This is a REAL ACCOUNT on the TRUTH BEHIND THE RV ON THE IRAQ DINAR by Marisol Luna - International Development Economist
Based on Information accessible to every individual. As an Economist and Financial Development Consultant I always believe TRUTH not just set you free but will build your credibility and business.
A few weeks ago on this website [baghdag invest]and twitter account an “marketing or maybe sarcastic experiment” took place but thanks to that experiment I CAN TELL YOU THE TRUTH using the same forum who made the lie which was called “ experiment”.
The interesting thing about this was that for [on] your website dinars have been not an important matter for so long. Suddenly dinars took a special and interesting place, becoming a trend topic from “nowhere”.
I’ve being invited by Baghdad Invest to show my point of view related on the Revaluation on the Iraq Dinar. Let’s take a closer look at the news, press releases of trusted media and history itself.
There is no way to make a comparison between Kuwait Dinars and Iraq Dinars. They have two different stories.
I AM GOING TO SHOW YOU THE TRUTH, WHAT LIES BENEATH THIS LIE THAT THE RV WILL NOT TAKE PLACE EVER.
IT WILL DEFINITELY TAKE PLACE SOMEDAY!
While Kuwait was invaded by Saddam he took his currencies out and its value plunged from almost $4.00 dollars per Kuwait Dinar to .05 cents as much. Free from Saddam and regaining control and opening again National Bank of Kuwait honoring the currency at original value of $3.64+. About three months later they issue the new Kuwait Dinar and everyone was happy. New millionaires were born with this process.
Iraq history is a WHOLE DIFFERENT STORY.
Being captive for 35 years under a dictatorship regime Iraq was practically isolated from the world. Only those who earn the “honor” to be friends with Saddam were welcome.
As United States and the NATO Forces made an intervention with Saddam Forces to free the country from his evil government International Agencies such as the International Monetary Fund came to help and assist Iraqi citizens to develop a self sustainable government, financial system. Bank Policies and to develop each and every skill they already have.
With all the needs assessed by the Agencies and Countries who supported Iraq on its new gained freedom the IMF and its Executive Board granted the first 741 Millions to restructure the Financial and Government Platform. (See Then October 1, 2010 PRESS RELEASE No. 10/373 EVIDENCE NOT TALKING!
IMF Executive Board Completes First Review Under Stand-By Arrangement with Iraq, Grants Waivers and Approves US$741 Million Disbursement
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Iraq’s economic performance under a program supported by a 24-month Stand-By Arrangement (SBA). Completion of the first review makes an additional SDR 475.36 million (about US$ 741 million) available for disbursement, bringing the total resources that are currently available to Iraq under the arrangement to SDR 772.46 million (about US$ 1,204 billion).
The SBA was approved on February 24, 2010 (see Press Release No. 10/60) for SDR 2.38 billion (about US$3.7 billion). In addition to providing temporary budget support, the SBA supported program aims to ensure macroeconomic stability and provide a framework for advancing structural reforms in Iraq.
AFTER THE DISBURSMENTS
On the SECOND REVIEW to continue the assistance there was an additional Grant: (See March 18, 2011 STAND BY AGREEMENT
IMF Executive Board Completes Second Review Under Stand-By Arrangement with Iraq, Grants Waivers and Approves US$471.1 Million Disbursement
Link: http://www.imf.org/external/np/sec/pr/2011/pr1190.htm ‘
The Executive Board of the International Monetary Fund (IMF) today completed the second review of Iraq’s economic performance under a program supported by a Stand-By Arrangement (SBA). Completion of the second review makes an additional SDR 297.1 million (about US$471.1 million) available for disbursement, bringing the total resources currently purchased by Iraq under the SBA to SDR 1.069 billion (about US$1.7 billion).
The Executive Board also approved a waiver of applicability of the end-December 2010 performance criteria on the central government fiscal deficit and on the central government spending bill, for which data is not yet available. The Executive Board furthermore approved an extension of the SBA by five months to July 2012, and a rephasing of access under the SBA to match disbursements with Iraq’s balance of payments financing needs.
The SBA was approved on February 24, 2010 (see Press Release No. 10/60) for SDR 2.38 billion (about US$3.77 billion). The SBA supported program aims to ensure macroeconomic stability and provide a framework for advancing structural reforms in Iraq.
August 3, 2012 PRESS RELEASE No.12286 EVIDENCE An EXTENSION WAS GRANTED: Iraq continues strengthening its Financial Platform with MONEY GRANTED while started a Plan to pay debts and rescue money stolen from Saddam on other countries.
IMF Approves Seven-Month Extension of Stand-By Arrangement for Iraq
Press Release No. 12/286
August 3, 2012
The Executive Board of the International Monetary Fund (IMF) approved on July 20, 2012—on a lapse-of-time basis1—a seven-month extension of Iraq’s Stand-By Arrangement (SBA), to February 23, 2013.
The SBA had been scheduled to expire on July 23, 2012. The extension, which had been requested by the Iraqi authorities, will provide them with time to implement the policy measures needed to complete the combined third and fourth reviews under the SBA. The extension will, in particular, provide time for discussions on fiscal policies for the remainder of 2012 and on measures to improve the functioning of the exchange regime.
The two-year Stand-By Arrangement (SBA) in the amount of SDR 2.38 billion (about US$3.58 billion), was approved by the IMF's Executive Board on February 24, 2010 (see press release 10/60). The IMF's Executive Board completed the first program review on October 1, 2010 (see press release 10/373), and the second review on March 18, 2011 (see press release 11/90). At the time of the second review, the program duration was extended by five months to July 2012, along with a rephasing of program disbursements based on a shift in financing needs. Total resources currently available to Iraq under the arrangement amount to the equivalent of SDR 1307.24 million (about $1.96 billion).
1 The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.
March 21,2013 PRESS RELEASE EVIDENCE
MISSION CONCLUDED ON FINANCIAL PLATFORM. ASSESMENT INDICATES THE FOLLOWING COMPROMISES BY IMF AND THE FINDINGS ON THE CBI STILL UNSTRUCTURED POLICIES:
Paragraph 2 “Following the recent expiration of the Stand-By Arrangement with Iraq approved in 2010, the IMF is committed to continue close collaboration with Iraq to support its development and help the government improve the social conditions and employment opportunities of Iraqi citizens. (IMF IS COMMITTED TO STILL COLLABORATE)
Paragraph 3 “Despite a difficult security and political environment, Iraq managed to maintain macroeconomic stability over the past two years. On the back of rising oil production and robust non-oil activity, economic growth has remained strong at about 8 percent in 2012. We expect activity to accelerate further to 9 percent in 2013, as oil production increases from just under 3 million barrels per day (mbpd) in 2012 to 3.3 mbpd in 2013. In 2012, inflation was contained at 6 percent, and we project it to decline slightly next year. On account of strong oil proceeds, CBI reserves reached US$70 billion at the end of 2012, while the Development Fund for Iraq (DFI) rose to US$18 billion. (Stability is ready and running smoothly)
Paragraph 5 IMPORTANT!! “Financial sector policies are improving, but more remains to be done. The CBI’s ongoing efforts to refine monetary policy instruments, strengthen banking supervision, and accelerate the restructuring of the banking system are crucial. In this respect, the recent steps to clean up the balance sheets of Rasheed and Rafidain in preparation for their restructuring and recapitalization are key.
The CBI should also take measures to gradually liberalize the provision of foreign exchange through its auctions, with the objective of avoiding in future the turbulence experienced by the market in the past year. (Financial policies improved but need some adjustment and MORE remains to be done INCLUDING GRADUALLY LIBERALIZE THE PROVISION OF FOREIGN EXCHANGE)
Paragraph 6 “Iraq will need to address serious medium-term challenges in order to be able to create the conditions for high and sustainable growth that is necessary to improve the living standards of its people.
The economy continues to suffer from severe structural weaknesses such as a small nonoil sector, high unemployment, public sector dominance, and a weak business environment. In this context, we discussed the role of economic policies in leveraging Iraq’s potential and creating an enabling environment.
IT MEANS AND I CONCLUDE: Iraq has the MONEY, the RESOURCES, the ASSISTANCE, HAD ALL DEBTS VIRTUALLY PAID, HAS RESERVED IN GOLD, MONEY AND OIL TO BACKUP THEIR FINANCIAL SUSTAINABILITY and EVERYTHING TO BE SUCCESSFUL but FORGOT a few things such as the small and medium commerce, the inflation ratio that affected them, the small denominations currency [lower denoms] needed in order to low the inflation rate and help families and commerce, the Stock Exchange market and Nasdaq incursion that could be affected by wrong decisions or inaction on the revaluation of its currency, etc.
Paragraph 8 “Developing a stronger financial sector development will require moving away from the current model in which weak state-owned banks dominate the financial sector and enjoy favorable treatment vis-a-vis private banks. A solid banking system that can support growth and employment will require the full financial and operational restructuring of state-owned banks and creating a level playing field for both private and public banks.
IT MEANS AND I CONCLUDE: IRAQ REQUIRES MORE THAN OIL, GOLD AND MONEY. IT’S OFFICERS AT CBI REQUIRE GOOD FAITH FOR THE COMMERCE, THE INDIVIDUALS AND EVERYONE. REQUIRE MOVING FROM THE MONOPOLISTIC BANK GAMES TO AN OPEN TRUSTWORTHY INTERNATINAL BANK STATUS ONLY TO BE OBTAINED WITH A REVALUATION OF THE CURRENCY TO BENEFIT EVERY LEVEL OF ECONOMY THERE AND OUT OF IRAQ. IT WILL REQUIRE NO MORE EXCUSES FROM CBI AS YOU WILL SEE ON THE LAST EVIDENCE TO BE PRESENTED.
May 21, 2013 PUBLIC INFORMATION NOTICE
The biggest problem that delays the revaluation of the currency is reported on the FMI Report in this paragraph:
Paragraph 4 The policy of a de facto peg to the U.S. dollar provides a key nominal anchor to the economy, and the nominal exchange rate in the official market has remained stable since 2010. However, since late 2011, the authorities enforced existing exchange restrictions and introduced new restrictions in response to concerns about money laundering and illegal foreign exchange outflows related to the increased demand for foreign exchange. As a result, the spread between the official rate and the parallel market rate—which had been up to that point below 2 percent—started to climb, passing 9 percent in May 2013.
FOR YOUR INFORMATION:
Meaning: Depeg-To remove a previously instituted peg on a currency. For example, if Currency A is pegged to Currency B at a 1:1 ratio, but the central bank for Currency A decides to let it float, it is said to be depegged from Currency B. Depegging may occur if the peg is causing inflation or if the central bank is unable to sustain the peg for other reasons.
IT MEANS: THEY DELIBERATELY KEEP DOWN THE IQD WITH A FLOATING RATE AND WITHOUT REASON CAUSING THE INFLATION RATE AND MORE.
FAILURE TO STABILIZE THE CURRENCY BY REVALUATION OR RESETTING A FAIR EXCHANGE FEE WILL CARRY CONSEQUENCES AT ALL LEVELS!!
IT MEANS THAT EVEN THOUGH THEY HAVE THE MONEY GRANTED, SUPPORT , GOLD, RESERVED, MONEY RESCUED, DEBT LIQUIDATION, BILLIONAIRE CONTRACTS, OIL AND EXPERTS THE CENTRAL BANK OF IRAQ IS THE ONLY RESPONSIBLE FOR THE MESS.
Page 2 Executive Board ASSESSMENT
Paragraph 2 Directors emphasized the need to implement sustainable fiscal policies and address risks from oil revenue volatility. Rationalizing current spending—including public employment, energy subsidies, the Public Distribution System, and transfers to state owned enterprises—is needed to create space for priority social spending and public investment and to accumulate buffers. Enhancing public financial management and avoiding quasi fiscal operations by the state owned banks are also crucial. Directors noted that fiscal rules could provide a framework for fiscal policy over the medium term.
Paragraph 3 Directors supported the objective of the Central Bank of Iraq (CBI) to liberalize the foreign exchange market and the recent steps to simplify market regulations. Further measures are needed to liberalize fully the supply of foreign currency, with the objective of lowering the exchange rate spread, removing distortions, and complying with Article VIII of the Fund’s Articles of Agreement.
Directors considered that strengthening the Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework, in line with the Middle East and North Africa Financial Action Task Force (MENA FATF) recommendations and FATF standards, would be more effective than restricting foreign exchange in curbing money laundering and terrorist financing.
THE CBI ALREADY HAVE THE INITIATIVE TO LIBERALIZE THE FOREIGN EXCHANGE MARKET AND SIMPLIFY REGULATIONS, THE IMF ONLY SUPPORTED. THE CBI IS RESPONSIBLE “with the objective of lowering the exchange rate spread, removing distortions, and complying with Article VIII of the Fund’s Articles of Agreement.
Directors considered that strengthening the Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework, in line with the Middle East and North Africa Financial Action Task Force (MENA FATF) recommendations and FATF standards, would be more effective than restricting foreign exchange in curbing money laundering and terrorist financing.”
END OF THE MYSTERY!!!
CBI has the TOTAL Power to Finish Inflation, Improve Local and Private Banks Business, Improve Quality of Life for Merchants and Families with low denomination currency to lower inflation rates to minimum, Boos the Irak Stock Exchange and Nasdaq Incursion with a Revaluation of it’s currency rather than deleting zeros or staying floating with a de facto peg status.
The truth shall set you free! The revaluation must come in order to move on, keep on progress for everyone and most of all Central Bank of Irak IS THE ONLY KEY for this advance.