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Wednesday, May 10, 2017

MNT GOAT UPDATE, 10 MAY

May 10, 2017 Mnt Goat News Brief

Hi Everyone,

I bring you much news today.  

First I want to say that I believe we are looking at a fantastic window of opportunity for a possible increase in the value of the dinar VERY soon and I mean VERY soon.

Please take the time to read all the articles carefully today. There are juicy nuggets of information leading us to the RV VERY, VERY soon!

As always my comments are in italic RED.

NO Rumors, NO Hype, just the FACTS!

In a recent conversation with my CBI contact I was informed that the IMF and the World Bank are both putting extreme pressure on Iraq now to finalize the war on terrorism in the northern regions and then to finalize the financial reforms.  
​I know for a fact there have been numerous meetings between Iraq and these two entities as of lately. WE have seen the articles in the news media. What else were they talking about then about financial matters…..and what does matters the most right now?

I asked will they plan to continue with the “project to delete the zeros” anytime soon?

I was told the project never really stopped just that they did not complete the step to convert the currency over. This will be launched soon. Okay so what the hell does “soon” mean? Of course he could not give me a date.

So I asked if there were any new laws pending that mattered?

I was told as far as the CBI is concerned they plan to get the green light again from the GOI, just as soon as ISIS and Daesh liberation is completed up north. He did not mention any needed laws stopping the CBI. He sounded VERY optimistic that this was going to happen VERY soon. This is all the details he would give. I said I understood and out of respect did not push him for anymore. I assume there are no needed laws then by the CBI. But what about the GOI? Maybe not there too since they give the green light already in March of 2015. 

I asked one last question – Will Ramadam holiday have any impact on the currency reform?

I was told Ramadan is the ninth month of the Islamic calendar or the month of June this year since the calendar floats. It will end June 26th with Eid-al-Fitr day. It is up to the GOI and if we need anything from them in particular during this period. Since the government does not do much work during this time of fasting. It is fast approaching and we are hoping the GOI can stabilize the northern regions prior to this time period. 

So I asked - What if the armies can create security & stability in the north by then? Then what?

I did not get a complete or direct answer, as I think I hit a sore spot. Then he cordially blessed me and said good bye and then hung up. Either he had to run to a meeting or I hit a question he had no answer for. I can make some assumptions over this last answer but I will not since I would be making predictions on a date. With only about 3 weeks remaining in May could he mean maybe in May if the GOI can produce and do their part? Just asking? Was this a confirmation of what we all already expect to happen?

More news…..

Mosul (IraqiNews.com) The military command leading operations against the Islamic State in western Mosul said Monday its forces had recaptured more areas on a new front taken up last week.

The Joint Operations Command said the army’s elite Counter-Terrorism Service troops took over Wadi Akab and Ghanem al-Sayyed industrial areas, hours after commanders reported earlier gains in the northwestern axis of operations primarily taken with an eye on the IS-held Old City.

Federal Police chief, Lt. Gen Shaker Jawdat, said in statements that his forces took over Shuqaq al-Haramat district, while moving forward at al-Haramat al-Thaniya, approaching Ektesadiyen and the major Islamic State stronghold district of 17 Tamuz (July 17th). Jawdat said 16 militants were killed and several combat equipment were destroyed during the offensives.

Just in late Tuesday night - By Ahmed Aboulenein | MOSUL, IRAQ
Fly-blown corpses of Islamic State militants (IS) littered the streets of a district in Mosul on Tuesday as U.S.-backed Iraqi forces chipped away at the last remaining handful of districts under the jihadists' control. (Almost done! This could be the week!)

More news….

(So now we see news beginning to come out about the laws. Just as I said would happen. When they are very close to completely liberating Mosul, they will then re-focus on the laws and more news about them will come forward. So this one is about the reforms for the Electoral Commission – the election process.)

Karbala - Journal News
Prime Minister Haider al-Abadi held a meeting with the head of the National Alliance Ammar al-Hakim and the leader of the Sadrist movement Moqtada al-Sadr in Karbala.

The leader of the Islamic Dawa Party Ali al-Alaq (note no longer Nori al-Maliki)said in a statement to the "Journal News" that the meeting, which will included the Prime Minister Haider Abadi, the leader of the Sadrist movement Moqtada al-Sadr and the head of the National Alliance Ammar al-Hakim in Karbala will include discussion files of the Electoral Commission and the relationship of the National Alliance government and the situation of the Electoral Commission file.

Mosul (Iraq) (AFP) - Iraqi forces announced on Tuesday they had"liberated the Northern Industrial Area on the western side,"  On Monday, Iraqi forces retook full control of Al-Haramat, a large neighbourhood on the edge of the city.(They are advancing quickly, but certainly this is not a “couple days”, as previously stated. We might see total victory by the end of the week at this pace. We can pray!)

As always my comments are in italic RED.

Articles Begin
Achieving the objectives of monetary policy requirements until the year 2020

08/05/2017
Samir Nasiri

The monetary policy of the most prominent efforts to achieve economic stability and stabilizing the exchange rate rates that the national economy will also increase the strength and effectiveness to meet the economic challenges of economic policies, as the achievement of foreign exchange reserves currently stands at up to 49 billion dollars, and install the Iraqi dinar exchange rate against the dollar are preparing to be necessary and appropriate, as the window of foreign currency held by the central positive role in maintaining an appropriate level of the exchange rate and install it.

The Central Bank of Iraq has taken several steps to expand the list of available tools for monetary policy and to cover the required reserve to include government deposits and granting facilities on deposits maturing in a short period in order to allow banks to manage their liquidity situation more effectively.

You can identify the most important of what has been achieved monetary policy instruments during the years 2004 2006 and the first of the relative stability of the rates of the exchange rate of tight monetary policy and the stability of the financial system, as well as reducing inflationary phenomenon, and control the levels of liquidity and management, and motivate banks to move towards the market.

Since the central bank is currently implementing its plan for the years ahead, we see that you are studying a series of observations , including monitoring the implementation of the central strategy and future policies of cash until the year 2020 with the contribution of the banking sector in gross domestic product, as well as necessary to search for new policies to achieve this goal and allow banks government and private participation in the growth and investment in accordance with the mechanisms and policies that can be implemented without imposing strict policies and give adequate elasticities, and address the apparent gap between the fiscal policies of the state and monetary policies adopted by the Central Bank of Iraq and the requirements of anti - pressure Inflationary and reducing current expenditure and coordination of plans and programs to achieve the rescue of the Iraqi economy from financial collapses.

It is important to activate the monetary policy to support the private banking system and review the policies of lending and mechanisms of credit risk management in the granting of credit to small and medium investment and loans in productivity and investment sectors that achieve cash flow clear and revive the economic cycle will contribute to the economic development and diversification of the financial resources of the general budget.

It is necessary to develop and support and stimulate the Iraqi market for securities and find the means and tools that drive towards the lifting of the market and the companies index of prices to suit the assets and standards of production and profits at least inevitably the true value of stocks and to prevent speculation that harm the Iraqi ancestry- which does not fit the true and actual value.

It is important that accurate follow - up instructions for a window of foreign currency issued in 2017 and regulate the sale of dollar process and determine the role of banks in the mediation between the customer and the central addition to determining the responsibility of the ministries of trade, finance and planning in the offenses committed by some customers and not only load responsibility for banks.

Creation (Fund) or ( a private portfolio) certificates of deposit issued by banks wishing to address the deterioration of stock prices in the Iraq Stock Exchange and the addition of new banking management current investment investment climate in the market to stimulate as well as increasing the volume of bank deposits leads to increased investment activities in all economic sectors and thus achieve positive impact for investors.

The boards of directors in banks approving a strategy for operational risk and implementation of the executive management of the bank to ensure that the operational risks related to all kinds of products Almsrvih.aadh considering the provision for doubtful debts in accordance with the list of guidance and re - elasticities and extended additional time for banks to determine in order to be able to filter these debts , mostly dating back to periods precedent and that most debtors have migrated outside the cities of Iraq for security reasons beyond their control and that these ratios lead to a reduction in their profits actually realized as a result of the deduction of these percentages of net profit and thus affect the investment banking activities Yeh new.

The restructuring of the banking sector, particularly the government banking sector and to study the privatization of some of its divisions and branches and to activate the operating banks to expand and diversify their banking services especially to increase credit and investment share in a balanced way with its revenue total to become these banks an effective pillar of economic growth that move away from the monopoly of some banking operations and the withholding of government activities and public institutions for private banks.
National Oil Company Law is disabled in the House of Representatives Strong Objection

(So now we news about more laws coming out. Just as I said would happen when they are very close to completely liberating Mosul, they will then re-focus on the laws and more news about them will come forward. So this one is about the HCL or National Oil law. We can see by this article that Parliament wants a more comprehensive overall ENERGY policy not just for oil. So where is HCL now? This article tells us. It also tells us what is going to happen with the HCL that was sent to Parliament last month. )

Is subject to the adoption of the law of the National Oil Company political consensus, the situation in that if oil and gas law , which was still on the drawers of the House of Representatives until the present day, or is it the fact that the company will contribute to the lifting of the burden on the Ministry of Oil is different, and be the executive arm capable of achieving programs required in this sector , which depends upon Iraq as a resource economist and almost single? 

The Committee on Energy parliamentary , which includes members of various political blocs with all their differences and Tjazbadtha that often hinder the adoption of the most important laws, says its president, a member of the Kurdistan Alliance, Areia Abdullah in an interview (term).

The National Oil Company Law is currently in the House of Representatives, and the committee "keen to speed approval", but it is due to confirm thatthe law needs a thorough study through discussion in the Commission, and is subsequently approved by the parliament, adding that, there are significant changes will take place on it because a lot of disputed points, and add to his studies in the oil and energy Committee Parliament the vessels , there will be workshops to discuss it in depth to be achieved in the final outcome of the law meets all the requirements of the oil sector and can be approved in an integrated manner.

On the other hand, wishes the Energy Committee member of the Parliamentary Ibrahim Bahr al- Ulum, in an interview (range), to meet the draft Iraqi oil companyIraqi ambitions after this long wait, noting that, the energy commission until the arrival of the law of the House of Representatives, in turn , reviewed the law and its development as which it deems appropriate in cooperation with the Ministry of oil, experts and civil society organizations. (So again I say – no one is going to tell me that the HCL is all done. Why this article if it was all done?)

Sea of Science, which is also a member of the citizen bloc says: Actually, what we aspire to form a national oil company , is to create an umbrella to accommodate all the activities of extractive and marketing for the oil sector, and owns the company's administrative and financial autonomy to manage their affairs, and should also be the executive arm capable to achieve the required programs in this important and vital sector, stressing that there should be a separation between the policies laid down by the Ministry of oil and the implementation of which is handled by the national oil company, so I hope that the law formula commensurate with these objectives.

The Cabinet had voted on 14 March 2017, the draft law of the Iraqi National Oil Company, referred to the House of Representatives. (so on 3/14/17 Abadi’s cabinet approved the law and sent it to Parliament and it has been sitting there since. It has been almost 2 months.)
Ministry spokesman Assem Jihad , Oil, confirms in an interview (range), the oil ministry has prepared a project to resume the work of national company law , which froze, where it was referred to the Council of Ministers , which referred it to the parliament for discussion may be subject to additions according to the vision of the legislative body in this context , so the ministry aims to achieve high flexibility to deal with my investment and development, and others, through a national oil company, its board of directors shall be by the ministry 's supervision, so the presence of the company gives flexibility in the development of processes to raise efficiency and performance and the ability to re - work a greater capacity, and be similar to companies In terms of global engagement in the framework of development, investment and international relations and marketing operations.

He adds Jihad, the Oil Ministry has also prepared and completed a bill for another company , a national gas company to be competent in the gas, because the tasks and responsibilities of the distribution of the national oil companies will facilitate the development and investment in the extraction sectors, filter, gas and serves the energy in all aspects of industrythe Ministry has also prepared laws several other, as a law special liquidation and the law of special gas and another special national oil company, which was sent to the Council of Ministers and submitted it to the parliament recently, noting that, these sectors when it works it must work in the field of specialist, as the ministry through these laws and oil companies, aims to help to push the development process forward and to contribute to the high presence of flexibility in the investment process in this sector.

And where away oil expert Hamza jeweler in his analysis placed the activation bill the National Oil Company for other views, also seen in a recent (range) that harassment on the National Company Law began the Council of Ministers, as theOil Ministry has prepared a new integrated law for the company, but the Council of Ministers preferred to return to the old law No. 123 of 1967, continuing by saying: the postponement is the other not only because of political harassment , whether in the cabinet or outside, it was the same way in which the postponement of approval of oil and gas law due to the political consensus. (this paragraph is key to understanding why it is taking so long to get the HCL done)

And it confirms the jeweler that the restoration of the national company of oil, it must have been some time ago, the fact that its presence regulates the working relationships between these companies better and be the executive arm of the Ministry of Oil for the mining industry, because it rests on the shoulders of the Ministry of Oil now, the burden of many , both in respect to the extractive industry or refineries or gas industry and collected and processed and then its distribution and production of gas and liquid pipelines and oil tanks and ports of export, and the ministry relieve these burdens them through the creation of companies.
 
One of these companies of which is the national oil company to produce oil, company national gas for the production of gas and evil Of refineries, to control better on its development and production, as well as the establishment of a company for pipes (so you can see they want the HCL to regulate all aspects of the energy sector and not just the oil industry) and led by the ministry , which is reflected on the ministry’s  performance better, because they produce small amounts and with these developments , both the work of refineries or other systems, has become a very big burden and greater than the capacity of a much so you must acknowledge these laws.


Baghdad and Washington towards the activation of the Strategic Framework Agreement

KHANDAN - The Foreign Relations Committee of the Iraqi parliament announcedthe approval of the United States to activate the strategic framework agreement signed by the two countries in 2008, as Baghdad complains of the suspension of the agreement.

A member of the Foreign Relations Committee Abbas al-Bayati said in an interview with Al-Hayat newspaper that "the United States has shown its readiness to activate the agreement, which includes political, security, military, economic and educational aspects."

He added that "the most prominent outcome of the recent visit of Prime Minister Haider Abadi Washington was Washington's willingness to activate the agreement, and reinforced by telephone calls and visits by US officials," adding that "Iraq confirms not to abandon the alliance with the United States." 

Al-Bayati pointed out that "the sub-committees will be formed soon to discuss the activation and expansion of the agreement," noting that "there is a need to reconsider a number of administrative instructions and protocols to implement the agreement," explaining that "the military side is currently controlling the relationship. The development of other aspects, and stressed the activation of the educational side and send 10 thousand students to the United States. "

As for the nature of the military relationship between the two countries after the "urging," said al-Bayati: "There are no ground forces fighting on the ground and there are advisers and guides." 

He said that "talk about the existence of independent American bases is not true, and the existing American forces deployed in bases of the Iraqi army," pointing out that "the number of up to about five thousand and will fall in the future and limited to training and arming."

"The government has contracted a civil company for the reconstruction and management of the road to be protected by a US security company, not US forces," al-Bayati said.


Economists then wonder the government's insistence on the use of "penny" cash as a unit

05/10/17

Alsumaria News / Basra
Economists experts from the province of Basra, their surprise at the insistence of the Iraqi government to use (penny) in cash as a unit of accounting receipts for most of the institutions and departments despite the fact that"penny" of the extinct trading three decades ago. (Folks…slow down…they are not saying the fils or lower denominations are out in circulation. You can read, can’t you? )

A professor of economics at the University of Basra d. Nabil Marsoumy in an interview with Alsumaria News for, " The accounting receipts used by most government departments in Iraq , where the amounts columns are divided into two parts , one dinar and the other fils, which is surprising because the penny is no longer circulating for more than thirty years , " noting that " government accounting receipts remain unchanged reflects the extent of the failure of management thought, so that the hand of reform did not extend so far intuitive to simple details are handled thousands of times a day. " (They are talking about the proposed future currency…the new lower denominations. It is obvious they are NOT in favor of the penny since they have not had the peny for over 30 years [since the 1980’s] and the newer generation does not know anything about it or how to use it.
 
So the CBI must be training the citizens on what to expect shortly. So this economist is expressing his viewpoint on the matter. Why is this so good for us and the RV? Because they are talking about it, Mosul liberation is very close and so what do you think they are planning to do next? These kind of juicy articles should be taken as signs)


Marsoumy pointed out that " the dirham , which enjoyed greater penny cash value is no longer used for a long time , " adding that "administrative leaders in the country if they are not able to change receipts and a small paper , how can develop the economy and achieve administrative reform."

For his part, President of the Iraqi Economists Association in Basra , Ali Alaill said in an interview with Alsumaria News for, " The world has come a long way in the application of electronic accounting systems and we are still use receipts and paper recognize fils cash as a unit , " adding that "addressing this gap does not require administrative genius nor financial allocations, but need only a simple guidance from the cabinet Secretariat to the ministries to delete a column from the penny receipts circles. "  Alaill pointed out that " the sons of the new generation do not know anything about the penny , except the old amateur currency collecting them."

The penny was one of cash categories traded in Iraq, and since the Ottoman era and even the extinction of trading was coining of copper to lower its value, it is the smallest unit of cash, and this afternoon is common ideals (not equal fils) to indicate the lack of importance of the thing, and during their occupation of Iraq period decided Englishmen in 1920 , the abolition of the penny trading with the rest of the units of the Ottoman currency, then work it back as a cash junior starting in 1932, and continued the penny in circulation until the early eighties, perhaps so far, at least in receipts and accounting records used by many government departments , including Directorates and municipal water Municipalities, education, traffic, communications and health.

 
 
Rasheed Bank begins tomorrow to sell the dollar for travelers at the official rate
 
Economy News Baghdad
Rasheed Bank on Tuesday, revealed starting his day on Wednesday to sell the dollar for travelers at the official rate, confirming the allocation of 10 branches in the capital of Baghdad to sell the dollar
 
Rasheed Bank said in a press release received "Economy News", a copy of it, "The bank will begin on Wednesday to sell the dollar and Msavrien delegates and the official price."
 
The bank added that "has been allocated a number of bank branches and travelers who wish to receive the purchase and branches are the airport and the Yarmouk session Shorja and Arkhitth inspired spring and willing Khatoon and fitness and jump and Karkh.
 
(The key to the article is what is the official rate of the dollar? They are not telling us. There are rumors it is 1,000 dinars to the dollar. Up from 1,280. This has not been confirmed.)
 
Articles End
 
Their words not mine…..No Rumors, No Hype, Just the FACTS!
 
Auf Wiedersehen
Much love to ya all,
Mnt Goat

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