Pursuit: MM, do they have to be international before they sell bonds?
MilitiaMan: IMO. I would say so. The CBI has met the criteria to be equal to all banks that are in the follow up area status, thus, they are on an equal playing field. They meet international standards is what that means and that has them being monitored like everyone else in that status. That status brings investor confidence. To sell bonds internationally and to be successful they’ll have to have a quality bond with a good value and interest rate on return. IMO – MM
A side note.. Have we not learned that the second article or ones in the convoy may provide a date for the citizens? Well they just told them and us they are going to sell national bonds internationally on 11/18/2018 through the securities markets.
They have never done that before. So why not? I think the obvious answer is they were not fully compliant with international standards and now they will be, thus, we look for them to show us they are and that time is NEER. IMO –MM
ChrisC: Article “A”suspicious” US statement recommends that the Iraqi government distribute equitably the wealth”
I have been thinking about this since this morning. I believe this is one of the most valuable articles we have seen. Trump may be using the Rham Emanuel strategy of not letting a crisis go to waste.
If he makes a statement appearing to be a demand before an event that he knows is going to happen he gains clout from the rest of the World because it makes it look like he spoke and they jumped.
He did it with North Korea and he is making an example for the rest of the World to follow. Be his friend and do as he asks and good things will come to you. Be his enemy and you will starve.
This sets a strong precedent for the rest of the ME. The complaints of corruption have been perfectly timed to rally the people and now we will make a demand to take care of them and it will be honored. Trump looks good and the govt is out of the doghouse with the people. Everybody wins.
MarkPam: Additionally, the impact of the HCL payments to the citizens of Iraq, the RI impact on purchasing power, the new currency….what say you……citizens of Iran!!! Brilliant chess moves Mr President!
Walkingstick: A”suspicious” US statement recommends that the Iraqi government distribute equitably the wealth
AM 9:52:17 11/16/2018
BAGHDAD / The US consulate in Erbil on Friday (November 16, 2018) revealed the contents of a letter, the first of its kind, addressed by the White House to the government of Prime Minister Adel .Abdul Mahdi, asserting that Washington will “pressure” Baghdad to distribute wealth.
The statement of the consulate of Arbil carries a dubious significance, and it is called that the government of Iraq is not fair in the distribution of wealth through the federal budget distributed .according to merit.
The United States is spending aid in different parts of Ninewa province,” said Max Bremorak, the”US Special Representative for Iraq’s Minority Support Program, in an interview with media at the US consulate in Erbil. “The details of an explicit telephone call between the White House and Prime Minister Adel Abdul Mahdi focused on minority support and reconstruction in Ninewa,” US
President Donald Trump said. “We will rebuild the damaged buildings and we have no intention of building New ones”.
He added that “Iraq is a rich country so Trump administration will pressure the Iraqi government to distribute wealth to the people,” pointing out that “the economy of the country depends almost entirely on oil, where the bulk of the proceeds of financial in the form of salaries for employees in the government sector.”
Primorak stressed that “his country encourages the opening of investment and inviting businessmen to Iraq, And on the coexistence of the community, he stressed, the existence of “future projects aimed at reconciliation and the return of life, and other programs dealing with the affected, especially survivors of AIDS,” noting that “work has been continuing for two months and at a growing pace in this regard.”
The White House gave its absolute support to programs to restore stability in the areas that were”.destroyed in the battle for the liberation of Nineveh,” Primorac said.
Cleitus: I will be watching three things. 1. Will the rate be transparent? 2. What rate will they use? 3. How quickly will they be sold (velocity)?
MilitiaMan: 1. Yes, with the likes of IOSCO, WB, BIS, IMF and AMF..
2. Related to AMF Basket, imo.. https://www.amf.org.ae/en/page/description-and-methodology
3. I suspect quickly once on the FX, as the Bonds are for to support investors and they want liquidity, safety and efficiency..
“The foreign exchange market is unique because of the following characteristics:
its huge trading volume, representing the largest asset class in the world leading to high liquidity;
its geographical dispersion;
its continuous operation: 24 hours a day except weekends, i.e., trading from 22:00 GMT on Sunday (Sydney) until 22:00 GMT Friday (New York);
the variety of factors that affect exchange rates;
the low margins of relative profit compared with other markets of fixed income; and
the use of leverage to enhance profit and loss margins and with respect to account size.
IMO ~ MM
Moparman: If you protect it as you say, why do you shame your currency and your country with a toilet paper currency?
Don961: Central Bank Of Iraq Imn: We Assure Citizens Of Our Prudent Measures To Protect The Currency
Baghdad – conscious
Director General of the Administrative Department of the Central Bank, Saleh Mahood, on Friday assured citizens of the bank’s prudent measures to protect the national currency.
Mahod said to imn: “The central bank is a firm institution, and takes court proceedings to protect the national currency.”
He added that “the sinking of the currency in the Rafidain Bank occurred in 2013 and was the testimony of many security and regulatory bodies, and that the Integrity Commission has full knowledge of the issue, a file was sent to do so.”
He pointed out that “the fact that the sinking of the currency is different from the novel of some MPs and raised the issue.” link
Don961: another article in addition to samson’s post 55 .. with some points emphasized … perhaps Alak’s testimony was a veiled attempt to put electronic banking to the forefront … after all e-currency can’t get damaged like physical banknotes … but it blew up and brought out the deep feelings from all sides concerning the country’s currency … some truly care about how Iraq is perceived by the world ..
they want value and prestige and want a return to former glory and beyond … food in the peoples’ bellies and roofs over their heads …. while others are losing their cash cow and their ability to bleed off the country’s riches …. and aren’t ready to give that up so easily … so look to apply blame and shame to try to keep the status quo going longer …
to some , Alak is a face inherited from not so pleasant past regimes … and they want a fresh start away from bad memories of sectarian parties dominating everything and stealing the country’s wealth … no matter how good a job he may be doing … (with much help behind the scenes of course) … imo
17-11-2018 09:32 AM
Rafidain Bank out of silence and issued a statement on “sinking 7 billion dinars” by rain water!
The Rafidain Bank, Saturday, that the issue of sinking and damage of 7 billion dinars occurred in 2013 at the time of former Director General Bassem Kamal al-Hassani and was replaced and replaced at the time.
“The destruction of the amount of 7 billion dinars came in accordance with the law and instructions of the Central Bank and under the eyes and control of the regulatory organs of the state,” the bank’s media office said in a statement received by the news.
He pointed out that ‘the replacement of damaged and non-valid used papers falls under the responsibility of the Central Bank and is continuously taking these steps to maintain the sustainability of the local currency’.
“The currency that was sunk would have been replaced even if it did not sink because its age is over,” he said, expressing surprise at the issue at this particular time, especially since the issue has been legally settled since then.
The statement called on the media to ‘be careful and accurate in transmitting the incorrect information because of the impact on the performance of the bank and the positive results achieved recently in the provision of banking services for citizens and the start of implementation of the comprehensive electronic banking system’. link