Tuesday, June 28, 2011
Shaways: vigorous efforts being made to complete the line-up and implementation of all the political agreements
Tuesday, June 28, 2011 14:23
Deputy Prime Minister Nuri al-Rose Shaways that “strenuous efforts being made to complete the line-up and implementation of all the political agreements.”
A statement by the Office of Shaways that “Deputy Prime Minister example, has typically Nuri Shaways received in his office in Baghdad James Jeffrey, the U.S. ambassador in Baghdad and his accompanying delegation were discussed bilateral political, economic and cultural relations between the two countries and ways to strengthen and develop the service to the people of two countries.”
Jeffrey said according to the statement the importance of these political efforts to support stability and that will benefit to the Iraqi citizens and contribute to the reconstruction efforts and the provision of services and security.
The statement said that “The two sides also discussed the mechanisms of action of the Committee to Protect Iraqi funds under Shaways and mandated to prepare a comprehensive report and follow up the details of all on the total Iraqi funds that were paid for by the (CPA) and the ways and prospects of cooperation for the success of the Commission’s task”.
CBI will rely on large private banks to aid in the process of circulation
CBI decides to rely on private banks with large capitalBaghdad, June 28 (Rn) – The Central Bank of Iraq today, Tuesday, he decided to rely on private banks, heads of big money in the process of circulation.
The appearance of Mohammed Saleh told the Kurdish news agency (Rn) that “the Iraqi Central Bank decided to rely on private banks with large capital, which has branches in the provinces in the process of circulation with the countries in the world and strengthen the role of global investment in addition to giving way to deal with the government institutions in Deposit the money. “
He added that “the number of private banks, 37 banks possesses 400 branches, compared with a few government banks of the 7 banks and has 400 branches in all governorates of Iraq.”
He pointed out that “Banking in Iraq is weak and not the level of ambition of the Central Bank as per 45 000 citizens bank and supposed to be every 6 thousand citizens bank.”
He called the Iraqi Central Bank earlier in the government institutions to deal with the financial private banks in the country.
The Iraqi government has confirmed that there is an economic necessity for the integration of private banks, among them the cash because their performance and financial have still not convincing.
And the central bank of Iraq in February that he would give the number of licenses to establish private banks, the banks confirmed that the increase will enhance the economic role of the country.
He denied the central bank in June 24 that the development of Iraqi private banks according to risk is confirmed by the Ministry of Finance regularly.
The total capital of Iraqi private banks Miliro $ 600 million currently, other than that owned by the branches of Arab and foreign banks operating in the country.
The Central Bank of Iraq said, Wednesday, the past that the high inflation rate 0.01 for the month of November compared with November last month will not affect the value of the Iraqi dinar.
The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
Maliki will be asked to nominate al-Obeidi of the Iraqi defense portfolio and the approval of the preliminary final but the conditions
Maliki will be asked to nominate al-Obeidi of the Iraqi defense portfolio and the approval of the preliminary final but the conditions
Tuesday June 28, 2011
BAGHDAD - babysit - signed a parliamentary source familiar with the request of Prime Minister Nuri al-Maliki, the Iraqi List, the nomination of Khalid al-Obeidi of the defense portfolio again at the next meeting of the leaders of political blocs convened by President Jalal Talabani in his initiative to bring the positions between the political blocs and end the current crisis.
The source revealed on Tuesday about the possibility of the Iraqi List, rebranded Obeidi of the Ministry of Defence.
The source said: "Any candidate for this position does not pass without the approval of Prime Minister Nuri al-Maliki, which is the most convinced Balobeida."
He continued: "The Iraqi demands assurances from al-Obeidi is obliged to all the political positions of the list in return for nomination again."
On the nomination of Saadoun al-Dulaimi, the defense portfolio by al-Maliki, the source said: "According to information, al-Dulaimi, preferred to stay in the Ministry of Culture."
(Article is under "News" tab)
http://translate.goo...=www.alrayy.com
Tuesday June 28, 2011
BAGHDAD - babysit - signed a parliamentary source familiar with the request of Prime Minister Nuri al-Maliki, the Iraqi List, the nomination of Khalid al-Obeidi of the defense portfolio again at the next meeting of the leaders of political blocs convened by President Jalal Talabani in his initiative to bring the positions between the political blocs and end the current crisis.
The source revealed on Tuesday about the possibility of the Iraqi List, rebranded Obeidi of the Ministry of Defence.
The source said: "Any candidate for this position does not pass without the approval of Prime Minister Nuri al-Maliki, which is the most convinced Balobeida."
He continued: "The Iraqi demands assurances from al-Obeidi is obliged to all the political positions of the list in return for nomination again."
On the nomination of Saadoun al-Dulaimi, the defense portfolio by al-Maliki, the source said: "According to information, al-Dulaimi, preferred to stay in the Ministry of Culture."
(Article is under "News" tab)
http://translate.goo...=www.alrayy.com
IMF Could choose new leader as soon as Tuesday
My link
WASHINGTON – French Finance Minister Christine Lagarde is expected to be chosen as early as Tuesday to be the new leader of the International Monetary Fund.
Lagarde would be the first woman to lead the lending organization. She would replace Dominique Strauss-Kahn, who resigned last month after being charged with sexually assaulting a New York City hotel housekeeper. Lagarde was opposed by Agustin Carstens, a Mexican central banker whose candidacy never caught fire, even among developing countries.
Lagarde has broad support in Europe. And a high-ranking Chinese official said Monday that Beijing supports Lagarde, according to several reports.
U.S. officials haven't publicly backed any candidate. But most analysts expect the Obama administration to support Lagarde. Combined, the United States, Europe and China hold a majority of votes on the IMF's board.
The 24-member executive board represents the 187 members of the IMF, which lends to financially troubled countries. The board members will seek to agree on a new managing director by consensus. The IMF's board will meet Tuesday.
Lagarde's selection will likely provoke protests from developing countries. Under an informal arrangement dating to the end of World War II, a European always leads the IMF and an American runs its sister organization, the World Bank. The United States also names the IMF's top deputy. Developing nations have pushed to open the positions to candidates outside the United States and Europe.
Analysts say Europe and the United States aren't willing to give up their privileges. And key developing countries, such as China, India and Brazil, tend to regard each other as rivals rather than allies. Carstens complained that he was at a disadvantage from the start because European officials moved quickly to close ranks behind Lagarde.
Lagarde, 55, led the Chicago-based law firm Baker & McKenzie before entering French politics in 2005.
Her supporters have argued that a European should lead the fund because Greece, Ireland and Portugal are now among the IMF's biggest borrowers. Lagarde helped lead negotiations for a bailout package last year that combined European Union and IMF funds in a pool to aid highly indebted European countries.
But her record in helping negotiate the deal isn't widely regarded as a strong achievement. Many analysts argue that Europe's leaders have been too timid in responding to the crisis and have been discredited by their failure to solve it for good.
Eswar Prasad, an economics professor at Cornell University and a former IMF official, said Lagarde's biggest challenge will be to show that she doesn't favor European countries.
"She will have to assert her independence from the European position and advance a broader view," Prasad said. "Whether she can cast off the baggage she brings with her is an open and important question."
Greek officials are now calling for a second bailout package to be completed by the fall, even though Greece has failed to make promised deficit cuts.
On Monday, U.S. stock markets reacted positively to news that French banks had agreed to accept slower payments of Greece's debt to help that country meet other obligations. Greece's parliament also began debating a new round of budget cuts.
WASHINGTON – French Finance Minister Christine Lagarde is expected to be chosen as early as Tuesday to be the new leader of the International Monetary Fund.
Lagarde would be the first woman to lead the lending organization. She would replace Dominique Strauss-Kahn, who resigned last month after being charged with sexually assaulting a New York City hotel housekeeper. Lagarde was opposed by Agustin Carstens, a Mexican central banker whose candidacy never caught fire, even among developing countries.
Lagarde has broad support in Europe. And a high-ranking Chinese official said Monday that Beijing supports Lagarde, according to several reports.
U.S. officials haven't publicly backed any candidate. But most analysts expect the Obama administration to support Lagarde. Combined, the United States, Europe and China hold a majority of votes on the IMF's board.
The 24-member executive board represents the 187 members of the IMF, which lends to financially troubled countries. The board members will seek to agree on a new managing director by consensus. The IMF's board will meet Tuesday.
Lagarde's selection will likely provoke protests from developing countries. Under an informal arrangement dating to the end of World War II, a European always leads the IMF and an American runs its sister organization, the World Bank. The United States also names the IMF's top deputy. Developing nations have pushed to open the positions to candidates outside the United States and Europe.
Analysts say Europe and the United States aren't willing to give up their privileges. And key developing countries, such as China, India and Brazil, tend to regard each other as rivals rather than allies. Carstens complained that he was at a disadvantage from the start because European officials moved quickly to close ranks behind Lagarde.
Lagarde, 55, led the Chicago-based law firm Baker & McKenzie before entering French politics in 2005.
Her supporters have argued that a European should lead the fund because Greece, Ireland and Portugal are now among the IMF's biggest borrowers. Lagarde helped lead negotiations for a bailout package last year that combined European Union and IMF funds in a pool to aid highly indebted European countries.
But her record in helping negotiate the deal isn't widely regarded as a strong achievement. Many analysts argue that Europe's leaders have been too timid in responding to the crisis and have been discredited by their failure to solve it for good.
Eswar Prasad, an economics professor at Cornell University and a former IMF official, said Lagarde's biggest challenge will be to show that she doesn't favor European countries.
"She will have to assert her independence from the European position and advance a broader view," Prasad said. "Whether she can cast off the baggage she brings with her is an open and important question."
Greek officials are now calling for a second bailout package to be completed by the fall, even though Greece has failed to make promised deficit cuts.
On Monday, U.S. stock markets reacted positively to news that French banks had agreed to accept slower payments of Greece's debt to help that country meet other obligations. Greece's parliament also began debating a new round of budget cuts.
Monday, June 27, 2011
Juni Posts
FROM JUNI...
This is VERY plausible, Hoggey-- I am very inclined to agree with you. I shared a theory on here a while back that they could do a "within program" (Art. XIV) RV of say, one dollar to one dinar (1:1) and at some point thereafter move from Art. XIV to the international scene under Art. VIII at say a $3 RV. It is interesting that this is what is mentioned in the report you shared. Thanks.
It makes utmost sense for them to do an in-country LOP and exchange 90% of the triple zero notes in circulation for the new currency. As some articles stated elsewhere, a LOP is generally a REVENUE NEUTRAL (first) step (does not affect the exchange rate). Remember also that another article mentioned it was a TWO STEP PROCESS they were looking to do. The second step would be an RV, probably within the program rate they are currently under in Art. XIV ($1 for example). This would provide more purchasing power IN COUNTRY but would not make all the Iraqi citizens instant millionaires. At that point an Iraqi citizen just went from a 25,000 dinar note worth $21.37 US to a 25 dinar note worth $25 US (if the initial RV is only at $1). Not a lot of increase, but an increase nonetheless. If they decide to go to $3 right off the bat, but still within the program rate, then the Iraqi citizen went from a note worth $21.37 to a new note worth $75. A big step in purchasing power, and pulling in 90% of the triple zero notes at the same time.
The point is that they CAN do an RV while still under Art. XIV, and if they accompany it with an in-country LOP, it may entail our having to wait a tad longer for them to come out as an international currency under Art. VIII, in which case, the dinars would be honored at face value. How long is anybody's guess. Perhaps as short as 60 days or 90 days (there is no 90 day limit on fluctuation if they are moving out of one exchange rate regime into another, so they could theoretically come out with the international rate as early as 30 days later..... or as long as a year later). I am betting that we will not get the benefit of "no lop" until they come out under Art. VIII, otherwise, if they treated foreign investors cash-in differently than in-country cash-in, you would have attempts by some within the country to make an end run around it to cash out from outside Iraq. I don't see that happening. So it seems to me that the in-country LOP must be accompanied by an RV while still under their current program rate, and that way Shabibi can very easily MANAGE the fluctuation and pull in most of the notes right off the bat, without even looking at us yet.
There are some gurus saying they must RV by June 30th in order to become admitted as a full member in the WTO. NOT true. I seriously doubt they will make the mistake again of putting WTO ACCESSION DAYS on their tentative calendar (lol) as it was widely distributed among dinar sites and *could* be a giveaway as to when the IQD comes out internationally, making the move to Art. VIII. However, I believe just by keeping a check on their tentative calender we can see when it will NOT be, by just noting what days have other things scheduled, and by reading b/w the lines, we can at least be watching on dates that are open. Here's their tentative calendar:http://www.wto.org/m...lic/meets_e.pdf Notice they have something scheduled for June 30/July 1 so I will make an educated guess that Iraq will NOT be making accession as a full member of the WTO on those days.
All IMHO, of course.
Hi Juni. I like your post and I know you know this, but that kind of crazy lop talk can get you in hot water around here!
I have seen mobs formed in seconds and entire threads shut down over it... Even though your lop theory (or Hogey's) is far more friendly to us dinarians, because in essense only the poor Iraqi's get 'lopped'. We would still get our RV.
For the record, I agree this is a possibility. I believe all the articles that came out last week and over the weekend stating (in no uncertain terms) that the zero's will go away; that the 25k dinar will become 25 dinar; that the value will not go up; will have no effect on value, etc., are not spin, pointed at us Americans on the Dinar forums, but rather the truth. They are the CBI's intentions, plainly stated.
However, these plans and statements are not directed to us, but to Iraq. They are not posting news articles for the benefit of America. They are informing their country what THEY plan to do. And the effects will be that in Iraq, the currency value will NOT go up. The zero's will simply fall away. Of course, when this happens, the prices will need to be adjusted equally, making one dinar go much further.
Is that what you are saying? If so, I agree.
Rich in TX
Almost...
I am saying they likely will RV it while under the managed program (protected) rate regime they are currently under for the benefit of the Iraqi citizens. Remember I said in a post several weeks ago that to make the adjustment to the change easier for the average Iraqi citizen to understand, then the dinar needs to be on parity with the dollar. They are used to dealing in dollars, as they have used them for years. If the go from a 25,000 note to exchange for a 25 note, and then are told their dinar is worth THE SAME as the US dollar, then that is a slight adjustment UP in purchasing power already. And guess what? No real major headache in changing prices, as the prices that merchants had on items were always priced in dinars AND DOLLARS and all they simply have to do is say the price is the same, BUT NOW IT IS THAT AMOUNT IN DOLLARS OR DINARS. For example: A rug costs $100 US dollars and today's price in dinars is 117,000. Both prices are currently on that rug ($100 US dollars OR 117,000 dinars). All the merchant need do is leave the $100 number on there and say they can now pay in Dollars OR DINARS. This is an immediate understanding of the value of their currency for average iraqi consumers and merchants-- and no great headache to merchants about price-- as well as buffering attempts by some otherwise unscrupulous merchants to take advantage of consumers who can't do the math on a more cumbersome (higher) exchange rate. I mean, look guys... even we have to pull out a calculator to figure what the pay off might be depending on what the RV might be. I may be wrong, but I am willing to bet the average Iraqi citizen has only a basic education. They will most likely make an EASY FIRST STEP for them to understand, and follow it later with the move to the international scene at a higher rate.
Underdog, they are currently under the managed program, specifically IMF Art. XIV. This is the "transitional arrangement" they have been under all this time. Remember when the dinar was initially valued at what? 4000 dinars per US dollar? Then it was MANAGED in a move upward to the rate it is right now: 1170 per US dollar. This is within the managed transitional program rate they are under right now. This is why I said they *could* do this yet again, and move it up to parity with the dollar while STILL under IMF Art. XIV. This could be done with the in-country LOP and anyone who gives up and cashes in-- well, you will have just made a serious mistake, imho.
At some point thereafter, AFTER, most likely, they pull in the 90% of 25K notes IN COUNTRY, THEN they will move to IMF Art. VIII on the international scene (and they must at that point, honor the currency we exchange at face value---NO LOP).
SO bottom line: whatever happens, hold on to your dinar until they finally come out under IMF Art. VIII. And yes, this could entail a bit longer of a wait. I would say though, it would only be as long as it takes to pull in the in-country zero notes. How does a 60 to at most, 90 day wait sound?
Don't get discouraged guys. I have purposely stayed out of the fray on this because it is just almost pointless to argue it until they actually do it. Lopsters have some points, and non-lopsters have points as well. Only when I saw Hoggey's post and the report he shared did it finally click that this solves both issues and is likely what they will do.
This is VERY plausible, Hoggey-- I am very inclined to agree with you. I shared a theory on here a while back that they could do a "within program" (Art. XIV) RV of say, one dollar to one dinar (1:1) and at some point thereafter move from Art. XIV to the international scene under Art. VIII at say a $3 RV. It is interesting that this is what is mentioned in the report you shared. Thanks.
It makes utmost sense for them to do an in-country LOP and exchange 90% of the triple zero notes in circulation for the new currency. As some articles stated elsewhere, a LOP is generally a REVENUE NEUTRAL (first) step (does not affect the exchange rate). Remember also that another article mentioned it was a TWO STEP PROCESS they were looking to do. The second step would be an RV, probably within the program rate they are currently under in Art. XIV ($1 for example). This would provide more purchasing power IN COUNTRY but would not make all the Iraqi citizens instant millionaires. At that point an Iraqi citizen just went from a 25,000 dinar note worth $21.37 US to a 25 dinar note worth $25 US (if the initial RV is only at $1). Not a lot of increase, but an increase nonetheless. If they decide to go to $3 right off the bat, but still within the program rate, then the Iraqi citizen went from a note worth $21.37 to a new note worth $75. A big step in purchasing power, and pulling in 90% of the triple zero notes at the same time.
The point is that they CAN do an RV while still under Art. XIV, and if they accompany it with an in-country LOP, it may entail our having to wait a tad longer for them to come out as an international currency under Art. VIII, in which case, the dinars would be honored at face value. How long is anybody's guess. Perhaps as short as 60 days or 90 days (there is no 90 day limit on fluctuation if they are moving out of one exchange rate regime into another, so they could theoretically come out with the international rate as early as 30 days later..... or as long as a year later). I am betting that we will not get the benefit of "no lop" until they come out under Art. VIII, otherwise, if they treated foreign investors cash-in differently than in-country cash-in, you would have attempts by some within the country to make an end run around it to cash out from outside Iraq. I don't see that happening. So it seems to me that the in-country LOP must be accompanied by an RV while still under their current program rate, and that way Shabibi can very easily MANAGE the fluctuation and pull in most of the notes right off the bat, without even looking at us yet.
There are some gurus saying they must RV by June 30th in order to become admitted as a full member in the WTO. NOT true. I seriously doubt they will make the mistake again of putting WTO ACCESSION DAYS on their tentative calendar (lol) as it was widely distributed among dinar sites and *could* be a giveaway as to when the IQD comes out internationally, making the move to Art. VIII. However, I believe just by keeping a check on their tentative calender we can see when it will NOT be, by just noting what days have other things scheduled, and by reading b/w the lines, we can at least be watching on dates that are open. Here's their tentative calendar:http://www.wto.org/m...lic/meets_e.pdf Notice they have something scheduled for June 30/July 1 so I will make an educated guess that Iraq will NOT be making accession as a full member of the WTO on those days.
All IMHO, of course.
Hi Juni. I like your post and I know you know this, but that kind of crazy lop talk can get you in hot water around here!
I have seen mobs formed in seconds and entire threads shut down over it... Even though your lop theory (or Hogey's) is far more friendly to us dinarians, because in essense only the poor Iraqi's get 'lopped'. We would still get our RV.
For the record, I agree this is a possibility. I believe all the articles that came out last week and over the weekend stating (in no uncertain terms) that the zero's will go away; that the 25k dinar will become 25 dinar; that the value will not go up; will have no effect on value, etc., are not spin, pointed at us Americans on the Dinar forums, but rather the truth. They are the CBI's intentions, plainly stated.
However, these plans and statements are not directed to us, but to Iraq. They are not posting news articles for the benefit of America. They are informing their country what THEY plan to do. And the effects will be that in Iraq, the currency value will NOT go up. The zero's will simply fall away. Of course, when this happens, the prices will need to be adjusted equally, making one dinar go much further.
Is that what you are saying? If so, I agree.
Rich in TX
Almost...
I am saying they likely will RV it while under the managed program (protected) rate regime they are currently under for the benefit of the Iraqi citizens. Remember I said in a post several weeks ago that to make the adjustment to the change easier for the average Iraqi citizen to understand, then the dinar needs to be on parity with the dollar. They are used to dealing in dollars, as they have used them for years. If the go from a 25,000 note to exchange for a 25 note, and then are told their dinar is worth THE SAME as the US dollar, then that is a slight adjustment UP in purchasing power already. And guess what? No real major headache in changing prices, as the prices that merchants had on items were always priced in dinars AND DOLLARS and all they simply have to do is say the price is the same, BUT NOW IT IS THAT AMOUNT IN DOLLARS OR DINARS. For example: A rug costs $100 US dollars and today's price in dinars is 117,000. Both prices are currently on that rug ($100 US dollars OR 117,000 dinars). All the merchant need do is leave the $100 number on there and say they can now pay in Dollars OR DINARS. This is an immediate understanding of the value of their currency for average iraqi consumers and merchants-- and no great headache to merchants about price-- as well as buffering attempts by some otherwise unscrupulous merchants to take advantage of consumers who can't do the math on a more cumbersome (higher) exchange rate. I mean, look guys... even we have to pull out a calculator to figure what the pay off might be depending on what the RV might be. I may be wrong, but I am willing to bet the average Iraqi citizen has only a basic education. They will most likely make an EASY FIRST STEP for them to understand, and follow it later with the move to the international scene at a higher rate.
Underdog, they are currently under the managed program, specifically IMF Art. XIV. This is the "transitional arrangement" they have been under all this time. Remember when the dinar was initially valued at what? 4000 dinars per US dollar? Then it was MANAGED in a move upward to the rate it is right now: 1170 per US dollar. This is within the managed transitional program rate they are under right now. This is why I said they *could* do this yet again, and move it up to parity with the dollar while STILL under IMF Art. XIV. This could be done with the in-country LOP and anyone who gives up and cashes in-- well, you will have just made a serious mistake, imho.
At some point thereafter, AFTER, most likely, they pull in the 90% of 25K notes IN COUNTRY, THEN they will move to IMF Art. VIII on the international scene (and they must at that point, honor the currency we exchange at face value---NO LOP).
SO bottom line: whatever happens, hold on to your dinar until they finally come out under IMF Art. VIII. And yes, this could entail a bit longer of a wait. I would say though, it would only be as long as it takes to pull in the in-country zero notes. How does a 60 to at most, 90 day wait sound?
Don't get discouraged guys. I have purposely stayed out of the fray on this because it is just almost pointless to argue it until they actually do it. Lopsters have some points, and non-lopsters have points as well. Only when I saw Hoggey's post and the report he shared did it finally click that this solves both issues and is likely what they will do.
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