This monetary reform is right in front of your face. It's at your doorstep.I envision being at the very edge of a cliff, on my tiptoes, with my arms out, leaning forward, my head down, waiting for a gust of wind to let me fly....
Frank26
When you hold up the new lower notes you will not be able to see all the safety features, not even with a black light. This currency is so far advanced you cannot counterfeit it because you don't even know what's in it.
Walkingstick
It's not 92% [of the 3 zero notes] they've collected. It's a lot more... It's at your doorstep.
Shafaq News / Once again, attention is turning to the President of the Kurdistan Region of Nechirvan Barzani, at a very sensitive moment, to address a new obstacle in the deep-rooted political dispute between Baghdad and Kurdistan, over a sentence of stal of outstanding files, to add to the recent and controversial Federal Court decisions.
visiting Baghdad
Nechirvan Barzani, the quiet figure known for solving problems through understandings, settlements and “rotating corners”, moved towards Baghdad, to meet with the presidents of the republic, Latif Rashid, the government, Mohammed Shia Al-Sudani, and to attend an extraordinary meeting of the coalition of state administration, and the coordination framework discussed in the number of files and problems, in addition to the upcoming Sudanese visit to Washington.
President Nechirvan Barzani also met with both the US ambassador and the French ambassador in Baghdad.
This round of talks is the first of its kind after the decisions of the Federal Court, which is the highest judicial authority in Iraq, as it led to the Iraqi Election Commission taking over the organization of the Kurdistan election process, a measure that has no precedent, in addition to its decision to cancel the seats of the minority quota, reducing the number of seats in the Kurdistan Parliament from 111 seats to 100 seats. The Federal also decided to withdraw financial authority from the Kurdistan Regional Government and transfer it to Baghdad regarding the payment of employee salaries.
These decisions described by the Democratic Party as “hitting the concepts of partnership and coexistence,” prompted it to announce its boycott of the region’s elections scheduled for next June, while at the same time elting to leave the political process if the pledges agreed with the political forces in Baghdad are not fulfilled.
account inventory
“Our meetings were generally within the framework of future relations between the Kurdistan Region and Baghdad and I tried to develop a mechanism so that we can continue to hold these meetings so that the current problems can be discussed in one place and solutions found,” the President of the Kurdistan Region, Nichirvan Barzani, said in a summary of his visit.
He continued, “The issue of salaries is a fundamental issue for the Kurdistan Regional Government and the agreement reached between the Prime Minister of the Region and the Federal Prime Minister is a very good start and we hope that it will continue. We also discussed the issue of oil, and of course as the Kurdistan region we believe that the export of oil must be resumed, because this issue has caused great damage to Iraq and the Kurdistan Region and so far the Iraqi budget has lost more than seven billion dollars.”
He added, “Of course this issue has been discussed, but it takes more delegations from the Kurdistan Regional Government to visit Baghdad and talk more about this issue, and we hope to reach a conclusion.”
On holding the elections for the Kurdistan Region on time, Nechirvan Barzani said, “It is my responsibility as President of the Kurdistan Region, we have set the date for holding elections and there is no change in this subject, and of course, this is a political issue and all political forces must talk about it and come out with an understanding from these discussions.”
“Solving problems according to agreements”
In this regard, the spokesman for the Presidency of the Kurdistan Region of Kurdistan Dalshad Chehab says to Shafaq News Agency, that President Nechirvan Barzani agreed with the Federal Prime Minister, Mohammed Shia Al-Sudani, “to implement the government program and steps have been taken for this, even if there is a delay or obstruction, the important thing is that there is a strong will by the Federal Prime Minister to implement the program as it is, and the President of the region expressed his support for the success of the program and spoke with importance to the step that has been taken to solve the problem of the salaries of the region’s employees, which is the result of the talks that took place and mutual visits between the delegations of the territorial government, the federal government and the President of the region by thanking his thanks to the Federal Prime Minister for his cooperation to solve these problems, as The latter stressed his appreciation for the support of the President of the region and valued his role as a stabilizing factor in Iraq and an effective factor in strengthening relations between all parties between the institutions of the Kurdistan region and federal institutions.”
“In general, all issues related to the judicial field, legislation and issuance of basic laws related to all Iraq or related to the Kurdistan Region, in addition to the Law of the Federal Court, the Law on Oil and Gas and the Federal Council are present in the agreement of the coalition of State Administration, and part of it in government programs, and they were voted on them by the House of Representatives, so solving these problems in general was the main axis in confirming the implementation of the government program, and that the two sides agreed to implement it and take steps towards solving problems,” says the spokesman for the Presidency of the region.
Shehab also stressed that “the Federal Prime Minister stressed the effective and influential role of the President of the Kurdistan Region, Nechirvan Barzani, in bringing the views closer to the thinking that refutes the belief that instability on one side is good for the other side, as the instability in the Kurdistan Region will have a direct repercussion on the situation in Iraq and vice versa, so there is one way is to agree on issues and solve problems, and Mr. Al-Sudani is the price of the role of the President of the region in developing these relations.”
Kurdistan elections
While the feeling now is on the basis of “strem, deton crisis,” the centrality of the role played by Nechirvan Barzani, and what he can do, and an emphasis from Sudanese on the importance of this, makes the ground available to contain these problems.
This is embodied in the file of the parliamentary elections in Kurdistan, where the spokesman for the presidency of the region says that this is an internal issue, and it is true that the federal institutions have a role in supporting the Commission and providing the appropriate ground, but the conduct and date of the elections is an internal issue, and talking about them is not related to other parties, as everyone confirms his support for holding the elections, but the mechanism for their completion and date is related to the Kurdistan region and we must talk about it between the Kurdish political authorities with the official institutions in the region, and trying to find an appropriate solution for them.
“There is a common goal for everyone, which is the need to hold elections, and the right approach for the presidency of the region is for the parties to reach an appropriate formula and any step taken by the presidency so far on the issue of elections that has been in consultation with all parties and will also be in the future,” he said.
Considering that the seat of the presidency of the region is the door that brings together the people and forces of the region, this shows through the confirmation of the Patriotic Union of Kurdistan, which is in the concept of political work, a rival rival to the Kurdistan Democratic Party, that President Nechirvan Barzani is working to normalize the situation between political parties with regard to the elections of the region.
Shafaq News quoted spokesman for the Patriotic Union of Kurdistan, Saadi Bira, as saying that “the efforts of the President of the region are related to the response of the political parties to him, especially since it is acceptable to all, and works hard to normalize the situation, and he has a prominent role in the file of the elections of the parliament of the Kurdistan Region and we look forward to that.”
The importance of Saadi Beera’s statement lies, it came the day after the Political Bureau of the National Union of Kurdistan confirmed the need to hold elections on time by the presidency of the region on June 10.
It is known that President Nechirvan Barzani was fully keen to move towards the electoral process in response to the aspirations of the various political forces and citizens of the region, as one of the obvious rights that must be adhered to.
Before setting the June 10 date, Nechirvan Barzani set an election date before that on February 25, 2024. It had also set a date before that, specifically on November 18, 2023, but the Iraqi Elections Commission requested that it be postponed because it is near the date of the provincial council elections that took place on December 18. It was the Commission itself that returned and requested the postponement of the Feb. 25 date pending a decision by the Federal Supreme Court on the regional election law.
The president of the region has repeatedly moved between Erbil, Sulaymaniyah and Baghdad, to address many controversial issues, including the political tension that affected the relationship between the Patriotic Union of Kurdistan and the regional government after the ministers of the Union Party boycotted the sessions of the region’s Council of Ministers, and mutual accusations between the two parties were volid, and Nechirvan Barzani was intervening at the right moment to fulfil it.
Now with the positive results described in the visit to Baghdad, reinforced by the position of the Patriotic Union of Kurdistan by betting on the intervention of the head of the region to address the situation, the observers expect the intensification of contacts by Nechirvan Barzani, including towards the Kurdistan Islamic Union Party, which said Wednesday through leader Othman Karwani that he opposes the postponement of elections, and that it is imperative for the Kurdistan Region to “hurcude its legislative and government institutions,” and the need to “unite between the parties and unite the Kurdish House to face the current situation.”
There seems to still be some confusion about the official exchange rate versus the real effective exchange rate... comments like
"When they get to the real effective exchange rate" or When they switch to the real effective exchange rate." Or "When they use the real effective exchange rate
"...This is confusing...what a real effective exchange rate is...An official exchange rate is at which country's currency can be exchanged for another country's' currency...
Real Effective Exchange Rate is a broader measure that takes into account not just one bilateral exchange rate but a weighted average of a country's currency against the basket of it's major trading partners... Iraq already reports the effective exchange rate...It's already there...you don't have to wait for the real effective exchange rate to come popping up, it's already being used...
Shafaq News / The Iraq Stock Exchange announced, on Monday, the suspension of its activity for six days.
The market said, in a statement received by Shafaq News: “Based on the decision of the Council of Ministers to declare a six-year official holiday for Eid al-Fitr, the market’s activities and deliberative sessions will be suspended for six days.
“The holiday will be as of Tuesday, April 9, with trading sessions to resume on Sunday, April 14,” he explained.
It is noteworthy that the Iraq Stock Exchange organizes five trading sessions per week from Sunday to Thursday, and is listed in it 103 Iraqi joint stock companies, representing the sectors of banks, communications, industry, agriculture, insurance, financial investment, tourism, hotels and services.
Article: "Office of Mr. Al-Sistani: It is expected that Wednesday will be the first day of Eid Al-Fitr” Quote: “The office’s forecasts for the crescent times for the Hijri months indicated the possibility of seeing the crescent of Shawwal tomorrow, Tuesday, so that Wednesday will be the first day of Eid al-Fitr.”
Clare
Article: "Iraq will become an "alternative" to the Suez Canal" Quote: "Iraq will become, during the next few years, a 'center' for international trade between the East and the Middle East and the West.”
Article: "Iraqi economy faces threat as US closes oil revenue account" Quote "...
with the closure of the DFI [Development Fund for Iraq] account, Iraq's oil revenue is now being directed to a new account, referred to as IRAQ2. This transition raises concerns...banking specialist Kamaran Qadir Yaqub...warns the protection previously afforded to Iraq's revenue may no longer be guaranteed."
Article: "Al-Shammari reveals the most prominent files of Sudanese’s visit to Washington and the government’s ambition regarding the dollar" Quote: "Al-Sudani's visit to Washington will be practical and will not be for taking pictures...The Iraqi delegation will ask the American side about the reasons for their decisions to impose sanctions on Iraqi banks... Our expectations are that the visit will be very successful..."
Clare
Article "Statement from Press Secretary Karine Jean-Pierre on the Visit of Prime Minister Mohammed Shia’a Al-Sudani of Iraq to the White House" Quote "On April 15, President Joe Biden will welcome Prime Minister Mohammed Shia’a Al-Sudani of Iraq to the White House to coordinate on common priorities and reinforce the strong bilateral partnership between the United States and Iraq."
Article: "Al-Sudani intends to visit Washington to lift the ban on banks prohibited from dealing in dollars "
Quote: "The head of the Iraqi Securities Commission, Faisal Al-Haimas, announced that three Iraqi banks were sanctioned by the US Treasury, and 25 banks were banned from dealing in dollars ; ."
Article: "The Central Bank announces an understanding with the US Treasury to reconsider sanctions and indicates 'illegal trade' "
Finance Minister Satif Sami has met with Jean-Christophe Carre, the Regional Director for the Middle East at the World Bank, along with the bank’s Special Representative in Iraq, Richard Abdulnour, and a number of experts and specialists.
The meeting discussed development project priorities and ways in which the World Bank can support enhancing financial and business sectors and improving the investment environment. There was an emphasis on the continuation of bilateral coordination to promote sustainable development and support the government’s economic reform program in Iraq.
Minister Sami highlighted the ministry’s efforts and plans to accelerate financial and banking reforms in line with the Iraqi government’s vision to strengthen the national economy, achieve economic balance, and correct fiscal policy in Iraq.
The World Bank representative emphasized continued serious and fruitful cooperation with the Iraqi government, providing necessary expertise for development projects and reforms related to the financial and business sectors.
Iraq is worth far more than 16 trillion dollars and there is far less than 80 trillion in circulation...To espouse such inciting commentary [against this]...negates everything Dr. Shabibi has stated and everything the CBI and GOI have stated. The Dinar was worth $3.22 pre-sanctions and at that time all they had was oil at $32 dollars a barrel...
Fnu Lnu
Article quote: "Al-Kadhimi indicated that increasing the budget’s overall amount, from 199 trillion Iraqi dinars (nearly $152 billion) to 228 trillion Iraqi dinars (approximately $174.04 billion), resulted in a rise in the deficit, revealing that the budget is still being discussed in the Council of Ministers and would likely be presented to the Iraqi Parliament next month." It would logically follow that a revaluation would be likely before next month's USA confab.
[Response to Pimpy's HCL non-revenue sharing post from 3-31-2024 below]
The notion of revenue-sharing is nothing new in the Middle East. Bruni and Kuwait both do it...Revenue Watch Middle East Director Yahia Said recently returned from several months in Iraq working on the International Compact with the UN...This USIPeace Briefing summarizes the discussion. Many Iraqi citizens look to the law for what it can contribute to reconciliation, security, and welfare. The three parts of the agreement will deal with the issues of 1) revenue sharing; 2) restructuring of the ministry of oil; and 3) establishing the Iraqi National Oil Company (INOC).
It is quite clear that the HCL has intentions to codify the issue of welfare (not for government) and the number 1 issue is REVENUE SHARING. To be more specific; Section 1314 of the FY2007 Supplemental Appropriations Act [P.L.110-28] specifically identified the enactment and implementation of legislation “to ensure the equitabledistribution of hydrocarbon resources of the people of Iraq without regard to the sect or ethnicity of recipients” and “to ensure that the energy resources of Iraq benefit Sunni Arabs, Shia Arabs, Kurds, and other Iraqi citizens in an equitable manner” as benchmarks .
Shafaq News – Iraq’s Oil Ministry announced on Monday its intention to operate a pipeline that runs from Kirkuk to the Turkish port of Ceyhan, which will rival the more than a year-old Kurdistan Jihan line, in a move that could anger Kurdish officials and companies operating there.
“Baghdad is working to repair a pipeline that would allow it to pump 350,000 barrels per day of oil to Turkey by the end of this month,” Iraq’s deputy oil minister, Bassem Mohammed, told Reuters.
The restart of the Kirkuk-Ceyhan pipeline, which has been closed for a decade, would provide a competitive route for a pipeline from the Kurdistan Region that has been suspended for a year amid stalled talks between Baghdad and the KRG over the resumption of exports.
“The pipeline is likely to be ready to operate the flows by the end of this month, and the repair work is underway and a major crude pumping station with storage facilities has been completed,” Mohammed added.
“Repairing the damaged parts inside Iraq and completing one basic pumping station will be the first phase of operations to return the pipeline to full capacity,” he stressed.
For its part, three sources from the Baghdad-run North Oil Company said, “Crude oil test pumping began early last week to verify the pipeline parts operating inside Iraqi territory.
The sources added, Reuters, that “the Iraqi technical crews, during the past period, have speeded up the repair of the affected parts that extend from Kirkuk through the provinces of Salah al-Din and Nineveh to the border area with Turkey.”
According to the above, Reuters noted that the federal government in Baghdad will ask oil companies operating in the Kurdistan region to negotiate with it to sell their oil via the revived pipeline to Turkey, something that could anger the Kurds who are almost completely dependent on oil revenues.
“Baghdad has rejected a Kurdia’s request that the federal government pay a transit fee of $6 a barrel for Russian oil company Rosneft, which partially owns the pipeline,” two Iraqi oil officials and a government energy adviser, speaking to Reuters, on condition of anonymity, said.
“Iraqi Oil Ministry officials told the Kurdish negotiating team that they consider the agreement between the Kurdistan Regional Government and Rosneft illegal and a violation of applicable Iraqi laws,” Reuters quoted energy adviser in the Kurdistan Region as saying.
While all Tier 1 and 2 banks have foreign currency exchange counters, while not every branch may process exchanges in most all the larger city branches provide this service. Anyone, whether a bank customer or not can enter and exchange acceptable foreign currency that is traded on the FOREX. The banker looks up on their screen what the Bid and the Asked prices for said currency and if you are purchasing you pay the Bid and if you are selling you receiver the Asked, the difference being the what is considered the commission.
How the Exchange Center concept was created was to offer the additional cash associated with our exchanging currency so we could participate in the Chinese Elders offer of a rate above the FOREX published rates in order for us to be the bridge to improving humanity for those less fortunate. We would also personally benefit by offsetting some of the costs associated in gifting to others outside of our immedate family. Establishing Trusts and Foundations, etc.
Texas Snake, [03/16/2024, 1:34:29 p. m.]:
If you were not required to provide an email address or a phone number upon purchasing currency, or if you have not subscribed to a foreign currency internet service providing your email address to receive daily currency updates chances are pretty good you will not be notified when the currency revalues.
The exchange centers were set up in conjunction with the major Tier 1 banks to assist the public in exchanging their currency as well as to offer wealth management services to the new rich. You may elect to accept their offer or seek other investment management services.
You receive an email or phone call to contact by using an 800 number to discuss exchanging currency you have purchased. You will be asked to identify you hold, and a city in which you would like to exchange in, as well as the Tier 1 bank you would like to conduct your business through. You just need to identify the particular currencies you hold not the amounts of each. Once you have provided this you will be given a second number to contact the bank you wish to use in the city of your choice. This second number is who you will establish your appointment to exchange with by date and time and will be given instruction of all you need to bring along fo ID purposes.
The spokesman for the Iraqi government, the name of Al-Awadi, announced on Monday that it has reduced the external debt and decreased to approximately $8.9 billion during the current year 2024.
Al-Awadi said in a statement, seen by “Economy News”, that “as an affirmation by the government of transparency in economic work, and to inform national and international public opinion and media about Iraqi economic performance, and in light of the approval by the Council of Ministers of the recommendations of the Diwan Order Committee 23942, related to the regulation of external borrowing of Iraqi public foreign debt, the government has taken a series of executive measures, and adopted a package of financial decisions, which ended in reducing external public debt by more than 50%, to reduce the debt from $1 19.729 billion in late 2022, to $15.976 billion in 2023, to nearly $8.9 billion this year.”
Al-Awadi explained that “these financial steps, (which included stopping a number of borrowing operations due to their relaxity and non-productivity, regulating, managing and auditing debts, and restructuring some debts and directing them to create strategic projects), aim not to mortgage the Iraqi economy to commitments that may affect, in the future, the political decision, or the path of national development, and they coincide with an urban renaissance, and reconstruction in infrastructure, which opens the way for a promising future and a refreshing economy, in which our current and future generations perform the best performance, and receive the greatest opportunities.”
He pointed out that “the government organized the process of financing cooperation with the international community in specific contexts, including direct and productive borrowing, providing sovereign guarantees to ensure the production of projects carried out by the private sector for the benefit of the government, and the sovereign guarantees provided by the government for the benefit of institutions that finance the Iraqi private sector importing production lines in order to build factories inside Iraq.”
He stressed that “these steps pave the way for the further integration of our country into the international economic cycle, and that the government adopts the principle of productive borrowing only, which effectively leads to an increase in GDP, and the financing of service and productive national projects with economic returns, in order to ensure their completion and not delay.”
Al-Awadi continued, “With these steady steps, the government renews its determination to continue to make a qualitative leap in the Iraqi economy, in parallel with a tangible development in the services, infrastructure and social welfare sectors, which are all the pillars required to meet the aspirations of our people throughout Iraq, and implement the government program with its priorities and objectives.”
Baghdad releases 430 billion dinars in funding for the Kurdistan Region’s salaries
4/7/2024
The Ministry of Finance of the Kurdistan Region announced the deposit of 430 billion dinars in salaries from Baghdad into the ministry’s bank account.
According to a statement by the Ministry of Finance of Kurdistan, “Recently, an amount of 430 billion and 109 million dinars was deposited by the Ministry of Finance of the Iraqi government on the bank account of the Ministry of Finance and Economy in the Kurdistan Region in the Erbil branch of the Central Bank of Iraq.”
The money, as stated in the statement, is part of the monthly salary of employees in the Kurdistan region.
Yesterday, the Federal Ministry of Finance announced the launch of funding for the salaries of Kurdistan Region employees for the month of March, “because the mechanism for completing the localization of their salaries requires an additional period of time.”
The Council of Ministers holds its regular session today instead of Tuesday due to the Eid al-Fitr holiday
4/7/2024
Baghdad –
Today, Sunday, the Council of Ministers held its regular session under the chairmanship of Prime Minister Muhammad Shiaa Al-Sudani. The session was postponed from its scheduled date every Tuesday due to the Eid al-Fitr holiday.
A statement from Al-Sudani’s office, a copy of which was received by 964 Network:
The Council of Ministers holds its regular session under the chairmanship of the Prime Minister, Mr. Muhammad Shiaa Al-Sudani, which was postponed to its scheduled date due to the Eid Al-Fitr holiday.
The Iraq Stock Exchange announced, on Monday, the suspension of its activity for a period of six days.
The market stated, in a statement received by Shafaq News Agency: “Based on the Council of Ministers’ decision to declare a six-year official holiday for Eid al-Fitr, the market’s activities and trading sessions will stop for six days.”
He explained, "The holiday will be starting Tuesday, April 9, and trading sessions will resume on Sunday, April 14."
It is noteworthy that the Iraq Stock Exchange organizes five trading sessions weekly from Sunday to Thursday, and 103 Iraqi joint stock companies are listed, representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism, hotels and services.