Mnt Goat Late Friday Night Update – “6 days Till Dinar Christmas”

UU9494 – “6 days Till Dinar Christmas” by Mnt Goat

Hi Everyone,

Hope everyone has a great Christmas ! Meine Kinder got lots of presents from Saint Nicholas but not exactly the ones they had asked him for. This was due to lack of funding on the part of Saint Nicholas this year …lol….…lol…

We also have a tradition in my alpine village. It is with Krampus. This is a factious character who punishes children during the Christmas season who had misbehaved, in contrast with Saint Nicholas, who rewards well-behaved ones with gifts. The Kinder were glad Krampus did not have to visit our home……lol….

Today I wanted to give everyone a very brief news letter. I will get right to the point once again. I hope everyone also read my last news letters dated 12/23 (LINK) since this is a continuation of this ongoing saga of getting this 2015 budget bill passed thus showing us the way to the RV event.

Today’s News
The news coming from the CBI is all very good. The GOI is still targeting the end of the year for full implementation of the 2015 budget. Remember the banks of Iraq get funded with the budget money for the projects once Parliament passes the bill and the President ratifies it. By the way Dr. Shabibi agreed to return and once again head up the CBI. The timing could not be any better….

Remember also the corruption in the past years where money was stolen by the ministers instigated by the incumbent prime minister? The banks too were in on these scandals once the funds were released to them from the CBI. They do not want a repeat of all this mess and so they are making sure measures are in place to prevent it. I am telling you this because Abadi wants full transparency with all funds and it took time to get it all cleaned up.

Do we have to wait till Jan 1st for the announcement of the new rate? I will give you my opinion later.

For now let’s briefly review what just happened this week for those that are new to my news letters.

>On Tuesday the Iraqi Cabinet of Ministers approved the draft budget bill for fiscal 2015 and finally released it from the Cabinet of Ministers to Parliament;

>At this time an emergency session of Parliament was aligned for Thursday 12/25 so we knew something was up….lol……;

>Then on 12/25, after two days of review by Parliament, on Christmas day, it was announced that the first reading of the bill was completed; Now if I am not mistaken this was actually the second reading since Parliament already read the bill a month ago? Remember? They rejected it and sent it back to the GOI for revisions for market changes in the price of oil. There were also some deficit issues to resolve. I keep saying to everyone that you can’t forget the past and what they do. Everything is connected together. If you forget the past you go down these dead-end roads leading to nowhere. This is what causes much of the anxiety and confusion.

>So today, Friday 12/26, all of a sudden to our wondering eyes should appear in the Iraq news eight tiny reindeers (actually it was announced that the bill was voted on and passed). Just kidding…

How could this be? When was the second reading most say had to happen? Silly people! This process was actually the reading that took place earlier this week. All the readings are now done. The bill is passed through the Parliament and now sits on the Presidents desk.
They used the “guillotine“ process to push the process along. Many articles told us that it would take a couple weeks to complete the process but out popped more news today. Oh what a surprise !

We still await for the official publication in the Gazette.

If all this news this wee was not remarkable enough, once again it was topped with more confirmation later in the day today when the contents of the budget bill was released to the public for the first time. It was predicated by a statement from Dr Fouad Masoum, the President of Iraq, as follows “This law shall be published in the Official Gazette and implemented as from 1 January 2015”.

Can it get any better than this?

As soon as I heard this news I was on the phone to the USA to my UST contact. I wanted to know about the planned rollout and if they still intended to exchange the dinarland holders prior to January 1st. I was not given a straight answer and so I am assuming the answer was No! This usually happens when they do not want to let you know the next step. So I backed off. We will know very shortly anyhow. Things are happening so fast now the waiting is a matter of days not weeks or months like in prior news.

My guess is that since we are so close to Jan 1st anyhow, they will probably wait anyhow to that time and not do anymore exchanges in the USA until the rate is announced here in the USA

Now what can we expect going forward?
News from the President Masoum’s office that the budget bill has been ratified. Maybe a photo shot for the news media.

We can also now expect the CBI in the next 4-6 days to post the new rate on the CBI web site. It my understanding that the Kurdistan region has now already announced the revaluation to their citizens and the rest of Iraq is due very soon too to get the announcement.

I am also hearing that the National Reconciliation Conference is to be held tomorrow, Saturday 12/27 and Abadi is supposed to address the attendees and citizens of Iraq. I have previously told you about the contents or agenda for his speech. This could very well be what we have been waiting for. Let’s see what happens tomorrow.

SUMMARY

As I have said previously I thought this entire budget bill process was put in warp drive and I was correct. There is really not too much for Parliament to do with the budget bill since as long as the ministers all agree on it prior to them getting it, this is what matters the most. Each of the ministries will have to implement it and use the funding for their special projects and the running of the government. To me, this year, having Parliament review and vote on the 2015 budget, was a mere formality. This is how they were able to push it through the house so quickly.

Then when can we expect the RV?

There are only 6 days remaining till Jan 1st 2015 and all indications are now we are on track to see the CBI announce the RV for the rest of Iraq very soon. Personally I do not see the CBI waiting till the end of December to make the announcement. I really believe it could happen anytime in the next 72-96 hours.

Will the USA stop it once Iraq announces it? I do not see how they could or that this is their plan.

Christmas is kinda nice this year. You see we will all have a second round of presents and gifts very soon. Happy forthcoming D$nar Christmas!

Peace and Luv To Ya All,

Mnt Goat

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