Post From Dinar Updates Chat Room 12-1-15
Dinar Updates Tuesday Chat 12-1-15 Part 2 of 2
ghost says to wmawhite(): I couldnt agree more with that, I must have misunderstood (not a first) - I thought that you were suggesting that a nation's internal currency valuation was a choice made without impact of the international exchange rate. Thanks for clearing that up for me.
wmawhite says to ghost(): I have been trying to get folks to stop getting hung up on the size of the currency.......because, we will be Loooong Gooooone by the time all of the notes (LDs) are distributed because the new value of the IQD will need many many months to work its way through all of the Iraqi economy.
DiagyAAAE says(): mThe Iraqi dinar exchange rate options
Author: intelligent loyal Khalidi 01-12-2015 03:55 PM
10k Iraqi Dinar notesIn light of the suffocating financial distress taking place in the Iraqi economy because of the large decline in oil prices, and experts concerned to discuss the most appropriate option to determine the dinar exchange rate.
The Iraqi parliament discussed before the possibility of lowering the dinar-dollar exchange rate by 10 percent to 1300 dinars to provide the general budget of 5 trillion dinars ($ 4.2 billion), or down 20 percent to 1400 dinars to provide nine trillion dinars.
DiagyAAAE says(): There is no doubt that cut dinar any percentage will provide additional resources for the general budget because it will increase the amount of the Iraqi dinar, which you get by the Ministry of money in exchange for the replacement of its revenue from oil or foreign loans in dollars with the Central Bank.
But artificial way to increase government resources at the expense of citizens. Valmtdharr is normal especially those with incomes Limited citizen as will decrease the purchasing power of their incomes, especially prices of imported goods, also would be affected creditors in local currency, including the Iraqi government bondholders at home.
katkat says(): Mr White, GA. Wouldnt logistics be a factor for the people that say a short window to cash our iraqi currency? if you are international, wouldnt in country rules apply to all?
DiagyAAAE says(): The almost adoption of Iraq entirely on oil revenues and the weakness of other resources as commodities and services, excluding oil or the presence of investments financial overseas or large foreign reserves, and the high cost of external borrowing, are all indicators to a lack of available to address the problem of the current lack of government resources from foreign exchange options.
This makes cut spending on the one hand and try to increase some direct taxes and fees types and the issuance of treasury bonds in the local market solutions are inevitable.
DiagyAAAE says(): Anyone who has followed the march of the Iraqi dinar exchange when it was equal to $ 3.3 for before the start of the Iraq war – Iran’s price until it reached 3000 dinars to the dollar During the recent years of economic blockade, ie 1990 – 2003, he realizes that the problem simply lies in the difference between the offer and demand for the dollar on the one hand, and between the supply and demand for the dinar on the other hand.
It is a simple equation of price control not only the currency, but all kinds of goods and services. So if it is difficult to state control to one end of the equation have to control the second party to ensure that the incomes of the exchange rate in chaos.
DiagyAAAE says(): When it was Iraq’s resources from limited oil by the First Amendment of oil prices in 1973, used the currency law, which is a remnant of the gold standard, presumably cover 70 percent of exporting gold, foreign currencies and currency, to control the amount of dinar display through government spending.
Because of the Iraqi – Iranian war abolished the currency law and disturbed the balance between the supply and demand of foreign exchange as a result of the increased military and civilian government spending. The government allowed the private sector to import goods from its resources and sell prices are not subject to its control.
Thus, there are two prices has become the exchange: official he keeps to $ 3.3 and is used for official expenses, and parallel is determined by the relationship between the foreign currency supply and demand. And the expansion of much difference between the two prices after the imposition of the economic embargo on Iraq in 1990 rose parallel to 3,000 dinars sometimes.
katkat says(): The reason I say logistics, is because limited number of compliant banks, locations, travel to and from etc.... lack of infrastructure and transportation
katkat says(): in Iraq
wmawhite says to katkat(): Iraq is joining the world economic markets.................not the "in-country exchange window" market. Please stop thinking that want Iraq does in-country has anything to do with the world markets.
DiagyAAAE says(): After the occupation and allow the re-export of oil and the liberation of the Iraqi deposits frozen, it was expected that the Iraq reform of cash withdrawn whereby banknotes excess of trading.
But he used the daily currency auction which specific amounts of dollar sold to the banks and the private sector to meet domestic demand for foreign currency, especially for the purposes of importation. And resulted in the continued increase in oil revenues to a gradual improvement in the exchange rate even reached 1220 dinars to the dollar.
And is considered by many politicians and technicians that daily currency auction way to smuggle the dollar by private banks under the pretext of import. And increased their criticism in the light of the current financial crisis. The question addressed by concerned now in Iraq is:
DiagyAAAE says(): Do I have to continue in the daily currency auction, despite accusations to the auction? Or should halt its work and resort to other means if it becomes free and purchased the process of selling the dollar without restrictions as some suggest?
The choice of the appropriate exchange for any state-minute process of price and related economic and financial situation of the State Economic and its ideology. ‘
The state that choose full flotation of its currency and make it sell the currency and buy Harin and without restrictions are usually powerful developed economies that have sources of important and multiple foreign currency and be their currencies of importance in international trade and investment flows and have large reserves of an international weight currencies.
dinarmassa says(): Heres what I received from the U.S. commodity Futures Trading Commission regarding DC.
DiagyAAAE says(): The countries that demonstrate their currencies foreign currency and one as dollar or a basket of currencies, Felthafez at this price in front of her two options: first, to have large reserves of foreign currency and gold to enable them to intervene to support the currency price installer when necessary, eg the Gulf Cooperation Council (GCC).
And second, to maintain the exchange rate through the management of this price by the monetary authority that affect the factors that determine the demand for foreign currency. This is what Iraq was doing before the first oil boom.
DiagyAAAE says(): In Iraq, currently, the government does not have an official rate of the dinar against the dollar or a basket of currencies. The old and the price is no longer $ 3.3 Mstamla any type of trading, even though he has not been formally repealed.
Accordingly, and in light of the limited resources currently of foreign currency and the difficulty expanding beyond oil resources, it is imperative that manages the State the current exchange rate through the development of the central bank balance of foreign exchange determines the share of each paragraph of imports of goods and services and transfers without charge and others.
And thus can maintain the stability of the current price on the one hand, and restricting expenditure in foreign currency limits of available resources on the other hand, to become favorable conditions for monetary reform and the adoption of an appropriate official exchange rate. news.faceiraq.com END
katkat says(): I think that was my point, Mr White
_firefly_ says(): Parliamentary Legal: emergency session to vote on the 2016 budget during the current month Political Since 01.12.2015 at 10:27 (GMT Baghdad)
_firefly_ says(): Detection of the Legal Committee member Salim Chawki, Tuesday, for the convening of an emergency session of parliament during the current month to vote on the budget in 2016, among the government delayed enactment of the oil and gas law due to be sent to Parliament.
katkat says(): just because I think so doesnt make it real.. I was asking your opinion
_firefly_ says(): for the convening of an emergency session of parliament during the current month to vote on the budget in 2016
_firefly_ says(): Said Shawki's / scales News /, that "the House of Representatives during the current legislative session managed to legislation laws have been stalled for eight years as a law parties, labor and treaties as well as legal investment and passports," noting that "oil and gas broken the law by the government."
DiagyAAAE says(): UN: Iraq is facing the most serious crisis on the world finance sooner
2015/12/1 11:30 UN - Iraq is facing the most serious crisis on the world finance sooner[Baghdad – where]
said Assistant Secretary-General for Humanitarian Affairs in the United Nations Kyung-wha Kang, said that “Iraq faces the most dangerous crises in areas of tension in the world.”
A statement from the United Nations Mission in Iraq [UNAMI], that Kang “visited the provinces of Baghdad and Erbil to discuss the humanitarian crisis.”
The statement quoted Kang say “I have spoken with who have lost almost everything women, and if we are to succeed in responding to the most basic needs, we will be need more capacity, as well as improved access and security opportunities, where insecurity displays the full relief operation in Iraq at risk.
DiagyAAAE says(): “She stressed that” the economic crisis affecting the Kurdistan region and the country constitute a major concern, and it is time for the international community to step step forward and works
to provide emergency funding to provide life-saving assistance, “a sign that” this does not happen, the impact of the crisis would be disastrous.
“said Kang at the end of her visit, which lasted two days,” there is a need for funding to maintain the sustainability of humanitarian programs and provide assistance in rebuilding areas that was restored from Daash gangs to enable people to return voluntarily and safely to their homes.
wmawhite says(): Folks,......if you return from a trip to Japan or France orGreat Britian or Argentina or where ever do you worry about having to rush to the bank in order to exchange the left over currency from that country? Of course NOT!!!.because there are no windows.....those are international recognized currencies ....and the same will apply to Iraq,
DiagyAAAE says(): “She noted after a meeting with senior officials in Baghdad and Erbil and key partners, to that” Iraq is facing one of the most dangerous crisis, and that in areas of great tension in the world, and no doubt, it should be on the international community to intensify humanitarian efforts.
“It pointed out that” The United Nations estimates that there are now more than 10 million people in need of some form of humanitarian assistance, as displaced nearly 3.2 million Iraqis since January 2014, and suffer the humanitarian response efforts in Iraq from a severe lack of funding.
_firefly_ says(): lol nm then
DiagyAAAE says(): “He explained that” the humanitarian response plan with the highest priority, which was launched in June, which called for the amount of US $ 498 million to respond to the most urgent needs in the second half of 2015, received less than 50 per cent, forced humanitarian partners to the closure of dozens of life-saving programs “.anthy alliraqnews.com END
ghost says to wmawhite(): Oh, yes I think that many (most) will be gone as soon as their "number" is reached. Which is exactly as it should be. I will say this, however: The larger denoms would seem to suggest continued current rates.
Candidly, I still reject the notion that it is to reduce the note count. I will easily conceed that it is an extra "get" if the nation needs to replace the note anyway (much like our attempt at the $2 bill during our inflationary days). If there is to be a dramatic increase in IQD value (which, of course, I hope to see), there will need to be some infrastructure to allow there to be something smaller than a $250 (value) dollar bill...
dinarmassa says(): Please be advised that the U.S. commodity futures Trading commission has brought a civil enforcement against Husam Tayeh, Dinar Corp. Inc. and My Monex, Inc ( and others) .
You are being contacted because you attempted to purchase Iraqi and/or Vietnamese banknotes from the defendants, but your money order or cashier's check was not negotiated and your order was not perfected.
Please note that you should contact the bank or other entity from which you originally obtained the money order or cashier's check you sent to the defendents, and request a refund. this came from Ken Koh Futures Trading investigator
wmawhite says to ghost(): And there are those notes.......by looking at the CBI website and looking at the notes.....the CBI is telling the world what they intend to do..............we see today's notes because of the needs placed on it (costs) and we see what will happen by looking at the LDs which will occur due to an increase in value of the IQD.
quicktolegit96 says(): ALL I GOTTA SAY IS THIS DINAR BETTER NOT BE COUNTERFEIT FROM DINAR CORP
ghost says to wmawhite(): I continue to believe that the brightest light we have is the dramatic reduction in government salaries. The 50K - 100K IQD has 2 logical uses: 1) use by individuals under the current exchange rate scheme; and 2) inter bank under a RV scheme
jarhead says(): amen
RickeyT says to wmawhite(): Isnt't Kuwait still a exotic currency?
wmawhite says to RickeyT(): Good question......not sure if that has changed.
wmawhite says to RickeyT(): What I do know about the KWD is that you can buy i KWD for close to $4.00 and turn around and sell it for about $3.00.............$1.00 spread at BoA, Chase, Wells Fargo, etc.
quicktolegit96 says(): FF, YES SIR
ghost says to wmawhite(): As far as Kuwait goes, not sur what makes it "exotic", but from first hand experience, it trades freely. I used an ATM to obtain them and they were converted and withdrawn from my bank account
RickeyT says to wmawhite(): that is a 25% spread
quicktolegit96 says(): I WILL NOT LET A BANK TAKE MY DINAR AND SAY, "WE HAVE TO SEND IT OFF", I DONT THINK SO
wmawhite says to RickeyT(): Yep
wmawhite says to ghost(): And that is what we are waiting on today.....and the IMF is expecting something similar during 2016.
ghost says(): oops, my last was to all --- this chat thing is new for me :)
RickeyT says(): I am thinking that the airport might be the best place to exchange
wmawhite says to RickeyT(): Not if you are exchanging in the millions............lol
RickeyT says(): I hate Chase
_firefly_ says to wmawhite(): I was just typing the same thing lol
wmawhite says(): lol
ghost says(): Airport wont work for HUGE transactions, and they are usually MORE expensive than banks
wmawhite says(): I highly suggest that as this event unfolds that you visit a very qualified tax attorney prior to doing anything.
jarhead says(): when when when
_firefly_ says to wmawhite(): An INTERNATIONAL tax attorney :)
wmawhite says to _firefly_(1): yep
RickeyT says(Did anyone watch "The Men that built America"? About the Rockerfella's, J.P. Morgan, and Bildebergs, and Dale Carnagie. All were crooks.
wmawhite says to jarhead(): For you.........you visit after it happens.......LOL
ghost says to wmawhite(): Great advice
wmawhite says to RickeyT(): Very good show.
jarhead says(): gosh :|
jarhead says(): (lol)
wmawhite says to jarhead(): Now go outside and play nicely.........lol
jarhead says(): lol
ghost says to RickeyT(): Using todays standards, nearly everyone who was successful falls into that catagory - from industrialists to politicians. That was the way they rolled :)
jarhead says(): and where we messed up is allowing lawyers to become politicians!!
RickeyT says to ghost(): Yep! It shows how politicians are bought and paid for.
wmawhite says to ghost(): Also,.......back then they were the only folks putting up the money tto build the plants/factory.............they were taking all of the risk.
RickeyT says to ghost(): It shows who runs the world...
wmawhite says to jarhead(): Exactly
JD1 says(): makes trumps case
LLN65 says(): the Lawfirm Dowe Cheatem and How :D
ghost says to wmawhite(Don't misunderstand me. It was brutal, but given the envrnment, it was the only way to succeed...
wmawhite says to ghost(): I agree................if they had not step up and put their money out there we as a country would have never been in a position to safe Europe's rear-end twice during the 20th Century.
wmawhite says to ghost(): stepped
wmawhite says to ghost(): save
ghost says to jarhead(): LOL, I'd we messed up by letting *******'s (fill in your own) become lawyers :)
jarhead says(): lol
slh5282 says(): HAS ANYONE NOTICED ON THE ISX THE CHANGE IN THE MOSAL DAM TOURISM? IT WENT UP 10% TODAY. ANY ONE HAVE AN IDEA AS TO WHAT THE DRIVERS ARE AND HOW THIS GOES WITH THE OTHER THOUGHTS OF WHAT IS GOING ON?