Revealing the volume of trade exchange between Iraq and Saudi Arabia

  The Saudi-Iraqi Business Council estimated the volume of trade exchange between the two countries at 5 billion riyals, with an annual growth of 12%, according to the head of the council, Mohammed Al-Khorayef.

The council stated in a report that the council is working to develop Saudi investments in Iraq, in conjunction with the interest of the private and governmental sectors in the Kingdom in investing in Baghdad.

It indicated that Iraq is preparing to propose a law to protect Saudi-Iraqi investment and discuss it before Parliament in preparation for its approval in the coming few months, to enhance economic cooperation between the Kingdom and Iraq, according to a statement issued by the Federation of Saudi Chambers.

In December of last year, Saudi Arabia and Iraq signed a partnership agreement in the field of private sector industrial investments, at a time when the Kingdom’s ambassador at the time confirmed that there were many investment opportunities being studied.

Last November, Saudi Minister of Investment Khalid Al-Falih also announced that the Kingdom is studying the launch of the first free economic zone with Iraq, in the border area in Arar, expressing his hopes that the zone would be the first free economic zone with a neighboring country without taxes, fees or entry visas to serve investors in both countries.

5 billion Saudi Riyals equals 1,333,082,700.00 US Dollars  link

Is Earth Running Out Of Gold? Will Price Skyrocket? | Michael Henrichsen

For the first time, the Iraqi state's non-oil revenues record an increase of 11%

 The "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations announced on Thursday that for the first time, the non-oil revenues of the Iraqi state recorded 11% of the total revenues, with oil revenues falling below the 90% barrier.

A report issued by the institution today stated that non-oil revenues for the first five months of the current year amounted to 6.24 trillion Iraqi dinars, while oil revenues for the same period of the current year amounted to 48.4 trillion Iraqi dinars.

According to the report, tax revenues on income and wealth increased by 118%, while revenues from commodity taxes and production fees increased by 285%.

The institution's report indicated that fee revenues increased by 50%, while oil revenues increased by 6.4%.

The continued reliance of the Iraqi state on oil as the sole source of the general budget is a dangerous matter in the face of global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.   link

" We’re Almost At The Finish Line " BY REINALDO JC VIA TWITTER, 11 JULY

 Reinaldo JC

Iraq

The 2024 Budget Will Be Returned To The House Of Representatives And Reveal The Reasons.

Bagir Al Saadi, a representative of the Coordination Framework, confirmed today, Thursday, "The 2024 budget tables will be returned to the House of Representatives to make minor amendments to them." 

"The matter will be completed once Parliament begins its work."

 I Believe Iraq Parliament Returns Next Week. Remember The Budget Is Under Appeal With The Federal Court. As I Mentioned On My Post 6/6/24.

In Other Words:

Iraq Parliament House Of Representatives is Awaiting For The Iraq Dinar Rate To Change In Order For Parliament To Make The Necessary Amendments To The 2024 Budget!!! 

That’s Why You Have Not Seen The Budget That Was Supposedly (“Passed”)in June 3rd, Yet Officially Registered In The Gazette

Those Of You Struggling Financially, Hold & Do Not Sell Your Dinars. We’re Almost At The Finish Line 

LFG

7:31 AM · Jul 11, 2024

MILITIAMAN: Iraqi Dinar-IQD Update -Road Map-Bank Merger-Ernst & Young-Massive Impli...

Economic: The ambiguity of the Central Bank's dealings serves the Americans

 Today, Wednesday, economic expert Mustafa Hantoush revealed the existence of ambiguity in the Central Bank's dealings, behind which there are intentions that serve American interests. 

Hantoush said in a statement to the Maalouma Agency, “The absence of weekly bulletins on the distribution of the dollar from the Central Bank has made the process of selling the dollar more ambiguous,” noting that “the ambiguity in the Central Bank’s recent dealings regarding the file of distributing the dollar.” 

He continued, "The confusion in the work of the Central Bank enabled the American side to eliminate Iraqi banking by introducing foreign banks and granting them privileges in the country," pointing out that "80% of the dollar is distributed to foreign banks operating in Iraq in a step called presenting banking work on a platter." Who went to America and foreign banks? 

It is noteworthy that the Central Bank authorized the work of three exchange companies inside airports, neglecting hundreds of companies in a decision that many considered a flop, which resulted in the decision increasing the US exchange rate against the Iraqi dinar to more than 150 thousand dinars . link

Evening News with MarkZ and Dr. Scott Young. 07/11/2024