Monday, May 6, 2024
The Delay Surrounds Five Iraqi Ministries.. What Is The Relationship With The Budget?, 7 MAY
The Delay Surrounds Five Iraqi Ministries.. What Is The Relationship With The Budget?
Money and business Economy News – Baghdad The Strategic Planning and Federal Service Committee in the House of Representatives revealed that there are 5 ministries that have not achieved advanced completion rates in their projects within the government program.
The Vice Chairman of the Committee, Mohamed Al-Baldawi, said in an interview followed by Al-Iqtisad News, that “those ministries have delayed in accomplishing the tasks assigned to them,” without referring to the names or descriptions of the work of those ministries.
Al-Baldawi attributed this reluctance to “the possibility of financial problems due to the delay in the budget law,” explaining that “those ministries were not allocated sufficient budgets for these projects, and there are projects in the first place that were not planned properly and thus they delayed.”
He stated that "there are also problems that accompanied the planning process within the ministry and the institution and at the leadership level and directing projects and human resources in the right direction."100 views 05/05/2024 - https://economy-news.net/content.php?id=43150
"RV UPDATE" BY FRANK26, 7 MAY
Frank26
What the budget needs is for parliament to view the amendments that Sudani made and I pray one of those amendment is a new line item with a new exchange rate.
there's no set date for this to happen. That's just the way it is. I'm sorry if you can't tolerate that, you should move on. But if you can tolerate what a speculative investment brings into you your life then you understand, oh my gosh...[Saleh] just told the Iraqis the Iraqi citizens that the exchange rate for our currency it's almost reached the official rate and once it does we're calling upon it to float...Revealing The Latest Developments In Changing The Exchange Rate And The Barrel Of Oil In The 2024 Budget, 7 MAY
Revealing The Latest Developments In Changing The Exchange Rate And The Barrel Of Oil In The 2024 Budget
Economy| 02/05/2024 Mawazine News - Baghdad, Deputy Chairman of the Parliamentary Planning Committee, Muhammad Karim, confirmed today, Thursday, that the current year’s budget will proceed after completing the changes in its schedules for allocations for governorate and ministries projects only. Karim told Mawazine News,
“The exchange rate of the dollar, the barrel of oil, and the quantity exported will remain the same according to what was proven in last year’s budget.”
He pointed out that "the tripartite budget approved by the Sudanese government and approved by the House of Representatives allowed the government to make changes and amendments imposed by the impact after the parliament's vote."
He pointed out that "the changes to the schedules will include projects of ministries and governorates in accordance with the requirements of the government program." https://www.mawazin.net/Details.aspx?jimare=247191
"LATEST FROM MARKZ PODCAST" , 6 MAY
Latest from Mark Z 5.6.24 AM podcast
Member: Do you still have the mindset that this has started? Do you know people of different levels who have received money to spend?
MZ: Absolutely to both questions. I know people who now have dollars.
MZ: According to my best contacts in the group, there was an interesting movement of money over the weekend. It's clearly positioned to go, but I'm not sure we'll see it today.
MZ: This weekend there was very encouraging movement among the groups. I'm waiting for more updates today.
"MAJOR UPDATE" BY ARIEL, 6 MAY
ARIEL
Major Update
It is being reported that financial liquidity is available and there are no risks to the iraqi dinar. Alot of things are being completed.
Also economic affairs expert Safwan Qusay confirmed that financial liquidity is available and there are no high risks regarding the existence of the Iraqi dinar. He pointed out, "Iraq has completed all its financial needs, and the rest of it needs the price of a barrel of oil to reach only $96 to cover the financial deficit."
But you know what's even better than this?
It is also being reported that the Foreign Currency Exchange Regulations were completed on May 4th, 2024. Report here 
uscode.house.gov/view.xhtml req=988&f=treesort&fq=true&num=91&hl=true&edition=prelim&granuleId=USC-prelim-title26-section988
What does this mean for Iraqi Dinar holders?
Foreign Currency Exchange Regulations play a crucial role in the Iraqi Dinar revaluation and conversion to USD in 2024 by ensuring the process is conducted smoothly and transparently.
These regulations set the framework for international transactions involving the Iraqi Dinar, which is vital for the currency's international acceptance and stability.
They also help prevent illegal activities like money laundering and support Iraq's efforts to combat the financing of terrorism.
Not to mention Economist Muhammad Hashem Helou confirmed that the central bank cannot float the dinar exchange rate. 
Not to mention the parallel market is reaching the official price of the REER-(Real Effective Exchange Rate)
Not to mention the Al-Rafidain Bank announced the application of the new platform that will allow electronic banking for Iraqis. Which is the main branch.
Not to mention the Deputy Chairman of the Parliamentary Planning Committee, Muhammad Karim, confirmed last Thursday, that the 2024 budget will proceed after completing the changes in its schedules for allocations for governorate and ministries projects.
Not to mention Atheer Daoud Al Ghurairi, Minister of Commerce of Iraq, has confirmed that Iraq has completed the requirements to join the World Trade Organisation (WTO) after completing economic reforms and improving the business environment.
Not to mention that there is an accession ceremony happening on May 9th for 9 countries, Iraq being one of them per article that came out a month ago.
People you have a lot to look forward to. So please understand the reality of the current situation with regard to your investment. You are being primed to take full advantage of your portfolio with all the info that has come out in support of this inevitable reality.
Enjoy the rest of your day.
Arab banks: Iraq supports the transition from dependence on oil revenues to a diversified economy, 6 MAY
Arab banks: Iraq supports the transition from dependence on oil revenues to a diversified economy
The Union of Arab Banks confirmed on Monday that the Iraqi government supports the country's transition from dependence on oil revenues to a successful diversified economy, while putting forward four proposals to enhance the compliance environment for Iraqi banks.
The Secretary-General of the Union of Arab Banks, Wissam Hassan, said during the conference “The Challenges Facing Arab Banks in Complying with International Laws and Legislation and Meeting the Requirements of Correspondent Banks,” held in Baghdad in the presence of a large number of Arab banking and economic officials, and attended by the correspondent of the Iraqi News Agency (INA): "Enhancing international confidence in Iraqi banks requires additional effort on multiple fronts, to enhance the compliance environment for Iraqi banks."
He pointed out, “There are four proposals to enhance the compliance environment in Iraqi banks. First, Iraqi banks must invest in a strong compliance infrastructure, and the second proposal is to adopt advanced technology, which leads to changing the rules of the game in the field of compliance, as there are many programs, including It relies on artificial intelligence, which helps in the compliance process and data analysis.”
He added, "The third proposal is to adopt the principle of transparency in banking operations and the preparation of financial reports, in order to build sustainable trust with the international community. The last and most important proposal, in our opinion, is to prepare a comprehensive national plan for capacity development, training and qualification, especially in the field of affiliation."
He continued, "Here the Union of Arab Banks proposes that a committee be established under the name of the National Capacity Development, Training and Qualification Committee, in cooperation between the Union of Arab Banks and the Association of Iraqi Private Banks and under the supervision of the Central Bank of Iraq, and its tasks will be training and qualifying Iraqi cadres and building capabilities in the subject of compliance and combating money laundering and terrorist financing." And combating corruption, to become what is called a certified director for combating financial crimes.”
He went on to say: "The committee's mission is also to provide consultation and technical support to develop and choose the special compliance program for each bank, in addition to forming an influence and communication force to develop Iraqi banks' relations with international banking and regulatory authorities, especially American ones, in addition to documenting policies, procedures and internal controls related to compliance for each bank." .
In turn, member of the Board of Directors of the Union of Arab Banks, Ziad Khalaf, said during the conference: “Compliance with international laws and legislation is not just a legal necessity, and not just an obligation, but rather an investment in confidence and economic stability, an investment that reflects our commitment to transparency and integrity, and our responsibility to ensure the protection of interests.” Finance, which is, in short, the basis of success and sustainability in mid-range businesses.”
He added, “If the Arab world wants to achieve integration and economic renaissance in the region, economists must recognize the historical moment in Iraq, which is the fourth largest economy in the Middle East and North Africa,” expressing his regret that “our Arab region is one of the least integrated regions in the world, as there is no Two-way trade represents only 18 percent of total trade, as well as of total exports.
He explained, "The Iraqi government today supports the country's transition from dependence on oil revenues to a diversified economy, as a single economy is fraught with risks, while a diversified economy is guaranteed success."
He pointed out that "activating the banking sector requires expanding electronic payment services and ensuring the granting of credit formations and loans by developing work mechanisms, including control and oversight, and enhancing their flexibility while adopting digital solutions, in addition to enhancing information security, combating fraud operations, and ensuring compliance with financial and banking legislation and laws," calling for "Enhancing cooperation in order to build strong foundations for sustainable growth in our Arab region link
"BANKING INTEL" BY GOLDILOCKS, 6 MAY
GOLDILOCKS
Banking Intel
Commercial Lenders (Relationship Managers) are currently receiving electronic messages to sign up for Foreign Currency Training.
Commercial and Investment Banks are a fundamental part of the Foreign Exchange Market.
Essentially, they are the ones that push trades through on behalf of their customers and high dollar clients.
Commercial Lenders (Relationship Managers) are the go-between by which all participants must trade when it comes to Foreign Currency Exchanges.
Since they are the principal sellers (Wealth Managers) within the Forex Market, they are the person who gives someone else authority to act on a client's behalf.
© Goldilocks
https://www.streetdirectory.com/travel_guide/145431/banking/role_of_commercial_banks_in_trading_currencies.html#:~:text=Commercial%20and%20investment%20banks%20are,sellers%20within%20the%20Forex%20market.
https://learn.org/articles/Commercial_Lender_Salary_and_Career_FAQs.html#:~:text=What%20Is%20a%20Commercial%20Lender,clients%20through%20various%20loan%20processes.
https://study.com/academy/lesson/the-principal-agent-relationship-duties-in-real-estate.html#:~:text=The%20person%20who%20gives%20someone,as%20a%20seller%20or%20buyer.
The launch of the conference of the Union of Arab Banks in Baghdad, 6 MAY
The launch of the conference of the Union of Arab Banks in Baghdad
Monday 06, May 2024
Baghdad / Nina / The activities of the Union of Arab Banks Conference, sponsored by the Central Bank of Iraq, were launched in the capital, Baghdad, under the title "Challenges facing Arab banks in complying with international laws and legislation and meeting the requirements of correspondent banks."
The two-day conference, which was held at the Babylon Hotel, was attended by Central Bank Governor Ali Al-Alaq, government and parliamentary figures, and a number of Arab banking and economic officials.
"About the RV and the Redemption of Zim Bondholders" , (ENGLISH AND SPANISH) , 6 MAY
Saturday May 4, 2024
Mark Zee: Says
— All my contacts in IRAQ 🇮🇶 say that the trigger is now on the CBI (CENTRAL BANK IRAQ) and that they will pull it soon.
They are informing people... they are educating people and telling Iraqi citizens to be prepared for the change in values. We just don't know the moment..!
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"REDEMPTION" - DATE UNKNOWN
This is how ZIM bondholders are compensated! They are compensating us in dollars pegged to the Zimbabwean currency! Interestingly, they are supporting it with "gold".
I have heard that numerous African nations or regions are backing their currencies with diamonds, while the Middle East depends on oil, and so on!
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TRANSLATION SPANISH
Sábado 04 Mayo 2024
dicen que el gatillo está ahora en la CBI ( CENTRAL BANK IRAQ) y que lo apretarán pronto.
Sudani to visit Italy next week, 6 MAY
Sudani to visit Italy next week
BAGHDAD (NINA) - Political adviser to the Prime Minister Sebhan Mullah Jiyad has revealed a visit by Prime Minister Mohammed Shia al-Sudani to Italy next week.
Mullah Jiyad said in a statement to the official newspaper: "The Prime Minister will go to the Italian capital Rome on a two-day visit starting on the tenth of May," explaining that "this visit comes within the Iraqi diplomatic openness led by the Sudanese government, and linking it to the economic dimension."
He pointed out that "Iraq and Italy have many commonalities at the political and diplomatic levels, as well as interrelated interests at the economic level, as there are many Italian companies that have dealt and are dealing with Iraq, especially in industries related to the energy sectors, in addition to Italy's participation in the international coalition in the war against (ISIS) and its support for Iraq."
He stressed that "this visit comes within the direction to arrange the bilateral relationship between Iraq and the countries of the international coalition in preparation for scheduling its withdrawal from Iraq."
"When gold is set free, so are we." BY GOLDILOCKS, 6 MAY
GOLDILOCKS
When gold is set free, so are we."
Let's take a close look at why that is. There is a strong belief that gold is no longer determined by economic prices on the market. A shift is occurring and China is in the middle of it.
Much of the gold prices as of late have been driven by the China Market buying up this particular precious metal. It is one of the requirements of the BRICS Nations in joining this alliance to trade goods and services with the backing of gold.
In other words, we have new price discoveries taking place attempting to reset the price of gold. The higher the price of gold goes, it has the ability to determine the price of the dollar going forward. When gold is the standard over the dollar, price discoveries on foreign currencies begin to shift.
Gold and the Dollar have a correlated relationship that is currently breaking down because of inflation, de-dollarization, and the purchase of gold by countries overseas.
When the price pressures on gold becomes so great, it will require new formulations of values and a reset in gold will occur. All of our tokenized assets backed by gold, our stablecoins that represents a country's currencies backed by gold, and gold itself will be free to move into a real value.
These new values will be determined by supply and demand, and not, a predetermined price set to parallel a particular World Reserve Asset. This is when we have a reset.
Here is what the final moments look like...
Paper trades in gold and silver on the COMEX Market are stopped.
When trades in paper gold and paper silver in the Futures Market come to a halt, this will enable them to adjust spot prices on physical gold and physical silver.
A slight movement upward (manually done) occurs to encourage trade. This is done over and over again until the market recognizes the new determinations and price correlations.
This is where you see chart gaps happen in the market, and they have to be filled.
Once these gaps are filled and new movement forward on gold and silver are secured, we have a reset. This will reset everything.
Everything.
© Goldilocks
https://www.cmegroup.com/notices/market-regulation/2022/05/SER-8991.html
https://www.nytimes.com/2024/05/05/business/china-gold-price.html
Signing a memorandum of understanding between the Trade Bank of Iraq and the Japanese International Development Agency, 6 MAY
Signing a memorandum of understanding between the Trade Bank of Iraq and the Japanese International Development Agency
Today, Monday, the Ministry of Planning announced the signing of a memorandum of understanding between the Trade Bank of Iraq and the Japanese International Development Agency.
The ministry said in a statement received by the Iraqi News Agency (INA): “On behalf of the Prime Minister, Muhammad Shia al-Sudani, the Minister of Planning, Muhammad Ali Tamim, today sponsored the signing ceremony of a memorandum of understanding between the Iraqi Trade Bank and the Japanese Development Agency (JICA).”
The statement added, "The signing ceremony was attended by the Prime Minister's Advisor, Muhammad al-Daraji, the President of the Trade Bank of Iraq, and a number of officials in the Ministries of Foreign Affairs and Finance, while on the Japanese side it was attended by representatives of the Japanese Embassy in Iraq and the JICA Agency." link
"BANKING INTEL & CBI BANKER IN IRAQ CONTACT INTEL" BY GOLDILOCKS, 6 MAY
GOLDILOCKS
Banking Intel:
Commercial Lenders (Relationship Managers) are currently receiving electronic messages to sign up for Foreign Currency Training.
© Goldilocks
https://www.streetdirectory.com/travel_guide/145431/banking/role_of_commercial_banks_in_trading_currencies.html#:~:text=Commercial%20and%20investment%20banks%20are,sellers%20within%20the%20Forex%20market .
https://learn.org/articles/Commercial_Lender_Salary_and_Career_FAQs.html#:~:text=What%20Is%20a%20Commercial%20Lender,clients%20through%20various%20loan%20processes.
https://study.com/academy/lesson/the-principal-agent-relationship-duties-in-real-estate.html#:~:text=The%20person%20who%20gives%20someone,as%20a%20seller%20or%20buyer.
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CBI Banker in Iraq Contact
Dee and I just finished a conversation with our CBI Banker in Iraq with ties to the Foreign Remittance Department.
Iraq is currently increasing the amount of Gold they hold that will support their currency.
Iraq is encouraging people to use a debit (Visa & Master) Card as much as possible, so they can get used to becoming a cashless society.
As far as a rate is concerned, they are looking to move from 1,310 to 1,000 soon.
Many new agreements have been signed with other countries to increase the demand for their currency as of late.
He expressed that they still need more goods to sell to increase their money velocity.
Iraq has not moved to a position of removing the three zeros on their currency just yet.
It was mentioned that they are still working with their Foreign Corresponding Bank to complete their banking reforms this year.
© Goldilock
https://dinarevaluation.blogspot.com/2024/05/cbi-banker-in-iraq-contact-by.html
