[millionday] She is a member of the parliamentary Finance Committee, najeeba Najib, said that the Committee was discussing with the Iraqi Central Bank subject to delete zeros from the local currency, after taking his Abdul Basit Turki, the parliamentary Finance Committee pending the CBI claim to discuss with him.
Najib said that "previous administrative body of the Central Bank presented a study on the preparation of the project to delete zeros, noting that the study was scientific and professional companies that have been included with the agreement for the implementation of the project".
[millionday] And Financial Committee Member representative stressed that "Iraq needs some salt to delete zeros from its currency, because the size of the money supply in circulation of great magnitude
[millionday] i dont think they need salt but they are preparing for implementation of the revaluation [millionday] so brb with more
Read More Link On Right
[MeKevinB] salt is good on everything -smile-
[millionday] big smile smile
[creativethinkersclub] OMGoooooooooooooooooodness!!!!!!!! !!!!!
[IamBlessed] millionday That's awesome news!!!!!!!
[millionday] oh yes and it gets better here we go
[millionday] Committee called on the parliamentary economy and investment to the central bank need to maintain the exchange rate of the Iraqi dinar and its value against foreign currencies. The central bank has promised to take measures to raise and stabilize the dinar as it was in the past, but the degradation rate of the dinar is still volatile in the Iraqi market to fall and rise.
[millionday] of course this means that they will need to monitor and apply tools to stabilize the rate applied but they are in meetings to present the entire plan for implementation
[millionday] the rest of that report goes on with history ect of the dinar -- no need to see that but they are making promises to bring in the usd to help stabilize in their reserves also so let me get some more
[millionday] Parliament called on the Commission, on Monday, to accelerate implementation of the project “zero” domestic process, indicating that the current currency “unworthy” Iraq’s economic and investment, while expert opinion requires the security situation and politically stable and the banking system “a thorough and impartial”, he stressed that “more convenient” than before to delete zeros from the currency.
[millionday] yes they have always said the rate will be the highest in the region and will be as it was before the 90s when it was imposed
[millionday] And the parliamentary Economic Committee member, Abdul Hussein abtan, a (range), that “the economy is now in an advanced position and good because big oil supplier who arrived almost three million barrels a day,” and suggests that “the CBI recently announced that ne e reached 76 billion dollars, a very large sum.”
Abtan, adds that “all Iraqi still suffers from inadequate economic profile management as well as the lack of coordination between the pillars. The Central Bank of Iraq, (July 3, 2013), that Iraq “controlling funds and Treasury of gold” in the world and is one of the banks Act, denying the existence of frozen funds “outside the control of the Iraqi administration, while Bank reserves reached revealed 76 billion dollars in may, count that out of Chapter VII would give Iraq” more freedom “to act and attract foreign investment.
[millionday] And calls on the parliamentary Economic Committee member, to the need for “multiple revenue towards reflected on the economy and not on large cash reserves,” follow this “evolution in oil production and reserves, the Central Bank must be reflected on the lives of citizens because the country still has a large proportion of the poor and low-income, high unemployment and the housing crisis and the deterioration of the agricultural and industrial sectors.”
Abtan, believes that “Iraq does not suffer from the crisis of money but how to manage money, causing paralysis of the Iraqi economy” and demands “the Iraqi Central Bank need to take quick steps to delete the zeros of the local currency. It is a member of the parliamentary Economic Committee, that “reserve in Iraq and the current economic status is not commensurate with the size and value of the domestic currency that contains that number of zeros, and the current currency unworthy place Iraq and strengthen its economy.”
[millionday] note -- the economists are demanding that they hurry up
[millionday] parliamentary Economic Committee Member says, Nahed Al-daini, in an interview with the (range), the omit leading zeros from the currency became a reality, especially after the departure of Iraq from Chapter VII of the Charter of the United Nations “.
Remember Al-daini, “the Economic Commission in the Council of Ministers had been reluctant in the past to delete zeros from currency to many considerations,” and found that “out of Chapter VII made it necessary to delete the zeros of the Iraqi dinar have absolute privacy.
And invites the parliamentary Economic Committee member, political forces and others concerned, “leaving no time excuse, the excuse to stop many of the decisions which, if applied to the recovery of the Iraqi economy contributed significantly”, and emphasizes the need to “adjust the border ports and the customs tariff law and eliminated currency and implementing consumer protection law for the promotion of economic reality.”
[millionday] parliamentary Finance Committee, najeeba Najib, told the (range), that “the Commission has not been with the Central Bank of Iraq topic delete zeros from the local currency after the Turkish Presidency,” Abdul Basit, and explains that “the parliamentary Finance Committee pending the CBI claim to discuss with him. Najib, “recalls former administrative body of the Central Bank presented a study on the preparation of the project to delete zeros“, and considers that “the professional and scientific study included companies that agreed to implement the project.”
[millionday] Financial Committee Member representative emphasizes that “Iraq needs some salt is currently deleting zeros from its currency because the size of the money supply in circulation phenomenal”, shows that there are “four categories of the Iraqi currency is 1,000 and 5,000 and 10,000 and 25,000 dinars, while the 250 dinar almost worthless and even 1,000 dinars on its way to losing value.”
And Najib continues there is “an urgent need to have the work suitable for the size of funds and investments coming to Iraq,” and draws “the implementation of this project needs a genuine will and coherence between legislative and executive powers and a solid plan for success.”
[millionday] brb with more
[millionday] According to an economist of the need to create a favorable environment or appealing to the activity of each of the private and public sector and restructure the structure of the economy as the global context.
D said. Kamal Al-Basri »Sabah» to reach this Alambngy supposed to first reform the business environment of the procedures, laws and make it a suitable environment, as well as the achievement of human development is human needs of basic services, especially education as it can not achieve development without the interaction of citizens and positive so as to ensure the rule of law and good governance various institutions all this is one of the requirements of the development of the Iraqi economy.
[baggr42] millionday These articles make it sound as they have not been removing these bills. I thought that is what they have using the auctions for.
[millionday] the auctions are to distribute foreign currency for the banks and also to control inflation
millionday] the removal of the three zero currency and the rate change is to make the currency competitive in the world market and so they represent their true value in the world currency market
[baggr42] millionday The banks distribute to whom?
[millionday] and also to allow them to do trade in a fair and compliant manner as they have learned from international law and the many training work shops with the WTO
[millionday] in the future the same people our banks distribute them to currency markets -- airlines -- reserves -- in our case drawer lining smile
[millionday] now what we have is the gov demanding it be done now before they crash and so they can move forward with economic gain and international gain as a market
[baggr42] I was under the impression that citizens were turning in Dinar for $
[millionday] it is getting very interesting and they are meeting about implementing it now so we obviously are seeing good news no citizens are not turning them in for dollars
baggr42] So they are not dollarizing the country
[millionday] they use dinars in the country and they are being told by media they will be trading them in in the very near future and returning to a giant in the world economy
[cookie2] millionday Do you think they hold back the news so that this may already be a few days old?
[millionday] they have dollars in their reserves returned to raise what they have in reserves as part of their calculation for their rate -- along with gold ect -- now without the oil and the gdp they have announced that ust the reserves brings them 2.50 as a rate to the dollar at this time
[millionday] we have always seen that the iraqi news in two days old at times so it could be
[millionday] brb with more
[millionday] The private sector of the most important pillars adopted by States in shaping the economy because of its active role in stimulating economic activity and determine the orientations as well as it represents the embodiment of a real process of development of any country in the world, but the private sector faces significant challenges that hampered the performance of the role required and challenges common of which is the reason some of which face permanently.
And experts and specialists believes that the Iraqi private sector dispersant to the absence of a representative, as an economic institution or as a concerned organize their affairs, or led to define its role in Iraq, just like the rest of the countries.
Despite the existence of significant activity, index weakness, but it does not necessarily mean the existence of deficiencies in the sector as a whole, where there is a noticeable move on the level of commercial activity to the private sector.
millionday] In this regard, reviewed the economic expert Majid picture history of the private sector in Iraq, saying: he had a major role in the development and especially the solution of problems related to the consumption and absorption of unemployment duration lasted until the decision of nationalization, which pull the rug from under the feet of the private sector and handed the reins of economic activities all to the state to oversee them entirely, except for the commercial sector, and private sector deteriorate in subsequent years until it was virtually eliminated.
He said in a statement (morning) that after 2003, the private sector began to evolve significantly in the commercial field along a marginal economic activity and not real. Because of the absence of basic infrastructure and the security and political situation has declined the private sector in economic activities, real big drop.
[werblessed] I checked. Cbi. Early this morning. And they auctioned 400. Million usd today
[millionday] then that is what was distributed as the usd
[werblessed] I never saw that many sold before
[millionday] that is high
[millionday] He pointed to the existence of information that there are 35 thousand project of medium and large enterprises Off, including 85 per cent of them, noting that small businesses or micro-sleep significantly, but in marginal activity and not real.
He stressed that the role of the private sector in banking began growing and therefore the number of private banks to the extent of 47 banks, whether foreign or locally as well as six state banks Rafidain and Rasheed, industrial, agricultural, real estate and Trade Bank of Iraq and the Islamic Mesopotamia.
Fragmentation of organizations For his part, sees economic academic d. Majid Baidhani that the main problem in the lack of development of the private sector is the lack of electricity and the security situation in addition to the absence of visions and strategies for the development of the private sector.
[werblessed] Usually it is about 200 are less
[millionday] i agree
[millionday] And who leads the private sector now says Baidhani (morning): that there is fragmented and clear to the organizations related to the private sector where there is a consortium of businessmen, and the Business Council, Inc, and the Federation of Chambers of Commerce and the Federation of Iraqi Industries and Exporters Association and other organizations are all caused the dispersion of the private sector and not being able to consolidation clear on electricity and legislative issues and to reconsider the Customs Act.
However, but in turn succeeded part of the private sector and on the side of business by persuading the government and the Council of Ministers required import cement to the presence of 12 plants produce this article, in addition to the issue of customs tariffs and the protection of national industries also no secret corporate activity various National Business Council.
[millionday] i find it odd too hun -- it seems as preparation to me just an opinion
[millionday] let me explain something to you
[millionday] when the rate was imposed on the iraqis and their currency then had to have printed currency with 3 o`s -- they called it the three zero currency -- when they say they are bring it in or pulling it in they are talking about redenomination of the currency
[millionday] not the ink is invisible and now it holds no value
[millionday] the in country change that they will gain from besides the lack of notes and the added service in banking ect is that they are not only adjusting the pricing but they are also making it more profitable by lowering the cost of living -- meaning the dinar will buy more
[millionday] the rate of pay will be effected and also they will be receiving the money for oil this is why they are very excited for this to get done among other values as in jobs ect
[millionday] pulling in the three zeros is pulling in the currency that has three zeros on it as they referred to it in the beginning and they will be effected greatly as well
[millionday] the other day i was on the phone with one of our great members and explained it like this
[millionday] if we were seeing all of these great promises in our economy and the news that foreign companies are coming and the money is going to be rolling ect -- we would be excited and not even be concerned if some other country had usd (even if we were aware) --- we would be waiting for the changes we had been promised and wouldnt care about what another country gained if we even were told or had any idea at all [millionday] as in another thing
[Baxter1243] That CBI auction for almost 400 million.....was for TWO Days....NOt ONE
[millionday] the value of our currency is not something we watch according to another country normally -- it is what it will buy us and the condition of our economy --
[millionday] we do not sit around comparing what it brings in turkey ect ect ect
[millionday] unless we do business there -- then it is important as it is with the many international companies that are trying to enter iraq and do business ect ect
[millionday] does that make sense ? iraqis are waiting for their gain and their new economy so they can have a better life
[myblifeguard] millionday People do things for their own reasons...not yours or mine
[Godsalli/Jim] So are we
[cookie2] And we are excited for the changes pulling in the zeros will make in our lives, too : )
[millionday] international law makes a currency note hold its face value outside of their country for a set time and is not just all of a sudden worth toilet paper --
millionday] to be a part of and educated and informed in an upcoming revaluation is great and people make millions off the currency market everyday we are just informed as an oddity to our normal lives
[millionday] does that make sense to everyone ?
[millionday] yw all the time everyone -- i hope it made sense -- we are just in the right place at the right time believe me there are many people that make much money off the market -- be it currency or stock -- so we are just new at this and this is good smile so let me see if i can find us some more news
PART 2 CONTINUED