DINAR REVALUATION

Tuesday, June 25, 2024

Iraqi Dinar News Today HCL and Iraq's New Exchange Rate How the New Spea...

Iraqi Economic Ministerial Council to hold special session in Kurdistan to address persisting issues, 25 JUNE

Iraqi Economic Ministerial Council to hold special session in Kurdistan to address persisting issues

Shafaq News/ The Iraqi Economic Ministerial Council decided, on Monday, to hold a special session in the Kurdistan Region to resolve all outstanding economic issues.

The session will involve all economic entities from the federal government and the Kurdistan Regional Government (KRG).

The decision was made during the 18th session of the Economic Ministerial Council, chaired by Foreign Minister Fuad Hussein. The meeting was attended by Deputy Prime Minister and Minister of Planning, and the Ministers of Finance, Trade, Agriculture, Industry, and Labor and Social Affairs, along with the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq (CBI), the Prime Minister’s economic and legal advisors, the Chairman of the Securities Commission, and the Deputy Minister of Oil.

The council reviewed the items on its agenda, made necessary decisions, and approved the Ministry of Transport's request to commission a railway project between Basra and the Shalamcheh border crossing, subject to financial authorities' approval.

The council also endorsed the National Lending Strategy following a briefing by CBI’s Governor on the strategy and previous lending initiatives. Additionally, a special session will be held to discuss ideas and proposals aimed at increasing non-oil state revenues.

"QFS CONVERSATION" WITH GOLDILOCKS, 25 JUNE

GOLDILOCKS

CFTC Announcement:

"Washington, D.C. — The Commodity Futures Trading Commission Open Meeting scheduled for Monday, June 24, 2024, has been cancelled. The matters under consideration have been completed through the Commission’s seriatim process."

Let's take a close look at what has been completed.

* "Final capital and financial reporting comparability determinations and orders for certain nonbank swap dealers domiciled in Japan, Mexico, the European Union (limited to France and Germany), and the United Kingdom

* Applications of ForecastEx LLC for Registration as a Derivatives Clearing Organization and a Designated Contract Market"

The first item on the list above that was completed dealt with Cross-Border applications of Swaps Provisions. Capital and Financial reporting is being allowed by non-U.S. swap dealers and market participants (MSPs) that meet agreed upon standards with their home jurisdiction's regulations instead of the CFTC's. You can look at the list above of Nations that qualify.

The reason for the above being so important is because of the following procedures. These swap execution facilities have to be registered to operate as derivatives clearing organization that will allow global access to foreign currency exchanges and other financial instruments of interest.

The final item deals with designating contracts. Designated Contract Markets (DCMs) are exchanges that list trading futures or option contracts that are based on all types of commodities. And this, comes under the Commodities and Futures Trading Commission (CFTC) and their governance.

Compliance Date: Effective July 13, 2023. Derivative Clearing Organizations DCOs must comply by July 12, 2024. (See Federal Register link below)

The completion of these swap dealer compliance issues in the Forex Market comes at a time when Iraq has just completed their requirements on phase one of their economic reforms. Phase one is a completion of reforms that have now qualified Iraq for international trade.

https://www.cftc.gov/PressRoom/PressReleases/8924-24

https://www.federalregister.gov/documents/2023/07/13/2023-14361/governance-requirements-for-derivatives-clearing-organizations

Iraq's Hydrocarbon Law: A Game-Changer for the Dinar's Value?"

PMF brigade's commander reveals corruption files of Muthanna officials sent to judiciary, 25 JUNE

PMF brigade's commander reveals corruption files of Muthanna officials sent to judiciary

Shafaq News/ The commander of the "Ansar al-Marja'iya" brigade within the Popular Mobilization Forces, Hamid al-Yasiri, announced on Monday that corruption files related to Muthanna governorate officials have been referred to the judiciary.

In a statement, al-Yasiri said, "The immediate contact with the head of the Federal Integrity Commission concerning the public's inquiries about corruption files involving former governors, members of parliament, provincial council members, and directors of departments in Muthanna has resulted in the completion and referral of all cases to the judiciary in Samawa yesterday."

Al-Yasiri called the relevant authorities to "uphold the dignity of Iraq and expose the falsehoods and corruption files that have plagued our governorate and all of Iraq."

"Our just judiciary, you are facing a historical responsibility to reveal those whose hands are stained with squandering the people's wealth, and we stand with you as soldiers against any party trying to undermine or pressure you," he added.

On June 7, al-Yasiri, the commander of PMF Brigade 44, called for a sit-in in Muthanna, giving a deadline until the coming Wednesday to "expel the corrupt" from the governorate, including from the council." He also urged the Prime Minister, Mohammed Shia Al-Sudani to send a "military governor."

Muthanna Governor Mohannad al-Atabi considered Al-Yasiri's call to place the governorate under "military rule" as a step to "kidnapping" Muthanna.

PM Al-Sudani managed to defuse the crisis. An informed source told Shafaq News Agency on June 9 that "Al-Sudani held a meeting with Hamid al-Yasiri and several sheikhs and dignitaries of Muthanna to discuss recent developments," indicating that the meeting aimed to find solutions to prevent the protests and sit-ins scheduled for next Wednesday, as called by al-Yasiri to "uproot corruption."

Catch up on key Intel FROM GINGER TELEGRAM ROOM, 25 JUNE

💢 Catch up on key Intel - super question from Liberty Lounger Extraordinaire, HS Quan - a wonderful, detail oriented Lounger whom we love. 6.24.24

💢HS Quan: Any updates for this June 1st post? 👀 (Ginger's important report) https://t.me/c/1295992458/631869

💢Ginger: Excellent question. As far as I can ascertain, Reno is still on Alert - but not High Alert YET. This part hadn't changed over the weekend - so being just Monday - I'm still waiting to hear back with actionable reports of bond holders I personally know who have gotten liquidity. Or how far Bond liquidity has reached (or better said - stretched). Things are moving but hard to ascertain how fast or how much.

·I'm not seeing CMKX adjudicated funds checked off

·I'm not seeing farm claims checked off. More like a trickle (but maybe they are keeping it super quiet for good reasons).

💢 To ALL: 🙂 It would help me a bunch if you all could listen for these key details on podcasts you get to listen to - and bring it back to me - because it'll help me vet and then share what we're all finding. I could really use help with this - so thanks a bunch 🙂🌟 [Please note - so people aren't thinking we're being inconsistent - Intel sharing PMs are helpful and appreciated. It's only the Answer This For Me - or Solve This Problem For Me - PMs that are less desirable for me. Thank you kindly]

~ Ginger of the Liberty Lounge