Iraqi Dinar update for 06/09/24 - There's no $28 exchange rate

The region is saturated with an explosive budget.. Since when is “Laqmat al-Sayyad” Kurdish?, 10 JUNE

The region is saturated with an explosive budget.. Since when is “Laqmat al-Sayyad” Kurdish?

The southerners gained from the Sumerians to fish to live on the tissue of fish in the waterways and swamps, and to give a respectable life to themselves and their kids. We have not known about a Kurd in that frame of mind of Iraq who is more gifted than a southerner in this calling, and each standard has its special cases in this. Then the most noticeable thing that recognizes an angler during eating What he got was a most loved piece called the “angler’s piece,” which was boneless and tasted the most gorgeous of all the meat in the fish.

But in the 2024 spending plan, the territorial government obviously succeeded in a brilliant fishing technique through which it had the option to harvest 12-17% of the Iraqi cash fish, and this rate is the very thing that we called “the angler’s nibble,” a round that the Kurds won with the endorsement of the middle or despite its desire to the contrary.

*Low revenues Moin Al-Kadhimi, a member of the House of Representatives’ Finance Committee, disclosed that, excluding governing and sovereign expenses, the region will receive 12.67 percent of the 2024 budget.

Al-Kadhimi said in an explanation to the “, “The local government simply gave more than 85 billion to  Baghdad in non-oil incomes, which is a sum that isn’t relative to the genuine incomes,” taking note of that “the district’s portion of the financial plan added up to 12.67, of the genuine use of the financial plan, which is barred.” ” expenses of the government and sovereign.”

He proceeds, “The locale isn’t straightforward with the  Baghdad government, and there is critical oil carrying, notwithstanding the inability to control line intersections and rebelliousness with General Traditions Authority charges, which enormously influences the nation’s economy,” bringing up that “the provincial government’s absence of straightforwardness with Baghdad isn’t to its greatest advantage.” ” It will set her back a ton.”

Al-Kadhimi closed by saying: ” The focal government in  Baghdad should screen crafted by the boundary intersections in the area occasionally by sending boards of trustees to review and review those intersections and figure out the passage expenses for materials into Iraq.”

Likewise, an individual from the Territory of Regulation alliance, Saad Al-Muttalabi, uncovered the locale’s portion of the 2024 financial plan, while affirming that it is the biggest “unstable spending plan” throughout the entire existence of the district, portraying it as hazardous.

Al-Muttalabi said in an explanation to the ” “The district’s financial plan during the current year is the most noteworthy in its set of experiences, as it arrived at over 17% of the general financial plan, which sums 211 trillion dinars,” noticing that “the locale’s compensations are paid straightforwardly from  Baghdad at a pace of 70%.” , of the locale’s spending plan, and 30% that nobody has very much insight into.”

He goes on to say, “The political blocs in the House of Representatives voted on the budget tables and witnessed no objection other than from independent representatives, which means that the political blocs are involved in increasing the region’s share in exchange for a reward and large projects,” noting that “the political blocs are involved in granting the region an explosive budget.” Due to their decision on the financial plan and its section.”

Al-Muttalabi deduces in a new proclamation: ” Ammending the timetables by the public authority and conceding the district an unstable spending plan, trailed by help from the political alliances by deciding on them, shows that the public authority and ideological groups are engaged with this unreasonable monetary conveyance.”

While Jihad Hassan, a former member of the Kurdistan Regional Parliament, stated that the region’s share in the year 2024 amounted to 20 trillion and 900 billion dinars, an increase estimated at 4 trillion and 210 billion dinars, it is noteworthy that the region’s share in the budget for 2023 was 16 trillion and 690 billion dinars.

PIMPY: REACTION TO IRAQ UPDATE VIDEO BELOW, 10 JUNE

 Pimpy 

  [Reaction to Iraq Update Video below] 

https://dinarevaluation.blogspot.com/2024/06/como-se-esta-reconstruyendo-irak.html

Pay attention, this is the youth of Iraq.  They're very very hopeful.  Like I said before, even if they delete the zeros that doesn't mean all is lost. 

 If you really believe Iraq's currency is going to be the strongest in the world, if you believe they're going to have one of the best economies in the world then just hold on to the currency.  These are people who live over there.  

They're telling you for the next 20 years Iraq is going to be booming.  And I'm not talking about conflict, I'm talking about the economy.

NADER FROM MID EAST: Iraq vs Kurdistan: Can they finally agree? (SOMO) Sunday update 2024-06-09

Iraqi Ministry of Finance dispatches April salaries for KRG security forces, 10 JUNE

 ERBIL (Kurdistan24) – The Iraqi Ministry of Finance has dispatched the April salaries for the Kurdistan Regional Government (KRG)’s security forces.

On Sunday, June 9, a high-ranking source from the Iraqi Ministry of Finance informed Kurdistan24 that the full salaries for the Peshmerga and security forces of the Kurdistan Region of Iraq (KRG) for the month of April have been sent.

The funds will be deposited into the KRG’s Ministry of Finance and Economy account at the Erbil Branch of the Central Bank of Iraq (CBI).

“The Iraqi Ministry of Finance will make every effort to pay the salaries of the Kurdistan Regional Government (KRG) security forces before Eid al-Adha,” the source stated.

For more than two months, the Iraqi Ministry of Finance had not dispatched any funds to the Peshmerga Ministry and the KRG security forces.

This delay was due to the Federal Ministry of Finance requesting a complete list of names and information of the KRG security force members. The KRG rejected this request and insisted on providing a coded list instead.

The Federal Board of Supreme Audit was scheduled to visit Erbil on Saturday to audit the salaries of the security forces as well as the Kurdistan Region’s expenditures and revenues.

Read More: Federal Board of Supreme Audit delegation to visit Erbil

Once the audit report is completed, the coded names will be sent to Baghdad to facilitate the payment of the security forces’ salaries. The report will be submitted to both the Iraqi and Kurdistan Regional governments.

During a ceremony to inaugurate “Eagle Post” center for post and delivery service, the Kurdistan Region’s Prime Minister Masrour Barzani reassured that the government has been actively working with the federal government to resolve budget and salary issues fundamentally.

“We hope that the full salary of the security forces for the month of April and the salaries of all our citizens for the month of May to be distributed soon before the holidays,” Prime Minister Barzani announced, expressing optimism that salary issues would no longer dominate media headlines.

kurdistan24.net

"END OF THE PETRODOLLAR?" FROM RV HIGHLIGHTS TELEGRAM ROOM, 10 JUNE

RV HIGHLIGHTS

GCR -TRUENEWS

END OF THE PETRODOLLAR?  🤔

The inevitability of a petroyuan has become a popular take in the financial blogosphere: China flexing its muscles as an emerging power, elbowing one of the most visible and enduring signs of the 75-year US hegemony in the Middle East.

Ask quietly in government circles in Riyadh, Abu Dhabi, Kuwait City or Doha about the petroyuan, and the response — even in the weeks following Xi’s visit to Riyadh — is unanimous: the petrodollar is here to stay. On a recent trip to the region,

 I didn’t hear a single official talking seriously about making preparations to introduce a new currency to the mix. The answers sound a lot like this: What’s in it for us? The greenback is freely convertible, the yuan isn’t; the dollar is liquid, the yuan isn’t. That’s the polite version; the more candid answers sounded even more emphatic about the absurdity of turning to a managed currency produced by an opaque and unpredictable financial machine.

As in every conspiracy, there’s a grain of truth in the petroyuan tale, however. Xi did encourage the region to embrace the yuan for oil trade. But rather than pricing oil in yuan, as many had expected, Xi simply asked Middle East producers to accept payments in yuan.

Middle East officials were lukewarm at best. In public, they are open to debate the merits, but not much more. “There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” Saudi Finance Minister Mohammed Al-Jadaan said last month. Thani Al Zeyoudi, the Emirati trade minister, said his country was prepared to discuss settling trade in different currencies, but only for “non-oil” deals.

In the region, the petroyuan is also seen as a door that, once opened, would invite followers. India may want a petrorupee, officials say; Japan, South Korea and Taiwan could seek similar arrangements. Although China is Saudi Arabia’s largest oil customer, taking roughly 26% of its oil exports, the combination of Japan and South Korea surpasses that share, reaching 28%. Add Taiwan, and the trio account for nearly one-third of Saudi petroleum exports. If you say “yes” to the petroyuan, how can you refuse, say, the petroyen and the petrowon?

Going beyond settling oil trade invoices in yuan is even harder. The appetite among OPEC producers to price oil in yuan using a Chinese exchange is almost nil. Middle Eastern national oil companies closely watch how Beijing tries to manipulate local commodity prices such as iron ore, cotton, coal or grains every time prices rise above its pain threshold. Having spent 60 years building a formidable cartel, why would Middle East nations cede pricing power to China?

Beyond Chinese capital controls, Middle East oil-producing nations have other reasons to stick to the dollar. A crucial one is that most of their currencies are pegged to the greenback, requiring a constant influx of dollars to support the arrangement. Those savings are held in dollar accounts, so Middle East countries have an interest in keeping the dollar strong.

Petroyuan fans play down the importance of the currency pegs. They do have a point, as those pegs can be abandoned or, at least, tweaked. But I haven’t seen any signs that’s about to happen. The other argument in favor of the petroyuan is that the US has weaponized the dollar via oil sanctions on Venezuela, Russia and Iran, making an alternative payment not only likely but necessary. Perhaps, but this isn’t the first time the US has imposed oil sanctions, and the dollar hasn’t suffered. Libya demanded — and got — payment in European currencies in the 1990s, as did Iraq.

https://x.com/winfieldsmart/status/1799773656903561388?s=46

🔴 Interesting take on this Petro Dollar issue. Worth the 

NADER FROM MID EAST: I never said the exchange rate will be on the budget IQd