Please read my observations at the bottom... and please by all means let me know if you see this any differently :) Miskebam
Delete the zero in 2013; Iraq donor country after 2014; IMF standby agreement expires February 2013 & ISX live & International in 2013
- November 1, 2012 The central issue shake expectations the deletion of zeros
BAGHDAD - Laith Jawad Parliamentary varied expectations regarding the deletion of zeros from the currency between the continuation of the deletion process specific Pauqatha and affected by the issue of central bank and banking tensions that may lead to delay the process beyond the year 2014 declared that Iraq will turn into a donor country.
Has confirmed the Economic Committee of the House of Representatives that the process of deletion of zeros and the dinar will be early next year after the end of the project procedures.
Said committee member Ibrahim panic (time) yesterday that (the process of deletion of zeros will proceed according to its specified time without being influenced by the issue of the central bank because of all the procedures for the project expired since leaving only the execution).
Read More Link On Right
He pointed out that (deletion hold reformer of the dinar, which has suffered from inflation because of mistaken policy of the former regime, which added three zeros of the dinar to strengthen after a siege on the country the early nineties of the last century), explaining that (deletion will support and enhance the strength of the dinar globally and regionally), pointing out that (process delete Similar got in many countries of the world to improve the economy and then this process will be great interest in Iraq).
And on Iraq's transition in 2014 to the international donor Male panic that (Iraq, according to the available data now will be one of the most important donor countries in the world in the face of rising oil exports, as well as its contribution to the IMF and the growing economy).
For his part, predicted a member of the Knesset Finance Committee good Auzmn that affect the issue of central bank and recent tensions banking on delayed replacement of the currency and delete the zeros to be implemented early next year.
And Auzmn said in a statement yesterday that (the Finance Committee and the central bank announced earlier in the currency exchange and the deletion of zeros early 2013 but continued tensions case the central bank without finding solutions would delay the implementation of the project until after next year).
He added that the (delay implementation of the project deletion does not affect the currency as much as affect the citizen weighty money supply and increase their numbers when trading in the domestic market), and explained Auzmn that (deletion of zeros will reduce the rates of current inflation resulting from increased money supply for the lack of supply of goods and services).
With regard to the transformation of Iraq to the international donor central bank stressed that Iraq will turn to the international donor after 2014.
The deputy governor of the Bank the appearance of Mohammed Saleh in a statement yesterday that the (World Bank request from Iraq to be a member of the International Atomic aid and become a donor her), indicating that (the government is considering topic in collaboration with the World Bank), and added the appearance that (grants offered by the bank International Iraq was left only a billion dollars, will be spent on the infrastructure of the country), and confirmed that (these grants and aid will end in the year 2014).
He appearance that (the World Bank would be for Iraq after this year Bank of knowledge provides technical advice and expertise, training courses and development), stressing that the (bank put a watershed in 2014 to be so Iraq has exceeded the ordeal and will not be providing any assistance to him after this date).
AGAIN I WILL PLACE A REMINDER ARTICLE HERE:
The IMF extended loan Iraq until February 2013
JD/Baghdad/...The IMF announced on his agreement with Iraq through which their loan extended for seven months until February 23, 2013 for the Iraqi Government to implement a range of actions in the exchange-rate regime in the country. The IMF statement that "changes the agreement expired on 23 July last was at the request of the Iraqi Government."
The statement added that "the total funding available to Iraq nearly 1.96 billion dollars." The IMF Executive Board had approved on 24 February 2010 at the standby credit agreement for a period of two years worth of 38.2 billion special drawing rights, "about 58, 3 billion dollars" and also approved extended for five months until July 2012 with the modification of Exchange based on the shift in funding needs. Total resources currently available to Iraq under the agreement to the equivalent of 24, 1307 million special drawing rights, "about 96 billion dollars.
My observation on the two articles above and then some:
So we have an article from November 1st that says they will delete zero's early next year, and that as of 2014 Iraq is on their own and will become a DONOR country. We have an IMF article from August that has extended the standby agreement until February 2013, because it expired in July.... AND they said within the article that the extension was "to implement a range of actions in the exchange-rate regime".
If the IMF agreement expires in February and they have also extended until July 2012 a modification of exchange based on shift in funding needed, and we have been told time and again by CBI that they can NOT delete the zero's in the middle of the year, (see here) it has to be done at the beginning of their fiscal year... a
nd we know that Iraq's fiscal year begins on January 1st, along with the article that came out a few days ago saying that the 2013 budget would be in new currency and free of zeros (See HERE) which they have said several times throughout the year of 2012,
I just don't have time to look them up right now, but this has been a source of panic for parliament. . . that would give plenty of information for one to assume that January 1st or before,
Iraq would need to make the move to switch the currency and be ready for the budget on January 1st and completed before the IMF deadline expires on February 23, 2013.
Unless the IMF comes out with yet ANOTHER extension...
and ... DONT forget... December is the month that Kuwait has said, they will lift Iraq from Chapter VII. (See HERE) Which will allow CBI to be free to go international, something that could not be done while under sanctions... and speaking of International...
the ISX has been set to go online or live INTERNATIONALLY in Arabic AND English via NASDAQ software in 2013.
You can find that HERE and HERE. And one more thing, in order for Chapter VII to be lifted, HCL will have to be complete according to the UN (see here) OK, just wanted to share some pieces.