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Monday, July 24, 2017

DINAR GURUS UPDATE, 24 JULY

7-24-2017   Newshound Guru Kaperoni   Article:  "Governor of the Central Bank of Iraq inspected the headquarters of the International Development Bank"  They clearly seem to be getting ready for international banking!

7-24-2017   Intel Guru RayRen98
   The CBI talked about economic reforms in the next few days, and said that they would lose IMF support if they didn’t get it done!  We haven’t had confirmation of lower denominations. IT was said that the supplementary budget had to be passed first, and we understand that when it is passed, the rest will appear in the next few days. Over the weekend, we were told that the budget was approved and it should show up in the Gazette on Wednesday.   Iraq has a meeting ...1. August with the World Bank about their 580 billion dollar loan, and reforms must be in place before that time. The CBI has submitted their paperwork to the World Bank, and I guess we are waiting for the IMF and World Bank to sign off on it. So we are looking for this to unfold prior to August 1, or on August 1. We’re feeling pretty good about the 1. August, or before, unless something unforeseen happens.  It looks like we are at the end of this ride, based on the information.

7-24-2017   Newshound Guru mike    Demand for the dollar is high and will only get higher now that ISIL is out of Mosul, construction and other imports are going to be needed and that's all bought with dollars. The IMF has placed a minimum amount of time to hold that 2% spread and that's 90 days, so, the minimum amount of time necessary to get the 2% straight is 90 days, in addition to how long it takes to actually get the spread to that minimum, say a month or twenty, it all depends on what the CBI can do.   [post 2 of 2]

7-24-2017   Newshound Guru mike   [Getting the dinar into Article VIII would be the first step into stopping the auctions? That would mean the spread would have to be 2%; how close are they to that at this time?]  Great question, here's the thing, if Iraq un-pegged today there would be no disparity between the market and street rates, although, the IMF has advised them not too. WhyBecause if they do, the dinar will more than likely drop to somewhere around 1500-$1 which would increase inflation and the pain the citizens are already feeling. Without an economy and exports other than oil, there's next to zero demand for the dinar and that won't change overnight, we're still waiting for the needed legislation to encourage internal business creation and foreign investment.  [post 1 of 2....stay tuned]

7-24-2017   Newshound Guru Peggy68   In my honest opinion I'm expecting to see the monetary reform implemented between tonight (Sunday) going into July 24th, 2017  through August 10th, 2017.  There are several dates in between we could focus on included in the analysis. Take a look at what is happening in different Federal Agencies and what is already in place, its clearly the time and Iraq is ready to ROCK & ROLL!

7-24-2017   Newshound Guru chattels   Economy News "...publishes the amendment of the Financial Budget Act of 2017 Published "Economy News" Law amending the Federal Budget Law No. (44) for the year 2017, which was approved by the House of Representatives on Monday. And the details of the law:.."  [Courtesy of Whitelions]  "Article 1 - A- Revenues of the Federal General Budget for the fiscal year 2017 are estimated to be (82,069,669,668) thousand dinars (eighty two trillion nine hundred and sixty six billion six hundred and sixty six hundred and sixty-eight thousand dinars)"   " ...on the basis of the exchange rate (1182) dinars per dollar ..." "Calculation of the revenues from the export of crude oil based on the average price of (44.4) (forty four dollars and forty cents) per barrel...on the basis of the exchange rate (1182) dinars per dollar..."   Since oil is valued in dollars there is a stated rate of exchange to convert to dinar since the budget is stated in dinar. There is a rate of exchange, but no new rate.

7-24-2017   Newshound Guru G-Lin   Article:  "Increase the capital of the Central Bank to one trillion dinars"  Quote:  "...the new law aims to "increase the capital of the Central Bank of Iraq and to keep pace with global economic development..."    New amendments to the CBI Bank Law. We have been waiting a while for this. IMF is not playing anymore.

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