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**Governor of CBI statement**


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Hmm....I can't recall where I read July 1 was their fiscal calendar. Thanks for setting me straight! I appreciate accurate knowledge for sure. Here's still hoping for July 1. I would have a humdinger of a celebration July 2nd for my daughters birthday and do it all again on the 4th for my parents' anniversary. This could be my favorite July on record for sure!

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Thanks for the info Easyrider.    FACTA happening on July 1st is also said to be the day the US dollar collapses. It is very interesting that so many more coutries have signed the agreement in such a short period of time.  What I am wondering is how will we be able to hide monies offshore if Big Brother will mandate that countries report in?

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heres some commentary i got from a member partytime revolving around the date July 1:

 

Hmmm....Middle of the year, Iraq to release the LD's

Kuwait to issue new currency July 1, 2014

And here in the U.S. FATCA starts July 1, 2014

In 2010, the U.S. Congress passed House of Representatives bill H.R. 2847.

Hidden within this bill is a provision known as "FATCA," which stands for the Foreign Account Tax Compliance Act.

This bill does several important things, as of July 1st, 2014:

1. It forces all worldwide banks to comply with the IRS if they have any transactions in U.S. dollars.

2. Because the U.S. dollar is still the world's reserve currency, it essentially means ALL WORLDWIDE BANKS, except for the smallest community institutions, must comply.

3. To comply, banks can either spend a fortune segmenting, tracking, and potentially "taxing" their U.S. dollar transactions by as much as 30%... or they can simply get rid of all of their U.S. customers.

In other words, the U.S. government is saying to all banks around the world: If you deal in U.S. dollars in any way, you have to give us full, unfettered access to all of these transactions... or you have to get rid of all of your U.S. customers.

The repercussions here are enormous:

For one, it means more and more institutions will move AWAY from the U.S. dollar, accelerating the already rapid worldwide move away from the dollar as reserve currency.

For another, it essentially makes it extremely difficult, if not impossible, for the average American to get some of his money out of U.S. dollars, and into more stable currencies via foreign banks.

Already, we've seen two of the largest banks in the world, JP Morgan Chase and HSBC, basically eliminate international wire transfers. Many small banks have reportedly followed suit.

And we expect many, many more banks to basically outlaw international wire transfers, the run up to this new July 1st law.

This is a clear example of Capital Controls. This is what a broke and desperate government does when they know the value of their currency is about to collapse.

We've seen governments around the globe pull these stunts over and over again... right before a currency devaluation or collapse.

And now it's happenings right here, in the United States of America.

Well easy, it would seem that the US is preparing for citizens to all of a sudden come into some money and are making sure new laws are in place which will assure that they will get (or take) there fair share.

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Easy thanks for the infos.  It is true.  I have read on that.  That's what makes me think they are going to crash the dollar this year.  I could be wrong, but with the new healthcare, extensions of entitlements, taxing the world with US debt notes is just a way for them to steal from the world.   So, what I am wondering is, what is their plan from there?  Hide in their caves?  It will be interesting to watch this time in history just to be a witness to how evil this place has become.  I said it a while back about this dinar.  If it does RV for a gain, it will be short lived.  The powers that be must have chaos to come in and control us.

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Easy thanks for the infos.  It is true.  I have read on that.  That's what makes me think they are going to crash the dollar this year.  I could be wrong, but with the new healthcare, extensions of entitlements, taxing the world with US debt notes is just a way for them to steal from the world.   So, what I am wondering is, what is their plan from there?  Hide in their caves?  It will be interesting to watch this time in history just to be a witness to how evil this place has become.  I said it a while back about this dinar.  If it does RV for a gain, it will be short lived.  The powers that be must have chaos to come in and control us.

 

Agreed......a bunch of millionaire patriots could be a real deterrent to the plan. 

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heres some commentary i got from a member partytime revolving around the date July 1:

 

And here in the U.S. FATCA starts July 1, 2014

 

 

 

 

 

Foreign Account Tax Compliance Act (FATCA) became law in March 2010.

 

* FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts

 

http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA

 

 

Basically it's to do away with tax havens pure and simple.  Personally I intended to pay the capital gains tax on this venture. I spent too long waiting for this thing to eventually get busted and spend the next 15 years in prison for tax evasion. And none of us has the political connections and power to avoid that unlike the generational rich do.  Even with our new found weatlh we are not one of them yet.

Edited by NextYear
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No big deal on the middle if the year thing. When they pass the budget they'll make it retroactive to 01/01. If the rate goes at the same time, or there about, they'll just back date it with the start of the fiscal year. Being as they haven't moved any money yet, through the provinces or for government projects, it shouldn't be a big deal because nothing, for the current year, has been paid out at the current rate. Should be simple math that any of the numerous international teams of experts they have on hand could easily sort out.

Edited by _RFJ
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It seems to me that any who have transferred their USD into foreign currency should not worry about FATCA. Transfer more USD out of the country and convert it before 7/01/14. Pay off your bills converting (IQD) currency what you need to, and maintain your wealth outside the US using other strategy. The same strategies that Congressman and Senators use internationally....IMO

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It looks like the CBI is actually introducing new IQD banknotes with improved security features, but in the same denominations that already exist: 25,000, 10,000, 5000, 1000, 500, 250.

Here’s the link:

 

http://www.iraq-businessnews.com/2014/05/01/new-dinars-have-improved-anti-forgery-features/

 

This next article has been posted before in another topic but here is a fresher, easier to understand translation:

 

CBI: The deletion of zeroes from the currency is linked to the stability of the situation

 

The governor of the Central Bank, Abdel Basset Turki, said Friday that the project to delete the zeroes from the Iraqi currency will not be implemented until the stability of the political and the economic situation of the country warrants it. He denies the issuance of any new decision by the CBI in this regard.

 

Turki said "The Central Bank will proceed without hesitation to implement the project to delete the zeroes from the local currency when the political and economic situation of the country has settled".

He added that "The implementation of such a project needs to arrange all the accounts and records of the Iraqi State in a way that provides a smooth flow of work and maintains the price of the currency in the local market before starting any move to change the status of the currency”.

 

Turki said that "Talk is not just about the deleting of the zeroes, because the currency change will rearrange the entire government records and change the accounts that deal with public spending”. He again denied the issuance of any new resolution from the Central Bank regarding the deletion of zeroes from the currency”.

 

He referred to the Central Bank canceling an earlier project to restructure the Iraqi currency next year which would delete the zeroes of three of the existing bank notes, because the time is not yet appropriate; indicating that the project is implemented through coordination with the Iraqi government and its relevant institutions.

 

Related News

  • Central Bank Governor: Work in the private banking sector has so far not lived up to the required level
  • Rise in Central Bank sales of dollar
  • Central Bank agrees to open accounts directly for money transfer companies

Here’s the link to the original Arabic language posting:

http://alghadpress.com/ar/news/13263/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%AD%D8%B0%D9%81-%D8%A7%D9%84%D8%A7%D8%B5%D9%81%D8%A7%D8%B1-%D9%85%D9%86-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9

 

I’m not sure where the excitement about the deletion of zeroes from the current banknotes comes from, anyway.

 

That particular scenario is called a re-denomination (RD) not a revaluation (RV) and at best would be a neutral event for anyone (including Iraqi citizens) holding IQD cash.

 

I can find nothing in this particular topic or in either of these two articles above to indicate a revaluation of the existing high denomination banknotes.

 

In fact, the last sentence of this topic is very telling if it has been translated correctly:

He stressed that the bank is keen to be Iraq's banking system during the first half of the year 2015 completely unprepared to receive all modern services and advanced applications in the banking world”.

The first half of the year 2015 sounds like a year from now and at the same time it sounds like the CBI is still “completely unprepared to receive all modern services and advanced applications in the banking world”.

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