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Laid Back

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Laid Back last won the day on October 17 2015

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About Laid Back

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    My hammock
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    Surf, Yoga, Karate, Meditation, Jogging, Hiking, Camping, Reggae music, Travel, Nature.

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  1. Laid Back

    CBI News 10/22/2018

    I’m thinking this could be some kind of education campaign “a clue” using the Swiss franc as an example. The Swiss franc is equal to the dollar, $1:1 with notes of 10, 20, 50, 100 and 1000 The Swiss dinar was the Iraqi currency in circulation prior to the 1990 Gulf War. Following the 2003 invasion the Coalition Provisional Authority, installed by the Coalition Forces, determined that Iraq needed a new, unified currency, but establishing a proper exchange rate was relatively difficult. The market exchange rate for Saddam to Swiss dinars remained around 100:1 from 1998 to January 2002, but as the invasion ensued, the Kurdish currency appreciated to 300:1, and subsequently fell to 250:1. After further investigation, the Coalition Provisional Authority determined that it would be best to equate the two currencies by Purchasing Power Parity, which was around 100:1. After researching further, the Coalition decided to adopt an official rate between the market rate and the PPP rate, officially pegging the currency at 150 Saddam dinars per Swiss dinar. I see some correlation here...... “Purchasing Power” Go CBI Go RV Go $1:1
  2. Laid Back

    CBI News 10/22/2018

    My friend NI, 2019 is more possible 😊👍🏼 Pokerplayer, I haven’t heard anything, but the news are very promising.!
  3. Laid Back

    CBI News 10/22/2018

    CBI is getting ready for his debut in the international market.! Go CBI Go international Go RV
  4. Run Forrest Run💰💰💰🏃🏽‍♂️🏃🏽‍♂️🏃🏽‍♂️ Agree with you presence.! $1:1 ratio will be the easiest transition to the citizens, The easiest way to Dedollarize the country. It will be cheaper to rebuild the country Real purchasing power You too my friend, enjoy the weekend.!
  5. The value of money is determined by the demand for it, just like the value of goods and services. We know the dinar is on fixed rate pegged to the dollar. Also We know Iraq is flooded with dollars, Iraq oil sales are in dollars. This article may me believe we will see $1:1 just my opinion Go CBI Go $1:1 Go purchasing power
  6. Oil was first extracted in Iraq from the Baba Karkar field in 1927 by the Iraqi Oil Company (IPC). This name was designated on the Turkish oil company after the fall of the Ottoman Empire. In 1961, the competent authorities enacted Law No. 80, according to which Iraq confiscated 95% of the Iraqi Oil Company, and defined the work of foreign companies in fields where they operated without allowing them to discover new fields. In 1964, it was established a national Iraqi facility called National Oil Company (NOC), which aimed to find new fields and invest them nationally. In 1972, all Iraq Oil Companies were nationalized, where foreign oil companies owning three-quarters of the shares of Iraq Oil Company Limited, including the country’s entire oil reserves before this. The Iraqi National Oil Company recorded successes in raising Iraqi production from 1.4 million barrels per day to more than 3 million barrels per day in 1980, but the outbreak of the first Gulf War with Iran in the same year led to the damage of the GDP of oil in general. In April of 1987, the company merged with the Ministry of Oil, which became the regulator of its work. The company according to its founding law , enjoys a juridical personality and financial and administrative independence and linked to the Council of ministers and its powers to conclude contracts for exploration , production and export according to the policy of the state so as not to contradict with the provisions of the Constitution and the company has the right to borrow from any party inside and outside Iraq to finance its investments with the approval of the Council of Ministers. ” Suddenly and quickly, the Iraqi Council of Representatives voted in its fourth session on 5/3/2018 to pass the law of the “Iraqi National Oil Company”, despite its importance and the serious subjects that it included. The Iraqi Presidency hastened to ratify it despite the campaign of objections raised by some Oil experts. And the economic, political and oil concepts that raise the questions published by the designers of “law” and considered the approval of the law a final victory for their concepts and great effort in this process. According to economists opposed to the law, article 12 of it includes the following: 1 – The revenues derived from the export and sale of oil and gas are sovereign revenues, and can be “financial revenues of the company,” according to the law; because this is a violation of the Constitution, which specified that oil and gas belongs to the Iraqi people and not a financial return to a public company. 2- Considering the revenues of oil exports as financial revenues for a public company that deprives those revenues of the sovereign status that the international law provides protection for it and thus presents these revenues to all forms of seizure and confiscation in implementation of any judicial proceeding in any place where revenues exist, so exposing the revenues of oil exports to the danger. 3 – The law gives the oil company powers to effectively determine the volume of oil imports in the annual general budget and therefore the decisions of the company is the basis of the economic activity. This means that the company becomes more important than the Ministry of Finance and the Cabinet in determining the volume of expenses. 4- The law authorizes the oil company to establish, finance and manage financial entities that have nothing to do with the nature of its activities as an extractive oil company. These entities are: (Citizen Fund), (Generations Fund), and (Construction Fund). It is strange that these entities, which are usually the functions and powers of the government, especially the Council of Ministers and ministries of finance and financial planning and others, the law made them of its powers? 5 – The article means tampering with at least 10% of the revenues of oil exports; on the one hand and on the other hand will work on the deviation of the National Oil Company from its core functions as an oil company concerned with the development of the extractive oil sector. The same experts criticize Article (13) of the Iraqi National Oil Company Law concerning oil ownership and revenues of the financial company, and how to distribute the company’s profits and for the importance of this article, we mention some of its articles: First: The Company’s financial revenues consist of revenues from the sale of crude oil, gas and any other products. In addition to any revenues the Company may receive. Second: The Company’s profits shall consist of the total revenues minus expenses as stated in Article (12). Third: Distribution of the profits of the company as follows: • State treasury: a percentage shall not exceed 90% of the profits of the company goes to the state treasury and its percentage shall be determined in the federal budget law. • Distribution of the rest of the profits of the company after deducting the percentage allocated in (1) of this item as follows: A – Percentage of the profits for the company’s capital reserve, and the Board of Directors has to determine the mechanisms and areas of disposal of the reserve to achieve the interests and objectives of the company. B – Percentage of the profits to (Citizen Fund) distributed to shares of equal value to all citizens residing in Iraq, and according to priority to the segments of society. It is not permissible to sell, buy or inherit shares and to fall upon death. C – Shares of Iraqis residing in regions and governorates not organized in a region that refrains from delivering oil and gas revenues produced to the company are deprived of profits and its entitlements shall be added to the rest of shareholders. D – Percentage of the profits to (the Generations Fund), and to invest for the benefit of generations. E. A percentage of the profits allocated to (Reconstruction Fund), in order to implement strategic projects in the provinces in which the oil activity of the company is carrying out. There is no exaggeration in the words of Professor Giad, despite it is strange . The economist Ahmed Moussa Jyyad believes that the law that he describes as strange obliges them to distribute the oil revenue, which has become its property, so that more than 90% of it is not transferred to the state treasury. The rest is distributed to “funds”. The first was to bribe the citizen to accept this threat to the wealth of his country named “Citizen Fund”, which provides each citizen, according to the calculations of economic expert Hamza al-Jawahri no more than $ 50 a year. After presenting the items of Article 13, the experts believe that the law set the national oil company as a body with authority over Iraq, which effectively receives all of Iraq’s financial revenues from the export of oil and gas, all of which belong to it while all revenues were belong to the financial ministry . They refer to the contradiction of the constitution as oil and gas (and their revenues) belong to the Iraqi people and not a financial return to a public operating company, although the law made the head of the company a minister and a member of the Council of Ministers, but the company in all considerations is a company / commercial operating ministry and not sovereignty and in any case, it is a public company. The consideration of revenues from oil and gas exports revenues for it that deprives these revenues from sovereign status, and may be subject to seizure or confiscation outside Iraq as a result of any judicial problem that the company exposed to. They say that the law gave the company the right to distribute its profits to the state and create different funds, and to determine the amount of disbursements to the State Treasury, and the company has become an entity exceeds by all standards the sovereign ministries such as ministries of oil , finance and planning together . On the other hand, the Iraqi economist and politician Adnan al-Janabi considers the decision to be effective. as the activation of Article 111 of the constitution which states that oil and gas belongs to the Iraqi people and Article 12 – third states to make the company’s profit rate determined according to the annual budget and distributed on shares of equal value for all citizens residing in Iraq , and may not sell or buy or inherit shares and fall at the death and these percentages are determined in the light of what determined by the federal budget for the share of the state treasury. All this means that every Iraqi becomes a shareholder of equal value in the remaining profits of the national oil company after the imposition of a tax determined by the House of Representatives when the adoption of the federal budget. According to al-Janabi, article 111 is a coup against the rentier equation of state that the revenue will not go directly to the account of the Ministry of Finance, but to the citizen! The citizen through his representatives in the House of Representatives can accept a percentage of “tax” on his income from oil revenues. Al-Janabi pointed out that the company’s approval is to eliminate the corruption of some deputies, and to rid future generations of the burdens of excesses and corruption of the rentier state, and the presence of shares of equal value leads in a few years to eradicate extreme poverty and reduce income disparities through the application of the principle of comprehensive income. He added that the establishment of the Generations Fund is a sovereign fund for surpluses of oil revenues, calling for the start of setting of the proportion of the construction fund for strategic projects. Al Janabi said that the law will make the citizen and his deputies compete to increase the share of the citizen fund and reduce the government tax and follow up the executive authority, and accountability. One of the important issues in the law, according to al-Janabi is to deprive the residents of the provinces that refrain from handing over oil and gas revenues to the federal budget of their shares share, which leads to pressure on citizens to deliver oil and gas revenues to the federal budget. In the view of Janabi, the law is not limited to the fields, but extends the work to include all the territory of the Republic of Iraq and its territorial waters and continental shelf, stated in Article 112 / I of the Constitution.
  7. More control on the quantity of oil produced ... good news.! Go hcl Go RV
  8. UST and CBI are Tightening the control on money transfer companies in Iraq AML/CFT.
  9. Laid Back

    CBI News 10/18/2018

    Exactly my friend
  10. They want to be ready to go international by 2019 Go International Go RV
  11. Laid Back

    CBI News 10/18/2018

    They are now all linked together....... This is HUGE Go new monetary policy Go RV Go $1:1
  12. Agreed, thanks for your input cws 👍🏼 Nice to see my friend, I hope justices get him. I think the “retirement” is an excuse to leave the country,
  13. Laid Back

    Adam Montana Weekly 17 October 2018

    Thanks for the update Sir.!

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