Does the CBI Need IMF Permission to Call an RV that is Accepted by World Banks?

[ewingm]

I ask a simple question, because I am a simple man.  Does the IMF have to APPROVE a significant ( not four pips) CBI revalue ?  Is this approval  NECESSARY for world banks to ACCEPT the rate increase??   Will the IMF allow a 100,000%  (1 to 1)  RV of the dinar, since there is absolutely NO historic precedent for such a monumentous increase in exchange value??  Three simple questions, but the answers are of PARAMOUNT importance for all dinar speculators.  Sound off.

[Shabibilicious]

Perhaps you should ask the IMF directly.    

 

GO RV, and NO BV

[rockfl9]

GM Ewingm

We know that the MOF/CBI agreed to be monitored by the IMF. How strong that tie in is we don't know . But I believe as long as Iraq owes money to the WB it may be mandatory. If so then any change needs approval.

Obviously if the IMF/WB/BIS recommend against the rate all central banks will deal at their own risk, if they choose..

Aside from that Iraq could set up side-deals with specific countries to exchange local currencies instead of having to trade dollars first. Wouldn't benefit anyone else it would be same as barter.

Perhaps you should ask the IMF directly.    

Possible a confidential matter. But has been documented that the IMF has an inspector assigned and they meet semi-annually.

[Texstorm]

Those are intelligent questions Ewingm. So Rock are you saying that the WB is in control of the IQD ? Just trying to sort it all out. Thanks  

[rockfl9]

Those are intelligent questions Ewingm. So Rock are you saying that the WB is in control of the IQD ? Just trying to sort it all out. Thanks

Well sort of! The WB and the IMF work in concert. I believe they are on the same street in Wash DC.

It is the IMF that does the day to day work. When the bank makes a big loan it attaches COVENANTS to the loan. Those reduce the risk that the loan will go into default. The IMF reviews the MOF/CBI and reports to the WB and possibly the UN in this case. If a change in the rate may affect the ability to repay (in SDRs) it may result in punitive action.

Because of this the CBI reports its accounts as accurately as possible (liabilities vs assets mainly). Internally the MOF accounts are royally screwed up as we now know. It now at least admits that.

[ewingm]

It is just my opinion that the IMF would NOT be in favor of supporting an outlandish financial move by ANY of its members.  Keeping an "even strain" of uniformity would probably be more in line with the world's  financial governing bodies's philosophies.  I would not think they would look kindly on a member nation doing something unprecedented that might have rippling negative effects on the financial world stage.  In my opinion, Iraq, already being under sanctions, could not afford to lose its credibility for reviving it's economy by doing something as unheralded as a 100,000% revalue of its currency, unless the IMF, WTO, and US Treasury all agreed it was okay to do.

[Texstorm]

Rock I greatly appreciate your time and your answers. Ok so that leads me to hundred more LOL.  If for just a couple of minutes, let's say that you are not a LOPSTER, What could you intelligently convey about the IQD coming out as a float....What would be the main catalysis to kick this off ? Thanks  

[dontlop]

If it's going to float it will come out at what it is and float

They are not going to increase its value based on iraqi stability and the education level of iraqi population, they are liars and thieves

No one but a bunch of ignorant people would think such a thing

They all know it

They just can't say anything because of a couple dozen screen names that float around here attacking them if the do

They act like they own this site

There's around 300 members that come here regularly but only a Dozen that can post because of the attackers , the ignorant ones who act like they are running something around here

The usual names we have all seen for years

Go try it

Post a different opinion than they have and watch the response

Then watch the response every time YA do it

It's the same players every time

Edited December 8, 2014 by dontlop

[dontlop]

I do it to

Ah ha ha ha ha

So don't make me get up out of this chair

[ewingm]

It is just my opinion that the IMF would NOT be in favor of supporting an outlandish financial move by ANY of its members.  Keeping an "even strain" of uniformity would probably be more in line with the world's  financial governing bodies's philosophies.  I would not think they would look kindly on a member nation doing something unprecedented that might have rippling negative effects on the financial world stage.  In my opinion, Iraq, already being under sanctions, could not afford to lose its credibility for reviving it's economy by doing something as unheralded as a 100,000% revalue of its currency, unless the IMF, WTO, and US Treasury all agreed it was okay to do.

[dontlop]

Ewingm is an attacker for the lop tank

See how that works

[ewingm]

So, anybody with an answer to my question?  Would the world recognize a 100,000% RV of the dinar if the IMF, WTO and US TREASURY said "NO WAY" ?

[dontlop]

Ok

The world is made out of dirt

It doesn't have any senses

Not to hear see touch , none of them

So who cares about the world

The world bank and us treasury have nothing to do with soveriegn nations payment systems

Neither does the WTO

And the IMF is a tool avaliable to any country the IMF is not the currency police

try the international securities and exchange commission

But but

If the IMF and world bank don't approve it

Ah ha ha ha ha

The International Organization of Securities Commissions (IOSCO) is an association of organisations that regulate the world’s securities and futures markets.

Members are typically the Securities Commission or the main financial regulator from each country. IOSCO has members from over 100 different countries, who regulate more than 90 percent of the world's securities markets. The organisation's role is to assist its members to promote high standards of regulation and act as a forum for national regulators to cooperate with each other and other international organisations.

IOSCO is structured into a number of committees that meet several times per year at different locations around the world and it has a permanent secretariat based in Madrid

Edited December 8, 2014 by dontlop

[ewingm]

Dontlop,  My point is this:  For you to be able to walk into your local bank with your handful of 25,000 dinar bills and  get them exchanged for millions of dollars,  must be PREDICATED on the fact that the bank has been AUTHORIZED to do this through a higher power, ie, the US TREASURY DEPARTMENT.  I find it incredulous to believe the United States would honor a 100,000% dinar RV without the rest of the world's financial governing bodies AGREEING also.  It would be worldwide chaos.  Everyone would rush to the US to cash-in if their own country didn't allow the exchange rate.  If England didn't agree, DinarBeliever would be on the first plane to Dulles with his dinars for cash-in here.  Can't you see this?

[dontlop]

Nope

Banks can do what they please one time and they know they are going to make a fortune off this dumping the dinar on the treasury

Those banks are gonna buy up every dinar for a dollar each

In the next world

Not this one

The next one

You got to pay attention

No one is in charge

There's only a perception of someone being in charge

Why with enough guns you could be incharge or at least pretend your incharge

YA just got to be the one who writes the books to educate all the dummies

And the real smart dummies

The ones who study up and get all A's on their report cards

They are the dumbest of all

They will be your supervisors

Ha gots to teach them to be dumb

The teachers got to be dumb

And so on down the line

[rockfl9]

Rock I greatly appreciate your time and your answers. Ok so that leads me to hundred more LOL.  If for just a couple of minutes, let's say that you are not a LOPSTER, What could you intelligently convey about the IQD coming out as a float....What would be the main catalysis to kick this off ? Thanks

I'm not sure if there is a catalyst for a float? The MOF/CBI would first declare it so. But the first action would be to declare the dinar freely tradeable across the border. Then Iraqi banks/individuals could buy/sell in the international market. A run on the reserves could result, if dinarians decide to cash-in enmass . Today iraqis can exchange dinar for other currencies in-country, no change there.

The risk is the rate would become UNPREDICTABLE! It would not be able to predict the income from oil! It could declare a dual rate system , one rate for oil sales and the floating rate for everything else? IMF doesn't like that option.

[dontlop]

Now don't listen to them any more

Listen to me now

Ah ha ha ha ha ha

[ewingm]

You are completely WRONG on this Dontlop.  Banks in this country are tightly REGULATED by the US TREASURY and the FED.  They don't make decisions of this magnitude based on their individual bank presidents wishes.  That is ridiculous to even consider.  Try again.

[dontlop]

You got to be kidding

You are not allowed to add any more comments

[rockfl9]

Dontlop,  My point is this:  For you to be able to walk into your local bank with your handful of 25,000 dinar bills and  get them exchanged for millions of dollars,  must be PREDICATED on the fact that the bank has been AUTHORIZED to do this through a higher power, ie, the US TREASURY DEPARTMENT.  I find it incredulous to believe the United States would honor a 100,000% dinar RV without the rest of the world's financial governing bodies AGREEING also.  It would be worldwide chaos.  Everyone would rush to the US to cash-in if their own country didn't allow the exchange rate.  If England didn't agree, DinarBeliever would be on the first plane to Dulles with his dinars for cash-in here.  Can't you see this?

AAARGGGH! The UST does not deal with banks , that is the purview of the FED. The FED does not deal in foreign currencies, that is done bank to bank over the CHIPS or SWIFT systems. Banks won't want oil credits ( If they existed)at any price! They would need to TRUST Iraq to honor them! Banks deal in CASH over the counter real time. If the international exchange mechanism for dinar does not exist an overnight RV means nothing for dinar 'investors".

[dontlop]

Look iraq is in good shape and are very close to living better than we do

The streets are paved with gold and silver and diamonds

It should rv this week end from east to west starting in Hawaii Monday morning at 9 o'clock

So get ready for my next update and don't sweat the small stuff like the international securities and exchange commision

They are just a bunch of college kid bloggers making things up for a joke

The sec is just a joke

Joke I say

Joke

Don't joke on it

This is serious

My granny bought some

Edited December 8, 2014 by dontlop

[ewingm]

Okay, Rock.  Take me through this slowly.  For Dontlop to be able to walk into his local bank with his dinars in hand and get them exchanged for millions of dollars,  WHAT steps MUST occur.  I KNOW it is not as simple as the CBI calling an RV.  So tell me, and every other person listening in, how the banks would get to that point, if at all possible in the first place.

[Shabibilicious]

Okay, Rock.  Take me through this slowly.  For Dontlop to be able to walk into his local bank with his dinars in hand and get them exchanged for millions of dollars,  WHAT steps MUST occur.  I KNOW it is not as simple as the CBI calling an RV.  So tell me, and every other person listening in, how the banks would get to that point, if at all possible in the first place.

 

No bank will have millions of dollars in cash readily on hand.    

 

GO RV, and NO BV

[Texstorm]

I'm not sure if there is a catalyst for a float? The MOF/CBI would first declare it so. But the first action would be to declare the dinar freely tradeable across the border. Then Iraqi banks/individuals could buy/sell in the international market. A run on the reserves could result, if dinarians decide to cash-in enmass . Today iraqis can exchange dinar for other currencies in-country, no change there.

The risk is the rate would become UNPREDICTABLE! It would not be able to predict the income from oil! It could declare a dual rate system , one rate for oil sales and the floating rate for everything else? IMF doesn't like that option.

Thanks for your in-put !

[dontlop]

No bank will have millions of dollars in cash readily on hand.    

 

GO RV, and NO BV

It's hard to get 20,000 in cash just walking into a bank

First they got to print it up