Central Bank: restructuring of the Iraqi dinar will not start before 2013 or intention for the printing of new categories of cash

[patriotic party girl]

Khandan - denied the central bank, on Tuesday, issuing coins, a large, stressing that the Iraqi dinar has become more currencies in the region stable region, The thing on it.

and while noting that the inflation that took place in the country are imported, pointed to a gradual decline in rates until stability increases reasonable prices.

While the detection of moving ahead with the restructuring of the currency, confirmed the presence of coordinating high-level with the government to lift the confusion and uncertainty that surrounded the process, noting that the project will see the light before the year 2013.

In an interview with the "world "said the appearance of Mohammed Saleh, the central bank adviser, said Tuesday," there is no intention for us at the present time for the printing of any denomination at all, and those who say such rumors are bubbles of the market are driven by narrow interests, "noting that" statements made ​​in this regard was launched and the purpose which can normalize categories of large cash after the implementation of the project for restructuring the currency. "

The agencies have quoted, yesterday, Saleh as saying that the CBI is working on issuing a new currency, a large category of 50 thousand dinars in order to reduce the size of the money supply in local markets.

The Saleh said that "Iraqi dinar is the currency the strongest and most stable in the region, add to that covered by a large financial is the first volume in the history of modern Iraq, as the reserve reaches almost $ 60 billion."

He pointed a senior official at the Central Bank that "the objective the advent of a central is price stability and lower inflation, "explaining that" the reduction of inflation does not return the price to what it was, it is difficult, but we can do to reduce price increases, so does not increase the prices are obscene, but in a reasonable manner and digestible. "

He continues, "The inflation that has occurred but it is imported, and not stem from inside Iraq, but because of the currency crisis the world across Europe and hit the confidence currency cash than GA concerned to speculation in oil, gold and food, which is reflected on world prices and the impact heavily on Iraq, is one of the hand, raise food prices, on the other hand raise the prices of oil, which returned him the benefits of large financial. "

underlines Saleh, said that "Iraq is an integral part of the world, and we influence and are influenced, but there are two types in the world, the type of continuing progress and development, such as China and the rest of Asia , and the other type is affected by recession as is the case in the countries of Europe, which was quick to replace their currencies to the cash that have lost an item with other materials such as oil, gold, and food, which raise the prices of these materials is remarkable. "

However, Chief Financial great saying that "inflation is generally decreased by well in all the world and reflected on Iraq, too, the rate at the month of September last 7.3 percent, compared Boilol in 2010, while the 6.1 percent in the month of October (October) the past, compared with a year ago, This indicates a significant reduction in the rate of inflation. "

predicted "the continuation of the process of decline until reaching a proportion of the stability and reasonableness of price increase."

and on the implementation of the restructuring of the currency announced by the Central Bank of Iraq, says Saleh, speaking for "the world", "The The project prepared well and there is a complete study on this, "explaining that" there is coordination between high-level with the concerned parties within the government and the House of Representatives, and gave them a complete study about it, and got us some questions, where we clarify them and raise confusion and ambiguity surrounding the process, a What was the reason for the lack of understanding the government initially for the content of the process, "noting that" we are currently awaiting a government response, do not expect to begin the process before the year 2013. "

and that the benefit of the "process aimed at raising the efficiency of cash payments in Iraq, then we can print currency with monetary value is high without affecting the currency, as in the euro, which has the currency of the category of 500 euros, equivalent to $ 700, while the largest currency we have now is the category of 25 000 is equal to only $ 21 only. "

The Central Bank of Iraq announced for a project to replace the currency and delete zeros them in order to reduce the large numbers of objectionable transactions, which will reach trillions, and monetary blocs will be shortened without disparage wealth or income.

newspaper world

http://xendan.org/arabic/drejaA.aspx?=hewal&jmara=3621&Jor=2

IS IT JUST ME OR DOES THIS MEAN NO RV AM I SEEING SOMETHING WROMG HERE

[dtard]

They arent printing more money cause its done. More smoke.

[MahiMahi]

They arent printing more money cause its done. More smoke.

Agree

[musky]

Why are people so blind? Nobody wants to face reality.

[TAV]

Why are people so blind? Nobody wants to face reality.

I know, I hate too face it too, I've been tracking this investment since the beginnings and I never thought it would have taken so long!!! But you're right!!! When I first got into this investment some would say "It may take up to 10 years before we see any huge returns" well 2013 would be ten years, BUT...with the finanical crisis I assumed that the process would have been expedited thus shorting the so-called ten year process maybe down to 7 years......NOPE it didn't happen. I'm optimistic that it will happen.

FACTS: Once they go public, The International Financial Reporting Standars (IFRS) will not allow them to circulate those large denominations concurrently with the "newer" smaller denominations and still have equal and same purchasing powers!!! For giggles and grins lets say "they actually make an attempt to operate their country in this manor, the USD is still the reserve currency and under the Sarbanes-Oxley Act our financial system would wipe them out before their total transition would be complete." Today the CBI purchases daily only what they need in USD to get them thru the day!!! THERE ARE RULES TO THIS GAME, WE DON'T HAVE TO KNOW WHAT MALIKI OR SHABIBI IS THINKING!!!

SOME FYI:

International Financial Reporting Standards (IFRS) are principles-based standards, interpretations and the framework (1989) adopted by the International Accounting Standards Board (IASB).

Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On April 1, 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs).

http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards

Underlying assumptions

IFRS authorize two basic accounting models:

I. Financial capital maintenance in nominal monetary units, i.e., Historical cost accounting during low inflation and deflation.

II. Financial capital maintenance in units of constant purchasing power, i.e., Constant Item Purchasing Power Accounting – CIPPA – during low inflation and deflation and Constant Purchasing Power Accounting – CPPA – during hyperinflation. Financial capital maintenance in units of constant purchasing power is not authorized under US GAAP.

Constant-purchasing-power accounting (CPPA) is:

a consistent method of indexing accounts by means of a general index which reflects changes in the purchasing power of money. It therefore attempts to deal with the inflation problem in the sense in which this is popularly understood, as a decline in the value of the currency. It attempts to deal with this problem by converting all of the currency unit measurement in accounts into units at a common date by means of the index."

I've asked questions to get a clear verification of this, It appears the U.S. General Accepted Accounting Principles don't like floating the value of the currency based off a daily index of inflation highs and lows in other words set the rate and buy and sell currency as needed!!!

The following are the four underlying assumptions in IFRS:

1. Accrual basis: the effect of transactions and other events are recognized when they occur, not as cash is gained or paid.

2. Going concern: an entity will continue for the foreseeable future.

3. Stable measuring unit assumption: financial capital maintenance in nominal monetary units or traditional Historical cost accounting; i.e., accountants consider changes in the purchasing power of the functional currency up to but excluding 26% per annum for three years in a row (which would be 100% cumulative inflation over three years or hyperinflation as defined in IFRS) as immaterial or not sufficiently important for them to choose financial capital maintenance in units of constant purchasing power during low inflation and deflation as authorized in IFRS in the Framework, Par 104 (a).

Accountants implementing the stable measuring unit assumption (traditional Historical Cost Accounting) during annual inflation of 25% for 3 years in a row would destroy 100% of the real value of all constant real value non-monetary items not maintained under the Historical Cost paradigm.

4. Units of constant purchasing power: financial capital maintenance in units of constant purchasing power during low inflation and deflation; i.e. the rejection of the stable measuring unit assumption. See The Framework (1989), Paragraph 104 (a). Measurement in units of constant purchasing power (inflation-adjustment) under Constant Item Purchasing Power Accounting of only constant real value non-monetary items (not variable items) remedies the destruction caused by Historical Cost Accounting of the real values of constant real value non-monetary items never maintained constant as a result of the implementation of the stable measuring unit assumption during low inflation. It is not inflation doing the destroying. It is the implementation of the stable measuring unit assumption, i.e., HCA. Only constant real value non-monetary items are inflation-adjusted during low inflation and deflation. All non-monetary items (both variable real value non-monetary items and constant real value non-monetary items) are inflation-adjusted during hyperinflation as required in IAS 29 Financial Reporting in Hyperinflationary Economies, i.e. under Constant Purchasing Power Accounting.

http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards

MORE FYI:

[/size]

The Sarbanes–Oxley Act of 2002 (Pub.L. 107-204, 116 Stat. 745, enacted July 30, 2002), also known as the 'Public Company Accounting Reform and Investor Protection Act' (in the Senate) and 'Corporate and Auditing Accountability and Responsibility Act' (in the House) and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, which set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It is named after sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH).

The bill was enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the nation's securities markets.

The act contains 11 titles, or sections, ranging from additional corporate board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the law. Harvey Pitt, the 26th chairman of the SEC, led the SEC in the adoption of dozens of rules to implement the Sarbanes–Oxley Act. It created a new, quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, charged with overseeing, regulating, inspecting and disciplining accounting firms in their roles as auditors of public companies. The act also covers issues such as auditor independence, corporate governance, internal control assessment, and enhanced financial disclosure.

The act was approved by the House by a vote of 423 in favor, 3 opposed, and 8 abstaining and by the Senate with a vote of 99 in favor, 1 abstaining. President George W. Bush signed it into law, stating it included "the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt."[1]

Debate continues over the perceived benefits and costs of SOX. Opponents of the bill claim it has reduced America's international competitive edge against foreign financial service providers, saying SOX has introduced an overly complex regulatory environment into U.S. financial markets.[2] Proponents of the measure say that SOX has been a "godsend" for improving the confidence of fund managers and other investors with regard to the veracity of corporate financial statements.[3]

http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act

People, It appears that Iraq has decided they don't want to be apart of the Global Markets due to the course of actions they have chosen and the prolonging of implementing their currency publicly. I am reasonably confident of the mechanisms that regulates the markets unfortunately to error is human and if the leadership is faulty the system is broken!!

Edited November 29, 2011 by TAV

[patriotic party girl]

Great info thanks so much for sharing this i found it very interesting

[precious1]

Thanks TAV, great info, but I like your synopsis even better!

[zigmeister]

[

[unirod]

Fair argument.Well researched and thought out. This theory is not consistant with statements from the CBI itself. I have wondered why Iraq could not engage in currency manipulation like China indefinetly. But how is that possible when Iraq has boasted that they will become the strongest currency in the Middle East. To be that, they would have to be an Internationally traded currency.....IMO

[lotsofdinar]

While these articles are confusing (the translations are terrible), the thing I do get from them at the least is that an RV, or any other monetary chance, is not near. Which isn't good.

[Carrello]

Tav, you have presented very information data, and I am sure that many will want to read it. But can you stop screaming at us. We will more likely read it if you are not throwing at us. You might have a good handle on this type of info, but you may want to brush up on Psych 101,

Appreciate you effort to provide information that will help investors.

[

Zig, did your head explode? Mine did.

[jlldrs]

2012, 2013, 2014 I dont care when it gets done, just as long as it gets done and we make some good money off this investment. I dont want to wait that long either but maybe just maybe these articles mean exactly what they say.

[ladychurch]

[

Agreed.

[Brisco]

TAV - Great read thanks I really like new information.

IRAQ's are the masters of Smoke and mis-information.

Shabbi is a very smart man,so I expect to be blind sided.

[zigmeister]

Tav, you have presented very information data, and I am sure that many will want to read it. But can you stop screaming at us. We will more likely read it if you are not throwing at us. You might have a good handle on this type of info, but you may want to brush up on Psych 101,

Appreciate you effort to provide information that will help investors.

Zig, did your head explode? Mine did.

It did. Then I was left with nothing to say.

[Mazzz27]

Welp.....last tine I check winter solstice 2012 comes before 2013 lol just saying

[Nani?]

Why are people so blind? Nobody wants to face reality.

Because not everyones reality is the same

[Carrello]

PPG, thank you for the post.

I have checked on three other reliable dinar sites, Bond Lady for one, and they are not posting anything on this article. That means nothing, necessarily. But AK News is not reporting anything as of this moment either.

The site where this article came from is xendan.org, not .com, but org. I cannot get to any info except for an xendan Facebook page and I am not going to join to view it.

My point is: Is this real? It may be, but the set of circumstances seems a little odd to me.

Anyone care to do a little nosing around?

Edited November 29, 2011 by Carrello

[trooper]

Same article different site.. http://www.albaghdadia.com/n/economy/33341---------2013------.html

Central Bank: restructuring of the Iraqi dinar will not start before 2013 or intention for the printing of new categories of cash

Wednesday, 23 November to November 2011 11:17

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Denied the central bank, on Tuesday, issuing coins, a large, stressing that the Iraqi dinar has become more currencies in the region stable region, The thing on it. And while noting that the inflation that took place in the country are imported, pointed to a gradual decline in rates until stability increases are reasonable in the the price.

While the detection of moving ahead with the project to restructure the currency, confirmed the presence of high-level coordination with the government to lift the confusion and uncertainty that surrounded the process, noting that the project will see the light before the year 2013.

In an interview with the "world," said the appearance of Mohammed Saleh, adviser to the central bank, on Tuesday, "there is no intention for us at the present time for the printing of any denomination at all, and those who say such rumors are bubbles of the market are driven by narrow interests," noting that "the statements made in this regard was launched and purpose of the categories can normalize large cash after the implementation of the project for restructuring the currency. "

The agencies have quoted, yesterday, Saleh as saying that the Iraqi Central Bank is working to issue a new currency, a large category of 50 thousand dinars in order to reduce the size of the money supply in local markets.

Saleh said that "Iraqi dinar is the currency the strongest and most stable in the region, add to that covered by a large financial is the first volume in the history of modern Iraq, as a reserve of nearly $ 60 billion."

The senior official at the Central Bank that "the goal that aspires to him Central is price stability and lower inflation," explaining that "the reduction of inflation does not return the price to what it was, it is difficult, but we can do to reduce price increases, so as not to increase prices grossly but in a manner reasonable and digestible. "

He continues that "the inflation that has occurred but it is imported, and not stem from inside Iraq, but because of the currency crisis the world across Europe and hit the confidence currency cash than GA concerned to speculation in oil, gold and food, which is reflected on world prices and the impact heavily on Iraq, it is from the point of raising food prices, on the other hand raise the prices of oil, which returned him significant financial benefits. "

And confirms the benefit of that "Iraq is an integral part of the world, and we influence and are influenced, but there are two types in the world, the type of continuing progress and development, such as China and other Asian countries, and the other type is affected by recession as is the case in the countries of Europe, which was quick to replace their currencies to the cash, which lost a with other materials such as oil, gold, and food, which raise the prices of these materials is remarkable. "

However, Chief Financial great saying that "inflation generally fell well in all the world and reflected on Iraq, too, has rate at the month of September last 7.3 percent, compared Boilol in 2010, while the 6.1 percent in the month of October ( October) the past, compared with a year ago, which indicates a significant reduction in the rate of inflation. "

He predicted "the continuation of the process of decline until reaching a proportion of the stability and reasonableness of price increase."

And on the implementation of the restructuring of the currency announced by the Central Bank of Iraq, says Saleh, speaking for "the world", "The project is designed well and there is a complete study about it," explaining that "there is coordination between high-level with the concerned parties within the government and the House of Representatives , and gave them a complete study about it, and got us some questions, where we clarify them and raise confusion and ambiguity surrounding the process, which was the reason for the lack of understanding of government, initially for the content of the process, "noting that" we are currently awaiting a government response, do not expect to begin process before the year 2013. "

And that the benefit of the "process aimed at raising the efficiency of cash payments in Iraq, then we can print currency monetary value is high without affecting the currency, as in the euro, which has the currency of the category of 500 euros, equivalent to $ 700, while the largest currency we have Currently the category is not equal to 25 000, only $ 21 only. "

The Iraqi Central Bank has announced a project to replace the currency and delete zeros them in order to reduce the large numbers of objectionable transactions, which will reach trillions, and monetary blocs will be shortened without disparage wealth or income.

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[TAV]

Sorry if it appears that I'm screaming, as an investor I'm always searching and researching, the words sometimes run together due to some misrepresentation of how the information is presented therefore I have to highlight and reread the data thus highlighting the data that appears misrepresented! The bottom line to help clear some confusion, "The finanical market has rules it has to follow,

1.)The Financial Accounting Standards Board (FASB) is a private group that sets both broad and specific principles that reports to the Securities and Exchange Commission (SEC).

2.)The International Accounting Standards Board (IASB) issues International Financial Reporting Standards (IFRS) that identify preferred accounting practices inwhich they hope to create more harmony among accounting practices of different countries.

Here are the good parts that ties everything together:

"The IASB (non-U.S.) hopes to create more harmony among accounting practices of different countries. If standards are harmonized, one company can potentially use a single set of financial statements in all financial markets."

"Many countries standard setters are supporting the IASB and all those many differences between countries in how business is conducted is coming to an end. Unfortunately the IASB does not have authority to impose its standards on companies....... BUT ......... in order for Multinational Enterprises(MNE) using IASB practices outside of the U.S. that want to do business with the U.S. they have to comply with U.S. GAAP Framework inwhich under Sarbanes-Oxley Act.........."smiply read the article above!!"

The USD is deeply connected globally, everyone uses them including Iraq and there is nothing anyone can do about it!!! The CBI may choose to sale Dinar for USD thru the EU, UK, Kuwait etc. etc. and it still wouldn't matter because someone will still have to pay the U.S. going rate!!!

Someone mentioned China?!?!?

China is operating off a old trade agreement based on an old worthless Chinese currency. The problem is now that China has wealth they don't want to adjust the trade agreement and continues to milk the agreement which is still based on an old worthless Chinese currency.

Edited November 29, 2011 by TAV

[carlablum]

PPG, thank you for the post.

I have checked on three other reliable dinar sites, Bond Lady for one, and they are not posting anything on this article. That means nothing, necessarily. But AK News is not reporting anything as of this moment either.

The site where this article came from is xendan.org, not .com, but org. I cannot get to any info except for an xendan Facebook page and I am not going to join to view it.

My point is: Is this real? It may be, but the set of circumstances seems a little odd to me.

Anyone care to do a little nosing around?

Hope this helps!

Carla

Central Bank: restructuring of the Iraqi dinar will not begin until 2013 and has no intention to print new cash categories

Wednesday, November 23-November 2011 11: 17

The Central Bank denied Tuesday, issuing currency, stressing that the Iraqi dinar currency region is more stable region and most feared him. Noting that inflation in the country, the importer to the gradual reduction in the rates until stability at reasonable price increases.

While the revealing further currency restructuring project, a high-level coordination with the Government after lifting the confusion and uncertainty which surrounds the process,

noting that the project will see the light before 2013.

In an interview with "world" confirmed the appearance of Mohamed Saleh, Adviser to the Central Bank, on Tuesday, "we have no intention at present to publish any cash at all, calling such rumors are market bubbles who motivated narrow interests", stating that "remarks thereon launched and intended to print large cash categories after currency restructuring project.

Agencies have been transferred, on Tuesday, Saleh said, quoted by the Iraqi Central Bank to issue new currency works great JD 50,000 category in order to reduce the size of the money supply in circulation in local markets.

Saleh said "Iraqi dinar currency was stronger and more stable in the region, add to that covered by a large envelope is one of the largest in the history of modern Iraq with reserves of nearly 60 billion dollars."

A senior official said the Central Bank to be "the central goal is to yearn for price stability and low inflation," he said, adding that

"inflation does not mean the price returns to what it was, this is hard, but we can do to reduce price increases, so do not increase prices is obscene but sensibly and queasy feeling".

And follow that "inflation is the importer and not stemming from within Iraq, but because of the global monetary crisis that has engulfed Europe and hit confidence in the currency which GA involved to speculation in oil, gold and foodstuffs, and which was reflected on world prices and impact greatly on Iraq, is also raising food prices, meanwhile, lifted oil prices which returned him to substantial financial benefits."

Saleh confirms that "Iraq is an integral part of the world, we influence and affected, but there are two types in the world, kind of continue to progress and development, such as China and the rest of Asia, and the other type is affected by the recession as is the case in the countries of Europe which has rushed to replace their currencies cash lost item with other materials such as oil, gold, and foodstuffs, which raise the prices of these materials remarkably".

However, the large financial officer by saying that "overall inflation fell by good in all the world reflected on Iraq also, stood in the month of September past 7.3 percent, compared with September in the year 2010, while 6.1 per cent in October (October) last year, compared with a year ago, which shows a marked decline in inflation."

Predicted "continued downward until reaching process of stability and reasonable in price increase".

And on the implementation of the draft restructuring of the currency announced the Central Bank of Iraq, says Saleh, speaking for the "world",

"the project is fine and there is a full study on this," he said, adding that "there is high-level coordination with stakeholders within Government and Chamber of Deputies, and was elevated to a full study on this,

and we have some questions, so we have to clarify and raise the ambiguity and uncertainty surrounding the operation, which resulted in a lack of understanding Government initially content process",

pointing out "we We currently do not expect government response, to begin operation by 2013. "

And that "the operation was aimed at raising the efficiency of cash payments in Iraq, and then we printed currency with high monetary value without affecting the currency, the euro, which has also in his class of 500 euros, equivalent to $ 700,

while the largest currency we currently have 25,000 category is not equal to only $ 21."

The Central Bank of Iraq project was announced to replace currency and delete zeros in order to reduce large numbers unless they close up with the trillions, cash will also be briefly blocks without shortcut rights and wealth or income.

http://www.albaghdadia.com/n/economy/33341---------2013------.html

[Carrello]

Thanks Troop. So much for my theory.

Thanks Carla too. I guess this is the best site for the news!

Edited November 29, 2011 by Carrello

[zigmeister]

So this is the new plan and all the articles with the new 50 note ready to go was the old plan.

[markchem]

Don't mean to sound negative, but getting what I can from this post and all comments (which are far more knowledgeable than me), all this hype around the troops leaving Iraq, imminent? HCL, Iraq as a sovereign nation exiting Chapter 7, outside investments increasing in Iraq, is just that, for the time being - HYPE? Hype to pump more dinar sales, website memberships, etc?

While I can understand the patience for stability and growth to lend itself for something to happen in 1-2 years, instead of present time; my worries are that there is already so many dinars (trillions and growing it seems) on the streets, that this investment is already on the verge of being out of control. Even a 0.10 RV is still a lot of bread to back it up - and sales of dinars seem to keep growing daily. At this rate, there might be quadrillions of dinar out there by 2013! I know that is overstated, but even if the CBI is supposedly buying back larger notes and taking them out of circulation, they probably are not getting many from investors like us. One, why would we sell if the RV appeared so close and two, who would buy them for even break even?

I admit I am lost and frustrated. Am I alone? Crazy?

[TAV]

Don't mean to sound negative, but getting what I can from this post and all comments (which are far more knowledgeable than me), all this hype around the troops leaving Iraq, imminent? HCL, Iraq as a sovereign nation exiting Chapter 7, outside investments increasing in Iraq, is just that, for the time being - HYPE? Hype to pump more dinar sales, website memberships, etc?

While I can understand the patience for stability and growth to lend itself for something to happen in 1-2 years, instead of present time; my worries are that there is already so many dinars (trillions and growing it seems) on the streets, that this investment is already on the verge of being out of control. Even a 0.10 RV is still a lot of bread to back it up - and sales of dinars seem to keep growing daily. At this rate, there might be quadrillions of dinar out there by 2013! I know that is overstated, but even if the CBI is supposedly buying back larger notes and taking them out of circulation, they probably are not getting many from investors like us. One, why would we sell if the RV appeared so close and two, who would buy them for even break even?

I admit I am lost and frustrated. Am I alone? Crazy?

Nope, you're not alone and it is crazy, That 50/50,000 dinar note they're talking about is an internal mechanism they're trying to hype up.....it will never happen and I'm going to provide some common sense based again on Global Finance.

The IMF also gave the go-ahead for a $741m (£469m) loan to Iraq.

The money is part of a previously agreed $3.7bn loan programme designed to help the country rebuild its ravaged infrastructure.

The loan is the second instalment of a 24-month loan the IMF awarded to Iraq in February.

The organisation said in a statement: "Iraq has continued to make good progress in rebuilding key economic institutions and maintaining macroeconomic stability, under very difficult circumstances."

The IMF has lent smaller amounts before, loans that came with the conditions of removing subsidies from manufacturers and farmers.

Iraq relies on oil revenues for as much as 90% of its income and needs funds to rebuild after years of conflict and insurgency following the 2003 US-led invasion.

http://www.bbc.co.uk/news/business-11457074

NOTES TAKEN ON THE IMF:

The International Monetary Fund (IMF) A Bretton Woods Institution founded in 1944 has three primary activites:

1.) monitoring the global economy

2.)providing technical assistance to developing countries

3.)Lending

"Lending is a core responsibility of the IMF. it provides loans to countries experiencing balance of payment problems. The IMF can be viewed as a lender of last resort to assist member countries should they get into financial difficulty. Where does the IMF get its funds? The answer boils down to the same principle of where insurance companies obtain their funds from insurance subscribers who pay a primium, the IMF collects funds from member countries. Each member country is assigned a quota, based broadly on it relative size in the global economy that determines its financial contribution to the IMF, its capacity to borrow, and its voting power. By definition, the IMF lending refers to loans, not free grants. IMF loans usually have to be repaid in one to five years. Althought there are some extensions for payments, no member country has defaulted.

"While an IMF loan provides short-term financial resources, it also comes with strings attached, such as long-term policy reforms that recipient countries must undertake as conditions of receiving the loan. These conditions usually entail belt-tightening by pushing governments to embark on reforms that they otherwise probably would not have undertaken."

AGAIN...... "each member country is assigned a quota based broadly on it relative size in the global economy that determines its financial contributions to the IMF, its capacity to borrow, AND ITS VOTING POWER"

I CAN REASONABLY SAY WITH CERTAINTY, "THERE WILL BE NO 50,000 DINAR NOTES PRINTED, THERE WILL BE NO 100,000 DINAR NOTES PRINTED!!!" "THE BEST THING IRAQ CAN DO;" "UNTIL THEY FIGURE OUT WHAT THEY ARE GOING TO DO;" "IS DO EXACTLY WHAT THEY ARE NOW DOING........BE AN INCOMPLETE, INEFFECTIVE GOVERNMENT!!!"

THIS IS WHY WE GET ZERO NEWS TO NO CREDITABLE NEWS ABOUT THEIR ECONOMY!!!

Edited November 29, 2011 by TAV