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Friday, November 9, 2012

HEARING THE DONG MAY GO AS SOON AS THIS WEEKEND, 9 NOV



TERYK] hey all  IS THIS BETTER  All, While everyone keeps eyes fixed on Iraq we have been following things in Vietnam. I think we can use Vietnam as a real RV gage.

One main reason is we don't see misleading and untruthful information coming out unlike what we see from Iraq. So here goes what we see at this time:

1. We know they are to re-value as part of five basket currencies.

2. Sent articles describing all of their natural resources and why they can support $1.00 and up to $2.00 in a revaluation.

 3. They have settled with France on a rate for repayment

. 4. The IMF & WTO have spent weeks in Saigon with The State Bank of Vietnam preparing them for full membership in 2013

 5. It has been circulating the IMF has given them green light to go ahead with RV.

6. Read all articles below. They have been getting their economy and banking systems lined up and ready.

 7. They've been doing big business with Russia, Israel, China and France.

8. Their government is very stable.

Now for other things:

1. The State Bank of Vietnam website has been down all morning. This has never happened before.

2. The VND technical pages have been down off and on all week. When they go down it stays down for hours.

3. Trading has been frozen at least three days this week on both FX And Netdania. Right now Netdania is showing 0 change for past 12 hours. Same for IDR.

 4. Wednesday night .76 showed up on Todd's screen for one hour.

 5. Others have seen rates pop up this week as seen on recaps. So, maybe we might see them go first ahead of the Dinar by a few days. Just pondering.

Please see if you can dig up anything that might lead us as to when. I believe looking at Iraq will not give us as good of clues. Somewhere there is something that will tell us when.

7:59 PM  [TERRYK] THERE I SPILL SOME   WHERE IS EVERYONE   WOW THIS IS THE SECOND TIME THIS HAS HAPPENED TO ME IN 3 YEARS   SITTING HERE TALKING TO MYSELF

[irkaola] Terry hi

[TERRYK] HEY IRKAOLA  OK HERE IS THE REAL MEAT FOR TODAY :  Asian economies turn to yuan

 A "renminbi bloc" has been formed in East Asia, as nations in the region abandon the US dollar and peg their currency to the Chinese yuan — a major signal of China's successful bid to internationalize its currency, a research report has said.

The Peterson Institute for International Economics, or PIIE, said in its latest research that China has moved closer to its long-term goal for the renminbi to become a global reserve currency.

Since the global financial crisis, the report said, more and more nations, especially emerging economies, see the yuan as the main reference currency when setting their exchange rate.

And now seven out of 10 economies in the region — including South Korea, Indonesia, Malaysia, Singapore and Thailand — track the renminbi more closely than they do the US dollar.

Only three economies in the group — Hong Kong, Vietnam, and Mongolia — still have currencies following the dollar more closely than the renminbi, said the report, posted on the institute's website.

[TERRYK] The South Korean won, for example, has appreciated in sync with the renminbi against the dollar since mid-2010. http://www.chinadaily.co ··· 0495.htm

[TERRYK] HEY THANKS  GOOD STUFF

 [nano36] Yes, it is - hope someone of them RV soon

[TERRYK] HEARING THE DONG MAY GO AS SOON AS THIS WEEKEND

[DISHMAN] Man oh man that would be awesome  Same rate tk on the dong

[Gullwing]  great news , thanks !!

 [TERRYK] BE BACK IN A FEW

DISCUSSION OF MILLIONDAY , 9 NOV


** Be sure to join our daily chats at 6:30 PM EST and our Round Table Chats every Monday, Wednesday and Friday at 1PM EST at PeopleInvested.com **

[millionday] Luis Ayala praised secretary of the International Socialist Organization, the role of President Jalal Talabani in the reunification of the political blocs for the success of the democratic experiment in Iraq. This came during a speech at a seminar on the overall political situation was held at the Hall of meetings of the Political Bureau of the Patriotic Union of Kurdistan city of Sulaimaniya on Friday. According to a statement of the National Union received Agency (news) copy of it: that the seminar intellectual dealt with the overall political situation, and spoke to Luis Ayala for the situation in Iraq and the role of President Mam Jalal to family reunification of political parties and political blocs to the success of the democratic experiment in the new Iraq, also touched Ayala to the Arab revolutions and political parties that work for freedom and democracy and the constant search for change
[millionday] This explained Ayala during his speech: the dimensions of the experience of the Kurdistan Region and the Iraqi experience and the role of President Mam Jalal close ranks among the Iraqi people, addressing in his lecture detailed explanation for most of the experiments the world, political parties and the role of people in the constant search for change, democracy and freedom, as gains big for all peoples . He Luis Ayala to: experience the Arab revolutions and dictatorships that had to be changed to achieve the aspirations of peoples to freedom and democracy, expressing delight deep presence in the Kurdistan Region and among the sons of the people of Kurdistan in the city of Sulaymaniyah, wishing the people of Kurdistan further development and prosperity.

[millionday] im ready for the search to be over myself

[millionday] but it seems that the kurdistan meetings are going well

[sisterbreen] millionday good news

[millionday] brb with more

[allinxpress] millionday have they set a date for the national meeting yet?

[millionday] yes

[allinxpress] when ?

[lorijeanmarshall] Soon?

[millionday] they set it last weekend and have not released it and have called it tentative

[allinxpress] ok, so no they really havent . ty

[millionday] i will find it if it is out there

[millionday] yes they have

Rocknrv] :-) no, in the coming days!!

[millionday] yes they have

[millionday] yes they have

[millionday] yes they have

[millionday] did you see me that time

[millionday] smile

[millionday] brb

[Rocknrv] millionday...tell us how you really feel.....lol

[allinxpress] if they did.. IMO .. u wouldnt have to look to find it. Anyone else thnk the same?

[millionday] it is in the chats -- cant remember what day

[millionday] if you want to argue with me -- you picked the right day

[Rocknrv] uh oh.....

[millionday] i said they set the date because they did

[lorijeanmarshall] allinxpress A tenative date is still a date. They aren't going to release probably due to security reasons. Won't know till the very last minute imo

[NUMBERS] millionday you would win smile

[millionday] brb with more

[m10000] every man must know his limitations!

[millionday] exactly lori -- the date is part of the invites they reported

So, lets move on now. Thanks

[millionday] brb

[usmcvet82] millionday What's the scoop on Shabbs?

[millionday] shabibi

[millionday] Rejected Iraqi Central Bank Governor article Shabibi accusations against him, especially the "mismanagement of funds and failure to work", adding that government authorities have threatened the independence of the Bank in order to reach its reserves. Shabibi's comments came after weeks of his dismissal was preceded by warnings against him and against other government banks, which diplomats and analysts considered it comes as part of a quest for control of the bank by Prime Minister Nuri al-Maliki, who has denied his office and standing behind it. Shabibi said in a telephone interview from Geneva with AFP has "were trying to عزلي since 2009, and they want money from reserves" the central bank. "I think that the main problem ... basically is up, because they think that we have a lot of reserves and they want to use for funding." "The government wants money from the central bank ... and the Central Bank Law does not allow it."

[usmcvet82] Yah That Guy!

[millionday] smile

[millionday] He added "confirmation say there are differences in the exchange rate policy. Do not think that these differences require dismissal of the central bank governor." In response to a question the existence of the impact of threats and accusations against him and other officials on the independence of the Bank, Shabibi said "definitely yes." Shabibi refused to name any government official, but noted, "They were talking constantly about they should supervise the monetary policy and they should decide a lot a lot a lot of this policy, and all these things." Analysts described Shabibi (70 years), who stretched his experience of two decades in the United Nations and the governor of the Central Bank since 2003, as a technocrat struggled to maintain the independence of the Central Bank of Iraq. The Iraqi government decided to end October, appointed head of the Office of Financial Supervision Abdel Basset Turkey instead Shabibi, after criticism by the parliamentary Finance Committee relating to mismanaging funds directed to Shabibi and other bankers officials.

[lorijeanmarshall] Why is it that when I said that exact same thing the Shabbs was removed from the CBI no one would listen to me? Honestly. Oh well. It is out there now I guess.

[millionday] because he is not

[millionday] note -- the investigation is still ongoing

[Fresh] millionday exactly... it's the age old debate of Maliki trying to pull control of CBI

[Rocknrv] he is 'suspended'?

[Fresh] this time he made it personal against CBI... Shabibi is sayin the same thing he did years ago

[millionday] note -- this huge report tells it all

[millionday] exactly

[lorijeanmarshall] millionday Right. I was telling everyone that he was going to be back and the little game that M was playing but no one wanted to hear from me. Just frustrating

[millionday] Shabibi said he planned to return to Iraq to face the charges against him, after the cancellation of the arrest warrant against him, pointing out that the government can not sack him because this thing is still the validity of Parliament. He also rejected Shabibi accusations of currency manipulation and mismanagement, compared to a slight change in the value of the Iraqi dinar against dramatic changes in the value of the dollar or the euro. Shabibi said have "I told them (the government) that the central bank was not the reason for this volatility, this is part of the average ... and we have been successful in eventually achieving stability of the exchange rate, and the difference of 2 or 3 percent." "I told them, just go to Europe now and see the difference" in exchange rates. He added that "they realize the stability of the exchange rate (in recent years) and then used it against the Central Bank. They did not find any errors or problems and they said this is a problem and described the failure of the Central Bank."

[millionday] He said he did not know how long the accusations against him, but added, "Let them wait and see," stressing his confidence in the style of his work. And witnessed the exchange rates of the Iraqi dinar rates roughly stable against the dollar over the past few years, and almost 1,200 dinars to the dollar. In conjunction with the accusations of manipulating the exchange rates of the dinar, raised fears of exploitation auctions held by the Central Bank of Iran and Syria to support its foreign currency reserves, which was denied by the central bank. And taken strict measures during 2012, banks impose a definition for procuring entities of foreign currency.

[millionday] i told you watch this and see how he takes it -- his work and history is more than maliki would ever ackomplish and many others -- this is a very smart man

[millionday] he stablilized a currency in a war torn country

[millionday] so it looks like he did not return

[lorijeanmarshall] millionday He is a VERY smart man and M knows it. That is why all M can do to him is illeaglly try to arrest him to get him out of the way.

[millionday] i dont blame him after the hanging in the street methods we have witnessed

[lorijeanmarshall] millionday Yeah, if I was him I would wait for the arrest warrants to be dropped before I returned too.

[millionday] yes -- and he also has the UN behind him ect

[millionday] brb with more

[millionday] me too – smile

[lorijeanmarshall] millionday Thank GOD for that. I think that is the only thing holding M back in getting what he really wants.

[millionday] While efforts are continuing Iraqi and international to rid Iraq of the provisions of Chapter VII of the Charter of the United Nations against the backdrop of Iraq invaded Kuwait in 1990, counting the Iraqi government a lot on the upcoming visit of Prime Minister Sheikh Nasser Mohammad Al-Sabah to Baghdad in the hope of closing all outstanding issues between the two countries in 2013. Ali al-Moussawi, media advisor to Iraqi Prime Minister In an interview with Radio Free Iraq said: that the Prime Minister of Kuwait Sheikh Jaber Mubarak Al-Hamad Al-Sabah will visit Baghdad soon, hoping to bring to fruition the talks between the two sides for the closure of outstanding issues, including paving to rid Iraq of the provisions of Chapter VII, pointing out that the Iraqi-Kuwaiti relations have witnessed good steps, but Iraq awaiting practical steps, in order to be a solid base for relations between the two countries to enter into a new phase of cooperation and integration and turn the page on the past.

[millionday] Moussawi stressed that all outstanding issues can be resolved if there was a serious desire to Kuwait, pointing out that the position will be important in meeting recently held by the Security Council to discuss the issue of removing Iraq from Chapter VII. So media quoted Iraqi and Arab from Captain Iraqi journalists pro-Lami, who currently visiting Kuwait at the head of a delegation of Iraqi journalists, saying that the Emir Sheikh Sabah Al-Ahmad promised reward in the case to remove Iraq from Chapter VII of the Charter of the United Nations, although Kuwaiti Foreign Minister Sheikh Sabah Al-Khalid expected to be completed compensation paid on Iraq to Kuwait in just two years after Iraq's commitment to payment during the last period.

[millionday] And see Nada Jubouri member of the Foreign Relations Committee in the Iraqi parliament that there is a trend internationally and positive atmosphere to remove Iraq from Chapter VII, pointing to continued moves and meetings of the Committee on Foreign Relations parliamentary with the political section at the U.S. Embassy and the President of the United Nations Mission in Iraq Martin Kobler as well movements and the Iraqi Foreign Ministry in the United Nations. Jubouri confirmed that Russia supports removing Iraq from Chapter VII was discussed this issue during the recent visit of Iraqi Prime Minister Nuri al-Maliki to Moscow, believes that the lack of removing Iraq from Chapter VII the end of this year 2012 means that the United States has not fulfilled its obligations towards Iraq.

[millionday] exactly

[millionday] But the new U.S. ambassador to Baghdad Robert Stephen Beecroft had confirmed in a statement late last month that his country has worked hard with Iraq and Kuwait and continue to work to remove Iraq from the provisions of Chapter VII of the Charter of the United Nations and put it under the provisions of Chapter VI. Iraq is still languishing under the provisions of Chapter VII of the Charter of the United Nations imposed on Iraq after its invasion of Kuwait, and because of the pending issues between the two countries, including the issue of border demarcation and the fate of missing Kuwaitis during the Iraqi invasion, and the issue of reparations environmental and oil and return of Kuwaiti property, including Archive government of Kuwait .

[millionday] the borders begin getting marked this weekend

[millionday] Iraqi political analyst and confident Hashemi stressed that all these files and even the issue of port Mubarak can be resolved, calling the decision makers in Iraq to exploit the visit of Prime Minister of Kuwait Sheikh Jaber Al-Mubarak, especially since Kuwait is serious about resolving this issue, especially after the decision to the Emir of Kuwait off lawsuits judicial against Iraqi Airways after the financial settlement between the two countries. Hashemi believes that Kuwait today aware of the importance of strengthening relations with Iraq to protect its northern border, at a time of mounting tension between Kuwait government and the opposition and protests by the Emiri decree amending the electoral system.

[millionday] sounds like we like the way he thinks

[millionday] i agree that it is probable at this point that they will resolve chapter 7 after this last meeting

[millionday] anyone have anything they want to say, bring -- ect

[sisterbreen] millionday tyvm

[millionday] smile -- yw all the time hun

[millionday] let me see if i have anything else for today

[millionday] brb

[letsroll] millionday do you know if Parliament is still working on the oil and Gas & infrastructure , or is it postponed for now those will be huge when agreed to & passed

[millionday] yes it is at parliament

[tjohnson1400] millionday are they making any headway

[millionday] brb

[Red Skyy] Is Parliment still going on Vacation of the 15th?

[millionday] you mean with the hcl ?

[tjohnson1400] millionday with everything

[millionday] no they sent the budget there to hold them until the laws ect are through -- now remember this is iraq -- they go anyway sometimes without serious threats so we will see

[millionday] oh yes hun -- lots of headway

[millionday] brb with more

[millionday] Interfax news agency quoted news Lukoil Rossi's second biggest producer of crude oil as saying on Friday it would consider an offer from Exxon Mobil on West Qurna -1 who want the U.S. company to withdraw from it. The agency quoted André Kozyaev head external operations in Lukoil as saying "We have received an offer from Exxon. We will examine this possibility more likely., But we did not take any decision today." The Lukoil, which is currently working to develop the West Qurna-2 has said that West Qurna -1 greater than its potential.

[millionday] it is just the south side anyway they pulled from on discovery ---

[tjohnson1400] millionday so do you think shabs is going to have malikis head on a plater

[Dare To Dream] Shabibi said he intended to return to Iraq to fight the charges, but would only do so if the arrest warrant was lifted. He noted that the government could not fire him, a power which by law rests with parliament.

[millionday] note -- i dont think the shabibi warrant is going to fly and the power to get to the money cant be minimized by changing who sits in a chair -- the law is the law and maliki or anyone else sure doesnt want to be caught steeling from that cookie jar

[millionday] well there we have it -- shabibi didnt come back yet and we should have something tonight with parliament i hope

[millionday] i will see you all tonight 

DINAR GURUS UPDATE, 9 NOV


11-9-2012  Intel/Newshound Guru Poppy3   Parliament has been called beck in session today instead of next week like first reported. That should mean they are going to vote on some things and move forward.  SHABIBI SAYS HE CAN CLEAR HIS NAME IF THEY EVER CAN GET THE JUDICIARY TOGETHER FOR HIM TO TESTIFY AND PROVE HIS INNOCENCE ??

11-9-2012  Newshound Guru LoriC   The latest word is the National Meeting will be held at the beginning of next week.  However, Allawi and the List say they will be a no-show again because they are tired of hearing promises and dialogue that is just for show.  Maliki must implement the power sharing government that was agreed upon years ago. For this to be a successful National Meeting the Erbil agreement must be put into action. IMHO, they would not be holding another National Meeting unless there was already an agreement. Talabani has been working on the reform paper since his return and this meeting next week just could be the start of the end of the political crisis. We'll just have to wait and see.

11-9-2012  Newshound Guru Mike    Article:  "The Washington Post: Blair says that the Iraqi economy is prosperous and calls for British companies to invest"  I like this article because it tells you about the value that is there - he talks about getting British companies to invest in Iraq.  Great article...telling us how the economic situation is great except for the political situation - things are going well over there...the direction it is going if you ask me it is very positive - we are seeing VERY VERY POSITIVE THINGS across the scale here as far as how much growth is going to happen in the future - the oil, etc...be patient - don't think it is going to happen tomorrow - if it does BE HAPPY - there is always that possibility because there is a lot in place - I really feel they need to get their government in place and that there is a lot going on behind the scenes to help that happen.

11-9-2012  Newshound Guru Mountainman    the first of the year is the GOI's target to drop the three zero's and I don't see anything stopping that...Certainly will be an interesting start to the new year.  Shabs will survive as head of the CBI...who could possibly replace him?

11-9-12  Newshound Guru Phoenix3333   Oil-rich Iraq becomes World Bank target for contributions. Article quote:  "With its oil output expected to continue to rise, Iraq has become the World Bank’s target for financial contribution. Deputy head of Iraq’s Central Bank said last week that the World Bank asked Iraq to become a donor state by 2014. But with the myriad challenges facing a country ravaged by years of war, Iraq is likely still far from being able to help others. Iraq will be capable to be a donor country when its oil output rises."

11-9-2012  Intel Guru Hammerman   Very little intel, it is calm & quiet.  In 19 days I have had only 3 Middle East phone calls.  I hope this is a good thing.  I still believe we don't have a chance until the 15th - 17th on up until Thanksgiving.  I am hearing that if we don't see the RV by Thanksgiving, we will not see it until mid February, is this true I don't know. 

11-9-2012  Intel Guru Blaino    THE WARRANTS AND CHARGES PENDING AND NOW CANCELLED AGAINST CBI GOVERNOR SHABIBI MAY HAVE BEEN A VERY CONVIENIENT SHAM TO ARREST SPECULATION REGARDING THE REVAL OF THE IQD AND TERMINATE ANY THOUGHTS OF THE RV HAPPENING IN THE RUNUP TO THE US ELECTION.  NOW THAT THE ELECTION IS ENDED...WE SUDDENLY SEE THE CHARGES AND SPECIFICATIONS AGAINST SHABIBI DROPPED AND MOVEMENT OF SEVERAL MARKERS TOWARD COMPLETION.  THERE MAY BE A FAR BETTER ENVIRONMENT FOR THE RV AT THIS TIME AND UP TILL THE 17TH
 (PER INTEL)... I EXPECT TO HAVE AN ANNOUNCEMENT RE: THE RV AND THE RATE BEFORE IT BECOMES PUBLIC KNOWLEDGE..
.

LORIC, TIMSTERS & PHOENIX POST, 9 NOV


11-9-12 LoriC: The latest word is the National Meeting will be held at the beginning of next week. However, Allawi and the List say they will be a no-show again because they are tired of hearing promises and dialogue that is just for show. Maliki must implement the power sharing government that was agreed upon years ago. For this to be a successful National Meeting the Erbil agreement must be put into action. IMHO, they would not be holding another National Meeting unless there was already an agreement. Talabani has been working on the reform paper since his return and this meeting next week just could be the start of the end of the political crisis. We'll just have to wait and see.

11-9-12 Timsters: If you look at all the news coming out, the outside countries are still pouring into Iraq for investments. If this stuff were as bad as it appears, would all these countries still be moving in and NOT one word from the powers that be yet? UN, IMF, US, WORLD BANK. Could this be another smoke screen? I mean we wouldn't go over there and invest with all the info we are giving why are all these countries pouring into the country? Do they know something we don't?

11-9-12  Newshound Guru Phoenix3333   Oil-rich Iraq becomes World Bank target for contributions. Article quote:  "With its oil output expected to continue to rise, Iraq has become the World Bank’s target for financial contribution. Deputy head of Iraq’s Central Bank said last week that the World Bank asked Iraq to become a donor state by 2014. But with the myriad challenges facing a country ravaged by years of war, Iraq is likely still far from being able to help others. Iraq will be capable to be a donor country when its oil output rises."

WE DONT HAVE A CHANCE UNTIL THE 15TH-17TH ON UP UNTIL THANKSGIVING, 9 NOVEMBER


11-9-2012  Intel Guru Hammerman   Very little intel, it is calm & quiet.  In 19 days I have had only 3 Middle East phone calls.  I hope this is a good thing.  I still believe we don't have a chance until the 15th - 17th on up until Thanksgiving.  I am hearing that if we don't see the RV by Thanksgiving, we will not see it until mid February, is this true I don't know. 

11-9-12  Newshound Guru Phoenix3333   Oil-rich Iraq becomes World Bank target for contributions. Article quote:  "With its oil output expected to continue to rise, Iraq has become the World Bank’s target for financial contribution. Deputy head of Iraq’s Central Bank said last week that the World Bank asked Iraq to become a donor state by 2014. But with the myriad challenges facing a country ravaged by years of war, Iraq is likely still far from being able to help others. Iraq will be capable to be a donor country when its oil output rises."

Claims the exit of Iraq from Chapter VII, 9 NOV


Claims the exit of Iraq from Chapter VII



Published 08/11/2012 07:03 AM


BAGHDAD - "arenas of Liberation"
Demanded political circles United States to help Iraq out of Chapter VII, and in this context spokesman of the Iraqi List Haider Mulla: "The United States should reconsider its policy towards Iraq, especially in relation to بخروجه from Chapter VII, especially it announced their support for it after the conclusion of security agreement between the two countries. "
With congratulated President Jalal Talabani, U.S. President Barack Obama on winning a second term, Deputy Prime Kurdistan Alliance bloc Muhsin al-Sadoun U.S. administration to adopt a clear policy towards events in the Middle East a clear political support stabilizing the security situation in the region: "It is necessary to rely Obama administration clear policy on what is happening in the Middle East and to guarantee the security of the region and the support of their people to go towards Eladimqratih and get rid of authoritarian regimes: ".


Abdul Mohsen al-Sadoun
Sadoun pointed out that "the internal situation in Iraq as a result of the current crisis, the remnants of American practices and attitudes determine a specific timeframe for the writing of the Constitution, and support a party at the expense of another and it must prove its desire to remove Iraq from Chapter VII"
Iraq has signed and the United States, the end of November 2008, a security agreement and the other as the strategic framework to support the ministries and agencies of the Iraqi transition from the strategic partnership with the Republic of Iraq to the areas of economic, diplomatic, cultural and security.
Political analyst and decent Hashemi stressed the possibility for American intervention to contain the current crisis: "The U.S. administration has expressed concern about the continued to t the current crisis in Iraq, and in the coming days, perhaps we will see U.S. intervention to urge the Iraqi factions to settle their differences."
The U.S. administration has expressed concern about the continuation of the political crisis, and urged all parties to participate in the government to settle their differences. 

http://translate.google.com/translate?depth=1&langpair=auto|en&rurl=translate.google.com&u=http://www.altahreernews.com/inp/view.asp%3FID%3D12480

Iraq's former central bank chief criticises government, 9 NOV


Iraq's former central bank chief criticises government



Iraq's former central bank chief criticises government
The former governor of Iraq's central bank who was removed from his job amid allegations of financial impropriety has vowed to clear his name.
Sinan Al Shabibi was suspended from his post following allegations that the central bank had manipulated the Iraqi currency against the US dollar.

But he claims that the charges against him are cover for a political manoeuvre by the government to use the central bank's reserves.

"We had conflicts with the government. They wanted to use the central bank's reserves to finance some electricity projects and part of the (public) budget, but we told them they cannot touch the reserves," Mr Shabibi said.

Mr Al Shabibi said the move was a "violation" of the country's constitution, and contravened the independence of the central bank. Only parliament can make such decisions.

Anthony Skinner of the risk analyst firm Maplecroft said the move suggests that prime minister Nouri Al Maliki was trying to take control of the central bank.

"We have seen this tactic by Maliki in the past, to remove potential opponents or awkward political figures," Mr Skinner said.

He cited the removal of trade minister of Falah Al Sudani, vice president Tarek Al Hashemi and more recently communications minister Mohammed Tawfiq Allawi. "This is a continuous trend of removing individuals that rub against political figures who hold the reigns of power," the analyst said.

Mr Shabibi was in Tokyo for IMF meetings last month when an arrest warrant was issued against him and dozens of staff at the central bank for allegedly weakening the dinar against the dollar.

Iraqi authorities allege that there was not enough oversight of capital outflows under Mr Al Shabibi's watch.

Upon notification of the charges, he left Japan for Switzerland.

He said he planned to return to Baghdad "soon" to defend himself and the central bank in court.

The cabinet ordered a judicial inquiry into the bank after a committee including representatives from the integrity committee cited violations in procedures that led to the weakening of the dinar earlier this year.

Iraqi authorities issued an arrest warrant for Mr Al Shabibi and 30 others, shortly before the appointment of Abdelbasset Turki, the head of the board of supreme audit, to succeed him.

"The government shouldn't have handled it in that way, there should have been another route of negotiations and discussions, rather than arrest warrants and making it a big public affair," the ex-governor said.

"We could have dealt with this in a much better way, through prolonged discussions with the finance ministry, the fiscal committee, the economic committee and realise their needs without touching the reserves," he said.

The cabinet recently approved a draft budget of 138 trillion Iraqi dinars (Dh435.6 trillion) for next year. However, the proposal still needs approval from parliament.

Mr Al Shabibi claims the "root" of the dispute surrounded the use of the central bank's reserves for this budget, which would have had a negative affect on the currency.

Mr Al Shabibi said he has been in discussions with various government officials to resolve the dispute and added that he hopes that the judiciary will maintain its independence from government.

Demand for dollars in the central bank's weekly currency auction doubled to US$300 million (Dh1.1 billion) from November to April, putting pressure on the nation's foreign reserves of about $63bn.

In April, the central bank introduced new regulations to govern currency auctions after demand for US dollars ballooned amid suspicions that some of the cash was being smuggled to Iran and Syria.

In August, the US president Barack Obama banned Elaf Bank, based in Baghdad, from any dealings with the US banking system for allegedly functioning as a conduit to Iran.

Mr Al Shabibi became the governor of the central bank shortly after the US-led war on Iraq, and was one of the main architects of the Paris Club agreements that dealt with Saddam-era debt. Before the war, he spent time in Geneva as a senior economist at the United Nations Conference on Trade and Development.

Source: The National

PUKmedia 09-11-2012 09:24:34


http://pukmedia.co/english/index.php/77/iraq/2936-iraq-s-former-central-bank-chief-criticises-government

THE IRAQI BUDGET WAS APPROVED AT $3.76, 9 NOV


[spades] josey wales I just read on recaps from mig members about a 3.66 rate for iqd have read it and where the heck are the getting that they say do the math . but it doesnt seem to make sense to me

weneedit] spades thats the rate I have had in my mind from day one

[Josey Wales] spades The Iraqi Budget was approved at $3.76.....$3.22 plus 20%......This is my baseline......I will be happy with that. But consider that Iraq and Kuwait share the same oil fields. Kuwait has a stable currency in the $3+ range. Kuwait will most likely RV as well.....I predict $4.00+

THE REVAL WILL GO FORWARD, 9 NOV



Blaino: ANALYSES INDICATES THAT THE WARRANTS AND CHARGES PENDING AND NOW CANCELLED AGAINST CBI GOVERNOR SHABIBI MAY HAVE BEEN A VERY CONVIENIENT SHAM TO ARREST SPECULATION REGARDING THE REVAL OF THE IQD  AND TERMINATE ANY THOUGHTS OF THE RV HAPPENING IN THE RUNUP TO THE US ELECTION.

NOW THAT THE ELECTION IS ENDED AND THE LAY OF THE LAND IS CLEAR, WE SUDDENLY SEE THE CHARGES AND SPECIFICATIONS AGAINST SHABIBI DROPPED... AND MOVEMENT OF SEVERAL MARKERS TOWARD COMPLETION.
 
12:05 AM peachee: Blaino: THE RACE WAS TOO CLOSE TO CALL... AND THE STYLE OF LEADERSHIP WOULD HAVE BEEN SO DRAMATICALLY DIFFERENT, THAT THERE WAS A VOID IN THE LINE OF SIGHT TO THE FUTURE.

THAT VOID WAS CLEARED BY THE CONCESSION AND NOW "THEY" KNOW THERE WILL BE NO CHANGE (EFFECTIVELY) IN THE OPERATION OF THE USG, SO THERE WILL BE NO REASON CONNECTED TO THE US THAT THE REVAL WILL GO FORWARD.
 
12:09 AM peachee: Blaino: SO, ANALYSES SHOWS THAT THERE MAY BE A FAR BETTER ENVIRONMENT FOR THE RV AT THIS TIME AND UP TILL THE 17TH (PER INTEL) THAN THERE HAS BEEN LATELY, OR UP TILL NOVEMBER 6TH.....
 
12:09 AM peachee: Blaino: KEEP YOUR EYE ON PLANETDINAR FOR ALL THE LATEST INFORMATION AND ANNOUNCEMENTS.
 
12:13 AM peachee: Blaino: I EXPECT TO HAVE AN ANNOUNCEMENT RE: THE RV AND THE RATE BEFORE IT BECOMES PUBLIC KNOWLEDGE, AND THAT INFORMATION WILL RELEASE AS

1. TEXT,

2. NOTICE ON THE PLANETDINAR SITE, FOLLOWED BY THE DINARIAN SITE,

3. EMAIL TO OUR DATA BASE,

4. A CONFERENCE CALL TO SHARE NEWS AND INSTRUCTIONS! BE HERE WHEN IT HAPPENS OR  LATER WISH  YOU HAD BEEN!