🇮🇶The Iraqi Cabinet is set to deliberate and APPROVE the budget law for this year in its upcoming session tomorrow TUESDAY. Mazhar Mohammed Saleh, Financial Advisor to the Prime Minister's office.
Saleh indicated that the budget would be promptly forwarded to Parliament. However, "the deficit percentage in the budget is yet to be finalized."🤥🙄
The Sudanese adviser explained that "the percentage of deficit in the budget schedules is unknown, and will be determined according to the schedules that will be approved by the Council of Ministers, before sending them to the House of Representatives."
According to Law No. 13 of 2023, lists and schedules of the Tripartite General Budget Law should be submitted to the House of Representatives.
PM Al-Sudani, Central Bank of Iraq Governor & President Barzani already HAVE the NEW DINAR RATE & are keeping the NEW RATE tight lipped & waiting until last minute (imo).
“The Shocks Have Changed.” The Governor Of The Central Bank Explains The Impact Of The Openness Of Iraqi Banks On Their International Counterparts
Economy News – Baghdad On Monday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, highlighted the impact of the openness of Iraqi banks on their international counterparts, while noting that the global economy has begun to face a phase characterized by rising levels of public and private debt.
Al-Alaq, in his speech at the conference “The Challenges Facing Iraqi Banks in Complying with International Laws and Legislation and Meeting the Requirements of Correspondent Banks,” followed by “Al-Iqtisad News,” said, “Central banks have faced increasing challenges after decades of appearances and are closer to quiescence starting with the decline in interest rates.” and inflation,” pointing out that “the global economy has begun to face a phase characterized by rising levels of public and private debt.”
He added, "The nature of local, international and historical shocks has changed due to an increase or decrease in demand, with the exception of supply shocks, in addition to new challenges represented by financial stability in public financial policy and the financial control decision that requires reducing spending or increasing domestic revenues."
The Governor of the Central Bank explained, “Over the past years, the Iraqi banking sector has opened up to local financial institutions over their international counterparts, and to the extent that all of this achieves communication and attention with the outside world, it undoubtedly carries many challenges and impacts.”
Ali Al-Alaq continued: “We hope that this conference will succeed in reaching effective solutions to this challenge and devoting cooperation and coordination between Arab central banks, Arab expenditures and non-banking financial institutions to achieve stability and growth.”
The conference will succeed in reaching effective solutions to this challenge and devoting cooperation and coordination between Arab central banks. Arab expenditures and non-banking financial institutions to achieve stability and growth.” 05/06/2024 - https://economy-news.net/content.php?id=43178
Government move to install gold screening devices at 4 airports
Economy News - Baghdad
The Ministry of Planning clarified, on Tuesday, the mechanism for examining gold in the local markets, and while it indicated that many companies submitted their bids to equip airports with modern equipment, it confirmed that the devices will be in 4 airports.
Ministry spokesman Abdul Zahra al-Hindawi said: "There are procedures regarding the examination of gold at airports that have been implemented during the past months, represented by announcing the request for devices for inspection and the name of gold and non-gold precious jewelry."
"Many specialized companies have submitted and work is underway to select the appropriate bids, so that referral can be made to the concerned company to equip the centres with sensitive equipment," he said.
Al-Hindawi added that "the places and offices for the work of the teams of the Central Organization for Standardization and Quality Control have been identified at the airports of Baghdad, Najaf, Basra and Kirkuk," stressing that "work will begin as soon as we are equipped with devices for the examination and weight of gold jewelry."
With regard to the legal procedures followed against those who sell adulterated or manipulated gold, he explained that "the standardization and quality control teams continue to follow up on gold affairs by granting licenses to goldsmiths, as well as following up on gold in goldsmiths' shops through continuous inspection, as well as following up on licenses granted."
He continued: "If untagged gold jewelry is seized or unlicensed gold jewellery shops are seized, legal action will be taken against violators in this regard and referred to the courts."
He pointed out that "the legal procedures against violators are the withdrawal of the license, the closure of the shop and other severe legal procedures, but if the violation is minor, the jeweler may be alerted to that violation and the need to address it within a specific period of time, and in the event that he does not comply with the warning, legal proceedings will proceed against him."
"The Clearing House Interbank Payments System (CHIPS) is the largest private sector USD clearing system for wire transfers. Along with its public sector counterpart, Fedwire, CHIPS forms the primary network for transferring and settling payments in US dollars."
The Clearing House is ready to launch the CHIPS ISO 20022 messaging service for a April 2024 implementation. It just so happens to be taking place as MICA goes through it's regulatory process leading to implementation by May 28th, 2024.
We must not forget that the Depository Trust & Clearing Corporation which is an American Financial Company will be going through this process as well leading up to the May 28th, 2024 deadline.
This will allow our newly formed Global crypto regulatory assets to work with a messaging system to clearly give direction on many of the payments taking place with tokenized assets.
To keep this information protected Project Aurora will be implemented during this time of testing to prevent money laundering.
Early June, the Federal Reserve is expected to lower interest rates igniting a fuel to the fire of these newly formed crypto regulations allowing the new digital economy to get their footing on solid ground.
Gold is beginning to formulate new price patterns as we speak giving our new tokenized assets real values that can be transacted within the new QFS.
New laws and regulations are expected during this time to be placed on these new crypto regulations, and look for the words Project Genesis to also come into play.
Project Genesis will provide liquidity to countries willing to transform their society into clean initiatives. Don't you just love when a plan comes together?
At this point, we will have an operable Quantum Financial System.
