IQD Calls Chat Early Thursday 8-29-19

IQD CALLS CHAT   Early Thursday  8-29-19  

 sandyf   @SKELFLA I went to school with them in the 80s in Sharjah during the Iran/Iraq war.

I was stationed at Sharjah during 1970. The currency at the time was the Qatar & Dubai Riyal and when I cleared my flat a few years back I found a couple of old notes. I got £800 from a dealer for notes that would have been worth less than 10p, not a bad return.

Interesting point you made about the transactions. I have been in this since 2004 and have not paid a great deal of attention to IQD movements in recent years.

Over the years the Iraqi government has come up with various reasons why the redenomination has not gone forward but one fairly significant problem has never been mentioned. Iraq is quite unique in respect of the percentage of its currency outside the country.

In the event of a redenomination the IQD would become an ISO historical code and no longer have an internationally recognised value and to proceed with a redenomination under these circumstances could have severe repercussions on Iraq.

If for some reason significant funds became available it may be seen as prudent option to create a redemption initiative for IQD outside of Iraq and remove that currency from circulation, removing a massive millstone from around the neck of Iraq. The knock on effect would be a significant rise in the value of the currency within Iraq.

It is very easy for Joe Public to get misled but as you suggest, financial institutions are a different ballgame, and one can only hope.

chattels   sandyf Is the following an accurate quote from you ? " In a Redenomination the old currency IQD at 1190/USD would be replaced by a new currency, possibly IQR, at 1.190/USD, deleting 3 zeros. The monetary unit(Dinar) would be revalued from 1190/USD to 1.190/USD which would be an increase in the value of the Dinar against the dollar and lead to an increase in purchasing power."

chattels   I posted yesterday about the early budget planning numbers., .................. " the preliminary estimate by the Finance Ministry is that the 2020 deficit will be an eye-popping 72 trillion IQD/$61 billion. That's almost a third of the country's entire GDP."

chattels   " .........that's the starting point. It comes from the fact that parliament inflated last year's budget, demanding an end to "austerity," but then oil $ just kept falling. This is the main reason few large-scale projects are progressing: there is no money."

chattels   " case you are new to this, the reason there's no money is bc operational expenses for 2019 were set so high that they have absorbed all the income, despite strong oil export figures. MPs rip the govt for frozen projects but it was they who demanded a bigger budget last fall."

chattels   " Iraq will not actually borrow near $61Bn next year for sure. But that figure is important b/c it shows the vast gap b/n what Iraqi politicos want to spend & the amount of money they have."

chattels" It is never too early to start worring about Iraq's 2020 budget crisis. It is coming sooner than you may think."

chattels   " ............... a great many Iraqi MPs know next to nothing about fiscal policy in general or Iraq's specifics."


chattels   Nothing is certain in Iraq, but it is certain what we will hear about Iraq from the Gurus in the next budget is that the new rate is in the budget. A tired false narrative.

chattels   Abdul-Mahdi discusses plans to promote the Iraqi economy with the World Bank's regional director / expanded

Wednesday 28 August 21:28

chattels   BAGHDAD / NINA / Prime Minister Adel Abdul Mahdi discussed with the World Bank's regional director for the Middle East Saroj Kumar the government's vision for the future of the Iraqi economy and its plans to promote non-oil producing sectors and diversify sources of income and ways of cooperation in this area.

chatte   lsIraq is always talking about diversification and investment. Talk with little action.


chattels   Rouhani calls on his country's highest authorities not to interfere in the affairs of his government

Wednesday 28 August 19:41 2019


foxmulderchattels I just read that article interesting for sure . your thoughts ?

PMfoxmulderso goes Islamic Ideology ,theocracy true to form

chattels   foxmulder Cracks in the wall ?

chattels   Division in the ranks ?

Chattels   The rise of secular government ?

chattels   Wednesday, August 28, 2019  U.S. Report On Islamic State’s Rebuilding Effort In Iraq And Syria

chattels   Pentagon believes 14,000-18,000 IS fighters left in Iraq & Syria Carrying out 3 types of ops Working rural/desert areas Targeting Sunnis working with the govt Hit & run attacks   …

chattels   IS focusing upon rebuilding finances through legal-illegal businesses like extortion & kidnapping Decentralized command & told cadres must raise own funds  …

chattels   IS more concerned with forcing people out of rural areas in Iraq to gain control of territory to provide safe havens & rebuild cadres  

chattels   IS carrying out targeted assassinations in Iraq vs officials and mukhtars to try to show it can eliminate opponents

chattels   IS using tribal & family connections to find new recruits More commanders in Iraq Better logistics  

chattels   IS looking to protect leadership Gain control of rural areas Restore cadres & train them Could explain why attacks so low in Iraq  

chattels   Iraqi forces conduct hundreds of security sweeps but incapable of holding territory cleared Allows IS to move out when Iraqi forces move in & then return after ops finished  

chattels   Is lack of coordination between different Iraqi security forces and Peshmerga offering plenty of holes in security that IS exploiting  

chattels   Poor maintenance by Iraqis means majority of drones out of service and 50% drop in planes operating as well  

chattels   Iraqi forces use drones mostly to watch own forces rather than look for IS Iraqi intel agencies dont share info with each other Not enough intel officers  

chattels   Inability of Iraqi forces to hold territory Lack of cooperation Cut in US intel all offering more opportunities for IS in Iraq  …


Zig   @Dave: Kaperoni answered me regarding your comment about the CBI stuff, is a long reply.....I will wait until I see you in chat before posting it.....see you later...... :)

Spankie   the skelfa person stating large purchases of dinar at higher buying price -- hmm- wonder if a dinar pumper

Baxter   8-29-2019 Newshound/Intel Guru Mnt Goat Article: "RECENT PARLIAMENTARY VOTES HAVE BEEN RAISED CALLING FOR THE REINTRODUCTION OF COINS" is one of the articles I told everyone to be watching for. This includes the passing of the needed law by parliament to re-mint the coins and reintroduce them. Its now DONE as they just told us in this article. ;ice-cream;

spankie   lot of talk of new coins coming - will need a change in value for that---

spankie   picture a wheel barrow of coins to go shopping at the market

Baxter    ONLY COIN WE NEED..  dime

Baxter   50,000 pounds of Dimes... equals One Million Dollars.... or... One Semi Load..... I want to see 20 Semi's parked in front of Baxters House..

spankie   u must have alot of deenar Baxter

Baxter   I have enough... LOL

spankie   me too-- just hopin it will happen soon w all this coin talk

Baxter   so do I... so do I

SKELFLA   spankie not a pumper! As I stated I believe it has nothing to do with a "RV"

Baxter   SKELFLA.... any new words from Iraq

Tebow   Baxter where you storing all those dimes?

Baxter   Im not storing them anywhere.. I dont have them

SKELFLA   Hi Baxter... I have conference calls every Tuesday & Friday. So I will be speaking to them tomorrow.

Tebow   Wonder if the bank will make you roll them lol

spankie   u can buy here in usa all day long at $1000 PER MIL IQD

Baxter   SKELFLA good.... ask them what the hell is going on over there

SKELFLA   Much as the same I suspect. Lol

Baxter   If you can understand arabic... why dont you listen to some of their tv broadcasts... I WOULD love to hear what they are actually saying..

SKELFLA   spankie Different that the institutions involved are very specific on what they require plus the currency must be cleared direct with the CBI


Baxte   rList of channels in Iraq:   Al Iraqiya, the government-financed television station

Al Sharqiya, Iraq's first privately owned satellite TV station

Al Sumaria, an independent Iraqi satellite TV network

Nawa TV, an Iraqi TV station broadcasting in Arabic and Kurdish

Al-Baghdadia TV, Arab nationalist channel which opposed the occupation, the insurgency and dictatorship. The owner's family were heavily abused during Saddam Hussain's reign

Al Forat, the SIIC TV station

Ashur TV   Biladi   Baghdad TV   Al-Ifaq TV, channel of Nuri al-Maliki   Al-Rasheed TV   Ahlulbayt TV

Al Masar   Al Fayha   Ishtar TV, an Assyrian & Chaldean TV station

Baxter   theres a list of tv stations

SKELFLA   Baxter I don't know about you Baxter but I have better things to do than listen to news reports from Iraq! You can always check in with * frank26 and his supposed "contacts"

SKELFLA   Baxter All I know is for what ever reason there is a major play ongoing with the Dinar .... Which I would like to know ...why?

SKELFLA     Zig. I'm frustrated like all of us. But unlike most of these clowns at least I have direct involvement / knowledge of major transactions involving IQD. Which is a lot more than most. I too would be interested in knowing the reasoning behind these transactions.

Zig   SKELFLA : "I have direct involvement / knowledge of major transactions involving IQD.".............Can you prove that??

SKELFLA   Tebow No tebow... I actually called out Kap when he couldn't understand China's M1 money supply. Which showed up his lack of basic math. From the point on his theories lost a lot of weight with me

SKELFLA   Zig The transactions are ongoing and are scheduled to be completed by mid October...

Zig   No offense but anyone can come in here and say anything......but never offer any proof.......

SKELFLA   Zig I agree. Whatever man. Out.

Zig   Whitelions : You missed all the excitement!!!.....LOL.

Whitelions   Zig I love a good conversation too poo next time

Young_SC   Zig another person saying he has direct contact with People in Iraq 😂

Whitelions   Young_SC did he have proof?

Young_SC   Whitelions Nope   As usual    No posting of anything

larrykn   UN envoy warns Mideast tensions could deal huge blow to Iraq

Whitelions   larrykn thay what they wish would hapen because Iraq wont play ball with the us. The way they want

larrykn   Kuwait calls on countries participating in Iraq reconstruction conference to meet their commitments

Reconstruction and construction   Economy News _ Baghdad  Kuwait, the countries that participated in the Reconstruction conference in Iraq, which hosted Kuwait in February last year, called on the countries that participated in the reconstruction conference to meet their commitments.

Kuwait's permanent representative to the United Nations, Ambassador Mansour al-Otaibi, said during the Security Council session on Iraq, according to the official Kuwaiti news agency KUNA, that he "encouraged all countries that participated in the conference to fulfill their commitments," expressing his hope for "cooperation and coordination with "The Iraqi government has established a mechanism to follow up on the implementation of these commitments to contribute to the aspirations of Iraqis."

"Our bilateral relationship with the Republic of Iraq is witnessing continuous and positive developments, turning the page on that painful past and opening a new page of fruitful cooperation and translating this trend by resolving the remaining outstanding issues, there are determined steps taken by the leadership of both countries that embodied the concepts of brotherhood and neighborliness," al-Otaibi said.

"Bilateral visits are at the highest level, most notably the visit of emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah last June and the joint bilateral committees as an important indicator to strengthen that cooperation," he said.

"Since the demise of Saddam Hussein's regime, Kuwait has provided all kinds of support and assistance to the Iraqi people, overcoming the circumstances that prevented it in line with the depth of our common interests," he said.

larrykn   He continued: "We look forward to strengthening support by exploiting the promising opportunities of what so-called our relations and raising them to the level of ambition and achieving progress and prosperity for the two countries and their peoples,

" he said, praising "the commitment shown by Iraq in fulfilling all its remaining international obligations stipulated in the resolutions of the Relevant security towards the State of Kuwait as required."

Larrykn   Industry achieves financial profits in excess of 85 billion dinars

Money and business  Economy News _ Baghdad   The Ministry of Design and Cities achieved a multi-million-million-year increase of more than 85 million, compared to 23 million over the same period last year.

"The total revenues generated by the companies of his ministry during the current year 2019 exceeded 85 billion dinars, in keeping with 32 factories that have been destroyed by a number of companies," said Abdul Wahid Alwan al-Shammari, media spokesman for the Ministry. The country, compared to what it achieved for the same amount last year, which was only 23 billion years old, had 18 winning factories."

"Sixteen of the ministry's public companies have been able to achieve an increase in their financial revenues, in return for reducing their losses compared to the same period last year in 2018," he said.

"This progress in the development of production, preceded by a series of actions, was preceded by the preparation of an integrated marketing plan in the pumping of products, goods and goods to the market, as well as the use of the main components of the state and national ities in the world," he said. The national product, in addition to the imposition of tariffs on certain goods and goods, has been introduced.

"The companies that benefited from the lost share were compared to last year and made profits during the current year, and they made profits during the current year, are the companies that benefit eduing the military, steel, hydraulic, and the right to work.

The Republic, the Republic and the European, on the other, on the general companies: For the instruments of contacts and capabilities, for the poison of Iraq, for the engineering and engineering qualifications, for the war, for the visitors, And my friend, the knight."

larrykn   Parliamentary economy: One of the holidays of Eid al-Fitr the state suffered losses of 80 billion dinars

Money and business   Economy News – Baghdad   A holiday on the Muslim holiday of Eid al-Fitr has cost the Iraqi state 80 billion dinars in losses, the parliamentary economic and investment committee said Thursday.

"We called on parliament to amend the public holidays law in the House of Representatives to determine working hours in state departments and reduce some public holidays because they have suffered significant losses to the country," the committee said in a statement received by Economy News. It is estimated at more than 80 billion dinars."

"The Ministry of Planning has drawn up a study that the number of employees in Iraq (4) million of them (2) million and (200) thousand civil servants and the rest within the security services," the commission said in an earlier report, adding that "the income per person per hour is limited to (3,798) dinars ( 3) us dollars and the average The employee's monthly income is 500,000 dinars compared to (22) working days and 6 actual working hours."

"If the number of holidays is counted and divided at the level of per capita income per day, it will be shown that Iraq is suffering significant losses on public holidays by (8-10) billion dinars per day," she said, noting that "one of the holidays in the country that lasted for 10 days resulted in the loss of the country by more than (80) billion dinars." "It is not by the employee that he or she receives salaries without actual work."

Zig   FROM KAPERONI.......I have commented several times, I read everything... I know what the CBI says. I know what the IMF and World Bank say..i read it all. Dave does not want to accept reality. That there is no chance for a RV/RI, too much money. And his claim the CBI stated "no float" is ridiculous.

What they said was "no float" when questioned about it at the time of the interview..which was a year ago. Did they float? No. But that does not mean they will not float. In fact, I can find 2-4 articles over the last few years where the CBI talked about floating and never took action. Why? Because they are not ready yet.

Dave needs to understand this is a process. And the process is complicated building a banking system, funding it, creating a sound monetary policy so citizens and investors have confidence, creating the conditions for investment (laws, insurance, etc) and building a market economy offering investments and projects in all fields. This takes years! I assure you, when the time is right, the CBI will float the dinar. They have to!

Zig   FROM KAPERONI....Continued.......As investors/investment comes into Iraq and capital flows through the banking system it will create pressure/inflation. Inflationary pressure is resolved by floating the currency. This is a fact.

This is what the IMF was talking about when it told them to create the conditions to allow a gradual appreciation of the currency. The Balassa-Samuelson effect! The good news is it looks like they are trying to force the launch of all this next year with the increase of 72 trillion dinar in the budget.

They do not have this money and are expecting it to come from international investment. This could be successful or be very messy next year wiping out 80% of the reserves. There are only a few options for the CBI, A significant RV/RI isn't one of them.

A re-denominate (LOP) which parliament wants to do is still possible, or follow the directive for successful emerging markets (which Iraq is) and float the currency like they were asked to do in 2013.

Go read my tweets from today as I quote the IMF directive to the CBI. Remember, in 2015 the IMF took over trusteeship of the CBI to fulfill reforms under previous Stand By Agreements and Article IV Consultations...... Kap