Frank26: IMO the TRANSITIONAL RATE started seconds after they were ................ WHITELISTED.............. IMO the next two weeks will show HOW the IQD is being used by the IMF and Iraq. They do NOT have to EXPLAIN anything until the CBI has the new rate for the International markets........... Understand?
EHankins: FRANK, THANKS FOR POURING OUT THAT SPECTACULAR VIDEO THIS EVENING. Frank's Video IT'S CLEAR NOW WHY YOU WANTED ALL OF US TO GET MORE INVOLVED IN RESPONSE YESTERDAY. IMO YOU DIDN'T WANT ANYONE TO MISS IT. THANK YOU.
AND YOUR VIDEO REALLY CLEARED THINGS UP FOR ME. IN THE TRANSITIONAL STAGE THE DINAR CLEARLY WON'T BE SEEN/USED BY THE CBI BECAUSE IT'S MOVING MEANING, NOT SOLID BECAUSE IT'S CHANGING OR TRANSITIONING.
ONCE IT REACHES IT'S GOAL EITHER TEMPORARY OR FINAL THEN IT CAN BE SEEN/USED...NOT WHILE CHANGING/TRANSITIONING. THAT'S HOW I SEE IT IMO. .... THANKS SO MUCH FRANK.....
Frank26: No ................. TR (Transitional Rate) is only via the GOI at the point in time............ NOT the CBI. Next time i talk will say so much MORE.............. Watch me.
BTW ........... IMO ............ This part of a post i made yesterday is profound with thought ........ " Transitional Rate started Seconds after they were Whitelisted". Now ask Yourself.......... WHO whitelisted them?
SlappySquirrel: I'm still under the impression the IMF is coordinating the release and reset or "basket or currencies" I.E. Dong, Zim, Dinar. With the recent de-pegging of currencies from the US dollar, it seems like the reset is imminent. It is a currency reset after all, isn't it?
You have multiple currencies around the world "adjusting" or revaluing, with the Dinar being the "catalyst". Basically what I'm trying to get at is there will not be any "double-dipping". Dong, Dinar, Zim, will all happen at once.
Wherever and whenever we first see the revalued Dinar, all the others will have happened simultaneously? Obviously the IMF and others have already thought all of these scenarios out already, and have a plan in place. All of this is IMO and just some thoughts I've had.
Fireball92: I read and listen to others who interpret the news. This year in July, the IMF gave Iraq until November to finish their steps to be article 8 compliant and we know what the last step is!
As well, it's been discussed by a few that the IQD exchange rate may not be suddenly elevated to $3 Plus but may be taken International , then float to it reality rate which it is thought would be rapid. It is rumored that this rash of sudden, I'm scheduled holidays is a window they may release the IQD to International at about 1000 to 1..... so with bated breath we wait
Yada: The value of the IQD in Iraq is already at the eqivilent rate of $3.71 in country so there wouldn't be any sudden increase of the dinar,,,just has to be accessible to us is what we are awaiting…. The $3.71 is the value of the dinar in our country,,,not in theirs,,
Sdinlwas1995: Yada- is that 3.71 a published rate or guru rate? Big difference, please clarify
Yada: sdinlwas1995,,when Ray stated the standard rate was use in the report that was submited to the IMF Excs is what their current currency in Iraq would equate to in the US,,,many are confused to think the rate in Iraq has a $3.71 value and doesnt,,their value is their value that was increased as far back as June/July,,,that value is equal to our $3.71 here,,
sgdlaney,,,,IF there was a GCR as some are boasting,,,the dinar would be the linchpin to activate it,,,,,others outside this room, and frankly some are bringing it in here to, that the GCR will activate the dinar and all currencies will be asset backed in the process,,,,,,,,,,,,so deceptive and misleading,,,,,,IMO
YAda: As Ray has stated,,why hasn't the other currencies gone ahead and revalued? because the currency with more value hasnt been set as international yet,,,,THAT is whats taking place now,,
Google Basel III and you will not find any reference to any currencies being asset backed,,it references the banks having to back the values of their banks with assets and currency is not covered
Elmerf123456: Units of Iraqi Armoured 34th Division head towards #Mosul.. Daesh the end is near! #Iraq
Elmerf123456: #Iraqi Prime Minister @HaiderAlAbadi and #Kirkuk Governor Dr. Najmaldin Karim holding a press conference in Kirkuk ahead of Hawija Operation Daash days numbered.
Elmerf123456: Dr Abadi inspecting military units and security and military leaders meet in Kirkuk and meet with tribal and conservative leaders and visit the village of Al-Bashir Strike Set!
Deutsche Bank To Fire Another 10,000 Bankers, Bringing Total Layoffs To 20% Of Workforce
The hits for Deutsche Bank just keep on coming. One day after a report that the German lender has imposed a hiring freeze in the latest bid to reassure investors that it has expenses under control and is stemming the outflow of cash, moments ago Reuters reported that Deutsche Bank's finance chief told his staff that job cuts at the bank could be double that planned, a step that could remove 10,000 further employees.
Such cuts would likely take many years but setting such a goal could reassure investors that the bank is determined to tackle costs that sources said the European Central Bank sees as bloated. Unless, of course, they are forced to cut much faster. If 10,000 job losses were ultimately to follow the 9,000 announced by management in October 2015, roughly one in five of the bank's workforce around the globe would be affected.
"Schenck said that the bank would need to cut another 10,000 staff to bring down costs," said a person who attended the meeting with the chief financial officer cited by Reuters. Although no such decision has yet been taken, Marcus Schenck's remarks, at an internal meeting, signal the lender is considering further significant cost cuts, as it faces a multi-billion-euro fine and a crisis of confidence among investors.
Money Funds Beef Up Liquidity Ahead of Money Market Reform
By Teresa Rivas
It’s Oct. 13, which means it’s Money Market Reform Eve. According to Fitch Ratings, prime institutional money funds, responding to uncertain investor behavior, aren’t taking any chances in terms of liquidity.
The average weekly liquidity for 33 funds the firm surveyed was 84%; a quarter of the funds had at least 99% weekly liquidity, with five funds that put the entirety of their portfolios in weekly liquid assets. Thirty percent is the threshold on prime funds.
This is all to avoid a scenario in which investors yank their money, leading to outflows that could trigger the liquidity fees or redemption gates features.
And it may not be overkill: Some $1.1 trillion has already left prime money funds in the past year, and institutional prime funds have seen $838 billion in outflows, pulled by investors anxious over the new rules, mainly putting their money instead into government bonds.
But the funds’ counteractions are making waves as well, Fitch writes:
The funds’ focus on short maturities is causing dislocations in the short-term markets, with commercial paper (CP) rates spiking in recent months. Rates on CP maturing in 90 days rose from 0.60% at end-April to 0.81% as of Oct. 7, 2016. Not all short-term debt issuers have been willing to pay the higher rates to access the CP market, as evidenced by a decline in CP outstandings of $175 billion between end-April and Oct. 5, 2016.
The higher yields on short-term debt are being reflected in money fund portfolios, with the spread between net yields on prime institutional funds and government institutional funds now up to 0.16% as of Oct. 11, 2016, up from 0.12% as of Sept. 21, 2016.
Finalising Basel III
Introductory remarks by William Coen, Secretary General of the Basel Committee, at the meeting with the European Parliament's Committee on Economic and Monetary Affairs (ECON Committee), Brussels, Wednesday 12 October 2016.
Mr Chair, Honourable Members of the Committee, Mesdames et Messieurs les Députés du Parlement européen, Ladies and gentlemen,
It is a great pleasure to address you today on the work of the Basel Committee on Banking Supervision, in my capacity as Secretary General of that body.
My remarks will focus on three issues. I will start by providing some background information about the Basel Committee and the way in which it operates. Second, I will outline the key elements of the Basel Committee's reforms following the global financial crisis. I will then say a few words about the Committee's outstanding post-crisis reforms.
The Basel Committee on Banking Supervision
Let me start by providing an overview of the Basel Committee on Banking Supervision.
The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervision. Our mandate is to strengthen the regulation, supervision and practices of banks worldwide, with the purpose of enhancing global financial stability. Indeed, global common minimum standards allow for an international level playing field and support globally integrated capital markets.
The Basel Committee reports to the Group of Central Bank Governors and Heads of Supervision. The Committee seeks its governing body's endorsement for major decisions and its work programme.
The Committee is global in nature, covering 30 jurisdictions and comprising 53 members and observers. It includes all of the G20 members and provides regular updates on its work to G20 Leaders. About a third of the Committee's members are from the European Union, including the European Central Bank and the Single Supervisory Mechanism. The European Commission and the European Banking Authority are also active participants in the work of the Committee.
The Basel Committee does not possess any formal supranational authority. As a result, its decisions do not have legal force and it has no enforcement authority. It relies on its members' commitments to implement agreed standards. These members are directly accountable to their national legislature. The manner in which the agreed standards are applied is at the discretion of members. Some have chosen to apply the rules to just the largest, internationally-active banks in their countries. This includes the United States and Japan, for example.
Others, like the European Union, have elected to apply the rules to all banks.
In developing global standards and principles, the Basel Committee is guided by three tenets:
1. A firm commitment to its mandate, which is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. A banking system that is resilient will be able to support the real economy and contribute positively to growth over the medium to long term;
2. An extensive consultation process with a wide range of stakeholders, including academics, analysts, central banks and supervisory authorities, industry participants, the public sector and the general public; and
3. A comprehensive and rigorous assessment of the impact of the Committee's policy reforms, on both the banking system and the wider macroeconomy, the output of which is reflected in the design, calibration and transitional arrangements of the Committee's policy measures.