Highlights/Summary of Tony's CC. Updates as call progresses
DC: Bottom line things are looking even better than on Monday.
TONY: Trust us that some things are being done in your favor, right now. Light at the end of the tunnel . . . can feel the heat coming off it right now. . . I feel better about it right now than I did on Monday. . . additional actions have occurred . . . told that when we see certain things it meant it was happening. (Tony said he has seen those and is why he feels so good today)
CURRENT WINDOW: Thursday; this weekend sometime; Monday. Still expecting during non-business hours of USA. 4:00 -5:00 am was mentioned. Expect at EST. Tony: We could have a call at 7:00 am before the banks open . . . pretty sure it will be recorded . . . on site a couple of days before they make us shut the site down.
IRAQ: Meetings are taking place between Abadhi, his office, CBI and Ministry of Finance and different banks.
- Banks are being sure people properly trained. Running last minute checks like they have umpteen times. Doing minor clean up. DC: shocking to me they still messing with that this morning.
- Budget was signed the day after it passed. Everybody knows it's been signed. Just not announced.
- Lower Denoms distributed through areas where they are needed. Not much hard cash out there. What's out is old and taped together.
- Parliament's demands are getting more incessant
Communication black out in some areas in Iraq. DC can get through about 60% of the time over the last few days. Some of it is intentional and not nation wide. Tony: Something happening in their markets they don’t want to go outside of their country. Means the light has gotten brighter and I can feel the heat from the light.
Custom Agents still monitoring currency in and out of the country. Previously could take 10,000 dinars out of the country. This morning they cannot take any out of the country.- Civil Unrest: Riots are increasing the pressure to get the "economic reforms" completed.
INTERNATIONAL:
- IMF
- UN
- DONG: Tony has been told it is changed on the screens to .08. Tony: Things change on an hourly basis. Still don't know what's going to happen.
UNITED STATES: Administration, Dem's and Rep's all on same page and wanting this to happen.
- UST, Federal Reserve, Banks all on standby, ready and waiting on Iraq. Technical staff needed between the UST, FR and banks are in place. Some on 30 minute to 1 hour standby. The assumption the US is making, is it will be at night and they have leeway to bring people in.
- Groups:
- Packages: Tony has no firm information on how TPB and Banks want to handle the exchange process such as 800#, appointments, etc. It was easy to hear the frustration in his voice.
Multi-currency accounts available to US citizens if you do import business or International travel. All major international banks have them.
EXCHANGING: Bank hours will be set by individual banks – some will run normal hours and others extended hours.
Information from those who have recently exchanged is they exchanged in 20 minutes at a rate and were told they would meet with wealth manager in three days. When they met with wealth manager they were offered a contract rate with terms to leave a specific percentage of their funds in the bank for a specified time and they would be paid interest on it for that length of time. At the end of the term, ex: 1-2 years, then they would have full access to their money.
Tony: My understanding they are going to give you a rate that you accept or not. A fee that you accept or not. . . nothing beats a failure but a try and a closed mouth doesn't get fed. . . Ask questions right off the bat.
DC: Your exchange will be done with an individual who may not be allowed or even know of the contract rate. I would try to ask for the contract rate at exchange . . . can't hurt to ask.
DC: Be respectful. People doing the exchanges will be frustrated . . been hearing it's a scam. (they did not get to invest) . . . you can imagine that will not sit well.
