BGG Roundtable 8/24/15 Part 2 of 2
BGG: I was a little worried about Sadr being so quiet - hard to get a read on which side of the Shia argument he would land on... it appears he is still on the HAKIM (and our) side of the fence.
BGG: Keywords: conditions are ripe to reconsider the Iraqi financial system
BGG: Qurtas News / Baghdad - He stressed Governor of the Central Bank of Iraq on the Keywords, Monday, that the current conditions are in place so that there is a reconsideration of the Iraqi financial system. Keywords and said in a statement the "Ply News" that "the crises facing Iraq today, including the financial crisis,
which reflected negatively on the economic imperative that there be efforts to confront and address them in accordance with the fast and accurate mechanisms and methods."
BGG: Keywords and added that "the conditions are ripe to reconsider the financial system in Iraq through the state budget preparation," pointing out that "classified on the basis of operational and investment expenses is inaccurate tab punctuated by a lot of observations that give impressions and analysis is incorrect."
Keywords predicted that "the financial system contributes to the amendment to the financial correction process and put them on the right path, which develops the economy and makes it the most powerful arm in Iraq to create a live well for his children."
BGG: All I can say is - STUNNING!!
BGG: maybe - just maybe - Ali al-Alak will play ball after all??
BGG: Iraqi demonstrators tearing pictures "Khamenei" sweeping the social networking sites
BGG: Saw last Friday, the fourth week of demonstrations that increase the severity and impact in Iraq, represent important variable in increasing the security deployment and tearing pictures of Iranian Supreme Leader Ali Khamenei and chanting slogans against Tehran.
BGG: I said there was a strong Nationalist and "anti-foreign" interference theme with people in the street - but I didn't realize it was quite this visceral. WOW.
BGG: which means (very angry)
BGG: or at least just "very" whatever...
BGG: Abadi instructed to take immediate measures to stimulate the private sector
BGG: BAGHDAD / Obelisk: instructed Prime Minister Haider al-Abadi, Monday, to take immediate action to stimulate the private sector and reduce unemployment, as called for the development of policies that respond to winning the decline in oil prices.
Ebadi said Office in a statement, that "the crisis cell held its sixth meeting under the chairmanship of Prime Minister Haider al-Abadi," noting that "al-Abadi said in the beginning of the meeting on the need to pursue the economic and financial situation and the development of policies to respond to these conditions with the decline in oil prices."
BGG: The statement added that "the cell heard a presentation for the development of oil production and the potential for improvement with emphasis on the fulfillment of mutual obligations with international oil companies and to secure better working conditions for them.
"It recognized the crisis cell, according to the statement, "lending program which is funded by the Iraqi Central Bank in the amount of five trillion dinars distributed evenly on industry, agriculture and housing sectors to be seen in that light of the success rates in the sectors mentioned in the investment of the amounts allocated to them.
"The Prime Minister instructed to "direct immediately necessary so as to provide real opportunities to activate and reduce the unemployment rate of the private sector actions."
BGG: And there it is... the long awaited or (BGG predicted - or relayed info) "Scramble-o-matic procedures"
BGG: "How to bridge a 50 Billion Dollar budget deficit in the middle of a crisis" manual
BGG: Good article right on the heels of the current Gov of the CBI also talking about such measures. Good news.
ghost: This might seem to be dinar101 to many, so apologies. I fully understand why there must be a proper currency that is free to move is needed for Iraq to take a prominent place upon the world stage;
however, I am unclear as to how a higher rate helps the Iraq domestic economy (beyond encouraging international participation). Essentially, all the GoI will be doing is purchasing a commodity … their Dinar
Why would they not drain their reserves as much by just letting it adjust to what the marked will bear? Undoubtedly, they will buy some at $.50, then more at $1.00, and so on.
I believe that I read that the $3.22 that we see often was just a point that Saddam selected because of the Kuwaiti rate — is that correct?
BGG: Essentially - (and for ease of answering completely in this forum) they benefit the same way you and I do - the GOI (seperate from the CBI) sells their oil in "petro dollars" - they turn around and buy Dinar from the CBI to use internally.
BGG: if there is any change in the interim (while they are holding Dinar) they are able to meet their 50 bil (and climbing) budget shortfalls almost overnight...
Separate topic: I have seen that there are a number of Arab states that love the idea of seeing the separation between Iran and it’s “little brother”. They see Tehran’s forced showing their hand as a golden opportunity….
BGG: on your second point regarding Iran - so true and AGREED!!.
diane1: so maybe Alak will play ball after all but i thought Alkak was interim? Unless he has discounted himself from Maliki, I am not sure i would trust Alak especially when he his a Maliki goon.
BGG: I agree with you - still murky and obviously not sure where his loyalties lie.
missouri: apologies BGG way off topic. Y should I send Dinar Corp any order info that they already have on file. sounds odd to me . thanks
BGG: Do as you see fit for yourself. I simply relayed info from their legal council that people had been asking for... but the technical reason them asking for as much - is they don't likely have control of their own data (currently) the Feds do.
jd: Get the 50 billion from Maliki. Just pocket change for him.
BGG: Good luck.
itsaboutjesus (IAJ): can I have the link for this? Thx!! [1:15 PM] BGG: Abadi instructed to take immediate measures to stimulate the private sector
BGG: it's not in our forum yet. I'll post it later.
wilson6060:...Does that sound like they are telling Abadi to Revalue their currency
BGG: WILSON!!!!! I don't know for sure - BUT I like the sound of that!!
thomas1: how long done you think that have be fore they realize they need to RV or you think they are to stupid and will let all this hard work go down the drain, just asking
BGG: I think they are dealing with the "over-arching" concerns of the WB/IMF right now - which is CORRUPTION.
BGG: and no - I don't think they are stupid. However, if they spent half as much time on legit plans as they do on "hinky embezzlement schemes" they wouldn't have a care in the WORLD!!
BGG: they can be SO SLICK!!
Loop: Parliamentary economy outweigh the difficulty of paying employees' salaries during 2016 August 24, 2015 BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - likely a member of the economic and investment commission in the House of Representatives Najiba Najib, on Monday,
that the government will face difficulty in providing the employees' salaries over the next year, pointing out that oil prices lead to lower revenues and the government gives priority to the fight against terrorism and the provision of services for the displaced.
She said Najib's (IMN) said that "the employees' salaries in the country estimated at five trillion," pointing out that "this amount is not easy for the government by providing over the next year."
Loop: Parliamentary Legal Committee and confirmed in the middle of this month, that the legal and parliamentary finance committee will work on the study of the budget next year, pointing out that the legal representative recommended that the ministries of planning and finance the completion of the budget in 2016 and sent to Parliament before the end of the month of December next.
She member of the economic and investment commission in the House of Representatives Najiba Najib that "the Federal Government to take some action to rely on the private sector by the budget for next year does not bear the implementation of projects."
Najib noted that "oil revenues will not be sufficient to pay the employees' salaries over the next year, to follow up" on the central bank to provide liquidity by the economic confrontations facing the state.
"The parliamentary finance committee and revealed earlier, a tendency to reduce the ministries, agencies and government entities expenses to the lowest level in order to reduce the fiscal deficit in the federal budget size. http://cente
Loop: What struck me about this article was that even with all the staffing cuts they are doing. Finance is still predicting a shortfall and liquidity issues.
BGG: and here is the key phrase...
BGG: ...to follow up" on the central bank to provide liquidity by the economic confrontations facing the state. "...
BGG: read thru that one more time...
Loop: That was the part the stood out to me as well.
BGG: Thanks so much for that Loop
jd: That could be only loans from the CBI not a RV.
BGG: Sure could - but if they loaned very single cent the CBI had - it would get the GOI thru about December. Every penny of reserve...
BGG: it has to be a better plan that "borrow me rich"...
BGG: that NEVER works...
BGG: and they better get on the stick because every day that goes by Maliki steals more CBI reserves. They are down from 100 Bil or so to around 59 Billion...
GrannieAnnie: How is Maliki STILL stealing more CBI reserves?
BGG: how are their reserves down from 100 bil (or 80-90) whatever the real number was - to 59 Bil in a year or less??
BGG: Did the CBI fund a new airport or something??
BGG: (more like a new PROVINCE)
BGG : OK gang - tune in for News Time this evening 7:30PM EST with Millionday
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