JOEY, SCOTT, PATRIOT, JUST THE NEWS, (no rate, no date no bank stories)

Joey, Scott and Patriot chat, The Call July 6th, 2011 Today at 3:28 am





Allawi was in London now in Baghdad and is in meeting with Maliki
Mr. allawi has been in meetings with NATO and Jafari was upset with him
Jafari was upset and the article said he allawi has no right to do this..
When he enters into these meetings he says the security would change in their country.

Scott: troops were staying and then articles saying they are leaving and now leaving and now staying.. At least 10,000 and then 4500 Special Forces troops will stay..

They are spreading out the u.s. forces to make it look like they arent all staying… they are making them think they are leaving but they are staying

Obama said today 10,000 troops will stay we were suppose to go but we have decided to stay they have asked us to stay so we will

Article 2004 when they restructured bank, with the ¼ note on the article.. They showed us the ¼ dinar right on the picture.. What would the actual value of the ¼ dinar note be, it would be 1/40th of a penny lol

Joey: article the information that was sent to the council of ministers was completed according to one of the cbi articles,
And Joey says now that Allawi is back all will get done

Scott: that article that everyone got so excited and depressed about was an opinion piece written in Iraq business news.. Was the article everyone panicked about it.. And Scott says he laughs.. Historically speaking every time there is a revalue you will see articles like this that totally negate what is really happening.

In Kuwait the head of the bank said this will never happen and then 3 hours later their currency revalued..

Scott said he was looking for an article like this and expecting it.

Scott: Shabibi has been a man of his word.. And this article from above is a true telling in the fact that it is bogus.

Joey: the article stating currency next year was meant to mean now this year..

They gave this article to confuse us…

Joey: they are going to pass 69 laws this week also

Scott:
His point is just because the magician is showing you his left hand make sure to look what is in his right hand…he says many countries after articles like this usually within days, hours.. They revalue.

Joey looking for ward to tomorrow’s articles to come out much should be seen

Chapter seven dismissed Joey:
Article the get out of jail free card was port of murbarek.. Was suppose to be done on the 30th.. We wont know till tomorrow and we wont know about HCL till tomorrow… even Barzani agrees with the ammendment of the HCL…


Article to restructure banks said they weren’t supposed to be done till December, but they had to have it done by June 30th.

Now that they have the dfi fund they could enter into the wto and now they have the currency to enter into the wto, that is what the article was implying was that before they didn’t have the currency, not meaning enough currency, but meaning the value of the currency.


Patriot:
Port of Murbarek the negotiations Iraq and Kuwait are sharing that port.. He says the same as he said last night how do you share a port without having your currencies around the same…

Patriot: the Arabs are all getting together to develop free trade zone
He says this is another occasion that its soon, imminent and will be within the neighboring Kuwait rate.

Joey:
The cbi article stating no fanfare and would be slow and would be fixed.. Means the rate will be in line with countries, and it would be fixed.. Meaning no big change except 2 to 21/2 percent every ninety days.

Joey : says if you read the articles they are telling us what they are doing all the time..

Joey: says for instance the .86 cent rate would mean the 25k note would be worth 18 bucks for them… will never happen

Joey: if they were to have such a small rate then it would effect their labor amounts…

Scott: says Kuwait and Iraq are going to do much rebuilding together and investing especially in this port of Mubarek.. How would that work to split these bills for these countries if the currencies were so far apart on their rates.. It would be an accounting nightmare.. From a business perspective it would tear the two countries apart again..

Scott: For example in my opinion if Scott and Patriot were going to go into business together and if I am not going to revalue my currency do you think we would go into business together and agree to this .. And make an arrangement on the hope that I would. Or would you sign the contract already knowing what the rate would be.. You would know the arrangement and rate ahead of time. Only way it makes sense in this Port of Mubarek agreement

Scott says don’t be spooked by this article that was in the Iraq Business News it was meant to do that ..

Scott: says phoenix call and extrapolated with scooter he thought was big buzz.. He read the document and thought it was worth the read.

Scott: says don’t look forward for the date.Its behind us already this all had to be done by June 30th.. This stuff is done.. We are just waiting on them.

Scott says he has great respect for scooter and thought it was really refreshing to see him working with phoenix.. He says maybe the gurus will start reading some of these documents and news and start realizing that there is more to this than.. hey can we find the rate or a bank story, etc.

COPY OF THE NEWS, ARTILE REFERD TO IN THE ABOVE POST, WAS POSTED A COUPLE OF DAYS AGO, BUT I WANTED TO GET SCOOTERS,AND OTHERS THOUGHTS ON THIS ; HERE IT IS,( thought this was smoke!!!!)
Posted on 05 July 2011. Tags: iraqi dinar, ISX, Redenomination

New Dinars for Old

At the end of last month, a spokesman for the Central Bank of Iraq (CBI) told reporters that a plan to redenominate the Iraqi dinar will be presented to the Council of Ministers in the near future. (See here and here.) The Council is then expected to submit the relevant legislation to Parliament for a vote. If the lawmakers approve the project, all existing banknotes will be replaced with new currency at the rate of 1,000 old dinar for one new over some unspecified period of time.

Given Parliament’s current backlog, this change can hardly be imminent. Still, you might think they could get around to voting on the CBI’s proposal some time before the end of this year. In that case, the redenomination could presumably be completed by the end of 2012.

The process will necessarily involve both the exchange of new banknotes for old and the restatement of contractual obligations in terms of the new currency. Among other things, three zeros will have to be eliminated from the share capital of the ISX listed companies as well as from the number of shares each has outstanding. (This will keep the par value at one dinar.)

I’m told this should be a relatively straightforward change for the depository center to make. Trading should not have to be suspended for more than a few days and it may be possible to proceed in phases of a few names at a time so that the entire market does not have to shut down during the transition period.

Similarly, it seems reasonable to expect the CBI to exchange new dinars for US dollars at one thousandth the rate for old dinars. In other words, if the original rate were IQD 1170 = US$ 1, post-redenomination this would become IQD 1.170 = US$ 1.

All of this seems reasonably straightforward for anyone holding assets such as currency or shares inside the country. For those holding dinar cash outside Iraq, however, things may not be so simple. How and on what terms their old dinars will be convertible into the new currency remains an open question.

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