Iraqi Finance: We have adopted the dinar exchange rate to protect foreign reserves and support the budget

[yota691]

Iraqi Finance: We have adopted the dinar exchange rate to protect foreign reserves and suppor t the budget

Iraqi Ministry of Finance

 November 14, 2021 01:40 PM

Mubasher: The Iraqi Ministry of Finance revealed, today, Sunday, the reasons for adopting the current exchange rate, while it expected a gradual recovery of the economy.

 

A statement by the ministry said today, Sunday, that it "adopted the exchange rate to supplement national production, protect the central bank's reserves and support the budget."

The ministry indicated that during the past three years, it had borne the burden of a stifling financial crisis that threatened the state's ability to fulfill its obligations that were already burdened by a large legacy represented by the inflated public spending rate and the rise in the wage bill, which threatened to secure the salaries of its employees, in light of a sharp decline in international oil prices and a dangerous health situation due to The consequences of the Corona pandemic on the national economy and its repercussions on the economic reality and the social fabric.

The ministry explained that it "continues to balance the need for prudent public financial management with its obligations to ensure the protection of the weakest and most needy groups, as well as the support of the international community for the policies of the Ministry of Finance."

According to the World Bank's semi-annual report on the Iraqi economy, economic growth has begun to recover gradually in the wake of the downturn that hit it as a result of the Corona pandemic last year, and this is partly due to the increase in non-oil activity.

The report continued, "It is expected that the improvement in the global oil market conditions will enhance economic growth in the medium term and turn financial and external balances into surpluses from 2021, to reverse the recent rise in debt."

She pointed out that "the main downside risks are due to possible epidemiological developments, fluctuations in oil prices, setbacks in the security situation, and impede the implementation of economic reform."

He pointed out that "Iraq is one of the most oil-dependent countries in the world. Over the past decade, oil revenues accounted for more than 99% of its exports, 85% of the government budget, and 42% of GDP, which is an excessive dependence on oil that exposes country to macroeconomic fluctuations.

And he stated, "The Corona pandemic had a significant impact on Iraq's GDP in 2020, which shrank by 15.7%, and budget revenues shrank by 9% to reach 32% of GDP, which led to a sharp decline in public spending and investments. ".

The statement indicated that "starting from January 2021, the unemployment rate increased by more than 10% than it was before the pandemic, which was 12.7%."

[yota691]

 

The Iraqi government justifies the reasons for adopting a new exchange rate for the dollar

 

 2021-11-14 04:10

 

Shafaq News/ Today, Sunday, the Iraqi Ministry of Finance clarified the reasons for adopting a new exchange rate for the US dollar against the local currency, noting that this came to supplement national production, protect the central bank's reserves and support the budget.

 

In a statement received by Shafaq News Agency, the Ministry of Finance said that, during the past three years, it has borne the burden of a stifling financial crisis that threatened the state's ability to fulfill its obligations that were already burdened by a large legacy represented by the inflation rate of public spending and the rise in the wage bill, which threatened to secure the salaries of its employees, in light of the low Sharp global oil prices and a dangerous health situation due to the consequences of the Corona pandemic on the national economy and its repercussions on the economic reality and the social fabric.

 

The Ministry of Finance indicated that the general budget continues between the need for a wise public financial management with its obligations to ensure the protection of the weakest and most needy groups, pointing to the support of the international community for the policies of the Ministry of Finance, as the International Monetary Fund and the World Bank approved public financial management under difficult circumstances. Extremely .

 

 

In a previous statement, the Iraqi Ministry of Finance issued, on the fifth of last October, a clarification regarding the exchange rate of the US dollar, noting that changing it worked to "stop the fall of the reserve currency and enhance import capabilities."

 

The indicators showed, according to the financial statement, a clear improvement in commercial activity in the past nine months of the current year 2021 in light of the crisis of the spread of the COVID-19 virus, and it also helped to stop the penetration of the Iraqi market and flood it with cheap goods that curb attempts to upgrade local production.

 

It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign exchange rate (the US dollar) to be 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.

[yota691]

Announcing a gradual recovery..Finance issues an important statement on the Iraqi economy and the dollar exchange rate

•  Time: 11/14/2021 12:03:57
•  
•  Reading: 2,626 times

  

{Economic: Al Furat News} The Ministry of Finance justified its adoption by raising the exchange rate of the dollar "to supplement national production, protect the reserves of the Central Bank of Iraq and support the budget."

 

And she said in a lengthy statement that the agency {Euphrates News} received a copy of it: “The Ministry of Finance has borne the burdens of a stifling financial crisis during the past three years that threatened the state’s ability to fulfill its obligations that were already burdened by the burdens of a large legacy represented by the inflation of the public spending rate and the rise in the wage bill, which threatened the insurance of Salaries of its employees, in light of a sharp drop in world oil prices and a dangerous health situation due to the consequences of the Corona pandemic (𝗰 𝗰 𝗰 table𝗱-19) on the national economy and its repercussions on the economic reality and the social fabric, the Ministry of Finance continues to balance the need for prudent public financial management with its obligations to ensure the protection of the most vulnerable And the neediest.

 

She indicated the support of the international community for the policies of the Ministry of Finance, and the International Monetary Fund and the World Bank approved the management of public finances under very difficult circumstances, and the World Bank issued its semi-annual report on the Iraqi economy, which the Ministry reissues below for the benefit of the honorable public.

 

The Iraqi Economy (Reality and Prospects)

 

Economic growth has begun to recover gradually following the downturn caused by the Corona pandemic last year, in part due to the increase in non-oil activity. It is expected that the improvement in the global oil market conditions will boost economic growth in the medium term and turn financial and external balances into surpluses from 2021, to reverse the recent rise in debt. The main downside risks are due to potential epidemiological developments, fluctuations in oil prices, setbacks in the security situation, and impeding the implementation of economic reform.

Main conditions and challenges

 

Iraq is one of the most oil-dependent countries in the world. Over the past decade, oil revenues accounted for more than 99% of its exports, 85% of the government budget, and 42% of GDP, an excessive dependence on oil that exposes the country to macroeconomic fluctuations.

The Corona pandemic had a significant impact on Iraq’s GDP in 2020, which shrank by 15.7%, and budget revenues shrank by 9% to reach 32% of GDP, which led to a sharp decline in public spending and investments.

As of January 2021, the unemployment rate increased by more than 10% than it was before the pandemic, which was 12.7%.

Concerns related to food security persisted despite the recent increase in families receiving social benefits from the government, primarily the salaries of the social protection network and food rations from the ration card system, as well as the efforts made to provide vaccines to treat the Corona epidemic.

While the economic conditions in Iraq are gradually improving with the recovery of international oil markets, this recovery is also fraught with major risks posed by structural constraints, including public investment management constraints that have affected the delivery of public services, and the slow repayment of overdue debt, especially those related to wages. The public and state-owned banks and the Central Bank of Iraq bear the burden of sovereign debt. Not to mention the fragility of the political situation, the weak health care system, and endemic corruption that continues to foment unrest across the country.

 

The white paper is a comprehensive framework for addressing dependence on oil and structural problems, and represents a medium-term strategic framework for comprehensive economic reform decisions.

Recent Developments

 

The economy is gradually recovering from its double shock in 2020 represented by (the drop in oil prices and the outbreak of the Corona pandemic), as the statistics indicate the GDP by 0.9% for the first half of 2021, and the growth of the non-oil economy by more than 21% in the first half of the year 2021, and this is due to the strong performance in the service sectors after easing measures to prevent the emerging corona virus, after the spread of the vaccination campaign and the decrease in infections. This recovery reduced lagging in the oil sector, by 10% in the first half of 2021, as Iraq adjusted its share in OPEC early in the year. Since then, OPEC has gradually increased the production share of member states, which was reflected in an increase in GDP. The general and core inflation rate in Iraq in the period from January to July 2021 reached 5.2% and 6.2%.

The financial statements for the first half of 2021 show significant gains in budget revenues (42% increase) as the average export price increased by at least $64 per barrel. These budget gains were also multiplied by the financial effects of last year's devaluation. In addition, the reforms of the General Customs Authority and the General Tax Authority contained in the 2021 budget law began to bear fruit, as sovereign revenues increased by 53% than they were previously. Which contributed to reducing the public budget deficit.

 

Externally, the current account deficit also turned into a surplus of 4.7% of GDP in the first quarter of 2021, which contributed to the rise in the total official reserves of the Central Bank of Iraq by about 5 billion US dollars to reach 58.5 billion US dollars in the first quarter of 2021 compared to $54 billion at the end of 2020.

a future vision:

 

The prospects for the Iraqi economy have improved with the recovery in global oil markets, but the spread of new coronavirus variables and climate change challenges pose new risk factors. The economy is expected to gradually recover on the back of higher oil prices and an increase in OPEC production quotas that are due to be phased out in 2022. Oil GDP will be the main driver of growth in the medium term. It is expected that the non-oil GDP will improve, but it will remain with an average growth of less than 3% between the years 2021-2023 due to the mutated generations of the Corona pandemic, in addition to the challenges facing the Iraqi economy, foremost of which is the lack of water and electric power, which affects agriculture and industry.

The high indicators of the poverty line, which were linked to a direct relationship with the rise of the Corona pandemic, in addition to some of the social turmoil facing Iraq for years, require appropriate planning to achieve effective social goals.

[yota691]

Finance: We have adopted the exchange rate to supplement national production and protect the central bank’s reserves

 1 day ago

538

 

Today, Sunday, the Ministry of Finance revealed the reasons for adopting the current exchange rate, while it expected the economy to recover gradually.

A statement by the ministry stated that it “adopted the exchange rate to supplement national production, protect the reserves of the Central Bank and support the budget,” noting that “the ministry has borne, during the past three years, the burdens of a stifling financial crisis that threatened the state’s ability to fulfill its obligations already burdened by the burdens of a large legacy represented by the inflation rate of public spending.” And the rise in the wage bill, which threatened to secure the salaries of its employees, in light of a sharp drop in international oil prices and a dangerous health situation due to the consequences of the Corona pandemic on the national economy and its repercussions on the economic reality and the social fabric.

He explained, "The ministry continues to balance the need for wise public financial management with its obligations to ensure the protection of the weakest and most needy groups, as well as the international community's support for the policies of the Ministry of Finance, and both the International Monetary Fund and the World Bank approved public financial management under very difficult circumstances."

According to the World Bank’s semi-annual report on the Iraqi economy, economic growth began to recover gradually, following the downturn that hit it as a result of the Corona pandemic last year, and this is partly due to the increase in non-oil activity.

The report continued, “It is expected that the improvement in global oil market conditions will enhance economic growth in the medium term and transform financial and external balances into surpluses from 2021, to reverse the recent rise in debt,” noting that “the main downside risks are due to potential epidemiological developments, Volatility in oil prices, setbacks in the security situation, and impede the implementation of economic reform.

He pointed out that "Iraq is one of the most oil-dependent countries in the world. Over the past decade, oil revenues accounted for more than 99% of its exports, 85% of the government budget, and 42% of GDP, which is an excessive dependence on oil that exposes country to macroeconomic fluctuations.

And he stated, "The Corona pandemic had a significant impact on Iraq's GDP in 2020, which shrank by 15.7%, and budget revenues shrank by 9% to reach 32% of GDP, which led to a sharp decline in public spending and investments. He pointed out that “starting from January 2021, the unemployment rate increased by more than 10% than it was before the pandemic, which was 12.7%.”

And he continued, "At a time when the economic conditions in Iraq are gradually improving with the recovery of international oil markets, this recovery is also fraught with major risks posed by structural obstacles, and this includes public investment management restrictions that affected the provision of public services, and the slow repayment of overdue debts. Especially those related to public wages, the assumption of sovereign debt burdens by state-owned banks and the Central Bank of Iraq, in addition to the fragility of the political situation, weak health care system, and endemic corruption that continues to foment unrest across the country.

He stressed, "The white paper is a comprehensive framework for addressing dependence on oil and structural problems, and represents a medium-term strategic framework for comprehensive economic reform decisions."

He pointed out, "The recent developments, brought about a gradual recovery of the economy from its double shock in 2020, represented by (the drop in oil prices and the outbreak of the Corona pandemic), as the statistics indicate the gross domestic product by 0.9% for the first half of 2021, and the growth of the non-oil economy by 0.9%. More than 21% in the first half of 2021, and this is due to the strong performance in the service sectors after easing measures to prevent the emerging corona virus, after the spread of the vaccination campaign and the decrease in infections.

He added, "This recovery reduced the lag in the oil sector, by 10% in the first half of 2021, as Iraq adjusted its share in OPEC early in the year, and since then, OPEC has gradually increased the production share of member states, which was reflected in an increase in In the gross domestic product, the general and basic inflation rate in Iraq in the period from January to July 2021 reached 5.2% and 6.3%, respectively, due to the increase in domestic demand and the inadequacy of the commodity supply to meet the entire growing demand, in addition to the positive impact of inflation due to The decline in import prices in some exporting countries facing a deterioration in the value of their local currencies.

On the external level, the report indicated that “the current account deficit also turned into a surplus of 4.7% of GDP in the first quarter of 2021, which contributed to the rise in the total official reserves of the Central Bank of Iraq by about 5 billion US dollars to reach 58.5 billion US dollars in The first quarter of 2021 compared to $54 billion at the end of 2020.”

Regarding the future outlook, the report stated, “The prospects for the Iraqi economy have improved with the recovery in the global oil markets, but the spread of the new Corona virus variables and the challenges of climate change constitute new risk factors,” noting that “it is expected that the economy will gradually recover against the background of high oil prices and an increase in oil prices.” OPEC production quotas that are scheduled to be phased out in 2022.”

He added, "Oil GDP will be the main driver of growth in the medium term. It is expected that the non-oil GDP will improve, but it will remain with an average growth of less than 3% between the years 2021-2023 due to the mutated generations of the Corona pandemic, in addition to the challenges facing the Iraqi economy, foremost of which is the lack of water and electric power, which affects agriculture and industry.

He concluded, "The indicators of the poverty line have risen, which is linked to a direct relationship with the rise of the Corona pandemic, in addition to some social turmoil facing Iraq for years that calls for appropriate planning to achieve effective social goals."

[SocalDinar]

 

Iraq's Finance Ministry: dinar devaluation was the right choice

EconomyDinar

 2021-11-14 02:11

 

Shafaq News/ The devaluation of the Iraqi dinar was opted to boost the domestic product, protect the Central Bank's reserves of hard currency, and bolster the budget, Iraq's Ministry of Finance said in a statement on Sunday.

 

The statements said that the stifling financial crisis that struck the country impeded the state's capacity to accommodate the inflated expenditure rate and growing salary invoice amid a stagnant oil market and perilous public health situation.

 

The Ministry said that the budget mediates the need for a rational financial administration and a safety net for the vulnerable groups.

 

"The Ministry's policy was endorsed by the International Monetary Fund and the World Bank, who both admitted the hardships of current financial situation," the statement said.

 

Earlier in October, the Ministry said that the devaluation halted the freefall of the national reserve of foreign currency and boosted the importation capacity.

 

In December, 2020, Iraq's central bank increased the sale price of U.S. dollars to banks and currency exchanges to 1,460 dinars, from 1,182 dinars, seeking to compensate for a decline in oil revenue due to low crude prices.

 

The central bank of Iraq said the key reason behind the dinar's devaluation was to close the gap of widened 2021 budget inflation after a collapse in global oil prices, a major source of Iraq's financial resources.

 

The devaluation decision came as a preemptive move to prevent "draining Iraq's foreign reserves" and help government to secure public servants' salaries.

 

But in Iraq's largely dollar-denominated economy, lowering the value of its dinar by a significant rate, which was the highest devaluation rate since 2003, immediately raised the price of goods, hitting living standards.

 

https://shafaq.com/en/Economy/Iraq-s-Finance-Ministry-dinar-devaluation-was-the-right-choice

[ronscarpa]

And the final outcome is....????

[wizard1]

1 hour ago, ronscarpa said:

And the final outcome is....????

On 11/14/2021 at 8:08 AM, yota691 said:

Announcing a gradual recovery..Finance issues an important statement on the Iraqi economy and the dollar exchange rate

•  Time: 11/14/2021 12:03:57
•  
•  Reading: 2,626 times

  

{Economic: Al Furat News} The Ministry of Finance justified its adoption by raising the exchange rate of the dollar "to supplement national production, protect the reserves of the Central Bank of Iraq and support system" rel="">support the budget."

 

And she said in a lengthy statement that the agency {Euphrates News} received a copy of it: “The Ministry of Finance has borne the burdens of a stifling financial crisis during the past three years that threatened the state’s ability to fulfill its obligations that were already burdened by the burdens of a large legacy represented by the inflation of the public spending rate and the rise in the wage bill, which threatened the insurance of Salaries of its employees, in light of a sharp drop in world oil prices and a dangerous health situation due to the consequences of the Corona pandemic (𝗰 𝗰 𝗰 table𝗱-19) on the national economy and its repercussions on the economic reality and the social fabric, the Ministry of Finance continues to balance the need for prudent public financial management with its obligations to ensure the protection of the most vulnerable And the neediest.

 

She indicated the support system" rel="">support of the international community for the policies of the Ministry of Finance, and the International Monetary Fund and the World Bank approved the management of public finances under very difficult circumstances, and the World Bank issued its semi-annual report on the Iraqi economy, which the Ministry reissues below for the benefit of the honorable public.

 

The Iraqi Economy (Reality and Prospects)

 

Economic growth has begun to recover gradually following the downturn caused by the Corona pandemic last year, in part due to the increase in non-oil activity. It is expected that the improvement in the global oil market conditions will boost economic growth in the medium term and turn financial and external balances into surpluses from 2021, to reverse the recent rise in debt. The main downside risks are due to potential epidemiological developments, fluctuations in oil prices, setbacks in the security situation, and impeding the implementation of economic reform.

Main conditions and challenges

 

Iraq is one of the most oil-dependent countries in the world. Over the past decade, oil revenues accounted for more than 99% of its exports, 85% of the government budget, and 42% of GDP, an excessive dependence on oil that exposes the country to macroeconomic fluctuations.

The Corona pandemic had a significant impact on Iraq’s GDP in 2020, which shrank by 15.7%, and budget revenues shrank by 9% to reach 32% of GDP, which led to a sharp decline in public spending and investments.

As of January 2021, the unemployment rate increased by more than 10% than it was before the pandemic, which was 12.7%.

Concerns related to food security persisted despite the recent increase in families receiving social benefits from the government, primarily the salaries of the social protection network and food rations from the ration card system, as well as the efforts made to provide vaccines to treat the Corona epidemic.

While the economic conditions in Iraq are gradually improving with the recovery of international oil markets, this recovery is also fraught with major risks posed by structural constraints, including public investment management constraints that have affected the delivery of public services, and the slow repayment of overdue debt, especially those related to wages. The public and state-owned banks and the Central Bank of Iraq bear the burden of sovereign debt. Not to mention the fragility of the political situation, the weak health care system, and endemic corruption that continues to foment unrest across the country.

 

The white paper is a comprehensive framework for addressing dependence on oil and structural problems, and represents a medium-term strategic framework for comprehensive economic reform decisions.

Recent Developments

 

The economy is gradually recovering from its double shock in 2020 represented by (the drop in oil prices and the outbreak of the Corona pandemic), as the statistics indicate the GDP by 0.9% for the first half of 2021, and the growth of the non-oil economy by more than 21% in the first half of the year 2021, and this is due to the strong performance in the service sectors after easing measures to prevent the emerging corona virus, after the spread of the vaccination campaign and the decrease in infections. This recovery reduced lagging in the oil sector, by 10% in the first half of 2021, as Iraq adjusted its share in OPEC early in the year. Since then, OPEC has gradually increased the production share of member states, which was reflected in an increase in GDP. The general and core inflation rate in Iraq in the period from January to July 2021 reached 5.2% and 6.2%.

The financial statements for the first half of 2021 show significant gains in budget revenues (42% increase) as the average export price increased by at least $64 per barrel. These budget gains were also multiplied by the financial effects of last year's devaluation. In addition, the reforms of the General Customs Authority and the General Tax Authority contained in the 2021 budget law began to bear fruit, as sovereign revenues increased by 53% than they were previously. Which contributed to reducing the public budget deficit.

 

Externally, the current account deficit also turned into a surplus of 4.7% of GDP in the first quarter of 2021, which contributed to the rise in the total official reserves of the Central Bank of Iraq by about 5 billion US dollars to reach 58.5 billion US dollars in the first quarter of 2021 compared to $54 billion at the end of 2020.

a future vision:

 

The prospects for the Iraqi economy have improved with the recovery in global oil markets, but the spread of new coronavirus variables and climate change challenges pose new risk factors. The economy is expected to gradually recover on the back of higher oil prices and an increase in OPEC production quotas that are due to be phased out in 2022. Oil GDP will be the main driver of growth in the medium term. It is expected that the non-oil GDP will improve, but it will remain with an average growth of less than 3% between the years 2021-2023 due to the mutated generations of the Corona pandemic, in addition to the challenges facing the Iraqi economy, foremost of which is the lack of water and electric power, which affects agriculture and industry.

The high indicators of the poverty line, which were linked to a direct relationship with the rise of the Corona pandemic, in addition to some of the social turmoil facing Iraq for years, require appropriate planning to achieve effective social goals.

 

[Dinarrock]

1 hour ago, ronscarpa said:

And the final outcome is....????

The outcome is 4 articles saying the same thing and the wacky Iraqis just flapping their gums and nothing happens! Lol

[HowieC]

2 hours ago, Dinarrock said:

The outcome is 4 articles saying the same thing and the wacky Iraqis just flapping their gums and nothing happens! Lol

I'm having a day like that too...Where I feel like I can't believe one word they say. No matter how many times they try to hammer it home....Bozos

[NWGUY]

I am very very concerned!  If this is how they are educating the Iraqi people on their currency, it really really sucks!   I don't think it is all about translation.  I just think that they are trying to be very evasive, and I would bet even the Iraqi's don't have a clue what the government is up to.    

[GreedyDinar07]

I stuck around to see who is going to be the next PM and they haven’t even announced it yet. I have no more patience for this unhealthy investment, if I can call it that. I  am embarrassed to even mentioned Iraq to anyone. I am convinced that The Elite Crooks that are behind all of this have no intentions of the dinar RV, they will string us along like they have for the last 18 years. One example is Vietnam. That war ended in 1975 with al most 60,000 Solders that died and still no RV..... Sounds familiar?? I am  done with this BS and when some of you are here this time next year with the same results you will see my point. Good luck guys but I can’t do this anymore it is insanity at this point.

[ametad]

2 minutes ago, GreedyDinar07 said:

I stuck around to see who is going to be the next PM and they haven’t even announced it yet. I have no more patience for this unhealthy investment, if I can call it that. I  am embarrassed to even mentioned Iraq to anyone. I am convinced that The Elite Crooks that are behind all of this have no intentions of the dinar RV, they will string us along like they have for the last 18 years. One example is Vietnam. That war ended in 1975 with al most 60,000 Solders that died and still no RV..... Sounds familiar?? I am  done with this BS and when some of you are here this time next year with the same results you will see my point. Good luck guys but I can’t do this anymore it is insanity at this point.

Sounds like a break could be healthy for you buddy. 

[NWGUY]

56 minutes ago, GreedyDinar07 said:

I stuck around to see who is going to be the next PM and they haven’t even announced it yet. I have no more patience for this unhealthy investment, if I can call it that. I  am embarrassed to even mentioned Iraq to anyone. I am convinced that The Elite Crooks that are behind all of this have no intentions of the dinar RV, they will string us along like they have for the last 18 years. One example is Vietnam. That war ended in 1975 with al most 60,000 Solders that died and still no RV..... Sounds familiar?? I am  done with this BS and when some of you are here this time next year with the same results you will see my point. Good luck guys but I can’t do this anymore it is insanity at this point.

 

Sorry Greedy... hang in there!   I agree with Ametad.  A break is probably a great idea.  I did that myself a while ago, and it did a lot of good for me.    Wishing you the best, and do what is best for you!  

[WheresmyRV?]

4 hours ago, GreedyDinar07 said:

I stuck around to see who is going to be the next PM and they haven’t even announced it yet. I have no more patience for this unhealthy investment, if I can call it that. I  am embarrassed to even mentioned Iraq to anyone. I am convinced that The Elite Crooks that are behind all of this have no intentions of the dinar RV, they will string us along like they have for the last 18 years. One example is Vietnam. That war ended in 1975 with al most 60,000 Solders that died and still no RV..... Sounds familiar?? I am  done with this BS and when some of you are here this time next year with the same results you will see my point. Good luck guys but I can’t do this anymore it is insanity at this point.

GD I feel your frustration in all of this as alot of us here feel your frustration.  I feel something might be happening with all of this once they pay Kuwait off by the end of this year.  If this RV's before they pick their PM, I don't care who it is then because I am exchanging it all out at once.

[horsesoldier]

Personally... I really enjoy my psychotic breaks; certainly does breaks up your day into extremely easy to manage bits of your day !!!

[screwball]

19 hours ago, ronscarpa said:

And the final outcome is....????

yep waiting.......anytime is a good time

[screwball]

so is this is for education purposes right? saying that we intend on chnaging the rate? we have made the decision! just giving you advance warning