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International Monetary Fund warns Iraq

rocky
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Post by rocky on Tue 30 Jul 2019, 6:02 am

First topic message reminder :

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International Monetary Fund warns Iraq

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[rtl]Editorial Date: 01/16/2019 13:53 • 87 times read[/rtl]
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{International: Al Furat News} The International Spotting Fund warned of Iraq's continued over-spending.
The IMF said in a report on Tuesday that Iraq's budget for the current year, "if the current spending continues as it is, it will eliminate any progress achieved by Iraq economically during the past years." 
He pointed out that "the projections indicate an increase in Iraqi spending by 25% per year, unless the authorities amend their financial laws and balance sheet items." 
The report pointed out that Iraq's economic situation "faces serious challenges, social conditions in the low and still severe."



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Screwball
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Post by Screwball on Tue 30 Jul 2019, 10:13 pm

[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:With this pressure from the IMF and Mahdi having told the citizens that they would add value to the currency during this legislative session - which ends at the end of the week, and the CBI saying the Trade Banks in Saudi, Dubai and China would be operational by August, I am hopeful we will see it Wednesday or Thursday - let's keep praying.  It has to happen sometime.

flower flower
I am not saying that Iraq could not revalue its currency at any time, however, historically IMF has only valued the dinar to the SDR in late April every year, except in 2003 and 2004 when a value was assigned in September, around the 22nd
Exactly...and the question is why? Why April and we know why September? Maybe rates can on,y be changed in April? Who was responsible for the three zeros? Was it the IMF or was it the IMF in cooperation with the UNSC?
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Post by Screwball on Tue 30 Jul 2019, 10:14 pm

Did the threes go on at the same time as the release of new notes? When do they release new notes? September?
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Post by Lobo on Tue 30 Jul 2019, 10:32 pm

I think the CBI can do what they want now -- just have to announce they are Art. 8 and RV - they have the ATMs, the MasterCard (and that "high roller" black MC and it is in Iraq Dinar), Visa, they say the banks are linked internationally and can wire instantly, they say the MC and Visa cards are international, they tell the people to go to the banks and learn how to use the ATMs because they don't just dispense money, but have other options - remember, they can buy GOLD, from those machines when they are operational and they now have thousands of ATMs in the country ready to be turned on.  The CBI says the Trade Banks would be operational - they missed the July 31 deadline -- but MAYBE, we will see it on August 1.  They are still giving out passports by the thousands - why, if they are not going to travel and not have an internationally traded/recognized currency.  I believe they may be a little delayed, but it will happen and oh, Happy Days.

drunk drunk drunk drunk
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Post by Screwball on Wed 31 Jul 2019, 12:06 am

MasterCard
R cards and Visa cards have been linked for over 5 years...nothing you have said indicates rv is imminent, I am not saying that we won’t see it and if it happens sooner than September or October I will be ecstatic but I don’t thinks so.
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Post by mochasmom on Wed 31 Jul 2019, 8:11 am

So let's look forward to Sept, 1 more month
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Post by jedi17 on Wed 31 Jul 2019, 8:52 am

[You must be registered and logged in to see this link.] wrote:So let's look forward to Sept, 1 more month

not sure when new notes were introduced, but the war in Iraq started in 2003, for some reason the value was adjusted in sept that year to around $2.50, then again the following sept to$0.000000 etc which was the official devalue, and most likely the intro of the new notes.

Since 2004, IMF has only valued Iraqi dinar once a year in April, however, MANY OIL PRODUCING countries value their currency twice a year, but almost always in the same months
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Post by Lobo on Wed 31 Jul 2019, 11:00 am

I understand what everyone is saying, but I think we are missing the fact that the GOI and the CBI have been telling the citizens since November they are going to add purchasing power to the currency, the CBI talks Trade Banks being operational, they are pulling in the dollars and euros, and they are telling the citizens to bring into the banks the 3-0 notes in exchange for the 500 and 250 notes in anticipation for the lower denoms and fils (coins), they are training the people on the new ATMs, etc., they will announce a new governor of the CBI soon since the "now" governor is going to be the governor of the Arab Monetary Fund - starting in September, as far as I know.  Too much activity and no show would be a horrible mistake.  I think the GOI and the CBI know it and will pop this RV and not take the country down into the pit again.
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Post by mochasmom on Wed 31 Jul 2019, 12:28 pm

Lobo we hope you are right but we have seen so many yrs of verbiage leading us to believe we were close then..albeit this time it does seem different, so praying it happens soon
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Post by Lobo on Wed 31 Jul 2019, 12:36 pm

I understand, but this time the UNSC was in Iraq and no new requirements were placed on them, the IMF is pushing them to announce Art. 8 and RV, the CBI and the GOI are talking and telling the citizens to "get" ready it is going to happen.  So I remain hopeful this time we will see the blessing.
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Post by ahill on Wed 31 Jul 2019, 11:34 pm

Thanks.

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