The US Treasury Department reveals the secrets of its assistant visit to Iraq and its meeting with senior officials, 17 SEPT

The US Treasury Department reveals the secrets of its assistant visit to Iraq and its meeting with senior officials, 17 SEPT

Baghdad - Iraq Today: 2023/09/16 10:03

The US Treasury Department announced that Assistant Secretary Elizabeth Rosenberg discussed with Iraqi officials during her visit to Baghdad raising the level of the Iraqi banking sector to "international standards" and "preventing violations" of US sanctions.

US Assistant Secretary of the Treasury for Combating the Financing of "Terrorism" and Financial Crimes, Elizabeth Rosenberg, visited Baghdad on September 12 and 13, and held meetings with Iraqi officials, led by Prime Minister Mohammed Shia al-Sudani and Central Bank Governor Ali Al-Alaq.

In a statement about the visit, the US Treasury Department noted that Elizabeth Rosenberg met with the prime minister and officials of the Central Bank, the Iraqi Economic Intelligence Unit, the Commercial Bank of Iraq and representatives of private banks.

Recognizing the challenges and future opportunities for the development of Iraq's financial sector, the two sides "declared their commitment to continue working together and taking positive steps towards meaningful and long-term reforms, in order for Iraq to live up to international standards, and prevent falsity, sanctions violations, terrorist financing and other illegal acts," she said.

Earlier, US State Department spokesman, Matthew Miller, said in a press interview that the US Treasury Department discussed with the Iraqi government the opportunities and challenges facing the financial sector in Iraq, and ways to develop the sector and raise it to the level of international standards.

"RV UPDATE" BY MILITIAMAN, 17 SEPT

  Militia Man 

 Al Sudani was denied access to come to...the US because he had three things to get done.  And now he is scheduled to be in the U.S. on the 20th which is Wednesday.  I have a hard time thinking on the 20th he's going to show up smiling and waving doing International contracts without having changed from 1310 to a real effective exchange rate.

We're in such a good space I can't contain the excitement because what we've seen in the last 96 hours.  There's nothing but powerful information from Al-Sudani, we have the US Treasury Assistant showing up...big companies...Stellar Energy...Total...Barzani being tickled pink because they've signed agreements.  We have a change of pace...

...on Tuesday – The US assistant secretary of the Treasury showed up to Iraq... other folks from the US were there- on the business side. So businesses showed up and other countries showed up...We are talking about International trade. Iran, Iraq, France, The US and many others...The US Secretary of the Treasury has the power to make certain things happen…and

 I think the US is now allowing the facilitation of Iraq joining the international financial system. And they say the Us now supports the tripartite budget for 2023, 24 and 25...And letting Iraq and Iran trade outside of using the US dollar is huge. There are deals with UAE, France, Japan, China and many more. This really is huge...These international contracts and international financial systems …well, we have never seen this before...I think we are in a phenomenal timeframe... 

""NOT BAD, RIGHT?" BY DINAR IRAQ & DONG VIETNAM, 17 SEPT

 The CBI can (and probably will) put a hefty spread their buy price – I’ve heard it will be at least 8% if they RV high.

This means they will sell the Dinar for $1, but they will buy it for $0.92

Personally, I’d be grateful and overjoyed to see a 8% spread on a $1 RV!

Most likely, we will only see about $0.92 per Dinar at a $1 RV by the time it gets in our hands (every party involved will take a little chunk, unless you are physically able to go to the CBI.

And you can’t do that.

So, just accept it – you’re going to pay a spread.)

Once again, the extra numbers aren’t important right now – the only number that’s important is the $1 and the $0.92, because that’s what the CBI is worried about.

Let’s say there is a billion USD worth of Dinar out there right now, or 1 trillion IQD.

The CBI pays $0.92 for every $1 worth of Dinar, then resells it the next day for $1.

That’s a profit of $8 billion just on the spread.

Not bad, right?

BY DINAR IRAQ & DONG VIETNAM

Iraqi Dinar Currency Revaluation / Iraqi Dinar News Today / Iqd Dinar / ...

The Parliamentary Finance Committee to host federal and Regional Finance Ministers for salary and revenue discussions, 17 SEPT

 The Parliamentary Finance Committee to host federal and Regional Finance Ministers for salary and revenue discussions

Shafaq News / The Parliamentary Finance Committee has announced its intention to host the Finance Ministers from both the federal government and the Kurdistan Regional Government (KRG) for discussions on the salaries of Regional employees and the Region's oil and non-oil revenues. 

Member of the committee, Khalil Al-Doski, stated that they have invited the federal Finance Minister and the Regional Finance Minister to the committee's headquarters to discuss the region's entitlements. 

The committee plans to convene in the next two days to address issues related to the salaries of the Region's employees, as well as its oil and non-oil financial revenues.

As stipulated in Article 13 of the budget, Kurdistan is required to deliver a minimum of 400,000 barrels of crude oil daily to SOMO, a state-owned oil marketing company, for export through the Ceyhan port or for domestic use if not exported.

The issue of Kurdistan Region's oil and non-oil revenues has been a contentious matter for several years with no resolution in sight. In recent years, the federal government has adopted a new mechanism for disbursing the region's entitlements in the budget, involving financial loans to allow KRG to pay employee salaries, which are often delayed by several months.

https://shafaq.com/en/Iraq-News/The-Parliamentary-Finance-Committee-to-host-federal-and-Regional-Finance-Ministers-for-salary-and-revenue-discussions

Iraq's financial revenues surpass 65 trillion dinars, oil dominates at 95%, 17 SEPT

 Iraq's financial revenues surpass 65 trillion dinars, oil dominates at 95%, 17 SEPT

Shafaq News / The Ministry of Finance revealed on Sunday that Iraq's financial revenues in the federal budget exceeded 65 trillion dinars over seven months, confirming a rise in the oil contribution to the budget to 95%. However, an economic expert believes that non-oil revenues "will not improve."

Shafaq News Agency examined data and tables released by the Ministry of Finance for the current fiscal year from January to July. These figures indicate that oil still constitutes the main source of Iraq's general budget, accounting for 95%, highlighting that Iraq's economy heavily relies on oil revenues.

According to financial tables, total revenues until July amounted to 65,195,003,735,974 dinars after excluding transfer revenues of 1,995,073,713,000 dinars. Total expenditures, including advances, 52,916,562,761,000 dinars.

Based on the financial data, oil revenues reached 62,259,118,923,534 dinars, constituting 95% of the general budget. Meanwhile, non-oil revenues reached 2,935,884,812,439 dinars.

Economic expert Mohammed Al-Hasani commented on this, stating, "Non-oil revenues will not improve or increase as long as Iraq lacks local industrial and agricultural production." He emphasized that "the Iraqi economy is rentier, relying on taxes and customs for non-oil revenues."

He pointed out that "the successive governments in Iraq have not directed the surplus of oil revenues resulting from rising oil prices towards industrial and agricultural development but relied on imports to meet local needs," confirming that "Iraq has become dependent on neighboring countries."

Earlier in March 2021, Prime Minister's Financial Affairs Advisor Mudhhir Mohammed Saleh stated that the persistence of Iraq's economy relying solely on oil is due to wars, economic blockades during the past era, and the ongoing political conflicts, which have led to the dispersion of economic resources.

Iraq's continued dependence on oil as the sole source for the general budget puts the country at risk of global crises affecting oil prices, forcing it to cover deficits through foreign or domestic borrowing. This highlights the inability to effectively manage the state's finances and the failure to find alternative financing solutions.

https://shafaq.com/en/Economy/Iraq-s-financial-revenues-surpass-65-trillion-dinars-oil-dominates-at-95

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 17 SEPT

 Frank26 (KTFA)

You have Iraq, Iran, the CBI official, US Treasury all in one room that doesn’t make any sense unless you have have interest in changing the exchange rate and adding value to the Iraqi currency because there’s security and stability in Iraq and it’s all because Iran finally conceded, ‘we give up’.

The CBI had a meeting with the United States Treasury…The CBI got their butts chewed out in front of Sudani.  In less than 24 hours all the nonsense they were complaining about has been wiped out..

[Iraq boots-on-the-ground report]

FIREFLY: We see Austria is back here in Iraq.  They are reopening their embassy here.  Their ambassador says due to the security and stability here it leads them to trust and reopen.

FRANK: Hey, Sudani how clean is the floor of the CBI bro!?