Iraq is under imf article xiv

[dontlop]

Just in case someone doesn't know what iraqi monetary policies they are listed with the IMF its article 14

Or xiv

Here's article 14

Article XIV: Transitional Arrangements

Section 1. Notification to the Fund

Each member shall notify the Fund whether it intends to avail itself of the transitional arrangements in Section 2 of this Article, or whether it is prepared to accept the obligations of Article VIII, Sections 2, 3, and 4. A member availing itself of the transitional arrangements shall notify the Fund as soon thereafter as it is prepared to accept these obligations.

Section 2. Exchange restrictions

A member that has notified the Fund that it intends to avail itself of transitional arrangements under this provision may, notwithstanding the provisions of any other articles of this Agreement, maintain and adapt to changing circumstances the restrictions on payments and transfers for current international transactions that were in effect on the date on which it became a member. Members shall, however, have continuous regard in their foreign exchange policies to the purposes of the Fund, and, as soon as conditions permit, they shall take all possible measures to develop such commercial and financial arrangements with other members as will facilitate international payments and the promotion of a stable system of exchange rates. In particular, members shall withdraw restrictions maintained under this Section as soon as they are satisfied that they will be able, in the absence of such restrictions, to settle their balance of payments in a manner which will not unduly encumber their access to the general resources of the Fund.

Section 3. Action of the Fund relating to restrictions

The Fund shall make annual reports on the restrictions in force under Section 2 of this Article. Any member retaining any restrictions inconsistent with Article VIII, Sections 2, 3, or 4 shall consult the Fund annually as to their further retention. The Fund may, if it deems such action necessary in exceptional circumstances, make representations to any member that conditions are favorable for the withdrawal of any particular restriction, or for the general abandonment of restrictions, inconsistent with the provisions of any other articles of this Agreement. The member shall be given a suitable time to reply to such representations. If the Fund finds that the member persists in maintaining restrictions which are inconsistent with the purposes of the Fund, the member shall be subject to Article XXVI, Section 2(a).

Iraq in my opinion would need to move to imf article 8 and remove exchange restrictions to be an international currency

But I believe they can approach members and work out exchange policies for international trade

[Texstorm]

Great post DL ! Something positive before I go to work.

[v-star 650]

so are they now in article 8  don`t  lop ?   this was  a  big   idea  that was  to be the  movement  before the  big event from what a lot of people  have been  thinking ...... 

[dontlop]

No

Here's the link that shows iraq is still under article 14

http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=460&date1key=2015-01-04

To the right of where it says membership status

Xiv

[sandfly]

THANKS

[Djorgie]

Thanks DL!

 

The dinar is definitely still only an in country currency but, wouldn't it be nice to see them slide into article 8?

 

It would at least give the gurus another angle in which to reel people in LOL...

 

What is your take on a scenerio involving the dinar becoming an internationally traded currency and being revalued simultaneously?

 

Is this even a possibility?

[dontlop]

I'm not sure

If the numbers are n place

If there's a couple trillion dinar already out there in circulation like ours

I concider our dinar in circulation

Then the hard part is over they already got it circulating

Why would anyone want any dinar if it came right out of the gateat $3.35 per dinar during the incountry exchange in 2003?

None of us woukd be holding dinar right now .

But then again if that's all they had to do was circulate it with the hopes and dreams of a revaluation and it becoming internationally traded or a reserve currency then any country could just print up some worthless currency put it out there with a promise to rv it

Everyone woukd buy it it too would be circulated around the globe

So why iraq ?

Why would the world choose them ?

They are murdering thieves

Ungodly compared to Canada or Iceland or Thailand or the Philippines

Why didn't the world choose one of them

It's not the oil

We're going to get the oil any way or the Iraqis won't live very well

It could be a part of a deal to secure the oil for the west

Why wouldn't india want it

It's about controlling countrys and who does and doesn't get cheap oil

Notice who gets the most and the cheapest

[Laid Back]

Just got off my hammock to thanks dontlop for this post.!

Go article 8

Go dinar

Go strong $1.13:1

[ReinMan]

Yet another reason why I say nothing is happening any time soon!

 

Thanks for the post.

[dontlop]

Statement at the End of an IMF Mission on Iraq

Press Release No. 14/560

December 9, 2014

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.

A staff team from the International Monetary Fund (IMF) led by Carlo Sdralevich visited Amman, Jordan from December 2−7, 2014 to conduct discussions with Iraqi Minister of Finance Hoshyar Zebari, Central Bank of Iraq (CBI) Deputy Governor Zuhair Ali Akbair, and other officials from the ministries of finance and planning and the CBI to assess the country’s recent economic developments. Discussions focused in particular on the impact of the double shock of the Islamic State of Iraq and Syria (ISIS) insurgencyand the decline in oil prices. At the conclusion of the visit Mr. Sdralevich issued the following statement:

“Iraq’s GDP is expected to contract by about 0.5 percent this year largely because of the economic effects of the ISIS insurgency. We estimate non-oil growth to have deteriorated since the start of the conflict due to the destruction of infrastructure, impeded access to fuel and electricity, low business confidence, and disruption in trade. In contrast, as most of the oil infrastructure is in the south of the country and beyond the reach of ISIS, and taking into account the output of Kurdistan Regional Government (KRG), oil production should reach 3.3 million barrel per day (mbpd) in 2014, up from 3.1 mbpd in 2013, with exports remaining at 2013 levels of 2.5 mbpd. Next year, growth is projected to rebound to about 2 percent as oil production and exports increase further, helped by the recent agreement between the central government and the KRG on oil exports from KRG and the Kirkuk oil fields. End-October year-on-year inflation was 0.9 percent outside the conflict-affected provinces.

“The central bank has maintained the peg with the U.S. dollar. The spread between the official and parallel exchange rates narrowed to 2.6 percent in September, thanks to steps taken by the CBI towards the liberalization of the foreign exchange market. Nevertheless, high imports, combined with declining oil revenues and lower government sales of foreign exchanges to the CBI to finance government spending, contributed to a decline in international reserves from over $77 billion at end-2013 to about $67 billion at end-November. The government also tapped the Development Fund for Iraq (DFI), the balances of which have now been transferred to the CBI; the DFI declined from $6.5 billion at end-2013 to about $4 billion in November.

“The government expressed its commitment to present a draft 2015 budget to parliament soon. Lack of parliamentary approval of the draft 2014 budget has triggered a fiscal rule that has partly limited spending this year. However, off-budget spending, particularly on security, has boosted the deficit, which will likely reach about 5 percent of GDP. The staff team discussed with the ministry of finance the challenges related to formulating the draft 2015 budget, which is intended to address the ongoing exceptional spending pressures and the strong decline in oil prices. As projected financing in 2015 will be limited, we expect the government deficit to decline to less than 2 percent of GDP.

“The IMF will continue to support Iraq through policy advice, technical assistance, and training. The 2015 Article IV consultation discussions with the authorities will take place in the coming months.

“The IMF mission would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.”

http://www.easyenglish4u.com/imf-and-iraq

[drj]

Thanks DL, I appreciate your insight!