Billion, the central bank: reserves necessary funds or frozen?

[caz1104]

One of the articles shows 90 billion, yet the cbi site shows 60 billion. thats at least 50%more than what their data reflects. does anyone still want to defend the cbis stats??? More proof of an undervalued currency

Many of us have been stating this for some time. IMO you can't trust anything stated by any government official when it comes to financials,numbers can be manipulated. We all should know this living in the good ol USA.What is that ol saying "you know when a government official is lying?................He opens his mouth" Best to all

Edited March 14, 2012 by caz1104

[cooked]

I'm still looking for that $250 Billion DFI fund that they were talking about on June 30th of last year.......

I thought Keep mentioned they were using the DFI fund over recent years and that fund was not part of CBIs books.

[Stryker365]

I'm still looking for that $250 Billion DFI fund that they were talking about on June 30th of last year.......

You need to be looking here fnb as you know because they still can't keep money anywhere else until they can have protection under the sovreign nations immunity protections doctrine and we all should know what that means...

Here for those that may not know, this will help ....

.

The doctrine of sovereign immunity stands for the principle that a nation is immune from suit in the courts of another country. It was first recognized by U.S. courts in the case of The Schooner Exchange v. M'Faddon, 11 U.S. (7 Cranch) 116, 3 L. Ed. 287 (1812). At first, courts espoused a theory that provided absolute immunity from the jurisdiction of a U.S. court for any act by a foreign state. But beginning in the early 1900s, courts relied on the political branches of government to define the breadth and limits of sovereign immunity.

They need out of Chapter VII ......I see the light at the end of the tunnel folks...

Oh, read more; http://legal-dictionary.thefreedictionary.com/immunity

Edited March 14, 2012 by Stryker365

[sonny1]

One of the articles shows 90 billion, yet the cbi site shows 60 billion. thats at least 50%more than what their data reflects. does anyone still want to defend the cbis stats??? More proof of an undervalued currency

they lie about everything, there currency is 3000 x's undervalued.

it will never revalue at $3.00 so i dont want people to think they would go from 1166 to $3.00 because it is not going to.

there dollar though is worth $3.00, the lopsters say well there gdp is garbage, well lopsters kuwait is all oil, and there dollar has been as high as $4.00 to $1.00 usd.

the rv is a no-brainer, i just wish we could get the real numbers.

[cooked]

they lie about everything, there currency is 3000 x's undervalued.

it will never revalue at $3.00 so i dont want people to think they would go from 1166 to $3.00 because it is not going to.

there dollar though is worth $3.00, the lopsters say well there gdp is garbage, well lopsters kuwait is all oil, and there dollar has been as high as $4.00 to $1.00 usd.

the rv is a no-brainer, i just wish we could get the real numbers.

We all know the only real number we're concerned with.....1:1 followed by gradually raising to 3:1.

[Stryker365]

they lie about everything, there currency is 3000 x's undervalued.

it will never revalue at $3.00 so i dont want people to think they would go from 1166 to $3.00 because it is not going to.

there dollar though is worth $3.00, the lopsters say well there gdp is garbage, well lopsters kuwait is all oil, and there dollar has been as high as $4.00 to $1.00 usd.

the rv is a no-brainer, i just wish we could get the real numbers.

We will get the real numbers sonny but it will be way after this is over with and it won't matter to any of us. It would be nice to know tho.....

Don't listen to the lopsters, the man that knows is trying to talk to you right now!....Thanks sonny.....

BTW, I do think that we are going to be surprised with the rate though....

Edited March 14, 2012 by Stryker365

[truthful1]

they lie about everything, there currency is 3000 x's undervalued.

it will never revalue at $3.00 so i dont want people to think they would go from 1166 to $3.00 because it is not going to.

there dollar though is worth $3.00, the lopsters say well there gdp is garbage, well lopsters kuwait is all oil, and there dollar has been as high as $4.00 to $1.00 usd.

the rv is a no-brainer, i just wish we could get the real numbers.

I totally agree sonny. ive seen the light.......

[Stryker365]

By the way sonny, Kuwait's currency did get to as much as $9.00 for a day or two and it did not show up on any charts. I know this because I have heard it from three different people that do not know each other and two of them lived there when it took place, so I don't think they can all saying the same lie.

Now that doesn't have any bearing on Iraq except if it comes in on a free float and I think I've read where good old Shabibi wants it on a controled float, not to move more than 2% up or down over a month or two time period. Please correct me if I'm wrong....

[rsskelton]

On fire again my friend! +1

[Adam Montana]

Abtan: Iraq has (90) billion dollars in central bank reserves

On: Saturday 03/09/2011 12:38

Baghdad (news) .. the committee said that Iraq's parliamentary Ghaderaly improve the status of the dinar and adopt it as part of international reserves, noting that Iraq has more than (80 to 90) billion dollars in central bank reserves and this is positive for the benefit of the Iraqi dinar.

A member of the Committee of Economy and Investment parliamentary and MP / National Alliance / Hussain Abtan in a statement to write to the Agency (news) said on Saturday: "It is certain that Iraq is able to adopt the dinar as part of the reserves of international and especially since he has a big supplier in the field of oil and more than (80 to 90) billion in Central Bank reserves and this influences positively on the Iraqi currency against the dollar and make the dinar as its currency position as they were formerly among the world's currencies. "

He called on the Central Bank Alabtan improve the status of the dinar against the dollar, and the (1200) dinars to the dollar is not the right thing. "

It is noteworthy that the central bank adviser said in an earlier statement "of the Agency news" that the Iraqi dinar is not an international reserve currency to be dealt with abroad, saying we as policy cash aspire to be the Iraqi dinar portion of the reserves and this needs a long time.

Saleh said: The Iraqi dinar is the local currency freely convertible into other currencies, ruling that is treated in Iraqi dinars externally at present evidence is that the bank instructions Antrzelatzmh taking out the Iraqi dinar, but the limits of (200) thousand dinars for the traveler. / End / 12. N. P. /.

http://translate.goo...ew%26id%3D19443

Great article and awesome find, Yota!

Thank you, Yota, very much. They stick like glue to the nmber, 60 billion, but then can say they believe the reserves to be 80 to 90 billion. Okay, but that is a big swing, and even a variable of 10 billion dollars is a whole lot of money not to know exactly what the real number is.

Yota, if you had an extra grand or so sitting around today, would you check in at the window for another million?

Indeed, indeed.

One of the articles shows 90 billion, yet the cbi site shows 60 billion. thats at least 50%more than what their data reflects. does anyone still want to defend the cbis stats??? More proof of an undervalued currency

CBI stats I addressed that in today's chat

they lie about everything, there currency is 3000 x's undervalued.

it will never revalue at $3.00 so i dont want people to think they would go from 1166 to $3.00 because it is not going to.

there dollar though is worth $3.00, the lopsters say well there gdp is garbage, well lopsters kuwait is all oil, and there dollar has been as high as $4.00 to $1.00 usd.

the rv is a no-brainer, i just wish we could get the real numbers.

AMEN brother!

[zigmeister]

It's pretty clear, either they don't know the numbers, but more than likely they don't want anyone, or country to know.

[GMartin]

Holy smokes there is a lot here! These two sentence about threw me this morning, along with your highlights of course!

There is also no strong justification for the continuation of the policy of the extensive use of these reserves in foreign currency auctions in order to raise the exchange rate of the dinar, in particular that this policy has served its purpose and even succeeded in achieving a significant increase in the value of the national currency. And any further increase could result in negative consequences.

Where is Stryker? Need more coffee in aisle 6!

If I am reading this right, they are stating that the foreign auctions they have been doing has served its purpose to raising the dinars value and will no longer be needed to do so. The last sentence scares me because it says that any further increase could result in negative consequences. So are they saying if they raise their dinar value more this could be bad? Someone help! :/

[brandedbabe]

It's pretty clear, either they don't know the numbers, but more than likely they don't want anyone, or country to know.

Transparency has been a Lopsters choice for these numbers and as I has stated many times their is a curtain of deceit over this investment and its there because of the high speculation following the dinar. I have slept good over the last year after the DFI numbers were exposed by the media at $250 billion.....and now with yotas article basically saying we are seeing a fake # of 60 billion I am as cool as I have ever been. I think the DFI is in some type of holding account at the CBI even though it has been speculated to be in NY accounts....my two cents!

Its less conspiracy theory and more common sense that the currency totals would remain hidden from outside country's (Iran, Kuwait) because their government would not jump on board to forgive debt as quick as they have.....and Iran and Iraq remain conspicuously close with each other through Maliki....

[Lorre]

More Awesome news!!!! Yea!!!

[zigmeister]

On the other hand there is no certain proportion between the size of foreign reserves with the central bank and the amount of money circulating in the country concerned. Such a cover has become a practical thing of the past decades is no longer commensurate with the nature of the credit monetary system.

These two statements caught my eye, perhaps I am reading too much in them, but it seems to me they are stating what we have questioned. There is no certain proportion between the size of the foreign reserves and the amount of money circulating in Iraq. Such a cover has become a practical thing of Iraqs past but it no longer commensurate(proportionate) with the nature of the credit monetary system. So the auctions are no longer proportionate to its efforts in a monetary system. I am wondering if they are speaking to Iraqs need to become transparent to be able to function in the monetary system. Any thoughts?

If I am reading this right, they are stating that the foreign auctions they have been doing has served its purpose to raising the dinars value and will no longer be needed to do so. The last sentence scares me because it says that any further increase could result in negative consequences. So are they saying if they raise their dinar value more this could be bad? Someone help! :/

Possibly what they are implying is the auctions are outdated and to continue them in a monetary system of the world could be negative. So I don't think they are speaking to raising the dinar's value per say, but using the auctions to bring the rate up or stabilize it. I think your questions is a good one. I need to think about this. I would love to hear other view points on this.

[Stryker365]

we all wanted the night readers to have a chance at this one too...

[zigmeister]

I agree Stryker the night readers should take a look.

[keepmwlknfny]

which exceeded the recent barrier sixty billion dollars. way above this amount IMO and could be in the 100's of billions and this is why we are seeing them to step up here lately. IMO Iraq thought that the good old USA was just going to turn over the keys to them, meaning release of Chapter VII and they were going to play in the big boy sandbox. Well as we can see that didn't happen so now they have to get the horse saddled, sorry the camel saddled and get this rodeo on......meaning the Arab Summit.

Consists primarily of foreign currency balances (mainly the dollar and the euro and the pound sterling), as well as stocks of gold and other precious metals, as well as special drawing rights and other quasi-money convertible. Because of sharp fluctuations in exchange rates turn the Iraqi Central Bank to keep the bulk of the cash reserves divided equally between the dollar and the euro.......NICE....NOT IN THEIR FINANCIALS...IMO...

BTW do not believe any of their financials or the people that believe in them, They are not correct and the one that told me that hands down knows what he is talking about....

In addition to the above factors there is a special factor is linked to the Iraqi situation and difficult to quantify and is the current expenditures of U.S. forces and entities associated with them until the end of 2011. Was the U.S. Army and U.S. Development Agency and others during the past years, regardless of hundreds of millions on contractors, contractors and local officials and employees of the Awakening and the tribal leaders in different regions and under many names. Has also devoted a lot of money to promote the local economy and small and medium enterprises and to support non-governmental organizations and others.

Now I understand much better when they say it like this, instead of like this; may be caused by our troops leaving...all the funds went with them accoording to this anyway. For re-construction, contractors that where spending money on projects no wonder Shabibi is trying to get these dummies in line because the system is about to breakdown around itself...running out of both USD & IQD. Hard to control your monatary system isn't it there... Shabibi......

Need more coffee....

You say dont believe the financials but where do you think these articles get their numbers from??

The financials do reflect the 60+ billion in HARD CURRENCY.....they say there is apparently 80 to 90 billion total in reserves and when the articles came about about Iraq backing the dinar MORE then 100% (I believe it even mentioned 3 times over) you believed that didnt you?

Just like they mentioned in the articles, people were saying basically the value right now does not reflect what it COULD be raised to and I know you believe that as well.....

The financials are the closest thing to fact we have and all the information we recieve from the CBI supports those numbers as well....

So are we only to believe the positive parts included in the financials but nothing else?

[zigmeister]

You say dont believe the financials but where do you think these articles get their numbers from??

The financials do reflect the 60+ billion in HARD CURRENCY.....they say there is apparently 80 to 90 billion total in reserves and when the articles came about about Iraq backing the dinar MORE then 100% (I believe it even mentioned 3 times over) you believed that didnt you?

Just like they mentioned in the articles, people were saying basically the value right now does not reflect what it COULD be raised to and I know you believe that as well.....

The financials are the closest thing to fact we have and all the information we recieve from the CBI supports those numbers as well....

So are we only to believe the positive parts included in the financials but nothing else?

Even the article questions their numbers, anyway that is how I see it.

On the other hand there is no certain proportion between the size of foreign reserves with the central bank and the amount of money circulating in the country concerned. Such a cover has become a practical thing of the past decades is no longer commensurate with the nature of the credit monetary system.

[TQueezy]

Even the article questions their numbers, anyway that is how I see it.

On the other hand there is no certain proportion between the size of foreign reserves with the central bank and the amount of money circulating in the country concerned. Such a cover has become a practical thing of the past decades is no longer commensurate with the nature of the credit monetary system.

Boom!

In other words...

They say, "(Shrug) We don't really know how much of our paper notes went overseas or what people are using outside of banks, plus we kinda flubbed up on not keeping track of what we have in our own vaults, so... meh. Let's just replace the entire currency and change the value! If people trade in the old notes for USD outside the country, oh well. We have more than enough oil, NG, and other products to back it up."

[zigmeister]

Boom!

In other words...

They say, "(Shrug) We don't really know how much of our paper notes went overseas or what people are using outside of banks, plus we kinda flubbed up on not keeping track of what we have in our own vaults, so... meh. Let's just replace the entire currency and change the value! If people trade in the old notes for USD outside the country, oh well. We have more than enough oil, NG, and other products to back it up."

Oh I think Iraq knows the numbers very well, but they aint talking right now.

[Carrello]

I agree Stryker the night readers should take a look.

I can't see without my night readers.

[zigmeister]

I can't see without my night readers.

[mcuman]

Oh I think Iraq knows the numbers very well, but they aint talking right now.

Exactly right. This piece is the result of an interview with a leading economist, and he, though very wise and knowledgeable, is not a member of the CBI upper management staff, who would know those exact numbers. IMHO, had there been or if there were a situation of a deviation of Shabibi's plan to amass these foreign reserves with the goal in mind of sustaining the larger needs of the country's economy in an emergency, to stabalize the economy through changing times, and re-establishing the exchange rate of the Dinar to it's previous level before it was artificially depressed, he would have been making the discrepancy known.

As I said, JMHO

The Night Staff

Edited March 15, 2012 by mcuman

[caz1104]

You say dont believe the financials but where do you think these articles get their numbers from??

The financials do reflect the 60+ billion in HARD CURRENCY.....they say there is apparently 80 to 90 billion total in reserves and when the articles came about about Iraq backing the dinar MORE then 100% (I believe it even mentioned 3 times over) you believed that didnt you?

Just like they mentioned in the articles, people were saying basically the value right now does not reflect what it COULD be raised to and I know you believe that as well.....

The financials are the closest thing to fact we have and all the information we recieve from the CBI supports those numbers as well....

So are we only to believe the positive parts included in the financials but nothing else?

Keep you are correct. Iraq provides no authentic info imo,you can't trust anything put forth. What they have done is very smart imo, confuse.Best to all