"RV UPDATE" BY SANDY INGRAM, 1 JULY

Sandy Ingram

  The four factors that have or can affect the Iraqi dinar currency...The first...is the '24 budget...presents a significant issue for Iraq.  The World Bank's assessment that Iraq needs an oil price of $90/barrel to meet budget requirements is a stark contrast to the current oil price of around $80...This ongoing issue boils down to how the World Bank reviews financial data and how Iraq view the same data.   The second factor...until 2014 Iraq almost always created jobs for college graduates...In the eyes of Iraq, a government career is part of the benefits of being an oil rich county...One reason the budget is so large is that Iraq is budgeting for over 700,000 new government jobs.

The third factor...there are two exchange rates in Iraq...The official rate is round 1310 to $1.00.  The market rate...fluctuates higher around, 1450 to $1.00 and cause issues, even protests.  The market rate is the rate at which people live day-to-day... Because Iran and Syria need and want US dollars the US Federal Reserve has encouraged Iraq to rely more on the Iraqi dinar than the US dollar.  This effort keeps Iraq out of trouble with the US Federal Reserve and the Department of Treasury...The issue of the two exchange rates is expected to be resolved over time.  As of January 1, 2024 all transactions are mandated to be conducted in Iraqi dinars and the gap between the official exchange rate and the market value is anticipated to decrease, offering a sense of stability

...This is the most concerning issue that is brewing.  All oil revenue paid to OPEC is in US dollars...Iraq's oil revenue is received by the US Federal Reserve first and then allocated to Iraq...The fact there are backroom talks over the position of OPEC going forward leaves [us] concerned for Iraq's Financial safety especially if the country wants to receive oil revenues in the dinar currency.  However this would be one of the best steps to strengthen Iraq's currency...OPECs power is being threatened from within and this could lead to an uncomfortable situation for Iraq. 

FRANK26…..6-30-24…….WHERE’s THE BUDGET

Customs completes the first phase of the automation project and reveals its revenues within 5 months, 1 JULY

Customs completes the first phase of the automation project and reveals its revenues within 5 months

Economy News – Baghdad

The General Authority of Customs announced, on Sunday, the completion of the first phase of the automation project in 8 centers, and while it was scheduled to complete it throughout its centers in Iraq, it revealed its revenues within 5 months.

The head of the authority, Hassan Al-Okaili, said, in a statement reported by the official news agency, and seen by “Economy News”, that “the authority has started implementing the Scuda system at some border ports since last October,” noting that “the first phase of automation has been completed in 8 customs centers out of a total of 25 centers.”

He added, “The importance of the outlets is measured through the most revenue ports through which many goods enter,” noting, “the second phase will see the automation of the rest of the centers in a time limit that extends for the first half of next year,” pointing out that “automation contributed to increasing revenues.”

He stated, “There are a number of measures carried out by the General Authority of Customs, including reform at the institutional level and at the level of procedures and capacity-building of cadres,” noting, “The Authority is witnessing today a real technological revolution by switching to electronic platforms and modern systems such as the Scuda system.”

He pointed out that “the Authority’s revenues in 2022 reached 800 billion dinars, and in 2023 we achieved one trillion and 33 billion dinars at an increase of 28 percent,” pointing out that “during the first five months of this year, we achieved revenues of 800 billion dinars.”

He expressed his hope that “the revenue rate will rise by the end of this year to 200 percent from what it was in 2022,” explaining that “the measures adopted – foremost of which is automation – reflected positively and clearly on the percentage of revenues and on the level of revenues that entered as revenues to the state treasury.”

Al-Okaili stressed that “every new system that is applied faces a set of challenges, perhaps the most prominent of which is the weakness of infrastructure with the application of modern technologies that have not been previously used,” pointing out that “the Prime Minister directed that the General Authority of Customs be provided with experts and specialists from the Ministry of Higher Education; to strengthen cadres and strengthen the work teams working in this field.”

On the establishment of staff courses to work on the ŠKODA system, Al-Okaili stressed that “a national team of employees of the General Authority of Customs and a team of employees working in this field was built, where they received high-level training by United Nations experts, a total of 48 employees,” pointing out that “the end users of the EsyCUDA system were about 3,300 people between government departments, clearance companies and traders, and work is still continuing on training.”

He stated, “The training is taking place in every border outlet within which the system is applied,” explaining that “during the last three months we have worked training in Baghdad for those who have headquarters in the capital and are difficult for them to travel to the city of Basra or Ramadi.”

He pointed out that “the Scuda system did not work today with all its functions, as one of the functions of the system is to balance between facilitating and facilitating trade and monitoring and protecting the country from products that are not suitable for consumption from smuggling operations,” explaining that “one of the features of the system is that it works with artificial intelligence, where the features of the system will be fully activated in the next stage, including the selective process of detecting goods and storing inspection images of goods so that the system can distinguish between one image and another based on artificial intelligence.”

---

87 views

Added 2024/06/30 – 5:21 PM

---

https://economy-news.net/content.php?id=44757

"RV UPDATE" BY WALKINGSTICK, 30 JUNE

  Walkingstick 

 The ATM machines, they're all poised like centurions that are standing there.  These ATMs are guarding the lower notes.  It's time for all of this to come out now.  It's just the budget we are waiting for.  We're not waiting for any laws, we're not waiting for any new procedures.

---

Walkingstick

  Question: "Why haven't we had a new exchange rate?" 

 It's always the same answer, it's the corruption from Iran that steals from the auctions from the CBI...government through the political people that they have.

You can stop asking question about the budget.  It's all there.  Concerning the tripartite budget, everything...all the projects...cities, new exchange rate, lower notes, ATM machines, contracts, everything, it is all there...It is a fact...The GOI has the budget and they have the new exchange rate from the CBI.

---

 The Iraqi citizens are being given their education, not our education.  They are telling the Iraqi citizens what they need to hear at this moment in the monetary reform process...

 $4.9 billion for a pipeline in the budget...Didn't you say it was 6.5 billion dinars? 

 'Yeah.'  And you're saying it equals $4.9 billion? 'Yeah.'...

They told the world...6.5 billion IQDs is equivalent to $4.9 billion...6.5 divided by 4.9 it comes out to 1.32 or $0.76...You don't have to think anymore after this...That's billions to billions not trillions to millions.  That's a rate change...You're telling the world this.

--

[Iraqi bank friend]

 Aki in Dearborn...he's got one [new ATM machine like the ones delivered in Iraq].

They put these ATM machines out in order to put out the lower notes...These ATM machines will teach the citizens about the lower denoms and it will teach the bank employees about this as well too...There's going to be a stampede of people that will be rushing into the Iraqi dinars...These ATM machines are now being impregnated...

When they load or if they have loaded them up [new ATMs], the note count has already been determined.  The note count for each individual machine has already been accounted for...

These machines will be the state of the art...State of the art has nothing to do with a program rate.  If it was they would have had the state-or-the-art with the program rate for the last 20 years...The CBI is desperately trying to put out the least amount of currency at the onset before they release the new exchange rate.  Because once they do this, if needed, they will be able to add to this note count as the value is needed.

These ATM machines have the capability to recognize the lower denoms that are soon to be passed out to the citizens in order to add value to their currency and to go hand in hand with a new exchange rate of the lower notes...These ATM machines have the software for the lower notes.  

But does it have the lower notes in these ATM machines? 

 It is unknown...Since April there have been thousands of these ATMs being put out...FOR READ MORE: https://dinarevaluation.blogspot.com/2024/06/rv-update-by-walkingstick-19-june.html

IRAQI DINAR🔥Sudani's Masterstroke: Iraqi Dinar Unstoppable Rise on the G...

Economist reveals the main factors that influenced the implementation of the Maronites, 30 June

 Economist reveals the main factors that influenced the implementation of the Maronites

 Former Director of the Financial Supervision Bureau, Salah Nouri, revealed today, Friday, the basic factors that influenced the implementation of the budget approval.

Nouri told Al Furat News Agency: “The main factors affecting the proper implementation of the Maronites are: 

_Approval of the budget early, at least in the third month of the fiscal year 

_Accuracy of financial allocations according to the priorities of the government program 

-The speed of cash financing for public spending units. This concerns the duties of the Ministries of Finance and Planning, the Council of Ministers, and the Representatives

As for the executive departments, Salah added, “Transparency, integrity and quality in the use and spending of funds according to the approved financial allocations.” 

He stated, “The efficiency of the executive human resources in the public spending units, based on the basics of implementing the aforementioned general budget, will greatly affect the achievement this year in terms of delays in approving the budget and delays in financing, in addition to the weakness of efficiency, transparency, integrity, and quality, especially in investment projects.”  link

" ABOUT ZIMBABWE'S NEW GOLD-BACKED CURRENCY" BY GOLDILOCKS, 30 JUNE

 GOLDILOCKS

The International Monetary Fund (IMF) announced that Zimbabwe's new gold-backed currency has stabilized the nation's economy. This currency, introduced in April, is supported by 2.5 tons of gold and $100 million in foreign currency reserves.

In a June 27 statement released following an Article IV consultation mission, the institution noted that the official exchange rate of the Zimbabwe Gold (ZiG) has remained stable, ending the economic instability seen in early 2024. During that period, the Zimbabwean dollar lost about 260% of its value against the US dollar.

https://www.ecofinagency.com/public-management/2806-45679-zimbabwes-gold-backed-currency-brings-stability-imf-says