Delayed Fund Transfer in Iraq Amidst Global Salary Increase Trends, 29 NOV

 Delayed Fund Transfer in Iraq Amidst Global Salary Increase Trends

In a recent update from Baghdad, Rudaw correspondent Hewlket Aziz disclosed the postponement of the transfer of 700 billion Iraqi Dinars. This report highlights the persisting financial and administrative challenges within the region. It also alludes to the expectations of talks regarding the disbursement of three months’ salaries in the coming week. This situation has a significant impact on government employees, who are anxiously awaiting their pending salary payments.

Financial Struggles Amidst Positive Global Outlook

While the delay in fund transfer and the anticipated discussions suggest attempts to address the salary arrears, the report does not provide specific reasons for the delay or proposed solutions to the problem. This comes at a time when the ECA International’s Salary Trends Survey for 2023 indicates that the global outlook for employees is beginning to show signs of improvement, with nominal salary increases in 2023 standing at 5.1%. This represents an increase of around one percentage point compared to 2022.

Real-World Implications of Salary Decreases

However, when inflation is considered, employees have, in fact, experienced an average decrease of 1% in real terms. Despite this, employers from most regions are expecting to provide nominal salary increases at a similar level to the current year in 2024.

Regional Developments

Elsewhere in the region, Saudi Arabia and Kuwait have made significant decisions. Saudi Arabia has implemented stricter rules for issuing work visas for domestic workers, with requirements such as foreign employers needing to be at least 24 years old. The country’s Ministry of Human Resources has launched Musaned, a recruitment platform designed to enhance the domestic labor market. Meanwhile, Kuwait’s Council of Ministers has approved a draft Emiri decree that will result in several prisoners being pardoned and the restoration of citizenship for opposition figures that were stripped of their status roughly a decade ago.

https://bnn.network/world/iraq/delayed-fund-transfer-in-iraq-amidst-global-salary-increase-trends/

Baghdad to discuss amending Iraqi Kurdistan’s oil contracts in December, 29 NOV

 Baghdad to discuss amending Iraqi Kurdistan’s oil contracts in December, 29 NOV

Officials in Iraq’s oil sector plan to meet with representatives of international oil companies and Iraqi Kurdish officials in early December. The purpose of the meeting is to discuss proposed amendments to the existing contracts, with a focus on the latest efforts to resume oil exports from northern Iraq via Turkey.

Bassem Khudair, the Undersecretary of the Ministry of Oil for Extraction Affairs, informed Reuters that the revival of crude oil exports from the Kurdistan region of Iraq, which have been suspended since March, is subject to negotiations aimed at replacing the current production-sharing contracts with profit-sharing agreements.

Khudair explained that oil exports through Turkey will resume if companies agree to change their contracts.

We expect to reach an agreement with the companies. These companies want to continue working in the region without any problems, Khudair added.

Turkey halted exports of 450,000 barrels per day of oil from northern Iraq on March 25th following an arbitration case ruling by the International Chamber of Commerce (ICC).The Kurdistan Regional Government (KRG) exported oil to Turkey without Iraq’s authorization from 2014 to 2018. As a result, Turkey was ordered to pay $1.5 billion in compensation to Iraq.

CENTRAL BANK GOVERNOR: WASHINGTON RESPONDS TO ALL THAT IRAQ NEEDS IN TERMS OF DOLLARS AND A MEETING WITH IT NEXT MONTH, 28 NOV

 CENTRAL BANK GOVERNOR: WASHINGTON RESPONDS TO ALL THAT IRAQ NEEDS IN TERMS OF DOLLARS AND A MEETING WITH IT NEXT MONTH

Central Bank Governor Ali Al-Alaq announced that the Federal Reserve and the US Treasury are responding to all requests for the dollar Iraq needs.

Al-Alaq said in a press interview that “the Iraqi Central Bank will hold a meeting with the US Treasury and the Federal Reserve early next month in Dubai,” noting that “radical steps will be taken within the framework of reorganizing trade on the right foundations,” noting that “the electronic platform will be completed (ending) early next year.”

He noted that “the Central Bank will exit the process of conducting the executive aspects of the external transfer and its role will be limited to supervision, and we have worked to create a new relationship between Iraqi banks and internationally accredited correspondent banks abroad.”

He pointed out that “the US Federal Reserve provides support in creating a relationship between Iraqi banks and correspondent banks,” noting that “the operations of opening accounts for Iraqi banks are happening for the first time, and that the rejection of transfers on the electronic platform has begun to decline and there are no restrictions on Iraqi funds abroad.”

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

Evening News with MarkZ. 11/28/2023

Tuesday Evening News with MarkZ 

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 Evening and Hope everyone is staying positive

Member: Nader just did a good video

MZ: Yes he knocked it out of the park. In Iraq they are saying that the dinar will soon be the master currency again…..meaning the most valuable. Before the invasion of Kuwait =Iraq had the most valuable currency in the world.   Kuwait came in second…Then I was Jordanian…I think.

MZ:  Be sure to go watch Nader’s video….and like and share. 

MZ: They are telling us very clearly we are still in the window…..imo

Member: Is the RV before the reset?

MZ: Yes they have to revalue before they can reset. So they will revalue currencies first and then reset to parity…or everyone at 1 to 1.. I’ll ask Mr. C to touch on that this Friday .

Member: It’s been very quiet on the bond side and group side today.

Member: We went into Klamath Falls and visited the WF and Chase ... they know about everything. The Mgr talked with my hubby Steve and said the rates are fluctuating   Mgr was very talkative about BRICS and said the rates are to volatile for them to exchange and they are a different kind of bank than the ones that will be exchanging

Member:  Thanks Mark & Moderators for all you all do keeping us informed

Odysee at: https://odysee.com/@theoriginalmarkz:e OR THE RUMBLE CHANNEL: https://rumble.com/user/theoriginalmarkz

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.

GUYS YOU CAN FIND ALOT OF INFO AT MARK'S WEBSITE: GO TO: https://theoriginalmarkz.com/home

MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/

Mod:  MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM

THANK YOU ALL FOR JOINING. HAVE A BLESSED NIGHT! SEE YOU ALL IN THE MORNING FOR COFFEE @ 10:00 AM EST ~ UNLESS BREAKING NEWS HAPPENS!

Iraqi Dinar Final Countdown CBI's Triumph Over the Dollar Unveiled on Ir...

"RV UPDATE" BY CLARE, 28 NOV

 Clare 

  Article:  "The dinar will recover.. Iraq is approaching an “imminent end” to the dollar crisis before the end of 2023”  Quote:   “The government and the central bank are working to end the dollar crisis once and for all, and there is great progress in this file and there is control over the market, as well as a gradual decline in exchange rates in the parallel market..."

 Article:   "Central Bank: There is no scarcity of dinar stocks and the monetary supply exceeds 100 trillion" Quote: “the size of the monetary mass or the exported currency amounts to more than 100 trillion dinars, 70 percent of which is in circulation.”

 Article:  "The media advisor to the Prime Minister, Hisham Al-Rikabi, confirmed...Friday, that the dollar battle is nearing its end"   X Tweet:   "The reform plans for the financial and banking system undertaken by the government and the Central Bank of Iraq aim to build strong foundations for the stability of the economy and pave the way for creating a suitable climate for investment, and end the eras of illegal trade, dollar smuggling, and speculative operations in market.  In short, the battle for the dollar is nearing its end."

Article:   "Central Bank Governor: Washington responds to all that Iraq needs in terms of dollars and a meeting with it next month"  Quote:  "Al-Alaq said in a press interview that “the Iraqi Central Bank will hold a meeting with the US Treasury and the Federal Reserve early next month in Dubai, noting that “radical steps will be taken within the framework of reorganizing trade on the right foundations,” noting that the electronic platform will be completed early next year.”

 Article:  "US approval to increase the dollar balances of 10 Iraqi banks" 

 Quote:  "The source explained that this agreement came in light of the recent meetings held by the Central Bank of Iraq with the American side, which resulted in an increase in the number of banks that can directly enhance their dollar balance to 10 banks, 5 of which are through Citibank, and the other five are through JP Morgan Bank. "

Article:  " The dollar in Iraq.. Baghdad is planning “permanent solutions” with Washington, and Parliament describes the dialogues as “successful” 

 Quote:  " Monday (November 20, 2023), an informed source reported an expected meeting between the Central Bank of Iraq and the US Treasury Department next week."

Article: "An upcoming meeting between the Iraqi Central Bank and the US Treasury next week”  

 Quote "...new meeting between Iraq and the United States of America regarding the dollar...

On (last September 19) in New York, Iraqi Prime Minister Muhammad Shia al-Sudani informed the US Treasury Under Secretary of the expansion of his government’s work in reducing money laundering operations, while the latter indicated that the confidence of global financial institutions had been restored."

Article:  "Iraqi Banks Association: The dollar will fall to the rate of 1,400 dinars... and the date is expected"  Quote:  " The advisor to the Iraqi Banks Association, Samir Al-Nusairi, expected dollar prices to fall to 1,400 dinars during the first quarter of next year. "

Article Written by: Baqir Jabr Al-Zubaidi - former Minister of Finance "The ongoing dollar crisis" 

 Quote:  "The dollar crisis is a policy crisis of the continued American threat of sanctions, accompanied by the continued bleeding of the currency by private banks that are protected by some influential people, and this conflict is paid for by the citizen...

Solutions exist, and during our tenure at the Ministry of Finance (2006-2010), we succeeded in increasing the value of the dinar from (1,500 dinars to the dollar to 1,170 dinars to the dollar). We were planning to reach (1,000 dinars to the dollar) and then raise the zeros so that the dinar was equal to the dollar."

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-clare-25-nov.html

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-clare-27-nov.html

This evening… Al-Rasheed Bank announces the opening of the platform for buying dollars for travel purposes, 28 NOV

 This evening… Al-Rasheed Bank announces the opening of the platform for buying dollars for travel purposes

Al-Rashid State Bank announces opening a platform for purchasing travel purposes, effective 8:00 PM today.

The bank’s media office has released a statement stating that a new mechanism has been introduced to facilitate the exchange of Iraqi cash for dollars at the bank branch located inside Baghdad International Airport. Under this new mechanism, travelers are required to make advance reservations by following the link provided on the bank’s official website. Once a reservation has been obtained, the traveler can visit the bank branch at the airport to deliver the Iraqi cash and receive the desired amount of dollars.

He said that with this procedure, the bank will help citizens buy dollars smoothly. It must ensure correct data entry for a successful reservation.

https://dinaropinions.com/this-evening-al-rasheed-bank-announces-the-opening-of-the-platform-for-buying-dollars-for-travel-purposes/