"TA DA FREAKING DA, LOL !!! BY FRANK26, 20 NOV

 KTFA

FRANK26: "TA DA FREAKING DA, LOL !!! ........F26 

Removing zeros and revaluing the Iraqi dinar

10/23/2024

Ali Daadoush

The concepts and scientific names in economics differ according to the specialization and the branches derived from it. When talking about the exact specialization, economic variables must be named by their scientific names. One of these names is the term redenomination, or as it is called (removing zeros from the currency). Countries usually resort to it to address rampant inflation and the decline in the value of the local currency, as the old currency is replaced with a new currency at a fixed price by removing at least 3 zeros from the old currency.

Currency revaluation becomes necessary when it comes to hyperinflation because it takes a very large number of old banknotes to facilitate trade, especially in local markets, and small banknotes become useless, as an individual needs millions of banknotes to buy simple or necessary household or food needs, an example of this is what happened in 2006 when Zimbabwe renamed its currency at a rate of (1000 old Zimbabwe dollars) for a new Zimbabwe dollar.

In addition, deleting zeros from a currency can also happen when a country joins a monetary union, as happened in the eurozone, and begins using a currency like the euro instead of its local currency. When the euro was introduced in 1999, member states first used the new currency for electronic payments and accounting, then switched from their local banknotes and coins to the euro in 2002.

There are several reasons behind renaming the currency (removing zeros), and they can be summarized as (controlling inflation, facilitating trade and the economy, political factors such as a change in government, for example, in addition to technical considerations such as updating financial systems, which are usually part of a larger project to update the country’s financial systems, such as converting to new digital systems for dealing with the currency).

From what has been mentioned, we find that (deleting zeros) is not carried out randomly, but rather is implemented after a comprehensive study of the economy and the challenges it faces, and it must be accompanied by other economic and financial measures to protect the economy from financial fluctuations. Therefore, renaming the currency is a complex decision that requires a comprehensive study of the economy and politics in the country, and it must be implemented while minimizing the potential negative effects on the economy and citizens.

LINK

TIDBIT FROM MNT GOAT, 20 NOV

 Mnt Goat 

 ...the CBI is once again educating the citizens and merchants on how the new process will replace the currency auctions.

 In the article titled “PRIVATE BANKS ASSOCIATION: IRAQ TO ADOPT ADVANCED TRADE FINANCE SYSTEM BY END OF 2024” once again they explain how the new process will work.

 Quote:  “it is expected that by the end of the year there will be a transition to another more advanced and accurate system to enhance control over foreign transfers related to trade.”

FRANK26: All they talked about this week was the HCL @DINARREVALUATION

 

"SUDANI TELLS THE IRAQI CITIZENS... YOU CAN COUNT ON THE HCL" BY FRANK26, 20 NOV

 KTFA

FRANK26: "SUDANI TELLS THE IRAQI CITIZENS... YOU CAN COUNT ON THE HCL".........F26

Planning announces full readiness for the census.. and this is what will appear in the initial results

 

11/18/2024

The Ministry of Planning announced today, Sunday, its full readiness for the population census scheduled to be held on the 20th and 21st of this month.

The spokesman for the Ministry of Planning, Abdul-Zohra Al-Hindawi, told {Euphrates News} that: "We are only two days away from conducting the population census, and all preparations have been completed, and the requirements have been met. We stand at a high level of readiness and on the verge of completing the project that has been absent from the Iraqi scene for a long time. Today, it returns with a new look and formula and advanced technical methods."

He added, "This return will have important results on the Iraqi reality in the future, because through the census, a new map will be drawn at the level of all development and service sectors and all economic and social sectors for every individual in society.
" Al-Hindawi pointed out that "the census form is free of any question about nationality and sect, as it was excluded because it raises concerns and problems, and its continuation may hinder the completion of the project; therefore, there was agreement and a decision was issued to delete the question of nationality to ensure the implementation of the population census; however, there is only a question about religion."

He explained that "the population census will be electronic in all its details. As a result, this represents an addition and a qualitative shift in conducting the census that will greatly benefit in the speed of reaching the results, the accuracy of the data, the speed of its transmission, its security and reliability, and at a high level of security and cybersecurity."

Al-Hindawi added, "The census will be conducted on the 20th and 21st, and we will have the preliminary results within 24 hours. They include the numbers of Iraq's population at the governorate level, males, females, and age groups. As for the detailed results of the census, they will be huge. We will need two months to announce the final results."
He added, "There are legal measures taken against those who do not provide correct information for the census, but we rely heavily on the response and complete confidence in providing the data."
Al-Hindawi concluded, "The census is a service-oriented census with a developmental goal that does not entail tax procedures, social protection, or any other detail. My message on the two days of the census is to stay home, provide the required information, and answer the questions."

.
Wafaa Al-Fatlawi

LINK

TIDBIT FROM FRANK26, 20 NOV

 Frank26   

 [Banks] don't want to lose customers.  I told you you're Mr. Clampett, they're Mr. Drysdale.  They're going to treat you like you have [money].  

And I told you about perks...If you want to do business with one of these banks and you're in another state, they'll fly you in.  They'll take care of your hotel.  They'll pay for your food.  

They'll give you a rental car.  You know how much money you're worth to them?  That's why I use that example of the Beverly Hill Billies...There are a lot of perks they'll shower you with. 

 They'll help you if you don't have your own team.  I think you should get their team, your team, get a third team...You need advice.  You need empirical data.

EVERYTHING TRIGGERED SAT. NIGHT 16 NOV BY WOLVERINE @DINARREVALUATION

"OIL AGREEMENTS TO FREE THE HCL" BY FRANK26, 20 NOV

 KTFA

FRANK26: "OIL AGREEMENTS TO FREE THE HCL"..........F26

 

Date set for resuming oil exports from Kurdistan via Turkish port of Ceyhan

 

11/18/2024

- Baghdad

Acting Minister of Natural Resources in the Kurdistan Regional Government, Kamal Muhammad, set today, Monday (November 18, 2024), the date for resuming oil exports from Kurdistan via the Turkish port of Ceyhan.

Mohammed said in press statements followed by "Baghdad Today", "The halt of oil exports to Iraq and the Kurdistan Region causes a loss of one billion dollars per month."

He added that "the Iraqi parliament approved the resumption of oil exports from the Kurdistan region," indicating that "it is expected that oil exports will resume through the port of Ceyhan as of the beginning of next year."

On Saturday (November 16, 2024), economic expert Nabil Al-Marsoumi confirmed that re-exporting Kurdistan oil would cause Iraq to lose $5 billion, while he pointed out that it would cause a budget deficit .

Al-Marsoumi said in a post on Facebook, followed by Baghdad Today, that “the Kurdistan Oil Industry Association  (APIKUR)  welcomed the proposal to amend Article 12 of the budget law, but believes that there is sufficient scope in the current wording to cover its previous requests related to commercial terms and to ensure payments for past and future exports through the Iraq-Turkey oil pipeline  .” 

He added that "the amendment stipulates that the Federal Ministry of Finance shall compensate the Kurdistan Regional Government from sovereign expenses for the costs of production and transportation, for the quantities of oil produced in the region that are received by SOMO, or the Federal Ministry of Oil, provided that the fair estimated costs of production and transportation are calculated for each field separately, by a specialized international technical advisory body, determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region," indicating that " The costs of production and transportation are compensated by the Federal Ministry of Finance as advances, at a rate of (16) dollars per barrel, to be settled later after the completion of the aforementioned specialized technical advisory, and retroactively from the date of commencement of delivery .

Al-Marsoumi continued, “According to the results of Deloitte’s audit of previous years, the region only received 44% of oil revenues, and the rest was received by foreign oil companies to cover the costs of production, transportation, marketing, and profits of Foreign companies specified in most contracts as 20% of the profit oil after deducting the costs amounting to 40% of the price of a barrel of oil to recover part of the costs incurred by foreign companies when investing in the oil sector in " Kurdistan  ."

He explained that "in light of these facts and because of Iraq's commitment to OPEC Plus restrictions, the amount of Kurdistan's exports of 400,000 barrels per day will require reducing the same amount from the central and southern fields, which will lead to a decline in oil." revenues of about $5 billion annually, which means an increase in the budget deficit by the same amount due to the differences in costs and profits of foreign companies and the lower quality of Kurdistan’s oil .” 

He explained that "the solution lies in Iraq's request for OPEC Plus to exempt it from the mandatory and voluntary cuts imposed on the production quota so that there is economic feasibility in re-exporting oil from Kurdistan."

 

LINK