Call Notes Post By BulldogFord65
 
BulldogFord65:   Hello Family: Here are tonight’s CC notes. Have a peaceful night, and a blessed day tomorrow!

“The righteous cry, and the LORD heareth, and delivereth them out of all their troubles. The LORD is nigh unto them that are of a broken heart; and saveth such as be of a contrite spirit. Many are the afflictions of the righteous; but the LORD delivereth him out of them all.” Psalm 34:17-19

Frank26 IQD Conference Call Monday, July 22, 2013

• Frank began the conference call by reminding all that KTFAlways is a Christian-based website, the name is Keep The Faith Always; Frank asked all to keep our faith in God, that the dinar is blessing we can use to do the Lord’s work, but our faith is in God

• Frank began the conference call with prayer, and the reminder that we should not wait for the dinar blessing to occur to serve the Lord, we should be serving Him now, and have proper priorities; Andy lifted the prayer with the shofar horn blast

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• Frank thanked everyone for their prayers in his behalf during his procedure last week

• Frank also asked everyone to please take care of their spiritual health and physical health; will you be around to enjoy the blessing? Will you be spiritual and physically prepared when the blessing occurs? Frank encouraged all to have proper priorities and to strive to be healthy spiritually and physically

• I Team is protecting VIP’s and take them to/from meetings; meetings start at 9 AM to 11 AM, adjourn, then meet again 9 PM – ?? whenever needed; most meetings occur in the Green Zone

• Last week, M offered B a “blank check;” why did he do that? B is not a numbers guy; B also demanded a census; this “blank check” is huge!

• Walkingstick Post 174 7/21 thread: Iraq infrastructure 2013 will happen this year, large projects in housing, construction, education – this is an invasion of international business!

Why would any big conglomerate be busting down the door to Iraq now??? When we see international investment pouring like a waterfall into Iraq, it is a strong signal they are going forward and not backward!

• Sager post: someone asked if we need to see the rate before the HCL? Sager replied that in his opinion, we should see the rate before the HCL; in Frank’s opinion, we will not see the rate first, they are doing this behind closed doors; Frank’s opinion that we’ll see both together (rate and HCL);

Walkingstick also replied that we should see borders and the census as part of the package with the rate and HCL; Frank’s opinion that Walkingstick is likely correct; the theme of tonight’s call is “The Deal”

• Recall about a month to 1 ½ months ago, M and B had a meeting, then met with international bankers and leaders, now another meeting with M and B, B asks for several things, including a new census – M agreed to all B’s requests (“blank check”)

• Frank has many teams around the globe, and he communicates with them in a variety of ways; there are key words that they look for; read post 311 from Sunday’s (7/20) thread; the banking sector shackled – read and understand this article!!

• Banking systems and monetary reform is going well in Frank’s opinion

• World Bank praised Iraq’s banking sector reform – this leads to monetary reform!!

• 7/21 thread Post 108 by Dinartowncrier: interesting how Citibank and Standard Charter banks looking to exploit the potential in Iraq but navigate the pitfalls – what potential??

If currency not increasing, what potential?? Notice that the international companies leading the investment in Iraq are BANKS; do we think banks would be going in if the currency is going to remain worthless?

• “They will never see the keys to their shackles without a rate” – Frank believes at the meetings at the UN there were resolutions made before UNSC vote to raise CH7 – but they will not allow them into CH6 until they raise the rate; CH7 lifted to allow all that’s going on with the banks now to be legal, but will not go into CH6 until they raise the rate; resolutions were made with Iraq and the GOI!!

• Franks and his teams have not seen anything negative since CH7 lifted, only M attempting to get a third term, which was quickly shut down

• Remember when Frank said if this was not done by April, the citizens will tear apart the country? The citizens know what’s being done and are patiently waiting

• There have been more killings and violence since Ramadan started and the GOI does not care; also the POTUS does not care about the American people – look at similarities between the leaders: no budget, against their own people

• UNSC has resolutions that Iraq will do what they need to do and raise the value, coordinate the GOI and the killings will stop

• In franks opinion, the killings kill the census

• CBI doing an excellent job of controlling the value of the dinar to the dollar, showing they have control even with the volatility in the market, the CBI is keeping the rates close

• Citizens in Basra complaining about physical damage to the currency but it is not being replaced because no go for LD’s to be released, and the CBI is still pulling in 3 zero currency, they don’t want to release it again

• Iraqia TV does not lie, it’s one place that truth can be found

• Frank ignores questions on the forum that continue to say/ask that nothing is happening with the dinar; go do our homework!

• HCL was “The Deal” for CH7; CH7 lift allows the international investors to legally come in, but Iraq is still shackled until they raise the rate – cannot go into CH6 until it happens

• The killings need to stop, it is killing the census, and the census is needed for HCL and for B because he demanded it

• Oil and energy parliamentary calls for passing the energy laws

• Frank and team’s opinion that census is about to be done, followed by the HCL/rate together; in Frank’s opinion, may see it all at once; when?? Don’t know, there is no date or rate

• There is a call for calmness in Iraq – advancement of a pattern

• Formation of committees to follow up on HCL; Article: differences in political between Erbil and Baghdad have been lifted – that’s a major change in pattern! Goes on: The absence of oil law leads to procrastination of the operating intercompany in Kurdistan region but if crisis for countries legality – so lifting CH7 solved the legality issues; political tension between Baghdad and Erbil easing

• 7/21 thread Post 138 economist continued low rate against the US$, in the last paragraph – slight decrease in the sale of the US$ to 1120 IQD– keep paying attention to this market trimming, policing – the numbers keep getting smaller! Keep watch! It’s important

• Frank will not speak any more about Dr S after today, Dr S now reports only to the IMF

• Did I Team get into any kind of trouble? NO; I Team report: the heat was NOT the problem causing the day off last week; there are daily meetings from 9 – 11 AM and again from 9 PM to whenever they are done; meetings in Green Zone but some outside of the Green Zone, but there has been a change — I Team no longer inside of the room during meetings

• I Team report: if the GOI keeps dragging their feet, the IMF will raise the rate

• I Team report: the date and rate has been negotiated, there is a date/rate, but will come out from the UN first; it will still post on the CBI website probably between 2 – 4 AM whenever it does happen; Frank asked I Team if this is a rumor? I Team said no, not rumor

• Eagle1 came in at this point and said that the IMF is very “antsy” about the rate being released; Frank said he agrees, the IMF is very agitated and unhappy with the delays coming out from Iraq

• Frank watching for laws to come out, the friction is not as severe as it used to be, then B will come to Baghdad and all will be wrapped up; M will go to Erbil first, then B will go to Baghdad; also see election amendment laws; silence on Dr S until all charges against him and his team are dropped; from now, do not ask anything about Dr S

• Walkingstick post 148 banking sector shackled by outdated legislation (old laws) that do not fit the change (monetary reform); important article and picture – pay attention to it!

• Article: Kurdistan law makers there is a convergence between baghdaad and erbil; delegation ot negotiate at any time

• Walkingstick post 155 deprive Kurds of their land — why did Saddam want to take away land from the Kurds in Kirkuk?? It’s in the heart of the lake of oil!

• House of Representatives will raise next Wednesday more bills, more laws (8), and hopefully finish 4 this week, and publish in the Gazette, they are very important for us — this year, they have been working on laws, and past 2 weeks, working on laws

Eagle1 came on the call at this point

• Frank continues to remind: THERE IS NO DATE OR RATE!

• ISX traded today at 1.3 billion share, with 5.4 billion in revenues – there was no $ or IQD sign, only numbers in the report, so E1 calculated: comes out to 4.22 per share — IQD doesn’t work, so $4.22???

This is a rate we’ve heard about before but E1 has dismissed it, as it didn’t fit with his budget number calculations; does it mean the rate will come out at 4.22? NO ONE KNOWS!

Trident did analysis of ISX from 1930’s up to 1990’s, the rate was 3.22; the behavior was consistent up to the program rate in 1990’s, now that ISX is up and trading post-CH7 sanctions, they are following the same patterns (some of E1’s comments were lost when the phone lost power, try listening to the CC replay); there have been 2 decades of inflation since the 1990’s that make it easy to correlate what the pattern could be – appears trading range is $4.2 to ? (some conversation dropped due to phones)

Memphis came on the call at this point

• E1: Posting on Bloomberg sale of oil

• (Memphis was not clear at all, very hard to hear; please listen to the CC replay)

• Memphis: expect to see mainstream media talk about Iraq and all that they have accomplished, sale of oil – not talking about currency, just about progress in Iraq, this is a change in pattern, he will continue to watch

• E1: Fox Business News especially in the morning programs make off-hand remarks about what’s going on in Iraq (progress)

• Memphis: (comments not clear, could not note take, please listen to CC replay) said something about Basel III

• E1: Saw in USA that banks here were allowed to use IQD for asset value to become Basel III compliant

• Memphis: (comments not clear, could not note take, please listen to CC replay) something about deleting of information

• E1: statement about deletion of information: probably some are talking out of school, and others are denying; E1 believes the IMF is sitting on information they do not want the public to know; E1 believes were are there, he has report that they will try loading up on the ForEx and if all works, will go live with rates on Wednesday

• Frank: change of pattern in all we’re seeing

• Post #289 from Walkingstick and Megawatt (worked together on an article) Iraq officials divided over dinar reset, but division is over what information is coming from the CBI – it’s old stuff, but amazing, reveals change in pattern in monetary policy; change in economic system of Iraq

• Post 291 from Walkingstick: article that the dollar is dying, hope for return of dinar at 3.3 dollars

• For those not understanding the CBI auctions – again, they are using their own currency (IQD not US$)

• Megawatt on page 1 of 7/22 thread: the IMF recommended that the CBI release the rate to the forex market

• Post 437 predictions for fun

• Detroit’s woes send shock wave thru municipal bond market; why important? Sends shock waves thru many cities, destabilizes, spreads

• Dr S is being protected and believe he will be cleared of everything; he still waits for coordination and cooperation of the GOI to introduce data and laws – and we are seeing that happening

• Forex is next

• Frank closed the call with prayer and Andy lifted the prayer with the shofar blast

Baghdad/with: return economy and Investment Committee member of Parliament MP Abdul Salam Al-Maliki law State reluctance to improve the country’s investment to the routine and the unstable security situation.
Al-Maliki said in a press statement that future news agency received a copy of it on Monday “: the investment which contributes to the advancement of infrastructure and economic development is almost idle in Iraq and does not rise to the level of ambition because of the many obstacles to the development of this file”.
Al-Maliki said: “the investment law in Iraq quite hand application, particularly when compared with what exists in neighbouring countries and the region, adding that the real problem lies in the terms of reference and the routine that manages this file. ”
“The country remains classified within hazardous areas according to the reports of international organizations due to the unstable security situation which has led to reluctance of solid companies to come to Iraq and activate their investments when they received not these reports. ”
He noted: “the reports wronged Iraq as mostly inaccurate reports given that the overall security situation in much of Iraq, has seen security violations, praising the efforts of some provinces profile to attract big investment firms to start work in the South and centre of the country. ”
Maliki warned: “the need to categorize investment companies coming to Iraq and know the pedigree of phantom where there are a lot of companies that had stalled in the State large sums charged, noting that promote investment requires activation to avoid fictitious companies and deal with real companies and the work citizens and serve the good of the country. ”(Finished)

 

Baghdad (IraqiNews. com) The parliament session was lifted till next Wednesday.
Parliament source stated to “The parliament lifted its regular session till next Wednesday after reading a number of law drafts and voting on appointing Falah Shanshal as the head of the Justice and Accountability Commission. ”

    millionday] good grief that is the most work we have seen them do in ten years
    [Papatom] it’s about time!!!

    [millionday] and its all about hitting the open road  love it
    [peppermint] millionday they are on a roll

    [millionday] they are moving to the globe my friends — no need for all of this unless they are  love it
    [letsroll] whoop whoop

    [millionday] agriculture is a huge and so is tourism they dealt with a couple days ago

    [millionday] whooop whooop is right   ok papa tom
    [Papatom] whooooop

    [millionday] we ready hun
    [Papatom] ok…brb

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     [Royal] millionday has there been anything on Fox or CNN yet just asking
    [peppermint] millionday this is so complex! How in the world! Thank -you for sharing your brain with us

    [millionday] i have not been watching so im not sure hun

    [Papatom] : Adnan Hussein for Al-Monitor Iraq Pulse Posted on July 21. 

The dreams that Iraqi Prime Minister Nouri al-Maliki had to remain in his post for a third term are likely to have completely vanished, just like the dreams of his State of Law coalition, which is seeking to remain a large bloc in parliament to bargain over influential positions in the next government.

About This Article Summary : Shiite authorities in Najaf have sided with the prime minister’s oppenents over the country’s new electoral law, hampering Maliki’s chances of dominating the next government.

Original Title: Shiite Authorities Vote for ‘Saint Lego’, Crushing Maliki’s Dreams Author: Adnan Hussein Posted on: July 21 2013 Translated by: Sami-Joe Abboud Categories : Originals Iraq The development that settled the matter in this direction is the position of the Shiite authorities in Najaf, which have explicitly announced that they oppose the electoral system that Maliki and his coalition want to adopt in the parliament

    [anthonlcs] millionday I have a good article can I post

    millionday] after pap sweety — thats great

    [Papatom] want to adopt in the parliamentary elections scheduled for early next year. Maliki and his coalition want to abolish the so-called “Saint Lego” system, which was adopted in the last provincial elections, to return to the closed-list system, deemed by the Federal Court as unconstitutional.

The Federal Court ruled in 2010 that the closed-list system — adopted in the parliamentary elections of that year — is an invalid system because it violates the provisions of the 2005 constitution, since it does not achieve equality among various members of society. Read more: http://www.al-monitor.co ··· ZncDptg4

    [Papatom] The ruling came after a case was filed by two of the candidates running for those elections to challenge the closed-list electoral system. In the close-list system, each entity participating in the elections submits a list of candidates, and people vote for the entire list, not for each candidate separately.

If a list loses, the votes it received get added to the balance of the winning lists, in accordance with the percentage of votes each received. In other words, this system allows the winning blocs to get the votes of those who lost, in order to have a bigger share within the parliament. The system allows the heads of lists to distribute the votes to the candidates of their choice.

Because of this system, candidates who only got a few hundred or a few thousand votes reached parliament, as they got their votes from the losing lists through the heads of their lists. Read more: http://www.al-monitor.co ··· m=email&

    [millionday] wow i bet that blows out of the water the many saying he is going to be removed lol

    [Papatom] Instead of this system, the “Saint Lego” system was chosen to be applied in the last provincial elections, a system that prevents winning lists from getting the votes of the losing candidates.

The State of Law coalition achieved very modest results in the provincial elections, and instead of admitting that the reason behind this poor performance was the mismanagement of the Maliki government over the past three years, Maliki and his coalition leaders put the blame on the Saint Lego system. Read more: http://www.al-monitor.co ··· ZncQZkIi

    [Papatom] Nothing like some INK!!!!!  just a little more….ready ?

    [millionday] sure hun  love it

    [Papatom] AAAERRRGHHH…. I hit the wrong button!!! brb…

    [millionday] they were required to have their election laws in place

    [Papatom] millionday well it goes on to say that Maliki’s hopes are dashed cus on friday the 12th najaf said he opposed Malikis plan!!!!

    [Papatom] millionday so what I’ was thinking is that Maliki and his group want the RV to happen while THEY are in control…..

    [millionday] right but the reinstatement has to be done to be a real rate

    [anthonlcs] ok…..here i go…info from the IMF

    [anthonlcs] IMF recommends Iraq liberalization of the foreign exchange market 22-07-2013 08:05 PM Baghdad (news) .. report recommended to the International Monetary Fund, Iraq, ensuring the continuation of fiscal consolidation and building protective margins to cope with financial volatility in oil revenues.

The report recommended which was announced on Monday, at the headquarters of the Iraqi Business Council in Amman, to intensify its work to liberalize the foreign exchange market and find a stable exchange rate and simplify the instructions of foreign currency.

 It also recommended the continued good governance of foreign reserves at the Central Bank of Iraq and the Development Fund for Iraq, and deepen the reform of the financial sector and the establishment of equal treatment for private banks.

    [Papatom] i got it back when you want the few paragraphs left

    [anthonlcs] The report recommended that the presentation of the most important joints Resident Representative of the International Monetary Fund for Iraq in Amman Dr. Ghazi during a press conference, to accelerate the pace of structural reform to boost growth and job creation in the private sector. And advised to Iraq to find a system to combat money laundering and the fight against terrorism and that there be a prudent management of Iraqi Central Bank reserves of foreign currencies and the Development Fund for Iraq.

    [anthonlcs] He called for: a law on the Gaza hydrocarbons and investment in electricity production and the abolition of fuel subsidies granted to producers, and the restructuring of state-owned enterprises and Iraqi governance reform and capitalization of institutions that can be repaired and the closure of non-viable,

 and called for the need to improve the business environment and attention to the agricultural sector through reform of the distribution system year, which contributed to the decline in domestic production and to reconsider support mechanisms provided by the Iraqi government to its citizens, noting that the cost of fuel subsidies up to about $ 10 billion.

Said: that the most prominent risks facing Iraq is the weak implementation of political reforms and a decline in the political and security situation and the delay in increasing the volume of oil production and the decline in global oil prices.

    anthonlcs] He stressed: the need that Iraq has a private sector capable of production and direct investment in non-oil sectors, especially electricity and agriculture that Iraq has a significant competitive advantage, stressing that Iraq needs long years of work to rebuild the wealth of mankind.

 He stressed: that in spite of the political and security conditions difficult experienced by Iraq, but were positive economic developments in general has witnessed accelerated economic growth reached 4.8 percent last year and is expected to reach 9 percent during the current year.

    [millionday] oh this is great   is there more?

    [anthonlcs] He pointed out: that the economic outlook college will remain in the medium term driven by developments in the oil sector, which is expected to increase Iraq’s oil output gradually by about 500 thousand barrels per day in the year to up to 7.5 million barrels per day by the year 2018 compared to 3.3 million bpd. http://translate.google. ··· %3D93465

    [millionday] beautiful — love it when the demands come out strongly   ok papa  we ready hun

    [anonymous1] looks like they are saying we got a chance lol

    [Papatom] They announced that they would not accept its application in the next parliamentary elections, and sought to persuade large blocs to adopt the same position. However, civil forces, leftist groups, intellectuals and journalists considered that the “Saint Lego” system gives voters the freedom to elect their representatives and achieve justice in the distribution of seats.

They started a campaign to preserve this system, and they were joined by the Ahrar parliamentary bloc (affiliated with the Sadrist Movement) and the Citizen’s Coalition (Ammar al-Hakim) — both Shiite — along with the Kurdistan Alliance.

These blocs are seeking to prevent Maliki and his coalition from monopolizing the government once again. Read more: http://www.al-monitor.co ··· ZneuazAu

    [Papatom] Until a few days ago, Maliki’s coalition was still clinging to its position, but on Friday, July 12, the Friday preacher in Karbala, who usually speaks on behalf of the highest religious authority Ayatollah Ali al-Sistani, declared that Najaf does not support the return to the closed-list system, an announcement that crushes the dreams of Maliki and his coalition.

This coalition finds it difficult to explicitly oppose the position of this authority, which automatically empowered the position of Maliki’s opponents, who are opposed to the closed-list system. Read more: http://www.al-monitor.co ··· ZndbdelO

    [millionday] thank you anthonlcs that is a great report  i find that is a strange policy on elections — but at least it is done

    [Papatom] but with this news….doesn’t it seem logical that Maliki will remain till elections….and then be voted out…???   it looks healthy as for democratic government… though…

    [millionday] yes it does and also gives more power to the people then they have ever had

    Papatom] millionday so much for those that are saying there is no acting govt. in iraq.

    [millionday] i agree

    [faith1] humm i thought M couldn’t run for another term ? are they just making that very clear?

    [millionday] so good grief there is alot that has gone on today

    [Papatom] and those that are saying maliki is holding this up….are probably wrong in my eyes…

    [letsroll] Papatom sure hope none of us have to watch iraq this closely their next election time …

    [millionday] i would say wrong wrong wrong but who am I  smile

    [Papatom] millionday you ARE the news queen !!!!   smile

    [millionday] smile

    [The s family] Wasn’t there an IMF announcement today? Or is that tomorrow?

    [millionday] wish i could make things up that sounded better through the years but love that we followed the ink through this thing – makes it right and something for us to keep historical

    [Papatom] nothing but honor for what you’ve done

    [millionday] thank you — so sweet of you to say

    [millionday] you saw that the imf was making an announcement ?

    [lorijeanmarshall] millionday I wonder what they would be announcing. I don’t think it is their place to announce the RV is it?

    [The s family] Yes, let me look some more to find. Might take a while

    [millionday] i would not think it would be concerning iraqs economic reform — they would do that as gaining pride from their citizens

    wmawhite] millionday …….another site’s rumor.

    [millionday] The s family thank you

    [millionday] lorijeanmarshall no its not

    [lorijeanmarshall] wmawhite Hey, if it is ink, I wanna see it.

    [creativethinkersclub] millionday been having challenges getting into chat room omgoodness announcement from IMF?!? holy cows

    [millionday] me too

    [lorijeanmarshall] millionday Maybe an announcement that they accepted Iraqs “stuff”?

    [hstrymknwmn] IMF article http://albayaniq.com/?p=10590

    [wmawhite] millionday ……..there was another IMF consulting session in Ammand, Jordan.

    [werblessed] Honor u in

    [lorijeanmarshall] hstrymknwmn Great job. Thanks. millionday you are on girl!

    [The s family] oops

    [faith1] millionday someone asked a while back ,, IF the US was holding this up,,, do U have an opinion on that ??

    [The s family] will be at the conference launching the report of the International Monetary Fund “Fourth Review” for 2013 for Iraq, after The Executive Board concluded the IMF finally report, “Review IV”, which provides an assessment of the Iraqi economy, recent developments and prospects and challenges.

    [millionday] hstrymknwmn thank you hun  let me get it for us

    [hstrymknwmn] yw

    [The s family] will be presented by Dr. Ghazi Shbeikat, Resident Representative of the International Monetary Fund – Mission Iraq, during the conference, a presentation of the report which will be available to the media is different.

    [The s family] there that is the article

    [lorijeanmarshall] May to announce moving to article, what is it wmawhite IV or VIII?

    [wmawhite] lorijeanmarshall ……….8.   From 4 to 8.

    [hstrymknwmn] ok sorry here it is Hold the International Monetary Fund in Amman Monday afternoon at the headquarters of Iraqi Business Council in the capital Amman press conference to launch the report, “the IMF Fourth Review” for 2013 for Iraq.

will be at the conference launching the report of the International Monetary Fund “Fourth Review” for 2013 for Iraq, after the The Executive Board concluded the IMF finally report, “Review IV”, which provides an assessment of the Iraqi economy, recent developments and prospects and challenges.

will be presented by Dr. Ghazi Shbeikat, Resident Representative of the International Monetary Fund – Mission Iraq, during the conference, a presentation of the report which will be available to the media is different .

    [millionday] hstrymknwmn oh ok its the report  great hun thanks

    [hstrymknwmn] yes yw

    [millionday] i will try to have what they said for news time tonight  great find hun

    [hstrymknwmn] i’ve been looking for it…nothing yet

    [millionday] great roundtable everyone

    [lorijeanmarshall] millionday ya think? LOL LOL

    [millionday] loved it and love when you participate whooop whoooop

    [lorijeanmarshall] millionday Amazing round table today!!!!

    [millionday] we have what we all love at PI — progress and lots of it

Millionday Roundtable 7/22/13

    [millionday] howdy all — wow the tariff so i am bring it and we are going to talk about that among other things  we are going to read this first    here we go

    [millionday] Abd al-Hussein al-Abtan, of the Economy, Investment and Reconstruction demanded the Government to resume the Five Years Plan which was developed by the Ministry of Planning. Abtan reported in statement, received by local news agency,

”We demand the Government to take serious measures to consider some sectors such as industrial, agricultural and touristic sectors which are suffering neglect in Iraq, ” he added, noting that ”The economic file realy requires an economic vision and some successful economic plans.”

 A five years plan from 2013 to 2017 has been drafted by the ministry in recent times and it is intended to be implemented in coordination with all concerned ministries.

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     [millionday] so the five year plan including this year

    [millionday] this is being implemented so that is with all of the economic reforms

    [millionday] Behalf of the people Presidency of the Republic Based on what passed the House of Representatives and approved by the President of the Republic According to the provisions of item (I) of Article (61) and item (iii) of Article (73) Of the Constitution. Act the following: – No. () for the year 2013 Law Second Amendment to the customs tariff law No. 22 of 2010, as amended

    [millionday] Article – 1 – The text of Article (11) of the customs tariff law No. (22) of 2010, as amended and replaced by the following: Article – 11 –

First – This law shall be in stages, and are selected and the designation of imported goods covered by each phase in coordination between the Authority General for Customs and the Committee on Economic Affairs of the Council of Ministers that does not exceed the time limit for the application of the final stage and access to the full application of the provisions of the law three years from the date of its publication in the Official Gazette.

    [millionday] note — what this means is that the law will change and be more attractive in the beginning and has sections of application as the planning passes

    [millionday] Secondly – the Minister of Finance to instruct the implementation of this law. Third – This law shall be as of 30/6/2012. Article – 2 – The text of Article (9) of the customs tariff law No. (22) of 2010, as amended and replaced with the following text: Article – 9 – First – The Law of the customs tariff number (77) for the year 1955 and is the Coalition Provisional Authority (dissolved) No. (54) for the year 2004 (trade liberalization policy of 2004).

    [millionday] Secondly – Re working on the orders of the Coalition Provisional Authority (dissolved) No. (38) for the year 2003 (tax reconstruction of Iraq, as amended), and until the completion of stages of the application of the customs tariff law No. (22) of 2010, as amended.

 Thirdly – The provisions of CPA Order (dissolved) No. (38) for the year 2003 on imported goods set forth in the schedules of tariff of customs duties and agricultural calendar attached to the customs tariff law No. (22) for the year 2010 and until the average coverage of its provisions, and as the case may be.

Fourth – does not work any law or instructions or regulations inconsistent with the provisions of this law

    [millionday] Article 3 – This law shall be published in the Official Gazette. Reasons In order to allow sufficient time to provide the technical requirements necessary to implement the provisions of the customs tariff law and maintain the level of prices in the Iraqi market at the present time and protect consumers from price increase expected as a result of the implementation of the Act and to provide assurance the overall difficulty of the application of the law

    [millionday] and the law will be printed and implemented

    [Papatom] (can we talk yet?)

    [millionday] yes of course   roundtable is boring if you dont

    [DlD] What time frame are we looking at? Iyo

    [lorijeanmarshall] Papatom So…….. spill it!

    [Papatom] millionday lol 1955???? the law year was 1955??? and we have been discussing for so long…how are they gonna change prices…if the rate changes…and here they write a LAW…that will protect them…

    [Papatom] lol lorijeanmarshall

    [millionday] they are saying it will be printed right away

    [DlD] Sounds good ty

    [Papatom] millionday yeah… and the reason is to protect the consumer from price increases……..

    [Papatom] plus others…..   1955?

    [millionday] the thing with this is that they are using sections from so many of the laws they have used through the years with amendments

    [Papatom] ahhhhh

    [millionday] and to have their customs in place

    [Papatom] ok;……that makes sense….. not completely re inventing the wheel…. just changing the tire…. so to speak

    [jimplants] i love printed right away

    [anonymous1] sound so much better than soon ,…. or in coming days lol

    [Papatom] jimplants me2

    [millionday] right

    [DlD] Don’t they need to increase value for this to work?

    [jimplants] amen to that

    [millionday] i would say so   this is huge news   huge

    Papatom] I don’t think they would have this…if the rate was going to rise slowly….prices wouldn’t need to be protected…..

    [faith1] ” shall be published in the Official Gazette” ,, when, does anything say when? and after it is published is there a set time frame to implement??

    [DlD] Well bring on then

    [millionday] this is an action to move to the globe and open the door

    [Papatom] I think it’s gonna show that a large difference is coming….and they need protection cus of that

    [millionday] remember we did not expect this to pass so fast

    [jimplants] goes right along with the world bank wto and imf

    [Papatom] but we accept that fast pass

    [simbaspen*] Like today!!!!!

    [The s family] But does printing = implement?

    [millionday] once again they are in a rush behind closed doors so it seems that this is very close

    [millionday] The s family yes

    [The s family] Great

    [DlD] Do we need BIS to sign off?

    [millionday] jimplants very well too

    [Papatom] millionday this kind of answers all the questions all the gurus try to posture… for all the price changes in the market place…..right?

    [simbaspen*] And implement mean activate?????

    [millionday] they are above all central banks and planning  simbaspen* yes   let me look some more brb

    [Red Skyy] So what is the Official Gazette anyway, A newspaper??

    [wmawhite] millionday ……and so many said not to expect anything during Ramadan.

    [lorijeanmarshall] Red Skyy It is where they post all of their laws

    [lorijeanmarshall] wmawhite That’s. Didn’t know how else to explain it. LOL

    [Red Skyy] wmawhite lorijeanmarshall Thanks

    [wmawhite] DlD ………the BIS has nothing to do with Iraq’s laws.

    [Fresh] millionday I’m trying to think specifically where I read somewhere that the tariff act was literally a barrier preventing them from raising the value of their currency – maybe the latest long IMF report…

    [bluedog2] I read that too Fresh

    [wmawhite] lorijeanmarshall ….yw

    [DlD] Yes but do they need to sign off on the rv just as the imf has?

    [lorijeanmarshall] Fresh Well lets hope you are remembering correctly

    [millionday] House of Representatives voted at its ninth meeting of the legislative term first legislative year fourth, which was held under the chairmanship of Osama Najafi, head of the House of Representatives and in the presence of 243 deputies on Monday,

eight laws and decisions, including taking Falah Hassan Chanchal prime board accountability, justice and Bakhtiar Omar Mohiuddin his deputy.

A statement by the Information Office of the Council of Representatives received by the agency Buratha copy of it today that “in the beginning of the meeting initiated by any of the above-Hakim announced Nujaifi hold a special session on Thursday to discuss the security situation in Baghdad and Diyala in the presence of senior officials in the two provinces

    [Fresh] because in the last few days I remember thinking to myself – if they could just get that tariff law stuff squared away….

    [millionday] Fresh i believe that it was the un that stated it on the iraqi side

    [DlD] Well looks like they did lol

    [millionday] President of the Council also called on the parliamentary investigative committees formed, especially the Special Committee Karbala coach’s death to expedite the provision of reports to the House of Representatives. Then the Council voted on a draft law amending the Law seizure of contraband and forbidden traded in local markets No. {18} for the year 2008,

submitted by the Committees of financial and legal due to the lack of reward given to informants and people who detects the money smuggled and forbidden traded in local markets, granted in accordance with Article 5 of Adjustment Act contraband and forbidden money circulating in the local markets No. 18 for the year 2008 in order to correct the error contained in item / First of Article 6 of the said Act.

    [wmawhite] DlD …………the BIS….Bank of International Settlements,….is actually a clearing house for the world’s central banks. It doesn’t sign off on anything.

    [millionday] And completed the Council vote on the draft law regulating the rent of agricultural land and ownership of the right to dispose of them for graduates of agricultural and veterinary submitted by the committees of agriculture and legal for the purpose of agricultural development in both its plant and animal and dissemination methods of modern agriculture and the development of the productive capacity of agricultural land and create jobs sophisticated is recruited from graduates of agricultural and veterinary and contribution of the sector on the development of the agricultural sector and employ scientific expertise and practical application on agricultural land in order to achieve the development of agriculture in Iraq

    [millionday] On the other hand the Presidency postponed voting on the official language of the bill submitted by the committees and legal culture, media and finance, education and higher education until the completion of the check.

 It also ended the Council vote on the bill the second amendment to the law of the customs tariff number {22} for the year 2010 submitted by the committees of Finance, Economy and Investment to allow sufficient time to provide the technical requirements necessary to implement the provisions of the law of customs tariff and maintain the level of prices in the Iraqi market at the present time and Consumer Protection of the increase the expected price as a result of the implementation of the Act and to provide conviction overall difficulty of the application of the law.

    [millionday] level the prices — like that  because of the implementation — very nice and telling if you ask me — so it is time to change pricing — hmmm

    [millionday] The Council voted to prevent the MP Mahmoud Hassan from participating in the work of the House of Representatives for violating the rules of procedure for the submission of a written apology. The Presidency also decided to postpone the vote on Trchihoeda the Appeals judges responsible for hearing appeals on the decisions of the accountability and justice and the report of the Legal Committee to a future meeting.

The Council voted to take Falah Hassan Chanchal President of the board of accountability, justice and Bakhtiar Omar Mohiuddin vice president

    [Papatom] millionday i found something that might be having an effect on the current administration’s desire to get this done… so THEY will be getting the credit for it in Iraq….(Iraq admin. that is… Maliki. etc) when it’s time, you tell me and i’ll post a link or something4

    [millionday] ok let me finish with this one then we will see yours k

    [Papatom] k

    [millionday] He completed the first reading of the proposed law to amend election law, the House of Representatives No. {16} for the year 2005 and sponsored by the Legal Committee in order to conduct free and fair elections and conduct high level of transparency for the purpose of representing the will of the voter truly representative and to allow fair competition and away from external influences for the purpose of improving the political process.

Then completed the first reading of the proposed law to reverse the decisions of the Revolutionary Command Council {dissolved} numbered {1021} for the year 1983, {197} for the year 1994, {145} for the year 2001 submitted by the Legal Committee of the fact that decisions are incompatible with the principles of the rights and fundamental freedoms enshrined in the Constitution, which guaranteed Citizens belonging to trade unions as a trade union lawyers, especially judges who have a long service in the judiciary.

    [millionday] this is crazy how much they have done

    [millionday] He ended the second reading of the draft law on the first amendment to the law of the Agricultural Credit Fund for peasants and small farmers {28} for the year 2009 and submitted by the Agriculture and Finance Committees.

 In presentations to Congress MP Hamid Buffy suggested to increase the Fund’s capital to 100 billion dinars to provide assistance to borrowers from the peasants.

The MP pointed Bayazid Hassan to “the need to increase the number of members of the Fund suggesting that the terms of reference of this fund to the Ministry of Agriculture.”

    [millionday] MP Abbas al-Bayati, to “give the bank the key role of agricultural lending to farmers and not to be confused with the powers lending fund.”

The MP Sabah al-Saadi stressed “the importance of the law in reviving the agricultural situation in the country, calling for a capital increase to fund about 500 billion dinars.” While MP Shirwan Waeli to “give farmers more facilities for the advancement of agricultural reality and land reform.” He MP Adel  of that “agricultural land in Iraq, mostly Lands princely and can not achieve development for farmers, but the demise of this category.”

    [millionday] now remember that the largest and oldest bank in iraq is their agriculture bank — they have announced months ago that it is funding

    [millionday] The MP was amazed names Moussawi provide the Minister of Agriculture request to withdraw the powers of his ministry overseeing the fund and give it to the Ministry of Finance.

The MP Fatima Hamidi has proposed the formation of a committee comprising representatives from the Ministry of Agriculture, Finance and peasants.

The MP demanded Najiba Najib as “the inclusion of animal production specialists within the loans provided by the Fund as well as the need to open branches of the Fund in the Kurdistan region.”

    [millionday] this is a lot of work

    [millionday] Rep. considered reproach league to cancel the role of the Ministry of Agriculture in the Fund and transferred to the Ministry of Finance is an important and positive step to cancel the loop routine may impede the operation of the Fund.

MP Abdul felt Hussein Abtan that “increasing the agricultural sector allocations in the budget, contributing to the revitalization of this sector,” suggesting that “The Under-Minister of Agriculture supervision of the Fund.” For its part, the Committee stressed “taking into consideration the views and proposals of ladies and gentlemen of Representatives.”    [millionday] and a lot of completion

    [Papatom] wasnt there a few articles lately that talked about how a lot of the good farm land was being swallowed by oil production????

    [millionday] The Council also ended the second reading of the draft law amending the Penal Code No. {111} for the year 1969 and the report of the Legal Committee.

In interventions MP Haidar al-Mulla on “the importance of working to develop solutions to the issue of undercover informants through severe punishment on them order not Adhararhm the people.”

MP supported Saman Fawzi tighten the confidential informant penalty if their contribution to the reduction of the number of vexatious litigation

    [millionday] The MP Adel al-Maliki stressed “the importance of development of deterrent penalties for those who wrongly applied the law.”

The MP demanded high Nassif to “amend the law on the confidential informant,” pointing to “the existence of several legal materials reduce the value and benefit the detective.” For its part, saw MP Ashwaq dry the “erroneous application of the law caused lot of innocent people, despite our need for the law,” calling for “punish Detective Detector identity.”

    [letsroll] ” so it is time to change pricing ” …. millionday they have to be right on top of changing the entire economic policies ……. smilen

    [millionday] hmmmm   the last part

    [millionday] The MP called Suad Hamid to “determine the severe punishment of the secret informant who did not reveal his identity.” The MP expressed a useful Albulada support for the courts to “Accounting undercover informants who provide information vexatious.”

 The MP noted Abdul Rahman Alloizi to “lack of real activation of the legal texts to punish undercover informants.” For its part, the Commission confirmed that “the amendment carried out by the House of Representatives in 2009, is tougher than the current adjustment.” Then decided to adjourn the meeting to next Wednesday 07/24/2013

PART 2 CONTINUED

AdminBob:  Two new IMF documents are out and published in the Research Library.

20/7/2013   Article IV Consultations July 2013  Selected Issues 2013

Just go to the Research Library tab and scroll down to these documents.

Dr. Nan: Here is the section from the July 2013 Report that deals with monetary policy (pages 17 & 18). It states that the IMF is advising “liberalizing the foreign exchange market”. I dont know that this report tells us anything we didn’t already know; however,  Kap, or someone more familiar with this information, please highlight important information for us.

Read More Link On Right

  “B. Monetary, Exchange Rate, and Financial Policies – With a severely underdeveloped financial system, high bank liquidity, and administered interest rates, the usual channels of transmission of monetary policy are largely ineffective.

Therefore, the principal instrument available to the CBI is foreign exchange intervention, but its effectiveness has been hampered by CBI regulations. Discussions focused on (a) distortions in the foreign exchange market, (b) exchange rate policy, (c) foreign asset management, and (d) banking system restructuring.

14. The de facto fixed exchange rate has served Iraq well. The authorities agreed that a stable nominal exchange rate provides a valuable anchor for inflation expectations in an uncertain environment, and intend to continue implementing this policy for the foreseeable future.

In the medium term, staff encouraged the authorities to consider creating the conditions which would make possible a move to a more flexible exchange rate policy.

Such flexibility could allow a predictable and gradual appreciation of the nominal exchange rate, triggered by strong oil revenues and the Balassa-Samuelson effect, to accommodate a possible real exchange rate appreciation while keeping domestic inflation low.

15. However, the authorities have been limiting foreign exchange supply to address concerns related to money laundering and terrorism financing.

The CBI has recently taken steps to simplify foreign exchange market regulations, but has not eliminated all existing exchange restrictions and the multiple currency practice.

3 The CBI continues to rely on controls to ration the supply of foreign exchange, which have contributed to the increase in the spread between the official auction and parallel market rate.

The authorities aim to liberalize the foreign exchange market over the medium term. However, given the limited capacity of the financial sector to implement Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) preventive measures, they consider restricting the supply of foreign currency necessary to stem illegal outflows triggered by regional developments and increased import demand financed by illegal sources.

16. In contrast, staff recommended liberalizing the foreign exchange market and improving the AML/CFT regime. Staff noted that effectively limiting supply might be inconsistent with a de facto fixed exchange rate regime.

The CBI has ample international reserves to maintain the de facto peg.

Furthermore, AML/CFT standards do not contemplate ex-ante controls on foreign currency transactions, but focus on customer due diligence and reporting suspicious transactions to an operational and fully independent Financial Intelligence Unit.

In staff’s view, accelerating the liberalization of payments for current transactions would therefore be the best approach to eliminating distortions in the foreign exchange market, the exchange rate spread, and the rents it creates.

It would also allow removing the exchange restrictions and 3 See Section IX of Annex I of the Informational Annex for a list of the exchange restrictions and multiple currency practice subject to Fund jurisdiction. the multiple currency practice, with a view to accepting the obligations under Article VIII.

The improvement of the AML/CFT framework, in line with the MENA-Financial Action Task Force (FATF) recommendations, and FATF standards, together with the ongoing efforts in strengthening AML/CFT supervision by the CBI, would help address money laundering and terrorism financing concerns.

 17. The size of Iraq’s foreign assets (both CBI and DFI) is fueling a domestic debate on their most productive use. Staff projections show that, while CBI reserves are broadly appropriate over the forecast period, fiscal buffers will achieve an adequate level only in the medium term.

 Furthermore, the legal framework and governance arguments do not support pooling of CBI and DFI reserves. Moreover, the low execution rates of public investment, owing to limited administrative capacity and domestic absorptive capacity, suggest that there is little scope for accelerating the spending of foreign assets in the domestic economy.

Increasing the returns to sovereign foreign assets might imply adopting some form of sovereign wealth fund (SWF) as exemplified by international experience (see accompanying Selected Issues paper).

On balance, in light of the need to preserve the independence of the CBI and maintain a high level of liquid reserves to address possible pressures on the Iraqi dinar, and given Iraq’s weak capacity and governance, it seems appropriate to maintain the current two-tier architecture composed of CBI reserves (invested following prudent guidelines) and fiscal reserves held in the DFI.

Should the DFI reserves increase beyond the recommended level of fiscal buffers, it should be possible to modify the DFI structure to allow for a more active management of excess fiscal reserves.

 The authorities agreed that the management of Iraq’s sovereign assets should continue to be cautious, and that a separate SWF would not be appropriate at this stage.” (End of section on monetary policy)

DarbSalad:  Dr. Nan,  Makes you wonder if Turki and/or Maliki is defying the IMF.  Turki was begging the U.S. to extend the protection of the DFI funds during his visit to Washington, D.C. a few months ago.  The Iraqi citizenry appears to be in the same boat as the Egyptians. 

They elected politicians into office which are extremely repressive and a central bank that displays those same characteristics.  I believe the government claimed that an array of employees would finally be compensated in the month of July.

 I presume they are still waiting on compensation for their services rendered?  Many have gone over a year without compensation.

 I saw that Hakim stated today for the them to serve the citizens and solve their problems.

Dr. Nan:   It appears that the other paper “Selected Issues 2013” is mostly background for the Report just issued. It deals primarily with Oil Production, the DF! and Fiscal Policy. I didn’t see anything about Monetary Policy, but it is worth looking over for a “big picture” view.

I don’t see anything significant that most of us don’t already know: they need to broaden their economic base so they are not relying almost totally on oil reserves.

Begs the question: how can anyone work and not get paid for a year? How does that continue?

DarbSalad:  Turki stated nearly two weeks ago prepare to be surprised.  I guess we will find out rather shortly if his word has real meaning.

Tobyboy:  DardSalad,  Guess what your surprise is we are not going to RV this year Keep buying those dinars to help support the  Iragi CBI we love you for your American Money

Kaperoni:  These statements are troubling…

“Given that the current legal framework precludes CBI lending to the government, and that Iraq still does not enjoy access to international capital markets, DFI reserves can be seen as an insurance against the impact of oil price shocks or export volume shortfalls.”

“14. The de facto fixed exchange rate has served Iraq well. The authorities agreed that a stable nominal exchange rate provides a valuable anchor for inflation expectations in an uncertain environment, and intend to continue implementing this policy for the foreseeable future.”

In other words, until the CBI accepts IMF Article VIII, its status quo.

Here is a great comment from the IMF…They are telling Iraq to “float” the dinar!   Now if that is not proof, I don’t know what is….

“In the medium term, staff encouraged the authorities to consider creating the conditions which would make possible a move to a more flexible exchange rate policy. Such flexibility could allow a predictable and gradual appreciation of the nominal exchange rate, triggered by strong oil revenues and the Balassa-Samuelson effect, to accommodate a possible real exchange rate appreciation while keeping domestic inflation low.”

Another good one from the IMF…

“In staff’s view, accelerating the liberalization of payment for current transactions would therefore be the best approach to eliminating distortions in the foreign exchange market, the exchange rate spread, and the rents it creates. It would also allow removing the exchange restrictions and the multiple currency practice, with a view to accepting the obligations under Article VIII.”

Terry:    Now, if they would just listen to the IMF!  Wouldn’t it be nice if that was the surprise Turki was talking about

Tony:    Important article about the budget imo

BAGHDAD / JD / .. announced the Finance Committee in the House of Representatives that the budget of 2015 will be increased by 157 trillion and 285 billion dinars,

 said committee member Magda Abdel-Latif al-Tamimi told the reporter / JD / he was forming a committee to prepare a budget strategy for the coming years, including the budget of 2015 will be Total revenues have increased by 157 trillion and 285 billion dinars, while it will be the total expenditure of $ 168 trillion and 837 billion.

 added that budget deficit that year would be increased by 11 trillion and 552 billion, noting that he will be calculated per barrel of oil at $ 90 in quantities oil source is estimated at 3.85 million barrels per day.

 alerted Tamimi that calculated the exchange rate of the dollar will be increased by 1.16 dinars, pointing out that the Commission had not received the report of a central location around the dinar exchange rate against the dollar, prompting the Commission to adopt the exchange rate on previous years and such a thing It is not permitted at all. / End / / 23     http://dananernews.com/News_Details.php?ID=3605

Enorrste:  I tend to agree with KAP that this is a mixed bag (“troubling” was his word).  I’m pleased that the IMF thinks the fixed rate has been a success.  Whoopee.  At the same time, I hate it when they say the status quo should be maintained “for the foreseeable future.”  Let’s hope they cannot see very far!

On the positive side, though, they are clearly calling for Iraq to prepare to float its currency.  It really can’t get much clearer than that.  Furthermore, although KAP did not highlight this part, I found this quite interesting:

“to accommodate a possible real exchange rate appreciation.”

It would appear that the IMF is expecting a gradual rise over time to some level, after which they will do an actual RV to a “real exchange rate.”  How cool would that be?

I just wish we knew what they mean by “middle term.”  Is that a few months, or a few years?  Only time will tell.  Let’s just hope the Turki brings the “surprise” he promised and that it is the beginning of the float process.  Once that starts, anything could happen.

 Heck, we could get to $1 by January and then the CBI could RV to $3.50.  Wouldn’t that be cool?

I don’t suggest cooking the eggs until they’ve left the chicken, however. Enorrste

Tomceejay:   Enorrste, middle term is simply somewhere between here and there.  Or, between the beginning and the end. 

Samuel the Prophet:  “middle term” is simply a hallway…a nowhere between two somewheres! It is that place of metathesis, where everything that can be shaken is indeed shaken; then it can restrain you no longer from proceeding to the future…that hallway is indeed a place of radical disorientation.

Punisher:   I would guess middle-term means middle of the year which we are in…but I could be wrong. Thanks Dr. Nan, Kap, Enorrste and all!

Samuel the Prophet:  Disorientation and Creative Transformation…mid-term is the time period when  we exit one door and it closes behind us and we enter the new opened door~”let it come to us”..

ZenMav:  Enorrste, What if “in the medium term” only meant “mean while”?  The article says medium, not middle.  Medium can be average, a mean.

The theory might apply if the documents required the trusty Arabish google translation.

As far as the “foreseeable future” comment, they had to say something intelligent and ambiguous.  We Don’t Know isn’t really an option.

Bondtl:   re-read the article with this in mind , authority is the cbi and staff is the imf .  clearly it sounds as if the imf agrees that what the cbi has been doing was good but not for much longer and it’s time to get off the dime and move to article 8 with a float and possible rv later.

KellySue:   I’m happy to see the words “accepting the conditions of IMF Article VIII” in print!! This is where everything on this DA site is leading too. Come on Turki, pull Article VIII off the back burner…..get those laws passed!!

Dr. Nan:  I’d like to call everyone’s attention to two items from the cover page of the IMF Report:

“Staff Report for the 2013 Article IV consultation, prepared by a staff team of the IMF, following discussions that ended on March 12, 2013, with the officials of Iraq on economic developments and policies. Based on information available at the time of these discussions, the staff report was completed on April 30, 2013.

The views expressed in the staff report are those of the staff team and do not necessarily reflect the views of the Executive Board of the IMF.”

“Public Information Notice (PIN) summarizing the views of the Executive Board as expressed during its May 13, 2013 discussion of the staff report that concluded the Article IV consultation.”

Notice the dates. This is the IMF staff report following the March 2013 Article IV consultation with input from the Executive Board during its discussion of the staff report at their May 2013 meeting.

The report is dated July 2013 because it is now being published. I am not looking at this in a negative light because this is based on circumstances and information from 4 months ago, before the release of Chapter 7, before Mailki had his obvious epiphany and is playing nicey-nice with Barzani and everyone else, before all the positive steps we have seen.

Is most of the hard data used in this report still current? Yes. However, there are things that have changed, and those changes have been positive, I think. Again, this is a published report of a meeting back in March. There have been some forward steps.

Tlar:   “14. The de facto fixed exchange rate has served Iraq well. The authorities agreed that a stable nominal exchange rate provides a valuable anchor for inflation expectations in an uncertain environment, and intend to continue implementing this policy for the foreseeable future.”

 Again me thinks we worry to much. A fixed rate is what the 2008 study suggested when they recommended a rate and suggested that the CBI hold and defend that rate for up to two years.

It is identical to what the CBI did in January 2009 when in response to the IMF they held 1170 as the fixed rate. A fixed rate does not mean keeping it at 1166. I just says fixed.

If they RV the currency at say 1 to 1, that would be the rate that they need to fix the exchange rate at and then defend, defend, defend.

   Floating Exchange Rate

  The exchange rate in which the value of the currency is determined by the free market.

 That is, a currency has a floating exchange rate when its value changes constantly depending on the supply and demand for that currency, as well as the amount of the currency held in foreign reserves.

 An advantage to a floating exchange rate is that it tends to be more economically efficient. However, floating exchange rates tend to be more volatile depending on the particular currency.

A currency with a floating exchange rate may undergo currency appreciation or currency depreciation, depending on market fluctuations. A floating exchange rate is also called a flexible exchange rate.

See also: Fixed exchange rate, Crawling peg, Managed float.

  Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

 It looks to me like they are speaking of first getting a rate. Next stabilizing it in the interim/medium/short term for an acceptable period of time, then letting the currency value be determined by the market once oil production and free markets are more developed.

ReVbo:  I was thinking the same thing, Zen. They can’t tell us when they’re going to do it, right? So, “foreseeable future” is about as useful a statement as “soon.” It could mean a year, five years, or tomorrow, so I’d say that’s a throwaway part of the article

Baghdad (IraqiNews.com) The parliament session was lifted till next Wednesday.

Parliament source stated to IraqiNews.com “The parliament lifted its regular session till next Wednesday after reading a number of law drafts and voting on appointing Falah Shanshal as the head of the Justice and Accountability Commission.”

LINK

Baghdad/with: return economy and Investment Committee member of Parliament MP Abdul Salam Al-Maliki law State reluctance to improve the country’s investment to the routine and the unstable security situation.

Al-Maliki said in a press statement that future news agency received a copy of it on Monday “: the investment which contributes to the advancement of infrastructure and economic development is almost idle in Iraq and does not rise to the level of ambition because of the many obstacles to the development of this file”.

Al-Maliki said: “the investment law in Iraq quite hand application, particularly when compared with what exists in neighbouring countries and the region, adding that the real problem lies in the terms of reference and the routine that manages this file.”

“The country remains classified within hazardous areas according to the reports of international organizations due to the unstable security situation which has led to reluctance of solid companies to come to Iraq and activate their investments when they received not these reports.”

He noted: “the reports wronged Iraq as mostly inaccurate reports given that the overall security situation in much of Iraq, has seen security violations, praising the efforts of some provinces profile to attract big investment firms to start work in the South and centre of the country.”

Maliki warned: “the need to categorize investment companies coming to Iraq and know the pedigree of phantom where there are a lot of companies that had stalled in the State large sums charged, noting that promote investment requires activation to avoid fictitious companies and deal with real companies and the work citizens and serve the good of the country.”(Finished)

LINK

 

(Reuters) – Iraq has signed an agreement to import natural gas from Iran for power generation, the electricity ministry said on Monday, in a move that could interfere with U. S efforts to cut off funds for Iran’s nuclear development.
Under the contract, Iran will install a pipeline into Iraq and supply it with 850 million cubic feet of gas that will be used to feed three power plants in Baghdad and Diyala provinces, the electricity ministry said.
The deal was signed in a closed-door ceremony in the Iraqi capital Baghdad late on Sunday between Iraq’s electricity minister Kareem Aftan and Iranian oil minister Rostam Qasemi. There was no media access to the ceremony.
Sanctions to prevent Iran exporting its oil and gas are one of the main tools Washington is using to choke off funding to Tehran’s nuclear program, which it suspects is aimed at developing the capability to make nuclear weapons.
Iran says the nuclear program is for generating power and medical devices.
Iraq will buy the contracted gas according to international prices each day from Iran under the four-year deal, which could be extended, generating 2,500 megawatts.
The 42-inch 220 kilometre gas pipeline will pass through Iraq’s Mansuriyah gas field near the Iranian border, through the volatile province of Diyala to supply a nearby power station and reach Baghdad, where it will branch into two lines that will supply two power plants.
The pipeline is expected to be completed in two months and is being built by Iran Consulting Group (ICG) on the Iraq under a contract worth $365 million, the electricity ministry said in a statement.
“The pipeline section inside Iraq was supposed to be completed last month, but the unstable security situation in Diyala province and property issues have delayed the project which is expected to finish after two months,” the statement said.
Almost 10 years after the U. S. -led invasion that toppled Saddam Hussein, investment is needed in most of Iraq’s industries, not least power generation, which produces just 8,800 MW of the 14,000 MW needed.
The dilapidated national grid supplies only a few hours of power a day, leaving Iraqis to swelter in the summer months, when temperatures can top 50 degrees Celsius.
Existing U. S and European sanctions cover investment in Iranian gas, but do not specifically outlaw imports. Other countries that import Iranian oil, like South Korea, must make continuous cuts to keep getting six-month waivers on the U. S. sanctions.
Iran and Iraq fought an eight-year war in the 1980s in which hundreds of thousands were killed, but ties have improved since Saddam was ousted by the U. S. invasion and a Shi’ite-led government came to power in Iraq. (Reporting by Ahmed Rasheed)

Baghdad (AIN) –Member, Fatimah al-Zargani, of the Oil and Energy Parliamentary Committee stated that reducing the Iraqi Oil production in Rumaila Oil field will increase the Oil production in Saudi Arabia and Kuwait.
The British Company (BB) asked the Ministry of Oil to decline the Oil production from Rumaila Oil field in Basra province.
Zargani reported in statement received by AIN ”The declination of Oil production from Rumaila Oil field will increase the Oil production in Saudi and Kuwait because the Oil field is joint among the three countries. ”
Zargani demanded the Ministry Oil ”To refuse the British company request since it will harm the economy of Iraq which totally depends on Oil revenues, ” stressing that ”The British company contracted with the Iraqi Ministry of Oil to increase the Oil production. ” END