DreamWeaver Bottom line: We don't know what they need in place in order to RV. Is it broken laws passed? Government security as far as IS neutralized? Additional banking and/or investment laws passed?
All I do know is that we have seen dozens of these type of articles with varying opinions, but none directly from CBI. CBI deems appropriate time and mechanism--not Saleh, nor Finance Committee members, nor Maliki boot lickers.
Saleh may have said 2016 because it's his opinion or because Abadi is sending out disinformation.
We have no way of knowing, but what I do believe is that Shabibi was exonerated NOW for a reason.
Maybe to head CBI once more. Maybe just to manage all of this behind the scenes.
No doubt, Shabibi has Abadi's ear, and I don't believe Shabibi will allow anything in his power to sabbotage currency reform--and do everything to help it.
DreamWeaver Continues: Stolen funds are being clawed back; Maliki is being handled, with more and more articles about possible lawsuits and/or arrest; laws are being passed; and many positive things being accomplished. The unknown, IMO, has always been ISIS. Do they need Mosul liberated? I'm thinking ... yes--but who knows.
That said, I take this article and all these articles with grain of salt as it's still about what they DO not what they say.
Let's see what happens with the budget. Then let's see what happens when Parliament is back in session. IF we are soon to see an RV, I would expect budget to sit there unopened until additional laws are passed. Once laws are passed, I wouldn't be surprised to see offensive to free Mosul launched.
I, personally, don't believe we are in for a year's wait if they start paying things from budget. They have nearly all the large notes pulled in, so don't expect them to release them once more into marketplace. Expect they will pay in USD or electronic dinar.
We may not see this RV until July, as they may be waiting for Maliki's arrest or Mosul's liberation--though I personally believe it could happen anytime after those broken laws are passed, as that was how I interpreted a recent dream. Just my 2cents. Very optimistic ... still ... and watching for what happens next week.
Diane Since reading & assessing articles & opinions has always resulted in 2+2 coming up 5, I no longer make guestimates as to when, or if, the dinar will change in value. It seems Iraq is content to do business in USD, but I remain hopeful & appreciate all the time & effort put into the intelligent, thoughtful discussions on CC. Keep up the good work.... & thanks to all the contributors.
BTW: Is there any proof that LD's have been printed and/or distributed? Seems to be only scuttlebutt so far, When they are in the banks & ready for use, we'll be going to the banks ourselves (unless, of course, it means the dreaded lop).
Jdinar Good thoughts everyone! Unfortunately, I tend to agree with Mike and G-lin...not that my opinion matters much. Always appreciate your thoughts to Tlar.
For a few weeks I have been thinking June anyway. On the Mosul war my thoughts are similar to Mikes yet, I believe they are overly cautious not to make any mistakes since Abadi and team have been fooled over the years by the great houdini Masneaky.
Futhermore, IMO they are trepid to unleash a unstable Iraqi military force without hardening them up...no matter what the costs. This I believe is why they have not gone in yet. We now know US forces in Kuwait are ready to enter the country and this Mosul war may be ready next month.
2 other things come to mind, Kimberly brought up something I forgot about concerning the 6 to 9 month resolutions/reforms or whatever they were to be completed by the Abadi Gov't. 9 months brings us to this summer ( hmm...9 months...just like a new born).
Another thought that interested me was an article a while back talking about how the oil prices should go back up by June, of course conjecture on their part, but nevertheless, IMO, giving them confidence for an RV with a back-to-somewhat-normal oil prices also bringing economic stability.
It also looks to me like Iraq will borrow their way out of this budget funding for now and of course Masneaky needs to be officially tried and dealt with. I still think they will not reveal an RV around this budget nor believe they will signal another year end move....that's why a mid year sound good.
Tlar, I still think they can move the tariffs out like they always do ( even though it seems to be in the books for March 1st ) . I also think the 140/erbil has some ironing out to do as well. Even though banking is primed, they can still hold off the LD's
BUT, I do hope I'm wrong and you are right Tlar and your contacts prevail this time...:)
Dreamweaver "...as that was how I interpreted a recent dream".
Thanks for sharing your dream. I too have been praying very hard about this timeline for over a month now and just seemed blocked about and RV for this spring. I kept denying my thoughts and instincts, but still felt this peace about June. Either way, it's coming...:)
G-Lin [THIS WAS EMAILED TO ME. INTERESTING READ. AS TGIRL SAYS I REPORT YOU DECIDE. :)]
Note: I am not sure who did the translation from the Arabic side of the CBI site.
meliahlore from Dinar Updates says 2/19 (12:54 PM):
Hello everyone. Just wanted to pop in and remind everyone about the 22nd of February. Iraqi citizens, students, business people, retirees living abroad should be able to get funds out of their Iraqi bank accounts. Not sure how quickly it will be implemented or delayed but the CBI announcement from 02/08 said the 22nd. Peace to all!
CBI Arabic Announcement from 02/08/2014
"To / banks authorized to exercise all banking - financial companies approved the conversion of all - all licensed exchange companies ( sale and purchase of foreign currency instructions) 02/11/2015"
Directorate General of the banking and credit control
Department of Banking Studies and Research No. 42/2/9
Date: 02/08/2015 To // Authorized to exercise all banking banks
Remittance companies approved all
Exchange companies approved all
M / Help sale and purchase of foreign currency
Board of Directors of the Bank Directors exceptional numbered decided in 1519 and held on 01/25/2015 the following:-
Approve the issuance of instructions sale and purchase of foreign currency numbered 26/3/9 in 2015 with a list of transactions allowed funded from the assets of the banks abroad (accompanying connectivity), which have been posted on the site this Bank on 02/02/2015 and implemented this instruction from date of 02/22/2015.
To be acted upon with appreciation .. ....
Ali Mohsen Ismail
Based on the provisions of the Iraqi Central Bank Law No. (56) of 2004 (as amended) for the purpose of achieving the objectives of the Bank and the stability of the Iraqi dinar exchange rate against foreign currency through the optimal use of foreign exchange resources to meet the needs of all and not the central bank occupancy of functions which are at the heart of the device banking and relevant departments, with a commitment to the requirements of anti-money laundering and terrorist financing law No. (93) for the year 2004 was decided following instructions version:
Help buying and selling foreign currency No. 26/3/9 2015
A. The Central Bank of Iraq to strengthen banks balances wishing remarks when correspondents abroad to finance legally permitted banking operations are described in detail in the attached list, according to the appropriate indicators to ensure the stability of the exchange rate and trade finance and other operations.
B - the banks wishing to strengthen their balances dollar deposit the equivalent in Iraqi dinars in their accounts of the type 216 before fifteen days from the date of submission to ensure coverage amounts equal to their requests, that at least the amount required for a certain extent decided by the central bank.
C - the bank submit a written application to the Directorate General Investments which enhance the tally required to have correspondents in overseas facilities with a copy of the entry to strengthen the balance of his account in Iraqi dinars from type 216, equivalent to the amount to be converted, to be submitted with the request and subsequent reinforcement disclosure shows the details of the amounts used, which was converted to its customers.
D - the bank applies the principle of know-your-customer for the purpose of legal and banking safety procedures for a buyer to ensure Agencies and sales of foreign Various applications currency, and the Monitor compliance department of internal control and the unity of money laundering at the bank to play its role in this area and to report any suspicious transaction by.
E - The Bank maintains its accounts with correspondents disclose it shows the movement of the account and uses of funds transferred by the central bank.
F - the bank statements sent details of the amounts transferred in foreign currency by the Central Bank of Iraq and their use to the Directorate General of banking and credit control.
G - be selling the dollar to strengthen the balance abroad for the purposes of all of (1187) dinars (one thousand one hundred and eighty-seven dinars) per dollar, while cash sales price shall be (1190) dinars (one thousand one hundred and ninety of dinars) per dollar.
H - Work continues Ptalimatna Alopecia cash sale through the Department of buying and selling foreign currency window, and is not required to provide lists of the names of the dollar cash buyer, and reserves the vendors (banks and companies) disclosures detailed the names of buyers and documents enhanced it and regulated by the Central Bank of the field.
I - The General Directorate of banking and credit control banks follow up the implementation of the instructions, and if there are any irregularities exposed the bank to the sanctions set forth in applicable laws and regulations.
J - the central bank and the banks develop a plan to build capacity and create possibilities for expansion in the letters of credit in the banking practice of foreign trade.
K - all previous instructions that are inconsistent with these instructions are canceled.
These regulations implemented from the date of 02/22/2015.
Ali Mohsen Ismail Governor agency
Transactions allowed funded balances of banks abroad
1 - finance the operations of private traders foreign documentary credits and remittances to import goods and services.
2 - of payments owed to the relevant banking and credit facilities, which has been associated with the customer with banks outside of Iraq (out of commitment or interest due on it) and requires that the bank maintains a documented passage of the customer includes the following: -
A - loan contract signed between the customer and the bank that granted the banking and credit facilities outside Iraq with the details and the reason for him to grant the loan.
B - provide proof of entry out of the banking and credit facilities to Iraq through the banking system in Iraq and the goal of access to and use for the same purpose.
3 - of payments owed to foreign investment in Iraq, which were issued by the special leave in accordance with the influential investment law after the submission of the investor to the bank documents that supports profitable, and its own investment and financial statements audited leave the observer metaphor accounts supports achieve profits in the investment project and meeting fees and taxes assessed legally on profits that supported the General Authority for the project (for personal moral) distribution of profits.
4 - transfers to secure the living expenses for Iraqis living abroad permanently and statement legality of the sources of these funds after the submission of what is supported by the bank.
5 - Convert amounts of stocks and bonds owned by the Iraqi citizen residing abroad or in the case of foreign selling as well as the conversion of the resulting revenue. ''
This requires the submission of winning ownership of stocks and bonds on behalf of the seller's certificate and contract to sell stock to the bank indicated the date of the sale and documentation of the sale by the Iraq Stock Exchange with the support of the introduction of the value of money (Original) by the banking system.
6 - re-transfer of funds and deposits and savings deposited in approved foreign banks in Iraq and the interest earned on them. The bank maintains a file includes detection student account and transfer the source of these funds (deposits and savings) deposited in the Iraqi bank rate or the basis of the calculated yield.
7 - Convert incomes in Iraq to the Iraqis and is deposited in authorized banks in Iraq. The bank maintains a file includes detection student account and transfer the source of these funds (deposits and savings) deposited in the bank rate or the basis of the calculated yield.
(HERE THE DOCUMENT IS SIGNED AND DATED 02/02/2015)
8 - transfers from fundamentalism to sell registered real estate transactions in Iraq and pro-valued under the martyrdom are from the Directorate General for registration of real estate for Iraqis living abroad permanent residence under the support of specialized agencies to be the history of real estate ownership of the holder or heir (the seller) before receiving a permanent residence outside of Iraq .
9 - compensation determined by the official Iraqi destinations for foreigners or those that were acquired by the judicial decisions have become final. This requires the support of the party concerned that the compensation and the inclusion of RFM and history of the instrument and the name of the bank, which was deposited in which the amount of compensation.
10 - for students studying abroad transfers after the submission of the documents that they support the continuation of the study.
11 - amounts for medical treatment transferred to hospitals and medical centers outside Iraq.
12 - Convert scholarships salaries for students studying at their own expense after they submit requests parents to transfer their dues to the desired address (bank and address of the student ... etc) to the bank and its branches in Baghdad and the provinces, coupled with the support of the Ministry of Higher Education and Scientific Research, at a cost of study for students outside of Iraq and they I opened a file for him.
Support also includes a monthly expense and the cost of student housing. The bank maintains a file containing details of disbursements (price to be) and the names of the students disbursed to them.
13 - Convert retirees who want the salaries of those who have not turned their salaries in accordance with the mechanism adopted in the National Commission for retirement by submitting a written request from a retired abroad through our embassies or through his agent to convert the dues required titles (the bank and the title, retired, etc.) to the concerned bank and its branches in Baghdad and the provinces, coupled with the support of the Department of pension.
(HERE THE DOCUMENT IS SIGNED AND DATED 02/02/2015)
Original Arabic Document Link:
oldwazhisname Kimberley at February 20, 2015 at 10:35 AM quote:
I agree, that this guy Antoine is a Maliki guy.....We know Maliki has billions in USD......So if there was an RV of say..1 to 3 like in Saddams day...Maliki would loose 2/3's of his wealth inside of Iraq......And it doesn't look like he is going to be let into any other country,....even on phony medical reasons..... Maliki doesn't want a change in currency,...never has...........jmo
Not sure it works that way, Kimberley. If a Rolex watch cost $25,000 USD before the RV, it would still cost $25,000 post-RV. If he is denominated in USD nothing really changes, even in-country.