Morning News Comments 11/08/2015
Badr parliamentary: You must activate the anti-money laundering to curb corrupt law
[tlm724] called for activation of anti-money laundering law to curb the corrupt and the need to return the money stolen abroad by some companies and individuals
[tlm724] the state must resort to the competent courts to return the money looted by some companies that did not comply with the implementation of projects in accordance with the contract
[tlm724] that the activation of anti-money laundering and Accountability Act in accordance with the principle of "Where did you get this" to be able to arrest the corrupt and return the money looted by some officials and employees.
[tlm724] noting that there are countries announced readiness to cooperate with Iraq in extradition and judicial refund contraband.
[RCS1947] I'm sure there must have been massive theft with those companies!
[tlm724] RCS1947 yes and people too have a look
[tlm724] "there are files regarding the smuggling of funds by former officials in the previous government out of Iraq
[tlm724] "the Integrity Committee asked the President of the Republic Fuad Masum, the head of the Supreme Judicial Council to provide assistance in this area.
[tlm724] it would be nice if the president would ratify the AML too, he hasn't that I know of
[RCS1947] pretty easy get awarded a contract take the first draw and leave town
[tlm724] RCS1947 yes or share the contract money with the MP who you signed with
[tlm724] their day will come one way or the other !
[Shredd] This will be key as iraq moves into a market economy...a requirement in fact. Punishment to the corrupt and having this legislation in place protects the value and mitigates the risk corruption brings. Good stuff folks.
Economic Adviser to the Prime Minister: dinar upped the crutch and the central policy change
[tlm724] Economic Adviser to the Prime Minister Abdel Hussein Al-Anbuge
[tlm724] hmmm he must have a few advisers
[tlm724] the Iraqi economy blamed on the Central Bank of the fact that his policy "deflationary" led to disruption of development, while leading its dependence on the dollar
[tlm724] thats a big *slap* on the CBI
[tlm724] leading its dependence on the dollar
[tlm724] Auction Exchange "is real" price of the dollar against the value of "raised a crutch" of the dinar, the central calling to change its monetary policy.
[tlm724] in other words the dollar has been what should have been a temporary crutch to support the dinar ! Not letting the bus run with auctions and causing more dependence on the dollar !
[tlm724] "the central bank monetary policy of withdrawing liquidity from the market led to disable the overall development of the country"
[tlm724] letting the money leave the country and not controlling it has stalled any development to make a free market in Iraq
[RCS1947] yes, very much so!
[tlm724] they gotta keep the money IN the country
[tlm724] where the central adopt a "vision that inflation in Iraq cash but the reality reflects another hypothesis is the fact that inflation is our real It stems from a structural imbalance and lack of investment,
[tlm724] inflation stems from a structural imbalance and lack of investment
[tlm724] that" the exchange rate is not the real price because of its central adoption support the exchange rate through policy The dollar auction, meaning that upped the dinar a crutch and does not reflect the real power by the central bank.
[tlm724] the exchange rate is not the real price
[tlm724] The dollar auction, meaning that upped the dinar a crutch and does not reflect the real power by the central bank
[tlm724] uh huh
[tlm724] "He continued by saying that the exchange rate" if it were a real We got the goods and services more with our money, where separated dinar exchange for the inflation rate.
[tlm724] exchange rate" if it were a real We got the goods and services more with our money
[tlm724] OUR money ! Dinar could and should be used for goods and services, just imagine what it would be if they had started this say 3 years ago ! Reflection of the true value !
[RCS1947] adopting an expansionary fiscal and monetary policy!
[tlm724] yes sir !
[tlm724] pointed out that dealing with rising prices in Iraq "to not lie through monetary treatments but by real action
[tlm724] show us some action !
[tlm724] stop explaining it away
[tlm724] "can not only be seen by the low dollar exchange rate citizen does not have the details of this process and he sees a contradiction between the situation as it expected to see the sale of goods commensurate with the percentage decline the price of the dollar against the Iraqi dinar."
[tlm724] so as the dollar goes down in price the people are like hey how come that loaf of bread price didn't go down too !
[tlm724] that "(citizen) should be seen as the process in all its aspects because the import cost of increased security and transport,
[tlm724] electricity, all of which are reflected negatively on the prices of goods is done on them instead of getting the opposite.
[tlm724] as Iraq spends more and more money on the price of goods the prices go up BUT the people don't know the in's and out's of importing goods and services, all they know is that the dollar is king and their dinar doesn't go very far, their prices are going up and their income is going down !
[tlm724] adopting an expansionary fiscal and monetary policy
[tlm724] expansionary monetary policy is a policy by monetary authorities to expand money supply and boost economic activity, mainly by keeping interest rates low to encourage borrowing by companies, individuals and banks.
[tlm724] the CBI's tools to stimulate the economy
[tlm724] I hear this adviser saying lets get off the dollar but that's just me Wink
[Shredd] This economic adviser gets it and is saying what we've been looking for...the real price of the dinar is being held down and it's about time to kick the crutch. Great summary miss timmy!
Economist confirms not to launch industrial loans because of obstacles
[tlm724] He stressed the economic expert Abdul Hassan al-Shammari, Sunday, not to launch industrial loans so far, attributing the delay to the existence of obstacles to launch
[tlm724] pointing out that "there are pitfalls in the way of agricultural loans delayed the launch process.
[tlm724] pitfalls huh guess thats the new catch phrase for corruption
[tlm724] that "these loans are the fundamental basis and main for the start of a strong Iraqi economy because it includes three main industry, agriculture and housing sectors,"
[tlm724] adding that "if these five exchange trillion dinars and pumping Iraqi domestic market will lead to a comprehensive revival of the Iraqi economy in 2016
[tlm724] so the ag loans are out but not the industrial loans according to this
[tlm724] The Central Bank of Iraq has released loans amounting to 5 trillion dinars for banks, "industrial, agricultural and real estate. He warned al-Shammari from the large whales corruption attempts to acquire industrial loans, calling for the development of high corporate governance mechanism for the delivery of these loans to the beneficiaries actually..
[tlm724] the CBI has released loans amounting to 5 trillion dinars for banks, "industrial, agricultural and real estate BUT the large whales corruption attempts to acquire industrial loans
[tlm724] no surprise there ! they gotta get these guys (corrupt) officials outta there ! Get the president to ratify the AML etc...
[Shredd] Corporate governance means that through lessons learned from the agricultural loans, they are adjusting. These large pillars of lending will be the fuel that pushes iraq into the "comprehensive economic revival" next year. It's coming together!
Parliamentary Energy calls on the government to exploit the presence of Kurdish delegation in Baghdad for approval of oil and gas ((law))
[tlm724] Parliamentary Energy calls on the government to exploit the presence of Kurdish delegation in Baghdad for approval of oil and gas
[tlm724] hear hear !! exploit away !
[tlm724] commision called for the federal government to negotiate with the Kurdish delegation that visited Baghdad yesterday for an agreement on passing the oil and gas law and voted on in Parliament.
[tlm724] lets *kickA* Iraq, you can do this !
Corruption topples largest plan for economic development in Iraq to make the dollar equivalent Danarh
[tlm724] Informed sources
[tlm724] that the plan developed in 2007 almost sunset strength of the Iraqi dinar to Mkant it before the blockade and the level of the dinar draw with the dollar and the plan was based on the increase of Iraqi cash reserves to more than $ 350 billion,
[tlm724] the level of the dinar draw with the dollar
[tlm724] equal !
[tlm724] plan developed in 2007
[tlm724] depending on developments in oil prices increase and regulate laws Tax and customs consumer domestic product protection
[tlm724] and now those laws ^^^^ are on the table, BondLady 's basket of economic laws !
[tlm724] lso included Alkth deletion of zeros and turn each category 25 000 dinars to 25 dinars,
[tlm724] now with that equation 25,000 to 25 if the dinar is equal to the dollar then we are in the money imo
[tlm724] , and increase the liquidity of the local currency to almost double the monetary reserves
[tlm724] so the dollar is equivalent to the Iraqi dinar
[tlm724] But this plan, which was supposed movement of Iraq's economic stage to another Ajhiha corruption, especially after 2009
[tlm724] see the currency restructuring IS part of the economic plan
[tlm724] the same sources estimated that the money that fled from Iraq exceeds $ 350 billion, depending on the currency auction and import of goods
[tlm724] just what we talked about earlier , they gotta keep the money in country , this dependency on the dollar has got to go away !
[tlm724] the currency to be competitive in the region with the presence of more than $ 200 billion handled by the local market for private sector development and the creation of effective local investment companies
[tlm724] the dinar can be king in the region for sure, Iraq has the resources to support it too, lets get this show on the road Iraq !!
[Shredd] To me, this article is more of a look back as to what the old plan was and why it didn't work. Iraq is clearly on a new plan and timeline. Maliki and his corruption really damaged Iraq but they are on a new path with the goal to move to a market economy.
Parliamentary Finance: the need to activate the electronic payment system, banking sector
[tlm724] the need to activate the electronic payment system
[tlm724] Finance Committee in the House of Representatives stressed the importance of the work of electronic payment that would activate the banking system in Iraq and banditry in front of bribes and restore some public money to the state treasury
[tlm724] do it do it do it !!!!!!!!!!!!!!!!!!!!!!
[tlm724] stop the bribes and BS now !
[tlm724] that this system significantly contribute to the activation of the banking sector in Iraq, and will restore confidence between the citizen and the banks
[tlm724] the only way to get people's money deposited is for them to have confidence in the system !
[tlm724] adding that the applicable system is not in the developed European countries only, but in the states neighbors like Iran and Turkey
[tlm724] even Iran and Turkey have this system !
[tlm724] this system «quantum leap» in banking transactions, stressing that it will save the state the issue of currency demand and facilitate the exchange through electronic cards
[tlm724] less currency more electronic transactions !
[tlm724] which will contribute to restore some public money to the state treasury
[tlm724] bring on the money baby !
[tlm724] but the Iraqi banks questioned the possibility of the success of the system (electronic payment), who called him the Central Bank of Iraq, indicating that the Iraqi particularly private ones are not eligible to work in this system because of debt experienced by banks,
[tlm724] private banks aren't up to the system just yet but thats the CBI's fault for not doing their job ! *slap*
[tlm724] , it has been unable to put it yet as well as the lack of new deposits, both of citizen or government agencies, as well as the current conditions of the country to which the activities of banks.
[tlm724] lack of new deposits and why is that ? because the people don't trust them ! this system has to be in place to stop the theft of public money !
[tlm724] thanks Rocky, great article
Iraqi talks with the International Monetary Fund
Sunday November 8, 2015
Take place in the Jordanian capital Amman financial and technical talks between the government delegation to the representatives of the financial, oil and planning ministries and the central bank with senior experts and officials of the International Monetary Fund IMF
To study the country's financial and economic situation and ways to support and assist the Fund.
He participated today November 8 Finance Minister Hoshyar Zebari and Mr. Ali Keywords Governor of the Central Bank and financial and economic adviser to the Prime Minister Mohammed Saleh and budget
Mohammed Saleh and budget managers and accounting departments, public debt, and representatives of the Ministry of Oil and Planning and the Central Bank in these talks.
Consultations are under way to reach a memorandum of understanding for technical Fund monitoring program to strengthen public financial management and strengthen cash management and provide stability to the financial sector in the country, it is due to these consultations will continue for several days.