Thursday Morning News Summaries
Iraq tops the list of the International Monetary Fund about the outlook for high growth
Iraq tops the list of Middle East countries for growth in 2014 and even into 2015…..this is based on GDP…..Iraq’s growth for 2014 is pegged to be near 6%.
Iraq participates in the spring meetings of the IMF and the World Bank in Washington
Governor Turki will be attending the spring meetings of the IMF and World Bank in Washington….Turki is planning some side meetings with the IMF to discuss the economic outlook and fiscal policies in Iraq…..side note here…..I thought Turki was being replaced…..if so….they are sure allowing him time to hobnob around the world as governor of the CBI still.
The Finance Committee has announced that the IQD is stable…that the CBI needs to be allowed to manage the IQD with regards to stability against other currencies….the CBI is taking appropriate actions to put the IQD in front of other currencies.
Banks Association invites local banks to open branches abroad
The Association of Private Banks is calling for local Iraqi banks to open branches abroad that would support economic activities within Iraq….it is reported that by having Iraqi banks abroad it would facilitate many business transactions….Rafadain Bank is one that has a number of branches outside of Iraq.
Financial expert: new editions of the coin challenge of fraud
Dr. Mohammed Saleh spoke out regarding the new currency….he stated one of the many functions of the CBI is to manage the currency…..the existing currency has been around since 2004 and much of it that is/was in use is tattered and damaged so dealing with it is getting to be a problem…..plus the technology from 2004 to the present has changed greatly and now allows for better security features to be built into new currency that is printed….he talks in some detail about the security features of the new currency.
Economic accuse unknown destinations smuggling of foreign currency abroad
An economic expert is claiming that foreign currency is being smuggled out of Iraq…..something that could immobilize their economy….he is accusing some Iraqi banks in participating with the smuggling operation with well known celebrities….he is stressing the need for stricter controls over private banks….and the ability to follow their financial movements…some of the smuggling is also associated with military action in or near Baghdad.
MPs and experts laud print a new currency and they consider necessary to protect the national currency
The new currency will help to solve some of Iraq’s monetary issues but the real fix will come from the lifting of the 000’s….it is unlikely to lead to an increase of inflation….but will help customers by needing less currency to carry.
11 years: conflicting views on the safety of the economy
A number of experts speak out on the past 11 years regarding the Iraqi economy…..one points to the lifting of the dinar exchange rate against foreign currency…..as well as increased reserves of hard cash and gold…..Dr. Saleh points to the oil industry and how the sector has grown as well as the exports of oil have increased….and to the return of the middle class something that had disappeared with the former regime…..another points to strong economic growth second only to China over the 11 year time period….but there are also complaints about the Iraqi government failing to transition well from the former regime….Iraq is still dependent on oil exports for 95% of its money.
Rumors About Talabani Swirl, as PUK Flails
There appear to be many rumors of Talabani’s return to the Kurdistan…..while that might be good for the PUK at this point in time….it may not be in the best interest of Talabani’s health….it seems that his family is keeping him closely guarded, and not providing any fuel for any rumors of a return at this point in time…..the Kurds are fighting over the placement of their new government….does that come as a complete surprise to anyone.
Iraq is losing 13 billion dollars a month because of delays in the ratification of the budget
It has been pointed out that Iraq is currently losing $13 billion dollars a month because of not having a budget in place for 2014…..many projects of all types are being affected by this….just as citizens are being impacted as well….their financial system is heading for a state of chaos if the gridlock continues.
A member of the Finance Committee: re-print banknotes is waste of time
One member of the Finance Committee claims the existing currency is good and does not require replacing…he calls for the need to stabilize the currency against the USD….instead of issuing new currency that he claims will confuse the market.
Iraqi MP: Kurds should return Iraqi money and then declare independence
Is this for real…..a MP is asking for Iraqi authorities to demand the return of all funds given to the Kurdistan over the past 10 years and then declare the Kurdistan an independent state…..is this guy for real….sounds like something that would be suggested by….oops…never no mind…can’t go there…..this person doesn’t appear to be living in the real world…IMO.
President Barzani: US wrong to deprive Kurds of independence
Now President Barzani is taking aim at the US for depriving the Kurds of independence….listing the failures of the US administration in post 2003 Iraq…..it is a well known fact that the Kurds and Baghdad have much strained relationships….the Kurds are about fed up with Maliki’s strong armed tactics and may put a referendum before their people concerning the long term future for the Kurds….Barzani claims that anything is possible for the Kurds over the next 10 years.
Ayatollah Sistani against a third term for al-Maliki
It would appear that Iraq clerics are withdrawing their support for Maliki….perhaps even Ayatollah Sistani….but Maliki is taking the stance that it is Sistani’s son who is trying to get him to withdraw his support…..regardless it would appear that Maliki’s support is dwindling…..will his bloc have enough to win the majority of the government and put Maliki on his third term as PM?
Senior adviser to al-Maliki criticizes the “disable” the parliament of a bill of economic reform
A senior advisor to Maliki is criticizing Parliament regarding an economic reform bill that would in time remove the dependence that Iraq has on oil for income….apparently the House has chosen not to act upon this bill to date and as a result Maliki and crew are upset at their ignoring the bill….they feel that the bill should at least have had a first reading so that any questions can be voiced and allow the design team the opportunity to face Parliament and provide answers to the issues….it appears that Parliament needs to take a long hard look at this bill proposal.
Morning News Summaries Randy