Kaperoni says -- I can factually say that in 2013 Iraq was about to float the Iraqi dinar.
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Kaperoni says -- I can factually say that in 2013 Iraq was about to float the Iraqi dinar.
by Ponee Sat Oct 17, 2020 9:34 pm
Kaperoni
I can factually say that in 2013 Iraq was about to float the Iraqi dinar. There was directives from the IMF, Shabibi announced he was about to begin reforms after 14 months of stability and I was present at a market maker's facility where a trading platform was constructed. All in support of floating the dinar as stated in the IMF Article IV Consultation. This is the process and this is how monetary policy works. After many years and corruption and lack of success, Iraq needs to implement economic reforms and get back to this process.
Shabibi maintained IMF compliance (2% stability) from late 2011 throughout 2012 prior to announcing his intentions. Currently, under the new governor the spread is now close to 5%. Meeting exchange rate stability is a prerequisite to acceptance into IMF Article VIII. As we have stated before, once in compliance (2% or less) they must maintain it for at least 90 days. Ali al-Alaq maintained stability and the 2% compliance as well for 16 to 18 months and never made the move to Article VIII. Which I assume is part of the reason why he was replaced recently.
I can factually say that in 2013 Iraq was about to float the Iraqi dinar. There was directives from the IMF, Shabibi announced he was about to begin reforms after 14 months of stability and I was present at a market maker's facility where a trading platform was constructed. All in support of floating the dinar as stated in the IMF Article IV Consultation. This is the process and this is how monetary policy works. After many years and corruption and lack of success, Iraq needs to implement economic reforms and get back to this process.
Shabibi maintained IMF compliance (2% stability) from late 2011 throughout 2012 prior to announcing his intentions. Currently, under the new governor the spread is now close to 5%. Meeting exchange rate stability is a prerequisite to acceptance into IMF Article VIII. As we have stated before, once in compliance (2% or less) they must maintain it for at least 90 days. Ali al-Alaq maintained stability and the 2% compliance as well for 16 to 18 months and never made the move to Article VIII. Which I assume is part of the reason why he was replaced recently.
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Re: Kaperoni says -- I can factually say that in 2013 Iraq was about to float the Iraqi dinar.
by Sam I Am Sun Oct 18, 2020 7:38 am
Okay, why don't I believe this?
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Re: Kaperoni says -- I can factually say that in 2013 Iraq was about to float the Iraqi dinar.
by RamblerNash Sun Oct 18, 2020 2:28 pm
This part of Kap's statement is wrong:
Ali Mohsen Al-Alaq took a new job.
https://www.dinardaily.net/t92336-the-arab-monetary-fund-elects-the-governor-of-the-central-bank-of-iraq-as-chairman-of-the-board-of-governors-of-the-fund
Here is a recent quote in an article about the "float".
https://www.dinardaily.net/t95899-nawar-al-saadi-it-is-not-in-iraq-s-interest-to-float-its-currency
Since it seems that Iraq is heading in that direction a bit quicker, have you picked out your toppings for that pizza?
https://www.dinardaily.net/t79305-sam-i-am-in-iqdcalls-chat-zig-you-play-dumb-a-lot-12-10-18
Ali al-Alaq maintained stability and the 2% compliance as well for 16 to 18 months and never made the move to Article VIII. Which I assume is part of the reason why he was replaced recently.
Ali Mohsen Al-Alaq took a new job.
https://www.dinardaily.net/t92336-the-arab-monetary-fund-elects-the-governor-of-the-central-bank-of-iraq-as-chairman-of-the-board-of-governors-of-the-fund
Here is a recent quote in an article about the "float".
Do you support floating the dinar during the current stage?
The demand to float the dinar is a big mistake, because the poor will pay the price. It is not in the interest of the Iraqi financial system to raise the exchange rate of the dollar, because it will lead to a decrease in the price of the Iraqi dinar and a decrease in purchasing power and will lead to inflation, and that the classes with limited income and salaries will be the first affected by this decision.
In a simple arithmetic process, if $ 100 = 120,000 dinars after the float, it will be = 150,000 dinars at the very least, and therefore if your salary is 600,000 dinars, its real value is 400,000 dinars. Obtaining it or the habit of buying it here leads to a significant increase in inflation, with the rest of the current problems such as facing Corona, unemployment, poor services, security challenges, and debts all lead to a complete economic collapse.
https://www.dinardaily.net/t95899-nawar-al-saadi-it-is-not-in-iraq-s-interest-to-float-its-currency
Since it seems that Iraq is heading in that direction a bit quicker, have you picked out your toppings for that pizza?
Sam I Am Kap and I have a bet on the IQD's next move. I say that the its next move will be a devaluation. Kap says it will go up via a float.
...
Sam I Am Loser buys a pizza
https://www.dinardaily.net/t79305-sam-i-am-in-iqdcalls-chat-zig-you-play-dumb-a-lot-12-10-18
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Re: Kaperoni says -- I can factually say that in 2013 Iraq was about to float the Iraqi dinar.
by RamblerNash Sun Oct 18, 2020 3:01 pm
Kaperoni's response to the article.
~~~~~~~~~~
Michael Kaperoni
@kaperoni
Agreed, it is not the right time under the circumstances. It will devalue. That is why I keep saying they need to pass the laws and create the conditions for foreign investment before they float.
https://twitter.com/kaperoni/status/1317865386025447435?s=20
https://www.dinardaily.net/t95899-nawar-al-saadi-it-is-not-in-iraq-s-interest-to-float-its-currency
~~~~~~~~~~
Michael Kaperoni
@kaperoni
Agreed, it is not the right time under the circumstances. It will devalue. That is why I keep saying they need to pass the laws and create the conditions for foreign investment before they float.
https://twitter.com/kaperoni/status/1317865386025447435?s=20
https://www.dinardaily.net/t95899-nawar-al-saadi-it-is-not-in-iraq-s-interest-to-float-its-currency
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Re: Kaperoni says -- I can factually say that in 2013 Iraq was about to float the Iraqi dinar.
by Sam I Am Sun Oct 18, 2020 7:06 pm
Interesting. So Kap now agrees with me?
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Re: Kaperoni says -- I can factually say that in 2013 Iraq was about to float the Iraqi dinar.
by RamblerNash Tue Oct 20, 2020 5:39 am
@Sam I Am wrote:Interesting. So Kap now agrees with me?
Kap also made these posts right after the one I posted above.
Kaperoni wrote:The article out today talking about not floating the dinar I am sure people and gurus will try to use against me saying that they are not going to float. As I have stated so often, Iraq needs to pass the laws and create a suitable investment environment for foreign investment...
Kaperoni wrote:
Before they can float the currency. Otherwise, as stated in the article there is significant risk that the value of the currency will go down.Which hurts the citizens. Iraq is in no position to do anything at this time other than try to maintain stability and eliminate corruption
I'm guessing that Kap only thinks that the "floating" can only go up.
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