Millionday News 11/08/15 Part 2 of 2
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Millionday: NOTE -- SOME BANKS DID NOT FOLLOW REGULATION SO THEY WILL HAVE TO MEET ORDERS GIVEN DUE TO THIS BEFORE THEY MAY GO FORWARD--- LEGAL ORDERS
Millionday: The statement said that" Among those actions prosecution by Iraqi courts in addition to his imposing heavy fines and being Asthsalha now, "noting that" the bank's audit teams continuing to work in this field with the coordination and inform the competent judicial authorities offenses or values the amounts obtained for this purpose.
Millionday: "It is noteworthy that the Iraqi Central Bank decided, in (June 9, 2015), depriving the 14 banks from entering the window buying and selling foreign currency, as he emphasized that depriving these banks will continue until the payment of the amounts discharged.
Gene Hill: Why are we not hearing news of high rank officials in other countries participating in such momentous reforms that surely affect their citizens greatly and as much as citizens of Iraq are affected?
Millionday: GENE -- UP UNTIL TODAY MANY INTERNATIONAL LEADERS WERE IN IRAQ AND MANY LEADERS HAVE ALSO TAKEN PART IN CONTRACTS AND ALSO STRATEGIC FRAMEWORK AGREEMENTS ETC ---
Millionday: EXPERTS FROM ALL OVER THE GLOBE HAVE BEEN IN IRAQ --
Nadita: 14 banks must have not paid their bills to central banks.
Millionday: ACCORDING TO WHAT I HAVE SEEN -- THEY DID NOT FOLLOW SET REGULATIONS --
Gene Hill: Do we know what all countries are in the basket (if there really is a basket)?
Millionday: THE BASKET MEANING SDR?
Millionday: Finance Committee in the House of Representatives stressed the importance of the work of electronic payment that would activate the banking system in Iraq and banditry in front of bribes and restore some public money to the state treasury.
A member of the committee MP Masood Haider Rustam said in a statement seen by the agency of our economy news that this system significantly contribute to the activation of the banking sector in Iraq,
and will restore confidence between the citizen and the banks, adding that the applicable system is not in the developed European countries only, but in the states neighbors like Iran and Turkey.
Millionday: NOTE -- THE FINANCE COMMITTEE IS STATING HOW IMPORTANT IT IS TO ACTIVATE THE ELECTRONIC BANKING AS IN THIS REPORT -- GLOBALLY
Millionday: He said Rustam this system «quantum leap» in banking transactions, stressing that it will save the state the issue of currency demand and facilitate the exchange through electronic cards, which will contribute to restore some public money to the state treasury.
Millionday: NOTE -- I AM NOT AN INTERNATIONAL BANKING EXPERT -- THE WAY I UNDERSTAND ECONOMICS IN BANKING IS THEY ARE REQUIRED TO HAVE ON A % OF DEPOSITS
AND ARE ABLE TO INVEST ETC PORTIONS OF MOVING FUNDS -- THIS ALLOWS REVENUES IN INTERESTS AND OTHER BANKING SOURCES
Millionday: In spite of the many features contained in this system, but the Iraqi banks questioned the possibility of the success of the system (electronic payment), who called him the Central Bank of Iraq, indicating that the Iraqi particularly both private banks are not eligible to work in this system because of the debt being experienced,
was not able to put it so far, as well as the lack of new deposits, both from the citizen or from government agencies, as well as the current conditions of the country to which the activities of banks.
Millionday: SO THE BUDGET AND FUNDS NEED TO BE DEPOSITED AND BANKING SERVICES NEED TO BE ACTIVATED SO ITS A GREAT SUCCESS ---
Millionday: HUGE THEY ARE CALLING FOR ITS ACTIVATION
Doodle Brain: Importance of an Electronic GLOBAL Banking System. Ummmm, I think this deserves a big'ol....WHOOPOW!
Millionday: GREAT NEWS NIGHT Millionday: WHOOOPOW
Doodle Brain: As of this moment, there are no agendas posted for next week, but this is not unusual. Agenda's are normally posted the night before or a few hours prior to an official session.
My first question is, what do you think will be on the Agenda tomorrow or Tuesday? Am I asking you to look into your Crystal Ball...yes, I guess I am. I actually believe that you own one of those things....
And my second and last question is...I posted an article in the Forum that stated that Chalabi delivered his files of "corruption" prior to his death. JPEGs of the actual documents (which I can't transcribe).
Who do you think they were delivered to and what do you think is going to happen next? Maliki relocating to Syria or maybe a life time membership to one of Iraq's notorious prisons?!?
Millionday: MALIKI IS REPORTED NOT TO BE WELL
Millionday: LET ME SEE WHAT I HAVE ON PARLIAMENT
Millionday: THEY HAVE BEEN WORKING MANY DAYS IN A ROW --
Millionday: READ EVERY WORD OF THIS -- WHOOPOW
Millionday: Emirate encourages intellectual background adopted by the government in economic policy and of financial activity and embodied in the project the previous budgets, private economic activity.
This philosophy enshrined in the Iraqi constitution, in Article 25, which states: (The State shall ensure the reform of the Iraqi economy on a modern basis and to ensure full investment of its resources,
Millionday: diversifying its sources and encouraging the private sector and development) which is based on narrowing the field to the economic activity of the state, as a prelude to join the system of the world economy imposed by international institutions (the International Monetary Fund, World Bank and WTO) and guidance.
Millionday: NOTE --OBVIOUSLY THE ACTIVATION OF THEIR OWN CONSTITUTIONAL GUARANTEES IN ARTICLE 25 IS VERY IMPORTANT DUE TO THE FACT IT IS THE IRAQI ECONOMY
Millionday: Academic d. Imad al-Ani said that Iraq currently faces conditions that do not allow him to work on this approach only after it is economic and social reform process and even political, and then the appropriate approach to join the international economic system,
noting that as a result we note that there is a significant distortion in the government budgets for Iraq, because despite what was approved by the Constitution and announced by the government following the philosophy of free market economy and the adoption of market mechanism economist as a method, but that is what we observe in the budget otherwise completely.
Millionday: NOTE -- ARTICLE 25 CAN NOT BE APPLIED WITHOUT THE REFORMS
Millionday: >>>>>only after it is economic and social reform process
Millionday: He pointed out that the budget reflects the extent of government intervention in the economy, particularly as indicated by the operational expenditure figures and specifically paragraph salaries and wages, and thus there are great challenges of economic, social and political general budget and make this the image that we see control.
He said al-Ani, saying: What Iraq still suffers from the lack of reasons for security and stability are allowed to develop realistic and ambitious development and reconstruction programs, in the circumstances of the lack of strategic development and
Millionday: NOTE -- THE REASON THIS IS NOT APPLIED IS DUE TO REFORMS NOT BEING ACTIVATED AS WE CAN SEE BY THIS REPORT
Millionday: clear The glitch security significantly, where the focus is on the security aspects, in particular social aspects, including the guarantee entry to citizens, pointing out that this situation has seen high unemployment rates accompanied by economic and social effects makes it imperative for the government addressed through fiscal policy, specifically overhead.
Millionday: NOTE -- IT IS IMPERATIVE THAT THEY MOVE FORWARD WITH FISCAL POLICY DUE TO THE SITUATION DESCRIBED
Millionday: He pointed to accompany it is policy efficient operation, as the only sector that works is the public sector, although it suffers a lot of obstacles, including the private sector depends on the work almost entirely,
as it is still suffering from serious problems will require increased public spending on infrastructure and basic support that sector and the provision of appropriate to the environment, pointing out that he was accompanied by high levels of poverty and poor performance of government services and the inability to provide the necessary environment for the extension of economic and social reform policy and this is a major challenge facing the government.
Millionday: NOTE -- WITH JUST THE PUBLIC SECTOR IT JUST IS NOT WORKING -- -- THE REFORMS ARE OBVIOUSLY NECESSARY
Millionday: Ani said: «reform of the public finance sector, a process that requires the study of the financial activity of the state conditions of income and expenditure, in particular the extreme weakness in tax revenue resulting from the failure of the tax system, mismanagement and the large number of exemptions. Offset by the case of widespread excessive public spending, which is evident by tracking the financial activity of the Iraqi government.
Millionday: NOTE -- EVEN THE GOVERNMENT CAN NOT OPERATE WITHOUT THE PLANNED TAXATION ETC REVENUES -- IT JUST DOESNT WORK ACCORDING TO THIS
Millionday: Concluded Ani to say that these things are the root cause of the growing fiscal deficit is added to that a defect in the structure of revenues, since oil is the source of these revenues president and which is linked to the international market makes revenue prone to instability due to fluctuations in world oil prices and fluctuations in the production and export capacity of Iraq's oil.
Millionday: SO THEY NEED TO ACTIVATE THE PRIVATE SECTOR -- OIL IS NOT RELIABLE AS THE ONLY INCOME AND THEY MUST MOVE FORWARD ACCORDING TO LOGIC AND THIS REPORT
cowboydownsouth: full investment of its resources, joining the system of the world economy imposed by international institutions (the International Monetary Fund, World Bank and WTO) Whoopow
jtank: arent the tax and tariff system set up for the coming monetary change and wont work with the situation the way it is now? thx
Millionday: ACCORDING TO EVERYTHING I HAVE READ IT IS SET UP
thomas1: how much longer do you think they need before they just do it instead of talking about it
Millionday: I DONT KNOW
thomas1: what hold up do you see as of now
thomas1: all i read is good good and they need ,but each week goes by nothing
Millionday: I DONT KNOW -- I SEE NOTHING IN INK AS A HOLD UP TO SHOW YOU --- GUESSING IS NOT GOOD -- SOME MAKE A GOOD PASS TIME OF IT BUT NOT ME -- NO INK STATING
Millionday: OK BRB -- LET ME SEE IF I HAVE ANTHING ON PARLIAMENT
Millionday: HERE WE GO WITH THE LAST OF IT
Millionday: READ EVERY WORD
Millionday: Salih stressed the launch of industrial and agricultural economic development process, adding that« the government has a vision Ptashiq state-owned enterprises with the private sector within the current lending program,
a move that would give a strong impetus to stimulate the private sector and the Iraqi economy, in addition to the agricultural sector and agricultural crops development », indicating that if the government went from now to activate it will be given the results and revenues during the six months.
He said the economic and financial adviser to the prime minister said Iraq has a problem in oil flows, adding,« but have a high wealth and not bankrupt, but facing financial hardship cash ».
Millionday: NOTE -- IRAQ HAS MADE SOME LOAN AGREEMENTS -- THE REPORT IS LONG AND IT HAS THE LONG FIGURES ETC
Millionday: He praised government adviser on the role of the Central Bank of the coordinating higher to support the monetary policy of the country, stressing that it has provided liquidity up to 11 trillion dinars to banks for government lending for the current year while maintaining and monitoring the reserve until the situation is safe from economically and keeps the dinar.
Millionday: and see the economic and financial adviser to the prime minister that the launch of the 6 trillion loan will contribute to the development of the economy and move the market economy in accordance with the guarantees and the basis of common data being linked with the rest of the banks, which will make the money in the safe and do not go to speculators or smugglers are limited Investors and the true pioneers of the market.
Millionday: SO THIS IS OBVIOUSLY A STATEMENT OF SUPPORT AND A PAT ON THE BACK FOR WORK IN PREPARATION --
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