Post From BondLadys Corner 2-15-16
BLC Admin Tlm724 News & Comments 2-15-16 Part 2 of 2
[tlm724] Jubouri calls to send financial Court Act to Parliament and not to withdraw from the central reserve
[tlm724] good man !
[tlm724] the government has to pay a financial Court Act and send it to parliament to control the financial excesses and reduce corruption,
[tlm724] send it !
[tlm724] also confirmed that not having to drag Central Bank reserves, counting that Iraq's debt, "much less" than the rest of the world.
[tlm724] a ceremony launching the strategy of the Central Bank of the year 2016-2020
[tlm724] we have a launch just hope it includes what we seek
[tlm724] lets see what ole Alak had to say
[tlm724] the strategy was launched in accordance with a clear vision and a guaranteed and adopt monitoring and real follow-up financial situation of Iraq,
[tlm724] It was by a clear vision, and secure within the direct efforts and global visions,
[tlm724] we will sell bonds worth 7 trillion dinars
[tlm724] hang on I want to pull from 2 more arts so we get a better understanding
tlm724] Revealed the central bank governor on the Keywords, on Monday, for the bank to allow banks using 50% of the mandatory reserves in has to be used for the purchase of treasury remittances, as he emphasized that the value of treasury transfers purchased by those banks amounted to more than four trillion dinars.
[tlm724] He called al-Jubouri, a "serious stance to regulate financial and political process and the development of solutions and tackle inflation," pointing to the need for "real work to support the banking sector, to bridge the gap between him and the global banking sector."
[tlm724] ok I will have to try and find out more about the financial Court Act
[tlm724] according to Jubouri it is a huge step in the right direction financially for Iraq and I think maybe for us too
[tlm724] let me quote one more statement from him
[therealbubbie] ok I will have to try and find out more about the financial Court Act.. and why your at it look for the float the dinar court act !
[tlm724] therealbubbie maybe one and the same bubbies Wink
[tlm724] He added," when we find an economic way out will not we fail then to find a political, security and humanitarian exits, "but he also said that" the core of the problem stems from the economic downturn, the first step of the solution start with the economic solution, when we can economically we will be able to support the battle with weapons, money
"it's time for the approval of the financial Court Act by sending parliament to enable it to exercise its work as one of the most important interfaces regulatory and punitive to any excesses that would override the law in the financial action Task Force and the reduction of all types of corruption."
and the reforms process said al-Jubouri said the "the real reform process centered on identifying the real challenges and create visions and a roadmap and exceptional solutions, and work to create new opportunities to overcome them along with a way to find new people."
he continued, "we are with every effort is in favor of the nation and citizens, provided that in the context of the Constitution and the law, and within the framework of consultation with the building blocks that are also keen on the interest of the country and supportive of reform and willing to find the right solution as soon as possible. "
[tlm724] "the real reform process centered on identifying the real challenges and create visions and a roadmap and exceptional solutions,
[tlm724] and willing to find the right solution as soon as possible.
[tlm724] He stressed the need not to resort to withdrawals in the central bank's hard currency financial reserves to cover the deficit in the the balance of payments, stressing that Iraq has a lot of wealth and large capabilities, assets and assets that allows him to move the economy and stimulating activities
[therealbubbie] maybe one and the same bubbies ... oh te !!! lol
[tlm724] need not to resort to withdrawals in the central bank's hard currency financial reserves to cover the deficit
[tlm724] we gotta watch for this law ! I think it may be the old economic reform law
[tlm724] the financial administration Act No. 94 of 2004 aims to create a comprehensive structure for direct tax policy and the policy of budget in line with international best practices, as it regulates the actions that develop, adopt, and the registration and administration and implementation of the federal budget for Iraq and things are related, which include public loan guarantees and internal accounting and auditing and monitoring controller
[tlm724] it possible to cope with the economic crisis by changing the way management and distribution of realized financial resources from oil revenues according to the financial administration Act No. 94 of 2004,
[tlm724] also can develop the means or pay with smart card company regulations or other in order to achieve quality and quick boom in Alarac.wachar economy
[tlm724] quick boom ! It all starts with the money !
The full text of the speech delivered by the President of the House of Representatives, Dr. Salim al-Jubouri, during the launch of the strategic plan of the Central Bank of Iraq
February 15, 2016
We meet today in this important and sensitive institution, and we pass circumstance requires more skill, wisdom and thinking, to remedy the problems that surround us, especially the first and foremost economic problem,
which is the most important part of our challenges and Mrahentna the solution at the same time, when we find an economic way out will not we fail then find a political, security and humanitarian exits, but the core of the problem stems from the economic downturn,
and the first step of the solution begins with the economic solution, when we can economically we will be able to support the battle with weapons, money and Novi our commitments to volunteer to fight and their families, and when we have money we will be able to solve the problem of the displaced and the reconstruction of devastated cities,
and we will be able to run the unemployed and provide a decent living and housing citizens, and as a result Money is the most important gate and the first political, social and humanitarian required to resolve.
My brothers and sisters Distinguished
It must promote the banking business in Iraq and takes active role in bridging the gap between the potential and challenges, capabilities and needs, and it was not until after the regimented within international standards and benefit from the experiences of countries that stood up to its economy through the banking professional work, all of which stems from the banking control by the Directorate General of the banking and credit control,
and it can achieve the desired results by taking advantage of cadres trained on modern and with real experience of global systems as a system monitoring the movement of the transfer of bank funds letter, as well as the face of money laundering in a civilized manner through a clear and international laws to follow the money movement.
We believe that it is time for the approval of the financial Court Act by sending it to Parliament to enable it to exercise its work as one of the most important interfaces regulatory and punitive to any excesses that would override the law in the Financial Action Task Force and the reduction of all types of corruption.
To support the work of the Iraqi Central Bank does not depend on official government effort but goes beyond that to the awareness of the citizen and his eagerness to keep this national monument is important at his best, and when they are,
for example, the deposit of funds by banks with a controlled account by the central bank, it will be one of the most important guarantees to enable the state's ability to move money and invest it in the right way that supports the result of the country's economy and in its favor, rather than as a way to blackmail the will of the state, of this or that party away from the higher interest of the homeland.
The real process of reform centered in identifying the real challenges and create visions and a roadmap and exceptional solutions, and work to create new opportunities to overcome them along with a way to find new people, and we are with all the effort is in favor of the nation and citizens,
provided that it is in the context of the Constitution and the law and within the framework of consultation with the building blocks that are also keen on the interest of the country and supportive of reform and willing to find the right solution as soon as possible.
The last of our meetings have focused management of the World Bank on the need for rapid support for Iraq in the financial crisis to help him overcome the problem and crossing them to the bank of economic stability, has promised the bank's management to provide aid us in and help us - what exists - to overcome,
but we see that what we are waiting for and we expect from the world does not exceed more than support the emergency will not fill our need for the end and will not solve our problem radically, and that we have the largest share of the initiative and responsibility to find all ways and create exceptional opportunities to prevail in the face of a war economy as victory is achieved in the face of the war on terror.
In this sense, we are required to prepare a clear plan to tackle the financial crisis in our economy, the plan includes the development of policies, programs and mechanisms of work with respect to monetary policy and means of supervision and control over the banking sector,
and the need for a process to deal with inflation and growth in the contribution of the banking sector in the gross domestic product solutions all of this comes through the implementation of mechanisms to ensure the participation of the government and the private banking sector, both by moving the Iraqi economy in the current lost our crisis, offset by the need not to resort to withdrawals in the central bank's hard currency financial reserves, to cover the deficit in the balance of payments
Iraq has a lot of great wealth and resources, assets and assets that allows him to move the economy and stimulating activities as well as his indebtedness to less than many of the surrounding countries
I see that investment can contribute to the revitalization of transport, agriculture, industry, banking sectors and even education and health, and thus stimulate the public sector and save it.
Bmoagafih and wishes you success and I have great confidence in Iraq first and Boukbraih and his men and thinkers that they are able to cope with the crisis and out of it with God's help, and I thank you for all your efforts and hoped to double the effort required to achieve.
Peace, mercy and blessings of God
The President of the Iraqi Council of Representatives 02/15/2016