Savvy1Sez : IMF's Lagarde and staff support adding China's currency to SDR Sounds promising.
Bigox: China has a huge part in this as all the wealthy countries of the world but I think Iraq and the IMF are running the RV show for now China did her part already
BestBuy: DONE!! IMF's Lagarde and staff support adding China's currency to SDR basket. http://finance.yahoo.com/news/imfs-lagarde-staff-support-adding-224235100.html
OKRocks: China welcomes IMF backing to make yuan world reserve currency MENAFN - AFP - 14/11/2015 (MENAFN - AFP) China on Saturday welcomed backing from IMF experts that the yuan should be included in its reserve currencies, saying the move would strengthen the world's financial system.
It now looks likely the yuan will be formally admitted to the IMF's "special drawing rights" currency basket at the end of the month, which would mark a milestone in China's efforts to become a global economic power.... "It will have win-win benefits both for China and the world."
OKRocks: Millionday: THEY ARE PLANNING A COMPLETE ECONOMIC REFORM. THE ANNOUNCEMENT BY ABADI TODAY WAS THE ACTIVATION OF THE ECONOMIC REFORM NOW --- IMO. MONETARY POLICY IS ON FAST TRACK...GLOBAL POSITION.
OKRocks: elmerf123456 : This is the big news folks. Big. Big Big. Chinese is becoming a reserve currency and it means we are at the doorstep.. Period!!!
OKRocks: elmerf123456 : I suspect we are going to see the RV long before Nov 30th Chinese Yuan inclusion now because that's how it was planned. Now that means the RV is on our doorsteps peeps.
Greyeagle1: My curiosity has gotten the best of me, The article I read said that the Juan would be voted on Nov. 30th 2105 for inclusion in the SDR for October 2016. In my mind that gives a long time for the RV.
OKRocks: Greyeagle it is their known inclusion that was needed... does not need to be fully implemented yet... just a known that it will... its all good imo
Old drummer: the article says the yuan could be included AS LATE AS September 2016...it does not say how quickly it could happen....
OKRocks: Again its the *knowing* it will be included not when it will be fully implemented
JerseyBoysFanin: IMO Has to happen before Nov. 30th... and likely waaaaaaayyyyyyyyy before Nov. 30th. Come on, come on, comeon!!!!!
[xyz] Parliamentary Finance: The government spent bank reserves and conditions of the International Monetary crisis will make us "no stock of reserves for banks to exchange it by the government."Link
[xyz] Rafidain Bank stands ready to issue smart card for employees to exchange their salaries Rafidain Bank expressed readiness to issue smart card for employees in all departments and institutions of the state for the disbursement of their salaries instead of manual cash. Link
[xyz] Falling oil prices have driven the Kurdish region of northern Iraq to the brink of bankruptcy. Government salaries have not been paid for months, and citizens are suffering – some are being forced to take second jobs Link
[xyz] The end of the second reading of the general amnesty law today Link
[xyz] employee in the Ministry of Finance ... killed ... by an adhesive placed inside their car, west of Baghdad. Link
xyz] Vladimir Putin to meet IMF chief Christine Lagarde at G20 summit in Turkey: Media
TooMuch: 4 out of the 5 Largest BANKS in the WORLD are now CHINA Banks
China now has four of the five largest banks in the world after weakening currencies pushed French and Japanese companies out of the top five this year, according to SNL Financial's latest global bank rankings.
SNL ranks the largest banks in the world by converting their total assets into U.S. dollars using the exchange rate as of the end of the period measured. Most banks were ranked by total assets for the quarter ended March 31, 2015. Changes in the rankings since 2014 are partly due to fluctuations in the companies' reported currencies against the U.S. dollar.
Frank26: Reposted: Don’t get depressed that they added 000’s... They are working on the RI...the RI has nothing to do with the exchange rate or the value...the currency is being poised.
The currency of Iraq is poised for 2016 but boy is it ready for 2015...even though they are ready right now we still have some things that have to grow.
IMO...we are not going to see anyone or anything until we see Maliki arrested and other bad people too...very soon.
Millionday Reposted: THEY ARE PLANNING A COMPLETE ECONOMIC REFORM.
THE ANNOUNCEMENT BY ABADI TODAY nWAS THE ACTIVATION OF THE ECONOMIC REFORM NOW --- IMO.
MONETARY POLICY IS ON FAST TRACK...GLOBAL POSSITION.
Q: [so if the IQD comes to a new value of $3 then that new 50K note will be not usable to the average Iraqi at over $150,000.00 US. Only use would be between banks...correct?]
Millionday : THE US DOLLAR RATE WOULD BE ONLY APPLIED OUTSIDE THE COUNTRY -- THE PRICES WILL DECIDE THE USE AND NEED OF SMALL DENOMS AND COINS ALONG WITH LARGE NOTES ETC WITHIN THE COUNTRY –
BUT THE EXCHANGE VALUE TO ANY OTHER CURRENCY HAS NO APPLICATION TO THE ISSUING OF NEW SERIES EXCEPT THAT IT IS PART OF THE ECONOMIC REFORM AS IS THE GOAL TO GO TO A MARKET ECONOMY AND ALSO THE RATES FOR INTERNATIONAL RATES AND MARKET FIGURES, BANKING ETC.