Millionday Saturday Night News 1/16/16 Part 2 of 2
Welcome to dinarupdates.com for News Time with Millionday!!
homie: importance of opening the electronic credits in banks for foreign remittances, especially for users of Visa accounts and MasterCard, this sounds huge.
Millionday: HOMIE THIS IS MASSIVE
Snowflake59: Do you feel that the sanctions being lifted off iran has an effect
Millionday: SNOW -- I THINK IT WILL IMPACT THE GLOBE BUT THIS OBVIOUSLY WILL IN SOME CASES GIVE THEM A LEG UP AND IMPACT THE PROFIT MARGIN THROUGH COMPETING IN THE REAL MORE ADVANCED WORLD OF ELECTRONIC ABILITY ---
THE IRAN MOVE COULD BE TALKED ABOUT FOR HOURS BUT -- I BITE MY TONGUE -- SMILE
Millionday: IRAQ WILL BE A MODEL IN MANY AREAS FOR THE REGION OF IRAQ -- REMEMBER EVERYTHING BEING APPLIED IS THE NEWEST AVAILABLE IN ALL AREAS
Nadita: So Iraq has been busy behind the curtain and now it's show time. Do you think Iraq is in fact further ahead than what they are disclosing in the news now...???
Nadita: because if you read the article above.. they are not the country that is war torn anymore but about ready to tackle 21st century business and will not be left behind
Millionday: I DONT KNOW BUT THEIR REPORTS HAVE ALWAYS BEEN A COUPLE DAYS BEHIND DUE TO TIME ZONE AND ALSO SENSITIVITY ISSUES
Millionday: I AGREE NAD -- GOOD POINT
Nadita: I see... do you know anything about Abadi making a speech tomorrow...? do you have article about it..
Millionday: I MAY -- HOWEVER I THINK IT WAS DUE TO THE RESULTS EXPECTED FROM PARLIAMENT WHICH HAS BEEN MOVED TO THE 19TH -- I COULD BE WRONG BUT WILL BRING WHAT I HAVE ON IT
quicktolegit96: ANYTHING ON IRAN?
Millionday: ALOT ON IRAN BUT WE SHALL ALL SEE WHAT COMES FROM THAT -- RIGHT NOW I AM JUST BRINGING IRAQ HUN
Millionday: IMF Managing Director Approves a Staff-Monitored Program for Iraq
Press Release No. 16/04 The Managing Director of the International Monetary Fund (IMF) approved a Staff-Monitored Program (SMP) 1for Iraq covering the period of November 2015-December, 2016, on which the authorities and staff had reached ad-referendum agreement in November 2015 (see Press Release No. 15/509).
Iraq is facing a double shock arising from ISIS attacks and the sharp drop in global oil prices. The conflict is hurting the non-oil economy through destruction of infrastructure and assets, disruptions in trade, and deterioration of investor confidence.
The impact of the oil price decline—already felt in 2014—intensified in 2015, affecting the budget, the external sector, and medium-term growth potential. The authorities are responding to the crisis with a mix of fiscal adjustment and financing.
Millionday: NOTE -- THE IMF IS HELPING IRAQ BY RESPONDING TO THE UNEXPECTED EXPENSE OF TERRORISM AND ALSO THE LOW OIL PRICING –
THIS IS A PROGRAM THAT WILL RUN FROM NOVEMBER 2015-DECEMBER OF 2016 -- THIS HAS ALREADY BEEN AGREED UPON BY IRAQ AND THE IMF
Millionday: HERE ARE SOME OF THE BENEFITS EXPECTED
Millionday: To help address the present and urgent balance of payments and budget needs triggered by the ISIS attacks and the collapse in oil prices, the authorities have also requested an SMP to establish a track record of policy credibility to pave the way to a possible Fund financing arrangement.
Under the SMP, the authorities will implement fiscal consolidation that will contain public expenditure in line with available revenue and financing, and aim to reduce the non-oil primary deficit by US$20 billion or 12 percent of non-oil GDP between 2013 and 2016.
Under the SMP, agreement has also been reached on measures to strengthen public financial management, anti-money laundering and countering the financing of terrorism (AML/CFT), and financial sector stability.
Millionday: NOTE -- THEY PLAN TO HELP WITH THE UNEXPECTED DEFICIT OF THE FINAL ACCOUNTS REACHING 12%
Millionday: NOTE -- ALSO PLAN TO HELP IRAQ WITH FINANCIAL STABILITY
Millionday: NOTE -- MORE ON THE PLANS OF THE AGREEMENT >>>The IMF has assisted Iraq in strengthening economic institutions and in providing advice to the government on economic policies and reforms for more than a decade.
IMF staff will work closely with the authorities to monitor progress in the implementation of their economic program. In addition, the IMF will continue to provide technical assistance to support Iraq’s capacity-building efforts and its reform program.
1 An SMP is an informal agreement between country authorities and Fund staff to monitor the implementation of the authorities’ economic program. SMPs do not entail financial assistance or endorsement by the IMF Executive Board.
Millionday: SO AS WE SEE HERE -- THIS ANNOUNCEMENT IS THAT THE IMF IS WORKING WITH AND MONITORING THE IMPLEMENTATION OF THE ECONOMIC PROGRAM THEY HAVE WORKED WITH IRAQ TO GET TO THE POSITION TO IMPLEMENT AND NOW WILL HELP THROUGH PER AGREEMENT TO DECEMBER OF THIS YEAR 2016
cjquade54: that is great news for them and for us !!!
Millionday: OH YES -- GREAT NEWS
Millionday: AND ALSO THE UPDATE WE HAD YESTERDAY --- IRAQ HAS MET WORLD BANK REQUIREMENTS THAT ALLOWED FOR THE BONDS TO BE BUDGETED FOR AND ANNOUNCED TO BE COMING WITH THE BEGINNING OF THIS BUDGET AS EXPECTED
quicktolegit96: AS NOTED BEFORE, BONDS DONT MAKE SENSE WITHOUT A RATE INITIALLY RIGHT?
Millionday: THE RETURN IS DONE BY % AND DETERMINED BY THE TIME LINE OF THE BOND INVESTED IN (I AM NOT AN EXPERT) HOWEVER --
IT WOULD MAKE LOGICAL SENSE WITH THE MARKET HELD BONDS TO BE VALUED AS TRUE VALUE AND AFTER THE INTERNATIONAL EQUATION IMO
Millionday: HERE WE GO WITH THAT ANNOUNCEMENT
Millionday: NOTE -- ALWAYS KEEP IN MIND THAT IT IS VIRTUALY IMPOSSIBLE TO GAUGE THE GROWTH OF A NEW MARKET IN HARD ECONOMIC TIMES --
Millionday: Governor of the Central Bank announced that Iraq has the hard currency enough to cover imports only six months, while the central bank plans to issue international bonds two billion dollars, during the current year 2016.
The governor of the Central Bank on the Keywords in a statement to the newspaper "Morocco today," that Iraq possessed of hard currency enough to cover imports only six months, pointing to "intensify efforts towards borrowing from international institutions to bridge the fiscal deficit."
Millionday: NOTE -- CBI IS OBVIOUSLY TRYING (TO) CALM THE MASSES WITH THIS INFORMATION BUT
Millionday: LETS LOOK AT WHAT THEY ARE SAYING -- THEY HAVE ENOUGH TO COVER THE FIRST TWO QUARTERS OF TRADE -- THIS TO ME IMO IS SAYING THAT THE FIRST TWO QUATERS ARE GOING TO INCLUDE TRADE -- BUT WHO AM I ? SMILE
Millionday: READ EVERY WORD >>>He assured the Governor of the Central Bank of the citizens of the lack of fear of the rise in the dollar's exchange rate against the Iraqi dinar "revealing" Ask a local bonds worth $ 5 billion to provide liquidity to the state. "
Millionday: NOTE -- SO THE RATE RAISING IS NOTHING TO WORRY ABOUT AND THE SALE OF BONDS IS GOING TO HAPPEN -- WHOOOPOW
Millionday: HMMM AN EMERGENCY IN THE MARKET >>He added that "the central bank has foreign currency is the weakness of the local currency in the market, and what happened in the past few days indicates that these attempts involve the kind of speculation and profit-taking, and may also involve other goals I do not want to enter into details; because this increase is certainly within the indicators it is natural, but you referred for the withstand central bank policy certainly both, which is an emergency on the market. "
Millionday: LOVE IT
Millionday: He said the "local currency derives its strength from the reserve of foreign currency, and how much you can last that covers local"
He stressed Keywords: "We can respond to the request of the dollar, no matter how its size, and there are no fears of the impact of the exchange rate," adding that "the financial reserves of the Central Bank is the number variable and the day of the limits of $ 68 billion and the size of the money supply of the dinar 40 trillion dinars."
Millionday: SO CBI IS STATING THAT THE CHANGE IN THE DOLLAR RATE IS NOT ANYTHING TO BE AFRAID OF --
Millionday: WHOOPOW -- SO GLAD TO HEAR THAT BEING ANNOUNCED TO THE CITIZENS
jwjd: so talking about rate raising - are they talking about dollar rate or dinar rate?
Millionday: THEY ARE TALKING ABOUT THE RATE OF THE DOLLAR TO THE DINAR
Millionday: HE IS ADDRESSING THE IRAQIS
jwjd: ok thanks..... i was hoping raising the dinar rate
Millionday: THE NATIONAL CURRENCY IS THE DINAR
Millionday: THAT IS ALL I COULD VERIFY AT THIS POINT
Millionday: HAVE A BLESSED NIGHT AND LOVE TO YA
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