Martha: Countdown to the Bank.
We are definitely in the moment. We know that the ri/rv is done. Officially, according to Tony will be April 22,2015.
We also know that Iraq had 3 months to pull this together thus July22,2015.
Now with completion of all the necessary laws and the need to start paying their debts, income and people, it is time for a reality rate.
We will all see this at the same time, the world banks, the US banks and finally US, the Dinarians. We have all arrived.
Today is 8/1 and we now have a checklist of items that have to show everyone that Iraq has arrived!
Today should be the implementation of the taxes and tarriffs. The banks are now open today in Iraq and I believe that with their new cards they are international.
8/2 is ISX,and they also implement their cut in their salaries.
On 8/3 Greece's stock market also reopens and we need to watch what may or may not happen. and on 8/5 salaries are to actually be paid.
I only ask that everyone watch. I hope that Tony will tweet us about the tariffs today.
We are there and we are in the moment. Now it is time to bring this "baby" to the World
Rkstx: Great post Martha. I would like to add the sale of 5 million in bonds starting at 1095 Is tomorrow which is part of the ending of the process with many laws announced , delete the 000 and LD s dropped. Close? Yes, Very! Rk
Joshua: THE TARRIFFS AND TAXES HAVE BEGUN GUYS ......... no turning back now - as our TONY would say - cant put spilt milk back in the bottle
Iko Ward : So, we're getting Tariff info from a couple of places. I think we're all so jaded we don't realize what this means. Can't have tariff's without international rates. It may take a little longer (hours) to show up but is HAS to show up or they can't do the charges. YEE HAA!!!!!
V-Beam: Unfortunately for the people of Iraq, border taxation will only provide an additional economic burden. The importing companies will have to pay the border tax due in hard currency (U.S. dollars, Euros) from the goods sold to Iraq.
Also the Iraqi exporting companies who are paid in hard currency will have to pay the border tax due in hard currency. The Federal Ministry of Finance will collect the tax revenue due and apply it to the GOI budget. The price of both imported and exported goods must increase to cover the tax.
With falling oil prices and Iraq's extracting facilities at their maximum production limits, this hair brain idea will fail. Once again, the GOI Parliament MUST reevaluate and asset base Iraq's currency to avoid a possible total collapse of the Abadi GOI.
Not to mention Baghdad's (GOI's) strained economic relationship with Erbil (KRG) as a result of Baghdad's non payments to Erbil. Baghdad's "non fulfillment" violates the Budget Law and the GOI is subject to the terms and conditions of Article 10, paragraph 3, of the 2015 Budget Law "non fulfillment".
Revaluation is the ONLY way out for a unified Iraq.
JimBake: Soooo, it would seem that this tariff situation, as so eloquently explained here by vbeam, in fact puts huge, ginormous pressure on Iraq towards getting the RV accomplished...and that, in turn, would convert a burdensome, strained situation into roses and lollipops for all! Am I reading this correctly? OK, let's bow our heads and pray... :)
Iko Ward: vbeam's explanation is exactly how I am interpreting this. No idea who is holding this up but each time somebody makes a bold move (like the Kurds) and then the geo-political nonsense dealt with (like the Greeks and Iran) and all the markets positive and now ALL the laws passed and the tariffs official it's like the straw that breaks the camel's back (no pun intended).
What's left? Seems like the banks are ready.
Seems like the bond market is ready.
I will personally provide the toilet paper to who's still constipated.