Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Wednesday AM Chat 6-1-16 Part 2 of 2
Baxter says():Hey CLAY.... we made it to JUNE.... (lol)
sheila3 says to clay():thank you :):-*
clay says to Baxter():seems so
Baxter says():Now Iraq needs another 50 B I L L I O N>.... (lol) all I want... is a Dime... (lol)
clay says to Baxter():(lol)
clay says to Baxter():I want 3.86
jarhead says():i want a job
Baxter says():tell ya what... you get me a Dime... I give you a Million... hows that?
clay says to Baxter():need something
clay says to Baxter():NOW!!!
rcookie says to Scotzgirl():GREAT WORK SCOTZ...DOES THAT LOOK FAMILIAR...
Scotzgirl says to rcookie():Yep
rcookie says to Scotzgirl():??????
rcookie says to sophie1():HI SOPHIE...YVW
Scotzgirl says to rcookie():LOI, MOI, etc etc IMF, WB, BIS, etc etc ...only familiar because of you and Mr White
rcookie says():E. Public Financial Management Reforms
27. In order to strengthen fiscal discipline, the government will implement the following measures:
The Minister of Finance will approve a new draft of the Financial Management law in line with World Bank and IMF comments on the last draft submitted to the Shura Council (structural benchmark for the second review, Table 2).
BUCK says to rcookie():is that 50 billion a one year thing or spread out over the three years the loans are to occur????
rcookie says():THIS IS A NOT ANYTHING NEW...THIS IS SOMETHING THEY HAVE BEEN WORKING ON AND SOMETHING FOR US TO BE WATCH FOR....
rcookie says():THE PERIOD THEY ARE REFERENCING IS 2016-2019..BUT ARENT SAYING THEY ARE GETTING LOANS FOR THAT AMOUNT...THAT IS TOTAL DEFICIT #'S.....
THE SBA LOANS ARE FOR $25 BILLION 3 YEARS STARTING END OF THIS MONTH..
rcookie says():AND THE AMENDING OF THE CENTRAL BANK ACT WITH REDEFINITION OF THE MOF ROLE IS ALSO BEING OBLIGATED BY IRAQ...
rcookie says():THIS IS ANOTHER THING TO BE LOOKING FOR.....ANY OF THIS SOUND FAMILIAR WITH RECENT NEWS AND EVENTS IN IRAQ...
rcookie says():Take steps to move to a Treasury Single Account (TSA); as a first step, the Ministry of Finance and the CBI will, by end-February 2016, compile a list of all bank accounts controlled by the Ministry of Finance and all spending units and sub spending units of the federal government, in CBI, state-owned and commercial banks; details should include balances at end-December 2015, account number, title, location, purpose, authority, and signatories (structural benchmark, Table 2).
rcookie says():THE FIRST STEP TOWARD MOVING TO TSA BY THE MOF WAS DONE...AND ALSO USED IN THE EFFORTS TO RANK THE VARIOS BANKS IN IRAQ AT VARIOUS LEVELS...
rcookie says():A TSA is a unified structure of government bank accounts that gives a consolidated view of government cash resources. Based on the principle of unity of cash and the unity of treasury, a TSA is a bank account or a set of linked accounts through which the government transacts all its receipts and payments. The principle of unity follows from the fungibility of all cash irrespective of its end use.
While it is necessary to distinguish individual cash transactions for control and reporting purposes, this purpose is achieved through the accounting system and not by holding/depositing cash in transaction specific bank accounts. This enables the treasury to delink management of cash from control at a transaction level.
Scotzgirl says to rcookie(Do you think that by putting this out again at this time that they've already processed through these requirements and we're waiting for the reveal?
rcookie says():A full-fledged TSA shares three essential features:
First, the government banking arrangement should be unified, to enable ministry of finance (Mof) (or treasury) oversight of government cash flows in and out of these bank accounts. A unified structure of government bank accounts allows complete fungibility of all cash resources,
including on a real-time basis if electronic banking is in place. The TSA structure can contain ledger sub-accounts in a single banking institution (not necessarily a central bank), and can accommodate external zero- balance accounts (ZBAs) in a number of commercial banks.
Second, no other government agency operates bank accounts outside the oversight of the treasury. Options for accessing and operating the TSA are mainly dependent upon institutional structures and payment settlement systems (see the section on Transaction Processing under a TSA System).
Third, the consolidation of government cash resources should be comprehensive and encompass all government cash resources, both budgetary and extra-budgetary.
This means that all public monies2 irrespective of whether the corresponding cash flows are subject to budgetary control or not (e.g., in the case of reserve funds, earmarked funds and other off-budget/extrabudgetary funds) should be brought under the control of the TSA.
3 The cash balance in the TSA main account is maintained at a level sufficient to meet the daily operational requirements of the government (sometimes together with an optional contingency, or buffer/reserve to meet unexpected fiscal volatility).4
rcookie says to Scotzgirl():YES I ABSOLUTELY DO....AND THE REASON IS FROM LOOKING AT PAST LOIS AS REFERENCE TO OTHER INITIATIVES THEY HAVE NEEN WORKING ON FOR YEARS LIKE PIM (PUBLIC INVESTMENT MANAGEMENT)...IFMIS (INTEGRATES FINANCIAL MANAGEMENT INFORMATION SYSTEM)...
rcookie says to Scotzgirl():THESE SYSTEMS AND MECHANISMS ARE ALSO THINGS THEY HAVE BEEN ASSIGNED TO ADDRESS IN THEIR METAC WORKSHOP PROGRA OVER THE YEARS AND CONTINUING CURRENTLY...
rcookie says to Scotzgirl():HERE IS THE LINK FOR THE IMF WORKING PAPER ON TSA'S...
rcookie says():THERE WILL BE A QUIZ LATER...
Carl_H says to rcookie():Very good news. Thanks for all your hard work bringing us the news day in and day out! Your are awesome!
rcookie says to Carl_H():HEY CARL...YVW!!
watson1 says to rcookie():hey when they going to do some work over ?? lol
Scotzgirl says to rcookie():I'm hoping there is a reveal later (})
rcookie says to Scotzgirl():(y)
rcookie says to watson1():SLACKERS..
rcookie says():THE OTHER THINGS TO LOOK FOR UNDER BANKING SUPERVISION AND ENHANCING THE BANKING SECTOR ARE...
IBAN (INTERNATIONAL BANK ACCOUNT NUMBER)
INCREASING CAPITAL REQUIREMENTS OF BANKS 250 BILLION.....DONE..
CREATE RATING SYSTEM FOR BANKS...IN PROCESS...
UPGRADING PRUDENTIAL REGULATIONS ON "LIQUIDITY" AND "CAPITAL ADEQUACY RATIOS"..
PREPARING DEPOSIT INSURANCE SCHEME...AND ESTABLISH LICENSED CORPORATION OF CBI...
CBI CONTRACTING PRIVATE FIRM FOR CREDIT REGISTRY SYSTEM WITH DATA SHARING AMONG BANKS...ON THEIR COMMON EXISTING AND POTENTIAL BORROWERS...
BANKING LAW ISSUED FOR ISLAMIC BANKING SERVICES...
dinarmassa says():Seems to me, IRAQ is trying to pull the wool over the IMF's eyes, cry the blues and ask for a larger loan amount, once they settle and get the loan, write the contracts for all those companies and countries wanting to do business with IRAQ, collect that money. Pay back the IMF cheap loan over time, walla!! a business decision
High index Iraq with the continuation of the selling trend in trading foreign
Wednesday 01-06-2016 | 6:30:12 Shafaq News / The main index of the Iraqi market for securities ISX 60, the end of trading today rose for the second consecutive session, with the continuation of the selling trend in foreign dealings.
The index increased by 1.7%, reaching the level of 518.91 points, gains 8.68 points, higher than three times the profit yesterday.
And support for the index rising from 10 banks led by the investment bank's shares by 7.14%, and issued share gainers today, the Bank of Babylon Commercial Bank shares rose by 5.56% and 5.13%.
The index came heights today with the continuing trend of foreign investors tended towards selling during the session, the outcome of selling a $ 158 million dinars.
Trading volumes fell to 1.75 billion shares, valued at 856.53 million dinars, compared to 20.97 billion shares, valued at 4.85 billion dinars last hearing, taking into account United Bank deal yesterday worth 4.2 billion dinars
The shares were traded at prices of 35 companies of which 22 rose, while prices of 7 shares fell top modern livestock production increased by 5.88%, and stabilized prices of 6 shares at the same previous levels.
Issued shares Commercial Bank active stock in terms of volume and value traded to 423.17 million shares, valued at 169.26 million dinars.
_firefly_ says():IMO, Iraq isn't as dumb as most make them out to be. I believe they are still finishing up on c oncessions asked by Iraq
_firefly_ says to cricket22():Remember, the media doesn't make money by telling the truth lol
cricket22 says to _firefly_():Yayyy... We are in June now! I am so ready! :)
_firefly_ says():Aka .... the 3 year extension for Iraq to pay the Paris Accord debt
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