Millionday Newstime 11/23/15 Part 1 of 2
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Millionday: The joy of pumice Refer experts lack the cash economy in a market trading day to the weakness of individuals the confidence of the sector of the Iraqi banking, the impact of fiscal policy in the liquidity available in the market size through realized spending in the framework of the implementation of the general budget annually, calling for work to restore confidence in the sector It is important.
and caused the lack of financial revenue earned from the oil sector due to a global decline in prices, pressing the government spending, which led to monitor most of the revenues and operating budget for the provision of wages and salaries in return investment projects that promised one of the challenges that have affected the lack of cash in circulation monetary stopped.
Millionday: NOTE -- THEY ARE TALKING ABOUT THE NEED TO BRING CONFIDENCE BACK TO THE BANKING INDUSTRY
Millionday: NOTE -- THE PROBLEM IS THE LACK OF THE CASH ON THE STREETS AND THE STALL IN PROJECTS ETC FROM THE BUDGET NOT BEING ACTIVATED
Millionday: The operational budget is estimated at next year's budget in 2016 by more than 83 trillion dinars, or about 80 percent of the support of the general budget revenues. In this regard, said economic expert on behalf of Antoine:
The «exacerbate the issue of lack of liquidity in the local market at present, has formed a burden on the citizens, as led to the failure of some banks to pay some depositors benefits they have to pay some companies salaries ».
Millionday: NOTE -- OBVIOUSLY WORRY IMPACTS THE MARKET AND ALL FINANCIAL CONFIDENCE
Millionday: He Antoine that one of the reasons for the lack of liquidity is the weakness of citizens and depositors and businesses in the banking system, which led to the withdrawal of nearly 60 percent of the cash confidence,
in addition to the amounts of the dollar from banks and Aktnazha in homes for fear of lack of the bank's failure to repay the citizen benefits in times of need. He added that this process has created a paralysis of economic life, what effect and in fact the Iraqi market and froze the activities of a large number of business processes and stop projects.
Millionday: NOTE -- NOTICE THAT 60% OF THE CASH HAS BEEN PULLED IN AND THE US DOLLAR AS WELL -- SO THE STAND STILL IS A GOOD WAY TO PUT IT
Millionday: For his part, the economic expert Dr.. As Abdul Hadi that the issue of liquidity in the economy is one of the basic functions of banks in Central.
He said Abdul Hadi: «in order to sustain employment and economic activities must meet the commodity transactions that depend on available liquidity in the economy, where the central works to achieve balance between commodity and cash transactions to maintain price stability without cash transactions to be there is an increase or decrease liquidity ».
Millionday: NOTE -- REMEMBER THEY HEAR OF THE GREAT CONTRACTS ETC IN THE NEWS AND THEN SEE EVERYTHING AT A STAND STILL SO THEY ARE OF COURSE WORRIED AND IF THEY WANT TO RESTORE CONFIDENCE THEY NEED TO CHANGE THIS BY ------ OPENING THE BUDGET AND APPLYING ALL REFORMS AND POLICIES AS WE HEARD FROM CBI
Millionday: As he saw that one of the reasons for the low liquidity in circulation recently cash, lack of oil revenue that contributed to the decrease in government spending in the investment aspects, as well as private spending, as well as reservation individuals as a result of expectations of a pessimistic because of foggy statements for the future of the economy and the outlook is optimistic for high oil prices future.
Millionday: As regards the framework of lending, Vnoh expert that when the government increases the lending operations, they crowd out the private sector in the sense make the existing liquidity in banks a little leads to the inability of the private sector to obtain sufficient funds to complete its work and sustain investment projects.
In terms of solutions necessary that limit the lack of liquidity and bring it back to the banks in order to circulation and completion of commercial and investment operations to provide cash, experts Antoine Abdul Hadi stressed the need to reassure citizens and individuals by financial stakeholders, to return the money chunky in homes to banks.
Millionday: NOTE -- AS WE SEE -- THE FIX FOR RESTORING CONFIDENCE IS THE RETURN OF CASH IN CIRCULATION -- THIS WILL REASSURE CITIZENS AND INVESTORS AS WE SEE HERE AND WE ALSO CAN UNDERSTAND
Millionday: NOTE -- HE IS STRESSING THE NEED FOR ALL TO SEE MONEY AND ALSO GUARANTEES APPLIED AS PROMISED AND OF COURSE THE ABILITY TO BORROW MONEY TO REACTIVATE THEIR PRIVATE SECTOR –
THERE IS A LOT OF REBUILD AND DEVELOPMENT THAT HAS TO BE DONE AND NOT JUST FOR THE GOVERNMENT FOR THE WORKING MAN AND BUSINESS OWNERS AS WELL
Millionday: Another solution to this problem, Antoine importance explained reduce cash circulation in the market by treating cash cards avoids citizen many problems Kaltlv and theft of cash categories, along with maintaining the liquidity in the Almassarv.mn other hand, Abdul Hadi called on the government to make way for larger the private sector on the subject of lending, and not on what Mzahmth available liquidity at the banks.
Millionday: Also he believed that the main dilemma is in the nature of the Iraqi banking business, especially as the banks cautious in lending to the private sector of the high risks in the Iraqi market, stressing the need to reform the banking sector to restore customer confidence in dealing with the banks,
particularly private ones. Between experts and economists that the application of these solutions to the problem of liquidity is the responsibility of the concerned authorities as well as the significant role played by the media spreading awareness in the community.
Millionday: SO OBVIOUSLY THE URGENCY IS BEING FELT IN ALL AVENUES OF IRAQ
buck: does a change in value to the dinar solve all of these problems or are we being to simple minded about the rv as an answer?????
Millionday: THE RELEASE OF THE BUDGET TO ADD LIQUIDITY TO THE COUNTRY -- IF THE HOLD UP ON THE RELEASE OF THE BUDGET ETC IS THE CHANGE OF THE PURCHASING POWER AND THE ENTRY TO THE GLOBAL MARKET THEN -- YES IT WOULD FIX IT AS A STEP THAT WOULD RESULT IN THE OPENING OF THE BUDGET
Millionday: THIS IS A VERY IMPORTANT AND GREAT REPORT
Millionday: Fatlawi counting researcher d. Hamid Ulkipaia modern edition of the class »50« thousand dinars normal procedure intended to restructure the national currency, and to facilitate the shopping process currencies and traded in the local market, pointing out that this is not about politics cash.
He Ulkipaia that this measure will facilitate the calculations in a country like Iraq disappear in it credit card and Visa card prevailing in other countries, where forced people to carry cash and attendant risks.
Millionday: NOTE -- THE 50,000 NOTE IS TO BACK UP THE RELEASE OF THE RESTRUCTURED NATIONAL CURRENCY
Millionday: He pointed out that this measure is part of a project to restructure the currency, pointing out that it is long overdue fact that the need has become urgent for the issuance of the biggest and high Akiem categories such as 100 and 200 thousand dinars,
similar to neighboring countries and the world and put them circulation has been suspended as a result of rising incomes Mayshl banks and people work to end either.
Millionday: NOTE -- THIS IS NOT ABNORMAL IN MANY COUNTRIES AS THEY USE THEM TO BACK THEIR CURRENCY VALUE AND THEY WONT BE IN CIRCULATION
Millionday: In a question »Sabah» whether there are stocks of the dollar offset the new currency Ulkipaia explained that the lack of possibility of currency issuance in the countries responsible unless offset by stocks of the dollar, gold or cash reserve
pointing out that at the time of the former regime was printed banknotes without that there will be a stock of hard currency from the fact that the country was trapped and has no contact with other countries.
Millionday: NOTE -- IN THE PAST IRAQ DID NOT HAVE HARD BACKED CURRENCY -- THE NEW CURRENCY WILL BE BACKED UP BY US STOCKS -- CASH OR GOLD
Millionday: The academic pointed d. Falah Thuwaini that the aim of the new edition is to reduce the quantitative content (numerical), saying not all modern edition is a new cash issue increases the amount of money supply, explaining that if it were printed will alone billion dinars from the category of 6000 dinars, or 10 000 dinars, or even 25 000 dinars possible that this billion itself is to be 50 000 class or 100 000 dinars,
adding the possibility that there is a Ward acceptable to lead such a move to inflationary expectations in the case of a new version for multiple purposes to Aadamh up or cover concern appropriately.
Millionday: NOTE -- WHEN A COUNTRY`S CURRENCY IS HARD BACKED AND PART OF THAT IS CASH RESERVES -- IT IS CHEAPER TO PRINT LARGE DENOMS IN THE SERIES INSTEAD OF PAYING TO HAVE LARGE AMOUNTS OF LOW DENOMINATION BILLS
Millionday: The central bank, It said in a statement, Al-Sabah received a copy of it, that «for the purpose of completing the Iraqi banknotes structure and the development of high-class value in trading.
The issuance of cash and paper of class 50 000 dinars using super quality of the quality of the printing paper with a number of signs of security, technical and compositions to prevent counterfeiting .
Millionday: NOTE -- THEY HAVE LARGE DENOMINATIONS NOW BUT THEY DO NOT HAVE THE SECURITY THAT THE NEW BILLS HAVE -- THIS WILL PREVENT COUNTERFEITING AND COMPLETE THE DINAR STRUCTURE
Millionday: also revealed to the parliamentary Committee of Economy, yesterday, for the issuance of class 100 000 dinars cash currency early next year in order to market need to handle them, pointing out that legal action properly and in conformity with the laws of the central bank.
Millionday: SO THEY WILL ALSO HAVE A 100,000 DINAR NOTE AS THEY BACK IN VALUE THE CURRENCY SERIES THEY HAVE NEW WITH KURDISH PRINT AND THIS IS ALSO PART OF THE REMOVAL OF THE THREE ZERO CURRENCY PROCESS
jwjd: MD you had mentioned that the 50 k note is not in circulation.. but, how are the dinar dealers selling it? I may have misunderstood your comment too..
Millionday: THEY DON'T INTEND TO KEEP IT IN CIRCULATION ACCORDING TO THIS REPORT --
Millionday: >>>>>similar to neighboring countries and the world and put them circulation has been suspended as a result of rising incomes Mayshl banks and people work to end either.
Boomshakalaka: are my bills (25 K with the horse head , gold strip, etc...) , new bills?? I feel that sometimes they are going to disappear like the 50 did.
Millionday: THEY ARE LIKE THE ONES THAT THE IRAQIS HAVE NOW AND THE PEOPLE IN THE WORLD ARE HOLDING -- WHEN THEY RELEASE A NEW SERIES AS IN ALL COUNTRIES THEY SET REGULATIONS FOR THE RETURN OF THE OLD TO GET THE NEW OR WHATEVER CURRENCY YOU WILL NEED IN THE MARKET
Millionday: CURRENCY JUST DOESN'T BECOME NULL AND VOID OVER NIGHT -- THEY GIVE AN AMOUNT OF TIME THAT THEY WILL BE EXCHANGING THEM ---
Millionday: IT IS A SIGNED NOTE BY THEIR OFFICIALS STATING THAT THEY ARE LEGAL TENDER =OFFICIAL DOCUMENT
Millionday: >>> 'Legal Tender' Any official medium of payment recognized by law that can be used to extinguish a public or private debt, or meet a financial obligation. The national currency is legal tender in practically every country. A creditor is obligated to accept legal tender toward repayment of a debt.
Millionday: I GUESS SOME COUNTRIES USE CHICKENS SMILE WHOOPOW
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