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Turki Banking Conference Speech Translated


ReVbo
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Yeah, Kaperoni posted this, too, somewhere. Did OutOfTheWoods send this directly to you?

Hard to know what to make of it. Turki didn't say what it meant, regardless of the interpretation at the end. I mean, we've known they were going to do "something" for awhile. We wait. :)

Edited by RVPleaseToday
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Yeah, Kaperoni posted this, too, somewhere. Did OutOfTheWoods send this directly to you?

Hard to know what to make of it. Turki didn't say what it meant, regardless of the interpretation at the end. I mean, we've known they were going to do "something" for awhile. We wait. :)/>/>

I found it on Stryker's site yesterday, and sent the translation to Kaperoni, who had his Arabic translator confirm. The original translation was actually done on Jan 18.

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Hat tip to Stryker and OOTW for the original translation.

OutOfTheWoods: My son in law, translated this speech, while I (OOTW) transcribed. The points listed below are the noteworthy and predominant comments from the video:

1) Mr. Turki stated that Iraq has major resources; which, of course, oil is a part of, but there are also other major sources of wealth within Iraq.

2) Mr. Turki stated these resources will effect the Iraq economy strongly.

3) Mr. Turki went on to state Iraq soon plans on applying this wealth to back the currency of Iraq, for the benefit of the Iraqi peoples.

4) Mr. Turki said steps will be taken to "restructure" the Iraqi currency, which will be based on the country's resources, and the wealth of the resources will be reflected and applied to the value of the currency.

5) Mr. Turki stated that the measures taken to properly assign or instill the correct value of the currency, must be taken slowly and carefully, and so they will be.

6) Mr. Turki also stated the Central Bank of Iraq is currently in the process of applying these steps to the restructuring of the currency.

7) In conclusion, Mr. Turki said that 10% of the restructured currency will be retained by the CBI and 5% of the restructured currency will be distributed to exchange houses. It should be noted that Mr. Turki remained vague as to whether these changes would be put in place on a global scale, nor did he state that these changes effect only the Iraqi economy.

At no time during this speech, did Mr. Turki mention nor name the process "deletion of the zeroes", nor did he state within this speech, that Iraq is in the process of replacing the currency. In relationship to the Iraqi economy or currency, Mr. Turki continued to refer to the application of wealth to the currency, as "restructuring" of the value of the IQD.

Notes: : I asked my son in law in detail about the translation of this; "Does this mean 5% is going to other banks for distribution?" and he said no, he said, "Mr. Turki expressly stated that the five percent was going to be distributed to exchange houses so people may exchange the currency for the restructured currency". I also asked him (my son in law) "Did Turki mention anything about deletion of the zeroes or printing new money?" He said no.

TQ ReVbo :goodnews:

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This is the first time I am aware of the head of the CBI (past or present) stating plainly that the IQD is being restructured to reflect the resources wealth of the country. I find this very significant.

The country's wealth would be inconsequential if the plan was to simply redenominate (LOP).

I think Turki just said they will definitely RV. He did not say anything about how big the initial reset of value will be, but if this was a legitimate translation, he HAS taken LOP off the table. :lol:src="http://dinarvets.com/forums/public/style_emoticons/default/laugh.gif">

Peace and Prosperity

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I think perhaps he is saying that as the economy grows, so will the value of the currency. These two points seem to say that.

"2) Mr. Turki stated these resources will effect the Iraq economy strongly.

3) Mr. Turki went on to state Iraq soon plans on applying this wealth to back the currency of Iraq, for the benefit of the Iraqi peoples."

Just my opinion, of course. Translations are problematic.

Edited by RVPleaseToday
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Better to hear it from Turki than Footforward, though, huh? :lol:/>

thanks ... ive been screaming this and being attacked by the lopsters for months ..

when that video starts up ..look at the faces on those in the audience..its like they cant sit still knowing they all got a pile of dinars waiting for this speach and its finally arrived :lol:

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what i think he means by applying it slowly is .. starting the reset of the currency based on the amount they believe is out of country .. if they think theres 10% of their currency outside iraqs borders .. they will reset a minimum of 10% lowere than its final destination value ..for the time period of exchange .. once a deadline is over . they can then float the value up to its destination value .. thereby covering all expenses incurred from the exchange of dinars that are out of country .. which would mean they bought back all the dinars outside iraq for nothing once they raise up the value that 10% ..in other words i think there will be a bounty rate set to gather up all the dinars ..the money they collect in the exchange will now have its new wealth attached and be incountry ....the money they need to buy back those dinars out of country can be borrowed temporarily till the dinar is floated up to its final destination.value.. where it will be paid for by its new value after the float .. even if it takes 10 years to float it up .... its debts will be paid in full .thanks partially to us dinar investors who gave the dinar value when it had none.. it seems like once they hit 67 billion dollars in their cbi .. that was their limit ..

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CNN. Broadcasting While Downing A Shot Of Wild Turkey !

1-28-13 Kaperoni: This video surfaced today...it directly pertains to the New Iraqi Dinar investment. Dr. Abdel Bassit Turki recently spoke at the Union of Arab banks conference January 12th, 2013..."Here is the translation sent to me from ReVbo. My Arabic translator reviewed this and said it was very good and accurate.":

1) Mr. Turki stated that Iraq has major resources; which, of course, oil is a part of, but there are also other major sources of wealth within Iraq.

2) Mr. Turki stated these resources will affect the Iraq economy strongly.

3) Mr. Turki went on to state Iraq soon plans on applying this wealth to back the currency of Iraq, for the benefit of the Iraqi peoples.

4) Mr. Turki said steps will be taken to "restructure" the Iraqi currency, which will be based on the country's resources, and the wealth of the resources will be reflected and applied to the value of the currency.

5) Mr. Turki stated that the measures taken to properly assign or instill the correct value of the currency, must be taken slowly and carefully, and so they will be.

....

6) Mr. Turki also stated the Central Bank of Iraq is currently in the process of applying these steps to the restructuring of the currency.

7) In conclusion, Mr. Turki said that 10% of the restructured currency will be retained by the CBI and 5% of the restructured currency will be distributed to exchange houses. It should be noted that Mr. Turki remained vague as to whether these changes would be put in place on a global scale, nor did he state that these changes effect only the Iraqi economy. At no time during this speech, did Mr. Turki mention nor name the process "deletion of the zeroes", nor did he state within this speech, that Iraq is in the process of replacing the currency. In relationship to the Iraqi economy or currency, Mr. Turki continued to refer to the application of wealth to the currency, as "restructuring" of the value of the IQD.

I asked...in detail about the translation of this; "Does this mean 5% is going to other banks for distribution?" and he said no, he said, "Mr. Turki expressly stated that the five percent was going to be distributed to exchange houses so people may exchange the currency for the restructured currency". I also asked him... "Did Turki mention anything about deletion of the zeroes or printing new money?" He said no.

The 5%" IMO they are talking about the distribution of the new lower denominations of currency in Iraq. He seems to say that the local currency traders will get this currency (about 5%) of what was printed. 10% will be held back for replacements, etc. and 85% will go to banks.

["must be taken slowly and carefully" now thats a complete understatement.] That actually could imply a couple of different things. Either they are taking their time preparing/implementing this event, or they could be talking about a method in which they raise the value (float). "Slowly and carefully" seems to say more towards a "managed float" than a "free float." But again, we will just have to wait and see what occurs.

#4 and #6 are very good and appears that Turki is moving forward to raise the value of the dinar. They use the magic word "soon" again. lol There is nothing in this translation that is "different" from what we already knew. Just that Turki himself spells it out for the attendees. Very good and positive.

Edited by Markinsa
Merged Topics 12:30 PM CST
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Dontlop???? : Are you saying that the CBI will raise the rate JUST to get out of country holders to sell and then borrow the dollars, euros etc to fund the repurchase!!!! That's bad banking...Not likely...There is NO need for the CBI to "collect dinar".... AND they do have a good idea of how much is OUT THERE.

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