STATUS OF THE RV, PART. 3 BY MNT GOAT, 19 FEB

 STATUS OF THE RV, PART. 3 BY MNT GOAT

😊We also learn this period of news that in article titled “THE PRESIDENT OF THE REPUBLIC APPROVES THE AMENDMENT TO THE BUDGET LAW”. The President of the Republic, Abdul Latif Rashid, approved the first amendment to the Iraqi Federal Budget Law No. 13 of 2023, related to the export of Kurdistan Region oil through SOMO.

He added, “The law will not officially enter into force until it is published in the Official Gazette.” Do you remember what this amendment is for? It’s been so long already since it was first passed on to parliament to review and pass. 

“Note that the revenues from the sale of oil exported from the region will return to the federal treasury, according to the amendments related to the costs of production and transportation of oil.”

 This was the main issues from the Kurdistan region in the monthly salary payments they were receiving for their share of the oil revenues. 

Baghdad was not fairly taking into consideration the true cost of production and transportation of oil from the region. They wanted more in the budget and so now they have it. I want everyone to know that the passing of this bill in NOT the Oil and Gas Law and is NOT going to trigger the RV. I know a lot of idiotic intel gurus are telling that we have been waiting for this for the RV.

😊Another major step to fully globalizing Iraq is in the article titled “IRAQ MOVES TOWARDS GLOBALIZATION.. IMPLEMENTATION OF INTERNATIONAL ACCOUNTING STANDARDS BEGINS IN 2026”. In it we learn that the former director of the Financial Supervision Bureau, Salah Nouri, revealed the steps taken by Iraq to move to fully implement international accounting standards by 2026. “The unified accounting system, which was adopted in the mid-eighties, was appropriate for the economic situation at the time; but it led to Iraq’s delay in keeping pace with international standards.”  

So, in my eyes this is not going to trigger the RV but is certainly a right step in the direction we want. Remember the CBI told us that January is the most optimistic to revalue the dinar with any substantial change in value. 

Why? It is because of the accounting practices and it is MOST convenient to begin a new fiscal year clean with a new rate. Remember we may be already into February but we know they just passed the amendment to the budget law and so they have not yet even opened the 2025 budget. So there still can be a rate change coming but I would not go off half-cocked believing all this intel guru nonsense either.  

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