Post From Dinar Updates 2-4-16
Excerpts & Highlights
Dinar Updates Member Evening Chat 2-4-16 Part 4 of 4
rcookie says():ANYONE INTERESTED IN THIS FROM IMF...OR WANNA DISCUSS WHERE MALIKI IS LIVING OR WHAT HOUSE HIS KID JUST BOUGHT.....
wmawhite says():Also the letter "A"
foxmulder says to wmawhite():bibi lol
rcookie says to wmawhite)::D
wmawhite says():How about asteroids......and dams
Hutch says to rcookie():Hey, sorry, coming in the tail end of this
Hutch says to rcookie():Im Interested. and have a question based on previous statement.
eman4u55 says():sorry but i care more about when then who
rcookie says():GONNA POST THIS 1 MORE TIME IN CASE ANYONE MISSED.....
Hutch says to rcookie():Who would make a good replacement for CBT gov.? IYO
Hutch says to rcookie():CBI gov replacement
rcookie says():REMEMBER FROM ARTICLE IV CONSULTATION AUGUST 2015.....
Hutch says to rcookie():I have a guess, but would like your and Mr white opinion
rcookie says():27. The authorities are adopting a cautious approach to foreign exchange liberalization. Since the last Article IV consultation, Iraq has removed most of the exchange restrictions previously maintained.
However, one new exchange restriction has been identified arising from the weekly limits on cash purchases by financial institutions from the CBI.5 Furthermore, Iraq continues to maintain a Multiple Currency Practice (MCP), which arises from the absence of a mechanism to ensure that the official exchange rate and the parallel market exchange rate do not deviate by more than two percent (see Informational Annex).
The CBI confirmed its intention to remove the remaining exchange restrictions and the MCP, in line with Iraq’s objective of accepting Article VIII obligations. The authorities also removed the advance customs duty and income tax payment
rcookie says():because of their negative impact on market volatility. They also committed to removing the weekly limits on cash transactions, once external conditions allow.
Staff welcomed these steps and recommended that the CBI set the appropriate pace of liberalization on the basis of the volumes of auction sales and the behavior of the spread, which could be a good gauge of depreciation pressures. Staff underlined that AML/CFT concerns should be best addressed through the improvement of the relevant legislative and institutional framework.
rcookie says():5 In addition, Iraq continues to impose two exchange restrictions identified in 2009 (see Informational Annex).CBI Foreign Exchange Sales(In billions of U.S. dollars)2013 2014 2015 1/Annual CashTransfers TotalMonthly average CashTransfers Total11.8 14.5 2.6 42.1 37.0 15.8 53.9 51.5 18.31.0 1.2 0.4 3.5 3.1 2.6 4.5 4.3 3.1Source: Central Bank of Iraq. 1/ For six months.￼
rcookie says():THEY ARE TELLING YOU EXACTLY WHAT THEIR INTENTIONS ARE AND WITH THE IMF (STAFF) BLESSINGS......
rcookie says():AND THE AML/CFT CONCERNS WERE ADDRESSED THROUGH LEGISLATIVE & INSTITUTIONAL FRAMEWORKS.....DONE...DONE...DONE...
Hutch says to rcookie():(y)
rcookie says():THIS IS WHAT THEY HAVE BEEN DOING IN MONITORING FINANCIAL RISKS IN BANKS.....
rcookie says():PLEASE STAY WITH ME HERE...VERY IMPORTANT...
rcookie says():READ CAREFULLY...
rcookie says():he crisis is putting the banking system under stress, prompting the authorities to increase financial system monitoring and push ahead with the reform of state-owned banks.29. The crisis will delay the development of the banking sector.
With end-2014 deposits of 22 percent of GDP and credit to the private sector of 7 percent of GDP, the banking system remains underdeveloped due to lack of competitiveness, dominance of state-owned banks, and limited business opportunities.
The largeststate-owned banks, Rasheed and Rafidain, which account for 90 percent of banking sector assets, are severely undercapitalized and largely illiquid following years of quasi- fiscal operations. Private banks’ activities are mainly limited to trade finance transactions.
There is a lack of automated banking systems, reporting practices are not up to International Financial Reporting Standards
rcookie says():(IFRS), and audits of financial statements are often of poor quality. Nonperforming loans (NPL) are likely increasing due to the effects of the conflict and the external shock, and data quality remains poor.6
rcookie says():6 NPL data should be treated with caution as Iraq does not compile Financial Soundness Indicators (FSI) that are in line with international standards. Upcoming technical assistance in this area from the Statistics Department of the IMF, funded by the UK Department for International Development, will enhance CBI capacity to monitor banking system developments.
rcookie says():ANYBODY GETTING THE MAGNITUDE OF THIS...
eman4u55 says():my butt hurts
rcookie says():OVER AND ABOVE THE 2 STATE BANKS PRIVATIZE...
Hutch says to rcookie():reading
rcookie says to eman4u55(): :D
clay says to eman4u55():u nut lol
eman4u55 says(3:40 PM)::D
ljenterprises says): eman4u55: Too funny but true :D
clay says to ljenterprises(): very true my butt hurts as well 8-|
rcookie says(): WHAT HAVE YOU HEARD ME TALK ABOUT HUGE THAT HAPPENED RECENTLY ABOUT IFRS.... rcookie says(): THINK 1-7-16 rcookie says(): CBI
mimi3 says to rcookie(): in layman's terms what does it mean?
ljenterprises says(): Every thing you talk about is HUGE 8-)
Hutch says to rcookie(): Bad debt
Hutch says to rcookie(): substandard loans
rcookie says(): ON 1-7-16 THE CBI MADE 2 ANNOUNCEMENTS
rcookie says(): THE 1ST WAS GOLD COIN PROGRAM....
rcookie says(): ANYONE REMEMBER #2
luvmydream says(): international accounting standards
joyojoy says(): international framewrk
rcookie says(): GIVE THAT LADY A CIGAR!!! rcookie says(): OH YEAH...
joyojoy says to luvmydream(): (y)
subgirl says to luvmydream(): (y) WOW!
luvmydream says(): it was a really awesome announcement :)
Cricket22 says(): That's impressive! (y)
Cricket22 says to rcookie(): Please don't quiz me, cuz I will fail :D
subgirl says to joyojoy(): you did good too!!! (y)
clay says to luvmydream(): r u an imposter (lol)
subgirl says to clay()::D
rcookie says(): IT WAS THE ORDER FROM CBI TO TRANSITION FROM UNIFORM ACCOUNTING STANDARDS...TO IAS INT'L ACCOUNTING STANDARDS...
WHICH DEALS WITH AML/CFT FinCEN BSA...laws...and more importantly the ifrs international financial reporting standards are what every stock market & bourse in the world uses for financial reporting of publicly traded companies....!!!!!!!!
clay says to subgirl(): lol
luvmydream says to clay(): depends on who im posing as i guess ;)
clay says to luvmydream(): our girl lol
subgirl says to rcookie(): WOW!
eman4u55 says to rcookie(): can you guys please do a call :)
7shiela says(): So does that mean RV today?
rcookie says(): THIS IS ALSO WHY THEY MADE THE ANNOUNCEMENT OF HAVING 2 SETS OF BOOKS FOR 2015....JAN THRU APRIL UNDER UNIFORM ACCOUNTING AND MAY THRU DEC WITH IAS.....THEN 2016 AND ON IAS ONLY.....HELLO ISX!!!!!!!!!!!!!!
mimi3 says to 7shiela(): great question!
7shiela says(): I'm ready
Cricket22 says to 7shiela(): Ohhhhh...me 2 :)
thomas1 says(): good afternoon may ask a ?
7shiela says(): I've been here almost 7 years
mimi3 says to 7shiela(): me too
subgirl says(): [3:49 PM] rcookie: THIS IS ALSO WHY THEY MADE THE ANNOUNCEMENT OF HAVING 2 SETS OF BOOKS FOR 2015....JAN THRU APRIL UNDER UNIFORM ACCOUNTING AND MAY THRU DEC WITH IAS.....THEN 2016 AND ON IAS ONLY.....HELLO ISX!!!!!!!!!!!!!!
7shiela says(): been a long ride, but I know it will be worth it
rcookie says(): NOW THINK ABOUT THAT...ALONG WITH THE ANNOUNCEMENT LAST WEEKEND OF THE EXECUTIVE DIRECTOR OF ISX...ANNOUNCING PROVINCIAL FINANCIAL CENTERS...
THAT WILL RECEIVE THE DATA FROM THE ESX & ISX...AND TRANSMIT TO LICENSED BROKERAGE HOUSES AND BANKS FOR TRADE & EXCHANGE TRASACTIONS.....AL WITHIN 6 SECONG TIME LAG.....
thomas1 says(): what is all this over dinar guru land that poppy is say a rv for sure by feb 1 ,2016 . i know poppy and he has never for sure before
rcookie says(): SECOND* rcookie says(): ITS FEB 4TH
rcookie says(): ANYONE INTERESTED...HERE IS THE LINK FOR 2015 ARTICLE IV CONSULTATION AND REQUEST FOR PURCHASE UNDER THE RAPID FINANCING INSTRUMENT—PRESS RELEASE; STAFF REPORT;
AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR IRAQ .....IT IS AWESOME ...AND SHOULD BE READ AGAINST THE 2016 IMF LETTER OF INTENT/MEFP/TECHNICAL MOU.....
rcookie says(3:57 PM): https://www.imf.org/external/pubs/ft...15/cr15235.pdf
subgirl says to rcookie(): It is exciting to see all the deadlines being met and even ahead of time!!! (y)
rcookie says to subgirl(): YES IT SURE DOES SUBBY!!!!
jeffjane says to subgirl(4): I am getting ready to finish the wine barrel from last night. Love the news.
subgirl says to jeffjane(): oh no lol
rcookie says(4:05 PM): THESE REPORTS ARE SO VERY DETAILED AND PROVIDE ALL THE INSIGHT YOU NEED TO FOLLOW WHAT IS GOING ON......
IMF LETTER OF INTENT (LOI)/MEMORANDUM OF ECONOMIC & FINANCIAL POLICIES(MEFP)/AND TECHNICAL MOU FOR 2011 & 2016....THE 2016 BUDGET....
AND THE 2015 ARTICLE IV CONSULTATION AND REQUEST FOR PURCHASE UNDER THE RAPID FINANCING INSTRUMENT—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR IRAQ....
SHOULD BE REQUIRED READING FOR ALL IN THIS INVESTMENT...AND WILL RETURN MUCH PEACE & UNDERSTANDING AND LESS GURU SPECULATION
eman4u55 says to jeffjane(): http://www.folh.net/meetings.html?gc...Fc6PHwoddzYDOw :D
buck says(): does the loading of the e-cards require (or at least benefit from) a change of currency value
buck says(): a simple "yes" will suffice lol lol lol
clay says(): guess not lol
buck says(): wow lol buck says(): think no one knows...i think someone has an opinion lol
1glen says to buck(): From what I remember the answer is YES
buck says to 1glen(): thank you sir, i thought so as well but was not sure.....
clay says to 1glen(): I sure hope so
wmawhite says to rcookie(): It appears that all of this detailed information supports what the IMF made available to the world in the Technical Letter of Agreement between the CBI, GOI and the IMF.
1glen says to buck(): You are very welcome. From what I remember there had to be an international valued currency so that the Iraq citizens could use them where ever they were
buck says to 1glen(): that is what i always heard....to be used worldwide....
Baxter1243 says(): Where..oh Where is our M O N E Y??
clay says to Baxter1243(): you tell me lol
Baxter1243 says(): They buy Commercial Jets.. they buy F 16.. they buy missles.. they build new malls... they buy this and that..and yet... we havent seen a dime
Baxter1243 says(): whats wrong with this picture
Baxter1243 says(): yet.. they are going broke supposedly (lol)
clay says to Baxter1243(): yep cant quite figure it out yet after almost 6 yrs (lol)
maine says(): they have been using the petro dollar not the dinar
clay says to maine(): yep we know that
Baxter1243 says(): Clay..well my 11th year starts March 15.... and on that day.... the dinar goes on the closet shelf
clay says to maine(): waiting for the dinar
maine says(): thats right
clay says to Baxter1243(): cant blame ya buddy
Baxter1243 says(): Im gonna get away for awhile
clay says to Baxter1243(): me too
clay says to Baxter1243(): need to move by you and fish
clay says to Baxter1243(): cant wait till this is over
Baxter1243 says(4:31 PM): Clay...come on down
clay says to Baxter1243(): planning to with the wife ASAP
clay says to Baxter1243(): she dont fish lol
jeffusa says to clay(): bring back global warming... I' m freezing here
subgirl says(): $$$$$$$$$$$$$
poppy3 says to tman23(): AMEN THEY ALSO SAID THE TAX ON IMPORTS WILL NOW BE 10% to offset OIL PRICE BEING BELOW $45.00 BARREL. THE RATE WILL SHOW DURING THIS MONTH
tman23 says(): Interesting that the CBI went to the trouble to update their site by adding the picture and description of the new 50,000 IQD note along with the 10,000 note that has been out for some time.......But why did they leave out the "newer" 25,000 note that was introduced shortly after the 10,000 note with newer security features.......
poppy3 says to tman23(): LOTS OF AWESOME NEWS EVERYDAY NOW. THEY ARE MAKING MOVES EVERYDAY TO INCREASE REVENUE. THEY JUST THIS WEEK RESTARTED THE AGRICULTURE PROGRAM . POPPY3
tman23 says(): Economist, stressed that "Iraq cannot count on national products because it lacked a real regulatory system, or qualifying infrastructure."
David zayer said that "Iraq possesses no infrastructure being able to rely on local industries.
He added that "the provision of electric power and regular transportation as well as an abundance of raw materials, are infrastructure allows for national industry starting in the domestic market and cover the actual need that lauds llastghana on import, add to the loss of system regulates the import".
poppy3 says to Baxter1243(): THEY ALREADY GROWING BUT THE ASSIGNED THEIR BRIGHTEST AG. STUDENTS TO DIFFERENT AREAS OF AGRICULTURE AND GAVE THEM THE GROUND TO GET IT DONE.
BEFORE THE WAR THEY WHERE THE THIRD LARGEST FOOD PRODUCTION WORLD WIDE DON'T FORGET THEY HAVE THE SITE OF THE GARDEN OF EDEN. FERTILE SOIL YOU THINK.
Poppy are you referring to the report that MD brought in the other night?
dwightj says(): A LOT OF THIER FOOD PRODUCTION WAS DONE WITH IRREGATION THAT SYSTEM WAS DESTROYED
Yes.. they probably need miles and miles of PVC Pipe....
templejc says to dwightj(): BUT THEY HAVE BEGUN
tman23 says(): As I have been saying.......Great to enter a market economy !!!! But Iraq does not have a qualifying infstructure and quality standards in place that would allow for rapid development..........
And they are not worker bees...... It takes a long time to turn this around........ The government is the major employer in Iraq......pay the salaries and then take it back in tax.........that is truely the dog chasing it's tail.......wont take long before Iraqi's figure out they basically got a pay cut and the GOI just did it in a slick way.........LOL
dwightj says(): AND PUMPS AND POWER UNITS PLUS TRACTORS AND TOOLS AND SEEDS AND FERTILISER
Baxter1243 says(): Tman... that about sums it up.... only thing they have this year to depend on ..is OIL
dwightj says(): BUT THATS RIGHT THEY HAVE STARTED AND THATS THE MAIN THING
dwightj says(): I WONDER IF OBUMMER WILL LOAN THEM SOME FIELD WORKERS TO GET IT DONE
dwightj says(): (lol)
tman23 says to Baxter1243(): We are soon to find out if they go to CBI reserves for the next 6 months to cover shortfalls.......or we see a shift in the IQD currency........
I as all hope it opens where we are able to exchange IQD for profit...... It is a titter totter right now and could go either way......But we are soon to find out !!
Baxter1243 says(): Tman.... just bring it on either way and lets get this over with..one way or the other..
dwightj says(): THATS A PLAN AS THEY COME OVER THE BORDER JUST LOAD THEM ON PLANES AND FLY THEM TO IRAQ
dwightj says(PM): I AGREE WITH THAT BAX