[kaperoni] Hi everyone. Welcome to DinarAlert chat.
[kaperoni] Tonight’s chat is a “where are we at?” chat. For those of you new, these chats are basically to get us updated on the facts in recent days, as we know them.
[kaperoni] Please no typing…to prevent yourself from getting kicked while your sitting idle, periodically click the “Online” button above the list of names.
[kaperoni] Ok, lets get started.
[kaperoni] I think this past week was very good.
[kaperoni] Let’s start with a timeline. When is the latest date this dinar can RV?
[kaperoni] Here is an article that came out…
[kaperoni] Iraqi Govt to Announce $Billions of Opportunities in London Posted on 10 August 2011.
[kaperoni] There are several great quotes in this article that I feel will give us our timeline.
[kaperoni] First quote...
[kaperoni] “Billions of dollars worth of investment opportunities are expected to be announced by Iraq’s Minister of Industry and Minerals, H.E. Mr Ahmad Nassir Al-Karbooli (pictured), on 7 September at Iraq Mining 2011 in London,”
[kaperoni] At this event will be…
[kaperoni] “Dr. Sinan al-Shabibi, Governor of Central Bank of Iraq”
[kaperoni] “The rigorous study was undertaken over a seven year period and will reveal Iraq’s hidden potential for the first time.”
[kaperoni] Ok, so Iraq is going to open the study book….there going to reveal the mineral studies as well as oil. Now what good is this if nobody wants to come into Iraq and deal with the current banking system?
[kaperoni] Now we read this…
[kaperoni] “Governor of the Central Bank of Iraq as well as top representatives from the banking, business and education sectors – all attending with the sole purpose of carrying out business with potential foreign investors.”
[kaperoni] Now this quote shows us the sole purpose of this meeting is to carry out business deals…I think that is pretty self explanatory…these deals cannot happen without a tradable currency which allows investors to get the profits out of Iraq.
[kaperoni] Now this quote…
[kaperoni] “National Investment Commission of Iraq (NIC), whose role is to support Iraq’s substantial re-engagement with investors from around the world.”
[kaperoni] They tell you they want to re-engage with the world…how do they do that without a tradable currency? They cannot.
Read More button on right
[kaperoni] And one more…
[kaperoni] “After decades of underinvestment, due to conflict and sanctions, Iraq is now actively seeking international investment and expertise to help rebuild its world-class mining, mineral, and material industries.”
[kaperoni] Now, Iraq has scheduled this event to show the world their wealth. But they have a currency that is worthless. So how can they engage in international business, encourage investment with a currency that is not representative of the wealth of
[kaperoni] the country?
[kaperoni] They cannot.
[kaperoni] IMO, they must RV the currency prior to this event and then this event is justification for the new value. IMO the 7th of Sept is the very latest date for the RV.
[kaperoni] Now the next article is…
[kaperoni] Central Bank of Iraq stresses that the new currency will not affect the financial value of money 2011/08/14 neighbors - Baghdad - East
[kaperoni] This article is important…why? Because for the first time, they cut the confusion and bull from the articles and explain what they really mean in regard to the rate.
[kaperoni] Here is a quote..
[kaperoni] “Which will not affect the financial value of money. “
[kaperoni] What they are saying here is that the currency that is currently is circulation (3 zeros) the value will not be effected. So in other words, there is no LOP.
[kaperoni] This is one of only a few times that they state that the introduction of the new lower denominations will not effect the older notes value.
[kaperoni] That is key IMO
[kaperoni] and shortens the timeline to iminent
[kaperoni] Another quote..
[kaperoni] “Saleh, said that the process of dispensing with the old currency would be gradual”
[kaperoni] This quote tells us that there will not be an immediate timeline. That you can take you time getting your affairs in order before you exchange. That the removal will be gradual.
[kaperoni] This is also puts and end to the talk of a window such as 30 days or 90 days. You will have plenty of time to exchange your dinars at the new higher rate,
[kaperoni] The next article is …
[kaperoni] Central Bank confirms that the new currency will be printed with 3 languages 14/08/2011 PM - 10:12 AM
[kaperoni] This article has this quote…
[kaperoni] “Saleh pointed out "there is no difference in the new currency on rights at the exchange rate and acquisitions," noting "when we want to buy dollars in 1200, we buy at one dinar dinars and 200 fils."
[kaperoni] Now, this is a bit confusing and makes no sense with the computer translator…But this is my view as to what it really means.
[kaperoni] My interpretation is they are saying is that when they want $1,200 dollars, they will pay 1,000 dinars (they say "one dinar dinars" -which to me is really one thousand) and 200 fils. or a 1 to $1 rate.
[kaperoni] That is your rate folks.
[kaperoni] So I think this weeks news has been great. First they filled the streets again with lots of articles informing the people what they are about to do. Though it is hard to understand why they have often
[kaperoni] filled the websites, media, and papers with this information, it is to inform the people of Iraq the people who are truly suffering. And this week was not different. This was a week of articles that tells us more of the plan.
[kaperoni] I found a website that had Arabic feedback to these recent CBI delete 3 zeroarticles. I went through all of them.
[kaperoni] This following response I felt was key…I think it tells the CBI the feeling of the people of Iraq…
[kaperoni] Here is the quote...
[kaperoni] "Right step and do not affect at all on the owners of capital and the general public. We demand to speed up the implementation of the project. "
[kaperoni] So we can see, the Iraq people also want this RV now. They are poor and need this as much as we might need it here.
[kaperoni] Lastly, we have seen progress with the GOI, specifically the Erbil agreement.
[kaperoni] Here is an article..
[kaperoni] Iraqi parliament: the second reading of the Law Council senior policy after the Eid holiday 14/08/2011 15:10
[kaperoni] So when is the end of the EID holiday? The end is August 30, 2011
[kaperoni] So we see progress with the 1st reading of the Strategic Council. Followed by comments that changes need to be made.
[kaperoni] But these will be put in place and once the end of the EID comes, they will read the law “directly.” So IMO we will not see this Erbil agreement finished until the 1st week of Sept.
[kaperoni] Will Shabibi wait?
[kaperoni] Remember what i said before about two rates?
[kaperoni] But as I was told months ago, there were two rates, it appears that the lower rate (close to 1 to 1) is going to be the rate.
[kaperoni] So IMO, Shabibi is not going to wait. He is ready to RV and the RV can come at any time.