September 9, 2023 BY NADER FROM MID EAST

An Economic Specialist For Nina: An Increase In The Monetary Supply Without Growth In The Economic Base Constitutes A Weakness In The Local Currency, 10 SEPT

 An Economic Specialist For Nina: An Increase In The Monetary Supply Without Growth In The Economic Base Constitutes A Weakness In The Local Currency

Saturday 09, September 2023 11:03 | Economical Number of readings: 434  Baghdad / NINA / The specialist in economic affairs, Durgham Muhammad Ali, confirmed: “An increase in the monetary mass without growth in the economic base constitutes a weakness of the local currency,” indicating: “The monetary mass of the local currency amounted to 116 trillion dinars.”

Muhammad Ali said in a statement to the National Iraqi News Agency ( NINA ) that, “There is no actual development of the Iraqi economy and that growth is the result of relatively improved oil prices, which is an unguaranteed issue, so the central bank has limits on the size of the local monetary mass that must be adhered to.”

 Stating: “What frightens economists is that there will be printing of the local currency with the same specifications outside the framework of the Central Bank to purchase cash dollars, and this is something that the state is closely following up to prevent it from happening.”

He explained that "the bank's monitoring of the rise in the monetary supply makes the equation accurate to maintain the actual strength of the Iraqi dinar, and that the central bank has accurate calculations of currency reserves as a cover for the local currency."

Advisor to the Prime Minister, Mohamed Al-Najjar, revealed that the monetary mass of the local currency has reached 116 trillion dinars, indicating that initiatives to expand electronic payment are consistent with the government’s directions.

Al-Najjar said, “Electronic payment is an important axis for developing the Iraqi financial sector and moving it to an advanced stage in the country’s monetary policy,” noting that “the size of the Iraqi monetary mass amounts to 116 trillion dinars, of which 30-40 trillion dinars are circulating within the banking system.”/ End 8   

https://ninanews.com/Website/News/Details?Key=1076406

Iraq News How We Know the IQD Will Increase in Value #iqd BY SANDY INGRAM

"RV UPDATE" BY FRANK26, 10 SEPT

Frank26 

 When you go to a bank they don't even want a receipt.  'Why do I need a receipt?'  In case you're audited...Long term [tax] might be in the 20% range.  Short term might be in the 40% range.  Somewhere in that ballpark.  That's why you need a receipt.  That's why it's important.  

[NOTE:  Remember some gurus think dinar exchange tax will be considered ordinary income while others fell it will be capital gains...the only opinion that matter's here is the IRS's...Consult your tax professionals so you pay the right amount of tax for your unique situation.]

Suandi keeps repeating once security is stabilized and established and is firmly in place you are going to see the explosion of your currency/new exchange rate

...It's many that are helping Sudani return wealth back to [Iraq].  To do this special type of cleaning for the new exchange rate took a coordinated effort of many countries...

All those countries that have helped bring back millions and trillions that were stolen by the corruption of the past decades they are all pitching in to help Sudani because they know what's about to happen to your monetary reform... The whole world wants Iraq and the pain of waiting is coming to an end...

The official rate is 1132.  That's 132 pips away from 1000.  They can do that in your sleep.  Yes, I strongly believe we have another movement to get to 1000 so it can be paired at 1 to 1.  That's the goal.

 IMF tells every central bank what they can do with their monetary reform.  The IMF has said...Iraq is going through a change to add value to their currency right now...Any other country doing that?  

No.  Article quote:  "The International Monetary Fund confirmed that the Greater Middle East, including in Iraq...is currently witnessing a profound shift in geopolitics, creating new possibilities for achieving prosperity, even despite the current international conflicts." ...Profound.

 If they [the bank] made a profit off of you, shame on you.  Don't let them make a profit off of you. 

 You're Mr. Clampett and they're Mr Drysdale.  Act accordingly.  You have the power. I don't care if you go in there with 500,000, 100,000, don't let them treat you stupid.  The bank is not your friend.  They have laws that do not allow them to be your friends. 

Finance expresses its readiness to implement the budget law and grant 50% of port revenues to Kurdistan, 10 SEPT

Finance expresses its readiness to implement the budget law and grant 50% of port revenues to Kurdistan, 10 SEPT

 On Saturday, Minister of Finance Taif Sami stated that there is currently no agreement between the Federal Border Ports Authority and the Kurdistan Region on harmonizing customs duties pricing.

Sami spoke at the Parliamentary Finance Committee in the Iraqi Parliament, attended by an agency correspondent.

According to our correspondent, Sami stated that there is no customs agreement between the federal border crossings and the Kurdistan Region. This is because customs duties in the region are lower than in other ports across Iraq. The entry of cigarettes through the region is given as an example by Sami.

According to our correspondent, Sami stated that there is no customs agreement between the federal border crossings and the Kurdistan Region. This is because customs duties in the region are lower than in other ports across Iraq. The entry of cigarettes through the region is given as an example by Sami.

During a recent meeting, the minister confirmed her commitment to enforce the provisions of the country’s financial budget law. She also proposed that 50% of the revenue generated through official border crossings should be allocated to the governorates in the Kurdistan Region. Additionally, she highlighted that the region currently has five unofficial border crossings.

DINARLAND UPDATE BY NADER FROM MID EAST, KAPERONI & CLARE, 10 SEPT

 Nader From The Mid East

Advisor to the Prime Minister Al-Najar revealed that the monetary mass of the local currency has reached the barrier of 116 trillion dinars…of which between 30 and 40 trillion dinars are circulating within the banking system…

Kaperoni

…I see the dinar rising over the next several years gradually via a float as Iraq continues to pass laws, encourage investment, diversify and achieve economic growth increase in GDP…Only with that success can the dinar rise as a result...The Central Bank of Iraq will then institute a monetary policy that counters inflationary pressure created by that success raising the dinar value.

Clare (KTFA)

Article:
“America Is On The Top Of Global Gold Reserves”

Quote:
“The data of the World Gold Council indicate that Saudi Arabia maintains the first place in the Arab world among the countries most hedged with gold, and it is in an advanced rank globally, as it ranks 17th with total reserves of 323.1 tons, and Lebanon is second in the Arab world (21 globally) with a score of 286.8 tons, and Algeria is in third place with 173 tons. 6 tons, Iraq fourth with 132.6 tons of gold, while Egypt ranks fifth in the Arab world with 125.9 tons.”

Will rising oil prices reduce the 2023 budget deficit?, 9 SEPT

 Will rising oil prices reduce the 2023 budget deficit?

According to economist Nabil Al-Marsoumi, the oil revenues earned until August 2023 have reached $61.513 billion, which is equivalent to 80 trillion dinars. However, the estimated oil revenues in the 2023 budget are $90 billion, equivalent to 117 trillion dinars.

Al-Marsoumi stated in a blog post on his personal Facebook account, which was followed by “Baghdad Today”, that if the high oil prices continue and Iraq sells its oil at $85 per barrel, it is possible for the country to generate oil revenues of $8.7 billion per month during the remaining third of the year.

During a recent speech, he noted that Iraq is expected to generate up to $34.8 billion in oil revenues between September and December of 2023. This should bring the total oil revenue for 2023 to $96.213 billion or 125 trillion dinars. The surplus of $6.213 billion, or 8 trillion dinars, will help offset the deficit in the 2023 budget, but only if the non-oil revenues, estimated at 17 trillion dinars, are fully realized. Unfortunately, it may be unlikely given that the net non-oil revenues achieved in the first half of 2023 were only 421 billion dinars. Therefore, while the high price of oil is beneficial, it may not be enough to significantly reduce the budget deficit in 2023.

According to official figures released by the Iraqi Ministry of Oil, Iraq has achieved record-high financial revenues of over $115 billion in the past year (2022), thanks to the export of crude oil. This marks a significant increase from previous years and is a noteworthy achievement for the country.

According to the figures, the daily export rate was 3.32 million barrels, resulting in an annual export of 1.21 billion barrels.

On Monday, economist Nabil Al-Marsoumi announced that Iraq had achieved its highest trade surplus in 2022. He also noted that the surplus was not the result of any reforms.

In his post, Al-Marsawi explained that Iraq achieved the highest trade surplus in the past year by pointing out that it is “the difference between the value of exported goods and imported goods.”

He said, “In the history of the oil industry, which is almost a hundred years old, the surplus achieved for the year 2022 is significant. It amounts to 53.54 billion dollars and is due to the increase in oil exports. The total oil exports amounted to about 120 billion dollars, of which 115 billion dollars came from crude oil exports. The remaining 5 billion dollars mostly came from black oil exports.”

Al-Marsoumi explained that the increase in Iraq’s trade surplus is not the result of any domestic efforts towards reform, development or economic diversification, but is instead due to an external factor – specifically, the rise in oil prices. He noted that the average annual oil price in 2022 exceeded $95 per barrel.