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Iraq's Obligations to the IMF


Charlie339
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Iv read somewhere that the IMF will NOT accept gold or oil in return for the payment. Has anyone else heard this? If this is the case im assuming that they need a currency thats worth something to repay. Am i right / wrong?? I would like to hear what people think - great post Charlie

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Iv read somewhere that the IMF will NOT accept gold or oil in return for the payment. Has anyone else heard this? If this is the case im assuming that they need a currency thats worth something to repay. Am i right / wrong?? I would like to hear what people think - great post Charlie

i read in forum a few weeks ago that the payment was to be in tradeable currency and the rv dinar would have to have 30 days between rv and being accepted by imf as tradeable currency

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Iv read somewhere that the IMF will NOT accept gold or oil in return for the payment. Has anyone else heard this? If this is the case im assuming that they need a currency thats worth something to repay. Am i right / wrong?? I would like to hear what people think - great post Charlie

Hi,

My take is they DO NOT need international trade-able currency. The IMF indicates they can negotiate the currency(eg US Funds) which the loan is paid. All the gurus state differently, but not one has provided the proof. I challenge anyone who can provide solid info regarding this.

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Medic, Mailman, & all the others who have been wrong 100% say that the first payment can only be made with a tradeable currency (their own currency(post rv). Guaranteed they will make a payment in USD or other, but will not be paid in Dinar. Medic has been hung up on the loans through the IMF for so long & it NEVER pans out.

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SFMED had been stating that had to use a tradeable currency, that they could not use gold, or oil, now whether or not they could use SDR's is unknown as I've not heard anyone mention that. Iraq has a substantial amount of SDR's in the billions, you can look it up on the IMF website, I was pretty surprised when I saw how many they had there. In excess of 1.1 Billion I'm thinking...tried to find the document as I had saved it, but can't locate it.

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There is a an XLS form on the CBI website called CBI Key Iraq Financials, which I wanted to download on here but the uploader won't accept excel files, which is understandable. If there is an economist out there who would look that up and decipher it there is some really good info on there. Lots of timelines on the loans and dates and amounts, it goes all the way back to 2002 and back up the last week of January of 2010, showing the exchange rates plus some addtional information that might be useful.

Here is an excerpt from the first column.

KEY FINANCIAL INDICATORS FOR Feb.,3, 2010

Exchange rate (ID/USD) in auction (daily average)

Inflation Consumer Price Index (1993 = 100)

Core Inflation Consumer Price Index Exclude ( F&L and T&C ) ( 1993=100 )

Interest Rates:

a-MOF

Rates on 91 day auctions (period average )

Amount sold (in millions of ID)

Amount redeemed (in millions of ID)

Stock Outstanding (end of period in millions of ID)

Rates on 182 day auctions (period average ) 6

Amount sold (in millions of ID)

Amount redeemed (in millions of ID)

Stock Outstanding (end of period in millions of ID)

Rates on 365 day auctions (period average ) 6

Amount sold (in millions of ID)

Amount redeemed (in millions of ID)

Stock Outstanding (end of period in millions of ID)

b-CBI (end of period, annual % )

Policy Rate

Credit Facilities - Primary

Secondary

Lender of Last Resort

Deposit Facilities

ID Overnight deposits

ID 7 day deposits

ID 14 day deposits

ID 30 day deposits

USD overnight deposits

USD 7 day deposits

USD 30 day deposits

USD 90 day deposits

CBI Bills

182 day maturity discount rate

c- Commercial Banks (end of period, annual % )

ID Bank deposits (one year fixed)

FX Bank deposits (one year fixed)

ID Bank loans ( 1+ - 5 year)

FX Bank loans (1+ - 5 year )

Monetary Base (End of period, in billions of Iraqi dinars)

Sources (a+B)

a - Net Foreign Assets of CBI

Gross Foreign Assets of CBI

Gold and SDRs 5

Investments

Cash in CBI Vaults

Less Foreign Liabilities of CBI

Foreign sector foreign currency current account

b - Net Domestic Assets of CBI

of which

Net claims on central government

Rescheduled MOF obligations

Holdings of treasury bills

Discounted T-Bills

Overdrafts

less Domestic currency deposits of MOF

less Foreign exchange deposits of MOF

Net claims on commercial banks

Credits

Less Deposits and bills (excluding overnight ID) 4

7 day ID deposits

14 day ID deposits

30 day ID deposits

The amount of CBI " bills outstanding

USD Current Account deposits

Term USD deposits 4

Overnight

7 day

30 day

90 day

Uses (a+B)

a - Currency outside banks

b - Bank reserves

ID Current Account

Overnight ID deposits 1

ID vault cash 2

Money Supply (End of period , in billions of Iraqi dinars)

M1

M2

Of which: Deposits component of M2

Foreign currency deposits

Reserve Requirement (reserve maintenance period, in billions of Iraqi dinars)

a - Required Reserves (25% of reservable Deposits) 3

b - Excess Current Account

Source: CBI / Research & Statistics Dept. / Internal statistics Division

Note:1 From July 1, 2007 the ID overnight deposits were replaced with 7 day deposits, and thus no longer included in base Money and Excess Reserves. The USD Overnight deposits were replaced by 7 day deposits from Oct 1, 2007."

Note:2, The weekly vault cash include the banknote only ( without coins )

Note :3, 25% of the Reservable Deposits included the government Deposits Since May 2005, then became 75%of Reservable Gov. Deposits since July,2007. So 25% of the Reservable Deposits included the government Deposits Since March 2009.

Note :4 Both ( 14 & 30 day ID And 7 & 30 & 90 USD) deposits closed since March,1,2009

Note :5 Starting from October 2009, the increasing in SDR is according to the IMF revised treatment of SDR Allocations in Monetary Statistics.

Note :6, The MOF issued a non tradable bills to Rafidain & Rashid for some projects at 25th of August 2009 and at 10th of September 2009 respectively. So the MOF stopped issueing the Tbills of 91 days and replaced by one year and 182 days Tbills from Jan.2010.

preliminary

Memorandom Items

Growth rate from previous month

Base money

M1

M2

Exchange rate (ID/USD) in auction (daily average)

Gross Foreign exchange assets of CBI

Growth rate from previous six months

Base money

M1

M2

Exchange rate (ID/USD) in auction (daily average)

Gross Foreign exchange assets of CBI

Inflation(Monthly Growth)

Inflation(6-months)

Inflation(12-months)

Core Inflation Year-over-Year Percentage Changes

Fx assets/Base money(ratio)

Excess Reserves/Deposits

M2/Base Money (multiplier)

Maybe someone can take a look and gather some insight off of it?

V

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Null & void they can pay interest in usd; if they dont have enough our gov will give them more

If I'm not mistaken, the US is sending Iraq US$1.2 Billion every 6 days. That should easily pay the IMF bill - However, the IMF agreement says "in their own int'l traded currency" (IQD). Oh well, we'll have to wait and see.............AGAIN...!

RON ;)

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