US messages to Iraqi leaders: Dollar cash flow may stop
Prominent Kurdish politician, Masoud Barzani, sent messages to Iraqi political leaders, stating that the entry of some factions into the Israeli-Iranian conflict may prevent the flow of cash dollars into Iraq.
Politician Mishaan Al-Jubouri said that Barzani informed the leaders of the Coordination Framework that the American siege will be imposed on Iraq if Washington's interests are attacked.
He added that Barani also informed the leaders of the Coordination Framework that America can stop the flow of dollars to Iraq and cause harm to the country, but Iraq is unable to cause any harm to America link
[via PDK] I keep getting loaded up on the Rumor side …There is a lot going on and they are saying that we hit the banks sometime around July 12th. We will see what is accurate as we get closer…but my goodness, the enthusiasm from the banking side and the group side is nuts. It’s exciting but I don’t want it to be another let down.
...in Iraq they are working with the Saudi’s directly to complete undersea cable agreement for internet connectivity.
Iraq is becoming a central hub for communications in the middle east. Big news for Iraq. If you are going to be a regional leader- Iraq is going to need some higher valued dinar…imo
There is a lot of chatter as of yesterday over the HCL in Iraq.
Article: “Parliamentary committee for “Economy News” The Oil and Gas law is almost complete-this is what we hope from Barzani’s visit to Baghdad."
They want you to know they are almost done with HCL. From day one I was told to look for HCL being completed and then BAM you are headed to the bank!
Ports Announce The Completion Of The First Phase Of Networking By 100 Percent
Money and business Economy News - Baghdad
The consultant for the border crossings networking project, Ahmed Ezz El-Din, confirmed today, Friday, that the authority has made advanced progress in the electronic networking of the crossings, pointing out that the first phase of the networking has been completed.
Ezz El-Din said, "The first phase of the networking of the ports has been completed 100%, and all border ports have been connected with optical cable and the highest-spec infrastructure of network devices and servers has been established," stressing that "all devices are currently connected to the Border Ports Operations Center at the Ports Authority."
He added that "the network connection means that digital transformation and automation of systems will be available, and its implementation will be direct," noting that "the border crossings management program has been implemented and a live image has been transferred from sonar devices directly to the operations center."
He stated that "the port and the operations center were audited via live broadcast, which leads to combating corruption and reducing pressure on workers at the ports and monitoring the movement of trucks and goods from their entry to their exit."
If the Iraqi dinar revalued next week are you ready? ...Understanding this one fact, you will do just fine. The wealthy never never ever spend their bases or the foundation of their wealth. In your case this would be the profits from your Iraqi dinars...Wealthy people invest their initial profits. The first person they hire is a financial advisor. The second...is a tax professional...to make sure Uncle Sam doesn't get large sums of their money. If you do anything else you are in the fast lane to going broke.
Sandy Ingram
Article: "Advisor to the Association of Banks:The third strategy of the Central Bank is a new methodology for financial and banking reform" The Central Bank is prepared to achieve all goals in the second half of 2024 and the years of 2025 and 2026. ...these are from the original white papers that we talked about a couple years back. This article is the first indication that the white papers are the guiding light to the CBI's progress toward financial stability and banking reforms that aligns with International banking standards.
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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.
Iraq 07/03/2024 Baghdad: Huda Al-Azzawi Iraq has suffered throughout the previous years from the inability of successive governments to control spending, both operational and investment, and to control expenditures in all sections of activities approved by the state’s general budget,
until the current government - according to what specialists see - was able, through its policies, to control the state’s public finances through... Implementing automation and electronic governance programs, as well as moving towards balancing programs and performance and not just balancing items.
The Prime Minister’s Advisor for Financial and Economic Affairs, Dr. Mazhar Muhammad Saleh, said in an interview with “Al-Sabah”:
“Within the scope of implementing its financial policy, the federal government has diagnosed that building the federal general budget on the principle of the so-called budget items alone does not provide an adequate basis for controlling financial transactions.” And reassurance of expenses, both operational and investment, in terms of performance and correct targeting of the activity spent on efficient".
He stated, “In this regard, the scope of financial responsibility required moving in two parallel directions to raise the efficiency of public finance and financial discipline. The
first is:
automating public finance work in revenues and expenditures,
introducing digital systems, and
relying on electronic governance through the contents that the government program came up with, and the
second:
focusing on directing... Public spending, especially investment spending in implementing public projects,
aims to balance programs and performance in a gradual and systematic manner, to
ensure efficient implementation and
evaluate the performance of expenditures without disruption, delay, or waste of public money.” He pointed out,
“This is what the current financial policy has taken by adopting disbursement programs that provide oversight and evaluation of multi-faceted activities that concern broad sectors and activities and are currently called (special programs), without implicitly abandoning the budget items that will be an integral part of the budget.” Special programs or programs as a first stage.” Saleh stressed,
“Based on the above, the country’s financial system is currently being modernized in a successive manner with two pillars (financial automation and modernization of government accounting) and in accordance with the principles of digital control and the adoption of program principles in implementing and managing public budgets in a gradual and systematic manner within the framework of the economic reform policy.” And the country's finances.
For his part, the academic researcher in financial affairs and development, Aqeel Jabr Ali Al-Muhammadawi, said in an interview with “Al-Sabah”:
“It is not possible to implement the management and control of public financial flows with high efficiency without evaluating and analyzing the financial situation, and the sustainability of public finances on solid financial foundations and methodology and a financial mentality.”
“A new specialist with more accurate and sober financial models that transcends areas of functional and institutional dysfunction in public financial decisions and procedures, which will provide legal entities and public government institutions with additional objective information that can positively impact the quality of administrative decision-making and decision-making taken by government bodies, councils and departments.”
He added, "This indicates the necessary need to prepare a comprehensive financial methodology from experts in the accounting and financial specialization, more than economists, in order to develop
statistics,
financial indicators,
national accounts,
financial practices,
banking supervision,
financial and real estate credit,
financial insurance, and others
according to concepts, and to provide specialized and advanced financial analysis."
And more accurate and sober, taking into account differences in the areas of building, formulating and setting standards and metrics according to standard models, as well as financial practices and applications and statistical resources from various governmental and non-governmental institutions.” https://alsabaah.iq/98944-.html
