Frank, MilitiaMan and KTFA Members Tuesday PM 2-26-19 (Sinan al-Shabibi )
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Frank26: Professor Sinan al-Shabibi as chairman of monetary policy committee
Agency of the orbit -Baghdad
The British central bank issued a decision on Monday to appoint Iraqi professor Sinan al-Shabibi as chairman of the monetary policy committee.
"The Bank of England decided to appoint Professor Shabibi as chairman of the Monetary Policy Committee, which was previously governor of the Central Bank of Iraq," the English media reported.
“This decision came to benefit from the experiences of al-Shabibi to maintain the exchange rate of the British pound and to prevent the British economy from getting into trouble, especially after the exit from the European Union.”
Iraqi sources told al-Madar that Professor Sinan al-Shabibi had been deposed from the post of governor of the Central Bank of Iraq by the previous government headed by Nuri al-Maliki, because he did not agree to sell the dollar to Iran.
MilitiaMan: Yes, the implications of this are telling me that what we have in front of us and that is the Iraqi Monetary Reform process, the Delete the Three Zeros Project from the exchange rate has the most beautiful legs at the Ball.
This appointment gives Sinan al-Shabibi the utmost credibility that we are in good hands that his project is at least so far looked at like it is successful! If the delete the project underway was looked at to be a failure one may have to consider that to be tar on the feet, whereas, apparently, it is not! Sinan al-Shabibi has been doing consultancy over the yeas with the IMF.
The British Central Bank knows full well about the project. This imo is so very good for what is to come. He will get some serious credit for his hard work and now it shows! imo
The implications show me that the Project he started with Iraq is a success, as Britain is going to use him based off his credentials and success. I am truly loving this one, as if Iraq was a failure, he may not be getting the position. But, he is therefore, I deduce Iraq is going to explode now and soon! Lets watch where the credit comes from now and to whom it goes to. My bet is on Shabs! ~ MM Thanks Frank!
Popeye7: As you stated MM... Some serious bolstering of the former CBI governor credibility by one of the most important economies within the world at this time... Why Shabibi though?... As Iraq's economy is on the brink of breaking wide open from an international standpoint as you, and others have stated... Thanks for bringing in this article Samson... Another piece to the puzzle as we near the heralding of Iraq's currency becoming international to the world...
SteelyJan: This is such great news today! I have always wondered if Shabs would come back on the scene in some way or another before the big moment! WOWeeeeee!!! It makes me happy to see him back so he can be a part of this historic event....for such a time as this!!! This was his brainchild and so it's only fitting that he be included....ohhhhh budddddyyyyyy!!!!!!
Don961: If anyone would know about dropping zeroes ... maintaining exchange rates ... the ins and outs of an RI/RV .... this would be the guy ! ... he was at the helm/on the cusp at one point in time ... imo
Mark/Pam: Dr. Shabibi's placement was very smart by our friends in the UK.
1. His knowledge as well as being the architect of the plan for Iraq (being a success expressed to the world soon) will be a "smart hire" for the Crown and it's people. They will look like geniuses adding him to their financial staff.
2. His relationships with senior leadership in Iraq should also help the UK position for contracts and business opportunities in the "new" Iraq.
3. With Brexit approaching, in whatever form, Dr. Shabibi has the intelligence to guide them thru the monetary complexities exiting the Euro. IMO
He demonstrates VALUE!! Smart Move Great Britain!!
Samson: Mosul hosts a joint meeting to activate the CBE's credit initiatives
25th February, 2019
Held in the city of Mosul, a joint meeting between the Central Bank of Iraq and the Association of Iraqi private banks and a number of leaders of the private sector and banking departments in the province to activate the initiatives of the Central Bank of the private sector
A source in the Association of Private Banks, in an interview with "Economy News", that "under the supervision of the Central Bank of Iraq and the Association of Iraqi private banks held in the city of Mosul, the joint meeting between leaders of the private sector and banking departments in the province of Nineveh to activate the initiatives of the Central Bank of Iraq credit to the Iraqi private sector "He said
The source added that the meeting was attended by "the head of one-trillion-dollar initiative to finance small and medium enterprises Ahmed Ibrahim and the regional director of the Association of Iraqi private banks, Muhammad Munther," noting that there are a number of participants in the meeting, including "the Economic and Finance Committee and the Industry Committee and the Committee on Agriculture in The Nineveh Provincial Council, the directors of the branches of government and private banks operating in Nineveh, Nineveh Investment Commission, the Ninawa Chamber of Commerce, the Faculty of Management and Economics at Mosul University, the Engineers Syndicate, the Bar Association and a number of businessmen
He stressed that "one of the most important points that were discussed obstacles facing banks in the city of Mosul and the search mechanisms to accept borrowing requests for small and medium-sized enterprises and identify the conditions of banks covered by credit coverage LINK
MilitiaMan: "the head of one-trillion-dollar initiative to finance small and medium enterprises."
We all know that the World Bank is all about SMEs!! In fact they go so far as to say that they are the back bone of any economy! This is to be a "one trillion dollar initiative" (Not Dinar, at least not Dinar at a program rate imo.) to cover banks in regard to expanding credit. That is one large sum of money to help support the condition of banks.
The timing is by no coincidence imo. If I am not mistaken the AMF is meeting again tomorrow and Thursday on electronic payment systems and quite possibly in regard to not only the regional partners but Iraq as well. Thanks Samson, for the heads up! ~ MM
"Small and medium enterprises (SMEs) are the economic backbone of virtually every economy in the world. SMEs represent more than 95% of registered firms worldwide, account for more than 50% of jobs, and contribute more than 35% of Gross Domestic Product (GDP) in many emerging markets. Small businesses generate most of the new jobs, and help diversify a country’s economic base. They also promote innovation, help deliver goods and services, and can be a powerful force for integrating women and youth into the economic mainstream."
4Cash: IMO they(Iraq) better be getting their act together if someone is about to spend 1 Trillion Dollars on helping them to develop small and medium enterprises.
JJimmyjj: As a simple guy, this is very interesting to me for one simple reason:
If the CBI is ready to start a huge initiative involving thousands of businesses now, then that must mean they have another huge initiative (the RI/RV) done.
Even large entities like central banks don't have unlimited resources of time and people, so if they believe they're ready to grow the economy through promoting SMEs, then the foundation of a stable currency must be done. ~JJimmyJJ
MilitiaMan: My Friend you make a very good point! The data we have before us, supports your opinion!! ~ MM
MilitiaMan: Jordan, Iraq sign MoU on capital market LINK
Gearing to interlink the two countries to trade under international criteria. IOSCO, has been in the background as well.. AMF is working to interlink the region in regard to payment systems. Well funding trading accounts need payment facilities! So this is another tall tell sign that things are moving along nicely.. imo ~ MM
MilitiaMan: Saudi Ambassador announces the opening of the port (New Arar) with Iraq LINK
With the PTB talking about UNIFIED TARIFF'S today, we can get the picture that the overall region is now underway in becoming a new market economy. ~ MM
MilitiaMan: Exports of Iranian goods to Iraq rose to 8.2 billion dollars LINK
The ports are going to need good calculators for all those goods to be taxed.. Cha Ching Cha Ching... lo l~ MM
Samson: Mr. Ammar al-Hakim, Minister of Finance: the need to get rid of the state rent and commitment to the unified tariff
The head of the Alliance for Reform and Reconstruction, Mr. Ammar al-Hakim, stressed the need for salvation from the rentier state.
A statement issued by his office received the news agency (Euphrates News) that Mr. Ammar al-Hakim received Finance Minister Fuad Hussein and discussed during the meeting, "developments of the political situation and the implementation of the government program for Iraq because of the side of economic reform." He called on Mr. Ammar al-Hakim to "communicate and maintain dialogue and discussion with the legislative authority and financial and economic committees."
He also stressed "economic reform and the salvation of the rentier state by diversifying the sources of income and adopting a fiscal policy consistent with the direction of the government in this area." He also stressed "the commitment to the customs tariff common to all ports with the commitment to quotas of the provinces approved in the budget and taking into account the proportions of the provinces, especially disadvantaged and the needs of each province."
Politically, Mr. Ammar al-Hakim stressed "the completion of the government cab, the provision of services, the provision of employment, the reconstruction of cities and the fight against corruption, and we have all taken responsibility for implementing these priorities." LINK
MilitiaMan: A unified tariff leads to a mature market..This comment gives an idea what is meant by a unified tariff in respect to oil and gas. "Shell supported the idea of unified tariff, as this will enable development of market and consequently lead to matured market." "Suggested that if not possible to include all pipelines at initial stage then in future all pipelines including bid out pipelines should be included." Iraq clearly has oil and gas and therefore will benefit by using a unified tariff mechanism.. ~ MM
Note: the link is for an example only..
Frank, MilitiaMan and KTFA Members Tuesday PM 2-26-19 (Sinan al-Shabibi )
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Very encouraging to see Shabibi back on the scene of things, even if out of Iraq can still be of great value...