Morning News Comments 05/10/2015
Central Bank Rejects Redenomination of Dinar
Iraq, May 9, 2015
[tlm724] now lets stay calm about this one, it is nothing we didn't already know ! The important thing is this, when the CBI adds value to the dinar which we hold then we won't care if they redenominate or not !
[tlm724] and lets not forget that we have NOT heard anything officially from the CBI yet also
[jeepguy] tlm724 that is true about the when they raise the value
shunshine] right you are tlm724
[oldbarbie] tlm724 add value now !
[tlm724] exactly !
[shunshine] Means nothing till CBI says so.
[tlm724] shunshine right !
[jeepguy] the only thing I guess is the larger notes will be for large bank account payments ? just a thought only
[tlm724] jeepguy yes inter govenment transactions IF they actually introduce a 50,000 note
Youth and Sports invites visual young people to volunteer and contribute to the preparations for lifting the ban on stadiums
[tlm724] the preparations for lifting the ban on stadiums
[tlm724] is preparing for a friendly match for the national team on the large sports stadium in the city of Basra.
[jeepguy] didn't they lift that ban like 2 or 3 years ago ? sports back in Iraq is a big deal
[tlm724] success of the task of the Ministry of Youth and Sports and the Football Association in lifting the ban on our stadiums.
[jeepguy] just before arab spring-a-ling thing
[tlm724] jeepguy this is important to let me explain
[tlm724] I talked with BondLady about this. When all the sanctions were put on Iraq it included their beloved sports and
[tlm724] they have struggled for years to be allowed back into the international arena, it is the one thing that brings all Iraqi's together, Sunni's Shiites etc..
[tlm724] Basra built a huge state of the art stadium to host the big game BUT were told hey you have everything right EXCEPT security, you can't protect the other team and people in the stadium
[tlm724] so at the last minute they moved the game to Kuwait
[tlm724] NOW they must have made huge progress in security because they lifting the ban on the stadiums and that is very encouraging because the more secure Iraq is the more secure our investment is !
[shunshine] Right score!!!
Economists refute the causes of poverty in Iraq
[tlm724] , he noted that poverty rates will continue growing, if the economic approach has continued on its present form
[tlm724] that the weakness of the production machinery in Iraq is one of the most important causes of major poverty, where most of Iraq's needs became imported from abroad and the import means no internal productive apparatus and thus will lead to low use of labor
[tlm724] no doubt, thousands of factories sitting idle is hurting, get them up and running, export the leftovers and put your people to work *whip* times a wastin son !
[tlm724] He concluded his speech by saying that corruption is a major obstacle to investment important episode of underdevelopment and poverty which we are going through, where drains a lot of investors' money in the form of bribes to rings bureaucracy long in the government administrative apparatus.
[tlm724] if I was a country or an international figure head that is lending Iraq money I'd want to know who is getting the money, I'd want assurances and oversight this time, no more of that BS !
[tlm724] BondLady has told us a thousand times that Iraq has it all ! And if they managed that wealth properly we wouldn't be here right now !
[tlm724] it's time to kick it into high gear if they want to succeed !
[tlm724] parliament meets again on the 19th and I hope we see the final read and vote on the investment law !
Central» Iraqi err on the large printing banknotes in a move to reform the payments system
[tlm724] Saleh, that the draft Print Central Bank of Iraq large cash categories, an important step on the road to monetary reform, which supports the country's economy
[tlm724] pointing to a market need for large denominations, and that the deal is too big cash blocs in Iraq, especially that cash payments outweigh the instruments to deal cards and electronic payments.
[tlm724] He pointed out that printed large cash categories not related to monetary policy but the payments system project management
[tlm724] so it's not monetary police but is to help the payment system according to Saleh, what we discussed earlier, inter government payments
[tlm724] we better read the whole art !
[tlm724] He explained that the launch of these large groups is to put the same amount of monthly money supply in the market but different categories, and not increase the original amount.
[tlm724] so regardless of the amount of notes they introduce it will NOT increase the money supply
[tlm724] The traders in the currency market fears of new cash currency high amounts version, pointing out that such a measure would lead to the loss of monetary value it is imperative that the aims any actions to revitalize economic sectors.
[tlm724] that such a measure would lead to the loss of monetary value
[tlm724] hmmm kinda what I was thinking, imo there must be an adjustment in value, just sayin
[tlm724] He quoted economist described the policy now in Iraq with «Deflationary», and this issue needs to be process of balance in the exchange rate
[tlm724] uh huh introduction without a balance of the value will cause more inflation !
[tlm724] «Central» Iraqi on the process of removing zeros from the currency in the current circumstances due to the economic situation is stable, and then, such a procedure does not lead to increased economic activity because the cash value comes from the size of the country Activity in sectors that contribute to the support of exchange power.
[tlm724] saying hey we need more stability to go forward with the deletion of the zero's and that the value of the dinar will grow as the economy grows
[tlm724] because the cash value comes from the size of the country Activity
[tlm724] so we watch and wait to see the next move from the CBI Wink
Parliamentary Economy: not behind the delay deletion of zeros stability
[tlm724] Economic Committee, that the instability of economic policy in the country, the main factors behind the wait is implementing a project to delete the zeros of the currency,
[tlm724] saying that the central bank can not single-handedly accomplish this important project without the support of the government.
[tlm724] "The government has completed all the mechanisms relating to the draft deletion of zeros from the currency since the year 2013 and was able to complete the project within the required specifications,
[tlm724] uh huh they were ready as BondLady pointed out to us many times !
[tlm724] "no project application came for political and economic reasons."
[tlm724] thanks Maliki *slap*
[tlm724] " the most appropriate time that it was possible that the implemented project to delete the zeros of the currency is the year 2012 because of the unstable political and economic climate and because of the high oil prices, as well as financial abundance at the time that allowed the state to start deleting zeros currency ".
[tlm724] see it should of and could of have happened !
[tlm724] regret "for not Cabinet vote at the time on the project, which caused the loss of an opportunity to achieve financial stability and to avoid the effects of high oil prices.
[tlm724] you see that ! They know it would have made all the difference in their economy ! It's not like they don't know ! And when this economic crisis hit them they would have had the revenue in place to handle it !
[tlm724] and yes it's all about the project to delete the zero's and add value to the dinar !
[tlm724] the government has reached the vessels solutions to address Big money supply so resorted to issuing currency category 50 000 dinars to absorb inflation, which will be issued effectively over the next few months,
[tlm724] resorted to issuing currency category 50 000 dinars to absorb inflation, which will be issued effectively over the next few months,
[tlm724] which will be issued effectively over the next few months
[tlm724] so they are going to issue OVER the next few months
[tlm724] of course the question still remains will it be a 50 or a 50,000 ? the language looks to be 50,000 but I am still am not 100% convinced of that ! I still think a 50 dinar note !
[tlm724] this is saying that this move will curb inflation, I don't buy that guys !
[shunshine] I don't get it at all. But just me
[tlm724] shunshine its ok I am struggling with it too lol
[shunshine] ty thought I was losing my mind lol
[tlm724] shunshine as well as the disparity in the exchange rate." she added Hamidi that "Keywords stressed that the process of handling these things, where they will be printed new financial category worth fifty thousand dinars,
[tlm724] that makes no sense ! How can printing a 50,000 note fix the disparity in the exchange rate ! Someone smarter than me is going to have to explain that to me !
[shunshine] Don't see the need for printing money when everything is starting to go full electronic.
[tlm724] goes against the whole plan ! crazy
[shunshine] Agree printing more money doesn't fix a thing. jmo