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1-800#'s and Instructions for Currency Redemption/Exchange

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Friday, September 16, 2016

Dinarland Highlights for September 15, 2016

Dinarland Highlights - 9.15.16

Kaperoni


Article:
"IMF thank Iraq on "fruitful cooperation and candor," the first revision of the standby credit agreement"

I just love how the IMF works. It is clear, the SBA was the roadmap. And these subsequent meetings in Jordan check progress before the next installment loan. It is very obvious, the CBI was behind on the conditions the SBA "plan" had for the banking system. So they get their orders and return to Iraq and have 30 or so days to get caught up before the next October meetings.
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Shredd


[...does the B- rating concern you about our investment? And does the rating have to improve to have the significant increase we're looking for?]

Not at all. Increasing the rating will take significant time and impacts the interest paid on sovereign loans. That said, because of the tremendous support Iraq continues to get, such as the soft loans, this is not having much of an impact.
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Adam Montana


[Does the Fitch rating need to get better before Iraq could RV, or would an RV increase Iraq's Fitch rating?]

I did see that Iraq was given a B- or close to that recently? Over the last few years they have maintained a very consistent and very good quality rating, which tells us that they are pulling forward consistently. That's better than what a lot of other countries have done! Just another reason to hang tight and root them on.
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Kaperoni


this should get us all excited...From the IMF SBA...:

"The authorities will gradually remove remaining exchange restrictions and multiple currency practice (MCP) (MEFP, 14). Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investor community that Iraq is committed to maintain an exchange system that is free of restrictions and MCPs for current international transactions and thus facilitate creation of a favorable business climate.9 As a first step, the Council of Ministers will approve and introduce to parliament an amendment of the Investment Law, or the CBI will issue clarifying implementing regulations, to remove the limitation on transfer of investment proceeds that gives rise to an exchange restriction (SB, Table 5), as recommended by a recent technical assistance mission of the IMF. As a second step, the CBI will increase the sale of foreign exchange for valid current exchange transactions on the official market in order to reduce the spread between the official and parallel exchange rates (10). In particular, the CBI will, by the end of 2016, make the weekly limits on the purchase of cash at the weekly foreign currency auctions indicative, in the sense that any bank requiring additional cash for legitimate travel expenses for its clients will be able to obtain the required amount above these limits on the basis of appropriate documentation."

So we can see here that the CBI is doing exactly what the IMF dictated. And they are moving closer to accepting the obligations (don't know the date) of Article VIII. Which we all know Article VIII is the "key" to make the dinar internationally convertible and as a result would remove the dinar from the peg at that time and allow it to float. IMO, they are moving towards the goals of early 2017 (remember the 3 notes the CBI wants to bring out!) Gotta love the line...."Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investor community" It really is fantastic news because the IMF is not going to let the CBI and banking system stay closed to the world much longer. The plan is in action.
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tlm724


[...does the B- rating concern you about our investment?]

I think it's a good rating and that rating is appropriate for Iraq given the current circumstances. Money is the incentive and Iraq will do whatever is needed to keep those funds moving and comply with the SBA. Finch is showing us that they are indeed flexible with this rating and it's essentially up to Iraq to make the needed improvements... Security is improving with the march on to Mosul. IF they actually reach a firm and implemented agreement with the Kurds with full participation from both sides this will increase their rating also. All in all Iraq is on the right track.
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Jester


I THINK I HAVE TOLD YOU BEFORE THAT THERE WOULD BE A PROGRESSION OF EVENTS RATHER THAN A SWITCH FLIP...THEY WILL NOT LIKE TO LET EVERYONE KNOW WHAT IS GOING ON MORE THAN ALREADY DOES...A FEW MORE UNDER THE RADAR THINGS LOOK TO BE LINING UP...THIS MIGHT TAKE A LITTLE WHILE TO ROLL THROUGH...THE IMF AND WORLD BANK SEEM TO BE A LITTLE BUSY WORKING FOR THE AIIB APPARENTLY...GETTING A FEW THINGS DONE IN THE BACKGROUND PREPARATION...APPARENTLY THOSE CONTRACTS ARE ALL READY TO ROLL… WHICH IS HOW THEY ACTUALLY LINED UP THE STUFF THEY LIKED TO HAVE...WHICH ALSO IS THE REASON THEY DON’T NEED US SO MUCH NOW...BACK IN THE DAY BEFORE ALL THE OVERPRINTED DINAR WAS BROUGHT FORWARD...OUR POSITION WAS MUCH BETTER AND IN DEMAND...
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Kaperoni


Article:
"Rasheed Bank proceed to sell the dollar for travelers dinars 1200"

This should quickly reduce the spread to within 2% as others follow to compete. Again, the CBI is trying to get in compliance. This is great news to meet the IMF directive in the SBA.
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mike


[...if I was going to raise the value of the Dinar, how would I get all the excess Dinar to come back to the bank so I would not have to pay out so much money when it revalues? Lower the Dinar value several times, causing people to panic and cash in their Dinar for the dollar. After the massive exchange happened, then RV! Am I thinking wrong, crazy, or brilliant?]

...they're already making the dinar less desirable, heck, Iraqi's are trading it for dollars at a 10% loss off of face value. ...No one really wants the dinar to start with, other than Iraqi's, but even they want the dollar because they can buy Turkish tomatoes and other imports with it. It's just my opinion, but there's no grand conspiracy to create false illusions about the dinar so they can "pull in as much as possible" before they RV, that's just something...made up. The IMF has told them repeatedly they need to remove the exchange restrictions and reduce the MCP to 2% or lower, there's never been a word whispered about reducing note count etc. until after the dinar revalued, then they were going to reduce the note count from 4 billion notes to around 1 billion notes.

I will say there will be a deeply impactful and profound change when the dinar does increase in value, even if it only goes up to a quarter. That's a 25,000% increase in the value, it's nothing like the small and incremental ups and downs of the USD. Can you imagine what would happen if the USD suddenly increased in value 25,000% percent? Think about it this way, even at a quarter, 40,000 dinar will buy you a nice meal in good restaurant in Baghdad, after the raise in value, an Iraqi will be able to buy a Toyota pickup. That's a massive difference. What if that same Iraqi instead takes his 40,000 dinar to Jordan or Kuwait? Heck, he's staying in the poshest hotels and eating the finest falafels he can find. Not only will Iraq feel the increased purchasing power of the dinar, but the whole world will experience it as well...IMO...
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Frank26


...the information that is on the CBI website in Arabic makes it very clear...[Guru] DELTA translated it for us...and it said very clearly...at this meeting the IMF told Iraq...look you’ve done these things...but you have not done two things...if you want your loans...and that is what...articles are backing it up again...if you want your loans so you can complete your Economic Reforms...do the Monetary Reform...if not...IMO we will come in and we will do everything.
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Delta


I have some information about the IMF meeting with Iraq...it looks like we might have a window for the date of the currency reform or basically the revaluation of the dinar...I just read it in Arabic...there seems to be a window that the IMF has given Iraq...they told them you have to finish the Monetary Reform of your currency...the internet is not seeing this in Arabic...it says in Arabic they told them to finish the Monetary Reform...and the Economic Reforms before November...
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Enorrste


Article:
"The central bank determines the sale of $ 5000 for citzens across the bank Rafidain and Rasheed"

If these two major banks are now selling the dinar at 1200 per dollar what do you think will happen in the short term, especially since the street rate is 1290 per dollar? The answer is two-fold: first, this will put downward pressure on the street rate...to bring it in line with the official rate, or at least within 2% of that rate (a requirement of the IMF for entry into Article VIII); but secondly, and this has not yet been mentioned, the lower 1200 per dollar rate will quickly draw in large amounts of dinar from the mattresses of those who were frustrated because the street rate was so low compared to the official rate. This is the secondary but extremely important factor that will be necessary in order to move to a float.

As the dinars in mattresses are removed and sent to the CBI through these major banks they can be destroyed, thus allowing the CBI to reduce the money supply. Remember, they have to reduce it gradually as the value of the dinar rises. The reduction is enormous, from 40 trillion dinar to 40 billion dinar. This is a part of the mechanism that will make this possible. If the dinar in mattresses do not come out then the float cannot begin or, if it does begin, there will not be enough upward pressure to raise its value UNTIL the mattress money is removed. Thus this move by these two major banks (initiated by the IMF) will help to kick-start that removal process.

I might add one more point: by using this strategy the need for the issuance of the 100,000 dinar note is eliminated. Originally this note was going to be introduced so that the 25000 dinar notes hidden in mattresses could be drawn out. However, that is only a false ameliorative, since those 4 25000 dinar notes would still be replaced with another dinar note (although larger). However, through this new strategy of exchanging dinar at 1200 per dollar the large 25000 dinar notes can be drawn out of the mattresses WITHOUT replacing them with other dinar notes, thus allowing a direct reduction in the money supply.

Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles

Courtesy of Dinar Guru

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