Millionday News 8/25/15
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Millionday: Islamic banks have become in light of the rapid scientific developments urgent need for all communities in which they want to activate its economy and build a real economy and commodity integrated and not rely on interest as a pillar of the traditional economy, at a time sing the country in which the process of economic reform requires the concerted efforts to achieve the goal .
Millionday: NOTE -- REMEMBER THE ISLAMIC BANKING LAWS BEING PUT INTO PLACE A LONG TIME AGO -- THIS IS ALSO INTERNATIONAL COMPLIANCE
Millionday: Financial and banking expert d. Rashid al-Shammari said Sadiq Islamic banks in Iraq, the size of their capital amounting to more than 2 trillion Iraqi dinars able to achieve the growth and development of the different sectors (agricultural - industrial - service) through the supply of small and medium-sized and micro enterprises with funding (short or medium term) to activate the activities various economic and provide products based on local resources, whether raw materials or human resources.
Millionday: He added that the care of small and medium enterprises is a step carries dimensions task relevant to the objectives of economic development in the country and on a large scale, considering the launch of the Iraqi Central Bank $ 800 million recently to finance small and medium enterprises boost is the other has great implications flowing into the wheel of national production and expand the circle gathered beneficiary of lending and in a manner that meets the requirements needed productive sectors and public alike.
Millionday: NOTE -- ALL HEALTHY ECONOMIES ARE RELIANT ON SMALL AND MEDIUM BUSINESSES -- THE PRIVATE SECTOR --
Millionday: NOTE -- THEY ARE ALSO RELIANT ON WORKING CLASS---HIGH-POOR --- SO OBVIOUSLY THE PROJECT IS VERY INTENSE WITH THE GOAL BEING A HEALTHY ECONOMY ---- MANY WORKING PARTS
Millionday: NOTE -- THIS IS DISCUSSING THE ACTIVATION OF THAT PROCESS AND HOW IT IS ADVANCING
Millionday: He pointed out that securing 5 trillion dinars to the specialized banks and this that anything it shows the orientations of the Iraqi Central Bank policy of supporting projects and support all sectors in order to create a sound and integrated development of economic sectors (agricultural, industrial), thus creating a comprehensive economic development complementary to the reform of the banking and financial desired by communities.
Millionday: NOTE -- FINALLY -- THERE IT IS -- CBI MUST BE A WORKING ENTITY IN THE PROCESS FOR THIS TO BE EFFECTIVE
Millionday: And the process of economic reform Shammari said: It needs to coordinate efforts between all relevant economic affairs institutions to draw a new map will lead to sweeping changes in economic activity and enhance the opportunities for sustainable development sought by Iraq.
Millionday: NOTE -- AS I WAS SAYING FOR SO LONG --- ALL AT THE SAME TIME ---
Millionday: NOTE -- READ EVERY WORD OF THIS PART -- IT IS EXTREMELY IMPORTANT
Millionday: He added that everyone agrees that the reform process means in economic terms as an expression of the policies that are working to make local expenses consistent with what available resources, noting that this comes after the finding or order of a combination of financial, monetary and trade policies and exchange rate
to ensure a domestic demand total harmony and composition of the total supply and the adoption of a package of measures working to stimulate the sectors of goods and services as well as the adoption of microeconomics policies aimed at improving efficiency in the the use of resources by removing price distortions, enhance competition, easing the administrative control.
Millionday: NOTE -- THE REFORM PROCESS IS THE EXPRESSION OF ALL THE POLICIES WE HAVE WATCHED DEVELOP ---- TOTAL HARMONY WITH THE POLICIES ---
A MARKET ECONOMY DEFINES AS THE MARKET CONTROLLED BY SUPPLY AND DEMAND –
THEREFORE THE POLICIES WE HAVE LEARNED OF REPRESENT DEMAND TOTAL HARMONY AND TOTAL SUPPLY WITH ALL THE POLICIES THAT MAKE THE REALITY OF IRAQ RUN SMOOTHLY
Millionday: NOTE -- THIS REPORT IS VERY IMPORTANT
Millionday: He Shammari that this will improve the internal and external financial balance, and then will lead to the reduction of inflationary pressures and mitigate the negative effects,
and this necessarily lead to improved balance of payments position and to restore merit credit and that certain measures to ensure the growth and development of viable and reduce unemployment,
which account for in Iraq stands at 37 percent, or poverty reduction requires, as well as the stability of policies and reforms designed to improve the allocation of resources and raise efficiency in the medium and long term.
Millionday: NOTE -- BALANCE IN COUNTRY AND >>>>>>>OUT<<<<<<<
Millionday: Shammari said, so that we can provide package reforms should re-evaluate the reality of ministries, institutions and the reasons for the deterioration of some of their activities, especially with regard to energy and departments chock as well as the service,
in addition to identifying the difficulties and problems faced by the states addressed to reduce these problems or mitigate them until they are removed, pointing to the need to identify proposed to develop and activate the work strategies these institutions after the diagnosis of problems.
Millionday: NOTE -- THE REFORM PACKAGES ARE EXPECTED TO BALANCE AND ALSO MAKE SMALL AND MEDIUM BUSINESSES A REALITY AGAIN --
Millionday: He noted that the countries that have taken steps successful and well thought out has been successful install its cash and that means success in stabilizing exchange rates effective for their currencies by reducing rates of inflation or price-fixing levels and open funding markets and to maintain a positive and reasonable on savings and deposit returns Banking in order to promote the resettlement of the national capital and lack of migration as well as the return of funds invested capital in the outside.
Millionday: NOTE -- SHAMMARI IS BEING REASSURING THAT THESE STEPS ETC HAVE BEEN DONE BEFORE AND WERE SUCCESSFUL
Millionday: SMILE >>He stressed the importance of broadening the tax cabin horizontally and vertically with the support capabilities or resource units, through the capabilities and competencies of professional and provide data base so he can interpolation according to the system approved,
and there will be certain controls to deal with cases of inflation as well as specific measures to reduce unemployment and poverty, which assumes that there will be transparency and accountability in the provision of data and calculations across all sectors.
Millionday: THE ISLAMIC BANKS ARE GOING TO SUPPORT THE RETURN OF IRAQ`S NATIONAL PRODUCT -- "MADE IN IRAQ" --- SO PRODUCTION LOANS /MANUFACTURING
Millionday: NOTE -- THE IMPORTANCE OF SMALL /MEDIUM PROJECTS ETC
Millionday: Inside Jawad said small industry occupies a prime location in the industrial sector size, whether in developing countries or developed, and bringing the number of its facilities to more than 90 percent of the total industrial establishments.
He said the locational flexibility that characterized them because of their small size and needs Services Ltd. Site of roads, electricity, water and ports discharge enabled it to spread in rural and urban areas, thus achieving significant benefits,
including better distribution for the purpose of employment, income and economic Ovrat resulting from the selection of sites near the sources of production supplies or demand centers by addition they provide for the preparation of the development of technical and managerial expertise in developing societies.
Millionday: NOTE -- IN OTHER WORDS -- SMALL INDUSTRY PUTS MONEY IN THE HANDS OF THE CONSUMER WHICH THEN SPEND THE FUNDS IN OTHER MARKETS IN THE COUNTRY AND THE CYCLE BEGINS
Millionday: NOTE -- BUSINESSES MUST HAVE THE FUNDS FLOWING THAT WOULD BE REQUIRED TO TRAIN AND OF COURSE BE A POSITIVE DEVELOPMENT MECHANISM IN ITSELF
Millionday: THIS IS EXPECTED FOR MONEY LAUNDERING ETC
Millionday: NOTE -- FINALLY ADDRESSING THE ACTUAL PRIVATE BANKS INVOLVED IN CORRUPTION / MONEY LAUNDERING
Millionday: PRESS STATEMENT ON THE ISSUE
Millionday: Kaabi said in a press statement: that «the reason for the continuation of the phenomenon of currency smuggling in some private banks, is delegated some traders and shops to sell and buy the currency from the central bank without bidding farewell to one bill under the pretext of importing children's toys or construction materials monstrous proportions ».
He pointed out that some private banks are trading foreign currency and conflicts within the local markets, and seeking cross to collect huge sums of money to be smuggled out of the country.
Millionday: The parliamentary finance committee, it has hosted the Finance Minister Hoshyar Zebari and Governor of the Central Bank on the Keywords, to discuss the spread of the phenomenon of money smuggling abroad and washed outside legal contexts that affect the national economy.
Millionday: NOTE -- UPDATING MEETING DUE TO THE LARGE PROBLEM THIS HAS BEEN
Millionday: As fingered directed towards banks eligibility with the help of smugglers of hard currency in it, «private banks» Association confirmed that it is working with the Central Bank of the strategy for evaluating the work of those banks by putting under the «pre-emptive
censorship»., said Executive Director »Association of private banks» Ali Tariq vacationer Commenting on this topic: «can bank or two influence in the banking sector as a whole in the event of a suspicion in their work and this is what happened during the last term», adding that «the question of reputation in a very important banking sector».
Millionday: NOTE -- BANKING CONFIDENCE IS NEEDED FOR THE REFORMS TO WORK SMOOTHLY AS BANKING REFORM AND ISX REFORM IS A PART OF ITS SUCCESS
Millionday: He explained vacationer in a statement »Sabah» that his association «working with the bank Central to the strategy for evaluating the work of these banks across the monitor, where there is control over the bank process before entering the problematic, especially given that the difficult situation in the country until the private banks because, like the rest of the sectors that have been affected ».
Millionday: NOTE -- THE MONITORING COMMITTEE IS IN PLACE TO SEE PROBLEMS BEFORE THEY ARE ONE -- THAT IS THE ONLY WAY OF SUCCESS
Millionday: READ EVERY WORD
Millionday: Head of Banking Association, pointed out that the central bank supports private banks at this stage, following the lack of financial liquidity experienced by some of those banks, they returned that support «an important issue, can restore the confidence of citizens in banks and special».
He called vacationer to speed in a statutory declaration «guarantee deposit» and »anti-money laundering» . As it will enable the first of «guarantee deposits of citizens with private banks across the company to guarantee deposits in order to restore the confidence of the citizens of these banks, while money laundering law will give confidence by international banks Iraqi counterpart classified within the gray area».
Millionday: NOTE -- AFTER THE REALIZATION OF THE LIQUIDITY PROBLEM WITH PRIVATE BANKS - CBI IS STATING THAT THEY CAN BACK THEM AND IS CALLING FOR PUBLIC ANNOUNCEMENT OF GUARANTEED DEPOSIT AND ANTI-MONEY LAUNDERING IN ORDER TO ADD CONFIDENCE AND RAISE REVENUES IN THE INDUSTY OF BANKING -- AND SO ON
Millionday: The smuggling of foreign currency operations, international crime have a direct connection to the activities of illegal sector works in secret which is known as the economy of the shadow or gray economy.
Executive Director of the Association mentioned, demanded the establishment of «strategic partnership between the government and private banks, through which a greater role for the latter on the subject of economic development», adding that «the amount of dinars trillion granted to private banks in accordance with specific mechanisms, a great indicator of the government's confidence that banks ».
Millionday: NOTE --- THE RESULT SHOULD BE AN ESTABLISHED PARTNER IN GOVERNMENT
Millionday: He concluded vacationer his statement, saying:« All these measures can restore private banks to be part of the economic system and the development process in Iraq, and therefore, the government's confidence would give an indication of the citizen that these banks are the subject of trust and confidence »
It is said that the Ministry of Finance, had told the committee« money »in Parliament, that the money laundering and smuggling process affects the low reserves of the Central Bank of hard currency, saying that a number of private banks are covering up that the washing process through financial transfers out of the country.
Millionday: In light of this, a committee was formed to follow up this worrying phenomenon and verification, including members of the parliamentary Economic Committee, Ministry of Finance, in addition to the General Administration of Customs and taxes.
The Commission has already mentioned the follow-up work of the Central Bank and the quantities sold funds, in addition to the follow-up work of the government and private banks that sell large numbers of the dollar.
Millionday: SO THIS IS ALL TO MONITOR WHILE THE REFORMS ARE ACTIVATING TO FORESEE OR GET HIT IN THE HEAD WITH ANY AND ALL FUTURE PROBLEMS THEY DID NOT SEE AS A THREAT TO ITS DEVELOPMENT
Millionday: Rashid spite of austerity followed the government's policy to avoid financial crisis experienced by the country, but that did not prevent the parliamentary Economic Committee from expressing fear of the situation because of the sharp decline in oil prices, which recently fell to less than $ 40 per barrel, while reduced economic expert of the matter, stressing that Iraq is still in control of the economy from collapse.
Brent crude last Saturday (August 22, 2015) on the lower of $ 1.16 or 2.5 percent to $ 45.46 a barrel, while US crude fell through transactions to $ 45.07 for approaching the landing for $ 45 for the first time since March 2009.
Millionday: Economic Commission called on the government to find a quick and radical solutions to avoid the decline in oil prices and to avoid their influence in the development of the country which is witnessing turn demonstrations calling for reform and the development of a security exceptional.
Millionday: NOTE -- AND HAS BEEN COLLAPSING -- WHERE HAS HE BEEN
Millionday: Member Nora Albjara Economic Commission described the subject of falling oil prices too as dangerous especially that Iraq's budget was built on the basis of $ 56 a barrel.
She Albjara in a statement »Sabah»: The price of oil has reached less than $ 40 per barrel and up according to international experts to $ 25, which is a big difference and lead to a clear reduction in imports of the country especially that there is a daily loss is estimated at 450 million Dolar.oadavc: on the government to find a quick and radical solutions quick and plans or the formation of a crisis committee to avoid the collapse of the country's economy,
THAT'S ALL FOLKS! MILLIONDAY HAVING PUTER PROBLEMS.