Taif Sami: The Regional Government Has Not Handed Over Its Oil Revenues To The State Treasury
Local | 10/13/2024 Mawazine News - Baghdad The Ministry of Finance announced on Sunday that it will release 400 billion dinars from the governorates’ allocations, while indicating that the fluctuations in oil prices caused a problem in achieving revenues.
The ministry said in a statement received by Mawazine News, that “Minister of Finance Taif Sami appreciated the support of the parliamentary finance committee, its chairman and members, for the ministry’s work, while she presented a detailed presentation on the ministry’s steps to address the budget deficit and the problem of lack of funding.”
Minister Sami said, according to the statements, that “the fluctuations in oil prices caused us a problem in achieving revenues,” calling on “the finance committee to help the ministry with regard to the problem of non-oil revenues with the regional government, as it has not handed over its oil revenues to the state treasury since the Federal Court’s decision to pay the salaries of Kurdistan employees.”
She added, “The salaries of the region’s employees are estimated at 13 trillion dinars, as all that the Kurdistan Regional Government has paid is 320 billion dinars from its non-oil revenues.”
She pointed out that "financial allocations for the ration card and the food basket were secured, sufficient for the next six months, and that the improvement in oil prices was naturally reflected in the financing, as we will release today more than 400 billion dinars from the governorates' allocations." https://www.mawazin.net/Details.aspx?jimare=255947
Member: Question about rates: is the rate at the redemption centers THE rate? Or could it float up if we wait? Or down if we don’t get in on time?
Member: RC rate is better than Forex rate. Remember, 'A bird in the hand is worth 2 in the bush'. imo.
Member: RV Intel? Bond holders?
MZ: I am still not seeing any activity on Asian bonds. Everything that I am hearing and seeing this week and last week has been on the German bonds. There were a couple meetings last night and there are bond holders who keep saying that absolutely this is our week.
MZ: I have facilitators saying “They are telling us this is our week…..that everything is complete…but have not seen much yet. They are waiting on the final “GO” to distribute the funds to the holders.
MZ: The bond holders seem more hopeful than the facilitators that this is our week. I was hoping to have more news than that this week.
Currency Auction Likely To Be Cancelled In Response To International Pressure To Combat Financial Smuggling
October 14, 2024 Baghdad/Al-Masala: As part of the efforts made to reform the financial and economic system in Iraq, the Central Bank is moving towards canceling the currency auction, in response to international pressures aimed at regulating the circulation of the dollar and reducing illicit flows.
At the same time, the digital banking sector faces challenges related to the lack of legal legislation regulating its work, in light of the growth of this financial technology. In addition, there is increasing oversight of the real estate and gold markets to prevent money laundering operations, with the imposition of new mechanisms that limit suspicious transactions in this field.
Financial analyst Safaa Al-Shammari said that the Central Bank of Iraq is moving towards implementing a decision to cancel the currency auction, noting that these measures come in response to international pressure and strict negotiations. Al-Shammari also highlighted the need to develop the legislative framework for digital banks, which have begun to emerge without sufficient legal oversight.
Speaking on a TV show, Al-Shammari explained that “the Central Bank of Iraq will work to stop the currency auction as part of its commitment to the conditions imposed at the New York meeting,” adding that “the United States refuses for the dollar to reach entities subject to sanctions, which affects unofficial import operations, especially from Iran and Syria.”
Regarding digital banks, Al-Shammari stressed the urgent need for legal legislation to regulate the work of these new financial institutions, pointing out that there is a digital bank in the Kurdistan Region that has not obtained a license from the Central Bank. He also pointed to tightening control over the real estate market to combat money laundering, adding that “the gold trade has also come under strict control to prevent any violations.”
Tightening control over the real estate market to prevent money laundering requires a set of regulatory and supervisory measures in coordination between financial and banking bodies and legal entities.
These measures include imposing financial limits on real estate transactions that require additional monitoring, such that any purchase or sale exceeding a certain amount is subject to intensive financial investigations to ensure the legitimacy of the source of the funds.
Buyers and sellers must also be required to provide documents proving the source of funds used in transactions, and here banks play an important role in examining financial accounts and detecting suspicious transfers.
Analysts say it is essential to create a national database for all major real estate transactions to track financial movements related to real estate, making it easier to detect unusual patterns that may indicate money laundering. Cooperation between banks and regulatory bodies should also be enhanced, with banks monitoring accounts and financial transactions related to real estate transactions and reporting any suspicious activity to the relevant authorities.
In addition, strict laws are required to require parties involved in the real estate market to disclose the identity of the beneficial owner of a real estate transaction to track down parties that may seek to hide illicit funds.
The analysis indicated that international asset auditing is also important to ensure transparency of foreign investors’ investments and cross-border transactions. Banks play a pivotal role in combating money laundering by examining financial transactions related to real estate deals and verifying the sources of large amounts of money used in purchases. https://almasalah.com/archives/103271
Member: If there is an announcement this week that Iraq has ascended to full-membership in the WTF, does that mean the new IDQ rate is public?
MZ: Most likely when they announce the official WTO ascension we will see a public rate….imo
Member: The WTO needs the rate, we don’t need the WTO.
Member: Yesterday Frank 26 said Iraqi emoloyees would not get paid on the new rate this pay period but will next pay period. I wonder -How long is a pay period in Iraq?
Thank you MarkZ for all your time, and encouragement daily….. PDK
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 - is this another Groundhog day or could this be it?
Member: My two week notice is typed up and ready to hit ”send”
Member: What good news do you have for us today Mark?
MZ: From Iraq” Parliamentary calls to oblige the Iraqi government to cancel the privileges granted to Jordan” They are saying they give Jordan all this preferential treatment but don’t get much back. May need to re-negotiate this…….Why is this important? Jordan is mostly in Americas pocket…so watching Iraq step back from it …saying if it’s not good for trade they are not going to do it just to make America happy….Iraq is standing on its own two feet.
MZ: “The US Senate enters the line of pressure on the Central Bank of Iraq” We keep reading articles on how well Iraq is doing cleaning up corruption. But 2 senators are concerned about untraceable wire transfers from banks….Are they going to Iran? That is the question …If it is …it may be why we have not gone yet.
Member: or is it going to line the pockets of crooked politicians? Very suspicious.
MZ: “The recovery department signs a cooperation agreement with the Arab and International Police Directorate” This is to work with international policing operatives to recover any money stolen from the Iraqi government.
MZ: “ The launch of the activities of the International Scientific conference under the slogan “Development financial and economic stability to restore confidence in the dinar” This seems to be the number one goal in the government right now….to restore the confidence in the dinar so that when they change the value-people have faith in it and use the dinar instead of the dollar.
MZ: yes we want it faster….but I think we are about to get it.
MZ: “Coordination with the World Bank for projects” Pretty much everybody except the US and the federal Reserve is banking on Iraq’s WTO ascension and the increase in value of the dinar. The world bank is one of those and they are working with Iraq on larger infrastructure projects. Iraq is not staying in the background for much longer.
Member: If there is an announcement this week that Iraq has ascended to full-membership in the WTF, does that mean the new IDQ rate is public
MZ: Most likely when they announce the official WTO ascension we will see a public rate….imo
Member: The WTO needs the rate, we don’t need the WTO.
Member: Yesterday Frank 26 said Iraqi emoloyees would not get paid on the new rate this pay period but will next pay period. I wonder -How long is a pay period in Iraq??
Member: Makes sense, as salaries are normally paid in arrears, not in advance. Inference, rate change should be imminent. imo.
Member: Question about rates: is the rate at the redemption centers THE rate? Or could it float up if we wait? Or down if we don’t get in on time?
Member: RC rate is better than Forex rate. Remember, 'A bird in the hand is worth 2 in the bush'. imo.
Member: RV Intel? Bond holders?
MZ: I am still not seeing any activity on Asian bonds. Everything that I am hearing and seeing this week and last week has been on the German bonds. There were a couple meetings last night and there are bond holders who keep saying that absolutely this is our week.
MZ: I have facilitators saying “They are telling us this is our week…..that everything is complete…but have not seen much yet. They are waiting on the final “GO” to distribute the funds to the holders.
MZ: The bond holders seem more hopeful than the facilitators that this is our week. I was hoping to have more news than that this week.
Member: Maybe the facilitators are skeptical of the “Boy who cried wolf” and rightly so.
Member: I heard years ago when 30% of the bonds are done…then we get our notifications….hope that still is true.
Member: Are the German bonds the proverbial lynchpin of the bonds?
MZ: I believe the German bonds and the Iraqi Dinar are the lynchpins of this thing….the cornerstones of the entire reset tight now. The two key things we are watching is the German bonds and the Iraqi dinar right now
Member: I heard a rumor that the new rate should be on FOREX tonight before they electronically pay the contracts tomorrow
Member: DOW is down .62% this morning
Member: Let’s talk about the up coming BRICS meeting this month and its implications
Member: What about the Chinese elders demanding perp walks before they will put up the gold for RV
Member: Sure is a lot happening…we have to hope releasing the RV/reset is one of them
Member: Getting off the roller coaster… planning on RV after inauguration. Maybe I’ll be pleasantly surprised.
Member: My vacation starts in 2 days It would be a great time to head to the bank! Wouldn’t have to ever go “back to work”
Member: If the "whitehats" are in control, I wish they would just show it! We're all tired.
Member: Thanks Mark and Mods for all the time you spend keeping us encouraged……have a great day.
Member: Happy Birthday to all celebrating all your RV dreams comes thru this week
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
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 Evening mark, mods and members
Member: Are you surprised Mark that it hasn’t gone? Seems odd.
Member: I really thought we would’ve seen it by now
MZ: Let’s start with this one from the WTO: “Congratulations to 23 participants (Iraq being one of those) for completing WTO ascension training and market access negotiations on goods” This tells us Iraq is preparing for that ascension.
MZ: I continue to hear out of Iraq that they hope for that announcement this week.
MZ: “Government advisor: “The financial life of this country in 2024 is going smoothly” Things are going well
MZ: “Parliamentary finance: 2025 budget tables must be realistic” They are reining in excess spending and bringing in more revenues.
MZ: Still waiting for a response on Bonds. Bond folks were supposed to be getting a solid update today on if they are getting paid this week or not. I will let you know when I get that answer.
Member: German Bonds?
Member: All the news I am waiting for right now are on the German bonds. Things are very quiet on Chinese bonds.
MZ: I do know of a group trying to get boxes of Zim notes processed. These are like ours but boxed in sequential order. They want to get them processed before next week because they expect those to go within a week after the German bonds. I think there are 1,000 100T notes per box.
Mark…is the skyrocketing of the market a sign of it crashing soon??
Member: My local Wells Fargo said they have tried to find out if they were a RC (Redemption Center) since they’ve been asked a lot lately. “Its like they don’t want us to know” they said they got no answer
Member: We got some good BRICS news coming out today of local currencies and them coming to a solid agreement…
Member: Read an article that said Cuba applied to join BRICS
Member: Also Austria applied…..wish we could join
Member: What is a s**t gun start? I thought it was Bond holders, 4a and 4b goes at once
Member: Shotgun start is they all go when we get notifications to make our appointments ……our exchange will be close behind
Member: Thank you, Mark! Thank you, Mods! Have a great evening, Patriots!
Member: Be blessed
INTEL INFO ROOM: Link: https://t.me/+K_GNVfTI0gFkZWYxDESCRIP…A room for newcomers to find information and answer your questions regarding the RV process.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.
THANK YOU ALL FOR JOINING. HAVE A BLESSED NIGHT! SEE YOU ALL IN THE MORNING FOR COFFEE @ 10:00 AM EST ~ UNLESS BREAKING NEWS HAPPENS!