Sunday, June 19, 2016


Iraq looking with the European Union to join the WTO
VictorD:  I read the article and joining the WTO is great but my take on it is that it's still a ways away as far as time is concerned. They are talking followup meeting in November if I remember right.   Or did I misread?
Stevel:    My guess would later this year. It will not be today or tomorrow or next week.
 Just the fact that it is in the works is very positive.  Good point.
Iraqi ports apply "new tariff" mid-June current
swann1:  Raising the cost of goods on the citizens should go over like a lead ballon - based on their current purchasing power....
Stevel:   Yes, unless that changes.

Commander: Iraq to Retake Fallujah from ISIL Within Days

SteveI:    Timeline is ahead of what are team is being told. Huge news and just what our team has been waiting to hear.   Next Mosul.   Awesome news.  This is very exciting news.  GO IRAQ!

Urgent Abadi ::::: change administrations to reform banking

SteveI:     I would like to shed a little more light on this topic.

In the past administration, there were many parliament members who had interests or positions in various banking institutions around Iraq. In order for Abadi to get the theft under control, he had to fire and replace everyone that had a position or stake in any financial institution.

Part of the agreement that was made between Iraq and the IMF was changing the banking guidelines and control the money laundering, etc. This was done by re-shuffling (for the lack of any better terms) the administration and replacing most of them.

We knew this was being done, but now reading about it is huge. This just confirms the goals and ambitions of Iraq desperately wanting to comply with every part of the IMF agreement to obtain the loans.

I do not know if you have noticed, but you are starting to hear more and more about things getting done to get the loans from the IMF. This was part of it.

This is starting to get very exciting folks. It appears that Iraq is on a mission to enter the global world trade and comply with all aspects of the IMF's letter of intent dated December 22, 2015.

Many things have been said about this but not many people are taking how powerful this is and what the ultimate results will be. I am hoping you can guess by now. Please go read the part called Foreign Exchange Policy starting on page 6. Pay close attention to #18, 19 and 20.
​I will help break this down.

#18.The government will maintain the peg with the U.S. dollar.

What does pegged really mean?

A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime where a currency's value is fixed against either the value of another single currency, to a basket of other currencies, or to another measure of value, such as gold.

#19. The government will gradually remove remaining exchange restrictions and multiplecurrency practice (MCP) with a view to eliminating exchange rate distortions.

What does (MPC) or (MPS) really mean? https://www.imf.org/external/pubs/ft/sd/index.asp?decision=6790-%2881/43%29


This has to do with complying to Article VIII.


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.

Here is the link: Here is the IMP Document:   Read page 6/7..#18, 19 20.


Seeing all of this done pleases me to no end. I will add more to this later.   Steve

Iraq says IMF deal "on track" as cabinet approves reform package

SteveI:     This is simply awesome news. It is all coming together very nicely.

"help the country overcome a cash crunch caused by declining oil revenue". We were told that the government was out or running out of money to even make upcoming payroll. I see good great times ahead for all of us including the Iraqi Citizens and the global economy. :)

Have a safe and cool week!   Steve 
Please keep the Orlando Victims in Your Prayers
SteveI:    As ISIS is taking responsibility in Orlando, please keep all of the victims in your daily prayers.

This simply has to stop, however until they eliminate ISIS, sadly to say, you may be reading more articles like this.   God Bless America and what we stand for!   Please let your prayers be with them.  Steve

Iraq says IMF deal "on track" as cabinet approves reform package

BlackCats:  Steve. Nice to see you getting more and more excited. Your enthusiasm is getting contagious. Thanks for that and thanks for the post Bob.

Stevel:   Final curtain call perhaps?   It is getting closer to Arizona gathering time! Steve

Kurds ready for a billion dollar deal with Baghdad

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