She added that the Bank will increase the bond order for five years and hopes the Central Bank issued the first tranche before the end of the year, although that decision will be taken with the participation of the Ministry of finance.
He said Abdel Basset Turki said Iraqi Central Bank Governor that Iraq is planning to issue bonds in local currency for the first time to fiscal policy and not for the Swans need.
[millionday] obviously we hope tomorrow smile -- we will wait to see but it doesnt say
[Domino] millionday I have a question about these bonds when ready please
[millionday] sure hun go ahead
[mdglow] pardon me !! issue bonds in DINAR'S interesting at 1166
[millionday] i would agree
Read More Link On Right
[Domino] Are they in-country bonds like we saw before so that the country has $ to operate on until the RV? Or are the international for all to buy?
[millionday] they will be offered international as it looks to me
[aJw70] At 1166 rate?
[mdglow] millionday ??
[wmawhite] millionday Domino .......they will be issued by the CBI not the GOI.........the GOI has been issuing bonds for years in order to have funds to operate on. These are different.
[mdglow] is this something we are assuming ?? or something else we will see ??
[wilbur48] millionday what is the date of that article please
[wmawhite] Domino millionday ...also, the GOI has issued their bonds in USD.......the CBI will be issuing theirs in IQD.
[mdglow] wmawhite at 1166 ??
[aJw70] At 1166?
[mdglow] I guess the ? to ask is would they ?
[wmawhite] mdglow aJw70 .....that is the $60,000,000 question.............we would assume not.........lol
[aJw70] Yes...mdglow... thats the question
[millionday] what is the question ? you all have me confused
[wmawhite] millionday .at 1166?
[millionday] they have not said the rate they have not told the rate
[aJw70] Can they release the bonds at 1166
[wmawhite] millionday aJw70 mdglow ......if the bonds were in USD the rate would not matter.........being in IQD I would assume that rate matters a lot.
[mdglow] millionday the question does it make sense for them to sell thes bonds at the ,1166 rate
[wmawhite] A whole lot!!!
[aJw70] Yes...wmawhite... it would count
[millionday] they will be changing the rate to a reality rate
[mdglow] wmawhite I agree
[Dovi] wmawhite are they targeting in country investors or both
[wmawhite] mdglow .....ty
[hstrymknwmn] you guys please let million answer the question and stop typing
[millionday] that is part of the economic reform and the entry to free market trade
[aJw70] I wonder what is their reality Is
[Domino] millionday I did see the answer - got a phone call!
[millionday] we dont know the rate yet -- we will when they change the rate did i miss anyone ? we wont know the rate until it changes
[Florida Country Girl] Millionday a little confused are we looking for the first of January or the end
[millionday] here we go -- the rate is what we are waiting on and the end of the month conference is the banking conference that invites the world to introduce the banking services -- international and investment
[millionday] Represents keep abreast of developments global banking most important steps to achieve the country's economic development , to link the work of the banking sector in all phases of construction and reconstruction ,
which is embodied in the use of technologies of modern banking and follow international standards in performance, according to the plans of strategic stomach or style of investment portfolios in specialized sectors one of the most prominent of these developments in the banking sector Iraqi .
[millionday] Competent Balchan banking Muhannad Qasim said that the credit rating is one of the important topics and that took a long time from the central bank and private banks , and that it's complicated too much and needs to be an effort to contain it ,
pointing to the existence of the classification of private banks in the light of international standards . Category rating meant that a realistic and practical is not rated in theory ,
noting that the category already exists for banks depends civil and international standards , but not all , of the banking sector , we began the actual work recently and after 2003 , although the old roots .
[millionday] so they are meeting international standards -- nice
[millionday] He added in an interview for the "morning" that the application of the rules of international banking supported in banks to be older than 150 years in our banks , are not enough to achieve positive results in all cases , unless the rating is in order, but ranking in the class accepted this most important axes Talk the private banking sector in Iraq .
He pointed to the importance of the application of methods of global applicable in Iraq for the purpose of classification of the credit and reflect the true reality of domestic banks in the country .
[millionday] note -- see they are talking about that they are adding the bank`s credit ratings -- to go international nice
[millionday] And on the mechanisms of monetary policy, said that the development plan and budgets giant mutations lead to the achievement of a major development in the country , but you need to plan a comprehensive economic and fiscal policy and keep the price tool to achieve the goals .
He pointed out that the banking sector has the potential to be a comprehensive development tool in Iraq . It can be a tool for the implementation of monetary policy and the price approved by the central bank .
[millionday] price of dinar smile
[millionday] And the obstacles that limit the development of the private banking sector drew denominator that central bank policy , instructions and regulations in force and placed in a certain period to regulate the banking business , but it may disproportion all times ,
and cautioned steps , mainly accusing the private banking sector of manipulating exchange rates ,
this is not accurate because the price policy and its mechanisms define by the central bank and his tools in the application by the private banks that get hard currency ( dollar ) and distributed between the markets of the central bank , which requires a review of all regulations issued by the central accurately and stand at every point and diagnose the defect resulting in dollar exchange rate fluctuation .
[millionday] note -- obviously this is saying they have to control the exchange rate and apply it to the USD
[millionday] He noted that the private banking sector has the skills and advanced banking technologies to compete with global banks wishing to work in Iraq ,
noting that the Iraqi market has become a magnet for foreign banks and a number of foreign advisers working with local private banks Tfajúa size and technical capabilities of the Iraqi .
He pointed out that the banking sector is suffering a number of obstacles in the forefront can not isolate the performance of the banking on the regional situation, the public as well as the security situation ,
as there are obstacles inherent in the materials 28.27 of the Banking Act , which established private banks to carry out their work and get interest from a range of services and activities provided , but this material blocked many activities for these banks ,
even though it commercial activities for the design of the banking business here and identified capacity to serve the community .
[millionday] note -- even though they are not happy with article 27 and 28 -- they are saying it is not preventing services it is preventing interest gain in banking and commercial banking services -- some
[Flygirl02] Are they saying the reality will not happen until this conference at end of jan
[millionday] And the importance of opening of branches of foreign banks in Iraq , provided that this process is in accordance with the regulatory controls in the forefront of reciprocity as easy to open bank branches of foreign in Iraq are offset by the difficulty in developing branches Almassarva in those countries ,
and that the benefits of open branches of those banks is leading our banks to the advancement of its services and its products and rehabilitation of cadres and the development of advanced systems work and openness to the global banking business .
[millionday] Flygirl02 no not at all
[millionday] And banks family pointed out that all banks established as joint stock law does not specify stocks and quantities of those granted to the people and members of a certain family ,
pointing out that Altalmyat the last of the Central Bank came not to allow brothers two in the membership of the Board of Directors , while the law does not provide for this selection .
He concluded by saying that the conservative Alaschmaria an important means to achieve big profits for private banks if used properly and by professionals and serve all sectors Alaqsadah , pointing to the importance of the provision of human specialist staff and secretary of the management of these portfolios Alasstmaria .
[millionday] the laws are placed for banking stocks so there we go
[DBJJ] millionday Awesome to hear that
[millionday] they are working on the actual activation of the economic and banking reform
[aJw70] What a great news night
[millionday] all of it is so positive -- we have not seen anything that shows any problem in us moving forward -- love it
[DBJJ] millionday Activation....not preparation!
[millionday] progress for sure love it thanks Rudie -- great job as always so glad to see everyone -- wow what news
[DocTaylor] Million day, any speculation on next step
[millionday] waiting on the rate imo -- we shall see i have not seen any change or news on the wto i just know it is on the schedule