Millionday Monday Night News

Millionday Monday Night News
 
5/5/14 Part 1

Welcome to Monday Night News Time With Millionday!
 
[millionday] i would assume that you all have seen the rocking WHOOPPPPPER -- but we are going to look at it – smile -- well we are going to look at it so you will know about the huge HUGE WHOOPPPER now -- ok here we go - naturally we have to look at the whole thing so hold comments if you can -- smile
 
[millionday] Hussein al-Tamimi Tgb is the monetary policy the most important episodes of economic stability through the stabilization of the exchange rate by more than the national economy, the strength and effectiveness to face all the challenges facing the development process (according to the specialist economic affairs).
 
[millionday] note -- the most important resolve of the country is the activation of the monetary policy
~~~
 
[millionday] Samir Nasiri said the central bank several years ago succeeded in achieving a reserve large and growing foreign exchange reserves stood at 80 billion dollars and 90 tonnes of gold according to the latest data issued by him. smile
 
[millionday] added in an interview with "morning" that fixing the exchange rate of the Iraqi dinar against the main currency in (dealing dollar) is considered to be necessary and appropriate, and had a foreign currency auctions held by the Central Bank of Iraq played an important role in maintaining the appropriate level of the exchange rate and install it.
 
[millionday] note -- it is very necessary to install the exchange rate
 
[millionday] and pointed out that for pressure on the exchange rates, pay Bantrza to tighten its monetary policy and narrowed, including raise interest rates on deposits in Iraqi dinars, and to allow greater flexibility in the management of monetary policy,
 
pointing out that he adopted several measures to expand the list of tools available to them, and to cover the required reserve to include government deposits, and
 
[millionday] the granting of facilities on deposits that mature in a short period in order to allow banks to manage the development of liquidity a more effective way, and to reduce liquidity risk
 
[millionday] note -- the tools to keep their economy healthy are in place
 
[millionday] and pointed out that among the goals of monetary policy, the other to achieve economic growth and reduce unemployment, and the stability of prices of goods and services, and the stability of exchange rates, as well as improving the balance of payments position,
 
indicating that the achievement of these goals is through the adoption of tools monetary policy, direct and indirect, and issued by the Central Bank regulations and regulatory instructions and guidance during the past years and finally what has been emphasized in the year 2014.
 
[millionday] note --- hmmm that is what year it is -- smile
 
[millionday] and continued Alnasiri saying that the current structure for the stability of exchange rates has been granted an opportunity for the Iraqi economy to rebuild and grow,
 
despite that the prices have not stabilized completely, due in part to the nature of the security and political conditions and the market situation faced by the country in spite of the evolution is clear in fiscal and monetary policy and the banking industry,
 
[millionday] note -- the reason that all was as it was -- talking about the exchange rates is that it helped to rebuild the country and to move forward in the direction they needed
 
[millionday] >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> where the Bulletin of the IMF delegation during their visit to Iraq recently and within this context has succeeded Central also in the collection of reserves at a high level of foreign exchange,
 
so it is fixing the exchange rate of the Iraqi dinar against the dollar the U.S. ordered appropriate and required at the current stage.
 
[millionday] note -- they have been ordered to set the exchange rate to the usd -- WHOOOPOW
 
[dovi] whooopow
 
[graylnjo] WhooooooooooooooPooooooooooooow!!!!!! :}
 
[DBJJ] just got goosebumps..holy cow
 
[crank7] OMGOSH!!!
 
[watchman42] shazaaaaam
 
[NRICHARDS] WhooPowww!!!
 
[En4cr] Wow....
 
[edreth1] MD MD WooooooooooooooooW
 
[millionday] Nasiri said that to support this structure to be the Iraqi Central Bank to raise the required amounts of foreign currency on the basis of average Far in daily auctions and allow greater flexibility in the management of monetary policy,
 
it has taken the CBI a number of steps to expand the list of available tools of monetary policy, which identified whereby perceptions about demand growth in money supply and currency in circulation and that expectations about economic growth and inflation.
 
[millionday] note -- this is refering to the many steps they would be taking to get to this point of preparation to set the rates and value
 
[millionday] this is talking about the dollarization
 
[millionday] Stressed that the policy tight monetary adopted by the central part of Strutijeth efforts to achieve the goal of stability, has shown that the financial system Almdolr taking a drive towards a gradual decrease, and the phenomenon of partial dollarization and roots are now less than before,
 
due to the launch of freedom of foreign exchange and monetary policy is working to strengthen the external value of the dinar Iraq, which has increased during the last five years.
 
[millionday] note -- confidence in the dinar has risen from the beginning
 
[millionday] explained that the moderate policy established a framework effectively lead to the lifting of confidence in Iraqi dinars, as it helps the confidence in the local currency to create the conditions for strong and deep in the stability of the financial system, and the strength to address the dollarization,
 
is a measure of the effectiveness of monetary policy to provide a reference impressive to make the local currency more attractive and that is usually reflected the stability of the cash demand or decrease the speed of money circulation and stability of any due to the influence of my reference exchange and interest.
 
[millionday] note -- this is talking about the success they have had when they applied the changes for dollarization
 
[millionday] obviously this is about the capital market which is what we have learned so much about within this
 
[millionday] and concluded Alnasiri his speech by saying that the measures and means the current adopted by the monetary policy to influence the phenomenon inflationary come to play a role Whatever rein in inflation caused by factors of aggregate demand, which continues to the central adoption of its current policy aimed at reducing inflation, which reached 3.1 percent at the end of 2013 to address the trends and causes,
 
[millionday] WHHHHOOOOPOW >>>>>>>>>>>>>>>>>
 
[millionday] and in a manner provides a stable cash wider and Tjeela in rates of economic growth and ensure sustained through two signals two basic adopted the current monetary policy, namely to strengthen the real interest rate and the exchange rate of the Iraqi dinar to accelerate towards the balance and stability of the financial market and the overall stability in the country.
 
[millionday] so what we have is the order from the IMF to set the rates external -- this means the USD so the rates for foreign exchange can reflect them ---
 
[millionday] this is fantastic news all day long -- whooooopow whhhhhooooopy
 
[txoilman] Who is Alnasiri ?
 
[millionday] al-nasari from cbi
 
[kenster] Are they waiting for the ballot polls to be counted ?
 
[millionday] it came out together - he is Islamic
 
[txoilman] Thank you..... You are the best
 
[millionday] you mean waiting until they set the rates ?
 
[millionday] yw all the time hun
 
[kenster] Yes
 
[millionday] i dont know but would be surprised if one had to do with the other at this point
 
[Road_Kill] If the dinar is against the dollar does that mean a 1-1 rate?
 
[millionday] no --- they will set the reality rate as it calculates -- not just trade off and as a matter of fact -- it would be
 
[Road_Kill] Woohoo! TY!
 
[millionday] kind of silly to do that when the goal is to have the citizens use the dinar and not the dollar -- even with the price index -- yw all the time hun
 
[Road_Kill] I agree. Awesome news!
 
[faith1] an order from the IMF ?? so like here we have say 30 days to respond ????
 
[millionday] no -- they have told them to do this now -- whatever that means as we have learned
 
[millionday] however they have stated the steps that they needed to make to get to this point are done
 
[h-spot] I wish tourman was here to see this.... He would feel better I would think
 
[kenster] They have a mind of there own for sure
 
[faith1] :} now is good :}
 
[Road_Kill] Wow! By end of news time would be a good NOW
 
[millionday] this is fantastic news -- and dont let anyone tell you it is not because it is
 
[ROBINREDHED] wahooo thx md
 
[millionday] smile -- yw all the time -- brb with more -- thank you my friend --
 
[ROBINREDHED] ok, like we need anything else...whaddaya got
 
[millionday] lol here we go -- State of Law coalition of Prime Minister Nuri al-Maliki, on Monday, the President of the Council of Representatives, Osama al-Nujaifi, to extend an invitation to members of the House of Representatives and hold a special meeting during the next two days in order to pass the budget.
 
[millionday] note -- CBI has made it clear that they will not give out funds for projects domestically funded without budget in place
 
[millionday] they have also stated that economic stability and political was a requirement of course
 
[millionday] The MP said, Hassan al-Yassiri, told / Iraq Press / "on the Presidency of the Council of Representatives to do their responsibilities constitutional and call the council to convene for the purpose of approving the budget,"
 
adding that "the political blocs that had objected to the adoption of the budget in the last stage may have changed their positions.
 
He added that "the President of the House of Representatives to throw the ball stadium Council to be responsible before the people if it does not achieve the required quorum for the meeting.
 
[millionday] And to extend the life of parliament if the delay in approving the budget between, Yasiri, "The Council and after ending Valtmdid then is not verified.
 
He said that "When extend legislative term in the first year and the second or third it is because Aamdd age of the House of Representatives but the extension would be after the fourth year if extended due to failure to approve the budget,
 
[millionday] this means that the age of the House of Representatives extended and the extension is not permitted because it is the age specified by the Constitution. He noted that "the constitutional provision which relates to the separation of the legislative Aenqda only approve the budget for Aitbak in the fourth year.
 
[millionday] so as we see -- they are passing the budget and happy about it so we are too -- smile
 
[coyoteTx] Passing the budget right, but not in INK yet??
[millionday] i have to say the public announcement of the new exchange rates on the way due to the order of the imf -- has to top much we can tell you – smile but there is more news
 
[millionday] correct -- they say within 48 hours
 
 
[RRathbun] We're all part of an incredible success story. We invested in Iraq because we all believed that this war torn country could right itself under tremendous pressure.
 
They have proved it in many ways. Although this is still a work in progress they understand that monetary reform is an essential step in achieving their goals.
 
They are proving to the world that they truly are a democratic State and the leader in the Middle East. I am truly amazed at what they have been able to accomplish in such a short period of time.
~~~
 
Patience my friends, all of us, including our friends in Iraq, are about to be on the receiving end of something extraordinary.
 
[ROBINREDHED] RRathbun amen
 
[Imperator] Right on Robin
 
[kenster] So possibly we could see this by this weekend?
 
[millionday] RRathbun amen -- i agree my friend -- an amazing accomplishment
 
[millionday] we could see this at anytime hun - the announcement was a public one
 
[kenster] Thank you Dear
 
[millionday] yw all the time my friend
 
[Red Skyy] MD we can see it at any time AFTER budget passed correct
 
[millionday] here we go
 
[millionday] no we could see it at anytime at all
 
[millionday] here we go
 
[millionday] this is an announcement from CBI as well
 
[millionday] The governor of the Iraqi Central Bank Abdel Basset Turki from near the opening of branches of U.S. banks and the French and Lebanese in Iraq. Turki said in a special statement (the statement), it will soon be opening branches of U.S. banks, including Pocket Morkn and Citibank,
 
noting that the investment opportunities that would be granted to these banks will not be available in the same way for other banks in Baghdad.
 
[millionday] note -- the banks that are international will have investment abilities that wont be done by domestic banks
 
[millionday] He said the number of Lebanese banks submitted their requests to work in Iraq as the work permit has been granted to three of them as well as requests for French banks.
 
He said the Central Bank of Iraq has a bill to regulate the work of banks and anti-money laundering as well as the draft of the new law of the Iraqi Central Bank. He said that Iraq will provide more opportunities for investment
 
[sunnyca] millionday Were you saying the imf said we should see the new exchange rates within 48 hours???
 
[millionday] note -- understand that the three zero currency has had a few reprinted for the citizens
 
[millionday] sunnyca no
 
[millionday] For these banks to exercise its role, noting that the Central Bank of Iraq is a sponsor and an observer of the banks operating in Iraq. And the project to delete the zeros of the central bank governor said that the new measures will be there by the middle of this year,
 
the bank raised about the new currency and the deletion of zeros, indicating that the bank has a very large mass of cash.
 
[sunnyca] millionday I misunderstood - came in late sorry
 
[millionday] smile -- welcome hun
 
[sunnyca] thenks - smile
 
[millionday] note --- so the process of the citizens not having available to them the three zero currency is going to be done by the middle of the year --- so they will have to gain confidence in the banks
 
[millionday] note -- this is going on to tell us more on how this is going to go
 
[millionday] He added that the Central Bank of Iraq in connection with a credit rating of private banks in Iraq during the next term for the nomination of the first tranche developed for these banks to exercise receive deposits from the government of Iraq and the provision of services to the government,
 
adding that he will then move on to all the Iraqi banking system concerning the acceptance of deposits and credit organization.
 
[millionday] note -- obviously each province has to have their funds in the bank in order to operate their budget and projects
 
[cookie] So , you don't think this is talking about the RV by the middle of this year, but the currency availability??
 
millionday] no i think this means that the three zero currency will only be available until the middle of the year and they will no longer be able to allow people to use it for the reason given -- it is just too much cash to have with all of the denoms and coins
 
[jtank] It sounds to me that the lifting of the zeros will be starting the process real soon, if the citizens will not have them midyear? What does that do for our zero money
 
[larrykn] the three zeros your talking about above is only in Iraq right
 
[millionday] they have stated that they will be burning the currency that comes in from other places and also through exchange -- when the rate for the usd is set -- it really wont matter what they do with it
 
but they have also stated in reports years ago that it will be held due to contract agreement for a six month period but -- they are stating
 
[babe688] I am confused some news says the budget wont get passed until the new parliament gets seated and this news says they have to do it now
 
[millionday] they will not have them available in the banks at all by the middle of the year -- some people have zero trust in the banks as in comparison to the depression here and the after effects of that event --- i would compare it to that type of problem
 
[jtank] Above stated reality rate now so we will be trading in our zeros
 
[millionday] i have read from all the sources i trust that this parliament will be passing the budget within days -- this report states two and they have also stated that it is the only thing they are doing and began yesterday with meetings on it and are now stating they are voting it through
 
[smiller67] This might be a dumb question, but which comes first? The Budget or the Rate?
 
[millionday] they are obviously trying to do everything at the same time but CBI has made it clear that they will fund the banks with international projects and activate the entire banking /economic /monetary policies -- so we will have to see how it plays out
 
[millionday] no date has been released -- the first report we had tonight was as close to a date as i have ever seen in ink
 
[larrykn] the three zeros your talking about above is only in Iraq right
 
[millionday] yes they mean that they will remove them from circulation by the middle of the year entirely
 
[coolspot] MD are you referring to a calendar year, or are you referring to Iraq Physical/financial year which I believe commences 1st April?
 
[millionday] the Islamic year is what you are referring to -- Iraq can change their fiscal year as they want but they have stated it to be jan to dec but this is the thing
 
[millionday] it is like with any business -- if you dont make a penny until may or june in your store --- it is still the fiscal year as in jan to dec ---- it doesnt change the dates it just is not inclusive of activity until that date
 
[faith1] when was the public IMF announcement ? and a public announcement of that could cause a run on the money?
 
[millionday] the announcement meaning both the CBI on the banking and the setting of the rates was done ---- TODAY MONDAY
 
[Pablo] Did it say what the rate is going to be?
 
[millionday] ok brb with more
 
[ROBINREDHED] more than 1166
 
[millionday] no rate given ---------------in ink smile
 
[h-spot] In order for them to remove the 000 notes from circulation by the middle of the year, they need a rate for the LDs to be used
 
[h-spot] so if they mean what they are saying this time, we should see a rate REAL SOON
 
[millionday] here we go
 
[h-spot] july is only 3 months away!
 
[millionday] july is not to do with the setting of the rate to the dollar at all
 
[h-spot] no, but if they are to remove the notes by then, they need a rate for the LDs to have value
 
[millionday] it is when they state that all larger denoms will not be on the streets or in circulation
 
[millionday] the middle of the year
 
[millionday] here we go
 
[h-spot] ergo they will be using LDs
 
[millionday] i agree -- in a hurry actually
 
[millionday] this was sent to me
 
[h-spot] 2+2 doesn't = 5 lol
 
[millionday] Baghdad: stressed the Directorate General of banking and credit control in the Iraqi Central Bank on Sunday, the adoption of the new instructions issued by the Central Bank of Iraq for applying to join the daily auction of foreign currency.
 
said Director of Monitoring and banking in central Abdul Abbas Khalaf Sultan for "tomorrow Press "," The Directorate asked banks and institutions wishing to apply for incorporation to comply with and abide by the terms of approval issued by the Central.
 
"and added that "the most important requirements of surveillance is not to be the founding shareholders and board members of one family."
 
and added that "these requirements also includes the Do not be newly elected to membership in the Board of Directors for banks and non-bank financial institutions approved by the central under the same influential. "
 
[millionday] in other words -- here are new regulations for corporate leaders and the board to do with banking --- they have to not be involved in both -- this is to avoid monopolizing - wow are they preparing or what
 
[millionday] end of report robin
 
[millionday] i am loving today`s news -- WHOOOOOPOW WHOOOOPOW
 
[millionday] this has been fun so know that we are waiting on them to actually set whatever the rate may be -- so it appears that they have met all criteria to move forward in international banking and open the international banks etc -- very exciting and encouraging
 
[DBJJ] I implore everyone to not look at hours, days, weeks or specific time frames. Don't set yourself up for disappointment and despair. Stay grounded and hopeful, let it come to you. It WILL. IMO.
 
[millionday] absolutely -- just remember that the order was given so we wait -- dont quit your job ---- we will be watching very closely ---- but have to say -- love the order
 
[h-spot] millionday so would you agree that IF they are to remove ALL the 000 notes from circulation by July, as they say, then they need a rate by then for the LDs?

Yippee ... whoopee ... fantastic news ... Oh wait I thought this was dollarday's resignation letter ... never mind ...