REINALDO JC
End Auction = End Black Market
+Introduce New High Quality Dinar Lower Notes = New Dinar Rate!!!!!
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Thursday, December 5, 2024
Government consultant: The budget is hedged by the price of oil at $70 and the deficit is 64 trillion dinars, 5 dec
The Financial Advisor To The Prime Minister, Mahar Mohammed Saleh, Confirmed On Wednesday That “The Federal General Budget No. 13 For The Year 2023 (The Tripartite Budget) Is Hedged With A Price Of A Barrel Of Oil Of $70.
Saleh told {Euphrates News} that “any rise in oil prices assuming the quantities of production and export are constant will lead to a reduction in the default deficit gap in the budget of 64 trillion dinars.”
He explained that “despite the above, reducing Iraq’s share of production within OPEC + is supposed to remove any possible glut in the supply of crude oil in the energy market, which leads to making prices above what is estimated in the budget and may even compensate for the shortage in the quantities of oil produced simultaneously.”
The House of Representatives is scheduled to start its session tomorrow, Thursday, on the second reading of the amendment of the tripartite budget law.
Prime Minister Mohammed Shia Al-Sudani, during his hosting in today’s session, called on the House of Representatives to speed up the amendment of the budget law.
TIDBIT FROM MILITIAMAN, 5 DEC
MILITIAMAN
Doesn’t it make a great bridge…a functional currency when the rate changes? Suddenly it RVs and a $250 notes goes from .19 cents to (let's say ) $25.00? that is a massive change in value.
I have some pretty excited folks from Iraq who say “this is it” and now all they have to do is release the even smaller notes which they already have...
There is no reason to release those notes unless a revaluation was happening soon. And they expect it to be done on or before Victory Day [December 10].
This $250 note being released should have you all excited.
On the occasion of World Banking Day.. A call for a comprehensive review of the work of banks in Iraq, 5 DEC
On the occasion of World Banking Day.. A call for a comprehensive review of the work of banks in Iraq
The Federal Ministry of Finance revealed, on Wednesday, that the size of Iraqi revenues in the general budget during 9 months of the current year 2024 exceeded 114 trillion dinars, indicating that non-oil revenues amounted to 11%.
Shafaq News Agency followed up on the data and tables issued by the Ministry of Finance in December, for the accounts of January, February, March, April, May, June, July, August and September of the current fiscal year, which showed that oil is still the main resource for Iraq's general budget, reaching 89%, indicating that the rentier economy is the basis of the country's general budget.
The financial tables indicated that the total revenues for the nine months of the current year amounted to 114 trillion, 349 billion, 735 million, 335 thousand, and 311 dinars, indicating that the total advances amounted to 15 trillion, 796 billion, 51 million, 63 thousand, and 162 dinars.
According to the financial tables, oil revenues amounted to 101 trillion, 944 billion, 446 million, and 923 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to 12 trillion, 405 billion, 292 million, and 412 thousand dinars, which constitutes 11% of Iraq’s general budget.
For his part, economic expert Mohammed Al-Hasani told Shafaq News Agency, "The defect of the Iraqi economy is that it is rentier and depends mainly on oil, and that Iraq has not activated the customs tariff that contributes to raising financial revenues properly. "
He added that "attempts to support the agriculture, industry and tourism sectors in order to be a second tributary to oil were timid, and each sector did not contribute more than 4% of the gross domestic product," calling for "activating a number of laws that encourage the local and foreign private sector to enter the Iraqi market, including customs tariff laws, consumer protection and anti-monopoly laws."
In March 2021, the Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed to Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and the imposition of an economic blockade on Iraq during the past era, and the political conflicts we are witnessing today, which led to the dispersion of economic resources.
The continued reliance of the Iraqi state on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, and thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions. link
MARKZ: MORE ABOUT THE LOWER DENOM IN IRAQ , 5 DEC
MarkZ
[via PDK]
I have a number of confirmations with people on the ground in Iraq that they are seeing some lower denominations in Iraq. They are seeing $500’s and $250’s...
they have suddenly released a large number of them into the market. They are functionally pretty useless right now. With the current pricing right now of the dinar, the $250 dinar note is worth about .19 cents US. The $500 note is worth about .38 cents US.
Why would they suddenly release into circulation so many of these bills? Why do you need a bunch of notes only worth .19 Cents? You don’t.
Doesn’t it make a great bridge…a functional currency when the rate changes? Suddenly it RVs and a $250 notes goes from .19 cents to (lets say ) $25.00? that is a massive change in value. I have some pretty excited folks from Iraq who say “this is it” and now all they have to do is release the even smaller notes which they already have... There is no reason to release those notes unless a revaluation was happening soon. And they expect it to be done on or before Victory Day [December 10]. This $250 note being released should have you all excited.
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