(Note: We received This Eagle1 Update via Email on 2-1-14..We do not know the date he wrote this however....Thank you)
Quick GCR Update
Just a few updates to add to the notes I sent out earlier.
The last few days have been filled with some interesting events behind the scenes. We’ve seen the Bank of Baghdad begin selling its stock shares on the ISX at something like $7.19/share. The hilarious thing is that on the Iraqi Stock Exchange, the shares list at 2.09 IQD. When you do the math, it works out to $3.44 per Dinar.
That is consistent with a report that came from a Senior VP at Chase who reported to us yesterday that he was seeing the new rates for the GCR on his administrative screens. The Dinar was listed at $3.44.
This is a revalued figure we have been seeing since shortly after I had a sneak peak at the Iraqi Budget in the Spring of 2013. You may remember that I calculated the RV of the IQD on the basis of taking the projected income for the year against their projected expenditures.
Read More Link on Right
The number at that time was a fraction of a penny under $3.42. It appears they have pretty much maintained that number. This is not an RV of the IQD: this is an RI (or an approximate reinstatement of original value).
Although there have been suggestions that the number may actually come out closer to $3.50 with the objective of achieving parity with the Kuwaiti Dinar, it appears to me at this moment that we may have to wait to see a higher value for the IQD.
The news has been full of reports of China’s largest bank(s) defaulting on their obligations for the first time in history. My sources assure me that while there have been some issues with some of the banks in China, what we are seeing in the news media is a bit overblown, and it reflects some “housekeeping” issues that are being taken care of.
We really had expected the GCR to be released early this morning so that the numbers would be available globally in readiness for the Chinese New Year, which begins tomorrow.
It seems that from a technical standpoint, this may have actually happened behind the scenes, but we won’t get to see the numbers on exchange screens at the banks before Monday/Tuesday, depending on whether the GCR is released to FOREX at 5:50 PM Eastern on Sunday night, or whether they wait until after Midnight Eastern.
If the GCR is delayed until after Midnight Sunday, based on my past experience, I’d have to say that we will not get to do any exchanging until Tuesday morning when the banks open.
I’ve been told that Tier One banks (prime banks in large cities, e.g., Dallas, Houston, Chicago, SF, Reno, NYC, Charlotte, etc.) have been instructed to begin releasing 800 numbers to their bigger clients so that they can begin to make appointments for large exchanges in highly secured locations.
At the same time, the smaller, regional banks (Tier Two) are due to follow suit 24 hours or so behind the Tier One banks.
A caveat, however! This report seems somewhat foggy at the moment, and I have not been able to confirm this yet, even though one caller reported to me that she had received her 800 number. We shall see.
I know that many folks are under enormous stress financially at the moment, and every delay seems to cause even more concern. All I can say is to be at peace!
A few years ago, the Lord gave me Philippians 4:7,8 as a song, and we have been singing it a lot lately: Finally, brethren: whatsoever things are true, whatsoever things are honest, whatsoever things are just, whatsoever things are pure; whatsoever things are lovely, whatsoever things are of good report; it there be any virtue, any praise, think on these things!
And the peace of God, which passes all understanding, shall keep your hearts and minds through Christ!
That’s the counsel I’m giving everyone at this point! There is a tendency to doubt, to be afraid, to be tense, to worry and fret and wonder if we’re going to lose everything.
That’s NOT what we are to focus our attention on. When we do, the only one who gets hurt is us, and we lose our peace. One of the things Della and I have learned throughout the years is that you CAN lose everything and not be hurt.
If you lose it, watch God restore what was lost and multiply things back with a level of multiplication you can’t even begin to fathom!
Blessings on you. Eagle1