Snip ~ To have its currency revalued, Iraq must submit a request to the IMF and World Bank for revaluation of its currency and give them a desired rate. Iraq also has to submit 2009 and 2010 financial reports and their approved budget for 2011. After the IMF and World Bank review the information they will either approve or disapprove Iraq's request. If they disapprove, they will tell Iraq what rate they will approve and why. If they approve the request, then it will be published on the UN Treasury Opertional Rates of Exhange site on a scheduled date with an effective date of the rate change following a few days later. The Publishing Date for changes in the Rates of Exchange in Jan 2010 are Jan 12 and Jan 28. The subsequent Effective Dates for the Rate of Exchange are Jan 14 and Feb 1, 2010.
No new rates for any of the world's 220 currencies were published on Jan 12. The Iraqi Parliament will see the new revised budget for the first time tomorrow, Jan 13. Therefore the earliest that a change in Iraq's rate of exchange can occur will be Feb. 1, 2010. Also several protocols must be passed by the Iraqi Parliament to officially have the UN sanctions lifted therefore allowing a rate change.
We have no choice but to wait until Jan 28 and see if Iraq can meet all that is required for a rate change. Prayer can also be a big help. Best Wishes to All.
Read more: http://dinarvets.com/forums/index.php?/topic/49927-revaluation-process/#ixzz1AtWG1uWa___
No new rates for any of the world's 220 currencies were published on Jan 12. The Iraqi Parliament will see the new revised budget for the first time tomorrow, Jan 13. Therefore the earliest that a change in Iraq's rate of exchange can occur will be Feb. 1, 2010. Also several protocols must be passed by the Iraqi Parliament to officially have the UN sanctions lifted therefore allowing a rate change.
We have no choice but to wait until Jan 28 and see if Iraq can meet all that is required for a rate change. Prayer can also be a big help. Best Wishes to All.
Read more: http://dinarvets.com/forums/index.php?/topic/49927-revaluation-process/#ixzz1AtWG1uWa___
and I did find ~
Schedule of UN Operational Rates of Exchange
The Operational Rates of Exchange were last updated for the effective date of 31 Dec 2010 and thereafter until further notice.
Publishing Date Effective Date
12 Jan 2011, if applicable 14 Jan 2011
28 Jan 2011 01 Feb 2011
11 Feb 2011, if applicable 15 Feb 2011
https://treasury.un.org/operationalrates/Default.aspx
__ and another interesting article ...
SDR Allocations: What could change ?
January 6, 2011
In past posts I have shown how SDR allocations (creating money out of thin air) might have an influence on the increasing price of gold.
So what changes at the IMF could lead to more SDR Allocations?
US Effective Veto Could Change
Currently the IMF has a rule that 85% of the votes are required to pass a resolution. Since the US quota is somewhere between 16 - 17% they currently have an effective veto. There have been suggestions floated that this voting rule should change to something like 70%. The real issue is around how the financial world would interpret such a change. One view might be that it would make it easier to create SDR allocations!
SDR Basket of Currencies Could Change
Let’s face it it 1 SDR used to be equal to 1 US dollar which was equal to 1/35 ounce of gold. In 1969 the depreciation (in US dollar terms) started first with the US dollar against gold and then into a basket of 16 currencies, that changed to 5 currencies and today we have 4 currencies. Every time there was a basket change eventually the US dollar equivalent value has depreciated and gold has gone up in US dollar terms !! When is China going to be added to the basket?
General IMF Quota Rules Could Change
Currently an IMF quota system exists which is used for SDR reserve requirements, IMF voting and SDR allocations. IMF quotas can be changed. This impacts each nations IMF SDR reserve requirements and the IMF process of SDR allocation.
However IMF quota changes do not impact the total number of SDRs created via IMF allocations. They just change the distribution of who gets how many of the new SDR allocation.
SDR Allocation Frequency Could Change
SDR allocations were made yearly from 1972-75 and from 1979-81. Then they stopped and in 2009 there were two one time huge allocations. There has always been talk that the IMF wants to start up yearly SDR allocations again to micro manage the global money supply. Others suggest doing SDR allocations on a regular 5 year schedule and then others prefer allocation to be driven by major economic events. So there remains a great deal of uncertainty as to the future frequency of SDR allocations!
http://seekingalpha.com/instablog/657007-csarichardo/126314-sdr-allocations-what-could-change
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