MILITIAMAN CC HIGHLIGHTS NOTES, 2 DEC

 MILITIAMAN CC HIGHLIGHTS NOTES

Summary

Iraq is advancing its financial inclusion with electronic payments, non-oil revenue agreements, and substantial foreign investments, signaling economic growth.

Highlights

• 🏦 Central Bank of Iraq promotes electronic payments to reduce cash dependency.
• 🌍 Foreign investments in Iraq reach $62 billion, highlighting economic potential.
• 💼 Kurdistan region agrees to share non-oil revenues with the federal government, stabilizing finances.
• 🚧 Upcoming projects aim to boost infrastructure and housing, enhancing local economy.
• 📈 Electronic payment systems expand access for citizens, increasing financial literacy.
• 🛤️ Iraq and Spain solidify partnerships for railway projects, fostering international cooperation.
• 🏖️ Focus on tourism and non-oil revenue aims to diversify Iraq’s economy and reduce dependency on oil.

Key Insights

• 📊 Financial Inclusion: Iraq’s push towards electronic payments is crucial for modernizing its economy. By reducing cash transactions, it aims to increase transparency and efficiency in financial dealings. This transition is essential for fostering trust in the banking system.
• 🏗️ Investment Growth: The reported $62 billion in foreign investments indicates a renewed confidence in Iraq’s economic stability, largely due to government reforms and international partnerships, which could lead to sustained economic growth and job creation.
• 🤝 Kurdistan Revenue Sharing: The agreement on non-oil revenues between the Kurdistan region and Baghdad is a significant step toward financial stability, ensuring timely salary payments to public employees and enhancing regional cooperation.
• 🏡 Infrastructure Development: The emphasis on housing projects reflects the urgent need for improved living conditions in Iraq. This not only addresses housing shortages but also stimulates job creation and economic activity in construction.
• 💳 Digital Transformation: The increase in electronic payment cards and POS devices signifies a cultural shift towards cashless transactions, making financial services more accessible to all citizens and encouraging responsible financial behavior.
• 🚂 International Collaboration: Iraq’s partnership with Spain for railway projects exemplifies its strategic focus on infrastructure development, which is essential for connecting markets and enhancing trade routes.
• 🌟 Tourism Potential: The initiative to promote Baghdad as a tourism capital emphasizes the country’s diverse attractions and its potential to generate non-oil revenue, contributing to economic diversification and resilience.

MAJEED: IRAQ IS ADJUSTING SALARIES WITH THE NEW RATE & STABILIZING THE I...

Monetary stability achieves economic stability and sustainable development, 2 DEC

Monetary stability achieves economic stability and sustainable development

On the sidelines of the participation of the Governor of the Central Bank in the opening of the activities of the Arab Week for Sustainable Development Forum in its fifth edition, which was held in the Egyptian capital Cairo this week, he stressed that the monetary position in Iraq is very excellent through the achieved of basic indicators and goals on which monetary policy is based in its support for the government’s directions to diversify, stimulate and strengthen the national economy, and exit from the circle of the rentier economy based on oil revenues, which constitutes a major imbalance in the structure of the economy.

When there is no diversified productive base, in the important productive economic sectors, namely agriculture and industry, and this is not achieved without a strong, sober and advanced banking sector capable of constituting the main financial and investment link in financing, qualifying and developing projects with a productive dimension and increasing general budget revenues by more than 30% during the years of the National Development Plan 2024-2028.

This requires the need to activate the banking sector and stabilize the pillars of the monetary position, which is in building foreign reserves, which amounted to more than 100 billion dollars and 153 tons of gold and constitute an adequacy rate of 140% to enable the central bank to cover and support the defense of the exchange rate, achieve monetary stability and cover imports. Despite the difficult and complex circumstances surrounding the countries of the geographical region.

This enabled the Central Bank to control the general level of prices and inflation, which decreased from 7.5% in January 2023 to 3.8% currently, which is the lowest rate compared to inflation rates in Arab and regional countries, as the Central Bank continues to provide dollars for trade at the official rate. It achieved a qualitative shift to regulate the financing of foreign trade.

New channels of transfer have also been opened using other currencies, such as Turkey, India and China, in addition to European countries, this will make the process of external remittances more flexible, streamlined, transparent and regulated and comply with international standards that enhance trust and credibility in the operations we carry out.” 

This means that the Central Bank is moving steadily to achieve the objectives of monetary policy and achieve economic stability in accordance with its law 56 of 2004.

TIDBIT FROM CLARE, 2 DEC

 Clare 

 Article:  "Trump warns BRICS against replacing dollar with other currencies"  

Quote:  "US President-elect Donald Trump threatened to impose 100 percent customs duties on BRICS countries if they undermine the US dollar...Trump added 'BRICS cannot replace the dollar in world trade, and any country that tries will have to say goodbye to the US market."

TRANSFORMATIVE EFFORTS DURING THIS 2024 YEAR THAT MARK THE BEGINNING OF...

Babylon suspends official working hours for next Thursday, 2 DEC

 Babylon suspends official working hours for next Thursday

Baghdad – Mil

The Babylon Provincial Council decided on Sunday to suspend official working hours next Thursday.

A statement from the council and response to “Mil” said: “Activating the previous council’s decision to suspend the official working hours on Thursday, 5-12-2024, on the occasion of the martyrdom of the pure friend (Fatima Al-Zahra) (peace be upon her), with the exception of the security and service departments.

https://miliq.news/local/39396–.html

TIDBITS FROM MILITIAMAN, 2 DEC

 Militia Man 

 We have a couple members that speak fluent Arabic...They come in on occasion and talk to me...or I reach out to them...to see if they can reach out to the tribal people or people that they know that are working on the ground...What I learned was...

He gave an example if you're taking a credit/debit card from a country A to country B and it works, meaning you have the ability to transfer money from one country to another on your card, ...you can swipe your card into an ATM and get money, let's say you're [Iraqi],

 if you're in a different country and you can swipe your card and get dinar or convert [Iraqi dinar] to Jordanian dinar or you can go to Saudi Arabia...the United States... Europe, if the card works in those counties, it's going to be reflective of...an exchange rate..

 Article: "Trade Bank launches first experimental Visa card."  

Quote "...the Visa includes features for use in online shopping as well as for use in purchases..."   

When we go online, we're international in the World Wide Web.  It sounds like you're going to be able to use a new electronic card across borders.  If this is an international card, showtime is about to being.  Because once they have experimented, if it works, everybody's going to get one.

" NOVEMBER & DECEMBER ARE TO PREPARE FOR THE LAUNCHING OF THE NEW EXCHANGE RATE AND LOWER NOTES

 

Iraqi Integrity Committee blames ex-CBI employee for US sanctions on banks, 1 DEC

Iraqi Integrity Committee blames ex-CBI employee for US sanctions on banks

Shafaq News/ On Sunday, the Iraqi Parliamentary Integrity Committee accused a former Central Bank of Iraq (CBI) employee of being behind the US Federal Reserve sanctions on some banks in the country. 

A total of 32 out of 72 banks operating in Iraq have been sanctioned.

Iraqi MP Vian Dakhil, a member of the Integrity Committee, stated that the former CBI employee concealed emails from the Federal Reserve, JPMorgan, and Citibank about banking operations.

“The failure to address these issues resulted in sanctions against some banks…Most affected banks are unaware of the reasons for the sanctions,” she added. 

Unusual Situation

Meanwhile, economic expert Mustafa Akram Hantosh told Shafaq News that Dakhil's statements are “closer to reality” than those of the CBI.

He noted that “the collapse of the Iraqi banking system and the sanctions on 32 Iraqi banks without clear charges over the past year and a half is highly unusual, possibly a first-of-its-kind incident in global banking. ”\

Lack of Solutions

“The worst aspect,” Hantosh highlighted, “is the CBI's failure to provide serious solutions. Instead, the CBI plans to cancel the Fitr platform by the end of 2024 and transfer dollar-related operations to investor-owned banks and foreign ones (Jordanian and Gulf).”

The expert further warned, “If the CBI fails to address issues in Iraq’s banking sector, it could lead to the collapse of the entire system and the loss of nearly 100,000 private banking jobs to Jordan and Gulf countries.”

“Why don’t Iraqi banks secure guarantees to open dollar accounts with correspondent banks (Citibank/JP Morgan) like other countries in the region?” he asked. “Why the cooperation and auditing mechanism with Ernst & Young for non-dollar currency transactions remains undetermined or unannounced?”

TIDBIT FROM MARKZ, 1 DEC

  MarkZ   

[via PDK]  

 Article:  “Parliament is likely to pass Personal Status Law during Sunday’s Session”  

 This is one of the controversial laws they need to finish up. 

 This along with the HCL are some of the last changes they wanted for their economic reforms or “White Papers”.  In those reforms are Raising the value of the dinar!

MAJEED: NOW THEY ARE ONLY LETTING THE DINAR TO STAND UP INSIDE THE COUNTRY @DINARREVALUATION

 

CBI halts TikTok transactions in Iraq, 1 DEC

 CBI halts TikTok transactions in Iraq

Dec. 1, 2024

ERBIL (Kurdistan24) – On Sunday, the Central Bank of Iraq (CBI) issued a decree to all licensed banks and financial institutions to halt all monetary transactions, either deposition or transfers, of TikTok company agents within Iraq.

This is a significant financial development in Iraq as it could obligate the TikTok Company to abide by the Iraqi laws and regulations for monetary transfers.

Iraq, like other regions of the world, has seen a surge in TikTok users. However, there is a growing trend to transfer money to the ‘TikTokers’ and content creators on this social platform.

The Central Bank of Iraq’s decree proves to be a legal effort to regulate all the monetary movements within Iraq and the social media users in Iraq.

JON DOWLING: Early Christmas thus year!, 1 DEC

 JON DOWLING

✅ Green means go! Watch XRP get to $10–15 next in no time. We’re practically in December now. 

Watch what Iraq does over the next two weeks and China Taiwan is really heating up! A December to remember!📈🙏🙏🙏

Wells Fargo is ready to go with the QFS and the US Debt Clock is Gold!! 

62,000 wealth managers nationwide ready to go!

 Get your affairs in order. 

Early Christmas thus year! Iraq finishing all the important laws this week.👀 🙏

MNT GOAT: IRAQ IS NOW SERIOUS ABOUT MOVING AHEAD @DINARREVALUATION

Iraq's Parliamentary Finance Committee to discuss amending Budget Law, 1 DEC

Iraq's Parliamentary Finance Committee to discuss amending Budget Law

Shafaq News/ Iraq’s Parliamentary Finance Committee is set to discuss amendments to the country's public budget law in the coming days, with officials from both the federal government and the Kurdistan Regional Government (KRG).

Faisal Al-Naili, a member of the committee, told Shafaq News that the committee would hold a meeting soon to discuss the proposed changes to the budget law. “Following the meeting, several officials from the Ministry of Finance and Ministry of Oil, as well as KRG representatives, will be invited to attend discussions.”

Al-Naili explained that after reviewing the amendments and hearing from officials, a date for the second reading of the law will be set.

In late November, the committee examined the draft of the first amendment to the federal budget law for 2023-2025 (No. 13 of 2023).

Atwan Al-Attwani, head of the committee, stressed the importance of these laws, noting the formation of a committee to assess and monitor revenue distribution to achieve sustainable development.

The committee also reviewed provisions of the First Amendment to the law on the export of oil in the Kurdistan Region, stressing the importance of refining the law to meet the required objectives, including the collection of detailed data and figures.

Additionally, the committee discussed the proposed amendment to the Federal Revenue Allocation Monitoring Authority Law (No. 55 of 2017).

The Iraqi parliament approved the 2023-2025 budget law in June of last year, with a total value of 197.828 trillion Iraqi dinars ($152.2 billion) for 2023, and a budget deficit of 64.36 trillion dinars ($49 billion).

Iraq is done & Ready to roll the new rate tomorrow , 1 DEC

Majeed  

Today, Saturday, which is a weekend 

Iraq announced completing the new financial system 100% and they will implement what the council of minister ordered EX: adjusting salaries on the new rate according to law 22 of 2008 

Iraq is done & Ready to roll the new rate tomorrow 

LFGGGG

 GOLDEN AGE 

MAJEED: IRAQ IS ADJUSTING SALARIES WITH THE NEW RATE & STABILIZING THE I...

Iraq’s Parliament faces disputes over key legislation on Property Law and Personal Status, 1 DEC

Iraq’s Parliament faces disputes over key legislation on Property Law and Personal Status

Shafaq News/ Discussions are still ongoing among political parties within Iraq’s parliament about removing the "Property Restitution Law" from the agenda of today’s session, Independent lawmaker Jawad Al-Yassari revealed on Sunday.

The law, which aims to return properties seized by the previous Baathist regime, is currently listed as the last item on the agenda.

Al-Yassari told Shafaq News that “the General Amnesty Law and the Personal Status Law are expected to be passed together as part of a single package,” noting that there is a political agreement to approve both laws if today’s session takes place.

However, Al-Yassari added that if Kurdish political factions oppose the removal of the Property Restitution Law from the session’s agenda, the session will be postponed until further notice.

The proposed laws face political disagreements in the Iraqi parliament. The Property Restitution Law has been a contentious issue, with Sunni political blocs opposing the law’s full implementation, while Shia factions object to the law’s provisions regarding the inclusion of Kirkuk but not other areas. 

The law aims to return properties confiscated by the former regime, particularly to Kurdish and Turkmen citizens.

The Personal Status Law is also facing widespread debate, especially concerning issues of marriage, divorce, and inheritance. Additionally, Sunni lawmakers are pushing for the passage of the General Amnesty Law, which is opposed by Shia factions due to concerns over the potential release of individuals accused of terrorism.

MAJEED: Another salary will be paid tonight : ADJUSTING SALARY SCALES BASED ON LAW NO. 22 OF 2008, 1 DEC

 MAJEED

Labor launches social assistance salaries for December Another salary will be paid tonight This is the first time to pay multiple different salaries to a different beneficiaries in one day Remember : yesterday meeting said “ we will implement what we council of ministers requested” One of them was adjusting salary scales Bases on Law No 22 of 2008