Post From dinar Updates By Rudie Part 1 of 3
Comments may be made at the end of Part 3 Thank You
[millionday] i would like to start with letting everyone know that the CBI site is now down completely and has a banner it reads:::::Bandwidth Limit Exceeded
[millionday] now of course that is rediculas when we know we are looking at a central bank site
[millionday] so lets look at some things that have happened a summary
[millionday] for days -- there have been no rates listed and this includes the sdr amount --- the column blank ,,, also the arab side has also showed updated reports and added information --
Read More Link On Right
[millionday] we also have seen the report last night i believe we read it -- that CBI has reached the point that allows the activation of the monetary reform
[millionday] they also gave in great detail what that will effect but the most t to us was the external rates and interest rates to be set the external rates would mean in our terms -- the exchange rates
[millionday] i have pulled some updated reports from the bank of international settlements from today -- the reason for that is -- very recently we read a report from the BIS stating that they are ready for Iraqi deposits and we read a few days later that Turki had signed and agreed to this next step of deposit -- so here are the new updates posted there today
[millionday] here we go -- The Basel Committee on Banking Supervision has today issued a set of guidelines to describe how banks should include the management of risks related to money laundering and financing of terrorism within their overall risk management framework.
Prudent management of these risks together with effective supervisory oversight is critical in protecting the safety and soundness of banks as well as the integrity of the financial system.
Failure to manage these vulnerabilities exposes banks to serious reputational, operational, compliance and other risks.
[millionday] These guidelines are consistent with the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation issued by the Financial Action Task Force (FATF) in 2012 and supplement their goals and objectives.
The risk management guidelines published today include cross-references to FATF standards to help banks comply with national requirements based on those standards.
An earlier version of the guidelines published today was issued for consultation in June 2013. The Committee thanks those who provided feedback and comments, which were taken into account in revising and finalising the guidelines.
[millionday] so we know that Iraq has had multiple meetings with FATF experts to be compliant for their goal of international entry of free market trade and their currency market also
[millionday] and we can also see that the timeline that this is issued is very interesting to say the least -- as we know -- Iraq has had a huge problem with this in the past brb with more
[millionday] ok we have some other reports but they are very bland and inclusive of all countries so not something that we will go over but i do have something that i would also like to revisit from yesterdays news ------
[millionday] the announcement that the launguage law of Kurdistan was passed came out yesterday -- the importance of that was not expressed by me and i should have brought up a couple points
[millionday] the language of Kurdistan was passed but why this is important to us is very simple and short -- the currency has it as one of the languages on the bills -- meaning the new bills that have been printed for the re-denomination
[millionday] therefore -- of course the law was to be passed to make the currency legal tender for the nation along with the other two languages -- that is why they were celebrating and they made such a fuss - among other obvious reasons -- pride, acceptance, education issues etc etc
[millionday] but i just wanted to touch on that so brb with some news
[ol lar] millionday what about the post in the Law libray that said the language law wont be official until after 90 days of being in the gazett
[millionday] ol lar -- It was part of an agreement when the currency was printed and this is in reference to the entire new series
[millionday] let me explain what i mean --there are three events (and then some) that i am going to address -- this in my opinion is where some people get things a little confused
[millionday] they are going to re-denominate the country -- so what that requires is what we have witnessed by --- the exchange of torn and ruined currency and also -- the removal of the larger bills and the extensive amounts of bills they printed in denominations they are using now at the present rate -- so ,
[millionday] they replaced as many as they could and have a plan of adding other denominations to use for cash purchases in the country -- they are now using
[millionday] 50`s, and 250`, and 1000`s -- so,
[millionday] they are adding to the lasting bills that will be able to be used when the three zeros are removed from the prices a few more denominations for this step --- they are adding coins as well but -- 100`s, 10`s, and 25`s , and 5`s but i think i may be a little off -- i will find the ink on which it is but the point is made --- so this is one thing going on and
[millionday] then they are also going to collect all of their larger denoms with three zeros that we have and many governments hold throughout the nation --- during this time
[millionday] they are going to give a time limit and set regulations to get the large denomination bills off the planet and into the burn pile smile
[millionday] then they are replacing the entire series ---- completely and the old bills will fade away as stores do deposits and citizens make withdrawal etc ---- and the new currency printed all new bills will cause the old ones to just fade away as they pull them from circulation [millionday] i
[millionday] those are the new bills with the three languages and the huge security added that we have heard about
[millionday] we can relate to it as we are witnessing it in our own country as we are sitting here
[millionday] i believe i read that they have held the same bills for 30 years and they have a life expectancy of much much less
[Richard Incrocci] MD...If this is all taking place is there a time frame to start the implementation and I would also presume that these are the LDs that have already been printed awaiting the passing of the language law, am £
[ol lar] nice, you're the best
[millionday] especially if you think about the lack of banking --- the dinars they have now are covered in tape and i have read that some stores have refused customer`s money in some instances
[millionday] Richard Incrocci this would all happen at the same time except the removal of so many of the three zero currency that has taken place over the last year --- we have seen multiple reports of the angry citizens about the torn bills
[millionday] they take pride in their bills in that region so the complaints have been coming -- smile
[millionday] we read an announcement that the mechanisms built to destroy the old bills have been completed months ago yw all the time does anyone have any questions about what i was just saying
[tourman] millionday -So most of what is in those bank articles just reafirms that the banking sector is rip roaring to go! And go now! Am I close MD?
[millionday] tourman yes and the language law not being active for 90 days if that is so -- will not hold us up for that long -- it just implies when they are expecting to have the series released when all are new or they may not even care and not wait -- this is iraq
[quicktolegit96] millionday: iyo, will they come out under a buck or more? What about the old sadaam notes – are those worth anything at all presently speking?
[millionday] quicktolegit96 the old saddam notes are not worth anything unless to collectors in the future but they are not currency anymore economically
[quicktolegit96] millionday: iyo, will they come out under a buck or more? What about the old sadaam notes – are those worth anything at all presently speaking????? millionday ty
[ROBINREDHED] quicktolegit96 saddam notes are worthless
[quicktolegit96] millionday any timeline - maybe this yr, this quarter, etc this thing goes pop?
[love it 2] ROBINREDHED at this rate so will the U.S dollar ... LOL
[millionday] Richard Incrocci they are exoected t have economic and financial sovereignty by the first of june -- this means they expect all economic reforms and banking reforms -- etc etc done and Iraq standing tall with their own choices and decisions made to maintain their wealth \
[Richard Incrocci] MD...you mentioned a time limit. Is the exchange rate anticipated to come out at an introductory rate or will it be more I the anticipated realm of $2-3 to help expedite the exchange to get the large notes into the burn pile?
[risk] millionday ...Didn't we read a while back that the 3 zero notes will be used/kept by central banks as a reserve currency? If so they might not be destroyed
[Florida Country Girl] Millionday so when do you think you might be able to uncross everything lol
[millionday] Richard Incrocci we do not know the USD/IQD rate as of yet --- so not sure hun
[jude33] didn thay pass the budget today
[Richard Incrocci] Economic and financial sovereignty by June 1 sounds like the RV will be included and hopefully we'll under way prior to that...understanding correctly?
[jude10000] Richard Incrocci shoot...time to cross everything again!
[millionday] risk do you mean that the reserve currencies are in paper form?
[millionday] Florida Country Girl lol
[Richard Incrocci] MD...sorry hun. Was not asking for rate. Was wondering if expected to rise in value or or more of a fixed rate expected/planned....sorry for mis-communicato
[millionday] Richard Incrocci no i do not agree
[millionday] they have to have entered with their currency market and their isx -- activated the entire new economic reform and of course joined the financial globe ---
[risk] That was my understanding from past articles. I could have mis-interpreted them
[jPlants] Any isx news
[millionday] recently they have been included as part of the sdr -- so they are expected to be done by the beginnning of june -- the rates coming out is the beginnning of that process
[quicktolegit96] millionday what about Talabani - any news on him? his health? etc?
[love it 2] millionday SDR ?
[cieliavieria] Then we are looking at june?