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Turki Banking Conference Speech Translated


ReVbo
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Why would they want to announce an impending RV? Doesnt make sense to do so. Then again what do I know?

maybe they are pumping the dinar.. maybe they are selling dinars all over the world and thats how they are going to get their reserves up to 115 billion this years and pay for their budget .

or maybe it was just a tv show in iraq and they are just showing us a clip .. and the movie is about making fun of us .. maybe they have been reading dinar vets .. and i may end up being one of those who they are making fun of .. okie might be the star of the show .. who knows .. but i agree to that question .. why would they do that ..

maybe they want more dinars spread around ..for support .. when the rv .. and if only they made out in the rv .. no one around the world would support that rv ..but if a govt saw that it stands to gain billions in revenue .. that they could get more support ..

i know they havent been making speechs like this all along ..this hasnt been going on since 2003 .... why would they think support of the rv is important .. and they want to spread the wealth instead of just governments profiting here .... the money will all end up in the banking community no matter how much its spread out .... .. what if only china and iraq were in on it and only china and iraq benefitted from it .. do ya think they would get much suppport from the european and american nations .and india .. and the rest of the world .. we all have to agree that their currency is good for what it is decreed at .. or its no good .. can they pay their debts .. how much currency will be restricted to iraq itself .. i dont think they will go spend all the new currency out of country then have to honor it ,, .. just ranting ,, food for thought . i must send out a discloser ..

I have no doubt the translation is as accurate as any translation can be. I'm just not sure it gives us any useful information. Clearly, Turki isn't announcing a significant RV to the world.

as far as this article goes .. yes it seems he is .. CLEARLY announcing that .,

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I do not think the CBI is announcing a "pending RV" Most banks in the middle east already know the dinar will float, the Arab Monetary Fund told them. They are simply saying that soon they will put value to the dinar or market driven. Looking at documents on floats, banks make a lot of money.

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maybe a trigger was set up long ago . at 100 billion in the reserves .. but the system wasnt set up yet and taxes werent set up .. and all the laws werent set up .. maybe they thought it would take alot longer for them to reach that trigger .. and the reserves rose faster than parliment could progress .. so they slowed things down with propaganda .... and now they are ready to go and have to reach that 100 billion mark which will automatically set off a currency reset .. so they make the announcement dinar sales fly through the rof and everything falls in place ..a hundred billion .. that could be a majic number . .. maybe he was just drunk and it slipped ... :lol:

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Thx Thug.

If anyone has any questions about this, you may post them here (as I and my son in law performed the original translation being circulated now).

OOTW/Alexyn

Great Work Alexyn ! ;) Thanks To U And Ur Son In Law ! :salute:

B)B)B)

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Thx Thug.

If anyone has any questions about this, you may post them here (as I and my son in law performed the original translation being circulated now).

OOTW/Alexyn

thank you for doing this .. and i have ..no questions here ..

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Hey DontLop, if your guess is correct, the CBI HAS $100 billion in reserves if you count Dollars AND GOLD!!

Plus, if "Delete the 3 zeros" referred to getting the big IQD notes out of circulation, the auctions have done a superb job.

There have certainly been good arguments in favor of certain laws and no temporary ministers being key, BUT, maybe all the CBI REALLY needs are for the LOWER DENOMS TO ARRIVE!? I haven't seen any reliable reports that the printing is done.

Speculating about big money is sooo much fun.:Psrc="http://dinarvets.com/forums/public/style_emoticons/default/tongue.gif">

Peace and Prosperity

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Or, maybe he was just trying to impress a bunch of guys whose countri's he wants to invest in Iraq! :)/>

Who knows, man? Maybe, Turki's just not as good at the PR thing or at disseminating information that can be interpreted multiple ways as Shabibi was. If he's just spouting his mouth off to potential investors, he better be able to back up his words, because he just told the world they're going to be backing their currency with the wealth of the country, and that they are taking measure to "assign or instill" the correct value to the currency. Based on his other remarks, one would have to assume the "correct value" is something better than 1166.

He says "soon," too. Let's get it on, Turki.

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Who knows, man? Maybe, Turki's just not as good at the PR thing or at disseminating information that can be interpreted multiple ways as Shabibi was. If he's just spouting his mouth off to potential investors, he better be able to back up his words, because he just told the world they're going to be backing their currency with the wealth of the country, and that they are taking measure to "assign or instill" the correct value to the currency. Based on his other remarks, one would have to assume the "correct value" is something better than 1166.

He says "soon," too. Let's get it on, Turki.

Lol. "Let's get it on Turki"

Sounds like a sound byte off of Sanford & Son

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My best guess as to why Mr. Turki would announce this now, is because "Iraq" was invited to attend the conference and he had to put forth some kind of a positive indication regarding Iraq's economy, which I believe he has done, without placing himself in a position that may prove to be "false" later on. Best guess I may offer on this.

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Hey DontLop, if your guess is correct, the CBI HAS $100 billion in reserves if you count Dollars AND GOLD!!

Plus, if "Delete the 3 zeros" referred to getting the big IQD notes out of circulation, the auctions have done a superb job.

There have certainly been good arguments in favor of certain laws and no temporary ministers being key, BUT, maybe all the CBI REALLY needs are for the LOWER DENOMS TO ARRIVE!? I haven't seen any reliable reports that the printing is done.

Speculating about big money is sooo much fun.:Psrc="http://dinarvets.com/forums/public/style_emoticons/default/tongue.gif">

Peace and Prosperity

i dont doubt they will have a new currency in iraq and the currency we hold will be phased out. as far as the status of the new currency .. i havent heard anything one way or the other .. i remember they were going to distribute it last year ,, but it didnt have kurdish language on it .. . so if like they say .. the currency must include kurdish language on it . that also could of been the hold up .. tp print up billions of paper high security currency notes is time consuming .. what i heard new currency as early as september 2012 .. so is 6 months enough time to create enough currency and coins .. im not sure ,

im just thinking of possibilities . i dont know exactly what they are going to do .. this article here is the most significant piece of information i have read since 2004.. im flabbergasted over it .

Edited by dontlop
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Anyone's guess as when and how much! However at the moment this does not matter, what does matter is there will not be a lop. And yes they are restructuring their currency and not replacing it, this is what we want to hear. Why would the announce this....my thought is giving hope to the people, their dinar is going to have value. They are not saying when....in Iraq it could be anytime from now to someday in some year! Still the rest is good news.

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all my reasearch on the dinar over the years led me to believe the only way iraq could possibly rv their currency higher is to apply its wealth to it .. the thousands of square miles of oil rich oil fields ..

there was never any one piece of information that i could point to to explain or prove anything .. it was the massive input by al the dinarians .. and the internet and connecting the dots on stored knowlegde of different things

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Thanks ReVbo, Stryker and OOTW. :)

all my reasearch on the dinar over the years led me to believe the only way iraq could possibly rv their currency higher is to apply its wealth to it .. the thousands of square miles of oil rich oil fields ..

there was never any one piece of information that i could point to to explain or prove anything .. it was the massive input by al the dinarians .. and the internet and connecting the dots on stored knowlegde of different things

They already have revalued. The question is if they are going to do it again and how high of a rate they can support.

Thanks ReVbo, Stryker and OOTW.

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A month ago the Secretary General of the UN said that regarding compensation, "The Board of Directors of the Compensation Committee of the UN noted Iraq's commitment to fulfilling its obligations," and expressed that appreciation continued to the GOI and the Committee of Financial Experts Iraqi for their continued cooperation with the Compensation Committee. We can look at that in 2 ways, it's either saying they're just going to continue to work with them as they have been or they are working with them on a plan right now. The timing sure does feel good for them to make a move now. Whether that's a small move or a drastic one, who knows.

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Thanks ReVbo, Stryker and OOTW. :)/>/>/>

They already have revalued. The question is if they are going to do it again and how high of a rate they can support.

Thanks ReVbo, Stryker and OOTW.

i agree the amount they spend out of country is what they need to suport .... i know you have seen these things before .. but i know the stand by agreement ends feb23 2013 ..

3. For purposes of monitoring under the program, a program exchange rate will be

used. This program exchange rate will be set at ID 1,170 per U.S. dollar. The program

exchange rate will be used to convert into Iraqi dinars the U.S. dollar value of all CBI foreign

assets and liabilities denominated in U.S. dollars, as required. For CBI assets and liabilities

denominated in SDRs and in foreign currencies other than the U.S. dollar, they will be

converted in U.S. dollars at their respective SDR-exchange rates prevailing as of

December 31, 2010, as published on the IMF’s website.

now i know they did earlier this year reset the exchange rate by 4 dinar per dollar,, is that the rv your talking about ?

and

The Central Bank of Iraq has been conducting foreign exchange auction on a daily basis

since October 4, 2003. The central bank followed a policy of exchange rate stability which

has translated in a de facto peg of the exchange rate since early 2004. However, from

November 2006 until end 2008, the CBI allowed the exchange rate to gradually appreciate.

As a result, the exchange rate arrangement of Iraq was reclassified to the category of

crawling peg effective November 1, 2006. Since the start of 2009, the CBI returned to its

earlier policy of maintaining a stable dinar. Consequently, the exchange rate arrangement of

Iraq was reclassified effective January 1 2009 as a stabilized arrangement.

Iraq continues to avail itself of the transitional arrangements under Article XIV. Iraq has a

generally unrestricted current account regime and a significantly liberalized capital account.

However, four measures (plus one exchange restriction maintained for national or

international security) have been identified to give rise to exchange restrictions subject to

IMF approval, namely,

(i) the requirement to pay all obligations and debts to the government

before proceeds of investments of investors, and salaries and other compensation of non-Iraqi

employees may be transferred out of Iraq,

(ii) the requirement to submit a tax certificate and

a letter of non-objection stating that the companies do not owe any taxes to the government

before non-Iraqi companies may transfer proceeds of current international transactions out of

the country,

(iii) the requirement that before non-Iraqis may transfer proceeds in excess

of ID 15 million out of Iraq, the banks are required to give due consideration of legal

obligations of these persons with respect to official entities, which must be settled before

allowing any transfer, and

(iv) an Iraqi balance owed to Jordan under an inoperative bilateral

http://www.imf.org/external/pubs/ft/scr/2011/cr1175.pdf

this is where i get tied up in the legal mumbo jumbo

In addition, one exchange restriction maintained for security reasons

should be notified to the IMF under the framework of Decision 144-(52/51).

http://www.imf.org/external/pubs/ft/sd/index.asp?decision=144-(52/51)

1. A member intending to impose restrictions on payments and transfers for current international transactions that are not authorized by Article VII, Section 3(B) or Article XIV, Section 2 of the Fund Agreement and that, in the judgment of the member, are solely related to the preservation of national or international security, should, whenever possible, notify the Fund before imposing such restrictions. Any member may obtain a decision of the Fund prior to the imposition of such restrictions by so indicating in its notice, and the Fund will act promptly on its request. If any member intending to impose such restrictions finds that circumstances preclude advance notice to the Fund, it should notify the Fund as promptly as circumstances permit, but ordinarily not later than 30 days after imposing such restrictions. Each notice received in accordance with this decision will be circulated immediately to the Executive Directors. Unless the Fund informs the member within 30 days after receiving notice from the member that it is not satisfied that such restrictions are proposed solely to preserve such security, the member may assume that the Fund has no objection to the imposition of the restrictions.

2. The Fund will review the operation of this decision periodically and reserves the right to modify or revoke, at any time, the decision or the effect of the decision on any restrictions that may have been imposed pursuant to it.

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I couldn't believe it either.

Thanks for your quick eye and action on getting this checked out and posted here for us - it all looks good - as long as we continue to see movement we can be hopeful I am seeing that ship of mine getting closer to the harbor -- <3 <3 <3 +1

x12038490.jpg

Thx Thug.

If anyone has any questions about this, you may post them here (as I and my son in law performed the original translation being circulated now).

OOTW/Alexyn

Thanks for your combined efforts and sharing with us -- it is much appreciated !! UNEEK

k1526906.jpgk1526906.jpgk1526906.jpgavatar_20839.gif

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We all already recognize Iraq's potential if you look at their history.

1949 - US$4.03 = 3.58134g gold Iraq. Then they changed the rate changed from fixed to a hard peg.

1967 - US$2.80 = 2.48828g gold.

1971 - UK£1.166 = 2.48828g gold (nominally). Gold convertibility for all countries ended in practice when the United States abandoned the gold standard on 15 August 1971. So, Iraq unpegged from the USD and remained to the pound until December when they repegged to the USD after the United States devalued the dollar against gold.

1972 - US$3.04 = 2.48828g gold (nominally). Switched to the USD as the anchor currency.

1973 - US$3.3778 = 2.48828g gold (nominally). Did not follow the devaluation of the US dollar on 13 February 1973.

Since 1995 we've seen a rise from 3,000 to 1,164-1,166 which is pretty significant. The 2007 IMF international compact with Iraq raised interest rates in an attempt to allow a gradual appreciation of the dinar in an attempt to fight dollarization of the Iraq economy but of course they would never advertise that they had plans of a more significant rise and I don't think they should have released any plans to the public. Just like I can't understand why Turki would say anything other than delete the zeros. That's what I would do.

I doubt they'll go international until the rate is much higher but that's just my opinion. What's interesting about their earlier years that they had a registered gold parity with the IMF. Since then, the Bretton Woods system has collapsed but they can still do a PEP or broad based commodity peg. Harvard, Yale and independent studies have all referenced this as a possibility and good option for them. My point is that gold and oil are very important to Iraq's economy, which is convenient for us because they have such large amounts of both. This is why they are the fastest growing economy in the world.

Edited by SWFloridaGuy
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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.

nope thats not what im saying . but they could sell some treasurys ..at 1..or 2 % ..china likes those treasurys . so does the us .. they could buy up some iraqi treasury bonds from iraq.. just think the us can just print up dollars .. buy iraqi bonds with paper .. and collect interest on it .... once iraq has a bunch of dinars that are decreed worth a dollar each .. they could go buy some treasurys in europe .. or they could buy us treasurys that pay interest .. its a vicious cirlce ..when iraq buys our treasurys ,, the we stick the dinars in our foriegn reserves and print up dollars .. now that much fun should be illegal but it happens all the time

We all already recognize Iraq's potential if you look at their history.

1949 - US$4.03 = 3.58134g gold Iraq. Then they changed the rate changed from fixed to a hard peg.

1967 - US$2.80 = 2.48828g gold.

1971 - UK£1.166 = 2.48828g gold (nominally). Gold convertibility for all countries ended in practice when the United States abandoned the gold standard on 15 August 1971. So, Iraq unpegged from the USD and remained to the pound until December when they repegged to the USD after the United States devalued the dollar against gold.

1972 - US$3.04 = 2.48828g gold (nominally). Switched to the USD as the anchor currency.

1973 - US$3.3778 = 2.48828g gold (nominally). Did not follow the devaluation of the US dollar on 13 February 1973.

Since 1995 we've seen a rise from 3,000 to 1,164-1,166 which is pretty significant. The 2007 IMF international compact with Iraq raised interest rates in an attempt to allow a gradual appreciation of the dinar in an attempt to fight dollarization of the Iraq economy but of course they would never advertise that they had plans of a more significant rise and I don't think they should have released any plans to the public. Just like I can't understand why Turki would say anything other than delete the zeros. That's what I would do.

I doubt they'll go international until the rate is much higher but that's just my opinion. What's interesting about their earlier years that they had a registered gold parity with the IMF. Since then, the Bretton Woods system has collapsed but they can still do a PEP or broad based commodity peg. Harvard, Yale and independent studies have all referenced this as a possibility and good option for them. My point is that gold and oil are very important to Iraq's economy, which is convenient for us because they have such large amounts of both. This is why they are the fastest growing economy in the world.

highest percentage of growth .. .. in the world maybe .. ill bet japan takes off like wild fire this year .. i think its being over looked .

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I would argue that restructuring could simply be currency reform.

Currency reform may be just how they go forward valuing each unit of currency.

Removing the idea that all units need to be backed by 100% liquid assets can really have a potential positive effect on the currency.

if they do this, and they slowly raise the value, depending at the rate the value rises they could significantly reduce their circulation numbers.

However, if by doing this, demand goes up high for the dinar from foreign speculators, that could cause the CBI to interact and increase liquidity.

Basically, it seems that Turki is saying that the dinars are a good investment currency. That is just the short-version of it. What the future entails, is a different answer. (i.e., when, by how much, and at what type of rate it increases.)

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Thx Thug.

If anyone has any questions about this, you may post them here (as I and my son in law performed the original translation being circulated now).

OOTW/Alexyn

I just read a complete word for word translation done by a teacher from the middle east and what she translated was nothing like what is being presented here.

fwiw

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