Dinarland Highlights for November 19, 2016

Dinarland Highlights - 11.19.16

RayRen98

I believe the Budget has been made a matter of urgency to get that approved and also implemented. Don’t put too much emphasis on the Budget, because being passed and published, that doesn’t mean an automatic RV. We have been looking for the lower denominations to be released every day this week. The Iraqi banks and CBI say they are fully set up for international interactions. The next thing is for the currency to change its value inside the country and then outside the country. We’re ready, everything is done, and banks are ready for international action. The citizens are no longer complaining about economic reforms. These are all signs to say that it’s over. It’s coming to a beginning, rather than an end. I do believe this is happening before the end of this year.
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Shredd

Article:

"Central necessary to mediate letter of guarantee 100% of their capital firms"

Quote:

"Baghdad revealed a document issued by the Central Bank of Iraq, on Thursday, for a resolution that includes an increase for letters of guarantee banking companies to allow them to enter sell the currency window, and noted that the decision included raising the letter of guarantee for banks to 100%..."

Though not unprecedented in other markets, this 100% guarantee is great news and in my opinion, very telling it will be in place by the first of the year, given the recent news regarding the project to remove the zeros. See the forest in the trees, this is good news!
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rcookie

...ONE OF THE BIGGEST ISSUES TOWARDS WTO ACCESSION IS HANDLING OF TRADE DISPUTES AND ARBITRATION PROCESS BETWEEN TRADE PARTNERS...AND WE JUST LEARNED THIS WEEK...THAT BAGHDAD WILL BE THE HOME & HOST OF THE ARAB REGIONAL ARBITRATION CENTER...WHERE TRADE DISPUTES WILL BE HEARD AND SETTLED AS WELL AS REGIONAL TRAINING CENTER FOR THE HUMAN RESOURCE TRAINING TOWARDS THESE ISSUES... HEADQUARTERED IN BAGHDAD! THINK THE WTO TOES ARENT CURLED WITH THAT...AND WHAT THAT SAYS ABOUT IRAQS REBRANDING AND MOVING AWAY FROM GENERATIONAL IMBEDDED CORRUPTION...AND ALL THE STATEMENTS ABOUT THEIR READINESS FOR ACCESSION... CONNECT THE DOTS AND THE PUZZLE PIECES COME TOGETHER... [They are further along then we know - IMO.] AGREED...AND THEY ARE QUITE FAR ALONG WITH WHAT IS PUBLIC AND ON RECORD.
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firefly

Article:

"Deletion of 3 Zeros Project will be Executed Very Soon: CBI Governor"

Quote:

"He also indicated that the Central Bank of Iraq has started working on this project and all the steps will be finalized at the end of this year."

...has started working on this project... What happened to Start? Interesting. [I would say the the Gov of the CBI is a credible source.] I agree. Yes. he is more than committed to completing the reforms! I believe the IMF and Alak has formed a special relationship.
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Mountain Goat

Article:

"CBI Decides to be a Letter of Guarantee"

...the really big news is the change in the currency auctions to letters of credit.

...it was announced they are doing it BY THE CBI. So do the currency auctions just go away? I don’t think they will entirely ever just go away but certainly they are no longer going to use them to the extent they did in the past to obtain USD to pay debtors outside Iraq. Folks, if true, this is HUGE, HUGE news of the week but maybe not the slant that you think. The elimination of the currency auctions replaced with letter of credit does not change the fact that merchants are still mandated under sanctions to use only US dollars to pay outside country debtors. Just a change in the process of how they obtain these dollars, that’s all.

This change will cut down corruption and help bring the “Market” rate closer to the “CBI” rate of the dinar. Right now it is fluctuating beyond the mandated 2% +-. They need to stabilize the rate as much as they can prior to what is coming in early 2017...hint..hint... When they do use the Iraqi dinar to pay outside debtors then this will then mean the currency is then international, but not there yet. So changeover to mandate to using letters of guarantee still mean they are in closed economy under sanctions and not yet fully under Article 8 of IMF charter.

Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles

Courtesy of Dinar Guru

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