June 9th, 2014, 11:55 am
Monday Morning News Summaries
Central Bank calls for banks to pump Securities modern printing
This article talks about paying salaries of the state employees and cleaning up "securities" or IMO...money that is worn or damaged and they are wanting to put the newer currency, that which was printed with newer security features to it into circulation.....sounds like banks that are found to be distributing any counterfeit currency to citizens will be subject to penalties.....
I know the last sentence of this article is going to get much fanfare today....but I would honestly ignore it for the time being.....it is something that the writer of the article has added to the other content, it is not something that was said by a CBI official...IMO....if it had been, it would have been credited to the appropriate CBI official.
To the Central Bank Governor Abdul-Basit Turki ... Is it possible rejection dealings after six months
Companies from the provinces of Najaf and Karbala have been surprised to be informed that their request for credit that has taken the last 6 months to comply with the wishes of the CBI has been denied.....they are claiming now what they currently are experiencing is the same as what they saw from the former regime.....there is confusion concerning why they were rejected and they are asking for answers.
Economist: delay in the budget behind the rise of the dinar and the dollar will rise .. soon
Any relationship between the Iraqi government and the high exchange rate of the dinar against the USD has been ruled out by economists and an expected recovery of the dollar within the next few days is predicted.....the CBI is the one who sets policies for the exchange rate of the IQD against any foreign currency.....they are the only one who has the authority to affect such changes.....that is an important point to remember.....it is a positive thing to witness the continued auctions by the CBI even with the government basically at a standstill due to the lack of an approved budget.....this shows the independence of the CBI to the government....the drop in the price of the buying and selling of the USD and other foreign currencies is positive for the policy of national exchange.
"Daash" holding 15 employees hostage at the University of Anbar and steal $ 15 billion from its treasury
The terrorist organization DAASH is holding 15 employees of the University of Anbar hostage and is believed to have stolen 15 billion dinar from the university treasury.....there are believed to be 20 gunmen involved in the hostage situation and security forces are waiting on the release of these hostages before storming the building where the gunmen are located.....there have been two explosions heard from within the building but forces do not know what was the cause or if there were any injuries or deaths as a result.
Rapporteur of the parliament: the first days of next month's first session of the new parliament
The initial meeting of the new Parliament should happen in the first days of July.....this will be after the ratification of the election results by the Federal Court....the Parliament will be chaired by the oldest member of Parliament....no later than 15 days of the approval of the election results.....the duties of the current Parliament end on June 13th.
Kurdistan region: the continuation of the export of oil and the start of the second carrier
I give up on trying to keep an accurate count on the number of tankers that have been loaded at Ceyhan, Turkey....they are saying this makes the second.....whatever they want to say.....it is being loaded, probably will take several days...then we will see where the cat and mouse game takes us from Ceyhan this time.....the Kurds have borrowed some major amounts of money from various oil companies to pay employee salaries.....the oil game continues.
Central Bank calls for an obligation to pay the salaries of employees of the new banknotes
Again, the CBI is asking all public and private banks to make salary payments to state employees and to please use new banknotes and retrieve any old worn or damaged notes ....banks were warned against using any "corrupt" notes or run the risk of being penalized.
The central bank decides to raise Commandments for "bank across Iraq" and handed over to his new administration
I do not like articles that talk about "he" but do not clearly tell you who "he" is......frustrating.....do we assume it to be Turki.....if so they should have said so....the CBI has provided what they are calling "commandments" across Iraq to all banks, explaining the framework of what their expectations are for the banks to reach financial stability and maintaining depositors money.....what this actually is about I believe is the custodianship of the Bank of Economy and Finance that was done last week by the CBI.....and they are establishing a new administration for the bank along with the expectations mentioned above.....got to sort of read between the lines and right to left at times to get the complete gist of things.
Some central banks warns of delivery of banknotes "stale" to its customers
Some CBI branches are warning of worn and damaged currency notes being delivered to their customers and are asking the CBI office in Baghdad to supply the newer banknotes to them so they may be furnished to the Iraqi banks.....
they continue with their efforts to get the old worn and damaged notes off the street....
this is a good thing.
Interesting news this morning.....
enjoy the summaries Randy