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Kaperoni says it needs to happen and we don't know when it will.
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Kaperoni says it needs to happen and we don't know when it will.
Kaperoni
Press Release: "Iraq : First and Second Reviews of the Staff-Monitored Program and Request for a Three-year Stand-By Arrangement..." ...this report is full of what Iraq needs to do to improve it's economic and banking performance. There is no discussion about currency reform (and I would not expect it).
That being said, it needs to happen and we don't know when it will.
But it is good to see so much of what we said needs to happen in the SBA, ie laws, remove restrictions etc. I also like they are doing everything they can to hold the dinar at the current exchange rate (peg) during this difficult time (even though many called for the CBI to devalue the dinar).
#16 is the most important.. "16. The authorities will gradually remove remaining exchange restrictions and multiple currency practice..." ...if the CBI does this..and I say "If" (because they have not so far), it will create momentum on the economy and more importantly on the dinar to appreciate in value. This is what we want to see...an open banking system with the world, no exchange restrictions, Article VIII, etc. etc. Once that happens, Iraq will become a vary exciting place to invest and the currency will rise in value.
We just have to wait for them to get their act together.
~~~~~~~~~~~~~~~
Quote: “...the Iraqi Dinar ‘investment opportunity’ is a scam that has existed for more than a decade and has regained some of its former popularity..."
Surely, the concept of "overnight" riches so often stated...makes this by definition a scam.
That said, the potential for Iraq laid out in various documents including the IMF, WB etc. clearly show the upside potential for Iraq, which if achieved, would increase the value of the currency significantly.
We just have to wait for that potential to come to fruition.
There is nothing "to get to the bottom of," it's already well documented.
Article quote: "...the diagnosis of the priorities of the suffering of the banking sector requires the central bank and the relevant authorities to draw and to develop mechanisms and procedures for processing during the year 2016..." [...it seems the CBI is prepped and almost ready....wouldn't you say...?]
I think the CBI has been ready for a while...The GOI/Parliament needs to get their part done. Pass laws!
Article: "Rafidain Bank is preparing to expand his work and the opening of new branches" ...more banks to run to when the event begins.
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...despite...issues with the IMF, the CBI can begin currency reform anytime. Let's hope they do.
Article: "IMF Executive Board Approves US$5.34 billion Stand-By Arrangement for Iraq" Quote "Additionally, measures will need to be implemented to prevent money-laundering, counter the financing of terrorism, and strengthen the anti-corruption legislation to help improve the integration of Iraq’s financial system into the global economy."
Well, they have work to do...
It is also very clear that the CBI still has exchange restrictions (which is causing the difference between the Offical rate and Market rate to be greater than 2%) hence the reason they are maintaining the peg and still in Article XIV.
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Article: "Iraq new 500-dinar note with Kurdish reported" People are making a mountain out of a mole hill here.
This is not the sign of anything to come, it is not an indication of a change in value or issuance of all new notes, etc. It is what it is, simply a reprint of an exiting note (adding a few changes).
This happens daily with any currency. And it just so happens in this case, it happened after the law for Kurdish language passed and Allaq is the governor.
So, as required, the put the language on and added Allaq's signature. This also happened when Turki was running the CBI and the revised notes got the brail added...Turki put his signature on the notes. This really is an non event.
Iraq is making progress and the IMF is guiding this now. We should be encouraged.
Last edited by Ponee on Fri Jul 15, 2016 8:47 am; edited 4 times in total
Ponee- Admin
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Re: Kaperoni says it needs to happen and we don't know when it will.
None of which means RV.....
*****************
Trust but Verify --- R Reagan
"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18
Kevind53- Super Moderator
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Re: Kaperoni says it needs to happen and we don't know when it will.
Kaperoni wrote: it needs to happen and we don't know when it will.
Boy, that is quite a revelation.... duh
Ponee- Admin
- Posts : 38267
Join date : 2011-08-09
Re: Kaperoni says it needs to happen and we don't know when it will.
I don't even agree it needs to happen, at least not the way he seems to think. There really is not a lot of reason to make major changes, in fact there are some compelling reasons from a trade standpoint to keep the value low. After all, it does give them a competitive edge, especially as they branch out into exports other than oil. That's why China, Vietnam and others tightly control their currency value keeping as low as practicable.
Yes, we may see the dinar rise in value over time, IF the region stabilizes, IF they deal with the very real security issues, and corruption, IF manufacturing etc. manages to get a solid toehold in Iraq we will see that. What we will not see is the large increase in value that Kap seems to think will happen.
Yes, we may see the dinar rise in value over time, IF the region stabilizes, IF they deal with the very real security issues, and corruption, IF manufacturing etc. manages to get a solid toehold in Iraq we will see that. What we will not see is the large increase in value that Kap seems to think will happen.
*****************
Trust but Verify --- R Reagan
"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18
Kevind53- Super Moderator
- Posts : 27254
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Re: Kaperoni says it needs to happen and we don't know when it will.
OK, riddle me this .... https://www.dinardaily.net/t55954-imf-no-dinar-devaluation-committed-to-dollar-peg
*****************
Trust but Verify --- R Reagan
"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18
Kevind53- Super Moderator
- Posts : 27254
Join date : 2011-08-09
Age : 24
Location : Umm right here!
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