Iraq an economic Study

So ReV, what do your buddies at DA think?

I'll hold your hair for ya! :)

haha... why, thanks darlin'!

Hard to say. Politics are still chaos, but they've got a Standby Agreement with the IMF that expires on Feb 23. They made certain commitments that, supposedly, have not been fulfilled, and no announcement has been made about extending the SBA. They already extended it last summer and SBA's only are allowed to be extended once. So, if Iraq doesn't get it together and live up to these agreements, whatever they are, by Feb 23, they're gonna owe the full amount of debt that was negotiated down by 80% at the Paris Club. They're broke as it is, so if they don't fulfill their obligations, they're going to default, and they'll never get another loan and become economic pariahs again.

IMF doesn't publish these obligations, but they are getting a lot of pressure from the international community to open up the free market and make it easier to do business internationally. In order to do business internationally, a country has to have a convertible currency. They could go international at 1166, and probably will, but once the peg is removed, and the float starts, supply and demand should drive the rate up quickly.

Basically, these are freakin' idiots we're dealing with, but even idiots like money. Turki's speech doesn't hurt, either.



Last Edited by ReVbo™ on 01/29/2013 10:26 PM

Yes... still chaos. I got depressed on the CC call when that guy went on and on about the mess the country is in... left the call about an hour in.

No idea who this guy is, so take it with a huge grain of salt, but I thought y'all would find it interesting. Reading through his very few previous comments, though, he seems extremely knowledgeable, if a little post-shy.

iqdcrazy:
I have some intel from a contractor in Iraq that Exxon Mobil is having secret talks today to shift power and push a revaluation with the president of the World Trade Organization. If this was to happen there would be a fast three step move. The Dinar would go up in price very sharply and then there would be a Free Float, a re-denomination with an RV. This would balance the budget, remove deficit and remove all big notes from circulation all at once. Lastly it would increase the investments in Iraq 100 fold in a matter of days and Oil companies would make Billions of dollars in seconds.

Read more: [link to dinarvets.com]

Last Edited by ReVbo™ on 01/30/2013 12:55 PM

Good news. Wonder what Kap would say Rev....


Posted Today, 05:33 PM
I can't copy and paste this article but looks good to me!! Any help much appreciated

EU amends sanctions regulation on Iraq

Kuwait News Agency (KUNA)





[link to www.kuna.net....304&Language=en]

Read more: [link to dinarvets.com]

Nice catch. I saw that when it first got posted, but am just now seeing reaction to it. Looks really good, sanctions being released. EU has been really busy with Iraq lately. This guy puts it together nicely.

dontl0p:
im liking the release of sanctions on iraq.. things are coming together pretty quickly as if something in the near future is imminent .. not just this . but it adds to the fire . the budget being delayed . the imf stand by arrangement coming to an end .. sanctions being lifted , oil money being distributed ,, electronic banking in place , economic agreements being signed . world trade organization coming into the picture .. new currency being developed if not completed . man this took a long time

Thanks... yes I saw that. He summed it up nicely.

Its looking good for our rondevo in Thailand sooner than later. Great work guys. Be seeing you soon I hope. I just love the sound of tax free money converted to gold. Yahoo. sk

Council of Ministers: the deadline next May immunity Iraqi funds

Link:
[link to translate.goo...ved=0CFYQ7gEwBA]


30/01/2013 09:08
BAGHDAD / Bri Center for the Iraqi Media Network (IMN) - Council of Ministers stressed that the end of immunity to the funds in foreign banks will end on 22 May next.



The legal advisor to the Prime Minister Fadel Muhammad's (IMN) "There is a committee formed by the prime minister headed by Deputy Prime Minister Ruz Nuri Shawis and membership of the Ministry of Foreign Affairs and the Ministry of Justice and the Central Bank to follow up Iraqi funds in foreign banks abroad."



He explained that "immunity to Iraqi funds will expire in the middle of the month of May next by the United States of America."



He added that "the amounts found outside Iraq is $ 65 billion of the Central Bank and other private funds the Iraqi government will be retrieved after the lifting of immunity."



And hit Iraq debt 3500 commercial creditor value of $ 2.7 billion as a means of protecting his money of foreign manipulation businesses.

Read more: [link to dinarvets.com]

TrinityExchange:
Should this article be true then it is saying everything that we have all been waiting on. The only way immunity to these funds will be released is when the GOI has appeased the expectations of the US & UN. That would be the establishment of a democratic power sharing government put in place.

We all know that the current sanctions remain in place NOT because Iraq is non-compliant with the orders of world power but because the proliferation of the Iraqi economy will not be granted to a dictator (Maliki). Not going to happen.

Should this article be accurate and not some 2cent piece, then we should expect to see the Arbil agreement take form. I am not sure where that will leave Maliki but as long as he is operating in his current capacity, those funds will remain in immunity.

I think a wonderful breeze is blowing in our direction soon to be a stiff wind. Change is coming.

He stated to All Iraq News Agency (AIN) "There are some attempts by the UN and the Security Council to release Iraq from the Seventh Chapter," noting that "The UN and the members of the Security Council such as the United Kingdom and the United States of America interfered in this issue to bring the various views closer with the Kuwaiti side because it represents the only obstacle in this issue."

"Some files were discussed with the Kuwaiti side and it is approved forming committees and releasing Iraq from the Seventh Chapter will happen soon," he concluded. /End/

Read more: [link to dinarvets.com]

They sure seem to be moving ahead on the economic front, Maliki or not, huh, Calin? Here's a piece about training Iraqis for WTO accession at the end of this month.

Intensive training course on the multilateral trading system and to join the World Trade Organization (WTO) to senior officials of the Republic of Iraq

Date: February 25-March 1, 2013 Place: Ankara, Turkey


Cooperation with UNCTAD and Saserick, will organize the Islamic Development Bank (cooperation and integration management) intensive training course on the multilateral trading system and to join the World Trade Organization (WTO) to officials of the Republic of Iraq.

Are expected to attend this course fifteen representatives from the Office of the Prime Minister and the following ministries and Iraqi governmental institutions related: trade, finance, environment and labor and social affairs, health, industry, higher education and scientific research, justice and transport, and culture (the National Centre for copyright protection). The private sector will be represented by the Federation of Iraqi Chambers of Industry.

The work program will include coverage of presentations on the basic conventions of WTO / GATT as well as other important topics join relevant, including the procedural nature, and that have direct relevance to the process of accession Iraqi taking into account the national development goals and priorities of Iraq. It will also include organizational and technical preparations necessary at home, particularly legislative and regulatory reforms to ensure compliance of the foreign trade regime with the Iraqi WTO disciplines.

In addition, it will discuss the issues that have a decisive influence on the economic and social development in Iraq and the potential effects of the accession negotiations, including agriculture, and prepare initial offers of market access in goods and services and the organization of import and export, and so on.

Furthermore, research will be presented about the latest cases to join the World Trade Organization (WTO) especially from the Arab region for the participants and discussed as part of the exchange of experiences and lessons learned, that would help Iraq to better prepare for the next stages of the accession process.


[link to translate.google.com]
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Training! Cool! They could use it!

Moving right along now!

So, the WTO won't be a go for at least a couple of months while they train and get organized. Wonder about the timeline regarding Iraqis readying for WTO and the currency changes

Read this whole thread.


TQueezy:
I just got a call from one of my sources. It's someone high up with direct connections to the CBI.

It's a done deal. Friday, banks closed, pushed the rate modification process upload through the server. Once it goes on the forward facing, and once all banks are back to operational hours, people should see the free exchange for IQD. It's a managed float, so you may not see any improvement for awhile. They have enough to back it at it's current rate without it falling too much. Might drop to 1200 / 1, but will soon increase beyond that. No real time frames for a good cash-in rate, but expect a couple weeks. I'd say exchanges at $1.56 / 1 by mid Feb.

So happy! Our ride is at the end. Stick with it guys, this is over soon. Woohoo!!!

Read more: [link to dinarvets.com]

Sounds good, but not holding my breath. Have heard similar before, but it would be nice to have a payday by mid feb. sk

Friday.. like yesterday or next Friday?

I read it as past tense, and we'll see something when Iraqi banks open tomorrow. Cross those fingers...

Ok ..

Reading through the thread now.

Boy, is that guy going to get beat up if there is no change in CBI after tomorrow.

Got that right.

Goes along with hoosier's info too.

10 to one he gets hammered. But hoping not. sk

Last Edited by seeker2 on 02/02/2013 12:49 PM

Better odds than I would have ever given any prediction before.

DV off line

Take a look at this. The head of the Finance and Banking Ministry sounds like Okie. The blue part sounds just like the float we've been talking about for a while.


Official: declining reserves of the Central Bank of gold does not affect the rate of the dinar

02/02/2013 11:45:00

BAGHDAD / Nina / The head of the Department of Banking and Finance Ministry Hilal Taan diminishing quantities of central bank reserves of gold does not affect the price of the local currency.

He said in a statement to the National Iraqi News / Nina / today: "The basket cash reserve covering currencies do not include the gold only, but depend on the dollar and the pound sterling and the euro, in addition to gold bullion."

He said: "The Iraqi dinar has been a week before the beginning of the deal by one of the sites of the U.S. because of the high currency reserves to more than $ 67 billion is evidence that the Iraqi currency backed by a strong balance can not be influenced by declining gold bullion."

He pointed out that "the dinar traded in global financial directory sites on the recovery of the currency and that there is a future for the Iraqi dinar and would soon return to what it was before 1980 because of the global demand in the global financial markets."

The Iraqi Central Bank denied reports by the media about the low reserves of gold, stressing that it saw stable over the past several months.

He said in a statement yesterday he was "no truth to the news reported by some media on the low bank reserves of gold," stressing that the reserves now total 29.790 tons.

The International Monetary Fund (IMF) revealed in a report last week, said Iraq cut its gold reserves by a quarter to reach 29.9 tonnes in November 2012, pointing out that the reserves in September and October of last year reached 39.4 tons. / Finished 5



[link to translate.google.com]
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Last Edited by ReVbo™ on 02/03/2013 10:57 AM

That guy 20MIL is a big downer on DV!

Last Edited by calin on 02/04/2013 04:06 PM

Yeah, he's been like that for a while. He's not telling us anything we didn't already know, though. His opinion was my opinion, until I got into this. Iraq is different. Sure, lots of countries have lopped over the years, and there's never been a big revaluation before, and probably never will be again because the cat will be out of the bag once this one happens.

What I hang my hat on is, Iraq is swimming in oil. Every time they stick a shovel in the ground, a hundred billion dollars comes gushing out, and some say they've got more gold than oil, not to mention natural gas, etc. They're loaded, and Saddam hid their vast wealth from them for 20 years.

This is where GLP comes into this whole thing. Never forget, we're conspiracy theorists before we're dinarians here. Let's face it...What 20Mil is saying is really just the conventional wisdom/official party line. And it makes sense... If he's talking about Turkey or Somalia or Zambia or Zimbabwe. It doesn't fit with Iraq. Iraq is different. The big boys who run the world picked Iraq for a reason, probably to strip mine it of its wealth, but that's not our problem.

I always come back to what got me into this in the first place. The world economy has suffered under Keynesian stimulus policy, regardless of who has been in power, for 50-100 years, depending on who you ask, and it's about to fall completely apart. They'll never admit that those Harvard MBAs are completely useless and Friedrich Hayek was right all along. They've tried every crazy trick in the book to get the economy going again. Some have worked for a while but diminishing returns sets in. Some have failed miserably from their inception. They need a big play to get things going again, and it sure ain't gonna happen printing more cash or buying more garbage mortgage-backed securities. They've already inflated our currency to where it's worth about 99.8% less than when it was created, and borrowed our great-great-great grandchildren into financial oblivion, so what can they do? They can start monetizing assets, and borrow someone else's great-great-great grandchildren into oblivion.

Can you say RV?

Could be a misprint, but what the hell...

Check this out. Notice anything interesting?

Oh yeah, and the investment part is almost 40%. That's a huge increase over previous years.

[link to www.shafaaq.com]

Shafaq News / The parliamentary Finance Committee revealed on Monday, that it has put the final touches to the federal draft budget for the current year 2013 , referring to the trend to raise disagreement points to the heads of political blocs to be resolved before voting on it predicted to take place next Thursday.

The member of the Finance Committee, Ameen Hadi said in an interview with "Shafaq News", that "The Finance Committee made the final touches to the federal draft budget, leaving only some points of disagreement that was not agree on until now within the committee that include the mechanism of distributing a proportion of the budget surplus and the region's share" .

The member of the Finance Committee predicted that "voting on the federal draft budget next Thursday instead of Tuesday," noting that "the resolution will be made by the Presidency of the parliament “.

The total federal budget is 138 billion dinars, which is the largest total in the history of the Iraqi state, which included 55 billion dinars for the investment part and 83 billion dinars for the operational part.

The Iraqi government budget was established in 2013 on the basis of (90) dollars for a barrel by an export rate of 2.9 million barrels of oil per day.