Post From Dinar Updates
Chat Room Excerpts & Highlights 6-12-16
RCookie’s Sunday News Recap & PM Chat Part 2 of 3
rcookie says():The banking sector .. actually required reform
6/13/2016 0:00 Abdul Zahra Mohammed Hindawi , despite the acquisition of a larger area of the banking landscape in Iraq, but the government banks are still facing a lot of challenges that have prevented the performance of their active role in the development of construction required in the country 's process, especially with the intensification of the financial crisis and the government 's efforts to meet the registered in the budget deficit by resorting to external borrowing and the issuance of bonds .
Perhaps the bold step taken recently by the cabinet and of exempting government banks managers an agricultural, industrial and Iraqi trade and Rafidain bank represents a new beginning to change the reality of these banks, which was over the past years - also stresses involved in the banking sector - ineffective but, some believe it was disruptive to some of the important steps that could increase the effectiveness of the banking sector , public and private , both ..
this case Find a negative environment that has alienated the private sector banks to contribute to the investment process, as long as through private banks , owners complained of State - owned banks dominance and lack of opportunity in front of them,
as private banks was deprived of a lot of privileges that could have been obtained, including bank transfers, because 90 percent of those remittances are the State - owned banks in the distribution ratio of (10% remaining) on more than (50) banks waged, this as well as private banks deprivation of dealing instruments certified,
and such issues that will negatively affect the confidence of the citizen sector , private banks and resorting to government banks in financial dealings, although the banking services provided by these banks are less than those offered by private sector banks ..
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rcookie says():here , I hope that my words understood as an attempt to undermine the general government banks or specialized as it is an invitation for the advancement of these banks to deal with some of the bureaucracy with the CBI initiative to grant the private sector a loan of 6 trillion Iraqi dinars to support industry, agriculture and housing sectors by giving citizens soft loans worth 50 million dinars maximum,
and the bureaucracy caused by delaying the granting of loans to the beneficiaries, and perhaps this was one of the reasons that the Council of Ministers called for the inclusion of these banks reform process ..
and process change is not necessarily to be the result of the existence of suspicions of corruption and promoting other, but because these managers have exhausted all out of parents visions and ideas of evolutionary and this in turn led to a state of relaxation and sag in performance with the absence and presence of follow - up
and surveillance tightened by the Supreme departments at branches scattered across banks Iraq, so find references to these branches a lot of negative images that should not be present
here it must be said that the desired reform process will not be completed by changing the senior leadership of the departments of government banks only, and that they represent an important first step in this direction, but it required an operation a comprehensive review of all the reality of government banks details in Iraq,
starting from the restructuring and the placement of all activities performed by these banks to the electronic system , or what is known as automation, as we are still seeing a lot of banking business is going on according to the old traditional systems of paper which is causing so much delay in completion transactions of the citizens,
especially those relating to the operations of deposit and withdrawal and get certified instruments and financial transfers and other ..
this as well as the possibility of the application of incentives tempting for workers in the banking system and be based on the daily achievement and not about a lump, incentives would pay an employee to make a greater effort to improve the economic reality of Meanwhile, on the other hand contribute to the reduction of blackmail citizens and reduce red tape and periods of eating breakfast and tea.
the other thing that can refer to him here, is the need to open broad prospects for private sector banks that need the other to re - look at their performance , which is indicated by some these banks are small shops mission is to engage in the daily auction the central bank and buy the dollar and then sell it in the market and achieve quick profits without exercising any banking operations have an impact on the national economy,
so should private banks manage search for a suitable , such as resorting to processors banking merger in order to strengthen the financial portfolio to her, and that is that would allow them to compete with the public sector banks in the framework of the reform and opening - up policy pursued by the government to activate the banking performance in Iraq and activate it by about a year,
which was enhanced with the consent of the Council of Ministers on the establishment of a specialized company to guarantee deposits with a capital first of $ 100 billion dinars, the existence of such guarantors would the company that encourages the public to save , rather than the phenomenon of compactness prevailing in Iraq because of the lack of trust the public banking system in the country.
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rcookie says():the bottom line that the banking reform process will eventually lead to finding a sophisticated banking system represents a pillar essential for development and has the ability to compete with regional banks through the quality of services provided by the plurality of customers by supporting investment projects in various fields.
Dinar Dave says():REQUIRED.... Past Tense lol
rcookie says to jimplants():OR MAYBE SOME PREPARATION FOR ACTUAL VALUATION GLOBALLY ON ISX....
rcookie says to da58():HI DA....YVW...TY..
jimplants says():i hopedyou would say that
jimplants says():the ISX is the new frontier
rcookie says to da58():DA...THEY HAVE BEEN COLLECTING THE 2010 CUSTOMS TARIFFS SINCE JANUARY....
WHAT THEY ARE TALKING ABOUT NOW IS REVISING AN INCREASE INTO SOME OF THE TAX RATES AND WILL BEGIN IMPLEMENTATION AS OF THE 15TH BY MOST REPORTS...
rcookie says to jimplants():NO...THAY ARE 100% FULLY IMPLEMENTED AS PER 2016 BUDGET LAW...AND 2016 IMF LOI/MEFP/TECH MOU...
Baxter says():This is what BGG said : things feel a lot like a process "in motion" right now...if they elevate their full tariff package WITHOUT adding value to the Dinar - it would be economic SUICIDE...hence my comments - Tariffs fully implemented = value added to the Dinar.
jimplants says():i want to be 100% fully exchanged
rcookie says():Direct investment projects into production side
6/13/2016 0:00 BAGHDAD - Farah pumice Despite improvements in the sale of crude oil prices in world markets compared to previous - month period and to increase the financial revenues of the state, but the need continues to apply austerity policy,
especially with the exorbitant cost of the war against gangs »Daash» terrorist, which called for an expert to stress the need to direct investment projects into production side while urging citizens to legalize spending and consumption and shortening the important respects.
And it has taken the government since last year 's austerity measures for the money earned from oil imports and collection investment, notably the reduction of allocations officials and reduce security guards, as well as the application of laws to support the state treasury and customs Kaltarafh and taxation suspended hundreds of projects in Baghdad and the provinces.
In this regard, it underlines expert Mahmoud Alloush »Sabah» need to be directed investment projects in time Alhadharaly productivity, service and infrastructure projects such as electricity, water and sewage, as well as education, health and other sectors, as a priority without focusing on the expansion of the commercial market , or recreational , as applicable Currently.
With the approval Bhdharyh such projects (commercial Kalmullac and entertainment), but he noted it was a passive state, as it helps to dispel Almwardalmalah citizen and consumption of this in light of the difficult economic conditions faced by the country as well as offer a lot of goods below the required level, so it is supposed to codify spending at the present time, and that import be a programmer, and encouragement and focus on the national industry as well as pursue sound economic policy within the framework of the situation that Amrabh country.
sees Alloush that «the citizen that the state take part in the difficult conditions, with follow the policy of austerity and rationing consumption, especially that a large part of the country 's revenues go to military operations requirements and resolve the battle against al «Daash» terrorist and edit cities occupied along with issues related to Bamaralamdn liberated and file displaced people ».
Baghdad has seen and most of the provinces during the past three years to build commercial centers (malls) in several areas, as he found citizens in comments »Sabah» an outlet for him and his family to provide the security, in addition to various services, as well as display prices of goods will satisfy all tastes.
rcookie says to Baxter():NOT SURE WHAT IS SO TOUGH TO GRASP.....THE 2010 CUSTOMS TARIFFS HAVE BEEN ACTIVATED SINCE JANUARY......
rcookie says():THAT FIGURES.....GETTING OLD & TIRED OF REPEATING....
da58 says to rcookie():AHA - thanks for the clarification there, I was certain they'd been collecting - so many articles on it... glad I wasn't LOSIN IT! Much appreciated
jimplants says():i am prepaired to head for the ISX and the BASRA 500
rcookie says():E-government defiance of administrative corruption
6/13/2016 0:00 BAGHDAD Shokran Fatlawi promised Academy of Mustansiriya Center for Arab and International Studies e - government the imperative need to be applied in every modern state, like keep up with developments in the era of economic revolution, does not lag behind the rise of global information, being a system that carries a lot of positives in the forefront of fast delivery, reduce costs , simplification of procedures, as well as transparency in the administration and the fight against corruption and administrative career.
And Adavc.d. Magic Kaddouri that the shift from traditional management system to a modern system based on information technology, works to facilitate the performance of the departments of public services , and completed in the fastest time of the highest quality, as well as reducing corruption and its repercussions on the economic situation saying that it was ,
according to some preliminary calculations of economic cost turned out to be increase the state budget deficit, and the low level of public spending on essential goods and services resulting from the high volume of tax evasion, as a result of corrupt practices.
high cost of services and pointed out that according to a recent World Bank study illustrated that rising capital formation costs for buildings and equipment resulting from the commissions that range in some third world countries from 20 percent to 50 percent over the original cost, led to a rise in the cost of services as a result of the additional costs resulting from corrupt practices.
She said Kaddouri: The e-government advantages and positive traces can be achieved in the fight against corruption, pointing out that in accordance to follow specific procedures provided for in the e - government system can achieve the principle of transparency in transactions without bias among users of public services through the provision of services in a structured program in advance, citizen You can access services at any time during the 24 hours a day without intervention by staff.
It showed that the e - government service, provide a system accurate audit and accounting accompanying it reduces the administrative and organizational problems, and social that helps to bribery and gifts, not to mention the recruitment and selection of staff in a neutral manner on the basis of competence and experience in the work without personal considerations.
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Read More :http://www.dinarupdates.com/showthread.php?35632-Sunday-June-12-2016/page2