Latest Full IMF Report

[Floridian]

Thanks for your explanation and thoughts, RJ45.  

[steveh12]

GOOD NIGHT MRS. CALABASH!!

WHERE EVER YOU ARE!!!

[vomer]

No man knows the date or the hour.  But the camels do.

 

[danielchu]

Implementing Fiscal Consolidation to Achieve Debt Sustainability

this is under section 26 of which i they are speaking

 

under this section STAFF APPRAISAL

 

45. Steps to strengthen the legal framework of the CBI, remove one remaining exchange restriction and implement AML/CFT measures need to be accelerated. Iraq currently maintains one exchange restriction and one multiple currency practice (see Informational Annex) for which staff is not recommending approval. Removal of these, and implementation of AML/CFT measures, will help to improve the integration of the domestic financial system into the global economy.

 

to me it reads as lift exchange rate implement AML/CFT and end auctions to be article VIII compliant!

[fnbplanet]

that's what I got from that too.

[fnbplanet]

from the last few pages of the entire report:

 

         The authorities remain committed to maintaining the peg to the U.S. dollar as the
stability of the exchange rate continues to provide a key nominal anchor to the economy in an 
uncertain environment. They are working actively on removing remaining exchange 
restrictions and a multiple currency practice, in close cooperation with Fund staff. 

 

 

[10 YEARS LATER]

13 hours ago, vomer said:

No man knows the date or the hour.  But the camels do.

 

 

Party Camels 🐫- they're a rowdy bunch !

[10 YEARS LATER]

4 hours ago, danielchu said:

Implementing Fiscal Consolidation to Achieve Debt Sustainability

this is under section 26 of which i they are speaking

 

under this section STAFF APPRAISAL

 

45. Steps to strengthen the legal framework of the CBI, remove one remaining exchange restriction and implement AML/CFT measures need to be accelerated. Iraq currently maintains one exchange restriction and one multiple currency practice (see Informational Annex) for which staff is not recommending approval. Removal of these, and implementation of AML/CFT measures, will help to improve the integration of the domestic financial system into the global economy.

 

to me it reads as lift exchange rate implement AML/CFT and end auctions to be article VIII compliant!

 

That cant happen soon enough - !

[10 YEARS LATER]

1 hour ago, fnbplanet said:

from the last few pages of the entire report:

 

         The authorities remain committed to maintaining the peg to the U.S. dollar as the
stability of the exchange rate continues to provide a key nominal anchor to the economy in an 
uncertain environment. They are working actively on removing remaining exchange 
restrictions and a multiple currency practice, in close cooperation with Fund staff. 

 

 

 

I do like the sound of this ! Get cracking boys !

[Floridian]

"25. The government will gradually remove remaining exchange restrictions and a multiple currency practice (MCP) with a view to eliminating exchange rate distortions. Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investor community that Iraq is committed to maintain an exchange system that is free of MCPs and restrictions for current international transactions and thus facilitate creation of a favorable business climate. As a first step, on October 16, 2016, the CBI made the weekly limits on the purchase of banknotes at the foreign currency auctions indicative, in the sense that any bank requiring additional cash for their clients’ legitimate travel expenses can obtain the required amount above these limits based on appropriate documentation. As a second step, the CBI issued clarifying implementing regulations, to remove the limitation on transfer of investment proceeds that gives rise to an exchange restriction (SB, Table 2)."

 

 

From further reading, I'm pretty sure they have to be Article VIII compliant BEFORE they are allowed lift the exchange rate.   

Edited August 10, 2017 by Floridian