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It's time for some clarity again. Topics today are SDR's, WTO, Tariffs, Exchanging, and Guru's.
It seems that there has been alot of excitement over SDR's being posted at the CBI. That is nothing new. Iraq has had a SDR exchange rate for years. It is posted daily, at the bottom of their indicative rates. SDR's are a country's exchange rate between the IMF and the country itself. There is no change in the value of their SDR.
Now, as far as the WTO....I cannot find a single article saying that they are accending on Dec. 29th. Quite the contrary. They are getting closer, but no cigar...yet. If you go to WTO.ORG and search a little, you will see that they have not completed all the steps necessary to accend. Here are a couple of out takes, along with links.
Read More Link on Right
Again, the same document, you will find this..
Protocols of Accession
Preferences accorded to Jordan, Syria, Iraq, Lebanon, Libya, Saudi Arabia, and Yemen (Declaration on Provisional Accession and Protocol of Accession); however, see under Article I:3 above at page 44.108
This is stating that Iraq has the ability to open tariffs, and utilize the window system, which brings us to the next topic.
Iraq has stated that they will implement all of their tariffs on January 2, 2014. Why Jan 2, and not Jan1st? They have to open the "window system" at the WTO to implement tariffs. In order to open the window system, they MUST have a tradeable currency. NO IF'S ANDS OR BUTS! I would suggest that the RV will occur on Jan 1, 2014, and tariffs on the 2nd. Why would they screw up a entire years worth of book keeping for 21 days?
That said, I have a bone to pick with some guru's. Frankly, I am embarrassed that they are suggesting we Americans cannot conduct business without making an ass of ourselves. Wow. I personally would like to know who is telling them this. Is it the same "intel providers" that keep telling us that it has rv'd? Day after day? How many times can that happen, for crying out loud?
I know we all want, and some desperately NEED this to end. It will. And I think very soon. But no guru stating a RV every single day makes it so. And no guru stating that I (and you) don't know how to conduct business gets my vote. I personally consider that an insult!
As always, READ read READ!
I will leave you with this article. Quite possibly the best I have ever read:
Parliamentary sources ruled out the implementation of the process of deleting the zeros during the current session
Quote from that article: "especially that the issue of deletion of zeros is not a key role in the reform process Economic, and it does not help to strengthen the currency, as far as strong economic performance, the sponsor to raise the value of the dinar more than any other measure."
(link is now fixed)
No zero's... straight RV!
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