The CBI, they don't have to convince you or me that they're going to change the rate. They simply have to convey it to the citizens of Iraq.
It must be successful with the citizens. It must not fail with the citizens of Iraq or the whole monetary reform will crumble...they are not trying to gain your trust...they are trying to gain the trust of the Iraqi citizens.
Sandy Ingram
Article: “Iraq Economy News for 2024, According to the IMF is not Good, Iraq Says Differently”
What the IMF is saying is Iraq’s economy forecast is leaning towards a negative because countries with currencies pegged to the US dollar, except Iraq’s central bank, have followed the US fed’s footsteps and adjusting the interest rates accordingly.
In other words Iraq did not follow in the footsteps of the Federal Reserve and as a result the IMF sees Iraq’s inflation rate at or around 9% in 2024 rather than at 3.5% the the Iraqi minister of planning announced. The 5.5% difference is enough to be concerned about.
KRI's Finance Minister announces agreement on salary issue after Financial Committee Mmeeting, 19 OCT
Shafaq News / The Minister of Finance and Economy in the Kurdistan Region (KRI), Awat Sheikh Janab Nuri, stated on Wednesday that there is a consensus between KRI’s delegation currently visiting Baghdad and the Parliamentary Finance Committee, and the Federal Minister of Finance, Tayif Sami, to resolve the issue of financing the salaries of employees and workers in the public sector in KRI in one installment.
He made this statement during a press conference held today following a meeting convened by the Parliamentary Finance Committee, which hosted the ministers of finance from both Kurdistan and the federal government.
Nuri stated, "We sat down with the Parliamentary Finance Committee and the Federal Minister of Finance, per our duties and responsibilities in the Kurdistan Regional Government (KRG) to defend those who receive salaries." He added, "In a very friendly atmosphere, we provided our information, and I can say that there is a substantial understanding between us regarding how to solve the salary recipients' problem and address the issue of actual spending."
He emphasized that the meeting focused on removing salary issues from political disputes. Nuri pointed out that the statistics and data presented by the KRI delegation were largely accepted, allowing them to provide sincere and transparent reasons for the problem faced by salary recipients to the committee.
Nuri added, "There was a national response from the Parliamentary Finance Committee and the Federal Minister of Finance regarding the information we provided." He confirmed that they have reached substantial consensus on resolving the problem of those receiving salaries in the region in one legal installment through the budget or actual spending.
He further stated that the meeting lasted for four hours and was very friendly and brotherly. He expressed that it was a strategically important step for the relationship between KRG and Baghdad. Nuri noted that they decided to hold a second meeting to discuss what they have achieved, as the Parliamentary Finance Committee does not have the authority to amend the budget law, but it can provide recommendations in this regard.
In the meantime, the Parliamentary Finance Committee issued a statement indicating that, based on the directive from the Speaker of the Council of Representatives, the committee held an extended hearing session today, presided over by Attwan Al-Attwani, the head of the Parliamentary Finance Committee, with the attendance of all its members.
During this session, the Federal Minister of Finance, Tayif Sami, and the Minister of Finance and Economy in KRI, Awat Sheikh Jahanab, attended, in addition to the President of the Federal Audit Bureau, Amar Al-Mashhadani, and the head of the Prime Minister's Office in the region, along with the accompanying delegation, to follow up on the implementation of the General Federal Budget Law's provisions and the revenues, both oil and non-oil, in the Kurdistan Region, as well as the issue of loans granted.
Deputy Speaker of the Council of Representatives, Shakhwan Abdullah, emphasized during the session that the Council supports all the recommendations made by the Finance Committee in order to achieve fruitful results, and he pointed out the committee's keenness to resolve the problems related to this file to ensure the results meet the requirements of the public.
Committee Chairman Attwan Al-Attwani, during the session, pointed out that there are problems related to the implementation of the budget items related to KRI, requiring joint efforts. He highlighted the importance of the session to reach comprehensive results.
Al-Attwani added that the Finance Committee is responsible for monitoring the extent of commitment to the application of Articles 12-13-14 related to the revenues from oil, non-oil, and taxation for the region, as well as emphasizing that there are matters that require genuine resolutions between Baghdad and the Region.
Meanwhile, Federal Minister of Finance explained that the ministry operates under the laws of financial administration and the federal budget in funding and executing projects. She also mentioned opening an account in which the Region commits to depositing its revenues since it represents the Region's treasury. However, no financial amounts have been deposited into it. She presented details of the Ministry of Finance's procedures regarding the provisions related to the region within the federal budget law.
The session witnessed a presentation by Amar Al-Mashhadani, the President of the Federal Audit Bureau, regarding the bureau's procedures in monitoring the budget's implementation and preparing a detailed report and issuing special recommendations on it. Moreover, he disclosed the observations related to verifying the data and confirmed that the final report on auditing the entire database will be submitted tomorrow.
The Minister of Finance and Economy in KRI also provided an explanation about the issues and the overall situation regarding the mechanism for implementing the budget instructions. This included discussing the Region's share in the budget and the details of the actual agreement and the expenses for investment projects. Details and tables related to expenses and revenues were presented.
The members of the Finance Committee focused on the total amounts of oil and non-oil revenues and the realized border outlets, as well as actual expenditures and the extent of the Region's commitment to applying the budget articles. They also discussed the issue of Region employees and how to localize their salaries in banks approved by the Central Bank (CBI). It was emphasized that a session should be held to find radical solutions.
The committee, in its interventions, stressed the need to rely on the principle of justice for all governorates, including KRI, taking into account all observations. They requested to provide them with the data in official documents to form a unified vision.
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ 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 all…..I heard the new BRICS banking/payment system starts today.
MZ: yes it does…..
Member: Recaps had a economist talk about that in a post this morning.
Membr: How soon can Iraq join BRICS…..that may be our only chance to see the RV.
Member: I wonder if the Israeli war is an attempt by the cabal to stop the RV and Nesara/Gesara like 9-11 was????
MZ: That’s a very good possibility. It true there is a special place in hell for those who are willing to sacrifice so many lives just so they can control your monetary supply.
Member: The federal reserve is not going to just willingly give up their power
Member: Mark! Heard that we were ready to go a week ago Sunday, but DS started the Israel attack to block it
Member: White Hats let them do that, though. THey are supposedly the ones in control.
Member: Some days it feels like this will never go. Depressing. Trying to stay positive.
Member: This RV has given me multiple personalities. One day I am positive and giddy and the next I am frustrated and depressed.
Member: Well…remember Iraq is the lynchcpin…..if they just do it…..I believe the rest of the world will follow.
MZ: Well…lets get to the news/rumors
MZ: No bond holder updates today. There are still expectations of things paying out overnight tonight. Starting in Asia and Europe and moving our way…..Let’s see if it happens. It may be a week or two premature. I would like to be incorrect on this.
Member: So we have gone from any moment to a week or two now……sigh
Member: If FIAT is dead on Jan 1 then we are close.. Just my opinion
MZ: Still getting chatter from groups with expectations to release their funds but have yet to find a group that has released funds yet. So they are adamant that those rumors that say they have already started is not accurate. I think they are leaking misinfo on purpose to cloud the timing.
Member: If it’s a shotgun start….none of those get paid until we start making our appointments so that is to be expected….imo.
Member: I wish we could get a 7.5% interest rate on our savings accounts like Iraq does
Member: It’s for Iraqi citizens to get their dinar out from mattresses and into bank
Member: A Friend recently traveled home from Brazil. At Currency Exchange, they asked her if she wanted OLD USD or NEW USD. It is "Out There" in other countires, and currently being USED!! She SAW it!.
Member: Wish they had taken pictures……would love to see some proof they are real
Member: I wonder if everyone has it but us in the US
Member: Many big banks in my area have now added “Financial Advisors” to their signs!!!!! That is encouraging…..
MZ: In Zimbabwe: “High Level Summary Technical Assistance Report s” the implementation of Basel 2 and 3 capital framework. They are doing a heck of a job getting their banks updated faster than we are. This is very positive news.
Member: Mark and Mods, Thank you….. doing a wonderful job keeping all informed and calm
Mod: REMEMBER THIS AS WE GET CLOSE TO THE WEEKEND: MARKS WEEKEND EMAIL ADDRESS: DONTWRITEME@NEVERONWEEKENDS.COM< /span>
There are special guests on today with health info at the end….please listen to replay for their information
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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.
FIREFLY: TV saying expected changes in the revenues of the 3 budgets.
FRANK: Let's translate that into simple language... - There's a change in the revenue ...the exchange rate...your new national currency to replace the 3 zero notes coming. These words are not used in articles today. These words of communication are about the monetary reform are for you Iraqi citizens not for anyone else. Listen to them carefully.
FIREFLY: TV saying in news that the decision to raise interest rate in Iraq will increase the banking sector.
FRANK: The only reason they're talking about raising the interest rate is because your exchange rate is about to go up in
Masrour Barzani discusses economic cooperation with CBI’s Governor
Shafaq News / Today,Thursday, Masrour Barzani, the Prime Minister of the Kurdistan Regional Government (KRG), received Ali Muhsen Al-Alaq, the Governor of the Central Bank of Iraq (CBI).
During the meeting, they discussed ways to enhance coordination and cooperation between the Kurdistan Region (KRI) and the federal government, particularly concerning banking sector reforms, intensifying anti-money laundering efforts, and working towards economic stability.
Barzani highlighted the "My Account" project and initiative, expressing his gratitude for the support from Al-Alaq and the Iraqi Prime Minister, Mohammed Shia Al Sudani, in this regard. He emphasized that the progress made in KRI represents progress for all of Iraq, serving the interests of all citizens.
In conclusion, both sides agreed on the importance of continuing and strengthening coordination and cooperation to achieve economic development and financial stability.
PM Barzani briefs investors on KRG enhancing banking system, digitalization
RBIL (Kurdistan 24) – Kurdistan Region Prime Minister Masrour Barzani on Tuesday briefed Kurdish investors on his government’s efforts to strengthen the banking system and digitalize the public service provision.
Since its inception, the Kurdistan Regional Government's (KRG) ninth cabinet has worked to facilitate investment for both domestic and foreign investors as well as overcome the obstacles, according to a statement from the premier’s office.
Barzani briefed the businesspeople on the government’s efforts to enhance the banking system and financial inclusion program as well as digitalizing the public services, the press release said.
Barzani reassured that the government will continue accelerating efforts to work for an enhanced investment climate.
He had extended his gratitude to the investors for their support and joint work with the KRG.
In a question-and-answer session, Barzani responded to a number of questions that were asked by the attendees.
A number of KRG top officials, including the head of the Board of Investment and trade and tourism ministers, attended the meeting.
