Millionday news 6/10/13
[millionday] Economic expert attributed the reasons for the stability of inflation for the month of May last to the decline in demand in the domestic market as well as the stability of the dollar, which is the main currency for import and export.
Dr. stated. Hamid punitive »Sabah» that the low prices of different types of electrical appliances and household equipment, clothing and food return to the limited demand for them in such seasons,
noting that the currency key used by importers in the supply of goods to Iraq is Aldolarralve saw a slight decline against the dinar in recent weeks contributed and effectively to lower prices of those imports and hence the stability of inflation.,
the Ministry of Planning has announced low inflation indices during the month of May the past compared with the month of April, which saw a slight rise in prices attributed the cause to economic stability.
[millionday] lets read this whole report and see what we find
Read More Link On Right
[millionday] The ministry said that the Central Bureau of Statistics completed the inflation report for the month May 2013, which counted on the basis of field data collection for prices of goods and services components of the consumer basket of selected sample of sales outlets in all provinces of Iraq.
The report noted that the general index of consumer prices reached (142.2 percent) in the month of May 2013, a decline rate of 1.3 percent for Alshahralsabak, and increased by 1.1 percent compared with the month of May 2012
The statement noted that the inflation indicators summarized in a slight rise in the price of housing department during the month May 2013 rate of 0.1 percent compared to the previous month, due to higher prices in the South by a slight 0.2 percent, while
[millionday] lower prices in each of the regions of Kurdistan and the middle rate of slight of 0.1 percent. This section prices rose by 4.1 percent compared to prices in the month of May 2012 due to higher rents for residential buildings at a 5.7 percent rate.
[millionday] the rest of it is a big yawn but the point is stability and of course lower inflation in the midst of the entire economic condition - amazing really with all that is going on brb with more
[millionday] the call for the activating of the credit policy
[millionday] The banking system plays a prominent role in supporting the programs and plans for economic development and activation of the financial markets as one of the most important sources of funding for the implementation of projects at the macroeconomic level and as well as being one of the most important sources of financing in developing countries,
it is the source of profits of these projects and the securities markets. This vision developed by the economist and head of the Securities Commission d. Abdul Razzaq al-Saadi,
an introduction to the specialized study this aspect and found important on the Iraqi banking system and the requirements of carrying out this role in the midst of the crisis experienced by the banking sector these days, which precluded it from doing this role required
[millionday] note -- obviously this is fantastic due to the currency market we are interested in
[millionday] Our first question and who Homentaleg dialogue summarizes how to mobilize financial resources held by banks and re-directed towards stimulating investment criteria for economic growth?
In this regard sees Saadi need to enter the monetary authorities to hold important amendments entity structural banking system and policies of credit and means by making the banks able to create credit than of its cash reserves and paid up capital and deposits head resulting from saving cash current or savings from entering the fixed and thus guarantee transmission of banking activity from deposits to loans to help project owners or investors to obtain loans required.
millionday] note -- he is referring to what goes on in most countries -- including ours -- the banks are able to loan out a percentage of the money they hold in deposits to regular loans and in laymen's terms -- over night loans to other banks
[millionday] the gain is of course interest -- they are required to only have available a set amount by percent and that is why the big worry of a "rush" on the banks -- due to the fear that everyone will want their money all at once -- that by regulation -- is not available at once
[ROBINREDHED] fractional banking
[millionday] Saadi goes on to say, bank credit has played a historic role as a financier working capital requirements while continued to convert most of the fixed capital of individual savings and undistributed profits of business projects and through self-financing.
And comes these ideas at a time approaching deadline Central Bank for the establishment of private banks to raise capital each bank them to two hundred and fifty billion dinars from the finish in the end of June this for the purpose of the contribution of these banks in the financing of projects and meet the great demand in the start-up phase of construction and reconstruction.
[millionday] note -- deadline of the end of june -- love it oh -- this is june -- smile
[millionday] But these banks are looking for guarantees repayment of loans how to achieve it? See Saadi need to study this matter between the central bank as the sector responsible for them and maintain them from any emergency by virtue of the Constitution and between banks and require raising the ceiling of guarantees and identified by law guarantor of the rights of the parties to the equation and this is what you're looking for banks to enable them to engage in such a secured credit.
The Executive Director of the Association of private banks in Iraq, Abdul Aziz Hassoun has raised a few days ago placed cash surpluses in private banks and the possibility of investing, but are looking for government guarantees in order to launch and also require legislation.
[ROBINREDHED] june june june june june
[millionday] note -- a few days ago the cash surplus was placed in the banks
ROBINREDHED] for me? millionday
[millionday] and are looking for the go ahead to launch and for the legislation to be in place -- very nice and fantastic [millionday] robinredhed in a way – yes smile
[millionday] lol So convergent ideas and goals with a willingness to fight such an experience which has achieved great successes in the countries of their economies and their positions are similar to the situation in Iraq and those results on the ground has become one of the developed countries and emerging economies.
In the midst of this vision highlights the major problem faced by private banks as a result the repercussions of the problem of the central bank recently and who is trying to Mlmtha and resolved to the fullest because of the importance of preserving the reputation of the bank in front of Mrusselém and international banks are dealing with and the required processing things quietly and accuracy for the return of banks performance of its developmental role required.
[millionday] international banks are dealing with and the required processing things quietly and accuracy for the return of banks performance of its developmental role required.
[millionday] smile [millionday] whooop whoooop
[millionday] And on the question about the reasons behind the decline performance of the banking sector, said Saadi said the reason behind this decline is the decline in bank lending to finance commercial projects which are of the nature of the short-term at the expense of investment projects in a long-term basis of the principle of getting a quick profit forgetting the importance of the sustainability of the banking activity in project financing investment and profits that may result as well as the accompanying development of such a long-term investment and access to global banks refineries in terms of the size of investment and financing except to contribute to the development programs.
[millionday] wow so let me explain this
[millionday] they have decided to weigh out the benefit of stopping short term gain from loans in order to get everything together for the development of the advanced banking they have prepared through reform and so they see the benefits larger in the long run -- love it
[millionday] He Saadi to the danger of blurring the credit policy banking and the contradiction between monetary and fiscal policy and the fluctuation of exchange rates and including driving to avoid investors employ their savings and reduce the attractiveness of investment and more difficult to take savers for investment decisions on the basis of scientific so concentrated savings in bank deposits, despite Almakhzaliha.
[millionday] note -- in other words -- it is hard for everyone to understand
Domino] millionday Well well, I'm not the only one. . .
[millionday] He criticized al-Saadi some banking legislation that limit banking activities in the field of investment and brokerage in the securities markets in anticipation of market risk and volatility in the prices of securities held by banks, pointing to the impact on liquidity and suitability credit and said: overall still the role of the banking sector in the national economy is checked evidence that the banking business is still traditional and dominate the activities because Jmudalqguanan and the low quality of professional competencies. and the main challenges facing the banking activity overall was summed up by Saadi Bagtsarha
[millionday] in anticipation -- smile
[millionday] on the traditional business of deposit and withdrawal, financing and lending, discount and characterized by deposits as short-term and most of the facilities were limited to business processes short-term in addition to bank lending itself exposed to the dangers of many of the scarcity of information about borrowers and harder to trust Bmsaddaqathm and limited institutional framework and legal ability to enforce contracts factors which constitute obstacles in front of lending and increase the cost so let and we pointed out the need at the forefront of dialogue to government guarantees legal, allowing financing and banks lend important projects.
[millionday] note -- they are asking for something like fdic to help add trust in the banks -- they are asking for the gov to make a huge point of their support in other words -- they have something in place but they want it made clear to the banking customers for lack of a better term -- so they will feel secure
[millionday] And invited the Chairman of the Securities Commission d. Abdul Razzaq al-Saadi at the conclusion of the dialogue to the need to reconsider the deal with the file banking system and delete paragraphs restricting activity Aotadel Banking Act as soon as help them to perform their role development by listening to their views in the instructions and procedures designated by the performance of the role required
and the closure of this file is entirely The trend towards the laws of sound and clear instructions for the service of our national economy, which can not be development only through a sophisticated banking system and the content of the laws sponsor and government support Anaaan the all challenges.
[millionday] so they are also asking the stock market to put something out explaining the backing by the commission so it adds trust during the transformation and activation of all their new policies that are reflective in the banking and currency market
[millionday] very encouraging report to say the least more like whooop whoop smile brb with more
[ROBINREDHED] nice indeed
millionday] this is about the international ambassadors and how the new everything effects them
[millionday] Continue the Foreign Relations Committee parliamentary support for a diplomatic Iraqi abroad through the selection of ambassadors them a long this wire believe in the new Iraq and the principles of political change in the country.
Committee member for the Liberal bloc names of al-Moussawi, said in a statement the "Center Brief for the Iraqi Media Network," on Monday : "The House of Representatives voted two years ago to appoint 45 ambassadors of Iraq to the Arab and foreign countries,"
pointing out that "these ambassadors Wadhwa their work properly and as planned." Moussawi supported "Replacing the bad elements in the Iraqi embassies abroad another good believes in the new Iraq and the principles of political change in the country,"
pointing out that "the Council was not able to vote again on the additional names after the names that have been voted upon, to replace the bad elements of the Baathists and other , who Itbooún the sensitive positions in the Iraqi embassies abroad. "
It was the parliamentary Foreign Relations Committee has announced earlier that it will place new controls for the appointment of ambassadors abroad during the next phase, also formed a committee for the performance of ambassadors and diplomats working in the Iraqi embassies abroad, and evaluate its performance.
[millionday] For his part, member of the Committee for the coalition of Kurdish blocs Rose Mahdi Khoshnaw that the issue of evaluating the performance of the work of ambassadors abroad in operational matters relating to the Foreign Ministry.
He said Khoshnaw for "Center Brief for the Iraqi Media Network," on Monday: "The Commission has a supervisory role on the work of the ministry and embassies by owning any information related to cases of corruption or malfunction in one of the embassies, and have the right to question and interrogation, investigation and follow up the matter if necessary,"
noting that he "would not be right to become the parliamentary Committee on Foreign Relations, the integrity or the financial control office or the Department inspector general on the other embassies."
[millionday] so this is saying that wherever the problem comes from -- meaning area of iraq or kurdistan -- will determine who deals with the issue in the foreign relations -- this is another part of the power sharing
[millionday] The MP said the coalition of Kurdish blocs that "there is a role for the Commission in the event of an official position or disposal of the one outside the norms of embassies and foreign country contexts, which have been agreed upon after the fall of the dictatorial regime."
It is said that a member of the Committee for the Iraqi List, Hassan Khudair al-Hamdani, stressed that the ambassador, who represent Iraq abroad away from the party and makes the interests of Iraq and Iraqis, above all other considerations.
[millionday] note -- stating that out of the country -- the party they belong to does not matter -- they represent iraq as a whole
[millionday] He said al-Hamdani said in an interview with the "Center Brief for the Iraqi Media Network," recently, that "the Foreign Relations Committee, the parliamentary intent on the success of the Iraqi diplomacy, through the selection of ambassadors have a long tradition in this corps,"
pointing to the need to be "possessed Ambassador information about the country, which will be represented by Iraq, which, as well as the importance that reflects the bright picture of Iraq and the democratic experiment. "
He said the "the Foreign Ministry to monitor and evaluate the operations of the Iraqi ambassadors abroad," explaining that "the Committee will give its point of view in this regard, and emphasizes the of ambassadors from the country in the world."
[millionday] so this is showing us that they are adding normalcy -- this is how they are dealt with in most countries so this is great
[Papatom] that's a real big statement...out of the country....they represent iraq
[millionday] very -- the NEW Iraq smile so here we go with dfi info
[millionday] Agreed that Iraq and the United States to issue a decision by U.S. President Barack Obama to extend immunity to Iraqi balances.
He said the Iraqi Central Bank said in a statement yesterday received "morning," a copy of it: "Based on the tireless efforts made by the State of Iraq through formations various meetings held with the U.S. side, it was agreed with the U.S. government to extend the immunity of the balances of Iraq."
Said Bank that "the agreement provides for the issuing of the U.S. President's decision to extend immunity to Iraqi assets in the United States two branches (account of the Development Fund for Iraq, DFI and the expense of the Iraqi Central Bank)."
[millionday] note -- something has happened that made the US very happy -- remember -- they were meeting on activation of all of the strategic framework agreement
[millionday] It was scheduled to expire decision to extend the previous end of last May, but the new extension will open the way for new measures to protect the money before the end of next year. Noteworthy that the Development Fund for Iraq (DFI) was established in May of 2003, by the director of the authority CPA., said MP for the coalition of state law, Abbas al-Bayati
The extension of Washington immunity Iraqi assets in the United States will strengthen the partnership strategy between the two countries. said al-Bayati's "Center Brief for the Iraqi Media Network," "The Iraqi relations - the U.S. is going in the right direction which serves the common interests.
[millionday] love it -- very nice [millionday] smile
[millionday] so obviously all is well and they are doing what they are expected and agreed to do --
[simbaspen*] Are we there yet!!!!!!! :kool:
[millionday] oh yes --- whooop whooop
[millionday] we are close hun -- all is looking as we want it to -- no surprises at all -- love it
[millionday] brb with more
[cookie2] Wooooo hoooo! Pulling in the station!
[millionday] beep beep !!
PART TWO LINK