FIREFLY: I talked to my bank friend...He said when we do drop the zeros, we the citizens will have a certain number of days to return for new lower currency. This will be the 1 to 1. Not 1 dollar for 1 dinar but 25k note for a 25 note. It will revalue in country above a dollar...We will probably see dinar in country just over $1.
FRANK: Now do you see why they kept it at 1320?
FIREFLY: The 1 to 1 will be dropping off the three zeros from our exchange rate, from our currency...a 25k note will be a 25 note...This is for inside of country, not outside of country.
The Kingdom of Jordan will host today, Tuesday, an international conference for the emergency humanitarian response in the Gaza Strip, in which the war has entered its ninth month.
The conference is held jointly by the United Nations, Jordan and Egypt and at the invitation of Jordanian King Abdullah II, United Nations Secretary-General Antonio Guterres and Egyptian President Abdel Fattah al-Sisi.
The conference, which is being held at the King Hussein Bin Talal Convention Center on the Dead Sea shore, will be attended by Iraqi Prime Minister Mohammed Shiaa, Palestinian President Mahmoud Abbas and US Secretary of State Anthony Blinkin, who is touring the region to promote a ceasefire in Gaza, the United Nations Humanitarian Coordinator Martin Griffiths, leaders of state, heads of government and heads of international humanitarian and relief organizations with the aim of “determining ways to strengthen the international community’s response to the humanitarian disaster in the Gaza Strip,” according to the statement of the Royal Court of Jordan.
According to the conference program, the conference begins at 10:30 a.m. {Jordan time, Iraq time} through working group sessions, where Deputy Prime Minister and Minister of Foreign Affairs Ayman Safadi will speak, then Egyptian Foreign Minister Sameh Shoukri will deliver a speech, then the United Nations Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator Martin Griffiths. The working group sessions begin at 10:45 a.m., as the first group, provides humanitarian assistance to Gaza to meet the size of needs, the second exceeded the challenges facing the distribution of humanitarian aid and the protection of civilians in Gaza, and the third, the priorities of early recovery in Gaza. Before the start of the main session, the participating delegations will be received. At 1:30 p.m., the main session begins with the speech of His Majesty the King, the speech of Egyptian President Abdel Fattah al-Sisi, the speech of the Secretary-General of the United Nations Antonio Guterres, and the speech of Palestinian President Mahmoud Abbas. After the keynote addresses, a summary of the results of the working groups will be presented by the UN Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator Martin Griffiths. The main session is complemented by the words of the Heads of State and Government participating in the Conference. The main sessions will conclude at 6 pm, and a joint press conference will be held at 6:15 pm with the participation of the Foreign Ministers of Jordan and Egypt.
The Israeli military continues its war on Gaza for the 249th consecutive day, which caused an unprecedented humanitarian disaster that displaced more than 85 percent of the Gaza Strip’s population by 1.9 million people.
You don't want the budget to be approved because if it's approved, it's approved with dinar at today's Central Bank value, 1310. What you want is the court to overturn the approval.
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At this time the budget is not published in the Gazette. The budget has not been implemented because it can't be implemented until the court finishes their appeals on it.
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There's many disagreements with the budget, possibly causing it to be overturned via a court appeal...The actions of what was done with the budget was against what they were allowed to do so the legal system might be overturning the budget's approval...The House of Representatives...went beyond what they're allowed to do. The fact that they approved the budget unlawfully might be getting overturned...The budget might get squashed..
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The budget got approved with the currency value at the Central Bank value of 1310 dinar per dollar. That is not a rate change and no it can't just magically float up 1 to 1 in the way it sits right now. Remember the budget is a law...Changing the currency value would be a revision to the budget law. It would have to be amended somewhere during the term of the budget year or they'd have to wait till the next budget period to change the rate. That's the scenario we're in as of right now...There are some disagreements with the budget. We need to give those disagreements a few days to play out to see if they're going to...appeal the budget.
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I've seen quite a few different investors out there that are super excited that Iraq was going to be approving their budget within parliament Monday...That's a huge misunderstanding on your part if you're excited...The budgets are calculated off the value of the currency. When a budget is implemented or while the budget is implemented the rate cannot
change...If this budget got approved Monday, the next time they could change the currency...rate, they would have to wait until mid-year (September or October) or a new budget period of 2025 (March to April)...Once this budget gets approved, that's the currency value that's locked in it...It can't be magically changed...It doesn't work that way.
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The rate change is here... Article: "Sudanese directs to hold an extraordinary session next Sunday to discuss the 2024 budget schedules" The reason council of Ministers which normally meet on Tuesday are meeting on Sunday is they can only meet after the rate changes...They are reducing the deficit. To reduce the deficit you have to reduce your expenses, cost and figures. The only way they can do that is revaluing the currency...This step is contingent upon the rate change.
Article: "Parliament expects the arrival of the 2024 budget schedules" Quote "...There are efforts to guarantee the right of many segments in the items and schedules of the 2024 budget but they cannot be judged without waiting for the numbers they contain."
The rate has to change before parliament can approve the amendments to this budget. This is why I showed you the final countdown a few days ago because I knew this was coming forward and here it is for you...
Mid last week I posted "The Final Countdown"
...Here's the reason why right here...The approval of Iraq's budget is waiting on the rate change. That's why it's been outstanding/ pending for 6 weeks. This week we're entering into will be its seventh week. In order for them to complete and approve, the budget is waiting for the rate to change ...You're seeing countless articles on this. This is a critical piece to the timing of the rate change.
The next big step in this is we want to see when Iraq will be amending their budget...They can amend it before or after the rate changes...
This weekend coming up would be the historical anniversary date of when Kuwait reinstated their currency - March 24, 1991
Iraq technically does not need to amend the budget if they're not changing their rate.
The budget already covers their operating expenses. But they would need surplus funds to cover the reforms. The reforms are contingent upon the rate changing. They can't bring these reform package forward if the rate does not change. The only reason they're amending the budget is because the rate is changing...The step of amending the budget can happen either before or after the rate changes ... They will probably announce Thursday or Friday as to when they plan to amend the budget, which they'll probably do around this weekend...
Iraq increased its production by 40,000 barrels per day during the month of May, after OPEC’s decision to reduce cuts, according to a survey conducted by S&P Global Commodity Insights on June 10.
The nine OPEC members subject to quotas boosted crude oil production by 100,000 bpd in May, led by Nigeria and Iraq, pushing the group 320,000 bpd above their collective targets, while the bloc’s allies led by Russia cut production.
Iraq increased its production by 40,000 barrels per day to reach 4.28 million barrels per day, which is 280,000 barrels per day more than its current target, despite its agreement in May to compensate for the surplus production. The Platts survey estimates current oil production in the Kurdistan Region of Iraq at 210,000 barrels per day.
Iraq’s production reached 4.28 million barrels per day, up from the previous month, which reached 4.24 million barrels per day.
IN 2023 THERE WAS AN APPEAL ON THE ACTUAL BUDGET... BUT WAS RULED OUT THROUGH THE COURTS. THE TRIPARTE BUDGET WAS LEGALLY PASSED, SENT TO THE PRES. WHO SIGNED IT AND WAS PUBLISHED IN THE GAZETTE.
Today's Article Quote: "I do not think there will be an appeal, and even if there is an appeal, the budget will be spent, because it was voted on and its issue was decided legally."THERE IS NO APPEAL ON THE BUDGET SCHEDULES THAT WERE JUST PASSED BY PARLIAMENT AND IT WAS NOT NECESSARY TO BE SIGNED BY PRES. BECAUSE THE BUDGET WAS ALREADY PASSED...THE MOJ HAS IT NOW AND WILL PUBLISH WHEN READY.
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Question: "Wonder if the budget made it into the Gazette?" NO IT WAS NOT IN THE GAZETTE TODAY [Saturday]
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Article: "Rudaw publishes the text of the third strategic plan of the Central Bank of Iraq" Quote: "Regarding the initiatives that the bank linked to the sub-goals, they include the ability to issue medium or long-term securities, move from the platform to the sending banks in making external transfers, increase gold reserves, offer new issues of high-qualitycurrency, automate monetary operations, and support financing..."
Article: "Al-Mandalawi after voting on the budget tables: Parliament will follow up on disbursing the specified financial amounts".
The Acting Speaker of the House of Representatives, Mr. Mohsen Al-Mandalawi, congratulated the approval of the federal general budget schedules for the current year, stressing that the presidency made great efforts with the Parliamentary Finance Committee to expedite its completion and vote on it during the current legislative term, due to its importance in terms of its direct connection to the lives of citizens and its relevance. The document includes strategic, investment and service projects.”
Article: "Parliamentary Finance for Nina: We approved the budget schedules as received from the government, except for the governorate allocations."
Quote: "The Parliamentary Finance Committee announced that the schedules of the general budget law will be passed as soon as a quorum is reached in the House of Representatives session scheduled to be held this evening, Monday."