Poppy3 REALLY WANTED TO REMIND YOU OF THE ARTICLES POSTED ON THE 8TH OF MARCH AFTER THEY MISSED THE MARCH 1 DEADLINE AND ULTIMATUMS ISSUED BY THEIR HEAD OF CLERGY.
THEY OF COURSE HAVE MISSED MANY DEADLINES BEFORE. THEM TELLING ABADI IS ONE THING BUT HIM BEING ABLE TO MEET A DEADLINE IS THE QUESTION.
IF HE COULD MAKE THIS HAPPEN I AM SURE HE WOULD HAVE MET THE MARCH 1 DATE BUT HE HAS TO OVERCOME THE PEOPLE THAT ARE THE OBSTRUCTION...MOST OF WHICH ARE PEOPLE MALIKI PUT IN POSITION OVER HIS YEARS OF CONTROL.
ABADI HAS ALREADY REMOVED ABOUT 70 OF THESE AND IS STILL WORKING ON CLEANING THE CORRUPTIONS. THE BONDS ARE TO BE ON SALE ON TUESDAY [MARCH 15TH], THE STOCK EXCHANGE IS TO BE ACTIVE AND TRADING ON TUESDAY [MARCH 15TH] ONLY TIME WILL TELL.
MY QUESTION WHO WOULD BUY A BOND AT 1166 TO DRAW DRAW 6% INTEREST on 1/10TH OF A PENNY? they have to raise value to sell bonds PERIOD. TIME WILL TELL?
TnDr: Review of where we seem to be, 3/15....what can you add?
The news of late has been really great.
The latest we have is the lead bank is in control of the release to groups and the public, but there seems to be an unclear message that says they are, or are not not fully in control to release (who's on first, I don't know who is on second), UST says they are, lead bank says they need a go ahead?
And, I took Rays latest info to include that maybe we wait to see if Iraq has made an announcement or some indicator that they are fully international.
He has said some of his bank contacts are saying now, some later this week and it was unclear to me but I recall he said some (not sure who) are looking to the end of the month. This sounded as if that could be the full public release (end of month) and seemed to indicate that the groups, Internet group included, may go first.
Parallel to this, the protesters are gathered outside the green zone in large masses pressing for what they have been looking for.
Meanwhile here in the states, private exchanges are or have taken place and not SKRs, actual usable funds. This seems to indicate that the release or permission to exchange is, indeed, in place. I've been reminded to better understand from Rays call yesterday that this is the way things get done....ones connected or on a list go first.
Yup, that is the way business gets done at times....don't have to care for it at this timing but it is what it is. The huge positive is that we see progress with these exchanges being actual usable funds
Other Intel providers are also saying we are done, we just await the 800#'s (Ray seems to be readying us for the possibility of no 800#'s, which is smart just in case there aren't), Iko exits, and some others, too, which doesn't mean anything definite but is interesting.
So, we exercise what we have gotten pretty good at...we wait. I know a source that said while the release codes is a good thing there also needs to be processing codes, too? Perhaps they are in place and Ray just didn't use the exact words the same way? Who knows....but it seems that we are real close.
What else can anyone here add to where we are? Please share...thank you.
TANK : "JUST HEARD FROM 3 BOND SOURCES, THAT SAID THIS IS THE DAY. GCR RV HAS OFFICIALLY BEGUN AND THE HISTORICAL BONDS ARE BEING HYDRATED"
Cheif53: So does everybody have their checklist ready, ie. (Everything ready to go to bank, champagne & ice, party call list, prospective beach site)
Some Exchange advice I saw was this, "Be very business like and don't get overly excited during the exchange..guess that means no jumping up and down and screaming there in front of the exchanger"
So during the exchange do you think you will be very anxious or do you think you'll be smiling from ear to ear?
How will you react when you see that deposit slip with all those "ZEROs"!!!!!!
One thing we might start doing is visualizing the exchange and walking through it in our mind...just like Olympic Downhill Skiers do before they make their run down the slopes
SABickford: Everyone should believe in something. I Believe I should be on the beach drinking margaritas.
I decided to reward myself with a well-earned glass of wine after a long week. Then realized it was Tuesday Morning.
Walkingstick: Russian warplanes start leaving Syria on Putin's orders
Published time: 15 Mar, 2016 08:22Edited time: 15 Mar, 2016 12:49
Walkingstick: Experts call for the revitalization of the tax system in the country's new economic structuring
Under any process of economic reform, the ultimate goal is to establish a tax system efficiently based on coordination between direct taxes and indirect taxes, in addition to providing tax structure would be acceptable and fair between the taxpayers, so it has to be radical changes to reform the tax system in proportion to the internal and external environment so tax become an important tool in the treatment of many economic and social problems and to the fact that the economy is moving towards openness and change.
An expert on the economy Hamdi Algiashi said in a statement (Journal) that the tax system "is influenced by the political system in place, whether centrally or federally, and when the diagnosis of the tax system environment in Iraq, we find there are palaces and reluctance in the legislation of laws commensurate with the development of the new state and the failure to adopt the tax administration on the global cutting-edge methods in addition to the tax revenue is low and does not constitute at best 10% of the state budget revenues. "
While confirming analyst Capital Markets Laith Jwamir's (Il Giornale) that the elements of success of the tax system in Iraq is to amend legislation and tax laws and the fact that the tax system has not been given adequate attention and did not initiate or to adapt the tax laws, according to economic data the obvious, which led to the emergence of speculative taxes firing freedom guessing staff tax administration applications were inconsistent with the reality of knowledge and wealth to enter the absence of the tax system database, which is causing tax evasion and improper application of the tax.
It is imperative that the amended tax legislation and consistent with the general situation of the country. " Algiashi He pointed out that the "heavy reliance on direct taxes is an imbalance in the tax policy of the state must be the tax policy directed towards making indirect taxes of large relative weight of the tax structure desired components, where the focus on indirect taxes must approach is an important element the tax reform programs, "adding that" the overall goal of the tax reform is to establish an efficient tax system, based on fair taxes can be accepted and implemented in practice and achieve sufficient income, but does not give rise to a minimum of economic distortions. "As that of the tax reform goals of increased economic growth and raise tax revenues and the percentage of their contribution to the total revenue of the general budget.
Stressing that "the success of any tax system must be based on achieving efficiency in tax collection, but by building bridges of trust between the tax administration and taxpayers as well as to increase tax awareness with the introduction of the developments of States, for example, but not limited to self-esteem corporate style."
It should be noted that the economic systems of developed countries rely on the tax system as part of the overall system of the country it affects and is affected by the situation of the political aspects, economic, social, where the tax systems of these countries the reduction of tax evasion follow them modern methods because of its database of all taxpayers of individuals and companies that facilitated the deal and communication between the departments concerned and charged with using the modern technology used in banks reflected positively on the performance of tax administration starting from the inventory of taxpayers and promote transactions and the mobilization of annual questionnaires to Web sites ending to follow the electronic payment method in tax transactions that had a role in the completion of transactions and reduce the time and expense and effort.
Tuesday, March 15, 2016 - 02:00
1st Treasury Bills Redeemed
The government redeemed holders of its first batch of Islamic Treasury Bills this week, paying bond holders 5.58 trillion rials ($164 million at market exchange rate) in the process.
Iran's treasury sold its first batch of government bonds, called Islamic Treasury Bills, to domestic investors on Sept. 30. The new bonds were given as debt repayment to contractors who had the option to resell them in the Iran Fara Bourse over-the-counter market or wait and redeem them at maturity.
"Mutual funds and investment companies are the main customers of Islamic Treasury Bills," said Reza Gholamalipour, deputy head of IFB.
Similar to the US treasury bills that provide the backbone of fiscal spending in the world's largest economy, the Sharia-compliant bonds were sold at a discount to their face value in IFB.
According to Gholamalipour, bondholders earned a comfortable 11.4% return for the five months they held the bonds, bringing the real annual return on the treasury bills to 24.4%.
The effective interest rate on the bills has been higher than what banks offer on deposits. Capped by the Central Bank of Iran, banks currently offer interest rates of around 20% per year.
> Payment Issues
The government had to pay 5.75 trillion rials (about $169 million) to redeem all the bonds, but some bond holders did not submit their account information in time, leaving 170 billion rials ($4.9 million) of Islamic Treasury Bills unredeemed.
"State-owned lender Bank Melli will repay the remaining owners in the coming days," Gholamalipour said.
According to Mohammad Reza Mohseni, chief executive of the Central Depository of Iran which is in charge of clearing and settlement of securities, the dues were paid three days in advance of the bonds' maturity date on March 13.
The bonds were issued on Sept. 30, 2015.
> Borrowing to Cover Bills
The moderate government of President Hassan Rouhani is struggling with debts it inherited from its conservative predecessor, Mahmoud Ahmadinejad.
Tehran owes over 1 quadrillion rials ($29 billion) to the banking system plus an additional 550 trillion rials ($15 billion) to contractors. So the government is mobilizing all that it has at its disposal.
It is establishing a bond market and borrowing through it in various bond forms—from selling oil in advance to Islamic Treasury Bills.
Falling oil revenues—the government's main source of income, due to a drop in global crude prices from above $110 per barrel a year and a half ago to around $30—have sped up government's move towards better taxation and the introduction of debt financing, which have been a decade in the making.
Thus, bonds are making a comeback in Iran. After the 1979 Islamic Revolution, debt securities and even deposit accounts were considered usurious. So the existing corporate bond market was closed down and banking regulations were overhauled.
With the turnaround in policy during the last decade, private ownership and equity markets were given a place in the economy.
After the Sharia compliance for debt securities was hashed out in the late 2000s, Iranian bonds started being traded on exchanges.
More bonds are to come next year. This year, the administration only issued 75% of the bonds it was legally allowed. The Ministry of Economy was unable to sort out enough assets to back the bonds. It is now surveying ministries for upcoming bond offerings.
"This year, we were unable to back enough sukuk due to the lack of a comprehensive database of government assets," said Economy Minister Ali Tayyebnia. "The first step is valuing our assets. The second one will be to manage them effectively."
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