aggiedad77 » August 27th, 2015, 2:29 pm
Thursday News Summaries and Commentaries
It's an interesting day of news that shows the MR in full swing I think.....they are definitely moving at a far greater pace than a snail at this point in time.....definitely some things going on that we don't yet understand.....or that creates confusion.....trying to wade through that to shed some light as we look forward.....it gets more and more interesting as time goes by though.....I'm thinking the Team Chat tonight should be exciting.
Central is preparing to launch bonds in local currency and asserts: We have a surplus of foreign currency
Reforms....reforms....they are every where.....the CBI is launching reforms in the format of localized bonds....they see this as a means to strengthen the local currency....the dinar.....they have yet announced how these bonds will be sold, only saying they will be available on a local and national level....they also mentioned the sale of foreign currency as a "means to sustain the exchange rate".
Oil drop may be forced Iraq to reduce its currency
The global issues associated with the falling oil prices are believed to be impacting Iraq as well....so says one expert from Bloomberg today.....the oil issues coupled with the continued fighting to free Iraq from the clutches of ISIS/DAASH terrorists are draining the country to the point that its reserves have fallen 20% in recent months to stand at $59 billion dollars....war is never a cheap venture.....and it is proving to be an expensive issue for Iraq today.....keep in mind too that this is but one opinion of what could transpire for Iraq into the near future.....no doubt their dependency on oil for revenues is critical and affecting their financial world in a big way.
Hakim calls for the central bank to the new paper currency image for the upper threshold of the Holy included
One member of Parliament suggesting....asking....that an image change in any new currency be considered in the future and his reasonings why.
Parliamentary Finance: Adoption of anti-money laundering law is an urgent need at the present time
Yeppers this is a vitally important law that needs some immediate attention if Iraq is to keep itself off the dreaded "black list" that looms in an October time frame......no time to dwaddle over this issue.....now is the time....and now is the need to get this passed once and for all.....get your anti-money laundering program and laws recognized so you stay out of trouble and hot water.
Parliamentary Finance hosts the Governor of the Central Bank and the chief prosecutor to discuss money laundering
So the Finance Committee met with the CBI governor and the Judicial Chief Prosecutor to talk about money laundering issues.....one would wonder.....was the governor's name mentioned specifically....was the Finance Committee Chairman's name mentioned specifically......were they there to provide first hand knowledge of issues associated with money laundering and getting caught at it......sounds funny but it does bear a certain amount of truth to the situation....at least we are led to believe this from news in the recent past.....who better to look to than those who appear to be guilty of the crime.
Zebari looking Kubiš with the financial crisis and opening up to the global financial markets
Finance Minister Zebari met with the UNAMI representative and talked about financial crisis issues that relate to Iraq, the problems surrounding corruption, the recent reforms that have been announced that can hopefully all lead Iraq into the global financial markets....now think about that......why would they be interested in global markets at their current rate.....that doesn't make much sense does it....not to me either.....so there must be something cooking on the stove that may provide a greater impetus for Iraq's entry into these global financial markets....one has to have money to play in those arenas.
Zebari calls for three specialized banks to take advantage of central bank loans to support various projects
Again we hear from Finance Minister Zebari....yes a busy man.....looking for support of the CBI loans in the tune of 5 trillion dinars designed to help finance special projects within the industrial, real estate, and agricultural areas of the private sector.....banks will make or break this program all in how they structure the loan money that is being presented to them and how they strive to bring in Iraqi's to make loan applications for the money.....all to help stimulate that private sector economy that will also in turn stimulate job rates too.
Choice of international institutions overseeing the spending
As a part of the loan process from the CBI to first other Iraqi banks and eventually Iraqi businesses and citizens the government seems to be ready and willing to bring in one or two third party entities to be a watch dog over how and where the money is spent....in other words keep tabs on how the money is handled and by whom.....thus making it far less likely that any corrupt wrong-doing will be forthcoming from this latest effort by the CBI to help stimulate the economy, especially the private sector economy.
Iraqi sectoral diversity and investment law
Iraqi diversity and laws......what has transpired over the years that has brought Iraq to the place where they find themselves today....gross ignoring of existing laws....looking the other way by corrupted officials.....that corruption in and of itself allowed to run rampant and willy-nilly across the country all the while government officials lined their pockets and ransacked what was rightfully the ownership of the Iraqi citizen......
Even with laws in place there were not checks and balances, no controls that brought a stop to any and all wrongdoing....well today that era has come to an end and corruption and gross defiance of the law is no longer acceptable by the Iraqi leadership......but change is slow to happen.....but mark their words....change and reform is occurring.....laws are being developed or revised to bring new meaning to their purpose....given time things will change for the good.
The launch of the "small" loans to activate the private sector and the recovery in 2016 budget
A leading source from the Economic and Investment Committee is looking for this most recent launch of loans that total 5 trillion dinars to be a good thing for private sectors....those areas that include industry and agriculture in hopes of reviving work and projects that will bring more Iraqis back to work....this will also create a stimulus for the 2016 budget.
Jubouri congratulates the passage of the law of parties and prepared to fulfill part of the reform of Parliament
Well it only took them 8 years but Parliament has finally approved the Political Parties and Organizations Act.....long overdue for sure....but one of those items I think listed in the long list....now strike while the iron is hot and get cracking on the other important laws in your lap as well.
Parliamentary consensus to pass the investment law in the next session Monday
More insight that shows the Investment Law may indeed be voted upon next Monday in Parliament....if so....a real breakthrough as they say for Iraq as they move away from gross amounts of red tape and corruption with how this new law is written.
An open letter to Mr. Nuri al-Maliki message .. not Takta again
Dear Mr. Maliki.....no you had your chance....for eight years you could have helped Iraq evolve into a great nation of the world, but instead you chose to line your pockets and the pockets of your family and cronies.....you caused killings and the maiming of many Iraqi people.....no we do not want your kind in our government any where....not now, not ever again...understand you had your opportunity and buggered it up really badly....no second chances here......
so what should you do.....be a man and step to to take the punishment that the Iraqi courts and Judicial System proscribe for the crimes you will be charged with committing and later found guilty.....if you are found not guilty....then so be it.....if you are found guilty....may God have mercy on you.
After al-Sistani refused to meet him .. Soleimani meet Karbalai net
Remember the Iranian General who was rebuked by PM Abadi when he was asked to keep Maliki's name out of any lists of wrongdoing associated with Mosul or any areas of corruption....remember the General left the meeting in a huff mad at Abadi's insistence to stand up to his requests or demands.....well the top cleric in Iraq....al-Sistani refused to meet with the same General today.....he did meet with other religious officials but I am sure he was less than satisfied with the outcome.
Sources: agreements to re-Maliki, Allawi and al-Mutlaq Najafi and the parliament and vote on them at once
What a bunch of political posturing primarily by the State of Law thugs that are aligned with Maliki.....they are attempting to push for a vote by Parliament that would allow Maliki, Allawi, and Najafi all back into Parliament as they are losing their VP positions.....all to allow Maliki to maintain his immunity from prosecution.....or so they think.....these thugs from the State of Law must not hear or read very well......they seem to fail to see what PM Abadi has said....or they choose to ignore....."we will not defend anyone believed to be guilty of corruption"......pretty simple....especially when it comes to Maliki....you can run but you cannot hide.
Iraqi Economy: Puzzle between corruption and float currency
To float the currency or to not float the currency....that is the question.....the answer lies cloaked in a shroud of murky water that when stirred brings forth the names of three individuals who are very likely culprits associated with some of the most devious of money laundering efforts attempted against Iraq......
The folks in charge are not blind to this....at least we hope and they should not be eager to work in a direction of a float due to the issues associated with the illegal currency activities that are believed so easily associated with such a process....instead focus on banking reforms and prosecution of those deemed guilty of crimes....in other words get on with the monetary reform but in a way that makes sense and will work effectively for all of Iraq.
Iraqi parliament to question Massoud Barzani for Sinjar, Mosul fall
Even though the final report has been issued regarding the fall of Mosul.....Parliament may choose to try and interview former Kurd President Barzani regarding allegations that the Kurds pulled out the Peshmerga from areas around Sinjar leaving many defenseless....pulled out without so much as any fight....so claims who.....well of course it is the State of Law....that's who....those who are backers of Maliki.....let's see just how far their effort gets.
Asadi: parties to prevent any political party from obtaining external funding law
The Political Parties Law that was just passed by Parliament has a benefit that prevents any political party from going outside the country and obtaining any kind of funding external to the country....it also prevents the parties from inciting terrorism.....or forming any extreme sectarian ideas....so watch your "p's and q's" in the future.
Asadi: reforms are binding on all parties and components without exception
With regard to all reforms.....they are to be considered as binding upon all parties and components of parties without any exception.....so it doesn't matter where you stand....or what you stand for.....these reforms apply across the board to one and all.
Iraqi Kurdistan to begin payments to oil companies in Sept: ministry
With the start of September look for the Kurds to start making some payments to the international oil companies operating in the region.....to the tune of $75-100 million dollars being designated to those companies.....the Kurds realize they must do something....a show of good faith towards these companies or run the risk of them pulling up stakes and taking their equipment to other parts of the world.
Central poses bonds in local currency for sale
Local bonds going to be utilized by the CBI in an attempt to strengthen the local currency......being done away from the USD focusing on the IQD and making the bonds available to all who might be interested in their purchase within Iraq.
16 former Defense cancel a contract valued at about four billion related to suspicions of corruption
The Defense Ministry today announced the cancellation of 16 contracts based on the findings that corruption was believed involved in each of the 16.....over $4 billion was believed to be involved in the contracts....some of the money has been recovered but they still have work to do....and it sounds like the investigation into the depth of the problem is an ongoing thing right now.
Iraqi media house: oil agreement .. conflicting numbers and mutual accusations
Just another in a very long list of oil and gas related articles from over the months that takes issue with who is claiming what with regards to how much oil has been produced in the Kurd Region.....another he said she said kind of article and no one willing to step up to the table and propose how to shake hands in agreement on real time measurement abilities of the oil sold.....both sides want to be the victor.
Depositors are demonstrating in front of the North Bank not to exchange their assets
Iraqi depositors stood in front of the North Bank today......they were not lost....they were angry at the lack of ability of the bank to provide them with their deposits....they want and expect the CBI to step in and do something to resolve the issue.....sounds to me like an investigation may be warranted by the CBI into the banks practices.....stop putting your customers over a barrel.
The issuance of a court decision to ban 334 Iraqi official to travel, including 20 Minister
Here is another list that keeps growing....the travel ban list.....just added 334 new names of officials and this new group includes 20 ministers....watch for the names of this new list in the coming days.
Well that seems to be enough to call a stop for now.....take a peek and then watch for what else happens this day and into tomorrow......I'm smiling as I sign off on this....a good smile....the BEST is yet to come. Aloha Randy