Tuesday, May 21, 2024
"IT IS THE NEW EXCHANGE RATE THAT IS EXTRAORDINARY" BY FRANK26, 21 MAY
KTFA
FRANK26: "IT IS THE NEW EXCHANGE RATE THAT IS EXTRAORDINARY"......F26
The Council of Ministers holds an extraordinary session to discuss the budget schedules for the year 2024----
5/19/2024
Sunday, the Council of Ministers held an extraordinary session headed by Prime Minister Muhammad Shiaa Al-Sudani to discuss the schedules of the federal general budget for the year 2024.
This session comes as the Sudanese is scheduled to travel tomorrow, Monday, to the Qatari capital, Doha, to participate in the 2024 Global Security Forum.
Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, had agreed at the end of April with the Prime Minister, Muhammad Shiaa Al-Sudani, on the necessity of completing the schedules of the budget law for the year 2024, and expediting sending them to the House of Representatives for the purpose of discussing and voting on them, because of their connection to the lives of citizens and their focus. On investment spending for new projects.
Meanwhile, the Ministry of Finance referred to the controls contained in the Budget Department Circular No. 69333 of 4/24/2024 to all ministries, which must be taken into account when approaching the department for the following purposes:
● Transferring services from one entity to another.
● Request to create a grade and job title regarding the political chapter.
● Change job titles.
● Change the address of the unauthorized certificate upon assignment.
● Marking the variables: (promotion/calculating the certificate according to Law No. 103 of 2012/calculating the contract period and wages/previous services, journalistic service, and service practicing the legal profession).
● Marking the period for calculating the political chapter.
● Promotion to the position of expert.
● Marking the variables of self-financing circles.
"RV UPDATE" BY SANDY INGRAM, 21 MAY
Sandy Ingram
Several members of the UN Security Council including Russia and china...backed Baghdad's request for the world body's political mission in Iraq to shut down by next year. Washington did not immediately offer its support.
It is hard to believe Iraq did not have certain banking capabilities until now...We understand why my ex-husband a retired banker with the Federal Reserve Bank and his peers believed the dinar would not revalue. It appears until Iraq updated its banking system the country could not participate in the global financial platforms...The bankers in the US never explained the reasons for their negative attitude towards the Iraqi dinar.
The IQD was not convertible to other currencies on global markets before the 2003 invasion...Rates, which were $3.21 IQD to 1 US dollar in July 2003 means little if the currency is not exchangeable on global markets...---- People with education in economics say the Iraqi currency will be readily available for exchange in US banks...The question then becomes -
How long will it take US banks to recognize the currency after the initial increase in Iraq? Oh, you believe it will all happen on the same day?
We would hope so, however this is unlikely... Savvy investors may have to travel for the exchange rate...If Iraq says the IQD is worth 1 USD to Iraqi dinar will you wait for the United States to say the same thing or will you travel to a bank that says the Iraqi dinar value equals $1? ... We hope the naysayer are right and we can all walk into our banks in the United States and exchange our IQD bank notes for US dollars
https://dinarevaluation.blogspot.com/2024/05/rv-update-by-sandy-ingram-13-may.html
The World Bank is working with the Iraqi Finance Minister to implement banking reform as quickly as possible...things are happening fast.
Shocking documents from Iraq's Federal Board of Supreme Audit have uncovered a massive corruption scheme. Over 151,000 citizens were involved in the illicit buying of US currency...[They] obtained dollars at the official state rate for travel purposes but never left the country. The black market refers to them as "ghost travelers".
[We] are thinking the Iraqis sold the dollars for more money than they invested. As a result of the corruption Iraq's Central Bank employees, private banks, currency exchange companies and tourism firms were all involved. This is a $600 million corruption scam involving the US dollar...
When in Washington, DC he [Al-Sudani] met with the chair of the governing board of the JP Morgan Development Finance Institution (DFI), Daniel Zelikow. Prime Minister Al-Sudani received Mr. Jamie Dimon, the CEO of JPMorgan Chase, and his accompanying delegation on Wednesday during his visit...In Davos, Iraqi Prim Minister al-Sudani with Mr. Khaled Haballah, the regional CEO of JPMorgan Chase for the Middle East and North Africa...
Al-Sudani met with the Iraqi community in Washington DC and other American states on the sidelines of his official visit to the United States. Al-Sudani conveyed gratitude to the Iraqi communities in the US and throughout the world, emphasizing that Iraq is for all Iraqis and that the country needs the knowledge, experiences, opportunities and initiatives of Iraqis in the U.S.
The prime minister indicated the Iraqi government is working on establishing a department for expatriate affairs to be able to communicate effectively with the Iraqi community around the world...
On April 15th President Joe Biden will hold Prime Minister Al-Sudani of Iraq at the White House. This meeting is a crucial opportunity for the United States and Iraq to discuss common priorities and strengthen their bilateral partnership.
https://dinarevaluation.blogspot.com/2024/04/rv-update-by-sandy-ingram-17-april.html
Al-Sudani met with the Iraqi community in Washington DC and other American states on the sidelines of his official visit to the United States. Al-Sudani conveyed gratitude to the Iraqi communities in the US and throughout the world, emphasizing that Iraq is for all Iraqis and that the country needs the knowledge, experiences, opportunities and initiatives of Iraqis in the U.S.
The prime minister indicated the Iraqi government is working on establishing a department for expatriate affairs to be able to communicate effectively with the Iraqi community around the world...
On April 15th President Joe Biden will hold Prime Minister Al-Sudani of Iraq at the White House. This meeting is a crucial opportunity for the United States and Iraq to discuss common priorities and strengthen their bilateral partnership.
https://dinarevaluation.blogspot.com/2024/04/rv-update-by-sandy-ingram-17-april.html
"AND... WITHOUT PARLIAMENT INTERFERING!!!" BY FRANK26, 21 MAY
KTFA
FRANK26: "AND... WITHOUT PARLIAMENT INTERFERING!!!".....F26
The Council of Ministers holds an extraordinary session to discuss the budget schedules
---- 5/19/2024
The Council of Ministers held an extraordinary session headed by Prime Minister Muhammad Shiaa Al-Sudani to discuss the schedules of the federal general budget for the year 2024.
He stressed that "bonuses and promotions will be added, and this matter has nothing to do with the budget tables, and the Ministry of Finance must add these bonuses."
"RV UPDATE" BY KAPERONI, 21 MAY
Kaperoni
Article: "Specialists: Economic integration and job opportunities await development" Integration with the global economy, diversifying resources is the only way for Iraq to move forward. Finally we're beginning to see such steps.
Article: "IMF Executive Board Concludes 2024 Article IV Consultation with Iraq"
My preliminary review are the Article IV Consultation clearly emphasizes the urgency to diversify their economy in raising non-oil revenue...There's also significant discussion encouraging Iraq to continue to develop their banking system and remove excess liquidity.
These comments from the IMF are obviously meant to encourage them that the opportunity is now to develop and accelerate economic growth...as well as to take significant steps forward with their banking system engaging with banks outside of Iraq.
From these documents, it is very clear that Iraq still has a lot of work to do. And I do not see in the near future any change in monetary policy until progress is made. Again, creating the conditions for economic growth appears to be the focus.
https://dinarevaluation.blogspot.com/2024/05/rv-update-by-kaperoni-18-may.html
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