If for one second the new rate had been shown the Council of Ministers, the parliamentary Finance Committee or the House of Representatives we would have heard them singing and dancing and cheering from Iraq. We certainly would have seen it from the CBI first.What happened then? ...As they've said, the amendments were viewed and passed by the Council of Ministers, the amendments of the 2024 budget were then passed to HOR via the Parliamentary Finance Committee...We definitely know the rate hasn't been exposed.
Yeah, Iraq could come out at 1310 internationally on Forex. A man could land on the sun or pigs could fly. In other words the odds are slightly better than those two scenarios but in the opinion of most people it will not happen.
Here's why: Sudani stated clearly that the dinar was worth more than the dollar and the value of the dinar would be higher than the value of the dollar. That ain't 1310 to $1. Secondly, Sudani said Iraqi's dinar would be the solution to the world's financial and economic problems. Not at 1310 it's not. Three, if they come out at 1310 it's impossible for the tripartite budget to work.
Al-Sudani announces the opening of 48 electrical power transmission stations throughout Iraq
5/30/2024
Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani announced the opening and operation of 200 electrical stations throughout Iraq’s regions and cities.
Al-Sudani’s media office stated in a statement that the latter opened and operated “48 electrical power transmission stations for ultra-high and high pressure, and 152 electricity distribution stations throughout all governorates of Iraq, within the first phase of a package of projects to resolve bottlenecks in electricity transmission and distribution networks in Baghdad and a number of governorates.” LINK
A Sudanese advisor expects Parliament to approve the budget schedules before Eid... and warns against delay
5/23/2024
Mazhar Muhammad Saleh, financial advisor to Prime Minister Muhammad Shiaa al-Sudani, expects the House of Representatives to approve the financial budget schedules for 2024 before the Eid al-Adha holiday, which falls in the middle of next June.
Saleh told {Al-Furat News} agency, “It is noted that the level of coordination and harmony between the legislative and executive authorities will accelerate the House of Representatives’ approval of the financial schedules for the year 2024, in implementation of the provisions of Article 77/second of the Federal General Budget Law (Tripartite) No. 13 of 2023.”
He added, "What we expect is that the House of Representatives will approve the aforementioned financial schedules before the Eid Al-Adha holiday at the latest, and according to what some members of the House of Representatives noted."
Saleh noted that "the delay affects the movement of investment spending for new projects that the government planned to promote and in accordance with its ministerial program to serve the achievement of the goals of sustainable economic development in our country."
The Council of Ministers approved, in an extraordinary session last Sunday, the 2024 budget schedules, while the House of Representatives secretariat announced yesterday that it had received the schedules.
The Parliamentary Finance Committee began discussing the budget schedules, with expectations that it will be voted on before June 9.
A member of the Parliamentary Finance Committee, Alaa Al-Haidari, stated in a press statement that “Parliament has the powers to pressure spending and transfer funds, and this is linked to opinions regarding the schedules of service allocations to the governorates,” indicating that “the Council extended its legislative recess while awaiting the budget schedules, and the remaining time period of the month that Parliament extended.” Sufficient, and we expect that the budget will be voted on before the ninth of next June.”
The head of the Finance Committee, Atwan Al-Atwani, explained in a press statement that the committee “held continuous meetings to discuss the 2024 budget schedules and study financial policy,” explaining that it “will host the Ministers of Finance and Planning to discuss current and investment expenditures and budget paragraphs related to securing the necessary needs of the citizen, contracts, and appointments.” .
I am seeing rates of somewhere between $3.81 to $3.91 from a number of contractors working in Iraq. They are working on infrastructure - everything from hospitals to power grid to roads etc... And I am still thinking it will be $2 something on the dong. I hope I’m wrong and my contacts are right and it’s closer to the $3 mark.
Out of Iraq – hearing we are supposed to be getting news on Sunday that has to do with the budget but since they have already passed it- does this mean we are getting a rate? Or which projects were executed or started? I do not know.
Question: When do you think this RV plane will be landing?
MarkZ:
Im afraid to say what I think because I am extremely upbeat and do not want to add to the difficult roller coaster we have been riding on.
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I have been in touch with a number of contractors …projects that were moth-balled and stalled now suddenly have funding in place...2 contractors in Iraq...believe they will see their rate...(about $3.90)...this week for their projects...I find this very interesting...Where is the money coming from to start these massive projects. Their whole budget is about $162 Billion.
But one contractor was told they are getting ready to start a $150 billion dollar project. Which means there is a lot more money moving than what we are seeing right now.
Question: What do you think the new rate for Iraq will be?
MarkZ: I could be wrong but, I think the rate will start about $3.90 or so. But we are totally guessing.
We know that the budget has passed with $162 billion. It was $153 B last year...There is plenty in the news showing us it is passed…but I have yet to find where they are covering a budget shortfall with a rate...I was told to expect something within days of it being passed.
Comment: Its interesting they are saying billions and not trillions for their budget totals. They must have a rate hike? Right?
MarkZ: You are getting it. We are just trying to piece together “what is that rate?”
FRANK26:"COMBATING MONEY LAUNDERING REDUCES INFLATION... AND THAT'S THE GOAL OF THE MONETARY REFORM!!!"
Al-Handal stresses Iraq's commitment to combating money laundering.. What about inflation?
5/23/2024
Baghdad
The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed today, Thursday, that Iraq is committed to combating money laundering, pointing to the role of the Central Bank of Iraq in reducing inflation to 3.8%.
Al-Handal said during a speech he delivered at the Arab-Turkish summit in Istanbul, followed by Al-Iqtisad News, that “Iraq’s policy is focused on economic openness to all countries, to build a network of strong economic relations, and to attract foreign investments in infrastructure development.”
He added, "Bilateral relations between Iraq and Turkey are going through their golden age. Trade exchange reached 20 billion dollars last year, and cooperation is great between Iraqi and Turkish companies in implementing strategic projects inside Iraq," noting that "the visit of Turkish President Recep Tayyip Erdogan last month To Iraq, it will reflect positively on the Arab region, starting with the development road project.”
The head of the Association of Iraqi Private Banks stated, “The Iraqi Development Road Project is one of the projects that will transform the form of transporting goods between East Asian countries and Europe, because it will contribute to shortening the time on the ship departing from the port of Al-Faw to Europe by fifteen days compared to other transport lines.” As well as reducing the cost in terms of insurance and transportation fees, which will be reflected positively on the final price of the goods, in addition to the fact that the project will provide more than 100,000 direct job opportunities with the establishment of large factories inside the country.”
He pointed out, "The development road will link the countries of China, India, the Emirates, Qatar, Iraq, and Turkey, all the way to Britain, through rail and land lines to transport goods and people. It is the leading project in the region currently, as it will contribute to transporting fifteen million passengers annually and more than 22 million tons of food." Goods, and will cost seventeen billion dollars, with revenues for Iraq amounting to about 5 billion dollars annually.”
Al-Handal called on Arab and foreign banks to “contribute to financing investments while continuing to work on providing sovereign guarantees, in a way that contributes to accelerating work and achieving development for all.”
He stated, "The Central Bank of Iraq worked with its Turkish counterpart, during the previous stage, to adopt the Turkish lira and the euro to finance trade exchange between the two countries."
He stressed that "the private banking sector is progressing rapidly in growth, despite the great challenges surrounding it, and that some banks that faced difficulties in dealing in the dollar continue to work in other currencies, in implementing the aspirations of their customers, in addition to increasing the types of banking services, which... “It reflects positively on the sector’s work in increasing the rate of financial inclusion.”
He explained, "The monetary policy, led by the Central Bank of Iraq, during the current stage, has worked very successfully, contributing to reducing inflation from 7.5 percent to 3.8 percent," noting, "Iraq's foreign currency reserves have reached more than 111 billion." $, and gold 145.6 tons, which makes it ranked fifth in the Arab world.”
Al-Handal thanked the Union of Arab Banks, praising this two-day Arab-Turkish summit, wishing to come up with urgent decisions that contribute to changing the face of the region economically and give hope to our people, who are suffering from the effects of inflation, high prices, and the migration of foreign investors.
He concluded by saying: “Iraq is one of the countries committed to combating money laundering and terrorist financing, according to what was announced by the Financial Action Task Force for the Middle East and North Africa (MINFATF), which is an indicator that all countries rely on,” praising “the role of the Central Bank and the Iraqi judiciary in preserving To classify Iraq globally as one of the ..countries committed to combating money laundering and terrorist financing.