Wednesday, April 2, 2014

March 25 IMF Statement


A few days ago representatives from the International Monetary Fund visited with CBI officials in Amman, Jordan to discuss developments in Iraq's economy and banking sector.  At the conclusion they released the following statement:


“Iraq maintained macroeconomic stability in 2013, despite lower than projected oil production and exports. Growth remained solid at 4.2 percent, thanks to non-oil activity of about 7 percent, driven by construction and retail trade. Inflation declined slightly to 3.1 percent from 3.6 percent in 2012, reflecting stable world food and fuel prices. The exchange rate remained stable, and international reserves grew by $7 billion to $78 billion at end-2013 (about 10 months of imports of goods and services).
“Economic activity is projected to strengthen in 2014, with GDP growth rising to over 6 percent thanks to oil production of 3.2 million barrels per day (mbpd) and oil exports of 2.6 mbpd, even though non-oil activity is affected by the security situation.
“However, in 2013, lower than expected oil revenues and increased spending pressures—largely arising from the difficult security situation—weighed on the overall fiscal performance. As a result, the budget deficit rose to 6 percent of GDP for 2013, financed though the Development Fund for Iraq, which declined from over $18 billion to $6.5 in the course of the year.
“The draft 2014 budget envisages large spending outlays reflecting new commitments for security, social assistance and pensions, and transfers to the provinces. To preserve macroeconomic stability, planned expenditure commitments should be scaled down, while preserving key social spending. In the longer run, Iraq should strive to manage well its large, and rising, oil revenues by containing current spending and building up fiscal and external buffers.
“In this connection, we also underlined the importance of strengthening public financial management, including budgetary processes, classification, and reporting, and introducing an integrated information system, to help prepare and execute sustainable fiscal policies.
“We also discussed progress in the financial sector reform agenda. The Central Bank of Iraq is pressing ahead with the improvement of its operations and the reform of the financial sector by preparing new central bank, commercial bank, and anti-money laundering/combating the financing of terrorism legislation, and introducing a new payment system. However, more needs to be done by the government and the central bank to restructure the large state-owned banks, and leveling the playing field for private banking sector, gradually increasing their access to government business.
“The exchange rate—supported by ample international reserves of the central bank—provides a key nominal anchor to the economy and has served Iraq well. We encouraged the Central Bank of Iraq to renew its efforts to liberalize gradually the foreign exchange market, further reducing the spread between the auction and parallel market rates.
“We would like to thank the acting minister of finance, the acting governor of the Central Bank of Iraq, and their staff for the productive and candid discussions we had during the mission.”

http://www.imf.org/external/np/sec/pr/2014/pr14124.htm



The gurus seemed to be all jazzed about this meeting, concluding that it signals a huge increase in the dinar's value.  But seeing as how the recommendation was to bring the auction price closer to the market price, I would have to say that this would mean a devaluation if anything since the market price is lower than the auction price at this time. 





http://www.cbi.iq/documents/CBI_FOREIGN_EXCHANGE_AUCTIONS.pdf (figures encircled are at the bottom of the page)


Reading comprehension skills are obviously no prerequisite for guru status.







31 comments:

  1. What? No 3.71 bonds "gurus" have been talking about? I'm so disappointed :)

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  2. Sam.
    I’m no economist, but I think “liberalizing the foreign exchange market” means to allow more access to foreign currency. Make it easier to obtain foreign currency.
    The street value of the dinar struggles because people want dollars. The demand for dollars is high while the supply is low. So if the CBI allows a more liberal supply of dollars into the market to match the demand the market rate and official rate should balance out.
    One thing for sure we can agree on. This in no way foretells a big RV.

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    1. No disagreement there, Dave. I was just pointing out that liberalizing doesn't necessarily mean RV as we've heard from the gurus. It could mean devaluation of the auction price or bringing up the market price, or a combination of the two. Do you remember the IMF document that the gurus were talking about a few months back where they mentioned the Balassa-Samuelson effect? http://www.imf.org/external/pubs/ft/scr/2013/cr13217.pdf (page 18) It stated that moving toward a more flexible exchange rate could lead to a gradual appreciation. That's why I interpreted this comment to be a reference to the exchange rate. But like you said, either way it's not talking about a big RV.

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    2. "The street value of the dinar struggles because people want dollars. " Oddly enough to the dinar dreamers it's the polar opposite. All they want are dinar and lies.

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    3. I think what has devalued the Iraqi dinar is people breaking silence in the dinar forums when they've been asked to stay silent so that the RV could happen. People just don't know when to keep their traps shut and because of that the dinar is going to continue to keep dropping in value. You see, the dinar is pegged to dinarians and gurus tongues. The more their lies and pipe dreams are spread the lower the value. Or is it because these desperados keep shipping USD overseas to Iraq as they continue to purchase that razor sharp pink toilet paper from the dinar dealers? Some of that toilet paper has been used already hence "circulated" (fancy word for pooped on already) and no longer has that quadruple edge razor sharpness like when it came off the printing press.

      But I am in agreement with you guys that nothing spells RV but the folk who keep dreaming about it.



      RV = Rapture Vehicle - Meaning this scam is the vehicle many christians are tying to biblical prophecy.

      RV = Ruptured Veins - Is what you'll have when you find out that this is nothing but a scam.

      RV = Repetitious Vulgarity - Causing 'Ruptured Veins' because you can't quit cussing up a storm due to your sudden awoken consciousness

      RV = Reunited Vermin - Gurus & sheeple pumping up each others needs in dinar forums ESPECIALLY the VIP ones.

      RV = Resounding Vomit - The regurgitated sound of junk sheeple keep repeating in their minds that they'll soon be millionairs

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  3. here we still have pumper POOPY with all his rv rhetoric! the only reason people believe this know nothing is because he throws in a few glory be's and hail Mary's so the sheeple think he is hoe4nst and up front where the reality of it is obviously he knows NOTHING. I can remember less than a year ago he told everyone the dong was about to rv too.......this guy is seriously delusional and a bold face liar at this point.>>>>>Poppy3 - WELL THE POOR WIDOWS AND ORPHANED FROM THE WAR WILL NOT GET THE PENSIONS TODAY AS PROMISED AND THE IRAQ PEOPLE WILL NOT START DRAWING ANY FUNDS TILL POST RV BECAUSE THE HCL CANNOT BE IMPLEMENTED TILL POST RV BECAUSE THE MONEY WILL NOT START FLOWING TILL POST RV WITH THE IMPLEMENTATION OF THE HCL. SO HERE WE SET STILL WAITING FOR THEM TO GET THEIR ACT TOGETHER AND SETTLE THEIR DIFFERENCES. FIRST THEY MUST AGREE TO A FORMAT THAT WORKS FOR ALL AND THAT THEY WILL STICK TO LONG ENOUGH TO VOTE THINGS INTO LAW THEN THEY MUST IMPLEMENT THINGS AFTER THE PUBLICATION.

    NOW NORMALLY THE GAZETTE ONLY IS PUBLISHED ON SATURDAYS HOWEVER THEY HAVE MANY TIMES RUN SPECIAL EDITIONS ON SPECIAL OCCASIONS AND I AM SURE IF [THEY] FINALLY STICK TO AN AGREEMENT THAT WOULD BE A VERY SPECIAL OCCASION. I NOW DON’T EXPECT TO SEE THE KURDS ALLOW A QUARUM BEFORE THE MEETING ON THE 14TH 15TH BECAUSE THIS WILL STOP MALIKI IN HIS TRACKS AND THEY WILL BE SURE TO NEVER HAVE TO DEAL WITH HIM ANYMORE.

    THE RV CAN HAPPEN AT ANYTIME FOR SURE BUT IT IS OBVIOUS THEY HAVE WAITED THIS LONG THAT NO AGENCY OR ALL AGENCIES THAT ARE INVOLVED HAVE WAITED THIS LONG THEY ARE NOT GOING TO DO ANYTHING TILL THEY KNOW WHOM WILL NOW BE IN CHARGE AND WHAT their new agenda will be… Lets all just pray that the powers that be feels the need to give the people of IRAQ what they have waited on for almost 11 years now.
    ________________________________________________________________

    Poppy3 - WHILE I THINK TOMORROW MAY BE a very GOOD DAY, TRY AND CONTROL YOURSELVES TILL THE FACTS COME OUT AND THE READING AND VOTES ARE TRULY COMPLETE AND THE RV IS ANNOUNCED ON THE CBI SITE.
    ________________________________________________________________
    Poppy3 - I TOLD EVERYONE YESTERDAY…NOT TO GET TO HIGH ON JUST THE BUDGET POSSIBLE READING AND WE SAID IT COULD NOT BE VOTED ON AND SAID SO? THE RV IS NOT INCLUDED WITHIN THE BUDGET ONLY PROVISIONS FROM AND TO THE RV ARE CONTAINED. ANOTHER MISS CONCEPTION IS…THAT THE HCL HAS TO PASS FOR A RV. WRONG…AN RV HAS TO HAPPEN BEFORE THE HCL CAN BE FUNDED AND IMPLEMENTED.

    THERE ARE NO GUARANTEE’S OF TIMING ON THIS THING BUT…THEY HAVE MADE MORE PROGRESS AND HAVE BEEN MORE DIRECTED FOR THE RV IN THE PASSED TWO MONTHS THAN EVER …THEY ARE TRULY MAKING EVERY EFFORT TO BE A FINANCIAL POWER OF THE GLOBE.

    and we still have kaperoni clinging to every article out of Iraq thinking he knows exactly how this will go down. most of those articles are written by fools I think who have no clue of the reality of what is going on in Iraq. I know they cant agree on anything over there so its just a matter of time before the place implodes!

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    1. An article on USA Today in October 2013 reported that the FBI ranked Tennessee as the most dangerous state in the nation due to violent crime. But given that Poopy and BGG are also from Tennessee I wonder if it is the #1 BS'er state too!!

      No offense to any of you Tennessee residents just stick with my sarcasm.

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  4. It might mean allowing fewer controls (e.g. currently the CBI tries to limit dollar exchanges to those who want the dollar for import businesses). And/Or it might mean allowing commercial banks to offer dinars to the GOI directly and not going through the CBI (currently I think the GOI exchanges oil revenue dollars exclusively with the CBI). In either case I don't see how this will raise the exchange rate, though it might lower it.

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  5. So according to the chart, March 27 in the year 2636 the market rate for the dinar will still be 1,222 and auction rate 1,166. How can that be with all of the molasses Iraq has in the ground? Hey, I wonder if Okie will have run out of gas by then and Tony will be running his scam calls from prison. LMAO..

    Sorry but that was an opportunity too hard for me to pass up though April fools was yesterday. ;-)

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  6. Hey Sam, a bit off topic but I talked to someone who is on TNT Tony's call everyday. Today it was your turn to be talked about. My friend said that he spent about 10 minutes saying that he could not believe there would be a site out there called Dinar Douchebags, who would ever call their site douchebags and do nothing but make people believe that I am a liar and there is no such thing as an RV. Just letting you know so that if we see a bunch of Tony Turds coming over here, to check things our you will know why and I really hope they do so that we can give them a dose of reality

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  7. Hey robl, we are ready for those minions!!! LOL

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  8. From what I’ve seen most of his followers couldn’t grasp reality even if it was delivered by a 60 mph Mack Truck.

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  9. Here is point 9 from a 15 point article I'm writing entitled "Why Iraq dinar won't RV more than 1% - 2%". It discusses an aspect I haven't seen any "dinar gurus" mention anywhere on the dinar blogs, where would the cash come from to "cash out" 8 trillion dinar held by Americans.

    9) US banks don't have trillions of dollars available to "cash out" dinar.

    Suppose Americans have 8 trillion dinar intended to "cash out" at US banks. At $3.71 banks would have to come up with $29.68 trillion to "cash out" those 8 trillion dinar.

    US banks don't have $30 trillion available to "cash out" dinar. They don't have even $1 trillion available. They don't have even $1 billion available. Not even $100 million. Not even $1 million.

    Whatever cash they have is committed to other things already. Nothing is available to "cash out" dinar.

    As an aside, $30 trillion is TWICE THE SIZE of the entire USD M3 money supply ($15 - $18 trillion).

    Contrary to "dinar gurus", US banks are not legally obligated to "cash out" dinar. It's a service they can provide if they want to, and they can be selective about it.

    And it wouldn't be "cash out". It wouldn't be an exchange. It would be selling dinar to banks. Banks have no obligation to buy dinar, and no cash available to buy it.

    And since it's a sale not an exchange, a bank could offer what they want to offer, it wouldn't be near what dinarians think they would get, IF banks had the cash avialable, which they don't.

    SKR is the best dinarians could hope for if their fantasy 300,000% "RV" were to happen, and SKR is not spendable, it's not money. It's merely a receipt for assets held for safe keeping.

    Dinarians might be able to pledge their SKRs as collateral for loans to be paid back with interest, and banks CAN create more dollars by making loans, even up to the $30 trillion expected by dinarians, but expanding the USD money supply to 3 TIMES its present size would destroy the US dollar, it would be instantly rejected as world reserve currency and probably devalue 90%.

    There's no guarantee banks would make such loans, they have no legal obligation to do it.

    This is another huge thing dinarians haven't thought about. They assume banks have boatloads of cash laying around to "cash out" dinar, but they don't, and they have no obligation to do it.

    This is a moot point since there will be no 430,000% "RV" (to $3.71), not even 100% "RV" (to $0.00172). I bring it up merely to show how dinarians haven't thought this thing through, and are relying on massive assumptions nowhere near reality.

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  10. Foreign currency exchanged for dollars ultimately makes its way to some entity that has dollars and desires to buy the foreign currency. For floating currencies like the dollar or euro that might be the foreign exchange desk of that bank, but is more likely to be some other financial institution (just due to the large number of them involved with trading floating currencies). But, for a pegged currency that entity is by definition only the central bank of the country in question. Other banks might well be middlemen but ultimately it has to get to the central bank as they are the ones providing the market for their currency (that is what makes it "pegged"). The CBI only has $85T USD (worth) or so in reserves. So it doesn't matter where the IQD is coming from, the CBI can not fund it at anything beyond 15% or so of the current value and no way are they going to give up that 15% unless its needed to fight inflation for example.

    Further no one knows how much IQD is held outside of Iraq, and getting into that just opens a can of worms with more silly guru schemes where the UST gets discounted oil etc. None of that can work of course since even if Iraq wanted to give all its oil revenue to the west its only 150B USD say. If we're talking a $3 RV that's 20 years or so per 1T IQD, that Iraq would go with zero revenue just to cash out the west. I'm sure that will be very popular idea with Iraqis.

    But moreover you don't have to get into that. What we DO know is how much Iraq imports and how big their M2 is (oh by the way you mentioned the US M3, but I don't think we even report M3 anymore). Iraq imports something like 60B USD worth per year so say 65T IQD a year so 1.25T IQD pre week. Given that that is only 1.6% or so of M1 (i.e. spendable assets). It seems quite reasonable that this IQD spending level will continue at least briefly after this great $1 RV as Iraq now has ample assets (so the RVers say) to pay for all the things its missed form iPhones to power plants. At 200B IQD per day, just one day at 1USD/1IQD will wipe out the CBIs reserves by more then 2x. No guru nutty UST/oil scheme can help with importers in Iraq wanting to exchange trillions of iQD for dollars.

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    1. As far as Iraq is concerned, Dinar are not assets, they are liabilities.Raising the value of Dinar does not increase Iraq's wealth, it increases their debt. That fairly simple concept is all you need to know about monetary policy to understand why there cannot be any "RV".
      A Dinar outside of Iraq is an instrument that Iraq's central bank sold for (today's rate) .0086. The proposition that they would RV it is to say that they will buy it back for $3 up to $36 depending on which guru you're listening to.

      And I am a Economist, with a PhD in International Business.

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  11. But, but JRG, after the "RV" the Dinar will be internationally tradable doncha know? Why at a rate of $3 it will be worth more than all the world's other currencies combined and every country on the planet will be clamoring for it! Think about it, with all that newly created wealth the countries around the globe will exchange all those trillions of Dinar they have been holding in anticipation of the "RV" and pay off their national debts, the GCR will become reality! All those many thousands of newly created multi-millionaires will turn previously stagnant economies into vibrant and robust economies flush with money they will get from their Dinar holdings, debt around the world will be erased! The US will have all the cheap oil it can use by trading some of it's Dinars (what's left after exchanging enough to pay off the national debt!) for Iraqi oil for many years to come but US citizens will be so rich they won't be concerned about the price of oil anyway! I tell you this coming GCR is a "blessing" that Iraq will provide to end poverty around the world, not just end poverty but it will bring untold wealth to many thousands or even millions of people around the world and all this from a small, violent, backward, war torn, third world country that's teetering on the brink of civil war and can't even provide electricity to more than half it's population and not for a full 24 hrs to those it can! Yessir this here "RV" is going to be the blessing we have all been waiting for and all it's going to take is for Iraq to just declare the Dinar to be "RVed"!



    As absurd as everything I just said is (maybe stupid would be a better word) it's EXACTLY what Dinarians are saying is going to happen whether they realize it or not!

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    1. And those dinar douchebags will stick to that story and those dinar they have till hell freezes over, because their ego is on the line now, they've blabbed about their imminent windfall wealth to multiple people for years in some cases, convinced others to buy dinar, their ego couldn't take the hit of admitting they were wrong.

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    2. As for the USA getting cheap oil in exchange for all those cashed in Dinar, first, the US Federal Reserve, Treasury etc.. does not buy oil, oil companies do and most of the oil companies dealing with Iraq are not US companies at all, BP is British,Shell is Dutch etc... and second, for the most part, Iraqi Oil is not used or usable in the USA, aside from a few facilities in California, US Refineries are not able to refine Iraqi Sweet Crude and to make them so would make them unable to refine Mexican, Canadian, domestic and Venezuelan oil, which is what our refineries currently process. Most middle eastern oil is used in the middle east. Asia and Europe. Crude oil comes in many grades and refineries are very specialized to produce only certain grades, when US states convert from summer to winter blends, the refineries have to go through a very expensive procedure just for that small adjustment.

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    3. I have tried to argue that point over at DV from the very first time I heard the Dinar for oil BS but it's mostly useless to point that out to these people. I have asked "if the US Government is buying/importing all that oil what are they doing with it"? Does the Government own the refineries and gasoline outlets? No? Well then what Government agency sells the oil it bought to private industry and how is this accomplished? However all I get is babbling about the US strategic reserves as proof the US Government does indeed import oil! Further explanation about the strategic reserves results in links to Government procurement sites that purchase oil for the reserves, military, etc that of course have zero to do with importation, no matter it's all they need to support their idiotic nonsense.

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    4. LOL. The "US is buying Iraq oil at a really cheap price" can be debunked in 5 seconds flat:-

      Cost of Imported Crude Oil by Country - Jan 2014:-
      $99.21 Saudi Arabia
      $98.44 Persian Gulf (inc Iraq)
      $95.84 Columbia
      $95.02 OPEC (inc Iraq)
      $89.18 Venezuela
      $89.12 Mexico
      http://www.eia.gov/petroleum/marketing/monthly/pdf/pmmtab21.pdf

      The USA *IS* importing cheaper oil - from Mexico & Venezuela! Why? Lower transportation costs of geographically closer countries...

      From what I remember the whole delusion arose from the usual chronic mental midget guru's misunderstanding the difference between TSC's (Technical Service Contracts) and DPSC's (Development and Production Service Contracts), ie, the fixed price "cut" Western firms receive from each barrel sold in return for drilling support, boosting output, future field exploration, etc) with the actual price of oil. The USA buys oil from Iraq at a market rate no different to anyone else. And it's private firms that import it, not the US Govt.

      To further destroy the guru delusion:-

      - Only 11.5% of daily imported oil comes from Iraq (249k out of 2,173k barrels imported per day).

      - And only 9.2% of exported Iraqi oil goes to the USA (249k out of 2.7m exported barrels per day).

      http://www.eia.gov/petroleum/supply/monthly/pdf/table53.pdf

      249k barrels per day imported into the USA from Iraq x $100 oil price x 365 days per year = a paltry $24.9m per day / $9.088bn per year. So with 87.7tn Dinar money supply, it would take roughly 33,775x years for the US to "support" a $3.5 "RV" even paying non-cheap $95-$100 market rate for oil...

      I'm genuinely surprised half these people can even tie their shoelaces in the morning without needing someone to draw a picture for them...

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    5. Evan that number for oil imported from Iraq is skewed in that it includes the Gasoline and Oil purchased in Iraq by the military for use in Iraq. If you separate those purchases out, the number goes down by about 25%

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  12. From recaps: "The Iraqi Ministry of Transport is attempting to obtain a $2 billion dollar loan from the Export-Import Bank in the US for the purchase of 40 Boeing aircraft that have been committed to Iraq for delivery. It will be interesting to see how they manage to pay for these aircraft....hope the loan goes thru."

    No, don't borrow the money, their 500,000% RV is coming ANY DAY NOW, they can pay cash for a hundred Boeing jets, two hundred Boeing jets, hell they can buy the whole Boeing company and pay cash for it, and the whole freikin state of Washington too.

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  13. Maybe someone can help me make sense of Dontlops ignorant statement here.



    "I'm thinking this topic should make more sense now as we see the cbi buying more gold to support the project and its new monetary policy 

    They seem to be selling gold to reduce liquidity of the dinar 

    I don't think this will happen over night 

    But with the help of selling treasurys and dollars and gold like the article states they can reduce it to what ever they choose to reduce it to 

    I don't think anyone knows how far they will go with that 

    Hopfully till the dinar is equal to the dollar
    Thanks yota for bringing this article"





    Read more: http://dinarvets.com/forums/index.php?/topic/171388-35-trillion-dinars-the-volume-of-cash-in-circulation/page-2#ixzz2y0qorAfG




    So based off of Dontlops brilliance.........Iraq is using their reserves (mainly USD) to buy gold and then selling it (for USD) and this is somehow going to bring the dinar 100,000% more value over the long run? Guess as long as he makes it sound good then his sheeple victims will believe it.

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    1. I don't remember which genius it was over there in that thread about Iraq buying 90 tons of gold but he replied,

      "90 ton of gold + 83 billion in cash reserve.

      Increase the exchange rate please.!"


      Do these idiots think Iraq is getting this gold for free? That thread is three pages long now and no one has pointed out this gold is in EXCHANGE for cash reserves not in ADDITION to it, how do they think Iraq is acquiring this gold?

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    2. They pounce on every CBI/dinar related news story and twist it to support their fantasy "RV" coming ANY DAY NOW (over 10 yrs now). That's the bottom line explanation.

      Iraq / CBI has no interest in raising dinar exch rate when all other nations are devaluing (via printing). Any increase in CBI reserves will permit more dinar printing giving Iraq govt more money without raising taxes, just like US Fed printing more dollars and buying more treasury bonds giving our govt more money to spend without raising taxes.

      "reduce liquidity" is nonsense, dinarians don't even know what terms like that mean, their knowledge of how currencies work is slim or none.

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    3. I gave up trying to decipher dontlop's (sometimes drunken, by his own admission) ramblings. 90 tons of gold would be about 4B USD worth and of course they have to buy it. It is indeed amazing that the believers don't seem to grasp the simple idea that to get gold you have to pay for it. I also have no idea what "reduce liquidity" would mean in this context. Liquidity means ease of exchange. So for example if Iraq were to RD and make it difficult for IQD holders outside the country to exchange, then out of country IQD holders would have a liquidity problem. But what that means inside Iraq now I don't know and suspect translation issues. It sounds like means they want to make it harder to get dollars, but as long as demand is high that will only drive the price of dollars up which is exactly what the CBI does not want to happen. The IMF has suggested liberalizing exchange (which would increase liquidity) to allow dollars to more easily be exchanged thus more easily meet demand and bring the price down to what the CBI wants (about 2% over its 1166 rate).

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  14. The real subject of the article, in short, is Iraq needs to reduce spending because when they run through the fund, which will happen this year, they just cannot afford to spend what they are proposing in their current budget plans.
    I know, "one of the richest countries in the world" shouldn't be reduced to this, but that's what the IMF is telling them.

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  15. here is more lies and bull from old pumper KOONCE>
    Randy Koonce Update

    How are you makin it?

    I know everyone wants me to have a call but these notes do the trick too…

    Ok. the pressure is on for Maliki he is just about to bounce off the walls to get this out and the IMF has drug their feet and making Maliki sign off on things Like HCL and Budget, and etc…

    I am going to state every thing is done that has to be done for the RV to take place so no one has to ask the question does Iraq need this to RV… Answer is NO… They are Ready…


    I want everyone to know that this can go off on any day of the week, I like Sundays and Thursdays but that means nothing the window is as open as I have ever seen this thing be…

    You ask why can’t I give a specific date… the reason is I do not control the RV “I wish I did would save me many a phone call..”

    Ok here is the Skinny… I cannot give you intel because it is very sensitive at the time.

    I can say the CBI is ready Maliki is ready and the IMF is getting ready so when the stars align like they are now the window is open wide… and do not worry about what ifs just wait until it happens and then go to a bank and cash in if you have more than 1 million in dinar you can negotiate the CBI rate and no fees.

    The thing with groups pick people you know do not fall for the 800# and private stuff the rate will be the rate and you will not be able to get more than what the bank pays… the last rate that was given to us is between 2 and 3 dollars.

    The Banks all and I mean All banks will participate in the exchange, that deal in foreign currency. DO NOT WORRY ABOUT whether or not you will be able to cash in Take your time and Breathe… if you want cash a little then go back do some more…

    I BELIEVE THAT WE WILL BE DONE BY THE MIDDLE OF APRIL… if for some reason we are not I will get the reason… but for now all parties are aligning very well.

    So tonight to the middle of April is extremely important to us in this investment…

    Continue to check the cbi website for the rate change… if they do it in the mornings Iraq time that is around 12 midnight to 2 in the morning… those have been good window following when the bank updates its screens.

    RELAX and be smart about your money it is a currency very hard to track… so do not give it to anyone other than a bank or dealer on exchange and get your money back at the same time if you have to wait go somewhere else… DO NOT LET IT OUT OF YOUR SIGHT UNTIL YOU GET MONEY IN RETURN… PLEASE BE SMART ABOUT IT…

    I have started making plans for the Austin event so if you want to go just send me email…. I will setup a web page to register…. if we get past the next 4 days and no RV I will do a call…….

    Check CBI.IQ

    Breathe.

    Check www.cbi.iq every day to see if it has changed… do not take a guru or a post about in country RV or anything else do not be fooled just check the CBI

    Do not let your emotions get to you.

    ________________________________________________________________

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  16. From recaps: "olitnaRon: Iraq needs to RV for its monetary system, banks, bonds, contracts, social programs to work, and why do they have 90 tons of pure gold to is worth around 18 trillion dollars(36 tons this week=7 trillion) if they are not going to back their currency ??"

    Wow I didn't know gold suddenly RV'd 487,000%. When did that happen?

    Guess I lost out :)

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  17. From recaps today: "John MacHaffie: INTEL – HEADS UP FOR ANNOUNCEMENTS TONIGHT. PUBLIC EXCHANGES START ON MONDAY AND/OR TUESDAY."

    Just wanted to get this on record.

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  18. The longer I spend on this the more I feel like an idiot for trusting fellow friends who believe that they have not been scammed.

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