Millionday Roundtable 11/12/14 Part 1
Welcome to dinarupdates.com for Roundtable with Millionday!
Millionday: OK LETS ROLL -- AND BEFORE WE START I HAVE TO SAY -- WHOOOPOW MY FRIENDS
Millionday: HERE WE GO
Millionday: Revealed the interim president of the Finance Committee parliamentary, Magda al-Tamimi, he will soon be in Parliament to host finance ministers and oil and Planning and the Governor of the Central Bank and officials of Customs and Free Zones to see the fact that Iraq's financial strategy of the Iraqi government on the verge of a year of austerity.
Millionday: NOTE -- THEY ARE GOING TO HAVE THE MEETING OF CBI-OIL-PLANNING-AND FINANCE -- OBVIOUSLY A VERY IMPORTANT MEETING IF IT IS ABOUT IRAQ`S AUSTERITY
Millionday: She said al-Tamimi said in a statement: "The central bank warns against the use of hard currency and gold reserves in order to fill some of the country's investment projects because of austerity because the bank reserves important cover of the Iraqi dinar,"
Millionday: NOTE -- THEY ARE BRINGING UP AGAIN CBI IS NOT TO USE THE RESERVES FOR INVESTMENT BECAUSE IT IS TO COVER THE RATE OF THE DINAR
Millionday: NOTE -- THEY ARE ALSO TALKING ABOUT EXPANDING AND DIVERSIFYING SO % OF REVENUES ARE NOT ALL OR AS HIGH FOR OIL
Millionday: Tamimi noted that it "would invite everyone to the commitment to austerity policy and the preservation of public money and called on officials to respect this money to launch and customizations to the extent that actually need it.
Millionday: In turn, has ruled out the former deputy head of the Central Bank, the appearance of Mohammed Saleh, said that "resort to the central bank's reserves of hard currency to cover any investment projects"
Millionday: SO THEY ARE SAYING THAT THEY NEED TO PRESERVE THE RESERVES SO THAT THEY CAN LAUNCH THE REALITY OF THE ECONOMIC REFORM -- SMILE
DIGIman1: are there indications they (the GOI) are using funds regardless of the warnings? do they have that ability?
Millionday: NO NOT AT ALL -- THEY ARE TALKING ABOUT CBI DISPURSING THOSE FUNDS FOR DEVELOPMENT INVESTMENTS -- AND ASKING THAT THEY ARE NOT USED AS THEY NEED THEM FOR LAUNCH IN TACT
papatom: So austerity is reduced spending and frugality....I just looked it up.... so they are saying for the next year they want to be frugal...and watch what they spend. could this be in relation to the current WB loan funds? or do you think it
Millionday: THIS WOULD BE SO THEY ARE ABLE TO FOLLOW THE BUDGET THEY HAVE AND NOT EXPAND DUE TO THE MASSIVE NEEDS IN THE COUNTRY –
THE RESERVES WERE RAISED TO SUPPORT THE DINAR SO IT COULD BE GOLD BACKED AND RESERVE –
SOME COUNTRIES HAVE CURRENCY THAT THEY CAN NOT BACK AND IT IS SUPPOSED TO BE NEW INTERNATIONAL REGULATIONS THAT THEY HAVE BACKED CURRENCY
Millionday: HERE WE GO
Millionday: Council of Ministers held in the Kurdistan Regional Government, its normal, day Wednesday, 11/12/2014, to certify a number of draft laws, including the oil and gas revenue law.
The session began headed by the President of the Government of the Territory Barzani and his deputy, Qubad Talabani, to talk about the nature of the host in Kurdistan Parliament last Monday,
when he said that was a discussion and explanation of the latest political developments and file oil and outstanding problems between Erbil and Baghdad,
Millionday: describing the parliament session that she was positive and fruitful especially common reports of the Committee on Finance and Economic Affairs and Investor and Industry Committee and the Energy and Natural Resources, which has been submitted to the Parliament, which was filled with positive and good information.
Millionday: NOTE -- THIS IS THE OIL AND GAS REVENUES FUND ACT -- IN OTHER WORDS THE FUNDING PART OF THE HCL -- SMILE
Millionday: It also said the prime minister, that "the Minister of Natural Resources Tell us more accurate information on how the sale of oil and revenues and deposit money in banks, as well as to clarify the ministry's plan in order to find a solution to the current financial crisis and the budget and staff salaries by oil revenues.
Millionday: NOTE -- THEY ARE TRYING TO ALSO BUDGET THE REVENUES NOW THAT THEY HAVE PASSED THE LAW --
Millionday: This session witnessed Cabinet approval of the bill "Kurdistan Company for the exploration and production of oil" after the discussion and make a number of observations by the Minister,
where they will be then sent to the Kurdistan Parliament for approval as well, also approved the draft oil and gas revenues Fund Act Kurdistan Region
Millionday: NOTE -- THEY ALSO PASSED THE EXPLORATION AND PRODUCTION OF OIL LAW –
THE KURDS HAVE RECEIVED POWER IN OIL AND HOW IT IS NOW WRITTEN IS MUCH DIFFERENT THAN IT WAS
Millionday: With regard to the relationship between Erbil and Baghdad problems, Barzani stressed that the Government of the Territory provides access to the agreement and the mechanism with the Iraqi government to the non-recurrence of cutting the budget and the salaries of the region staff in accordance with the decisions of the individual, whatever the office policy.
Millionday: NOTE -- THE CONSTITUTIONAL FINANCIAL AGREEMENTS WITH THE KURDS WILL REMAIN THE SAME AND ALSO THEY HAVE COMPLETE TRANSPARENCY IN KURDISTAN THE CALCULATIONS AND BOOKS ETC OF OIL PRODUCTION AND ALL INVOLVED
Millionday: He added Barzani, that "the door is open a dialogue with the government Iraq and the United Nations and the United States on a permanent inform the course of events, so we hope to provide visiting Iraqi Oil Minister to Erbil, a suitable platform to overcome the obstacles and reach appropriate solutions to all outstanding issues. "
Millionday: SO THEY ARE AGREEING TO ALWAYS HAVE ACCESSIBLE INFORMATION FOR ANY OUTSTANDING ISSUES SO THAT THE OIL MINISTER WILL BE ABLE TO GET ANY INFO NEEDED –
THIS IS PER AGREEMENT OF THEIR RESOLVE ON THE ISSUE OF OIL
Florida Country Girl: So the HCl is complete and approved
Millionday: THE FUNDING LAW IS AND I WILL BE BRINGING MORE INFO ON THE HCL
DIGIman1: am i reading this right? oil and gas are being certified? certified = ?
Millionday: THE FUNDING LAW AND I AM BRINGING MORE ON THE HCL
johnsoos: what does this have to with rv?? do they need to rv for these work ?
Millionday: THE CALCULATION OF WHAT THEIR ACTUAL VALUE OR REALITY VALUE IS ---
CONTAINS ALL OF THEIR MARKETS AND REVENUES FOR THE GDP ETC –
SO THIS IS ECONOMIC LAWS ON A HUGE PART OF THEIR ECOMOMIC CALCULATION
jtank: Is that calculation based on now or future?
Millionday: PROBABLY A MIX AS SOME WILL INCLUDE CONTRACTS AND REVENUES COMING AS ALL BUDGETS
Millionday: Commission on oil and energy parliamentary Today, a number of important laws, including oil and gas, as revealed the existence of some differences over the new law.
A member of the Committee, MP Zaher al-Abadi: that the committee is moving to adopt the old oil and gas law to be discussed after we sent In response to the adoption of the government,
pointing out that there are many laws that will be discussed, notably the oil and gas and the law of the employees' salaries and the law of the national oil company "
Millionday: NOTE -- THEY ARE MOVING TO JUST KEEP THE OLD HCL AND THE LABOR LAW AND THE NATIONAL OIL COMPANY –
IT LOOKS AS THOUGH THEY HAVE RUN OUT OF TIME AND WILL CHANGE IT LATER IF THEY NEED
Millionday: .ofatt Abadi Act in a statement the" morning ", that the law, which will be discussed today, is the 2011 General Act, which has been approval by the prime minister, noting that the committee will show observations it is then sent to the prime minister to be Tadelh.aly.
Millionday: The MP for the oil and gas Awad al-Awadi, the oil and gas law will be part of discussions Commission's agenda and he will be the adoption of the old oil and gas law after The Aatmadeh.omah Awadi.
Millionday: The government said in a statement the "morning" to the government committee notified by adopting the old oil and energy law, in order to read it and passed,
pointing to the existence of another set of broken laws that the Commission seeks to legislation and approval, especially national corporate law, and the law Amendment to invest refineries, as well as oil and gas law
Millionday: SO THEY ARE ALSO PUTTING THROUGH THE CORPORATE LAW (NEEDED FOR MARKET ECONOMY AND INVESTMENT) AND THE AMENDMENT FOR THEIR REFINERIES AND THE HCL
papatom: the national corporate law....and the HCL...
papatom: looks like they are making sure the national oil company
papatom: and the people are getting their money
papatom: does it look like that to you?
Millionday: YES THEY ARE ALSO PASSING THE NATIONAL OIL COMPANY AS THEY USED BEFORE FOR HUGE REVENUES
papatom: and doesn't the HCL assure payments to the people?
Millionday: THE CONSTITUTION REQUIRES THE PAYMENTS TO THE CITIZENS AND ALSO ARTICLE 140 STIPULATES WHO IS IN WHAT DISTRICT AND WHO IS RESPONSIBLE FOR WHAT EXPENSE
Millionday: THE HCL IS THE LAW ABOUT THE PRODUCING OF THE OIL AND ALL THE PROTECTIVE AND ENVIRONMENTAL ACTS WITHIN IT AND ALL THAT HAVE TO DO WITH OIL PRODUCTION AND HYDROCARBON
coco1: Am I reading that right, if the majority agrees and Abadi approves, then they do not have to go through another voting cycle in Parliament for the HCL?
Millionday: THEY HAVE AGREED TO USE THE OLD OIL AND GAS LAW OR (HCL) AND HAVE ALREADY APPROVED THE OIL AND GAS FUNDING LAW WHICH WILL ALSO BE WHAT TELLS HOW THE REVENUES ARE DISTRIBUTED
Millionday: ABADI WILL BE ABLE TO SIGN OFF ON IT SO TO SPEAK
johnsoos: so these laws are waiting to sign
johnsoos: once they are sign what is the next step for rv ?
Millionday: NO JUST THE OLD OIL AND GAS LAW TO BRING IT BACK
clay: so if he signs the HCL then we may rv
Dlbl: Any news on the ISX seems to be live but no rate Say we are sorry, price feed is not currently updated during session due to feed issue
Millionday: YES -- THEY HAVE MANY COMPANIES THAT HAVE GOTTEN THEIR LICENSING THAT WERE SCHEDULED TO BEGIN TODAY BACK TO THE STOCK MARKET SO WE WILL SEE IF WE HAVE NEWS ON IT TONIGHT
papatom: so to say what i wanted in a intelligent way.... it appears as if the national oil law and the HCL law which will assure payments to the people and the Nation...from their largest economic cow are being discussed in parliament.... discussed doesn't mean re done, necessarily.... just brought up and apparantly passed or approved so they can move on right away...with adjustments as they need it.... is that correct MD? thanks
Millionday: NO THEY HAVE DECIDED TO USE THE OLD OIL AND GAS LAW -- ABADI MUST JUST SIGN AND HAVE PASSED THE FUNDING LAW ALONG WITH OTHER LAWS THAT WERE MENTIONED
GrannieAnnie: Hi Millionday !! My question is 4 fold so to speak. The first part is: When a countries rate lowers or raises what organization is in charge of that happening? Would it be the IMF? …..
Second part: Is that organization the one that lowered the rate for Iraq? …..
Third part: Is that organization the one that will raise the rate in Iraq or at least give the go ahead on raising it? …..
Fourth part: Are they happy with what they are seeing now with what Iraq has been doing? ….. Thank you for ALL that you do for us. I really appreciate you.
Millionday: WHEN SANCTIONS ARE PLACED THE ECONOMIC VALUE CAN BE ALSO BOTTOMED OUT AS IT WAS HERE –
THE RATE CHANGE WILL COME FROM CBI FOR THE INITIAL SET FOR THE INTERNATIONAL TRADE AND COUNTRY VALUE THROUGH CALCULATION –
THE CHANGE THAT MAY OCCUR DEPENDS ENTIRELY ON HOW THEY COME OUT MEANING A FLOAT OR A MANAGED FLOAT –
A FLOAT ALLOWS THE MARKET TO EFFECT IT ENTRIELY BY HOW THEY GROW AND THE CHANGE CONSTANT IN THE GDP AND REVENUES AS THEY GROW –
A MANAGED FLOAT (WHICH IS HOW I BELIEVE THIS WILL BE) IS ONLY ALLOWED TO FLOAT BY 2% UP OR DOWN AND WONT CHANGE ANY MORE THAN THAT UNTIL THEY CHANGE IT TO A FLOAT OR MARKET
Holly1: do you have any thing on The WTO ... and TY
Millionday: NOT YET HUN AM LOOKING THOUGH
shannon9: Thank you for all you do I know you do not do dates but in your opinion do you think we are close to them rving?
Millionday: I THINK THAT ALL I AM GOING TO SHOW YOU TODAY IF THERE IS TIME WILL SHOW THAT THEY ARE CLOSE
papatom: the isx being up and live on xstream...is a big deal. Try to remember that the last they said about it was that they were testing the system and the people that would be using it.
Testing and training take time and that's what is going on in my opinion. they met their deadline to bring it up... are taking advantage of the INCOUNTRY trading and when they are sure they are able to manage that beast...it will be ready to come up live.
I have seen nothing that says they are trading the dinar on the ISX, only stocks and bonds....so all the companies signed up, and modified with Iraqi ownership issues will be ready to go...
and it will be a field day for the ISX and Iraq will make or rake HUGE funds as a result.
So while we watch for it to come live internationally.....it's HUGE that it's live in country..
not really a question...but a point...so IMO and I agree with you completely on the managed float idea. they'll need stability for the first 90 days.... a managed float gives that
Colorado Kid: Okay, all things being said and considered look very favorable for our imminent C.E. t take place prior to the end of 2014.......BUT,,,,how does one counter the "Nay sayers" and other Financial Experts who say the whole thing is a great big scam and another Berni Madoff Ponzi Scheme ?
These other financial experts are saying that the daily conference calls net the sponsors anywhere from $2,500.00 to over $ 3,000.00 from the rebates the telecommunications companies kick back....
then also when you will want to exchange your Dinar for Dollars you have to physically be in Iraq to do it if the Dinar hasn't been further devalued or taken out of circulation with a all new printing of Dinar ?
Very hopeful but that feeling is dwindling very rapidly the more
Millionday: COLORADO KID -- THAT MAKES NO SENSE -- WHY WOULD YOU EXCHANGE IT IN A COUNTRY THAT DOES NOT USE IT FOR THEIR CURRENCY ---
IF YOU WENT TO MEXICO WOULD YOU GO BACK IN TO EXCHANGE TO USD ?
Colorado Kid: I understand your point Millionday but why are their so many so called financial experts saying that the whole thing is a "SCAM" ? Any good answer to that question?
Millionday: THEY HAVE NEVER HEARD OF CURRENCY BEFORE
Millionday: I DONT KNOW WHY THEY WOULD SAY SOMETHING LIKE THAT HUN –
LETS DO NEWS AND KNOW THAT MAKES NO SENSE --- IT IS MONEY HOW WOULD IT BE A SCAM --
Millionday: Ratified the Kurdistan Regional Government in the hearing, Wednesday, led by Barzani Naچervan the draft law (Kurdistan company to explore and produce oil) and the law (and imports of oil and gas fund company in the Kurdistan region of Iraq).
altA statement by the provincial government responded with "Twilight News", that cabinet government of the Kurdistan region of Iraq today held its usual weekly, adding that Barzani spoke at the beginning of the meeting for attending the session of the Kurdistan own parliament for oil and gas,
which was held last Monday to brief lawmakers on file Oil and problems with Baghdad in this regard.
Millionday: Barzani also addressed in his complaints of members of parliament in the delayed response to inquiries by the ministers of the provincial government, calling for the preparation of a mechanism to answer queries in the legal date which is 15 days.
Millionday: NOTE -- ALL INQUIREES ABOUT LAWS AND REGULATIONS ETC ARE TO BE ANSWERED IN GOV WITHIN 15 DAYS ALWAYS
Comments may be made at the end of Part 2 Thank You