By MY LADIES » November 25th, 2014, 1:34 pm
GOOD MORNING EVERYONE, THERE IS SO MUCH TO SAY I’M LOST AT WHERE TO START AND WOULD BE HERE TYPING ALL THE DAY LONG TO GET IT ALL OUT.
FOR STARTERS I WANT TO ADDRESS SOME ISSUES AND PATTERNS I SEE HAPPENING OVER AND OVER AGAIN NOT JUST IN THIS FORUM BUT ALL OVER.
IT IS OF OUR OPINION THAT MANY PEOPLE IN DINAR LAND TAKE THE TINIEST BIT OF NEWS AND SPIN INTO SOMETHING HUGE AND MAJOR AND THEN RUN WITH IT AND GET PEOPLE ALL WORKED UP OVER SOMETHING AS SIMPLE AS THE CBI GOING TO THE BATHROOM.
I SEE THIS ALL THE TIME AND MY PHONE AND SKYPE AND PM’S BLOW UP WHEN EVER ONE OF THESE BATHROOM BREAKS OCCUR.
FOR INSTANCE OVER THE WEEKEND IT SEEMS IT WAS DISCOVERED THAT THE BAGHDAD AIRPORT WAS USING U S DOLLARS FOR PURCHASES. OK SO WHAT?
IT IS AN AIRPORT AND THE DINAR IS NOT INTERNATIONAL AND MOST PEOPLE USE ADVANCE PURCHASE OPTIONS ON CREDIT CARDS DONE THROUGH OUTSIDE CLEARING HOUSES AND OTHER OPTIONS ARE PAID FOR WITH THE DOLLAR. NOT A BIG DEAL AT ALL.
ANOTHER EXAMPLE THE COUNCIL OF MINISTERS SAYS ALL TRANSACTIONS SHOULD BE DONE IN DINAR. OK SO WHAT?
THEY SAID THAT IN MAY OR JUNE TOO BUT THEY CONTINUE TO SELL THE DOLLAR EVERY DAY AT THE AUCTIONS.
WHEN THIS WAS DECIDED IT WAS WITH REFERENCE TO GOVERNMENT TRANSACTIONS THE LITTLE GUY SELLING FISH WRAPPED IN NEWSPAPER ON THE CORNER IS STILL USING THE DOLLAR AND WILL CONTINUE TO DO SO UNTIL THEY STOP SELLING IT AT AN AVERAGE OF 150 MILLION DOLLARS A DAY AT THE AUCTIONS.
ANOTHER EXAMPLE THAT BLEW MY PHONE UP IS THE ECONOMIC REFORM THAT IS UNDERWAY WILL BE FINISHED BY DECEMBER 1ST. WELL WHAT DOES THAT EVEN MEAN?
THE ECONOMIC REFORM WILL BE ON GOING FOR YEARS TO COME.
BUT IT WILL NOT AFFECT THE EXCHANGE RATE OF THE DINAR DIRECTLY ONE WAY OR THE OTHER.
AND THEN THERE IS MY ALL TIME FAVORITE THE HCL…OH MY GOSH….
I’M NOT EVEN GOING TO TRY THIS ONE OTHER THAN TO SEND YOU ALL TO READ THE MEANING OF OIL AND GAS IN IT’S MOST DUMBED DOWN VERSION I COULD FIND.
AFTER READING THIS YOU SHOULD BE ABLE TO UNDERSTAND THIS LAW IS NOT THE SALVATION OF IRAQ.
READ THIS PLEASE. http://en.wikipedia.org/wiki/Iraq_oil_law_%282007%29
IT IS IMPORTANT BUT FRIENDS THERE ARE OTHER LAWS OF EQUAL IMPORTANCE AND THEY DIRECTLY AFFECT THE BANKING SYSTEM. THIS IS WHERE MY LADIES FOCUS LIES.
LET ME EXPLAIN THIS, IT WAS ALREADY DECIDED THAT THE GOI WOULD NOT INVENT NEW LAWS, WOULD NOT WRITE NEW LAWS INTO THE CONSTITUTION
THAT THEY WOULD JUST GO WITH THE ORIGINAL OIL AND GAS LAW OF 2007 WITH MORE MUTUALLY AGREED UPON NUMBERS BETWEEN KURDISTAN AND GOI INSERTED.
SO YES FOR THE POINT OF ARGUING THE HCL IS DONE AND FACTUALLY HAS BEEN DONE SINCE 2007 BUT HOW WILL IT BE IMPLEMENTED AND MAINTAINED WITH NO INTERNATIONAL BANKING INFRASTRUCTURE IN PLACE?
REALLY WHICH CAME FIRST THE CHICKEN OR THE EGG? WELL IT DOESN’T MATTER EXACTLY BUT WITH OUT THE CHICKENS THERE FOR SURE WOULD BE NO MORE EGGS. SO LET’S TAKE OF THE CHICKENS THAT ARE HERE NOW!
THE CBI HAS A STRATEGY IN PLACE. THE CBI IS WHERE THE KEY TO OUR INVESTMENT IS.
NOW UNDERSTAND PLEASE OIL AND GAS HAS ITS PLACE AND SO DOES THE AIRPORT AND THE EXCLUSIVE USE OF DINAR AND YES THE ECONOMIC REFORM,
BUT IT ALL STARTS AND STOPS WITH THE CBI.
AND WHAT DOES THE CBI CONTROL? THE BANKING SYSTEM, BOTH PUBLIC AND PRIVATE.
AND WHAT IS NECESSARY TO KEEP THESE BANKS OPERATIONAL AND MOVING INTO THE NEW MONETARY SYSTEM? INTO THE NEW INTERNATIONAL SYSTEM?
AN INFRASTRUCTURE AND LAWS.
WE HAVE BEEN STUDYING THIS MONETARY REFORM FOR A LONG TIME AND OUR OPINION IS WITH OUT BANKING BACKBONE OIL AND GAS HAS NO WAY OF BEING OPERATIONAL.
WE WILL CONTINUE TO FOLLOW THE INVESTMENT LAW AND THE COMMITTEE OF ECONOMY AND INVESTMENT, AND IN CASE YOUR INTERESTED YOU CAN GO TO PARLIAMENT WEB SITE,
CLICK ON THE AGENDA AND WHERE EVER YOU SEE HYPERLINKS IF YOU CLICK THEM IT WILL TAKE YOU TO LIVE SESSIONS THAT ARE BING DISCUSSED BETWEEN THE COMMITTEES.
AGAIN THERE IS NOTHING HIDING.
WE CAN NOT SAY THIS ENOUGH TIMES; YOU JUST NEED TO KNOW WHERE TO LOOK.
THURSDAYS AGENDA HAS SOME IMPORTANT LAWS COMING UP.
YOU CAN TUNE IN TO THE RECORDED SESSION OF THE FINANCE COMMITTEE AND SEE WHAT THEY WILL BE WORKING ON OR WHAT HAS BEEN AMENDED AND IT WILL TRANSLATE IN PRINT FOR YOU.
MANY OF THE SESSIONS ARE RECORDED NOW AND POSTED TO PARLIAMENT WEBSITE.
LOOK EVERYONE I KNOW WE ARE ALL GROWING TIRED AND SOME ARE IN DESPERATE DIRE SITUATIONS AND WE ARE TRYING TO CLING TO WHATEVER WE CAN FOR HOPE BUT FOLKS SOMETIME A DUCK IS JUST A DUCK.
WE CAN SPIN THESE ARTICLES AND TRY TO SEE SOMETHING IN NOTHING AND JUMP AT EVERY SHADOW OR WE CAN JUST CALM DOWN AND LET IT HAPPEN.
WHAT WILL DINAR LAND DO FOR THE WHOLE MONTH OF DECEMBER WHILE PARLIAMENT IS GONE AND OUR GOVERNMENT WILL BE GONE FOR THE HOLIDAYS TOO.
WHAT TYPE OF ANXIETY WILL BE DRUMMED UP FOR THE NEXT 30 DAYS?
IRAQ IS GOING THROUGH A TOTAL REBIRTH.
WE NEED TO MOVE WITH THE PROCESS NOT TRY TO TURN THE PROCESS INTO WHAT WE WANT IT TO BE. IS OUR INVESTMENT SOUND? IN OUR OPINION HE!! YES IT IS!
BUT WE NEED TO GO WITH THE FLOW AND NOT BECOME DISENCHANTED BECAUSE IT IS NOT MOVING THE WAY WE WANT IT TO. THERE IS A HUGE STRATEGY IN PLACE AND DUKE AND DUKE HAVE A PLAN.
THAT PLAN WAS NOT CONSTRUCTED TO FAIL. LET’S ALL TAKE A DEEP BREATH AND MOVE ON WITH OUR STUDIES AND STAY GROUNDED AND TOGETHER WE WILL REACH THE FINISH LINE WITH OUT BREAKING A SWEAT.
HERE IS A LOOK INTO THE STRATEGY OF THE CBI.
THIS IS AN EXCLUSIVE INTERVIEW DONE WITH THE EXECUTIVE DIRECTOR AND BANKING EXPERT PROFESSOR SAMIR ALNASIRI.
HIS BANK IS THE OLDEST AND LARGEST BANKING INSTITUTIONS IN IRAQ AND THE REGION.
GULF COMMERCIAL BANK IS A PART OF THE BANKING STRATEGY THE CBI HAS IN PLACE. THIS INTERVIEW IS IN 3 PARTS. LET’S HAVE A LOOK AT WHAT HE HAS TO SAY.
Reform and development of the Iraqi banking sector strategy
By Adminsa two seventeen 11.18.2014
The first episode By / Prince Majed Jawad
The banking sector is a key pillar for building a national free economy strengthens the foundations of the Iraqi state and pushes them towards growth and stability of the process of economic
The building of this sector on scientific foundations with the use of modern techniques and reliance on national best experience, greatly contributes to the development and investment program being the first episode of financing strategic projects and Limited.
Through the media interest in this vital sector, we decided to do an exclusive interview with a banking expert Professor Samir Alnasiri Executive Director of the oldest commercial bank Gulf one of the giant banking institutions in Iraq
In this episode we take Mayati:
Indeed, developments in the Iraqi banking sector, where Darhma fun according banking scientific economic concepts professional dialogue
Q / How do you see the reality of the banking sector and its role in the field of development and investment in the next stage?
As the Iraqi banking sector is the first financing ring and the main activities of investment and in particular over the next four years, with the announcement of the government program, it is necessary to open the way for banks to work flexibly to help support investment, where is the nerve President wheel development.
All the studies and reports issued by the World Bank and the International Monetary Fund and the Ministry of Planning and the Central Bank of Iraq confirms the weakness of the contribution of the Iraqi banking sector in the development and investment for reasons related to the structure and management of the sector in Iraq.
Q / What do you think the Iraqi economic scene and what are its implications for the banking sector?
There are factors related to the rate of rent of the Iraqi economy and its mechanisms separated between the market economy, which was approved by Article 25 of the Iraqi Constitution and between controls and its determinants centralized economy, in addition to the political and security landscape confused, all contributed to non-application of an economic approach and clear during the previous phase.
Q / Is there a future strategy for the advancement of the banking sector?
to build a strategy and promising to reform and development of the Iraqi banking sector for the years (2014 _ 2018) must establish a mechanism consistent with the new government program, which provides in paragraph (d) Fourth, and on the development of the banking business,
which emphasizes the (longer commercial banks from financial institutions of paramount importance to any economic activity and represents one of the country's financial system rings and a reflection of economic, commercial and financial systems as is one of encouraging investors to bring capital gates,
which can be achieved through the organization and address the economic and commercial affairs in coordination with various relevant sectors and activating the role of government-owned banks and banks specialized and private sector banks to provide soft loans,
with an emphasis on the development of foreign economic relations with the countries of the world with the increase in the volume of trade and the development of relations with international and regional organizations concerned,
and this requires the study of the reality of the Iraqi banking sector in light of the monetary policies adopted by the Central Bank of Iraq in previous years which applications The outlook for the supervision and control of banks, based on his experience applied since 2003 until the present time)
Q / Do you think that there is a development in the Iraqi banking sector?
truth diagnosed with the Central Bank of Iraq and with the international financial organizations, he has earned the evolution of the Iraqi banking sector in light of the financial indicators of banking operations for the years (2003_2013)
where the attached tables indicate for the evolution through the years (2012_2013) clearly reaching achieved growth of banks ratio government in assets 19.7%
As for the Iraqi private banks growth rate has reached 25%
It seems that in the actual evolution of the Iraqi banking sector activities has happened in spite of the challenges and obstacles that confront many where this development continued in the 2014 up to June 30, 2014.
Q / Is there a rating of private banks?
show business in the light of the results of the analysis of financial indicators that contributed to the issue of transparency and disclosure reports, which highlights the classification of the top ten private banks in Iraq, Gulf Commercial Bank is located in the fourth place of the classification.
That domestic and foreign banking operations for banks above has achieved developments quality in the capital in cash and credit as well as the growth of the financial position of these banks and the high rate of profitability achieved it,
which indicates clearly the efficiency of all private banks amounting to 35 banks in general ten banks first In particular. http://www.khabaar.net/index.php/permalink/34442.html
Strategy of reform and development of the Iraqi banking sector
By Adminsa 19/11/2014 11:01 a.m. Episode II By / Prince Majed Jawad
The banking system is an essential pillar for building a national economy able to push the Iraqi state towards growth and stability during the process of scientific planning and the use of modern technologies needed to manage this sector and expertise,
This sector was able to contribute to the development and investment process as the first episode of funding for strategic projects and Limited.
In this episode we take challenges facing the Iraqi banking sector.
Complementing professional dialogue with the banking expert Professor Samir Alnasiri Executive Director of the oldest commercial bank Gulf one giant banking institutions, and interests within preparing studies and research on the challenges facing the Iraqi banking sector house this dialogue
Q / What is your assessment of the private banking reality in Iraq?
still of capital government and private banks are limited to Ayuakp changes in the global banking institutions developments, as well as their banking systems and administrative.
As well as the deposits are still not at the required level, the form in which affect programs in the banking system to finance large projects and its role in financing for development and reconstruction programs.
Where private banks tend nowadays to finance small and medium enterprises and in short-term period of potential weakness in the financing of large projects.
While working on the support of the construction companies through the organization of private letters to enter the bidding contractors rebuilding security or processing of goods and services, in which the role of government banks in the financing of strategic investments remains.
Q / How do you challenges facing the private banking sector?
facing the private banking sector several challenges and problematic stand in the way of growth and development, including:
That the regulatory environment governing the control of private banks as well as administrative determinants in cash and investment management capabilities will make the weak shrinking financial resources,
There are administrative controls within the parameters set out in the Banking Act
No. (94) for the year 2004, especially Article 28 thereof, and the Central Bank Law No. 56 of 2004, which defines the prohibited activities of banks and place restrictions on investment.
• Because the scene security confused banking sector suffers the inability of a large section of borrowers repay discharged debts on maturity as well as to increase the proportion of risk in the cash grant credit to customers that disrupted the work of banks and reflected on the volume of cash in a way that presents some banks filed for bankruptcy.
• Confusion economic vision and public policies that unite between fiscal and monetary policy
• Government militancy in relation to the instructions issued by the Central Bank and Ministry of Finance
• General culture prevailing in the society, which is still considered to own banks conservatively and avoid dealing instruments or credit cards.
• Log parallel market unregistered represented cashiers to provide soft loans and banking services
• Complex and that not fit with the support and economic reform that must be provided by the government for the banking sector policies, tax laws
• Limited development of financial systems in central Iraq and the hardline policies in determining the calories interest is reflected in the non-payment of loans and thus restrict the ability of banks to finance new loans, which led to slow growth and the emergence of serious calls for restructuring and reforming the banking sector.
Strategy of reform and development of the Iraqi banking sector
By Adminsa 11/20/2014 12:25 Episode III By / Prince Majed Jawad
The Iraqi banking sector, a key pillar for building a national economy is able to push the Iraqi state towards growth and stability through scientific planning and the use of modern technologies needed to manage this sector and experience, as this sector was able to contribute to the development and investment being the first financing episode of strategic projects and Limited.
In this episode we take Central Bank moves to reform the Iraqi banking sector
In continuation of our dialogue with the banking expert Professor Samir Alnasiri Executive Director Senior Gulf Commercial Bank, and within this axis we went to ask
Q/for the central bank moves to reform banking sector
the Central Bank recently set of measures could be going over it and as follows:
First / CBI works to reconsider the banking legislation in Iraq to the advancement of the banking reality where the Iraqi Central Bank held a workshop to amend the Central Bank Act No. 56 of the Banking Law No. 94, and anti-money laundering law No. 93 of 2004
The central bank also prepared a draft bill to guarantee deposits, which will be submitted to the Council of Ministers.
Q / under this paragraph Is there a relationship between financial laws and other laws for the purpose of economic integration?
to reconsider the amendment related to monetary policy, laws also require reconsidering other laws (such as the law firms and the Investment Law and the Securities Law) also requires coordination between the relevant competent bodies, for the purpose of harmonization and out with good results focused on improving the Iraqi economy.
Second / issuing instructions and implementing regulations on the applications of monetary policy and a precise control system to monitor implementation and in particular Mai_khas foreign exchange and currency auctions supervised by the Central Bank of Iraq.
Third / strengthen foreign exchange reserves of Iraq and reserves of gold and the preservation of the Iraqi dinar exchange rate and raise the price of credit rating also contribute significantly to foreign investment attracted to Iraq
Q / Through what is stated in paragraph II and III. How do you evaluate these measures cash and economic impacts on Iraq?
The CBI measures have been instrumental in the integrity of the monetary policy applications through the supervision and control of banks Although there is an urgent need to develop methods of work in some of the joints of the monetary policy with the importance of coordination with fiscal policy.
Fourthly / also instructed banks to increase the minimum limit of their capital to 250 billion has been implemented by the banks except the four banks were to grant the limited time to arrange their positions.
And within the central bank's activities for the development of performance in the financial and banking sector
• The activation status of Banking Studies
• Training staff of the banking system and rehabilitation to assume responsibility Banking
• Providing banking, monetary and financial consulting
• Preparation of research and studies of banking and the issuance of publications and periodicals to contribute in spreading awareness of the bank
• Contribute to the activities of professional organizations and associations related to banking work inside Iraq.
Q / What are your views on the projects implemented by the Central Bank of Iraq to develop fiscal policy?
There are a number of projects, which is currently on the central bank to implement them
• Implementation of the exchange of credit information system where
The formation of a committee formed by the Director of Information Technology Department at the Central Bank of Iraq and cooperation with the United States Agency for International Development, is working to establish a credit bureau,
which will enable banks to provide them with the information needed to manage the credit record and record guarantees and provides complete control over the lending process by banks,
and at the same time was the formation of a working group of experts from the Central Bank in collaboration with the Central Bank of Lebanon for their experience in this area
• Development of retail payment systems and national key project
The formation of specialized committees to analyze the offers submitted by the project implementing international companies, and at the same time have been prepared in payments systems and legal instructions and organize the work of the electronic payment service providers and has direct implementation of the project through 2014
• Risk management at the central bank using stress tests
To promote monetary stability and achieve the goals of the central bank through the sound management of the reserves and the risks that may be particularly exposed to all the operations of the Bank's financial and banking sector in general, has been the development of specialized risk management in accordance with the best international standards,
through the implementation period has that administration of a set of computer operations to monitor the performance of investment portfolios and monitor the deviation from the border and set standards, has also conduct necessary to predict the potential risks tests.
SO YOU SEE THEY HAVE A PLAN. WE WILL WATCHING FOR THE PROGRESS OF THIS STRATEGY.
HERE IS A ROAD MAP. HERE IS THE BLUE PRINTS. HERE IS THE LAUNDRY LIST LET'S FOLLOW ALONG PLEASE BECAUSE THE CBI HAS A PLAN.
ENJOY YOUR HOLIDAYS EVERYONE AND PLEASE TAKE THIS TIME TO BE WITH FAMILY AND BE THANKFUL FOR WHAT WE DO HAVE.
AFTER SUNDAY PARLIAMENT WILL RETURN IN JANUARY AND WE WILL CONTINUE TO HELP AND BRING YOU UNDERSTANDING WHEN THEY RETURN.
LET’S CONTINUE OUR JOURNEY TOGETHER IN CALM AND STEADY STUDY.
LOVE TO ALL, MY LADIES.