January 04, 2017 Mnt Goat News Brief
I bring you much news today. We were told the cabinet held its first session of 2017 on Tuesday , January 3 2017 , headed by Dr. Haider al - Abab.
So we know the parliament is not too far behind also as they told us they will hold their first session on Jan 7th. The legislative part of the government is getting back to work.
So much news on the “project to delete the zeros” recently. As we know they told us recently there will be yet another phase implemented for this project and it will launch three new lower denominations and they plan to do it soon. We learn (and confirm) today that the merchants also know about this upcoming change and want it real bad. They are tired of over a decade of having to rush to the bank to exchange dinars for dollars to pay their debts. In fact they are jumping the gun and thus CBI had to come out with this news to clarify the change is not yet done. Why do the merchants want it real bad? How does the launching lower denominations effect them?
By launching the lower denominations they can begin paying their foreign obligations directly using dinar. But in the process the dinar must go international and must have some real value to compete with other foreign currencies. We know they also fully intend to remove themselves out of this “closed” economy (non sanctioned economy). So with this move the merchants will no longer have to exchange dinar to dollars to trade. They will no longer have to pay a spread to the banks, to the CBI or sleazy street money ex-changers. They also look forward to more currency value and the lower cost of goods and services. This all means higher profits. It also means more varied goods, products and services available to them to sell since more foreign entities will want to come to Iraq and do business. They are very anxious!
I also believe the publication of the budget law is now being intentionally delayed for some reason. I talk more about this below in the news letter today.
As always my comments are in italic RED.
Central denies dropping the old edition of the Dollar
A spokesman for the Acer Bank Jabar told I followed NOAA "The news that I talked about not dealing in dollars the old edition are completely untrue and baseless.
(this is not negating the upcoming project to delete the zeros as was stated to be ready for EARLY 2017. Instead it is simply telling the merchants that the project is not yet done. A clarification of their last notification that recently came out about a couple days ago about the upcoming project. So not yet they said. Also they said the currency auctions are still in effect and they must still get US dollars for dinars to pay foreign remittances. They are saying they can not yet use dinars international….at least not yet.
They are saying this process is in effect until the project to delete the zeros is implemented and they replace the old currency with the new currency. I quote from the article – “international banks will give allow for the replacement of old money and new editions period will inform citizens about this process by the official announcement by the Central” Bank. Just as I have been telling everyone all a long that the CBI will inform everyone when the time comes. No need for these so called “intel gurus” to tell you otherwise. Instead listen to the CBI!)
He added that "the process if they occur would be after receiving notification from the banking agencies and the US Treasury Department had been replaced dollar new currency.
Jabbar said that international banks will give allow for the replacement of old money and new editions period will inform citizens about this process by the official announcement by the Central Bank.
(now let me also finish up with the article and say many are disappointed in it and believe it is negative news. Negative…really? This only shows the train of thought of some people in this investment and how ignorant they really are in the matter. I feel if these people bring you articles and post them on the forums they could at least refrain from making an opinion if they are not knowledgeable enough to do so. I know they think they are but their response to this article proves they are not. How can you turn such a positive article to something so negative?
Let me tell you this article is amazing news and confirms and back ups the intent of the CBI once again to go to the next phase of the project to delete the zeros soon (very soon). It also gives us an insight into what the merchants are thinking and how they also know this change over to the new currency is about to happen. The merchants are jumping the gun and the CBI is trying to calm them down. They want to use dinars in trade directly and stop going to the currency auction windows. That is all this article is doing and nothing else. It is also confirming to us the CBI has not yet done the project, as many “intel gurus” are telling you it is already done. Oh,,,,this article is amazing! )
Administrative order delay infallible authentication on the Budget Law
(so what happened to the budget law. Where does it stand?)
Channel parents / follow-up
Parliamentary Finance Committee on Monday made it clear, the reasons for the delay at President Fuad Masum, is the ratification of the general budget of the current fiscal year the law.
The committee member said Sarhan Ahmed in a press statement, said that "the general budget of the current fiscal year the law is still in the corridors of the Finance Committee is awaiting administrative orders of the Presidency of the Council of Representatives for transmission to the President of the Republic Fuad Masum, the aim (goal is ) of approved and published in the Official Gazette."
Ahmed said, "The budget needed for a full month after its publication in the Official Gazette before the beginning of distribution of resources to ministries and state institutions," noting that "the said period may sometimes goes on in the event of one of the political parties appealed to the budget of the Federal Court Act. (telling us the budget needs 30 days publication in the official gazette prior to opening it and distribution of the money to the ministries. They are saying the gazette publication has not even happened yet. This can be stalled even longer if there are any appeals to it. Folks I believe they are stalling this for reason to coincide this publication to some other event which is being held up. I believe the want to target the rollout of the lower denominations and new rate when this occurs.)
Rafidain Bank issued the smart card to the staff of the Sunni Endowment
Twilight News / Rafidain Bank announced on Monday issued a smart card (Key Card) for employees of the Sunni Endowment in order to receive their salaries through them to shorten the cash currency trading routine.
(they are telling us clearly that using the SMART cards will lessen the amount of cash in the hands of the citizens. The intent of these cards is not so much a matter of convenience to the citizens as it is playing a major roll in the collection of the three zero notes and getting them out of circulation and keeping them out of circulation as they move forward with this project and closer and closer to the roll out of the lower denoms. They have told us they intend to collect nearly 75% of the currency issued. Anyone who tells you they are not collecting the 3 zero notes is not reading the articles.
Yes- going forward it will help prevent crime and make it less expensive for the govt to pay salaries and pensions. No more cahiers, no more long lines and delays in getting paid.)
Press office of the bank said in a statement responded to the Twilight News, said that "the bank and in coordination with the Sunni Endowment has issued more than 300 smart card to the staff of the moratorium in Baghdad and the provinces of Wasit and Qadisiyah within directed the bank to transfer salary payments through electronic payment tools to reduce trading exchange manual and reducing theft the robbery of the employees' salaries, especially when transported from the branches of the bank to the circuit. "
Their words not mine…..No Rumors, No Hype, Just the FACTS!
Much love to ya all,
Permissions in this forum:You cannot reply to topics in this forum