Iraqi Dinar guru opinions 11-15-13
Iraqi Dinar guru opinions 11-15-13 (updated)
11-15-2013 Newshound/Intel Guru BGG Dr Shabibi had 3 tools in mind…1) auctions…2) tarriffs…3) and taxes…all to regulate the value of the currency. with not much economy – there isn’t much tax revenue…with Maliki stonewalling – no tarriffs…they were hamstrung by nothing getting done. [Bonds will replace auctions, right?] yes – only the flow goes the opposite direction.
11-15-2013 Newshound/Intel Guru BGG instead of regulating the value based on how much you sell the Dinar for…they will sell bonds and regulate the value based on how much they “allow you” for your currency on the way in…auctions = money going out, bond sales = money coming in…several BIG advantages…they are creating the “financing” to bolster the value of the Dinar…they are “regulating” the value of the Dinar…and they are taking in the 000 notes at the same time. The bond issue is very big news…
11-15-2013 Newshound Guru Enorrste Economic Reform Law must be passed prior to the float and this could take awhile. The bill was sent back from Parliament to the Government for revision. Parliament is out until the 17th and now is talking about taking a vacation until mid-December. In other words, it doesn’t look promising for the remainder of this year.
11-15-2013 Newshound Guru Enorrste However, the CBI is moving forward slowly with their attempts to get the spread between the market rate and the official rate under 2%. If they succeed, then they could move from Article 14 to Article 8 of the IMF charter, which would allow them to go ahead with the float of the currency, even without the passage of the Economic Reform Law. It is all a mess right now and we have to wait.
11-15-2013 Newshound Guru Med THE FACT OF THE MATTER IS THIS: RIGHT NOW THEY JUST DONT OR CANT DO IT. THEY HAVE ELECTIONS COMING. NOW ALL IS READY, I GIVE THEM THAT BUT WE HAVE SEEN ABSOLUTELY NO PROGRESS AS IN STABILITY IN IRAQ AND I JUST READ BARZANI SAYING IT CAN BE EVEN WORSE. NOW IT IS GOING TO BE A TIGHT AND I MEAN *** TIGHT SQUEEZE TO GET THIS IN RIGHT AFTER ELECTIONS. NOW I AM NOT DISCOURAGING AT ALL, JUST WE NEED TO JUST WEATHER THE STORMS CUZ WE SURELY CANT DO A THING TO DIVERT THEM.
11-15-2013 PUMPER Guru EXOGEN Fox news had a short clip on the imminent revaluation of the dinar and 2 other currencies, wasn’t there long….
The RV activation was scheduled for today, the time was set first for late last night and then moved to the early morning. In the morning, the people that need to know were informed that the RV would go live by the close of business today. Guess what, that didn’t happen either. We scrambled for hours to try to find out why we didn’t have an RV by 7pm (the latest time it was to be activated) and about 9:45pm est we finally got our answer.
11-15-2013 SUPER PUMPER Guru TNT Tony It seems that the correct timing and/or procedures were not executed. Don’t worry, the process continues and corrections are being made. They are trying to fix things now, but they need the help of some of the team that is still in Iraq. Things will look better tomorrow… It is not a problem, it will be processed properly and in half the time.
11-14-2013 Newshound Guru Tlar “Central Bank plans to issue bonds in local currency for the first time since 2003″ I think it is a necessary part of the puzzle and I’m very happy to see it. I was hoping to see this kind of thing as I am happy to see the Tariffs are starting to be implemented. Also the payments system is another piece to the puzzle. It represents a change of the way they have been doing business that says to me preparations are being made to change monetary policy.
11-14-2013 SUPER PUMPER Guru Loechin I have not heard of any announcement made. [is the window still open now? Are you still hearing good things?] yes.
11-14-2013 Newshound Guru Kaperoni Article: “Central Bank plans to issue bonds in local currency for the first time since 2003″ Yesterday, the CBI announced they were going to sell bonds denominated in dinar for monetary policy! This is huge as they are going to use this tool (bonds) to lower the market rate. Sell bonds for dinar, creates demand for dinar thus increases the market value (lowers the spread between official rate and market rate).
11-14-2013 Newshound Guru Kaperoni Keep in mind this plan has nothing to do with the official rate of the dinar. This is an “in country” issue. The bottom line is, nothing is going to happen with the dinar till Iraq gets this rate in line with the IMF requirements. So were not going to see any movement or new exchange regime/Article VIII for at least 45 days…probably 90 days.
11-14-2013 SUPER PUMPER Guru TNT Tony [via a scape goat] JUST GOT OFF THE PHONE WITH TONY AND HE SAYS THAT THIS IS GOING TO BE A GREAT DAY…