Millionday news 3/4/15 Part 1
Millionday: Showed the central bank governor on the Keywords, on Tuesday, was surprised at the statements of some officials about the low reserves of hard currency,
stressing that Iraq does not suffer from any decline and has good revenue and there are no concerns, as pointed out that the Iraqi dinar is covered at 150% of the Currency difficult.
Millionday: NOTE -- CBI IS DENYING ANY PROBLEMS WITH BACKING THE DINAR VALUE – NICE
Millionday: Alak said in a press interview, said that «the level of coverage of the Iraqi dinar from the hard currency reserves of 150%», surprising at the same time «of statements by some officials of the non-bank on low reserves of hard currency».
Keywords He added that «Bank reserves hard currency is very good and does not suffer from this problem and will not suffer, considering that Iraq has an important source of resources to the dollar, a crude oil sale
Millionday: NOTE -- TODAY THEY HAVE STATED THAT THEY ARE READY AND HAVE DECIDED TO USE THE SDR AND GOLD AND THE US DOLLAR TO BACK THE DINAR VALUE -- VERY SECURE ACCORDING TO THAT REPORT
Millionday: The Finance Minister Hoshyar Zebari, on February 26, 2015, has said the central bank reserves fell currently to $ 68 billion dollars, after rising during the previous period to more than that.
on the same level, the Governor of the Central Bank announced that the deletion of zeros existing project, as pointed out it was given the green light for its implementation, he stressed that this process will be preceded by the administrative and regulatory processes.
Millionday: NOTE -- IT APPEARS THAT THE REFORMS OF ADMINISTRATION WILL BE ACTIVATED AS WELL
Millionday: NOTE -- PRESS STATEMENT >>Alak said in a press conference held in the bank building, that «the project to delete the zeros is based has been put into practice and gave the green light to start with», indicating that «the project needs a period of time may extend to two years or more».
The relationship that «this process will be preceded by regulatory and administrative processes and the form in which it will be starting out is going », adding that« Bank began creating currency models and training of cadres on it ».
Millionday: NOTE -- AS WE SEE TRAINING IN CURRENCY HAS BEEN DONE AND IS A PART OF THE PROCESS -- OBVIOUSLY THIS WOULD BE ON MANY THINGS AS WELL --COMPLETE TRAINING
Millionday: NOTE -- THIS REPORT IS LARGE BUT COVERS SO VERY MUCH –
Millionday: And on the auction currency, revealed Keywords, yesterday, for the development of new mechanisms for the auction currency, which «is no longer a daily window», pointing out that a lot of hard currency being smuggled out of the country as well as used in the operations of corruption.
Alak said, that «the new regulations set by the Bank is that the auction is no longer a daily window operations to sell the currency auctions», adding that «new mechanisms developed to sell this currency, especially that of functions provide currency for foreign trade »
Millionday: NOTE -- THE NEW SYSTEM IS FOR FOREIGN TRADE -- AND THEY HAVE STATED BY SUPPLY AND DEMAND –
SO THIS MEANS BY DEFINITION THAT IT IS A MARKET ECONOMY STEP AND THE MOST IMPORTANT DUE TO THIS BEING FOR THE CURRENCY
Millionday: He added that «new mechanisms to sell the currency through remittances will be electronically instead of documents that were previously provided by the banks, which were marred by a lot of forgery, fraud and exaggeration in need of these amounts».
And that «Bank will feed the accounts of these banks abroad after depletion, while will be cash sales, according to the country's need them such as the need for travel, treatment or study, according to the mechanics are verified ».
Millionday: NOTE -- THE POINT BEING THAT THE NEW SYSTEM IS AN ELECTRONIC ONE WHICH CONNECTS IRAQ TO THE GLOBE
Millionday: The Keywords that «March the bank for more than ten years, the sale of foreign currency through the auction while longer sales Many countries around the world such cases are exceptional to create balance and stability of the currency »,
adding that« selling the dollar turned from a means of foreign trade to speculation in the markets and profit-taking and keep banks from the real activity ».
Millionday: NOTE -- REMITTANCE WILL CREATE STABILITY AND OF COURSE CONFIDENCE IN THE DINAR
Millionday: He Keywords that «some companies are non-banking business and businessmen and contractors have switched from their activity to speculative currency,
adding that it was a cover to facilitate many of the processes related to the smuggling of money and the proceeds of corruption and crimes abroad, and thus there will be inattentive in foreign currency which constitute cover local currency ».
Millionday: NOTE -- THE NEW SYSTEM WILL HELP MINIMIZE THE CORRUPTION THEY HAVE WORKED SO HARD TO CONTROL
Millionday: and the relationship that «the most dangerous in the sales which is conducted in the auction is cash sales of the dollar, which reached a record amounts, which arrived in the last two years to $ 15 billion a year »,
pointing out that« these amounts are very large compared with imports from the dollar compared to the country's need of cash to cover travelers and treatment expenses and others. »
Millionday: SO THEY HAVE STATED HUGE BENEFITS AND HAVE MADE SOME VERY IMPORTANT MOVES TO MOVE TO A MARKET ECONOMY –
WHEN THE ECONOMY IS OPERATED BY SUPPLY AND DEMAND -- THAT IS A MARKET ECONOMY PER THEIR CURRENCY CHANGES AND OPERATIONS -- LOVE IT
awesomedtl: no indication of when this will start??
Millionday: THEY HAVE BEGUN THE STEPS -- CBI ANNOUNCED THAT THE OTHER DAY -- I M THINKING 4 OR SO DAYS
faith1: millionday ,,, is that 150% of the current value or are they saying 150%of projected increase? just makes one wonder? the reserves
Millionday: THEY ARE SAYING THAT THE RUMORS BY SOME STATING THAT CBI DOES NOT HAVE ENOUGH RESERVES ARE NOT TRUE --- IN FACT THEY HAVE 150% TO BACK THE VALUE INTENDED FOR THE DINAR
Royal: Will the three o's be deleted off the currency then
Millionday: CBI HAS ANNOUNCED THAT THEY HAVE THE GREEN LIGHT TO MOVE FORWARD WITH THE REMOVAL OF THE THREE ZERO CURRENCY –
THIS WOULD BE A RESULT OF THE NEED FOR THEM SO IT IS SAFE TO SAY THAT THE PRICES WILL REFLECT THOSE THAT DONT REQUIRE SUCH HIGH DENOMINATIONS -- SMILE
waychngr: so do we Know what the "value" is 2 "back the dinar is?...
Millionday: NO -- WE DO NOT KNOW THE RATE OR THE DATE YET -- WE HAVE TO WAIT ON CBI TO RELEASE IT HOWEVER THEY SAID TODAY THAT CBI WILL BE THE ONES THAT LISTS THE DINAR ON THEIR ISX ---
Millionday: D.oled ornaments Prime Minister adviser said: that the general budget pass many challenges as a result of circumstances through which the country of low oil prices and national confrontation aggression Daash that require the concerted efforts of all the good in order to overcome this crisis.
Millionday: This came during the opening of the Economic Forum organized by the Iraqi Economists Association in collaboration with the Baghdad College of Economic Sciences University,
which carried the title "the mechanisms for implementing the federal budget for 2015" views and proposals,
adding that what weighs budget is the size of salaries and social benefits to be borne by the state and by eight million including four million employees and million retired and the rest is divided between social welfare benefits and martyrs and political prisoners and victims.
Millionday: NOTE -- THIS IS WONDERFUL TO SEE THE CITIZEN`S BENEFITS -- SO THIS IS SHOWING US HOW THEY WILL BE DISTRIBUTED TO THE CITIZENS
Millionday: He said in a statement to the (morning) that the state actually duty afford living of all citizens, attributing the cause to a few areas of work in Iraq, which led to rampant unemployment,
which require Find More serious and means to address this imbalance through the support of a market economy programs.
He ornaments to the need to promote the Iraqi private sector this task, especially after the launch of the strategy of the private sector, which the government adopted in order to activate productive activities and service expertise and potential of the private sector.
Millionday: NOTE -- SO WE SEE HERE THAT THE SUPPORT OF THE MARKET ECONOMY PROGRAMS WILL BE HUGE IN THE IMBALANCE
Millionday: Addressing the homes of science and economists the importance of the proposal mechanisms to maximize the general budget revenues without relying on oil revenues.
He ornaments: that the slight improvement in oil prices Asher health forecasts and estimates of prices in the budget expected a breakthrough soon in prices,
which is not only related to supply and demand laws but public policy for adult players also everyone is urged to work according to studied plans do not look at the prices in the oil variables but rely on productive and service sectors of the economy and other, including industry, agriculture, tourism and investment.
Millionday: NOTE -- DO NOT MISS THE POINT HERE THAT THEY ARE UNDER SUPPLY AND DEMAND LAWS AND THESE PLANS ARE STUDIED PLANS FOR ALL INDUSTRY
Millionday: As head of the symposium, Dr. Sadeq al-Shammari said in his speech: that the current year's budget faces a series of challenges stand in the forefront of the decline Oil prices in world markets and the expenses of the war on Daash,
also pointed out the correlation between politics and the economy and the relationship between them and the impact of each other.
Millionday: NOTE -- OBVIOUSLY THE LOWER PRICE OF OIL AND THE TERRORISM HAS HAD AN IMPACT
Millionday: He noted that the fall in oil prices in world markets, leading to move the Iraqi minds to create new outlets for new income-general of the federal budget,
stressing that the lack of Financial revenues from the export of crude oil leads to a serious quest to move the joints of the economy,
especially the agricultural and industrial sectors have elements of development and activation of production and this provides billions of dollars spent on the import of money-sector products.
Millionday: He noted that the country has natural resources are sufficient country 800 years to come to, There are also in Iraq competencies able to invest the wealth and employment in projects to achieve sustainable economic development that transmits Iraq into a new phase achieved the highest degree of economic viability of the country, pointing to the need to promote economic expertise to work and creativity in their fields.
Millionday: NOTE -- THEY ARE MAKING IT VERY CLEAR HERE THAT THEY HAVE WHAT THEY NEED TO SUCCEED IN THEIR ECONOMIC DEVELOPMENT WHICH WILL TAKE IRAQ INTO THE NEW PHASE -- LOVE IT
Millionday: The head of the Iraqi Economists Association Abdul Hussein al-Yasiri MacKay referred that the actor economy requires an organ bank developed can interact with all phases of construction and reconstruction,
which was sought by the country, offers the best products offered at banks that deal with the biggest international companies.
Millionday: SO AS WE SEE THEY ARE REPEATING SOME OF THINGS WE HAVE SEEN BEFORE BUT THE ADDED CONFIDENCE WE SEE IN THIS REPORT ARE FANTASTIC --- LOVE IT
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