Recaps Note: Post dated 5-28-14 but was just posted in their forum tonight 5-30-14
Millionday Roundtable 5/28/14 Welcome To News Time With Millionday!
[millionday] so here we go
[[millionday] To all exchange companies and money transfer companies Based on the provisions of paragraph 2 of Article 4 of the code of the Central Bank of Iraq, and the decision of the Board of Directors taken at meeting number 1511 on 4/30/2014, the agreement is as follows:
1. All exchange companies are to purchase the dollar directly from the CBI (wire transfer or cash).
This is done through submitting an application to the foreign currency exchange window, following the mechanisims and instructions numbered 9/3/21 dated 1/26/2014.
[millionday] 2. Opening accounts in the Dinar and Dollar for the exchange companies for this bank should be done through the banking system (ICBS) for the purpose of foreign currency purchase. This should be done in the following manner:
[millionday] note -- the exchange of currency
[millionday] A. Current accounts will be opened in Dinars through the (ICBS) banking system for every company according to the request made by the company. The company is not provided with checkbooks for this account.
B. A code will be given to each account to deposit funds into the account through the (RTGS) system from the accounts of the exchanges.
[millionday] note -- they will actually be holding on their balance -- dinars
[millionday] with the finds of USD to do their work or how they have been funded -- the amount in the account will be accounted in dinar
[millionday] note -- and also :::
[millionday] C. An account will be opened using the Dollar for each company, and they will be provided checkbooks for the purpose of withdrawing the dollars sold by the bank, provided that this bank provides the names on the authorized withdrawals and copies of their signatures. The checkbooks are to be authorized exclusively for the purpose of withdrawing the dollar for it's purposes.
[millionday] note -- the US has demanded that any accounts held with usd is transparent for taxation purposes and the minimizing of money laundering
[millionday] D. As for the exchange, the companies will submit a formal letter signed and authorized (2 authorizations) entitled to The Direct General of Exchanges.
3. The company's quantity sold in cash should not exceed 20% of the company's capital for the purpose of direct sales.
[millionday] 4. Create units for supervising compliance and money laundering.
5. The money transfer companies are to provide us with the monthly balance, checked and signed by another legal accountant. This will show the extent of this company's commitment to instructions number 19 of the year 2014. With Respect, General Director of the Agency Abd Al-Abbas Khalaf Sultan
[sager] Millionday, would this be under FATCA?
millionday] FATCA requires that off shore accounts are declared by US citizens so that taxation is done and accounted for with compliance so i would say yes -- they too will be under that order
[lstar877] So they're still using usd. Are we looking for the day they only use dinars? Or am I wrong?
[millionday] they are talking about funds that are investment funds etc for projects and exchange companies -- not to be used on the streets for everyday purchase -- the dinar is the national currency
radronin] is this for the street vendors? Or, any company (including here stateside) for exchanges? Who is this message for?
[millionday] this is for exchange companies in iraq and banking in Iraq leaders or managers /owners etc
[millionday] here we go and this is huge
[millionday] lets read the whole thing and then chat about it
[millionday] central bank announced its plan for the current year to issue Hawwalath of the 91-day auctions held in the bank's headquarters. said a source at the bank said the plan included the establishment of 26 auction during this year, noting that the value of each auction of 200 billion dinars for the total amount Asdaria 5 trillion and 200 billion dinars.
The sale transfers the central bank to government departments and state-owned banks, one of the tools of monetary policy pursued by the central organizing levels of liquidity and control, as well as the achievement of financial benefit to government departments to participate in these auctions through interest rates and discount.
[millionday] note -- this is for province and government accounts and auctioning -- remember that interest rates are one of the tools needed for economic balance also -- this is for the monetary policy
[millionday] differ auctions organized by the Ministry of Finance for the sale of treasury transfers for Auctions central bank to sell Hawwalath a clear difference, as the treasury transfers are handled internally (inside Iraq), which is a bond issued by the government, of between three months and full year and do not bear interest but are sold at a discount given to its nominal value, and give The government has the benefit of cash is relatively low compared to the prevailing interest rate on bank loans because of the severity of the liquidity of these transfers stemming from the possibility deducted before the date of maturity at commercial banks.
[millionday] note -- remember we discussed the type of bond maturity etc - they are talking about the monetary penalties given for early funding
[millionday] which is payable borne by the Ministry of Finance to finance the deficit of my time, while remittances Bank sold to deduct a percentage of the amount of Asdaria to realize the benefit of the welfare services of minors and retirement.
central bank had approved in May 27 to hold a public auction for the sale of Hawwalath for 91-day and $ 200 billion dinars, where the sale amount of 96 billion and 400 million dinars from the amount Asdaria
[millionday] note -- this appears to be an auction that will be for the funding of benefits
[millionday] seems they are on the way to the citizens in the very near future
[millionday] stood interest rate multi-highest discount rate of 5 percent, participated auction 7 participants internalized by 5 banks and the Departments of retirement and care of minors and they provided was $ 101 billion and 400 million dinars.
was due to be held in the twenty-fourth of this month, another auction for the sale of remittances Bank in the amount of 200 billion dinars within the plan announced by the centr
millionday] this is all part of the plan set by CBI with their monetary policy -- we will have to watch how this plays out but seems to be current discussions
[millionday] brb with more
millionday] ruled out parliamentary sources to be approved this year's budget in 2014 before the end of the current parliamentary session, Marjaheen combined with next year's budget, while the Council has threatened Anbar province, yesterday filed a lawsuit against the House of Representatives for failing to approve the budget and caused a humanitarian crisis in the province.
was the House of Representatives has failed more than once to achieve the required quorum to pass a budget this year because of continuing differences between the blocks and the most prominent of the crisis on the oil from the Kurdistan region.
millionday] MP for the rule of law Abbas al-Bayati said the parliament will not be able to through the rest of life the current session of approving the budget, blaming political blocs responsibility delayed because of differences continuous, "noting that the National Alliance called during Ahtmall the last of the Presidium of the parliament to the need to hold an emergency session to approve the budget, hoping not to be combined with next year's budget because it would hurt the country's economy.
millionday] lol -- too funny - they wont be able to spend the rest of their lives passing this budget> how funny to put it that way --- sorry
[millionday] supported MP on the mass of the citizen parliamentary Mohammed commendable opinion of his colleague not to the possibility of approving the budget during this session, calling for the next parliament to expedite approval by and be at the forefront of his priorities,
bis claim not to be combined with next year's budget in 2015, which will lead to severe damage to the interests of all citizens and incurring all the joints of the country's economy losses are substantial.
[millionday] to the Prime Anbar Provincial Council morning Krhot that the council in the process of filing a lawsuit against the House of Representatives for failing to approving the budget, which is the cause of the humanitarian crisis of the province,
"noting that" the differences between the political blocs in parliament was a major cause of non-adoption of the budget, languish budget law in the inclusion of the House of Representatives has not completed his reading since it was approved by the cabinet in mid-January last year.
millionday] note -- i agree they must feel like they are just keeping them from getting their project money by now -- they must be so sick of not having work and being able to pride when they have the funding too -- just terrible
[millionday] ok so i am bored with this now so i am going to look for something else -- brb
[lstar877] So im usually the most positive person thinking we'll rv tomorrow but no budget no hcl.... is this really bad for our budget as investors?
[wmawhite] lstar877 ............the rv/ri/ir has zero to do with the budget.
[mrref1216] you are right
[lstar877] Thank you wmawhite that's a relief!
[mrref1216] HCL is very important
[8:56:40 PM] bandit060112: [wmawhite] lstar877 .......the change in the rate is the key to many things in Iraq....including the budget.
[jarhead] Have little to do with budget lol
[lstar877] Mrref1216 hcl funded by the budget?
blossom] pls. can u have millionday explain if the budget has to be passed for the rv to take place becuz I thought she said that? or I am mistaken
[millionday] no the budget does not have to be passed but i can not tell you if they plan to have it done at the same time they set the rates due the value change that will happen with the redenomination
[millionday] Basra Governorate Council, on Friday, the current parliament, which ends its session in accordance with the Constitution in 14 of the next month, all the consequences that would result from the integration of the budgets of 2014 and 2015 fiscal years.
alt A member of the Council Albzona morning for "Twilight News", "The House of Representatives will bear all the current violations, which will accompany the implementation of the provinces to Moisntin in one fiscal year due to the adoption of the budget in 2014 to disable it."
[millionday] note -- they are saying here that the implementation of this budget will off set the consequences that will come from the unconstitutional act of not passing the budget sooner
millionday] Albzona explained that "the completion rate for all provinces for the last fiscal year have been mixed, a specific budget for one, how is the case if the budgets of the two merged in one year?"
He pointed out that "it is difficult to be approved by the House of Representatives on the current budget, while the new House of Representatives will take time to validate the results of the elections and the holding of its first session and agree on naming the government, and therefore the financial year may be drawing to a close."
[millionday] note -- they are saying that they may start the new government with the new budget at the same time to stop consequences as well -- hmmm
millionday] Has not been able to Iraqi Council of Representatives and now after the end of the age of its approval of the federal budget for the year 2014 due to disagreements between the political blocs on the terms and clauses contained in the law.
And the form of the House of Representatives for the two committees, one triple, and the other Quad of the various parliamentary bloc, however, they Akhvgueta to reach a solution to the budget approval as a result of the dispute over the share of the province of Kurdistan, which seeks the federal government to deduct part of it as a lack of commitment by the provincial payment of dues to oil exports, and compel it to export 400 000 barrels daily
[millionday] the kurds are still being asked to produce 400,000 barrels but let me say this
[millionday] they have no problem producing the 400,000 barrels -- they just dont want to be obligated to have to have that amount instead of a portion and sometimes more etc
[millionday] so this all appears as if they are reaching an end to the debate on the budget or they are sick of it -- one of the two
[millionday] let me look for more -- brb
Pablo] Are those projects that you were speaking of still on tap to commence on Sun and do you still think they require an RV to begin?
[millionday] the UN gave a deadline of the 1st for the in country projects to begin and have ordered that timeline due to the constitution and the needs of the citizens ---- so they are supposed to be in a huge hurry with the budget so they can meet the timeline
lstar877] They're gonna wait til new government sits and my question is do they even NEED a rate for isx or could this go on forever?
[millionday] lstar877 the absolutely without a doubt need a reality rate for the isx and the world market
mimi] MD if u were to put a percentage on this happening in June with what u know to be true what would u say? And please don't say 50-50. lol
millionday] mimi i only have what has been said in ink -- they have stated that is the middle fo the year 2014 they are planning to move to a market economy and that requires a reality rate
lstar877] Didn't they just start selling bonds for project money so now they have money again
millionday] they gave bonds out as a form of payment of the debts they owed matures in 2028 at an interest of 8% +
star877] Oh ok so not for project money but to pay debts. Thank you so much millionday.
[millionday] they have stated that they will be selling them as well and that they will be on their markets and also a provincial and government tool for funding projects but
millionday] CBI stated that they would not give out local or federal funds until the budget is passed and that is supposed to be within two days according to the UN
[poppy3] millionday HAVEN'T THEY PUT IN INC. THAT THEY WILL HAVE A ISX TRADABLE CURRENCY IN THE MONTH OF JUNE OR THE MIDDLE OF 2014 AND WE IS THERE BEGINNING TOMORROW.
SOUND PRETTY SOLID TO ME.
THAT WAS SAID SEVERAL TIME BY SEVERAL PEOPLE IN THE CBI AND GOI. POPPY3
[millionday] why what did i say ?
[poppy3] millionday AMEN I CAN DEAL WITH TWO DAYS. POPPY3
quicktolegit96] Do they in fact know who the new PM is gonna be (will they announce this first week of June you think) meaning do they have one potentially selected? I know M is bouncing around like a PING PONG BALL
[millionday] poppy3 amen -- now if they will stick to it we can finally see some projects get started and gov accounts getting funded
[lstar877] Two days for the budget well thats great news but all the other news says when the new government is seated. Iraq is confusing
[poppy3] millionday AMEN AND AMEN. I WAS TOLD BY SOURCES NOT IN PRINT THAT YES THEY ALREADY KNOW WHOM THEY ARE GOING TO APPOINT PM BUT WE WILL NOT KNOW TILL A OFFICIAL ANNOUNCEMENT.
I AGREE WITH OTHERS THAT HAKIM IS JUST STRINGING MALIKI ALONG TILL THEY ARE READY TO BUST HIS CHOPS AND SEND HIM PACKING. POPPY3
[millionday] they have brought up a few different PM`s and have also brought up a kurd president -- but it used to have most to do with politics and that has now shifted -- it now has to do with the flow of funding and the rush for economic balance and supply and demand (market economy)
[poppy3] lstar877 THEY CONSIDER WHEN THE NEW PM IS NAMED THAT THE NEW GOI WILL BE FORMED. POPPY3
[poppy3] millionday YOU ARE THE BEST AND ARE ABSOLUTELY CORRECT THE SHIFT HAS BEEN MADE SINCE THE ELECTIONS AND THEY KNOW THEY WILL NOW PUT THEIR BIG BOY BRITCHES ON. POPPY3
uicktolegit96] Do you think M has worked any kind of back room deals and done an RV to get re-elected?