DINAR UPDATES 4-25-16
Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Monday Chat 4-25-16 Part 1 of 3
larrykn says to rcookie():what do you think about parliment gets all this done this week
rcookie says():IF SADR HAS HIS WAY...
larrykn says to rcookie():I was kind of thinking Adabi won't let it go to long
rcookie says to larrykn():ABADI HAS HIS 3RD LIST READY...IF NEEDED...
larrykn says():I guess it depends how much he wants to put up with Maliki bs
rcookie says to VelmaF41():INT'L AUDITOR ERNST & YOUNG FINDING HUGE WASTE IN PROVINCIAL CONTRACTS..WITH MOST CONTRACTS AND PROJECTS NOT EVEN REACHING 10% EXECUTION....
~~~
Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Monday Chat 4-25-16 Part 1 of 3
larrykn says to rcookie():what do you think about parliment gets all this done this week
rcookie says():IF SADR HAS HIS WAY...
larrykn says to rcookie():I was kind of thinking Adabi won't let it go to long
rcookie says to larrykn():ABADI HAS HIS 3RD LIST READY...IF NEEDED...
larrykn says():I guess it depends how much he wants to put up with Maliki bs
rcookie says to VelmaF41():INT'L AUDITOR ERNST & YOUNG FINDING HUGE WASTE IN PROVINCIAL CONTRACTS..WITH MOST CONTRACTS AND PROJECTS NOT EVEN REACHING 10% EXECUTION....
~~~
dinarmassa says to rcookie():I assume the findings of Earnst and Young are public, who appointed Ernest and Young to audit, once they submitted their findings, are they done and at that point who continues to monitor expenditures
rcookie says():ERNST & YOUNG IS A 3RD PARTY MONITORING AGENCY...APPOINTED BY IMF AND WB ON MANY FRONTS INCLUDING THE CBI STATISTICAL DATA PUBLISHED ON CBI WEBSITE AND PART OF STRATEGIC PLAN...
AND ALSO THE IMF STAFF MONITORED PROGRAM INITIATIVES FOR BANKING SUPERVISION...PUBLIC FINANCIAL MANAGEMENT...MONITORING FINANCIAL RISKS...
AND PLAY A KEY ROLE IN IMPLEMENTING REFORM SYSTEMS TO STRENGTHEN THE STABILITY OF THE BANKING SYATEM...THEY ARE A KEY COMPONENT OF THE AUDIT AND ASSISTANCE OF THE RESTRUCTURE AND PRIVATISATION TRANSITION OF THE 2 BIG STATE OWNED BANKS......
KAT1 says to clay():I read this morning news and boy this is looking fantastic!!!
KAT1 says():Gotta go and gooooo rrrrvvvv!!!!!!!!!!!!!!!!(})
rcookie says():SADR NOT HAPPY WITH GALLOWS IN TAHRIR SQUARE....
rcookie says():US SENDING 250 ADDITIONAL SPECIAL FORCES TO SYRIA....
larrykn says to rcookie():saw that on the news last night wow
clay says to subgirl():does anyone have the link to when the IMF stated first 1/2 of 2016
clay says to subgirl():lost it
tman23 says():will be presented by former House speaker Salim Al-jubouri............the House of the protesters expressed their consent to be held, provided that he is not going back," referring not to return to the previous Parliament. ...... SOUNDS LIKE JABOURI "IS BEING ALLOWED TO PRESENT THE INITIATIVE........
BUT THEY ARE COMPROMISING BY ALLOWING HIM TO DO SO AND PROVIDING THE HOUSE DOES NOT GO BACK........... NOW TAKE BETS TO SEE IF THEY CAN MAKE IT THROUGH TOMORROW WITH JABOURI BEING THE LEGAL PRESIDENT....... I GIVE IT 77-1 THEY CANT DO IT..........MALIKI JUST CAN'T ALLOW THAT TO HAPPEN.......
flint says to clay():Clay here is that link - The director of the Middle East Department and Central Asia for the International Monetary Fund Masood Ahmed in a press statement he stressed that Iraq will return to economic market during the first half of next year.
LINK
jeffjane says():I think they should deal with Maliki today so they do not have him around tomorrow
larrykn says to clay():http://ift.tt/1XTsqZ0
tman23 says():Revealed the citizen's parliamentary bloc, said on Monday that there is a desire by the political blocs that the parliament session be, on Tuesday, headed by MP for coalition forces Saadoun al-Dulaimi, as pointed out that the President of the House of Representatives article Salim al-Jubouri, will present during the meeting, "an initiative to resolve the crisis." .
tman23 says():Bascially...... appears that Parliament has been hi-jacked and they are allowing Jabouri to present the initiative but will be chaired by Dulaimi.......
I WOULD SLOW WALK MALIKI IN FRONT OF PARLIAMENT AND THEN HAVE HIM SHOT IN THE HEAD IN FRONT OF HIS OBSTRUCTIONIST.........THEN ANNOUNCE WE ARE GOING TO HOLD A VOTE............
MAYBE NOT THE DEMOCRACY THE WEST IS LOOKING FOR........BUT IT IS A FORMULA THESE PEOPLE UNDERSTAND........
da58 says to tman23():at least ya didn't say 78-1... that would be hopeless.. (lol)
tman23 says():That is 3 NATO bases in Kurdistan.........Again....... The Kurds are going to come out of this just fine........ It is the Shia and Shia loyal to Iran that becomes the GOI split......
This Dulami chairing Parliament tomorrow makes no sense to even give the impression of any credibility.......HARD TO BELIEVE......because next they would attempt immediate vote of no confidence on Abadi and Massoum........
This may be why had designated Najaf as a second headquarters for the GOI........and there are articles of fixing the road to Najaf while others say fencing the road off..(controlling it).......... TOMORROW IS A HUGE DAY REGARDING THE DIRECTION OF THIS MALIKI/JAAFARI CREATED CHAOS....
puffdragon says():Does any of the researchers have any insight on this jaboure in and out of ligitemetcy cr$p. ({) puffdragon says():speaker of the house .
cookie says():THE IMF HAS RELEASED THE APRIL 2016 REGIONAL ECONOMIC OUTLOOK FOR MENAP.....RELEASED TODAY...HERE IS THE LINK....
http://ift.tt/1SKzRTX
thenextbigidea says():Firefly: To / all banks and all money transfer companies to broker the sale and purchase of foreign currency all ( uncles ) 24/04/2016 Does this mean any foreign currency?
thenextbigidea says():Firefly: So this means they are Article 8 complient because they can buy and sell other currencies?
_firefly_ says to thenextbigidea():IMO, they are not yet Article VIII compliant
_firefly_ says to thenextbigidea():YET
_firefly_ says to thenextbigidea():But oh so close :)
wmawhite says to thenextbigidea():they buy and sell foreign currency today..............
Pablo says to _firefly_():MD said that she had Article 8 in Ink.
R&R says():Darn... I missed wmawhite to ask a question (@)
_firefly_ says():I'm not sure what MD was refering to but their are certain criteria that a country has to meet to move to Article VIII
R&R says():I was thinking that the banks do buy and sell currency as dealers, meaning they buy the currency outright, and sell it outright, and vice versa.... and maybe when the say "broker", they are specifying that the can now act as intermediaries and can now facilitate the "trading" of currency between customers while charging a fee for the service. In this case they would not own the currencies directly, just facilitate trade?
Pablo says to _firefly_():She pulled it off the IMF web site.
R&R says():I am simply tryin to discern betwen banks acting as "dealers" versus "brokers" here....
_firefly_ says():Finance Minister meets US Secretary of the Treasury
Finance Minister continues his meetings and meetings in Washington
Finance Minister heads the Iraqi delegation to a joint meeting with the International Monetary Fund and World Bank experts
Finance Minister meets with the Executive Director of the World Bank Group
Finance Minister Meets Economic Department at the State Director
thenextbigidea says():Firefly: I am noticing all those meetings. Since The Finance Minister meet with all those people. Since he met with World Bank, they should be done with this process? Right?
rcookie says to Pablo():PULLED WHAT...
NWBeauty says():Ramadan is 06 June so if they don't seat a new Parliament or revalue currency, we will not see it
Hutch says to NWBeauty():As in years past, they work right thru ramadan.
NWBeauty says():been there during Ramadan, they sleep on post all day
NWBeauty says():did anyone else read Backdoc's post about IMF website listing a ratefor 3 hours?
sassy says():Hutch They never acomplish anything through RAMADAN as I remember the past 8 yrs
NWBeauty says():i'm ready to start digging some wells and need my RV check to fund it
Hutch says to sassy():Go back and read news articles from ramadan last year and they were getting things done with the govt and the cbi. The news must be wrong....
rcookie says to puffdragon():JUST LIKE YOU ALL HERE IN DU HAVE BEEN GETTING NEWS OF 2016 IMF LOI SI NCE DEC...AND THE PAST YEARS LOIS BEFORE THAT....AND 99% OF SO CALLED GURUS HAVENT A CLUE WHAT IT CONTAINS OR PERTAINS TO RELEVANT TO WHAT IS GOING ON SINCE 2011...
sassy says():Hutch are you saying they passed any laws?
NWBeauty says():well the end of June is another quarter for the IMF to evaluate how Iraq is performing against the LOI / MOU
rcookie says to NWBeauty():CORRECT...BUT REMEMBER THEY ARE WELL AHEAD OF THEIR SMP INITIATIVES AND INTO THEIR SBA....
NWBeauty says():anytime before I'm fully gray and stuck in my rocking chair
Hutch says to sassy():7/1/15 is ramadan time
rcookie says to puffdragon():(y)DOESNT EXIST...
NWBeauty says():6 June to 5 July this year
sassy says():Hutch thanks so there is hope lol
Hutch says to rcookie():I am shocked that the IMF had to rate on their site !! (lol)(lol)(lol)
rcookie says: IRAQS LAST SBA ENDED IN FEB 2013....
rcookie says():Safeguards AssessmentsThe most recent safeguards assessment of the Central Bank of Iraq (CBI) was completed in 2010 under the SBA that expired in February 2013.
While the assessment concluded that significant safeguards risks remain, it noted that the CBI maintains important safeguards recommended by previous assessments, including annual external audits by reputable audit firms and publication of the CBI’s audited financial statements.
rcookie says():HMMM...YOU MEAN REPUTABLE AUDIT FIRMS LIKE ERNST & YOUNG FOR EXAMPLE.........LOOK FAMILIAR...
rcookie says to Hutch():IRAQS OTHER SBA'S ENDED IN DEC 2007...AND MARCH 2009...
rcookie says():HERE ARE THE EXCHANGE ARRANGEMENTS FROM 2013...INCLUDING AN OUTLINE OF EXCHANGE RESTRICTIONS AND MCP'S......
rcookie says():Exchange ArrangementThe CBI has been conducting foreign exchange auction on a daily basis since October 4, 2003. The CBI followed a policy of exchange rate stability which has translated in a de facto peg of the exchange rate since early 2004. However, from November 2006 until end 2008, the CBI allowed the exchange rate to gradually appreciate.
As a result, the exchange rate arrangement of Iraq was reclassified to the category of crawling peg effective November 1, 2006. Since the start of 2009, the CBI returned to its earlier policy of maintaining a stable dinar. Consequently, the exchange rate arrangement of Iraq was reclassified effective January 1, 2009 as a stabilized arrangement.
rcookie says():ERNST & YOUNG IS A 3RD PARTY MONITORING AGENCY...APPOINTED BY IMF AND WB ON MANY FRONTS INCLUDING THE CBI STATISTICAL DATA PUBLISHED ON CBI WEBSITE AND PART OF STRATEGIC PLAN...
AND ALSO THE IMF STAFF MONITORED PROGRAM INITIATIVES FOR BANKING SUPERVISION...PUBLIC FINANCIAL MANAGEMENT...MONITORING FINANCIAL RISKS...
AND PLAY A KEY ROLE IN IMPLEMENTING REFORM SYSTEMS TO STRENGTHEN THE STABILITY OF THE BANKING SYATEM...THEY ARE A KEY COMPONENT OF THE AUDIT AND ASSISTANCE OF THE RESTRUCTURE AND PRIVATISATION TRANSITION OF THE 2 BIG STATE OWNED BANKS......
KAT1 says to clay():I read this morning news and boy this is looking fantastic!!!
KAT1 says():Gotta go and gooooo rrrrvvvv!!!!!!!!!!!!!!!!(})
rcookie says():SADR NOT HAPPY WITH GALLOWS IN TAHRIR SQUARE....
rcookie says():US SENDING 250 ADDITIONAL SPECIAL FORCES TO SYRIA....
larrykn says to rcookie():saw that on the news last night wow
clay says to subgirl():does anyone have the link to when the IMF stated first 1/2 of 2016
clay says to subgirl():lost it
tman23 says():will be presented by former House speaker Salim Al-jubouri............the House of the protesters expressed their consent to be held, provided that he is not going back," referring not to return to the previous Parliament. ...... SOUNDS LIKE JABOURI "IS BEING ALLOWED TO PRESENT THE INITIATIVE........
BUT THEY ARE COMPROMISING BY ALLOWING HIM TO DO SO AND PROVIDING THE HOUSE DOES NOT GO BACK........... NOW TAKE BETS TO SEE IF THEY CAN MAKE IT THROUGH TOMORROW WITH JABOURI BEING THE LEGAL PRESIDENT....... I GIVE IT 77-1 THEY CANT DO IT..........MALIKI JUST CAN'T ALLOW THAT TO HAPPEN.......
flint says to clay():Clay here is that link - The director of the Middle East Department and Central Asia for the International Monetary Fund Masood Ahmed in a press statement he stressed that Iraq will return to economic market during the first half of next year.
LINK
jeffjane says():I think they should deal with Maliki today so they do not have him around tomorrow
larrykn says to clay():http://ift.tt/1XTsqZ0
tman23 says():Revealed the citizen's parliamentary bloc, said on Monday that there is a desire by the political blocs that the parliament session be, on Tuesday, headed by MP for coalition forces Saadoun al-Dulaimi, as pointed out that the President of the House of Representatives article Salim al-Jubouri, will present during the meeting, "an initiative to resolve the crisis." .
tman23 says():Bascially...... appears that Parliament has been hi-jacked and they are allowing Jabouri to present the initiative but will be chaired by Dulaimi.......
I WOULD SLOW WALK MALIKI IN FRONT OF PARLIAMENT AND THEN HAVE HIM SHOT IN THE HEAD IN FRONT OF HIS OBSTRUCTIONIST.........THEN ANNOUNCE WE ARE GOING TO HOLD A VOTE............
MAYBE NOT THE DEMOCRACY THE WEST IS LOOKING FOR........BUT IT IS A FORMULA THESE PEOPLE UNDERSTAND........
da58 says to tman23():at least ya didn't say 78-1... that would be hopeless.. (lol)
tman23 says():That is 3 NATO bases in Kurdistan.........Again....... The Kurds are going to come out of this just fine........ It is the Shia and Shia loyal to Iran that becomes the GOI split......
This Dulami chairing Parliament tomorrow makes no sense to even give the impression of any credibility.......HARD TO BELIEVE......because next they would attempt immediate vote of no confidence on Abadi and Massoum........
This may be why had designated Najaf as a second headquarters for the GOI........and there are articles of fixing the road to Najaf while others say fencing the road off..(controlling it).......... TOMORROW IS A HUGE DAY REGARDING THE DIRECTION OF THIS MALIKI/JAAFARI CREATED CHAOS....
puffdragon says():Does any of the researchers have any insight on this jaboure in and out of ligitemetcy cr$p. ({) puffdragon says():speaker of the house .
cookie says():THE IMF HAS RELEASED THE APRIL 2016 REGIONAL ECONOMIC OUTLOOK FOR MENAP.....RELEASED TODAY...HERE IS THE LINK....
http://ift.tt/1SKzRTX
thenextbigidea says():Firefly: To / all banks and all money transfer companies to broker the sale and purchase of foreign currency all ( uncles ) 24/04/2016 Does this mean any foreign currency?
thenextbigidea says():Firefly: So this means they are Article 8 complient because they can buy and sell other currencies?
_firefly_ says to thenextbigidea():IMO, they are not yet Article VIII compliant
_firefly_ says to thenextbigidea():YET
_firefly_ says to thenextbigidea():But oh so close :)
wmawhite says to thenextbigidea():they buy and sell foreign currency today..............
Pablo says to _firefly_():MD said that she had Article 8 in Ink.
R&R says():Darn... I missed wmawhite to ask a question (@)
_firefly_ says():I'm not sure what MD was refering to but their are certain criteria that a country has to meet to move to Article VIII
R&R says():I was thinking that the banks do buy and sell currency as dealers, meaning they buy the currency outright, and sell it outright, and vice versa.... and maybe when the say "broker", they are specifying that the can now act as intermediaries and can now facilitate the "trading" of currency between customers while charging a fee for the service. In this case they would not own the currencies directly, just facilitate trade?
Pablo says to _firefly_():She pulled it off the IMF web site.
R&R says():I am simply tryin to discern betwen banks acting as "dealers" versus "brokers" here....
_firefly_ says():Finance Minister meets US Secretary of the Treasury
Finance Minister continues his meetings and meetings in Washington
Finance Minister heads the Iraqi delegation to a joint meeting with the International Monetary Fund and World Bank experts
Finance Minister meets with the Executive Director of the World Bank Group
Finance Minister Meets Economic Department at the State Director
thenextbigidea says():Firefly: I am noticing all those meetings. Since The Finance Minister meet with all those people. Since he met with World Bank, they should be done with this process? Right?
rcookie says to Pablo():PULLED WHAT...
NWBeauty says():Ramadan is 06 June so if they don't seat a new Parliament or revalue currency, we will not see it
Hutch says to NWBeauty():As in years past, they work right thru ramadan.
NWBeauty says():been there during Ramadan, they sleep on post all day
NWBeauty says():did anyone else read Backdoc's post about IMF website listing a ratefor 3 hours?
sassy says():Hutch They never acomplish anything through RAMADAN as I remember the past 8 yrs
NWBeauty says():i'm ready to start digging some wells and need my RV check to fund it
Hutch says to sassy():Go back and read news articles from ramadan last year and they were getting things done with the govt and the cbi. The news must be wrong....
rcookie says to puffdragon():JUST LIKE YOU ALL HERE IN DU HAVE BEEN GETTING NEWS OF 2016 IMF LOI SI NCE DEC...AND THE PAST YEARS LOIS BEFORE THAT....AND 99% OF SO CALLED GURUS HAVENT A CLUE WHAT IT CONTAINS OR PERTAINS TO RELEVANT TO WHAT IS GOING ON SINCE 2011...
sassy says():Hutch are you saying they passed any laws?
NWBeauty says():well the end of June is another quarter for the IMF to evaluate how Iraq is performing against the LOI / MOU
rcookie says to NWBeauty():CORRECT...BUT REMEMBER THEY ARE WELL AHEAD OF THEIR SMP INITIATIVES AND INTO THEIR SBA....
NWBeauty says():anytime before I'm fully gray and stuck in my rocking chair
Hutch says to sassy():7/1/15 is ramadan time
rcookie says to puffdragon():(y)DOESNT EXIST...
NWBeauty says():6 June to 5 July this year
sassy says():Hutch thanks so there is hope lol
Hutch says to rcookie():I am shocked that the IMF had to rate on their site !! (lol)(lol)(lol)
rcookie says: IRAQS LAST SBA ENDED IN FEB 2013....
rcookie says():Safeguards AssessmentsThe most recent safeguards assessment of the Central Bank of Iraq (CBI) was completed in 2010 under the SBA that expired in February 2013.
While the assessment concluded that significant safeguards risks remain, it noted that the CBI maintains important safeguards recommended by previous assessments, including annual external audits by reputable audit firms and publication of the CBI’s audited financial statements.
rcookie says():HMMM...YOU MEAN REPUTABLE AUDIT FIRMS LIKE ERNST & YOUNG FOR EXAMPLE.........LOOK FAMILIAR...
rcookie says to Hutch():IRAQS OTHER SBA'S ENDED IN DEC 2007...AND MARCH 2009...
rcookie says():HERE ARE THE EXCHANGE ARRANGEMENTS FROM 2013...INCLUDING AN OUTLINE OF EXCHANGE RESTRICTIONS AND MCP'S......
rcookie says():Exchange ArrangementThe CBI has been conducting foreign exchange auction on a daily basis since October 4, 2003. The CBI followed a policy of exchange rate stability which has translated in a de facto peg of the exchange rate since early 2004. However, from November 2006 until end 2008, the CBI allowed the exchange rate to gradually appreciate.
As a result, the exchange rate arrangement of Iraq was reclassified to the category of crawling peg effective November 1, 2006. Since the start of 2009, the CBI returned to its earlier policy of maintaining a stable dinar. Consequently, the exchange rate arrangement of Iraq was reclassified effective January 1, 2009 as a stabilized arrangement.
rcookie says():Iraq continues to avail itself of the transitional arrangements under Article XIV. Eight exchange restrictions (plus one exchange restriction maintained for national or international security) and one multiple currency practice (MCP) are subject to IMF jurisdiction and approval.
The exchange restrictions are
(i) the limitation that corporates can purchase foreign exchange in the auction for import transactions only;
(ii) limitation on the availability of foreign exchange cash for individuals (i.e., one request per month);
(iii) maximum limits on the availability of foreign exchange cash in the auction for banks;
(iv) maximum limits on the availability of foreign exchange cash in the auction for
rcookie says():money transfer companies and money exchange bureaus;
(v) the requirement to pay all obligations and debts to the government before proceeds of investments of investors, and salaries and other compensation of non-Iraqi employees may be transferred out of Iraq;
(vi) the requirement to submit a tax certificate and a letter of non-objection stating that the companies do not owe any taxes to the government before non-Iraqi companies may transfer proceeds of current international transactions out of the country;
(vii) the requirement that before non-Iraqis may transfer proceeds in excess of ID 15 million out of Iraq, the banks are required to give due consideration of legal obligations of these persons with respect to official entities, which must be settled before allowing any transfer; and(viii) an Iraqi balance owed to Jordan under an inoperative bilateral payments agreement.
In addition, one exchange restriction maintained for security reasons should be notified to the IMF under the framework of Decision 144-(52/51). The MCP arises from the absence of a mechanism to ensure that the official exchange rate and the market exchange rate do not deviate by more than 2 percent.
OTTA PAY DEBTS BEFORE THEY CAN PAY THEMSELVES....YEAH...THATS HAPPENED BEFORE.....LOL
The exchange restrictions are
(i) the limitation that corporates can purchase foreign exchange in the auction for import transactions only;
(ii) limitation on the availability of foreign exchange cash for individuals (i.e., one request per month);
(iii) maximum limits on the availability of foreign exchange cash in the auction for banks;
(iv) maximum limits on the availability of foreign exchange cash in the auction for
rcookie says():money transfer companies and money exchange bureaus;
(v) the requirement to pay all obligations and debts to the government before proceeds of investments of investors, and salaries and other compensation of non-Iraqi employees may be transferred out of Iraq;
(vi) the requirement to submit a tax certificate and a letter of non-objection stating that the companies do not owe any taxes to the government before non-Iraqi companies may transfer proceeds of current international transactions out of the country;
(vii) the requirement that before non-Iraqis may transfer proceeds in excess of ID 15 million out of Iraq, the banks are required to give due consideration of legal obligations of these persons with respect to official entities, which must be settled before allowing any transfer; and(viii) an Iraqi balance owed to Jordan under an inoperative bilateral payments agreement.
In addition, one exchange restriction maintained for security reasons should be notified to the IMF under the framework of Decision 144-(52/51). The MCP arises from the absence of a mechanism to ensure that the official exchange rate and the market exchange rate do not deviate by more than 2 percent.
OTTA PAY DEBTS BEFORE THEY CAN PAY THEMSELVES....YEAH...THATS HAPPENED BEFORE.....LOL
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