Kaperoni: Bank (JP Morgan) in Iraq, us expands
13/07/09 13: 37 Range/Baghdad
Preparing bank JPMorgan (JPMorgan) US market entry of Iraq as the second largest oil exporter within the OPEC States through entry specific agreement for one year with the Trade Bank of Iraq to finance shipments of imported goods and services to Iraq.
A Sachs investment of bank statement, informed him, (range), the "Bank (JPMorgan) will be on site to provide assistance to the commercial bank of Iraq at the opening of letters of credit in the country.
Bank JP Morgan has previously provided assistance to the commercial bank of Iraq to finance shipments of imports required for the country during the campaign for the country's reconstruction of the post-war period.
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And it has the fifth-largest oil reserves in the world, Iraq after a period of warfare and neglect hastened to launch reconstruction and modernization of the infrastructure of the oil sector, where Brown had access to 3.2 million barrels per day in June 2013, and aims to raise its production to more than 3.5 million barrels a day by end of 2013.
According to the International Monetary Fund IMF, is expected to reach annual economic growth rate of Iraq to 9%, plus the increase in Iraqi oil exports and the decline in lending interest rate from 17% to 6%, it is essential to strengthen the country's plans in the process of economic and trade expansion.
Since 1990 until 2003, foreign banks were prohibited from doing business in Iraq, following the fall of Saddam Hussein's regime allowed foreign banks to work in Iraq.
According to information published on the website of the Central Bank, an international bank proceeds currently 15 activities in Iraq, including the giant banking companies like Citigroup, American standard chardrd Bank lending. LINK
Punisher: "Letters of credit " :) come on float!
WEDREAM: i think the reason for jp morgan & other foreign banks involvement in iraq has to do with the state banks circumventing sharia laws according to sharia law, the lending of money cannot involve interest payments , its called usery or usurious lending . its all about the dinar
AdminBob: I have been holding back on commenting on this but here it goes.
JP Morgan is Goldman Sachs. These are top level bankers, money managers. Many have worked in Washington before joining. I say it in a good way, but the reality is, they can smell a dollar from a mile away. These guys don't do anything unless there is a lot of money to be made. I'll leave it at that.
Terry: The Bush administration was full of ex Goldman Sachs employees. Surely they were aware of the Future of Iraq plan. Goldman is a market maker for many stocks, bonds etc etc. Going further, no never mind, I am probably way off track????
Kaperoni: We need to understand what their roll is here..from the looks of it, they are working with the TBI (Trade Bank of Iraq) to fund TBI loans. As it says.."Trade Bank of Iraq to finance shipments of imported goods and services to Iraq." The price for sure will be high, as JP Morgan borrows dollars from UST for 1% and loans to TBI for 8-9% lol All good as it pushes the economy forward in Iraq.
76wayne: WEDREAM< Are you surious? :D 76wayne
WEDREAM: 76wayne, totally ,but then again ancient sharia law states 1 dinar should be equal to a gram of gold
Tlar: Bob, that is an excellent statement. They can smell money. They were the lead bank to reconstruct the banking system in Iraq after our liberation.
Also Chase and Bank of America are two of the entry points for foreign currency in the US. Wells Fargo or Regions or other banks that deal in foreign currency with the public have to use Chase and B of A if they want to liquidate some of their foreign currency holdings.
They cannot sell direct to the US Treasury because the Treasury restricts access to buy or sell foreign currencies to just a couple of entry point banks.
For these two banks to be among the first to open tells me are quite close to seeing the resolution to this investment. In addition to the money they will make in fees and interest, they stand to make a point or two on the currency itself.
Chase and B of A will probably be the biggest buyers of dinar in the US at some point. To them it could be considered a one tier by. Don't confuse what I just said with the phony gurus talking about tiers.
I am talking about the way the bank will buy the currency. B of A will charge a fee to any bank that wants to liquidate their dinar inventories.
The bank buying dinar from you that wants to liquidate to B of A, will also want to make money. So they may charge you a fee.
the US Treasury will also be making money from B of A as they sell dinar to it. That is a total of 3 tiers if the bank you sell to is not an entry point to the US Treasury.
It is my best guess that some of this currency that you sell to a bank that is purchased by B of A, may be diverted from B of A or Chase and sent as working capital directly to Iraq, bypassing the US Treasury.
Because B of A and Chase have local offices in Iraq, this could be done as a electronic transfer or just sent as paper money on a pallet.
This would allow both Chase and B of A to avoid the Treasury fee and would allow them to actually get the full value on the currency. Bob you are correct.
They smell the money and are probably salivating at the trillions that might pass through their bank once this currency is convertible. To my knowledge, their is no restriction on what any bank has to do with their foreign currency they buy.
In other words there is nothing that says you can't hold the currency, or resell the currency.
There is no requirement that specifically says Chase or B of A have to sell the dinar they buy off the US street to the Treasury. If they move some directly into Iraq that they themselves bought or that they bought from another bank, they improve their spread. Now that they have offices in Iraq that becomes a real possibility.