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wmawhite says The IMF made a statement about what Iraq will do, and they have accomplished that.
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wmawhite says The IMF made a statement about what Iraq will do, and they have accomplished that.
wmawhite
Article quote: "Iraq borrow from the International Monetary Fund makes Iraq abide by international standards and conditions, namely that Iraq abide by mandatory."
Folks...this is another example...or you can say, evidence, that Iraq (CBI, GOI) has entered the global economy market.
what other IMF standard/condition is mandatory?
Hello...Article 8...? And then earlier in the week that AGAIN the IMF states that the G-7 will now approach Iraq to engage in financial agreements...if the G-7 is now approaching Iraq...it is very sensible to think that Iraq has entered the markets.
The IMF made a statement about what Iraq will do, and they have accomplished that.
It is logical to follow what else Iraq has stated they will do monetarily and that is to add value to the IQD.
~~~~~~~~~~
IMO...as the IMF, MoF and CBI agreed to..."to move away from the MCPs" [Multi Currency Practice] ...the only way for that to happen is to reduce the auction to an absolute minimum...and...in order to reduce the flow of USD into the local market is to instruct the Iraqi banks to start paying/settling the foreign remittances in IQD.
...I read on the IMF site and the exchange of foreign currencies are to reside within the local banks...not at the CBI as the auctions are currently...think about it...we know as fact, that back in December 2015...the IMF, CBI and Mof agreed to move away from the MCPs...which are a result of the auctions.
We see more effort to clean up the corruption at a lot of these banks. And why? why now? Because...IMO...the bulk of the foreign exchange activities will reside in the local banks...not at the CBI...in the near future. IMO...there will always be a need for some form of the auctions...however, they will be greatly reduced...BUT, can not reduce them until the CBI gives the green light to the banks to start paying those foreign bills (foreign remittances) in IQD.
Folks...this is GREAT! "Official: Iraq seeks to open up banking cooperation at the Arab and international levels" this says it all! "general manager of the Rafidain Bank spokesman Kamal al-Hassani said: keep pace with the achievements reached by the developed world in the banking systems, he has been putting the finishing touches to complete the project activate MasterCard service, in coordination with the company's global card..." We are at that point in time that we are looking when an Iraqi can use his/her credit card drawn on his/her bank in Iraq and buy that food at some store anywhere in the world.
["anywhere in the World" wouldn't the rate have to be international?] 1182 is international...except the CBI says no, no, no...we are not ready to...have our banks settle foreign remittances at that rate. In other words...there are banks outside of Iraq that buy and sell the IQD...what banks do not do yet...is exchange their currency with the IQD because the CBI has not taken that step yet. We wait for the decision by the CBI to inform the banks of Iraq to settle foreign remittances in the IQD. We can also believe that when that time comes, the CBI [will] inform the other central banks around the globe what the exchange rate will be with their currencies.
Last edited by Ponee on Mon May 30, 2016 11:40 pm; edited 3 times in total
Ponee- Admin
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Re: wmawhite says The IMF made a statement about what Iraq will do, and they have accomplished that.
waw everything is great. now with everyone wanting to lend Iraq billions they for sure do not need to update there currency and when its time to pay back there loans they will do as usual have everyone reduce there pay back. they are quite clever when it comes to money. so in reality who are the fools? I only seek the truth.
Jayzze- VIP Member
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Re: wmawhite says The IMF made a statement about what Iraq will do, and they have accomplished that.
As usual, you have nothing ...
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Trust but Verify --- R Reagan
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Kevind53- Super Moderator
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Re: wmawhite says The IMF made a statement about what Iraq will do, and they have accomplished that.
:tup:
Ponee- Admin
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Re: wmawhite says The IMF made a statement about what Iraq will do, and they have accomplished that.
remember dispite what the gurus say there is nothing saying they must have to raise there value of the dinar. it would really be helpful but not required
Jayzze- VIP Member
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