Thursday, June 30, 2011
Well, on the face this will probably upset most of you. The fact is, it does not mean this will go without an RV until the expiration date. These EO's are done in 1 year terms as far as I know. We can see this at anytime, but nobody knows when. I'm posting this so everyone can see it, take it how you will but do not get negative attitudes based on this one thing. We knew we were going to have to see something related to this come out before July 1st. So here it is...
National Emergency with Respect to the Stabilization of Iraq to Continue for Full Year
Media Note
Office of the Spokesperson
Washington, DC
June 30, 2011
The United States has completed its evaluation of Iraq's ongoing efforts to finalize the full and effective transition to a post-Development Fund for Iraq mechanism by June 30, 2011. Recognizing positive developments in this regard, including progress in resolving outstanding debts and claims arising from actions of the previous regime, and in accordance with the President’s May 17, 2011 Notice on the Continuation of the National Emergency with Respect to the Stabilization of Iraq, the President has determined to continue these arrangements for the full twelve month period ending on May 20, 2012. As a result, the prohibitions contained in Executive Order 13303 of May 22, 2003, as amended by Executive Order 13364 of November 29, 2004, on any attachment, judgment, decree, lien, execution, garnishment, or other judicial process with respect to the Development Fund for Iraq, the accounts, assets, and property held by the Central Bank of Iraq, and Iraqi petroleum-related products, which are in addition to the sovereign immunity accorded Iraq under otherwise applicable law, will remain in effect until May 20, 2012. Iraq has made significant strides in resolving its outstanding international liabilities and continues to work towards returning Iraq to the international standing it held prior to the Saddam Hussein regime.
PRN: 2011/1088
ARTICLE LINK
Here is an Excerpt from wiki:
The primary effect of EO 13303 is the legal protection of US oil companies. EO 13303 is part of a broader endeavor by the Bush administration to exert control over Iraqi oil revenues. The plan centers on the Development Fund for Iraq, created by the United Nations and nominally controlled by the United States, with advice from the World Bank and the International Monetary Fund (IMF). The second part of the plan is EO 13303, providing absolute legal protection for US interests in Iraqi oil.
National Emergency with Respect to the Stabilization of Iraq to Continue for Full Year
Media Note
Office of the Spokesperson
Washington, DC
June 30, 2011
The United States has completed its evaluation of Iraq's ongoing efforts to finalize the full and effective transition to a post-Development Fund for Iraq mechanism by June 30, 2011. Recognizing positive developments in this regard, including progress in resolving outstanding debts and claims arising from actions of the previous regime, and in accordance with the President’s May 17, 2011 Notice on the Continuation of the National Emergency with Respect to the Stabilization of Iraq, the President has determined to continue these arrangements for the full twelve month period ending on May 20, 2012. As a result, the prohibitions contained in Executive Order 13303 of May 22, 2003, as amended by Executive Order 13364 of November 29, 2004, on any attachment, judgment, decree, lien, execution, garnishment, or other judicial process with respect to the Development Fund for Iraq, the accounts, assets, and property held by the Central Bank of Iraq, and Iraqi petroleum-related products, which are in addition to the sovereign immunity accorded Iraq under otherwise applicable law, will remain in effect until May 20, 2012. Iraq has made significant strides in resolving its outstanding international liabilities and continues to work towards returning Iraq to the international standing it held prior to the Saddam Hussein regime.
PRN: 2011/1088
ARTICLE LINK
Here is an Excerpt from wiki:
The primary effect of EO 13303 is the legal protection of US oil companies. EO 13303 is part of a broader endeavor by the Bush administration to exert control over Iraqi oil revenues. The plan centers on the Development Fund for Iraq, created by the United Nations and nominally controlled by the United States, with advice from the World Bank and the International Monetary Fund (IMF). The second part of the plan is EO 13303, providing absolute legal protection for US interests in Iraqi oil.
Found this on the net, it is NOT my work so read for yourself...
This is pretty clear "revalue the remaining foreign currency" "Diversify currency composition" & "remove exchange restrictions" Does it get any plainer!!!!!
Revalue the remaining foreign currency denominated balance sheet items!
COMPONENTS/RESTRUCTURING TO RV
I have reviewed in some detail the requisite criteria for the restructuring and implementation of the Central government investment accounts under the PFM Public Financial management System as mandated by the MOF and coordinated with the IMF & World Bank. The process is somewhat skewed given that the plan methodology is integrated with the Iraq 2011 Budget which as we all know has fluctuated pro forma income and production projections with the contributory oil pricing variable. With these in mind, one should also bear in mind that the Iraq economic policy has experienced delays in their capital budget primarily due to the political uncertainties as noted in the IMF report (noted below).
The key components of production increases, pricing and large investments in the oil infrastructure have reduced the 2011 budget deficit while allowing for an increase in more transparent government finance activities. This trend toward a surplus position in the following years is realistic and will put government finances on a sustainable footing to help rebuild the government’s financials.
I believe that the revaluation we are looking for is more than clearly defined and outlined in the letter of intent to the IMF: “Iraq: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding”
http://www.imf.org/e.../irq/030311.pdf
1.We have worked with IMF staff to complete the review of exchange laws and regulations and are considering measures to remove the identified exchange restrictions on current international transactions.
2. In this regard, we formed a Bank Reconciliation Unit that comprises technical level staff from the banks, the CBI and the Ministry of Finance, and with the assistance of Ernst and Young (who were the agents of the Ministry of Finance in the external debt restructuring process) to: (i) deal with all legacy external liabilities taking into account the government’s actions in the context of Iraq’s external debt restructuring (ii) indentify and propose to write-off non-performing loans to defunct state-owned enterprises; (iii) propose a course of action for other remaining unreconciled accounts; and (iv) after the balance sheets have been cleaned up, revalue the remaining foreign currency denominated balance sheet items.
3. The CBI will follow the guidelines to diversify currency composition and establish an appropriate duration and credit risk profile, and build capacity for risk analysis.
I encourage everyone to review this letter and contrast its content to the economic reality of revaluation as not just a pipe dream but a documented FACT as outlined.
http://www.imf.org/e.../irq/030311.pdf
FOR THOSE WHO STILL DON'T UNDERSTAND
http://help.sap.com/...106/content.htm
Iraq Gets Control of its Development Fund (DFI)
Iraq Gets Control of its Development Fund (DFI)
29 June 2011
There was more sabre rattling on the Iraqi political scene this week, as the Speaker of parliament, Osama al-Nujaifi, hinted at the possibility of a break-away Sunni state.
His statements follow indications, finally, from Prime Minister Nouri al-Maliki to the effect that ministerial heads may metaphorically roll as a result of their poor performance.
These stories, against a background of increasing violence, have perhaps distracted attention from the fact that the Development Fund for Iraq (DFI), which was set up after the 2003 war to handle oil and other revenues, reverts to Iraqi control from tomorrow, 30th June.
The sums involved are immense, and it is essential that they are handled professionally. We can expect some clarification from the International Advisory and Monitoring Board (IAMB) on Thursday regarding the future management of the fund.
http://www.iraq-busi...pment-fund-dfi/
29 June 2011
There was more sabre rattling on the Iraqi political scene this week, as the Speaker of parliament, Osama al-Nujaifi, hinted at the possibility of a break-away Sunni state.
His statements follow indications, finally, from Prime Minister Nouri al-Maliki to the effect that ministerial heads may metaphorically roll as a result of their poor performance.
These stories, against a background of increasing violence, have perhaps distracted attention from the fact that the Development Fund for Iraq (DFI), which was set up after the 2003 war to handle oil and other revenues, reverts to Iraqi control from tomorrow, 30th June.
The sums involved are immense, and it is essential that they are handled professionally. We can expect some clarification from the International Advisory and Monitoring Board (IAMB) on Thursday regarding the future management of the fund.
http://www.iraq-busi...pment-fund-dfi/
Wednesday, June 29, 2011
Talabani and Jeffery discuss activation of SFA
Talabani and Jeffrey discuss activation of the strategic framework agreement.
30/06/2011
Presidential statement: Preparations under way to convene the second meeting between political leaders
Baghdad morning
Search by President Jalal Talabani, with the U.S. ambassador to Iraq, James Jeffrey ways to enhance cooperation between the two countries. He said a presidential statement received "morning," a copy of it, that the two sides discussed bilateral relations between Iraq and the United States and the need for expanded and Tedeidha, especially the future bilateral cooperation within the strategic framework agreement signed between the two countries.
President of the Republic and brought to light during the meeting on the path of the current developments on the political, security, and Iraq's relations with regional and international, as well as its ongoing efforts to gather the parties and political leaders to ensure unity and national harmony in the country.
The exchange of President Talabani and U.S. ambassador to the views on a range of other issues of common concern. And within the meetings continued, the President received at his residence in Baghdad yesterday afternoon, the first Deputy Prime Minister and the President of the National Dialogue Front, Dr. Saleh al-Mutlaq and his accompanying delegation. And was exchanged during the meeting views on political and security situation, service, and the emphasis on the challenges taking place in the arena, through constructive dialogue and collect and unify the visions and the political will to overcome obstacles, leading to the development of emerging political process and to maintain the gains and achievements in all areas of the country. as been on in accordance with another presidential statement, evaluating the positive results that emerged from the meeting of political leaders, which was sponsored by President Talabani, as well as the preparations underway for holding the second meeting, to make it work to reduce areas of disagreement and expand the spaces of understanding that would find solutions to the dilemmas and problems that hinder the process political, as pointed out President of the Republic to the need to focus attention on the demands and needs and essential services to Iraqi citizens who have fought and struggled greatly for the system of democratic, federal, and the formation of rational and maid to the aspirations of people of various Perigord, reiterating that the new Iraq belongs to all, and that the achievements must be be for all the forces and masses and spectra without marginalization and denial of any of these components. turn between Dr. Saleh Mutlaq, said that efforts by President Talabani to always serve the interests of ensuring true national partnership and the embodiment of national harmony, in addition to consolidating the pillars of political stability and civil peace. and was accompanied by Dr. Saleh Mutlaq, Deputy Prime Minister and the President of the National Dialogue Front in the meeting, Mohammad Tamim and Minister of Education and Nada Jubouri member of the House of Representatives and Salah Muzahim Minister of State, in addition to a number of other members of the front. It is said that the President had said after a meeting of political leaders, the first last week: "It was a meeting successful and well it was discussed two important .. for the first presence of U.S. troops, where he was studying the subject of extensive and detailed study of all aspects of the troops to stay or not stay, and where the need for trained and how the number of trainers. It was also agreed after an exchange of views on a special session to take a political decision in this regard by the forces that contributed to the discussions.
Increased Talabani that he "was also a research regarding the general political situation, where it was decided, the meeting first, to stop media campaigns immediately, and a commitment to the agreements, including the initiative of President Barzani and the Convention of Arbil and work for the implementation of these agreements quickly, with another meeting, where we hope he can Dr. Allawi's presence for the final decision in the form of existing understandings.
He said: "Further research has been conducted extensively in security, was emphasized on the need to work to achieve national harmony destruction as a prerequisite for achieving security, as discussed issues related to the readiness of the Iraqi armed forces and equipping, training, and the resulting decisions," pointing to the that this "first meeting was important to end the estrangement and alienation, where for the first time, after such circumstances, these parties meet in a friendly and fraternal atmosphere and frankly discuss the outstanding issues"
http://translate.goo...om/default.aspx
30/06/2011
Presidential statement: Preparations under way to convene the second meeting between political leaders
Baghdad morning
Search by President Jalal Talabani, with the U.S. ambassador to Iraq, James Jeffrey ways to enhance cooperation between the two countries. He said a presidential statement received "morning," a copy of it, that the two sides discussed bilateral relations between Iraq and the United States and the need for expanded and Tedeidha, especially the future bilateral cooperation within the strategic framework agreement signed between the two countries.
President of the Republic and brought to light during the meeting on the path of the current developments on the political, security, and Iraq's relations with regional and international, as well as its ongoing efforts to gather the parties and political leaders to ensure unity and national harmony in the country.
The exchange of President Talabani and U.S. ambassador to the views on a range of other issues of common concern. And within the meetings continued, the President received at his residence in Baghdad yesterday afternoon, the first Deputy Prime Minister and the President of the National Dialogue Front, Dr. Saleh al-Mutlaq and his accompanying delegation. And was exchanged during the meeting views on political and security situation, service, and the emphasis on the challenges taking place in the arena, through constructive dialogue and collect and unify the visions and the political will to overcome obstacles, leading to the development of emerging political process and to maintain the gains and achievements in all areas of the country. as been on in accordance with another presidential statement, evaluating the positive results that emerged from the meeting of political leaders, which was sponsored by President Talabani, as well as the preparations underway for holding the second meeting, to make it work to reduce areas of disagreement and expand the spaces of understanding that would find solutions to the dilemmas and problems that hinder the process political, as pointed out President of the Republic to the need to focus attention on the demands and needs and essential services to Iraqi citizens who have fought and struggled greatly for the system of democratic, federal, and the formation of rational and maid to the aspirations of people of various Perigord, reiterating that the new Iraq belongs to all, and that the achievements must be be for all the forces and masses and spectra without marginalization and denial of any of these components. turn between Dr. Saleh Mutlaq, said that efforts by President Talabani to always serve the interests of ensuring true national partnership and the embodiment of national harmony, in addition to consolidating the pillars of political stability and civil peace. and was accompanied by Dr. Saleh Mutlaq, Deputy Prime Minister and the President of the National Dialogue Front in the meeting, Mohammad Tamim and Minister of Education and Nada Jubouri member of the House of Representatives and Salah Muzahim Minister of State, in addition to a number of other members of the front. It is said that the President had said after a meeting of political leaders, the first last week: "It was a meeting successful and well it was discussed two important .. for the first presence of U.S. troops, where he was studying the subject of extensive and detailed study of all aspects of the troops to stay or not stay, and where the need for trained and how the number of trainers. It was also agreed after an exchange of views on a special session to take a political decision in this regard by the forces that contributed to the discussions.
Increased Talabani that he "was also a research regarding the general political situation, where it was decided, the meeting first, to stop media campaigns immediately, and a commitment to the agreements, including the initiative of President Barzani and the Convention of Arbil and work for the implementation of these agreements quickly, with another meeting, where we hope he can Dr. Allawi's presence for the final decision in the form of existing understandings.
He said: "Further research has been conducted extensively in security, was emphasized on the need to work to achieve national harmony destruction as a prerequisite for achieving security, as discussed issues related to the readiness of the Iraqi armed forces and equipping, training, and the resulting decisions," pointing to the that this "first meeting was important to end the estrangement and alienation, where for the first time, after such circumstances, these parties meet in a friendly and fraternal atmosphere and frankly discuss the outstanding issues"
http://translate.goo...om/default.aspx
Randy Koonce - Currency Chatter CC 6/29/11
You can listen to the replay at 712-432-1095 code 541268#
Here are highlights...
Randy Koonce of CURRENCY CHATTER CONFERENCE CALL had another terrific call this evening!! To listen to the replay: 712.432.1085 PIN#: 541268#
HIGHLIGHTS OF THE CALL
Randy is very positive about tomorrow (June 30th) being our day because all the articles (including his Intel sources) are all pointing to tomorrow and even more importantly, if Iraq is going to be able to pay their people as they have promised on the 1st, they have to RV on the 30th...
Speaker of Parliament, Usama al-Nijaifi, will be holding a press conference at 1:00pm (Iraqi Time) on Thursday, June 30th, in the Parliament’s building regarding the country’s recent developments, which will include the formal announcement of the remaining ministers. Then Shabbibi will implement the RV of the IQD, which will trigger the opening of their budget....
So we could see the rate change on the CBI sometime in the morning (maybe between 6am and 9am EST), therefore we maybe able to cash out tomorrow or certainly on Friday... :-)
Here are highlights...
Randy Koonce of CURRENCY CHATTER CONFERENCE CALL had another terrific call this evening!! To listen to the replay: 712.432.1085 PIN#: 541268#
HIGHLIGHTS OF THE CALL
Randy is very positive about tomorrow (June 30th) being our day because all the articles (including his Intel sources) are all pointing to tomorrow and even more importantly, if Iraq is going to be able to pay their people as they have promised on the 1st, they have to RV on the 30th...
Speaker of Parliament, Usama al-Nijaifi, will be holding a press conference at 1:00pm (Iraqi Time) on Thursday, June 30th, in the Parliament’s building regarding the country’s recent developments, which will include the formal announcement of the remaining ministers. Then Shabbibi will implement the RV of the IQD, which will trigger the opening of their budget....
So we could see the rate change on the CBI sometime in the morning (maybe between 6am and 9am EST), therefore we maybe able to cash out tomorrow or certainly on Friday... :-)
Repost from a few weeks ago - great tie in!
Just wanted to remind everyone that the Bagdad anounced New Era-- July 1, 2011
Courtesy of Currency Newshound's postings--
____________________________
Iraqi Cabinet approves UN mandate on Iraqi state revenues; July 1 to begin new era for IraqPosted: April 27, 2011 by THE CURRENCY NEWSHOUND - Just Hopin in Iraq: Chapter VII, Iraqi Dinar/Politics
Tags: Central Bank of Iraq, Development Fund for Iraq, Iraq, Iraqi government, Iraqi people, Politics of Iraq, United Nation, United Nations Security Council 0Baghdad (news) .. Orteurcil Ministers approved the report of the Government of Iraq on the transition to successor arrangements to the Development Fund for Iraq on the basis of Security Council resolution 1956 to the year 2010, submitted by the Committee to Protect Iraq’s funds.
He said government spokesman Ali al-Dabbagh said in a statement received Agency (news) on Wednesday: “The ratification of the report of the Government of Iraq on the transition to successor arrangements to the Development Fund for Iraq is the result of the Iraqi government to protect the funds of the Iraqi people from the payment of debt owed by Iraq and the fulfillment of the obligations International and the completion of the items that resulted from it by the politicians earlier, Iraq had not chosen his own free will, but as a result of the policies of the former regime and the ensuing programs such as the oil for food program with the adoption of fully automated to ensure the protection of Iraqi funds after the end of the mandate of the Development Fund for Iraq, DFI at the end of the year 2010 “.
He added: “The new arrangements will end the mandate of the United Nations on Iraqi state revenues as part of the Iraqi government’s efforts to emerge from Chapter VII resolutions.”
He continued: “will open a special account on behalf of the Iraqi government in the United States receives all revenue and funds belonging to the Iraqi state and is managed by the Central Bank of Iraq in full without any international sponsorship and will be the work of the special arrangements for the allocation of 5% of oil revenues to the Compensation Fund for Kuwait as Iraq’s international obligations” .
Dabbagh said: “This report will be presented to members of the UN Security Council for discussion and approval, such as an international work begins in July 1, 2011 to begin a new era in Iraq, the role of regional and international levels”
Courtesy of Currency Newshound's postings--
____________________________
Iraqi Cabinet approves UN mandate on Iraqi state revenues; July 1 to begin new era for IraqPosted: April 27, 2011 by THE CURRENCY NEWSHOUND - Just Hopin in Iraq: Chapter VII, Iraqi Dinar/Politics
Tags: Central Bank of Iraq, Development Fund for Iraq, Iraq, Iraqi government, Iraqi people, Politics of Iraq, United Nation, United Nations Security Council 0Baghdad (news) .. Orteurcil Ministers approved the report of the Government of Iraq on the transition to successor arrangements to the Development Fund for Iraq on the basis of Security Council resolution 1956 to the year 2010, submitted by the Committee to Protect Iraq’s funds.
He said government spokesman Ali al-Dabbagh said in a statement received Agency (news) on Wednesday: “The ratification of the report of the Government of Iraq on the transition to successor arrangements to the Development Fund for Iraq is the result of the Iraqi government to protect the funds of the Iraqi people from the payment of debt owed by Iraq and the fulfillment of the obligations International and the completion of the items that resulted from it by the politicians earlier, Iraq had not chosen his own free will, but as a result of the policies of the former regime and the ensuing programs such as the oil for food program with the adoption of fully automated to ensure the protection of Iraqi funds after the end of the mandate of the Development Fund for Iraq, DFI at the end of the year 2010 “.
He added: “The new arrangements will end the mandate of the United Nations on Iraqi state revenues as part of the Iraqi government’s efforts to emerge from Chapter VII resolutions.”
He continued: “will open a special account on behalf of the Iraqi government in the United States receives all revenue and funds belonging to the Iraqi state and is managed by the Central Bank of Iraq in full without any international sponsorship and will be the work of the special arrangements for the allocation of 5% of oil revenues to the Compensation Fund for Kuwait as Iraq’s international obligations” .
Dabbagh said: “This report will be presented to members of the UN Security Council for discussion and approval, such as an international work begins in July 1, 2011 to begin a new era in Iraq, the role of regional and international levels”
Frank and Delta 6/29
Posting some intel/rumors tonight for fun!
6-29-11 Franks Wed Night Intel
By DebTarHeelGirl
Foreign investors had to deal with the investors so the rate was not shown on Tuesday or Today – but Thursday we feel the rates will become effective and they will be shown
7-10 days with end date of the 30th Shabibi said he will add value to the currency…
New IMF has a new leader today…
There is a meeting in Jordan tomorrow Holy Cow says Frank – this will be the last meeting of the GOI and CBI meeting with the IMF and World Bank – UNSC tomorrow – and Moon is pleased and happy might have given them what they needed this past Sunday.
Frank says that who is in Kurds – latest one was the currency with their own language on it – the new currency was for Kuwait= Article 140 dealt with the embargo military finances and if that is lifted it will be huge and we believe we will see that too tomorrow- the IMF has a rule can hold the rate for 3 days without publishing it…. Kuwait was actually before they went back at 11 to 68 to now and it was a base rate they were using because the black market had over taken the rate of their dinar – just the day before they RV’
Everything is in position now ready for the RV – if Kuwait signed off on all these things above and Moon is very happy and he signed off this Sunday which they worked on for 8 days – was he satisfied-
Jordan = meeting tomorrow is important and at 10am their time and at 2pm their time a press conference will show what happened in that meeting and what will happen…. That is the final word as Iraq is hosting this meeting with the IMF and World Bank and they already had a meeting like this before but now they will hand over copies of the papers of the final decisions of the DFI and the power to use the budget to committee usage .
Everything expires by 12 midnight of the 30th all things expire says Delta. Frank feels all assets have been moved to Iraq and Delta says he has proof of that and on TV and article came out saying
Delta said Warka Bank had a holiday this Tuesday and wed 0 there is no national holiday at all – TUESDAY they had one of the first mohammod nephew holiday that was again not a national and on Tuesday I came on the forum and posted about Iraq stock exchange ISX – and they are open I found out – The Parliament went to work today so no holiday today and there was no holiday at all…
The Warka Bank closed due to this reason – they are close to revalue and rate will change – by the 39oth they have to issue interest to folks and the foreigners have accounts there and they want to make sure they are ready for everyone and open back on Thursday – this is not the pattern of normal close down – Frank and knew that nothing will expire till June 30th and technically Iraq has to be international and in charge of their money- we are hoping Shabibi will do this on Thursday and on TV today there they said that they have a currency counterfeit gang and the officials found out and they studied the market that the 25,000 notes are no longer in the market so when S said 7-10 we would see the changes on the currency the conterfiet large notes came out in Iraq… they caught that – and Shabibi wanted security for this – so now on the 20 when S met with M we saw that he said 7-10 day revalue currency and today theysaid He said actually what his plan is to the Prime Minister and all the ministries and he got the green light on the 20th to go ahead with the plan… Gradual phase of the currency revalue is the plan and it should have been done a long time ago so now they have to do this fast and it will attract a lot of investors and they said this on the Iraq TV today.
Shabibi was concerned about security to take care of the RI-RV and it was not there for him and its back now – it was being used to take care of Mohammad to take care of this 2 holy day they created. So Maliki has agreed on what Shabibi showed parliament what his plan was and they arrested those people for counterfeit for 10k and 25K notes…so that was accomplished..
Frank an Delta Iraq has 50 billion in Fed Reserves and used it to justify their budget to need more money and w said DO NOT BE surprised at the end for us to know that they find extra GOLD and more money and more oil and more reserves and now they said TODAY on TV they found the CBI reserves jumped up to 250 billion in reserves – wow they ”FOUND THIS?” Part of this money was to support the Iraq Dinar and now its up to 250 billion in reserves and Delta says they have more than that and China has over 1.0 Trillion and Delta says they have MORE money than that but not telling it all.
12 midnight on 30th they have to be in control of their money – but if they do not revalue tomorrow the TV said today that the Maliki approved Shabibi’s plan and if CBI is independent they still needed the approval of GOI – they need the security and help of GOI – so Maliki gave the green light and they need the security around these events – and on Tuesday they had a celebration there and they need security and now its all done – a
Delta says this is fact and if Iraq has accepted Article 8 of the IMF it says that when the country accepts Article 8 they cannot use a different currency – they have to get rid of dollars and use dinars and they can’t pay that at 1170 rate – it will be huge inflation – Iraq will revalue and they stated it today that the rate will increase…release the international exchange rate restrictions…Iraq has to show the rate on 30th but no big deal if they don’t show it on the 30th… on TV today the cabinet said they want to do this – we believe this will happen and take the 3 zeros notes gradually within 3-5 months or so and then drop to 10K notes the n 5K notes and gradually get them back. They will still keep the 3 zeros for a while but the lower denoms will have power to purchase with less money – that means revaluation…
Logic and fact shows that this will take place also being reported on TV they have to show the rate tomorrow… Has to be done by June 30th…
July 1st is the start of their economy- July 1st is Dr. Shabibi’s birthday…
If we do not see the rate tomorrow - the 4th of July weekend plays a big part in what’s going on - on the 30th
Delta says that if we do not see the rate do not worry this is coming… they are done… may be a technical thing but it SHOULD HAPPEN no reason why not - only if they delayed till Saturday – never done on a Friday but maybe even Sunday and US July 4th is a day off and they may let the banks have the time – but Delta doubts as they were waiting since 1990 to do this – its coming…
Frank states that the other 3 files is what should happen if there is no announced we will wait the weekend to see what happens after our 4th of July and by the 5th – as by the 11th the first payment of the Paris Debt is due and you can’t make that payment with their currency at this value right now – so they have to have a revalued currency BEFORE the 11th to make this payment… THEY HAVE TO RELEASE THIS RATE ASAP…
Delta states By July 1st again they have to be tradable internationally = and tomorrow they will announce to the world they have all the files completed – and the meeting will be over Thursday in middle east in Jordan and they may do this during our day on Thursday even late in the day… Remember the Paris Club is due on the 11th and has to be paid in their currency… it has to be revalued by that date…
Delta states: The TV said today that will raise the standard of the currency and increase the value of the currency that the lower denoms will be able to buy more with the power of purchase and high denoms will be still used for big transactions for the GOV and banking systems and by doing that it will encourage investors to come into Iraq.. This project should have been done alone time ago so said the Iraqi TV today. THE RI-RV THEY HAVE TO DO THIS – THEY DO AND IT WILL HAPPEN
Delta states - Frank and I do not know the date and rate but we try to bring the best info that they discus in Iraq and I truly do not see this passing the date of the 30th to RI-RV – they will give Iraq to release them from their economy shackles – they control their own money and the IMF an WB will be there to take over those files – WHY wait it won’t make sense and Shabibi said 7-10 days –for any reason it won’t happen tomorrow? IT WILL DO NOT PANIC IT WILL COME STILL ANY MINUTE – SHABIBI is so tired and he wants to get this done… Shabibi is the savior of this currency for the country. HE LOVES his country.
THEY RI-RV THEY HAVE TO DO THIS – THEY DO AND IT WILL HAPPEN and July 1st the Iraq Economy will start according to the Plan and it was approved for them to be international and they have to have a recognized currency by the IMF and that SHOULD take place on the 30th of June…
We are now at the place where they want to have the rate released – even tho it has been at a snail’s pace we are there…
Question for Delta – past month you mentioned they would phase out and no time frame on the zeros- and the 25K note they may phase this out in 3 months or so? They will co-exist together and Shabibi wants to take one denom gradually and start with the 25K notes - it will take 2 years to replace the new denoms with the high –
Delta says to trade in the 25k notes first as they want them first and may only give a 3-5 month time limit on turning in the 25k notes… then they will give a time limit to have in all the 10k notes…and then the 5k notes and so on till all the large notes are collected.
Frank states in the future we will have one call per week after the RV and I may even have a TV program to promote and share the people our mission to the 5 corners of the world and our energy and water endeavors.
Why were they not on the UNSC operational rates for countries – when they decided to revalue they have to do it before those dates abut if not recieved it will be on the next published date and it’s the middle of July – and if they do it on the 30th they will make an exception to add the date of RV and rate to their list… so no worries – they country has to RV first and then they will change the rate
Rumor on other sites - Shabibi said to take in the three zeros to exchange them for lower denoms is this true? Delta states that Shabibi is very busy and he went to Rome and came back real quick met with Maliki got green light and he is trying to finish and he did not say that at all and he won’t say that as both denoms will co- exist -
CBI does not need approval of Parliament or GOI – NO VOTE NEEDED – but he needs the sponsorship of the cabinet and PM and in the future they decide to erase the currency denoms they need the approval then – Shabibi went to Maliki as he wanted their support in the security. SO THERE IS NO VOTE NEEDED TO CO – EXIST OR REVALUE….\
END OF CALL
Always All My Best,
DebTarHeelGirl
6-29-11 Franks Wed Night Intel
By DebTarHeelGirl
Foreign investors had to deal with the investors so the rate was not shown on Tuesday or Today – but Thursday we feel the rates will become effective and they will be shown
7-10 days with end date of the 30th Shabibi said he will add value to the currency…
New IMF has a new leader today…
There is a meeting in Jordan tomorrow Holy Cow says Frank – this will be the last meeting of the GOI and CBI meeting with the IMF and World Bank – UNSC tomorrow – and Moon is pleased and happy might have given them what they needed this past Sunday.
Frank says that who is in Kurds – latest one was the currency with their own language on it – the new currency was for Kuwait= Article 140 dealt with the embargo military finances and if that is lifted it will be huge and we believe we will see that too tomorrow- the IMF has a rule can hold the rate for 3 days without publishing it…. Kuwait was actually before they went back at 11 to 68 to now and it was a base rate they were using because the black market had over taken the rate of their dinar – just the day before they RV’
Everything is in position now ready for the RV – if Kuwait signed off on all these things above and Moon is very happy and he signed off this Sunday which they worked on for 8 days – was he satisfied-
Jordan = meeting tomorrow is important and at 10am their time and at 2pm their time a press conference will show what happened in that meeting and what will happen…. That is the final word as Iraq is hosting this meeting with the IMF and World Bank and they already had a meeting like this before but now they will hand over copies of the papers of the final decisions of the DFI and the power to use the budget to committee usage .
Everything expires by 12 midnight of the 30th all things expire says Delta. Frank feels all assets have been moved to Iraq and Delta says he has proof of that and on TV and article came out saying
Delta said Warka Bank had a holiday this Tuesday and wed 0 there is no national holiday at all – TUESDAY they had one of the first mohammod nephew holiday that was again not a national and on Tuesday I came on the forum and posted about Iraq stock exchange ISX – and they are open I found out – The Parliament went to work today so no holiday today and there was no holiday at all…
The Warka Bank closed due to this reason – they are close to revalue and rate will change – by the 39oth they have to issue interest to folks and the foreigners have accounts there and they want to make sure they are ready for everyone and open back on Thursday – this is not the pattern of normal close down – Frank and knew that nothing will expire till June 30th and technically Iraq has to be international and in charge of their money- we are hoping Shabibi will do this on Thursday and on TV today there they said that they have a currency counterfeit gang and the officials found out and they studied the market that the 25,000 notes are no longer in the market so when S said 7-10 we would see the changes on the currency the conterfiet large notes came out in Iraq… they caught that – and Shabibi wanted security for this – so now on the 20 when S met with M we saw that he said 7-10 day revalue currency and today theysaid He said actually what his plan is to the Prime Minister and all the ministries and he got the green light on the 20th to go ahead with the plan… Gradual phase of the currency revalue is the plan and it should have been done a long time ago so now they have to do this fast and it will attract a lot of investors and they said this on the Iraq TV today.
Shabibi was concerned about security to take care of the RI-RV and it was not there for him and its back now – it was being used to take care of Mohammad to take care of this 2 holy day they created. So Maliki has agreed on what Shabibi showed parliament what his plan was and they arrested those people for counterfeit for 10k and 25K notes…so that was accomplished..
Frank an Delta Iraq has 50 billion in Fed Reserves and used it to justify their budget to need more money and w said DO NOT BE surprised at the end for us to know that they find extra GOLD and more money and more oil and more reserves and now they said TODAY on TV they found the CBI reserves jumped up to 250 billion in reserves – wow they ”FOUND THIS?” Part of this money was to support the Iraq Dinar and now its up to 250 billion in reserves and Delta says they have more than that and China has over 1.0 Trillion and Delta says they have MORE money than that but not telling it all.
12 midnight on 30th they have to be in control of their money – but if they do not revalue tomorrow the TV said today that the Maliki approved Shabibi’s plan and if CBI is independent they still needed the approval of GOI – they need the security and help of GOI – so Maliki gave the green light and they need the security around these events – and on Tuesday they had a celebration there and they need security and now its all done – a
Delta says this is fact and if Iraq has accepted Article 8 of the IMF it says that when the country accepts Article 8 they cannot use a different currency – they have to get rid of dollars and use dinars and they can’t pay that at 1170 rate – it will be huge inflation – Iraq will revalue and they stated it today that the rate will increase…release the international exchange rate restrictions…Iraq has to show the rate on 30th but no big deal if they don’t show it on the 30th… on TV today the cabinet said they want to do this – we believe this will happen and take the 3 zeros notes gradually within 3-5 months or so and then drop to 10K notes the n 5K notes and gradually get them back. They will still keep the 3 zeros for a while but the lower denoms will have power to purchase with less money – that means revaluation…
Logic and fact shows that this will take place also being reported on TV they have to show the rate tomorrow… Has to be done by June 30th…
July 1st is the start of their economy- July 1st is Dr. Shabibi’s birthday…
If we do not see the rate tomorrow - the 4th of July weekend plays a big part in what’s going on - on the 30th
Delta says that if we do not see the rate do not worry this is coming… they are done… may be a technical thing but it SHOULD HAPPEN no reason why not - only if they delayed till Saturday – never done on a Friday but maybe even Sunday and US July 4th is a day off and they may let the banks have the time – but Delta doubts as they were waiting since 1990 to do this – its coming…
Frank states that the other 3 files is what should happen if there is no announced we will wait the weekend to see what happens after our 4th of July and by the 5th – as by the 11th the first payment of the Paris Debt is due and you can’t make that payment with their currency at this value right now – so they have to have a revalued currency BEFORE the 11th to make this payment… THEY HAVE TO RELEASE THIS RATE ASAP…
Delta states By July 1st again they have to be tradable internationally = and tomorrow they will announce to the world they have all the files completed – and the meeting will be over Thursday in middle east in Jordan and they may do this during our day on Thursday even late in the day… Remember the Paris Club is due on the 11th and has to be paid in their currency… it has to be revalued by that date…
Delta states: The TV said today that will raise the standard of the currency and increase the value of the currency that the lower denoms will be able to buy more with the power of purchase and high denoms will be still used for big transactions for the GOV and banking systems and by doing that it will encourage investors to come into Iraq.. This project should have been done alone time ago so said the Iraqi TV today. THE RI-RV THEY HAVE TO DO THIS – THEY DO AND IT WILL HAPPEN
Delta states - Frank and I do not know the date and rate but we try to bring the best info that they discus in Iraq and I truly do not see this passing the date of the 30th to RI-RV – they will give Iraq to release them from their economy shackles – they control their own money and the IMF an WB will be there to take over those files – WHY wait it won’t make sense and Shabibi said 7-10 days –for any reason it won’t happen tomorrow? IT WILL DO NOT PANIC IT WILL COME STILL ANY MINUTE – SHABIBI is so tired and he wants to get this done… Shabibi is the savior of this currency for the country. HE LOVES his country.
THEY RI-RV THEY HAVE TO DO THIS – THEY DO AND IT WILL HAPPEN and July 1st the Iraq Economy will start according to the Plan and it was approved for them to be international and they have to have a recognized currency by the IMF and that SHOULD take place on the 30th of June…
We are now at the place where they want to have the rate released – even tho it has been at a snail’s pace we are there…
Question for Delta – past month you mentioned they would phase out and no time frame on the zeros- and the 25K note they may phase this out in 3 months or so? They will co-exist together and Shabibi wants to take one denom gradually and start with the 25K notes - it will take 2 years to replace the new denoms with the high –
Delta says to trade in the 25k notes first as they want them first and may only give a 3-5 month time limit on turning in the 25k notes… then they will give a time limit to have in all the 10k notes…and then the 5k notes and so on till all the large notes are collected.
Frank states in the future we will have one call per week after the RV and I may even have a TV program to promote and share the people our mission to the 5 corners of the world and our energy and water endeavors.
Why were they not on the UNSC operational rates for countries – when they decided to revalue they have to do it before those dates abut if not recieved it will be on the next published date and it’s the middle of July – and if they do it on the 30th they will make an exception to add the date of RV and rate to their list… so no worries – they country has to RV first and then they will change the rate
Rumor on other sites - Shabibi said to take in the three zeros to exchange them for lower denoms is this true? Delta states that Shabibi is very busy and he went to Rome and came back real quick met with Maliki got green light and he is trying to finish and he did not say that at all and he won’t say that as both denoms will co- exist -
CBI does not need approval of Parliament or GOI – NO VOTE NEEDED – but he needs the sponsorship of the cabinet and PM and in the future they decide to erase the currency denoms they need the approval then – Shabibi went to Maliki as he wanted their support in the security. SO THERE IS NO VOTE NEEDED TO CO – EXIST OR REVALUE….\
END OF CALL
Always All My Best,
DebTarHeelGirl
Iraq is Heading to Write Off Three Zeros From the Local Currency
http://translate.goo...43C77EF494.htm.
06.29.11
IRIN - Baghdad
In a move aimed at the development of the payments system of Iraq, the Iraqi Central Bank announced recently a plan to restructure the local currency by raising the level of the local currency and the development of new categories of paper.
He justified the appearance of the central bank adviser Mohammed Saleh, a move that the Iraqi dinar has suffered through two decades of significant deterioration.
Speaking of the island, Saleh said that the dinar is now behind a structure is not commensurate with the payments system in the country of Iraq, so it is in need of large currency transactions large and small need to exchange for small transactions.
He added that the value of the dinar is stabilizing, especially after the central bank reserves rose sharply and reached to nearly $ 250 billion, offset by the development in the country's oil exports.
The appearance of favor: a structure behind the dinar is not commensurate with the payments system (Alice)
Implementation mechanisms and the mechanisms for the implementation of the project say the benefit would be short blocks large cash in the categories of smaller but the volume of purchases by large, commensurate with the nature of payments in the country, adding that the accounting system and accounting firms, banks and even a general budget of the Iraqi state has become read trillions, of this endeavor government to create a mass of small cash, but met with great goods.
He pointed out that the project put forward by the Governor of the Central Bank on the twentieth of this month during a session of the Council of Ministers, has won the approval of the Council, is expected by the issuance of special legislation to be implemented in stages.
He pointed out that the benefit of the new currency will be in three languages: Arabic, Kurdish and English. stabilityand to link financial expert and director of the National Bank of Warka Mohammed al-Samarrai success of the project's political stability and security in the country.
The Samurai of the island revealed that the deletion of three zeros from the Iraqi currency is aimed to get rid of the vast amount of the cash block.
And whether the oil pipeline project, Samarrai said that would address the accumulations of the past and the massive inflation in the country, saying that the adoption of the much-delayed and that its implementation would encourage investors.
And the impact of this project on the performance of private banks, see Samurai that will help improve the performance of banks in terms of the volume of money supply which are traded and transported, as well as in terms of security would be better.
It is noteworthy that Iraq has seen since the great inflation of 1980-1988 war with Iran and the Gulf War of 1991 and the period of the siege, which lasted more than 13 years.
Has seen the annual inflation index for the year 2010, down significantly compared to years that preceded it, where the ratio of the index of 3% in 2010 compared with 53% in 2006, and 7% in 2009.
http://translate.goo...43C77EF494.htm.
06.29.11
IRIN - Baghdad
In a move aimed at the development of the payments system of Iraq, the Iraqi Central Bank announced recently a plan to restructure the local currency by raising the level of the local currency and the development of new categories of paper.
He justified the appearance of the central bank adviser Mohammed Saleh, a move that the Iraqi dinar has suffered through two decades of significant deterioration.
Speaking of the island, Saleh said that the dinar is now behind a structure is not commensurate with the payments system in the country of Iraq, so it is in need of large currency transactions large and small need to exchange for small transactions.
He added that the value of the dinar is stabilizing, especially after the central bank reserves rose sharply and reached to nearly $ 250 billion, offset by the development in the country's oil exports.
The appearance of favor: a structure behind the dinar is not commensurate with the payments system (Alice)
Implementation mechanisms and the mechanisms for the implementation of the project say the benefit would be short blocks large cash in the categories of smaller but the volume of purchases by large, commensurate with the nature of payments in the country, adding that the accounting system and accounting firms, banks and even a general budget of the Iraqi state has become read trillions, of this endeavor government to create a mass of small cash, but met with great goods.
He pointed out that the project put forward by the Governor of the Central Bank on the twentieth of this month during a session of the Council of Ministers, has won the approval of the Council, is expected by the issuance of special legislation to be implemented in stages.
He pointed out that the benefit of the new currency will be in three languages: Arabic, Kurdish and English. stabilityand to link financial expert and director of the National Bank of Warka Mohammed al-Samarrai success of the project's political stability and security in the country.
The Samurai of the island revealed that the deletion of three zeros from the Iraqi currency is aimed to get rid of the vast amount of the cash block.
And whether the oil pipeline project, Samarrai said that would address the accumulations of the past and the massive inflation in the country, saying that the adoption of the much-delayed and that its implementation would encourage investors.
And the impact of this project on the performance of private banks, see Samurai that will help improve the performance of banks in terms of the volume of money supply which are traded and transported, as well as in terms of security would be better.
It is noteworthy that Iraq has seen since the great inflation of 1980-1988 war with Iran and the Gulf War of 1991 and the period of the siege, which lasted more than 13 years.
Has seen the annual inflation index for the year 2010, down significantly compared to years that preceded it, where the ratio of the index of 3% in 2010 compared with 53% in 2006, and 7% in 2009.
Iraq Investments: "SMACKDOWN WITH SCOOTER" -- TONIGHT AT 6:30 PST//9:30 EST -- SEVERAL TOPICS AND SEVERAL GUEST!
Iraq Investments: "SMACKDOWN WITH SCOOTER" -- TONIGHT AT 6:30 PST//9:30 EST -- SEVERAL TOPICS AND SEVERAL GUEST!: "'SMACKDOWN WITH SCOOTER' -- TONIGHT AT 6:30 PST//9:30 EST -- SEVERAL TOPICS AND SEVERAL GUEST!"
"SMACKDOWN WITH SCOOTER" -- TONIGHT AT 6:30 PST//9:30 EST -- SEVERAL TOPICS AND SEVERAL GUEST!
Iraq seeks to restructure the currency
In a move designed to develop the Iraqi payments system, the Central Bank recently announced a plan to restructure local currency through the upgrading of the local currency and the introduction of new categories of paper.
He justified the appearance of Central Bank Adviser Mohammed Saleh this step that the Iraqi dinar has suffered over the past two decades significant degradation.
Speaking to Al Jazeera NET, Saleh Pat dinar lag structure is not commensurate with the Iraqi payments system in the country, so it is in need of major work for large transactions, and in need of small transactions for currencies.
The dinar stabilizing, particularly after the Central Bank reserves rose sharply to nearly $ 250 billion, offset by the development in the country’s oil exports.
Implementation mechanisms
And mechanisms for the implementation of this project, says Saleh it will shorten the blocks large cash in classes smaller but significant procurement size, commensurate with the nature of the payment in the country, adding that the accounting system and accounting firms, banks and even the general budget of the State of Iraq became read trillions, this Government seeks to create a small cash, but met with great goodies.
And mechanisms for the implementation of this project, says Saleh it will shorten the blocks large cash in classes smaller but significant procurement size, commensurate with the nature of the payment in the country, adding that the accounting system and accounting firms, banks and even the general budget of the State of Iraq became read trillions, this Government seeks to create a small cash, but met with great goodies.
He recalled that the draft put forward by the Governor of the Central Bank on the 20th of this month during a cabinet meeting, won approval of the Council, awaiting special legislation to implement it in stages.
He drew for the new currency will be in three languages, English and Arabic and Kurdish.
Stability
Linking financial expert and Director of the National Bank of alorkaa Mohammed Al-samarrai, the success of the project the political stability and security in the country.
Linking financial expert and Director of the National Bank of alorkaa Mohammed Al-samarrai, the success of the project the political stability and security in the country.
Samarrai said of Al Jazeera net off three zeros from the currency of Iraq aims to get rid of the vast amount of money supply.
Samurai: removed three zeros from the dinar aims to get rid of the vast amount of money supply (Aljazeera.NET)And what would the project, said samarrai, that would address the massive inflation and the accumulation of past in the country, saying that the much-delayed and that its implementation will encourage investors.
And on the impact of this project on the performance of private banks, the Samurai would help to improve the performance of banks in terms of the block size of cash circulation and transfer, as well as security would be best.
The great inflation saw Iraq since the war with Iran 1980-1988 and the 1991 Gulf war and the siege which lasted for more than 13 years.
And has seen annual inflation index for 2010 significantly compared to previous years, where indicator 3% by 2010 compared to 53% in 2006, and 7% in 2009.
http://www.upstreamonline.com/live/article264329.ece
BP inks $90m Iraq contract
BP has splashed out $90 million on a one-year contract at its huge Iraqi oilfield for a pair of oil infrastructure stalwarts.
Petrofac and China Petroleum Engineering & Construction (CPECC) have picked up the deal for inspection, repair and maintenance work at the giant Rumaila field in the south of the country.
UK-based Petrofac will, as leader of the contract, pocket $63 million of the funds, an announcement read today.
"Work will commence following a short transition and the scope of the contract covers rotating machinery, degassing stations and cluster stations," the announcement continued.
BP operates the oilfield which it discovered in 1953 and which is currently producing 1.3 million barrels per day of oil. The British supermajor is currently producing a total of 2.5 million bpd of oil in Iraq.
Chief executive Bob Dudley said earlier this month that he expects Iraq's likely output to be only half of the government's official target of 12 million bpd by the end of the decade.
Petrofac has already scooped one deal in Iraq this year after receiving a $240 million contract from the Shell-Petronas partnership for early production facilities at the giant Majnoon oilfield.
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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