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IMF Staff Completes 2019 Article IV Mission on Iraq.


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1. IMF Staff Completes 2019 Article IV Mission on Iraq, (came out yesterday)! 2. TUESDAY WILL BE HOSTED MINISTERS OF FINANCE AND OIL WITHIN THE PARLIAMENT (HCL) 3. Islamic New Year this coming Thu

PRESS RELEASE NO. 19/142 IMF Staff Completes 2019 Article IV Mission on Iraq May 6, 2019 End-of-Mission press releases include statements of IMF staff teams that convey preliminary find

Some information I got from the report, I’m going to continue reading    The Iraqi dinar peg with the U.S. dollar remains an appropriate nominal anchor for macroeconomic policies.  

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Iraq : Selected Issues

Author/Editor:

International Monetary Fund. Middle East and Central Asia Dept.

Publication Date:

July 26, 2019

Electronic Access:

Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Selected Issues

Series:

Country Report No. 19/249

 

page 33

FINANCIAL DEVELOPMENT AND FINANCIAL INCLUSION

 

FINANCIAL DEVELOPMENT AND FINANCIAL INCLUSION1 Financial development coupled with financial inclusion of households and small- and medium-sized enterprises (SMEs) can play an important role in Iraq by channeling funds to profitable projects, helping diversify the economy, promoting a vibrant private sector and creating jobs. A number of mainly structural factors have held back financial development and inclusion so far, and Iraq lags regional benchmarks. Drawing on the economic literature and experience of other developing countries, this paper provides recommendations that would help the Iraqi authorities reap the benefits of financial inclusion.

 

A. Context

1. As in many other developing countries, financial development and inclusion can offer Iraq considerable benefits.

 

2 It can relax the credit constraints facing SMEs and households, enabling them to flourish and create jobs, and helping them to smooth consumption and investment when shocks occur. It can also support financial stability by helping banks diversify funding sources and the composition of their portfolios, subject to adequate supervision.

2. The authorities have therefore identified these issues as policy priorities. The Central Bank of Iraq has taken a number of initiatives to promote financial inclusion,

 

3 while also seeking to upgrade prudential regulations and strengthen supervision (including AML-CFT measures). Efforts are also underway to improve financial sector architecture, including the development of a deposit insurance scheme and technological solutions to encourage direct salary payments.

3. However, the country is starting from a low base, and further reforms would help the authorities derive the full benefits while maintaining financial stability. Firms in Iraq have identified access to finance as a major impediment to their growth,

4 a reflection of the underdevelopment of the financial sector, which is dominated by public banks with private commercial banks currently playing an insignificant intermediation role.

4. This paper highlights a wide range of reforms that can help the financial system to fulfill its full potential. Plans are underway to restructure the two largest public banks, develop a deposit insurance scheme, strengthen payment systems and encourage salary payments directly into bank accounts and these efforts should be accelerated.

 

Bank regulation and supervision should

1 Prepared by Salim Dehmej and Amgad Hegazy, with research analysis by Alexander de Keyserling.

 

2 Financial development refers to the development of financial intermediation, institutions, markets and instruments. Financial inclusion covers access to and use of formal financial services by households and firms (Sahay and others, 2015), and can be assessed through indicators covering (i) access to financial services such as payment, savings, credit and insurance; (ii) usage by clients; and (iii) their quality (i.e., the extent to which they match client needs).

 

3 Central Bank of Iraq “Financial Stability Report 2017.”

 

4 The World Bank Enterprise Survey found that less than 3 percent of firms rely on banks to finance investment projects.

 

IRAQ 34 INTERNATIONAL MONETARY FUND be strengthened and refocused on the two largest public banks. Also, improving credit information and strengthening legal procedures should encourage banks to relax collateral requirements and facilitate access to credit. Fintech can help banks improve their risk management and help channel additional financial resources. Building on the relatively large coverage of wireless mobile in Iraq, financial inclusion could be improved substantially by developing mobile banking.

 

 

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14 hours ago, ScaryMary said:

Thank you ChuckFinley and LaidBack for reading ALL of these pages.  My brother loves to read these type of articles also and shares the info with me.   I try to read these but I get extremely lost after a few minutes and don’t quite understand what I’m reading.  God Bless you for taking the time to read and share what you learn with me. 😎🤩

Thank you ScaryMary, enjoy the rest of your weekend. 

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Iraq : 2019 Article IV Consultation and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Iraq

Author/Editor:

International Monetary Fund. Middle East and Central Asia Dept.

Publication Date:

July 26, 2019

Electronic Access:

Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Forty years of upheaval has eroded physical and human capital and weakened public institutions. Social conditions remain harsh following the war with ISIS, with slow progress at reconstruction, weak public services and a lack of job opportunities. The recent rebound in oil prices helped deliver a large budget surplus and healthy build-up in reserves in 2018, but post-war recovery has been sluggish. The SDR 3.8 billion ($5.3 billion) Stand-by Arrangement approved in 2016 expires in July.

Series:

Country Report No. 19/248

 

Press Release No. 19/301 FOR IMMEDIATE RELEASE

 

July 26, 2019 IMF Executive Board Concludes 2019 Article IV Consultation with Iraq

On July 19, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Iraq.

 

An improved security situation and the recovery in oil prices have improved near-term vulnerabilities. Large fiscal and current account surpluses—around 8 and 6 percent of GDP, respectively—were recorded in 2018, allowing the government to retire domestic debt and accumulate fiscal buffers. Gross international reserves reached $65 billion by end-2018.

 

However, post-war reconstruction and economic recovery have been slow. Non-oil GDP rose by only 0.8 percent year-on-year in 2018 in a context of weak execution of reconstruction and other public investment. Overall GDP contracted by around 0.6 percent as oil production was cut to comply with the OPEC+ agreement.

 

The 2019 budget implies a sizable fiscal loosening that will reverse the recent reduction in vulnerabilities. Current spending is expected to increase by 27 percent year-on-year, in part due to a higher public sector wage bill, while revenues will be dampened by the abolition of non-oil taxes. As a result, the budget is projected to shift to a deficit of 4 percent of GDP in 2019, and reserves are projected to decline. 1 Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country's economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board. International Monetary Fund 700 19th Street, NW Washington, D. C. 20431 USA

 

The fiscal and external positions are expected to continue to deteriorate over the medium term absent policy changes—with reserves falling below adequate levels and fiscal buffers eroded. Although the level of public debt will remain sustainable, gross fiscal financing needs will increase. Non-oil GDP growth is projected to reach 5½ in 2019 but subside over the medium term.

 

 

In a context of highly volatile oil prices, the major risk to the outlook is a fall in oil prices which would lower exports and budgetary revenues, leading to an even sharper decline in reserves or higher public debt. Geopolitical tensions, the potential for social unrest in a context of weak public services and lack of progress in combatting corruption pose further risks.

 

Executive Board Assessment

 

2 Executive Directors agreed with the thrust of the staff appraisal. They were encouraged by the recent strengthening of Iraq’s economy but recognized that the country continues to face daunting challenges. Social conditions remain harsh, post-war reconstruction progress is slow, development needs are large, and institutional weaknesses are significant. Volatile oil prices and a difficult regional and geopolitical environment pose additional difficulties. Directors encouraged the authorities to seize the opportunity presented by the improved security situation and higher oil prices to implement policies and structural reforms aimed at ensuring macroeconomic and financial stability, tackling long-standing social problems, and promoting sustainable and inclusive growth.

 

Directors emphasized that building a robust fiscal framework is essential to maintain fiscal and macroeconomic stability and strengthen buffers. They encouraged the authorities to adopt a risk- and rules-based approach to fiscal policy as part of broader reforms to manage oil revenue more effectively, reduce tendencies for procyclicality, and shift to a more growth-friendly composition of expenditure. Directors supported scaling up reconstruction and development expenditure gradually in line with improving absorptive capacity. They underscored the need to strengthen public financial management to ensure public spending is appropriately monitored

 

2 At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country's authorities. An explanation of any qualifiers used in summings up can be found here: http://www.imf.org/external/np/sec/misc/qualifiers.htm. and to reduce vulnerabilities to corruption. In this context, Directors welcomed the newly adopted General Financial Management Law and encouraged its full implementation.

 

Directors emphasized that gradual fiscal adjustment, including containing current primary spending and boosting non-oil revenues is essential for maintaining fiscal and debt sustainability. They recommended that spending measures should give priority to containing the growth in wage bill and lowering subsidies to the electricity sector.

Directors emphasized that the poorest and the most vulnerable must be protected from the adjustment process.

 

Directors underscored that an overhaul of the banking sector is necessary to maintain financial stability. They encouraged the authorities to restructure the large state-owned banks, enhance their supervision, and implement other reforms to increase financial intermediation. Directors highlighted the benefits of increasing financial inclusion, especially for the SME sector, which has a large potential to absorb entrants to the labor market.

 

Directors agreed that building public institutions and enhancing governance is key for success, and highlighted the scope for Fund capacity development to support these efforts. They welcomed progress in developing an anti-corruption framework and called for further modifications to the legal regime for combatting corruption coupled with stronger coordination between the relevant government agencies, while continuing to strengthen the framework for Anti-money laundering and combatting the financing of terrorism (AML/CFT). Directors also recommended strengthening Public Investment Management framework to ensure that spending is well directed and that donor funds targeting reconstruction are put to the most efficient use.

 

Directors looked forward to continued close engagement between the authorities and the Fund in the context of post program monitoring.

 

image.thumb.png.83bd056d56bc04b87126f1f9a9c0242e.png

 

image.thumb.png.5a19ebdbb4f1bcf6237178b29c99c564.png

 

Notice the projected imf exchange rate at the botton of the second page screen print,  (1182) in 2024.  

Edited by Butifldrm
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Fiscal reforms essential to rebuild Iraq and improve economic growth, IMF says

 

The country must implement policy and structural changes to ensure macroeconomic stability and promote sustainable growth

Destroyed parts of the old city of Mosul. Iraq needs to spend heavily on reconstruction of areas devastated by war. AFP. Destroyed parts of the old city of Mosul. Iraq needs to spend heavily on reconstruction of areas devastated by war. AFP.

Recovering oil prices and improved security have helped Iraq strengthen its economy but it needs to implement reforms aimed at ensuring macroeconomic stability and mitigating risks from oil price volatility, according to the International Monetary Fund.

The near-term vulnerabilities in Iraq have eased with a large fiscal surplus in 2018 but post-war reconstruction and economic recovery has been slow while a fall in oil prices would pose a major risk to the outlook, the IMF said in a report on Friday.

Iraqi authorities should "seize the opportunity presented by the improved security situation and higher oil prices to implement policies and structural reforms aimed at ensuring macroeconomic and financial stability, tackling long-standing social problems and promoting sustainable and inclusive growth," the IMF executive board concluded after a consultation with the Iraqi government.

Iraq faces "daunting" challenges after its war with ISIS: social conditions remain harsh following the conflict, with slow progress on rebuilding, weak public services and a lack of job opportunities, the IMF said. Given highly volatile oil prices, Iraq faces risk from a drop in crude prices, which would lower exports and revenues, leading to sharper declines in central bank reserves or higher public debt. In addition, geopolitical tensions and lack of progress in curbing corruption could pose further risk.

The Washington-based lender urged Iraqi authorities to adopt a fiscal policy that scales up public investment while gradually building buffers, as part of wider reforms to better manage oil revenues and protect from oil price shocks. To do this, the IMF recommended phased measures to lower current spending and boost non-oil revenue.

Tighter spending would mean containing public-sector wages and lowering subsidies to the electricity sector. A review of social spending must ensure that the country's poorest are protected during these reforms, the fund said.

Iraqi President Barham Salih in February ratified the country’s $111.8 billion (Dh410.64bn) budget for 2019, its largest-ever with a 27 per cent increase over 2018. The bill calls for a rise in spending of $24bn and a deficit of $22.6bn during the year.

 

The IMF emphasised the need to strengthen public financial management to ensure government spending is monitored and to reduce vulnerabilities to corruption.

An overhaul of the banking sector is also needed to maintain financial stability, the IMF said. This can be done by restructuring state-owned banks and improving their supervision. Increasing access to funds, particularly for small-and-medium enterprises, can also help improve employment.

Building public institutions and enhancing governance is "key" for success, the fund added.

"Directors also recommended strengthening Public Investment Management framework to ensure that spending is well directed and that donor funds targeting reconstruction are put to the most efficient use," according to the report.

To combat corruption, a "multi-pronged strategy" is required for strengthening the legal framework, developing national anti-corruption policies and fostering closer co-ordination between the involved agencies, the lender said.

"In the absence of policy changes, a widening budget deficit will divert resources away from essential investment to rebuild the country and improve public services, while eroding reserves and posing risks to medium-term sustainability," the IMF said.https://www.thenational.ae/business/economy/fiscal-reforms-essential-to-rebuild-iraq-and-improve-economic-growth-imf-says-1.891433

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5 hours ago, DWS112 said:

1. IMF Staff Completes 2019 Article IV Mission on Iraq, (came out yesterday)!
2. TUESDAY WILL BE HOSTED MINISTERS OF FINANCE AND OIL WITHIN THE PARLIAMENT (HCL)
3. Islamic New Year this coming Thursday! (add Fri & Sat for 3 day weekend)

4. Add some luck 🍀

Could happen?

 

Need to put you in the Bro section.  :bravo:

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15 hours ago, ScaryMary said:

Thank you ChuckFinley and LaidBack for reading ALL of these pages.  My brother loves to read these type of articles also and shares the info with me.   I try to read these but I get extremely lost after a few minutes and don’t quite understand what I’m reading.  God Bless you for taking the time to read and share what you learn with me. 😎🤩

Thanks for your input ScaryMary 👍🏼😊

Go RV asap

Go $1:1

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4 hours ago, Butifldrm said:

Iraq : 2019 Article IV Consultation and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Iraq

Author/Editor:

International Monetary Fund. Middle East and Central Asia Dept.

Publication Date:

July 26, 2019

Electronic Access:

Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Forty years of upheaval has eroded physical and human capital and weakened public institutions. Social conditions remain harsh following the war with ISIS, with slow progress at reconstruction, weak public services and a lack of job opportunities. The recent rebound in oil prices helped deliver a large budget surplus and healthy build-up in reserves in 2018, but post-war recovery has been sluggish. The SDR 3.8 billion ($5.3 billion) Stand-by Arrangement approved in 2016 expires in July.

Series:

Country Report No. 19/248

 

Press Release No. 19/301 FOR IMMEDIATE RELEASE

 

July 26, 2019 IMF Executive Board Concludes 2019 Article IV Consultation with Iraq

On July 19, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Iraq.

 

An improved security situation and the recovery in oil prices have improved near-term vulnerabilities. Large fiscal and current account surpluses—around 8 and 6 percent of GDP, respectively—were recorded in 2018, allowing the government to retire domestic debt and accumulate fiscal buffers. Gross international reserves reached $65 billion by end-2018.

 

However, post-war reconstruction and economic recovery have been slow. Non-oil GDP rose by only 0.8 percent year-on-year in 2018 in a context of weak execution of reconstruction and other public investment. Overall GDP contracted by around 0.6 percent as oil production was cut to comply with the OPEC+ agreement.

 

The 2019 budget implies a sizable fiscal loosening that will reverse the recent reduction in vulnerabilities. Current spending is expected to increase by 27 percent year-on-year, in part due to a higher public sector wage bill, while revenues will be dampened by the abolition of non-oil taxes. As a result, the budget is projected to shift to a deficit of 4 percent of GDP in 2019, and reserves are projected to decline. 1 Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country's economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board. International Monetary Fund 700 19th Street, NW Washington, D. C. 20431 USA

 

The fiscal and external positions are expected to continue to deteriorate over the medium term absent policy changes—with reserves falling below adequate levels and fiscal buffers eroded. Although the level of public debt will remain sustainable, gross fiscal financing needs will increase. Non-oil GDP growth is projected to reach 5½ in 2019 but subside over the medium term.

 

 

In a context of highly volatile oil prices, the major risk to the outlook is a fall in oil prices which would lower exports and budgetary revenues, leading to an even sharper decline in reserves or higher public debt. Geopolitical tensions, the potential for social unrest in a context of weak public services and lack of progress in combatting corruption pose further risks.

 

Executive Board Assessment

 

2 Executive Directors agreed with the thrust of the staff appraisal. They were encouraged by the recent strengthening of Iraq’s economy but recognized that the country continues to face daunting challenges. Social conditions remain harsh, post-war reconstruction progress is slow, development needs are large, and institutional weaknesses are significant. Volatile oil prices and a difficult regional and geopolitical environment pose additional difficulties. Directors encouraged the authorities to seize the opportunity presented by the improved security situation and higher oil prices to implement policies and structural reforms aimed at ensuring macroeconomic and financial stability, tackling long-standing social problems, and promoting sustainable and inclusive growth.

 

Directors emphasized that building a robust fiscal framework is essential to maintain fiscal and macroeconomic stability and strengthen buffers. They encouraged the authorities to adopt a risk- and rules-based approach to fiscal policy as part of broader reforms to manage oil revenue more effectively, reduce tendencies for procyclicality, and shift to a more growth-friendly composition of expenditure. Directors supported scaling up reconstruction and development expenditure gradually in line with improving absorptive capacity. They underscored the need to strengthen public financial management to ensure public spending is appropriately monitored

 

2 At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country's authorities. An explanation of any qualifiers used in summings up can be found here: http://www.imf.org/external/np/sec/misc/qualifiers.htm. and to reduce vulnerabilities to corruption. In this context, Directors welcomed the newly adopted General Financial Management Law and encouraged its full implementation.

 

Directors emphasized that gradual fiscal adjustment, including containing current primary spending and boosting non-oil revenues is essential for maintaining fiscal and debt sustainability. They recommended that spending measures should give priority to containing the growth in wage bill and lowering subsidies to the electricity sector.

Directors emphasized that the poorest and the most vulnerable must be protected from the adjustment process.

 

Directors underscored that an overhaul of the banking sector is necessary to maintain financial stability. They encouraged the authorities to restructure the large state-owned banks, enhance their supervision, and implement other reforms to increase financial intermediation. Directors highlighted the benefits of increasing financial inclusion, especially for the SME sector, which has a large potential to absorb entrants to the labor market.

 

Directors agreed that building public institutions and enhancing governance is key for success, and highlighted the scope for Fund capacity development to support these efforts. They welcomed progress in developing an anti-corruption framework and called for further modifications to the legal regime for combatting corruption coupled with stronger coordination between the relevant government agencies, while continuing to strengthen the framework for Anti-money laundering and combatting the financing of terrorism (AML/CFT). Directors also recommended strengthening Public Investment Management framework to ensure that spending is well directed and that donor funds targeting reconstruction are put to the most efficient use.

 

Directors looked forward to continued close engagement between the authorities and the Fund in the context of post program monitoring.

 

image.thumb.png.83bd056d56bc04b87126f1f9a9c0242e.png

 

image.thumb.png.5a19ebdbb4f1bcf6237178b29c99c564.png

 

Notice the projected imf exchange rate at the botton of the second page screen print,  (1182) in 2024.  

I saw that too. Sounds like the IMF is recommending they stay on the peg at 1182 thru 2024.

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4 minutes ago, Flyboy42 said:

I saw that too. Sounds like the IMF is recommending they stay on the peg at 1182 thru 2024.

 

1 minute ago, WheresmyRV? said:

I hope not :(

I would not get to wrapped around this. There is a lot transpiring and deals that would dramatically change the IMF recommendations. 

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5 hours ago, Flyboy42 said:

I saw that too. Sounds like the IMF is recommending they stay on the peg at 1182 thru 2024.

I respectfully disagree with you. The IMF can't come out and say anything else but that the rate is the same or lower. Think about it if they put a higher exchange rate on the report people would go crazy trying to get dinar, knowing that the exchange rate would be higher. They're playing it safe and smart.

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14 minutes ago, fancy said:

I respectfully disagree with you. The IMF can't come out and say anything else but that the rate is the same or lower. Think about it if they put a higher exchange rate on the report people would go crazy trying to get dinar, knowing that the exchange rate would be higher. They're playing it safe and smart.

 

I agree fancy, as Adam stated in his July 20th thread...Iraq is Not going to give notice when they raise their

exchange rate.....It would be complete chaos....

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16456.jpg
Part of a previous meeting of the Executive Board of the International Monetary Fund. "Internet"
  

 Emaar Construction


Economy News Baghdad

The International Monetary Fund (IMF) said that reconstruction in Iraqi cities liberated from Da'ash is proceeding at a slow pace.

The IMF said in a press release after the conclusion of the Executive Council Article IV consultations for 2019 with Iraq and viewed by the "economy News", the non-oil GDP rose by 0.8% year on year in 2018, referring to "weak implementation of reconstruction And other public investments. "

The IMF stressed that "the gross domestic product (GDP) shrank by about 0.6 percent with the reduction of oil production under the OPEC + agreement," and predicted that "the budget will return to a deficit of 4% of GDP in 2019."

Growth in non-oil GDP is also expected to reach 5.5% in 2019, but will decline again in the medium term.

The IMF warned of two things: "the main danger to the prospects of falling oil prices, which could reduce exports and reduce budget revenues, and thus lead to a sharper decline in reserves or a sharper rise in public debt" and "risks stemming from tensions And the possibility of social unrest in the context of weak public services and lack of progress in the fight against corruption.

The IMF stressed that the Iraqi authorities should "seize the opportunity to improve the security situation and increase oil prices to implement structural policies and reforms aimed at ensuring macroeconomic and financial stability, addressing long-standing social problems and promoting sustainable and inclusive growth."


Views 188   Date Added 07/27/2019

 
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11 minutes ago, yota691 said:

So it all about the decimal.. 

 

yota, what do you think would have happened today if they would have put 3.25 or 1.27 in that space? All the Dinar would be gone on EBay and total chaos in the Dinar world. 

I’m thinking 1182 was as good a number as any to use there....

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From IMF last report.

 

IMF KEY RECOMMENDATIONS;

Financial stability. Bolster supervision. Move forward with plans to restructure the state- owned banks. Strengthen the legal framework of the Central Bank. Eliminate an exchange restriction and an MCP.

 

AUTHORITIES RESPONSE:

Financial stability. Steps have been taken to strengthen supervision. The authorities have segregated some legacy assets of the state-owned banks to bridge branches, but a comprehensive restructuring plan has yet to be implemented. All previously identified exchange restrictions have been eliminated.

 

Go RV

Go asap

Go $1:1

 

 

 

 

 

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46 minutes ago, Laid Back said:

From IMF last report.

 

IMF KEY RECOMMENDATIONS;

Financial stability. Bolster supervision. Move forward with plans to restructure the state- owned banks. Strengthen the legal framework of the Central Bank. Eliminate an exchange restriction and an MCP.

 

AUTHORITIES RESPONSE:

Financial stability. Steps have been taken to strengthen supervision. The authorities have segregated some legacy assets of the state-owned banks to bridge branches, but a comprehensive restructuring plan has yet to be implemented. All previously identified exchange restrictions have been eliminated.

 

Go RV

Go asap

Go $1:1

 

 

 

 

 

LB Thanks,  Bring it & looking ripe for the RV & RI....Great stuff...👍👍

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3 minutes ago, tigergorzow said:

LB Thanks,  Bring it & looking ripe for the RV & RI....Great stuff...👍👍

Nice to see you my friend tiger👍🏼😀

Bring it 💰💵💰💵💰💵💰

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Laid Back, thank you for your analysis and all of your your diligent reporting. I see plenty of good news but the info on the "dollar and euro" put me over to the side of ecstatic!

 

If I am ever in Hawaii, I would love to buy you a Mai Tai. I will bring it you so you don't even need to get out of your hammock.

 

Cheers!

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2 hours ago, Laid Back said:

From IMF last report.

 

IMF KEY RECOMMENDATIONS;

Financial stability. Bolster supervision. Move forward with plans to restructure the state- owned banks. Strengthen the legal framework of the Central Bank. Eliminate an exchange restriction and an MCP.

 

AUTHORITIES RESPONSE:

Financial stability. Steps have been taken to strengthen supervision. The authorities have segregated some legacy assets of the state-owned banks to bridge branches, but a comprehensive restructuring plan has yet to be implemented. All previously identified exchange restrictions have been eliminated.

 

Go RV

Go asap

Go $1:1

 

 

 

 

 

Mmmmmmm

and now ohhhhhhh mmmmmmm

i like saying that 

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8 minutes ago, Carrello said:

Laid Back, thank you for your analysis and all of your your diligent reporting. I see plenty of good news but the info on the "dollar and euro" put me over to the side of ecstatic!

 

If I am ever in Hawaii, I would love to buy you a Mai Tai. I will bring it you so you don't even need to get out of your hammock.

 

Cheers!

Mahalo Carrello, you are awesome 👏 😀.

Same happens to me this morning with the dollar and euro article. First thing that 

came to mind was ... They are going to start de-dollarization process really soon.

 

I have been thinking the new rate could be higher than the dollar and euro, so people

who hold dollars and euros will go to the bank and exchange for the new lower denomination with higher value.

Or

The rate could be lower like Adam said $0.10 and the CBI can declare the use of the dollar and euro illegal in the Iraq market after a period of time.

 

Im believer of $1:1 or more.

 

Go RV asap.

 

58 minutes ago, davis411 said:

Mmmmmmm

and now ohhhhhhh mmmmmmm

i like saying that 

 

Om shanti Om 🙏🏼

 

Go davis for president

 

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59 minutes ago, Laid Back said:

 

The rate could be lower like Adam said $0.10 and the CBI can declare the use of the dollar and euro illegal in the Iraq market after a period of time.

 

Im believer of $1:1 

 

 

One financial analyst has been reporting we are going to a gold backed dollar soon. ( I thought basel3 meant all assets) .Following that line if it is a gold backed dollar , would that not make it .10 on the exchange from current to the new?  and if it comes out initially at .10 trade up value to the gold backed .01? which would suck

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