NADER FROM MID EAST: Iraq Oil Prices Sky Rocket, But Can They Keep Going?

"THE BACKBONE OF THE MONETARY REFORM, SECURITY & STABILITY!!! BY FRANK26, 15 JUNE

 KTFA

FRANK26:"THE BACKBONE OF THE MONETARY REFORM, SECURITY & STABILITY!!!"........F26

The Financial Supervision Bureau to Nina: We cooperate with Integrity to build a national strategy to combat corruption, and this is our work.

6/13/2024

The Federal Financial Supervision Bureau confirmed its intention to prepare and build an effective national strategy to combat corruption in cooperation with the Integrity Commission for the years 2025-2030.

The Deputy Chairman of the Bureau, Qaisar Ghazi, stated, in a statement to the National Iraqi News Agency ( NINA ), that “the Financial Supervision Bureau is an essential and effective partner in building, implementing and following up on anti-corruption strategies, through the oversight bodies operating in all state institutions and departments, as well as through the exchange of experiences.” To build more developed and developed strategies that are more responsive to the changing reality of cases of rampant corruption.”

He added, “These bodies follow up on the implementation of strategies by ministries and sectoral bodies and submit periodic reports to the Integrity Commission on the level and results of implementation, as we have a joint work team with the Integrity Commission in building the strategy and following it up,” praising the efforts of the Integrity Commission in organizing meetings regionally and internationally due to their importance. In spreading a culture of integrity, transparency and governance to build more effective national strategies.

LINK

 

"RV UPDATE" BY JEFF, 15 JUNE

 Jeff  

  I told you guys the court would be overturning the budget because it is unconstitutional...I basically predicted the future for you.  It's getting close to happening.   They're most likely going to do this next week. 

 Article:   "Legal:The Federal Court will vote on the unconstitutionality of the budget table"   I told you the budget is unconstitutional.  I told you nothing was going to happen to the budget.  As you see I'm right.  The budget is getting overturned.  It is going to go back to an unapproved state.

  The central bank announced their 3rd strategic plan... They'll be increasing gold reserves...they also said they're going to offer new issues of high quality currency and reduce the deficit..

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 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. 

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-jeff-1-may.html

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...

https://dinarevaluation.blogspot.com/2024/03/rv-update-by-jeff-22-march.htm

MNT Goat Update RV Of Iraqi Dinar Today 2024🔥RV update iqd value increas...

The Foreign Minister invites the European Union representative to visit Iraq, 14 June

 The Foreign Minister invites the European Union representative to visit Iraq

Foreign Minister Fuad Hussein invited, today, Friday, the High Representative of the European Union for Foreign Affairs and Security Policy, Joseph Borrell, to visit Iraq.

A Foreign Ministry statement stated that “The High Representative of the European Union for Foreign Affairs and Security Policy, Mr. Josep Borrell, stressed in a telephone call with the Deputy Prime Minister and Minister of Foreign Affairs, Mr. Fuad Hussein, the importance of protecting the stability of Iraq, indicating that the European Union considers this part of its foreign policy priorities.” and security of the region.”

According to the statement, Borrell called for "the necessity of maintaining strong relations between the United Nations and its mission on the one hand and the Iraqi government on the other hand."

According to the statement, during the phone call, the two sides discussed "a group of issues related to European-Iraqi relations and the situation in the region."

In the field of bilateral relations, the Minister of Foreign Affairs expressed his "happiness with the development of relations between the two parties and reaching understandings in various fields, cooperation and joint work based on the partnership agreement signed between the two parties more than a decade ago." 

The statement added that "the call discussed the serious tensions in the region, and they expressed their support for the Security Council resolution on the ceasefire in Gaza," expressing at the same time their concern about the danger of expanding the scope of the war and its extension to southern Lebanon, noting that "the call also touched on The conference was held last Tuesday in the Hashemite Kingdom of Jordan regarding assistance to the people of Gaza, and they discussed the results of the conference.

The statement concluded that “Hussein invited Josep Borrell to visit Iraq, while Borrell expressed his happiness and agreement to accept the invitation, and agreed to arrange a date for the visit in the last quarter of this year.” "General".  link

"IRAQ'S EXIT FROM THE LIST OF " HIGH-RISK COUNTRIES" BY MNT GOAT, 14 JUNE

 Mnt Goat  

...Iraq’s exit from the list of “high-risk countries" ...was officially announced by the International Task Force (FATF) last week. Yes, “the writing is on the wall” now as this is the BEST news..

.Iraq’s exit from the list of high-risk countries could not get any better. They are slowly clearing the way to the reinstatement, one obstacle at a time...They were not about to release the currency back to FOREX with this in place ...

WOW! WOW! WOW! news for us today.

...traders can’t trade the Iraqi dinar since OFAC sanctions are still on the currency and have not yet been lifted.

 It would be illegal and very risky to put any of the dinar in investment portfolios at this time... there is no back screen trading platform, so even if they did want to trade the dinar how would investors do it?

The Revaluation Of The Iraqi Dinar Is Expected To Happen Extremely Soon ...