1-28-13 Kaperoni: This video surfaced today…it directly pertains to the New Iraqi Dinar investment. Dr. Abdel Bassit Turki recently spoke at the Union of Arab banks conference January 12th, 2013…”Here is the translation sent to me from ReVbo. My Arabic translator reviewed this and said it was very good and accurate.”:
1) Mr. Turki stated that Iraq has major resources; which, of course, oil is a part of, but there are also other major sources of wealth within Iraq.
2) Mr. Turki stated these resources will affect the Iraq economy strongly.
3) Mr. Turki went on to state Iraq soon plans on applying this wealth to back the currency of Iraq, for the benefit of the Iraqi peoples.
4) Mr. Turki said steps will be taken to “restructure” the Iraqi currency, which will be based on the country’s resources, and the wealth of the resources will be reflected and applied to the value of the currency.
5) Mr. Turki stated that the measures taken to properly assign or instill the correct value of the currency, must be taken slowly and carefully, and so they will be.
6) Mr. Turki also stated the Central Bank of Iraq is currently in the process of applying these steps to the restructuring of the currency.
7) In conclusion, Mr. Turki said that 10% of the restructured currency will be retained by the CBI and 5% of the restructured currency will be distributed to exchange houses. It should be noted that Mr. Turki remained vague as to whether these changes would be put in place on a global scale, nor did he state that these changes effect only the Iraqi economy. At no time during this speech, did Mr. Turki mention nor name the process “deletion of the zeroes”, nor did he state within this speech, that Iraq is in the process of replacing the currency. In relationship to the Iraqi economy or currency, Mr. Turki continued to refer to the application of wealth to the currency, as “restructuring” of the value of the IQD.
I asked…in detail about the translation of this; “Does this mean 5% is going to other banks for distribution?” and he said no, he said, “Mr. Turki expressly stated that the five percent was going to be distributed to exchange houses so people may exchange the currency for the restructured currency”. I also asked him… “Did Turki mention anything about deletion of the zeroes or printing new money?” He said no.
The 5%” IMO they are talking about the distribution of the new lower denominations of currency in Iraq. He seems to say that the local currency traders will get this currency (about 5%) of what was printed. 10% will be held back for replacements, etc. and 85% will go to banks.
[“must be taken slowly and carefully” now thats a complete understatement.] That actually could imply a couple of different things. Either they are taking their time preparing/implementing this event, or they could be talking about a method in which they raise the value (float). “Slowly and carefully” seems to say more towards a “managed float” than a “free float.” But again, we will just have to wait and see what occurs.
#4 and #6 are very good and appears that Turki is moving forward to raise the value of the dinar. They use the magic word “soon” again. lol There is nothing in this translation that is “different” from what we already knew. Just that Turki himself spells it out for the attendees. Very good and positive.