Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Friday Late AM Chat 11-25-16 Part 2 of 2
rcookie says to loop():As fits fiscal adjustment in Iraq, balancing the financial hardship caused by low oil pressure and high humanitarian and security expenses revenues. It is expected that the improved fiscal adjustment policies with the passage of time, to make room for more efficient investment spending.
Reform of the financial management system in Iraq is an urgent need to improve fiscal discipline and raise the quality of public spending. In addition, Iraq is in dire need of a new agreement to share the general budget revenues with the Kurdistan Regional Government in order to put the federal government and the Kurdistan Regional Government in a better position to face the Daesh and the oil price shock.
On the other hand, sees the International Monetary Fund that the accumulation of large financial arrears to international oil companies, local arrears during the year 2015 more than complicate the situation, and the government should speed up the accumulated debt liquidation and implementing new controls to prevent further accumulation of arrears of international oil companies and local suppliers.
As the prevention of future external arrears is very important for the sustainability of needed oil revenues to finance public spending and boost the economy and growth.
It was designed by the International Monetary Fund in cooperation with the Iraqi government program in tune with the current economic and financial situation, and aims to bring the country out of economic and financial distress, and the program is structured around four main pillars:
The first pillar // external pressure management
And include the main measures in the context of the maintenance of the linked exchange rate as the nominal head of the foundation for stability in price levels. In addition to removing the remaining exchange restrictions and gradually strengthen anti-money laundering and combating the financing of terrorism, to stop the illegal demand and speculation on the foreign currency.
The second pillar // correct financial path while protecting the poor
The Iraqi government continues to implement fiscal consolidation policies, mainly through the reduction of capital expenditure is efficient, while protecting social spending. This helps to pay for public spending to a sustainable level in line with the oil revenues.
It should therefore on the government design and implement new policies for income and expenditures able to achieve a balance of non-oil and achieve debt sustainability.
The third pillar // strengthen public financial management and reduce corruption
To improve fiscal discipline and raise the quality of spending and the Finance Ministry is seeking to issue new legislation, public financial management and the issuance of reports of financial tables and in accordance with international standards and strengthen the commitment and cash management and conduct regular surveys to scrutiny and surveillance to reduce arrears and improve debt management with the help of international bodies controls.
// The fourth pillar of the financial risk control to maintain the stability of the financial sector
It is taken important steps to strengthen the legal framework of the Central Bank of Iraq, as well as the restructuring of state-owned and strengthen prudential standards and banking supervision with the support of international advisers banks.
In addition, the Central Bank of Iraq need new policies to curb money laundering and tighten control on foreign currency auction and combating the financing of terrorism and to strengthen anti-corruption legislation to help improve the financial system, the integration of operations in Iraq.
rcookie says to loop():GM LOOPSTER!!.........YVW...BBL
BAGHDAD - Iraq Press - November 24 / November, described the economic expert, Akram Abdel Aziz, central bank's move to lift the zeroes from the local currency, "the reformist aspects of the procedure for the calculation."
He said in a press statement that "the deletion of zeros is the restructuring of the financial and banking sector and revision of the monetary policy."
She continued by saying that "the deletion of zeros facilitates the use of the exchange, accounting and transfer of currencies", noting that it "does not believe that the lifting of the zeroes is useful in other things, particularly with regard to raising the value of the exchange rate or inflation, but is conducting a reform of the aspects of the calculation," noting that " easing inflation needs to restructure Iraq's economy because our economy depends Rei side weighed on oil imports. "
She pointed out that "the lifting of the zeroes procedures are ok, but it must be associated with other elements in order to be positive and bright step to change the structure of the Iraqi economy."
It indicated that the Central Bank of Iraq taught for more than two years the issue of lifting the zeros from the Iraqi currency, but has not taken yet a firm decision in this regard. Ended A.h
baxter says():She continued by saying that "the deletion of zeros facilitates the use of the exchange, accounting and transfer of currencies", noting that it "does not believe that the lifting of the zeroes is useful in other things, particularly with regard to raising the value of the exchange rate or inflation, but is conducting a reform of the aspects of the calculation," REALLY?
RickeyT says():that conversation has been held for around 5 years so far.
baxter says():Hmmm...... interesting...
baxter says():guess we will know soon enough..... January isnt that far away...
RickeyT says():yes sir
RickeyT says():did they really say January or the first part of 2017?
futuremoney says():looking forward to see what happens in the first quarter next year...
baxter says():Some articles said January... some not.... who knows
risk says):Economists: the deletion of zeros hold reformist acceptable facilitate currency exchange
risk says():That was the headline
risk says():Some economist.....meaningless
RickeyT says():oh well, gotta go set up for the gun show, have a stellar day.
baxter says():me too.... too nice of a day in Florida.... im gone
kalis says():i would be surprise that this investment does not happen in Jan 2017 . If it does not change in value then who knows.8-)
kalis says():everything they point to say jan 2017 change .. hopefully in value
ol lar says to risk():Does that article convey that for the actual economy of Iraq that the deletion of the zeros is not enough, and suggesting there will be a need for an increase above the rate after deleting the zeros
Pablo says():Sure! Increase it up to $7, that would work for me!! :)
risk says to ol lar():That's the way i read it..........", but is conducting a reform of the aspects of the calculation," noting that " easing inflation needs to restructure Iraq's economy because our economy depends Rei side weighed on oil imports. "
She pointed out that "the lifting of the zeroes procedures are ok, but it must be associated with other elements in order to be positive and bright step to change the structure of the Iraqi "
futuremoney says():I believe they were talking about non-oil revenues, private sector, etc..
risk says to ol lar():imo...saying economic activity wont happen just by lifting zeros.....but she is missing the fact that they will work hand and hand.......
risk says to ol lar():lifting zeros...(international) will drive economy
ol lar says to risk():I am guessing she is saying by lifting the zeros will only keep the dinar worth what it is now (in country) because it is basically just changing the demomonations, except for those who have stashed away dinar those notes will be worth face value. So for those living paycheck to paycheck they need the dinar to be worth more to have an effect in country
ol lar says to risk():economically
ol lar says():Great article non the less, good find
tman23 says():Iraq is plagued by socioeconomic development and proof is provided everyday in this forum with news articles.....
The country offered bonds in US dollars and Euro, this was an attempt provide confidence to countries that a currency depreciation in IQD would not impact negatively on the yields of the bonds they purchased.....
on the other hand, local emerging market bonds were purchased by Iraq citizens in local currency (dinar).......
The bonds along with the past year release of the 50k note and the latest 500 dinar note creates quite the conundrum.....
And with all this wealth of information gathered daily over the years on the Iraq dinar speculation....The 'Iraqi Dinar conundrum" remains the same as it did 10 years ago...... How will Iraq treat the 3 zero notes upon exchange ? Answer coming very soon.....
kalis says():so tman is saying not in Jan 2017 am reading his post right ?
Elane says():thx..Da58...Hosted the prime minister, on Friday, members of the Financial and Economic Committees Alaniapetan and economic experts to discuss the draft 2017 budget law
Elane says(): http://www.mawazin.net/ LINK
jxxl says():Question ?- I thought Maliki retired, doe's anyone have any info on this.
MrsBGG says to jxxl():That was the last report that Mr. BGG heard, but Mr. BGG said he doesn't think it matters...
jxxl says():He seems to some what a trouble maker ,still
Read More :http://www.dinarupdates.com/showthread.php?44107-Friday-November-25-2016