Millionday News 2/18/14 Post By Rudie Part 1
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[millionday] Held under the chairmanship of the Finance Committee MP Haider Abadi, Chairman of the Committee on Monday, 17.02.2014 seminar with the participation of a number of gentlemen managers of government banks,
experts and specialists in the banking sector and representatives of the Iraqi Central Bank has allocated to view the final report of the Commission on the requirements of the reform of the banking system in Iraq.
[millionday] And Gave the Attorney-Abadi, at the beginning of the seminar, which was held in the hall Constitutional Council, and the presence of MPs Amin Hadi Abbas and Abdul-Hussein al-Yasiri a member of the Committee,
a brief summary about the report, which has embarked Finance Committee at its numbers for the past three years during which held several workshops and the use of international experts,
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noting that the Committee heard banks concerned to work from the private sector and the government and viewed the opinions and proposals that contribute to the process of reform of the banking sector in Iraq.
He announced the participants in the seminar are ready to supplement the observations and proposals to ensure enrich the report after reviewing Alihodrasth.
[millionday] so this is saying that all the changes that they had come up with for international banking and reform -- it is time to apply them all -- we remember the conference in dubai -- and many others with the experts they are referring to and this is great news
[millionday] end of report robin
[millionday] love this - formal government document brb with more
[millionday] morning continues votes demanding action to raise the value of the local currency through a range of measures that limit the cases of manipulation and control of the negative phenomena may be taking place in the domestic money market (according to a specialist affairs,
financial), where he works market local currency according to regulatory action issued by the Central Bank of Iraq thus maintaining the value of the currency and raise its exchange rate against foreign currencies.
competent affairs banking Munir Hassan al-Jubouri, pointed out the importance that kicks off private banks, local principle the adoption of mechanisms of action to support the currency,
[millionday] through the avoidance of money laundering, and dollar selling prices set by the central bank, especially the adoption of new mechanisms adopted after a consultative meeting with the Association of private banks in Iraq.
He added in an interview (morning) that the work of private banks in the country should be heading to participate in the work of development and reconstruction ahead of all economic sectors in all the provinces,
pointing out that the implementation processes require cash is great, and there are banks have the ability to finance some of the projects , especially as the number of banks directed to raise their capital continuously outside the ceiling set by the central bank extents different.
[millionday] note -- the private banks are prepared to apply all regulations that will protect the currency from fraud
[millionday] pointed to the importance to understand the banking requirements of the economic development process and lending mechanisms, which must be based on the work contexts logical guarantee the rights of the parties to the action,
noting that the existence of guarantees for financing operations is extremely important and enhance confidence in the deal and doubles funding operations adopted by the private banks. said:
The investment projects are many and in different sectors and require financing can be for banks civil positive role in that, provided that there is coordination work between the investor and the bank financier, pointing to a number of incidents which impacted negatively on the operations of finance, which was the disappearance of the investor after receiving the first installment of the bank,
[millionday] note -- the banks are in a position to back all of investments and the development as they are needed to do
[millionday] which resulted in a decline in funding operations only after the measures guarantor may take a long time. He pointed to the importance of work to modernize banking systems in order to achieve the multiplicity of advanced products and catch up with the international banks that exceeded the (100) product,
while our banks to today stands at number Hjul of products to exceed (15) product., And stressed the importance of the promotion of human talent and make them keep pace with developments technological witnessed by international banks through participation in training courses organized in various countries around the world, or
[millionday] in the centers of international banks, especially that some international banks began to open branches in the country, pointing out that the Gulf Bank, for example,
is working to involve competencies in cycles continuously outside the country to stand on the most important developments in the global banking sector, especially after the plan, which was developed for the advancement of capitalizing it to (850) billion dinars.
[millionday] so they are saying that the bankers will take part in all training to stay compliant with the international banking and they will also be learning as they go from international banks that have entered the country
[millionday] this is kind of a report to the citizens that tells them not to worry -- they will be able to do their job and they can be trusted
[millionday] end of report robin
[ROBINREDHED] i likey
[mr colby] Avoiding dollar selling prices set by CBI? No more program rates?
[millionday] wow this is great news
[ROBINREDHED] any questions here?
Richard Incrocci] Any idea of time frame or reference for them doing and completing this?
[millionday] that appears to be what they are saying -- they have not said it straight out but -- the imposed rate is the program rate
[graylnjo] And that means?
[millionday] Richard Incrocci each day they seem to be talking about the fact that they are prepared to move forward with the economic reform
[Richard Incrocci] Imposed rate close to what it was in 80's?
[millionday] jarhead the imposed rate is the 1165 that we have seen as they have been under sanctions and not the exchange rate that the actual country has by reality
[ROBINREDHED] graylnjo does that help/
[millionday] before they were put under sanctions
[chattels] i do not see the phrase " imposed rate "
[millionday] chattels someone asked what the program rate was and i answered the imposed rate from applied sanctions - the one we see now is the imposed or program rate
[chattels] 7:54 PM that appears to be what they are saying -- they have not said it straight out but -- the imposed rate is the program rate
[millionday] the one we want to see is the reality rate -=- smile
[millionday] this is what i was talking about >>>>>>>7:52 PM Avoiding dollar selling prices set by CBI? No more program rates?
[babe688] So they are gonna change it so no more 1166
[wmawhite] chattels .....correct......."imposed" by the UN. Also known as the program rate.
[millionday] babe688 they are saying that they are going to raise the value and apply all the regulations for the modern banking -- this would make them take out the imposed/program rate of 1166 and put in the reality rate but they have given no time that they plan to do that -- all they have said is that they are ready and are stating they are doing that
[millionday] it would be a revalue or a reinstatement
[Road_Kill] Any idea of a time frame for the reality rate to go into effect?
[millionday] no time or day yet but looks very close due to the recent reports -- i would like it right now
[magik] Is there an OMO meeting in Mar that it should b done by?
[graylnjo] So we will see it on CBI's site 1st??
[millionday] this is very good news and by what i remember from the last economic conference on banking -- this is very very exciting
[millionday] it will be seen everywhere as soon as the market opens that you are looking at when it applies
[millionday] i dont have any ink stating that it has to be done by march but it seems as though they are saying now and they are ready -- we will have to wait and see until the date is given
[millionday] here we go
[ol lar] 4 years ago on March first was the last time a change was made to the dinar
[millionday] Favored the decision of Parliament Mohammed al-Khalidi lack of quorum to hold Geslh Parliament next Sunday. said Khalidi in a press statement today that "the lack of agreement between the delegation of the Kurdistan region and the federal government about the files relating to the budget and export of oil and the resignation of a number of members of the Sadrist movement of Parliament will lead to a lack of quorum legal to hold a session of Parliament next Sunday.
[millionday] note -- this is parliament and the agenda coming but remember that we saw the formal report stating that they were going to work on budget until it is done ---
[millionday] "and added that "the budget law for the same reason, was not included in the agenda of the meeting, noting that" there are several other laws as well, including work and social welfare.
"It is scheduled to hold parliament its usual next Sunday. was Kurdish delegation headed by Chairman of the provincial government Barzani has failed to reach a consensus with the federal government during their talks in Baghdad yesterday and the delegation returned to Arbil without resolving the outstanding problems for the budget and the financial dispute with the file and the oil exports of the region.
[millionday] they are saying here that they have not met an agreement with barzani and the issues on the budget yesterday
[millionday] end of report robin
COMMENTS MAY BE MADE AT THE END OF PART 2 THANK YOU