Currency Chatter Member News & Discussion Part 2 of 2
PreacherMan: I think your right, AA, its not only Russia, read this today.
Iran sends fighters to Syria, escalating its involvement
Associated Press By ZEINA KARAM and SARAH EL DEEB 4 hours ago
FILE - In this file photo made from the footage taken from Russian Defense Ministry official website on Friday, Oct. 9, 2015, a bomb is released from Russian Su-34 strike fighter in Syria. Hundreds of Iranian troops are being deployed in northern and central Syria, dramatically escalating Tehran’s involvement in the civil war as they join allied Hezbollah fighters in an ambitious offensive to wrest key areas from rebels amid Russian airstrikes. (Russian Defense Ministry Press Service via AP, File)
~~~
PreacherMan: I think your right, AA, its not only Russia, read this today.
Iran sends fighters to Syria, escalating its involvement
Associated Press By ZEINA KARAM and SARAH EL DEEB 4 hours ago
FILE - In this file photo made from the footage taken from Russian Defense Ministry official website on Friday, Oct. 9, 2015, a bomb is released from Russian Su-34 strike fighter in Syria. Hundreds of Iranian troops are being deployed in northern and central Syria, dramatically escalating Tehran’s involvement in the civil war as they join allied Hezbollah fighters in an ambitious offensive to wrest key areas from rebels amid Russian airstrikes. (Russian Defense Ministry Press Service via AP, File)
~~~
View gallery
BEIRUT (AP) — Hundreds of Iranian troops are being deployed in northern and central Syria, dramatically escalating Tehran's involvement in the civil war as they join allied Hezbollah fighters in an ambitious offensive to wrest key areas from rebels amid Russian airstrikes.
Related Stories
Syria's army, allies plan offensive against insurgents in Aleppo Reuters
IS advances near Syria's Aleppo despite Russian strikes Associated Press
Islamic State closes in on Syrian city of Aleppo; U.S. abandons rebel training effort Reuters
The Latest: US aircraft rerouted over Syria, avoids Russians Associated Press
Islamic State battles insurgents as Syria army prepares assault Reuters
Their arrival, a regional official and Syrian activists said Wednesday, highlights the far-reaching goals of Russia's military involvement in Syria. It suggests that, for now, taking on Islamic State extremists in eastern Syria seems a secondary priority to propping up President Bashar Assad.
The development is almost certain to increase pressure on Western-backed rebels, who are battling multiple foes, and push more civilians out of the areas of fighting, potentially creating a fresh wave of refugees.
Russia began its air campaign Sept. 30, and Syrian troops and allied militiamen launched a ground offensive against rebels in central Syria a week later. Russia says its airstrikes are meant to weaken the Islamic State group and other "terrorists" in Syria, but Western officials and Syrian rebels say most of the strikes have focused on central and northern Syria, where the extremist group does not have a strong presence.
The official, who has deep knowledge of operational details in Syria, said the Iranian Revolutionary Guards — currently numbering around 1,500 — began arriving about two weeks ago, after the Russian airstrikes began, and have accelerated recently. The Iranian-backed group Hezbollah has also sent a fresh wave of fighters to Syria, he told The Associated Press.
Iranian and Syrian officials have long acknowledged Iran has advisers and military experts in Syria, but denied there were any ground troops. Wednesday's statements were the first confirmation of Iranian fighters taking part in combat operations in Syria.
The main goal is to secure the strategic Hama-Aleppo highway and seize the key rebel-held town of Jisr al-Shughour in Idlib province, which Assad's forces lost in April to insurgents that included al-Qaida's Nusra Front.
View gallery
FILE - In this November 24, 2011 file photo, pro-Syrian …
FILE - In this November 24, 2011 file photo, pro-Syrian government protesters shout slogans and wave …
The loss of Jisr al-Shughour, followed by the fall of the entire province, was a resounding defeat for Assad, opening the way for rebels to threaten his Alawite heartland in the coastal province of Latakia. The official suggested the Syrian army's alarmingly tenacious position around that time is what persuaded the Russians to join the fray and begin airstrikes two weeks ago.
The Syrian government and Iran had been asking Russia to intervene for a year, the official said, speaking on condition of anonymity because he was not authorized to discuss military affairs. He said the Russian "tsunami wave" has given allies such as Iran the cover to operate more freely in Syria.
His account of Iranian troops arriving ties in with reports from Syrian opposition activists, who reported a troop buildup in the northern provinces of Idlib and Aleppo. The Syrian Observatory for Human Rights also reported Wednesday that Iranian troops were arriving and being transported to a military base in the coastal town of Latakia, in the town of Jableh outside the provincial capital.
At least two senior Iranian commanders were killed in Syria in recent days, including Gen. Hossein Hamedani, a senior Revolutionary Guard commander, who died Oct. 8 near Aleppo.
"Syria will witness big victories in coming days," said Gen. Mohammad Ali Jafari, chief of Iran's Revolutionary Guard, speaking Monday at Hamedani's funeral.
"Sending more troops from Hezbollah and Iran only increases the shelf life of the Syrian regime, which is destined to end," Maj. Jamil Saleh, the leader of Tajammu Alezzah, a CIA-backed Free Syrian Army faction, told the AP. "It will only add more destruction and displacement."
View gallery
FILE - In this May 9, 2015 file photo, a Hezbollah …
FILE - In this May 9, 2015 file photo, a Hezbollah fighter looks toward Syria while standing in the …
He said their presence in Syria is not new but had been kept quiet.
"Now they are taking cover behind Russia since it is a super power and strengthens their position," Alezzah said.
The Syrian army began its offensive a week ago against rebels on three major fronts in areas between Idlib and Hama. To the north, the Islamic State group capitalized on the strikes against rebels in northwestern and central Syria to capture a string of villages and a main military base from insurgents that brought them closer to Aleppo, Syria's largest city.
"They took advantage of the vacuum," said Lt. Colonel Ahmed Saoud, commander of 13th Division, a rebel group that is part of the Free Syrian Army. The group is a staunch IS opponent and operates in Aleppo.
J.M. Berger, a nonresident fellow at the Brookings Project on U.S. Relations with the Islamic World, said the moderate rebels "are in a pretty bad spot, unless the West is prepared to sponsor them over the long term in a full-on proxy war against the Russians."
Such support would be "a complicated proposition," he added, given that a lot of the materiel the U.S. has sent to moderate rebels has ended up in the hands of jihadists.
View gallery
FILE - In this May 24, 2015 file photo, Hezbollah fighters …
FILE - In this May 24, 2015 file photo, Hezbollah fighters stand guard during a rally commemorating …
Mathew Henman, head of IHS Jane's Terrorism and Insurgency Centre, said the Russian airstrikes against more moderate, nationalist elements of the opposition has facilitated IS territorial gains in these areas, ultimately "leaving the government and its allies principally in a conflict with hard-line, fundamentalist actors."
The official who spoke to AP all but confirmed that the Islamic State is not the priority for the Syrian troops and their allies, saying most areas held by the group in eastern Syria are desert regions considered to be on the periphery.
A week into the multipronged offensive, insurgents say they are overstretched, exhausted and their ammunition is depleted. There have been hundreds of sorties in an area that stretches for about 60 kilometers (about 35 miles), and a significant mobilization of ground troops.
And yet, rebel commanders say the offensive has failed to dislodge the various insurgent groups from territory they control that leads to the heartland of Assad's power. The rebels are backed by the U.S., Saudi Arabia, Turkey and Qatar, including some ultraconservative groups and al-Qaida affiliates.
Instead, the rebel groups are still pushing back. Some are using U.S.-delivered TOW anti-tank missiles, while others are resorting to tactics such as booby-trapped cars.
Charles Lister, a Syria expert at the Brookings Doha Center, said much will depend on how quickly and efficiently the rebels' weaponry can be replenished by the states supporting them.
The CIA-backed rebels shrugged off criticism of cooperating with al-Qaida.
Saoud, the 13th Division commander whose fighters received TOW missiles, said he worked in the same trench with a faction from the Army of Conquest. That umbrella group includes militants from the Nusra Front.
"There is now something bigger than our differences and disagreements. It is the Russian invasion," he said. "It is an emergency situation. Everyone would understand that."
Saoud said only one of his bases was hit by the Russians, with few casualties. The rebels have kept a lid on their casualty figures, just like the Syrian government.
"With all that firepower, with new launchers and a hail of airstrikes ... they were not able to advance," Saoud said of the government troops. "In my mind, that is a victory.
Schízz: Just had a thought this morning.....could this thing in November be Iraq handing over to the IMF or whoever, who is then supervised by the IMF to RV this damn thing? it is clear if they do hand over everything is done for them concerning economic growth, fiscal policy, exchange rate policy, everything that we want done. Just a thought...
Schízz: This has been put to Abadi...
.Majida al-Tamimi submit a proposal to reform the financial system and trapping the doors of corruption and to prevent wastage of public money
10/14/2015 10:37 BAGHDAD / National Iraqi News Agency / nina / member of the parliamentary finance committee Majida al-Tamimi said, "it submitted a proposal for reform of the system of financial and trapping the doors of corruption and to prevent wastage of public money.
She said Tamimi, according to a statement of the political body of the Sadrist movement," The currency auction that takes place in the Central Bank of Iraq is aspect of corruption adult corrupt, "indicating" that the state should take proven steps in developed countries to reform the financial reality of the country.
"explained that" when he wants the merchant to import goods from outside the country, it opens the adoption (LC) in the bank, and then it is converting the amount of money, and after the receipt of the goods after several formal procedures at the border, to prove that the trader has actually import the goods, and is there anything official transfer of funds through the bank,
"pointing out that" the trader now takes money and Aisturd only 5 or 10% of its value , and imported goods of poor quality, as well as to the names in the lists of import are the names of the fake does not exist for it.
"She noted member of the Finance Committee that it" made a proposal to Dr. Haidar al-Abbadi Prime Minister to reform the system of Finance of the country, "asserting that" when the correction of that system, it It will besiege the doors of corruption and to prevent wastage of public money "./anthy9
.
Schizz: Sounds to me like she's saying rv the damn currency :P
Roll on November, if they hand over we will be waiting on people who know what they are doing and not a bunch of lazy ***
Brule: It seems to me that if the tariffs were implemented at the borders, and controlled with an electronic system, where the information would go directly to the CBI, then it would have proof that the goods had actually entered into Iraq and the invoice would need to match the shipments bill of lading,
and the monies could be cleared once verification was certified, and information sent to the private banks. End of corruption, for the most part, and money laundering IMO.
Better yet, Iraq needs more industry which would end most of the imports, and end the corruption and money laundering.
Schízz: Thing is though Brule is that imo there is corruption in the cbi too, i've been pretty sure about that since they slipped up and posted auction results ahead of time. I think there is corruption in everything.
Hoping we get a new cbi guy soon, that would be a great start :)
Massive positive thoughts going out to iraq to hand over come November, i'm pretty sure we will watch iraqs economy explode in pretty quick time...maybe just in time for a rate change come jan 1.....i'm kinda thinking they may let the rate loose right off the bat....as i said, positive thoughts for that!
Rockstar: Just about the best we can hope for Schizz thanks for your thoughts!
Brule: I agree completely, schizz. Corruption is rampant everywhere, and does need to be removed, if possible. But there are steps that could at least document activity and remove some of it.
G-Lin: Here is an art. on the "Banking Act." I think this is a big part of the restructuring. They are working on the bill. It also addresses deposit guarantees. ;)
Parliament is considering a proposal to unify the banks vulnerable to bankruptcy for "protection"
The state's Rafidain Bank
Parliamentary Finance Committee announced Thursday, the existence of a new formula to unify the banks and private banks vulnerable to bankruptcy through the integration of all banks or three in one new bank, as pointed out that it needs to be a new law for banks to do so, indicating it was working with the parliamentary committees in House of Representatives for the purpose of coordination with the General Secretariat of the Council of Ministers to send the Banking Act
He said committee member Abdul Qader Mohammed's (tomorrow's Press), on Thursday, "There is a new version of the unification of the banks and the integration of all banks or three Bank One to avoid the problem of bankruptcy," noting that "this formula strengthens the work of banks, rather than be declared bankrupt."
Mohammed said that "the formula that considers a proposal to rescue the banks," pointing out that "if it is necessary to enact a law in the House of Representatives and legislation and to address some of the banks in bankruptcy."
And that "the Commission is working the work of parliamentary committees in the House of Representatives for the purpose of coordination with the General Secretariat of the Council of Ministers to send the Banking Act and amended and passed in the House of Representatives."
He was an economic advisor to the Prime Minister, the appearance of Mohammed Saleh, has explained in a press statement earlier that "government deal was limited only with government banks and neglected private banks, this gives inferiority look for private banks approved, referring to" provide options for government institutions deposit in private banks in accordance with the guarantees Lima legal guarantees the protection of public money. "
Saleh said "the Ministry of Finance was committed government departments not to deal with private banks due to the exploitation of a banks and government funds in financial speculation, pointing out that he can not punish private banks because of my family and one bank error".
The Iraqi banking system consists of 54 banks, including seven state banks, one of them an Islamic newly established, and 23 private commercial bank and an Islamic 9 and 15 branches of foreign banks to banks. As well as a representative office of a foreign bank one.
There are many institutions that do some banking, including 34 money transfer company, and about 2,000 affiliated banks exchange company, with Loan Guarantee Company, to finance small and medium-sized enterprises, with the two companies for services of electronic banking and smart card, in addition to about 800 branch belonging to the banks and spread over all of Iraq's provinces.
https://translate.go...t-text=&act=url Broken link - sorry
Aloha Alex: Hey Schizz, I was asleep at the wheele on this one, please help. I had no idea that an outside financial institution, like the IMF, can actually step in whether the Iraqi government likes it or not, and take over. What is the protocol for that?! Does the IMF need to get officially invited by the CBI?
And if the GOI or the head Ayatollah don't agree, then too bad? Maybe this is why the currency never went international because the corruption was so pervasive that the corrupt thought may as well keep it corrupt til the IMF takes over. GO IMF!
Schízz: Hey Alex, they are meeting in November to dicuss what is called a staff monitoring program..I looked it up and its basically assistance in everything economic, it will be like the IMF and other orgs telling them what to do and when to do it and iraq will do it when told.
Here's the description i found about it.....im not sure if the imf or whoever actually take over or its as i said before. At the moment the IMF and world bank are just advising, this new thing will be more than that, they will impliment economic reform their way.
.
The SMP is designed to support the authorities’ reform agenda with a framework to address economic vulnerabilities and facilitate engagement with the international community to sustain donor support. address immediate fiscal and banking vulnerabilities, and help manage risks.
The SMP will also preserve buffers (low debt and a comfortable international reserves position), maintain low inflation and competitiveness, and lay the basis for high and inclusive growth. The budget and external deficits are projected to be financed by donor grants.
Under the SMP, fiscal policy will focus on mobilizing domestic budget revenue to finance projected expenditure and rebuild the treasury’s cash balance. Monetary policy will aim to preserve low inflation, and exchange rate policy will protect international reserves and competiveness.
Structural reforms will focus on: (i) budget revenue mobilization, expenditure control and repayment of arrears; (ii) financial sector reform to promulgate and implement the new banking law, amend the central bank law, strengthen banking supervision to deal with weak banks; and (iii) better economic governance by strengthening anti-corruption, anti-money laundering and countering the financing of terrorism regimes.
.
An SMP is an informal agreement between country authorities and Fund staff to monitor the implementation of the authorities’ economic program. SMPs do not entail financial assistance or endorsement by the IMF Executive Board.
Aloha Alex: Cheers mate. Maybe time is up and the big boys with dem banking connections want a year end bonus.
G-Lin: IMF’s Middle East Regional Technical Assistance Center Concludes Regional Workshop on Budget Preparation
Press Release No. 15/472 October 15, 2015 The International Monetary Fund (IMF)’s Middle East Regional Technical Assistance Center (METAC) held a Regional Workshop on budget preparation at the Dead Sea, Jordan from October 12–15, 2015.
It was attended by senior representatives of Finance and Planning Ministries from the Middle East and North Africa (MENA) region. In total, 23 delegates from Afghanistan, Egypt, Iraq, Jordan, Kuwait, Lebanon, Oman, Sudan, Tunisia and the West Bank and Gaza attended the workshop.
The workshop focused on the techniques and processes required for successful preparation of annual and medium-term budgets in the context of governments’ fiscal policies and financial constraints. It also served as a platform for sharing the participating countries’ experience of improving public sector efficiency and effectiveness, and for discussion of potential alternatives to overcome fiscal pressures.
A highly participative approach was adopted, based on breakout group discussions and presentations in plenary sessions. Participants were encouraged to share their experiences and ideas, with a view to establishing a basis for continued knowledge sharing throughout the region.
During the workshop, participants discussed the challenges their countries face in preparing medium-term macroeconomic and fiscal forecasts, formulating credible budgets, and improving the efficiency and effectiveness of public spending. Critical issues and risks—technical, institutional and political—that still need to be addressed were also discussed.
Quick links:
Press Release No. 04/224: Inauguration of the Middle East Regional Technical Assistance Center (METAC)
Factsheet: IMF Technical Assistance
Factsheet: IMF Regional Technical Assistance Centers
http://ift.tt/1hGLHwL
Rockstar: Excellent post Schizz everything highlighted in red is amazing. It sure will be interesting come November. Also G-Lin the banking act article sure has some teeth in that as well. I can't wait for this coming Monday to see if they actually vote in the investment law like they have said they will.
BEIRUT (AP) — Hundreds of Iranian troops are being deployed in northern and central Syria, dramatically escalating Tehran's involvement in the civil war as they join allied Hezbollah fighters in an ambitious offensive to wrest key areas from rebels amid Russian airstrikes.
Related Stories
Syria's army, allies plan offensive against insurgents in Aleppo Reuters
IS advances near Syria's Aleppo despite Russian strikes Associated Press
Islamic State closes in on Syrian city of Aleppo; U.S. abandons rebel training effort Reuters
The Latest: US aircraft rerouted over Syria, avoids Russians Associated Press
Islamic State battles insurgents as Syria army prepares assault Reuters
Their arrival, a regional official and Syrian activists said Wednesday, highlights the far-reaching goals of Russia's military involvement in Syria. It suggests that, for now, taking on Islamic State extremists in eastern Syria seems a secondary priority to propping up President Bashar Assad.
The development is almost certain to increase pressure on Western-backed rebels, who are battling multiple foes, and push more civilians out of the areas of fighting, potentially creating a fresh wave of refugees.
Russia began its air campaign Sept. 30, and Syrian troops and allied militiamen launched a ground offensive against rebels in central Syria a week later. Russia says its airstrikes are meant to weaken the Islamic State group and other "terrorists" in Syria, but Western officials and Syrian rebels say most of the strikes have focused on central and northern Syria, where the extremist group does not have a strong presence.
The official, who has deep knowledge of operational details in Syria, said the Iranian Revolutionary Guards — currently numbering around 1,500 — began arriving about two weeks ago, after the Russian airstrikes began, and have accelerated recently. The Iranian-backed group Hezbollah has also sent a fresh wave of fighters to Syria, he told The Associated Press.
Iranian and Syrian officials have long acknowledged Iran has advisers and military experts in Syria, but denied there were any ground troops. Wednesday's statements were the first confirmation of Iranian fighters taking part in combat operations in Syria.
The main goal is to secure the strategic Hama-Aleppo highway and seize the key rebel-held town of Jisr al-Shughour in Idlib province, which Assad's forces lost in April to insurgents that included al-Qaida's Nusra Front.
View gallery
FILE - In this November 24, 2011 file photo, pro-Syrian …
FILE - In this November 24, 2011 file photo, pro-Syrian government protesters shout slogans and wave …
The loss of Jisr al-Shughour, followed by the fall of the entire province, was a resounding defeat for Assad, opening the way for rebels to threaten his Alawite heartland in the coastal province of Latakia. The official suggested the Syrian army's alarmingly tenacious position around that time is what persuaded the Russians to join the fray and begin airstrikes two weeks ago.
The Syrian government and Iran had been asking Russia to intervene for a year, the official said, speaking on condition of anonymity because he was not authorized to discuss military affairs. He said the Russian "tsunami wave" has given allies such as Iran the cover to operate more freely in Syria.
His account of Iranian troops arriving ties in with reports from Syrian opposition activists, who reported a troop buildup in the northern provinces of Idlib and Aleppo. The Syrian Observatory for Human Rights also reported Wednesday that Iranian troops were arriving and being transported to a military base in the coastal town of Latakia, in the town of Jableh outside the provincial capital.
At least two senior Iranian commanders were killed in Syria in recent days, including Gen. Hossein Hamedani, a senior Revolutionary Guard commander, who died Oct. 8 near Aleppo.
"Syria will witness big victories in coming days," said Gen. Mohammad Ali Jafari, chief of Iran's Revolutionary Guard, speaking Monday at Hamedani's funeral.
"Sending more troops from Hezbollah and Iran only increases the shelf life of the Syrian regime, which is destined to end," Maj. Jamil Saleh, the leader of Tajammu Alezzah, a CIA-backed Free Syrian Army faction, told the AP. "It will only add more destruction and displacement."
View gallery
FILE - In this May 9, 2015 file photo, a Hezbollah …
FILE - In this May 9, 2015 file photo, a Hezbollah fighter looks toward Syria while standing in the …
He said their presence in Syria is not new but had been kept quiet.
"Now they are taking cover behind Russia since it is a super power and strengthens their position," Alezzah said.
The Syrian army began its offensive a week ago against rebels on three major fronts in areas between Idlib and Hama. To the north, the Islamic State group capitalized on the strikes against rebels in northwestern and central Syria to capture a string of villages and a main military base from insurgents that brought them closer to Aleppo, Syria's largest city.
"They took advantage of the vacuum," said Lt. Colonel Ahmed Saoud, commander of 13th Division, a rebel group that is part of the Free Syrian Army. The group is a staunch IS opponent and operates in Aleppo.
J.M. Berger, a nonresident fellow at the Brookings Project on U.S. Relations with the Islamic World, said the moderate rebels "are in a pretty bad spot, unless the West is prepared to sponsor them over the long term in a full-on proxy war against the Russians."
Such support would be "a complicated proposition," he added, given that a lot of the materiel the U.S. has sent to moderate rebels has ended up in the hands of jihadists.
View gallery
FILE - In this May 24, 2015 file photo, Hezbollah fighters …
FILE - In this May 24, 2015 file photo, Hezbollah fighters stand guard during a rally commemorating …
Mathew Henman, head of IHS Jane's Terrorism and Insurgency Centre, said the Russian airstrikes against more moderate, nationalist elements of the opposition has facilitated IS territorial gains in these areas, ultimately "leaving the government and its allies principally in a conflict with hard-line, fundamentalist actors."
The official who spoke to AP all but confirmed that the Islamic State is not the priority for the Syrian troops and their allies, saying most areas held by the group in eastern Syria are desert regions considered to be on the periphery.
A week into the multipronged offensive, insurgents say they are overstretched, exhausted and their ammunition is depleted. There have been hundreds of sorties in an area that stretches for about 60 kilometers (about 35 miles), and a significant mobilization of ground troops.
And yet, rebel commanders say the offensive has failed to dislodge the various insurgent groups from territory they control that leads to the heartland of Assad's power. The rebels are backed by the U.S., Saudi Arabia, Turkey and Qatar, including some ultraconservative groups and al-Qaida affiliates.
Instead, the rebel groups are still pushing back. Some are using U.S.-delivered TOW anti-tank missiles, while others are resorting to tactics such as booby-trapped cars.
Charles Lister, a Syria expert at the Brookings Doha Center, said much will depend on how quickly and efficiently the rebels' weaponry can be replenished by the states supporting them.
The CIA-backed rebels shrugged off criticism of cooperating with al-Qaida.
Saoud, the 13th Division commander whose fighters received TOW missiles, said he worked in the same trench with a faction from the Army of Conquest. That umbrella group includes militants from the Nusra Front.
"There is now something bigger than our differences and disagreements. It is the Russian invasion," he said. "It is an emergency situation. Everyone would understand that."
Saoud said only one of his bases was hit by the Russians, with few casualties. The rebels have kept a lid on their casualty figures, just like the Syrian government.
"With all that firepower, with new launchers and a hail of airstrikes ... they were not able to advance," Saoud said of the government troops. "In my mind, that is a victory.
Schízz: Just had a thought this morning.....could this thing in November be Iraq handing over to the IMF or whoever, who is then supervised by the IMF to RV this damn thing? it is clear if they do hand over everything is done for them concerning economic growth, fiscal policy, exchange rate policy, everything that we want done. Just a thought...
Schízz: This has been put to Abadi...
.Majida al-Tamimi submit a proposal to reform the financial system and trapping the doors of corruption and to prevent wastage of public money
10/14/2015 10:37 BAGHDAD / National Iraqi News Agency / nina / member of the parliamentary finance committee Majida al-Tamimi said, "it submitted a proposal for reform of the system of financial and trapping the doors of corruption and to prevent wastage of public money.
She said Tamimi, according to a statement of the political body of the Sadrist movement," The currency auction that takes place in the Central Bank of Iraq is aspect of corruption adult corrupt, "indicating" that the state should take proven steps in developed countries to reform the financial reality of the country.
"explained that" when he wants the merchant to import goods from outside the country, it opens the adoption (LC) in the bank, and then it is converting the amount of money, and after the receipt of the goods after several formal procedures at the border, to prove that the trader has actually import the goods, and is there anything official transfer of funds through the bank,
"pointing out that" the trader now takes money and Aisturd only 5 or 10% of its value , and imported goods of poor quality, as well as to the names in the lists of import are the names of the fake does not exist for it.
"She noted member of the Finance Committee that it" made a proposal to Dr. Haidar al-Abbadi Prime Minister to reform the system of Finance of the country, "asserting that" when the correction of that system, it It will besiege the doors of corruption and to prevent wastage of public money "./anthy9
.
Schizz: Sounds to me like she's saying rv the damn currency :P
Roll on November, if they hand over we will be waiting on people who know what they are doing and not a bunch of lazy ***
Brule: It seems to me that if the tariffs were implemented at the borders, and controlled with an electronic system, where the information would go directly to the CBI, then it would have proof that the goods had actually entered into Iraq and the invoice would need to match the shipments bill of lading,
and the monies could be cleared once verification was certified, and information sent to the private banks. End of corruption, for the most part, and money laundering IMO.
Better yet, Iraq needs more industry which would end most of the imports, and end the corruption and money laundering.
Schízz: Thing is though Brule is that imo there is corruption in the cbi too, i've been pretty sure about that since they slipped up and posted auction results ahead of time. I think there is corruption in everything.
Hoping we get a new cbi guy soon, that would be a great start :)
Massive positive thoughts going out to iraq to hand over come November, i'm pretty sure we will watch iraqs economy explode in pretty quick time...maybe just in time for a rate change come jan 1.....i'm kinda thinking they may let the rate loose right off the bat....as i said, positive thoughts for that!
Rockstar: Just about the best we can hope for Schizz thanks for your thoughts!
Brule: I agree completely, schizz. Corruption is rampant everywhere, and does need to be removed, if possible. But there are steps that could at least document activity and remove some of it.
G-Lin: Here is an art. on the "Banking Act." I think this is a big part of the restructuring. They are working on the bill. It also addresses deposit guarantees. ;)
Parliament is considering a proposal to unify the banks vulnerable to bankruptcy for "protection"
The state's Rafidain Bank
Parliamentary Finance Committee announced Thursday, the existence of a new formula to unify the banks and private banks vulnerable to bankruptcy through the integration of all banks or three in one new bank, as pointed out that it needs to be a new law for banks to do so, indicating it was working with the parliamentary committees in House of Representatives for the purpose of coordination with the General Secretariat of the Council of Ministers to send the Banking Act
He said committee member Abdul Qader Mohammed's (tomorrow's Press), on Thursday, "There is a new version of the unification of the banks and the integration of all banks or three Bank One to avoid the problem of bankruptcy," noting that "this formula strengthens the work of banks, rather than be declared bankrupt."
Mohammed said that "the formula that considers a proposal to rescue the banks," pointing out that "if it is necessary to enact a law in the House of Representatives and legislation and to address some of the banks in bankruptcy."
And that "the Commission is working the work of parliamentary committees in the House of Representatives for the purpose of coordination with the General Secretariat of the Council of Ministers to send the Banking Act and amended and passed in the House of Representatives."
He was an economic advisor to the Prime Minister, the appearance of Mohammed Saleh, has explained in a press statement earlier that "government deal was limited only with government banks and neglected private banks, this gives inferiority look for private banks approved, referring to" provide options for government institutions deposit in private banks in accordance with the guarantees Lima legal guarantees the protection of public money. "
Saleh said "the Ministry of Finance was committed government departments not to deal with private banks due to the exploitation of a banks and government funds in financial speculation, pointing out that he can not punish private banks because of my family and one bank error".
The Iraqi banking system consists of 54 banks, including seven state banks, one of them an Islamic newly established, and 23 private commercial bank and an Islamic 9 and 15 branches of foreign banks to banks. As well as a representative office of a foreign bank one.
There are many institutions that do some banking, including 34 money transfer company, and about 2,000 affiliated banks exchange company, with Loan Guarantee Company, to finance small and medium-sized enterprises, with the two companies for services of electronic banking and smart card, in addition to about 800 branch belonging to the banks and spread over all of Iraq's provinces.
https://translate.go...t-text=&act=url Broken link - sorry
Aloha Alex: Hey Schizz, I was asleep at the wheele on this one, please help. I had no idea that an outside financial institution, like the IMF, can actually step in whether the Iraqi government likes it or not, and take over. What is the protocol for that?! Does the IMF need to get officially invited by the CBI?
And if the GOI or the head Ayatollah don't agree, then too bad? Maybe this is why the currency never went international because the corruption was so pervasive that the corrupt thought may as well keep it corrupt til the IMF takes over. GO IMF!
Schízz: Hey Alex, they are meeting in November to dicuss what is called a staff monitoring program..I looked it up and its basically assistance in everything economic, it will be like the IMF and other orgs telling them what to do and when to do it and iraq will do it when told.
Here's the description i found about it.....im not sure if the imf or whoever actually take over or its as i said before. At the moment the IMF and world bank are just advising, this new thing will be more than that, they will impliment economic reform their way.
.
The SMP is designed to support the authorities’ reform agenda with a framework to address economic vulnerabilities and facilitate engagement with the international community to sustain donor support. address immediate fiscal and banking vulnerabilities, and help manage risks.
The SMP will also preserve buffers (low debt and a comfortable international reserves position), maintain low inflation and competitiveness, and lay the basis for high and inclusive growth. The budget and external deficits are projected to be financed by donor grants.
Under the SMP, fiscal policy will focus on mobilizing domestic budget revenue to finance projected expenditure and rebuild the treasury’s cash balance. Monetary policy will aim to preserve low inflation, and exchange rate policy will protect international reserves and competiveness.
Structural reforms will focus on: (i) budget revenue mobilization, expenditure control and repayment of arrears; (ii) financial sector reform to promulgate and implement the new banking law, amend the central bank law, strengthen banking supervision to deal with weak banks; and (iii) better economic governance by strengthening anti-corruption, anti-money laundering and countering the financing of terrorism regimes.
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An SMP is an informal agreement between country authorities and Fund staff to monitor the implementation of the authorities’ economic program. SMPs do not entail financial assistance or endorsement by the IMF Executive Board.
Aloha Alex: Cheers mate. Maybe time is up and the big boys with dem banking connections want a year end bonus.
G-Lin: IMF’s Middle East Regional Technical Assistance Center Concludes Regional Workshop on Budget Preparation
Press Release No. 15/472 October 15, 2015 The International Monetary Fund (IMF)’s Middle East Regional Technical Assistance Center (METAC) held a Regional Workshop on budget preparation at the Dead Sea, Jordan from October 12–15, 2015.
It was attended by senior representatives of Finance and Planning Ministries from the Middle East and North Africa (MENA) region. In total, 23 delegates from Afghanistan, Egypt, Iraq, Jordan, Kuwait, Lebanon, Oman, Sudan, Tunisia and the West Bank and Gaza attended the workshop.
The workshop focused on the techniques and processes required for successful preparation of annual and medium-term budgets in the context of governments’ fiscal policies and financial constraints. It also served as a platform for sharing the participating countries’ experience of improving public sector efficiency and effectiveness, and for discussion of potential alternatives to overcome fiscal pressures.
A highly participative approach was adopted, based on breakout group discussions and presentations in plenary sessions. Participants were encouraged to share their experiences and ideas, with a view to establishing a basis for continued knowledge sharing throughout the region.
During the workshop, participants discussed the challenges their countries face in preparing medium-term macroeconomic and fiscal forecasts, formulating credible budgets, and improving the efficiency and effectiveness of public spending. Critical issues and risks—technical, institutional and political—that still need to be addressed were also discussed.
Quick links:
Press Release No. 04/224: Inauguration of the Middle East Regional Technical Assistance Center (METAC)
Factsheet: IMF Technical Assistance
Factsheet: IMF Regional Technical Assistance Centers
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Rockstar: Excellent post Schizz everything highlighted in red is amazing. It sure will be interesting come November. Also G-Lin the banking act article sure has some teeth in that as well. I can't wait for this coming Monday to see if they actually vote in the investment law like they have said they will.
Mike: Thanks, Schiz, good stuff. It's clear that Iraq is in a jam right now, the sovereign bond program has been scrapped, the domestic bond program is floundering from lack of interest and there's just not enough money to borrow to make up for the budget deficit.
Iraq needs to implement change now, there is no time to wait. I think there are many in Iraq who are very powerful and completely ignorant about how monetary and economic policy work and have resisted change for years. Now that Iraq is on the ropes, maybe now the IMF, and those who understand how deep a hole Iraq is in, will have a chance to implement the much needed changes.
I'm concerned about how the IMF is going to protect the reserves, in the 2015 Article IV consultations the IMF encouraged Iraq to remain pegged to the dollar, which goes against how Iraq can and will protect the reserves. From what I can tell, the IMF's main concerns are eliminating corruption and getting the banks back online with enough in reserve to give depositors back their money.
Here's hoping they're going to focus on more than just putting out the fires, Iraq needs to start moving forward at some point.
Schízz: Cheers Mike, i'm just waiting now for more information to come out about this so we can understand it a bit better but it sounds like good news, well for iraq cos they clearly can't do it alone....
just need to see how its going to work, if it's going to be the imf (which im not certain) or some other org that will impliment economic reform. I have a feeling the IMF will be overlooking not implimenting, just not sure. Hope some more info comes out soon which helps clear it up a little
schízz: Here is another example of a staff monitoring program...
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IMF Managing Director Approves a Staff-Monitored Program for Zimbabwe
Press Release No. 13/174 June 13, 2013 The Managing Director of the International Monetary Fund has approved a Staff-Monitored Program (SMP) for Zimbabwe, covering the period April-December 2013. An SMP is an informal agreement between country authorities and Fund staff to monitor the implementation of the authorities’ economic program.
The SMP supports the Zimbabwean authorities’ comprehensive adjustment and reform program and has been endorsed by Zimbabwe’s Cabinet, a strong signal of their commitment. A successful implementation of the SMP would be an important stepping stone toward helping Zimbabwe re-engage with the international community.
The SMP focuses on putting public finances on a sustainable course, while protecting infrastructure investment and priority social spending, strengthening public financial management, increasing diamond revenue transparency, reducing financial sector vulnerabilities, and restructuring the central bank.
Schízz: All the different examples I have read seem to be about getting the country who is seeking help to open up and go international. That seems to be the main goal here.
I truly think if we see this passed in November we are going to be closer than ever to this thing going live. Iraq can't engage with the international community without a live rate.
Of course each agreement is different from the other but all have the goal of going live......we need the iraqi gov to stop being dicks and accept this.....which is prolly not gunna be an easy thing to be passed with so much corruption going on. If they accept it I reckon its time to get damn excited
Schízz: Not sure I can pump any more how excited we should be about this :P
Really surprised guru land is not all over this, just shows how far ahead of the game we are here on CC
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