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Thread: Here we go!!

  1. #171
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    Strong potential

    OCTOBER 31, 2018 / 4:16 AM
    BAGHDAD (Reuters) - Iraq’s new oil minister Thamer Ghadhban said on Wednesday the current price of crude was “fair”, and that OPEC’s second-largest producer would be responsible in providing ample oil supplies to the market.

    Iraq is OPEC’s second-largest producer after Saudi Arabia and pumps around 4.6 million bpd. The majority of its crude exports go to Asia. The bulk of Iraq’s oil is exported via its southern terminals, which account for more than 95 percent of the OPEC producer’s state revenue.
    Iraq’s southern oil exports averaged 3.488 million barrels per day (bpd) in October, two oil executives told Reuters on Wednesday. Exports were down from the September average of 3.560 million bpd owing to bad weather, which slowed shipments on some days, the executives said. Iraq is seeking to increase crude production capacity to 7 million bpd by 2022 from 5 million bpd now. Ghadhban said Iraq also planned to increase exploration, especially in its western desert and along border areas.

    strong production, no sanctions, both will be reflected in the value of it's currency.

    $





  2. #172
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    word for today...Arbitrage

    Arbitrage has the effect of causing prices in different markets to converge . As a result of arbitrage, the currency exchange rates, the price of commodities, and the price of securities in different markets tend to converge. The speed[3] at which they do so is a measure of market efficiency. Arbitrage tends to reduce price discrimination by encouraging people to buy an item where the price is low and resell it where the price is high (as long as the buyers are not prohibited from reselling and the transaction costs of buying, holding and reselling are small relative to the difference in prices in the different markets).
    Arbitrage moves different currencies toward purchasing power parity. As an example, assume that a car purchased in the United States is cheaper than the same car in Canada. Canadians would buy their cars across the border to exploit the arbitrage condition. At the same time, Americans would buy US cars, transport them across the border, then sell them in Canada. Canadians would have to buy American dollars to buy the cars and Americans would have to sell the Canadian dollars they received in exchange. Both actions would increase demand for US dollars and supply of Canadian dollars. As a result, there would be an appreciation of the US currency. This would make US cars more expensive and Canadian cars less so until their prices were similar. On a larger scale, international arbitrage opportunities in commodities, goods, securities and currencies tend to change exchange rates until the purchasing power is equal.

    $


    Last edited by dollarsign; 11-04-2018 at 03:17 AM.

  3. #173
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    Value of reserves

    In line with the development of the democratic process in Iraq and the resulting rotation of the authorities in a positive and stable atmosphere, the Central Bank of Iraq looks forward to continuing to play its pivotal role in building the state to improve the financial and economic situation in Iraq.

    As a continuation of the central role of the central bank as a pillar of the country's economy, a positive improvement in oil prices coupled with sound fiscal and monetary policies will enable the Iraqi government to pay early remittances and increase the value of reserves to higher levels.
    Board of Directors
    Baghdad

    24/10/2018

    stuff can get "lost in translation", but linking increases in oil prices to a rise in the banks reserves, as opposed to increasing the value of reserves to higher levels, is two different things, value vs. amount of reserves. A "stable atmosphere" has been cited numerous times as a requirement before taking "certain actions"...

    $

    Last edited by dollarsign; 11-13-2018 at 04:24 PM.

  4. #174
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    Profit...

    Ghadhban did not specify what oil price he expected for 2019. He said a price above $70 per barrel was “fair” and that the higher the price, the better it was for Iraq.
    “I compare it with previous prices ... when we talk about prices above 70 ... I say it’s a fair price, it’s not 30 or 50 and it’s not 100.
    “In principle, the higher the price, the better for Iraq. But we’re not working alone .. we’re a member of OPEC. We see the interests of consumers and we want to be a viable producer and exporter,” Ghadhban said.

    Additionally, they were a founding member of OPEC.
    Fair? with the lowest production costs around, (as low as $4 in some places) their profits would be massive, more CBI reserves to value to higher levels...

    ​$
    Last edited by dollarsign; 11-06-2018 at 03:58 PM.

  5. #175
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    Fine print

    Iraq's SOMO sells their oil on the Dubai Mercantile Exchange as mentioned earlier in this thread. But clearing and regulation is handled by...

    ("DME"). The DME is regulated by the Dubai Financial Services Authority (DFSA).
    All trades executed on the Exchange are cleared through and guaranteed by CME Clearing. CME is regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a Recognised Body by the DFSA.

    Chicago Mercantile Exchange (CME)

    $

  6. #176
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    What is power?

    Clearing

    CME Group provides clearing services for customers around the globe through our clearinghouse, CME Clearing, which allows you to significantly mitigate and manage your risk.
    CME Clearing is an intermediary between buyers and sellers in the derivatives market. As the intermediary, or counterparty, to every trade, CME Clearing acts as the buyer for every seller and the seller for every buyer for every trade.
    By acting as the counterparty for every trade, CME Clearing helps you mitigate counterparty risk by maintaining a matched book and risk-neutral position. You do not have to worry about the other end of your trade falling through, because CME Clearing is always on the other end.
    https://www.cmegroup.com/clearing/fi...ing-firms.html

    That, is power...

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  7. #177
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    options...

    https://cbi.iq/search?word=


    click the window above "search" (black box top right)

    LOWER CATAGORIES
    COINS
    FILS

    They are coming...load em in.

    ​$
    Last edited by dollarsign; 11-11-2018 at 06:10 PM.

  8. #178
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    CBI U.S. sanction enforcement

    https://cbi.iq/static/uploads/up/fil...0664738909.pdf

    Which sanctions will be re-imposed after the 90-day wind-down period ending on August 6,2018? After the 90-day wind down period ends on August 6. 2018. the U.S. government will reimpose the following sanctions that were lifted pursuant to the JCPOA including sanctions on associated sanctions related to the activities below.

    Sanctions on the purchase or acquisition of U.S. Dollar banknotes by the Government of Iran.
    Sanctions on Iran's trade in gold or precious metals
    -----------------------

    acquisition of Dollars would cover/stop trading IQD for dollars to avoid direct purchase.
    other sanctions due to hit in November, but I didn't list them.

    ​$
    Last edited by dollarsign; 11-12-2018 at 10:44 PM.

  9. #179
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    Thoughts...

    On a larger scale, international arbitrage opportunities in commodities, goods, securities and currencies tend to change exchange rates until the purchasing power is equal.

    As a continuation of the central role of the central bank as a pillar of the country's economy, a positive improvement in oil prices coupled with sound fiscal and monetary policies will enable the Iraqi government to pay early remittances
    and increase the value of reserves to higher levels.
    Board of Directors
    Baghdad

    24/10/2018


    LOWER CATAGORIES

    COINS
    FILS

    They are coming...load em in.
    ________________________
    I've looked at the portions of 3 recent posts and reached a conclusion. Just my thoughts, but here goes...

    the CBI has different currencies in reserve, but only has the authority to increase the "value" of their own, the IQD.

    given the way international arbitrage functions, the proposed currency basket for the IQD would fall into a range
    that would make the IQDs purchasing
    power about equal to their largest source of income, U.S. Dollars
    IQ per Us$ index Weight: US$ 0.65; EURO 0.20; GBP 0.05; Swiss 0.05; Yen 0.0513
    IQ per US $ index 2 Weight: US $ 0.6; EURO 0.20; GBP 0.10; Swiss 0.05; Yen 0.05
    IQ per US$ Index 3: US $ 0.5; EURO 0.25; GBP 0.10; Swiss 0.075; Yen 0.075


    finally, a few days ago, the option to view "lower categories, coins, and fils" appeared on the CBI site, though we can't see them yet, after going down for a hour or more on a few occasions.
    it really looks good to me.
    $







  10. #180
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    Mr. B

    Then...

    Mr. Marshall Billingslea
    of the United States assumed the position of President of the FATF on 1 July 2018.

    Mr. Billingslea serves as the US Department of the Treasury’s Assistant Secretary
    heading the Office of Terrorist Financing and Financial Crimes.
    Mr. Billingslea served as a Managing Director at Deloitte, responsible for its Federal Business Intelligence Services group


    Deloitte is the Iraqi Kurdistan's oil auditing firm.

    and Today...
    COMMODITIES
    NOVEMBER 16, 2018 / 3:39 AM / UPDATED AN HOUR AGO
    LONDON/BAGHDAD (Reuters)
    Iraq restarted exports on Friday of Kirkuk oil, halted a year ago due to a standoff between the central government and Kurdistan's semi-autonomous region, after a new government in Baghdad agreed a tentative deal with Erbil.

    Rock on Mr. B. , rock on...

    $


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