Sudanese: Iraq is witnessing the highest growth rate in the region

 Economy News – Baghdad

Prime Minister Mohammed Shiaa Al-Sudani confirmed on Thursday that Iraq is witnessing the highest growth rate in the region.

The Prime Minister’s Media Office said in a statement received by “Economy News” that the Sudanese “on-Sudanded the annual celebration of the National Job Day, which was held at the government palace in the capital Baghdad, where 50 distinguished employees in various fields were honored, selected by specialized committees for their excellence in job performance.”

Al-Sudani praised “the distinguished employees who strive and deserved excellence, and this choice for female employees and employees proves the strength of the Iraqi and its principle, confidence and positive energy,” stressing that “the martyr who sacrificed himself for Iraq and the Iraqis remains the first distinguished.”

He added that “we commend the initiative to honor the distinguished employees, and appreciate the efforts of the concerned committee, and everyone who contributed to this initiative, which confirms the ability of employees in the public sector, and denies the negative image of them, as it highlights the loyal, competent, productive and honest employee,” noting that “the presence of other numbers of distinguished employees perform their tasks with dedication and high efficiency.”

He pointed out that “the stories of distinguished employees that deserve to stand at them and enhance confidence in the government employee, especially since some of them managed to transform the difficult circumstances and their challenges they live into success, excellence and dedication in the public service that it provides to citizens,” indicating that “one of the people of determination has achieved superiority over his colleagues in programming, as well as the insightful student in the sland that exceed and exceeded its health conditions, which is a state of creativity that we are entitled to be proud of.”

During the ceremony, the Sudanese touched on “the pivotal and fundamental role of the public sector in building the country, and its assumption of the implementation of the government’s program and priorities, as well as its importance in upgrading the reality of the country in all fields, as Iraq is witnessing the highest growth rate in the region, and the government sector must perform its duties in this regard.”He stressed that “the government has made, in less than two years, an important way from working and addressing challenges, in all fields, as our country has natural and human resources, capabilities and wealth, some of which have not invested to this day.”

---

111 views

Added 2024/07/04 – 3:39 PM

https://economy-news.net/content.php?id=44888

"LATEST FROM WALKINGSTICK",5 JULY

 Walkingstick

 [via Frank26]  

What you need to watch...the internal float of the Iraqi dinar..

 It's not complicated.  It's very straightforward to the point.  The budget has a new exchange rate.

--

Walkingstick 

  Sudani rewrote the contracts and recalculated them in accordance with the rate in the budget...They've been running a budget with the new exchange rate and a budget with the old exchange rate...

 [Iraqi bank friend Aki update]

 AKI:  It's about time. 

 WAlKINGSTICK:  What he's telling us is it's about time to release the budget and the new exchange rate with the lower notes.  That's what he meant.

The ATM machines, they're all poised like centurions that are standing there.  These ATMs are guarding the lower notes.  It's time for all of this to come out now.  It's just the budget we are waiting for.  We're not waiting for any laws, we're not waiting for any new procedures.

https://dinarevaluation.blogspot.com/2024/07/rv-update-by-walkingstick-2-july.html

Iraqi Dinar | Dinar Success Ready for Takeoff | Iraqi Dinar News Today 2024

Al-Sudani's Financial Advisor Reveals The Reason For The Continued Rise Of The Dollar And Confirms: Short-Term

 Al-Sudani's Financial Advisor Reveals The Reason For The Continued Rise Of The Dollar And Confirms: Short-Term

Posted On 2024-07-04 By Sotaliraq  The financial advisor to the Prime Minister, Mazhar Mohammed Salih, revealed on Wednesday the reason for the continued rise in the dollar exchange rate in local markets, while stressing that this rise is short-term and does not constitute any relative importance in affecting the stability of the general price level.

Saleh said that “despite the fluctuations in the parallel or irregular exchange market, whose short-term fluctuations are the result of noise from colored or confusing information originating from international or regional circumstances, or the issuance of some regulatory instructions adapted to foreign currency, which some speculators are trying to exploit to generate a trend of fateful profits in the exchange market, it can be said that the fixed exchange rate system in Iraq is still based on a strong foundation consisting of the country’s international reserves.”

Noting that “it is the highest in Iraq’s history through the management of its foreign reserves, resulting from a surplus in the current account of the balance of payments at a significant rate that may reach (positive 7% of the country’s gross domestic product).” Indicating that “foreign currency covers a percentage of more than 130% of the total currency currently in circulation.”

Saleh added, “Given the strength of the official central exchange rate and its role in financing nearly 90% of the private sector’s foreign transfer transactions, excluding the government sector, the dollar-to-dinar exchange rate in the parallel market does not represent any relative importance in its fluctuations in influencing the stability of the general price level, which has become static in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports), amounting to 1,320 dinars per dollar.”

 He stressed that “this lack of influence is embodied in the state of relative stability of prices of goods and services to a large extent, as the average annual inflation in our country does not exceed 3%.”

He continued, “Based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, the value of which as liquid foreign assets exceeds $100 billion, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that affects the parallel exchange market in short periods, due to urgent international or regional political events here and there, or in adapting some of the instructions regulating the monetary market, as we noted above.”

He added, "After the decline of the dollarization phenomenon in domestic transactions, especially in contracts, obligations and payments within the country since last year and its legal prohibition, the parallel exchange market has become such that its general effects today only form a narrow economic scope of prohibited transactions practiced by informal markets, and at a rate of 10% of the total supply and demand transactions for the currency."

He stressed that “the stability of the dinar to dollar exchange rate that the country is witnessing even in the secondary markets above is a real and solid stability, and is derived from the strength of the impact of the price and quantity factors of the monetary and financial policies and their integration in imposing overall price stability in the country, and containing inflationary expectations that were caused by the parallel exchange market forces during the past years.”

He added in his statement that “the irregular secondary market, due to the freedom of external transfer, falls under the influence of the official exchange market rate, whose operations are constantly expanding in favor of dealing at the fixed official exchange rate.”

The dollar price recorded a rise today, Wednesday, with the closing of the Al-Kifah and Al-Harithiya stock exchanges, reaching 149,000 dinars for every 100 dollars, as the price recorded this morning 148,500 dinars.   LINK

LATEST FROM FNU LNU, 5 JULY

  Fnu Lnu 

  Back in 2011, I was told by my attorneys, that the revaluation would follow the guide-rails set out by Dr. Shabibi. Dr Sinan Al Shabibi has quite the curricula vitae in that he...held a BSc in Economics from Baghdad University (1966), a Diploma in Advanced Studies in Economic Development, an MA in Economics from the University of Manchester (1970, 1971), and a PhD in Economics from the University of Bristol (1975). He was said to be an authority on The Marshal Plan, which in essence is what is happening in Iraq at this very moment.  I was also told that the plan was to resurrect the pre-invasion Dinar valued at $3.22 or there abouts.

 I was also told that Iraq would have no need of using the IMF model of baskets of currencies, of which an average is calculated, as that would drag down the IQD and raise up inferior currencies. In other words, a fixed rate, at least during the reconstruction/infrastructure phase. 

This was 13 years ago and time necessitates changes sometimes. It seems nothing is etched in stone these days but of the many things I was told in the presence of a UST agent and a couple other attorneys, everything they said at that meeting has come true so I'm going to stick with what has been dependable info. I am, however, a little surprised at the flood of info coming forth. I would have thought they would hold their cards a little closer to the vest. With that being said, never rule out the old trick of misdirection

🔥 Iraqi Dinar 🔥 Sudden Float🔥Today RV News Guru Intel Update Exchange Ra...

An Economist Explains The Reasons For The Dollar’s ​​Rise And Sets A Condition For Its Decline - Urgent

 An Economist Explains The Reasons For The Dollar’s ​​Rise And Sets A Condition For Its Decline - Urgent

Economy |Baghdad Today – Baghdad  Financial expert Alaa Jaloub Al-Fahd revealed, today, Thursday (July 4, 2024), the reason for the rise in the dollar price again in the parallel market.

Al-Fahd said in an interview with Baghdad Today, "The dollar exchange rate in the parallel market is witnessing an increase, decrease and fluctuations as a result of the Central Bank of Iraq taking new measures regarding selling the currency to travelers and delivering the amounts exclusively from the airport," indicating that "there are also those who are trying to raise concerns with any new measures taken by the Central Bank for the benefit of some speculators."

He explained that "the Central Bank of Iraq has announced more than once that it will continue to sell the currency and cover all needs, whether for import or travel, and there are no concerns," adding, "But there are those who are trying to spread some negative concerns for the sake of profit."

He added that "the Central Bank of Iraq controls all monetary policy measures and the financial situation is reassuring," expecting that "the dollar exchange rate will decrease in the parallel market if all transactions are restricted to the electronic platform of the Central Bank of Iraq."

The exchange rate of the dollar against the Iraqi dinar witnessed a noticeable increase during the past few days, as the selling price reached 150 thousand for every 100 dollars.  LINK

Breaking News: Basel Committee updates Bank Crypto Rules BY GOLDILOCKS

 GOLDILOCKS

Breaking News: Basel Committee updates Bank Crypto Rules.

The new standards will be published later this month. These standards finalize the set of tables and templates banks use in cryptoasset disclosures.  

Crypto asset disclosures are requirements for reporting entities to disclose information about their crypto asset holdings during annual and interim reporting periods. 

Some common requirements include:

* Fair value estimates

* Risk concentration

* Balance sheet presentation ie companies need to present crypto assets separately from other intangible assets on a balance sheet.

For significant crypto asset holdings, reports must include: name, cost basis, fair value, and number of units held. 

For crypto assets that are not individually significant, reporting entities need to disclose the aggregate cost bases and FAIR VALUES. 

For annual periods, reporting entities need to disclose the method used to determine the cost basis of disposed crypto assets when calculating gains and losses.

The Basel Committee previously delayed the implementation date to January 1, 2026. As you can see, the date has been moved up significantly.

All in all, we are being told that the digital asset based trading system is about to move into real values. The first RV.

© Goldilocks 

https://www.ledgerinsights.com/basel-committee-updates-bank-crypto-rules/

https://www.ledgerinsights.com/basel-committee-bank-crypto-disclosures-2/

Jon Dowling & SG Anon Discuss Latest Updates, July 2024 News

"Short-Term".. Al-Sudani's Advisor Explains The Reasons For The Continued Rise In The Exchange Rate

 Money  and business  Economy News – Baghdad  The financial advisor to the Prime Minister, Mazhar Mohammed Salih, revealed the reason for the continued rise in the dollar exchange rate in local markets, while stressing that this rise is short-term and does not constitute any relative importance in affecting the stability of the general price level.

Saleh said in an interview followed by "Al-Eqtisad News", "Despite the fluctuations in the parallel or irregular exchange market, whose short-term fluctuations are the result of noise from colored or confusing information originating from international or regional circumstances, or the issuance of some regulatory instructions adapted to foreign currency, which some speculators are trying to exploit to generate a trend of fateful profits in the exchange market, it can be said that the fixed exchange rate system in Iraq is still based on a strong foundation consisting of the country's international reserves."

Noting that "it is the highest in Iraq's history through the management of its foreign reserves, resulting from a surplus in the current account of the balance of payments at a significant rate that may reach (positive 7% of the country's gross domestic product)." He indicated that "foreign currency covers a percentage of more than 130% of the total currency currently issued into circulation."

Saleh added, "In light of the strength of the official central exchange rate and its role in financing nearly 90% of the private sector's foreign transfer transactions, excluding the government sector, the dollar-to-dinar exchange rate in the parallel market does not constitute any relative importance in its fluctuations in influencing the stability of the general price level, which has become static in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports), amounting to 1320 dinars per dollar."

 He stressed that "this lack of influence is embodied in the state of stability of the relative prices of goods and services to a large extent, as the average annual inflation in our country does not exceed 3%."

He continued, "Based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, the value of which as liquid foreign assets exceeds $100 billion, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that affects the parallel exchange market in short periods, due to urgent international or regional political events here and there, or in adapting some of the instructions regulating the monetary market, as we noted above."

He added, "After the decline of the dollarization phenomenon in domestic transactions, especially in contracts, obligations and payments within the country since last year and its legal prohibition, the parallel exchange market has become such that its general effects today only form a narrow economic scope of prohibited transactions practiced by informal markets, and at a rate of 10% of the total supply and demand transactions for the currency."

He stressed that "the stability of the dinar to dollar exchange rate that the country is witnessing even in the secondary markets above is a real and solid stability, and is derived from the strength of the impact of the price and quantity factors of the monetary and financial policies and their integration in imposing overall price stability in the country, and containing inflationary expectations that were caused by the parallel exchange market forces during the past years."

 He added in his speech that "the irregular secondary market, due to the freedom of external transfer, falls under the influence of the official exchange market rate, whose operations are constantly expanding in favor of dealing with the fixed official exchange rate."134 views  07/04/2024 https://economy-news.net/content.php?id=44872

LATEST FROM CLARE, 4 JULY

 Clare  

Article:  "World Bank: Iraq maintains its status within the upper middle-income category"  Quote: "The bank added that it classifies the world's economies into four income groups: low-income countries, lower-middle-income countries, upper-middle-income countries, and high-income countries, based on per capita gross national income. The measures of gross national income are expressed in US dollars."

Clare  

Question: "Iraq is supposed to join the WTO this 18th of July, is that correct?"  

IT WAS REPORTED ON IRAQI TV...THAT IRAQ WILL BE FULL MEMBERS  OF THE WTO JULY 18TH.

--

 Clare  

Article: "Dinar Explainer 1: Why Iraq has Two Exchange Rates" 

Quote:  "On a recent webinar organized by the Iraq Britain Business Council (IBBC), Professor Frank Gunter of Lehigh University explained the causes and effects of Iraq's dual exchange rate..."

 1.  Excessive Demand for US Dollars Internationally:...  2. Internal Demand for Dollars...  3. De-Dollarization Efforts by the New York Fed:  The New York Federal Reserve has restricted dollar transfers to reduce dollar flows to Iran and Syria. They have also excluded over two dozen Iraqi banks from transactions, which has increased the complexity and demand for dollars in Iraq.

--

Clare  

Article:   "The President of the Republic approves a number of laws, including the 2024 budget schedules"  

Quote:  “The President of the Republic, Abdul Latif Jamal Rashid, ratified a number of draft laws, which are the schedules of the Federal General Budget Law for the year 2024...The laws were sent after their approval by the President of the Republic for publication in the Iraqi newspaper Al-Waqae' to enter into force."

 Article:  "Parliamentary law challenges the '2024 budget tables' and the federal government is waiting for an answer within 15 days”

  Quote: "the appeal was submitted “on the pretext that the numbers mentioned in the budget items will change, and thus this is considered a change to the law and requires the implementation of a new law with a first and Second reading, and final approval.”

https://dinarevaluation.blogspot.com/2024/06/analysis-of-iraq-news-by-clare-28-june.html

Iraqi Dinar🎉 Congratulations Iraqi Dinar Investors HCL Done Today 2024🔥i...

Al-Gizani: Barzani’s visit is the culmination of a positive movement between Baghdad and Erbil

  Al-Gizani: Barzani’s visit is the culmination of a positive movement between Baghdad and Erbil

{Politics:Euphrates News} A member of the General Assembly of the Hikma Movement, Sami Gizani, promised the visit of the head of the Kurdistan Democratic Party, Massoud Barzani, "coronation" of a positive movement between Baghdad and Erbil.

Al-Jizani, during his hosting of the program {Free Word} broadcast by the Euphrates satellite channel this evening, said:

- Barzani's visit came to consolidate relations and the state of clarity and transparency is present in Baghdad and is the culmination of a positive movement between Baghdad and Erbil.
- Baghdad remains the sponsor, and the country can for everyone under the constitution and laws to regulate the relationship with Erbil.

-The Sudanese government of Mohammed Shia has 3 elements of a force and is {a parliamentary arm, a coalition of state administration, and the personality of the prime minister}.

- Personal desires weaken the building of the homeland, and there are parties working to make crises and harmony and peace do not benefit them, and we need to make ranks and it is in Iraq's interest that Baghdad and Erbil are strong.

- Iraq emerged from a major crisis after the victory over the terrorist ISIS, and the sounds of starrel are working to create a repelling environment for the meeting, politics and the economy, and today we need a national voice that represents all Iraqis and the coalition of the state administration is a successful model of Iraqi unity.

- The size of the problems during the many 20 decades between Baghdad and Erbil and there are parties in the region talking about issues contrary to the constitution. We believe that the Constitution and the decisions of the Federal Court are enough to solve all crises. Therefore, there is a desire on the parties to whistle them and the conviction that dialogue is the only way to solve the problems.

Dialogue is a health condition and the political player has every strength in dismantling the scene and Barzani's visit to the coordination framework and the state administration reflects the state of maturity in the political scene.

- The personal contract affected the political scene between Baghdad and Erbil, and the dialogue will end the crises, and internal stability will block the way for foreign interference in Iraqi affairs.

- The exit of the international coalition forces from the country must be an Iraqi non-political decision, and the localization of salaries for the region's employees is a force for Baghdad and Erbil.

The head of the Kurdistan Democratic Party, Massoud Barzani, arrived today, Wednesday, in the capital Baghdad on an official visit, where Prime Minister Mohammed Shia Al-Sudani, who in turn confirmed that he has come an important way in building trust between the federal governments and the region, while Barzani pointed out that the Sudanese is leading the state with intentions that have reached everyone to this comfortable situation.

It is noteworthy that after a break that lasted about 6 years, the President of the Kurdistan Democratic Party, Massoud Barzani, visits Baghdad, in a sign of the positivity of the current relations between the Kurdistan region and the federal government.

LATEST FROM WOLVERINE, 4 JULY

 WOLVERINE

Since MarkZ let it out of the bag 

Brazil starts payments on Friday 👂🏻👂🏻👂🏻👂🏻👂🏻

Blessings 

Wolverine

---

I totally agree with Mr Salvage 

Mr Salvage: BREAKING NEWS FROM BRAZIL:

• Levels 4A and 4B are ready to receive notifications.

• The United States is under pressure to release NESARA.

• Wells Fargo and HSBC are on high alert

• All transactions are under military supervision.

• All payers are ready and funded

• All notifications will be released globally.

• All funds will be distributed globally

• The RUMOR is that they expect this to happen during the week.

Japan names new 

...

Iraqi Dinar Guru News Highlights (7/4/24)

Carrying the Kurds' "dreams"... Barzani in Baghdad

 Carrying the Kurds' "dreams"... Barzani in Baghdad

 The office of the President of the Kurdistan Democratic Party, Masoud Barzani, announced that the party leader will visit Baghdad today, Wednesday (July 3, 2024), to hold a series of meetings with Iraqi officials and political leaders.

Barzani's office said in a statement received by Baghdad Today, "The party's leader will visit Baghdad today to hold a series of meetings with political parties and political leaders."

He added, "The budget, the formation of the local government in Kirkuk, the Sinjar issue, and the election of the Speaker of the Iraqi Parliament will be among the main topics in his meetings."

According to local reports and Kurdish sources, the visit was described as not to discuss pending files, but rather as a final culmination of the end of all technical and legal discussions on all current files, at least those related to salaries and political crises, while the major files related to the oil and gas law and the file of resuming the export of the region’s oil, which has become a vicious circle between Baghdad and foreign companies operating in the region, continue.

Barzani's visit also coincides with the Turkish incursion and ground operations it is carrying out in northern Dohuk within the Kurdistan Region, while these operations came in accordance with a prior agreement between Baghdad and Ankara during the visit of Turkish President Recep Tayyip Erdogan to Baghdad  link

Chronicles of an Ambassador Part 12 FROM GINGER TELEGRAM ROOM, 4 JULY

 💢Chronicles of an Ambassador Part 12 ✨ 

features Inspirational Instruction for heart-centered humanitarians,😇 ✨ A Clear Look at Where We're At - with markers to come, ✨ Gintel - Camping News, RV There Yet - facts you can sink your teeth into...✨ 

Q & A to follow, brilliant questions asked by GLL family. 😇 Ginger speaks for and represents the Celestial Alliance and is aligned with the Military Alliance. 🫡

❣️ ➡️ Part 12 Teaching Call https://t.me/c/1553385444/54940  

❣️ ➡️ Part 12 Q & A https://t.me/c/1553385444/54941 

~ Ginger from the Liberty Lounge 7.2.24

Preparing & Waiting 4 Go Signal🚩Tier4b Exchanges Notifications?🤔Dinar RV...

Iraq is “crowded” with all kinds of holidays: Businesses are halted and employees “are not compensated” for official working hours, 4 JULY

Iraq is “crowded” with all kinds of holidays: Businesses are halted and employees “are not compensated” for official working hours

Hardly a week goes by in Iraq without one of its days being a holiday, paralyzing Iraqis and making some of them “happy” and others “grumpy,” especially with the cessation of work in official departments.

 According to the reading of specialists and researchers, Iraq is the country that witnesses the most disruption in official working hours. If the federal government does not declare a holiday, it authorizes the governorates and districts to make the day they want an official holiday.

 The official holidays in Iraq for the year 2024 are as follows:

January 1, New Year's Day

January 6, Iraqi Army Day

April 10th for three days, Eid al-Fitr

May 1, Labor Day

June 16-20, Eid al-Adha

June 26, Eid al-Ghadir

According to expectations, the Islamic New Year will fall on July 7.

July 14, Revolution 14 (public holiday)

According to expectations, July 16 will be the tenth of Muharram (an official holiday), and the birth of the Prophet Muhammad will be on September 15.

October 3, Iraqi National Day

December 10, Iraqi Victory Day.

All of these holidays are official, and are specified by an official law voted on by Parliament on May 22, 2024, for Iraqis to enjoy, excluding the weekend, which is designated as (Friday and Saturday).

Earlier, economic expert Nabil Al-Marsoumi said:

*Year = 48 weeks

*Total official holidays per year (Friday and Saturday) = 96 days

*Total official occasions in the year = 22 days

*Total number of official holidays per year = 118 days.

According to Al-Marshoumi, these holidays “are added to religious occasions and emergency holidays such as rain and high temperatures announced by the central government and local governments, which are estimated at about 22 days a year, the highest in the world, while there are 8 official holidays in England and Wales, which is considered one of the fewest number of holidays in the world.”

 He continued: “The total number of official and unofficial holidays is 140 days, and the total number of annual working days is 225 days,” noting that “the total number of employees’ salaries, including self-financing and contracts, is 70 trillion dinars.”

Al-Marsoumi pointed out that “the average daily salary is 192 billion dinars, which represents the daily loss from the disruption of work, while the total financial losses from unofficial holidays, except for Friday and Saturday, may amount to 4.224 trillion dinars, and the total financial losses from official and unofficial holidays, except for Friday and Saturday, amount to 8.448 trillion dinars.”

Most Iraqi cities and districts contain shrines for the masters and infallibles, and if the anniversary of one of their martyrdoms falls, the governorate declares an official holiday that includes all its departments, or it is designated in a specific district or district, as happened with the Babylon Governorate Council.

The council said in a statement today, Wednesday, that it had “voted to suspend official work in Al-Hamza Al-Gharbi only for tomorrow, Thursday, on the occasion of the martyrdom of the grandson of Al-Abbas, peace be upon him.”

Unlike Al-Marsoumi, economic expert Dhurgham Muhammad Ali does not see any losses incurred by Iraq due to official holidays, while he pointed out the existence of “benefits.”

Ali said in an interview with “Eshan”: “Official holidays in Iraq do not constitute major losses for government departments because most government departments are service-oriented, not productive.”

He explained that “the increase in official holidays leads to a reduction in electricity consumption, traffic congestion and fuel. On the other hand, there are no major economic losses resulting from the holiday because the departments are only service departments, and most of the departments that are in contact with citizens’ lives, such as health, emergency services and others, continue their work.”

He pointed out that "the economic losses come only from the fact that the number of working hours for employees is less for the same salaries, and this is not considered a direct loss." link