Kaperoni - Iraq Is Focused On September + What's Going To Happen There !

[DinarThug]

CNN. Broadcasting From A Bank Drive Thru Lane In Baghdad. Some Sheik On A Sporty Foreign 2 Hump Camel Just Cut In Front Of Me !

Iraq is lining everything up to invite banks and investors and participants to come into Iraq and when you see all of this line up you can clearly see that we are getting closer to the point in which they will hopefully take their currency on an international level and give it some value.

One of conditions (for WTO) is that Iraq gets their currency up to be more in line with the US dollar. They are inviting foreign banks to set up operations in Iraq and having that is also a WTO requirement. Foreign bank branches in Iraq must be Basil III compliant. From Iraq’s banking standpoint they are moving towards international standards. They (Trade Bank of Iraq) are moving towards getting Iraqi citizens on credit cards, debit cards (VISA, MC accepted globally), and so on which gets them away from the paper currency which is obviously a problem in the country in multiple ways. This is all focused on what we believe to be the month of September and the activities that are going to happen there.

[Neapolitan]

Who in the heck would neg a news clown? I evened you out Thug.

[Gooserider67]

This wasn't worth the neg there Thug.... plus 1 to even you out....keep up the good work....

[keepmwlknfny]

No no no pepperoni......the dinar being on par with the USD is not a requirement or condition of being a member of the WTO.....

They did state that once they become a full member, they will work to get the currency on par with the dollar, but its far from a requirement....

[SnowGlobe7]

I believe that Keep is right...they will have a timeline on getting their currency on par.

[powerpager]

Good One Kap/Thug !!!

[DinarThug]

No no no pepperoni......

I'm Sorry But This Is A McDonald's !

The Pizza Hut Is Across The Street .....

:D

[sandyf]

CNN. Broadcasting From A Bank Drive Thru Lane In Baghdad. Some Sheik On A Sporty Foreign 2 Hump Camel Just Cut In Front Of Me !

Iraq is lining everything up to invite banks and investors and participants to come into Iraq and when you see all of this line up you can clearly see that we are getting closer to the point in which they will hopefully take their currency on an international level and give it some value.

One of conditions (for WTO) is that Iraq gets their currency up to be more in line with the US dollar. They are inviting foreign banks to set up operations in Iraq and having that is also a WTO requirement. Foreign bank branches in Iraq must be Basil III compliant. From Iraq’s banking standpoint they are moving towards international standards. They (Trade Bank of Iraq) are moving towards getting Iraqi citizens on credit cards, debit cards (VISA, MC accepted globally), and so on which gets them away from the paper currency which is obviously a problem in the country in multiple ways. This is all focused on what we believe to be the month of September and the activities that are going to happen there.

'Foreign bank branches in Iraq must be Basil III compliant. '

This will hold things up a bit. there isn't a bank in the world at Basel III. The most advanced country is Saudi Arabia at stage 3, US is still at stage 1 - Requirements yet to be agreed.

Edited August 29, 2012 by sandyf

[katie45]

Actually Walkin, your are wrong again. The advisory committee for the WTO did tell Iraq to get the dinar closer to the USD. I found the quote.

“The Committee called for reducing the difference between the U.S. dollar and the Iraqi dinar, activate the role of the private sector, open the world markets in Iraq with customs on imported goods that commensurate with the economic laws applied in the country,” he added

The net that “the World Trade Organization were previously wary of government plans to support the Iraqi dinar, and elevate it to a value of U.S. dollar and the high differential cash between them,” he said, adding that “Iraq has a good capacity to support the Iraqi dinar, which is qualified to be a member of organization that will support the trade in the country in a clear and consolidates the efforts of the government in the development of trade in the country. ”

Here is the name of the Kap chat...

Why is the currency reform is so important to Iraq?....Kap looks at the CBI, WTO and reasons why... 6/3/2012

Edited August 29, 2012 by katie45

[handy]

Katie 45 , you rock! Good post. ty.

[SWFloridaGuy]

Actually Walkin, your are wrong again. The advisory committee for the WTO did tell Iraq to get the dinar closer to the USD. I found the quote.

“The Committee called for reducing the difference between the U.S. dollar and the Iraqi dinar, activate the role of the private sector, open the world markets in Iraq with customs on imported goods that commensurate with the economic laws applied in the country,” he added

The net that “the World Trade Organization were previously wary of government plans to support the Iraqi dinar, and elevate it to a value of U.S. dollar and the high differential cash between them,” he said, adding that “Iraq has a good capacity to support the Iraqi dinar, which is qualified to be a member of organization that will support the trade in the country in a clear and consolidates the efforts of the government in the development of trade in the country. ”

Here is the name of the Kap chat...

Why is the currency reform is so important to Iraq?....Kap looks at the CBI, WTO and reasons why... 6/3/2012

Hey there Katie. Great to see you as always.

[sonny1]

Keep not that it means that they will, but the wto did recommend that they get on par with the u.s.d

[NWGUY]

Katie is one smart cookie!!

Maybe we can order a dozen Katie smart cookies, and another dozen Carrello smart cookies!!!

That would make us double smart!!

Go RV!!!

[Realdinar]

Keep not that it means that they will, but the wto did recommend that they get on par with the u.s.d

thanks sonny for all you do here.

[katie45]

Katie is one smart cookie!!

Maybe we can order a dozen Katie smart cookies, and another dozen Carrello smart cookies!!!

That would make us double smart!!

Go RV!!!

Let's give them to Walkin he needs them. NWGUY, you get a free lap dance

Edited August 29, 2012 by katie45

[DinarThug]

Keep not that it means that they will, but the wto did recommend that they get on par with the u.s.d

I'm Lovin' It !

:D

[keepmwlknfny]

First off katie, post the entire article or link to it......

Secondly, what you quoted does not state that in order for Iraq to join the WTO as a full member they. MUST already have a currency worth as much as the USD.....

I know they talked about getting the dinar on par with the USD,that's not what I am disputing......what I said was that its not a requirement....this subject was brought up awhile back and we went through all the information.....their plans ARE to get the dinar on par with the USD...but its not a requirement before they become a full member.....they are already a OpartialO member.....

So if you would be so kiknd as to post the entire article or link and we can go over it together.......

[doctor robbins]

Is this what you're referring to Katie?

“Iraq needs a new study for its economic system to be a member in the World Trade Organization (WTO),” an official in the Iraqi Finance Ministry said today.

”The Iraqi committee gave its final results about the Iraqi acquisition of the membership in the World Trade,” The Economic Advisor in the Finance Ministry, Abdul Alim Kadhim, told The Independent National News Agency of Kurdistan (AK news)

“The Committee called for reducing the difference between the U.S. dollar and the Iraqi dinar, activate the role of the private sector, open the world markets in Iraq with customs on imported goods that commensurate with the economic laws applied in the country,” he added

Iraq needs to be a member of WTO

[SWFloridaGuy]

Although some foreign countries who are WTO members do use the USD as their primary currency, I don't believe that is the plan for Iraq. Iraq’s goal is for their primary currency to be the IQD and eventually dedollarize. We also believe this is an obligatory stipulation for accession where they are concerned. When the time comes, Iraq will lay out all their economic and trade policies that relate to WTO agreements, submit a memorandum and a panel will consider the application. When the principles and policies are in place, additional negotiations will commence between Iraq and member countries. The terms will be finalized and submitted to the General Council. If 2/3 of the members vote in favor, than Iraq may accede to the WTO. It's my opinion that Iraq will not be given full membership until they raise the exchange rate on the IQD and it becomes a more recognizable and internationally traded currency. Chapter 5 of the WTO handbook is an interesting read and may be applicable. http://www.wto.org/english/thewto_e/acc_e/cbt_course_e/c5s2p2_e.htm

Edited August 29, 2012 by SWFloridaGuy

[doctor robbins]

Although requirements vary according to the country under consideration, there are member nations with a currency valued at less than a tenth of a penny. South Korea's won is valued at $.0009, for example. The article that I posted didn't mention a stipulation from the WTO. Rather it was referring to a recommendation from an Iraqi committee that included other recommendations like developing the private sector, increasing world trade with customs on imported goods, paying off half their debt ... etc. There is nothing in this article that indicates a requirement from the WTO to raise the dinar's value, but even if there was that could be accomplished via a re-denomination. If Kaperoni is using this article to prove that Iraq has to RV to get into the WTO he's wrong.

[keepmwlknfny]

Is this what you're referring to Katie?

“Iraq needs a new study for its economic system to be a member in the World Trade Organization (WTO),” an official in the Iraqi Finance Ministry said today.

”The Iraqi committee gave its final results about the Iraqi acquisition of the membership in the World Trade,” The Economic Advisor in the Finance Ministry, Abdul Alim Kadhim, told The Independent National News Agency of Kurdistan (AK news)

“The Committee called for reducing the difference between the U.S. dollar and the Iraqi dinar, activate the role of the private sector, open the world markets in Iraq with customs on imported goods that commensurate with the economic laws applied in the country,” he added

Iraq needs to be a member of WTO

Thanks Doc....

This is exactly what I was getting at and why I ask for the whole article to be posted before you can declare someone "wrong" lol.....

Cause by this article its not even the WTO committee calling for a reduced difference between the USD and the dinar.....

See how easily it is to catch when someone twists words and changes statements to fit what they wanna say???

Keep trying Katie.....

All you did was support my statements of how there is support for Iraq to put the dinar on par with the USD, but by no means does anything you posted prove that it is a REQUIREMENT for the dinar to be equal to the dollar before they can be accepted.....

[katie45]

Here is the entire Kap chat. You guys figure it out.

Why is the currency reform is so important to Iraq?....Kap looks at the CBI, WTO and reasons why...

6/3/2012

In recent days we have seen numerious articles from the CBI about how “all prepartations are done” and that they want to the GOI and Council of Ministers to come onboard and support the CBIs plan.

We are starting the see the tremendous burdon on Dr. Shabibi to take the dinar to an “international” level. That without his monetary reform, there is no WTO, no free market economy and limited economic improvement.

The following quotes are from the WTO Handbook on accession.

http://www.wto.org/english/thewto_e/acc_e/cbt_course_e/c5s2p2_e.htm

“Applicants need to describe how their exchange rate is determined, whether their currency is convertible, whether foreign exchange is freely available for trade and payments purposes, whether any regulations exist relating to the retention of foreign currencies, or repatriation or surrender requirements. Applicants should also describe their balance of payments situation.”

“While foreign exchange questions are within the jurisdiction of the IMF and trade policy questions within the competence of the WTO,128 foreign exchange questions and trade policy questions are interrelated. Of most direct relevance to the WTO is whether foreign exchange is freely available in payment for current account transactions, as exporters need to know how they will be paid.”

“Working Parties have been careful to respect the competence of the IMF. While Members have demonstrated an interest in obtaining adequate information on all matters dealt with in this section, they have laid stress on issues of direct relevance to international trade. They have, for instance, focussed on knowing whether applicants are members of the IMF and whether they have accepted Article VIII of its Articles of Agreement which provides that “no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions”.

“All Working Party Reports but one have been able to note, that the acceding government concerned is a member of the IMF and has accepted its Article VIII obligations.”

Looking at the WTO accession articles also, we can see some great facts…These quotes come from a few articles that were found over the past few years…

http://dinaralert.webs.com/apps/forums/topics/show/7751348-deputy-iraq-has-made-several-obstacles-away-from-the-world-trade-market

“The winner (of the Agency news): The Iraq's accession to the WTO needs to stabilize the economic and political in the country, noting there are constraints have made Iraq away from her Ktzbzb the local currency against hard currencies as well as the lack of resolution of the project to delete the three zeroes from the currency.”

http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http%3A%2F%2Falmadapaper.net%2Fnews.php%3Faction%3Dview%26id%3D66420

“The WTO is made up of a coalition of countries, a global advanced in all fields of economic Kalsnaaah, agricultural, commercial, and the accession of Iraq to gain him the experience of those countries to develop its economy, adding that it would allow Iraq to deal with these countries and cooperation among themselves .”

http://translate.google.com/translate?langpair=auto|en&u=http%3A%2F%2Fwww.alsabaah.com%2FArticleShow.aspx%3FID%3D26514

“The mayors of the country to hold a series of economic reforms that are imposed on countries wishing to enter into the membership of that organization as a condition for acceptance, including a comprehensive reform of the laws, customs, taxes and reform the system of banks and other economic laws, the other that can facilitate the process of accession to the WTO.”

http://www.iraq-businessnews.com/?p=2436

”The Iraqi committee gave its final results about the Iraqi acquisition of the membership in the World Trade,”

The Economic Advisor in the Finance Ministry, Abdul Alim Kadhim, told The Independent National News Agency of Kurdistan (AK news)

“The Committee called for reducing the difference between the U.S. dollar and the Iraqi dinar, activate the role of the private sector, open the world markets in Iraq with customs on imported goods that commensurate with the economic laws applied in the country,” he added

Here are three more from my archives. I don’t have the orginal link..

The net that “the World Trade Organization were previously wary of government plans to support the Iraqi dinar, and elevate it to a value of U.S. dollar and the high differential cash between them,” he said, adding that “Iraq has a good capacity to support the Iraqi dinar, which is qualified to be a member of organization that will support the trade in the country in a clear and consolidates the efforts of the government in the development of trade in the country. ”

http://zzz.forum-motion.com/t12488-ministry-of-trade-bilateral-negotiations-to-join-the-world-trade-organization

-------------------

He said the main duties of the task force are reducing the difference of value between Iraqi Dinar and US dollar and activating Iraq's private sector.

http://zzz.forum-motion.com/t11288-iraq-wants-to-join-wto-monday-september-13th-2010-1141-am

--------------------

"The Committee's main task is to seek to reduce the difference between the U.S. dollar and the Iraqi dinar, as well as activating the role of the private sector, commensurate with the efforts to develop the economy of the country."

http://zzz.forum-motion.com/t11257-source-iraq-will-become-a-member-of-the-world-trade-organization-soon

-------------------

“The Committee called for reducing the difference between the U.S. dollar and the Iraqi dinar, activate the role of the private sector, open the world markets in Iraq with customs on imported goods that commensurate with the economic laws applied in the country,” he added

http://zzz.forum-motion.com/t2441-iraq-needs-to-be-a-member-of-wto

So what we can take from this is that there will be no WTO for Iraq until they get the currency more in line with the USD and accept the conditions of Article VIII of the IMF Guidelines. The good news is that we don’t have to concern ourselves with WTO as the currency reform will come prior. These are big hurdles for the CBI, but clearly in recent days, we can now see there significance of why Dr. Shabibi wants to move forward now. In fact this recent article even mentions why…

Central Bank announced new steps that will raise the value of Iraqi dinar against the dollar. The deputy governor of the Bank Mazhar Mohammad Saleh said that "the central bank began to apply the new strategy will emerge where the equation is equal dinar and the dollar if it is available the appropriate atmosphere."

"The new strategy will work to increase the capacity of the dinar as a step in the way of fixing the financial system and stimulate the economy, Iraq and then proceed to delete the zeros of the project out an equation in which the dinar is equal to the dollar."

Saleh explained that "this requires the availability of several factors Kalnhod the agricultural sector, industrial and services sector and investment."

He said "the current situation cause for optimism about the future of the economy and the value of the currency and its purchasing power."

http://translate.google.com/translate?hl=en&prev=hp&rurl=translate.google.com&sl=ar&tl=en&u=http://alforattv.net/index.php%3Fshow%3Dnews%26action%3Dcat%26id%3D23

And this article not only confirms the rate, but confirms what the WTO called for over 2 years ago.

“Said the central bank to take new steps that will raise the value of Iraqi dinar against the dollar in the markets as a step in the way of reform of the financial system in Iraq and stimulate the economy, and move a project to delete the zeros of the exit equation equal to the Iraqi dinar with the dollar after the availability of factors Kalnhod the agricultural sector, industrial and services sector and investment .”

http://translate.google.com/translate?hl=en&sl=ar&u=http://www.alfayhaa.tv/news/economy/82632.html&ei=yxLFT5f3D4mBgwfgzsH3CQ&sa=X&oi=translate&ct=result&resnum=10&ved=0CH8Q7gEwCTgU&prev=/search%3Fq%3D%25D8%25A7%25D9%2584%25D8%25AF%25D9%258A%25D9%2586%25D8%25A7%25D8%25B1%2B%25D8%25A7%25D9%2584%25D8%25A3%25D8%25B5%25D9%2581%25D8%25A7%25D8%25B1%2B%25D8%25A7%25D9%2584%25D8%25A8%25D9%2586%25D9%2583%2B%25D8%25A7%25D9%2584%25D9%2585%25D8%25B1%25D9%2583%25D8%25B2%25D9%258A%2B%25D8%25A7%25D9%2584%25D8%25B9%25D8%25B1%25D8%25A7%25D9%2582%25D9%258A%26start%3D20%26hl%3Den%26lr%3D%26sa%3DN%26biw%3D1280%26bih%3D614%26tbs%3Dqdr:d%26prmd%3Dimvns

This article once again shows us the CBI is ready..In fact they say…”ready to begin”

He noted the benefit "if the Commission met at any time and any decision to proceed has decided to delete the zeros of work, we are ready to begin." He stressed that "the deletion of zeros as a project and infrastructure and create the foundations of incomplete and concepts, which is different from issuing a new class of currency, with the consequent deletion of three ranks of calculation from the accounts of the Republic of Iraq starting from the family budget and ending the public budget of the State". He cautioned that "such a project needs to be concerted efforts of both the central bank, parliament, government, and the approval of the last two on the project is important for its success."

http://translate.google.com/translate?hl=en&sl=ar&u=http://www.alaalem.com/index.php%3Faa%3Dnews%26id22%3D47589&ei=Fhi9T5PVCOOk6gHBorRW&sa=X&oi=translate&ct=result&resnum=5&ved=0CHkQ7gEwBA&prev=/search%3Fq%3D%25D8%25A7%25D9%2584%25D8%25B9%25D8%25B1%25D8%25A7%25D9%2582%2B%25D8%25A3%25D8%25B5%25D9%2581%25D8%25A7%25D8%25B1%2B%25D8%25A7%25D9%2584%25D8%25AF%25D9%258A%25D9%2586%25D8%25A7%25D8%25B1%26hl%3Den%26lr%3D%26tbs%3Dqdr:d%26prmd%3Dimvns

And this final article quote shows us they are fully aware of the dangers of waiting on this project…

“This requires us to accelerate the implementation of the project to delete the zeros, before of evil consequences.”

http://translate.googleusercontent.com/translate_c?hl=en&langpair=ar|en&rurl=translate.go ogle.com&u=http://www.albayan.ae/economy/capital-markets/2012-05-29-1.1658612&usg=ALkJrhjb2RvcAbnnCirM9D8pgM9vLP7-

Now we see the crossroads Iraq is at. The significance of the currency reform and the reason for the aggressive timeframe.

We are very close.

Kap

[keepmwlknfny]

Come on Katie.....are you now telling me that your not even sure???

You were so sure that I was wrong, but yet cannot show anything to back your statement???

Take a little more time to read the information, and rely less on others to tell you what it means......It will make you look more credible...

[sandstorm]

Personally i dont see it relevant, whether iraq gains full status in the wto or not. The currency reform is in the forefront. They havetoldus many times they were looking at september to january to begin. with some arguments on whether to wait until mid-june. I dont think time is an issue anymore....they are directly telling us. and of course...it would be great if the political scene was calm and agreeing.

Edited August 29, 2012 by sandstorm

[SWFloridaGuy]

Although requirements vary according to the country under consideration, there are member nations with a currency valued at less than a tenth of a penny. South Korea's won is valued at $.0009, for example. The article that I posted didn't mention a stipulation from the WTO. Rather it was referring to a recommendation from an Iraqi committee that included other recommendations like developing the private sector, increasing world trade with customs on imported goods, paying off half their debt ... etc. There is nothing in this article that indicates a requirement from the WTO to raise the dinar's value, but even if there was that could be accomplished via a re-denomination. If Kaperoni is using this article to prove that Iraq has to RV to get into the WTO he's wrong.

We will never be able to prove that Iraq has to revalue their currency at all. We are all aware of this, as I'm sure Kaperoni is as well. We're simply offering our opinions as to what may possibly apply to Iraq on a particular case-specific basis.

Personally i dont see it relevant, whether iraq gains full status in the wto or not. The currency reform is in the forefront. They havetoldus many times they were looking at september to january to begin. with some arguments on whether to wait until mid-june. I dont think time is an issue anymore....they are directly telling us. and of course...it would be great if the political scene was calm and agreeing.

Agreed, that would be a great sign.