[via PDK] Question: Does the RV (Revaluation) have to happen before Iraq ascends to the World Trade organization on Oct. 4th? Not...but the dinar has to be a fully accepted international currency all around the world without any restrictions…this would be a massive change.
I am continuing to hear very positive stuff on expectations of a rate change. They are giving us dates from this weekend to sometime in the first week of October.
The Hydo Carbon Law...It's where they share money, profits, revenues from oil-natural gas etc…with the citizens of Iraq including the Kurdish region. We have been told for many years this is a key piece. And Very soon after the HCL was implemented we were told that we would see the dinar value changes.
I have had some whales reach out to tell me they have a potential for weekend travels. A number of sources believe it’s this weekend and others think between the 5th and 12th of Oct...Just stay calm and know things are quickly moving.
Parliamentary Finance hosts the Ministers of Planning and Finance regarding the delay in budget implementation
The Parliamentary Finance Committee decided to host the Ministers of Planning and Finance; To find out the reasons for the delay in budget implementation.
The head of the committee, Atwan Al-Atwani, said during the committee’s hosting of the governors: “There is a clear failure in releasing financial allocations to the governorates and ministries,” noting that “the committee will host the ministers of planning and finance this week to find out the reasons for the delay in implementing the budget.”
He stated, "The current government has raised the slogan of a national service government, and we will not allow the problem of delaying the disbursement of financial allocations to continue," pointing out, "Our insistence on approving the tripartite budget came to enable the governorates and ministries to implement their plans and programs and to avoid stopping funding at the end of the fiscal year."
He stressed "the necessity of releasing petrodollar allocations to oil-producing governorates," pointing out "the importance of simplifying procedures for approving programs and plans to accelerate the launch of project implementation." link
Parliamentary mobilization to oust the governor of the Central Bank: failures and promises not implemented - urgent
Baghdad today - Baghdad
On the twenty-fourth of January of this year, the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, reassigned Ali Mohsen Al-Alaq to the position of Governor of the Central Bank, more than two years after his dismissal from the same position that he held for about six years, from 2014 until 2020.
Asthe US dollar exchange rate crisis worsened and it continued to riseagainst the Iraqi dinar, in addition to the rise in the interest rate onloans granted by the Central Bank, voices rose within the Iraqi Houseof Representatives to demand the dismissal of Governor Ali Al-Alaq fromhis position and replace him with another to address the high exchangerate and financial and economic reforms after Al-Alaq's failure. Inresolving these crises. According to the opinion of the representatives.
Inthis regard, independent MP Hadi Al-Salami confirms, today, Sunday (October 1, 2023), the continuation of the parliamentary movement aimedat removing Ali Al-Alaq from the duties of managing the Central Bank ofIraq.
Al-Salami says, to "Baghdad Today," that "many representatives have different observations regarding the management of the relationship with the Central Bank of Iraq. There is a major failure in this administration, and despite all the promises and actions taken by Al-Alaq, the central bank is still not in control of the issue of the rise in the dollar exchange rate, and there is exacerbation of this crisis.
His term as president of the bank witnessed a number of financial failures, the most notable of which was the sinking of 7 billion Iraqi dinars in the money store inside the Central Bank building in central Baghdad, and the discovery that other large sums of money had been damaged as a result of humidity and rainwater.
The representative believes, "There are comments on the issue of raising interest on housing loans. This matter will reduce the issue of applying for these loans, which aim to reduce the housing crisis. This matter has caused great public anger, as such measures exacerbate the housing crisis and do not reduce it, despite This crisis has worsened in all Iraqi cities, with the significant rise in real estate prices."
While economic affairs researcher Nasser Al-Kanani, MP Al-Salami, shares the opinion by saying that increasing the interest on housing loans will exacerbate the housing crisis in Iraq, he confirmed in an interview with "Baghdad Today" that "increasing the interest on housing loans will significantly reduce citizens' contributions to... Obtaining these loans, the interest will be very large, and it is certain that this step opposes all efforts to reduce the housing crisis, but rather it will be a factor in exacerbating the crisis."
The researcher continues by saying, "Solving the housing crisis in Iraq requires presenting multiple offers to citizens and employees regarding housing loans, through the loan repayment period, the interest rate, and other encouraging factors to push the citizen to withdraw loans in order to buy housing for himself. This is how the crisis is solved and managed, not "The opposite."
Between 2006 and 2014, Ali Al-Alaq served as Secretary General of the Council of Ministers, during the first and second Maliki governments, before he was named acting governor of the Central Bank for a period of 6 years starting in 2014, in addition to being named president of the "Joint Council to Combat Corruption in Iraq."
Al-Alaq (62 years old) holds a higher diploma in financial sciences from the University of Baghdad. During his tenure as Governor of the Central Bank, Iraq witnessed many crises related to the management of the bank, the most prominent of which was the scandal of fake import documents, according to which the dollar was obtained from the currency auction at the Central Bank, without the companies concerned importing any materials into Iraq.
This comes in addition to the scandal of the drowning of more than 7 billion dinars as a result of rainwater in the Central Bank's warehouse in 2018, and the destruction of other amounts due to humidity. The step of writing Al-Alaq's name on banknotes of denominations of 250 dinars and 1000 dinars, contrary to the approved Iraqi law, led to mentioning The governor's statement and his signature on the currency led to increasing controversy, along with the file of the Central Bank's financing of government deals marred by corruption.
Shafaq News / The exchange rate of the US dollar against the Iraqi dinar surged in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, following the closure of the main stock exchanges.
According to a correspondent from Shafaq News Agency, the dollar prices rose after the closure of Baghdad's primary stock exchanges, al-Kifah and al-Harithiya, reaching 155,800 Iraqi dinars for 100 dollars. In the morning, the dollar had been priced at 155,700 dinars for 100 dollars.
Our correspondent noted that selling prices at exchange shops in local markets in Baghdad remained stable, with the selling price at 156,750 dinars for 100 dollars, while the buying price was 154,750 dinars for 100 dollars.
In Erbil, the dollar also experienced an increase, with the selling price reaching 155,900 dinars for 100 dollars, and the buying price at 155,800 dinars for 100 dollars.
Iraqi PM stresses integrated approach for oil and gas investments, 1 OCT
Shafaq News / The Iraqi Prime Minister, Mohammed Shia Al Sudani, emphasized the necessity of adopting the "integrated project" principle in the investment of oil and gas fields on Sunday. Meanwhile, the Ministry of Oil has called upon specialized companies in the field of refinery construction to invest in the country.
This statement came during the regular meeting chaired by Al Sudani to monitor projects and development plans in the oil sector, attended by the Minister of Oil and senior officials from the ministry.
During the meeting, the projects of the Ministry of Oil in the field of gas investment, refinery development, and the export system were reviewed, as well as the ministry's plan to increase production and enhance the efficiency of resource utilization.
The Prime Minister stressed the importance of applying the "integrated project" principle when investing in oil and gas fields, encompassing various projects related to petrochemical refineries, gas production, and electricity generation stations. Additionally, it includes chemical industries and fertilizers to address the urgent local market needs.
The meeting also reviewed the progress of refinery projects and emphasized the need to complete them as soon as possible, especially after the successful operation of the Karbala refinery.
Al Sudani pointed out the significance of completing gas projects and expanding the investment in Iraqi gas-producing fields to supply power stations and national fertilizer manufacturing plants with their gas requirements.
Furthermore, he emphasized the importance of completing expansion and maintenance projects for Iraqi oil ports, storage facilities, and distribution networks across Iraq.
Al Sudani directed the monitoring of the implementation of both short-term and long-term ministry plans to meet local economic requirements and future global markets' needs for Iraqi oil and petroleum derivatives. He stressed the need to highlight Iraq's active and vital role within OPEC.
The Prime Minister also renewed his directives on the importance of adhering to the established timelines for project phases and proactively addressing all administrative and technical obstacles to ensure project completion.