Parliament Knows Nothing About The "Saudi Investment Protection" Law.. What Is Its Impact On Iraq? - Urgent, 27 AUGUST

 Parliament Knows Nothing About The "Saudi Investment Protection" Law.. What Is Its Impact On Iraq? - Urgent

Economy | Baghdad Today – Baghdad  Member of Parliament, Jawad Al-Yassari, confirmed today, Monday (August 26, 2024), that Parliament does not know the details of the Saudi Investment Protection Law that is scheduled to be legislated during the next stage.

Al-Yassari told Baghdad Today that "the Iraqi parliament has not yet reviewed the Saudi investment protection law that is scheduled to be legislated during the next stage," noting that "it is certain that this law will go through several stages of study and discussion before it is passed."

He added, "Iraq has good investment laws, and we do not believe that there is a need to legislate an investment law specific to a particular country," noting that "this step will open the door to the country that wants its own law, and this will be at the expense of Iraq, as there are fears about this matter."

He added: "But there may be agreements to protect investors' money, and this is a natural right for any investor, especially since Iraq is going through conditions that are still unstable."

He continued: "We are waiting for the draft law to be presented to the House of Representatives, which will be submitted by the government, for the purpose of reviewing it and knowing its paragraphs and what they include, so that it can be discussed to determine the extent of the necessity of legislating such a law specific to Saudi investments, and how it is possible to protect those investments with a law that is binding on Iraq to implement."

Iraq is preparing a draft law to protect Saudi investment, with the aim of submitting it for discussion in Parliament, in preparation for its approval in the coming months, with the aim of enhancing economic cooperation between the two countries.

This was announced during a meeting between the Chairman of the Federation of Saudi Chambers, Hassan bin Mujib Al-Huwaizi, and the Chairman of the Iraqi-Saudi Friendship Committee in the Iraqi Parliament, Shaalan Al-Karim, and his accompanying delegation, as part of an official visit to the Kingdom.

Regarding the impact of the law, experts confirm that after its approval, there will be a gradual increase in the level of trade exchange between the two countries, which currently exceeds approximately one billion US dollars per year, with a growth rate estimated at around 10% annually.

On July 18, 2023, the Iraqi Council of Representatives postponed voting on (the draft law to ratify the agreement on the encouragement and mutual protection of investments between the government of the Republic of Iraq and the government of the Kingdom of Saudi Arabia), and it has not been included on the Council’s agenda yet.

Economic relations between Iraq and Saudi Arabia are diverse in different fields, especially in the energy sector; where a $27 billion agreement was signed last year to develop a solar power plant, with the participation of TotalEnergies, and the Saudi company ACWA Power was invited to join part of this deal. LINK

Coffee with MarkZ and Andy Schectman. 08/27/2024

Coffee with MarkZ and Andy Schectman. 08/27/2024

MarkZ  Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Member: Good morning all ... whaddya think? Is an RV anywhere in our near future??

Meber: Praying  this is the week

Member: Labor Day and a 3 day weekend Is Coming Fast

Member: Hope Mark has some good news on the RV front.

Member: Some platforms say we are waiting on trigger platforms? Have you heard this?

MZ: I don’t know what trigger platforms are- but I am certainly hearing we are just waiting for the switch to be pulled….and this is going to be an amazing week and we are going to see great things

MZ: Rumors are bouncing all over…even with the groups. We will wait to see what happens before we get to excited. Things are certainly heating up . 

MZ: There are lots of rumors- but substantial news is a little slim ….From the group leaders there are tons of rumors about the immediency of this thing . Including the rumors that money is positioned and they will start doing smaller groups as early as today.  

MZ: I have not seen any money movement , but the rumors are thick right now. The question is –what is real? If the rumors are correct- I would imagine somebody will substantiate them before the day is out. I hope to hear that money has moved and they are at least starting larger scale tests to make sure they have it all figured out before they see us……I hope we find that out today guys. 

MZ: But until we can substantiate them…..right now…it’s all just rumors. 

Member: Rumors are great- but don’t buy groceries. 

Member: My contacts are quiet but with a smirk….we must be close.

MZ: That’s a great way to put it. 

MZ; There are more and more military people are warning to prepare for an event. Possibly a cataclysmic or extended event. I think the reset is about to go. 

Member: I just bought a solar generator in case the power grid gets blown up by bad guys. 

Member: We are waiting for the power that be to grow a pair and pull the trigger and let the chips fall where they may and have faith in the patriots around the world to do the right thing!

​​Member: Currency center Houston mall Employee Yes we hear dong dinar will revalue My employer does not Member: want us buy foreign currency

Member: : Wealth manager sent out memo saying the dinar is a scam

MZ: Well if it is a scam- Trump invested in it, Warren Buffet invested in it…the US treasury has invested in it. I believe even George Soros has invested in it…and almost every central bank around the world has invested in it.  So if it is a scam…..well, all the smartest people in the world fell for it. 

Member: (From dinar Guru) Militia Man  Article: "Iraq is the 9th largest buyer of gold in 2024"  They had 132 tons in 2023.  In 2024 they're telling you they just bought 100 tons of gold this year.  Where did they get all the money for that?  ...All of a sudden they have enough money to buy at...$2,500 an ounce? 100 tons?  You gotta go, what!?!  What does it do?  ...What it does is it supports the value of their future real effective exchange rate...

MZ: So where did they get all that? Suddenly they have money to buy all that gold? That would definently help support the REER( Real Effective Exchange Rate) 

MARK when the 800 numbers are released from Dinar Recaps etc will it be for the United States number only or will there be numbers for the UK and Europe. l want to avoid a y 800 num scams

​​Member: Anyone else’s swear jar full of IOUs?

​​Maybe: I will be glad when this roller coaster finally stops lol

Member: So many things happening ! Hope everyone can keep it together!

Member: Three day weekend on the horizon

FRANK26….8-26-24…….SECURITY AND STABILITY

DINAR REVALUATION UPDATE: IRAQ HAS EXPANDED ITS LITS OF ACCEPTED CURRENCIES IN FOREIGN TRADE, 27 AUGUST

Discover the Impossible.

Iraq's Foreign Trade Currency Options in 2024

The economic landscape of Iraq has been undergoing significant changes in 2024, especially concerning its foreign trade currency options. 1 In an effort to diversify its currency transactions and reduce dependency on the US dollar, Iraq has expanded its list of accepted currencies for foreign trade. This move follows a series of financial reforms aimed at modernizing the country's banking system and tackling money laundering. 2

Diversifying Currency Options for Foreign Trade

Merchants in Iraq now have the option to use the euro, Chinese yuan, Turkish lira, Emirati dirham, and Indian rupee for financing foreign trade. 1 This shift is particularly significant for merchants importing goods from countries like China, who can now pay in Iraqi dinar to Iraqi banks, avoiding the need for US dollars.

Impact on Trade and the Economy

International Transactions Through SWIFT

The adoption of the international financial messaging system known as SWIFT by Iraq's banking sector has facilitated a substantial increase in overseas dollar transactions. 2 This move is part of a broader strategy to reduce the misuse of hard currency reserves for financial crimes and to evade sanctions, particularly those imposed by the United States on Iran.

Trade Dynamics

Iraq's primary exports, notably crude oil, have traditionally been traded in US dollars. However, the diversification of currency options is expected to enhance trade with countries preferring alternative currencies. 4 The country's main export partners in 2022 included India, China, the United States, South Korea, and Greece, while imports came chiefly from the United Arab Emirates, China, Turkey, India, and South Korea.

Challenges and Opportunities

Reducing Oil Dependence

With a significant portion of its economy tied to oil, Iraq faces medium-term vulnerabilities due to oil price volatility. 1 The government is focusing on reducing oil dependence and ensuring fiscal sustainability while protecting social and investment spending. This will require controlling the public wage bill and increasing non-oil tax revenues.

Boosting Economic Growth

Higher economic growth is necessary to absorb the rapidly expanding labor force and boost non-oil exports. This will involve enabling private sector development, including labor market reforms, modernization of the financial sector, and restructuring of state-owned banks, pension, and electricity sector reforms. 1

Conclusion

The diversification of currency options for foreign trade in Iraq reflects the country's ongoing efforts to modernize its financial systems and reduce economic vulnerabilities. By expanding the range of accepted currencies, Iraq aims to strengthen its trade relations, improve fiscal sustainability, and foster greater economic growth.

NEWS RECAP : Exclusive: Iraq to end all dollar cash withdrawals by Jan. 1 2024, central-bank official says, 27 AUGUST

 NEWS RECAP: 0CT /2023

(Reuters) - Iraq will ban cash withdrawals and transactions in U.S dollars as of Jan. 1 2024 in the latest push to curb the misuse of its hard currency reserves in financial crimes and the evasion of U.S. sanctions on Iran, a top Iraqi central bank official said.

The move aims to stamp out the illicit use of some 50% of the $10 billion that Iraq imports in cash from the New York Federal Reserve each year, Mazen Ahmed, director-general of investment and remittances at the Iraqi central bank (CBI), told Reuters.

It's also part of a broader push to de-dollarize an economy that has seen the greenback preferred over local notes by a population weary of recurring wars and crises following the 2003 U.S. invasion.

People who deposit dollars into banks before the end of 2023 will continue to be able to withdraw funds in dollars in 2024, Ahmed said. But dollars deposited in 2024 could only be withdrawn in local currency at the official rate of 1,320.

The parallel market rate of the Iraqi dinar sat at 1,560 on Thursday, roughly 15% percent below the official rate.

"You want to transfer? Transfer. You want a card in dollars? Here you go, you can use the card inside Iraq at the official rate, or if you want to withdraw cash, you can at the official rate in dinars," Ahmed said.

"But don't talk to me about cash dollars anymore."

A central bank statement later said the ban on cash dollar withdrawals would only apply to accounts receiving transfers from abroad.

Iraq has already set up a platform to regulate wire transfers that make up the bulk of its dollar demand and that used to be a hotbed of fake receipts and fraudulent transactions that siphoned dollars to Iran and Syria, both countries under U.S. sanctions

Set up in concert with authorities in the U.S., where Iraq's$120 billion in reserves from oil sales are held, that system was now nearly airtight, Ahmed said, providing dollars at the official rate to those engaged in legitimate trade such as imports of food and consumer goods.

TNT UPDATE: " THE NEW LOWER DENOMINATION DINAR WERE BEING RELEASED TO THE STREETS IN IRAQ" , 27 AUGUST

TNT 
Mon. 26 Aug. 2024 TNT

 They tweeted a couple days ago that the new lower denomination dinars were being released to the streets in Iraq, which means that the rate change is soon to follow. Today they confirmed with their contacts that the lower denomination dinars were released on certain locations on the streets.

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TNT TONY

• Sat. 24 Aug. 2024 TNT Tony
•  “Just got word that in Iraq the lower denoms are being released on the streets right now. Start poppin. It’s on its way.”

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 TNT UPDATE 

GOOD MORNING TNT IT'S FRIDAY AUGUST THE 23RD 20241:09 PM

THIS MORNING WAS TOLD TODAY IS THE DAY BUT WE DON'T KNOW THE TIME1:10 PM




GOOD THING TO BRING PEACE OF MIND... DNC IS OVER...Aug 23

NEVER THOUGHT IT WAS RELATED... THE THINGS THAT ARE RELATED ARE GETTING BETTER 1:11 PM




AT THE END OF THE MONTH SUDANI GOING TO TRY TO GET SANCTIONS OFF IRANIAN BANKS  1:12 PM




OTHER GOOD NEWS ISRAEL ACCEPTED THE PROPOSAL FOR PEACE     1:12 PM




SO WE WAIT FOR HAMAS - COULD HAVE PEACE, NO RETALIATION   1:13 PM




WE WILL SEE WHAT MAKES REAL SENSE.   1:13 PM




READY FOR IT TO BE OVER... READY FOR NEXT GREAT THING.1:15 PM

IT MIGHT SOUND HORRIBLE.... BUT... YOU CAN'T SEND ME YOUR PROBLEMS  1:15 PM




CAN'T FIX THEM... i CAN'T LOAN MONEY OR GIVE MONEY OR TELL YOU WHERE TO GET MONEY... NO ONE IS GETTING ANY. 1:15 PM




IT DOES AFFECT ME... ALL YOU ARE GOING THROUGH... I FEEL FOR YOU EMOTIONAL MENTALLY. 1:17 PM




HAVE SENATORS AND CONGRESSMEN WAITING TO GET PAID... PAID SOME LAST FRIDAY AND SATURDAY 1:18 PM




ALL OF THEM DID NOT GET PAID... SOME ARE WAITING RIGHT NOW...1:18 PM




SOME TOLD GETTING PAID YESTERDAY... PENDING... PAID TODAY... BUT DIDN'T HAPPEN...1:18 PM




SENATORS AND CONGRESSMEN NEED TO WAIT, TOO1:19 PM




ALL IS DONE... WAITING FOR EMAILS TO COME THROUGH THE SYSTEM Aug 23

IT'S NOT IRAQ IT'S NOT THE BANKS... ALL IS DONE THEY DID ALL THEY WERE SUPPOSED TO DO..1:19 PM




ALL HAVE DONE WHAT SUPPOSED TO DO BUT GO.... HOLD-UP SEEMS TO BE WHAT IS GOING ON IT THE MIDDLE EAST.1:20 PM




WAS HAPPY WHEN SAW THE AGREEMENT NOT TO INVOLVE IRAQ.... DON'T USE US AS A BATTLE GROUND... WOULD AFFECT THE WHOLE REGION 1:21 PM




WITH THESE THINGS OVER... COULD TAKE OFF... IRAQIS BEING TOLD ANY DAY... COMING DAYS.... SHOULD BE OVER TOMORROW1:22 PM

3 LETTER AGENCIES.... WAITING... TODAY AFTER 51:22 PM




ON WED WAS TOLD THEY WERE LOADING THE CODES TO RELEASE IT RIGHT THEN... OBVIOUSLY DIDN'T RELEASE.1:22 PM




GIVING ALL INFO... NOT HIDING INFO - ALL WE CAN DO IS WAIT FOR THE FINALIZED AGREEMENT WHICH CAN HAPPEN AT ANY MOMENT.

https://dinarevaluation.blogspot.com/2024/08/tnt-update-sudani-going-to-try-to-get.html

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