Revealing The Latest Developments In Changing The Exchange Rate And The Barrel Of Oil In The 2024 Budget
Economy| 02/05/2024 Mawazine News - Baghdad, Deputy Chairman of the Parliamentary Planning Committee, Muhammad Karim, confirmed today, Thursday, that the current year’s budget will proceed after completing the changes in its schedules for allocations for governorate and ministries projects only. Karim told Mawazine News,
“The exchange rate of the dollar, the barrel of oil, and the quantity exported will remain the same according to what was proven in last year’s budget.”
He pointed out that "the tripartite budget approved by the Sudanese government and approved by the House of Representatives allowed the government to make changes and amendments imposed by the impact after the parliament's vote."
He pointed out that "the changes to the schedules will include projects of ministries and governorates in accordance with the requirements of the government program." https://www.mawazin.net/Details.aspx?jimare=247191
Member: Do you still have the mindset that this has started? Do you know people of different levels who have received money to spend?
MZ: Absolutely to both questions. I know people who now have dollars.
MZ: According to my best contacts in the group, there was an interesting movement of money over the weekend. It's clearly positioned to go, but I'm not sure we'll see it today.
MZ: This weekend there was very encouraging movement among the groups. I'm waiting for more updates today.
Major Update
It is being reported that financial liquidity is available and there are no risks to the iraqi dinar. Alot of things are being completed.
Also economic affairs expert Safwan Qusay confirmed that financial liquidity is available and there are no high risks regarding the existence of the Iraqi dinar. He pointed out, "Iraq has completed all its financial needs, and the rest of it needs the price of a barrel of oil to reach only $96 to cover the financial deficit."
But you know what's even better than this?
It is also being reported that the Foreign Currency Exchange Regulations were completed on May 4th, 2024. Report here https://uscode.house.gov/view.xhtml req=988&f=treesort&fq=true&num=91&hl=true&edition=prelim&granuleId=USC-prelim-title26-section988
What does this mean for Iraqi Dinar holders?
Foreign Currency Exchange Regulations play a crucial role in the Iraqi Dinar revaluation and conversion to USD in 2024 by ensuring the process is conducted smoothly and transparently.
These regulations set the framework for international transactions involving the Iraqi Dinar, which is vital for the currency's international acceptance and stability.
They also help prevent illegal activities like money laundering and support Iraq's efforts to combat the financing of terrorism.
Not to mention Economist Muhammad Hashem Helou confirmed that the central bank cannot float the dinar exchange rate.
Not to mention the parallel market is reaching the official price of the REER-(Real Effective Exchange Rate)
Not to mention the Al-Rafidain Bank announced the application of the new platform that will allow electronic banking for Iraqis. Which is the main branch.
Not to mention the Deputy Chairman of the Parliamentary Planning Committee, Muhammad Karim, confirmed last Thursday, that the 2024 budget will proceed after completing the changes in its schedules for allocations for governorate and ministries projects.
Not to mention Atheer Daoud Al Ghurairi, Minister of Commerce of Iraq, has confirmed that Iraq has completed the requirements to join the World Trade Organisation (WTO) after completing economic reforms and improving the business environment.
Not to mention that there is an accession ceremony happening on May 9th for 9 countries, Iraq being one of them per article that came out a month ago.
People you have a lot to look forward to. So please understand the reality of the current situation with regard to your investment. You are being primed to take full advantage of your portfolio with all the info that has come out in support of this inevitable reality.
Enjoy the rest of your day.
Arab banks: Iraq supports the transition from dependence on oil revenues to a diversified economy
The Union of Arab Banks confirmed on Monday that the Iraqi government supports the country's transition from dependence on oil revenues to a successful diversified economy, while putting forward four proposals to enhance the compliance environment for Iraqi banks.
The Secretary-General of the Union of Arab Banks, Wissam Hassan, said during the conference “The Challenges Facing Arab Banks in Complying with International Laws and Legislation and Meeting the Requirements of Correspondent Banks,” held in Baghdad in the presence of a large number of Arab banking and economic officials, and attended by the correspondent of the Iraqi News Agency (INA): "Enhancing international confidence in Iraqi banks requires additional effort on multiple fronts, to enhance the compliance environment for Iraqi banks."
He pointed out, “There are four proposals to enhance the compliance environment in Iraqi banks. First, Iraqi banks must invest in a strong compliance infrastructure, and the second proposal is to adopt advanced technology, which leads to changing the rules of the game in the field of compliance, as there are many programs, including It relies on artificial intelligence, which helps in the compliance process and data analysis.”
He added, "The third proposal is to adopt the principle of transparency in banking operations and the preparation of financial reports, in order to build sustainable trust with the international community. The last and most important proposal, in our opinion, is to prepare a comprehensive national plan for capacity development, training and qualification, especially in the field of affiliation."
He continued, "Here the Union of Arab Banks proposes that a committee be established under the name of the National Capacity Development, Training and Qualification Committee, in cooperation between the Union of Arab Banks and the Association of Iraqi Private Banks and under the supervision of the Central Bank of Iraq, and its tasks will be training and qualifying Iraqi cadres and building capabilities in the subject of compliance and combating money laundering and terrorist financing." And combating corruption, to become what is called a certified director for combating financial crimes.”
He went on to say: "The committee's mission is also to provide consultation and technical support to develop and choose the special compliance program for each bank, in addition to forming an influence and communication force to develop Iraqi banks' relations with international banking and regulatory authorities, especially American ones, in addition to documenting policies, procedures and internal controls related to compliance for each bank." .
In turn, member of the Board of Directors of the Union of Arab Banks, Ziad Khalaf, said during the conference: “Compliance with international laws and legislation is not just a legal necessity, and not just an obligation, but rather an investment in confidence and economic stability, an investment that reflects our commitment to transparency and integrity, and our responsibility to ensure the protection of interests.” Finance, which is, in short, the basis of success and sustainability in mid-range businesses.”
He added, “If the Arab world wants to achieve integration and economic renaissance in the region, economists must recognize the historical moment in Iraq, which is the fourth largest economy in the Middle East and North Africa,” expressing his regret that “our Arab region is one of the least integrated regions in the world, as there is no Two-way trade represents only 18 percent of total trade, as well as of total exports.
He explained, "The Iraqi government today supports the country's transition from dependence on oil revenues to a diversified economy, as a single economy is fraught with risks, while a diversified economy is guaranteed success."
He pointed out that "activating the banking sector requires expanding electronic payment services and ensuring the granting of credit formations and loans by developing work mechanisms, including control and oversight, and enhancing their flexibility while adopting digital solutions, in addition to enhancing information security, combating fraud operations, and ensuring compliance with financial and banking legislation and laws," calling for "Enhancing cooperation in order to build strong foundations for sustainable growth in our Arab region link
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