News & Comments
Economist: government is unable to find radical solutions to the financial crisis[/size]
16/02/2016 11:39 | Direction Press / special
Said economist Sattar al-Bayati, it’s certainly the fact also indicates that Iraq is moving toward a financial crisis, not an economic difficult but not impossible on economic institutions to find out of the crisis solutions.
In an interview with al-Bayati, “the trend Press,” said that all oil-producing countries suffer from the same problem as their economies and financial dependence on oil revenues. Indicating that all States that rely on a single supplier, whether oil or other are exposed to these conditions and crises at any time.
He said al-Bayati said the government so far are considered incapable of finding radical solutions, noting that the government has resorted to salaries or other issues that affect the ordinary citizen entered Therefore, we find that government solutions fall short
The economist said the actual quest to find solutions is adjusted towards investment law or trend towards the tourism sector or agriculture. Indicating that there are other channels can be utilized such as taxes and customs tariff.
It is noteworthy that Iraq is going through a financial crisis due to falling oil prices and the deterioration of the oil sector because of the oil licensing rounds, which burdened the Iraqi economy, which exceeded $ 23 per barrel to extract the value of foreign companies.
He indicated that the House of Representatives voted to approve the material contained in the 2016 budget pertaining to the deduction of 3% of the salaries of employees and retirees, states the article on the distribution of this deduction of 60% of the popular crowd and 40% for the relief of displaced persons. http://aletejahtv.org/index.php/permalink/99934.html
[tlm724] He said al-Bayati said the government so far are considered incapable of finding radical solutions, noting that the government has resorted to salaries or other issues that affect the ordinary citizen entered
Therefore, we find that government solutions fall short The economist said the actual quest to find solutions is adjusted towards investment law or trend towards the tourism sector or agriculture. Indicating that there are other channels can be utilized such as taxes and customs tariff.
[tlm724] said the actual quest to find solutions is adjusted towards investment law or trend towards the tourism sector or agriculture. Indicating that there are other channels can be utilized such as taxes and customs tariff.
[tlm724] well Iraq is doing just that ^^^
[tlm724] so al-Bayati hush you *wah*
http://www.bondladyscorner.com/t162731-economist-government-is-unable-to-find-radical-solutions-to-the-financial-crisis
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Parliamentary Economy: not a random shooting in loans
economy
Since 02.16.2016 at 11:40 (Baghdad time) Special – balances News
The Commission on Economy and Investment in Parliament on Tuesday that the launch of loans to support the private sector will not be random and will organize accurately.
It is said that Prime Minister Haider al-Abadi instructed by firing supporting the private sector’s 5 trillion dinars loan in the coming days.
Said committee member Najib Najib’s / balances News /, “These loans have been adopted by the central bank a $ 5 trillion with interest, government banks have completed the procedures by regulating the electronic form and determine the conditions for people submitted them.”
She said Najib, said that “the Central Bank Law allows the granting of loans from the cash reserves to support the industrial, agricultural and real estate projects, has been direct since 2015, but the process of launching a parked to complete the form and some of the measures that will ensure the recovery of the money from the borrowers, and also to achieve the goal It is hoped the private sector support. ”
She pointed out that “there is a mechanism differ in terms of the size of the projects, and launches the loans without the knowledge of the concerned this, there is also a partnership between the state and foreign experience, whether persons or companies represented, and bear all of which point percentage in the financing of the project.”
She said, “These loans do not pay at random, but the existence of follow
It is said that the central bank, announced last August, announced the launch of an initiative to support the agricultural, industrial, real estate and housing fund sector banks with loans amounting to five trillion dinars. LINK
[tlm724] that the launch of loans to support the private sector will not be random and will organize accurately.
[tlm724] that Prime Minister Haider al-Abadi instructed by firing supporting the private sector’s 5 trillion dinars loan in the coming days.
[tlm724] “These loans have been adopted by the central bank a $ 5 trillion with interest, government banks have completed the procedures by regulating the electronic form and determine the conditions for people submitted them.
[tlm724] ya know what this is ? all the announcements from yesterday pertain to a strategic plan to usher in the free market !
[tlm724] a market economy finally ! I’m excited , just sayin…
http://www.bondladyscorner.com/t162755-parliamentary-economy-not-a-random-shooting-in-loans
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The private sector reforms package .. The second breakthrough
2/16/2016 0:00
Iraqi economy and development of the private sector is looking forward the economic program of the government to fulfill the functions of the implementation of Articles 25 and 26 of the Constitution of the Republic of Iraq for the year 2005 which contain; the reform of the Iraqi economy according to modern foundations that ensures complete investment of its resources, diversifying its sources, and support for the private development sector and encourage investment in the various sectors.
And it requires the implementation obligation to conduct a series of structural changes at the level of the national economy, in turn require the adoption of an integrated set of policies, legislation and procedures relating to various activities economic.
In order to achieve this the government worked on the foundations of its economic program in the formulation of policies and procedures for the support of the private sector package, to reflect the general orientations in this direction and are as follows:
1. A national vision shared between the public sector and the private sector, beyond political considerations and personal and factional interests narrow, in that prolong the transitional period which began the transition in 2003, missed important opportunities, though the postponement of reform would have negative effects.
2. The need to strengthen the capacity of the national economy on a sustainable growth, modernization of production technology, diversify sources of income, creating jobs, keeping the national wealth of material and human resources development.
3 for sale. The reform embodied in the government program linked to the government of age; short and average 1-4 years, but it;
• establishes for the future being performed structural changes in the structure of the economy determines the roles and paths of the private sector and its relationship to the state.
• Do not overlook the effects of the current crisis and how to treat them through the reform of the budget public.
4 for sale. No development without the private sector; and vary vision between:
• be given the leading role in the activities withdraw from the state (manufacturing, agriculture, trade, tourism, services, …)
• partnership between the state and the private sector in certain activities within the service and finance sectors and insurance.
• State support to the initiatives of the private sector in new activities.
• improve the business environment and investment climate by the government to simplify procedures and remove legal and administrative barriers.
. 5. The need to strengthen the bonds of cooperation and perhaps integration or integration with the Arab, regional and global economy, which requires:
• to live up to international standards and compliance with the general conditions of the WTO, which seeks Iraq (and its continuous) to join them.
• partnership with international companies in new or existing in various projects activities that possess the competitive advantage of its products in the domestic market or export markets. (Note that international companies and foreign investment would prefer a partnership with the private sector, not governments)
6. The policy position of the competence of the federal government and the responsibility (under the Constitution), but the regions and provinces concerned with policies and procedures in accordance with the priorities determined by the characteristics and conditions of the local economy, and will be implemented Mnata local governments according to the powers granted by the law of the provinces.
7. Reform of the public sector and the government sector, restructuring of public enterprises and the banking system, and the general budget.
8. The reform of the private sector to ensure the reorganization and strengthening of the institutional side reinforces the negotiating positions and representation in front of the government and international companies.
9. Strengthening civil society institutions; organizations and centers of research and studies for the exercise of its supervisory role on the performance of the government and the private sector to ensure the protection of the consumer.
10. Reform measures coincided with a media campaign, educational institutions, universities and the private sector to contribute to the media by government institutions.
11. Coincided with the reform measures of social protection measures such as insurance and retirement of workers in the private sector, and health insurance.
12 for sale. Give priority to drivers and micro-credit for young people and women to increase their participation low in economic activity rates. Policies and procedures to support the private sector package has been drafted this package based on the study and the reality of the situation and the results of the experience of the past ten years, and visions of the practical and theoretical that share a set group of experienced with large team of government officials and the private sector, academia and civil society.
I have worked ministries, agencies and private sector organizations and international organizations over the past decade to develop plans and studies, and recommendations were made and implemented programs, formed an important backdrop for the team.
The program supports a phased action stretching from 2015 to 2018, but it lays the foundations for economic structures, and the roles of government and local governments and the private sector and civil society, and the pattern of sound and efficient economic governance that will lead the national economy in the long term; if integrated policies have been implemented in one package.
- Policies and procedures to encourage the private sector package through: • the restructuring of state-owned public companies. • encourage the private industrial sector. • reform of the financing structures and insurance. • improve the business environment and encourage investment.
2. Policies and procedures to diversify sources of income and job creation package, and include: • agricultural activity and livestock. • commercial activity. • tourist activity. • service activities. 3 for sale.
The reform of the general budget by: • maximizing public revenue. • rationalization of public expenditures. 4 for sale. Taking into account the social dimension b: economic transition gradually be less damage and negative repercussions, through the application of new mechanisms of social security rebalance in favor of the private sector.
http://www.alsabaah.iq/ArticleShow.aspx?ID=110592
[tlm724] thanks BondLady !! Thats a nice write up of the overall plan and this is good too Wink
• to live up to international standards and compliance with the general conditions of the WTO, which seeks Iraq (and its continuous) to join them.
[tlm724] it’s all coming together !
http://www.bondladyscorner.com/t162768-the-private-sector-reforms-package-the-second-breakthrough
Central: we will sell bonds worth 7 trillion dinars .. and we have allowed banks to use 50% of their reserves
Baghdad / Ibrahim Ibrahim, long-Presse The Governor of the Central Bank on the Keywords, on Monday, the launch of the strategy the years 2016 – 2020, as revealed allow the bank to Iraqi banks using 50% of the reserves to be used in the purchase of “remittances treasury,” economists called on the government to cancel the auction of the currency drained state resources Finance.
the governor of the central Bank and the agency on the Keywords, during a speech on the sidelines of a ceremony launching the strategy of the central Bank for the years 2016-2020 was held at the central Bank building in central Baghdad, and attended (range Press), “the launch of the strategy the central bank from 2016 until 2020 , has on according to a clear vision, and secure within the direct efforts and global visions, “noting that” the strategy to adopt control and real follow-up financial situation of Iraq. ”
He added Keywords,” the central bank’s first interest to maintain the financial situation and sustainable development in Iraq, “pointing out that” Bank has granted a number of licenses for banking offices and banks during 2016, according the central bank system. ”
He revealed the central bank governor, for” the intention of the bank to sell bonds to the public $ 7 trillion dinars during this year, “asserting that” the circumstance that has occurred in Iraq is carried at the prices oil and terrorist operations and import random, prevented the growth of economic sectors in Iraq, in spite of the provision of central bank the power of the Iraqi dinar against the dollar. ”
He explained the Keywords, that” the Bank focused after 2003 to achieve price stability and reduce inflation, and achieved successes to curb inflation from 40 – 2%, in addition to monitoring banks to maintain the financial value and the fight against money laundering and the extent of its commitment to the instructions of the bank. ”
He continued Keywords, that” the Bank took the initiative to establish a trust office and the establishment of the financial stability unit and Finance to promote sustainable development, which was translated by approving five trillion dinars to banks and one trillion for small businesses. ”
He added Keywords, that” the central bank is keen to support the Iraqi banking sector, which allowed banks to use 50% of the mandatory reserves in the Central to be used for the purchase of treasury remittances which reached values of more than 4 trillion dinars. ”
He pointed out that” the central also issued other decisions, including the authorization for the use of 50% of their funds in banks with the central bank to buy remittances treasury by four trillion dinars, and the bank will issue remittances treasury worth 5 trillion dinars and put it to the public. ”
He Keywords that” the central bank action helped the government in the financial crisis during the current year, and achieved stability in the financial situation of the state, and without it the government would have found great difficulties during the current year budget in 2016 “.
for his part, economist Mustafa Mohamed Habib said in an interview for the” long “,” the steps the central bank is very slow towards find quick solutions to the crisis Altkadih liquidity which ones suffering of the Iraqi state. ”
He added that” not to take advantage of the large fiscal inventories among government banks over the past shares years in the money stored in fixed deposits without investing in major economic projects. ”
He said the beloved” the continuation of auction daily sales of foreign currency represents a drain on financial resources from the sale of crude oil, causing the loss of billions of dollars as a result of the insistence of the Central Bank on the application of the direct sales force policy. ”
He said the” first step in financial reform, which the central bank must be activated summed up in foreign currencies directly pricing and work to prevent the circulation dramatically and daily by individuals, companies and replace them with trading banking by opening accounts for the transfer of funds under the government’s view on according to strict laws. ”
” the lack of seriousness of the financial and banking administration in the treatment of previous failures, putting the central bank in the face of accusations repeated insistence on the application of economic policies that have exacerbated the financial crisis. ”
the Central Bank of Iraq announced on Monday (February 1, 2016), that the government is able to overcome their expenditures for the current year, adding that part of the coverage of these expenditures will be through the issuance of national bonds. LINK
tlm724:
The Governor of the Central Bank on the Keywords, on Monday, the launch of the strategy the years 2016 – 2020, as revealed allow the bank to Iraqi banks using 50% of the reserves to be used in the purchase of “remittances treasury,” economists called on the government to cancel the auction of the currency drained state resources Finance.
economist Mustafa Mohamed Habib
He said the beloved” the continuation of auction daily sales of foreign currency represents a drain on financial resources from the sale of crude oil, causing the loss of billions of dollars as a result of the insistence of the Central Bank on the application of the direct sales force policy. ”
He said the” first step in financial reform, which the central bank must be activated summed up in foreign currencies directly pricing and work to prevent the circulation dramatically and daily by individuals, companies and replace them with trading banking by opening accounts for the transfer of funds under the government’s view on according to strict laws. ”
http://www.bondladyscorner.com/t162772-central-we-will-sell-bonds-worth-7-trillion-dinars-and-we-have-allowed-banks-to-use-50-of-their-reserves
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Central bank: printing banknotes cost Iraq about $ 450 million
2/16/2016 0:00 Encouraged citizens to electronic trading
BAGHDAD – Omar Abdel-Latif, revealed a senior official at the Central Bank, to afford the public treasury of the Iraqi state since 2003, and so far, about 450 million US peer banknotes printed and counted, sorted and stored and then destroyed the damaged Mnha.oukal Director in the version in the «central bank»
Ahsan Yasiri, in an interview with «morning»: the «trading source of funds came to 45 trillion dinars mid-2015, these amounts reduced measures from the central bank for up to 38 trillion dinars end of last year», returned this it «strange, after it was in 2003, trading the source of a 3 trillion, meaning it has doubled 15 times, because we did not use alternative tools».
he added that «the amounts exporting trading, numbering banknotes about 4.7 billion paper, these papers if we wanted moved from one place to another bank needs to 1,500 trucks per load with a capacity of 25 tons ».
He continued: if I want to store it, that needs more than 15 dunums, calling for the need to switch to digital transactions fact that this rolling figure« horrible », the as described.
in charge of the bank, he explained that the central bank carry during the period from 2003 until now more than 377 million dollars to print the papers Alnkadih.vdila all carry up to 120 billion dinars for the operations of counting and sorting, storing and destroying the papers and sent to the landfill because of the harm caused to human health, where damaged bank during the same period more than 1.8 billion banknotes at a cost of printing more than $ 72 million.
despite his assertion that counterfeiting in Iraq is still at its lowest level and easily detected by grocers or traders not to mention the banking system, but the Yasiri warned the fraud «will continue to prevail as long as there is a tremendous amount of banknotes in circulation».
the official called the bank, to the use of the payments system in the reduction of armed robbery and robbery crimes, in addition to the reduction of the crimes that you get as a result of this case by the citizens deal with circles tax that bring a certified check worth amounts ask them what exposes them to criminal operations on their way to the banks.
It is said that the central bank, is seeking to increase the effectiveness of monetary policy to be supportive of a policy of economic stability and support for the goals of development and trends in investment, so as to ensure a state of consistency and harmony with economic policy in general and finance in particular, through a set of policies and reform measures Kalastmrar in tackling inflation and enhance opportunities for sustainable and meaningful stability to maximize economic growth.
the bank aims to stimulate credit activity of the government banking and private, too, by keeping interest rates in order to encourage the private sector and to promote financial capability in the implementation of development projects, so as to enhance his status as an active partner in the development.
in addition to encouraging real investment and strengthen the development opportunities through the Bank’s lending to banks and the secondary market to provide liquidity necessary including help to deepen financial intermediation and raise the credit energy supporting real development activity.
the bank, also to maintain the stability of the local currency by continuing to install its exchange rate against foreign measures, and building a strong foreign currency reserves lead to building the foundations of maintaining the internal and external economic stability, and provide a favorable climate for the start of the investment.
the work of the bank during the last period, to stimulate the banks about to go to the market while seeking to expand the role of private banks in the granting of credits, and activating the financial and developmental role of the stock market, by increasing the capital of public companies, and the expansion of the credit market in order to stimulate leasing activity.
http://www.alsabaah.iq/ArticleShow.aspx?ID=110612
tlm724: diff source
Banknotes printed cost Iraq about $ 450 million
02/16/2016 09:49 A senior official at the Central Bank revealed, for carrying the public treasury of the Iraqi state since 2003, and so far, about 450 million US peer banknotes printed and counted, sorted and stored and then destroyed the damaged ones.
The director of the release of the central bank Ahsan Yasiri, that ” Trading source of funds came to 45 trillion dinars mid-2015, these amounts reduced measures from the central bank for up to 38 trillion dinars end of last year “, he returned it,” strange, after it was in 2003, trading the source of a 3 trillion, meaning it has doubled 15 times, because we did not use alternative tools. ”
He said in a press statement that” the amounts exporting trading, numbering banknotes about 4.7 billion paper, leaves and this if we want to move them from one place to another bank needs to 1,500 trucks per load with a capacity of 25 tons . ”
He continued: if I want to store it, that needs more than 15 dunums, calling for the need to switch to digital transactions fact that this rolling the number” terrifying, “he described.
in charge of the bank, explained that the central bank carry during the period from 2003 until now more than $ 377 million for printing papers Alnkadih.vdila all carry up to 120 billion dinars for the operations of counting and sorting, storing and destroying the papers and sent to the landfill because of the harm caused to human health, where the damaged bank during the same period more than 1.8 billion banknotes at a cost of printing more than $ 72 million.
despite his assertion that counterfeiting in Iraq is still at its lowest level and easily detected by grocers or traders not to mention the banking system, but the Yasiri warned that fraud “will remain prevalent as long as there is a tremendous amount of banknotes in circulation.” .
the official called the bank, to the use of the payments system in the reduction of armed robbery and robbery crimes, in addition to the reduction of the crimes that you get as a result of this case by the citizens deal with the tax that ask them to bring a certified check worth amounts circles exposing them to criminal operations on their way to banks.
http://www.iraqidev.org/news/index.php/aktsadea/68463.html
http://www.bondladyscorner.com/t162765-central-bank-printing-banknotes-cost-iraq-about-450-million
