Post From Dinar Updates
Chat Room Excerpts & Highlights
RCookie & Mr. White News Time 6-15-16 Part 3 of 3
rcookie says():THEY ALREADY ACCEPTED ARTICLE VIII OBLIGATIONS IN 2013 AND BREACHED AND THIS IS THE STORY...
rcookie says():AND COINCIDENTALLY...WHAT IS IRAQ ABOUT TO ENTER INTO WITH IMF.....
wmawhite says():tell us......
rcookie says():???? COME ON NOW..
daytrader says to rcookie():SBA
rcookie says():CORRECT...WORTH 18 BILLION... SO HANG ON AND PLEASE KEEP READING....
sarahrose says():what does SBA stand for again????
popeye7 says():Standby Agreement...
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.
SO THE IMF EXECUTIVE BOARD GRANTED A NON COMPLIANCE WAIVER...AND CONCLUDED NO FURTHER REMEDIAL ACTION WAS NECESSARY....
david334 says():I cant believe it yahooooo
wmawhite says():and determined that no further remedial action is required in connection with its obligation to provide information under Article VIII, Section 5.
popeye7 says():That is awesome news... Oh my..
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.
wmawhite says():no further remedial action is required in connection with its obligation
cricket22 says():What have I missed?
david334 says():And BGG Group educated us along the way for freeee
Hutch says to cricket22():WE ARE IN NEWSTIME
wmawhite says():It had met its obligation back when?????????????
cricket22 says to Hutch():Oh ok.. Thanks
rcookie says():October 2012, staff learned that during the last quarter of 2010 the Central Bank of Iraq (CBI) issued three circulars on the daily 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.
HMMMMM ANYONE TAKE A GUESS WHY THEY WERE SLOW AND RESISTANT TO REPORTING ON AUCTION ACTIVITIES AND ACCOUNTABILITY....BIG SHOCKER RIGHT.....
SO MISREPORTING OR REPORTING ALTOGETHER....
david334 says):Whats his name
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.
rcookie says():THESE ARE THE RESTRICTIONS THEY REFER TO IN THE IMF LOI/MEFP/YECH MOU.......
THESE ARE THINGS THEY WENT THROUGH IN 2011 THAT WERE IDENTIFIED AND ADDRESSED...HOWEVER ARE PART OF THE ARTICLE 8 OBLIGATIONS AND PROCESS....
wmawhite says to rcookie():paragraph #19....???
rcookie says():THEY REMOVED THE REMAININ RESTRICTIONS IN 2013^^^^
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.
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.
david334 says to rcookie():You told us that over and over but no one lisyen including me
wmawhite says to rcookie():Article 8 obligatios are not a "all" or "nothing" status..........
rcookie says():SO TO SUM UP......
wmawhite says to rcookie():obligations
rcookie says():SO THEY WERE FOUND IN VIOLATION...SPANKED AND CORRECTED..
david334 says to rcookie():You told us that
rcookie says():AND FOR THOSE INTERESTED...HERE IT IS..
Section 5.Furnishing of information(a) The Fund may require members to furnish it with such information as it deems necessary for its activities, including, as the minimum necessary for the effective discharge of the Fund’s duties, national data on the following matters:
(i) official holdings at home and abroad of (1) gold, (2) foreign exchange;(ii) holdings at home and abroad by banking and financial agencies, other than official agencies, of (1) gold, (2) foreign exchange;(iii) production of gold;(iv) gold exports and imports according to countries of destination and origin;
(v) total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin; (vi) international balance of payments, including (1) trade in goods and services, (2) gold transactions, (3) known capital transactions, and (4) other items;
wmawhite says to rcookie():We have been lead to believe that there would be fire works with a stage and big screen TVs too announce that the CBI was now Article 8...................those gurus have been wrong all this time.
(vii) international investment position, i.e., investments within the territories of the member owned abroad and investments abroad owned by persons in its territories so far as it is possible to furnish this information;(viii) national income;
(ix) price indices, i.e., indices of commodity prices in wholesale and retail markets and of export and import prices;(x) buying and selling rates for foreign currencies;(xi) exchange controls, i.e., a comprehensive statement of exchange controls in effect at the time of assuming membership in the Fund and details of subsequent changes as they occur; and(xii) where official clearing arrangements exist, details of amounts awaiting clearance in respect of commercial and financial transactions, and of the length of time during which such arrears have been outstanding.
(b) In requesting information the Fund shall take into consideration the varying ability of members to furnish the data requested. Members shall be under no obligation to furnish information in such detail that the affairs of individuals or corporations are disclosed.
Members undertake, however, to furnish the desired information in as detailed and accurate a manner as is practicable and, so far as possible, to avoid mere estimates.(c) The Fund may arrange to obtain further information by agreement with members.
It shall act as a centre for the collection and exchange of information on monetary and financial problems, thus facilitating the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.
david334 says to rcookie():The chinese cant do that
rcookie says():SO THAT IS SECTION 5 OF ARTICLE VIII'S 7 ARTICLES...AND THE ONE THAT IRAQ WAS IN BREACH OF IN 2011....
THE OTHER ARTICLE THAT EXPERTS SAY IS TO BE CHALLENGING IN MAINTAINING COMPLIANCE ON...ESPECIALLY IN TODAYS ENVIRONMENT IS ARTICLE 3....
Avoidance of discriminatory currency practicesNo 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.
rcookie says():AND SINCE WE KNOW THEY REMEDIED IN 2013...........
wmawhite says to rcookie():We have been lead to believe that there would be fire works with a stage and big screen TVs to announce that the CBI was now Article 8...................those gurus have been wrong all this time.
rcookie says to wmawhite():AGREED!!
Hutch says to wmawhite():YEP
david334 says to rcookie():they have been decapitated and dumped in the fraudster bin
rcookie says():SO THEY ARE LOOKING FOR IMPLEMENTING REMOVAL OF LIMITATIONS ON TRANSFER OF INVESTMENT PROCEEDS THAT GIVE RISE TO EXCHANGE RESTRICTIONS....
PART OF THEIR TECNICAL ASSISTANCE RECOMMENDATION....
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...
wmawhite says():Folks,......Article 8 and the obligations is not an "all" or "nothing" agreement with the IMF.
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.....
Hutch says to rcookie():THE NECESSARY ENVIRONMENT FOR THE RATE TO BE USEFUL IN CONDUCTING AND TRANSACTING INTERNATIONAL BUSINESS..... WOW!
rcookie says to wmawhite():GREAT POINT AND SOOOOOO RIGHT MR WHITE!!
david334 says to rcookie():Setting the guidelines so the rate works
wmawhite says():Not all 185 members of the IMF are perfect in meeting those requirements all of time.
rcookie says to wmawhite():THATS RIGHT....WOULD GOOD WOULD THE RATE BE IF THE UNDERPINNINGS NOT IN PLACE...
wmawhite says():Even the USA receives periodic Article 4 consultations during the year.
Hutch says to wmawhite():NOT A ONE SIZE FITS ALL.... IS THAT WHAT YOU ARE SAYING?
david334 says():This has been in the works despite the bad guys for years. Someone in the GOI and CBI desveres credit
wmawhite says():How well a country does in meeting its obligations is a public matter and the rest of the world knows what those issues are............and those countries decide whether or notto do business with that country.
Hutch says():SUCH EXCITING NEWS !!!! INCREDIBLY INFORMATIVE !!! DOES ANYONE HAVE ANY QUESTIONS OR COMMENTS? REMEMBER THAT TONIGHT IS A PRELUDE TO TOMORROWS CALL ! ANY ? OR COMMENTS?
rcookie says():YES ...LIKE YOUVE BEEN HEARING HERE AT DU AND NOWHERE ELSE...THE IMF LOI'S HAVE BEEN LNGOING SINCE 2011.....
rcookie says to wmawhite():ITS NOT HYPE...OR SPECULATION OR GUESSING...
gordon11 says():Thank you for the solid facts
Elane says():I must say this is the MOST comprehensive discussion... Ive ever read... in 6 years. Much thanks!
david334 says to subgirl():Okay
rcookie says to wmawhite():ITS A METICULOUSLY ORCHESTRATED ACTION PLAN TO REINVENT A NATION
rcookie says to Elane():(handshake)
daytrader says():Great job connecting the dots. Thanks
Hutch says():SRW ARE YOU THERE?
SRW says():So, past P.M. Mailiki messed all this up and Iraq had to wait all these years?
rcookie says to daytrader():PAINT BY NUMBERS...
nick says():excellent news rcookie and wmawhite thank you
rcookie says to daytrader():THEY WERE FAR TOO PREOCCUPIED WITH STEALING AUCTION $$$$$ AND DFI FUNDS
wmawhite says to SRW():think about all that has been accomplished just recently.........
daytrader says():Methinks some of the numbers were hidden in plain site, but you two found them.
wmawhite says to SRW():IMO<............the CBI was ready, but not the rest of the country.........
rcookie says to daytrader():MR WHITE ..HAS THE MAGNIFYING GLASS...PIPE AND SHERLOCK CAP...
daytrader says():Gotta see that pic.
wmawhite says):Money money is on Liver and Onions.....with gravy.
rcookie says to david334():YVW..
Hutch says():JUST FOR YOU MR WHITE LOL
rcookie says():BE DEE..BE DEE..BE DEE THATS ALL FOLKS.....
jimplants says():THANK YOU BOTH BE BLESSED
Hutch says():THANK YOU RCOOKIE AND MR WHITE FOR A GREAT NEWSTIME AND THANK YOU ALL FOR PARTICIPATING !
THANK YOU MAGNETLADY FOR COPYING AND COLORING !!
PLEASE EVERYONE… PLEASE REMEMBER TO KEEP SHEILA AND HER FAMILY IN YOUR PRAYERS.
HAVE A GREAT EVENING EVERYONE !!!! REMEMBER TOMORROWS CALL AND HAVE YOUR QUESTIONS READY !! GOOD NIGHT EVERYONE !!!
rcookie says to jimplants():GOOD NITE JIM!!....THANK YOU
Elane says():ITS A METICULOUSLY ORCHESTRATED ACTION PLAN TO REINVENT A NATION
wmawhite says to Hutch():thanks............a little late for that meal...........lol
david334 says to Hutch():Great job Hutch
Elane says():You couldnt PAY anyone for this education!
david334 says to Elane():So true
VelmaF41 says to rcookie():I have never had gravy with liver and onions.
rcookie says to jimplants():THANKS ALL!!....MR WHITE...HUTCH...MAGS....SUBBY!!
Hutch says():GREAT JOB RCOOKIE AND MR WHITE !!!
rcookie says to jimplants():GREAT QUESTIONS AND CONVERSATION....
VelmaF41 says():Thanks to all the great mods and copiers and news hounds. See you back here soon! (F) It just gets better and better.(v)
rcookie says():HERE IS A LINK FOR THE OECD...VALUE ADDED TAX INFO..
jimplants says():YES SIR JUST HOPE SOMEONE TAKES NOTES FRROM THE CALL MY HEARING IS NOT THAT GOOD
rcookie says to jimplants(): WIL DO JIM...
jimplants says():COURSE NEITHER IS MY TYPING
rcookie says to jimplants():PREACHIN TO THE CHOIR THERE BROTHER...
daytrader says to rcookie():So the MOU/LOI was a document to bring them BACK into compliance with Article VIII.
That was a question, not a statement.
Read More :http://www.dinarupdates.com/showthread.php?35813-NEWSTIME-WITH-RCOOKIE-and-MR-WHITE-Monday-June-15-2016