"The Daily Dinar " ..........Wednesday,19 June 2013
UN Sec. General calls to end UN High level coordinator mandate; Recommends council to exit Iraq from CH VII after completion of boundary maintenance project
UNITED NATIONS, June 18 (KUNA) ** Praising Kuwait and Iraq’s rapprochement, the UN Secretary *General Monday recommended to the Security Council ending the UN High*Level Coordinator mandate for missing Kuwaiti nationals and property.
Secretary General Ban Ki*Moon recommended transferring the issues to the UN Assistance Mission in Iraq (UNAMI) under Chapter VI, taking into consideration Kuwait’s demands.
...the CBI is stating that their CURRENT money supply of 33 trillion dinars, which is worth about $30 billion, is covered by 2.5 times with their $80 billion in reserves. In other words, their current money supply has 250% coverage. Having said that, let's assume that Iraq does what it says it will do and withdraws the large denominated notes beginning in January of 2014. We can reasonably suspect that about 7 trillion dinars are outside of the country. This would mean, then, that they would withdraw about 26 trillion dinars from circulation. Of course these dinars will have to be replaced, as they have said (otherwise they would have NO dinars in the country) and they have stated that they will issue 25 Billion dinars to replace the 26 trillion that they remove. Now, let's go one step farther..
The new money supplied within the country will amount to 25 billion dinars. If, as they say, they allow the VALUE of the dinar to rise to "about $1), then if they have $80 billion worth of reserves at that time, then they will have over 300% coverage of their money supply, in country. Furthermore, they could allow the dinar to go to $3 per dinar and still have over 100% coverage of their money, keeping them as the strongest currency in the world. So what happens with the 7 trillion dinars outside the country?..
So what happens with the 7 trillion dinars outside the country? They are cashed in by speculators and end up as reserves by the countries that cash them in. Just as their are trillions of dollars sitting as reserves around the world (i.e., not a concern to our country), similarly there will be trillions of dinars sitting as reserves around the world and Iraq will not need to be concerned about them. In short, they will never return to haunt Iraq any more than our dollars have returned to haunt the US...They will announce a float and draw in the dinars within the country during the next 6 months to 2 1/2 years, and replace them with new small denominated notes as the value rises and the smaller notes become necessary for commerical activity within the country. They are on record that this will take about 2 years beginning in 2014. Furthermore, they are on record that the issuance of the NEW currency will occur in January of 2014. IF they need small denoms between now and then (the next 6 months), assuming the float is announced shortly, then they will use the ones that were printed in 2003 and that are sitting at the CBI for that purpose (existing small denoms of the same currency we hold.) Bottom line: this is talking about the final stages in preparation to unfold the plan. This is ALL GOOD!
[millionday] ok this report is in sections and very clear so lets read it together -- big smile here we go
[millionday] Someone Mokhtassan in the banking sector challenges facing the development of local banks that represent the backbone of economic development, where the regulated flow of capital trends drawn investors and employers, but it requires more advanced systems that draw paths banking business in the country, the center of a new proposal for the integration of private sector banks .
[millionday] note -- this is very important in the progress
[millionday] Rapid changes Academic specialist Dr. banking affairs. Sadeq Al Shammari said: there are challenges facing banks and financial institutions in Iraq as a result rapid changes in technology, information and financial crises,
pointing out that, despite the considerable efforts made by the Monetary Authority and the Ministry of Finance to support the banking sector in Iraq are still these banks face significant challenges because of the circumstances experienced by the country
as well as the need for staff to have qualified banking and development of the banking business and the use of modern technology as a network communications and information systems and the Internet.
[millionday] note -- as we know it is set up and they have ample help in training
[millionday] Overcome difficulties He pointed to the importance of the adoption of methods of control and disclosure of financial and accounting financial statements and that these factors can be considered as challenges in front of Iraqi banks, which is working hard in collaboration with the Central Bank to overcome.
[millionday] note -- we have seen a recent audit so this is on going reporting they need to be aware of
millionday] Guideway regulations Shammari urged the importance of adhering to the regulations and rules, which represent the work of banks and the basis of its activity, should also be commitment to governance and controls and mechanisms of good governance as evidence of the work of reform, institutional and financial spared from corruption operations.
[millionday] note -- so obviously the regulations are in place
[millionday] Corrective action He pointed to limit some of the problems and constraints faced by financial and banking institutions in Iraq after studying the reality in which they operate in the weak and limited interest in the mechanisms of internal governance and external by the supervisory authorities and regulators for the purpose of forcing banks and financial institutions to take corrective action and limited or absence of special units of the stress tests,
which are part of the culture of governance, as well as the lack of specialized units in the financial and banking institutions Iraqi take on the responsibility to follow-up and implementation of legal rules and regulations within the organizational structures through lack of assessments of internal audit procedures and external.
[millionday] note -- this is saying that they need to make sure the monitoring is done accurately and also changes are done on a daily bases ect -- so they need compliance
[millionday] Culture of governance And between the presence of weak and limited interest in studying the culture of governance and mechanisms of internal and external analysis of types and forms, and examine the impact on the performance of the banking and address the risks of any lack of focus on governance in the resolution credit as well as lack of awareness of governance and mechanisms of the financial and banking institutions and its importance,
and pointed to the absence of dimension strategic administrations banking the role of these mechanisms in the banking performance and mitigate risks and to avoid crises and collapses deficiencies of financial and administrative incentives to senior management in order to achieve work properly and effectively.
[millionday] note -- the management has to be exact and prompt and also the financial governance has to be right on top of things at all times -- the rules have to be followed so they dont have something mess this up [millionday] because this is the integration of the private banks as we see --
[millionday] this means that the private banks are being applied to the economic culture as ours is and under federal compliance millionday] the importance of trust in this huge change>>>>>
[millionday] Moral values He said that the existence of methods of financial compensation and administrative consistent with the moral values of the bank and its goals and and banking environment to work towards the benefit of the bank rather than to achieve the benefits of real-time,
in addition to lack of controls and mechanisms to control the structure and installation of boards of directors and their responsibilities and their powers in addition to weak controls and mechanisms that govern the issues of disclosure and transparency and the rights of minority shareholders in addition to the internal control to ensure that the functions of internal and external audit and an independent risk management. [millionday] note -- again -- management controls and transparency for the board
[millionday] obviously about stock market
[millionday] Relationship with shareholders He said we can identify some indicators through some of the special mechanisms of governance, whether internal or external, which contribute to the proper application and precise rules and regulations that govern the relationship between shareholders and managers,
creditors and other stakeholders from the perspective of the fields and responsibilities and that the proper application of the mechanics of governance necessarily believe in administration sound and stable for banks and avoid the negative effects of mismanagement, moral and technical divided into internal governance mechanisms and external governance mechanisms.
[millionday] note -- the goal of any business is to protect and do everything possible to support and gain for the share holders
[millionday] New System Smiralnasiri banking expert pointed out the need to prepare a new system to ensure control over the companies and financial institutions outside banks dealing with remittances to protect the interests of foreign citizens and anti-money laundering operations.
[millionday] note -- regulations followed with foreign investors so that this is successful and compliant
[millionday] courage loans He stressed the importance of encouraging banks to make loans in order to invest their money and reduce risks faced and overcome the limits of the purposes specified a certain percentage to the bank's capital and reserves set out in the Law of the Central Bank of Iraq.
[millionday] note -- the law of the central bank --- means banking integration into the backbone of the new economic system [millionday] and compliance completely
[millionday] Bank branches He called for encouraging banks to open more branches and offices banking in various provinces to increase density banking accordance with the conditions specified by the CBI with the provisions of censorship on the performance of banks during the follow-up field and office of its activity by the monetary authority and note the abuses taking place in the instructions banking and processed first Powell. [millionday] last part of report >>>>>>>>>>>
[millionday] Large units He pointed to the importance of developing a plan to achieve future mergers between private banks to set up and large-sized banking units can occupy an important space of the local banking business. As the importance of obliging all banks apply capital adequacy ratio according to Basel Committee
(3) According to the announcement issued by the Commission at the end of the year 2010. As well as the establishment of the Institute (training, consulting and banking research) contribute to government banks in the membership of its board of directors that plays a role in the development of human resources and banking building a sound base for the development and modernization and deployment of banking culture.
[millionday] so this is progress in its finest and is the move to say that the banking is ready and the regulations are set huge huge progress and a whopper of an announcement this is great news and a great report -- the banking reform -- huge check mark smile brb with more
millionday] Highlighted an economist light on the positive side in the oil sector, adding that Iraq is moving in the right direction towards achieving the goal of productive, which ranges from (9-10) million barrels per day by 2020, as well as the Oil Ministry has entered into negotiations with the companies to lower ceilings productivity of the fields in line with this goal.
[millionday] The economist said Bassem Jamil "morning" to give an important role for the private sector in promoting the development of the country should be involved with some projects the oil sector, stressing the need for the contribution of the private sector companies of Iraq in the implementation of some projects high in the oil sector, to give an active role to him in promoting the country's economic growth noting that the extraction of oil today, however, the public sector without the participation or contribution of the private sector, pointing to the need to make way for him to contribute to the production and development of oil fields.
[millionday] this is the development of the country`s economy they are saying here that the oil industry needs to keep up and move along with the advancements due to the percentage of their reliance on the sector
Part 2 Millionday & People Invested Member Discussion
[millionday] here we go with what has been voted through and a whole lot of progress with political news
[millionday] House of Representatives voted in its first session of the legislative term new Tuesday on three bills, while finished reading two agreements for cooperation between Iraq and Kuwait.
At the beginning of the meeting called on House Speaker Osama Najafi House of Representatives to cooperate to complete the pending laws in commissions through understanding, cooperation and put the supreme interest of the country for legislation important laws,
stressing the importance of investing political understandings to serve the Iraqi people. Council voted on the draft law on ratification of the Convention on training Iraqi security forces between Iraq and NATO.
also voted on the bill the first amendment to the order of CPA No. (87) for the year 2004 , and the draft law on the Fifth Amendment to the law of the State Council No. (65) for the year 1979.
millionday] note -- looks like finishing up for release as well
[millionday] In the meantime, Council ended the first reading of the draft law on ratification of the agreement between Iraq and Kuwait on the organization of maritime navigation in the Khawr Abd Allah and submitted by the Committees on Foreign Relations and the legal order to regulate navigation Marine in the Khawr Abd Allah through the formation of a joint committee to activate and implement the provisions of this Agreement and the development of joint plans for maritime safety in the Khawr Abd Allah and other issues of navigational and environmental For the purpose of strengthening bilateral relations between the two countries, and
millionday] respect the right of traffic navigation Headquarters in international charters and conventions. decided the Presidency House of Representatives Foreign Minister and the Minister of Transport Council meeting on Thursday to clarify the Convention on maritime navigation and all related agreements and the relationship with Kuwait in order to enable the Council to make the right decision on the conventions. also completed the second reading of the draft law on ratification of an agreement set up a joint committee for cooperation between
[millionday] the Government of Iraq and the Government Kuwait and submitted by the Committees on Foreign Relations, the economy and investment, health, environment, culture and the media.
and completed the second reading of the draft law on first amendment to the law of service and military retirement (No. 3) for the year 2010, and the second reading of the draft law on First Amendment of the Law Foundation of political prisoners (4) for the year 2006.
millionday] excellent -- this is the agreement of passage for each country and how to use the adjoining borders of water and the agreements previously made -- excellent timing as well
[millionday] in other words -- we likey lol brb with more
millionday] oh this is a great meeting -- the EU -- and with what was said about their release -- this is great timing too
[millionday] Parliamentary blocs expressed optimism visit High Representative for the Common Foreign and Security Policy Catherine Ashton, the European Union to Iraq, meeting with political leaders to discuss the development of bilateral relations.
Ashton visited Baghdad yesterday at the head of the European delegation high on her second visit to Iraq almost a year ago. With focused visit, which was not announced in advance, to sign the agreement in the field of energy and the environment, but did not stray from the issues of Iraq and the region,
where she met with Prime Minister Nuri al-Maliki and Parliament Speaker Osama Najafi, also visited Kurdistan to meet the region's president, Massoud Barzani. Member of the National Alliance MP Ali Alfalh said that such meetings of high-level protocol is important for Iraq to activate his opinion in the international term.
millionday] note -- this is today
[millionday] The MP said Alfalh for "Center Brief for the Iraqi Media Network," "It is important to hold such meetings for Iraq in order to do its presence in the international arena as well as the possibility to explain issues and problems in an objective and realistic manner away from the image of exaggeration and amplification misconceptions portrayed by some for the development of the internal Iraq in front of the international community. "
He stressed that the meetings touched on several issues was the most important research developments in the political landscape in Iraq and the Syrian crisis, noting that such meetings shows how important the opinion of Iraq into the international community on issues pertaining to the region, and expressed his hope that reflected a positive relationship between the two sides to expand the
[millionday] extent of cooperation with European countries in general, especially that Iraq is emerging from Chapter VII. said Attorney that represented the European Union often continue Ballqa personalities in various countries in order to tell her the positions of the European Union on common issues, noting that it is important for Iraq to explain the true picture of the repercussions Syrian crisis for Iraq and the region, especially that these countries far from the event, so the verdicts are usually improvised. For his part, did not count Iraqi MP Mutashar Samurai frequently to visit Ashton to Iraq in the development of the situation in the country both in terms of its relations with the countries of the world, or in terms of improve the overall political landscape.
[millionday] smile -- emerging -- love it
[millionday] . Samarrai said in an interview for "Center Brief for the Iraqi Media Network," that "the development of bilateral relations with the European Union or the other depends on the extent of Iraq's ability to walk in the right direction to build a state of institutions."
The MP added that "the correct path of the political process and build a strong partnership are the ones who will open the door close cooperation with the countries of the world in all fields,"
adding that it depends mainly on partners in the political process and not on visits protocol.,
In turn, was considered a member of the Kurdistan Alliance MP Mahma Khalil's visit represented the European Union to Iraq holds important implications, which is that the eyes of the international community today heading towards Iraq. Noted [millionday] smile
[millionday] the EU -- and they have received official notification of it from moon so we are in good shape with that
[millionday] Khalil for "Center Brief for the Iraqi Media Network," that "the world today interested in the opinion of Iraq, what is happening at the international level because of its impact on throughout the region as a maker of regional climate. "
And between the MP that despite the obstacles that mar the Iraqi experience, but it is the focus of attention of all States, referring to the desire of the world's bilateral cooperation with Iraq because of the economic strength in this time when many countries economically.
Khelil said that such visits would encourage European countries and regional building bilateral economic relations and political relations with Iraq, revealing express EU's desire to support and arming of Iraqi security forces.
[millionday] so here we see that the European Union is for their release and for their position in the international community -- very nice [millionday] big smile
Sager] Millionday do you know of any country that is opposed for Iraq to be released from Chapter 7?
[Sager] Russia? France? Anyone?
[Sager] excellent thank you
[millionday] there was talk that the EU was not for it or needed to meet concerning it ect -- but obviously they are happy according to the reports this is an expected result of a visit from kurds
[millionday] Expect parliamentarians that the yield visit of the President of Kurdistan, Massoud Barzani to Baghdad in the coming days, the results will reset crises with Arbil, which have increased in recent times, before experiencing a decline due to the exchange of official visits between the center and the region, stressing that the intensification of visits between the political parties can establish a new kernel of relationships that support the language of dialogue.
The Kurdish sources have revealed near the visit of the President of Kurdistan, Massoud Barzani to Baghdad in order to discuss a number of outstanding issues and activating the committees formed between the province and the center for the settlement of a number of points that have been agreed between the parties in earlier times.
[millionday] note -- the smoothing of the erbil agreement
[millionday] The MP from the Kurdistan Alliance bloc Qasim Muhammad Qasim, visit the region's president to Baghdad as "the first signs of good and an important gateway for breakthrough political crisis experienced by the country."
Said Kassem in an interview for "Center Brief for the Iraqi Media Network," The announcement of this visit is in joint work which contributes to the creation of measurements a new quality of political action based on the basis of dialogue and peaceful coexistence among all the sons of Iraq, saying
"The visit represents a supplement to the initiated by political leaders of the dialogues to resolve all the belongings, especially oil and gas law, which is one of the laws that concern the people of Iraq and not only the region, and strive to reach satisfactory solutions entail national benefits for all the people.
[millionday] note -- the oil and gas law is on the table so this is fantastic in should show results at this time
[millionday] In the opinion of the Attorney "The exchange of visits is a new foundations that Ikhtha leaders of Iraq Federal Democratic and lays the foundation for the premises life New contribute to bridging the gap between the components and the spectra of the people,"
calling "to become these visits conventionally politically constructed on the basis of citizenship and belonging and not on the basis of loyalty, and make it new kernel to create a positive atmosphere among all the political blocs, "
stressing at the same time" the need to be careful all the political blocs to devote its work within the framework of mutual dialogue, breaking down on the tone convulsive in the statements that arouse resentment of some political blocs are working to transform the political landscape to the apron the conflicts between the blocks, which could reflect negatively on the reality of life for citizens.
[Sager] Millionday sorry if this has been answered already, but is the oil and gas law needed before we see the rv?
[Papatom] millionday am i right in thinking they can't pay citizens outside Iraq with out an oil/gas law ???
[millionday] they can go ahead with the change in the rate without the oil and gas law in place they should not but they can they should have had it in place months ago
Sager] at this point in time, with everything going on, do you feel in your opinion that they will pass it prior to seeing the new rate?
[millionday] "For its part, the Commission invited the legal representative to vote on the oil and gas law, noting" that it became possible after the visit of Prime Minister Nuri al-Maliki's recent visit to Arbil and agreement with the president of the region to pass Act in accordance with the constitutional frameworks ",
stressing the need to exploit the region's president's visit expected to Baghdad, aimed at resolving the most important files that disrupted the relationship between the two parties, particularly oil and gas law.
A member of the Oil and Energy Committee Abdul Hussein al-Yasiri in an interview for "Center Brief for the Iraqi Media Network," "The sharp differences that relationship with the central government in Kurdistan on the law of oil and gas was the most prominent obstacles that delayed the legislation law," noting that
[millionday] i believe they may be ready to now -- it seems they have spent a lot of time working on it during the vacation and it is a huge issue with this visit
[Sager] excellent thank you
[millionday] "the Constitution said in his texts that Law Department in coordination between the federal government and the provincial government, saying that "this case is solvable in the framework of joint action and calling for bilateral dialogue to resolve the crises in accordance with the constitutional frameworks."
In turn, the Attorney for the rule of law, Ihsan al-Awadi, "This visit is an update of previous visits, which confirmed to make is the premise of dialogue to resolve all crises and obstacles faced by the joint work between the province and the center."
In the meantime, Wade MP for the coalition in Iraq full-Dulaimi "This exchange of visits between the federal government and the province," he said, adding it was "the nucleus of a new phase of dialogues designed to devote the language concepts of joint action in order to build a democratic Iraq on the basis of citizenship."
Kurdish PM calls Kurdistan Region ruling parties to accept local elections’ results even if they lose
Added by Ahmed Hussein on June 19, 2013.
Saved under Politics
Baghdad (IraqiNews.com) MP Latif Mustafa of the Kurdish Change bloc called the ruling Kurdistani parties to accept the results of the upcoming elections even if they will not be for their favor.
Mustafa stated to Iraqi News (IraqiNews.com) “The opposition blocs and the ruling blocs are at odds and each of them has different view, but the peaceful transition of power is the guarantee for resolving these problems.”
“The disputes in the Kurdistan Region is something normal, but the problem lies when the ruling parties do not commit to the elections’ results in case they don’t win,” he stressed.
The provincial elections of Kurdistan Region will be conducted together with the presidential and legislative elections scheduled on 21st of next September.