Monday, July 1, 2024
Iraqi President approves 2024 budget, 1 JULY
Iraqi President approves 2024 budget
The Iraqi President, Abdel Latif Rashid, supported on Thursday a few draft bills, including the 2024 spending plan.
According to a statement released by the Iraqi Presidency, Rashid passed legislation governing prostitution, homosexuality, the Independent High Electoral Commission (IHEC), and agricultural land renting in addition to the budget for 2024.
The Iraqi parliament approved the country’s proposed budget at the beginning of June, with the goal of increasing expenditures until the end of 2024.
In a statement, the Iraqi parliament said that 199 of the 329 members of the parliament attended a session that was presided over by the acting speaker, Mohsen Al-Mandalawi, and approved the budget for 2024.
The Iraqi cabinet completed a draft of the budget bill last month before submitting it to the Iraqi parliament for approval.
Iraqi administrators passed the spending plan that raised the country’s use to 211 trillion Iraqi dinars (around $161 billion).
In June 2023, Iraq approved a record-breaking $152 billion budget for three years, with 12.6% going to the Kurdistan region.
The budget deficit for Iraq in 2024 is approximately 63 trillion Iraqi dinars (approximately $48 billion), or one-third of the total budget.
In December, Iraqi Prime Minister Mohammed Shia Al-Sudani said that the government is talking to the parliamentary financial committee about changing relevant laws because businesses in Iraqi Kurdistan are waiting for payments to cover production costs.
In March, Mouin Al-Kadhimi, a member of the Parliamentary Finance Committee, stated that an increase in the overall amount of the budget led to an increase in the deficit.
"RV UPDATE" BY RAYREN98, BANKER & CLARE, 1 JULY
RayRen98
[via Babysmom] "THE CLOCK IS TICKING. IT APPEARS THAT CELEBRATIONS HAVE COMMENCED EARLY ON SATURDAY EVENING...THE GAZETTE" UPDATES" AROUND 4:00 A.M. EASTERN...TIME WILL TELL!!!"
Banker
...The new Budget was included in the latest Gazette but the rate was not given.
I now have it from three different sources that Iraq is planning a nationwide celebration for this Sunday 30 June. There are many foreign dignitaries in country for the party and the rate will be announced and the new ATM’s with the new currency will be opened...
Clare
Article: "A new Iraqi plan to return the green bird to the skies of Europe again " Quote "The Iraqi Airways Company talked about a new plan to return the green bird to the skies of Europe again."
"CBI TAKES CONTROL... BECAUSE THAT'S THE GOAL!!!" BY FRANK26, 1 JULY
KTFA
FRANK26: "CBI TAKES CONTROL... BECAUSE THAT'S THE GOAL!!!"...F26
Economist: Direct banking investment is prohibited by order of the Central Bank
6/30/2024
Economic expert Mustafa Akram Hantoush explained on Sunday that the Central Bank of Iraq is adopting a “strict” central policy in its dealings with the banking sector, which limits the ability of banks to engage in direct investment and financing economic projects .
Hantoush told Shafaq News Agency that this policy makes it difficult for the banking system and investors to invest their capital in new projects without obtaining special approvals from the Central Bank.
Hantoush added that the current procedures followed by the Central Bank prevent banks from entering the areas of direct investment, which hinders the banking sector from achieving a vital role in moving the national economy.
He explained that the banking system, in light of these procedures, does not have sufficient capacity to play an effective investment role in line with normal banking rules, but rather the investment decision becomes subject to the directions and approvals of the Central Bank.
Hantoush stressed that this approach lacks the concept of "financial liberalization" for banks, which would provide the banking sector the opportunity to enter the Iraqi market directly and support investment opportunities, while adhering to banking and legal controls.
He stressed that reviewing these policies may be a necessary step to activate the role of banks in supporting economic projects and promoting investment in Iraq.
LINK
LATEST FROM FRANK26, 1 JULY
Frank26
The #1 reason, the only reason why we didn't have a new exchange rate, new lower notes, is because of the terrorism that was coming from Iran...Not anymore...You see more clamping down. More arrests, more money being returned.
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They're ready to burst wide open and give everybody their sweet blessings. No doubt.
Question "Is it safe to give somebody at the bank your money before it's verified?" NO! ...Take care of them. Don't let them out of your sight...If you go to a bank and they say we're going to exchange the currency for you but we're going to have to take this currency and send it to the upper echelon bank...do a 180, about face, and run like the Road Runner. Get away from them as fast as you can. You never want to give up your dinars to anybody...Simply say, give me the address of that bank and you take them.
THE CURRENCY AUCTION WILL END THE DAY THAT THE RATE CHANGES BY JEFF, 7 OCT
Jeff Article: " Iraq presents to the US Treasury date for abandoning the currency auctions " The auctions will end or be...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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RayRen98 BANK STAFF RECEIVED "GET READY" MEMOS THIS MORNING, THEY'VE BEEN EXCITED ALL DAY! Nader From The Mid East Y...