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The Sudanese confirms to the Plaskhart, Iraq has completed many of the requirements of transformation and the completion of its constitutional institutions, 8 APRIL

The Sudanese confirms to the Plaskhart, Iraq has completed many of the requirements of transformation and the completion of its constitutional institutions

 Prime Minister Mohammed Shia Al-Sudani confirmed, on Sunday, to the representative of the United Nations, that Iraq has completed many of the requirements of transformation and the completion of its constitutional institutions, which was documented by the recent UN reports.

His media office said in a statement received by {Euphrates News}, “the latter received the Special Representative of the United Nations Secretary-General in Iraq, Jenin Blaskhart, and discussed, during the meeting, the relationship between Iraq and the United Nations, and highlighted the files and programs in which the UN organization works to support Iraq and in various fields.”

The Prime Minister stressed that Iraq has completed many of the requirements of transformation and the completion of its constitutional institutions, which recent UN reports documented, pointing to the importance of continued cooperation between Iraq and the United Nations agencies working in Iraq, with their various activities.

https://alforatnews.iq/news/السوداني-يؤكد-لبلاسخارت-العراق-استكمل-الكثير-من-متطلبات-التحول-واكتمال-مؤسساته-الدستورية

"ZIMBABAWE FINALLY STARTS WITH THEIR MONETARY REFORM AND IT WILL TAKE MANY YEARS TO ACCOMPLISH ITS GOALS" BY FRANK26, 8 APRIL

KTFA

FRANK26:"ZIMBABAWE FINALLY STARTS WITH THEIR MONETARY REFORM AND IT WILL TAKE MANY YEARS TO ACCOMPLISH ITS GOALS"............F26

Zimbabwe launches new gold-backed currency

Most Zimbabweans prefer to do business, get paid and hold their savings in US dollars

 April 5, 2024

Harare – Zimbabwe’s central bank launched a new “structured currency” backed by gold on Friday, as it seeks to tackle sky-high inflation and stabilise the country’s long-floundering economy.

The ZiG — short for Zimbabwe Gold — will replace the Zimbabwean dollar which has tumbled in value over the past year, pushing inflation through the roof, Reserve Bank governor John Mushayavanhu said. 

“With effect from today… banks shall convert the current Zimbabwe dollar balances into the new currency,” he said, presenting a monetary policy statement.

He also announced a drastic cut in the bank’s main interest rate, from 130 percent to 20 percent. 

The ZiG will be “fully anchored and fully backed” by a basket of reserves comprising foreign currency and precious metals — mainly gold, Mushayavanhu added. 

The move is aimed at fostering “simplicity, certainty, (and) predictability” in Zimbabwe’s financial affairs, he said, presenting the new banknotes that come in eight denominations ranging from 1 to 200 ZiG.

The Zimbabwean dollar has lost almost 100 percent of its value against the US greenback over the past year.

On Friday, it was officially trading at around 30,000 against its more coveted US counterpart — and at 40,000 on the black market, according to tracker Zim Price Check.

Its poor performance contributed to the southern African country’s high inflation rate, which after climbing well into the triple digits last year, was at 55 percent in March, according to official data. 

This has piled pressure on its 16 million people who are already contending with widespread poverty, high unemployment and a severe drought induced by the El Nino weather pattern.

– More gold needed? –

Zimbabweans have 21 days to convert their old cash into new money, Mushayavanhu said.

The new banknotes feature a drawing of gold ingots being minted, as well as Zimbabwe’s famous Balancing Rocks, which already appeared on the old ones. 

Zimbabwe boasts vast gold deposits, with the precious metal accounting for almost 25 percent of all exports in January, according to official data.

But analysts have questioned whether Harare has enough reserves to adequately back the currency, and if the latter could suffer from volatility in gold prices. 

On Thursday, President Emmerson Mnangagwa inspected the central bank’s vaults that Mushayavanhu — who was appointed earlier this year — said hold 1.1 tonnes of solid gold. 

The bank also has almost 1.5 tonnes more abroad, as well as $100 million in cash and precious minerals such as diamonds that if converted into gold would account for another 0.4 tonnes, he added.

All together the reserves’ value totals $285 million, which Mushayavanhu said was “more than three times cover for the ZiG currency being issued”.

But some were sceptical. 

“We obviously need more,” said economist Prosper Chitambara, adding that other countries such as neighbouring South Africa had much larger reserves. 

“The more the reserves, obviously, the more the confidence and the more your capacity to be able to defend your currency against any shocks.” 

The central bank said it would adopt a tight monetary policy, linking money supply growth to growth in gold and foreign exchange reserves. 

– Trillion-dollar inflation –

Soaring prices have brought back memories of 2008, when hyperinflation was so out of control that the central bank even issued a 100-trillion-dollar note — now a collectors’ item. 

The government was eventually forced to ditch the local currency and adopt the US dollar as legal tender. 

The Zimbabwean dollar was revived in 2019, but it has suffered from much the same issues as its previous incarnation. 

Most Zimbabweans prefer to do business, get paid and hold their savings in US dollars. 

Many who earn a salary in local money rush to currency exchange shops on pay day.

The government has previously resorted to various expedients to stabilise the economy, including issuing gold coins and launching a gold-backed digital currency but they have yielded little results. 

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"TINK AND I WENT THROUGH THE TUNNEL OF THE SUEZ CANAL, IT IS MASSIVE... AND SO IS ITS FINANCIAL POTENTIAL!!!" BY FRANK26, 8 APRIL

 KTFA

FRANK26: "TINK AND I WENT THROUGH THE TUNNEL OF THE SUEZ CANAL, IT IS MASSIVE... AND SO IS ITS FINANCIAL POTENTIAL!!!"...........F26

Iraq will become an "alternative" to the Suez Canal

4/5/2024

Reports published by Reuters International and Splash News Agency, today, Thursday, described the large Al-Faw port project, which was expected to be completed next year, as “an alternative to the Suez Canal,” stressing that “Iraq will become, during the next few years, a “center” for international trade between the East and the Middle East.” And the West.” 

 

Reuters said, according to a report translated by NRT Arabic, that the Gulf countries are fully aware of the economic development taking place in Iraq, which is expected to increase soon with the completion of the Al-Faw port project and “huge” business projects, including Gulf investments in the country through the establishment of residential complexes and tourist hotels, indicating, “The Gulf has begun... "He is testing the waters by transferring his international investments to Iraq." 

 

She continued, "According to Gulf expectations, Baghdad will become one of the most important Arab capitals for the next twenty-five years," explaining what Splash Agency reported about the expected development of the Iraqi economy through the end of the Al-Faw port, which she said would turn Iraq into an "alternative" to the Suez Canal and an international trade corridor connecting Between East and West. 

 

The agency also confirmed that the new port will be able to receive goods and goods and transport them through Iraq to Turkey and then Europe in a “huge and unprecedented” manner by receiving cargo ships and giant oil tankers, which will “contribute” to transforming Iraq into an oil export center in addition to its new location as an alternative. About the Suez Canal, according to its description. 

 

The agency also noted that the Al-Faw port project, which has been stalled since 2010, is expected to end next year with the Iraqi authorities insisting on ending it after concluding an agreement with Turkey to establish railways and roads worth $17 billion, ensuring that the two countries will transform into a commercial transport point. Goods and commodities between the continents of Europe and Asia. 

 

It is noteworthy that the agency also indicated that the limited transportation of ships through the Suez Canal, which allows the passage of a small number of tankers and giant trucks, will help transform the large Al-Faw port and its transportation route into a “suitable alternative” that allows the movement of very large quantities of goods and commodities without long waiting periods, according to the agency. Describe it.

 

LINK

"RV UPDATE" BY FNU LNU, 8 APRIL

"RV UPDATE" BY FNU LNU, 3 APRIL

 Fnu Lnu 

   Article quote: "Al-Kadhimi indicated that increasing the budget’s overall amount, from 199 trillion Iraqi dinars (nearly $152 billion) to 228 trillion Iraqi dinars (approximately $174.04 billion), resulted in a rise in the deficit, revealing that the budget is still being discussed in the Council of Ministers and would likely be presented to the Iraqi Parliament next month."   It would logically follow that a revaluation would be likely before next month's USA confab.

 [Response to Pimpy's HCL non-revenue sharing post from 3-31-2024 below]  

The notion of revenue-sharing is nothing new in the Middle East.  Bruni and Kuwait both do it...Revenue Watch Middle East Director Yahia Said recently returned from several months in Iraq working on the International Compact with the UN...This USIPeace Briefing summarizes the discussion.  Many Iraqi citizens look to the law for what it can contribute to reconciliation, security, and welfare. The three parts of the agreement will deal with the issues of 1) revenue sharing; 2) restructuring of the ministry of oil; and 3) establishing the Iraqi National Oil Company (INOC). 

  It is quite clear that the HCL has intentions to codify the issue of welfare (not for government) and the number 1 issue is REVENUE SHARING.  To be more specific; Section 1314 of the FY2007 Supplemental Appropriations Act [P.L.110-28] specifically identified the enactment and implementation of legislation  “to ensure the equitabledistribution of hydrocarbon resources of the people of Iraq without regard to the sect or ethnicity of recipients” and “to ensure that the energy resources of Iraq benefit Sunni Arabs, Shia Arabs, Kurds, and other Iraqi citizens in an equitable manner” as benchmarks . 

https://dinarevaluation.blogspot.com/2024/04/rv-update-by-fnu-lnu-2-april.html

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