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7/31/19 Matt  The Iranian government has approved to revalue its rial tenfold and revert to the currency’s old name, the toman, the Fars news agency reported on Wednesday.

"The council of ministers, at a meeting presided by President Hassan Rouhani this morning, approved the central bank's proposed bill to change the national currency from the rial to the toman and delete four zeros," it said.

The bill by the Central Bank of Iran (CBI) to remove four zeros from the rial was presented to the government in January, Central Bank governor Abdolnaser Hemmati said then.

The proposed plan has now to go before the parliament for vote and final approval by the Guardian Council which vets legislation before it takes effect.

Iran had been weighing to drop several zeros from the rial for years, but the idea found traction after the national currency lost more than 60 percent of its value in 2018.

The Wednesday decision was made "to maintain the efficiency of the national currency and facilitate and restore the role of cash instruments in domestic monetary transactions," Fars said.

The reversal to the toman - in use until the 1930s - does away with a duel denomination which many visitors of Iran find confusing. While the rial is the official name, Iranians still make their calculations in toman.

The new toman will be divided into 100 rials - a tenfold redenomination of the current toman which is divided into 10 rials.

The rial went into a tailspin in anticipation of US sanctions after President Donald Trump decided to pull the United States out of a 2015 nuclear deal with Tehran and vowed “maximum pressure” on Iran's economy.

The steep drop disrupted Iran’s foreign trade and led to a spike in inflation as commodity prices shot through the roof, prompting the country to take drastic measures to arrest the downward spiral.

Those measures have helped the rial regain some of its value, trading recently at a rate not seen in months against major foreign currencies.
31 Jul 19, 06:48 PMMattOn Wednesday, the currency was trading at about 120,500 rials per US dollar on the unofficial market, up from its historic lows around 190,000 last September.

Iran’s currency began to slump in December 2017 when the government cut interest rates on saving bank accounts.

What initially appeared to be a controlled depreciation of the rial in a bid to boost local production and exports got out of hand later when the US announced pulling out of the nuclear deal and reimposing sanctions on Tehran.

The government’s later measures, including capping the official rate at around 45,000 rials to the dollar, exacerbated the slump because it created a network of underground foreign exchange traders.

According to leading US news magazine Foreign Policy, messaging applications were the platforms of choice by currency traders and middlemen for deliberate circulation of rumors and fake news to push the value of the dollar.

Sparky  sandyf I personally don't trust CBI...or IMF... " at this juncture "...

future  Iran deleted 4 zeros from its currency

Release date: 2019/7/31 10:40
Iran deleted 4 zeros from its currency
(International: Al Furat News) The Cabinet of Ministers of Iran approved in its meeting Wednesday, a proposal to delete 4 zeros from the national currency Riyal.

The governor of the Central Bank of Iran, Nasser Hamati, is due to present details of the new government decision later.
The official price of the US dollar is 42,000 riyals

future  interesting timing

Matt  future Wow! Thank You

future  my thoughts its interesting timing for them to do this now lets hhope Iraq does something now Cbi is ready

future  Curious to see how the cbi responds to Iran

Matt  Iran deleted 4 zeros from its currency
If true then Iran Riyal goes from 0.000024 to $1 > .24 which if my figures are correct $240,000 usd per million IRR yes?
KJ is the Iran Guru I think he just stopped doing calls?

Portmagaland  Matt Thanks Matt, I home of their funny money, so I'm interested on how Iran will shake out.

Matt  Portmagaland ??? Me too lol $240k per million? mod/s get KJ in here


7/29/2019 AM Kaperoni  If you go back and look at a few older Article IV Consultations I believe you will find that Iraq has met Article XIV conditions for a while. In order to transition from XIV to VIII you must meet the conditions of the Article prior to moving to it.

So in this case the IMF states clearly the CBI has one restriction under Article VIII. Therefore, they need to solve that prior to the IMF giving their blessing for acceptance into Article VIII

The once restriction appears to be a combination of the CBI requiring participants in the auction to have a bank account, and also the 2% spread. It does say the IMF is monitoring the situation. It does seem to be something that can be resolved fairly quickly if need be and it will be interesting to see what the IMF says in the future on this since the CBI has meet the 2% spread rule for the past 16+ months.

Article VIII is absolutely necessary to invite investors and capital to Iraq. They will not get much help rebuilding the private sector if they do not do this. Investors want to be able to get their profits out of Iraq and Article VIII is an important step to achieve this.

Parliament is in the process of preparing the 2020 budget. Decribed in the media as "the budget will be different directions next year to represent the government's economic openness to investment and increase financial resources alternative to oil" and "indicating that the budget will create a qualitative boom in the Iraqi economy through drastic changes in public expenditure and investment funds and services."

Clearly this is important to the transition to a market economy. As well as they are building the expenditure into the budget for 2020. An article yesterday stated they will have a 72 trillion dinar deficit. In other words they are building about 70 billion USD extra into the budget that is expected to be funded by foreign investment.

In order for this to succeed, they must pass the laws needed, and open the banking system (Article VIII) for this to work. There is no alternative. The next 6 months will be fun to watch. Goodnight.


26 Jul 19, 07:10 AM chattels  " There are few books on today’s Iraqi politics. Iraq After America would be the best place to start if you want to understand them."

The divisiveness / dysfunction in Iraqi politics and government may be irreparable damage opines Mr. Rayburn.
26 Jul 19, 07:13 AMchattelsIraq steps up anti-corruption crackdown by issuing 26 arrest warrants for officials.
Critics say the move will not make a difference to an entrenched culture of corruption

Kirk H. Sowell @UticaRisk

The trick is usually to announce warrants for people who have already left the country.

Most patronage systems are illegal and corrupt. Iraq has an entrenched patronage system.
chattels  The patronage system is a mutual system wherein an individual with power and/or wealth (the patron) can exercise his or her influence and other assets, such as the appointment of offices, on behalf of another (the client), who is in turn beholden to the patron and who is expected reciprocate through some form of service, often by acting as an extension of the patron's network of influence.

larrykn @chattels I understand the corruption in Iraq but I get to wonder if that will really stop them from moving on. They have always been corrupt but they seem to have manage to have their currency out to the world. The one thing that has change this time around is the fact that they have outside investor coming in. This IMO is the game changer and is why they are trying to get a handle on the corruption in Iraq. If they do I see a bright future for them if they don't. We will be sitting here. No one will want to invest in a country that they wouldn't know if their money is safe or not and they can get it out. We will see.


7/21/19 larrykn  Lots of news out there lately and I'm not one to do any type of predicting and won't but I think the news coming out of the CBI is good for us, sooner or later Iraq will have to do something and when they do we will be real happy . Until then we wait and see. Some people say not this year and they might be right but then I feel Iraq is behind the steering wheel and will control when all this takes place, Kap posted about Iraq GDP being over 8 % next year , wow that is impressive if they do it. But I wouldn't sell the house of that until we see what they really do. Time will tell .


20 Jul 19, 08:22 AM larrykn  Central Bank denies any smuggling of Iraqi currency classes

Storm drains

Economy news – Baghdad
The Central Bank denied Friday, no smuggling of Iraqi currency categories, that this attack today, synchronized with the Bank's announcement about the growth of its reserves and to control the exchange rate .
The Bank said in a statement obtained by the news, "economy", "some social media circulate a video showing some Iraqi currency categories, in boxes marked the name Central Bank, which raised an uproar over this Iraqi currency smuggling operations," denying "any smuggling operation.
"The Central Bank is not seized funds, currency funds differ, in terms of shape, color, texture, and pilgrimage," stating that "the Central Bank has begun to follow up with the security services, the Ministry of Foreign Affairs, embassies mentioned in the video clip, note that There were previous cases prove, by security agencies, totally untrue. "
The Bank said that "not found, yet, on these papers and not displayed publicly in any country and current investigations proved they only pictures and videos", stressing that the Central Bank "prints I made at global printing houses, watching the production, from making paper to the formula According to final tables and check serial numbers at each stage until receipt in Iraq. "
The Bank warned of "jamming operations conducted with the aim of undermining the country and its institutions, including the Central Bank, whenever one of these institutions have achieved success both locally and internationally, to such slurs."
He continued, "this attack comes today, synchronized with the Bank's announcement about the growth of its reserves and to control the exchange rate, with the aim of reducing this success ".
The Bank called on all media, "precision in dealing with news, as inaccurate news of negative effects on the stability of the financial and banking system in Iraq." 

Mesopotamia launches new meal of self by MasterCard card

Economy news Baghdad
Rafidain Bank, said Saturday, launching a new meal of his predecessor State officials that ranged between 3 and 5 and 10 million dinars by MasterCard card.
The Bank's information Office said in a statement obtained by the news, "economy", "the new release of the predecessor State officials more than four thousand employees who have settled their salary with the Bank and received e-card".
The statement said those through advance customer footprint and then inform the employee via sent a text message advising him that advance after completing all legal procedures for the granting and disbursement by electronic payment instruments and financial balance was mobilized.

7/7/19 pm  Whitelions  Distribution of the instruments of Article 140 on Kurdish families

Twilight News / started in Kirkuk, on Sunday, the distribution of compensation packages to the Kurdish families stage covered by Article 140 constitutional, after a pause of several years.

Kaka Rush, a friend of the official office of Article 140 in Kirkuk, said during a televised statement that these instruments are disposed of the allocations of Article 140 in the general budget for the year 2019, amounting to 50 billion Iraqi dinars.

He added that the office of Article 140 in Kirkuk received 230 instruments, which are the right of the families of the phase of Kirkuk, and daily distributed 80 instruments to the compensated, noting that the priority in the distribution of instruments are for the families of martyrs and Monophils and widows.

wooo hoooo > good news

The Association of Banks holds a graduation ceremony for two courses of customer service and the development of the skills of Taler employees.......The Association of Iraqi Private Banks, in cooperation with the Joint Efforts Group and the International Card Company (Key Card), held Sunday the graduation ceremony of "Customer Service" and "Taler Skills Development" session in the station hall in central Baghdad.

And ended before the days of 120 trainees from the Rafidain Bank these two sessions at the training center of the Association of Iraqi private banks at its headquarters in Baghdad.

The course was divided into four axes: the first dealing with dealing with cash and the second in the field of forgery, forgery and bank fraud, and the third in excellence in customer service, quality of service and the latest in the technical aspects of the function of teler in banks.

The Teller staff is the one who deals with cash, receiving cash from depositors at banks and conducting cash deposit procedures. READ MORE .....

Matt  Whitelions Thumbs-up Thank You

Whitelions  Matt your welcome I see Tigger is right on top of the good news too


6 Jul 19, AM chattels  Iraqi MP from Defense Committee: now that PMF (Hashd) is part of official Armed Forces, it will increase in size, not get smaller. PMF Chairman Falah Fayyadh shall command it independently & will be in a position like the Defense & Interior Ministers.

Little is what it seems in Iraq. Many corrupt bargains between the elite.

Good piece by @Mikeknightsiraq on whether Iraqi govt can get control of Hashd using Ninewa as test case …

Iraqi govt incapable of meeting protest demands but always promises that it will Govt major employer Private sector small so cant provide more jobs Electricity takes long term investment & not close to meeting demand …
Iraq is actually much less Iran dominated than suggested here. The pro-Iran bloc recently broke up & the Iranian side loses as many political fights in Iraq as it wins. The govt can't rein in militias for the same reason it can't stop tribal vengence attacks; it is weak.

Improving Erbil-Baghdad relations great for US investors: trade official By Salim Ibrahim

" The improvement in relations between the KRG and the federal government in Baghdad has created good conditions for foreign companies to invest ", Lutes said.

“We know that Iraq and the Kurdistan Region of Iraq are at a pivotal moment. We think it is an opportune time for American companies to be looking to come in to invest and do business,” the trade official said.

chattels  I used to say that as Kurdistan goes, so goes our investment. What I meant and mean is that Baghdad - Erbil relations are key to socio-economic stability and a functional government, IMO. Does the foregoing article mean that we have arrived at such a point ? No. but hope springs eternal.


June 24 am Whitelions  I hate to see the people like mark pizz still around and all the people he and his connies will steal the peoples money with these so called redemption centers , Banks in the USA and around the world DO NOT work that way this is a revalue plane and simple ONLY banks that deal in International currency AT the banks can exchange or airports exchangers and they are regulated by the same laws the banks are. so if you go to a redemption center be prepared to walk away broke because they are going to give you a b* story about it will take a few days to hit your account ,and by then you will have lost all your dinar and there is nothing you will be able to do.

spankie  Whitelions thx for the heads up on these robbers-- they just wanna steal and don't care who they hurt-

Whitelions  spankie keep spreading the word there are a lot of people in this that only have a little dinar just enough to help change their lives but if they go there and lose it all it will kill their them. too many people are counting on this to pull them out and boost them into a better life . I'm not Talking there day to day money but I can start a Bis. or go to school for a better job instead money.


23 Jun 19, 06:05 AM chattels  President of Iraqi Kurdish Region says he has no problem with delivering oil to Baghdad, but first there must be discussions & conditions.

"I was in Baghdad and I talked with the prime minister about this, and I have to discuss this issue. It's not just about handing over 250,000 barrels. There are legal issues, because cutting the Kurdistan region's share of the budget since 2014 has led to Accumulation of loans in the region ". Adding: "We must talk about all these things to reach a solution that satisfies the parties."

Barzani stressed the readiness of the region to cooperate in the export of Kirkuk oil or any other region to the outside through the pipeline of the Kurdistan region of oil, adding: "I was in Baghdad and spoke with the Prime Minister on the matter, and must be discussed the subject, it is not only about handing over oil quota, but there Legal issues ".

BAGHDAD / NINA / The Kurdistan Democratic Party (KDP) announced that the Kurdish parties have agreed to choose the candidate for the Ministry of Justice portfolio in the government formation. "There is a consensus between the Kurdish parties on the choice of a candidate of the Ministry of Justice to complete the ministerial cabin,"

The incompatibility of the political scene with regard to the cabinet cabins with new or current names
Sunday 23 June

BAGHDAD / NINA / The Central Bank of Iraq announced the start of the establishment of the insurance company Takaful Islamic banks in cooperation with the Board of Insurance with a capital of (15) billion dinars with the participation of all Islamic banks.

The Central Bank issued the company's Takaful controls according to the standards of the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The Takaful Insurance Company represents the second strategic objective of the comprehensive strategic plan of this bank in developing the Islamic banking industry and transactions. (2016-2020).

chattels Unclear to me whether the foregoing is insurance protection for depositors ?

BAGHDAD / NINA / The official in the economic affairs of Dhargham Muhammad Ali said that delaying the investment of gas associated with the oil industry and the continuing burning of it is a major economic crime against Iraq.
" respects the wealth of their people will ask about the cause of burning each cubic foot of gas ", ............................ not to mention the enviromental impact.


22 Jun 19, 06:36 AM chattels  raqi MP from Sairoon Alliance survives assassination attempt in south Baghdad. He was returning from Karbala in his convoy when 3 vehicles opened fire.

chattelsI  The land of assassins.

Iraqi MP says plans to discuss completing PM's cabinet in today's meeting of Parliament have been postponed since the government has not sent the list of nominees.
chattels  A land of delay and dysfunction.

Disclosure of the names of candidates of the four ministries and exclude the provision of two
[Baghdad - where]
revealed an informed source, the names of candidates for the four ministries vacant in the government cab [Interior, defense, justice and education].
The source said in a press statement that "differences are still ongoing between the political blocs on the candidates of the interior and defense is unlikely to pass them in parliament session on Saturday."
"Saturday's session may witness changes and does not discuss the Ministries of Interior and Defense because the alliance of Sawson adhere to the candidate [Abdul Ghani al-Asadi] [commander of the former anti-terrorism forces] and rejected by the Fatah alliance that he has indications of it."
The source pointed out that "the candidates of defense are [Salah Hariri and Najah al-Shammari] and the first position is better, but it is unlikely to vote on the ministries."
He pointed out that "the House of Representatives may discuss the nomination of [Safana al-Tai] Ministry of Education [Rizkar Mohammed] to the Ministry of Justice."
The House of Representatives, has been included completion of the cabinet cab and the termination of the proxy positions at the top of its agenda in its meeting scheduled for Saturday.

Prime Minister Adel Abdul-Mahdi, gave Tuesday the political blocs a week to resolve their differences in the names of candidates for the cabinet.

chattels  I wonder what consequences or conduct there will be in response to Parliament's failure to comply ?

Doug_W  the same as always~~~~ nothing

chattels  Oil expert Hamza al-Jawahiri said that the bombing of oil sites gives a negative message about the security situation in Iraq

chattels  This guy is a genius. He could be a dinar guru, except despite such news of security and stabiliy shortcomings in Iraq, the dinar gurus persist with the any day / everyday positive prognostications as to a significant upward movement in the value of the dinar.
chattels  Are we to understand that an outside investor may be deterred by the strong possibility that an infrastructure investment in the millions of dollars could be blown up ?
chattels  Go figure, eh ?


15 Jun 19, 01:13 AM chattels  ERBIL, Kurdistan Region - Iraqi authorities' decision to punish the families of those people who had allegedly joined the Islamic State (ISIS) is preventing internally displaced persons (IDPs) from returning to their homes, forcing them to accept “dire conditions” of camps, a human rights monitor said in a report, released on Friday.

HRW said that “an estimated 1.8 million people still remain displaced” as a result of the five-year conflict between Iraqi forces and ISIS. According KRG figures, last updated in April, the Kurdistan Region hosts 1.12 million IDPs.
Is Abadi looking to return to prime minister's post?
Adnan Abu Zeed June 13, 2019

Read more:
Former Iraqi Prime Minister Haider al-Abadi announced May 31 his resignation from all his positions in the Islamic Dawa Party, whose politburo he headed.

Abadi’s withdrawal from the party heralded his possible return to the prime minister's post,
Abadi announced May 5 his readiness to reassume the premiership if Abdul Mahdi’s government does not last, and he underlined what he called his successful experience in leading the country.

Sadr said April 25 that the six months given to Abdul Mahdi have passed and threatened public protests,

While Abdul Mahdi’s government does not normally respond to the news and related speculation, reports that the prime minister might resign proved the exception. A source close to Abdul Mahdi said June 6 that the prime minister has no intention of stepping down. But the truth of the matter is that Abdul Mahdi does not belong to any strong political bloc supporting him. Therefore, he remains at the mercy of the blocs that nominated him; this may be a key weakness of his government and could even lead to his dismissal from the premiership.




Iran-backed militias struggle to resist US pressure
Ali Mamouri June 14, 2019 Read more:

Iran supports the PMU as an independent force separate from the army, similar to the Iranian Basij forces. On several occasions, Iranian Supreme Leader Ali Khamenei has called upon Iraqi government to not dissolve the PMU or merge it with the Iraqi army. This way, Iran can preserve its influence in Iraq and use the PMU as a proxy for its regional schemes.

Read more:

Iraqi forces launch large operation to clear Jazira Desert area in Anbar & Ninawa Provinces.

I have continually stated my concerns for the lack of security in these areas. You may recall my observations about the size of these areas being comparable to the size of the State of North Carolina.

Iraqi PM Abdel-Mahdi rejects any restrictions on a free & open press. Journalism is an important part of reform & fighting corruption.

The enemies of a democratic government are the same everywhere.
Joel Wing @JoelWing2

Sadr and Hakim have slowly moved away from PM Mahdi Today Abadi's Nasr list also criticized the premier for not filling the cabinet and giving int political pressure from the major parties
Monday, June 23, 2014
Moqtada al-Sadr And Iraq's Militia Mobilization

As security continues to deteriorate in Iraq all of the major Shiite parties have said that they are mobilizing their militias. This process started with the Iranian backed groups such as the League of the Righteous, the Hezbollah Brigades, and the Badr Organization back in January 2014. After the Islamic State of Iraq and the Levant’s (ISIS) charge through Mosul and into Salahaddin in June the mainstream Shiite parties made the call for men as well. Moqtada al-Sadr said that he was creating a new organization called the Peace Brigades that would defend Iraq’s shrines. Recently they marched through several cities, and were engaged in fighting before that. The rise of militias shows the failure of the state to protect the country.

History has a funny way of repeating itself in Iraq. The attacks upon Mosul, Salahaddin, Kirkuk and Diyala are very similar to the 2004 uprising. The militias now mobilizing in response is like 2005. If the country were to descend into sectarian fighting once again it would be a repeat of the civil war from 2005-2008. That would be a tragic turn of events.

For the third day .. The price of the dollar stabilizes against the dinar on the local stock market
Wednesday 12 June 11:17 2019

Parliament finishes reading six bills

The Council concluded the second reading of the draft law on the ratification of the Convention on the avoidance of double taxation and prevention of financial evasion in respect of income tax and capital between the Government of the Republic of Iraq and the Government of the United Arab Emirates and the first reading of the draft law of accession of the Republic of Iraq to the Minamata Convention on mercury.
The first reading of the draft law on the accession of the Republic of Iraq to the UNESCO Convention on the Protection of Underwater Cultural Heritage and the first reading of the draft law on accession of the Republic of Iraq to the Paris Convention to the 1992 United Nations Framework Convention on Climate Change.
The first reading of the draft law on the accession of the Republic of Iraq to the 1995 Grain Trade Agreement also ended the first reading of the draft law on the ratification of the Agreement on the Exemption of Holders of Diplomatic Passports and Official Service from the entry visa between the Government of the Republic of Iraq and the Government of the Republic of Serbia.

Hard pressed to identify any law of great importance to the Iraqi people in the foregoing report of legislative activity.

Al-Nasr attacks Abdul-Mahdi and describes him as weak: his government is overloaded with achievements and the people will say his word
[Baghdad - where]
Criticism of the coalition of victory, headed by Haider Abadi, the performance of Prime Minister Adel Abdul Mahdi.
"The quota is now worse, and unfortunately Abdul Mahdi has come under the pressure of the blocs and said to victory, go to the building and stay," said Al-Sunaid spokesman Ali al-Sunaid in a televised press statement. "Abdul Mahdi lacks courage and courage to make a decision."
He added that "Abadi took over the prime minister at a very difficult stage and worked on many files of corruption and there are funds and wanted to be recovered during the previous government and today there is a negligence in the achievement," according to his words.
"The current government has embarrassed itself after committing itself to a government program before completing the cab," he said, stressing that "real reform is to build state institutions and not to change sites, which prevents slippage on the basis of quotas."
"We have many observations on the budget paragraphs and cabinet cabins subject to the wills of blocs and parties," he said, expressing "fear of the exploitation of grades by the political blocs and the people will say his speech to anyone who tries to mock him."
"Why does not Abdul Mahdi have the courage and courage to stand firm and his statement is surprised that the departments acting is not a loophole?"
"Before Abdul Mahdi was appointed to form a government, the oil and health ministries were operating with clear independence and the rest were run by invisible hands," he concluded.

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