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IMF Press Release: IMF Approves Seven-Month Extension of Stand-By Arrangement for Iraq- Thursday, August 2, 2012

IMF Press Release: IMF Approves Seven-Month Extension of Stand-By Arrangement for Iraq

IMF Approves Seven-Month Extension of Stand-By Arrangement for Iraq
Press Release No. 12/286
August 3, 2012


The Executive Board of the International Monetary Fund (IMF) approved on July 20, 2012—on a lapse-of-time basis1—a seven-month extension of Iraq’s Stand-By Arrangement (SBA), to February 23, 2013.
The SBA had been scheduled to expire on July 23, 2012. The extension, which had been requested by the Iraqi authorities, will provide them with time to implement the policy measures needed to complete the combined third and fourth reviews under the SBA. The extension will, in particular, provide time for discussions on fiscal policies for the remainder of 2012 and on measures to improve the functioning of the exchange regime.
The two-year Stand-By Arrangement (SBA) in the amount of SDR 2.38 billion (about US$3.58 billion), was approved by the IMF's Executive Board on February 24, 2010 (see press release 10/60). The IMF's Executive Board completed the first program review on October 1, 2010 (see press release 10/373), and the second review on March 18, 2011 (see press release 11/90). At the time of the second review, the program duration was extended by five months to July 2012, along with a rephasing of program disbursements based on a shift in financing needs. Total resources currently available to Iraq under the arrangement amount to the equivalent of SDR 1307.24 million (about $1.96 billion).
1 The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.

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Finance Committee: Delete the zeros of the local currency begins early next year- Friday, July 13, 2012

Finance Committee: Delete the zeros of the local currency begins early next year

Diyala July 14 (AKnews) - Translated:  The parliamentary Finance Committee, Saturday, that the process of replacing the currency and delete the zeros of which will be gradually beginning of next year, noting that the process takes two to three. said committee member and MP for the Iraqi List, Hassan Auzmn told Kurdistan News (Rn) that the CBI will withdraw the existing currency early next year gradually and keep trading currency current grant citizens enough time to replace the currency. " He Auzmn replace the currency and delete the zeros experience successful and useful for the Iraqi economy through their success in a number of other countries, pointing out that "The operation will contribute to ease carrying banknotes among citizens and will not have any negative impact on the Iraqi economy (according to him). has not ruled out Auzmn attempts forging new currency afterthought: the security measures to be taken to protect the currency will mark easily between the old currency and the new currency. announced the Finance Committee Parliamentary early July of this that the budget next year 2013 will be the new currency after deleting three zeros from the current currency, saying that the reluctance of traders and companies from trading in Iraqi currency behind the adoption of the Central Bank project to delete zeros. Some economists that Iraq is not formatted for the time being to delete the zeros of Iraqi dinar, pointing out that the deletion needs to security and political stability as well as economic stability. : Mahmoud al-Jubouri, the Open: Peace Baghdadi

source: http://bit.ly/PMx3ET

Government wants CBI to carefully delete zeros and reveal the financial details of the project- Saturday, June 30, 2012

Government wants CBI to carefully delete zeros and reveal the financial details of the project

translated:   Revealed the House Financial Committee, Sunday, prompting Prime Minister Nouri al-Maliki for the Central Bank to wait to delete the zeros of the Iraqi currency, noting the presence of several foreign companies vying for printing the new currency.

Member of the parliamentary Finance Committee for “Haitham al-Jabburi,twilight news,” Prime Minister Nuri al-Maliki asked the Central Bank to wait to delete the zeros of the Iraqi currency.

“The Finance Committee met Wednesday with the Deputy Governor of the Central Bank and was discussing the deletion of zeros and print new currency”.

“We’re afraid that in the process of delivering the money to the banks for the purpose of manipulation and blackmail citizens but time is exceeded, this case after the approval of the Central Bank to be there 10 years forward allowed the old Iraqi currency delivered.”

The “new currency contains 36 cases of fraud while ensuring that current currency contains 8 just so it is expected that the new currency forgery difficult.”

He said the new currency would consist of categories of paper and metal paper ones are groups of 200 dinars, equivalent to 200,000 dinars a $ 180, 100, 50 and 25 dinar JD either metal is half dinar JD and a quarter and 100 Fils and 50 Fils, 25 Fils is the smallest coin equal to 250 dinars “.

“Been subject to national symbols such as Helicobacter and civilization of ur and the castle of Arbil and waterfall geli and Mosul Dam”.

He noted that “there are offers of mnsharkat Swiss and Russian and Brazilian compete in terms of price and quality for printing the new currency would be subject to discussion, presentations by competent Central Bank to determine who qualified for printed money.”

The CBI had earlier described, delete zeros from the currency project as “a new infrastructure of the country is no less important than other infrastructure.”

The Deputy Governor of the Bank, said Mohammad Saleh appearance that the project reflects the harmony of speed angashza ministries and competent State departments away from institutional work, ‘ isolationist value for the independence of the Central Bank if the independence high coordination with other economic institutions to build Iraq. “

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