Iraqi Dinar Guru opinions 2-2-18
Iraqi Dinar Guru opinions 2-2-18
2-2-2018 Intel Guru Bruce Iraq has been given the go ahead by our Treasury to release their rates for a well over a week now. So far there been some internal changes to the rate. There have been some things done at their banks like lower denominations, pictures put on their websites, the CBI website. They have the lower denominations in the ATMs ready to go. Why hasn’t the rate been put out…my understanding was this rate for Iraq was supposed to show up by last night [Wednesday] at 12 EST, or the United States might not be in position to do any more loans for Iraq or wouldn’t be able to work with the IMF or with the World Bank with future loans until that rate was put out. We were in the understanding last night that we would be ready to go today, February 1st. That just didn’t happen. I do believe from what we understand, there is nothing else in the way. Let’s see what happens.
2-2-2018 Newshound Guru mike Article: “Washington reaffirms its support for the Iraqi economy” Iraq’s leadership just don’t get it, the US is ready and chomping at the bit to get the TIFA side of the the project moving and all Iraq has to do is pass the legislation for the banks and the economy and get out of the way. But they don’t and then complain about it. We’re not going to: “give a signal to US companies that Iraq is open for business.” It’s not true, Iraq still has some heavy lifting to do before the country is open for outside investment. Property rights, business ownership, the currency, the banks and the economy are not attractive to US investment on a large scale if it doesn’t pertain to oil, it’s just too risky. Your move Abadi.
2-2-2018 Newshound Guru Kaperoni Article: “Kuwait is considering converting Iraq’s compensation to the projects and investments” [If they settle it this way it could be 1 step closer to article VIII.] Not related… Article VIII is based on monetary policy and the IMF. If Kuwait agrees to such a thing the benefit would be with the United Nations Security Council closing the reparations file and any subsequent resolutions.
2-1-2018 Newshound/Intel Guru BGG Article quote: ”Those countries will not give Iraq a single dirham, because the government and the conservatives are accused of corruption,” he said…” This might explain the less-than-luke-warm response Abadi got while at Davos.
2-1-2018 Intel Guru RayRen98 The CBI announced retiree and pension payments will commence on February 1. A schedule of payments has been published for February 4 through February 8, 2018. PM Abadi was on Iraqi TV stating to Parliament that the international world would not be supportive without the approval of the 2018 Budget. There appears to be a sense of urgency to get this completed.
2-1-2018 Newshound/Intel Guru BGG […they are expecting somewhere around 100 in MPs to lose their job come elections because of corruption. Do you think the RV might happen after May because of this reason?] 1) I highly doubt MP’s lose their jobs at election time DUE TO corruption. That’s not how it works over there…It is unlikely voters will simply vote them out – or that they won’t be allowed to run. 2) This community – the Dinar community, has a bad habit of connecting every trend, article or piece of news directly to monetary reform (an RV, in other words). It doesn’t have to be so. We should be a little more observant and a little slower to make that LEAP in assumption. None of the items regularly discussed “have to be” dependent on one another. All can happen at any time, together, in parallel, before or after. …If (and I am hopeful it won’t) this goes past the elections, it’s likely for a whole host of other reasons.
2-1-2018 Newshound Guru Enorrste Article: “Central Bank: Signing a contract to establish a deposit guarantee company with 44 banks” I sense that the IMF is still in the background pushing Iraq forward slowly. Like KAP [Guru Kaperoni] I’m reluctant to get too excited until we see this actually implemented and deposits start to flow into the banks.
2-1-2018 Newshound/Intel Guru Mnt Goat Article: “AL-ABBADI RETURNED DISAPPOINTED WITH DAVOS AFTER HEARING HARSH WORDS” Quote: “ABADI FACES A GREAT CHALLENGE IN PERSUADING FOREIGN DONORS AND INVESTORS TO WORK IN IRAQ IN LIGHT OF THE SPREAD OF CORRUPTION AND LACK OF POLITICAL AND ECONOMIC GUARANTEES” Investors don’t want to lose their invest in Iraq by corruption. Maybe they need to move to the currency reform as this too might show sincerity in making progress in the reform direction? It is time to trigger this effort.
2-1-2018 Newshound Guru G-Lin Article: “CBI Signature of the deposit guarantee company” Quote: “In accordance with the duties of the Central Bank of Iraq provided for in its law and in order to ensure the stability of the banking sector and increase confidence in it, “the contract of establishment of the bank deposit guarantee company was signed with the founding body”. This is CBI taking action on a law that was already in place. I have to assume that by the signing of this Doc between the banks and the company providing the insurance for the deposits, this was implemented today. Very much like our FDIC. This is huge news. Investors and the public will now feel safer with their money in the banks. Iraq needed to do this before the Kuwait extravaganza and also it will pull that mattress money out of hiding.
2-1-2018 Newshound/Intel Guru BGG Article: “Abadi of parliament: the international community will not help Iraq if the budget is not approved” Oh wow. We’ll this pretty much spells it out. However, keep in mind – this is likely Abadi talking TO his Parliament, urging them to adopt their budget. When I initially started down this line of reasoning, I had no idea international sentiment was as tough as it appears to be. WOW! The UN, IMF and WB all appear to want to support Iraq in the worst way – but it also very much appears there are results that are yet required. P.S. This might also explain this very direct, “hands on” push by Abadi to get the budget done. We wait and watch.