LATEST FROM BGG, 24 AUGUST

 BGG   

 Article Quote:   "Economic Achievements of Prime Minister Mohammed Al-Sudani - An Analysis of Non-Oil Revenue Growth in Iraq - 2022-2024" 

 Quote:  "...Under the leadership of Prime Minister Mohammed Al-Sudani, Iraq has achieved significant growth in its non-oil revenues, rising from seven trillion Iraqi dinars to twenty-seven trillion dinars in two years. This remarkable increase indicates a strategic shift towards diversifying the economy and enhancing its stability."

BGG   

[Reply to Fnu Lnu Redemption Center/DeLaRue post on 5-8-2024]

 While the first half of this post may well be true (likely as not), I beg to differ on the last half.   It’s COMPLETELY INACCURATE...There is NO SUCH THING AS AN AUTOMATED AUTHENTICATION PROTOCOL FOR THE IQD (per the De La Rue engineers – PERIOD). They don’t own that division anymore. It’s a group well known in the US as Cash Systems...

Iraq is worth far more than 16 trillion dollars and there is far less than 80 trillion in circulation...To espouse such inciting commentary [against this]...negates everything Dr. Shabibi has stated and everything the CBI and GOI have stated. The Dinar was worth $3.22 pre-sanctions and at that time all they had was oil at $32 dollars a barrel...

Fnu Lnu 

   Article quote: "Al-Kadhimi indicated that increasing the budget’s overall amount, from 199 trillion Iraqi dinars (nearly $152 billion) to 228 trillion Iraqi dinars (approximately $174.04 billion), resulted in a rise in the deficit, revealing that the budget is still being discussed in the Council of Ministers and would likely be presented to the Iraqi Parliament next month."   It would logically follow that a revaluation would be likely before next month's USA confab.

 [Response to Pimpy's HCL non-revenue sharing post from 3-31-2024 below]  

The notion of revenue-sharing is nothing new in the Middle East.  Bruni and Kuwait both do it...Revenue Watch Middle East Director Yahia Said recently returned from several months in Iraq working on the International Compact with the UN...This USIPeace Briefing summarizes the discussion.  Many Iraqi citizens look to the law for what it can contribute to reconciliation, security, and welfare. The three parts of the agreement will deal with the issues of 1) revenue sharing; 2) restructuring of the ministry of oil; and 3) establishing the Iraqi National Oil Company (INOC). 

  It is quite clear that the HCL has intentions to codify the issue of welfare (not for government) and the number 1 issue is REVENUE SHARING.  To be more specific; Section 1314 of the FY2007 Supplemental Appropriations Act [P.L.110-28] specifically identified the enactment and implementation of legislation  “to ensure the equitabledistribution of hydrocarbon resources of the people of Iraq without regard to the sect or ethnicity of recipients” and “to ensure that the energy resources of Iraq benefit Sunni Arabs, Shia Arabs, Kurds, and other Iraqi citizens in an equitable manner” as benchmarks . 

https://dinarevaluation.blogspot.com/2024/04/rv-update-by-fnu-lnu-2-april.html

🔥 Iraqi Dinar 🔥 WoW Dropped 3 Zeros 🔥 Today IQD Value to Dollar RV News ...

"FROM THE ISX TO CONTRACTS THE WORLD INVESTS IN IRAQ!!!". BY FRANK26, 24 AUGUST

 KTFA

FRANK26: "FROM THE ISX TO CONTRACTS THE WORLD INVESTS IN IRAQ!!!".........F26

Iraq Investment Map 2024

 

22nd August 2024

By John Lee.
 
Iraq's National Investment Commission (NIC) has just published its Iraq Investment Map 2024.
The 283-page report includes details of investment opportunities, in addition to sectoral and regional data.

Click below to download the full report:

English

Arabic

See also Investor Guide to Iraq 2024 .

(Source: NIC)

LINK

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Investor Guide to Iraq 2024

 

22nd August 2024 
 

Iraq's National Investment Commission (NIC) has just published its Investor Guide to Iraq 2024.
 
The 55-page guide gives an overview of the investment climate in Iraq.
Click below to download the full report:

English

Arabic

See also Iraq Investment Map 2024.

LINK

LATEST FROM MILITIAMAN, 24 AUGUST

 Militia Man 

 'Theft of The Century' is not going away...It's just so much money that's been stolen.

 The non-oil sector is going to be equal to or superior to Iraq's oil income.  It's just the way it is.  They have so much wealth in this country and there's going to be so much demand for the dinar..It's going to be a massive change to this country.  The Development Road Project is massive... [it's] fully underway...It's evidence they're taking

Iraq international.  It's not stopping.

Why was there an unannounced meeting with Alaq in Washington? 

 You gotta think about that.  He showed up unannounced...It appears to be is he needed to have things done and he didn't do it.

RV/RI Rate at Least $1 - $1.30🚩Very Optimistic for RV This Month🤔Dinar R...

Demands For The Formation Of A Parliamentary Committee To Investigate The Difference In Budget Schedules Amounting To 8 Trillion , 24 AUGUST

 Political |  01:11 - 08/21/2024  Mawazine News – Baghdad  Today, Wednesday, a member of the House of Representatives, Representative Sarwa Abdel Wahed,

 
called for the formation of a parliamentary committee whose results will be presented to the House of Representatives regarding the difference in the budget schedules, which amounts to 8 trillion dinars.

Abdel Wahed said in a statement received by Mawazine News,
 
“After talking about the difference in the budget schedules, which amounts to 8 trillion, it became necessary for the Presidency of the Council to respond to the letter from the Council of Ministers that was sent on the first of last July, and as a result, the Chairman of the Finance Committee instructed Forming a committee to find out the facts.”  Abdel Wahed explained,
 
 “It seems like there is a delusion in the matter, so we demand the formation of a parliamentary committee whose results will be presented to the House of Representatives to find out the facts.
 
If the Cabinet’s letter is accurate and there is tampering with the schedules, then this is a disaster that must not be tolerated, and that
 
Parliament must not allow it to be a bridge for the corrupt.” https://www.mawazin.net/Details.aspx?jimare=253691   

LATEST FROM MARKZ, 23 AUGUST

 MarkZ  

 [via PDK]  

Article:   “Iraq Now Moving Backwards in Battle to Strengthen the IQD”  Iraq is having problems with the US dollar. Too many people still want to use the US dollar instead of the Iraqi dinar...This problem will not go away…it will not disappear until the value of the dinar is closer to the dollar or more than the dollar. It will completely go away the moment the dinar is worth more than the US dollar. 

I am told this is part of the push coming out of the CBI right now because they know its causing issues for them if they do not go ahead and increase that value. I am told this is part of why in Iraq this weekend is in the crosshairs.

 Will they do it? Will they raise the value?

 I don’t know but that is certainly the chatter right now. This is from my finance ministry connection and a couple contractors over there...Let’s hope the rumors for this weekend coming out of Iraq are correct.

Iraqi Dinar Guru News Highlights (8/23/24)

DINAR REVALUATION : NO PLANS FOR NEW CURRENCY PRINTING THANKS TO A GOOD MANAGEMENT OF THE MONETARY REQUIREMENTS IN IRAQ, 23 AUGUST

Iraq's Parliamentary Finance Committee Affirms No Plans for New Currency Printing

On August 22, 2024, the Parliamentary Finance Committee in Iraq confirmed that there are no intentions to print a new paper currency. 2 Committee member Moeen Al-Kazemi stated, "There is no intention to print new paper currency at the Central Bank," emphasizing that the Ministry of Finance had already begun funding ministries and governorates with salaries two days prior. 2

Cash Requirements for Salaries

Al-Kazemi further explained that the cash requirement for monthly payments of employee salaries is estimated to cover approximately four million employees, four million beneficiaries of the Retirement Authority, and two million social care recipients, totaling around 7 trillion and 500 billion dinars.  2 He confirmed that the current export of approximately 3 million and 400 thousand barrels of oil at a price exceeding $75 per barrel ensures the provision of necessary liquidity. 2

Delivery and Distribution of Cash

The provision of liquidity is handled by the Central Bank, which delivers the required funds to the Ministry of Finance. The Ministry, in turn, distributes these funds to the relevant ministries and governorates. Al-Kazemi assured that there is no acute problem concerning cash liquidity. 2

Stability in Currency Circulation

The confirmation from the Parliamentary Finance Committee highlights the stability in the circulation of the Iraqi dinar, which has been the official currency of Iraq since it replaced the Indian rupee in 1932.  3 Despite facing challenges post-1990 due to UN sanctions, the dinar has maintained its role in the Iraqi economy. 3

No Plans for Currency Overhaul

The statement from the Parliamentary Finance Committee indicates that there are no plans for a significant overhaul of the currency system, such as the introduction of new banknotes.

 This contrasts with recent urban legends and misinformation circulating on social media about the Central Bank of Iraq planning to print new banknotes featuring famous Iraqi-born architect Zaha Hadid. 

5 The Central Bank has clearly denied these rumors, confirming that no such banknotes have been produced. 5

Conclusion

The confirmation from the Parliamentary Finance Committee provides clarity regarding the current state of Iraq's currency policy.

 It reassures that the Central Bank and the Ministry of Finance are managing the monetary requirements effectively, without the need for the introduction of a new paper currency. 2