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Reason IRAQs Currency is NOT Currently Tradable With Other Countries


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What I am drawn to is the membership status of countries that have a tradable currency vs. countries that do not. Iraq currently has a MEMBERSHIP STATUS OF ARTICLE XIV.... to have a convertible currency they need to obtain MEMBERSHIP STATUS OF ARTICLE VIII. So, here's what the discovery is:

1. click on this link and it takes you to IRAQ; Financial Position in the Fund as of July 31. 2009 .......... http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberkey1=460&date1Key=2009-07-31

 

2. On the IMF website, see item #1. Membership Status....Iraq is under ARTICLE XIV

3. click on ARTICLE XIV and read what that status means

 

NOW COMPARE:

4. On the same IMF website, go to the left side and click on 'IMF' Members Financial Data by Country'

5. Insert the USA.... and see their membership status is ART VIII

6. Read what ART VIII status means.....(currency convertability)

 

So, All countries who have tradable currencies are under ART VIII while Iraq is under ART XIV

Until IRAQ is a member of ART VIII, the currency is not convertible to other countries currency. This has to happen first, before any RV by IRAQ (or at the same time). But, the good news is that I do believe that IRAQ and the IMF is working on it.

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Thanks, good information.

 

I hope it happens soon. Seems like their attempting only baby steps to be an independent nation and this would be a big boy step. Did they spend too long under protection from other nations? Are they afraid to step out into the "real" world?

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I think 2015.

 

Simply,  at the rate we are piling on debt, our credit rating is going to be rotten,anticipating a 20Tr deficit by the end of 2014.  The value of the Dinar automatically becomes stronger.  The day thay happens due to market conditions, they wil re-value.  Just MHO.

Edited by OfCamelot
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