June 18th 10am

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Samson:  Today .. holiday on the Iraqi Stock Exchange on the occasion of Eid al-Fitr

18th June, 2018

The Iraqi Stock Exchange of securities, its business on Monday, on the occasion of Eid al-Fitr.

The Iraqi Stock Exchange on Wednesday, June 20 , the first trading session after the holiday of Eid al-Fitr.

The Iraqi cabinet decided to grant state employees official leave until Tuesday, on the occasion of Eid al-Fitr. 

The Secretariat General of the Council of Ministers said that the working hours will be suspended on Sundays, Mondays and Tuesdays, with the resumption of work, next Wednesday, 20 June.    LINK

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Daytrader: I believe there have been a number of responses showing sound logic and article support for Iraq to move to a higher exchange rate. IMO the reason they must is because it is a WTO requirement that a members exchange rate accurately reflect the true value of its currency. 

Iraq has been working towards full WTO membership for several years, and looks as though they could be nearing acceptance. The WTO will not allow unfair trade practices within its membership, and Iraq's current exchange rate would not accurately reflect its true value.

Also recall Alak "visited" with the IMF while in New York for the Central Bank Governors meeting last year. My notes from Frank's CC show Alak was joined by an accounting firm believed to have completed an independent third party analysis of Iraq's resources. 

Their objective was to provide accurate data for the new exchange rate calculations with the IMF. IMO Iraq will not reinstate at the current exchange rate.


RealtormC:  Iraq has been inching towards Article VIII for years and the rate will end up being whatever it will be. You'll have to draw your own conclusions about your why questions.

Iraq is under Article XIV Transitional Agreement with a transitional or program rate. Your question should be: what else do they need to do to be Article VIII compliant to show the true rate of the IQD? They are showing signs that they are compliant with Article VIII, but officially according to the IMF website they are still under article XIV.


Article XIV: Transitional Arrangements

1. Notification to the Fund
2. Exchange restrictions
3. Action of the Fund relating to restrictions