[oogie] Scooter-EG so you settled and ready for a few questions?
[Scooter-EG] Hey did anybody see this one http://www.iraq-lg-law.o ··· ode/2234
[oogie] Scooter-EG it's in Arabic
[Scooter-EG] Law of conservation of hydrocarbon wealth No. 84 for the year of 1985 Yes I know3 but that's what translators are for it was last updated on June 15 They did it carefully again
[oogie] Scooter-EG well that is interesting!
[Scooter-EG] scanned all the Arabic I hate it when they do that ok I thought that one was very interesting because of the title
[Scooter-EG] Law of conservation of hydrocarbon wealth No. (84) for the year 1985hmmmmmm
[oogie] care to expound?
Read More Link On Right
[Scooter-EG] Either way that's a good sign I wish I could but the doc is in Arabic
[DogzNova] 1985 was a long time ago
[Scooter-EG] I'll have it disected later tonight
[Scooter-EG] it's the June 15th 2012 date that' that's particularly eye catching that's the last updated date from the law library nevertheless get this party started
[oogie] ok Scooter-EG
[Scooter-EG] first let me apologize for the lateness due to technical difficulties on my side
[oogie] got a few tough ones
[Scooter-EG] There's also a tone of recent decisions of the council of ministers meeting ] Looks like approximately 8 - 10 recent ones all posted on June 15th Well that should keep me up all night
[Scooter-EG] ok question time
[Scooter-EG] We all know the rules If i don't know
[oogie] http://www.daniner.com/News_Details.php?ID=1029 From Bondlady: Since this article says there will be a 200 iqd note, and since there was not a 20,000 iqd note, does that dispell any more crap about a lop?
[Scooter-EG] hmmmm let me review
[Scooter-EG] Central bank decided to adopt some of the features and pictures to be developed on the new currency after deletion of zeros .. And obtained by / JD / a copy of the book's central bank, which included the historical and cultural landmarks and images to be placed on the implications of the currency close to the mentality of the Iraqi public and culture ..
According to the authors included a paper currency a number of monuments and pictures the most important, put a picture to bridge the imams and the magnitude of the significance of high-value if it reaches the bridge between both sides of the River Tigris and the terminal Mrakadi Imams Musa al-Kazim (AS) and Abu Hanifa (ra) ..
He said a book entitled the bank to the Directorate General for the issuance and cabinets: This is dedicated to the highest class of the new currency a category (200) two hundred dinars and the dinars on the back of this paper and put a picture of the Baghdad school .. He said the central bank: put on the face of the category (100) dinar
[Scooter-EG] while placed on the back of the paper image (ziggurat), one of the features of construction Iraq at the dawn of history .. According to the book's central bank: put on the face of the paper of class (50) JD (fifty dinars) image of the King Codaa one of the most kings of the dynasty of Lagash II (King XII), a God of growth and fertility, while the back of the paper have included a picture of Fort Ukhaydir a Fort archaeological its construction dates back to the Abbasid era forts and defensive unique in a deserted area, such as those constructed in which this fort is located to the south-west of the city of Karbala ..
The central bank said: that in the face of the banknote (25) dinars (twenty five dinars) was developed, the image of King Hammurabi receiving the law .. This is the spiritual father of the King humanitarian legislation, as written in the custody of the rules governing the life and transactions in the famous Mselth either the back of the paper have included a picture of a peasant of Iraqi Kurdistan
[Scooter-EG] writing: in line with the best applications and international experiences, he decided to stop the basic parameters of the currency notes of the categories (25000,10000,5000) JD Traded to the road as it is in the new series (25,10,5) dinars to enable the audience with her as a thousand imprinted in his memory.
The bank was keen to choose the designs of the coins are the generality and comprehensiveness of significance, and have a positive impact on all the people of Iraq, where he put on the aspects of coins map of Iraq and highlights where the Tigris and the Euphrates, and the center of the map a circular area to install the coin mineral, while the other side of coins have included, first class (2) JD's image (the Monastery of Saint Matthew), a historical site and my soul is located in the north of Iraq, and taken by the Iraqis of different sects and religions shrine to seek blessings and tourism. Included in category (1) BD image and reality are inspired from the displacement of Kurds Faili designed and prep
[Scooter-EG] sorry just letting everybody read the same thing I'm seeing
[Scooter-EG] sooooo Here we go I'm not certain if everyone here is aware or not but if you research some of the founding documents on this plan one in particular that stands out is from the State Department and they show the actual pictures and from the original 25k note and the dropping of the zeros to the 25 IQD note why this is interesting is because this was in the plan from the beginningat least from my perspective
[Scooter-EG] also ] if you remember from last week this will be a HYBRID solution running concurrently with the growth of the economy
[Scooter-EG] now to repeat some of that information In essence the country has a CPI consumer price index based on standard grocery items and such they will deploy this new CPI in concurrence with the dropping of the zeros
[Scooter-EG] but at the same time they will suck in all the larger notes some will be soiled and a lot of them will be used for intra bank transactions the value of the soiled notes will go electronic
[Scooter-EG] now at the same time the government of iraq has been stockpiling Billions of dollars via their budgets since 2006 What they've been doing is recording two sets of books or budgets
[Scooter-EG] one is in nominal terms and the other is allocated according to a higher rate
[Scooter-EG] now imagine this coming to fruition as well ] they also have the residual oil funds just sitting there
[Scooter-EG] I know, long winded answerbut it's somewhat important the residual funds come from their sale of oil from years past for example
[Scooter-EG] last year their budget allocated approx. $78 a barrel well oil sold at $90 - $100 a barrel what happened to the residual funds well they go into a separate account
[Scooter-EG] see that budget for 2010 just got ratified by the BSA Board of Supervisory Audit so those funds are still in the bank accounts at the US Treasury
[Scooter-EG] now back to the question I think and have always thought this will be a hybrid solution which will simultaneosly increase the value of the the dinar while at the same time remove the zeros
[Scooter-EG] does that mean they will get rid of the thousand series notes IMO no those notes will be valid tender just like the US did with the 25k note or their thousand series of notes ok next
[oogie] 2) BAGHDAD, June 14 (AKnews) - The Iraqi Central Bank (ICB) has set a time limit for all banks in Iraq to increase their capital and reach a minimum requirement of 250bn IQD ($215m), hoping this will improve banking. deputy governor Muzher Mohammed Saleh said: "We asked all banks in Iraq to increase their capital this month to strengthen their dealings and give more loans."
The number of banks in Iraq exceeds 50 with more than 800 branches spread across the provinces. This number is still low if compared to the number of the population.Iraq is suffering from a decline in the citizens' share of banking services of up to one bank for 40,000 people.
This is a big difference compared to what exists in neighboring countries. http://www.aknews.com/en ··· /312259/ Hi Scooter.. What is ur opinion of this art on the influx of this huge amount of monies to these banks? It sure seems like they r trying to attrack more customers for loans. The question I have is, why the hurry before the end of June?
There are also tariffs coming, July 1st, along with double food prices for Ramadan on an already highly unemployed, mostly poor people? What is ur opinion of the significance of this move by Shabibi, and could it possibly be a hint that there is a value increase to the currency coming soon, as well? ( As we also are seeing many arts still, with talks of international investments and banking) Ty...luckyintx
[Scooter-EG] hmmmm ok -- that is a great question lucky Here's what's happening if you goto the CBI site http://www.cbi.iq/ and when you read this document What you'll find is that there's a HUGE push for the increase in capital and what's even more attractive is that when you look deeper into the ordinances what you'll find is that iraq is trying to attract the "BIG BOY" banks here's why
[Scooter-EG] they now can loan up to 300% of the banks capital and that includes the partner's banks ] so for example Bank of America it's a one Trillion dollar monster ] Suisse Barclays etc...
[Scooter-EG] Those banks are in the business to do one thing and that's loan money and make as many transactions occur as possible now with that said take a look at the week ratio of banks to population in Iraq when those partner banks come online inside the country they will have the needed capitol to finance those loans for the million houses they are intending to build
[Scooter-EG] In essense, they'll be using other peoples money at the same time increasing the usage of banks by populace In terms of the tariffs coming
[Scooter-EG] As I said in the past I think that's great for accouting reasons and ] for joining the world community ] but will have a secondary impact on the the value increasing at the same time increasing the usage of banks by populace
[Scooter-EG] the value will start to truly increase as they diversify their economy
[Scooter-EG] remember several weeks ago I used the capital markets as an example Comparing Jordan whose capital markets run at approx 375% of their annual GDP to Iraq 3.5% of their GDP huge differences
[Scooter-EG] also you'll see the value start to truly establish itself when you see their primary bond market moving they have approximately 108 SOE's they need to privatize SOE's = State Owned Enterprises
[Scooter-EG] now they have been taking their time and waiting for the right moment ] however it's an imperitive step that the IMF and World Bank is requiring as part of these structural changes
[Scooter-EG] ok long answer again but next
[oogie] ok ty
PART 2 LINK