The regional government decides to pay employees' salaries next Tuesday
The Kurdistan Regional Government announced today, Sunday, that the salaries of employees for last October will be distributed next Tuesday.
The government said in a statement followed by Al-Masry, "Based on the decision of the last meeting of the Council of Ministers and based on the recommendation of the Prime Minister, a delegation from the regional government visited Baghdad today to discuss with the federal Ministry of Finance in order to solve the problem of salaries and financial dues for the region."
The statement added, "The salaries for last October will be distributed starting from Tuesday 12/17, and the salaries for the remaining months of this year will be distributed as soon as possible when we receive the supplementary funding for salaries from Baghdad."
According to the statement, the Kurdistan Regional Government appreciated “the patience of the Kurdistan Region employees regarding the delay in salaries, stressing that their rights will not be waived in any way.”
ANALYSIS ABOUT THE NEWS : "The Central Bank of Iraq is considering establishing a leasing company with local and foreign participation"
A leasing company can indirectly affect a country's currency by influencing the flow of capital within the economy, primarily through its role in facilitating business investments by providing access to assets without large upfront costs, which can impact factors like the balance of trade and demand for the local currency.
Key points to consider:
Stimulating business activity:
By making it easier for businesses to acquire equipment through leasing, a leasing company can encourage investment and stimulate economic growth, potentially leading to increased demand for the local currency as businesses expand operations and make international transactions.
Impact on trade balance:
If leasing facilitates increased production capacity for export-oriented businesses, it can positively affect the trade balance by boosting exports, which can strengthen the currency.
Foreign investment:
When foreign companies utilize leasing services within a country, it can attract foreign capital, further increasing demand for the local currency.
Currency fluctuations due to international transactions:
If a leasing company has significant international transactions, fluctuations in exchange rates can impact their financial results, which could indirectly affect the country's currency.
For Iraq, this could produce stability for their currency values. Normally, this type of opportunity creates minimal exchange rate changes, but Iraq is moving from a programmed rate to a exchange rate that they can defend.
Baghdad and the region reach an agreement regarding the release of salarie
The Federal Ministry of Finance announced today, Sunday, that it had reached an agreement with the Kurdistan Region regarding the release of salaries for employees and retirees in the region.
The Ministry of Finance said in a statement: “The Minister of Finance, Taif Sami Mohammed, received today, Sunday, a delegation from the Kurdistan Regional Government headed by the Minister of Finance, Awat Janab Nouri, Omid Sabah, Head of the Council’s Diwan, Amanj Rahim, Secretary of the Council, Faris Issa, Head of the Region’s Representation, Abdul Hakim Khosro from the Follow-up and
Coordination Department, Ribaz Abbas Mahmoud, Advisor to the Ministry of Finance, Kofan Tahseen, Director General of Accounting, Abu Bakr Abdullah, Director General of the Budget, Maryam Othman, Director General of Retirement, and Abdullah Ramadan Marouf as a financial expert, to discuss the salaries of the region’s employees and retirees.”
The meeting witnessed an agreement, according to the statement, on:
First: Sending a technical delegation from the Accounting Department in the Federal Ministry of Finance to the Ministry of Finance in the regional government with the aim of assisting them in amending the monthly audit balances related to salary and retirement disbursements in accordance with the Accounting Department’s Circular No. (2421) dated 1/30/2024.
Second: Based on the directives of the Prime Minister, the Accounting Department has taken the necessary measures to release the salaries of the region’s employees for the month of November, starting from today, and the rest of the treatments and observations will be completed in coordination with the ministerial team.
Third: Carrying out the necessary transfers to address the financial violations related to retirees’ entitlements, amounting to (430) billion dinars, based on the provisions of Articles (5/First) and (77/First) of the Federal General Budget Law No. (13) for the years (2023, 2024 and 2025), and based on the directives of the Prime Minister.
Fourth: The remaining comments will be addressed in coordination with the technical ministerial team within ten days, starting today, December 15. In addition to reviewing the work of the committee formed pursuant to Diwani Order No. 24660, which requires the presence of representatives of the region on the aforementioned committee.
Fifth: The region is committed to disbursing the salaries due for the month of October funded by the Accounting Department, and continuing discussions and follow-up with the Committee of Diwani Order No. 24660, to study the issue of including the region’s retirees in the State Employees Retirement Law for the year 2019.
A trick has been revealed from the KRG to receive salaries.
Instead of KRG employee salaries being deposited in federal government banks these salaries were deposited in KDP affiliated banks and GOV profit off people’s salaries by charging interest / delaying. No ethics
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Revealing a "trick" used by Barzani's party to localize salaries of Kurdistan employees
Information/Special..
Former MP Mohammed Ibrahim revealed today, Monday, that the Kurdistan Regional Government has been localizing the salaries of its employees in banks affiliated with the ruling Democratic Party, contrary to the Federal Court’s decision, which stipulated that the localization should be in federal government banks exclusively.
Ibrahim said in an interview with Al-Maalouma Agency, "The Federal Court's decision to localize the salaries of the Kurdistan Region stipulated that the localization be in the federal government banks exclusively and not in any other banks, but political settlements led to an agreement to localize them in any bank subject to the conditions and supervision of the Central Bank," indicating that "these settlements were reached after the intransigence of the Kurdistan Democratic Party and pressure on the federal government."
He added, "This matter is contrary to the decision of the Federal Court and the aspirations and visions of the employees of the Kurdistan Region," noting that "the employees of Sulaymaniyah and Halabja do not have conviction or confidence in the banks affiliated with the Kurdistan Democratic Party for political and technical reasons, as do many employees of Erbil."
He pointed out that "there is talk about practicing some accounting operations in the party banks in Kurdistan so that the party officials can reap large profits by localizing the salaries of the region's employees in these banks," stressing that "the majority of employees believe that localizing in the federal government banks is the most correct and preferable."
It is noteworthy that the Financial Supervision Bureau announced yesterday that the percentage of localizing salaries of Kurdistan Region employees exceeded 80 percent in banks, while political forces and Kurdish opposition parties confirm that the Kurdistan Democratic Party is exploiting the salaries file of the region's employees politically and electorally. End 25 B
Revealing a "trick" used by Barzani's party to localize salaries of Kurdistan employees
Information/Special..
Former MP Mohammed Ibrahim revealed today, Monday, that the Kurdistan Regional Government has been localizing the salaries of its employees in banks affiliated with the ruling Democratic Party, contrary to the Federal Court’s decision, which stipulated that the localization should be in federal government banks exclusively.
Ibrahim said in an interview with Al-Maalouma Agency, "The Federal Court's decision to localize the salaries of the Kurdistan Region stipulated that the localization be in the federal government banks exclusively and not in any other banks, but political settlements led to an agreement to localize them in any bank subject to the conditions and supervision of the Central Bank," indicating that "these settlements were reached after the intransigence of the Kurdistan Democratic Party and pressure on the federal government."
He added, "This matter is contrary to the decision of the Federal Court and the aspirations and visions of the employees of the Kurdistan Region," noting that "the employees of Sulaymaniyah and Halabja do not have conviction or confidence in the banks affiliated with the Kurdistan Democratic Party for political and technical reasons, as do many employees of Erbil."
He pointed out that "there is talk about practicing some accounting operations in the party banks in Kurdistan so that the party officials can reap large profits by localizing the salaries of the region's employees in these banks," stressing that "the majority of employees believe that localizing in the federal government banks is the most correct and preferable."
It is noteworthy that the Financial Supervision Bureau announced yesterday that the percentage of localizing salaries of Kurdistan Region employees exceeded 80 percent in banks, while political forces and Kurdish opposition parties confirm that the Kurdistan Democratic Party is exploiting the salaries file of the region's employees politically and electorally. End 25 B
FIREFLY:Sudani gave a big speech and he talked about how very very serious his government is about increasing the citizens' purchasing power. He said Iraq has reached a historical time for financial increase. He talked about how stable we are.
FRANK: Now that he has told you again for the 9th time, allow me to say this to you...Start your countdown!
Due to power outage, the dollar market and banks close their doors in Sulaymaniyah
A local source confirmed, today, Sunday (December 15, 2024), that the "dollar market" and banks in Sulaymaniyah Governorate closed their doors due to a power outage.
The source said in an interview with " Baghdad Today " that "the buying and selling operations and money trading in the dollar market have almost completely stopped and the market in Sulaymaniyah has been closed, and the banks have also been closed due to the power outage."
National electricity has been cut off throughout Sulaymaniyah since this morning.
The Director General of Sulaymaniyah Electricity, Anwar Hama Saeed, said in a press statement followed by " Baghdad Today" that "electricity has been cut off in all parts of Sulaymaniyah since four o'clock in the morning today."
The concerned authorities have not yet announced the reasons for the power outage. link
Why did the CBI decide to wait until the end of their fiscal year to do it? Hint,,,, Hint,,,, could it be under the direction of Dr Shabibi they also told us the most opportune time to conduct a substantial revaluation is at the beginning of a fiscal year?
Their fiscal year begins January 1st.
Just saying. We have to put the pieces together to see why they are doing what they are doing.
Also I then back up with my conversation I had just yesterday with my CBI contact that told me her committee to switch out the notes still intends to go forward with the process of deleting the zeros at this same time period also. Coincidental?
Parliamentary Finance Committee reveals the impact of the delay in 2025 schedules on salaries and projects
The Parliamentary Finance Committee revealed, today, Sunday, the extent of the impact of the delay in the 2025 budget schedules on projects and salaries for the next year.
Committee member Mustafa Al-Karawi said, “The budget is a three-year budget, so its texts are ongoing, except for the tables, which are revised and amended according to the actual spending and expenditure,” noting that “the projects that operate in arms and are ongoing will continue their work.”
He explained that "the current ongoing projects will remain, and salaries will continue for next year, even if the approval of the 2025 schedules is delayed," adding that "the new inclusion of new projects will be suspended until the schedules are approved, because a new project cannot be included, and spending will continue on the 2024 schedules, until the new schedules are approved, and then new projects can be included."
Expectations indicate that the 2025 schedules will be delayed for a long time, because the parliament’s legislative recess will not end until January 9th of next year, 2025.
The schedules will also remain suspended until the completion of amending the budget law, specifically paragraph 12 related to the Kurdistan region, which faces severe disagreements, which will lead to obstructing the amendment of the budget or approving the schedules. link
[via WiserNow] We did hear that the Iraqi Dinar is trading and is in a trading range 4.00 to 4.20 in Iraq as an in country rate now...
Now our rates at the redemption Center are totally different and much higher...our contract rate on the dinar in the redemption center only...
Now, what we have heard most recently...because things have changed...my Intel has changed, but what we're hearing is that we are going to have an amazing weekend...The most recent information is that all the releases would be on Saturday...so I'm looking at our day to get notified...
on Saturday. So the main thing is, half of this battle is getting the numbers, setting our appointments and then It's a done deal – we’re able to move forward with our exchanges as soon as we can...We're hearing we're going to have a super fantastic weekend...
To discuss the budget and salaries of Kurdistan.. A delegation from the regional government arrives in Baghdad
A high-level delegation from the Kurdistan Regional Government arrived this morning, Sunday.KurdistantoCapitalBaghdadTo discuss a number of files, most notably the budget and salaries of the region’s employees.
The spokesman wasMinistry of FinanceThe Minister of Economy in the Kurdistan Regional Government, Honar Jamal, confirmed yesterday, Saturday, that the Minister of Finance and Economy in the Regional Government, Awat Sheikh Janab, will head the government delegation.
He explained that "the delegation will meet with the Federal Minister of Finance, Taif Sami, to discuss the issue of salaries of the region's employees for the months of October, November and December of 2024, in addition to discussing amending the federal budget and the region's share in the 2025 budget." link
There is a lot of news on dollar auctions and currency manipulation today as we are nearing the end of them. They are trying to root out the corrupt elements to the maximum possible extent before they look to RV.
Though only 5 banks are having correspondent bank tieup in USA ,lot of other banks have time ups to deal in yuan,rupees,dirham and euro.
it will take a little more time for them to get used to the new dynamic,once the auctions stop .
Iraq is at the cusp of overhauling the dollar trade practices from the 2 decade long practice to a new and more efficient way.
The 2 decades of dollar smuggling could not be arrested even with the electronic platform which resulted in the theft of the century.
We are witnessing a paradigm shift.lets hope the the new practice will bring peace, prosperity and harmony to the Iraqi people.
Again I don't know the rate or time of RV.just posting my thoughts.
The Central Bank and the Securities Commission sign a joint memorandum of understanding to enhance cooperation
The Securities Commission announced today, Sunday, the signing of a joint memorandum of understanding with the Central Bank to enhance cooperation.
The Deputy Chairman of the Securities Commission, Nagham Hussein Ismail, said: “Based on the joint cooperation between government institutions, and in view of the desire of the Securities Commission and the Central Bank of Iraq to create a joint cooperative framework for both parties that contributes to achieving the goals of sustainable development in the banking sector, a memorandum of understanding was signed between the two parties.”
She added, "The signing of the agreement came to enhance cooperation between the two parties in the field of information related to shareholders, and to benefit from the electronic window of the shareholders' system approved by the Iraq Stock Exchange." link
[via PDK] in Iraq: “Central Bank governor opening foreign channels to foreign currencies eliminates the black market” they are talking about partnering with neighboring countries and carry more of a “basket of currencies” so they do not need the US dollar for trade.
Including Jordan, Saudi Arabia, and different countries around them.
They want to split the value of the Iraqi dinar based on gold, oil, reserves and a basket of partnering currencies. This should mean a much higher value for the Iraqi dinar. They are making “real world moves” to support the value of their currency.
FRANK26: "NO THANK YOU BLINKEN, TRUMP'S SECRETARIES HAVE ALREADY BEEN HERE".......F26
An "unannounced" visit and a surprise landing in Baghdad.. Blinken to Al-Sudani: We are committed to supporting Iraq
12/13/2024
US Secretary of State Antony Blinken made an unannounced visit to Iraq on Friday, during which he met with Prime Minister Mohammed Shia al-Sudani and held talks with him about the future of Syria.
According to Reuters, Blinken is
Reuters quoted the US State Department as saying that "Blinken stressed from Baghdad the US commitment to the US-Iraqi strategic partnership and to Iraq's security, stability and sovereignty."
She added that the Secretary also discussed regional security opportunities and challenges, as well as continued U.S. support for engagement with all communities in Syria to create a comprehensive transition.
According to Reuters, Blinken's visit was not announced until after he met with Al-Sudani on Friday afternoon.
Meanwhile, the Iraqi Prime Minister's media office confirmed that Al-Sudani and Blinken discussed bilateral relations between the two countries, ways to enhance joint cooperation, as well as discussing the situation in the region, developments in the current events in Syria, and the regional and international efforts required to enhance security in Syria and the stability of the entire region.
Al-Sudani renewed, according to a statement received by Shafaq News Agency, support for Syria in this important stage, and the importance of friendly countries helping the Syrians rebuild their country and confront the challenges that may affect civil peace in it, stressing the necessity of representing all components of the Syrian people in the administration of the country to ensure enhancing its stability. He also stressed that Iraq is waiting for actions, not words, from those in charge of managing the transitional phase in Syria.
The Iraqi Prime Minister stressed the need not to allow any aggression on Syrian territory, from any party, because this represents a threat to security and stability in the region.
For his part, the US Secretary of State stressed, according to the Iraqi statement, Washington and Baghdad's agreement on the necessity of respecting the choices of the Syrian people, and working to form a comprehensive government that reflects the will of the Syrian people and the diversity of its components.
Blinken referred to the pivotal role of Iraq, and stressed that it represents a key partner in the region, and the importance of consulting with it on the current developments witnessed in the region, and that the members of the international coalition are committed to the security, sovereignty and stability of Iraq.