Millionday & Dinar Updates Roundtable  Part 2

    [millionday] It is noted that there is worldwide interest in the stock exchange through the transfer of trading sessions directly on economic sites, including Web sites that encourage foreign investment in the stock market and stocks Iraq where they consider evidence of actual activity to the movement of the labor market in the country.

And calls for an academic economist to the expansion of businesses and the transition from limited to contribute because it would live up to the performance of competitors in addition to the direct transformation of state-owned enterprises into joint stock companies through the sale of shares in the form of a gradual process in order to facilitate the transition to a market economy.
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     [millionday] i love seeing the words transition to a market economy – smile – that is the report and plan of the what they expect from their market

    [allanlantrip1975] millionday with all the news youve brought us,and by the way your the greatest,can you make a guess when this might happen

    [millionday] i can say they seem to be in a rush to get it transitioned to a market economy and following it with the wto in the back of our heads makes it seem to be very close

    [swan2013] millionday I LIKE THE WORD CLOSE !!!*

    [millionday] a market economy is run on supply and demand

    [rudie] allanlantrip1975 flattery with a trick question!! hmmm! nice try!

    [allanlantrip1975] like this month maybe

    [millionday] rudie lol

    [allanlantrip1975] and thank you

    [rudie] millionday* lol

    [millionday] i know pretty good huh

    [millionday] allanlantrip1975 lol

    [millionday] rudie lol

    [rudie] allanlantrip1975 allanlantrip1975 jk* *lol

    [millionday] let me check if anything else came out brb

    slh5282] Millionday, that is stepping out on a limb there for you.* *

    [allanlantrip1975] well i tried* *

    [slh5282] She will never give a specific rate or a specific date

    [millionday] House of Representatives to raise its regular Thursday, which was scheduled on the agenda to discuss its financial budget of the country for the year 2014 to Saturday.

And raising the head of the Council Osama Algeevi session after the disruption of the quorum required for the number of members present as a result of the Kurdish province of Representatives for the hearing and who are opposed to the draft budget as approved by the Council of Ministers.

    [millionday] The MP said the coalition of state law, Ihsan al-Awadi’s “Twilight News” that the Kurdish deputies boycotted the session today as a result of the inclusion of the discussion of the draft budget on the agenda. He added that the quorum required for the number of members present disturbed, prompting the head of the Council to adjourn the meeting to next Saturday.

The Kurds seek to export oil from the fields directly to Turkey via a new pipeline completed late last year, but Baghdad refuses to this endeavor and says it only right owner in the management of oil wealth.

    [millionday] here comes agenda

    [millionday] First, read verses from the Koran.

Second: The vote on the draft labor law. ( Committee for Labor and Social Affairs , the Committee on the institutions of civil society). (Article 157). (The remaining 134 items).

Third: The final report of the parliamentary sub-committee responsible for monitoring the project and the Ministry of Education No. (1.2) and on the subject of re-building mud schools and ramshackle.

Fourth: the first reading of the proposed law to amend the Criminal Procedure Code No. (23) for the year 1971. (Legal Committee). (3 items).

    [millionday] note — the schools are being funded to go to a much more modern look  – mud schools are so outdated

    [millionday] Fifth: the first reading of a bill to preserve the documents. ( Legal Committee , the Committee on Culture and Information). (Article 15).

Sixth: The second reading of the draft law regulating the work of counselors. ( Legal Committee ). (Article 5).

Seventh: the second reading of the proposed law to honor scientists, writers, artists and scholars State Prize). (Committee on Culture and Information, Commission of Higher Education and Scientific Research , Commission of Awqaf and Religious Affairs). (Article 14).

    [millionday] Eighth: the second reading of the draft law of the First Amendment to the law on compensation for those affected by the military operations and the mistakes of military and terrorist operations No. (20) of 2009. (For security and defense committee, the Finance Committee , the Committee of Martyrs and victims and political prisoners , the Legal Committee ). (Article 18).

IX: the second reading of a bill establishing civil federal health institutions. (Committee on Health and the Environment, Legal Committee ). (Article 19).

Tenth: The second reading of the draft law on passports. ( Legal Committee , the Commission on Security and Defence ). (Article 22).

    [millionday] victim disbursement – huge  - passports and we know that work visas have already been addressed

    [millionday] they used to only be able to stay days — impossible to set up a business in that amount of time and also the one stop shop will come from the news of the e-government

    [millionday] Eleventh: the second reading of the draft law amending the Law on Judicial Fees No. (114) for the year 1981. ( Finance Committee , Legal Committee ). (Article 31). Begins the session time: ten in the morning.

    [millionday] know they are working tonight as well on the budget i have something else on the budget

    [pamie27] millionday millionday I have been in this for 8 years and I listen and read all this and wooooosh right over my head… this is all good news if it all goes through right?

    [millionday] yes all very good news  – the reach to a market economy means the currency will be internationally recognized – smile  - in an egg shell

    [larrykn] millionday if the do the first reading of the budget tomorrow how much longer before they do the second reading

    [millionday] the first reading has been done imo –  hold on have some new news coming in — dont go anywhere  – so sorry getting something sent to me  – here — is this is this in the mean time

    [millionday] Deputy Chairman of the Kurdistan Alliance bloc MP Muhsin Al-Saadoun, said Thursday that the current budget is imminent and will be passed in acceptable form serves all components of the Iraqi people.

Sadoun said at a press conference attended by deputies of the coalition of Kurdistan: Kurdistan Alliance held a meeting this morning to discuss the budget on all sides,

Stressing that the Kurds with the approval of the budget to serve Iraqi citizens, Adding that a Committee was formed starting Saturday talks with other blocs about all the points specific budget,

 rejecting at the same time the scenario last year once again, the theme of the budget does not want them to be within the campaign.

    *

    [millionday] ok hold on i have it and am checking it – verifying  brb

    [DBJJ] millionday So, this is why it’s not on the parliament agenda. They’ve formed a committee of the blocs to review before bringing it back?

    [millionday] no it is on the agenda  – they do have blocks though but they have it on the agenda as well

    [millionday] brb let me check this

    [slh5282] rcbegan, you are only looking at the gold, that does not include the oil, the diamond mines, silver, ag products, there is a large amount of capabilities that is not being looked at but just OIL

    [slh5282] THe isx is turning some large profits on it own. the mobile communication in the mid-east is becoming a large player in the market as well

    [millionday] lets look at this

    [rcbegan] slh5282 I was only responding to MDs comment on Iraq wanting to be a gold based economy??

    [millionday] slh5282 oh yes and it will boom

    [millionday] gold backed — i have heard that they may have to use some oil as well — but hard backed with international compliance standards

    [slh5282] millionday, the other thing that no one is counting is the large cash reserves that is including NOW the DFI $$

    [millionday] not glad

    [millionday] slh5282 right –

    [millionday] smile

    [millionday] Primary objective of the central bank is working to achieve price stability in local and foreign currency exchange rate, not the distribution of money to the merchants by their banks as imagined by many who have given the impression that the so-called auction is a commercial operation, not monetary policy.

The stability of prices, no, it simply requires that corresponds to supply all the demand, and in the field of foreign currency that corresponds to the width of each foreign currency demand, and in the light of that achieved a certain exchange rate can be changed depending on the circumstances of inflation mainly.

This means that you must satisfy demand for foreign currency in full (after confirming that the central bank has received a certificate banks gap in its operations from money laundering,

and that there are no irregularities banking prevent the bank concerned from entering the auction of foreign currency), and meet the demand in full will prevent the creation of market

    [millionday] so they were using the auction as a tool and now the set of prices for the dinar and the products etc — that is the tool they are most involved and excited about — foreign currency pricing to establish their reserves in a reality rate and amount

    [millionday] with the reserves they have — the rate of that foreign currency is important to be set  as another avenue to what is happening and why  smile

    [millionday] Another exchange, and thus ensure the stability of the exchange rate and lack of pluralism. This method, which satisfy the demand and what it means for the currency flow, does not involve smuggling or wastage of the coin.

 It also does not fall into neglect because it essentially has been dinar and dollar swap that insatiable demand.

 The ability that we have to satisfy all the demand derived from the large reserves that we have built in the Central Bank over the years.

Were it not for this reserve we were forced to reduce the dinar exchange rate and change all the time, and this is what leads to the loss of the exchange rate and stability.

It may be asked some foreign currency from banks too big and the result of large deposits of Iraqi dinars.

We assume that failure to meet this demand will lead to a jolt in prices and create another market, so the information about the details of this request must be submitted, after the mission is to lead the market or currency auction, to the circle of money laundering

    [millionday] note — they must change the rate — in a hurry

    [Danalivin4HIM] That I understand* *

    [rudie] AMEN

    [millionday] Gave us the large size of the reserve sufficient flexibility to use monetary policy to fight inflation, which had reached about 50% in 2004, we started to raise the dinar against the dollar in the year to encourage outflows, Kalastairadat and others, and therefore reduced the pressure on the internal market.

At the same time we raised interest rates to move funds into the financial market of the real market. If the reserve is the one who ensures the stability of the exchange rate, but this should not being disposed to these purposes.

    [millionday] so this is to move to the real market — the globe  smile

    [millionday] they are in fear of another market being established and the pride they have in their currency out weighs ours — it is a pride thing there like their flag and anthem — this is an embarrassment the value of their currency –

    [millionday] they are working on getting their stock market out to the world — the first product needed by that is the dinar and at a value that makes sense – reality  – by real calculations

    [millionday] see the rate is just a n imposed rate — means nothing — they can not call it the value of their currency — it has to make sense by what they have in revenues , resources, gdp etc

    [larrykn] and that is why I think they want a higher rate so they don’t look bad to other countries

    Domino] millionday Do you have any idea what the value of Iraq is in USD?

    [millionday] larrykn it is part of it — in the region it is a joke

    [millionday] no i dont know