Millionday News 5/23/15 Part 1
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Millionday: WELCOME EVERYONE TO NEWSTIME
Millionday: Assyria bank, announced on Saturday that 13 private banks took the initiative to reduce the dollar exchange for citizens and companies the price of banking, as he emphasized that this step comes in support of monetary policy of the Central Bank and to ensure exchange rate stability.
The Managing Director of the Bank of Assyria Adnan Chalabi during a press conference held in Baghdad and attended (range Press), that "the 13 private banks took the initiative to reduce the cash rate for the dollar for citizens and companies banking price support monetary policy of the Central Bank and to ensure exchange rate stability."
Millionday: NOTE -- 13 PRIVATE BANKS ARE MOVING FORWARD WITH MONETARY POLICY CHANGES - LETS READ MORE -- WOW
Millionday: He said Chalabi, said that "banks will start tomorrow since the sale of the dollar price for 1193 dinars, and the price of 1192 dinars to the remittances,"
noting that "these banks are the Bank of Assyria, the Middle East, and across Iraq, the Islamic and national levels, and the Union, and the Gulf, and Dar es Salaam, the Muslim and the country, and the Iraqi Islamic, and United, and the Bank of Irbil, the trade and the region, and the Iraqi Credit Bank ".
He pointed Chalabi, that "the announcement of the other banks that are expected to take such a step will be later," pointing out that "the initiative banks to reduce will follow their customers from banking companies to commit to this initiative and open windows to the public and selling prices specified".
Millionday: NOTE -- THIS IS TO MINIMIZE THE DIFFERENCE BETWEEN THE MARKET RATE AND THE EXCHANGE RATE -- THIS IS FOR THE REDUCING OF THE PARALLEL WE DISCUSSED
Millionday: The specialize in the banking sector attributed, in (April 9, 2015), the reason for the high dollar exchange in front of the dinar to the last Central Bank special procedures to deduct customs duties and taxes in advance, and called for a "freeze" the resolution, as expected continued decline in the value of the Iraqi dinar, stressed the need the abolition of Article 50 of the budget.
The Central Bank of Iraq announced, in (17 March 2015), the adoption of a new mechanism for the payment of taxes and control of "money laundering" through prepayment of taxes and customs for goods entering Iraq, returned to that will double the country's imports.
Millionday: NOTE -- THIS IS TO LEAD TOWARD THE MONETARY POLICY -- SO THE MECHANISM IS SO THEY CAN CONTROL THE CHANGES IN THE VALUE AND FREEZE IT --
Millionday: The International Monetary Fund predicted in (21 March 2015), the high proportion of the deficit in the budget for Iraq in 2015 to more than the proportion of 12% announced by the government, because of lower oil prices and the weakness of the possibility of Iraq's commitment to export 3.3 million barrels per day, and assume the budget,
He suggested the implementation of reform measures include strict austerity in investment projects, and a commitment to reducing expenses, and the revision of the maximum limits of central bank sales of the currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.
Millionday: NOTE -- THIS IS PART OF THE CONTROL THAT CBI NEEDS TO HAVE TO APPLY THE REFORMS -- MEANING THAT THE IMPACT NEEDS TO BE EXACTLY AS THEY HAVE PLANNED PER THE BUDGET AND REFORMS
Millionday: The current year's budget law, committed the Central Bank of Iraq, in paragraph 50, identifying sales of foreign currency (dollar) in the daily auction ceiling does not exceed 75 million dinars, with the exercise of justice in the sale, and claim participant in the auction the bank to provide the introduction of goods and data documents settling accounts and tax savings
Alkmarki within 30 days from the date of the purchase amount, and so it applied the sanctions set forth in the Central Bank Act or regulations issued it, and use other banking instruments to maintain the strength of the dinar against the dollar.
Millionday: SO THEY ARE CHANGING SOME OF THE CENTRAL BANK ACT THAT WAS APPLIED WITH SANCTIONS SO THAT THE REFORM CAN BE APPLIED AND THE NEW LAWS (cbi act) IS SUCCESSFUL
Millionday: NOTE -- THIS IS ACTION THAT IS PREPARATION
larrykn: THIS IS TO LEAD TOWARD THE MONETARY POLICY -- SO THE MECHANISM IS SO THEY CAN CONTROL THE CHANGES IN THE VALUE AND FREEZE IT -- this doesn't sound like a float to me
Millionday: IT SOUNDS LIKE THEY CERTAINLY ARE WANTING COMPLETE CONTROL AT LEAST INITIALLY -- GOOD POINT
jtank: for inflation?
Millionday: ONE OF THE REASONS WOULD BE INFLATION IMO TOO MY FRIEND
Millionday: NOTE -- THIS IS SO HUGE WITH THE ANNOUNCEMENTS THAT WE HAVE HAD FROM THIS BANK RECENTLY -- THEY HAVE TOLD THE WORLD OF THEIR EXPECTED CHANGES AND ADDITIONS WITH MASTERCARD AND SO MUCH MORE -- LOOK AT THIS
Millionday: Rafidain Bank confirmed that its branches abroad began in a remarkable development has become a better parallel with the banks located in the region.
The general director of the bank on behalf of Kamal al-Hassani in a press statement that the branches of the bank in the Arab countries, specifically in Bahrain, Yemen, Jordan, Lebanon and Egypt services continuously lead to the Iraqi community and to the commercial and financial sector in that country.
He noted that the General Administration of the Bank worked to strengthen their financial positions in order to be parallel with their counterparts in the region.
Millionday: SO THE ANNOUNCEMENT WAS THAT > RAFIDAIN BANK CONFIRMED THE EVOLUTION OF ITS BRANCHES ABROAD -- THAT IS HUGE HUGE -- DUE TO THE MEANING BEING THE CONNECTION TO IRAQ AND ITS AN IRAQI BANK OF COURSE
Loop: Sounds like international banking reforms to me. WHOOOPOW
Millionday: I AGREE LOOP -- AND WITH THE WHOOPOW
B_Dee: So, will we be able to get a bank account with RAFIDAIN BANK ?
Millionday: I HAD THE INTERNATIONAL SECTIONS PULLED UP AND WILL LOOK INTO AGAIN TO SEE WITH THESE CHANGES IF WE WILL BE ABLE TO -- GOOD QUESTION
Millionday: LET ME SAY THIS
Millionday: IT MAKES ME WONDER HOW IF THEY ARE EVOLVING THE RAFIDAIN BANK IN JORDAN ETC -- THEN WOULD WE BE ABLE TO EXCHANGE TO THEIR CURRENCY OR THE OTHERS AND THEN TO US DOLLAR? -- AND IF THAT WOULD BENEFIT US -- HOW CLOSE DOES THIS MEAN WE ARE ?
Millionday: JUST SOMETHING TO GO --- HMMMM ABOUT
Millionday: I WANDER WHAT THE RULES ARE IN THOSE COUNTIRES ETC
Millionday: KNOW I WILL FIND OUT
jarhead: arent we still waiting on reforms from the goi?
Millionday: WHICH REFORMS JARHEAD
jarhead: investment laws, national guard etc hcl
Millionday: THOSE ARE LAWS WE ARE OR I SHOULD SAY MAY BE WAITING ON --- BUT THE REFORMS THAT ARE COMING ARE SUPPOSED TO BE ALL AT THE SAME TIME
Millionday: THE MONETARY POLICY IS PART OF THE ECONOMIC REFORMS AND MANY OF THESE THINGS ARE ALSO BANKING REFORM AS WELL
Comments may be made at the end of Part 2 Thank you