tishwash
Quote: "Report and discussion of the second reading of the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023-2024-2025)"
the 2nd reading of the 2025 budget amendments is on the Parliament agenda for today... we shall see...
The Prime Minister's Media Office announced today, Wednesday, the details of hosting the Prime Minister, Mohammed Shia Al-Sudani, in the House of Representatives, indicating that the hosting was done at his request.
A statement issued by the Prime Minister's Media Office, received by the Iraqi News Agency (INA), stated that "the House of Representatives will host today, Prime Minister Mohammed Shia al-Sudani, at his request to talk about the government's policies and the measures it is taking to confront the challenges and developments taking place in the region, since the events of October 7, 2023."
He added, "The government programme's components, priorities and verifications will also be addressed, as well as the important and necessary draft laws to complete the development plans' objectives."
Source: Iraqi News Agenc
DINARLAND UPDATE HIGHLIGHTS
Iraq’s monetary position is strong, with lower denominations being released, signaling potential revaluation and changes in currency dynamics.
Baghdad-INA
Parliamentary Finance Committee member, Moeen Al-Kadhimi, confirmed today, Wednesday, that there is satisfaction and optimism about the government program and the percentage of achievement achieved from it, indicating that the House of Representatives is in the process of approving the amendment of Article 12 of the Budget Law during the current legislative session.
Al-Kadhimi said in a statement to Al-Iraqiya News, followed by the Iraqi News Agency (INA): that "Prime Minister Muhammad Shia Al-Sudani discussed 4 axes with the legislative authority," explaining that "the first axis included the security situation in Syria and its repercussions on Iraq and the preparations of the Ministry of Defense, the Ministry of Interior and the Popular Mobilization Forces to secure the borders with Syria."
He added that "the Prime Minister presented the Iraqi political initiative to bring together the conflicting parties in Baghdad."
"The second axis that the Prime Minister raised in Parliament is amending Article 12 of the Budget Law, which concerns the resumption of oil exports from the Kurdistan Region at a rate of 400,000 barrels per day," noting that "the third axis addressed the ministerial amendment of 6 ministries," explaining that "the reasons for not implementing the amendment are the difference in views with the political blocs."
Al-Kadhimi added in his speech that "the fourth axis included the government program and the percentage of achievement it presented to meet the aspirations of citizens," stressing that "there is satisfaction, optimism and an improvement in conditions for the better."
Al-Kadhimi indicated that "the few days remaining in the life of the legislative session of Parliament can be used to ratify the budget law - Article 12 - amended by the government and submitted to Parliament," explaining that "the remaining draft laws will be postponed to the next legislative session due to the lack of time to discuss the controversial and disputed laws."
Vietnam Treasury sells 1 Trillion Dong
Iraq, Vietnam, Ripple (XRP) and others are ready for the flip of the switch!
Here's an explanation:
When the Vietnam Treasury sells 1 trillion dong, it generally refers to the issuance of government bonds or similar financial instruments to raise capital. Here's what this action typically indicates:
Debt Financing:
The sale of 1 trillion dong by the Vietnam Treasury means they are issuing debt in the form of bonds or securities to investors.
This is a method for the government to finance its spending, which could include infrastructure projects, public services, or to manage budget deficits.
Economic Management:
Selling bonds can be part of broader fiscal or monetary policy.
It might aim to control money supply, influence interest rates, or manage inflation.
By absorbing liquidity from the market, it can help in controlling inflationary pressures.
Liquidity and Market Influence:
The act of selling bonds can influence liquidity in the financial system.
When the Treasury sells bonds, it effectively removes money from circulation since investors pay in cash for these bonds.
This can be used as a tool to manage economic stability or to fund government operations without directly increasing the money supply.
Investment and Confidence:
The sale of government bonds can also be an indicator of investor confidence in Vietnam's economy.
If the bonds are sold at a good yield or if there's a high demand, it suggests that investors trust in the government's ability to repay the debt and are willing to invest in Vietnamese securities.
Exchange Rate Implications:
Depending on the currency the bonds are sold in (if they're in dong or another currency), it can affect the exchange rate.
Selling bonds in the local currency can strengthen the dong if it's done to absorb excess liquidity.
However, if the sale is part of a broader strategy involving foreign exchange, it might have different implications on the exchange rate.
Signaling Economic Strategy:
This action can signal the government's economic strategy, whether it's focusing on growth through infrastructure, managing public debt levels, or responding to economic conditions like inflation or currency stability.
Based on the context from both web results and X posts:
Web Results: Articles from 2008 and more recent ones show that such bond sales are part of regular government financing activities, often aimed at funding infrastructure or managing economic indicators like inflation or currency value.
X Posts: Recent posts on X have highlighted this sale as part of Vietnam's monetary policy, potentially pointing to concerns about currency instability or inflation management.
In summary, the sale of 1 trillion dong by Vietnam's Treasury could mean the government is actively managing national debt, aiming to fund public projects, or addressing economic stability concerns by influencing market liquidity or investor confidence.
PM reviews a summary of the government program and its implementation rates in Parliament
Baghdad-INA
Prime Minister Mohammed Shia Al-Sudani reviewed, today, Wednesday, in the House of Representatives session, a summary of the government program and its implementation rates.
The Prime Minister's media office said in a brief statement received by the Iraqi News Agency (INA): that "Prime Minister Mohammed Shia Al-Sudani reviewed, in the House of Representatives session, a summary of the government program and its implementation rates, and the achieved targets of government priorities."
MAJEED
Baghdad-INA
The Minister of Planning, Mohammed Tamim, confirmed today, Wednesday, that the government will announce the final results of the census after completing the information collection process.
According to a statement by the Media Department of the Council of Representatives received by the Iraqi News Agency (INA), Tamim said: "The population census relied on a digital system and the automation of results electronically, as the census process received great international praise as it aims at development."
"The government is working on counting Iraqis abroad and will announce the final results after completing the information collection process," stressing that it is "a development census with complete confidentiality of data."
Ariel
Iraq Update
This was a brilliant comment here by Kevin. Let me expound upon this a bit. So people can understand this more clearly.
By not addressing the cash withdrawal, Alaq might be maintaining control over how much currency is in circulation. The introduction of a new exchange rate could lead to significant withdrawals if people anticipate a change in the dinar’s value, potentially causing economic instability.
If the public knew when cash withdrawal limits or processes would change, this could lead to speculation and market m**********n. By keeping this information undisclosed, it prevents premature withdrawals or hoarding of currency that might occur if speculators had a date for the RV/RI.
Changing withdrawal policies simultaneously with an RV/RI could be part of a broader strategy to manage liquidity in the economy. An unannounced change would allow for a more controlled environment where the central bank can adjust the supply of currency without causing panic or a rush to withdraw or deposit money.
Not addressing this aspect keeps the timing of the RV/RI unpredictable, which might be strategic to manage economic expectations and reactions. If the public knew when these changes would occur, it could affect consumer behavior, potentially leading to inflation or deflationary pressures before the actual implementation.
Prime Minister: Iraq is a militarily advanced country
Baghdad - INA
Prime Minister Mohammed Shia al-Sudani confirmed, today, Wednesday, that Iraq possesses advanced military capabilities while indicating that the ministerial reshuffle is one of the principles of the government program and its goal does not target any party or person.
The media department of the Council of Representatives said in a statement received by the Iraqi News Agency (INA): "The Council of Representatives hosted in the nineteenth session of its second legislative term, the third legislative year of the fifth electoral cycle, headed by the Speaker of the Council Mahmoud Al-Mashhadani today, Wednesday, with the attendance of 183 representatives, Prime Minister Mohammed Shia Al-Sudani and the accompanying ministerial team."
At the beginning of the session, Al-Mashhadani welcomed Prime Minister Mohammed Shia Al-Sudani and the Ministers of Foreign Affairs, Planning and Interior, based on his request to devote their presence to the Council session to discuss the challenges of the events in sisterly Syria and their repercussions on Iraq and the region.
The Prime Minister stressed that "the Zionist entity has exceeded all international norms and covenants by practicing genocide against the Palestinian people," noting that "Iraq's position is firm and clear in all forums in its solidarity with the Palestinian cause, which represents the conscience of all Iraqis, and emphasizing the importance of calm during the meetings and contacts it held, not expanding the arena of conflict, and keenness on Iraq's principled position and the supreme interest of the country, in addition to Iraq's humanitarian aspect by helping the people of Gaza and establishing the Gaza and Lebanon Reconstruction Fund."
He pointed out, "Iraq's natural right to ensure and strengthen the security of its borders and to emphasize national unity to preserve the security of Iraq, its people and its system," stressing that "Iraq possesses advanced military capabilities, in addition to being part of the international coalition to combat terrorism."
He pointed out, "The content of the agreement with the coalition to end the foreign military presence in Iraq permanently in September 2025, and the Kurdistan Region in September 2026, relying on the belief in the unity of the Iraqi people in facing challenges."
Regarding amending the general budget law, Al-Sudani touched on, "the importance of amending the law to address the issue of marketing oil from the Kurdistan Region, especially the article related to production and transportation costs," indicating that, "Iraq bears a daily fine for not exporting oil to the port of Ceyhan according to an agreement with the Turkish side."
He pointed out that, "the amendment of the article comes in cooperation with an international consultant to resolve the file between the federal government and the Kurdistan Regional Government," calling on the House of Representatives to "expedite the amendment of the federal general budget law for the fiscal years 2023, 2024, 2025."
Regarding the government program, the Prime Minister explained that "the ministerial reshuffle is one of the principles of the government program and its goal does not target any party or person, but rather it was included according to professional standards for each ministry. The government is in the process of reshuffling in two stages, but the reason for the failure to proceed with it is the lack of approval of some parties of the political forces that formed the government on the mechanism for the reshuffle," adding that "the priorities of the government program include strategic projects and programs with a completion rate of 62%."
He called on the House of Representatives to "legislate important laws such as the Aviation Authority Law, the Economic Reform Law, the Arbitration Law, the Securities Law, and the Intellectual Property Law."
Tues. 3 Dec. 2024 Bruce
Visa Launches Tap to Phone Technology in Iraq
In cooperation with the Moroccan Electronic Monetary Association
Visa, a global leader in digital payments, has launched “Tap to Phone” technology in partnership with the Maghreb Electronic Money Association (S2M) to empower small and medium-sized businesses in Iraq with solutions to accept digital payments at a low cost.
The Maghreb Electronic Money Association’s Mobile Tap solution, which uses Visa’s Tap to Phone technology, enables merchants using Near Field Communication (NFC)-enabled Android devices to accept contactless payments simply by downloading a dedicated app. The collaboration aims to revolutionize the payments landscape by enabling merchants to seamlessly accept payments using their smartphones without the need for additional hardware investment.
“We are delighted to partner with the Maghreb Electronic Money Association to launch Tap to Phone in Iraq. This strategic collaboration is in line with our commitment to enhance financial inclusion for small businesses by providing digital payments capabilities at a lower cost,” said Leila Serhan , Vice Chairman and Regional Head of Corporate Business Leadership for North Africa, Levant and Pakistan at Visa.
This innovative solution enables retail outlets to develop and improve the payment experience for consumers. Service staff at store fronts can support consumers to make payments easily without having to stand in queues at the cashier, which means a better customer experience.”
Mobile Tap provides SMEs with the option to accept digital payments at a lower cost, paving the way for greater participation in the digital economy. This innovative approach eliminates the need for traditional POS terminals and can help facilitate a better consumer experience in payments. The solution provides merchants and customers with greater convenience and flexibility during transactions.
The Mobile Tap service empowerment reflects S2M ’s unwavering commitment to empowering merchants through innovative software and technology, significantly enhancing the commerce experience for all. “This strategic alliance presents a great opportunity to elevate the level of digital payment solutions available and promote financial inclusion across Iraq, ensuring that all consumers and merchants can participate and thrive. Over the past decade, we have witnessed the incredible potential for innovation and growth within the Iraqi market, and we are committed to supporting its dynamic payments ecosystem,” said Mohamed Amarti Rifi, S2M Executive Vice President.
As a network that works for everyone, everywhere, Visa’s mission is to advance digital commerce for the benefit of consumers, businesses and economies across Iraq. This strategic collaboration aligns with Visa’s goal of enabling more payment acceptance points using cutting-edge technologies such as Tap to Phone to support small businesses with digital payments capabilities at a lower cost. link
JUDY NOTE
Possible Timing
CBI to print 30 billion dinars in order to withdraw old banknotes
The Central Bank of Libya (CBL) has announced signing contracts to print 30 billion dinars to replace the old currency, saying the old banknotes will be withdrawn "smoothly" at a later-set date.
This came during a meeting held by the Governor of the Central Bank, Naji Issa, to review the plan of the Central Bank of Libya to solve the problem of cash shortages.
During the meeting, it was agreed to raise the ceilings for immediate payment at the level of individuals and merchants to 20,000 dinars for a single transfer for individuals, and 100,000 for a single purchase transaction.
The Central Bank also revealed in the statement the launching of a new service for transfers between companies with a ceiling of one million dinars for a single transfer.
According to the statement, Issa ordered the directors of the departments concerned with the Central Bank of Libya, the liquidity team, and banks suffering from a liquidity shortage, to manage according to the plan approved by the Board of Directors to solve this problem gradually and radically starting from January 2025.
The Governor also stressed the need to improve and develop the infrastructure of banks in order to achieve the expansion of electronic payment services according to the prepared plan. link
DINARLAND UPDATE
Dinar Guru updates discuss Trump’s warnings on BRICS, Iraq’s currency reserves, exchange options, and financial inclusion growth.
KTFA FRANK26: "PLEASE KNOW THE DIFFERENCE BETWEEN PRIVATE BANK TRANSFERS AND FOREIGN CURRENCY AUCTIONS".....F26 Iraqi Central ...
