Monday, August 19, 2024
Urgent In numbers.. The Central Bank buys dollars from the Ministry of Finance in an unprecedented move since 2003, 19 AUGUST
Urgent In numbers.. The Central Bank buys dollars from the Ministry of Finance in an unprecedented move since 2003
An economic expert revealed an “unprecedented” figure for the value of the dollars purchased by the Central Bank of Iraq from the Ministry of Finance during the month of July.
The Central Bank of Iraq purchased $9.6 billion from the Ministry of Finance in July 2024, the highest value since the bank began purchasing dollars from the ministry in 2003," Manar Al-Obaidi said in a statement received by {Euphrates News}.
He added, "The purchases did not exceed this value during the past ten years except once in October of last year, at $10 billion."
Al-Obaidi explained, "Thus, the rate of dollar purchases from the Central Bank for the year 2024 has reached $5.9 billion per month, the highest over the past ten years, with an annual growth rate of 10%. The growth rate had previously risen in 2023 to 20%."
He attributed "this increase in purchases to the Ministry of Finance's need for local currency to cover its increasing expenses over the past years, especially with the increase in operating spending and raising the level of spending in the 2023, 2024 and 2025 budgets."
Al-Obaidi expected that "this rate will rise in the coming months with the Central Bank's inability to meet the need for Iraqi dinars, which may force it to increase the issued monetary mass to meet the ministry's expenditure needs." link
"THEY ARE TELLING YOU THEY WILL CHANGE THE RATE " BY MAJEED VIA TWITTER, 19 AUGUST
MAJEED
Iraq
Government Advisor Explains The Possibility Of Using The Dinar Instead Of The Dollar In Oil Sales
Money and business Economy News – Baghdad The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, clarified today, Sunday, what is being circulated in some media outlets regarding the possibility of using the dinar instead of the dollar in oil sales.
Saleh said in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the adoption of the dinar in the pricing of oil, or what is called (petro dinar), especially when the national currency is not one of the international reserve currencies, requires the availability of foreign reserve currencies or gold, as Russia di..FOR READ MORE: https://dinarevaluation.blogspot.com/2024/08/government-advisor-explains-possibility.html
Iraq: Qusay Shafiq reveals major financial scandals and demands investigation, 19 AUGUST
Iraq: Qusay Shafiq reveals major financial scandals and demands investigation
Public money scandals continue in Iraq
Dr. Qusay Shafiq, a well-known activist on social media, sparked widespread controversy after revealing huge financial scandals related to the management of public funds in Iraq. He accused the government and parliament of manipulating the financial budget tables, wondering about the fate of tens of billions of dollars that were not spent transparently.
Shafiq referred in a tweet on the “X” website to what he described as the “theft of the century,” which the Integrity Commission estimated at $2.5 billion, equivalent to 4 trillion Iraqi dinars. However, he expressed his surprise at the large gap between this figure and the ongoing corruption in manipulating the budgets of recent years, as he revealed that the manipulation of the 2024 budget tables reached about $10 billion.
In a related context, Shafik touched on the Food Security Law, noting that about $20 billion has been allocated to it, but he wondered about the entities that monitored the disbursement of this money, stressing that the Ministry of Finance and the Central Bank have not received any of this money so far. He added, “$10 billion was spent on infrastructure projects, but where did the remaining $10 billion go?”
Shafik discussed the budgets of previous years, including the budgets of 2014, 2020, 2022, and 2023, noting that no funds were disbursed to the governorates from the 2023 budget. This raised questions about how the authorities deal with public funds, especially in light of the Central Bank’s report, which indicated that the cash reserve had not increased despite the significant rise in oil prices due to regional conflicts.
Qusay Shafiq concluded his statements by calling for a comprehensive investigation into previous financial deals, stressing that the people’s money is a trust that must be preserved. These statements come at a time when Iraq is witnessing increasing pressure from citizens and international observers, who are demanding greater transparency and accountability in the management of public funds.
Shafiq's statements are a strong call for regulatory bodies and government authorities to take urgent action to curb corruption and clarify the fate of the allocated funds, as the Iraqi people await answers on how their financial wealth is managed. link
LATEST FROM JON DOWLING, 19 AUGUST
JON DOWLING
Happy Monday everyone! Sudani is meeting with his cabinet, continuing to push the reforms forward. Meanwhile, Iraq pushes to digitize its new economic platform. As they happens, it’s one of the last steps to making the Dinar an international reality.
Get ready over the next few weeks/months for massive life changing events, both personally as well as financially. This includes the cryptos of course. Amazing times straight ahead!
@JonDowling
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JON DOWLING
Happy Thursday folks! We’re awaiting to see all the events unfold between now and September 18th when the rate cuts begin. Don’t be surprised to see everything coalescing at the exact same time. It’s almost like it’s all scripted, lol. Don’t blink, it will be here before you know it and the world and our worlds moreover will look radically different.
@JonDowling
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JON DOWLING
Happy Wednesday folks. Once Kamala is officially announced as the interim “President”, we will see manufactured chaos in America for about three months. But during that time, the currency reset.
Waiting on Ali Allaq to be officially removed as the CBI governor and replaced. This should all occur at the same time. Watch for XRP price to move as well during this time.
#dominoeffect
@JonDowling
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Things continue to heat up! Will Iran take the US offer to remove all the sanctions, or will they go full steam ahead with the attack on Israel? Something has to give soon and it will.
@JonDowling
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