10-25-2014 *Kaperoni

[Vixen]

10-25-2014 *Kaperoni ~if they want a market economy (which they must do soon) they have to move to Article VIII and new Exchange Regime which allows the dinar to rise as investment comes into Iraq. It's not something that can be postponed. Article VIII will come soon despite articles that say currency reform is year or more away..I don't buy it. They were suppose to have "freedom of movement of capital" by end of 2013 according to the articles on the SFA/TIFA agreement and we are 12 months past that timeline. As well, the IMF postponed the 2014 Article IV Consultation in March (Iraq's scheduled time) without explanation and said it would be held later in the year...one can assume it was to give them time to get in compliance and into Article VIII. The 2013 Article IV Consultation mentioned moving to Article VIII I think at least 5 or 6 times throughout the publication. When you take all of that, and put it with the urgency of a market economy (...a senior economist stated - "It's time to activate the productive sectors") to put Iraqi's back to work, lower unemployment, etc. the banking system and currency must open up as soon as the laws are in place.