Chat Room Excerpts & Highlights
rcookie says():The launch of the Iraqi Economic Forum
Amman , April 3 (Petra) – announced Sunday evening in Amman for the launch of the Iraqi Economic Forum, which includes unions, organizations and boards of private sector both inside and outside Iraq.
The forum includes the Iraqi Business Council in Jordan and the Iraqi National Business Council and the Council of the Iraqi work in Abu Dhabi and the Iraqi Council of Lebanese businessman and Iraqi Business Council in Britain.
Also it includes the Union of Chambers of Commerce and the Iraqi Federation of Industries and the Federation of Iraqi contractors and the Federation of Iraqi businessmen and the Union of farm associations and the Association of Iraqi private banks Iraqi economic and assembly.
The Iraqi organizations participating the forum was held during the past two days , a consultative and organizational meeting called by the Iraqi Business Council in Amman and at the kind invitation of the Iraqi Business Council in Jordan in the presence of members of the Iraqi Council of Representatives.
Read More :http://www.dinarupdates.com/showthread.php?32863-The-launch-of-the-Iraqi-Economic-Forum-4-3&p=149436#post149436
rcookie says():He said the Forum in a final statement issued by the publicity during the ceremony, denounced terrorism suffered by Iraq and the region in general , calling on the Iraqi government to speed the reconstruction of areas affected by the terrorist attacks and the return of Iraqi citizens to their homes and their regions to prevail stability.
Forum invited to representation and involvement in the economic reform task state commissions process such as the Economic Committee of the presidency of the Iraqi ministers and the advisers and the Iraqi Council of Representatives and in the preparation of the Federal Almoisanat as well as involvement in the foreign visits of the Prime Minister and the President of the relevant economic affairs of the Republic.
The Forum called on the Iraqi government to adopt a national program to support working women and creating investment opportunities for women at work and the various investment sectors, with the participation of the forum that has a clear vision on how to find ways to support and empower women economically.
The Forum stressed the need for the establishment of a supreme body to oversee the restructuring of state enterprises for the purpose of developing and improving its performance and transform them into effective facilities profitable partnership with the Iraqi and international private sector and thus alleviate the operational budget of the state burden and improve the quality of performance and living standards of the people of Iraq.
Read More : http://www.dinarupdates.com/showthread.php?32863-The-launch-of-the-Iraqi-Economic-Forum-4-3&p=149436#post149436
rcookie says(:He also called for an end to the monopoly of the Iraqi government in all its forms in all fields and sectors to provide investment opportunities for the private sector to enter into new projects.
The Forum stressed the need for the Iraqi Council of Representatives to adopt legislation and a law framed the Forum ‘s work to exercise its national role in the Iraqi community service.
– (Petra) XY / h A 03/04/2016 – 19:35 http://translate.google.com/translat….faceiraq.com/
http://translate.google.com/translate?depth=1&hl=en&prev=search&rurl=translate.google.com&sl=ar&u=http://www.faceiraq.com/
Read More :http://www.dinarupdates.com/showthread.php?32863-The-launch-of-the-Iraqi-Economic-Forum-4-3&p=149436#post149436
cjquade54 says():so they’re not just getting together for coffee
Baxter says():Countdown to July 1 ………… 88 Days (y)
rcookie says():iraqi economic forum launches sunday night…..in amman jordan….attendees included unions….organizations and boards of private sector both inside and outside of iraq…..
iraqi national business council in jordan…iraqi national business council and council of iraqi work in abu dhabi…and iraqi council of lebanese businessmen as well as iraqi council in britain…… wow!!…. wow!!!… wow!!!!
jimplants says():i find myself planning who and what i will be helping now to me this has all but happened. i have even made sure that when i go to Maui for mental rest i can still continue I AM READY
cjquade54 says():those 2 words again … private sector
Babe says():wow…wow…wow…rcookie
rcookie says():included union of chambers of commerce…iraqi federation of industries….federation of iraqi contractors…federation of iraqi businessmen…union of farm associations….association of private banks….iraqi economic & assembly……2 day conference..invitees of the iraqi business council and in presence iraqi council of representatives…..
wmawhite says to rcookie():Interesting that there are many groups/entities surfacing that are not just in Iraq, but they are from many other countries; ready to do business with Iraq.
LLN65 says to rcookie():TY (F) looks great!!
localcats says():hi rcookie good news
jimplants says():IMO they are not doing this on 2 tenths of a penny either
wmawhite says to rcookie():this why I continue to believe that the first evidence of this manifesting will come from Iraq’s regional business partners.
cjquade54 says to wmawhite():so you’re thinking the IQD will be international but just may not be exchangable in all countries at first.
cjquade54 says to wmawhite():maybe
rcookie says():called for speed up of reconsteuction of liberated areas….and the return of iraqi citizens to their homes….and the adoptio of national program to support investment opportunities for women at work in various sectors….and establishing a supreme body to oversee restructuring of state enterprises into effective profitable facilities in the private sector….and remove burden on state budget….
rcookie says():wow!!!!
rcookie says to wmawhite():arab & islamic focus & emphasis….
rcookie says to wmawhite():perfect timing witht the announcement of the 250 million dollar loan from int’l islamic bank for “national product” activities….
wmawhite says to cjquade54():The IQD is international today. However, it is not accepted throughout the world’s inter-bank system because of several factors that Iraq is correcting today. Once Iraq moves into full compliance of Article 8, bank/countries will be quicker to trade/exchange use it.
rcookie says to wmawhite():posted above^^^^^^^^^^^^^^^^
cjquade54 says to wmawhite():ty (handshake)
wmawhite says to cjquade54():Other point, Iraq has conducting numerous currency swaps……with such countries as India. If the IQD was not international; meaning usable outside of Iraq, how could it be swaped with another country? wmawhite says to cjquade54():countries such as India*
Zig says():For what purpose did Iraq swap currencies with India?
cjquade54 says():and would Iraq be swapping at the equivalent of 1182?
wmawhite says to Zig():Because each country saw an advantage to deal between the two in their own currency……..it also had, according to the article, alot to do the moving gold between the countries.
Zig says():Thanks…
wmawhite says to cjquade54():No……..1182 is to the USD………………..India is on the USD.
wmawhite says to cjquade54():India is NOT on the USD
rcookie says to wmawhite():check this out….
rcookie says():Parliamentary Finance: Central missed a $ 10 billion civil control over some of its decisions and banks
Sunday April 3, 2016 14:39 Finance Committee confirmed on Sunday that the central bank missed a $ 10 billion through the sale of dollar window, indicating that community banks control some of its decisions, while noting that it was an understanding with the governor of the bank in order to improve the performance of sell the currency window.
Said Committee member Haitham al – Jubouri in an interview with Alsumaria News that ” the sale of the dollar ‘s central bank window a source of concern remains for us , ” noting that ” the bank earn a lawsuit over lack of determining sales , which came in the 2015 budget after submitting a complaint to the Federal Court despite its response in after the same figures that have been identified by us two years ago. ”
Read More : http://www.dinarupdates.com/showthread.php?32864-Parl-Fin-Central-missed-10-billion-civil-control-over-some-of-its-decisions-amp-banks&p=149438#post149438
rcookie says():He Jubouri that ” the central bank had committed to what has been determined from the sales would have provided more than $ 10 billion, which missed this from the reserve currency,” adding that ” the bank ‘s reserves stood at the beginning of 2014 , more than $ 81 billion, while no more than now line of 43 billion dollars , in the sense that we have lost $ 38 billion. ”
He Jubouri that” the central bank has not been able in the light of this policy of maintaining the exchange rate , which is the goal , “pointing out that” the exchange rate the dollar now surpassed 1290 dinars, while sold in 1190 Dinar Bank and these differences amounting to 100 Namira go to the pockets of the corrupt. ”
Read More : http://www.dinarupdates.com/showthread.php?32864-Parl-Fin-Central-missed-10-billion-civil-control-over-some-of-its-decisions-amp-banks&p=149438#post149438
rcookie says():He Jubouri that” there are three to four community banks control some of the decisions issued by the Central Bank and control of some leading figures in the bank and in control of the decision and instructed sell the currency ,
“noting that” these banks trying to cause problems within the window section of which is the removal of some banks , which leads to increased exchange rate and thus Estphadon more, which in some cases exceed the profit for one million dollars. ” he said he” was conducted understandings with the Governor of the Central Bank in order to improve the performance of sell the currency window in which serves the fiscal policy in Iraq.
Read More : http://www.dinarupdates.com/showthread.php?32864-Parl-Fin-Central-missed-10-billion-civil-control-over-some-of-its-decisions-amp-banks&p=149438#post149438
rcookie says():” the governor of the central bank on the Keywords noted in the March 23 2016 that rationing exists with the bank to sell the dollar during the auction conducted by where we started to cut these sales in 2015, which amounted to 25% compared to the previous year which probably will reach these sales decrease by 40 to 50% from the previous year.
he announced Keywords on the third of March 2015 that the new guidelines set by the bank is that the auction is no longer a daily window for operations for the sale of currency auctions, noting that the new mechanisms developed to sell this currency, especially The functions of providing currency for foreign trade.
http://www.alsumaria.tv/news/164645/…575;/ar LINK
Read More :http://www.dinarupdates.com/showthread.php?32864-Parl-Fin-Central-missed-10-billion-civil-control-over-some-of-its-decisions-amp-banks&p=149438#post149438
rcookie says():still huge concerns with auctions history performance and oversight as well as meeting its cor evalue mission statement….the outline for the auctions is restated again at 75% reduction from 2015-2016….and no longer a daily window for operatiins for sale of currency auctions….and noted new mechanisms developed to sell this currency….especially foreign trade currency….(electronic)…
Pablo says():Well, glad to see the IQD international today. 🙂
wmawhite says to Pablo():It has been international a lot longer than just today…………but, do not take my word………
Pablo says to wmawhite():How long do you think it will be before they finish correcting these last few issues for Article 8?
Dr Dave says():opening new banks is also a good thing….they have doubled the number of banks in less han a year…..consumer confidence must be going up?
cjquade54 says():Pablo is looking for trouble lol
Pablo says to cjquade54():For asking a simple question?
puffdragon says to Pablo():Good ? Pablo I was going to ask, you beat me to it !!({)
cjquade54 says to Pablo():just kidding
puffdragon says to Pablo():I realy dought Mr white can answer, how could he know !!
Pablo says to puffdragon():It’s a logical question. We know they have gotten most of their issues with Article 8 resolved, but there can’t be much more left to do.
puffdragon says to Pablo():I agree but Mr white is not there, so could only be a guess !
wmawhite says to Pablo():The IMF opinion is much more reliable than mine and they told the world that they expect Iraq to enter the world economy market during the 1st half of 2016……………I read that statement as the answer to your question.
hutch says to wmawhite():Excellent answer(y)
Pablo says to wmawhite():And yet judging by the speed in which they are moving, it seems like they won’t be waiting too much longer.
wmawhite says to puffdragon():the IMF actually stated that Iraq “will”……………..did not read as “guess”.
rcookie says to Pablo():what issues would they be……
Dr Dave says():they seemed to have gained some traction
puffdragon says to wmawhite():I do remember that, just a matter of time . thanks for the reminder Mr white !:)
Pablo says to rcookie(2):Well, like ending the auctions altogther.
snowhite says to puffdragon():(y)
Pablo says to rcookie():They’ve cut things back a lot, but they are still running.
wmawhite says to Pablo():eitherway,………I feel great about what is happening……..I expect over the next couple to few weeks more huge news about the CBI……..the monetary reforms,…….the IQD. Will it be exactly what so many are looking for…….don’t know, but IMO what we want is coming our way.
Pablo says to wmawhite():I read last week that all the proxi positions will be eliminated within a month, are they still working towards that end?
wmawhite says to Pablo():PM Abadi seems to always have four or five balls in the air as he jungles another three or four items………the proxy positions being one of them.
Dr Dave says():Defense and Interior ministeries to be filled after Mosul is liberated is what I have read
wmawhite says():Yep
rcookie says to Pablo(2):what…
Pablo says to rcookie():What, what?
Dr Dave says():cant wrapped my head around the resignation of the new Kurdish oil minister…..because Barzani et -al did not endorse this technocrat…..something smells?
wmawhite says to Dr Dave():wmawhite says to David212(11:20 AM): The short of this is that the Kurds wanted 20% of the new cabinet (GOI) positions. PM Abadi’s list had the Kurds filling 2 positions……….
and has it has been forever, whether it is the budget or ordering dinner, or who sits up front in the convoy, the Kurds ALWAYS never agree to anything until after the deadline has passed.
wmawhite says to Dr Dave():wmawhite says to David212(11:23 AM):P.S………20% of 16 ministers is 3.2……..IMO, Abadi knew this was coming and it will be a process that he (Abadi) is extremely good at doing.
jtank says():used to be the kurds were at 17% when could you do the news
rcookie says():some data on ieaq from 2014 imf areaer report (annual report on exchange arrangements and exchange restrictions)
Table 2. De Facto Classification of Exchange Rate Arrangements and Monetary Policy Frameworks, April 30, 2014
The classification system is based on the members’ actual, de facto arrangements as identified by IMF staff, which may differ from their officially announced, de jure arrangements. The system classifies exchange rate arrangements primarily on the basis of the degree to which the exchange rate is determined by the market rather than by official action, with market-determined rates being on the whole more flexible.
The system distinguishes between four major categories: hard pegs (such as exchange arrangements with no separate legal tender and currency board arrangements); soft pegs (including conventional pegged arrangements, pegged exchange rates within horizontal bands, crawling pegs, stabilized arrangements, and crawl-like arrangements); floating regimes (such as floating and free floating); and a residual category, other managed.
This table presents members’ exchange rate arrangements against alternative monetary policy frameworks to highlight the role of the exchange rate in broad economic policy and illustrate that different exchange rate regimes can be consistent with similar monetary frameworks. The monetary policy frameworks are as follows:
cookie says():iraq maintains a stabilized arrangement…..
this was the chanje as of july 2014 to exchange rate restrictions…..
Effective April 15, 2013, the Central Bank of Iraq sells foreign exchange to banks for import letters of credit by adding ID 9 per U.S. dollar to the auction exchange rate. For other import transactions, the Central Bank of Iraq adds ID 13 per U.S. dollar.
rcookie says():Effective December 1, 2013, the Central Bank of Iraq set the cash exchange rate at ID 1,177 per U.S. dollar, the letter of credit exchange rate at ID 1,172 per U.S. dollar, and the transfer transaction rate at ID 1,179 per U.S. dollar.
rcookie says():Effective February 16, 2014, the commissions added to the currency selling window exchange rate of ID 1,166 per U.S. dollar to determine the selling rate of the Central Bank of Iraq were increased to ID 18 per U.S. dollar from ID 9 for import payments through letters of credit; ID 21 per U.S. dollar for drafts; and ID 24 per U.S. dollar from ID 13 for cash sales.
rcookie says():Effective February 16, 2014, the Central Bank of Iraq set the cash exchange rate at ID 1,190 per U.S. dollar, letter of credit exchange rate at ID 1,184 per U.S. dollar, and transfer transaction rate at ID 1,187 per U.S. dollar.
rcookie says():Effective February 16, 2014, the Central Bank of Iraq uses the official selling rate (previously buying rate) of the day minus 0.001% (previously 1%) to purchase the government’s foreign exchange receipts.
rcookie says():Table 8.a. Changes in Foreign Exchange Markets, January 1, 2013–July 31, 2014
cjquade54 says to rcookie():solid and to the point – just the way we like it
cjquade54 says to rcookie():(handshake)
rcookie says():Effective April 15, 2013, banks may buy foreign exchange up to US$500,000 for import payments provided the bank submits to the Central Bank of Iraq a statement of the amounts to be transferred together with the documents that prove the entry of the goods in Iraq. The exchange rate for such payments may not exceed ID 1,179 per U.S. dollar.
soonrv says to rcookie():solid, to the point, no hupla
soonrv says to rcookie():(y)
Knucklehead says():And no excuses!
rcookie says():Effective February 17, 2013, authorized banks’ spreads were capped at ID 10 per U.S. dollar over the exchange rate at which banks may buy foreign exchange at the Central Bank of Iraq currency selling window.
rcookie says():both of those were listed as tightening…
jimplants says():rcookie i keep looking for effective april 2016
sassy says():rcookie and I remember getting excited lol
rcookie says():Effective April 15, 2013, the weekly limits for money transfer companies and money exchange companies were increased to US$450,000 from US$75,000 and to US$300,000 from US$75,000, respectively. These limits may be increased or decreased according to market conditions and the companies’ commitment to sell U.S. dollars to citizens.
rcookie says():Effective February 16, 2014, the total amount sold monthly to a bank (for their direct sales window and sales to financial transfer and intermediary companies for buying and selling foreign exchange) may not exceed 25% of its capital, calculated in U.S. dollars, for banks with capital less than ID 250 billion.
Demand from banks with capital greater than ID 250 billion is met. U.S. dollars sold for documentary credits are transferred according to payment conditions after the bank confirms the receipt of the required documents.
rcookie says():those last 2 were listed as easing…..
rcookie says():Although the majority of members refrain from restricting exchange rate spreads and commissions in the interbank market, several countries imposed new or additional restrictions in this area. Pakistan limited exchange companies’ (both categories A and B) spreads between the buying and selling rates of foreign cur- rencies to 25 paisas. Iraq capped authorized banks’ spreads at ID 10 per U.S. dollar over the exchange rate at which they may buy foreign exchange at the Central Bank of Iraq currency selling window.
rcookie says to jimplants():its a comin….
jimplants says():yes sir i know that
rcookie says to jimplants():Iraq capped authorized banks’ spreads at ID 10 per U.S. dollar over the exchange rate at which they may buy foreign exchange at the Central Bank of Iraq currency selling window.
Baxter says():I am wondering if that holds true of Iraq Banks in the U S of A…
jimplants says():there is way too mucu energy from other countries for this not to happen not to mention they ammounts of money and MOUS flowing into Iraq
soonrv says to Baxter():how many iraq banks are here
Baxter says():at least one big one that I know of… in St Clair Shores Michigan…
Baxter says():Republic bank of Iraq
soonrv says to Baxter():ooh
Baxter says():just outside of Detroit
soonrv says to Baxter():any others
Baxter says():tons of muslims there…
soonrv says to Baxter():aaah
Baxter says():I havent really checked.. I know where this one is..
Baxter says():been past it before
rcookie says():In the other countries previously identified as having restrictions, some measures continue to give rise to exchange restrictions or MCPs subject to IMF jurisdiction, and addi- tional measures were introduced (for example, in Iraq and Sudan) or partially eliminated (for example, in
Baxter says():it may be a great place to exchange if the spread isnt too high….
rcookie says():15 The member countries that avail themselves of the transitional arrangements under Article XIV are Afghanistan, Albania, Angola, Bhutan, Bosnia and Herzegovina, Burundi, Eritrea, Ethiopia, Iraq, Kosovo, Liberia, Maldives, Myanmar, Nigeria, São Tomé and Príncipe, Somalia, South Sudan, Syria, Turkmenistan, and Tuvalu.
soonrv says to Baxter():wont federal reserve banks here also be a good place?
Baxter says():dont know…. I dont think anyone does..
Baxter says():they dont have to exchange….
soonrv says to Baxter():then i’m calling Trump to fire everyone
Knucklehead says():Im exchanging at Circle K
rcookie says():Exchange measures maintained for security reasonsSome member countries impose measures solely for national or international security reasons, which can give rise to exchange restrictions under IMF jurisdiction.
These restrictions, like others, require prior IMF approval under Article VIII, Section 2(a). However, because the IMF does not provide a suitable forum for discussion of the political and military considerations leading to measures of this kind, it established a special procedure for such measures to be notified and approved.16 In total, 12 members notified the IMF of measures introduced solely for security reasons during 2013, while 9 members did so during January–May 2014. For the most part, notification was from advanced economies.
In general, the restrictions involved take the form of financial sanctions to combat financial terrorism or financial sanctions against certain governments, entities, and individuals in accordance with UN Security Council resolutions or EU regulations.
rcookie says():that may be something iraq chooses to invoke if so desired..again opening door to accepting article viii obligations….
rcookie says():Table 10. Exchange Restrictions and/or Multiple Currency Practices by Country, as of December 31, 2013
rcookie says():The IMF staff report for the 2013 Article IV consultation with Iraq states that, as of April 30, 2013, Iraq maintained eight exchange restrictions and one multiple currency practice (MCP) subject to IMF jurisdiction and approval.
The exchange restrictions are (1) the limitation that corporates can purchase foreign exchangein the auction for import transactions only;
(2) limitation on the availability of foreign exchange cash for individuals (i.e., one request a month, this measure gives rise to an exchange restriction because the limitation of one request a month constitutes a governmental limitation on the availability of foreign exchange for payments and transfers by individuals for current international transactions, e.g., basic allocations for tourist or business travel abroad, family living expenses, etc.
Furthermore, because of the limitation on the availability of foreign exchange in the non-cash auction to corporates and only for trade transactions, individuals who need to make payments and transfers for current international transactions beyond the maximum limit have no alternative means or channels to get access to foreign exchange, except for resorting to informal sources.);
(3) maximum limits on the availability of foreign exchange cash in the auction for banks (This measure gives rise to an exchange restriction because the maximum cap constitutes a governmental limitation on the availability of foreign exchange for certain payments and transfers, e.g., repatriation of certain investment incomeby nonresidents, including remittances of profits, dividends or interest.
rcookie says():Because of the limitation on the availability of foreign exchange in the non-cash auction by corporates to only trade transactions, they would have no other means or channels to get access to such foreign exchange beyond the maximum limits, except for resorting to informal sources.);
(4) maximum limits on the availability of foreign exchange cash in the auction for money transfer companies and money exchange bureaus;
(5) the requirement to pay all obligations and debts to the government before proceeds of investments of investors and salaries and other compensation of non-Iraqi employees may be transferred out of Iraq;
(6) the requirement to submit a tax certificate and a letter of no objection stating that the companies do not owe any taxes to the government before non-Iraqi companies may transfer proceeds of current international transactions out of the country;
(7) the requirement that before non-Iraqis may transfer proceeds in excess of ID 15 million out of Iraq, the banks are requiredto give due consideration to legal obligations of these persons with respect to official entities, which must be settled before allowing any transfer; and
(8) an Iraqi balance owed to Jordan under an inoperative bilateral payments agreement. The MCP arises from the absence of a mechanism to ensure that the official exchange rate and the market exchange rate do not deviate by more than 2 %. (Country Report No. 13/217)
rcookie says():there are verbatim iraqs exchange restrictions and mcp’s….that according to 2016 loi fall under imf juurisdiction…..
cjquade54 says to rcookie():can we assume the exchange restrictions are the same thing as exchange distortions?
cjquade54 says to rcookie():clearing the way for foreign companies to get their money out of Iraq
cjquade54 says to rcookie():getting regulations in place
Dr Dave says():that would also indicate a managed float?
BGG says to Dr Dave():Probably more of a “managed regime” of some kind.
BGG says to Dr Dave():as it has been since the change in currencies… (except with a different rate)…
Dr Dave says():I want the global rate…hehe
jtank says():starting low wont help
wmawhite says():For those who continue to wonder about the success of the tariffs, here is an article that referrs to the success of domestic companies doing much better because of the tariffs are slowing down the importation of cheaper goods.
Antoine: application of the customs tariff and behind this success 4/4/2016 BAGHDAD – Shokran Fatlawi revealed Vice President of the Economic Forum, an expert on behalf of Jamil Antoine in his speech for »morning», for the sales of one of the industrial companies, for the manufacture of cement it rose in the first ten days of March last to 140 thousand tons, up from its sales during the month February 35 thousand tons,
as a result of the application of legislation, particularly the customs tariff, and prevent the import from neighboring countries, pointing out that the quantities can be increased. financial savings and went on to say: that this is nothing more than a model for the rest of the industry,…………..
cjquade54 says to wmawhite():I would think investing in Iraq concrete companies would be a good inverstment right about now.
jarhead says to cjquade54():they got plenty of sand 😀
cjquade54 says):or anything to do with construction
Knucklehead says to cjquade54():Best cement in the world but can the export any?
jarhead says():the real investment would b in their oil and natural gas stocks
cjquade54 says to Knucklehead():I don’t know but they won’t have to import much
Baxter says():they only had 35 tons of concrete sold in February?? thats about 5 cement truck loads….
jarhead says():yep
jimplants says():my money would be on Genel if i were going that route
cjquade54 says to Baxter():their stock would be cheap right now
Baxter says():WOW… they are really busy….eh… Jarhead….
jarhead says():lol
Baxter says():Five trucks in a MONTH…
jarhead says():that could b dry concrete
cjquade54 says to Baxter():but what about the next few years?
jarhead says():still not that much
Baxter says():no… its not..
Baxter says():CJ… probably be a wise investment over there… everything is built of concrete
cjquade54 says to Baxter():but they are switching from importing to using domedtic
Knucklehead says to jarhead():You mean cement? Concrete is measured in yards cement by tons
jarhead says():i realize that but thats still not much
cjquade54 says to Baxter():gradually though that may be
Knucklehead says to jarhead():Its nothing
Baxter says():I dont want any more businesses…. just my money…..
wmawhite says to cjquade54():Anyway………the point was this……in February this particular company had particulary no business because of the imports were flood the concrete market.
Now, with the tariffs in place, the imports are much lower. So low that this company’s business went from 35 tons to over 140 tons……………………nearly a 300% increase in business.
wmawhite says to cjquade54():were flooding*
BGG says to wmawhite():I could use a 300% increase in business. 😀
wmawhite says to BGG():And you wouldn’t whine about it either……………..lol
TLF says():the begining of something great for iraq and our investment
BGG says to wmawhite():Nope!!
BGG says to wmawhite():Anticipated economic program
Read More:
http://www.dinarupdates.com/showthread.php?32854-Anticipated-economic-program-4-3
wmawhite says to TLF():Yes, it has………
Dr Dave says():a tenth of penny to 1.17 is 11,700 percent ROI
Baxter says():Now that… is a business increase….
wmawhite says to Dr Dave():and that it just the initial “market rate” and not where they want to return to either.
Baxter says():times 3… for over 3 bucks… would be a 33,000 percent increase….
Dr Dave says():…i believe the 1.17 was the minium
Dr Dave says():PERFECTO
BGG says():BBIAB – supper time…
Dr Dave says():Happy in the middle somewhere
Baxter says():Sure beats Concrete…. (y)
Baxter says():Concrete down here in Florida is now 150 dollars a yard…
Baxter says():I just poured a 24 X30 garage slab… was 8500 dollars..
Baxter says():In 2003… up in Ohio…. it was 45 dollars a yard…
jtank says():back breaker
wmawhite says():and for those people that say it can not be done, consider this:
Baxter says():Oh… I didnt pour it Jarhead… the Mexicans did…
Baxter says()::)
wmawhite says():, keep in mind that Iraq invaded Kuwait in August 1990.
The Kuwaiti currency at that time was the Kuwaiti Dinar.
The Kuwaiti currency was replaced with the Iraqi dinar by Saddam Hussein.
Seven (7) months later, February 28, 1991, the Iraqi forces are kicked out of Kuwait and the war has ended.
Only twenty six (26) days later, March 24, 1991, the Kuwaiti banks reopen with a NEW currency valued at 1 KWD = $3.50………….the key here is twenty six (26) days.
If any Kuwaitis still held the old Kuwaiti Dinar it would be accepted at one new KWD for one old KWD rate
TLF says():a good thought TLF says):or reminder
Scotzgirl says():Do we know the value of Kuwaiti dinar to USD before Iraq invasion of their country?
Dr Dave says():They ended the 50 dinar note in a few month…wothless… my whole suitcase to take to Reno
wmawhite says():The point is this……………….from August 1990 March 24, 1991……..the KWD did not exist………….gone, by by………..and once the Central Bank of Kuwait reopen it re-instated it original value…….and all the while the oil wells were still burning.
wmawhite says to Scotzgirl():this is from the LA Times article: When the banks reopen today, customers will be able to withdraw up to 4,000 Kuwaiti dinars, equivalent to about $14,000 at pre-invasion exchange rates from their accounts, and to exchange a like amount for foreign currency.
Scotzgirl says():tyvm… for everything
wmawhite says():for those who have not read the article, here it is:
wmawhite says():Crush Expected When Kuwaiti Banks Reopen Today
March 24, 1991|From Reuters KUWAIT CITY, Kuwait — Thousands of Kuwaitis are expected to jam the country’s banks today when they open for the first time since the end of the Iraqi occupation.
Customers will be allowed to withdraw funds and to swap pre-invasion money for a new currency issued to make more than $1 billion in pre-invasion dinars stolen by the Iraqis worthless.
“We expect a rush of people,” said Issam Asousi, an executive with the Bank of Kuwait. He said it could be a chaotic first week because customers have a lot of questions about their accounts.
Kuwaiti banks continued operating during the seven-month Iraqi occupation under managers brought in from Iraq, but they have been closed since the U.S.-led alliance ousted the Iraqi army from Kuwait a month ago.
When the banks reopen today, customers will be able to withdraw up to 4,000 Kuwaiti dinars, equivalent to about $14,000 at pre-invasion exchange rates from their accounts, and to exchange a like amount for foreign currency.
Balances of customers’ accounts will go back to what they were on Aug. 1, a day before the invasion.
Clients will not be able to exchange Iraqi currency issued during the occupation, when Baghdad pegged the rates of the strong Kuwaiti dinar to the far less valuable Iraqi dinar.
The new Kuwaiti money will be exchanged for old at a one-to-one rate.
http://articles.latimes.com/1991-03-…_kuwaiti-banks
BGG Blog
