An Economic Expert Rules Out The Possibility Of Establishing A Sovereign Fund In Iraq... And Enumerates The Reasons
Time: 06/12/2024 15:24:35 Read: 1,638 times {Economic: Al-Furat News} An economic expert ruled out the possibility of establishing a sovereign fund in Iraq.
Salah Nouri, the former director of the Financial Supervision Bureau, told Al-Furat News Agency, “Sovereign funds are established to achieve mostly strategic development goals.”
He stated that "most of the sources of financing for sovereign funds for countries that possess natural resources are from the surpluses of these sources (oil and gas) or foreign exchange surpluses." He pointed out that
"the management of sovereign funds is independent and highly experienced in successful investment and developing fund returns." Nouri continued,
“From the above, I think Iraq is not prepared, as there are no surpluses from natural resources (oil and gas) for these funds.
Rather, revenues from the sale of oil are depleted in the general budget in addition to resorting to borrowing (external and internal).
On the contrary, Iraq is likely facing a financial sustainability deficit.” Borrowing results and benefits.
Much has been made of the number 90 Trillion. This is the alleged number of Dinar at large...I do not believe this number is valid and here's why. 1) There are always casualties such as fire & natural disasters. 2) We know there has been an effort, for years, to coax three zero notes out from under mattresses, with some success. 3) We know stolen Dinar have been recovered in very large amounts recently. 4) Here's the biggie: I saw a video some years back, where a jet was seized attempting to leave the country, and it was stacked from floor to ceiling with coffin sized cases full of Dinar.
It had to be trillions. Much to my surprise, the jet was eventually cleared to take off. However, it was no surprise to hear the jet was registered to Nuri Al Maliki. The jet landed in Zurich Switzerland where it was then seized and the Dinar ..FOR READ MORE:
There is NO NEED for an NDA, whatsoever, unless you were a participant in the Private Placements, which were concluded in 2011. The only people who otherwise hold NDAs are bank presidents, branch managers, and of course any of the three letter agencies necessarily involved, such as the UST...
There are several regiments to float a currency: FREE FLOAT - The currency's value is determined solely by supply and demand in the market...MANAGED FLOAT - Similar to a free floating...but a government intervenes by buying or selling its own currency to minimize fluctuations.
Iraqis Are Resorting To “Gold Bullion” Instead Of Money, And The Banking System Is Dying
Economy | Yesterday, 11:18 |Baghdad today - Baghdad Today, Wednesday (June 12, 2024), financial affairs expert Mustafa Hantoush revealed the reason why Iraqis are resorting to purchasing gold bullion in abundance during the current period.
Hantoush said in an interview with "Baghdad Today" that "recently, the demand for buying gold bullion has increased significantly by citizens, especially those with large sums of money.
They have begun to save that money through these bullion instead of depositing their money in banks." He stated that "the reason why citizens resort to buying gold bullion to save their money is as a result of the weakness of the banking system, lack of confidence in this system, and fear for their money due to American sanctions.
This is why we see the majority of Iraqis turning towards gold bullion, especially in light of the
high prices of the yellow metal and the
stability of this price and
its lack of fluctuation like the dollar.".
From mid-December 2022 until now, the Iraqi dinar has continued to fall against the US dollar, until it reached the level of 1,610 dinars against one dollar at a time when the official price of the dollar is 1,300 dinars.
With the decline of the national currency and the rise in poverty and unemployment rates, Iraqi gold markets recorded a large demand from customers to buy the yellow metal amid warnings against buying counterfeit ones.
According to data from the specialized website “Bloomberg”,
Iraq bought 33.9 tons of gold in the year 2022, while the Turkish Consul General in Erbil Hakan Karaçay revealed that Iraq imported Turkish gold worth $1.5 billion during the year 2021.
Iraq's gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons.
This increase indicates Iraq's continued strategy to
diversify its foreign reserves and
enhance financial and monetary stability in the long term.
This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.
Many simultaneous factors are strengthening the record levels of gold,
especially in light of the escalation of geopolitical tensions around the world, and
in light of the state of “uncertainty” surrounding the global economy, which supports the trend towards the precious metal as a traditional safe haven in the face of market fluctuations and dire scenarios that impose themselves on the market. the scene.
Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as
it ranks fourth after the Kingdom of Saudi Arabia, Algeria, and Morocco.
💢 Family, watch this. This is one of the non negotiables I've told you about. CMKX adjudicated funds must be paid to shareholders BEFORE we go camping.
This is a GCR (bookend) side that we must see before the RV side takes place (completely opposite bookend/analogy). Regardless of what your favorite gurus say, this is a must. No notifications until this happens. Good news, it can happen fast when it's ready to go.
We're talking hours to days. Absolutely not weeks to get it all done. And then we still have T3 groups which need their 1% liquidity up to 30% to 50% complete before T4B notifications.
Allow the process to work out. Remain grounded. Observe but don't ABSORB.
Iraqi President stresses importance of cooperation with Iran in various sectors
Shafaq News/ Iraqi President Abdul Latif Jamal Rashid stressed the significance of Iraq's cooperation with Iran across various sectors during a meeting with Iran's Acting Foreign Minister Ali Bagheri Kani and his accompanying delegation at the Baghdad Palace.
According to a statement from the Iraqi Presidency, President Rashid highlighted the "deep bilateral relations between Iraq and Iran and the need for joint efforts to strengthen these ties," drawing on the "historical and religious bonds between the neighboring peoples."
Moreover, he underscored the importance of collaboration in the fields of economy, trade, tourism, and energy, as well as coordination and consultation on issues of mutual interest.
The Iraqi President discussed with his guests the security agreement between the two countries and its "positive impact on reinforcing border security and stability, serving to enhance mutual security." reiterating Iraq's commitment to maintaining balanced relations with neighboring countries and the world in line with its vision to "promote peace and stability in the region and serve national interests."
The discussions also covered the situation in Palestine, with President Rashid calling for an immediate ceasefire and the protection of civilians, affirming Iraq's support for the Palestinian people's right to self-determination and the establishment of an independent state on their national soil.
For his part, Bagheri emphasized Iran's eagerness to expand "constructive cooperation" with Iraq in various fields, aiming to achieve the "aspirations of the two friendly nations for progress and prosperity and to consolidate security and stability in the region."
The Iranian Acting foreign minister started his visit to Baghdad on Thursday morning by paying homage to the statues of Iranian Revolutionary Guard Commander Qassem Soleimani and Deputy Chief of the Popular Mobilization Forces Abu Mahdi al-Muhandis, located on the airport road in the Iraqi capital.
A government source informed Shafaq News Agency that Bagheri's visit is part of a regional tour, during which he will meet with the Iraqi Presidency, the Prime Minister, the Parliament, the Supreme Judicial Council, the National Security Advisor, and other political figures.
The source added that Bagheri is expected to travel to Erbil, the capital of the Kurdistan Region, on Friday to hold meetings with Kurdish officials.