Millionday News 7/29/13
millionday] House Speaker Osama Najafi with Deputy Prime Minister for Services Affairs Saleh al-Mutlaq, a number of political and security files and a House of Representatives vote on the laws on the demands of the demonstrators and protesters.
A statement by the Office of the Deputy Prime Minister has received «morning» copy of it on Monday, said that «al-Mutlaq, received in his office yesterday, Najafi and his entourage», indicating that «the two sides discussed during the meeting, the political situation in the country, and amendments to the laws on the demands of the demonstrators and the security situation and the repercussions of accidental prisons Taji and Abu Ghraib.
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[millionday] Nujaifi called on political parties to assume their responsibilities and get away from the tensions and provoke differences that reflect negatively on the Iraqi street. He also expressed his great passion to pass laws that serve the interests of the Iraqi citizens and that mitigate his shoulders and provide an atmosphere of security and stability in the country.
In this regard, he stressed Mutlaq «the importance of accelerating the vote on laws passed by the Council of Ministers regarding the demands of the demonstrators and protesters, which was agreed upon during a series of meetings of the Committee of Five.
[millionday] The Deputy Prime Minister pointed out that «the pass laws and amendments accountability, justice and the confidential informant and the abolition of Article IV of the Anti-Terrorism Act and other laws will contribute to the mitigation of the burden of the Iraqi citizen and enhances the confidence of the legislative power.
millionday] brb with some more this is out again
[millionday] Iraq's parliamentary Finance Committee that the Central Bank, according to official correspondence, will start this year with three zeros deleted from the local currency, saying it will lead to the development of international economic and monetary transactions, in a new twist in the Iraqi currency, which suffered waves of inflation and exchange rates.
"The Iraqi media network," the official, a member of the Finance Committee, Abdul Hussein Al-yasiri, said that he would begin preparations for the deletion of three zeros from the local currency
[anonymous1] like recycled news like this
[millionday] Yaseri that the Finance Committee "supports the changes to the local currency because of the economic importance to the country." the Central Bank said that the deletion of zeros is part of a plan to develop monetary policy and currency management reform.
The CBI had said in August that it planned to delete the zeros of the Iraqi dinar to facilitate financial transactions made through criticism most often.
Among the difficulties facing Iraq if he wanted to delete the zeros of the dinar is pulling about 30 trillion dinars circulating in the Iraqi market is then discarded and replaced with a new currency.
[millionday] me too now i have this to go with it -- brb
millionday] Identified the General Secretariat of the Council of Ministers as the holiday of Eid al-Fitr on Thursday, 8 of August until next Sunday, 11 of the same month.
A statement issued by the Secretariat on Monday that "on Thursday, 08/08/2013 and Sunday, 08/11/2013 official holiday on the occasion of Eid al-Fitr as well as on Friday and Saturday approve 9 and 08/10/2013." He continued that "uncles were directed to all ministries and to departments not Almterbth Ministry and to all provinces."
[millionday] just throwing that out there of course we expected they have this holiday lol
[millionday] Confirmed the General Secretariat of the Council of Ministers that ending the problem of granting registration plates for cars that have been purchased from the General Company for the entire auto industry will be after the Eid al-Fitr.
A statement issued by the Department of Affairs of citizens and public relations at the Secretariat of the Council of Ministers received "morning," a copy of which stated, that "in response to requests and complaints from citizens received through the windows circle and private delays in completion of issuing site Alexandria's General Directorate of Traffic to figures from car after buying the company for more than five and follow the course of months to work with the site administrator who confirmed address all obstacles after replacing Angel Group at another site more efficient and fair and double the working time, the fast delivery will enable landlords to factor in the location of all vehicles numbering after the Eid al-Fitr
[millionday] For his part, ruled out the press office of the General Company for auto completion of all cars numbering shortly. He said an official source it's "Center Brief for the Iraqi Media Network," "The General Directorate of Traffic tolerate in receiving the disk No. 73 contained information regarding 375 Sold need to scoreboards, as well as other cars where the errors in the color of the car or the VIN must correct their information Then Coding. "
"The Directorate of Traffic offers unconvincing excuses, and did not abide by the instructions of the General Secretariat of the Council of Ministers to speed up the granting of registration plates," stressing address the Secretariat and the Ministry of Interior in this regard in vain, he says.
[B][millionday] now the reason i brought that is that this takes money and it is government funded and begins after the holiday i just showed you brb with more
[millionday] here we go - Said Director General of Commercial Bank of Iraq (TBI) Hamdiya dry that the financial sector in Iraq has the potential thing a lot, but it need clear policy orientation towards the proper destination from which to be able to contribute effectively to support the Iraqi economy.
She told the "morning" that Iraq possesses a strong economy qualifies him to be a Tiger next to Asia, pointing out that the political situation in the country and the security side, have had the effect is clear in delaying the process of economic growth, the afterthought that despite all the problems that has plagued Iraq, it does not prevent that represents the Iraqi economy touchstone.
millionday] It showed dry that stumbled fiscal policy would adversely affect the delivery of services, calling to put Strtejah future will find effective alternatives through benefiting from the revenues of industry and agriculture as the two pillars of the pillars of the Iraqi economy after the decline in the contribution of these two sectors in the GDP by about clear During the past three decades.
Pointing out the importance of an amendment to the Banking Act, which is inappropriate and inconsistent with the role that should be played by the banking sector in this period, as well as the need to speed up passage of a law that would enhance the reality of financial and banking sector in the country, including allowing banks to exercise their work without being bound by law the old one.
[millionday] note -- speed up the reality of the country is what we want - and as they are saying they have to move forward with the reforms so the banking is effective
anonymous1] moving forward
[millionday] The parliamentary Finance Committee has recently called for the establishment of a special independent body concerned with the affairs of Iraqi banks are in isolation from the central bank to support the development of the banking sector in the country.
[millionday] anonymous1 exactly brb with more news
[anonymous1] i like that last one .... independently ran banks get your poop in a group and get on board
[NUMBERS] will a civil war over there stop the rv??????????
[rollonjohn] belabun Doing Great!
[belabun] NUMBERS pwez don't say civil war sniff sniff
[Godsalli/Jim] Good question numbers I say for sure
[belabun] when bunny emoticon appeared fresh et all had good fun shooting at teh bunny, that is when Deaconfuzz came to my rescue!
[NUMBERS] Godsalli/Jim ask millionday for me ok??
[millionday] this is among the iraqi officials -- NUMBERS no it will be the other way around the rv will stop the issues
[millionday] Two Iraqi parliamentary committees monitoring fiscal policy in Iraq have held two contradictory positions on the Iraqi currency “reset” project, which would delete three zeros from the currency. Controversies were there regarding the feasibility of this project and some of the experts have opined that it will take a long to implement.
The Parliamentary Economic Committee thinks that deleting zeros from the Iraqi currencies would lead to strengthening Iraqi economy. However, the Finance Committee is worried about the project aftermaths as it may bring a lot of counterfeit operations
[anonymous1] me likee
[Godsalli/Jim] Then why in the world would they delay ?
[NUMBERS] millionday thanks
[millionday] Mudher Mohammad Saleh, former deputy governor of the Central Bank of Iraq, warned against the consequences of such a step if it is not implemented at the appropriate time. Abdul Abbas Shayya, a member of the Economic Committee in the Iraqi parliament, told, “Reforming the management of the Iraqi currency now requires the deletion of three zeros.
This has been endorsed by the parliamentary Economy and Investment Committee." Shayya, an MP for the State of Law Coalition led by Iraqi Prime Minister, added that the Economic Committee "asked the government and the Central Bank to quickly replace the current Iraqi currency with another that is less [in value] by three zeros."
millionday] Godsalli/Jim they arent expected to delay it at all
[anonymous1] i think they are waiting for Eid al fitr
[millionday] The Iraqi currency is weak, and the money supply has amounted to multi-trillions because of the existence of these useless zeros," he said.
"The country will witness a significant increase in oil revenues, financial earnings and high budgets. Thus, we need to print new banknotes, as estimated by the Central Bank." "Iraq would need about 9 billion banknotes in the event of applying the deletion of zeros. Iraq today is dealing with 4 billion banknotes," he said.
[peppermint] millionday didn't you bring something similar to this a week or so ago
[millionday] note -- they will need more then the two companies printed due to the return of many and the new economy
[anonymous1] funny 2.5 times difference just saying
[millionday] peppermint yes -- love it that we are seeing this again
[millionday] MP Nahida Daini agrees with Shayya, her colleague in the Economic Committee. In an interview with Al-Monitor, she stressed the need to implement the Iraqi currency “reset” project. However, she said that the government fears money laundering operations in the event of the project's implementation.
She said, "The Economic Committee last week requested to implement the deletion of zeros from the currency, but the Council of Ministers asked to delay the process for fear of money laundering operations
[millionday] Daini believes that the government's fears "are mere concerns." She said, "There are regulators in Iraq who can follow up and ensure the integrity of the project."
Magda al-Tamimi, member of the parliamentary Finance Committee, told, The delay in deleting zeros from the currency was due to fears of possible fraud operations.
The Finance Committee is currently focused on controlling the currency auction," which is carried out by the Central Bank to provide merchants with hard currency necessary for import!” The fiscal policy of Iraq has come under criticism recently due to the fluctuation of local currency exchange rates against global currencies
millionday] According to Tamimi, "Iraq is not ready to control the possible currency fraud that may result from the deletion of zeros."
The Finance Committee, Tamimi added, "is now working toward controlling the Iraqi currency auction, which is witnessing a significant fluctuation in the exchange rate of the Iraqi dinar against the dollar." "Development is the gateway to strengthening the currency.
Thus, raising the value of the dinar is more important than the deletion of zeros," she said. Saleh remarked, "The deletion of three zeros from the currency means deleting three grades from the calculation records of the Republic of Iraq. The decision to implement the deletion of zeros next year is very dangerous and risky. This issue must be done at the appropriate time."
[anonymous1] love that....
[millionday] whooop whooop i agree >>>>>>>>>>>>>>> Thus, raising the value of the dinar is more important than the deletion of zeros,"
[anonymous1] means all note will co exist ..... clearly means no lop
[sunnyca] millionday millionday let's do it!
[millionday] There are many encouraging positive factors to reform the currency management system," he said, also noting that the deletion of zeros "does not only involve changing the design of the currency. It implies changing the economic system in the country in general."
[wilbur48] i have something for ya millionday..
[millionday] which is the largest understatement i have seen in a while -- good thing that is the phase they say they are in
[anonymous1] thats huge
[millionday] changing the economic system is what we need - and that is what they are saying they are doing - love it
[millionday] Anticipating Financial Committee member MP, Kurdistan Coalition, Delair Qadir, Iraqi dinar exchange rate improved significantly against the US dollar after some measures have been taken by the Central Bank of Iraq and of the provisions of Chapter VII.
Qadir stated, “The Central Bank would take new procedures and controls which will support the stability of the Iraqi dinar exchange rate against the US dollar, which would be a correction of errors that occurred during the past period and the Bank that led to the relatively low price of the dinar
[RickeyT] "Development is the gateway to strengthening the currency. Thus, raising the value of the dinar is more important than the deletion of zeros," she said.
Saleh remarked, "The deletion of three zeros from the currency means deleting three grades from the calculation records of the Republic of Iraq. The decision to implement the deletion of zeros next year is very dangerous and risky. This issue must be done at the appropriate time." Next year?
[anonymous1] raise value first delete later
[millionday] that is an opinion from saleh
[sunnyca] Saleh & Tamimi should team up and get this done!!!
[anonymous1] looks good
[millionday] not a date or means anything --- saleh past opinion
[millionday] He further added, “The departure of Iraq from Chapter VII of the UN contribute significantly to support the dinar exchange rate because it will stimulate trade and economic movement of the country with various countries of the world so it will reflect positively on the dinar exchange rate against foreign currencies.” Recently, the Central bank of Iraq has stated that it is considering adopting some new plans and procedures to support and stabilize the Iraqi dinar exchange rate against the US dollar.
[Godsalli/Jim] They keep saying rate has improved....?????? Where is the evidence of that
[millionday] In recent times, sharp drop in the price of Iraqi dinar has been recorded. Due to the hike of the price of essential commodities, which was the aftermath of the declination of exchange of Dinar against dollars, Central Bank of Iraq was urged by several groups of the people of Iraq to take swift measures to stable Iraqi currency
[NUMBERS] Godsalli/Jim i havent seen it
[millionday] Godsalli/Jim it was a lot different and has gotten back down to 1166 or around
[Godsalli/Jim] I keep looking
[millionday] brb with more
millionday] Mr. Hilfi explained that the bypass provisions of Chapter VII, is a big gain, which retrieved the confidence in Iraqi Currency, especially due to Iraq’s large financial reserves.
He added that very soon there will be a new investment-oriented phase and there will be a large scale investment in the Iraqi Dinar at level of companies, investors and citizens, stressing that the economic landscape readings indicate the presence of a great demand on Dinar which will contribute to raising its exchange rate against foreign currencies.
[baggr42] millionday Do u believe that the loading of the cards is a indicator of progress
[millionday] baggr42 big big big progress
[millionday] Citi Group Inc. has decided to open its business in Iraq. It has to be noted that after easing of UN sanctions dating back to the Saddam Hussein era are driving yields on the OPEC oil producer’s bonds down from a four-year high, Iraq has become a popular place for the investors.
Yields on the Middle Eastern nation’s $2.7 billion security due January 2028 slid 137 basis points to 7.43 percent in the eight days from June 24 after Citigroup became the first U.S. lender to venture into Iraq since Hussein was toppled a decade ago.
That compares with a 39 basis-point drop to 5.19 percent in the HSBC/Nasdaq Dubai Middle East Conventional Sovereign US Dollar Bond Index in the period. Iraq’s bonds yielded 7.4 percent at 4:20 p.m. today in Baghdad
millionday] and that was last weeks numbers
[millionday] Citigroup, JPMorgan Chase & Co. and Standard Chartered Plc (STAN) have shown their interests to expand their banking operations in the country of Iraq, which is presently marked as the second largest oil producer of OPEC, the oil agency.
The UN Security Council added to investor confidence by voting on June 27 to remove the threat of military enforcement on the issues of Kuwaiti people, property and archives missing since Iraq invaded the country in 1990.
Sanjay Motwani, president of Singapore-based Sansar Capital Management LLC, stated that Citigroup’s announcement “had an impact because it meant that big banks are going into Iraq.”
[Papatom] millionday 2nd largest oil producer in OPEC...did you know that only 1/3 of the land has been surveyed!!!!!!???
[millionday] think about this >>> we are the little guys but when the big guys are invested in the same thing you are -- it makes me smile
[millionday] It has to be noted that Sansar Capital Management LLC manages a fund with $30 million invested in Iraqi equities. Sanjay Motwani further added, “The risk premium for Iraq sharply dropped after June 24, mainly in anticipation of the UN decision to ease the sanctions, which was eventually adopted June 27.”
millionday] this is the part of the article that is the best --- That compares with a 39 basis-point drop to 5.19 percent in the HSBC/Nasdaq Dubai Middle East Conventional Sovereign US Dollar Bond Index in the period. Iraq’s bonds yielded 7.4 percent at 4:20 p.m. today in Baghdad
[millionday] see that -- whooop whooop
[millionday] The listing of Asiacell has been regarded as the biggest success of Iraq in recent times. The country’s stock exchange attracted investors in the February listing of Asiacell Communications PJSC, which raised $1.3 billion in the Middle East’s biggest initial public offering since 2008.
Citigroup plans to open representative offices and branches in Baghdad and the cities of Basra and Erbil to benefit from an estimated $1 trillion of infrastructure spending, Mayank Malik, the U.S. bank’s chief executive officer for Jordan, Iraq, Syria and the Palestinian territories, said in a June 27 interview.
The lender is also among international banks seeking to finance a pipeline to export Iraqi oil and natural gas through Jordan. Standard Chartered plans to open branches this year in Baghdad and Erbil, followed by a third office in Basra, a southern oil hub, in 2014.
JPMorgan Chase signed a one-year agreement on July 6 to help the Trade Bank of Iraq finance imports of goods and services, John Gibbons, managing director and EMEA regional executive for the New York-based bank, said in a July 7 interview
belabun] they have always paid high interest, etc.
[millionday] no that has been against their religion since the country became economic
[belabun] belabun they show yields on cbi site. There is a sect that does not pay interest, and the banking has been set up for them, shia
[belabun] from cbi site ~~ ECONOMIC DATA Interest rates CBI policy rate (valid from 1 Apr 2010) 6% IQD 7 day deposit 4% Primary credit facility 8%