Millionday Roundtable 4/23/14 Part 1
Welcome to Wednesday Afternoon Roundtable With Millionday!
[millionday] here we go -- decided Economic Committee in the Council of Ministers requiring banks not included in the Iraqi market for securities need to complete the requirements for inclusion in the market after adjusting instructions that hinder it.
[millionday] note --- all banks are to complete what is keeping them from being on the market -- (ISX)
[millionday] The Committee also decided at its eighth session, held under the chairmanship of Deputy Prime Minister example, has typically Nuri Shaways Chairman of the Committee on Economic Affairs in the presence of ministers (oil trade) and Chairman of the Audit Court and the Governor of the Central Bank and the Agency and chairman of the investment and Deputy Secretary General of the Council of Ministers and head of the legal department in the Prime Minister's Office,
obliging ministries and departments not associated with the Ministry to accept instruments issued by private banks and up (100) million in the case of private banks to handle themselves be open ceilings.
[millionday] note -- they had a meeting of many in Iraq to allow freedom to the banks to operate under international compliance etc -- private banks up to 100 million
[millionday] The Committee endorsed the economic support that the private banks gateway to support the Iraqi private sector and that the Commission is keen to take on the role of the private sector in the process of development and construction.
4 The Committee agreed at its meeting on private parts is a building the province of Babylon, also agreed to increase the total costs of the project to establish the Office of the Integrity Commission investigations in the province of Karbala, and increase the proportion of reservists for a project to rehabilitate buildings Kasra military complex.
[millionday] note -- these are adjustments to projects -- and agreements --smile
[millionday] The Committee also decided to approve the increase in the proportion of reservists to work contract the establishment of schools scattered in hand denominator, and approve the increase in the proportion of reservists for the construction of the intersection of Yarmouk in the province of Nineveh, Mafah to approve the recommendations of the report of the Audit Court on increases in orders parts and costs total projects and circulated to ministries and non-related to the Ministry.
[millionday] so as we see here the report out about their budget going up some is probably true --
[millionday] go ahead hun
[LLN65] Have they passed the laws for the FDIC protection like we have here ? I think they call it something else tho
[millionday] the insurance has been included in a report we had that it is done but i would like to look for its publishing - i will get back to you on that hun
[jarhead] They don't have protection for the people much less money lol
[LLN65] Millionday okay thank you
[millionday] yw all the time smile brb with more
[Smokey Mtn. Dinar] That last article says they are going to let Iraqi Private Banks trade internationally. Up to 100 million DOLLARS. Wouldn't that slow them down about needing to RV immediately?
[millionday] Smokey Mtn. Dinar obliging ministries and departments not associated with the Ministry to accept instruments issued by private banks and up (100) million in the case of private banks to handle themselves be open ceilings.
[millionday] is this what you were talking about hun ?
[Smokey Mtn. Dinar] Yes
[letsroll] will iraq not need an internationally recognized currency for that to happen ?
[millionday] yes they will need an internationally recognized currency outside the country
[Smokey Mtn. Dinar] That's what I was thinking, that's why I was asking. When I first read it, it sounded like they would going to let them have up to 100 million to trade with, internationally. Maybe I misunderstood
[millionday] this is referring to inside the country and the raise in projects smile
[Smokey Mtn. Dinar] OK Thank you
[millionday] i went back and reread it too lol thought i was thinking wrong or tired or something smile
[letsroll] well i guess still progress
[millionday] no this is about projects and the meeting they had today and the raise in funds that will go out to their projects
[millionday] and we also looked at another report that stated they are requiring that all the banks (private) to get all reasons they are not on the stock market completed --
[millionday] requiring them to comply and all private banks to have part in the security market
[millionday] why would this happen? because Iraq made it very clear their goal is to make the largest impact with the release of their ISX to the market as possible impact being on the globe --
[kimberly1] Aren't most of the banks already in compliance or was that just the major banking systems?
[millionday] most are -- there are not many that have not gotten all done -- this is for the security market and they seem to be telling them that at the last minute to throw a wrench in at the last minute
[kimberly1] got ya , ty md
[millionday] very strange with all we have been seeing that all of a sudden all banks would have to be listed -- but we look at the ink
[Smokey Mtn. Dinar] millionday Red Tape, and paper work. They learned from us! lol
[millionday] could be a ploy on the banking reform to stall for the oil agreement and budget
[millionday] i agree lol
[letsroll] millionday off topic some... do you know if the new 50 250 1000 notes have been printed the ones for the blind and better security and would those need to come out before a exchange rate increase iyo
[millionday] they reported that it would and coins as well --
[millionday] yw al the time -- they have a meeting on the budget on May 6th so they have been working on oil agreements -- brb with it
[Smokey Mtn. Dinar] millionday Do you think no RV before the 6th then?
[millionday] no -- i dont know when they will release their reality rate as in date but the 6th is for the budget - here we go with this oil agreement report
[swan2013] My question is one of confusion to me... I have understood that CBI is in charge of releasing RV, but some think Maliki has to be the one to push the button. Which is it, the CBI doing it or Maliki telling them to do it?
[Smokey Mtn. Dinar] Well, elections are one week from today, so I wish they would RV BEFORE then.
[millionday] not maliki
[swan2013] millionday thanks
[millionday] yw all the time hun
[millionday] here we go -- The Second Deputy Speaker Arif Tayfur, on Wednesday reached the Kurdistan region and the central government reached a tentative deal with the problem of the export of oil, noting that the joint committee will oversee the Toronto-Iraq oil exports.
And the transfer of the official website of the Kurdistan Democratic Party for Tayfur as saying that "Baghdad had agreed to form a committee to oversee the entire Iraqi oil, but no final agreement yet."
[millionday] "He reached the province and Baghdad to reach a preliminary agreement to the problem of oil between them, but there remained some important points are talks on them, explaining that the remaining points of the mechanism of supervision of the new Committee on Export."
He went on to say "probably not reached a final agreement," adding that "the agreement will not be final before the start of the election, which will resume the talks between the two sides after the election.
[millionday] note -- we know they are being asked by may 6th to be able to meet at parliament [kimberly1] Seems like the oil agreement is strictly budget related and the banking CBI thing is simply working around the gov.
[millionday] i agree
[kimberly1] almost as if they are jockeying things so that no mater what happens in elections they are in the right place to push things through without interference
[millionday] In a related context, said Turkish Energy Minister Taner Yildiz that they "will issue approximately 2.5 million barrels of crude oil storage tanks located in the port of Ceyhan in Turkey even if it did not agree with the Kurdistan region of Baghdad."
The quartet headed by First Deputy Speaker of Parliament Qusay al-Suhail, has visited Erbil in the past few days, but without reaching an agreement to resolve the problems related to the budget of the region and resolve the dispute with the government around the center.
[millionday] note -- in the past few days they have been to erbil to work it out with no luck
[millionday] here is what the problem is >>> Arbil, about a proposal by the Kurdistan Regional Government to the delegation of the Quartet, to form the federal government in Baghdad,
a technical committee, of neutral experts assume the verification process of the potential of each province or territory oil producer, about the amount that could be exported, and not produced only , because
[millionday] note --- they want the oil audited for distribution
[jtank] Sounds fair !
[millionday] the production is export, and that this proposal will be binding on the Kurdistan if the Committee approved, as required every oil-producing provinces in Iraq, in order to get rid of all of the assumptions and preconditions on the amount of what comes out of the oil, did not respond Baghdad after this proposal.
[fishheads] millionday isnt why they put meters in the pipeline?
[millionday] it does not determine for distribution as in someone looking at it and making it work honestly we seem to be looking at trust issues my friends -- imagine that ---
[jtank] Maybe the pumping cannot meet the new quotas
[millionday] the thing is this
[kimberly1] Is it that the pipeline meters count what is conveyed but not how much they put in the each barrel or where it goes?
[millionday] this is the thing -- they are wanting to be as in all producing areas just counted as producing and that establishes distribution of money ---- they also want
[fishheads] kimberly1 there are only 40 gallons in a barrel that is industry standards
[millionday] to be just part of the total of all oil produced
[jtank] no quotas
[kimberly1] fishheads , I worked packaging at a plastic plant for a bit and we had to do dock audits to be sure that our packaging was accurate , that is mostly what I was getting at. Sorry if I wasn't clear.
[millionday] not just them being kurdistan region quota
[fishheads] kimberly1 oh ok i wasnt trying to be a SA just information as most people assume its 55 gallons
[millionday] but what i was saying baghdad wants their cake and eat it too
[kimberly1] got ya fishheads I'm good
[millionday] they want kurdistan to give their % and tell them of what -- and make them separate in the federal budget and also control their revenues so the kurds are saying
[Smokey Mtn. Dinar] That's what Baghdad has ALWAYS wanted! Nothing new there. :|
[millionday] --- no if we are Iraq -- and have to have it all approved through the oil ministries etc -- then we want to just be like all other producing areas
[Red Skyy] If M is voted out and newMPs will they agree w Kurds
[ivorygal] Is this coming from Shahristani?
[bblue] Makes sense. Why treat the Kurds differently.
[millionday] the report is The Second Deputy Speaker Arif Tayfur
[ivorygal] Oh ok
[millionday] but the info i gave you about what Kurdistan wants is from a speech done by Barzani
[andrewjwhitted] Presure is kept at a constant psi. On both sides of the meter in a pipe line.. for new pipes. A meter is also installed on the inside of the pipe. They are using old pipes im sure in many areas . Leaks and homemade pipe taps is money lost
[letsroll] Barzani for president
[millionday] andrewjwhitted thank you hun --- so it is not accurate ?
[millionday] and it counts all that comes from that certified meter ?
[andrewjwhitted] Could never be.... unless all new pipes
[millionday] so the committee would audit the figures -- requested by kurds
[jtank] Are the kurds sitting on the biggest oil fields? Is this why they are positioning themselves because of the s
[millionday] andrewjwhitted thank you -- smile
[millionday] jtank no they do not have the largest but it is massive
[mrref1216] andrewjwitted you are right on brother...
[millionday] thank goodness we heard from the oil men
[andrewjwhitted] I learned that laying pipe in the gulf in my 20's
[letsroll] the kurds oil is of the light sweet crude ... the good stuff
[millionday] great -- the whole reason we love roundtable -- thanks for letting us know - sometimes the questions are outside some of what i study --- oil meters -- other than the ink on them and what i know about the market -- the actual piping -- not so much
Comments may be made at the end of Part 2 Thank You