Wmawhite

6-6-2014   Newshound Guru wmawhite    it is important to understand that EC 13303 is STILL in effect...the only difference is that it has been amended.  [Amended to allow the currency to go international?  CBI did not have the authotity without the amendment correct?]  you are correct. what is also important is that the amendment to EO 13303 was published by OFAC, Office of Foreign Asset Control, part of U.S. Treasury.


   ["Article IV and Article VIII of The Article of Agreements should now be completed or soon will be. "... is there some ink on the timing of the foregoing?]  As you are thinking...I believe this is so huge...this enables U.S. banks to do business with the CBI If They Choose To.  One particular researcher that I respect believes that the CBI has met the requirements of Article 8 and we are now waiting on the CBI and IMF to release the new rate.  [is that the 2% variance in official / market rate?]  this researcher told me that the 2% variance does not apply UNTIL the IQD has an exchange rate. Currently the IQD is only bought and sold...it is not exchanged on the world market...(forex).

Lies, lies, lies! Accession to full membership from observer status has nothing to do with the value of their currency. It can happen regardless of the value, nor will it change the value of the currency. The amendment of EO13303 has nothing to do with what the CBI had or does not have authority to do, nor was it published by the OFAC. It was put out by the White House, specifically the President. It was announced by the OFAC since it came under their jurisdiction. What the EO did do was remove the protection of Iraqi funds from creditors, nothing more, nothing less.

Forget all that Article IV and VIII stuff as well. Iraq will not ascend to full membership until the working committee is satisfied that they have met all of the conditions (confidential so anyone who tells you they know what they are is a liar,) they are referred to the general membership for an up or down vote, and the GOI ratifies the agreement. Not gonna happen until then.