Article: "Source: Iraq's Central Bank Governor in unannounced visit to US to discuss Yuan ban" Quote: "al-Allaq departed for Washington last Tuesday to meet with officials from the Federal Reserve and the US Treasury Department."
Clare
Article: "For the first time, the Iraqi state's non-oil revenues record an increase of 11%"
Quote: "...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."
Community Comment: "I don’t understand how the budget can be sent back to Parliament when the President signed and sent it to the Gazette for publishing."
Article: "A representative of the framework: The 2024 budget will be returned to the House of Representatives and the reason is revealed”
THE AMENDMENTS NEVER GOT PUBLISHED IN THE GAZETTE YET.
Article: "Customs revenues amount to nearly one trillion dinars in the first half of 2024"
Article: "Foreign Minister arrives in Washington" Quote: "Foreign Minister Fuad Hussein arrived in Washington today, Wednesday, to participate in the 2024 NATO Summit."
Time: 2024/07/14 {Economic: Al Furat News} Sales of foreign remittances in the Central Bank auction, today, Sunday, increased by 92% over cash sales, reaching more than $255 million.
Today, the Central Bank sold during its auction for buying and selling the US dollar 275 million, 781 thousand, and 251 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.
Most of the dollar sales went to strengthen the balances abroad in the form of transfers and credits, which amounted to 255 million, 431 thousand, and 251 dollars, an increase of 92% over cash sales amounting to 20 million, 350 thousand dollars.
The number of banks that purchased cash dollars was two, while the number of banks that met requests to enhance balances abroad was 15 banks, and the total number of exchange and brokerage companies participating in the auction was 6 companies LINK
Some of you have said that parliament has nothing to do with this [the budget]...It actually does because they unconstitutionally approved the budget and the budget's approval has everything to do with it. That's the piece to the puzzle that is not understood.
Article "Parliamentary law challenges the 2024 budget tables" Parliament can only review and approve laws. It was parliament that did these amendments making their steps or actions of approving the budget unconstitutional. The courts possibly next week around Wednesday/Thursday declaring the budget itself as unconstitutional and overturning its approval...
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Jeff
Article: "The 2024 budget will be returned to the House of Representatives and the reason is revealed"
Iraq approved their budget on Monday June 3rd. I've known since June 4th Tuesday that the budget was unconstitutional...
I've stayed quiet since to let the news catch up. I knew this immediately was unconstitutional. I knew it was going to get overturned by the court, the whole time. Now you're witnessing it. The news is finally, a month and a half later, catching up...That's how far ahead we are...
Jeff
I told you guys the court would be overturning the budget because it is unconstitutional...I basically predicted the future for you. It's getting close to happening. They're most likely going to do this next week.
Article: "Legal:The Federal Court will vote on the unconstitutionality of the budget table" I told you the budget is unconstitutional. I told you nothing was going to happen to the budget. As you see I'm right.
The budget is getting overturned. It is going to go back to an unapproved state.
The central bank announced their 3rd strategic plan... They'll be increasing gold reserves...they also said they're going to offer...FOR READ MORE:
Economy | 09:00 - 07/14/2024 Baghdad - Mawazine News The US Energy Information Administration announced on Sunday that Iraq's oil exports to the United States increased last week.
The administration stated that "the average US imports of crude oil last week from 9 major countries amounted to 5.635 million barrels per day, up by 235 thousand barrels per day from the previous week, which amounted to 5.400 million barrels per day."
It added that "Iraq's oil exports to America amounted to 217 thousand barrels per day last week, up by 22 thousand barrels per day from the previous week, which amounted to 195 thousand barrels per day."
The administration indicated that "the largest oil revenues to America last week came from Canada at a rate of 3.889 million barrels per day, followed by Mexico at an average of 417 thousand barrels per day, followed by Saudi Arabia at 239 thousand barrels per day, and from Colombia at 226 thousand barrels per day, then Brazil at a rate of 217 thousand barrels per day."
According to the table, "the amount of US imports of crude oil from Nigeria was at a rate of 170 thousand barrels per day, from Ecuador 162 thousand barrels per day, then Libya at a rate of 44 thousand barrels per day." https://www.mawazin.net/Details.aspx?jimare=251283
In talking to my CBI contact ...I was told there is a master plan they are following to get to the reinstatement... The point that was made to me...is that the IQD should already be reinstated if nothing else to what it was prior to 1990, then to let it float and the market will drive it like any other foreign currency that is traded...
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LATEST FROM MNT GOAT
I just want to conclude today by saying that everything is set to move ahead with the process of currency reform. We are just waiting. We know that the next step must be taken to move ahead and that is to revalue in-country only first just slightly over a dollar, then conduct the Project to Delete the Zeros as the currency swap out takes place.
The CBI told us then they plan to monitor for a short time for inflation and then move to reinstate the dinar back to FOREX and when doing so the IMF plans to place the dinar in a new peg as in a basket of currencies and float it. Today we witnessed a confession by former MP Ayoub Al-Rubaie who confirmed on Tuesday that Washington failed in Iraq by stalling this work.
Yes, we still also wait for the Oil and Gas law. In my last Newsletter dated 6/27 I presented an article explaining, once again, the issues preventing this law from moving ahead as quickly as they desire. So, knowing this could this actually be the reason why Biden is stalling.
Is this then Biden’s fault or Iraq? Remember Iraq did agree to “fully” implement their constitution and the US told them they will not reinstate their currency until it is implemented. But remember this was not the only issue and so let’s not now go off half-cocked once again with this foolish mindset that one event will trigger the RV. Just also remember once again all the intel guru lies about the budget and how they tried to convince everyone the new RV rate was in the budget. It was not and never will be. This was out of ignorance. Let’s not go down that road again…..please! 😊
...everything is set to move ahead with the process of currency reform. We are just waiting. We know that the next step must be taken to move ahead and that is to revalue in-country only first just slightly over a dollar, then conduct the Project to Delete the Zeros as the currency swap out takes place.
The CBI told us then they plan to monitor for a short time for inflation and then move to reinstate the dinar back to FOREX and when doing so the IMF plans to place the dinar in a new peg as in a basket of currencies and float it. ...this should have already been accomplished in June and is late. It is failure on the part of the US because the US is still stalling it.
In light of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level...” Saleh...
financial advisor to the Prime Minister...is telling us...the parallel market versus the official rate are under control and no longer an issue for stability. It also tells me they have their inflation problem under control. This is amazing because my CBI contact told me this one of a few other issues was the reason why the Project to Delete the Zeros was not kicking off...