Saturday, June 1, 2024
the document.. The House of Representatives votes next Monday on the budget schedules, 1 JUNE
the document.. The House of Representatives votes next Monday on the budget schedules
MP Mustafa Sanad announced that the House of Representatives intends to vote on the fiscal budget schedules for 2024.
Sanad published a copy of the session’s agenda and limited voting to the budget tables and indicated that it would be held at 3 p.m.
“The Finance Committee has not voted on the schedules and has not prepared its report” so far, Sanad said.
"RV UPDATE" BY CLARE, 1 JUNE
Clare
Article: "Association of Banks: The joint committee with the American side will begin its work next month" Quote: "The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed today, Wednesday, the effort to open more prospects for work with correspondent banks, while indicating that the joint committee with the American side regarding the banking sector will begin its work next month"
Article: "Economist: The budget is not affected by the dollar exchange rates... and explains why" Quote: "...because Iraq will receive the dollar from oil exports, and on the contrary, revenues increase with the increase in dollar prices globally...market obligations are dealt with in the Iraqi dinar, and there is no dealing in the dollar, and the budget is built primarily on the Iraqi dinar and not on the dollar, so the budget is never affected by the dollar exchange rates.”
Article "The Central Bank of Iraq "denies" issuing a currency in the category of (100) thousand dinars" Quote "The Central Bank of Iraq denies issuing a new currency in the denomination of (100) thousand dinars, indicating that the image of the new currency circulated on social networking sites is a “fake” image bearing the image of the late Iraqi architect Zaha Hadid"
Article: "In light of the Middle East conflict, the World Bank expects oil prices to exceed $100" Quote: "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."
Article: "Notice on the Continuation of the National Emergency With Respect to the Stabilization of Iraq"
Quote: "The obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States...I am continuing for 1 year the national emergency with respect to the stabilization of Iraq declared in Executive Order 13303."
Article: "The Central Bank begins the second phase of its banking reform strategy"
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Friday, May 31, 2024
Life is starting to go back to the capital.” Al-Hanalal confirms the imminent end of the second phase of the Baghdad Pulse initiative, 1 JUNE
Economy News – Baghdad
The President of the Association of Iraqi Private Banks, Wadih Al-Hanalal, confirmed today, Thursday, near the end of the second phase of the Pulse of Baghdad initiative, while pointing out that life began to the historical city of Baghdad.
Al-Hannal said in a blog post on Facebook, followed by “Economy News”, that “the second phase of the Baghdad Pulse Initiative, to rehabilitate the historical city of Baghdad, will soon end, under the auspices of the Prime Minister, Mohammed Shia Al-Sudani, and with the support and supervision of the Association of Iraqi Private Banks and funded by the Tamkeen Fund, funded by private banks, and in cooperation with the Baghdad Municipality,” but saying: “Thank you to all the sanks that contributed to this achievement, which is the development of the axis.”
He added, “Life began to date back to the historical city of Baghdad, after the completion of the first phase, which is Al-Muntababi Street, and now, it will become a place to attract Arab and foreign tourists, thank you to all the supporters and partners from other institutions.”
https://economy-news.net/content.php?id=43867
"RV UPDATE" BY PIMPY, 1 JUNE
Pimpy
Article: "Expert: The Iraqi economy is witnessing a remarkable growth, with the decline in the dollar exchange rate." This is good. We need this to happen. Iraq needs it to happen. More importantly the policies that are being implemented by Iraq are favorable amongst the IMF, World Bank and all those people who are involved with making sure Iraq stay on track, stops laundering money and financing terrorist. The more Iraq continues to stay on track and prove to the world they are going to behave themselves for now on the doors open for Iraq to rejoin the international community...
Article: "Economist: The budget is not affected but dollar exchange rates. And explain the reason" The person is saying the budget is never affected by the dollar exchange rate because the budget is based on Iraqi dinars.
Article: Central Bank of Iraq quote "There are no current plans to print new currency."
What that tells me is people don't have to worry about a lop or redenomination because in order for you to have a redenomination or a lop you have to create new currencies. It also tells me they're not creating the lower denominations which means they're going to stick with the currency they currently have. Some people see this as the glass half full. Some people look at it as the glass is half empty.
I agree it's going to happen. I don't have doubt about that. I'm just keeping an eye on whether or not they want to delete the zeros. If they go to a free floating market hopefully there won't be...deleting the zeros and we'll see the exchange rate go up pretty quick before they have time to respond...
Iraq was already a member of the World Trade Organization. They are going through the ascension process for a second time. That's because all the rules, regulations, understandings and business practices...changed once the fall of Saddam Hussein. Now we have to make sure all their practices, rules and regulations regarding trade line up once again with the World Trade Organization. Iraq has been a member of the World Trade Organization since 2004. This is their second time throughout the ascension process...
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.
https://dinarevaluation.blogspot.com/2024/05/rv-update-by-pimpy-24-may.html