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 Jay: "You can not be international with a PR (Program Rate)"

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RamblerNash
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PostSubject: Jay: "You can not be international with a PR (Program Rate)"   Sun Jun 17, 2018 2:35 pm

KTFA:

RockCharlie229:  currency conversion I watch it daily.  As the rate is adjusted you can see what it is going to cost, this is a fantastic tool Bravo!! Watch for the encore:-)

https://www.mastercard.us/content/mccom/en-us/consumers/get-support/convert-currency.html/MC

Alison:  I really appreciate Rockcharlie’s post of Mastercard’s currency converter calculator.

One can look at that link as a useful tool to watch for a rate change but based on other internationally recognized currencies currently reflected on that link why does Iraq’s current rate ever have to change???

I am asking this question not to be troublesome but as a student asking what seems to me to be a perfectly legitimate question.
As of Saturday 6/16/18 the South Korean Won (according to the above Mastercard currency exchange rate link) has an int’l exchange rate of 2000 Won (KRW) = $1.84.  That means 1 KRW = 0.000919. As a country South Korea currently seems to be at no  great disadvantage to any other country when it comes to international commerce and trade.

As of today Mastercard’s currently posted international rate for 2000 Dinar (IQD)  is = $1.68. That means that as of today 1 IQD = 0.000841.  The above Mastercard link is telling us the current rate of South Korea’s Won (KRW) is basically on par and has about the same value internationally to the USD as Iraq’s dinar (IQD).

In fact the above Mastercard link confirms that  2,000 IQD =   1,983.44 KRW. So theoretically a South Korean shopping today in Iraq would find their two currencies approximately comparable.

Can someone explain to me why Iraq could not engage in international commerce and trade and rebuild their country to its former glory at the current “Program Rate” if that rate is either accepted internationally now or is soon to be accepted internationally at the rate reflected on that Mastercard link?  South Korea seems to have done and is doing quite well at it's current international rate reflected by Mastercard. Why not Iraq???

Jay:  The answer to your ? is IN YOUR ?. Iraq's currency value is a PROGRAM RATE, meaning a rate that was SLAPPED on them by the UST/FR/UNSC/IMF/WB/BIS <--- I don't recall WHO or WHAT entity ACTUALLY imposed the P.R. on Iraq. IT IS NOT a rate based on that countries natural resources, population/work force, etc. It is a rate that is punishment for Iraq's monetary practices and security situation at the time it was imposed. 

This is why the RI has to happen BEFORE an RV. "REINSTATE = RESTORE" to their true rate. Which is what we are waiting for. The countries you listed that have a crappy rate have their own issues as to why their currency was valued as such. Could be credit rating,GDP, type of government that they live under. IE, Communist, Socialist etc. Look at Vietnam. They are international and their rate is 22,800-ish to 1, last I checked.  You can not be international with a PR.

So with what you are asking, you are just forgetting the most important thing. That Iraq is in a PROBATIONARY PROGRAM RATE, if you will. They have to have some kind of rate so they can survive in this probation period while they reform their monetary system to meet international laws and standards. Albeit for the past 15 yrs.

LOLOL That's the best I can do while only having one cup of coffee and keeping it simple and to the point without a barrage of big words. I am only 12 after all.   Lol      ALL IMO ^^^
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PostSubject: Re: Jay: "You can not be international with a PR (Program Rate)"   Tue Jun 19, 2018 1:55 am

"Iraq's currency value is a PROGRAM RATE, meaning a rate that was SLAPPED on them by the UST/FR/UNSC/IMF/WB/BIS <--- I don't recall WHO or WHAT entity ACTUALLY imposed the P.R. on Iraq. IT IS NOT a rate based on that countries natural resources, population/work force, etc. It is a rate that is punishment for Iraq's monetary practices and security situation at the time it was imposed."

Jay is a moron.  The term "program rate" has no reference whatsoever to an imposed rate.  Iraq's currency lost value during the 1980s when Saddam was at war with Iran.  The CBI website says that the market rate in 1995 was 3000 dinar to 1 US dollar.  https://cbi.iq/page/39  The loss of value had ZERO to do with any punitive rate slapped on them by the PTB.

"Program rate" is the IMF's designation for the rate they use in monitoring the economic progress of a country with an outstanding loan from the IMF.  They take the program rate from the assigned exchange rate of the nation's central bank.  As long as the country owes money to the IMF they are on a "program", and their books are open to the IMF and they regularly report to the IMF about what they're doing in order to keep their currency and economy stable.  It's similar to the relationship between a bank and a business that they've loaned money to.  

Here is a document from the nation of Georgia to the IMF about their "program".  Note the statement on page 17 that says "The NIR target is set at a program rate defined as the exchange rate on December 31, 2016, which for the GEL/US$ was 2.6468".  http://www.imf.org/external/np/loi/2017/geo/111717.pdf

Here's another document from the IMF about Moldova.  See page 88 about their program rate.  "The NIR target is set a program rate, MDL/US$ at 19.86 as of June 30, 2016."  https://www.imf.md/press/SR_finpub_CR16343.pdf



Georgia and Moldova didn't have any punitive rate slapped on them for their monetary practices or security situation, so why conclude that Iraq did? As for the reference to "a rate based on that countries natural resources, population/work force, etc", that's not how currency valuations are determined.  They pretty much either float on the foreign exchange or they are pegged and backed by foreign currency reserves.  The IQD is pegged, and I'm guessing that's the case with Georgia and Moldova's currencies too.  Again, Jay is a moron.



P.S.  Here's another one for Madagascar.  http://www.madagasikara.de/2007/cr0707.pdf (page 56)
Here's one for Afghanistan.  https://www.sukuk.com/wp-content/uploads/2015/06/IMF-Report-on-Afghanistan.pdf (page 50)


Here's what Wikipedia says about Iraq's program rate. 


"There is considerable confusion (perhaps intentional on the part of dinar sellers) around the role of the International Monetary Fund in Iraq. The IMF as part of the rebuilding of Iraq is monitoring their finances and for this purpose uses a single rate (not a sell/buy) of 1170 dinars per dollar. This "program rate"[4] is used for calculations in the IMF monitoring program and is not a rate imposed on Iraq by the IMF."
https://en.wikipedia.org/wiki/Iraqi_dinar





So enough of this "they can't be international on a program rate" crap.  It's not the fact that the IMF is monitoring the financial dealings of one of their debtor nations that's keeping Iraq's currency from "going international".  It's the fact that Iraq is a crappy country that doesn't produce anything the world wants other than oil, which is sold for US dollars.

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PostSubject: Re: Jay: "You can not be international with a PR (Program Rate)"   Wed Jun 20, 2018 12:07 am

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PostSubject: Re: Jay: "You can not be international with a PR (Program Rate)"    Wed Jun 20, 2018 12:22 am

Jay is a moron.  The term "program rate" has no reference whatsoever to an imposed rate.  Iraq's currency lost value during the 1980s when Saddam was at war with Iran.  The CBI website says that the market rate in 1995 was 3000 dinar to 1 US dollar.  https://cbi.iq/page/39  The loss of value had ZERO to do with any punitive rate slapped on them by the PTB.

"Program rate" is the IMF's designation for the rate they use in monitoring the economic progress of a country with an outstanding loan from the IMF.  They take the program rate from the assigned exchange rate of the nation's central bank.  As long as the country owes money to the IMF they are on a "program", and their books are open to the IMF and they regularly report to the IMF about what they're doing in order to keep their currency and economy stable.  It's similar to the relationship between a bank and a business that they've loaned money to.  

Here is a document from the nation of Georgia to the IMF about their "program".  Note the statement on page 17 that says "The NIR target is set at a program rate defined as the exchange rate on December 31, 2016, which for the GEL/US$ was 2.6468".  http://www.imf.org/external/np/loi/2017/geo/111717.pdf

Here's another document from the IMF about Moldova.  See page 88 about their program rate.  "The NIR target is set a program rate, MDL/US$ at 19.86 as of June 30, 2016."  https://www.imf.md/press/SR_finpub_CR16343.pdf

Georgia and Moldova didn't have any punitive rate slapped on them for their monetary practices or security situation, so why conclude that Iraq did? As for the reference to "a rate based on that countries natural resources, population/work force, etc", that's not how currency valuations are determined.  They pretty much either float on the foreign exchange or they are pegged and backed by foreign currency reserves.  The IQD is pegged, and I'm guessing that's the case with Georgia and Moldova's currencies too.  Again, Jay is a moron.



P.S.  Here's another one for Madagascar.  http://www.madagasikara.de/2007/cr0707.pdf (page 56)
Here's one for Afghanistan.  https://www.sukuk.com/wp-content/uploads/2015/06/IMF-Report-on-Afghanistan.pdf (page 50)


Here's what Wikipedia says about Iraq's program rate. 

"There is considerable confusion (perhaps intentional on the part of dinar sellers) around the role of the International Monetary Fund in Iraq. The IMF as part of the rebuilding of Iraq is monitoring their finances and for this purpose uses a single rate (not a sell/buy) of 1170 dinars per dollar. This "program rate"[4] is used for calculations in the IMF monitoring program and is not a rate imposed on Iraq by the IMF."
https://en.wikipedia.org/wiki/Iraqi_dinar

So enough of this "they can't be international on a program rate" crap.  It's not the fact that the IMF is monitoring the financial dealings of one of their debtor nations that's keeping Iraq's currency from "going international".  It's the fact that Iraq is a crappy country that doesn't produce anything the world wants other than oil, which is sold for US dollars.

-- Sam I Am

http://www.dinardaily.net/t73988-jay-you-can-not-be-international-with-a-pr-program-rate
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