Post From Dinar Updates 3-02-16
Chat Room Excerpts & Highlights
Dinar Updates Wednesday Chat 3-02-16 Part 2 of 3
rcookie says):THIS IS FROM THE 2016 IMF LOI/MEFP/TECH MOU PAGE 12 (NO 20)
rcookie says():20. The government will gradually remove remaining exchange restrictions and multiple currency practice (MCP) with a view to eliminating exchange rate distortions (MEFP, ¶19).
Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investment community that Iraq is committed to maintain an exchange system that is free of restrictions and MCP for current international transactions and thus facilitate creation of a favorable business climate.
As a first step, the government will, by end-February 2016, amend the Investment Law, or issue clarifying implementing regulations, to remove the limitation on transfer of investment proceeds that gives rise to an exchange restriction, as recommended by a recent technical assistance mission of the IMF.
Geofitness says to rcookie():What does "gradually " mean? Less and less auctions? If yes, what else would be considered gradual?
rcookie says():SO THEY ARE LOOKING FOR IMPLEMENGING REMOVAL OF LIMITATIONS ON TRANSFER OF INVESTMENT PROCEEDS THAT GIVE RISE TO EXCHANGE RESTRICTIONS....PART OF THEIR TECNICAL ASSISTANCE RECOMMENDATION....
larrykn says():rcookie that sounds like they will start off real low an move up as the investments come in
clay says():fox me too
rcookie says():YES...THERE IS PRECEDENT OF BOTH A GRADUAL WANING OF AUCTIONS...AS WELL AS SUDDEN STOP ALTOGETHER....
larrykn says():so this 1 to 1 or $3 range will not happen but more like what Kap said and start off at where it is and work its way up , is that right
rcookie says():THAT HAVE OUTLINED WHAT IRAQ MUST DO TO CREATE A FAVORABLE BUSINESS CLIMATE BY MAKING INTERNATIONAL TRANSACTIONS RESTRICTION FREE...."NON MANIPULATED" OR INFLUENCED....
REMEBER THE LANGUAGE IN THE ARTICLE 8 THAT WAS JUST BROUGHT IN...
clay says to larrykn():I dont buy Kaps theory
larrykn says():clay I don't like Kaps theory but not to sure thats not the way it will be, all things are posible
rcookie says():NO THEY ARE NOT SPEAKING ABOUT RATES...BUT RATHER...THE NECESSARY ENVIRONMENT FOR THE RATE TO BE USEFUL IN CONDUCTING AND TRANSACTING INTERNATIONAL BUSINESS.....
clay says to larrykn():thats very true but anything above a dollar at this point would help
larrykn says():I keep wondering with all the dinar out there how can they afford to revalue at even a buck to start
clay says to rcookie():got ya
Geofitness says to larrykn():We may not like his theory, but how likely is it? Something we may not know until it happens
magnetlady says():I agree Geofitness. We will not know until it unfolds.
larrykn says():the other thing tho is 1188 is not a real rate, so what will the real rate be ?? good question mmmm
rcookie says():IT IS NOT THERE JOB OR PLACE TO DETERMINE RATE....THAT IS UP TO CBI...
larrykn says():rcookie its this is just me thinking it out in my mind lol, like I said anything is possible but we will have to wait and see :)
larrykn says():I try to set myself up for all cases of rates ,, what I will do if the rate is >??
rcookie says():7. Approval of the accession package: The final package, consisting of the report, protocol and lists of commitments, is presented to the WTO General Council or the Ministerial Conference.
If a two-thirds majority of WTO members vote in favour, the applicant is free to sign the protocol and to accede to the organization. In many cases, the country’s own parliament or legislature has to ratify the agreement before membership is complete.
8. Full membership: Thirty days after the applicant government notifies the WTO Secretariat that it has completed its ratification procedures, the applicant government becomes a full Member of the WTO. (12)
19 March 2003 - US invasion of Iraq
11 February 2004 - Iraq granted observer status at the WTO
28 June 2004 - US handover of “sovereignty” to an interim government
13 December 2004 - GC established accession working group parties to examine
membership application of Iraq. Iraq started the drafting of its Foreign Trade Regime
Memorandum and the creation of a national committee for WTO accession
30 January 2005 - National elections in Iraq
September 2005 - Iraq submitted a Memorandum on the Foreign Trade Regime
rcookie says():Application Received 30 September 2004
rcookie says():Working Party Established
Chairperson: H.E. Mr. Omar Hilale (Morocco, May 2009 — )
H.E. Mrs. Claudia Uribe (Colombia, Dec 2006 — May 2009) 13 December 2004
clay says to rcookie():2004? what about now
rcookie says():THEIR WORKING PARTY WAS ESTABLISHED IN 2004....
rcookie says():Memorandum 16 September 2005
clay says to rcookie():so do they have to refile now
rcookie says():Questions and Replies 28 November 2006
clay says to rcookie():ok thanks
rcookie says():Meetings of the Working Party 25 May 2007 2 April 2008
rcookie says():a) Additional Questions & Replies 8 December 2008
rcookie says():(b) Information on agriculture (WT/ACC/4) 24 March 2010
rcookie says():(c) Information on services (WT/ACC/5)
rcookie says():d) SPS/TBT checklists (WT/ACC/8) 8 October 2010
rcookie says():(e) TRIPS checklist (WT/ACC/9) 8 February 2008
rcookie says():(f) Legislative Action Plan 24 March 2010
rcookie says():THIS IS WHAT THEY HAVE LEFT TO DO...
rcookie says():Market Access Negotiations
rcookie says():Services Offer
rcookie says():8 Factual Summary
rcookie says():9 Draft Working Party Report
angus says():or maybe I should say they have not completed and it been accepted...
angus says():since March of 2015
clay says to jeffusa():at work whats your thoughts thisyear?
jeffusa says to clay():making long term plans without it... need to just put it away... lots of good news but that is all it is... only one thing I want to hear..
clay says to jeffusa():yep
jeffusa says to clay():in 3 weeks I will start my 12th year in this... seen what we thought was great news several times in the past 5 years... we did not know they were bigger crooks than the politicians we have here... not to mention the corrupt sites selling the dinars... never listened to the Guru's always did my own research..
clay says to jeffusa():(y) yep I know
clay says to jeffusa():gonna have to back off soon end of this month
Comments may be made at the end of Part 3 Thank You