aggiedad77 » April 25th, 2015, 10:01 am
Saturday News Summaries and Commentaries
As part of a birthday surprise my beautiful bride is whisking me away today for a short overnight trip. So there will be no news summaries tomorrow Family....you get to enjoy the news boys all to your self.
Central Bank: The rise of the dollar because of customs duties and income tax
The governor of the CBI claims that at least some of the reason for the rise in the USD against the IQD has been due to the collection of customs duties (5%) and the collection of income tax (3%) on traders who are buying the dollar....so the street prices go up to ensure the traders reap their expected profit.
Mezni: Parliament hosts Zebari on the lifting of tariffs
Finance Minister Zebari spoke before Parliament this week about the decision to raise customs tariffs....sounds like Parliament is asking some pointed questions regarding decisions made by the COM to determine if they truly are in the best interest of Iraq in general.
Parliamentary Economic reveal a proposal to create a sovereign wealth fund to attract investment
The Economy and Investment Committee has revealed a new proposal that could create a sovereign wealth fund that would be used to bring investors into the country....they would devise a way to link this fund to the IMF thus guaranteeing investor funds through this effort....they claim that more than 100 other countries have similar funds established for the same reasons...to attract investors through a more stabilized platform.....such a fund would contain a balance of billions of dollars.
Parliamentary Finance: confiscation of staff of the former regime funds to the parliament soon Act
This article talks about the former regime which typically indicates something against Saddam and his thugs.....in this case funds they may have tried to walk away with.....they are creating a law that will go after those believed guilty of financial wrongdoing....this is set for a first reading within Parliament soon it sounds like....and is devised to focus on specific people it sounds like....I just hope it hasn't all been spent.
Economic parliamentary: Foreign loans would hurt the country's economy
At least one member of the Economy and Investment Committee believes that acquiring foreign loans could go badly for the Iraqi economy and suggests the government rely more on getting money through investments at this time.....it has been stated that Iraq has real estate opportunities and should put forth effort to bring in investors who will fund construction projects that will build housing for many Iraqi's who are homeless at this time.
Barzani to Ask For Article 140 Guarantee From Washington
As President Barzani prepares for an upcoming trip to Washington, it is becoming more apparent what some of his agenda will consist of upon his arrival.....stability of the region, the fight against ISIS and the retaking of Mosul along with support from the US for leaving Peshmerga troops in areas of dispute....those Article 140 areas.....after ISIS is kicked out....
Currently the top priority of the Kurds is removal of ISIS from Iraq....they are learning that the US may be expecting Barzani to play a more crucial role going forward in any negotiations between Baghdad and the Kurds over any current disputes....it will be interesting to see how this all plays out when the visit occurs.
Economists: the central bank deliberately raise the price of the dollar to cope with financial crisis
Well this article starts out from the perspective of an economist on how he feels about the role of the CBI in the issues over the recent rise of the USD over the IQD and you see him blaming the CBI, accusing them of deliberately causing the rise of the dollar....but then there is a suspicious slip from the economist to the Finance Committee....one has to wonder where the economist is drawing his opinion from....who provides him with "facts"....
If it is the Finance Committee since they appear within the same article....one has to wonder if the story has become tainted at that point.....because the Committee has and continues to try and place blame upon the CBI for the USD/IQD differences....failing to taste any of the egg that hangs from their own faces for what has happened as a result of Article 50 of the budget.....the blind leading the blind I am afraid.
Keywords: Iraq withdrawal worth two billion dollars from the International Monetary
Very interesting article.....Iraq has as part of its Special Drawing Rights (SDR) with the IMF 2 billion dollars...but this amount has not yet been provided by the IMF....what the IMF is considering is a loan of a lesser amount, in the neighborhood of $800 million dollars.....
The interesting part of all this is that the money would be handed over to the CBI but by law the CBI can not lend to the government....so this money would be tied up with the CBI....how would it stand to benefit the government if they can't touch it....the deficit would still exist.....could this money be used to fund some of the foreign bonds that have been discussed in recent past?
So we have a short stack this morning.....no not pancakes.....but of the news....enjoy this as we continue to hunt for that secret stash of cookies that we know Frank keeps somewhere near the blue couch....enjoy your weekend. Aloha Randy