Millionday News 6/6/14 Part 1
Welcome To Friday Night News Time With Millionday!
millionday] here we go
[millionday] - Hussein al-Tamimi Tgb drew competent affairs banking Samir Nasiri that the Iraqi banking sector is the mainstay for the construction of a national economy free strengthens the pillars of the state and pays out about the process of economic growth and stability if the bases in the construction sector strong and solid and based on scientific planning and full of competence and experience and confidence in the national capacity,
[millionday] note -- the heart of the move for reforms and infrastructure and investment -- muullah!! is the CBI
[millionday] especially if he can this sector that contributes to the development plans and investment in terms of construction and economic growth. loop funding added in an interview for the "morning" that the banks and investment twins go hand in hand to make the process of growth and development on a sustainable basis,
especially as the sector Iraqi banking is a vicious financing first and main activities of investment and that the current stage requires Today more than ever, opening the way for banks to work with ease and efficiency to contribute to the support of investment because it is nerve President of the growth and evolution and development
[millionday] note -- they are saying the act of all tools the CBI has is needed right now so that Iraq can move forward -- actually said today[millionday] not meaning a date -- just saying right away
[millionday] (54) banks and pointed out that the Iraqi banking sector consists Central Bank of Iraq and (54) banks after it was in 2011 (46) banks which (6) state banks and 48 private banks were distributed to 23 commercial banks and 13 branches of foreign banks and 12 banks Islamists have ranged foreign contributions with private banks Iraqi (10-81) percent.
weakness contribute Alnasiri between that all the indicators issued by the World Bank and the International Monetary Fund and the Ministry of Planning and the Central Bank of Iraq confirms the weakness of the contribution of the banking sector in Iraq, the process of development and investment, pointing to the for that matter this reasons many challenges,
millionday] note -- all banking and international organizations are saying that the hold up lies with CBI to move forward and it is the heart of all they have to do
[millionday] notably the rent economy depends on its resources on oil, which constitute a contribution according to official statistics for 2012 (54.7 percent) of GDP and up to 90 percent of the resources of the general budget for 2014, so it is all the other economic sectors ranging contribution between (1.3 to 14.5) percent, a modest contributions.
anisotropic growth and pointed out that the rates of contribution of the banking sector in GDP for 2012 recorded a growth of mixed until he arrived in 2012 to 8 percent, however, this ratio is low compared with the banking sectors It also states that the regional distribution of cash credit granted to a limited economic sectors as well.
[millionday] note -- they are stating that the banking sector industry -- needs to be activated to contribute to the gdp for the balance to be at a better place for calculations in their planning -- it should and would raise the % and gdp
[millionday] Since the rise of these proportions to the standard rates to contribute to the economic development requires the growth of the banking sector and repaired by bypassing the challenges currently faced by so he worked the CBI in the past (2003 - 2013) on the application of mechanisms of monetary policy prudent for the purpose of achieving monetary stability and reduce inflation and building a cash reserve foreigner arrived 80 billion and $ 90 tons of gold. exchange rate has increased,
saying it is a cover to maintain the exchange rate of the Iraqi dinar compared with foreign currencies, especially the U.S. dollar, and during the years 2012, 2013 and 2014 had an important role to play and a key to install policies above and
millionday] in particularly in the area of supervision and control on the Iraqi banking sector and guidance trends that achieve the goals central in economic construction and lay the foundations and the foundations of the transition to a market economy as referred to in Article 25 of the Constitution of Iraq permanent.
evolution of assets where there has been during the period (2003-2014) the development of a clear the results of the activity of the banking operations, according to official data issued by the Central Bank of Iraq for the years (2011 - 2012)
[millionday] note -- they are talking about the role the banking sector plays in the development of Iraq and also the move to a global economy --- market economy -- also the constitution needs to be respected as in article 25 and move the economy through the monetary policy and the reforms in place for that act
[millionday] where developed assets of the banking sector increased by 33 percent and capital increased by 47.5 percent and cash credit granted to 60 percent and deposits 28 percent.
Preliminary data also indicates private banks Iraqi in 2013 to achieve an important development in the profitability ratio (10-36) percent in the Return on Assets (4-10) percent and employ money (investments + cash credit) / deposits (40-158) percent and the liquidity ratio (50-310) percent and the proportion of Leverage (capital / deposits) (125-479) percent.
millionday] obviously their position has changed in a huge way --- so they are stating that moving forward to a market economy is not only constitutionally compliant but it is also time in order to move forward with ministry of planning
[millionday] here we go
[millionday] Fatlawi noted economic expert to the necessity of activating the role of the private sector to identify obstacles that limit the development of the productive energies and weaken its competitiveness.
said the expert d. Mahdi Muhsin: that promote the role of the private sector would relieve the burden on the state budget and the development of diversifying the sources of incomes.
[millionday] added enhancer "morning" that in order to strengthen this role must adopt policies that are flexible and respond to economic changes of local and international works to encourage him, pointing to the need to Reload economic legislation in support of the approach and the market economy that operates on the resettlement of local capital and restore migratory as well as attracting foreign investment and the transfer of modern technology and raising the level of quality.
[millionday] the diversification of incomes can only happen in a country with growth in the private sector -- that only grows with policies in place and also with added market abilities -- they have to move to a market economy so they can grow in all aspects and are calling for the move to a market economy -- smile
[millionday] love when they read our minds
[golfmanone] Any idea how long it would take them to make the transition to a market economy?
[millionday] i would say with all they have in place that they are capable with the isx hooked up and headed for the omx platform that it could be anytime -- the laws are in place and they are not under immunity any longer
[millionday] they also have data entry and e-government in place and viable investors waiting at the bit
[Pablo] What's holding them up then, waiting for election results?
[millionday] i would say the election results are done and they are meeting with the kurds to do the budget -- distribution -- hcl --article 140 -gov formation-- i dont think they are waiting on this i just think they are doing this -- the market going to the global platform is not work and labor effective without an actual reason
millionday] we have reports from roundtable that stated both iraq and the kurds are ready to use their petro dollars for development and for distribution
[millionday] so that in itself is very very encouraging -- citizens are not all at home
[millionday] whoopow -- i agree
[millionday] see that is the one point that most miss -- this goes to citizens -- they have many in other places --- some are abroad at school some just somewhere else -- however not all in country
[Smokey Mtn. Dinar] So are the Kurds and the rest of the GOI in Baghdad right now, resolving the budget, Article 140, and HCL?
[millionday] they said in a few days or a couple a few days ago so we are waiting on news from it or of it
[millionday] i may have something tonight on it -- we shall see
[millionday] one thing is that the kurds have said they are all coming and are very encouraged or something to that effect
[millionday] brb with more
[millionday] here we go -- this is very interesting and was sent to me -- with the announcement of the strategic framework being activated this is great
[millionday] Include the process of institution-building aspects of the legislative and technical also be the level of Iraq's need for foreign expertise to contribute to the reconstruction, here is a must for Iraq to consolidate its relations with the United States, especially in light of an agreement strategy aspires lot of countries in the world to be her ideals.
Iraq has been on high economic growth and rapid population growth, and these constitute important factors in attracting international companies, but the rigidity of some laws and not to keep pace with the development in foreign dealings, in addition to the security situation in parts of Iraq precludes providing a suitable environment to attract international companies, especially the U.S. to enter the Iraqi market.
[millionday] interaction with international organizations, such as the World Bank or the International Monetary Fund in Washington, plays an important role in supporting the process of internal development, so it is necessary to develop a strategy to deal with these organizations make the most of them in achieving the goals that aspires Iraq to achieve.
It also gaining civil society organizations, such as human rights groups and others, the importance of promoting the values of democracy, consolidate the concepts of human rights and fundamental freedoms of individuals, and that the activation of the role of these organizations and support activity is a measure of the extent of the country's progress in the field of democracy and
[millionday] and enhances the strength of The political system in its relationship with the people and the international community, supports the state's efforts in the fight against manifestations of financial and administrative corruption and the adoption of standards of integrity and to promote transparency and accountability within the institutions of the state and with the citizen.
Iraq seeks to establish good relations with all countries, especially with the United States, built on the basis of common interests mutual respect and non-interference in internal affairs. That there are some differences in the visions with the United States and other countries is normal in international relations and is not considered a decline in relations,
[millionday] note -- this is all of the great positives that will come from the activation of the sfa
[millionday] the converging goals sometimes have to diverge sometimes the other, but requires it to clarify positions and the real motives and in line with the principles of partnership between states. Iraq has been able to come out of the judgment of guardianship to become a reliable partner in the international area fraught with variables that threaten the security and stability.
It also developed a relationship of friendship with the United States to be as described by President Obama as "the normal relationship based on common interests and mutual respect." So we must invest this important relationship more effectively. * Iraq's ambassador to the United States---(written by)
[millionday] smile love it -- so there is a great reasoning behind why we should be excited over the meeting to activate the signed agreement
[naphtali] ? Not a Question, Just whooooopppp
[millionday] me either – WHOOOOOPOW LOL
[millionday] that was a great one and made much sense and can you believe that is the position that they are in ? this is great