[millionday] Member of the Finance Committee MP Najiba Najib said : It is necessary to restructure the Iraqi currency ; because the existing currency is consistent with the size of state revenues and Iraqi currency in circulation and investment which will hopefully happen in the coming period, cash does not suffice ; because traders , whether they are companies or people resort to deal in foreign currencies for easy portability and trading.
[millionday] She added that the biggest currency cash is from the category of "25" thousand dinars, which is not equivalent to inflation in the markets , we must provide large groups such as "200" thousand or approximately "100" dollars, as well as having the coin to cover all the requirements of market and the citizen.
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And increased engine that fiscal policy is cash , which helps to level the financial system " to get small and large groups the new cash currency and proportionate to the revenue increase year after year , with oil revenue growth ," and this in turn allows the strengthening of the country 's economy .
millionday] wow if they kept that up they could be the first with multi million dollar currency –hmmmm made me laugh out loud -- how funny to suggest such a thing
[millionday] And drew attention to the project to delete the zeros from the currency is not as easy as envisaged by some , as it needs to be studied by the central bank and the parliament and the government and the cooperation of legislative and executive powers ,
otherwise there will be big problems increase the damage and negatives, stressing the need for accuracy and transparency and sobriety destroying old currency to avoid impaired souls.
millionday] note -- so now they are having problems finding sober people to destroy the old notes --
[millionday] too funny here is what the professionals came up with to do >>>>
[millionday] Professor of research and critical theory at the Higher Institute for Research and Studies cash and accounting at the University of Baghdad, Dr. Bashir Alwan al-Lami stressed the need to reconsider in relation to money damaged by the central bank by toggling the damaged ones with new ones is a nuisance to the citizens , especially in their dealings markets and mobility
[millionday] He hinted that in all countries of the world there is a rate of 5 percent can be added by the Central Bank to currency trading related to gross national security and the financial result of the damage and to increase the number of residents and transactions , as well as trade activity ,
and this is what is working even in countries with economic systems conservative , adding that the Government of Iraq credit card is weak and adoption of macro- trading cash should be considered in the renewal of banknotes damaged and distributed among citizens in order to facilitate their dealings , stressing the role of the law in this aspect, since there is no need to impose a fine on those who do not accept the money .
[wmawhite] millionday ,........hasn't the project "delete the zeros" been the most never studied project in the world?????
[millionday] yes -- thats right hun now let me say this notice that they have admitted here that the damaged have been pulled in already because the idea was brought up to redistribute the damaged that had been taken in there is just a little more of the report '
[millionday] Turning to the subject of the currency , saying: It is weak in light of inflation, which we suffer , it is difficult to carry a citizen of large quantities of this currency to contend in the markets and shops " in light of inflation weaken the value of small units ," referring to another problem which counterfeit currency , which affected negative in the Iraqi currency , which led to a lack of confidence of citizens and avoid handled by a lot of traders the transactions in dollars .
millionday] so this last part is pretty much saying that they could just write a new value on them -- and that my friends is the most ridicules comment ever made ---
[millionday] goodness international law -- economics 101 -- ummm -- kindergarten -- all go against that even being considered so -- i hope you noticed the huge smoke on this one -- but pretty interesting they took the time to cover the fact that --- they have some very damaged currency and are in a hurry to get it fixed lol goodness -- i am speechless i dont even know what to say -- that was so ridicules lol
[wmawhite] millionday ...yea,.......what about IMF Article 8?
[LBnFL] Thought they were all using their new cards instead of cash
[millionday] what do you mean?
[wmawhite] millionday millionday ........using one well established currency.
[millionday] not yet -- that will be all at the same time -- not some and not others -- they called to launch the electronic payment system so that will all be launched all at once -- and at anytime
[wmawhite] millionday .....instead of writing whatever on the currency to suit the situation.
[millionday] they cant write on currency or it makes it counterfeit --- not original form lol lol lol and it is stupid lol - sorry -- but it is very stupid for them to put that out there my goodness lol brb with more wow so here is some good news
[millionday] Member of the Committee on economy, investment/MP Salman al-Musawi, the Kurdistan resort to economic independence from the Center, revealing that the territory receives annually more than (20%) South oil revenue and Kirkuk in the federal budget.
He said Callie (News Agency): the Declaration of Kurdistan the economic independence of the Centre would serve the southern governorates, especially oil producers as well as Kirkuk, take advantage of the natural wealth that go over (20%) Them to the territory.
He added: the Government of Kurdistan will not consider independence at this time, but look into the distant future to utilize oil revenues to other Iraqi provinces in the rehabilitation and development of infrastructure of the territory. -
millionday] He noted: the Federal Government with the federal system in all economic fields to benefit all the provinces of the country's wealth, so also amongst now in developed countries as the United States and Germany.
This had a KRG official in anonymity, a faith in the territory for economic independence from the Center, especially after the discovery of large oil fields in the region -
Baxter1243] If Iraq has all of these billions of dollars...and 30 tons of gold.... Why dont they just pay Kuwait the measly 8 billion they owe..get out of Chapter 7 completely. And not deal with Article 8?
millionday] they have an agreement for payment that both kuwait and iraq have agreed to -- there have been multiple formal reports on the issue of debt and
[millionday] the latest was on the 27th of sept --- if you dont count the payment announcement from the united nations on the debt --
[millionday] the complete release of chapter 7 has been done for iraq and they are formally released from sanctions
[millionday] i loved that article and the... amongst now in developed countries as the US and Germany -- love it
[millionday] kuwait and iraq have multiple trade agreements and have a signed convention and consider and refer to themselves as brothers of the region many times -- they have moved leaps and bounds and are no longer drawn together by the UN sanctions of the former regime mistakes
[millionday] brb with more
[millionday] Despite the rapid development in the world of banking, and the recovery of the movement of money in the countries of the world through modern technology, employing the Internet, is still Iraqi banks adopt traditional systems of old, and uses most of its personnel manual methods widely used for the completion of banking services,
causing delay completion of course and increase the opportunities for corruption financial and administrative. director of the Rasheed Bank government Kazem fistula called recently to reconsider the laws associated with the work of banks,
and the introduction of technology in various uses to facilitate the task of the client in dealing with any of these banks. confirmed the Finance Committee in the House of Representatives having technical problems and administrative prevented the development of the banking sector, and
[millionday] this is about the activation of the atms
[millionday] the introduction of new technologies, stressing that the Iraqi banks - both governmental and private - are still lagging behind the world, even from their counterparts in neighboring countries. called Committee member Abdul Hussein al-Yasiri to activate some services,
such as the settlement of financial transactions through mobile phones and the Internet,
And facilitate the use of credit cards, and activate the machines automated teller, to reduce dealing currency paper, which is increasing in size dramatically in Iraq, and to facilitate the completion of transactions on the citizens and traders alike, without the need for a review of the banks, and bear the consequences of carrying cash.
[millionday] stresses economists on the importance of introducing technology Modern banking service of Iraq, and refers Bassem Jamil Antoine, in a statement to Radio Free Iraq that there is exaggeration in the use of cash in Iraq, which resulted in a mass of huge cash circulating in the market today up to 34 trillion dinars. to that justified the President of the Association of Banks Private in Iraq,
Abdul Aziz Hassoun difficulty activating the services of financial transactions electronically, weak infrastructure required for the adoption of this type of banking services and contributed to years of international isolation imposed on Iraq on the retardation services technology,
millionday] , which represented a revolution in the world of banking services in the world, it is not strange that stand some Iraqis when traveling to neighboring countries surprised in front of machines automated teller or the completion of transactions transfer funds, and purchasing online.
For the nature of the movement of cash and services in the banks noticed the employee Mayada Fakhri that most of the customers bank from venture capitalists and traders accustomed to traditional methods of conducting their banking, and worse that a trader which is indispensable for the bank to facilitate its work in other countries, would prefer to deal with cash to resort to the bank to complete the dealings and organize accounts in Iraq.
[millionday] note -- this is more of the reality of where they are bringing in electronic banking and new technology training and a new reality rate and entering the world banking
[millionday] noted Mayada Fakhri Speaking to Radio Free Iraq scene entering cash and leaving bags large-borne porters of the bank's branch in which it operates, noting that most of the owners of the money from the merchants "populists" prefer to store and transfer funds and exchange in a striking manner through large bags and the protection of the protection of personnel and porters.
It also noted that some customers Bank of academics and staff often wonder about the non-activation of Internet services to accomplish their banking, as is common in neighboring countries. recognize Mayada Fakhri that the Central Bank of Iraq urges Iraqi banks on the rehabilitation of its members to deal with the technologies of the Internet in side transactions,
but the level training, rehabilitation and technology available does not guarantee good results, according to her mind. noted that the banking sector in Iraq consists of forty-three banks as well as the Central Bank and distributed by ownership between (7) state banks and 30 banks waged, in addition to (6) foreign banks contributed to the View reporter with Radio Free Iraq in Baghdad, Ahmed al-Zubaidi
[millionday] strange date >> look how long they are working on this october 31st -- hmm
[millionday] Arbil announced the completion of preparations for an exhibition Project Iraq 2013 on Monday 28 th of the month of November, with the participation of more than 650 companies from all over the world.
The Gallery Project Iraq 2013 is the International Trade Fair Sixth materials, equipment and construction techniques and the protection of the environment in Iraq in conjunction with the exhibition Iraq's energy 2013, which is the international trade fair for electricity and alternative energy and water technical and lighting and air conditioning, as well as gallery real estate and investment in Iraq in 2013 is the International Trade Fair for Investment and real estate development in Iraq and continue these activities until 31 of this month of October.
[millionday] not written in dinars
[millionday] And pointed Zana Aozyre of the representative of the Ministry of Construction and Housing in Kurdistan that the high turnout for companies to participate in the exhibition due exhibition's success in opening the doors wide open in front of the regional and international companies to enter the market of construction and reconstruction in the region.
And said Aozyre "There are currently more than 450 projects under implementation in the Kurdistan region at a cost of more than $ 20 billion and that the provincial government awarded about 60 licenses for new projects since the beginning of this year the value and amounted to 2.7 billion dollars."
[millionday] i thought it was very interesting how they stated the pricing didnt you? the prep for that huge international trade conference
[millionday] licenses already given out and remember the travel visas and the one stop shop was done too -- very interesting timing going on for sure smile
[millionday] so i love you all and get some rest --- while you can -- i will be on tomorrow too during the day we will be having daily chats for a little while and news