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Monday, July 6, 2015

Iraqi Instability Behind Delay of Deletion of Zeros, 6 JULY

The Iraqi Parliamentary Economic Commission, announced that the instability of economic policy in the country is the main factor behind the delay of implementing the project of the deletion of zeros from the Iraqi currency, saying that the Central Bank alone can not accomplish this important project without the support of the government. Said committee member Nora Albjara, "The government has completed all the mechanisms relating to the draft of the deletion of zeros from the currency since year 2013 and was able to complete the project within the required specifications," noting that "no project application came for political and economic reasons." Confirmed Albjara that "the most appropriate time that it was possible to implement the project to delete the zeros of the currency was the year 2012 because of the stable political and economic climate and because of the high oil prices, as well as financial abundance at the time that allowed the state to start deleting zeros ". The Economic Committee member announced her regret "for the Cabinet not voting on the project at the time, which caused the loss of an opportunity to achieve financial stability and to avoid the effects of low oil prices.

EXCERPTS OF MILLIONDAY, OOTW & TMAN23, 6 JULY

7-6-15 Millionday: Article: "Announced Rafidain Bank, announced the launch of banking cooperation with the International Foreign banks initiative.RAFIDAIN BANK HAS ANNOUNCED THEY ARE MOVING FORWARD WITH INTERNATIONAL BANKING RELATIONS -- HUGE NEWS. THIS IS AN IMPORTANT STEP PER THE FOREIGN REMITTANCE SYSTEM.  [Isn’t internationally recognized a requirement for this?]  IT COMPLETELY DEPENDS ON WHAT AGREEMENT THEY HAVE SET UP TO BEGIN -- THIS IS THE BEGINNING ACCORDING TO REPORT AND A HUGE ANNOUNCEMENT BUT THEY ARE NOT THE ONLY ONE THAT SHOULD BE MAKING THIS ANNOUNCEMENT. [Any idea as to when this is to start or has it started?] TO ENTER GLOBE -- THEY HAVE TO HAVE INTERNATIONAL EQUATION ACCORDING TO WORLD ECONOMIC LOGIC --- SO THIS IS A HUGE BEGINNING OF SOME GREAT NEWS IMO. NO DATE GIVEN.

7-6-15 
OOTW: PARLIAMENT PUT OUT A PRESS RELEASE...THAT THEY'RE ADDRESSING THE CONTENTIOUS ISSUES ON THE NATIONAL GUARD LAW - THEY GAVE NO TIMELINE IN THE OFFICIAL PRESS RELEASE - THEY'RE WORKING ON IT.  THERE'S NOTHING STATING AT THE PARLIAMENT SITE THAT I CAN SEE RIGHT NOW THAT SAYS THEY'RE WAITING UNTIL AFTER EID TO PASS LAWS.  MASSUM CAME OUT YESTERDAY AND SAID HE WAS GOING TO GIVE JOBOURI THE RIGHT TO PASS LAWS NEEDED FOR NATIONAL RECONCILIATION, INCLUDING ECONOMIC REFORM... MASSUM HAS GIVEN JOBOURI THE POWER TO PASS LAWS. 


7-6-15 tman23: As I had been saying... And now in ink, the Kurds are threatening the payments in USD... They would abandon the IQD altogether!  A MAJOR THREAT for the CBI... Just another confirmation that we are in an excellent position to see change. 

BLC NEWS DISCUSSION, 6 JULY

Federal eliminate the unconstitutionality of some articles of the 2015 budget

[tlm724] lets take a look at some of the important things contained in this article and reference both the 2015 Budget and the Iraq Constitution

[tlm724] one fact is obvious the Council prepared the budget and sent it to Parliament BUT parliament changed some of the items contained in the budget BUT never sent it back to the Council for review and approval ! That is against the law. "the resolution stressed that the preparation of the budget is the prerogative of the Council of Ministers and in accordance with the principle of the separation of powers provided for in Article 47 of the Constitution,"

The Federal Supreme Court ruled on Monday, the unconstitutionality of some federal budget for the current 2015 materials, while confirming that the legislation was contrary to the constitution of the fact that these materials were not present in the original sender of the project from the government to the parliament

the court found that these materials were not present in the original sender of the project from the government to the House of Representatives," saying that it "has decided to rule the unconstitutionality of these materials because the House of Representatives has Pthariaha without returning to the government to take approval or project returns them for the purpose of considering the proposals. "
~~~
[tlm724] even Keywords says about article 50 "emphasized that the paragraph did not make clear in the first and second readings and "squeezed" at the last minute, the expectation that this matter resolved in favor of the central bank."

[tlm724] lets see what the court did  Wink

"The impugned by the materials are all from Article (4) and Article (13/1 / c, e, f, g) and Article 41 and Article 46 and Article 47 and Article (49/2) and Article (50 ) and Article 55 of the law, and asked the referee to raise cigarettes a phrase from the inability of Article (33 / A), which states (and 300% on cigarettes and alcoholic beverages), "noting that" the Court also considered another stabbed in Article 43 of the same law made by the Prime Minister and Minister of Industry and Minerals in addition to Ozivthma ".

The decision also came in line with Article 110 of the Constitution which granted federal authorities the power to draw financial 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.

[tlm724] article 110 of the Constituation =

Article 110:

The federal government shall have exclusive authorities in the following matters:

Third: Formulating fiscal and customs policy; issuing currency; regulating

commercial policy across regional and governorate boundaries in Iraq; drawing

up the national budget of the State; formulating monetary policy; and establishing

and administering a central bank.

http://www.iraq-lg-law.org/en/webfm_send/1351

[tlm724] now lets look at the Budget items the court ruled on:

[tlm724] The impugned by the materials are all from Article (4)

Article 4

(Transfers) to the Ministry of Finance to take what it takes to make transfers, as follows (Table 2):

First: the reallocation amounts in the table below

Second: Add revenue derived from the sale of crude oil to refineries and government revenue of entering into the state treasury Bmekdr 1642 billion dinars.

Third: the transmission of the amounts contained in the first item on the following table (Table 3):

8102 + 1642 to 6152.25 = 3591.75 rest (reduce the budget)

Third, are reduced to the total expenditures in the general budget for 2015 of $ (3591.75) billion dinars.

[tlm724] and Article (13/1 / c, e, f, g)

Article -13-

First: - comply with federal ministries and departments not associated with the Ministry of B (Table / c) the number of manpower for the ministries and departments centrally funded for the year / 2015 to the present law and the Federal Minister of Finance at the request of the ministry or organization is not related to the Ministry, the validity of the introduction of grades and modify angel output what comes : -

C - the introduction of grades for the purpose of installing contractors to permanent staffing exception from the requirement old who contracted exclusively within the operating budget and increase the contractual services to three years and promote their transactions as of 01/07/2015 that does not entail any financial consequences that retroactively with buyout National savings if proofed by the increase in salaries

and be the priority of the contractors who have been audited Adaberhm of committees formed for this purpose in accordance with the customs clearance No. 53 of 2013 issued by the General Secretariat of the Council of Ministers.

E re dismissed against the backdrop of security incidents majoring 5000 degrees and careers of scores of existing originally allocated to the Ministry of the Interior.

F proves contractors with the Independent High Electoral Commission in the registration centers exclusively who have contractual service until 1/3/2010 more than six months that the 1,200 contractor does not exceed the requirement not to have had to owners of one of the state departments disconnected or decision of the Commission investigative,

 from within the allocations included in the compensation of employees in the door of his agenda and transfers the remaining amount of 68.381 billion dinars for the project barometric, to prove to the rest of them when contractors provide financial abundance.

G the introduction of grades and the addition of the financial allocations when approving the National Guard law and be the nucleus of the popular crowd formed, an exception to Article 23 / II of the Act

[tlm724] Article 41 and Article 46 and Article 47

Article -41-

Calculated body the popular crowd allocations to ensure the involvement of 0.5% of the population of each province and Iraqi administrative unit level spend hand, including (the districts of Baghdad belt, North Babylon, Anbar, Salah al-Din, Diyala, Nineveh, Kirkuk (Hawija and Bashir and areas controlled by by terrorism) except Kurdistan region,

taking into consideration the numbers located currently enrolled after 10- 6- 2014 to be among share their provinces, taking into account the balance of all the provinces and the work of the popular crowd in coordination with the security and military forces and the Peshmerga forces in the disputed areas,
the the transmission of the popular crowd allocations to the National Guard system if the adoption law (to ensure the participation of all provinces and territories in the case of approval) and should not have any numbers to change the popular crowd only after the approval of the National Guard Law.

Article - 46 -

Exception establishment of Islamic banks from the Iraqi Central Bank's instructions up capital of banks to promote Islamic banking services deal does not apply retroactively.

Article -47 -

Give priority to the national maritime carrier to transport imported goods to calculate the ministries and public sector of Iraq.

[tlm724] Article (49/2)

Article - 49-

The Federal Council of Ministers to take the following actions and measures:

Transfers of staff between ministries and public sector companies to address the surplus and deficit angel among those institutions.

The assignment of redundant employees in all public sector companies to retire the exception of the age requirement contained in the consolidated pension law in force including members of municipal councils (incisors and neighborhoods), who were the owners or employees of companies.

Transfers amounts between the public sector companies operating within the same ministry exception of the Companies Act No. 22 of 1997.

Prevent the purchase of cars, furniture except novel circles.

Pressure Alaivadat Foreign Posts 50% and accounted for and that too as significant benefit to the country and the minimum number of participating delegations.

Reduce military cadres, cultural, health and commercial attaché or any other attache offices and integrated into the embassy, and operates under the supervision of Ambassador and in coordination with the ministries.

Reduction following appropriations and 75% (hospitality, additional works, allocations night, conferences, seminars and celebrations, and the mobilization of cards allocated for staff and officials' wages and mobile phone calls, and transportation expenses, bonuses, and other expenses.)

Doing Business in Zimbabwe, 6 JULY

The Republic of Zimbabwe is an independent country in Southern Africa, well-endowed with mineral, agricultural and other resources, which have created opportunities for the growth of resource-based industrial activities. The following are some of the key sectors in the country’s economy.

Agriculture
Manufacturing
Mining
Tourism
Energy
Water and Sanitation
Information and Communication Technology
Finance and Insurance
Services
The country enjoys a growing economy with great investment opportunities and the following are some of the underlying fundamental factors:

Low financial exchange risk as the country uses multi-currencies as legal tender. (US Dollar, British Pound, South African Rand and Botswana Pula)
Low Inflation rate at an average of 0.5%
Market forces driven economy
Access to COMESA and SADC Markets

LINK