Parliamentary Finance Committee Confirms That There Is No Intention To Print New Paper Currency
economy | 08/22/2024 Mawazine News – Baghdad The Parliamentary Finance Committee confirmed, on Thursday, that there is no intention to print a new paper currency.
Committee member Moeen Al-Kazemi said, "There is no intention to print new paper currency at the Central Bank," noting that "the Ministry of Finance began funding ministries and governorates with salaries two days ago."
He added that "the cash mass required monthly to pay employees' salaries is estimated at four million employees, four million beneficiaries of the Retirement Authority, and two million social care, which is approximately 7 trillion and 500 billion dinars."
He continued, "This amount is prepared monthly and there is no shortage in this aspect, considering that the current export is approximately 3 million and 400 thousand barrels of oil at a price of more than $ 75 per barrel."
He explained that "the provision of the necessary liquidity is done by the Central Bank and delivered to the Ministry of Finance, which in turn delivers these numbers and the cash mass to the ministries and governorates, and there is no acute problem regarding cash liquidity. https://www.mawazin.net/Details.aspx?jimare=253717
There has been other misinformation, but what we are looking for is at hand and we may get something tomorrow, but I am told over the weekend, and if not over the weekend, then early next week to see when we get those emails,
Admiral will start, I have heard, on Saturday or Sunday and continue on Monday. If we get the emails on Saturday, the RC will be open on Sunday, so if you only have Dong, then it will be twice as much at the RC as it is at the banks, so beyond that,
even the RC is waiting for those emails, but they should have them after 4:30 tomorrow, but of course things change and even the information I had for Sue, but things change and we hope to be able to start this and we have to be Well on track for Wednesday the 28th,
and I don't really want to mention the back walls, but take it for what it is, and all debt forgiveness will be done by August 31st and that's really the bulk of what I have for you tonight. Now Bruce has talked about Sue and the Golden Wisdom package, so darlings, that's all I'm sure Bruce has for us tonight,
but it is AMAZING NEWS, OF COURSE, AS LONG AS NOTHING CHANGES THE INFORMATION GIVEN ABOVE, SO KEEP PRAYING LIKE I'M SURE BRUCE IS ABOUT TO DO. Now, I'm sure Bruce will thank his entire team, Sue, Bob and Pastor Scott (keep praying for him), GCK, Jeannie and Larry, and also all those faithful listeners around the world.
That's it, guys, and now Bruce is going to pray until the call is fulfilled; Please pray with him and keep saying those sincere prayers until we see those Notifications finally manifest FULLY IN OUR LIVES. My deepest love to ALL of you, Gem.
What do the psalms of God's word have to say about “harming the little ones”? We have to know to be able to act with the power of the word of God as our armor.
MATTHEW 18:10
“See that you do not despise one of these little ones.
Because I tell you that his angels in heaven always
“You see the face of my Father who is in heaven.”
DEUTERONOMY 32:35
“Vengeance and retribution are mine,
in the time when his foot slips;
for the day of calamity is near, and its destruction is coming quickly.”
MATTHEW 18:6
“But whoever causes one of these little ones who believe in me to stumble,
It would be better for him if a large millstone were tied around his neck.
and they will throw him into the depths of the sea.”
ROMANS 12:19
“Beloved, never avenge yourselves, but leave the wrath of God,
for it is written: Vengeance is mine, I will repay, says the Lord.”
And some words of wisdom from others to bring comfort to our days
“People seem to think that embracing life means jumping off cliffs and kissing strangers.
When maybe it's just about slowly learning to LOVE yourself.”
Stardust Poetry
“Walk softly in the lives of others. “Not all wounds are visible.”
Jasmine
“How people treat you is their Karma; How you react is yours.”
Wayne Dyer
Jasmine
“Some people are medicine for the soul in the way they love you, support you and believe in you Always.”
A stranger.
TRANSLATION IN SPANISH
GEM FINCH
Gem Finch, [23/08/2024 12:58 PM]
Ha habido otra información errónea, pero lo que estamos buscando está a la mano y es posible que obtengamos algo mañana, pero me han dicho que durante el fin de semana, y si no durante el fin de semana, entonces a principios de la próxima semana para ver cuándo nos llegan esos correos electrónicos,
Admiral comenzará, según he escuchado, el sábado o domingo y continuará el lunes. Si recibimos los correos electrónicos el sábado, el RC estará abierto el domingo, así que si solo tienes Dong, entonces será el doble en el RC que en los bancos, así que más allá de eso,
incluso el RC está esperando esos correos electrónicos, pero deberían tenerlos después de las 4:30 de mañana, pero por supuesto las cosas cambian e incluso la información que tenía para Sue, pero las cosas cambian y esperamos poder empezar con esto y tenemos que estar bien encaminados para el miércoles 28,
y realmente no quiero mencionar los muros traseros, pero tómalo como lo que es, y toda la condonación de la deuda se realizará para el 31 de agosto y eso es realmente la mayor parte de lo que tengo para ti esta noche. Ahora Bruce ha hablado de Sue y el paquete de Sabiduría Dorada, así que queridos, eso es todo lo que estoy seguro que Bruce tiene para nosotros esta noche,
pero es una NOTICIA INCREÍBLE, POR SUPUESTO, SIEMPRE QUE NADA CAMBIE LA INFORMACIÓN DARDA ANTERIORMENTE, ASÍ QUE SIGAN ORANDO COMO ESTOY SEGURO QUE BRUCE ESTÁ A PUNTO DE HACER. Ahora, seguro que Bruce agradecerá a todo su equipo, Sue, Bob y el pastor Scott (sigan orando por él), GCK, Jeannie y Larry, y también a todos esos fieles oyentes de todo el mundo.
Eso es todo, muchachos, y ahora Bruce va a orar hasta que se cumpla el llamado; por favor, oren con él y sigan diciendo esas oraciones sinceras hasta que veamos que esas Notificaciones finalmente se manifiestan COMPLETAMENTE EN NUESTRAS VIDAS. Mi más profundo amor para TODOS ustedes, Gem.
¿Qué tienen que decir los salmos de la palabra de Dios sobre “hacer daño a los pequeños”? Tenemos que saber para poder actuar con el poder de la palabra de Dios como nuestra armadura.
MATEO 18:10
“Mirad que no despreciéis a uno de estos pequeños.
Porque os digo que sus ángeles en los cielos siempre
ven el rostro de mi Padre que está en los cielos.”
DEUTERONOMIO 32:35
“Mía es la venganza y el pago,
en el tiempo en que su pie resbale;
porque el día de la calamidad está cercano, y su perdición viene de prisa.”
MATEO 18:6
“Pero cualquiera que haga tropezar a uno de estos pequeños que creen en mí,
mejor le sería si le ataran al cuello una gran piedra de molino
y lo arrojaran a lo profundo del mar.”
ROMANOS 12:19
“Amados, nunca os venguéis vosotros mismos, sino dejad la ira de Dios,
porque escrito está: Mía es la venganza, yo pagaré, dice el Señor.”
Y algunas palabras de sabiduría de otros para traer consuelo a nuestros días
“La gente parece pensar que abrazar la vida significa saltar de acantilados y besar a extraños.
Cuando tal vez solo se trata de aprender lentamente a AMARTE a ti mismo.”
Stardust Poetry
“Camina con suavidad en la vida de los demás. No todas las heridas son visibles.”
Jasmina
“Cómo te tratan las personas es su Karma; cómo reaccionas es tuyo.”
Wayne Dyer
Jasmina
“Algunas personas son medicina del alma en la forma en que te aman, te apoyan y creen en ti Siempre.”
Economist's Solution to Lower the Dollar Exchange Rate in Iraq
On August 22, 2024, Mustafa Akram Hantoush, a renowned expert in economic and financial affairs, offered insights into what he believes is the solution to lowering the dollar exchange rate in Iraq's markets.
The Parallel Market Dilemma
Hantoush emphasized that dismantling the parallel market is crucial for the reduction of the dollar exchange rate. He pointed out that small traders lacking facilitating mechanisms, unprocessed trades such as gold and cleaning materials, and substantial trade with Iran and Syria pose significant challenges.
Processing Unregulated Trades
The economist suggested that processing these unregulated trades by providing traders with currency or gold could help stabilize the market. He noted that several countries have successfully navigated trade with Iran, despite American sanctions, and have also resolved travel issues to those countries.
Fluctuating Exchange Rates
Despite the Central Bank of Iraq's selling rate of 1,320 dinars for every one dollar, the dollar exchange rate in the parallel markets surged to approximately 150,000 dinars for every 100 dollars. Although the government's efforts led to a temporary decline in rates, the exchange rate subsequently rose again, indicating a persistent economic issue.
Parliamentary Response
In light of these developments, parliamentarians initiated a movement to question the governor of the Central Bank. The Finance Committee in the House of Representatives submitted a request to the parliamentary leadership to hold the governor accountable for a significant flaw in the bank's management.
Request for Questioning
A document signed by Finance Committee members demanded the governor's questioning in the nearest session, citing constitutional and internal regulations.
Conclusion
Hantoush's proposal to dismantle the parallel market and regulate unprocessed trades highlights the need for comprehensive reforms to stabilize Iraq's currency. The ongoing fluctuations in the dollar exchange rate underscore the urgency of addressing underlying economic challenges.
Iraq's Economic Challenges: Dollar Purchases, Inflation, and Currency Dependency
Iraq's increasing demand for U.S. dollars reveals deeper economic issues that have implications for the country's fiscal health and financial stability [1]. This trend is mainly driven by two factors: the weakening of the Iraqi dinar and the growing dependency on foreign currency transfers. Both issues are interconnected and contribute to the inflation risks Iraq is currently facing.
Weakening of the Iraqi Dinar and Inflation Risks
The Central Bank of Iraq's (CBI) efforts to mitigate currency devaluation and reduce foreign currency dependence have not been as effective as anticipated [1]. By issuing more Iraqi dinars, the CBI intended to strengthen the national currency and limit the use of U.S. dollars. However, this approach has had the opposite effect, leading to a depreciation of the dinar and exacerbating inflation risks [2].
Rising Foreign Currency Transfers and Dependency on Imports
The increase in foreign currency transfers, particularly U.S. dollars, is closely linked to Iraq's heavy reliance on imports. The country's economy is heavily oil-dependent, with oil revenues accounting for a significant portion of its exports and government budget [3]. As a result, Iraq's fiscal stability is vulnerable to fluctuations in oil prices. When oil prices drop, the government faces budget shortfalls, prompting it to seek foreign currency to finance its needs. This, in turn, increases Iraq's dependency on imports and further strains its fiscal reserves.
Shortcomings of Current Economic Policies
Despite the government's efforts to implement a three-year budget, aimed at promoting fiscal discipline and economic diversification, the policies have fallen short of creating long-term stability [1]. The large fiscal expansion, initiated in 2023, while supporting a strong recovery in Iraq's non-oil economy, has also led to imbalances due to lower oil prices. The ongoing fiscal expansion is expected to boost growth in 2024, but it risks further deteriorating Iraq's fiscal and external accounts, making the country more vulnerable to oil price fluctuations.
The Need for Policy Adjustment
Given the risks posed by regional conflicts and the country's large dependence on volatile oil prices, there is a pressing need for sound macroeconomic policies and structural reforms [1]. These reforms should focus on securing fiscal and debt sustainability, advancing economic diversification, and achieving sustainable, inclusive, and private sector-led growth. Without such adjustments, Iraq faces a high risk of medium-term sovereign debt stress and potential external stability risks.
In conclusion, Iraq's struggle to gain control over its currency and reduce its reliance on the U.S. dollar underscores the complexity of the country's economic challenges. Addressing these issues will require a multifaceted approach that includes fiscal discipline, economic diversification, and structural reforms to ensure long-term stability.
