bank, housing fund by 17% up (850) billion dinars in the same for real estate Bank, dyed with the share of private banks by $ 1 trillion of loans which promotes 50 million for small and medium-sized enterprises.” over 29/34

Read More: http://www.dinarupdates.com/showthread.php?36727-Launch-Central-Bank-loans-to-finance-agricultural-projects-Read-More-http-www-di
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wmawhite (Dinar Guru) –  [If I understood Mr. White last week, he said the CBI along with the IMF would RV or RI the Iraq currency. Did I read that wrong?]  The answer to your question lies in the answer to this question; who owns the Iraq Dinar?  The Central Bank of Iraq or the International Monetary Fund?  The answer is on every IQD note.  …there is only one entity that is responsible for maintaining the value of a currency…the central bank that owns the currency…no one else.

Read More: http://www.dinarupdates.com/observer/

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For a peek at all the most up-to-date DU News – check the Iraq News Thread (in the forum)…

http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
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Iraq and the International Monetary Fund

Hussein Ahmed Sarhan

Reading in the government’s commitments to the 2016 direction of the Fund under 22 / December / agreement in 2015

Because of the difficult economic conditions experienced by Iraq due to the escalation of the level of military spending after the control of the organization of what is known as (the Islamic state “Daash”) terrorist nearly one-third of the Iraqi state area since June 2014, and the drop in oil prices late the same year, which caused a shock of revenue for the state budget, which led to the promotion of the budget deficit.

For this purpose, the government began her meetings with international financial institutions, particularly the IMF and the World Bank for financial assistance as provided for in the general budget for the 2016 law, which requires him to issue a “letter of intent” and the memorandum of economic and financial policies.

The Iraqi government has issued a letter of intent and memorandum of economic and financial policies in the 22 / December / 2015 describe the policies that the government will implement as part of a program watched by the International Monetary Fund experts Memorandum of Economic and Financial Policies MEFP)) as part of the program watched by the International Monetary Fund experts Staff-Monitored program (SMP) government to show to impress and practical manner, then moved to the funding program as soon as possible.

The most important of the contents policy note:

Description of the large correction in fiscal consolidation carried out by the Iraqi government in 2015 and plans to continue to be implemented during 2016.

Reforms in the foreign exchange policy, public financial management and banking supervision, which the Iraqi government is committed to implement during the year 2016.

Moreover, the Iraqi government informed the Fund taking any additional steps may be necessary. The government will consult with the Fund on the approval of any measures of this kind. And identifies policy note recent economic developments and prospects of economic and fiscal policies in 2015 and 2016.

Data political frame-security current political, passing the Iraqi state is very difficult

Politically, the Iraqi state going through a very difficult -walba, particularly inside Iraq and observers abroad stage knows and understands Aavadha- a result of political problems, deferred crises since the political change in 2003, the lack of the necessary legislative frameworks and the resulting lack of vision state-building and attention to all sectarian interests and narrow partisan. To make matters worse, it is the events of last April and the ensuing vacancies in government positions and are not in session, and as a result the crisis of political reform has turned into a crisis in the management of the highest state institutions, it has been deteriorating over to turn into a crisis of the rule, especially with the increasing decline of the legitimacy of the current political system by the case of popular rejection of his lack of understanding of the system based on the nature of the phase-sufficiency in view of their interests, and they have achieved their gains after the change, even become negative political reality reflected on the daily life of citizens, security and economic class basis.

Security, and as well as the decline of the power of legitimate coercion of the state and weak law enforcement institutions in the entire territory of the State of Iraq, the Iraqis are fighting on many fronts to eliminate the organization “Daash” terrorist attacks that put Iraq in a very dangerous situation, and still well in spite of the decline of the organization and crush it big decline; and that the weakness of the security situation in the rest of the areas controlled by the government in central and southern Iraq, and the spread of the manifestations of crime and disorder. As well as the internal forced displacement and sectarian displacement, which produced more than three million displaced people and away from the residence, and nearly 10 million (or nearly one-third of Iraq’s population) to require humanitarian aid.

Also it has been a reliable international community and international institutions on the reform measures, and felt that those in charge of the political system in Iraq, they realized the seriousness of the current stage and began to take the appropriate steps to get out of the dark tunnel and out of danger.

But they ran into the reality of action and passivity and turn it into a complex political crisis, and this point have weak state institutions and a negative performance.

It is important that in this situation, proceeded Iraqi government – As part of its efforts to reduce the state budget deficit for 2016 and head to external borrowing -aly provide a policy paper and a letter of intent to the International Monetary Fund as a first stage to enter into a credit point, and this ranks on Iraq

-If what has been move toward implementation of the agreement with international financial institutions, particularly the IMF and World Bank Aldoliyn- obligations, particularly the Iraqi government is negotiating with these institutions and with assistance from the US side to engage in credit and loan collection phase.

And the nature of these obligations is in several respects:

Political-Security –

Economic policies –

The obligations of the availability of legislative frameworks that support these economic policies, such as amending the Investment Law read in the economic indicators and commitments contained in the further economic and financial policies.

Economic activity –

The decline in economic activity is oil contraction 8% for 2015 due to lower capital spending after the decline in oil revenues, after he saw a contraction boat of 9% during the year 2014.

In 2016, growth is expected to rise in the gross domestic product to a rate (10.6%) due to the expected increase in production oil ratio (20%) with the survival of gross domestic product, the non-oil steady.

The official reserves of foreign currency

due to lower oil prices, is expected to shift the current account balance from a surplus of 1% of GDP in 2014 to a deficit of 6% of gross domestic product in the year 2016 will total deficit up to $ 11 billion in 2016, and this the expectation is based on the survival of the imposition of oil prices below US $ 40 per barrel.

This deficit will be financed At large part Menh- by withdrawing large sums of official reserves of foreign currency, and this will reduce the total reserves of $ 67 billion in 2014 to $ 43 billion (7 months) of the year 2016. But the recent rise in oil prices and exceed the threshold of 45 dollars and complete liberation of the territory controlled by “Daash” and reduced military spending, may reduce the decline in reserve.

Therefore, the fund is expected to resume reserves to rise in the year 2017 onwards of $ 48 billion (7 months) from the year 2017 to 88 billion dollars (10 months) of the year 2020, due to the rise in oil prices.

The budget deficit

The decline in oil prices led to a significant deterioration in the financial position of the Fund that is expected deficit in budget year 2016 to 10% of gross domestic product subject to the adoption of the following measures:

A significant reduction in the overall financial balance of the first non-oil [ 1], ie about 12% of the total non-oil GDP (24 trillion Iraqi dinars, or $ 20 billion), and is expected to be completed by the biggest part of it by the end of 2015. this commitment was met Ptozm political situation and forestry stagnant economic activity.

A large increase in domestic funding as well as external financing in the short term in line with the sustainability of debt sustainability over the medium term. To mitigate the impact of fiscal adjustment on the population and the refugees, the government will protect social spending (ie spending on health and education transfers that support social protection network and internally displaced persons and refugees).

Public finance program in 2016

December / 2015 provided the Iraqi government to parliament amendments to the draft budget submitted by the 18 / October 2015, and was aimed at a deficit of initial non-oil fiscal reduce the 77 trillion Iraqi dinars (56% of GDP the total non-oil), and it will be achieved through the implementation of the government to the following procedures:

– collect no less than 8.8 trillion Iraqi dinars (6.5% of the GDP of non-oil) in revenue is oil, and includes (1) trillion Iraqi dinars increase taxes and wages.

– Determine the initial spending of non-oil at $ 86 trillion dinars (63% of gross domestic product, the non-oil), and will once again achieve this emphasis in the initial spending of non-oil mostly on a higher level Bqil of the low level of 2015 by the postponement of investment projects non-oil priority at least for subsequent years.

We believe that to walk in this direction and delivery of this measure will reflect negatively on the overall production activity, and therefore has to be thinking about reducing the unnecessary expenditure of state institutions and rationing spending and this will save big money.

– It is for the first non-oil deficit in public finances financing, and investment spending of oil and debt service, the government will resort to oil revenue (73 trillion dinars), and domestic financing (20 trillion dinars), and external funding (four trillion dinars).

– Will be local funding to cover (20 trillion dinars) through the issuance of remittances treasury, which are re-financed through commercial banks up to (7 trillion dinars) in the discount window at the Central Bank of Iraq, and the issuance of national bonds to the public of $ (5 trillion dinars), reduced government in the banking sector deposits amounting to (four trillion dinars).

– The external financing (4 trillion dinars) will be funded through:

(a) the planned release of its Eurobonds ($ 2 billion),

(b) the Islamic Development Bank loans ($ 500 million)

(c)- project loans from the World Bank ($ 50 billion)

(d)- a loan from the Japanese international cooperation Agency JICA (502 million dollars),

(c) Italy ($ 40 million)

That the government does not resort to the accumulation of arrears as a way to finance the deficit and comply with the ceiling zero for external arrears, and that the government inventory of domestic arrears (domestic debt) to ensure uncle accumulation and make payments if done from audited as required.

Iraq’s obligations on public finances

In order to strengthen fiscal discipline, the government will action the following:

– The Ministry of Finance to submit a new draft of the law of financial management according to observations Monetary Fund and the World Bank which was submitted to the State Council. It should be noted that the influential Financial Management Act is a financial management and public debt No. 95 Act of 2004

– so far the government by including the amount of 2.4 trillion Iraqi dinars to repay domestic arrears in the 2016 budget, after the government set domestic arrears worth 7.3 trillion dinars including 5 trillion dinars accumulated in 2015. The government will continue to conduct a survey and audit and pay domestic arrears, and will be the Ministry of planning as a first step, to be completed in February 2016.

– design, implementation and technical assistance from the international Monetary Fund, a system for monitoring compliance with the implementation of the budget is based on a financial plan a comprehensive implementation of the budget.

– An integrated information system for financial management design (IFMIS) and implemented with the help of the World Bank. As a first step to adopt by the end of April 2016 map detailing the basic evidence, including account functional requirements and keep track of expenses over several years and the deportation of resources from one year to another and administration advances and cash management arrangements.

– Reform of the public investment management (PIM) with the help of the World Bank. In fulfillment of this commitment, the Prime Minister issued a decree on October 18, 2015 ratified whereby a part of the process of public investment management based on World Bank recommendations, including this context, investment selection and implementation and subsequent evaluation, that the Ministry of Planning and creation of a unit to manage public investment to sort out projects based on their feasibility, and to establish and manage an integrated bank studies for projects (IBP) to run as a branch of the Iraq development system (IDMS).

[2] – the need to apply the existing procedures for financial disclosure for senior officials in order to improve governance and strengthen anti-corruption efforts, and continues Authority integrity publish the names of those who do not submit financial disclosure.

Commitments regarding banking supervision

About 89% of the banking system’s assets are grouped at the three government banks of (7), including banks and one Islamic, and these banks are (Mesopotamia, Al-Rasheed, the Iraqi Trade Bank).

– The government will re-structuring bank Rafidain and Rasheed. As the first step will be the Ministry of Finance at the end of February 2016 contracted with international auditors to audit the financial statements for the last two banks, in cooperation with the Executive Committee for restructuring these two private banks and the World Bank.

And by the central bank, it will continue to implement reforms to strengthen the stability of the banking sector in Iraq measures, namely:

– start using the system of international bank account number (IBAN) in Iraq.

Raising the capital requirement of banks to 250 billion dinars, equivalent to 214 million dollars. It has all the private banks of (32), to raise its capital to this level except for one bank.

– Hiring a consultant to help the Iraqi Central Bank in enhancing the special precautionary measures liquidity and capital adequacy ratio.

– A review of precautionary measures by the Central Bank of Iraq with the help of regional technical assistance center for the Middle East (METAC) of the International Monetary Fund.

– Prepare for the deposit insurance system provides for the establishment of a public institution licensed by the Central Bank of Iraq, and made available to the banks an opportunity to contribute to the capital of this institution.

– Issuing bank law for financial institutions that offer Islamic services.

Follow-up Program

The program will be a review of quarterly and will be quantitative targets regarding:

– the balance of the first non-oil (ie, the difference between the non-oil revenues and expenses preliminary non-oil excluding interest)

– the balance of net domestic assets of the Central Bank

– foreign exchange reserves with the Central Bank

– Social spending and the lack of new external arrears starting from the month of December 2015

And it will determine each review of the program a number of benchmarking structural in necessary for the success of the program areas, and must be completed the first review by the end of the month of May 2016. the government plans to submit to impress under this program, which watched by the international Monetary Fund experts to move to a possible financial agreement with the IMF as soon as possible.

The table below contains the contents of the review, which is supposed to be completed by the end of last month:

Case: It has been met: Maintaining macroeconomic(s):

Cabinet approval of the amendments to the draft budget for 2016 and forwarded to the parliament so that they are in line with the macro-economic framework that was agreed upon in accordance with the program which is watched by experts of the Fund.

Enhance cash management :  The first review

The completion of the Ministry of Planning survey has arrears on domestic investment spending (the amount of arrears, the identity of the creditor, invoice, identification of the goods and services offered, the credit line in the budget, which authorizes such spending)

Enhance cash management :  The first review

Ministry of Finance and the Central Bank is preparing a list of all bank accounts under the control of the Ministry of Finance and all spending units and sub-units of spending in the federal government with the central bank and state-owned banks. The details should include the assets until December 2015 and account number and title, location and purpose and who is responsible and Mufdan sign.

Enhance the stability of the financial sector: The first review

The appointment of one or more international auditor to audit the financial statements for the last bank Rafidain and Rasheed, and according to international standards.

Strengthen public financial management: The second review

Adoption of the Minister of Finance draft finance law administration in line with the comments made by the International Monetary Fund and the World Bank about the latest draft law, which has been submitted to the State Council.

Conclusion:

We must explain how positive the above commitments on the Iraqi situation. In this regard it should be recalled that Iraq -as Zkrna- going through a very difficult economic conditions, and increased the severity of the security situation and the negative fighter organization “Daash” terrorist on a broad front from its territory due to increased spending on armaments and the requirements of the fight, this is the part.

On the other hand, the Iraqi economy is suffering from structural crisis – marovh manifestations of Ba- over the decades reflected negatively on the overall economic activity and appeared evident in the last two years in a financial liquidity crisis. Therefore, it calls for economic reform and a broad program in accordance with the economic philosophy of the state set by the Constitution in accordance with the material (24, 25.26).

So we believe that the above commitments constitute an important beginning to benefit from international expertise in this area and employment in line with the development of the State of Iraq for the time being, given that the above commitments would result in a transition to a financial agreement with the Fund, and this Aaakhlu of interest in financing part of the Gr budget general state of 2016. we believe that the investment turns to its side, ie are employed to obtain loans -hal Alleha- to increase capital expenditures to achieve two goals: first, to move economic activity, II: improving infrastructure mode to be reflected positively on overall economic activity.

Euphrates Center for Development and Strategic Studies / 2004- Ⓒ 2016 www.fcdrs.com

Read More: http://www.dinarupdates.com/showthread.php?36734-Iraq-and-the-International-Monetary-Fund
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CURRENCY	CODE	SELL	BUY
US dollar	USD	1182.000	1180.000
Euro	EUR	1316.157	1315.499
British pound	GBP	1570.642	1569.856
Canadian dollar	CAD	—–	—–
Swiss franc	CHF	1213.179	1212.572
Swedish krona	SEK	139.541	139.472
Norwegian krone	NOK	141.560	141.489
Danish krone	DKK	176.951	176.863
Japanese yen	JPY	11.487	11.481
Special Drawing Rights	SDR	1650.025	1649.200

Indicative rates – 07.06.2015

http://www.cbi.iq/

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Word for the day…

Mrs. BGG

Iraqi Dinar/Dollar auction (most recent listing) 06-29-16

Currency Auctions Announcement No. 3231

This daily currency auction was held in the Central Bank of Iraq on the 06-29-2016

The results were as follows:

DETAILS	NOTES
Number of banks	30
Number of remittance companies	17
Auction price selling dinar / US$	1182
Auction price buying dinar / US$	—–
Amount sold at auction price (US$)	141,756,285
Amount purchased at Auction price (US$)	—–
Total offers for buying (US$)	141,756,285
Total offers for selling (US$)	—–

More: http://dinarupdates.com/observer/
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Governor of the Central Bank’s (range): precautions at a good level

(conducted the meeting: Zahraa Hamid)

Maybe it raises talk in economic and financial affairs many Hjona the followers, he is the modern-related livelihood daily per capita and how to get the economy moving, which faces many pitfalls impede progress, including currency and dinar speculation Exchange at the price of the dollar and the auction currency that turned him raised a lot of doubts and questions, in addition to work civil and foreign banks and remittance, and how to get out of the financial crisis that has plagued Iraq, and even the recent international Monetary Fund loan with falling oil prices and its consequences, as the sole supplier, which had a negative impact on the central bank’s reserves amount of foreign currency, According to specialists may not the reserve covers three months import of Iraq.

All these and other files open the “long” in a private meeting with the governor of the Central Bank of Ali Ismail Keywords…

Continued at bottom (long read)…

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Breitling (Dinar Guru) –  Question: “What effect does the Brexit have on the dinar world and our investment? ” The UK leaving the European Union has a lot to do with everything.  If you’re an American it’s fantastic news.  …How is Iraq going to add value to their currency?   What do they keep reporting that says hey you need to take our currency seriously?  Because what?  They’re reducing the note count…supply times velocity… It means the biggest threat to the US dollar for competition wise was just crushed…the Euro-The European Union.  How does that impact the currency that we’re invested in in Iraq?  Iraq is all in for the US dollar.  It is backed 100% by the US dollar.  They believe in the US dollar.  Their economy is built on the US dollar and the representation of that will be the dinar.  What a remarkable thing that is. 

Read More: http://www.dinarupdates.com/observer/
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rcookie (Dinar Guru) –    SO…STATE OF LAW MP JAAFAR ASSERTS THAT THE ABADI REFORM PLAN WILL BE IMPLEMENTED AFTER EID AND NOTED… ”HE WILL WORK TO OPEN THE PROSPECTS FOR INVESTMENT AND SOLVING THE ECONOMIC & FINANCIAL PROBLEMS IN THE COUNTRY”…NUF SAID…[All coming together quickly…]  AGREED …AND AT LIGHTNING SPEED!!.

Read More: http://www.dinarupdates.com/observer/
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The Central Bank pulls a vacation of two companies, one to sell the dollar, “betrayed the trust”

Alsumaria News / Baghdad – Central Bank announced on Monday the withdrawal of two companies leave, attributing the cause Bmkhafatthma what he described as “serious” and the other for “cheating Secretariat”, while trade demanded the cancellation of granted them certificate of incorporation.

The bank said in a statement Alsumaria News received a copy of it, “decided to leave the company to withdraw across the Gulf, to mediate in the sale and purchase of foreign currency granted to them”, adding that “the company violated work rules and betrayed the trust”.

A slight increase in central bank sales to reach $ 115 million
The central bank is required to reduce dollar sales for citizens wishing to travel

He said the bank, that “the company contracted to transport the health of residents of Nineveh staff salaries in Erbil and acquired those salaries illegally,” noting that “the amount that is acquired it is 11 billion and 432 000 466 thousand dinars.”

He said the bank “also decided to withdraw leave tamarisk company to broker the buying and selling of foreign currency as a result of serious irregularities with the terms of the granting of leave in respect of doing foreign remittances to different capitals.”

He called the bank and the Ministry of Commerce to “cancel the certificate of incorporation granted by you to provide us with a book and write off the company name of your records and provide us with the minutes book and liquidation of endorsers.”

Founded CBI independent bank under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily buying and selling of foreign currencies, except for public holidays on which depends the Bank for these auctions.

Read More: http://www.dinarupdates.com/showthread.php?36376-CBI-pulls-a-vacation-of-two-companies-one-to-sell-the-dollar-quot-betrayed-the-trust-quot

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rcookie (Dinar Guru) –   IN ADDITION TO THE PERFORMANCE REVIEWS THAT IRAQ GOES THROUGH TOWARD THEIR SMP PERFORMANCE AND GOALS…REMEMBER WHAT OTHER REVIEW THEY PARTICIPATE IN AND THE INTERVAL…Article IV Consultation…Iraq is on the standard 12-month consultation cycle. The last Article IV consultation was concluded on July 29, 2015…SO WHAT DOES THIS TELL US…IF THE SMP THAT QUALIFIED THEM TO RECEIVE THIS 18 BILLION SBA ENDS IN 2016…  [IS THIS THEIR LAST ONE?]  TELL EM WHAT HES WON JOHNNNY!  THINK OF IRAQ AS HAVING GONE AND GRADUATED FROM UNDERGRAD SCHOOL…GONE ON AND GOTTEN THEIR MASTERS…WENT FURTHER AND EARNED THEIR PHD…AND NOW HAVE TO GO OUT INTO THE GLOBAL MARKET AND APPLY WHAT THEY HAVE LEARNED!  [post 2 of 2]

Read More: http://www.dinarupdates.com/observer/

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For a peek at all the most up-to-date DU News – check the Iraq News Thread (in the forum)…

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Governor of the Central Bank’s (range): precautions at a good level (Alak interview)…

Conflicts in the reserve figures of foreign currency

Question: What are the plans for the central bank if the bank reserves continued to decline to the low limits do not cover even three months import to Iraq, how much is the amount of the reserve now due to the large ado about it?

Keywords: Of foreign precautions now $ 53 billion, a figure that changed daily according to what takes us back from the Ministry of Finance, and this level within our accounts and the accounts of the International Monetary Fund last refers to the adequacy of the reserve in accordance with the international standard of the existence of foreign currency reserves cover the size of the local currency.

Question: We also reserve the highest level, which means that the foreign currency that we have more than the local currency.

Keywords: The high or low reserves caused by factors beyond the will or control of the central bank, as the reserve is influenced by two factors basic elements, namely the amount of dollar given to the Central Bank, which is the source of the sale of oil and what you get and the Ministry of Finance of the petrodollars they sell to the central bank to get against which the dinars to cover its expenses.

Keywords: The second factor is the demand for the dollar, and its source is the basis of the state that ultimately turn out to demand for the dollar, as the majority of materials and goods imported expenses.

Keywords: And those beyond the bank’s control factors are determined by the level of reserve.

Keywords: The pressure and influence is increasing on the reserve when the issue of the state budget deficit being covered by vouchers or bonds the central bank bought, which means that the bank will issue cash for the government without that there is a cover of foreign currency for the government, and this version you spend the last turn the demand for imports in dollars which means reduce the reserve, so the House of Representatives and the government are responsible for the decline in reserve when the budget deficit have published. It is unfortunate that this fact is not understood by many.

Keywords: It is strange that some of the states members of the House of Representatives or the government that the central bank is responsible for the decline in reserves without paying attention to the reason that caused them, and not by the Central Bank or his policies.

The reasons for borrowing from abroad and future implications

Question: if it’s good enough reserves and in accordance with the international standard, so why borrow from abroad if?

Keywords: Borrowing from the IMF is very important for Iraq and open the way for us to get the facilities, loans and support of international organizations and major states, also strengthens the Iraq Center externally in terms of financial transactions.

Question: Can Rafidain and Rasheed Zbonin that presidents be at the central bank auction of foreign currency?

Question: Why refrain for many years of active participation and leave the monopolists of the private sector to be the primary actor in the auction?

Keywords: The central bank opens the process of selling the dollar to public and private banks alike, lack of bank entry Rafidain and Rasheed on a larger scale in the process, due to Khchithma the exposure of foreign transfers to confiscate transfers due to external claims old debts, but now having taken action to solve We hope that this problem Atkmen two banks from exercising their operations without reservation or fear, and from our side and Nhvzhma encourage them to expand their dealings in dollars to achieve the principle of competition Tnfna much.

Question: Why is not modified in force Banking Act to the authority of the coalition No. 94 of 2004, as the central bank can generate the forced merger of banks, rather than persuasion literary merger, especially since the banking market needs a strong decisions to integrate more than one banking institution to avoid landslides and protect the banking financial system in Iraq?.

Keywords: Conducted in accordance with scope for modifying the Banking Act referred to, and is now in the final stages of the legislation, and that the new law, and certainly taking into consideration the best international practices and experiences large and developments in the banking and financial sector.

Question: Is the central bank was able to rescue the financial situation of Iraq (public finances) during the years of oil revenues has worsened since 2014? What are effective policy adopted by the central bank as a savior of public finance that?

Keywords: Yes, the Central Bank has played a major role in the face of the financial crisis that hit the financial situation of the country, during the last period and the present, and it was the lifeboat of the overall situation and not just the financial situation, because the financial resources of the government were not sufficient to cover even salaries, we have to imagine the situation if failed state to pay the salaries of millions of employees, so the total amount financed by the Central Bank of the public treasury would arrive at the end of this year to more than 20 trillion dinars through his purchase of treasury transfers from the secondary market, as the central bank provides support and counseling in aspects the other, in order to cope with the financial and economic challenges.

Question: How faced monetary policy of the Central Bank of the problem of unemployment and stagnation among Iraqis, especially since the bank’s target, according to law is to stabilize prices and to fight unemployment?

Keywords: Central Bank contributes to reduce unemployment by stimulating economic activity by keeping the general level of prices and the reduction of the rate of inflation by stimulating and facilitating lending, credit and structural benefits operations, so the central bank initiative to allocate 6 trillion dinars for lending to private sector projects, pour into the mainstream to achieve this goal, which is active sectors and achieve operating.

Program the “six trillion” goal to promote the private sector may not be achieved

Question: If you consider the “six trillion” program that Sakarzha Bank to the public one of these processors. Are there other steps to achieve the stability that encourages economic growth in the gross domestic income, or?

Keywords: Yes, the 6 trillion initiative, the first of its kind and size are in the history of Iraq, where we found As sensors of the economic situation that the only way for the advancement of economic reality is to stimulate the production of industrial and agricultural sectors through lending and support the private sector, because we have noticed not turned slogans and national strategies to support the sector private and diversify the productive base to a supportive and stimulating practical plans, as the central bank notes through its coverage of the demand for the dollar for the purposes of import, dumping policy by importing the simplest materials and goods that could be produced within the country to run the citizen and maintain foreign at the same currency.

Question: But how do you achieve the goal of this initiative in light of the current situation, where there is no protection, control or even activate the laws?

Keywords: Note this accurate and essential, and we have stated when The launch initiative that its success depends on the product to activate the protection, consumer protection and anti-dumping policy and the application of customs duties and quality control laws, it is without all this you can not expect effective results for this initiative.

Question: with the current state of border ports, you can apply that already?

Keywords: It is regrettable that the situation of border outlets is one of the large and chronic challenges, a situation that receive its disadvantages and corruption serious risks to the country, and those risks are not only an important and substantial financial resources, but also economic, health, environmental and security risks of loss we must pay attention to her, and there were attempts since many years to correct the conditions of those ports, but they all failed, and we confirmed that we are in years and we continue to emphasize the need for the use of specialized international companies to take over the organization and management of these ports.

Question: Is there political actors dominate invisibly on the banks requests for foreign currency, including the parliamentary forces very window? ..

Keywords: This is a modern trader, and as they say, these are the cause of the destruction of Iraq and the smuggling of funds through the auction?

Keywords: Confirm the position of responsibility absence of interference from anyone or from any point in the issue of determining the total dollar sales, or at banks and companies level, Defining it is by the high-level committee of the Central Bank, including the deputy governor and directors of two and a cadre ahead meets daily to determine that based on several objective factors.

Keywords: Currently we finished the development of consistent standards which is determined by a certain degree for each bank or transform the company, including the commitment of the bank or the company’s anti-money laundering and terrorism financing and the rules and regulations associated with that law, until we get in the end to the application of an electronic program implements sales automatically operations in light of the degree of banking and corporate commitment to those standards, rules and instructions.

Question: Is it possible closure of branches of foreign banks in violation of the law of the central bank and banking law? Is it already been done? Especially since there are, as they say, many irregularities among those banks, and how many branches of those banks and a number of private banks?

Keywords: Yes, the central bank instructions apply to all banks licensed by the Bank, and branches of foreign banks licensed by us as well, so they are subject to subject his local banks in terms of penalties and procedures regarding irregularities and including the withdrawal of the offending branch license.

Question: Is it really been withdrawn vacation one of these branches?

Keywords: No, it did not happen during the period in which the Central Bank assumed.

Question: but we hear that there are irregularities and excesses of many of those banks.

Keywords: This information is not accurate because the branches of the banks that we are the branches of a very large, mostly banks, and has an international classification Advanced, and that these branches subject to Rkabtna and regulated by the Central Bank in the State of the headquarters of the Bank and control headquarters and the president himself as belonging to him.

Primitive and fails in the performance of government banks

Question: There is a clear failure in the banking sector as a working old systems and mechanisms and sees specialists said that one of the reasons for the decline of the investment process in the country, the fact that foreign investors looking for a safe and advanced banking environment to facilitate its work and fast delivery and keep his money?

Keywords: Yes, it is regrettable that the banking sector we have is still in its infancy, far from the optimum international practices, and the use of the latest and best technology into the work, and the majority of the appropriate degree of fairness and transparency and governance are not available, and far from the application of the rules of compliance and risk management and compliance requirements of the rules anti-money laundering, and that most of the private banks, was founded a few years ago, in exceptional circumstances and in front of exceptional challenges also making it plagues on marginal activities to achieve a quick profit, such as selling the dollar, it has been dominated by their governing bodies are managed and harnessed to their own interests, so we have a long important to correct these situation, you will see the results during the year.

Question: But the problem is what we observe in the situation of State-owned banks private bank Rafidain and Rasheed in terms of the level of performance, organization and services is very low, even simple drag and deposit operations take place in a complex and slow?

Keywords: I agree with you in this matter Valmsrfan backward greatly across Angtallma about the world and what happened from the tremendous developments in the banking business, was a plan to restructure the two banks since 2007 put, but the plan goes slowly being activated, so we are currently focused on resolving the issue of settling accounts and old assets down to the true financial position of the banks, considering that this foundation to move to the second step in the plan to privatize the banks or the introduction of qualified banks to strengthen and upgrade Bodaihma partners.

Question: central bank, according to specialists has the strongest role that must be exercised by the departments of banks, especially with regard to its policies relating to update the structure of these institutions and strengthen oversight.

Keywords: Yes, central banks play an important role in upgrading the performance of banks through the guidelines and instructions laid down by the organization of work and through the control, supervision and performance evaluation and stimulated to take the best practices.

Keywords: To be more outspoken this was the role of the Central Bank during the previous years is weak, and has accumulated over the years, many of the negative phenomena and practices, and under the pressure of economic and financial crisis show the inherited imbalances in the form of serious problems and challenges.

Keywords: So we have to strengthen that role since taken over the task of the Central Bank and have taken several measures and steps toward the banks on the one hand, and through the strengthening of the supervisory system and supervisory On the other hand, we have with the help of the offices of international control in this regard, but it will take time to reap results.

Question: Since 2010 the government announced it had agreed to the signing of an important agreement with Chinese companies to develop the work of government banks and financial exchange mechanism between them and the rest of the banks of the world, what happened to them and why so far there is no real change in no Iraqi banks.?

Keywords: I do not have any details on that convention, but after the recent visit of Prime Minister to China was agreed to activate the various aspects of economic and financial cooperation are being worked on currently, including promote the opening of branches of Chinese banks in Iraq and banks Iraqi in China and exchange of experiences in the field of banking.

Guarantee deposits and Exchange Shorja dollar

Question: When applied work company guarantee deposits and what type of deposits, as long as you mentioned the need to encourage people to save the government and the banks that it will contribute to resolving the financial crisis, the other side of what will or add this step to the citizen?

Keywords: A project to establish a company to guarantee deposits is aimed at protecting the rights of depositors, younger ones especially, when the bank is exposed as to insolvency or bankruptcy, so this measure will encourage citizens to deposit their money in banks because the phenomenon of having most of the money chunky in homes away from the banking system, hurting the economy in terms of the money that has been saved if the banks will turn into loans and facilities, including contributing to motivate and move the economy and the market, as well as the risk to keep this money in the home has offered to steal, not to mention the costs of dealing with cash instead of bank accounts.

Question: dollar exchange in the Shorja who controls them? Is the Central Bank has control them?

Keywords: Who deal in dollars outside entities licensed by the Central Bank, engaged in an illegal act, and the shops and the people who are doing so they fall under the control of the fight against economic crime directorate, and take legal action against them, as this thing comes out of the jurisdiction of the central bank.

Question: Is it really about them are measures by combat economic crime?

Keywords: Yes, this is done, it has closed many stores and many of the owners referred to the judiciary, which in turn issued legal judgments against them.

Question: Is there a counterfeit coin now is whether the dollar or dinar?

Keywords: According to central bank statistics, which we get from a thorough examination of the coin, the fraud ratio is almost negligible, and usually we fined the banks that pass the coin forged and this easily discover in developed specialized our organs in the detection operations, and that most who deal with trying to avoid dealing with banks because they are able to detect, so it is passed on dupes citizens, and the Interior Ministry to arrest once in a while some of those who are in the process counterfeiting or handled.

Question: project to delete the zeros Where is he now, why did not apply private and it raises the value of the dinar?

Keywords: Project to delete the zeros still exists and we have a technical preparations in this area, but we are waiting for the stability of the general situation, because this is a great work when we need stability in addition to the stability in the development of institutions, in particular, what we can organize and manage the operation and supervision are not allowed with breaches or excesses .

Question: why the dollar is always high, and why do not you take a equating with the dinar, this leads to market and license the stability in the general goods.?

– Make equal dollar dinars in the current situation means encouraging more imports and missed opportunities for the advancement of local production.

It would also mean reducing the public budget revenues because the Ministry of Finance will get the lowest amounts of the dinar against the dollar, which it sells.

Keywords: The high price of the dollar in the parallel market is attributable mainly on the supply and demand law, and the more the central bank responded to the demand for the dollar and covered it, the more to prevent a rise in price, and the closure of speculative opportunities in the market, and certainly there are other factors that play a role in the rise and fall of them, political stability and security and the rule of law, and the strength or weakness of relevant state institutions.

Question: If the reason for the rise is not selling the bank required quantities in the market, why the bank does not respond to the request?

Keywords: When oil prices are high revenue dollar is high also as it was in previous years, then the central bank can respond to those requests, and the flooding of the dollar as its inclusion Bank to its reserves, either when revenue dollar goes down because of lower oil prices, as is happening now, so do not enough dollars sold by the Ministry of Finance to the Central Bank, to meet the buyers’ demands for the dollar, the central bank used part of its reserves to respond to those requests, and this is the role and function of the nature reserve.

Keywords: But the problem we have that many do not understand that when we sell and declining reserve a lot of talk and criticism of the bank’s happening, and although aware of the bank that this is not practical and is not objective and intersects with the monetary policy requirements, but he was trying to find some kind of balance between the dam requests from the dollar and the preservation a reasonable level of reserves in order not to get a psychological condition that may lead to anxiety and fear.

Question: import cars costing Iraq billions of dollars out of it. Is there an economical way to restore these funds, especially that Iraq does not need so many cars?

Keywords: The subject of imports and determine the goods and fees and the need of the jurisdiction of the government, not the central bank, Vdorena in this case, is to provide advice to the government, has repeatedly called as many have called for the need to adjust the imports and the development of curriculum Yearly Import Alert, with a strict application of the laws we have mentioned to protect the national consumer product.

Question: Is the central bank has other property return it imports?

Keywords: No, the Central Bank Act does not allow this kind of investment like real estate and other, Vaaradatna come from investments in foreign bonds and gold coins, and what the bank earns from fees and fines and fees from banks and companies licensed by him.

Question: some international banks based humanitarian projects such as building hospitals and schools, is the central bank of such projects, or in the next Strutijeth?

Keywords: Central Bank Act does not allow the allocation of funds for these projects, we are seeking for an amendment to allow the Bank supported some of the social services projects, health or the necessary infrastructure by allocating a percentage of the annual profit of the Bank for these purposes.

Question: deposit box for every citizen, either gold or Basbaik or cash, How is it saving for gold process?

Question: Is it gains and falls within the principle of interest or whether it is within the national inventories, which helps raise the level of the Iraqi dinar?

Keywords: When a citizen filed what has gone or elsewhere in the private equity funds it is leased within the banks, and here do not receive a citizen of any return on it, the aim of the deposit within the banks is to protect them, and that the bank does not know what is there but is not used or invested.

the issue of the purchase of gold bullion from the central bank.

Keywords: Central bank gold bars made of lightweight 24-gauge outside Iraq and sells them to the citizens and the margin of profit is simple.

Wayne sold the bullion?

Keywords: The banks and the central bank as well.

Question: The fate of the new Central Bank building designed after the death of the project
Wayne arrived to work in the new Central Bank building?

Question: It is executing the company after the death of designed architectural site Zaha Hadid?

Keywords: The new building project under referral is currently being analyzed in terms of the offers submitted by the companies to choose one of them to build the project, which is expected to be implemented by the end of the beginning of this year.

Question: What about the designed project office and its role in the implementation?

Keywords: Office completed the project design in all its details has it took nearly two years and we wish that the Office would oversee the implementation, but his presentation was very loud, what made us call on other global companies, has won a good reputation of the Australian company, which now holds the study offers made by international construction companies to build the project.

Read More: http://www.dinarupdates.com/showthread.php?36122-Governor-of-the-Central-Bank-s-(range)-precautions-at-a-good-level
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CURRENCY	CODE	SELL	BUY
US dollar	USD	1182.000	1180.000
Euro	EUR	1308.829	1308.174
British pound	GBP	1576.788	1576.000
Canadian dollar	CAD	—–	—–
Swiss franc	CHF	1209.083	1208.479
Swedish krona	SEK	138.902	138.832
Norwegian krone	NOK	139.556	139.487
Danish krone	DKK	175.950	175.862
Japanese yen	JPY	11.583	11.577
Special Drawing Rights	SDR	1649.339	1648.514

Indicative rates – 06.29.2015

http://www.cbi.iq/

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Welcome to the Dinar Daily NEWS Blog. For regular Dinar News Updates, Dinar to USD listings, Iraqi Dinar info and Dinar info – THAT MATTERS!! This is a good place to start for your Daily Dinar Recap – if you are a Dinar vet or just looking for the current Dinar Value – Welcome.

Word for the day…

Mrs. BGG

Iraqi Dinar/Dollar auction (most recent listing) 06-28-16

Currency Auctions Announcement No. 3230

This daily currency auction was held in the Central Bank of Iraq on the 06-28-2016

The results were as follows:

DETAILS	NOTES
Number of banks	33
Number of remittance companies	17
Auction price selling dinar / US$	1182
Auction price buying dinar / US$	—–
Amount sold at auction price (US$)	144,725,099
Amount purchased at Auction price (US$)	—–
Total offers for buying (US$)	144,725,099
Total offers for selling (US$)	—–

More: http://dinarupdates.com/observer/
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*** Current News ***

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Governor of the Central Bank’s (range): precautions at a good level

(conducted the meeting: Zahraa Hamid)

Maybe it raises talk in economic and financial affairs many Hjona the followers, he is the modern-related livelihood daily per capita and how to get the economy moving, which faces many pitfalls impede progress, including currency and dinar speculation Exchange at the price of the dollar and the auction currency that turned him raised a lot of doubts and questions, in addition to work civil and foreign banks and remittance, and how to get out of the financial crisis that has plagued Iraq, and even the recent international Monetary Fund loan with falling oil prices and its consequences, as the sole supplier, which had a negative impact on the central bank’s reserves amount of foreign currency, According to specialists may not the reserve covers three months import of Iraq.

All these and other files open the “long” in a private meeting with the governor of the Central Bank of Ali Ismail Keywords…

Continued at bottom (long read)…

P.S. BGG ~ I know this is a week old but it is TOO GOOD NOT TO PASS ON!!

RCookie’s News Recap

HERE IS A RECAP OF NEWS….

SECURITY

IRAQI FORCES CONTROL THE ROAD BETWEEN MOSUL AND TIKRIT..PENTAGON PETER COOK CONFIRMS MORE THAN 75% OF FALLUJAH LIBERATED AND UNDER ISF CONTROL AND 100 US SORTIES PERFORMED IN FALLUJAH OPERATIONS…CACHES OF EXPLOSIVE SUICIDE BELTS FOUND IN NUKHAYIB…ISF REGAIN 2 VILLAGES ALBU AMIRS & EYE WHITE NORTH OF SALAHUDDIN…ISF FORCES START HEAVY BOMBING CAMPAIGN ON “GOLAN HEIGHTS” NEIGHBORHOOD OF FALLUJAH…LARGE IRAQI SECURITY FORCE ARRIVE AT THE OUTSKIRTS OF INTERSECTION OF SHARQAT…SECURITY FORCES RAISE IRAQI FLAG OVER CITY OF ALAZRKIH…JABOURI EMPHASIS COORDINATION BETWEEN PESHMERGA AND VOLUNTEER CLANS IN MOSUL OPS…INT’L COALITION AIR STRIKES KILL 20 ISIS ELEMENTS IN KHALIDIYAH ISLAND TARGETS…INTERNATIONAL COALITION ANNOUNCES 32 SORTIES IN IRAQ AND SYRIA…IRAQI FLAG RAISED OVER GOLAN HEIGHTS NEIGHBORHOOD OF FALLUJAH…”SAFE PASSAGE” ESTABLISHED FOR DISPLACED IN SOUTHERN MOSUL…FEDERAL POLICE ANNOUNCE THE EDITING OF 25 VILLAGES IN FALLUJAH OPERATIONS…ANBAR POLICE ANNOUNCE THE ARREST OF 1500 ISIS ELEMNTS SINCE THE BEGINNING OF FALLUJAH OPERATIONS…INTERIOR ANNOUNCE THE PURGING OF THREE GOVERNMENT COMPLEXES AND 4 VILLAGES NEAR SHARQAT….ISF ARTILLERY FIRE KILL 10 ISIS ELEMENTS NORTH OF RAMADI…IRAQI FORCES RAISE IRAQI FLAG OVER ADMINISTRATIVE BUILDINGS IN MAKHOUL…CROWD OF TURKMEN IN KIRKUK PROVINCE KILL 23 ISIS ELEMENTS JUST SOUTH OF ABURIZAL KIRKUK…DIRECTOR OF CIVIL SERVICE STAUS ASSAASINATED OUTSIDE OF KIRKIK…

GENERAL

TERRORIST ATTACK AIMED AT ROUDAO MEDIA NETWORK HEADQUARTERS IN ERBIL BARZANI PHONES MEDIA CHIEF CONDITION…JABOURI AND OBEIDI HEAD TO MOSUL TO MEET WITH SECURITY LEADERS AND LIBERATION OPERATIONS INSPECT DISPLACEMENT CAMPS…COALITION FORCES CALL ON ABADI TO TAKE EXTRA SECURITY MEASURE TO PROTECT CITIZENS OF WAJIHIYA…SADR CALLING ON ABADI GOVERNMENT TO RESIGN AND LEANING TO JOIN DEMANDS FOR RESIGNATION OF 3 PRESIDENCIES…THE US WILL BEGIN PAYING STIPENDS TO KURDISTAN FOR PESHMERGA SALARIES IN JULY AS PART OF $415 MILLION DOLLAR SUPPORT COMMITMENT PACKAGE…ABADI DISCUSSES WITH IRANIAN AMBASSADOR A BILATERAL AGREEMENT ON PRODUCTION OF ELECTRICAL POWER…WORLD HERITAGE COMMITTEE DISCUSSED NOMINATION ADDING MARSHES AND WETLANDS IN SOUTHERN IRAQ TO ITS LIST…UNITED NATIONS ASSERTS NEXT PHASE MOSUL ATTACK WILL RESULT IN 2 MILLION DISPLACED AND ANNOUNCES ESTABLISHMENT OF 2 NEW CAMPS FOR DISPLACED OUTSIDE OF FALLUJAH…MINISTRY OF ELECTRICITY ANNOUNCES RESTORATION OF SERVICE AFTER 2 YEARS TO “HAND” AREA WEST OF RAMADI IN ANBAR PROVINCE…HAKIM CLAIMS THAT IRAQS UNITY IN FIGHTING ISIS MIXES THE BLOOD OF IRAQIS FIGHTING A COMMON ENEMY…CBI ANNOUNCES NO MARKET FOR COUNTERFEIT 50K CURRENCY BECAUSE OF EASY DETECTION OF SECURITY FEATURES AT BANKS & FINANCIAL INSTITUTES… JAFAARI AND STUART JONES MEET TO DISCUSS SECURITY DEVELOPMENTS AND SAFETY FOR THE DISPLACED…

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“Immediately following News Time!!”
6/27 – LIVE CALL w/Q&A!!
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Breitling (Dinar Guru) –  Question: “What effect does the Brexit have on the dinar world and our investment? ” The UK leaving the European Union has a lot to do with everything.  If you’re an American it’s fantastic news.  …How is Iraq going to add value to their currency?   What do they keep reporting that says hey you need to take our currency seriously?  Because what?  They’re reducing the note count…supply times velocity… It means the biggest threat to the US dollar for competition wise was just crushed…the Euro-The European Union.  How does that impact the currency that we’re invested in in Iraq?  Iraq is all in for the US dollar.  It is backed 100% by the US dollar.  They believe in the US dollar.  Their economy is built on the US dollar and the representation of that will be the dinar.  What a remarkable thing that is. 

Read More: http://www.dinarupdates.com/observer/
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rcookie (Dinar Guru) –    SO…STATE OF LAW MP JAAFAR ASSERTS THAT THE ABADI REFORM PLAN WILL BE IMPLEMENTED AFTER EID AND NOTED… ”HE WILL WORK TO OPEN THE PROSPECTS FOR INVESTMENT AND SOLVING THE ECONOMIC & FINANCIAL PROBLEMS IN THE COUNTRY”…NUF SAID…[All coming together quickly…]  AGREED …AND AT LIGHTNING SPEED!!.

Read More: http://www.dinarupdates.com/observer/
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The Central Bank pulls a vacation of two companies, one to sell the dollar, “betrayed the trust”

Alsumaria News / Baghdad – Central Bank announced on Monday the withdrawal of two companies leave, attributing the cause Bmkhafatthma what he described as “serious” and the other for “cheating Secretariat”, while trade demanded the cancellation of granted them certificate of incorporation.

The bank said in a statement Alsumaria News received a copy of it, “decided to leave the company to withdraw across the Gulf, to mediate in the sale and purchase of foreign currency granted to them”, adding that “the company violated work rules and betrayed the trust”.

A slight increase in central bank sales to reach $ 115 million
The central bank is required to reduce dollar sales for citizens wishing to travel

He said the bank, that “the company contracted to transport the health of residents of Nineveh staff salaries in Erbil and acquired those salaries illegally,” noting that “the amount that is acquired it is 11 billion and 432 000 466 thousand dinars.”

He said the bank “also decided to withdraw leave tamarisk company to broker the buying and selling of foreign currency as a result of serious irregularities with the terms of the granting of leave in respect of doing foreign remittances to different capitals.”

He called the bank and the Ministry of Commerce to “cancel the certificate of incorporation granted by you to provide us with a book and write off the company name of your records and provide us with the minutes book and liquidation of endorsers.”

Founded CBI independent bank under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily buying and selling of foreign currencies, except for public holidays on which depends the Bank for these auctions.

Read More: http://www.dinarupdates.com/showthread.php?36376-CBI-pulls-a-vacation-of-two-companies-one-to-sell-the-dollar-quot-betrayed-the-trust-quot

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rcookie (Dinar Guru) –   IN ADDITION TO THE PERFORMANCE REVIEWS THAT IRAQ GOES THROUGH TOWARD THEIR SMP PERFORMANCE AND GOALS…REMEMBER WHAT OTHER REVIEW THEY PARTICIPATE IN AND THE INTERVAL…Article IV Consultation…Iraq is on the standard 12-month consultation cycle. The last Article IV consultation was concluded on July 29, 2015…SO WHAT DOES THIS TELL US…IF THE SMP THAT QUALIFIED THEM TO RECEIVE THIS 18 BILLION SBA ENDS IN 2016…  [IS THIS THEIR LAST ONE?]  TELL EM WHAT HES WON JOHNNNY!  THINK OF IRAQ AS HAVING GONE AND GRADUATED FROM UNDERGRAD SCHOOL…GONE ON AND GOTTEN THEIR MASTERS…WENT FURTHER AND EARNED THEIR PHD…AND NOW HAVE TO GO OUT INTO THE GLOBAL MARKET AND APPLY WHAT THEY HAVE LEARNED!  [post 2 of 2]

Read More: http://www.dinarupdates.com/observer/

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For a peek at all the most up-to-date DU News – check the Iraq News Thread (in the forum)…

http://www.dinarupdates.com/forumdisplay.php?5-Current-Iraq-NEWS
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Governor of the Central Bank’s (range): precautions at a good level (Alak interview)…

Conflicts in the reserve figures of foreign currency

Question: What are the plans for the central bank if the bank reserves continued to decline to the low limits do not cover even three months import to Iraq, how much is the amount of the reserve now due to the large ado about it?

Keywords: Of foreign precautions now $ 53 billion, a figure that changed daily according to what takes us back from the Ministry of Finance, and this level within our accounts and the accounts of the International Monetary Fund last refers to the adequacy of the reserve in accordance with the international standard of the existence of foreign currency reserves cover the size of the local currency.

Question: We also reserve the highest level, which means that the foreign currency that we have more than the local currency.

Keywords: The high or low reserves caused by factors beyond the will or control of the central bank, as the reserve is influenced by two factors basic elements, namely the amount of dollar given to the Central Bank, which is the source of the sale of oil and what you get and the Ministry of Finance of the petrodollars they sell to the central bank to get against which the dinars to cover its expenses.

Keywords: The second factor is the demand for the dollar, and its source is the basis of the state that ultimately turn out to demand for the dollar, as the majority of materials and goods imported expenses.

Keywords: And those beyond the bank’s control factors are determined by the level of reserve.

Keywords: The pressure and influence is increasing on the reserve when the issue of the state budget deficit being covered by vouchers or bonds the central bank bought, which means that the bank will issue cash for the government without that there is a cover of foreign currency for the government, and this version you spend the last turn the demand for imports in dollars which means reduce the reserve, so the House of Representatives and the government are responsible for the decline in reserve when the budget deficit have published. It is unfortunate that this fact is not understood by many.

Keywords: It is strange that some of the states members of the House of Representatives or the government that the central bank is responsible for the decline in reserves without paying attention to the reason that caused them, and not by the Central Bank or his policies.

The reasons for borrowing from abroad and future implications

Question: if it’s good enough reserves and in accordance with the international standard, so why borrow from abroad if?

Keywords: Borrowing from the IMF is very important for Iraq and open the way for us to get the facilities, loans and support of international organizations and major states, also strengthens the Iraq Center externally in terms of financial transactions.

Question: Can Rafidain and Rasheed Zbonin that presidents be at the central bank auction of foreign currency?

Question: Why refrain for many years of active participation and leave the monopolists of the private sector to be the primary actor in the auction?

Keywords: The central bank opens the process of selling the dollar to public and private banks alike, lack of bank entry Rafidain and Rasheed on a larger scale in the process, due to Khchithma the exposure of foreign transfers to confiscate transfers due to external claims old debts, but now having taken action to solve We hope that this problem Atkmen two banks from exercising their operations without reservation or fear, and from our side and Nhvzhma encourage them to expand their dealings in dollars to achieve the principle of competition Tnfna much.

Question: Why is not modified in force Banking Act to the authority of the coalition No. 94 of 2004, as the central bank can generate the forced merger of banks, rather than persuasion literary merger, especially since the banking market needs a strong decisions to integrate more than one banking institution to avoid landslides and protect the banking financial system in Iraq?.

Keywords: Conducted in accordance with scope for modifying the Banking Act referred to, and is now in the final stages of the legislation, and that the new law, and certainly taking into consideration the best international practices and experiences large and developments in the banking and financial sector.

Question: Is the central bank was able to rescue the financial situation of Iraq (public finances) during the years of oil revenues has worsened since 2014? What are effective policy adopted by the central bank as a savior of public finance that?

Keywords: Yes, the Central Bank has played a major role in the face of the financial crisis that hit the financial situation of the country, during the last period and the present, and it was the lifeboat of the overall situation and not just the financial situation, because the financial resources of the government were not sufficient to cover even salaries, we have to imagine the situation if failed state to pay the salaries of millions of employees, so the total amount financed by the Central Bank of the public treasury would arrive at the end of this year to more than 20 trillion dinars through his purchase of treasury transfers from the secondary market, as the central bank provides support and counseling in aspects the other, in order to cope with the financial and economic challenges.

Question: How faced monetary policy of the Central Bank of the problem of unemployment and stagnation among Iraqis, especially since the bank’s target, according to law is to stabilize prices and to fight unemployment?

Keywords: Central Bank contributes to reduce unemployment by stimulating economic activity by keeping the general level of prices and the reduction of the rate of inflation by stimulating and facilitating lending, credit and structural benefits operations, so the central bank initiative to allocate 6 trillion dinars for lending to private sector projects, pour into the mainstream to achieve this goal, which is active sectors and achieve operating.

Program the “six trillion” goal to promote the private sector may not be achieved

Question: If you consider the “six trillion” program that Sakarzha Bank to the public one of these processors. Are there other steps to achieve the stability that encourages economic growth in the gross domestic income, or?

Keywords: Yes, the 6 trillion initiative, the first of its kind and size are in the history of Iraq, where we found As sensors of the economic situation that the only way for the advancement of economic reality is to stimulate the production of industrial and agricultural sectors through lending and support the private sector, because we have noticed not turned slogans and national strategies to support the sector private and diversify the productive base to a supportive and stimulating practical plans, as the central bank notes through its coverage of the demand for the dollar for the purposes of import, dumping policy by importing the simplest materials and goods that could be produced within the country to run the citizen and maintain foreign at the same currency.

Question: But how do you achieve the goal of this initiative in light of the current situation, where there is no protection, control or even activate the laws?

Keywords: Note this accurate and essential, and we have stated when The launch initiative that its success depends on the product to activate the protection, consumer protection and anti-dumping policy and the application of customs duties and quality control laws, it is without all this you can not expect effective results for this initiative.

Question: with the current state of border ports, you can apply that already?

Keywords: It is regrettable that the situation of border outlets is one of the large and chronic challenges, a situation that receive its disadvantages and corruption serious risks to the country, and those risks are not only an important and substantial financial resources, but also economic, health, environmental and security risks of loss we must pay attention to her, and there were attempts since many years to correct the conditions of those ports, but they all failed, and we confirmed that we are in years and we continue to emphasize the need for the use of specialized international companies to take over the organization and management of these ports.

Question: Is there political actors dominate invisibly on the banks requests for foreign currency, including the parliamentary forces very window? ..

Keywords: This is a modern trader, and as they say, these are the cause of the destruction of Iraq and the smuggling of funds through the auction?

Keywords: Confirm the position of responsibility absence of interference from anyone or from any point in the issue of determining the total dollar sales, or at banks and companies level, Defining it is by the high-level committee of the Central Bank, including the deputy governor and directors of two and a cadre ahead meets daily to determine that based on several objective factors.

Keywords: Currently we finished the development of consistent standards which is determined by a certain degree for each bank or transform the company, including the commitment of the bank or the company’s anti-money laundering and terrorism financing and the rules and regulations associated with that law, until we get in the end to the application of an electronic program implements sales automatically operations in light of the degree of banking and corporate commitment to those standards, rules and instructions.

Question: Is it possible closure of branches of foreign banks in violation of the law of the central bank and banking law? Is it already been done? Especially since there are, as they say, many irregularities among those banks, and how many branches of those banks and a number of private banks?

Keywords: Yes, the central bank instructions apply to all banks licensed by the Bank, and branches of foreign banks licensed by us as well, so they are subject to subject his local banks in terms of penalties and procedures regarding irregularities and including the withdrawal of the offending branch license.

Question: Is it really been withdrawn vacation one of these branches?

Keywords: No, it did not happen during the period in which the Central Bank assumed.

Question: but we hear that there are irregularities and excesses of many of those banks.

Keywords: This information is not accurate because the branches of the banks that we are the branches of a very large, mostly banks, and has an international classification Advanced, and that these branches subject to Rkabtna and regulated by the Central Bank in the State of the headquarters of the Bank and control headquarters and the president himself as belonging to him.

Primitive and fails in the performance of government banks

Question: There is a clear failure in the banking sector as a working old systems and mechanisms and sees specialists said that one of the reasons for the decline of the investment process in the country, the fact that foreign investors looking for a safe and advanced banking environment to facilitate its work and fast delivery and keep his money?

Keywords: Yes, it is regrettable that the banking sector we have is still in its infancy, far from the optimum international practices, and the use of the latest and best technology into the work, and the majority of the appropriate degree of fairness and transparency and governance are not available, and far from the application of the rules of compliance and risk management and compliance requirements of the rules anti-money laundering, and that most of the private banks, was founded a few years ago, in exceptional circumstances and in front of exceptional challenges also making it plagues on marginal activities to achieve a quick profit, such as selling the dollar, it has been dominated by their governing bodies are managed and harnessed to their own interests, so we have a long important to correct these situation, you will see the results during the year.

Question: But the problem is what we observe in the situation of State-owned banks private bank Rafidain and Rasheed in terms of the level of performance, organization and services is very low, even simple drag and deposit operations take place in a complex and slow?

Keywords: I agree with you in this matter Valmsrfan backward greatly across Angtallma about the world and what happened from the tremendous developments in the banking business, was a plan to restructure the two banks since 2007 put, but the plan goes slowly being activated, so we are currently focused on resolving the issue of settling accounts and old assets down to the true financial position of the banks, considering that this foundation to move to the second step in the plan to privatize the banks or the introduction of qualified banks to strengthen and upgrade Bodaihma partners.

Question: central bank, according to specialists has the strongest role that must be exercised by the departments of banks, especially with regard to its policies relating to update the structure of these institutions and strengthen oversight.

Keywords: Yes, central banks play an important role in upgrading the performance of banks through the guidelines and instructions laid down by the organization of work and through the control, supervision and performance evaluation and stimulated to take the best practices.

Keywords: To be more outspoken this was the role of the Central Bank during the previous years is weak, and has accumulated over the years, many of the negative phenomena and practices, and under the pressure of economic and financial crisis show the inherited imbalances in the form of serious problems and challenges.

Keywords: So we have to strengthen that role since taken over the task of the Central Bank and have taken several measures and steps toward the banks on the one hand, and through the strengthening of the supervisory system and supervisory On the other hand, we have with the help of the offices of international control in this regard, but it will take time to reap results.

Question: Since 2010 the government announced it had agreed to the signing of an important agreement with Chinese companies to develop the work of government banks and financial exchange mechanism between them and the rest of the banks of the world, what happened to them and why so far there is no real change in no Iraqi banks.?

Keywords: I do not have any details on that convention, but after the recent visit of Prime Minister to China was agreed to activate the various aspects of economic and financial cooperation are being worked on currently, including promote the opening of branches of Chinese banks in Iraq and banks Iraqi in China and exchange of experiences in the field of banking.

Guarantee deposits and Exchange Shorja dollar

Question: When applied work company guarantee deposits and what type of deposits, as long as you mentioned the need to encourage people to save the government and the banks that it will contribute to resolving the financial crisis, the other side of what will or add this step to the citizen?

Keywords: A project to establish a company to guarantee deposits is aimed at protecting the rights of depositors, younger ones especially, when the bank is exposed as to insolvency or bankruptcy, so this measure will encourage citizens to deposit their money in banks because the phenomenon of having most of the money chunky in homes away from the banking system, hurting the economy in terms of the money that has been saved if the banks will turn into loans and facilities, including contributing to motivate and move the economy and the market, as well as the risk to keep this money in the home has offered to steal, not to mention the costs of dealing with cash instead of bank accounts.

Question: dollar exchange in the Shorja who controls them? Is the Central Bank has control them?

Keywords: Who deal in dollars outside entities licensed by the Central Bank, engaged in an illegal act, and the shops and the people who are doing so they fall under the control of the fight against economic crime directorate, and take legal action against them, as this thing comes out of the jurisdiction of the central bank.

Question: Is it really about them are measures by combat economic crime?

Keywords: Yes, this is done, it has closed many stores and many of the owners referred to the judiciary, which in turn issued legal judgments against them.

Question: Is there a counterfeit coin now is whether the dollar or dinar?

Keywords: According to central bank statistics, which we get from a thorough examination of the coin, the fraud ratio is almost negligible, and usually we fined the banks that pass the coin forged and this easily discover in developed specialized our organs in the detection operations, and that most who deal with trying to avoid dealing with banks because they are able to detect, so it is passed on dupes citizens, and the Interior Ministry to arrest once in a while some of those who are in the process counterfeiting or handled.

Question: project to delete the zeros Where is he now, why did not apply private and it raises the value of the dinar?

Keywords: Project to delete the zeros still exists and we have a technical preparations in this area, but we are waiting for the stability of the general situation, because this is a great work when we need stability in addition to the stability in the development of institutions, in particular, what we can organize and manage the operation and supervision are not allowed with breaches or excesses .

Question: why the dollar is always high, and why do not you take a equating with the dinar, this leads to market and license the stability in the general goods.?

– Make equal dollar dinars in the current situation means encouraging more imports and missed opportunities for the advancement of local production.

It would also mean reducing the public budget revenues because the Ministry of Finance will get the lowest amounts of the dinar against the dollar, which it sells.

Keywords: The high price of the dollar in the parallel market is attributable mainly on the supply and demand law, and the more the central bank responded to the demand for the dollar and covered it, the more to prevent a rise in price, and the closure of speculative opportunities in the market, and certainly there are other factors that play a role in the rise and fall of them, political stability and security and the rule of law, and the strength or weakness of relevant state institutions.

Question: If the reason for the rise is not selling the bank required quantities in the market, why the bank does not respond to the request?

Keywords: When oil prices are high revenue dollar is high also as it was in previous years, then the central bank can respond to those requests, and the flooding of the dollar as its inclusion Bank to its reserves, either when revenue dollar goes down because of lower oil prices, as is happening now, so do not enough dollars sold by the Ministry of Finance to the Central Bank, to meet the buyers’ demands for the dollar, the central bank used part of its reserves to respond to those requests, and this is the role and function of the nature reserve.

Keywords: But the problem we have that many do not understand that when we sell and declining reserve a lot of talk and criticism of the bank’s happening, and although aware of the bank that this is not practical and is not objective and intersects with the monetary policy requirements, but he was trying to find some kind of balance between the dam requests from the dollar and the preservation a reasonable level of reserves in order not to get a psychological condition that may lead to anxiety and fear.

Question: import cars costing Iraq billions of dollars out of it. Is there an economical way to restore these funds, especially that Iraq does not need so many cars?

Keywords: The subject of imports and determine the goods and fees and the need of the jurisdiction of the government, not the central bank, Vdorena in this case, is to provide advice to the government, has repeatedly called as many have called for the need to adjust the imports and the development of curriculum Yearly Import Alert, with a strict application of the laws we have mentioned to protect the national consumer product.

Question: Is the central bank has other property return it imports?

Keywords: No, the Central Bank Act does not allow this kind of investment like real estate and other, Vaaradatna come from investments in foreign bonds and gold coins, and what the bank earns from fees and fines and fees from banks and companies licensed by him.

Question: some international banks based humanitarian projects such as building hospitals and schools, is the central bank of such projects, or in the next Strutijeth?

Keywords: Central Bank Act does not allow the allocation of funds for these projects, we are seeking for an amendment to allow the Bank supported some of the social services projects, health or the necessary infrastructure by allocating a percentage of the annual profit of the Bank for these purposes.

Question: deposit box for every citizen, either gold or Basbaik or cash, How is it saving for gold process?

Question: Is it gains and falls within the principle of interest or whether it is within the national inventories, which helps raise the level of the Iraqi dinar?

Keywords: When a citizen filed what has gone or elsewhere in the private equity funds it is leased within the banks, and here do not receive a citizen of any return on it, the aim of the deposit within the banks is to protect them, and that the bank does not know what is there but is not used or invested.

the issue of the purchase of gold bullion from the central bank.

Keywords: Central bank gold bars made of lightweight 24-gauge outside Iraq and sells them to the citizens and the margin of profit is simple.

Wayne sold the bullion?

Keywords: The banks and the central bank as well.

Question: The fate of the new Central Bank building designed after the death of the project
Wayne arrived to work in the new Central Bank building?

Question: It is executing the company after the death of designed architectural site Zaha Hadid?

Keywords: The new building project under referral is currently being analyzed in terms of the offers submitted by the companies to choose one of them to build the project, which is expected to be implemented by the end of the beginning of this year.

Question: What about the designed project office and its role in the implementation?

Keywords: Office completed the project design in all its details has it took nearly two years and we wish that the Office would oversee the implementation, but his presentation was very loud, what made us call on other global companies, has won a good reputation of the Australian company, which now holds the study offers made by international construction companies to build the project.

Read More: http://www.dinarupdates.com/showthread.php?36122-Governor-of-the-Central-Bank-s-(range)-precautions-at-a-good-level
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CURRENCY	CODE	SELL	BUY
US dollar	USD	1182.000	1180.000
Euro	EUR	1299.964	1299.314
British pound	GBP	1561.422	1560.641
Canadian dollar	CAD	903.808	903.356
Swiss franc	CHF	1210.074	1209.469
Swedish krona	SEK	139.028	138.958
Norwegian krone	NOK	138.228	138.159
Danish krone	DKK	174.798	174.710
Japanese yen	JPY	11.560	11.554
Special Drawing Rights	SDR	1644.930	1644.108

http://www.cbi.iq/

Indicative rates – 06.28.2015

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