DINAR REVALUATION

Friday, October 4, 2024

DINARLAND UPDATE: EXCERPTS FROM TNT & BRUCE TODAY @DINARREVALUATION

Central Bank comments on preparing the budget for next year, 4 OCT

Today, Thursday, the Iraqi Central Bank offered its thoughts regarding the preparation of the upcoming budget.

“The government must prepare the budget for years based on the average price of a barrel of oil, not for each year,” Central Bank Board Member Ahmed Brihi stated.

“Even if the price of oil reaches $50, this measure prevents the Iraqi economy from being affected,” he explained.

“Countries whose economies depend on these commodities, including Iraq, must adapt their financial base according to these changes,” he continued. “It is well known that the prices of oil, minerals, and strategic agricultural materials are always changing.”

“Since Iraq’s economy still depends on oil by more than 90%,” he continued, “it must prepare its budgets based on the average price of a barrel of oil for a long period of time rather than for each year.”

RV UPDATE BY KAPERONI, 4 OCT

Kaperoni

Article: "Developing the banking sector according to international standards... The Central Bank signs an agreement with the International Finance Corporation"

Kaperoni

This is a good quote from that article "The expected path of the Iraqi economy"

Quote: "The most important indicator, in my opinion, is that despite all the attempts to put obstacles in the way of economic development, intentionally or unintentionally,

the government is moving forward with its program, leaving all attempts at obstruction in its wake, and this is one of the secrets of success and the key to hope."

https://dinarevaluation.blogspot.com/2024/09/rv-update-by-kaperoni-30-sept.html

DINARLAND UPDATE: THE RV WILL OCCUR AFTER THE NOV 5TH VOTING @DINARREVAL...

Exclusive: Iraq advances key law to recover state funds from corrupt individuals, politician says, 4 OCT

Youssef Al-Kalabi, a member of the Iraqi Integrity Committee, made the announcement on Thursday that the second workshop aimed at improving the Law on Recovery of State Funds from Corrupt Individuals had come to an end.

“The law is considered one of the most important laws in the House of Representatives,” Al-Kalabi explained.

“The process of recovering, seizing, and accessing funds is addressed by this law,” he added. The Federal Board of Supreme Audit, the Supreme Judicial Council, the Integrity Commission, and the Bar Association are just a few of the numerous state institutions and departments that have sent representatives to the committee.

Al-Kalabi also said that the committee is working hard to pass the Law on the Recovery of Smuggled Funds, especially since some of the funds have been used to buy real estate, trade, and assets. It becomes clear that the corrupt individual’s funds have significantly increased when a recovery order is issued.”

“The House of Representatives has completed the first reading of the law and will submit a report to complete its second reading, with plans to vote on it before the end of the current legislative session,” the committee member confirmed.

REMOVE ZEROS IT'S NOT TO DIMINISH THE VALUE OF THE CURRENCY BY MILITIAMAN, 4 OCT

Militia Man

...Remove the zeros...it's not to diminish the value of the currency or to keep the currency the same as you might hear from others.

They're talking about international. I can't stress that enough...They're going to need an Article VIII complaint, Article XIV compliant currency with the IMF. They're going to have to agree to those obligation and that would mean a change of exchange rate to a Real Effective Exchange Rate.

If you do the math on it, if you drop the three zeros from the exchange rate of the nominal value of the currency. If the exchange rate is $1 divided by 1310 gets you .0007643 or real close, which is far less than a penny. If you drop the three zeros off the exchange rate you've done a big service. You've created value to that currency because if you drop three zeros from the exchange rate that is .76...They can then add the Real Effective Exchange Rate based off the non-oil revenue streams...