Post From BondLadys Corner
BondLady & Tlm724 News & Comments 5-29-16 Part 2 of 2
Central Bank of civil and banking relationship paint economy
5/28/2016 0:00 Abbas Younis Anzi released Iraqi Central Bank Law by matching US and European laws which made the bank fully independent institution and it entrusted the responsibility of formulating monetary policy and determine the local currency 's exchange rate.
But the basis of the crisis in the economy , including houses and money, is Billabih vision and confusion in the definition of the nature of the economy and its mechanisms, does our economic system belongs to the school of free economy , as stipulated in the Constitution? System or believe in state intervention at all?
Or a socialist economic system of the former Soviet - style? .. But it seems the economic landscape selective beyond the border.
~~~
BondLady & Tlm724 News & Comments 5-29-16 Part 2 of 2
Central Bank of civil and banking relationship paint economy
5/28/2016 0:00 Abbas Younis Anzi released Iraqi Central Bank Law by matching US and European laws which made the bank fully independent institution and it entrusted the responsibility of formulating monetary policy and determine the local currency 's exchange rate.
But the basis of the crisis in the economy , including houses and money, is Billabih vision and confusion in the definition of the nature of the economy and its mechanisms, does our economic system belongs to the school of free economy , as stipulated in the Constitution? System or believe in state intervention at all?
Or a socialist economic system of the former Soviet - style? .. But it seems the economic landscape selective beyond the border.
~~~
However central it has managed over the years to maintain a quasi - exchange rate fixed for the Iraqi Dinar as a result provide significant financial returns resulting from oil exports improved and the steady increase of the price of a barrel of oil, but there were no joint studies fruitful with the state institutions involved in economic affairs since leaving the higher exchange rate of the Iraqi dinar price of a negative impact on sectors of the real economy and strongly contributed to enhancing the content of the rentier economy and the overall adoption and awful on the proceeds of oil.
there is a contradiction serious between the turbulent economic policy after 2003 and between monetary policy adopted by the Central Bank and the nature of the relations that linked the Central civil banks, which was established under law No. 94 issued in 2004, receded those relationships actually limited to a single subject , a currency auction has become the subject is al - Faisal in the central bank 's relationship banks capacity.
in the explanation of this fact has reflected the nature of the rentier economy , which is built by the state with all its institutions on the work of the majority of private banks and now are other works unilateral actively represent a maximum of auction by building currency held by central and dispense with the rest of the banking activities of known or employ them for his service,
and certainly can not blame entirely on departments of private banks as they exist under conditions very bad work at all levels every activity of any size remains fraught with serious risks as a result of social decline.
The financial market liberated from the restrictions entirely rely on the laws of the market, particularly the subject of supply and demand and consumption is a measure of engine macro - economic operation and these laws are that allow domestic banks to achieve double the profit as a result of handling the goods, and this is present in all world markets , free and not limited on Iraq.
the adoption of Iraq entirely on the import of all he needs makes consumption index at its highest this leads inevitably to a significant rise in the banks ' profits as a result of circulation necessary to process import financial commodities, where we find that the fundamental obstacle that prevents traders from dealing transparent and publicly is the issues of customs and taxes,
and certainly there is a big contradiction between the fact that the country 's economy Rieia where the oil resources of the whole go to state and between the presence of tax rates and high customs duties, financing of the entire activities of the state depends on oil revenues and not on the tax and customs,
it is fair and necessary to reduce the tax and customs to zero limits to narrow into the possible money laundering to the least we can even prevent it, where traders have in front by a roomy and safe to announce their activities without resorting to methods of fraud and evasion on the other hand will fill a big door for corruption in more than one facility,
or traders are forced to pay tax and customs in advance , making them indispensable in the manipulation and game hide as happened imposing ratio known 8 percent. http://ift.tt/25rfXjE
tlm724 here it is in a nutshell, the CBI spent most of their efforts in making money off the auctions period ! Sure they put in a few regulations here and there, increasing the required liquidity of the banks etc... but they sure didn't do more than that in the recent past during Alak's time . We have not seen much action from the CBI to do it's part for the advancement of the free market economy !
Now today I do see where things are shifting for the better. There are laws that need to be passed to insure a smooth transition from a rentier economy and since it appears the IMF has set conditions to bailing Iraq out this is the best shot they have at making things right !
http://ift.tt/1XYAsSt
~~~~~~~~~~~~~~~
Kanani: IMF loan makes Iraq subject to international economic standards
Economy Since 29.05.2016 at 12:55 (Baghdad time) Special scales News
Counting of the economic and investment commission member of the Parliamentary Ahmed Kanani, on Sunday, Iraq's new funds from the International Monetary Fund, a step in the right direction to make Iraq is under international economic standards.
Said Kanani, L / balance News /, said that "Iraq borrow from the International Monetary Fund makes Iraq abide by international standards and conditions, namely that Iraq abide by mandatory."
He added that "those conditions will join the administrative affairs of the Iraqi economic system, in terms of customs duties and foreign companies dealing with investment, as well as how the funds and the benefits of operational, investment and Almoisntin management."
And Abizaid, "with evidence that IMF lending condition when Iraq to stop the grades, being the budget carrying large sums of money."
He stressed Kanani, that "the IMF loan is a positive step in the situation in Iraq under the international system, which applies economic criteria Altikhaddm Iraqi economic reality, as well as its importance to the country under the current circumstances."
It is said that the International Monetary Fund, World Bank and international partners have agreed, in the May 19, 2016, to give Iraq a loan of $ 15 billion at an interest rate of 1.5% .anthy LINK
From: Inam Amaury LINK
[tlm724] IMF loan makes Iraq subject to international economic standards
[tlm724] Iraq's new funds from the International Monetary Fund, a step in the right direction to make Iraq is under international economic standards.
[tlm724] that "Iraq borrow from the International Monetary Fund makes Iraq abide by international standards and conditions, namely that Iraq abide by mandatory.
[tlm724] mandatory requirements that Iraq MUST abide by, period ! The IMF HAS set conditions to this bailout
[tlm724] that "those conditions will join the administrative affairs of the Iraqi economic system, in terms of customs duties and foreign companies dealing with investment, as well as how the funds and the benefits of operational, investment and Almoisntin management."
[tlm724] those conditions will join the administrative affairs of the Iraqi economic system
[RCS1947] Very Happy
[tlm724] "the IMF loan is a positive step in the situation in Iraq under the international system, which applies economic criteria Altikhaddm Iraqi economic reality
[tlm724] Iraq under the international system Wink
[tlm724] the International Monetary Fund, World Bank and international partners have agreed, in the May 19, 2016, to give Iraq a loan of $ 15 billion at an interest rate of 1.5%
[tlm724] good stuff right there Wink
[poopsie] tim it sure is
[RCS1947] yep Very Happy
[tlm724] I will find out more about those standards and follow up when I can.
tlm724 Interesting read, may be related:
International economic law
"International economic law" is an increasingly seminal field of international law that involves the regulation and conduct of states, international organizations, and private firms operating in the international economic arena.As such, international economic law encompasses a broad range of disciplines touching on public international law,private international law, and domestic law applicable to international business transactions.
For several decades, international economic law was most often associated with international trade, largely due to the fact that trade had developed the most mature multilateral legal institutions (e.g. the GATT and later WTO) for governing international commerce. Today, however, a range of disciplines are routinely acknowledged as being as impactful and relevant to the field, including:
International monetary law;
International financial regulation (including banking, derivatives, insurance and securities regulation);
International development;
International labor and services law;
International investment law, including international commercial arbitration;[5]
International intellectual property law;
International tax law;
International environmental law;
Sovereign debt and restructuring.
Because of the breadth of international economic activities and transactions, international economic law is a highly interdisciplinary field of study. Decisions in one area, such as tax or financial regulation, can impact the transmission of monetary policy, which can, in turn, impact the effectiveness or operation of a trade regime, and vice versa.
Consequently, a wide range of notable governmental and intergovernmental organizations are involved in formulating international economic law and policy. Among the most important are:
National finance ministries, trade officials, and financial market supervisors;
Multilateral institutions including the IMF, WTO, Bank for International Settlements, IFC, World Bank, EU, ILO, United Nations, and European Commission;
“Minilateral” institutions associated with regional and bilateral trade, IP, financial regulatory accords, and other targeted diplomatic efforts.
http://ift.tt/1XYASIz
http://ift.tt/25rgbHh
~~~~~~~~~~~~~~
there is a contradiction serious between the turbulent economic policy after 2003 and between monetary policy adopted by the Central Bank and the nature of the relations that linked the Central civil banks, which was established under law No. 94 issued in 2004, receded those relationships actually limited to a single subject , a currency auction has become the subject is al - Faisal in the central bank 's relationship banks capacity.
in the explanation of this fact has reflected the nature of the rentier economy , which is built by the state with all its institutions on the work of the majority of private banks and now are other works unilateral actively represent a maximum of auction by building currency held by central and dispense with the rest of the banking activities of known or employ them for his service,
and certainly can not blame entirely on departments of private banks as they exist under conditions very bad work at all levels every activity of any size remains fraught with serious risks as a result of social decline.
The financial market liberated from the restrictions entirely rely on the laws of the market, particularly the subject of supply and demand and consumption is a measure of engine macro - economic operation and these laws are that allow domestic banks to achieve double the profit as a result of handling the goods, and this is present in all world markets , free and not limited on Iraq.
the adoption of Iraq entirely on the import of all he needs makes consumption index at its highest this leads inevitably to a significant rise in the banks ' profits as a result of circulation necessary to process import financial commodities, where we find that the fundamental obstacle that prevents traders from dealing transparent and publicly is the issues of customs and taxes,
and certainly there is a big contradiction between the fact that the country 's economy Rieia where the oil resources of the whole go to state and between the presence of tax rates and high customs duties, financing of the entire activities of the state depends on oil revenues and not on the tax and customs,
it is fair and necessary to reduce the tax and customs to zero limits to narrow into the possible money laundering to the least we can even prevent it, where traders have in front by a roomy and safe to announce their activities without resorting to methods of fraud and evasion on the other hand will fill a big door for corruption in more than one facility,
or traders are forced to pay tax and customs in advance , making them indispensable in the manipulation and game hide as happened imposing ratio known 8 percent. http://ift.tt/25rfXjE
tlm724 here it is in a nutshell, the CBI spent most of their efforts in making money off the auctions period ! Sure they put in a few regulations here and there, increasing the required liquidity of the banks etc... but they sure didn't do more than that in the recent past during Alak's time . We have not seen much action from the CBI to do it's part for the advancement of the free market economy !
Now today I do see where things are shifting for the better. There are laws that need to be passed to insure a smooth transition from a rentier economy and since it appears the IMF has set conditions to bailing Iraq out this is the best shot they have at making things right !
http://ift.tt/1XYAsSt
~~~~~~~~~~~~~~~
Kanani: IMF loan makes Iraq subject to international economic standards
Economy Since 29.05.2016 at 12:55 (Baghdad time) Special scales News
Counting of the economic and investment commission member of the Parliamentary Ahmed Kanani, on Sunday, Iraq's new funds from the International Monetary Fund, a step in the right direction to make Iraq is under international economic standards.
Said Kanani, L / balance News /, said that "Iraq borrow from the International Monetary Fund makes Iraq abide by international standards and conditions, namely that Iraq abide by mandatory."
He added that "those conditions will join the administrative affairs of the Iraqi economic system, in terms of customs duties and foreign companies dealing with investment, as well as how the funds and the benefits of operational, investment and Almoisntin management."
And Abizaid, "with evidence that IMF lending condition when Iraq to stop the grades, being the budget carrying large sums of money."
He stressed Kanani, that "the IMF loan is a positive step in the situation in Iraq under the international system, which applies economic criteria Altikhaddm Iraqi economic reality, as well as its importance to the country under the current circumstances."
It is said that the International Monetary Fund, World Bank and international partners have agreed, in the May 19, 2016, to give Iraq a loan of $ 15 billion at an interest rate of 1.5% .anthy LINK
From: Inam Amaury LINK
[tlm724] IMF loan makes Iraq subject to international economic standards
[tlm724] Iraq's new funds from the International Monetary Fund, a step in the right direction to make Iraq is under international economic standards.
[tlm724] that "Iraq borrow from the International Monetary Fund makes Iraq abide by international standards and conditions, namely that Iraq abide by mandatory.
[tlm724] mandatory requirements that Iraq MUST abide by, period ! The IMF HAS set conditions to this bailout
[tlm724] that "those conditions will join the administrative affairs of the Iraqi economic system, in terms of customs duties and foreign companies dealing with investment, as well as how the funds and the benefits of operational, investment and Almoisntin management."
[tlm724] those conditions will join the administrative affairs of the Iraqi economic system
[RCS1947] Very Happy
[tlm724] "the IMF loan is a positive step in the situation in Iraq under the international system, which applies economic criteria Altikhaddm Iraqi economic reality
[tlm724] Iraq under the international system Wink
[tlm724] the International Monetary Fund, World Bank and international partners have agreed, in the May 19, 2016, to give Iraq a loan of $ 15 billion at an interest rate of 1.5%
[tlm724] good stuff right there Wink
[poopsie] tim it sure is
[RCS1947] yep Very Happy
[tlm724] I will find out more about those standards and follow up when I can.
tlm724 Interesting read, may be related:
International economic law
"International economic law" is an increasingly seminal field of international law that involves the regulation and conduct of states, international organizations, and private firms operating in the international economic arena.As such, international economic law encompasses a broad range of disciplines touching on public international law,private international law, and domestic law applicable to international business transactions.
For several decades, international economic law was most often associated with international trade, largely due to the fact that trade had developed the most mature multilateral legal institutions (e.g. the GATT and later WTO) for governing international commerce. Today, however, a range of disciplines are routinely acknowledged as being as impactful and relevant to the field, including:
International monetary law;
International financial regulation (including banking, derivatives, insurance and securities regulation);
International development;
International labor and services law;
International investment law, including international commercial arbitration;[5]
International intellectual property law;
International tax law;
International environmental law;
Sovereign debt and restructuring.
Because of the breadth of international economic activities and transactions, international economic law is a highly interdisciplinary field of study. Decisions in one area, such as tax or financial regulation, can impact the transmission of monetary policy, which can, in turn, impact the effectiveness or operation of a trade regime, and vice versa.
Consequently, a wide range of notable governmental and intergovernmental organizations are involved in formulating international economic law and policy. Among the most important are:
National finance ministries, trade officials, and financial market supervisors;
Multilateral institutions including the IMF, WTO, Bank for International Settlements, IFC, World Bank, EU, ILO, United Nations, and European Commission;
“Minilateral” institutions associated with regional and bilateral trade, IP, financial regulatory accords, and other targeted diplomatic efforts.
http://ift.tt/1XYASIz
http://ift.tt/25rgbHh
~~~~~~~~~~~~~~
Foreign exchange rate of the Iraqi dinar on Sunday, May 29, 2016
Economy Since 05.29.2016 at 08:26 (Baghdad time) BAGHDAD - balances News
U.S. dollar
US $ 1 = 1,182.0000 Iraqi dinars
1 Iraqi dinars = US $ 0.0008 affraid affraid afraid
euro
1 euro = Iraqi dinars 1,313.8516
IQD 1 = 0.0008 euros
Sterling pound
£
IQD 1 = 0.0006 pounds
Canadian Dollar
1 CAD = 907.2766 dinars
IQD 1 = 0.0011 Canadian dollars
Australian Dollar
1 AUD = 849.2661 dinars
IQD 1 = 0.0012 Australian dollars
Japanese Yen
1 Japanese Yen = 10.7230 dinars
IQD 1 = 0.0933 Japanese yen
LINK
tlm724 Foreign currencies compared to the price of the Iraqi dinar
You progress (Journal News) sale of currency rates for this Sunday, according to the statement from the sale of the currency market.
U.S. dollar
US $ 1 = 1,182.0000 Iraqi dinars
1 Iraqi dinars = US $ 0.0008
euro
1 euro = Iraqi dinars 1,313.8516
IQD 1 = 0.0008 euros
Sterling pound
£ 1 = 1,728.3203 Iraqi dinars
IQD 1 = 0.0006 pounds
Canadian Dollar
1 CAD = 907.2766 dinars
IQD 1 = 0.0011 Canadian dollars
Australian Dollar
1 AUD = 849.2661 dinars
IQD 1 = 0.0012 Australian dollars
Japanese Yen
1 Japanese Yen = 10.7230 dinars
IQD 1 = 0.0933 Japanese yen. It ended 5
LINK
http://ift.tt/1XYAoCm
Economy Since 05.29.2016 at 08:26 (Baghdad time) BAGHDAD - balances News
U.S. dollar
US $ 1 = 1,182.0000 Iraqi dinars
1 Iraqi dinars = US $ 0.0008 affraid affraid afraid
euro
1 euro = Iraqi dinars 1,313.8516
IQD 1 = 0.0008 euros
Sterling pound
£
IQD 1 = 0.0006 pounds
Canadian Dollar
1 CAD = 907.2766 dinars
IQD 1 = 0.0011 Canadian dollars
Australian Dollar
1 AUD = 849.2661 dinars
IQD 1 = 0.0012 Australian dollars
Japanese Yen
1 Japanese Yen = 10.7230 dinars
IQD 1 = 0.0933 Japanese yen
LINK
tlm724 Foreign currencies compared to the price of the Iraqi dinar
You progress (Journal News) sale of currency rates for this Sunday, according to the statement from the sale of the currency market.
U.S. dollar
US $ 1 = 1,182.0000 Iraqi dinars
1 Iraqi dinars = US $ 0.0008
euro
1 euro = Iraqi dinars 1,313.8516
IQD 1 = 0.0008 euros
Sterling pound
£ 1 = 1,728.3203 Iraqi dinars
IQD 1 = 0.0006 pounds
Canadian Dollar
1 CAD = 907.2766 dinars
IQD 1 = 0.0011 Canadian dollars
Australian Dollar
1 AUD = 849.2661 dinars
IQD 1 = 0.0012 Australian dollars
Japanese Yen
1 Japanese Yen = 10.7230 dinars
IQD 1 = 0.0933 Japanese yen. It ended 5
LINK
http://ift.tt/1XYAoCm
via Dinar Recaps - Our Blog http://ift.tt/25rfBti
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