Frank 26 call summarized notes
Frank energency call
Emergency because it is important you have the information before it hits the Internet tomorrow.
Randy: Aggiedad if tomorrow you see articles that say Iraq will cut the value of its cuttency against the dollar? What is your reaction?
AGGIEDAD Probably movement but not in the direction we want.
Frank. Security is important we now need to look in the direction of Fallugiah. Ramadi and Mosul were good. We ate hesitant to talk in details so not to hinder military actions. National reconciliation is something else we need to watch. It is happening. You looked for tax and tarriffs today. We need to see agricultural kicked off manufacturing etc. Many things are happening and they all come back to one central point.
You will see articles tomorrow. They said in 2006 they were going to cut currency from 1166 to 1190. You will see it again now. It will logically not look good. The CBI has been talking about the dollar and they are not using it any more. By reducing the IQD against the USD they are going to boost their economy. They have no liquidity. They have asked for grants and loans but don't get them. Twilight news will announce value cuts of IQD. They told us about this on December 3rd.
We are doing this call to keep you from panic when it comes out. Could this be a decoy? No. The finance committee said they would do this on December 22. Maybe it is to deal with counterfeit or stolen currency or to pull in the 3 zeros currency. This is good news. This could be a detergent possibly. The value of the Dinar did not change these are adjustments. They are not changing the selling rate of the US Dollar but the selling rate of the Dinar. 1182 was created to become 2% compliant with IMF requirements. For the traders of currency in Iraq not the citizens.
Remember 1190 when they created it is not the official exchange rate on the streets of iraq. They need 1190 to be compliant with 2%. Don't look for a date or rate. Look for pieces of the process. This is not a devaluation ov exchange rate but a devaluation of the sell rate. The spread is the profit margin of currency in country traders. The difference in 1190 and 1182 is 1190 for hard currency and 1182 for digital currency in the accounts. This is no devalue of the currency it is an adjustment in country. A lot is lost in translation from Arabic to English. When they go article 8 compliant they are international.
They will not go interbational at the program rate of 1166. They are not landing on Normandy beach to lose the war. They are waiting on the recalculation of the rate by the International community. This call is to keep you calm ehen the fire storm about devaluation of the Dinar hits the Internet tomorrow. Wait until the 4th of January and see what you see. Watch for the articles tomorrow. The rumors were all over Iraq today. The IMF said to Iraq 2 momos. 1. Adjust your rate. 2 increase the value of your currency. Iraq is waiting for numbers that will give us our numbers. Isx has said when we reopen we must reevaluate the cost of our stocks. We need to avoid getting hit hard. We need to change the pricing of our stocks.
A story. About 2 years ago someone decided to smuggle 3 over 3 billion dinars from the US to Canada and ever since they have been fighting over the confiscated currency. The verdict today said I doubt there is a bank in Iraq that will give value for this currency. It is worthless. The irony is they know the real worth of the currency. Canada has custody of "the worthless currency" why if it is worthless are they hanging on. Iraq is not trying to confuse anyone. They are going about the business of the reform. They are going to enter the international market the first quarter of 2016 whether you like how they are going to do it or not. We are very close to this. Do not focus on rates and dates. I want you to know that life is good. May this 2016 be all that we have dreamed of. God bless you all. We are on course.