Search the Community
Showing results for tags 'ready freddy'.
Found 2 results
Luigi asks... OK who's right? Is it done or is it no done? Not verified. Your opine. 9-15-2017 Newshound Guru Kaperoni...NO DONE. Article: "Three-quarters of the money supply outside banks and the central circle .. calls for investing" I hate to say it, but this is another article that speaks as if they do not know what they should do. As we have said over and over, they need to get parliament to do its part...passed the laws, strengthen the CBI and get deposit insurance in place. Doing so will invite foreign investment, create a revenue stream outside of oil and help them turn the economy around. Iraq tends to do nothing, then complain about it. It's got to be frustrating for Ali al-Allaq, he has been waiting for his revised CBI Law and parliament keeps kicking it down the road. 9-15-2017 Guru Bruce...DONE. We were looking for an announcement to reflect the new rate. We believe the Gazette did come out yesterday with the rate, I don’t have it exactly yet. I am not for sure it got released or it will be release Saturday as far as the new rate. Iraq is done. I heard something about the rate for Iraq but today is different. I couldn’t nail done it. They are moving along well and that will bode well for us in the very near future.
Luigi says... Iraq is not nowhere near ready no matter what the Gurus say. 8-10-2017 Newshound Guru Kaperoni "Iraq : 2017 Article IV Consultation and Second Review under the Three-Year Stand-by Arrangement..." Quote: "The simplification of documentation requirements implemented by the Central Bank of Iraq led to a decline in the parallel market spread to 6 percent in June 2017." So we have confirmation from the IMF that the CBI spread (official rate to market rate is at 6%)...well out of compliance of the required 2% in order to move to Article VIII. The CBI has to find a way to get the market rate down to 1207 or so. Currently it is 1260. ...the IMF states that Ali al-Allaq and his team have lowered the spread from 11% in December to about 6% currently. Still out of compliance for acceptance into Article VIII, but progress. ...the CBI believes that three of the SB's (i believe that means Structural Benchmarks) can be met very soon. The key one's seems to be the law in parliament to modify the CBI law and freeing up one of the CBI's current financial restrictions which they believe is the reason for the current 6% spread. If so, this is more good news. Clearly they are working to reduce the spread and get in compliance as soon as possible.