Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Sunday PM Chat 10-09-16 Part 2 of 2
hutch says():FOREIGN ADVISORS ???????
For example; last week the Ministry of Oil said that they got $611 Million in oil sales for the month of September and they only had a net of $327 Million and they claim of $284 Million in expense. Of course the oil ministry does not say where this huge amount of expense went to, but I think we now know.
Most of this money is going to pay off the “foreign advisers” that the Kurdish government has on it payroll. Some of the advisers are mentioned in this Wikileak document.
hutch says():I'M BETTING BARZANI HAS A CORP SET UP AS A FOREIGN ADVISOR.....
larrykn says to hutch():we all know Barzani is a corrupted idiot, so this makes sence, wonder what the IMF will do about that
puffdragon says to larrykn():Maybe this is one of the reasons Abadi has had delays in paying the kurds the 17 % ? Abadi all about getting the corruption under control first !
hutch says():tHE REASON FOR THE DELAYS IN PAYING IS BECAUSE THE KURDS HAVE BEEN SELLING OIL AND KEEPING THE PROCEEDS INSTEAD OF REMITTING TO BAGHDAD.
BAGHDAD THEN ONLY PAYS THE DIFFERENCE, MINUS THE AMOUNT SOLD OUTSIDE. IT ALL WORKS OUT ON THE BALANCE SHEET.
_AB_Newsflash says():Good afternoon everyone,Hello Hutch
_AB_Newsflash says():you mind if i brought in article to share with ya all
AB_Newsflash says():Iraqi Finance
Why collapsed the Iraqi dinar .. Economists call for the central bank to answer
_AB_Newsflash says(): 2016/10/9 01:17:11 PM Called experts and bankers, the CBI study the reality of government and private banks up to the re-evaluation and classification, assigning the work of a specialist in financial analysis team to determine the administrative performance and credit efficiency standards, with the participation of Iraqi banks, advisers and experts Bankers Association.
Featuring the Iraqi banking sector are seven state banks Rafidain and Rasheed, and the Iraqi trade, industrial, agricultural and real estate, Islamic and rivers, and 35 private banks, including Islamic banks and specialized branches of Arab and foreign banks.
He stressed banking expert of Iraq, Samir Nasiri, according to the newspaper "Life", the importance of applying the Board of the Central Bank decision on controls the nomination of board members and staff leaders in the banks, and confirm the separation between the owners and executive departments, and not allow them to interfere in the executive work.
He explained that the economic crisis pant features since mid-2014 and continued repercussions so far behind them well-known economists and the public reasons. And identified by financial mismanagement in state institutions, and dispose of non-studied oil resources achieved in previous years, as well as a decline in oil prices by 65 percent from what it was, it all added to the cost of the war on terrorism and requirements.
The Alnasiri the existence of steps to address the wrong policies in the economy, is the importance of developing a methodology or a clear strategy for the economy, and not to rely entirely on oil resources, and the development of plans and programs targeted to diversify its resources, and to encourage other sectors such as agriculture, industry and tourism.
He stressed the need to implement the strategies prepared by committees advisers in the Council of Ministers in cooperation with the United Nations, international organizations, and the remaining 16 have not been implemented yet, and did not support the days of financial abundance, from oil revenues.
It focused on "the trend towards infrastructure sponsoring and supporting the economy and institution-building, and to adopt proper mechanisms in the implementation of monetary policy and the creation of an alternative to the auction of the currency because it faced criticism."
And cash trading market, pointed out that the problems suffered by the instability of the dinar exchange rate, and the flight of the proportion of foreign currency abroad to the goals of non-economic and download the central bank responsibility that must be common to government institutions,
as well as speculators and currency traders, formed factors led to the decline in the proportion of saving money supply in banks to 23 percent, compared with compactness amounting to 77 percent outside the banking sector.
He said that it indicates a lack of confidence among customers and a number of banks due to low liquidity in some of them to a minimum, bringing the banks to not being able to fulfill its obligations to customers at their request to refund their deposits.
The businessmen and money attributed the poor management of the banking sector to the money men control and exploitation of banks for funds deposited managers. They held the central government responsible for the deteriorating economic situation of lack of planning and organization.
The head of the Iraqi Businessmen Union is willing Blibl, that the poor management in the banking sector because the money men under control, which is contributed to the exploitation of the funds deposited by some banks and their managers for private investment in the form of violation of the law.
And saw the Iraqi Businessmen Union member Abdul Hassan Ziadi, that this problem borne by the central government for the delay in payments to people, in addition to the lack of organization of the economic process that led to the collapse of the process.
She drew the representative of the International Center for Special Projects in Iraq Mona earthquake, that banking is true for these banks was one of the causes of the problem, as are given to friends and acquaintances managers without study.
The Central Bank of the Iraqi government has given banks until last September, to adapt systems and electronic transactions.
He stated that the beneficiaries and users of these trading ratio not exceeding 10 percent. He suggested the possibility of expanding the contribution of orientations in the use and benefit from 77 percent of the money supply in the possession of citizens outside the banks, get rid of the cash circulation problems.
larrykn says():Economists warn of increasing Iraq 's debt and "deal" with the Gulf states , "rejected" the Paris Club standards
2016-10-09 19:00:00 | (Voice of Iraq) - Baghdad
He warned an economist, on Sunday, to increase Iraq 's debt ratio of the GDP being designed to cover the consumer or operational expenses, while reducing economic adviser to the risk that debt because the internal or "unrecognized" majority, criticized another expert not to issue the concerned authorities data allow fundamentalist understanding of the financial position and the size of the debt, calling on parliament to "beware of the debt of Gulf states that have not agreed to accept the standards of the Paris Club."
The economist said Majid picture, " The number of Iraqi and foreign sources confirm that Iraq 's internal debts amounting to up to 43 trillion dinars and external limits of $ 70 billion, excluding labeled Balqdhirh debt, related to Saudi Arabia and the UAE," returned to " the rising debt on the current rates can result in a significant risk to the Iraqi economy, the fact that GDP is 79% debt constitutes 77% of it. "
He added the picture, that "the countries that exceed the size of the debt ratio of the total domestic production, enjoying a strong economy and a more productive loans, not consumer , " noting that " the seriousness of Iraqi debt that is mostly intended to cover consumption expenditure or operational."
For his part , economic adviser Kazem al - Hassani said, " The special Iraqi debt the size of the numbers, is not accurate," pointing out that "most of those debts internal and not external, taken from Iraqi banks means they government."
He said al - Hassani, that "there are two types of external debt, new and old relate to the stage before 2003, the Paris private debt and compensation Kuwait , " noting that "Iraq 's debt to the Gulf countries are not originally unrecognized debts."
The al - Hassani, that " the debt is usually within the agreements between states , but Gulf debt is recognized by the Iraqi side because they did not come into agreement with them, with the exception of Kuwait being covered by United Nations resolutions and the UN Security Council, for compensation, not debt."
In turn , he said the economist Ahmed Rehn, said that " the concerned authorities have not issued during the past three years, fundamentalist data attached to the budget, allows to understand the financial situation in Iraq and the size of the internal and external indebtedness ,
" stressing that " the concerned authorities should have issued detailed data on domestic debt and those owed to other countries and international financial institutions and even that did not pay dues Iraqis and foreign contractors , constitute another form of debt. "
He called Rehn, the House of Representatives, to the "attention to the debt of Gulf states not recognized by Iraq, because those countries did not agree to accept the Paris Club standards just like the other foreign countries, and has so far refused to
larrykn says():deal with the criteria for the club."
The Investment Committee parliamentary expressed in the (18 August 2016), for fear of not fulfilling Iraq 's ability to pay its debts, especially obtained recently, as a result of the continued decline of oil prices with the budget shortfall and the costs of the war against the (Daesh).
It is noteworthy that the government of friendly countries and international banks negotiate to get a long - term soft loans, amounting to about $ 30 billion.
This comes as a result of the lack of lending financial state revenues and the lack of productive sectors alternative for oil reliable despite the existence of economic fundamentals , which can be utilized to maximize the financial resources of the state.
david334 says to hutch(): Hutch , thanks for the preview. More wood to chop on the banking regulations etc. Won't catch me me asking about date or rate.