Iraqi Ministry of Trade to open hypermarkets in Baghdad, 9 OCT

 Shafaq News/ On Tuesday, the Iraqi Ministry of Trade reassured citizens of the availability of food security in the country and announced plans to open "hypermarkets" in Baghdad.

The Ministry’s spokesperson, Mohammad Hanoun, stated to Shafaq News Agency, "For the first time, the ministry has secured food security for Iraqi citizens by maintaining a strategic stockpile of essential foodstuffs in preparation for any potential security crisis."

He added, "The ministry currently holds a sufficient strategic reserve of wheat, amounting to 6.3 million tons, and the remaining six items of the food basket are available in abundance."

Hanoun also noted that "new marketing centers will be opened in Baghdad in the coming days, featuring hypermarkets that offer all the food products citizens need, especially durable goods. These items will be sold at cost price, which is about 20% lower than the local market."

He further explained that "six marketing centers will be opened in Baghdad in the coming days, while all other governorates are preparing to establish similar markets that meet the same standards. This will ensure the availability of food products and contribute to stabilizing food prices in local markets."

A hypermarket is a large retail space that combines the features of a supermarket (offering food products) and a retail store (providing non-food items such as electronics and clothing), allowing shoppers to purchase a wide range of necessities in one place. It is characterized by a vast selection of goods in a large shopping area.

RV UPDATE BY MILITIAMAN, 9 OCT

  Militia Man 

 Changes are coming and it's coming fast.  You should be very happy about it.

A new [financial] system that is fast and effect - digitally.  Hopefully they're talking about they're going to have to have an exchange rate to do that. A Real Effective Exchange Rate gets them across borders.  From here on out a different playing field, a digital playing field.  I think that's where we are.  I think it's really powerful information. 

Iraq's 2025 Budget & Dinar Updates! 📈

Federal Finance sends Kurdistan Region salaries for September, parliamentarian confirms arrival, 9 OCT

 Federal Finance sends Kurdistan Region salaries for September, parliamentarian confirms arrival

An informed source reported on Tuesday that the Iraqi Federal Ministry of Finance will transfer the salaries due for the month of September to the employees of the Kurdistan Region from Baghdad within the next three days, indicating that they will be disbursed immediately upon arrival of the amount.

According to information obtained by Shafaq News Agency, the Financial Supervision Bureau and the Ministry of Finance in Iraq have completed the process of auditing the payrolls of Kurdistan Region employees for the month of September, and the remaining amount is expected to be transferred during this week.

The source stated that after the government in the Kurdistan Region receives the financial amounts from Baghdad, it will, in turn, in cooperation with the region’s internal revenues, begin distributing employees’ salaries.

Meanwhile, the member of the Iraqi parliament for Sulaymaniyah province, Karwan Mirwais, stated on his official Facebook page that the Iraqi Ministry of Finance had transferred an amount estimated at one trillion dinars to the Ministry of Finance of the Kurdistan Region.

According to Mirwais, this amount is allocated to pay the salaries of civil, military and security employees for the month of September.

The salary file in the Kurdistan Region is witnessing continuous tensions due to the delay in sending financial dues from Baghdad, which leads to the postponement of the distribution of salaries to employees.

Previous agreements have been reached between the Kurdistan Regional Government and the federal government to ensure the continuation of salaries, but delays in sending dues remain a constant source of concern for employees in the region.  link

RV UPDATE BY MARKZ, 9 OCT

 MarkZ 

  [via PDK]  “Salaries next week: Baghdad sends 29 Billion dinars to Erbil: The latter indicates a shortage of this amount”  

 They are moving and salaries are being paid…months worth of salaries….

 “Iraqi banks are extending working hours to complete those remittances” 

Many of us believe they stalled on those salary payouts waiting for a value change. I have a contact in the Finance Ministry who believes that as well…Now they are paying them.

Article: “Sudanese consultant: Digital Transformation will enhance Iraq’s efficiency and attract foreign investments” 

 They are bringing in billions in international investments …These big investors would not be investing billions of dollars in some backwater country with a useless currency…. It wouldn’t be happening….

LATEST INSIGHTS OF MARKZ TODAY @DINARREVALUATION

Revealing the features of the 2025 budget tables, 9 OCT

 Revealing the features of the 2025 budget tables

A government advisor revealed the features of the 2025 financial budget schedules.

 The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in a press statement that "Article 77/Second of the Federal General Budget Law No. 13 of 2023, which regulates the preparation of the three-year budget, stipulates that the government shall send the budget tables for the years 2024 and 2025 to the House of Representatives for approval before the end of the previous fiscal year."

He added that "the Ministry of Finance has announced that it is in the process of preparing the general budget tables for the year 2025, in accordance with the constitutional mechanisms adopted by the aforementioned Three-Year Budget Law."

He pointed out that "based on the indicators of budget implementation over the first two years provided for by the aforementioned Law No. 13, the financial authority has the necessary administrative and financial capabilities to submit the 2025 budget tables to take their legislative path through discussion and approval in the Council of Ministers and refer them to the House of Representatives before the end of this year."

Saleh noted that "the federal general budget tables for the year 2025 will be based on the constants of Federal Budget Law No. 13 of 2024, taking into account international and regional economic conditions and their changes, ensuring that the provisions of the budget tables for the year 2025 are adapted within the available legal texts, in addition to relying on the performance of the indicators of the general budget tables for the year 2024."

He stressed that "major reconstruction projects will continue to progress in accordance with the vision of the government program to ensure the continuity of growth rates in the gross domestic product in general and the gross domestic product (non-oil) in particular."  link