aggiedad77 » June 2nd, 2015, 9:52 am
Tuesday News Summaries and Commentaries
Saudi Arabia appoints first resident ambassador to Iraq since 1991
What with all their talks and negotiations we knew this was coming, just a matter of time.....feather in PM Abadi's hat for helping make this happen.
Cabinet defers implementation of the new customs tariff
They are putting the customs tariff off for at least six months....tells me they are closer to ending their financial woes than maybe most might think.....this was to be a major source of revenue for them out side of oil.....but to put it aside for such a length of time.....I see this as a positive for good things to come even sooner to the table.
Parliamentary Finance outweigh lower demand for the dollar with a new currency issuance
Well well well....the Finance Committee actually said something meaningful....they acknowledged that the reduction in sales by the CBI has led to an increase in demand of currency pushing the dollar exchange rate higher against the IQD.....the CBI is working to stabilize the exchange rate....but so far this year demand has been a critical problem for them.....they recently brought in 18 new banks who can handle currency sales at a fixed 1193 rate in further attempts to stabilize things.....remember this is all coming from the Finance Committee...not the CBI....always keep that in mind.
Parliamentary Legal likely to vote on important laws in a special session
The Legal Committee has declared it within the bounds of Parliament to call an extra-ordinary session while they are on recess this month....why would they do this....to bring to a vote things like the Federal Court Law and the Law of Parties....both of which are supposedly within a few words or sentences of being ready for a vote.
The opening of the Consulate of the State of Kuwait in Arbil
So the Kuwaiti's are opening a consulate office in Arbil....why would this be of importance.....building repore with Iraq and Kurdistan....showing a cooperative effort to both the nation and the region....good things between the two countries in the works.
Openness to global institutions to prevent money laundering
The Middle East North Africa (MENA) organization has sponsored a task force for the past 10 years....the Financial Action Task Force (FATF).....that has spent a considerable amount of time and effort studying money laundering efforts as well as the funding of terrorism to get a better handle on how best to combat both issues....
In the past 10 years they have managed through their efforts to reduce the amount of money laundering taking place as well as suspicious transactions that maybe can't pass the smell test for terrorist funding.....for the past year the governor of the CBI has chaired this committee....the task force has established relationships with similar organizations around the world to facilitate reducing crimes in both of these stated areas, something that has become a world-wide issue.
Abadi criticizes the failure of the international community in support of Iraq
PM Abadi speaking from Paris where he will be attending the International Alliance Conference raked much of the world over the coals for lack of "material" support with Iraq in their fight today against DAASH terrorist components operating inside of Iraq.....Abadi says openly that many can talk but there is little to no follow through....the previous government attempted to make deals with the Russians but US sanctions limit equipment movement from that direction....and the same holds true for any deals with Iran in the past.....it seems the ones who can help the most are merely dragging their feet, or falling off of bicycles.
Iraq and Azerbaijan sign a Memorandum of Understanding and the Mahdi calls for energy investment
Ok, I admit to having to look up exactly where Azerbaijan was located...geography lesson for the day I guess.....anyway they signed a MOU with the Iraqi Oil Minister....apparently this little known European entity has some credible experts who can provide training to Iraqi citizens with regard to oil and gas expertise....every little bit of information that can be gleaned and put to a good use is worth pursuing.
Cabinet approves the customs tariff of all ports and taxes Kartat mobile and automotive met
Yesterday I think we read tariffs were to start in July, many assumed July 1 in the middle of Ramadan....and I agree that didn't make much sense....then earlier today we hear they would delay things for six months....NOW....coming from the COM meeting today we see they are saying the intent is kick start things this coming August 1.....I will admit the earlier article today was from a source "familiar with the COM".....now this article appears to be from the COM itself.....I'll just settle on continuing to watch for this to happen....when it happens.
Samir Abbas Alnasiri *: Display Book Iraqi banking sector - challenges and strategic reforms
PM Abadi has provided a book that details challenges that the Iraqi banking system and the economy are facing today....this originated in late 2014 and is now being published as a guide for all who it may apply to....it focuses on the efforts of early laws dating to 2004 for the banking sector and money laundering laws.....it deals specifically with the existing banks in Iraq today and how they each play an integral role in the success associated with the economy.....
Then they roll in the private sector which has received so much focus this past year and explain how this sector will have a greater role in things going forward for all of Iraq...and then provide a nine point strategy that will date between 2014 and 2030 to improve the Iraqi banking policies and laws, be a guide for continued economic reform, how the media plays a role in this arena, and how training is a very necessary part of the process.....quite the comprehensive guide it sounds like.
Parliamentary Finance Committee reveal a proposal to merge the Rafidain and Rasheed
Interesting that this seems to be the first we've heard of any issues with the Rafidain Bank having problems...and already the Finance Committee in their "bully" tactics are proposing a merger with Rasheed Bank...what happened to the guardianship that the CBI has placed other banks under when there were issues concerning financial issues.....to me this is just another "bully" attempt by the Fin Comm to muscle their way around the political world of Iraq....snubbing the CBI where and when it can....mighty strange in my opinion.....they are awfully good at pointing fingers at others....quick to do so in fact.
Cabinet decisions of the session today
The COM met today in PM Abadi's absence....I think that Deputy PM Shaways led things.....probably the most significant of events was the 50 billion dinars allocated to the fund responsible for locating and disarming or exploding mines and other unexploded ordinance.
Abadi: Baiji refinery has become in our hands
PM Abadi reports good news concerning the Baiji refinery....it has completely been recaptured from DAASH cells.....now comes the arduous task of locating and removing any and all booby traps set by the terrorists.
June 16 .. the start of trading on the "financial trustee transferable" shares
Look for a trustee company to begin trading on the ISX come June 16, a Tuesday....and will trade for free for three days to establish a high and low with the price on the third day set as the share price....they so have an interesting way of doing business within their stock exchange.
Parliamentary Finance's (et): Internal levies violation of the law
According to a member of the Finance Committee (surprised?, not me).....the Interior Ministry is to be investigated for levies they may have enacted and collected that in some cases amounts to upwards of 15,000 dinars.....seems they question where the money is going or how it is being utilized....more nose sticking by the Fin Comm.
The security forces and the popular crowd liberate large areas in Ramadi
Keep in mind this news is probably 2-3 days old....so there should be more to come.....meanwhile the push is on to retake Ramadi.....I see this as an all out effort to prove one particular person wrong in the stamina and ability to fight from the Iraqi Security Forces, the popular crowd, along side Sunni tribesmen.....they are working on eastern and southern approaches to the capital city, attempting to cut off the southern route into and out of the city that DAASH is believed to be taking with regard to travel into and out of Syria.....nothing like a good challenge to get the blood roiling and boiling....DAASH beware....your time is limited.
Let's make time for a break here and then see what the rest of the day brings us.....have a great day everyone. Aloha Randy