MoneyTalks1: HI FRANK…THIS SOUNDS LIKE VERY GOOD NEWS..AND HAPPY BIRTHDAY-CBI ANNOUNCEMENT TODAY
To / all licensed banks and financial companies approved the conversion of all financial and investment companies and broker the buying and selling of foreign currencies approved all companies (foreign exchange rate) http://www.cbi.iq/documents/Announceme-20-12-2015.pdf
Another piece of good or should i say great news from the CBi from Friday the 18th of Dec. regarding the Exchange Rate!!!
The Ministry of Finance approved on 2015/12/16 conduct a public auction auction (Y16) for the sale of the treasury for their remittances (364) on 12.20.2015
To / all licensed banks and licensed money transfer all companies and financial investment companies and broker the buying and selling of foreign currencies approved all companies (foreign exchange rate) 12/20/2015
Board Resolution No. (329) for the year 2015 (the exchange rate) 12/18/2015
Walkingstick: Central bank of Iraq devalues dinar by 1.37 percent versus dollar
Posted on December 21, 2015 by Editorial Staff in Economy
BAGHDAD,— Iraq’s central bank has increased the sale price of U.S. dollars to banks and currency exchange companies by 16 dinars, or 1.37 percent, as the government seeks to compensate a decline in oil revenue, a government official and the central bank said.
The sale price of the dollar “has been adjusted to 1,182 dinars,” the central bank said in a statement on Monday.
The previous price was 1,166 dinars for a dollar, Mudher Saleh, a top economic adviser to Prime Minister Haider al-Abadi and former deputy central bank governor, told Reuters.
“This is a small adjustment, it’s not a devaluation. It will increase government revenue to meet local needs,” said Saleh.
A global oversupply of crude oil has pushed prices to below $40 a barrel from more than $100 a barrel in June 2014. The government depends on oil sales for 95 percent of its revenue.
Walkingstick: Iraq Seeks China Oil Tie-Up Ahead of Iran Flood
Iraq is in talks to form an oil-marketing joint venture with Sinopec, people say
Dec. 21, 2015 7:52 a.m. ET
Iraq is in talks to form an oil-marketing joint venture with China’s largest refiner, Sinopec, according to people familiar with the matter, as the Middle East producer prepares for rising Iranian rivalry amid an oil-price slump.
The move comes as sanctions on Tehran may be lifted as early as next month, unleashing half a million barrels a day of additional Iranian oil. Oversupply has already led to a free fall in global oil prices, which dropped to their lowest level since 2004 on Monday.
Anticipating the return of Iranian oil, the people said Iraq’s State Organization for Marketing of Oil—the government organization tasked with selling Baghdad’s oil—is in advanced discussions to set up a joint venture with Unipec, the trading branch of Chinese state refiner China Petroleum & Chemical Corp., or Sinopec.
The partnership, which would be equally split between each company and would be based in Singapore, would focus on marketing Iraqi crude in China, the people said. They said Iraq would supply tankers from its fleet to the partnership while Unipec would provide the financing, a relief to Baghdad’s cash-strapped budget. The relationship wouldn’t be exclusive and both sides could set up competing arrangements, the people added.
Asked by The Wall Street Journal about the talks, Iraq’s oil minister, Adel Abdul-Mahdi, said Sunday that he was traveling to China on Monday but declined to comment further. Spokesmen for Somo and Unipec’s parent, Sinopec, didn’t respond to requests for comment.
With its production fast ramping up, Iraq is increasingly focused on China. The country was Iraq’s largest market last year, buying 22% of its exports, according to the U.S. Energy Information Administration.
But Baghdad is facing heightened competition from its neighbor Iran, on which oil-export restrictions could end as early as next month. Maryland Sen. Ben Cardin, the top Democrat on the Senate Foreign Relations Committee, said at a hearing on Thursday that sanctions relief on Tehran could start as early as January.