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Friday, July 28, 2017

"Significant" - Fri. PM KTFA Thoughts/News

KTFA

Don961 » July 28th, 2017

Next Sunday .. Iraq launches a "promising project" for the Internet


Release date: 2017/7/27 21:53 • 302 times scheduled

[Ayna-Baghdad]

The Ministry of Communications announced its intention to launch the National Internet Project in Iraq on Sunday.

"It plans to hold a press conference at its headquarters in Baghdad to launch the national Internet project in Iraq on Sunday," the ministry said in a statement on Thursday.

The conference will discuss the key technological projects in Iraq, the stages of completion, the nature and conditions of achievement, with a full presentation of the promising returns of the project on the Iraqi economy and society, And how it will change the reality of the Internet and communications in Iraq radically. "

http://www.alliraqnews.com/modules/news/article.php?storyid=64268

JJonesmx » July 28th, 2017

The Central Bank decides to sell 3 thousand dollars per pilgrim

7/27/2017

Economy News Baghdad:

The central bank on Thursday identified the sale of dollars to Iraqi pilgrims, saying the sale would be at the official price.

The bank said in a statement received by "Economy News" that "due to the proximity of the Hajj season, the sale of the dollar to pilgrims will be of utmost importance during this period and until the end of the pilgrimage season," noting that "was directed Rashid Bank and Rafidain and the Iraqi Bank of Trade to sell the dollar to pilgrims "He said.

He added that "the manfest for the pilgrims will be adopted instead of the ticket in the sale process and the price of 3,000 dollars per pilgrim," adding that "selling the dollar will be at the official price

http://economy-news.net/content.php?id=8466

Boxman » July 28th, 2017

Thanks JJones.

It seems to me that this is significant news.

I know that you Frank said on the last conference call to not even pay attention to this about the pilgrimage of Iraq's going to Mecca.

But the CBI is saying that they will give $3,000 USD to each pilgrim to go to Saudi Arabia for their annual pilgrimage to Mecca in August.

Am I missing something? If they were at a program rate still of 1184 exchange rate they are not going to give each pilgrim $3,000 to go to Mecca. Even if they are at 1 to 1 with the USD inside of Iraq because without the OFFICIAL RATE changing their 1 dinar is going to be pretty worthless outside of the country. At an 1184 exchange rate they would buy .0009 USD with 1 dinar.

Salamon69 » July 28th, 2017

Doesn't matter if they are giving it to them or selling it Boxman. It would take 1184 dinar's to buy 1 USD. So that would be 3,552,000 dinars to buy $3,000 US dollars.

So if in country you just went 1 to 1 with the USD in country. before you had 25,000 50,000, 10,000 notes. But now your pay is instead lifting the 3 zero's is only 1 dinar.

You think a citizen can pay $3,552,000 dinars to buy $3,000 US dollars ???

That is 1184 (exchange rate outside Iraq) X $3,000 = 3,552,000

Remember right now the it takes 1184 dinars right now to BUY 1 US Dollar OUTSIDE of Iraq

That is why when it says that it will be at the OFFICIAL EXCHANGE RATE that has to change. It is not even feasible now unless they CHANGE the OFFICIAL EXCHANGE RATE.

Now If the OFFICIAL EXCHANGE rate changed to 1 to 1 with the USD outside of Iraq then it would cost you 3,000 dinars to get your $3,000 USD to go on your pilgrimage.

DocK » July 28th, 2017

Iraq is allowing their citizens to exchange their dinar, dinar for 3,000 USD to take outside of the country to go on their pilgrimage so that they can pay for goods and services with USD because they're going outside of the country. I believe 3K is the max that they can take outside when traveling. It also brings in more of the 3 ZERO notes.IMO

Salamon63 » July 28th, 2017

OR, By the time they make their PILGRIMAGE the official rate on the CBI website will have changed. That seems to be more likely. IMO

But it highlights none the less that their 1 to 1 rate in country means nothing unless they go INTERNATIONAL and lift the program rate.

Boxman » July 28th, 2017

i think the citizens have been paying these amounts at 1184,or whatever the program rate has been ,for the last 8 or 9 years...

A Muslim is supposed to go to Mecca for the Hajj at least once in their lifetime, so i would assume this would require a person to save for the trip...same as we do for extended trips..it would certainly be easier for the average Iraq to go on this trip if the rate changed to 1 to 1...assuming the person had any dinars to begin with, as many are unemployed and living in poverty and have little if any funds...

The $3,000 number is derived from the CBI limitation on amounts a citizen out of country ..to prevent money laundering..this was implemented earlier this year before the pilgrimage..

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