Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Tuesday Late PM Chat 6-21-16 Part 2 of 3
rcookie says():HERE YOU GO..
rcookie says():IMF approves first loan payments Iraqi
6/22/2016 0:00 Baghdad , Alaa al - Taie Economic Adviser to the Prime Minister, the appearance of Mohammed Saleh, said that the end of this month, will see the Executive Board of the International Monetary Fund endorsement of the granting of financial loans to Iraq agreement, pointing out that such approval, come to dedicate a memorandum of understanding approved by the Iraqi government to start a batch the first of its total loan worth $ 5.4 billion, over three years.
Saleh revealed in an exclusive interview with the "morning" for " the Executive Board of the international Monetary Fund will hold a meeting the end of this June or the beginning of next July to approve the granting of loans to Iraq agreement and the start of the launch of the first batch of the loan amounting to $ 600 million, confirming the government 's commitment to its steps for reform stable at the far vision to be the approach to the future.
the IMF agreed last May to give Iraq a loan of $ 5.4 billion over three years, but give Iraq that is conditioned implemented loan measures to cut spending and increase non - oil revenue and the payment of arrears to oil companies billions of dollars. "
Saleh added," the government has approved the measures in the memorandum of the initial agreement during a meeting held two weeks ago, and informed the international Monetary Fund so , "stressing that" the agreement goes according to planned .
" the government 's economic adviser said," it is scheduled to launch its first batch of the loan if approved by the Executive Council for the management of the fund by the end of June , and the Convention, and the rest over three years in conjunction with the required economic reforms, which include activation of taxes and fees , and improve the level of control banking to fight corruption and money laundering ,
»adding that« the reforms require tuning to work in state - owned companies and a review of government employees bloated salaries accounts to eliminate the phenomenon of granting the salaries of those who do not come to perform their jobs or earn more than salary ».
and Saleh stressed, that the IMF loan is required to maintain on social spending and the adoption of a mechanism for the disbursement of funds, identifying priorities, including the displaced file, and that it will continue spending without a deficit or find drainage projects due to the deficit, noting that other thing for social care that must include all eligible , without exception , according to the discussions that took place network in Amman ».
the spokesman said , the other thing is to keep the ration card and the salaries of the staff that will be embedded and fixed and there will be cuts again, pointing out that this matter will be the condition of the expansion of the appointments with the exception of medical and health and educational personnel, judges and the armed forces, as well as to be appointments quality ».
and between economic adviser, said the talks with the international Monetary Fund in Amman dealt with the preparation of government employees , which exceeded four million employees and three million retired» saying it «a burden on the state».
the new benefit emphasize the lack of «reduced functional salaries again, and that the promotions will continue »explaining that it provided the commitment ceiling of salaries and numbers of existing comes».
In a related context, Saleh revealed that «all oil accounts Receivable will be subject to audit by an external auditor every contracting payments that will be paid through bonds, amounting to 7.6 trillion» stressing that those amounts should be paid in accordance with the bonds of the Ministry of Finance and the request of the Fund, stressing determination to examine all of them before contracting exchange to ensure the integrity and authenticity.
chickadee says():will they get the loans before or after?
subgirl says to rcookie():(y) WOW!!!! COOL!!! IMF approves first loan payments Iraqi
subgirl says to rcookie():yyyaayy!!! :)
subgirl says to rcookie():THANK YOU !! for all the news you bring in!!!
JETSET says to chickadee():now that is the $64000 question!!!
Iceman says():Thanks rcookie lot of great news today(y)
dovi says():thats so good to know good to know about the loans
watson1 says():ok i going to ask a ? cause i really do not understand them getting the loan payment what does that have to do with us and the rv ?
BUCK says():this is a key sentence to me...hope i undersstand it correctly:::::: Board of the international Monetary Fund will hold a meeting the end of this June or the beginning of next July to approve the granting of loans to Iraq agreement and the start of the launch of the first batch of the loan amounting to $ 600 million, confirming the government 's commitment to its steps for reform stable at the far vision to be the approach to the future.
soulwarrior says():not sure exactly how to do this, as it's been awhile since I've posted anything anywhere, but going to try: IraqUSEmbassy: U.S. AND iRAQ ~ Special Presidential Envoy Brett McGurk in Iraq
loop says():Central Bank Governor "long": equality dinar dollar threatens local production and the deletion of zeros depends on stability
Author: ZJ Editor: 22/06/2016 01:06 Long-Presse / Baghdad
Maybe it raises talk in economic and financial affairs many Hjona the followers, he is the modern-related livelihood daily per capita and how to get the economy moving, which faces many pitfalls impede progress, including currency and dinar speculation
Exchange at the price of the dollar and the auction currency that turned him raised a lot of doubts and questions, in addition to work civil and foreign banks and remittance, and how to get out of the financial crisis that has plagued Iraq,
and even the recent international Monetary Fund loan with falling oil prices and its consequences, as the sole supplier, which had a negative impact on the amount of central bank reserves of foreign currency, According to specialists may not the reserve covers three months import of Iraq.
All these and other files open the "long" in a private meeting with the governor of the Central Bank of Ali Ismail Keywords.
Conflicts in the reserve figures of foreign currency
* What are the plans for the central bank if the bank reserves continued to decline to the low limits do not even three months import cover of Iraq, and how much the amount of the reserve now, due to the large ado about it?
- Of foreign precautions now $ 53 billion, a figure that changed daily according to what takes us back from the Ministry of Finance, and this level within our accounts and the accounts of the International Monetary Fund last refers to the adequacy of the reserve in accordance with the international standard of the existence of foreign currency reserves cover the size of the local currency. We also reserve the highest level, which means that foreign currency available to us than the local currency.
The high or low reserves caused by factors beyond the control or the control of the central bank, as the reserve is influenced by two factors basic elements, namely the amount of dollar given to the Central Bank, which is the source of the sale of oil and Mathsal by the Ministry of Finance of the petrodollars they sell to the central bank to get against which the dinars to cover Nfqatha.ama
second factor is the demand for the dollar, and its source is the basis of the state that ultimately turn out to demand for the dollar, as the majority of materials and goods imported expenses. And those beyond the bank's control factors are determined by the level of reserve.
The pressure and influence is increasing on the reserve when the issue of the state budget deficit being covered by vouchers or bonds the central bank bought, which means that the bank will issue cash for the government without that there is a cover of foreign currency for the government,
and this is the version you spend the last turn the demand for imports in dollars which means reduce the reserve, so the House of Representatives and the government are responsible for the decline in reserve when the budget deficit have published. It is unfortunate that this fact is not understood by many.
It is curious that professes some members of the House of Representatives or the government that the central bank is responsible for the decline in reserves without paying attention to the reason that caused them, and not by the Central Bank or his policies.
loop says():The reasons for borrowing from abroad and future implications
* If it was good enough reserves and in accordance with the international standard, why borrow from abroad if.?
- Borrowing from the IMF is very important for Iraq and open the way for us to obtain facilities, loans and support of international organizations and major states, also strengthens the Iraq Center externally in terms of financial transactions.
* Can the Rafidain and Rasheed Zbonin that presidents be at the central bank auction of foreign currency? Why refrain of many years of active participation and leave the monopolists of the private sector to be the primary actor in the auction?
- The central bank opens the process of selling the dollar to public and private banks alike, lack of bank entry Rafidain and Rasheed on a larger scale in the process, due to Khchithma the exposure of foreign transfers to confiscate transfers due to external claims old debts,
but now having taken measures to solve We hope that this problem Atkmen two banks from exercising their operations without reservation or fear, and from our side and Nhvzhma encourage them to expand their dealings in dollars to achieve the principle of competition Tnfna much.
* Why not been modified in force Banking Act to the authority of the coalition No. 94 of 2004, as the central bank can generate the forced merger of banks, rather than persuasion literary merger, especially since the banking market needs a strong decisions to integrate more than one banking institution to avoid landslides and protect the banking financial system in Iraq?
- We had a job and wide to amend the Banking Act referred to, and is now in the final stages of the legislation, and that the new law, and certainly taking into consideration the best international practices and experiences large and developments in the banking and financial sector.
* Is the central bank was able to rescue the financial situation of Iraq (public finances) during the years of oil revenues has worsened since 2014? What are effective policy adopted by the central bank as a savior of public finance that?
- Yes, the Central Bank has played a major role in the face of the financial crisis that hit the financial country's situation, during the last period and the present, and it was the lifeboat of the overall situation and not just the financial situation, because the financial resources of the government were not sufficient to cover even salaries, we have to imagine the situation if it failed State to pay the salaries of millions of employees,
so the total amount financed by the Central Bank of the public treasury would arrive at the end of this year to more than 20 trillion dinars through his purchase of treasury transfers from the secondary market, as the central bank provides support and counseling to aspects other, in order to cope with the financial and economic challenges.
* How faced monetary policy of the Central Bank of the problem of unemployment and stagnation among Iraqis, especially since the bank's target, according to law is to stabilize prices and fight unemployment ,?
- Central Bank contributes to reduce unemployment by stimulating economic activity by keeping the general level of prices and the reduction of the rate of inflation by stimulating and facilitating lending, credit and structural benefits operations, so the central bank initiative to allocate 6 trillion dinars for lending to private sector projects, pour into the mainstream to achieve this goal, which is active sectors and achieve operating.
subgirl says to loop():Keywords is Sadr is that correct???
loop says():Program the "six trillion" goal to promote the private sector may not be achieved
* If you do you consider the "six trillion" program that Sakarzha Bank to the public one of these processors. Are there other steps to achieve the stability that encourages economic growth in the gross domestic income, or?
- Yes to the 6 trillion initiative, the first of its kind and size are in the history of Iraq, where we found As sensors of the economic situation that the only way for the advancement of economic reality is to stimulate industrial and agricultural sectors productivity through lending and support the private sector,
because we have noticed not turned slogans and national strategies to support private sector and diversify the productive base to a supportive and stimulating practical plans, as the central bank notes through its coverage of the demand for the dollar for the purposes of import, dumping policy by importing the simplest materials and goods that could be produced within the country to run the citizen and maintain foreign at the same currency.
* But how do you achieve the goal of this initiative in light of the current situation, where there is no protection Ositrh or even activate laws.?
- Note this accurate and essential, and we have stated when The launch initiative that its success depends on the product to activate the protection and consumer protection and to prevent dumping policy and the application of customs duties and quality control laws, it is without all this you can not expect effective results for this initiative.
* With the current state of border ports, you can actually apply it.?
- It is regrettable that the situation of border outlets is one of the large and chronic challenges, a situation that receive its disadvantages and corruption serious risks to the country, and those risks are not only an important and substantial financial resources,
but also economic, health, environmental and security risks of loss we must pay attention to her, and there were attempts for many years to correct the conditions of those ports, but they all failed, and we confirmed that we are in years and continue to emphasize the need for the use of specialized international companies to take over the organization and management of these ports.
* Are there political actors dominate invisibly on the banks requests for foreign currency, including the parliamentary forces very window? .. This modern trader, and as they say, those are the cause of the destruction of Iraq and the smuggling of funds through the auction?
- Confirm the position of responsibility absence of interference from anyone or from any point in the issue of determining the total dollar sales, or at banks and companies level, Defining it is by the high-level committee of the Central Bank, including the deputy governor and directors of two advanced and staff meet daily to determine that based on several Moduaah.onhn factors now finished setting consistent standards which is determined by a certain degree for each bank or transform the company,
including the commitment of the bank or the company's anti-money laundering and terrorism financing and the rules and regulations associated with that law, until we get in the end to the application of an electronic program is implemented sales automatically operations in the light of the degree of banking and corporate commitment to those standards, rules and instructions.
* Can the closure of branches of foreign banks in violation of the law of the central bank and banking law.? Is it already been done? Especially since there are, as they say, many irregularities among those banks, and how many branches of those banks and a number of private banks.?
- Yes, the central bank instructions apply to all banks licensed by the Bank, and branches of foreign banks licensed by us as well, so they are subject to subject his local banks in terms of penalties and procedures regarding irregularities and including the withdrawal of the offending branch license.
* Was really pulling vacation one of these branches.?
- Both did not happen during the period in which I took out of the Central Bank.
* But we hear that there are irregularities and excesses of many of those banks.?
- This information is not accurate because the branches of the banks that we are the branches of a very large, mostly banks, and has an international classification Advanced, and that these branches subject to Rkabtna and regulated by the Central Bank in the State of Almaqralriasa of the bank and control headquarters and the president himself as belonging to him.
loop says to subgirl():No CBI Gov Alak
subgirl says to loop():Alak I knew that lol thanks!
loop says to subgirl():Primitive and fails in the performance of government banks