Facts:
Rumors:
Of Interest (rumors that I find of particular interest either because of who said it or because of how I think it relates to what is happening right now):
1. Med chat
5. PD CEO Rumor
The Rest (doesn’t mean these are not happening):
Where Are We At?
1. There really isn’t a general theme in today’s news. As you can see from the articles, news spans the range of topics. I won’t attempt to comment on all of the various topics. Please read the summaries of each article you are interested in
2. With regards to rumors, Steve received additional confirmation of the bank information related to banks retaining higher levels of reserves. Med had an interesting perspective the meaning of “inflation”. He says that word inflation is used to mean the inflation of paper money; hence the desire to reduce the amount of paper money in circulation. Or, pulling in of the large denominations. A reader of my blog sent me an email letting me know that he has no problems buying dinar in the UAE. His friends in Saudi Arabia also are not having any problems buying dinar. Enoch8 had an interesting view on the whole CBI situation. He infers that the Federal Court ruling is actually a good thing and makes it possible for the RV to now happen. Phoenix also has an interesting perspective on the RV as it relates to the situation in Egypt. He suggests that the situation in Egypt is actually controlled and necessary for the RV. Lastly, a retired CEO and 8 of his peers shared their 10 reasons on why the RV will happen and why we are at the point of no return
3. In budget news, Parliament completed the second reading of the draft budget. The next reading is scheduled for Sunday.
What’s left?
1. Reading of the budget for the third time
2. Closure on Security positions (3 in total) and the remaining unfilled positions (6)
3. Formal announcement of government
4. Agreement on outstanding Kuwait issues
5. Lifting of remaining Chapter 7 sanctions (Kuwait related)
6. RV/RI
7. HCL
Important Dates
1. February 13 – 3rd reading of the budget
2. February 17 – GCC Meeting
3. March 23 – Arab Summit
4. May 1 – CBI must be ready to transfer DFI monies
5. June 30 – DFI expires
What’s It All Mean?
1. Today’s news from Shabibi regarding adjusting the exchange rate was the highlight of the day for me! First of all Shabibi is the man to watch. He hasn’t let us down yet. So, when he says he’s going to adjust the exchange rate, I have every bit of confidence he will do just that. When you couple this with the pressures being created by the demonstrators in Iraq, it seems to suggest that Shabibi will not wait until it is too late to release the new rate. He’s smart, a good planner, and executes well. I’m keeping my eye out for more news from Shabibi.
2. Parliament is pressing forward with trying to remove the members of the Federal Court as evidenced by their reading of the draft law of the Judicial Court. If they are successful, they will dissolve the current Federal Court and move to replace them.
3. On the rumor front, we haven’t seen much from Enoch8 and Phoenix lately, but it was interesting to see their perspectives on where they believe we are. Either way, both seem to suggest we’re in a good position for an RV. This aligns with the board members, and they cited interesting reasons we’ve all seen recently. It’s always good to here from Steve regarding follow-ups on the bank rumors. They appear to be waiting just like the rest of us. It appears they’re guessing like the rest of us. Or, maybe they’re sources are the same as ours?! ;) Well, it just goes to show that we’re all in this together right?
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