Frank26 Question "If the rate goes to .75 or if it goes to 1 to 1 will that be enough income for the people of Iraq?"
IMO any increase in the dinar value is added income and necessary for the Iraqi citizens. They're not trying to get rich...
They're trying to eat and pay their bills. T
hey will see value in their currency...Social Security...retirement checks...HCL. that alone is four different incomes they will be having very soon.
Frank26 [Iraq boots-on-the-ground report]
FIREFLY: TV saying with the funding of the budget we are going to see a major decrease in the dollar exchange rate.
FRANK: They cannot touch the dollar exchange rate. Only the US Treasury can touch that exchange rate.
So what are they talking about? They're talking about adding value to their currency which will decrease the value of the American dollar in their country. That's what they're talking about.
Chihoud: Washington has lost all its cards in Iraq and is working to undermine security in the region
8-19-2023
Chihoud - Washington has lost all its cards in Iraq and is working to undermine security in the regionInformation/Baghdad..
The representative of the State of Law Coalition, Muhammad al-Sayhoud, described, on Saturday, the recent US moves on the Syrian-Iraqi border as empty and aimed at showing Washington’s false control over the region.
The Zionists said in a statement to Al-Maalouma that “what is happening on the border strip between Iraq and Syria aims to stir up public opinion and show false control over the region.”
He added, “The power of the United States has lost all its cards in the region, especially with the announcement of the Saudi-Iranian rapprochement and the end of Washington’s hegemony in the Gulf.”
Al-Saihoud pointed out, “The American public opinion is very upset with the loss of control over the region and the tendency of most countries to conclude commercial deals away from Washington.”
And the social media platforms have recently witnessed a great momentum for transmitting videos of the deployment of US forces and doubling the convoys.
almaalomah.me
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The World Bank: Iraq's economy is 'fragile' with +$152 Billion debt
Shafaq News / The World Bank has stated that Iraq's economy is fragile, and the country's debt has risen to $152 billion, highlighting that the Central Bank of Iraq's (CBI) auctions have diverted hard currency to the parallel market, leading to a decline in the value of the Iraqi dinar against the dollar.
In its 'Renewed Pressures: Iraq's Recovery at Risk' reporte, the World Bank stated that "Iraq's economy is grappling with a recession in non-oil GDP, industries, and agriculture, coupled with rising inflation rates. The country lacks comprehensive structural reforms under its current government to bolster its economy beyond oil."
"The annual budget approved by the government authorities witnesses a significant increase in public expenditures by 59% compared to the previous year, constituting 74.3% of total expenditure. This will result in a substantial fiscal deficit of IQD 51.6 trillion (approximately $39.7 billion), representing 14.3% of general imports, more than half of the recent record reserves accumulated following the oil price surge."
Regarding CBI's policies in devaluing the local currency, the World Bank indicated that "the devaluation of the Iraqi dinar has led to overall and core inflation increase due to excessive reliance on imports amid weak domestic production, a gap exposed by the government's policies, further jeopardizing the country's fragile economy."
According to the World Bank, "Iraq's lack of income diversification due to successive chaotic government policies has led to a contraction of the local GDP by 1.1% in 2023, coupled with an increase in the country's public debt reaching 58.3%, up from 53.8% the previous year, totaling $152 billion, a $10 billion increase. The external debt amounts to $50 billion, while the internal debt is $102 billion. This means that the government authorities borrowed about $60 billion internally over the past three years, at an average rate of $15 billion annually, with annual interest on domestic debt amounting to 16% to 17% of the debt volume."
The bank also highlighted that "the economic prospects for Iraq's future remain subject to significant risks due to excessive reliance on oil, making it vulnerable to oil market shocks and global demand fluctuations, as evident from recent oil price declines. Additionally, driving fragility are key economic challenges like rampant corruption, inadequate service provision and infrastructure development, and security risks."
The World Bank further added, "The persistence of these policies by the government authorities will lead the country's budget to favor political parties that have hindered the wheel of development, causing significant imbalances despite two decades of claims that the war has ended.'
Alaq out of the blue [In an article] Quote “from 5 to 6 cents the cost of the Iraqi currency edition per paper.”
He just happens to throw in how much it costs to print a note. Whether it’s the small category notes or large notes, he’s saying it is 5 to 6 cents…They’re not printing any more triple zero notes from what they said…
You have to pay attention to what they’re saying and then realize they talk outside both sides of their mouth. So you have to be very careful of what’s being said and then you have to understand who’s saying it…
If Sudani is talking about it, you got to give that that credit. If his advisors…saying it, give it some credibility. If it’s a parliamentary Finance Committee be careful. If it’s the Finance Committee and it’s directly from Sammy I would listen to that just as I would listen to Alaq because they’re the top.
What is Iraq going to do – when are they going to maybe bring out their new rate, print it in the gazette – and all of that on Sunday? We believe the Prime Minister is here.
Could he make the announcement from here or would that new rate and the opening of the budget and the HCl law which has been passed and needs to be implemented and soon…Would that be announced here or would that come out on Sunday or Wednesday?
We don’t know the answer to that yet…This is looking very solid for next week. Let’s see what happens.
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Marital status.
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The impact of COLA on Social Security benefits
Cost-of-living adjustments (COLAs) are increases in Social Security benefits designed to counteract the effects of inflation
and maintain the purchasing power of retirees’ benefits over time. For example, if an individual’s monthly benefit is $2,500 and there’s a 2% COLA, their benefit for the following year will be $2,550, an increase of $50, which is 2% of $2,500.
COLA affects the overall value of Social Security benefits, especially for those who delay claiming. Delaying benefits will result in a higher base amount that will receive COLA adjustments, leading to increased benefits over time.
Common myths regarding Social Security timing
Claiming benefits early guarantees higher lifetime benefits.While claiming early provides immediate income over a potentially longer period of time, it permanently reduces the monthly benefit amount. Delaying benefits can lead to increased benefits over time for those with longer life expectancies.
There is a “right” time to take Social Security. The idea of a one-size-fits-all answer to the Social Security timing question is unfortunately not possible. Too many factors and unique considerations must be considered for there to be a cut-and-dried answer to find the best time for your specific situation. Everyone’s situation is unique, which is why I recommend meeting with a retirement planner. A retirement plan, created with the help of a professional, could help optimize Social Security claiming strategies and lead to increased retirement income.
Social Security will cover my entire cost of living in retirement. Social Security could cover your expenses in retirement, but for many retirees, Social Security is a base, and they need to take withdrawals from investments to make up for what they need in retirement. However, it is crucial not to go overboard and drain your savings too quickly. A personalized retirement cash flow plan can help estimate what amount of withdrawal from your investments would be good to look at to supplement your Social Security income.
Social Security is a vital component ofretirement planning, and the decision of when to claim benefits should be made with careful consideration of individual circumstances. By understanding the significance of Social Security, considering COLAs and evaluating various claiming strategies, retirees can make informed choices to maximize their retirement benefits.
