[millionday] this does not say the 1 or 2 -- just the month
[millionday] the currency has to be tradeable to be on the market and represent their actual reality of value
[letsroll] millionday isn't thier some type of fund that the extension ends by Feb. 23 for iraq ......
[NUMBERS] millionday the cell phone company is supposed to be traded on the third if i remember correctly
[millionday] wheresmyRV? go ahead hun
[wheresmyRV?] Millionday Have you heard anything more on the big meeting or conference that is going to take place in Iraq this Saturday?
[jimplants] they announced in jan when they opened asacell it would go live feb 4
[rac47man] i'm a jumping!!!
[hstrymknwmn] millionday and they go global Feb 3 right? i think i read an article about that
Read More Link on Right
[millionday] wheresmyRV? yes -- it is still scheduled to be on saturday as of now
[wheresmyRV?] millionday great news!! Do you think it is going to be the National Conference or maybe an announcement of the release of CH7 sanctions?
[millionday] the dates in many articles have stated the expectations of early feb but we will have to wait and see
[hstrymknwmn] ok I just thought I saw somewhere it was for Iraq in month of Jan until Feb 3 and then global
[millionday] wheresmyRV? i think that it is going to be huge announcements and hope as we all do that it is all they have been working on -- i would expect that their reported work to get out of artcile 6 they may have been released from chapter 7 but we will have to wait and see
[millionday] i have to say -- i could not choose a better group of people to watch this and am so glad you all are here with us and this great team i am a part of -- we love you all and hope that we are seeing what it looks like but know we have to wait and see --- so keep your hat on
[millionday] brb with more news
millionday] we have alot of economic news that is very important coming for you so lets all read this and then we will talk about it all -- smile
[sunnyca] Woo hoo!
[dinarmamma] You too millionday
[ANYdaynow] So millionday...you can tell us....when is it going to pop?
[onthewings] Lets give millionday the floor until after news time please
[baggr42] ANYdaynow Nice Try
[millionday] hold on to something again to prevent injury please
[millionday] Announced member of the Finance Committee MP Najiba Najib, of its intention for the convening of a special conference for the development of the banking sector with the participation of international partners and experts bankers Najib said: parliamentary Finance Committee in the process of convening a special conference of the banking sector and in cooperation with the international partners in English to improve and develop the Iraqi banking sector branches of the public and private sectors in terms of technology and amendment of legislation. She added that this conference will enable the Finance Committee of the amendments to the General Banking Act format support and evolution of the banking sector, stressing that the Commission at the door collecting all those involved in this field of economic experts and local and foreign bankers to find out the major and important things in this area.
[millionday] the conference for the activation of iraq`s banking to the international world --
[millionday] brb with more
millionday] this is a huge report of the activation of many things in the country so lets read it together
[millionday] they did say – feb
[millionday] Announced an economic advisor in the Prime Minister Dr. Abdul Hussein Al-Anbuge and there is a strong desire of the government to develop and revive the private sector, pointing out that the global economies managed to advancement thanks to the role of the private sector, which contributed significantly to the increase in the size of the gross national product Total in their countries, and Iraq is seeking to restructure a number of public sector companies and turn them into private companies, Anbuge stressed the need to activate the private banking sector, stressing that the development of the banking reality would increase the volume of foreign investments that are looking permanently More advanced banking services.
[dinarmamma] Feb Smile
[millionday] The number of private sector summarized the men during conversations (morning), among other things said it prominent Marqlat industry local in Iraq now, putting the absence of electrical power at the head of those Almarqlat stated that it contributed largely to a halt local industry and the disruption of the private sector and the demobilization of thousands of employees, but they pointed out that the most dangerous thing that can produced stopped the work and activities of the private sector is capital flight and local investors to work in neighboring countries, stating that the lack of support government in all its forms, whether in the form of loans or financial or banking facilities laws to protect product or tax breaks, the other Marqlat is added to the total barriers to the growth of the private sector, both agricultural and industrial at the moment.
[millionday] Though Iraqi constitution stressed market policy as an economic approach to Iraq, the Anbuge Speaking (morning) said important economic decisions in Iraq often face a number of her المتصدين, as some of these المتصدين often has different economic vision or that some people still fearful of the role of the private sector and the transition to a market economy. Anbuge called to the importance of taking into account the fact that the private sector is the heart of the economy, and the country simply run the economy, working to draw a set of policies that could lead to activate the work of the sector and maintain their rights. Between adviser Government is willing and strongly in the development of the economic reality in general, although the size of the obstacles that stand in the way of implementation of many of the economic reforms in this area, particularly to revive the private sector, and
[millionday] note -- so the gov is ready to activate the economic reality in the country
[millionday] enable it to contribute to increasing the size of the gross domestic product. seeks Government to restructure a large number of companies owned by it, in a move aimed at reducing dependence on the public sector, according to a road map to restructure public companies, which have been prepared by a team and the unity of the Iraqi mission on economic reform, With the help of the advisers in the prime minister, and the United Nations and the World Bank, aims map that got the (morning) to copy them to the advancement of the industrial reality on the one hand and to increase gross domestic product the other hand, the project is based on rehabilitation of nearly 192 state-owned company by turning them into joint-stock companies or mixed and
[millionday] strive to create an economic environment that enables the private sector to expand and restore the competitiveness of state-owned companies and encourage them to achieve self-employment. despite efforts official in Iraq, which emphasizes the importance of the private sector in sustainable development programs, but the economic expert, Dr. Kamal Al-Basri said that this sector suffers a lot because of structural imbalances in the structure of the economy in general, stressing that what happened since 2004 until now is the best proof of the government away from the economic approach aimed at the development of the private sector.
[millionday] so the companies that have been run by the gov out of the needs of the nation are now being transfered to private company opportunities and to be able to gain in the gdp and the stock market opportunities for the stock market in the global world
[millionday] brb with a couple more things and then we will chat
millionday] A number of experts stressed the importance of the economy allocate the necessary funds for economic development or adoption of mechanisms take on the advancement of the different economic sectors productivity and service, to افتين to the development process needs to financial resources and proper planning to achieve economic viability and preserves on the growing economy. Economist Dr. Kamal Al-Basri pointed out that the case requires a decisive and realistic solution is embodied in the adoption of a new method to speed up the building of infrastructure. This solution includes the adoption of "private sector participation contracts for the year" as a strategic option in the current phase, and
[millionday] note -- this is changes that are happening due to a change to a market economy for the infrastructure of the country
[millionday] as an alternative to the style of the existing contract through which can overcome all problems of inadequate government allocations, and address the lack of efficient performance in the implementation of projects. And through these contracts rehabilitate the private and public sectors, and through twinning local institutions with foreign companies contracted, and the fruits of these contracts of technology transfer and modern traditions. He said during his speech at an economic seminar that Iraq is at a crossroads and need to raise the human development indicators by investing in the necessary infrastructure for the purpose of access to provide the basic needs of the citizens of public services, particularly education to raise the intellectual and scientific potential, supporting the development and good governance and the rule of law.
[millionday] check this out -- what we have been waiting for
[lorijeanmarshall] millionday Ooooo ooooooo what?
[millionday] and a huge sign that they must be released or it is happening as reported
[millionday] As well as the reform of laws and procedures that are impeding the development in order to create a supportive environment for the advancement of economic activities to find a competitive base in a globalized world. According to the above conditions are expected to vary rates of GDP components so that the contribution of oil below 30 percent, and with the imposition of achieving this case means a great deal of development and economic well-being of the citizen. He added that the past few years revealed political competition which flooded the institutions and personnel departments do not have the ability to deliver appropriate background and to pick out the fruits of training and rehabilitation. This led to the polarization of Iraqi competencies and give them material privileges enjoyed by the political class (as happened in countries such as Turkey, Malaysia and Korea).
[millionday] meaning -- the training so independent contractors can earn from the rebuild with the foreign companies and get money rolling on the streets
[lorijeanmarshall] millionday So they couldn't do that before while under CH7?
[millionday] Each estimate, by the Council or the reconstruction is very important and leads the economy to safety. And economic successes drew Basri said in his speech that we touch lower the unemployment rate from 51 percent to 15 percent and a reduction in poverty from 54 percent to 23 percent. As well as the decline in the inflation rate from 65 percent to 6 percent as well as the high proportion of sanitation and sewer system from 6 percent to 36 percent. The rise in the production of electric power from 3500 to 7500 MW. As well as high per capita GDP from 3000 to 5000 dollars. And finally reduced Iraq's debt of $ 127 billion to $ 54 billion. He continued that the government agency's ability to provide basic services is still below the required level due to get a quantum leap in the governance of public institutions, where we find that 20 percent of the families is dissatisfied with health services and housing, and
[millionday] 30 percent from the level of educational services, and 60 percent for other services any water and electricity (according to data from the Ministry of Planning). And that the danger lies spiraling upward and the huge oil revenues, with the continued reluctance of the public and private sector in the implementation of service projects (which would provide basic services to citizens), and continued weakness in the application of the vocabulary of good governance in public institutions, will lead to problematic different (according to reports by the World Bank).
[millionday] He pointed out that economic development depends in many countries of the world on the leadership role of the government (as is the case in Singapore, Malaysia, Brazil and China), and in Iraq has become in the aftermath of the political process and its negative repercussions on the lack of decision-making and legislation of laws necessary, it is no secret that requires non-traditional leadership but professional - technocratic.
[millionday] this is saying that the huge change due to the economic refrom that is being activated relies on the citizens being able to be competitive with the outside contractors in order to make money like we did with utilities and phone lines and roads ect when we as a nation made money years ago -- for instance pulling out of the depression ect and when the rail road was built -- ect
millionday] they are saying that it is very important for the economic reform that the gov stays on top of things and makes sure the laws and the training offered keeps the citizen able to be competitive in the countries rebuild to get back on top
[millionday] the economic reform and entry to the global market and the stock market going global in feb is very good news because they have to have a tradable currency and have to have the dinar represent the country`s reality
millionday] they have to have a currency rate that represents what they are worth and the rate has to be the real rate or they fail
[millionday] so yes they will have to price their number one product -- the dinar -- at the value it is on the stock market as in pairs and the rate in exchange for international companies and investors
[millionday] here is one more hun
[millionday] Demanded President Iraqi Association for Consumer Protection and the family to accelerate activating laws to provide protection cover for consumers, noting that the Iraqi citizen has become vulnerable to many kinds of food corrupt that cause many diseases, as well as caused economic losses and a tent, and while stressed through the importance of the double role of government control at border crossing points, said that injustice by not activating the consumer law does not fall only on the citizen but endures industrial and merchant and the private sector. Said Dr. waiting Shammari Speaking (morning): The Consumer Protection Act initiated in 2010 because of its importance and necessity of the Iraqi people, but he has not done so far, considering that consumer protection associations and organizations involved in this matter is the authority fifth after power media fourth , praising the efforts of those organizations to reduce the consumption of goods shoddy, particularly food and pharmaceutical, as
[millionday] note -- this is for the entry of goods from imports meaning they are getting ready and it is obvious they are out of chapter 7 or they would not need this imo
[millionday] the Iraqi individual is seriously threatened by the absence of a safe diet ensures consumer safety, and this is threatening the lives of millions of danger due to import food corrupt , as well as invalid medicine. And confirmed Shammari presence endeavors large to activate the Consumer Protection Act in collaboration with the Union of businessmen and CIPE, through the development of instructions to conserve the quality of the product and ensure consumer protection, as well as follow a series of awareness programs and explaining public duties and their rights and how to deal individual with material imported and protect himself from the dangers. was Vice President of the Federation of businessmen on behalf of Jamil Antoine said during a speech on the sidelines of a seminar focused on the activation of the Consumer Protection Act and attended (morning):
[millionday] note -- another press release
[millionday] The process of discussion and activating the technical aspects of the Consumer Protection Act is a project ongoing aims of which seek to mature economic reform process in general, and especially the volume of cooperation in this area considerably between the private sector by and between the CIPE other hand, noting that Iraq desperately needs to legislate and implement this important law after becoming local markets teeming with various kinds of goods that are difficult to control, especially in regards to quality and hygiene control. hinted Antoine that under increasing revenues Iraqi exceeded 50 billion dollars has become an urgent need for the application of the Consumer Protection Act, warning
[millionday] that the most these imports do not come by letters of credit, which was imposed in the past to install the type of goods and compliance with the conditions of Iraq, as well as the lack of refrigerated warehouses or test conditions adopted in the Iraqi border, which contributed to pay themselves the Iraqi market and consumer became the most prominent victim. turn He consultant industrial development and investment Amer Issa Jeweler that the productive sectors and service private and hybrid public and located on the responsibility of adhering to the standards quality that will satisfy the consumer, and the standards and change the methodology of their work and develop their productivity and quality so as to promote competing and not claim support only.
[millionday] so this is the act to protect the citizens from imports and that is great news
[millionday] so lets just say that the economic reform of iraq is being activated -- not hard to see that and this my friends is great news
[millionday] we have waited years to see it and it will be done in stages but they are preparing to enter the global market through their stock market in feb -- and guess what -- this is january
[faststart] WOW!....this feels so real now!
[millionday] whoooop whoooooop time
[hstrymknwmn] woo hoooooooooo!!!!!!!!!!!!!!!!!!!!
[hstrymknwmn] woo hoooooooooo!!!!!!!!!!!!!!!!!!!!
[werblessed] late january
[millionday] whoooop whoooooop time
[millionday] whoooop whoooooop time
[millionday] whoooop whoooooop time
[millionday] whoooop whoooooop time
[ROBINREDHED] ok, everyone woot woot
[Puttright] millionday ROBINREDHED whooooooooooooopwhoooooooooooop
[tmeieir] Whoop Whhhooopppp!!!
[rac47man] werblessed - Very exciting and I'm still a jumping as millionday stated earlier!! Whoooooop Whooooop!!!!!
[millionday] love it and the best news so far imo
[millionday] Privately held Iraqi banks have almost entirely relinquished their traditional functions — such as giving out loans, lending credit and issuing letters of credit — due to default risks. Instead, they are resorting to profit making through participation in the currency auction regularly held by the Iraqi Central Bank. Iraqi banks demand exaggerated guarantees for the granting of any loans to local investors, for fear of defaults on payments. According to banking experts, the value of some loans does not cover more than 40% of the guarantees the privately held banks are demanding, leading to a decrease in the number of loan operations conducted by these banks to a bare minimum.
[millionday] A lack of local confidence in privately held banks has contributed to their reluctance to enter the market. According to banking expert Dr. Ahmad Brayhi, “Members of the public are depositing their money in government owned banks because they feel that they will honor their commitments towards them.” He also added, “The public does not have much confidence in local banks, which is why it does not trust them with its money.” Bank brokers affirm that most privately held banks have either closed — or chosen not to open — branches in Iraqi provinces and restrict their activities to their main branches in Baghdad, due to a reluctance to engage in real banking transactions. Out of a total of 23 privately held banks operating in Iraq, only two are located in the city of Erbil and one in Mosul, whereas 20 are located in Baghdad.
[millionday] A prominent Iraqi financial figure admitted, “Privately held banks have become no more than tools for money exchange.” Vice President of the Iraqi Parliamentary Finance Committee Ahmed Hassan Faizullah said, “Privately held banks only live off foreign currency auctions.” Faizullah also added, “I asked one of the managers of the private banks about the reason behind his bank restricting its activity to buying the dollar from the central bank auction and transferring it to specific clients to cover their commercial activities. His answer was that it is easy work with guaranteed profits.”
[albosdo] millionday Great info. Do you think this ties in with one of the articles you brought in earlier about the private banks being pushed to get the help they need to get 'er done?
[millionday] albosdo oh yes -- very much so
[belabun] so they are now the money changes, i.e,; just not on the streets/markets , ;-)
[millionday] some of the changes are listed too in parts of this
[millionday] they are saying that is all the work they have had basically -- cant blame them for not trusting them -- i bet they last alot through the war ect
[millionday] Upon being asked about the role of his parliamentary finance committee in following up on this issue, Faizullah answered, “As a specialized committee tasked with monitoring national fiscal policy, we cannot do anything about the matter.” He also added, “The major political blocs have no wish to open this subject now.” He then went on to say: “Many of the blocs include figures that are only after narrow economic benefits. These are words I have uttered repeatedly, without fear or shame.” However, Faizullah made no mention of the names of those involved, nor did he reveal the benefits he believes they are looking to achieve.
[albosdo] Yep the turmoil and strife no doubt raised the level of distrust.
[millionday] Faizullah claimed to have personally tried to find a solution to this problem, saying, “I have told many of our American politician friends about this matter, but failed to get an encouraging response from any of them.” Many of the privately held Iraqi banks are owned by businessmen from large families. According to a large number of bank brokers, the majority of clients at privately held banks are either board members, or related to them. Brayhi went on to affirm, “Family businesses are no newcomers to the private banks in Iraq,” adding, “These banks need guarantees to expand their sphere of activities. The banks fear defaults on loans granted to investors, as there is nothing there to protect them.”
[millionday] i wish i owned one of them -- bet the profits are going to roll
[millionday] Brayhi continued, saying that privately held banks need guarantees to protect their money, given the high credit risk in the Iraqi market. “The banks could collaborate with the government, the central bank and the Iraqi financial sector in the formulation and implementation of a number of guarantees that can be extended to privately held banks in order for them to expand their credit and loan activities,” said Brayhi. He added, “The central bank oversees and monitors the work of privately held banks. The Iraqi public had no interest in monitoring the work of these banks, explaining why the central bank has neglected this aspect of its work, which could have been done more effectively.” [B]
[millionday] i think they have recently added insurance to attract people too [millionday] didnt we have something about that last week or so ?]
[millionday] have just one more paragraph after this part
[millionday] hope im not boring you
[millionday] According to Brayhi, “Over the past four years, the local press has been preoccupied with talk of the Iraqi government trying to get its hands on the foreign reserves of the central bank. This kind of talk is fundamentally false because that is not possible. No one tried to understand this fact when we stated it repeatedly.” He concluded by saying: “Had the press supported the Iraqi Central Bank in trying to regulate the work of privately held banks and impose serious monitoring of its transactions, which is its mandate under the law, instead of being preoccupied with talk of the government’s attempt to get its hands on the bank’s foreign reserves
[millionday] it would have created awareness of the importance of this matter among the public and the central bank would have succeeded in its undertaking.”
[millionday] so that is the report on the banking but i think when the country starts rolling it will pick up and the stocks will reflect it