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Auction currency sale in Iraq, the destruction of the economy of iraq


Laid Back
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12 minutes ago, Laid Back said:

Based on the above, the economic expert Nabih al-Obeidi suggested the following treatments:
– Cancellation of the decision of the sale of foreign currency and the instructions issued later on

Yes, stop the auctions.

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The stopping of the auction would imply they are a seperate entity and

makes their on policy. {they claim this,but not true} Do we remember when

an arrest warrant was issued for Dr Shabibi ? He said they were independent

and Maliki sent him out of the country never to return. The auction will not

stop. It is to easy for the men of power to steal from.  IMHO

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Something this important requires that a committee be formed to discuss at great lengths the ramifications of such a bold statement possibly causing a Crisis in the confidence of the financial leaders.

 

A sense of urgency is called for and we should witness in the coming days a resolution. 

 

More news will will be available as this Crisis unfolds. 

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1 hour ago, Donziman said:

The stopping of the auction would imply they are a seperate entity and

makes their on policy. {they claim this,but not true} Do we remember when

an arrest warrant was issued for Dr Shabibi ? He said they were independent

and Maliki sent him out of the country never to return. The auction will not

stop. It is to easy for the men of power to steal from.  IMHO

Then we will NEVER have a RV!

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IMF Executive Board Concludes 2017 Article IV Consultation with Iraq

August 9, 2017

On August 1, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the 2017 Article IV consultation with Iraq.1

Iraq is facing a double shock arising from the conflict with ISIS and the plunge in oil prices. In 2016, real GDP increased by 11 percent owing to a 25 percent increase in oil production, which was little affected by the conflict with ISIS. This year, economic activity is expected to remain muted due to a 1.5 percent contraction in oil production owing to the OPEC + agreement to reduce oil production and only a modest recovery of the non-oil sector.

The decline in oil prices has driven the decline of Iraq’s international reserves from $54 billion at end-2015 to $45 billion at end-2016. Fiscal pressures are ongoing, with the government deficit increasing from 12 percent of GDP in 2015 to 14 percent in 2016 despite the ongoing fiscal consolidation, due to weaker oil prices and rising humanitarian and security spending.

The authorities have appropriately maintained the exchange rate peg. The simplification of documentation requirements implemented by the Central Bank of Iraq led to a decline in the parallel market spread to 6 percent in June 2017.

Medium-term growth prospects are positive. Growth will be driven by the projected moderate increase in oil production and the rebound in non-oil growth supported by the expected improvement in security and implementation of structural reform. Risks remain very high, however, arising primarily from volatile security, political tensions, and poor policy implementation.
The Fund is supporting Iraq through a three-year Stand-By Arrangement in the amount of     SDR 3.831 million ($5.380 billion), equivalent to 230 percent of quota.2

Executive Board Assessment 3

Executive Directors agreed with the thrust of the staff appraisal. They welcomed the policies put in place by the authorities to deal with the shocks of the armed conflict with ISIS and the ensuing humanitarian crisis and the plunge in oil prices. While mediummdash;term growth prospects are positive, the mediummdash;term outlook remains exposed to significant risks, arising primarily from oil price volatility, unstable security, political tensions, and weak administrative capacity. Although performance under the Standmdash;By Arrangement has been weak in some key areas, understandings on sufficient corrective actions have been reached to keep the program on track. Against this background, Directors encouraged resolute implementation of the authorities’ program including continued efforts toward fiscal consolidation, strengthening the financial sector, and implementing structural reforms to promote private sector activity and improve the business environment.

Directors noted the fiscal adjustment achieved in 2016, albeit at a slower pace than programmed because of weak control of investment expenditure and spending pressures stemming from the military campaign against ISIS and assistance to internally displaced people and refugees. They welcomed that this adjustment was achieved mostly through retrenchment of inefficient capital expenditure while protecting social spending. Directors welcomed passage of a 2017 supplementary budget and the authorities’ commitment to implement further consolidation measures in 2017mdash;18 to keep the program on track and ensure external and debt sustainability. They stressed that fiscal space needs to be found to enhance human capital and rebuild the physical capital of the country. Tackling the low level of non—oil tax revenue and very high level of public consumption would help create the fiscal room to finance growthmdash;enhancing investment.

To strengthen financial sector stability, Directors encouraged the authorities to take measures to bolster supervision, and move forward with plans to restructure the statemdash;owned banks that dominate the banking system. They also encouraged strengthening the legal framework of the Central Bank, eliminating a remaining exchange restriction and a multiple currency practice, and accelerating implementation of AML/CFT and antimdash;corruption measures. Directors considered that the peg to the U.S. dollar, which provides a key anchor to the economy, remains appropriate.

Directors stressed the importance of implementing structural reforms to improve the investment climate, diversify the economy, and achieve sustainable growth. They urged the authorities to overhaul public financial management, including by completing a regular inventory and paying down any arrears, and strengthening expenditure commitment and cash management to prevent the accumulation of new arrears. Directors also emphasized the importance of addressing weaknesses in administrative capacity and data provision. In addition, the implementation of the budgetmdash;sharing agreement between the Federal and Kurdistan Regional governments would put both governments in a better position to address shocks.

It is expected that the next Article IV Consultation with Iraq will be held in accordance with the Executive Board decision on consultation cycle for members with Fund arrangements.

https://www.imf.org/en/News/Articles/2017/08/09/pr17323-iraq-imf-executive-board-concludes-2017-article-iv-consultation

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2 hours ago, GreedyDinar07 said:

I will be glad when this is all over..they dont want US bases..well good..they need to rv and take care of themselves...but this is Iraq and I just dont have a good feeling about this at all..all they do is talk ....hell, do something!!

When the RV happens I was originally told there would be all sorts of bad news. Hang in there and dont cave till your bank account is showing millions

Edited by dinarbeleiver
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1 hour ago, Donziman said:

Hopes.Dreams forgiveness.and no amount of American money

will change the culture of the Iraq power structure.  imho

I seriously believe what we see in Iraq is for the most part scripted, I think we will see the changes when the powers that be decide its time. What we see in their news and what actually happens behind the scenes are very different. I do 100% that when this event happens (RV) everything will come together

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On 2/13/2019 at 6:46 AM, jg1 said:

Yes, stop the auctions.

Totally agree jg1👍🏼😊

 

The CBI with the help of IMF and World bank are working to remove IQD exchange control to move to an open market economy 

 

The issuance of the new currency by the Central Bank is done under the supervision of the World Bank and against the cash reserve of hard currency – dollar – a basket of currencies, gold cover for the value of the national currency issued and with statements and documents documented equal to the size of the currency and its categories and numbers after examination and receipt by a committee in the Central Bank, The currency is not usually numbered by the printing press, but it is done in the central bank and if it is done in the printing press, it will be made in the presence of representatives of the Central Bank and documentation.
-The reserve allocated to the national currency is subject to an assessment of the World Bank’s control and inspection. Thus, what is rumored about the smuggling of part of the new currency into Iran is incorrect; it represents a threat to Iraq by forging the new currency by Iran and pumping it into the Iraqi market through its agents of Islamic political party leaders and their militias who, through theireal and imaginary

companies, will buy the dollar from the dollar sale auction of the CBI.

 

Go CBI

Go end of the auction 

Go international 

Go real market value 

Go purchasing power

Edited by Laid Back
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4 hours ago, Laid Back said:

Totally agree jg1👍🏼😊

 

The CBI with the help of IMF and World bank are working to remove IQD exchange control to move to an open market economy 

 

The issuance of the new currency by the Central Bank is done under the supervision of the World Bank and against the cash reserve of hard currency – dollar – a basket of currencies, gold cover for the value of the national currency issued and with statements and documents documented equal to the size of the currency and its categories and numbers after examination and receipt by a committee in the Central Bank, The currency is not usually numbered by the printing press, but it is done in the central bank and if it is done in the printing press, it will be made in the presence of representatives of the Central Bank and documentation.
-The reserve allocated to the national currency is subject to an assessment of the World Bank’s control and inspection. Thus, what is rumored about the smuggling of part of the new currency into Iran is incorrect; it represents a threat to Iraq by forging the new currency by Iran and pumping it into the Iraqi market through its agents of Islamic political party leaders and their militias who, through theireal and imaginary

companies, will buy the dollar from the dollar sale auction of the CBI.

 

Go CBI

Go end of the auction 

Go international 

Go real market value 

Go purchasing power

Thanks Laid back!

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