blueskies

Can you say "Kumbaya . . ." Kuwaiti Prime Minister: File border with Iraq over .. And I am ready to go to Baghdad, even if they wanted me to go today Baghdad .. confirmed Kuwaiti Prime Minister Sheikh Jaber Mubarak Al-Sabah, said his country ended file border with Iraq and replaced what اعتراه of problematic latest compensation Iraqi farmers who were affected by maintenance of border markers between the two countries through the construction of approximately 200 residential units alternative to them in cooperation with Iraqi government. Said the morning, in a statement to the newspaper 'Middle East' of London, in its edition on Friday: The 'Kuwait finished file border with Iraq and addressed file houses border on the Iraqi side and I look forward to visit Baghdad and wait for rescheduled by the brothers in Iraq' . revealed blessed for 'a meeting between the Emir of Kuwait Sheikh Sabah Al-Ahmad and Vice President of the Republic of Iraq Khudair Khuzaie during the Arab summit which concluded in Doha, Qatar (Tuesday) included a search in the bilateral relations between the two countries'. added: 'were discussed my visit upcoming Iraq and I'm ready to go to Baghdad at any time, even if they wanted me to go today, I am ready, but we are waiting for an appointment visit by them ', considering the upcoming meeting, which Sijmah counterpart Nuri al-Maliki in Baghdad' very important and Sacefy lot of things and will address the binary files between the two countries' . http://www.ikhnews.com/index.php?page=article&id=79628

I agree with most of the folks. I don't think the normal rate refers to 1166. From the context of the article, it's clear that it means greater monetary reform as moving the dinar back up to 1166 from whatever the street rate is is only going to get them a cent or two and that is not going to accomplish any economic growth and they wouldn't need the IMF for help with recovering a few pips either. JMO.

Baghdad / NINA /--A day after the bombing of the Iranian plane loaded with weapons above Damascus airport, Iraqi Prime Minister Nuri al-Maliki said that "Iraq will tighten the inspection procedures of aircraft and trucks heading to Syria through its territory and airspace, to hamper the transfer of weapons to the parties of conflict there . The semi-official Al-Iraqiya TV Channel said today, " Maliki stressed that Iraq would continue inspections of aircraft and trucks that cross Iraqi airspace and land towards Syria. The source added, "that this action comes to ensure preventing the flow of weapons to Syria, either to the Syrian regime or to the opposition. The source said / End http://www.ninanews.com/English/News_Details.asp?ar95_VQ=GGMJDI

From DR-- Eagle1: Multiple meetings have been taking place at Wells Fargo and other banks today preparing execs for the imminent RI of the IQD. I received a specific bit of info today from a Wells Fargo officer who gave some important advice to all of us. 1. If you are a customer of WF, there will be no exchange fees. In other words, whatever the normal exchange rate the bank has is what you will receive -- no 1.5% fee tacked on. ... 2. You will see an 11% currency exchange tax taken out by the IRS on any amount you exchange. You may also be charged a state tax -- depending on where you live. 3. DO NOT -- and I repeat, DO NOT -- tell them that you want to "cash in" some IQD. You are there to "exchange" the IQD for USD. .... If you use the phrase, "cash in," depending on where you are and whoever happens to wait on you, your transaction could be treated as "cashing in an investment." 4. Two FINCEN forms have been provided by the IRS. One specifically identifies these transactions as "currency exchange" transactions. The other refers to them as "currency investments." DO NOT UNDER ANY CIRCUMSTANCES sign any document which treats your exchange as a "currency investment" or you will wind up paying as much as 39.5% in taxes! This is an important distinction, and if you want to avoid paying through the nose to the IRS, avoid any references to the word "investment" on any document that you sign at the bank (or broker, or currency-trader). I have no objection to paying a fair and reasonable tax on any transaction, but I'm not the least bit interested in someone finessing the phraseology in order to trick me into paying more tax than Congress has signed onto. Hope that's a help to everyone. Blessings on you. Eagle1

Baghdad / Orr News Sources parliamentary informed consent of Iraqi Prime Minister Nuri al-Maliki to attend the hearing before the House of Representatives set by the presidency of the Iraqi parliament in response to the requests made ​​by the deputies of the Iraqi List to hear from him about the reasons for what was known as (Bloody Tuesday) to bombings in Baghdad and several provinces Iraq, asserting that the Kurdistan Alliance ministers could return to Baghdad to attend the Council of Ministers next week. The MP said Ahmed Abbasi, a coalition of law that the prime minister has no real shortening and this puts him in a strong position, so it will not hesitate to attend the next Monday with some leaders of the security. He ruled out the head of the Virtue parliamentary Ammar Tohme possibility to overthrow the government of any party was in the political process, stressing the lack of any political party in parliament wants to drop the government, even those who have a dispute with al-Maliki, and explained Tohme "means to overthrow the government, killed the entire political process." The MP for the coalition of state law, Abbas al-Bayati, the need to understand all the political parties that it is impossible at this stage to establish a government majority in the current stage, and said that the leadership of the National Alliance opened contacts and reached good results with the leaders of the region. http://www.uragency.net/index.php/2012-03-11-16-31-52/2012-03-11-16-33-45/19078-2013-03-29-12-15-31

Nice. I don't know you, Yota, but I love you.

In their numbers, do they usually put decimals where commas ordinarily go? Or are they saying the exchange rate is 1 USD= 1.18 IQD?

"...all efforts today pour the development of the banking system and monetary will be channeled in the service of supporting the value of the Iraqi dinar, stressing that "support the value of the Iraqi dinar is not the banking system applicable only being governed by several considerations, including stocks state of currency and gold, as well as quantities of oil exports and the stability of the economic situation as well as the political situation and the Ministry of Finance will not hesitate to take any step evolution of the banking system for the development of the value of the Iraqi dinar never believe that this is a national task." See the full article below. Activities By Minister During a meeting with a delegation from the World Bank, the Minister of Planning discussed the restructures of the Iraqi government banks The Minister of Planning / the Acting Minister of Finance, Prof. Ali Yousef Al-Shukri, searched with a delegation from the World Bank the restructuring of Rafidain and Rasheed Banks. The Minister said in a joint press conference, "We received a delegation from the World Bank and discussed with them the implementation of the program in Iraq, stressing that the program is a grant from the World Bank International and includes two axes to restructure the Iraqi banks. The first axe reinforces the development of human capacity that the administration of banks must keep pace with the latest developments in the world and the other side focuses on the problem get out of debt accumulated or dead is old debt that does not solve it today, which weighed still weigh and shoulders Iraqi banks. They discussed the mechanism of action for implementing this program, adding that the Ministry of Finance would be willing to provide all necessary facilities for this program. The Minister continued: today we have to work with all international organizations and specialized international agencies because Iraq needs these options being over three decades and more has been subjected to ignorance too stressed by saying: our banks think that the mission accepting deposits and lending non-interest stressing that the global banking system is supposed today is to be more sophisticated and more expansive in the area of work lending and borrowing, and added all efforts today pour the development of the banking system and monetary will be channeled in the service of supporting the value of the Iraqi dinar, stressing that "support the value of the Iraqi dinar is not the banking system applicable only being governed by several considerations, including stocks state of currency and gold, as well as quantities of oil exports and the stability of the economic situation as well as the political situation and the Ministry of Finance will not hesitate to take any step evolution of the banking system for the development of the value of the Iraqi dinar never believe that this is a national task. The World Bank has not been raised on Iraq raise the price of oil derivatives and pointed out that any economic openness requires that accompanied the expansion of banking activity, indicating that part of the plan of the Ministry of Finance and the Iraqi government develop a plan for the expansion of the private sector banking and explained that there are strenuous efforts of the Iraqi government in all international forums and mobilize each two Arab and international communities to support positions Iraq to remove the Item VII of the UN Chart, noting that the Iraqi government formed a committee for the protection of Iraq's money headed by Deputy Prime Minister for Economic Affairs and membership more than one sectoral, including the ministries of planning, finance and trade, as well as the CBI and the legal advisor to the Prime Minister, where presentations were made to the Iraqi government to protect their money, asserting that "he was looking today in these offers by the guarantee bigger to protect the money and efforts are continuing to get better alternatives. From their part two representative of the World Bank, Mary Ellen and Sahar Nasr confirmed: The mission came to support the Iraqi government, especially the Minister of Finance in the restructuring of the Rafidain and Rasheed Banks, because we see that the banking sector is possible that the role of development is too large in the coming period and bank restructuring, whether financial or administrative, where is the structure of the banks is an important point and pivotal in the coming period. They confirmed: The World Bank's role supporting the Iraqi government and the main role of the Iraqi government to restructure the bank Rafidain and Rasheed that their role is important and very much in development more than private banks, especially since the two branches in all provinces and the relationship and ties with the Iraqi government and we are keen to cooperate, saying that the government are choosing what is the fittest of the state and on all axes and added that the goal is how we can improve banking services for the Iraqi people so that the two banks, in turn, a development where we have seen positive steps in restructuring the banks, there are decisions taken very positive steps in favor of the banks. http://www.mop.gov.iq/mop/index.jsp?sid=1&id=565&pid=115

Here is a translation of the recent CBI regulations that were posted on the Arabic side of the CBI website from the Going Global East Meets West website (translations by Abby). It is a terrific site for finding up-to-date articles on Iraq and the dinar. I have found it extremely useful and appreciate all the hard work that is put into that site. Anyway, these new regulations take effect on April 15 and deal with the sale of foreign currency and protection against money-laundering. The most interesting point, to my mind, is the part where the CBI says very clearly that it will buy the foreign currency presented by banks AT THE VALUE ON THE DAY IT IS PRESENTED TO THE CBI. But, as we know, all exchange rates are currently FIXED. To me, this means that the CBI expects foreign currency rates to be fluctuating by April 15 or so. Otherwise, there would be no need for this provision in the regulations. I am reposting it here for other people to read and provide their own analysis in case I am missing something and in case there are other nuggets in here as well. See the language below in italics and underlined under the Fifth Point regarding purchase of foreign currency by the CBI. Link to the original article at the bottom. Translation By Abby! CBI Announcements ..Guidelines for Dealing in the Iraqi Dinar and U.S. Dollar A Big Thank You To Abby .. First Link: According to the provisions of subsection (3) of Article (4) of the law of the Central Bank of Iraq number (56) of the year 2004, for the purpose of fulfilling the goals of the central bank contained in Article (3) of its law, to accomplish the stabilization of the exchange rate of the Iraqi dinar against foreign currency, to fulfill the needs of the private sector, including the import of goods and services, to fulfill the needs of the citizens for different purposes, to encourage the banks to expand its services to all who want to purchase foreign currency, not limiting the sales to a certain group, providing the opportunity to all customers who wish to deal with letters of credit, and in consideration of the requirements of the money laundering law number (93) of the year 2004, we have issued the following instructions: Instructions on the Buying and Selling of Foreign Currency Number 72/3/9 for the Year 2013 First: the cash sale of the dollar: the weekly specified sale will be as follows: A. Banks 4 Million dollars to the bank, subject to increase or decrease, in light of the commitment to deliver it to the last beneficiary (the citizen) at the central bank's specified rate as a maximum rate. B. Money Transfer Companies: 1)150,000 dollars to the companies whose capital is 45 Billion dinars. 2)100,000 dollars to the companies whose capital is less than 45 Billion dinars. 3) In the event that the above mentioned companies submit the receipts and original documents for the goods imported into Iraq upfront, the central bank will provide the full value of these goods in foreign currency after inspection. C. Intermediate Companies that Buy and Sell Foreign Currency: 1) 50,000 dollars to the companies whose capital is 500 Million dinars. 2)25,000 dollars to the companies whose capital is less than 500 Million dinars. D. The buying and selling of foreign currency by the foreign exchange companies, and the intermediate companies, shall occur through the approved banks in Iraq. Second Link: Second: the cash sales shall take place in accordance with the details contained in the General Director's Book (or guidelines) to monitor banking number 39/3/9 dated 5/2/2013, detailing instructions which are an integral part and cannot be strayed from. Third: The sale of the dollar (Letter of Credit and Exchange) The selling price shall be in the amount of 1,175 dinars to one dollar and shall be for the following purposes: 1. Letter of Credit: For the purpose of encouraging the approved banks of Iraq to work with letters of credit, the transfer using letters of credit shall occur in accordance with terms of payment after making sure that the necessary documents are provided for opening and approving letters of credit with the following conditions: A. The letter of credit will be opened through reliable foreign correspondent banks. B. The Central bank of Iraq agrees to cover the letter of credit (the total line of credit), provided that this obligation is irrevocable for a total credit of at least 100,000 dollars. C. Application for a swift letter (approval) to open a line of credit for this bank for the purpose of coverage in the form of a payment or payments, starting from the first payment (the date of opening a line of credit) and until the date of payment completion. This is in accordance with the conditions of the credit, whether short or long term, and within the effective period of the foreign currency credit, through the general director of investments and outside of the sale of foreign currencies. D. The limit of the credit should not exceed 100% of the bank's capital, and the banks shall notify the Central Bank of Iraq of partial or complete payments on the line of credit, to decrease the line of credit. In the event that the banks exceed their limit, the Central Bank will look into summoning them. E. The bank is responsible for returning the same amount of the transferred line of credit in the events that the products/goods do not reach Iraq in the specified time frame. This is when the credit expires, and includes the same exchange rate of the central bank minus one dinar. F. The exchange rate for the line of credit will be the rate approved by the central bank on the day of any payment on the credit. G. In the event that the government banks is to cover any of the amounts of credit on behalf of the self-funded public sector companies, the following must be provided: Third Link 1. The credit must have been opened after 1/10/2012 2. Approval/Agreement from the Sector Ministry that there is a need to cover an economic project, and a line of credit is required to be opened. 3. Lack of allocation of funds in foreign currency to open a line of credit for the purpose of a project for the state budget. E. In the event of Partial Processing (the arrival of only some of the goods and the expiration of the line of credit). In this case, the bank must return the remainder of the amount in the open line of credit of the amount of the products which are not ready. Also provide documents and receipts for the products and goods that have entered the country only. 2. Transfers/Exchanges: Applications to purchase the dollar exchange through banks and money transfer companies will be accepted (through the banks) for the purpose of importing goods, products and services provided that this does not exceed 500,000 dollars under any circumstances and are in compliance with the following mechanisms: A. 4 dinars are added for transportation and conversion costs, making the rate 1,179 dinar to the dollar as a commission for transfer (and the same applies to the cash sales) B. With the application to purchase the dollar, detailed documentation must be provided with the amount transferred to the individual or party, (include the name of the sender, the amount, purpose of transfer, the name of the receiver, the name and nationality/origin of the sending bank the number and date of the import license, the number and date of the receipt) C. The bank must provide approval of the import of goods or services into Iraq, and must submit this within three months of the transfer. D. The receipt must be the original copy and cannot be past three months of the transfer. Fourth: Automatic Submission: A. The applications for purchases must be submitted daily and carried out on the same day of the following week. B. When an objection arises to an applicant's request, the central bank must inform the applicant of its objection within three business days of the date of the applicant's request to purchase through the foreign currency exchange. __ Fourth Link This verifies the sales process (cash, transfers and credit) through the documents and applications presented to the executive committee of buying and selling of foreign currency for consideration. Also, a copy of the applications are to be sent to the office of money laundering reports to investigate the sources of the money and its uses. In addition, they are to investigate and verify the identities of those who are sending and receiving in the exchanges, according to the anti-money laundering law number 93 of the year 2004. C. In the event that an application is denied, the bank will be notified in an official letter, showing the reason for the denial. The bank reserves the right to deny an application through a letter to the division of the foreign currency sales and purchases. D. The purchase application should be submitted with the signature of the Managing Director or his official representative (in the event of his absence) , as well as the signature of the Branch Manager of the foreign banks. This should be stamped and attached to the analytical statements, the buying or selling form, and the citizen's purchase statement with two authorized signatures (among them the compliance officer). All should have the stamp/seal of the bank. E. The banks are obliged to place a copy of these instructions at the banks and the foreign exchange companies, in their public administration offices and branches so that the public may have access to them. F. The banks are obliged to submit approval and verification of the information in the currency purchase application , and other attachments documenting the money transfers use for the import of goods or services by the private sector into Iraq. It must be insured that measures have been taken to protect the customers who transfer funds through the principle of "know your customers". Also, the documents must be originals and in compliance with the guidelines. Fifth: The Purchase of Foreign Currency The central bank will buy the foreign currency presented by the banks at the rate that appears on the day it is presented for sales. Sixth: Procedures: The process of foreign currency sales from banks and currency exchange companies will be subject to control, audit and inspection by the General Director of the supervision of exchanges and credit, and by the office of supervision of money laundering. http://www.almasalah.com/index.php/2012-06-25-12-38-33/9488-%D8%A7%D9%84%D9%85%D8%B3%D9%84%D8%A9-%D8%AA%D9%86%D8%B4%D8%B1-%D8%AA%D8%B9%D9%84%D9%8A%D9%85%D8%A7%D8%AA-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D8%A8%D8%B4%D8%A7%D9%86-%D8%A8%D9%8A%D8%B9-%D9%88%D8%B4%D8%B1%D8%A7%D8%A1-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9-%D8%A7%D9%84%D8%A7%D8%AC%D9%86%D8%A8%D9%8A%D8%A9.html

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?

Found this on the Going Global East to West website. It contains some positive predictions about the dinar revaluation and some related information that might be useful to know in advance. So that's the good news. The bad news is that the world, according to Phoenix, is about to go to heck in a hand basket. Please don't shoot the messenger (me) here. I am only passing this along because some of this information might prove accurate, and forewarned is forearmed, as they say-- All of the Below is Speculation based upon the whole of the “Matrix of Information” and the total sum of all information available at this time. The Iraqi Dinar and the “Matrix of Information”. Ok as I have been saying for the past three weeks I have been looking at a temporal marker that had to do with Obama’s trip to Israel on March 22nd. I am pleased to announce that all the expected markers were met. We are seeing a collection of markers all coming together from many projections from many sources. Those sources are the TRV (technical remote viewing) sessions on the Iraqi Dinar revaluation, remote viewing sessions done by various companies as per Earth changes, the Web Bot work of Clif High, the work of Princeton Economics and more so the factual situation on the ground pertaining to the current economic and geo-political situation on a global scale. The sum of this information can be condensed into the following expected chain of events: 1. We can expect in the short term (March) an announcement from the government of Iraq that they will be making changes to the exchange rate of the Iraqi Dinar but the actual date of change will be later (April). 2. The rate will be lower than expected. 3. The rate may appear on the CBI in the range of 3.1300 to 3.8600 or “3 to 1” 4. This will cause excitement and confusion because the rate is in IQD to USD creating a “mirror image” as the true rate will be 3 IQD to 1 USD or .31 cents to .38 cents USD per 1 IQD. 5. A time limit for exchange will be set causing a panic with many investors. 6. The US government will take action to pull in as much money from the public through taxes or outright seizures in some cases, as possible. 7. This action by the US government will cause a backlash and anger. 8. As of March 22nd the U.S. economy begins a down turn that will last for 71 years this will also see a major devaluation or loss of value of the US dollar while gold and silver rise. 9. The U.S., Israel and NATO will become engaged in warfare with Syria and this begins the “kicking over of the game board”….this leads to WWIII a.k.a. “Armageddon”. 10. Syria, Iran and Russia attack Israel. 11. Iraq becomes destabilized and Kurdistan breaks away declaring their independence and claiming the US as prime ally. 12. North Korea attacks South Korea and possibly the United States, nukes are used…maybe as an E.M.P. weapon. 13. An event that causes major global flooding on the coast that could be caused by a meteor impact in the ocean. 14. A major solar event that causes much damage worldwide. 15. Also expect a late spring with farmers having problems planting worldwide. 16. Be on the lookout for major Earthquakes worldwide. 17. Expect the unexpected and challenging times from now until September 2nd. 2016 All of the above is Speculation based upon the whole of the “Matrix of Information” and the total sum of all information available at this time. Have a Plan….and Plan to Act. Phoenix.

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.

Am I missing something? This is huge, IMO. The whole point of the IMF Standby Agreement, as I read things, had been to provide a backdrop of liquidity for Iraq's financial system-- to help it get up and running and to stabilize it. The SBA notes on the IMF website state that the SBA was extended last year so that, in fact, Iraq could work on its exchange regime. So now, the IMF has come out and said specifically that Iraq has passed the fourth review. (The third review had been held in Jordan in December) and that the SBA has not been extended. No more reviews and no more SBA. This means that the IMF must think that Iraq's financial system (although highly imperfect) is strong enough to stand on its own-- and to eventually RV. Indeed, I think that Iraq will have to RV if it has any hopes of repaying the $500 million plus dollars it will owe the IMF next year under the SBA. (In comparison, the payment due this year to the IMF under the SBA is relatively small and not due until July). This is great news!!!!!

This is too long to cut and paste but there is a lot of information about human rights issues in Iraq here-- http://www.un.org/ga/search/view_doc.asp?symbol=S/2013/154

Thanks so much, yota.

Twilight News / The Ministry of Planning and Development Cooperation, Tuesday, announced the launch of federal budget funds directly after approval by the Presidency and the deployment of the budget law in the Official Gazette, stressing that there is a delay in many projects. The ministry spokesman Abdul Zahra al-Hindawi said in an interview for "Twilight News", "The Ministry of Planning pending completion of the legal proceedings and budget of the approval of the presidency of the republic and published in the Official Gazette of the projects will be launched immediately after the completion of legal proceedings." Hindawi said that "the ministry will launch projects in the same week that budget is published in the Official Gazette, and there will not be any delay by the ministry to the presence of a lot of projects stalled because of delays that happened in approving the budget." The House voted last Thursday on the federal budget without a political consensus with the Kurdistan Alliance list, which threatened to resort to the Federal Court to challenge the original budget. The total federal budget 138 billion dinars, which is the largest in the history of the Iraqi state, which included $ 55 billion dinars investment part, and 83 billion dinars, the operational part. And the Iraqi government budget was built in 2013 on the basis of (90) dollars a barrel at a rate of 2.9 million barrels of oil a day. See http://www.shafaaq.com/sh2/index.php/news/economy-news/54239----2013-------.html

The IQD is currently showing a spread of 1159/1161 against the U.S. dollar on NetDania with 1159 being reported as the high, low, and close. I've never seen it quoted in the 1150s before.

Also, why would the CBI's currency exchange reporting need to suddenly go out to three zeros after the decimal and add so many currencies if the exchange rate was going to stay fixed? Answer: It wouldn't. This makes no sense unless it plans for the rate to change. As far as I know, too, the CBI doesn't even really deal in the Krona, Krone, or Yen etc. Doesn't it just sell dinars and dollars? If so, why would it need to suddenly publicize it's exchange rate against the Krona or the Krone and be able to update that rate if, indeed, its rates are to stay fixed? Just asking . . .

Dontlop and Rayzur, it also may be significant that the recently-expired IMF SBA was denominated in SDRs and, it is my understanding, has to be repaid in reference to SDRs.

From DR-- SteveI Update at don't promote other sites Forum Thursday Morning03/07/2013 Greeting PD Members, We are pleased to announce that the vote on the Iraqi 2013 budget has passed in parliament. Now that this hurdle is done, the next step is to activate the new Iraq currency rate. This will and should move along quite quickly as many country projects are depending on this 2013 budget to be opened. I believe you will not hear a lot about the process but rather start looking for the new rate to be officially posted on the Official Central Bank of Iraq website. As a courtesy, we send one last email when it has been established, and a list of banks that will work with you. I would imagine that the United States banks and currency dealers will follow very quickly by allowing you to proceed and begin the exchange process for your Iraqi currency to the United States currency. I am very happy that this is about over and all of you can start your new lives in the near future. Yes we will keep the don't promote other sites Forum open for a little while, however it will be officially turned into People Devoted to People, http://www.peopledevotedtopeople.org for those that wish to continue God’s work. God Bless each and every one of you. Blessings, Steve & Ray And all of the wonderful Mods here at don't promote other sites! Wife in the Know Thursday morning post emailed to Dinar Recaps03/07/2013 Hello Everybody- Keep your spirits flying high friends, here is a quick overview on the Budget situation. The Budget voting keeps getting postponed because They (GOI through the direction of the UN) are going to time or stage the event to coincide with the release of their new currency and its "new" rate of $3.42. This will happen any day now, they know they can not keep kicking the can down the road for very much longer. Trust me, the budget voting is nothing more then a formality at this point. As I have said before, the terms in the Budget, HCL, Erbil and Chapter 7 type of issues are agreed upon and none factors anymore. The agreements will all come out publicly afterwards. Given the fact that they keep saying the budget vote will be delayed again for another day or so for whatever reason they give, is a great sign that they are very close to finally doing this. My husband tells me that huge efforts are underway to help resolve the water and energy crisis that face the citizens of Iraq as we speak. Sadly, Over a quarter of the population in Iraq live in poverty, George W. Bush freely gave over 20 billion dollars to help stabilize economic independence, that money is to be used to help pay contractors for the rebuilding of these services. Things are about to change in a very big way in the Middle East. Stay positive and smile : ) often. Wife in the Know ....

Thanks for the info, Betty. Good luck and God speed

http://www.constructionweekonline.com/article-21217-cristal-group-to-reopen-flagship-baghdad-hotel/#.UTV5m4y9KK1

Thanks for the support, Sarge's gals. I'm former Army myself (and a woman too) Hooah.

LIBoy, that is your rule, not the rule of this forum. You can't dictate what is presented here or how it's presented and, in no way, did I compromise the content of the article or misrepresent it. You can post however you like and I will post however I like. There is room for both of us here, and if you'll take the time to notice, you would see that nobody else has complained about my titles but in fact several have defended them against your complaints in the past. In sum, you do not make the rules here and you have no right to dictate how material is presented as this is not your forum. So please stop. BTW, you are not the only one who has been published here.

LIBoy, with all due respect, please stop complaining about my article titles. I word them very carefully after considering the content so that the reader can get a better idea of what's inside. The title I referenced was perfect given that the article does explain in detail what Iraq's problems have been in getting out of Ch. VII and the disputes within the UNSC about how to resolve Iraq's status and how the UN is now still trying to pick the ongoing mechanisms for supervising the last remaining items between Iraq and Kuwait. In fact, I've never seen as much valuable current detail about what's currently going on with the UNSC relative to Iraq as is contained in this article. The article also explains what is currently being done by the UN folks in preparation for the upcoming UNSC meeting in June about Iraq and references even more valuable information that we can follow up on (like the recent letter from Ban Ki Moon and the meeting with the Kuwaitis that was held by the UN folks TODAY). I get that you may disagree with the title, but please remember that the original title in the article was also probably picked by an editor and is not any kind of gospel. Seriously dude, you're just fly-specking the pepper at this point, IMO. Please do not read any more articles that I post if you cannot stop.