aggiedad77 » March 4th, 2015, 1:31 pm
Wednesday News Summaries and Commentaries
More news today about Tikrit and how well the Iraqi forces are working together to "tighten the noose" in that area....President Masum is in Erbil...but PM Abadi is not....the CBI may be working to increase gold in their reserves basket almost daily....
Dr. Saleh has stated that the CBI actions are NOT the cause for the dollar rise against the dinar.....Iraq is working hard to figure out ways to pay the international oil companies for their work...currently owing them over $20 billion dollars since 2013....
CBI announces that much of what is heard about private banks being a problem is false, that the CBI works very closely with them to assure their success.....tariffs are working at the borders it seems....poultry taxes are in place at least with Turkey...funny haha....I know.
Central submit proposals to support private banks
The governor of the CBI speaks and says that the auctions did not stop...but if they didn't stop why is there no evidence of auctions since 2/19....so they've changed the method and mechanism of the process....plus added coordination between the CBI and private banks with regard to loans for small to medium sized enterprises.....helping the little man.....
The governor says that the auction has worked for Iraq to stabilize their currency for the past 10 years...but they continually review the process to determine if there are better ways to provide that stabilization and they believe now is a time to make changes in the mechanism....auctions will no longer be daily.....the format has been changed....so they say....to reduce smuggling and be more supportive of the private sector banks..
The CBI continues to be supportive of the banking sector as well as working closely with the Ministry of Finance.
Abadi oversees Salahuddin battles asserts: victory is near
PM Abadi is quick to declare that a victory associated with the Iraqi forces attack on DAASH strongholds in the Salahuddin province and in Tikrit....he claims a great deal of success in military operations over the past 2 days and has been in contact with military commanders in the field who indicate things are going their way.
Allawi: Iraq needs to census and the adoption of the law of parties for the success of the government
VP Allawi believes that Iraq is in a dire need of a census....but can a census be effectively completed with so many Iraqi citizens known to be displaced from their real place of residence at this time.....he also stresses the need to get the law of parties passed through Parliament to help PM Abadi's government to be successful....he believes in the need to explore the natural resources that reside within Iraq through proper programs and use of the right expertise....he also sees the importance of the media in areas such as fighting terrorism if the media reports in a justifiable manner the truth of things that are happening within Iraq.
US praises Australia for Iraq troop boost
US State Department praises the efforts of Australia where they recently announced that 300 additional troops would be sent to Iraq to aid in the training of Iraqi forces to be more effective in their fight against ISIS.
Source: Barzani will propose the sale of Baghdad province additional quantities of oil and recognizes their price immediately
Sources sources sources.....always a "source" who is quoted that this or that figurehead is about to do or say something....is this a part associated with plausible deniability.....hmmmm....
Anyway a source says that the Kurds will return to the table with the suggestion that they can provide an additional 100-150 thousand barrels per day of oil....I'm thinking they mean in addition to the 550,000 they committed to in December....AND....be able to access the money that now sits in the Turkish Halk Bank to pay employee salaries and take care of government needs, you know pens, paper clips, toilet paper, etc.....
This of course if Baghdad continues to have a liquidity problem that prevents them from sending the Kurds their share of the budget.....and yet another SOURCE is saying that PM Abadi is expected to approve such a proposal.....which part of this would you like to start believing first.....be cautious of what you read.
Presidency: President infallible arrived yesterday evening to Arbil
President Masum arrived in Erbil yesterday.....to meet with Kurd President Barzani.....he supposedly has a message from PM Abadi...who did not go to Erbil despite reports that he did.
CBI announces that he has a tendency to increase gold reserves in the basket
Here come a line of articles that say the CBI will have a tendency to grow their pot of gold they currently have in their reserves basket....not just periodically but almost daily....Iraq currently holds 89.5 tons of gold...they mention something that we heard and reported about back early last year the ability of the CBI to sell 50 g and 1,000 g alloys of pure gold to Iraqi dealers of gold....odd that this would arise now again....timing.....
Some ask how they are able to purchase this gold for the reserves.....in all likelihood they do so with other currency held in reserves....so they can as they say....."increase the proportion of gold in their reserves."
Conscious / appearance Fit: high simple and ineffective dollar
Dr. Saleh spoke today and claims that the rise in the dollar against the dinar is not caused by the actions of the CBI....he again stresses the strength within the Iraqi dinar that things are completely covered by foreign currency and that no one should fear any weakness in the country's reserves of hard currency....
He says the action that the CBI has taken and the mechanisms they have put into place are supportive of the Iraqi economy by way of raising taxation values and pricing of customs efforts with imports that are meant to heighten economic revenues and provide support for the 2015 budget.
Araji: Work is underway in the government and the political blocs to restructure independent bodies
Independent bodies within the government and Parliament need to be able to exercise their constitutional role for the benefit of the Iraqis they serve.....the government is striving to restructure things so as to eliminate corruption but at the same time give these bodies a voice....their work continues in this direction for the time being.
Deputy Kurdish: Masum will present a project to end the problems between Baghdad and Arbil, and a delegation from the provincial capital, to visit soon
So President Masum appears to be on a fact finding mission amongst the Kurds of Kirkuk and Dohuk provinces this week....gathering views on the oil and gas agenda between the Kurds and Baghdad....he wants to provide an end solution to the talks that have been ongoing between the two entities....remember he himself is a Kurd.
Kurdish delegation to visit Baghdad next week for talks on the oil agreement
The Kurds plan to send a technical delegation to Baghdad next week for more talks on issues that pertain to the oil agreement between both entities....it is said to be technical problems that have prevented the Kurds from pumping the required 550,000 barrels of oil per day up to now.....I suspect those "technical issues" would melt away if Baghdad were suddenly to pay the Kurds their portion of the budget....just my opinion.
Abadi economic adviser: Budget approved the payment of oil companies vouchers or treasury bonds
Dr. Saleh again is speaking....this time about how the 2015 Budget authorizes the Minister of Finance to issue treasury bonds to the oil companies operating in Iraq, up to an amount of $12 billion dollars....no specifics are provided on the bonds, interest or maturity dates and such....but this would cover a portion of the $20 billion or so owed to the companies from 2013 onward.....the budget itself has allocated $11 billion dollars towards the oil companies already.....these bonds have to have a better rate applied to them than the current 1166 program rate for the IQD.
Abadi Minister directed to submit what they have accomplished over the past six-month period
Ok, it is report card time....PM Abadi is asking each of his ministers to provide a report that will show in detail what their ministries have accomplished over the past six months.....again this is a sign of a well organized leader who expects accountability from his direct reports.....never saw this from his predecessor.....this is a good sign of leadership so those working for him know he means business in how he expects the various ministries to conduct their business and maintain their own documentation of work accomplished.
Antoine: Abadi's office asked me to prepare an industrial strategy
PM Abadi has asked the Deputy Chief Economist to provide a report that details an industrial strategy that coincides with efforts to take the private sector industries to new levels meant to bolster the economic reform and push Iraq further away from their dependence on oil revenues....such an industrial strategy will help to keep Iraq focused on economic and security diversification throughout the government and Iraqi businesses.
Central Bank Governor for "Qurtas News": the conditions of private banks do not fear them good
The CBI claims that talk that appears from one source or another about issues associated with private banks is false and meant to tarnish the efforts of these banks to do their work....the CBI is a real and visible partner with these banks....doing what they can through cooperative efforts that seeks to make these banking entities a pillar of with the Iraqi economy....with the exception of the Bank of Economy the private banks are strong in their work and follow the expectations of the CBI...the Bank of Economy is currently serving under the guardianship of the CBI.....the CBI will continue to support all banks and will support all banking laws designed to support the banking sector.
Trading fell in the Iraqi Stock Exchange during the last two months of the lack of liquidity and high dollar
Trading within the Iraqi Stock Exchange has fallen during the first 2 months of 2015, largely being blamed on liquidity issues within the country and the high price of the dollar against the dinar.....while fluctuating gold prices during this time is not believed to have contributed to trading issues.
Special / central bank actions will contribute to tackling unemployment and reduced rates
Yet another time that Dr. Saleh speaks out today regarding CBI recent actions....he sees the CBI efforts of working closely with private sector banks helping them to provide loans for small and medium businesses to be highly supportive of the economy as well as combatting unemployment....the CBI efforts greatly help financial stability by allowing lending to pick back up so projects and businesses can again look to employ Iraqi citizens, thus allowing the citizens the ability to purchase again.
Abadi asked Barzani guarantees from the implementation of the oil agreement
Did you see that piece of paper in President Masum's back pocket as he got off the plane in Erbil yesterday....a message from PM Abadi.....to the Kurd PM Barzani.....we need to continue our talks...we are both practical men and understand how negotiations work....but please stop allowing your people to speak out about such things as stopping the oil flow from the Kurdistan....you and I....we are above such tactics....we can find common ground....I am not anything like my predecessor and I am willing to meet half way with you....let us talk some more....next week.
Deputy: some of the gaps in the budget was the cause of the right to authorize Abadi challenged
Gaps in the budget.....issues with the numbers of jobs being transferred between the Ministries of Defense and Interior....this is purportedly why PM Abadi was given the go-ahead to challenge parts of the budget by the COM yesterday....sounds like flies that need swatting.....and just what else might he need to review....hope we hear more on this in the near future.
Alusi: the Iraqi intelligence service to investigate the sources of funding Daash
The Iraqi Intelligence Service is activating an investigation into how the DAASH organization within Iraq was financing its efforts....they didn't just make their own weapons....what was the source that provided the money for their purchase...and who offered them for sale....PM Abadi still says that claims or rumors that US aircraft have provided weapons and supplies to DASSH are unfounded at this time.
National Initiative to recover stolen Iraqi funds stored in foreign banks
Look back at yesterday's summaries for my take on this article.
Barzani reiterates its full support for the political process in Iraq
In conjunction with a meeting with Iraqi President Masum...the Kurd President Barzani re-ups the Kurds support of the Iraqi political process....they talked about oil issues....the Peshmerga forces and their success in fighting DAASH....overall security issues within Iraq....and the problems being faced with displaced citizens who flocked to the Kurdistan region for safety.....with expectations of the Iraqi government to be fully supportive in helping these people.
Higher Iraqi Taxes hit Turkish Poultry Exporters
Tariffs at the borders are starting to hit the importers....in this case Turkey who ships chickens to Iraq is paying more today than last week to cross the border with their birds.....Turkey battles Brazil for the chicken market in Iraq and may stand to lose to them because of the tariffs being implemented....but inconsistencies seem to abound....other border crossings are still only applying the old rate from last week....so what gives.....who is right.....which chicken is priced right.
Companies Sought for Iraq-Jordan Pipeline
Iraq needs to have a 1,700 km pipeline built to the Jordanian coast....another outlet for Iraqi oil....my suggestion....look to the companies that build the Kurd pipeline to Ceyhan, Turkey....this pipeline is seldom down except when storage at the port is full so more oil cannot be pumped....whoever built that pipeline did an excellent job and seemed to know what they were doing......look in that direction.
Hoshyar Zebari discuss ways to Debt Settlement
Finance Minister Zebari talks to Ernst Young as he looks for ways to improve Iraqi banking systems.....looking to improve the efficiency of Iraqi banks with major international financial institutions.....he wants to get Iraq on the international map...wonder why he would want that.
Interior Announces find car bomb attacks east of Tikrit plant
The Ministry of Interior says that forces discovered a plant designed to make car bombs and IED's near Tikrit....a big find for them and good effort for its elimination.
Iraqi Minister of Finance: “Money will be sent to Kurdistan Soon”
Iraqi Finance Minister Zebari says that another amount of money will be sent to the Kurds soon....no indication as to the amount or date...perhaps for security reasons....meanwhile negotiations are expected to continue between Baghdad and Erbil.
Parliament receives a federal decision on the replacement of Congress
Parliament has received a federal decision from the Federal Supreme Court for the replacement of a number of Parliament members who do not meet full membership requirement for Parliament....it will be interesting to see how quickly Parliament responds to this decision and just what action they will be taking with regards to these individuals and any possible replacements.
Najib: There are serious steps to eliminate the disparity between the standard of living of Iraqis
A member of the Finance Committee points to the disparity between the normal Iraqi citizen living in destitution and those who have reaped benefits from corruption.....night and day difference....everyone....all of Iraq needs to gain from the wealth associated with oil...not just those capable of financial and administrative corruption....let those days be behind them...may new mechanisms be put in place that will see gains for all Iraqis.
British newspaper The Times: Iraq's Sunnis must realize that defeat Daash their victory
In a British editorial yesterday the Iraqi Sunnis were told that they must not allow their life to be thrown back into a state of chaos and sectarian violence....to assure themselves of a victory....they must be willing to not only fight DAASH but they must be committed to a victory in this process....
Sunnis need to realize that they are no longer under the thumb of the former PM Maliki and see that the current PM Abadi and his government seek good for all Sunnis who are a big part of what Iraq is all about as a country.
The joint forces liberated Alas oil field and two police stations on the road link between Tikrit and Kirkuk
Security is returning to the Saalhuddin province and Tikrit as well as oil fields and other facilities....the Iraqi forces are winning and pushing DAASH.....cleansing them from areas they have occupied since last summer....great news.
Parliamentary Security: the army and the crowd controls 70% of the Salah al-Din and do not know the reason for the international coalition reservation
Victory is coming in the Salahuddin province but it is still a process that must work through areas associated with potential death as thousands of bombs are exploded or defused left behind by the cowards who call themselves DAASH....none the less...they have reclaimed about 70% of the province that had formerly been in the hands of DAASH.
Prime minister: the financial situation in Iraq is stable .. and adoption of the principle (Majasrh) to resolve the liquidity problem
More yet from Dr. Saleh....is he growing hoarse yet.....stating that the economic situation within Iraq will grow stronger as more and more areas are cleared of DAASH terrorists...both the central government and local governments are ready to commence the rehabilitation and reconstruction process...great attitudes to have....
He also points out that Iraq's economic situation is STABLE....and who brought it under control.....CENTRAL BANK OF IRAQ.....through various methods used to deal with liquidity issues until oil prices return to help Iraq's economy as well....he also pointed out the support from PM Abadi in the economic reform process stating that Abadi is not afraid to tackle this crisis in order to return the Iraqi economy to a point of excellence.
Legal representative:'ve accomplished many laws
Parliament is loaded with a bunch of laws from COM....but that is their job to get these laws approved....they are doing so....so they say.....the Legal Committee is bringing forth a number of laws for vote....the Parliament has a positive attitude...when did we ever hear of the former Parliament as having a positive attitude...
NEVER...NEVER....NEVER...a positive attitude reflects greatly on the legislative process.....meaning more worthwhile work is completed.....watch for a steamroller of laws to be spewed forth from Parliament or in conjunction with what we have yet to see from the budget....all is good.
I leave you with a simple thought for the day......the BEST is yet to come. Aloha Randy