Millionday Roundtable 7/17/15
Welcome to dinarupdates.com for Roundtable with Millionday!!
Millionday: WELCOME EVERYONE TO ROUND TABLE
Millionday: I WOULD LIKE TO START BY UPDATING ON A FEW THINGS
Millionday: THE EFFORTS IN ANBAR ARE REPORTABLY GOING WELL --
THERE ARE MANY IRAQIS THERE AND TRAPPED IN THE AREA SO A UNITED EFFORT IS TAKING PLACE
Millionday: THE IRANIAN DEAL IS NOT COMPLETE DUE TO THE DICUSSIONS AND THAT DEAL IS REPORTED TO BE AT THE UN TO MOVE FORWARD --
WE ARE WATCHING THIS DUE TO THEIR INFLUENCE IN THE AREA
Millionday: NOTE -- THIS REPORT SHOWS A DECISION THAT WAS TAKEN BY IRAQ DURING THE PROCESS
Millionday: A source in the Iraqi Central Bank, on Friday, for a decision by the central bank to stop dealing with Bank Melli Iran branch in Iraq, and denied that the decision is linked to Iran's nuclear agreement with the majority of the six countries, stressed that the decision came after the receipt of the bank's name in the list of prohibitions International.
The source said in an interview with the (long-Presse), "The bank's board directed its departments, including the banking and credit Directorate and Auction currency not to deal with Bank Melli Iran after his name was mentioned in the list of the international embargo."
Millionday: NOTE -- THIS IS HUGE WITH IRAN`S INFLUENCE IN THE AREA AND OBVIOUSLY SHOWS
Millionday: THE LACK OF CONFIDENCE IN CHANGE FROM IRAN ECONOMICALLY BUT CHANGE HAS NOT OCCURRED YET SO WE SHALL SEE WHAT HAPPENS --
Millionday: He denied the source, who asked not to be named, said: "the decision of Iran's relationship agreement with the majority agreement of the six countries on the nuclear issue, although he came in sync with him," stressing that "the Iraqi Central Bank Foundation is committed to international laws and issued them."
The age of the founding of Bank Melli Iran more than 86 years and has branches in 3169 within the Republic of Iran and 16 branches abroad.
Millionday: SO THIS ALSO IS ENCOURAGING TO SEE THE COMPLIANCE THAT IRAQ WOULD LIKE TO SHOW --
THIS IS A HUGE ANNOUNCEMENT SO WE WILL SEE IRAN AND IRAQ IN NEGOTIATIONS DUE THE RELATIONSHIP IN BANKING THAT HAS BEEN PART OF THE REGION AND THE TWO FOR YEARS AND THE ECONOMIC IMPACT THIS COULD HAVE AS WELL IMO
rudie: IF IRAQ IS BEING COMPLIANT TO INTERNATIONAL LAWS...WHAT'S TO NEGOTIATE?
Millionday: THE CLOSED BANKING IN IRAQ FOR IRAN`S INTERNATIONAL BANKING
rudie: I UNDERSTAND THAT LOL BUT IF IT'S CLOSED DUE TO INTERNATIONAL LAW ??
rudie: SOME KIND OF COMPLIANCE ISSUE WITH IRAN I GUESS? RIGHT?
Millionday: ACCORDING TO WHAT IS BEING SAID HERE -- THE TIMING IS INTERESTING HOWEVER WITH THE IMPACT THIS DEAL HAS TO THE MINING OF URANIUM IN IRAQ
Millionday: THEY ARE SAYING IN THIS REPORT THAT THE BANK CAME UP ON A FUNDING LIST FOR TERRORISM SUPPORT AND INTERNATIONAL COMPLIANCE TELLS THEM TO CLOSE THE BANKING BEING DONE ---
Millionday: SO WE SHOULD EXPECT TO SEE VISITS IMO
Millionday: NOTE -- THIS REPORT IS HUGE SO THIS IS SOME OF THE REPORT DUE TO ITS CONTENT
Millionday: NOTE -- WE ARE GOING TO LOOK AT ADDED PRESSURE AND SOME LOGIC TODAY IN THE ECONOMIC FENCE THAT IRAQ SITS ON
Millionday: Speaking to Al-Monitor, banking expert Inas Mohammed said that the government is responsible for a huge chunk of what the private banking sector is going through.
“The liquidity problem in private banks is linked to investment transactions and projects with the government. For example, the Ministry of Education owes one of the banks that are currently suffering from liquidity issues 100 billion dinars in dues, and the ministry has only paid back 8 billion dinars in a payment last week,” she said.
Millionday: NOTE -- THE BANKS ARE SUFFERING -- AND LACKING IN FUNDS -- TO AN EXTREME
Millionday: READ EVERY WORD>>>>>>According to a source who requested anonymity for security concerns, Asia Cell, one of the largest communications companies in Iraq, withdrew deposited money from its account at that same bank.
The source told Al-Monitor that the bank still owes Asia Cell 200 billion dinars, an amount it is unable to pay, putting the bank on the brink of bankruptcy.
Millionday: NOTE -- ASIA CELL OF COURSE IS ON THE ISX AND IS NOT AN INVESTOR THAT IRAQ WANTS TO LOSE -- ===PRESSURE
Millionday: Awatef Jalloub, an economics professor at Baghdad University, told Al-Monitor that the solution lies in approving a new law that would help develop and support local banks, since current law does not allow them to be open to the international market.
She pointed out the necessity of encouraging banks to pair with international banks in order to create major development banks that are able to finance large projects in the country.
Millionday: NOTE -- UNDERSTAND THAT JALLOUB IS STATING HERE THAT THE SOLUTION IS ENTRY TO GLOBAL MARKET AND ACTIVATION OF THE LAW THAT SUPPORTS THAT
Millionday: Meanwhile, Safwan Qassi, an accounting professor at Baghdad University, believes the answer to saving these stumbling banks lies in merging them with bigger banks or government intervention, whereby the government buys out these banks or takes on a role in managing them.
Speaking to Al-Monitor, Qassi noted that codifying customer payments, controlling withdrawals, imposing a certain exchange rate and forcing a change in currency are all factors that weaken the banks and undermine customers’ trust, which results in poor performance on the part of the bank
Millionday: SO --AS WE KNOW IN IRAQ THEY CONSULT THEIR PROFESSORS WITH GREAT RESPECT --- HERE IS ANOTHER --QASSI –
STATING THAT BANK MERGERS AND GOV TAKEOVER WHILE CODIFYING PAYMENTS, CONTROLS FOR WITHDRAWELS, IMPOSING A CERTAIN EXCHANGE RATE,
AND FORCING THE CHANGE IN THEIR CURRENCY WITH ALL THE FACTORS THAT GO WITH IT --- SO HUGE AND SUPPORTIVE OF ACTIVATING THE ECONOMIC REFORM ETC IN THE COUNTRY
Millionday: THIS IS HUGE ====PRESSURE
slh5282: MILLONDAY, WHAT HAPPENED TO THE UNIFCIATION OF THE BANKS FROM OTHER AREAS SUCH AS CITIBANK, STANDARD CHARTER BECOMING MERGERED ENTITIES?
slh5282: AND TAKING OVER SOME OF THE SMALLER BANKS IN THE REGION
slh5282: WASNT IT ABOUT 10 MONTHS AGO THEY PUT OUT A LIST OF ALL THE BANKS AND THE AFFILIATIONS THEY HAD AND MANY WERE WITH CITIBANK, BANK OF AMERICAN, CHASE ETC
Millionday: IT HAS BEEN DESCRIBED AS THE SOLUTION OR AT LEAST PART OF IT ----
THEY ARE HUGE IN IRAQ`S INTERNATIONAL BANKING SO MERGING IS BEING REQUESTED AS PART OF THE CRISIS RECOVERY PLAN
ALONG WITH THE CHANGE TO GLOBAL BANKING FOR IRAQ AND THE CURRENCY BEING CHANGED WITH THE RATE AS WELL
Millionday: THEY ARE SEEING A LIQUIDITY PROBLEM AND NOW CONFIDENCE IN BANKING THAT THEY WORKED HARD TO GAIN IN IS ALSO SUFFERING --
SO BANKRUPTCY IS NOT AN OPTION
sunnyca: This s off the subject, but wasn't there supposed to be an International Fair in Bagdad on the 15th?
Millionday: I WAS NOT POSITIVE IF THEY SECURED THE DATE -- HOWEVER THE US WAS TO HEAD THE FAIR SO I DO NOT SEE ANYWHERE THAT THEY WENT FORWARD WITH IT AND ASSUME THAT IT IS POSTPONED RIGHT NOW
sunnyca Millionday: Oh that's too bad - thank you
sunnyca Millionday: Probably the Iran thing got in the way
Millionday: I SEE IT AS VERY INTERESTING TIMING DUE TO SO MUCH BEING ADDRESSED AFTER EID AND WOULD LIKE TO SEE IT COME US PLANNED IN THE NEXT WEEK OR TWO
slh5282: ANY CHANGE IN THE ACTIVITY OF THE PARLIAMENT AND THE LAWS THAT ARE BEING PRESENTED
Millionday: SLH NOT YET -- I KNOW THEY ANNOUNCED THEY ARE WORKING ON THEM THROUGH EID
Millionday: Regarding one exchanges currency traders in Kurdistan Markets, in a statement told PUKmedia that the Price of US $ 100 reached on Wednesday, 14th July 2015, in Kurdistan markets 124.100 thousand Iraqi dinars.
And the price of 100 Euros reached 136.500 thousand dinars and the price of 100 pounds of 191.250 thousand dinars and the price of a hundred thousand Iranian wish totaled 40.400 dinars and the price of 100 TL reached 47 thousand Iraqi dinars.
Millionday: THEY ARE EXCHANGING THE DOLLARS IN KURDISTAN MARKETS
Comments may be made at the end of Part 2 Thank You