Tuesday, March 26, 2024
Deputy: Al-Sudani will raise the issue of lifting sanctions against Iraqi banks in Washington , 27 MARCH
Deputy: Al-Sudani will raise the issue of lifting sanctions against Iraqi banks in Washington
3/26/2024 Baghdad
The representative of the Coordination Framework, Arif Al-Hamami, confirmed that Prime Minister Muhammad Shiaa Al-Sudani sought to negotiate directly with American officials to withdraw their forces from Iraq and end the tasks of the international coalition.
Al-Hamami said in an interview followed by Mawazine News: “Al-Sudani will emphasize the security partnership and support of the Iraqi forces in the field of training and armament, and work to lift the American veto on Iraq’s contract to purchase advanced air defense systems,” indicating the existence of “an undeclared American veto so that The Iraqi sky is under American control and it penetrates it whenever it wants without any deterrent .”
Al-Hamami added, “Al-Sudani’s discussions in the White House will focus on the financial and economic file, especially related to the American sanctions on some Iraqi banks, and the impact of that on Iraq, and seeking to lift those sanctions and working to find a mechanism to pay Iraq’s foreign debts.”
The visit to Washington is considered a protocol procedure used by successive Iraqi government heads after the US invasion of Iraq in 2003, and it usually occurs in the first months of assuming office.
However, Al-Sudani’s visit, in his capacity as head of a government emerging from a political alliance (the Coordination Framework), which declared on more than one occasion his opposition to the United States and his work to remove its military presence from the country, may take it out of its usual context this time, especially since the files that Al-Sudani is carrying to Washington will not Be acceptable to America. LINK
"RV UPDATE" BY MILITIAMAN, 27 MARCH
Militia Man
Having this LOP information of 1310 is ridiculous, it's reckless...They said they're going to have a lofty exchange rate to expose. If that's the case, lets see what they have and how they play it out...I think it's going to be phenomenal.
How are they going to attract foreign investment? They're going to open their borders with an International currency ... and they're going to rock and roll. The signs are everywhere. AlSudani recently said he was going to make a change to the dinar to 1.32 dinars to the dollar, which is about $0.76. But that doesn't include adding the Real Effective Exchange Rate.Parliamentary Finance: Budget tables arrive before the Eid holiday , 26 MARCH
Parliamentary Finance: Budget tables arrive before the Eid holiday
3/26/2024
The Parliamentary Finance Committee expected that the budget tables for the current year 2024 would arrive in the House of Representatives before the Eid al-Fitr holiday.
Committee member, Moeen Al-Kazemi, said in a press statement, “The 2024 budget schedules have not yet arrived from the government, even though we are in the month of March, and the government was supposed to send them before the end of last year and submit them to Parliament for approval,” noting, “The Ministry of Finance has completed The proposed amendments to the budget.”
He added that the Ministry of Planning has completed the investment budget and now the tables are in the body of advisors at the Prime Minister’s Office and have been presented to the Prime Minister, expecting that “the amendments to the 2024 budget will reach the House of Representatives before Eid al-Fitr.”
On March 13, the Ministry of Finance announced the completion of data related to the 2024 budget schedules, the inclusion of texts, and sending them to the Council of Ministers.
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed {to Al-Furat News} that the House of Representatives’ approval of the budget schedules for the year 2024 does not hinder their implementation. LINK
Evening News with MarkZ. 03/26/2024
Rashid to the US ambassador: Baghdad and the region want to resolve the issue of budget and pay the dues of the region’s employees, 26 MARCH
President Abdul Latif Jamal Rashid received, on Sunday, at the Peace Palace in Baghdad, the Ambassador of the United States of America to Iraq, Elena Romansky, stressing “the keenness to continue building close relations that serve mutual interests, respect national sovereignty, and enhance joint cooperation in various fields.”
During the meeting, Rashid referred to a presidential statement, a copy of which was received by {Euphrates News}, “Iraq’s determination to continue the approach of reform, eliminate cases of corruption, and build distinguished partnerships that contribute to achieving comprehensive development and economic growth,” stressing “the importance of benefiting from experiences and experiences and employing them to gain skills and improve the reality of the economic, commercial, agricultural, environmental and energy sectors.”
He also pointed out that “the Presidency of the Republic adopted the release of detainees whose sentences have expired and the formation of a committee that, in addition to the Presidency of the Republic, included the Supreme Judicial Council, the Ministries of Justice and Interior and the National Security Advisers to follow up the files of the convicts and the expiration dates of their sentences, to ensure their release on time.”
Rashid stressed “the importance of finding solutions to the outstanding issues between the federal government and the Kurdistan region in accordance with the Constitution, law and political understandings, indicating the desire of the two sides to continue the dialogue to resolve the issue of the budget and pay the dues of the employees of the Kurdistan region like their peers of employees.”
For her part, the US ambassador affirmed her country’s desire to develop relations between the two countries and strengthen cooperation to serve the two friendly peoples.
The situation at the regional and international levels was also reviewed, and the support for the opportunities for peace, security and stability in the region was emphasized.
"IRAQ BOOTS ON THE GROUND RREPORT" BY FIREFLY, 26 MARCH
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: TV is say when Sudani goes to Washington. OMG that's a long time off. Means nothing changing until after that probably, if it does this year.
FRANK: I don't care if it happens on the 15th of April. I don't care if it happens tomorrow. I just know it's happening with all that we're seeing. The proof is there. There's no doubt about it.
FIREFLY: Tv talked about parliament finance has been meeting...with the CBI officials talking about mechanisms to pay the salaries and all the project we have. This is a good sign. They are meeting right before the budget goes to parliament next week.
FRANK: Firefly knows if it does go to parliament and they vote, it will expose an exchange rate. Certainly not a program rate.
FIREFLY: Talked to bank friend. He told me it seems to be the quiet time but soon news on the amending budget will appear...Nothing will get done, so it's going to be soon. The dropping of the zeros is off the exchange rate...We were told on TV that during next week the 2024 amended budget will arrive at parliament for their vote.
FRANK: Stay very close to your friend because at any moment IMO I believe he'll be able to give you what you're looking for, what they promised you.
Adviser to the Prime Minister: Approving the 2024 budget schedules in the House of Representatives does not hinder their implementation, 26 MARCH
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the House of Representatives’ approval of the financial budget schedules for the year 2024 does not hinder their implementation.
Saleh told {Al-Furat News} agency, “The federal tripartite general budget issued pursuant to Law No. 13 of 2023 differs from the annual budgets that are subject to Financial Management Law No. 6 of 2019, amended when the approval of its legislation was delayed, as the Federal Financial Management Law stipulates in one of its paragraphs, that In the event of a delay in approving the general budget law for the new fiscal year, disbursement will be made at a rate of 1/12 of the actual ongoing or current expenditures for the previous year.”
He stated, “The federal tripartite general budget issued pursuant to Law No. 13 of 2023 differs from the annual budgets that are subject to Financial Management Law No. 6 of 2019 amended when the approval of its legislation is delayed, as the Federal Financial Management Law stipulates in one of its paragraphs that in the event of a delay in approving the budget law General expenditure for the new fiscal year shall be made at a rate of 1/12 of the actual ongoing or ongoing expenses for the previous year.
Saleh explained, “Approving the general budget law for three years does not provide legal conditioning for the implementation of the effective administration law as long as the general budget has been enacted according to the law for three years.
Therefore, I do not see that the financial tables prepared for approval by the House of Representatives constitute an obstacle to the progress of implementing the plan.” Finance for the year 2024, in its operational and investment parts, and stopping the wheel of public finance, especially its investment part linked to development and economic prosperity, awaiting the approval of the amended budget schedules approved by the executive authority until it is approved by the House of Representatives, as if the matter requires new legislation that delays the purpose of adopting the three-year budget and the investment in time it entails. “.
At the same time, he noted that “the tripartite budget experiment is a financial experiment taking place for the first time in our country. If its goal was and still is to stabilize the adoption and implementation of national development projects without delay related to the annual budget and its annual legislation, then the disruption of its implementation means a return to the annual budget square.” Here, the fundamental difference must be made clear between implementing the budget that is enacted on an annual basis and the budget that is enacted on the basis of an average time frame, such as the tripartite general budget issued by Law 13 of 2023.”
Raghad Dahham
"RV UPDATE" BY MARKZ, 26 MARCH
Mon. 25 March MarkZ: There is some fun stuff coming from sources over the weekend. Bond contacts really lit up overnight/and over the weekend. One of my contacts that “lit up” after going quiet said they very much expect things by mid-week this week.
We in Tier 4b are supposed to go immediately following bonds. We have always been told that Historic Bonds go first with 1%, then Sovereigns, Indian Nations, large church groups and then Bond Folks get their remaining 9% fiat, then BAM we all start making our appointments. At the same time SKR folks have gotten their payouts. I understand that the whole process should only be a week long and that the very first things we should see is Bond Folks getting dollars.
Maintaining foreign reserves. Iraqi academic study answers the question of “Stability of the Iraqi dinar against the dollar”, 26 MARCH
Shafaq News / At a time when the price of the dollar is still fluctuating between rise and fall, and the market is forced to live in a situation in a kind of confusion, because the hard currency is an important tool in Iraqi trade, as it is a trade that depends on import in most of the products in the local market, a researcher whose master’s thesis, at the Faculty of Management and Economics at the University of Tikrit, on Monday, put some possible solutions to hold and control the dollar price, because his message came about the role of the Central Bank and the currency sale window and their role in stabilizing the dinar against the dollar and the importance of maintaining the reserve for foreign currency.
Researcher Ahmed Abdullah Akil, Shafaq News Agency, said that “the study aims to know and measure the impact of some central bank tools in achieving the stability of the Iraqi dinar exchange rate against the US dollar during the period (2004-2022) in order to know the places of imbalances and negatives that hinder the stability of the value of the local currency according to the nature of Iraq’s economy, as the goal of maintaining the value of the local currency was the main goal of maintaining the price level related mainly related to the level of the local dinar exchange against the US dollar.”
He added that “the study variables were analyzed and measured according to the (Eviews 13) program, and it was found that there is a moral positive relationship between some central bank instruments as independent variables and the official and parallel exchange rate as subordinate variables in the short term with some negative and positive correlations of some variables in the long term, as it was noted that some instruments were ineffective in affecting the currency exchange rate such as the legal reserve, the re-discount price and open market operations, but the impact of some of them were limited to inflation.”
He pointed out that “while the impact of the interest rate and the window was positive on the value of the local currency as a result of its reduction in the nominal exchange rate, and this indicates the ability of the Central Bank to affect the stability of the exchange rate of the local currency in front of the foreign currency, especially through the window of selling the currency throughout the study period, except for some last years of the study period, as the nominal exchange rate re-rise, as well as the situation in the parallel market by a decision of the monetary authority represented by the Central Bank, for the purpose of facing public expenditures and facing the repercussions of the global health crisis related to the Corona epidemic and the accompanying decrease in oil prices, which is the main source of the US dollar, due to the rentier nature For the Iraqi economy.”
He continued: “It was also noted that the gap between the official exchange rate and its equivalent in the parallel market was increased due to the increased demand for the foreign currency. The study presented a number of recommendations, the most important of which was continuing to work the window without excessive use of foreign reserves and diversifying the sources of access to foreign currency by advancing development and activating the real sector, industry and agriculture, in order to achieve a reduction in imports, which reduces the depletion of currency, in addition to tightening regulatory measures to prevent the smuggling of foreign currency and the works that affect the supply of it, which contributes to the stability of the exchange rate of the local currency.”
He stressed that “continuing to work with the window of selling the currency without redesting foreign reserves, and diversifying the sources of obtaining foreign currency so that the exchange rate does not remain hostage to oil prices as it is almost the only source of foreign currency access.”
He pointed out that “pushing the wheel of development in Iraq, activating the real sector, activating industry and agriculture to reduce imports to relieve pressure on foreign reserves of the dollar, keep the Central Bank away from political pressures and give it the necessary powers to deal with the fluctuations of the economic situation, including fluctuations in exchange rates, and tighten regulatory measures to prevent the smuggling of foreign currency abroad so as not to affect the supply of foreign currency, and therefore the value of the local currency.”
"RV UPDATE" BY WOLVERINE, 26 MARCH
WOLVERINE
- Mon. 25 March Wolverine: Ok guys are you ready for good news? Need 400 good emojis. Ok Reno has started. Whales are getting calls to go to Reno. They have signed all contracts. Get ready God bless. …Wolverine
[via Judy Byington]
Most recent banker update...Mon. 18 March...Word from those higher ups was that we were in a 24 to 36 hour... window for announcement with Thurs. 21 March...being an important day for the banks...we know the time of our blessing is approaching quickly...All is looking good according to ALL sources...
Sun. 17 March Wolverine
" CONFIRMED: BRAZIL HAS THE GREEN LIGHT" BY WOLVERINE, 19 MARCH
Sun. 17 March Wolverine
The decline of the dollar reduces the burden of high prices on the Iraqi citizen, 26 MARCH
The decline of the dollar reduces the burden of high prices on the Iraqi citizen
The markets of the capital, Baghdad, witnessed, on Monday morning, a decline in the exchange rates of the US dollar against the Iraqi dinar.
the details:
The exchange rate of the dollar on the Kifah and Al-Harithiya stock exchanges recorded 147,400 dinars for every 100 dollars, a decrease of 1,300 dinars from the price of yesterday, Sunday.
The selling price in banking shops in local markets in Baghdad decreased to 148,500 dinars, while the purchasing price reached 146,500 dinars for every 100 dollars.
the reasons:
No official body has announced the reason for the decline in dollar exchange rates.
Some sources suggested that the decline was due to an increase in the dollar supply in the market.
Other sources indicated that the decline in global oil prices may be one of the factors that led to the decline in dollar exchange rates.
Effects:
The decline in dollar exchange rates is expected to lead to a decline in the prices of imported goods.
Declining dollar prices may encourage increased investment in Iraq.
The decline in dollar exchange rates is positive news for the Iraqi economy, but it is important that steps are taken to ensure exchange rate stability in the long term. link
"RV UPDATE" BY MILITIAMAN, 25 MARCH
Militia Man
Their new accession law seems to be gaining traction with Iraq having accession to the European Bank of Reconstruction and Development and the FEMOZA World Federation of Free Economic Zones. The WTO is likely next in line for Iraq's integration with the international world.
Article quote: "Iraq joins FEMOZA " It's the World Federation of Free Economic Zones. Why is this important? Iraq has accession to this...We have the accession law to join the European Bank and now we have the accession to the World Free and special economic zones federation. ..Both of these entities are about finance and building new industrial cities. If you don't think Iraq is going to go international, you might think again...
The Prime Minister's Advisor announces the decline in the effects of the parallel market and the decline in its activity, 26 MARCH
The Prime Minister's Advisor announces the decline in the effects of the parallel market and the decline in its activity
3/24/2024 Baghdad - INA - Nassar Al-Hajj
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, announced today, Sunday, the decline in the effects of the parallel market and the decline in its activity, while revealing the reasons for the decline in the exchange rate of the dollar against the dinar, and the importance of monetary policy and its imposition of a climate of stability at the general level.
Saleh said to the Iraqi News Agency (INA): “Economic policy played a major role in imposing a climate of stability in the general level of dollar exchange rates,” indicating that “the state of superiority of the official exchange market in financing Iraq’s foreign trade caused a decline in the effects of the parallel market and a decline in its illegal activities.” Legal ".
He pointed out that "the decline in parallel market rates in favor of the official exchange rate is a tangible success in the cohesion of the country's economic policy in its three aspects: financial, monetary and commercial," pointing out that "the work and high coordination of policies led to providing an incubator of stability embodied in relative price calm and the containment of seasonal price fluctuations." “For materials in high demand, specifically the provision of basic goods related to consumption and daily living for citizens.”
He noted "the importance of using the customs policy, which was represented by (reducing customs tariffs and diversifying imports without quantitative limits for basic and necessary goods) as part of the performance of the financial policy in providing price stability and ensuring the supply of materials, food and essential goods, and production supplies at the official exchange rate and in accordance with the requirements of the national economy." In addition to the high stability in bank financing for foreign trade for the private sector, which began to adopt the stable official exchange rates of 1,320 dinars per dollar in a wide and more flexible manner through the regularity and stability of financing operations.
He pointed out that "the demand for foreign currency for the purposes of financing the country's foreign trade, on the part of the private sector, is today backed by large foreign currency reserves, which are the highest in the country's history, reaching nearly 111 billion dollars today."
He continued, "These high foreign currency reserves reflect the country's annual trade efficiency of more than 16 months of import at least in light of the global standard for the commercial efficiency of foreign reserves, which is set at only about three months, and that the ability of these reserves to cover the exported currency is considered complete coverage in foreign exchange, which is an indicator of stability." Contains any existing or anticipated adverse price fluctuations. LINK
"RV UPDATE" BY MARKZ, 26 MARCH
MarkZ
[via PDK] We may see it by Easter…The news is so good...We have a delegation of Iraqi foreign ministers in DC right now. At this point we expect them to announce “lifted sanctions” by the middle of the week. My source is on the DC beltway. When sanctions are lifted it should be “GO” time.
There is some fun stuff coming from sources over the weekend. Bond contacts really lit up overnight/and over the weekend. One of my contacts that “lit up” after going quiet said they very much expect things by mid-week this week ...People who have not been excited for quite awhile are now excited...I am also hearing similar things from my banking side...I understand that the whole process should only be a week long and that the very first things we should see is bond folks getting dollars...We...are supposed to go immediately following bonds.Adviser To The Prime Minister: The Decline Of The Dollar Is An Indicator Of The Strength Of The Dinar And A Tangible Success Of Economic Policy, 26 MARCH
Adviser To The Prime Minister: The Decline Of The Dollar Is An Indicator Of The Strength Of The Dinar And A Tangible Success Of Economic Policy
Time: 03/21/2024 Read: 4,381 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed the strength of the dinar against the dinar after a relative decline in the exchange rate. Saleh told {Al-Furat News} agency,
“We indicate the strength of the Iraqi dinar, expressed in the decline in the parallel market rates of exchange in favor of the official exchange rate, a tangible success in the cohesion of the country’s economic policy in its three aspects: monetary, financial, and commercial, in providing a coherent climate of stability in the general level of prices.”
And containing seasonal price fluctuations for high-demand items, specifically providing basic food commodities that have low price elasticities of demand because they are necessary commodities associated with consumption and daily living.”
He noted "the importance and speed of customs procedures, which were represented by (reducing customs tariffs and diversifying imports without quantitative limits for necessary goods) as part of the performance of the financial policy in supporting price stability and ensuring the supply of food and essential goods and production supplies at the official exchange rate and in accordance with the requirements of the national economy."
The Parliamentary Finance Committee had expected the dollar price to continue to decline as the results of the measures taken by the Central Bank of Iraq to limit the rise in the foreign currency began to appear.
The dollar exchange rate a few days ago was about 1,500 or 1,490 thousand dinars to the dollar.
"RV UPDATE" BY CLARE, 9 MAY
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