Monday, January 22, 2024
Parliamentary Finance reveals the most prominent amendments that will be made to the 2024 budget, 22 JAN
Parliamentary Finance reveals the most prominent amendments that will be made to the 2024 budget, 22 JAN
Today, Monday, the Parliamentary Finance Committee revealed the amendments that will be made by the government to the 2024 budget tables, noting that the variables in the 2024 budget tables will be sent to Parliament next month for approval.
Committee member, Moeen Al-Kadhimi, said in a statement followed by Al-Eqtisad News, that “the Finance Committee met yesterday, Sunday, with the Minister of Finance, in which many topics were discussed related to the changes that will be made in the 2024 budget tables.”
He added, "The most important variables are an increase in the allocations for rations, social care, and allocations for purchasing rice and wheat from farmers, in addition to an increase in allocations related to the electricity sector and the costs of oil production."
Al-Kadhimi indicated that “the amendments to the 2024 budget will be submitted to the House of Representatives next month for approval.” link
Awake-in-3D: What Deleting the 3 Zeros Really means for the Iraqi Dinar, 22 JAN
Awake-in-3D: What Deleting the 3 Zeros Really means for the Iraqi Dinar
What Deleting the 3 Zeros Really Means for the Iraqi Dinar
On January 20, 2024
By Awake-In-3D
I’ve been closely monitoring the economic and monetary developments in Iraq, and there’s a concerning possibility that could significantly impact us foreign holders of IQD.
My concern is about a potential demonetization move by the Government of Iraq, similar to India’s massive cash currency overhaul in 2016.
A recent article from Al-Alam Al-Jadid Newspaper highlights two significant strategies aimed at strengthening the Iraqi Dinar (IQD): deleting zeros from the currency and motivating Iraqi citizens to move their cash holdings into banks.
These initiatives are seen as pivotal steps towards economic stability and international reinforcement of the Dinar.
The proposals outlined in the Iraqi news article involves redenominating the Dinar by removing zeros from the currency notes. This process simplifies the currency’s face value without affecting its actual worth.
The article also addresses the problem of motivating Iraqi citizens to use bank accounts.
A large portion of the Iraqi population prefers to store their cash IQD at home rather than in banks, limiting the money’s active participation in the economy.
If Iraq follows a demonetization process similar to what India did in 2016, our IQD held outside of Iraq could become worthless overnight.
What Happened with the Indian Rupee?
In 2016, India made a sudden move. The government declared its higher denomination notes – the 500- and 1,000-rupee bills – invalid overnight. This represented a massive 86% of rupee cash supply at the time.
They introduced new notes, but here’s the catch: foreign holders of the old rupee notes found themselves stuck with worthless paper.
India’s demonetization was aimed at curbing black market money (the parallel market) and encouraging the use of citizen bank deposits, but it left foreigners with no option to exchange the old Rupee notes outside of India.
What This Means for Us Foreign Dinar Holders
Now, imagine Iraq taking the same path.
If Baghdad decides to demonetize the Dinar, especially in the context of deleting zeros from their currency, we could face a similar situation.
Our holdings of old Dinar notes might turn into mere collectibles, with no financial value.
This is not just speculation. With the global shift towards digital transactions and Iraq’s ongoing economic reforms, such a move could be on the horizon.
Stay tuned to GCR Real-Time News for the latest updates and insights on this developing story.
Supporting articles:
- Freeing the Dinar from the Official Rate: Obstacles and Solutions
- India’s Supreme Court upholds legality of 2016 demonetization
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© GCR Real-Time News
Al-Badri: America is waving the economic card to ensure that its interests are served in Iraq, 22 JAN
Al-Badri: America is waving the economic card to ensure that its interests are served in Iraq
Information / Baghdad…
Political analyst Saeed Al-Badri said on Sunday that Washington often waves the economic card against Baghdad in order to ensure the implementation of its agendas and the continued presence of its forces in Iraqi territory for as long as possible.
Al-Badri said in a statement to Al-Maalouma, “America is a country that cannot be trusted after the crimes and massacres committed by its forces in Iraq and the support it provided to the terrorist ISIS, in addition to the fact that it is still manipulating the economy, the dollar currency, and Iraq’s funds.”
He added, “America, under the pretext of protecting Iraqi funds, is working to ensure Iraq’s continuation within Chapter Seven, and therefore Iraqi balances will remain hostage to the American administration, and the Federal Bank and the Treasury Department will manipulate and control them.”
He stated, “America always threatens to impose economic sanctions and disrupt the course of the Iraqi government, by manipulating the dollar currency and exchange rates, and preventing the government from contracting for advanced armament that guarantees sovereignty on land, air, and sea.”
almaalomah.me
"THIS IS GOING TO BE THE BIGGEST WEEK IN THE HISTORY" BY WOLVERINE, 22 JAN
Bearded PatriotUSA
Telegram post
1/21/24
Forwarded from Wolverine:
This is going to be the biggest week in the history of mankind. Please make sure you have enough water and food cans.
We are finally going to be free.
Thank God every day for you being awake and being chosen.
I can’t tell you just how emotional I am at the moment.
Thank you for all the support you have all given me through out all these years
God bless you all
Wolverine
https://t.me/Bearded_PatriotsUSA/13420
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Bearded PatriotUSA
Telegram post
1/21/24
Forwarded from Wolverine:
Really emotional times are coming guys.
Put on your seatbelts as will be going warp speed very soon.
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