DINAR REVALUATION

Sunday, November 3, 2024

FIREFLY: THE RELATION BETWEEN IRAQ & USA WILL BE JUST ECONOMIC AND THE IRAQI BANK ARE INTERNATIONAL

TBI signs salary domiciliation agreement with Kurdistan, 4 NOV

Shafaq News/ The Iraqi Trade Bank (TBI) announced, on Sunday, the signing of a contract for the "My Account" (Hisabi) project, aimed at domiciling salaries for employees in the Kurdistan Region in partnership with the Regional Government (KRG).

According to TBI's statement, the agreement was established "in line with the Federal Supreme Court's decisions and under directives from Prime Minister Mohammed Shia Al-Sudani, who emphasized TBI's essential role in facilitating salary domiciliation for citizens employed within the Region."

The Hisabi project gives employees the flexibility to choose their preferred bank to open an account, whereas the domiciliation initiative assigns a specific bank per agreements between the ministry, the accounting unit, and the designated bank. Hisabi includes six private banks, while the broader domiciliation project encompasses five state-owned banks and 38 private institutions.

The "My Account" initiative, launched by the Kurdish Government under Prime Minister Masrour Barzani, is modernizing employee financial services in the Region. For a monthly fee of 2,500 IQD, it provides employees access to over 19 banking services, including salary transfers, loans, and more.

Supported by the Central Bank of Iraq (CBI), this program aims to integrate all regional employees by the close of 2024, bolstering transparency and reducing corruption while promoting economic stability. By decreasing reliance on cash transactions, the initiative strives to make payment processes more efficient and secure.

TIDBIT FROM CLARE, 4 NOV

Clare

Article: "Qusay Saddam seized $900 million and loaded it in trucks in 2003 - Central Bank Governor" Quote: "After 2003, we inherited an abnormal situation devoid of any real basis for stability.

Our reserves that year were $900 million, and they were seized by Qusay Saddam Hussein and loaded onto a truck. This is documented by dates and numbers.

So we started from scratch. The money supply in circulation was only 4 trillion dinars. Today, the volume in circulation exceeds 100 trillion dinars, and our reserves have exceeded 100 billion dollars."

TEXAS SNAKE: "An announcement will be made shortly after Tues. results" @DINARREVALUATION

Suspended laws await Al-Mashhadani’s “hammer”... Parliament Speakerfaces “complex” files and short time, 4 NOV

Suspended laws await Al-Mashhadani’s “hammer”... Parliament Speakerfaces “complex” files and short time

The head of the Iraqi Center for Strategic Studies, Ghazi Faisal, believed that the suspended laws and draft laws that are still in the drawers of the House of Representatives will constitute a burden on the remainder of the current session under the leadership of the new Speaker of the House of Representatives, Mahmoud Al-Mashhadani.

Faisal said in an interview with Al-Mada, “Some laws will be postponed to the next session due to the selective approach followed by parties or blocs in the House of Representatives in legislating laws.”

He stressed that "there are about 50 laws referred to in the constitutional articles, and they are extremely important laws related to the implementation of the constitution. When they are not enacted, the constitutional articles related to them remain frozen and inactive."

Dozens of laws are still pending in the halls of the House of Representatives, awaiting approval for months, and some of them have been frozen for years due to disagreements between political blocs over them or proposals to amend them.

For his part, political analyst Omar Al-Nasser said in an interview with Al-Mada, “Mashhadani will face multiple challenges, most notably unifying the Sunni ranks and unifying his discourse, in addition to dealing with the file of ministerial amendments that Al- Sudani intends to propose, which is a complex path that requires consensus between the forces and parties.”

Al-Nasser explained to Al-Mada that “Al-Mashhadani will face a number of challenges, most notably the suspended laws, the relationship between Baghdad and Erbil, and regional tensions. If he is able to deal with these files in a positive way , he may contribute to restoring confidence between the citizen and the political class.” link

TIDBITS FROM NADER FROM MID EAST, 4 NOV

Nader From The Mid East

I read an article about the oil price ...Remember I told you the oil price is $70. It's really wrong...

The Chairman of the CBI comes out and says, hey, we need to change the price of oil from $70 to $40 because they know the oil can reach $50 or $60 on the prices.

In the budget if you put oil at $70, couple months from now you're losing especially when the war ends...

Oil for sure going to go down. The next step on the oil prices will be $40 in the budget. That's very good because they know they're going to change the rate and they want oil price in the budget works with the rate.