REDENOMINATION PLAN NEWS: MIDEAST MONEY-Iraq dinar is short-term disappointment, long-term bet, 20 JAN
* Iraqis still prefer hard currencies for many transactions
* But some foreign speculators see long-term opportunity
* External, budget surpluses could eventually boost dinar
* For now, central bank wants to keep currency stable
* Any major appreciation unlikely before two or three years
By Aseel Kami
BAGHDAD, Oct 3 (Reuters) - Many Iraqis have lost faith in their dinar currency but to some foreign speculators, it promises big profits. The contrast underlines the uncertainties of investing in Iraq as the country recovers from years of war and economic sanctions.
The logic of the dinar bulls is simple. Iraq's oil exports rose to 2.6 million barrels per day in September, their highest level in three decades; the country aims to hit 6 million bpd by 2017, which would put it close to Saudi Arabia's current level.
Even if unstable politics, militant violence and bureaucratic inefficiency prevent that target from being hit, Iraq still seems to be on the threshold of an oil boom that will transform its finances.
Inflows of new oil revenue could give the country big external surpluses and push state finances deep into the black by late this decade - the classic recipe for a strong currency.
"As far as our investors are concerned, when they buy Iraqi dinars they do know it is a long-term investment. You know it takes time for a country to rebuild itself," said Hassnain Ali Agha, president of Dinar Trade, a U.S. dealer of exotic currencies.
Because the dinar is not freely traded by banks outside Iraq, online dealers of banknotes such as Dinar Trade are the only way that most foreigners can invest in the currency. The Las Vegas-based company says it sells as much as hundreds of thousands of dollars worth of dinars daily, shipping dinar notes to thousands of customers in the United States and elsewhere.
Agha said that because of optimism about Iraq's oil wealth, there had been solid demand for dinars since his company was founded in 2004, a year after the U.S. invasion which triggered years of political violence and economic turmoil.
Back in Baghdad, however, Iraqis themselves are not convinced. Many take what opportunities they have to change their dinars into hard currency, and conduct all but small day-to-day transactions in U.S. dollars.
"We have no trust in the Iraqi dinar - we feel afraid to save it. We trust the dollar more. The dollar does not go up and down, it is fixed," said housewife and mother-of-two Eman Saadeldine.
WILD SWINGS
The dinar has endured wild swings over the past three decades. In the 1980s, one dinar bought around $3, but economic sanctions imposed on Iraq around the time of the 1991 Gulf War sent the currency into decline and stoked inflation, which the government fuelled by printing money. By late 1995, $1 bought as much as 3,000 dinars.
After the 2003 invasion, the central bank intervened in the currency market to strengthen the dinar, using its supplies of dollars to manage the exchange rate.
But over the last several years, even as Iraq's oil production has expanded, there has been none of the appreciation for which speculators have been hoping. The central bank now sells dollars in daily auctions at a fixed price of 1,166 dinars, a level barely changed since 2009.
In fact, the dinar has recently faced downward pressure as a result of the international economic sanctions imposed on neighbouring Iran and Syria. Iraqi traders rushed to buy dollars to sell on illicitly to residents and businesses in those countries, which are hungry for hard currency.
The dinar fell as low as 1,280 in the open market this year before Iraqi authorities reacted by allowing two state-run banks and some private lenders to sell dollars, helping push the exchange rate back to around 1,200 currently.
Another factor counting against the dinar is the fact that the largest banknote is only 25,000 dinars. This often makes the currency unattractive to use in an economy where the banking system is primitive and deals are often done in cash.
Saadeldine recalls paying in cash for a new house in 2009.
"If our money had been in dinars, it would have been impossible for us to carry it. It was in dollars and we carried it in a small suitcase," she said.
The central bank has been considering plans to knock three zeros off the nominal value of banknotes to simplify financial transactions. This would not in itself increase the real value of the dinar, since prices would adjust in line with the redenomination, but economic experts say it could improve confidence in the dinar and thus boost its value eventually.
"It would increase trust in the dinar even though its value would not change," said Baghdad-based economist Majid al-Souri. "Indirectly, when trust increases there will be appreciation."
Earlier this year, however, the cabinet decided to suspend the technically complex redenomination plan until further notice, saying the economic climate was not suitable.
The biggest obstacle to dinar appreciation is the fact that for now at least, Iraqi authorities appear content with the exchange rate in its current range.
In a memorandum to the International Monetary Fund on economic and financial policies for 2011, written in March that year, the Iraqi government said it saw benefits in keeping the dinar stable.
"We believe that the policy of maintaining a stable exchange rate continues to be appropriate, as it provides a solid anchor for the public's expectations in an otherwise uncertain environment and in an economy with a still very low level of financial intermediation," it said.
In the long term, however, Iraq's finances and economy may improve so dramatically that authorities feel comfortable allowing the dinar to appreciate under the pressure of flows of oil money into the country.
The IMF expects this year's estimated budget surplus of just 0.2 percent of gross domestic product to balloon to 12.1 percent in 2017. The country's balance of trade in goods and services, in deficit as recently as 2010, is projected over the next five years to shift to a large surplus of 11.3 percent of GDP.
Deputy central bank governor Mudher Kasim told Reuters that he expected redenomination of the dinar to go ahead in 2014 or later, by which time the amount of Iraqi currency in circulation would have increased significantly, making financial dealings in cash even harder.
In the long term, the central bank aims to make 1 dinar equal to $1 with a combination of redenomination and appreciation, although that will take over three years because of instability in the Middle East, Kasim said: "If not for the regional circumstances, we would proceed faster with that plan."
Some analysts think the appreciation could go further. Kamal al-Basri, research director at the Iraqi Institute for Economic Reforms, an independent research body in Baghdad, said he expected the dinar to stay stable for the next three years, but that afterwards it might strengthen beyond parity against the dollar, including the effect of redenomination.
For that to happen, Iraqi politics will have to stabilise, skill and education levels rise and the economy diversify so that it is not so heavily dependent on oil exports, he said.
Speaking at the Baghdad currency exchange shop that he owns, Ahmed Abdul-Ridha said the dinar's stability in the past three years was good, but it did not indicate the long-term trend.
"We wish the dinar's value would go back to what it was like before, when it used to equal $3 in the 1970s and even in the 1980s," he said.
"I expect that day will come. Why not? What we are going through is an abnormal condition...We are an oil country."
REDENOMINATION PLAN NEWS: Belarus prepares for currency changes, 20 JAN
Belarusians are preparing for a major change in the way they handle money, with coins being brought back into circulation as part of a currency redenomination.
For years coins have been issued purely as collectors' items in Belarus, as rampant inflation has made small change redundant - the exchange rate currently stands at 20,000 roubles to the dollar. But from 1 July, existing banknotes will be replaced by a new mixture of coins and notes, all with much smaller denominations.
Under the new system, Belarusians will use notes valued between five and 500 roubles, and a range of lesser-value kopek coins. It means that if something cost 21,700 roubles under the old system, Belarusians will now hand over two roubles and 17 kopeks, the US-funded Radio Free Europe website explains.
Those struggling to get their heads around the change have a few months to work things out - the National Bank has said old and new banknotes will be in parallel circulation until the end of the year, and shops will have to show both prices. From the start of 2017, people will have to exchange their old notes for the new versions.
But the switchover is causing a few concerns, not least that tills aren't configured to work with the decimals required by the small kopek denominations. The national post office says its counters won't be able to serve customers on 1 July, and some retailers are warning that bank cards might not work for a day either side of the change. Banks are also advising customers that cash machines could be out of action.
A Belarus-based economist tells Radio Free Europe that the change will do little to stop inflation, and is merely symbolic. But in the capital, Minsk, one resident sees a positive, saying: "I am satisfied that at last we will have normal wallets - not wallets where, when you open them, you see millions in there."
RECAP NEWS: Currency of Indonesia: Jokowi Approves Rupiah Redenomination Plans, 20 JAN
In local Indonesian media it is reported that Indonesian President Joko Widodo has given his blessing to the central bank (Bank Indonesia)'s plan to redenominate the rupiah. Bank Indonesia has already prepared a draft bill on the redenomination of the Indonesian Rupiah with the aim to improve economic efficiency and to create smoother commercial transactions. While the rupiah value would remain unchanged, the draft bill eyes to remove the last three zeros on all rupiah bills and coins.
Bank Indonesia's draft bill is now expected to be discussed in a plenary session of the cabinet before being formally submitted to the House of Representatives (DPR).
Bank Indonesia Governor Agus Martowardojo met President Joko Widodo at the Presidential Palace in Jakarta on Tuesday (25/07). Based on a statement from Martowardojo - made directly after the meeting - Widodo welcomed the rupiah redenomination initiative. In 2013 there had also emerged serious plans to redenominate Indonesia's currency. However, the economic slowdown of the Indonesian economy caused attention to shift to other matters.
"If the draft bill is agreed upon by the cabinet in a plenary session, then the bill will need to be discussed in Indonesia's House of Representatives, possibly somewhere in late-2017," Martowardojo said. Earlier, Bank Indonesia already met nearly all fractions within the House and received positive feedback about the redenomination initiatives.
With President Widodo's positive reaction, Martowardojo will now coordinate matters with Indonesian Finance Minister Sri Mulyani Indrawati and Indonesian Minister of Law and Human Rights Yasonna Laoly.
Bank Indonesia's draft bill on the rupiah denomination only contains 17 articles and therefore discussions should require a relatively short time.
Chakravarti's argument : Economists differ on rand adoption, reintroduction of Zim dollar, 20 JAN
ECONOMISTS yesterday expressed divergent views over adoption of the South African rand and re-introduction of the local currency, with top government economic analyst Ashok Chakravarti telling MPs that Zimbabwe needs to either adopt the rand or re-introduce the Zimbabwean dollar to solve the foreign currency and cash crisis.
BY VENERANDA LANGA
But, another economic and trade analyst, Gift Mugano, differed saying, while it was difficult to run the economy in United States dollars, it was impossible to adopt the South African rand in an informal arrangement, as Zimbabwe would need to discuss the issue with South Africa first, and would end up enriching South Africa's foreign currency reserves, as they would order the rands in US dollars, while South Africa just prints the rands for Zimbabwe.
Chakravarti's argument, during his presentation to legislators at a post-budget seminar for MPs at a Harare hotel, were that dollarisation had not succeeded in any country in the world on a long-term basis, and was unsustainable.
"We cannot have a new economic order sustained by someone else's currency, and so we need our own currency, and there are two solutions to it of which one is to adopt the currency of our main trading partner, which in our case is South Africa, and adopt the rand informally in the same way we adopted the US dollar in 2009," he said.
"The second solution is to have our own currency, and the question will be how do we maintain the value of the Zimbabwean dollar? My proposal is that we release a Diaspora bond of $1 billion, which can back the new Zimbabwean currency," he said.
Chakravarti said in order to ensure that people have confidence in the Zimbabwean currency, so that it is not misused by the government through issuance of Treasury Bills, the solution will be to take out the Diaspora bond of $1 billion and hire an international bank outside the country to hold on to it for Zimbabwe in real money.
But Mugano said it was impossible to adopt the rand informally, as it is not reserve currency, like the United States dollar.
"We cannot introduce our own currency. The proposals by Chakravarti are very sound from a mathematical point of view, but it is the same mathematical equation done by the Reserve Bank of Zimbabwe, which brought in $200 million bond notes which they said were equivalent to US dollars, but it all went in tatters. If we bring the Zimbabwean dollar, it will crash overnight like the bond note."
Mugano said the best solution was to increase exports and stimulate production.
DINAR IRAQ & DONG VIETNAM UPDATE, 20 JAN
Governor of the Central Bank announces the start of procedures for the opening of a branch in Najaf The governor of the Central Bank Ali Al-Alak to start the necessary procedures for the opening of a branch of Iraqi centers in Najaf. Al-Aalak said in a statement during his visit to the shrine of Imam Ali in Najaf that "the necessary steps have been taken to open the branch of the Central Bank in Najaf, and some of the sites studied have been examined in advance. A lecture will be given at the Rafidain Center for Dialogue under the title (monetary policy from price stability to financial stability and economic stimulus).
VN Stocks Soar on Positive Outlook!
Vietnamese shares advanced further yesterday as investor sentiment was cushioned by recent strong recovery of the market and hopes for better corporate performances in 2018.
The benchmark VN Index on the HCM Stock Exchange gained 1.13 per cent to close at 1,062.07 points. After the last two sessions, it has almost regained a loss of 2.66 per cent made on Wednesday.
The minor HNX Index on the Hà Nội Stock Exchange edged up 0.41 per cent to end at 122.39 points. The northern market index has increased total 1.6 per cent in the last two days.
Both stock indices post a weekly growth this week with the VN Index rising 1.1 per cent in total after the last five trading sessions. The figure for the HNX Index is 1.3 per cent.
More than 417 million shares were traded on the two local exchanges, worth VNĐ11.2 trillion (US$498 million).
The trading figures were up 14.4 per cent in volume and 28.2 per cent in value compared to the previous session, but still 15 per cent and 6.3 per cent lower than the record high numbers made on January 12.
Market trading was quite balanced with 258 gaining stocks, 237 declining stocks and 113 stocks closing unchanged.
Market sentiment clearly improved after stocks recorded strong growth in the previous session and "buying outweighed selling, pushing the price of many stocks," Viet Dragon Securities Company (VDSC) said in its daily report.
Financial banking and building-material production were among the best-performing sectors to boost the stock market.
The strongest growth rates were seen in Vietcombank (VCB), Sacombank (STB), insurer Bảo Việt Holdings (BVH), BIDV Securities (BSI), HCM City Securities (HCM), Saigon Securities Inc (SSI) and ceramics producer Viglacera (VGC).
"Stocks with strong outlook prospects in 2018 continued to rally," VDSC said. Among those companies were steel producer Hòa Phát Group (HPG) and Phú Nhuận Jewelry JSC (PNJ) that jumped 6.6 per cent and 3.6 per cent to their all-time highs of VNĐ59,700 and VNĐ143,000 per share, respectively.
Among other stocks, petrol dealer Petrolimex (PLX) and budget carrier Vietjet (VJC) increased by 5.9 per cent and 7 per cent before the two stocks next week are added into the VN30 basket – the group of the 30 largest stocks by market capitalisation.
Vinacafe Biên Hòa JSC (VCF) surged 5.8 per cent after Masan Beverage Co Ltd – a member of the food and beverage producer Masan Group – announced it would purchase 31.54 per cent of Vinacafe Biên Hòa's capital between January 26 and February 23. The deal would raise Masan's ownership in the coffee producer to 100 per cent from the current 68.46 per cent.
Net foreign purchase was also another factor that supported market sentiment, according to VDSC. Foreign investors on Friday posted a net buy value of VND835.5 billion, raising their total net investment this week to VND2.7 trillion. — VNS
IRAQ International Economy | Iraq Oil & Gas Production 2018
CHAT WITH DELTA, 20 JAN
DELTA: The governor of the Central Bank Ali Al-Alak to start the necessary procedures for the opening of a branch of Iraqi centers in Najaf.
Al-Aalak said in a statement during his visit to the shrine of Imam Ali in Najaf that "the necessary steps have been taken to open the branch of the Central Bank in Najaf, and some of the sites studied have been examined in advance.
A lecture will be given at the Rafidain Center for Dialogue under the title (monetary policy from price stability to financial stability and economic stimulus). (wink)
BigJess: Me likey all those keywords: Monetary, Price, Financial and Economic...
EHankins: Well look at that... Looks like Iraq's currency is going to open up another bank so they can have economic stimulus and financial stability... Yeah will you look at that!
​************
DLR: "There are no secrets to success. It is the result of preparation, hard work, and learning from failure." – Colin Powell
"The only limit to our realization of tomorrow will be our doubts of today." – Franklin D. Roosevelt
Samson: Zimbabwe Govt To Confiscate "Illegally Acquired Wealth" From Former Ministers Convicted Of Corruption
The Ministry of Justice, Legal and Parliamentary Affairs has said that it intends to conclude at least 20 high profile corruption cases as part of its 100-day work plan. This will result in the "forfeiture of illegally acquired wealth on conviction of economic and corruption cases."
Thes comes after a number of former ministers have been arrested by the Zimbabwe Anti-Corruption Commission on various charges of corruption and criminal abuse of office. Some of the ministers who have been arrested include:
Ignatius Chombo
Walter Mzembi
Walter Chidhakwa
Makhosini Hlongwane
Joseph Made
Samuel Undenge
Jason Machaya
The Mnangagwa administration has promised that there will be no "sacred cows" when it comes to fighting corruption, although it is yet to make good on its promise by arresting Ministers aligned to Mnangagwa's own Lacoste Faction. LINK
Samson: Crackdown on corruption: Govt targets ex-ministers' properties
THE Ministry of Justice, Legal and Parliamentary Affairs intends to conclude at least 20 high-profile corruption and economic crime cases within 100 days and those convicted will have their "illegally acquired wealth" forfeited to the state.
By Wongai Zhangazha
This is highlighted in Justice minister Ziyambi Ziyambi's 100-day work plan which aims to reduce case overload at the National Prosecuting Authority (NPA), combat corruption and capacitate the prosecuting authority.
The Zimbabwe Anti-Corruption Commission (Zacc) is investigating a series of corruption cases and criminal abuse of office charges implicating former cabinet ministers who include Ignatius Chombo, Walter Mzembi, Walter Chidhakwa, Makhosini Hlongwane, Joseph Made and Samuel Undenge. Some of the cases are before the courts.
In terms of performance indicators, the Justice ministry said it would prioritise the "completion of at least 20 high-profile corruption and economic cases" as well as the "forfeiture of illegally acquired wealth on conviction of economic and corruption cases."
The ministry also intends to curb corrupt practices such as withdrawal of cases by prosecutors.
The work plan states that there was rampant corruption among public prosecutors, most of whom are under-qualified. Fifteen prosecutors are set to be transferred in the next 100 days. To curb the challenges faced by the NPA, the ministry will recruit 102 qualified and degreed public prosecutors.
"Periodic rotations and transfers will reduce opportunities for corruption; restore confidence in the justice system and convictions will serve as a deterrent," the work plan reads.
Because litigants in several rural areas have to travel up to 300km to access the courts, new courts will be opened in Manicaland and Matabeleland South provinces.
The Justice ministry also intends to open Mutasa provincial magistrate court and Chipinge and Plumtree magistrate courts.
The gazetting of resident magistrates' courts in Concession, Karoi and Guruve is also part of Ziyambi's 100-day work plan, all with the aim of enhancing public access to justice.
Meanwhile, in an interview on Tuesday, Ziyambi said the country's current electoral laws are "the best in southern Africa and on the continent". He said the harmonised elections scheduled for later this year can be held without reforms and still produce a free and fair outcome.
Civil society and opposition political parties have been calling for a reformed Zimbabwe Electoral Commission (Zec), arguing it is filled with security agents and has no credibility. The activists also argue that Zec has long been considered independent on paper only, while in reality operating at the beck and call of the ruling Zanu PF.
Laws such as the Public Order and Security Act (Posa) are seen as prohibiting citizens from taking part freely in the electoral process.
Opposition political parties have also requested that the voters' roll be given to candidates on time. They have also demanded an improvement in voter education.
"We have a constitution that came into effect in 2013. The effect of it was that any law with parts that are inconsistent to the constitution ceased to exist whether they are aligned or not. The process of aligning legislation, be it electoral or not, is to clean up," Ziyambi said.
"After all, our electoral laws meet Africa Union and Sadc guidelines. In fact, they are even better.
"In terms of conducting a free and fair election, we can achieve that. We have invited some non-governmental organisations to make presentations regarding what ideal electoral reforms are. Parliament is also deliberating on that and I am going to respond to those issues."
Ziyambi would not be drawn into revealing who the next Zec chair will be, saying President Emmerson Mnangagwa was still in the process of consulting.
Speculation was rife that either Justice Vernanda Ziyambi or High Court judge Justice Loice Matanda-Moyo will replace former chair Rita Makarau who resigned in December last year without giving reasons.
"The President is doing necessary consultations to comply with constitutional requirements. The President appoints the next Zec chair after consultations with the Judicial Service Commission and parliament's Committee on Standing Rules and Orders," the Justice minister said.
"So if a certain candidate is considered, these different departments give their opinion to the president if he or she is suitable. If they have reservations they also state that. However, the appointment is going to be done very soon for the chair is needed urgently to move electoral processes." LINK
Don961: International confidence boosts Iraq's economic capabilities
We seek construction and reconstruction
Baghdad / Hussein Thugb
Achieving economic advancement can be achieved by strengthening local capacities in all its aspects and gaining international confidence, which is the cornerstone of the work to achieve sustainable and effective economic development at the regional and international levels.
"The importance of containing the portfolios of the banking sector, the new and evolving products during the current year and be announced to all, as Iraq looks to the stage of actual construction, requiring banking services and harmony and this important stage of the history of Iraq, which seeks to build And reconstruction after a painful journey of challenges. "
Positive openness
He pointed out that "the banking sector in front of the stage of proving the existence of the actual and will be able to achieve objectives in the presence of the elements of it, where the availability of human resources and positive openness to the countries of the world and international confidence after the complete departure from the provisions of Chapter VII restricted to financial activities only within certain limits."
Al-Nouri said that "the financial sector during the past year has achieved many achievements led by the Central Bank of Iraq, most important in the field of money laundering and financing of terrorism and compliance and sophisticated systems and the reality of products offered to customers of different companies or citizens who are looking for new products depends regionally at the very least "He said.
He pointed out that "our banks are required to start where the world ended after the period of disconnection from the outside world for decades, which requires us to unite for the banking sector active and developed able to cooperate with the large numbers that are expected to invest in the Iraqi market."
Calendar Control
He stressed the importance of interaction between the central bank and the banking system during the coming period, especially that the central bank is the father of banks and the regulator of its work, pointing out the importance of monitoring the calendar in the life of banking and protection from the dangers, but its role is positive in making the banking wheel in the right direction that benefits the national economy "He said.
Al-Nouri called for "giving more attention to human resources during the current year, especially as it represents the most important axes of success in the economic process in general and banking in particular, which makes us interested in banking focus on this important axis and make it one of the first plans for the current year."
He pointed out that "among the services provided for financing and investment adopted by several Islamic banks on a non-interest basis, they are implemented in accordance with the provisions of the Islamic Sharia by opening investment accounts with the bank's money for those wishing to invest in all the requirements of Islamic law (Murabaha, Mudaraba, , Establishment of companies and subscription of shares of companies and participation with other individuals, companies and institutions in the work and projects in line with the objectives of the bank, as well as provide all bank financing and all sectors of industrial, commercial and agricultural, Investment ".
The Executive Director of the Association of Iraqi bankers Silwan Abdul Manaf stressed "the importance of working to create an environment conducive to the international effort developed, global capital and technology is welcome to work in Iraq," pointing out that "the country has solid companies able to enter into partnerships with international companies with Advanced classification on international regulations and implementation of high-precision work ".
He pointed out that "the reality of local economic relations requires presenting the reality of implementation with high transparency in front of the international effort to develop the ability to build confidence and strengthen relations, especially as the regional companies that have technologies and capital began to do relations with Iraq, especially that the global companies study the working environment in all aspects without Exception". link
List of Bank Services Suggestions to ask Bank About During Exchange Apt., 20 JAN
Reposted for our newest members:
List of Bank Services to Request or find out about
The following list is from several sources. i wish to thank everyone who unknowingling contributed to this post.
LIST OF BANK SERVICES TO REQUEST
Ask the private banker or bank manager to provide the following items:
1. No spread fees or bank fees of any kind charged on the currency exchange.
(With the "1% over-nights", the "Quarterlies" and the "fractional banking loans", this should not be an issue.)
​2. Highest interest rates available to be paid on my accounts.
Forever Waive all bank account fees, cashier's check fees, notary fees, wire fees etc.
Bank to provide and pay for insurance to cover all account balances. Lloyds of London - Abbott Downing with WF for accts with over 50M$
5. Access to information on investments such as pre-IPOs, real estate (REO), and bank trading and sweep accounts.
6. Bank to provide a team to include a Tax attorney, CPA, wealth planner, trust attorney, Estate planning, etc.
Private bank debit card such as opal or black card with no RFID
Multiple insurance types (Health, kidnapping, etc.)
Low or no interest loans rate if needed in the future
Increased ATM withdraw limits and Use of out of network ATMs without fees
12. No foreign exchange fees for debit card usage outside the U.S.
13. Concierge services (possible Vertu phone for mainland), First class travel arrangements as needed.
14. Unlimited limo service when visiting any city, in any country other than my hometown.
15. VIP Concert tickets
The following benefits will be available and apply to all accounts as long as a minimum balance of $____________USD (or it's equivalent) is held in one or more Wells Fargo accounts by ____________ Trust or another entity who's primary signatory is the client, _________________________.
All benefits will be available for my immediate family (son, daughter and their domestic partners) as long as the above requirement is maintained.
Complimentary Notary Services
Free courier services and overnight delivery with return
Two free safe deposit boxes (largest available, at preferred branches)
No fee/charge for cashing any form of check.
Free Traveler's Checks
Wires and Bank Checks
No fees/charges for obtaining certified/cashier's checks or money orders.
No fees/charges for sending/receiving domestic or international wires.
No spread fees or foreign currency exchange fees on foreign currency exchange.
Bank rate ("no spread," zero difference) on all currency exchanges.
ATM/Debit and Credit Cards
No annual fees on all credit cards
Zero percent APR on all credit cards (Visa, MasterCard, et al) for purchases and cash advances if paid in full within six months, followed by 2% APR on any remaining balances.
No cash advance fees.
Fully adjustable debit and credit card withdrawal limits set by card holder, changeable 24/7
Guaranteed "next day" replacement of lost or stolen cards.
No fees for additional debit cards (ie "linked" debit cards for employees, children, home staff, et al with specific monthly spending and withdrawal limits set for each cardholder.)
Checking and Savings Accounts
As stated above, all accounts shall be free of all bank fees and service charges as long as the client maintains a balance of $______________________USD (or it's equivalent) is held in the client's accounts.
These fees/charges include, but are not limited to:
Free checks (No fees or charges for any checks, including online overnight checks/payments from BillPay).
No online banking fees, checking account or savings account fees; No ATM or human teller fees, non-system ATM fees, debit or credit card fees.
No international/foreign transaction fees; transfer redirection charges, overdraft fees, excess transfer fees, returned deposit fees, stop payment fees.
No monthly or annual account maintenance/service fees or card fees, inactivity fees, account closing fees, lost card/replacement card fees.
Any "non-system" or "out of system" banking or ATM charges/fees will be paid for by Wells Fargo and reimbursed to my account within three business days.
In the event of any accounts being closed, all estate administrator fees will be paid by Wells Fargo.
Maximum 0.5 percent above Wells Fargo's ________ bank rate from mortgages, real estate, auto and business loans
No loan application fees
There will be no limitations of time or amount, penalties, charges or fees on transfer or withdrawal of funds from any of the client's accounts.
Concierge Services and Misc Benefits
Complimentary Concierge Services 24/7
Complimentary premier lounge access at airports, ballparks, arenas, hotels, clubs, et al worldwide.
Lloyd's of London , Abbott Downing insurance coverage or comperable insurance benefits for all accounts.
Dedicated Private Banker / private banking services available 24/7
Upon request Private Banking will provide information and access to pre-IPO offerings and other "by invitation only" investment offerings.
No charges, fees or annual membership dues for full and unlimited access to Wells Fargo Commercial Electronic Office® (CEO) Portal or similar online executive banking management and market analysis services.
After hour appointments on request
Any and all disputes will be resolved by an independent third-party mediator.
Their opinion will be binding and serve as a final ruling.
All parties will honor and abide by their decision.
Bus. Trust Conf. Call w/Carol Werelius
BANK STORY. 20 JAN
Fuze:
Hello TNT...on Tuesday of last week, I called my local foreign currency branch, of the "lead bank", I'm in the southeast USA. I called to inquire about purchasing a little more vnd and rupiah.
The foreign currency teller who is very familiar with me as a customer of previous purchases; explained that she could see the current rates (same old rates, she's a foreign currency teller only), however, she said we can't transact any exchanges due to a "system change over".
She said we should be back up and running Friday the 19th, so call or come in and I'll place your order. Of course I asked is it just your branch? She said no, it's bank wide. She then volunteered, "but i don't think it's a rate change".
Well I called today, she was out on break so her manager took the call
The manager informed me they were notified last night that bank wide the systems will be back up, this coming Tuesday. She then aploigized and said teller should have notified me.
Has anyone else had this experience, with WF. Remember one of the bank stories from last week, where a member was told by some rather obscure branch manager in a Walmart Store, who said to the member, I'll see you on the 24th?
Is it possible, the little guy got it right? The 23rd, 24th? Time will tell..
TNT CHATTER, 20 JAN
JCNoble:
Have we heard anything as to why the delay/holdup of the Iraq international rates?
Fullsail:
Maybe there is no holdup, maybe simply ptb crossing T's dotting I's. Once it is released the genie can not be put back in the bottle. They must get this right the first time OR small problems could turn into large. I trust in this
Lena:
My personal feeling is there is probably little to discuss and we are waiting for the U S Treasury to complete what are are supposed to do. I hope they are working on that.
lena do we know what the US is waiting on?
No, I have read it was in the hand of the US treasury to complete it
Whats exciting about all of this, for me, is that it reminds me that we are all thoroughbreds at the starting gate and for years ready to be released to run the track. The difference for me is that all of us may not be needing to be in a rush, because we will ALL eventually cross the finish line, and we ALL go to the winner's circle with wreaths of Roses. We all win. That is exciting for me. .... ...So, IF you are in the gate, and little jumpy waiting, be rest assured we are all winners already. Keep the Faith
Steadfast:
So if the us treasury is the holdup, and if the us government goes into shut down more, will the ust have to wait until the government reopens?
Atlast1:
steadfast.... there are certain agencies and departments within the Federal government that are considered "essential personnel" that keep working even during a shutdown. The UST is one such agency.Not all of the staff will be working but the agency will continue to operate.
DINAR GURUS UPDATE, 20 JAN
1-20-2018 Newshound Guru Walkingstick I, HAVE BEEN IN IRAQ FOR A LONG TIME, AND WE KNOW WHAT WE ARE DOING WITH IRAQ AND ALL OF THEIR REFORMS! BUDGET IS APPROVED. IT ONLY NEEDS ONE THING. THERE ARE NO DELAYS! IT IS A PROCESS THAT IS EVOLVING, AND IT IS ABOUT TO COME TRUE. THAT IS A FACT! EVERYTHING IS IN ITS PLACE FOR ABADI, THE GOI, THE CBI TO REINSTATE THEIR CURRENCY. THAT'S IT! END OF STORY! IF THEY ARE GOING TO REINSTATE THEIR CURRENCY IN A MANNER THAT WE THINK, BASED ON THE AGREED MEETINGS AND HISTORICALLY, THEN, JANUARY WILL BE THEIR STRONGEST MONTH. DO NOT IGNORE ANYTHING IN THE FIRST QUARTER OF 2018. [post 2 of 2]
1-20-2018 Newshound Guru Walkingstick THERE IS A DIFFERENCE BETWEEN A GOAL AND A TARGET DATE. THERE IS A SEQUENCE OF EVENTS TO HAPPEN. WE GOTTA LET THEM DO IT WHEN THEY WANT, BECAUSE WE (IMF) TOLD THEM THEY ARE READY. IT'S POLITICAL. THERE'S NO DELAYS RIGHT NOW. IRAQ IS ECONOMICALLY IN A CORRECT POSITION TO REINSTATE THEIR CURRENCY. THEY ARE A SOVEREIGN COUNTRY. LET THEM DO IT WHEN THEY ARE READY. IF ABADI, CBI, GOI NEED TO DO SOMETHING BEFORE THEY REINSTATE, THAT IS FINE, LET THEM DO IT, FOR THERE'S NO DELAY. THEY ARE SOVEREIGN. LET THEM DO IT WHEN THEY WANT. [post 1 of 2....stay tuned]
1-20-2018 Intel Guru Delta THE ONLY TIME THEY CAN DO THIS IS AT THE BEGINNING OF THE FISCAL YEAR. EVERYTHING IS OUT OF ABADI'S AND CBI'S HANDS, BECAUSE IT'S IN THE HANDS OF THE WEST (USA) (EAST TO WEST). US WILL NOT DELAY. IT IS IN OUR COURT, NOT ABADI'S DECISION. IT IS USA TO RELEASE THE RI. THEY GOT 30 DAYS TO ANNOUNCE THE RATE. I BET, IT WILL BE IN JANUARY, BECAUSE OF "LEGAL ISSUES."
1-20-2018 Newshound Guru Kaperoni Article: "The House of Representatives is preparing to vote on a bill to create a "new Parliamentary Union" Quote: "Parliamentary sources revealed, for parliamentary efforts to enact a new law that includes the establishment of a new Parliamentary Union..." Any law must be approved by the Council of Ministers or the President prior to going to parliament for reading. Unlikely such a law would make it past that step. [reference Gurus mike and G-Lin posts 1-19-2018 below]
IQD CHAT, 20 JAN
xyz: Hundreds protest against corruption in Baghdad
http://www.nrttv.com/EN/Details.aspx?Jimare=18335A
SULAIMANI – Hundreds of Iraqis staged a protest in Baghdad on Friday (January 19) demanding reform and measures to stem corruption by the government.
Despite bad weather, hundreds of people gathered in the Baghdad's Tahrir Square on Friday morning calling for reform in the government's institutions.
Security forces tightened security around Tahrir Square and shut access to the area as people gathered to demonstrate.
The protesters called on the federal government to take necessary measures against officials to end the corruption.
Iraqi Prime Minister Haider al-Abadi has declared war on corruption but met fierce resistance from politicians, including some from within his bloc, who resisted efforts to remove political faction leaders from top posts and replace them with technocrats.
In 2016, the United Nations and Iraqi government signed an agreement to help authorities in Baghdad fight and investigate graft, as pressure mounts on officials to root out corruption.
xyz: Politics + Religion = Trouble
Spectra: Today, the March for Life will remind a government with no shortage of passionate articulators of its responsibility to defend those who cannot plead their own cause.
Spectra: :) :) :)
Spectra: May this be the year America stands with the innocent and renews its dedication to the 'self-evident' right to life we proclaimed to the world at our founding."
Spectra: Senator Rand Paul
Spectra: Are we all Souls or are some people projections of the Matrix Program? Robert Stanley https://youtu.be/ExLwFObNrow
Tebow: Bobs the republicans do not control the Congress. The Bill needs 60 votes to pass. There are only 51 reps so you need 9 Democrats. The bill has nothing the democrats are against. They just want to add items to the bill in order to get what they want.
xyz: Goatie: ZIM hysteria is going to kick everyone in the * ... The ZIM is a scam ...
Tebow: Zimbot
firefarmer: I would hate to have to have that many people balance my checkbook
xyz: zTop pick https://twitter.com/ABC/status/954429721256841219
xyz: Sixty percent of Americans favor legalizing pot
https://www.cnbc.com/2018/01/19/legalize-pot-say-majority-of-americans-in-nbcwsj-poll.html
xyz: Trump - attend the World Economic Forum in Davos, Switzerland next week
https://www.bloomberg.com/view/articles/2018-01-19/donald-trump-s-incomparable-approval-ratings
Spectra: KTFA POST-DELTA said (Post #18) 17 .CitiBank N.A Baghdad /Al Mansoor /Al Ameerat Street NEW CITIBANK LOCATION IN BAGHDAD!!! united-states-flag-waving-emoticon_gifsuper-happy-dance-smiley-emoticon_gif DELTA
xyz: Chief Justice John Roberts Jr. hates gerrymandering cases. When courts overturn legislatures' redistricting maps, "you're taking these issues away from democracy" and deciding them on what "I can only describe as sociological gobbledygook,"
https://www.bloomberg.com/news/articles/2018-01-19/the-supreme-court-is-finally-tackling-gerrymandering
Brow: @BobS - I'm neither Rep or Dem - Tebow answered that Question - But it doesn't have to be that way - Mitch McConnell could change it back to where all they need is 51 Votes at anytime -But He's part of the Deep State a Demon-crate at HEART ( A Socialist)
xyz: @Brow ;Thud
firefarmer: yup
Brow: @BobS - In other words- He's a Puppet being played By the Puppet Masters (His "god")- To keep Americans Down
firefarmer: maybe they should be tared and fethered in the reflection pool in front of the capital
xyz: "Today, Iraq is more open to all, stronger and more cohesive than ever before, and it is regaining its leading role in the region as a bridge for dialogue and to meet the interests of the countries of the region," said a statement by the alliance's leadership.
https://translate.google.com/translate?tl=en&u=http://alforatnews.com/modules/news/article.php%3Fstoryid%3D158144
Brow: @firefarmer - No - Just take away all they Have Stolen away from the American People Which would leave Them Nake & Homeless & Afraid as They Have Done to the Many People Here in the USA & Around the WORLD & is still Trying to Do!!! But Their Day is COMING!!!!
Brow: Many will be going to Jail this Year I've been Hearing in the Government
BREW: As Bitcoin Sinks, Crypto Bros Party Hard on a Blockchain Cruise
Brow: @BREW - Hello - Later
BREW: Hackers Have Walked Off With About 14% of Big Digital Currencies
BREW: @Brow k
xyz: At least one in four children in Iraq impacted by conflict and poverty https://reliefweb.int/report/iraq/least-one-four-children-iraq-impacted-conflict-and-poverty
BREW: @Brow January 19, 2018 Frank26 & Delta CREDIT BANK OF IRAQ: With Automated Teller Machines (ATMs) you have access to your funds from many convenient locations across Iraq and all over the world 24 hours a day, 7 days a week. (wink). WALKINGSTICK TOLD YOU ALL ABOUT THIS TO COME…!!! FOR THE FOOTSTEPS…ARE SOUNDING LOUDER AND CLOSER.
Brow: @BREW - Have to go Take a Shower after talking about our Government-I might need to scrub down with LIE SOAP to Get the Fifth off of Me!
BREW: there are no funds to retreive, lol
BREW: @Brow 10-4
BREW: @Brow lots of lie soap.
Brow: @BREW - Couple of Cases
BREW: @Brow :yes:
Sparky: How much IQD do u figure Iranian terrorist s have?
firefarmer: @BREW be careful of the lye soap it is pretty hard on the tender skin
BREW: @firefarmer lol
Sparky: All the chunky money?
BREW: @firefarmer yes it is.
BREW: @Sparky about as much as isis has.
Sparky: @BREW equal
BREW: @Sparky yepper
Sparky: @BREW under another name
BREW: @Sparky a bunch of other names, lol
Sparky: @BREW soldiers of fortune
blackgold: you can complain about people stealing crypto but bank accounts and credit cards haven't faired much better
BREW: @Sparky they would get there fair share.
BREW: @blackgold i'm not complaining.
xyz: ;computer-hit
BREW: @blackgold credit cards steal you blind.
blackgold: Republicans may rule but you still need 60 votes so why are the dems trying to blame it all on the republicans
Sparky: @blackgold same old same old,except stock market
BREW: @blackgold no idea, i don't partake in politacle bs.
blackgold: @BREW i hear ya
BREW: @blackgold all i know is ,if you want something, then the other party wants there * scratched also.
BREW: @blackgold lol
blackgold: @BREW True lol
Sparky: @blackgold Trump's whellin and deal in
blackgold: @BREW Man this is going to be 3 more ruff years
blackgold: @BREW i hope he can last
BREW: @blackgold we shall see.
blackgold: @BREW He is no joke for sure
BREW: @blackgold they cam't put a saddle on this one.
BREW: @blackgold can't.
blackgold: @BREW lol i hear ya, People keep talking about the wall, one day they'll wake up and see that its finished
blackgold: @Sparky lol, yea 4 more years of voting present
xyz: I don't make jokes. I just watch the government and report the facts. -Rogers
blackgold: @BREW he already started it
BREW: @blackgold yepper.
BREW: @xyz howdy.
firefarmer: So are we building the wall to keep them out or us in????
Sparky: @blackgold executive order
blackgold: @firefarmer lol, both
xyz: The introduction of religious passion into politics is the end of honest politics, and the introduction of politics into religion is the prostitution of true religion. -Hailsham
BREW: @xyz they don't mix, like oil and water.
blackgold: One Nation Under God
blackgold: We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator
Spectra: Yes
IQD CHAT
Oootah's Saturday, January 20th call!
4PM EASTERN TIME !!!
(641) 715-0873 Participant Code: 180023#
Playback Number: (641) 715-3579 Code: 180023#
TNT & KTFAUPDATE, 20 JAN
Sabickford: when Iraq invaded Kuwait in 1990, the Iraqi Dinar was used for a brief period and the Kuwaiti Dinar plummeted in value. When the currency was reinstated in early 1991,
Isa52bc: Kuwait revalued March 24, 1991: http://www.nytimes.com/1991/03/25/world/after-the-war-no-electricity-b​ut-kuwait-reopens-its-banks.html
Saltydog: So if Kuwait RVed on March 24, 1991, that would have been a Sunday ........ Interesting hmmmmm
Isa52bc: The Kuwait dinar rv'd very quickly and quietly. Very few outside of the military knew about it. I have 3 friends who profited from Kuwait RV. Two of them were in the military and one was a private citizen.
SusanaC: quietly is a good word...that is why we must hold on and stay alert like ray says...it is done and our turn is coming up
Fannyfandango: So....I wonder if the shutdown will help the fat lady sing...or the button pushers push. Geeeez
Dinara: Even if the government shuts down …it's only people not that important to running things.(non-essentials)
Sabickford: Previous SHutdowns . The federal government of the United States put government workers on furlough and suspended non-essential services from November 14 through November 19, 1995, and from December 16, 1995, to January 6, 1996, for a total of 27 day…
KTFA:
Hazen: Why don't they release RI/RV so, there wouldn't be a US government shut down? It seems like a simple solution to me! It would help Iraq, US and all of us. Just wondering.....thoughts????
Frank26: HAZEN .......................... IF THE WEST HAS THE RI FOOTBALL RT NOW .................. YOU REALLY THINK T CARES WHAT THE DEMOS SAY OR DO?
WHEN DEMOS R DONE WITH THEIR SELFISH 5 YEAR OLD TANTRUM ............ T WILL BALANCE THE BUDGET AND MOVE ON WITH OR WITHOUT THEM. JUST LIKE CLINTON DID IN 99 AGAINST THE REPUBLICANS ...............
MOMENTS AFTER POST KW. DEMOS ARE SO JEALOUS AND ONE CAN SMELL IT IN THEIR STENCH BREATH AND IN THE ACTIONS OF DESPERATION.
DEMOS WANT CREDIT FOR WHAT T IS ABOUT TO DO. NOOOOOOOOOOOT GONNA HAPPEN!!!
DEMOS HAVE SOMETHING ELSE WAITING FOR THEM. THE LOGIC THE DEMOS FORCIBLY SPEWED AS AN EXCUSE NOT TO WORK WITH T IS .............. BEYOND STUPIDITY............. IT IS PLAIN SELFISH.
ALOHA SATURDAY \M/
Don961: Fake coin auctions, tribal sheikhs and parties financed by Iraq
According to the UN, it lost about 80% of the money it received after the liberation of Iraq and large parts of the country. from Syria.
There is, however, a clear exaggeration of the total demise of the organization, as it can continue to finance it, which requires countries seeking to eliminate it completely find ways to starve it and eliminate its monetary funding.
Iraqi parliamentary sources revealed earlier that the terrorist organization had fled about $ 400 million from Iraq and Syria during its withdrawal from the liberated areas, which contributed to the absence of investment opportunities in the local markets.
Observers believe that the informal economy in Iraq, along with the war to topple the regime of Saddam Hussein in 2003, and the economic sanctions that preceded the occupation of Kuwait, are the main reasons for the activity of smuggling networks across the border with Turkey, Syria and Jordan, which was exploited by Daash where he seized the roads Smuggling, which provided him a million dollars or more a day, as well as smuggling of the effects and psychological minerals such as gold and oil and the receipt of commission thereon, in addition to the drug trade and weapons, and kidnappings.
Evidence suggests that individuals, businessmen, tribal sheikhs, corrupt political parties and beneficiaries of a fugitive in Iraq and neighboring countries have supported the organization in fueling this black market, and that Da'sh invested more than $ 250 million in Baghdad and the liberated provinces by relying on mediators who are not inspired by the organization's ideology. Economic gains.
These mediators are mostly tribal leaders or businessmen with clean records and can hide their links to the terrorist organization. They are given a small amount of cash to invest in certain businesses. The organization then takes part of the profits. These include auto dealerships, electronics shops and pharmacies. Currency exchange.
He participated in currency auctions through counterfeit interfaces for banks, businesses and businessmen between 2014 and 2015, which allows banks and the role of currency exchange to get the US dollar in cash. link
Samson: "Golden Ship" - Iranian gift to Iraqi Holy Karbala city stirs debates
Iranian leader Ali Khamanei disclosed manufacturing a golden ship with Quran verses made from gold to be gifted to Iraqi Holy City of Karbala.
The golden ship contained, also, the names of 12 Shiite Imams.
No exact financial figures were disclosed on the costs of the golden ship, but the announcement stirred greater angry reactions on Iranian social media.
Iranian social activists referred to the demonstrations that covered Iran lately due to the deterioration of the economic conditions in the country.
Iranian media sources reported that the length of the golden ship reached to 3 meters with a width of one meter.
Some media criticism mentioned the deteriorating social and economic conditions in the country where the children are collecting food from garbage piles, as well as not paying the salaries of some companies' officials for the last six months. LINK
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