Millionday Roundtable 12/23/13
millionday] brb with other news and then we will look at what any of you have so be ready when i get done to bring yours if you have something you would like to share smile we will know what that says on the CBI site as soon as it gets translated
[millionday] Finance Committee MP / coalition of Kurdish blocs / Dler capable, the government need to activate the Consumer Protection Act with tighter control of the border crossings to reduce the importation of inferior goods to the country.
said is capable (of the Agency news): The government and the House of Representatives calling for issuing decisions on organization of import and export of goods, the fact that there is a process exploitative by some traders 'greedy' working on the importation of inferior goods to the country. added:
[millionday] note -- applying border crossing security and also customs
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[millionday] he must apply the Consumer Protection Act as well as to tighten the border crossings to inspect the goods imported to the country to ensure that it is safe and suitable for human consumption,
stressing that that hurt the Iraqi economy, largely because of out a lot of money for the purpose of importation. mention that the House had begun Consumer Protection Act of 2010 which includes the establishment of a council for the protection of the consumer,
but the government decided to wait to apply the law until further notice, despite demands from many economists to apply the law so as to reduce shoddy materials from entering the country.
[millionday] so as we know it was postponed before --- now we see that they feel it is time to apply the consumer protection --- borders--customs--tariff---goods examination etc
[millionday] In order to expand its dealings in support of projects, both public and private prescribed TBI TBI application project next year certificates of deposit after the completion of the completion of the project .
The chairwoman of the board of directors of the bank Hamdiya dry for " Center Brief for the Iraqi Media Network ," "The Trade Bank of Iraq discussed over the past period, the project certificates of deposit and finished all of its paragraphs and is ready for application after receiving a signal from the Central Bank of Iraq ."
[millionday] She is dry, that "the project includes the issuance of certificates of deposit by the bank and sold to citizens at prices and interest rates limited to a period of time as it will contribute to the provision of financial liquidity in the bank to expand its dealings in support of special projects in the public and private sectors in addition to reducing the size of the inflation in the market
[Fresh] the deal with these CD's is huge IMO - - millionday - - this will attract outside investors who are looking for a higher rate of return on their money... so you would think their current status of their currency would hinder that!
[Dovi] Fresh that answers my next question about this not being sharia compliant because paying interest...so has to be aimed at outside investors mostly
[millionday] yes i would -- they need to have it set at an affordable price that will allow them to gain
[letsroll] are the CD's for Iraqi citizens or anyone with a bank account in iraq
[millionday] good point
[millionday] Iraqi Central Bank announced on Monday, choosing to head Iraq FATF for the Middle East and North Africa in 2014. A statement issued by the bank, seen by "tomorrow Press", "The Financial Action Task Force for the Middle East and North Africa decided when added to the eighteenth year in Bahrain assume the presidency of the Group of the Republic of Iraq."
The statement added that "the group chose the head of Anti-Money Laundering Council and the governor of the Iraqi Central Bank and the Agency Abdul Basit Turki Saeed as president of the Group for the year 2014." The Financial Action Task Force for the Middle East and North Africa of a voluntary nature and cooperative.
[millionday] this is a huge wow -- i would say they would have a set rate for their currency to be the head of the Financial Action Task Force – smile we shall see -- lol
[aJw70] These are historic times For sure
[millionday] absolutely !!
[nona] aJw70 indeed!
[RickeyT] with the issuing of CD's, it appears to me that the gradual rate increase is more likely unless they RV before the CD's are sold, your thoughts?
[millionday] Confirmed the parliamentary finance committee, said that Iraq does not need loans of international financial, indicating that the loan provided by the World Bank amounting to 355 million dollars was intended to link the economic policy of the Iraqi internationalist.
said Committee Vice Chairman Ahmed Faizullah (of the Agency news): Iraq has a financial budget is very large estimated at more than 174 trillion dinars and has huge oil reserves and the potential of being able to export large quantities of oil, so it does not need for international loans to set up projects in the country. added:
[millionday] The aim of the loan, which will be presented by World Bank Trust Fund and of ( 355) million came for the purpose of strengthening the relations between Iraq and the World Bank and make economic and financial policy of the Iraqi linked to international policy and in order not to be Iraq's isolation from the world.
mention that the World Bank Trust Fund announced its intention to lend Iraq amounted to $ 355 million dollars for the establishment of strategic projects and infrastructure in the country .
[millionday] RickeyT good question so lets think this through -- what are CDs used for?
[RickeyT] millionday increase confidence in the bank
[lorijeanmarshall] millionday Cert of deposit
[millionday] and how do they help banks and stakeholders
[RickeyT] monitary gain
[letsroll] RickeyT are the CD's in country to citizens only ?
[RickeyT] letsroll no idea
[millionday] right but the certificate is a service that would raise the value through service for services
[RickeyT] millionday banks for investment and to issue loans
[jimplants] If they issue cds at a programed rate and change to a real rate they will loose the shirt
[letsroll] the banks use your money and give you some extra at the end of the term
[millionday] the confidence in the bank is a very good point
[RickeyT] jimplants unless they adjust the value
[nona] strengthens the bank
[jimplants] RickeyT controlled by the imf
[millionday] and that is what drives the market when we need it picked up in all markets -- for instance - ] the stock market will not have one thing change but confidence and it will hit the roof --- the same thing is needed in a way for Iraq -- confidence in the banks so that they can earn from what they have put in --- in better terms -- they need what they have put into it back – quickly and certificates of deposit show actual product ----
[millionday] jimplants exactly - unless they adjust before imo ---
[millionday] i agree rickey -- but i think they would have to before they issue the CDs
[millionday] anyone else have anything to add?
[nona] no, but this makes sense and seems like very good news
[Dovi] this is so good to watch your minds work!
[RickeyT] millionday the CD's will become available when?
[aJw70] I would like to add a smile and a whoop whoop
[lorijeanmarshall] millionday Can u touch on th BIS thing u brought last night?
[nona] RickeyT and where and to whom?
[wilbur48] Millionday I have something on the FATF if you would like to see it
Fresh] millionday I can just add...
[millionday] yes it is good news and is the beginning of banking products
[millionday] lorijeanmarshall yes i have it ready --- just one sec