Iraq emerges from Chapter VII and the “oil for food”
Iraq ended Saturday with a decision by the Security Council to withdraw from Chapter VII of the oil-for-food program imposed on it since the 1990s.
“Iraq has regained its normal status and international standing,” Foreign Ministry spokesman Ahmad Mahjoub said in a statement, adding that his country had completed all commitments to the program after a series of diplomatic successes.
According to the Security Council resolution that “completed the efforts of Iraq to end its files from the era of the former regime,” he ended his obligations under Chapter VII on the oil-for-food program, after he carried out in full.
In 1996, the United Nations imposed the $ 64 billion oil-for-food program to enable Iraq, besieged by timely international economic sanctions, to sell certain quantities of its oil and buy basic necessities.
BGG ~ Obviously, this is very big news, however…
Is Iraq being FULLY removed from the UN Ch 7 Charter (as in – all UNSC oversight)?
(BTW – the sanctions and “the UNSC Charter” may well be two related but different functions)
The wording is still a bit murky for me…
There are some “tensing”, translation and direct reference issues I would like to see cleared up.
It’s not entirely clear they are officially clear of Ch 7 entirely. In many of the articles and interviews, it appears (to me) as though this is referring to the Oil-for-Food program as an individual issue… apart from the UNSC overall function.
I have said repeatedly – I’m not sure they will release Iraq from their UNSC Ch 7 oversight anytime in the near future. This would greatly limit the UN’s ability to come and go (within Iraq’s borders) as they see fit.
Though the UN appears to be pushing Iraq forward rapidly, I am dubious they give up a big tool in their fight against terrorism in the region.
Does Iraq have to be fully released from the UN Ch 7 charter (the protection portion) to progress to where we would like them to? I believe not. JMHO.
Worst case – they are released from the Oil-for-Food portion of the UN Ch 7 sanctions – which is the last of the active CH 7 sanctions and allows them to sell oil more freely on the open market. Great. Huge move forward.
I am going to be somewhat reserved until a official U.N. announcement of a full release from CH 7.
It’s also curious how they managed to hold an international bond offering without this previously and were successful??
My advice – NO MATTER WHAT… calm down. There is an extraordinary amount of jumping from A to B to Z in the community right now. None of the assumptions have to be correct. Relax – wait for the facts.
Don’t add to the “internet hysteria” going on right now…
In fact, we are going to suspend Dinar sales until this community “hysteria” settles down a little bit.
For those community members with needs to be met – we’ll keep buying. Call us. We’ll see that you get the best offer in the industry. However, until this internet rage settles down – we’re suspending sales. I’m not interested in being some kind of “profiteer” on such internet silliness.
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Kaperoni (Dinar Guru) – [What other laws are we waiting on? I believe I read something a while back from Kap saying the cbi law was what was needed and there was no specific law needed for the deposit insurance.] Both are done... CBI law passed last month and deposit insurance was passed months ago, never implemented…yet the CBI stated just a day or so ago insurance was imminent.
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Don961 (Dinar Guru) – Some are confused and have asked: Chapter VII, Chapter VI are UN sanctions…having to do with Kuwait war reparations from Sadaam’s attack on them… Article VIII compliance has to do with the IMF…Dotting all the i’s , crossing all the t’s to comply with IMF rules and regulations.
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Kaperoni (Dinar Guru) – Article: “Specialist: Iraq’s exit from Chapter VII paving the way for a safe area for business and investment” [I don’t see them getting out of Chapter VII until they satisfy their debts to the Kuwaiti’s…] …a deal is done to pay the balance with Kuiwait. Today’s press release concludes Oil for Food program under Chapter VII moving Iraq to Chapter VI. I think the references to the assets and banking accounts is significant. This could effect the dinar.
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SECURITY COUNCIL
8126TH MEETING (AM)
All Measures Imposed under Iraq Oil-for-Food Programme Implemented in Full, Security Council Concludes, Unanimously Adopting Resolution 2390 (2017)
The Security Council concluded today that all the measures imposed in its resolutions 1958 (2010) and 2335 (2016) pursuant to Chapter VII of the Charter of the United Nations in relation to the Iraq oil-for-food programme had been fully implemented.
Unanimously adopting resolution 2390 (2017), the Council welcomed the fact that the remaining funds in the escrow accounts established pursuant to resolution 1958 (2010) had been transferred to the Government of Iraq pursuant to resolution 2335 (2016).
The Council acknowledged the Secretary-General’s final report on the matter (document S/2017/820), which stated, among other things, that the remaining $14,283,565 in the administrative escrow account had been transferred to Iraq.
Following the adoption, Amy Noel Tachco (United States) applauded Iraq’s complete implementation of measures under the oil-for-food programme, although the country still faced many challenges. She looked forward to close cooperation internationally and bilaterally in support of Iraq as a federal, democratic and prosperous country.
The meeting started at 9:45 a.m. and ended at 9:48 a.m.
Resolution
The full text of resolution 2390 (2017) reads as follows:
“The Security Council,
“Recalling its resolutions 1958 (2010) and 2335 (2016),
“Acknowledging receipt of the final report of the Secretary-General pursuant to paragraph 4 of Security Council resolution 2335 (2016), S/2017/820,
“1. Welcomes the implementing arrangements entered into by the Secretary-General and the Government of Iraq as requested in paragraph 7 of Security Council resolution 1958 (2010);
“2. Also welcomes that the remaining funds in the escrow accounts established pursuant to paragraphs 3–5 of Security Council resolution 1958 (2010) have been transferred to the Government of Iraq pursuant to Security Council resolution 2335 (2016);
“3. Concludes that all the measures imposed by the Security Council in resolutions 1958 (2010) and 2335 (2016) pursuant to Chapter VII of the Charter of the United Nations have been fully implemented by the parties.”
Read more: http://www.dinarupdates.com/blog/
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G-Lin (Dinar Guru) – Article: “The UN Security Council issued a decision to exit Iraq from Chapter VII” Quote: “After the series of diplomatic successes achieved by the Iraqi Foreign Ministry, its efforts culminated in the issuance of a Security Council resolution to remove Iraq from Chapter VII in the oil-for-food program,” Foreign Ministry spokesman Ahmed Mahjoub said in a press release. After completing all the commitments of the program “. I find it very interesting that this is occurring out of nowhere here at the end of the year. This is pretty huge.
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Apmcrx (Dinar Guru) – Article: “The Central Bank holds its third annual conference with an Arab and international presence” Quote: “the conference will witness a large Arab and international presence, including Kuwait, Lebanon, Egypt, Jordan and Tunisia as well as representatives of the Bank and the International Monetary Fund.” This article smells like our next announcement from IMF article 8 to Iraq is coming too…!!! IMO.
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Delta (Dinar Guru) – Article: “France is looking to expand investment cooperation with Iraq” Quote: “I can assure investors that the Central Bank has been able to remove the last restrictions related to the external transfer of the amounts that represent the proceeds of the investment.” VERY HUGE AND GOOD JOB…ARTICLE 8 RIGHT THERE… FREEDOM OF MOVEMENT OF CAPITOL.
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Masoum calls for the unification of the Iraqi banking system to promote economic reality
President Fuad Masum called on Thursday for the unification of the Iraqi banking system in all parts of the country in order to promote economic reality.
“President Fuad Masum received at the Peace Palace in Baghdad on Thursday, the governor of the Central Bank Ali al-Aalak,” said a statement by the president of the republic.
“The meeting discussed the current monetary and financial situation and the need to modernize banking mechanisms and specialties in Iraq, taking advantage of the latest international technical data,” the statement said.
He stressed the infallibility of the central role of the Central Bank of Iraq in supporting partnership with foreign banks approved and facilitate transactions with local and foreign monetary institutions and strengthen its work within the country in accordance with the law and serve to accelerate the construction of a comprehensive and strong economic system.
Read more: http://www.dinarupdates.com/blog/
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Apmcrx (Dinar Guru) – Article: “Security Council issues a decision to exit Iraq from Chapter VII” Quote: “...remove Iraq from Chapter VII of the oil-for-food program and restore it to its natural status and international status…” Official announcement!!! Natural and International rate is coming!!! Imo.
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Adam Montana (Dinar Guru) – …over in Iraq, we have a little more news than usual this week! It’s being rumored (some confirmed sources, some… not so confirmed) that there is a legitimate push to introduce new currency notes, presumably in smaller denominations. That’s not something you do unless you can establish a need for those smaller notes, which of course requires a stronger exchange rate. The Budget is likely to be finalized in February. I know that’s an eternity for some of us, but that’s the buzz. Unfortunately, I have nothing to report on the HCL. I’m hearing rumors, but nothing confirmed..
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Governor of the Central Bank of the first economic profile for 2017
*The support provided by the Central Bank to the national economy during the economic and financial crisis and the war on terror is a shining point and a successful experience of success in a country that is going through harsh conditions and a historical phase which is the most difficult to face the economic and security challenges that no country has experienced in the world during the last three years like Iraq.
As proved Mohsen Alalak, Governor of the Central Bank of Iraq and his team that they are Mujahideen of first-class in the promotion of economic steadfastness and achieve financial stability and financial victory.
Through prudent efforts and measures and the applications of monetary policy and the development procedures of the Central Bank in the difficult economic stage of Iraq that they were able to draw a strategy for the years (2016-2020) and a clear roadmap goals and ambitions to stabilize the financial system and stimulate fiscal growth and financial inclusion and structural and institutional construction and investment Human capital through the achievements of its mission achieved during the years (2015-2017), the most prominent: maintain the inflation rate of not more than 2% and the level of foreign reserves within acceptable rates in accordance with international standards, where the reserve a foreigner to Iraq up to $ 47 billion and stimulate the banking sector regulatory and supervisory and supervisory and establish new units within the regulatory structures of banks such as compliance and combating money laundering and financing of terrorism and credit and operational risk management and the issuance of the law of money laundering 39 for 2017 and the development of payment systems and the application of all payments by retail and mobile phone and the establishment of the national division.
Read more: http://www.dinarupdates.com/blog/
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G-Lin (Dinar Guru) – Article: “The Central Bank strengthens banks in local currencies of small groups” Quotes: “…the printing of the Iraqi currency and replace them cost amounts,” calling on citizens to maintain and maintain Bank notes when trading.” “the Central Bank has announced a tender for the printing of new banknotes (small categories) in the printing companies of the world.” Is this the beginning of distribution of L.D.’s? If so, they did it last month. It just doesn’t make sense to me for CBI to go to the expense of printing 1000’s and 500’s based on today’s value unless they intend to give them a higher value. It cost more to print them than they are worth. Of course they wouldn’t tell us if they distributed anything smaller. That would tell us too much.
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Kaperoni (Dinar Guru) – [where do you think the float will start at?] I expect it to start right where it is at 1184…may go up fast who knows. The CBI would be foolish to RV, to much money to be made off commission. The IMF wants currencies to float. […could you please explain how this will work.] …hard to know for sure but we will learn when it happens. I have my own guess…That the CBI will get in compliance with the IMF and accept Article VIII. Move to a float…and gradually remove the 3 zeros notes and the dinar rises in value. People dont realize the CBI needs a new exchange regime… choosing to float is a good thing…the CBI makes money…remember, if the CBI stops the auctions, they need to have an alternative. A float allows for the CBI to buy/sell and make commissions and its all about the money. Lets put it another way, you cannnot revalue 44 trillion dinar…thats 4 times the worlds money supply…no such event will ever occur.
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The role of scientific research in developing the reality of the Iraqi economy
Scientific research is one of the most important means of developing countries in various fields, whether technological, medical, scientific, educational, cultural or other fields. The economic aspect comes in the forefront of these fields because of its great role and vital and effective in the study of economic reality and scientific methodology to identify Pros and cons that lie in the economic joints and identify the strengths and weaknesses in order to work to strengthen and develop the sources of strength and reform of the existing weakness and work to overcome the negatives that accompany economic performance in accordance with the scientific method based on the integrated methodology study.
The results of the scientific research are based on statistics and data obtained from the real reality and work to provide solutions and alternatives derived from the results of scientific research, which enables the development and development of the economic reality in various aspects investigated and the work of scientific research to study.
Read more: http://www.dinarupdates.com/blog/
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Follow us on twitter @DinarUpdates !!
Dinar Updates – Q & A Call – with BGG from Nov 8th – 8:00 pm Conference Call Phone # 641-715-3639 pin #528733
11/08 – Recorded Call Replay Link
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G-Lin (Dinar Guru) – A well-informed political source reveals the “identity” of the two companies that the Abadi government contracted with to help fill corruption files... Article quote: “A source familiar with the political, on Sunday, that two companies are conducting the verification of files of corruption in Iraq since 2003. The source said in a press statement that ‘two companies, one American and one British are conducting the audit files corruption in Iraq since 2003 so far, and its task to detect corruption and identify the identities of those involved.” The investigation into the corruption cases is due to start on the basis of a memorandum of understanding signed by the Iraqi government with the United Nations. International investigators will assist the Iraqi government in uncovering the fate of Iraq’s $ 361 billion budget deficit between 2004 and 2014.
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Kaperoni (Dinar Guru) – Article: “Expert for {morning}: 2018 will see a renaissance by making {in Iraq}” Quote: “the government has worked during the last term on the advancement of the industry through a partnership with the private sector, but the move has seen a delay because of the war on terror, but we hope to be activated during the next year” [2018 it is.] I dont like to get overly excited. This could take another 3-6 months before they get into Article VIII and begin to float. Nothing moves fast in Iraq. But we can hope.
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Where is the Iraqi economy?
The economy is the engine of the joints of the state and the recovery of the various sectors, whether government or private sector so all countries of the world seek to develop plans either short or long-term; in order to improve their economic reality.
It is obvious that the positive economic return is a factor in the well-being of the people and the rise in income, not to mention moving the sectors in a way that serves the wheel of construction and development, especially as the market world today forces countries to enter the competition in order to increase their imports and seek to acquire the market.
Iraq is part of today’s world, which has needs and requirements that must be provided to sustain life and meet the needs and wishes of citizens and the state alike. But the economic equation says that the trade balance should be moderated to realize whether we are in a good economic situation or that the balance of payments exceeds the balance of imports.
Read more: http://www.dinarupdates.com/blog/
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G-Lin (Dinar Guru) – Abadi has a ridiculously tough job and I don’t think he can do it alone. Amal Clooney has appeared before the U.N. several times begging Abadi to sign a simple doc. that would open Iraq up to the I.C.C. and to my knowledge he has not cooperated yet. Parl. probably has him handcuffed. So frustrating. The I.C.C. has all of the docs. on Maliki and many more and interpol could issue arrest warrants immediately. Maliki and Barzani are too powerful and charges must be brought up in the international courts. Curtailing Iran’s influence is no easy task. I did read yesterday where Russia is giving some resistance to Iran and the Gulf summit will be held in Kuwait next week. Results of that summit may be fruitful
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Kaperoni (Dinar Guru) – We all should know by now currency reform is a process. Currency reform like we want to see requires stability, implementation of technology, and planning. From what I am reading, progress has been made in recent weeks with the new CBI law, anti money laundering, electronic banking. But this takes time to implement and activate. Not to mention the CBI still has work to do to be in compliance with the IMF. The good news is the CBI is pushing forward on reforms, have banking events scheduled next month, next year. With all this known, hopefully we will see changes in the next few months to perpetuate the banking system and encourage investment
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Follow us on twitter @DinarUpdates !!
Dinar Updates – Q & A Call – with BGG from Nov 8th – 8:00 pm Conference Call Phone # 641-715-3639 pin #528733
11/08 – Recorded Call Replay Link
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Post RV Checklist (it’s getting to be that time!! Listen up!!)
Dos and Don’ts of Windfall Wealth:
Treat it like a PowerBall win
– Tell no one, not even family. If you must talk, do so with one who is already in the know.
– Don’t run out & buy new “stuff”. People notice.
– Get an unpublished number and give it out very sparingly.
– Get a tax accountant you can trust to make sure the IRS is satisfied (Certified Opinion is something to look into) and pursue asset protection…
Read Complete List: http://www.dinarupdates.com/showthread.php?18519-The-Post-RV-Checklist-and-Flashback-documents&p=128477#post128477
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