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11-19-2017 Intel Guru RayRen98 It has been reported that earlier today Iraqi TV interviewed Masoud Barzani announcing that the referendum has been officially canceled. Now the celebrations can take place, I believe this is what PM Abadi has been awaiting! Contractors are expecting back pay distributed over a few 30-day segments. It is being cautiously expected for these back pays to be at the new rate! Time Will Tell! IRAQ'S BIGGEST CELEBRATION ON RECORD MAY COMMENCE THIS VERY WEEK - TIME WILL TELL!!
11-19-2017 Newshound/Intel Guru Mnt Goat Article: "ELECTRONIC BANKING DEPOSITS WILL REDUCE COST OF PRINTING CURRENCY" ...the electronic banking is also allowing the CBI not to recycle the 3 zero notes back into circulation each pay day. They are getting very close to the needed 2/3 of the needed collection of currency out of circulation in Iraq.
11-19-2017 Newshound Guru Kaperoni WTO may be several years away because they have little to export, but that has little to do with when the CBI acts on monetary reform. In fact, it is critical to the success of investment in Iraq. I am hopeful we will read something soon about early 2018. (fingers crossed) [reference Kaperoni post 11-18-2017]
11-19-2017 Newshound Guru Don961 Article quote: "An Iraqi parliamentarian said on Saturday that the 2018 budget assumes the export of about 3.8 million barrels per day of oil, based on an average price of about $ 43 a barrel, well below the global price of more than $ 50." This is what Iraq's oil in the budget of 2018.
11-19-2017 Newshound Guru chattels There are several countries in the world that use the U.S. dollar as it's " default " currency. Iraq will use the dinar as it best serves them. We may get lucky at some point.
11-19-2017 Newshound/Intel Guru Mnt Goat Article: "AMENDMENTS TO THE LAW OF THE CENTRAL BANK OF IRAQ ISSUED ORDER NO. (56) POSTED IN GAZETTE" ...now that Iraq is moving to another chapter in is monetary policy the old policies of the CBI needed to be updated to fit (coincide with) the new monetary direction. This is all this amendment is doing and was a necessity. Is is very significant as we can see them lining up once again for the new monetary reforms, which will eventually lead to the reinstatement of the currency.
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11-18-2017 Newshound Guru Kaperoni Article: "The National Committee for Iraq's accession to the WTO organization conducts consultative meetings in Geneva on accession" The good news is it pushes currency reform forward. [...does the WTO allow members who have dual currency practice...?] I think your referring to multiple currency practice which is not what you think it is (that refers to the spread of more than 2%.... Iraq is working on reducing the MCP, and Iraq will always have both dinar and dollars. Two different things. They would have to move to Article VIII and reduce the difference between the dinar and dollar for accession into the WTO...but they are years away from that since they have nothing to export.
11-18-2017 Newshound/Intel Guru Mnt Goat Article: "(IBAN) IN BANKING TRANSACTIONS" Quote: "IBAN is a mandatory requirement to send and receive money domestically and internationally safely, accurately and quickly in accordance with international banking regulations" A few weeks ago they implemented SWIFT and it is mandated by the end of 2017 for all banks in Iraq. So now we see IBAN also in use as it is also a worldwide banking standard. Both of these banking requirements are mandatory if you are going to do international banking. Does anyone remember way back to 2012? The minister of Finance then told us then that IBAN was coming that year, but due to corruption they delayed the banking reforms until later. Now we see it.
11-18-2017 Newshound Guru Kaperoni Article: "Amendments to the Central Bank gives him the freedom to work on a wider area of law" I believe the added ability to develop the financial market (securities) is important to the plan to float the dinar. [Is there more Banking laws needed...?] Not waiting on any banking laws, just IMF compliance.