Al-Sudani sets “next September” as the date for moving to the electronic system in customs, 27 JUNE

Al-Sudani sets “next September” as the date for moving to the electronic system in customs

Shafaq News/ Iraqi Prime Minister Muhammad Shiaa Al-Sudani stressed on Wednesday the importance of networking between border ports and continuing to complete the automation system for customs.

His media office said in a statement received by Shafak News Agency that Al-Sudani chaired a meeting today to follow up on the implementation of the network connection between border crossings, and to complete the implementation of the customs automation system (ASYCUDA).

During the meeting, several topics were discussed, including the summary of the implementation of the second phase of the ASYCUDA system, the first phase of the border ports management system and the completion of network connectivity, in addition to the system for monitoring trucks and their weights on the roads without stopping them.

Al-Sudani stressed the importance of this file in various economic, administrative, supervisory and technological aspects, and its implications for maximizing non-oil treasury revenues, activating sectors and simplifying procedures, all of which represent an essential part of the economic reform priorities contained within the government program.

The meeting witnessed the approval of next September as a date to stop dealing with the paper system and work with the electronic system at customs, in addition to directing the Prime Minister to hold a workshop to follow up and draft the customs law, as well as follow up on the link between the Central Bank of Iraq and private banks, and support the networking system and management of border crossings.

The meeting also decided to strengthen the work of the General Authority of Customs with expertise through specialists and technicians from the Ministry of Higher Education and Scientific Research, in the field of computers and e-government.

https://shafaq.com/ar/%D8%B3%DB%8C%D8%A7%D8%B3%D8%A9/%D8%A7%D9%84%D8%B3%D9%88%D8%AF%D8%A7%D9%86%D9%8A-%D9%8A%D8%AD%D8%AF%D8%AF-%D9%8A%D9%84%D9%88%D9%84-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84-%D9%85%D9%88%D8%B9%D8%AF%D8%A7-%D9%84%D9%84%D8%A7%D9%86%D8%AA%D9%82%D8%A7%D9%84-%D9%84%D9%89-%D8%A7%D9%84%D9%86%D8%B8%D8%A7%D9%85-%D8%A7%D9%84-%D9%84%D9%83%D8%AA%D8%B1%D9%88%D9%86%D9%8A-%D9%81%D9%8A-%D8%A7%D9%84%D8%AC%D9%85%D8%A7%D8%B1%D9%83

"ABOUT THE IQD TO FLOAT FREELY.." BY FRANK26, 27 JUNE

 Frank26 

 The float is to get to the cap.  If I'm Sabibi I got a quagmire here.  I'm in a catch 22, damned if I do, damned if I don't.  If I allow the Iraqi dinar to float freely, it's going to gain in value and everybody outside is going to make some money with my money but I don't know if I want it to float for a long time.  But then again I have a lot of favors, a lot of contracts, a lot of people out there, there's a lot of reserves with a lot of our currency in there.  I've got to be careful, they're counting on it...I don't know what he's going to do...

  I strongly believe the rate is contained in "a" budget not "the" budget, but "a" budget because you got three of them that we're dealing with.

 My teams and I are looking for more...for the budget, anything about it.  I'm looking for the HCL...speaker of the house to be selected...pictures and videos to be released.  I'm looking for more than the soldiers/CBI representatives at the ATM machines with more explanation about them and what's in them. I'm looking for the lower notes...new exchange rate.  That's what we're looking for...and I hope you are too.

🔥 Iraqi Dinar 🔥 Dinar Reinstatement Timeline🔥 Today News Guru Intel Valu...

Iraqi Cabinet Approves Measures to Enhance Electricity Supply, 27 JUNE

Iraqi Cabinet Approves Measures to Enhance Electricity Supply

In its most recent meeting, the Iraqi Bureau has endorsed a few measures to address the power needs during top summer periods and to foster the nation’s power framework.

The most important choices are:

Agreement with Mass Holdings Corporation:

Contracting with Mass Holding Company to supply electricity specifically to the northern region and the national grid has been granted to the Ministry of Electricity. Due to the need for a steady supply of electricity and the peak summer demand, this contract is crucial. Depending on financial viability, the contract will last for three months.

Contract with Kar Gathering:

Additionally, approval has been granted for the Ministry of Electricity to enter into a contract with Kar Company for the supply of Turkish electricity. This agreement is three months long and adheres to a reduced price formula that has been approved by the Ministry of Electricity. It also addresses the ministry’s financial capabilities and the peak summer demand.

Developmental and Financial Approvals:

Authority for the Loan Contract: The Minister of Finance or an authorized delegate has been given permission by the Cabinet to sign the loan agreement that will fund the project to supply and install five 132 KV substations. The Ministry of Electricity will gain from these substations, which will be situated in South Khalidiya, Al-Suwaira, Al-Rumaitha, North Kirkuk, and Al-Rifai. The Federal Budget Law for the fiscal years 2023-2025 is in line with this approval.

Endorsement of Supporting Terms: The financing conditions outlined in the Ministry of Finance’s letter dated June 23, 2024 have received Cabinet approval.

These measures, as stated in a press release issued by the Prime Minister’s office, are a part of the overall strategy implemented by the government to advance the country’s electrical infrastructure and guarantee a consistent supply of power, particularly during times of high demand.

"SUMMARY OF RV UPDATES " BY KAPERONI, 27 JUNE

 Kaperoni  

 Article:  "Establishment of the Commercial Arbitration Center in Iraq"  Article quote: "the importance of commercial communication with various countries around the world and organizing relations in a way that achieves mutual benefit for all parties, especially as Iraq is on the verge of rejoining the World Trade Organization (WTO). He explained

that this project comes as one of the achievements within the file of Iraq's accession to the International Chamber of Commerce (ICC)."  WTO requirement. Establishment of the Commercial Arbitration Center in Iraq

---

Article quote: "new pipeline project at an amount estimated at approximately 6.5 billion Iraqi  dinars ($4.9 billion)" Community Comment "The mathematical 'mistake' basically equals 1.32. This seems very very coincidental to  the deletion of the zeros."  Referencing the exchange rate in billions rather than trillions is an easy mistake to make. It happens  all the time and everyone thinks there's something to it.  Wrong.  

 Question: "What happens now that the auctions are soon to be over?

  What does this mean for the  Dinar holders out there Kap?"  It means monetary policy is changing after 20 years to reflect the economic changes in Iraq. We'll  have to wait and see what happens.    

---

Floating the currency is the best option but only once they have created a diverse economy that is not dependent solely on oil.

...New currencies coming out in Iraq. Not true, the Iraqi dinar is the currency of Iraq. As far as any new smaller denominations, they will be introduced only as needed if and when the value increases and warrants so. There is no significant RV!

--

...The dinar to float at well over a dollar. Unlikely, the dinar when it floats will be whatever the current exchange rate is and could rise gradually accordingly.

  Community comment: "Today the cbi says there are no new printing of bills"  

That is correct.  The Central Bank does not randomly print currency unless it's to replace damaged or worn out notes. There is no need for a new currency unless it is warranted.  Moving to digital will eventually reduce physical notes.

 Question: ----"They have a very largebudget ,without an increase in rate how do they meet the projects that is lined up?"

  External expenses are paid in dollars since their primary revenue is dollars. Dinar is used to pay salaries, etc. in country.

 CCommunity Comment: "Hopefully in the next 5 yrs we will see an appreciation of the currency  price, based on the last year of progress."  I agree!  Iraq has an excellent opportunity now to diversify their economy and develop  the banking system.  

 Much of the float articles that we have seen have concerns about speculators that is because they are referencing dealers speculating within the country.   That will not happen.

 All of these changes that they're talking about pertain to monetary policy. They have nothing to do with the exchange rate. Whether or not the exchange rate goes up or not is directly related to the economic success thereafter.

By the end of the year when the Central Bank of Iraq ends the currency auction, only transfers  amongst established Iraqi banks and regional or International banks will occur.  In other words, the float of the dinar and  transfer of funds will be institutional.

 What this means for us is the future of the dinar exchange rate is directly tied to the  capital flowing through the CBI, economic growth, and success of Iraq. As Iraq prospers, so will the dinar!  Though we may not see  the dinar exchange rate improve initially. This is a significant change in monetary policy for the Central Bank of Iraq. Some 20  years in the waiting.  

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-kaperoni-25-may.html

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-kaperoni-26-may.html

Iraqi Dina | Massive Exchange Of Iraqi Dinar Revealed | Iraqi Dinar New...

Basrah crudes surge following global oil rise, 26 JUNE

Basrah crudes surge following global oil rise

Shafaq News/ On Wednesday, Basrah crude oil increased alongside a surge in global oil prices. 

Basrah Heavy crude edged higher by $0.84 to $82.24, while Basrah Medium also rose by $0.84 to $84.99.

Oil prices rose despite an unexpected jump in US inventories, driven by geopolitical risks stemming from the Middle East conflict and expectations of eventual inventory drawdowns during the peak demand season in the third quarter.

Brent crude oil futures rose 40 cents, or 0.5%, to $85.41 a barrel by 0406 GMT. US West Texas Intermediate crude futures gained 43 cents, or 0.5%, to $81.26 per barrel.

"IRAQ UPDATE: Iraq has now positioned itself to engage more fully in international trade" BY GOLDILOCKS AND ANALYSIS OF ARIEL, 26 JUNE

  Breaking News

Iraq Update From

@Goldilocks

CFTC Announcement: "Washington, D.C. — The Commodity Futures Trading Commission Open Meeting scheduled for Monday, June 24, 2024, was cancelled. The matters under consideration have been completed through the Commission’s seriatim process." Let's take a close look at what has been completed. * "Final capital and financial reporting comparability determinations and orders for certain nonbank swap dealers domiciled in Japan, Mexico, the European Union (limited to France and Germany), and the United Kingdom * Applications of ForecastEx LLC for Registration as a Derivatives Clearing Organization and a Designated Contract Market" The first item on the list above that was completed dealt with Cross-Border applications of Swaps Provisions. Capital and Financial reporting is being allowed by non-U.S. swap dealers and market participants (MSPs) that meet agreed upon standards with their home jurisdiction's regulations instead of the CFTC's. You can look at the list above of Nations that qualify. The reason for the above being so important is because of the following procedures. These swap execution facilities have to be registered to operate as derivatives clearing organization that will allow global access to foreign currency exchanges and other financial instruments of interest. The final item deals with designating contracts. Designated Contract Markets (DCMs) are exchanges that list trading futures or option contracts that are based on all types of commodities. And this, comes under the Commodities and Futures Trading Commission (CFTC) and their governance. Compliance Date: -Effective July 13, 2023. -Derivative Clearing Organizations DCOs must comply by July 12, 2024. (See Federal Register link below) The completion of these swap dealer compliance issues in the Forex Market comes at a time when Iraq has just completed their requirements on phase one of their economic reforms. Phase one is a completion of reforms that have now qualified Iraq for international trade. © Goldilocks ------------‐----------

ARIEL My Views Compliance Dates: July 13, 2023: Effective date for new rules. July 12, 2024: Deadline for DCOs to comply with these regulations. Cross-Border Applications of Swaps Provisions Capital and Financial Reporting: Non-U.S. swap dealers and major swap participants (MSPs) from Japan, Mexico, the European Union (specifically France and Germany), and the United Kingdom can use their home country’s regulatory standards for capital and financial reporting instead of the CFTC’s standards. Significance: It appears this harmonization allows for smoother international operations and reduces the regulatory burden on foreign entities, facilitating more robust cross-border trading and financial stability. By completing these reforms, Iraq has now positioned itself to engage more fully in international trade. This is crucial because it means Iraq’s financial and economic systems are now recognized as stable and reliable enough to participate in global markets. Global Financial Integration: The CFTC's decisions about capital and financial reporting standards for non-U.S. swap dealers, and the registration of new entities like ForecastEx LLC, are part of broader efforts to harmonize global financial regulations. This harmonization facilitates smoother and more secure cross-border transactions. Market Access: With the completion of phase one reforms, Iraq can now access global financial markets more efficiently. The standardized reporting and compliance frameworks make it easier for Iraqi financial institutions to interact with their counterparts in other countries. Foreign Investment: The reforms signal to international investors that Iraq is a stable and viable market. This can attract foreign direct investment, which is crucial for rebuilding and expanding Iraq's economy. Alignment with Global Standards: The July 2024 deadline is significant because it marks the point by which global financial entities, including those in Iraq, must comply with new international standards. Iraq’s reforms are designed to bring its financial practices in line with these global standards, facilitating smoother integration into the international market. Economic Reforms: Iraq has been implementing economic reforms to stabilize its economy and align with international standards. A new exchange rate could reflect these reforms and make Iraq more competitive in global markets. Global Integration: Adjusting the exchange rate could facilitate Iraq’s integration into the global financial system, making it easier for international trade and investment.

Iraqi Dinar | US Treasury Finally Change The Rate Of Iraqi Dinar | Iraqi...

"HEY PARLIAMENT... THEY'VE BEEN DOING THAT " BY FRANK26. 26 JUNE

 KTFA

FRANK26: "HEY PARLIAMENT... THEY'VE BEEN DOING THAT "...F26

A parliamentary committee recommends that the Ministries of Finance and Planning issue instructions for implementing the 2024 budget schedules

6/25/2025

 

Baghdad

 

Today, Tuesday, the Parliamentary Finance Committee recommended the Ministries of Finance and Planning to release instructions for implementing the 2024 budget schedules, while indicating that all appeals are normal and did not rise to the rejection of some paragraphs.

Committee member Nazem Al-Shibli said in an interview with the Iraqi News Agency, followed by Al-Iqtisad News, that “the budget is considered effective after its publication in Al-Waqa’i newspaper, but it needs instructions issued by the Ministries of Finance and Planning in order for it to be clearly implemented in the ministries, agencies, and governorates,” explaining that “the budget does not There are no complaints and appeals every year, but the court is the one that decides the validity of implementation or legislation.”

He added that "the court will hear all appeals," pointing out that "the budget is subject to appeal in the event of any party objecting to a part of it," noting that "all appeals are normal and do not rise to the rejection of some paragraphs."

It is noteworthy that the House of Representatives voted earlier on the amended schedules of the Federal Budget Law No. (13) for the year 2024 and its annexed schedules (A/B/C/D/E/F).

LINK

"ABOUT CHINA CONTROLING THE GOLD PRICE" BY MIKECRISTO, 26 JUNE

 MIKECRISTO

China now uses interest rates on their gold reserves to weaken the yuan against the dollar, which drives the value of China’s exports higher (China exports more than the U.S.) While having a stronger U.S. dollar drives the value of American exports lower. (The U.S. exports less) China doesn’t care about their stock market, It cares that their citizens have jobs and are working, hence China’s export market. --

What did China just do? They weakened their currency which lowered rates on the yuan 10yr. China controls the gold price through interest rates.

Quote

Gary Savage

@garysavage1

·

6h

If gold drops below $2303 it will signal a failed and left translated daily cycle in progress with many weeks to go still before the next bottom will be due. Those that listened to me with an open mind and took profits will have plenty of cash to deploy at that bottom and huge

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