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Iraq has been working with the IMF reform
dizzydee- Moderator
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Proven- NNP TEAM
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Iraq has been working with the International Monetary Fund reform programsdizzydee wrote:[You must be registered and logged in to see this link.] For some reason I can paste full report.
The scholar d. Abdul Hussein al – Jalil Ghalibi of the College of Management and Economics at the University of Kufa, said Iraq today is working with the International Monetary Fund to adapt the economic reform programs since 2003, including monetary policy, pointing out that the door is open to capital flows, especially in investment and trade.
He said in an interview »Sabah» that some of the standards to support the process of change and supported by other criteria emphasize the political issue of autonomy guaranteed by the Central Bank of Iraq Law No. 56 of 2004 and its support is clearly in the Iraqi constitution.
He added that changing the currency after high – inflation period followed by a period of stability, and that the movement the rapid decline in inflation increases the likelihood of change, especially in very open countries, international capital flows, which are under the conditioning program of the international Monetary Fund, which central banks own political independence, this standard includes sub – criteria, including the presence of high inflation quickly sliding into a period of stability, is happening in the countries open to international capital flows, that the country is under continued conditioning program for the international Monetary Fund, we have to have the banks’ political independence.
He explained that governments have the political and economic reasons for the process of changing the currency, governments democracy is likely to take place to change the currency in response to the high of inflation, governments authoritarian (dictatorship) can be conducted to change the currency without the presence of higher inflation, particularly in the case of a civil conflict or civil unrest.
He said if the government is characterized by democratic – style, the condition pushing it toward changing the currency is the existence of inflation and this applies to the situation in Iraq, as the government is working according to the principles of democracy approved by the Constitution, that the economy has suffered for a long time has increased on two decades of high inflation problem, that inflation has pushed for increasing the number of zeros of the currency, hence the re – currency to its former position by inflation by removing its effects have accepted the issue according to this standard, but if the authoritarian government motivated to change the currency is the presence of internal and civil conflicts.
d. Abdul Hussein Ghalibi, added when discussing these four criteria and compare it with the situation in Iraq, we find that the first criterion verified as inflation rates in Iraq during the period 1991.2010 gone through three first stages of 1991.1995 and have a very high rate of inflation had reached the highest value in 1994, less the value was in 1991 and the longer these years is the beginning of international sanctions into force on Iraq and the monetary authority began printing banknotes at the CBI presses in (House Mesopotamia printing) quantities flooded the markets dinars paper and bad printing.
He continued, duration the second is 1996.2002 where inflation fell from the previous period thanks to the oil – for – food and medicine, which allows Iraq to export oil to cover the expenses of the Convention, contributed to the implementation of this agreement, the third period was 2003.2010 it began serious policies of the Central Bank in tackling inflation as the continued The first from 2003 to 2007 the same rates for the previous period and perhaps a little more, the second part of 2008 to 2010 on which it is reaping the benefits of those policies where inflation rates rapidly declined and did not exceed 7.2 percent.
He went on: this decrease during the three years expresses stabilize the price to be fit foundation for the start of changing the currency, before the period of stability, this was hard on direct monetary authority the process of changing the currency because the period of stability were not realized, so the preferences to keep the currency without the change was more realistic, but after a period of stability this expectation by continuing the situation has completely changed, should be noted that inflation is a crucial variable in the process of switching the currency.
dizzydee- Moderator
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Thanks for posting for me Proven. Don't know why I'm having a problem.
Proven- NNP TEAM
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Inflation as a result of economic development is key!
Expert : issuing government bonds would cause a new wave of " inflation " and the dollar will continue to rise
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12/04/2016 14:01
Expert : issuing government bonds would cause a new wave of " inflation " and the dollar will continue to rise
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Expert : issuing government bonds would cause a new wave of " inflation " and the dollar will continue to rise
12/04/2016 14:01
BAGHDAD / tomorrow Press : confirmed an economic expert Salam Sumaisem, Tuesday, that the issuance of bonds by the central bank, to repay the Bureau ranked the government would cause a new wave of inflation in the country, and as pointed out that the deteriorating political and economic conditions are behind the rise in dollar prices, showed that foreign currency rates will continue to rise . the central bank announced on Saturday, the approval of a cell of the financial crisis , headed by Prime Minister Haider al - Abadi on the proposed bank to issue government bonds for the payment of contractors and suppliers of state institutions . Sumaisem for " tomorrow Press " , said that " a strong dollar will continue because of the deteriorating political and economic situation in Iraq, and this led to a lack of confidence in the manner of reciprocity, and the lack of trust leads to the search for alternative means which are either gold or the dollar, so the increase in demand for gold and the dollar will rise . " she added that " there are a the decision of the central bank, by issuing government bonds to contractors, which borrow from the public to pay off the debt owed by government contractors " , asserting that " these bonds entail benefits, this case lead to the occurrence rate of inflation and thus lower the Iraqi currency rate larger . " She explained the economic expert , that " Iraq in front of a new wave of inflation as a result of the Central Bank on bond decision ." as suggested Sumaisem to be a process of lifting the dollar against the Iraqi dinar, " deliberate " , to enable the government employees ' salaries covered by the difference in the process of selling the dollar . a source in the parliamentary finance committee, who requested anonymity, has revealed the date ( 01/05/2016) , for " tomorrow Press " , he said that " the government received proposals from some parliamentary bodies and a number of ministers, require lifting the dollar to the 200 thousand dinars for each a hundred dollars, in order to fill and cover staff salaries, which have become the government unable to pay in light of the continuing decline of oil prices . "
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Proven- NNP TEAM
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these bonds entail benefits, this case lead to the occurrence rate of inflation and thus lower the Iraqi currency rate larger .
This statement would be true if the dinar was on a floating exchange. It is not. It is a fixed exchange rate! Floating these bonds will actually shrink the money supply.
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This statement would be true if the dinar was on a floating exchange. It is not. It is a fixed exchange rate! Floating these bonds will actually shrink the money supply.
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Proven- NNP TEAM
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dizzydee wrote:Thanks for posting for me Proven. Don't know why I'm having a problem.
You had prefect timing. I was researching another article that ties into this one.
Proven- NNP TEAM
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Proven wrote:these bonds entail benefits, this case lead to the occurrence rate of inflation and thus lower the Iraqi currency rate larger .
This statement would be true if the dinar was on a floating exchange. It is not. It is a fixed exchange rate! Floating these bonds will actually shrink the money supply.
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On a futher note, the article is not clear on whether these contractor's are foreign or domestic. If they are domestic, this is all part of the economic development plan...Boom.
Plug the central bank is determined to put government bonds $ 1.5 trillion dinars for the Ministry of Finance in order to repay part of the deficit in the general budget and thus withdraw part of the storehouse of financial bloc in homes and recycled in the local market
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weslin3- Interacting Investor
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I hope BOOM!
Proven- NNP TEAM
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weslin3 wrote:I hope BOOM!
Recycle baby!
Talon777- Getting It Investor
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This appears to be a simple currency manipulation so Iraq has enough money to cover government employee salaries. If I did the math right it would increase the dinar to dollar from .0009 to .005. This would be nice, but not a reval, but any movement is better than nothing. I think Iraq is getting some serious help in being this clever and showing their ability to leverage their resources toward prosperity to get by until reval time...if that even exists anymore. I still have hope in a reval, but I am left a little shaken with the extreme delay and Iraq's ability to find more ways to dig deeper into trouble. This investment has undeniably changed my life, but I really want the big prize of a reval 1:1 or better works very well for me. Hell, I would be happy to have enough to be completely debt free.
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