Banking calendar attracts large foreign capital

[ChuckFinley]

7 hours ago, yota691 said:

Hopefully it the last push for the hoarders, I'm curious on what this would entail that would make these folks head to the banks. My first thought is great deal on gold coins..Who knows..and GM DV

Right there with you Yota, first thing can to my mind. 

[ChuckFinley]

6 hours ago, ladyGrace'sDaddy said:

I'll bet .10 cents to .25 cents will get every last dinar in the banks within one hour.

Second thing to come to mind.  Give them a  reason.  

[navira45]

If this does not spell a revaluation...i dont know what is.

[10 YEARS LATER]

1 hour ago, navira45 said:

If this does not spell a revaluation...i dont know what is.

Wish they would hurry the hell up. . .   

[danielchu]

exchanging larger bills for smaller ones would cause the iraqi to use the banks!

[jeepguy]

interesting  ideas on this ,  so  one idea , change old for new with a new value = gets more dinar from the old higher note but also has a better value with the new note they will now have ... {  a new note with .10 cents too what ever }  get those chucky money guys out too the banks , { need to be over 50 cents per dinar , and even over 1 per ,  1.30 per dinar  bring out the chucky dinar soup }    and like a few here  1 to 1  and DONE   bayyyybeeee

[ChuckFinley]

10 hours ago, ladyGrace'sDaddy said:

I'll bet .10 cents to .25 cents will get every last dinar in the banks within one hour.

At .25 cents they may get mine too.  

[ChuckFinley]

3 hours ago, navira45 said:

If this does not spell a revaluation...i dont know what is.

I sure sounds like it. 

[Miamiheatnic]

I'll follow them all to the banks and take a 1:1 or more! haha

[ChuckFinley]

10 minutes ago, Miamiheatnic said:

I'll follow them all to the banks and take a 1:1 or more! haha

Same here, if you are in Fla hope you and you love ones are ok. "MIamiheatnic". 

[Theseus]

2 hours ago, Miamiheatnic said:

I'll follow them all to the banks and take a 1:1 or more! haha

If the dinar were to rv at any amount as a float and there was a run on the banks, this could cause a dip (a sharp dip, in all likelihood) initially in the price point. Better to let the run happen and wait out for the currency to move upwards again using Fibonacci to gauge where the price point is headed, provided you are at the bottom of the dip, before the price drops again.   

Edited September 12, 2017 by Theseus

[zul]

15 hours ago, yota691 said:

Al-Alak added that "the Central Bank observes this phenomenon directly and that the available cash is not available and as planned," noting that "the Central Bank has a scheme to resolve this issue through the development of plans and studies to attract funds and their attractions within the banking system."

 

First and foremost - the exchange rate. Controlling the exchange rates means controlling the important part of the economy - leads to inflows and outflows of capital from a country. Iraq is developing and in the process of reconstruction so they will be importing a lot of stuff (materials) and they need to control the amount of the 'outflows' of money.

So adjusting their exchange rate to reflect current economic situations and needs is paramount before they even accept IMF article VIII obligations.

 

Next: Float the dinar - this will attract foreign capital. Iraq has been trying their best to attract foreign investment for awhile now, floating the dinar could be their best tool ever.

 

Raise interest rates for dinar - this would encourage savings and more inflows of capitals. It will even encourage dollar holders to exchange them for dinar.

 

Finally - impose stability (interest rates) on the economy, this will encourages  borrowings and hence growth & development.

 

Jmho....

[mr.unlikely]

At 1:1, for every 1,000,000 dollars an Iraqi citizen has buried in the back yard, he is going to get a 1,000 US Dollar equivalent in his new bank account. If anyone thinks that the Iraqi citizens are going to receive a 100,000% increase in the value of the money they have, does not understand how banks work to maintain  a specific amount of currency in the in country float. Right now if they have just 35 trillion in mattress money out there, divided by .00084 dollars per dinar = 29,400,000,000 dollars of mattress money. The CBI has stated in the past that it wants to get to 1.18 billion notes representing 25-30 billion dollars worth of currency. That was s how much is needed to circulate daily to keep inflation in check and handle the day to day transactions. Even at .01/IQD you add two zeros to that number. I will take odds that that will not happen. If you have that kind of money sloshing around in the country, say hello to hyperinflation and god knows what else. Remember the new law of "Where did you get this?" It's to keep order, sign people up at the banks, collet the three zero notes, remove that money out of the money supply, which adds value to the remaining currency, distribute the new notes to people who have been ID'd. And control the orderly distribution of their new currency. I ain't no guru, but I, like so many of you, have been watching waiting and reading everything I can about the process, for many long years. Ali Mohsen knows what he has to do, announce the release of new notes and announce the time frame to exchange for the new notes before the old ones are no longer recognized or legal on the street. Like 2004 in reverse. At this point I'm just waiting for the first domino to fall and it could be China initiating this new oil benchmark priced in Yuan and redeemable in gold, a possible 5percent stake in Saudi Aramco and an alliance and oil agreement with Russia and boom 40 percent of the worlds oil is controlled by China and not being sold in dollars. That will be the catalyst for dollar depreciation and the excuse Iraq will need to decouple from the dollar, or at least remove the peg and let it float.

wow sorry that got lengthy, anyway that's my take based solely on the research that I have done, my secret source high up in the CBI hasn't spoken to me in weeks, probably a gag order or something 

[jcfrag]

3 hours ago, jeepguy said:

interesting  ideas on this ,  so  one idea , change old for new with a new value = gets more dinar from the old higher note but also has a better value with the new note they will now have ... {  a new note with .10 cents too what ever }  get those chucky money guys out too the banks , { need to be over 50 cents per dinar , and even over 1 per ,  1.30 per dinar  bring out the chucky dinar soup }    and like a few here  1 to 1  and DONE   bayyyybeeee

And now that they are cleaning up the Real Estate market, Iraqis can put a bit of that money into a piece of Iraq!!!   

[Laid Back]

7 hours ago, mr.unlikely said:

LB the one thing that would dislodge all that chunky cash is a expiration date on the three zero notes. If the people think those notebwill become obsolete after a specified time frame they will trade them in. The banks will then make everyone exchanging use their bank account or get a bank account for exchange purposes. They probably won't let the currency dealers in country have lower denoms until after the majority of matress money is accounted for. This is all JMHO of course.

Agree with you.

 

If the CBI put an expiration date in the 000 notes, that will affect everyone inside and outside Iraq. Including us

 

If they put an expiration date on the 000 notes, they have to replace them for lower denomination notes with more value.

 

I remember an old article talking about the old notes and the notes will coexist for a period of 2 years or 10 years. I'm not sure.

 

Maybe CBI is planning to delete the 000 from the exchange rate 0.00086 = $0.86 .... I believe this will bring all the chunky cash

 

They have a BIG liquidity problem.... This put a lot of pressure on the economy and banking system.... The CBI have to act fast.

 

The CBI said there's 30 trillions in chunky cash

 

30 trillion IQD / 50,000 note = 600,000,000 notes

30 trillion IQD / 25,000 note = 1.2 billion notes

30 trillion IQD / 10,000 note = 3 billion notes

 

Do you guys remember the CBI goal was to bring the note count  from 4 billion to 1 billion..... I believe they are really close to 1 billion notes.

 

Go cbi

Go new monetary policy 

Go RV

 

[NoviceInvestor]

Lack of cash or not the wise are going to hang on to their cash till it has value added to it .. JMO 

[normala rashid]

15 hours ago, Synopsis said:

Just thinking out loud here. If there are, say, 38 trillion dinar (bone fide not conterfiet) on the Iraq streets that are all turned in and there is an initial revalue in Iraq of 1 IQD = 0.01 USD with a thirty day window to convert for 38 million Iraq citizens, then that would be 380 billion USD pumped into Iraq via the Iraqi citizen or nominally $10,000 for every Iraqi man, woman, and child. That'll buy some seriously nice homes, cars, and (you guessed it ) all those cell phones to spend all that cash electronically!!!

 

Hey, that'll free up some serious cash in Iraq!!! No mo bank cash liquidity problems after that!!!

 

Go Moola Nova!

in iraq is normal life but if iraqi people start travel they'll will fill im a queen and prince 👑 

[NoviceInvestor]

16 hours ago, Half Crazy Runner said:

They can have all of mine today for 1:1

They can have mine @.10 cents

[GregHi]

Iraqis hoard their money in their homes like we use the banks here.. their homes are their savings accounts. I think mr. unlikely is probably right, the only way they are going to dig into their savings at home is if the current money becomes obsolete.. offering gold at a discount or anything for that matter would not cause me to give up my life savings, just food for thought.. ohhh and they have a lot more than you think.. since everything is bought and paid for in USD or Dinars, their savings at home can be very substantial.. think about this, my friend from Erbil has enough currency in Dinars in his house in Erbil to pay for a modest house here in the Dallas area if he exchanged his dinars for dollars at the current exchange rate.. in other words he has over 100 Million dinars at his house. There are a lot of others just like him.. imagine if it goes 1:1.. even if it's an in country vs out of country thing (that I don't believe) he also lives here, so no problem for him..

[jeepguy]

1 hour ago, GregHi said:

Iraqis hoard their money in their homes like we use the banks here.. their homes are their savings accounts. I think mr. unlikely is probably right, the only way they are going to dig into their savings at home is if the current money becomes obsolete.. offering gold at a discount or anything for that matter would not cause me to give up my life savings, just food for thought.. ohhh and they have a lot more than you think.. since everything is bought and paid for in USD or Dinars, their savings at home can be very substantial.. think about this, my friend from Erbil has enough currency in Dinars in his house in Erbil to pay for a modest house here in the Dallas area if he exchanged his dinars for dollars at the current exchange rate.. in other words he has over 100 Million dinars at his house. There are a lot of others just like him.. imagine if it goes 1:1.. even if it's an in country vs out of country thing (that I don't believe) he also lives here, so no problem for him..

with this  thought ,   delete the zero`s  make them obsolete ,  with a  time limit to get the  big notes  back to the banks ,  and the  value increase will be  chump change   ---  .000167    a rise  too .001000    { not what we are hoping for  }

[3n1]

6 hours ago, GregHi said:

in other words he has over 100 Million dinars at his house. There are a lot of others just like him.

 

excellent for ur kurdish friend greg, imo the kurds ( semi autonomous ) region have done better than most of iraq  and certain individuals will do better than others no matter the circumstance . my hope is Iraq takes their currency to a international level some day and ends MCP ... cheers

[navira45]

This is getting good(goodier?). We investors are going to be left with two choices: 1. Exchange our dinars with the Kurdish money with the new rate once they get their independence. 2. Exchange our money when Iraq rv the dinar. Iam very sure the kurdish are going to have their own money when they are going independence from Iraq. So, we are left with 2 choices. Whoever offers with the high rate...iam certain that's where everyone goes.

[3n1]

2 hours ago, navira45 said:

We investors are going to be left with two choices: 1. Exchange our dinars with the Kurdish money with the new rate once they get their independence.

 

mods delete if not appropriate, and  i'm not saying this is factual but a friend sent me this the other day 

http://www.zoiz.net/tag/kurdistan-currency-bills

[ChuckFinley]

17 hours ago, Laid Back said:

Agree with you.

 

If the CBI put an expiration date in the 000 notes, that will affect everyone inside and outside Iraq. Including us

 

If they put an expiration date on the 000 notes, they have to replace them for lower denomination notes with more value.

 

I remember an old article talking about the old notes and the notes will coexist for a period of 2 years or 10 years. I'm not sure.

 

Maybe CBI is planning to delete the 000 from the exchange rate 0.00086 = $0.86 .... I believe this will bring all the chunky cash

 

They have a BIG liquidity problem.... This put a lot of pressure on the economy and banking system.... The CBI have to act fast.

 

The CBI said there's 30 trillions in chunky cash

 

30 trillion IQD / 50,000 note = 600,000,000 notes

30 trillion IQD / 25,000 note = 1.2 billion notes

30 trillion IQD / 10,000 note = 3 billion notes

 

Do you guys remember the CBI goal was to bring the note count  from 4 billion to 1 billion..... I believe they are really close to 1 billion notes.

 

Go cbi

Go new monetary policy 

Go RV

 

Laid Back, glad you posted this, I referenced this in another post and gave you the authorship. They have been pulling dinar in for some time now.  I agree, we have to be really close or at least knocking at the door. I have heard both, 2 and 10 years with 10 being the latest. More specifically, that they would coexist for 10 years.  I also remember them stating that they can cover and RV at that point. There was also a document floating around saying that they were looking to RV at $1.13 or $1.17, something like that. My guess if it goes that route it will 1 to 1 with the change being the spread. With the spread alone they should make a good buck. 

[ChuckFinley]

14 hours ago, GregHi said:

Iraqis hoard their money in their homes like we use the banks here.. their homes are their savings accounts. I think mr. unlikely is probably right, the only way they are going to dig into their savings at home is if the current money becomes obsolete.. offering gold at a discount or anything for that matter would not cause me to give up my life savings, just food for thought.. ohhh and they have a lot more than you think.. since everything is bought and paid for in USD or Dinars, their savings at home can be very substantial.. think about this, my friend from Erbil has enough currency in Dinars in his house in Erbil to pay for a modest house here in the Dallas area if he exchanged his dinars for dollars at the current exchange rate.. in other words he has over 100 Million dinars at his house. There are a lot of others just like him.. imagine if it goes 1:1.. even if it's an in country vs out of country thing (that I don't believe) he also lives here, so no problem for him..

Thanks GregHi for the insight.