DINAR UPDATES 3-30-16
Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Wednesday PM Chat 3-30-16 Part 1 of 3
hutch says():Urgent .. International Monetary Fund declares conceived after 12 days in Iraq and two Ijmlh
Wednesday 30-03-2016 | 5:35:54 Twilight News / tote head of the IMF mission to Iraq Jooz Christian on Tuesday, the organization "Daash", and continues to decline in crude oil prices, is responsible for the depletion of Iraq's economic resources.
Jooz said after the conclusion of the IMF mission's visit to Iraq after 12 days of talks with Iraqi officials, "The economic situation in Iraq has been traumatized as a result of armed conflict and oil, especially in the balance of payments and income from the general budget."
And it made bilateral meetings between representatives of the Iraqi government and the Mission Fund, progress in reaching an understanding on economic and financial policies, which can be supported through financing "loan."
The IMF mission will work in the coming period, according to its statement, to help Baghdad in the debt burden and measures to protect the poor, and the introduction of reforms in the public finances and improve the quality of public spending.
According to the International Monetary Fund, the rise in oil production it has resulted in areas controlled by the Iraqi government to reduce the decline in the local economy, but the gap in the balance of payments of up to 5.1% of the deficit in GDP.
Iraq relies budget by about 85% on oil revenues, prices of which have fallen about 70% since mid-2014, which is trading at a mix "Brent" the world below $ 40 a barrel currently.
This shrank real GDP in Iraq by 2.1% over the past year, due to the conflict with what is known as organized "Islamic State" terrorist outlawed in Russia, which led to the aggravation of deteriorating infrastructure and disrupt the movement of trade and declining investor confidence.
At the end of last year, in 2015, caused a decline in Iraqi financial revenues, a drop in the country's foreign exchange reserves, worth $ 13 billion, to reach US $ 54 billion.
Read More :http://www.dinarupdates.com/showthread.php?32704-Urgent-International-Monetary-Fund-declares-conceived-after-12-days-in-Iraq
subgirl says to hutch():The IMF mission will work in the coming period, according to its statement, to help Baghdad in the debt burden and measures to protect the poor, and the introduction of reforms in the public finances and improve the quality of public spending.
pizzaman says to rcookie():GA...so with a completed SMP and SBA, what action can we look for next ?
rcookie says to pizzaman():ARTICLE VIII
pizzaman says to rcookie():OK...Thanks...so we should look for a formal announcement?...I thought I read earlier from someone that it had been achieved.
rcookie says to pizzaman():NO....THAT THERE IS NOTHING ACTIONABLE FOR THEM TO DO TO ACCEPT ARTICLE VIII OBLIGATIONS....
pizzaman says to rcookie():OK...for Iraq to do or the IMF to do?....if nothing actionalble to do then they are waiting on their Article VIII certificate?
RickeyT says to rcookie():from reading that article it looks like Iraq is not ready for the WTO
rcookie says():THEY WILL ACCEPT ARTICLE VIII DECLARATIONS...
rcookie says to RickeyT():????
RickeyT says to rcookie():war torn, deficites
pizzaman says to rcookie():Very Good....and that opens door for next desired actions....market actions?
rcookie says():19. A number of countries that have already notified the Fund of their acceptance of Article VIII obligations have continued to maintain existing or introduced new exchange measures.
A review of the staff reports for recent Article IV consultations with these members indicates that, presently, 18 members that have so notified the Fund maintain unapproved exchange measures that would not appear to be imposed for reasons solely related to national or international security.
15 Another 5 members that have acceptedArticle VIII obligations maintain approved exchange measures. The countries currently maintaining exchange measures hold about 10 percent of Fund quotas and represent a similar share of world GDP and world trade, which together with the share of countries availing themselves of Article XIV amounts to almost 20 percent of world trade.
rcookie says():20. These exchange measures are mainly of three types:
(i) limits on payments for invisible transactions (i.e., travel, medical, and educational allowances);
(ii) limits on transfers from nonresident accounts; and
(iii) foreign exchange budget allocation systems. Some of the exchange measures are evidenced by the existence of nonsovereign external payments arrears. Existing MCPs arise mainly from the use of special exchange rates for official transactions and the imposition of foreign exchange taxes and subsidies. The reasons generally given by countries maintaining exchange measures are discussed more fully in Section IVB.
rcookie says():HMMMMMM....WHERE HAVE WE HEARD ABOUT LIMITS ON PAYMENTS FOR TRAVEL...MEDICAL & EDUCATIONAL ALLOWANCES.........HMMMM..SOUNDS FAMILIAR
Loop says to rcookie():Hey that's been in the news!
pizzaman says to rcookie():a $3k limit if I recall correctly?
hutch says to rcookie():AND WITHIN THE LAST FEW WEEKS
Loop says to pizzaman():Bingo
rcookie says():NEWS......THE TRUSTED NEWS....LOL
hutch says to Loop():AWE MAN YOU JUST MADE 15 OLD LADIES MAD BY SAYING "BINGO"
rcookie says():AND REMEMBER THEY WERE IN ACCEPTANCE BACK IN 2013 AND HAD THAT 1 LITTLE INSIGNIFICANT BREACH THAT THEY WERE NOT ACCOUNTABLE FOR AND HAVE SINCE ADDRESSED WITH VARIOUS IMF METAC WORKSHOPS WITH....AND IN COMPLIANCE
dwightj says():SO ARE THEY IN ARTICLE 8
Martha Sue says to rcookie():thank you! I saw those expenses too and wondered what that meant! wowzers.
rcookie says():AND HERE IT WAS....
bigrudy says to rcookie():Any good news my friend?
rcookie says to bigrudy():READ THE NEWS......
bigrudy says to rcookie():I read the news but does it mean that Iraq need a rate change?
Loop says():Of all of the articles posted on the news forum which ones are the most important to read multiple times to gain a clearer understanding?
bigrudy says to Loop():Great question
msdiva says to Loop():just about all of them if i dont read them at least twice i wont understand a darn thing
bigrudy says to msdiva():so where are we now? That s the question
msdiva says():like the Article 8 i have no idea what its all about
msdiva says to bigrudy():im lost on that one
Loop says():The most imporant as they pertain to this investment would be anything dealing with IMF, UN, World Bank and CBI.
hutch says():PRIVATE SECTOR
Loop says():Especially the IMF. Understanding what they want to see is vital.
rcookie says():SO LAST TIME THEY ACCEPTED ARTICLE VIII OBLIGATIONS WAS 2013 WHEN THEY WERE FOUND IN BREACH OF SECTION 5...WHILE THEY WERE UNDER SBA THAT WAS APPROVED IN FEB 2010 FOR 3.63 BILLION....THE SBA EXPIRED IN FEB 2013....
_firefly_ says to Loop():IMO the IMF will not be the agency announcing the change
_firefly_ says to rcookie():Correct !
_firefly_ says to rcookie():IMO there won't be any direct announcement at all
jimplants says():i do believe CBI will make that call
larrykn says to _firefly_():I would think it would be the cbi
Loop says():Then article sabout the amount of money that Iraqis can carry out of country start to make the picture much clearer. Hey they are actually doing the things that the IMF want them to do get Article status.
jimplants says():aand it will be on by the way we have changed our rate
rcookie says():AND WHAT DID THEY ANNOUNCE YESTERDAY WITH FF AND HUTCHES ARTICLE......CONCLUSION OF SMP...AND START OF SBA DISCUSSIOMS...
_firefly_ says():Look for keywords not announcements
Loop says():THEY ARE DOING EVERYTHING ON THE LIST
_firefly_ says():I'm not talking about Ali either lol
jimplants says():that may very well be it
Loop says to _firefly_():(y)
_firefly_ says to Loop():Yes they have :)
rcookie says():THIS WAS THE REST OF THEIR ARTICLE VIII BREACH DISPOSITION....
rcookie says():As the authorities have taken appropriate corrective measures since the purchase in March 2011, the Executive Board granted a waiver for the nonobservance of one continuous performance criterion (PC) and determined that no further remedial action is required in connection with its obligation to provide information under Article VIII, Section 5.
Loop says to rcookie():(y)
hutch says to rcookie():DONE
monique13 says():awesome!!!! gold star!
rcookie says():GRANTED NONOBSERVANCE WAIVER OF ONE CONTINUOUS PERFORMANCE CYCLE (PC) AND DETERMINED NO FURTHER REMEDIAL ACTION REQUIRED.....TOWARD ARTICLE VIII SECTION 5....
Canucklady says to rcookie():No more remedial action is required..... like the sound of that Thank You rcookie
rcookie says():The noncompliant disbursement arose as a result of misreporting on the observance of the standard continuous PC for the nonimposition or intensification of restrictions on the making of payments and transfers for current international transactions. In October 2012, staff learned that during the last quarter of 2010 the Central Bank of Iraq (CBI) issued three circulars on the daily
rcookie says():foreign exchange auctions that gave rise to exchange restrictions subject to IMF jurisdiction.
The circulars: (a) introduced maximum limits on the availability of foreign currency cash for individuals,
(b) introduced limits on the availability of foreign currency cash through the CBI foreign exchange auctions to money transfer companies and exchange bureaus, and
(c) introduced and
(d) later intensified a requirement to present a tax clearance certificate for firms to transfer funds in excess of certain amounts purchased through the CBI auctions.
rcookie says():HMMMMM ANYONE TAKE A GUESS WHY THEY WERE SLOW AND RESISTANT TO REPORTING ON AUCTION ACTIVITIES AND ACCOUNTABILITY....BIG SHOCKER RIGHT.....
rcookie says():The restriction on the availability of foreign currency cash for individuals was temporary, as the CBI repealed it in August 2011. The authorities have taken appropriate corrective action by removing the remaining restrictions in the course of 2013. On this basis, the Executive Board granted a waiver for the nonobservance of the PC.
Loop says to rcookie():Hand in cookie jar
puffdragon says to rcookie():Money laundering ! Maliki !
rcookie says():THESE ARE THINGS THEY WENT THROUGH IN 2011 THAT WERE IDENTIFIED AND ADDRESSED...HOWEVER ARE PART OF THE ARTICLE 8 OBLIGATIONS AND PROCESS....THEY REMOVED THE REMAININ RESTRICTIONS IN 2013^^^^
monique13 says():ahhh thanks
rcookie says():The Executive Board also found that the inaccurate reporting on the observance of the PC also gave rise to Iraq’s breach of its obligations under Article VIII, Section 5, of the IMF’s Articles of Agreement, which requires member countries to furnish such information as the Fund deems necessary for its activities, including information that is necessary to assess observance of PCs. The CBI introduced the necessary changes in its procedures in order to share circulars with the IMF in a timely manner and regularly publish the circulars on the CBI website
rcookie says():. In view of the commitment by Iraq to provide timely and accurate data to the IMF on the exchange system in the future, the Executive Board decided not to require any further remedial action in connection with the breach of obligations under Article VIII, Section 5.
SO THEY WERE FOUND IN VIOLATION...SPANKED AND CORRECTED...
R&R says to rcookie():*A member of the parliamentary finance: $ 300 billion is missing from the state treasury and the central auction stolen -- 2.9.2016 11:20
"There are mafias corruption financial and administrative, political, and behind it and the issue is very serious and everyone considered it. "
among Haider said," who participate in the auction currency the central bank believe they are benefiting from millions of dollars a day either the Iraqi state, they do not benefit from it something of currency auction. "
rcookie says():HERE IS THE LINK TO THAT IMF PRESS RELEASE...
_firefly_ says():These loans are extremely important
rcookie says to R&R():LIKE IVE SAID R & R....LIKE SEEING A DROWNING PERSON... AND DESCRIBING THE WATER TO THEM...
R&R says():LOL.... Just wanted to bring in the ink that they made very clear that there were shenanagins going on in the auctions