Frank26 Community comment: “Please explain there’s no chance of a LOP.” Anybody that thinks this is a LOP you have to run away from them…they have no idea what they are talking about. A LOP adds zeros to the exchange rate. An RV and RI removes zeros.
Militia Man They’re presenting the relationship with JP Morgan Bank and Iraq. For all those that may still question whether or not JP Morgan is dealing with Iraq or not they should be alleviated from now…
Clare Article: “The US Treasury praises the actions of the government and the Central Bank in the Washington meetings”
Breitling You have these currencies that have a lot of zeros behind it. Comparing with these other currencies that LOPed, Iraq is a completely different case. They don’t have a market problem. They don’t have a customer problem. Where is the inflation coming from? It’s coming from policy. How can they add value to their currency? It’s all going to be based on 100% policy. The authority comes from parliament, the Ministry of Planning, Ministry of Finance and the Central Bank of Iraq. They don’t need any more customers. To add value to the currency they don’t need to do anything else.
Kaperoni Article: “Government sovereign guarantees to encourage the private sector” As I have been saying for years, until Iraq passes the needed legislation, nobody will significantly invest in Iraq…
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Big thing on the TV about JPMorgan and Iraq banks are talking financial reforms and banking reforms. FRANK: It’s a scam! It’s a scam! LOL 😉
Nader This visit to United States it was really good. All this contracts they signed…all these people want to go to Iraq to do business, start businesses. It’s great. Now they have the ball in their hands so we see what they’re going to do with it. They’re going to score or pass on the side again?
Pimpy Community comment: “I believe there’s an article by Dr. Shabibi stating when the new currency does come out both currencies will coexist for up to 10 years…” Yes it was said it would coexist for 10 years. I don’t think it’s going to need 10 years…The last time they changed currency they only gave them three months. But even if it does coexist for 10 years…and they re-denominate…just because you still have the 25,000 dinar doesn’t mean you get to exchange it 25,000 times whatever the exchange rate is. They’re going to treat your 25,000 dinar just like they would the 25 dinar. It might coexist but don’t be fooled into thinking you get to take advantage of the fact you have 3 extra zeros because that’s not going to happen…
MarkZ [via PDK] Question: So has RV started? I believe it has started and is not going back.
Walkingstick [Iraqi Bank friends Aki and #1 update] We heard these words from Alaq when he spoke to us. Paraphrasing that the comment was about changing the exchange rate. These words came up in the meeting here [in the US] where #1 was at in the last few days. Investors, large companies, big oil refineries, massive contract, all of them heard these words. They all know the exchange rate of the IQD is going to change.
Militia Man They show us progress…We have never been at this stage with Iraq ever and since 2003. I don’t know any person out there and I know many that have been in this for over 20 year that have never witnessed what we’re witnessing today. You really should be profoundly happy…It’s phenomenal.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Television is saying we have reached a satisfactory agreement with the United States Treasury on the banks here in Iraq that have any sanctions related to dealing with the dollar. Our banks are free. Our currency is free. They are about to add value just like Sudani said in DC.
MarkZ [via PDK] US delegations have been going back and forth to Iraq for some time- in preparation. Over the weekend we had Sudani point blank saying that they are preparing and it would be the CBI’s responsibility for a revaluatuion. Things are phenomenal.
