Millionday Roundtable 5/12/14 Part 1
Welcome To Monday Afternoon Roundtable With Millionday!
[millionday] ok well lets start with the announcement on the dinar
[millionday] here we go
[millionday] Last week, the Central Bank of Iraq announced the circulation of new banknotes featuring stronger security features in both small and large denominations to make counterfeiting more difficult. According to Ihsan Shamran al-Yasseri, the CBI’s treasury director,
there is not much difference in the old and new notes except for the safer, more effective technical specifications of the latter. He said security symbols and technical characteristics will provide not only longer life but will make the notes nearly impossible to fake.
[millionday] Among the new features added to the regular colored strands are a 1mm colored ribbon guarantee thread for the smaller denominations and 4mm for the notes of greater value. More features are not visible to the naked eye but are seen by scanners, added al-Yasseri.
Another security addition that is world-recognized is an optical feature called SPARK. Other features include raised dots to help those with vision issues. A protective film is also added to prevent deterioration due to constant exchange of the notes as they circulate to help them last up to 10 years as opposed to the usual 3 to 5 years.
[millionday] note -- ok as we see here is the issues with the bank notes being more secure etc -- but there is more -- smile
[millionday] note -- remember that they also printed some of the large denoms
[millionday] These currency defenses are used worldwide against counterfeiting and tampering, he added. He also said that it is important that the public understands the new features and the technologies behind it to promote the circulation of the reprinted version. Iraqi parliament’s economic committee MP Ibrahim al-Rikaby agrees that this will help achieve currency reform hence their support of the old notes replacement.
[millionday] so as we know the new notes are because they are going to have the world there and in hopes of having a huge tourism market -- they need currency that can not be counterfeited and also they need stable paper etc
[millionday] but the part that we are most excited about is this >>>
[millionday] He stated that the step will help strengthen the Iraqi dinar against other world currencies, make the currency easy to carry and circulate in banking transactions, selling and buying operations as well as in currency exchange.
[letsroll] millionday so that reads they are being put in circulation now
[millionday] so as we would expect they need the currency to hold up for the exchange as well
millionday] it sure does read as though the new notes are in circulation or are coming into circulation now -- this would be the large and i cant imagine what they would have the small denoms for but preparation and to come out when they hit the market -- smile
[letsroll] fantastic smilen
[millionday] brb with more
[millionday] me too!! whooopow
[millionday] here we go - lets look at this about the budget --
[millionday] looks like they have reached an agreement but lets read it
[millionday] The Cabinet approved the adoption of the budget and the five-dollar fleet instead of one $. The Governor of Wasit Mahmoud Abdul Ridha Talal Tuesday Cabinet approval include $five dollars a share from the budget, calling on Parliament to approve the budget after crashes 700 projects in the province.
[larrykn] I think we lost MD
[millionday] note -- they are very concerned about the projects that have to get started
[millionday] no i am here smile - let me bring the rest and see what it says
[NRICHARDS] No budget, no projects. get it passed lol
[millionday] The Governor of Basra, said that "the Council of Ministers approved the adoption of the budget and five dollars in the Wasit was the amount per dollar in the current year's budget", stating that "the conservative share rose to 875 billion of oil imports was 175 billion Iraqi dinars per dollar," according to the amount.
[millionday] Talal said the "five dollars is added to the balance of the Central Government and the province of 266 billion Iraqi dinars a share of Wasit Province," saying the move "the turning point".
Talal said the conservative plan will include amounts for focus on service projects across the counties and districts. And urged the House to" expedite the adoption of the budget being associated with life and there are approximately 700 projects disrupted by delays. "
[millionday] note -- so they are discussing the adoption on Tuesday
[DGen] so do we have the old currency or the new currency
[dkwsly] The old
[millionday] The local governments of seven provinces demanded at a conference held in Basra, (25 January 2014), the Federal Government launched the customizations petrodollars – being free on the basis of the allocation of five dollars per barrel, and not reduce those amounts or payment in installments.
[jtank] we have sec features
[slh5282] Millionday, can you explain the statement conservative share rose to 875 of oil imports was 175 billions dinars per dollar
[millionday] note -- we have the ones that will remain on the streets and are being faded out
[millionday] i dont mind ours being faded out -- smile
[sczin11] millionday is the WASIT issue of the budget related to the Kurds, or is the Kurds issue a separate problem?
[jarhead] Then they better hurry lol
[millionday] note -- what they are talking about here is the distribution to the provinces that are the production provinces for oil -- remember they get some of the funds that are coming out of their region
[dkwsly] Does this have anything to do with the HCL?
[jarhead] Aren't they getting it in petro dollar
[millionday] and also the provinces that are affected by production of oil get some proceeds too
[millionday] Approved by the Council of Ministers, on (28 January 2014), to modify the amount of petrodollars – being free to five dollars, with border revenues to provinces not covered by the necessary expenditure petrodollars.
[millionday] that is the modification of the amount and also for the affected areas that were asking fo their part -- it was approved in January
[slh5282] what does it mean on the 175 billion dinars per dollar? I understand the funds going back to the regions but does this have to do with the production quotas
[millionday] this has to do with the agreement that will make the budget work and the adjustments made by all -- they seem to be at an agreement that will work but they lost from 5 to 4
[slh5282] on the border revenues
[millionday] for the provinces -- meaning remember the citizens in some provinces are getting money from the oil being produced ? the amount is being adjusted according to this report
[slh5282] Ok I get it my brain is a little thick today
[millionday] it is going to help the budget work and is supposed to be approved tomorrow
[millionday] does that make sense ?
[millionday] they have made an adjustment of the 5$
[slh5282] Yes Mamam
[millionday] and changed it to 4
[slh5282] Thank you for being patient
[millionday] we will see if this goes through but sounds good smile
[slh5282] then this means others changes to follow?
[millionday] anybody else have any questions or comments
[mimi] Hi MD. I'm sure this has been asked a million times but is there anything absolutely linked to the budget that is relative to us?