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All Contracts Must Be Paid In IQD - Council of Ministers


Tankwalker
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Interesting Read with links....any thoughts?  

 

 

Post From Bondlady's Corner Post By Tlm724

[tlm724] Good morning everyone, first let me tell you that BondLady extends her apologies for not being here, she is slammed at work    

[tlm724] okay here we go, this is important and I will be as brief as possible

[tlm724] Iraq Is Positioning itself for a big move !!!!!!!!!!

[tlm724] Let's begin by going back in time for a moment. Please have a quick look at this article posted by BondLady on June 5, 2012

[tlm724] 2012 !

Iraq is expected to become full member of WTO within two years June 5, 2012 Most likely a member of the Economic Committee in Parliament MP Amer Jassim winner, Iraq’s accession to the WTO during the next two years, confirming the presence of several obstacles have made Iraq away from the world trade market. 
...
Read More Link On Right
 
  The winner (of the Agency news): The Iraq’s accession to the WTO needs to stabilize the economic and political in the country, noting there are constraints have made Iraq away from her Ktzbzb the local currency against hard currencies as well as the lack of resolution of the project to delete the three zeroes from the currency. 

He added: that non-rising standard of living of the Iraqi people as it takes to cancel the ration card was also blocked the entry of Iraq into the WTO, global trade because the market does not recognize the government support being linked to other countries and the ration based on government financial support.

 He continued that the bilateral differences between the Governments of Arbil and Baghdad, with respect to oil and gas also deprived Iraq of accession, in addition to the unstable political situation in the country, all of which made Iraq away from world trade, saying it needs to be enough time maybe two years in order to Iraq will be eligible to join the the world Organization. 

http://almadapaper.net/news.php?action=view&id=67072

[tlm724]"noting there are constraints have made Iraq away from her Ktzbzb the local currency against hard currencies as well as the lack of resolution of the project to delete the three zeroes from the currency.

[tlm724] They didn't go forward with the currency reform and that is what has impeded them from becoming a full member state of the WTO .

[tlm724] We have seen the CBI change things as far as the auctions , all dinar must deposited into the CBI .

[tlm724] Much to the dismay of the traders, banks etc.. This brings in the currency and does not allow for any further circulation via the other banks or traders

[tlm724] Now let me show you all an announcement on the Iraqi Cabinet website (The Council of Ministers) Feb 23. 2014 :

[tlm724] yesterday  Wink  

General Secretariat of the Council of Ministers calls on state institutions to implement financial Altzmadtha local currency 02/23/2014 14:34 Called on the General Secretariat of the Council of Ministers and the Supreme Judicial Council, the ministries and departments not associated with the Ministry and the provincial councils and all not to enter any financial obligations in foreign currency amounts paid within Iraq and that commitment is performed exclusively in Iraqi dinars. 

She said the legal department at the General Secretariat of the Council of Ministers of the Office of Information and Communication said the government also included a call in the event of GATT install the necessary costs in foreign currency should be mentioned Mikablha local currency (Iraqi dinar) according to the prevailing exchange rates.

 The call came at the Notes CBI / Directorate General for private investments in this regard the fact that the national currency is the original in economic dealings in Iraq, similar to the countries of the world, as well as to deal in foreign currency, calls for the provision of foreign currency contracts signed in Iraq.

http://cabinet.iq/ArticleShow.aspx?ID=4378

[tlm724] We see the Council of Ministers stopped the use of the US dollar in all contracts within Iraq, these contracts (financial obligations) must be in IQD !

   

[tlm724] are you all with me so far ?

[rsp1] yes

[lightingcslt] tlm724 yes

[shredd] yes

[tlm724] No more foreign currency , commitment is performed exclusively in Iraqi dinars. Think of oil and infrastructure contracts and the trading and selling of oil which is currently done in USD !! Now I am not 100% positive about the petro dollars etc.. but

[lightingcslt] tlm724 *hallelujah*

[tlm724] It gets even better

[tlm724] Within this short but oh so sweet announcement they are getting ready to ascend into the WTO ! Have a look at this " the government also included a call in the event of GATT install the necessary costs in foreign currency should be mentioned Mikablha local currency (Iraqi dinar) according to the prevailing exchange rates."

[tlm724] GATT is this :

GATT and the Goods Council The General Agreement on Tariffs and Trade (GATT) covers international trade in goods. The workings of the GATT agreement are the responsibility of the Council for Trade in Goods (Goods Council) which is made up of representatives from all WTO member countries. 

The current chairperson is Amb. Dacio CASTILLO (Honduras). The Goods Council has 10 committees dealing with specific subjects (such as agriculture, market access, subsidies, anti-dumping measures and so on). 

Again, these committees consist of all member countries. Also reporting to the Goods Council are a working party on state trading enterprises, and the Information Technology Agreement (ITA) Committee 

http://www.wto.org/english/tratop_e/gatt_e/gatt_e.htm

[tlm724] Within the WTO requirements it states this "

HANDBOOK ON ACCESSION TO THE WTO: CHAPTER 5 Substance of Accession Negotiations "Working Parties have been careful to respect the competence of the IMF"

[tlm724] and

" They have, for instance, focussed on knowing whether applicants are members of the IMF and whether they have accepted Article VIII of its Articles of Agreement which provides that “no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions”. 

They have been particularly concerned that foreign exchange controls may be used to regulate the level and composition of trade in goods and services."  

http://www.wto.org/english/thewto_e/acc_e/cbt_course_e/c4s2p1_e.htm

[tlm724] See not only are they positioning themselves for the final push into the WTO they are also preparing to accept the requirements for Article VIII of the IMF !

[tlm724] As you are aware Article VIII has the following requirements :

Article VIII: General Obligations of Members Section 3. Avoidance of discriminatory currency practices No member shall engage in, or permit any of its fiscal agencies referred to in Article V, Section 1 to engage in, any discriminatory currency arrangements or multiple currency practices,

 whether within or outside margins under Article IV or prescribed by or under Schedule C, except as authorized under this Agreement or approved by the Fund. 

If such arrangements and practices are engaged in at the date when this Agreement enters into force, the member concerned shall consult with the Fund as to their progressive removal unless they are maintained or imposed under Article XIV, Section 2, in which case the provisions of Section 3 of that Article shall apply

http://www.imf.org/external/pubs/ft/aa/index.htm#art8

[tlm724] As I said in the beginning Iraq Is Positioning itself for a big move !!!!!!!!!!!!

[tlm724] they cannot go forward without the currency reform and as you may have noticed we are right up on that 2 year time frame mentioned above !!  Thank you ...

[lightingcslt] tlm724 positioning? tlm724 hell timmy they are there  tlm724 great job

[tlm724] lightingcslt not quite but as close as they can get    

[tlm724] *hallelujah* it really is happening !

[lightingcslt] *hallelujah*

[rsp1] *mission* *hallelujah* Thank you, timmy
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Decisions of the Council of Ministers Session No. 5 in 04/02/2014

  

04/02/2014 16:15

Cabinet held its regular fifth in Baghdad (Tuesday, February 4, 2014), headed by Prime Minister Nuri al-Maliki, issued by the Council and 

B - allocation of 5% of the amount of administrative expenses in the Ministry of Displacement and Migration, and the exclusion of the ministry of the Implementing Regulations of government contracts and instructions concerning the Ministry of Finance not to enter into new contracts only after the ratification of the budget in 2014.

 

http://www.cabinet.iq/ArticleShow.aspx?ID=4294

 

Thanks for bearing with me, I'm looking for verification in the CoM decisions/announcements. I'll post anything I find pertinent here.

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I don't know why this is, but on the CoM site, I cannot get to page 2, 3, etc of the cabinet decisions..I can't get past the first page. Anyway, I'll keep watching CoM decisions press releases, this may be forthcoming.


Thanks, Tank.

 

Note: my CoM post above, could have only to do with migration contracts. I need more validation. So far, I don't see an amendment to the contracts law in the gazette. I respect tlm724 and bondlady very much, but I also like to back up their findings with my own.

Edited by TBomb
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Also, I need to go into gazette and look at the investment laws and other financial laws to see if there's been amendments validating the change of payment method.  I'll do that this afternoon..if I find something, I'll post it...if I don't post...I didn't find anything in the timeframe I have available.  :)

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ohh I like this part "....within Iraq and that commitment is performed exclusively in Iraqi dinar" add this to them starting OMO (Open market operations , meaning soon they will have to have a floating currency) in addition to them wanting to be linked to the London Stock exchange "promptly " and you have some pretty interesting times coming in the next few months IMO.

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Okay, so as tlm has implied this has just been decided on...I'll keep my eye out for proposals prepared for voting, ect.

 

in the meantime i translated this article using Bing and here's what I got...

 

 

General Secretariat of the Council of Ministers calls on State institutions to implement the local currency finance, indeed

23/2/2014 2: 34 pm

Called on the General Secretariat of the Council of Ministers, the Supreme Judicial Council and the ministries and non-related ministries and departments and all the boards did not enter into any financial obligations in foreign currency for payments in Iraq and that is the commitment of Iraqi dinar.

The Legal Department of the General Secretariat of the Council of Ministers of the Government communication and information Office that also included if necessary install GAT all in foreign currency should be not be opposite her in local currency (the dinar) according to the prevailing exchange rates.

The call came at the Iraqi Central Bank comments/General Directorate of private investment in this regard that the national currency is the original deal in Iraq, like all countries in the world, as well as dealing in foreign currency to provide foreign currency contracts in Iraq.

 

http://cabinet.iq/ArticleShow.aspx?ID=4378


Thanks LuckyInTexas

 

Cabinet calls for state institutions to implement their financial obligations in local currency

BAGHDAD / My Day

Called on the General Secretariat of the Council of Ministers of state institutions to implement their financial obligations in local currency. Said in a statement yesterday that "the Supreme Judicial Council and the ministries and departments not associated with the Ministry and the provinces and councils all not to engage in any financial obligations in foreign currency amounts paid inside Iraq, and that is implementation of the commitment in Iraqi dinars exclusively. explained "that the invitation also included in case there was a need to install costs in foreign currency should be mentioned Mikablha local currency according to the exchange rates prevailing». Secretariat noted that "the call came upon observations CBI / Directorate General for private investments in this regard, the fact that the national currency are original in economic dealings in Iraq, similar to all the countries of the world, as well as dealing in foreign currency that calls for the provision of foreign currency contracts signed in Iraq.

 

الثلاثاء - 25 شباط ( فبراير ) 2014 - السنة الثانية - العدد 496

Tuesday-25 Feb 2014 No. 496

 

http://www.beladitoday.com/?iraq=%E3%CC%E1%D3-%C7%E1%E6%D2%D1%C7%C1-%ED%CF%DA%E6-%E3%C4%D3%D3%C7%CA-%C7%E1%CF%E6%E1%C9-%C5%E1%EC-%CA%E4%DD%ED%D0-%C7%E1%CA%D2%C7%E3%C7%CA%E5%C7-%C7%E1%E3%C7%E1%ED%C9-%C8%C7%E1%DA%E3%E1%C9-%C7%E1%E3%CD%E1%ED%C9&aa=news&id22=23568

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Take a look at this again:

 

"Called on the General Secretariat of the Council of Ministers, the Supreme Judicial Council and the ministries and non-related ministries and departments and all the boards did not enter into any financial obligations in foreign currency for payments in Iraq and that is the commitment of Iraqi dinar."

 

The supreme judiciary is either enacting or over-ruling an existing law re payments/contracts. They can't just pull something out of thin air and enact, overturn or over-rule it.

 

We saw a recent post in the gazette mentioning the CPA law, but it's in Arabic so I can't read it.  This has got me baffled.

Edited by TBomb
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Take a look at this again:

 

"Called on the General Secretariat of the Council of Ministers, the Supreme Judicial Council and the ministries and non-related ministries and departments and all the boards did not enter into any financial obligations in foreign currency for payments in Iraq and that is the commitment of Iraqi dinar."

 

The supreme judiciary is either enacting or over-ruling an existing law re payments/contracts. They can't just pull something out of thin air and enact, overturn or over-rule it.

 

We saw a recent post in the gazette mentioning the CPA law, but it's in Arabic so I can't read it.  This has got me baffled.

Isn't that what OUR present administration has done for the pass 6 years? 

___________________________________________________________________

I just want them to forget about the present "existing exchange rate" and formulate a new one . . . say $1.44?

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Well from a truck driver perspective it seems clear that some government committee

is telling the local governments if they sign a contract, in country, that it has to be

paid in dinar. Wouldn't that go a long way to dedollarization? And since we know the

central bank is drawing in as much dinar as they can we could summarise something

awesome is about to happen. SUDDENLY.

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Add couple articles....General Secretariat of the Council of Ministers calls on state institutions to implement financial Altzmadtha local currency 

 
    
 
02/23/2014 14:34 
 
Called on the General Secretariat of the Council of Ministers and the Supreme Judicial Council, the ministries and departments not associated with the Ministry and the provincial councils and all not to enter any financial obligations in foreign currency amounts paid within Iraq and that commitment is performed exclusively in Iraqi dinars. 
She said the legal department at the General Secretariat of the Council of Ministers of the Office of Information and Communication said the government also included a call in the event of GATT install the necessary costs in foreign currency should be mentioned Mikablha local currency (Iraqi dinar) according to the prevailing exchange rates. 
The call came at the Notes CBI / Directorate General for private investments in this regard the fact that the national currency is the original in economic dealings in Iraq, similar to the countries of the world, as well as to deal in foreign currency, calls for the provision of foreign currency contracts signed in Iraq. 

Read more: http://dinarvets.com/forums/index.php?/topic/173156-general-secretariat-of-the-council-of-ministers-calls-on-state-institutions-to-implement-financial-altzmadtha-local-currency/#ixzz2uR0XM2fY


and this one...some what same subject..just the actions...that stick out....Najaf get a billion dollars frozen for three years

 

Details Group: Economy Published on Wednesday, February 26, 2014 09:41

M3N4NET-121401-1.jpgNajaf / Center Brief for the Iraqi Media Network ( IMN ) - got the local administration in the province of Najaf, the decision to approve the launch of one billion dollars has been frozen for three years at the Ministry of Finance after the approval of the Iraqi Central Bank to convert the value of the Iraqi dinar amount.

 

The head of the Legal Committee of the Council Hassan Wahid's ( IMN ) "The provincial council form a special committee to take receipt of the amount of money from the Central Bank of Iraq after the approval of the conversion value of the Iraqi dinar to the dollar."

 

He added that the single "amount of a share of the province of Najaf imports accumulated Najaf airport for the past three years and you get to maintain under $ 10 for every traveler uses Arabic or foreign civilian airport in the province."

 

He continued that "the amount of money and the state received from the Iraqi Central Bank will enter the fund in local revenues, which began its law of the provincial council in earlier to spend on essential needs in the province."

 

Fund and local revenues is a new procedure adopted by the Najaf provincial council for the filing of all imports and domestic prepare an annual plan for disbursement to the slides and projects in need of urgent and emergency cases.

Read more: http://dinarvets.com/forums/index.php?/topic/173236-najaf-get-a-billion-dollars-frozen-for-three-years/#ixzz2uR1MFOsT


Thanks TBomb.... :twothumbs: an Bondlady and Team... :twothumbs: 

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