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Iraq launches a project to reform the financial management in cooperation with the World Bank


yota691
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International Monetary: Iraq are optimistic to exceed the financial crisis

   
 

 
 

4/27/2017 0:00 
 
 
Amid large government reforms hailed  
Baghdad / Alaa al - Tai 
expressed the International Monetary Fund ( IMF ) is optimistic to go beyond Iraq 's financial crisis, at a time when the new World Bank support for the country , revealing the allocation of $ 9 million for gas investment in it. 
The Iraqi delegation concluded talks with the IMF and the World Bank within what is known as »Spring Meetings» which lasted for days in the US capital Washington. 
A statement by the Ministry of Finance, followed the «morning», that « the delegation agreed with the representative of the International Monetary Fund for the Middle East and East Asia Christian nut, at the end of the talks , chaired by the Iraqi side, Minister of Finance Agency Abdul Razzaq al- Issa and in the presence of Prime Minister for Financial Affairs Advisor to the appearance of Mohammed Saleh and a number of financial and electricity, with the participation of the Iraqi ambassador in Washington , Farid Mustafa and officials of the ministries, the completion of meetings and joint coordination to contain the difficulties of the financial crisis. » 
He nut, according to the statement «optimism about the level of understanding achieved and progress with the Iraqi government», stressing that « the joint coordination and consultations will be completed in the near term will contribute to addressing the financial problems posed by the circumstances of war and its attendant economic implications that steps». 
President of the International Monetary Fund Christine Lagarde also stressed the importance of government reforms, expressing optimism the exit of Iraq from the financial crisis during the next term. 
In turn, Saleh said in an exclusive interview with »Sabah», that «at the level of readiness credit program with the IMF , there are two issues, the first: the ability to continue and develop the energy sector in a complex market conditions and suffered severe crises, while the other is prudent financial management that enabled the country overcome the financial plight over the oil revenues degradation, as well as large expenditures in the budget, which contributed to crush terrorism and liberation of man and the earth .. and finally the success of the price system and the stability of the general price level and the ability to balance by maintaining the level of security of the international reserves of Iraq. » 
This comes at a time when the new World Bank 's support for Iraq 's economic reforms and development through an integrated financial management system, praising the Iraqi government steps in the field of resource management. 
The statement said that « the World Bank representatives assured the Iraqi delegation that« economic reforms represent the need for prime access to an integrated system for the management of the financial operation of the state at the federal and local level », pointing out that« the meeting made it clear that a significant percentage achieved by the Iraqi institutions in this field .. What gives an area appropriate to the World Bank to support the budget and reconstruction projects within the time limits required to achieve its objectives. » 
 According to the statement , the World Bank has been welcomed by »steps the Iraqi government in the field of resource management and the development of visions of reform in coordination with international organizations and financial institutions.» 
Alissa was announced earlier that the World Bank expressed its readiness to allocate nine million dollars to support the associated gas investment in Iraq. 
He said in a statement issued on the sidelines of the meetings that « the Iraqi government will intensify the work of the joint committee between the ministries of finance, electricity and oil to activate the associated gas investment and benefit from it in the operation of electric power projects.» Iraq resolves in the eleventh place among the nations of the world 's rich natural gas reserves of proven about 112 trillion  
cubic feet. 
In turn, the price of the Iraqi delegation Bank and the position of the Fund for international support of the country, and stressed orientation of the Iraqi government and its willingness to deal with remnants of war and the development of scientific programs for the next stage start of reconstruction does not end with education systems and job creation and the development of technical skills}. 
The World Bank promised to continue to support funding for programs to promote the various infrastructure and reconstruction.
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  • yota691 changed the title to IMF and the private sector to improve the Iraqi discuss tax revenues
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IMF and the private sector to improve the Iraqi discuss tax revenues

Journal April 27, 2017 15 Visit

 

 

 

BAGHDAD (Reuters) -

 

Representatives of the Iraqi private sector discussed with a delegation from the International Monetary Fund, the recent approval of a loan for Iraq to pay off the arrears to contractors and suppliers of Iraqis and peasants, and the ways to solve this problem, given the importance in stabilizing the economy.

He asked the deputy head of the International Monetary Fund for the Middle East and Asia Christiaan nut at the meeting, which was held in Baghdad about the possibilities that increase state revenues, including taxes and activate those imposed on non-oil products.

 He pointed out that «tariffs ranged from 5 percent to 10 percent», saying it «is not the correct way in which the customs revenues collected». He stressed the need to «change this way for up to 30 percent».

He said, quoting Al-Hayat that «the fastest gains and revenues resulting from the regulation and taxation unit, and these significant revenue achieved as imposing on a slice of big dealers».

Coconut called «a recruitment freeze until the development of management, because the high proportion of staff in the civil service was a way to satisfy some of their employment without regard to efficiency, this system will lead to a deficit over the next ten years».

He pointed to «the problem of the weakness of the banking sector and the importance of strengthening business through bank restructuring« Rafidain »and« rational »government, and wide open space in front of private banks with the need to assess the weaknesses and the correct foundations for the fight against money laundering, it can resort to the Integrity Commission and specialized organizations» .

He noted. «Progress made by the Office of Financial Supervision in the audit of transactions unaudited»

She said economist Ibrahim al-Baghdadi, in an intervention that Iraq «began levied customs tariff, which increased its resources in some customs ports to more than 30 times, and the collection of electricity increased 20 times, and referred the Ministry of Electricity to collect electricity fees on companies under investment contracts, and began to appear positive results ».

He stressed that «the payment of dues market will move the wheel and handling weak liquidity in the markets, which affected the individual and small business income level.»

The head of the Federation of Iraqi Contractors Ali Snava, b «the launch of arrears of transactions audited by the Office of Financial Supervision».

He said that «the Federation of Contractors comprises 34 thousand contractors, and gets a large part of their suffering in the tax calculation stage, because the amounts of tax deductions reserved to the provinces».

And it considered the economic researcher Lubna al-Shammari, that «the banking sector reform is a gateway to various investments to Iraq».

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  • yota691 changed the title to IMF puts a plan to improve Iraq's revenues from taxes

IMF puts a plan to improve Iraq's revenues from taxes

economy

 Since 04/27/2017 16:29 am (Baghdad time)

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Follow-up to the balance of News

Representatives of the Iraqi private sector discussed with a delegation from the International Monetary Fund, the recent approval of a loan for Iraq to pay off the arrears to contractors and suppliers of Iraqis and peasants, and the ways to solve this problem, given the importance in stabilizing the economy.

He asked the deputy head of the International Monetary Middle East Fund and the Asia Christiaan nut at the meeting, which was held in Baghdad about the possibilities that increase state revenues, including the activation of taxes and those imposed on non-oil products, pointing out that the tariffs were between 5 and 10 per cent, considering it It is not the correct way in which the customs revenues collected, and stressed the need to change this way of up to 30 per cent.

He said that faster gains and revenues resulting from the regulation and taxation unit, and these significant revenue achieved as imposing on a slide adult merchants.

 Nut and called for a hiring freeze until the development of management, because the high proportion of staff in the civil service was a way to satisfy some of their employment without regard to efficiency, this system will lead to a deficit over the next ten years.

  He pointed to the problem of the weakness of the banking sector and the importance of strengthening business through Rafidain Bank restructuring and good government, and wide open space in front of private banks with the need to assess the weaknesses and the correct foundations for the fight against money laundering, you can resort to the Integrity Commission and specialized organizations. He noted the progress made by the Office of Financial Supervision in the audit of transactions audited.

He explained the economic expert Ibrahim al-Baghdadi, in an intervention that Iraq began levied customs tariff, which increased its resources in some customs ports to more than 30 times, and the collection of electricity increased 20 times, and referred the Ministry of Electricity to collect electricity fees on companies under investment contracts, and began to show results positive.

He stressed that the payment of dues will move the market wheel handles weak cash liquidity in the markets, which affected the per capita income and small business level.

The head of the Federation of Iraqi Contractors Ali Snava, the launch of arrears transactions audited by the Office of Financial Supervision. He said that the Contractors Union comprises 34 thousand contractors, and gets a large part of their suffering in the tax calculation stage, because the amounts of tax deductions are reserved to the provinces.

 And considered the economic researcher Lubna al-Shammari, the banking sector reform is a gateway to diverse investments to Alarac.anthy 29 / m h n

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Good morning Yota and DV. So, once again, we see that the World Bank and IMF are 'heavily involved' in Iraq's finances, and in a way that's new and unique from my perspective. Can you imagine if The World Bank and the IMF tried to meddle in the U.S. tax  affairs? This article shows a lot more of the true. 'behind the scenes' extent of the IMF and WB in Iraq. More to come,I hope. Go RV!!!

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Iraq claims .. political majority to prevent the monopoly of parties, "International Monetary loans"

Ali Rasouli May 2, 2017 Add comment 11 Visit

 

 

 

BAGHDAD - The Journal News

Experts and deputies in the Iraqi economy, warned to go IMF loans to political parties so as to enhance its hegemony and the spread of nepotism in the country.

 He said an economic expert, peace Sumaisem, for "Journal News" on Tuesday, "The negative impact of the ongoing process of borrowing from the IMF will lead to significant economic problems."

It criticized Sumaisem the work of the International Monetary Fund mechanism in Iraq because of his dealings with government agencies exclusively.

She stressed the "application of economic programs according to a specific mechanism that these episodes need to support the work of international organizations to international reports, as well as the work of voluntary organizations within Iraq and not the monopoly of economic reform."

And he demanded that "the International Monetary Fund and the World Bank to expand its base and its cooperation with the Iraqi private sector Iraqi economic figures to reach great economic goals."

As confirmed by a member of the Committee on Economy and Investment, Mohammed Al Mahmoudi, for "Journal News" on Tuesday, "The basic parties are controlled by the overall economic and political realities and all the joints of life in Iraq."

He added that "Iraq did not reach the level of giving a political decision, or economic, or professional, independently of political leaders in the country" and that "all political blocs have a role in the decisions."

He called al-Mahmoudi, "the government to go to the political majority as a prerequisite to change the reality in Iraq."

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WEDNESDAY, MAY 3, 2017

IMF demands more conditions for Iraqi loan

 
7:09 AM  ADMIN  

 

 
%25D8%25B5%25D9%2586%25D8%25AF%25D9%2588
Baghdad/ Iraq TradeLink: Informed financial sources disclosed that the representatives of the International Monetary Fund (IMF)  informed Iraq that the payment of the 840 million dollar-batch necessitates enhancing tax system and collection of revenues , as well as the seriousness of Iraq to continue this procedures.
 
The sources criticized the available information as "electoral" talk, that will affect Iraqi talks with the international organizations.
 
Lately, the representatives of the Iraqi private sector discussed with the IMF the delayed payments of Iraqi contractors and peasants and how to solve these problems for the stabilization of the Iraqi market.
 
The IMF criticized the procedures how to collect the customs tariff, demanding to increase it to 30%, as media reports said.
 
On the other hand, the IMF called for restructuring both governmental Rafidain and Rasheed banks and give the private banks better opportunities , as well as combating money laundering.
 
 
The increase in employments in the governmental sector will create a deficit in the coming 10 years, IMF expected.

 

 
Posted in: Baghdad,Economy
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  • yota691 changed the title to International Monetary requires regular taxes strengthening and collection for the disbursement of the new loan
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International Monetary requires regular taxes strengthening and collection for the disbursement of the new loan

Journal May 2, 2017  300 Visit

 

 

May 3, 2017

 

BAGHDAD Journal News 
revealed the beginning of a financial source for "Journal News", that representatives of the International Monetary Fund, told Iraqi officials that the second review of the standby credit agreement is complete and the consequent release of a new batch amount of $ 840 million, representing a new batch of loan the Fund depends on the regular tax collection and strengthening of the country, and to make sure Iraq was serious in moving in this direction.

The source said in a statement singled out by the "Journal News", that "some officials motivated harassment and electoral bids statements, regarding economic reform measures, still pose damage to talks with international organizations." 
Discussed by representatives of the Iraqi private sector with a delegation from the International Monetary Fund, the recent approval of a loan for Iraq to pay off the arrears to contractors and suppliers of Iraqis and peasants, and the ways to solve this problem, given the importance in stabilizing the economy.

He asked the deputy head of the International Monetary Fund for the Middle East and Asia Christiaan nut at the meeting , which was held in Baghdad , " the possibilities that increase state revenues, including taxes and activate those imposed on non - oil products." 
He pointed out that "customs duties ranged between 5 and 10 percent," returned it "is not the proper way in which the customs revenue pool".

He stressed the need to "change the way up to 30 percent." 
He said that "faster gains and revenues resulting from the regulation and taxation unit, and these significant revenue achieved as imposing on a slide adult merchants."

Nut and called for a "hiring freeze until the development of management, because the high proportion of staff in the civil service was a way to satisfy some of their employment without regard to efficiency, this system will lead to a deficit over the next ten years." 
He drew attention to " the problem of the weakness of the banking sector and the importance of strengthening business through Rafidain Bank restructuring and good government, and wide open space in front of private banks with the need to assess the weaknesses and the correct foundations for the fight against money laundering, it can resort to the Integrity Commission and specialized organizations."

He noted " the progress achieved by the Office of Financial Supervision in the audit of transactions audited." 
She said economist Ibrahim al - Baghdadi , in an intervention that Iraq "began levied customs tariff , which increased its resources in some customs ports to more than 30 times, and the collection of electricity increased 20 times, and referred the Ministry of Electricity to collect electricity fees on companies under investment contracts, and began to appear positive results. " 
He stressed that " the payment of dues will move the market wheel handles weak cash liquidity in the markets, which affected the individual and small business income level."

The head of the Federation of Iraqi Contractors Ali Snava, " the launch of arrears of transactions audited by the Office of Financial Supervision." 
He said that the "Union of Contractors comprises 34 thousand contractors, and gets a large part of their suffering in the tax calculation stage, because the amounts of tax deductions reserved to the provinces." Promised economic researcher Lubna al - Shammari, that " the banking sector reform is a gateway to various investments to Iraq."

The informed sources revealed the axes of the meetings of the Ministry of Finance with the World Bank , held in the United States recently, saying they patrol before granting Iraq a share of the loan by $ 450 million, pointing out that the meetings will continue every 3 months until Iraq gets a loan full payments for up to 5 billion and $ 400 million next year. 
Government sources said, " The Iraqi Ministry of Finance meetings with the World Bank held in Washington , is a third patrol nine months ago."

The sources added that "Iraq has already agreed with the International Monetary Fund and the World Bank to obtain a loan of up to $ 5 billion and $ 400 million , repayable over three years." 
She noted that "the lender required on Iraq , carrying out a number of reforms for the purpose of completing pay these amounts." 
The sources confirmed that " the last meeting was held three months ago in the Jordanian capital , Amman , and allocated for the same purpose , " indicating that " the Iraqi delegation renewed its commitment to the terms of the World Bank that spends payments intended purposes." 
In turn, the economist said Abdul Rahman al - Mashhadani , in a commentary, said that "the international body seeking to determine the extent of Iraq 's commitment to the terms of the loan before granting a new batch."

Mashhadani said that " the meetings will remain constant with each $ 450 million and a boost in order to complete the full value of the loan." 
He added that " the purpose of the foundation amounts , according to the World Bank is to meet the budget deficit and the balance of payments in Iraq." 
Mashhadani finds that "periodic meetings are a calendar allowing Iraq to submit a paper explaining its mechanisms to deal with the economic crisis." 
The economist went on to "another loan to ensure the World Bank is also provided by Britain, France and Canada reached its value to $ 13 billion." 
It complements Mashhadani , saying that "Iraq has received from this loan -alm_khass for the reconstruction of areas Mahrrh- during the last term of 980 million dollars."

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Iraq launches a project to reform the financial management in cooperation with the World Bank  May 4, 2017

 

Abdul-Razzaq al-Essa

 

Information / Baghdad ..
Announced the Minister of Finance Agency Abdul Razzaq al-Essa, Thursday announced the launch of Iraq in cooperation with the World Bank representatives in Baghdad project reform and modernization of the financial management systems of the state.
 
A statement by the Ministry of Al-Issa said during his meeting with World Bank representatives headed by the Special Representative of the Bank of Robert Bo quality and his accompanying delegation and received / information /, a copy of it, that "this important step comes on the basis of the agreement with the World Bank representatives during the Spring Meetings held recently in Washington. "
 
Al-Issa noted, "This project includes key topics such as the trend towards an integrated information system for financial management and computerization of the operations of public financial management of the preparation and implementation of the budget in the Ministry of Finance and other ministries and units of exchange all".
Alissa stressed that "the project is one of the priorities of government investment development of the Iraqi state."
Edited by DWS112
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Good Morning Yota ...sorry...just a habit of mine :-)  ...and good morning DWS112-and all of DV for that matter...

 

Thank you very much DWS112, for bringing this fine article to the news section so early in the day- I sincerely appreciate it. I am hopeful that the content of the article contains 'more depth' that is revealed 'in the coming days...or, for that matter, very very soon... Or, better yet, before the 25th of May - 2017, and more precisely by next week!  

 

I hope that the next next several days show a flurry of activity from various workd-wide influences, that are all 'watching the paint dry' (as Coorslite so eloquently said.);  from where I sit, it sure will be a wonderful time to 'stop watching the grass grow' - and have some fun.  I truly look forward to the joy we all hope to receive, which in my own perception, will be some time this month. Heck- I may even go out and buy a Bitcoin or two, and keep one as a pet that will be named Buzzy.

 

Go RV!!!

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13871.jpg
   
Economy News _ Baghdad:
 
 
 
Step by the World Bank Parliamentary Finance Committee confirmed on Thursday that the reform of the financial system in Iraq is an important step in support of investment in the country.
 
The committee member said Abdul Qader Mohammed was born in an interview seen by the "Economy News", "The World Bank follows a strict policy, and because it lends Iraq sums payable, and at the same time, Iraq calls for the administration correct financial institutions through in-depth financial management and financial performance government. "
 
He described the live "step by the World Bank as positive by building a solid ground for the work of the ministries and the Iraqi institutions and financial discipline, the fact that the project includes key topics such as the trend towards an integrated information system for financial and computerization of the management operations of public financial management of the preparation and implementation of the budget in the Ministry of Finance and other ministries and units of exchange all" .
 
 
 
 
 
Views 599   Date Added 05/04/2017 - 12:32   Last updated 05/04/2017 - 13:16   No. Content 7422
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The launch of the project financial management reform in cooperation with the World Bank

04/05/2017

 

 

 

(Independent) .. Iraq was launched in cooperation with the World Bank representatives in Baghdad project reform and modernization of the financial management of the state systems

The Minister of Finance Agency Essa Abdul Razak told a news conference after the meeting with representatives of the World Bank that this important step comes on the basis of the agreement with the World Bank representatives during the spring meetings recently held in Washington.

Alissa said at the press conference that this project includes key topics such as the trend towards an integrated information system for financial management and computerization of the operations of public financial management of the preparation and implementation of the budget in the Ministry of Finance and other ministries and units of exchange all.

He added that the priority of the project is to develop a government investment of the Iraqi state. For their part, representatives of the World Bank expressed readiness for cooperation and support for Iraq and the development of financial mechanisms being one of the founding countries and contribute to the World Bank.

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THURSDAY, MAY 4, 2017

Iraq, WB start financial reform

 
7:59 PM  ADMIN  

 

Baghdad/ Iraq TradeLink: Iraqi Acting Finance Minister Abdul Razzak al-Issa stated that the
%25D8%25A7%25D9%2584%25D8%25A7%25D8%25B5
financial reform in the country, in cooperation with the World Bank (WB) has been started.
 
This move complements the agreement in Washington last Spring.
 
He pointed that this project will concentrate on financial administration and the implementation of the budget at the finance ministry and other departments.
 
 
Minister Issa added that the priorities of the project is to develop governmental investments.

 

 
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Thanks everyone for posting. I would not get all wrapped up in what others post. I can not tell you how many times a study was done for this and a study was done for that.  I can remember a study that was post by the CBI, Laid Back or some other old times my remember, that in 3 years they wanted to get to a certain value. No one and I mean no one out here knows anything about the value, time frame, and what the requirements are to revalue. If you think like I do, Adam, and a few others, that this has real value then get out there and do the right things, VIP, OSI, and Corp Cert. Have faith in yourself.  :twothumbs:

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1 minute ago, ChuckFinley said:

Thanks everyone for posting. I would not get all wrapped up in what others post. I can not tell you how many times a study was done for this and a study was done for that.  I can remember a study that was post by the CBI, Laid Back or some other old times my remember, that in 3 years they wanted to get to a certain value. No one and I mean no one out here knows anything about the value, time frame, and what the requirements are to revalue. If you think like I do, Adam, and a few others, that this has real value then get out there and do the right things, VIP, OSI, and Corp Cert. Have faith in yourself.  :twothumbs:

 

Good points Chuck, what I know is the IQD is being held FORCEFULLY below its true value. As you said what that value is and when is the unknown. What I do know is one day it will be brought back to a value superior then what it is today, that's what keeps me in this. 

 

Here's to its new value. :bravo:

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8 minutes ago, Wiljor said:

 

Good points Chuck, what I know is the IQD is being held FORCEFULLY below its true value. As you said what that value is and when is the unknown. What I do know is one day it will be brought back to a value superior then what it is today, that's what keeps me in this. 

 

Here's to its new value. :bravo:

I am with you on this. I kind of bothers me when people post here like they are subject matter experts and come across like we are village idiots. The smartest Guy i know, but do not know personally, is Adam. He has contacts there too and not once has he said anything about rates, dates, or this Will not happen till year XXXX. He is focused on one thing, the HCL. That should tell us something. 

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31 minutes ago, ChuckFinley said:

Thanks everyone for posting. I would not get all wrapped up in what others post. I can not tell you how many times a study was done for this and a study was done for that.  I can remember a study that was post by the CBI, Laid Back or some other old times my remember, that in 3 years they wanted to get to a certain value. No one and I mean no one out here knows anything about the value, time frame, and what the requirements are to revalue. If you think like I do, Adam, and a few others, that this has real value then get out there and do the right things, VIP, OSI, and Corp Cert. Have faith in yourself.  :twothumbs:

 

26 minutes ago, Wiljor said:

 

Good points Chuck, what I know is the IQD is being held FORCEFULLY below its true value. As you said what that value is and when is the unknown. What I do know is one day it will be brought back to a value superior then what it is today, that's what keeps me in this. 

 

Here's to its new value. :bravo:

 

You Gentlemen are Tops!

 

No one here can influence the RV date(s) or rate(s) or if the RV will happen at all. Any analysis (especially mine) is pure speculation and only for consideration/entertainment.

 

What ever information out there may or may not be real and could simply be spun. I came across a few articles that seemed to be written some time prior but were not updated before being submitted.

 

When I entered this venture, I knew I didn't know anything about a time frame or value. My factors led me to believe there is value that will be realized at some point but the magnitude is pure speculation.

 

My opinion is what appears to be going on and what is really going on are possibly related but two different animals. What ever or who ever(s) push this thing through may or may not ever be known or when they will actually flip the switch(es). Oh, well, more movies to go watch in the future on this one.

 

My opinion is Iraq is in such a condition that major reconstruction needs to occur with one key outcome of Iraqis not falling into sectarian violence out of desperation for resources. Many people are addicted pretty easily to the opiate of prosperity and I suspect the Iraqis are no different. What better way to bring lots of money and prosperity to make everybody happy than for Iraq to be an international trade partner with a revalued IQD? The closed currency based solely on USD will likely prove to be an impediment for the magnitude of foreign investment/reconstruction that needs to happen in Iraq. So, I suspect the IQD will revalue about the time major reconstruction begins in Iraq for infrastructure and other rebuilding/modernization. Hey, everybody likes new stuff!

 

I may not have all the dimensions pegged but I do believe simple analysis of published information (that may or may not be correct) is no way an indication of what the actual influencers will do - or when.

 

Just my opinion and :twocents:

 

Go Moola Nova!

:twothumbs:

Edited by Synopsis
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39 minutes ago, ChuckFinley said:

Thanks everyone for posting. I would not get all wrapped up in what others post. I can not tell you how many times a study was done for this and a study was done for that.  I can remember a study that was post by the CBI, Laid Back or some other old times my remember, that in 3 years they wanted to get to a certain value. No one and I mean no one out here knows anything about the value, time frame, and what the requirements are to revalue. If you think like I do, Adam, and a few others, that this has real value then get out there and do the right things, VIP, OSI, and Corp Cert. Have faith in yourself.  :twothumbs:

Hey Chuck! I have studied in your study and plan on doing more studying in my study later! If you would like to study up on why I have studied so much just look it up and study it!!! 

No one knows Jack! Agreed brother!!! 

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