Iraqi Dinar Floating Internationally today 2023 /iraqi dinar Revaluation...

Member Of Parliamentary Investment: The Government’s Approach Is Not To Delay Budget Instructions, 20 OCT

 Member Of Parliamentary Investment: The Government’s Approach Is Not To Delay Budget Instructions

Time: 10/20/2023 13:04:42 Read: 572 times  {Economic: Al-Furat News} A member of the Parliamentary Investment Committee attributed the delay in issuing the financial budget instructions to the appeals submitted to them in the Federal Court.

Asaad Al-Bazouni told {Al-Furat News} agency, “We do not expect that there is a government trend regarding delaying the issuance of budget instructions, and that the financial allocations are in place and the government has taken some measures in this regard, and that the delay may be due to the completion of the budget file and its appeals.”

He added, "We do not expect that the government's approach will be delayed."

On June 12, the House of Representatives voted on the federal budget law for the years 2023-2024-2025, after discussions that lasted for five days.

On August 7, the Federal Supreme Court decided the federal government’s appeal of the budget law.

Parliamentarians attributed the Ministry of Finance’s delay in the allocations to ministries and governorates more than five months after approving the budget to “a lack of financial liquidity, or to crossing the largest possible period of time to move away from the financial deficit, or to the delay that occurred in legislating the law and then in issuing implementation instructions,” while others attributed it. to fear that its funds would be exploited in the local elections scheduled for next December 18.

Iraq, for the first time in its history, approved a three-year financial budget in a single draft law, which Parliament voted on last June, and the government defended the move by saying that it aims to develop plans for important projects in The country, in addition to avoiding the problem of delaying the approval of financial budgets every year for several months.

The budget for the current year and the next two years, according to the budget law, amounted to 153 billion dollars, with an expected deficit of up to 48 billion dollars, and the price of oil was approved at 70 dollars per barrel, as exports constitute... Iraqi oil represents more than 96% of Iraq's financial imports.

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Iraqi, Iranian FMs discuss efforts to stop the war on Gaza, 20 OCT

Iraqi, Iranian FMs discuss efforts to stop the war on Gaza, 20 OCT

Baghdad (IraqiNews.com) – The Iraqi Minister of Foreign Affairs, Fuad Hussein, discussed on Wednesday with the Iranian Foreign Minister, Hossein Amir Abdullahian, the efforts exerted to stop the war in Gaza and deliver humanitarian aid to the Palestinian people.

The Iraqi Foreign Ministry mentioned in a statement that Hussein met with the Iranian Foreign Minister in the Saudi city of Jeddah on the sidelines of the extraordinary open-ended meeting of the Executive Committee of the Organization of Islamic Cooperation held at the level of foreign ministers on Wednesday to discuss the ongoing Israeli military aggression against the Palestinian people.

According to the statement, Hussein stressed that the efforts exerted must focus on ways to stop the war and protect civilians, indicating that conflict between Hamas and the Israeli occupying forces will affect the whole region.

During his meeting with the Turkish Foreign Minister on Tuesday, Hussein reaffirmed Iraq’s stance towards the Palestinian cause and the need to have urgent action taken to support the Palestinian people, who are facing extreme aggression, a complete war crime, and genocide after the Israeli occupying forces deliberately targeted civilians.

The horrific Israeli attack on Al-Mamdani Hospital in Gaza on Tuesday, which left hundreds—mostly women and children—dead or injured, was denounced by the foreign minister of Iraq as a horrible act that broke both international law and humanitarian law.

The Health Ministry in Gaza said that at least 500 people were killed on Tuesday after the Israeli forces targeted the hospital in central Gaza.

https://www.iraqinews.com/iraq/iraqi-iranian-fms-discuss-efforts-to-stop-the-war-on-gaza/

 

"RV UPDATE" BY PIMPY AND SANDY INGRAM, 20 OCT

 Pimpy 

 Article:  "Iraq to charge Customs Duties/Taxes "Exclusively in Iraqi Dinars"  This is awesome.  There we go - De-dollarizing, heading in the right direction.

 In Iraq they have the ability IMO to do a controlled free float...People ask me, 'Why doesn't Iraqi dinar free float?' Because it could be very very risky.   They could benefit from it.  They might go in the right direction.  People might think they have something to offer...worth investing into, that they have a bright strong future...which I think Iraq does and I think they could benefit from being on the Forex but they have to have the restrictions removed off their currency...Iraqi dinar is on the local one [Forex].  They're not on the big Forex.  

There's still problems with the exchange rate...Right now the solution they've come up with is increasing the interest rates for customers if they deposit their money and leave it there [In a bank].

  7.5% is a pretty good size interest rate if you're going to leave your money in a deposit at your bank .  In the past we used to have stuff like that but we don't anymore unfortunately.  

 Sandy Ingram 

 Iraq has a secret asset many people are not aware of...the ancient city of Babylon is only 54 miles from the capital city of Baghdad.  The gold deposits have not changed.  The only difference Iraq was busy drilling for oil..

.It is reported gold production value could someday rival or equal oil production value...This massive amount of gold is still in place in Iraq today.  The eastern Baghdad region, the western desert and the Kurdistan area have all been discovered to have enormous gold deposits.  Mining operations are currently underway...

Iraqi Dinar Flexible Exchange Rate | Dinar's Local Forex to Global Markets

"RV UPDATE" BY FRANK26, 20 OCT

Frank26 

 Article:  "Thwarting the smuggling of $400,000 out of the country of Baghdad Airport"  

Corruption...smuggling...that's what it's all about.  That's the #1 issue.  That's how you're gonna get what you want...This was a huge massive corruption cleanup for the new exchange rate to come out with security and stability.  It's that simple. 

 This is not rocket science.  This is not complicated...There's only one thing happening right now.  Sudani is cleaning the floor of the CBI from the corruption of these horrible people...

Alaq and Sudani are doing a good job because I looked at Maliki, Abadi, Kudami I don't see them as the equivalent as Sudani.  These three prime ministers...were all bad...      

  [Iraq boots-on-the-ground report]  

FIREFLY:  Television...CBI governor is saying the reason why there's no funding for the budget instructions is not due to the exchange rate.  He's saying it's internal... 

FRANK:  Actually...it's due to the relationship between the dinar and the American dollar that's the exchange rate that they're talking about.  Notice they have to clean the floor of the CBI from all terrorism and that's why they're also doing this...The monetary reform plan is moving forward very nicely...

 [Iraq boots-on-the-ground report] 

 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 value...

Iraq to charge Customs Duties/Taxes "Exclusively in Iraqi Dinars, 20 OCT

 Iraq to charge Customs Duties/Taxes "Exclusively in Iraqi Dinars"

By John Lee.

The Kurdistan Regional Government (KRG) has said that customs duties and taxes at border crossings will now be levied exclusively in Iraqi dinars instead of US dollars.

According to Decree No. 227 of the Council of Ministers, dated September 20, 2023, customs duties and taxes at border crossings will now be exclusively levied in Iraqi dinar instead of US dollars. Non-compliance with this new regulation will result in penalties.

This decree, issued in accordance with Article 8 of the Kurdistan Regional's Council of Ministers Law (amended No. 3 of 1992) and based on the recommendation of the Minister of Finance and Economy, establishes the sole use of Iraqi dinar for customs duties and taxes at border crossings.

Furthermore, the decree underscores that all ministries and relevant government institutions are required to adhere to this regulation, with violations at border crossings subject to punishment.

(Source: Ministry of Oil)