Parliamentary Finance reveals the effects of the oil price increase and its differences in the 2023 and 2024 budgets
Member of the Finance Committee in the Iraqi Council of Representatives, Mustafa Al-Karawi, revealed today, Monday, the effects of the increase in the price of oil and its difference in the 2023 and 2024 budgets, while he spoke about the fate of the revenues of the difference in the price of a barrel, which is approaching the $10 limit for each barrel sold.
Al-Karawi said, "90 percent of the country's revenues depend mainly on oil, and the more oil revenues or the price of a barrel of oil increase, the lower the expected deficit in Iraq's budget."
He added, "There is no big difference between the 2023-2024 budgets, as the government relied on a price difference of about $10 if it built its budget on $70 per barrel and expected the current price of $80 per barrel."
Al-Karawi explained that "the increase in oil revenues will contribute to bridging the deficit, and since the expected difference is $10, the deficit coverage will be 16 trillion dinars in the 2024 budget."
It is noteworthy that Iraq sells about four million and 250 thousand barrels of oil per day, and needs about 54 trillion dinars as salaries , as the 2024 budget was approved at a fixed price of $70 per barrel, while the current price of a barrel is $90, which reflects the fluctuations of the oil market.link
The news is still concentrating mostly on bringing in foreign investors and they told us today that there was a two part plan, and this plan is now completed.
You can read the articles on this subject matter in today’s articles section. The other part of the ongoing news from Iraq is still about the Parallel Market rate vs the Official CBI rate of the dollar. On one had the financial advisor Saleh to Al-Sudani tells us and I quote –
“The advisor to the Iraqi Prime Minister disagreed with what four economic experts said regarding the “stability” of the US dollar exchange rate against the Iraqi dinar, stressing that “the stability of the dollar is real and solid and not imaginary as some believe.“
However, there are four economists who step in and disagree with Saleh.
In the article they give their opinion, but it is just an opinion remember.
Saleh works with this issue daily and he is executing a plan. The plan takes time but Saleh says it is working and again tells us “soon” the parallel will equal the official rate.
But this is weird because Saleh also says and I quote – “which has become stable in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports), amounting to 1,220 dinars per dollar”.
So it appears the currency auction rate has reached 1220 at some time but is not yet steady. Remember they get these fluctuations and they are a good sign but must wait for it to stabilize. I believe this is what Saleh is telling us. This is all good news.
Now let’s look at why this is all good news. Also in the same article it gives us a review of the past before Covid and under other prime ministers. It explains factors that affects the rate.
I quote from the article – ““Therefore, all these factors lead the dollar to calm and stability. It previously fell to 144, but then rose again to 148, and the difference with the official 1320 is more than 15 points. Therefore, this is not stability. Rather, the correct stability is as it was before, when it was 1120 in the Central Bank and 1121 abroad.”
Now after reading this last part that I quoted let’s go back to what Saleh told us has recently happened in the currency auctions.
I will quote to you again – “ “which has become stable in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports), amounting to 1,220 dinars per dollar”. So the rate is slowly stabilizing as has now reached 1,220 from 1,320. The goal is 1,121.
Folks this is not too far off. Am I telling you they will RV when it reaches their goal. Of course not but these rates adjustments tell us they can not hold this back much longer and even with their own criteria something must be done and done soon to bring the dinar to the international investment world and free it up.
I can see some of my readers commented on the OFAC sanctions and did some research on your own. Congratulations on your findings! Kudos to you. But are you understanding what the US Treasury told you. This get weird and I tried to explain it all to you in one of my past Newsletters. Did you understand what I told you? What the US Treasury told you is in line what I presented to you already. The dinar is still a “risky” investment for the banks due to not being officially back on FOREX.
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good morning everyone… good morning Markz …good morning mods
Member: Happy 4th of July week!
Member: So are your bankers still saying the 4th thru the 7th?
MZ: “BRICS: JP Morgan Predicts Huge US Stock Market Crash”, Stocks could fall 30% as US heads for a deep recession, analyst warns….A collapse of the banking system would force the issue …it would also cause unrest and starvation around the world. /so I hope the PTB will do this reset the right way.
Member: If white hats let this happen – they are as bad as the cabal/deep state…imo
MZ: Here is another big one: “ Stocks could fall 30% as US heads for a deep recession-analyst warns” I was told it could be 40% to 60% almost 20 years ago. .
MZ: One of my CMKX sources did a quick check-in and Fines and Penalties were updated again. They are hearing a lot of chatter and they are ready to go- prepared and ready.
Member: 3 more African nations just asked to join BRICS!
MZ: And there will be more!
Member: I cannot wait to see the African nations restored! They have many many riches~
Member: Mark, When Brics announces their gold backed currency, will that force the US to release our new notes???
Member: that is logical to me.
Member: Frank26 wouldn’t give us certain information but intentionally out his white shirt on. The white suit supposedly means we are a go.
Member: Simply Linn said this morning that we are on standby.
Member: Question: How can Iraq be excited when they have no A/C, lack adequate infrastructure (electricity), and is supposed to reach 126 degrees in Iraq today? Hard to celebrate when it's that hot outside.
Member: I read that this AM. The temp there is rediculous! They are having issues w electricity there. Time for change for sure
Member: Some are saying In Iraq- it will be a float and start out low. I don’t think that would work because of the contractors who want to know what they are getting paid?
MZ: I’m with you. I’m not saying a float is not possible….but I believe it would have to be managed and come out closer to the end rate they want.
Member: Today, we are one day closer to our breakthrough blessing day. Hold on, we will win the race. The finish line is close. Don't give up trusting and praying.
Member: I still say the 4th of July –Independence day would be the perfect day for the RV and us to be independent from financial tyranny.
Member: Remember Charlie did say the RV would go on a Thursday
Member: Let’s hope July 4th is “the Thursday” Charlie Ward keeps talking of.
MZ: There are a lot of rumors going around that this is the “go” We don’t know. Noone knows the timing.
Member: Everyone enjoy your day…..the best is yet to come.
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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.
Welcome to July. First, I want everyone to know why the RV process has not yet begun (Project to Delete the Zeros) in June as planned by the CBI. My conversation with my CBI contact this past Saturday has assured me once again the CBI is not going to be fooled again. They told me the CBI needs,
in a FORMAL written agreement assurances that the US Treasury will promote the Iraqi dinar back to FOREX, if and when the CBI begins the final stage of the currency reform. They need to move ahead, they want to move ahead. I was told it would be disastrous to increase the rate, then delete the zeros yet not move to FOREX. It all has to work in steps.
Folks, I know we all expected something is June and the US Treasury promised they would cooperate a month ago, but here we sit and its now July. The confirmation letter of agreement has not yet been provided under the Biden administration.
So, what is holding up the U.S. to give its permission and assurances? I have talked to people in the Biden administration and they flat out told me Biden in not going to give permission. But I asked why?
This is left to me to speculate on. But I believe the spineless deep state idiots running our government today could not care less about us investors and most importantly about the Iraqi people. We are all just pawns they play with. These crooked politicians already exchanged way back in 2012–2013 and so who now cares about us. Yes, this is the Obama and now Biden mentality.
I assure you this has gone way beyond us investors telling anyone what to do. It is all about “corruption” and we are now seeing it for all its worth. In my last Newsletter I talked about my conversation with my CBI contact at that time. What did she tell me then?
She told me basically the US are bastards. Opps… I wasn’t supposed to tell you that. But I owe you the TRUTH! I am no longer going to hold back. My contact told me the same.
This is now ridiculous. The US Treasury knows damn well to kickoff the 3rd phase of the strategic plan was to bring the dinar back to FOREX.They were in meetings held to talk about this 3rd stage to the overall plan.
This manipulation is really sad. A decade ago, I could hardly make these claims. But come ‘on folks it has been 20 years already and the entire Europe was rebuilt in a shorter timespan post WW2. But who cares about Iraq, they say. Yes, as long as the oil if flowing, they are taking their corrupt share, the US politicians don’t give a shit about the people of Iraq. Shame, shame, shame on them. Yes, this means democrats and republicans too.....FOR READ MORE: https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/
Iraq's Economy Under The Bullets: How Violence Affects Investment
July 2, 2024 Baghdad/Al-Masala Event: The spread of weapons in Iraq represents a major challenge to security and stability in Iraq, while it is difficult to reach an accurate number that limits the number of weapons that Iraqis possess.
However, unofficial reports indicate that the number exceeds 15 million weapons, ranging from light, medium and heavy.
This widespread proliferation of weapons is mainly due to the inability to enforce the law on everyone, which creates a chaotic environment dominated by armed conflicts.
Tribal conflicts, especially in the southern and central Euphrates regions, are among the most prominent manifestations of this chaos, as tribes fight using heavy and medium weapons, leading to many casualties.
International armed groups are spreading in Iraq, whether on the border with Syria or in the northern regions of the country. These groups are often linked to neighboring countries, such as the Kurdistan Workers' Party, contributing to increasing the complexity of the security scene in Iraq and exacerbating the problem of the spread of weapons.
Dozens of Iraqis are killed every month due to the use of weapons, whether in tribal conflicts or in individual crimes.
As for the arms market in Iraq, it is difficult to control, according to a security source who says: “Weapons are traded illegally and at high prices, which makes it difficult for the authorities to control this market.”
Even doctors in Iraq face death threats while working in hospitals, reflecting the extent to which the spread of weapons affects various aspects of daily life.
The Iraqi police forces find it difficult to confront the loose weapons, as they fear intervening in armed conflicts for fear of being attacked.
This situation reflects the state's weakness in imposing its control over all areas and maintaining security effectively.
Under these circumstances, it becomes necessary to take serious measures to limit the spread of weapons in Iraq, by strengthening the capabilities of the security services and strictly enforcing the law on everyone, in addition to enhancing cooperation with the international community to limit the flow of weapons into the country.
In his government program, Iraqi Prime Minister Mohammed Shia al-Sudani pledged to end the phenomenon of loose weapons outside the official and legitimate institutions.
The spread of weapons in Iraq has significant negative effects on the lives of individuals and society in general, as it contributes to the rise in rates of violent crimes, such as murder, theft, and armed assaults, which makes the daily lives of individuals more dangerous and increases the feeling of insecurity.
Armed conflicts between clans result in many casualties and destruction of property, and these conflicts are often long-lasting and exacerbate social tensions. https://almasalah.com/archives/95819