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yota691

New CBI announcements 12/22/2013

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Iraq's IMF Quota = 1188.40 SDR (millions)

 

The quota for their general resources account has stayed the same since 2004 

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

 

Iraq had an outstanding balance of 37 million SDR due December 11, 2013 for the 2010 Stand By Agreement 

 

In 2014 and 2015 they have large principal and interest payments that are due for the SBA :

 

2014 ~ 506 million SDR

 

2015 ~ 426 million SDR

 

2016 ~ 37 million SDR

 

(SDR = 1.534697  as of Dec 20, 2013)

Edited by tenmillion

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IMF Quotas ~

 

A member's quota delineates basic aspects of its financial and organizational relationship with the IMF, including:


Subscriptions (quota share). A member's quota subscription determines the maximum amount of financial resources the member is obliged to provide to the IMF. A member must pay its subscription in full upon joining the Fund: up to 25 percent must be paid in SDRs or widely accepted currencies (such as the U.S. dollar, the euro, the yen, or the pound sterling), while the rest is paid in the member's own currency.

Voting power (voting share). The quota largely determines a member's voting power in IMF decisions. Each IMF member’s votes are comprised of basic votes plus one additional vote for each SDR 100,000 of quota. The 2008 reform fixed the number of basic votes at 5.502 percent of total votes. The current number of basic votes represents close to a tripling of the number prior to the effectiveness of the 2008 reform.

Access to financing. The amount of financing a member can obtain from the IMF (its access limit) is based on its quota. For example, under Stand-By and Extended Arrangements, a member can borrow up to 200 percent of its quota annually and 600 percent cumulatively. However, access may be higher in exceptional circumstances.

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Thanks Ten..I thought the first payment was due end of December 2013? Now, is the payment which they've made, according to these press statements, what's due from them to the IMF (payment with added interest), or is this recent payment allocated by the CoM held by the CBI for them to join the IMF, or for something other than their debt repayment?...I'm not clear on the potential differentiation?

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Changing the quota system has been discussed for the past few years. Here is an article that explains what was being debated as of spring 2013. 

 

www.lowyinterpreter.org/post/2013/03/18/US-leadership-of-the-IMF-under-threat.aspx

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

 

The SBA repayment is separate from the IMF quota. Here is the repayment schedule for the 2010 SBA ~

 

 

IraqSBApaymentschedule.png

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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.

I agree with you Lutie..........Good of you to speak up . Live and let live.  Well said D Newbie   "Let him who is without sin cast the first stone"  Could'nt of said it better myself.

 

Respect Everyone....so that....Everyone will Respect You  :twocents:

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so then these monies allocated to the IMF are for their SBA?

 

Yes, the IMF uses member countries' quota subscriptions to lend to member countries who are in need of financing. If these resources (the quotas) fall short, the IMF will borrow more from countries in a financial position to lend. 

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Reading the discussion about SDRs I think this is what is being said about them..... yes? Just want to make sure I have the same construct..... thanks

 

Special drawing rights (SDRs) are supplementary foreign exchange reserve assets which are defined and maintained by the IMF. SDRs were created in 1969 to supplement a shortfall of preferred foreign exchange reserve assets, namely gold and the US dollar. The value of a SDR is defined by a weighted currency basket of 4 specific major currencies and only these currencies: Euro, Yen, GBP and USD.

Sometimes misunderstood, SDRs aren't a currency, and instead represent a claim to currency held by IMF member countries for which they may be exchanged (and can only be exchanged for one of the 4 majors in the basket).

Indeed, SDRs may actually represent a potential claim on IMF member countries' nongold foreign exchange reserve assets, which are usually held in those currencies. While they may appear to have a far more important part to play or, perhaps, an important future role, being the unit of account for the IMF has long been the main function of the SDR. (Remember reading all those Iraqi documents with monentary amounts listed in SDRs versus a specific currency)

SDRs are denoted with the ISO 4217 currency code: XDR

SDRs are allocated to countries by the IMF. Private parties do not hold or use them. As of March 2011, the amount of SDRs in existence is around XDR 238.3 billion, but this figure is expected to rise to XDR 476.8 billion by 2013

 

 

It also appears, reading DLs figures above that the SDR did not reach the projected value? I'm sure I'm missing a conversion, as it seems the projected 476.8 billion is quite a bit more than the reported "309 billion from the Sep 10,  2013 rate referenced above.....Like I've said a ton of times in the past, I totally suk air when it comes to numbers.. and I sure like the projected versus the cited Sep 2013 number better... ( I think.. I do,... don't I.... )... :) ..

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The value of the SDR (avg. of Euro,Yen,Pound,Dollar) = 1.53628 SDR.

 

So I'm just guessing that the 309 billion was measured in dollars, and the 476.8 billion was measured in SDR. If you multiply 309 billion X 1.53628 = $474.71 dollars. Close but not exact. (Not sure where you got the 309 billion from???)

 

Not sure if this answers your question... but Merry Christmas!  

 

SDRBasket.png

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Decisions of the Council of Ministers Session No. 53 in 22/12/2013
in Federal Administrative Organization
The Cabinet held its third regular session in Baghdad Sunday, December 22, 2013 under the chairmanship of Prime Minister Nuri al-Maliki, and Issued by the Council issued the following statement:

In the name of God the Merciful

(To Athspen who were killed for the sake of Allah dead, but alive with their Lord)

Not new to the people of your armed forces Astrechasm their lives Gallic defense of the homeland, which they put their sights and swore to defend him, taking place, the finest examples in the stand as one cohesive to Atafrgahm affiliations narrow in order to protect Iraq and Iraqis from the killers and Alarhabouapn who do not want this people to settle and live in security and safety and this The country rises.

I joined Constellation Other than your children up with the martyrs, led by the commander of the seventh division, Brigadier General Mohammad spherical Colonel Hazem behind Lt. Col. Yassin al-Dulaimi, and the constellation of officers and fighters of the brave, chasing terrorist gangs deep in the desert, and in a ditch last of the trenches of the Sacred Defense for Iraq and its security joined police chief Sharqat Brigadier Ahmed Batawi Pkkbh martyrs with a number of his aides.

As unite the sons of our armed forces in the trenches fighting against terrorism, we call on everyone to support these heroes firmly and strongly until the full clearing of Iraqi territory from the enemies of the nation and all of aiming to destabilize its security and stability and serves to sow discord and sectarianism to disrupt national unity.

We express our sincere condolences to all the sons of our honorable this great loss, and extend our deep condolences to the families of the martyrs dear, asking God Almighty to provide our armed forces and our security services more power to defeat terrorism and maintain security in Iraq, dignity and national sovereignty, he Yes Mawla and yes protagonist.

As issued by the Council of Ministers following decisions:

1 - decide to resolve the law of the state budget for the year 2014 after the completion of the talks with a delegation from the Kurdistan region in a week.

2 - The Ministry of Finance, Rasheed Bank to pay the sum of $ (805) thousands of dollars from its own resources for the purpose of increasing the shares of the bank from underwriting new capital of Arab Trade Financing Program, Abu Dhabi in the United Arab Emirates, according to the provisions of Article (15) of the Companies Act No. 22 of 1997 as amended.

3 - to approve the continuation of the Ministry of Commerce to purchase materials (tenders and contracts and assignments) of the ration cards Astnthae of your decision not to continue after the contractual 15.12.2013 to provide materials for the first months of 2014.

4 - Disable the official working hours for the day Wednesday, 25/12/2013 on the occasion of the birth of Jesus (AS) (for this year).

 

I think Buti may have already posted this..but I couldn't locate it. I wanted to post it in here due to the date issue.

 

http://www.iraq-lg-law.org/en/node/2549

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The value of the SDR (avg. of Euro,Yen,Pound,Dollar) = 1.53628 SDR.

 

So I'm just guessing that the 309 billion was measured in dollars, and the 476.8 billion was measured in SDR. If you multiply 309 billion X 1.53628 = $474.71 dollars. Close but not exact. (Not sure where you got the 309 billion from???)

 

Not sure if this answers your question... but Merry Christmas!  

 

SDRBasket.png

 

Thank you!!! Helps a lot :) Merry Christmas to you and yours ....

RE: TBomb's post above, #4...... There's something pretty cool about a predominately Muslim country making Christmas an official government holiday, in celebrating the birth of Jesus.... Thanks TBomb for that info!!!

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Seems like your a little ignorant and intollerant yourself

Get educated there are multi millions of people who don't go along with homosexuality

You should be a little more tolerant

I thought the joke was pretty intolerant and think that such negative speak about others should be stricken regardless of whether or not millions of people don't like homosexuals. That is posing as an uneducated idiot to say such things. I think 17% of our population is homosexual which means some of your friends and family are too. And they have grown up with such a barrage of confusion and self hatred brought on by this kind of thinking.

One of my best friends from HS is *** and as I understand from him - a person does not have a choice they either are or are not.

And he hasn't dated for years - he is in a celebrate period of contemplation. Talk about a humble person. And he is amazingly kind.

Just live and let live. Accept people for who they are so they can be the best they can be without shame of who they are.

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

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

This sounds reasonable

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Ok i would like to clarify what donlap is trying to say but i will say it with alittle COMPASSION like CHRIST had :) What he is saying is that HE HATES the SIN of homosexuality  but DONT HATE THE PERSON doing it  (at least for his souls sake i hope thats what he means )  HATE THE SIN LOVE THE SINNER or you just might fall into the sin yourself

                                                                Gal_6:1  Brethren, if a man be overtaken in a fault, ye which are spiritual, restore such an one in the spirit of meekness; considering thyself, lest thou also be tempted.
 

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Ok i would like to clarify what donlap is trying to say but i will say it with alittle COMPASSION like CHRIST had :) What he is saying is that HE HATES the SIN of homosexuality but DONT HATE THE PERSON doing it (at least for his souls sake i hope thats what he means ) HATE THE SIN LOVE THE SINNER or you just might fall into the sin yourself

Gal_6:1 Brethren, if a man be overtaken in a fault, ye which are spiritual, restore such an one in the spirit of meekness; considering thyself, lest thou also be tempted.

Love is the answer--The only answer.

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22/12/2013 13:26 Bank for International Settlements show more willingness to accept deposits from Iraq

BAGHDAD / obelisk: Bank for International Settlements showed, on Sunday, his willingness to accept more deposits Iraq has within the budget of the bank for the year 2014.

According to a statement of the Central Bank got "obelisk", a copy of "The CBI has received notice from the Bank for International Settlements in Basel, in which he expressed his willingness to accept more deposits Iraq has within the budget of the BIS in 2014."

He added that "the implementation of this measure will contribute to achieving better returns to Iraq with money to keep them in safe places, too."

The BIS is an international organization of central banks to strengthen financial cooperation and Altmolini global and act as a bank for central banks not subject to accountability to state government.

 

http://www.almasalah.com/ar/news/21621/%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AA%D8%B3%D9%88%D9%8A%D8%A7%D8%AA-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A%D8%A9-%D9%8A%D8%A8%D8%AF%D9%8A-%D8%A7%D8%B3%D8%AA%D8%B9%D8%AF%D8%A7%D8%AF%D9%87-



Central Bank received notice for the bank for International Settlements to increase deposit his money has

Central Bank logo

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Author: ab Editor: fa Reporter: Number of readings: 334
12/23/2013 18:30
Tomorrow's Press / BAGHDAD: Iraqi Central Bank, on Monday, he received notice from the Bank for International Settlements to increase deposit his money to him, noting that this measure will contribute to achieving better returns for funds Iraq.
The CBI said in a statement received "tomorrow's Press," that he "received a notice from the Bank for International Settlements in Basle, Switzerland, expressed through his willingness to accept more money from deposits Iraq has within the budget of the BIS in 2014."
He added that "this action will contribute to achieving better returns for funds Iraq, as well as keep them in safe places too."
Referred to the Bank for International Settlements is an international organization of central banks to strengthen financial cooperation and international funding.

http://www.alghadpress.com/ar/news/6993/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D8%AA%D9%84%D9%82%D9%89-%D8%A7%D8%B4%D8%B9%D8%A7%D8%B1%D8%A7-%D9%85%D9%86-%D8%A8%D9%86%D9%83-%D8%A7



Economy
Iraq selection to head the Financial Action Task Force for the Middle East and North Africa

Central Bank of Iraq
 

Author: Editor: ma Reporter: Number of readings: 108
12/23/2013 18:17
Tomorrow's Press / Baghdad: Iraqi Central Bank announced on Monday, choosing to head Iraq FATF for the Middle East and North Africa in 2014.
A statement issued by the bank, seen by "tomorrow Press", "The Financial Action Task Force for the Middle East and North Africa decided when added to the eighteenth year in Bahrain assume the presidency of the Group of the Republic of Iraq."
The statement added that "the group chose the head of Anti-Money Laundering Council and the governor of the Iraqi Central Bank and the Agency Abdul Basit Turki Saeed as president of the Group for the year 2014."
The Financial Action Task Force for the Middle East and North Africa of a voluntary nature and cooperative.

 

http://www.alghadpress.com/ar/news/6992/%D8%A7%D8%AE%D8%AA%D9%8A%D8%A7%D8%B1-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%84%D8%B1%D8%A6%D8%A7%D8%B3%D8%A9-%D9%85%D8%AC%D9%85%D9%88%D8%B9%D8%A9-%D8%A7%D9%84%D8%B9%D9%85%D9%84-%D8%A7

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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.

 

 

This is the key I think LGD....

 

I have always believed that forward progress is being made...in our opinion slow..but I do believe progress. 

 

Look at the process of releasing from Chapter 7. It was just announced one day. Not one single Guru predicted it correctly in advance. NOONE. Proof to me that there is behind the scene work at lots of levels at all times. That being said I believe that not all Iraqis in power want the same thing. Not any different than most governments. Fraud, theft, side deals and playing both sides goes on everywhere...and I have no doubt in Iraq as well. 

 

I believe that it is VERY possible that the HCL is complete...to much oil is moving hands for it not to be. Money is being given to schools and communitites according to the posts by Yota and Tbomb (thanks you two). 

 

Nothing going on....not in my opinion. Maybe noting being reported....but most certainly a lot is going on....hopefully a RV at a minimum of 1 to 1 in the year 2014.

 

If anyone is new or just confused there is great information above....take the time to read it and ask questions. We have some pretty smart brains on this site that are willing to share and answer and help to pull your thoughts together.

 

Thanks to all and Marry Christmas.

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Accepting deposits in BIS achieve the benefit of Iraq

 

12/26/2013 0:00

One indicator of his return to the focus of attention of the world
BAGHDAD - Mustafa al-Hashemi
The economist said the appearance of Dr. Mohammed Saleh, said that the Bank of International Settlements, accept deposits from Iraq will benefit the country through capital investment projects, financial investments. Was the Bank for International Settlements (BIS) which is an acronym for the Bank for International Settlements)) may feel the CBI Sunday past, his willingness to accept deposits Iraq for Fiscal Year 2014. Saleh added in a statement to the (morning) that this measure would provide service to the country's economy through the BIS financial investments ongoing interest rate or interest-free and by currency, whether in euro or the dollar or other currencies . investment reserves

He explained that it is under a formal contract signed with the Iraqi government. Indicating that the BIS is planning to invest an annual cash reserves deposited with him by central banks, pointing out that its membership includes 60 national central banks including the Central Bank of Iraq.
And the benefit is that the BIS Bank global central banks and supervisory represents the global banking system, all banks in terms of commitment to the decisions of the Basel application which determines the efficiency of the banking systems in the world. He pointed out that in accordance with the Charter of the United Nations, can hold shares in the bank by individuals and non-governmental entities.

BIS and DFI

He stressed that the bank differs from the Fund for the Protection of Iraqi funds DFI, which was established under the UN resolution as the government revenues from oil revenues are placed in this fund after 2003, which belong to the budget, while the cash reserve at the central bank comes to them after the government is turning to currency local (Dinar), explaining that the Iraqi funds that were frozen in the nineties of the last century were in the Bank for International Settlements did not subject to any legal prosecution being protected from prosecution.

Financial Cooperation

The economic expert said BIS contributes to strengthening financial cooperation and financial world as well as he did not accountable to any government, based in Basel, Switzerland, adding that the implementation of this measure will yield better returns for funds Iraq with keeping them in safe places where the BIS invests in part of the investment portfolio at the central bank, which is part of the cover of the currency (cash reserve) and the risks are few and great benefits.

A positive step

Promised in favor of the move as positive, especially after the lifting of international sanctions and the withdrawal of Iraq from Chapter VII of the Charter of the United Nations, indicating that the country has returned to focus the world's attention again and he became represents investment environment of financial activity strong because of the wealth and the huge potential possessed by that is natural and human resources . He said economic expert, said the amount of money frozen in the Bank for International Settlements during the former regime amounted to more than half a billion dollars, indicating that it was protected from the claims of global settled the debt owed ​​by Iraq.

Development banking

He called on Saleh to exploit the BIS call for the development of comprehensive banking in the government and private banks as well as the commitment of the Basel standards and the adoption of corporate governance and banking systems, work to promote the reality of modern banking in the country and to seek credit rating.

Facilitate compensation

The Bank for International Settlements, BIS was established in May 17, 1930 under an intergovernmental agreement by Germany, Belgium, France, Great Britain and Northern Ireland, Italy, Japan, the United States and Switzerland to facilitate reparations imposed on Germany by the Treaty of Versailles after the First World War. The Charter has been drafted for the bank in the international bankers conference in the German city of Baden-Baden in November and adopted its charter in the Hague Conference II in January 20, 1930.

 

http://translate.google.com/translate?hl=en&sl=auto&tl=en&u=http%3A%2F%2Falsabaah.iq%2FArticleShow.aspx%3FID%3D60739

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