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Dinar Updates Sunday PM Chat 7-17-16 Part 3 of 3
paul-o says to rcookie():Thanks for that. Since, even because, Iraq has borrowed under SBA and RFI programs many times in the past for the exact same reason (Iraq is broke), what would inspire the IMF to loan Iraq even more money this month and take a further back seat and more distant repayment position to being loans repaid before them by earlier loan priorities?
woodywoodpecker says():thanks Rcooke
rcookie says():THIS IS NOT SOME NEW...NEVER BEFORE SEEN PROGRAM OR ACTIONS ON IRAQ AND IMF PART....
rcookie says to paul-o():EXACTLY!!.....
jfd says():Im still wondering how they are going to comply with the IMF qualifications of a deverse economy when 95% of their revenue is oil based.If they are.Would the IMF allow them to RV their currency with a nondeversified economy?
rcookie says to paul-o():WHILST AT THE SAME TIME OPERATE WITH FISCAL DISCIPLINE...(PAY YOUR CREDITORS BEFORE PAYING YOURSELVES) THINK ABOUT OIL COMPANIES BEING PAID BACK BY END OF 2016...AND PAYING BACK KUWAIT WAR REARATIONS AND PARIS CLUB OBLIGATIONS....
jfd says():I guesss they could tax their poor people more?
rcookie says():BY THE WAY THE SIGNATURE ON THAT LOI WAS SHABIBI....
rcookie says():ZND TO ADD TO THE POINT....HERE IS ONE FROM AS FAR BACK AS 2006...
rcookie says():1. The Executive Board of the IMF approved a request for a Stand-By Arrangement (SBA) for Iraq on December 23, 2005, in support of our economic program for 2006. The first and second reviews under the SBA were completed on August 2, 2006. Notwithstanding the very difficult security and political situation, we have continued to make progress in implementing this program.
Inflation, however, has persisted at a very high rate and achieving macroeconomic stability remains a challenge. We have already taken a number of corrective measures as described in the attached second Supplementary Memorandum of Economic and Financial Policies (SMEFP).
To allow more time to reach the objectives and complete the reforms under the SBA, we request an extension of the current SBA by six months to September 28, 2007.
We intend to continue to treat the SBA as precautionary (i.e., we do not intend to make the purchases under the SBA that will become available after observance of its performance criteria and completion of its reviews).
rcookie says():2. Iraq has met all quantitative performance criteria set for end-September 2006. The structural performance criterion for December 31, 2006 on adopting a budget classification and chart of accounts in line with the IMF’s Government Finance Statistics Manuel 2001 was, however, not met.
rcookie says():AND THIS WAS AT A TIME WHEN CONSUMER PRICE INFLATION WAS BETWEEN 52-77%...INFLATION AND GENERAL RATE OF INFLATION WAS 30-35%
rcookie says():GDP GROWTH WAS AT 10.5%..AND....
rcookie says():5. We have tightened our exchange rate and monetary policies to fight inflation. The exchange rate of the Iraqi dinar was pegged to the U.S. dollar through most of the year at a rate close to ID 1,477 per U.S. dollar.
From mid-November this policy has been adjusted to permit a gradual appreciation of the dinar; the daily auction-rate declined to ID 1,325 per U.S. dollar at end-December and reached ID 1,290 per U.S. dollar by end-January. Net
4international reserves continued to grow and reached a level of $15.3 billion at end- November 2006. The CBI also raised its policy interest rate to 16 percent on November 12, 2006, and further to 20 percent as of January 7, 2007.
rcookie says():TRIP DOWN MEMORY LANE.....
rcookie says():INT'L RESERVES AT 15.3 BILLION.....AND CBI INTEREST RATE WAS 16%.......
rcookie says():EXTRAPOLATE WHERE THEY ARE TODAY AND FACTOR IN THE ESTIMATED $400 BILLION REPORTED TO HAVE BEEN STOLEN.......
rcookie says():WHO IS BUYING THE NEW "WORLD HERITAGE" COMMEMORATIVE BANKNOTES THE CBI ANNOUNCED TODAY.....
rcookie says():OK THEN..
Read More :http://www.dinarupdates.com/showthread.php?37097-Sunday-July-17-2016
cobalt says to rcookie():I'm not shy RCOOKIE ........who is buying the commenorative banknotes?????
cobalt says to rcookie():WHO IS BUYING THE NEW "WORLD HERITAGE" COMMEMORATIVE BANKNOTES THE CBI ANNOUNCED TODAY....????
cobalt says to rcookie():I see RC is busy.............later then!
Knucklehead says to cobalt():Who is a business man from China.
Knucklehead says to cobalt():And hes on first!
jimplants says():the press release on the bank notes says GLOBALLY
DIGIman1 says():i dont care who buys them....my question is what denominational value will they carry....
jimplants says():as someone else says on here BINGO!
cobalt says to Knucklehead):Makes since to me ........thank you(lol)
david334 says():Hello Mrs BGG. I have been puzzeling about Mr Whites comment that Citibank seems to recognize a couple of obsticles that stand in the way of the dinar's worldwide trading. It isn't connect to parliment, can't be an provision in the IMF aggreements so I am stumped.
Nothing unusual I am always stumped on this multifactorial project. Maybe Mr White has determined Citi's issues.
MrsBGG says to david334():Good afternoon :) When he comes in, you can ask him to further explain... or when Mr. BGG comes in you can ask him... :)
wmawhite says to david334():It will help if you understand (not a criticism) the make up of the Trade Bank of Iraq. More to come.
david334 says to wmawhite():That already helps!!
wmawhite says to david334():J. P. Morgan Chase was (2003) selected to operate a bank the United States is creating in Iraq to manage billions of dollars to finance imports and exports.
david334 says to magnetlady():He is good
david334 says to wmawhite():paul Bremer
wmawhite says to david334():J. P. Morgan will le a group that includes 13 banks representing 13 countries to run the bank
MrsBGG says to wmawhite():Thank you for answering! :)
wmawhite says to david334():Those banks; Along with J. P. Morgan, other members of the winning bank group are the Australia and New Zealand Banking Group, Standard Chartered, National Bank of Kuwait, Bank Millennium, Bank of Tokyo-Mitsubishi, San Paolo IMI, Royal Bank of Canada, Crédit Lyonnais, Caja de Ahorros y Pensiones de Barcelona, Standard Bank Group, Akbank TAS and Banco Comercial Portugues.
david334 says to rcookie):your right loyalty confidence
wmawhite says to david334():So what have those banks been doing all of these year?
david334 says to wmawhite():not much?
wmawhite says to david334():The trade bank has served as an intermediary for Iraqi government agencies' purchases of equipment and supplies from companies based outside the country.
wmawhite says to david334():Seriously???
wmawhite says to david334():Not much?
wmawhite says to david334():The TBI is what kept Iraq alive during the early years.
david334 says to wmawhite():Sorry
wmawhite says to david334():These banks.......the Australia and New Zealand Banking Group, Standard Chartered, National Bank of Kuwait, Bank Millennium, Bank of Tokyo-Mitsubishi, San Paolo IMI, Royal Bank of Canada, Crédit Lyonnais, Caja de Ahorros y Pensiones de Barcelona, Standard Bank Group, Akbank TAS and Banco Comercial Portugues.
david334 says to rcookie():good point
wmawhite says to david334():Have and still do carry lines of credit for the GOI. IMO.........these are the obstacles that Citibank was speaking....referring to .
Pablo says to wmawhite():So, these banks have to do some sort of switchover?
david334 says to wmawhite():Okay they b=need to be paid off did the Bahrainian bank that owns 65% help
cjquade54 says():I'm hoping the RBC bank here in Canada will exchange when the time comes
david334 says to wmawhite():That new owner needs control to build the portfolio?
david334 says to wmawhite():thanks sound s manageble ab]nyway
wmawhite says to david334():I do not understand how or what the obstacles are...............it is more than a coincidence that Citi stated that they are working to remove those obstacles........and when you understand how many banks from around the global are involved with the TBI and they all hold lines of credit.......I am sure that they want to be paid first.
david334 says to wmawhite():Brilliant insight as usual.
angus says():rcookie and mr. white are you guys going to do news to night?
david334 says to wmawhite():This is news
Hutch says to angus():TOMORROW NIGHT
wmawhite says to david334():You probably have a better idea than I do...........you are probably closer to understanding this than I.
angus says():ok thanks hutch
wmawhite says to angus():I am just talking...waiting to see if I am going out or not.....
david334 says to wmawhite():Certainly not the history, but if the minority shareholders want to participate they cant have it all. Obvious the board will consolidate and many orginal banks are selling at the low.
wmawhite says to david334():then........possibly, this is what Citi was referring to?
david334 says to wmawhite():Yes absoutly . Never could have got there without you
wmawhite says to david334():The bank from Bahrain upped their shares from 55% to 67% (?).......they see something worthwhile coming.
david334 says to wmawhite():yes!! this site is one of a kind i always fell mentally challenged.
david334 says to wmawhite():Thank you for your time.
wmawhite says to david334():We are all challenged to get out of the lie that this is all a secret and they are doing this based upon making us happy.
Hutch says():NEWSTIME with HUTCH, RCOOKIE and MR WHITE
MONDAY NIGHT 7/18 at 6:30 cst in the CHATROOM!
“AFTER CHAT LIVE” immediately following NEWSTIME !
Read More :http://www.dinarupdates.com/showthread.php?37097-Sunday-July-17-2016/page2