The IQD Team Conference Call
October 9, 2011
Transcription & Articles
"Joey, Vic, Diana, Tim, Debbie & Yukon"
As Always.... The Latest Iraq/Dinar Discussion and Analysis
Post & Pre RV
CC Replay Oct. 9, 2011
Replay # 760-569-7699 Pin 219055#
This is abbreviated information and the articles from the Call Last Night...Listen to the entire call above to hear
all the News shared last night.......All about Iraq, the Dinar & RV
Thanks to Brenda for compiling this information......
Joey: wants to start with the government first then the dinar....lots of controversy with Allawi....Is Allawi truly gone....not sure...I
will read a few things I found and you can make up your own mind.....
Iraqi candidates to take over the 5 characters instead of the Policy Board for Allawi
Read More Link on Right
Revealed an MP for the Iraqi List and the unit Jumaili, Friday, for the presence of five figures from the Iraqi List, will be announced, one of them to assume the presidency of the Council policies after abandoning Allawi for his presidency.
The Jumaili in a press statement that "there are five characters are trading around within the Iraqi List of candidates for the Presidency of the Council of strategic policies," pointing out that "there are attempts by deputies in the Iraqi working on the re-Allawi to consider its decision and chair the Policy Council, the appointment that is important." .
Click link below for the rest of the article:
Listen to this one....this one makes me wonder what really is going on.....
Expanded meeting between the Iraqi and Kurdistan Erbil to discuss the agreement
The delegation negotiating the Iraqi bloc, headed by Tareq al-Hashemi a lengthy meeting with the delegation negotiating the Kurdish blocs headed by Fadhil Mirani to discuss the agreement of Arbil, in the Hashimi's house Thursday evening, according to a statement of Hashemi's office.
A statement of Hashemi's office, the lawmaker Salim al-saying in a statement after the meeting that "the two delegations stressed the need for the interest of Iraq and the consolidation of democracy and respect for all parties and to ensure that the political process and the application of the Constitution and abide by past political agreements," noting that "views were identical was All stressed the importance of achieving a true sense of partnership and consider it a priority and a basis for the political deal in the current stage in accordance with specific timelines. " "There are serious desire for each of the mass of the Iraqi and Kurdish coalition forces in solving the outstanding problems as far as it Baketlten and to achieve security, stability and prosperity for all the Iraqi people and seen as outside the framework of the issues of partial," noting "the importance of reaching a common vision with all other parties to the College political issues and the need to deepen the dialogue and the continuation and creation of mechanisms to follow up what has been agreed upon within the Erbil Convention and the importance of the formation of committees operating within a specific timeframe. "
The statement said al-Hashemi's office said the two delegations had "discussed many issues of political, security, economic, and in particular the Convention Erbil" and stressed that "the absolute commitment of all the Permanent Constitution of the Republic of Iraq."
Joey: timelines that word has showed up many times lately....
Seems like everything is flowing very smoothly........so why at this point in time would he walk away.....last time we talked they talked about a sense of brotherhood, implementation of many things, everything positive...now why would he resign...he fought for a long time...really makes you wonder. Not 100% sure he is really gone.....
Iraq: Kurds renew their alliance with the «call» and «Supreme Council»
10.7.2011 | (Voice of Iraq) - Iraq: Kurds renew their alliance with the «call» and «Supreme Council» Baghdad - Mazen's: at the time of new National Alliance and the Kurdistan Alliance, Iraqi Kurdish principles of the four-party alliance, the President Iyad Allawi's Iraqi List, formally giving up the presidency of the National Council of the Supreme policies. With Al «home» that this resignation comes on the back of disapproval of President Jalal Talabani to add a special paragraph powers Policy Council on the agenda at his table, which brought together the leaders of parliamentary factions Tuesday. Allawi said at a press conference in Baghdad, attended by «home» he announced he has abandoned again for the presidency of the National Council of the Supreme policies in response to the desire of the people and the religious authorities, and added »We are looking for partnership and real democracy and freedom of expression does not accept that the people are divided into sects, the Iraqi people is one people, and we will fight and will not deter us anything to get to this lofty goals ». revealed parliamentary sources told Asharq «home» that the meeting of the delegation of political Kurdistan (PUK) headed by Fadhil Mirani Secretary General of the Democratic Party of Kurdistan and a member Fuad Masum, the head of the Kurdistan Alliance parliamentary, have signed a document to renew the principles of the strategic alliance quartet who formed in 2007, after the withdrawal of Front of the Maliki government, the first between the two major Kurdish parties «National Union, led by Jalal Talabani and the Kurdistan Democratic Party led by Masoud Barzani, and the Dawa Party, led by Nuri al-Maliki signed the agreement, Adel Abdul Mahdi, leader of the Islamic Supreme Council». , however sources said, «but the benefits its implementation has re-emerged of new agreements Arbil
Click on Link below for the rest of the article
Joey: New agreements ARBIL....remember they said there are now 22 points not 19 points...havent told us what the others are...assuming Peshmerga is one of them...hope so anyway....
Kuwaiti Ambassador: Baghdad to resolve more serious problems
10/8/2011 | (Voice of Iraq) - The Kuwaiti ambassador in Baghdad to the insured, that touch the seriousness of Kuwait from the Iraqi government to end the unresolved issues between the two countries through diplomatic channels of dialogue. The believer is told the Kurdish news agency that "touch the seriousness of Kuwait from the Iraqi government, resolving outstanding issues between the two countries on the modalities of dialogue and diplomatic channels. " He added that "Kuwait does not give importance to the statements informal fired deputies, but following the situation on Iraqi state, which emphasizes problem solving through dialogue and specialized committees." The Iraqi ambassador in Kuwait, had confirmed in Earlier that trade relations will not be affected, due to escalations media between the two countries. The Ministry of Transport has decided to raise the entry fee trucks Kuwaiti over port Safwan from $ 25 to $ 100, while threatened several times to close the port as a pressure on the Kuwait, the establishment of Port Mubarak Great. The Commission announced service representative that the Iraqi Council of Representatives postponed a discussion of the port of Mubarak, while hospitality and Transport Minister Hadi al-Ameri, for the stages of the establishment Port Mubarak, noting that the issue of port Mubarak will be put after the middle of this month.
Click on link below for the rest of the article:
Joey: Now waiting til Oct. 15th to tell us whats going on with the Port
Whats going in with the Kurds....
Kurdish deputies conclude Baghdad talks ‘positively’
Baghdad, Oct. 8 (AKnews)- The negotiating delegation of Iraqi Kurdistan region returned home after it held ‘positive’ talks with all Iraqi parties in Baghdad, a member of the delegation said today.
Kurdish Party and government officials as well as the Kurdish lawmakers from all the Kurdish parties were engaged in negotiations in the past three days and returned to Kurdistan last night.
Citing to AKnews, Muayyad Tayyeb, spokesman for the Kurdistan Blocs Coalition (KBC, umbrella of Kurdish parties) described the negotiations ‘successful and positive.’
The talks did not only covered the details of the suspended issues between Baghdad and Kurdistan but also all the subjects pertinent to national partnership government as well as the urgency to implement political agreements, according to the KBC spokesman.
A host of issues, most notably legality of Kurdistan oil contacts, the party funding the budget of Kurdistan Peshmarga (guards) and the ownership of some multiethnic area, have caused long debates between Baghdad and Erbil.
Similar negotiations the past failed to settle the disputes.
After the negotiating delegation will deliver its report to Kurdistan authorities, the Kurdish government will dispatch government officials to ‘discuss’ the disputed files.
It was reported that during this round of talks the Kurdish deputies met with all the political parties and blocs as well as government officials including Prime Minister Nouri al-Maliki.
By Haidar Ibrahim
Joey: Keep Mr Allawi in mind when reading this and make up your own mind....New Bloc....head of the list Allawi.....makes me wonder what really is going on.....got this idea after they had been to the US....really makes me wonder what the boys are up to again....remember they keep pairing down those ministries......wonder what is really going on with the defense...interior ministries...all the different ministries.....haven't heard alot about those lately...now they have 5 new people looking at for all of this...makes me wonder when I read this....
News and reports: three components form a Bloc in Iraq's new
Union: A source from within the Iraqi List, the existence of a new bloc in the Iraqi coalition, it has three components, away from the head of the list, Iyad Allawi. The source said in a statement singled out by the Agency (news) on Saturday.
The three components within the Iraqi List, merged in a consortium (of the Iraqi Osama Najafi, the National Independent-led Rafie al-Issawi, the movement of the solution led by Jamal Karbouli) in isolation from the head of the list, Iyad Allawi, he said, adding that "this rally, as yet untitled, will be headed by House Speaker Osama Najafi, which means they turn the tables on the head of the list, Iyad Allawi. " And Asharalamsdr to the deputies for the movement of the solution, pressed the Karbouli to prevent him from an alliance with the Dialogue Front led by Saleh al-Mutlaq, and enter with pool Najafi and Issawi, pointing out that the idea of assembly raised a month ago, and after the return of Finance Minister Rafie al-Issawi from the United States, a meeting between leaders of the three components, the first to put the finishing touches to this gathering, and preparing for post election
Click on link below for the rest of the article.
Foreign Minister receives special envoy of the Secretary-General of the United Nations New Agenda in Iraq
Received, and Foreign Minister Hoshyar Zebari said on 9/10/2011 Mr. Martin Kobler, the UN Mission for Humanitarian Assistance in Iraq (UNAMI) in the new Iraq, where he presented his congratulations to the new position and wished him success.
Was addressed during the meeting to the various activities undertaken by the UNAMI mission in the framework of its mandate and advice provided by a request from the Iraqi government and its role in helping Iraq to end all outstanding issues in the Security Council.
The Minister and the continuation of contacts and consultations between the Ministry of Foreign Affairs of the UNAMI mission and to achieve this.
He stressed the ministry's readiness to provide facilities and support to the success of his mission.
Joey: UNAMI back in Iraq......their to help Iraq to end all outstanding issues with the Security Council ....Makes you wonder if we will have a security minister or have a Security Council who will also take into defense and maybe the Energy council....and maybe they will all be one thing....made me wonder....
Najafi to go to London on Sunday on an official visit and then to Berne to attend the World Conference of parliaments
Iraq's parliament Saturday that the President of the Council of Representatives will travel on Sunday to the British capital London on an official invitation, noting that he would head to the Swiss capital Bern to attend the world's parliaments.
The adviser said the House of Representatives Aidan dream in an interview for "Alsumaria News" The Chairman of the Board Representatives of Osama Najafi will leave Iraq on Sunday on his way to London to meet the official invitation from the British House of Commons, stressing that Najafi and Parliamentary Delegation facilities will also meet British Prime Minister David Cameron, without specifying the names of members of the delegation.
He added that the Iron Najafi will travel from there to Berne to attend a conference the world's parliaments, will deliver a speech in Iraq.
Joey: Najafi party of 12 in the US last month...went home...now he is part of this new bloc..power of 4...powerful men..now tomorrow heading to London meet with officials to discuss the development of some parliamentatary issues between the two countries...
wow....wonder what that is all about....Deb didnt you have an article about something else happening in England....
Iraq signed an agreement with Britain in the field of economic cooperation and banking
9.10.2011 | (Voice of Iraq) - (Rn) The Iraqi government announced that it has signed a preliminary agreement on Sunday in Baghdad with the United Kingdom to develop economic cooperation and banking between the two countries. The Economic Adviser in the Iraqi government peace Qureshi, told the Kurdish news agency (Rn) "The governments of Iraq and Britain concluded a preliminary agreement to develop cooperation in matters of economic, financial and banking between the two countries as a prelude to a final agreement will continue until the year 2016." He pointed out that "the agreement was concluded this afternoon (Sunday) in the capital Baghdad and signed by Iraq and the agents of the Ministry of Finance, and by the British representatives of the British Treasury. " The Quraishi that "the agreement based on mutual benefit and mutual includes improving the economic situation in Iraq and the development of banks and convert them to the banks advantage of attributes of a global financial." He continued by saying that "the agreement focuses on transforming the work of government banks to the clearing of electronic and activation of the protection measures, "adding that" the Kingdom of the British Government will support Iraq in all economic fields. " The Council of Ministers of new mechanisms to facilitate the opening letters of credit for less than four million dollars through activating the role of private banks, which aims to stimulate trade in the country. depends the Iraqi government in its financial transactions on the government banks by up to 85 per cent. The total capital of banks, Iraqi Special billion and $ 600 million currently, except that owned by the branches of Arab and foreign banks operating in the country. From: Jafar Allonan. Open: Abdullah Sabri
Vic: Talks about the relationship with banking in London..Haven for banking....financially you have to be in connection with London.
They want to be in on the action too...more listen to recording.
Joey: Vic do you think Since Standard Charter Bank lost out on merging with one of the banks over there and Citi came in you think they are up to some of these smaller banks need a little help....do you think we might see the United KIngdom stepping in?
Vic: Definitely Joey....it cant be only the US......oil interests....talks about Royal Dutch Shell.....all roads lead to London...and more...
listen to recording for more explanation....
Joey: Again all of this makes me wonder again about Allawi....did he really give up....or was something offered to him - something bigger than he had...hasnt been any arguments....everything going great according to the articles....seems like a really strange time to walk away...fought so hard and finally won it and now you are walking away...I am not buying it.....
Joey: MY FAVORITE ARTICLE OF THE WEEKEND....
International Monetary Fund show his conviction for the financial policy for Iraq
10/8/2011 | (Voice of Iraq) - (Rn) of the Iraqi Central Bank announced on Saturday that there is acceptance of the International Monetary Fund on the Iraq political cash. The deputy governor of Central Bank of Iraq the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Fund International Monetary convinced that monetary policy in the country heading trend is true is commensurate with the reality of the Iraqi economy. " He added that "the central bank follows the monetary policy to reduce inflation and provide cover for the local currency and controls economic commensurate with the fiscal policy pursued in Iraq." He noted that "the bank Central review continuously Ssayasth cash and mechanisms for the dependents of annual inflation and gaps facing the use of foreign currency and local communities in the country. " and said the Iraqi Central Bank last Thursday, the high reserves of financial $ 8 billion since the beginning of this year, indicating that the reserve was 50 billion last year and is now to 58 billion. Officials in the Iraqi Central Bank to increase reserves is a sign of the maturity of monetary policy and its development and consistency with fiscal policy in the country. and is keen to address the gaps in the economic circulation of local and foreign currency. indicates the central bank reserve bank is not stagnant or stock is used in the open market in order to achieve a balance between liquidity and demand in the local currency traded. From: Jafar Allonan, the Open: Peace Baghdadi
Joey: this is a pat on the bank for Shabibi....job well done.....reserves now 58 billion.....everything they see in the country addresses what a rock solid conviction...they are backing up the CBI policy to reduce inflation..and provide cover for the local currency...remember what Shabs said how do you reduce inflation.....you RV The currency...great article.....
30 trillion dinars to increase the salaries of employees and retirees
9.10.2011 | (Voice of Iraq) - twilight News revealed the Central Bank of Iraq, Sunday, that two thirds of the increase expected to occur on the budget next year, will be allocated to increase the salaries of employees and retirees as well as increase the number of grades, indicating that the IMF will support this budget, a soft loan estimated seven billion dollars. The deputy governor of the Central Bank of the appearance of Mohammed Saleh in a statement received for the "Twilight News" that "the roof of the amount of budget year 2012 of about 130 trillion dinars, subject to increase or decrease according to the decisions of the Cabinet and Parliament." The Total current year budget approved by the Council of Ministers on February 6, 2011 amounted to 96.6 trillion dinars, distributed between 66.6 trillion dinars to balance operational and 30 trillion dinars as investment budget. Saleh added that "there is an increase estimated at 30 trillion dinars for the current year budget," noting that "Two thirds of this increase will be directed to support the grades and better salaries as well as increasing the salaries of retirees." According to Saleh said that "Iraq had signed a loan agreement backing with the International Monetary Fund during the month of February of the year 2010 include the provision of support to him to raise the balance of payments and improve its economic situation as well as the reform of its financial, "explaining that the box" made in the light of the present Convention a soft loan to Iraq, worth close to seven billion dollars in an interest rate not to exceed one percent to pay within five years. " The Deputy Governor of the Central Bank, that the bank give the government earlier in the the current year, $ 1.5 billion of that loan to support the budget year 2011, while will be delivered the rest of the money during the next year to add to the budget and support aspects of the investment. The claims have escalated since a salary increase for pensioners and the lower grade employees because of lack of salaries that are not compatible with the increasing prices and rising inflation. r g
Joey: Talking about the Stand By Agreement ..one more payment of loans to Iraq that were already guaranteed by the IMF
When shabs put in his loi in march ...told them about the condition of the country and their willingness to repay.....
shows the effort of the world community to make sure Iraq is up and running....they are giving all the help they need....
then to charge them a very low interest rate to make sure they survive...
Vic: this coincides with the statement made by Talabani at the UN - capita will increase very appropriate at this point in time....36% increase in your budget susbstantial.......you have to have assets and lots of them for someone to loan you money.....soft loan...5 yrs to pay back....will not allow Iraq to fail....Vic and Joey discuss this at length.
...listen to recording for the entire discussion..
Joey: Trip down memory lane - loved this article....from September
A Controversial Issue .. The Project to Delete the Zeros of the Local Currency Between the Timing and Economic Feasibility
(see link for entire article as Joey shares this great article and her thoughts on it... this came out after the Jackson Hole summit.....Lots of information in this article....the economic policy of the country has been placed in the hands of the governor of Central Bank of Iraq.
Vic: many times we have heard that $3.33 stated in articles.....many times
Director of the Bank: Cluster cash burdened the national economy
Najaf (news) .. The director of the Rafidain Bank branch of Muslim bin Aqeel in the province of Najaf that the process of deletion of zeros from the Iraqi currency will contribute to support and stimulate economic activity in the country.
Abboud said student Hussein, a reporter for the Agency (news) on Sunday: "The mass cash burdened the national economy, prompting the CBI to conduct a study of the economic situation of Iraq and the study found the need to raise zeros from the Iraqi currency, especially as this process would contribute greatly to the revitalization of the national economy.
He pointed out: that most countries adopted the policy of lifting the zeros from the currency to stimulate the economy, and raising the currency exchange rate with which it deals.
and counting Hussein opening banks Iraqi civil step good in the right direction as long as under the control of the Iraqi Central Bank.
On the other hand adopted the Director of the Rafidain Bank branch of Muslim bin Aqeel the existence of a delay in the process of granting advances to employees due to the procedures followed by government banks in the country, including banks, Rafidain and Rashid, said that these measures were to ensure the right of the state and not confuse the government banks. / End / 30. j. n / ..
Joey: WOW loved that article....Pat on the back to Shabs....under the control of the Iraq Central Bank......they know how gifted and talented you are Shabibi.....
Joey: now listen to this....Remember what Shabs has been telling us - he has been working on the banks for 5 yrs....and all the way back to last August....2010.....Shabs said in March 2011 I am going to totally redo the banking structure in my country....Feb or March the UST was there...coming in and we are going to modernize the bank and we are starting to put requirements on the banks - working on for along time..really kicked in to gear last February.....
Bankers: necessity require the integration of small banks with large capital increase
10/8/2011 | (Voice of Iraq) - Baghdad / term follow-up economic whole, bankers on the need to integrate small banks with those big effort to raise capital. and the president of the Association of Banks of Abdul Aziz Hassoun, the central bank to develop plans and laws governing the merger of small banks in Iraq , according to the regulations and laws in force in the world, noting that the merger will be based on policies set by the monetary authority. He said Hassoun, according to the Agency (news) the need to encourage banks to merge through the incentives given by the government of working capital to support or soft loans, to be a bank and a single, a large capital is able to provide insurance and guarantees in the financial market. He Hassoun that the complaint going to private banks, small and they are not able to finance large projects, the banking unit integrated result of the merger, will cover the need required for financing and will contribute to the economic development process of the country. Goldfinch said: if there was a real will by the Iraqi banks to accommodate developments and changes that occur on the modern world, they will receive acceptance and an extensive presence in the global capital market that this market depends on the size and financial efficiency of each bank. For his part, Board Member of the Rasheed Bank, Hussein Kazzaz the need for the integration of private banks with capital, few at the moment because it has an active role in the financing of large projects and contribute to the development of the Iraqi economy. The Kazzaz that the private banking sector has the ambition to compete with international banks, but lacks to the cross and the financial support by the government, in most countries of the world support is based on studies of the feasibility of reliable, but in Iraq depend on strong guarantees not available to these banks. He Kazzaz to compete with Iraqi banks with global depends on the type of skills and efficiency of administrative staff and financial as well as to banking products abroad. A member of management of the Rasheed Bank, more private banks jointly with foreign capital and has shares of foreign companies and Arab, as a result of controls established by the Central Bank, and continued: if the bankrupt would pull them leave. For his part, Chairman of the Economy Bank Husam Obaid Ali: It is not necessary to be a merger between the banks at the moment as a result of the large number of violations that occur to these banks, which reflect a bad image for the banks good and committed, calling on the central bank to tighten oversight of private banks and compel them to apply the instructions completely. The slaves : The calendar banks rather than through mergers and intensify control the central bank to banks that operate in secret. ruled out on the reach of Iraqi banks to the level of competition with international banks of good and sophisticated in the world, and continued: If you do not remove the item VII of the UN resolutions, will remain Iraqi banks "tied" whether public or private restrictions that prevent them from competition and to deal with international banks. He, Chairman of Bank of the economy: still the government banks of Barashid and Rivers is unable to provide financial support and services to private banks, indicating if the lifting of the seventh item is the two banks had the largest supportive of the domestic banks own, calling on the government to financial and technical support to domestic banks to be foreign relations strong level of international banks significantly. It is noteworthy that at the end of the year (2010), the number of banks operating in Iraq have arrived in (43) banks, including the (7 ) state banks with a total capital of about (6036) billion Iraqi dinars, as well as (36) private banks with total capital of up to (202) trillion dinars.
Joey: Remember what Shabibi told us
6-30-11 the bigger banks required to have this much money
I know you smaller banks going to have a problem...so I will give you
2 choices...alow your self to be bought out or you can allow others to buy into you or smaller banks get together produce larger loans if that needs to happen
And at the end of 6-11 will require this amt of liquid capital
6-2012 ramp it up a little more
6-2013 will be done and you will all be required to have a certain amt of capital in your bank because otherwise we cant all play in the intl market ...I will give you 2 yrs to do that
Perspective on Iraq’s private banks by IraqiXchange
Summary: With inflation stabilized, oil production up and government encouragement to become better capitalized, private banks are drawing potential foreign investment partners because they are positioned for success in Iraq’s post-war economy.
Baghdad – A resurgent oil economy, projected GDP growth at more than 12 percent and a record level of foreign investment point to signs that the private banking industry in Iraq is looking at substantial growth, a new report on Iraqi banking says.
The groundbreaking analysis, conducted by Ahmad Saleh, senior research analyst at IraqiXchange, also indicates that for the first time in the modern era, bank deposits in Iraq accounted for more than half of the money supply.
“Iraq’s economy is growing out of its wartime difficulties quickly and transitioning from a centralized economy to one that is market-based,” says Saleh, an Iraq native and veteran North American banking analyst.
“With credit accounting for more than one-third of bank revenue and deposits at record levels, our analysis identifies attractive and specific investment opportunities in the Iraqi banking sector,” Saleh says.
HSBC of London, Qatar National Bank and National Bank of Kuwait are among those with stakes in Iraqi banks, and more financial institutions are following.
“We are very optimistic about Iraq over the next three to five years,” says Dennis Flannery, Citi’s country head for Iraq and a former U.S. financial attaché who previously worked at the World Bank and Bank of America. “Our feeling is that good progress is being made, and we expect to see really significant increases in the GDP in coming years — really significant.”
The Middle East and Africa banking sector is second only to Asia’s in growth potential, according to the 2011 Barclays Corporate Global Banking Survey of 200 top banking and insurance services executives.
Influenced by the World Bank and the International Monetary Fund, the Iraq government is phasing in an increased capitalization requirement for all banks.
”The hope,” Emirates Bank investment strategist Irfan Chaudhry tells IraqiXchange, “is that new capital requirements will bring consolidation, increased investment and more interest from foreign banks.”
Joey: Sounds like they are getting ready to explode...
Deb: Christine (IMF) talked about Africa and Middle East
Joey: Yes three times she said - those are those emerging econimies that need to appreciate the value of their currencies
significantly...usually if you say something 3 times it means something with a specific emphasis
Deb: she said that 3 times since July.....
Vic: Talks about a guy we had on a call who had attended an IMF meeting.....
Joey wants to share some economists articles and their opinion....should make you feel very good about your investment....
Economics: cash reserve .. Borrowing, and the negative
The foreign exchange reserves were real supportive and sober for the local currency, where all countries are trying to raise this reserve to cover and be conservative on the currency of the decay in the abyss of the collapse of the exchange rate off the foreign currency.
And sought the Iraqi Central Bank strives to raise the level of foreign exchange reserves during the past seven years closer to the road from the banks of the 70 billion dollars.
Deposited in many banks in the world sober, at the time maintained the central bank through its monetary policy hard-line on the Iraqi dinar exchange rate trend of foreign currencies, using tools other cash properly somehow led to the decline is striking in the levels of inflation, where you talk to government figures of the Ministry of Planning decrease of 35% in 2004 to less than 3% during the year 2010, indicates the safety and direction of monetary policy to curb inflation and then make it move in the spaces of transition economy aspiring to the adoption of market mechanisms.
This as well as daily public auction for the sale of foreign currency, which was a source to provide optimal cover for the provision of adequate funds for foreign trade and the process of trade, particularly for the private sector which was more moving within the area of his handling of the dollar.
All of these policies, mechanisms and procedures that have emerged from, the Central Bank keen to raise the volume of cash reserves in proportion to the force required for the local currency, which saw the stages and Ford's retreat, the breaking point because of the economic policies of blundering and indiscriminate past and that made a big difference between the Iraqi economy is collapsing and global economies other competitor countries, particularly Iraq's production and export of oil.
The central bank fights on in place reserves on two fronts: First, is trying hard to raise the volume of foreign exchange reserves, and the other in pursuit of the government to borrow from the reserve under the rationale for dealing with the deficit made in the annual budgets or finance strategic projects as projects of electricity, where the segment of those who call themselves Balaguetsadaan calling on the public to borrow from the cash reserve and accuse the Central Bank of exaggerating the risk expressed by if they were borrowing from the cash reserve, but the insistence of the Central and persistence on his position is based according to the opinion of many observers inside and outside Iraq, and even the opinion of other international organizations such as the IMF and World Bank in terms of economic policy, the right to maintain the stability of the currency and Rsantha and rival to the value of other currencies, as we see that the position of the CBI stems from the ability to extrapolate things and follow the procedures and ways to deal with fluctuations that may occur in the economic landscape, accounting for currency and the monetary policy, one of the most important pillars of stability financial and monetary stability and then economic.
Experts stress need for the banking system to a new structure
The whole number of experts on the urgent need for re-evaluation of the banking system in both its public and private sectors and restructuring, at the time of moving necessary to confirm the independence of the central bank authority cash in the country. He said economic expert Dr Majid picture: There are two main axes in the restructuring of the banks first,
Restructuring of the Rafidain and Rashid, at the same time restructuring the supervisory body in the central bank carries out supervision on the work of banks, while the second axis is the issue the instructions required for the development of banking business. He added that the recommendations of the Basel Committee on banking sector committed by the Iraqi Central Bank through the issuance of regulations, which included government and private banks alike, but the unfortunate thing is that these regulations delayed issuance of the years 2008 to 2011, which includes consulting and other procedures that have been published in the Official Gazette.
He said the picture that there is a problem in the process of making such regulations at the present time there is a difference between regulations existing between the potential of these banks and the supervisory organ of the Central Bank, and thus there is a need to regulate these regulations, and put the right foundations in dealing with banks with the availability of modern technology, indicating that without the presence of these developments, there will be no action in these regulations, since the basic problem in the use of modern technology in order to reach management or control of susceptibility susceptibility to the work of banks, and will not happen without the development of concrete in the banking business.
He pointed out the picture that the basic problem is that the central bank comes to him information in a month or two months to be able to release the budgets for the banks, which means that there is a need for a period of six months to monitor the performance of banks, a topic important to study what happens during the previous period, as can technological development to provide preliminary information for any topic in the same moment, through which monitor the performance of banks in order to apply the policy needed banking, which requires a move towards the application of modern means of monitoring the performance of banks and the Central Bank, which functions not related to the bank alone, but the World Bank as well as to restructure the banks governmental and civil society in Iraq.
For his part, said Dr. Falah Athwaina professor of economics at the University of Mustansiriya The quest to maintain the domestic price and strengthen the financial system stable and competitive, according to the laws of the Central Bank supports the promotion of sustainable growth and prosperity in Iraq, and that the issue of independence of the Central Bank as a central subject of the economic policy of public and how assume its responsibilities defined by law.
He added that under the study of monetary policy of the central banks in the countries of the world, clear set of standards that prevail in specific circumstances, some of the key variables against which specifies that the central bank independent or otherwise, and those standards the amount of time to set the governor and the party that you set or change , the standard the other is the formulation of monetary policy, and the fact that the central bank is responsible for drafting or there is a role for the Ministry of Finance or the ministries and other institutions with a role, and the third criterion is to determine the objectives of monetary policy and the selected bank or the other.
He said the standard the other is the stability of government, since many of the professionals in regard monetary preparing this axis, or the standard critical point, which gave him 50%, if we go back to the other criteria, we find that the standard change the conservative 20% of the set of criteria other While in Iraq is the standard rate of 15% as a contribution to the legislative authority of the Central Bank Board of Directors in the appointment of the Governor.
He pointed out that the percentage of the standard setting monetary policy in Iraq, amounting to 8%, while the actual proportion of 15% and the subordination of the Central Bank of the economic policies of other, as for the standard stability of the government and through which we recognize the strength of the monetary authority, monetary policy and the implementation of procedures in Iraq, amounting 46% of the 50%, while the gross proceeds of 78%, the ratio is high, according to the determinants of monetary policy, especially for the period after 2003, as they were not before that time the lowest elements of monetary policy such as those present.
, As each ministry is currently working on its own without coordination with other ministries and relevant authorities in the common areas.
With price increases and disparity in salaries .. MPs and economists calling for an actual plan to reduce inflation
Expect MPs and economists high rates of inflation during the next term, in light of a number of economic data, demanding that there be programs and plans lead to the outcomes and objectives are based on a scientific basis to promote economic growth during the limited period of time, "Future of Iraq" held a meeting with a number of deputies and economic experts to find appropriate solutions.
member of the former Economic MP Abdul Hadi al-Hassani explained in that the increase in the inflation rate for consecutive months due to the increase in prices of food imported from abroad, the fact that the country lacks a local production of food, indicating that the material prices are high as a result of the economic crisis World, as Abdel-Hadi said the growth during this period tends negative, given that Iraq is not a producer, as one of the largest importing countries in many of the things on the grounds that Iraq is subject to the controls of supply and international demand, as reflected by the other hand, the more increasing prices of the products abroad is reflected negatively in the price of home, and continued: the country today, in fact, not subject to the financial system, economic prevents the increase in inflation and there is no hardware control that prevented this increase is calculated and unjustified, given that the citizen is subject to the real situation which what is known in the market increase is not quality, but improvised a number of materials, especially that Iraq is a consumer non-industrial and non-productive are subject to market supply and demand world, so that inflation has become a central issue throughout the region, pointing out that the increase for salaries is not the same speed rising inflation, as reflected in this the savings of workers and the standard of living, while being forced to the economy in some of the expenses, in addition to the shortage experienced by the region in some of the basic infrastructure services and continued: The prices of wages of managers and employees and even the private sector increases the rate of inflation as well as The state today is trying to increase the salaries of citizens because the reality imposes on the government some of the benefits that have made the price increase per year and there is no tax system that regulates not increase to be measured increase of up to 5 or 6%.
In the same context, member of the Economic Commission Amer Al-Fayez said the the country in a state of inflation and the continuing rise in price, and that did not put solutions to inflation is certainly increased in the coming years, and added that studies have raised the Economic Committee in the Council of Ministers in cooperation with the Central Bank of the existence of solutions to absorb the inflation happening in the country and the solutions put forward are deletion of three zeroes, but the fact that this deletion will not increase if inflation and we serve as the economic studied the results and show that the case is not feasible in practice, but may be a psychological consequences on the citizen may have some positive impact but there is another side, it will increase the the process of inflation, if left Studies on the side of it is certain that the state of inflation will increase.
and in turn, confirmed an economist leading net that the rate of inflation will continue to rise during the next term, because the government did not take any radical decisions about reforming the economic structure and organization of the markets and prevent intermediaries in the process marketing, and added net that the market is in the current term spread of slums and the absence of any organizations with the absence of the oversight role of the markets, and added that the central bank is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of currency management, as well as for regulating the banking sector, and followed the (net): The absence of security and stability in the country led to a lack of flow of transport operations and the sequence of the marketing and subsequent bottlenecks in imports leads to an increase in prices, on the other Chancellor of the Arab Organization for the economy of high-Shammari that inflation experienced by economic system in Iraq needs to decisions characterized Bajeriih to sever financial grants high to be granted to officials to the activation of the tax system with a re-balance the spread of funds between government institutions, and pointed out that the ingredients of treatment of inflation is not currently available that the decisions are still intertwined between the Ministry of Finance and Central Bank of Iraq with the continuing differences between them on a loan granted by the Ministry of Finance for farmers, citizens and the unemployed, and he does not need to activate the international economic organizations and consulted in saving Iraq from continuing inflation in its system of general economic, in the prior authorization of the Governor of the Central Bank, the appearance of Mohammed Saleh said that the Inflation in Iraq will continue to increase if it continues policies have monetary and financial of Iraq to develop the steps necessary and decisive action to curb this dangerous phenomenon, pointing out that this kind of inflation, which is called (transition or importer) if left without treatment would cause damage to a chronic, through pressure on costs decimal continuously, leading to increased rental rates for real estate and food in local markets. He continued that Iraq is part of the world is affected by any change affects the global markets. The Deputy Governor of the Central Bank that the trade account of the payments system in Iraq has a surplus of Mali, and this is something that reduces the risk of inflation in Iraq, as well as that Iraq is exporting oil than it imports Vtatherh on the economy be a bit although there is an increase in the rate of inflation, said that the Iraqi economy is stagnant economies and powerful at the same time it is facing economic problems with ease.
ot move from a centralized economy to the market, but new legislation
Twilight News / economic expert said on Friday that the transition from centralized economy to a market economy can not be achieved without new legislation in conformity with the freedom of the economy, indicating that the global economic recession will affect the decline in oil prices, which are central in the revenue column of the Iraqi budget.
The economist said on behalf of Jamil Antoine's " Twilight News "that" the House of Representatives legislation of new laws compatible with the transition from centralized economy to a market economy, "explaining that" no economy can work free without legislation compatible with the freedom of the economy. "
"The operational PROFILE still overcome the investment in the public budget, and this will make the government look concerned about the volatility of oil prices in the world."
The current production of Iraq, about 2.7 to 2.8 million barrels per day of crude oil, and relies on imports to cover the financial budget by up to 95 per cent.
And Antoine, "The global economic recession will affect the decline in oil prices, which are central in the revenue column of the Iraqi budget."
The Iraqi Deputy Prime Minister for Energy, Hussain al-Shahristani has said on Wednesday that it would be difficult to accept the descent of global oil prices from $ 90 a barrel, a sign that the decline in prices began to cause concern to some members of OPEC.
According to observers, economists, the Iraqi economy, which suffers from problems in its infrastructure because it is in need of large allocations in order to rebuild suffer budget of the year 2011 from fiscal deficit beyond $ 13 billion, with an attempt to increase its production and export, and thus would be a great opportunity to increase revenues and to address the deficit with review the plans and programs established by the government.
Joey: sounds like Shabs has everything under control......everybody pretty impressed with Shabs....might be okay to go ahead and RV that currency.....looking pretty good..
Deb: With all the articles we have read over the last 2 days.........where do you feel like we are - with the Future of Iraq Project and all of the articles we have read tonight and over the last couple of days....IMF is giving go ahead it seems....what do you think?
Joey: Explains where she feels with our investment.....we had a mod call today about this....we all feel very comfortabe
we have seen the completion of so many things....and the few things that arent they are being checked off one at a time...
talks about willingness to compromise.....democracy is important....when you look at everything we have talked about for months and what is being said the last couple of days.....Shabs at the helm.....Future of Iraq Project last chapter - banks in tact....
now they have all this help.....very peaceful in her investment......really close....you feel that confidence with the articles and having Shabibi at the helm....(listen to the recording for the rest..ITS ALL GOOD)
Articles of interest:
Joey: wanted to share an article found by Deb....power of one woman
The woman who lambasted Iraq's prime minister
From Arwa Damon, CNN
updated 6:33 AM EST, Thu October 6, 2011
Baghdad, Iraq (CNN) -- Iraqi human rights activist Hanaa Edwar has proved she is not afraid to speak her mind.
In June this year she stormed into a televised government conference and harangued Prime Minister Nuri Al-Maliki about the arrest of four protesters by the army. Read more here:
Joey shares several other articles of interest....some of these shared during the Q & A
Iraq offers advice to visiting Libyan leader on democracy
Oil & Gas Iraq: The Coming Oil Boom
Please click here to read these stories in full.
and many others..........
Q & A Follows with so much more great questions asked
and answered about Iraq and our investment.....
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