IMF Staff Concludes Staff Visit with Iraq

[cranman]

Cautiously optimistic. 

But we don't know what we don't know. 

 Hope for the best and be prepared for the worst. 

 

Go RV! GO RI!

[6ly410]

IMO - spending is about to begin with revalued dinar 🚨 go dinar only 01/01/24 

[NoviceInvestor]

1 hour ago, 6ly410 said:

IMO - spending is about to begin with revalued dinar 🚨 go dinar only 01/01/24 

May be this is a stupid question but can they decide to hold off on spending the allocated budget??? .. it’s Iraq and stalling is what they do best..

[Theseus]

First off back in 2020/1, an Iraqi Committee member said that they would not be changing the rate for 5 years. This was based on the implementation of the White Papers. So far everything that was stated according to the implementation of the White Papers has held. An RV in 2024 is not going to happen according to the Committee member. ( I have posted the statement before. If you want to verify the statement go find it.) When IMF gives Iraq go ahead, then and only then will they RV. Not before.

[Shelley]

12 minutes ago, Theseus said:

First off back in 2020/1, an Iraqi Committee member said that they would not be changing the rate for 5 years. This was based on the implementation of the White Papers. So far everything that was stated according to the implementation of the White Papers has held. An RV in 2024 is not going to happen according to the Committee member. ( I have posted the statement before. If you want to verify the statement go find it.) When IMF gives Iraq go ahead, then and only then will they RV. Not before.

Thank you Theseus,  I’ve been trying to find that article , I remember the article stating that the rate wouldn’t change again for 5 years that’s right when they devalued the dinar to 1460 🤷🏻‍♀️ I also remember praying that they were lying about the 5 years 

Edited December 21, 2023 by Shelley
Add

[6ly410]

37 minutes ago, Theseus said:

An RV in 2024 is not going to happen

I agree most likely it’s happening in December 2023 - what happens after 01/01/24 when the usd is banned completely? Pls explain - thanks 

[6ly410]

IMF experts praise Central Bank of Iraq measures.    https://cbi.iq/news/view/2488

The team of experts of the International Monetary Fund mission praised the measures taken by the Central Bank of Iraq during the current year in achieving the objectives of monetary policy, welcoming the progress made in strengthening the framework for local liquidity management. This came in a statement issued by the mission at the end of its visit related to Iraq, which took place in the Jordanian capital Amman for 12-17 December 2023, stressing that the policies of the Central Bank of Iraq were able to control inflation rates, which fell from the peak of 7% at the beginning of this year to reach 4% by the end of the year, with the expectation of its stability in the coming months, due to the tightening of monetary policy and the increase in the exchange rate of the Iraqi dinar against the dollar And the return of foreign trade financing to normal.

The Central Bank of Iraq explains that the monetary policy tools adopted this year, especially the increase in the policy price from (4%) to (7.5%) and the mandatory reserve ratio from (15%) to (18%) contributed significantly to better management of local liquidity, which the attention of the International Monetary Fund mission for its importance under the current economic conditions.

This bank seeks to develop the interbank trading market in order to enhance the transmission of the impact of monetary policy. The ongoing banking reforms and the development of the electronic payment system in coordination with the Iraqi government are prerequisites for providing support to revitalizing the private sector and promoting sustainable economic development.

The mission also praised the role of the Central Bank of Iraq for its continued provision of appropriate tools for financing foreign trade, and improving the environment of compliance with the requirements of combating money laundering and terrorist financing, which will contribute to achieving monetary policy objectives and greater financial and monetary stability in the country.

Central Bank of Iraq

The media office

December 20, 2023

[6ly410]

34 minutes ago, Theseus said:

When IMF gives Iraq go ahead, then and only then will they RV.

 

[6ly410]

The IMF staff team stands ready to support the authorities in their reform efforts and would like to thank them for candid and productive discussions during this mission.”

[6ly410]

https://www.imf.org/en/News/Articles/2023/12/18/pr23462-iraq-imf-staff-concludes-staff-visit

[6ly410]

and why did they wait so long to spend the budget? If it is 1310 why wait til the end of the year? How are they going to pay for everything with 1310? 

[6ly410]

I can’t wait for your explanation - u never know maybe I am not smart enough to figure it out but maybe you have the answer? Thanks 

[6ly410]

The usd dollar will no more starting 01/01/24 so what is the plan please explain 

[6ly410]

46 minutes ago, Theseus said:

First off back in 2020/1, an Iraqi Committee member said that they would not be changing the rate for 5 years

lol 

[6ly410]

no comment -  I wait for your response on all my questions. Thanks 

[6ly410]

Imo - 23 budget spending = RV - 01/01/24 no more dollar / all taxations in dinars - time is now. 

[6ly410]

Imo

[6ly410]

data is telling us RV is imminent 

[RJG]

International Monetary Fund: We expect non-oil GDP growth in Iraq


 

The International Monetary Fund expected, on Wednesday, non-oil GDP growth in Iraq.

The bank said in a statement, "Inflation in Iraq has witnessed a decline and is expected to stabilize due to the policy of the Central Bank and the impact resulting from raising the exchange rate of the Iraqi dinar and improving compliance with the framework for combating money laundering and the financing of terrorism."

He continued: "We welcome the Iraqi government plans aimed at strengthening public financial management."

He added: "We welcome the steps taken by the Iraqi government towards establishing the unified treasury account."

The statement added: "We commend the progress made in strengthening the local liquidity management framework."

He stressed: "We stand ready to support the Iraqi government in its reform efforts."

https://www.iqiraq.news/economy/56248--.html#hathalyoum

[6ly410]

1 minute ago, RJG said:

We stand ready to support system" rel="">support the Iraqi government in its reform efforts."

👀

[6ly410]

haha 🥂 cheers 

[6ly410]

RV RV RV — open the budget and start spending!!! 

[6ly410]

look at that… 

[6ly410]

Using national currency needed for respecting state sovereignty, says Iraqi PM advisor

[6ly410]