Millionday: READ EVERYWORD
Millionday: Promised economic expert peace Sumaisem, on Tuesday, demanding that Iraq put under international protection, the most prominent formula for diminution of national sovereignty in the country and risk a warning bell for workers in the index as a result of government corruption.
Millionday: NOTE -- INTERNATIONAL PROTECTION
Millionday: She Sumaisem Agency / information /, "This gesture is very serious that placed Iraq under international protection, because it is the most prominent formula for the diminution of national sovereignty in the country,
a risk and an alarm bell for those working in the government index as a result of corruption and the transfer of funds to the output without any control and because of the collapse of the economic structures Aerqaah.
Millionday: NOTE -- TRANSPARENCY IS A RISK TO THE CORRUPT
Millionday: SMILE >>>She added that he "must adopt the principles of transparency and good governance for the protection of Iraq's money at home and abroad,
because good governance has not been applied in Iraq, despite the international community help us," noting that "governance to prevent corruption and control of the situation.
And recommended Sumaisem to "contract with a prestigious and internationally recognized audit firms to give reports globally recognized and Athompsha any impurities of corruption.
Millionday: NOTE -- THIS IS THE PREPARATION FOR SOMETHING TO HAPPEN INTERNATIONALLY OR IT WOULD NOT REQUIRE AN AUDIT FIRM IMO
Millionday: He was a writer and researcher in political sociology, Dr. Ali al-Saadi said in an earlier statement to the Agency / information /, in the 15th of this November, "The Western reports indicated looting nearly $ 700 billion by the ruling parties and forces which led to the bankruptcy of Iraq after looting the wealth of generations.
Millionday: SO AS WE SEE -- THEY ARE PREPARING INTERNATIONAL PROTECTION –
THIS IS VERY IMPORTANT AND I WILL HAVE TO SEE WHERE THEY ARE LISTED AND WHAT PROTECTION THEY ARE LISTED UNDER –
OBVIOUSLY THIS IS NEW AND OF GREAT IMPORTANCE BUT IT DOESNT SAY ENOUGH FOR ANY OF US -- AS TO WHAT ORGANIZATION OR WHO OR HOW ETC
Millionday: OBVIOUSLY I WILL BE BUSY ALL AFTERNOON THANKS TO THIS
mrref1216: MD as you know these people are very secretive, I don't think they will let out a lot of info at this time
Millionday: WELL THAT WAS CERTAINLY ALOT OF NEWS
Millionday: INFO HAS BEEN LET OUT OF SOMEWHERE -- SO NOW TO CHASE IT DOWN WOULD BE THE NEXT STEP
Millionday: OK BRB WITH MORE -- OBVOUSLY THAT IS GREAT NEWS
jtank: what do u think Md--not bankruptcy is it
Millionday: I DONT SEE IT AS BANKRUPTCY NO --
Millionday: THAT WOULD NOT BE INTERNATIONAL TRANSPARENCY AND PROTECTION AS PER THEIR CURRENCY
Millionday: AND THE RETURN
Millionday: MAKES NO SENSE
Millionday: BRB WITH MORE
dale: The World Bank wouldn't be giving them a loan if they were going bankrupt would they?
Millionday: MP for the Bloc solution Mohammed Karbouli that "Baghdad and Erbil agreement a positive message in reassuring the Iraqi street.
Karbouli said in a statement that "the acceptance of the Kurdistan Alliance initiative Oil Minister Adel Abdul Mahdi, give a positive message to reassure the Iraqi street and out of the vortex that existed in the past."
Millionday: And struck oil minister, Adel Abdul Mahdi, a few days ago an agreement with Kurdish officials in the Kurdistan region to resolve all problems between the governments in Baghdad and Erbil on the production and export of oil of Kurdistan;
to be a step towards resolving all outstanding issues between the two sides, which received a large and broad popular and political inner circles welcomed as well as the world's supervisor Iraqi affairs expressed his satisfaction with this positive step towards improve the atmosphere, and thus improve the relations between the governments of the center and the Kurdistan region.
Millionday: NOTE -- A RESOLVE WITH IRAQI FEDERAL AND KURDS -- SMILE
Millionday: The MP for the coalition of citizen Furat al-Tamimi, has said in an earlier statement that "the agreement between Baghdad and Erbil is an achievement for both parties after suffering represented disagreements and bickering and political bickering,
pointing out that the country is losing because of the barbaric attack Aldaashah million barrels of oil per day; because the production and export Mtoagafan since more than four months. "
Millionday: NOTE -- THAT IS SO TRUE -- THIS IS FOR BOTH SIDES AND THEIR PEACE
Millionday: He said the Attorney-Tamimi "The agreement, which was adopted and concluded by Oil Minister Adel Abdul-Mahdi will provide financial graciously general federal budget of more than $ 30 billion and this figure will reduce the deficit, and thus improve the economic situation in Iraq and an increase in the resources of the state."
He said al-Tamimi said, "by virtue of this agreement, the federal government will be able to get extra revenue to implement its program.
Millionday: VERY NICE -- FOR BOTH AND HUGE OPPORTUNITY FOR THE COUNTRY
rrathbun: Comment on earlier report; IMO - the 700 Billion that was looted was during the Sadaam regime. This would and did cause bankruptcy of Iraq which lead to a decrease in Iraq's sovereignty by having to depend on outside assistance.
I believe they are trying to prevent this from ever happening again by contracting with an international auditor.
dinarmassa: the cbi has stated they are waiting on the perfect time to trigger the RV, wouldn't the stability between the kurds and bagdad indicated the stability everyone has been looking for
Millionday: IT CERTAINLY SHOWS HUGE PROGRESS IN STABILITY -- THEY WERRE TALKING ABOUT GOV STABILITY AND THIS IS FOR SURE ALL THAT AND MORE
Millionday: HERE WE GO
Millionday: returned the Presidency of the Council of Representatives of four laws to the Council of Ministers for ratification are oil, gas and Mahkh federal parties and general amnesty law.
And left the House of Representatives in the previous session a lot of laws to the current session because of political differences, including the producer and consumer law and the law and the law of the criminalization of the Baath and the Ministry of Industry and others.
Millionday: A member of the parliamentary legal committee on the gesture's (IMN), that "the decision of the four laws are still hanging on them because of disagreements on some of its provisions, notably the General Amnesty Law, which has become a requirement for most of the political blocs.
Millionday: And provided a close political agreement between participating in the government blocks on the government's commitment to political blocs - and within established limits –
to consolidate the foundations of national unity and transmit the spirit of civil peace to move forward with a project of national reconciliation, and completing the requirements for a law of amnesty,
and to refer the law of accountability and justice to the judiciary, as well as the Law oil and gas and the rest of the pending legislation
Millionday: NOW THIS WAS REPORTED ON THE 17TH SO IT MAY HAVE BEEN ALREADY CHANGED
Millionday: BRB -- WITH MORE
Millionday: Called on the Iraqi government to support the agricultural sector, rather than industrial because Iraq can not compete with Western countries and in regional industries,
asserting that the continuing decline in oil prices will lead to a reduction of the proportion of appointments in the 2015 budget.
Said committee member Ahmed Hama Rasheed told / information /, that "the oil is 93% of Iraq's imports and is the main source of the country," noting that "the continuing decline in oil prices will lead to a reduction of the proportion of appointments in the budget of 2015".
Millionday: He said Rashid was "to be on Iraq that lists the sources of revenue to avoid a shortfall in the current budget year 2014 and may continue for years, the other because of its reliance only on oil revenues," he said, adding that "security conditions experienced by the country's transformation without the support of the tourism sector.
Millionday: He said Rashid that "the agriculture sector more flexible than the industry because Iraq can not compete with Western and regional countries from the industrial point of view must therefore be oriented towards supporting agriculture better than other sectors",
calling for "support farmers and owners of agricultural land essential for the development and revival of agriculture in the country's tenets."
Millionday: NOTE- AS WE SEE THEY ARE TRYING TO ESTABLISH A MARKET THAT WILL SUPPORT IRAQ OTHER THAN OIL --
Millionday: He stressed that "attention to agriculture must be a priority for the Iraqi government over its interest in the industrial and tourism sectors.
Millionday: SO THEY HAVE DECIDED THAT MORE MONEY CAN BE MADE FROM AGRICULTURE THAN TOURISM AND INDUSTRY
Millionday: AT LEAST THEY ARE ESTABLISHING AND ARE SEEING WHAT THE MOST REVENUES CAN BE MADE FROM -- THIS IS PROGRESS AND OBVIOUSLY IS FOR A MORE STABLE IRAQ IN THE INTERNATIONAL MARKET
Millionday: BRB WITH MORE
Millionday: Islamic banking operations account for 1.5% of total assets of Iraqi banks and could rise to 6% in the next three years if stability returns to the country and a legal framework is put in place to regulate the industry, experts said.
There are eight Islamic banks among Iraq's 32 private banks while foreign Islamic lenders, such as the UAE's Abu Dhabi Islamic Bank, have also opened branches in the oil producing country, according to the central bank.
Millionday: NOTE -- THEY ARE SAYING THEY ARE WAITING FOR LEGISLATION TO BE ACTIVATED
Millionday: CHECK THIS OUT
Millionday: Most banking activities are conducted by state-owned banks Rafidain and Rasheed.
Assets of Iraqi banks currently amount to approximately 200 trillion dinars; 90% of which is held by state banks, which are commercial, and only 10% is held by private banks that practice commercial and Islamic banking," Mathhar Saleh, former vice-president of Iraq's central bank, told Zawya.
Millionday: "Islamic banks account for 1.5% of total assets of Iraqi banks, amounting to nearly 3 trillion dinars, and this could grow to nearly 6% in the next three years if there is political and economic stability and with the introduction of the necessary legislation," he said.
Millionday: NOTE -- OBVIOUSLY EXPECTING LEGISLATION AND REFORM
Millionday: Saleh said Islamic banks are still operating under a 1994 law that regulates commercial banks and that no legislation had been introduced to help develop a fully Islamic financial sector.
Millionday: IT APPEARS THAT THE IRAQI BANKS HAVE LEGISLATION
Millionday: Sadeq Shammari, managing director of Iraq's National Islamic Bank (NIB), said Islamic banks were waiting for legislation to expand their offering of products.
He said existing products were mostly based on murabaha, a common sharia-compliant sale contract, but that banks were looking to launch mudaraba, an investment management partnership, and other Islamic finance instruments.
Millionday: "The biggest challenge facing Islamic banks in Iraq is the absence of a legislation regulating the work of Islamic banking. There are serious attempts by the Central bank of Iraq to draft legislation on Islamic banking, but it is still under consideration," Shammari told Zawya.
"We are awaiting the issuance of such legislation on Islamic banking to be able to launch new products."
Millionday: NOTE -- THE ISLAMIC BANKS ARE WANTING TO EXPAND
Millionday: Another challenge facing the sector in Iraq is a lack of expertise on Islamic banking transactions and instruments, he said.
NIB's total assets grew by 38% in the first half of 2014 to 702 billion dinars, compared to 507.7 billion dinars in the same period last year.
Predominantly Muslim Iraq, home to around 2.8 million people, offers growth potential for Islamic banking and the country requires foreign investment across most sectors to rebuild its infrastructure.
Millionday: But the security situation in Iraq has deteriorated sharply after Islamic State militants occupied large parts of the country. The International Monetary Fund expects the economy to contract 2.7% in 2014 after growth of 4.2% last year.
Millionday: NOTE -- HERE ARE THE BASEL REQUIREMENTS -- INTERNATIONAL COMPLIANCE
Millionday: Shammari, who is also a member of the World Union of Arab Bankers, said one of the biggest challenges facing Islamic banks in the Middle East was the attempt to adapt laws and regulations to Basel III banking standards, which are being phased in from 2015 to 2019.
Shammari called on Arab central banks to activate monitoring of Islamic banks' capital adequacy and the extent to which they comply with sharia law. He said a dedicated department should be set up for Islamic banks.
Millionday: NOTE -- SO ISLAMIC BANKS HAVE NOT TAKEN ON BASEL REQUIREMENTS
Millionday: "Research centers should be established to develop Islamic banking products...rules of governance, transparency, disclosure, accounting and auditing, financial solvency, risk management, bad debts and financial supervision," he added.
A study conducted by Thomson Reuters showed that Islamic commercial banks had assets of about USD 1.2 trillion by the end of 2013. According to Kuwait Finance House, assets are expected to grow to USD 2 trillion by the end of 2014.
Millionday: THAT IS A HUGE GROWTH -- .8 TRILLION WOW --- SO AS WE KNOW THEY ARE ALREADY OPERATING SO HOW THIS EFFECTS THE ISLAMIC BANKS AND THEIR OPERATION WOULD HAVE TO BE RESEARCHED MORE THE HAVE STABLE INFO
slh5282: How many dinar are said to be in circulation?
Millionday: I FORGET WHAT THEY SAID OUTSIDE THE COUNTRY
Millionday: ANYONE REMEMBER?
mrref1216: They started out with 9billion
Millionday: OR EVEN IN CIRCULATION -- WHY ?
Josie: Your previous post just stated "Assets of Iraqi banks currently amount to approximately 200 trillion dinars"
mrref1216: went down to 6 and now at present 4
bluedog: Basel Compliance: Basel II is the second of the Basel Accords, (now extended and effectively superseded[clarification needed] by Basel III), which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision.
Basel II, initially published in June 2004, was intended to create an international standard for banking regulators to control how much capital banks need to put aside to guard against the types of financial and operational risks banks (and the whole economy) face. One focus was to maintain sufficient consistency of regulations so that this does not become a source of competitive inequality amongst internationally active banks. Advocates of Basel II believed that such an international standard could help protect the international financial system from the types of problems that might arise should a major bank or a series of banks collapse.
In theory, Basel II attempted to accomplish this by setting up risk and capital management require
slh5282: If the banks are holding this much and the worth in country, they have huge reserves in and this does not include the Warka banks?
mrref1216: The note count is very important in the RV the lower the note count the higher the RV...
Millionday: YES WE KNOW THE BASEL REQUIREMENTS FOR THE BANKS BUT HOW THIS WILL AFFECT ISLAMIC BANKING AS IT IS -- NOT SURE
slh5282: Or is Warka included in the private or arent they a national
Millionday: BASEL III IS WHAT THEY ARE TALKING ABOUT
Millionday: WHERE DO YOU GET THAT
Millionday: IT IS NOT CALCULATED BY HOW MANY BILLS THEY HAVE OUT
Millionday: WARKA IS IRAQI BANKS
bluedog Millionday: It's on Wiki, and I posted it for anyone who doesn't know the details. Basel III is not yet complete is it?
Millionday: NOT EVERYWHERE
bluedog Millionday: Basel III is Federal Reserve in US, not world wide yet
Millionday: IT IS ALSO SOMETHING THAT IS CHOSEN FOR WHAT THE BANK WILL BE DOING
Millionday: FOR INSTANCE IF THE BANK IS INTERNATIONAL AND CORPORATE OR A PRIVATE BANK –
THE REGULATIONS OF WHICH BASEL COMPLIANCE WAS REQUIRED WAS DIFFERENT DEPENDING ON WHAT THEY OFFERED AND SERVED
bluedog Millionday: Agreed, and it's a sort of "hedge" fund against risk.
Millionday: SO THE CHANGES ARE TAKING PLACE AS THEY GO AND BEING APPLIED DEPENDING ON THE BANK
Millionday: I KNOW THE ISLAMIC BANKS ARE OPERATING SO VERY STRANGE TO SEE THIS NOW AFTER THE ISLAMIC ANNOUNCEMENTS THAT TOOK PLACE OF THEM TAKING IRAQ BANKING INTERNATIONAL --
Millionday: VERY HARD TO UNDERSTAND THE CONFUSING REPORTS
Josie: MD: Your previous post just stated "Assets of Iraqi banks currently amount to approximately 200 trillion dinars". Do you think that is all assets or just speaking to their Dinar currency.
If all cash (Dinar) then seems like a revaluation of 200 trillion (!) would have massive global impacts .... ?
Millionday: ALL ASSETS
Josie: Includes oil in the ground then I assume at that number ?
bluedog Millionday: Do you think banking regs are attached in any way to a potential RV? Or are they just a side note in the process?
Millionday: I AM GOING TO HAVE TO DO SOME RESEARCH -- I DONT LIKE TO JUST GIVE YOU WHAT I THINK WITHOUT INK
Millionday: THE ISLAMIC BANKS WANT TO OFFER MORE SERVICES --- THEY WANT TO HAVE A PIECE OF THE BANKING INDUSTRY REVENUES
Millionday: LET ME SEE WHAT ELSE THEY ARE DOING TODAY BRB
Millionday: Iraqi Central Bank announced on Tuesday, was headed for the province FATF in Bahrain to discuss the anti-money laundering issues, indicating that the session will come to adopt the recommendations of the accepted international standards in this regard.
Millionday: NOTE -- FATF
Millionday: The bank said in a statement: "Alsumaria News", a copy of the "received the Governor of the Central Bank of Iraq on the Keywords presided over the work of the twentieth session of the Financial Action Task Force (MENAFATF) held in Bahrain
to discuss the fight against money laundering and terrorism financing issues," adding that "the session will last from 16 and up 21 of this November. "
Millionday: NOTE -- THIS IS WHERE THE CBI GOVERNOR IS
Millionday: He added that the bank "will emerge session to adopt the recommendations of the accepted international standards in this regard, as well as any other criteria adopted by the Arab countries to strengthen the fight against money laundering and financing of terrorism and the proliferation of arms in the region."
Millionday: NOTE -- THE IMPLEMENTATION OF INTERNATIONAL COMPLIANCE
Millionday: A report of the Institute of Government in Basel , Switzerland, in September 2014 that Iraq was ranked sixth globally in terms of highest risk in the fight against money laundering n "Iraq occupied the sixth largest in the world in the highest risk in the fight against money laundering as the highest risk countries.
The governments of 14 Arab countries had been held in November 30, 2004, a ministerial meeting in Manama , Kingdom of Bahrain , on the establishment of the Financial Action Group for the Middle East and North Africa in order to combat money laundering
and the financing of terrorism (MENAFATF) works along the lines of FATF (FATF) , it was agreed to be the host country is the Kingdom of Bahrain.
Millionday: SO NOW WE KNOW WHERE THE GOV OF CBI IS
Millionday: THE MEETING WITH PARLIAMENT MUST FOLLOW
Millionday: REMEMBER HE WAS TO GO BEFORE PARLIAMENT WITH PLANNING AND OIL AND FINANCE ETC
Millionday: SO HOME TOMORROW OR NEXT DAY IT APPEARS
Millionday: THATS IT FOR ROUNDTABLE AND WE WILL SEE YOU TONIGHT
Millionday: SEE ALL OF YOU AT 730 EST TONIGHT
Millionday: LOVE INTERNATIONAL COMPLIANCE AND PROTECTION
mudder Millionday: Have you read anything today about bagdad paying the money owed to the kurds??? There's a article out this morning
Millionday: NO NOT YET THEY HAVE AGREED