Millionday Roundtable 1/30/15 Part 2
Welcome to dinarupdates.com for Roundtable with Millionday!
allinxpress: With the announcement by the CBI and GOI that they are ready, why would we need more banking laws to pass before this happens?
Millionday: THESE ARE INVESTMENT LAWS FOR THE MARKET AND INVESTORS -- NOT BANKING AS FAR AS I SEE
coco1: So they would have to have a functioning market in order to promote, right?
Millionday: COCO -- THEY WOULD HAVE HAVE A MARKET ECONOMY OR IT WOULD BE POINTLESS TO EVEN BUY A TICKET FOR TRAVEL IMO
RML: From your perspective, do we know what event (if there is one) will be the tipping point for the CBI to confirm that the GOI has sufficiently linked the GOI's obligation to cover its debts (i.e., to cover the debt instruments [our beloved dinar]) of the Country?
Millionday: YES -- THE ANNOUNCEMENT FROM CBI THAT THEY CAN COVER THE BUDGET AND THAT HAS HAPPENED -- THIS YEAR HAS IN IT THE DEBT AMOUNT NEEDED PER AGREEMENTS
RRathbun: Comment - It looks to me like Iraq is going to show the investors a rough diamond and ask their thoughts on how they want it faceted. That's a good thing.
allinxpress: Are there any baking laws we need to get passed that you know of?
Millionday: ALLIN -- NOT THAT I KNOW OF -- THERE ARE MANY THAT NEED ACTIVATED -- HOWEVER THE BANKING REFORM HAS BEEN CONCLUDED
Millionday: RRATH -- I AGREE -- AND THEY PLAN TO MAKE SURE THEY HAVE NOT MISSED SOME WESTERN ETC WAYS OF BUSINESS -- THEY WANT THE LAW TO BE EXACTLY WHAT IS NEEDED BY ALL
diane1: Are we waiting for the budget to be posted into the Gazette along with other pertinent laws
Millionday: YES THE LAWS WILL HAVE TO BE PRINTED IN THE GAZETTE TO BE LAW AS WELL
Dianne777: so are they using the poss of an rv to lure in the investors? I know they did a couple yrs ago in London
Millionday: DIANNE -- THEY ARE USING THE HUGE PROMOTION OF THE DEVELOPMENT PLANS AND HOW MUCH THERE IS TO PROSPER FROM
RML: Thank you. Here in the ol US of A, the central bank "buys" (and resells) treasury bonds to cover expenses. Is the CBI doing this as well?
Millionday: YES THEY ARE -- THE SECONDARY MARKET HAS BONDS THAT CBI HAS ANNOUNCED A COUPLE DAYS AGO TO BE ABLE TO BE COVERED
RML: That to me, says it all. God bless us all...
Millionday: THAT IS HUGE RML --
Millionday: The Minister of Higher Education and Scientific Research, Hussain al-Shahristani, on Thursday, that the ministry has prepared a draft law allowing foreign universities to open branches in Iraq.
The ministry said in a statement received by the agency / information / copy of it, "Shahristani search Thursday, with the Iranian delegation that included Cultural Counselor at the Embassy of the Islamic Republic in Baghdad, Sheikh Ghulam Reza Abadhira, and Deputy Chairman Mustafa International University Mahdavi Mehr scientific and cultural cooperation between the two countries.
Millionday: NOTE -- THIS MAY NOT SEEM IMPORTANT IN ALL OF THIS BUT THINK ABOUT YOUR CHILDREN AND WHAT THEY WOULD NEED TO GO TO IRAQ FOR EDUCATING -----
A VISA OR MASTERCARD AND A WAY TO EXCHANGE FUNDING
Millionday: He Shahristani according to the statement "the importance of the development of scientific, academic and economic cooperation with neighboring Iran, in order to serve the interests of the two peoples,"
pointing out that "the Ministry of Education is keen to communicate with international universities and build bridges of cooperation and exchange of experiences, and hold joint academic conferences.
Millionday: >>He explained that "the ministry has prepared a draft law allowing foreign universities to open branches in Iraq, as the ministry pending the enactment of this Act in the House of Representatives for the work done.
Millionday: For his part, the delegation expressed the need to strengthen the scientific and academic cooperation between Iran and Iraq, wishing the adoption of special laws to open branches of the universities as they provide the possibility of legislation to strengthen the university mutual relations between the two countries.
Millionday: SO AS WE SEE -- EVEN THE THOUGHT OF FOREIGN UNIVERSITIES OPENS UP SO MANY QUESTIONS -- THE FUNDING WOULD COME FROM THEIR INVESTMENT AND WOULD NEED AN EXCHANGE FOR IRAQ PURCHASING -- IT ONLY MAKES SENSE
tbob: so once budget is law and they open it up -- iyo will it be at 1166 and then adjusted?
Millionday: YESTERDAY -- ABADI CALLED FOR THE REFORMS, THE GOV PROGRAMS AND ALSO THE BUDGET REFORM TO BE COMPLETED –
SO AT THIS POINT I KNOW THAT THE BUDGET AMOUNTS HAVE BEEN REPORTED BY MANY REPORTERS BUT THE FINAL AMOUNTS ETC MUST BE HEADED FOR REFORM OR SUCH THING WOULD NOT EXIST –
WE HAVE NOT HEARD OF THAT BEFORE IN ANY REPORTS AND ARE WAITING TO SEE WHAT THAT IMPLIES
quicktolegit96: DIDNT YOU SAY THIS COULD BE DONE THROUGH DATA ENTRY AFTER BUDGET SIGNED...ETC?
Millionday: THIS WILL BE DONE THROUGH DATA ENTRY --- THE CHANGE IN VALUE OR THE RATES SET FOR INTERNATIONAL RATES WILL ALL BE AN ADJUSTMENT THAT IS DONE AS ALL COUNTRIES -- WITH ELECTRONIC DATA ENTRY
clay: is there a time frame to open the budget in their constitution after budget hits gazette
Millionday: CBI HAS STATED THEY WILL FUND THE BUDGET AND WHEN IT IS LAW WHICH IS ONE DAY AFTER PRINTING -- IT WOULD BE FUNDED
tbob: stupid question. what does open the budget even mean?
Millionday: IT MEANS THAT ALL FUNDING WITHIN WILL BE TRANSFERED TO THE BANKS OR PAYMENT RECIPIANTS
Millionday: FROM CBI
Millionday: THIS WAS ANNOUNCED TODAY SO A LITTLE LATE
Millionday: BUT THIS IS US
Millionday: Lockheed Martin Aeronautics has been awarded a $9,500,000 fixed price, indefinite-delivery/indefinite quantity contract for F-16 aircrew training to Iraq Air Force personnel.
The work will be performed at Tucson, Arizona, and is expected to be complete by Jan. 27, 2017.
faith1: are we waiting for the budget to be printed ?
faith1: is that the key to opening ?
Millionday: I DONT KNOW -- I KNOW THAT INVESTORS WAITING ON FUNDING FOR CONTRACTS ETC ARE WAITING
Millionday: YES THE BUDGET DOES NOT OPEN UNTIL IT IS PRINTED
coco1: I thought Abadi had to sign off on the budget before it goes into the Gazette. Did I miss something?
Millionday: YES HE DOES -- HE HAS CONSTITUTIONALLY 15 DAYS -- HE ALSO CAN RIGHT NOW SO WE SHALL SEE
7shiela: When you say printed...are you meaning put in the Gazette?
Millionday: YES -- THE PRESIDENT HAS TO SIGN AND THEN IT WILL BE PRINTED IN THE GAZETTE TO BE LAW
rcookie: AND ONCE IN GAZETTE...ACTIVATED AND RETRO TO JAN 1ST
Millionday: YES IT IS FOR THE YEAR 2015
Millionday: IT WILL INCLUDE IN FISCAL FIGURES FROM JAN 1 ON TO DEC
faith1: Millionday is that when the Iraq Gov and people will be paid (welfare) when budget is opened ?
Millionday: YES --- SOCIAL SECURITY -- AND ALL BENEFITS - THE INTERESTING PART IS THE REPORT WE HAD THAT IT WILL BE LOADED ONTO A CARD THAT IS ACCEPTED GLOBALLY ----
Millionday: I AM BRINGING THIS BECAUSE I FIND THE REFERENCE HE MADE VERY INTERESTING -- SMILE
Millionday: Voice of the House of Representatives, by a few, to approve the adoption of the federal budget for 2015, which amounted to 119 trillion dinars and a deficit of 25 trillion dinars.
The head of the House of Representatives, Saleem al-Jubouri, this is the first time since 2003, recognizes the budget during the month.
Millionday: SO AS SMALL AS THIS STATEMENT IS -- THE REFERENCE THAT THEY HAVE NOT HAD IT DONE THIS EARLY SINCE 2003 MAKES ME WONDER –
DUE TO THE MANY STATEMENTS THAT THEY WANT THE REFORMS TO BE DONE AT THE BEGNNING OF THE YEAR ---MUCH EASIER TO CALCULATE NO MATTER WHO YOU ARE --
Papatom: easier to calculate what.... ???
Millionday: REVENUES -- CONTRACTS -- EXPENSES -- THE ENTIRE OR HALF OR EVEN AT A QUARTER IS ALWAYS EASIER WHEN CHANGES ARE MADE IN JUST SMALL BUSINESS –
I CAN IMAGINE FOR A COUNTRY -- MAKES SENSE
Millionday: WE COULD DO A POLL OF BUSINESS ADMINISTRATORS AND THEY WOULD ALL SAY THAT IT IS EASIER TO INCLUDE AN ENTIRE YEAR –
EVEN SHABIBI`S REPORT ON THE ECONOMIC REFORM WE READ YEARS AGO WAS WITH HALF THE YEAR AS A PROGRAM RATE AND THE REST AT THE REALITY RATE SO ONLY MAKES SENSE
HEARTLAND: TO follow up on Faith's question...are you saying that when the budget is opened that the reality rate will be in it, or can they operate at the current rate for awhile and then adjust the budget following the announcement of the new rate? thanks
Millionday: THEY CAN DO ANYTHING WITHIN THE COUNTRY THEY WOULD LIKE -- I KNOW MANY ARE STATING THAT THE CHANGE IN VALUE WILL BE WHEN THE BUDGET OPENS BUT THEY OBVIOUSLY CAN DO WHAT THEY WANT –
WE HAVE TO WAIT AND SEE WHAT THEY DO ---- GUESSING IT JUST THAT -- GUESSING
Millionday: NOW THEY HAVE STATED THAT THEY ARE GOING TO MOVE TO A REALITY ECONOMY AND ALSO TO A MARKET ECONOMY –
THE THING IS THAT TO GO TO A MARKET ECONOMY THEY HAVE TO USE THE GLOBAL PRICING INDEX CALCULATION –
SO ENTERING INTO A MARKET ECONOMY OBVIOUSLY IS REQUIRED TO MOVE FORWARD WITH THEIR PROJECTS ETC –
THERE ARE MANY IN THE BUDGET WITH CONTRACTS ETC AND ALSO THE AGREEMENTS THEY HAVE MADE FOR BUILDING AND EVEN THE TRAINING –
SO IT IS DOWN TO THE WIRE WITH THE MANY ANNOUNCEMENTS THEY HAVE MADE THEMSELVES IMO ---
Millionday: TO SELL THE DINAR ON THE CURRENCY MARKET AS ABADI STATED IN DAVOS THEY ARE HEADED-- THEY HAVE TO HAVE A REALITY RATE -- NO WAY AROUND IT ---
Millionday: SO THAT IS WHAT WE HAVE TODAY -- SEE EVERYONE TONIGHT FOR THE NEWSTIME AT 730 EST