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Featured Post

Restored Republic via a GCR: Update as of Aug. 20, 2017

Restored Republic via a GCR Update as of Aug. 20 2017 Compiled 12:21 am EDT 20 Aug. 2017 by Judy Byington, MSW, LCSW, ret, CEO, Child Abus...

Saturday, July 29, 2017

"Changeover" - Sat. AM KTFA Thoughts/News

KTFA

JesusLovesBaseball » July 29th, 2017

Tomorrow .. Launch of a promising Internet project


The Ministry of Communications announced its intention to launch the national Internet project in Iraq on Sunday.

The ministry said in a statement that Al-Sabah received a copy of it that it intends to hold a press conference at its headquarters in Baghdad in order to launch the national Internet project in Iraq tomorrow.

The conference will discuss the main technological project in Iraq, the stages of completion, the nature and conditions of achievement, with a full presentation of the promising returns of the project on the Iraqi economy and society, And how it will change the reality of the Internet and communications in Iraq radically. "

http://www.iraqakhbar.com

StephenMac63 » July 29th, 2017

Is this the reason why the Rafidian Bank and Rasheed Bank websites are down? According to an article posted Nov25th 2015, these two banks were going to be privatized. Perhaps it was an IMF requirement. Since IMF will be the guest of honor on Aug 1st, maybe these banks will have completed the changeover and we will see the websites.

November 25, 2015 in Iraq Banking & Finance News

Shafaaq News reports that the Central Bank of Iraq (CBI) has announced its intention to privatize the two largest banks in the country.

It quotes CBI Governor Ali al-Alaq as saying:

“The bank’s management is moving to privatize al-Rafidain and al-Rasheed Banks or participate with the private sector … the move is being coordinated with the World Bank after the Cabinet approved this proposal.”

He explained that “these two banks are suffering from serious problems because they occupy 80% of fiscal policy in Iraq,” describing this as “an anomaly.”

(Source: Shafaaq News)

http://www.iraq-businessnews.com/2015/11/25/iraq-to-privatise-govts-two-largest-banks/

Thundercat » July 29th, 2017

Thanks Samson for this awesome post. Logic tells me if someone is given a direct deposit (e-dinar/electronic payment) this person may also want to extract cash from a ATM. Just a thought.

Samson » July 29th, 2017

Rafidain Bank announces the salaries of employees of the Sunni Endowment

29th July, 2017

Rafidain Bank announced on Saturday the payment of salaries of employees of the Sunni Endowment in Baghdad and the provinces.

The bank's media office said in a statement received by "Al-Iktissad News" that "the bank paid the salaries of employees of the Sunni Endowment Bureau and its other formations as well as the departments of several provinces of Wasit, Maysan and Muthanna after the arrival of their sukuk. Electronic payment

http://economy-news.net/content.php?id=8476

BlaqueBeauty » July 29th, 2017

so is this pertaining to the 95/5 pay f26 was speaking of his friend having to pay his employees?

Samson » July 29th, 2017

29th July, 2017 Oil rich but war-ravaged nation looks to tap investor demand for yield


Iraq is bidding to make its first independent return to the capital markets in more than a decade, canvassing investors’ interest in a five-year bond after successfully launching a US-backed $1bn fundraising earlier this year.

The oil-rich but war-ravaged Middle Eastern country has appointed three banks as bookrunners and will be meeting with prospective investors in the coming days.

In late 2015 Iraq called off plans to return to the bond markets for the first time since the official end of US occupation, citing the excessively high cost investors were demanding in order to buy into the issuance. Its attempt to revive the plan last year was also abandoned, before it succeeded in raising $1bn of five-year bonds in January this year. That sale was guaranteed by the US and paid a coupon of 2.149 per cent.

The new bond is being offered to investors without a US guarantee, leaving them dependent on Iraq’s own credit quality.

The Republic of Iraq has a high-risk credit rating of B minus from both S&P and Fitch Ratings. Fitch in March revised its outlook upwards from negative to stable, citing an improved fiscal position. The budget deficit narrowed to 8.1 per cent of gross domestic product in 2016, from 12.3 per cent the previous year, and the rating agency forecasts it will fall further to 5.1 per cent this year.

Baghdad agreed a $5.4bn IMF bailout programme last summer which, Fitch said, “has helped Iraq’s financing options”. The country has also received funding from the World Bank and bilateral project loans. Iraq has $2.7bn of bonds outstanding that were sold in 2006, but has issued no new long-term debt in the past decade.

Its bid to return to the capital markets is the latest sign of a buoyant environment for sovereign debt issuers, coming two days after Greece raised €3bn in its first deal since 2014, and a month after Argentina issued debt with a 100-year maturity. Iraq will hold a series of investor meetings in the coming days with a view to drum up appetite for the dollar-denominated, long-dated, benchmark-scale bond, and has mandated Citi, Deutsche Bank and JPMorgan as joint bookrunners on the deal. Investors who buy into the bond will be taking on an uncertain political and economic situation.

The country’s economy was badly hit by falling oil prices and regional observers fear the waning power of Isis could precipitate further instability. Jan Dehn, head of research at emerging markets specialist Ashmore Group, said the prospect of an Iraq bond was appealing.

“There is a lot of bad noise of course because there are real problems but that has not impacted on Iraq’s ability to pay,” he said. “So you get a nice risk premium compared to other countries in the region. Iraq is in a bad neighbourhood but it has done a lot of adjustment to lower oil prices and we feel they are able to service their debts.”

Even without an explicit US guarantee, any new Iraqi debt issuance would be regarded by investors as having “the implicit backing” of the US, Mr Dehn said, given the geopolitical regional importance of the country “remaining in the US sphere of influence”.

http://iraqdailyjournal.com/story-z15667999

Samson » July 29th, 2017

Video .. How much budget surplus 2017 and who allocated?


28th July, 2017 VIDEO ON LINK

Voted the House of Representatives, approving this week on the amended Federal Budget Law for the fiscal year 2017.

The supplementary budget was estimated at a surplus of 7 trillion dinars, of which 3.5 trillion for the difference in oil sales, and bupt to the operational and investment expenses.

The budget this year is 100 trillion dinars, or about 48 billion and 700 million dollars.

Parliament approved in its session last Monday the draft supplementary budget law submitted by the Finance Committee of the Committee on Economy and Investment to meet the shortfall in the salaries of state employees and the public sector and members of the popular mobilization and ensure payment of pension benefits and provide for the needs of displaced and disbursement of dues audited contractors from the Office of Federal Financial Supervision and farmers' entitlements and Ministries of Electricity, Oil and Health.

http://alforatnews.com/modules/news/article.php?storyid=147225

Don961 » July 29th, 2017

An unofficial visit: an informed source .. Jubouri directed to the United States


29-07-2017 04:08 PM

Readers

Baghdad News -

A source familiar with the alliance of national forces said on Saturday that the head of parliament, Selim Jubouri, went to the United States for an unofficial visit.

"Jubouri went to the United States for an unofficial visit," the source said, speaking on condition of anonymity. Without giving further details.

http://www.baghdadnews.info/index.php?page=article&id=24081

Chris05 » July 29th, 2017

(Zimbabwe) ‘Let market determine bond note value’


July 27, 2017

Zimbabwean monetary authorities should let the market determine the true value of the bond note currency to curb its externalisation and in turn reduce cash shortages, a leading economist has said.

Zimbabwe introduced the surrogate currency last year backed by a $200 million Afrexim Bank facility, principally to ease a bank note shortage of the multi-currency mix adopted for local trading in 2009.

A combination of hard currency externalisation and low exports were blamed for cash shortages.

But the bond notes, whose value is at par with the US dollar, have also disappeared from the market, believed to have been widely externalised to neighbouring countries.

The Reserve Bank of Zimbabwe (RBZ) has admitted that the bond notes were being sold for US dollars in neighbouring countries.

This is despite the fact that the currency was meant for local trade only.

University of Zimbabwe economics professor and government advisor Ashok Chakravati told a business meeting on Tuesday that government should come up with strategies to retain the surrogate currency within Zimbabwe.

“The problem with the bond note in my view is the peg with the US dollar that is the main problem. We have a black market and what is happening is that anyone who wants to trade the bond note for a discount or premium, has to do it illegally on Fourth street or in Messina or at the Road Port or somewhere else,” he said.

“In my opinion Government should remove the peg from the bond note, all that trading happening across the border will come back into Zimbabwe; why should it trade outside the country when you would like it over here.”

Chakravati said the central bank’s initiative of licensing more bureau de change was a noble idea, and would promote a free exchange of the currencies in use in Zimbabwe.

“So what we need to do is to legalise the system and create a market. The Reserve Bank has taken the first step already by trying to extend the bureau de change,” he said.

The RBZ has so far released $175 million worth of bond notes and has indicated a desire to print more. — New Ziana.

http://www.herald.co.zw/let-market-determine-bond-note-value/

Walkingstick » July 29th, 2017

The law of the National Oil Company will be ready to vote in the coming weeks


29-07-2017 03:10 PM

The Euphrates -

The oil and energy parliamentary committee announced that the law of the National Oil Company will be ready to vote in the next few weeks or months, as revealed a meeting next week with the Ministry of Natural Resources in the Kurdistan Regional Government to listen to her opinion and reach a formula for agreement on the law.

Chairman of the Committee, Areez Abdullah, said in a press statement that the oil and energy committee of the Parliament is continuing to enact the law of the National Oil Company, which completed the first reading is currently in the discussions, indicating that the law will be ready in the next few weeks or months to vote.

To establish a national oil company and dismantle its association with the Ministry of Oil to be directly linked to the Prime Minister, explaining that the company will work inside Iraq only currently to manage the oil operation in the country starting from development, exploration, exploration, extraction and production except marketing, Sumo.

He added that there will be a meeting next week with the Ministry of Natural Resources of the Kurdistan Regional Government, to reach a formula of an agreement with them and listen to their views on the draft law, 'adding that his committee held several sessions with local and international experts and specialists on the law to come out in a format compatible with the Iraqi reality and development The winner in the field of oil investment in the world.

Abdullah said that 'the law is around him a large acceptability within the House of Representatives of all political blocs', expected 'passing the law as soon as after the agreement on the final version with the Kurdistan Regional Government.'

http://www.alforat.info/index.php?page=article&id=48454

Walkingstick » July 29th, 2017

Parliamentary Energy: The oil and gas law can be adopted only after the agreement between Baghdad and Erbil


Head of the parliamentary oil and energy committee, Arieh Abdullah, said on Saturday that his committee can not proceed with the legislation of the oil and gas law only after the agreement between the governments of Baghdad and Erbil, pointing out that the law of oil and gas withdrawn by the government and did not send it to parliament

The law of oil and gas has been withdrawn by the government and the committee is still waiting for the law to legislate it," Abdullah said in a statement. "The committee is discussing the law of the National Oil Company and we will proceed with its legislation in the coming weeks."

He pointed out that "the Committee on oil and energy submitted a draft law for the formulation of oil policies, but the government requested a postponement after the oil and gas law," pointing out that "the Commission can not enact the law of oil and gas at this session, unless there is an agreement between the federal governments and the region" .

Abdullah added that "the law of the National Oil Company includes possession of all the property of the Ministry of Oil in the field of exploration and drilling and the presidency of the company is linked to the Prime Minister and not the Ministry of Oil.

https://www.alghadpress.com/news/111685/Alghadpress

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