Millionday News Time 5/16/14 Part 1
Welcome To Friday Night News Time With Millionday!
[millionday] here we go
[millionday] Bey revealed the governor of the Iraqi Central Abdel Basset Turki from near the opening of branches of U.S. banks and the French and Lebanese in Iraq.
Turki said in a special statement (the statement), it will soon be opening branches of U.S. banks, including Pocket Morkn and Citibank, noting that the investment opportunities that would be granted to these banks will not be available in the same way for other banks in Baghdad.
He said the number of Lebanese banks submitted their requests to work in Iraq as the work permit has been granted to three of them as well as requests for French banks.
[millionday] note -- investment banks is what we expect to see with the statement from Turki of how they will proceed with the activation of the economic reform
[millionday] meaning -- the international investments --
[millionday] He said the Central Bank of Iraq has a bill to regulate the work of banks and anti-money laundering as well as the draft of the new law of the Iraqi Central Bank.
He said that Iraq will provide more opportunities for investment For these banks to exercise its role, noting that the Central Bank of Iraq is a sponsor and an observer of the banks operating in Iraq.
[millionday] note -- the observer role is because they are an international bank and will not be monitored as the private banks will be
[millionday] WHOOOPOW >>>>And the project to delete the zeros of the central bank governor said that the new measures will be there by the middle of this year, the bank raised about the new currency and the deletion of zeros, indicating that the bank has a very large mass of cash.
He added that the Central Bank of Iraq in connection with a credit rating of private banks in Iraq during the next term for the nomination of the first tranche developed for these banks to exercise receive deposits from the government of Iraq and
[Richard Incrocci] Whooop Whooop
[millionday] note -- the credit rating has not been brought up from the time they first announced they were working to receive it in the last six months or so --
[millionday] the provision of services to the government, adding that he will then move on to all the Iraqi banking system concerning the acceptance of deposits and credit organization.
He stressed that the bank is keen to be Iraq’s banking system during the first half of the year 2015 completely unprepared to receive all modern services and advanced applications in the banking world
[millionday] the iraqi banks are not all prepared for international banking and this is saying that the international banking will cover services that are not offered by some of the iraqi banks for a year -- they expect all banks to be prepared and set by the middle of next year -- very nice
[angus] how does their yr run jan to dec. ?
[millionday] obviously what we are seeing is a completely different place than what we were in -- the talk of how they are going to do banking for the international entry is all great to see and read -- whooop whoooop
[ROBINREDHED] angus yes
[millionday] THIS WAS BROUGHT TO US BY ONE OF OUR MEMBERS -- AND THANK YOU
[millionday] here we go
[millionday] so yesterday i was sent a report and i came in and talked about it and did a small roundtable about this report -- i would like to address it again -- here we go
[millionday] Confirmed a number of specialists and economists that there is diversity in the basket of currencies of the Iraqi order to develop and activate the economic process in the country, while the student a number of specialists structural reforms to work the economic sector.
Says economist Faraj Saad Allah of the best solutions to address the low value Aldenarabraghi against other currencies is the diversity of the reserve with the Central Bank «reasoned that it« will make us deal with the exchange rate of the dinar according to the real value of it.
[Richard Incrocci] exchange rate of the dinar according to the real value of it. Whoop Whooop
[radronin] Whoop Whoopowwwww!!!
[millionday] note -- so what we see in this report is massive information but in this part -- we have multiple economists that are discussing how to pair the dinar and move to address the real value of the exchange rate for the dinar
[millionday] they are discussing here the basket of currencies which is the rate you see on CBI site -- SDR
[millionday] that is the combination of leading currencies and the calculation of its comparison for a fair trade rate ---
[millionday] But he pointed out that there are procedures that must be taken before getting to the basket of currencies in the forefront of non-dependence of the economy on oil, but on all economic activities so that they are all one block ».
And a basket of currencies means that the selection of a range of currencies with average weights as a measure of value. And is commonly used in contracts as a means to avoid or minimize the risk of currency fluctuation.,
And expressed his conviction that it would «activation of these sectors to be of effect in the recruitment of GNP of Iraq, noting that this is not taken only through the support of industry and agriculture in all its aspects, in addition to supporting the primers Small.
[millionday] note -- GNP is gross national product
[millionday] note -- also they are discussing the pairing with the USD and also the pairing of the SDR
[millionday] the USD is fluctuating and has been for a long time -- the results of the USD fluctuating has a result of the currency basket fluctuating and also of course the results we all see in pricing and global economics in all forms
[millionday] note -- the goal they are stating is to stop that and not expose Iraqi dinar to that --- but the time consumptions to calculate and change the pairing to the sdr from the USD is too much
[millionday] And that this support «will generate economic activity in the market and will give a tributary of New noting that« in the case of the interaction of all sectors .. then we disengagement dinar to the dollar. promised Saadallah, Iraq's dependence entirely on oil revenues and put them in the future fund or cash reserve , is not enough.
said we must give ourselves the chance a year or two even interact sectors because Iraq active on the regional and international level then say NFC link and make a basket of currencies ».
while industrial Mohammed fair has called for speeding up to be a basket of currencies,« on the grounds that it would float the Iraqi dinar to the dollar for the purposes of import case if other currencies. expressed his objection to talk about the dominance of the dollar on the Iraqi economy because
[clay] if they r not global they have no GNP yet correct and if so how do they set the rate
[millionday] the gross national product is what they produce in the country as in oil is a huge part of that and is going down in % as they change with agriculture and industry etc ---
[clay] millionday so do they estimate or already know sorry to bother confused
[millionday] so yes they have national products and productions ---- the calculation for the GNP is used to calculate the GDP and stats for multiple things for each country --
[millionday] it will change in what the amount is and in this case what the % is ---- this will change as Iraq -- "goes global" and also expands as a productive country
[Imperator] why do think the dollar is fluctuating? It has barely moved in six months. If anything their currency has been fluctuating.
[millionday] here comes the rest of this report maybe they will explain their way of thinking on the fluctuating
[millionday] Imperator lol
[Imperator] i am happy either way, as long they tie it with a reality rate!
[millionday] no reason for sorry my friend -- this is confusing and i am glad we can try to make sense of it
[millionday] so there are more things that they mean when they are discussing the USD and it is not just the value but also the confidence in the market due to the deficit -- also how it is backed --
[millionday] the dollar is not dominant only in Iraq, but in all the regions of the Middle East, being the currency of a major task. stressed that «this decision (basket) takes time and effort, and it needs a decision by the Central Bank of Iraq because it is primarily responsible for this subject.
noteworthy that the last five years have seen a continuous decline of the dollar against the various major international currencies, like the euro, which is the second most important international currency after the dollar and the pound sterling and the Japanese yen.
[millionday] note -- so as we see -- when they do these audits or studies -- they take into account the impact on the region as well --[millionday] note as they state here --- the USD has declined and has had an impact on the whole region ---
[millionday] note -- the best part >>> THERE IS NOT ENOUGH TIME TO CHANGE IT TO THE SDR FOR PAIRING INSTEAD OF THE USD
[millionday] AGAIN -- NOT ENOUGH TIME
[millionday] AND ALSO THE ACTIVATION SEEMS TO BE STATED HERE BY TURKI TO BE THE MIDDLE OF THIS YEAR ----
[millionday] note --- we are not far from the middle of the year in fact we are sitting on it
[millionday] encourages the administration devaluation of the dollar in order to increase U.S. exports and reduce the trade balance deficit, which means reducing the external debt rising to the United States of America, and on this basis, the phenomenon of the dollar's decline is a way intended to enhance the competitiveness of U.S. exports at the expense of exports of competition for foreign markets , especially exports, European, Japanese and Chinese.
considers the magnitude of the trading volume in dollars around the world in which up to about three trillion in year one of the main reasons that make any fluctuation in the exchange rate affecting the assessment of the rest of the currencies, as reflected fluctuations and disorder in the price of the dollar on the prices of goods and services
[millionday] note -- so there we have the many reasons that the best pairing for the IQD is not the USD but the time line as they have stated only leaves time for that equation
[millionday] note -- i want to bring the last part of this - of course the report in itself coming out right now is news in itself imo
[millionday] . For his part, pointed out the economic researcher peace problem he should we as a country that Anatmd on only one coin,. believes he must hasten also hastened the Gulf States and China, which maintains a reserve of up to about a trillion and a half to diversify the majority of their currencies, and pointed out that the United States itself maintains currencies other than the currency come about from their manufacturers Aldkhmon belonging to General Motors Corporation in Korea and Japan.
Regarding the impact of fluctuations that occurred in the U.S. dollar exchange rate on the movement of import and export in Iraq, says the researcher as Abdul Hadi: the fluctuations that occur at the level of major currencies (dollar, euro) greatly affect all countries of the world at different rates,
[millionday] note -- so the changes in all countries economically make the major currencies fluctuate due to the market that is done in the USD or the euro --
[millionday] i hope that makes sense -- here comes the last part
[millionday] SMILE >>>>>>>> and this applies to Iraq, especially as he associated economic relations with the countries of Europe dealing in euros and other countries dealing in dollars.
added that affected Iraq fluctuations in international exchange rates increased after the lifting of the siege, and his return to the international arena due to the international economic relations existing through imports, exports and cash reserves that are kept.
Therefore put on the scene the idea of switching to a basket of currencies or the policy of adhering to constantly linking the local currency to the dollar.