MAJEED
Tuesday, November 26, 2024
DINAR REVALUATION REPORT: THE BUDGET HAS BEEN PASED !! : Draft amendment to first budget law is discussed at a meeting of the Financial Committee, 26 NOV
THE BUDGET HAS BEEN PASSED!!!
Draft amendment to first budget law is discussed at a meeting of the Financial Committee
The Parliamentary Financial Committee held a meeting today, Tuesday, to discuss the draft law on the first amendment to the Federal Budget Law for the fiscal years (2023-2024-2025).
The reporter of the Iraqi News Agency (INA) said: "The Parliamentary Financial Committee held a meeting today to discuss the draft law on the first amendment to the Federal General Budget Law for the fiscal years (2023 - 2024 - 2025) No. (13) of 2023."
He added that "the meeting included discussing the report of the Financial Committee on the draft law of the Center for Banking Studies to submit it to the second reading, as well as discussing the proposal for the first amendment to the law of the General Authority for Monitoring the Allocation of Federal Imports No. (55) of 2017, in addition to discussing the proposals of the Finance Committee on the law of the first amendment to the National Authority for Nuclear and Radiological Regulation Law No. (1) of 2024."
He added that "during the meeting, they discussed subject of database servers of Rafidain Bank."
He pointed out that "the issue of interpreting the provisions of Article (2) / first - (18) of the budget law on the extent to which agricultural and residential areas are included in the electricity distribution network was also discussed."
The reporter of the Iraqi News Agency (INA) said: "The Parliamentary Financial Committee held a meeting today to discuss the draft law on the first amendment to the Federal General Budget Law for the fiscal years (2023 - 2024 - 2025) No. (13) of 2023."
He added that "the meeting included discussing the report of the Financial Committee on the draft law of the Center for Banking Studies to submit it to the second reading, as well as discussing the proposal for the first amendment to the law of the General Authority for Monitoring the Allocation of Federal Imports No. (55) of 2017, in addition to discussing the proposals of the Finance Committee on the law of the first amendment to the National Authority for Nuclear and Radiological Regulation Law No. (1) of 2024."
He added that "during the meeting, they discussed subject of database servers of Rafidain Bank."
He pointed out that "the issue of interpreting the provisions of Article (2) / first - (18) of the budget law on the extent to which agricultural and residential areas are included in the electricity distribution network was also discussed."
DINARLAND HIGHLIGHTS, 26 NOV
DINARLAND HIGHLIGHTS
Summary
Iraqi Dinar Guru updates reveal optimism about a new exchange rate linked to the HCL, ongoing budget discussions, and important currency regulations.
Highlights
- 🛢️ Frank 26 emphasizes that the HCL’s approval will drive a new exchange rate.
- 📊 Iraq’s population census shows 45 million residents, with a slight male majority.
- 💵 Sandy Ingram reports new regulations banning cash transactions in USD starting January 1, 2024.
- 📅 Mark Z predicts potential RV this week amidst budget amendments discussions.
- 🔄 Auctions are transitioning away from USD, focusing solely on the IQD.
- 🇹🇷 Turkish trade minister highlights Iraq as their third-largest trading partner.
- 🎉 Militia Man confirms high expectations for the Dinar’s value and purchasing power.
Key Insights
- 🛢️ HCL and Exchange Rate: The implementation of the HCL is crucial for determining the new exchange rate, indicating that governmental decisions directly impact currency value.
- 📊 Demographic Trends: The census results reflect a balanced population, which can influence economic policies and resource allocation in Iraq.
- 💵 Currency Regulations: The ban on USD transactions aims to stabilize the economy and comply with international regulations, which could impact investor confidence.
- 📅 Budget Amendments: The ongoing discussions about budget amendments suggest a proactive government approach to economic stability, potentially paving the way for currency revaluation.
- 🔄 Transition to IQD: The shift from USD to IQD for oil sales indicates a strategic move to strengthen the local currency and reduce dependency on foreign currency.
- 🇹🇷 International Trade Relations: Iraq’s position as a significant trading partner for Turkey highlights its importance in regional trade dynamics and could foster economic growth.
- 🎉 Optimism for Revaluation: The growing optimism surrounding the Dinar’s value suggests that stakeholders are closely monitoring government actions, anticipating positive changes in currency valuation.
President Rashid: Unifying efforts to establish peace and stability in the region, 26 NOV
President Rashid: Unifying efforts to establish peace and stability in the region
INA - BAGHDAD
President of the Republic, Abdul Latif Rashid, stressed on Tuesday the necessity of unifying efforts to establish peace and stability in the region.
"Rashid received, at the Baghdad Palace, the Special Envoy of the Russian President for the Middle East and Africa Mikhail Bogdanov, where he conveyed the greetings of Russian President Vladimir Putin," according to a statement by the Presidency of the Republic - received by the Iraqi News Agency - INA.
The statement included that "at the beginning of the meeting, the President of the Republic expressed his thanks and appreciation for the greetings of the Russian President," conveying "Bogdanov's wishes to President Putin for health and to the friendly Russian people for continued progress and prosperity. "
During the meeting, they discussed the nature of bilateral relations between the two countries, as well as developments in regional and international situations stressing "the necessity of unifying efforts to establish peace and stability in the region."
The President of the Republic stressed "the depth of relations with Russia, which exceed 80 years since their launch," indicating at the same time "the necessity of upgrading them to include the fields of energy, economy, technology and investment, in a way that achieves the supreme interests of the two friendly countries."
In turn, the Russian President's Special Envoy expressed his country's "keenness to expand the horizons of constructive cooperation with Iraq at various levels and stages."
President of the Republic, Abdul Latif Rashid, stressed on Tuesday the necessity of unifying efforts to establish peace and stability in the region.
"Rashid received, at the Baghdad Palace, the Special Envoy of the Russian President for the Middle East and Africa Mikhail Bogdanov, where he conveyed the greetings of Russian President Vladimir Putin," according to a statement by the Presidency of the Republic - received by the Iraqi News Agency - INA.
The statement included that "at the beginning of the meeting, the President of the Republic expressed his thanks and appreciation for the greetings of the Russian President," conveying "Bogdanov's wishes to President Putin for health and to the friendly Russian people for continued progress and prosperity. "
During the meeting, they discussed the nature of bilateral relations between the two countries, as well as developments in regional and international situations stressing "the necessity of unifying efforts to establish peace and stability in the region."
The President of the Republic stressed "the depth of relations with Russia, which exceed 80 years since their launch," indicating at the same time "the necessity of upgrading them to include the fields of energy, economy, technology and investment, in a way that achieves the supreme interests of the two friendly countries."
In turn, the Russian President's Special Envoy expressed his country's "keenness to expand the horizons of constructive cooperation with Iraq at various levels and stages."
MILITIAMAN CC HIGHLIGHTS NOTES, 26 NOV
MILITIAMAN CC HIGHLIGHTS NOTES
Summary
Iraq is advancing its budget law for 2023-2025, focusing on oil revenue management and monetary stability, while the Central Bank reports excellent reserves and a new foreign transfer system.
Highlights
- 📅 Budget Law: Iraq is set to resume discussions on its federal budget for 2023-2025.
- 💰 Monetary Stability: The Central Bank of Iraq confirms excellent monetary conditions and sufficient reserves.
- 🛢️ Oil Management: Amendments aim to regulate oil production costs and ensure fair compensation for the Kurdistan region.
- 🔄 New Transfer Mechanism: A new system for travel and medical transfers will be launched next year.
- 🌐 Digital Transformation: Iraq is making strides in digital government and e-commerce initiatives.
- 📈 International Anticipation: There’s global excitement for Iraq’s economic reforms and potential currency changes.
- ⚖️ Transparency: The new budget amendments promise to enhance transparency in oil revenue management.
Key Insights
- 📊 Budget Focus: The emphasis on adjusting the federal budget highlights Iraq’s commitment to improving fiscal management, especially in oil revenue, which is crucial for its economy. This could lead to sustainable growth and development.
- 🛡️ Reserve Strength: The Central Bank’s declaration of excellent monetary conditions indicates that Iraq is on a stable path, allowing it to support its currency effectively, which is vital for investor confidence.
- 🔍 Regulatory Changes: The budget amendments related to oil costs reflect a move towards greater fairness and efficiency in resource allocation; successful implementation could improve regional relations and stability.
- 🚀 Innovative Transfers: The upcoming launch of a new foreign currency transfer system is pivotal for facilitating international trade and personal transactions, enhancing economic connectivity with the global market.
- 🌍 Digital Strategy: Iraq’s push for digital transformation represents a significant step towards modernizing its economy; this will likely attract foreign investment and improve public service delivery.
- 🎉 Global Engagement: The anticipation from international observers suggests that Iraq’s reforms are being closely watched and could lead to increased foreign investments and partnerships.
- 🔗 Transparency Initiatives: The focus on transparency in financial operations is essential for combating corruption and building public trust, which will help stabilize Iraq’s socio-economic landscape.
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