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Wednesday, September 3, 2014

NOVA TIDBIT, 3 SEPT

Nova:The PM of Iraq does not appoint the gov of the CBI... the only ones who can nominate a new governor of the CBI is the board of governors of the CBI...if a vote is being taken on the new CBI governor, it means that the new GOI is already seated and functioning, even if they have not yet disclosed it. IMO, there is already a new CBI governor, but his name has not been announced. The oil minister of all 3 provinces were told they may proceed with exporting oil, and they cannot be paid in USD – they must settle accounts in IQD; the new GOI (which supposedly is not seated yet) is giving direction to export oil to create a revenue stream;there is no use to have a budget without revenue. 

[Could they say “we have a budget but will not release the rate”?] No, IMO, they cannot as the revenue will not be enough to meet the budget, the budget contains all of the past revenue owed from oil sales while under sanction, and the amount of money needed for the budget is enormous; the money being held by the USA was released, however it’s not enough, so they will need to sell bonds to make up the deficit– no way to do this without announcing the rate. The rate and the new GOI should be revealed in close proximity to one another.

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