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Millionday Roundtable 1/30/15

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 Millionday Roundtable 1/30/15 Empty Millionday Roundtable 1/30/15

Post by RoyBoy Fri Jan 30, 2015 6:02 pm

Millionday: WE HAVE SOME HUGE NEWS TODAY

Millionday: THIS IS HUGE AND FOR CERTAIN A WHOOOPOW

Millionday: A report published on Thursday by the World Bank focuses on the implications of low oil prices for eight developing countries — Egypt, Tunisia, Lebanon, Jordan, Iran, Iraq, Yemen and Libya — and the economies of the GCC (Gulf Cooperation Council).

Millionday: NOTE -- THIS IS FROM THE WORLD BANK -- KEEP IN MIND THEY HAVE AGREED TO GIVE IRAQ MONEY TO DEVELOP

Millionday: The Plunging Oil Prices report questions the practice of pegging the Iraqi dinar to the US dollar, noting the that value of the dinar has been falling against the dollar in the parallel market:

“Iraq pursues a policy of a de facto peg to the U.S. Dollar, and therefore monetary policy is constrained in tackling the current shock.

Millionday: NOTE -- THEY ARE QUESTIONING IF THE DINAR SHOULD BE PEGGED TO THE US DOLLAR AND ALSO CONCERNED ABOUT THE IMPLICATIONS OF THE PRICE OF OIL WITH THESE DEVELOPING COUNTRIES -- IRAQ BEING ONE OF THEM -- SMILE

Millionday: “The Central Bank of Iraq (CBI) had kept the Dinar steady through January 2009.
“In 2014, the nominal exchange rate in the official market remained stable against the U.S. Dollar at 1,166 IQD/1 USD, but the rate in the parallel market increased

Millionday: NOTE -- THE DINAR IS NOT ON THE CURRENCY MARKET SO THE REASON THIS IS INTERESTING OBVOUSLY IS THAT THEY WOULD ONLY IMPACT THE CURRENCY MARKET WITH IT ON THE CURRENCY MARKET --- MEANING SDR AND ALL THAT FOLLOWS

Millionday: NOTE -- REMEMBER THEY STATED THEY WOULD BE A RESERVE CURRENCY

Millionday: READ EVERY WORD 
>>>>“The CBI has recently taken steps to simplify foreign exchange market regulations, but has not eliminated all existing exchange restrictions and the multiple currency practice.
“With the peg, fiscal policy carries the burden of macroeconomic stabilization, but in this case does not have the space to do so.“

Millionday: SO THEY WILL NOT BE FLOATING IMO -- WITHOUT THE ROOM TO SO WOULD MAKE ME THINK THAT IT WILL BE FIXED ----ALSO THIS WOULD OBVIOUSLY BE A CONCERN IN THE MARKET NOT CONTAINED IN IRAQ

Danalivin4HIM: I dont understand the not pegging to the dollar

Millionday: DANA ----- THEY CAN PEG TO THE SDR (BASKET OF CURRENCIES) AND NOT JUST THE US DOLLAR OR EVEN THE EURO -- IT IS UP TO COUNTRY POLICY ETC

Dovi: Why would they say this if they were not going to be in this market? “The CBI has recently taken steps to simplify foreign exchange market regulations


Millionday: EXACTLY HUN

allinxpress: thank you. yesterday there was an article about limiting the sale of USD to 75 million... did you see it?

Millionday: ALLIN----YES THEY WOULD HAVE TO LIMIT DUE TO THE CHANGE IN POLICY FOR THE NEW CURRENCY --- THIS IS NOT SHOCKING AT ALL DUE TO THE EXPENSE

RML: What constitutes a "Reserve Currency?"

Millionday: RML -- A RESERVE CURRENCY IS WHAT SDR IS MADE UP OF ------- THEY HOPE TO BE PART OF THE SDR BASKET

diane1: does that mean they can come in to what it was in the past

Millionday: DIANE -- THE VALUE HAS BEEN REFERED TO HAVING A GOAL OF RETURN TO WHAT IT WAS IN THE 80`S BUT WE HAVE NO WAY OF KNOWING ---

RML: Thanks. So IMF members vote and agree to such status?

Millionday: RML -- I AM NOT SURE IF IMF VOTES BUT I KNOW CBI HAS AN OBLIGATION TO PLACE RATE AT THE CALCULATED FIGURE WHEN THEY GO TO MARKET

Dovi: could they be in the sdr basket at 1166

Millionday: IF THAT IS WHAT IS CALCULATED AS THEIR REALITY RATE WHICH MAKES NO SENSE AND IS WHAT CAUSED US ALL TO BE HERE ---
Millionday: THAT IS EXACTLY THE REASON IN A NUTSHELL OF WHY INVESTORS HAVE INVESTED IN THE DINAR --

Millionday: THINK ABOUT THIS -- WHY WOULD THE WORLD BANK BE ADDRESSING THIS ?
----------------------------------------------

Millionday: HERE WE GO -- THIS IS HUGE HUGE AND VERY IMPORTANT PLEASE READ EVERY WORD

Millionday: A commission of economy and investment representative, on Thursday, in its quest for new legislation to balance the country's investment supports and encourages international companies to enter the Iraqi market, as shown in detail it would hold a conference on the law early next month. 
The committee member said Osman Haji told / information /, "The decision, announced by Prime Minister Haider al-Abadi in Davos recently about Iraq's intention to take, is to serve the enactment of new laws and investors, particularly the private sector."

Millionday: NOTE -- ABADI HAS ANNOUNCED THAT HE IS DOING EXACTLY WHAT HE ANNOUNCED IN DAVOS -- WHOOOPOW

Millionday: >>>>>>>>>>>HUGE SMILE 
--Haji said that "the economic and investment commission agreed with the need for legislation Abadi new laws favorable atmosphere for investors in order to encourage them to enter the Iraqi market."

Millionday: NOTE -- INVESTORS CAN ONLY ENTER THE ISX IF IT IS ON THE GLOBAL MARKET -- MEANING WE HAVE NO WAY TO INVEST RIGHT NOW SO CHANGE HAS TO OCCUR

Millionday: NOTE -- SO THIS NEXT PART SHOWS US WHAT THEY ARE GOING TO DO ABOUT IT

Millionday: He explained that the "investment opportunities to be provided by law for foreign investors, is the industrial sector, and residential and commercial, and tourism, and other fields, as well as sectors that an investor asked to work out," noting that "what concerns us is the investor, so he would not find it difficult to invest if it came to Iraq. "

Millionday: Haji said that "the economic and investment commission will be held at the beginning of next month's conference to explain the work of the new law to be enacted mechanism in the presence of investors and businessmen from inside the Iraqis and Arabs as well as foreigners."

Millionday: SO AS WE SEE HERE -- THE NEW LAW WILL ALLOW INTERNATIONAL INVESTMENT FOR ALL IN IRAQ ---- WHOOOPOW

grover: beginning of next month means Feb?

Millionday: GROVER I HAVE THE SCHEDULE WE WILL LOOK AT IT NEXT
-----------------------------------------

Millionday: WHOOPOW

Millionday: revealed to the parliamentary Committee of Economy and Investment for the start of next week's international conference under the auspices of the House of Representatives to come up with recommendations amend the investment law, as pointed out that the invitation to this conference sent bodies to invest Arab and foreign businessmen.

Millionday: NOTE -- OBVIOUSLY HUGE CONFERENCE THIS COMING WEEK

Millionday: The Chairperson of the Preparatory Committee of the Conference MP Nora Albjara Agency / BD /: that next week will see the start of the international investment conference sponsored by the House of Representatives and the Committee economy and investment, he said, adding that the conference, which will continue for two days. Will focus on the completion of the third amendment to the investment law for Iraq in 2006.

Millionday: She explained Albjara that this conference will be different from what preceded, on amendments, where will present foreign investor what he wants, of this law, which has been invited Arab investment bodies and foreign business people and investors, and will make recommendations to adjustments required

Millionday: SO HUGE TO SAY THE LEAST -- THEY WILL HAVE A TWO DAY CONFERENCE THAT ALLOWS INVESTORS TO TALK ABOUT THE NEEDS THEY HAVE IN ORDER TO INVEST IN COUNTRY AND THEN THEY HAVE ALSO STATED THEY ARE WORKING ON INTERNATIONAL INVESTMENT THROUGH THE COMMISSION SO ISX MARKET IMO

dabmac: What days are the conference?

Millionday: NEXT WEEK AND TWO AND THAT IS ALL IT SAYS -- I MAY FIND MORE ON IT

grover: Are We not at a crossroads?? What I mean is with liquidity being poor into Iraq but once the budget is released , liquidity is going to be poured into Iraq something like 11 trillion.. at least not counting on GOI foreign contracts, would this not defeat what the CBI has been doing for the past years in their policy. 
This to me seems to means one of two things, either we are there when they open the budget? or this is going to be a very very slow process. Correct?

Millionday: GROVER - THIS IS EITHER GOING TO BE DONE CORRECTLY OR BE A NIGHTMARE FOR ALL -- WHEN A PLAN IS UNLEASHED AS LARGE AS THIS -- THE RISK OF HUMAN MISTAKES ETC IS VERY REAL -- SO MANY MANY HAVE SPENT COUNTLESS HOURS TO PREVENT FROM AS MANY MISTAKES AS THEY CAN -- BUT WE HAVE TO SEE HOW THIS UNFOLDS

coco1: Havent had my morning coffee. So does this conference mean that international trade will be a reality by the time this conference happens?

Millionday: THIS IS FOR THE INVESTMENT LAWS AND WHAT IS NEEDED BY ATTENDEES AND THEIR REQUESTS --- MEANING THE INVESTMENT LAWS -- HOWEVER THEY HAVE THE LAWS THEY WISH TO USE SO THIS SEEMS TO BE A PROMOTION FOR THEIR MARKET TO ME

allinxpress: With the announcement by the CBI and GOI that they are ready, why would we need more banking laws to pass before this happens?

Millionday: THESE ARE INVESTMENT LAWS FOR THE MARKET AND INVESTORS -- NOT BANKING AS FAR AS I SEE

coco1: So they would have to have a functioning market in order to promote, right?

Millionday: COCO -- THEY WOULD HAVE HAVE A MARKET ECONOMY OR IT WOULD BE POINTLESS TO EVEN BUY A TICKET FOR TRAVEL IMO

RML: From your perspective, do we know what event (if there is one) will be the tipping point for the CBI to confirm that the GOI has sufficiently linked the GOI's obligation to cover its debts (i.e., to cover the debt instruments [our beloved dinar]) of the Country?

Millionday: YES -- THE ANNOUNCEMENT FROM CBI THAT THEY CAN COVER THE BUDGET AND THAT HAS HAPPENED -- THIS YEAR HAS IN IT THE DEBT AMOUNT NEEDED PER AGREEMENTS

RRathbun: Comment - It looks to me like Iraq is going to show the investors a rough diamond and ask their thoughts on how they want it faceted. That's a good thing.

allinxpress: Are there any baking laws we need to get passed that you know of?

Millionday: ALLIN -- NOT THAT I KNOW OF -- THERE ARE MANY THAT NEED ACTIVATED -- HOWEVER THE BANKING REFORM HAS BEEN CONCLUDED

Millionday: RRATH -- I AGREE -- AND THEY PLAN TO MAKE SURE THEY HAVE NOT MISSED SOME WESTERN ETC WAYS OF BUSINESS -- THEY WANT THE LAW TO BE EXACTLY WHAT IS NEEDED BY ALL

diane1: Are we waiting for the budget to be posted into the Gazette along with other pertinent laws


Millionday: YES THE LAWS WILL HAVE TO BE PRINTED IN THE GAZETTE TO BE LAW AS WELL

Dianne777: so are they using the poss of an rv to lure in the investors? I know they did a couple yrs ago in London

Millionday: DIANNE -- THEY ARE USING THE HUGE PROMOTION OF THE DEVELOPMENT PLANS AND HOW MUCH THERE IS TO PROSPER FROM

RML: Thank you. Here in the ol US of A, the central bank "buys" (and resells) treasury bonds to cover expenses. Is the CBI doing this as well?

Millionday: YES THEY ARE -- THE SECONDARY MARKET HAS BONDS THAT CBI HAS ANNOUNCED A COUPLE DAYS AGO TO BE ABLE TO BE COVERED

RML: That to me, says it all. God bless us all...

Millionday: THAT IS HUGE RML --
-----------------------------------

Millionday: The Minister of Higher Education and Scientific Research, Hussain al-Shahristani, on Thursday, that the ministry has prepared a draft law allowing foreign universities to open branches in Iraq. 

The ministry said in a statement received by the agency / information / copy of it, "Shahristani search Thursday, with the Iranian delegation that included Cultural Counselor at the Embassy of the Islamic Republic in Baghdad, Sheikh Ghulam Reza Abadhira, and Deputy Chairman Mustafa International University Mahdavi Mehr scientific and cultural cooperation between the two countries.

Millionday: NOTE -- THIS MAY NOT SEEM IMPORTANT IN ALL OF THIS BUT THINK ABOUT YOUR CHILDREN AND WHAT THEY WOULD NEED TO GO TO IRAQ FOR EDUCATING ----- A VISA OR MASTERCARD AND A WAY TO EXCHANGE FUNDING

Millionday: He Shahristani according to the statement "the importance of the development of scientific, academic and economic cooperation with neighboring Iran, in order to serve the interests of the two peoples," pointing out that "the Ministry of Education is keen to communicate with international universities and build bridges of cooperation and exchange of experiences, and hold joint academic conferences.

Millionday: >>He explained that "the ministry has prepared a draft law allowing foreign universities to open branches in Iraq, as the ministry pending the enactment of this Act in the House of Representatives for the work done.

Millionday: For his part, the delegation expressed the need to strengthen the scientific and academic cooperation between Iran and Iraq, wishing the adoption of special laws to open branches of the universities as they provide the possibility of legislation to strengthen the university mutual relations between the two countries.

Millionday: SO AS WE SEE -- EVEN THE THOUGHT OF FOREIGN UNIVERSITIES OPENS UP SO MANY QUESTIONS -- THE FUNDING WOULD COME FROM THEIR INVESTMENT AND WOULD NEED AN EXCHANGE FOR IRAQ PURCHASING -- IT ONLY MAKES SENSE
-----------------------------

tbob: so once budget is law and they open it up -- iyo will it be at 1166 and then adjusted?

Millionday: YESTERDAY -- ABADI CALLED FOR THE REFORMS, THE GOV PROGRAMS AND ALSO THE BUDGET REFORM TO BE COMPLETED -- SO AT THIS POINT I KNOW THAT THE BUDGET AMOUNTS HAVE BEEN REPORTED BY MANY REPORTERS BUT THE FINAL AMOUNTS ETC MUST BE HEADED FOR REFORM OR SUCH THING WOULD NOT EXIST -- WE HAVE NOT HEARD OF THAT BEFORE IN ANY REPORTS AND ARE WAITING TO SEE WHAT THAT IMPLIES

quicktolegit96: DIDNT YOU SAY THIS COULD BE DONE THROUGH DATA ENTRY AFTER BUDGET SIGNED...ETC?

Millionday: THIS WILL BE DONE THROUGH DATA ENTRY --- THE CHANGE IN VALUE OR THE RATES SET FOR INTERNATIONAL RATES WILL ALL BE AN ADJUSTMENT THAT IS DONE AS ALL COUNTRIES -- WITH ELECTRONIC DATA ENTRY

clay: is there a time frame to open the budget in their constitution after budget hits gazette

Millionday: CBI HAS STATED THEY WILL FUND THE BUDGET AND WHEN IT IS LAW WHICH IS ONE DAY AFTER PRINTING -- IT WOULD BE FUNDED

tbob: stupid question. what does open the budget even mean?

Millionday: IT MEANS THAT ALL FUNDING WITHIN WILL BE TRANSFERED TO THE BANKS OR PAYMENT RECIPIANTS
Millionday: FROM CBI
------------------------------------------

Millionday: THIS WAS ANNOUNCED TODAY SO A LITTLE LATE
Millionday: BUT THIS IS US

Millionday: Lockheed Martin Aeronautics has been awarded a $9,500,000 fixed price, indefinite-delivery/indefinite quantity contract for F-16 aircrew training to Iraq Air Force personnel.
The work will be performed at Tucson, Arizona, and is expected to be complete by Jan. 27, 2017.

faith1: are we waiting for the budget to be printed ?
faith1: is that the key to opening ?

Millionday: I DONT KNOW -- I KNOW THAT INVESTORS WAITING ON FUNDING FOR CONTRACTS ETC ARE WAITING

Millionday: YES THE BUDGET DOES NOT OPEN UNTIL IT IS PRINTED

coco1: I thought Abadi had to sign off on the budget before it goes into the Gazette. Did I miss something?

Millionday: YES HE DOES -- HE HAS CONSTITUTIONALLY 15 DAYS -- HE ALSO CAN RIGHT NOW SO WE SHALL SEE

7shiela: When you say printed...are you meaning put in the Gazette?

Millionday: YES -- THE PRESIDENT HAS TO SIGN AND THEN IT WILL BE PRINTED IN THE GAZETTE TO BE LAW

rcookie: AND ONCE IN GAZETTE...ACTIVATED AND RETRO TO JAN 1ST

Millionday: YES IT IS FOR THE YEAR 2015
Millionday: IT WILL INCLUDE IN FISCAL FIGURES FROM JAN 1 ON TO DEC

faith1: Millionday is that when the Iraq Gov and people will be paid (welfare) when budget is opened ?

Millionday: YES --- SOCIAL SECURITY -- AND ALL BENEFITS - THE INTERESTING PART IS THE REPORT WE HAD THAT IT WILL BE LOADED ONTO A CARD THAT IS ACCEPTED GLOBALLY ----
-------------------------------

Millionday: I AM BRINGING THIS BECAUSE I FIND THE REFERENCE HE MADE VERY INTERESTING -- SMILE

Millionday: Voice of the House of Representatives, by a few, to approve the adoption of the federal budget for 2015, which amounted to 119 trillion dinars and a deficit of 25 trillion dinars. 
The head of the House of Representatives, Saleem al-Jubouri, this is the first time since 2003, recognizes the budget during the month.

Millionday: SO AS SMALL AS THIS STATEMENT IS -- THE REFERENCE THAT THEY HAVE NOT HAD IT DONE THIS EARLY SINCE 2003 MAKES ME WONDER -- DUE TO THE MANY STATEMENTS THAT THEY WANT THE REFORMS TO BE DONE AT THE BEGNNING OF THE YEAR ---MUCH EASIER TO CALCULATE NO MATTER WHO YOU ARE --

Papatom: easier to calculate what.... ???

Millionday: REVENUES -- CONTRACTS -- EXPENSES -- THE ENTIRE OR HALF OR EVEN AT A QUARTER IS ALWAYS EASIER WHEN CHANGES ARE MADE IN JUST SMALL BUSINESS -- I CAN IMAGINE FOR A COUNTRY -- MAKES SENSE

Millionday: WE COULD DO A POLL OF BUSINESS ADMINISTRATORS AND THEY WOULD ALL SAY THAT IT IS EASIER TO INCLUDE AN ENTIRE YEAR -- EVEN SHABIBI`S REPORT ON THE ECONOMIC REFORM WE READ YEARS AGO WAS WITH HALF THE YEAR AS A PROGRAM RATE AND THE REST AT THE REALITY RATE SO ONLY MAKES SENSE

HEARTLAND: TO follow up on Faith's question...are you saying that when the budget is opened that the reality rate will be in it, or can they operate at the current rate for awhile and then adjust the budget following the announcement of the new rate? thanks

Millionday: THEY CAN DO ANYTHING WITHIN THE COUNTRY THEY WOULD LIKE -- I KNOW MANY ARE STATING THAT THE CHANGE IN VALUE WILL BE WHEN THE BUDGET OPENS BUT THEY OBVIOUSLY CAN DO WHAT THEY WANT -- WE HAVE TO WAIT AND SEE WHAT THEY DO ---- GUESSING IT JUST THAT -- GUESSING

Millionday: NOW THEY HAVE STATED THAT THEY ARE GOING TO MOVE TO A REALITY ECONOMY AND ALSO TO A MARKET ECONOMY -- THE THING IS THAT TO GO TO A MARKET ECONOMY THEY HAVE TO USE THE GLOBAL PRICING INDEX CALCULATION -- SO ENTERING INTO A MARKET ECONOMY OBVIOUSLY IS REQUIRED TO MOVE FORWARD WITH THEIR PROJECTS ETC -- THERE ARE MANY IN THE BUDGET WITH CONTRACTS ETC AND ALSO THE AGREEMENTS THEY HAVE MADE FOR BUILDING AND EVEN THE TRAINING -- SO IT IS DOWN TO THE WIRE WITH THE MANY ANNOUNCEMENTS THEY HAVE MADE THEMSELVES IMO ---

Millionday: TO SELL THE DINAR ON THE CURRENCY MARKET AS ABADI STATED IN DAVOS THEY ARE HEADED-- THEY HAVE TO HAVE A REALITY RATE -- NO WAY AROUND IT ---

Millionday: SO THAT IS WHAT WE HAVE TODAY -- SEE EVERYONE TONIGHT FOR THE NEWSTIME AT 730 EST
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 Millionday Roundtable 1/30/15 Empty Re: Millionday Roundtable 1/30/15

Post by Kevind53 Fri Jan 30, 2015 11:56 pm

*SIGH* she is like a broken record ... I almost said a broken clock, but a broken clock is right twice a day. Way back at the beginning she talks about the IMF comment about the difficulties of having the dinar pegged. As usual, she got it wrong, it's not pegged to the USD, that is the issue at the moment, but pegged to anything. The weakness is that the value can not be adjusted forcing the central bank to take actions that may not be in their best long term interest to try and maintain that pegged value. Failure to do so could have some very serious repercussions to the economy.

A whole lot of irrelevant stuff in the middle. Good news for sure, but not really indicators of any sort of immanent change in value. Finally leading to her inevitable conclusion that they have to have a reality rate ... whatever that is. They have a rate now, 1166/USD and it is real enough and higher than many other countries ... it could trade on the FOREX at 1166/USD just as easily as any other number.

*****************
Trust but Verify --- R Reagan Suspect

"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

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