Is The High Price Of Oil Will Reduce The Budget Deficit? Financial Oversight Explains
Time: 09/07/2023 Read: 949 times {Economic: Al Furat News} The former director of the Office of Financial Supervision, Salah Nuri, said today, Thursday, that the benefit from the high oil price is to reduce the deficit and not resort to borrowing at a certain percentage contained in the budget law.
Nuri said to {Euphrates News} that “when the Ministry of Finance prepares the general budget in a conservative manner, that is, estimating the revenues on the basis of the price of selling oil at the lowest expected price, and with a deficit in the budget and remembering in the budget, if the selling price of oil increases, then the surplus is paid to reduce the deficit.”
And he continued, “The benefit from the rise in the oil price is to reduce the deficit and not resort to borrowing at a certain percentage contained in the budget law,” noting that “the percentage of budgets for the two years (2024-2025) there is no direct effect unless the rise continues when the aforementioned two years come.”
He pointed out that “the government must direct the increase in oil prices towards infrastructure projects, according to its priorities included in the budget.” From.. Raghad Dahham LINK
Question: "Will we have to pay any kind of tax after or during the exchanging of the dinar for American dollars?"
When you go to the bank and you present your dinar...don't leave your eyes off of them. You make sure that you see your account has been credited...At that point they are not going to say to you, 'Ok Mr Frank you have 1 million dinars you owe $300,000 in taxes.' A bank doesn't collect taxes.
If we had about a million Americans citizens all of a sudden came out millionaires instantly that would be a really good shot in the arm for America's structure wouldn't it? It would...
They're not made to do that...They don't have the facilities to collect taxes from you as an individual... [NOTE: Consult your tax professionals so you pay the right amount of tax for your unique situation.]
RayRen98
[via Babysmom] ..."ONE OF MY BEST SOURCES TELLING ME, "IT IS GOING TO POP AT ANY MINUTE".... ONE OF MY OTHER BEST SOURCES IS ALSO TELLING ME, "IT SHOULD BE SOMETIME TODAY"
[via Babysmom] MEETINGS TOOK PLACE OVER THE WEEKEND, AGREEMENTS WERE MET, NEW DOCUMENTS NEEDED SIGNATURES. IT'S ALL A WRAP NOW.
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Thursday Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good morning my friends!
Member: RV there yet??? Lol
Member: I don't mind the up and downs of this ride, it's when it stops at the very top that gets to me..
Member: so ready to get off this ride.
Member: So what is going on in Reno?
MZ: lots of in and out…lots of quiet…..but its enough to get some a little excited.
Member: I wonder are the right people going in and out of Reno??????
Member: Time to light a fire under this RVs butt Mark
MZ: From Iraq. A chief strategist of the AFC Iraq fund is talking about how “ Banks will fuel the next market phase of Iraq” they have made exceptional progress. Top tier banks have a lot of funding and money and this is where the future is going to explode for Iraq. …and they are now ready to start funding entrepreneurs , projects ect…..
MZ: This is a great piece that shows us where Iraq is heading
Member: Hope they are heading for an RV…sigh
MZ: We were told the banking implementation is key for them to be able to change their value. It also brings financial security.
MZ: The historic bond folks are still staying very hush, hush…… Groups still believe that we are somewhwere in the middle of this thing.
MZ: I really thought we would some leaks or news by this morning….but I don’t have them yet.
MZ: We just need to stay calm and patient.
Member: Frank26 says September and April are the best months to see the RV
Member: The Iraqi people ain't going to tolerate it much longer…imo
Member: I just hope If Iraq goes without US will we still be able to cash in our currencies
MZ: “Dow tumbles nearly 200 pts Nasdaq falls third straight day as Fed rate hike fears return”
Member: I hear the markets may crash tomorrow
MZ: A lot of my folks think Friday it the day it could crash.
Member: Everyone saying Friday, I'm praying today, Charlie Ward has always said a Thursday!
Member: What does your gut say Mark?
MZ: My gut is just screaming that we are within days. My gut feels it could happen around the 11th….no reason…just my gut feeling. But it could be sooner….
Member: US Bank’s website states that they do not have FDIC insurance and they are not responsible to replace your funds in your account
Member: Wells Fargo has put a brand new wealth management office down here in SW Florida
Membeer: Texas Gulf Bank now has Wealth Management!!!
Member: Praying this RV and Nesara is real……this world needs a miracle.
Member: Thank you MarkZ for giving us your valuable time
Member: Everyone have a great day….the best is yet to come.
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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.
Masrour Barzani and al-Khanjar agree on the necessity of stabilizing the situation in Kirkuk
Shafaq News / The Prime Minister of the Kurdistan Region (KRI), Masrour Barzani, received Khamis al-Khanjar, the leader of al-Siyada Alliance, on Thursday.
During the meeting, the political situation in Iraq was discussed, as well as the importance of resolving issues between KRI and Baghdad based on the constitution and agreements, according to a statement from Barzani's office.
Recent events in Kirkuk were also a focal point of the discussions, with both sides expressing concern about the use of violence against civilian protesters. They also agreed on the necessity of stabilizing the situation in the city.
Recent events in Kirkuk unlikely to disrupt upcoming local elections, MP says
Shafaq News / Sabah Habib Qadir, a member of the Patriotic Union of Kurdistan (PUK), in Kirkuk, ruled out on Thursday that the recent events in the province would affect the course of the local elections scheduled to be held in October.
Qadir said in a statement to Shafaq News Agency that these events would not change the electoral process, and each component would receive its due in the province.
Qadir revealed decisions and initiatives launched by Iraq’s Prime Minister Mohammed Shia Al-Sudani during his meeting with representatives and components of Kirkuk. These decisions included changes in the leadership of Kirkuk operations, the formation of an investigative committee into the Kirkuk events, the release of detainees, and the cessation of raids in Kurdish areas, preparing them for the upcoming local elections.
The parliamentarian emphasized that Al-Sudani acknowledged the recent protest victims as "martyrs" and rejected any component in Kirkuk deviating from the path of the law, with the consensus of all political forces.
Regarding the return of the Kurdistan Democratic Party (KDP) to its political headquarters, Qadir stated that it is a political right for every party to exercise its activities, but the recent crisis should not lead to the loss of innocent lives.
Earlier, dozens of protesters, mainly from Arab and Turkmen political factions in Kirkuk, blocked the main road linking the province to Erbil in protest against the Kurdistan Democratic Party's intention to return to open its headquarters in Kirkuk, as per the political agreement with the State Administration Coalition, which includes the political forces that formed the current federal government under the leadership of Al-Sudani.
On Saturday evening, Kirkuk witnessed the descent of dozens of Kurdish protesters in areas mostly populated by members of their community, demanding the reopening of the road and an end to the sit-ins in front of the KDP headquarters. However, their demands were met with gunfire, resulting in casualties and injuries.
In response to the tensions accompanying the protests in Kurdish areas, Iraqi security authorities imposed a curfew in Kirkuk.
It is worth noting that the Kurdistan Democratic Party, led by Kurdish leader Masoud Barzani, had vacated its political headquarters and institutions in Kirkuk following the military operation carried out by the federal government in the disputed areas between Erbil and Baghdad after the independence referendum conducted by the Kurdistan Region in September 2017. This operation led to the withdrawal of Peshmerga and Asayish forces from those areas.
Central bank digital currencies (CBDCs) have emerged as a transformative force reshaping the world of currency and finance. Among the nations embarking on this groundbreaking journey is Russia, as it has recently launched its own digital ruble.
The transcript below has been abridged and edited for improved clarity. For the full version of the interview, please refer to our video podcast.
Hedder: How do CBDCs differ from traditional currencies and what potential benefits can they offer to the economy and to everyday people?
Andolfatto: The first thing we should understand is that most money today already consists of electronic money. Think of your checking account, for example. I’d liken a CBDC to just having an online checking account with your central bank. The main difference is that bank deposits are liabilities of commercial banks. CBDC is the liability of the government consisting of public money. Transactions using CBDC are free of counterparty risk and in particular, unlike a private bank, a central bank cannot fail. That's one difference that some people believe is important.
Would it make a difference for people at the retail level? I doubt it would. After all, what is the difference between an online checking account with Bank of America versus the Federal Reserve Bank? Now it is true that CBDC accounts would be automatically fully insured. They are, after all, legal tender. But this probably doesn't matter to most people because private bank accounts are already insured up to about a quarter million each. And for most people, I don't think that would be an issue.
There might be some benefits, I think, to the extent that it might serve as a basic public option, the same way the US Postal Service plays in delivery mail. But the net benefits are marginal at the retail level, at least.
Hedder: Is there any particular advantage then from the perspective of implementing monetary policy?
Andolfatto: The way monetary policy works today seems to affect bank lending rates more than bank deposit rates. Now, imagine a world instead where the Fed actually issued interest bearing CBDC, and they could adjust the interest rate on deposits as an instrument of monetary policy. You'd expect deposit rates in the banking sector to be more sensitive to Fed policy, and that might enhance the monetary transmission mechanism.
Hedder: How do institutional players view the introduction of CBDCs? What are some of the new developments among this group specifically?
Of course cryptocurrencies are not the same as CBDC. We can view CBDC as a digital asset backed by fiat, which is almost like stable coins, but not exactly the same because stable coins are issued by companies that are for-profit and sometimes are not that transparent.
Hedder: It has been reported that a digital ruble might help Russia evade US sanctions. What is your take on that? Why is Russia launching a digital currency right now?
Andolfatto: I can't claim to be an expert, but Russia is probably just following what many central banks are exploring. And researchers at central banks are somewhat intrigued at the possibility of what this type of technology permits them to do.
A CBDC is not really going to help Russia evade sanctions. Russian citizens already have access to digital rubles in the form of bank accounts, just like we do. We have access to US digital currency in our bank accounts. What is the purpose of issuing a digital ruble if it's just going to be restricted to Russian citizens?
Now, it could potentially be used as a way to circumvent sanctions – for example, if Russia wanted to extend the privilege of opening up a CBDC account across its partners around the world. So foreign entities were permitted to open up accounts with the central bank of Russia. You could imagine a scenario where they could basically engage in bilateral or multilateral trade bypassing the dollar system altogether. That's a possibility, but they could already do that right now by just permitting these foreign entities to open up Russian bank accounts. So it's not immediately clear to me what the benefit would be of implementing this system through the central bank itself.
Hedder: Is it possible that the digital ruble could help bolster and strengthen Russia's actual currency?
I don't think it's an easy step to just adopt the digital ruble for trades, and it is unclear what impact it will have on the ruble itself. The most important thing is, first of all, we need to see adoption outside Russia. We need to see the digital ruble being used for actual transactions, for commodities and the likes. There are already discussions with China, and with the partners of Russia. So that could be possible. Eventually, that could go into different markets, but I think it's very remote at the moment.
Hedder: How might the introduction of CBDCs impact the role of the dollar as the world's primary reserve currency?
Andolfatto: My own view is that it's not likely to impact the role of the US dollar as a global reserve currency, if any foreign entity implements a CBDC. Things like trade policy and the willingness to run current account deficits matter much more. Now a related question is, how might the introduction of CBDC by the Fed affect the global demand for the US dollar? There is a potential that if the Fed were to make its CBDC available, say to foreign firms operating in the global supply chain, that might have a measurable impact on the global US dollar demand. It may to some extent displace emerging stable coins like Tether, for example, from taking that business. Generally speaking, there's a role for CBDC possibly to disintermediate large parts of the shadow banking sector.
Question: If IQD and VND have agreements…will they not float up together? MarkZ: I do not expect a float. But, I am prepared in case there is one. I expect a substantial change in value …then maybe a small float.
...we are starting to see changes in bank values etc. But, not an open trade on them yet...We have seen this in the past and it’s our theory that they are preparing the process when we see those rate changes. Is this the one where they actually pull the trigger???...The banker side has a lot of anticipation for late this afternoon
...
We have bank personnel keeping us abreast if any of these currencies become “tradable”...We will see what materializes.
There are interesting things showing on currency converters…from the Forbes one to the EIX…. There are some interesting values showing on many of our currencies... There are a lot of “inconsistencies” on currency calculators right now. We are seeing Bolivar made it up to .35 cents. (doesn’t mean you can exchange it right now) We tried... Dong rates have also been bouncing around...
Member comment: [Guru] Frank26 says he knows someone with contracts in both Iraq and Vietnam who wanted to expand. His financial advisors told them wait…as both countries are about to change in a huge way. MarkZ: That would be accurate. The sheer amount of business those 2 countries do with each others currencies that both hold in their foreign currency reserves is huge. They have to both go at once. IMO.
We just need to get through the very end of what appears to be the end of our journey. They are doing a good job on keeping people quiet. They have cracked down even harder on leaks. They absolutely do not want anyone to know ahead of that money is moving. Still hearing from the Iraqi side that…politicians are talking about a 1 to 1 rate yesterday in Iraq.
I certainly expect more than that. Lots of rumors from Iraq that we may see the new rate this week. Just try to stay grounded…the news is all over the place. Member comment: Some gurus say it will happen within 24-48 hours. Markz: A lot of people at the upper levels of the banking world are saying that….