Millionday News 10/20/13
[millionday] so this is something that was emailed to me and i am going to share it because i can tell it was written by a journalist and we have other things that we will look at that are along the same lines
millionday] in other words - it makes sense but we will look for more evidence in the next day or so
[millionday] Called on the Finance Committee in the House of Representatives, the Iraqi banks to activate some modern banking services, such as the settlement of financial transactions through mobile phones, or credit cards, so as to reduce the handling of paper currency.
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Committee member Abdul Hussein al-Yasiri, said in a statement to Radio Free Iraq "to find new methods for the settlement of cash transactions electronically, will make it easier for citizens and traders alike, hold those transactions without the need for a review of the banks, Otthml consequences of carrying cash, and the risk of theft, as well as reduce the use of paper currency, which of course reduces the need to be replaced and new ones printed from time to time."
[millionday] Economists welcomed their part at the invitation of the parliamentary finance committee, because it is in their view constitute a step in the right direction.
He said economic expert on behalf of Jamil that "there is exaggeration in the use of cash in Iraq, and that there is a huge mass of cash circulating in the market up to trillions of dinars."
To The head of the Association of private banks in Iraq, Abdul Aziz Hassoun difficult to activate services for financial transactions electronically, during the current stage, due to the lack of infrastructure required for the adoption of this type of banking services
[millionday] so lets talk about this for a sec -- if they are activating the use of atms and credit cards etc -- they have to set an international rate to use through visa and mastercard --- that is the best part of this --
[ROBINREDHED] yes they do
[millionday] the worst part is that i dont have the visa to give you or the rate but lets keep looking through this massive overload of news we have right now smile
wmawhite] millionday millionday .......this says that the economists are joining in the call for the activation of these services. They are putting their voices behind the call. This is good !!!
[millionday] this is about the currency market and what is going on in decisions that are taking place
[ROBINREDHED] yes it is
[millionday] yes thats right -- it is very good -- smile
[millionday] Despite the White House end the Government shutdown crisis of America there is another crisis threatening the US economy is the US government debt ceiling height to record levels reached 10 trillion dollars, an amount much difficult in the absence of indicators of recovery of the US economy, threaten new economic crises threatening the dollar
millionday] note -- of course we know all of these figures from the current situation in our own country but there is more
[millionday] The economic information center said in a press release received PUKmedia, copy, need work policy in Iraq in cooperation with the Iraqi Government to move Iraq from the dollar that real economic risk has not experienced since the great depression in the 1920s which requires examination of alternatives to the dollar on the foreign currency basket Iraq reserves contain the most stable Asian currencies like the Chinese Yuan to the euro and pound sterling, Japanese yen and
[millionday] other currencies are more stable than the dollar In addition to promoting the transformation phenomenon of dollarization in the Iraqi market to basket of currencies through partial incorporation of these currencies in the beginning auction currency and encouraging the Iraqi market for circulation through the payment of such currencies particularly for imports coming from countries that trade these currencies.
[millionday] note -- so this is the preparation and a report speaking of the issue of trading with international currencies and having them as reserves or as trade facilitators --- depending on of course each individual situation
[millionday] Central, Member of the parliamentary Finance Committee nagiba Naguib to Iraqi currency current limited categories don't harmonize with balancing Iraq and encouraging investors not so yzetron to trading in foreign currency ". Najib said toldPUKmedia, said Sunday, "If there were coins of 200 or 250 thousand for the encouraging motivation improved monetary policy."
"The current figure is difficult without study and without the reform of the economic and financial system in Iraq and current currency unlink Iraqi dinars to the dollar
[millionday] note -- in other words -- in order to move forward - they have to have small denoms to use to move forward -- "limited categories "
millionday] they need to do what? ---- smile >>>>>>>>>>>>>>>>> MP Najib stressed that "the disengagement of the Iraqi dinar to the dollar needs to raise the value of the Iraqi dinar and clear plans and strategies and the use of some economists.
Said Professor of Economics at the University of Sulaymaniyah Khaled Haidar to unlink the dinar from the dollar is not possible that the Iraqi economy is one-sided, that Iraq exported oil and imports most of its needs from abroad any dollar that exposed Iraq anyway to crises.
[millionday] Haider in emphasized toldPUKmedia, said Sunday that Iraq could seek to reduce a dinar to the dollar through increased domestic production and reduce imports from abroad to fill the growing demand caused by increased purchasing power relative to increase in population in the country.
The White House has issued on the 1st of October, the Federal Government has ordered the suspension of work, after Congress failed to reach agreement on the budget for the new year.
[millionday] The US Congress has approved, on 17 October, a Bill to end the partial closure of the Government departments and avoid debt default Washington, hours before the deadline, to raise the debt ceiling to 16.7 trillion dollars and not face Washington risk defaults.
Several States warned oil effect US Government shutdown on the country's financial dealings and its income from oil, particularly dealing with us directly. The Iraq country rentier unilaterally dependent on oil in its budget, public finance and the contribution of oil over 90% in the GDP of the country.
millionday] so as we know and can guess on our worst day -- the change in iraq`s economy and entry to the globe is going to help our economy and without a doubt the globe smile brb with more
[millionday] obviously with the economic reform it is expected to see some major news about the iraqi stock market at some point -- (isx) so lets look at what they have to say here -- which seems to be the first mention in some time
[millionday] The Chairman of the Securities Commission , Dr. Abdul Razzaq al- Saadi , to the Commission 's efforts to provide assistance to companies working to restore its prestige , which contribute to improving the image of the Iraqi market.
He said al-Saadi told the (morning) that the Commission's work is aimed at disclosure and transparency and the treatment of total evenly, explaining that the Commission suspend trading of some companies by law must be disclosed during the 150 days ,
as it must provide companies traded final accounts of the body , and if expiry of the period did not discloses the Company for its calculations , the Commission gives two months of additional disclosure . known head of the process say that it translates Kvrhh of information and data on company specific and put it in the stock market
[millionday] indicating that in the absence of information means is the lack of goods for display in this market. Saadi noted the need for equal treatment by suspending trading of shares of companies that did not disclose their accounts , but he stressed in the event can provide the data requested the trading company in question again , saying that the Commission suspended trading of 24 companies , before they disclose their accounts ,
but the most feet data required for the body and the remainder up to 7 of the total 73 companies registered company. However cautioned that if the company is not eligible for inclusion in the stock market , it is considered negative situation , so not bad image reflected on the Iraqi market
[millionday] this is a timeline given to meet international standards -- the transparency and also the reports are required -- and in minimal terms for the one that really doesn't do much with the stock market -- this means they have that amount of time to get all of their info right and in the right place so anyone anywhere can find it easily and it is correct for informed decisions
[millionday] smile brb with more loving the good news -- loving it
[ROBINREDHED] ME TOO it is a good start to the week
[millionday] i agree – smile and there is more -- whooop whooop
[millionday] Parliamentary Committee on oil and energy Qassim Mohammed that the only solution to the oil dispute between the territorial Government and the Federal Government and oil-producing provinces is the oil and gas Act legislation in the House of representatives.
The Kurdistan Alliance bloc MP Qassem Mohammed in SMC PUKmedia, Sunday 20/10/2013: "oil and gas law contains several laws are oil and gas, the Federal oil and gas Council and Federal Revenue Fund Act and the law of the Federal Revenue Inspectorate".
[millionday] note -- this ties together because we first read about the move to launch the visas and the mastercard so of course the distribution is also part of this card with the distribution of wealth for iraqi citizens per the agreement on oil
[millionday] Mohammed said: "this legislation helps to regulate the oil sector which constitutes 45% of the total Iraqi exports and 90 percent of federal revenue source," adding that the "legislation law helps to exercise transparency and fairness in the distribution of wealth among the people of Iraq."
[millionday] the parliament session expected to deal with this is tuesday
[millionday] they should be addressing this tomorrow as well and as always we will be looking at tuesdays reports or expectations tomorrow as well big smiling yay lol brb with more loving it
[millionday] this particular report should be in a hallmark card for us if you ask me but see what you think here is this first
[millionday] Member of the Association of private banks in Iraq Dr. Sadiq al-shammari a Bank delegation in a workshop dealing with the reality of Islamic banking and experience in Iraq.
He said in an interview for (morning) workshop organized in France discussed the evolution of the Islamic Al-serafi mechanisms work and how it has made significant inroads beyond its interest-based banks with participation of experts from different countries of the World Bank.
The workshop discussed the experience of Iraq as a model for Islamic banking and has achieved great successes and eye-catching expansion within a short period of time
[Domino] millionday Mee to, I'm sure I'm missing something, I don't get what we are partying or Whoopin about
[Flygirl02] Can u summarize what it is saying about the timeline
[millionday] you dont see anything good in the news to be excited about?
[lojak] Flygirl02 the timeline in the earlier article was about the stock market requirements---nothing to do with RV timing
[millionday] what hun?
[Flygirl02] Can u summarize what it is saying about the timeline
[lojak] millionday shes talkjing about the ISX stuff earlier
[Domino] millionday I'm trying but don't get it.
[millionday] oh they are now giving timelines for companies to be listed that are compliant on the stock market of iraq so they are internationally compliant and representative of the new iraq and the response they want to get by their entry to the globe
[millionday] see this is the thing the isx will have the pairing of the dinar and the usd they will have currency on it like nasdaq where they signed with them a while back
[lojak] millionday they are confused that this time line has something to do with RV timing--it does not have anything to do with it
[millionday] and the entry to the globe compliance order means that they are planning the entry
[Flygirl02] Ok, I know people are saying they need it. But are the the ones saying it people that matter. It seems they have been calling for it for awhile. Just trying to understand it all
[millionday] and this is good because we want to sell our dinar in the currency exchange market
[lojak] the article is talking about how long stocks must be listed etc..
[Godsalli/Jim] Yeah we do
[millionday] it is a timeline for the ability for the companies to be done with all compliance issues to be included for the initial impact that iraq wants to make
[wilbur48] Didn't it say they have two month to get it done
[LBnFL] 150 days?
[RickeyT] millionday 7 months?
[lojak] guys, this has nothing to do with RV timing, just how long individual stocks must be listed
[wilbur48] millionday was the timelimit 2 months or 7 months
[onthewings] lojak ty