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Millionday News 8/27/13
[millionday] so here we go this is what i brought today we have a lot so i will try to summarize it all as we go -- there is a body of securities --- as in london and our new york and isx if they are part of it would be in the list ect - here is this that confirms what they are stating to the citizens in the media
[millionday] A member of the Economic Commission Kurdistan Alliance MP Jassem, that the entry of Iraq as a permanent member of the world body for securities will increase its shares in international companies. Iraq possesses great wealth and after that came out of Chapter VII,
it became necessary to enters in the policies of global economic, noting that Iraq's entry as a permanent member of the world body for the securities will support its economy and raise its shares in international companies.
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[millionday] said: that Iraq possesses no monetary policy, the level of ambition so far so must log bodies and keep pace with evolving global economic because it will benefit it. noted that the Securities Commission is working on the entry of Iraq to the world body for securities after the withdrawal of Iraq from the provisions of Chapter VII.
[millionday] so obviously they are working toward the isx being activated and they are telling their citizens this smile brb with more buuuuuuuuuuoooooya brb
[millionday] Revealed Economic Commission, investment and reconstruction for converting the amount of money needed from the budget of the Ministry of Commerce to Rafidain Bank instead of the food ration card is processed for months to be distributed among the citizens soon.
Comes at a time when the Commission called upon the government to increase the budget of the Ministry of Commerce to secure stocks Strategy of food and medicine to the country or monitoring of funds from the financial abundance of oil.
[millionday] Committee member Rep. Nora Salem Bijari reported (morning) that during its Minister of Commerce discussed the mechanism for the distribution of funds instead of the ration card for the provinces of all,
asserting that the Ministry of Commerce has transformed the amount of 850 billion dinars from the account of the ministry to Rafidain year.
Explained Bijari that the bank (Iraq) will transfer the amounts transferred from the ministry to the provinces to be disbursed to the citizens through agents
[millionday] note -- they have agents that will distribute and groups that will monitor the ration card distribution as they do in most countries in each province -- now they are working to get the finds moved for it to the banks that will handle it for the gov -- federal gov because it is from federal funds distributed by local agents
[millionday] Supply, likely that the distribution will be in the coming days and that all previous months that have not received their food by the ration card and include rice, sugar either coming months, it will be A full breakdown of food. and the Cabinet had decided at its thirty-fourth exchange a sum of money per capita Iraqi covered system of ration card instead of food is processed for months, years, entitled
[millionday] so they will get food and all back pay on a card
[millionday] The Ministry of Trade is seeking to activate the plan stockpiling strategic for Iraq and developed by since the year 2012 and include proposals to provide stocks of food and medicine either enough for three months or six months, because you need this plan the amount of two billion to 3 billion dinars to secure inventories.
"She Bijari the cabinet formed a committee of emergency with the specialized committees of the Ministry of Health, Finance and Trade regarding stockpiling strategic from the Food and Drug Administration, to benefit from the situation taking place in the region, especially in Syria, as it has a stock of strategic food and medicine is enough for the next 18 months to meet their needs.
[millionday] so they are telling the citizens that within a few days they will be taken care of and will receive what they have coming to them brb with more
millionday] Relieved the Council of Ministers on Tuesday, foreign companies implementing a project of the port of Faw from taxes and fees.
General Secretariat of the Council of Ministers said in a statement received "morning," a copy of it, that "the Council of Ministers held its thirty-seventh regular in Baghdad, on Tuesday, led by Prime Minister Nuri al-Maliki issued a decree exempting foreign companies implementing the draft port of Faw of taxes and fees on as it is within development projects.
"The statement added that" the Council agreed to authorize the National Investment Commission issued an investment license to (MAS Iraq for industrial investment) in order to construct a plant for the production of cement in the province of Najaf, "noting that" the decision was based on the provisions of Article 7 (/ b) of the Investment Law No. (13) for the year 2006 average.
[millionday] "He continued:" The government has decided to exempt live animals imported for breeding purposes of drawing the reconstruction of Iraq, "noting that" the Council also decided to authorize the Ministry of Construction and Housing to re- restoration of a mosque and Hussein,
Fatima Zahra in Muqdadiyah. "also authorized the" Minister of Finance to hold loan guarantee provided by the banks (Rafidain and Rasheed, Iraqi Trade) and your payments remaining three of the Company (Hanwha, South Korea) and in accordance with the timing of the agreed time between the National Authority for Investment and executing company .
[millionday] . "and added that" the Council also decided to accept the letter of guarantee direct support of the company (Hanwha, South Korea) for each batch paid by banks and issued by the Export-Import Bank Korea (Exim Bank) ",
noting that" the acceptance of the letter of guarantee came on the grounds that the speech released by the Korean government and the implementation of the Authority's commitment to executing the contract with the company and its adoption by the three government banks. "
millionday] this is major advancement for the contracts to go into effect --- this is the decision to decide who and why is paying tariff tax at the port --- and also other contracts that are being activated finally
[millionday] much much good news this is about setting the rate of the dinar
[millionday] According to an Iraqi financial expert, the value of Iraq’s federal reserves currently amounts to about $80 billion, following the recent increase in the country’s oil exports.
Nevertheless, no information was made available by the Central Bank of Iraq (CBI) to this effect. Speaking to Al-Monitor, Iraqi financial expert Hussein al-Asadi said, “According to my information, the value of Iraq’s federal reserves currently amounts to about $80 billion. This includes funds, precious metals and other items.”
[millionday] Nevertheless, the spokesman for the CBI, which is charged with managing the federal reserves of Iraq, has yet to issue a statement in this regard. Meanwhile, Al-Monitor’s correspondent in Baghdad failed to obtain comment from the bank’s governor, Abdul Basit Turki, to this effect, or determine the identity of those authorized to speak to the media.
The bank has only issued statements to comment on the developments of its work. The last comment made by the CBI regarding the country’s federal reserves dates back to Jan. 31, 2012, when the bank denied the “decline of gold reserves.” The CBI stated, “They have been stable throughout the past months and amount to 29,730 tons.”
[millionday] Asadi added, “The US dollar is the main currency in the Iraqi reserves. There are also some reserves in other currencies, in addition to gold. ...
Due to the troubled military and political conditions of the country, Iraq’s reserves cannot be invested to a large extent, as is the case in China or the United Arab Emirates, for instance.”
“Iraq is distributing its reserves to a number of banks just to protect [these funds], although it does generate some interest on the deposits,” Asadi added.
[millionday] Asadi also talked about the crisis that took place between the Iraqi government and the CBI under the management of its former Gov. Sinan al-Shabibi, who refused to lend the government a part of the reserves to implement projects related to providing services to citizens such as water and electricity.
Asadi added, “Article 26 of the CBI law explicitly states that it is inadmissible to lend to the government.” On how the reserves are formed, Asadi said, “Iraq’s annual budget is in Iraqi dinars, which the CBI owns. The state’s revenues are from oil exports, and they are mostly in US dollars.
The government buys dinars from the bank, which results in profits for the bank. ... The total CBI profits from selling dinars to the state constitute the country’s federal reserve, whose growth is associated with state spending. State spending increases in proportion with its oil exports.
[millionday] note -- they sell the usd back to them to get dinars
[millionday] Moreover, Asadi said, “With the expected increase in Iraq’s oil exports in the near future, the country’s reserves are likely to grow to a large extent in the coming years. For his part, Iraqi MP Abdul Hussein Abtan, who is a member of the parliamentary economic committee, said to Al-Monitor, “The total value of funds and precious metals that make up Iraq’s federal reserves amounts to about $76 billion.” He added, “This reserve was only invested in projects to support the stability of the Iraqi dinar's exchange rate.”
[millionday] Abtan also talked about the currency auction, where the bank is putting up amounts of US dollars in cash for auction three times per week, to provide hard currency for traders and suppliers. Furthermore, in a phone call with Al-Monitor, Ahmed Hassan Faizullah, a member of the parliamentary finance committee, denied the fact that “the government is able to use Iraq’s federal reserves, despite its need for funds on more than one occasion.”
PART 2 CONTINUED
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