Category: Gid Associates

Tlar & Member Discussion of “Delete The Zeros” Part 2

Following is an ongoing member discussion of “Delete The Zeros”  Part 2

DreamWeaver:   Tlar, appreciate the post.  LOL.  So funny, I sat here and wrote a reponse.  Then I realized, “Hey, what is the point of all of this?  This is all about yesterday;  and I’m all about today–winging my way into tomorrow.” 

So, today, in honor of the NEW YEAR, I’m in the process of leaving all the would of, could of, should of part of this investment behind.  Why?  It’s no longer relevant.  Why drag ourselves through it as though we are belly surfing in the mud when the sun is shinning down on all of us right this moment? 

 IMO the only thing that is really relevant is what is occurring in Iraq right NOW.  Extraordinary occurrences, actually.  I’m not really all that interested in looking back any longer.  Like looking a gift horse in the mouth, considering all that’s occurred in two short months.  

Just as you say, Tlar, we may be almost touching that RV.  Optimistic about this weekend–for many reasons and feeling very thankful to be here today.  Realize full well that if Shabibi would have switched, without warning Maliki, to a free float back in 2012.  Well, I and many others would have missed out on the investment.  Aren’t we the fortunate ones?  :D   Best thoughts to you ~ and all.  DW
~~~

Tlar:  mystic137, thank you for producing those articles.  I would hope that those of you that think I was making stuff up feel a little better about this as these are a few of the articles that prove that this was what the CBI’s intentions were. 

THEY HAD INTENDED/WANTED TO DELETE THE ZEROS AND RELEASE THE NEW CURRENCY IN SEPTEMBER AND EVEN STATED SO IN ARTICLES BUT SOMETHING/MALIKI STOPPED IT FROM HAPPENING.

 RIGHT AFTER THAT IS WHEN SHABIBI SAID HE WOULD RELEASE THE CURRENCY WITH OR WITHOUT SUPPORT FROM THE GOVERNMENT AT 1166 AND LET THE MARKET DECIDE. 

That gave birth to the float theory.  I thank Brule, Kevin and Mystic for doing the homework that I can no longer do.  Again thanks guys.   Tlar

Mystic137:  2012 was an exciting time to be in the investment…. so much going on with talk of currency reform…and not many realized how much Maliki was holding things up back then…hindsight is a wonderful thing…  :/

now with all the recent government changes it is also very exciting…but i feel worn out as i know others do….so is harder to feel as excited as back then.   So many of us have grown wiser for it all….and whether one has been in this one year or 9 years….in the end the wait will of course be worth it….

and I know i will be much smarter with my money now than 4 years ago when I thought it was going to happen imminently

mystic137:  I really value your astute analysis Tlar….and when Brule started bringing up those old articles in the other thread and the chat thread I got to thinking about info I still had and I absolutely knew you were right.  I used to email out info to my friends and family and I had kept all of it  …. it was neat going back that far and seeing what everyone was saying and expecting at the time

http://www.currencychatter.com/apps/forums/topics/show/13104574-najib-delete-zeroes-from-the-currency-this-year?page=11

Mystic137:  Central Bank of the process of finalizing the draft raise three zeroes from the Iraqi dinar

 February 21, 2012    Central Bank of Iraq, Tuesday, that he is about to finish the project raise three zeros from the currency, noting that the project is considered strategic, and submitted to the Council of Ministers and House of Representatives completed the event.

The central bank adviser said the appearance of Mohammed Saleh in an interview for “Alsumaria News”, “project raise three zeros from the dinar is a strategic project and the Central Bank is in the process of finalizing the project, the idea of ​​theory into practice, and almost completed, and submitted to the Council of Ministers and House of Representatives. “

Saleh continued, “This project will reduce the transaction costs and reduces the carrying money,” adding that “Iraq is on the verge of producing 6 to 12 million barrels of oil and this will impact on the development and raises the value of Iraqi dinar”.

The adviser to the CBI, “The Bank has achieved three things during the last stage, as the first to build reserves from zero to $ 50 billion, within the past five years to lower the prices of inflation basis from 34% to 4 or 3%, and achieved stability in the Iraqi dinar exchange “.

He was adviser to the CBI the appearance of Mohammed Saleh, said in an interview earlier “Alsumaria News”, the bank’s readiness to delete the zeros of the Iraqi currency, pointing out that those zeros that were added to the Iraqi currency during the last period formed a cluster of large cash amounted to 27 trillion Iraqi dinars.

On the other hand, revealed adviser to the CBI, that “Iraq login for the first time a system of payments between banks has been the transition to electronic clearing away from the manual and engaged in by six banks and the exchange of instruments between banks electronically and will connect the smart card and credit system with the central bank.”

Continued by saying that “the central bank would be three years after the so-called Council of payments, which sets the protocols is the infrastructure of Iraq.”

Previously, specialists Iraqis in the field of economics that have reduced the impact of the CBE to delete zeros from the currency purchasing power of the Iraqi dinar, also hopes the government from behind the move, and believes researchers that the cost of raising the zeroes will be the biggest of its usefulness, given that the currency’s strength is measured by the stability of disbursement which is based on the strength of the productive sector is able to provide goods and services.  http/translate.goo…s-details-.htl

 Removing zeros from Iraqi dinar to start in September

 BAGHDAD, Feb. 20 (AKnews) – The process of removing three zeros from the Iraqi dinar and replacing current banknotes with new ones will begin in September, announced the economic committee of the Council of Representatives as part of an agreement with the Iraqi Central Bank (ICB).

The announcement, which will see the ICB re-print 30tr dinars ($26bn), was made despite government fear over the project.

Economic committee member Abdul-Hussein Abtan said: “The agreement includes granting the process of switching currency [for a] full year where [both the] old and new currencies will be dealt in the market during this stage.”

The ICB described the project as a positive move for the Iraqi economy. But particular arms of government expressed fear that the project will increase cases of money laundering and are working to convince the ICB to stop the process. The securities committee said deletion of the zeros will affect negatively financial trading in the stock market.

Abtan added however that the process “will contribute to dealing [with] inflation and facilitating economic cooperation with international banks and reducing social differences in the community.”

The ICB previously said that it will consider the requirements of the project with the Council of Ministers to determine whether or not a law needs to be implemented.

The financial committee of the Council of Representatives said on Sunday that the passing of such law would allow Iraq to address economic inflation.

The move to delete the zeros will reduce the number of bank notes in circulation and simplify Iraq’s payment system.

The ICB is responsible for maintaining price stability, implementing monetary policy and regulating the banking sector.  http/aknews.com/en/aknews/2/291025/

Tlar:  The strategic study in 2008 suggested they could support 1.13 to 1.  That was then.  My argument has always been that in 2008 the reserves were low (30ish billion) and there economy was much smaller due to the fact that oil production was around 1.5ish million bpd.  

Today I would argue that the reserves are over 100 billion (BIS, Foriegn currency and gold) even though the CBI states they are 70 billion.  There has been a few articles that slipped out that stated 100 billion and there was 82 billion released to the CBI that I believe the CBI deposited with BIS during 2014. 

 So how much do they have in reserves, at least in the short term we may never know the truth until Maliki is in jail.  When the first article surfaced stating 82 billion was going to be released from accounts in the US, Maliki demanded he was going to get them.  

Turki retorted in articles that these were CBI monies and that the government would not get them. 

 Next from BIS out of the blue around December 2013 comes articles stating at the beginning of  Jan 2014 Iraq would be allowed to make deposits with them.  So where did all those billion released go? 

 My contention is they were sent from banks in the US to BIS for safe keeping and away from Maliki and his goons.

My point is this, what was good for 2008 as far as the rate they could support, is at least 3x’s better today.  tlar

Tlar:   I would like to see a thread if anyone else is interested to just discuss the potential possiblities of what the rate might be.

Brule:   Tlar, I would like a new thread on rate.

Rjmo:  My personal thoughts are that the new exchange rate needs to be north of 1:1 for the citizens to take pride in it…  my two cents

Karen:   Wow, this is one heck of a thread.  I have been feeling a little foolish for believing the RV was going to happen over the past few years, having forgotten all of the credible articles from 2012. This trip down memory lane from the amazing researchers,  historians, and analyzers here at CC has been very reassuring.  A huge thank you to all contributors on this great site.

Tlar:   I would like to ask another favor of our historians.  Before Shabibi was removed, sometime in August, September or Oct, an official from  the finance ministry used the term ” deleting the leading Zeros.”  It was in a thread on DA in an  article.  

He used in a phrase when describing the process of deleting the zeros.  It was a one time slip up and has never been repeated.  I caught it minutes after I read the article and Kap acknowedged it as a great find on the thread.  It too turned out to be a long thread of discussion of the article.  

Later I repeated it and even Kap denied ever having read it and accused me of having made it up.  I have repeated it several time since then and each time I have been accused of having made it up by someone.  

Would someone who has access to his site please find this article for me?  I would forever be grateful. It to me is just another one of those thorns in my side where people have called my memory and credibility into question that I would like to clear up. Tlar   By the way this article was released in 2012.  tlar

There was an article put out around the same period of time from an official from the ministry of finance that specifically stated that their intentions were to “delete the leading zeros”.

www.currencychatter.com

Opinion vs Perspective Intention On The IQD Part 2

My Two Cents from a Perspective of: Opinion vs Published Intention on the IQD  Part 2

Opinion: The probable scenario for the upcoming redenomination/revalue will be that the existing high denomination De La Rue IQD banknotes will have their value raised; plus at the same time new IQD currency of smaller denomination notes will be put into circulation and with the same new RV exchange rate that the higher denomination notes are given.

 People will continue to trade in their De La Rue high denomination notes for USD cash and eventually, only the 25,000 notes will be pulled from circulation while all the rest of the existing higher denomination De La Rue notes from IQD10000 on down will be left in circulation to co-exist indefinitely with the newer lower denomination notes which will be in denominations all the way down to IQD 1.
~~~

Perspective: According to Iraqi mainstream media, when the new currency becomes available, Iraqi citizens will have little choice but to go to their local banks or currency traders to trade in their high denomination De La Rue banknotes for the new CBI-issued lower denomination banknotes.

A financially aware Iraqi citizen (make that most of the population) will undoubtedly ask for USD at their local bank or exchange, since that is all that has been available for trade right up until……yesterday?

That Iraqi citizen will then undoubtedly be told that he would first have to trade his high denomination Bremer era, soon to be extinct, De La Rue notes for the brand new currency at a direct ratio of 1000 old to 1 new. He will be told that those new lower denomination IQD notes can be had either in cash right there on the spot or from an ATM machine via debit/credit card later ~ as they are needed.

If that particular local Iraqi bank has the USD available, that particular Iraqi citizen might get to have the option of trading his newly acquired lower denomination IQD for USD at the newly announced exchange rate.

If that’s how it goes, and the announced rate is say $0.50 or 50 cents on the dollar ~ affecting both IQD currencies simultaneously ~ then all the Iraqi citizens trying to trade in cash banknotes (in a mostly cash society) are going to be told that they must first turn in their IQD10000 notes (supposedly worth US$5,000 to foreign speculators) for a new IQD10 note worth only US$5. Certainly no profit there.

That might tend to make a person mad if he was stuck in Iraq with no other choice; and especially in light of a definite, selective, lack of profit for Iraqis themselves, in a deal that seems to favor only foreign currency speculators holding high denomination De La Rue IQD banknotes outside of Iraq.

Will foreign speculators have to go through the same drill as an Iraqi (trading from old notes, to new notes, to USD) in order to get paid? If so, where is the profit in that?

Opinion: The exchange of the old currency for the new has nothing to do with value.

During an exchange period lasting anywhere from 90 days up to two years where nobody in Iraq loses anything by just exchanging the notes, foreign investors will also be able to exchange old currency for new and then watch the value of the new notes climb against the USD (within the time limit of whatever exchange period actualizes) until such time as they will be able to cash in the new lower denomination notes for USD at no loss.

Perspective: 90 days was the time given for the last Iraqi IQD redenomination exchange period when Bremer and his boys added the zeros to the currency and this transition period was necessarily short because of the war.

According to the published CBI plan for the project, a “peacetime” redenomination scenario will be scheduled with a minimum of 2 years allowed to exchange high denomination notes for the new lower denomination notes

Most foreign investors holding IQD cash paid close to US$1000 per IQD Million (including shipping) at a time when bank prices were near US$855 per IQD Million. There will also be an additional fee to exchange old IQD for new IQD, plus the additional fee to finally exchange new IQD for USD.

Even if those last two exchanges (from old to new and then new to USD) were made for free with absolutely no dealer/bank fees involved, there’s still the $1000 (cost) – $855 (sell) = $145 (loss) per IQD Million to make up for in the cash-in exchange rate (within the exchange period time limit) before most foreign cash speculators can expect to cash out with no net loss.

In order for that to happen the new IQD lower denomination notes would have to rise in value against the USD from the initial outing of (US$0.85 per IQD 1) up to (US$1 per IQD 1) within the 2 years’ time allowed for the exchange.

This at a time when the exchange rate has been steady at 1:1166 for the past 4 years. At a time when oil prices are plunging to 5 year lows, causing the GOI Budget to be too skinny to pay Kuwait the last US$4 Billion Iraq still owes in reparations for the 1990 invasion. Instead, that final payment has been put off until 2016.

Meanwhile, Iraq and Kuwait are strengthening diplomatic ties and not just because they share a shipping port on the north end of the Gulf and a lake of oil under the sand.

This repayment of reparations is still being monitored by the Security Council at the UN.

Opinion: Before issuing the new lower denomination IQD banknotes which will then be exchanged for the existing De La Rue notes now in circulation, the GOI will have to educate its own citizens and the rest of the world about its proposed project plan via mass media; and that education period may cause a short delay between the time the new currency is released (with its increased value against the USD) and the time when foreign speculators might actually cash in the De La Rue notes they are holding for these new IQD notes and then eventually for USD.

Opinion: During this delay the CBI may temporarily halt daily auctions, which could mean no USD will be allowed out of the CBI during that time. It could also mean that during that time no banks outside of Iraq will be buying IQD with USD ~ since they can’t expect to turn any IQD notes purchased into the CBI to exchange for USD.

Opinion: Once the auctions resume, the IQD should be back on the foreign exchange platforms, and foreign speculators (unlike Iraqi citizens) will get to cash out their De La Rue high denomination notes at the same exchange rate (US$0.85 per IQD 1) that will be applied to the new lower denomination notes inside Iraq; but without having to first go through that pesky ole routine of exchanging old IQD notes for the new IQD notes.

Get ready to be rich all you foreign IQD currency speculators!!

Opinion: The CBI will issue new fiat IQD currency with lower denominations on their face to exchange and coexist with the currently circulating high denomination fiat IQD currency and then the CBI will RV all circulating banknotes, both high and low denominations, as a managed float at anywhere from (US$0.10 per IQD 1) to (US$1 to IQD1) and then the demand for oil will drive its value against the USD up from there.

Perspective: The very public statements to the press about the future of the IQD by Iraqi Finance Ministers, CBI Directors and Iraqi Finance Committee spokesmen as well as the published statements from the same sources have all been put out there with the same coordinated message; which is, that the CBI wants to reduce the size of the Iraqi total money supply, eliminate the zeros on the face of its currency, raise the value of the IQD against the USD, reduce Iraqi inflation and de-dollarize Iraq.

The last prediction issued by the CBI Board of Directors spokesman in the fall of 2014 was that the project to eliminate the zeros could not begin until at least 2016 due to the tightened GOI budget and the continued lack of stability in the country. When the stability of the country allows it, the project to eliminate the zeros on the nominal face of Iraqi currency will proceed.

The project will proceed with the continued education of the Iraqi public by mass media and local bankers and currency exchanges to prepare for the issuance of new currency that has been upgraded with 3 languages on the notes, with three zeros less than the currently circulating Bremer era De La Rue notes and with improved security features to prevent counterfeiting. This new currency will also have proportionally more value against the USD than the existing currency.

These new lower denomination notes will be traded directly for the currently issued notes at a ratio of 1:1000; and at no cost to either party involved in the exchange.

Each note in the 1:1000 exchange will be of equal value as expressed in USD.

For example: The currently circulating IQD10000 note, at the current exchange rate of is 1 USD to 1166 IQD is worth $8.58.

A newly issued IQD10 note will be able to trade for either a circulating IQD10000 note or for US$8.58, because it will have had its value against the USD proportionally raised so that it too is worth US$8.58.

That would mean that the new currency will have an exchange rate against the USD of US$1.00 per IQD 1.166 while the existing currency would continue at the current rate of 1:1166.

This coexistence of the currencies is projected to last for a 2 year period or until the CBI is sufficiently satisfied that the Iraqi Total Money Supply, through the systematic removal and destruction of the large denomination banknotes, has been reduced enough for the CBI to feel confident enough to continue to raise the value of the IQD up towards 1:1 and thereby have a chance at the de-dollarization of Iraq.

Opinion: By the time any on par (1USD:1IQD) exchange rate happens, the Bremer era, De La Rue IQD banknotes will be out of circulation and will no longer be honored or redeemed.

Opinion: The CBI will most likely not delete the zeros from their currently circulating high denomination banknotes and any publications about that scenario coming out of Iraq should just be ignored ~ they are meant to fool you into selling your dinar too soon.

Instead, the CBI will most likely raise the value on all notes including the simultaneously introduced new lower denominations notes.

 Opinion: There are USD millionaires who have purchased US$ Millions worth of IQD and are now holding IQD Billions and they should know what they are doing, since they are already USD millionaires.

If millionaires who can afford to speculate with US$ Millions think that there is a chance to make a profit speculating on the IQD, then it should be all right for the less well-heeled speculator, shouldn’t it? After all, these millionaires didn’t make their millions by being stupid about money, did they?

Opinion: Even if there is a huge rush to cash in and trade IQD’s for USD’s by both Iraqis and (millionaire) foreign currency speculators at the very first re-valued exchange rate published, the IQD will still continue to rise in value against the USD; even at the same time the CBI is depleting its USD Cash Reserves to pay out for the in-coming De La Rue notes.

Only people in the know, such as millionaire currency speculators, understand why this is possible in Iraq, but nowhere else in the world.

Opinion: People in the know such as Accredited Investors and Professional Financial Advisors understand about protecting their assets; so it pays to be prepared for an overnight windfall of wealth by following their example or the example of millionaires when preparing for a sudden windfall of wealth.  

Perspective: Even prudent (non-millionaire) people have been known to run out of funds diligently earmarked for the maintenance of offshore corporations, bank accounts, trusts, etc. which were set up, kept open and prepared to receive and deal with a sudden windfall of wealth; and that happened while they are waiting on that very same windfall of wealth.

All qualified and certified financial advisors and professional investors are not necessarily sufficiently schooled in the international rules governing currencies; despite having passed extensive testing to be qualified and licensed equity traders.

Both the IQD and the USD are fiat currencies backed by absolutely nothing more than their own Central Bank’s declaration of worth; neither one is backed by oil, or gold, or silver.

In fact the accepted value of the USD and therefore the IQD (which is pegged to the USD) is only ‘reflected’ in the spot prices of either silver or gold.

Those spot prices are kind of benchmarks to help estimate the purchasing power of the USD (and the IQD) at any given time.

The Fed declares what its notes (promises to pay) are worth and the CBI gets to decide what its own notes (promises to pay) are worth relative to the petro-dollar, aka the USD.

Iraq is still the nominal head of the 22 member Arab League of Nations and so anything financial coming out of Baghdad ~ good and bad ~ will be affecting the entire region.

Besides Iraq, these countries all call their own fiat currencies, the Dinar: Kuwait, Bahrain, Jordan, Libya, Tunisia, Algeria and Serbia.

Besides the Iraqi IQD, both the Bahrain Dinar and the Jordan Dinar are pegged to the USD and Iraq is increasing its diplomatic relationships with Kuwait, again.

With these relationships already established and on-going it appears that any major RV of the IQD against the USD might also immediately and directly affect the Kuwaiti Dinar, the Jordanian Dinar and the Bahraini Dinar all of whose central banks are CBI’s immediate neighbors in the region.

To be neighborly, the CBI might feel the need to inform those other central banks (and trading partners) that their own currencies were about to be affected by the CBI’s plan to redenominate/revalue the IQD against the USD.

Opinion: It’s probably not possible to keep such an IQD RD/RV event a secret given all the trading partners having to be in on the action.

A Few Words From Viper

Post Emailed To Dinar Recaps

VIPER – IRAQI DINAR FACTS

I CAN SEE MANY HAVE REACHED A POINT OF HIGH FRUSTRATION AND CONCERN ABOUT THE REALITY OF THE IRAQI DINAR TO INCREASE IN VALUE. 

BY REQUEST FROM A FEW MEMBERS WE WILL LOOK AT THE HISTORY OF THE DINAR AND WHY IT WILL BE INCREASED IN VALUE.

THERE HAVE BEEN A BUNCH OF HIGHS AND LOWS IN THIS VENTURE SO LET’S LOOK AT SOME FACTS ON THE HISTORY OF THE DINAR. 
~~~

FACT – IN 1932 THE IRAQI DINAR WAS PEGGED TO THE BP AT $4.86 USD PER DINAR AND HELD THERE UNTIL 1949.

DUE TO CONFLICT AFTER CONFLICT IN IRAQ AND THE MIDDLE EAST WHICH INTERUPTED THE IRAQI ECONOMY AND THEIR ABILITY TO MOVE OIL AND TRADE THE DINAR FELL TO A RATE OF $2.80 USD PER DINAR AND HELD THERE UNTIL 1971.

FACT – IN 1971 THERE WAS A MAJOR REALIGNMENT OF WORLD CURRENCIES WHICH CAUSED A DEVALUATION OF THE USD WHICH BOOSTED THE IQD UP TO $3.39 USD PER DINAR. AROUND 1982 THE DINAR DROPPED ABOUT 5% AND LEVELED OUT AT $3.22 USD PER DINAR.

IT SHOULD BE POINTED OUT THAT SOME COUNTRIES DID NOT RECOGNIZE THIS RATE AND ACTUALLY BARTERED RATE BY TRADE WITH IRAQ AS THE IRAQI CURRENCY WAS NOT AND IS NOT INTERNATIONALLY TRADED.

TO SAVE A LITTLE TIME LET’S JUMP AHEAD TO THE FIRST U.S. – IRAQI WAR OVER KUWAIT. AT THIS TIME THE INSTABILITY OF IRAQ AND DUE TO THE SANCTIONS IMPOSED AFTER THIS WAR THE IQD BECAME UNSTABLE.

SADDAM HUSSEIN HOWEVER DECLARED THE RATE TO BE $3.22. THEN CAME 9-11 AND A SHORT TIME AFTER THE START OF THE 2ND WAR AGAINST IRAQ. THIS BEING THE WAR THAT WOULD LEAVE IRAQ TOTALLY DISMANTLED AND IN FINANCIAL DISMAY.

ONCE ORDER HAD BEEN SOMEWHAT RESTORED IRAQ WAS ALLOWED TO PRINT NEW CURRENCY WHICH IS THE CURRENCY WE NOW HOLD WORTH AROUND 1/10 OF A CENT USD PER DINAR.

THE STARTING RATE WAS ACTUALLY 1800 TO 2000 DINAR PER USD AND LEVELED OUT AT 1164 TO 1166 WHICH IS THE PRESENT RATE.

THERE ARE SEVERAL COUNTRIES INVOLVED IN ASSURING IRAQ’S SUCCESSFUL SURGE BACK ON THE WORLD STAGE.

THERE ARE MANY AGREEMENTS AND OBLIGATIONS IRAQ MUST FULFILL ONE OF WHICH IS TO ENTER THE WORLD MARKET WITH A TRADABLE CURRENCY COMPATABLE TO THE SURROUNDING AREAS AND OR EQUAL TO OR GREATER THAN THE USD. 

THE BIGGER PICTURE HERE IS LOOKING AT WHERE IRAQ WILL FALL IN WHAT APPEARS TO BE ANOTHER COMING MAJOR REALIGNMENT OF WORLD CURRENCIES WHICH IS ANOTHER FACTOR THAT AFFECTS IRAQ’S CURRENCY AND THE VALUE THAT WILL BE PLACED ON IT. 

AS DAN AND GARY HAVE SAID MANY TIMES NO ONE KNOW’S THE RATE OR THE DATE OR EVEN WHAT WILL BE THE REAL FACT THAT WILL TRIGGER THE RV OF THE IRAQI DINAR

 BUT LOOKING AT THE VALUE HISTORY OF THE DINAR I AM 200% SURE THE IRAQI DINAR WILL RV OR RI AT A RATE COMPARABLE TO IT’S HISTORY OF $2.80 TO $4.86  WITH THE WORST CASE SENARIO BEING 1 TO 1. JMHO.

 A SHORT VERSION I KNOW BUT I HOPE IT HELPS. HANG IN THEIR AND KEEP THE FAITH. –VIPER–

Iraq Budget – Pros / Cons / Analytical Criticism Part 2

- Republic Of Iraq For The Fiscal Year 2015, 

The Pros And Cons, Analytical Criticism Part 2

The show in the table below the government’s plan to identify sources that will be adopted to provide funding ratios, and the consequent benefits and obligations must be repaid later:

Table 2 shows the borrowing rates and the proposed funding in the budget to finance the deficit

Source

Ratios according to sources of funding for the estimated deficit

1. retained stocks of 2014   12.8

2. Special Drawing Rights   9.0

3. The issuance of foreign bonds   26.0

4. the issuance of public debt bonds through the legal statutory reserve   26.0

5. loans and remittances by TBI   12.8
~~~

– The issuance of treasury transfers from Iraqi banks   12.8

The source, who calculated the ratios above him; and document the financial budget for 2015.

Notes, clearly the following:

1. that balances retained from the 2014 clog estimated deficit of 12.8. Perhaps the supervisor was expected to be retained balances are larger in terms of proportion because of high oil prices before recently landing compared to the price in previous years?

2. The issue of foreign bonds and bonds of public debt, together constitute 52% of the proposed financing to meet the size of the deficit. And, of course, will arrange for the payment of benefits to be paid on bonds purchased, which will increase the debt burden of the government for the coming years.

3. Loans and remittance in items 0.5 and 6 in the table amounts Nspthma together 25.6%, which will increase the indebtedness of the government for the coming years, too.

(4) calendar with some of the conclusions and recommendations: We reviewed a budget for fiscal 2015, the structure of the center, and the most important features of the relative composition of expenditures and revenues estimated deficit,

and we have expressed our observations on the implications and repercussions style developed or guess, for not they are based on analyzes of a standard suitable for this purpose.

The essential characteristic clear that oil export revenues constitute the main source of funding, by more than 84%, and the rest of the funding sources, such as taxes on income and wealth taxes commodity indirect and using the funds retained earnings sector, public sector,

and more all do not constitute more than 16% of the value of resources estimated, however, marred by some of the negatives regarding justice element in the distribution of the burden of these taxes, according to the observations that we expressed.

We conclude provide some preliminary conclusions and Nlhakha some general recommendations intensive.

The most important conclusions; apparently through the analyzes provided that the preparation of estimates of this budget was not based on the record amount diagnostic accurate studies,

and not counted account factors of corruption and lack of administrative efficiency in controlling the value of expenditures and resources estimated, but is parked to adopt the style of appreciation speculative based on past practices . And come up with some general recommendations below:

1. Work on the development of methods of estimating the financial budget of expenditures and resources and the inability of the elements, according to sources,

 the adoption of the standard quantitative analytical methods, in order to achieve the degree of probability of greater precision, and to help in the diagnosis of administrative ills and regulatory and Alvesadah in the preparation of the financial budget,

 as not only a tool for the exchange and collection of revenue but also as a tool to achieve development in the functional and financial performance.

2. Consideration should be given to the financial budget as an important tool in the implementation of the required fiscal policies to achieve economic and social budgets in light of the maximum possible growth of the Iraqi economy goals, during the budget year and beyond.

3. remain strategic objective is to work on not only the case of rent-seeking accreditation to export crude oil, but also to consider carefully and warned to adopt the price of a barrel of oil now is to calculate the expected oil revenues in the budget.

This requires the adoption of predictive scientific studies about the global demand for crude oil volume, general and Iraq in particular. For example, adopted a budget price of $ 60 for an expected price of a barrel of Iraqi crude oil source for the year 2015,

 but is now verging on the landing below $ 50 per barrel, and there is the possibility of further decline in the price during the current year.

 But the agency for Global Energy Studies, (IEA), indicate that the price of a barrel could start to rise again, especially in the next decade and the next, because of the potential increase in demand for the desired energy in developed and consumed crude oil states.

However, in all cases to be predictive of advanced studies for crude oil prices in international trade.

As a matter of caution should have this financial budget adopts price of a barrel of oil at $ 40 instead of $ 60, will rise if the increased resources and less need to borrow, it will also help to alleviate the need to increase the direct and indirect tax burden on the people.

Some of the main sources:

1. d. Full dentex; “National Development Plan for the years 2013- 2017″ Published in multiple sites and newspapers.

2. Law No. () for the year 2014, “the budget of the Federal Republic of Iraq for fiscal year 2015″.

3. See Source No. 1 above.

4. See Source No. 2, above.

5. See Source No. 2 above.

6. d. Full dentex; “rentier and sustainable development of the Iraqi economy,” an article published in 2011.

(*) Formerly a regional adviser to the United Nations.

Copyright network Iraqi economists 8/1 / 2015 Permission to quote and re-publication, provided that the source

To download the easy-to-copy printing a PDF click here

 THIS, BELOW, IS A QUESTION TO THE AUTHOR OF THE ARTICLE:

3 Comments

bassam 7   Deployment of January 8, 2015 in 18:02   Peace be upon you.

Doctor, but you think it’s better now that the state is to float the dollar as this procedure could activate the industrial and agricultural sector.

What is the benefit of maintaining a constant dollar price if this works to revitalize the local product import account. Do you think Dr. CBI is able to maintain the dollar’s exchange with all of these economic risks price ..    Sincerely.

I answer to the above questions, and thank you.

Full dentex

THIS IS A REPLY FROM THE AUTHOR OF THE ARTICLE…VERY INTERESTING -

Deployment of January 8, 2015 in 22:40

Dear outlined pink stones on the questions as follows:

1. If the float of the Iraqi dinar, Vstthalk its purchasing power and standard of living of ordinary people become rickety level due to high prices then, especially since domestic production is scarce. And it becomes a great dependence on imports.

2. When importing goods Pushing would be the dollar, if the dollar exchange rate has become or will become low, the amount of dinars paid dinar will double, instead of 1122 dinars to the dollar,

could rise to 50,000 dinars to the dollar, and of course we will have inflation Falt Oanvjari will become people’s lives expensive actually.

3. What the central bank does not is still trying to maintain or at least install the dinar exchange rate to the dollar, to spare citizens distemper collapse of the purchasing power of the Iraqi money ..

4. Valtauam requires that you have a production base that can compete with goods Almistorhn Vine is now in Iraq?

5. How activates the agricultural sector or the industrial and production costs, especially expensive imported materials Iraqi dinar? As the imported goods will be cheaper, and therefore the expansion of local production will be difficult.

6. Central Bank Bgdarh DZ Shabibi was trying to preserve the purchasing power of the Iraqi currency, and that he was selling the dollar in auctions over the dinar was introduced and withdrawn from the market to strengthen its purchasing power against the dollar.

flotation conditions are not now available in the Iraqi Aafqatsad.

Thank you

full dentex

THIS, AGAIN, IS THE COMMENT IN REPLY TO THE AUTHOR’S ANSWER – ABOVE:

Publication of January 9, 2015 at 12:54   Thank you Doctor.

God, your words correctly. But I think he now fares do not Eogod fact to face the economic crisis and all that is happening is prosthesis solutions.

 For example, because the process of import cars are in abundance and it hurts especially the Iraqi economy and you know that Iraq imports more than 60% of the petroleum products from abroad, and that because of the ability of refiners Limited in Iraq.

Means to float the dollar will be, but not the will of the central bank is now the price of oil to $ 50 cost of extraction in Iraq said high as $ 21 more and you can be sure of the number.

The Central Bank can not maintain a fixed exchange rate under conditions so? Imposition of taxes does not solve the problem, but should stop importing specific commodity, for example, such as cars and the trend towards increased production of refining refineries.

should work now in order to save the Iraqi economy and this is Msalatkm Dear Dr. Tstieion through educating people first through economic seminars.

The International Energy Agency announced The United States will become the largest exporter of oil in 2017 by 13 million barrels as the oil shale production costs fell in the United States to $ 75 now. Moreover, the search for alternative oil Gary afoot energy.

The European Union has now taken the decision that is run media shipping gas, produces a quarter of Britain’s electricity from wind now. It’s the product life cycle for oil,

This is my opinion, and excuse me, I am an accountant and I’m not economist and you know me economy, I think it’s high oil prices pushed the producer countries to look for alternatives.

We as Iraqis to think about the future of economic Iraq from now.

Thank you Doctor full dentex.

If you have any Notes please give me out.

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http://iraqieconomists.net/en/

6 proposed amendments to the draft budget) (6, 6)

Ward star   Thursday , January 8, 2015

   We’ve talked in previous publications on the six major errors in the budget (austerity and method of funding and cash session and insisting on state ownership and dollarization and the neglect of domestic production), and to address these errors, it requires modifications to the budget,

 it is true that Iraq is in dire need of a fundamental change in the preparation of system budget ranging from philosophy and approach to economic meant passing through the methods of data and techniques used in the preparation and control of performance and nutrition inverse of the information collection, 

and this requires a broad government effort and for a long time, training and the provision of supplies, but this article focuses on a possible and necessary adjustments to address the complex problem of negative results expected from budget 2015 austerity,

 at which time you must join hands in efforts in the face of the terrorist attack suffered by Iraq, and in the forefront of these efforts to raise the morale of the Iraqi people and the development of local production sectors, and seeks amendments contained in this article is to achieve total goals in the forefront: 

  Improve the quality of life of the Iraqi citizen, and not pressure him, and this is done through several methods including the abolition of the procedures contained in the draft budget concerning the imposition of fees or taxes on mobile or on local factors of production, 

and to start a national campaign for housing, and the allocation of at least 5 trillion dinars to support poor families and displaced persons and displaced persons, 

and to reduce the disparity between salaries in the operating budget, and reduce the current fuel prices, and improve the ration card and salary increase, particularly retirees, workers and the continuation of appointments and contracts until the improvement of local employment opportunities. 

 Response to the requirements of the Iraqi economy and not fall into the problem of the economic recession, and this is done through several methods of the most important increase in public spending of the state to 235 trillion dinars, and reduce state ownership size, 

support mixed and private sectors to encourage the public to buy shares of state-owned companies that are privatized and retained with a large reserve to meet future risks, and the development of the Iraqi capital market in order to be able to perform the tasks required of it.  

Response to the requirements of the local security through several means, including transfer pattern (of conduct) consumer of imported goods to domestic goods, and strive towards self-sufficiency, and reduce domestic production costs, and to prevent the importation of goods that can be produced or irreplaceable production locally. 

 Preservation of Iraq’s wealth of foreign currency, and this is done from the adoption of several methods, including, select the number allowed to state its use of oil revenues in foreign currencies, 

including no more than 30 billion dollars, and keep the rest asset reserves of the Central Bank and the coming generations, and compel the government not to intervene in the exchange rates Locally dollar, and open a window for trading the dollar and the metals in the Iraqi capital market, and the inclusion of imports of the public sector tax and customs duties, and the recovery of money smuggled out of Iraq or hidden inside. 

  
We will give in this article is a simplified picture of the amendment procedures that can be of the Council of seizures approval within his constitutional powers, or returned to the government to work under which it does not need a long time,

 knowing that he already we have a more comprehensive amendments to the budget of 2014 has been filed by the Committee of Economy representative to the House of Representatives, but not discussed because of the adoption of the budget in the sense that they are utilized. 

  

The special revenue adjustments, including changing the sale price of oil now from $ 60 to $ 50 in harmony with the international prices, and the adoption of the exchange rate between the government and the central bank for the purposes of mutual settling accounts at 2,000 dinars / USD, 

and add the amount of 100 trillion dinars from sell assets and state companies, convert 5 trillion dollars of taxes that are imposed on the poor to the tax levied on imported goods for which there is a local alternative to it, and on this basis, the total revenue will be up to 235 trillion dinars. 

The amendments in expenses, is up by maintaining a selected number of government operating expenses and investment of 125 trillion after making detailed changes within it, 

and most important of these changes are deducted (10) trillion dinars of investment expenditure and turn them into operational expenses that affect citizens like services, education and health ration card with the aim to reduce the disparity between the salaries, 

and are required to correct the overhead use rationalization policy rather than austerity, and rationalization serving to reduce unnecessary expenditure for the necessary expenses that affect citizens’ daily lives while maintaining the number total expenses, 

also requires the correct door expenditure allocation of a new item named financing expenses total amount of $ (45) trillion dinars allocated to finance economic activities through the Fund for National Development with a capital of $ 30 trillion is working on financing for local production sectors easy procedures and the usefulness of a simple no more than 2%, 

as well as the allocation of (5 ) to start the campaign trillion housing through soft loans, and that includes this item funding of social activities through the allocation of $ 5 trillion dinars to reduce the level of poverty, and pay the rest of the provincial share of the allocation includes petrodollars. 

And ending with the revised budget presence reserves of by 65 trillion of them (60) trillion reserves of the Central Bank’s foreign exchange retention of oil revenues for 2015 and $ 5 trillion dinars reserve additional contingency, the following table shows the main lines of the budget amended, 

note that the full amendments to The bill is currently in the House of Representatives / Committee of Economy, which is generally a modest contribution need to debate and correction and revision, 

and it should be noted that some people might think some difficulty in the application of these amendments, but we are confident that this difficulty is slimmer than expected from the original budget difficulties, 

and must the confidence of the Iraqi people, officials and its ability to overcome the difficulties when he finds (people) the government is keen on interests and work to improve the quality of life and raise morale, The budget political, humanitarian and economic their meanings should be a tool to make life easier and not vice versa. 

BLC Admin Tlm724 News & Comments

Morning News Comments 01/03/2015

Parliamentary Finance postpone its meeting on the budget discussion for tomorrow and confirm presented for the second reading session Wednesday

[tlm724] Sunday the 4th for finance comittee meeting then Wednesday the 7th for a session in parliament to read it the second time

[tlm724] works for me Wink 

~~~

Oil agreement between Baghdad and Erbil enter into force

[rsp1] Starting YESTERDAY!!!!!!!

[tlm724] yesterday done deal, we knew that part already but still great to see there was no issues

[rsp1] I agree…

[cat] check mark

 [tlm724] cat  Wink   yes

[rsp1] cat..your list must be getting pretty short by now…

[tlm724] it was on BondLady ‘s list

~~~

Parliamentary economy exclude deletion of zeros from the currency in the current year

[tlm724] ruled out a member of the parliamentary economy, the deletion of zeros from the Iraqi currency in the current 2015. Najiba Najib said today that “there was a project and plan but not the short-term,”

[rsp1] So…this is saying “Not yet”?

[tlm724] well Najib is definetly a negative nellie

[tlm724] rsp1 consider the source, it is NOT up to her first and foremost, she is stating her opinion here

[tlm724] the success of the process of deletion of zeros from the currency need to executive and legislative plans.

[rsp1] didn’t think so…however, Najib has a point here.

[tlm724] need to unite all the banks.”

[rsp1] Do we know how close they are to doing that? I know they’ve been working on it, but I’m not sure what all has to be done yet.

[tlm724] these are opinons , lets not go off the deep end here

[rsp1] Not trying to…just trying to understand where it’s at in the process…the uniting of the banks

[tlm724] we have seen many directives on the CBI site and we know the banking laws are ready and have been ready

[rsp1] They are, after all, getting a handle on the security and even the economic stability piece of this puzzle

 [tlm724] they are linking now it’s all become a formality at this point

[rsp1]    – I do have a question…

  [tlm724] go ahead

[rsp1] Has Shabibi been reinstated at the Head of the CBI yet? I haven’t seen anything proof positive, but I think that’s their plan.

[tlm724] no he hasn’t 

  [tlm724] remember what BL always says. If they are talking about it in the news then it means the subject matter is in the forefront of discussions !

[tlm724] these are opinions only ! It does not mean the project will be delayed , all we can do is watch for further action !

http://www.bondladyscorner.com/t109304-morning-news-comments-01-03-2015

Millionday Friday Roundtable Part 1

Millionday Roundtable 1/2/15  Part 1

Welcome to dinarupdates.com for Roundtable with Millionday!

Millionday: Excluded a member of the parliamentary economy, the deletion of zeros from the Iraqi currency in the current 2015.

Said Najiba Najib told all of Iraq [where] today that “there was a project and plan but not short-term,” pointing out that “this plan can be implemented within two years or more

Millionday: NOTE — THIS IS JUST PARLIAMENT

Millionday: Najib explained that “the main obstacle to this plan is the” security situation, which is currently gripping the country, “stating,” We are waiting to take steps by the organization [OPEC] to limit the fall in oil prices. “
~~~

“The current currency is not commensurate with the economic crisis that hit the country,” asserting that “the success of the process of deletion of zeros from the currency need to executive and legislative plans.”

Millionday: NOTE — DO NOT BELIEVE A PLAN OF THIS SIZE IS NOT ALL PLANNED OUT ALREADY –

Millionday: NOTE — THIS IS WHY I AM SHOWING YOU THIS

Millionday: She noted that “the central bank alone can not implement this project but need to unite all the banks.”

He economist Jamil Antoine said earlier that the deletion of zeros from the currency is a currency revaluation structure, and to alleviate the large digital accounts burden treasurers, and alleviate the burden of accountants in counting the transfer of numbers,

“noting that” this is not the time to replace the currency, and that to the lack of security and economic stability

Millionday: AS WE KNOW CBI HAS UNITED ALL BANKS LAST WEEK AND ALSO — I LOVE SEEING THEM SAY IT IS GOING TO REVALUE — WHOOPOW

Millionday: OBVIOUSLY THE LAWS WILL ALL BE IMPLEMENTED AND THIS IS JUST AN INTERVIEW BUT ALSO REMEMBER WE LOVE TO SEE RV

Millionday: I DISAGREE WITH THE BANK INFO — THE BANKS HAVE BEEN TOLD AND REPORTED TO COMPLY INTERNATIONALLY — THEY ARE PULLED TOGETHER

Millionday: NOTE — I WAS SENT THIS

Millionday: Changes in currency exchange rates. When the exchange rate between the foreign currency of an international investment and the U.S. dollar changes, it can increase or reduce your investment return. How does this work?

Foreign companies trade and pay dividends in the currency of their local market. When you receive dividends or sell your international investment, you will need to convert the cash you receive into U.S. dollars.

During a period when the foreign currency is strong compared to the U.S. dollar, this strength increases your investment return because your foreign earnings translate into more dollars.

If the foreign currency weakens compared to the U.S. dollar, this weakness reduces your investment return because your earnings translate into fewer dollars. In addition to exchange rates,

 you should be aware that some countries may impose foreign currency controls that restrict or delay you from moving currency out of a country.

Millionday: What is an index? An index is a group of stocks representing a particular segment of a market, or in some cases the entire market. For example, the Standard & Poor’s 500 index represents a specific segment of the U.S. capital markets.

 Foreign stock markets also may be represented by an index, such as the MSCI EAFE index, a well-known index in more developed foreign markets, the Nikkei index of large Japanese companies, or the CAC 40 index of large French companies. The components of an index can change over time, as new stocks are added and old ones are dropped.

Millionday: NOTE — REMEMBER THAT IT IS VERY IMPORTANT TO IRAQ TO HAVE A CREDIT RATING

Millionday: IT DETERMINES THE SAME AS WITH AN INDIVIDUAL IN A WAY — INTEREST RATES PAID ETC

Millionday: Dramatic changes in market value. Foreign markets, like all markets, can experience dramatic changes in market value.

One way to reduce the impact of these price changes is to invest for the long term and try to ride out sharp upswings and downturns in the market. Individual investors frequently lose money when they try to “time” the market in the United States and are even less likely to succeed in a foreign market.

When you “time” the market you have to make two astute decisions — deciding when to get out before prices fall and when to get back in before prices rise again

Millionday: I JUST Had TO SHOW YOU THIS

Millionday: SOMEONE REALLY SENT THIS TO ME    SMILE

Millionday: NOTE — THIS IS SAID TO BE DONE THE 7TH

Millionday: A member of the Commission on oil and energy parliamentary bloc of the citizen Aziz Kadhim Alwan, on Thursday, to approve oil and gas law will have a significant role in overcoming the financial crisis.

Alwan said in a statement received by the agency / information / copy of it, “Oil Minister Adel Abdul Mahdi, plans to put several studies on the licensing and contracting with a solid and powerful companies serve Iraq, and take the correct and positive steps to overcome the current crisis.”

Millionday: “The problems facing the export of oil in the southern provinces is when rainfall or when a storm simple winds where the export of oil stops completely, due to lack of oil tanks, enough for one day, which thus leads to stop the export of two and a half million a day.”

And Acharalon to “the importance of benefiting from the Kurdistan oil product from a day / 250 / thousand barrels as well as the oil of Kirkuk, the product of / 300 / thousand barrels per day,”

stressing “the need to contract with a reputable firms serve Iraq at the moment and address the scarcity in the reservoirs and oil refineries, roads and railways and electric power. “

Millionday: NOTE — THAT IS STRANGE THEY STOP WORK WHEN IT RAINS ? I THINK THE TRANSLATION MUST BE OFF

Millionday: NOTE — THEY HAVE BIDDING GOING ON FOR RESERVOIRS, REFINIERIES, ROADS, RAILWAYS, AND ELECTRIC BY ALL REPORTS

Millionday: The leader of the Kurdistan Alliance MP in the previous parliament, Mahmoud Othman, said on the seventh of this month, “The recent agreement between Baghdad and Erbil, will open the way for approval of oil and gas law beginning of the year

Millionday: NICE — THE 7TH OF THE MONTH TO MOVE ON HCL — ITS FUNDING IS THROUGH THEIR PRODUCTION

naphtali: This morning tman brought in an article that stated what looks to be HCL completed and shared with the world. Subgirl if she is on might be able to gather it up for you to see.

Millionday: THE HCL IS DONE

Millionday: THAT WAS ABOUT ITS ACTIVATION

Millionday: GOOD POINT HUN

naphtali: so they will activate it the 7th

Millionday: THEY ARE MEETING WITH THE HOPES TO

TONYV: There seems to be a lot happening on the 7th of this month, CBI payment system, Parliament budget, etc. ISX original go live date.

Millionday: I AGREE — LOTS HAVE THE 7TH BEHIND IT

Millionday: HMMM

Millionday: I CANT WAIT FOR THE 7TH TO SEE WHAT GOES ON

Millionday: Kurdistan Region – More than 10,000 people from the Sunni heartland of Nineveh province have volunteered to take part in the expected assault on the Islamic State (ISIS), its exiled governor said Friday.

Earlier this week, while visiting a training camp for the volunteers, Atheel Nujaifi praised the Sunni volunteers and said the force is quite prepared for the offensive against ISIS. Nujaifi has been in Erbil since August when jihadists captured Mosul.

Following a coordinated attack last week, a number of villages were recaptured from ISIS. Forces from the Sunni tribes supported by the Peshmerga and US-led coalition airpower gained control of areas surrounding the town of Makhmou

Millionday: WONDERFUL

Millionday: Iraq’s Speaker of parliament, Saleem Jabouri, a Sunni, has called on the US to arm Sunni volunteer forces that plan to take on the jihadists in ISIS controlled areas across Iraq.

Meanwhile, Peshmerga forces repulsed an ISIS assault Friday on on the frontlines of Qasrij villages in the town of Zumar, killing six 6 ISIS militants.

Ghaias Surchi, an official of the Patriotic Union of Kurdistan in Mosul, announced: “With the defeat, six ISIS militants were killed, and then the US-led coalition warplanes shelled the ISIS bases in the area.”

Millionday: Early morning, ISIS launched a two-pronged attack from Mount Zardik and the Bashik front. With the help of heavy weapons the Peshmarga defeated the assaults,” he said.

“We are thankful to the God we did not have any casualties” he added.

Millionday: THEY ARE TAKING BACK THEIR NATION BY THE LOOKS OF THINGS WITH LOTS OF HELP

Millionday: AND AS WE HAVE READ DOING A GREAT JOB AT IT

Millionday: I HAVE SOMETHING ON IMF REPORT BRB

Millionday: Economic Adviser to the Prime Minister D.mzar Mohammed Saleh, on Thursday revealed, for the government to take a number of ways to help fill the shortfall in the general budget for 2015.

Saleh said, in a statement to “Ein Iraq News,” that the federal government’s actions and the ways many have taken to cover the deficit in the budget of 2015, including domestic borrowing in all its forms and borrowing from the International Monetary Fund,

as well as borrowing from the Islamic Development Bank as Iraq holds a membership in it, in addition to the $ 5 billion worth of projects that are repayable on credit after expenses improved oil prices. “

Millionday: Saleh added that “there are contracts with international companies in order to implement several projects in the energy, construction and also be paid for on credit,” adding that “all these things that will clog the shortfall in the budget does not need to be other ways.

Millionday: SO SALEH IS SAYING THAT THEY CAN BORROW FROM MANY — AND THAT THEY PLAN TO — I WISH ALL COUNTRIES WORRIED ABOUT THEIR DEFICIT THE WAY THEY DO — SMILE

Kenneth Davis: What about ALL the banks being back towhere they were before the ISIL started their insurgence . Will the rv takeplace before they are all in operating condition and what about the provincesthat are still under ISIL control? Thought these things had a factor in allthis>

Millionday: Kenneth HAVE YOU BEEN WATCHING FOX TV?>

Kenneth Davis: no>

Millionday: ACCORDING TO MIDDLE EAST NEWS THEY ARE DOING WELL WITH ISIS AND DAASH COMPARED TO WHERE THEY WERE

Millionday: Parliamentary Finance Committee announced on Thursday for a meeting next Monday to discuss the budget and make some adjustments before they are presented to Parliament in the seventh month of the current session. 

Said committee member capable Mohammed told / information / “was scheduled to hold a committee meeting next Sunday and then the meeting was postponed to Monday because of some special circumstances for Congress Committee.”

Millionday: I BELIEVE THIS WAS FOR THE DEPARTMENT OF EDUCATION

Millionday: AS WE ALL KNOW THEY HAVE TO CHANGE EVERYTHING FOR IRAQ`S NEW DEMOCRACY AND WHAT WILL BE TAUGHT IN THE SCHOOLS

Millionday: IT MUST BE A HUGE EXPENSE

Millionday: NOTE — AND WE ARE BACK TO THE 7TH

Millionday: “The Committee will hold a meeting next Monday to discuss the budget and make some transfers and complete all observations on the budget and prepare a report for submission to the Parliament in the seventh month of the current session.” 

The House of Representatives held an emergency session completed the first reading of the budget and then to raise its seventh of this month for the second reading of the budget.

Millionday: WE HAD A REPORT THAT STATED THAT ALL THE READING AND VOTING WILL BE ON THE SAME DAY FOR THE BUDGET

Millionday: THIS REPORT SAYS THE 7TH AGAIN

Millionday: IT KEEPS GOING BACK AND FORTH BUT WE ARE GOOD WITH THE 7TH AT THIS POINT

Millionday: 10 YEARS + WHATS A FEW DAYS TO SEE WHAT HAPPENS IN THIS BUDGET

Millionday: SMILE

Millionday: Further to Bektaibna No. 2196 on 12.15.2014

According to the Central Bank of Iraq No. 1610/23 on 12/21/2014 included: direct bank branches not to send and receive electronic instruments to two (7-8) / 2015/1 on the occasion of renovation Iraqi payments system by the Central Bank of Iraq.

Board of Governors decided to be the first trading session of the new year on Sunday, 11/01/2015

Millionday: PARLIAMENT IS MEETING ON THE GUESS WHAT DAY

Millionday: 7TH

Millionday: THAT IS THE ISX  —  IRAQ STOCK MARKET FOR THOSE WHO DONT KNOW

Millionday: I LOVE THAT — RENOVATION?

Comments may be made at the end of Part 2  Thank You

Bits and Pieces Christmas Eve Night

TNT

[daz] IN COMMON LANGUAGE “THE 11TH HOUR” ALWAYS MEANS “AT THE LAST MINUTE” …IN MILITARY TIME ITS 11AM, IN COMMON LANGUAGE ITS THE LAST HOUR BEFORE MIDNIGHT

THE IMPORTANCE OF THE STATEMENT MORE THAN THE TIME IS THAT ITS CLEARLY STATED ITS SOON RATHER THAN LATER IN THE BIG SCHEME  IMO

[Thebes] Ok 3am or 11am?

[daz] SMASH YOU CLOCKS AND BURN YOUR CALENDARS
….
***********

Jimbake:  I thought the usage of this term, The 11th hour, was interesting because of it’s various possible meanings.

So be aware, it could mean something other than what you/we may assume! :)

For instance, from urban dictionary and wiktionary it says something along these lines…

===============

The 11th Hour 

-Used to describe the final moments of a given event, or situation where change is still a possibility. 

-Right before a deadline.

eg. “I procrastinated all night and now, in the 11th hour, I need to work my butt off to finish this report moments before it is due.”

================

We will see what it means for the RV and Iraq when we get past…The 11th hour! :)

***********

Randyful:  tman23 Earlier today in Iraq, the banking call center hours were taken down…These hours a few weeks ago were extended from 3:30pm closing to 11:30pm… Today [Tuesday] the hours of operation came down…3 centers now operating 24hrs a day….As of today. Confirmed!

***********

Tysonace:  announcement in black ink that tony referred to on call.

The Cabinet approved the draft federal budget law for fiscal 2015.

A statement by the Office of the Prime Minister Haider al-Abadi said the cabinet approved in its regular Tuesday on the draft federal budget law for 2015 and forwarded to the House of Representatives.

He said a committee was formed under the chairmanship of Prime Minister Haider al-Abadi and membership Deputy Prime Minister Bahaa al-Araji, financial planning, higher education, scientific research and transportation and ministers, to review and re-formulations of some materials budget legally.

The head of the House of Representatives Saleem al-Jubouri announced Tuesday, for convening of a special session of parliament on Thursday to discuss the budget.

Jubouri said in a press statement that it was decided a special session of the budget held at 11 am on Thursday morning, December 25

link i pulled it from

http://www.iraqnewspaper.net/news.php?action=view&id=39171

*******************************

I4U:

[BigDog-OH] @JCR3758: Yes it is true that Parliament is expected to make an announcement on the budget tomorrow at 11AM their time. Should be final approval.

Iraq can still officially release it today. Only people w special invitations are exchanging today. 800s & instructions should come out Fri

There are no delays and exchanging will run till the end of month and resume in Jan.

 Appts will be scheduled based on how fast you call in. UST has authorized the banks to get ready & educate their people on the proper procedures and handling.

They are on very high alert.

 Enjoy this Christmas Eve knowing that our financial blessing is coming but don’t forget your other blessings. Share w your family & friends

**********************************

Stage3alpha:

R.V. / GCR December 24, 2014 at 3:03pm In leiu of christmas I am sad to disappoint You. As, i am not calling an RV/GCR TODAY BUT WILL WAIT for Tomorrow……MERRY CHRISTMAS.

R.V. / GCR December 24, 2014 at 8:15pm Tonights your night i tried not to call it today but, God has another plan….HAPPY RV/GCR….I`m calling it. For friday appointments using 800 numbers you find in the morning

KTFA:

Frank26 » December 24th, 2014, 10:08 pm 

Iraq’s Parliament Calendar only has 1 item scheduled for the entire month of December. That is the Budget on Thursday.

KTFA,    Frank…….. TY Jeff P.​

************

JJONESMX » December 24th, 2014, 10:09 pm   

A little look back in time… *JJ*

Dinar: Dr. Shabibi answering revaluation and redenomination questions

Published on Oct 21, 2012

Original Footage by: Frothbucket. Video edited by coquidinares.
Date: Abril 19,2011
Location: US Chamber of Commerce Washington, DC

Dr. Shabibi answers a revaluation and redenomination question made by two attendees.

Transcript:

Question: Revaluation
With respect to the ongoing and need of stability in Iraq
and its exchange rate, we did not follow that there is a direct need for a potential revaluation of the currency to its due for domestic and foreign investment in Iraq, and in regard to that, how far you believe we are from a potential revaluation of the Iraqi currency.

Shabibi answer:

Well thank you very much for this question and the … ahmmm ……. even if I know the answer I cannot tell you .. (laughter) the thing is … you cannot have an economist saying without….the answer depends, so the question here is if revaluation is really going to depend on what extent we are going to continue controlling the inflation.. as you know, if you go to the Central Bank website … the first job is maintaining price stability .

So there is a little bit of inflation in Iraq … it use to be 2%… 3% … now is about 5% .

But we are watching that very carefully … If this inflation
continues we will have to revisit the question of exchange rate because revaluation depends on inflation … of course .. the other factors that determine the movement in currencies are a lot … sometimes we look at trade, exports and imports, all the obligations, the balance of payments and all this things …definitely no doubt you look at those … but those are problems related to the development part of the economy.

The question of maintaining a price stability is really something …you see the inflation and all this things….. cause nobody else in the economy is concern with inflation …. the government puts its budget… the government is the spender and the Central Bank its saver…. It’s not very important for them to concentrate on inflation …. so actually the question here is we are going to track and follow the development in inflation first and of course other factors which I mentioned. Second then will determine our exchange rate movement.

Thank you Governor. This may be the same question, so I can understand if you can’t answer. My name is Bob Kelly, I am an Investor in Iraq, the Summit Hotel in the International Zone with the OPEC financing.

Question: Redenomination

I’ve heard a report in the last couple of days That Iraq is about to cut three zeros off the currency …they call that re-denomination that may be the same question (revaluation) that you just received but I wonder if you had any information about that.

Shabibi answer

Well, I mean …. I don’t know whether if it is the same question (revaluation), I think this cutting of three zeros… shouldn’t be exaggerated … actually that is the problem…the question is … just ” re-denomination” …. and …. people writing a lot of articles in the news papers… criticizing the Central Bank…., that is going to …. the value the Iraqi dinar… that is going to depreciate … all kinds of talks. This is a question, just actually, to facilitated payment… ease of counting and all this things…. and of course when you see a lot of figures, you see trillions and huge figures…. if you want to be precise and you see twelve figures or fifteen figures or digits … So I think we have a plan on that.

If you remember … why …. there was not a government decree to add this zeros. It happened because of the course of development of the economy at the beginning of the eighties…. Inflation was very high … Inflation was rampant and therefore … I mean small denoms start not to be use … so government started to add the three zeros at the time…. and of course conditions are different now .

Inflation is under control, exchange rate is manage by the Central Bank…. all these things when you have the zeros you could not manage … not because of fault of the government or the Central Bank (only) … which I think there was but because there were a lot of exogenous (external) factors.

I’m not saying that we are champions now I mean … there were a lot external factors which affected and a lot of people did not know what to do, so they started to add three zeros and all this things.

So now the situation is completely different from that time, you had a high inflation, you have now a low inflation, you had actually something which is a stable macroeconomics situation . At that time the situation was not stable . So the only way to combat all of this things at the time was to increase the denomination and put three zeros.

I think … to bring back the Iraqi dinar, when in fact remove three zeros …. Of course, this has to go hand in hand with control of the exchange rate and all things that, and we’ll see … I think now, is likely to be …. are studying … not study, we actually decided in So when you implement it. Removing three zeros this is very soon, but of course this requires not only the activity of the Central Bank requires a lot of propaganda, much advertising campaign and all these things, and there will probably be a campaign … educated a lot of people on these things …. and I think it needs a lot of help from the government, many in the government, especially the security forces, and hope that the security forces becomes less busy with the issue of violence, so they can give more time for us.

https://www.youtube.com/watch?v=ol8wve53-ME&feature=player_embedded#t=0

Mary did you know:

http://www.youtube.com/watch?v=ifCWN5pJGIE&feature=player_embedded#t=0

Currency Exchange Apt.Tips and Suggestions From SusanSaw at TNT

 You may want to modify or make a copy to fit your own individual needs and circumstances:   This content is for general information purposes only and does not constitute advice of any kind. All information given is the opinion of the provider.

SusanSaw:  BANK EXCHANGE ON 800 ## FOR IRAQI DINAR (“IQN”)

CALL 800 ## CALL CENTER FOR A BANK CURRENCY EXCHANGE APPOINTMENT:

The 800 ## will be released to “Dinarland” when the Global Currency Reset (GCR) is announced.  The 800 ## are promised to be posted on either or all of the following:  Twitter at TNT Tony @THE_TNT_TEAM,  tntdinar.com, s3alpha.net, dinarrecaps.com, iqdteamconnection.com, tntsuperfantastic.com, tntsuperfantastic.net, and superfantastic.org. 

[  ]  Strongly suggested to use a “burner” prepaid phone once for this call then discard the phone.

[  ]  Bank Name________________________________  

[  ]  Bank 800#______________________________
….

[  ]  “I am calling to schedule a ‘foreign currency exchange’ for my ‘IQN Iraqi currency’ for US Dollars.Don’t say “cash out” & likewise don’t say “Dinar” or “IQD” on this call.  Say “VNN Vietnamese currency.”

[  ]  My name is ___________________________

[  ]  My Email address is _________________________

It is suggested to usespecially encrypted email service by hushmail.com, unseen.is or cryptohippie.com for this exchange then switch out to a similarly secured VPN server for your computer function.A new laptop with VPN installed is suggested to be used for this exchange but alternatively, use a computer at your public library or community learning center.

[  ]  My zip code is __________

[  ]  I have (                     ) IQN (dinar) Iraqi currency

[  ]  I have (                     )  VNN (dong) Vietnamese currency

[  ]  I have (                     )  RPN (rupiah) Indonesian currency

[  ]  I have (                     )  ZWN (dollar) Zimbabwe currency

FILL IN THE BLANKS FOR EXCHANGE APPOINTMENT FROM CALL:

[  ]  Your appointment is on _________________________(DATE) 

[  ]  TIME: _________________________

[  ]  The Location is ____________________________

BRING TO CURRENCY EXCHANGE APPOINTMENT:

[  ] 3-Ring binder with pockets and tabs for most things you’ll bring to, and in turn collect from the bank (ie. signed doc’s & receipts) at appointment

[  ] Driver’s License

[  ] Copy of Driver’s License ~ When bank keeps a copy of your Driver’s License ask that the street address be masked or deleted.

[  ] Second form of ID (a credit card or passport)

[  ] Other forms of ID which you might need

[  ] Any gift letters (to you) BUT DO NOT PRODUCE UNLESS ASKED.  More than likely, these documents will only come into play for tax time

 [  ] A pad, blue pen to take notes, and calculator and black (UV) flashlight

[  ] IQN / VNN / RPN/ ZWN currencies and purchase receipts

[  ] COLOR COPIES OF IQN / VNN / RPN / ZWN currency and purchase receipts ~ in duplicate ~ to be signed & dated by bank personnel ~ leave 1 set of signed copies with bank following verification of currencies

[  ] Extra note of caution bring photos of a few of your currency bill taken under black (UV) light which demonstrate the anti-counterfeiting features on the bill – leave 1 set with bank as above

[  ]  Black (UV) flashlight ~ to demonstrate to bank personnel your currency is not counterfeit, if bank does not have a De La Rue machine which authenticates currency

ARRIVE AT EXCHANGE APPOINTMENT:

[  ] “I am here to doa ‘foreign currency exchange’ for my ‘IQN Iraqi currency’ for US Dollars.  (Never say “cash out” & likewise never say “Dinar” or “IQD” at this appointment).”

 [NEVER LET YOUR PHYSICAL CURRENCY OUT OF YOUR SIGHT AT EXCHANGE]

 [  ] Have your currencies verified on site, and leave 1 set of signed copies with the bank following verification. 

[  ] Sign FINCEN Form 112 (formerly 104) ~ Currency Transaction Report  ~~    Make sure bank exchanger checks off BOX 33 in SEC II for currency exchange.  It’s an IRS form and you want to be taxed lower for a currency transaction, as opposed to an investment.                                          

[  ]  Spread Fee for Currency Exchange ~ Don’t pay spread fee to bank for reason that you are bringing in a greater amount of USD to bank which would surpass the threshold for such fee were it at the front end.  You may be asked to pay 2% total fees which is acceptable to us.  But they may try for 15% like the Kuwaiti Dinar but don’t pay it& ask bank manager to waive fee.

 [THIS CHECKLIST DOES NOT COVER EXCHANGE USING U.S. CONTRACT RATES,          BUT INSTEAD ONLY MARKET(FOREX)& INTERNATIONAL RATES ~ SORRY]

 OPEN NEW BANK ACCOUNTS FOR USD CURRENCY:

Be flexible with yourself!  Time is short at your 1st banking appointment.  You may open only two of the five bank accounts per currency listed here.  You might only get to open, ex. Sweep and Major Account but regarding IQN Reserves, if the bank exchanger will wire for your Reserves you’ll need to open at least the additional Bank Wiring Account.    

I’ll be opening 5 Non-Interest Bearing (NIB) accounts per each currency.  NIB account is chosen separately for each currency to simplify the taxes and accounting which will follow, and it maintains a higher level of security for you.  Iraqi IQN in particular may be backed by new US Treasury notes rather than Federal Reserve notes and so may maintain higher value as our existing dollar falls.(Prepare for the flip side of the GCR).

#1 Account:  Sweep Account opening to exchange ______ into USD.  You will sweep this account empty the same day into #2 Account the Major Account because initial bank deposit can become public information whereas internal transfers do not. Then close Sweep Account.

#2 Account:  Major Account Internal transfer of all within #1 Account into #2 Account.  From Major Account you transfer any needed money to #3 – #5 Accounts..

#3 Account:  Tax Excrow Account Internal transfer of 55% of Exchanged Total in USD into this account to save for taxes.

#4 Account:  Bank Wiring Account ~ Use for bank wires ex. paying Dinar Reserves ~ possibly close this account immediately after the wire(s) which pay off your reserves to prevent ex., a reverse wire.

#5 Account: Daily Expense Account.

**********

All Accounts Must Be:fNon-Testing, Non-Training Accounts and Access Restricted From All Nonessential Banking Personnel.  Also these accounts are not available online

 All accounts must be at zero (0) balance in USD before depositing exchanged funds in USD into accounts.

~ Make two (2) copies of this page for each Currency — 1 for you & 1 for banker
~ Check off each receipt as it’s made and label receipt by type & ##, ex. IQN – #1


OPEN 5 NEW BANK ACCOUNTS FOR CURRENCY (______) _________________


 Open Bank Accounts ## 1-5        Actual Bank Account Number
                           Rec’t #
#1 (SWEEP)              #_________________________________   0 Bal. Receipt  [  ]   1

#2 (MAJOR)               # ________________________________    0 Bal. Receipt  [  ]   2

#3 (TAX EXCROW)     # ________________________________    0 Bal. Receipt  [  ]   3

#4 (BANK WIRING)    # ________________________________    0 Bal. Receipt  [  ]   4

#5 (DAILY EXPENSE) # ________________________________    0 Bal. Receipt  [  ]   5

Sweep Acct           DEPOSIT ALL USD INTO ACCT# 1                        Deposit Receipt [  ]  6

ACCT# 1              TRANSFER 100% ACCT# 1 TO ACCT# 2             Transfer Receipt  [  ]  7

Major Acct            CLOSE ACCT# 1                                            0 Final Bal. Receipt  [  ]  8

ACCT# 2              RECONCILE ACCT# 2                                             $ Bal. Receipt  [  ]  9


Tax Excrow   TRANSFER 55% OF ACCT# 2 INTO ACCT#3               Transfer Receipt  [  ] 10

ACCT# 3       RECONCILE  ACCT # 2 ~ BEFORE WITHDRAWING

Bank Wiring  TRANSFER $_______ FROM ACCT# 2 INTO ACCT# 4 Transfer Receipt  [  ]

14
(Reserves)    RECONCILE  ACCT# 2 ~BEFORE WITHDRAWING $        $ Bal. Receipt  [  ]

15
ACCT# 4      RECONCILE  ACCT# 2 ~ AFTER WITHDRAWING $          $ Bal. Receipt  [  ]

16
                    RECONCILE ACCT# 4 ~ AFTER DEPOSITING $               $ Bal. Receipt  [  ] 17

PAY OFF “IQN” RESERVES FROM ACCT# 4

       BANK WIRES OUTGOING:          GET BALANCE IN ACCT # 4 AFTER EACH WIRE

        a) Amt $ _________      For ___________________________ $ Bal. Receipt [  ] 18

        b) Amt $ _________      For ___________________________ $ Bal. Receipt [  ] 19

        c) Amt $ _________      For ___________________________ $ Bal. Receipt [  ] 20

        d) Amt $ _________      For ___________________________ $ Bal. Receipt [  ] 21

MAKE SURE YOUR EXCHANGED RESERVE PROCEEDS IN USD WILL BE WIRED
TO THE ACCOUNT WHICH YOU AND YOUR BANKER CAREFULLY CHOOSE

DRAW DOWN REMAINING BALANCE TO 0 IN ACCT# 4               $ Bal. Receipt [  ] 22

CLOSE ACCT# 4                                                             0 Final Bal. Receipt [  ] 23                                                                                                                                                                                                                   Daily Expense  TRANSFER $______ FROM ACCT# 2 INTO ACCT# 5  Transfer Receipt [  ] 24

ACCT# 5           RECONCILE  ACCT # 2 ~ BEFORE WITHDRAWING $    $ Bal. Receipt [  ] 25

                         RECONCILE  ACCT # 2 ~ AFTER WITHDRAWING $      $ Bal. Receipt [  ] 26
                        

RECONCILE ACCT # 5 ~ AFTER DEPOSIT OF FUNDS   $ Bal. Receipt [  ] 27

DO SIMPLE MATH RECONCILIATIONS BEFORE ANY MONEY IS USED
:
    Initial balance in ACCT# 2 [minus] w’drawal to ACCT #3 [minus] w’drawal to ACCT# 4
         [minus] w’drawal to ACCT# 5 [equals] ACCT# 2 after final w’drawal to ACCT #5
                        REC’T# 9 – REC’T# 10 – REC’T# 14 – REC’T# 24 = REC’T# 26
                      [             ]  –  [             ]  –  [             ]  –  [            ]  =  [             ]

************

OTHER SUGGESTIONS:

[  ]  Write“All right’s reserved” and “Without Prejudice UCC 1-207” over account application signature.  This means you do not agree to unreasonable or unfair terms hidden in the application, ie.you “lend” your money the bank then they lose it.

[  ]  Add POD (Pay On Death) clause to accounts

GET CASH

:[  ]  $10,000 in cash ($50 bills)

CAN YOU GET CASHIER’S CHECK IN ADDITION TO THE $10,000 CASH?                             
[  ]  Ask for a cashier’s check for $ ______ CC must have “cashier’s check” printed on the paperin order to have immediate clearance.

[  ]  List of cashier’s check(s) to make out
___________________________________                                                                                                                                                                                                                                  _____________________________________                                                                                                                                                                                                                         ____________________________________

GET BANK LETTERS:

 [  ]  letters of credit / Proof of funds (house or vehicle)

[  ]  Clean, Clear & Non-Criminal Origin Certificate (CCC letters)

GET NAME OF BANK EXCHANGER ON THIS INITIAL APPOINMENT:

 [  ]  Name of Bank Exchanger: ____________________________________________

[  ]  Bank: _______________Branch: ___________ 

[  ]  Get Business Card(s)

SET UP FOLLOWUP BANK APPOINTMENT:

 
[  ]  Set up appointment with Wealth Management at the same bank


Your appointment is on _________________________(DATE) 

TIME: ______________

The Location is ____________________________________________________

 Now it is time to consider the Multi-Currency Account (MCA) and at what bank or brokerage will you open it? 

Specialists in this area are, to name just those this author has heard of, UBSC and Citibank, and the “dark horse” in this race just may be the brokerage firm Morgan Stanley.

Bits and Pieces in Dinarland Early Thursday Morning

Stage3alpha:

Guesses to Exogens Picture Clues/Intel”

Patrick > EXOGEN December 18, 2014 at 6:45am This bus keep popping up as a clue. Some of the interpretations are correct and some are inaccurate. Exo, as many of us has tried, what is your guess on this short bus that will lead us to our blessing

Corporalbrig > EXOGEN December 18, 2014 at 6:33am Interpretation by another S3a member on Bluebird bus:   Backdoor negotiations are going on for the Vietnamese Dong to drive the RV at the rate of 2.69. China has given an open window to get the RV done and to be the number 1 country to drive the new banking system. The countdown has started

DKC: Exogen said that interpretation was correct the other day.
….
***********

Vinman December 18, 2014 at 8:06am

Abadi’s plan is stepping through the network right now….globally.

The council of ministers is using deception with the budget again to throw of your guessing.

Read the bus :-)

Much deception going on but the tiers are cleared and money is flowing.

They are behind the 8 ball right now and racking their brains trying to make the jump from private to public exchange.

The court case forcing them to step on the gas is hidden in plain site.

God is awesome!!!

We have nothing but green lights now.

**********

Jon December 18, 2014 at 8:10am If memory serves me, most revaluations have occurred on Fridays and announced in Mosques first thing in their am.

Louie67 > Vinman December 18, 2014 at 8:17am Very difficult to believe is going to happen this weekend just few days before christmas here in the US but hey nothing surprise me anymore, who knows, I hope! :)

Vinman > Louie67 December 18, 2014 at 8:19am It will be within the next 24 hrs I believe.  Remember there are no rules for this thing.  The world doesn’t stop for holidays

***********

G T December 18, 2014 at 9:02am Thursday Morning Clues…..

Abadi’s plan is going through the steps as Planned GLOBALLY

The MiNISTERS in Iraq are using TRICKS to DECEIVE everyone with the budget again….PROBABLY ORDERED BY THE DADDY!!!!

The Bus Clues……I’ve Done this Numerous Times (The Main Clues…..STUFFS HAPPENING between the 17th – 19th With WIDE OPEN WINDOWS)

The TIERS are HIGH & the MONEY’s FLOWING SMOOTHLY.

Their behind the 8 BALL right now
THINKING of ways to move from private to public exchange (if not Done correctly it will be a LEMON).

The courts is forcing them to put The “PEDDLE TO THE METAl” & STEP ON THE GAS to get this PUBLIC EXCHAGE GOING….DON’T BELIEVE THE ILLUSION (We’re In a GOOD SPOT)

It’s ALL GREEN LIGHTS NOW!!

Thank You God…..You are SO AWESOME!!!

CHURCH SAY……..AMEN!!!

Danny S.   December 18, 2014 at 8:54am Dolla UP! Equities UP! Metals UP! Dinarians spirits UP! Euro, Yen & Franc DOWN! 7 hours to Abadi’s Fri am deadline…….   Glasses UP!!!! Awaiting PT’s update on the 1st tier…..

**************************

TNT:

[Pam D.] Remember, DC said to be on HIGH ALERT…….that could make for a very nice weekend :} And stay flexible, as Daz wisely reminded us yesterday!

rrrr :The strain is starting to show. Every day seems to be the time that the RV is about to GO. BUT… a Global event like this is rare. Constant delays should be expected. We are truly in the moment, the moment we have all projected. I’m wearing a grin from ear to ear. My intel cat Winnie is even smiling. This RV is about to Pop. Of this there is no Denying. Soooo let’s take just one moment, to reflect what we have all been through. It’s Done! It’s Here!. It’s Finished! We did it! This is True

**********

Million2-1:  Swiss Central Bank Plunges Into NIRP, Sends Deposit Rates Negative, Scrambles Against Safe-Haven Capital Flight          ——-      

Submitted by Tyler Durden on 12/18/2014 06:43

Everyone thought that any major monetary policy surprises and/or capital controls today would come from Putin during his annual press conference. Boy were they wrong: just after 2 am Eastern, none other than the Swiss National Bank joined the ranks of the ECB in scrambling to stem the wave of capital flight, not to mention the cost of money, when it announced it too would start charging customers for the privilege of holding cash in its banks, when it revealed a negative, -0.25% interest rate on sight deposits: a step which according to the SNB was critical in maintaining the 1.20 EURCHF floor.

From the SNB: Swiss National Bank:

The Swiss National Bank (SNB) is imposing an interest rate of –0.25% on sight deposit account balances at the SNB, with the aim of taking the three-month Libor into negative territory. It is thus expanding the target range for the three-month Libor to –0.75% to 0.25% and extending it to its usual width of 1 percentage point. Negative interest will be levied on balances exceeding a given exemption threshold.

The SNB reaffirms its commitment to the minimum exchange rate of CHF 1.20 per euro, and will continue to enforce it with the utmost determination. It remains the key instrument to avoid an undesirable tightening of monetary conditions resulting from a Swiss franc appreciation. 

Over the past few days, a number of factors have prompted increased demand for safe investments. The introduction of negative interest rates makes it less attractive to hold Swiss franc investments, and thereby supports the minimum exchange rate. The SNB is prepared to purchase foreign currency in unlimited quantities and to take further measures, if required.

The factors from the “past few days” in question that the SNB was envisioning to justify becoming the latest entrant to the NIRP monetary twilight zone: Russian capital flight. Per Bloomberg, “the SNB move follows Russia’s surprise interest-rate increase this week and hints at the investment pressures that resulted after that decision failed to stem a run on the ruble. Swiss officials acted as the turmoil, along with the imminent threat of quantitative easing from the ECB, kept the franc too close to its 1.20 per euro ceiling for comfort.”

“This is not the magic bullet, but will buy them time,” said Peter Rosenstreich, head of market strategy at Swissquote in Gland, Switzerland. “This will relieve pressure from the floor in the short term, but not in the long term.”

The franc weakened after the announcement, trading at 1.2045 per euro at 11:08 a.m. in Zurich. Against the dollar it fell to 97.82 centimes.

To be sure, Russia’s recent shocking rate hike to 17% was a factor in the Swiss decision. Then again to say that a few Russian billionaires took on the SNB and forced it to do a historic monetary policy move would be just a little bit naive. Surely, the reason for the capital flight had much more to do with the capital flight from “everywhere” as a result of the latest market turbulence which has seen a major flight out of risk assets and into fixed income assets, and also safe-haven currencies, at least until Janet Yellen’s “renormalization” statement yesterday which purely coinicdentally had both keywords sought for by algos: “considerable time” and “patient.”

What was also left unsaid is that the Swiss central bank is also worried about the pressure from the Eurozone as the ECB launches full-blown QE in 2015. And in a purely reflexive fashion, the SNB move also makes it that much more likely that the ECB itself will have to act even further, as central bank actions have now become a tit for tat exchange with other central banks in creeping global capital controls, even if nobody is willing to call it for what it is.

One thing is clear: if and when the ECB does more, the SNB will again have no choice but to respond: as Bloomberg strategist Richard Jones writes “SNB’s decision today to introduce negative rates of -0.25% next month may be escalated if external factors like a large scale QE from ECB threatens the EUR/CHF floor, analysts say, adding that FX interventions will likely continue. Jan. 22 start date for SNB’s negative interest on sight deposits coincides with next ECB meeting, increasing the likelihood of QE announcement by the latter next month.”

In any event, at least the Swiss were kind enough to give the Russians an advance notice that their cash is not welcome in the country. After all Russian billionaires could have been merely “Cyprused”, all over again.

Finally, here is Goldman’s take on the SNB move:

Bottom line: The Governing Board of the SNB surprisingly announced this morning that it will introduce a negative rate of -0.25% on sight deposit account balances at the SNB. The SNB’s target range for the three-month Libor was also widened from 0.0% – +0.25% to -0.75% – +0.25%. In our view, today’s rate decision simply underlines the determination of the SNB to enforce the minimum exchange rate target for the CHF against the Euro.

1. This morning, the SNB surprisingly announced that, on January 22, it will introduce a negative interest rate of -25bp on reserve holdings from banks at the SNB, above a threshold of 20 times the minimum reserve requirement. The SNB’s target range for the three-month Libor was also widened from 0.0% – +0.25% to -0.75% – +0.25%. Over the last couple of days, the CHF has traded very close to the 1.20 level on the back of rising market volatility. The subsequent demand for safe investments attracted large capital inflows into Switzerland, eventually prompting the SNB to react.

2. According to the SNB, the measure is aimed at making investments into CHF less attractive. Although it is only banks that will have to pay the negative deposit rate, banks will pass on, to some extent at least, the negative rates to customers. It is noteworthy in that respect that some German banks – in response to the ECB’s negative rates – have also started charging some clients negative deposit rates.

3. It remains to be seen how effective this measure will be and the SNB will continue to rely on FX interventions to defend the minimum exchange rate. But the measure in any case shows the determination of the SNB to maintain the lower bound for the CHF against the Euro.

***********

sczin11  If too much information were given out before the D DAY EVENT, it would be like insider trading… one has to presume, by the time Ink hits, more has happened beyond what appears on the surface… just like by the time pres obama announces we are sending troops in, they are already there…

KTFA:

sigshome » December 18th, 2014, 8:34 am 

DOLLAR
89.14

Dec 18, 2014, 7:21 a.m.
Previous close 89.08
Day low 88.92
Day high 89.38

FrostyTheSnowman » December 18th, 2014, 9:06 am 

WOW! Good find JJONESmax… (See Article Below) I actually had to read this twice to made sure I got it. Shucks, even if you consider the last paragraph as “truth” (and hopefully we can) — we’re in GREAT shape!!!

**********

JJONESMX » December 18th, 2014, 8:45 am 

Deletion of zeros in 2014 .. project is ready and implementation of a deferred
18/12/2014
Deletion of zeros in 2014 .. project is ready and implementation of a deferred

BAGHDAD / JD / .. affected by the project to delete the three zeroes from the currency unchanged if the rest of the major strategic projects, the unstable security situation in the country, where he was supposed to be implemented early 2014 after the creation of the logistical and technical measures by the central bank, but the deterioration of the situation security in most parts of the country, which saw control of some terrorist groups.

Sparked fears the government and parliament and the Central Bank of the implementation of this major project, which some have described as possibly exploited by outlaws in achieving their ends despicable, prompting the central bank and in agreement with the financial and economic committees Alniabaten to postpone the implementation of the project over four years to come, until the creation of the appropriate security conditions for its implementation.

Member of the Committee on Economy and Investment Attorney Nora Albjara, attributed the lack of implementation of the project to delete the zeros during 2014 to the unstable security situation in the country, as suggested implemented over the next four years.

She Albjara Agency / BD /: “The Central Bank of Finance, Economy and Investment in the House of Representatives and the Committees agreed to postpone the implementation of the project to delete the three zeroes over the next four years, although the central bank completed all technical and logistical procedures relating to the implementation of the project.”

She added: “The reason for the postponement of the implementation of the project and not to be applied in 2014, due to the unstable security situation in most parts of the country, especially in the provinces experiencing control organization (Daash), because it may take advantage of the project by the terrorist groups to achieve their goals Katsyev currency or manipulation of the price of exchange which affects the economic situation in the country. “

The central bank had announced in 2012 that the application for the project to delete the zeros will be in early 2014, after being able to complete all procedures related to the stages of implementation of the project Ktba currencies and contracting with companies.

As a member of the Finance Committee MP Jamal Joker, stressed that the large project is not affected by the security situation, the fact that the central bank taking all things into consideration, noting that the process will be in the form of stages, so do not affect the market or citizen.

Some of the House of Representatives and economists Odhu jurisdiction rejecting the idea of ​​postponing the implementation of the project over four years to come, and called on the central bank to apply the project in early 2015, the fact that the project is of strategic projects that need to be implemented because it will overhaul the local currency strengthens.

Joker told / BD /: “The central bank completed all necessary and essential for the implementation of the reform project of the currency measures, which are now ready for implementation, but some parties called for a postponement of this project under the pretext of the security situation.”

The member of the Finance Committee, the central bank to implement the project in early 2015 to be implemented in the form of any phases are thrown coins ancient coins and withdraw gradually so do not affect the market and citizens.

The parliamentary finance committee has announced (October 28, 2013), that 2014 will see the implementation of the project to delete the three zeroes from the Iraqi currency, indicating that the deleted will be in coordination with the Central Bank. / End /

http://www.dananernews.com/News_Details.php?ID=5396

 



Millionday Friday Night News Part 1

Millionday News 12/12/14   Part 1

Welcome to dinarupdates.com for news time with Millionday!

Millionday: BRB WITH NEWS AND LOTS OF IT IS VERY VERY EXCITING

Millionday: The director of the Rafidain Bank in Dhi Qar Hossein-Abadi in a televised interview moved local TV Nasiriyah The introduction of ATM in the markets and banks subject to the application of the decision to delete the zeros of the Iraqi currency, pointing out that the Iraqi currency is suffering from high inflation at a time current.

Millionday: SO THE RAFIDAIN BANK IS READY TO ACTIVATE THE ATMS IN BANKS AND THROUGHOUT IF THE PROGRAM OF THE REMOVAL OF THE THREE ZEROS GOES FORWARD OR SHOULD WE SAY AS SOON AS IT DOES

Millionday: THIS MEANS THEY ARE SET FOR SMALL DENOMS OF COURSE AS WE KNEW FROM PAST REPORTS  —   SMILE
~~~

Millionday: NOTE — I SHARED THIS EARLIER BUT HERE IT IS AGAIN

Millionday: Legal Committee of the Parliamentary revealed on Thursday that the parties law will be one of the first laws that the Commission will be discussed during the first days after the legislative recess, as the government will address for the purpose of being sent to the House of Representatives to be read and discussed and then legislation.

Millionday: NOTE — THIS WILL EXPLAIN THE REASON THIS IS A GREAT THING FOR IRAQ AND THE ECONOMIC REFORM AND ALL REFORMS

Millionday: The committee member said Saman opener for (IMN), “The parties law will be a priority for the Commission, and we will discuss all the clauses and paragraphs because it regulates the work of parties and methods of financing and development of special mechanisms to manage and prevent them from breaking the law during the period of their work.”

Millionday: NOTE — THIS IS ACCOUNTABILITY

Millionday: And returned the Presidency of the Council of Representatives three laws to the Council of Ministers for ratification, is the oil and gas law and the Federal Court and amnesty.

Fattah said that “the Commission is determined to resolve this law as soon as possible because of its importance to the political situation of the country.”

Millionday: SO AS WE SEE — THE LAWS LEFT ARE THE LAW OF PARTIES, HCL, AMNESTY, AND FEDERAL COURT

Millionday: BRB WITH MORE

Millionday: – Thanked the religious authority in Iraq to the success of all shareholders visit the death of Imam Hussein (peace be upon him); stressing the need for the maximum benefit of this visit.

He called Sheikh Abdul Mahdi Alrplaúa the holy city of Karbala to adopt scientific standards away from the “chaotic” in dealing with the increasing visitors, as he emphasized that the city of Karbala is no longer able to absorb these numbers.

It also called for the preparation of well thought out plans for the Liberation of areas from the hands of armed groups and warned of a “reassuring” and inaction.

Millionday: NOTE — THE REASON I BROUGHT THIS IS THAT IT HAS BEEN OVERLOOKED WITH THE MOST IMPORTANT PART –

THEY ALSO USED THE MEETING TO PREPARE FOR THE COMING OF HUGE AMOUNTS OF PEOPLE WHICH IS THE GOAL WITH TOURISM EXPECTED TO BE SUCH A HUGE MARKET AGAIN FOR SUCH A HOLY GROUND

Millionday: SO THEY HAVE COMMITTEES AND WE HAVE ALSO SEEN SOME HUGE CHANGES IN THE AIRLINES ALONG WITH THE ORDER TO USE ONLY DINARS

MEANING THAT ALL CURRENCY MUST BE EXCHANGED AND THE PURCHASES MUST BE DONE IN DINAR FOR THE TICKETS — MASSIVE NEWS AND ALSO THE EXPANSIONS –

Millionday: JOBS WILL OCCUR — HOPE

Millionday: BRB WITH MORE

Millionday: NOTE — THIS IS A VERY IMPORTANT REPORT THAT I BROUGHT TODAY BUT THIS IS SO IMPORTANT WE MUST ALL LOOK AT IT AGAIN

Millionday: THIS HAS BEEN A DISAGREEMENT/GUESS GOING ON FOR A VERY LONG TIME AND NOW WE HAVE IT IN INK

Millionday: SO HERE WE GO — READ EVERYWORD AND THINK ABOUT IT

Millionday: Said in a parliamentary finance committee member, said that “the rest of the oil-producing provinces dues amounts of petro-dollar exchange rate will be after the approval of the federal budget for 2015″.

Millionday: NOTE –THE EXCHANGE RATE WILL BE RELEASED WHEN THE BUDGET IS RELEASED AND DONE ACCORDING TO THIS BECAUSE — IF ANY RATE IS CHANGED ALL RATES ARE CHANGED –

WE DONT HAVE DUAL RATES OF ANY CURRENCY — THIS IS GLOBAL ECONOMICS — MACRO

Millionday: The Council of Ministers approved in its meeting on the first Tuesday, “the Ministry of Finance release of the remaining half of the petro-dollar allocations approved by the Council of Ministers in the previous session in Basra province.

He said Jabbar al-Abadi MP for the province of Basra told all of Iraq [where] that “part of the service and investment projects awaiting government Basra fulfill its financial obligations, and the disbursement of these receivables from petrodollars will move the wheel of development in the province.”

Millionday: NOTE — THE DISBURSEMENT OF AGREEMENT UPON DFI FUNDS WILL BE DONE WITH A NOT KNOWN EXCHANGE RATE BUT WILL MOVE THE WHEELS OF DEVELOPMENT AS WE SEE HERE — VERY BIG NEWS

Millionday: He pointed out that “the amount of petro-dollar exchange rate will be after approving the budget.”

Millionday: The previous government of Prime Minister Nuri al-Maliki has been awarded last year, the amount of petrodollars and of five dollars for each barrel extracted from the oil-producing provinces after being withheld,

including four dollars one dollar awarded, sparking anger and protest of local governments in those provinces,

which called on the government to refrain from The decision to include the financial budget for 2014, the full amount of $ 5 petro project, but the decision did not apply to a failure to approve this Almoisna.

Millionday: NOTE – OF COURSE THIS IS INFO WE KNOW BUT AGAIN THE PROBLEM IS SHOWN LIGHT ABOUT THE PROBLEMS WITH MALIKI AND THE PAST GOV

Millionday: WHOOOPOW

faith1: how can the disbursement of agreement be done with a not known rate ???

Millionday: THE REPORT IS SAYING THAT WITH THE PASSING OF BUDGET LAW FOR 2015 THE EXCHANGE RATE OF THE DISBURSED DFI FUNDS WILL BE REVEALED –

THIS IS A BUDGET SO EVERY DINAR THEY HAVE ANYWHERE WILL BE PART OF THE BUDGET –

 EITHER REVENUES — ACCOUNTS RECEIVABLE (PAID TO THEM) ACCOUNTS PAYABLE (OWED DEBTS) AND FINAL ACCOUNTS WILL BE ENETERED INTO THE NEW BUDGET AS REVENUES

SO ALL FUNDS IN THE COUNTRY AND COMING IN ARE ACCOUNTED FOR AND ALSO ACCOUNTED FOR DURING THE YEAR –

SO THEY ARE SAYING THAT THE PASSING OF THE BUDGET LAW WILL BE WHEN THEY WILL SHOW THE EXCHANGE RATE OF THE DINAR FOR DISPURSED OIL PROCEEDS ETC THAT SHOULD HAVE BEEN GIVEN ALREADY –

DUE TO WAR (TERRORISM) REPORTABLY THIS WAS ALL HELD UP AND SHOULD HAVE BEEN DONE ALREADY –

 THEY ARE IN A HUGE RUSH TO COMPLETE AND HAVE PROMISED IT WILL BE DONE BY END OF THIS YEAR

tbell: Does this mean the exchange rate is in the budget or will just be released when they release the budget?

tbell: I think she just answered my question

Millionday: ABADI HAS STATED THAT THE NEXT TWO DAYS THE BUDGET WILL BE SEEN AT PARLIAMENT AND ALSO — SUNDAY IS THE MEETING DAY — HE GAVE TEN DAY PROMISE BUT DUE TO DAASH IT WAS CHANGED

hotbunny: It seem like the rate would be adjusted then pass the budget and it may happen this way

Millionday: SO MANY THINGS WILL BE DONE AT THE SAME TIME AND THEY HAVE STATED THAT THE PARLIEMENT WILL COME IN FOR EMERGENCY GET HITS DESK AND WILL BE VOTED THROUGH WHEN BUD

Millionday: THE TIME THE RATE IS RELEASED IS WHAT WE ARE LOOKING AT — THEY ARE REPORTING THAT IT WILL BE KNOWN BUT WE WILL SEE BY ACTION

Millionday: IF DISBURSEMENTS ARE DONE — THEN IT APPEARS THE RATE WILL HAVE BEEN RELEASED

Millionday: THAT IS A HUGE ANNOUNCEMENT — REMEMBER THAT WE HAVE SEEN THEM WORK ON BUDGETS FOR YEARS AND NEVER HAVE WE BEEN TOLD SUCH A THING OR EVEN A HINT

Millionday: HUGE EXCITING NEWS TO ME BUT KNOW ONE THING

Millionday: THIS IS A STATEMENT TO THE CITIZENS

Millionday: THE OWED CITIZENS

Millionday: SMILE

Millionday: NOW LET ME HAVE THE FLOOR FOR A SEC

Millionday: THE CITIZENS DO NOT HAVE TO BE IN IRAQ TO RECEIVE THEIR OIL PROCEEDS DUE TO THE LAND THEY OWN ETC — 

THEY JUST HAVE TO BE A CITIZEN — 

SO THE CARD LOADING WILL BE GLOBALLY ACCEPTED BY REPORTS WE HAVE READ IN PRINT SO WE SHALL SEE IF THAT IS WHAT HAPPENS BUT WE ALL READ THE INK

Millionday: WHOOPOW    SMILE   BRB WITH MORE

Comments may be made at the end of Part 2  Thank You