Iraqi Dinar Guru opinions 4-27-18
Iraqi Dinar Guru opinions 4-27-18
4-27-2018 Intel Guru Bruce This is a real interesting time for us because you guys know that realistically everything wrapped up…last Tuesday night with the IMF meeting in Washington DC. That was significant which was supposed to be 3 days turned into 5 full days. They did reach an agreement…a consensus. We were in the opinion things were really going to start happening for us shortly thereafter. …I believe things were put into motion… …I told you about the Qi cards that were issued to Iraqi citizens to receive their portion of the oil revenue or profits on. That is a new card, brand new just issued and they could be activated as early as this afternoon [Thursday] and were in many cases activated. They were also told those cards would be available with funds starting Saturday.
4-27-2018 Intel Guru Bruce The other thing is which is really important, yesterday 750 representatives of Abbott Downing which is the highest end form of wealth management services Wells Fargo has…were relocated or shipped to various parts of the country to help with not only with Wells Fargo banks, but also banks that need additional help management staff at the highest levels. That is a pretty big shift. What does that tell you of our proximity? …I feel good about the proximity where we are, the movement that is taking place, the additional Qi cards for Iraq, and it is just seemingly coming together since the IMF meeting wrapped up last Tuesday night… …It wouldn’t be surprising to me if this were to go down for us before the end of the month which is Monday, April 30th. In addition to that we heard and there is a lot of consensus for the weekend…I hear we are on track for this to be a very big weekend…
4-27-2018 Newshound Guru Kaperoni I am impressed…by the amount of banking articles documenting activities from the agreement with Visa to the inclusive presentations to invite citizens to participate in the banking sector. It seems like the momentum is picking up to integrate the banking system with the global financial system. Let’s hope that momentum doesn’t stop and when Iraq meets compliance they’re ready to move forward. And of course today was another successful day at the auction 1195 to one US dollar well within compliance. It seems like Iraq has the government, the CBI and many economists all pushing this transformation forward.
4-26-2018 Intel/Newshound Guru sandyf There is a high probability that Iraq will redenominate in the years to come, could be well into the next parliament. This is the only way the currency in circulation can be brought down to a more realistic level. The first move would be to put a redenomination bill in front of parliament and that is not going to be straightforward. May be looking to get funding for the project in the next budget. In the meantime it would be a prudent move for Iraq to try and reduce the exchange rate to 1000/USD prior to the redenomination. This would go a long way to reducing the confusion during the changeover.
4-26-2018 Newshound Guru MilitiaMan Article: “Arab Monetary Fund announces the establishment of a regional entity to settle payments between the 22 countries” Quote: “…Iraq looks forward to benefiting from the world’s financial experiences…” …Internationalism represents Article 8 acceptance imo. Thus, the training and expertise required to maintain and manage the new systems is going to be an on going part of Article 8 in conjunction with other members that are in similar circumstance and will also benefit, as noted by the memorandum of understanding with Iraq, APB, ABB and the IFA all apparently apart of a General Council of Banks and Islamic Financial Institutions.. …The move up is very telling me that there is MR being completed and at the threshold. imo…
4-26-2018 Newshound/Intel Guru Mnt Goat …others persist on using Kuwait as the basis for their discussion on this Iraq RV topic. The FACT is the rate of the Kuwait dinar rose quickly due to pure speculation on the open currency exchanges. Get it? It did not RV under a high rate. It peaked on a free float, the IMF shut it down and then let the rate settle down to what it is today…the nominal market rate of about 3.35ish. This probably what will also happen in Iraq and the CBI already told us they “fully” intend to put the Iraqi dinar on a float and peg it to the SDR basket of 5 global currencies.
4-26-2018 Newshound Guru Kaperoni CBI News…The CBI put out a press release today confirming the signing of the agreement with Visa. Things are moving really quite fast regarding monetary policy and Iraq. Not that we’re going to see them begin the transition off-the-peg or into Article VIII yet, but everything else regarding the banking system is changing rapidly. With all the recent activities and news pertaining to monetary policy in Iraq it seems almost impossible that it could be stopped at this point. But anything is possible in Iraq. According to our numbers and the chart the CBI still has 49 days of compliance to go in order to be able to write the letter and exit Article XIV and move to Article VIII. Though this is not official it is fairly accurate. But I don’t expect them to move exactly on the compliance date anyways it could take weeks. The success of the elections and formation of government will play a critical role in all of that.
4-26-2018 Intel Guru RayRen98 Abadi and Barzani are becoming like “best buds” and there is peace among the land. (LOL) Abadi has approved international flights in Kurdistan. Iraqi TV reports Alaq, with the CBI, stating Iraqi banks totaling 200 billion dinar in assets and that they are ready for the economic impact.
4-26-2018 Newshound/Intel Guru BGG Article: “Continued decline in dollar exchange in Iraq” Quote: “The market price on the Kifah Stock Exchange in Baghdad was 1196 dinars per dollar, or 119 thousand and 600 dinars per hundred dollars.” There is a lot of great news out the last few days. This, however, will fly under the radar and is very, very important. The USD / IQD rate continues to decline. Looking better and better everyday.