Iraq Supports Biden's Initiative to Cease Fighting in Gaza, 5 JUNE

Iraq Supports Biden's Initiative to Cease Fighting in Gaza

ERBIL — The Iraqi Foreign Ministry has issued a statement backing US President Joe Biden's initiative to halt the fighting in Gaza.

The ministry expressed the Iraqi federal government's support for the joint ceasefire initiative led by Biden, along with the governments of Qatar, Egypt, and several other Arab nations. The statement urged Hamas to respond positively to the initiative to alleviate the suffering of the people in Gaza.

"We call on the international community to fulfill its duty to stop violations of international law and protect human rights," the Iraqi Foreign Ministry stated.

The ministry also expressed hope that the Israeli army would withdraw from the Gaza Strip, enabling life and prosperity to return to the area. Furthermore, it affirmed the Iraqi federal government's readiness to deliver humanitarian aid to Gaza's residents.

The United States, Egypt, and Qatar have jointly urged Hamas and Israel to adhere to Biden's May 31, 2024, initiative, as reported by the U.S. State Department. The initiative aims to address the demands of all parties involved, provide immediate assistance to the people of Gaza, and work towards the release of hostages and their reunion with families. It also outlines a roadmap for a permanent ceasefire and an end to the conflict.

The conflict between Palestine and Israel escalated in October of the previous year after an unexpected attack on Israel by Hamas forces. Following the escalation, Baghdad called on the Arab League to hold an emergency meeting to address the ongoing Palestinian-Israeli conflict. The federal government has previously dispatched several shipments of humanitarian aid to assist those trapped in Gaza.

Zimbabwe’s New Gold-Backed ZiG Currency: A Record Financial Turnaround BY AWAKE IN 3D, 5 JUNE

Zimbabwe’s New Gold-Backed ZiG Currency: A Record Financial Turnaround

Rapid improvement in Zimbabwe’s currency stability thanks to the new gold-backed ZiG currency.

In This Article

1. The Troubled History of Zimbabwe’s Currency
2. Introduction of the Gold-Backed ZiG Currency
3. How the ZiG Currency Stabilized the Economy
4. Future Prospects for Zimbabwe’s Financial Stability
5. 
   

Zimbabwe has faced one of the most turbulent currency crises in history.

The introduction of the ZiG currency, backed by gold, has brought a surprising and rapid turnaround, stabilizing the economy and reducing inflation.

The Troubled History of Zimbabwe’s Currency

Zimbabwe’s currency woes began in the early 1980s.

The Zimbabwe dollar replaced the Rhodesian dollar but started losing value significantly in the 1990s. By 2006, hyperinflation forced the government to redenominate the currency at an exchange rate of 1,000 to one.

The situation worsened in 2008 when the currency was redenominated again at 10 billion to one. By 2015, a U.S. dollar equaled 35 quadrillion Zimbabwe dollars.

In 2016, bond notes backed by U.S. dollars were introduced but failed to stabilize the currency due to excessive printing. Inflation soared, and foreign currencies became the main medium for transactions.

Introduction of the Gold-Backed ZiG Currency

In a bold move, Zimbabwe introduced the Zimbabwe Gold (ZiG) currency, converting domestic dollar balances into ZiG balances.

This currency is backed by significant gold reserves, a shift from highly inflated fiat money to a more stable, specie-backed currency. The central bank recalibrated the main interest rate to 20%, down from 130%.

Central Bank Governor John Mushayavanhu highlighted the reserves, including 1.1 tons of gold stored domestically and another 1.5 tons abroad. This reserve-backed approach aimed to restore confidence in the local currency.

How the ZiG Currency Stabilized the Economy

The immediate impact of the ZiG currency was significant. Consumer prices dropped by 2.4% in May, a month after the ZiG was introduced.

This deflation marked a stark contrast to the hyperinflation that had plagued Zimbabwe for years. The ZiG currency appreciated by 1.9% against the U.S. dollar within a month of its launch, reflecting newfound stability.

The ZiG currency was issued in various denominations, ensuring ease of use in daily transactions. By converting old currency to ZiG, the government aimed to curtail inflation and stabilize the economy. The introduction of ZiG coins helped address the shortage of small change in the market.

Future Prospects for Zimbabwe’s Financial Stability

The introduction of the ZiG currency has set Zimbabwe on a path to financial stability.

With inflation rates expected to stabilize between 2% and 5% by year-end, the economic outlook is promising. This turnaround is attributed to the disciplined approach of backing the currency with tangible assets like gold.

Economists emphasize the need for continued discipline and prudent financial management to sustain this positive trend. The gold-backed ZiG currency serves as a foundation for rebuilding trust in Zimbabwe’s monetary system.

Budget's Approval Might Get Overturned!

Iraqi Parliament Passes the 2024 Budget Bill, 5 JUNE

Iraqi Parliament Passes the 2024 Budget Bill

ERBIL — The Iraqi Council of Representatives approved the 2024 budget bill on Monday through a majority vote.

A statement from the Iraqi parliament's press office confirmed that the legislative body voted on various schedules (A/B/C/D/H/W) within the federal budget law for 2024 before adjourning the session.

The session witnessed the participation of 199 lawmakers, who cast their votes on the aforementioned schedules before concluding the meeting.

The Finance Committee of the parliament subsequently released details regarding the schedules (A/B/C/D/H/W) of the general budget law:

- Table A: Focuses on revenue, outlining the expected income.
- Table B: Addresses expenditures by ministry, allocating funds for various government departments and agencies.
- Table C: Deals with the workforce of centrally funded ministries and offices, specifying staffing and payroll details.
- Table D: Allocates expenses for the governor's office and related expenditures.
- Table E: Contains the main accounts (departments) involved in budget allocations.
- Table W: Details expenditures by sector and activity, providing insights into budgetary allocations across different areas.

Iraq's 2024 budget amounts to more than 211 trillion dinars, marking a notable increase of approximately 12 trillion dinars compared to the previous year. Notably, 20.9 trillion dinars of this budget are earmarked for the Kurdistan Region, with a significant portion of 9 trillion and 55 billion dinars designated for salaries.

The passage of the 2024 budget bill is a crucial step forward in Iraq's financial planning and governance, facilitating the allocation of resources for various sectors and ensuring continued economic stability and development across the country.

Q & A - Lots of helpful chatter about Wise App for buying and converting foreign currency FROM GINGER TELEGRAM ROOM, 5 JUNE

💢Q & A - Lots of helpful chatter about Wise App for buying and converting foreign currency. 6.3.24 

💢Q - Member: How do you buy currency on the Wise (App) account?

💢A - Admin FilAm: Add your local bank, move US fiat to your Wise account,  convert it to VND. Leave it as VND, if it's in dollars, it's not gonna help, if in Dong, once the official rate is changed and published on Forex, your VND will automatically revalue. If you have 1 million Dong, and the rate is say $3.91, then the instant that happens, your 1 million Dong becomes $3,910,000. Then swap it for US dollars and send to your local bank account. You can also start withdrawing at every ATM you can find.

💢 Member: I so need to do this!! Thanks for posting how simple this really is 💜.

💢Troy: The best bang for your buck is the WISE account, $40 get’s you 1 million Dong and the best part is, as soon as the rates are posted, BAM, you have instant access to your money, you don’t have to wait for 5 to 7 days to go to your appointment.

💢 Member: I have signed up for an account but haven’t deposited any money into it yet.  Kind of worried if it’s a good guy bank or a bad guy bank?

💢Troy: It’s a good guy bank, many members here are using them. 

😁 Great add to the conversation, Liberty Loungers Extraordinaire 💥! ThankQ 🌺

The Future of the IQD:UN Security Council's Decision to End Mission/Iraq...

UN Exit Won't Sever Ties: Iraqi PM, 5 JUNE

UN Exit Won't Sever Ties: Iraqi PM

ERBIL — The Iraqi Prime Minister says the end of the United Nations Assistance Mission in Iraq (UNAMI) does not mean a severing of ties between Iraq and international agencies focused on development, human rights, or humanitarian aid.

Mohammed Shia’ al-Sudani, in a press conference on Tuesday, explained that the UN Security Council's decision to end UNAMI's mission was at Iraq's request.

He emphasized that this move signifies a transition, not a complete withdrawal of UN support.

On May 31st, the UN Security Council unanimously agreed to conclude UNAMI's mandate by the end of 2025, as requested by the Iraqi federal government.

Earlier in May, al-Sudani had written to UN Secretary-General Antonio Guterres and the Security Council, calling for the phasing out of the UN envoy in Iraq next year, leading to the mission's closure by the end of 2025.

Last week, al-Sudani had a phone call with UN Secretary-General António Guterres, and during the conversation, they addressed the timeline for ending UNAMI mandate.

UNAMI has been in Iraq for over 20 years, led by the UN Secretary-General's Special Representative.