NEWS, RUMORS & ARTICLES
5-23-13 SWFloridaGuy: First of all I'd like to mention that I landed an interview with an expert today and hopefully it will be finished sometime today and I will post upon its completion.
There have been a few encouraging reports released today that are very interesting and of course also to interpretation. The CBI Governor held a meeting with bank officials and managers for the sole purpose of supporting bank policy and how to further contribute to the building the Iraqi economy.
Considering their job description we are led to believe one or possibly all of the following issues are being discussed, negotiated or prepared for implementation. They are either determining ways to control interest rates, the nation's entire money supply or to implement new monetary policies.
The agenda most likely includes the current state of the nation's entire money supply, addressing corruption and the state and management of the country's foreign exchange and gold reserves and the government's stock register. Also, how to best manage inflation. Most importantly when and how to increase the IQD exchange rate.
Today another report said that, "Iraq is making the advancement of economic reality and linked to more than 153 countries. This establishment of an international Trade Point in Iraq will bring substantial benefits to help the advancement of the economic reality of Iraq and its openness to global markets." Link
To me this is a clear indication they are making an effort to go international and also meet the necessary requirements for WTO accession. This is just my opinion; let's give it some time to let this play out before we jump to conclusions but hard to argue that Iraq certainly appears to be moving in the right direction.
Today's Article - CBI Governor, Abdul Basit Turki, Held A Meeting Today With Bank Officials and Managers Supporting Banking Policy; These banks to perform its national role and contributing in building the economy of Iraq.
CBI confirms it continues to support the banking activity in accordance with the declared policy. Baghdad, said the Iraqi Central Bank, on Thursday, continuing to support the banking activity in accordance with the policy stated, as called for all relevant parties to avoid irresponsible remarks that do not conform with the facts which it operates, the bank said in a statement issued today.
The Governor of the Bank and the Agency Abdul Basit Turki held, today, a meeting with a number of managers of Commissioners and officials of private banks," noting that "the governor said during the meeting to the bank continued to support the banking activity in accordance with the policy stated, Since qualifies these banks to perform its national role and contributing Avenue in building the economy of Iraq.
Said the bank that he "is the only entity and reference in the administration and the announcement of monetary policy in Iraq," calling on all relevant parties to "avoid irresponsible remarks which are not consistent with the facts that works out.
He said the bank that he "will continue to announce in a transparent manner for all procedures stated its policy cash to the public and stakeholders." and founded the Iraqi Central Bank as a bank independent under its law issued on the sixth of March of the year 2004, as an independent body.
Which is responsible for maintaining the stability of the prices and the implementation of monetary policy, including exchange rate policies are being daily sessions for the sale and purchase of foreign currencies with the exception of public holidays, which stops the bank for the auction. Article/Comment
5-23-13 Stryker: OK, well we are getting some interesting news today, starting off with the Security Council has approved Secretary-General's proposal to conclude an agreement with Iraq in order to transfer the Kuwaiti funds being held by the UN Trust Fund to the Iraqi Government so they can be distributed to the appropriate citizens to reflect the correct amounts who remained on the Kuwaiti territory after the border demarcations boundary between Iraq and Kuwait.
This land border deal was completed March 29th, three days early from a red line by the UN's Martin Kobler. This just leaves the maritime border issues that have been agreed upon and should be ready for Parliaments return. Nice find goes out to RSS for finding this article for the Stryker Blog members.
Here is one from Gamaray this morning that talks about the need for new legislation to the Securities Commission to regulate the Iraqi stock market and the importance of entering Iraq's market for securities to the world markets.
It is so important that Iraq amend and re-enact by the way of the House of Representatives their Securities Commission Act because it conflicts with other economic laws according to this article. It looks to me that the Cabinet has made these changes and they too should be ready for Parliaments return.
Here is a quote from another RSS article this morning:
Ministry of Commerce announced near the launch point of Iraq's international trade, stressing that this project will work on the development of the private sector through increases intra-regional trade with the countries of the world. Now is that not a piece of the puzzle, goes well with all the WTO meetings of late.
Well that one leads me right to the IMF reports that Iraq needs to build buffers by the way of building their private sector, wait they are just about to launch this program above, isn't that interesting.These buffers will help protect their dependency on the vulnerable energy market.
One more but this doesn't mean that this is all, I will be going over many more tonight on Stryker WebTV & Blog Talk Radio. A few articles out today that are stating by Parliament Economic Committee Iraqiya MP Hassan al-Bayati that the deleting of the zeros from the currency date will be early next year.
Just remember though that they are not in control of the Monetary System, the CBI is and the CBI made an announcement last month on their website wherein they state, not ready at the current time and nothing about next year. If it is next year then we will be right here because you aren't scaring us off.
Have a question that you would like me to answer or you have a comment that you would like me to read on my show tonight, just email me at: info@StrykerBlog.com Thanks for all your support and have a great day. Stryker Blog - Comment
5-23-13 Mountainman: This is the best news I've read in a long time. It looks great for Iraq's currency going international and becoming members of the WTO. Iraq is preparing to play with the big boys and to that they need to have a currency with some value. We may be a lot closer than we think to seeing this resolved. I'm not saying to expect a RV soon, I would never do that but I will say that steps are being taken in preparation for one.
Today's Article - "Confirmed the Department of Foreign Economic Relations and Trade Ministry, on Thursday, that the date for the launch of Trade Point Iraq's international soon became, after they completed the circle preparation of legislation and the development of the financial allocations and selection of staff, stressing that the establishment of International Trade Point in Iraq is making the advancement of economic reality Iraqi and linked to more than 153 countries."
Said Director General of the Department, Hashim Mohammed Hatem, in a statement issued by the meeting of the circle, in the presence of representatives of Iraqi ministries and sector bodies, this morning, and received "Alsumaria News" a copy of "The launch of Trade Point Iraq's international is soon not leaving only determine the headquarters of the point.
The Chamber completed the preparation of legislation and the mechanism of action and the development of the financial allocations and the provision of equipment and selection of staff and their participation in training courses in the field of commercial transactions and international communications technology.
Hatem said that "the establishment of a Trade Point International in Iraq bring substantial benefits to help the advancement of the economic reality of Iraq and its openness to global markets, through the presence of an integrated database conducts e-commerce in the field of product marketing and presentation of tenders and methods of buying and selling. Article/Comment
5-23-13 Yota691: The Iraqi Central Bank said on Thursday, continuing to support the banking activity in accordance with the policy stated, as called for all relevant parties to avoid irresponsible remarks that do not conform with the facts which it operates.
The bank said in a statement issued today, and received "Alsumaria News", a copy of "The Governor of the Bank and the Agency Abdul Basit Turki Saeed held, today, a meeting with a number of managers of Commissioners and officials of private banks."
"The governor said during the meeting, the bank continued to support the banking activity in accordance with the policy stated, and as qualifies these banks to perform its national role and contributing Avenue in building the economy of Iraq. "
The bank said it "is the only entity and reference in the administration and the announcement of monetary policy in Iraq," calling on all relevant parties to "avoid irresponsible remarks which are not consistent with the facts that works them. "
He said the bank that he "will continue to announce in a transparent manner for all procedures stated its policy cash to the public and stakeholders." and founded the Iraqi Central Bank as a bank independent under its law issued on the sixth of March of the year 2004, as an independent body.
Which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies are being daily sessions for the sale and purchase of foreign currencies with the exception of public holidays, which stops the bank for the auction. Article/Comment
5-23-13 BGG: "Iraqiya MP: Nijaifi’s meeting with Barzani” positive and fruitful." I put this first because it is far and away the most important political issue for the day. Barzani and Najafi getting their resources together and eventually banding together with Hakim and Sadr will be the start of a legitimate Iraq GOI – FINALLY!! Some semblance of a balance in power is all that is needed to calm things and bring real economic reforms. BGG Blog
5-23-13 Economic Growth (IMF Survey): Economic Growth Moderates Across Middle East IMF Survey:
•Oil exporters maintain healthy non-oil growth, oil importers see moderate recovery
•Transition countries need resolute actions to maintain economic stability and promote inclusive growth
•Help from international community remains crucial
Differences in economic growth across the Middle East and North Africa
(MENA) region are expected to narrow in 2013, though economic conditions in the oil exporters and importers are still quite different, says the IMF in its latest Regional Economic Outlook Update, which predicts growth will reach about 3.1 percent this year.
The healthy growth rates of the region’s oil exporters—Algeria, Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Yemen—are projected to moderate from an average of 5.7 percent in 2012 to 3.2 percent in 2013 (see table).
This is mainly due to a scaling back of increases in oil production amid modest global demand.
By contrast, the region’s oil importers—Afghanistan, Djibouti, Egypt, Jordan, Lebanon, Mauritania, Morocco, Pakistan, Sudan, and Tunisia—face a difficult external environment. On average, this group of countries is projected to post moderate growth of 3 percent this year. In the Arab countries in transition, continued political uncertainty is also holding back growth.
“Economic conditions remain impaired across most MENA oil importers, with continued social unrest, complex political transitions, and an economic environment characterized by modest global growth, persistently high food and fuel prices, and weak domestic confidence,”
IMF Middle East Department Director Masood Ahmed told a press conference in Dubai.
Oil exporters still buoyant
The region’s oil-exporting countries achieved robust growth of 5.7 percent in 2012 on account of the almost complete restoration of Libya’s oil production and strong expansions in the Gulf Cooperation Council countries.
Economic growth is projected to fall to 3.2 percent in 2013, as oil production growth pauses in the context of subdued global oil demand.
However, non-oil growth continues at healthy rates of about 4½ percent on average.
Elevated oil and gas export volumes and prices allowed oil exporters to accumulate current account surpluses of about US$440 billion in 2012. A small decline in projected global oil prices (based on futures
markets) and an expected rise in imports will lead to a somewhat smaller—but still sizeable—current account surplus of about US$370 billion this year.
Risks to the global outlook have somewhat diminished in recent months but remain high.
Lower global economic activity, for example in the currently fast-growing emerging markets, would likely result in lower oil prices. A number of oil exporters are seeing widening non-oil fiscal deficits, making these countries more vulnerable to a prolonged drop in oil prices.
Steps to rein in spending
Fiscal break-even oil prices—the price levels that would ensure that fiscal accounts are in balance at a given level of spending—have been trending upward in most countries. In several countries, some degree of fiscal consolidation—measures to rein in spending and bring down the government deficit—will need to be considered to bring fiscal balances down to a more sustainable level.
“To build resilience to a possible sustained decrease in the oil price, oil exporters should contain increases in hard-to-reverse current government expenditures, like the wage bill and subsidies,”
Ahmed said.
Effective social and capital expenditure can decrease dependence on oil revenues in the long term by promoting future growth in non-energy sectors. High-quality education can support job creation for nationals, the IMF says.
Oil importers under strain
In 2013, growth in the region’s oil importers is expected to recover, but only at a moderate pace, projected at close to 3 percent—a rate far below what is required to address these countries’ high rates of unemployment.
Investor confidence remains weak because of political uncertainty and social unrest across the Arab countries in transition and regional spillovers from the tragic conflict in Syria—including the cost of supporting refugees, disruptions to bilateral and transit trade, and heightened security concerns.
A challenging external economic environment continues to put pressure on international reserves in many oil importers. Sluggish global growth and recession in the euro area are holding back a quicker recovery in exports and tourism. Meanwhile, high global food and energy prices contribute to rising import bills.
Resolute actions needed
With high fiscal deficits and reduced international reserve buffers, many oil importers have no time to waste to embark on difficult policy choices—considerable fiscal consolidation—implemented in a growth-friendly and socially balanced way—and greater exchange rate flexibility.
This should help maintain macroeconomic stability, instill confidence, preserve competitiveness, and mobilize external financing, thus putting in place important preconditions for a healthy economic recovery, the IMF says.
“Recent subsidy reforms, paired with measures to implement more targeted social protection, are making inroads into reducing fiscal and reserve pressures in some countries in the region. However, countries will need to further rationalize subsidies while at the same time putting in place better-targeted mechanisms to protect the poor,”
Ahmed told reporters.
Reforms should not wait
Looking beyond the near-term challenges, it will be necessary for many countries across the region to press on with structural reforms to achieve inclusive growth and create permanent jobs, says the IMF.
“Important as it is now to focus on maintaining economic stability, it is vital not to lose sight of the fundamental medium-term challenge of modernizing and diversifying the region’s economies, creating more jobs, and providing fair and equitable opportunities for all,” Ahmed told the conference. He stressed a number of important reform areas that should not be delayed in order to unlock the region’s vast medium-term growth potential:
• Greater trade integration, both within the region and in the world economy, not only to boost growth but also as a catalyst for other important reforms.
• Business regulation and governance reforms to ensure simple, transparent, and evenhanded treatment for companies, and ultimately greater transparency and accountability of public institutions.
• Labor market and education reforms that will ensure adequate skill building and incentives for employment while maintaining adequate worker protection.
• Improving access to finance to help catalyze entrepreneurship and private investment.
• Public finance reform to help free up resources for high-priority expenditures and reduce vulnerabilities, which will also spur growth.
Ahmed underscored that, while comprehensive reform will take time, “a number of steps could be taken quickly, such as cutting back on often overlapping or discretionary regulations that complicate starting up or running a business, relaxing high minimum capital requirements and restrictions on foreign ownership, and dismantling non-tariff barriers to trade.” He added that “quick wins can also be made in the area of transparency through more consistent publication of government budgets.”
Role of the international community
In addition to providing technical assistance and policy advice to many countries in the region, the IMF has provided about $8.2 billion of financial support to Jordan, Morocco, and Yemen, and reached a staff-level agreement on a $1.75 billion loan to Tunisia last month.
The global lender is also in discussions on a financial arrangement with Egypt and a second arrangement with Yemen.
Support from other international partners also remains crucial. “The international community has a vital role to play in supporting countries in transition. By providing policy and technical advice, financing, and trade access, bilateral and multilateral partners can help to support positive change,” said Ahmed. Article/Comment
5-23-13 The IQD Team Connection Conference Call: Thursday, May 23, 2013 @ 8PM EST. Join us tonight as we continue our mission to Investigate, Question & Deliver the "Straight Talk" with all the UP TO THE MINUTE IRAQ NEWS related to Iraq, Dinar, RV News.... Pre & Post RV.....Followed by Live Q & A. Call in Number: 760-569-7676, Pin 769478# or Back Up 760-569-7676, Pin 712222# (listen only).
5-23-13 BGG: Article: "Visual proposes mechanisms quick to raise the value of the Iraqi dinar." Great piece on the Dinar – an 11 point letter by an economist arguing for the raising of the value of the Dinar!! WOW!! BGG Blog
5-23-13 Jester: I am aware that certain people did meet and sign off as reported. I am seeing a process working with things in a certain order and purpose to fund the RV. There are certain things that need to be done to fund the RV and they have to be done in a certain order.
I am only aware of the Basel iii compliance of the 3 sovereign banks...WF, Chase and Citi.
(Does the fact that the PTB know we have a vested interest in this and they can’t do as they please make a difference to the way the process has been run?) They have been controlled... funds are frozen…they want their money back... less the part they owe the system back... so they can start all over... they are cooperating now.
Keep this in mind... what was done to Russia by Reagan was about to be done by the world to us... if the US did not cooperate we would be Russia right now. Comment
5-23-13 Wife in the Know: This will be my very last post. I just want to share with you that all tier 1 & tier 2 dinar holders have received their appropriate exchange amounts as of 3:00 pm central time today. This means that the Central Bank of Iraq will now release the new rate of 3.42 (most likely tomorrow [Thursday] sometime). Comment
5-23-13 Cayden123: This is Cayden123, this is my first comment ever on this subject. After months of research I have to respectfully disagree with you. Iraq has all it needs to have a very strong currency it just needs more time to get everything in order. From looking at the (IMF) reports you can see in detail the growth year by year and with that alone I believe we will see an RV, now as to when, thats a whole different story. Comment
5-23-13 Loveit2: My own personal opinion and what makes sense to me is this ... a 1:1 RV... to have it any less would only anger the people of Iraq as it is not worth a currency of a country to be less then what it is currently using.... does it stay 1:1 ?
Any ones guess.. but being it is a middle eastern country in competition with other "ego enhanced" countries.. I don't see it staying there long and it being a "gradual" (meaning slow float upwards) rise... to the neighborhood it once was $3.20 with a "guess" of 20% "inflation" adding that to the $3.20..eventually being around $3.80 .... of course this depends on the Dr. Shabibi and Maliki playing ball govt.
I don't see Maliki getting what he wants and not prospering from it. But I don't see him getting the RV without the people getting their fair share either.. with that said..expect more demonstrations and or a civil war within the country.
Lets just hope and pray they come together over there and do it soon.. if not ... well i don't see it being a benefit to have "invested" in the Dinar.... I also BELIEVE that the controlling parties are BANKERS... who makes the rules and makes money BANKERS...Rothchild's, Bilderberg and all the other MONEY players will continue to make their "voices" heard in this....after all who wins the game in the long run... the one with most toys... and who has those toys... The BANKERS Comment
5-23-13 Flatline: There is another possibility. We all stand to make a great deal of money. I think the RV will happen. BUT! There are many who would not want that. I am a military veteran. A combat medic to be precise. Anyone who trusts O Admin. is blind. This entire war was over money and money is what it comes down to. But NOT money for us. EO 13303 was probably signed under protest. Or to protect the larger investors. NOT US. Just my opinion. There is plenty of evidence for those who want the truth. Comment
5-23-13 Ron: Let's all take a minute to go back...way back. Shabibi stated in May of a certain year that once the soldiers were gone, they would begin the final process. At that point, I stated to my family that this would push forward. The dollar would be horded, and the dinar would be turned in. That is exactly what is occurring. It is just late, based on Maliki's input. So, here we are. This is late. We are still on track. The track just keeps getting longer. Comment
