Millionday News 8/13/13
millionday] ok so first lets look at what i brought today earlier
[millionday] Approved the Council of Ministers during its thirty-fifth regular in Baghdad, on Tuesday, a number of laws and important projects.
According to a statement moved the Information Office of the Prime Minister that "the Council of Ministers approved the draft law on economic reform, the federal auditor by the State Council, and forwarded to the House of Representatives based on the provisions of Articles (61 / I and item 80 / item II) of the Constitution."
And added that "the Council agreed on a draft law amending the organization of the judiciary No. (160) for the year 1979, the auditor by the State Council, and forwarded to the House of Representatives based on the provisions of Articles (61 / I and item 80 / item II) of the Constitution, taking into account the opinion of the legal department at the General Secretariat of the Council of Ministers
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[millionday] The Council of Ministers approved in its 35th meeting headed Prime Minister Nuri al-Maliki today the draft Law of the Federal Economic Reform. According to a statement today, the Council of Ministers also approved the draft law to amend the regulation and legislation Law , noting that the two draft law has been referred to the Parliament
[millionday] now this my friends is huge huge
[wmawhite] millionday ...please explain.
[millionday] this is what the imf asked for and is the pass and signing of the federal economic reform and next would be the foreign exchange rates including ours
[momface] We have to wait for Parliament to pass the law correct?
[wmawhite] millionday .......thank you.
[Royal] amen ...........amen
[millionday] now this has been sent to parliament however that is compliant with the constitution
[millionday] so it will be sent to the gazette
[faith1] do they also have to do same for the foreign exchange rate? pass and refer to the Parliament ..
[brubba] whoooooooooooooooo hoooooooooooooooooo
[mdglow] momface approved today
[millionday] i am going to be honest with you -- i hope everyone is with all of their members -- we do not know if this will just go for a vote and printed or if we will see reading twice and then vote -- but my opinion is that it will go to vote
[millionday] so to tell you that it is just going for a vote -- no one knows that -- it is my educated guess -- it will just be a vote because it is signed off on by maliki
Godsalli/Jim] Votes take time
[faith1] do they also have to do same for the foreign exchange rate? pass and refer to the Parliament ..
[millionday] no votes dont the many meetings of reading takes a couple weeks or if they are in a hurry can be done in a week
[millionday] faith1 no -- they will not
[LBnFL] Officially, Parliament is recessed until Aug 20.
[millionday] thank goodness -- right but this is special circumstances which is good because they will be able to just do this we should see them working if this is sent now to them
[Heidi] just do thissss
[faith1] yes thank goodness !!
[millionday] the exchange rate is already decided
[LBnFL] millionday I'm not sure THIS is the only thing that needs to be done before we see Article VIII
[jtram8] millionday Do we know what it is
[Glory Boy] Survey says....
[millionday] jtram8 no we dont
[jtram8] millionday Thank you
[millionday] we do know they are working on pricing in the country without the three zeros as reported so let me bring something else brb
[Royal] millionday has the smartcards been loaded
[millionday] Royal a portion of them had and then no news after that on them
[Royal] millionday ok thanks thats a good sign
[millionday] Royal oh yes very good sign
millionday] The phrase "on my eyes and on my head," he hears one in the cities of Kurdistan while speaking Kurds with him in Arabic, and declare welcomed the request or question, is the same used by the Prime Minister of the region to talk about the desire of Baghdad,
access to the details of oil contracts with major companies, but the center is a friendly This, defends Kurdistan understanding of the Constitution and to "the first agreements" on the right of the province in the new Adarhalabar, as long as the method of management in line with Iraqi law.
It lists the tale of oil as a test of the new rule method "Baghdad and need time to be absorbed."
And stick stubborn this right by the Prime Minister of the region, accompanied by justification for many explain it with regret, to confirm at the same time that the 100-year rule of war mentality, and an abundance of wealth, and all this political opening new,
makes it imperative for all Iraqis to sit for dialogue on the problems and remove the psychological barriers created by recently "between leaders" and forge compromises important not to internal tanks moving towards "national defeat" the other, a tank failed over a century in the industry "nation
[tbob] The best part is we all win, a sovereign nation, democracy and the people of Iraq! Very exciting times!!!!
[millionday] there are very exciting times know that there are many that are outside the country that will get oil proceeds so this is very good news when money starts moving to them of course we are looking good or i should say done at that point
millionday] Sadiq Shammari Adarah the banks to adopt the necessary measures to confront and deal with cases of tripping or exceeded the risk of financial crises, pointing to the importance of doing the drafting and drawing their own strategies for the treatment of non-performing loans have and that is one of the causes of the crises in developing countries.
He said in an interview for the (morning) that the causes of financial crises that have occurred due to the breakdown and lack of respect for the banking system and policies internationally recognized,
any lack of commitment to the basics of banking business sense in managing profitability, liquidity and credit risk management and management of capital adequacy, as well as to circumvent the control procedures normal banking by getting rid of loans by moving them from the budgets of banks and convert them into bonds and then marketed to many financial institutions offers and attractive returns. financing costs
[millionday] Turning Shammari challenges caused when non-payment and begin problem of lack of liquidity and then the high cost of funding and access to liquidity needed,
noting that the recent financial crisis, according to U.S. sources and global She devoured until the end of 2008, up 23 trillion dollars of wealth employee in the money market world decreased market value of 52 trillion dollars in July 2007 to $ 28 Drliun the end of 2008, and this is what the form of an imbalance in the financial and banking system in general, where the banking crisis began (the mortgage crisis) has become economical.
tbob] millionday what does that mean . . is he commenting on U.S. failures?
[millionday] this is talking about adding credit to the banks for the citizen
[tbob] millionday Ok thanks
[millionday] smile -- He Shammari that the issue of management of non-performing loans and the results Alemtemkhaddh it became a controversy and debate intellectually in the banking and institutional
Because of its dimensions serious credit policies for financial institutions and banking, and thus stand in the way before them in achieving returns optimal or expand market share it has to be to know what loans faltering and the reasons that lie behind the tumble of these loans, as is one of the themes that preoccupied many economists and financial thinkers and bankers.
Domino] millionday Wouldn't the citizens need jobs to be able to repay the debt with payments?
[millionday] right -- that is what they are talking about -- the handle of defaults and also the issue to offer for businesses ect
[millionday] it is a very important part of the economy and it would be hard to get it off the ground but they have to always think of the stake holders – always so this is expected
[Domino] millionday Well is just seems to get right back to a change in value of their currency so they have more options & can move.
[tbob] did they not have talks about education for the young lately to prepare them for the job market if I remember correctly?
[millionday] He called on departments lot of financial and banking institutions that lend a hand to all sectors (industrial - agricultural - service - etc.), so it is a mediator between units of surplus units and deficit and the other part is described as can be likened to the heart in the body is pumping blood to all parts of the body,
so the financial and banking institutions pumped money into all sectors in order to develop and develop and bring life out, on the grounds that the financial and banking institutions episode of the evolution of economic and financial support to any country, a reflection of its by economic and financial as the mainstay of the economy and its axis.
[millionday] Domino exactly -- it is all showing at once
millionday] tbob yes yesterday they were talking about adding the new economic system in this upcoming sessions for students -- i would not want that job
[tbob] millionday smile
[millionday] risk>>>>> He said that the activity of financial institutions and banking core is in the granting of loans and banking facilities or the granting of credit and accepting deposits and through this activity will face the banks several risks, including credit risk, and result in the risk of problems in the repayment of this credit, which represents non-performing loans, which are trying to identify the fundamental aspects.
[millionday] Shammari continued saying: Credit risk refers to the inability of the other party to fulfill its obligations agreed or when behind the borrower to repay the loan amount on the date specified
This is a risk of more types of risk importance and the oldest in spite of the emergence of modern forms of risk, as it is no longer appropriate to deal with the credit risk away from kinds of other joints,
especially the risk of operating with offers, pointing out that the Basel Committee on Banking Supervision has demanded that banks need to maintain an average capital adequacy is suitable for at least 8 percent were determined in Iraq to 12 percent in order to cover credit risk
[millionday] this is exactly what you were saying domino
tbob] millionday Wow great news is flowing again!!
[millionday] oh yes
[millionday] ie may not fulfill the borrower to pay the loan amount and accrued interest in the due date and the prospect of loss as a result missed opportunities for investment by the non-employed so must reduce the degree of credit risk and thereby reducing the margin of loss resulting therefrom,
and could manage the bank to check if the relationship bank borrower ongoing relationship and enjoy the capacity to follow up and monitor the loan after giving confirmation of the activities that she invested.
[millionday] He added that the credit policy and accurate sound is requiring that these loans are paying to avoid the loss and play management of the bank and the expertise and efficiency of its agencies play a vital role in this area, including that all the banks, without exception face credit risk,
as well as the seriousness of these risks have to focus on how to address These risks, which can be identified several possible methods to support banks mitigate or reduce the risks,
including the pricing of loans and here we must determine the amount of the loan, plus the interest rate prevailing in the market, in addition to the risk premium and other administrative expenses.
[millionday] And alluded to the need to determine credit limits, where most of the Iraqi banks look to solvency as everything is owned by the customer from the funds of movable and immovable,
and if we go back to the international rules prevailing in the world will notice that the solvency GOES only to examine movable and immovable property related activity which exercised by the customer for the purpose of obtaining a loan or credit facilities required all kinds,
where the bank calculates the overdraft as a percentage of the turnover of activity that can be exposed to the chronological disparity between cash inflows and outflows.
[millionday] Banking expert felt that the current banking law is not consistent with the nature of the current stage, Qasim said Muhannad al-Saadi »Sabah» that there are sockets on this law in terms of legal drafting pointing out that he did not use the normal legal expressions in Iraqi legislation.
He added that the legislation worked out used legal language alternative imposed it linking Arab laws and the laws of Islamic noting that the Banking Act has not been used expressions legal convention in Iraqi legislation as well as the use of legal language alternative translated poorly missed a lot of meanings.
[baggr42] I thought the Economic reforms were already taking place, now we see that it was just passed ..... What am I missing ????
[millionday] baggr42 the restructuring of the currency has been updated -- this is the gov federal economic reform laws that will apply to budget, expenditures, calculations and regulations to go with the change
[Glory Boy] Just having Maliki on board is huge in my estimation!
[baggr42] Glory Boy Agreed TY
[Papatom] baggr42 i remember the articles you were talking about...and I think the fact is, there are reforms in different sectors of Iraq...Govt. sector.... this is banking sector...looks like procedures and policies on credit management...etc..... so it's less of a conflict of info and more of an orchestration of events....
[millionday] actually huge as i thought the whole time he wants the fame of being the one in power that is part of this reform in the country -- not the one that stops it
[millionday] makes no sense that he would not want to be the guy
[Papatom] millionday his place in history. the George Washington of Iraq, so to speak..... i agree
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