Emailed to Recaps:
Awake-in-3D February 4, 2016 ***FREE TO REPOST***
I have pulled in this excerpt from the IMF's Staff Report on Iraq issued January 2016. Key parts are underlined below...
As much as I continue to believe that Public Press Releases and Mainstream Media articles are certainly a lagging indicator of RV/GCR events, the information below is very relevant in that Iraq must show the financial community at large that it is prepared to enter the global community with a stable currency infrastructure.
Albeit, neither the IMF or Iraq are going to publicly post ahead of time that "we are going to RV our currency before the end of Februrary 2016"... but here is our "veiled clue" none the same. :)
....
Awake-in-3D February 4, 2016 ***FREE TO REPOST***
I have pulled in this excerpt from the IMF's Staff Report on Iraq issued January 2016. Key parts are underlined below...
As much as I continue to believe that Public Press Releases and Mainstream Media articles are certainly a lagging indicator of RV/GCR events, the information below is very relevant in that Iraq must show the financial community at large that it is prepared to enter the global community with a stable currency infrastructure.
Albeit, neither the IMF or Iraq are going to publicly post ahead of time that "we are going to RV our currency before the end of Februrary 2016"... but here is our "veiled clue" none the same. :)
....
IMF Country Report No. 16/11 IRAQ
STAFF-MONITORED PROGRAM—PRESS RELEASE; AND STAFF REPORT
PUBLISHED JANUARY 2016
[Page 11] B. Managing External Pressures
19. The government will maintain the Iraqi Dinar’s peg to the U.S. dollar (MEFP, ¶18). The peg provides a key nominal anchor in a highly uncertain environment with policy capacity weakened by the conflict with ISIS. Accommodating external shocks through more exchange rate flexibility—as opposed to fiscal adjustment—is not advisable.
A small devaluation would not alter the need for fiscal adjustment much [A 10 percent devaluation of the ID would improve the non-oil primary balance by about 2 percent of non-oil GDP, assuming no adjustment in ID denominated spending including wages and pensions.
Given the high import content of consumption that would effectively amount to close to a 5 percent cut in real terms in wages and pensions.] but risk undermining confidence in Iraq’s foreign exchange regime and the nominal anchor it provides. A large devaluation could aid fiscal adjustment—provided the government could resist subsequent pressures to raise wages and other budget allocations—but at the risk of exacerbating already difficult social tensions and could trigger a spike in inflation as most food needs and consumer items are imported.
Moreover, devaluation would have little impact on exports, which are almost exclusively oil and oil-related products.
20. The government will gradually remove remaining exchange restrictions and multiple currency practice (MCP) with a view to eliminating exchange rate distortions.
Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investment community that Iraq is committed to maintain an exchange system that is free of restrictions and MCP for current international transactions and thus facilitate creation of a favorable business climate.
As a first step, the government will, by end-February 2016, amend the Investment Law, or issue clarifying implementing regulations, to remove the limitation on transfer of investment proceeds that gives rise to an exchange restriction, as recommended by a recent technical assistance mission of the IMF.
http://ift.tt/1l6zljs
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Dinar Updates:
Poppy3 MY CONTACT INFORMED YESTERDAY A ABADI STAFF MEMBER SAID THEIR SECURITY ISSUES ARE NOT ISIS OR DAASH BUT INTERNAL CORRUPTION.
SAID THEY ARE MAKING HEADWAY BUT SLOWER THAN ABADI WANTS. ...
ABADI WAS ADAMANT ABOUT COMPLETING THE REFORM THIS MONTH.
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Millionday Aricle quote: "The Iraqi parliament on Wednesday, with the central bank and managers of banks government plans to overcome the current financial crisis." ...
THE MEETING WAS ABOUT THE INTERNATIONAL RATES -- AS WELL AND THE DEVELOPMENT OF BANKING AND THE DINAR EXCHANGE RATE...
THIS IS GREAT WHOOOPOW.
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TNT:
SassyD: IRS computer problems shut down e-file system --- February 4, 2016 -- The IRS reported a "hardware failure" Wednesday. There's no word yet on when the system will be up and running. --
http://ift.tt/20uusUH
STAFF-MONITORED PROGRAM—PRESS RELEASE; AND STAFF REPORT
PUBLISHED JANUARY 2016
[Page 11] B. Managing External Pressures
19. The government will maintain the Iraqi Dinar’s peg to the U.S. dollar (MEFP, ¶18). The peg provides a key nominal anchor in a highly uncertain environment with policy capacity weakened by the conflict with ISIS. Accommodating external shocks through more exchange rate flexibility—as opposed to fiscal adjustment—is not advisable.
A small devaluation would not alter the need for fiscal adjustment much [A 10 percent devaluation of the ID would improve the non-oil primary balance by about 2 percent of non-oil GDP, assuming no adjustment in ID denominated spending including wages and pensions.
Given the high import content of consumption that would effectively amount to close to a 5 percent cut in real terms in wages and pensions.] but risk undermining confidence in Iraq’s foreign exchange regime and the nominal anchor it provides. A large devaluation could aid fiscal adjustment—provided the government could resist subsequent pressures to raise wages and other budget allocations—but at the risk of exacerbating already difficult social tensions and could trigger a spike in inflation as most food needs and consumer items are imported.
Moreover, devaluation would have little impact on exports, which are almost exclusively oil and oil-related products.
20. The government will gradually remove remaining exchange restrictions and multiple currency practice (MCP) with a view to eliminating exchange rate distortions.
Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investment community that Iraq is committed to maintain an exchange system that is free of restrictions and MCP for current international transactions and thus facilitate creation of a favorable business climate.
As a first step, the government will, by end-February 2016, amend the Investment Law, or issue clarifying implementing regulations, to remove the limitation on transfer of investment proceeds that gives rise to an exchange restriction, as recommended by a recent technical assistance mission of the IMF.
http://ift.tt/1l6zljs
*******************************
Dinar Updates:
Poppy3 MY CONTACT INFORMED YESTERDAY A ABADI STAFF MEMBER SAID THEIR SECURITY ISSUES ARE NOT ISIS OR DAASH BUT INTERNAL CORRUPTION.
SAID THEY ARE MAKING HEADWAY BUT SLOWER THAN ABADI WANTS. ...
ABADI WAS ADAMANT ABOUT COMPLETING THE REFORM THIS MONTH.
*************
Millionday Aricle quote: "The Iraqi parliament on Wednesday, with the central bank and managers of banks government plans to overcome the current financial crisis." ...
THE MEETING WAS ABOUT THE INTERNATIONAL RATES -- AS WELL AND THE DEVELOPMENT OF BANKING AND THE DINAR EXCHANGE RATE...
THIS IS GREAT WHOOOPOW.
************************************
TNT:
SassyD: IRS computer problems shut down e-file system --- February 4, 2016 -- The IRS reported a "hardware failure" Wednesday. There's no word yet on when the system will be up and running. --
http://ift.tt/20uusUH
WSOMN:
Imperium: MO, THE RUMORED "CHINA RAISING THE DONG TO .47ISH IS A MAJOR SHOT ACCROSS THE BOW, FOR IT'S IMPLICATIONS ARE MASSIVE. SIGNES ABOUND!
Briona: Imperium...I hope that is enough to get them moving on the RV.
Wolfy: another one of my contacts just called me that’s in the high end trading platforms and said something is going on or about to happen because the trading platform were going bonkers right now--I'm not talking the average trading platforms--I'm talking about the ones the big boys used
Wolfy: contact will get back to me when things change--he said he didnt know about flashing screens but did know the rates were on screen with the letters RV beside them, but not at all banks or levels
Campbell: Trippy Wolfy... domino effect? Been told it will all happen at once... of course, experiencing that is believing.
Wolfy: with the markets and high end trading platform going bonkers--That is a HUGE sign
to me
UtahGirl: (works for a bank) Ok, so lunchtime..this morning there was an article saying wf was collapsing due to the oil decrease value...so I promised I would ask about it.
Well… There will be mass changes I. Wells Fargo. Some closures of branches..so expect to see some changes.
But then in the next breath she said there will be massive growth coming soon ..but she could not say more than that. Read it as you will.
I will check my exchange screens this afternoon if time allows. Have a great day
Tank: Was there just a frickin intel bomb that went off!?
Rebel: After all banks close tonight, they'll issue 800 numbers for us to schedule over the next few days....that's just my projection I'm putting out there. Ask believe receive
Malibu: Remember Bruce will have a call tonight and should be able to provide us updates
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TnGirl: blue screen is a term used by banks, generally used in large sales between buyer and seller in assisting in moving of funds. ex. buyer proves they have the funds necessary to complete transaction through there banker and a code, seller proves they have there product through there banker and codes. once contracts are signed both bankers exchange codes verify funds and products and open a account in the name of the seller and BANG! transaction complete....
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Chicago: Wells Fargo Insider Says Bank Is Preparing For Emergency Scenario
“I am a teller at Wells Fargo here in the US this is also my first time using this proxy. They started training us today for a bank holiday. They didnt mention the word bank holiday, but they did train us for an “emergency scenario”. They told us it’s just a drill. Ive been working here for 3 years, and we never had a drill before.. They said that during an emergency, they would close the doors and only allow 3 people at a time inside of the branch"
http://ift.tt/20uuqw6
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Cloudwalker: So, are we thinking that the "emergency scenario" mentioned in the WF scenario is possibly an emergency-scenario-type cover for the RV -- an explanation that the bank(s) can use with rank-and-file employees now, and the public if necessary later, during RV currency exchanges to justify closing doors, armed guards and letting only a few people into the bank at a time?
CoDreamer: CLOUDWALKER SOUNDS LIKE IT TO ME, UNLESS BECAUSE WE MIGHT HAVE SOME CHAOS WHEN THE MARKETS CRASH
Chicago: No cloudwaker, its the CLEANING Out the FRAUD - getting RID of the old! We will be going into Exchange Centers - maybe WHILE all this is going on!! Because we'll be on CIPS
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Freedom Boomer: Breaking!! IMF Pushing Emerging Economies to reduce exchange wars currency 365 https://www.youtube.com/watch?v=yP0y5cgbUgE
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