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IMF Executive Board Completes Second Review of Iraq’s Stand-By Arrangement and the 2017 Article IV Consultation


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IMF Executive Board Completes Second Review of Iraq’s Stand-By Arrangement and the 2017 Article IV Consultation

 

  • The authorities are appropriately maintaining the peg of the Iraqi dinar to the U.S. dollar, which provides a key anchor to the economy.
  • Measures to prevent money-laundering, counter the financing of terrorism, and strengthen the anti-corruption legislation need to be implemented.
  • The authorities are implementing a sizable fiscal adjustment, mostly through retrenchment of inefficient capital expenditure while protecting social spending.
  •  

To move the program forward, the authorities are implementing strong corrective measures as prior actions and are committed to further fiscal measures in 2018 to ensure external and debt sustainability.

 

In the fiscal area, the authorities are implementing a sizable fiscal adjustment, mostly through retrenchment of inefficient capital expenditure while protecting social spending. The authorities are appropriately maintaining the peg of the Iraqi dinar to the U.S. dollar, which provides a key anchor to the economy.

 

Measures to bolster financial sector stability include strengthening the legal framework of the Central Bank of Iraq, restructuring state-owned banks, and eliminating an exchange restriction and a multi-currency practice. Measures to prevent money-laundering, counter the financing of terrorism, and strengthen the anti-corruption legislation also need to be implemented.

 

just a timley year reminder for all...some highlights form the August 2017 report!

 

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Parliamentary move to raise the price of the dinar and maintain the stability of inflation

 

Wednesday 20 March 2019

Baghdad / Omar Abdul Latif

 

 

The Parliamentary Finance Committee is moving in the current legislative session to develop mechanisms to change the monetary and monetary policies in the country, in coordination with the Central Bank of Iraq, aimed at raising the dinar exchange rate and maintaining the stability of inflation.

 

"The committee will move during the current legislative term towards changing the fiscal and monetary policy in the country in general," said member of the committee Abdul Hadi al-Saadawi, Coming ".

 

He added that "the Committee is keen to enact the law of financial administration as it gives a complete road map of the financial policy in the country in terms of management of money and cash in the state," pointing out that "the change will raise the exchange rate of the Iraqi dinar against foreign currencies while maintaining the stability of inflation In the country".

"The Commission is determined to make these changes during the next phase and not to follow the traditional methods are not appropriate at the moment."

link

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Let’s not forget this 

 

Saleh: CBI is ready to delete the zeros; Government supports it and no one against it. However needs approval by GOI and House

Posted: May 31, 2012 

imgres-2.jpeg?w=614Deputy Governor of the Central Bank of the appearance of Mohammed Saleh, the readiness of the bank to start the process of removing three zeros from the currency, noting that the objection on that just is incorrect.

Saleh said in a press statement Project is integrated and all concerned in the government support him and there is no one against him, and who object to this project is skeptical of the ability of the central bank to implement it «.

He added that the central bank will be ready to implement the decision without hesitation if the government decided that,pointing out, it will reduce the money supply large and cumbersome and that’s what Aamlh the Iraqi people to achieve progress, freedom and prosperity.

He explained: that the draft deletion of zeros needs to the approval of the government and the House of Representatives for its success.

The Central Bank of Iraq announced (29 September 2011) that the year 2013 will see the deletion of zeros and switch the currency, which warned him, officials and economists because of the presence of mafias currency is preparing to rig the trillions of Iraqi dinars to replace them in the light of the upcoming changes.

The Central Bank of Iraq accused the government agencies to disrupt monetary reform and vowed that it was persecuting the interests of the country’s financial risk.

http://bit.ly/JZaQew

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Screwball- thanks very much an awesime read despite tge fact that i can barely keep my eyes open this time of jught. Much appreciated.

 

I especially like:..."easures to bolster financial sector stability include strengthening the legal framework of the Central Bank of Iraq, restructuring state-owned banks, and eliminating an exchange restriction and a multi-currency practice..."

 

 

...although the entire post was just as encouraging.

 

Go RV!!!

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1 hour ago, presence said:

Thanks for ee-posting your comment from May 6th, LaidBack - it makes me wonder what the IMF is going to do next!

The next step is the full report coming out in July 2019... Hoping for Art 8 compliance.

 

Go RV sooner than later 

Go $1:1

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