Evening Chat With Sczin11 – Butifldrm & OOTW WEALTH WATCH FORUM
EdoBini: Are the Lower Dominations out at this time ?
Doug_W: what do U mean out?
Donnie: Expert: Iran nuclear deal will raise the pressure on the dollar in Iraq
Donnie: Qurtas News / Baghdad Predicted economist Ahmed Fahmy, Thursday, that the nuclear agreement between Iran and the West is reflected positively on the Middle East and the Gulf region. Fahmi said in a statement to "Qurtas News" that "the arrival of Iranian and west sides to an agreement after 21 months of tough negotiations and years of tension and sanctions against Tehran would reflect positively on the Middle East and the Gulf region in general."
Fahmi said that "Iraq is Iran's closest neighbor and the largest affected troublesome and international sanctions against Iran, the results of the agreement gradually lift economic sanctions on Tehran, which will lead to the lifting of the pressure on the dollar in the Iraqi market prices."
EdoBini: Are the Lower Dominations out at this time ?
Doug_W: what do U mean out?
Donnie: Expert: Iran nuclear deal will raise the pressure on the dollar in Iraq
Donnie: Qurtas News / Baghdad Predicted economist Ahmed Fahmy, Thursday, that the nuclear agreement between Iran and the West is reflected positively on the Middle East and the Gulf region. Fahmi said in a statement to "Qurtas News" that "the arrival of Iranian and west sides to an agreement after 21 months of tough negotiations and years of tension and sanctions against Tehran would reflect positively on the Middle East and the Gulf region in general."
Fahmi said that "Iraq is Iran's closest neighbor and the largest affected troublesome and international sanctions against Iran, the results of the agreement gradually lift economic sanctions on Tehran, which will lead to the lifting of the pressure on the dollar in the Iraqi market prices."
He said the "stability of the Iraqi dinar exchange rate will reflect positively on the prices of goods and services," stressing that "reflections Alabjabh nuclear deal will not be reflected on the Iranian economy, but only on the countries of the region at the top of Iraq." .
[02:47:54 PM] Donnie: . http://www.alqurtasnews.com/news/112436/%D8%AE%D8%A8%D9%8A%D8%B1-%D8%A7%D9%84%D8%A7%D8%AA%D9%81%D8%A7%D9%82-%D8%A7%D9%84%D9%86%D9%88%D9%88%D9%8A-%D8%A7%D9%84%D8%A7%D9%8A%D8%B1%D8%A7%D9%86%D9%8A-%D8%B3%D9%8A%D8%B1%D9%81%D8%B9-%D8%A7%D9%84%D8%B6%D8%BA%D8%B7
Donnie: General Secretariat of the Council of Ministers confirmed that the Eid al-Fitr holiday will end on Monday, 07/20/2015. " The source added that "the official working hours will resume on Tuesday, 21 July of this.
Donnie: http://burathanews.com/news/271340.html
Donnie: Announced the great religious authority, the Office of Grand Ayatollah Sayyed Muhammad Said al-Hakim long live blooming, Thursday evening, that Saturday will be the first month of Shawwal and Eid al-Fitr. The office said in a statement that "on Friday, a brief summary of 17 July 2015 completer for several holy month of Ramadan for the imitators of Religious Authority great religious Ayatollah Mohammed Said al-Hakim. "
The Office "and added on Saturday will be the lunar month of Shawwal 1436 AH the first day of (Eid al-Fitr) authorization of the Almighty and the day on 18 July 2015."
Donnie: . http://burathanews.com/news/271340.html
Donnie: Albulad..stoh concerns of the dollar! Abdul-Zahra Talqani Thursday 07/16/2015 Print this Article Print Abdul-Zahra Talqani where the citizen gets the hard currency when he needs to in his travels and his travels? Where did it get those currencies when the need for treatment abroad as a result of the inability of the Iraqi medical and health institutions for treatment of many diseases?
Where did it get those currencies when needed for any purpose? .. why he has to buy the dollar from companies and banking offices which are subject to fluctuation of the market and the instability is forced to pay additional amounts to the advertised price formally may sometimes up to 10%
Do these companies and offices controls for buying and selling currencies or is it loose are subject to market fluctuations and the principle of supply and demand ..
If the Iraqi Central Bank monetary and fiscal state policy orderly sell those currencies to the government and private banks Is his role in the sale of currency ends, according to the amounts it deems appropriate or whether its oversight role extends beyond so.
Donnie: oversight role extends beyond so. ten thousand and office banking company got a license to work in buying and selling currencies,
and perhaps no unauthorized companies equivalent to that number, and others are working as brokers or intermediaries or Dalalan or traders (trunk) for trading millions of dollars and made available to the needy her but at a price higher than the official price (b 200-300) yarns.
This bypass them and fictitious companies feed on the differences in buying and selling currencies, so it is seeking to sometimes speculation in the buying and selling according to demand and making available its capital, and often contribute to the creation of crisis,
and the citizen confused between this that, do not get on the need at the official rate, which obliges them to turn black market, which some like to call it (free market) sometimes.
Donnie: read the rest here:
http://www.altaakhipress.com/viewart.php?art=57220#pagebegin
EdoBini: Has the Rafidain Bank embark on the distribution of the lower dominations of the IQD yet particularly in some part of the Country ?
Donnie: I haven't seen any article yet.
EdoBini: Thanks for your quick response
Donnie: YW
Tootsie: The central bank stopped dealing with Iranian bank after attended by internationally 7/17/2015 Long-Presse / Baghdad A source in the Iraqi Central Bank, on Friday, for a decision by the central bank to stop dealing with Bank Melli Iran branch in Iraq,
and denied that the decision is linked to Iran's nuclear agreement with the majority of the six countries, stressed that the decision came after the receipt of the bank's name in the list of prohibitions International. The source said in an interview with the (long-Presse),
"The bank's board directed its departments, including the banking and credit Directorate and Auction currency not to deal with Bank Melli Iran after his name was mentioned in the list of the international embargo."
He denied the source, who asked not to be named, said: "the decision of Iran's relationship agreement with the majority agreement of the six countries on the nuclear issue, although he came in sync with him," stressing that "the Iraqi Central Bank Foundation is committed to international laws and issued them."
The age of the founding of Bank Melli Iran more than 86 years and has branches in 3169 within the Republic of Iran and 16 branches abroad.
http://wealthwatch.world/showthread.php?tid=1164
Winnerdinar: I'm glad I own rial
Winnerdinar: Evening everyone
sczin11: ‹@Winnerdinar› GE..IT IS LATE FOR YOU
TxBrand: ‹@Winnerdinar› I think I have some lol
TxBrand: oops they are gone
Winnerdinar: hello sczin11 been loving your chats from afar recently
Winnerdinar: ‹@TxBrand› yes I think it's worth having
Winnerdinar: Lol
Winnerdinar: Article 8
Doug_W: ♥♥♥ Stupid RV Anyhow ♥♥♥© ™® Pat pend.
sczin11: ‹@Winnerdinar› TRYING TO KEEP A LITTLE HUMOR IN THIS PLACE:)
Winnerdinar: Can I thank everyone for the wonderful messages and prayers you gave me for late mum
Winnerdinar: Sorry I haven't been around
sczin11: ‹@Winnerdinar› WE JUST HOPE YOU ARE HEALING AND LOOK FORWARD TO WHAT YOU HAVE TO OFFER GOING FORWARD.. BUT, TAKE YOUR TIME...
sczin11: NO APOLOGIES NECESSARY
Winnerdinar: ‹@sczin11› thanks so much and I am trying to heal!
MichelleL: nobody wassup?
nobody: nothing
MichelleL: on a lighter note, how much have you made off the rial this week? lol
Winnerdinar: Nowt lol
Winnerdinar: I am hoping the rial starts appearing in banks now that they are in article 8
] Winnerdinar: It's hard to get hold of
MichelleL: I'm hoping the dinar starts appearing in banks lol
MichelleL: and I read today my vnd is worth less than when I bought it lol
Winnerdinar: Me to lol the UK banks stopped selling it in 2013
Winnerdinar: But from what I know the UK banks are waiting to trade it again
MichelleL: has the subscription base grown this week people? did we get more peeps in here?
sczin11: ‹@MichelleL› 671 NOW AND GROWING
Butifldrm: ‹@sczin11› Hellooo Scizn
Butifldrm: I have been doing a little research
Butifldrm: It appears melli bank has been under OFAC sanctions since 2008
Butifldrm: when you look at the CBI site it appears that Melli Bank is registered as an official bank of Iraq
sczin11: ‹@Butifldrm› OK...SO THEY MUST STOP DEALING W THEM BUT NOT BECAUSE IRAN IN ARTICLE VIII, RATHER THEY ARE ON A BLACKLIST OF SOME SORT, CORRECT?
sczin11: ‹@Butifldrm› AND GE TO YOU
Butifldrm: www.bmi.ir BAGHDAD / Arsat Indian / 929 m / 27 g / d 111 number and date of the holiday - 03.09.2650 28.09.2005 in capital (billion dollars) - 32.234 Name Director - Mahdi Mohammed Issa (Regional Director) Associate Director name - no Bank Melli Iran www.bmi.ir BAGHDAD / Arsat Indian / 929 m / 27 g / d 111 number and date of the holiday - 03.09.2650 28.09.2005 in capital (billion dollars) - 32.234 Name Director - Mahdi Mohammed Issa (Regional Director) Associate Director name - no Bank Melli Iran 3.
Butifldrm: www.cbi.iq/index.php http://www.cbi.iq/index.php?pid=IraqFinancialInst
Butifldrm: apparently, they/Melli was sanction for sponsoring terrorism, Hamas etc...
Butifldrm: I find it funny that even when Shabibi was in charge they were allowed to function
Butifldrm: Melli is one of, if not the largest bank in Iran
sczin11: ‹@Butifldrm› SO ARE U QUESTIONING THE CBI MOTIVES HERE?
Butifldrm: No knew news about releasing sanctions against this bank, but we know the release of sanctions on Iran's nuclear program couldlead to such
Butifldrm: no, I'm not questioning. i think the CBI is playing it safe, sice there is no news of Melli being relesased from these sanctions
Butifldrm: Even though....... it appears Iraq has been trading with this bank for years. lol
sczin11: ‹@Butifldrm› EXACTLY, BUT WHY NOW?
sczin11: ‹@Butifldrm› AND WHERE IS THIS IMF BLACKLIST?
sczin11: Rhetorical ?s
Butifldrm: Well maybe Keywords is trying to look good in the International eye
Butifldrm: the list would not be an IMF list
Butifldrm: IMF works with countries not banks
sczin11: ‹@Butifldrm› I THINK ITS TOO LATE FOR THAT
Butifldrm: It would be an OFAC list
Butifldrm: lol scizn who knows what Keywords is up to
sczin11: ‹@Butifldrm› OK, BUT BOTTOM LINE
sczin11: THIS HAS NOTHING TO DO W ART VIII IRAN VS ARTICLE XIV IRAQ, CORRECT?
Butifldrm: Well I'm glad to see the CBI come out and make a statement like this because Bayati who I'm sure is Shia brought it upon himself to think that these Iranian banks worth 9 B could help the Iraqi economy.
Butifldrm: well, truly Iraq is under article XIV. iran being under article VIII with the release of these sanctions could now trade internationally
Butifldrm: what do you think could happen to Iraq's reserves in this situation
Butifldrm: Iraq already has a flight of Capital
Butifldrm: this is one reason I think Anbuge came out with his article
Butifldrm: iraqi's could now move money ito Iranian banks and trade internationally with the dollar
sczin11: ‹@Butifldrm› WHY DO THEY NEED IRANIAN BANK FOR THAT
sczin11: AND IF THAT WERE THEIR GOAL, PRETTY SURE OTHER IRANIAN BANKS IN IRAQ..SO CLOSING BUSINESS W MELLI DOESNT PREVENT SAME SCENARIO U JUST MENTIONED
Butifldrm: Iraq has to use international banks to perform international transactions in the dollar. Melli banks are already set up in Iraq and doing business, under article VIII, but they are under OFAC restrictions, because of illegal transactions like funding terrorism. Iraq really should not trade with this bank under international sanctions for one, but they have been. We know Iraq has lost it's reserve to Iran under the Maliki rule, and we know now there is pressure on the CBI to amintain their reserves.
Butifldrm: As far as the article I'd like to point out this opart of the article
Butifldrm: The source said in an interview with the (long-Presse), "The bank's board directed its departments, including the banking and credit Directorate and Auction currency not to deal with Bank Melli Iran after his name was
Butifldrm: mentioned in the list of the international embargo."
sczin11: ‹@Butifldrm› TY FOR BRINGING THIS IN...WE APPRECIATE ALL YOUR RESEARCH AND UNDERSTANDING
Butifldrm: scizn it's my love
sczin11: ‹@Butifldrm› DONT I KNOW THAT, :):)
Butifldrm: truly I'm hopin Iraq is going to make a move into article VIII
sczin11: ‹@Butifldrm› LETS HOPE FOR TARIFF IMPLEMENTATION ON 8-1-2015
Butifldrm: and the article we are seeing now could be an insight as to such
sczin11: ‹@Butifldrm› PLEASE CONNECT THOSE DOTS FOR US
Butifldrm: Hey lets hope they are all little pieces of the puzzle
Butifldrm: I'm hoping that Iraq can make this move before something happens to the World economy.
OOTW: THANK YOU FOR YOUR INPUT ON THIS IMPORTANT TOPIC BUTIFLDRM
Butifldrm: OOTW, I hope that I am right on this
Butifldrm: Oh one more thought
sczin11: WOW.... LOOK WHAT POPPED IN FROM THE PEANUT GALLERY, LOL
OOTW: LOL
OOTW: I HOPE YOU ARE TOO HON
OOTW: YOU'RE A SMART COOKIE, SO WE'LL SEE...NO PRESSURE THERE ...LOL
Butifldrm: If Iraq had an internationally traded currency, they could make a ton of money off their own banks by doing their own international transactions
OOTW: LET'S HOPE THEY GET THIS XBRL SYSTEM UP AND RUNNING SOON
OOTW: SO THEY CAN PRACTICE TRANSPARENCY IN THEIR BANKING PRACTICES
OOTW: AS WE DISCUSSED TODAY, THIS IS ONE OF THE PRIMARY REASONS THEY WERE MOVED FROM ART 8 TO ARTICLE 14 IN 2005
Butifldrm: yes that is vital, because as we can see, transparency is everything toward an internationally traded currency
Butifldrm: and Melli bank has not been the most transparent
OOTW: LOL, NO
~~~
Butifldrm: the ruling party is Shia and we know their predisposition to Iran
Butifldrm: the ruling party in Iraq that is
OOTW: MAYBE I MISSED THIS, BUT WHY DO YOU THINK SALEH STATED FAIRLY RECENTLY THAT IRAQ IS IN COMPLIANCE, OR SOMETHING TO THAT EFFECT?
Butifldrm: I would dare say, the Shia in Iraq have allowed their own country to fall over Iranian sanctions
OOTW: GOOD POINT AS WELL
Butifldrm: ‹@OOTW› that was quite something wasn't it?
Butifldrm: these articles!
OOTW: YES, DO YOU THINK IT POTENTIALLY HAS ANYTHING TO DO WITH THIS QUOTE FROM THE IMF DOCUMENT?...BRB
OOTW: The IMF staff classifies the de facto exchange rate arrangements according to the categories below. The name and the definition of the categories describing the de facto exchange rate arrangements have been modified in accordance with the revised classification methodology, as of February 1, 2009.
Wherever the description of the de jure arrangement can be empirically confirmed by the staff over at least the previous six months, the exchange rate arrangement is classified in the same way on a de facto basis.
Because the de facto methodology for classification of exchange rate regimes is based on a backward-looking approach that relies on past exchange rate movement and historical data, some countries have been reclassified retroactively to the date the behavior of the exchange rate changed and matched the criteria for reclassification to the appropriate category.
For these countries, if the retroactive date of reclassification precedes the period covered in this report, the effective date of change to be entered in the country chapter and the changes section is deemed to be the first day of the year in which the decision of reclassification took place.
Butifldrm: It appears Selah is now the spokesperson for the government and not the CBI
OOTW:
http://wealthwatch.world/showthread.php?tid=1020
OOTW: WELL I SURE HOPE THAT'S TRUE
OOTW: ALTHOUGH HE DOES SEEM TO WAFFLE ON HIS STATEMENTS FROM TIME TO TIME
Butifldrm: aorry had to reboot
OOTW: NO WORRIES
Butifldrm: Iraq under article XIV have a defacto peg to the dollar
Butifldrm: when Iraq chooses to accept IMF article VIII they will have to make some decisions to liberalize their exchange rate
Butifldrm: I don't need to go into that, but whether they float or go innto a controlled float they must accept and abide by the article VIII obligations
Butifldrm: If they do not the IMF could place sanction on Iraq under article XXVI
OOTW: YES , IT SEEMS IT'S A COMBINATION OF THEM CHOOSING TO ENTER ARTICLE 8, MONITORING THEIR OWN ACTIONS AS WELL AS ADHERING TO THE IMF GUIDELINES
Butifldrm: https://www.imf.org/external/pubs/ft/aa/
Butifldrm: yes, but You and I both know, Iraq having more than a @% spread between the CBI rate and the Market rate was a huge deal in every Article IV consultation after Shabibi left until 2014
Butifldrm: 2%
OOTW: YES
OOTW: THEY MAINTAINED THAT COMPLIANCE FOR SEVERAL MONTHS UNTIL FEB OF THIS YEAR, CORRECTG?
OOTW: CORRECT?
Butifldrm: That Consultation was dumbfounded me
OOTW: HOW SO?
Butifldrm: I believe because what country could maintain compliance under their circumstances with ISIS.
OOTW: VERY TRUE AS WELL AS THE GOVT MP'S LEVELS OF CORRUPTION - WHICH WE'VE ALSO SEEN PLAYED OUT IN THE IRAQI BANKING SYSTEM
OOTW: I'M GLAD THEY'RE STEPPING THEIR GAME UP RE ADDRESSING CORRUPTION AND WE SHOULD SOON SEE OFFICIAL CHARGES IN THE COURTS, JMHO
OOTW: IF THEY DON'T BRING FORMAL CHARGES THEN I WILL BE CURIOUS TO SEE HOW THEY DEAL WITH THIS, BEING THEY'VE MADE SWEEPING STATEMENTS IN THE PRESS ABOUT CORRUPTION AND THAT THEY'LL BE ADDRESSING THIS ON A WIDESPREAD BASIS
Butifldrm: Well truly their has to be Legislation to address the majority of problems.
Butifldrm: I believe their also has to be accountability
Butifldrm: or there will never be Justice
Butifldrm: Iraq has been void of all
OOTW: YES AND ALSO A VOTE ON LIFTING IMMUNITY IF ANY OF THESE MP'S STILL FALL UNDER GOVT AUSPICES
OOTW: VERY TRUE
Butifldrm: Someone has to be held accountable for the Rule Of law ( I'm not talking Maliki's Party that's a joke) to prevail
Butifldrm: let's get back to monetary reform
Butifldrm: We know the Banking law in Iraq has to be ammended
Butifldrm: the present law does not allow banks to invest for a profit
Butifldrm: under the present law the private banks of Iraq can only sell foreign currency for a profit
Butifldrm: yet the CBI mandated they bring their reserve up to 250M
OOTW: THERE IS LEGISLATION WHICH HAS COME BEFORE THE PARLIAMENT ADDRESSING THIS FOR PRIVATE BANKING AND GOVERNMENT BANKING/FUNDING NEEDS
OOTW: EXAMPLE, THE ISLAMIC BANKING ACT ONLY REQUIRES ONE MORE READING
Butifldrm: When that did not happen, the CBI suggested partnering
OOTW: THE PARLIAMENT HAS READ THE ISLAMIC BANKING LAWS FOR GOVERNMENT LOANS
Butifldrm: yet, the government has passed no legislation protecting deposits, which is another way the private banks can build reserves
OOTW: BECAUSE WE SEE CONSISTENTLY CHANGING INFORMATION ON THE AMOUNT OF THEIR RESERVES, I DO HAVE TO WONDER IF WHAT WE'RE BEING TOLD IS CORRECT
Butifldrm: Are you talking CBI reserves or private banking reserves?
OOTW: YES AND IF THEY HAVE NOT DONE SO, THEN WHY ARE THEY NOW STATING THAT THEY'RE GOING TO INTRODUCE LEGISLATION FOR FACTA IN THE NEAR FUTURE, ZEBARI SAID THIS NEEDED TO BE PASSED PRIOR TO SEPT 15 2015
OOTW: CBI
OOTW: I HAVE NO IDEA WHAT THE PRIVATE BANKING RESERVES ARE
OOTW: THE TOTAL
Butifldrm: Not that I'm a fan of FACTA lol , but if Iraq is going to play the IMF game it must be done
Butifldrm: ‹@OOTW› the private banks reserves had to be increased to 250M
OOTW: DO THEY KNOW WHAT THEY ARE NOW?
OOTW: NOT TO PUT YOU ON THE SPOT OR ANYTHING..SORRY
Butifldrm: I'm pretty sure to do business in Iraq a designated bank must have that much in reserve
sczin11: ‹@OOTW› IF I MAY, THEY MUST BE AT THE $250 MILLION LEVEL
Butifldrm: there has been alot of discussion about this and a lot of it had to do with Bael III standards
OOTW: OH?
Butifldrm: yes,
OOTW: AH RIGHT OK ...BASEL III YAY LOL
Butifldrm: So, think about how hard it would be to raise such capital reserves by selling the dollar
sczin11: SEVERAL OF THE BANKS, EARLIER IN THE YEAR WENT ON ISX TO HELP RAISE THE CAPITAL THEY WERE SHORT
Butifldrm: ‹@sczin11› right
Butifldrm: also some have tried to partner with international banks
Butifldrm: still it's such a hendrince
Butifldrm: when they can only sell currency
OOTW: WASN'T THERE AN ARTICLE RECENTLY STATING HOW MUCH MONEY THEY RAISED LAST YEAR SELLING CURRENCY?
OOTW: WAS THAT A DROP IN THE BUCKET COMPARED TO WHAT THEY NEED?
Butifldrm: Hum the CBI?
Butifldrm: The CBI has made all their reserves from selling currency
sczin11: ‹@OOTW› BUTI IS TALKING ABOUT THE IND PVT BANKS I THINK
Butifldrm: Yet we have seen the reserves fall since Turki left
Butifldrm: Yes Scizn
Butifldrm: Islamic banking law does not allow for interest
Butifldrm: We have seen State banks be able to provide soft loans
sczin11: ‹@OOTW› THE PRVT BANKS NEED TO BE ABLE TO PERFORM ALL BANKING FUNCTIONS TO GENERATE MORE REVENUE FROM INTEREST , FEES, COMMISSIONS ETC...
Butifldrm: Yes
OOTW: thanks
Butifldrm: When the IMF talks about liberalization of the economy that includes the banks
OOTW: good reminder thank you
Butifldrm: Not just the currency
OOTW: yes
OOTW: i appreciate that
OOTW: WELL THIS WAS A GREAT TALK, WE
OOTW: HAVE TO DO THIS MORE OFTEN ...NUDGE NUDGE
OOTW: :kissing:
Butifldrm: Oh I'd like to bring up the subject of neighboring countries and trade
Butifldrm: Lol
Donnie: There’ve Been Some Big Moves in Currencies This Week. The kiwi, loonie, and more by Rachel EvansJulie Verhage - July 16, 2015 — 1:55 PM EDT -
http://www.bloomberg.com/news/articles/2015-07-16/there-ve-been-some-big-moves-in-currencies-this-week
OOTW: PLEASE DO
sczin11: ‹@Butifldrm› ‹@OOTW› IT IS TRULY AN HONOR AND PRIVALEDGE TO LISTEN/READ THE CONV BETWEEN THE TWO OF YOU...THANK YOU BOTH
OOTW: THANKS DONNIE
Butifldrm: Thanks Donnie
OOTW: THANKS SCZIN11 :grin:
Donnie: did want to interrupt ur conversation so i only posted the title and link
OOTW: DONNIE :kissing:
Butifldrm: I also think that an Iran released from sanctions will put a fire under Iraq
OOTW: YES, SEEMS VERY PLAUSIBLE
Butifldrm: Iran will now be a competitor
sczin11: ‹@Butifldrm› IS THERE A LINK FOR THAT THOUGHT, :)
Butifldrm: Only not from Iraq or the Shia
OOTW:
http://wealthwatch.world/showthread.php?tid=1155
OOTW: THIS ONE?
Butifldrm: Just the worlds view of oil pricing
sczin11: ‹@OOTW› AFTER U ADD THIS CHAT, YES
Butifldrm: Oil today is close to 51 dollars per barrel
Butifldrm: When Iran comes on board next month we will have to wait and see what it will be
Butifldrm: Article out there stating OPEC should reduce production
OOTW: SO YOU'RE THINKING IS IT WILL DROP EVEN FURTHER?
OOTW: AH OK
Butifldrm: Yes
OOTW: SO THE OPPOSITE?
OOTW: NEVERMIND LOL
Butifldrm: But articles out of Iraq stating that Iran will not affect oil prices
Butifldrm: This is a wait and see
OOTW: WELL THAT'S SOMETHING..NOT SURE THEIR NEXT YEAR'S BUDGET CAN AFFORD MUCH MORE OF A DROP
Donnie: unless demand worldwide picks up, how can the price not drop with Iraq increasing production and Iran coming on-line to sell to anyone.
Butifldrm: The Budget is approaching for Iraq and its important they get the oil pricing correct
OOTW: YES
Butifldrm: You are so right‹@Donnie›
sczin11: ‹@OOTW› AH, AND THUS THE NECESSITY , AMONGST OTHER THINGS, CUSTOMS AND TARIFF IMPLEMENTATION....NOW
Butifldrm: Yes Sir‹@sczin11›
Butifldrm: Iraq is at a crossroads
OOTW: YES, LET'S WAIT AND SEE IF THEY ACTUALLY START THE TARIFF'S AUG 1 - BIG WAIT AND SEE ON THIS, ALTHOUGH PRESS RELEASES FROM THE CUSTOMS SITE CONFIRM THIS MOVE
sczin11: ‹@Butifldrm› AND IF THEY DONT INCREASE THE PURCHASING POWER, YOU CAN FORGET ABOUT TARIFFS DOING ANY GOOD
TxBrand: 2 weeks
Butifldrm: Iraq the Shia led government needs to move forward fairly with reform and the Sunnis and Kurds need to be addressed
sczin11: ‹@TxBrand› LESS, :)
Butifldrm: This move will be the only way to reforms
Butifldrm: Shia are trying to get reconciliation, yet they have given 0 concessions
TxBrand: 14 days
OOTW: TRUE BUTI
Butifldrm: Scizn you are correct
sczin11: ON A SIDE NOTE... HAPPY FIVE WEEK ANNIVERSARY..... 671 MEMBERS AND CLIMBING EVERY DAY......THANK YOU BUTIFLDRM AND OOTW FOR ALL YOUR DEDICATION AND INSIGHT...KNOWLEDGE AND RESEARCH....
Butifldrm: Iraq and ten years of corruption has made a bad bed
OOTW: SCZIN11 SAME TO YOU HON
OOTW: TY
Butifldrm: Scizn and OOTW luv you both
sczin11: ‹@OOTW› IT IS TRULY MY PLEASURE TO BE A PART OF YOUR TEAM....
Butifldrm: Plus everyone else that contributes to this site
sczin11: ‹@Butifldrm› LOVE YOU TOOO....SIS
Butifldrm: :)
Butifldrm: I love the fact that we can have free conversation about Iraq and anyone is allowed input
sczin11: OKAY FOLKS.... ANY QUESTIONS OR COMMENTS... JUMP IN NOW
Butifldrm: We are all still kearning
Butifldrm: Learning
OOTW: YES WE HAVE A GREAT SET OF MEMBERS..TY ALL
OOTW: YES, IT'S AN EVERYDAY THING, ESP WITH IRAQ
OOTW: LOL
Butifldrm: Lol Yall must know I cant type
sczin11: I JUST LOOKED UP KEARNING, LOL
sczin11: KERNING =SPACE BETWEEN FONTS
Butifldrm: Oh yea
tourman: I sit at my computer and read the news, watch the conversations and debates and still wonder why is there a resistance to revalue their currency.
We hear/read that some officials are screaming for the value of their currency be raised. What common denominator is affecting the decision to move forward?
We see there is still turmoil in the gov. We see the CBI still scooping up money thru the auctions. In the mean time the average Iraqi suffers and lives their lives with little hope that their government is working for them. Man that sounds familiar!.
Butifldrm: I like to give space
OOTW: SO TRUE, TOURMAN, BUT I DO BELIEVE FOR THE FIRST TIME, WITH THE ABADI GOVERNMENT, WE'RE IN A MUCH BETTER PLACE THAN WE'VE EVER BEEN, BUT YES, YOU'RE RIGHT..
OUR CONCERNS RE IRAQ ARE NOTHING COMPARED TO THE WOES OF THE PEOPLE
sczin11: ‹@tourman› WELL STATED
Butifldrm: ‹@tourman› we have to go by the documents from the CBI and the CBI states they have 1.5 times the reserves to cover the currecy
OOTW: SCZIN11 HUGS
Butifldrm: Yes well stated
: ‹@OOTW› awwwwe
Butifldrm: I know but I'm being conservative
OOTW: YES THANK YOU BUTI
Butifldrm: ......now we really have to believe from that they have 40T in circulation
Butifldrm: Lol
Butifldrm: I have my doubt about that or they would not be in a liquidity s crisis
Butifldrm: IMO most of the Dinar is being held in State Owned Banks
Butifldrm: That could be easily remmedied
sczin11: ‹@Butifldrm› BASED ON 68B IN RESERVES, AT 2:1, WHICH WAS LAST UPDATED STATEMENT BY KEYWORDS, THAT WOULD TRANSLATE INTO ABOT 34T OUT THERE, NO?
tourman: Sorry all, just getting anxious again for this to be over.... Just venting. :w00t:
sczin11: ‹@tourman› NO SORRY, YOUR THOUGHTS ARE VERY PROVOKING
Butifldrm: I'd have to go back and find an article which came out from a credit card company stating how much IQD was in the hands of the public , but if my memory is correct it was about 49% of 49T
sczin11: GREAT CONVERSATION, AND WELL THOUGHT OUT
tourman: ‹@sczin11› :grin:
Butifldrm: Oh sorry 40 T
utifldrm: ‹@sczin11› yes
OOTW: TY BUTI AND SCZIN11
Butifldrm: I don't think we have to worry so much about the currency in the state owed banks
Butifldrm: Just what the public holds
Butifldrm: That is why they need to allow for deposit insurance and electronic banking
Butifldrm: A war on cash. Lol
Butifldrm: 80 of Iraqis still don't trust the banks
Butifldrm: 80%
OOTW: WOW
sczin11: ‹@Butifldrm› PROBABLY 75% OF THAT 80% DONT NEED A BANK ACCOUNT
UNEEK: ‹@OOTW› ‹@Butifldrm› ‹@sczin11› wow all three in here at the same time ..... glad to be here - even on the sideline observing -- great discussion all day long -- thank you all
Butifldrm: ‹@sczin11› So right
OOTW: TY UNEEK
sczin11: ‹@UNEEK› :)
Butifldrm: ‹@UNEEK› so glad to see you
Dianne777: ‹@Butifldrm› ‹@Butifldrm› I dont trust them either lol
UNEEK: :heart:
Butifldrm: ‹@Dianne777› I know that's right
sczin11: ‹@OOTW› WHICH LEADS US BACK TO THE PURPOSE OF TARIFFS, AND THEIR LACK OF POSITIVE INPUT, WITHOUT .......... PURCHASING POWER!!!
OOTW: YES AND WHY THE IMPLEMENTATION IS SO IMPORTANT AND BECAUSE IT'S SO IMPORTANT, IT ALSO CARRIES WITH IT THE POTENTIAL (WITH THIS WEIGHT) ITS FRAGILITY
OOTW: THE TARIFF ISSUE IS A CATCH 22
OOTW: *OF ITS FRAGILITY
Abraham: Applying the tariffs without a revaluation will cause social unrest. They have to revalue! They want to revalue, IMF says Ok go to a market based economy
Butifldrm: I believe this lifting of sanctions on Iran may help Iraq's taffs problem
Butifldrm: tariffs
Abraham: One hand can't clap
[02:47:54 PM] Donnie: . http://www.alqurtasnews.com/news/112436/%D8%AE%D8%A8%D9%8A%D8%B1-%D8%A7%D9%84%D8%A7%D8%AA%D9%81%D8%A7%D9%82-%D8%A7%D9%84%D9%86%D9%88%D9%88%D9%8A-%D8%A7%D9%84%D8%A7%D9%8A%D8%B1%D8%A7%D9%86%D9%8A-%D8%B3%D9%8A%D8%B1%D9%81%D8%B9-%D8%A7%D9%84%D8%B6%D8%BA%D8%B7
Donnie: General Secretariat of the Council of Ministers confirmed that the Eid al-Fitr holiday will end on Monday, 07/20/2015. " The source added that "the official working hours will resume on Tuesday, 21 July of this.
Donnie: http://burathanews.com/news/271340.html
Donnie: Announced the great religious authority, the Office of Grand Ayatollah Sayyed Muhammad Said al-Hakim long live blooming, Thursday evening, that Saturday will be the first month of Shawwal and Eid al-Fitr. The office said in a statement that "on Friday, a brief summary of 17 July 2015 completer for several holy month of Ramadan for the imitators of Religious Authority great religious Ayatollah Mohammed Said al-Hakim. "
The Office "and added on Saturday will be the lunar month of Shawwal 1436 AH the first day of (Eid al-Fitr) authorization of the Almighty and the day on 18 July 2015."
Donnie: . http://burathanews.com/news/271340.html
Donnie: Albulad..stoh concerns of the dollar! Abdul-Zahra Talqani Thursday 07/16/2015 Print this Article Print Abdul-Zahra Talqani where the citizen gets the hard currency when he needs to in his travels and his travels? Where did it get those currencies when the need for treatment abroad as a result of the inability of the Iraqi medical and health institutions for treatment of many diseases?
Where did it get those currencies when needed for any purpose? .. why he has to buy the dollar from companies and banking offices which are subject to fluctuation of the market and the instability is forced to pay additional amounts to the advertised price formally may sometimes up to 10%
Do these companies and offices controls for buying and selling currencies or is it loose are subject to market fluctuations and the principle of supply and demand ..
If the Iraqi Central Bank monetary and fiscal state policy orderly sell those currencies to the government and private banks Is his role in the sale of currency ends, according to the amounts it deems appropriate or whether its oversight role extends beyond so.
Donnie: oversight role extends beyond so. ten thousand and office banking company got a license to work in buying and selling currencies,
and perhaps no unauthorized companies equivalent to that number, and others are working as brokers or intermediaries or Dalalan or traders (trunk) for trading millions of dollars and made available to the needy her but at a price higher than the official price (b 200-300) yarns.
This bypass them and fictitious companies feed on the differences in buying and selling currencies, so it is seeking to sometimes speculation in the buying and selling according to demand and making available its capital, and often contribute to the creation of crisis,
and the citizen confused between this that, do not get on the need at the official rate, which obliges them to turn black market, which some like to call it (free market) sometimes.
Donnie: read the rest here:
http://www.altaakhipress.com/viewart.php?art=57220#pagebegin
EdoBini: Has the Rafidain Bank embark on the distribution of the lower dominations of the IQD yet particularly in some part of the Country ?
Donnie: I haven't seen any article yet.
EdoBini: Thanks for your quick response
Donnie: YW
Tootsie: The central bank stopped dealing with Iranian bank after attended by internationally 7/17/2015 Long-Presse / Baghdad A source in the Iraqi Central Bank, on Friday, for a decision by the central bank to stop dealing with Bank Melli Iran branch in Iraq,
and denied that the decision is linked to Iran's nuclear agreement with the majority of the six countries, stressed that the decision came after the receipt of the bank's name in the list of prohibitions International. The source said in an interview with the (long-Presse),
"The bank's board directed its departments, including the banking and credit Directorate and Auction currency not to deal with Bank Melli Iran after his name was mentioned in the list of the international embargo."
He denied the source, who asked not to be named, said: "the decision of Iran's relationship agreement with the majority agreement of the six countries on the nuclear issue, although he came in sync with him," stressing that "the Iraqi Central Bank Foundation is committed to international laws and issued them."
The age of the founding of Bank Melli Iran more than 86 years and has branches in 3169 within the Republic of Iran and 16 branches abroad.
http://wealthwatch.world/showthread.php?tid=1164
Winnerdinar: I'm glad I own rial
Winnerdinar: Evening everyone
sczin11: ‹@Winnerdinar› GE..IT IS LATE FOR YOU
TxBrand: ‹@Winnerdinar› I think I have some lol
TxBrand: oops they are gone
Winnerdinar: hello sczin11 been loving your chats from afar recently
Winnerdinar: ‹@TxBrand› yes I think it's worth having
Winnerdinar: Lol
Winnerdinar: Article 8
Doug_W: ♥♥♥ Stupid RV Anyhow ♥♥♥© ™® Pat pend.
sczin11: ‹@Winnerdinar› TRYING TO KEEP A LITTLE HUMOR IN THIS PLACE:)
Winnerdinar: Can I thank everyone for the wonderful messages and prayers you gave me for late mum
Winnerdinar: Sorry I haven't been around
sczin11: ‹@Winnerdinar› WE JUST HOPE YOU ARE HEALING AND LOOK FORWARD TO WHAT YOU HAVE TO OFFER GOING FORWARD.. BUT, TAKE YOUR TIME...
sczin11: NO APOLOGIES NECESSARY
Winnerdinar: ‹@sczin11› thanks so much and I am trying to heal!
MichelleL: nobody wassup?
nobody: nothing
MichelleL: on a lighter note, how much have you made off the rial this week? lol
Winnerdinar: Nowt lol
Winnerdinar: I am hoping the rial starts appearing in banks now that they are in article 8
] Winnerdinar: It's hard to get hold of
MichelleL: I'm hoping the dinar starts appearing in banks lol
MichelleL: and I read today my vnd is worth less than when I bought it lol
Winnerdinar: Me to lol the UK banks stopped selling it in 2013
Winnerdinar: But from what I know the UK banks are waiting to trade it again
MichelleL: has the subscription base grown this week people? did we get more peeps in here?
sczin11: ‹@MichelleL› 671 NOW AND GROWING
Butifldrm: ‹@sczin11› Hellooo Scizn
Butifldrm: I have been doing a little research
Butifldrm: It appears melli bank has been under OFAC sanctions since 2008
Butifldrm: when you look at the CBI site it appears that Melli Bank is registered as an official bank of Iraq
sczin11: ‹@Butifldrm› OK...SO THEY MUST STOP DEALING W THEM BUT NOT BECAUSE IRAN IN ARTICLE VIII, RATHER THEY ARE ON A BLACKLIST OF SOME SORT, CORRECT?
sczin11: ‹@Butifldrm› AND GE TO YOU
Butifldrm: www.bmi.ir BAGHDAD / Arsat Indian / 929 m / 27 g / d 111 number and date of the holiday - 03.09.2650 28.09.2005 in capital (billion dollars) - 32.234 Name Director - Mahdi Mohammed Issa (Regional Director) Associate Director name - no Bank Melli Iran www.bmi.ir BAGHDAD / Arsat Indian / 929 m / 27 g / d 111 number and date of the holiday - 03.09.2650 28.09.2005 in capital (billion dollars) - 32.234 Name Director - Mahdi Mohammed Issa (Regional Director) Associate Director name - no Bank Melli Iran 3.
Butifldrm: www.cbi.iq/index.php http://www.cbi.iq/index.php?pid=IraqFinancialInst
Butifldrm: apparently, they/Melli was sanction for sponsoring terrorism, Hamas etc...
Butifldrm: I find it funny that even when Shabibi was in charge they were allowed to function
Butifldrm: Melli is one of, if not the largest bank in Iran
sczin11: ‹@Butifldrm› SO ARE U QUESTIONING THE CBI MOTIVES HERE?
Butifldrm: No knew news about releasing sanctions against this bank, but we know the release of sanctions on Iran's nuclear program couldlead to such
Butifldrm: no, I'm not questioning. i think the CBI is playing it safe, sice there is no news of Melli being relesased from these sanctions
Butifldrm: Even though....... it appears Iraq has been trading with this bank for years. lol
sczin11: ‹@Butifldrm› EXACTLY, BUT WHY NOW?
sczin11: ‹@Butifldrm› AND WHERE IS THIS IMF BLACKLIST?
sczin11: Rhetorical ?s
Butifldrm: Well maybe Keywords is trying to look good in the International eye
Butifldrm: the list would not be an IMF list
Butifldrm: IMF works with countries not banks
sczin11: ‹@Butifldrm› I THINK ITS TOO LATE FOR THAT
Butifldrm: It would be an OFAC list
Butifldrm: lol scizn who knows what Keywords is up to
sczin11: ‹@Butifldrm› OK, BUT BOTTOM LINE
sczin11: THIS HAS NOTHING TO DO W ART VIII IRAN VS ARTICLE XIV IRAQ, CORRECT?
Butifldrm: Well I'm glad to see the CBI come out and make a statement like this because Bayati who I'm sure is Shia brought it upon himself to think that these Iranian banks worth 9 B could help the Iraqi economy.
Butifldrm: well, truly Iraq is under article XIV. iran being under article VIII with the release of these sanctions could now trade internationally
Butifldrm: what do you think could happen to Iraq's reserves in this situation
Butifldrm: Iraq already has a flight of Capital
Butifldrm: this is one reason I think Anbuge came out with his article
Butifldrm: iraqi's could now move money ito Iranian banks and trade internationally with the dollar
sczin11: ‹@Butifldrm› WHY DO THEY NEED IRANIAN BANK FOR THAT
sczin11: AND IF THAT WERE THEIR GOAL, PRETTY SURE OTHER IRANIAN BANKS IN IRAQ..SO CLOSING BUSINESS W MELLI DOESNT PREVENT SAME SCENARIO U JUST MENTIONED
Butifldrm: Iraq has to use international banks to perform international transactions in the dollar. Melli banks are already set up in Iraq and doing business, under article VIII, but they are under OFAC restrictions, because of illegal transactions like funding terrorism. Iraq really should not trade with this bank under international sanctions for one, but they have been. We know Iraq has lost it's reserve to Iran under the Maliki rule, and we know now there is pressure on the CBI to amintain their reserves.
Butifldrm: As far as the article I'd like to point out this opart of the article
Butifldrm: The source said in an interview with the (long-Presse), "The bank's board directed its departments, including the banking and credit Directorate and Auction currency not to deal with Bank Melli Iran after his name was
Butifldrm: mentioned in the list of the international embargo."
sczin11: ‹@Butifldrm› TY FOR BRINGING THIS IN...WE APPRECIATE ALL YOUR RESEARCH AND UNDERSTANDING
Butifldrm: scizn it's my love
sczin11: ‹@Butifldrm› DONT I KNOW THAT, :):)
Butifldrm: truly I'm hopin Iraq is going to make a move into article VIII
sczin11: ‹@Butifldrm› LETS HOPE FOR TARIFF IMPLEMENTATION ON 8-1-2015
Butifldrm: and the article we are seeing now could be an insight as to such
sczin11: ‹@Butifldrm› PLEASE CONNECT THOSE DOTS FOR US
Butifldrm: Hey lets hope they are all little pieces of the puzzle
Butifldrm: I'm hoping that Iraq can make this move before something happens to the World economy.
OOTW: THANK YOU FOR YOUR INPUT ON THIS IMPORTANT TOPIC BUTIFLDRM
Butifldrm: OOTW, I hope that I am right on this
Butifldrm: Oh one more thought
sczin11: WOW.... LOOK WHAT POPPED IN FROM THE PEANUT GALLERY, LOL
OOTW: LOL
OOTW: I HOPE YOU ARE TOO HON
OOTW: YOU'RE A SMART COOKIE, SO WE'LL SEE...NO PRESSURE THERE ...LOL
Butifldrm: If Iraq had an internationally traded currency, they could make a ton of money off their own banks by doing their own international transactions
OOTW: LET'S HOPE THEY GET THIS XBRL SYSTEM UP AND RUNNING SOON
OOTW: SO THEY CAN PRACTICE TRANSPARENCY IN THEIR BANKING PRACTICES
OOTW: AS WE DISCUSSED TODAY, THIS IS ONE OF THE PRIMARY REASONS THEY WERE MOVED FROM ART 8 TO ARTICLE 14 IN 2005
Butifldrm: yes that is vital, because as we can see, transparency is everything toward an internationally traded currency
Butifldrm: and Melli bank has not been the most transparent
OOTW: LOL, NO
~~~
Butifldrm: the ruling party is Shia and we know their predisposition to Iran
Butifldrm: the ruling party in Iraq that is
OOTW: MAYBE I MISSED THIS, BUT WHY DO YOU THINK SALEH STATED FAIRLY RECENTLY THAT IRAQ IS IN COMPLIANCE, OR SOMETHING TO THAT EFFECT?
Butifldrm: I would dare say, the Shia in Iraq have allowed their own country to fall over Iranian sanctions
OOTW: GOOD POINT AS WELL
Butifldrm: ‹@OOTW› that was quite something wasn't it?
Butifldrm: these articles!
OOTW: YES, DO YOU THINK IT POTENTIALLY HAS ANYTHING TO DO WITH THIS QUOTE FROM THE IMF DOCUMENT?...BRB
OOTW: The IMF staff classifies the de facto exchange rate arrangements according to the categories below. The name and the definition of the categories describing the de facto exchange rate arrangements have been modified in accordance with the revised classification methodology, as of February 1, 2009.
Wherever the description of the de jure arrangement can be empirically confirmed by the staff over at least the previous six months, the exchange rate arrangement is classified in the same way on a de facto basis.
Because the de facto methodology for classification of exchange rate regimes is based on a backward-looking approach that relies on past exchange rate movement and historical data, some countries have been reclassified retroactively to the date the behavior of the exchange rate changed and matched the criteria for reclassification to the appropriate category.
For these countries, if the retroactive date of reclassification precedes the period covered in this report, the effective date of change to be entered in the country chapter and the changes section is deemed to be the first day of the year in which the decision of reclassification took place.
Butifldrm: It appears Selah is now the spokesperson for the government and not the CBI
OOTW:
http://wealthwatch.world/showthread.php?tid=1020
OOTW: WELL I SURE HOPE THAT'S TRUE
OOTW: ALTHOUGH HE DOES SEEM TO WAFFLE ON HIS STATEMENTS FROM TIME TO TIME
Butifldrm: aorry had to reboot
OOTW: NO WORRIES
Butifldrm: Iraq under article XIV have a defacto peg to the dollar
Butifldrm: when Iraq chooses to accept IMF article VIII they will have to make some decisions to liberalize their exchange rate
Butifldrm: I don't need to go into that, but whether they float or go innto a controlled float they must accept and abide by the article VIII obligations
Butifldrm: If they do not the IMF could place sanction on Iraq under article XXVI
OOTW: YES , IT SEEMS IT'S A COMBINATION OF THEM CHOOSING TO ENTER ARTICLE 8, MONITORING THEIR OWN ACTIONS AS WELL AS ADHERING TO THE IMF GUIDELINES
Butifldrm: https://www.imf.org/external/pubs/ft/aa/
Butifldrm: yes, but You and I both know, Iraq having more than a @% spread between the CBI rate and the Market rate was a huge deal in every Article IV consultation after Shabibi left until 2014
Butifldrm: 2%
OOTW: YES
OOTW: THEY MAINTAINED THAT COMPLIANCE FOR SEVERAL MONTHS UNTIL FEB OF THIS YEAR, CORRECTG?
OOTW: CORRECT?
Butifldrm: That Consultation was dumbfounded me
OOTW: HOW SO?
Butifldrm: I believe because what country could maintain compliance under their circumstances with ISIS.
OOTW: VERY TRUE AS WELL AS THE GOVT MP'S LEVELS OF CORRUPTION - WHICH WE'VE ALSO SEEN PLAYED OUT IN THE IRAQI BANKING SYSTEM
OOTW: I'M GLAD THEY'RE STEPPING THEIR GAME UP RE ADDRESSING CORRUPTION AND WE SHOULD SOON SEE OFFICIAL CHARGES IN THE COURTS, JMHO
OOTW: IF THEY DON'T BRING FORMAL CHARGES THEN I WILL BE CURIOUS TO SEE HOW THEY DEAL WITH THIS, BEING THEY'VE MADE SWEEPING STATEMENTS IN THE PRESS ABOUT CORRUPTION AND THAT THEY'LL BE ADDRESSING THIS ON A WIDESPREAD BASIS
Butifldrm: Well truly their has to be Legislation to address the majority of problems.
Butifldrm: I believe their also has to be accountability
Butifldrm: or there will never be Justice
Butifldrm: Iraq has been void of all
OOTW: YES AND ALSO A VOTE ON LIFTING IMMUNITY IF ANY OF THESE MP'S STILL FALL UNDER GOVT AUSPICES
OOTW: VERY TRUE
Butifldrm: Someone has to be held accountable for the Rule Of law ( I'm not talking Maliki's Party that's a joke) to prevail
Butifldrm: let's get back to monetary reform
Butifldrm: We know the Banking law in Iraq has to be ammended
Butifldrm: the present law does not allow banks to invest for a profit
Butifldrm: under the present law the private banks of Iraq can only sell foreign currency for a profit
Butifldrm: yet the CBI mandated they bring their reserve up to 250M
OOTW: THERE IS LEGISLATION WHICH HAS COME BEFORE THE PARLIAMENT ADDRESSING THIS FOR PRIVATE BANKING AND GOVERNMENT BANKING/FUNDING NEEDS
OOTW: EXAMPLE, THE ISLAMIC BANKING ACT ONLY REQUIRES ONE MORE READING
Butifldrm: When that did not happen, the CBI suggested partnering
OOTW: THE PARLIAMENT HAS READ THE ISLAMIC BANKING LAWS FOR GOVERNMENT LOANS
Butifldrm: yet, the government has passed no legislation protecting deposits, which is another way the private banks can build reserves
OOTW: BECAUSE WE SEE CONSISTENTLY CHANGING INFORMATION ON THE AMOUNT OF THEIR RESERVES, I DO HAVE TO WONDER IF WHAT WE'RE BEING TOLD IS CORRECT
Butifldrm: Are you talking CBI reserves or private banking reserves?
OOTW: YES AND IF THEY HAVE NOT DONE SO, THEN WHY ARE THEY NOW STATING THAT THEY'RE GOING TO INTRODUCE LEGISLATION FOR FACTA IN THE NEAR FUTURE, ZEBARI SAID THIS NEEDED TO BE PASSED PRIOR TO SEPT 15 2015
OOTW: CBI
OOTW: I HAVE NO IDEA WHAT THE PRIVATE BANKING RESERVES ARE
OOTW: THE TOTAL
Butifldrm: Not that I'm a fan of FACTA lol , but if Iraq is going to play the IMF game it must be done
Butifldrm: ‹@OOTW› the private banks reserves had to be increased to 250M
OOTW: DO THEY KNOW WHAT THEY ARE NOW?
OOTW: NOT TO PUT YOU ON THE SPOT OR ANYTHING..SORRY
Butifldrm: I'm pretty sure to do business in Iraq a designated bank must have that much in reserve
sczin11: ‹@OOTW› IF I MAY, THEY MUST BE AT THE $250 MILLION LEVEL
Butifldrm: there has been alot of discussion about this and a lot of it had to do with Bael III standards
OOTW: OH?
Butifldrm: yes,
OOTW: AH RIGHT OK ...BASEL III YAY LOL
Butifldrm: So, think about how hard it would be to raise such capital reserves by selling the dollar
sczin11: SEVERAL OF THE BANKS, EARLIER IN THE YEAR WENT ON ISX TO HELP RAISE THE CAPITAL THEY WERE SHORT
Butifldrm: ‹@sczin11› right
Butifldrm: also some have tried to partner with international banks
Butifldrm: still it's such a hendrince
Butifldrm: when they can only sell currency
OOTW: WASN'T THERE AN ARTICLE RECENTLY STATING HOW MUCH MONEY THEY RAISED LAST YEAR SELLING CURRENCY?
OOTW: WAS THAT A DROP IN THE BUCKET COMPARED TO WHAT THEY NEED?
Butifldrm: Hum the CBI?
Butifldrm: The CBI has made all their reserves from selling currency
sczin11: ‹@OOTW› BUTI IS TALKING ABOUT THE IND PVT BANKS I THINK
Butifldrm: Yet we have seen the reserves fall since Turki left
Butifldrm: Yes Scizn
Butifldrm: Islamic banking law does not allow for interest
Butifldrm: We have seen State banks be able to provide soft loans
sczin11: ‹@OOTW› THE PRVT BANKS NEED TO BE ABLE TO PERFORM ALL BANKING FUNCTIONS TO GENERATE MORE REVENUE FROM INTEREST , FEES, COMMISSIONS ETC...
Butifldrm: Yes
OOTW: thanks
Butifldrm: When the IMF talks about liberalization of the economy that includes the banks
OOTW: good reminder thank you
Butifldrm: Not just the currency
OOTW: yes
OOTW: i appreciate that
OOTW: WELL THIS WAS A GREAT TALK, WE
OOTW: HAVE TO DO THIS MORE OFTEN ...NUDGE NUDGE
OOTW: :kissing:
Butifldrm: Oh I'd like to bring up the subject of neighboring countries and trade
Butifldrm: Lol
Donnie: There’ve Been Some Big Moves in Currencies This Week. The kiwi, loonie, and more by Rachel EvansJulie Verhage - July 16, 2015 — 1:55 PM EDT -
http://www.bloomberg.com/news/articles/2015-07-16/there-ve-been-some-big-moves-in-currencies-this-week
OOTW: PLEASE DO
sczin11: ‹@Butifldrm› ‹@OOTW› IT IS TRULY AN HONOR AND PRIVALEDGE TO LISTEN/READ THE CONV BETWEEN THE TWO OF YOU...THANK YOU BOTH
OOTW: THANKS DONNIE
Butifldrm: Thanks Donnie
OOTW: THANKS SCZIN11 :grin:
Donnie: did want to interrupt ur conversation so i only posted the title and link
OOTW: DONNIE :kissing:
Butifldrm: I also think that an Iran released from sanctions will put a fire under Iraq
OOTW: YES, SEEMS VERY PLAUSIBLE
Butifldrm: Iran will now be a competitor
sczin11: ‹@Butifldrm› IS THERE A LINK FOR THAT THOUGHT, :)
Butifldrm: Only not from Iraq or the Shia
OOTW:
http://wealthwatch.world/showthread.php?tid=1155
OOTW: THIS ONE?
Butifldrm: Just the worlds view of oil pricing
sczin11: ‹@OOTW› AFTER U ADD THIS CHAT, YES
Butifldrm: Oil today is close to 51 dollars per barrel
Butifldrm: When Iran comes on board next month we will have to wait and see what it will be
Butifldrm: Article out there stating OPEC should reduce production
OOTW: SO YOU'RE THINKING IS IT WILL DROP EVEN FURTHER?
OOTW: AH OK
Butifldrm: Yes
OOTW: SO THE OPPOSITE?
OOTW: NEVERMIND LOL
Butifldrm: But articles out of Iraq stating that Iran will not affect oil prices
Butifldrm: This is a wait and see
OOTW: WELL THAT'S SOMETHING..NOT SURE THEIR NEXT YEAR'S BUDGET CAN AFFORD MUCH MORE OF A DROP
Donnie: unless demand worldwide picks up, how can the price not drop with Iraq increasing production and Iran coming on-line to sell to anyone.
Butifldrm: The Budget is approaching for Iraq and its important they get the oil pricing correct
OOTW: YES
Butifldrm: You are so right‹@Donnie›
sczin11: ‹@OOTW› AH, AND THUS THE NECESSITY , AMONGST OTHER THINGS, CUSTOMS AND TARIFF IMPLEMENTATION....NOW
Butifldrm: Yes Sir‹@sczin11›
Butifldrm: Iraq is at a crossroads
OOTW: YES, LET'S WAIT AND SEE IF THEY ACTUALLY START THE TARIFF'S AUG 1 - BIG WAIT AND SEE ON THIS, ALTHOUGH PRESS RELEASES FROM THE CUSTOMS SITE CONFIRM THIS MOVE
sczin11: ‹@Butifldrm› AND IF THEY DONT INCREASE THE PURCHASING POWER, YOU CAN FORGET ABOUT TARIFFS DOING ANY GOOD
TxBrand: 2 weeks
Butifldrm: Iraq the Shia led government needs to move forward fairly with reform and the Sunnis and Kurds need to be addressed
sczin11: ‹@TxBrand› LESS, :)
Butifldrm: This move will be the only way to reforms
Butifldrm: Shia are trying to get reconciliation, yet they have given 0 concessions
TxBrand: 14 days
OOTW: TRUE BUTI
Butifldrm: Scizn you are correct
sczin11: ON A SIDE NOTE... HAPPY FIVE WEEK ANNIVERSARY..... 671 MEMBERS AND CLIMBING EVERY DAY......THANK YOU BUTIFLDRM AND OOTW FOR ALL YOUR DEDICATION AND INSIGHT...KNOWLEDGE AND RESEARCH....
Butifldrm: Iraq and ten years of corruption has made a bad bed
OOTW: SCZIN11 SAME TO YOU HON
OOTW: TY
Butifldrm: Scizn and OOTW luv you both
sczin11: ‹@OOTW› IT IS TRULY MY PLEASURE TO BE A PART OF YOUR TEAM....
Butifldrm: Plus everyone else that contributes to this site
sczin11: ‹@Butifldrm› LOVE YOU TOOO....SIS
Butifldrm: :)
Butifldrm: I love the fact that we can have free conversation about Iraq and anyone is allowed input
sczin11: OKAY FOLKS.... ANY QUESTIONS OR COMMENTS... JUMP IN NOW
Butifldrm: We are all still kearning
Butifldrm: Learning
OOTW: YES WE HAVE A GREAT SET OF MEMBERS..TY ALL
OOTW: YES, IT'S AN EVERYDAY THING, ESP WITH IRAQ
OOTW: LOL
Butifldrm: Lol Yall must know I cant type
sczin11: I JUST LOOKED UP KEARNING, LOL
sczin11: KERNING =SPACE BETWEEN FONTS
Butifldrm: Oh yea
tourman: I sit at my computer and read the news, watch the conversations and debates and still wonder why is there a resistance to revalue their currency.
We hear/read that some officials are screaming for the value of their currency be raised. What common denominator is affecting the decision to move forward?
We see there is still turmoil in the gov. We see the CBI still scooping up money thru the auctions. In the mean time the average Iraqi suffers and lives their lives with little hope that their government is working for them. Man that sounds familiar!.
Butifldrm: I like to give space
OOTW: SO TRUE, TOURMAN, BUT I DO BELIEVE FOR THE FIRST TIME, WITH THE ABADI GOVERNMENT, WE'RE IN A MUCH BETTER PLACE THAN WE'VE EVER BEEN, BUT YES, YOU'RE RIGHT..
OUR CONCERNS RE IRAQ ARE NOTHING COMPARED TO THE WOES OF THE PEOPLE
sczin11: ‹@tourman› WELL STATED
Butifldrm: ‹@tourman› we have to go by the documents from the CBI and the CBI states they have 1.5 times the reserves to cover the currecy
OOTW: SCZIN11 HUGS
Butifldrm: Yes well stated
: ‹@OOTW› awwwwe
Butifldrm: I know but I'm being conservative
OOTW: YES THANK YOU BUTI
Butifldrm: ......now we really have to believe from that they have 40T in circulation
Butifldrm: Lol
Butifldrm: I have my doubt about that or they would not be in a liquidity s crisis
Butifldrm: IMO most of the Dinar is being held in State Owned Banks
Butifldrm: That could be easily remmedied
sczin11: ‹@Butifldrm› BASED ON 68B IN RESERVES, AT 2:1, WHICH WAS LAST UPDATED STATEMENT BY KEYWORDS, THAT WOULD TRANSLATE INTO ABOT 34T OUT THERE, NO?
tourman: Sorry all, just getting anxious again for this to be over.... Just venting. :w00t:
sczin11: ‹@tourman› NO SORRY, YOUR THOUGHTS ARE VERY PROVOKING
Butifldrm: I'd have to go back and find an article which came out from a credit card company stating how much IQD was in the hands of the public , but if my memory is correct it was about 49% of 49T
sczin11: GREAT CONVERSATION, AND WELL THOUGHT OUT
tourman: ‹@sczin11› :grin:
Butifldrm: Oh sorry 40 T
utifldrm: ‹@sczin11› yes
OOTW: TY BUTI AND SCZIN11
Butifldrm: I don't think we have to worry so much about the currency in the state owed banks
Butifldrm: Just what the public holds
Butifldrm: That is why they need to allow for deposit insurance and electronic banking
Butifldrm: A war on cash. Lol
Butifldrm: 80 of Iraqis still don't trust the banks
Butifldrm: 80%
OOTW: WOW
sczin11: ‹@Butifldrm› PROBABLY 75% OF THAT 80% DONT NEED A BANK ACCOUNT
UNEEK: ‹@OOTW› ‹@Butifldrm› ‹@sczin11› wow all three in here at the same time ..... glad to be here - even on the sideline observing -- great discussion all day long -- thank you all
Butifldrm: ‹@sczin11› So right
OOTW: TY UNEEK
sczin11: ‹@UNEEK› :)
Butifldrm: ‹@UNEEK› so glad to see you
Dianne777: ‹@Butifldrm› ‹@Butifldrm› I dont trust them either lol
UNEEK: :heart:
Butifldrm: ‹@Dianne777› I know that's right
sczin11: ‹@OOTW› WHICH LEADS US BACK TO THE PURPOSE OF TARIFFS, AND THEIR LACK OF POSITIVE INPUT, WITHOUT .......... PURCHASING POWER!!!
OOTW: YES AND WHY THE IMPLEMENTATION IS SO IMPORTANT AND BECAUSE IT'S SO IMPORTANT, IT ALSO CARRIES WITH IT THE POTENTIAL (WITH THIS WEIGHT) ITS FRAGILITY
OOTW: THE TARIFF ISSUE IS A CATCH 22
OOTW: *OF ITS FRAGILITY
Abraham: Applying the tariffs without a revaluation will cause social unrest. They have to revalue! They want to revalue, IMF says Ok go to a market based economy
Butifldrm: I believe this lifting of sanctions on Iran may help Iraq's taffs problem
Butifldrm: tariffs
Abraham: One hand can't clap