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michelneedsRV
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Posts posted by michelneedsRV
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Whateva!!! Ask saleh to do it fast!!!
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The reason why I see it happening in the last week of june (today) to 1st week of july (5th) is this:
1.We have worked with IMF staff to complete the review of exchange laws and regulations and are considering measures to remove the identified exchange restrictions on current international transactions.2. In this regard, we formed a Bank Reconciliation Unit that comprises technical level staff from the banks, the CBI and the Ministry of Finance, and with the assistance of Ernst and Young (who were the agents of the Ministry of Finance in the external debt restructuring process) to: (i) deal with all legacy external liabilities taking into account the government’s actions in the context of Iraq’s external debt restructuring (ii) indentify and propose to write-off non-performing loans to defunct state-owned enterprises; (iii) propose a course of action for other remaining unreconciled accounts; and (iv) after the balance sheets have been cleaned up, revalue the remaining foreign currency denominated balance sheet items.
3. The CBI will follow the guidelines to diversify currency composition and establish an appropriate duration and credit risk profile, and build capacity for risk analysis.
I encourage everyone to review this letter and contrast its content to the economic reality of revaluation as not just a pipe dream but a documented FACT as outlined.
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This should be pinned in the Iraqi Dinar news forum and not in the rumours forum. Like it!!
Go RV..
Michel!
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If we guys keep on going to that site, it will go down cos we're literally going in 1000's and DDos'ing the site.. The iraqis do not have a bandwidth like a HSBC bank or a Citibank does.. bare with them.. It does'nt mean an RV though, but no one knows.
Michel!
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That statement says the IMF is telling Iraq it is time to redenominate. Removing three zeros is not a good thing.
If you were a millionare in Iraq you would actually be a billionare or if you were a millionare in Iraq you would be a thousandare. Hahah. In other words if you have a million dinar in Iraq you only have a 1000 USD in dinar. After the RD that Iraqi will have a 1000 dinar worth 1000 USD. To be a true millionare in Iraq you would need a billion dinar and after RD he would have a million dinar worth a million USD.
Irrespective of what they say (iraq), do you see any logic in whatever you're posting?
I don't see a logic in your post at all. So, they want the world to accept a 25K dinar to 25 dinar in a day without the exchange rate changing. I mean, the IMF also has a say in the exchange rates. if they're gonna change the 25K to 25 dinar without have any sort of hyper inflation, abundancy of oil, gas, agriculture...... How can one expect them to LOP.
How will other countries accept this thing?
Now, I've a thing and proof as to what can happen, remember china? They did the same thing saying, Oh No NO NO, we will neva revalue our currency, not in this life or till I'm alive ruling the country, but what happened, next day they kept it on float and their currency started improving. So, this is just a strategy of the country to demoralize the people who hold dinars and make them sell it cos it's not in their hands to sn@tch it. They've been taking the notes in as much as possible, why? Because they want this to be a minimum affair. You need to read a lot about iraq and it's wealth resources and after u do that, u will understand that if there is 1 point you have for LOP, I have 10 good reasons why it does'nt have to LOP and RV/keep it on float.
Michel!
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my god.. if u guys work a lil bit hard at any other thing than posting those heavy long statements, can earn you big bucks.
Michel! :-)
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Do they think we are fools? if a 10K note can buy them a loaf of bread and then now when they delete the zeroes off, it's a 10 dinar note, do u think we are fool that the purchasing power is not increased??
It's simple people, if they do 10K dinar to 10 dinar, they need to increase the exchange rate or else how can they import or export.. Common Sense.. They're hurting our common sense by coming out with these articles.
Michel!
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Now it seems to me that there will be 100 dinar bills for 1USD..
If that's so, we are still gonna get our RV, that is if we have say 100K dinars we get 1000USD for 100K.
Sounds pretty OK.
Michel!
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Actually no, it's not like that at all. Purchasing power does not change after a redenomination. Five dinars after redenomination will buy the same thing as 5,000 dinars before redenomination. A Coke that cost 1,000 dinar before redenomination will cost 1 dinar after redenomination. Wealth and purchasing power has not changed. If 1,000,000 dinar is worth 800 US dollars before redenomination, then 1,000 dinar is worth 800 US dollars after redenomination.
It shouldn't be a surprise to anyone. The CBI has repeatedly said for years they intend to redenominate. It was only the supposed gurus that were telling people it would never lop. They figured if they said it forcefully and with conviction that it must be true. Well, it's not true. The dinar is going to redenominate. There will be a corresponding revaluation that maintains the purchasing power of the new currency and the current value of your dinar is not likely going to go down. Your best opportunity to make money on the dinar is by Iraq doing the right things to increase the GDP of their economy. It still has potential, like any other foreign currency, to make you money. But it's going to be a long term prospect that may return 10-15% over several years. Anybody that bought the hype of a 3,000% return was just a fool. That was NEVER going to happen, despite the insistence of all hypsters.
Forget abt iraq for a moment please. Now answer me. Was US govt a fool to legalize Iraqi Dinar Investment? Was all the US banks(or say banks around the world) who sold the dinars were making it's customers fool saying it's a useless investment? Was Legal Exchangers like dinarbanker, dinartrade, tampadinar everyone making a mockery of US citizens and it's govt in front of the US govt??
That would be a tight slap on the face of US if this does LOP.. get this right, US/UN does not allow this to happen, and that's what I'm believing as of now. if they do anything other than an RV (even a minute RV is fine), I'm thinking the US govt (Complete Obama Administration) and it's citizens are made fool of.
Michel
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There currency was not devalued in 2004.....it crashed way before we invaded....due to inflation and saddam printing excessive amounts of dinar.....
Unfortunately it seems its not going to work out in the manner you desribed...they are submitting the plan to parliment for a redenomination....
I have always differed with your viewpoint. Chinese refused to do the RV of their Yuan and the very next week they did it. These are the tactics used by the govt to demoralize people and make them sell their dinars till the very last minute. But what I honestly believe is, the stuff which has gone down should come up in the same direction in which it went. And the conditions are favouring for that to happen.
A national currency of a country, u think they're gonna devalue again by reducing their bills from 25K to 25Dinars, what will be the impression of huge Countries like US, India, China and all. Do you think that 25K dinar bill suddenly becomes 25 dinar and becomes much stronger than US without the knowledge of US citizens knowing the fact that their 25K dinar note is now 25 dinar. This is absolute cheat on the part of it's investors. Please understand the BFSI industry does not work as you said.
Michel!
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There has to be some sort of profit that needs to be involved in this investment.. or else the motive of US attracting this investment legal in US makes no sense at all. The profit should atleast be double/triple if not an RV or a considerable profit space. Or else, this makes perfect non-sense of an investment.
Let's not think what Iraq can do or not do. Let's think what US/UN can do to force iraq to give reasonable profits to it's investors. Afterall, it's we who've helped them get up on their feet. A few companies with billion dollar investment in iraq could not help them because they need investments in BULK, which is HUGE. And without the US or common man support of other countries, it is'nt simply possible. Think the logistics people.
My 2 words,
Michel!
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They want that. They want this inflation as a reason to LOP it. I hope I'm wrong, but I hope they don't take this reason for LOPPING.
Go RV as usual!!
Michel
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The article does'nt mean it will RV though. But it's certainly a good sign for the development of iraq.
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boo away!!
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Yea inflation levels are great now....and its usually when things stabillize in the economy and AFTER levels of hyperinflation that they RD....thats when its most successful
If they make 25K dinar=25Usd which is the rate what we purchased on, does'nt make sense. Their economy is booming in all fields right now be it Oil, agriculture, mobile, internet, media everything.
A country's development reflects directly on their currency. When they start developing 10-12Million barrels per day, do you still think they will LOP, and not share their profits with Investors, that really sound insane to me and a silly govt with a silly decision. You need to know more abt how the world economy works out and it will not go the way you're predicting about.
Also, it will go up the same way it came down, not it will take a U-turn in between and from there take a shortcut road, NO. if they had to do this, they would've done that way before. Think people.. Think, don't just listen to people who spread stuff.
Logistics to me suggest they want people to sell off iraqi dinars so that they can minimize the no. of people into this investment.
1 more thing, The US introduced this investment in USA to make help iraq ith things and when they're helped big time, how can they ditch the investors by just doing an LOP. I have 10 reasons to support my point and you just say LOP (or) RD. Ofcourse there's a chance of RD(Minimal), but LOP, no way..
Michel!
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I'm just waiting for them to reach 4 Million barrels per day.. And then I'll see how they can escape the impending RV. They've already reached 3M now..
Michel!
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You guys really need to grow up. You need to understand the world market and economy abt how it works.
You need to understand that 1$ =! 1USD (not equal to). When it is 1000 Dinar (Say), it's 1USD, but the localites of iraq know what's the power of 1000 dinars and not us, because for us 1000 dinars =1USD, which is'nt much.
But, when 1 Dinar becomes 1USD in near future, the purchasing power will be back and that is what we are looking at. Remember the keywords in this investment and bookmark them as the basics of how the world market and economy works.
Purchasing Power (Should happen both nationally and internationally meaning drop zeroes off nationally and internationally at the same time which indicates to me an RV which is fair).
Understand that and stop unnecessary and unstable talks on a daily basis where people switch between LOP and RV.
Michel!
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i take 4.75 any day..
go rv!
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This is actually huge!!!
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michelneedsRV,
First off, I do appreciate your post. Now, can you expand at all on your friend's intel? I ask this because if you've done some research, most of us could probably hypothesize on the rate, date, key piece of info, etc. Net net, everyone has their own opinion on this speculative investment and I'm curious to know what makes this different...did your friend know Shabbs was coming to the U.S. before anyone else knew or around the same time? I only ask this if you because you don't seem like a drive-by type of liar...
Thanks!
I'm just re-directing the message what he gave me and I trust him as well.
I don't post often here, and certainly when I get some news from someone (on the ground), then only I try to post some info what I know. So, take it as an info and also the interesting point is that, people of iraq are now getting excited about the fact that their economy is booming every single day and it's going a positive way and things happening (Which iraqis not expecting to happen with US in place).
The nature of this investment according to me is, No one comes to wake up a person twice on a bright morning, it's just once and you've to get up at once.
Michel!
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You state that they have given you some news which turned out to be true. This sounds past tense. Do you mind answering as to what that prior news was?
Well, I talk to them on a regular basis, like once a month or so. They're from my skype. But make no mistake, they've always said that if they do not see an RV specs so hard, I mean the percentage of chances of it happening is more according to them. I'm just redirecting this message from them. They follow CBI, Shabibi, internal politics and economy well. And one of my source is a school teacher in iraq, I'd rather give him an opportunity and see what goes.
Regarding your question, I remember he told me sometime back that shabibi was going to US for giving a press conference as they learnt that in a local newspaper where he said he cannot disclose a rate even if he know. So there's a clue from there. I hope this answers you
They're also normal people like us, and trust me they're also waiting for some sort of purchasing power.
Michel
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Hi Folks,
I have a couple of sources in country (Foot on land), and they seem to be giving me positive indication to me lately. They're looking upbeat and telling me an RV of upto a minimum of 0.33$ to a max of 0.86 is possible.
They're not quite upbeat on a good rate (Above 1$), but whatever they expect is enough for us. They've given me some news which turned to be true and seem to be knowledgable guys in iraq who study finance & Banking sector well, So, I'm keeping my hopes alive.
Hope we see RV by end of June!!!
GO RV!!
Michel
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Exactly my point. I think the US did'nt want to give Iraq even the 6 months chance to secure the DFI.
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Extend the period of protection to U.S. Iraqi funds
20.05.2011
Leila Ahmed
United States decided to extend the state of emergency in Iraq for an additional year in order to protect Iraqi funds, in response to the demand of Iraqi government in this regard.
The White House said the U.S. said in a statement Wednesday that the decision was made to the existence of obstacles to the orderly reconstruction of Iraq, and restoring and maintaining peace and security in the country, and the development of political institutions, administrative and economic, as well as the continuing threats against national security.
He welcomed the observers to resolution and the enemy is a positive step for the protection of Iraqi funds from creditors who have become some of them pose a threat to the Iraqi economy, according to economist Hilal Taan, who stressed in an interview with Radio Free Iraq that increase the duration of protection money leads to better stability, adding that the Iraqi government can work through this General in the settlement of debts Having achieved a settlement of the 80% of that debt.
Indicates former MP and Wael Abdul Latif, the need to seek the Iraqi government to settle their debts through the ports in diplomacy and foreign relations Alseisep and close this file in its entirety.
As if to underline the need for observers to active Iraqi diplomacy through the extension of protection to the Iraqi money, Taan expert stresses the need for a joint work between the Ministry of Finance and Central Bank of Iraq, the Ministry of Foreign Affairs.
However, the MP Wael Abdel Alllatif questioned the ability of the Iraqi diplomacy to contribute to ending the debt file, due to different trends in the government, calling on all political forces to work hard to close the file of debt that may deplete the financial resources of Iraq.
That means no RV for one more year? I sure hope not.
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The abolition of the removal of three zeros from the currency
in Iraq & Dinar Related News
Posted
ignorance is bliss.. The figure of 29 trillion is not exactly which is circulated outside of iraq (In US or anywhere). The 1000 dinar will become 1 dinar. But when u bring those dinars outside country hardly 1% of the world has bought them. So, what you're saying is wrong, they need not convert 29T$ to 59T$, cos it's not required.
The iraqi govt has got most of them back, and they're trying to get the left over back to their country.. Laws have tightened up so that the Currency does'nt leave iraq. What does all these mean?
There are hardly 1% of the world who knows abt iraqi dinar and that's what it is, a few lucky ones will make money because they vested in a country that's been war torn for several years now, almost 2 decades. And I feel that's reasonable for a country like iraq who is 3 times richer than US. now this looks more logical.
Michel! :-)