The government is spending 133 trillion dinars from the current year’s budget and revealing the status of employees’ salaries for the new year, 18 DEC

  The government is spending 133 trillion dinars from the current year’s budget and revealing the status of employees’ salaries for the new year

Member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said in a press interview that “delaying the budget releases does not affect employees’ salaries,” indicating that “salaries have been fully secured.”

Al-Karaawi added, “About 130 trillion Iraqi dinars were spent out of the total budget amounting to 199 trillion dinars.”

A member of the Parliamentary Finance Committee pointed out that “delayed projects are among the government’s obligations, and will be proceeded with after disbursing all investment budget allocations.”

For his part, economic affairs specialist Safwan Qusay said in a press interview, “The cessation of oil exports in the Kurdistan region affected Iraqi revenues, but the rise in oil prices in recent months made up for the shortfall.”

Qusay added, “The monthly spending rate is approximately seven trillion dinars, while the budget was built on the basis of 15 trillion dinars, meaning there is an excess in spending.”

The economic affairs specialist pointed out that “the money spent is 80% of the operating budget, and the financial abundance is rotated, given that the budget is for three years.”

Earlier, the Parliamentary Finance Committee confirmed that entering the new year 2024 will not stop the disbursement of funds from the tripartite budget, given that it was approved for three years, while indicating that the committee is awaiting schedules from the government related to spending for the new year.

The head of the committee, Atwan Al-Atwani, said in a statement to the official agency, last week, that " The committee approved a tripartite government budget, and there is no interruption to spending and disbursement, given that the approved budget is for (3) years to ensure the continuation of spending, contracting, and the continuity of the government’s work throughout its years without faltering, as happened in the past, which led to the budget being delayed for more than 6 months.

He added, “With regard to the 2024 budget, the committee is communicating with the government while awaiting its schedules, and it is possible to complete the issue as soon as possible with the aim of sending it to the House of Representatives to vote on it.”   link

"RV UPDATE" BY MILITIAMAN, 17 DEC

 Militia Man 

 Article:  "A STATEMENT ISSUED BY THE IRAQ ECONOMIC CONTACT GROUP OF THE GROUP OF SEVEN COUNTRIES, THE EUROPEAN UNION, AND THE WORLD BANK"  This data supports all that we have been seeing where Iraq is going international. It is coming out strong and to the point from the horse's mouths. For those that doubt it still.. Good luck.

  We had some problems with the embassy recently...They put the army out from the 12th, a couple days back, through the 20th.  So you kind of go, wow.  They're really focusing in on the 20th.  Again, they are telling us a story.   Whether that is an indicator or not it's going to be determined. Don't think that we're telling you it's going down on the 20th because that's not what we said and that's not what I'm telling you.  But it's fascinating stuff...

  Romanowski  [US Ambassador to Iraq]  had her G7 meeting...She's taken photo op with the G7 supporting the reforms of Iraq.  That's powerful stuff.  

Article quote:  "...during the coming year the Iraq economic contact group will further cooperation to support the development of the economic and financial sector in Iraq including prime minister Al-Sudani's policies to enhance the value of the dinar...This is a clear announcement of the new policies regarding the dinar during the transitional period..."  That's a drop the mic you guys.  Phenomenal...In other words if you're going to enhance the value of the dinar something is going to change.

Article  "STATEMENT OF THE IRAQ ECONOMIC CONTACT GROUP OF THE G7, EUROPEAN UNION AND WORLD BANK"  This is the road map they have been using to show the world their intentions.

 They have every intention to see Iraq succeed and get back into the international arena and into her rightful place in the international financial system! We can see by the evidence over the last few months that support they are getting down to the wire...

 Iraq is presenting that they're going international and they have been talking about it for a long period of time.

  They've actually doing it for a long period of time and they're coming to fruition to where they've publicly told us they were going to start spending money and that could be as soon as around the 20th.  Then you have the end of the year dinar only.  They have the taxation in dinar on the same time frame.   These little bits and pieces they feed us, their time frames, we put it together...and we'll see how they roll out in the coming days.   It's a phenomenal process...

The dollar is going away between now and the 20th for commercial purposes.  It will not be used as of the same data for taxation in the country... Will they still be able to buy dollars to travel. ..?  Yes.  Will they be able to use the dollar for transactions in country for commercial purposes?  Answer, No.  Will they be able to use any other currency other than the dinar for commercial purposes within the country as of January 1, 2024?  ...the answer is no...  Standby for this to get really exciting because everything we're seeing is telling me that we've never been here before...

  Article:   "Samsung: Iraq represents the most prominent market in the Middle East"  The Iraqi markets are going to explode. Samsung is going to be there all along the way. They will not be alone be sure. Having an early start is a big deal...Iraq's private sector is going to be on fire.

Al Sudani has established  a "Unique private sector development council..." ...Giving credibility to the private sector is getting ready to explode.  It's going to be phenomenal.  

 If the Finance Minister needs to work to the end of the year to make sure that everything's sorted and ready to go and do it right and do it properly so the Iraqi citizens get what they deserve which is purchasing power.  I think it's a phenomenal situation.  I think everybody can clearly see...they're doing it and it's coming to fruition...

seeks “monetary sovereignty” with restrictions on the dollar BY NADER FROM MID EAST

"RV UPDATE" BY MNT GOAT, 17 DEC

 Mountain Goat

I asked [my CBI contact] what the next targeted steps were and I was told that the committee does not even know and were told just to standby and the CBI is going to try to “push” to continue as they are ready for the next step in the process.  I was told the IMF is negotiating the new peg for the dinar but to remember it impacts all countries in this new peg not just Iraq.

  I was told this is close to being completed and should be done this week ending. This lines us up for next week to begin the currency sway [swap ?] out, but they told me it is delayed until further notice.

So, at least we now have a timeline when they did plan it and still could do it based on what happens with the US bombing issue. My contact did reiterate that the process now is irreversible and must go forward. The US had already given assurances they would not back out if the CBI moved ahead.  So all I can say is let’s sit tight and watch what does happen in the coming week.

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-mnt-goat-16-dec.html

 ...just recently Iraq now began broadcasting news in-country to the citizens that the dinar is an “issue of a homeland” in a real way...a patriotic video...is telling the people that the dinar is valuable and will revitalize the nation...It DOES NOT say the dinar is going to be stronger than the dollar, but it does tell the citizens they should be very proud of their national currency and that it is very valuable. Valuable at 1/6 of a penny? ...something BIG is about to happen with the dinar...

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-mnt-goat-14-dec.html

A fruitful week in the footsteps of financial and banking reform, 17 DEC

A fruitful week in the footsteps of financial and banking reform

 Economy News-  

The last week ending on 14/12/2023 witnessed clear activity and efforts by the government and the Central Bank to implement the visions, plans drawn and the roadmap contained in the methodology of financial and banking reform in paragraph 7 and other relevant paragraphs of axis 12 of the government curriculum and the new strategy that the Central Bank is working on for banking reform and foreign trade financing and reconsidering lending policies in accordance with building a national lending strategy that adopts new mechanisms for bank financing and the Riyada initiative to develop the capabilities of young people and allow them to choose

Their small and medium enterprises are pioneering in all areas of development and technology.

In addition to confirming the plans for digital transformation in the financial and banking sector and moving to the community of criticism and focusing clearly on electronic payment applications in all fields and in fruitful cooperation and high coordination with government stakeholders and with the continuous support of the Prime Minister, so it was achieved during the past week and in light of the negotiating visits to organize foreign trade financing conducted by delegations from the Central Bank, the government and banks to Turkey and to the United Arab Emirates and meetings with the US Federal Reserve Bank and the Treasury The United States, the Central Bank of Turkey and the concerned authorities in Turkey include the following:

First: Starting to open accounts for our banks in Turkish lira and euros, with the strengthening of the Central Bank of Iraq in accordance with special arrangements and understandings.

Second: Starting to strengthen the balances of our banks in UAE dirhams and agreeing with First Abu Dhabi Bank on all arrangements clearly. 

Third: Finding and strengthening the relations of our banks with foreign correspondent banks, achieving the compliance of the Iraqi banking system with international banking standards, and enhancing the advance balance in our bank accounts, and this will lead to a gradual reduction of dependence on the electronic platform in 2024.

Fourth: Meeting the Central Bank's requests for foreign exchange shipments for the year 2024 .

Fifth: Emphasis on the electronic link between the Central Bank, customs, tax, and automation of the customs system and the tax system.

To complement the procedures of the Central Bank to employ the strategy of financial inclusion and electronic payment, the decision of its Board of Directors was issued to establish the National Company for Electronic Payment Systems in Iraq.

Which will regulate, develop and manage the national electronic payment systems with high efficiency, and that the role of the Central Bank will be regulatory and supervisory on these systems, and the implementation and development of the legal and operational framework will be initiated with the participation of all relevant authorities in accordance with the Central Bank Law.

This confirms that the Central Bank and the government are working in coordination and continuous efforts to achieve financial and banking reform, which is the beginning of the successful economic reform.

The central goal is to stabilize the exchange rate and not to accept the existence of another price for trading on the black market higher than the official rate, and to eliminate speculation in the black dollar and damage the national economy.

"RV UPDATE" BY FRANK26, 17 DEC

  Frank26  

 There is hidden information being revealed in these [This week's bank story] phone calls...They're running out of time...The Venturi effect of the whole monetary reform is becoming so narrow he can barely get everything through fast enough right now.  

The employees are being educated/updated.  Very good.  They are telling them the dinar...we'll be doing it, sure...The banks know when and they're getting the customers ready and preparing them...This is what I am coming across...You may be still getting a lot of denials and that's still to be expected, but I am a central hub of information.  People call me because they want me to share it with you...these bank stories are powerful.

 [California Golden Valley Bank Story] 

Bank Story Lady: (family friend) had an appointment yesterday.  Whenever the banker found out how many dinar that we are holding in our group which is about half a billion he said that was too much, they weren't going to be able to handle that much...Then this morning he got a call from his bank Golden Valley and they said look we had a meeting about you and your group last night.  

FRANK:  They had a meeting about his issue with the dinar?

  BANK STORY LADY:  Yes, because it was so much.  They invited him back...we're waiting for that update.

 FRANK:  The updates came...Turns out this bank has told this group of people...we can't handle that much volume at our banks, therefore we are sending you to an exchange center and they will give you 4.5% to put it in the bank.  They said Morgan Stanley are the people we are going to introduce you to for a management company to help you when you come in towards the end of the year.  

90% up auction cell #iqd IRAQ good thing BY NADER FROM MID EAST