Anyway aside from this whatever news we have something noteworthy coming up. The end of the Petrodollar on June 9th. Which means the chickens will come home to roost. Because all transactions will be dealt with through oil contracts in national currency.
This will empower Iraq to denominate all contracts or trade deals in their currency. Which will raise the value significantly. Remember once we are officially on the gild standard the National Dept will be on the fiat USD.
Not the new US Treasury Bills. But even without that we still have 45 states that made gold/silver legal tender exempt from any taxes. This is documented.
So whatever is going on with the National Debt will be for the old regime. That's not our money. We will phase those old Federal Reserve notes out for new currency eventually.
As June is rolling on…. We have waited for this month for a long time to come. This month I believe is going to be a critical month for us investors...I had a very interesting conversation...call to Iraq. I was told by the committee that all is geared up for the Project to Delete the Zeros...I was told that if they can retain the stability between the Parallel Market rate and the Official CBI rate of the dollar that we could see the next “official” rate change that we have been waiting for some time in JUNE...WOW! ...Nothing is certain on any dates because it is all dependent on the market and what it brings. They cannot predict this. But...my contact in the CBI did sound optimistic and that something BIG could or is about to happen and happen much sooner than later...
This month I believe is going to be a critical month for us investors...
Article: "CENTRAL BANK: THE ISSUANCE OF NEW MONETARY DENOMINATIONS WILL NOT AFFECT THE DINAR EXCHANGE RATE” I would consider this “WOW!” news.
Quote: "... the issuance of new cash denominations, large or small, will not affect the dinar exchange rate." If the CBI drops the zeros (project to delete the zeros) the rate of the dinar will remain the same in-country of Iraq. It only changes when the reinstatement back to FOREX occurs...the value is already in the dinar... only the rate, right now, does not reflect the true rate...
Why...on May 27th did the CBI make this announcement about the issuance of newer lower denominations? Could they be heading into June for the redenomination of the three zero notes?
Article quote: “The budget is not affected by the rise or decline in dollar exchange rates, because Iraq will receive the dollar from the export of oil, and on the contrary, revenues increase as dollar prices increase globally,”
The rate of the dollar to the dinar will NEVER be in the budget...NOT GOINGTO HAPPEN! ...The budget is dependent on the price of oil.
Adviser to Sudanese: Implementing the budget schedule instructions will not take long, and amendments may be made to them
Mazhar Muhammad Saleh, Prime Minister Muhammad Shiaa al-Sudani’s financial advisor, denied that instructions for putting the 2024 federal budget schedules into effect would be delayed.
“I don’t think that the instructions for implementing the federal general budget, according to the financial schedules related to the fiscal year 2024, which were recently approved by the House of Representatives will take a long time to be issued,” Saleh stated.
He made the observation that “the basic instructions for implementing the budget that were issued regarding the tripartite budget issued under Law No. 13 of 2023, which are currently in effect, are sufficient and effective; however, there may be modifications that necessitate modifications or additions to the current instructions in accordance with the country’s financial situation. at the Federal Ministries of Planning and Finance as a facilitator.
After making modifications to a number of expenditure schedules and financial allocations for the development of the governorates, the House of Representatives voted on June 3 to approve the schedules of the Federal General Budget Law 2024.
The total financial budget was 211.9 trillion dinars, or more than 153 billion dollars. This was an increase of 7% over the budget for the current year. Employee salaries were also significantly higher than last year’s, when they were about 59 trillion dinars.
The budget estimates that the Iraqi state’s general revenues are approximately 145 trillion dinars, resulting in a 66 trillion dinar deficit. The government claims that the difference in the deficit caused by high oil prices will be reduced.
Granting the government authority to transfer funds between ministries and various investment amounts for service and infrastructure projects throughout the country’s cities was one of the most prominent amendments to the current budget that was examined by Parliament’s Finance Committee.
The total salaries of employees increased from 59.2 trillion dinars to 63.4 trillion dinars, or 4.2 trillion dinars, and the costs of care networks and government subsidies increased from 24.5 trillion dinars to 26.9 trillion dinars, or 2.4 trillion dinars, making it clear that the country’s cost of public operating expenditures had increased.
The International Development Bank has signed a partnership contract with the Kurdistan Regional Government to implement the “Hesabi” project, which aims to localize the salaries of the regional government employees.
This important step coincided with the bank’s efforts to expand the region, as part of its strategic plan aimed at strengthening its business and increasing the number of its 3 branches in the region at the present time. This partnership is a great achievement within the framework of efforts aimed at spreading and promoting the culture of electronic payment and achieving financial inclusion, in implementation of the directives of the Central Bank of Iraq. The International Development Bank aims to continue its efforts in the field of deploying electronic payment methods in the region, by activating more ATMs and POS bank points of sale. The bank also plans to open its fourth branch in the region this year.
Aziz Ahmed – Deputy Director of the Office of the Prime Minister of the Kurdistan Regional Government praised the efforts of the International Development Bank and its contribution to the development of the region’s financial system, by providing various facilities and financial services that contribute to achieving this purpose. For his part, Ziad Khalaf, Chairman of the Board of Directors of the International Development Bank, stressed the importance of signing this partnership with the Kurdistan Regional Government to localize the salaries of the regional government employees and provide all facilities that contribute to achieving this goal smoothly and flexiblely.
