Post From Dinar Updates By RobinRedHed Part 1
[millionday] today there is report out that is an opinion piece about the US holding up the reform of Iraq`s currency -- i want to address this
[millionday] one thing is --an opinion is a statement given that has no proof or facts that can be verified -- we have seen plenty as examples recently and in the past years
[millionday] The state of the union address is one example of why that makes no sense to me as strange as that sounds
[millionday] the deficit half gone by the end of Obama`s presidency would seem possible in a very short list of ways in a summary on where i am going with that -- also this is a fact ---- the US does not own or operate Iraq --- they have gained their independence and also the IMF is through compliance not voting
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[millionday] the thing is this -- this is a huge global event that has been called that in a huge number of countries as we have seen and will have a global effect
[millionday] as it was stated in and by Iraq ---- the Globe is depending on this to effect the economic condition so i see nothing anywhere that would give legal rights to or power to the US to hold up the Dinar
[millionday] so that my friends is what the ink girl has on it --- NOTHING
[millionday] A member of the Liberal block of the Sadrist movement Bahaa al-Araji, said he would present a request to the Federal Court to give its opinion on the problem of the financial budget for the current year of 2014.
Said Bahaa al-Araji, during a press conference at the parliament building, he would submit an application to the Federal Court to give its opinion to the problem of the budget, stressing that the decision will be conclusive and binding and the duty of the application.
[millionday] Araji said that the federal government and the Kurdistan Regional Government and the House of Representatives when they face any problem is simple to go to the Federal Court, so why Shall we go to now to solve the problem of the budget.
Continued Araji that some people do not want to solve the problem of the budget until after the election to be outbidding election, warning employees not receiving their salaries because of the budget problem.
[millionday] now this is an interview and a threat but a good point -- there are reports out that state that the budget may not be done right away with the stunt of taking the salaries of the Kurdistan government --
[millionday] the thing is that CBI does have the power at this point and always to set the exchange rates and we have been seeing the steps that we expect to see in that process
[millionday] for instance :::::::::: the steps were given in a statement from CBI --the workshop -- done
[millionday] also they made the order yesterday to make the dinar the only acceptable currency within the country`s borders - if that call has been actually done that is huge huge huge and of course huge
[millionday] so what we have to watch is the action that we need to see and the progress of the monetary policy within the economic reform
[millionday] see this is the thing - we have gotten away from what we are actually watching for and I tell you why -- we have brought so many clues to watch that alot of people have begun to think that we have to have all of these things in order for the rates to appear
[millionday] what we are now watching for is the change in the rate as per :::: CBI - the one that has the power to change the rate - they are now in article 6 for example
[millionday] article 8 is an instant thing --- it is not something that we are watching for because it will be a result from THE CHANGED RATE -- also the WTO ------ it will be a result of ---- THE CHANGED RATE
[millionday] see what i mean -- try to focus on just the issues as clues for timeline --- and not a laundry list of things we need done
[millionday] so with that said -- are there any ????????? about what i am trying to say
[millionday] i just dont want the roller coaster effect for anyone and the stress
[jbarone21] When will they be 100% into the WTO?
[millionday] jbarone21 they have stated that they have in mid March an accession workshop with the US federal Reserve reps etc and IRaq so after that but i would hope they would show up with some type of progress -- so that is why we watch that
[Richard Incrocci] If the CBI is in charge of making the decision, and the head of the CBI is there by way of Maliki, then would it be plausible that M is telling T to wait? I see no reason other than that for the hold up of the release if they are ready....
[millionday] our federal reserve head is also there because of Obama -- it is the duty to set the leader and that is the only power of the gov
[Richard Incrocci] Ok, so we wait for Turki to set it and release it than>>??
[millionday] Richard Incrocci yes he has to fill the shoes he was given -- still by proxy i believe but those powers were given
[buck] it seems to me that if M wanted to delay the RV he would have stopped much of the progress CBI has made long before this. so there is a chance we are just waiting in Turki to decide when he wants to do it??? thx
[millionday] buck i read the reports that came out of CBI about the steps they are doing now with the banks -- private and public as far as demading the regulations to be in place in steps for compliance and as told -- and then the ACTION ----we always watch for after to see if they have actually done anything has ---- shown that they are doing the steps or ACTION as we would expect and hope
[jamesf] Is the dollar being banned in Iraq. Mandating only IQD be used?
[millionday] step one was the work shops and step two is the order of only dinar being used in the country -- that makes everything else reserve currency or exchanged as a normal economy would be -- huge step
[crank7] Approx. how many more steps IYO?
[millionday] i have no idea at all -- would like to say one but i dont know and they have not reported it to us
[millionday] Hashemi represents one of the free zones of economic resources (non-oil) that support the country's budget revenues growing enhance the efficiency of Iraq's economy as well as to open new free zones near the border crossing points have positive returns serve investors.
At this Economic regard student academic Dr. Majid Baidhani increase the size of the support of the three free trade zones in Iraq by directing ministries and government departments to provide technical assistance and logistics in order to facilitate the work of the General Authority for Free Zones.
He added Baidhani told (morning) that it is necessary to solve the intersections that accompany the activity of this body with the Customs in relation to the input and output to facilitate clearance.
As well as interactions with the Department of Real Estate State regarding the provision of land for future expansion in the activity of the body.
[millionday] note -- this is the effort to open the free zones
[millionday] this is also an effort to bring expansion for more resources and revenues in the market place -- globally --
[millionday] and pointed out that the strengthening of the ties of international cooperation with Iraq in the field of free zones would activate bilateral agreements and their implementation on the ground to attract many investment projects in all areas and in particular industry projects oil and the accompanying technology and expertise.
called Baidhani to study ways to raise the profile of the free zones to make it in the ranks of the free zones and the global adoption of several steps contribute to the development of the legal and administrative structure of the body in order to serve the Board and the investor together
[millionday] note -- this is very interesting with the call to end all currencies other than dinar at the border -- this is obviously to set up trade internationally and goes right with the things we have been seeing -- for example --- the Kurds have been told to get customs set up at their crossing points or close them -- great news
[millionday] He pointed out that the promotion of investment activity and the use of the art of persuasion and negotiation of important issues in achieving economic benefits for the country, adding that the development and training of staffs to negotiate by the sponsor to the advancement of the free zones.
Referring to exert every effort to promote the regions of Iraq free and investments and future plans. pointed to the need to strengthen the capacity of these areas and the development of its infrastructure and make it more attractive for investments.
was the General Authority for Free Zones has earlier announced strategy worked for four years and includes work on the preparation of a new law for the keep pace with economic developments as well as the completion of investment land for investment in the free zones currently operating (Khor Al-Zubair, and Nineveh, and based)
[millionday] note -- this is huge --- they are saying that the needs that they were allowed to have met while in chapter 7 were met through these ports and now DUE TO ECONOMIC DEVELOPMENTS ---- the work of the new law for the free zones and the land ownership etc for investors is being dealt with as well
[millionday] so this is obviously for open trade that they have been talking about -- entry to global trade ---
[millionday] they need a reality rate for that
[millionday] According to the strategic importance of the completion of the investment plan for the development of the infrastructure of the free zones currently operating or free zones,
new and complete procedures for an investment piece Land near the Baghdad International Airport in order to establish a free trade zone on them, and look to open new free zones near the border crossing points with business outstanding (such Trebil, Zurbatiyah, Mundhiriyah, and Safwan).
seeks authority within its strategy to activate the transit trade through free zones and that the site outstanding enjoyed by those regions, which opens the way for the export industries and aggregate in coordination with the relevant authorities.
[millionday] obviously they are going to be swamped with investors and need to expand into these areas mentioned
[millionday] also notice that they said this opening would activate the strategic agreements -- which means international contracts --- very nice
[millionday] the activation of memorandums of understanding in the field of cooperation with neighboring countries on the open areas of a joint free, and confirmed that the body seeks to issue certificates of origin for products free zones for the purpose of treatment according to the Arab Free Trade Agreement Great through coordination with the Arab Union of Free Zones and the Economic and Social Council of the League of Arab States.
[jimplants] are international contracts and mou's like standard USA contracts net 30 or terms to 45 to 90 or is that hidden?
[millionday] great question !! i have meant to look at that but have not --- so i will have to check and look for it jim
[millionday] if so the short term would be all activated at the same time -- traffic jam on the water coming right up
[jimplants] my reason is if cash is flowing they need a real rate now
[millionday] end of report
[millionday] they certainly do for the process of setting up their free zones -- they have to have reality rate in order to activate the strategics i have read as well including ours
[millionday] MP for the Kurdistan Alliance, Ashwaq dry, the religious leaders to intervene in resolving the issue of the federal government to cut the salaries of the staff of the Kurdistan region.
said dry in a statement, "The logic of humanitarian, legal and constitutional and religious Ayattiyan right to Baghdad to fight the people of the region and the use of employees' salaries as a lever to force region to succumb to the policies of Baghdad,
"adding that the province is trying in various ways Constitutional and Legal resolving outstanding problems with Baghdad, but did not think one day pushing citizen or employee in political conflicts.
confirmed dry, that the positions of religious authority was and is still and will continue to stand as one with the people and their power and they will not accept to cut the salaries of Arzak others and
[millionday] fight citizen economically by any authority were and whatever the orientation. addressed the dry religious authorities hoping to intervene quickly and effectively to fire employees' salaries region, which has long been a safe haven for all the people of Iraq and over time.
millionday] now that is how they get things done -- they are really feeling the pressure with salaries cut --- i hope they resolve this very soon but can see why the pressure is being put on as well brb with more if no ???
[millionday] Society said Chirvien Iraqis that the central bank's decision to limit distribution outlets of foreign currency and the dollar in particular banks own conflicts with the principle of the free market, and lead to a monopoly of hard currency, and disables the movement of goods in the country, and appealed to the Assembly, the central bank to reconsider this decision.
[millionday] said Assembly in Statement issued by yesterday and received the "long" copy, "as we understand the goodwill of decision-makers in question and the objectives thereof and of good organization of work and reduce the burden on the terms of reference of the CBI and the support of private banks and encourage their work.
however, that the Assembly register and respectfully number of risks and negatives caused by This measure. " and explained that the most prominent of these risks allow for only a small number of owners of private banks to monopolize the direct purchase of the currency and control the price of traded,
and violation of the rules of the free market that the country seeks to consolidate as a basis for building a free economy and a sophisticated unable to overcome the red tape and regulations strict limit Movement trading money. "
[millionday] note -- i believe that was the whole point and their goal would be to sell it on the market or exchange as we would think
[millionday] this is however stating that they want CBI to reconsider only allowing the use of the dinar -- the only way to get the currency out of the country that is not dinar is to make it useful and valuable --(the dinar) people will only use the dinar if it holds value
[millionday] and pointed out that the likelihood of a direct impact on the economy of the market due to the late arrival of the currency to its users and the consequent effects on price increases,
and delay the movement of cargo handling inside and outside Iraq, depriving hundreds of companies operating in the banking sector to take advantage of direct sales and reducing of activity and profits which companies contribute to the budget of the exchange rate and the speed of currency trading and to meet the needs of large segments of the national economy.
[millionday] that is an understatement -- yes it is going to be a direct impact to all economies and that is why we have seen that many are trying to avoid a shock maybe and adjust to prevent deflation as we see them talking about here –
very interesting – they dont want them to use the usd for trade and are asking it to be the dinar and they see it as a bad idea ?
[millionday] i dont agree -- that is what the country should be doing -- anything else is delaying the value of their own --- red tape is something that is expected even though they have completed many steps to avoid as much as possible
[Imperator] Dont you think The banks need to move into conventional banking business and forget the auctions of the past?
[millionday] i do think they need to move forward with the entire package of bank reforms and according to what i am seeing with international compliance and the private banking steps -- they seem to be moving to just that
[millionday] they will be taking in the USD in the country if this is what they are doing with the dinar being the only currency -- we should be able to tell by the auction report it would seem to me it would be an abnormal amount to look for
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