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"International Status" - Thurs. PM KTFA Thoughts, News w/ Frank26 12/13/18

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 "International Status" - Thurs. PM KTFA Thoughts, News w/ Frank26 12/13/18 Empty "International Status" - Thurs. PM KTFA Thoughts, News w/ Frank26 12/13/18

Post by Ssmith on Fri Dec 14, 2018 9:32 am

KTFA

LarryH » December 13th, 2018


This is getting down right silly. International everything but the rate. Lol

Frank26 » December 13th, 2018

WE DO NOT CARE ABOUT THE RATE ................. WE CARE TO SEE THE CBI SAY THEY ARE ARTICLE 8 ...............TO ADMIT IT !!! THE INTERNATIONAL STATUS WILL TAKE CARE OF THE RATE.

Jay » December 13th, 2018

Frank question IYO. Is it not true that art 8 is the RESULT of the RI aka going international as per IMF??? I thought I read a couple years ago on the IMF's site that the path to ART 8 IIIIISSSS a result of going international. Meaning Iraq pulls the trigger and THAT = Art 8 ??? Just trying to understand the path to art 8. Thank you. WITH KEEPING IN MIND that WS suggested that ALL COUNTRIES are handled differently regarding timing of events. Thank you in advance. & all imo.

GodsServant » December 13th, 2018

Jay, Thank you for this post, I too would appreciate clarification on Art 8. Have we not learned that Kuwait did not admit Art 8 until after they re-valued? I don't see when Turkmenistan became Art 8 or if they are at this point. I do know that WS has said he did not care about the rate only that Iraq become publicly International. Art 8 is a main focal point in our study as Frank is pointing out in his post. Your question( is Art 8 a result of the RI), is worthy of further questions, study, and clarification. All IMO

JJonesMX » December 13th, 2018

Maybe this will help... Blessings *JJ*

Articles of Agreement of the International Monetary Fund

April 2016

Contents
Introductory Article

Article I: Purposes
Article II: Membership

1. Original members
2. Other members

Article III: Quotas and Subscriptions
1. Quotas and payment of subscriptions
2. Adjustment of quotas
3. Payments when quotas are changed
4. Substitution of securities for currency
Article IV: Obligations Regarding Exchange Arrangements
1. General obligations of members
2. General exchange arrangements
3. Surveillance over exchange arrangements
4. Par values
5. Separate currencies within a member's territories
Article V: Operations and Transactions of the Fund
1. Agencies dealing with the Fund
2. Limitation on the Fund's operations and transactions
3. Conditions governing use of the Fund's general resources
4. Waiver of conditions
5. Ineligibility to use the Fund's general resources
6. Other purchases and sales of special drawing rights by the Fund
7. Repurchase by a member of its currency held by the Fund
8. Charges
9. Remuneration
10. Computations
11. Maintenance of value
12. Other operations and transactions

Article VI: Capital Transfers
1. Use of the Fund's general resources for capital transfers
2. Special provisions for capital transfers
3. Controls of capital transfers

Article VII: Replenishment and Scarce Currencies
1. Measures to replenish the Fund's holdings of currencies
2. General scarcity of currency
3. Scarcity of the Fund's holdings
4. Administration of restrictions
5. Effect of other international agreements on restrictions

Article VIII: General Obligations of Members
1. Introduction
2. Avoidance of restrictions on current payments
3. Avoidance of discriminatory currency practices
4. Convertibility of foreign-held balances
5. Furnishing of information
6. Consultation between members regarding existing international agreements
7. Obligation to collaborate regarding policies on reserve assets

Section 1. Introduction
In addition to the obligations assumed under other articles of this Agreement, each member undertakes the obligations set out in this Article.

Section 2. Avoidance of restrictions on current payments

(a) Subject to the provisions of Article VII, Section 3(b) and Article XIV, Section 2, no member shall, without the approval of the Fund,impose restrictions on the making of payments and transfers for current international transactions.

(b) Exchange contracts which involve the currency of any member and which are contrary to the exchange control regulations of that member maintained or imposed consistently with this Agreement shall be unenforceable in the territories of any member. In addition, members may, by mutual accord, cooperate in measures for the purpose of making the exchange control regulations of either member more effective, provided that such measures and regulations are consistent with this Agreement.

Section 3. Avoidance of discriminatory currency practices
No 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.

Section 4. Convertibility of foreign-held balances

(a) Each member shall buy balances of its currency held by another member if the latter, in requesting the purchase, represents:

(i) that the balances to be bought have been recently acquired as a result of current transactions; or

​(ii) that their conversion is needed for making payments for current transactions.
The buying member shall have the option to pay either in special drawing rights, subject to Article XIX, Section 4, or in the currency of the member making the request.

(b) The obligation in (a) above shall not apply when:

(i) the convertibility of the balances has been restricted consistently with Section 2 of this Article or Article VI, Section 3;

(ii) the balances have accumulated as a result of transactions effected before the removal by a member of restrictions maintained or imposed under Article XIV, Section 2;

(iii) the balances have been acquired contrary to the exchange regulations of the member which is asked to buy them;

(iv) the currency of the member requesting the purchase has been declared scarce under Article VII, Section 3(a); or

(v) the member requested to make the purchase is for any reason not entitled to buy currencies of other members from the Fund for its own currency.

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;

(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.

Section 6. Consultation between members regarding existing international agreements
Where under this Agreement a member is authorized in the special or temporary circumstances specified in the Agreement to maintain or establish restrictions on exchange transactions, and there are other engagements between members entered into prior to this Agreement which conflict with the application of such restrictions, the parties to such engagements shall consult with one another with a view to making such mutually acceptable adjustments as may be necessary. The provisions of this Article shall be without prejudice to the operation of Article VII, Section 5.

Section 7. Obligation to collaborate regarding policies on reserve assets

Each member undertakes to collaborate with the Fund and with other members in order to ensure that the policies of the member with respect to reserve assets shall be consistent with the objectives of promoting better international surveillance of international liquidity and making the special drawing right the principal reserve asset in the international monetary system.

https://www.imf.org/external/pubs/ft/aa/index.htm

Madee and Lyndee: So according to Dessert (Wed.CC) last night, we should pay attention to:

Bank of America

Chase Manhattan,

Citi Bank

Wells Fargo

Fifth Third

Trade Bank of Iraq

What are we looking for?

StephenMac63 » December 13th, 2018

IMO, anything that is out of the ordinary.
Perhaps they will no longer call it a "scam", maybe increase the staff for wealth advisors, an increase of financial products they offer, maybe a designated area created for newly high net worth individuals.
Mainly look for what wasnt there before and ask why is it there now? Such as repositioning office cubicle panels.

Walkingstick » December 13th, 2018

Trade Bank of Iraq to open first branch in Saudi Arabia by 2018-end


24-07-2018

https://www.argaam.com/en/article/articledetail/id/561783

Marcia3 » December 13th, 2018

oh thank you, Walkingstick! Frank suggested we watch Trade Bank of Iraq and now we see that bank opening is Saudi Arabia is part of their international expansion. Love the word international!

Frank26 » December 13th, 2018

SMILE

Boxman » December 13th, 2018

The opening of a branch shows how relations between Saudi and Iraq have been growing, it was not that many years ago when the two countries, although neighbors, where treating each other with suspicion and animosity..IMHO
Ssmith
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