Millionday News 10/04/13
millionday] we have news and had today the news that they are working on the insurance for the country to move forward this is like fdic so very important as you can imagine -- we have something in the news that gives us an unpdate on the banking and where we are
[millionday] Invited the Executive Director of the Association of private banks Abdul Aziz Hassoun, the need to support the private banking sector through a deal with him and increase public confidence in him, pointing out that the private banks have evolved a lot and now has the external relations with international banks.
Read More Link On Right
said Hassoun (of the Agency news): Stop from statements unexplained, which fired some officials and specialists in the economic sphere towards private banks that they are delinquent in their work and take responsibility for any confusion is happening in the market or exchange rate of the dinar.
[millionday] we saw that statement in a report yesterday -- i believe
[millionday] added: that of private banks has evolved considerably from what it was in the past through the use of mechanization of modern to facilitate transactions Banking and speed of completion, as well as become their external relations with international banks,
so the work is consistent with what issued by the Central Bank of the instructions and controls.
pointed to: that the government is required to support the private banking sector by encouraging government institutions to deal with it in order to advance the development of the country .
mentions that the banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by ownership between (7) state banks and (30) Bank Ahli including (7) Islamic banks in addition to (6) of foreign banks
millionday] so as we see here -- they announced to the citizens that the banks are done banking very nice
[millionday] very yay brb with more that is huge for us and the country
millionday] Nasdaq OMX Group Inc. is helping to set up a trading system for the Erbil Stock Exchange, which Iraq’s semi-autonomous Kurdish region plans to start operating by June, the new bourse’s chairman said. At least 25 companies will list shares on the Erbil exchange by the end of 2014, Abdullah Ahmad Abdul-Rahman said Friday in an interview in the northern Iraqi city.
Trading will begin with an estimated volume valued at 5 billion dinars ($4.3 million) to 6 billion dinars, he said. “We aim to open a gateway for foreign investors in Iraq,” he said.
[millionday] note -- this will be joined with the isx this coming june for the citizens and economy of the entire nation - very interesting that they have gotten to a point that they can talk about this already
[millionday] this is just news -- isx will be operating by then -- we are just looking at this and it has no bearing on the dinar except that they obviously know how successful it will be ---
[wmawhite] millionday .......there is nothing to hide..............they are telling the world what their plans are........."watch out....here we come."
[millionday] The Kurdish enclave’s first stock exchange has also signed an 18-month advisory contract with New Jersey-based consultant Louis Berger Group Inc. The Kurdistan Regional Government plans to form joint ventures with private partners in agriculture, tourism and industry and trade their shares on the bourse, Abdul-Rahman said.
The exchange, or ESX, will compete with the Baghdad-based Iraq Stock Exchange, which received a boost in February when mobile telephone operator Asiacell Communications PJSC listed its shares.
Asiacell’s stock offering was fully subscribed and doubled the Baghdad stock market’s value from $4.66 billion last year, Taha Ahmad Abdul-Salam al-Rubaye, the Iraq exchange’s chief executive officer, said at the time. Nasdaq OMX is also helping to upgrade the Iraq exchange’s trading system, he said on June 28.
[millionday] wmawhite thats right -- nothing to worry about
millionday] also notice -- big whoop whoop for new jersey look at what asiacell did within the country doubled
[millionday] they obviously want this available to the international investors for it to sail - huge you can imagine the big eyes looking at that wow that is really something – doubled brb with some more
[wmawhite] millionday .this sure enough doesn't fit the imagine the news media used to sell to the world about Iraq.
millionday] this was just sent to me -- thank you Bob it is from the minister of planning -- and has a huge report with it that i must thank you for but this is the fun part
[millionday] there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning.
It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports
[millionday] this is part of the report but i liked that the official rate is above 3 -- smile
[Flygirl02] Got o love it!!
[millionday] but it is discussing the reason to keep it lower and the reason to set it high oh yes love it
[dlherm] Well if that is the low end, I am loving it!!
[millionday] brb with more the low end is 1.16
[dlherm] Oh. ok that works too. But if that is the official rate won't that be about what we see?
[lorijeanmarshall] Soooooooooo, are they saying they are shooting for that rate or it IS the rate?
[Msbossydiva] at this point in my life i would take $1.16 or $0.16
[millionday] that is why some say that is what it will be but we have many comments from iraq that state the higher -- of course alot has been done by then --
[millionday] we will know soon enough with the banking done and waiting for insurance
[lorijeanmarshall] millionday Boy they sure keep coming up with NEW things that we have to wait on. LOL
[wmawhite] millionday .as well as Western Union.......lol
[millionday] actually we should have thought of that and i missed it
[millionday] i can see where it would have to be done and should have caught it
[lorijeanmarshall] millionday Oh well. No harm, no foul. It is what it is!
[Dovi] millionday don't understand
[lojak] millionday maybe they should call Geico and save $300
[millionday] the insurance
[Hunch] Hey everyone...lurker for months but new to posting. When you're done with news, millionday, may I ask you a question?
[millionday] its like fdic and of course they would need it with them going international
[millionday] absolutely --- good to see ya hun
[millionday] lorijeanmarshall right -- we all deserve a mistake -- lol
[dlherm] millionday I remember you mentioning insurance in past months!
[no-regret] millionday i would love to see the whole report
[lorijeanmarshall] millionday Ok well, that was your ONE!!! And I do mean ONE!!! LOL Just giving you a hard time!
[millionday] i should have made it more important but have brought it up -- i dont see it as taking very long as it is in many other countries and can be duplicated
[Dovi] millionday how long does it put us back fdic
[millionday] lol it shouldnt be long at all imo
[lorijeanmarshall] millionday Doesn't seem like there would be much to fight over either like some of the other laws.
[millionday] it can be copied from all other countries and written by existing
[millionday] right not much to argue about -- they just need it to be for what ever amount they set and need - ok we will look at report now
[lorijeanmarshall] millionday When are they supposed to vote on it?
[millionday] brb with it they worked on it today and are working on it now
[lorijeanmarshall] millionday Groovy
[millionday] smile - The justifications to call for the use of an exchange rate that is lower than the official exchange rate are: •The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities.
This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production.
•The application of the amended exchange rate on project imported inputs will assist in directing investments away from aggregated sectors dependent on imported inputs and the preference of those sectors that rely on locally produced inputs.
•The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded good
[wilbur48] millionday i have something on the ins.. from today if you would like to see it..
millionday] if its from today we had it at roundtable hun -- let me bring this report and we will look at it
[millionday] hope its new
[millionday] smile brb with more on this report
[millionday] •The real exchange rate has declined rapidly since the early seventies, through rapid rise of the level of prices and local costs which led by the steadiness of the official exchange rate to change in prices and actual local rate costs that gave an advantage for imported goods at the expense of locally produced goods, meaning that it led to deterioration of the competitiveness of alternative replacement goods and export commodities.
•This action shows that the official exchange rate overestimates the value of the dinar, compared to the foreign currency and from the promoting goods substituting imports and export commodities point of view of.
And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate.
[millionday] Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities
[millionday] so as we see -- they have a real and a low and a high i like them all smile
[millionday] ok wilbur lets look at the article hun thanks
[wilbur48] Member of the Finance Committee: the importance of amending the Insurance Act for the development of the economic sector in the country 04-10-2013 Baghdad (newsletter).
She is a member of the Finance Committee, a Deputy from the Kurdistan Alliance//smart Najeeb, the importance of amending the Insurance Act for the private sector the number 10 of 2005, for his role in the development of the economic sector of the country.
Najib said (News Agency): they are supporting a law that the private sector needs to modify a legislative or legal to be a catalyst to energize and revitalize this important sector, indicating that the lock is one of the most important laws that contributed to the success of the major economically advanced countries as increased public confidence in the State.
The private sector should: provide legal text that you want to modify the financial and economic committees for study and submitted as a proposal to the Parliament to amend it.
wilbur48] Revealed: the Iraq an Islamic State, a kind of reservation on the issue of insurance, but we can get laws under constitutional provisions and materials with which we work to revitalize the private sector.
Private sector companies in insurance demanded the authorities to support amending the Insurance Act No. 10 of 2005, which it said was not justice, could exercise its role which contributes to the economic development of the country.
millionday] ok -- thanks hun i think that it is the one from today but so glad you brought --- if not it is similar --- but as we see this is the most economic law they have on the table to move it all forward
[millionday] they are working on now and it is true -- it should not be a creation of the wheel smile brb it is used in the market as well -- securities -- very important
letsroll] millionday .. so IQD rate of about 1:1 for 3 years for technical and economical feasibility studies and they will have a official rate and then use another rate ? glad to even see the word exchange rate being talked.......
[Msbossydiva] millionday that could be a sign
[Hunch] May I ask my?
[millionday] that is about it -- but ---we sure had fun with the report yes would you like to ask it here ? go ahead if you would
[Flygirl02] Millionday, I really don't mean to sound like a downer, but honestly want to understand this process. the news you are bringing is awesome and very encouraging, but It seems like more laws keep coming up that are important..
Like the election law that seems to take away some of Maliki's power that so many articles have said is important. And Parliment extending session till Nov.
And then their have been several articles talking about 2014. Have you seen those? They wouldn't wait till 2014, would they?
[Hunch] Up to you...I can pm
[Flygirl02] Oops, sorry Hunch. Go ahead
[millionday] if it is about the dinar and our investment go ahead -- if it is personal or not for here -- i will pm you ] it can be some personal we are family
[Hunch] No worries...just wondering about the WTO meeting that was supposed to happen last Monday the 30th...haven't heard any news. Have you?
[millionday] Flygirl02 the insurance is not the big of a deal hun -- the world has it --- we dont know how long but we do know the funding for oil to citizens goes out of the country when done to citizens so we dont think so but we have to wait and see
[Hunch] ...and a big thank you because your daily news is what keeps me grounded.
millionday] Hunch yw all the time hun ---they had the meeting but i have not seen anymore on it except for the results of the movement to get the industry and agriculture rolling all at the same time –
the wto wants them to have other fields as we know -- they are applying it with multiple moves with opening and declaring industry coming back to the plate --- also they have also made steps in the visa program for visitors --tourism -- and have announced they are opening the one stop shop for investors
Hunch] Ok thanks...just wondering because even the WTO site doesn't have anything on Iraq since 2010 I believe...unless I'm looking in the wrong spot��
[millionday] hunch -- they have huge things going on with changing their visas and they have also changed the red tape to get in there -- so all for the needs to comply with the wto and grow as well
millionday] i will look some more on the wto and bring what i find on it yw all the time hun -- glad to hear from ya
[Hunch] All they're missing is an rv��
[millionday] thats what i am saying smile bring it on already
[Hunch] Thanks md...
[millionday] we have the insurance and that is for the economic activation
this is the exchange rate article that was referenced above.