Millionday News 8.20.13
[millionday] so welcome to newstime and here we go note -- this is important because they are wanting to include the kurdistan market smile
[millionday] Board of Directors systems Erbil market for securities meeting on Thursday 15/08/2012 in Arbil, included the following institutions, chairman of the Securities and directors of departments related to the Board of Governors of the Iraqi market for securities of the Board of Directors Erbil market for securities and financial experts from LBG
[millionday] so we know that they had this meeting and they have been working on getting it ALL as one now this was not announced until today so that is huge in itself brb with more
Read More Link On Right
[millionday] this is a huge report on the banking reform
[millionday] Suffers the banking sector in Iraq from many challenges and needs sweeping reforms with a view to carrying out its functions key to be able to keep up with international developments and work according to their standards.
In this regard indicates banking expert Samir to malfunction significantly in the banking system boils down to having to huge liquidity but untapped promise this phenomenon Balemczuhh the banking activity.
In an exclusive interview for the (morning) called to invest this money supply by expanding lending and soft benefits.
Pointing to the need to strengthen the partnership between the public and private sectors as an optimal solution to address the imbalances faced by the country's economy in the current transitional phase and follow-up program of economic reforms at all levels in order to increase economic growth.
[millionday] note -- we have been reading of the global international standards
[millionday] He said that the issue of activation of the banking sector in national economic development is one of the urgent necessities, especially in light of the new economic trends in the shift towards a free market economy.
Development process He comes here the role of government and private banks to strengthen the process of economic development in Iraq.
That's where the reform process should not be temporary and in the framework of vision piecemeal solution because it will lead to the return of the problematic crisis management in the treatment and suffered by the Iraqi economy,
but that the solution must be within the framework of economic vision College-dimensional strategic fit with the orientations of the Iraqi economy towards reliance on market mechanisms as a parameter the President to support the private sector to expand its role and reduce the state's role in spammers out of the complex and interlocking.
millionday] note -- this is talking about the most important issue of returning to a rate that is tradable and applying all that needs to be to enter the globe as a market economy
[millionday] here is what they see for the banks to be done now or very soon
[millionday] He continued by saying: It is noted from the analysis of financial indicators above that of the reasons for the low contribution of the banking sector in economic development is that the Iraqi banking system for newly established and that most of the government and private banks are still capital is limited and their banking and administrative not kept pace with banking and modern information systems and analysis.
He pointed out deposits in these banks are still few compared to the government banks therefore will be its contribution to meet the requirements of development and reconstruction is very limited, especially in financing large projects will be their role is limited to twice the potential to finance projects which tend to finance small and medium enterprises and maturities short time.
millionday] so they are not meeting the funds yet as they need and we know why ect strategies to get that rolling
[millionday] He said the role of government banks much greater in this area of the high and will remain the state a larger role and the greatest in the financing of investment strategy,
and that the legislative environment that regulate and control work offline and the requirements of taking precautions high of private banks as well as the determinants administrative in cash management and investment in the banks will make this the very limited possibility of shrinking resources for funding.
[millionday] so the move of money obviously that we read about is what they are referring to -- the more to work with--- the more security
millionday] some of the risks are >>>> ] And increased saying: The high investment returns offered by the Central Bank of Iraq to private banks will reduce and reduce its investment in projects risks college major, where remains of private banks limited activity of its contribution to economic development as most of our banks business,
has expanded its activities to include investment, consumption and some of the tools other banking classic known and there are the determinants of several legal and administrative determine investment within the regulations set by the Banking Law No. (94) for the year (2004) and Central Bank of Iraq Law No. (56) for the year (2004).
[millionday] note -- they have been training to market their banks and also have learned to know their prospects -- they need to apply it throughout the country if they dont -- the shares want bring the return they need to and are capable of
[millionday] here are some banking challenges they are facing
[millionday] He stressed that the banking sector is facing real challenges are deficient legal environment of the current governing the banking business which is the law of the banks and the Central Bank of Iraq's 56 in addition to the registration law firms 21 of 1997 and the Law of the Iraqi market for securities 74 for the year 2004
and the Law of the Securities Commission and the Investment Law 13 of 2006 and Law laundering money 93 for the year 2004 as these laws contribute in some materials a significant contribution to reduce the contribution of the banking sector in the development and
[millionday] make it limited to the services concerned Bachirfah and business daily routine, which does not exceed 15 service at best out of 51 banking service must be carried out according to what you stated Article 27 of the Banking Act in force.
pointed to confusion economic vision, visions and policies that unite and coordinate between fiscal and monetary policy and the importance in reducing inflation and economic stability, as well as weak government support for the banking sector with the reluctance of the supervisory role and regulatory and supervisory bodies responsible for monetary and fiscal policy
[millionday] note -- in other words -- getting used to the modern banking and the time that takes -- they need to be very aggressive for the stakeholders
[millionday] note -- now look at the expectations of the oil revenues -- which can not be ignored -- it just cant be their everything
[millionday] He said that the economic and financial performance in Iraq influenced to a large extent on the performance of the oil sector.
Terms Oil revenues account for about two thirds of GDP in Iraq and all export earnings and fiscal revenues nearly so affected GDP growth shocks price and size estimation of oil.,
And there is a need to strengthen the financial sector in order to support the growth of non-oil sector.
revealing the existence of the phenomenon of chronic afflicting the banking sector in Iraq is Bahtfazaa liquidity high could reach more than 50 percent of the capital but to no avail, or contribute to the development due to the inability to invest in development projects large,
as well as poor planning and implementation of the policies of government support for the banking sector due to his careful nature of the economic development of the enormous world is witnessing and
[millionday] opening up to the free market and the failure of the government institutions, the organization of work in the banking sector and the capital market and support the business and overseeing the market through the mechanisms and procedures controlled where to organize the movement of the economy without radical intervention in the details and the involvement of all segments of the private sector in the process of growth and development for the advancement of the Iraqi economy.
The concluded by referring to the importance of work to address the technology gap in modern banking systems experienced by the banking sector compared with the findings of the other countries of the world.
[millionday] now let me address why this is important to us
millionday] this is saying that they are ready to implement the modern banking but they are a little set back as to whether they are going to be able to step up right away with new policies and regulations -- services -- it is a huge need in their stock market and the big boom they want to make in the global market –
these are the fears of the economy and what is coming -- hopefully as they make clear here -- the desire to do a very good job and to take it seriously is as important to the managers ect as it is to the whole picture of the introduction of the economy to the globe brb with more
[millionday] other excitement as we have been reading about all day in the move to a market economy
[millionday] MP Mohammad Allkash the necessity of selecting Basra, Iraq's economic capital. He said Allkash "morning:"
The government's approval of the draft Basra, the economic capital of the utmost importance and that because of its this province as oil wealth in Iraq and its possession of the fields of the oil giant, as well as its geographical location and its location on the banks of the Shatt al-Arab, where is the port most of communication in the world exterior.
He said it's also enjoying the wealth of a variety agricultural and economic industrial and commercial Miahlha, to be the capital of Iraq, not to mention the economic palm forests that are unique to alluding to the vast areas of water, rivers and dozens of tables and content of Fish and birds are all of the investment.
[millionday] let me address something that one of our members brought to my attention
[millionday] the report of the removal of the three zeros that stated it would be complete by 2014 and ready for the budget they are working on right now -- is talking about its completion -- not about its beginning
[millionday] now the budget for 2014 and 2015 are written without the three zeros but they are talking about it being set and done by then brb with more oh and to the member -- love ya hun brb
millionday] this is very encouraging and of course we realize the impact and this is why
[millionday] iraq is the only country that was not effected by the recession of the globe so this is obviously very exciting for those of us that are invested in this
[millionday] Iraq has many achievements in the field of re-expansion of relations and restoration of international stature from being a country with many advantages, including wealth multi reflecting the strength of the economy and his accession to the level of developed countries,
and acquired this reputation by its commitment to the conventions and international covenants so they sometimes represented by the Centers Nizatih famous and Other in prestigious committees and today it has been accepted Iraqi National Business Council and joining the UN Global Compact Altddh to score another success in his quest to take a leadership role among nations.
This success comes in response to the terrorist attacks that try to harm the reputation of Iraq and the role of regional and international vain in Iraq occupies prestigious centers in international fora reflect its importance and its role in supporting international trends towards strengthening the UN charters.
[millionday] smile >>>>>>>>>>>>>> today it has been accepted Iraqi National Business Council and joining the UN Global Compact Altddh
[millionday] Has got approval yesterday to join the Iraqi National Business Council to the Global Compact of the United Nations, containing the ten principles in the field of labor and anti-corruption, the environment and human rights.
The head of the National Business Council Ibrahim al-Baghdadi (morning) that this done which prides businessmen to achieve but reflects earned them the confidence of international organizations and is a success factor for the role played by Iraq as part of his quest to regain its leading role in the work of the international system and to confirm his commitment to abide by conventions and international treaties which are in the interest of the international community.
[millionday] note means today
[millionday] now remember that we told you here in the last couple of days of the 80 conventions that were signed -- if you didnt understand the massive impact that has on your investment –
it is the signing of the agreement to join and be a part of the many countries that are part of the wto and trade amongst themselves and are as club would be in our world -- this is the move forward that is huge and this is talking about it now
[millionday] with that that is how they have become a member of the business council of the world -- today
millionday] read this very exciting point >>>>>>>>>>> He added that the Council's accession to this prestigious institution will provide its members opportunities for a stronger partnership with the international companies of the member states in building the new Iraq also reflects his commitment to building its international relations and in line with international standards for this and the adoption of principles of the Charter of ten.
Baghdadi said that this acceptance will enable businessmen grouped under the dome of the use of the emblem of the Charter in the business card and paper official envelopes officially approved in the Council and by the form approved by the Office of the Charter of the United Nations, pointing to the preparations undertaken by the Administration Council of the printed card business in Dubai for all members of the council smile
[millionday] if that doesnt make you smile -- you are numb so i will add this >>>>>>>>>>>>>> It is to be noted that the Charter of the United Nations World featuring discreet organizations and institutions all over the world, which enjoys the benefits of the Charter. whooop whooop
millionday] and lets just ask ourselves -- what would they need to be an active part of this ? hmmm -- a tradable currency -- their number one product
[En4cr] Seems like we are getting there
[millionday] whooop whoop oh yes we are brb with more
[Auntie] whooooop whooooooop YIPPEE!
[millionday] this is very huge
[purecountry] They are setting the stage for a huge entrance into the world. Once that setup is ready, we will see this. Keep an eye on Milliondays news.
millionday] A member of Economy Hussein the Committee that Iraq is a fertile environment for investment and trade, but it lacks the facilities that allow commercial companies investing in it so it needs to amend the Companies Act.
The said in a press statement that Iraq so far does not have to activate the law of customs tariff that although the most open countries in Iraq and trying to build trade and economic relations.
He added: he must amend the law firms according to the correct bases far from any Tlkaat and be an Iraqi is imported from any other country, adding that companies operating in Iraq are suffering from wasting time and delays due to red tape killer and the lack of facilities.
Mention that the trade raised the proposed amendment Companies Act after escalating requests for foreign companies in the trade and to meet routine procedures.
[millionday] this is obvious and we have seen the work they are doing on the companies act -- many see this as not important but it is to iraq -- but -- not a hold up with the currency brb with more
millionday] thursday as all to see but will be working tomorrow as well
[millionday] House of Representatives voted on Tuesday to reject a bill Training Center monetary and banking. A parliamentary source said the agency "News", "The House of Representatives voted during its 13th meeting, today, to reject the bill Training Center monetary and banking."
The Council of Representatives of Iraq, on Tuesday, its the 13 headed by Osama Najafi and the presence of 177 deputies, with a parliamentary source said that the meeting will read and vote on a number of draft laws. brb with more
[millionday] let me comment that this law that was rejected is not a forever event -- when laws go before parliament anywhere they are trying to get it perfect to be the best for the area each rep is from ect -- so it does not mean that it is rejected just that there are some things they want to change -- no worries brb with more
millionday] know this is back dated and is covering in some instances back til 2010
[millionday] The company announced the global smart card to card to pay bonuses of 100 thousand dinars for the beneficiaries of the Social Welfare Department.
According to a source in the company told all of Iraq [where] today that "the amount will be distributed to 345 983 beneficiaries andas of tonight.
He added that "the possibility of beneficiaries from the day of receipt to card ports and all bank branches of the Rafidain Bank."
The company is the global smart card from the mixed sector companies contribute to the partnership between the two largest government banks Rafidain and Rasheed with IEPS, which was founded in 2007.
It seemed smart card system work in Iraq in late 2008, and then expanded regularly informs the circulation of more than 1500000E-Card mid-year 2010, especially among customers of the beneficiaries of social protection network and retirees, journalists and some Iraqi ministries brb with more
millionday] this was last minute i know there was news about it yesterday but it was misunderstood
[millionday] but today we have this >>>>>>>>>>>>> Office announced the implementation of Article 140 of the Constitution, in the province of Dhi Qar, the arrival of more than 600 instrument, noting that the Bureau proceeded distributed among beneficiaries.
said Associate Director of the Office of the Commission in the province Jalil Ayed to the Agency (news): The office received A new batch of instruments compensation covered by Article (140), consisting of (615) instrument has been distributed among the beneficiaries rapidly.
The ministry is continuing to complete the remaining number of instruments in the share of the province for the current year in order to be distributed among covered respectively.
millionday] said Ayed: that the Office Article adopted mechanism smooth and transparent in the process of distribution of instruments, the adoption of the sequence of names received from the office in Baghdad, drape Ayed on the role of Chairman of the Commission on Article 140 Central Hadi al-Amiri in his quest to increase the share of the province covered by the article in question.
[millionday] we should see this expand with the census -- WHat is date for census?
[millionday] they are working on so much that it is nuts and as we have told you all along it will seem as though everything just comes at that same time because so much relies on the other
[millionday] now as we know the joining of the business orgs in the UN and also the signing of the conventions with the many many countries --- oh my how huge
[millionday] we are close because of one thing the signing of those conventions are also inclusive of the many trade agreements we saw in the last few years as mou`s now they are becoming contracts
[millionday] myblifeguard they are doing it now and activated contracts in many countries
[millionday] so all the news is good we are close to watching this get done so hold your hat and lets see this unfold together
[millionday] now let me add maliki is going to all countries that they have a strategic agreement with and this also includes a tradable currency on ours so dont be thinking this is slow or we are held up because we are not -- right on time