Iraqi Dinar Guru opinions 4-23-18
Iraqi Dinar Guru opinions 4-23-18
4-23-2018 Newshound Guru Don961 Article: “Central refuses to distinguish between categories of banknotes” imo … this is saying that it is against the law for citizens to refuse to accept any currency officially issued by the CBI … this would include any “New Issues” and categories they may/(will) come out with in the near future … no matter how much in love they are with the old notes … or how much they may object or protest … pretty curious for this to come out and be emphasized at this time in the news now isn’t it?? ..(wink)
4-23-2018 Intel Guru ADMINBILL THERE IS A LIGHT AT THE END OF THE TUNNEL. AND THE TUNNEL IS A SHORT ONE. THE LIGHT IS GETTING BIGGER AND BRIGHTER BY THE HOURS.
4-23-2018 Newshound Guru Mnt Goat The CBI posted bank instructions and procedures on the CBI site for the banks on how to turn in the 3 zero notes. Logically at some point the citizens will want to take these older notes and turn them in. The banks are going to get flooded with these notes. So why not designate only special centers to turn them in? They have done so…Remember way back in December 2017 when the CBI came out and told us that they just completed a yearlong project to distribute the new smaller notes. In particular they talked about the newer 500 and 1,000 dinar category “smaller” notes. They used the term “smaller” notes not the lower category notes, as they usually did in the past…
4-22-2018 Newshound Guru Kaperoni There are a lot of rules that the IMF and the CBI engage with each other on…The CBI is in Article 14. This is not where the CBI wants to be. They desire to be in Article 8…in fact they have an obligation to the IMF to constantly be pursuing movement to Article 8. In other words, to be improving their banking system to the point where they can qualify to go to article 8. The last Article 4 consultation that came out last September reiterated once again that the IMF has a 2% rule – which is a 2% or less spread between what they call the official rate (which is the CBI rate – 1184) and the market rate which is the street rate. That can not grow beyond that 2%…It’s been anywhere from 5 to 10% since 2013. They just have not been able to reduce that spread…
4-22-2018 Newshound Guru Kaperoni …They calculate it by taking the official rate, 1184 plus the CBI commissions of 6 dinar which brings it up to 1190 and there’s the 2% spread added to that which brings it up to 1214 or less. So the market rate has to be 1214 or less on the street in Iraq. For those who have been around a long time have seen it at 1220, 1230 and as high as 1254 but the last 34 days the CBI (right around Mid-March) was able to…with the help of the UST and IMF…figure out a new criteria for their daily auctions to reduce that spread in the country to below 1214. So the last 34 days the CBI has consistently met the 2% spread rule. Last I checked today (Thursday) it was 1205.
4-22-2018 Newshound Guru Kaperoni …There’s a clear rule from the IMF that member countries with a peg must hold the spread for 3 months or 90 days. And Iraq is on a Peg. They are in Article 14 on a peg. There is no reason to question or doubt or to think anything other than they have to hold this for 90 days…They can’t get the approval of the IMF to move forward with their monetary policy until they have clearly proven for 3 months that they can maintain the spread within 2% in Iraq. That is absolutely rock solid fact. Because they have to write a letter to the IMF asking them permission to move to Article 8 and the IMF would not accept them until they had proven the 3 months.
4-22-2018 Newshound Guru Mnt Goat The FACTS are now telling us this – unless the GOI can passes the last remaining needed laws, the CBI is not going to go ahead. The CBI also has to collect more of these larger 3 zero notes and so the final push during this last stage to do so. Now having said all this, the CBI does not just go dead either while they wait for the GOI to catch up. Instead they are still pushing forward in anticipation that the GOI will complete its part very soon, hopefully even prior to the elections…
4-22-2018 Newshound Guru G-Lin Article: “The Central Bank refuses to distinguish between categories of banknotes and prepares a legal violation” I think they are educating the people on currency exchange. All catagories will be accepted. It is law. The only ones that will not be accepted are counterfeit notes and the banks will be fined if they pass those.