Iraqi Dinar Guru opinions 10-27-17
Iraqi Dinar Guru opinions 10-27-17
10-27-2017 Newshound Guru Enorrste “Achieving Growth in Contexts of Great Challenge: The Iraqi Private Banking Sector” The very fact that this conference exists is a good sign. It shows that all parties are aware of the problem and are attempting to work out a solution. The issue of whether any bank coming into a correspondent relationship will find it likely that they will make money is a serious concern. …At the same time there was a clear understanding by one of the members of the “wild west” theory that KAP [Guru Kaperoni] and I have talked about for years. She said almost the same thing we have been saying all along, namely that once the movement begins it will snowball and lead to very rapid economic growth in Iraq. It is the beginning of the snowball that is the current problem. Several members indicated that the laws and regulations are now in place, but that implementation is what is lacking. This, to me, is a positive step. I think that this is a lot like the snowball affect that I just mentioned: it just needs to get started. Once it does the confidence level will rise in bank usage. Once that happens foreign banks will want to get involved as well.
10-27-2017 Newshound Guru Enorrste It is a positive sign to me that all of the representatives on this panel recognize the liquidity problem and understand that getting the money out of the mattresses is the solution. I would venture to guess that the CBI has a plan to push this process along, even to the point of forcing people to use their mattress money if necessary. As with my other comments above I believe that this snowball affect will be the most important, once it begins. The statement by one of the Iraqi bankers…was quite revealing, namely that he appealed to the CBI to just given the banks a checklist of things that need to be done to bring them into full compliance. I would wager that this proposal will be acted upon quickly by the CBI, once it is presented to them, and that full compliance across the board will occur shortly thereafter. One thing is clear: all of the Iraqi bank representatives expressed a deep desire to be fully compliant. The statement was simple: “Just tell us what to do and we will do it!”
10-27-2017 Newshound Guru Enorrste To sum up: I find this to be a very positive event overall, even though it consists merely of statements of intent rather than lists of actual accomplishments. It clearly shows that a lot of progress has been made over the last 3 or 4 years. Therefore, it is my view that once this last hurdle is overcome (getting people to actually use the banks), that foreign investors, who are begging to get into Iraq due to the huge potential, will jump on board as soon as it is economically feasible to do so.
10-27-2017 Guest Guru BobTheTaxMan Get other professionals advice. You’re going to have conversations with SIX tax attorneys. SIX CPAs or accounting firms. SIX financial planners. You might be saying, “Yeah, but Bob that’s so much time.” Yeah it is, but what you’re going to find is that everyone is going to have a different idea…I’d go to them and say, “This is what I have. This is what I want. This is what I ultimately want to accomplish. Show me your ideas.” So the things you’re going to listen for is…Do they make sense?
10-27-2017 Guest Guru BobTheTaxMan …my invitation to you is to look for easy. What is the reputation of the person you’re dealing with? Have you had references from other people so they’re good people to work with? Lastly, how to you feel when you talk to them? Do they listen to you? Do they spend more time listening than talking? Are they trying to sell you something? Or are they honestly interested in what you wish to accomplish? Use these common sense things when you have a conversation with these professionals. It’s important that you do. Trust yourself…and then follow their advice…and stick to the plans. That’s what’s going to keep you safe.
10-27-2017 Intel Guru Bruce When it comes to Iraq…we can’t really start until Iraq is ready to go. Everything is very positive in Iraq. The in-country rate is way above what you have heard. Remember I talked about Dr. Shabbi in the past and what he said at a conference in 2012 that the dinar could support a certain rate back then. That is where we are right now in-country. That is not here, but in Iraq. Very good news. Everything has been done in Iraq. The only thing they haven’t done is put the rate out. We should see some really interesting things come through for us the next 2 to 3 days. “What makes today any different?” It is different because more things have happened, have preceded, stuff behind the scenes. You are at the end of the ride. I heard from sources we won’t go all the way into the weekend before this happens.
10-26-2017 Intel Guru Rayren98 [Looking like we are there…this week to the best of your knowledge?] Yes, to the best of my knowledge. [Has the HCL taken place yet and do you think it is necessary to progress to the RV?] A lot of you think X or Y is necessary to have the RV, and if we are moving ahead of schedule, or moving too fast, they will find things to compensate for the time lag. Something like 3% of Iraq needs to be liberated, and the troops are being told to stand down, when they could have dealt with those areas two weeks ago. Maybe that is just a distraction while they follow their time frame instead of an expedited time frame.
10-26-2017 Intel Guru Frank26 THERE IS NOTHING ELSE TO SHARE …IMO. JUST TO BE PATIENT AND…WATCH.
10-26-2017 Intel/Newshound Guru sandyf “If Kuiwat can revalue when they did so can Iraq now” Another fundamental misconception. When Iraq invaded Kuwait they made the IQD the national currency of Kuwait. The KWD lost value because it was no longer a national currency and could not be exchanged. It was never devalued. When the occupation came to an end the KWD was reinstated as the national currency of Kuwait at the same value as it was prior to the occupation, no revaluation.
10-26-2017 Newshound/Intel Guru Mnt Goat We are still looking at a very good window between now and early January 2018. Currently there is no indication this is imminent… Yes, there has been some very good news that the process to delete the zeros is moving forward and the financial ministry is working with the CBI to prepare to go international. …we are still waiting for the re-educational process to begin. By this process I mean to roll out the education of the newer notes and the transition process and how it will all play out.
10-26-2017 Intel Guru RayRen98 […although Abadi’s speech was not what we were loking for… What are you specifically looking for Abadi to say?…] I’m looking for him to say that the liberation has been achieved, and that economic reforms are completed, with national reconciliation and removal of restrictions of the currencies and the multi-currency process. It’s a daisy chain: the country being unified and liberated, economic reform, people being paid, etc.
10-26-2017 Intel/Newshound Guru sandyf “Iraq cannot become a member of the WTO without an international currency” This is another huge misconception. Myanmar, Cambodia and Laos are all members of the WTO with an Article 14 currency the same as Iraq. Myanmar has had more years of UN sanctions than I care to remember. Iraq has not had a meeting with the WTO since 2008, Laos became a member of the WTO in 2013 and had 6 meetings with the WTO between 2008 and 2012. To become a WTO member each country must have a credible trade profile. This has been a major stumbling block for Iraq with Iraq and Kurdistan unable to come to some agreement. They each have their own view on the implementation of tariffs and until that is resolved the WTO is dead in the water. Absolutely nothing to do with the currency.