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Restored Republic via a GCR: Update as of Oct. 20, 2017

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Friday, July 28, 2017

"The Reality" - Fri. PM KTFA Thoughts/News

KTFA

MilitiaMan » July 28th, 2017

Buy and sell currency window


the latest instructions issued by the Central Bank of Iraq, the adoption of new mechanisms to facilitate procedures in the use of foreign currency to cover imports and confirm the identification of the last beneficiary in order to preserve Iraq's funds from misuse of the bank, while the governor of the Central Bank Ali Mohsen Alalak, :

"The Central will adopt in 2017 new visions of the applications of monetary policy for the purpose of achieving the objectives set out in Law 56 of 2004 and most important to maintain the exchange rate of the dinar and its value covered in foreign currency,through the construction of foreign currency reserves and In accordance with international standards

in calculating the external cash reserve to cover the dinar and cover the imports entering Iraq "; and the other main objective is to preserve foreign currency from its use for non-economic purposes and development.

Therefore, the Central Bank has worked during the past two years with deliberate, sequential and coordinated steps with the concerned government authorities, while maintaining its independence in its law. It has drawn up the procedural, organizational and structural policies and issued its strategy for the years 2016-2020 and set its objectives to achieve financial stability and develop banking work

technically, Access to financial coverage, where the year 2016 year, the preparation and development of financial and technical foundations appropriate to the reality of the Iraqi economy and mechanisms of banking, which formed a solid base that led to the transfer of the state of the Iraqi economy in its main rings, Financial obeyed, from the follow - up phase to the gray stage based on the financial report of the ILO.

All this led the center to start a new phase in 2017 based on the basic pillars, including dealing with banks new mechanisms to lift the pressures of the previous hard-line instructions and give them many flexibility and facilities to achieve the central objectives of economic and banking reform based on transparency and disclosure.

The other pillar is dealing with the banks based on the provision of new banking services and high-level products and restore the confidence of the public in the banking sector, in addition to the results of its work and the extent of its commitment to implement the monetary policy directions of the Central Bank and reflect on their actual contribution to GDP and its contribution to sustainable development and its transition from the role of Banking to the development role; in addition to dealing with banks according to classification criteria adopted by the Central.

The Central Bank issued new mechanisms to regulate the mediation of banks between importers and the Bank adopt the facilitation of procedures and controls and adopt transparency and disclosure of the final beneficiary came to achieve the goal of maintaining the exchange rate and ensure the use of foreign currency out of order to meet the needs of the economy and market and development and non-directed to non-purposes;

Provided new policies and visions and mechanisms of smooth implementation, but monitoring and follow-up on a daily and accurate in Iraq and abroad to achieve economic objectives, which requires banks, and in cooperation and coordination between the Central Bank and the Association of Banks Ash Iraqi National Economic and media that the central plan is implemented in 2017 to serve the national economy and our sector banking.

http://www.alsabaah.iq/Article.....141523

MilitiaMan » July 28th, 2017

There is a meeting with the IMF on 08/01/2017 if I am not mistaken. A one in regard to Article IV with Iraq.

The article above speaks volumes of what has been done over the preceding two years. Not just one year. I believe this has to do with Article VIII (see link below).

They have been working to maintain the exchange rate of the Dinar against Foreign Currency to cover imports entering Iraq while maintaining their independence under law.

They go on to say that they are (imo) effectively ceasing MCPs (Multi Currency Practices) not supported or at least if are supported by the IMF, they are under the guidance of the IMF when doing so and would be short lived if even relevant.

They have all the mechanisms in place to facilitate trade to serve their national economy from the looks of things. They have mediation in order to be prepared for typical disputes in trade at borders.

Basically, they are fully ready, if not already INTERNATIONAL and by all means!

They are telling us they are going to contribute to GDP by having implemented monetary policy for sustainable development.

They are telling us the Central Bank has facilitated procedures and controls, became transparent in disclosures in regard to maintaining their exchange rate. Ya buddy..

This meeting with the IMF is not about what needs to be done, it is done!

It must be about dotting I's and Crossing T's, and atta boyz and girlz, for a job well done! imo. ~ MM

MULTIPLE CURRENCY PRACTICES—POLICY

The Executive Board approves the decision set forth in SM/81/34, Supplement, 1 (3/17/81).
Decision No. 6790-(81/43),

March 20, 1981,

as amended by Decision No. 11728-(98/56),

May 21, 1998

SM/81/34, Sup. 1

The Executive Board has reviewed the Fund’s policy with respect to multiple currency practices. The Fund shall be guided by the approach outlined in the conclusions set forth below.

1. Official action should not cause exchange rate spreads and cross rate quotations to differ unreasonably from those that arise from the normal commercial costs and risks of exchange transactions.

a.(i) Action by a member or its fiscal agencies that of itself gives rise to a spread of more than 2 percent between buying and selling rates for spot exchange transactions between the member’s currency and any other member’s currency would be considered a multiple currency practice and would require the prior approval of the Fund.

(ii) An exchange spread that arises without official action would not give rise to a multiple currency practice.

(iii) Deviations between the buying and selling rates for spot transactions and for other transactions would not be considered multiple currency practices if they represent the additional costs and exchange risks for these other transactions.

b. Action by a member or its fiscal agencies which results in midpoint spot exchange rates of other members’ currencies against its own currency in a relationship which differs by more than 1 percent from the midpoint spot exchange rates for these currencies in their principal markets would give rise to a multiple currency practice. If the differentials of more than 1 percent in these cross rates persist for more than one week, the resulting multiple currency practice would become subject to the approval of the Fund under Article VIII,

Section 3.

When difficulties are encountered in the interpretation and application of these criteria in specific cases, particularly concerning the nature of official actions, the staff will present the relevant information to the Executive Board for its determination.

2 The policy of the Fund on the exercise of its approval jurisdiction over exchange measures subject to Article VIII, as set forth in paragraph 2 of Executive Board Decision No. 1034-(60/27), adopted June 1, 1960, remains broadly appropriate. In accordance with this policy, the Fund will be prepared to grant approval of multiple currency practices introduced or maintained for balance of payments reasons provided the member represents and the Fund is satisfied that the measures are temporary and are being applied while the member is endeavoring to eliminate its balance of payments problems, and provided they do not give the member an unfair competitive advantage over other members or discriminate among members.

The Fund will continue to be very reluctant to grant approval for the maintenance of broken cross exchange rates.

3. In accordance with the Fund’s policy on complex multiple currency practices, as stated in Executive Board Decision No. 649-(57/33), adopted June 26, 1957, the Fund will not approve multiple currency practices under complex multiple rate systems unless the countries maintaining them are making reasonable progress toward simplification and ultimate elimination of such systems, or are taking measures or adopting programs which seem likely to result in such progress.

4. While urging members to apply alternative policies not connected with the exchange system, the Fund will be prepared to grant temporary approval of multiple currency practices introduced or maintained principally for nonbalance of payments reasons, provided that such practices do not materially impede the member’s balance of payments adjustment, do not harm the interests of other members, and do not discriminate among members.

5. To assist the Executive Board in reaching a decision concerning approval or nonapproval of a multiple currency practice subject to approval under Article VIII, Section 3, the reasons underlying the practice and its effects will be analyzed in reports on Article IV ­consultations or in other staff papers dealing with exchange ­systems.

Consistent with the cycle of consultations under Article IV, approval will be granted for periods of approximately one year, in order to provide for a continual review by the Executive Board, except where the practice is maintained only for existing arrangements and for a specified period of time."

https://www.imf.org/external/pubs/ft/sd/index.asp?decision=6790-(81/43)

MilitiaMan » July 28th, 2017

The reality is they are doing what they are instructed to do! The Budget is said to not be an issue? Really, bahhhh bahhh.. They will release the numbers, the calculations if you will in do time.. They are telling us they have a fixed regime based on money..

GOLD is money!

In fact is is at $1,270.00 oz real close today.. Ya buddy, watch interest rates rise and the price of not only the Dinar but GOLD! What a silver lining we have! Sweet! ~ MM Peace!

Walkingstick » July 28th, 2017

Financial braking


Mustafa Mohammed Ibrahim

Within the latest trends of the International Monetary Fund on the economic reform in Iraq, especially after their recent meetings of the Standby Arrangement (SBA) Stand By Arrangement, the IMF has called for a policy of financial restraint.

Financial restraint is a set of restrictions placed by the monetary authorities on the financial and banking system, which is mainly aimed at satisfying the financial needs of the government by imposing a low or no interest rate and forcing banks to purchase government treasury bonds with a low yield as well as restrictions Strict on the movement of capital.

Among the manifestations of the policy of financial restraint is the administrative determination of the interest rate on loans and deposits as well as the allocation of credit and the imposition of a high implicit tax on the banking sector, as most countries of the world practiced a policy of financial restraint or financial liberalization through the imposition of a set of laws and controls and quantitative and qualitative restrictions imposed by the government

which does not allow for financial inter mediation employ capabilities available from this side, and another side prevail fiscal restraint policy or financial liberalization for many systems rate of exchange the most important of the fixed exchange rate regime, as the central bank to determine the value of the currency is fixed by money the Of gold and the proposal was designed foreign assets, so the need to provide legal and technological reforms in government banks to take their role in providing banking services to all sectors

At the same time focus on the policy of financial liberalization as an international and domestic option that helps to achieve economic development and create a sound banking system.

Therefore, monetary policy should continue to achieve its objective of building a sound banking system capable of achieving all the challenges facing banking by building an efficient and effective system to cope with all macro-economic variables.

Supervision and follow-up of the International Auditing Company and on this basis shows the mutual impact of fiscal policy in the preparation of the financial budget, but the important question remains how long will continue to borrow external.

http://www.kitco.com/

http://www.alsabaah.iq/Article.....?ID=141527

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