Iraqi Dinar Guru opinions 8-15-17
Iraqi Dinar Guru opinions 8-15-17
8-15-2017 Intel/Newshound Guru American Contractor The Iraq economy is improving at a snails pace but nevertheless, it is improving. This past month the Iraqi government informed everyone about their 10 year $100 bln reconstruction plan for the country. The fund is to be funded by the same groups that normally fund countries that are involved in conflicts, such as the International Monetary Fund (IMF), World Bank, domestic revenues, international borrowing. The bond money (if the government is able to raise $100 bln) is going to be used for the rebuilding of Mosul….By the way, it is going to take more than $100 bln dollars to fund the reconstruction of the war torn areas in northern Iraq. So, where is all that money going to and coming from?
8-15-2017 Intel/Newshound Guru American Contractor The Iraqi foreign reserves have been decreasing for the last three fiscal years. In Iraq, the fiscal years start on Jan 1 to Dec 31. The foreign currency reserve is at $45 bln, next year it is expected to be $40 bln. In other news, the 2017 Iraqi federal budget (that the parliament always seems to have trouble passing), is currently at 100 trillion dinars. The Parliament Finance Committee has used the power of a supplementary budget and raised the federal budget to 107 trillion dinars (an increase of 7 trillion.) Three trillion will be used to assist with the construction projects in the areas (northern Iraq) associated with the war. The Iraq finance committee seized an opportunity when the federal government changed the budget oil price from $42 to $44.40 in the 2017 federal budget.
8-15-2017 Intel/Newshound Guru American Contractor The IMF (International Monetary Fund) recently published “Article IV Consultation, Second Review, Aug 2017.” After reading the IMF report there is nothing new or earth shattering. In the history of the IMF reporting, they have never been right. The Iraqi government does not trust the IMF. However, it does not stop the government from accepting the IMFs money in difficult times. If you reflect back at the history of the IMF you will notice that they have been putting out inaccurate information for quite some time.
8-15-2017 Intel/Newshound Guru American Contractor …the Central Bank of Iraq (CBI) has set a grade and rated some (not all) of their private government banks, to include currency exchange business centers. Iraq banks with less than 17% of the points have to address their shortcoming within three (3) months or they are suspended from participating in the foreign currency auctions. The highest rated banks receive a higher share of participation in the foreign currency auctions. …the Iraq banking industry is lacking in several categories. Hopefully, they will improve over time. On the streets of Iraq, rumor has it that a U.S. Bank is looking to enter the Iraqi market and open a branch in Baghdad. And no, it is not Bank of America (BoA). They left a long time ago (2004) and haven’t returned. Currently, there are 140 banking and financial institutions, including 6 government, 24 private and Islamic and 63 financial companies. The CBI is promoting a campaign to increase the number of foreign and international banks in Iraq, with a window that will close in 2020. One might be curious about the year 2020…wonder what is going to happen in that year?
8-15-2017 Intel Guru RayRen98 [If this doesn’t happen in August, will it go to 2018.] If it doesn’t happen in August, I will jump to September. I don’t see why people are anticipating next year when there four more months in 2017!
8-15-2017 Newshound Guru Kaperoni Article: “Anti-money laundering, terrorist financing, compliance and risk management training program” [More of the IMF compliance…its good to see the…(sense of urgency)]. Exactly… the CBI is doing what the IMF is telling them to do.
8-14-2017 Intel Guru RayRen98 …we continue to wait. Right now I’m fixated at the 20-21. August, understanding that something could pop out prior to that date. Anything’s possible, some things are probable, and we patiently wait to see what’s next.
8-14-2017 Newshound/Intel Guru Bluedog Article: “Abadi agreed with Jubouri to pass the Social Security Law” OUTSTANDING… BECAUSE WE HAVE NEVER SEEN THIS AND NOW ALL THINGS FALL IN PLACE… MAYBE IT JUST NEEDS TO SURFACE IN THE GAZETTE WITH A BUNCH OF DUSTY LAWS PASSED BEHIND LOCKED DOORS…NO PRESS ALLOWED… IMO JUST LIKE THE PIPELINE TO SAUDI ARABIA …NOW THEY TELL THE PEOPLE…WELL IMO THAT HAS BEEN DONE AND OIL HAS BEEN FLOWING THRU IT AND THE SAUDIS COVER UP THE GUSHER… YOU MAY SEE THE ARTICLES OR YOU MAY NOT BUT THEY ARE ALL FRONT AND CENTER IN THE ARABIC NEWS… BARGAINS FOR INVESTMENT SORTA LIKE A DEAL. IRAQ IS GOING TO HAVE POWER MAYBE THE MOST IN THE MIDDLE EAST AND NOW WE DANCE AND MAKE DEALS… THESE COUNTRIES AS WE HAVE WATCHED HAVE WAITED TILL NOW…AMAZING AND ALL THESE COUNTRIES HAVE RUSHED IN WITH DIPLOMATS TO SIGN DEALS.
8-14-2017 Newshound Guru Enorrste We do have some good news…we are much, much closer. I wouldn’t say the fat lady started singing yet, but I do think I hear her in the background practicing. The IMF became a trustee of the CBI back in 2015…they said we need you to become a member of the world community. Then as I recall in the middle of last year they announced that they were going to bring them into the real world by the middle of this year which has just passed. I believe that because of Mosul they were thrown back a bit and once they took control of Mosul, the GOI fell right in line with the IMF goals and said now we are ready to move. So I think we are on the right path and I still think the IMF is in control. The IMF is pretty good at setting benchmarks, so we have a pretty clear picture of where we are at this point. So even thought it is not happening at the pace we would have liked, it is happening… The IMF is keeping this on track.