Millionday News 4/7/15
Welcome to dinarupdates.com for News Time with Millionday!!
Millionday: Iraq’s Finance Minister Hoshyar Zebari (left) and Iraqi Central Bank’s governor Sinan Al Shabibi attend a meeting of Arab Financial Institutions yesterday in Kuwait City.
KUWAIT: Iraq is discussing its financial situation with the International Monetary Fund but has made no decision to request emergency assistance, Iraqi Finance Minister Hoshiyar Zebari said yesterday.
Millionday: NOTE -- SHABIBI IS THE GOVERNOR OF CENTRAL BANK OF KUWAIT AS IT APPEARS HERE
Millionday: Asked by reporters if Iraq was in touch with the IMF, he said: “Well we are actually discussing with the IMF especially — they have some emergency assistance. We haven’t decided to resort to them. At the moment, we are not that bad.”
The plunge in oil prices since last year is ravaging Iraq’s state finances. The government has projected a budget deficit of roughly $21bn this year and it has been building up debts to the companies developing its oil fields.
Millionday: Speaking on the sidelines of a financial conference in Kuwait, Zebari did not elaborate on what aid might be provided by the IMF. He has previously said Iraq plans to raise $1.8bn this year by using Iraq’s Special Drawing Rights at the IMF, which would be different than an emergency loan program.
“Iraq is not bankrupt — we have plenty of assets we can use,” he said yesterday. But he also said, “We have a serious cash flow problem,” adding that Iraq’s financial squeeze was “very serious”.
Millionday: SO AS WE SEE THE IRAQI DECISION IS TO USE THE SDR
rcookie: did they name Shabs as Iraqi CBI Gov or Kuwait
Millionday: YES THEY DID BRING UP SHABIBI AS THE GOV OF CBK -- OF KUWAIT
jarhead: the article stated a meeting in Kuwait shabibi governor of iraq not Kuwait chattels brought it in at 4 cst teddi: If Iraq is able to get major financial assistance from the IMF programs, would this now allow them to hold off the revaluation of their currency for what they may consider a more appropriate and safer time climate?
Millionday: NO THIS WOULD ALLOW THEM TO MOVE FORWARD WITH DEVELOPMENT AND THE IMF TO INVEST IN THE DEVELOPMENT
sassy: where did you see Shabibi govoner of kuwait cbi I saw of Iraq
Millionday: IN THE FIRST REPORT
tbob: MD what does it mean borrow from SDR -- they have plenty of assets -- but no liquidity -- what difference does it make to borrow funds based on SDR from IMF? Hi RRH and Rudie
Millionday: I THINK THAT IT MEANS TO PAIR TO THE SDR
tbob: ok thats what I thought -- thank you
Millionday: IT IS ALL THAT MAKES SENSE TO ME
willie60: and pairing to the SDR would mean a rise in value of the dinar?
Millionday: YES IT WOULD WITH THE CONDITION OF THE US DOLLAR AND THE FLUCTUATION OF THE US DOLLAR
militia man: Did we get cleared up the issue about Shabibi being stated as the Gov of the CBI and not Kuwait?
ROBINREDHED: MM I DONT THINK SO
ROBINREDHED: MAYBE WORDED STRANGELY
Millionday: Parliamentary Finance Committee hosted headed by MP Ahmad Chalabi, Chairman of the Committee and the presence of ladies and gentlemen members of the Committee 05/06/2015 central bank governor and his senior staff.
Discussed hosting attended adviser and deputy central bank governor and former director general release Directorate and the Treasury and the Director General of the Directorate of Accounts and director of banking and credit and director of the Centre for Banking Studies and the Director General to report money laundering in the Central Bank -
Millionday: Office discussed - assets and net reserves of domestic credit and the net in the balance sheet of the bank and the foundation cash and the impact of increasing oil reserves, which leads to reduction in the cash basis.
Mr. Chairman of the Finance Committee heard the reasons that had to move the exchange rate in the market that gap and the profits of monopoly influential happening on the official exchange rate,
and find treatments in this area, as well as the Banking Act and the law against money laundering, and the creation of money transfer companies, amounting to more than 1,500 company,
and the development of investment banking in line with bank liquidity in accordance with the special liquidity and obliging banks to allocate funds for lending and review of Statistics of credit and cash investments,
Millionday: NOTE -- THEY ARE OBVIOUSLY ---WORKING ON THE OFFICIAL EXCHANGE RATE -- WHOOPOW
Millionday: total assets and overall systems as well as a project to delete the zeros and its implications and the development of financial categories facilitates the storage and study of new factors and appropriate market conditions and the effects of standards inflationary and technical ways to keep the currency from counterfeiting before proceeding with implementation.
Millionday: NOTE -- WHOOPOW -- AND THE REMOVAL OF THE THREE ZEROS -- LOVE IT
Millionday: And accept senior Bank staff oil economy property in exchange reserve and related economic characteristics between international reserves and the exchange market and the impact of price inflation rate, which affects the rate of the dinar,
and the deterioration of the competitiveness of the country's industry, agriculture and the real exchange rate and bilateral changes in it, and the pressures of demand for Alajnah currency.
Millionday: NOTE -- THIS IS AMAZING TO SAY THE LEAST --- THE GOAL IS TO MOVE FORWARD WITH THE CURRENCY AND THIS IS ALSO TELLING US THAT THERE ARE DEMANDS AND PRESSURES
Millionday: For his part, suggested MP Haitham al-Jubouri, a member of the Finance Committee that the central bank will address each of the Department of Trade and Industry about the volume of imports and exports in cooperation with the parliamentary finance committee,
wondering about the overall management of the bank in the Rafidain Bank and Rasheed to prevent the acquisition of (Income and Outcome) and address the BSA To verify that the volume of transactions and financial Almalbg and the need for follow-up management of the bank in the banks by the central bank because
Millionday: NOTE -- THE MEANING OF ADDRESSING EACH DEPARTMENT IS TO MAKE CERTAIN OF COORDINATION
Millionday: they cause a real problem of corruption in this sector, inquiring about the bank's role on the issue of loss-making banks in Basra and Baghdad, which does not have sufficient reserves for possible payment of all deposits and corporate money laundering and instructions instruments Islamic customs and tax rate, which is deducted and the implications of this deduction.
Millionday: For its part, showed MP Magda Tamimi review of Iraq's money table since two thousand and three that contains Ziaat and frauds and large thefts and contradiction,
which is set to the Finance Committee in the figures through the books by the concerned authorities, demanding the central bank to provide the parliamentary finance committee were made of (DFI) and clarification about Sovereign Fund which Taatbah foreign bodies and put Iraq's money abroad and protection project.
Millionday: NOTE -- SINCE 2003 MONITORING HAS BEEN DONE TO KEEP TRACK OF MONEY LAUNDERING - FRAUD AND ANY OTHER FIGURES THAT NEEDED TO BE SENT TO THE FINANCE COMMITTEE
Millionday: NOTE -- A LONG REPORT BUT VERY INFORMATIVE
Millionday: For his part, Governor of the Central Bank justified in replying to the ladies and gentlemen questions the committee members not to carry out the project to delete the zeros because he Aigll of paper the size of likely benefit to export more to reduce the number of categories in advance explained about the insurance on deposits in favor of the proposal of the Finance Committee determine Alastairadt through the Ministry of Trade
Millionday: Under the import of all material and the need for Iraq to this article Platform address, also put forward solutions to the Rafidain Bank and Rasheed to reconsider the structure of these two banks and converted to the private sector to upgrade them and their progress, the parliamentary finance committee and participated concerns about Takma affecting the private banking sector.
Millionday: Stressing the need for the integration of private banks and activation of the banking activity in addition to problems related to Bachirfah, and facilities offered by the Bank for Islamic Banks that keep pace with the global trend in this area,
and to support weak banks and vacationed, in addition to re-Bank Warka exchange for adequate safeguards for the provision of liquidity, being one of the banks that have experience pioneered and advanced in the field of administration and money.
1glen: Did the report say when the 3 zero would be gone
Millionday: NO TIME WAS GIVEN BUT HOW MUCH IT WAS NEEDED SEEMED AS IF IT WAS URGENT FOR THE COUNTRY
Millionday: WE WILL SEE YOU AT ROUND TABLE AT 1EST TOMORROW AFTERNOON