Document.. The Iraqi judiciary settles the controversy over whether the governor of the Central Bank should remain in his position or not, 11 AUGUST

  The Supreme Judicial Council in Iraq supported the State Council’s decision to refer the Central Bank Governor, Ali Al-Alaq, to ​​retirement after reaching the legal age.

The Supreme Judicial Council said in an official document, a copy of which was received by Shafaq News Agency, that the same subject was studied by the Studies Committee in the Presidency of the Judicial Supervision Authority, and the same opinion of the State Council was reached in the two aforementioned decisions.

The House of Representatives had sent a letter to the Supreme Judicial Council inquiring about the judiciary’s opinion on the permissibility of the bank governor continuing in service after reaching the legal retirement age.

The State Council has decided the official position on whether or not the Central Bank Governor, Ali Al-Alaq, will continue in his position, confirming that he has exceeded the legal retirement age.

It was stated in correspondence between the State Council and Parliament, in response to the House of Representatives’ request to clarify the opinion of the State Council regarding the permissibility of the Governor of the Central Bank continuing in service after reaching the legal retirement age.

The State Council had explained, according to the documents, that Clause (First) of Article (103) of the Constitution stipulated that the Central Bank shall be a financially and administratively independent body whose work shall be regulated by law and which shall be accountable to the House of Representatives. Article (2) of the Central Bank Law issued pursuant to Order No. (56) of 2004 of the (dissolved) Provisional Coalition Authority stipulated that the Central Bank shall be a legal entity with full capacity and independence and subject to accountability.

He pointed out that the legislator has explicitly stipulated that retirement upon reaching the legal age is an inevitable retirement by law unless exempted by a special provision, and since there is no special provision exempting the Governor of the Central Bank from the provisions of inevitable retirement upon reaching the legal age.

The State Council confirmed that the legal principle states: “Heads of independent bodies are subject to the legal retirement age.”  link

Iraqi Dinar🎉 2 Days Left IQD Holders High Alert Today 2024🔥iraqi dinar r...

LATEST FROM SANDY INGRAM, 11 AUGUST

 Sandy Ingram 

 Research says 70% of all lottery winners are broke within 3 to 5 years after they win the lottery.  These numbers are almost as high for ex-NFL football players who once they are no longer playing football go broke...  They're doing exactly what I am strongly recommending you don't do.  They are living off their winnings.  You want to get into a mindset of replenishing your wealth.  It will be easier to build more wealth once you have wealth.  Money begot money.  Money attracts money.

Sandy Ingram 

 The news from the Middle East has gone haywire.  There appears to be consistent and organized misinformation coming out of the Middle East.  [I] will do everything in [my] power to report correct and confirmed news reports...

 Sandy Ingram  

 Iraq did not follow Kuwait's revalue path.  The Untied States pulled back on financial support for Iraq's revalue shortly after the invasion was over when they made the decision that were not in alignment with economic growth for Iraq.  It's been 20 years and the currency still has not been revalued...

We are learning more about why including issues like the IMF will not support a currency adjustment until the county has more income streams outside the oil industry, implementing banking reform that ties into international banking standards and providing housing for the hundred of thousands of people who have been misplaced due to decades of war, not to mention...corruption.

Sandy Ingram  

 Question: "How is Iraq going to do business in the international market with such a low currency rate?"  

This is why Iraq will need to increase the value of its currency.  Currency values... act as a silent force influencing a country's global competitiveness.  When a country's currency value is low it can impact it's ability to compete...Iraq's top trading partners are China, India, South Korea and on the sidelines Iran.  However things are about to change and fast.  The development road project places Iraq right in the middle of the global financial markets.  [We] have little doubt the Iraqi dinar will increase in value but we don't know when or how much.

A major financial change in Vietnam...Decree 52 regulates non-cash payment in Vietnam and will significantly alter Vietnam's financial landscape...Decree 52 marks a significant milestone in Vietnam's journey towards a cashless economy.  If you have VND bank notes you will need to find out how you can comply with Decree 52 as a foreigner.  [We] will research the topic and report back as soon as we understand the procedure.  According to the news report the banks have 24 months to comply...

https://dinarevaluation.blogspot.com/2024/07/rv-update-by-sandy-ingram-20-july.html

Central Bank Governor Participates in a Workshop Specialized in Electronic Payment, 11 AUGUST

 His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development.

His Excellency the Governor said during his speech at the workshop: The Central Bank of Iraq works side by side with the government program and the Prime Minister's direction to support electronic payment, and we are proud of what we have achieved so far. In 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular. 

His Excellency added that these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024, and government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023. 

His Excellency pointed out that payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July of 2023 and (4.5) billion dinars in December 2023, revealing a huge increase in the number of points of sale (POS) to reach more than (50) thousand points of sale this year compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them are in government institutions after they were zero before the launch of the campaign in June 2023.

Expressing his hope that government institutions will adopt the establishment of units specialized in electronic payment technologies to work on following up and developing this important aspect. 

Central Bank of Iraq 
Media Office 
August 10, 2024  link

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LATEST FROM FIREFLY, 11 AUGUST

 Frank26   [Iraq boots-on-the-ground report] 

 FIREFLY:Television now showing us articles, they're holding them up saying the HCL has been held up for 19 years as a hostage.  Now it's being presented to the House of Representatives. FRANK:  Your HCL is coming to you don't worry about it...Once you see the HCL you wee the new exchange rate.

 FIREFLY:Alaq has just retired from the CBI as the governor. 

 FRANK: Thank you for your service Alaq. Move over, the US Treasury is here. 

 FIREFLY:  Hours earlier Alaq was on Channel One saying don't believe the rumors and the TV said he was retiring.  Now he does retire.  

FRANK:  The US Treasury is not playing...

Parliamentary Committee: The decline in oil prices will not affect the budget, 11 AUGUST

 On Saturday, the Parliamentary Oil and Energy Committee in the House of Representatives renewed its assertion that the drop in oil prices to $70 per barrel will not affect the budget. 

Vice Chairman of the Committee, Nehru Mahmoud Qadir, told the Maaloma Agency, “There are concerns if the price of a barrel of oil reaches less than $70 in next year’s budget.” 

He added, "The price of a barrel of oil was calculated at $70 in the budget for the year 2024, indicating that the slight fluctuation in oil prices will not affect it."

He stressed that "employees' salaries are fully insured even if oil prices drop to $70."  link