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IMF Article IV-- Currency Exchange Arrangements


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#1 blueskies

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Posted 23 March 2013 - 02:29 PM

As you've been reading in the articles and hearing from the conference calls, the IMF just conducted its Article IV Consultation with Iraq, and Iraq passed. This is good news. To analyze just how good this information actually is and what it actually means, I have posted Article IV of the IMF's Articles of Agreement (which the IMF just said Iraq passed, and this was the last review related to the expired SBA). As you can see below, the entire Article IV of the IMF deals specifically with a country's exchange arrangements so currency is the whole subject of the review that Iraq just went through with the IMF for 10 days. It is also where Frank26 is getting his conclusion that, once the IMF has approved and voted, the change in value has to be implemented within 30 days. See Section 2(a) below. I've also attached Schedule C referenced in Article IV, which deals with the determination of a country's par value of their currency. I am not a currency expert but thought that I would put this information out there so that some of us with more expertise might be able to share their analysis and conclusions in this thread--

 

Article IV: Obligations Regarding Exchange Arrangements

 

Section 1.  General obligations of members

 

Recognizing that the essential purpose of the international monetary system is to provide a framework that facilitates the exchange of goods, services, and capital among countries, and that sustains sound economic growth, and that a principal objective is the continuing development of the orderly underlying conditions that are necessary for financial and economic stability, each member undertakes to collaborate with the Fund and other members to assure orderly exchange arrangements and to promote a stable system of exchange rates. In particular, each member shall:

  • (i) endeavor to direct its economic and financial policies toward the objective of fostering orderly economic growth with reasonable price stability, with due regard to its circumstances;
  • (ii) seek to promote stability by fostering orderly underlying economic and financial conditions and a monetary system that does not tend to produce erratic disruptions;
  • (iii) avoid manipulating exchange rates or the international monetary system in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage over other members; and
  • (iv) follow exchange policies compatible with the undertakings under this Section

Section 2.  General exchange arrangements

  • (a) Each member shall notify the Fund, within thirty days after the date of the second amendment of this Agreement, of the exchange arrangements it intends to apply in fulfillment of its obligations under Section 1 of this Article, and shall notify the Fund promptly of any changes in its exchange arrangements.
  • (b) Under an international monetary system of the kind prevailing on January 1, 1976, exchange arrangements may include (i) the maintenance by a member of a value for its currency in terms of the special drawing right or another denominator, other than gold, selected by the member, or (ii) cooperative arrangements by which members maintain the value of their currencies in relation to the value of the currency or currencies of other members, or (iii) other exchange arrangements of a member’s choice.
  • (c) To accord with the development of the international monetary system, the Fund, by an eighty-five percent majority of the total voting power, may make provision for general exchange arrangements without limiting the right of members to have exchange arrangements of their choice consistent with the purposes of the Fund and the obligations under Section 1 of this Article.

Section 3.  Surveillance over exchange arrangements

  • (a) The Fund shall oversee the international monetary system in order to ensure its effective operation, and shall oversee the compliance of each member with its obligations under Section 1 of this Article.
  • (b) In order to fulfill its functions under (a) above, the Fund shall exercise firm surveillance over the exchange rate policies of members, and shall adopt specific principles for the guidance of all members with respect to those policies. Each member shall provide the Fund with the information necessary for such surveillance, and, when requested by the Fund, shall consult with it on the member’s exchange rate policies. The principles adopted by the Fund shall be consistent with cooperative arrangements by which members maintain the value of their currencies in relation to the value of the currency or currencies of other members, as well as with other exchange arrangements of a member’s choice consistent with the purposes of the Fund and Section 1 of this Article. These principles shall respect the domestic social and political policies of members, and in applying these principles the Fund shall pay due regard to the circumstances of members.

Section 4.  Par values

The Fund may determine, by an eighty-five percent majority of the total voting power, that international economic conditions permit the introduction of a widespread system of exchange arrangements based on stable but adjustable par values. The Fund shall make the determination on the basis of the underlying stability of the world economy, and for this purpose shall take into account price movements and rates of expansion in the economies of members. The determination shall be made in light of the evolution of the international monetary system, with particular reference to sources of liquidity, and, in order to ensure the effective operation of a system of par values, to arrangements under which both members in surplus and members in deficit in their balances of payments take prompt, effective, and symmetrical action to achieve adjustment, as well as to arrangements for intervention and the treatment of imbalances. Upon making such determination, the Fund shall notify members that the provisions of Schedule C apply.

Section 5.  Separate currencies within a member’s territories

  • (a) Action by a member with respect to its currency under this Article shall be deemed to apply to the separate currencies of all territories in respect of which the member has accepted this Agreement under Article XXXI, Section 2 (g) unless the member declares that its action relates either to the metropolitan currency alone, or only to one or more specified separate currencies, or to the metropolitan currency and one or more specified separate currencies.
  • (b) Action by the Fund under this Article shall be deemed to relate to all currencies of a member referred to in (a) above unless the Fund declares otherwise.

****** Schedule C: Par Values

  • 1. The Fund shall notify members that par values may be established for the purposes of this Agreement, in accordance with Article IV, Sections 1, 3, 4, and 5 and this Schedule, in terms of the special drawing right, or in terms of such other common denominator as is prescribed by the Fund. The common denominator shall not be gold or a currency.
  • 2. A member that intends to establish a par value for its currency shall propose a par value to the Fund within a reasonable time after notice is given under 1 above.
  • 3. Any member that does not intend to establish a par value for its currency under 1 above shall consult with the Fund and ensure that its exchange arrangements are consistent with the purposes of the Fund and are adequate to fulfill its obligations under Article IV, Section 1.
  • 4. The Fund shall concur in or object to a proposed par value within a reasonable period after receipt of the proposal. A proposed par value shall not take effect for the purposes of this Agreement if the Fund objects to it, and the member shall be subject to 3 above. The Fund shall not object because of the domestic social or political policies of the member proposing the par value.
  • 5. Each member that has a par value for its currency undertakes to apply appropriate measures consistent with this Agreement in order to ensure that the maximum and the minimum rates for spot exchange transactions taking place within its territories between its currency and the currencies of other members maintaining par values shall not differ from parity by more than four and one-half percent or by such other margin or margins as the Fund may adopt by an eighty-five percent majority of the total voting power.
  • 6. A member shall not propose a change in the par value of its currency except to correct, or prevent the emergence of, a fundamental disequilibrium. A change may be made only on the proposal of the member and only after consultation with the Fund.
  • 7. When a change is proposed, the Fund shall concur in or object to the proposed par value within a reasonable period after receipt of the proposal. The Fund shall concur if it is satisfied that the change is necessary to correct, or prevent the emergence of, a fundamental disequilibrium. The Fund shall not object because of the domestic social or political policies of the member proposing the change. A proposed change in par value shall not take effect for the purposes of this Agreement if the Fund objects to it. If a member changes the par value of its currency despite the objection of the Fund, the member shall be subject to Article XXVI, Section 2. Maintenance of an unrealistic par value by a member shall be discouraged by the Fund.
  • 8. The par value of a member’s currency established under this Agreement shall cease to exist for the purposes of this Agreement if the member informs the Fund that it intends to terminate the par value. The Fund may object to the termination of a par value by a decision taken by an eighty-five percent majority of the total voting power. If a member terminates a par value for its currency despite the objection of the Fund, the member shall be subject to Article XXVI, Section 2. A par value established under this Agreement shall cease to exist for the purposes of this Agreement if the member terminates the par value despite the objection of the Fund, or if the Fund finds that the member does not maintain rates for a substantial volume of exchange transactions in accordance with 5 above, provided that the Fund may not make such finding unless it has consulted the member and given it sixty days notice of the Fund’s intention to consider whether to make a finding.
  • 9. If the par value of the currency of a member has ceased to exist under 8 above, the member shall consult with the Fund and ensure that its exchange arrangements are consistent with the purposes of the Fund and are adequate to fulfill its obligations under Article IV, Section 1.
  • 10. A member for whose currency the par value has ceased to exist under 8 above may, at any time, propose a new par value for its currency.
  • 11. Notwithstanding 6 above, the Fund, by a seventy percent majority of the total voting power, may make uniform proportionate changes in all par values if the special drawing right is the common denominator and the changes will not affect the value of the special drawing right. The par value of a member’s currency shall, however, not be changed under this provision if, within seven days after the Fund’s action, the member informs the Fund that it does not wish the par value of its currency to be changed by such action.

Edited by blueskies, 23 March 2013 - 02:30 PM.

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#2 TQueezy

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Posted 23 March 2013 - 02:51 PM

Reading most of this, how did Iraq pass this if they didn't set up the dinar for international trade/exchange and move their currency rate up to a reasonable amount compared to countries with similar economies?

This RV is either impossible/doesn't exist, or it's a dead 100% guarantee to happen with all the info coming out lately. From what I can see, this really has equal chance of being either. Confusing to say the least...
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#3 dontlop

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Posted 23 March 2013 - 03:00 PM

thanks blue skies ..

 

i read what libya did .. they were pegged to the dollar and the depegged  the libyan dinar and  pegged it to the sdr of the imf ..   hopfully  iraq gets away from the dollar so they can  work to increase the value of the dinar  against  the value of the dollar.. and de-dollarize iraq

 

this is from your post>>>>>

>>(b) Under an international monetary system of the kind prevailing on January 1, 1976, exchange arrangements may include (i) the maintenance by a member of a value for its currency in terms of the special drawing right or another denominator, other than gold, selected by the member, or (ii) cooperative arrangements by which members maintain the value of their currencies in relation to the value of the currency or currencies of other members, or (iii) other exchange arrangements of a member’s choice.

Read more: http://dinarvets.com.../#ixzz2OOk1mg6z

 

right now that other denominator is the dollar being pegged to it .

 

at least thats how i understand it ..

 

heres what libya did

 

 

In February 1973, the LD was pegged to USD at a fixed exchange rate of USD1 = LD0.29679. As a result of this peg, the value of LD against other currencies varied as USD varied against those currencies.

Until 1986, the LD maintained its value against the USD and the other major foreign currencies because of the relative availability of foreign currency and the large increase in reserves caused by the soaring oil prices and an increase in proceeds from oil exports, as well as the lack of administrative or quantitative restrictions on foreign currency trading, whether to the individuals, the public or the private institutions, at least until 1982.

On March 18, 1986 and to introduce more flexibility in the exchange rate system, the LD was depegged from the USD and was instead pegged to the SDR at a rate equivalent to SDR2.8 per LD1.

 

The abovementioned changes were introduced pursuant to the provisions of the Banking Law, which authorized the CBL to revise the exchange rate of the LD according to the economic and monetary developments so as to prevent the negative effects of such developments on the national economy. To that end, the CBL has, since February 14, 1999 until the end of 2001, implemented a program that enabled commercial banks to sell foreign currency for personal and business purposes, without any restrictions and in accordance with the offer prices set by the CBL. The new exchange rate, known as the "declared special exchange rate ", was used beside the official exchange rate after the elimination of what was known then as the "commercial price" which was approved and used for certain purposes since 1994 until the beginning of 1999. The most important objectives of this program were:

  1. To rationalize the use of foreign currency.
  2. To resolve the problem of citizens who need foreign currency for various personal purposes through a legal mechanism, according to legitimate procedures and without restrictions on the exchange.
  3. To raise the value of the Libyan dinar against the foreign currencies in the black market.
  4. To support the purchasing power of the LD.
  5. To lower the prices of goods provided and funded by the parallel market and to maintain their stability.
  6. To eliminate the parallel market for foreign currency.

 

The program aimed at establishing an appropriate ground to adjusting the LD exchange rate up to its real effective exchange rate that fits the Libyan economic indicators; achieving efficient and rational use of available resources and eliminating distortions in the prices.

During the period 2000 – 1999, the LD has gradually been appreciated in terms of the declared special exchange rate, accompanied from time to time with devaluation in terms of the official exchange rate. As a result, the official exchange rate of the LD against the USD fluctuated between USD3.54 for LD1, at the end of 1990, to USD1.55 per LD1, at the end of 2001. The LD exchange rates against other major currencies, also, varied according to the changes that have occurred in the LD as denominated in SDR.

 

On January 1, 2002, the exchange rates of LD were unified by a fifty percent devaluation in the official rate, compared to its value at the end of 2001, to SDR 0.6080 per LD, equivalent to LD1= USD1.3.

 

On June 16, 2003, the LD was further devaluated by 15%, to SDR 0.5175 per one LD in order to account for the tax of Man Made River, which was imposed on all credit letters and remittances of foreign exchange, as well as to eliminate the discrimination in the exchange rate among the tax-exempt and non- exempt. This rate is still in effect until now.

 

 

On June 21, 2003, Libya officially informed the International Monetary Fund (IMF) of its decision to accept the obligations of Article VIII of the IMF Agreement.

 

http://www.cbl.gov.l...id=65&Itemid=72


Edited by dontlop, 23 March 2013 - 03:03 PM.

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#4 RVPleaseToday

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Posted 23 March 2013 - 03:23 PM

Section 2a says nothing about increasing or decreasing the exchange rate, only that they must have some plan in place  to maintain stability in the rate.


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#5 hame55

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Posted 23 March 2013 - 03:36 PM

thanks blue skies ..

 

i read what libya did .. they were pegged to the dollar and the depegged  the libyan dinar and  pegged it to the sdr of the imf ..   hopfully  iraq gets away from the dollar so they can  work to increase the value of the dinar  against  the value of the dollar.. and de-dollarize iraq

 

this is from your post>>>>>

>>(b) Under an international monetary system of the kind prevailing on January 1, 1976, exchange arrangements may include (i) the maintenance by a member of a value for its currency in terms of the special drawing right or another denominator, other than gold, selected by the member, or (ii) cooperative arrangements by which members maintain the value of their currencies in relation to the value of the currency or currencies of other members, or (iii) other exchange arrangements of a member’s choice.

Read more: http://dinarvets.com.../#ixzz2OOk1mg6z

 

right now that other denominator is the dollar being pegged to it .

 

at least thats how i understand it ..

 

heres what libya did

 

 

In February 1973, the LD was pegged to USD at a fixed exchange rate of USD1 = LD0.29679. As a result of this peg, the value of LD against other currencies varied as USD varied against those currencies.

Until 1986, the LD maintained its value against the USD and the other major foreign currencies because of the relative availability of foreign currency and the large increase in reserves caused by the soaring oil prices and an increase in proceeds from oil exports, as well as the lack of administrative or quantitative restrictions on foreign currency trading, whether to the individuals, the public or the private institutions, at least until 1982.

On March 18, 1986 and to introduce more flexibility in the exchange rate system, the LD was depegged from the USD and was instead pegged to the SDR at a rate equivalent to SDR2.8 per LD1.

 

The abovementioned changes were introduced pursuant to the provisions of the Banking Law, which authorized the CBL to revise the exchange rate of the LD according to the economic and monetary developments so as to prevent the negative effects of such developments on the national economy. To that end, the CBL has, since February 14, 1999 until the end of 2001, implemented a program that enabled commercial banks to sell foreign currency for personal and business purposes, without any restrictions and in accordance with the offer prices set by the CBL. The new exchange rate, known as the "declared special exchange rate ", was used beside the official exchange rate after the elimination of what was known then as the "commercial price" which was approved and used for certain purposes since 1994 until the beginning of 1999. The most important objectives of this program were:

  1. To rationalize the use of foreign currency.
  2. To resolve the problem of citizens who need foreign currency for various personal purposes through a legal mechanism, according to legitimate procedures and without restrictions on the exchange.
  3. To raise the value of the Libyan dinar against the foreign currencies in the black market.
  4. To support the purchasing power of the LD.
  5. To lower the prices of goods provided and funded by the parallel market and to maintain their stability.
  6. To eliminate the parallel market for foreign currency.

 

The program aimed at establishing an appropriate ground to adjusting the LD exchange rate up to its real effective exchange rate that fits the Libyan economic indicators; achieving efficient and rational use of available resources and eliminating distortions in the prices.

During the period 2000 – 1999, the LD has gradually been appreciated in terms of the declared special exchange rate, accompanied from time to time with devaluation in terms of the official exchange rate. As a result, the official exchange rate of the LD against the USD fluctuated between USD3.54 for LD1, at the end of 1990, to USD1.55 per LD1, at the end of 2001. The LD exchange rates against other major currencies, also, varied according to the changes that have occurred in the LD as denominated in SDR.

 

On January 1, 2002, the exchange rates of LD were unified by a fifty percent devaluation in the official rate, compared to its value at the end of 2001, to SDR 0.6080 per LD, equivalent to LD1= USD1.3.

 

On June 16, 2003, the LD was further devaluated by 15%, to SDR 0.5175 per one LD in order to account for the tax of Man Made River, which was imposed on all credit letters and remittances of foreign exchange, as well as to eliminate the discrimination in the exchange rate among the tax-exempt and non- exempt. This rate is still in effect until now.

 

 

On June 21, 2003, Libya officially informed the International Monetary Fund (IMF) of its decision to accept the obligations of Article VIII of the IMF Agreement.

 

http://www.cbl.gov.l...id=65&Itemid=72

What about what Libya is doing today after its Arab Spring civil war? the LD went down to less than half, then up, to around 1.3 to the USD after the war.

 

We are after the war now in Iraq and they have more oil and gold. I'd take 30 cents.


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#6 dontlop

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Posted 23 March 2013 - 03:56 PM



 



What about what Libya is doing today after its Arab Spring civil war? the LD went down to less than half, then up, to around 1.3 to the USD after the war.

 

We are after the war now in Iraq and they have more oil and gold. I'd take 30 cents.

i was told the iqd would rv at 31 cents in 2016 when oil was at 12 million barrels a day ..

 

now im wondering if i was wrong and they meant the exchange rates would be .031 dinars  to one dollar  .. which would be $3.30 dollars per dinar



if frank is correct   and they have 30 days .. today is the 30th day since the sba ended .. i dont know about a 10 day review with the imf .. now im confused again  .. 



ok here it is >>

 

An International Monetary Fund (IMF) mission, led by Mr. Carlo Sdralevich, met with an official Iraqi delegation headed by the Acting Minister of Finance, Dr. Ali Al Shukri, in Amman, Jordan, during March 2-12, 2013 to conduct the Article IV Consultation discussion

 

http://www.imf.org/e...2013/pr1387.htm

 

now i take back what i said to rv pleasetoday


hame
 

the reason why i wonder if its .031 dinars is this un exchange rate   history . http://www.unjspf.or...FullExchangeRts

 

if where it says country .. go to iraq and open it .. then scroll down to the bottom it used to be .031


Edited by dontlop, 23 March 2013 - 03:57 PM.

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#7 LIBoy

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Posted 23 March 2013 - 04:00 PM

 

i was told the iqd would rv at 31 cents in 2016 when oil was at 12 million barrels a day ..
 
now im wondering if i was wrong and they meant the exchange rates would be .031 dinars  to one dollar  .. which would be $3.30 dollars per dinar
if frank is correct   and they have 30 days .. today is the 30th day since the sba ended .. i dont know about a 10 day review with the imf .. now im confused again  .. 
ok here it is >>
 
An International Monetary Fund (IMF) mission, led by Mr. Carlo Sdralevich, met with an official Iraqi delegation headed by the Acting Minister of Finance, Dr. Ali Al Shukri, in Amman, Jordan, during March 2-12, 2013 to conduct the Article IV Consultation discussion
 
http://www.imf.org/e...2013/pr1387.htm
 
now i take back what i said to rv pleasetoday


I think sometimes we read what we want to read. The quote above the IMF agreement is saying that the rate change has to be IMPLEMENTED within 30 days. The agreement just does not use that word. It states that the IMF has to be NOTIFIED of it's INTENTIONS of any changes.
Those are two very different things. It reads to me as though they can notify them of the changes and then implement those changes years down the road. Obviously I hope that is not the case.
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#8 dontlop

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Posted 23 March 2013 - 04:10 PM

ya it says within 30 days of the second amendment of the agreement .

 

 monetary policy changed in the 1970s after nixon took us of the gold standard .  / so when was this written >>

Article IV: Obligations Regarding Exchange Arrangements

 

Section 1. General obligations of members



 and when was the second amendment ?

 

this may have the regulations  hense fourth of that date .. i dont think this was written for iraq specifically .its everyones rules ..



it just seems when this was written . if anyone wanted to change their arrangements ,, they had a certain time frame to be in



with in 30 days after the second amendment


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#9 dontlop

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Posted 23 March 2013 - 04:27 PM

what we need is the new updated  imf country report on iraq


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#10 DinarNate

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Posted 23 March 2013 - 09:38 PM

You have to admit though - gurus and predictions aside - that there is a lot of promising information and articles relating to our interests coming out of Iraq, and from the IMF and UN. It would seem that if they wanted too, something certainly could be done in our near future.
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#11 blueskies

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Posted 23 March 2013 - 10:06 PM

My question is: what is the significance of the fact that both Iraq and the UN have let the SBA expire. They must both think that Iraq's economy if stable enough to go it alone. Is that the answer? Are there other legitimate implications that can be drawn from this fact?


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#12 dontlop

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Posted 23 March 2013 - 10:20 PM

Article I: Purposes
 

 

The purposes of the International Monetary Fund are:

  • (i) To promote international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems.
  • (ii) To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objectives of economic policy.
  • (iii) To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation.
  • (iv) To assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of world trade.
  • (v) To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity.
  • (vi) In accordance with the above, to shorten the duration and lessen the degree of disequilibrium in the international balances of payments of members.

The Fund shall be guided in all its policies and decisions by the purposes set forth in this Article.



http://www.imf.org/e...ubs/ft/aa/#art1


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#13 zul

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Posted 23 March 2013 - 10:38 PM

Section 2a says nothing about increasing or decreasing the exchange rate, only that they must have some plan in place  to maintain stability in the rate.

 

But they did say this ~ "....(iii) avoid manipulating exchange rates or the international monetary system in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage over other members; and........"

 

This is the definition of exchange rate as per CBI Annual Bulletin : Iraqi Dinar exchange rate against the US dollar: is the price determined by the Central Bank of Iraq through selling and buying foreign currency auction.

 

Question is : Is their exchange rate, which currently is a program rate, can be considered a real rate? # for it to be considered non-manipulating  :shrug: 


 


Edited by zul, 23 March 2013 - 10:38 PM.

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#14 dontlop

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Posted 23 March 2013 - 10:52 PM

Articles of Agreement of the International Monetary Fund

 

Contents

Introductory Article

Article I: Purposes

Article II: Membership

Article III: Quotas and Subscriptions

Article IV: Obligations Regarding Exchange Arrangements

Article V: Operations and Transactions of the Fund

Article VI: Capital Transfers

Article VII: Replenishment and Scarce Currencies

Article VIII: General Obligations of Members

Article IX: Status, Immunities, and Privileges

Article X: Relations with Other International Organizations

Article XI: Relations with Non-Member Countries

Article XII: Organization and Management

Article XIII: Offices and Depositories

Article XIV: Transitional Arrangements

Article XV: Special Drawing Rights

Article XVI: General Department and Special Drawing Rights Department

Article XVII: Participants and Other Holders of Special Drawing Rights

Article XVIII: Allocation and Cancellation of Special Drawing Rights

Article XIX: Operations and Transactions in Special Drawing Rights

Article XX: Special Drawing Rights Department Interest and Charges

Article XXI: Administration of the General Department and the Special Drawing Rights Department

Article XXII: General Obligations of Participants

Article XXIII: Suspension of Operations and Transactions in Special Drawing Rights

Article XXIV: Termination of Participation

Article XXV: Liquidation of the Special Drawing Rights Department

Article XXVI: Withdrawal from Membership

Article XXVII: Emergency Provisions

Article XXVIII: Amendments

Article XXIX: Interpretation

Article XXX: Explanation of Terms

Article XXXI: Final Provisions


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#15 sandfly

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Posted 23 March 2013 - 11:30 PM

IT'S ALL GOOD THANK YALL FOR SHAREING. IT WILL THIS YEAR :bravo:


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#16 OZmosis

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Posted 24 March 2013 - 02:21 AM

Thanks to everyone who posted above.  Lots of info to wade through - your efforts are appreciated.


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