There's this misconception that the World Bank, IMF and the BIS get to tell countries what to do. They don't...They facilitate. They make recommendations but they don't control a country's bank...
Another budget is getting ready to come and go and there is no talk of the rate change. Isn't that what they told you? It would be in the new budget because there was no way for them to do large projects, there was no way for them to move forward without an exchange rate change...
Why so secret now? Is this one of those things they're trying to keep from the people?
They didn't keep it from the people last time [they increased the value] and there's no mention of it this time...Keep your fingers crossed, it hasn't passed yet so maybe they'll change it between now and the time they pass it...You guys know what I think.
Floating the currency means the value is determined by the market, so if people for whatever reason want to start investing in the Iraqi dinar and the start buying up the Iraqi dinar that means the demand for it is there, think supply and demand.
Since they have a liquidity issue, there's not going to have a lot of Iraqi dinar out there and if that's the case then they don't have the supply to feed the demand...But we'll be more than happy to sell our Iraqi dinar back to them if they get the exchange rate up around a quarter or more. I know I would.
Ministry of Planning: More than 41 trillion dinars is the amount of money available to the governorates in 2024
5/25/2024
Today, Saturday, the Ministry of Planning revealed the total financial allocations and amounts available to the governorates during the current year 2024.
The Ministry explained, in a statement, a copy of which was received by {Al-Furat News}, that: “The allocations of the Regional Development Program and the undisbursed amounts, of which the amount of the remaining funds for the year 2023, registered as deposits with the Ministry of Finance, amounted to (6,947,433) trillion dinars, in addition to the remainder of Food security restricted deposits in the governorates (5,824,403) trillion dinars, totaling (15,875) trillion dinars, and this amount is added to the size of the investment allocations to the governorates within the 2024 budget submitted to the House of Representatives, amounting to (3,103,158), noting that these allocations include a development program Territories, petrodollars, anti-poverty, and loans.
She added, "In addition, what was allocated to the projects of the federal ministries that are implemented in the governorates, excluding the region, amounted to (38,421) trillion dinars, and thus the total amounts available to the governorates reach (41,524) trillion dinars."
The Ministry stressed that, “Based on the above, the comparison that appeared in the media, between the regional development allocations for the governorates, and the total investment spending for the Kurdistan region, is an incorrect comparison. Rather, the comparison should have been made between the total investment spending for the governorates coming from investment spending.” for the ministries, which amounts to (41,524) trillion dinars), and what has been allocated in the total investment spending for the region, which amounts to (4,875) trillion dinars,” stressing “the government’s commitment to the percentage allocated to the region, in all sections of spending.”
She pointed out, “Based on the Tripartite Budget Law (2023-2025) and the Financial Management Law of 2019, unspent amounts are recorded as deposits with the governorates or the Ministry of Finance, and local governments can spend them on projects in accordance with the mechanisms approved in this aspect, and these amounts are added to the allocations.” The financial allocations allocated to the governorates within the 2024 budget,” noting that “there are other amounts that will be allocated to the governorates, coming from the revenues of the border crossings, as most of the governorates enjoy this advantage, with the presence of land, air, or sea ports in them, as well as the financial allocations allocated to the funds in their various specializations, which are Funds for the reconstruction of Dhi Qar and Sinjar, the affected areas, and support for the poorest areas, amounting to about (2) trillion dinars.”
The Ministry added, “The indicators proven during previous years indicate that the highest percentage of spending for the governorates did not exceed more than (4.2) trillion dinars, during the year 2022, as the spending was made according to the actual work peaks with no budget approved in that year, and therefore the presence of... Of this large cash mass, available to the governorates, the spending units will not be able to spend more than 30% of it at best, according to the executive capabilities of the governorates.”
She stated, “The directives of Prime Minister Muhammad Shiaa Al-Sudani were always supportive of the efforts of local governments, enabling them to fulfill their financial obligations, complete their basic projects, and include new projects, noting that the House of Representatives transferred (4.7) trillion dinars in the budget.” Last year, 2023, from the Ministries of Electricity and Oil, to the governorate budgets in Table (E) as additional amounts to what the government allocated at the time, which was (5.2) trillion dinars, which forced the government and Parliament to borrow and set texts to add allocations to cover the transferred amounts, which increased the deficit resulting from this procedure".
The ministers confirmed that “the apparent differences in the allocations to the Kurdistan region include the sovereign investment budget, including licensing rounds for the Kurdistan region, amounting to (2.7) trillion dinars, which will not be spent to stop the export of oil from the region, according to the decision of the Federal Court, and that disbursement to the Kurdistan region is conditional on the export of oil by ( SOMO) and hand over the region’s oil imports to the Ministry of Finance.” LINK
On the contracts...The way I see it, the two most important factors are:
1) the guarantee's, and
2) the fact that these countries and contractors have faith in Iraq to pay for the work they are doing.
Let’s say I want to do an electrical contract for Iraq. I want 1 million dollars for it.
I don’t care what the exchange rate is as long as the payment I receive is worth 1 million DOLLARS. They are using dinar to pay...since January 1..
.A sovereign nation must use sovereign currency to pay their debts or they are in violation of the multi currency practices(MCP) that the IMF abhors.
Using the current rate, I would be owed 1,310,000,000 dinar. Actually, the banking system will do the conversions automatically. I won’t even see any dinar. I will receive dollars in my American account. Or euros in my European account. Or pesos in my Mexican account ...using whatever exchange rate belongs to the country involved.
Like I said,doesn’t matter to me as long as the rate translates into my 1 million dollars. Now, the importance of these guarantees and the fact that corporations are pouring in to do work after all these years. They now know Iraq is serious about paying their debts...[and] have the means to make good on their payments.
FRANK26:"AS I SAID ON OUR YOUTUBE, SO DO I!!!".........F26
In light of the Middle East conflict, the World Bank expects oil prices to exceed $100
5/24/2024
The World Bank said on Friday that disruption of oil supplies if the conflict escalates in the Middle East could lead to higher global inflation rates.
The bank said in a report published today that a severe price disruption could lead to oil prices exceeding $100 per barrel, which would increase inflation in 2024 by about one percentage point.
He added that the continuation of geopolitical tensions over the past two years led to a rise in the prices of oil and many other commodities even as global growth slowed. For example, the price of Brent crude jumped to $91 per barrel earlier this month, about $34 per barrel more than the average for the 2015-2019 period.
The bank's forecasts indicate that Brent crude prices will reach $84 per barrel on average in 2024 before falling to $79 on average in 2025, assuming there are no disruptions to oil supplies due to the conflict. But if conflict in the Middle East escalates, these unrest could push global inflation rates higher.
The report added, "If minor disturbances occur, it may lead to raising the average price of Brent crude to $92 per barrel during the current year."
According to the report, severe unrest could lead oil prices to exceed $100 per barrel, raising global inflation in 2024 by about one percentage point.
The report also noted that the average price of gold - a popular choice for investors looking for a “safe haven” - is expected to reach a record level in 2024 before declining slightly in 2025.
Gold enjoys a special status among assets, and its price often rises during periods of uncertainty in geopolitical conditions and public policies, including conflicts.
The bank stated that, strong demand from several central banks in developing countries, coupled with increasing geopolitical challenges, is expected to boost gold prices throughout 2024.
The report indicates that the escalation of conflict in the Middle East could also lead to higher prices for natural gas, fertilizers and food, and the region is an important supplier of gas - 20% of the global trade volume of liquefied natural gas passes through the Strait of Hormuz.
The bank warned that if LNG supplies are cut off, fertilizer prices will also rise significantly, which will likely lead to higher food prices.
According to World Bank forecasts, food prices will generally fall somewhat - by 6% in 2024 and 4% in 2025. Fertilizer prices are expected to fall by 22% in 2024 and 6% in 2025.
The bank's report pointed out that the acceleration of the pace of investment in green technology has led to a strengthening of the prices of key metals, which are critical to the global transition to clean energy.
Copper prices - the main component used in electricity grid infrastructure and the electric vehicle industry - rose to their highest level in two years this month, according to the report.
The World Bank added that it is expected to rise by 5% in 2024 before stabilizing in 2025. Aluminum prices are expected to rise by 2% in 2024 and 4% in 2025, supported in particular by the production of electric cars, solar panels and other products. Renewable energy infrastructure.
"US BANK STAFFERS HAVE RECEIVED MEMOS INDICATING TO BE PREPARED AN INFLUX OF CUSTOMERS HAPPENING SOON"
3 LTRS ARE BACK AT IT AGAIN... EXPECTING SOME "IMMEDIATE ACTION" IN 24 HOURS! TIME WILL TELL...I'M EXPECTING THE "REST" OF MY MIRACLE...TUESDAY NITE NOW!
[via Babysmom]
...BANKS EXPECTING TO SEE RATES LIVE AFTER FOREX OPENS AT 5:00 P.M. EASTERN...
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PAST POSTS OF RAYREN98
"ACROSS THE POND" FOLKS ARE CLAIMING WTO ASCENSION & AN INTERNATIONAL CURRENCY. SOME 3-LTRS ARE STARTING TO CONFIRM AND ACKNOWLEDGE
. TIME WILL TELL
SO, SOME AGREEMENTS WERE MET LAST NIGHT....LET'S SEE WHERE THAT TAKES US FOR LATER TODAY?
[via Babysmom] "EAST COAST BANK CONTACTS ARE "VERY EXCITED" AND ANTICIPATE INITIATING EXCHANGES EITHER LATE TONIGHT OR EARLY IN THE MORNING
. TIME WILL TELL...
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EVEN THOUGH I DON'T SEE IT YET...THEY ARE TELLING US "IT'S DONE"...THIS HERE "RIDE" IS FINALLY COMING TO AN END...HOPEFULLY TODAY.
[via Vinterv] 3 LTR'S [3 LETTER AGENCIES] ARE ON A 24-HOUR WATCH...
♪♫•*¨*•.¸¸❤¸¸.•*¨•*♫♪ I'm so excited, and I just can't hide it. I know, I know, I know I see a RATE CHANGE! A SHO-NUFF "RATE CHANGE" ! ♪♫•*¨*•.¸¸❤¸¸.•*¨•*♫♪ Sooner THAN later ♫♪♫♪♫ I GOT A FEELIN ...TONIGHT'S GONNA BE A GOOD NIGHT ♫♪♫♪♫ times 3...
GOOD SOURCES INFORM THAT THEY ARE ATTEMPTING TO PUSH IT OUT "BEFORE" THE END OF THE MONTH...
