IMF - Iraq: First Review Under the Stand-By Arrangement, Request for Waiver of Nonobservance of a Performance Criterion, Waiver of Applicability,

[k98nights]

http://www.imf.org/external/pubs/ft/scr/2010/cr10316.pdf

[SteveI]

FYI:

Posted Today, 10:42 AM

View PostEddinar, on 20 October 2010 - 10:36 AM, said:

Is the name of this document the stand by agreement or is this actually a "stand by agreement" ... is it even real or a back up to the actual agreement?

Here is something from the IMF dated October 2010 to backup what is being reported.

Page 4 number 4:

Inflation continued to be in the low single digits and the exchange rate has

remained stable. With core inflation hovering around 3 percent, the CBI lowered its policy

interest rate further to 6 percent (from 7 percent) and reserve requirements to 20 percent

(from 25 percent) effective April 1, 2010. 3 The volume of foreign exchange sold by the CBI

in the foreign exchange auctions remained broadly stable at about $3 billion per month.

Combined with somewhat lower than expected transfers from the DFI to the Ministry of

Finance’s accounts with the CBI, the CBI’s international reserves declined to $41 billion by

end-June, falling below the program target. Iraq’s combined international reserves (the sum

of the CBI reserves and the balance in the DFI), however, remained broadly stable during the

first half of 2010.

Page 9 Number 14:

The CBI will continue to aim at keeping inflation low, predominantly through

the continuation of its exchange rate policy. The exchange rate remains the CBI’s main

policy instrument, given the very low level of financial intermediation.

Page 13 Number 29:

Staff supports the CBI’s intention to continue to manage the exchange rate with

a view to keeping inflation low. A strong and stable currency provides a solid anchor for the

public’s expectations in an otherwise highly uncertain environment.

http://www.imf.org/e...010/cr10316.pdf

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[nowhammies]

Alright Scooter let us know what your thoughts are on this report.....assuming it is new of course.

[SteveI]

Alright Scooter let us know what your thoughts are on this report.....assuming it is new of course.

He is. Let's give him time.

Posted Today, 01:10 PM

View PostScooter, on 20 October 2010 - 01:54 PM, said:

Hi Folks,

After carefully reading, there's several big discrepancies in this document that reflect positively for a revaluation, particularly regarding the second payment of $766 million and the measured benchmarks of the complete $3.6 Billion loan. I will be incorporating this into my next post.

Be good my friends,

Scooter

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[cgbrown]

Thanks for the post...

[quadraph0nic]

Let scoot take all the time he needs, unless it Rvs there's no reason for us to be in a rush...

[dreaminRV]

Let scoot take all the time he needs, unless it Rvs there's no reason for us to be in a rush...

Ha-ha. If it RV's, who will care WHAT this document says... :lol:

[onerighthand]

Thanks for the post