Millionday Roundtable 4/10/15 Part 1
Welcome to dinarupdates.com for Roundtable with Millionday!!
Millionday: Parliamentary Finance Committee attributed, on Friday, the reason for the high price of the US dollar against the Iraqi dinar to the text of the General Budget Law, which does not allow the sale of the central bank a day more than $ 75 million maximum.
Committee member Ahmed Sarhan In an interview with "The trend Press," said the text of the law under the central bank sales significantly from the sale of hard currency is the reason for the lack of supply
and increasing demand, which resulted in a rush of traders and businessmen to buy it, which naturally led to high price He expected the stability of the dinar in a maximum period of two months.
Millionday: NOTE -- THEY ARE SAYING THEY ARE GOING TO MINIMIZE SALES AND EXPECT THAT THE STABILITY OF THE DINAR WILL BE WITHIN TWO MONTHS -- WHOOOPOW
Millionday: He added that despite this rise, but the central bank restricts this law and shall be obligated to sell a specified quantity of the dollar will contribute to the stability of the market and the Iraqi dinar,
referring to it as passed by both Lebanon and Jordan from the oscillation problems at local currencies after their legislation to the law required banks to sell a certain amount of foreign currencies.
Referred to as the US dollar has risen significantly in front of the Iraqi dinar exchange rate, amounting to about 1350 to the dollar amid expectations of a height in the coming days.
Millionday: SO THIS WILL BE ADDRESSED BY SUPPLY AND DEMAND -- AND THEY WILL BE STABALIZING WITHIN THE MAXIMUM OF THE NEXT COUPLE MONTHS
Millionday: NOW THAT IS WHAT SHOULD BE EXPECTED -- MARKET ECONOMY -- SUPPLY AND DEMAND
Millionday: NOTE -- OBVIOUSLY THIS IS GREAT TO SEE
Millionday: Hassan Khalati Wednesday that the general budget entirely dependent on oil imports must be to speed up the enactment of the oil and gas law, which ensures that regulate the relationship between the center and Iraqi Kurdistan.
Khalati said in a statement to the Agency / Source News / "The next Council of Representatives will see the inclusion of oil and gas law on the agenda for the purpose of reading and discussion by the political blocs."
Millionday: NOTE -- SPEEDING UP THE OIL AND GAS LAW ---OBVIOUSLY WILL BE THE BEST NEWS BETWEEN THE FED AND KURDS
Millionday: "The said law is important because it solves many of the dilemmas that exist between Iraqi Kurdistan and the federal government and between the oil-producing provinces and therefore this law will set the oil policy in the country,
noting that" there is a wide interest by the parliamentary blocs to complete the enactment of this law, the fact that the state budget is based totally dependent on the proceeds of oil resources.
He Khalati that "the nuclear deal between the United States and other major powers and Iran would be in favor of Iraq and is in line with the aspirations of the stability and the start of a new chapter of harmony among different countries.
Millionday: SO KNOW THAT OUR FAVORITE WORD IS HARMONY AND AMONG DIFFERENT COUNTRIES IS OUR GOAL --- SO THIS IS GREAT -- WHOOOPOW
Millionday: REMEMBER THAT THE FINANCIAL ISSUES HAVE TO BE RESOLVED ACCORDING TO REPORTS -- SMILE
Millionday: He attributed specialize in the banking sector, on Thursday, the reason for the high dollar exchange rate against the dinar to the recent central bank own deduct customs duties and taxes in advance procedures,
and called for a "freeze" the resolution, as expected continued decline in the value of the Iraqi dinar, stressed the need for the abolition of Article 50 of the Budget .
Millionday: The Iraqi Central Bank announced, in (17 March 2015), the adoption of a new mechanism for the payment of taxes and control the "money laundering" through the prepayment of taxes and customs of the goods entering Iraq, returned it will double the country's imports.
The bank decided in (28 March 2015) to meet 8% of tax rates and customs own Bokiem imports by private banks
Millionday: NOTE -- THE COUNTRIES IMPORTS DOUBLED ? WOW --- HAD TO BRING THIS TO YA
Millionday: Serafi said Ali Saad's banking district Harthiya in an interview to the (long-Presse), "The US dollar exchange rate went up to 1,340 dinars, because of the procedures followed by the central bank to increase demand and reduce the size of its sales."
Saad said that "the continuation of the central bank actions may result in the coming weeks to a large rise in the price of the dollar against the Iraqi dinar."
Millionday: NOTE -- OBVIOUSLY THE POLICIES THAT ARE BEING USED NOW ARE NOT THE GOAL AND A HUGE CHANGE SHOULD BE SHOWING ITSELF VERY QUICKLY --- THE GOV NEEDS TO BE REPLACED ---
Millionday: For his part, the Executive Director of Bank Union Muhannad Kassem said in an interview to the (long-Presse), "The rise in the dollar exchange rate is due to the new regulations followed by the Central Bank of Iraq to get individuals or companies on the hard currency to cover imports of goods", calling for a "freeze decision."
Millionday: Qasim pointed out that "the trader was formerly offers the amount of the Iraqi dinar and documentation required to get a dollar, but that the last instruction imposed on the merchant approximately 8% of the amount required to buy dollars in Iraqi dinars,"
explaining that "5% of the secretariats to calculate customs and 3% to account general tax authority.
Millionday: NOTE -- THEY ARE PREPARING FOR TRADE BUT NEED TO APPLY REFORMS OBVIOUSLY
Millionday: He denominator "after taking these taxes will rise the dollar on the merchant nearly 90 tiger and this means increasing the cost of the dollar in 1282, thus raising the price of the dollar,"
stressing that "this mechanism has been talked about among specialists in government departments and experts, economists and central bank Nearly a month or more and applied on 25 March.
Millionday: Qasim said that "the importers are getting on the dollar after the submission of documents and insurance after 15 days," expected "continued high dollar exchange rate if there is no change mechanism or at least freeze to search for other viable mechanism".
And the Executive Director of Union Bank that "the impact of exchange rate appreciation on the Iraqi market will be negative because the country relies B95% of its needs to import."
Millionday: NOTE -- AS I WAS SAYING --- THE COUNTRY NEEDS IMPORTS AND A MARKET ECONOMY --
Millionday: For his part, the Executive Director of the Association of Iraqi banks Tariq Ali said in an interview to the (long-Presse), said that "Article 50 of the federal budget for the 2015 law forced the Central Bank of Iraq to sell $ 75 million a day and is one of the reasons for the fluctuation of the dollar exchange rate."
Tariq pointed out that "the other reason behind the increase in the dollar exchange rate is the central bank's decisions on tax and customs deductions in advance," explaining that "these actions are correct but they must be applied gradually."
Millionday: NOTE --THIS MAKES IT OBVIOUS FOR THE FLUCTUATION --- SMILE
Millionday: NOTE -- THIS IS RELEASED TO THE CITIZENS -- IT MAY BE LONG -- BUT FULL OF INFO
Millionday: And invited the Executive Director of the Iraqi Central Bank to the banks, "the exchange rate returns to normal by injecting the dollar amounts of the private market and the Iraqi market needs more than $ 75 million."
It is noteworthy that the International Monetary Fund predicted in (21 March 2015), the high proportion of the deficit in the budget for Iraq in 2015 to more than the 12 percent announced by the government, due to lower oil prices, and the weakness of the possibility of Iraq's commitment to export 3.3 million barrels per day, and assume the budget,
Millionday: NOTE -- THE REFORMS CAN NOT BE IGNORED
Millionday: The proposed implementation of reform measures include strict austerity in investment projects, and a commitment to reducing expenses, and reconsider the limits of central bank sales of the currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.
Millionday: NOTE -- AS YOU WILL SEE -- SUPPLY AND DEMAND -- (MARKET ECONOMY)
Millionday: The current year's budget law, committed the Central Bank of Iraq, in paragraph 50, identifying sales of foreign currency (dollar) in daily auction ceiling does not exceed 75 million, with the exercise of justice in the sale,
and claim the participant in the auction the bank providing the introduction of cargo documents and data Tax settling accounts and savings Alkmarki within 30 days from the date of purchase of the amount,
and so it applies penalties stipulated in the Central Bank Act or regulations issued it, and use other banking tools to maintain the strength of the dinar against the dollar.
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