The Arrival Of The Budget Law For 2024 Is Near, 15 JAN

The Arrival Of The Budget Law For 2024 Is Near, 15 JAN

Today, Monday, the Parliamentary Finance Committee resumed its regular meetings with the beginning of the new legislative term, while confirming the imminent arrival of the budget law for the year 2024.

The media office of the Committee Chairman said in a statement received by “Earth News” that, “Today, the Parliamentary Finance Committee headed by Atwan Al-Atwani resumed its regular meetings with the beginning of the new legislative term; To discuss a number of topics related to its legislative and oversight work,” indicating, “The meeting discussed ways to conduct a rapid review of the committee’s work during the past legislative term and determine the priorities for the next phase in accordance with the ministerial platform, whether in terms of completing the requirements for legislating important laws or monitoring spending and removing obstacles and impediments that delay Implementing service and development plans and programmes.”

Al-Atwani stressed – according to the statement – that “the committee is awaiting the arrival of the budget law for 2024 soon to make the necessary amendments to its schedules,” stressing “the necessity of determining our priorities in accordance with the government program.”

He added, “We will have field visits in the coming days to ministries and governorates to follow up on the implementation of plans and programmes,” addressing the members of the committee by saying: “Your presence in the field is sufficient to solve all the legal and technical problems that delay the referral of strategic projects and hinder the completion of those that are lagging behind.”

He stated, “We have allocated additional funds to the governorates in order to implement strategic projects, and this requires us to follow up on financing and implementation,” pointing out “the necessity of working to overcome obstacles to completing school building projects that have been lagging for years.”

"RV UPDATE" BY PIMPY, 15 JAN

 Pimpy 

 Why is it that the Iraqi dinar is unstable?  That is because they rely too much on oil sales.   95% of their budget relies on oil sales.  There's too many people out there going, they got so much oil there's no reason why their currency isn't valuable.  No, you don't understand.  That's the problem.  Article quote "The CBI devalued the notation currency in December 2020 amid a sever drop in global crude prices which threatened economic collapse given Iraq's heavy dependence on oil exports..."   If it wasn't for the fact that they devalued the Iraqi dinar they would have collapsed...

 Article:  "Iraq and 4 Arab countries have more than 1 million tons of global gold reserves"   Why do they have so much gold?  Because you need that to strengthen your own local currency.  Gold is way more liquid than anything else.   If you want to make sure the currency stays strong you want to have tons of gold as well as foreign reserve assets in your holding.

Iraq's minimum exchange rate needs to be in order for them to be compliant with the IMF - Take the SDR $1.33 minus 2%...Iraq has to be at an exchange rate at a minimum in order to be in compliant with the IMF...$1.28...

Stop falling for that crap that there's no way Iraq can get all these major projects that they have listed in their budget unless they change the exchange rate.  That's false.  It's already accounted for.   The budget is already created with the proper amount of money set aside for these projects. It's just done in Iraqi dinars with the current exchange rate.  

https://dinarevaluation.blogspot.com/2024/01/rv-update-by-pimpy-15-jan.html

Iraqi Dinar Latest Exchange Rate And Budget Aproval Huge Update-Iraqi Di...

Economist: The Iraqi Central Bank returns to the forefront with a new strange decision!, 15 JAN

  Economist: The Iraqi Central Bank returns to the forefront with a new strange decision!

 Economic researcher, Ziad Al-Hashemi, said on Sunday that the Central Bank opened a new door to withdraw the dollar under the pretext of “borrowing” and then repaid the value of these dollar loans in dinars and at the official rate, without specifying any controls or standards that control dollar borrowing operations, which makes it a potential method. To receive the dollar and smuggle it or sell it for cash at the parallel price, and then repay its value at the official price and profit from the price differences.

Al-Hashemi stated in a post on the “X” platform,  that “the Iraqi Central Bank returns to the forefront with a new strange decision, as many were optimistic about the recent steps of the Iraqi Central Bank and considered them (reform) measures that will contribute to supporting the dinar, controlling the leakage of national hard currency, and stabilizing exchange rates, but It seems that the management of the Central Bank wants to raise controversy, suspicions and speculation again, through some strange decisions.”

He explained, “The Central Bank opened a new door to withdraw the dollar under the pretext of (borrowing) and then repaid the value of these dollar loans in dinars and at the official rate (according to the book below), and this book (according to its wording) does not specify any important controls or standards that control dollar borrowing operations, which This makes it a potential way to receive the dollar and smuggle it or sell it for cash at the parallel price, and then repay its value at the official price and profit from the price differences.”

He stated, “This potential fraudulent exploitation of the Iraqi dollar will refuel the smuggling and money laundering networks with cash dollars, and will increase the wealth of speculative parties (already wealthy) in dollars through differences in exchange rates.”

The economic researcher called on “the Central Bank to reconsider this book and discuss its potential repercussions on the Iraqi markets and economy, and to amend it in a way that preserves Iraqi funds and does not provoke the Fed again.”     link

"RV UPDATE" BY TISHWASH & SAMSON, 15 JAN

 tishwash  

 Article:  "Iraq returns to the World Trade Organization 14 years after its expulsion"  Quotes:  "Iraq is taking steps to return as a strong economic player by opening relations with Arab countries and all countries of the world..."; "...we accomplished in one year the equivalent of more than 15 years’ work..."

Samson   

 Article:  "Sudanese participates in the World Economic Forum in Davos, Switzerland"

Article:  "More than 800 companies at the Baghdad International Fair...an active Japanese presence and solid international companies enhancing their presence in the local market"

Iraqi dinar 🔥 Iraq new preparations for dinar rates 🔥 Dinar new rate update

BRICS New Development Bank Prepares to Release Bonds in Local Currencies, 15 JAN

 BRICS New Development Bank Prepares to Release Bonds in Local Currencies, 15 JAN

TEHRAN, Jan. 14 (MNA) – BRICS, a bloc of leading emerging markets, is preparing to launch new bonds in global markets, which will be available in local currencies rather than in the US dollar.

The BRICS bank, known as the New Development Bank (NDB), will soon release the bonds called ‘Maharaja Bonds’ worth $28 billion, IRNA reported on Sunday citing a press release by Watcher Guru, a website introducing itself as a leading source for finance focusing on cryptocurrency.

Watcher Guru did not specify the exact date the bonds will be released but said that NDB Chief Operating Officer Vladimir Kazbekov has announced that the bank is waiting for approvals from regulatory authorities.

The new bonds, according to the website, will be made available for governments, financial institutions, and regular investors.

They will be available for purchase in local currencies in an effort to strengthen them and to help boost their respective economies.

The plan to release the bonds is part of BRICS’s initiatives for de-dollarization as the alliance is moving ahead to reduce dependency on the American currency in an effort to reform the global economy.

BRICS is comprised of Brazil, China, Russia, India, and South Africa as well as six new members namely Iran, Saudi Arabia, the UAE, Egypt, Argentina, and Ethiopia.

BRICS leaders, at their latest summit in late 2023, pledged to promote the use of local currencies as a way to ditch the US dollar, as they unanimously rejected exploiting the global economy for political purposes.

MP/IRN

Source: Mehr News Agency