DINAR UPDATES 4-7-16
Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Thursday PM Chat 4-7-16 Part 2 of 2
firefly_ says():Design and implement an Integrated Financial Management Information System (IFMIS) with the assistance of the World Bank; as a first step, adopt, by end-April 2016, a road map detailing its core functional requirements, such as: the chart of accounts, multi-year expenditure tracking; carry-over of resources from one year to the next; and management of advances and cash management arrangements.
_firefly_ says():adopt, by end-April 2016,
_firefly_ says():adopt, by end-April 2016,
_firefly_ says():IMF's words, not mine
magnetlady says():WAHOO firefly
magnetlady says():Sounds great to me.
~~~
Post From Dinar Updates
Chat Room Excerpts & Highlights
Dinar Updates Thursday PM Chat 4-7-16 Part 2 of 2
firefly_ says():Design and implement an Integrated Financial Management Information System (IFMIS) with the assistance of the World Bank; as a first step, adopt, by end-April 2016, a road map detailing its core functional requirements, such as: the chart of accounts, multi-year expenditure tracking; carry-over of resources from one year to the next; and management of advances and cash management arrangements.
_firefly_ says():adopt, by end-April 2016,
_firefly_ says():adopt, by end-April 2016,
_firefly_ says():IMF's words, not mine
magnetlady says():WAHOO firefly
magnetlady says():Sounds great to me.
~~~
_firefly_ says():F. Banking Supervision
28. As of June 30, 2015, there were 56 banks operating in Iraq including 7 state-owned banks (SOB) of which one is an Islamic bank, 32 Iraqi private banks, of which 6 Islamic banks, and 17 foreign branches, of which 5 are Islamic banks.
The SOBs dominate the financial sector and account for the bulk of assets and credits. Three of the SOBs, Rafidain Bank, Rasheed Bank and Trade Bank of Iraq (TBI), cluster around 89 percent of the banking system’s assets.
The financial positions of Rasheed Bank and Rafidain Bank are fragile following years of quasi-fiscal operations. As a first step to restructure these banks, the Ministry of Finance will, by end-February 2016, appoint international auditors to audit the latest financial statements of Rasheed Bank and Rafidain Bank according to international standards (structural benchmark, Table 2), in cooperation with the Executive Committee for the restructuring of these banks and the World Bank. 29.
The CBI will continue to implement reform measures to enhance the stability of the banking sector in Iraq which includes inter alia:
_firefly_ says():As a first step to restructure these banks, the Ministry of Finance will, by end-February 2016, appoint international auditors to audit the latest financial statements of Rasheed Bank and Rafidain Bank according to international standards
_firefly_ says():according to international standards
_firefly_ says():according to international standards
_firefly_ says():29. The CBI will continue to implement reform measures to enhance the stability of the banking sector in Iraq which includes inter alia:
daytrader says to _firefly_():IFMIS is really big. Thanks for finding this one. To link each of the ministries and provinces into one system is a massive undertaking. Would really help with transparency and the dramatically reduce the opportunity for misappropriation.
_firefly_ says(): Introducing the international bank account number (IBAN) system in Iraq;
Increasing the capital requirement of banks to ID 250 billion ($214 million), a level to which all private banks except one have increased their capital;
_firefly_ says to daytrader():(y)
_firefly_ says to daytrader():I'm not giving dates/deadlines....IMF ad Iraq is !
_firefly_ says to daytrader():and
_firefly_ says():Sooooo ...this from the letter of intent
daytrader says to _firefly_():Hear that. I think I recall where the international auditors were selected for the job for Rasheed and Rafidiain banks.
_firefly_ says():intent on what? lol
daytrader says to _firefly_():Intent to get this done.
_firefly_ says to daytrader():Correct
_firefly_ says to daytrader():A country has to send the IMF a letter of intent prior for approval
_firefly_ says to daytrader():Which then goes to the BIS for the seal of approval
_firefly_ says to daytrader():The BIS then informs the IMF
daytrader says to _firefly_():Do we have anything from the IMF that this process is complete?
_firefly_ says to daytrader():IMF stated that Iraq WILL join the global economy during the 1st half of 2016
_firefly_ says to daytrader():Actual wording was ..... The global market
daytrader says to _firefly_():Guess that would be as good as anything for an indication.
daytrader says to _firefly_()::D
_firefly_ says to daytrader():Sounds good to me :)
daytrader says to _firefly_():So we await Iraq's acceptance of Article VIII obligations.
_firefly_ says to daytrader():And with all thid hustle and budtle, they aren't skipping a beat
_firefly_ says to daytrader():ok, can't type in the dark :)
daytrader says to _firefly_():Really, really great to see all the articles kicking off all of the reforms. They finally stopped talking about them.
daytrader says to _firefly_():Keep looking at my celebratory cigar, and looking forward to lighting it.
sassy says():firefly turn on the dang light mister
sassy says():daytrader soon
daytrader says to sassy():(y)
daytrader says to sassy():Sooooner would be okay.
daytrader says to sassy():Gitter done.
sassy says():daytrader sooner the better
sassy says():daytrader more hopeful than ever
daytrader says to sassy():I am thrilled with all the news. Don't know what's left. Some say Abadi's new COM, some say Alak has to be replaced; don't think anyone outside of the decision makers know.
plowboy says():where is MD newstime?
subgirl says to plowboy():http://ift.tt/1MYG0cA
sassy says():Daytrader to me Alak does not stand a chance but who knows it's Iraq
daytrader says to sassy():Seems pretty clear that he knows he doesn't have the experience, knowledge or skills to be in the job...in his own words. Will be interesting to see how Iraq decides to move forward on this one.
sassy says):daytrader hopefully they will replace Maliki,s proxy
daytrader says to sassy(9:30 PM):
I agree. Think the number of proxies he put in place is larger than many are aware of, and will take some time to clear all of them out. Iraq will be a much better place when they get that one done.
sassy says():daytrader alot is changing
daytrader says to sassy():They've accomplished a lot in a very short time, just wish they would get what we're looking for in place so we, and they, can move forward doing what we all need to do.
sassy says():daytrader the day is coming
daytrader says to sassy():Yes it is.
sassy says():Go Iraq
daytrader says to sassy():(y)
da58 says():Can anyone even remember the last time we had BAD news??? geeeeze - it's been MONTHS AND MONTHS..
daytrader says to da58():think the only bad news is M is still in the palace!!
da58 says():Iraq is jaw dropping these days... I had a chance to peek in a minute today - and saw rcookie mentioning that they are rebranding right now - WOW.. that was a BINGO for me, is exactly what is going on..
da58 says():giving Iraq a new face internationally... and with all this 'intentional' publicity.. for a reason!
28. As of June 30, 2015, there were 56 banks operating in Iraq including 7 state-owned banks (SOB) of which one is an Islamic bank, 32 Iraqi private banks, of which 6 Islamic banks, and 17 foreign branches, of which 5 are Islamic banks.
The SOBs dominate the financial sector and account for the bulk of assets and credits. Three of the SOBs, Rafidain Bank, Rasheed Bank and Trade Bank of Iraq (TBI), cluster around 89 percent of the banking system’s assets.
The financial positions of Rasheed Bank and Rafidain Bank are fragile following years of quasi-fiscal operations. As a first step to restructure these banks, the Ministry of Finance will, by end-February 2016, appoint international auditors to audit the latest financial statements of Rasheed Bank and Rafidain Bank according to international standards (structural benchmark, Table 2), in cooperation with the Executive Committee for the restructuring of these banks and the World Bank. 29.
The CBI will continue to implement reform measures to enhance the stability of the banking sector in Iraq which includes inter alia:
_firefly_ says():As a first step to restructure these banks, the Ministry of Finance will, by end-February 2016, appoint international auditors to audit the latest financial statements of Rasheed Bank and Rafidain Bank according to international standards
_firefly_ says():according to international standards
_firefly_ says():according to international standards
_firefly_ says():29. The CBI will continue to implement reform measures to enhance the stability of the banking sector in Iraq which includes inter alia:
daytrader says to _firefly_():IFMIS is really big. Thanks for finding this one. To link each of the ministries and provinces into one system is a massive undertaking. Would really help with transparency and the dramatically reduce the opportunity for misappropriation.
_firefly_ says(): Introducing the international bank account number (IBAN) system in Iraq;
Increasing the capital requirement of banks to ID 250 billion ($214 million), a level to which all private banks except one have increased their capital;
_firefly_ says to daytrader():(y)
_firefly_ says to daytrader():I'm not giving dates/deadlines....IMF ad Iraq is !
_firefly_ says to daytrader():and
_firefly_ says():Sooooo ...this from the letter of intent
daytrader says to _firefly_():Hear that. I think I recall where the international auditors were selected for the job for Rasheed and Rafidiain banks.
_firefly_ says():intent on what? lol
daytrader says to _firefly_():Intent to get this done.
_firefly_ says to daytrader():Correct
_firefly_ says to daytrader():A country has to send the IMF a letter of intent prior for approval
_firefly_ says to daytrader():Which then goes to the BIS for the seal of approval
_firefly_ says to daytrader():The BIS then informs the IMF
daytrader says to _firefly_():Do we have anything from the IMF that this process is complete?
_firefly_ says to daytrader():IMF stated that Iraq WILL join the global economy during the 1st half of 2016
_firefly_ says to daytrader():Actual wording was ..... The global market
daytrader says to _firefly_():Guess that would be as good as anything for an indication.
daytrader says to _firefly_()::D
_firefly_ says to daytrader():Sounds good to me :)
daytrader says to _firefly_():So we await Iraq's acceptance of Article VIII obligations.
_firefly_ says to daytrader():And with all thid hustle and budtle, they aren't skipping a beat
_firefly_ says to daytrader():ok, can't type in the dark :)
daytrader says to _firefly_():Really, really great to see all the articles kicking off all of the reforms. They finally stopped talking about them.
daytrader says to _firefly_():Keep looking at my celebratory cigar, and looking forward to lighting it.
sassy says():firefly turn on the dang light mister
sassy says():daytrader soon
daytrader says to sassy():(y)
daytrader says to sassy():Sooooner would be okay.
daytrader says to sassy():Gitter done.
sassy says():daytrader sooner the better
sassy says():daytrader more hopeful than ever
daytrader says to sassy():I am thrilled with all the news. Don't know what's left. Some say Abadi's new COM, some say Alak has to be replaced; don't think anyone outside of the decision makers know.
plowboy says():where is MD newstime?
subgirl says to plowboy():http://ift.tt/1MYG0cA
sassy says():Daytrader to me Alak does not stand a chance but who knows it's Iraq
daytrader says to sassy():Seems pretty clear that he knows he doesn't have the experience, knowledge or skills to be in the job...in his own words. Will be interesting to see how Iraq decides to move forward on this one.
sassy says):daytrader hopefully they will replace Maliki,s proxy
daytrader says to sassy(9:30 PM):
I agree. Think the number of proxies he put in place is larger than many are aware of, and will take some time to clear all of them out. Iraq will be a much better place when they get that one done.
sassy says():daytrader alot is changing
daytrader says to sassy():They've accomplished a lot in a very short time, just wish they would get what we're looking for in place so we, and they, can move forward doing what we all need to do.
sassy says():daytrader the day is coming
daytrader says to sassy():Yes it is.
sassy says():Go Iraq
daytrader says to sassy():(y)
da58 says():Can anyone even remember the last time we had BAD news??? geeeeze - it's been MONTHS AND MONTHS..
daytrader says to da58():think the only bad news is M is still in the palace!!
da58 says():Iraq is jaw dropping these days... I had a chance to peek in a minute today - and saw rcookie mentioning that they are rebranding right now - WOW.. that was a BINGO for me, is exactly what is going on..
da58 says():giving Iraq a new face internationally... and with all this 'intentional' publicity.. for a reason!
subgirl says():Good night daytrader!!! :)
POPPY3 says to magnetlady():MAG, UNTIL I CAN GET MORE CONTROL OF MY HANDS CAN YOU FORWARD ANYTHING MR WHITE OR BGG POST TO XXXXXXXX THANKS FRIEND
magnetlady says():Sure Poppy3 I'd be happy to.
magnetlady says():So glad you are doing better.
magnetlady says():Our prayer have all been with you Poppy3
POPPY3 says to magnetlady():ONE HANDED AND ITS VERY SLOW TO TYPE. LOVE U GUYS POPPY3
magnetlady says():We just want you to get better.
Martha Sue says to POPPY3():hey sweet buddy ... so glad that you feel good enough to type 1 handed! We love you and praying for you!
msdiva says():we love you too poppy3 wishing you well
subgirl says to POPPY3():poppy we have been praying for you!!! :) So glad you are back and chatting with us!! Praying for quick healing....
POPPY3 says to magnetlady():I KNEW I HAD PLENTY PRAYER WARRIORS PRAYING FOR ME . I AM A VERY BLESSED MAN AND I WILL RECOVER. QUEEN SAY I GOT TO REST NOW MAY DO A PRAYER RIDE TOMORROW NIGHT . SENDD THEM FOR SURE SATURDAY NIGHT I'LL GET A DRIVER. POPPY3
msdiva says():poppy you rest we will be right here praying for you
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