Friday, August 30, 2024

Tony’s Monologue: Exciting stuff happening, and it is all good information coming out. On Wednesday Tony told us that it is happening right now. Tony really didn’t believe them and felt that it was more likely to happen on Sunday. Sunday is the beginning of a new month and easier on the accounting books. They still can do it any time they want to do it or expect to do it. Tony is hearing the same things as he has for the last few weekends. The rv is done, it is in the system, and waiting to be released to us. Iraq did what they needed to do. There is nothing about the monetary reform, about them needing to pass laws against the smuggling, or anything else coming out of Iraq, and they are probably 80% done. There is no fussing and fighting going on in Iraq and they have done everything that they need to. Alaq has been here since Monday and the information on their meeting just came out. The CBI announces the participation of 13 Iraqi banks that can now do international transfers and are legal as of today. They can handle the Indonesian Rupiah, Emirati Dirham (UAE currency), Chinese Yuan, and Euro. They are up to international standards and in compliance. It all goes into effect today. All three letter agencies and the bank have said that it is done and the only thing we can do is wait. Earlier they said that Tony should be getting the 800 numbers later today. All lower denoms are supposed to be spread throughout Iraq in the next couple of hours. Not really believable but who knows. We should have appointments this weekend. Even the banks are saying they have a set time to start. The window is between now and Sunday. The banks said on Wednesday that they would start by Sunday. One of the three letter agencies came out and shortened that time frame. The window is wide open after 5pm today. Every text Tony has received is saying done. Supposedly the rv was last Friday. There is a definite rate of 28.50 on the dinar, the basic rate on the dinar is 7 to 8 dollars, and the VND is 2 to 3 dollars. 

Q & A:

-            The lower denoms are supposed to be out this evening or tonight across Iraq.

-            Any update on banks and the currency they will take? The only bank Tony knows that is taking all the currencies is Wells Fargo. Any updates on the bolivar and ZIM? No, Tony did not get that information.

-            Any update from the markets and traders? Tony will reach out after the call to confirm things. Banks are expecting to work all weekend and even over the holiday. 

-            Any update on the capital gains tax? The only thing Tony knows is the bankers have said they will have us sign something that says you will be taxed 20% in 2025.

-            The CBI announced the results of their visit to New York. They visited with UST, Fed Res, VISA, Master Card, CITI Bank, JP Morgan, and others. They have concluded how the system will operate, that the cash auction will be over by the end of the year, and they will live up to the international standards. Because of this meeting and what they went over is why we could see the rv this weekend. Tony is saying Sunday, but it may happen before that. 

-            Is Alaq and company still here? As far as Tony knows they are still here. 

-            Will our exchange appointment only be made by phone, or will there be an internet option? The only thing Tony has been told is that he is getting 800 numbers. How private will the redemption centers be? The BAC are set up within some banks, could be cubicles, they might take you to the back, and some might also be private offices. If your exchange is not a bank, then it will be cubicles. 

Wrap Up: It’s a short call today. They are saying this weekend is our weekend. It is over and done. Iraq came over here and satisfied the US, UST, Fed Res, Citi Bank, JP Morgan, and Agencies on how their plan is going to work. Supposedly the green light has been given for this weekend. Banks are scheduled to work this weekend on 12-hour shifts. The word is they want it by Sunday. Our deadline is Sunday, but anything is possible before that. First ten days TNT will still be here for the exchange process with calls. It’s a holiday weekend, let the celebrations begin. Looks like we are at 99.9% probability again.