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Tuesday, May 1, 2018

KTFA UPDATE, 1 MAY

Walkingstick:  Throwing this out there fwiw....(for what its worth)

IN BRIEF:  Although the education has been going on for some time..And, is proving to be fruitful... I think it's important for us to understand that the median age in Iraq is about 20 years... roughly 65% of the population, under the age of 25.. meaning,  roughly 65% of the population  did not exist when Iraq had a flourishing currency.

They were born into a society with a currency of little value, to them, the norm...that's what they know/ knew... then we have to factor in the  literacy rate... on top of that, they know the history of previous governments stealing their monies from banks.. which is a big part of why we read of what they call "chunking"... The Iraqis hoarding roughly 30 trillion in their homes...

Thankfully,  that mindset is and has been changing for some time throughout the ongoing educational campaigns... The majority, well aware their currency will once again flourish...
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Frank26:  SIR........... I ASK MYSELF.......... IF THE RI HAPPENED ........ NOW ........... I WONDER........... HOW MANY WOULD FIND THEMSELVES.............. EMBARRASSED DUE TO THEIR COMPLANING SO MUCH ........ TODAY.

Walkingstick:  Hmm....I believe it's difficult for many to discern the mindset in Iraq..  what we perceive as slow to act, they see as the norm...

ChrisC:  Yes Sir, you are correct in this.  Our mindset expects a rapid response and proper performance because that is what we are used to.  We don't understand how they think.
The other thing that makes this deal a "funny stew" is what our own govt may be throwing into the mix and affecting what we see.

The problem is that we sit in the bleachers, unaware of what plays are being called and what the strategy is and we have to guess as to what is "taking so long" when we think it should have been done months ago.

Shade:   The best part is that now we can actually see them getting it done as opposed to waiting for them to start in past years.

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FaithPrevails:  IMO The fact that the auctions purchase price is now 119,000 Dinar per 100 dollars is a 1190 rate. Yesterday we were at 119,500 or 1195. We were watching it and hoped the RI would be forced at 1203. Clearly the banks are squeezing every last penny out of the auctions. Once we see the next drop of say 500,  or 1185,as Delta just posted the auctions will be suspended and IMO RI is imminent IMO. 

MilitiaMan:  The RI is in my view imminent as well, they are bringing the buy and sell rate to parity. As noted today the rate was 1184.99 and then again 1184.93 and again 1184.91. Rounded those numbers are effectively 1185. Lets say they change to 1184.49.. Rounded, that is 1184.. 1:1 when dropping the zeros. That is about a half a pip away. imo That is imo May also be why we see Frank talking about if it happened now and Deltas any moment Arabic comments jmtc and.. imo ~MM

ChrisC:  Indeed, may not be long now until fireworks or, perhaps more deserved, a twenty one gun salute from a line of M1 Abrams.

Christopher:  I recall a couple conferences ago. Delta brought forth an idea that typically Iraq changes the currency value in April and it usually appears on or about 7 May. I have to say interesting timing to say the least for all that has been brought forth. Thank you for educating the masses. If I'm off in my recollection, please correct me. I have thick skin and will no way be offended.
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Don961: When has the word "depreciate" sounded so good ?? ...(wink)

Dollar continues to depreciate against the Iraqi dinar

at:May 01, 2018

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Baghdad / Student News Agency

Foreign currency markets in Baghdad recorded on Tuesday a continuation of the decline in the dollar exchange rate against the Iraqi dinar.

The market price in the Kifah Stock Exchange in Baghdad was 1195.5 dinars per dollar, ie 119 thousand and 550 dinars per hundred dollars.

The prices of selling and buying dollars in banking companies were:

Selling price of one dollar 1200 dinars, or 120 thousand dinars, for one hundred dollars.
And the purchase price of the dollar is 1190 dinars, or 119 thousand dinars, for one hundred dollars, and this price is the lowest recorded by the currency markets for years in Iraq.      link

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Samson:  Director of the Economic Committee of the Council of Ministers: We are working to turn the financial deal into electronic payment

 1st May, 2018

Secretary of the Economic and Financial Committee of the General Secretariat of the Council of Ministers, Qusay Abadi, said on Tuesday, on the occasion of the 77th anniversary of the establishment of the Rafidain Bank that the Secretariat is working to turn the deal into electronic payment and match developed countries.

"The policy of the Council of Ministers is to implement the programs followed by the Rafidain Bank," Abbadi told a news conference in Baghdad attended by Al-Ghad Press. "The Secretariat is working to turn the deal into electronic payment and to match developed countries."

He added that "the system operated by the Secretariat General of the Council of Ministers is to develop the financial system and banking."     LINK

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