Friday News Summaries and Commentaries
Well a typical Friday and Holy Day in Iraq….as such not much in the way of news on this day….at least as yet…..but yes we do see PROGRESS being made in some key areas…..wait for it in the summaries below…..it should become clearly obvious to you.
Parliamentary Integrity likely “recovery” substantial funds and figures accused of stealing public money from abroad
PROGRESS……yes indeed they are finding money….how much….substantial amounts….that are being recovered and returned to Iraq….money that left due to some very corrupt ways of operating the government in the past…..in the past….but that is not how things work today…..
Arrest warrants for senior Iraqi officials on corruption charges excludes al-Maliki
PROGRESS….you know since July and August we’ve seen PM Abadi talking about reforms of the government…..ever since he took office over a year ago he’s talked about stopping corruption and bringing to justice those accused of corruption….well now we see arrest warrants being issued…..bad guys being picked up…..they will have their day in court…..you see this is a very methodical process….
They don’t do as the former government would do….run out in the middle of the night grabbing people out of their beds and throwing them in jail for no reason, or some trumped up charges…..
This new government is taking the time to investigate, build cases against those who are believed to be guilty…..then issue these warrants when they have their facts straight and their ducks in a row…..then comes time in front of the courts to prosecute and hopefully convict….all the while the Integrity Commission is working its tail off not to just catch the criminals but to also see the stolen funds returned to Iraq.
Arrest warrants against the oil minister Thamer Ghadhban and Deputy Prime Minister and Minister of Labour and Undersecretary of the Ministry of Finance and others
PROGRESS…..not just the low level underlings are being scooped up off the streets, but some of the ministers as well…former ministers of oil, former minister of electricity, even the current minister of electricity as well as some deputies and under secretaries as well…..within the ministries of finance and labor….no Maliki still isn’t listed, but I’m thinking it is so for a just cause…..their planning which we are not privy to at this time is leaving him at bay for the time being….or is he…..where in the world is Maliki…..the cards are falling and the money is being returned.
Samir Abbas Alnasiri *: monetary policies in Iraq and proposals for the next phase applications
PROGRESS…..have you ever wondered what it is that the CBI does….this is an excellent article that lays things out for you in quite simple terms……they manage foreign reserves and gold reserves, they issue and manage Iraqi currency, they monitor and constantly try to enhance the safety of their banking system, they write and implement monetary policy, and they issue licenses to banking entities to operate under the umbrella of the CBI within Iraq…..
They also work towards some very key and important goals for Iraq…..reduction of inflation….below 2-3%, maintain a cash balance of the market by keeping the IQD exchange rate strong, they strive to hang onto reserves both foreign and gold and at the same time create a valuable money market, currency reform….
How you ask…through the program designed to eliminate the zeros in the IQD, they use monetary policy tools in a variety of ways seeking economic stability. Their efforts to date have been largely successful…..
From 2004-2015 they have managed to keep exchange rates stable, save for the time when the Finance Committee attempted to intervene, by taking a hard line stance on monetary policy….not being afraid to buck the government when they attempt to take money that isn’t theirs to take, they work towards stabilization of the financial system in Iraq by trying to maintain a high level of confidence in their currency, they work extremely hard to keep inflation levels so low by focusing on the exchange rate strength of the IQD as well as maintaining a strong control on interest rates,
They work on maintaining liquidity levels…something that has needed help, they work with the banks of Iraq to move more into the market place lending assistance within all sectors of the Iraqi economy. In looking forward the CBI is looking for ways to help stimulate the Iraqi Stock Exchange, and at the same time rework the auction of foreign currency….restructuring to assure that any former issues with money laundering and corruption are a thing of the past.
Reference directed a letter to House of Representatives
PROGRESS……say what you want….there has been a definite shift in how this year’s budget was built as compared to last year’s budget or years past that….now there is a focus on employee salaries, employee benefits, retirement benefits….it comes from on high too…..from PM Abadi himself…
This is over any stress of funds for military needs to fight terrorism….why is that….maybe because the war on terror is being mopped up…..pay attention to the CC notes….yes mopped up….come on in Russia….and China…here are mops and buckets and brooms….while we as a country focus on getting our people back to work again and earning a worth while wage with benefits.
Association of Banks: We are working on the horizontal increase in the banking sector by increasing the number of branches
PROGRESS…..let me lay this out to you so hopefully you can understand…..why would the banks of Iraq be interested in expanding their operations by increasing the numbers of branches they have….because SECURITY has increased…..because they know of LAWS coming that will benefit their sector of the Iraqi economy…..this is what is called PROGRESS….
They don’t spell it out in so many words….you have to learn to read the intent of the message….they want to give the best customer service possible to their customers….what better way than to make more branches available to them…..building trust in the banking system again….building trust in the currency…..look back up at the CBI article….all are factors of what they are doing…..this is what Iraq is doing…..it is called PROGRESS.
PROGRESS……is there any doubt where my emphasis is today…..where it has been for weeks and months….and where it will continue to focus and be upon…..
PROGRESS…..yes it is there….yes it sometimes can be slow….but of late it has taken on the persona of lightning speed….if you blink you may miss a key part of it…..thus the reason we continue to bring good intel, information, and analysis to you…..we seek the same as you…..SUCCESS.