Monday, April 1, 2024
Information” opens the files for installing lecturers, the exchange rate, and automation in the 2024 budget, 1 APRIL
Information” opens the files for installing lecturers, the exchange rate, and automation in the 2024 budget
An accelerated movement led by the Parliamentary Finance Committee in order to find objective solutions to many of the problems facing the economy and money in Iraq by pushing the government’s programs for implementation in light of the challenges imposed by the oil markets, which constitute an important criterion in determining the volume of money flowing to the country’s treasury, not to mention the rights of multiple segments awaiting resolution. In the 2024 budget.
The Information Agency interviewed Mudar Al-Karawi, a member of the Parliamentary Finance Committee, to find out the most prominent developments in the economic file in the country and its challenges during 2024.
Q/ When will the 2024 budget schedules reach Parliament and are there any important changes?
A/ We expect the 2024 budget schedules to arrive next week after they are completed by the government committee, after which they will be discussed by the committee, but it is too early to talk about its provisions in detail, but the Ministry of Finance is awaiting approval of the schedules in order to launch financing for all governorate projects according to the instructions.
Q/ Where has the automation file reached in state institutions?
A/ There is remarkable progress in applying automation, especially in the tax and customs departments, not to mention the rest of the other services, because it is a path that will reduce the routine of administrative procedures and close 50% of the doors to corruption, in addition to being an effort to develop non-oil revenues for the Iraqi treasury.
Q/ The 2020 lecturer file in education, will it be decided in the 2024 budget tables?
A/ The Parliamentary Finance Committee gives importance to this file, and we officially asked the Ministry of Finance to include their appointments within the Ministry of Education’s 2024 allocations, and we are awaiting the schedules in order to deal with them according to the procedures.
Q/ Will the exchange rate in the parallel market witness a greater decline in 2024?
C/ The Central Bank and financial measures contributed to stopping the fever of the exchange rate rise in the parallel market and even controlling it at high rates and the gradual decline that occurred, even if it was slow over the last five months, but it was the beginning of pushing it to be close to the exchange rate specified by the Central Bank of Iraq, i.e. The decline will continue
Q: Was the amount of money allocated to provincial projects in 2023 limited?
Q/ It was not limited, but rather it was at a high rate compared to previous years, especially since the total amount allocated amounts to more than 10 trillion dinars, and it covers more than 5 thousand projects in the governorates, but reaching the actual completion requires some time, especially with the procedures and time period to complete the stages. .
Q/ What is Iraq’s 2024 strategy to confront its financial challenges?
A/ Iraq is still facing a real challenge represented by its dependence on the sale of oil as a primary resource for its treasury at a rate approaching 90% in light of price fluctuations that put the economy in a difficult situation from time to time. Therefore, there is a general trend in maximizing non-oil treasury revenues and establishing a culture of partnership between the two sectors. Public and private, to crystallize a long series of investments that create job opportunities and provide indicators of activity according to the principle of service in exchange for interest.”
Q/ What are the most prominent challenges of investments in Iraq?
A/ For years, the security factor has been the most prominent challenge to investment and attracting capital, but the situation is currently different with stability and control of the security forces, but the marketing factor remains, creating flexibility in procedures, reassuring investors, and diversifying job opportunities are challenges that must be paid attention to, in addition to the necessity of ending any indicators of corruption that are trying to approach the file. Investing and seeking to reduce procedures in a way that contributes to attracting more money, especially since internal investment rates increased by 35% in the past 16 months.”
Q/ Is Iraq continuing to diversify currency baskets?
C/ A current reality imposed by international conditions on the importance of diversifying the basket of currencies in order to secure import needs from multiple origins and not to limit dealing to one or two currencies. Also, pushing the Iraqi reserve to the principle of diversification is very important, and it is a context that most countries in the world have begun to adopt in recent years. link
"QFS CONVERSATIONS" WITH GOLDILOCKS, 1 APRIL
GOLDILOCKS
Updated: 4/1/2024
Official Central Bank of Iraq (CBI) Dinar Rate:
1310 IQD to 1 USD
----
The CBI of Iraq showed us two articles from the CBI that they are not exceeding their cash credit amounts in loans giving out to people and companies. These loans provide liquidity for extra capital to help their banking system run more smoothly and profitably going forward. ;
In talking with our CBI banking contact, their inflation has come down and the country is working within normal ranges of a growing economy. All of this is being done without a change in their exchange rate so far.
If you look on the cbi.iq, you will notice that they still have no changes to their currency rates. One of the things that our CBI contact does discuss often is the price of gold. This is very important to all the countries because the second half of the year is when interest rates are expected to be lowered by the US.
This is already taking place among other countries, but the US is still waiting to see if our inflation numbers will level off some. This does not look to be the case, and this is why a new decentralized system utilizing tokenized assets is becoming necessary.
As the United States lags behind in lowering interest rates while other countries have moved ahead, this will give some of the new local currencies being traded around the world a time to gain some momentum in trade and strength.
By tokenizing all of our assets on the market, the part of that asset tokenized by gold will deflate the current inflated values we are presently experiencing on the market.
Once our tokenized assets are regulated at the end of May, we will be able to shift our attention towards a new digital payment system and a new digital asset based economy.
At that time, you can look for our Global Markets to move into real values. What will appear to be a crash is going to be a movement into real values going forward.
From that moment forward, the new cash credit for our banking system which includes Iraqi Dinar will be based on the authentic movement of gold no longer held down by a World Reserve Asset.
Everything!
© Goldilocks
https://cbi.iq/news/view/2540
https://cbi.iq/news/view/2539
https://cleartax.in/glossary/cash-credit
Puddledpnw: Zimbabwe to Keep Local Dollar Despite Losses, Revamp Plans, Ncube Says, 1 APRIL
Puddledpnw: Zimbabwe to Keep Local Dollar Despite Losses, Revamp Plans, Ncube Says
March 23, 2024 at 11:38 AM PDT
Zimbabwe plans to keep its local dollar, a currency that has lost value every single trading day of the year, even as fiscal and monetary authorities work on new plans to revamp the currency, according to Finance Minister Mthuli Ncube.
“We will have a domestic currency, there will always be a domestic currency so there is no way that we cannot have one,” Ncube said in an interview Saturday in Zimbabwe’s second biggest city of Bulawayo. “It’s very important to have a domestic currency so that we don’t just rely on foreign currency only for transactions.”
Coffee with MarkZ. 04/01/2024
-
Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
-
Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
-
Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...