BLC Staff Chat Finance Committee and CBI Meeting 04/07/2015
Finance Committee will host the central bank governor and his senior staff
April 7, 2015 Parliamentary Finance Committee hosted headed by MP Ahmad Chalabi, Chairman of the Committee and the presence of ladies and gentlemen members of the Committee 05/06/2015 central bank governor and his senior staff.
[tlm724] Finance Committee heard the reasons that had to move the exchange rate in the market that gap and the profits of monopoly influential happening on the official exchange rate, and find treatments in this area
[tlm724] as well as the Banking Act and the law against money laundering, and the creation of money transfer companies,
[tlm724] as well as a project to delete the zeros and its implications and the development of financial categories facilitates the storage and study of new factors and appropriate market conditions and the effects of standards inflationary and technical ways to keep the currency from counterfeiting before proceeding with implementation.
[tlm724] thoughts on that ? do you read it as the CBI saying wait or the FC saying wait ?
[RCS1947] certainly postive as to the plan and follow through
[tlm724] RCS1947 ty does seem like all the things they have discussed before
[cat] tlm724 they are trying to move forward but so many thieves over there they can't catch em fast enough
[tlm724] cat thats a very good point !
[tlm724] Shredd gm , we are discussing the meeting of the parliament finance committee and the CBI, let me show you if you have a minute
Mr. Chairman of the Finance Committee heard the reasons that had to move the exchange rate in the market that gap and the profits of monopoly influential happening on the official exchange rate, and find treatments in this area, as well as the Banking Act and the law against money laundering,
and the creation of money transfer companies, amounting to more than 1,500 company, and the development of investment banking in line with bank liquidity in accordance with the special liquidity
and obliging banks to allocate funds for lending and review of Statistics of credit and cash investments, total assets and overall systems as well as a project to delete the zeros and its implications and the development of financial categories facilitates the storage
and study of new factors and appropriate market conditions and the effects of standards inflationary and technical ways to keep the currency from counterfeiting before proceeding with implementation.
[tlm724] this is the governors response further down in the statement
For his part, Governor of the Central Bank justified in replying to the ladies and gentlemen questions the committee members not to carry out the project to delete the zeros because he Aigll of paper the size of likely benefit to export more to reduce the number of categories in advance
[Shredd] this project to remove the zeros is a huge one, both in process and meaning. In my opinion, the FC is at the "go, no-go" point of the project. They are ready but need to know activating this project will not cause problems perhaps unforseen.
[Shredd] security is a concern, inflation, counterfeiting not sure but I suspect some are scared to make this change the dollar has kept them afloat
[tlm724] to reduce the number of categories in advance, pulling in more triple zero notes
[Shredd] yeah, I guess I look at this is last minute debate and we just gotta wait it out until all are onboard
[tlm724] that makes sense
[Shredd] they need to make the change, thats for sure, they just gotta agree on timing, the CBI is pushing for it
[Shredd] the FC needs to mitigate negative impact in their jurisdiction, all my opinion/take on the delay
[Shredd] I imagine it's like that last moment before you get married.... you are looking in the mirror taking a last look, deep breath then go!
[RCS1947] timmie I don't read it as the CBI saying wait. March article was positive...in this article to me he is still defending why it has not been done in past, not that it needs to be delayed. imo
[tlm724] RCS1947 yes I see that, ty
[Shredd] the delay is continuing and the FC and CBI need to agree so to me, the silver lining is the "trigger" hasn't been pulled which explains no change in rate
[tlm724] yes agree Shredd I never expected a rate change without the banking laws done first but what makes me excited is that while the CBI continues to push parliament to pass them they continue to set the table for the project
[Shredd] tlm724 definitely agreed
[Shredd] tlm724 they must ensure the counterfeiting is handled before releasing the new notes
[tlm724] there isn't much left to study only make adjustments as the situation changes in the country, as the banking system advances it only makes things easier for the project to continue to move forward
[Shredd] and imo, counterfeiting concerns also include AML and KYC which are including in the banking laws
[tlm724] Shredd right and getting the anti-money laundering law passed before time runs out on them !
[tlm724] lol jinx
[Shredd] the banks are about to be busy in a totally different way and they have to stop any problems in this regard before they start and these need to be ironclad when the rate changes and exchanges start happening
[tlm724] yes I did a lil chat about that yesterday
[Shredd] and the large notes collected whilst the new notes released
[Shredd] oh nice
[cat] they gonna need a bigger jail
[Shredd] lol jinx indeed
[tlm724] lol true cat
[Shredd] confusion = opportunity for criminals
[tlm724] money laundering to the tune of billions
[Shredd] they don't want news that the new era for the dinar is froth with issues and criminal activity. The people wouldn't be behind it and will hold onto their paper
[tlm724] right ! confidence and perception play a huge role here !
[Shredd] yes and emotion is huge in economics
[tlm724] any further comments from anyone ?
[Shredd] no, thanks timmy