Millionday News 12/7/13
millionday] here we go with some great news for banking
[millionday] Represents the efficiency of the regulatory environment for the private banking sector and an ambitious goal to be attained , where banks have achieved progress in civil work and most of the joints have become financial solvency can adopt the implementation of strategic projects which promote the reality of production and service .
This is what began president of the Association of private banks in Iraq , Adnan Chalabi talk in answering a question (morning ) on the evaluation of the workshop for amending the banking laws said that the local economy is heading towards an open market economy ,
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and this is acknowledged constitutionally , pointing out that the despite the passage of 10 years, but there has not been any changes to the reality of the laws in force , and some of which do not fit the phase shift .
millionday] note -- banking is in a phase shift to a market economy which requires a reality rate
[millionday] He cautioned Chalabi private banks that realize the meaning of the entry Banks global banking to the country , and with it the best technology global banking and , most recently ,
Standard Chartered Bank UK , which requires work on access Bmassarva to the same level in the provision of banking products , to gain more customers and keep existing customers , confirming the presence of international banks in a sophisticated way to enter the field of employment in the local competition will be greatest .
Chalabi added that private banks were able to develop their capital and has become a high sums of money required to invest in projects develop the local economy , pointing out that it would require an amendment to the laws in force and this is what the central bank runs it now .
[millionday] note -- we have international banks in Iraq adding competition with the private banks -- nice for the services
[millionday] He noted that the workshop CBI , which recently organized and stood at the article (28) which is an obstacle to the entry of banks to invest their capital in investment projects directly and there is a tendency to make the necessary adjustments on them.
And the reality of banking services offered by private banks, said Chalabi : Global banks offer more than 200 banking service developed to facilitate financial transactions provided to customers ,
while still services our banks without the level of ambition and to exceed their products (15) service , pointing to the importance that the law of private banks Mtcefa required flexibility that facilitate the operations of the supply of advanced technology and its dependence on a large scale to achieve these goals.
[tbob] article (28) yippee!!!
[millionday] note -- they have advanced technology and are in a position to facilitate it and actually need to because of the other banks there offering more services etc smile i agree
[millionday] He called on private banks to cooperate with the Central Bank and a commitment to operations issued by the central and the convergence of views to create a climate preserves the stability of the financial market.
He Chalabi said that the Association of private banks in Iraq represents a vessel that combines private banks and has views towards the organization of the work of many private banking ,
calling for banks to cooperate with the Association in order to create a block local bank serving the investment process , which began doing within the country gradually .
millionday] note -- again we see a reason to hurry and also get their banking services activated as soon as possible -- remember a free market economy is operating on supply and demand -- so they need to have the supply that will be needed as in any business
[millionday] He pointed out that the supply of advanced banking technology in a short time and work to keep up with developments in this sector , and the adoption of the evolving global regulations , so as to create the atmosphere of a competitive business serving the amount of work that awaits the country.
He suggested Chalabi on banks that did not reach their capital to the approved by the central bank set to 250 billion dinars in the attempted merger to reach the financial ceiling is specified , as well as checks to the bank of the benefits when you achieve this integration.
[millionday] note -- the head of banking has called for the banks to apply regulations (global) as they have been taught in the workshops
[millionday] Called on private banks to cooperate with the media , which represents the mirror reflective of the reality of the work of private banks and achievements during the last period , as well as advanced systems , which began to enter these banks gradually.
Chalabi and concluded his speech by saying that the country has a wide portfolio of investments in many sectors and this requires a well-developed banking sector provides services commensurate with the volume of work required by the stage , where there are local and international companies the heads of big money .
[millionday] so as we see announced here to the public that they are ready to activate their services and all regulations they have been given -- very nice brb with more
[millionday] Continued investment companies , domestic and foreign seeking to enter effectively in the national economy and to participate in the reconstruction of infrastructure through Tqatrha to the Registrar of Companies at the Ministry of Commerce which shows clearly the desire of foreign companies to open branches in Iraq to practice various economic activities .
Academic economic d . Majid Baidhani He said the increase in recording various companies in Iraq would stir economic activity because these companies are doing business with different economic represented investments or contracting or branches of large international companies won the confidence of citizens and the government to its reputation prestigious among well-known brands
millionday] said in a statement ( morning) to the country's need to enter the largest number of foreign companies , noting that this would contribute to the reconstruction and advancement of the infrastructure and improve public services ,
stressing that recent years have witnessed the increasing entry of foreign companies , according to the Ministry of Commerce declared a month. He pointed out that the stability factor effect of attracting foreign companies and create economic activity of the country.
And pointed out that the registrar of companies I record oil companies and other Construction , infrastructure and energy . , And added that
[millionday] large foreign companies have expressed an interest in entering the local market waiting to direct their activities as local market to accommodate all different kinds of investments and the existence of a genuine desire to rebuild the country and restore its infrastructure ,
as well as that Iraq is a promising environment for investment to the presence of productivity and service sectors in need of rehabilitation foreign expertise .
He pointed out that the companies projects, reconstruction of infrastructure will contribute to absorb unemployment and achieve viability by making use of the certificates of graduates in their field and employ practical side for the advancement of the economy
millionday] note -- many international companies prepared to expand to Iraq -- very nice
[millionday] In the same context, Ministry of Commerce announced the completion of transactions recorded 170 Iraqi company during the month of November last year, as announced a source at the Department of registration of companies in the ministry for the "morning" for the registration of 25 foreign companies over the past month ,
the source added that it was recorded 24 offices and one branch for foreign companies specialized in the field of contracting, manufacturing , pointing to a study of the accounts of the offices of foreign companies of the 39 branches of foreign companies 7 companies and 40 companies merge accounts and settling of accounts 8 other companies .
The ministry said in a statement that was released 54 decision to increase capital for companies of all types and the various activities . He said, adding that the department has checked the final accounts in national companies braved 761 company .
millionday] note -- as we see here -- final accounts and also regulations and preparation -- sounds like progress -- smile
[millionday] The statement noted that the Department of Registrar of Companies approving the decisions of the General Authority for companies and individuals Ltd. 's 882 company and the amendment of the 43 limited company and one public company and a capital increase and sale of shares of 80 companies and 7 liquidation of companies and write-off of a single company
[millionday] so as we see here -- decisions have been made and they are getting answers of where they are in this next phase of reform brb with more
[millionday] here is one of the reports i have concerning the tariff law -- He said economic expert, Dr. Hilal Taan that the application of the tariff law partially limit the high prices being applied to materials and goods to upholding citizens' lives directly .
The head of the advisers in the prime minister Thamer Ghadhban , has revealed a tendency for the government to apply the tariff law in part on certain goods this month .
He added in a statement Taan (morning) that the non-application of the law for the last shares halt industry and domestic production for several years has made Iraq consumer market for goods and shoddy free specifications as well as the entry of food damaged and expired .
[millionday] note -- they are applying part of the tariff taxes this month !!
[millionday] He pointed out that all the regional countries identified tariff rate imposed on goods ranging from 15 to 20 percent , while the increase in Iraq amounting to 5 percent fee of the reconstruction , which led to the entry of goods thereby and shoddy materials .
He pointed out that this law will also limit economic and financial mess existing , so will this action to protect more of the dealer and enhances the gravity of the Iraqi economy ,
in addition to controlling the money according to the mechanism of action is programmed by the Customs Department and the Ministry of Finance ensures the safety of the entry and exit of goods .
[Dianne777] , millionday do they have to have tradable currency for that?
Domino] millionday Well if they apply tariffs, that means incoming goods from another country, & that means trade, & for that they need the rate - Wonder what day this month. . .
[millionday] no it is done on % however they will be opening trade obviously so they will want a reality rate for that
[jimplants] No need to apply a tariff unless your money is worth something
[millionday] It is scheduled to announce that the Ministry of Finance of the goods, which will include a tariff law , which specified goods do not affect the price of the Iraqi market and not directly related to people's daily life .
The President of the Council of Ministers of the advisers told ( Center Brief for the Iraqi Media Network ) that " the application of the law of tariffs on specific goods will contribute to the protection of the Iraqi product , a measure comes within the framework of the development of industrial capacity in Iraq."
[millionday] note -- this move is part of the development plan for the New Iraq
[millionday] timeline >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
[millionday] He predicted Anger that they can be the start of the process of applying the tariff law before the end of the month. Commissioned the Council of Ministers , the Ministry of Finance , last June creating procedures and supplies in the border areas for the purpose of the introduction of the tariff law the end of this year .
Provides tariff law passed by the Council of House of Representatives to abolish the tariff law No. ( 77 ) for the year 1955, and ordered the coalition Provisional Authority ( dissolved) No. ( 54) for the year 2004 ( the policy of trade liberalization in 2004 ) , and the coalition Provisional Authority Order No. 38 of 2003 ( tax reconstruction of Iraq , as amended ) .
millionday] very nice - the amendment as it stands -- we dont see that very often -- love it brb
[millionday] so this is saying once again ----------------------this month brb
[wmawhite] jimplants Domino ....the tariffs will increase the costs of goods inside Iraq........not good, unless Iraq increases the value of their currency.
[dchandler] Sounds like they are getting ready for WTO
[Dianne777] dchandler fingers crossed
[Domino] wmawhite Thank you
[wilbur48] specified goods do not affect the price of the Iraqi market and not directly related to people's daily life
[wmawhite] Domino ......yw.......wanted others to see it too for their info.
[DocTaylor] DC Chandler, I hope, I hope, I hope
[LBnFL] Didn't it say they were implementing tariffs only for products that didn't affect cost of goods to the people?
[Domino] wmawhite I do the same thing. . .
[wmawhite] Domino .......lol
[millionday] no the announcement there was saying that they would not allow a rise in pricing for the citizen - it was actually the title of the report so they are trying very hard to control just that to minimize frustration and loss for the citizens
[millionday] here is something that will make you smile
[wilbur48] tariffs on stuff like cigarettes
[millionday] *Experts expected a significant increase in strategic stockpiling cash over the next year , with the escalation of oil production and exports after the success of Iraq on leave licenses granted to international companies in this area to achieve sustainable development even with the instability of the sale price of a barrel of oil .
Chairman of the Securities Commission , Dr. Abdul Razzaq al-Saadi told the (morning ) : "The cash reserve has nothing to do currency prices , but these prices according to identify specific monetary policy by the central bank , which is controlled by the so-called currency auction ."
[wilbur48] not on their daily food the poor need
[millionday] note -- stating that cbi is setting the rate specifically
[millionday] He said al-Saadi said stockpiling cash benefit over the next year so that will be the customizations and the risks to sustainable development in the country wider and bigger and ensure this development even with the instability of the global price of oil ,
believing that stockpiling strategic cash would rise because oil production is on the rise and vacations licenses granted to companies began production , and this is what leads to the standards of the oil pump and therefore more accessible to the country's share in OPEC .
DocTaylor] The encouragement of production in country increases thus increased employment and increases their GDP
[millionday] note -- they of course are talking about how enthused the citizens are going to be in earning money and so not used to having so they expect them to grab hold of cash and hold on to it
[millionday] this is very important to acknowledge when a monetary policy is being activated
[millionday] He said the stockpiling cash supporting the national economy fully , as he relies on international data , meaning it is in the case of Iran began exporting oil , especially after the recent agreement with the United Nations , oil prices will not escalate on the same pace ,
but that Iraq probably will not be affected because its production is on the rise . saw as he is supposed to pursue free status , and that there will be strict control on money laundering and to give wide latitude to the banks in their work according to the data of this market , calling on the country to seek a credit rating to reduce the problems faced by ( banks ) .
[millionday] note -- the application of credit ratings of course apply to banking services for loans etc --- even though we wish they didnt have to get into that -- it is part of the economy ladder and also healthy banking and economics
[Domino] millionday So if they grab cash & hold it, then their prices go way way down (reality rate), the citizens will become instantly wealthy correct?
[millionday] Domino no -- the country is redenominating
[millionday] they wont gain in that way -- within the country