Monday, December 23, 2024
The Parliamentary Legal Committee reveals to (Al-Mada) the date for resuming Parliament sessions.. This is the most important thing that will be passed, 23 DEC
The Parliamentary Legal Committee reveals to (Al-Mada) the date for resuming Parliament sessions.. This is the most important thing that will be passed
The Parliamentary Legal Committee set, on Saturday, the date for resuming the sessions of the House of Representatives, while revealing the most prominent laws that will be passed during the current session.
Committee member Raed Al-Maliki said in an interview with (Al-Mada), "Parliament sessions will resume on January 9, 2025, which is the first chapter of the fourth year of the current session of the Council."
He added, "Parliament will proceed with the legislation of a number of laws, most notably amending the Drug Law, the Intelligence Service Law, the laws regulating the right to demonstrate, the Iraqi Media Network, amending the amnesty and personal status laws, and other laws."
These developments come at a time when the Iraqi parliament is witnessing repeated disputes over controversial laws, such as personal status, general amnesty, land recovery, oil and gas, which has led to the postponement of sessions or the disruption of the passage of laws on more than one occasion.
Parliament is currently seeking to avoid political tensions and ensure the passage of laws in a manner that serves the stability of legislative work.
The Speaker of the House of Representatives, Mahmoud Al-Mashhadani, confirmed after his election to the position that the controversial laws will be put to a unanimous vote, away from political bickering that may hinder the progress of legislative work. link
TIDBIT FROM MILITIAMAN, 23 DEC
Militia Man
You have the accolades from the IMF, UN, Arab League. What you're seeing...is Iraq is ready to go international.
That's my opinion. You can decide something different but that's what we're seeing...
They've got the support of the largest entities in the world. Everybody realizes Iraq is about ready to do something and make changes.
The dollar market is on “one leg”.. A new mechanism and the exchange rate is threatened!, 23 DEC
The dollar market is on “one leg”.. A new mechanism and the exchange rate is threatened!
12/22/2024
The Central Bank of Iraq is preparing to stop dealing with the electronic platform for dollar transfers abroad, at a time when experts have warned against raising the exchange rate to a higher level in light of the news circulating about this.
The electronic platform was launched in early 2023, and it represents a system for auditing dollar transfers before they are executed, instead of the audit that the US Federal Reserve used to conduct after execution.
Banks, companies and merchants in Iraq faced some challenges before adapting to the new method, but they finally underwent a series of trainings that the employees of these banks received before fully adapting to the platform’s work.
Exchange rate hike
In light of these moves, news has been raised about a move towards a new adjustment to the exchange rate, which has raised economists’ concerns about the potential impact of this move on the economic process in general.
Experts stressed that sudden changes in monetary policy could create additional confusion in the markets and undermine confidence in the financial system.
Economic expert Mustafa Akram Hantoush said, “Changing the exchange rate in the current situation is useless, because the problem is not in purchasing power, but in the demand for the dollar outside the platform due to small traders, trade with Iran, and some materials that are imported outside the platform due to high customs duties or their ban, in addition to the citizens’ desire to save the dollar.”
Hantoush added to Al Jarida that “it is better to find solutions to the increasing demand for the dollar outside the platform instead of resorting to changing the exchange rate, because that will complicate the monetary situation even more than it is now.”
clear policy
According to an official at the Central Bank of Iraq, dealing with the dollar file was based on various opinions built on a series of studies and field research.
The official, who preferred to remain anonymous, explained to Al Jarida that “the bank adopted two main approaches to address the crisis. The first is to expand the use of international currencies such as the Chinese yuan, the Indian rupee, the UAE dirham, and finally the Saudi riyal, with the aim of reducing dependence on the dollar. The second approach focuses on developing the operational capabilities of local banks to become more qualified to participate in transfer operations.”
For his part, banking researcher Mahmoud Dagher explained that “the fluctuation of the Iraqi dinar exchange rate came as a result of two decisions to reduce the value of the dinar in 2020 and then raise it in 2023, which represents a clear intervention in the fixed exchange rate system, which created ongoing economic confusion.”
Dagher told Al Jarida that “any new change in the exchange rate reflects the absence of benefit from previous mistakes, as wrong interventions in monetary policy lead to adverse results that increase the instability of the financial market.”
As for the economic expert, Adi Al-Alawi, he confirmed that “the biggest mistake that the government can make is to manipulate the dollar exchange rate through sudden decisions, because that has a direct impact on the national economy and shakes investors’ confidence in the financial system.”
Al-Alawi added to Al-Jarida that “the government’s continued taking of ill-considered decisions regarding the exchange rate will lead to the erosion of international and local confidence in the Iraqi economy, which will weaken the ability to attract the investments necessary to improve the economic reality.” LINK
MELANIA HINDS CC HIGHLIGHTS NOTES, 23 DEC
MELANIA HINDS CC HIGHLIGHTS NOTES
Summary
Exciting updates on the Iraqi dinar as the Central Bank of Iraq continues cash auctions, with a holiday declared for Christmas. Join the live stream for more intel!
Highlights
- 🎄 Christmas Week: Celebrating both Christmas and Hanukkah, fostering a spirit of community.
- 📈 Positive Intel: Reports indicate significant developments in the Iraqi economy and currency.
- 🏦 CBI Auctions: The Central Bank auctioned $284 million today, showing ongoing financial activity.
- 📅 Holiday Announcement: Iraq declared a two-day holiday for Christmas, emphasizing cultural significance.
- 🚀 New Intel Sources: New contributors share insights about the dinar’s potential value increase.
- 🛑 Cash Transfers Suspended: The Trade Bank of Iraq suspended cash transfers for annual inventory.
- 🎉 Upcoming Live Stream: Join the community for an exciting discussion and celebration at 5 PM!
Key Insights
- 💡 Community Spirit: The simultaneous celebration of Christmas and Hanukkah highlights a unique moment for togetherness and support among followers, reinforcing the belief in shared goals.
- 💰 Economic Developments: The Central Bank’s auction activity signals positive momentum in Iraq’s economy, which may lead to future currency appreciation as confidence grows.
- 🎊 Cultural Holidays: The declaration of holidays reflects the importance of cultural identity in Iraq, which may play a role in economic stability and citizen morale.
- 🔍 Diverse Intel: The inclusion of various sources providing insights into the dinar’s potential reinforces the speculative nature of investments in the currency market.
- 📉 Cash Transfer Suspension: This action by the Trade Bank could indicate preparations for significant financial shifts, potentially linked to upcoming currency reforms.
- 🚀 Anticipation of Value Increase: Analysts believe that a rise in the dinar’s value is imminent, urging investors to remain patient and informed as the situation develops.
- 📅 Live Engagement: The planned live stream serves as an opportunity for community interaction, fostering a sense of connection among those invested in the dinar’s future.
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