Post From KTFA By aggiedad77 » April 13th, 2014, Sunday News Summaries
CBI: 90 trillion dinars size of the financial reserve
Well for the month of February 2014 the reserves in the CBI grew to an equivalent of 90 trillion dinars.....putting Iraq in a financially stable position....so says the CBI.
Central Bank reserves exclude reach 100 billion dollars for "feeding the expansion of foreign trade" for the private sector
So in equivalency terms the CBI hard cash reserves stand at $100 billion dollars....somewhat due to foreign trade in the private sector....thru the daily auctions the dollar remains in high demand.
Iraq is preparing to offer a program of the World Bank for a loan and bridging the budget deficit
While meeting with the IMF and World Bank in Washington, the Iraqi's are said to be preparing a program to present to the WB for a loan that would cover the budget deficit amount for 2014....
these are just talks at this point in time, no loan has transpired....and I have to wonder what deficit number they would be seeking as a loan amount....since a number of different deficits have been thrown around.
Staff: interest banks «heavy» eat a third of our salaries and we suggest 4%
What an interesting concept, get a loan....an advance of salary by percentage that was done in 2011.....charging between 8 and 11% interest.....with no required collateral....
but now today the employees are complaining that the payments are adversely affecting their ability to provide sufficient income for their family.....sounds vaguely familiar.....
being approved for more loan than the household can support I mean.....people are now going to the COM to get the interest rates reduced down to the neighborhood of 4%....
some are also asking for extending the payback period from 10 to 15 years.....what a slipshod way to run a loan process....IMO.
Defining Prosperity in the Kurdistan Region
Within the Kurdistan region.....as the poor get poorer the rich get richer during this standoff between the Kurds and Baghdad over budget issues.....under normal circumstances the Kurd government spends most of its money paying salaries to employees....
but at the same time the private industry sector is starting to be noticed more and more.....many Kurds are starting to question why some benefit more than others.....it seems they do not have a good grip on the meaning of prosperity....
meanwhile the Kurd government has invested in developing a 5-year plan through the Ministry of Planning....but as of this time it is unknown if the applicable ministries have implemented the objectives of the plan.....
the areas of dispute between the Kurds and Baghdad seem to be suffering the most because of the mismanagement from Baghdad and they must have things approved by both governments.....life is not easy for these folks.
In a ceremony attended by the (Justice) to display the latest vehicles in Arbil Company (Ford) announces the opening of a branch in Baghdad and double its sales in the Iraqi market
Ford and Lincoln will be opening up soon in Baghdad, Erbil, and Basra....doubling its sales in the Iraqi market....Ford's presence in the Iraqi market dates back 60 years.
Expert calls for the deletion of zeros from the current currency instead of printing new currency cash
This particular economist believes that the CBI should/will go forward with the deletion of the 000's and by doing so it will lower the current inflation rate....which IMO is already low.....and will reduce the large cash trading currencies in the domestic market....
the new currency will most assuredly minimize the counterfeiting.......guess I don't agree with him about reducing the amount of theft.....not sure how the new currency or lifting the 000's would have an impact on that at all.
News Summaries for today ** Randy