Kaperoni says that Until the CBI is in compliance with the IMF nothing will happen.

Guru Kaperoni   ...many ask all the time "is the CBI in compliance with the IMF or not" and we all look at the numbers and try and figure it out...Official rate/Market rate stuff which is very important.  You see under IMF Article XIV, the IMF is teaching the CBI how to manage its currency and compliance is important to the IMF before they will let the CBI take the next step which as everyone knows would be for them to move to Article VIII.  The IMF told us the answer we all asked...Are they in compliance?  Well the answer in September was no according to the IMF Press Release, the spread in September was 2.6%.  So we can go back to the CBI site, pull up the auction numbers and see what exactly they were and relation to the Official rate/Market rate.  So in September, the CBI published 1203 and 1206 throughout the whole month.  So Official rate is 1166 and market rate was 1203 or 1206 which according to the IMF is 2.6% and not in compliance.  So now we know that the Market rate must be less for them to be in compliance and that calculation is easy to do and we can figure it out...the "golden number" appears to be 1200 or less.


 [How can the CBI control the market rate though?]   They control the market rate through the daily auctions that is why the currency auctions are so important its a training tool to prepare them for the day they join the big boys.  So, here is where it is important...its a tough situation to maintain stability under the conditions in Iraq.  So 1203 is no good and 1206 is no good...now, as of Nov 30th the rate fell to 1197 which now clearly is within 2%.  So we can say with absolute certainty the CBI is in compliance at 1197 and that is official as of Nov 30th according to the CBI currency auctions.   [How long do they have to stay at that rate?]  ...as the IMF has stated in general guidelines (not specific to Iraq) they must hold within 2% for 90 days so that puts us at Feb 28th, 2015 or March 1 however you want to see it. That is of course that the CBI can hold that rate for that entire time...they cannot wabble at all!  The rate cannot climb back over 1200...this is not opinion, this is the numbers direct from the IMF.  [post 2 of 3....stay tuned]

Stick with your pizza, because your intel isn't worth a shit-You're no more important than the rest of those idiot gurus-If you knew a quarter of what you think you do, you'd be a f'n genius-

Leave Article 14 and move into Article 8?  Huh....  everyone else seems to think leaving Article 7 is the next step.

Guess not in your world, eh?

Article 7 should have been done already- I don't think they know what the 'F' their doin, do you?

Article 7 refers to UN sanctions. IMF Article 14 deals with Transitional Arrangements while Article 8 deals with General Obligations of Members. Neither one is something you move under. They are rules you agree to follow.

Thankyou for that-

Yes.. Thank you!  I am enough of a noob to get cross eyed at all the governing agencies that get referenced.

I think that is part of their strategy, they toss these things and three letter abbreviations around like they are important and keep peeps confused. They don't move from one secion to another when the ascend to full membership in the IMF. The working committee signs off that they are satisfied, it goes before the entire IMF and if two thirds OK it, they are in once they become signatories to the treaty. Not sure if treaty is quite the right word, but that is essentially what it is.