Post From KTFA By aggiedad77 » June 2nd, 2014 • Monday Morning News Summaries
The appearance of Mohammed Saleh: delayed adoption of the budget halted investment projects:deletion zeros
Dr. Mohammed Saleh was again interviewed concerning the economic situation, the budget and the lifting of the 000's....he stresses that the lack of the budget has led to halting of all new projects in the provinces...
.the budget needs to be approved to bring about economic stability for Iraq.....he also goes on to say that the deletion of the 000's will improve the level of confidence in the cash currency for Iraqi's....and will assist with the MR.....
without the budget being in place projects cannot be carried out....it becomes very difficult to fun such things as the army, police and other essential services.....it is being suggested that Saleh be asked to audit previous years budget accounts.
Inclusion of all banks operating in Iraq stock market
The Economic Committee of the COM has made a decision to include all banks who are licensed and operating in Iraq in the Iraqi Stock Exchange.....this should increase the trading process in the ISX.....and is believe it will also lead to the revitalization of the economy.....someone asked why there has been a decline in the work market for this year....
well d'uh....there is no budget and not only does that adversely affect the economy and overall financial outlook for Iraq, it impacts the ISX business as well....the spokesperson claims that many public sector companies need to be transferred to the private sector to improve things as well.
Financial Supervision: Iraqi funds in the safe after the lifting of immunity by
The Iraqi Federal Audit Court has determined that the DFI monies are believed to be safe after the immunity of the funds were lifted by the US.....they are quoted as saying that the lack of any suits to surface to date points to the safety measures that were put in place to protect the funds at this time.
Concerned: non-adoption of the budget is causing economic recession
Welcome to our world.....Iraqi experts are calling for a recession to follow soon because of the failure to this point in passing the 2014 budget......a lack of liquidity has led to increases in supply but decreases in demand and continues to add to the confusion of the whole economic process.....
it appears that the Financial Administration Act allows for 1/12 payments of certain things when there is no budget in place...these would include salaries, debt, payment of obligations, pensions, social security and nothing more....wondering if this has been taking place.....
there is also some discussion surrounding the CBI's latest announcement letting money transfer companies to deal directly with the CBI.....some are concerned this will have an adverse affect on the economy due to these companies transferring currency abroad....this decision from the CBI will also cause private banks to have to look for other funding sources in their attempts to enhance their development processes.
Iraqi Planning: government employees are over 3 times the actual need
The Ministry of Planning has released information pertaining to government employees and points to the fact that there are 3 times the number of state employees actually needed to get work done.....
wow....a government that actually admits they have people on the payroll who do nothing.....amazing.
The development plans for years 2013-2017 actually call for the migration of many state employees to the private sector....probably can't happen soon enough....duration of work out of a 6 hour day....17 minutes....
yes you read that right 17 minutes!!!! This causes a big increase in the operating budget at the expense of the investment budget....so fewer things get done with regard to projects...meanwhile more people get paid for doing nothing.
Kurdistan's Massoud Barzani in Germany for treatment
While on his tour of Europe Barzani is also making a stop in Germany for "treatment" and for a complete checkup.....I'm wondering out loud here if he is anticipating getting the Iraqi Presidency and wants to assure the people that he is healthy to handle the job....just musing about it.....he will also be visiting with other European leaders in an attempt to generate further interest in the Kurdistan.
Parliament: the Amoisna in 2014, before it was amended by the Government
There apparently are some rules in place that the sitting Parliament may not end its session without first passing a budget.....meaning they cannot pass that task on to the new Parliament and government to tackle....
but there may be a movement to change or circumvent this requirement....meanwhile the Legal Committee has determined that it would be impossible to combine the 2014 and 2015 years together into one budget....
I think that is a good thing.....meanwhile the current Parliament is making no move to convene in session now or in the next 13 days when they cease to exist.....it is also in this time frame that the Federal Judiciary will ratify the election process....so much at a complete standstill at the moment...so sad.
Views allow the central bank to buy dollars from the auction
The CBI is seen by some experts as changing their monetary policies from time to time depending on what they see of market requirements....this is their attempt to keep the exchange rate of the dinar against foreign currencies stable.....this should also reduce the exchange rate of the dollar against the Iraqi dinar....
yet another expert believes that money laundering operations may increase due to the money transfer companies being allowed to deal directly with the CBI whereas in the past the money laundering could be contained to just some banks.
Central Bank: the failure to approve the budget and did not get hurt Bahtiattiyatna to 100 billion dollars
The CBI is contributing the lack of an approved budget to the reason they have not yet attained $100 billion dollars in their reserves.....Turki also admits to selling dollars to the government.....
this puts them on thin ice it would seem....hoping they are not seeing their reserves shrink just to keep the government afloat.....the Ministry of Finance is the one that appears guilty of pulling funds from the CBI.....
in October 2013 the reserves stood at $76 billion 500 million dollars....but I believe since the first of the year with gold purchases they have pushed that total to between $80-88 billion dollars.
Chairman of the Securities Commission's (statement): Insert all banks operating in Iraq stock market
Another view of the decision by the Chairman of the Securities Commission to allow all licensed banks operating in Iraq to participate in the Iraqi Stock Exchange.
Iraq starts exporting oil from the new floating platform
This new platform will be a positive thing for the Basra area in regards to oil exports....improving things by 80 million barrels of oil per day.....bring on the supertankers.
Parliament to extend the work while holding the first meeting of the new session
So Speaker Najafi feels he can extend the time of the current Parliament to continue in place until the new Parliament is named and in place.....claims this does not require a decision by the Federal Court.....
well their jobs should be mighty easy....do nothing, hold no sessions.....just as they have since the first of April....kick back and put everything on cruise control...after all what is left for us to do....oh yeah....the budget....we will....probably not do too much with that.
Yildiz: Kurdistan oil does not belong to Turkey and is free to sell on world markets
At last someone confirming what I have been thinking.....the Turkish government has not bought any of the Kurd oil....they merely store it at Ceyhan, Turkey for the Kurds....it has been sold on the high seas thus far and shipped to Europe...the Turkish government reiterates that the Kurds own the oil and can sell to whom they please.
Kurdistan: 22 companies want to buy oil region and measures the center will not work
The Kurds have 22 companies bidding to purchase their oil....a bidding war...sell to the highest bidder...meanwhile SOMO says that what they are doing is not legal and may attempt to prevent any further sales.....
IMO...there is great arrogance on both sides of the negotiation table they both need to buck up and realize that the Kurds have their poop together and are capable of selling their own oil....just deal with it.
Smuggling of oil from the region is facing book imports in Turkish banks and the separation of Kurdistan from Iraq as part of "Plan B."
This article is chock full of opinions of Iraqi citizens, who are cloaked behind fake names that speak their opinion of the Kurd oil situation.....none can be taken to heart....as they carry absolutely zero weight with anyone....
just an editorial....Barzani and his government are still in place and they continue to push their oil through the pipeline they constructed with Turkey and are actively seeking other buyers for their oil....on with the show....
is there any truth to oil being smuggled across the border into Turkey....no doubt....but that is the problem for the Iraqi government to deal with.
The first shipment of oil through a pipeline of Kurdistan are heading to Morocco
An oil tanker that left Ceyhan, Turkey supposedly headed to the US was rerouted and is now headed to Morocco...more debate over the legality of what the Kurds are continuing to do.
International desire to buy oil from the region
The Kurds are announcing that the oil they have recently sold through Ceyhan, Turkey has gone for $100-105 dollars per barrel and they have sold as much as 2.5 million barrels to Germany and Italy.....now they have as many as 22 other European and US companies interested in their oil....times are good for the Kurds.
Commission: We have received more than 833 appeals and the results will appear after ten days
The Iraqi Electoral Commission reports that more than 833 appeals were lodged during the time period for submitting appeals....they also say that the report on these appeals will be ready within 10 days of the cutoff date for receiving them.....619 of the appeals have been sent to the Judiciary for review...