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Economy News» Publishes The Budget Law 2018 !


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39 minutes ago, Half Crazy Runner said:

 

Don’t you mean,  March 3 + 15 days = March 18 ...?

 

  :o             :o             :o

 

  :blush:             :blush:             :blush:

 

:facepalm2:       :facepalm2:       :facepalm2:

 

Yes, Half Crazy Runner, I meant March 18, AND The Best Of Your Weekend To You!!! :tiphat:

 

Thank You for noting my "modern math" that needed correcting!!!

 

Go Moola Nova!

:pirateship:

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2 hours ago, Laid Back said:

Clown, I hope we get our budget allocation too.... Go RV 

 

Keep Ur Hammock Tied Up Right Where U Are ! Because Fortunately For U - This Clown Delivers ! :o 

 

:D  :D  :D 

 

 

Confirmations that the budget bill is moving towards implementation

Despite the lack of approval of the President of the Republic
Baghdad / Shaima Rashid

The parliamentary media reduced the impact of the decision of the President of the Republic, Fuad Masoum, to restore the federal budget law to parliament, which approved on the third of March by a majority of votes, explaining that it will not lead to the disruption and will take effect after the end of the legal period and published in the Official Gazette, A legal expert that the return of the budget law to parliament after the adoption of a "constitutional violation."

The MP, Abbas al-Bayati, that the lack of approval by the Presidency of the Republic on the budget law does not lead to the disruption, but is entitled to submit an appeal before the court if there is a defect, indicating that the return to parliament is illegal and unconstitutional. 

He said al-Bayati, in an interview for "morning", that the House of Representatives has only one session will be held by the end of this month, which does not allow return to discuss objections to the paragraphs, stressing that the budget will go even if not approved by the President of the Republic. 

Al-Bayati added, "In practical terms, there is no longer the life of parliament sessions through which to re-budget and discuss, especially after it became a law and read the first time and second and then was voted by a majority, noting that the parliament can not be amended in a law has been approved, but must be published in the newspaper Official. "

Al-Bayati pointed out that the law will take its natural course through the government, independent bodies and ministries, and if the Presidency considers that it contains legal irregularities that can challenge the law in the Federal Court. 

In turn, the MP, Habib terminal, that the non-ratification by the Presidency of the Republic on the budget law on the draft budget will not be a reason to return to Parliament and will be effective after the end of the legal period. 

He said the terminal, for the "morning": The President of the Republic is not entitled to return a full law to the parliament after it was approved, pointing out that if found (the budget) legal irregularities entitled to go to the Federal Court. 

He added that article 73 paragraph III of the Constitution stipulates that the President of the Republic shall ratify and issue the laws enacted by the Council of Representatives and shall be ratified after fifteen days from the date of their receipt and shall be published in the Official Gazette.

He stressed that the president does not have the right to veto the budget because there is no authority under the Iraqi constitution to veto laws enacted by the House of Representatives. 

On the other hand, the legal expert, Tariq Harb, that the return of the entire draft budget to the parliament after it was approved "is contrary to the law," calling on the Ministry of Justice to expedite publication in the Official Gazette during the legal period.
In an interview with al-Sabah, he said that any law that is not approved by the president of the republic after being approved by parliament is valid after 15 days to be published in the official gazette, especially that it does not contain any constitutional violation, indicating that the president has the right to appeal the law Budget in the Federal Court.

He added that any law passed in Parliament can not be returned to him again, but there is a draft amendment to it as in the law of amnesty and other laws, calling on the Ministry of Justice to continue to publish in the official gazette to take its natural course in the work. 

Harb pointed out that the law does not contain anything called "constitutional violation" in a full law because the violation is a paragraph or some paragraphs. 

The Information Office of the Presidency of the Republic announced earlier that the refusal of President Fuad Masum to ratify the budget of 2018 due to the existence of about 31 points where intersect with the legislation in force.

"The President of the Republic Fuad Masoum decided to return the draft (for the General Budget Law for the fiscal year 2018) and voted by the Parliament on the third of this March, to the House of Representatives to re-examine the form and content of the constitutional, legal and financial." Pointing out that "the re-budget came after the experts and legal and financial advisers to study and scrutinize in detail to diagnose the most important constitutional, legal and financial violations of some of the articles or items or paragraphs that need to be addressed before ratification as well as to address any defect In its formal formulation ".

http://www.alsabaah.iq/Article.....?ID=154385

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Establishment of a company to secure the deposits of citizens
 

Baghdad / Huda al-Azzawi

The Central Bank of Iraq resorted to the issuance of the system of guarantee bank deposits, including the bank to grant a license to practice a guarantee for a joint stock company established in accordance with the provisions of the Companies Law, a system that was welcomed by the economic circles because of the weakness in the mobilization of funds and deposit with banks to take their way to various investment channels, Especially after the large losses caused by the financial crises in the state budget.
The participation of banks is mandatory 
The Director General of the Legal Department of the Central Bank, Mustafa Ghaleb, told the "morning": "The Central Bank is currently working according to the feasibility study of technical and economic and legal establishment of the Iraqi Company to ensure deposits with a mixed contribution of government and private banks with the Department of registration of companies in the Ministry of Commerce , According to the provisions of the Companies Law No. 21 of 1997, "noting that" this institution aims to achieve the public interest of the community and protect the funds of depositors and increase their confidence in the banking sector existing in the State, away from profit. "

He explained that the proposed capital of the company, amounting to 100 billion dinars, 55 percent of its nominal capital of the contribution of public and private banks and branches of foreign banks, including the minimum required for the contribution of the state of 25 percent, while the remaining 45 percent will be put to public subscription on the basis of the provisions of Article 39 of the companies mentioned law , "pointing out that" the participation of Iraqi banks , which is compulsory to ensure the continued existence of sufficient balance within the fund and use it to provide financial cover to ensure that the assets of depositors in banks licensed by the Central Bank of Iraq within the country. " compensation according to the circumstances.

"The company's money can be invested in the field of deposits with banks, such as fixed deposits and the purchase of government securities such as treasury bills and bonds, and remittances issued by the Central Bank of Iraq, which is purchased from the secondary market, and can be invested in borrowing from banks or issue bonds A loan to support its capital and its own resources, "stressing that" the company will pay compensation for deposits with banks according to amounts and depending on the economic conditions of the country. " 

He concluded by saying that "the company's certificate of incorporation will be announced by the Ministry of Commerce after the Central Bank completes all the requirements for incorporation with the registration and public subscription department in accordance with the Companies Law referred to." Doubts and concerns of depositors

Regarding the culture of dealing with the banking system, the financial adviser to the Prime Minister Dr. Mohammed Saleh said to the morning that dealing depends on the awareness of the Iraqi financial system, considering private sector projects and the availability of job opportunities that can contribute to reducing unemployment rates. The system of deposits adopted by the Central Bank has been approved by the Council of Ministers for more than two years, which is expected to see the year 2018 achievement, aims to encourage citizens to save in banks rather than compactness, "noting that the percentage of cash out of banks up to 80 percent , So as to attract them to Government and private banks, must provide real guarantees that encourage depositors to save. Offering Contracting Parties

For his part, professor of monetary at the University of Mustansiriya Dr. Faleh al-Zubaidi told the "morning" that the banking system to clarify the nature of work on how to invest the funds of unemployed citizens and operate transparently, without any ambiguity or ambiguity, within the legal contracts that preserve the rights of contracting parties through The company offered its shares to the public, with the aim of seeking to increase its capital and contribute to attract financing for the sale of its shares or issue new shares to support the current capital. 

Explaining that some of the amount of money outside the banking system and estimated at 40 trillion dinars, a normal situation because Iraq from developing countries known to increase the proportion of currency in circulation outside the banking system, "pointing out that" the investment of this huge amount of money by the banking system or Companies will employ money will contribute to the revitalization of the Iraqi economy and provide job opportunities to reduce the high unemployment rates rampant in the country. "

Increasing supervision and supervision  
In terms of the most important steps taken by the Central Bank to withdraw funds Almknzah to financial institutions and banking, the Director of Payments in the Central Bank, Subhi Abdul Karim Mohammed, "Sabah" that the project of localization of salaries, which will contribute to raising awareness of banking and saving and reliance on technical methods in The transfer of funds and not rely on cash, will work to determine the conversion rate from the dinar to the dollar in the cards issued locally, "noting that the card is used outside Iraq to be a catalyst for citizens to be used in any place where it is in addition to the inside of Best services ", adding that the financial inclusion strategy , which will soon be launched by the bank aims to access financial and banking services for every citizen in line with their needs."

The payments manager is expected to contribute to the establishment of strategic projects in the country with the financial and banking institutions.
 
http://www.alsabaah.iq/Article.....?ID=154355

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To our esteemed and distinguished Warka clients,

3/15/2018

Warka Bank for Investment and Finance is delighted to inform its fine clients that the distinguished Central Bank of Iraq has approved that our clients participate in the upcoming capital increase. Warka clients are now permitted to purchase Warka stock from the funds depoisted in their bank accounts participating in the capital increase in accordance with clause 56 no. 4 of the Iraqi Company Registration Law the adjusted law no. 21 for the year 1997 . There are no limitations to the amount of shares purchased where Warka clients are permitted to use their entire deposits to purchase Warka Stock participating in the Capital increase. 

 Warka clients are kindly requested to submit a signed authorization letter authorizing our bank to withdraw funds from their account to purchase the stock indicating your account number, signature, the funds in IQD to be withdrawn from your account as well as a clear colored copy of your id and passport.  

 The Warka stock will be purchased at a value of 1 IQD per Warka share and will be registered in the clients 's good name in the ISX depository system where the stock will re-trade regularly back in the Iraqi Stock Market once the general assembly hearing and capital increase procedures have been completed. 

 Warka clients wishing to participate in the capital increase are kindly requested to send their authorization letter with the full details indicated above to our brokerage office 3044@warka-bank-iq.com within two weeks from posting this notice.

 Wishing all our Warka clients prosperity and growth true success and much fortune

 

Respectfully,

 

Warka Bank for Investment and Finance

http://www.warka-bank.com/?0d6.....a2baf7b165

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" The Warka stock will be purchased at a value of 1 IQD per Warka share...."

 

"There are no limitations to the amount of shares purchased where Warka clients are permitted to use their entire deposits to purchase Warka Stock participating in the Capital increase." 

 

Are they telling us something here?

Edited by Floridian
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"Warka clients wishing to participate in the capital increase are kindly requested to send their authorization letter with the full details indicated above to our brokerage office 3044@warka-bank-iq.com within two weeks from posting this notice."

 

(What happens after 2 weeks?  You can't buy the stock anymore?????)

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21 minutes ago, DinarThug said:

Keep Ur Hammock Tied Up Right Where U Are ! Because Fortunately For U - This Clown Delivers ! :o 

 

I know you do... Thank you for all the hard work, for keeping us laughing and your friendship 

 

Go DV

Go The Clown news Network 

Go RV

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15 minutes ago, Floridian said:

So a million IQD would buy a million shares of Warka????

 

Any one of us could easily own the bank.  Right?

 

Anyone been trying to buy a bank?  Here's your chance!  :lol:

- An strategy to get more Dinars off the streets to continue lowering the note count

- People is going to gain more confidence with the banking  System 

And

- 1IQD will be equal to $1 in the near future 

 

Go RV

Go $1:1

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15 minutes ago, Laid Back said:

 

- An strategy to get more Dinars off the streets to continue lowering the note count

- People is going to gain more confidence with the banking  System 

And

- 1IQD will be equal to $1 in the near future 

 

Go RV

Go $1:1

Near future sounds good!!!

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53 minutes ago, Floridian said:

" The Warka stock will be purchased at a value of 1 IQD per Warka share...."

 

"There are no limitations to the amount of shares purchased where Warka clients are permitted to use their entire deposits to purchase Warka Stock participating in the Capital increase." 

 

Are they telling us something here?

I bought another 100k today myself in hoping for much fortune. I don't know if their trying to tell us something or not but with all the banking news in the headlines lately I figured what the heck...flip a coin an hope that one Dinar per share will be worth one USD one day.

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1 hour ago, Synopsis said:

 

  :o             :o             :o

 

  :blush:             :blush:             :blush:

 

:facepalm2:       :facepalm2:       :facepalm2:

 

Yes, Half Crazy Runner, I meant March 18, AND The Best Of Your Weekend To You!!! :tiphat:

 

Thank You for noting my "modern math" that needed correcting!!!

 

Go Moola Nova!

:pirateship:

 

Just stay away from that crazy “Common Core” math stuff and you’ll be fine 😆👍🏻

 

Happy St. Patrick’ Day to you! :tiphat:🍀🍀🍀

And of course, 

Go Moola Nova!!

 

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2 hours ago, Synopsis said:

 

Thank You, DinarThug, for this AND all the other Great Articles You post AND The Best Of Your Weekend To You!!! :tiphat:

 

Maybe somebody can help me out here. I thought the yearly budget HAD to be posted in the Gazette BEFORE administrating the budget???!!!

 

Also, math may not be serving me well but March 3 + 15 days = May 18. An argument could be made that May 18 would have to be expired so the 2018 budget allocations would begin on May 19. So why are these items being administered a day (or two) early AND not having been published in the Gazette (if they need to do that) first???!!!

 

What's the rush???!!!

 

Well, OK,.............................................

 

Go Moola Nova (YEAH, BABY!!!)!!!

:pirateship:

Synopsis, I see your point in the administration of the budget but the real time started when the president received the budget which was on March 7 + 15 days which makes it next Thursday March 22...I agree, I thought the budget couldn't be implemented before it was in the gazette but it seems this year a lot of urgency in getting the money distributed.

I'm liking it...

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17 minutes ago, DoD said:
1 hour ago, Floridian said:

I bought another 100k today myself in hoping for much fortune. I don't know if their trying to tell us something or not but with all the banking news in the headlines lately I figured what the heck...flip a coin an hope that one Dinar per share will be worth one USD one day.

 

 

May I ask where you bought it?  Looking for a safe place to buy and sure it's not counterfeit 

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5 minutes ago, Half Crazy Runner said:

 

Just stay away from that crazy “Common Core” math stuff and you’ll be fine 😆👍🏻

 

Happy St. Patrick’ Day to you! :tiphat:🍀🍀🍀

And of course, 

Go Moola Nova!!

 

 

:twothumbs:

 

Thank You!

 

And (if I may humbly add)..........................

 

Go Moola Nova!

:pirateship:

 

6 minutes ago, DoD said:

Synopsis, I see your point in the administration of the budget but the real time started when the president received the budget which was on March 7 + 15 days which makes it next Thursday March 22...I agree, I thought the budget couldn't be implemented before it was in the gazette but it seems this year a lot of urgency in getting the money distributed.

I'm liking it...

 

Thank You For The Followup, DoD, AND The Best Of Your Weekend To You!!! :tiphat:

 

Oh, Yeah, I'm likin' it, too!!!

 

Go Moola Nova (YEAH, BABY!!!)!!!

:pirateship:

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7 minutes ago, climber7 said:

 

 

May I ask where you bought it?  Looking for a safe place to buy and sure it's not counterfeit 

climber7, I bought it through my Warka Bank. If you have a Warka account they will take the money out of your account to buy their stock. It appears their try to raise capital an giving their customers a 14 day buying opportunity.

I have bought most of my Dinar through the years on EBay. There have been to many thieves pop up here on DV to pedal their Dinar an rip these good folks for me to take chance.

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This raising of capital is a suspect to me...I think the reason the cbi wants the capital increase is that at the time of the revaluation, the banks will have to have enough capital in times when people want to turn in or deposit their money..and at the same time take some money out. ....and oh yeah, this money that people take out are the lower denoms....hence the increase in capital.

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1 hour ago, Mxmann said:

Near future sounds good!!!

Good eye my friend  👀👍🏼

 

21 minutes ago, navira45 said:

This raising of capital is a suspect to me...I think the reason the cbi wants the capital increase is that at the time of the revaluation, the banks will have to have enough capital in times when people want to turn in or deposit their money..and at the same time take some money out. ....and oh yeah, this money that people take out are the lower denoms....hence the increase in capital.

My friend n45,

 

The reason the CBI wants the capital increase is because BASEL III international standard.

 

The Banks hold enough capital to ensure continuation of a safe and efficient market and able to withstand any foreseeable problems.

 

Another important step before the Iraqi banking system goes international with and international recognize currency

 

Go CBI

Go RV

Go $1:1

 

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