New CBI announcements 12/22/2013

[dontlop]

Lol another insultor

[unirod]

This action must be intended for more of an international financial presence for Iraq....IMO

[dontlop]

This action must be intended for more of an international financial presence for Iraq....IMO

That's what I think too

Some kind of global expansion

[TBomb]

That's what I think too

Some kind of global expansion

http://dinarvets.com/forums/index.php?/topic/168248-central-bank-receives-notice-from-the-bank-for-international-settlements-in-basel-to-accept-deposits-iraq/

 

Dontlop..I'm just pondering this...but perhaps this could be connected with the IMF payment due? I'm thinking this in part because of this quote from a recent CoM meeting

 

"Decisions of the Council of Ministers Session No. 51 in 12/10/2013

12/10/2013 17:00.........

5 - Approval by the Ministry of Finance to pay the contribution of the Republic of Iraq increase (14) of the IMF's resources in accordance with the mechanism of the following: 1) 25% of $ (118 850 000) one hundred and eighteen million eight hundred and fifty thousand special drawing rights to the dollar. 2) 75% in the amount of (356 550 000) three hundred and fifty-six million five hundred and fifty thousand drawing rights Private deposited in local currency in the Fund's account at the Central Bank of Iraq. 3) The CBI informs the International Monetary Fund to increase the quota formally."

Does anyone think that these may be connected?

http://www.cabinet.i...ow.aspx?ID=4032

Connected thread..thanks Yota..once again..hugs.

http://dinarvets.com...ments-12222013/

Read more: http://dinarvets.com/forums/index.php?/topic/168248-central-bank-receives-notice-from-the-bank-for-international-settlements-in-basel-to-accept-deposits-iraq/#ixzz2oFCdyLlZ

Also, there was an article which came out a couple days after this CoM meeting press release stating that Iraq was pledging money in order to become a participating member of the IMF:

 

Increase the contribution of the Republic of Iraq in the resources of the IMF guardian

Date: Wed, 12/12/2013 22:28

Share on facebookShare on myspaceShare on googleShare on twitter

 

 

The news agency here south / Mirage-Tai

The General Secretariat of the Council of Ministers of the Council of Ministers decided that the minutes forty-fifth regular meeting held on 12.10.2013 approved by the Ministry of Finance to pay the contribution of the Republic of Iraq to increase (14) of the resources of the International Monetary Fund.

And showed the Department of Cabinet Affairs, the Office of Information and Communication, state reimbursement will be according to the three mechanisms, the first: the proportion (25%) and of (118 850 000) one hundred and eighteen million eight hundred and fifty thousand special drawing rights are in dollars.

The second ratio (75%) of $ (356 550 000) three hundred and fifty-six million five hundred and fifty thousand representing the rights of a private local currency deposited in the Fund's account at the Central Bank of Iraq.

The third is to inform the International Monetary Fund to increase formally by the CBI.

The contribution of the increase in Iraq lead to maintain the voting power in the International Fund in proportion to the amount of a contribution.

 

http://translate.google.com/translate?depth=1&hl=en&prev=/search%3Fq%3D%25D8%25AD%25D8%25B0%25D9%2581%2B%25D8%25A7%25D9%2584%25D8%25A3%25D8%25B5%25D9%2581%25D8%25A7%25D8%25B1%26start%3D20%26lr%3D%26sa%3DN%26hl%3Den%26biw%3D1280%26bih%3D612%26tbs%3Dqdr:d&rurl=translate.google.com&sl=ar&u=http://www.al-janoob.org/news.php%3Faction%3Dview%26id%3D22951

same figures.

Edited December 22, 2013 by TBomb

[dontlop]

That is also something I haven't seen before concerning Iraq

I read that on the IMF web site last year that 25 percent of their dues"quota" to the IMF is paid in US dollars or euros or pounds

Or jape see yen

But 75 percent can be paid in local currency

It looks like the dinar is being accepted as payment to the IMF

http://www.imf.org/external/about/quotas.htm read the third paragraph on how the quotas are paid on that IMF link

So the Iraqi dinar will be in the basket of currencies at the IMF that they loan to developing countries

These quotas are monies the IMF uses

Hopfully this will advance global acceptance of the dinar

The IMF accepts it

It must be good

I'm not sure if they are tied together with bis

This bis may be something entirely different

So the IMF has an account at the cbi in which the dinars are deposited

The 75 percent of its quotas

They are getting close

So the bigger their economy grows the higher their quotas are at the IMF and the higher their quota is the more voting power they have at the IMF

It could be related

The IMF

World bank

Central banks

Bis

WTO

United Nations are all tied together

I was wondering if they accepted the dinar all along but never could find anything to verify it

Your post verifys the IMF does have an account at the cbi to accept dinar as payment

Thanks tbomb

I'm not sure if Iraq loan payments are due right now

They might be

But they kept getting extensions and the stand by agreement ended last February

Payments are due between 3 and 5 years after the stand by ends in 9 quarterly installments

So I think they owe around 1 billion to them and that will be devided into 9 payments over 9 quarters starting in 3 years after they took the money

Who knows that's a lot to follow

Edited December 22, 2013 by dontlop

[ronscarpa]

 

News and announcements

 

 Good stuff YOTA...Thanks (+)

RON   

[dontlop]

The IMF reviews these quotas every 5 years

So 5 years ago is when they stopped increasing the value of the dinar maybe this new increase in sdrs at the IMF will increase the dinar value again

Remember they shifted from a peg to a crawling peg from 2006 thru 2009 then back to a peg

I'd like to see that crawling peg come back with that increase in sdrs that come with the quota increases

Edited December 22, 2013 by dontlop

[TBomb]

Thanks Dontlop...I'm thinking that perhaps the sba payment does help qualify them/elevates their status within the IMF?

 

Here's some math I've done. IDK if this even relates at all..also I'm not a "maths" person:

 

If we may deduct that these SDR figures stated in these articles/announcement are correct; and.. if we take 25% of the 118M dollar/sdr amount which comes to 29, 712, 500 (USD/SDR) and divide by the 75% of the 356M IQD/SDR figure, which comes to 267,412,500.00 (again,  IQD/SDR 75% of the 356M), then we have the formula of 29,712,500 divided by 267,412,500 = .11 cents for the current value of the iqd/sdr being held at the CBI within their "Fund" account.

 

Here's the stipulation: whether that's a staging rate, or if it's simply the rate agreed to, between Iraq and the IMF, solely for the purposes of this payment,  I don't know. Or, this payment may have absolutely nothing to do with anything pertaining to an applied raise in the value at all. I don't know. What do you think dontlop or anyone else?

[JayLay]

Just stop people. Drop it. Don't loose your cool, just worry about yourselves, nothing else matters.

[dontlop]

A sdr is like a currency established by the IMF in 1969 based on a basket of currency's

The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries' official reserves. Its value is based on a basket of four key international currencies, and SDRs can be exchanged for freely usable currencies. With a general SDR allocation that took effect on August 28 and a special allocation on September 9, 2009, the amount of SDRs increased from SDR 21.4 billion to around SDR 204 billion (equivalent to about $309 billion, converted using the rate of September 10, 2013).

The SDR was created by the IMF in 1969 to support the Bretton Woods fixed exchange rate system. A country participating in this system needed official reserves—government or central bank holdings of gold and widely accepted foreign currencies—that could be used to purchase the domestic currency in foreign exchange markets, as required to maintain its exchange rate.

[TBomb]

Just stop people. Drop it. Don't loose your cool, just worry about yourselves, nothing else matters.

Uhhhhh....analyzing isn't "Loos"-ing my cool.  I'm just putting an idea forward for discussion.

[dontlop]

The sdr exchange rate for the Iraqi dinar is around 1800 to one

It's not listed on IMF site http://www.imf.org/external/np/fin/data/rms_five.aspx

That's why I wondered

But it is on the cbi site under exchange rates

Ya its 1792 on the cbi

I see they added a couple more country's to their list on the cbi web site

[TBomb]

Hmmmm...dontlop..very interesting.

[dontlop]

A sdr is like a currency established by the IMF in 1969 based on a basket of currency's

The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries' official reserves. Its value is based on a basket of four key international currencies, and SDRs can be exchanged for freely usable currencies. With a general SDR allocation that took effect on August 28 and a special allocation on September 9, 2009, the amount of SDRs increased from SDR 21.4 billion to around SDR 204 billion (equivalent to about $309 billion, converted using the rate of September 10, 2013).The SDR was created by the IMF in 1969 to support the Bretton Woods fixed exchange rate system. A country participating in this system needed official reserves—government or central bank holdings of gold and widely accepted foreign currencies—that could be used to purchase the domestic currency in foreign exchange markets, as required to maintain its exchange rate.

As you can see the reserves are there to purchase your own currency in foriegn exchange markets to maintain your exchange rate

Iraq will only need to cover the dinar that's outside its country in foriegn exchange markets if necessary to maintain its exchange rate after a rv

And if necessary they have sdrs at the IMF they can borrow if necessary

That info can be found in the role of sdr on this link in the first paragraph

Under role of sdr

http://www.imf.org/external/np/exr/facts/sdr.htm

All of their currency will not need to be backed inside Iraq with regulations in place regarding legal tender in Iraq with a de dollarization process

Iraq has enough excess reserves to back all its currency at 2 and a half times

[handy]

dontlop ,in your opinion what kind of rate do you think they could support if they only  had to cover the dinar outside their country?

[dontlop]

So they are saying Iraq can use sdrs to pay 25 percent or dollars euros pounds yen

And Iraqi dinar to pay 75 percent

Anything they want it depends

They would have to enact legal tender laws so that they could stop the use of the dollar in local markets that way the Iraqis would have no reason to hold dollars

The merchants would need to exchange the dinars for dollars at foriegn exchanges for importing

If you visit Iraq you would need to convert to dinar

All the dollars in Iraq would be at the cbi reserves and off the streets

So what ever dinar are in the international exchanges is all they would need to exchange to maintain their exchange rate

They would need a complete overhaul

Hopfully that's what they have been doing for the last few years

Getting all their ducks in a row to roll out a new monetary policy

[MyLadiesDaddy]

So why couldn't they simply RV just over a dollar and then all Iraq's would

Exchange there dollars for dinar, without those new laws? Just asking.

[outlawclg]

Merry Christmas 2.5:1.   Thanks yall for the breakdown.  I could never put all these pieces together.  Anything different seems like a good thing.... and this sure looks like some changes.   

[dontlop]

After that it's your external debt that determine if you lose value on your currency

If you maintain trade surpluses your currency loses nothing

If you expierrncing trade deficits your reserves cover that

If things get real bad you can borrow sdrs from the IMF to maintain your exchange rate while you fix your economic problems

So why couldn't they simply RV just over a dollar and then all Iraq's wouldExchange there dollars for dinar, without those new laws? Just asking.

Lots of Iraqis lost confidence in the dinar because of saddam

It's just a matter of them restoring confidence in the dinar

A strong dinar would do that

The legal tender laws would de dollarize the streets and all those dollars and euros would be sitting in the cbi making the dinar even stronger globally

I'm not saying that's what is going on

No one knows what they are doing if they are going to roll out new policy that includes a rv

No one could know or it would fail

Too many people would buy dinar and they would be liable for it

That's why they would put out lop stories to make people think they were going to lop so they wouldn't keep buying dinar

They would need some currency abroad to help build their economy at hone when they are redeemed for goods and services

There like a coupon people send out to get you on board as a future customer

[MyLadiesDaddy]

After that it's your external debt that determine if you lose value on your currencyIf you maintain trade surpluses your currency loses nothingIf you expierrncing trade deficits your reserves cover thatIf things get real bad you can borrow sdrs from the IMF to maintain your exchange rate while you fix your economic problemsLots of Iraqis lost confidence in the dinar because of saddamIt's just a matter of them restoring confidence in the dinarA strong dinar would do thatThe legal tender laws would de dollarize the streets and all those dollars and euros would be sitting in the cbi making the dinar even stronger globally

LOL. I like that scenario better, especially when you consider that the CBI has

been saying for years that they want to,"make the dinar equal to the dollar".

Good Lord, you and I would be old men if we had to wait for Iraq to pass a

bunch of laws.

Edited December 23, 2013 by ladyGrace'sDaddy

[dontlop]

They could be passing laws already and not saying anything

I remember shabs saying it would take propagan......

Then he said it would take the cooperation of the govt to do that

But he said all that after he said if they were going to rv he couldn't tell anyone

They could roll out a entire monetary policy that no one knows about except a few along with a few from the cbi

We wouldn't know anything about it prior to its release

So there may be nothing at all going on too

I like to think positve but how far can that go

A hundred years saying

There gonna rv

Who knows

Hopfully it will be

sUDDENLY

[MyLadiesDaddy]

You're so right. We study and learn so much more than we wanted to. But

deep down inside for a long time now I can't help but think that way more than

we know has been going on.

[Djorgie]

I agree, Lady Grace's daddy. I like this scenario as well... and we must remember that the CBI is the entity that controls the rate. If they intend to do as they have said then I would be MORE than happy if they would just go ahead and drop it on us at a big fat one to one.

[dinar newbie]

it seems that you can not go anywhere and look for some good news without people left, right, democrat,republican,tea party, interdependent, christian, non-christian, homosexual, non-homosexual, etc wanting to bash each other and tell each other how wrong they are. I don't agree with a lot of different life styles and habits of a lot of people, but I figured out a long time ago that It is hard enough for me to get me to heaven, I don't have time to become a judge and jury and I don't have time to hate those who are different. I don't have time to force people to see my point of view, Jesus said If I be lifted up I will draw all men nigh. So i figure if I get me where I need to be with God and live like he wants me to, then the life I live not the words I speak will be a great witness of God's love, mercy  and grace. And for those who say they cant see my life because this is a written forum, then hey let them see you life in what you type and how you accept others as Jesus would accept them. Acceptance is not agreeing with but rather loving and allowing Jesus to do the work that needs to be done if any, after all sometimes we are like the little boy who said God don't let mommy whip me i know i am right just show her she is wrong for letting me have the paint so close to the wall.

 

Let him who is without sin cast the first stone.............. Boy i don't need no stones to throw or to be thrown..............

[Lutie]

We don't have to agree with anyones life style and have the right to speak out against it but resorting to hate speech doesn't do anyone any good.