Good or Bad?

[phillipt]

http://www.imf.org/external/what/what.asp

The above link goes to the International Monetary Fund's website. I was just browsing all sorts of things about Iraq's situation and ran across this the other day. The actual article on this page is the Iraq governments official financial plans submitted to the IMF to get another "Stand BY Agreement" for the gov. to get money from the IMF. Once you open this letter of intent story there is another link at the top left of the page that says the IMF approved this request in FEB. This is a good insight on how the Iraqi financial system works and what it has planned for the near future.

I found a couple paragraphs in this article one of which kinda seems like good news and it says: " 26. To improve the functioning of foreign exchange auctions, we plan to develop

organized exchange markets outside the central bank, including an interbank foreign

exchange market. Our aim is to establish a forward market in Iraqi dinars in the near future."

Then further down I found this paragraph which to me doesn't seem so promising. Reads to me that the exchange rate will stay like it is for the duration of this latest "Stand by Agreement"; which appears to be their third. "3. For purposes of monitoring under the program, a program exchange rate will be

used. This program exchange rate will be set at ID 1,170 per U.S. dollar. The program

exchange rate will be used to convert into Iraqi dinars the U.S. dollar value of all CBI foreign

assets and liabilities denominated in U.S. dollars, as required. For CBI assets and liabilities

denominated in SDRs and in foreign currencies other than the U.S. dollar, they will be

converted in U.S. dollars at their respective SDR-exchange rates prevailing as of

December 31, 2009, as published on the IMF

[nurav]

Propaganda. You will never know whats actually going on. They will make you hear what they want you to hear. Just relax. What will be will be

[dreamer1]

que sara sara what ever will be will be