DiNaR DoCtOr

I am sure Soleimani had no problem watching us leave. Now he criticizes our lack of troop presence....I wish other countries would ask for our help then step aside. Good for Carter telling it what it is.

How would there be confusion? They would both increase in value, right?

The list of allowed transactions is very comprehensive, and the CBI has done a good job of identifying potential issues with a RV or so-called "lop". I really don't know what way they will go, even though it seems like a RV is to good to be true, but I am confident the allowed transactions abroad is setting the playbook for changes to occur SOON. On another note, I miss Doc31. I am going to see if I can dig up some of his old posts. GLTA This is legitimately coming to an end.

Correct! It has been a footnote since 2005, and what I hang my speculative hat on regarding their ability to adjust and support the value of the dinar. I remember a poster in the past arguing against a potential RV because no reputable accounting firm would "fudge" the CBI financial statements to "hide" a future RV, and my point was always that EY (and KPMG I believe) was always telling the world they don't have the full financial picture and therefore issued a qualified opinion.

This is an exciting article! I have posted numerous times my opinion about CBI's financial statements being incomplete. Let's remember that Ernest and Young was the first company to audit the CBI in 2005, which resulted in a qualified opinion. The qualified opinion was EY's way of covering their tails by saying they did not have complete info. Notably, financial information from the two CBI branches in Kurdistan region. How much do they have in assets? At a minimum, I am guessing three times the assets, because they were given three new dinars for each unit of the prior currency. Alternatively, the new CBI was given one new dinar for each old saddam dinar. That information was taken from John Taylor's book, Global Financial Warriors. EY is back to finish the job? Who knows, but I believe EY will identify significant improvements.

I have been saying this for years, but unfortunately I am in the moderator queue do no on reads my posts regarding what's called "qualified" financial statements. What happens if your financial statements show all liabilities (money in circulation) and what is likely to be less than half of the assets? Now what happens if you more than double the assets against the same level of liabilities? Yeah baby!!! Tine to adjust the value based on a stronger balance sheet and improved political situation. The unknown is just how much the value changes, 10% (huge by most FX standards), 100% or more. Wait and see I guess, but what do I know ;-)

I did not see where Shabs was being criticized. I could be wrong because the translation is hard to read. I thought this was a great article. It is the first time I have seen it acknowledge the two KRG CBI are currently separately managed. The other two branches are audited with a qualified opinion. In other words the auditors were covering themselves saying we have not looked at the books for the two KRG branches. Folks, the KRG branches have the assets. It's boom town there. This article and mention of article 140 has me excited about dinar for the first time since 2012. Interesting times!! Glta and stay cautiously optimistic

This is nothing to get excited about. Letters of credit are common in international business. A letter of credit is a guarantee provided by the bank if delivery is not made. So, they are saying the rate used to convert in the event of a failure to deliver goods will be the official rate used by the CBI.

Nice!!!! This says political stability to me.

The way I read it was the Kurds were saying there was no justification for concern, but these choppy articles can be hard to read sometimes. I think this is good because we need Kurds on board before RV. I believe the Kurd-Baghdad cooperation is the political stability needed. I also think the list act like bitter bettys sometimes.

Good example of the crowding out effect by government.

I can see it making sense if the Cbi wants to appear transparent in their actions.My questions - Does the often quoted foreign reserves balance include foreign reserves in the two (of four) cbi branches under krg management? Past notes in the financial statements indicated the statements only included two of four branches. Does the often quoted m2 balance in the statements reflect all outstanding currency? The reasons for my questions - If the two other cbi branches report no additional outstanding currency, then good for us. If the foreign reserves includes krg foreign reserves, but current m2 balances do not reflect additional liabilities included in the not reported)

Besides the part of the story where it says 180 people were killed

I understand your question, which is always asked. But, if he owned a million dinar would you respect his opinion more? It is a disservice to this site not to listen to all opinions.

I like Sam I Sam's site. How could you not like it. Doesn't change how I feel bout the currency, but I do like seeing the scam sites exposed. But, I never trusted the "good nature" of anyone anyways. I also like putting a face to names so I can be ready to punch a d-bag in the face if I get a chance...umm...go rv

Does anyone have a link to the news adam referred to in his monologue?

This rule in other agencies did not apply to spot rate transactions, so DV please do not read to deep into this. Fwiw occ bulletin 2011-38 is another source for guidance referring to the retail fx transactions

It sure would be nice to see dinar dry up. Sometimes I do not even read articles when I see the dinar sales ads promoting free dinar with a purchase of so much dinar.

I believe the 67 billion refers to foreign reserves, so they would still have 67 billion in reserves if they rv'd If they are 100% backed by foreign reserves at 1164 to 1, then a revalue to 116.4 to 1 would put them at 10% backed by foreign reserves? I would take that rate.

I am hoping this is a good thing. I would think we want other countries, especially Arab countries, to hold significant amounts of iqd. I think it will make it more stable, and incentivize neighbor countries to support Iraq's growth. Lost iqd? I don't think so.

This is true. He is not fired, rather he is exempt, or has a recusal, from auditing the cbi. It is completely appropriate to do so. An auditing chairman should not be a permanent position. If the cbi wants credibility, then his assignment is temporary until the shabibi situation is resolved, or until a new chairman is named. Hate him or like him, shabibi is the most credible person for the job in the "world's" view. What other Iraqi has his known credentials? Saleh is probably the next best individual I could think of, but I do not know of another Iraqi economist out there. Think of saleh as Tralluo (fed reserve governor). Sometimes we over critize Iraq, but if this is an accurate article, then I think this says a lot about their apparent transparency. No one should be exempt from criminal activity, but this is Iraq. Your contempt for Malik is justified, can't argue that. But, if Iraq wants an accepted currency, especially higher value, they have to prove the banking system is just. This is a good sign. To me, and IMO, it is Iraq saying, "hey we abide by internally accepted standards of financial accountability and transparency" So now I read in other topics that saleh is out. If true, then I guess he is not a good candidate. I have a lot of "if, then" conditional statements, pretty much the dinar story, right?

Drox used to talk about this a year and a half ago. A good sign then that no lop would happen. I think it was drox anyways.

Darn, missed my question. Thanks anyways! I look forward to some updates.

When Iraq states they have 65 bln in reserves, does that include all four cbi branches or just the two branches in Baghdad that were audited? Can we really expect anything before the next Iraqi elections?

Can't argue about past budgets, but getting agreement is a step forward. And, if there was truth to an article a couple days ago about the Kurds demanding a larger percentage, then I say this is a good step. I hope it leads to an hcl, which is what I think could tip the scales in our favor. I do not know what they could revalue to, if at all, but I do know you cannot rely on cbi financial statements. Do I have an inside source? No. But, we all can read the auditor's opinion. I asked Adam question concerning the audit awhile back, and he spoke plainly. He said that we have known for awhile that we can't trust the cbi statements. My point is that I believe the kurds' cbi branches need to have their financial statements audited. That's where the assets are. I think an hcl is a good step towards the consolidation of the cbi statements. Maybe someone can answer a question for me, do articles referencing the amount of reserves held by the cbi include all four branches or just the two Baghdad branches that have been audited? Tia