Post From KTFA By aggiedad77 » February 27th, 2014
Thursday Morning News Summaries
Urgent Municipality people: the lack of liquidity in banks hinders the process of distribution of compensation of the victims of the rains
This article again shows the lack of liquidity that the banks are experiencing in Iraq.....there was money committed to farmers that had crops destroyed by last year's flooding.....but they are having trouble distributing money to them because of liquidity problems with the banks.....as the money comes in it is being disbursed....but slowly.
Read More Link On Right
Postpone the parliamentary session to the next Saturday for lack of quorum
Pure and simple....many of the players of the team failed to show up today....so no quorum....so next session is Saturday. Don't they fear some reprisal coming from Maliki if they don't start attending these session.....good grief already, your point is made....now let's move on....all you are hurting are the people of Iraq.
Because of the deficit .. warnings from the International Monetary Fund objection on the budget
The IMF is still warning Iraq about issues they see with their 2014 budget especially as it deals with the potential deficit of $35 billion dollars....the World Bank is also sending up flags, stating that they may face serious economical and financial issues as a result.....
in reading this article....I had a revelation of sorts about these warnings that we have been reading about in the past couple of weeks....these have all been aimed at the GOI....not the CBI....
I find that somewhat telling....they must still be pleased with the efforts of the CBI or there would be warnings to them as well....just some food for thought.
British report: Iraq Savels in 2017 and the war in Anbar cost seven million dollars a day
The British company International Center for Development Studies has issued a report about Iraq and their economic situation going forward.....they believe that Iraq may find itself bankrupt by 2017 largely due to budget deficit issues.....
they state in regard to oil that a 15% reduction in the oil budget would result in a significant reduction in the barrels per day production rate, thus not allowing Iraq to get any where close to the 3.5 million barres per day they want for 2014....
there are struggles with the big oil companies indicating they may pull out of Iraq....but just this week we have seen some evidence of Iraq trying to remedy these issues....if you believe the articles we see.....
they also talk about government corruption indicating that it is rather rampant and very obvious that pockets are being heavily padded.
Urgent .. armed gang clashing with guards Bwazzaria Rafidain Bank in an attempt to break into
All we know is that an armed gang tried to break into a Rafidain Bank in north Baghdad, don't know of casualties yet or if they succeeded in getting in and stealing any money
Monday trading on the launch .. "Mansour Bank" after the decision of the Board to distribute a cash dividend of 6%
The al-Mansour Bank announced after their general meeting they will launch trading of shares on Monday March 4, 2014 and they are to pay cash dividends of 6% of the capital of the company's 250 billion dinar.
Are Iraqi Banks Too Liquid?
Iraqi banks are seen as being very liquid in the amount of funds they tend to hold, especially those local banks that do not have international outlets. When an Iraqi bank is short at the end of the day, often times their only recourse is to rely on a loan from the CBI at 2 percentage points above the CBI policy rate...not that attractive.
So instead they try to hang onto ready cash for normal withdrawals but also for those unexpected withdrawals as well.
This format differs from other banking systems around the world where most often if a bank is short at the end of the day they can obtain a loan from other commercial banks that show a surplus at the end of the day.
Things are not so simple for Iraq's banks....could this be some of the monetary and banking reforms that are coming....maybe.
A Warning from the Sonangol Departure
With Sonangol announcing their pull out of Nineveh this creates the potential for compound problems for Iraqi's....they are left with work that the company had done over the past four years.....wondering how they will continue this work going forward....
while Sonangol quoted security issues for their leaving....one needs to realize that it does not spell the same problems for other oil and gas companies operating in the same areas, as things differ from area to area.....the loss of this company though will have an impact on many Iraqi citizens and cause some disruption in overall production.
Kurdish organization threatening to cut off the line of Ceyhan oil unless launches salaries region
This sounds like a radical Kurdish group that probably does not follow the wishes of the Kurd leaders out of Erbil....their idea of putting pressure on Baghdad by "cutting" the pipeline to Ceyhan, Turkey makes no sense at all....this is a lifeline for the Kurds as it is the main avenue now for the export of their oil.....
don't remove the hand by cutting off the arm.....it serves no purpose.....take the time to research better ways to put pressure upon Baghdad.
Secret agreement between Erbil and Ankara allow the export of oil territory without the consent of Baghdad
More talk by unnamed "sources" that the Kurds and Turkey have a "secret"deal to export oil out of the region without Baghdad's approval.....I'm not putting much stock in this as Turkey has stated they will not enter into the fight between Kurdistan and Baghdad regarding oil exports....
.yes indeed they sit poised to take the Kurd oil....but at least to this point they have shown great patience in actually taking possession of it.
Finance launches billion dollar share of Najaf airport funds to maintain frozen for three years
Well if I am reading this correctly.....and I can be mistaken....just ask my beautiful bride sometime.....it would appear that the CBI has approved the movement of one billion dollars....that have been converted from dollars to dinar....remember that announcement that Frank talked about.....
dealing in only dinars going forward....this makes sense based on that....this actually sounds like money that the Nineveh airport collected on "bodies" that passed through the airport for the past three years....anyway the Finance Ministry has frozen the transaction....
not really sure why....other than it might look bad for Nineveh to get this money when so many other areas are screaming for funds at the same time....if I have this all wrong and someone else wants to take a crack at it....I will be glad to "print" a correction.
Secretariat of the Council of Ministers decides to adopt a voter's card as an official fifth
This article from the Secretariat of the COM appears to be stating that it is going to be up to the state institutions to determine if the person holding the voter e-card is indeed the person who should have it.....
the owner of the card is not able to waive his ownership through sale of the card or assign the card to someone else for electoral purposes.....in other words....don't give up your card for any reason or else be subject to penalty by the law.
Iraq agrees to deposit $ 3 million to restore the membership (IATA)
Ok, don't get up about the Iraqi's having or not having money based on this article....pay attention to the wording of the title first...."agrees" this does not say they paid it....simply agreeing to pay could mean in Iraqi terms that it may take months for the money to finally change hands.....
they have reached an agreement for a $3 million dollar letter of guarantee for debts owed by Iraqi Airways in the past.....anyone who feels they have such a debt will have a given time frame to come forward with documented evidence of said debt....
this will get them back in good standing with the International Federation of Civil Aviation.....but it does not say the $3 million has been paid....careful choice of words.
Here is the morning News Summaries for Thursday Randy