TS reported that the Dinar rate was showing on Redemption Center screens at $13.00 USD,
then he took it down.
Iraqi contacts confirmed this.
Unfortunately, the process went past the self-imposed deadline of the opening of the US stock markets this AM.
Everything is reset for another try at it overnight tonight, which will put it in alignment with, but not beholden to, the Gazette being published Wednesday.
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."
MZ: I have a number of bond contacts that reached out today to let me know that they are expecting timing and procedures updates tomorrow to let them know how they are handling the first 1%...times are ranging from mid- afternoon to evening tomorrow. So I should have an update tomorrow night what bond folks are hearing and expecting.
MZ: “Relationship on the closing of the platform . There is no sudden transition but rather a gradual transition that will be completed within two weeks” Here are your banking changes. Alak announced today that their banking system is at its best. The process began in 2024 and there is 5% left to be completed within the next 2 weeks. Before Victory Day on Dec 10th I hope and pray it is done by then.
MZ: There are a whole lot of folks that say all these things coming together means a rate change. I believe them to be accurate.
MZ: If we are still sitting here after Dec 10th I am really gonna start to wonder.
Baghdad - INA Prime Minister’s Advisor for Financial Affairs stated on Saturday that the government’s fiscal policies allow for increased spending without triggering inflation or fiscal deficits. Saleh emphasized that the government’s effective management of fiscal space means that investment spending on projects has not been disrupted, even during months with irregular public revenue.
He added, “The good performance of fiscal space reflects the government’s ability to boost spending or enhance social support without facing significant fiscal challenges such as inflation or large deficits.” Saleh also noted that this fiscal flexibility remains available as Iraq’s economic conditions improve, enabling the government to implement policies that stimulate growth, such as increasing infrastructure investment or enhancing social services.
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: GE all, Mark and mods. Bring us some good news please.
MZ: I have a number of bond contacts that reached out today to let me know that they are expecting timing and procedures updates tomorrow to let them know how they are handling the first 1%...times are ranging from mid- afternoon to evening tomorrow. So I should have an update tomorrow night what bond folks are hearing and expecting.
MZ: “Al Mashandi directs the lifting of the stalled laws to the Presidency of the House of representatives” Those laws are coming off “stuck” . One of those stalled laws is the HCL.
MZ: “In preparation for the resumption of exports, Parliament will raise the cost of purchasing oil in the 2025 budget” Now the Kurdish region can actually make money on the production of oil. This is one of the biggest sticking points between Baghdad and Erbil for the HCL.
MZ: “Relationship on the closing of the platform . There is no sudden transition but rather a gradual transition that will be completed within two weeks” Here are your banking changes. Alak announced today that their banking system is at its best. The process began in 2024 and there is 5% left to be completed within the next 2 weeks. Before Victory Day on Dec 10th I hope and pray it is done by then.
MZ: There are a whole lot of folks that say all these things coming together means a rate change. I believe them to be accurate.
MZ: If we are still sitting here after Dec 10th I am really gonna start to wonder.
MZ: “Officially Elena Romanowski’s assignment in Iraq ends” I would like to point out that a number of revaluations in the middle east while she was with the state department or an Ambassador…she was famous for that …maybe Iraq will be her “swan song” on her way out of the door.
MZ: We do not yet know who Trump will be putting in as the Ambassador to Iraq…..but you can bet it’s someone who is pro revaluation.
Member: thanks to all….and have a blessed night.
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