Post From Peoples Dinar
Herman Smith’s Investment Overview 7-2-16 Part 3 of 3
34) CBI News & Announcements
01/07/2016 To all licensed banks (the transition from the uniform accounting system for banks and insurance companies to international standards)
01/07/2016 To all licensed banks (buy gold commemorative coins)
35) Calls for central banks to buy gold coins and confirm the arrival of the specie 100 dinars
Economy and tenders since 01/07/2016 15:35 pm (Baghdad time)
BAGHDAD - scales News Called on the Central Bank of Iraq, Thursday, banks to buy gold Meskukath, and while noting the arrival of specie 100 dinars category, stressed that the price of 720 000 dinars.
The bank said in a statement received / scales News / copy of it, that "in order to diversify the public savings and ensure that he receives the gold 24 carat has contracted with an international company Stamping 5000 specie souvenir gold", adding that "the coins are from 100 dinars weight category 15 g the occasion of the Eighty-fourth anniversary of the founding of the Iraqi PMA 1930, in addition to the 5000 class specie 250 dinars weight of 22 grams on the occasion of sixty-eighth anniversary of the founding of the Central Bank of Iraq in 1947 ".
The bank said it "received the first category of these coins that are weighing 15 grams," noting that he "will be put up for sale through banks, which will be determined by them."
The bank said, "it was determining the sale price of banks on the basis of cost and out of Baghdad International Airport plus administrative Downloads 1% of the cost to be the price per minted from this category by 720 000 dinars," .anthy 29/33 h
36) Educational Rusafa third director to sign with MasterCard Worldwide to start a payment of salaries through the smart card
April 4, 2016 BAGHDAD / WAP / signed by the Director General of Education Baghdad Rusafa third Hossein Ali Nasser slave, sign up for the smart card form (Ki-Card) with a global company to transform the receipt of teachers and employees' salaries through the smart card and its outlets deployed in Baghdad.
The Director-General Hussein Ali Nasser slave News Agency Baghdad International / WAP / Monday, "after agreement with global company about the mechanics of the work has been signed to participate along with representatives from the company form and Rasheed Bank and the smart card project has many benefits such as it would limit the theft of salary problems Directorate for some schools and reduce the pressure on school administrations at the time of receipt of salaries. "
"The Directorate will continue to direct the work of the mechanism of payment of salaries through the smart card and we will work hard to create fertile ground for the success of this project and confirm that any project in its infancy is facing obstacles and problems, but by working together we will overcome them."
For his part, representative of the Rasheed Bank Ziad Tariq said "the signing of the subscription form is the beginning of the project of the smart card (Ki-Card) and will get every teacher and teacher and employee on the card allow him to pay his salary for the way of any existing office inside Iraq and smart card features many of which can no employee unable to deposit his money through the card and also is a current account enables it to provide a portion of his salary and can convert the amount by which any person has a smart card "./ over.
37) Fitch: Iraq's agreement with the IMF will enable it to issue an international bond
May 20, 2016 Direct: agency Fitch Ratings said Friday that Iraq has an agreement with the IMF will open the way to get more international support and the possibility of issuing bonds to global markets.
I followed Fitch in a statement directly briefed on a copy of the agreement a firm offer of credit rating of the country.
Iraq has signed an agreement with the IMF this week under which Baghdad could get aid worth $ 5.4 billion , it has a positive effect on the credit rating of the country .
Fitch predicted that Iraq's budget deficit in 2016 to rise to 15%
38) Fitch: IMF Deal Supports Iraq in Face of Multiple Challenges
20 MAY 2016 Fitch Ratings-London-20 May 2016: The staff-level agreement between Iraq and the IMF for a three-year Stand-By Arrangement (SBA), under which Iraq could access USD5.4bn of financial assistance, is credit positive, Fitch Ratings says.
The deal is likely to pave the way for further international support and may enable the government to issue international bonds.
This will provide some support to Iraq's finances as the country faces sharply lower oil revenue, ongoing conflict with the Islamic State (IS) group and a political crisis that has paralysed parliament and led to mass protests.
Engagement with the IMF could bring some improvements to economic policymaking and management. Following on from the Staff-Monitored Program agreed in November, the SBA is likely to set benchmarks related to budget spending levels, non-accumulation of arrears and various fiscal reforms, as well as strengthening the government's cash management.
The twin shocks of sharply lower oil prices and the conflict with IS have severely damaged Iraq's financial position.
We project the budget deficit in 2016 to widen to 15% of GDP - around USD22bn, assuming crude exports marketed by the central government remain around 3.3 million b/d and the government makes modest spending cuts. The government has also built up arrears.
Lower oil revenue is also causing a balance-of-payments shock. The central bank's stock of foreign reserves (including gold) has fallen from USD78bn at end-2013 to around USD50bn currently. This is still a robust level, at around nine months of current external payments, but is set to fall further this year and next.
Disbursements under the SBA and the further foreign assistance that is likely to follow will be a source of additional finance, but cannot mask the challenges Iraq faces. Oil revenue accounts for more than 90% of budget revenue and current external receipts. Government expenditure increased rapidly before the oil price collapse in 2014, creating a fiscal breakeven oil price above USD100/barrel.
Full implementation of the SBA will prove challenging. Wide-ranging fiscal reforms that would put Iraq's finances back on a sustainable footing would require tackling a bloated civil service (the government accounts for 40% of total employment), a troubled banking sector, and serious weaknesses in governance.
Iraq's political challenges have vividly played out in Baghdad in recent months. In February, Prime Minister Haider al-Abadi announced his intention to appoint a new technocratic government, but has been unable to do so as various parties seek to protect their influence. Meanwhile, large protests culminated in the storming of the previously unviolated Green Zone and parliament itself.
This situation remains unresolved and presents a risk of further political instability and violence. Progress has been made in retaking territory from IS, but it still holds significant parts of the country, and continues to present a major threat.
We affirmed Iraq's 'B-' Long-Term Foreign-Currency Issuer Default Rating in March, and revised the Outlook to Negative from Stable as lower oil prices lead to a significant deterioration in Iraq's financial position. We said at the time of the Outlook revision that international support, including from the IMF, was likely.
39) WASHINGTON: Iraq's economic reforms began effects increase non-oil imports
4.20.2016 It confirmed the United States, on Wednesday that the economic reforms the Iraqi government began to show the effects of an increase of non-oil imports, while pointed to the success of the Iraqi government to reduce the budget deficit would mean obtaining a loan from the International Monetary Fund worth billions of dollars.
The US ambassador to Iraq, Stuart Jones said in an interview for a number of media, including (long-Presse), building the US embassy in Baghdad, he said that "the economic reforms the Iraqi government began its effects appear to increase non-oil imports,"
noting that "the continuation of the Iraqi government in this performance will contribute great in the elimination or reduction of the budget deficit. "
Jones added that "the Iraqi government's success in economic reforms would mean signing an agreement with the International Monetary Fund, you get a loan worth billions of dollars."
40) Adviser to Ebadi: a proposal for the sale of homes in the farmland of the occupants and raise the dollar exchange rate
2016/1/6 [Baghdad-where]an economic adviser to Prime Minister Haider al-Abadi, revealed submit proposals to resolve the financial crisis in Iraq because of the decline in oil imports to decline in global crude prices.
Said Abdul Hussein Al-Anbuge told all of Iraq [where], that "among what we have proposed partial sale of state property from the lands and governmental institutions which is redundant and neglected originally not used, and these can be sold to save a lot of money, as there is a method of last large residential neighborhoods built on agricultural land and let us to turn the race ground from an agricultural to residential and giving occupants vacation building and support for drug Deed] and get revenue in return for paying a value of up to 10 Trellnaat dinars.
"He pointed to" the possibility of imposing a fee for converting the genus ground on every square meter a certain amount and private that there are drugs are expensive, especially near religious shrines in Karbala and Najaf, where it built residential facilities and hotels.
"He continued Anbuge" as we proposed conversion of the dinar exchange rate against the dollar to 1300 dinars, and instead of selling the dollar to 1116 dinars to sell the central bank B1300 and this will save 9 trillion dinars, or about $ 8 billion and thus can bridge the budget deficit without borrowing, but weakness found in the Budget Department and Accounting in the Ministry of Finance and they do not possess the ability prevented turn these proposals into reality and diversify its sources of imports of the state.
"The Iraq faces a financial crisis due to the sharp decline of oil, in terms of financial budget for this year with a total expenditure of more than 105 trillion deficit accounted for 22.8%, reaching a total revenue of the 81 trillion and 700 billion dinars, the oil revenues, of which 69 trillion and 773 billion dinars The increase of 85.1% of total revenues, while non-oil revenues amounted to more from 11 trillion and 927 billion dinars The increase of 13.6% of total revenues.
He noted Finance Minister Hoshyar Zebari, the first Monday in an interview that "there are several alternatives [oil], including borrowing from international institutions, few benefits, and we did it. For ideals we have received help from the International Monetary Fund, and a few days ago we received one billion and 200 million dollars from the World Bank, we have introduced a monitoring program on how we manage the financial and economic policy, and if we could get help more of them, as we intend to sell sovereign bonds, because the situation in Iraq this year better than last year in this regard.
"He explained that" The other option is how to raise the Iraqi dinar exchange rate, although it may be a risk of selection have repercussions. "
72) Kanani: Give the banks, "currency exchange" contributes to lifting the economy
02/07/2016 19:00 He said the Investment Committee and member of the parliamentary Economy Ahmed Kanani, said on Sunday that granting civil and government banks the right to sell and exchange currency will contribute to raising the economy.
Said Kanani's / balances News /, that "the central bank has a mechanism to prepare plans for banks a new" government and private, "and the old and give them the right to sell and exchange currency," stressing at the same time that ".
He said a member of the Investment Committee and the parliamentary economy, "The commitment of these banks and the instructions of the Central Bank will contribute to raising the economy."
This "announced Misdemeanor Court of integrity, money laundering and economic crime in Baghdad for the start of private banks to pay what Bzmtha of fines and benefits Tojerih to the Central Bank of Iraq, pointing out that under the time limit expires early next year and by 10 billion dinars per month," .anthy 29/34 R. http://www.mawazin.net
73) Sources: important meetings in Washington between the Iraqi Finance International Monetary Fund
April 14, 2016 Hosts the US capital Washington, on Friday, important meetings to support Iraq economically, between a delegation from the Iraqi financial burdens and another representing the International Monetary Fund.
According to private sources of change, the Washington meetings aimed to help Iraq, including at least ten billion dollars, but it is these funds will be conditioned to go beyond Iraq's financial crisis.
The sources pointed out, to the political crisis experienced by Iraq during this week, prompted the donors of the International Monetary Fund for hesitation on support for Iraq, adding that Iraq is threatened today to lose the chance of financial support because of the big bad impression left by the Iraqi political crisis.
74) The United Nations welcomes the approval of Iraq's budget for 2016, and hopes to further reforms
December 17, 2015 The United Nations welcomed the passage of the Iraqi Council of Representatives of the country's budget for 2016.
Internationalist Representative in Iraq, Jan Kubis said in a statement Buratha news agency received a copy of it, "I would like the government and congratulate the Iraqi Council of Representatives to adopt the 2016 budget law, and I'm pleased with the decision of the House of Representatives."
He added that "at this critical economic environment, Levan legislation Budget 2016 law was appropriate and allows the government as well as regional and local authorities to focus on service delivery and support of the population, including millions of people displaced internally, while maintaining the fight against terrorism and the elements Daash" http://burathanews.c...ews/282185.html broken link
75) IRAQ LOOKING WITH THE EUROPEAN UNION JOINING THE WORLD TRADE ORGANIZATION
June 7, 2016 BAGHDAD / IBN It examined the Ministry of Commerce on Tuesday, with the EU Commission to help Iraq to join the World Trade Organization. She stressed that Iraq needs a solid institutions recognized by the nations of the world as in some Arab countries.
According to Director General of the Department of Foreign Economic Relations at the Ministry of Commerce, "Hashim Mohammed Hatem," in a statement the Iraqi transmitter network received (IBN) a copy of it, that "the meeting brought together representatives of the Directorate with the President of the EU Commission in Iraq to discuss the requests submitted by Iraq to the European Union mission which relates to provide aid to Iraq based on a partnership agreement between the two parties. "
He explained, "The meeting witnessed ask a lot of issues that concern Iraq in customs areas in addition to helping Iraq in the technical aspects of joining the World Trade Organization regarding the team trained negotiator in the field of intellectual property rights, as well as to discuss the establishment of recognized institutes as possible be granted certificates concerning intellectual property relating to the granting trademarks or something like that. "
He added that "Iraq's need to possess solid institutions recognized by the nations of the world, as in Lebanon, Egypt and other Arab countries," pointing out that "the meeting also discussed the financial crisis plaguing Iraq as a result of the current low oil prices."
He noted that "the two sides and the situation paragraphs of introductory to hold future meetings during the month of September, in addition to a meeting of the European Union with the Iraqi Foreign Minister Ibrahim al-Jaafari, which is hoped to be held during the month of November," adding that "the aim of this meeting is to develop bilateral relations between the EU and Iraq in order to develop the economic potentials in all fields. " http://ibnnews.net/?p=26640
76) Iraq Sees $15 Billion in Aid Through 2017 as IMF Deal Looms
May 15, 2016 Iraq central bank expects $10 billion from IMF, World Bank
IMF deal may also unlock $5 billion from G-7 this month
Iraq’s possible loan accord with the International Monetary Fund may unlock at least $15 billion in aid this year and next, central bank chief Ali al-Allaq said, helping OPEC’s second-biggest producer repair finances battered by cheap oil and the war with Islamic State militants.
Allaq said in an interview in Beirut he expects Iraq to receive $10 billion in IMF and World Bank assistance. A further $5 billion pledge may come from the Group of Seven meeting in Tokyo this month, he said.
“They will discuss supporting Iraq, but that’s linked to how convinced they are of the commitments” the country is undertaking under the IMF accord, he said. “So in total, we will receive $15 billion, possibly more, in 2016 and 2017.”
IMF officials are holding talks with the government this week in Jordan over a stand-by loan deal. If successful, Iraq will be the first major oil producer in the Middle East to secure a loan accord with the Washington-based lender.
Oil producers from Venezuela to Riyadh have slashed spending to counter the plunge in crude prices. For Iraq, the challenge was compounded by a costly war against IS militants, who captured swathes of the country’s territories to set up a so-called Islamic caliphate.
The country is also mired in political turmoil. Hundreds of protesters pulled down blast walls and forced their way into Baghdad’s Green Zone -- which houses embassies, the Iraqi parliament and government ministries -- on April 30 to demand more efforts to fight corruption and to protest what they regard as sectarianism in cabinet appointments.
Allaq said he has seen “no signs” that the unrest could affect talks with the IMF.
Iraq is rated B- at S&P Global Ratings, six levels below investment grade. The yield on the country’s $2.7 billion Eurobonds due in 2028 has declined 33 basis points this year to 10.4 percent, according to data compiled by Bloomberg. http://www.bloomberg.../2...deal-looms broken link
77) Iraq has been working with the International Monetary Fund reform programs
4/12/2016 said the scholar d. Abdul Hussein al - Jalil Ghalibi of the College of Management and Economics at the University of Kufa , Iraq today is working with the International Monetary Fund to adapt the economic reform programs since 2003, including monetary policy, pointing out that the door is open to capital flows, especially in investment and trade.
He Ghalibi in an interview »Sabah» that some of the standards to support the process ofchange and supported by other criteria emphasize the political issue of autonomy guaranteed by the Central Bank of Iraq Law No. 56 of 2004 and its support is clearly in the Iraqi constitution.
He added that changing the currency often Mayati after the high - inflation period followed by a period of stability, and that the movement the rapid decline in inflation increases the likelihood of change , especially in a very open countries , international capital flows, which are under the conditioning program of the international Monetary Fund , which owns central banks for political independence,
this standard includes sub -criteria , including the presence of high inflation quickly sliding into a period of stability, and is happening in the countries open to international capital flows, and that the country is under continued conditioning program for the international Monetary Fund, and we have to have the banks ' political independence.
He explained that governments have the political and economic reasons for the process of changing the currency, governments democracy is likely to take place to change the currency in response to the high of inflation, governments and authoritarian ( dictatorship) can be conducted to change the currency without the presence of higher inflation, particularly in the case of a civil conflict or civil.
he said if the government is characterized by democratic - style, the condition that pushing it toward changing the currency is the existence of inflation and this applies to the situation in Iraq, as the government is working according to the principles of democracy approved by the Constitution,
and that the economy has suffered for a long time has increased on two decades of high inflation problem, and that inflation has pushed for increasing the number of zeros of the currency, hence the re - currency to its former position of inflation by removing its effects have accepted the issue according tothis standard, but if the authoritarian government Van are motivated to change the currency is the presence of internal and civil conflicts.
he d. Abdul Hussein Ghalibi, and when discussing these four criteria and compare it with the situation in Iraq , we find that the first criterion verified as inflation rates in Iraq during the period 1991.2010 gone through three first stages of 1991.1995 and have a very high rate of inflation had reached the highest value in 1994, and less the value was in 1991 and the longer these years is the beginning of international sanctions into force on Iraq and the monetary authority began printing banknotes at the CBI presses in (House Mesopotamia for printing) and quantities flooded the markets dinars a paper and printing bad, where the printed third Asdarih ten.
He continued, duration the second is 1996.2002 and where inflation fell from the previous period thanks to the oil - for - food and medicine , which allows Iraq to export oil to cover the expenses of the Convention, and contributed to the implementation of this agreement this fall, and the third period was 2003.2010 and it began serious policies of the Central Bank in tackling inflation as the continued
The first of them from 2003 to 2007 rates the same for the previous period and perhaps a little more, and the second part of 2008 to 2010 and on which it is reaping the benefits of those policies where inflation rates rapidly declined and did not exceed 7.2 percent.
He went Ghalibi: this decrease during the three years expresses stabilize the price fit to be a foundation for the start of changing the currency, and before the period of stability ,this was hard on direct monetary authority the process of changing the currency because the period of stability were not realized, so the preferences to keep the currency without the change was more realistic, but after a period of stability of this expectation by continuing the situation has completely changed, and should be noted that inflation is a crucial variable in the process of switching the currency as the return demolish all the efforts.
http://www.alsabaah.....aspx?ID=114298 broken link
78) Indeed absent from the gold bullion and Iraqi money diverted in the mountain caves of Hezbollah!
April 7, 2016 Start: begins the story of the scandal , according to published reports by the Western media for "New York Times" the US when former US President "George Bush" was commissioned a close friends his business from the state of Texas , "Stuart Bowen Jr." In 2004 , inspectors special investigation and fact the facts of corruption and waste of public money and the disappearance of the funds and grants of US loans, the purpose of the investigation to find out where the vanished Iraqi funds and US grants,
after many lengthy investigations "Bowen" said that some of the money may have been exploited by the Iraqi government illegally, and determine the fate of billions missing was sent successively by the US Treasury Department to the Iraqi government directly for the purpose of financing reconstruction processes and the payment of salaries, so as to enable investigators insiders under the chairmanship of the crucial 2010 revealed they concluded that between 1.2 and 1.6 billion dollars has been stolen by influential officials of the Iraqi government and transfer them to a secret bunker in a rural area in Lebanon .alamsak head thread: little ,"Bowen ,
" that we are, we want to investigate the money hidden in Lebanon, and we launched this secret operation at the time code - named "Brick Tracker" in the beginning of 2010 he received " Wael Al Zain "among investigators in the US office of Lebanese origin and a member of the investigation team, confidential information about the money hidden from an informant, and includes in addition to the money gold bullion worth $ 200 million belonging to the Iraqi government.................
http://www.kitabat.c...print/74322.php broken link
79) Governor of the Central Bank holds the responsibility of the government and parliament reduced the cash reserve
06/26/2016 Baghdad / long-Presse The governor of the Central Bank and theAgency on the Keywords that Iraq 's reserves of foreign currency of $ 53 billion, and with the exception that it is in line with international standards and regulations of the International Monetary Fund, the House of Representatives pregnancy and the government responsible for the low reserve because Msadegthma on the financial budget in deficit.
The Central Bank of Iraq was rejected in the (January 13, 2016) the government went to draw from thefinancial reserve, while attributed to the fact that the law "does not allow" the government of this, he called for the issuance of bonds and sell them to banks.
he said on the Keywords in an interview for the "long - Presse" that "precautions Bank of foreign currency of $ 53 billion may be changed up or down depending on what return it from the Ministry of Finance , "noting that" the amount within the bank accounts and fund the recent international Monetary demonstrates the adequacy of the reserve in accordance with the international standard of the existence of the amount of foreign exchange cover local currency size of dinars. "
Keywords and added that" it means that the central bank maintains a foreign currency in excess of the local, "adding that" the rise in the reserve or decline caused by factors beyond the control of the Central Bank or control, being influenced by two factors two main amount of dollar given to the bank, from the sale of oil, and what you get and the Ministry of Finance of the oil dollar , which sells it to the bank, you get to dinars to cover the expenses. " http://almadapaper.net
80) Urgent Abadi Office: Iraq will receive $ 14 billion from the International Monetary Fund
06/26/2016 [Wayne-Baghdad] spokesman for Prime Minister Haider al - Abadi said that Iraq will get $ 14 billion as a result of the signing of the memorandum of the IMF follows ..http://www.alliraqnews.com