Economist: Non-Oil Revenues To Achieve Significant Growth In 2024
Wednesday 27 November 2024 | Economic Number of readings: 141 Baghdad / NINA / Economic expert Manar Al-Obaidi, a member of the Political Economic Center, announced that the non-oil revenues of the Iraqi state grew during the first nine months of 2024 by 198% to reach the 12.3% barrier of its contribution to the total revenues of the Iraqi state.
Al-Obaidi said in a statement that the total non-oil revenues of the Iraqi state during this period amounted to 14 trillion Iraqi dinars, up from the same period in 2023, which was about 4.7 trillion dinars.
Despite the decrease in the value of revenues resulting from taxes on income and wealth by 17%, the increase in commodity taxes by 275% and the increase in the budget's share of public sector profits by 243% contributed to this significant increase.
He explained that for the first time since 2003, non-oil revenues constituted 12% of total revenues and the contribution of oil revenues decreased to reach 88% of total revenues.
He added that the total revenues until September 2024 amounted to 114 trillion Iraqi dinars, an increase of 19% compared to the same period in 2023, which amounted to 95.85 trillion Iraqi dinars.
The improvement in non-oil revenues is due to the reforms made in the tax and customs file, in addition to encouraging profitable public companies to increase their contribution to government revenues. It is expected that non-oil revenues in 2024 will reach the barrier of 18 trillion Iraqi dinars. Despite the increase in this number,
it is still far from the planned number in the budget, which amounts to about 28 trillion Iraqi dinars. However, this improvement in these revenues reflects the success of the reforms made in the field of collection and work to increase payment through electronic outlets. / End 9 https://ninanews.com/Website/News/Details?key=1171400
Investors can utilize Iraqi dinars to invest in the Iraqi stock market (ISX), which is currently growing, while navigating political tensions and market liquidity issues.
Highlights
📈 Investors can use Iraqi dinars to trade on the ISX.
💼 Minimum investment for ISX brokers starts at around $73,000.
🔄 Liquidity issues can hinder quick buying or selling of shares.
🕒 Trading hours on ISX are from 10 a.m. to 12 p.m. Baghdad time.
🌍 Foreigners can invest in various sectors listed on the ISX.
⚠️ Political volatility poses risks for investments in Iraq.
📞 Recent calls between Iraq and global leaders highlight regional tensions.
Key Insights
💸 Investment Opportunities: The ISX presents a unique opportunity for investors using Iraqi dinars, especially in a growth phase. However, high minimum investment thresholds may restrict individual participation.
📊 Market Liquidity: The limited trading volume on the ISX can make it difficult to execute large trades swiftly, necessitating careful planning for investors.
🌐 Foreign Investment: Foreign investors can engage with the ISX, diversifying their portfolios in Middle Eastern markets, but must understand local regulations.
⚠️ Political Risks: The ongoing geopolitical tensions, especially involving Israel and Iran, can significantly impact market stability, creating a risky environment for investments.
🗓️ Trading Sessions: ISX operates on specific hours, making it crucial for investors to be aware of the trading schedule to optimize their transactions.
📊 Corporate Transparency: Investors should be cautious as Iraqi companies may not provide the same level of transparency in their operations and financial disclosures as those in more developed markets.
📞 Global Relations: Recent dialogues with international leaders, notably regarding energy and security, indicate Iraq’s strategic positioning, which could influence investor confidence and market movements.
What Is Iraq's Connection? Goldman Sachs: OPEC+ Cuts May Support Oil In The Short Term
Energy Economy News - Follow-up [rtl]Crude oil production in Iraq, Kazakhstan and Russia has fallen in compliance with OPEC+ production cuts, supporting some upside for Brent prices in the near term, according to a recent note from Goldman Sachs.
The investment bank added in its note issued yesterday, Tuesday, that Saudi Arabia is likely to extend oil production cuts due to the recent decline in prices, and that it now believes that oil production cuts will continue until April 2025 instead of January.
Goldman Sachs maintained its forecast for the average price of Brent crude for 2025 at $76 per barrel.
Two OPEC+ sources told Reuters that the group, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is discussing another delay to the oil production increase that was scheduled to start in January.
At the group's most recent meeting on November 3, OPEC+ agreed to postpone a production increase scheduled for December for a month.
he bank said that "any increase in OPEC+ production will be gradual and data-dependent."
Goldman Sachs added that the high level of compliance with OPEC+ production cuts indicates that the group's member states are working together to stabilize oil prices.
He said that the production of Iraq, Kazakhstan and Russia decreased by 0.5 million barrels per day in November.
OPEC members are unlikely to backtrack on voluntary production cuts in the near term, executives from global commodity trading giants Vitol, Trafigura and Gunvor told the Energy Intelligence Forum in London.
But despite OPEC+ production cuts and delays to boost output, Brent crude futures have mostly remained in a $70-$80 range this year, trading below $74 on Tuesday.
]Goldman Sachs last week revised its forecast for Brent prices to an average of $80 per barrel this year, despite a supply deficit and geopolitical uncertainty in 2024, pointing to an expected surplus in 2025. https://economy-news.net/content.php?id=50280
Awake-in-3D: Unlocking Wealth Through our GCR Currency Revaluation Explained
Unlocking Wealth Through Our GCR Currency Revaluation Explained
Awake-In-3D November 25, 2024
A closer look at the mechanisms behind GCR currency revaluation and its life-changing potential for currency holders worldwide.
Introduction: A Key Pillar of the Global Currency Reset
Understanding the intricacies of GCR currency revaluation is key to grasping its potential to reshape the global economy. This pivotal process not only redefines the value of currencies but also presents extraordinary opportunities for those holding undervalued assets. In this article, we’ll break down the mechanisms driving GCR currency revaluation and explore how this transformative shift can unlock wealth for individuals while fostering economic growth worldwide.
What is GCR Currency Revaluation?
Currency revaluation occurs when a nation increases the official value of its currency relative to others. This occurs for various reasons, including:
Economic Stabilization: To correct undervaluation caused by inflation, trade imbalances, or external debt.
Resource Discovery: To reflect newfound wealth from natural resources or economic growth.
Policy Shifts: To align with new financial strategies, such as transitioning to an asset-backed currency.
Historically, currency revaluations have significantly shaped economies. For example:
The Deutsche Mark: After World War II, the revaluation of the Deutsche Mark stabilized the German economy and facilitated its rapid recovery.
The Kuwaiti Dinar: Following the Iraqi invasion of Kuwait in 1990, the Kuwaiti Dinar was devalued. After liberation, Kuwait restored the dinar to its previous value, reaffirming its strength as one of the world’s most stable currencies.
These examples demonstrate how GCR currency revaluation can serve as a powerful tool for economic recovery and stability.
The Role of Gold and Digital Currencies in GCR Currency Revaluation
A major distinction in today’s GCR currency revaluation discussions is the role of gold and digital currencies as the backbone of the process. Unlike traditional fiat currencies, which derive their value from government trust and policies, these new currencies are grounded in tangible assets and innovative technology.
Gold-Backed Currencies
Many emerging market currencies participating in the GCR are preparing to peg their currencies to gold, providing intrinsic value and stability. By backing currencies with physical gold reserves, nations:
Restore trust in their monetary systems.
Prevent inflation and currency m**********n.
Attract foreign investment through stability and transparency.
For example, countries with rich natural resources, like Iraq and Vietnam, benefit significantly as their gold-backed currencies gain international credibility.
Digital Currencies and Blockchain
Digital currencies, particularly those based on blockchain distributed ledger technology, complement the GCR currency revaluation process. They offer:
Transparency: Blockchain’s immutable ledger ensures that every transaction is traceable and verifiable.
Efficiency: Cross-border payments are faster and cheaper, bypassing traditional banking systems.
Accessibility: Digital wallets allow individuals to participate in the global economy without reliance on centralized financial institutions.
By integrating gold reserves with blockchain-based systems, the RV achieves both intrinsic value and technological integrity.
How GCR Currency Revaluation Benefits Currency Holders
For individuals holding emerging market currencies, GCR currency revaluation offers a significant financial opportunity. These currencies, long undervalued due to economic instability or lack of global recognition, gain new worth under the GCR. Holders of these currencies exchange them for traditional fiat currencies, such as the U.S. dollar or euro, at significantly higher rates, resulting in substantial financial gains.
For example:
An individual holding a devalued currency like the Iraqi Dinar exchanges it at a new gold-backed rate, realizing significant returns.
The RV ensures that the intrinsic wealth of resource-rich nations is reflected in their exchange rates, benefiting both citizens and investors.
The Role of Trading Platforms in GCR Currency Revaluation
The revaluation process is facilitated by secure, transparent trading platforms designed to handle high-volume currency exchanges. These platforms:
Enable seamless conversion of revalued currencies into fiat or digital assets.
Ensure fair market access for all participants, including individuals, businesses, and governments.
Provide real-time updates on exchange rates, ensuring accuracy and transparency.
Such platforms are critical for maintaining trust and efficiency as currencies re-enter the global financial system at their new values.
Economic Development and Humanitarian Projects Post-RV
One of the most compelling aspects of GCR currency revaluation is its potential to unlock funding for economic development and humanitarian initiatives. The infusion of wealth enables nations to:
Invest in infrastructure, education, and healthcare.
Reduce poverty and unemployment by leveraging newfound financial resources.
Promote sustainable development through green energy projects and technological innovation.
Additionally, many private groups and organizations involved in the GCR allocate a portion of RV proceeds to economic development and humanitarian projects. These efforts aim to uplift underserved communities, ensuring that the benefits of GCR currency revaluation extend beyond governments and investors to everyday citizens.
The Shift from Fiat to Gold-Backed Systems
The transition from fiat currencies, like the U.S. dollar, to gold-backed systems underpins the entire GCR currency revaluation process. Fiat currencies, which rely on trust and policy rather than tangible assets, face growing skepticism due to inflation, debt crises, and currency m**********n.
Gold-backed currencies offer a more stable alternative, grounded in physical reserves. This shift:
Reduces reliance on any single reserve currency, creating a more balanced global financial system.
Mitigates inflation by tying currency values to finite resources.
Strengthens trade relationships by fostering trust in international transactions.
The Bottom Line: GCR Currency Revaluation as a Catalyst for Change
GCR currency revaluation is more than an economic adjustment—it’s a catalyst for global transformation. By aligning currency values with tangible assets and leveraging cutting-edge technology, it ensures a stable and inclusive financial future.
Beyond individual benefits, GCR currency revaluation paves the way for broader economic development and humanitarian initiatives, ensuring that the GCR’s impact is felt worldwide. As nations transition from fiat systems to gold-backed currencies, the promise of the RV becomes not just a financial event but a global milestone in achieving economic equity and sustainability.
Stay tuned for our next article in the series: “The Economics of a Currency Reset: Theory vs. Practice.”
Parliamentary Finance: Amending The Budget Law Will Allow For Changing Useless Paragraphs And Item
Information / Baghdad.. The Parliamentary Finance Committee confirmed, on Wednesday, that any change to the paragraphs of the federal budget will allow for the change of paragraphs and items that have been proven to be ineffective.
Committee member MP Hussein Mounes said in a statement to Al-Maalouma Agency, "Submitting the first reading of the draft law amending the federal budget that was approved for three years (23, 24 and 25) will allow for changing paragraphs and items that have proven to be ineffective."
He added, "The amendment needs a deeper study because that will push us to change the schedules, and thus we will be faced with an increase in the deficit on the one hand and a decrease on the other."
It is noteworthy that the agenda of the House of Representatives included a paragraph discussing the first reading of the draft first amendment to the federal budget for fiscal years 23, 24 and 25, submitted by the Parliamentary Finance Committee.LINK