Frank26: "The Kurds are Ecstatic and Salivating with HAPPINESS as they WATCH the FINAL version of the 2014 Budget be approved and eventually released to the world"
Other concerns are not realistic especially a few days from now when one will look back and say ............ What was all the confusion about? Too many Drama Queens in the GOI!!!
Last week when GOI slapped the face of the Kurds with traditional insults ............. Today the Kurds politely return the action.
What one may find abnormal or confusing is because we do not live in the M.E.
OH MY ........ Delays?!!! No ............ It is called progress.
KTFA, Frank...... Hmmm .....
Read More Link on Right.
Shade wrote on February 12th, 2014, :
I found this quote from an article that came out in the last day or 2 Sorry I don't have a link.
"The central bank announced earlier that the project to delete the three zeroes from the Iraqi currency will be transferred from the country of billions to trillions country."
Could this be them telling us something big is about to happen in their country? Is there even a rate there somewhere between the lines?
Frank26: SHADE......... IMO .......... No need to ask the obvious .......... :
**donartuesday386 wrote on February 12th, 2014,:Could tomorrow be the last auction?
Since they had these huge numbers in the auctions hmm hmm hmm LD'S hmm hmm …..Hawaii here i come
Frank26: Hmmm....... So far You are the only one to take note as You took .......... CC Notes.
walkongstick wrote on February 12th, 2014,
Economist: Central Bank intervention in the market to keep the exchange rate of the dinar
Published on Wednesday, February 12, 2014 15:49
Written by: Super User BAGHDAD - Awan
Deputy former central bank governor, on Wednesday, said the central bank intervention in the market to maintain the stability of the Iraqi dinar and maintain purchasing power.
He said the appearance of Mohammed Saleh told the "time", that "the Iraqi dinar is protected range is strong, and the cover of foreign currency is very high unless they are used for the purposes of reserves dedicated to the support of the Iraqi dinar."
"The currency's rise and descent depends on the actions of monetary policy, and there is nothing looming on the depreciation of the dinar against the dollar," explaining that "the central bank intervenes in the market to maintain the stability of the Iraqi dinar and maintain the purchasing power of the Iraqi dinar and this is called the value of foreign money ".
He believed that "the financial market is stable, and the stability of the indicators of whether or not to clear the relationship between the price of the Iraqi dinar against the dollar," adding that "the greatest threat to the dinar is the external conditions such as the price of oil and Iraq's revenues."
He was a member of the Committee on the economy and investment representative, accused the Central Bank, to take action intended to demolish the domestic economy, returned its decision without deliberate and aimed to hit the local currency market.
Aggiedad77: Family E.F. HUTTON has spoken again....very loudly.....Dr. Saleh.....says that the Iraqi dinar is very strong..... that is has foreign currency covered very well.....so please don't touch our reserves.....that would not be good....hands off...go away GOI and committees...you do not understand the workings of the CBI.....it is and has been the responsibility of the CBI to intervene in the market to insure the stability of the Iraqi dinar and maintains the purchasing power of the Iraqi dinar....this is called the value of foreign money.....he believes the greatest threats to the dinar are oil and Iraq's revenues....yes stay away and out of business that does not concern you GOI.
by aggiedad77 » February 12th, 2014,
Here are the Wednesday morning news summaries:
Mayahi: - accuse the central bank to "the destruction of the domestic economy," asks Parliament to call the Governor
Well things continue from last night into this morning....the same MP is now asking that Parliament bring Turki into Parliament to explain his reasonings for requiring that if Iraqi banks are interested in participating in the currency auctions they must deposit their money with the CBI....he claims this action has seen an obvious increase in the price of the dollar. I find it hard to believe that Turki would so blatantly put himself in hot oil.....I doubt he is ready to have his turkey cooked just yet.....that what he does is with purpose....for the good of Iraq.
Economy parliamentary accuses the central bank to "weaken the dinar against the dollar" and waving Turkish call
More of the same or similar rhetoric that I posted just above.....there seems to be fear that the citizens of Iraq will be impacted by the actions of the CBI in drawing in so much money from the banks of Iraq.....perhaps the answer is that only an enlightened few know the true motive of the CBI's actions....this to me is such a very proactive and positive response being taken by the CBI to draw in the 000's.
Rich Sulaymaniyah finance government-owned banks to overcome the liquidity crunch
Sulaimaniyah province is yet another province to come forth to request funds be given to the banks to pay employees....they are mounting a national campaign to fund the banks.....Please DO NOT confuse the Mohammed Saleh in this article with the Dr. Saleh the economist.....this is the governor of Sulaimaniyah.....to different people. They too have not recieved salary funds for the month of January. IMO....the CBI is making a monumental move.....they would not be doing this obvious a move for their own benefit.....something is astir and it bears watching closely.
Chihod: 5 petro-dollars and pensions will make the budget deficit (50) billion dollars
It has apparently been announced that the $5 petrodollar AND the pensions from the new Retirement Law will push the 2014 budget deficit to 50 billion dollars....this is confusing.....are they really talking dollars here not dinar.....shaking my head...they do not put the "$" in front of the amount....which tells me they really are talking dinar.....but either way they have some "splaining to do Lucy" on how they can bridge this budget gap.....of course they can attempt to borrow from somewhere.....other countries or the IMF or the WB.......or maybe they can sell sovereign bonds after the budget is passed.
Economist: Iraq's gross domestic product increased up to 10 percent annually
Well for some good news.....the Gross Domestic Product for Iraq is believed to have increased by 10% annually....this stems from several economic factors such as the country's wealth, agriculture, as well as industry and tourism. Another factor tied to this increase is the amount of rent (royalty?) being paid for oil being produced has increase as the production rates have been increasing.....this money needs to be put to good use developing other sectors so there is less dependency on oil.
Kurdistan warns of blocking disbursement region: We will not stand idly by
The Kurds may be happy about the budget but they seem to be fighting mad about how their people are being treated with the lack of salaries....and they are demanding that Baghdad do something about it. Here again we see the issue liquidity issues with their banks....this sounds like it is starting to tie into the money that perhaps these regional banks deposited with the CBI to be a part of the auction of foreign currency. IMO......there is something here that we may not be paying enough attention to....that our dinar googles are too focused on the budget right now...just sayin'....
Investors Union of Kurdistan confirms the existence of about ten thousand millionaires in the region
There are apparently 10,000 millionaires living in Kurdistan.....the Kurd volume of investment for 2013 was about 13 billion dollars....and is anticipated to grow to 50 billion dollars by 2020. A number of the millionaires in Kurdistan are venture capitalists....that shouldn't be a surprise.....they see growth opportunity there and want to live close by....especially with the lower levels of violence in the area.
Kurdistan investors expressed their willingness to lend Government of the Territory 100 billion dinars to end the "liquidity crunch"
There appeared yesterday 50 investors willing to lend the Kurd government 100 billion dinar to end the liquidity crunch that prevents paying employees. Sulaymaniyah Chamber of Commerce has filed a lawsuit against the banks of Kurdistan because of the lack of payments for salaries.
Parliament and government meet on Thursday to discuss the budget and the problems of Baghdad and Erbil
There will be a meeting in the Constitutional Hall tomorrow at 10:00 AM Baghdad time where the heads of committees and relevant government agencies will meet to discuss any outstanding issues between the government and the Kurdistan region. This meeting will also be attended by the Presidency of the Council of Representatives, heads of parliamentary blocs, Chairman of the Finance Committee, Chairman of the Economic Committee, Chairman of the Legal Committee, Chairman of the Oil Committee, Deputy Prime Minister Shaways, Deputy Prime Minister of Energy Shahristani, Secretary General of the Council of Ministers Mohsen, Oil Minister Karim and coffee, Minister of Planning Shukri, Minister of Finance Agency, and the President of the Office of Financial Supervision Turki...is he here in that capacity or the capacity of Governor of the CBI.....makes one wonder. IMO....I respectfully disagree with the Kurds being the lack of a quorum for the Parliament session on Tuesday....equally absent were the members of Speaker Najafi's block.....had either one been there they would have had a quorum.....that lack does not fall totally on the shoulders of the Kurds.
IMO....I do not expect much to come out of this meeting at 10:00 AM tomorrow morning....there are too many chiefs in the meeting as indicated above and when you get that many people in one room trying to make a decision.....chaos usually prevails....the only way that there may be movement is if the Kurds show up with their same attitude they had on Monday....that they are ready to sign....just show me the dotted line.
U.N. says violence in Iraq's Anbar displaces up to 300,000
The UN reports that over the last six weeks upwards of 300,000 residents, 50,000 families have been displaced from in and around Fallujah and Ramadi due to violence from al Qaeda rebels trying to take over those cities.
Shahristani: the delay in approving oil and gas law will not hinder the work of foreign companies
Deputy Prime Minister for Energy Hussain al-Shahristani stated that any delay in approving the oil and gas law for Iraq will not be cause for hindering the work of foreign companies within Iraq. He met with representatives from Canada and encouraged them to work with Iraq to build relationships at all levels. As a government the Iraqis are seeking to develop and reconstruct infrastructure for all sectors but especially so for the energy sector.....there are many opportunities for Canadian expertise to help Iraq in these areas.
"Odierno" reveals his frustration about the performance of the Iraqi government
Army Chief of Staff Gen Odierno expressed frustration over how the Iraqi government has performed since the withdrawal of US troop support two years ago.....saying the Iraqi forces were left in a position to move forward against terrorism.....he stated that he believes that Iraq, being strategically located in the center of the ME that it is important to ensure they have the capability to move forward against terrorism.
Maliki masquerading as facts and declares victory in Anbar
Maliki is being accused of clouding the facts of what is really going on in Anbar at the moment.....he is stating victory over the rebels....but the current violence continues to speak otherwise. Yesterday he renewed his comment about the government helping and aiding the tribes that have risen up against terrorism, and stated that those who have been affected will be rewarded for their efforts, just as those who have been displaced will be rewarded. Many of the local tribes want the government forces to leave, but Maliki seems reluctant to pull them out at this point in time. There still appears distrust with Maliki as the 13 points of contention remain unresolved at this time......is Maliki listening to them yet.
The end of the proceedings capital increase for the company Credit Bank of Iraq
Another bank....the Credit Bank of Iraq falls in line and gets its reserves up to speed raising them from 150 billion to 250 billion dinar.
Next Sunday .. launch trading on the shares, "the Iraqi Land Transport"
If you trade on the ISX....look for a new company to be there on Sunday...the Iraqi Land Transport.....looks like their price per share at opening will be 2.170 dinar.
Oil and gas and the fight against corruption a top concern for the Iraqi economic conference - Canadian in Baghdad
Deputy Prime Minister for Economic Affairs reiterated the fact that Iraq remains concerned about financial and administrative corruption and continues the fight in these areas as Iraq continues to work on restructuring its economy.
Poverty rates on the rise in Iraq
More than 9.5 million of Iraq's 347 million people live below poverty lines. In some areas people get monthly salaries of $40 to $100 dollars per month that doesn't come close to even meeting daily needs of a family. Some believe the government is deceiving the public about real levels of poverty. There needs to be a new Social Security Law for the unemployed. Many slums even in and around Baghdad operate without water or electricity. Many in poverty depend on wealthy donors to help them get by.
Representatives Kurds meet with the Iraqi government in order to discuss the draft budget law
Short article that just confirms the meeting tomorrow.
Kurdistan: solving the problem of the oil lies Profile enactment of a law establishing the oil and Revenue Authority
This is a somewhat uplifting article from the Kurds talking about the oil and gas law that it should not be a political football, because the oil and gas is the ownership of all Iraqi citizens.....and we know the holdup with the oil and gas law is primarily what share of oil and gas exports will be given to the people.....the Kurds are again....similar to Monday....calling for a temporary understanding of thing to get the 2014 budget passed that too belongs to all of the Iraqi people. This article claims that by 2025 the world will be requiring 110 million barrels of oil and that in the coming years the only real candidates to save the world will be Iraq and Saudi Arabia.....very cocky attitude....but IMO....very plausible....the Iraqi's still have no real clue as to the amount of reserves they have under the sand.
Parliamentary Finance: dinar exchange rate falls and the economy is heading into the abyss
Members of the House of Representatives are getting nervous it seems....they see the dinar sliding against the dollar....and they fear they are heading into an abyss......they can't get Turki to return phone calls, he travels out of the country quite a bit, so they think....he sends others to committee meetings....it would seem that he is probably doing his job....as Governor of the CBI....he does not have to answer to these committees per se.....the committee members seem to think that he is bent on demolition of the economy.....I have to believe that Turki full well knows and understands what he is doing.....between him and Dr. Shabibi I believe they will be the savior of Iraq....in a way that will surprise their fellow Iraqis and also rock the world....or at least essential parts of it. Yes the natives are very restless at the moment......but tomorrow's meeting where he will be in attendance to discuss the issues that still remain with the Kurds.....could be a major eye opener.....stay tuned.
This wraps up the Wednesday morning news summaries....I hope you have enjoyed them....more to come