TBomb

Zebari discuss with Ernst & Young, the company improve the banking system 76 Show March 4, 2015 21:46 (Independent) .. Search Finance Minister Hoshyar Zebari, on Thursday evening, with a representative of Ernst Young (EY) accounting and advisory services Ahmed judge and a number of the company's experts how to improve the banking system in Iraq, according to international standards. They also discussed ways to settle the Iraqi debt in light of the procedures of the Paris Club, as well as increase the efficiency of the banking system in Iraq contact with major international financial institutions. (End) http://www.mustaqila.com/news/153249.html

THERE ARE THOSE IN THE COMMUNITY - AFTER THESE ARTICLES WERE RELEASED, THAT STATED WE COULD SEE AN INTRODUCTION OF LOWER DENOM NOTES - INITIALLY APPEARING AS A LOP, WITH A SLOW, BUT STEADY GAIN OF THE DINAR OVER THE COURSE OF TWO YEARS.. I AM NOT SAYING I BELIEVE THIS - I JUST WANTED TO STATE THE INFO

NEXT PART “As our financing needs in 2010 will still be substantial, we will step up our efforts to mobilize domestic financing through the Treasury bill market,” Iraq’s Central Bank head and finance minister wrote. “To that end, we will conduct regular auctions, and refrain from cancellations, while allowing interest rates to be determined by the market. This will have additional benefits by determining a benchmark interest rate, while the development of a secondary market for treasury bills will allow banks to improve their liquidity management.” “They are going to shift to building a local market, they have ample cash, loan-deposit ratios are very low and they will benefit from oil,”Turker Hamzaoglu, emerging market economist at BoA-Merrill Lynch, told Reuters They have to develop a domestic bond market but it’s still baby steps, it’s still too early, it’s not even a frontier market,” he said, adding that Gulf Arab and Lebanese investors could be interested in Iraqi domestic paper. Central Bank Governor Sinan al-Shibibi and Finance Minister Bayan Jabor said in the letter to the IMF that the country planned to introduce a sales tax, as a precursor to a Value Added Tax, “in the coming years”. Iraq’s gross domestic product expanded by 4% in 2009 compared with almost 10% the year before, their submission reported. GDP growth would rise to almost 7% this year and 7.5%-8% in 2011 and 2012, they said. That improvement would be rooted in an increase in Iraqi oil output to 3.1 million barrels per day by 2012, from around 2.5 million bpd now, and exports of 2.5 million bpd, compared to just over 2 million bpd now. That outlook might be conservative following the signing of 10 multibillion-dollar deals with global oil firms to develop Iraq’s vast reserves. If all the deals work out, Iraqi oil capacity could soar to 12 million bpd in six to seven years. “The CBI will continue to be independent in the pursuit of its policy objectives. The CBI’s monetary and exchange rate policies will continue to be aimed at keeping inflation under control and safeguarding international reserves,” the submission said The banking sector is in urgent need of reform to foster financial intermediation and enable banks to contribute to the development of a strong private sector. With the help of the World Bank and other international agencies, Iraq has developed a banking sector reform strategy, it added. [bondLady] Iraq is committed to strengthening the management of international reserves by moving ahead with the implementation of new reserves management guidelines that were adopted in early August 2008. Iraq will follow the guidelines to diversify currency composition and establish appropriate duration and credit risk, build capacity for risk analysis, and work towards establishing a dealing room”. The IMF submission said Iraq’s Central Bank planned to create a foreign exchange market outside the framework of regular dollar auctions now conducted by the bank. The bank uses the auctions to set the exchange rate, which has been held at 1,170 dinars per dollar for many months. “To improve the functioning of foreign exchange auctions, we plan to develop organized exchange markets outside the central bank, including an interbank foreign exchange market,” it said. “Our aim is to establish a forward market in Iraqi dinars in the near future.” http://www.bi-me.com/main.php?id=45051&t=1&c=17&cg=4&mset=1011 BondLady] comments? You both covered a lot of this already as to their progress, I just wanted to show shabbibi said these things we see happening now 2-3 and 5 years ago [shredd] controlling inflation/managing exchange purpose of the auctions [scoooter] What will be interesting is to see what happens when they hit the OPEC limit of 4 mbpd [lightingcslt] Scoooter I beleive they there already [scoooter] That will be interesting because of Saudi influence and Iran [bondLady] They are right on the point for that too scooter [scoooter] Really [bondLady] 3.9+ yes [scoooter] I just say something that said 3.8 hmm sorry [bondLady] actually OPEC has given them an increase to export [shredd] yes they will be close by end of year [scoooter] really hmmmm-- that I didn't know -- I wonder where that oil will be refined ? [bondLady] they are in process of building there own refineries as well, huge ones, also they are piping it to near by countries to refine as well [bondLady] I'id like to move the topic to the remove the 000 from the dinar please and I have 2 last things per that and then ms timmy will setttle the guru arguement about Presidentual Executive Order 13303 [bondLady] Central Bank plans to raise zeros from the Iraqi currency 2010-02-07 15:06 Economic - of the Iraqi Central Bank plans these days on the implementation of the strategy to delete the zeros of the Iraqi currency and small face value and keep the cash value and purchasing power without causing any economic Atrapat may occur over this strategy. The Economic Adviser in the Central Bank of the appearance of Mohammed Saleh in a statement that the current year will witness the launch of this strategy, the Bank completed 50% of the preparations that are working on since 2005 .. Saleh pointed out that the strategy based on the principle of gradual substitution of the Iraqi currency with another is lower than in the nominal value, and pointed out that the positives of this strategy is that it will be less expensive and easier to trade. http://www.aljewar.org/news-21704.aspx [bondLady] note the date....2/7/10 [bondLady] They were ready 3 years ago but the people freaked so shabibi said I'll delay it until next year 2011 and again the people freaked ,scared of failure and Iraq has one shot to get this right ! The future of Iraq depends on that so I've noticed with Iraq everything with them takes 2 years! Unless they freak then they delay which is what they have done since close to 2005 Central Bank: It is time to re-evaluate the currency, commensurate with the price changes and the wage in the economy 19 2011 15:58 GMT Tuesday, 19 2011 15:58 GMT .. May not remain there is a need to act for this counter so quickly if applied to the central bank project by deleting three zeros from the Iraqi currency .. . Bank, which sets monetary policy for the country confirms that it is time to re-evaluate the currency to suit the changes in the wage-price and economy. appearance of Mohammed Saleh / adviser to the CBI: Iraq after five years on the verge of producing a large oil 6 million to 12 million barrels of Iraqi oil would be a regional power in the management of energy in the world and will be the proceeds of a large system and the current cash management system currency in this way is a product of phase lag like it or not needed reform the management of currency after five years claimed the block becomes large cash) Shops, banking companies were not enthusiastic about the project, which says that its application may cause economic problems or technical unnecessary at the present time. Shop owner Banking (Mo is the time because if Mistqr country's economy and stabilize exchange rates, buying and selling of the dollar Menkdr use the lifting of the zeroes) Shop owner Banking This thing we Menkdr TOGETHER we identify the issue depends on the application may show problems then the possibility of fractures disparity of individual things and things hobby art) As for the citizens, the deletion of zeros memory bring them back to the days of the power of the Iraqi dinar which is welcomed by some, while others appeared unconvinced by the possibility of its application Citizen (God, Kalash Aoki suggested raising of the Iraqi economy and brings us back the dinar money days before the God who commissions Tasirlh value and purchasing power and the States they are) Citizen (Is the same thing if the lifting of the zeroes is the dinar Maltna and even abroad Mahd originally received by) Citizen (For the lifting of the zeroes FD Shi logical because the allowance Maiasir trillion words become even billions of people Fhm) As for the economists Vitmonon The theme of the deletion of zeros will not make a difference in handling cash or in any way affect the Iraqi economy unless they take into account the changing value of exchange in relation to the dollar Ali gnathion NA / Economist: ( (This is an administrative process involving the central bank itself in the management of currency and the economy will remain only if the change rate of the Iraqi dinar for example, now is a dollar in 1180 JD permissible if Swoh means three whistle 118 or you will be 1.0 that Alukt if it has become one break zero dinar to the dollar means to improve the purchasing power of the dinar) [bondLady] And show the Iraqi Central Bank reservation of criticism and reactions that have been raised about the project to delete the zeros from the currency, noting that his project is based on a thorough study to serve the Iraqi economy will be the case ended, the Council of Ministers and House of Representatives. [bondLady] comments? [scoooter] yea -- that's the hybrid type of model that would work introduce the new while market forces drive the value up because it will take them time to get and retrieve the larger notes they suck in all the big notes use them for interbanking facilities and transactions then send the smaller notes out to the populace [bondLady] taking note that this article is 2 years old March [scoooter] and it will be inevitable the value will be driven forward . yep -- I agree with what their saying there it makes complete sense [bondLady] they also just today posted a article about destroying the 000 notes as they bring them in as well [scoooter] there will be a lot of "soiling of notes" taking place, they will burn a lot of those notes and replace the liability with electronic funds [bondLady] lastly for me is the DFI fund set to expire from what transpired in 2011 per the DFI and debt owed and creditors and law suits. Here we are again 2 years later and its set to expire again on May 22, 2013 [bondLady] this is a heads up basically, a look through the past to see what to expect here shortly and whats been done to date Central Bank: Iraq Will Use the IMF to End the File of Commercial Debt 06/04/2011 11:48 Baghdad, April 6 (Rn) – The Central Bank of Iraq adviser said Wednesday that Iraq will use the IMF to end the file of commercial debt after the end of the Trusteeship internationalism on Iraqi funds in June next year. He said the appearance of Mohammed Saleh told the Kurdish news agency (Kaniwz) that “the Central Bank of Iraq will use the advice and the opinion of the International Monetary Fund and World Bank to end the file of commercial debt which is supposed to be resolved by Iraq through a clear plan.” He continued that “the Committee set up by Iraq to develop a legal study to prevent any danger to his money, and established a mechanism for coordination between them and the International Monetary Fund to prevent any violation of these funds and in accordance with the Paris Club agreement [bondLady] The Paris Club is an informal group of financiers from 19 countries of the world’s richest countries, notably the United States, Britain, Australia, Italy, Japan, the Netherlands, Germany, Ireland, provides service to cancel debt for debtor and creditor countries. The IMF had identified the names of those States, after alternative solutions have failed, with the change of methods of payment of outstanding debt. Mohammed indicated that “Iraq will continue to grant debt to commercial companies and businessmen who claim they are asking Iraq according to international action in the payment.” On 6 March last, the central bank that Iraq follow the high political level in the debt economy, it did not face legal problems, as announced on 23 February that Iraq paid the debt 3500 credit commercial value of $ 2.7 billion as a means to protect his money, foreign manipulation of the trading companies. It is hoped that Iraq shall submit to the UN Security Council a detailed report in May next looks for the most important pillars of the protection of Iraqi funds. [bondLady] Revealed the Iraqi Finance Ministry on the seventh of January last, the work of the Committee to Protect Iraqi funds abroad will be secret, to avoid the fictitious companies which Iraq claims it requests funds. The Ministry of Finance of Iraq, the first of last January that “the Commission on technical government took over the development of mechanisms to protect Iraqi funds in foreign banks, after the UN Security Council resolution mid-November last, who spent lifting of protection for the money to Iraq the end of June next . The UN Security Council voted unanimously in mid-January last three resolutions concerning the lifting of the embargo imposed on Iraq on the import of nuclear material for peaceful purposes, and cancel the oil for food program, also extended the immunity of and for the last phase compensation imposed under Chapter VII until the end of June / June. The former Iraqi president Saddam Hussein ordered the invasion of Kuwait in 1990, and the impact of sanctions imposed on Iraq from the international community and put under Chapter VII, which makes it a country threatening world peace and security. Included international sanctions prevented the import of chemicals, nuclear technology that could be used in a secret nuclear programs, chemical and biological weapons. Has allowed the United Nations in 1995 for Iraq to sell oil in return for food, called “oil-for lunch.” Allonan of Jafar, the Open: Wafaa Zangana http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http://www.aknews.com/ar/aknews/2/215456/&rurl=translate.google.com&twu=1 [bondLady] question.........does it affect us as investors one way or the other whether the DFI funds stay in protection mode with us or some other country or does it affect us if Iraq takes it back ? comments please [scoooter] the U.S. courts alone will open up a can of "whoop-axx" in the amount of $100 Billion if they aren't protected, this one is a tough one -- not sure how they are going to handle it [shredd] Scoooter what part? [scoooter] Well -- first the paris club doesn't include many of the middle eastern countries in fact their debt to their neighboring countries is almost equivalent to the paris club members now they've been paying that down considerably but the amount owed to other countries would be staggering if they don't protect those funds. jmo now I've been out of the loop of information for some time but I can't imagine the rules of engagement have changed that much [bondLady] they don't want creditors and law suits coming out of the woodwork to slap holds on it for sure [scoooter] here's the other item to consider those funds were confiscated in 1990 at what rate were they confiscated at ? [lightingcslt] 3.22 ? [scoooter] nope [shredd] Scoooter the Paris club in its design was brilliant and imo the consolidated plan for iraq's success contingent on their growth will fulfill its purpose [scoooter] some of them may have been [lightingcslt] true [scoooter] Yep -- it consist of the credit worthy nations of the world and they forgave 80% of the debt but the neighboring countries pretty much said NO WAY! so they've been working on that debt -- nation by nation [bondLady] it wasn't for lack of begging on Iraqs part [scoooter] and they've done a great job on that [campdav] Confiscated rate please? [scoooter] it varied in price I saw some from england at 2.51, I saw Egypt at 3+ , I saw some derivatives at 3.22 but it's all over the map [DogzNova] the IMF has the rate in 1990 SDR at April 30, 1990 2.46985 [scoooter] Saddam really really screwed his people on this [scoooter] Thank you Nova! ok -- I need to run unfortunately but I wanted to thank everyone here very much ! I have missed my friends here at BondLady's Corner, it's an outstanding group of people [DogzNova] Scoooter your welcome and thank you [lightingcslt] no thank you Scooter [tlm724] Scooter thank you very much ! [campdav] Scoots thanks Mate [bondLady] thank you so much Scooter ! We really appreciate you coming by and chatting with us and hope to do it again really soon [scoooter] You are welcome [bondLady] go timmy and thank you [tlm724] Let me begin with a link to Executive Order 13303 for your viewing pleasure http://www.treasury.gov/ ··· 3303.pdf As well as the link to President Obama's most current extension dated May 18, 2012 http://www.whitehouse.go/ ··· ion-iraq [tlm724] I want me clarify one point about Presidential Orders: The president can amend or retract an executive at any time. The president may also issue an executive order superseding an existing one. New incoming presidents may choose to retain the executive orders issued by their predecessors, replace them with new ones of their own, or revoke the old ones completely. In extreme cases, Congress may pass a law that alters an executive order, and they can be declared unconstitutional and vacated by the Supreme Court. So let me set the stage here. In May 2003 , the U.N. Security Council unanimously adopted Resolution 1483, which ended sanctions and endorsed the creation of Development Fund for Iraq, to be controlled by Paul Bremer and overseen by a board of accountants, including U.N., World Bank and IMF representatives. It endorsed the transfer of over $1 billion (of Iraqi oil money) from the Oil-for-Food program into the Development Fund. [tlm724] EO 13303 was created May 22, 2003 to protect the DFI (Development Fund for Iraq) which consists of seized and "vested" Iraqi bank accounts and funds seized by coalition forces and proceeds from the sale of Iraqi oil and natural gas . This EO basically protects this fund from any legal attachments and liens and also protects Iraqi oil products and interests . It also protects US corporations / persons from attachments as well. It basically provides an umbrella of protection against litigation and opened the door to investment in the country of Iraq for foreigners with this added assurance of protection and provides absolute legal protection for US interests in Iraqi oil etc.. I'll just use the United states as our example, it allows US companies to establish business's and invest in Iraq safely. Included in that is our right to invest also. That being said our investment took two steps forward without me really realizing it . In September 2003 CPA (Coalition Provisional Authority) #39 was entered into force thus allowing us to continue to invest in Iraq via our currency purchases. Let me quote just one item from CPA 39: [tlm724] 4) “Foreign investor” means (a) a business entity constituted or organized under the law of a country other than Iraq; ( a natural person who is (i) a national of a country other than Iraq, (ii) a stateless person not residing permanently in Iraq, or (iii) a national of Iraq residing permanently outside of Iraq; or © a business entity constituted or organized by any of the above under the law of Iraq; that is making or has made an investment in Iraq. http://www.iraqcoalition/ ··· ent_.pdf [tlm724] See there, foreign investor and a national of a country other than Iraq, that's us . Then in 2006 Iraq passes the Investment Law Number 13 of 2006 and revokes CPA #39 in Article 34 The (dissolved) CPA Order No. 39 of 2003 shall be revoked. http://www.iraq-lg-law.org/en [tlm724] IMO we are now covered under the Investment Law for the country of Iraq. And that is a win / win no matter how you look at it. There is no way Iraq will ever stop investment in their country and yes that includes us ! [bondLady] You bet it does [tlm724] Is it of consequence to us as investors if the EO 13303 is not continued after May 22, 2013 ? IMO No, I do not think it will effect us at all. Does it matter to Iraq ? Well I would think so considering there is over $18 billion US dollars in the fund. Iraq must protect these funds whether its an extension from the US or through negotiations with countries/persons which have legitimate claims against Iraq . [bondLady] love this part......These new banknotes led to a new industry**** of selling the new Iraqi dinar ******to oversea investors******** who*** hoped to profit**** from Iraq's new currency****** when the economy improved. *********** The provisional government of Iraq has made this legal,**********(and so did our President Bush, when he signed the presidentual order allowing all american citizens to be able to invest in iraq.. But the banknotes are exchanged at different rates by companies wanting to make profit. This is taken from wikipedia ..history of the iraq dinar [bondLady] link if anyone would like to read it in our archive [shredd] yes, this is so great to discuss and at this time too These new banknotes led to a new industry of selling the new Iraqi dinar to oversea investors who hoped to profit from Iraq's new currency when the economy improved. The provisional government of Iraq has made this legal [bondLady] so they passed investment laws just so we could do this currency thing and the Presidentual Executive Order 13303 and the Iraq government through laws passed, made it where we're good to go whether they resind the order or not. It doesn't matter were covered under the investmnet laws. So hopefully that puts all that sillyness to rest, we are grandfathered in ! [tlm724] BondLady exactly ! [bondLady] let me show one last article from today [bondLady] todays news Deputy: the need to control the formation of committees to destroy the old currency in the implementation of the project to delete the three zeroes 25-04-2013 12:27 PM Baghdad (news) .. Stressed member of the Economic Commission MP / National Alliance / Abdulabas Xiaa, the importance of the formation of committees control of all state institutions to pursue the process of destroying the old currency in the implementation of the project to delete the three zeroes from the national currency. said Xiaa (of the Agency news): The project to delete the three zeroes is one of the important projects and sensitive because it is linked to public money, process of implementation should be monitored and accurate to prevent fraud and manipulation and money laundering. said: that the practical measures to destroy the old currency must be under the control of the House of Representatives and government institutions in the country and with the participation of the media through the formation of committees to monitor , to prevent tampering and theft by some quarters. said: that the central bank gave a deadline of two years for the process of replacing the old currency currency deleted them zeros, to be handled together, that is the absorption of the old currency from the market so that it did not feel out of the citizen.http://www.ikhnews.com/index.php?page=article&id=82642 [shredd] they been saying the replacement process is two years [lightingcslt] Shredd yep there it is, thats how long you got to turn those puppys in. BondLady that art said it all imo [bondLady] and they been saying they were going to do it for 3 years. It's time and we are seeing all this happen thats why I took you all down memory lane [gaffi347] BondLady So they are a year late? [bondLady] thev have talked about it since 2005 gaffi [shredd] this article may get overlooked but it is a big piece to the puzzle .Weknow they will destroy as they are brought in AND that it is a TWO YEAR PROCESS. What does that tell us? Well, what it tells us the what WON'T happen [bondLady] lop [shredd] right we won't be left hanging out to dry with worthless dinar, that will be useless [bondLady] I just wanted you all to see it is time and the time is now and we're seeing it all happen ! Right Shredd and the new money has something like 33 security features. Why go to those extremes if your going to have toilet paper for money, not happening. No other country on the planet has that much, most powerful currency coming thats why and we're part of it . 1166 with 33 security features ? Our new $100 doesn't even come close to that much , no ones does [shredd] revalue, replace for two years, destroying as they go [tlm724] BondLady I want to say thank you to the best leader and team ever ! It all comes down to the truth ! [bondLady] thank you hun as a team there's nothing we cannot do or any problem we can't solve [shredd] The bottom line, dear members is this…….we are in a “when” situation and not an “if”. The wealth is there, the growth is there and the investment is there. These will all continue to grow. For me, this project of deleting the zeros moving full steam ahead is very exciting. Soon we will see proof of the lower denominations, soon we will discover more and more of the CBI’s monetary policy changes and soon we will see the dinar’s exchange rate change. What is interesting to watch for is the upcoming May deadline with the DFI funds protection as well as the growing demand for the dollar and how that may push forward or expedite the emergence of a stronger Dinar. I know it can get frustrating to wait but if you look at the bigger picture like I hope I’ve shown you, it is impossible to not be optimistic. My wonderful grandmother would tell me, “patience is a virtue” which is so stinkin’ true. Remember, this is not an “if”… this is a “when”. The Dinar has gained from 4000 to 1 already and the ISX is rapidly growing as well. Look at the big picture and down the road just a little bit and before you know it, the life change we seek will be right at our feet. I'd like to thank Scooter, Bondlady and Miss Timmy for the teamwork. Also, thank you to all of our visitors tonight! [lightingcslt] great job thank you all ! [campdav] Greatest chat to date.World record Heavyweight champs [bondLady] I would like to thank timmy , shredd and scooter as well and all who helped pull this awesome and informitive chat off tonight...applause and thank you all so much for being here. Thank you memebers for your patience and I hope all our new members will come back and not be a stranger ! We have enjoyed having everyone very much and thank you kindly ! I LISTENED TO A CALL LAST NIGHT - FROM A "TEAM" I THINK ARE WELL INFORMED - THE PERSON I WAS LISTENING TO STATED (AND HE SAID WITH EMPHASIS) THE DELETE THE ZEROS TERM MEANS TO REMOVE THE CURRENCY AND REPLACE. JUST FOUND THIS - HERE'S THUG'S POST ON THIS (BLAST FROM THE PAST) http://dinarvets.com/forums/index.php?/topic/146698-scooter-bondlady/

BondLady and Scooter Chat 4/21/2013 - Sun Apr 21, 2013 7:29 pm tlm724 [bondLady] Welcome back Scooter and thank you so much for dropping by ! Well in the news lately Iraq is doing what you said they always would and would have to restructure the Rafidain and Rasheed Banks... removing the 000 currency is right at the door too. We just appreciate any time that you have made for us and ty so much scooter [scoooter] I see that but I saw an interesting statement by the IMF, just a second and I'll get it [bondLady] there's so much going on now in the news [scoooter] During 2012, the authorities succeeded in maintaining macroeconomic stability, but progress on the program slowed down. The combined third and fourth reviews were not completed owing to limited progress in restructuring the state-owned banks and the emergence of distortions in the foreign currency markets that led to the widening of the spread between the official and market exchange rates. IMF staff will continue to support Iraq through surveillance and technical assistance. http://www.imf.org/external/np/country/notes/iraq.htm [scoooter] There's a couple of sentences that stand out but could be interpreted a couple of ways. First, this is from the IMF site. Limited progress restructuring the the state owned banks distortions in foreign currency markets that led to widening of the spread .now that could be interpreted either way , got to give it to those writers they can make you stand on edge .... [scoooter] There's another item that I didn't particularly care for either [bondLady] Yasiri: restructure the Rafidain and Rasheed includes four axes .. And will support the banking sector 20-04-2013 01:14 PM Baghdad (news) .. According to a member of the Finance Committee MP / National Alliance / Abdul Hussain al-Yasiri, that the plan to restructure the Rafidain and Rasheed by the International Monetary Fund includes four paragraphs of major help to support and develop the banking sector in the country. Yasiri said (of the Agency news ): The plan to restructure banks government Rafidain and Rasheed developed since (2007) and formed through a committee headed by the central bank governor and finance minister and head of the BSA, in cooperation with the International Monetary Fund. added: that the committee began its work, but did not achieve positive results and important in then, but later formed a committee composed of general managers in banks and representatives of the Central Bank and the International Monetary Fund and began their movement in earnest for the support and development of the banking sector in the country. explained: that the plan includes four axes including restructuring operating banks and strategic restructuring and re-evaluation of assets from cash to banks , as well as re-accounts banks and audited by the external auditor. , and pointed out that the government banks lack the modern technology in spite of the introduction of some technological Kalptaqh Smart and others, but it needs to techniques more to keep pace with the evolution in global banks. / End / 8.'s. m / http://www.ikhnews.com/index.php?page=article&id=82008 [scoooter] That's the part right there that I didn't like ... re-evaluation of assets from cash to banks . The IMFsite said it a bit differently which led me to believe they are still arguing over the value of those assets . If you remember those two banks would have to take a huge de-evaluation [bondLady] right I remember when you told us all that [scoooter] in their portfolios before they got recapitalized the parliament has passed the recap funding but they are still squabbling over the value -- my gut tells me there's some dirty funds and transactions from some high level folks over there that's holding that up...just my gut but heck it could be anything .overall though -- it's nice to see them gettting detailed statements [bondLady] in this part of that article it said they tried it before with poor results so they began it again this time in earnest.....that the committee began its work, but did not achieve positive results and important in then, but later formed a committee composed of general managers in banks and representatives of the Central Bank and the International Monetary Fund and began their movement in earnest for the support and development of the banking sector in the country. explained: that the plan includes four axes including restructuring operating banks and strategic restructuring and re-evaluation of assets from cash to banks , as well as re-accounts banks and audited by the external auditor. [scoooter] regarding the restructuring ooooo -- there's more. Yep that was 2011 - 2012 PWC or Ernst and Young were doing the Audits for the BSA and made some strong recommendations but it never was followed through. my hope is that they get it done because that's the root area that needs to occur before any acceleration to the value can occur IMO [bondLady] I agree with you [scoooter] once they establish that with full transparency to the rest of the world -- the value will strengthen itself just from pure natural growth. However, IMO, sorry to be negative here but they need to develop the non-oil economy [scoooter] But the economy is rolling at 9% that's phenomenal for those folks but it could evaporate in a second largely because oil prices could tank and they would have anything to support that budget what's happening with the residual funds ? anybody know [bondLady] shredd does and he will be present for the Thursday chat [scoooter] and then mentioned this years excesses [scoooter] hmmmm -- I'll find that out before our next chat also Economic center: the success of the project to delete the three zeroes depends on the stability of the exchange rate of the dinar against the dollar 21-04-2013 11:36 AM Baghdad (news) .. Said Prime Media Center Economic Dergham Mohammed Ali, that the success of the implementation of the project to delete the three zeroes from the national currency depends on the stability of the exchange rate of the dinar against the dollar and educate citizens and give them enough time to replace the currency. said Mohammed Ali (of the Agency news): The economic reality of the past year and the previous was fit better to receive the decision to delete the zeros of the capacity market to absorb its effects because of the high stability, which was dominated by the exchange rate of the dinar against the dollar at the time. continued: While the market has become more sensitive and broader change than it was a Mitrah question the reasons for the postponement of this decision, but The implementation is still possible in the event of education in a positive way and give long enough to bring a replacement span for two years as planned during which the currency traded zero and currency deleted zeros. said: that the central bank demands to confirm the unit value between the two currencies and start substitution out for the new currency and ادارجها within the trade and the rule of replacement controls strict and controlled high in order to prevent money laundering, and control strictly operations splurge of the coin ancient This allows the switch smoothly and safe. stressed: the need to focus the central bank on his tools to re-exchange rate of the dinar to the target levels, the successful implementation of the project. http://www.ikhnews.com/index.php?page=article&id=82089 [scoooter] wow [bondLady] there you go scooter man . Do you have shredds comments per that timmy please [scoooter] Whoa that's an interesting tidbit [bondLady] we have tons of those articles like that scooter [tlm724] Shredds comment - "stressed: the need to focus the central bank on his tools to re-exchange rate of the dinar to the target levels, the successful implementation of the project." I like this part.....the success of implementing this project depends on "re-exchange rate of the dinar" to TARGET LEVELS. This is what we have been saying..........an incentive via an exchange rate to make this project a success. [scoooter] that the central bank demands to confirm the unit value between the two currencies and start substitution out for the new currency and ادارجها within the trade and the rule of replacement controls strict and controlled high in order to prevent money laundering, and control strictly operations splurge of [scoooter] confirm the unit value between the two currencies ,that's a very interesting statement . I'm not sure what to think about that one because they intend to have two separate values during this transition for the IQD. I can't imagine trading that on the FOREX Exotic exchanges [bondLady] there in the news headlines everyday for at least a month now also all the banking laws,WTO, HCL, article 140. Everything is news per these things daily [scoooter] really -- it has my attention -- it states they'll have two years in this scenario as well [bondLady] to remove the 000 notes yes [scoooter] I'll tell you what -- I need to research that one a bit further -- that just sounds well -- interesting .I mean -- I've always contended they would have a unique hybrid approach but to outwardly state that could be interpreted in several ways holding two values in an electronic exchange environment ,that's a tough one to fathom. Imagine being the central bank and you have thousands of transactions through your hubs daily how can you identify which value of currency you're trading for what country [scoooter] sorry, I need a bit more time to make a comment on that maybe that's the plan --- heck when Russia did their redenomination that was a beast for everyone worldwide. Nevertheless, let me research that one and come back later this week like Thursday [scoooter] I would like to look at that budget as well. [bondLady] Parliamentary agreement - a government to increase coordination between the government and private banks Created on Saturday, April 20 / April 2013 08:06. | | بغداد/اور نيوز Parliamentary Finance Committee agreed with the Ministry of Finance and the Central Bank to increase the size of the coordination between the government and private banks in order to develop the country's banking system and lift bureaucratic obstacles in banking transactions. Committee member said Abdul-Hussein al-Yasiri "The Finance Committee agreed with the Ministry of Finance and the Central Bank of the need to lift the administrative and technical coordination and technical cooperation between government and private banks." He explained that the "deepening of the relationship between the government and private banks will strengthen the banking situation in Iraq and his dealings with different countries of the world," noting that "the Commission has informed the ministry of the need to strengthen the integration of private banks with weak heads the money." The CBI earlier, he plans to convert the banks to large financial institutions after obtaining the approval of the Government to amend the Law No. 94 of 2004 on the integration of small banks to large banks. The parliamentary Finance Committee said it has developed a plan with the Ministry of Finance to promote electronic communication between the government and global banks during the next phase. The Central Bank has identified 250 billion Iraqi dinars as a minimum for the establishment of private banks in the country as seen Economists believe that private banks do not have the tools necessary to promote monetary and economic reality in the country. http://www.uragency.net/index.php/2012-03-11-16-31-52/2012-03-11-16-33-57/20079-2013-04-20-08-06-01 [scoooter] that one just further supports what I was saying earlier how they need to simplify the workings with banks worldwide electronically IMO just My opinion. it's going to be difficult to have two separate electronic rates and call that simplifying the system but I will check that out -- I might be wrong [scoooter] unfortunately, I have to go -- family is calling me and walking through the door. I really enjoyed talking with you folks tongiht and bondlady why don't we plan on something Thursday [bondLady] your great scooter thank you so much ! [tlm724] Scooter tyvm [DogzNova] ty scooter [scoooter] YW -- Thank you for listening [bondLady] okay scooter and shredd and the rest of our team will hold a chat Thursday in here at 6 pm cst. Thank you all ! Discussed by researchers, academics and specialists in the economic and fiscal policy placed Iraqi raise zeros from the Iraqi currency at a seminar hosted by the specialized scientific studies of the Higher Institute of Finance and Accounting at the University of Baghdad, titled "Delete the zeros and its impact on the Iraqi dinar exchange rate." He gave appearance of Dr. Mohammed Saleh, Deputy Governor of the Central Bank of Iraq lecture about monetary policy and the deletion of zeros, which he confirmed that this reform has a horizontal level. and the level of vertical, horizontal level is the deletion of three zeros that is to say a thousand dinars become one Dinar each, but to maintain the purchasing power, which concludes the citizens of large numbers, as well as rid the Central Bank of the larger figures also facilitate banking transactions, and assured the benefit of that new change will not affect the entry of citizens or their wealth or contractual obligations to them, but it will contribute to the cancel (dollarization) large sums in banking, as well as change the currency the currency of a new consensus technologies high in the printing of currency globally and printing of new categories lot of the Iraqi currency reduce the number of printed sheets now circulating in the market and aimed collectively to eliminate inflation, which controls the Iraqi market for decades and return to the issuing of coins Pfaúadtha that were in circulation in the past and the other is to facilitate transactions in purchasing everyday citizens. What is ur opinion on this part...which he confirmed that this reform has a horizontal level and the level of vertical, horizontal level is the deletion of three zeros that is to say a thousand dinars become one Dinar each confirmed that this reform has a horizontal level and the level of vertical, horizontal level is the deletion of three zeros that is to say a thousand dinars become one Dinar each, but to maintain the purchasing power, which concludes the citizens of large numbers, as well as rid the Central Bank of the larger figures also facilitate banking transactions, and assured the benefit of that new change will not affect the entry of citizens or their wealth or contractual obligations to them, but it will contribute to the cancel (dollarization) large sums in banking? This mentions the horizontal, but not the vertical level... and also, will not affect the entry of citizens or their wealth or contractual obligations to them... do u think this may be meaning post rv?.. ty.. Funsize luckyintx Hello Scooter... Does this art tell u anymore about Iraq's status as it relates to ch 7 or anything more, such as their furtherance related to the rv/dv of the 2 gov banks, in other words, their progress? Ty.. luckyintx BAGHDAD / JD / .. showed European countries and the Asian desire to invest in Iraq on the sidelines of the Bank for International Settlements, which was attended by Central Bank Governor Sinan Shabibi. The Iraqi Central Bank Governor Sinan Shabibi's / JD / The "Meeting of the BIS has seen several discussions and a file is present in Iraq's economic international discussions" .. He Shabibi "The States present at the meeting expressed a significant interest in the economic future of Iraq" .. Shabibi and that European and Asian countries have expressed their desire to send delegations to Iraq after the talks were held on the sidelines of adjustments. He said the central bank governor said the representatives of a number of countries told us that they want a stable Iraq as Secretary so we have areas of good investment ".. The Central Bank Governor Sinan Shabibi confirmed on Monday's / JD / was brought up at a meeting of reconciliation issues related to central banks and the Iraqi banks ".. The Governor of the Central Bank of Iraq in the meetings of International Settlements, which was launched today, Sunday, Guy Switzerland. The BIS is an international organization of central banks to "strengthen financial cooperation and the financial world and works as a bank for central banks," not accountable to any government, and the Bank of its work through sub-committees, and secretariats (Secretaries) to be hosted by, and through her meeting with the Annual General to all Members, and also result in banking services, but only to central banks, international organizations or the like, the bank's headquarters is located in Basel, Switzerland, was founded in accordance with the Hague Conventions of 1930. / Finished / Nazik Mohammed http://dananernews.com/News_Details.php?ID=1085 [DDF] Scooter-EG thank you for that post [scooter-EG] DDF -- You are very welcome! [scooter-EG] I hope it's the real deal this year [oogie] Scooter-EG that was what you were talking about last night...that link to the law library http://translate.google.com/translate?langpair=auto%7Cen&u=http%3A%2F%2Fwww.iraq-lg-law.org%2F [DDF] Scooter-EG now can you tell us about it [scooter-EG] Typically they've been targeting the end of June for this stuff [oogie] you musta stayed up all night Scooter-EG [luckyintx] yesssssssssssssssss! [scooter-EG] Mikey Mikey Mikey Mikey [vested] Scooter-EG ...wait...Wednesday? [scooter-EG] therealbubbie [tlm724] Scooter-EG hello [scooter-EG] oogie Yep [scooter-EG] That's exactly what I was talking about [DDF] vested we asked if he would stop in [JohnnyZ] Scooter-EG so was the update on the banks june 25 to the law library [oogie] nice find! [JohnnyZ] june 15 [scooter-EG] those Council of Ministers Legal Docs [luckyintx] Scooter-EG this looks sooooooo good! [scooter-EG] luckyintx I hear ya -- I hope these banks are now ready to reboot [luckyintx] Scooter-EG yes would b nice if it was already done! [scooter-EG] Yea, but they like June 30 for some reason [RickeyT] Scooter-EG are we in a more positive position for something to occur around Jult1? [scooter-EG] not certain exactly why that is [luckyintx] Scooter-EG I noticed that!!!!!!!!!!!!! [oogie] Scooter-EG mid year [scooter-EG] RickeyT --- I don't think so [RickeyT] July [scooter-EG] I think we are still looking later [scooter-EG] but [scooter-EG] this is a major structural benchmark for the Iraqis [scooter-EG] HUGE [scooter-EG] IMO [scooter-EG] It's been on the list of things to complete sinced the 2006 MOU [scooter-EG] Memo of Understanding [scooter-EG] they had so many accounts out of control [scooter-EG] it was terrible [scooter-EG] Ernst and Young reported it was the worst case of a bank audit [scooter-EG] they had ever seen [scooter-EG] but [scooter-EG] that was back in 2007 [scooter-EG] too much corruption [scooter-EG] too many open accounts all over the world [scooter-EG] but here's the thing [scooter-EG] to remember [scooter-EG] Imagine [scooter-EG] if you take those two government banks [scooter-EG] that do over 85% of all the countries transactions [scooter-EG] and you now clean the books up [scooter-EG] and Re-Value/Devalue their assets [scooter-EG] they've essentially change the valuation of the whole country [scooter-EG] and that to me [scooter-EG] is a starting point [scooter-EG] but I don't [scooter-EG] I see them following their plan [scooter-EG] and I see many changes in 2013 [scooter-EG] NP [scooter-EG] that's it [scooter-EG] I think it's good news [scooter-EG] the part that I liked [scooter-EG] also [MNM] Scooter-EG Scooter-EG great news [scooter-EG] was the line in discussed the new currency [scooter-EG] it translated weird -- but it's very intriguing [scooter-EG] to see the timing and release of this information from the council of ministers [scooter-EG] Does everybody know that to get the full size view [scooter-EG] to click the link before the big image [scooter-EG] if not [scooter-EG] it's definitely worth the time. [luckyintx] Scooter-EG can I also ask ur opinion on another art? [scooter-EG] sure lucky [scooter-EG] ok [luckyintx] BAGHDAD / Center Brief for the Iraqi Media Network - revealed the parliamentary finance committee that Iraq will see the two currencies traded at the same time over the next year 2013 of the new currency in circulation after deletion of zeros with the survival of the current currency trading throughout the year in question. A member of the Finance Committee Hassan Salman's (Center Brief for the Iraqi Media Network) that "the central bank operates in more than six months from now on the position of the deletion of zeros from the Iraqi currency and the current that will be applied starting from next year." He pointed out that "the Finance Committee informed and in constant contact with the central bank governor and his aides who constantly learn about the Finance Committee on the details of this issue and the process of replacing the current currency the new currency will continue over the next year." He said, "will end the current currency, the beginning of 2014 and this process will lead to the strengthening of the Iraqi currency fluctuations, especially after the Iraqi dinar exchange rate against the U.S. dollar in recent times." And that "currency adjustment will benefit the Iraqi economy and will facilitate the handling of cash in the country by reducing the money supply in circulation now, which Tkdrbhawwala 30 trillion dinars." He revealed the CBI earlier that the new Iraqi currency will increase by three zeros, indicating that he made an extensive study concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency. http://translate.google.com/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fwww.imn.iq [luckyintx] Can u plz sum it up....? [scooter-EG] WOW [scooter-EG] that says it all [luckyintx] good? [scooter-EG] It's surprising however [DogzNova] Scooter-EG it says too much if U ask me [scooter-EG] that this article states that the currency will end 2014 [scooter-EG] I read another article that it would be available for another 10 years [scooter-EG] but [scooter-EG] it flows with what we've been discussing for the past month [scooter-EG] they will deploy a HYBRID solution [scooter-EG] they will introduce the lower notes [scooter-EG] and methodically suck in the larger notes [scooter-EG] while at the same time [scooter-EG] increasing their CPI values of products and goods [scooter-EG] the real question will be their economy and how well they diversify [scooter-EG] and begin their primary bond market [scooter-EG] those will determine the sustainabilty of any rate [scooter-EG] just my two cents [scooter-EG] that was a great article lucky [Mikey] Scooter.. That article fits in with the article of around Nov 2011 that said the currency process would be completed within the biennium. [scooter-EG] biennium [Mikey] or the end of 2013 [scooter-EG] Yea [scooter-EG] it does [scooter-EG] it fits real nice with that time frame [scooter-EG] also [Mikey] or early 2014 [DogzNova] biennium means two years [scooter-EG] if you remember the world bank reform program for Iraq concludes [scooter-EG] in october of 2013 [scooter-EG] so I can see them start to introduce the new notes in 1st or 2nd quarter of 2013 and start the process [scooter-EG] heck [scooter-EG] it could be sooner than that if they have the printing presses rockin those notes out [scooter-EG] DogzNova Thank you -- didn't know that one [scooter-EG] too big of word for me [DogzNova] me too.. I had to google it [scooter-EG] well i hope that helped and thank you for your kind words

great gif yota I'M NOT SURE IF THIS INFORMATION IS STILL RELEVANT, BUT I WANTED TO POST IT BECAUSE I RESPECT SCOOTER'S RESEARCH - Thursday, January 5, 2012 An Interview with Scooter Interviewer: I appreciate you taking the time to chat with me today. Scooter: Oh, you're very welcome Scooter: thank you for having me Interviewer: Can you tell the readers a bit about your background? Scooter: Sure. Scooter: I was Born in Southern California. Scooter: The family then moved to the great northwest at an early age. Scooter: Northeastern Washington is a beautiful place to grow up. It was a small town 80 miles north of Spokane in the northern rockies. Scooter: It was particularly interesting being the wild and crazy kid that I was and your father was the Varsity football, wrestling, and Golf coach. Scooter: After high school, I moved to Phoenix and Went to College Scooter: Got my four year degree in 2.5 years Scooter: I knew if I didn't go blasting right through Scooter: I would never get it -- they called me PRIMATE back then - don't ask... Scooter: Started my first professional position in software design Scooter: moved to Chicago and got recruited by a very large organization Scooter: to manage their software development teams throughout North America Scooter: It was at that time that I did two things that changed my life Scooter: One Scooter: Started playing the FOREX market Scooter: Two Scooter: became a partner in a small startup software company Scooter: The FOREX venture started out bad --- at least the first week Scooter: we'll get to that in just a second Scooter: but the software venture exploded worldwide Scooter: The package was sold in 90 countries and 13 languages Scooter: big hit! Interviewer: impressive Scooter: We sold the business in 2001 but I was still playing FOREX. Scooter: again -- wait for that story because it gets good Scooter: Nevertheless, sold the software company and moved back to Phoenix Scooter: Chicago has incredible culture and people but the weather really stinks! Scooter: Now Scooter: back to the FOREX Scooter: I started FOREX in 2000 Scooter: maybe 2001 Scooter: anyhow, I went into the game and purchased Forex Made EZ. Essentially, the product was supposed to do it all and provide indicators as to when you buy and sell. Scooter: In essence, I didn't have to think. Scooter: So, as a result the first week, being the impatient man that I am Scooter: I got DRILLED !!! I lost about 10k that first week Interviewer: ouch Scooter: My better half lynched me !!! Scooter: but I loved this market Scooter: it was like nothing I've ever experienced Scooter: As a result, I had to go to classes before I could ever start trading live again. Scooter: somewhat funny -- but I learned a very hard lesson that I still practice today Scooter: Essentially, Scooter: Never chase the market Scooter: always let the market come to you! Scooter: My instructor pretty much told me my problem wasn't that I made the wrong decision Scooter: it was more of a patience problem from being a MAN Scooter: haha Scooter: anyhow -- I loved this market and ever since i've been active on and off for the past decade Scooter: At this time, I currently live in Phoenix and just acquired another software company and it's on the precipice of exploding Scooter: so, I'm pretty excited Scooter: I purchased my first DiNAR in 2005 Scooter: and my last batch in 2006 Scooter: I was on a plane traveling from Phoenix to San Diego Scooter: and saw a full page spread in USA Today Scooter: and bought immediately after exiting the aircraft Scooter: I thought it would be a 8 - 10 year play Scooter: and thought it would open around $0.35 Scooter: WOW! Scooter: That was one long sentence Scooter: LOL Interviewer: that's okay Interviewer: How did you get started on the dinar forums? Scooter: Ahhhh Scooter: The forums --- Scooter: Let's see, I think I joined one of the major forums in late 2009 Scooter: I met a couple of folks and went to chat in hopes to learn a bit more about this investment. Scooter: At that time, I was hot and heavy in playing FOREX. I was glued to analsys and research to learn about what's happening in the marketspace Scooter: I mainly was playing the majors -- rarely the exotics Scooter: but I quickly found out that the leaders in these forums Scooter: were stating information that was completely inaccurate but I stayed quietly on the sidelines Interviewer: What do you think about the information available on the forums? Scooter: Since that time, the information and research has improved 100% Scooter: but I still think the community suffers from some basic problems Scooter: One Scooter: too much of the information is based on "INTEL" Scooter: and not on factual data coming from the organizations that do this type of work everyday Scooter: Just my opinion Scooter: at that time in early 2010 Scooter: the information was being spewed out there and I knew for a fact that it was completely off base Scooter: and I also witnessed innocent people getting hurt Scooter: hurt badly too Scooter: They were overleveraging themselves to the point of losing their homes and looking at this investment as a lottery ticket Scooter: As a result, I engaged myself and started the massive reading binge Scooter: Started posting the information and the response was Scooter: well, it overwhelmed me and I was honored by everyone's appreciation Interviewer: So Scooter research began as a way of keeping people grounded and getting them to go by factual information? Scooter: Haaah! Yes. Scooter: I suppose so Scooter: I started doing organized chats Scooter: at several sites Scooter: not the kind where I came in and chatted with friends Scooter: but a thought out written chat Scooter: at that point, Scooter Research was "Branded" and had it's own identity Interviewer: I see Interviewer: Let's talk a little about the investment Scooter: one second Scooter: one last item Interviewer: okay Scooter: thanks Scooter: NEVER in this venture have I received any fiduciary rewards or money or anything. Scooter: I always felt if I did receive cash, my credibility would be severely diminished. Scooter: I now have a blog Scooter: and now get some minor $$$$ Scooter: from the ads -- but it's nominal at best Interviewer: if it's like my blog it's very minor Scooter: I can buy my wife dinner a couple times a month Scooter: lol Scooter: Exactly Scooter: But I enjoy having it and it's my center where I post all my material Scooter: it's a hobby I guess Scooter: but Interviewer: the URL? Scooter: oh Scooter: I'm allowed to do that Interviewer: sure Scooter: emerginggeos.blogspot.com Scooter: Nevertheless, it's fun and I enjoy the research Scooter: it's just fun to me Scooter: I like the emerging market space and I think it's important today more than ever Scooter: particularly when we look at the current worldwide financial picture Scooter: I firmly believe that natural resources from sovereign nations Scooter: will be the next currency of the 21st century Scooter: at least, it will have a huge impact on the strength of the currency Scooter: so Scooter: I'm now researching over 42 Emerging Markets right now Scooter: learned a lot Interviewer: I'm sure Interviewer: now? Scooter: now, your question Interviewer: What do you think the current money supply is in Iraq? Scooter: Haha Scooter: ok Scooter: Well, once again, I look at the facts Scooter: and I take that one step farther Scooter: for example, when the CBI post there bi weekly financial indicators Scooter: I like to verify this data with other organizations Scooter: Because data and statistics can be made to look many ways Scooter: depending on the audience Scooter: and in Iraq's case -- a double verification is always a good practice Scooter: anyhow Scooter: when taking a look at those numbers -- I try to verify with the IMF database or World Bank Database, etc.. Scooter: etc.. Scooter: does that make sense Scooter: I hope so Scooter: just a practice I try and do Interviewer: yes Scooter: so back to circulation amount Scooter: and in Iraq, outside of banks right ? Scooter: ok Interviewer: ok Scooter: As of December's report --- Scooter: the November's number are clearly showing 26.866 Trillion IQD outside of banks Scooter: shows m1 to be 57.997 Trillion Scooter: M2 67.160 Trillion Scooter: now Scooter: with that said Scooter: there's some variables that we need to look at Scooter: one, some of that could be in reserves of other countries Scooter: and those reserves will never see the shores of Iraq ever again. Scooter: that number is unknown right now Scooter: and nobody knows what that amount currently is Scooter: but Scooter: we do know that within the immediate area of baghdad Scooter: there's approximately 4 trillion in hard currency Scooter: Saleh just reported that one Scooter: with that said, and knowing Baghdad has approximately 6 - 8 million of the populace Scooter: we can start dissecting and making educated guesses Scooter: Now, the other unknown in this equation are two items Scooter: The $173 Billion USD sitting at US Treasury account that came from the DFI's Savings account Scooter: two Scooter: We don't know, how much $$$$$ is being sheltered from the partner countries Scooter: to be dedicated to Iraq when the structural changes go down Scooter: What do you think the circulation in Iraq is? Scooter: hahahah Scooter: sorry, I know., you're doing the questions ... Scooter: lol Interviewer: My guess is 20 trillion Scooter: In Iraq? Interviewer: Like I said, it's a guess Scooter: Correct Scooter: just like mine Scooter: I think it's in the 12 - 14 range Scooter: probably closer to 12 Scooter: I figure outside countries will carry 8 trillion Scooter: independent investors is unknown and the speculation is all over the map. Scooter: like I said -- everything is a guess -- ha ha Scooter: I think the moves that are required to reduce the circulation of the larger notes have been occurring over the last six months in country Interviewer: Do you think there has been a significant reduction of IQD in circulation in Iraq? Scooter: Yes! Scooter: I think they will make the structural changes and we'll see a hybrid conversion Scooter: the larger notes will be sucked into the CBI and they will SOIL those notes immediately Scooter: the value is still the same -- i mean of the aggregate number --- Interviewer: replaced by USD? Scooter: if the value of there reserves were 25 Billion before -- it will be valued at 25 billion when they convert Scooter: No Scooter: they need to to create immediate demand for IQD Scooter: they need to de dollarize their economy and fast Interviewer: right Interviewer: that's their stated goal Scooter: Their goal will be to make the IQD the standard throughout the country Scooter: and make it attractive to do business inside the country and to investors inside and outside the country. Interviewer: okay, so you're saying the IQD will be sucked into the CBI upon the RV? Scooter: I think they are already reducing the 1000 series notes as we speak Scooter: but we won't have the details of their banking circulation for the year Scooter: until the third week of January Scooter: maybe fourth week Scooter: that's when some good juicy details about the exact make up the the circulation comes out Scooter: it will tell us how many 25k notes are in the private banks, government banks, and individuals hands Scooter: all the notes and coins Scooter: but they only provide that report once a year Scooter: So they will suck those notes in and deploy the CPI immediately Scooter: remember, they have already deploy almost 2 million of those smart cards Interviewer: CPI? Scooter: those cards are like having 15 wallets or files on you Scooter: Consumer Price Index Scooter: They modified it in March of 2010 to reflect the lower denoms Scooter: they just haven't deployed it yet Interviewer: ok Scooter: also, those Iraqi citizens will immediately need to open their first checking account Scooter: if they haven't already Scooter: they'll deploy the lower denoms and coins immediately Scooter: and suck in those larger notes Scooter: I don't think they'll be able to do this all at once Scooter: it's virtually impossible to do this in a short period of time Scooter: As a result, they will be encouraged in some way shape or form to convert that CASH into electronic form Scooter: Just my opinion Interviewer: okay Scooter: one other item Scooter: they need to develop their Government Bond and Commercial Bond market space Scooter: That is very very critical Interviewer: Yes, Enoch made reference to that Scooter: Yes, the government needs liquidity and that's what these bonds can provide Scooter: Those bonds will help pay for these critical projects over the long run Scooter: It appears they are leaning toward the Japanese model Scooter: but Scooter: that's another discussion Interviewer: How does your view now differ from your original time frame and expectation of $.35? Scooter: Good question!!!, Scooter: when I first made my estimates, Scooter: I hadn't reviewed the 1000's pages of documents from multiple organizations Scooter: So my opinion has changed quite bit since that time. Scooter: Now, with that said Scooter: let me make the disclaimer Scooter: anything, and I mean anything, can occur in this investment Scooter: that includes nothing happening at all. Scooter: but when the founders of the plan developed the details, they had several strategic goals in mind Scooter: one Scooter: Significantly improve the lifestyle of every Iraqi citizen Scooter: move them from earning $2.00 a day per family to Scooter: something significantly better with a currency that had a strong purchasing power Scooter: With that goal achieved, the citizens of Iraq, in theory, would be drawn to more market driven activities Scooter: We knew they had all the resources Scooter: but politics, the enemy, and several mistakes made throughout has slowed the process down considerably Scooter: second, Scooter: Iraq needed to be the poster child for western democracy throughout the middle east Scooter: as a result, Scooter: this RV was built around several financial Tranches Scooter: some of those haven't occurred but are waiting for the right moment Scooter: The idea was to plant several economic explosions in locations that will take off in their economy, invigorating the private sector and foreign investment Scooter: For example, agriculture Scooter: that was one of the targets Scooter: At one time, Agriculture was a far bigger contributor to their GDP than oil Scooter: it was close to 37% Scooter: Nevertheless, Scooter: this had an impact on my opinion as to the price point to open. Scooter: Saleh has said the real value of the IQD is around $1.30 Scooter: the 2009 budget, as evidenced by the Tables of increases from their budget, came in at $1.17 Scooter: 2010 -- $2.05 Scooter: 2011 -- $1.27 Scooter: Now that combines both the operational budgets and Investment budgets. Scooter: So to answer your question my friend Scooter: $0.35 ? Scooter: NO Scooter: I don't think so -- I think there's another plan that hasn't been seen or discussed in the forums Scooter: and they will be paying for this RV in some other way Scooter: Just my opinion Interviewer: ok Interviewer: and the time frame is .... whenever? Scooter: Haaaah!!! Scooter: Who knows Scooter: I can show you documents from the IMF Scooter: that indicated the structural changes were to occur at the same time as the parliamentary elections of 2010 Scooter: Nobody knows -- but they are behind scheduled -- that is for certain. Scooter: it could be June 2013 Scooter: when the Iraqi Banking reforms are scheduled for conclusion Scooter: nobody knows Scooter: but remember, the banking industry and governments are the BEST at misdirection Scooter: they will have you look to left and sneak through the back door and steal the cookie jar. Interviewer: Okay, one last question Scooter: I have one more in me Interviewer: What is your advice for dinar speculators and potential investors? Scooter: Haaaah! Scooter: I can't provide any advice as I'm not a licensed financial planner Scooter: however, Scooter: I will say this again --- there's far too much INTEL out there being provided, with the majority being incorrect Scooter: However, this is a great opportunity !!!!! Scooter: I won't deny that but I still treat this as something riskier than a penny stock Scooter: because it is. Scooter: and nobody knows what's going to happen for the exception of about 3 - 5 people Scooter: in the world. Scooter: but the good news is that there's strong tangible evidence that suggest the RV will occur., Scooter: Logic dictates that it's required sooner rather than later Scooter: That's it Interviewer: Anything else you'd like to add? Scooter: I don't think so --- I think I've bantered about for the last hour and a half Scooter: lol Scooter: lol Scooter: I'm good! Interviewer: Okay, thanks for your time and all of your research Scooter: I just hope this was helpful ! Scooter: You are so welcome FROM BONDLADY'S SITE THIS WAS BUMPED ABOUT TWO DAYS AGO (AT BL'S SITE) BondLady Chat with Scooter, Shredd and tlm724 4/25/2013 - Fri Apr 26, 2013 6:58 am tlm724 [bondLady] Welcome everyone! I would like to let all our new members know we now feature a 24 hour news forum. We have special threads set up with our special administrators player46 and oogie and bubbies with the afternoon and evening news thread as most know I bring the morning news in any where from 2 am on thru the late morning along with all our other posters and ms timmys coffee shop opens as she runs the news every morning at 6:30 cst am here in our chat room . Wake up and have coffee and news with us [bondLady] I'd like to welcome all our first timers here to BLC , we hope it won't be your last unless it rv's then see ya lol ,just kidding of course. We have put together an exciting chat for everyone. Shredd and Scooter, two very brilliant men will share their knowledge with us first. Welcome Scooter and thank you for being here [scoooter] thank you BondLady ! [scoooter] so I reviewed some of the IMF data and it mostly sounds like it's aligned with how it's supposed to be . One of the big concerns as well as one or two more relate to the oil sector of their economy and the underutilization of the existing workforce. See Iiraq's workforce has a tremendous demographic for example when comparing to China , China's populace is retiring and that means their consumption power is going downward not upward. India and Iraq on the other hand have upward moving populaces whereby the majority of their populace are in the prime working age. Now why is that so important ? Because we want the middle class to develop and grow and grow and grow. That's why it's discerning to find that 90% of their revenues is coming from oil, remember, this is a country where agriculture used to be the largest part of their GDP. With that said -- when you see they haven't diversified as quickly as they should have it's concerning particulalry when we know that the oil business is being worked from the foreign companies . [shredd] Agriculture is 8.7% now [scoooter] Their revenues continue to climb and that's good their investment budget continues to roll between 40% 45% which is stout and hefty but I'm wondering why we haven't seen the impact of that investment. Now with that said -- their monetary base continues to expand .Their Net foreign assets of the CBI is between 65 - 70 Trillion IQD and that doesn't include the numbers sitting in the NY FED there's several accounts that haven't been disclosed which should, in theory, drop right into their reserves we hope so --- I look at the economic conditions and the word sustainablity and capacity those words become even more important and the reason that is well, because even if they were to RV anything they have to ask several questions will it or can it be sustained and do we have the capacity to support that value. now in terms of the federal banks those banks should have been DEVALUED 5 years ago [bondLady] AMEN [scoooter] the assets on those books are way overvalued . Why is this important well -- you're not going to see anything happen to the DINAR until those banks have complete transparency and their balance sheets accurate, there won't be trust from the international investor otherwise... just my two cents so -- that brings us to now ---- and the talk of recalibrating those two banks , it's a good thing I'm just stunned the international community hasn't demanded it sooner so , they appear to be at the same spot as before but the statements from the CBI are getting stronger for this move. [bondLady] Yasiri: restructure the Rafidain and Rasheed includes four axes .. And will support the banking sector 20-04-2013 01:14 PM Baghdad (news) .. According to a member of the Finance Committee MP / National Alliance / Abdul Hussain al-Yasiri, that the plan to restructure the Rafidain and Rasheed by the International Monetary Fund includes four paragraphs of major help to support and develop the banking sector in the country. Yasiri said (of the Agency news ): The plan to restructure banks government Rafidain and Rasheed developed since (2007) and formed through a committee headed by the central bank governor and finance minister and head of the BSA, in cooperation with the International Monetary Fund. added: that the committee began its work, but did not achieve positive results and important in then, but later formed a committee composed of general managers in banks and representatives of the Central Bank and the International Monetary Fund and began their movement in earnest for the support and development of the banking sector in the country. explained: that the plan includes four axes including restructuring operating banks and strategic restructuring and re-evaluation of assets from cash to banks , as well as re-accounts banks and audited by the external auditor. , and pointed out that the government banks lack the modern technology in spite of the introduction of some technological Kalptaqh Smart and others, but it needs to techniques more to keep pace with the evolution in global banks. / End / 8.'s. http://www.ikhnews.com/index.php?page=article&id=82008 [shredd] Scoooter can I throw a question at you? [scoooter] Yes [scoooter] the external auditor will be key [shredd] regarding the above article that you are speaking about, this re-evaluation of assets [scoooter] because it won't be accepted until PWC is satisfied the IMF won't be satisfied unless that report is positive and they have accuracy [scoooter] Yes that revaluation or devaluation it will be devalued ,it has too [shredd] right, I get that part....so the revaluation of assets.....refers to capital backing of these banks, right? [scoooter] the assets are overvalued significantly [scoooter] Yes the assets backing the banks , correct [shredd] ok, and this work seems to be nearing completion [scoooter] that's my understanding at least. yes, but it's been there since 2007 -- and they have those little itty bitty items to complete it's the details that keeeeeel ya [shredd] right, so with the economic picture in iraq, how do you see this coming to close since they are gov't banks? re: timing [scoooter] what will happen is a complete reboot of their banks those two banks do approx. 80% of the banking in that country and the reality is they don't have enough banks to sustain the populace right now nor do they have the capacity so the thought was to bring the international community and their banks in that's a great idea and I think that would be good but where do they find the qualified workers to work the banks ? So imagine you're in a economy which is about to explode, the pressure is building and building and then booooooom the "then what" question pops ! what do I do now -- if they don't have enough banks to support the populace --- how can they get the massive transactional type system to stir the economy ? See, what Iraq has the ability to do is stir several volcanic economic eruptions. oh yes volcanoes [shredd] good ones [scoooter] now, the previous plan was too have several economic eruptions in several key vertical markets one being Agriculture, public sector construction, etc...they have plans already to build those million homes and with the construction multiplier you'll get three times the play on the Dinar thus calling them economic eruptions. I really need to coin that phrase lol. Shredd -- there's a brain dump my friend [shredd] Scooter, you are right, the economic stimulus ripples will roll fast [scoooter] they will --- indeed. it's like demolition putting the right explosives int he right spot to demolish the building in this case. It's building and nurturing long term sustainable growth [shredd] exactly. I hear your point on the banking structure but I believe it is there, plus, banking capabilities outside of the state and govt banks will support the secondary market for example [scoooter] So they need to diversify that economy and this will draw more to the capital markets I mean rightj now Iraq's capital markets are running at 5% of their GDP while Jordan on the other hand it's close to 200% of their GDP [shredd] agreed . yes and we've already seen that starting....a new large fund just went to market [scoooter] and that's sustanable .Shredd exactly but what's even more important is the establishment of the bond market that bond market will help the government be liquid [shredd] oh yes it will [scoooter] and that's kinda sorta important [shredd] indeed... ie sovereign bonds [scoooter] Yes --- the primary bond market will be consumed by the internal companies like insurance companies and utility companies and they'll probably be offered at a nice fat rate too I mean % . yes [shredd] yes and secondary will be financial products [scoooter] and again, they'll realize the multiplier and it's effects will be felt throughout their economy [shredd] Hello everyone and thank you very much for joining us. I want to thank Bondlady, Miss Timmy and Scooter for their valuable input. [shredd] I wanted to touch on a few things with the hope that it will be to the benefit of our valuable members. First of all, in my “report card” post from yesterday, I quoted the below line from an article and in it was this quote: [shredd] The Iraqi economy saw one of the fastest growth rates globally in 2012. It grew by 10.5% to just over USD 100 billion and is set to grow by more than 11% in 2013. Beyond that, Iraq is expected to continue to record growth averaging 9% in the years to 2017. The Government’s fiscal surplus will likely average some 4% of GDP, in spite of heavy spending in public capital projects and the oil and gas infrastructure. [shredd] What I really like about this is the projection that Iraq is expected to boast a fiscal surplus averaging 4% of their GDP. What many people overlook is the spending that Iraq is doing. Yes, they are growing reserves and yes, they are pumping more and more oil out and yes, investment is growing, but guess what………it takes money to fully overhaul a country and the bills are stacked high. [scoooter] yes That's exceptional growth and on top of that they've curbed inflation at a controllable rate [shredd] yes [scoooter] and they did this -- from a lot of learning but they did this with using the auctions as a primary tool to control inflation i think that's pretty cool actually [shredd] yes and I will bring that up in just a bit.... [scoooter] what's also important to note is the residual funds -- the 4% remember [shredd] yup. takin the words right out of my mouth [scoooter] Iraq's budgets for the past 4 - 5 years have had two sets of books they've had a proposed and then another one called approved the delta in those two allowed for the parliament to have two sets of working books one allocated at one rate and the other still using the nominal rate of exchange. now the question comes to mind What and where and how are they going to use those excess funds the residuals ? Because think about it if the budget called for oil at 65 but the true actual price was 85 per barrel that's a whole lot of excess funds. Where did they go and how were they spent ? so it will be interesting to see the next PWC Audit or the BSA audit for the prior years [shredd] This is a real promising projection and with all of the growth taking place in Iraq, it makes sense. This stability from the financial perspective is key in the investment of capital-raising sovereign debt opportunities. We saw in the report card that Iraq’s non-oil sector is 36.2% which is not too shabby in my opinion. [scoooter] WOW thats stellar compared to where they were [shredd] I knew you'd like that. that's as of Feb this year [scoooter] I do indeed SWEEET that's killer, now their in striking distance of the diversification they need [shredd] So where the heck is the RV? We’ve heard from some that say until stability in the government is achieved or until the conflict between the CBI and the government is resolved, we won’t see an increase in the Dinar’s exchange rate. Well, let’s define the issue shall we? Three factors really are at play regarding the conflict between the government and the CBI during the last three years: 1. Independence of the CBI per the Constitution (and Central Bank Law) 2. The position of both Shabbs and Turki to not lend to the government 3. Growing size of international reserves [bondLady] unfrozen funds from all over the world [shredd] yes [scoooter] correct [shredd] Others have been focusing on the auctions as an indicator for where the elusive RV is. To clarify, the purpose of the auctions is to manage the exchange rate by controlling the supply. [shredd] Scooter, I'd like your thoughts on this part: [shredd] Some of you may not know this but when the auctions take place, two types of transactions take place; International transfers and cash payments. International transfers, which make the majority of transactions, are intended mainly to finance imports by the private sector. Cash sales serve to meet other financial needs such as payments for travel, medical expenses, etc. That all said, fluctuations in the sales on the auction floor are simply targeted transactions to manage the exchange rate differences between the street and the official rate. Don’t believe the hype that the auction results can tell us the RV is close. The only exception is once the Dinar is on a market-driven free float, the auctions will cease but by then, we will all know already that the Dinar revalued! [shredd] thoughts on that part Scooter? [scoooter] ok just absorbing a little bit. First the transactional based system in play.The iraqi's and the central bank have completely revamped those systems they are state of the art and will allow for full mobile technology to be deployed there's a reason for this but will hold off for right now. now these systems were there for several reasons but the population itself --- there were huge trends occuring and occuring quickly , one the Smart Card type of scenario it was modified to support those types of electronic transactions before the Iraqi's were primarilly a hard currency economy. So the new system was built for the Smart Card. The company that developed this stuff is out of South Africa and have a dynamite product . not only for the smart card -- supports medical, insurance, banking etc....but also handle the mobile technology what occurred with Iraq became liberated is the young population adopted cellular technology like crazy!!! With the adoption that occurred -- the banking systems needed to adapt to this now, with that said back to your question [scoooter] the auctions results and the free float and the value when more transactions take place whether they stem from mobile, or a smart card, or cash the adoption of those will stir usage by the populace to actually set up bank accounts. why is that important ? think about a young couple trying to purchase thier first house they start establishing credit and they do this more efficiently with smart cards and mobile techinology the more transactions they make the better and money just mulitplys throughout the economy. What was the question again? hmmmmmm but remember this is a cash society right now and they need to get people educated and they need to get the swirl of economic explosions occuring and they help facilitate this by providing tools to accomplish this goal [DogzNova] will the auctions show the RV [bondLady] the auctions don't show the true worth of the dinar so I doubt it [scoooter] No they help in Supply and faciltate control over inflation [shredd] right [shredd] I'd like to move into the free market economy topic [shredd] Lastly, I wanted to remind everyone about the goal in front of Iraq of ascending to the WTO. Like I had stated in an earlier chat that I refreshed today , Iraq must get to what is called a “free market economy”. A free market economy is a local economy where supply and demand calls the shots. The greater reality is the intervention by the government is rare. In a free market economy, exchange rates are not pegged (or managed) by the government but rather fluctuate based on the demand of the currency and especially in Iraq's case, the supply of the currency. [shredd] Scoooter thoughts? [scoooter] correct --- ummmm --- they desparately need to get the government out of the way and let natural forces come into play however, here's another reason for diversification. The government is spending and receiving 90% of its money from oil now -- how does that impact the local economy when all the oil jobs are farmed out to foreign workers.Tthe money isn't staying in the local economy and so what happens to supply and demand ? if the demand isn't there, supply will follow . So to relate this to the IQD you can follow the money trail and determine yourself my hope is that this will change and change quickly . ok -- does that make sense regarding supply and demand on the currency ? [campdav] How could Kuwait have the most expensive currency in the world and what is their economy outside of Oil? [scoooter] KU has several items that don't get discussed often enough, one is that KU population , it's small and they are educated and the money gets multiplied within thier country [campdav] 3 Million. yep 1/10 Iraq [scoooter] the other item they use a different equation to value their currency [campdav] Each KU $80,000 per year citizen [scoooter] the other GCC countries are looking to adopt this equation they moved from the peg to the dollor moved away to a more free market approach there's several other reasons for KU's delta but we'll get to that over time [bondLady] I have a couple of things to add per what shredd and scooter were talking about too. This was something I pulled from our archives here at BLC. Just to make you aware, sometimes to see the future or present situation you must look back in history or the past. The Iraqi dinar has all reasons to grow stronger,' says Prime Minister Source: BI-ME with Aswat al-Iraq , Author: Posted by BI-ME staff Posted: Fri March 5, 2010 7:01 pm IRAQ. Iraqi Prime Minister Nouri al-Maliki said earlier this week that the process to re-evaluate the Iraqi dinar has to do with economic conditions which have to be strengthened, reported news agency Aswat al-Iraq. "The Iraqi dinar has all the reasons to grow stronger thanks to an increase in revenues and development of the economy," Maliki said in response to some questions through the National Information Center. "The government would not rush matters but would rather work on finding all the guarantees to render this measure a success. The Central Bank of Iraq (CBI) is currently entrusted with drawing up a study on the whole issue and would give its decision soon," said the Iraqi premier. [bondLady] The Iraqi dinar's exchange rate is suffering from low value against foreign currencies as a result of decades of wars and economic embargo that brought the local currency's exchange rate to the rock bottom from three dinars per dollar in the late 1970s and 1980s to 3,000 dinars per dollar after the 1990 invasion of Kuwait, followed by a 13-year crippling sanctions regime. [bondLady] please take note of the date 3/5/10 [bondLady] The exchange rate fell even more after 2003 to reach 1170 dinars per dollar due to the CBICBI's policy of daily auction, in effect for more than five years now. The policy was lambasted by several economists on the grounds that these auctions do not give the real value of the country's local currency. [bondLady] The policy was lambasted by several economists on the grounds that these auctions do not give the real value of the country's local currency. http://www.bi-me.com/main.php?id=44880&t=1&c=17&cg=3&mset=1031 [bondLady] Like I said I brought these out of the archive crypts to show you the future plan here [tlm724] outstanding ! [campdav] BondLady Great points!!!!!!!!!!!! [scoooter] Exceptional points! [bondLady] and we're seeing so many things from 2 to 5 years ago finally coming to pass. I have a few more things to offer as well... shredd you or scooter have any coments per that article before i proceed ? [scoooter] Nope -- I think Maliki's comments are dead on [bondLady] Let me grab the next thing. Speaking of Maliki these words are his as well... PM: Iraqi dinar re-evaluation has to do with economic conditions Text size 28 February 2010 Iraqi Prime Minister Nouri al-Maliki said on Sunday that the process to re-evaluate the Iraqi dinar has to do with economic conditions that have to be strengthened. "The Iraqi dinar has all the reasons to grow stronger thanks to an increase in revenues and development of the economy," Maliki said in response to some questions through the National Information Center. "The government would not rush matters but would rather work on finding all the guarantees to render this measure a success. The Central Bank of Iraq (CBI)Central Bank of Iraq (CBI) is currently entrusted with drawing up a study on the whole issue and would give its decision soon," said the Iraqi premier. The IQD is in the forex market (un- marketable) It obviously will not... by Mark Duncan More Comments by the Community The Iraqi dinar's exchange rate is suffering from low value against foreign currencies as a result of decades of wars and economic embargo that brought the local currency's exchange rate to the rock bottom from three dinars per dollar in the late 1970s and 1980s to 3,000 dinars per dollar after the 1990 invasion of Kuwait, followed by a 13-year crippling sanctions regime. The exchange rate fell even more after 2003 to reach 1170 dinars per dollar due to the CBICBI's policy of daily auction, in effect for more than five years now. The policy was lambasted by several economists on the grounds that these auctions do not give the real value of the country's local currency http://www.zawya.com/story/ZAWYA20100301063801/ [bondLady] thats from 2/28/10 [scoooter] yep -- their whole middle class that was formed from the 50's to the 70's was completely demolished -- there was no consumption occurring in their economy -- hence the reason he's referring to economic conditions have to be strengthened [shredd] Scoooter yes but a hard number to define (strengthened economic conditions) [bondLady] I have another blast from the past for both Scooter and Shredd to look at it and comment about how it works in with the current news going on Our aim is to establish a forward market in Iraqi dinars in the near future,’ say finance officials Iraq plans to establish an interbank foreign exchange market and dinar forward market and to step up its treasury bill activity in 2010 to help plug continuing budget deficits and foster treasury and foreign exchange markets, the Central Bank and Finance Ministry said in a submission to the IMF. Iraq aims to develop foreign exchange markets outside the framework of dollar auctions currently conducted by the Central Bank, a letter of intent submitted to the IMF for a US$3.6 billion standby arrangement said. Iraq said it would not return to a budget surplus until 2012. “As our financing needs in 2010 will still be substantial, we will step up our efforts to mobilize domestic financing through the Treasury bill market,” Iraq’s Central Bank head and finance minister wrote. “To that end, we will conduct regular auctions, and refrain from cancellations, while allowing interest rates to be determined by the market. This will have additional benefits by determining a benchmark interest rate, while the development of a secondary market for treasury bills will allow banks to improve their liquidity management.” “They are going to shift to building a local market, they have ample cash, loan-deposit ratios are very low and they will benefit from oil,”Turker Hamzaoglu, emerging market economist at BoA-Merrill Lynch, told Reuters They have to develop a domestic bond market but it’s still baby steps, it’s still too early, it’s not even a frontier market,” he said, adding that Gulf Arab and Lebanese investors could be interested in Iraqi domestic paper. Central Bank Governor Sinan al-Shibibi and Finance Minister Bayan Jabor said in the letter to the IMF that the country planned to introduce a sales tax, as a precursor to a Value Added Tax, “in the coming years”. Iraq’s gross domestic product expanded by 4% in 2009 compared with almost 10% the year before, their submission reported. GDP growth would rise to almost 7% this year and 7.5%-8% in 2011 and 2012, they said. That improvement would be rooted in an increase in Iraqi oil output to 3.1 million barrels per day by 2012, from around 2.5 million bpd now, and exports of 2.5 million bpd, compared to just over 2 million bpd now. That outlook might be conservative following the signing of 10 multibillion-dollar deals with global oil firms to develop Iraq’s vast reserves. If all the deals work out, Iraqi oil capacity could soar to 12 million bpd in six to seven years. “The CBI will continue to be independent in the pursuit of its policy objectives. The CBI’s monetary and exchange rate policies will continue to be aimed at keeping inflation under control and safeguarding international reserves,” the submission said The banking sector is in urgent need of reform to foster financial intermediation and enable banks to contribute to the development of a strong private sector. With the help of the World Bank and other international agencies, Iraq has developed a banking sector reform strategy, it added. [bondLady] Iraq is committed to strengthening the management of international reserves by moving ahead with the implementation of new reserves management guidelines that were adopted in early August 2008. Iraq will follow the guidelines to diversify currency composition and establish appropriate duration and credit risk, build capacity for risk analysis, and work towards establishing a dealing room”. The IMF submission said Iraq’s Central Bank planned to create a foreign exchange market outside the framework of regular dollar auctions now conducted by the bank. The bank uses the auctions to set the exchange rate, which has been held at 1,170 dinars per dollar for many months. “To improve the functioning of foreign exchange auctions, we plan to develop organized exchange markets outside the central bank, including an interbank foreign exchange market,” it said. “Our aim is to establish a forward market in Iraqi dinars in the near future.” http://www.bi-me.com/main.php?id=45051&t=1&c=17&cg=4&mset=1011 BondLady] comments? You both covered a lot of this already as to their progress, I just wanted to show shabbibi said these things we see happening now 2-3 and 5 years ago [shredd] controlling inflation/managing exchange purpose of the auctions [scoooter] What will be interesting is to see what happens when they hit the OPEC limit of 4 mbpd [lightingcslt] Scoooter I beleive they there already [scoooter] That will be interesting because of Saudi influence and Iran [bondLady] They are right on the point for that too scooter [scoooter] Really [bondLady] 3.9+ yes [scoooter] I just say something that said 3.8 hmm sorry [bondLady] actually OPEC has given them an increase to export [shredd] yes they will be close by end of year [scoooter] really hmmmm-- that I didn't know -- I wonder where that oil will be refined ? [bondLady] they are in process of building there own refineries as well, huge ones, also they are piping it to near by countries to refine as well [bondLady] I'id like to move the topic to the remove the 000 from the dinar please and I have 2 last things per that and then ms timmy will setttle the guru arguement about Presidentual Executive Order 13303 [bondLady] Central Bank plans to raise zeros from the Iraqi currency 2010-02-07 15:06 Economic - of the Iraqi Central Bank plans these days on the implementation of the strategy to delete the zeros of the Iraqi currency and small face value and keep the cash value and purchasing power without causing any economic Atrapat may occur over this strategy. The Economic Adviser in the Central Bank of the appearance of Mohammed Saleh in a statement that the current year will witness the launch of this strategy, the Bank completed 50% of the preparations that are working on since 2005 .. Saleh pointed out that the strategy based on the principle of gradual substitution of the Iraqi currency with another is lower than in the nominal value, and pointed out that the positives of this strategy is that it will be less expensive and easier to trade. http://www.aljewar.org/news-21704.aspx [bondLady] note the date....2/7/10 [bondLady] They were ready 3 years ago but the people freaked so shabibi said I'll delay it until next year 2011 and again the people freaked ,scared of failure and Iraq has one shot to get this right ! The future of Iraq depends on that so I've noticed with Iraq everything with them takes 2 years! Unless they freak then they delay which is what they have done since close to 2005 Central Bank: It is time to re-evaluate the currency, commensurate with the price changes and the wage in the economy الثلاثاء 19 نيسان 2011 15:58 GMT Tuesday, 19 نيسان 2011 15:58 GMT .. May not remain there is a need to act for this counter so quickly if applied to the central bank project by deleting three zeros from the Iraqi currency .. . Bank, which sets monetary policy for the country confirms that it is time to re-evaluate the currency to suit the changes in the wage-price and economy. appearance of Mohammed Saleh / adviser to the CBI: Iraq after five years on the verge of producing a large oil 6 million to 12 million barrels of Iraqi oil would be a regional power in the management of energy in the world and will be the proceeds of a large system and the current cash management system currency in this way is a product of phase lag like it or not needed reform the management of currency after five years claimed the block becomes large cash) Shops, banking companies were not enthusiastic about the project, which says that its application may cause economic problems or technical unnecessary at the present time. Shop owner Banking (Mo is the time because if Mistqr country's economy and stabilize exchange rates, buying and selling of the dollar Menkdr use the lifting of the zeroes) Shop owner Banking This thing we Menkdr TOGETHER we identify the issue depends on the application may show problems then the possibility of fractures disparity of individual things and things hobby art) As for the citizens, the deletion of zeros memory bring them back to the days of the power of the Iraqi dinar which is welcomed by some, while others appeared unconvinced by the possibility of its application Citizen (God, Kalash Aoki suggested raising of the Iraqi economy and brings us back the dinar money days before the God who commissions Tasirlh value and purchasing power and the States they are) Citizen (Is the same thing if the lifting of the zeroes is the dinar Maltna and even abroad Mahd originally received by) Citizen (For the lifting of the zeroes FD Shi logical because the allowance Maiasir trillion words become even billions of people Fhm) As for the economists Vitmonon The theme of the deletion of zeros will not make a difference in handling cash or in any way affect the Iraqi economy unless they take into account the changing value of exchange in relation to the dollar Ali gnathion NA / Economist: ( (This is an administrative process involving the central bank itself in the management of currency and the economy will remain only if the change rate of the Iraqi dinar for example, now is a dollar in 1180 JD permissible if Swoh means three whistle 118 or you will be 1.0 that Alukt if it has become one break zero dinar to the dollar means to improve the purchasing power of the dinar) [bondLady] And show the Iraqi Central Bank reservation of criticism and reactions that have been raised about the project to delete the zeros from the currency, noting that his project is based on a thorough study to serve the Iraqi economy will be the case ended, the Council of Ministers and House of Representatives. http://www.alsumaria.tv/news/40812/%d8%a7%d9%84%d8%a8%d9%86%d9%83-%d8%a7%d9%84%d9%85%d8%b1%d9%83%d8%b2%d9%8a-%d8%a2%d9%86-%d8%a7%d9%84%d8%a3%d9%88%d8%a7%d9%86-%d9%84%d8%a5%d8%b9%d8%a7%d8%af%d8%a9-%d8%aa%d9%82%d9%8a%d9%8a%d9%85-%d8%a7%d9%84%d8%b9 [bondLady] comments? [scoooter] yea -- that's the hybrid type of model that would work introduce the new while market forces drive the value up because it will take them time to get and retrieve the larger notes they suck in all the big notes use them for interbanking facilities and transactions then send the smaller notes out to the populace [bondLady] taking note that this article is 2 years old March [scoooter] and it will be inevitable the value will be driven forward . yep -- I agree with what their saying there it makes complete sense [bondLady] they also just today posted a article about destroying the 000 notes as they bring them in as well [scoooter] there will be a lot of "soiling of notes" taking place, they will burn a lot of those notes and replace the liability with electronic funds [bondLady] lastly for me is the DFI fund set to expire from what transpired in 2011 per the DFI and debt owed and creditors and law suits. Here we are again 2 years later and its set to expire again on May 22, 2013 [bondLady] this is a heads up basically, a look through the past to see what to expect here shortly and whats been done to date Central Bank: Iraq Will Use the IMF to End the File of Commercial Debt 06/04/2011 11:48 Baghdad, April 6 (Rn) – The Central Bank of Iraq adviser said Wednesday that Iraq will use the IMF to end the file of commercial debt after the end of the Trusteeship internationalism on Iraqi funds in June next year. He said the appearance of Mohammed Saleh told the Kurdish news agency (Kaniwz) that “the Central Bank of Iraq will use the advice and the opinion of the International Monetary Fund and World Bank to end the file of commercial debt which is supposed to be resolved by Iraq through a clear plan.” He continued that “the Committee set up by Iraq to develop a legal study to prevent any danger to his money, and established a mechanism for coordination between them and the International Monetary Fund to prevent any violation of these funds and in accordance with the Paris Club agreement [bondLady] The Paris Club is an informal group of financiers from 19 countries of the world’s richest countries, notably the United States, Britain, Australia, Italy, Japan, the Netherlands, Germany, Ireland, provides service to cancel debt for debtor and creditor countries. The IMF had identified the names of those States, after alternative solutions have failed, with the change of methods of payment of outstanding debt. Mohammed indicated that “Iraq will continue to grant debt to commercial companies and businessmen who claim they are asking Iraq according to international action in the payment.” On 6 March last, the central bank that Iraq follow the high political level in the debt economy, it did not face legal problems, as announced on 23 February that Iraq paid the debt 3500 credit commercial value of $ 2.7 billion as a means to protect his money, foreign manipulation of the trading companies. It is hoped that Iraq shall submit to the UN Security Council a detailed report in May next looks for the most important pillars of the protection of Iraqi funds. [bondLady] Revealed the Iraqi Finance Ministry on the seventh of January last, the work of the Committee to Protect Iraqi funds abroad will be secret, to avoid the fictitious companies which Iraq claims it requests funds. The Ministry of Finance of Iraq, the first of last January that “the Commission on technical government took over the development of mechanisms to protect Iraqi funds in foreign banks, after the UN Security Council resolution mid-November last, who spent lifting of protection for the money to Iraq the end of June next . The UN Security Council voted unanimously in mid-January last three resolutions concerning the lifting of the embargo imposed on Iraq on the import of nuclear material for peaceful purposes, and cancel the oil for food program, also extended the immunity of and for the last phase compensation imposed under Chapter VII until the end of June / June. The former Iraqi president Saddam Hussein ordered the invasion of Kuwait in 1990, and the impact of sanctions imposed on Iraq from the international community and put under Chapter VII, which makes it a country threatening world peace and security. Included international sanctions prevented the import of chemicals, nuclear technology that could be used in a secret nuclear programs, chemical and biological weapons. Has allowed the United Nations in 1995 for Iraq to sell oil in return for food, called “oil-for lunch.” Allonan of Jafar, the Open: Wafaa Zangana http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http://www.aknews.com/ar/aknews/2/215456/&rurl=translate.google.com&twu=1 [bondLady] question.........does it affect us as investors one way or the other whether the DFI funds stay in protection mode with us or some other country or does it affect us if Iraq takes it back ? comments please [scoooter] the U.S. courts alone will open up a can of "whoop-axx" in the amount of $100 Billion if they aren't protected, this one is a tough one -- not sure how they are going to handle it [shredd] Scoooter what part? [scoooter] Well -- first the paris club doesn't include many of the middle eastern countries in fact their debt to their neighboring countries is almost equivalent to the paris club members now they've been paying that down considerably but the amount owed to other countries would be staggering if they don't protect those funds. jmo now I've been out of the loop of information for some time but I can't imagine the rules of engagement have changed that much [bondLady] they don't want creditors and law suits coming out of the woodwork to slap holds on it for sure [scoooter] here's the other item to consider those funds were confiscated in 1990 at what rate were they confiscated at ? [lightingcslt] 3.22 ? [scoooter] nope [shredd] Scoooter the Paris club in its design was brilliant and imo the consolidated plan for iraq's success contingent on their growth will fulfill its purpose [scoooter] some of them may have been [lightingcslt] true [scoooter] Yep -- it consist of the credit worthy nations of the world and they forgave 80% of the debt but the neighboring countries pretty much said NO WAY! so they've been working on that debt -- nation by nation [bondLady] it wasn't for lack of begging on Iraqs part [scoooter] and they've done a great job on that [campdav] Confiscated rate please? [scoooter] it varied in price I saw some from england at 2.51, I saw Egypt at 3+ , I saw some derivatives at 3.22 but it's all over the map [DogzNova] the IMF has the rate in 1990 SDR at April 30, 1990 2.46985 [scoooter] Saddam really really screwed his people on this [scoooter] Thank you Nova! ok -- I need to run

I AGREE LGD, ESPECIALLY WHEN YOU CONSIDER HOW MANY IRAQI'S SMOKE (TARIFF'S HIGHER ON CIG'S ALCOHOL, ETC - LUXURY ITEMS) - THANKS FOR THE ARTICLE!

Documents "information" published the text of the initial report of the massacre Spyker Date: 03/04/2015 17:12 Information / Baghdad / .. got the agency ".almaloma" a copy of the initial report of the massacre base "Spyker" which for reading in the House of Representatives on Monday and came in that the report was "in the Base Speicher in Tikrit, a number of mattresses volunteers during the months of April and May of the year 2014 for the purpose of completing their training and bridging the lack of Salahuddin operations of the newly formed illusion of 1300 member, "noting that" the number of missing installer in Spyker incident was in 1721 ". The report that "there are a number of officers high-ranking and after they are sworn reported that there is an order issued by the Before commander Salahuddin operations granting leave of 15 days for the soldiers and then attend to Camp Taji. " The report, "said the Commission decided to return the report to the investigative committee in the legal department of the Ministry of Defense to address the deficiencies and checking and completion of the investigation and urged the security agencies to get to the facts and locate neighborhoods . " The full text of the report of the massacre Spyker below: IF YOU GO TO THE WEBSITE (LINK IN TITLE OF ARTICLE) YOU CAN SEE THE ARABIC DOCS OF THE INITIAL REPORT(DV WON'T ALLOW ME TO POST)

Seven years after the issuance of the provincial law Thieves Green Zone still refuse to give up the central and even after 70 years Published March 4, 2015 | By Justice News Jubouri: third amendment to the provincial councils will be discussed in the Council of Ministers for approval Tomorrow Press / Baghdad: The Minister of State for Provincial Affairs Ahmed al-Jubouri, Wednesday, about the presence of modified third on some paragraphs of the provincial law, stressing that the law will be discussed within the Council of Ministers for approval and send it to the House of Representatives. The Jubouri for "tomorrow Press", that "special laws ministries restrict the transfer of powers to the provinces, "explaining that" the transfer of powers from the ministries to the provinces arrived in the middle of the road by 50%. " He Jubouri that "the government is determined to transfer powers to the provinces for decentralization." The Iraqi Prime Minister Haider al-Abadi, said his government are looking for ways to make the transition to decentralization and devolution of powers to the provinces. ** http://thejusticenews.com/?p=36385

Araji confirms continue to re-commissioning and restructuring independent bodies 03/04/2015 13:49 Awan / Baghdad Deputy Prime Minister Bahaa al-Araji, on Wednesday, to continue to work within the government and the political blocs to restructure and re-commissioning of independent bodies form in which they can exercise their constitutional role for the benefit of Iraq, while explained that the quota system would not be a substitute for professional integrity. They said in a statement received "time", a copy of "A work in progress within the government and the political blocs for reassignment and restructuring independent bodies form in which they can exercise their constitutional role for the benefit of Iraq and the Iraqis," he said, adding that "the quota system will not be a substitute for professional and integrity this time. " Araji said, "It's okay to be the candidate of a particular political blocs, but not at the expense of the objective conditions", stressing said: "We are determined to end these files that were the cause of poor service delivery, and find some kind of political balance." http://awaniq.com/ar/news/16760/%D8%A7%D9%84%D8%A7%D8%B9%D8%B1%D8%AC%D9%8A-%D9%8A%D8%A4%D9%83%D8%AF-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D9%85%D8%B1%D8%A7%D8%B1-%D8%A8%D8%A5%D8%B9%D8%A7%D8%AF%D8%A9-%D8%AA%D9%83%D9%84%D9%8A%D9%81

Wednesday 04 March 2015 - 01:50 Iraqi judiciary is an office to achieve a special entry and forging passports attributes The federal judiciary has announced the formation of the Office of judicial inquiry into the Palace of Justice in Baghdad / Rusafa seen rigging in and passports attributes issues. The judge said Abdul Sattar Bayrakdar spokesman for the judiciary told N. news reporting that "based on the requirements of the public interest, decided to form the Office of judicial inquiry into the Palace judiciary in Rusafa. " Bayraktar said that "this office specializes investigation into the falsification of visas and passports issues associated headed resume Federal Rusafa court." It is noteworthy that the judicial authority of the Federal previously announced the formation of a "court passports" at the time and which are in the custody of the presidency to resume Rusafa to ensure workflow and streamline the look suits this court of two judges nominated by the President of the appeal, rather than a single judge.agency N. special http://www.non14.net/59274/ Thanks to Mr. President of the Federal Judiciary 03/03/2015 10:19:00 Greeting of respect and appreciation for the prestige Karim On the occasion of the adoption of the First Amendment to the law judicial investigators No. 80 concessions for the year 2012 progresses sons of the Department of Public Relations and Legal Affairs staff prestige Karim my sincere love and gratitude you for your tireless efforts and determination loving sons courier to offer Maysahm to achieve their dreams of a decent life resulted from this done which is added Mahakqtamoh to the judiciary during this period from the date of the new Iraq We ask that the Lord bless you and pay off your path to achieve Maver good and progress of the new Iraq and to your sons of members of the judiciary http://www.iraqja.iq/view.2739/ Department of Public Relations and Legal Affairs The first amendment to the law judicial investigators privileges No. (80) for the year 2012 March 02 .2015 Behalf of the people Presidency Based on Maagherh the House of Representatives and approved by the President of the Republic and on the basis of the provisions of clause (ii) of Article (60) (I) of Article (61), item (iii) of Article (73) of the Constitution. Issued the following law: No. () for the year 2014 The first amendment to the law judicial investigators privileges No. (80) for the year 2012 Article 1 amends the name of law and form reads the following: privileges and allowances of the employees of the Judicial Authority Law. Article 2 cancels the text of Article 1 of the Act and replace it Mayati: Article 1, A judicial investigator and Associate judiciary and all employees of the judiciary gives allocations seriousness of $ (500,000) five hundred thousand dinars per month. B gives all employees of the judiciary professional allowances amounting to 75% of the nominal salary. Article 3 cancels the text of Article 2 of the Act and replace it Mayati: Article 2 deserves judicial investigator and associate justice of all allowances and privileges granted to employees of the judiciary. Article 4 The text of Article 3 of the Act and replace it Mayati: The Supreme Judicial Council, set at least 7% seven per cent a year from investigators and collaborators judicial campaign bachelor's degree in law who meet the conditions of appointment stipulated in the Judicial Organization Law (160) of the year 1979 the rate of judges who have the service in Iraqi courts for at least (10) years after passing a preparatory course in the judicial Development Institute. Article 5 of this law shall be the date of its publication in the Official Gazette. Reasons In order to interest in the work of employees of the judiciary and the burdens placed on them during their work in the courts and to improve the standard of living for them and in order to motivate them to provide the best and gave them allowances Ngném for any other work to Ainsjm with acts of their job, and in order to increase the number of judges in the judiciary to do big tasks placed on these courts. Initiated this law http://parliament.iq/details.aspx?LawIDF=6681

CBI announces that he has tendencies to increase gold reserves basket March 4 2015 CBI announces that he has tendencies to increase gold reserves basket Follow-up/newspaper of integrity The Central Bank said Wednesday that it has tendencies to increase gold reserves, the basket he moves the basket almost daily. The relationship between Bank Governor said, in a statement obtained by the newspaper of integrity, Wednesday, the Central Bank "tendencies to increase the proportion of gold in the Bank's hard currency reserves," Noting that "the issue of purchase and are subject to ongoing study." He said that "the Bank moves the basket almost daily to determine the value of currencies, interest rates and the bond market, securities and gold". And the World Gold Council announced in January 2015 that Iraq ranked 37 world gold reserves and fifth regionally, with the Iraq gold 89.5 tons. The Central Bank decided on 23 January 2014 minted a variety of gold bullion from the weights (50 g and 1000 g) for sale to dealers in gold, investors and the community interested in Iraqi dinars. And the Governor of the Central Bank of Iraq on Al-allaq, Tuesday, a new currency auction mechanisms, noting that much of the hard currency is being smuggled out of the country as well as on corruption. finished 9 http://alestiqama.com/?p=155309

D. Kamal Al-Basri *: an open letter to the Minister of Finance Hishaar Zebari message - PUBLISHED ON 23.02.2015 HE the Minister of Finance Mr. Hoshyar Zebari, Esquire Thread / transparency of the federal budget Nhdakm my best greetings ... We are writing to you hoping that your covenant achieved on a single mission of the vocabulary of good governance of public money application. Budget Transparency Foundation (www I have posted. Internationalbudget.org) on ​​01/22/2013 for evaluation of the transparency of budgets in the countries of the world, and it was Iraq sequence for other countries is low (in the last peace), a condition that does not fit with Iraq as a democratic reputation (of functions of public access to the government's policy to dispose of public money) in the previous political era Taatattabr budget, especially the political leadership ordered the details alone. The weakness of budget transparency indicators in Iraq is not due to the existence of legal difficulties or technical capabilities within the Ministry of Finance, but not to realize the importance and priority. You have already Iraqi Institute for Economic Reform said the 2008 is definitely on the necessity of adopting the Ministry of Finance the principle of transparency in the preparation and implementation of the federal budget, and in 2010 obtained the support of the Minister of Finance to appeal, but the ministry Ajhzat defaulted on the implementation of it! What is required to play the Finance Ministry to publish all the budget and are accessible to citizens and all stakeholders and the issuance of the citizen that demonstrates the federal budget is simplified for all citizens budget booklet documents (in the past year, the volunteers Institute to issue "balancing citizen" was donated to the ministry did not find our initiative any echo of by the Ministry of Finance). That the absence of budget transparency is incompatible with the spirit of the Constitution (which states that public money belongs to the citizens), and with the international commitments of Iraq transparency information. The lack of transparency contributed to the inefficient use of public money, and then widening the gap between the home and the political elite. That needs to be done is simply to disseminate information issued by the Ministry of Finance, which annually, according to the law of financial management and the website of the Ministry. Currently at universities and research centers can not take advantage of the budget to contribute to the preparation of the economic reform studies, for example, the face of the institute more than one application to the Ministry of Finance to clarify the amount of government support for energy, especially oil derivatives ... and as usual neglect such requests !! The continued decline in the transparency of the federal budget index, along with high corruption index, and the failure of economic business issued by international institutions that indicators (Doing Business Survey) Iraq will be deprived of investment companies sober opportunities in the Iraqi economy, which is contributing to the block the transfer of technology and advanced management practices to develop the sector the public and private end worst. In addition to the foregoing that transparency is Ahadday vocabulary of good management and governance necessary to support the rule of law and the fight against Alvesadh and raise the efficiency of overall performance, and otherwise difficult to achieve progress in the implementation of good governance and raise the global credit-Iraqi indicators. In order to Ataatkrr experience of past years, we recommend the establishment of the Ministry of Finance to issue the adoption of the following financial documents (as stipulated by the Financial Administration Act): A pre-budget report (budget): a strategy which includes the offer of economic and fiscal policies of the government objectives in the medium to long term, and shows the income, expenditure and deficit or surplus and debt projections, (should this report be published one month before the offer budget) project. ( monthly reports : show monthly progress reports on implementation of the budget, as it should be issued within ((three weeks)) from the end of each month, including the amounts of revenues and expenses every month and in the time that passed from the public until the reporting date, and should be compared numbers what is expected from the monthly income and expenses, and should include information on the reports Olaguetradi government activity. C- mid-year report: This report provides a comprehensive overview of the implementation of the budget and the performance of the budget for the current year and for the fiscal years following, at least, must be issued within six weeks from the end of the first half of the fiscal year, This report contains a comprehensive discussion of the assets of the government's financial liabilities and assets is Financial allocations retirees and emergency salaries, that disclosure of the impact of any government decision, or any other circumstances would be left to materially impact on the budget. W end of the year: report is a document of basic accountability of the government and should be subject to scrutiny by the highest institution in the field of audit and issued within six months before the end of the fiscal year. The report shows the extent of compliance with the level of income and expenditure approved by Parliament in the budget, and any amendment to the original budget during the year, and submit to the corresponding formula for quite a formula to provide the budget.The report also contains documents relating to the non-financial performance targets and the actual results that have been achieved, the total expenditure data formats and deduct income allocated costs users clearly, the tunnels data by the administrative body, and a comprehensive discussion of the assets. , Taking into consideration the confirmation Law Financial Management, which states explicitly on three separate paragraphs with transparency in budget preparation and execution, may be considered non-observance of the subject without unjustified violation of the law. We all hope you find our sympathy .... Yours appreciation and respect (*) Member of the Board of Trustees of the Iraqi Institute for Economic Reform 02/11/2015 Download PDF http://iraqieconomists.net/ar/2015/02/23/%D8%AF-%D9%83%D9%85%D8%A7%D9%84-%D8%A7%D9%84%D8%A8%D8%B5%D8%B1%D9%8A-%D8%B1%D8%B3%D8%A7%D9%84%D8%A9-%D9%85%D9%81%D8%AA%D9%88%D8%AD%D8%A9-%D8%A7%D9%84%D9%89-%D8%A7%D9%84%D8%B3%D9%8A%D8%AF-%D9%88/ just posting for research/for later

this is what i got for this word - i'm sorry it'll be no help "the secret of the refuge"

A press release from the Iraqi oil minister - PUBLISHED ON 03.03.2015 Ministry denies oil -bulsan and Zerha- what appeared in the media that the ministry is negotiating to convert licensing contracts to sharing contracts or they negotiate for the granting of new oil patches on the basis of participation .. and talk about joint ventures (JV) did not exceed the founding companies of the government stake in partnership with companies national or foreign, for the implementation of and to strengthen national capacities in the field of exploration or drilling and pipelines, reservoirs and refineries or extraction of associated gas, for example, "the Basra Gas Company," where government partner retains 51% of the shares of the company Shell and Mitsubishi and retain 49% of the shares, or in Distribution and fuel stations and import derivatives areas, etc. The ministry estimates that completely licensing contracts was an important step for the development of Iraqi oil, and gas production. And it's natural that highlights some of the obstacles and shortcomings, especially with a new experience, and after more than 5 years after the application. Before the formation of the current government underwent some modifications with some companies, where the peak rates and reduced the proportion of government partner to 5% instead of 25% and extended the time periods for decades. After the formation of the government emerged two problems Dhaguettan .. are the accumulation of dues companies and the collapse of oil prices. As accumulated companies during 2014 dues of about $ 9 billion .. and benefits (costs + profit) factor for 2015 estimated at up to $ 4.5 billion for each chapter of the four-year, or about $ 18 billion (estimated cost) .. and what monitoring budget barely covers dues 2014. Therefore, the ministry anticipated events and included in the budget law allowing them to claim Messrs Prime Minister and Minister of Finance firing treasury bonds by $ 12 billion, which would reassure companies on their dues, in order to prevent the consequences of damaging the parties, so as to enhance mutual trust and protects Iraq's reputation and its ability to fulfill its obligations, and opens the door to negotiate a positive ambience, to reach the best formulas, that fit what has been deduced from past experience current and realistic conditions, and allows the commitment to programs agreed upon, and the removal of the largest size of the obstacles and shortcomings. General and lines, the ministry negotiation companies are now in the direction of the return of the government partner's share to 20-25%. Add to discuss production programs and rates peak periods execution of contracts, etc., not to mention improve motivation among companies on the one hand, and reduce the financial burden on the state on the other hand .. and there are suggestions that the profitability of companies in oil prices is not linked to only a lump sum for each additional barrel. Profitability is expected to rise with the rise in oil prices and the fall with the deterioration of the prices .. and the second to be associated with profitability by reducing costs to prevent the accumulation of dues to companies.The existence of ideas and proposals and talks does not mean that there are convictions and intentions of the final in any of these directions .. The goal is to reach the best conditions that preserve the current and future oil and gas wealth of the country's higher interests, and also the relationship with the international oil companies kept in a balanced manner, and that Iraq is due to finish advanced position in the field of producing and exporting countries of the oil wealth and the manufacturer of the products, and oil and gas is the property of all Iraqi people, and contribute to the development of other sectors of the economy do not be a factor for the decline. God outstanding. Information Office Oil Ministry 03/02/2015 http://iraqieconomists.net/ar/2015/03/03/%D8%A8%D9%8A%D8%A7%D9%86-%D8%B5%D8%AD%D9%81%D9%8A-%D9%85%D9%86-%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A/

3/04/2015 10:41 GMT Deputy for the change: the Kurdistan headed to Turkey for the discharge of oil Agencies - MP for the MDC Shirin Reza confirmed Wednesday that the Kurdistan Regional Government headed to Turkey for the purpose of trade and the discharge of oil, as pointed out that Turkey is not a reliable state. The satisfaction, "said the provincial government moved to Turkey trade exchange and discharge of oil," pointing out that "Arbil has made Turkey an alternative option for Baghdad." They pointed out that "Turkey is not a country where reliable," adding "that is supposed to Anatmd on Turkey or Iran, but we have to rely on ourselves, as Iraqis." She said the "calm and political stagnation between Baghdad and Erbil, is necessary in this period, to rethink the relationship between the two sides." She called high Nassif, Friday MP (January 30, 2015), the Federal Government to the accountability of the Kurdistan region of about 30 million barrels of oil stored at the Turkish port of Ceyhan on behalf of the region, while confirming that the Kurds are working all their weight to win a case before the US courts regarding the export of the region's oil to the outside . The Nassif confirmed on Monday (29 December 2014), that the Kurdistan region of Turkey handed over 17% of the amount of oil exported without the knowledge of the central government, while the Iraqi government has demanded the restoration of those amounts. It is noteworthy that Turkish Energy Minister Taner Yildiz, announced last May, Turkey for direct export of oil from Iraqi Kurdistan to international markets, while the Iraqi government suing Turkey to the international jury the impact of this announcement. http://www.alrayy.com/135251.htm

March 4, 2015 16:20 GMT Parliamentary Finance confirms that the bond loans can cover the budget deficit Follow-up - and babysit- Parliamentary Finance Committee confirmed that the loan bonds, which will deal with the government mechanism can cover public finance the federal budget deficit for the current year. " Committee member Rep Masood Haider said that "the launch of loans bond measures is to bridge the budget deficit, has been present in the bill and there were no comments from the Finance Committee, explaining that every measure the pros and cons, so the government deemed it to take this measure can to cover the budget deficit, noting that the negatives in this procedure is that it is not inevitable, "adding that" we have in the Finance Committee, three sub-committees which banks, financial control, tax and customs, and these committees are in direct contact with the organizations and bodies of the state and its ministries, especially the Office financial control, and we have our own program and will host many officials within the program, and there is also the Commission's proposals in seven projects important laws we will be discussing and studying it and we show for the first reading in Parliament. " M.a http://www.alrayy.com/135290.htm

They're talking about what would be the equivalent of our civil servants

I NEED TO DISCUSS THIS FURTHER WITH BUTI - SHE'S ASLEEP RIGHT NOW - SHE DID TELL ME THAT THEY'RE CHANGING THE AUCTIONS TO EVERY FIFTEEN DAYS - SO I WANT TO TALK TO HER FIRST AND THEN I'LL GET BACK TO YOU.

I'VE NOT YET SEEN THIS ARTICLE - WITH THIS TRANSLATION POSTED - BING TRANSLATION= Relationship: constant dollar cash sale.. No ceilings on funds withdrawal Baghdad/Amer reviver (AMER MOHI) Font Size:03/03/2015 (22:09) - the number of readings: 281 - number (3303) The Central Bank denied Tuesday to stop selling the dollar, noting that the Bank gave the green light to a project to delete zeros from the currency, while adopting new procedures to trade in dollars, expecting the parliamentary Finance Committee's decision to return the dinar the Central decisions, strength returned to "good" because they limit smuggling currency out of the country. He said the parliamentary Finance Committee decision Ahmed Hama Rashid, for "the range", that "the plan of the Central Bank abolished the auctioned daily currency and $ 75 million a day, is a good step to prevent the smuggling of foreign currency out of the country", adding that "the decision returned good benefit during this period." Rashid said that "prices of hard currency stabilized after a few days of taking the Central Bank's decision to cancel the daily auction, and that this contributed to the strengthening of the dinar," predicting that "the coming days will see the return to power of the new dinar". "The meeting was held between the parliamentary Finance Committee, the Central Bank and discussed many issues including the issue of daily auction for currency and strengthen the Iraqi currency", pointing to "a temporary mini Financial Committee to discuss the latest developments with the Central Bank through the hosting relationship." The Bank Governor said the relationship during a press conference held at the Bank building in the Jadiriyah district of Baghdad, "the Central Bank went to the new mechanisms on window selling the currency after studying extensively the already affected in one way or another on the market because they carry with them a lot of problems, including money-laundering," pointing out that "the existing mechanism will maintain the market economy, as well as support for the dollar exchange rate for the dinar by connecting external transfers By financial deposit paid by the dealer before buying the goods and placed in banks abroad, so we do not conflict with the dollar, and the entry of the goods in whole by invoices ". He said that "the cash sale of the dollar by selling the currency window continues and there is no interruption but it will be a new format there are ceilings for the amounts for those wishing to get a dollar." The relationship drew attention to "the Bank going to genuinely and effectively towards the support of private banks in Iraq by persuading the Government to develop a financial deposit with the banks as well as dealing with instruments in all State services," Noting that "the Bank is now studying law and is now under preparation and should be completed in the next few days will be paid to the Council of representatives for approval". Revealed that "the deletion of zeros for the currency and had not been abolished but is now in preparation, study, at least during the next three years will be in great shape for this important administrative and financial operations cannot rush it." The expert said the Economic Affairs Majid in an interview for "the range", to "cancel the auction currency came to regulate the sale of currency on the market, especially after the big smuggling currency out of the country after the auction opened on a daily basis", stating that "the basic problem is a paragraph in the federal budget for selling the dollar on the Central Bank's daily auction, and Central plans are good for organizing the sale of hard currency to the market." Mock said that "the presence of hard currency by more than 150% of the domestic currency issuer which is good and indicates that Iraq will suffer from a shortage of hard currency", stating that "the existence of large amounts of dollars to the dinar against the dollar strengthens and regulates the sale of currency". The CBI, denied Tuesday, closing a window selling the currency and take "new mechanisms for selling the dollar." The parliamentary Finance Committee were held (2 March 2015) meeting with the Governor of the Central Bank agency relations and Director of TBI hamdiya dry to discuss the financial situation and the question of transfers of commercial bank to Kurdistan without collateral. She is a member of the parliamentary Finance Committee majda Al-Tamimi (2 February 2015) that high dollar exchange rate will not last long "and called for the Central Bank to use monetary tools to control the market. The Committee expected the high exchange rate of the dollar to dinar, when you select the $ 75 million cap for auction, the Central Bank, the general budget law, and while not continuing that height long, asked the Central Bank to use monetary tools to control the market. MP Magda El-Tamimi said the parliamentary Finance Committee predicted a rise in the dollar exchange rate dinar, when you select the $ 75 million cap for auction, the Central Bank, the general budget law ", noting that" put that paragraph to the Iraqi Central Bank sales were between 200 to 250 million dollars a day, leading to the depletion of the country's foreign exchange reserves decreased from 77 to 67 billion dollars or less. http://www.almadapaper.net/ar/news/482981/%D8%A7%D9%84%D8%B9%D9%84%D8%A7%D9%82--%D8%A7%D9%84%D8%A8%D9%8A%D8%B9-%D8%A7%D9%84%D9%86%D9%82%D8%AF%D9%8A-%D9%84%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%85%D8%B3%D8%AA%D9%85%D8%B1-%D9%88%D9%84%D8%A7-%D8%B3

I WILL WHEN YOU STOP ANALYZING EVERYONE'S POST TRYING TO FIGURE THIS THING OUT...LOL

Do we have an article that expressly states that the new 50 notes (will) have security features?

it's not incoherent if you're intelligent enough to connect the dots

http://www.cabinet.iq/ArticleShow.aspx?ID=5011 ANNOUNCEMENT FROM THE COM - NOT THE CBI - "4 - to approve the draft law on ratification documents of the Bucharest Conference of 2004 annexed Universal Postal Convention, signed on 04.10.2014, and referred to the House of Representatives, according to the provisions of Articles (61 / item first) and (80 / item II ) of the Constitution." AND THEN THERE'S THIS - A PRESS RELEASE FROM THE COM : Draft law of ratification documents of the Bucharest Conference to the House 20/7/2014 10: 56 am The Secretariat announced the Cabinet approval of the draft law on the ratification documents of the Bucharest Conference else e 2004. And a source in the Cabinet of the Government communication and information Office that the consent of the Council included referral to the House of representatives, based on the provisions of articles (61/item first) and (80, item II of the Iraqi Constitution. The approval comes for ratification documents of the Bucharest Conference, signed on 4 October 2004, the Convention World Postal Act 1947, ratified by Iraq by Act No. 41 of 1950, as well as enhanced cooperation in the field of postal transportation planning, and provide the best means for global postal service. http://www.cabinet.iq/ArticleShow.aspx?ID=5013 NOW THE DIRECT ABOVE "BUCHAREST" INFO PERTAINS TO THIS AND THIS DOC BELOW, WAS FOUND BY BUTIFLDRM..SHE'S THE BEST: "COUNCIL OF THE EUROPEAN UNION Brussels, 9 July 2004 11082/04 TELECOM 129 MI 205 "I/A" ITEM NOTE from: General Secretariat to : Permanent Representatives Committee (Part 1)/Council No. prev. doc. : 11030/04 TELECOM 128 MI 202 No. Cion prop. : 10180/04 TELECOM 118 MI 183 Subject : Council Resolution on the preparation of the Universal Postal Union Congress 2004 1. On 4 June 2004, the Commission submitted to the Council a Communication on the Universal Postal Union Congress 20041 . The 23rd UPU Congress will take place from 15 September to 5 October 2004 in Bucharest, Romania. 2. In its Communication, the Commission highlighted the importance of this Congress in promoting the development of international collaboration in the field of international postal services by revising the Acts of the UPU. Moreover, the Commission identified the main issues for negotiation, some of which fall within the scope of Community legislation...... UNDERLINES that Member States should ensure, in association with the Commission, that they do not undertake commitments which would not be compliant with the Community acquis and that they will apply the Acts adopted by the Congress in accordance with their obligations pursuant to the Treaty establishing the European Union, and specifically their obligations arising from trade agreements or from existing Community legislation on the free provision of postal services and on competition;" http://register.consilium.europa.eu/...%202004%20INIT HERE IS MORE ON/FROM THIS POSTAL LAW: Privacy and data protection laws and regulations Comprehensive law In November 2001, the Parliament enacted Law No. 676/2001 on the Processing of Personal Data and the Protection of Privacy in the Telecommunications Sector6 and Law No. 677/2001 for the Protection of Persons concerning the Processing of Personal Data and the Free Circulation of Such Data.7 These laws follow very closely the European Union Telecommunications Privacy (1997/66/EC) and Data Protection (1995/46/EC) Directives respectively. Romania joined the European Union on 1 January 2007.8 Law No. 676/2001 provides for specific conditions under which privacy is protected with respect to the processing of personal data in the telecommunications sector. In 2004, Law No. 676/2001 was, practically speaking, replaced by Law No. 506/2004,9 which closely follows Directive 2002/58/EC of the European Parliament and the Council on personal data processing and privacy protection in the electronic communications sector. This directive repealed and replaced Directive 1997/66/EC.10 Law No. 506/2004 divides the task of enforcing the personal data protection laws between two institutions: the National Regulatory Authority for Communication (later renamed the National Authority for Management and Regulations in Communications – Romania, or ANCOM11) for issues related to electronic communications and the People's Advocate Office (later renamed the Data Protection Authority, or ANSPDCP), which handles issues related to privacy. In this sense, ANCOM has competence in relation to: security measures for electronic communication; non-compliance with invoice issuing conditions; infringement of the obligations regarding the presentation and restriction of calling; and connected line identification. http://books.google.com/books?id=Q5X...202004&f=false NOW SEE THIS DOCUMENT WHICH CONTAINS LISTS OF ALL OF THE COUNTRIES OF WHICH PARTICIPATE IN THIS BUCHAREST POSTAL ACCORD....(THE DOC WON'T LET ME COPY AND PASTE, SO YOU'LL HAVE TO OPEN IT TO VIEW IRAQ'S POSITION THEREIN) http://www.indiapost.gov.in/Pdf/Cust...nformation.pdf HERE IS A SECTION FROM THIS (NO COPY NOR PASTE) PDF: "15.6 BY 'CURRENCY NOTES" MEANS NOTES ISSUED BY GOVERNMENTAL, REGIONAL OR MUNICIPAL AUTHORITIES AS LEGAL TENDER, AS OPPOSED TO THOSE ISSUED BY BANKING HOUSES UNDER THE CONTROL AND WITH THE AUTHORIZATION OF THE GOVERNMENT. CHEQUES, SECURITIES PAYALBE TO BEARER AND GENERALLY SPEAKING ANY NEGOTIABLE INSTRUMENTS WHICH CAN EASILY BE CASHED AT A BANK SHALL BE CONSIDERED AS "SECURITIES PAYALBE TO BEARER". PAPERS "REPRESENTING A MONETARY VALUE", SUCH AS LOTTERY TICKETS, POSTAGE STAMPS AND TRANSPORT VOUCHERS, MAY BE ENDORSED IN UNREGISTERED PRIORITY ITEMS AND IN UNREGISTERED SEALED LETTERS, WHILE STILL PROHIBITED IN REDUCED RATE ITEMS. INFORMATION ABOUT THE ADMISSION IN REGISTERED ITEMS UNDER SEALED COVER ARE GIVEN IN THE LETTER POST COMPENDIUM." http://register.consilium.europa.eu/doc/srv?l=EN&f=ST%2011082%202004%20INIT THE BUCHAREST CONFERENCE GOVERNS HOW MONEY IS SHIFTED/ LEGALLY - PERTAINS ALSO TO COUNTERFEITING AND MONEY LAUNDERING - GOVERNMENTS, ULTIMATELY, HAVE THE SAY SO RE THEIR CURRENCY - THE PRINTING AND THE DESIGN AND THE FEATURES..THEY HAVE TO REGULATE THIS FOR THE INTERNATIONAL MARKET - IRAQ AGREED TO INSTITUTE THE BUCHAREST CONFERENCE LAST YEAR - THE LINKS FROM THE COM ARE ABOVE - THIS SUPPORTS (FURTHER EVIDENCE) THAT IRAQ'S BEEN GEARING UP TO THIS - THE GOI AND THE CBI WORK TOGETHER RE CURRENCY IT'S ALL GOOD.

I'M NOT READING TOO MUCH INTO THIS - I'D SAY, IF ANYTHING, YOU ARE NOT SUPPORTING YOUR POSTS WITH ENOUGH BROAD BASED INFO. IT'S A CASE OF FINDING ONE SET OF WORDING WHICH SUPPORTS WHAT YOU WANT TO HAPPEN, NOT BROAD LEGISLATION OR LEGAL INFO WHICH SHOWS US A BIG PICTURE.

AGAIN THE IRAQI GOVT IS THE UMBRELLA FOR ALL ACTIVITIES IN IRAQ - HERE'S THIS AGAIN FROM THE CONSTITUTION - Part IV Terms of reference of the federal authorities Article (109): Federal authorities to maintain Iraq's unity and territorial integrity, independence and sovereignty and its democratic federal system. Article (110): The federal authorities have exclusive powers of the following: First: Formulating foreign policy and diplomatic representation and negotiation of international treaties and conventions, and borrowing policies and signature and conclusion, and drawing foreign economic and trade policy sovereign. Second, the development of national security policy and its implementation, including setting up and managing armed forces, to ensure the protection and security of Iraq's borders, and defend it. Third: Drawing fiscal policy, and customs, and issuing currency, organizing trade policy among regions and provinces in Iraq, and the development of the state budget, and formulating monetary policy and the establishment of the Central Bank, and his administration. Fourth: Regulating standards and weights, and measures. Fifth: Regulating issues of nationality and naturalization, residence and asylum rights. Sixth: regulation of broadcast frequencies and mail. Seventh: put public investment budget bill. Eighth: policies related to water resources from outside Iraq and guaranteeing levels of water flow to him and fair distribution within Iraq, according to international laws and norms planning. Ninth: the general census of the population. HERE IS A COPY OF THE LANGUAGE LAW - LEGISLATION ISSUED BY THE GOI NOT THE CBI Official Languages ​​Act January 7, 2014 The people in the name of the Presidential Council on the basis of what was approved by the House of Representatives and approved by the President of the Republic and based on the provisions of item (I) of Article (61) and item (iii) of Article (73) of the Constitution Act as follows: No. () for the year 2013 Law official languages Article 1 - (i) the official language: the language adopted by the State to speak and express and official correspondence and banknotes and stamps and official documents in respect of all matters of state at home and abroad and other other areas. (Second) Language Local official: is the language that their applications comply with the official administrative units which constitute Speakers by population density. Article -2 - Arabic language and the Kurdish language are the two official languages ​​of Iraq. Article -3 - Official Gazette is issued in Arabic and Kurdish. Article -4 - used languages ​​Arabic and Kurdish in official meetings and the House of Representatives and the Presidency of the Republic and the Federal Council of Ministers and the Supreme Judicial Council and the Federal agencies and institutions and other official meetings in the Kurdistan Region and its parliament and the presidency and His government. Article -5 - be speaking, addressing and expressing in official domains between the federal authorities and the authorities of the Kurdistan Region in both Arabic and Kurdish. Article 6 - dependent documents and correspondence of the two official languages ​​at the federal and provincial authorities. Article -7 - may be open to all levels of schools to teach Arabic or Kurdish or Turkmen or Syriac, or Armenian or Mandaean in government educational institutions, or any other language in private educational institutions in accordance with educational guidelines. Article -8 - used in both Arabic and Kurdish as follows: First, the issuance of currency. (CLEARLY THE GOI HAS A HAND IN THE FORMATION OF CURRENCY AND WOULD THEREFORE NEED TO APPROVE THE ALLOCATION OF FUNDS IN THE DEVELOPMENT AND DESIGN OF CURRENCY) Secondly, passports and traffic indicator panels and boards on the significance of the ministries and departments of the Federal State and the Kurdistan Region. Thirdly, the issuance of revenue stamps and mailing. Article 9 - Turkmen language and Syriac language are official languages ​​in the administrative units that constitute the Turkmen or Syriac where population density. Article -10 - each region or governorate may adopt any other local languageas an additional official language if approved the majority of the population in a referendum. Article -11 - form a higher committee to follow up the implementation of thislaw linked to the Council of Ministers headed by a representative of the General Secretariat of the Council of Ministers and the membership of a representative of the Kurdistan Regional Government and a representative from the Office of the House of Representatives assisted by an ad hoc committee of linguists, academics and representatives of the Turkmen and Assyrians And Mandaeans and its representative in addition to any language other Iraqi. Article -12 - define the tasks and the convening of a quorum of the Committee provided for in Article (12) of this law, the instructions issued by the Prime Minister. Article -13 -: This law aims to: - First, to ensure respect for the Constitution and its activation to organize the use of the official languages ​​of the Republic of Iraq. Secondly, awareness of language, in order to bring together Iraqi factions and deepen and consolidate the concepts of humanity and patriotism. Thirdly, to achieve the spirit of pride in the mother tongue. Fourth, ensure equality between Arabic and Kurdish rights and privileges for use in federal institutions. V. and support the development of Arabic and Kurdish and other Iraqi languages, such as Turcoman, Syriac, and Armenian and Mandaean. Article -14 - First: every Iraqi citizen or a foreign language teaching his sons mother. Secondly, each component Iraqi has the right to create colleges or institutes and cultural centers or synagogues serving the scientific development of itslanguage and its culture and heritage. Article -15 -: The Iraqi Academy of Science and the Academy of the Kurdish two certified reference to the interpretation of terms and words in the case where the difference is. Article -16 -: treated contrary to the provisions of this law are as follows: First, apply discipline sanctions against him if he was employed. Secondly, the employee is threatening to remove the violation within fifteen (15) days, and when he refused to be punished by a fine of not less than (50) fifty thousand dinars each day it fails to remove all infringing. Thirdly, each victim the right to move criminal cases when the violation of the provisions of this law. Article -17 - The Council of Ministers issued instructions to facilitate the implementation of the provisions of this law. Article -18 - This law shall be published in the official gazette and implemented after ninety (90) days from the date of publication. Reasons Pursuant to Article (4) of the Constitution and of respect for the diversity of national and linguistic in Iraq and confirmation of the consolidation of the human dimension of civilizations in the custody of the new union, and in line with the teachings of Islam which emphasizes respect for differing languages, and in order to enable the basic components of the Republic Iraq from the free expression of their need and requirements in their originallanguage. initiated this law http://www.parliament.iq/details.aspx?LawN=%D9%82%D8%A7%D9%86%D9%88%D9%86%20%D8%A7%D9%84%D9%84%D8%BA%D8%A7%D8%AA%20%D8%A7%D9%84%D8%B1%D8%B3%D9%85%D9%8A%D8%A9 HEY, I'M JUST SAYING - MOHSEN/KEYWORDS SAID HIMSELF, HE NEEDS THE PARLIAMENT TO APPROVE THE PROJECT..WHICH ASPECT/ENTIRETY, WE DON'T KNOW - IT SEEMS BASED ON THE LEGISLATION THAT THE GOI HAS TO APPROVE THE FINANCING OF AT LEAST THE PRINTING - IN ONE OF THE ART'S YOTA POSTED, IT STATES THAT THEY'RE WORKING WITH THE WORLD BANK IN DEVELOPMENT OF THE CURRENCY - AND THEN IT SAYS IT WAS LAST DISUSCUSSED IN NOV 2014 - AND WOULD TAKE TWO YEARS..TWO YEARS FROM WHEN, IDK? http://www.iraq-lg-law.org/en/node/2574