IQD CALLS Chat Wednesday Night 2-12-20
IQD CALLS Chat Wednesday Night 2-12-20
chattels In Baghdad, security forces use live fire & teargas in attempt to storm Khalani Square. https://twitter.com/Newsofiraq/status/1227696485757833218
chattels Courtesy David M Witty https://twitter.com/DavidMWitty1?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor
chattels Iraqi Armed Forces: we are taking immediate steps to stop the closure of roads, bridges & schools.
chattels In Iraq, 12 police injured in confrontation with protesters in Dhi Qar Province.
chattels LINK
chattels In Iraq, commander of Babil Province Police: protesters have assaulted a police brigadier general in Hilla City when they approached the governor’s house to demand he resign. http://mobp.as/Tjuwq
chattels The assault against basic press freedoms continues in Iraq, as an impotent government looks on. https://twitter.com/FIstrabadi/status/1227283394838573056
chattels Iraqi TV CEO shot dead in Baghdad https://www.rudaw.net/english/middleeast/iraq/110220201
chattels Parliamentary law reveals to Nina a constitutional violation of the electoral law and proposes a re-vote on it again
Wed 12, February 2020 https://ninanews.com/Website/News/Details?key=812204
chattels Baghdad ( NINA ) - The Parliamentary Legal Committee revealed a constitutional violation of the Parliament’s Elections Law, and suggested that the law be re-voted again after correcting these mistakes.
chattels The House of Representatives voted in the end of last December, on the draft law on elections for the Iraqi Parliament.
chattels Al-Araji: Abdul-Mahdi informed the political blocs of leaving his post after 30 days, and Saleh will replace him
[Baghdad-Ain] Former Deputy Prime Minister Bahaa Al-Araji revealed on Wednesday that resigned Prime Minister Adel Abdul Mahdi informed the political blocs of not staying in the position "one minute" after 30 days, noting that the President of the Republic Barham Saleh He will replace him according to the constitution.
Al-Araji said in a tweet on his Twitter site, "After meeting yesterday with the Prime Minister-designate of the resigned, the second informed the political blocs that he will not continue in office for even a minute after the lapse of 30 days from the date of the assignment."
chattels The date of assignment is, I believe, February 2.
chattels The 30th day is then March 3.
LeLe Wilder definitely if you get worse or start to feel different. Please get checked out.
chattels Alliance of Forces: Allawi is not the choice of the people and deputies [condemn] attend the sessions
[Baghdad-Ain] A member of the National Forces Alliance, Abdullah Kharbit, believed that assigning Muhammad Tawfiq Allawi to the prime minister was "not the choice of the Iraqi people."
Al-Kharbait said in a press statement that "the Prime Minister-designate can understand about forming his government with whomever he wants from alliances," noting that "the Alliance of National Forces represents more than 85% of the Sunni component." http://www.alliraqnews.com/modules/news/article.php?storyid=86718
LeLe Dave thanks for the info for Wilder.
chattels Both Sunni and Kurds are very uncertain of Allawi and may be hedging their bets.
chattels [Follow-up-Where]
A press report broadcast by the Associated Press today, Wednesday, suggested that Iraq will continue to import Iranian natural gas in light of the renewal of US exemptions.
Iraqi officials have indicated that the United States is likely to renew the exemption from Iranian sanctions that would allow Baghdad to continue importing Iranian natural gas to supply its electricity needs, the Associated Press reported today.
The waiver is due to expire for three months on Thursday. http://www.alliraqnews.com/modules/news/article.php?storyid=86712
Kaperoni good evening Hi Baxter hi Matt
Sandyf @Dave i have NO opinion other than what CBI HAS DIRECTLY STATED
So you have no problem with the CBI stating that the currency issued is 51.8 trillion dinar.
https://cbi.iq/static/uploads/up/file-158150283232451.pdf
sandyf @Zig sandyf : "If there is to be any return on this venture it will not be the result of anything done by Iraq.".............Then by whom?....if not the CBI.....
There is a basic accounting principle that dinarland prefers to ignore, the liabilities must be less than the assets or the entity is technically bankrupt.
Currency issued is a liability on the CBI and the CBI has no control over the value of it's assets, the bulk of the assets are foreign currency denominated and effectively fixed in value. There is limited equity in the accounts so no scope to increase the value of the dinar by any significant amount.
Any change to how the value of the assets could be calculated would have to be by international agreement and nothing to do with the CBI.
Kaperoni Right Sandy
Matt Sent Today's Market Summary to www.iqdcalls.com/Markets.html so people can maybe compare day to day better?
Matt I heard futures are down?
Dave sandyf on your next drive by could you please explain the prior month of your spread sheet. 46 Trillion. May and June would be over 100 Trillion???
KRnMS So you are either IN or OUT , and I apologize for my hasty math earlier, and stand corrected
KRnMS actually any currency is a commodity, and an asset
Dave KRnMS thought so
Dave CBI could be sitting on tons of too....just waiting to burn
Zig Dave : True
Dave Currency ISSUED couLd also be electronic?
Zig Lots of "could be" this and "could be" that.....lol
Dave Q cards....to pay staff????
Dave Zig EGGACTLY
Dave 4-5 Trillion a month from auctions taken in??????
Dave last 2 yrs ish?
Zig Dave : Yeah I was thinking about that as you have said that many times....just what are they doing with all that?
Dave According to Kap stuffing envelopes to pay everyone
Zig LOL....I have no clue....we shall see....eventually....
Dave Q cards fictitious then?
Dave All workers tend to work for GOVT........say 10 million of them.....without the math i would say they get paid rather WELL
Kaperoni And dave, if you spent an hour learning how currency auctions work you would learn they cannot substancial reduce the money supply.
Dave Kaperoni YOU TOLD ME THAT!
Kaperoni Currency auctions are based on a "balance" of dinar to dollars. In fact, the recent weeks have seen a significant increase in dollar sales, therefore the CBI has to inject dinar to balance it
Dave AUCTIONS DINAR FOR USD
Kaperoni That is why you also see an increase in recent weeks in the money supply of dinar
Kaperoni Dave Yes, but its the balance of the two that maintains the exchange rate
Kaperoni and the stability of the spread is a IMF requirement
Dave Kaperoni CBI makes on the spread
Dave 2 perceny 90 days yes
Kaperoni if you took in dinar and gave out dollars only the scale of sorts would change and the spread would change
Kaperoni Yes, they are in compliance, but that is because they are maintaining a balance of dinar to dollar.
Kaperoni so there is no way to significantly reduce the money supply (either dinar or dollars) under the current system
Dave Kaperoni NO RV yet I am aware of that
Kaperoni If they reduced the dollars, they could in theory also reduce the dinar
Kaperoni but it must be a balance or the exchange rate and spread would change
Dave IF not this it would be free float
Kaperoni and if you reduced the dollars it would create issues since they need dollars for foreign exchange
Kaperoni It is complicated and their are many aspects you need to consider. it is not a simple, reduce the money and RV. that is why this is all guru nonsense
Dave KaperoniStop the MCP to eliminate that?
Dave IMF DUAL PRACTICE?
Kaperoni MCP? Do you know what that really means? It does not mean two currencies. it is referring to pricing
Kaperoni Almost everyone thinks MCP means multiple currency practice..which is the term. But it does not mean two currencies
Dave YEAH most developed countries do this....lpl
Kaperoni it is referring to dual pricing
Kaperoni and Iraq will always have dinar and dollars
Dave Kaperoni thought we discussed this previously
Kaperoni just like mexico has Pasos and dollars
Kaperoni the dollar is going nowhere
Dave Kaperoni LiKE CANADA USASadi et 'al
Kaperoni Iraq gets paid in dollars for oil so they always will have dollars
Kaperoni They though will try to use only dinar as the value increases for citizens
Dave Kaperoni Want to get paid in Dinar SOON!
Kaperoni lol
Kaperoni good luck
Kaperoni any increase is a ways away
Dave THATS FER Sore.pl
Dave Sure
Kaperoni unfortuately
Kaperoni Things could get worse before better
Dave Kaperoni agree
Dave What country runs 2 currencies
Dave Mexico
Kaperoni So in order for the auctions to end, there needs to be a mechanism in place to replace the auctions
Dave BANKING
Kaperoni What is you definition of run 2 currencies?
Dave Mortages
Kaperoni Iraq pays every citizen in dinar
Kaperoni transactions on the street and stores are in both dinar and dollars
Dave Stuffed in enveopes you told me that
Kaperoni i doubt I said that because I dont even know what that means
Dave ZIGGY WILL FIND IT
Kaperoni Iraq is a mess and a long ways from transitioning to Article VIII IMO
Kaperoni to many corrupt to much counterfeit
Dave UP tp CBI when to go global
Kaperoni To many tribes interferring
Kaperoni Tell that to Shabibi
Dave Kaperoni counterfeit USD
Kaperoni Dave your very naive. It is up to the IMF
Dave Observer status now
Dave Kaperoni Iraq just to to be compliant with IMF
Kaperoni Observer of what? lol They are in Article XIV under the IMF charter
Dave can join up when they figure
Kaperoni They cannot just move to Article VIII
Dave OBSERVER STATUS
Dave NOW!
Kaperoni they have to meet Article VIII compliance and they request the IMF accept them into Article VIII
Kaperoni and more importantly, the IMF has to accept them
Dave Maintainig compliance now
Dave OBSERVER STATUS
Kaperoni There is no such thing as observer
Kaperoni under the IMF and article XIV, this is called transitional
Kaperoni https://www.imf.org/external/SelectedDecisions/Description.aspx?decision=1034-(60/27)
Kaperoni https://www.imf.org/external/pubs/ft/aa/index.htm
Kaperoni They have met some conditions yes last I read, still one condition was outstanding
Kaperoni but in any event, it does not mean they will move to Article VIII once in compliance because the IMF needs to agree
Kaperoni And I do not see that happening until Iraq gets back on track
Kaperoni new gov cabinet pass laws stable investors lots to do
Kaperoni They need to create the conditions
Kaperoni and right now, they are far from the right conditions
Dave https://www.imf.org/external/np/loi/2004/irq/01/index.htm
Dave observer status
Kaperoni show me what you are talking about
Dave WTO UN all work together
Kaperoni lol
Kaperoni Observer status is with the WTO whole different game. not related to IMF Charter
Kaperoni did just see this on your link
Kaperoni A. Main Challenges
24. The overarching goals of the Iraqi economic and financial policies are to improve the welfare of the Iraqi people, enhance political and social stability, and achieve a sustainable external debt position. Notable economic and structural reforms have been accomplished in a short period of time under extremely difficult circumstances.
Nevertheless, in the immediate future, Iraq faces daunting challenges, including restoring security, preparing the new elections, strengthening administrative capacity, broadening the revenue base, stepping up reconstruction, developing an effective social safety net, and promoting the development of the private sector.
Kaperoni Nevertheless, in the immediate future, Iraq faces daunting challenges, including restoring security, preparing the new elections, strengthening administrative capacity, broadening the revenue base, stepping up reconstruction, developing an effective social safety net, and promoting the development of the private sector.
Kaperoni this is what I mean when Iraq has lots of work to do
Dave Agree
Kaperoni Until they get there act together and launch the private sector, there is no increase in the dinar
Kaperoni which could be months or years up to them I am hopeful though
Dave IRAQ just needs to sign up to Global////WHY would they work on this compliance stuff when after all they are compliant
Kaperoni lots of issues. not simple
Dave Kaperoni Bingo!
Kaperoni and I do not think they are 100% compliant
Dave 2 PER CENT NOTmuch change
Dave Kaperoni Issues still with UN WTO
Kaperoni This was one of the more recent Article IV Consultations with Iraq...
Kaperoni "18. Simplify procedures to allocate foreign exchange. While, over the past years, authorities have introduced more documentation requirements for access to the CBI foreign exchange window mentioning concerns about anti-money laundering and countering the financing of terrorism (AML/CFT), these measures have generated sizable parallel market premium that has fueled speculative activity among banks and money exchange operators (¶9).
Simplifying these procedures, while properly implementing the AML/CFT standards, and gradually eliminating the remaining exchange restriction to move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement would help reduce the spread between the official and parallel market exchange rates."
Dave Issues within issues
Kaperoni This is important... Simplifying these procedures, while properly implementing the AML/CFT standards, and gradually eliminating the remaining exchange restriction to move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement would help reduce the spread between the official and parallel market exchange rates."
Dave They passed the AMLs
Kaperoni while properly implementing the AML/CFT standards
Dave IMF accepted that
Kaperoni gradually eliminating the remaining exchange restriction
Kaperoni to move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement
Kaperoni So yes that is the plan..but still work to do
Dave Did that alreadt
Kaperoni Well if they did, they would be in it
Dave AML passed and accepted by IMFwas a pre req
Dave did it right before the deadline
Dave like everything else
Kaperoni Here is another recent comment from the Article IV Consultation
Kaperoni "25. The government will gradually remove remaining exchange restrictions and a multiple currency practice (MCP) with a view to eliminating exchange rate distortions. 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 MCPs and restrictions for current international transactions and thus facilitate creation of a favorable business climate.
Dave Kaperoni CBI AINT READT TO GO GLOBAL AINT THAT DUMB
Kaperoni I agree they need to move to Article VIII, but these imply Iraq has work to do yet
Dave BECAUSE CBI AINT READY
Kaperoni "45. The government will implement reforms to strengthen the anti-money laundering and combating the financing of terrorism (AML/CFT) framework. This will contribute to improve the integration of the domestic financial system into the global economy, lower transaction costs, improve governance, reduce the size of the informal sector, and disrupt terrorist funding, thereby reducing the threat of terrorism."
Kaperoni Until March 2016, the CBI published the daily volume of the auction allocation on its website. Iraq continues to avail itself of the transitional arrangements under Article XIV, Section 2 but no longer maintains any exchange restrictions or multiple currency practices subject to Article XIV, Section 2, and currently maintains one exchange restriction and one multiple currency practice (MCP) subject to Fund approval under Article VIII, Sections 2(a) and 3."
Kaperoni important...
Kaperoni currently maintains one exchange restriction and one multiple currency practice (MCP) subject to Fund approval under Article VIII
Kaperoni So no article VIII until that is met
Dave Kaperoni NO DUAL
Kaperoni You wonder what that 1 issue is?
Kaperoni "The exchange restriction arises from an Iraqi balance owed to Jordan under an inoperative bilateral payments agreement. The MCP arises from the official action to limit the purchase of foreign exchange, with no mechanism to ensure that exchange rates in the official and parallel markets do not deviate from IRAQ each other by more than 2 percent.
Kaperoni Iraqi balance owed to Jordan
Kaperoni The MCP arises from the official action to limit the purchase of foreign exchange, with no mechanism to ensure that exchange rates in the official and parallel markets do not deviate from IRAQ each other by more than 2 percent.
Dave Rules no DUALCurrencies
Kaperoni IMO that 2% may be settled -- although they have fallen out of compliance a few times over the last few months for a day or two -- again MCP has nothing to do with dual currencies has to do with pricing has to do with price of goods
Dave exchange from what i read exchange of what" ?
Kaperoni https://www.imf.org/external/SelectedDecisions/Description.aspx?decision=6790-(81/43)
Kaperoni https://www.elibrary.imf.org/view/IMF022/12413-9781616352820/12413-9781616352820/12413-9781616352820_A005.xml?language=en&redirect=true
Kaperoni MCP is the variation or price of goods from one currency to another
Kaperoni has nothing to do with dual currencies in a country That will always exist in Iraq
Kaperoni Maybe that material will help. I have to go for tonighttak e care
Dave https://www.imf.org/external/SelectedDecisions/Description.aspx?decision=8648-(87/104)
Dave MULTIPLE CURRENCY PRACTICES APPLICABLE SOLELY TO CAPITAL TRANSACTIONS
The phrase “multiple currency practices” in decisions of the Fund relating to the use of the Fund’s resources does not, except as otherwise provided, include multiple currency practices applying solely to capital transactions.
Decision No. 8648-(87/104), July 17, 1987 Countries can play with 2 currencies....tank one build on the other?
Dave @chattels HELP! hate double negatives...What does it Mean.....I got a headache
Dave removing comas I read a NO?
chattels Unnamed Iraqi official says Iraq has been given a 45 day exemption from US to be allowed to continue to import Iranian energy. http://mobp.as/5axwq