March 24th, 2014,
Monday Morning News Summaries
Parliament: this week, the final deadline for the second reading
Once again Speaker Najafi takes things into his own hands and decides to extend to the end of this week the time frame for the Tripartite committee to find some agreement for Erbil and Banghdad....
yet another delay tactic that he continues to pull....this man is not wanting to pass this budget for some reason.
Central Bank boosts reserves of gold bought 36 tons of pure gold
Maybe one of the last acts by Turki before handing over the governorship of the CBI....purchasing 36 tons of gold to strengthen the financial capacity of the country and increase the elements of security and insurance reserves for the CBI...
the CBI now has hard currency reserves in excess of 80 tons.
~~~ Parliament resumes its sessions next Sunday the completion of the second reading of the budget
Parliament is on break it seems until this coming Sunday....at which time the second reading of the budget is supposed to take place....what a waste of a week....
don't they have numerous other things they could be working on.....or are they at the point that the other laws need the budget first...shaking my head.
Net: start distributing the salaries of companies Industry
This news in from Basra....the Minister of Finance announced the commencement of a process to borrow for employees and citizens while stressing the beginning of payment of salaries to companies and the Ministry of Industry after signing the exchange.....
the process has been started for granting personal loans up to 10 million dinar regarding purchase of or construction of housing.
Iraq gets a new batch of Japanese loan of 5 billion dollars
The Ministry of Planning will be using a soft loan from Japan of $5 billion dollars to help in the reconstruction of the Iraqi ports....the loan will also aid in the redevelopment of electrical plants.
Urgent arrival of the Iraqi delegation to Kuwait to attend the Arab Summit Conference
Iraq has sent a delegation to Kuwait to attend the Arab Summit Conference on Tuesday and Wednesday.....the focus of the conference will be towards the Syrian conflict and the peace process.
Theft of state banks and the bankruptcy of the banks pay a lot of civil Baghdadis to save their money at home
Another rehash of an article at least a week old....the previous article talked about the term "under the slab".....similar to our "under the mattress"....meaning the citizens do not trust the banking system in Iraq today....due to bankruptcies and thefts of funds....
they choose to live with the risk associated with keeping their money at home.....according to some citizens.....only the bigger banks like Rafidain or Rasheed, but even these are susceptible it seems.....there needs to be some type of insurance on deposits.....and they are working on this now as we speak.
CBI: News and announcements
CBI governor Turki will be in attendance at the upcoming IMF meeting where Article IV will be discussed.....the Middle East Bank of Iraq is requesting approval of nominees for their board......Lebanese Fransabank to open 2 branches in Iraq.
An account of cashless Iraqi Kurds
An accounting of life in the Kurdistan region over the last 2-3 months where government employees have gone without pay and many others have also been impacted by the stalemate of the Kurds battle with Baghdad over oil and budget issues.....
it seems that life goes on....people go out to dinner, people shop still....there are long lines to get into certain places....and people continue to show up for work even though they have not been paid since the end of December....no big demonstrations of angry citizens.....more it seems leaning towards "just another day in Iraq" kind of attitude.
Baghdad Citizens Divided Over Freeze in Budget Payments to Kurdistan
Sounds like the news media took to the streets to garner opinions from Iraqi citizens regarding the freezing of Kurdistan employee salaries since the first of January.....some are on Maliki's side.....
some see it as unconstitutional and on the side of the Kurds....on Feb 28, Maliki made it clear that the Kurd government is responsible for paying their employees not Baghdad.....
but the Kurd treasury lacks the funds to make those payments.....something that Baghdad knew all along.....some say this has become a political football, with the citizens being tossed back and forth as the ball.
Central Bank agrees to open two branches of the Bank of fransabank Lebanese Iraq
The CBI has approved the license for the Fransabank, a Lebanese bank to open two offices in Iraq.....the CBI stressed that the banks must comply with Iraqi laws and provide $10 million dollars for licensing fees.
Deputy: Committee for Economy and behind the exclusion is not Shabibi and Maliki
There are MP's that still look at Dr. Shabibi as a criminal....although some of their basis seems to lack credibility....stating that the exchange rate of the dinar fell against foreign currency during his administration of the CBI....they need to rethink and relook this over....
IMO that is not a true statement.....IMO I think that some MP's are beside themselves that they do not have the right to manipulate the CBI to do as they say.
April 1 .. start IPO increase in the "Bank of Babylon"
April 1 will see the Bank of Babylon starting an IPO of 95.5 billion shares of stock, this will raise their capital reserves from 150 billion dinar to 250 billion dinar.
Maliki rejected the title (Saddam II) and confirmed that his office, however, his constituents
Maliki says he cannot count the times that he has been attacked.....he does not fear death...but he is not another Saddam as his detractors have eluded to.....
there continue to be differences between Sunni's and Shiite's as there have been for years...Maliki is also concerned with the situation in Syria and the continued existence of Assad that the US promised three years ago would disappear within three months.....well there they still are.
The morning News Summaries Randy