Conference on investment in the stock market calls for international financial institutions to cooperate with the Iraqi banks 19-05-2014 12:37 PM
[tlm724] I was thinking about this article this morning and found a lil blast from past I want to show you, it's from June 28, 2013
The Iraq Stock Exchange Upgrades to NASDAQ OMX's X-Stream Technology
Published: Friday, 28 Jun 2013 | 7:00 AM ET
NEW YORK and BAGHDAD, Iraq, June 28, 2013 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group (Nasdaq:NDAQ) has entered an agreement with the Iraq Stock Exchange (ISX) to upgrade its current trading platform. Under the terms of the agreement, ISX will replace its existing NASDAQ OMX platform (Horizon) with one powered by the renowned X-stream technology. The upgrade is expected to be rolled out by mid-year 2014.
[tlm724] The upgrade is expected to be rolled out by mid-year 2014.
The upgrade is expected to be rolled out by mid-year 2014.
[tlm724] that projection coupled with the above article from yesterday tells us that Iraq could be on the verge of trading internationally on Nasdaq...just sayin Wink
Net: Iraq has taken action to protect his money after the lifting of immunity by 5/20/2014
[tlm724] expressing fear of the occurrence of reservation of money which, if realized, the lifting requires time, stressing that Iraq is sure that Many of the disputes is questionable.
[tlm724] the first section of this article speaks of the importance of negotiating their debt and then the budget
[tlm724] laws have not been approved by the government explicitly and given the circumstances of the election there was a reluctance to challenge these laws and thus became a deficit ratio large, as well as there was no clarity of revenue
[tlm724] so without the funds from the budget they have to give advances which puts further hardship on the state *slap*
[tlm724] next part is important
[tlm724] He said the importance of the order of these files with Iran is now under international sanctions and while you should respect the decisions of the UN Security Council requires finding ways are to maintain the national interests in trade relations and this is what require the existence of legal mechanisms balance both cases.
stressed the net on the investment sector between the two sides saw the negotiations serious preparation for the conclusion of an investment agreement and other Double Taxation and the signing of a memorandum of understanding on customs cooperation,
one of the important things for the existence of border ports multiple a sector comes importance to the presence of the dimensions of economic, health, environmental and security and therefore requires careful organization
[tlm724] stressed the net on the investment sector between the two sides saw the negotiations serious preparation for the conclusion of an investment agreement and other Double Taxation and the signing of a memorandum of understanding on customs cooperation
[tlm724] the two sides also discussed the activation of banking cooperation and discuss the possibility of opening Iraqi banks in Iran
[tlm724] especially the latter proceeded to open banks in the Kurdistan region are registered with the Central Bank of the Federal
[tlm724] whatever it takes the World Bank wants them to open more banks but they have to deal with the legal aspects of sanctions etc as mentioned above
At the request of the financial trade .. discuss proposals to increase fees and charges and fines
[tlm724] this has everything to do with tariffs and fines and generating revenue with the addition of this the law of commercial agency's new and which were completed its scrutiny of the Council of State Council and referred to the Council of Ministers as well as the Law of Agency Registration No. 4 of 199
[tlm724] so there is a new law on the books as well
Legal reason to simplify import and export procedures 5/20/2014
[tlm724] to simplify import and export procedures to give allow greater for most consumer products in line with international standards and practice
[tlm724] accelerate the growth of local production and export earnings
[tlm724] costs strenuous legal adviser in the project administrative reform Iraqi Adel al-Lami, believes that the broad scope of the licenses required imposes costs strenuous millions of dollars to businesses and consumers Iraqis annually, the outcome contributing to the loss of wealth,
and slow down the business process, and reduce the competitiveness of Iraq in regional markets, as cause delays and confusion in many types of business transactions that cause the loss of the Iraqi economy, believing that the economic losses for the country is much higher than the revenue obtained.
[tlm724] the broad scope of the licenses
[tlm724] contributing to the loss of wealth
[tlm724] thats just it they realize they are losing untold millions or even billions in revenue and they need to get things simplified !
[tlm724] I want to talk for a brief moment about the announcement from the White House yesterday extending Iraq's protection under EO 13303 here is the link :
[tlm724] BondLady posted an article today where Iraq is still negotiating with some countries to reduce their debt and sign formal agreements. Here is a quote
" it is currently being negotiated with such countries as Brazil, Morocco, Egypt, Pakistan and some African countries, noting that the negotiations take place with the help of the World Bank Some of the countries that would intervene in support of Iraq and urges creditor countries on the settlement in accordance with the Paris Club by giving these countries 20 percent of the debt is waived 80 percent. "
[tlm724] So I think it is prudent for Iraq to settle these FIRST and foremost so they don't risk litigation against them. That said, the USA is obligated to protect Iraq for another year BUT that brings up an important question.
[tlm724] Can Iraq take those funds anytime throughout that year of protection ? imho I believe Iraq can take the DFI funds at time. Do I have evidence to that fact ? No I sure don't but Iraq is a sovereign country and I truly believe they can withdrawal the funds when they are ready. Get the remaining debt settled first as I said.
[tlm724] Does it have an impact on the monetary/currency reform ? No I don't think so and here is why. It is their money period ! It doesn't matter where it is, whether its tucked in a bank in the USA or deposited in the CBI it's still their money and available to them to back their currency etc.. or whatever they want to do with it . So lets not sweat this one ! Wink
ZUL: [tlm724] Can Iraq take those funds anytime throughout that year of protection ?
All proceeds from export sales of petroleum, petroleum products and natural gas (oil export sales) from Iraq goes into DFI. And it is from this account, that Iraq finance her annual budget.
Iraq has full control of this account since July 1st, 2011.
“The members of the Security Council noted that, in this regard, oversight of the full proceeds from the Development Fund for Iraq has been transferred from the International Advisory and Monitoring Board to the Government of Iraq’s Committee of Financial Experts,