MilitiaMan – Dinar Guru  On a slightly different path we see working in conjunction with Iraq, we did see the AMF with Iraq that ended a 10 day meeting…last Thursday.  It was between Iraq and the AMF among others like the IMF, WB, BIS, etc.. Why is this all important…Contracts. The AMF (22 countries), Kuwait, USA, Great Britain, Japan, Korea, etc., were working on imo valuation of the REER to use for to adjust contracts. Very important part of the final process.. They need to establish Fair Value for pricing goods and services.

Kaperoni – Dinar Guru   [When are they [IMF] going to review Iraq’s situation again I wonder]  Once the government is fully formed.  I would expect we will hear within a month.

Adam Montana – Dinar Guru   [How much more do you think Iraq needs to achieve or put into place before they can reveal their true rate of exchange? I’m sure the list has shrunk dramatically.]     Dramatically  indeed – if we don’t have any solid movement after the GOI is seated, I will be doing a more comprehensive post on the subject. Since that may not be necessary, let’s just see what the next week brings us.

MilitiaMan – Dinar Guru   Quote:  “The next phase of currency reform is the conversion from old cash currency to new. The authorities must decide—at first privately—when the currency exchange will begin, when it will end, and whether or not to cap, in absolute terms, the amount to be exchanged. Then, decisions on the announcement of and publicity for the currency exchange must be made.  Other essential decisions include the conversion rate and how financial assets, resident/nonresident accounts, and existing currency contracts will be treated in the currency exchange.”  They tell us above that those in charge of MR must decide when the exchange will begin, when it will end, etc,. They also mention the conversion rate and how it will effect other things like currency contracts and how they are to be treated in the currency exchange. This is at the end of the process as noted in the Turkmenistan model. At this final phase is at the time when they first privately, then eventually publicly say when they will do it and at what conversion rate. Hence, we await the “” 2nd Article””.. So why do I bring this back up again? Well, today we see them talking about contracts.. Part of the final phase, imo.. That is why I do.

Mnt Goat – Dinar Guru   So in today’s news we see one matter announced on Monday that Iraq has withdrawn from the FATF monitoring list after it has fulfilled its international obligations in the field of combating money laundering and terrorist financing. They have now moved to the “white list”. This can only help in the getting the reinstatement since why did the UN sanction the currency in the first place? Was it not for money laundering and financing terrorists? So this is now all taken care of and no longer an obstacle. So the CBI can no longer use this as an excuse as to why they are not reinstating the dinar.

Adam Montana – Dinar Guru  At the moment, I am content to wait for things to unfold – we have some important dates upcoming, and I foresee a holding pattern until the GOI is fully formed.  On the positive side… I have nothing negative to report…November 6 is a good day to watch for… it should be apparent at that time what the missing component is (which Government position), which will give us a very decent clue about what we can expect in the coming days.  Regarding the upcoming sanctions [Iran]…I’m glad they are prior to November 6th – that should streamline any effects that they may have. …Where the sanctioned parties may experience a weakening, Iraq has a great opportunity to gain strength.  For that reason alone, we could have a nice window just ahead!

Mnt Goat – Dinar Guru   The news is slow from Iraq since Monday and Tuesday were official holidays. Now they go back to work, however parliament is not expected back until Nov 6th.  Anyhow I would not stake any RV on any trigger completion of Mahdi’s new government in this next session anyhow since we also heard that it is not a critical matter anymore and the last set of ministers are picked and all agreed on them already…the only target I know of is of EARLY 2019. The CBI did want to move ahead with the reinstatement in the month of October but could not do so due to not resolving many matters as they thought they could.

MilitiaMan – Dinar Guru   The amount of logistics to get all that done, all the people, hotels, gifts, training, etc, and with all those big players will go down as darn near nothing but, miraculous, imo. With that said…I, others, believe this is such a very bullish time frame is because the REER ( Real Effective Exchange Rate) is time sensitive, IOO.(In our opinion).  The REER was done Thursday last real close and for them to get the rate done, it cant be much longer for us to wait, as the margin of error in the rate becomes ioo an issue, as the rate could change and that would effect a lot of countries…  Therefore, the window we are in now this week thru Monday-ish next week is serious to us…nothing shows us that they are going out to next year… Nor much into November for that matter… imo.    [post 2 of 2]

MilitiaMan – Dinar Guru   …Last week we witnessed a convergence of many things. The week prior there was the symposium with Banks and financial institutions in regard to the Iraqi Currency. The following week we see the AMF (Arab Monetary Fund) in a series of meetings with Iraq helping with the MR (Monetary Reform) along, in conjunction with the likes of the WB, IMF, UST and BIS. Basra Boyz also confirmed the BIS was there…  WS tells us they tried and tested the rate and they were successful.  The success was the Real Effective Exchange Rate. So not only the AMF met, there were high level training of the trainers while they had the fabulous 4 in country. They did all that and seated the GOI on time too.  [post 1 of 2….stay tuned]

Mnt Goat – Dinar Guru   We can see the news from Iraq is slow once again. We are at another lull. As far as the elections go we are waiting for early November to get the rest of the ministers but most importantly to see who is going to be the next three Vice Presidents…Remember the Sadr Movement does not want any old politicians in this new government. So the chances of having the Nori al-Maliki or the other two VPs back in the VP positions is slim to none. However, we must consider Maliki and his goons will continue to try and try right up until the announcement and vote in parliament.  ...Iraqi is now putting the emphasis again back on the economy, the 2019 budget and the implementation of the “Investment Law”.

MilitiaMan – Dinar Guru    Article:  “Iran’s economic minister: America implemented its ban before November 4”    Looks like they shut down Iran currency swaps / auctions???   USA implements sanctions early, thus, Iraq has obliged by not trading dollars and apparently Dinars, as they would more likely loose as the sanctions take effect, thus, they shut it down.. Wow! imo. 

Currency365 – Dinar Guru   Breaking President Trump Implements Sanctions on Iran Before November 4th…

MilitiaMan – Dinar Guru   Well by turning off Iran today real close (possibly days ago), they won’t let them use the old IQD nor the New IQD, and or the USD per sanctions that apparently are in place early, and they don’t have the new IQD yet.. Fascinating, if that holds true.  The new currency looks to be the trigger point to seriously put the squeeze on… If the Iranians can’t use the old and don’t have the new, they’ll not benefit from the new Real Effective Exchange Rate for the New IQD. Man, if that holds true, there are going to be some folks feeling a lot of economic pain… Imagine, your seating on 10 million IQD and in Iran? Can’t spend them or exchange them for USD nor New IQD…They are effectively worthless to those imposed by sanctions.. imo!  [post 2 of 2]

MilitiaMan – Dinar Guru    If they are adopting, the predominant medium of exchange for the purchasing of services, goods, then the sovereign nation and her currency will need 1 interdependent, yet, national rate. Here are some things that suggest that we are well beyond that time now.  …As we have been told the calculations have been done already. The symposium introduced to those in the need to know (albeit with reservations on what can or cannot be disclosed publicly, i.e., smalls, coins, rate, when…) about the lower denoms, 250, 500 and 1000 with new security features, publicly.  There was an article about the high level training of the trainers (trained on the new). Well they did that over a ten day period that finished up this last Thursday. …They have had training on the new currency to be coming out in the Month of October they told us per articles.  [post 1 of 2….stay tuned]

Mnt Goat – Dinar Guru   Article quotes:  “The Board of Directors of the Central Bank today issued an important statement in which it noted THE CONTINUATION OF ITS EFFORTS DURING THE PAST YEARS TO ACHIEVE ECONOMIC STEADFASTNESS IN THE CIRCUMSTANCES OF IRAQ AND FACED ECONOMIC AND SECURITY SHOCKS.”;  “…the central bank WILL WORK WITH CARE AND DEDICATION IN ORDER TO ACHIEVE STABILITY IN THE FINANCIAL SYSTEM AND THE MONETARY SYSTEM IN THE NEXT PHASE...”   WHEN THE CBI TALKS I LISTEN…They keep talking about the “next phase” .  So what is this next phase? There has been articles on this phase…and according to them it is a 5 year plan (2018-2022) with continuation of the reforms including the monetary reforms, which we know is the project to delete the zeros.

Mnt Goat – Dinar Guru  Article:  “MANY NEW IRAQI CABINET MEMBER SWORN IN ON WEDNESDAY”   Article quote:  “The agency received the Euphrates News on the names of the cabinet presented by Prime Minister-designate Adel Abdul-Mahdi today to the House of Representatives.”   I do not know yet who was rejected and who was ratified. But later on there is an article stating that Mahdi will temporarily assume the minster of Defense and Interior two of the key positions.

Mnt Goat – Dinar Guru   Abdel-Mahdi is sworn in…as the new prime minister along with 14 of 22 ministers.  Remember the CBI NEVER came out and directly told us they would reinstate or RV the currency after the elections process was over. This was assumed from what they said to us back in April. So no one really knows for sure just how long this might take.

David M. Witty – Dinar Guru   Sources near Iraqi Oil Ministry:   Iraq will stop exporting Kirkuk’s oil to Iran in November to coincide with new U.S. sanctions.

Mnt Goat – Dinar Guru   So now I will give you the latest numbers given to me by the reports that were given to the US Treasury on Jan 2018. The reports consist of mandatory forms filled in by currency brokers when they sell the dinar. These forms are sent to the US Treasury when you purchased your currency. There is an address space on the form for the purchaser. So you are being tracked. In order for these online internet or banks to sell these currencies outside of the global currency exchanges, they must adhere to the legal framework set up by the US Treasury.  What is the latest count based on this procedure?   …the US Treasury has received 2.5 million initial purchases since 2004 when they began tracking the IQD in the USA. Most purchases are under 10 million dinar. A very large holder might hold 100 million. …Even with the gift giving, the US Treasury projects only maybe 2.75-3 million at best now have IQD in their possession and await the reinstatement and exchange process…

Frank26 – Dinar Guru   …the Monetary Reform of the IQD, of the Central Bank of Iraq, is no secret. It’s no secret. They are willing. And they are telling anyone who is willing to listen, that the CBI, that Iraq, is soon to change their exchange rate.

Chattels – Dinar Guru   So, it would appear that Iraq has a new government. The government is ” incomplete ” ( 14 of 22 ministers given a vote of confidence by Parliament ), but it is ” functional “, i.e., there is a majority which enables the Cabinet to meet / act / govern.

David M. Witty – Dinar Guru   Iraq’s 8 unfilled minister positions to be voted on by Parliament on 6 November. 

Kaperoni – Dinar Guru  Now that the new Iraqi Gov is is place I expect the IMF to meet with the CBI in the near future to discuss monetary policy.  I’ve always felt this consultation will occur before any significant monetary change.  If you go back and look at last year’s Article IV, the IMF made it very clear that the CBI needed to move to Article VIII to send a message to the global investment community that Iraq is open for business.  Slowly we are inching closer to that decision which is positive for Iraq. As well, a change in exchange rate regime from fixed to float will begin to allow the dinar to rise gradually.  And…due to the significance in urgency of this reform we may see this change occur very shortly. Hopefully within a month or two at the latest.

Adam Montana – Dinar Guru   There have been times in the past where I mentioned that we have a “couple weeks” or some other amount of time where I definitely didn’t see anything happening.  Now is not that time… Anything can happen right now.  The only issue I see right now is the final seating of the new members…It is a REALLY good feeling to be able to say the “only thing” holding us up is a finalization of the new GOI, which is proceeding very smoothly! 

Walkingstick – Dinar Guru   [News is saying it’s OFFICIAL!!!   Mahdi is PM!!!]  Yes, Mahdi and 14 ministers according to articles… Parliament in recess, Nov 6th.

Urgent: Abdel-Mahdi sworn in!!

During a special session in Baghdad, Iraq’s Council of Representatives (parliament) approves candidates nominated by PM @AdilAbdAlMahdi
for membership of the new Council of Ministers

Via Twitter: mobile.twitter.com

Kaperoni – Dinar Guru   So Mahdi was sworn in today along with 14 other cabinet members. PM Mahdi. So it seems officially we have a new government in Iraq.  There will be some twists to this but Mahdi is officially the new Prime Minister.

MilitiaMan – Dinar Guru   This was all done on Abadi’s watch over the past four years and the CBI is telling us and the world that they are geared for the next phase of Monetary Reform.  They have a surplus in the Budget enabling them to pay their internal debt and prevent impact from international conditions that may affect them in the future.  They have overcome major issues and now they are telling us they have it under control and handing off a baton that is very well placed and organized for the new government and it’s success.   Add in the recent past symposium introducing the information on new currency, the on going AMF meeting and the seating of the the PMs cabinet here in short order if not already. These events clearly show that they are on the track to the finish line...imo. So, can we take a roll call?  AMF…here! World Bank…here!  Iraqi Private Banks…here!  CBI…here! Ok. Everybody is here…let’s begin!!!  [post 2 of 2]

Legal expert: Abdul Mahdi’s government has become constitutional

{Baghdad: Al Furat News} Legal expert Jamal al-Asadi confirmed that the government of Abdul Mahdi has become constitutional. Al-Asadi told the {Euphrates News} that “once the swearing-in of ministers becomes Adel Abdul Mahdi, the Prime Minister officially.”
“The list of 14 ministers broke the legal period and became prime minister free to form a new government.”  “The swearing-in does not require a legal quorum, and officially Abdul-Mahdi became prime minister,” al-Asadi said

Source: Alforatnews.com

MilitiaMan – Dinar Guru   Article    “The Central Bank of Iraq confirms the continuation of his reformist approach to achieve financial and monetary stability”   Here we go! The hand off is about to occur!  The central bank is reassuring that they have and have had full control of their monetary policy for 4 years running, just as Walkingstick has told us they have. They have had the calculations all well calculated with tools in place to maintain stability of their exchange rate well into the future.  They have here and in other articles talked about and showed that they have increased reserves exceeding 60 billion dollars, not to mention they increased their gold holdings by about 6.5 additional tonnes and have stated they increased revenues matching their oil output other sources necessary to compliment oil and shocks that may arise out of negative market conditions!   [post 1 of 2….stay tuned]