Alison: Can someone explain to me why Iraq could not engage in international commerce and trade and rebuild their country to its former glory at the current “Program Rate” if that rate is either accepted internationally now or is soon to be accepted internationally at the rate reflected on that Mastercard link? South Korea seems to have done and is doing quite well at it’s current international rate reflected by Mastercard. Why not Iraq???
2cents: Iraq can certainly operate Internationally at the current 1190 rate……Look at Vietnam at 20,000+/1USD…..Look at Iran…..woww
Everyone always says the IQD is worthless, “toilet-paper money”……Well I for one have used hard earned USD to obtain IQD…..hardly worthless….
The issue in my Opinion is not could they, but will they??….
If the CBI had been expanding their money supply, IMO they could “LOP” and/or keep the rate the same when they “Accept Article VIII obligations”…..however, we know they have been contracting their money supply(note count)…..We also know that they fully plan to Redenominate including Fils as small as 25……
This cannot occur at the current rate as the net result would be a currency with less value than the paper it is printed on or metal it is stamped from……In fact, even the Special Inspector General Report on Iraq Reconstruction to Congress stated that had the plan to Delete the Zeros not been postponed in 2012, it would have brought the IQD on par with the USD….
The bottom line, Iraq CBI must change the rate when they redenominate or the new currency will not be functional in the market place…….rest assured, the rate will change…..the only question remaining is how it will apply to what we hold…….however, remember WS has stated “We Won”…..
Hope that helps….
Frank26: HMMM ………………. EXCELLENT RESPONSE IN THE QUEST TO HELP SOMEONE ……………….. TAKE A BOW SIR. I LOVE TEAMWORK.
Samson: Iran, Iraq, Venezuela oppose increasing oil production under the “OPEC”
18th June, 2018
Said the representative of Iran in the “OPEC” Hussein Kazempour Ardebili, that Iran, Iraq and Venezuela would use the right of veto against a proposal to increase oil production in the framework of the “OPEC ‘” agreement. Iran, as far as I know, Iraq and Venezuela will oppose the increase in oil production under OPEC, “said Iran’s representative in an interview with Bloomberg. And it is certain that other members will agree with us in the opinion. ” “Saudi Arabia and Russia will not be able to make a single decision on this matter,” Kazempour said. “If they want to work on their own, this is a violation of the cooperation agreement.”
The delegate said Iran: “There is no shortage in the market and must OPEC is committed to its decision until the end of the year, also said any significant changes in the oil market did not occur, and the Energy Information Administration of the US Department of Energy and the International Energy Agency has Tjlta in their conclusions about the market situation. As The Iranian delegate called on all OPEC member states not to be dragged behind US President Donald Trump, who has imposed sanctions on OPEC member states – Iran, Venezuela and Russia.
OPEC and a number of non-OPEC members agreed at the end of 2016, in Vienna, to reduce their oil production by 1.8 million barrels per day from the level of October 2016, Russia is committed to 300 thousand barrels of them. The agreement entered into force early 2017 and has already been extended twice already, the latest to the end of 2018. Russian Energy Minister Alexander Novak said last week that Russia and Saudi Arabia support a gradual increase in oil production, OPEC countries could consider increasing production To 1.5 million barrels per day as part of the Vienna deal relief. LINK
Samson: The resignation of the head of the Central Bank of Argentina after the loss of the currency half of its value
18th June, 2018
Argentina confirmed that the Minister of Finance in the country , Luis Caputo will lead the central bank to succeed Federico Storzinger , who resigned
The Argentine government said in a statement, last week, that Nicolas Dugovny will take over the Ministries of Finance and Treasury in the country
The decision comes after the sharp decline of the currency of Argentina against the US dollar by more than 6% during Thursday’s trading to the lowest level ever
Storzinger wrote on Twitter last Thursday that his credibility has deteriorated in the past few months due to several reasons
He also published a copy of his resignation through Twitter, as well as challenges and achievements during his two and a half years in office
A group of senior central bank officials resigned following Sturzinger’s departure, including Mariano Flores Vidal, general manager, Damien Riedel, second vice president, and Andres Neumer, chief economist, according to a separate statement by the Central Bank of Argentina
By the end of last week, the local currency in Argentina against its US counterpart 28.261 pesos, a record low
The losses of the peso against the dollar since the beginning of this year so far 51.75% LINK