Millionday News 8/2/14 Part 1
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[millionday] OK HERE WE GO
[millionday] The chairman Ashur International Bank that the amendment of the rules of procedure of the Association of private banks in Iraq reflects the passion and vision for the banks in the need to deal with the global banking shifts according to the contexts in place in developed countries.
The Chairman of the Board and Wadih Handal said in a statement the "morning" on the sidelines of the extraordinary meeting of the general assembly of the Association and enhance its ability to meet the challenges in building a strong economy and modern contributes to the achievement of sustainable development and enhances global confidence in the credibility of the Iraqi banking sector private
[millionday] NOTE -- THIS IS SAYING THAT THE AMENDMENTS OF THE PROCEDURES ARE TO SHIFT TO GLOBAL BANKING COMPLIANCE SO CONFIDENCE CAN BE GAINED IN IRAQ`S BANKING
[millionday] NOTE -- THEY ARE MAKING CERTAIN THAT THEY CAN FIT INTO DEVELOPED COUNTRIES AND EXPAND THROUGHOUT THE GLOBE
[millionday] Handal noted that the new rules of procedure allows for the Association of opportunities opening up more to the central banking institution of the Central Bank of Iraq and the strengthening of the relationship with them so as to ensure a successful monetary policy distancing the capital market for the errors and mistakes and protect the banks from slipping in the maze of mistakes.
He expressed his confidence that the new administrative board, which was elected for the General Assembly meeting of the Association and in the light of the amendments to the Rules of Procedure of the Association will be their duties and the dictates of the next phase of the functions and duties is the responsibility of the banking sector, implementation, according to the program of the new government expected formed to unify the goal and vision.
[millionday] NOTE -- THE ASSOCIATION WAS FORMED TO ENSURE THAT THE REFORMS ARE ALL SUCCESSFUL INCLUDING THE MONETARY POLICY –
THEY ARE IN PLACE TO ENSURE THEY DO NOT MAKE MISTAKES THAT ARE NOT CAUGHT RIGHT AWAY SO THAT IRAQ HITS THE GLOBE SUCCESSFULLY
[millionday] He expressed his thanks to the departments of banks that have adopted the practice of transparency, which took place at the General Assembly meeting stressing the desire of the Iraqi banks to adhere to international standards of banking that limit money laundering and other malpractices,
calling on private banks to circumvent the new administrative board for its support and enable them to achieve the goals and interests of banks.
The General Authority for Banks Association has held an extraordinary meeting which was modified rules of procedure of the Association, and elected administrative body of the Association resulted in the victory of 11 local banks in the membership of the body and 9 banks Genuine banks reserves.
[millionday] NOTE -- THEY HAVE HELD A MEETING THAT HAS CREATED THE GENERAL AUTHORITY AND ALSO THE ELECTIONS OF THE POSITIONS SO THAT THEY CAN APPLY ALL INTERNATIONAL COMPLIANCE AND ALSO THE IRAQI BANKING REFORM
[millionday] THIS IS OF COURSE TO PROTECT IRAQ AS THEY BECOME VULNERABLE TO THE GLOBAL CONDITIONS AND THE RISKS
[millionday] He had said the election was characterized by interventions and inquiries directors authorized representatives of the banks involved and those who put their mark in the new rules of procedure in accordance with the interests of their banks and service economy of the country in the presence of a retired judge, Saleh al-Jubouri and Advocate Legal Association Mohammed Kadoorie and Advocate Legal Service organizations in his personal capacity, Basil al-Moussawi.
[millionday] SO AS WE SEE -- THIS STEP IS TO MOVE FORWARD TO THE GLOBAL BANKING WE HAVE BEEN READING ABOUT
AND THE MARKET ECONOMY WITH THE STOCK MARKET THAT THE BANKING SERVICES WILL BE PART OF AS WELL
[lstar877] The isx reopens tomorrow? Do u know if they'll trade international?
millionday] I HAVE NOT SEEN ANYTHING IN INK THAT IS VERIFIABLE ABOUT THEIR ENTRY TO THE GLOBE -- THE ESX IS TO ENTER THE GLOBE IN AUGUST THAT WE HAVE IN INK BUT THAT DIDNT SAY WHEN IN THE MONTH
znn: If things don't go as we hope they do with the PM elections, do you think they will still move forward with MR?
[millionday] ZNN -- I HAVE SOME INK ON MALIKI AND I DO NOT BELIEVE THEY ARE MOVING FORWARD WITH MALIKI AS A NEW GOV OFFICIAL ---
HE WILL HOWEVER REMAIN IN THE CARETAKER GOV UNTIL THE NEW GOV IS IN PLACE OR AT LEAST THE PM OF COURSE
millionday] OK SO BRB WITH MORE SMILE
[millionday] HERE WE GO LETS LOOK AT THIS REPORT
[millionday] Showed the conditions experienced by the country the importance of small and medium enterprises, which has long advocated by economists, and despite efforts by some private banks in the establishment of a coalition between some of them in the founding of the company in support of these projects Aln importance emerged in the current stage, especially after closing some border supply source those products.’
It may be useful to note the advantages of these projects as they contribute to providing many of the requirements and basic products as well as their ability to absorb Iyad unemployed and thus contribute to the absorption of an important part of the unemployment that has plagued the economy.
[millionday] We have revealed the current events of the size of the projects designed by states Jawaraly according to the demand needed by the large Iraqi market with a stop most, if not all the laboratories and factories of Iraq,
whether governmental or private sector, and in the media leaks revealed by traders Jordanians for the loss of laboratories established in Jordanian Free Zones and designed according to the request of the Iraqi market amounted to 140 million dollars within a month over the events and you can imagine the size of hard currency which Tsenzv due to imports, which can be compensated locally by supporting small and medium enterprises in the country.
[millionday] NOTE -- THEY ARE REFERRING TO THE REVENUES THAT WILL COME FROM THE ENTRY TO THE MARKET IN THE GLOBE BY IRAQ -- THE BEGINNING WILL BE AN EVENT AS THEY HAVE CALLED IT
[millionday] NOTE -- THE PRIVATE SECTOR AND THE LARGE CORPORATIONS WILL ALL BE VERY IMPORTANT BUT THEY ARE STATING THAT THE EMPLOYMENT IS GOING TO BE VERY EFFECTED BY ALL OF THE PRIVATE SECTOR AND THE OPENING OF SO MANY INDUSTRIAL COMPANIES ECT
[millionday] It is interesting that private industry Hebb voluntary response from him to modify the transaction in providing some of the food industry that you need the local market and to support the military effort, too, refers to the possibility of establishing internal projects provided that the necessary support.
The nature of the support was president of the Federation of Iraqi Industries has said in an interview earlier (morning) the possibility of providing this support through the activation of the customs tariff law to make the local product able to compete through the balance of production costs with the values of imports and activate the legal protection of the product and the consumer in one basket.
[millionday] NOTE -- ALL COMMERCE LAWS AND REGULATIONS WILL ALL BE ACTIVATED AT THE SAME TIME –
THAT IS THE ONLY WAY IT WILL WORK SO THAT ALL PRODUCTS ARE PROTECTED AND ALSO THE PRICING INDEX WITH IMPORTS OF PRODUCTS CAN ALSO ABSORB THE TARIFF THAT WILL BE APPLIED SO THEY ARE COMPETITIVE IN THEIR OWN MARKET
[millionday] And now it has pant importance of starting the national product, which requires the support of the government to continue its efforts in the cases of war and peace and the importance that it will stimulate the growth of the economy through the diversification of the sources of funding for the public budget, what way to do this?.
All eyes are turned towards industrial initiative which hopes Snaaao Iraq enters into force after the adoption of the new parliament, the budget of the Federal Assembly,
while economists see the need to head the objectives of this initiative is to support the private industrial sector as is the case in the agricultural initiative that achieved targets Good Development does not have to go to attempts to revive the public companies that are no way to salvage funding.
[millionday] NOTE -- WE ALL KNOW THE HEART OF ALL COUNTRIES IS THE PRIVATE SECTOR SO OF COURSE THEY ARE SAYING THAT THE IMPORTANCE OF ITS LAUNCH IS HUGE HUGE
[millionday] Union of Industrialists their point of view expressed by their president Ali Sabih al-Saadi are summarized in the allocation of loans for the purchase of production lines for the projects needed by the country at present with accessories manufacturing and manufacturing requirements do not have to pay the loans directly going to the activities of commercial and consumer move away completely from the target of the initiative industrial achieve and requires according to Saadi minutes to put in place mechanisms to achieve this goal.
[millionday] SO THEY ARE GOING TO MAKE LOANS TO THE PRIVATE SECTOR TO GET ROLLING FOR THE SUCCESS OF THE ECONOMY AND WHAT THEY NEED TO HAPPEN WITHIN THE COUNTRY
AND THEY WONT HAVE THE MONEY TO PAY BACK RIGHT AWAY BUT THE IMPACT IS MORE IMPORTANT
SO THE COMPANIES ARE GOING TO BE ABLE TO MOVE FORWARD AND THEN BEGIN PAYING BACK THEIR LOANS AS THE COUNTRY GETS THEIR REWARDS
[millionday] OR I SHOULD SAY AS THE REWARDS BEGIN
[millionday] TAXES AND REVENUES AND STOCK MARKET AND EXPORTING AND IMPORTING WILL ALL BE RELIANT
[millionday] MAKE SENSE ?
millionday] THEY WILL NEED FAIR TRADE OR ALL PRODUCTS WILL NOT BE ABLE TO BE BOUGHT TO MANUFACTURE OR EVEN EXPAND THEIR SHOPS ECT –
THEY WILL NOT BE ABLE TO AFFORD TO MOVE INTO THIS CENTURY
millionday] THEY NEED A FAIR MARKET PRICE FOR THEIR DINAR AND ALL PRODUCTS
[millionday] MAKE SENSE ?
[millionday] CBI HAS MADE A PRESS STATEMENT THAT THEY ARE MOVING FORWARD WITH THEIR REFORMS AND HAS ALSO REPORTED WHERE THEY ARE WITH THEIR BANKING REFORMS
AND HAVE GOTTEN APROVAL FOR THE MONETARY POLICY FROM WORLD BANK AND THE IMF --
[millionday] THEY HAVE FORMED THE ASSOCIATION WE WERE TALKING ABOUT AT THE BEGINNING OF NEWSTIME --
[millionday] SO IT SEEMS THEY ARE WORKING ANYWHO SMILE
[jtank] How much time to get the economy to speed--1 yr?--a lot of training building-ect
[millionday] THEY HAVE BEEN TRAINING FOR ABOUT TWO YEARS NOW SO I WOULD SAY TWO IS ABOUT WHAT IT TOOK