VERIFICATION

[climber7]

 

Can anyone verify where he got this information?  Article? 

 

9-15-2016   Newshound Guru Kaperoni    this should get us all excited...From the IMF SBA...:   "The authorities will gradually remove remaining exchange restrictions and multiple currency practice (MCP) (MEFP, 14). Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investor community that Iraq is committed to maintain an exchange system that is free of restrictions and MCPs for current international transactions and thus facilitate creation of a favorable business climate.9 As a first step, the Council of Ministers will approve and introduce to parliament an amendment of the Investment Law, or the CBI will issue clarifying implementing regulations, to remove the limitation on transfer of investment proceeds that gives rise to an exchange restriction (SB, Table 5), as recommended by a recent technical assistance mission of the IMF. As a second step, the CBI will increase the sale of foreign exchange for valid current exchange transactions on the official market in order to reduce the spread between the official and parallel exchange rates (10). In particular, the CBI will, by the end of 2016, make the weekly limits on the purchase of cash at the weekly foreign currency auctions indicative, in the sense that any bank requiring additional cash for legitimate travel expenses for its clients will be able to obtain the required amount above these limits on the basis of appropriate documentation." 

So we can see here that the CBI is doing exactly what the IMF dictated.  And they are moving closer to accepting the obligations (don't know the date) of Article VIII.  Which we all know Article VIII is the "key" to make the dinar internationally convertible and as a result would remove the dinar from the peg at that time and allow it to float.    IMO, they are moving towards the goals of early 2017 (remember the 3 notes the CBI wants to bring out!)   Gotta love the line...."Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investor community"  It really is fantastic news because the IMF is not going to let the CBI and banking system stay closed to the world much longer.  The plan is in action.
 

[TexasMike1958]

For some, early 2017 is a very long time.  They have been saying early this and early that for at least 5 yrs.  Just a matter of waiting for the next excuse to prolong this.

 

[climber7]

1 minute ago, TexasMike1958 said:

For some, early 2017 is a very long time.  They have been saying early this and early that for at least 5 yrs.  Just a matter of waiting for the next excuse to prolong this.

 

 

Yep

The way they do business and run things make them......wait for it......the true DEPLORABLES    

[MyLadiesDaddy]

I don't know about the article but I was wondering if Kaps has figured out which bathroom to use yet

[DWS112]

sorry link not valid

Edited September 15, 2016 by DWS112

[Candy01]

38 minutes ago, ladyGrace'sDaddy said:

I don't know about the article but I was wondering if Kaps has figured out which bathroom to use yet

[10 YEARS LATER]

Recall if you will folks - several years ago, someone slapped "Kap" with the moniker - " Kaper-Baloney "

Just sayin'

[DWS112]

Info came from an ebook which can be purchased for $7.20 " Iraq: First and Second Reviews of the Staff-Monitored Program and Request for a Three-year Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Iraq "

The authorities will gradually remove remaining exchange restrictions and multiple currency practice (MCP) (MEFP, 14)

[climber7]

1 hour ago, DWS112 said:

Info came from an ebook which can be purchased for $7.20 " Iraq: First and Second Reviews of the Staff-Monitored Program and Request for a Three-year Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Iraq "

The authorities will gradually remove remaining exchange restrictions and multiple currency practice (MCP) (MEFP, 14)

 

Thanks for finding that!

Not familiar with the book or the sources of the book's information.  Are they--and the info in the book--considered legit? 

[DWS112]

The source of the ebook is the IMF. If you copy this: "The authorities will gradually remove remaining exchange restrictions and multiple currency practice (MCP) (MEFP, 14)"

paste it into the left hand side SEARCH THIS BOOK You should find the info in the ebook on page 10. I hope this helps.

[DinarThug]

6 minutes ago, climber7 said:

Not familiar with the book or the sources of the book's information.  Are they--and the info in the book--considered legit? 

 

Usually The Only Books Kaperoni's Familiar With Come With A Box Of Crayons !

           

 

[BJinMontreal]

From IMF.org site ...

Statement at the End of an IMF Mission on Iraq

September 12, 2016

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.

The Iraqi authorities and the staff of the International Monetary Fund (IMF) held discussions in Amman from August 28–September 10, 2016 on the first review of Iraq’s 36-month Stand-By Arrangement (SBA) approved by the IMF Executive Board on July 7, 2016. (See Press Release No. 16/321).

Mr. Christian Josz, Mission Chief for Iraq, issued the following statement:

“The Iraqi authorities and IMF staff started discussions on the first review of the SBA. These discussions will continue during the upcoming IMF and World Bank Annual Meetings from October 7–9, 2016 in Washington, DC.

“During the mission, the team met with the Minister of Finance Hoshyar Zebari, Acting Governor of the Central Bank of Iraq (CBI), Dr. Ali Allaq, the Financial Adviser to the Prime Minister Dr. Mudher Saleh, and officials from the ministries of finance, oil, planning, electricity, the CBI, and representatives from the Kurdistan Regional Government, Board of Supreme Audit, and pension commission. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Wafa Amr

Phone: +1 202 623-7100Email: MEDIA@IMF.org

 

Press Release 16/321 ...

IMF Executive Board Approves US$5.34 billion Stand-By Arrangement for Iraq

July 7, 2016

The Executive Board of the International Monetary Fund (IMF) today approved a three-year Stand-By Arrangement (SBA) for Iraq for SDR 3.831 billion (about US$5.34 billion, or 230 percent of quota) to support the government’s economic reform program. The Board’s approval enables the disbursement of SDR 455 million (about US$634 million). In July 2015, Iraq received disbursement under the Rapid Financing Instrument equivalent to SDR 891.3 million (about US$1.24 billion at the time of approval).

Iraq’s economic reform program supported by the SBA aims to address the urgent balance of payments need, bring spending in line with lower global oil prices, and ensure debt sustainability. The program also includes measures to protect the poor, strengthen public financial management, enhance financial sector stability, and curb corruption. Iraq will require the support of the international community to implement these policies.

The IMF’s Management today also completed the first and second reviews of the Staff-Monitored Program (SMP) with Iraq that was approved by the Managing Director on January 12, 2016. (See Press Release No. 16/04).

Following the Executive Board’s decision, Mr. Min Zhu, Deputy Managing Director and Acting Chair of the Board, issued the following statement:

“The Iraqi economy has been hit hard by the double shock arising from the ISIS attacks and the sharp drop in global oil prices.

“The policies put in place by the authorities to deal with this double shock are appropriate. In the fiscal area, the authorities are implementing sizable fiscal adjustment, mostly through inefficient capital expenditure retrenchment while protecting social spending, and financing. In the external area, the authorities are maintaining the peg to the U.S. dollar, which provides a key anchor to the economy.

“The fiscal adjustment envisaged in 2016–19 is appropriate to address the pressure from lower oil revenue and higher humanitarian and security spending. But the composition of the fiscal adjustment should be improved over time, in order to make room for increased but more efficient investment expenditure. Overhaul of the public financial management system is necessary to improve fiscal discipline and the quality of spending. Implementation of the budget-sharing agreement with the Kurdistan Regional Government will put both the federal government and the Kurdistan Regional Government in a better position to address the ISIS attacks and the oil-price shock.

“The accumulation of large external arrears to international oil companies and domestic arrears in 2015 was unfortunate. Existing arrears should be paid down, following a due process of checking their validity, and the implementation of controls to prevent further accumulation of arrears to international oil companies and domestic suppliers. The prevention of future external arrears would ensure that the envisaged oil revenue stream—needed to finance public expenditure and imports—is achieved; the prevention of future domestic arrears would preserve financial sector stability.

“To strengthen growth and financial sector stability, the legal framework of the Central Bank of Iraq needs to be strengthened, state-owned banks need to be restructured, and exchange restrictions need to be gradually removed. Additionally, measures need to be implemented to prevent money-laundering, counter the financing of terrorism, and strengthen the anti-corruption legislation.”

ANNEX

Recent Economic Developments

Iraq has been hit hard by the conflict with ISIS and the precipitous fall in oil prices. The ongoing armed conflict with ISIS continues to strain the country’s resources and is resulting in new waves of internally displaced people, now reaching over 4 million. Around 10 million people, comprising some 27 percent of the population, are in need of humanitarian assistance. The steep fall in oil prices is causing a large external shock to the balance of payments and budget revenue, which depend predominantly on oil export receipts. Real GDP contracted by 2.4 percent in 2015, in spite of a 13 percent increase in oil production. The non-oil economy experienced broad-based economic contraction (-19 percent) as a result of the conflict with ISIS and the ongoing fiscal consolidation.

The authorities are responding to these challenges with a mix of fiscal adjustment and financing, while maintaining their commitment to the exchange rate peg and protecting social spending such as health, education, food and agricultural subsidies, and transfer to internally displaced people and refugees.

Program Summary

The economic program aims to stabilize the Iraqi economy which has been hit by the double shock of a steep decline in oil prices and ongoing ISIS conflict. The program is centered around four pillars:

Managing external pressures. Key measures include maintaining the exchange rate peg as the key nominal anchor; gradually removing the remaining exchange restrictions; and strengthening the anti-money laundering and combatting of financing of terrorism (AML-CFT) framework to stem illegal and speculative demand on foreign exchange.

Implementing fiscal consolidation while protecting the poor. The government will continue to implement fiscal consolidation, mostly through inefficient capital expenditure retrenchment, while protecting social spending. This will help to bring spending to a sustainable level given the much lower level of oil revenue. The government will also design and implement deeper grounded revenue and expenditure reforms to hold the lid on the non-oil primary balance and achieve debt sustainability. Efforts are underway to implement the budget-sharing agreement with the Kurdistan Regional Government.

Strengthening public financial management and curbing corruption. To improve fiscal discipline and the quality of spending, the Ministry of Finance will strengthen public financial management legislation, report fiscal tables in compliance with international standards, enhance commitment controls and cash management, conduct regular surveys and audits to monitor and curb arrears, reform public investment management, and improve debt management with the help of technical assistance.

Monitor financial risks to preserve financial sector stability. Important steps are being taken to strengthen the legal framework of the Central Bank of Iraq following on the Fund’s recent safeguards assessment, as well as to restructure state-owned banks and strengthen prudential standards and bank supervision with the support of external consultants. Additionally, measures will need to be implemented to prevent money-laundering, counter the financing of terrorism, and strengthen the anti-corruption legislation to help improve the integration of Iraq’s financial system into the global economy.

Additional Background

Iraq became a member of the IMF on December 27, 1945 and has an IMF quota of SDR 1,663.80 million (about US$2.32 billion).

For additional background check the Iraq and the IMF webpage.

 

Table 1. Iraq: Selected Economic and Financial Indicators, 2013–21
(Quota: SDR 1,663.8 million)
(Population: 34.3 million; 2014)
(Poverty rate: 23 percent, 2014)
(Main export: Crude oil)
	2013	2014	2015	2016	2017	2018		2019		2020		2021
			Est.	Prog.	Prog.	Proj.	Proj.		Proj.		Proj.
Economic growth and prices
Real GDP (percentage change)	7.6	-0.4	-2.4	10.3	0.5	0.7		2.0		1.9		2.0
Non-oil real GDP (percentage change)	12.4	-5.1	-18.7	-5.0	0.0	2.0		3.0		4.0		4.0
GDP deflator (percentage change)	0.0	-4.7	-27.0	-13.2	7.8	5.3		5.0		5.2		4.7
GDP per capita (US$)	7,021	6,492	4,514	4,161	4,395	4,542		4,745		4,962		5,164
GDP (in ID trillion)	273.6	259.5	185.1	177.1	191.8	203.4		217.9		233.8		249.6
Non-oil GDP (in ID trillion)	148.0	142.6	123.4	122.3	127.5	135.7		145.7		158.0		171.4
GDP (in US$ billion)	234.6	222.5	158.7	150.1	162.6	172.4		184.7		198.1		211.5
Oil production (mbpd) 1/	3.0	3.1	3.5	4.2	4.2	4.2		4.3		4.3		4.4
Oil exports (mbpd) 2/	2.4	2.5	3.0	3.6	3.6	3.6		3.6		3.6		3.6
Iraq oil export prices (US$ pb)	102.9	97.0	47.5	34.5	40.3	42.5		44.6		46.4		47.5
Consumer price inflation (percentage change; end of period)	3.1	1.6	2.3	2.0	2.0	2.0		2.0		2.0		2.0
Consumer price inflation (percentage change; average)	1.9	2.2	1.4	2.0	2.0	2.0		2.0		2.0		2.0
	(In percent of GDP)
National Accounts
Gross domestic investment	26.9	27.0	27.5	21.9	20.8	20.2		19.7		19.3		18.9
Of which: public	17.4	19.3	18.2	12.4	11.7	11.1		10.6		10.2		9.8
Gross domestic consumption	69.5	72.1	79.0	88.8	85.0	85.0		84.3		83.6		82.3
Of which: public	21.0	19.0	24.9	29.4	26.7	24.9		22.9		21.0		19.4
Gross national savings	28.3	26.2	21.0	10.9	11.5	14.3		15.2		16.0		17.7
Of which: public	11.4	14.0	4.1	-1.9	0.5	5.2		7.2		8.6		9.6
Saving - Investment balance	1.4	-0.8	-6.4	-11.0	-9.2	-5.9		-4.5		-3.3		-1.3
	(In percent of GDP, unless otherwise indicated)
Public Finance
Government revenue and grants	42.2	40.2	34.3	36.2	38.7	38.5		38.2		37.3		36.1
Government oil revenue	38.6	38.0	31.2	32.0	34.4	34.2		33.9		32.9		31.5
Government non-oil revenue	3.5	2.3	3.1	4.2	4.3	4.3		4.3		4.4		4.5
Expenditure, of which:	48.0	45.8	48.5	50.8	49.8	44.5		41.8		39.1		36.7
Current expenditure	30.6	26.5	30.3	38.4	38.1	33.4		31.2		28.9		26.9
Capital expenditure	17.4	19.3	18.2	12.4	11.7	11.1		10.6		10.2		9.8
Overall fiscal balance (including grants)	-5.8	-5.6	-14.3	-14.7	-11.1	-6.0		-3.6		-1.8		-0.6
Non-oil primary fiscal balance (percent of non-oil GDP)	-67.6	-58.7	-51.6	-53.3	-50.2	-46.4		-42.5		-38.5		-34.8
Adjusted non-oil primary fiscal balance (percent of non-oil GDP) 3/	-67.6	-67.1	-53.6	-53.3	-50.2	-46.4		-42.5		-38.5		-34.8
Adjusted non-oil primary expenditure (percent of non-oil GDP) 3/	74.1	71.3	58.3	59.4	56.6	52.8		48.9		45.0		41.3
Adjusted non-oil primary expenditure (annual real growth, percent) 3/	17.2	-9.4	-30.1	-1.2	-2.6	-2.6		-2.5		-2.2		-2.3
Memorandum items:
Development Fund of Iraq/MoF US$ account (in US$ billions) 4/	6.3	0.7	2.4	2.4	2.4	2.4		2.4		2.4		2.4
Total government debt (in percent of GDP) 5/	31.2	33.5	63.9	79.0	84.0	85.2		83.1		79.3		74.9
Total government debt (in US$ billion) 5/	73.1	74.6	100.2	118.5	136.5	146.9		153.5		157.1		158.4
External government debt (in percent of GDP)	25.3	25.9	42.3	47.7	49.6	49.1		44.8		39.2		33.1
External government debt (in US$ billion)	59.3	57.6	67.1	71.6	80.7	84.6		82.7		77.6		70.1
	(In percent, unless otherwise indicated)
Monetary indicators
Growth in reserve money	12.6	-9.6	-12.6	-3.5	2.8	9.2		7.4		7.6		10.4
Growth in broad money	15.9	3.6	-9.0	8.6	6.8	9.2		7.4		7.6		10.4
Policy interest rate (end of period)	6.0	6.0	6.0	…	…	…		…		…		…
	(In percent of GDP, unless otherwise indicated)
External sector
Current account	1.4	-0.8	-6.4	-11.0	-9.2	-5.9		-4.5		-3.3		-1.3
Trade balance	9.6	7.4	-0.1	-3.1	1.1	1.3		2.2		2.8		4.1
Exports of goods	38.3	37.7	31.1	30.4	32.8	32.6		32.1		31.1		30.8
Imports of goods	-28.7	-30.3	-31.2	-33.5	-31.7	-31.3		-30.0		-28.3		-26.6
Overall external balance	-1.3	-10.5	-9.3	-10.3	-7.4	-3.0		-2.4		-1.1		0.9
Gross reserves (in US$ billion) 6/	77.8	66.7	53.4	42.7	40.1	39.3		35.4		31.5		31.6
In months of imports of goods and services	10.8	12.7	9.9	7.8	7.0	6.7		5.9		5.1		5.0
Exchange rate (dinar per US$; period average)	1,166	1,166	1,167	…	…	…		…		…		…
Real effective exchange rate (percent change, end of period) 7/	6.5	4.6	7.5	…	…	…		…		…		…
Sources: Iraqi authorities; and Fund staff estimates and projections.
1/Does not reflect KRG production during 2013 and 2014.
2/ Reflects KRG exports through State Organization for Marketing Oil (SOMO).
3/ Adjusted to account for a full year estimate of federal government transfers to the Kurdistan Regional Government in 2014 and 2015, for which actual transfers were made for only 2 and 5 months, respectively.
4/ Reflects the balances of the Development Fund of Iraq which were moved from the Federal Reserve Bank of New York to the CBI as a US$ account (US$ balances from oil revenues) in May 2014.
5/ Includes arrears.
6/ Starting 2014 includes US$ account balances from oil revenues. Starting Q3 2015, SDRs and reserve position in the Fund are excluded from the definition per instruction from the Central Bank of Iraq.
7/ Positive means appreciation.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Wafa A Amr

Phone: +1 202 623-7100Email: MEDIA@IMF.org

 

[bostonangler]

Well that about sums it up! LOL

[sandfly]

Yep bost

[Master mechanic]

I'm not here to tell you a story or to tell you something that is untrue, that is not me, I'm sure some of you have done this, so I'm here to clarify just for those naysayers or people who are clowns. I am in Dripping Springs Texas I have been involved with this for many ,many  years. I walked into my local Chase Bank which I know these people very well, sat down with the manager and ask her TO SHOW the Iraqi dinar and the Vietnam dong. I personally saw her scream while she was on it ,she let me see it while she was  looking it up. she could not tell me anything because of the fact nothing was showing on her screen!! I SAW THIS WITH MY OWN EYES!!many people on many sites are saying they have seen rates ?? I'm calling you out!! ,show me proof!! you can't show proof ,I don't believe you!!my proof is my word you can take it to the BANK!! you will find out there is NO rate !!for the Vietnam dong or the Iraqi dinar ,and my BBVA Compass Bank same thing nothing on their screens so you people out there saying these things shame on you!! I just wanted to let the TRUTH BE KNOWN!!

[DinarThug]

4 hours ago, Master mechanic said:

ask her TO SHOW the Iraqi dinar and the Vietnam dong. I personally saw her scream while she was on it

 

This Sounds Like A Cross Between A Bank Story And A Penthouse Forum Letter !

               

 

[Candy01]

32 minutes ago, DinarThug said:

 

This Sounds Like A Cross Between A Bank Story And A Penthouse Forum Letter !

               

 

TOOOO funny, Clown, thanks!

[BJinMontreal]

"I personally saw her scream while she was on it"   I'm curious what she was on ...  

 

 

[Wiljor]

On 9/17/2016 at 9:42 AM, Master mechanic said:

I'm not here to tell you a story or to tell you something that is untrue, that is not me, I'm sure some of you have done this, so I'm here to clarify just for those naysayers or people who are clowns. I am in Dripping Springs Texas I have been involved with this for many ,many  years. I walked into my local Chase Bank which I know these people very well, sat down with the manager and ask her TO SHOW the Iraqi dinar and the Vietnam dong. I personally saw her scream while she was on it ,she let me see it while she was  looking it up. she could not tell me anything because of the fact nothing was showing on her screen!! I SAW THIS WITH MY OWN EYES!!many people on many sites are saying they have seen rates ?? I'm calling you out!! ,show me proof!! you can't show proof ,I don't believe you!!my proof is my word you can take it to the BANK!! you will find out there is NO rate !!for the Vietnam dong or the Iraqi dinar ,and my BBVA Compass Bank same thing nothing on their screens so you people out there saying these things shame on you!! I just wanted to let the TRUTH BE KNOWN!!

Dripping Springs Texas?,  something about the Dong?  "saw it with my own eyes"  "I personally saw her scream"  ahhhh am I missing something here? 

Hey Thugs, I think you're right bro 

[gregp]

Dang alckohollll

 

[ranger173]

BBB. Did say this is scam. But that could be diversion

[Texstorm]

Mechanic I was wondering what kind of cigar were you smoking ? From what I heard , uncle Bill's wasn't lit ! Just sayin !