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rockfl9

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About rockfl9

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  1. Close enough ! On Feb 1 the MOF will tell them " nobody gets paid till the budget is DONE" . Then it might take 2 more weeks to get the message.
  2. I see now that the President of the republic has ordered that parlament complete and approve the budget in no more than 30 days. I don't know what powers he has to do that but sure he can put pressure.
  3. Parlamentary Finance has been given orders by the COM. The rate and oil price are fixed and can't add to the deffiicit . PLUS they need to approve 5he the budget by the end of the month OR nobody gets paid. Also the salaries must be reduced.. If not I expect to see the rate adjusted to 1600 or more in July.
  4. They intend to build the budget for the ENTRE YEAR at 1450. If the rate were to change the budget must be recalculated. Not a big deal . Sonia1 is correct, the CBI will buy dollars from the MOF at 1450 no commission. It will sell dollars to banks for 1460 making 10 dinar. The banks will sell to public at 1470 also making 10 dinar . It is a win win deal.
  5. This is to be expected....With the rate change it now takes 22% FEWER dollars to buy the same amount of dinar! Also consider that the GOI needs to preserve dollars. So it will not offer as many. NOT a signal of anything.
  6. The 1450 rate will be in the next budget , parliament can't change that. The rate will not change back. Breitling is WRONG. Kazimi is on a mission to save Iraq. He knows borrowing more is a debt spiral. Continuing the 2019/2020 budget levels will wipe out the CBI reserves and when that happens the country will go into default. The 15% tax and salary adjustments are in question. They must stay in. Kazimi. 'has one club , he can withhold all salaries , even MPs until they come around.
  7. I am amazed. A devaluation hits them in the face, the GURUs tell them it is a GOOD thing and they believe it !!!!!! This is not a temporary thing . It was broadcast in the WHITE paper. I am surprised the Kazimi team actually pulled it off without a committee. Now we need to see how the rank and file Iraqi's take it ? Will they suck it up OR will we have protests and riots? A disruption to the oil flow will make things worse. Anything brought into the country must go up 20%. plus any tarrifs that apply. Will it only make the corruption worse, PLUS with ever
  8. I Know. But maybe this time is different. This time the MOF can say if not done NOBODY gets paid ! Without these changes and no loan Iraq is TOAST. It will be interesting to see how the GURUs go from here . Kinda quiet so far.
  9. Dinarians are a THICK headed bunch. The only bad thing about the new rate is it may not be enough,. if the budget is not approved ASAP the conditions will get worse. They need everything to click off Jan 1. If they delay till after the elections ( that is if they can have an election this year). It will take a new rate of 1600 to correct the damage. for oil to get to only $80 the whole world will have to return to pre-pandemic conditions. Bes estimate now is 2024. Iraqs oil revenues will remain flat. I know it will be hard to swallow but them's the facts. This is not
  10. THIS IS THE RESULT OF THE NEGOTIATIONS WITH IMF. Set a new rate 1450. Plus a few other things like reduce headcount, cut subsidies, eliminate entitlements, etc and we will give a new line of credit for $XXBn. SO . new rate set , check .Eliminate new appointments (jobs) small check . The MOF doesnt need parlament to approve these. The other things like changing the existing salaries, eliminating entitlements , cutting subsidies , dada , dada ,etc. require parlament approval and they probably have additional time to do. That will be a big problem. The deputies will hav
  11. Dont forget Natural gas... Iraq should have invested in than 10 years ago . But it would have taken foresight.
  12. NYK . We are getting there. Power transmission is 50% more efficient than 25 years ago. Led lights , efficient AC and refrigeration. It's all happening .
  13. The idea that the GOI would fake a devaluation to collect IQD in country is rediculous. the only way that works is for the CBI to sell dollars from the reserves. there is NO GAIN for the bank! It needs to keep all the dollars. This will be a good lesson in Central Banking.
  14. Iraq has to do this now or it will be put off until next December and be worse. A devaluation is the only solution . But the good result is that Iraqi's must find a way to be more self sufficient and not rely on oil. Electric cars are in. The need for gasoline is going away . Solar and wind will provide more electricity.
  15. Dinarians should not feel too bad , it seems that Iraqi Economists can't do math either. 2 dinar per dollar after drop the zeros to be $0.50 !!! . 1000 new dinar would be $500 . NO PROFIT. Once the dinar starts to devalue Iraqi's will want dollars more than ever. But where will those dollars come from , the upply is limited. In order to get new dollars the CBI will have to use its account at the NY Fed and have them flown into the country at the cbi expense. Why would it do that ?
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