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Zobaie discusses with the financial control mechanisms of the Central Bank and the defense and endowments


yota691
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Did some digging ... Law (article) 56 from 2004:

 

http://www.au.af.mil/au/awc/awcgate/iraq/tal.htm

 

  Article 56.

(A)       The Governorate Councils shall assist the federal government in the coordination of federal ministry operations within the governorate, including the review of annual ministry plans and budgets with regard to activities in the governorate.  Governorate Councils shall be funded from the general budget of the State, and these Councils shall also have the authority to increase their revenues independently by imposing taxes and fees; to organize the operations of the Governorate administration; to initiate and implement province-level projects alone or in partnership with international, and non-governmental organizations; and to conduct other activities insofar as is consistent with federal laws.

(B)       The Qada’ and Nahiya councils and other relevant councils shall assist in the performance of federal responsibilities and the delivery of public services by reviewing local ministry plans in the afore-mentioned places; ensuring that they respond properly to local needs and interests; identifying local budgetary requirements through the national budgeting procedures; and collecting and retaining local revenues, taxes, and fees; organizing the operations of the local administration; initiating and implementing local projects alone or in conjunction with international, and non-governmental organizations; and conducting other activities consistent with applicable law.

 (C)      Where practicable, the federal government shall take measures to devolve additional functions to local, governorate, and regional administrations, in a methodical way.  Regional units and governorate administrations, including the Kurdistan Regional Government, shall be organized on the basis of the principle of de-centralization and the devolution of authorities to municipal and local governments.

.

So, a new 2017 vision for the above article, whatever that means ...

a) governate councils (city/regional authorities) working alone or with international orgs (investors?) and NGOs to get schtuff done

b ) state/regional tax collection

c) Statehood/tax powers for Kurdistan and other regions? 

 

Decentralization/sharing of power within the federal system? 

Edited by bkeiller
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4 minutes ago, Officiallytook said:

Indeed this is our year in my eyes lol

I'm 100% convinced since dow reached 20k this year, it's the "suddenly" year...I mean... electricity + budget + mastercards+ Internet on sunday...I gota ask myself..is iraq just trying to screw with speculators minds or is this it...

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23 minutes ago, WaitIsOver said:

I'm 100% convinced since dow reached 20k this year, it's the "suddenly" year...I mean... electricity + budget + mastercards+ Internet on sunday...I gota ask myself..is iraq just trying to screw with speculators minds or is this it...

International recognition for sure internationally accepted traded for sure... at what rate we shall see 

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22 minutes ago, Officiallytook said:

International recognition for sure internationally accepted traded for sure... at what rate we shall see 

It seems they have done a lot to get this ship launched. I just wish I had a better feel of what is needed to get this thing off the ground. 

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1 hour ago, DinarThug said:

The Central Bank will adopt in 2017 new visions for the implementation of monetary policy for the purpose of achieving the objectives set out in Law 56 of 2004

I got curious too, and found this

 

http://govinfo.library.unt.edu/cpa-iraq/regulations/20040306_CPAORD_56_Central_Bank_Law_with_Annex.pdf

 

Edited by brob
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Comments And Research On This Article By MilitiaMan ...

 

 

There is a meeting with the IMF on 08/01/2017 if I am not mistaken. A one in regard to Article IV with Iraq.

The article above speaks volumes of what has been done over the preceding two years. Not just one year.

I believe this has to do with Article VIII (see link below).

They have been working to maintain the exchange rate of the Dinar against Foreign Currency to cover imports entering Iraq while maintaining their independence under law.

They go on to say that they are (imo) effectively ceasing MCPs (Multi Currency Practices) not supported or at least if are supported by the IMF, they are under the guidance of the IMF when doing so and would be short lived if even relevant.

They have all the mechanisms in place to facilitate trade to serve their national economy from the looks of things.

They have mediation in order to be prepared for typical disputes in trade at borders.

Basically, they are fully ready, if not already INTERNATIONAL and by all means!

They are telling us they are going to contribute to GDP by having implemented monetary policy for sustainable development.

The are telling us the Central Bank has facilitated procedures and controls, became transparent in disclosures in regard to maintaining their exchange rate.

Ya buddy.. This meeting with the IMF is not about what needs to be done, it is done!

It must be about dotting I's and Crossing T's, and atta boyz and girlz, for a job well done! imo. ~ MM  .

 

 

 

https://www.imf.org/external/pubs/ft/sd/index.asp?decision=6790-(81/43)

"
MULTIPLE CURRENCY PRACTICES—POLICY

The Executive Board approves the decision set forth in SM/81/34, Supplement, 1 (3/17/81).

Decision No. 6790-(81/43),

March 20, 1981,

as amended by Decision No. 11728-(98/56),

May 21, 1998

SM/81/34, Sup. 1

The Executive Board has reviewed the Fund’s policy with respect to multiple currency practices. The Fund shall be guided by the approach outlined in the conclusions set forth below.

  • 1. Official action should not cause exchange rate spreads and cross rate quotations to differ unreasonably from those that arise from the normal commercial costs and risks of exchange transactions.
    • a.
      • (i) Action by a member or its fiscal agencies that of itself gives rise to a spread of more than 2 percent between buying and selling rates for spot exchange transactions between the member’s currency and any other member’s currency would be considered a multiple currency practice and would require the prior approval of the Fund.
      • (ii) An exchange spread that arises without official action would not give rise to a multiple currency practice.
      • (iii) Deviations between the buying and selling rates for spot transactions and for other transactions would not be considered multiple currency practices if they represent the additional costs and exchange risks for these other transactions.
    • b. Action by a member or its fiscal agencies which results in midpoint spot exchange rates of other members’ currencies against its own currency in a relationship which differs by more than 1 percent from the midpoint spot exchange rates for these currencies in their principal markets would give rise to a multiple currency practice. If the differentials of more than 1 percent in these cross rates persist for more than one week, the resulting multiple currency practice would become subject to the approval of the Fund under Article VIII, Section 3.
  • When difficulties are encountered in the interpretation and application of these criteria in specific cases, particularly concerning the nature of official actions, the staff will present the relevant information to the Executive Board for its determination.
  • The policy of the Fund on the exercise of its approval jurisdiction over exchange measures subject to Article VIII, as set forth in paragraph 2 of Executive Board Decision No. 1034-(60/27), adopted June 1, 1960, remains broadly appropriate. In accordance with this policy, the Fund will be prepared to grant approval of multiple currency practices introduced or maintained for balance of payments reasons provided the member represents and the Fund is satisfied that the measures are temporary and are being applied while the member is endeavoring to eliminate its balance of payments problems, and provided they do not give the member an unfair competitive advantage over other members or discriminate among members. The Fund will continue to be very reluctant to grant approval for the maintenance of broken cross exchange rates.
  • 3. In accordance with the Fund’s policy on complex multiple currency practices, as stated in Executive Board Decision No. 649-(57/33), adopted June 26, 1957, the Fund will not approve multiple currency practices under complex multiple rate systems unless the countries maintaining them are making reasonable progress toward simplification and ultimate elimination of such systems, or are taking measures or adopting programs which seem likely to result in such progress.
  • 4. While urging members to apply alternative policies not connected with the exchange system, the Fund will be prepared to grant temporary approval of multiple currency practices introduced or maintained principally for nonbalance of payments reasons, provided that such practices do not materially impede the member’s balance of payments adjustment, do not harm the interests of other members, and do not discriminate among members.
  • 5. To assist the Executive Board in reaching a decision concerning approval or nonapproval of a multiple currency practice subject to approval under Article VIII, Section 3, the reasons underlying the practice and its effects will be analyzed in reports on Article IV ­consultations or in other staff papers dealing with exchange ­systems. Consistent with the cycle of consultations under Article IV, approval will be granted for periods of approximately one year, in order to provide for a continual review by the Executive Board, except where the practice is maintained only for existing arrangements and for a specified period of time."
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5 hours ago, brob said:

 

Holy Crap - - great find ! Have to read this in the morning . . . Brain Fog settling in.

 

Sack time approaching. Been a gnarly week and I'm beat. Need fresh pot of coffee and a  new day.

 Thanx :twothumbs:

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  • yota691 changed the title to Zobaie discusses with the financial control mechanisms of the Central Bank and the defense and endowments

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