Monday, December 25, 2023
Iraq is going through major changes.” Parliamentary Finance identifies 3 factors that control the 2024 budget, 25 DEC
Iraq is going through major changes.” Parliamentary Finance identifies 3 factors that control the 2024 budget
Member of the Parliamentary Finance Committee, Mudar Al-Karawi, identified three factors that control Iraq’s budget for the year 2024.
Al-Karawi said in a press interview seen by “Taqaddam” that “the volume of actual and total spending for Iraq in the year 2024 may exceed the current year, amid expectations of an increase in the exchange rate with the launch of more than 1,300 service projects nationwide,” pointing out that “the economic situation is recovering.” But very slowly due to accumulations extending over years.”
He added, “It is not possible to be certain from now that inflation will remain at its current levels, and it may decrease or rise, in addition to not confirming that a financial deficit in 2024 will be larger or smaller than the current year,” indicating that “Iraq is living with major changes after the Gaza war and its repercussions that have affected it.” “It began to be monitored through what is happening in Bab al-Mandab and other areas, and the possibility of expanding confrontations in the Middle East in general.”
Al-Karawi indicated, “The Finance Committee will hold a series of meetings with the Ministry of Finance and the rest of the institutions concerned with the economy at the beginning of next year.” To determine the expected deficit rates and what solutions are proposed,” he pointed out, “stability, oil prices that are compatible with the country’s needs, and exchange mechanisms are all factors influencing the 2024 budget.”
After a difficult struggle that extended for months, the House of Representatives voted on the general financial budget for the years 2023, 2024, and 2025 last June, after a series of sessions that extended until the early hours of dawn, which resulted in a tripartite budget, the highest in the history of Iraq, as it was described as “explosive” with a value of 198 trillion and 910 billion dinars. link
"RV UPDATE" BY WALKINGSTICK, 25 DEC
Walkingstick
Article: "A government source reveals the Sudanese measures to reduce the dollar to its official price" IT IS BECAUSE THE IQD IS GOING UP IN VALUE AGAINST THE USD...NOT THE OTHER WAY AROUND!.
Have we not been saying to you over and over again look for it in the beginning, in the middle or at the end of a quarter...Iraq is on a fiscal calendar year. January 1st to December the 31st. This is the end of a quarter. It is all about the accounting. It's all about the numbers.
They were mopping up excessive liquidity. That's the 3-zeros of the Iraqi dinar and the American dollar. Even the dinar is a liquidity that had to be mopped up to collect the 3-zeros. They have accomplished that enough, now they are collecting the American dollar from their market.
As the days go by and we walk toward the 1st of this year IMO so far the monetary reform is keeping its word on their intent of adding value and introducing a new monetary system called the lower denominations.
The intent of the government of Iraq and the board of directors of the CBI is to eventually float. We see this information in the art
They have told them [Iraqi citizens] a change is coming. Do you need another clue? Come January 1st what are the citizens supposed to do?
What are they supposed to use? Should they continue to use a worthless currency? Should they continue to live in misery, poverty, when they were promised other things? Iraq will be another Dubai. What more can the CBI do after the first? Reinstate and float. That will make the Iraqi citizens very happy...
Why only [spend] 20% [of their budget] in 11 months? IOO they're waiting for a new exchange rate. They're going to use their currency...
pressure will be reduced on the citizens by adding value to their currency...Stop using the dollar on January 1, 2024 because the monetary reform education is the key and we're telling you what we are doing.
IMO they are telling them all so they will understand where the monetary reform process is at at this moment.
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-walkingstick-16-dec.html
They have told them [Iraqi citizens] a change is coming. Do you need another clue? Come January 1st what are the citizens supposed to do? What are they supposed to use?
Should they continue to use a worthless currency? Should they continue to live in misery, poverty, when they were promised other things? Iraq will be another Dubai. What more can the CBI do after the first? Reinstate and float. That will make the Iraqi citizens very happy...
Why only [spend] 20% [of their budget] in 11 months? IOO they're waiting for a new exchange rate. They're going to use their currency...pressure will be reduced on the citizens by adding value to their currency...Stop using the dollar on January 1, 2024 because the monetary reform education is the key and we're telling you what we are doing. IMO they are telling them all so they will understand where the monetary reform process is at at this moment.
Why only [spend] 20% [of their budget] in 11 months? IOO they're waiting for a new exchange rate. They're going to use their currency ...pressure will be reduced on the citizens by adding value to their currency...
Stop using the dollar on January 1, 2024 because the monetary reform education is the key and we're telling you what we are doing. IMO they are telling them all so they will understand where the monetary reform process is at at this moment.
The 1st of January is when no other currency will be used by Iraqi citizens inside the country except their own currency. Don't you think that's a clue! They are pretty much telling you without telling you. Can you pick up on this intent? You don't have to be a detective to pick up on a clue like this!
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-walkingstick-14-dec.html
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-walkingstick-15-dec.html
Kurdistan will prevent dealing in the dollar in 2024 if Baghdad wants - a special statement, 25 DEC
Kurdistan will prevent dealing in the dollar in 2024 if Baghdad wants - a special statement
The Minister of Commerce in the Kurdistan Government, Kamal Muslim, confirmed in a statement to the 964 Network that the region only adopts the Iraqi dinar in transactions at the level of border crossings and airports, and said that measures to prevent the circulation of the dollar will include the real estate market, car trade, and other activities during the next year, if a decision is issued to do so by Central Bank of Iraq.
The Central Bank of Iraq decided earlier in 2023 to limit all local transactions to the Iraqi dinar, and after that the Ministry of Interior launched a campaign to prevent dealing in dollars in all governorates with the exception of the Kurdistan region, while indicating that the penalty for violating the law reaches 5 years in prison.
Kamal Muslim - Minister of Trade in the Kurdistan Region:
We are committed to all instructions and decisions regarding stabilizing the dollar exchange rate and increasing the value of the Iraqi dinar, as we deal in the Iraqi dinar exclusively at the level of border crossings and airports.
At the market level, we will also commit to imposing dealing in the dinar if a decision is issued by the Central Bank requiring it to be used in all market transactions, such as buying and selling goods, homes, and cars in the Kurdistan region.
Network:
Currency market experts say that the issue of “dinarising” local buying and selling operations in the Kurdistan region will have a major impact on the rise in the value of the dinar, because only merchants and tourists need the dollar, and they can obtain it from the Central Bank of Iraq. link
"RV UPDATE" BY ARIEL, 25 DEC
Ariel
Dinar SitRep – You are about to enter an entire different game.
You have to understand. When Iraqi banks form relationships with international banks, it enhances their connectivity to the global financial system. This increased integration allows Iraq to participate more effectively in international trade and finance.
As these banks establish connections, they gain access to foreign exchange markets, including the Forex (foreign exchange) market. Being part of the Forex market enables Iraq to facilitate currency exchange, attract foreign investment, and conduct international transactions more efficiently. It also contributes to the stability of the Iraqi dinar, as increased participation in global financial markets often leads to better management of currency values.
Overall, the collaboration with international banks is a positive step for Iraq in terms of economic stability and progress in the reform of its banking sector.
Do you understand how monumental it is for the US Treasury to confirm this today on Christmas Eve? Did you know the dollar exchange rate is stabilizing and the parallel market is reaching the official price? Being part of the Forex market enables Iraq to facilitate currency exchange, attract foreign investment, and conduct international transactions more efficiently. It also contributes to the stability of the Iraqi dinar, as increased participation in global financial markets often leads to better management of currency values.
Overall, the collaboration with international banks is a positive step for Iraq in terms of economic stability and progress in the reform of its banking sector. Why do you think I kept reminding you all that on January 1st Iraq will only be using their currency?
Don’t you think they will need all the help they can establish by connecting to other foreign markets to facilitate trade so they can strengthen their currency? And here is the kicker. Iraq will come out with a fixed rate not a float. Do you know what this means? They will come out at $3-$4 dollars.
If you have 4 million in IQD, guess how much you will have the morning it pops up on Forex? $12-$16 million dollars. Talk about turning a profit.
The other part of this plan is that investing will be easy for you. Because we will be on a gold standard soon. Your money will grow with the market without the fluctuations of the old system. Companies will be confident. Banks will be confident. Insurance companies will be confident. ISO-20022 SOFR Basel 3 Comex 589 Protocol 20 You will have all these tools in the new financial system to protect your money and investments. You should be more confident than a basket full of cans’. I didn’t even mention the Zimbabwe Bonds. I didn’t even mention the Iranian Rials. I didn’t even mention the Vietnamese Dong. I do not even need the Iraqi Dinar. But it’s a tool and I will use it.
Goodluck to you all. Because you are about to enter an entire different game.
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...