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Iraq is being set in motion for an economic BOOM according to Kaperoni
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Iraq is being set in motion for an economic BOOM according to Kaperoni
by Ponee Sat May 03, 2014 9:44 am
5-3-2014 Newshound Guru Kaperoni Article: "Lebanese banks seeking financial boom in Iraq and check to avoid money laundering" Quote: "did not come to Iraq to engage in dollar tenders organized by the Central Bank through currency auctions," Love that line... In other words, were not here to make 12 dinars per dollar with your currency auctions...we're here to lend and do banking business! This is a sure sign IMO that the banking system and capital account will open soon. And that means compliance and Article VIII...our strongest weapon for the appreciation of the dinar is the market economy.
Article VIII is required for investment and capital flow, and once they do that, a new exchange regime is required (some kind of float) that would let market forces dictate the rate. You cannot bring in investment, open the capital account and not have some sort of float in place. That is clearly stated in transitional documents. The result would be inflation. So the bottom line is once they go to Article VIII, they can no longer keep the dinar weak. All of these banks, investment agreements, etc. are lining up the transition to create a huge economic boom heard around the world once Iraq passes the laws and open the banking system.
Article VIII is required for investment and capital flow, and once they do that, a new exchange regime is required (some kind of float) that would let market forces dictate the rate. You cannot bring in investment, open the capital account and not have some sort of float in place. That is clearly stated in transitional documents. The result would be inflation. So the bottom line is once they go to Article VIII, they can no longer keep the dinar weak. All of these banks, investment agreements, etc. are lining up the transition to create a huge economic boom heard around the world once Iraq passes the laws and open the banking system.
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Re: Iraq is being set in motion for an economic BOOM according to Kaperoni
by Ponee Sat May 03, 2014 9:45 am
Hmmm, I think our very own TLF has been saying that same thing for over a year now.
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Re: Iraq is being set in motion for an economic BOOM according to Kaperoni
by Kevind53 Sat May 03, 2014 9:53 am
I agree with almost everything Kap said ... excepting this...
There are full members of the IMF with full tradable currencies valued at far less than Iraqs. As long as they allow a fair exchange rate and apply the same rate to everyone, they meet the requirements of Article VIII, at least that's my reading of it.
Kap wrote:the bottom line is once they go to Article VIII, they can no longer keep the dinar weak.
There are full members of the IMF with full tradable currencies valued at far less than Iraqs. As long as they allow a fair exchange rate and apply the same rate to everyone, they meet the requirements of Article VIII, at least that's my reading of it.
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