Wednesday, April 17, 2024
Parliamentary Finance Calls for ‘Dinar to Be Confined to the State’, 18 APRIL
Parliamentary Finance Calls for ‘Dinar to Be Confined to the State’
Shafaq News / The Parliamentary Finance Committee on Wednesday pointed out the problem of the lack of cash “Iraqi dinar,” calling for “confining the dinar to the hands of the state.”
Committee member Hussein Mounis told Shafaq News, “The House of Representatives voted on the tripartite budget law and required the government to send the tables for approval,” noting that “the delay in sending the tables to parliament did not affect the operational budget.”
He pointed out that “there is no specific date for approving budget schedules in the Council of Ministers and sending them to the House of Representatives,” pointing to “a real problem of the lack of cash (Iraqi dinar).”
He pointed out that “the Parliamentary Finance Committee is working to develop certain ways to process and provide cash and limit it to the country by adopting the electronic card, strengthening the work of banks and putting forward documents to achieve a cash survance in the market.”
“There is no confidence between the banking system and the citizen and the lack of confidence caused the currency (Iraqi dinar) to be stored in the homes of citizens, which caused it to be lost and not available naturally in the market,” Mouninis concluded.
On March 27, 2024, a member of the Parliamentary Finance Committee, Moen Kazmi, said that the Iraqi government raised the total amount of the budget law from 199 trillion dinars to 228 trillion dinars in the 2024 budget.
While a member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said in an interview with Shafaq News Agency on February 27, 2024, that the Minister of Finance Taif Sami informed the members of the committee during its hosting, yesterday, Monday, that the budget law schedules were sent to the House of Representatives.
https://shafaq.com/ar/سیاسة/المالية-النيابية-تدعو-لـ-حصر-الدينار-بيد-الدولة
"RV UPDATE" BY MARKZ, 18 APRIL
MarkZ
[via PDK]
We know Sudani right now is traveling all over the US. We know people are positioning …and everything coming together is to me – very important. I originally thought Sudani was going to do it before he came to the US….but now that I know the bond schedules - it makes more sense to me that they do it when he gets back to Iraq, I cannot imagine him not wanting to be in country for it.
...The group leaders I know Are under a “blackout” and will not share. I think this is a very good sign. ... We need at least a third to a half of historic bonds paid before we go. So my logical mind is saying the 22nd is the soonest we could see something. I could be wrong and it could absolutely go anytime…even in the next 2 minutes and it would not surprise me.
"RV UPDATE" BY PAULETTE, 19 APRIL
Paulette
Article: "Al-Ardawi: The Sudanese government seeks to liberalize the Iraqi dinar and stabilize the economy" Quote: "The visit comes in a very heated situation and everyone is awaiting its outcomes, and the Sudanese carries...ideas and projects that move towards consolidating the relationship with the American side and transferring it from the process of guardianship to friendship...In a way that allows Iraq to assume its pivotal role in the region." As I have been stating...Iraq needs the US Guardianship to end!! (UN 1483)
Article quote: "Two Iraqi and American sources said that Prime Minister Muhammad Shiaa Al-Sudani will spend a week in the United States, including discussions with President Joe Biden, and a tour of 3 states." Will one State be Florida???? Mar-a-Lago???
IMO UN resolution 1483 will have to be lifted to allow Iraq to be totally sovereign as it established the US and UK as "occupying forces"...This is in essence "Guardianship" or "Receivership"...Absent the lifting, the US has to give Iraq permission to do most anything Internationally including "currency reinstatement"...I am hopeful that internal control of the money structure is exclusively in the hands of the CBI so they can at least move to the RD/RV stage of their monetary reform...If not, the upcoming US visit of Sudani may very well be pivotal... Saleh...recently stated he was unsure of the status of 1483 according to news articles...
This is clearly what the article said... They are weighing changing the rate from 1,320 dinars per dollar to 1.32 dinars per dollar. This is clearly 76 cents to 1 IQD...Currently the rate is 1,320 IQD to 1 USD. Looking it at the other way, this is 0.0007575 USD to 1 IQD. If they drop 1 zero from the exchange rate: 132.0 IQD to 1 USD or 0.007575 USD to 1 IQD. If they drop 2 zeros: 13.2 IQD to 1 USD or 0.07575 USD to 1 IQD. If they drop 3 zeros: 1.32 IQD to 1 USD or .7575 USD to 1 IQD. Therefore, 1.32 IQD to 1 USD is 76 cents to each IQD
...What we want to see posted on the CBI website as to how many IQD are required to purchase 1 USD is 1.00 or less. If they post 3.22 IQD to 1 USD, this would mean 31 cents per 1 IQD.
We want them to post .31 IQD to 1 USD which is then 3.22 USD to 1 IQD. Realize, they post how many IQD it takes to purchase 1 of another currency.
https://dinarevaluation.blogspot.com/2024/03/rv-update-by-paulette-14-march.html
Community Comment: "...The rate doesn't matter but "freedom of movement of capital" is important. That is Article 8 compliance." They cannot be Article 8 compliant if the country is functioning under a MCP. A MCP [Multiple Currency Practices] includes a parallel rate of greater than 2% of the official rate by IMF definition. Saleh said last year that the parallel rate is "REQUIRED" to be 2% or less of the official rate...This 2% or less needs to be maintained for a period of 90 days. The parallel rate is still around 14% difference.
Question: "I thought they met all the requirements [to join the WTO]?" All the articles say they have legislation that needs to be passed and the next meeting is in the "middle of the year.
Question: "When is Iraq supposed to be in the WTO?" Not before they pass needed legislation, eliminate the MCP [Multiple Currency Practices] and are recognized as having accepted IMF Article 8 obligations. Accession Committee next meeting with Iraq is planned for the "middle of the year".
https://dinarevaluation.blogspot.com/2024/03/rv-update-by-paulette-11-march.html
Returning Halbousi as parliament president. The frame supports and progress confirms: there is no substitute for it, 17 APRIL
Shafaq News / The forward party confirmed, on Wednesday, that there is a possibility for its leader Mohammed Al-Halbousi to return to the presidency of the House of Representatives, while revealing that this idea was put forward by parties within the coordination framework.
“So far, there is no development regarding the election of a new speaker of the House of Representatives, nor do we believe that there is an alternative to Halbousi so far, and the return of Halbousi to his post is possible and there is a legal and political possibility to achieve this matter,” the party’s leader Mohamed Al-Alawi told Shafaq News.
Al-Alawi added, “The idea of the return of Halbousi to the presidency of the House of Representatives was raised by some parties to the coordination framework and the return is through legal and judicial frameworks.”
He continued: “If the Halbousi does not return, we do not think there is an alternative that he will be from him and we expect that the position of Speaker of Parliament will continue to remain vacant until the next parliamentary elections, everyone is aware of the difficulty of electing any replacement during the coming period.”
The Sunni political house is witnessing fierce competition over the succession of Mohammed Al-Halbousi, whose membership was abolished from the House of Representatives by a judicial ruling, while his party “Progress” insists on retaining the position, considering that it has a parliamentary majority within the Sunni component (43 seats), at a time when his opponents of “sovereignty, determination, and decisiveness” see the position as a share of the component without adhering to a certain political title.
The Sunni house is seeking to quickly resolve the position of Speaker of the House of Representatives, which was supposed to take place after the first session of the parliament that followed the exit of Halbousi, so that there is a new working mechanism of the council and the resolution of projects and laws that are broken in this regard, “but the accelerating events and the entry of the Federal Court on the line disrupted the selection.
The Iraqi Council of Representatives has failed several times to choose a president to succeed Mohammed Al-Halbousi, who is excluded from the position by a decision of the Federal Court, which ordered the termination of his membership.
Since the termination of Halbousi’s membership in the House of Representatives, the House has held several sessions, but the issue has not been raised in those sessions because the heads of the political blocs did not agree on the replacement candidate.
https://shafaq.com/ar/سیاسة/عادة-الحلبوسي-ر-يسا-للبرلمان-ال-طار-يدعم-وتقدم-ي-كد-لا-بديل-عنه
"RV UPDATE" BY MNT GOAT, 17 APRIL
Mnt Goat
I was told by my CBI contact that the currency swap out will happen as they will not hide this event and must inform the citizens (education process...). Yes, they also have to explain the exchange swap-out process and how it will work along with descriptions of the newer lower denominations.
The CBI will then post those pictures of the lower denominations my contact told me were taken weeks ago. So, just wait and watch it all play out...You should be excited...with FACTUAL knowledge...
Reassurance from Kurdistan: Baghdad will send employee salaries next week, 17 APRIL
Reassurance from Kurdistan: Baghdad will send employee salaries next week
Mawazine News – Baghdad
, a member of the Kurdistan Regional Parliament from the previous session, Jihad Hassan, confirmed today, Wednesday, that the Federal Ministry of Finance will send the salaries of Kurdistan employees without any delay.
Hassan said in an interview followed by Mawazine News, “Baghdad will not need lists of employees in Kurdistan because they exist, and therefore it is hoped that salaries will be released in the middle or end of next week.”
He continued, “After releasing the salaries of employees in other Iraqi governorates, the salaries of Kurdistan employees will be released without any problems, as the lists of employees have been sent and the understanding exists that the salaries will be sent until the issue of nationalization is completely completed.”
https://www.mawazin.net/Details.aspx?jimare=246125
"IRAQ BOOTS ON THE GROUND REPORT" BY FRANK26, 17 APRIL
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: Reported on our television...Part of the government delegation saying we will witness a rapid drop in the dollar in the coming days.
FRANK: Whoop there it is! ...They're about to put up those screens to show you the lower notes when Sudani returns...
FIREFLY: Television is showing the CBI governor and team is meeting with the United States of America Treasury Department about the Iraq banks saying it's about the rehabilitation of these banks to the United States Treasury regulations. Talking about those banks are needed for the reform to maximize.Officially.. Announcement of the day of Erdogan’s visit to Iraq and the unveiling of a “strategic agreement”, 17 APRIL
Turkish Defense Minister, Yashar Güler, announced the date of his country’s President Recep Tayyip Erdogan’s visit to Iraq.
“Our president (Erdogan) will be in Iraq on Monday, for the first time in many years, we will sign a strategic agreement, our Iraqi friends have not declared the PKK a terrorist organization, but for the first time they accepted a term close to that,” Güholer said in remarks ahead of the meeting of the parliamentary group for Justice and Development.
“A 30-kilometer-deep safe passage has already been established on our border with Iraq, however, we have more work to do there, and we are already working,” he added.
“Activities within the fight against terrorism are ongoing, we have made our plans, and the work is ongoing,” Güler said.
On the terms that the strategic agreement will include and whether between them is the establishment of a safe zone with a depth of 30 kilometers, the Turkish defense minister said “A safe corridor with a depth of 30 kilometers has already been established, the issue is not whether it will be established or not, but there are some other things that we have to do there, and we are working on it.”
On these matters, he added, “We say that there is (Qandil), and there is (Gara), shouldn’t we deal with them?, and whether Erdogan will go to Erbil after visiting Baghdad, Güler said: “What I know is that there is a visit to Iraq.”
Turkish President Recep Tayyip Erdogan had pointed out that the water issue will be one of the most important items of his agenda during his upcoming visit to Iraq.
During his attraction to the parties to talk with journalists after the government’s meeting in the capital Ankara, Erdogan said on Tuesday that they are studying requests submitted by the Iraqi side regarding water, stressing that they will seek to solve this problem with them.
“They want us to resolve it and our steps will be in this direction, and there are also issues related to the flow of natural gas and oil to Turkey, and we will seek to address them as well,” he said.
Erdogan hinted at the possibility of visiting Erbil after the end of his talks in the capital Baghdad.
Turkey’s Deputy Foreign Minister Ahmet Yildiz said that President Erdogan will visit Iraq before the end of April.
"MEETING BETWEEN JP MORGAN CHASE AND IRAQ TO DISCUSS CONTINOUS ECONOMIC REFORMS IN IRAQ" BY FREEDOM FIGHTER, 17 APRIL
FREEDOM FIGHTER
Freedom Fighter ©
🇮🇶 Iraq PM and delegation meets with JP Morgan Chase in Washington DC to discuss continuous economic reforms in Iraq
🟢JP Morgan Chase has been in Iraq for over 10 years building relationships and helping them to modernize their banking systems
❇️The know something
https://shafaq.com/en/Economy/Iraqi-PM-discusses-banking-reforms-with-J-P-Morgan-s-global-head-in-Washington-meeting
Erdogan in Baghdad next Monday, 17 APRIL
Erdogan in Baghdad next Monday
Shafaq News/ Turkish Defense Minister, Yasar Guler, announced on Wednesday that President Recep Tayyip Erdogan will make an official visit to Iraq next Monday, which is his first visit since 2011.
Turkish President Recep Tayyip Erdogan had confirmed earlier today that the water issue would be one of the most important items on his agenda during his visit to Iraq, while he hinted at visiting Erbil after Baghdad.
Erdogan indicated that Turkey is studying requests submitted by the Iraqi side regarding water, stressing that they will seek to solve this problem with them, adding: “They want us to solve it and our steps will be in this direction, and there are also issues related to the flow of natural gas and oil to Turkey, and we will seek to Treat it as well.”
"RV UPDATE" BY WOLVERINE, 17 APRIL
Tues. 16 April Wolverine
Al-Sudani stresses the necessity of dialogue with the US Treasury, the Federal Bank, and the International Monetary Fund, 17 APRIL
Shafaq News/ The Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, stressed on Wednesday the necessity of continuing the dialogue with the US Treasury, the Federal Reserve, and the International Monetary Fund.
This came while Al-Sudani received, at his residence in the American capital, Washington, the Chairman of JP Morgan Bank, Masha Klovksi, and his accompanying delegation, according to a statement received by Shafaq News Agency.
The meeting witnessed a discussion of the Iraqi government’s efforts to implement financial and banking reforms, in light of the path it is taking towards improving the economic reality and achieving development, as well as discussing the government’s measures in developing the government banking sector, through its contracts with major international consulting companies specialized in banking reform and encouraging banks. To open accounts with foreign banks; To be correspondent banks, according to a plan aimed at dispensing with the electronic platform at the end of this year.
Al-Sudani stressed that it is not possible to work in any development sector without reform steps for the banking sector, stressing the need to continue dialogue with the US Treasury, the US Federal Reserve, the International Monetary Fund, and other international financial institutions.
"RV UPDATE" BY BRUCE, 17 APRIL
Tues. 16 April Bruce: Bond Holders were expecting their emails to exchange tomorrow Wed. 17 April or Thurs. 18 April. Tier4b (us, the Internet Group) should go around the same time. Yesterday a lower Tier Bank told us that they expected liquidity Wed. 17 April or Thurs. 18 April.
Al-Sudani: The issue of ending the presence of the international coalition represents an Iraqi demand, 17 APRIL
Al-Sudani: The issue of ending the presence of the international coalition represents an Iraqi demand
Prime Minister Muhammad Shiaa Al-Sudani confirmed, on Tuesday, that the transition to bilateral relations with the coalition countries is a desire and a departure from Iraq's national interests, while he indicated work to remove Iraq from the arena of conflict in the region.
The Prime Minister’s Media Office stated in a statement received by “Al-Ma’louma” that “the most prominent thing in the press interview conducted by Prime Minister Muhammad Shia’ Al-Sudani with the American CNN news network is that he said: “My visit to Washington comes at a sensitive and important time for our relations.” bilateral relations and what is happening in the region, and we agreed on the importance of stopping the escalation and not engaging in further mutual retaliatory actions; Because it affects the security and safety of the peoples of the region.”
He added, "Iraq, since the beginning of the events of October 7, was one of the first to warn of the danger of the continuation of this conflict and its dangerous repercussions," pointing out that "international navigation in the Red Sea is being obstructed and what is happening in Lebanon and Syria and the recent escalation is one of the repercussions of this conflict." ".
He pointed out that "the region cannot bear these events and everyone must put pressure to stop this escalation," stressing that "we will not be lax in enforcing the law and maintaining security and stability in Iraq, and we have taken immediate and practical measures in this matter."
He continued: "We are working to remove Iraq from the arena of conflict, while maintaining our principled position regarding the aggression taking place against Gaza and the Palestinian territories, because this is the root of the problem," indicating that "the region cannot be reduced to reactions. Rather, there is a process of genocide to which the Palestinians are being subjected." In front of the eyes of the world and the international community, which, along with its systems and laws, has failed to protect innocent civilians.”
He pointed out that "the casualties of women and children are unacceptable, and it is the root of the problem, because once this war stops, the region will witness a breakthrough and stability," noting that "the difference in positions between us and the United States regarding events in the region is not small in describing the events. But we agree that there is international law, general principles, humanitarian law, the laws of war, and the principle of protecting diplomatic missions.”
He explained: “We want to implement these values and principles called for by the international community, so where are the UN Security Council resolutions and the recommendations of international conferences regarding the Palestinian issue? Since the Oslo, Madrid and Sharm El-Sheikh conferences, as well as the recent Security Council resolution,” he added, adding: “I do not think that President Biden He disagrees with me on these principles, nor does any country that calls for an international order that respects humanity.”
He stated that “the attack that took place on the Iranian mission in Damascus is a clear violation and contradicts international law, which prompted Iran to respond, even though we made an effort to contain this situation,” adding: “We are facing a real problem with what is happening in Gaza, which affects the stability of the region and the world.” “Ignoring the root of this problem means more repercussions and the expansion of the arena of conflict in a sensitive area for the world.”
He continued: "We have not received reports or indications of the launch of missiles or drones from Iraq during the Iranian attack, and our position is clear that we will not allow Iraq to be thrown into the arena of conflict, and we are committed to this matter," explaining that "Iran cannot be involved in every issue related to the Iraqi situation." “The issue of ending the coalition is an Iraqi demand, and it is part of the government program that the House of Representatives voted on, and these are facts that must not be overlooked.”
He stressed that "there has been a discussion about the mission of the coalition between the Iraqi government and the United States since August 2023, and Iraq today is different from what it was ten years ago when the coalition was formed," noting that "ISIS today does not represent a threat to the security of the Iraqi state, and it is natural for the government to take the initiative to organize The topic of the international alliance.
He pointed out that “our security services have reached the highest levels of efficiency, readiness, control, and maintenance of security and stability in Iraq,” stressing, “According to the data on the ground, we initiated dialogue with the United States, which was achieved through the approval of the Supreme Military Committee, which meets continuously to present proposals.” About the timetable for ending the international coalition’s mission.”
He pointed out that "the transition to bilateral relations with the coalition countries is a desire and based on Iraq's national interests and not from the desires of specific countries or positions," noting that "we have understandings and committees for joint security cooperation between Iraq and the United States, which hold their meetings on an ongoing basis and establish a sustainable relationship and bilateral security partnership." In accordance with what was stipulated in the Constitution and the Strategic Framework Agreement.” link
" THE FREE TRADE AGREEMENT OF IRAQ" BY GOLDILOCKS, 17 APRIL
GOLDILOCKS
During Iraq's visit to the US, they talked about a comprehensive economic relationship. In essence, this is a free trade agreement.
A free trade agreement is cooperation between two countries that develops trade relations and investment opportunities on an International level.
Trade deals increase imports and exports between two countries. This has the ability to bring into line exchange rates accomplishing less risk on both parties normalizing their trade exchanges between each other.
In other words, a free trade agreement with Iraq would bring an equilibrium of exchange rates between our countries allowing this trade relationship to move our currencies into a real value between us.
WATCH THE WATER.
© Goldilocks
https://youtu.be/3HwVNjERTxA?si=8zHnh8s5qR-HJ33a
https://carlsonschool.umn.edu/news/international-trade-agreements-result-more-stable-currencies#:~:text=%E2%80%9CIt%27s%20hard%20to%20find%20a,less%20risk%20in%20their%20currencies.%E2%80%9D
https://www.trade.gov/free-trade-agreement-overview
https://smallbusiness.chron.com/supply-demand-model-trade-restrictions-13422.html
https://www.investopedia.com/terms/f/free-trade.asp#:~:text=A%20free%20trade%20agreement%20is,prohibitions%20to%20inhibit%20their%20exchange.
https://en.m.wikipedia.org/wiki/Free_trade_agreement
Coffee with MarkZ and Andy Schectman. 04/17/2024
A new government position regarding the 2024 budget schedules.. Have they been completed?, 17 APRIL
A new government position regarding the 2024 budget schedules.. Have they been completed?
On Wednesday, the Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, considered the presentation of the financial tables for the fiscal year 2024 by the executive authority for parliamentary approval, “a flexible legislative path as an integral part of the financial constants and principles” of the tripartite budget law.
Saleh said in a statement followed by Al-Eqtisad News, “These tables include revenues, public expenditures, and the estimated hypothetical deficit, and they are within the law that was originally legislated by the House of Representatives and published in the Official Gazette last year.”
He added: "The proposed financial schedules, which are being prepared by the executive authority today and which have become almost complete, are based on the financial legislation in force and approved under the aforementioned tripartite budget law."
He continued, "The financial schedules prepared for the year 2024 will take into account the urgent economic and social conditions and changes required by the need for economic development in the year 2024, especially new investment projects, and financial commitments and pledges during the current year, with a view to implementing them as an annual financial plan within the framework of the principles of the tripartite general budget itself." In letter and spirit link
A parliamentary understanding to extend the legislative term to approve the 2024 budget schedules, 9 MAY
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