Central Bank launches electronic network connectivity information Auction
Published on Thursday, 24 December / 2 January 2013 10:02. | Written by: Ok-AR-N. BAGHDAD / obelisk: CBI announced, Thursday, on the implementation of the steps the electronic linking of information daily auction of foreign currency between institutions Bank and the Ministry of Finance and the General Authority for taxes.
The governor of the Bank and Abdul Basit Turki Agency for "obelisk", "The World Bank approved the plan in order to ensure the highest degree of coordination between the concerned authorities for the accuracy of the information that is presented for the purposes of the balance of payments."
Turki added that "implementation will contribute to make the required database between these institutions are available, moment by moment, thus ensuring transparency and fairness in dealing," adding that "the implementation of the plan will begin on Thursday."
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The central bank held the Iraqi weekly auction of five meetings for the sale and purchase of foreign currency, and receive a cash commission on the sale and transfers of about 13 dinars per dollar. LINK
[Shredd] ok... when i first read this i was thinking they were talking about SWIFT but nonetheless, a great article because we have been talking about the importance of speedy processing, a must in banking for the balance of payments....
[Shredd] the World Bank approved the plan for this efficiency and ensuring the highest degree of coordination so this oozes of escalation and then it finishes with the context of auctions so, we all know they've been going on for years but now,
[Shredd] this urgency from the World Bank mind you to coordinate speedy processing so to me, this is yet another indication that many large powers that be (WB) are making sure the minutia (sort of) of having speedy electronic processing is in place, a powerful entity using a small thing to not let it get slowed down
[tlm724] World Bank approved the plan for this efficiency this electronic system will accomplish two very important things transparency in transactions and to curb corruption , an absolute must !
[Shredd] yes agree, a great article
[campdav] Shredd Its pervasive in its announcements and to me it indicates a readiness for the ISX and all trading
[Shredd] campdav readiness for the huge influx of trading that is! and again the World Bank wanting this to be in place
[tlm724] Shredd if the internationals are happy we will all be happy
[Shredd] tlm724 agreed
Member of the Finance Committee: telecom companies entering the stock market will boost activity Date: 01/24/2013 11:06:37 Thursday Baghdad (news) .. According to a member of the Finance Committee MP / coalition in Iraq / Hassan Salman Auzmn, the importance of diversification of companies entering the Iraqi market for securities and not restrict companies certain to support and promote market activity, indicating that the entry of telecom companies will have a role in the development of his work . said Auzmn (of the Agency news):
The initiative company Asiacell to enter the stock market to put its shares will help promote market activity because telecommunications companies are large companies and has a high capital, what will contribute up stock indices.
added: that the Iraqi market for securities need to develop work and diversify companies entering it and not restrict the specific companies without the other, in addition to the Law Securities Commission is the other needs some amendments to improve market for securities Iraq. The company Asiacell has announced its entry into the Iraqi market for securities to raise its stock investment . LINK
[Shredd] They sure will! If you google the telecom explosion in south america, you will see the massive potential here. We've talked about this regarding Asiacell and it's no mistake they are the big dog jumping on the ISX now! Here's a related example:
Carlos Slim Helú is a Mexican business magnate, investor, and philanthropist. Slim has been ranked by Forbes as the richest person in the world since 2010.
His extensive holdings in a considerable number of Mexican companies through his conglomerate, Grupo Carso, SA de CV, have amassed interests in the fields of communications, technology, retailing, and finance.
Presently he is the chairman and chief executive of telecommunications companies Telmex and América Móvil. América Móvil, which in 2010 was Latin America’s largest mobile-phone carrier, accounted for around US$49 billion of Slim's wealth by the end of 2010. His corporate holdings as of March 2012 have been estimated at US$69 billion.
[Shredd] so much money to be made in Iraq it's like watchin a volcano sucker is smokin, grumblin
[lightingcslt] Shredd well explode now then
[Shredd] see, another cool part about this ISX growth tlm724 ...
[Shredd] is, as we all know, the prices of stock grow in value based on supply, demand, velocity, earnings
[tlm724] the demand is going to be hot
[Shredd] and that will also fuel the fire when enough investor's heads start turnin and they invest in Iraq
[Shredd] so, we have the growth of issuers which are the companies then we have the growth of the issues which are the stocks and bonds like yesterday's LG article another big company joining so, the "growth" we are looking at in Iraq is multi-pronged, infrastructure too and they need to get the hcl done , get the oil money in the hands of the peeps so any capital growth doesn't all go right back out of the country, that part will take time to build out but first, they need liquid cash, big picture folks, big picture!
[lightingcslt] Shredd thats why you would think they would get this done with before that happens
[Shredd] lightingcslt well, true but rapid growth will have to be accomodated anyway lightingcslt unless they manage the float for a few more years which i doubt
[Shredd] just so you all are clear.... a continued manage float would be like going to a buck tomorrow then a 1.5 a few months later then 2 bucks in the fall, etc the cbi managing the rate till it is on par with what it should be which, per the last finance committee's numbers was like 3.22 or something like that ,then it would float
Shredd] thats what i meant so, not a bad scenario
[Shredd] compared to free float we win both ways Shredd -out