Morning News Comments 05/17/2015
The central bank reveals the cost of printing the Iraqi currency
[tlm724] thank you Rocky for posting this !
[tlm724] "The central bank is serious about printing new cash categories that will be one of the two categories of 50 and 100 000 dinars, which is in the process of selecting designs and corporate printer.
[tlm724] that "printed currency project is necessary to modify the Iraqi banknotes structure in preparation for the implementation of the project to delete the zeros."
[tlm724] hey you all remember that over the years I have always said to pay attention to whatever Yasiri says ?
[tlm724] let me show you why
[tlm724] look under Deputy Governors and Members of the Board, there he is !
[tlm724] and who is speaking in this article ? Manager version in the Central Bank Ihsan al-Yasiri
[tlm724] "the Iraqi dinar is very strong currency but restructuring banknote weak because the biggest coin is 25 dinars category equivalent to $ 22, and this weak structure makes citizens prefer to deal instead of the dinar to the dollar.
[tlm724] so this will lead to the deletion of the zero's and before that can be done they MUST add value to the dinar imo we are so close , just hang on Wink
[RCS1947] thank you Timmie !
[tlm724] your quite welcome, it's coming !
Part of the introductory seminar application of international accounting standards (16 may 2015)Central Bank confirms to IPSAS and warns not to apply
[tlm724] The Iraqi Central Bank, said Saturday, his quest for the application of international accounting standards to integrate with the global economy and international requirements
[tlm724] about time ! I know darn well they are being pressured by the World Bank and IMF to get it together !
[tlm724] and warned of the damage caused by the non-application of these standards at banks and called for a number of actions for the successful application of accounting standards
[tlm724] damage no doubt ! Just look at the state the private banks are in ! They need this like yesterday , just sayin...
[tlm724] have initiated the Iraqi State after the change and the Coalition to issue laws that regulate this sector through the Central Bank of Iraq Act No. 56 of 2004 and the Banking Act No. 94 of 2004 and anti-money laundering Act No. 93 2004. "
[tlm724] over 10 years waiting for these laws to be corrected
[tlm724] "these laws in their content to international accounting standards, for the purpose of integration with the world economy and the international requirements imposed by organizations and institutions that sponsor banking and economic situation in the world as the World Bank and the International Monetary Fund and others,
[tlm724] just what I said the pressure is on
[tlm724] need a high degree of financial disclosure and transparency and for all financial aspects of its work"
[tlm724] to accelerate the development of local accounting standards and make them into the ranks of international standards
[tlm724] work it baby, time is short ! Black List is looming over your heads !
[tlm724] the importance of "uniting with the Government and private banks in setting a date for the application of these standards as soon as possible, and allow foreign companies to control and audit access to work in the environment through Iraqi partners and the preparation of legal form for this purpose."
[tlm724] thats right set a time limit on it, it is the only way it will get done !
[tlm724] get those instructions issued
[tlm724] "the study of the topic of the law shows that this issue should have been resolved 20 years ago for several reasons,
[tlm724] ya think !
[shunshine] Seems they have to have a time limit to push them forward. Other wise they will take forever.
[tlm724] shunshine exactly !
[tlm724] "international standards have exceeded four thousand pages are large and complex,"
[tlm724] need to streamline this for sure, if it's too complicated they just won't get it. But this can be corrected as well, quote " to work in the environment through Iraqi partners and the preparation of legal form for this purpose."
The Central Bank revealed higher cash reserve in May and is expected to continue
[tlm724] reserves just keep growing Wink loving that, now bring on the value to match that wealth !
Financial representative: Government takes responsibility for raising the dollar because of the imposed fees for merchants
[tlm724] "The Government bears responsibility for lifting the dollar owing to the imposition of fees by 8% to financial transfer to merchants, which was reflected on the exchange rate," likely to "stabilize the dollar at 1,300 dinars, not going back to the price which was 1,200 dinars to the dollar.
[tlm724] well if they truly believe that the dinar will stay around 1300 then theres only one thing to do and that is raise the value, do the complete currency reform and they are wroking it for sure !
The new law declares work for retirement and social security
[tlm724] announced the Ministry of labour and Social Affairs to prepare a draft new examination and approval by the Council of State includes the tendig law on retirement and social security for workers commensurate with the current economic situation and international standards
[tlm724] I like it and let me tell you why, not only will this be awesome for the people retiring but they want to shift away from government run industry into the private sector, this law will allow them to retire with benefits while getting a new workforce in place, it's a win win and helps with the tranistion to a free market !