Zebari continues his meetings in Washington to get financial support
http://www.alsabaah.iq/ArticleShow.aspx?ID=114848
[SHREDD] “according to assurances from close sources meetings, the agreement will contribute not only in Iraq for concessional financing but will significantly help in obtaining financial support from the international community and facilitate entry into the international capital markets.
[tlm724] facilitate entry into the international capital markets
[tlm724] SHREDD what does that mean ?
[SHREDD] this part and another later in…facilitate entry
[SHREDD] same page…lol
[tlm724] great minds lol
[SHREDD] this means the actual move to a market economy
[SHREDD] this tells me that the plan is set
[tlm724] oh I like that !
[SHREDD] but they need to have admin and financial support
[SHREDD] for WHEN this takes place
[SHREDD] this article certainly supports the financial stability Iraq is looking to secure during this upcoming time of monetary policy change
[SHREDD] “discuss the best ways that make it easier to enter Iraq to the global financial markets and the provision of international financial support through the pursuit of institutional reform and structural programs and access to technical assistance and loan guarantees from the World Bank.”
[SHREDD] Good evidence the plan to move to a market economy is still on track. The transition brings risk which need to have financial underpinnings and support, should the process require it.
Meaning, currency demand response to the switch to a float, drastic swings in the market rate (at least right away), and capital needs of the banks. These are somewhat unknown so the technical assistance and loan guarantees are the backing to support this before they initiate.
[SHREDD] that’s it for me. I liked this one, as it tips their hand that they are nearing change.
[tlm724] thank you, do you think there will be a specific sequence of events we should look for ??
[SHREDD] and a good one for us.
[SHREDD] I would say we look for guarantees for support. We know the pressure from the WB and IMF are there
[tlm724] no pressure shredd lol
[cat] lol
[SHREDD] so if they can secure support from both technical/administrative side as well as financial, that will be an indicator
[tlm724] SHREDD those guarantees may be in the stand by agreement, no ?
[SHREDD] I was going to type that and/or memo of understanding but not sure how they will do it. Loan agreements for sure.
[SHREDD] set aside funds via a loan will be something to look for
[SHREDD] they gotta be able to anticipate and weather responses to such a big move
[SHREDD] I need to refresh myself but I also know there are some pending laws to be passed
[tlm724] always the laws shredd, they are working on the Government Banking Act now
[SHREDD] that’s right, thanks
[tlm724] yqw
[tlm724] here it is
Chairman of the Finance Committee and chairs the Workshop on Government Banking Act April 14, 2016 Faleh was chaired by Deputy Chairman of the Finance Committee in force on Tuesday (12-4-2016) workshop organized by the Association of Iraqi private banks on Government Banking Act, on one of the halls of Babylon Hotel in Baghdad.
Houdralorhh and representatives from the Ministry of Finance and the Central Bank of Iraq and the Shura Council of State and government and private banks.
The workshop discussed the articles and paragraphs law of Iraqi banks and the most important observations in him, where he presented the audience their ideas and opinions on the draft law.
[SHREDD] oh, super, thanks
[tlm724] http://www.parliament.iq/details.aspx?id=61385&AlwType=Pre
[tlm724] thanks for your insight, love the banker ! lol
[SHREDD] I’m hopeful this pressure brings results I really am
[SHREDD] The IMF was clear last year what their expectation was
[tlm724] well they can sure mess up a picnic but hope springs eternal
[SHREDD] right lol
[tlm724] lol
[SHREDD] either the threat of the IMF pulling support is false or they put their foot down
[SHREDD] then, what will be the impact and response from parliament, that’s what I’m looking at
[tlm724] step one parliament get your sh.. together, step two pass the laws !!!
[tlm724] legal support first and foremost
[SHREDD] couldn’t have said it better myself!
[tlm724] I vote the IMF put their foot down Wink
[SHREDD] I do too
[SHREDD] I would think “money talks” to the IMF
[tlm724] money talks BS walks baby Cool
[SHREDD] I know that’s right
[cstacy] tlm724 thanks, SHREDD thanks also
[RCS1947] thanks Shredd and timmie!
[SHREDD] np, it’s just nice to have something to watch for, it’s been a while, let’s see how this plays out
[SHREDD] finally some leverage to push Iraq into what they CAN do…move to a market-driven currency and start moving out of a dual currency economy which will take away sooooo much corruption and create transparency and fairness in trade. No longer falsely holding down their dinar, sure, it’s not at a buck now but it sure as heck is stronger than a tenth of a penny!
[SHREDD] also, good to see a few days ago the push for getting a stronger credit rating as that increases, more investment opportunities at a lower interest rate will emerge which creates lending and then borrowing and then liquidity, it’s all connected
[Splatyfish] so good to hear your input Shredd…Thanks!
[SHREDD] aw, thanks. I’ve never lost hope, I was just getting plowed at work and that has all normalized now for the most part so I’ll have more time to jump in here.
[shunshine] Thank you Shredd for your input, glad to have you back. You’ve been missed. Thank you Ms. Timmy and our Bondlady for all you do for us.
[SHREDD] we are family
[shunshine] Yes we are
tlm724 ADD ON 09:37:55
[therealbubbie] The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 19/4/2016 and the results were as follows: Details Notes Number of banks 33 Number of remittance companies 22 Auction price selling dinar / US$ 1182 Auction price buying dinar / US$ —– Amount sold at auction price (US$) 113,006,716 Amount purchased at Auction price (US$) —– Total offers for buying (US$) 113,006,716 Total offers for selling (US$) —–
[therealbubbie] market price went fro 1285 to 1282 . big wow !
[therealbubbie] IQD/US$ 1,300 that from … Rabee Securities (RS) was founded on January 7th 1995, and is headquartered in Baghdad. RS is licensed and regulated as Securities Brokerage Company by the Iraq Stock Exchange (ISX
[therealbubbie] shell game !!
[SHREDD] you got that right….easily manipulated in a falsely held down rate
[therealbubbie] SHREDD why do they have the dinar whats it’s purpose!!
[SHREDD] it’s got a huge purpose as soon as it gains a usable value. Before that, they had to redesign and republish with security features.
[SHREDD] they’ve been preparing, it will give the real-time purchasing power the iraqi people deserve as the value gains
[therealbubbie] as soon as it gains a usable value. taping my foot !!!
[SHREDD] value that represents goods and services, reserves, etc
[SHREDD] the politics have stalled for sure
[SHREDD] thanks timmy…. Finance Minister meets US Secretary of the Treasury
http://www.mof.gov.iq/pages/MOFBannerHeadlineDetail.aspx?BannerNewsID=416
[tlm724] yqw but thank you emmaduke for posting it !
[SHREDD] Where he and US Secretary of the Treasury on the continued support of the United States to offer to Iraq directly in the framework of the international financial institutions, particularly with regard to reaching an agreement between Iraq and the International Monetary Fund on the standby credit arrangements, and its willingness to contribute to the loan guarantees,
[SHREDD] reaching an agreement between Iraq and the International Monetary Fund on the standby credit arrangements, and its willingness to contribute to the loan guarantees,
[SHREDD] Iraq is not bankrupt or in financial ruins, so why the support?
[SHREDD] they need backing and support arranged for moving to a new monetary policy, for moving to a float
[SHREDD] they are saying, hey we are being pushed in a corner and we gotta move on the float
[SHREDD] do we have your support while we do this
[SHREDD] we can anticipate and project local and global response but we can’t see 100% of it
[SHREDD] they must have a strong, smooth transition
[therealbubbie] I had an uncle like Iraq always crying poor … ! found out when he passed he was worth millions !!
[SHREDD] the entire banking structure needs the capital
[SHREDD] therealbubbie there are certainly those who don’t want to move out of a manipulated rate for likely similar reasons
[therealbubbie] they must have a strong, smooth transition… like when they stopped the auctions the first time !!
[SHREDD] you know, that’s a good thing to bring up, the premature stopping of auctions. Look what it showed everyone….they had not thought that one through
[therealbubbie] they had not thought that one through… and thats what scares me … their stupid !
[therealbubbie] there are certainly those who don’t want to move out of a manipulated rate for likely similar reasons// why? kickback baby !!!
http://www.bondladyscorner.com/t166664-blc-admin-shredd-chat-04-19-2016
Call for an extraordinary meeting Today at 8:09 am
April 19, 2016 Based on the constitutional powers granted to us under the provisions of Article 58, paragraph I of the Constitution and Article 28 of the Rules of Procedure of the House of Representatives invite the members of the Council to hold a special session on the repercussions of the crisis, the House of Representatives on Tuesday 19/4/2016 at two o’clock in the afternoon.
Fuad Masum President of the Republic
http://www.parliament.iq/details.aspx?id=31621&AlwType=News
[tlm724] it is now 3:07 pm in Baghdad
[tlm724] these reforms are a process and this is the first step in many !
[tlm724] they gotta get their XX.. together !
[SHREDD] yep, they are running out of time
[tlm724] the people are rising and that is good and bad
[tlm724] good because it creates an atmosphere of urgency but bad because its the brink of all out civil war and they are being pushed to protest by those in power who do not want reform !
[tlm724] call it what you will but ugly comes to my mind
http://www.bondladyscorner.com/t166627-call-for-an-extraordinary-meeting-post-for-bl
