Lexi: Remember the Iraq mo is why do today what can be put off till tomorrow or next week, month etc. At least this has been my observation over the last 10 plus years.
When they seem to be picking up speed and getting things done it's like they pull the reins back like wow guys we are going to fast lol! Just imo
Frank26: Spot on .......... But calculate that now ....... WE ARE THERE !!!
JAMjAM1720: i wouldnt be surprized if Iraq pulled a Kuwait…..Just sayin. I dont wanna sound like im goin against the intel we have.
Sticking with lava flow and the possible change of direction, when kuwait was doin this during the clinton admin, kuwait came out and said we have decided on waiting to reinsate our currency. THEN at 3pm that afternoon they reinstated it. Slight of hand to throw everyone off.
I only say that it wouldnt surprise me if Iraq said/did this because they came out and said they are postponing the votes on the fed crt law and amnesty law because of indifferences in the Parliament block on agreeing on said laws.
If all the corrupt were either delt with or decided to play ball then why is there any political blocks happening now to delay these laws until GOD knows when.
Blinkster: if recollection serves properly- Kuwait finally admitted they were going to do something with their currency, being very coy about it "Oh yes, yes we are going to change the value...but it's still a little ways off- maybe a month or two"......and BAM they did it within hours after saying what they did….
How many times has the press reported that(Iraq) Parliament went on vacation (again) and they did NOT, but were hard at work behind the scenes? Perhaps this is an illustration of the Trap that Frank described that was about to spring shut.
Don961: t's pretty weird ..... mind-boggling ...........all the countries in the middle east and the world with nary a percentage of the riches Iraq has to offer ..... and the average citizen struggles ...
This happened in Norway after they struck oil ...
But by 1995, the flood of income had grown beyond what this could absorb. So, Norway created a special buffer fund to keep the oil profits out of the economy by declaring them the property of future generations of Norwegians. The government forbid itself from using more than 4 percent of the money for current infrastructure and other public projects and invested the rest in financial markets abroad, effectively sending it into exile ......
But one of its most memorable sights is an oversized digital counter whose rapidly spinning numbers resemble a clock in overdrive. It counts in real time how much oil money has been accumulating in Norway's buffer fund since 1995 instead of going into the current economy.
The clock today shows more than $890 billion. That is the equivalent of some $170,000 for every one of the country's citizens.
Officially, the money is earmarked for paying state pensions as Norway faces a balloon of retirements among aging baby boomers. But its more immediate purpose is ensure that Norway does not become too dependent upon its oil industry for its wealth that it loses its ability to compete later when the oil money runs out......
http://www.rferl.org/content/what-can-n ... 13453.html
can you even imagine how incredibly wealthy Iraq could be ???? ...... what unimaginable greed , selfishness , and corruption has kept these people down !!!!!!!
Frank26: Hmmm. They really should shut up.
BUT .......... I am Fascinated by their currency statements.
Walkingstick: IRAN...............Wednesday, February 17, 2016 - 02:00
No Qualms About Easing Monetary Policy
EconomyBusiness And Markets
Minister of Economy Ali Tayyebnia says lowering deposit rates to 18% is "doable" and that interest rates will definitely be lowered.
“In tandem with the decrease in inter-bank rates from 29.5% to less than 19%, the deposit rates of banks will be lowered,” Tayyebnia said on the sidelines of the meeting of 'Public-Private Sectors Dialogue Council'.
Pointing to the decrease in bond yields from 21% to 19% in the equity market and the decline in inflation rates, Tayyebnia said, “Based on the decline in these variables, lowering deposit rates is inevitable and the process of cutting rates will continue in the future.”
Asked about the possibility of deposit rates falling to lower than 18%, he said the Money and Credit Council would have the final say on the highly sensitive issue.
MCC is composed of 11 members with voting rights and two observers from the economic and budget commissions of the Parliament.
The council members include the minister of economy, Valiollah Seif, governor of the Central Bank of Iran and Mohammad Bagher Nobakht, head of the Management and Planning Organization.
Mohammadreza Nematzadeh, the minister of industries, mining and trade, told the meeting that the Central Bank of Iran supports lower lending /deposit rates due to the decline in the inflation rate.
“The CBI has promised to gradually move interest rates closer to inflation rate,” he added.
According to the MCC-authorized rates, banks are allowed to offer loans at a maximum 24% and deposit rates at a maximum 20%.
Abdolnaser Hemmati, head of Public Sector Banks’ Coordination Council predicted that another rate cut will take place in May or June “bringing the deposit rates down to 16%.”
Iranian banks reached an agreement this week to lower time deposit rates to 18% from the current 20% and daily periodic interest rates to less than the current 10%. However, the new reduced rate for the latter was not specified.
“Following a meeting of senior bankers and central bank officials on February 13, lenders agreed to implement the new rates from February 20,” according to the text of the agreement made available to ISNA on Monday.
The agreement points to the central bank's Jan. 20 directive that reemphasized the necessity for lenders to adhere to the official interest rates and asked them to prepare the grounds for further rate cuts.
“We will inform the Central Bank of Iran of the decision and ask it to monitor the proper execution of this measure by banks.”
On the instructions of the CBI's Money and Credit Council, lenders cut interest rates by two percentage points in April. But since the rates continued to be incompatible with the declining inflation, monetary officials said another rate cut could be announced before the fiscal year is out (March 19).
The CBI had agreed to rate cuts last November but government officials later said the markets were not yet ready for another reduction in rates.
President Hassan Rouhani and Economy Minister Ali Tayyebnia have made known that the existing lending rates are too high and not in line with the inflation which has dropped to below 14% from a whopping 40% when Rouhani took office in the summer of 2013.
Addressing bankers at the weekend, the president said the high interest and deposit rates are "harming the economy." Advocates of lower rates say higher rates discourage investment and manufacturing as the people prefer to park their money in banks for higher returns. By the same token, businesses and manufactures are also averse to borrow at high interest rates, especially during recession and hard economic times when inventories are high and consumer demand low.
In a statement on Monday, the CBI welcomed the banking sector's plan for lowering deposit rates, and called banks to refrain from offering higher rates.
"Banks should stop offering daily periodic interest rates at a higher rate than the yearly rates and returns should be paid at the end of the contract period at fixed rates,” the statement said.
The directive requires financial institutions under the supervision of the bank to do likewise.
“This decision of the banks is compatible with the current condition of the domestic economy and the significant decline in the inflation rate,” it said.
The regulator also called for a cut in banks’ lending rates following the deposit rate cuts, as “it would reduce banks’ expenses for attracting resources.”
The news of rate cuts got a mixed reaction in the local press on Tuesday, with some voicing skepticism that lenders would abide by the new rates. The economic daily Donyay-e-Eqtesad, criticized the move in a feature story, saying it could disrupt the "natural trend" that banks had started in gradually lowering the rates. It also raised fears over the possibility of capital outflow from banks as investors may seek more profitable but risky sectors for investment.
Tayyebnia noted the government believes in a system of “floating yet managed” forex rates and that forex rates should be determined based on supply and demand.
“If the government or the CBI want to control volatility in the forex market it will be through buying and selling hard currency,” he added.
On the dual forex rates and the US dollar's exchange rate in the 2016-17 budget, he said that the greenback's rate in the draft budget has been set based on the expected volume of exports and oil prices. “The dollar rate in the budget does not mean that the government wants to push the greenback rate in the free market closer to the rate projected in the budget.”
The minister stated that forex rates should not be set at a level that will harm exports and production. “We believe in protecting the value of the rial and the best way to do this is by controlling inflation.”
Tayyebnia said that the point-to-point inflation rate has declined to lower than 10%. “As the inflation rate declines, all the other variables like forex rates, deposit/lending rates and the rate of wage growth should also be lowered.”
Short Url : http://financialtribune.com/articles/ec ... ary-policy
Humor-While we wait
Zeke: Greetings......... whats shaken !!!!! From the Zeke archives.......
A Highway Patrolman started creeping up on a highway speeder when it was evident that the individual being pursued realized there was a Highway Patrolman behind him and he stepped on the gas to out run the cruiser.
The trooper turned on his beacons and siren and after a brief chase, the individual realized that he could not outrun the cruiser and decided it would be best if he just pulled over to the side and just give up.
The Trooper pulled up behind the speeder and then walked up to the driver's side window. He said, "Sir, why were you trying to out-run me? You knew it would end this way."
The speeder said, "Officer, please understand, I meant you no disrespect, but my wife ran off with a Highway Patrolman last month and I thought you were bringing her back."
Zeke: While stitching a cut on the hand of a 75-year-old farmer, the doctor struck up a conversation with the old man.
Eventually the topic got around to politicians and their role as our leaders.
The old farmer said, "Well, as I see it, most politicians are 'Post Tortoises'."
Not being familiar with the term, the doctor asked him what a 'post tortoise' was.
The old farmer said, "When you're driving down a country road and you come across a fence post with a tortoise balanced on top, that's a post tortoise."
The old farmer saw the puzzled look on the doctor's face so he continued to explain.
"You know he didn't get up there by himself,
he doesn't belong up there,
he doesn't know what to do while he's up there,
he's elevated beyond his ability to function,
and you just wonder what kind of idiot put him up there to begin with."
Zeke: Don't Mess With Grandma...
An elderly Florida lady did her shopping and, upon returning to her car, found four males in the act of leaving with her vehicle.
She dropped her shopping bags and drew her handgun, proceeding to scream at the top of her voice, "I have a gun, and I know how to use it! Get out of the car!"
The four men didn't wait for a second invitation.
They got out and ran like mad.
The lady, somewhat shaken, then proceeded to load her shopping bags into the back of the car and got into driver's seat. She was so shaken that she could not get her key into the ignition.
She tried and tried, and then it dawned on her why.
A few minutes later, she found her own car parked four or five spaces farther down. She loaded her bags into the car and drove to the police station.
The sergeant to whom she told the story couldn't stop laughing.
He pointed to the other end of the counter, where four pale men were reporting a car jacking by a mad, elderly woman described as white, less than five feet tall, glasses, curly white hair, and carrying a large handgun. No charges were filed.
If you're going to have a Senior Moment, make it a memorable one!
A young ventriloquist is touring Norway and puts on a show in a small fishing town. With his dummy on his knee, he starts going through his usual dumb blonde jokes.
Suddenly, a blonde woman in the fourth row stands on her chair and starts shouting, "I've heard enough of your stupid blonde jokes. What makes you think you can stereotype Norwegian blonde women that way?
What does the color of a woman's hair have to do with her worth as a human being? Its men like you who keep women like me from being respected at work and in the community, and from reaching our full potential as people.
Its people like you that make others think that all blondes are dumb! You and your kind continue to perpetuate discrimination against not only blondes, but women in general, pathetically all in the name of humor!”
The embarrassed ventriloquist begins to apologize, and the blonde interrupts yelling,
"You stay out of this! I'm talking to that little man on your lap."