IMF article

[TimS]

http://www.imf.org/External/NP/LOI/2011/IRQ/030311.pdf

Check this out...doesn't sound like the CBI is going to be changing exchange rate anytime soon?

[cardinal sin]

Good to stay grounded. Thanks for the post Tim.

[fox]

I agree. I am actually wondering if this is going to happen. Someone encourage me please!

[VanessaL4100]

I have totally read the opposite. Back in December there were plenty of articles that said once the GOI is seated and announced, they are ready to act!!

[Darin]

SBA objectives include, economic growth/poverty reduction

Solutions of that would easily include RV

The letter of intent is requesting extention(s) to end of the year 2012.

Never really says.. We can't RV until than.

They're goal is to look for solutions to grow the economic situation, reduce poverty, and make use of the private sector.

Eventually things will end up being worked out and progress will be made.

Also, IMHO, only a few people would look the possibility of doing a RV - and know what #s to conclude in the process to make the RV a possibility & what rate it will be.

[JuryPicker]

Do you actually think they're gonna print " Hey guys, we will RV as soon as dot dot dot is done" Give me a break.

[tim5400]

im thinkin June at the earliest just because they need to get visas distributed.....kuwait issue completely done....ministries not only filled but announced with appointees in there workin...hcl done and behind us....all banks need to be connected and working together....WTO needs to accept Iraq ..who knows if they are gettin in....AND...where is the proof that they are completely out of Chapter 7.......so I cant see this being done by th EOM...or the 7th of April..........never the less we ALL need this to happen and it cant be fast enough for me...Just my opinion from the frozen plains of Minnesota...........GO RV

[HYDRANT]

NICE FIND TIM-BUT IVE NEVER HAD MY HOPES UP WITH ALL THE THINGS ON THE FORUMS THAT COME FROME CHATS OR SOMEONE TOLD SOMEBODY I ONLY TAKE FOR WHAT IS TRUE BY ARTICALS YOU POST LIKE THIS ONE-ARTICALS IN THE NEWS-FAXED E-MAILS---EVERYTHING ELSE YOU CAN TAKE WITH A GRAIN OFF SALT- IN MOP I THINK IF POSSIBLE WE WOULDNT SEE AN RV UNTILL A LEAST JUNE IF WHERE GIONG TO SEE ONE AT THE EARLIST-JMOP

[virgoinva2001]

There are some interesting tidbits buried in this letter. It certainly does not seem t be pointing to an RV or at least not one in the near future.

V. PROGRAM SAFEGUARDS AND MONITORING, DEBT AND DATA ISSUES

14. Progress has been made in moving toward accepting the obligations of Article VIII,

Sections 2(a), 3, and 4, of the IMF’s Articles of Agreement. We have worked with IMF staff

to complete the review of exchange laws and regulations and are considering measures to

remove the identified exchange restrictions on current international transactions. We remain

committed to avoid imposing any restrictions on the making of payments and transfers for

current international transactions or introducing any multiple currency practices.

II. DEFINITIONS

3. For purposes of monitoring under the program, a program exchange rate will be

used. This program exchange rate will be set at ID 1,170 per U.S. dollar. The program

exchange rate will be used to convert into Iraqi dinars the U.S. dollar value of all CBI foreign

assets and liabilities denominated in U.S. dollars, as required. For CBI assets and liabilities

denominated in SDRs and in foreign currencies other than the U.S. dollar, they will be

converted in U.S. dollars at their respective SDR-exchange rates prevailing as of

December 31, 2010, as published on the IMF’s website.

[Darin]

There are some interesting tidbits buried in this letter. It certainly does not seem t be pointing to an RV or at least not one in the near future.

V. PROGRAM SAFEGUARDS AND MONITORING, DEBT AND DATA ISSUES

14. Progress has been made in moving toward accepting the obligations of Article VIII,

Sections 2(a), 3, and 4, of the IMF’s Articles of Agreement. We have worked with IMF staff

to complete the review of exchange laws and regulations and are considering measures to

remove the identified exchange restrictions on current international transactions. We remain

committed to avoid imposing any restrictions on the making of payments and transfers for

current international transactions or introducing any multiple currency practices.

II. DEFINITIONS

3. For purposes of monitoring under the program, a program exchange rate will be

used. This program exchange rate will be set at ID 1,170 per U.S. dollar. The program

exchange rate will be used to convert into Iraqi dinars the U.S. dollar value of all CBI foreign

assets and liabilities denominated in U.S. dollars, as required. For CBI assets and liabilities

denominated in SDRs and in foreign currencies other than the U.S. dollar, they will be

converted in U.S. dollars at their respective SDR-exchange rates prevailing as of

December 31, 2010, as published on the IMF’s website.

****************************************************************

#14 Is the kicker - To me it says, we're making progress to have our currency be internationally recognized. As they review exchange laws, regulations, and look into other measures.

Definitions 3. - basically tells me, 1170 is a program rate and does not represent the "true value" of the IQD. Or so it the opinion I received from reading it.

[dhawk7]

would love some insight from Adam or Scooter on this one!!!

[jaminjimmy90]

im thinkin June at the earliest just because they need to get visas distributed.....kuwait issue completely done....ministries not only filled but announced with appointees in there workin...hcl done and behind us....all banks need to be connected and working together....WTO needs to accept Iraq ..who knows if they are gettin in....AND...where is the proof that they are completely out of Chapter 7.......so I cant see this being done by th EOM...or the 7th of April..........never the less we ALL need this to happen and it cant be fast enough for me...Just my opinion from the frozen plains of Minnesota...........GO RV

then we better hope obama renues this presidential order to invest in iraq or we will be out on the street with nothing

[JuryPicker]

then we better hope obama renues this presidential order to invest in iraq or we will be out on the street with nothing

O Really? You'll have to explain that one.

[tjmunson]

Do you actually think they're gonna print " Hey guys, we will RV as soon as dot dot dot is done" Give me a break.

I agree with this statement completely. Remember that as long as we are in a pre RV world, the powers in charge have to act as if a RV is never going to happen. Otherwise major corps. around the globe would buy billions of IQD and it would be a disaster. They need to play the game until the RV takes place, at which point these agreements and letters of intent will be null and void.

One of our key indicators to keep and eye on is inflation. As long as inflation continues to rise, which it has been doing at an alarming rate, the need for a RV becomes more and more important. Keep your eyes on the big picture and just remember that these guys are all actors right now playing a part to throw us off the scent of the inevitable.

Keep the faith folks, it's coming.

Peace

[bahtman]

There are some interesting tidbits buried in this letter. It certainly does not seem t be pointing to an RV or at least not one in the near future.

V. PROGRAM SAFEGUARDS AND MONITORING, DEBT AND DATA ISSUES

14. Progress has been made in moving toward accepting the obligations of Article VIII,

Sections 2(a), 3, and 4, of the IMF’s Articles of Agreement. We have worked with IMF staff

to complete the review of exchange laws and regulations and are considering measures to

remove the identified exchange restrictions on current international transactions. We remain

committed to avoid imposing any restrictions on the making of payments and transfers for

current international transactions or introducing any multiple currency practices.

II. DEFINITIONS

3. For purposes of monitoring under the program, a program exchange rate will be

used. This program exchange rate will be set at ID 1,170 per U.S. dollar. The program

exchange rate will be used to convert into Iraqi dinars the U.S. dollar value of all CBI foreign

assets and liabilities denominated in U.S. dollars, as required. For CBI assets and liabilities

denominated in SDRs and in foreign currencies other than the U.S. dollar, they will be

converted in U.S. dollars at their respective SDR-exchange rates prevailing as of

December 31, 2010, as published on the IMF’s website.

Virgoinva,

I was just getting ready to post on the exact same 2 paragraphs after reading the LOI just a minute ago.

It's probably good that we both came up with the same paragraphs.

The first one I didn't understand 100% but it seemed very positive.

The second one could be negative because the LOI was just written on March 3, 2011.

[dinar-racer]

Just my opinion but would Iraq tell the IMF (who they are getting millions from) that they intend to revalue their currency?I think it's time for Adam or Scooter to weigh in on this before everyone freaks out.

[EmilyJJJ]

SMOKE IN MIRRORS? That is what I am hoping this is.

[taboo]

Smoke and Mirrors!

lol

[billy6]

Do you actually think they're gonna print " Hey guys, we will RV as soon as dot dot dot is done" Give me a break.

Some of you people would spin a top until it's dizzy.

You wouldn't believe it if a refrigerator fell on your head.

The IMF report is fake? No. That's information you can

bank on, not spun by gurus.

[tileman1814]

I don't belive it.This is the only time I have seen any document from the IMF in a PDF format.Another thing I'm sure if this were true we would have heard about before now,it's dated March 3 2011.There is no way people from a dozen different dinar sites wouldn't have missed this one.Somebody did a very clever job of using some IMF doc's and with a little time and the copy and paste feature made this up just to screw with everyone.JMO

Semper Fi !!!

Edited March 28, 2011 by tileman1814

[JuryPicker]

Some of you people would spin a top until it's dizzy.

You wouldn't believe it if a refrigerator fell on your head.

The IMF report is fake? No. That's information you can

bank on, not spun by gurus.

Sorry sport, but you can't bank on any report. Take a look at reports that come out 90 days before a stock splits. You'll think your in bankruptcy. I don't know what business you are in but I'll bet it's not high finance. Sell your currency. No big deal

[Richguy]

I don't belive it.This is the only time I have seen any document from the IMF in a PDF format.Another thing I'm sure if this were true we would have heard about before now,it's dated March 3 2011.There is no way people from a dozen different dinar sites wouldn't have missed this one.Somebody did a very clever job of using some IMF doc's and with a little time and the copy and paste feature made this up just to screw with everyone.JMO

Semper Fi !!!

Umm...the link is directly from the IMF website. So you are saying someone hacked into the IMF website and planted the 'fake' article....really?

[billy6]

Sorry sport, but you can't bank on any report. Take a look at reports that come out 90 days before a stock splits. You'll think your in bankruptcy. I don't know what business you are in but I'll bet it's not high finance. Sell your currency. No big deal

sorry "sport" I'm into my better half...common sense

never lost a dime and still have a lot.

[Butifldrm]

ok, I have a question. I was always under the assumption that there were 25 Trillion IQD printed. So how can these number be correct in this letter of intent? Any insight on this? If they were talking Billions here, I could see this information as more plausible. something seems amiss.

page 5

7. The increase in oil exports will allow us to limit our government budget deficit in

2011, while making additional room for investment. We continue to follow a cautious

approach in budgeting oil revenues, as the volatility in international oil prices remains high

and uncertainties are many, and we have therefore based our 2011 budget on an average

export price for Iraqi oil of $76.50 per barrel. In addition, reflecting our commitment to

transparent government finances, we have reflected in our budget the estimated payments

to the international oil companies for cost recovery and remuneration, which we expect the

companies to request to be paid in-kind. The 2011 government budget aims to limit the deficit

to ID 15.7 trillion (Ministry of Finance as well as IMF presentation), or about 13½ percent of

GDP. To achieve this, we are strictly containing current spending to ID 66.7 trillion (Ministry

of Finance presentation; ID 64 trillion in IMF presentation), a level only somewhat higher

than the expected outcome of 2010, to make room for a substantial increase in capital

spending. We will use part of the financing resources we planned to use in 2010 to help

finance the 2011 deficit. In case oil exports or prices in 2011 turn out higher than budgeted,

we will use half of the additional revenues to further increase investment, while the other half

will be used to rebuild our financial buffers. As the levels of oil production and exports will

increase further in 2012 and the years thereafter, we will aim to gradually reduce the budget

deficit further in 2012 and return to a surplus position in the following years, with a view to

place government finances on a sustainable footing and rebuild the government’s financial

buffers. To ensure integrity in our payment and budget systems, we will refrain from

accumulating domestic expenditure arrears. In addition, the Ministry of Finance will refrain

from issuing guarantees on any loans extended by domestic banks.

[tileman1814]

Umm...the link is directly from the IMF website. So you are saying someone hacked into the IMF website and planted the 'fake' article....really?

No,I'm saying somebody cleverly copied and pasted some IMF documents to make what appears to be a real document.

Semper Fi !!!