ADMINBILL: 1:15PM MDT UPDATE
TIME TO TAKE STOCK OF WHERE WE ARE AT THIS POINT.
LAST WEEK WE WERE GIVEN INFORMATION THAT LEADS US TO BELIEVE THAT WE SHOULD SEE ACTIVITY VERY SOON.
THERE ARE OTHERS THAT DO NOT BELIEVE WE ARE QUITE THERE YET STATING THAT THE INITIAL STEPS ARE NOT COMPLETED THAT WILL ALLOW ANY PRIVATE "CURRENCY" TO GET SPENDABLE FUNDS THROUGH THE WEEKEND AND INTO NEXT WEEK.
THIS IS NOT A HOLD UP IT IS SIMPLY TAKEN LONGER THAN THOUGHT ACCORDING TO OUR SOURCE.
YET ANOTHER SOURCE IS SAYING THAT THERE ARE PERSONS ASKED TO REPORT TO RENO ON THE 6TH. BANKS ARE ANXIOUS I AM TOLD.
WE REMAIN SCRATCHING OUR HEADS.
CandyKisses: ADMINBILL, the authors of the plan stopped communicating with you, after they gave you all of that wonderful information last month?
ADMINBILL: THEY HAVE NOT STOPPED BUT THEY ARE VERY TIGHT WITH FURTHER INFO. I REMAIN HOPEFUL.
Lovebug: Are the authors of the plan leaning past the 10th or next week?
ADMINBILL: I HAVE NOT BEEN TOLD
Angel: Central Bank of Egypt frees pound
The Central Bank of Egypt, Thursday, editor of the Egyptian pound’s exchange rate.
The bank said that determine the exchange rate of the local currency will be in accordance with the mechanisms of supply and demand.
The central bank and the granting of freedom of banks operating in Egypt in the foreign-exchange pricing, through the interbank market (interbank) mechanism.
Central also allowed banks to open their branches until the ninth evening and weekend days, to carry out the purchase and sale of currency and exchange remittances of overseas workers.
The central bank said that “no restrictions on deposit and withdraw foreign currency individuals and companies, and will not impose conditions for waiver of the foreign currency.”
According to the central continually deposit and withdrawal of the previous companies operating in the import of goods and products is fundamental limits.
The bank also announced increased both deposit and lending interest for one night and 300 basis points, to 14.75% and 15.75%, respectively.
Egypt and implement economic reforms package at the request of the International Monetary Fund, in order to obtain a loan of $ 12 billion.
Angel: Egypt devalues by 32% as it prepares to float the pound
Cairo meets key term for $12bn IMF loan to help the country’s ailing economy
Bloomberg 6 HOURS AGO by: John Murray Brown
The Egyptian pound was devalued by 32 per cent on Thursday as Cairo prepared to float the currency, meeting a key demand for the International Monetary Fund to release a $12 billion loan to help the country’s ailing economy.
The Central Bank of Egypt said it was “liberating the price of [the Egyptian pound] and setting the exchange rate according to demand and supply”.
The rate is set at 13 to the dollar, compared with the previous official rate of 8.88, set in March when the currency was devalued by about 14 per cent in a bid to close the gap with the black market unofficial rate
The central bank also raised its benchmark interest rate by 300 basis points to 14.75 per cent.
It is set to hold a currency auction at 1pm local time. The currency will float freely after the sale, according to bankers familiar with the decision.
Egyptian stocks jumped after the central bank said it would allow the currency to float as part of measures designed to tackle a dollar shortage sapping economic growth.
The EGX 30 Index rallied as much as 8.3 per cent higher, the most in eight years, before falling back.
Bankers expect the gap between the official and black market rates to now narrow.
The pound had been trading in the black market as high as 18.25 to the dollar in recent days. It tumbled after Saudi Arabia halted petroleum aid to Egypt this month, forcing Cairo to spend $500m for oil products on the spot market.
Speculation has been mounting for months that the bank would devalue its currency as the black market and official rate diverged to a record extent.
The latest measures move Egypt closer to securing a $12bn loan from the IMF.
Chris Jarvis, the Fund’s mission chief for Egypt, welcomed the move. He said in a statement “the flexible exchange rate regime, where the exchange rate is determined by market forces, will improve Egypt’s external competitiveness, support exports and tourism and attract foreign investment.”
The country has already secured $3bn from Saudi Arabia and the United Arab Emirates and less than $1bn from Group of Seven countries
But since the 2011 uprising that ended Hosni Mubarak’s three-decade autocratic rule and the ousting of his Islamist successor two years later, Egypt has struggled to revive its economy. While foreign-currency reserves have stabilised this year, they are still more than 40 per cent below their Mubarak-era levels. Egypt’s reserves are about $19.5bn, down from $36bn in 2011.
Egypt has been largely locked out of international debt markets as investor fears over the country’s stability pushed borrowing rates to prohibitive highs, leading officials to seek alternative funding sources in the Gulf.
Rami Sidani, head of frontier investments at Schroders in Dubai, told Bloomberg the devaluation was expected “for a long time”. But he described the move as “very positive” adding “we expect a lot of interest in Egypt, it’s a massive economy that has been put on hold for years”.
However, other economists pointed out the government finances would be hit by the devaluation as the state is the main importer of food commodities and fuel and also has debt obligations in dollars.
After the currency decision Egypt’s financial markets rose, with the EGX30 stock index reaching an 18-month high.
Prices for international bonds also lifted. Yields, which move inversely to prices, fell to a near three-month low — with a 2020 Egypt bond trading at 4.79 per cent.
Credit strategists said they had been expecting the currency move for a long time, and that the devaluation would attract foreign money back into Egypt.
“For investors this is proof that the government is willing to undertake reforms and take a more orthodox approach to the economy,” said Jason Tuvey, economist at Capital Economics. “It is an extremely positive development.”
Additional reporting by Elaine Moore
THURSDAY UPDATE FOR NOVEMBER 3, 2016 : It is reported that on Iraqi TV an announcement is indicating that in a few hours, "good news" will be shared.
wmawhite ...it is always good to ask..."what is it that we know." Most of what we know comes from the Central Bank of Iraq.
The most recent was two and a half weeks ago... "The governor of the Iraqi Central Bank, on Thursday, said the project to delete the zeros will be implemented in early 2017,
indicating that the bank began to develop the first steps of the project...he added that "the Bank is working on the mechanisms in place towards the implementation of this project is expected to commence by the beginning of 2017...
...other article/opinion pieces, IMO, support or add to what the CBI has indicated what they want to do.
Mike100: interesting Egypt devalued their currency majorly and is now free floating it to get a loan from the IMF.. it seems the GCR is popping its head out methodically. Will Iraq also surprise us with a significant increase? Here’s to hoping and soon.