Welcome to Saturday Night News Time With Millionday!
[millionday] k here we go
[millionday] Parliamentary Finance Committee warned of a crisis of cash in the country as a result of a failure to approve the budget. Said committee member Rep. Dler Abdelkader: "The delay in approving the budget for 2014 will affect the overall economic situation in the country, both in terms of higher inflation or increase the price of the dollar against the dinar or stop the wheel of development."
millionday] note -- they are out of funds and are waiting for reform so it seems that they must be using some cash that they dont have on hand for the budget -- very interesting
[millionday] He added: "The Ministry of Finance began to lend the government money to walk matters of state until the adoption of the budget, and that means that the government will focus on paydays institutions and government departments will not be concerned with investment projects and development, and this will affect the wheel of development in the country.
[millionday] this is not good for anyone and especially for development as planned
[millionday] k brb with more
[millionday] Note -- and this is also a problem they are facing under pressure
[millionday] here we go - Iraqi Central Bank announced on Friday that the government "will not impose its policies upon because of its law," and that the law gives him "full autonomy from the government are not allowed to lend" because of the delay in adoption of the general budget,
stressing that Iraq's stockpiles reserve of money "out of the financial authority to the government. The administration has said the central bank in the gallery its written reply to questions addressed to her ..
[millionday] note -- this is CBI stating that they can not loan money at all -- for the projects
[millionday] "The Iraqi Central Bank Law No. 56 of 2004 prohibits the government from imposing its policies on the Central Bank of Iraq," explaining that it "gives the bank full autonomy from the government so that does not offer any loans to the government and does not receive orders from the government in the formation of Ssayasath and calculations are subject to international standards.
[millionday] note -- the CBI is operating under full international standards so they may not just hand out money to the gov -- so more pressure they have to feel on passing of the budget -- hard to get paid
[millionday] She added that the bank's management, "the central bank reserves accumulated by previous expenses of the budget," adding that "Iraq's stockpiles of reserve funds covered the cash flow over the past years and so is out of the financial power of the government.
The parliamentary Finance Committee revealed, in (March 3, 2014), that the Iraqi government "$4.5 billion" in the Development Fund for Iraq, DFI, noting that it "is able" to cover the salaries of the staff of the Iraqi state, stressing that "there is no fear on salaries the existence of a financial surplus of simple Iraqi oil sales.
[millionday] note -- it says here that they will be able to pay staff -- i bet that will stir things up and the past revenues are in reserve fund and they may not touch them until budget is done
millionday] The parliamentary Finance Committee announced, on February 24, 2014, the assets of the Development Fund for Iraq, DFI current amounting to six billion dollars just is not enough to pay the employees' salaries for the month of March, and suggested that the government will have to borrow from the central bank to pay employees a month in March.
[millionday] note -- obviously they must mean just feb but as stated by CBI -- they can not and will not loan funds
[millionday] MORE PRESSURE>>>>The Committees of the parliamentary financial and economic, have called, in (12 February), to deal seriously with the warnings of the International Monetary Fund on increased government spending, and its implications for monetary reserves,
while showed the Finance Committee that the government is "threatened with bankruptcy" within four months if did not pass the budget, saw its counterpart economic, estimates that the budget "did not take" into account the regional and global developments,
and it has prepared about "hazy and unclear" and was a "mere allocations", warning of prejudice reserves, Iraq's financial hard currency.
[millionday] NOTE -- so as we see here -- they will not have any funds very fast as in this month if they do not agree on the budget
[millionday] The Iraqi Prime Minister, Nouri al-Maliki, carry on (the 19th of February 2014), the House of Representatives and the "parties seeking to thwart the formal status of" responsibility to the late adoption of the law of the financial budget for the current year of 2014,
and confirmed that those parties "want the government to fail. It is noteworthy that the Development Fund for Iraq, DFI form under UN Security Council Resolution 1483 to protect Iraqi funds from international claims and pirated after the events of the year 2003.
[millionday] note -- protected until may 22nd [millionday] Huge Clue>>The Iraqi Central Bank revealed, in the (April 13, 2014), the arrival of its reserves of hard currency to the equivalent of 90 trillion dinars end of February, while expected to continue to increase the proportion "not great" not being able to reach the barrier percent billion, attributed So to feed the expansion of foreign trade to the private sector.
[millionday] note -- so it is for the opening of investment with the globe -- smile
millionday] note -- pride would be the value if it is a source as they have referred to it in the past imo
[millionday] It is noteworthy that the Iraqi Central Bank, announced in (the 23 of December 2013 the past), the arrival of the foreign currency reserves of more than 88 billion dollars, returned it contributes to the stability of the dinar could be a "source of pride" for the Iraqis.
The Central Bank of Iraq, had announced in May 2013, on the arrival of foreign currency reserves to 74 billion dollars, saying that it represents "the highest rate of" record in the history of Iraq.
[coolspot] The real issue is the owners of the CBI ��
[millionday] note -- returning to the stability
[millionday] The central bank of Iraq, in the (third from April 2014 current), the arrival of the gold reserves of 90 tons to support the value of the Iraqi dinar, noting that it contributes to the enhancement of the national economy.
[millionday] obviously for the process of calculation and the hard back of the currency ---
[wmawhite] millionday .........the "opening of investment".......will only come with the IQD moving to Article 8 of the IMF which means internationally traded.
[millionday] wmawhite yes that will be the result for sure -- and i personally can not wait my friend [wmawhite] Smiling
[radronin] Right on MD!!!
[millionday] huge smiling !! wmawhite
[radronin] MD- Turki seems to be standing firm & demonstrating that he is not a Maliki puppet IMO.
[wmawhite] millionday .......I guess what I am getting at is that they (CBI) are telling us what is coming.......we ought to be happy.
[millionday] i agree -- they have to do something -- wow -- headed for being bankrupt in not good at all and all of the plans and progress has to be for something -- the thing is this
[millionday] i cant believe that a plan of this size with so much influence has any chance of failing when the globe has participated in its birth and planning --
[Imperator] Politicians are a special kind of stupid in every country it seems.
[radronin] It looms pretty blatant with all we are reading as of late!!??
[wmawhite] millionday millionday ....exactly.
[larrykn] MD didn't they talk about going broke a few months ago too
[millionday] i remember an old friend -- JOE P -- stating who is to say it is late ? maybe it is just on time !! smile
[plowboy] millionday have I got it right that they can't have a budget without a reality rate?
[millionday] plowboy no the budget has been stated by some that it has the reality rate reflected but i dont have ink on that but
[millionday] i do see that upon the budget -- investors -- projects -- and a market economy is told to begin by reports we have seen so it seems as though it is all going to be done around the same time
[millionday] the reality rate is set by the CBI and they are separate they may set the value and rates at anytime ok brb with more smile --
millionday] here we go
[millionday] Dr Majid Baidhani "said a central bank to activate the monetary policy tools and the willingness to sell gold to the public would be granted dinar greater strength as well as it reduces the dollarization phenomenon experienced by the economy.
Added Baidhani in a press statement that" the adoption of this measure requires increase in central bank reserves of gold as a cover for the currency, and the promotion requires finding a basket of currencies to assess the economy vulnerable to dollar prices up or down.
[millionday] note -- huge huge -- this is a tool as we see to support the coming value of the dinar
[millionday] The reserves rose central gold recently from 38 to 90 tonnes of the precious metal after it announced the purchase of 60 tons in the past few weeks for the purpose of selling it to the public, after contracting with companies to Sikh to ensure the presence of gold purity high and the origins of well-known global and used as part of their savings.
It is hoped that the proportion of gold allocated to the Mint about 11 tons, and determine the public need and desire for the allocation of additional quantities Stamping to sell to jewelers and investors.
[wmawhite] millionday ......"basket of currencies"........HUGE[millionday] the basket of currency is the sdr that you see -- on the rates -- it is huge huge
[wmawhite] millionday ...starting to show their hand.
[millionday] it is used for the calculation i should say -- the basket
[millionday] oh yes -- i agree
[millionday] here we go there is more
[millionday] Said Baidhani that monetary policy tools two types quantitative tools and tools of quality and different conditions of use depending on the economic situation of the country for example, in the case of inflation, the policy goal achieve economic and price stability either in the case of deflation have as their goal to achieve economic growth and increasing employment.
He said the actions taken by the central bank reflect the real familiar with the economic reality of the country, where the launch of gold to the public would control the levels of liquidity so as to raise the rate of adoption of the public on the real financial assets represented by the precious metal rather than dependence on foreign currency.
[millionday] note -- they are saying that they have enough gold to back the currency value --
[millionday] He stressed that "this measure would reduce the phenomenon of dollarization suffered by the economy, where most of the business transactions and trade within Iraq are in dollars rather than rely on the on the dinar, what caused the phenomenon akin to a large extent the currency float.
[jamesf] Gold standard
[millionday] Said Baidhani that the weakness of public awareness of the importance of buying and selling shares in the local currency dramatically in the emergence of dollarization, which severely hurt the national economy, adding that this called for reasons that central to the practice of monetary policy tools effectively to save the economy from deteriorating and to enhance the strength of gold dinar.
[millionday] there we go -- the gold dinar -- and the best part is that we are invested -- love it
[DBJJ] do you know who the author is and did this come out today
[millionday] yes this came out today this was a press statement done by economist Dr Majid Baidhani this morning
[jackflash101st] Thank you...Basket of currencies, does that mean some kind of a float?
[millionday] jackflash101st no it is the basket of currencies that are used to calculate the value of international currencies -- as in compare -- it is part of the calculation
[Imperator] Perfect answer MD
[millionday] smile thanks hun
millionday] yes -- they are referring to it because it will be backed by gold and not air or promises etc -- they call it hard backed
[millionday] just the way it backed by its coming value calculation
Comments may be made at the end of Part 2 Thank You