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On 8/21/2019 at 2:03 PM, ChuckFinley said:

Thug - you are at your best lately.  :bravo:    :salute:

 

Sorry - I’ll Try To Bring A Bit More Disruptive And Errant Behavior ! :o 

 

Enjoying The Drive - Joker GIF - Joker GIFs
 

Anybody Wanna Go For A Little ‘Joy’ Ride ...

 

:D  :D  :D 

 

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On 8/20/2019 at 9:45 AM, DinarThug said:

Parliamentary finance identifies a reason why coins should not be minted and advises the move

 

Political | 12:26 - 19/08/2019

 
image
 
 

BAGHDAD - Mawazine News 

 



identified the Finance Committee in the House of Representatives, on Monday, a reason to prevent the minting of coins, the introduction of a proposal before minting. 

Majid al-Waeli, a member of the committee, expressed the readiness of the committee to prepare any legislation required by the Central Bank, which could benefit the Iraqi economy and market, including the circulation of coins. 

"The committee respects the independence of the central bank and its monetary policy," he said.

And the MP Waeli, that "Iraq can not reproduce the experience of other countries in the use of those currencies, if it was in favor of the advancement of the economy; we can support system" rel="">support this by listening to the justification and the views of the Central Bank 's view and then the appropriate legislation of laws for the continuation of the monetary policy The country has to proceed properly. " 

Committee member Jamal Kojer stressed that "all countries in the Middle East and the world have a coin", noting that "this type of currency gives strength to its economy." 

"We hope that the concerned parties can strengthen the currency so that small groups can have purchasing power in the event of the use of coins," Kojer said.
 
Committee member Ahmed al-Saffar said, "The cost of a coin is more than paper money, and it is more difficult to carry it on the citizen." 

He said al - Saffar, that " the winning of inflation in the economy prevents the sake of coins and make trading between citizens", suggesting that "be no step to delete the zeros precede the process of coinage metal to be there the value of small groups versus large" .anthy 29 / A 43

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A committee has already been formed many years ago it's called dinar vets. They are way behind us.

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On 8/21/2019 at 11:52 AM, DinarThug said:

Trade completes electronic window project

 

Trade completes electronic window project
 
 
The Ministry of Commerce announced on Wednesday the completion of the electronic window project for the issuance of import and export licensesand launch the work of the website of the International Trade Point of Iraq to register public sector companies, which allows to achieve benefits through the existence of an integrated database allows the marketing of products and tenders and methods Buying and selling.


"The General Company for Exhibitions and Commercial Services in the ministry has completed the one-window project with the aim of issuing import and export licenses and linking them to border ports through an electronic system that facilitates procedures on the owners of companies and investors," Trade Minister Mohammed al-Ani said in a statement received. 

Al-Ani added that "working according to the electronic system within the single-window project comes within the framework of the implementation of the government program and facilitate the task of investors and companies in the introduction of goods and export of materials outside Iraq has been working through national companies and a short record period in comparison to the important role and many procedures that are related to the subject."

On the same level, the Minister of Commerce, "the launch of the site of the electronic point aimed at achieving many benefits and the impact of the advancement of the reality of the Iraqi economy and its openness to global markets," pointing out that "these benefits come to create a complete database of electronic commerce in the field of marketing products  He also offered tenders, methods of sale and purchase, the names of local and foreign companies, the publication of commercial legislation, shipping of all kinds, insurance, banks and all related to internal and foreign trade. 

The Minister of Trade also stressed, "Iraq Trade Point will activate the work of the private sector and promote the growth of the Iraqi economy and will be the focus of all international goods," pointing out that "the project needs infrastructure and database through which we can carry out electronic business." 
 

 

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Commerce: Complete the electronic window project


Commerce: Complete the electronic window project

21st August, 2019

 

8-21-2019   Newshound Guru MilitiaMan    Article: 

"Trade completes electronic window project

Quote: 

"Iraq Trade Point will activate the work of the private sector

and promote the growth of the Iraqi economy and will be the focus of all international goods,"  

Franks Teams [Guru Frank26] told us about this to come, 

the "DEDICATED WINDOW" has arrived.

This is timed so that to facilitate imports and exports for global goods.

The licensing is in place.

They could be setting the stage for interconnection with the ISX and NASDAQ in the short term as well.  

Investors will be looking to do business and what a place to create that environment now that this has "been done".

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8-21-2019   Newshound Guru MilitiaMan   

Now that they have done this, 

add in they told the citizens what they are going to do by showing them publicly about the NSCNs and coins to come from the CBI.

The CBI told the GOI to release those articles for a purpose.

That is to stimulate them imo to keep opening accounts as the NSCNs are coming. 

So...look for the BANKS to start talking to the citizens more and more...

They let the cat  out of the bag!!! imo...

This article is more evidence of it! imo  

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Planning: The census will be electronic and we seek to address all the problems

 

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21st August, 2019

 


The Ministry of Planning confirmed on Wednesday that the census system will be electronic, indicating its endeavor to solve all the problems facing the census.

Ministry spokesman Abdul Zahra al-Hindawi told Al-Ghad Press that the Ministry of Planning is still at the beginning of its preparations for the census procedures in Iraq, noting that the cabinet decision was issued in the fourth month of this year and the ministry started with the first steps to form the High Commission for Census. Under the chairmanship of the Minister of Planning and the formation of the operating room and the formation of the executive management of the census and the formation of teams for the implementation of the census.

Hindawi added that "the ministry at the beginning of the road and did not reach the end of the stages to prepare the form for the census and the problems raised about them," adding that "the Ministry of Planning will use all its capabilities to address all the challenges expected to emerge and there is a positive political mood throughout Iraq and interactive with the implementation of the general population".

He pointed out that "the general census of the population will be different from its predecessors because it will be an electronic census through the use of electronic devices (tablets) and this will facilitate a lot of tasks, time and accuracy in the transfer of information speed," he continued, "The ministry will seek to address all the challenges and problems".

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Infographic: Central Bank trains more than 2700 participants in 6 months
 

%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%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A-1.png
 
 
22nd August, 2019
 

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Training activities held by the Center for Banking Studies at the Central Bank of Iraq for the first half of 2019
 
 
 
 
Edited by DinarThug
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Fyi - Long Article With Some Highlights ! ;) 

 

:D  :D  :D 

 

 

 

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Sovereign funds to manage the wealth of countries .. Who manages the wealth of Iraq ?!

 

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23rd August, 2019

 


Sovereign wealth funds - created by state governments for macroeconomic purposes - maintain and manage wealth and assets in an orderly and sound manner and use several investment strategies to achieve the financial goal. 

The funds are sovereign wealth (or sovereign portfolios), and are entrusted with the management of those wealth, and contain fixed assets such as land, commercial real estate or stocks, bonds, direct ratios in these companies, and governments seek to preserve their wealth on the one hand, and increase returns on the other hand In other words, it is the investment arm of countries with surpluses.  It is the best way for countries with current surpluses to save for any event, emergency or financial economic crisis in the future, and more than one fund must be established so that there is diversity and balance of investments, and be cautious, and managed by a professional elite to get results Required and not vice versa.

One of the reasons for the emergence of sovereign funds is the need of countries that have large savings and want to maintain these savings, and even seek to increase their profits, but are not invested in high-risk assets, as they are owned by the state and invest in traditional assets, as the savings of some countries are owned Of commodity wealth (especially oil and gas), as in China and Singapore, which have a large trade surplus.  The history of the establishment of sovereign funds varies, but we can say that they began since the fifties of the last century, and then spread in several countries, contrary to what some believe that these funds are an exclusive phenomenon in the Gulf States, there are several countries around the world have similar funds, including Norway. 

The objectives of the SWFs are:
 Protecting the country's wealth and investing it properly. 
 Protecting the national economy and the state budget from the risk of external crises that result from fluctuations in revenues and exports. 
• The principle of justice, which is achieved through the distribution of wealth between generations by maximizing the savings that goes to future generations. 
 Diversify state income and thus reduce dependence on non-renewable audio exports. 
 Increase in foreign exchange reserves. 
 The monetary authority helps to withdraw unwanted liquidity. 
 Provide a tool for financing economic development programs. 
 Achieve sustainable long-term growth in the Fund's holders.
 Achieving political, economic and strategic objectives
 Addressing the negative effects of financial flows resulting from natural wealth, this is known as the Dutch disease, which causes undesirable effects in the productive sectors, especially industrial as a result of oil discoveries that created a state of laziness and inaction in the job The Dutch people during the years 1900-1950 after the discovery of oil and gas in the north, they went to luxury and comfort, until they reached the stage of depletion of the natural resource of wells depleted by excessive and unproductive consumption.

Norway is the largest fund in the world. Norway has one of the largest funds in the world with assets estimated at more than $ 818 billion, according to the latest data. The Norwegian sovereign wealth fund announced several days ago that it achieved a return on investment of three percent in the second quarter of this year, to reap 256 million T Norwegian crowns ($ 28.5 billion).  During the second quarter, the yield of the Norwegian sovereign fund was about 3%, with shares rising 3%, bonds by about 3.1% and real estate by about 0.8% during the second quarter. 2.7%.

Sovereign wealth funds are not without losses due to the poor performance of global financial markets.  It lost about 485 billion crowns, or an estimated $ 56.4 billion in 2018, and is the surest way to manage the country's wealth. Similarly, Singapore, China and Russia run large-weight funds, and Chile and Venezuela have established such funds. At the end of the second quarter, the fund had a market capitalization of 9.162 trillion crowns ($ 1.025 trillion), with 69.3% invested in equities, 2.7% in unlisted properties and 28% in fixed income instruments. The fund makes investments in more than 9,000 companies worldwide in 75 countries and holds an average of about 1.5% of the world's listed shares. Norway has a population of about five million, which means that the wealth of each citizen is estimated at two hundred thousand dollars.
In September 2017, when the Norwegian sovereign fund's assets reached $ 1 trillion, a Norwegian central bank official said, “I don't think anyone thought the fund would reach $ 1 trillion when the first batch of oil revenue was transferred in May. 1996 ”. “A trillion dollars was a focal point, and the growth of the fund's market value was amazing,” the official said at the time. The market value of the Norwegian fund outperforms the economies of a number of strong countries such as Indonesia, the Netherlands and Saudi Arabia, Turkey, Switzerland, Sweden and Belgium, and this value is close to the GDP of major countries such as Mexico, Australia, Spain and Russia. 

Iraq and its need to establish an Iraqi sovereign fund:

The Iraqi economy today is in dire need of a sovereign fund for development in order to encourage the financing of economic and social projects and strengthen industrial policies to increase the real production within the Iraqi economy. Industrial and agricultural, and improving services… There are internal and external reasons, including: 

1. Internal reasons: 
 Oil depleted resource and unreliable, whether long-term or near-term in terms of depletion. 
 Oil is considered a financial asset after it is transferred from assets in kind. 
 Reducing dependence on oil makes Iraq prepare for the post-oil period as Saudi Arabia does in its strategic plan 2030, which is to rely on 30% of the proceeds of the funds for the budget without oil.

2. External causes: 
 Unstable oil prices globally: The instability of oil prices globally and fluctuating indiscriminately, as a result of a combination of political and economic factors, and it is natural for Iraq to rely on a fund derived from oil surpluses in the event of their existence. 
 Withdrawal of surpluses: This fund withdraws surplus funds from oil exports to overcome the fluctuating world oil prices, can also take advantage of negative oil shocks, and the process of any collapse that may occur global oil prices. 
 Foundations for the establishment of an Iraqi sovereign fund: 

1) Legislative and legal system: This is the essential element for the establishment of a sovereign wealth fund for Iraq, through the legislation of the Iraqi parliament, and this element is the first element in terms of importance and without this legislation does not exist for a project originally proposed.
2) Funding The fund is initially funded by the Iraqi Ministry of Finance and is responsible for this fund for a few years. 
3) Management of the Fund: The Central Bank of Iraq manages direct management of the Fund, and provides an experienced cadre of administrative and specialized in the field of investment (direct and portfolio) in particular, can benefit from the expertise in foreign financial institutions, because of the lack of experts in this area, as the stock market Iraqi market is tight, and the lack of private financial institution as insurance funds and investment funds.

The assurances of international financial organizations (such as the International Monetary Fund) indicate the possibility of Iraq to establish such a fund, and we believe that the creation of such a fund reflects the recognition of the current generation, and recognition of the right of future generations to the equal distribution of wealth gains from the oil resource, which is the property of all Iraqis, justice should be achieved in its distribution between the present and future generations.

Types of Sovereign Wealth Funds Based on the Fund's Field of Action: 
1) Local Sovereign Funds: These are investment and savings activities concentrated within the country. 
2) International sovereign funds: These are funds whose investment and savings activities are concentrated outside the country. 
3) Mixed sovereign funds: These are funds whose investment and savings activities are concentrated outside the country and within the country simultaneously. 

Types of sovereign wealth funds based on degree of independence:
1) Non-independent sovereign funds: These are funds managed directly by the government and do not enjoy the independence of the decision. 
2) Relatively independent sovereign funds: These are funds managed directly by the government. 
The difference between the Sovereign Fund and the Central Bank Reserve: The 
comparison between the Sovereign Fund and the Central Bank reserves is clear when considering how to finance and build each.

1) Central bank reserves (SAMA) accumulate these reserves and decline from year to year through differences between oil income and government spending. 
2) Whereas the funds or reserves directed to the sovereign fund come from a government decision to save for the future and to create another source of income, ie, it is a national savings program for the future parallel and complementary to oil income. 
3) It is applicable in this area when establishing sovereign funds in the world to issue a government decision: 

First: Transferring part of the reserves available to the Central Bank to establish and finance the sovereign fund. 
Second: The adoption of a savings mechanism that includes the transfer of part of the state's income periodically to the sovereign fund, for example, the sovereign fund in Kuwait is financed by transferring (25%) of oil income directly to the sovereign fund.
Third, a mechanism is also needed to control government spending, so that the state budget (government spending annually) is consistent with the country's long-term potential. 
Sovereign Fund Assets: 
These assets are estimated to be equivalent to 12% of the total value traded on the New York Stock Exchange or 42% of the total value traded on the Tokyo Stock Exchange. It will exceed $ 13.4 trillion, while Morgan Stanley estimates assets to be $ 17.5 trillion. 
Most governments have recently become a strategy for investing in short-term securities and bonds. 

Sovereign Fund Assets:
 The assets of the UAE's GDP, which recently entered into a deal to buy a 4.9% stake in Citigroup for $ 7.5 billion, is the largest non-controlling interest in a Western bank. Dubai Government has invested in Asian assets and companies, such as India's ICSI Bank and Japanese electronics maker Sony.
 The State of Qatar, the Qatar Investment Authority (QIA), a sovereign wealth fund dedicated to domestic and foreign investment, was established by the Government of Qatar in 2005 to manage oil and natural gas surpluses, as a result of its strategy to reduce the risk of Qatar's dependence on energy prices. In addition to investing in Qatar outside the energy sector, the agency owns about 6% of EADS, 15.1% of the London Stock Exchange, and 17 He is also a shareholder in Lagardar Group (12%).On 31 May 2011, Qatar Investment Authority (70%) bought Paris Saint-Germain Football Club.On 6 March 2012, the Authority completed the purchase of the remaining 30%. The machine bought 100% of the capital of the Paris Saint-Germain handball club, and also bought in Paris a range of hotels, namely the Hotel Lombard, Hotel Kinski, Hotel Landolfo Carcano, Hotel Evreux, Hotel Majestic, Hotel Gray Dalbion, Hotel Casselan, as well as on the Champs Elysees In Paris, the device owns the headquarters buildings of Virgin Megastore, HSBC, Lido, Royal Monceau, and Penance.
 Saudi Arabia, which has the Saudi Arabian Monetary Agency (SAMA), which is internationally classified as a sovereign fund, generates a return similar to that achieved by global sovereign funds. The Kingdom has four of these funds: 
1) Saudi Arabian Monetary Agency (SAMA), the main sovereign fund under the umbrella of the state and its control. 
2) Public Investment Fund. 
3) Pension Fund. 
4) Social Insurance Fund. 
Also in the State of Kuwait, sovereign funds of the Kuwait Investment Authority are $ 213 billion.

Oil revenues are the main source of funds for the largest sovereign investment funds in the world, and in conjunction with the rise in oil prices to pre-2014, and increased imports of crude-producing countries, the wealth of these funds has increased, as the wealth of the Gulf has become wider and more focused, Kuwait alone accounts for up to 50% of all SWFs worldwide, and foreign reserves are also a major source. Therefore, we see a high demand for these funds by some countries keen to diversify their investments in order to avoid losses (less losses), and to preserve the wealth, and the best example is China, which has four sovereign funds are, China Investment Company, and investment portfolio of the Hong Kong Monetary Agency Kong, the National Social Security Fund, Saif Investment, and like the US with three investment funds and the UAE with two investment funds, this is an excellent hedging approach, because it reduces investment risk, gives greater opportunities to maximize the benefits on invested wealth, and is an engine. Strategy to influence globally across global financial clusters. 

China attracts SWFs:
China's unique competitive dynamics attracts SWFs seeking further diversification, although stocks continue to enjoy their position as the most preferred asset class. About 100% of SWFs in the Middle East have exposure to China. Participants in the report from the Middle East report that they have focused on building their expertise in China by investing in partnerships, developing their competencies internally, and establishing dedicated Asian offices.  

Monitoring the increase of Middle East investors to their allocations to Asia as a region, with provisions increasing by 75% in 2018 compared to 47% of all investors surveyed, and evidence suggests that this trend will continue in 2019. Investment risk is the biggest challenge facing investment in China for sovereign funds in the Middle East. Transparency continues to be a major obstacle to global sovereign funds increasing their allocations in China, while investment constraints and currency risks are the main constraints for sovereign funds that do not have a current China allocation. . 

Europe is not attracting sovereign investment: 
Europe has fallen on the list of preferred regions, with nearly half of Middle Eastern sovereign investors cutting their allocations to Europe in 2018, due to slower economic growth, and growing political risk forecasts to reduce the attractiveness of major European economies, and the Brexit affects The European Union is now in the process of allocating assets to 64% of all sovereign funds, while Middle Eastern investors are up to 78%. Investors are looking at continental Europe with increasing uncertainty, with the rise of right-wing populist parties and movements in major European economies such as Germany and Italy.  A similar number also plans to cut allocations in 2019, and only 13% of global sovereign investors plan to increase allocations to Europe this year, compared to 40% who will increase their allocations in Asia and 36% in emerging markets. 

Sovereign funds lead the technology sector: 
Sovereign wealth funds in the Middle East view technology as a large investment base with a broad base, with 89% of these funds comprising a technology group or team, compared to 48% of global funds. The dominance of technology companies in terms of their contribution to equity returns and economic development over the past few years will see 75% of respondents from the Middle East attribute enhanced returns on investment as the most important reason to focus on the sector.  Sovereign funds in the Middle East have long been pioneers in using technology investments for their communities, and technology and innovation play an important role in these communities as part of many regional initiatives to build a more sustainable economy.

This is a table according to (Economic Funds Newspaper) for countries that have sovereign funds in the world:

 

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1) Norwegian Government Pension Fund US $ 1074 billion, Norway's largest pension fund, the largest sovereign fund in the world today, is estimated at more than $ 1 trillion, which alone accounts for 13.2% of the total assets of sovereign funds in the world. 192 thousand dollars per citizen in Norway, which has a population of 5.2 million people. 
2) China Investment Fund US $ 941.4 billion, Chinese investment has grown rapidly to become the second largest sovereign fund in the world after Norway's State Pension Fund, a state-owned fund consisting of assets such as land, stocks, bonds and other investment vehicles. .
3) The Abu Dhabi Investment Authority (ADIA) Fund is a US $ 697 billion sovereign investment fund affiliated to the Government of Abu Dhabi, United Arab Emirates. ADIA did not disclose the total value of its assets as a result. Acceptable ranges between $ 650 - $ 875 billion are assets. 
4) The Kuwaiti sovereign fund, $ 592 billion, is the first sovereign fund in the world. It was established by the State of Kuwait under the name of the General Authority for Investment. No. 47 as an independent government body responsible for the management of state financial assets.
5) The Hong Kong Foreign Exchange Fund, a Chinese sovereign wealth fund with 522.6 billion US dollars, whose full name is the Hong Kong Monetary Agency Investment Portfolio, administered by the Monetary Authority of the State, the Hong Kong Monetary Authority, is used to support the Hong Kong dollar. Kong. 
6) GIC Singapore Fund, US $ 390 billion, established by the Government of Singapore in 1981, to manage Singapore's foreign reserves, whose mission is to maintain and enhance the international purchasing power of reserves, with the aim of achieving good long-term returns, higher than global inflation over the course of the year. The 20-year investment period, through a network of offices in major financial capitals around the world.
7) China's National Social Security Fund, designed to help the country's aging population, owns 295 billion US dollars, as a strategic reserve to support future social security expenditures. 
8. SAIF Investment Fund, which owns US $ 441 billion, is a Hong Kong branch of China Foreign Exchange Management, the main purpose of which is to manage China's huge foreign exchange reserves. 
9) Temasek Holdings Fund, US $ 375 billion, is a sovereign fund established by Singapore's Temasek Holdings and owned by the Government of Singapore. 
10) The Saudi Public Investment Fund, SR 50,000 billion, seeks to become one of the largest sovereign funds in the world by building a diversified and leading investment portfolio by investing in attractive local and international investment opportunities.
11) The Qatar Investment Authority (QIA), a $ 320 billion sovereign wealth fund affiliated to Qatar and chaired by Tamim bin Hamad bin Khalifa Al Thani, was established by the Government of Qatar in 2005 to manage oil and natural gas surpluses. Economic diversification, local skills development. 
12) The Dubai Investment Corporation Fund, US $ 233.8 billion, seeks to become one of the largest sovereign funds in the world by building a diversified and leading investment portfolio by investing in attractive investment opportunities both domestically and internationally. 
13) Mubadala Investment Fund, US $ 226 billion, is implementing development and investment projects around the world, with the aim of moving the UAE economy into a new phase and achieving sustainable benefits for shareholders, partners and the future generation.
14) Korea Investment Corporation Fund, US $ 134.1 billion, is the supreme sovereign wealth fund, which is the cornerstone of South Korea's economic future, by increasing national wealth and contributing to the development of the Korean financial industry. By risk, by investing in securities traded on the stock exchange, mostly stocks and bonds. 
15. The Australian Future Fund, US $ 103 billion, was established as part of the Future Fund Act. The Fund is governed by a Board of Trustees, whose members are appointed for limited terms of service. 
16) The National Development Fund of Iran, $ 91 billion, is the sovereign wealth fund of Iran and has a separate budget from the government budget, based on Article 84 of the Fifth Five-Year Social and Economic Development Plan (2010-2015).
17) Alberta Investment Management Company of Libya, $ 66 billion, the Libyan Investment Corporation, a government holding company, the sovereign wealth fund of Libya, was established by virtue of Decree No. 208 of the General People's Committee "former", and is located at the top of the pyramid Foundation Board of Trustees From the Prime Minister of the Libyan State, the Governor of the Central Bank of Libya and the Ministers of the Ministry of Finance and the Ministry of Planning and Economy, as well as two independent members with experience in the field of international investment, the Fund aims to create and create diverse sources of wealth for the benefit of future generations of Libya Investment across the international level has a sustainable vision of achieving long-term stable financial returns within defined risk criteria, and ultimately the accountability of the LIA is vested in the Libyan people. The mandate of the LIA is to protect, preserve and develop assets and investments, and aims to diversify national investment
18) Kazakh Wealth Fund, SAMA Foreign Assets Fund, US $ 515.6 billion. 
19) The Russian National Wealth Fund, the Russian National Welfare Fund (US $ 68.5 billion), was established as a support for the Russian economy during times of crisis and low oil prices, a traditional commodity in Russian exports, and the Welfare Fund is the sovereign wealth fund of Russia, created after the division of the Stabilization Fund In the Russian Federation to two separate investment funds on January 30, 2008, the two funds are the Reserve Fund, which invests abroad in low-yield securities, is used when the oil and gas incomes decline, the Welfare Fund.
20) The Alaska Permanent support Fund, $ 65.7 billion, is a codified legislative allocation, established under Governor Jay Hammond, to manage the surplus oil revenues that came after the construction of the Trans-Alaska Trans-Alaska Pipeline Network. 

Most experts see the emergence of these funds and their global impact as a positive indicator in the world of financial markets.

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Kurdish deputy: the visit of officials of the region to Baghdad, the last chance to resolve the oil file

 

Kurdish deputy: the visit of officials of the region to Baghdad, the last chance to resolve the oil file
 
 
2019/8/23 10:13
 
 
Member of the House of Representatives for the Future Bloc opposition expected the visit of the delegation of the Kurdistan region to the federal government in Baghdad to discuss the region's share in the 2020 budget as "the last chance" to reach a final solution on the oil file.
 
In a statement received by the Euphrates News Agency, Sarkot Shamsuddin said that "the visit which is planned by a delegation of officials of the Kurdistan region to meet their counterparts in the federal government represents the last chance to reach a final solution between the parties in accordance with the law and the constitution, as one of the strategic and important files." On which the future and interest of Iraq depend." 

He promised "the policies of the Kurdistan Democratic Party in the management of the oil file in the region failed as this party mortgaged the natural resources there and exported oil abroad without handing it to the government, and such actions are rejected," stressing that "the visit of officials of the region to Baghdad must be to prove good faith During the next phase and delivery of oil through the competent company."

Shams al-Din threatened to "resort to the Federal Court to resolve this crisis between Baghdad and the region, and the liberation of the Kurdish people from the influence of the families of Barzani and Talabani, which is trying to manipulate its capabilities, which caused the deterioration of the economy in the region and the emergence of social, educational and health problems and the increasing migration of young people to other countriesencouraging the need Cooperate significantly with the federal government to improve the reality of the Iraqi economy in general." 

He advised "the officials of the region that the visit would be useless if the aim is to take pictures and meet the invitations of officials for the banquet without talking in particular about this oil file and its implications and future between the parties, while Baghdad should cooperate with the region in general and leave dealing with the two parties, and end the chaos there by preventing "Exporting oil by the Democratic Party abroad and forcing it to be marketed through the oil ministry in Baghdad. A member of the opposition bloc hinted that "the new legislative chapter will discuss at the beginning of the 2020 budget and the oil file between the center and the region and the salaries of the employees of the region, which must be disbursed from Baghdad after the commitment of the other party to export oil through."

 

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Kurdish deputy describes the visit of officials of the region to Baghdad as a "last chance"

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Parliamentary Education: We will choose a conductor for the post of Minister of Education

 

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23rd August, 2019

 


A member of the Parliamentary Education Committee, Raad al-Maksousi, on Friday, that the Prime Minister entrusted the task of selecting a personal minister of education to the committee, pointing out that the file of the selection of the Minister of Education will be resolved early the next legislative term of the parliament.

Al-Maksousi said in a statement to Al-Maalouma that the Prime Minister entrusted the task of selecting the Minister of Education to the Parliamentary Education Committee, provided that the person selected is female and from Nineveh province exclusively.

He added that "the Parliamentary Education Committee presented a curriculum vitae of a number of personalities in order to nominate one of them by the Prime Minister for the post of Minister of Education." He pointed out that "the second legislative year will witness the early nomination of one of the personalities submitted to Abdul-Mahdi, and submitted to the Parliament in order to vote on them to be Minister of Education."

He pointed out that "the Ministry of Education needs a minister from the womb of the ministry to manage its affairs, and solve all its problems, despite the administration of the proxy and well by the Minister of Higher Education Qusay al-Suhail."

 

Edited by DinarThug
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Banks and the sustainable development process

 


Friday 23 August 2019

Amer Issa Al Jawahiri

Increasing the movement of funds in private banks and the localization of salaries should be a catalyst for the further development of their financing activities, which will need to be reflected in the increase in the pace of concessional lending to various productive projects, entrepreneurs and craftsmen who have ideas of well-studied projects and indicate their expectations of success and are technically and professionally supported by the concerned private and public sector institutions. In line with the Central Bank's initiative to facilitate concessional financing of industrial and agricultural projects.

In parallel with the financial support, there is an urgent need to take supportive measures technically, logistical, protection, marketing and in the field of studies and public relations to increase the competitiveness of projects seeking Financing.

  Although article (28) of the Banking Law No. (94) of 2004 “prohibits banks from participating as agents, partners or co-owners in wholesale trade or in manufacturing, transport, agriculture and other activities”, the same article states that the bank may With the prior written authorization of the Central Bank of Iraq to temporarily exercise or participate in the exercise of these activities (prohibited) as necessary for the performance of receivables and the Central Bank may request the bank to stop these activities on a specific date in the authorization. As stated in paragraph (1-c - Article 27) of the law that the bank may a number of transactions, including “buy and sell to his own account or to the account of customers shares and other securities, futures and swap agreements, futures and option contracts and other derivatives related to currencies, stocks or bonds ... ”. 

  While the movement is supposed to immediately amend some of the articles and paragraphs in the law of banks that curtail the very active participation of banks in investment operations and because it is a limited amendment process is easy and fast, but we believe that can be legally enforced for the participation of banks in the activity of joint-stock companies listed or planned to be listed in the Iraqi market For paper For financial. 

This means that we interpret the possibility of mobility banks to engage in the implementation and / or financing of investment projects and studied in different sizes, either fully or in partnership, locally and foreign, and in coordination with the relevant public and private institutions, including the Association of Iraqi private banks and the Federation of Iraqi industries and national investment bodies and in the provinces and with the relevant ministries Sectors and move to obtain the approval of the Central Bank when necessary, which will inevitably support them, especially when they are relevant to the directions of the National Development Plan and sectoral strategies, which is necessary to proceed.

  At the same time, the reality of economic challenges and the long way to establish a private sector development council highlights the need to amend the Banking Law and in return develop and increase the participation of banks in the process of development and investment with high flexibility, including the establishment and participation in joint-stock companies and the development of banking services and follow up the position of banks and revitalization in the Iraqi Stock Exchange Associates with the expansion of its activities and services and competitiveness in service Customers.

The active participation of Iraqi private and public banks in development activities and the interdependence between increasing the types and size of their products and their competitiveness in providing them enhanced by high level of governance, disclosure and transparency will greatly reflect on their activities and profits and in enhancing the contribution of the private sector in development activities and in calculating the investment environment and its attractiveness to local direct investment. And the alien.
 
 Consultant in Industrial Development and Investment

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