Post From Bondlady's Corner Post By Tlm724
[tlm724] Good morning everyone, first let me tell you that BondLady extends her apologies for not being here, she is slammed at work
[tlm724] okay here we go, this is important and I will be as brief as possible
[tlm724] Iraq Is Positioning itself for a big move !!!!!!!!!!
[tlm724] Let's begin by going back in time for a moment. Please have a quick look at this article posted by BondLady on June 5, 2012
[tlm724] 2012 !
Iraq is expected to become full member of WTO within two years June 5, 2012 Most likely a member of the Economic Committee in Parliament MP Amer Jassim winner, Iraq’s accession to the WTO during the next two years, confirming the presence of several obstacles have made Iraq away from the world trade market.
Read More Link On Right
The winner (of the Agency news): The Iraq’s accession to the WTO needs to stabilize the economic and political in the country, noting there are constraints have made Iraq away from her Ktzbzb the local currency against hard currencies as well as the lack of resolution of the project to delete the three zeroes from the currency.
He added: that non-rising standard of living of the Iraqi people as it takes to cancel the ration card was also blocked the entry of Iraq into the WTO, global trade because the market does not recognize the government support being linked to other countries and the ration based on government financial support.
He continued that the bilateral differences between the Governments of Arbil and Baghdad, with respect to oil and gas also deprived Iraq of accession, in addition to the unstable political situation in the country, all of which made Iraq away from world trade, saying it needs to be enough time maybe two years in order to Iraq will be eligible to join the the world Organization.
[tlm724]"noting there are constraints have made Iraq away from her Ktzbzb the local currency against hard currencies as well as the lack of resolution of the project to delete the three zeroes from the currency.
[tlm724] They didn't go forward with the currency reform and that is what has impeded them from becoming a full member state of the WTO .
[tlm724] We have seen the CBI change things as far as the auctions , all dinar must deposited into the CBI .
[tlm724] Much to the dismay of the traders, banks etc.. This brings in the currency and does not allow for any further circulation via the other banks or traders
[tlm724] Now let me show you all an announcement on the Iraqi Cabinet website (The Council of Ministers) Feb 23. 2014 :
[tlm724] yesterday Wink
General Secretariat of the Council of Ministers calls on state institutions to implement financial Altzmadtha local currency 02/23/2014 14:34 Called on the General Secretariat of the Council of Ministers and the Supreme Judicial Council, the ministries and departments not associated with the Ministry and the provincial councils and all not to enter any financial obligations in foreign currency amounts paid within Iraq and that commitment is performed exclusively in Iraqi dinars.
She said the legal department at the General Secretariat of the Council of Ministers of the Office of Information and Communication said the government also included a call in the event of GATT install the necessary costs in foreign currency should be mentioned Mikablha local currency (Iraqi dinar) according to the prevailing exchange rates.
The call came at the Notes CBI / Directorate General for private investments in this regard the fact that the national currency is the original in economic dealings in Iraq, similar to the countries of the world, as well as to deal in foreign currency, calls for the provision of foreign currency contracts signed in Iraq.
[tlm724] We see the Council of Ministers stopped the use of the US dollar in all contracts within Iraq, these contracts (financial obligations) must be in IQD !
[tlm724] are you all with me so far ?
[lightingcslt] tlm724 yes
[tlm724] No more foreign currency , commitment is performed exclusively in Iraqi dinars. Think of oil and infrastructure contracts and the trading and selling of oil which is currently done in USD !! Now I am not 100% positive about the petro dollars etc.. but
[lightingcslt] tlm724 *hallelujah*
[tlm724] It gets even better
[tlm724] Within this short but oh so sweet announcement they are getting ready to ascend into the WTO ! Have a look at this " the government also included a call in the event of GATT install the necessary costs in foreign currency should be mentioned Mikablha local currency (Iraqi dinar) according to the prevailing exchange rates."
[tlm724] GATT is this :
GATT and the Goods Council The General Agreement on Tariffs and Trade (GATT) covers international trade in goods. The workings of the GATT agreement are the responsibility of the Council for Trade in Goods (Goods Council) which is made up of representatives from all WTO member countries.
The current chairperson is Amb. Dacio CASTILLO (Honduras). The Goods Council has 10 committees dealing with specific subjects (such as agriculture, market access, subsidies, anti-dumping measures and so on).
Again, these committees consist of all member countries. Also reporting to the Goods Council are a working party on state trading enterprises, and the Information Technology Agreement (ITA) Committee
[tlm724] Within the WTO requirements it states this "
HANDBOOK ON ACCESSION TO THE WTO: CHAPTER 5 Substance of Accession Negotiations "Working Parties have been careful to respect the competence of the IMF"
" They have, for instance, focussed on knowing whether applicants are members of the IMF and whether they have accepted Article VIII of its Articles of Agreement which provides that “no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions”.
They have been particularly concerned that foreign exchange controls may be used to regulate the level and composition of trade in goods and services."
[tlm724] See not only are they positioning themselves for the final push into the WTO they are also preparing to accept the requirements for Article VIII of the IMF !
[tlm724] As you are aware Article VIII has the following requirements :
Article VIII: General Obligations of Members Section 3. Avoidance of discriminatory currency practices No member shall engage in, or permit any of its fiscal agencies referred to in Article V, Section 1 to engage in, any discriminatory currency arrangements or multiple currency practices,
whether within or outside margins under Article IV or prescribed by or under Schedule C, except as authorized under this Agreement or approved by the Fund.
If such arrangements and practices are engaged in at the date when this Agreement enters into force, the member concerned shall consult with the Fund as to their progressive removal unless they are maintained or imposed under Article XIV, Section 2, in which case the provisions of Section 3 of that Article shall apply
[tlm724] As I said in the beginning Iraq Is Positioning itself for a big move !!!!!!!!!!!!
[tlm724] they cannot go forward without the currency reform and as you may have noticed we are right up on that 2 year time frame mentioned above !! Thank you ...
[lightingcslt] tlm724 positioning? tlm724 hell timmy they are there tlm724 great job
[tlm724] lightingcslt not quite but as close as they can get
[tlm724] *hallelujah* it really is happening !
[rsp1] *mission* *hallelujah* Thank you, timmy