TIDBIT FROM JEFF, 1 JAN

 Jeff 

 This news about Iraq to end the dollar currency auction by the start of 2025 probably is not credible accurate news. 

 We won't know till until January 2nd if they do or don't stop the currency auction.  We'll have to wait until January 2nd to see the credibility of this news.

YADA: " THE AMENDMENT FRO THE RATE CHANGES WAS DONE LAST WEEKEND" @DINARREVALUATION #iraqidinar

 

Dinars Entering The Ministry Of Finance Are 20% Less Than The Amount It Needs.. Iraqis Start Their New Year With Salary Anxiety, 1 JAN

 Dinars Entering The Ministry Of Finance Are 20% Less Than The Amount It Needs.. Iraqis Start Their New Year With Salary Anxiety

Economy   2024-12-31 | 1,818 views  SumerianNews  More than 6 days have passed since the supposed date for the release of salariesStaffAs concerns grow over possible delay in pension paymentsIraqisAlso, their salaries will be due tomorrow.vacation New Year's Eve.

Iraqi employees usually receive their monthly salaries no later than the 25th to the 27th of the month, but the current month ended today, and there are still no indications of the possibility of disbursing salaries, as salaries were paid in “installments” for some categories, ministries and departments and not others, due to the lack of liquidity, i.e. the Ministry of Finance does not have the dinar.IraqiIn her closets.

This prompted the Ministry of Finance to issue a “denial” statement, but the denial, as it seems, is a denial of “the inability to release salaries,” not a denial of their delay, as the ministry said in a statement that “the information circulating on social media, which claims to apologize for the disbursement of salaries of employees,The StateThis month due to a lack of liquidity is completely incorrect and has no relation to reality.

She added: “We are fully committed to the process of financing employees’ salaries, as the Accounting Department has financed the salaries due to ministries, governorates and non-affiliated entities for the current month of December according to the schedules specified for each of them, and it is continuing its efforts to ensure the continuity of disbursing financial dues without any delay or interruption.”

It is clear that the ministry only denied “the inability to disburse salaries this month,” and did not deny the existence of a lack of liquidity or a delay in disbursing salaries.

Problems of delayed salary disbursement have begun to appear more than once during the past few months, with spending requirements increasing compared to the revenues entering the state. For example, current spending alone during the past ten months amounted to more than 91 trillion, excluding investment spending, i.e. an average of more than 9 trillion dinars per month that the Ministry of Finance needs to ensure current spending such as salaries and other mandatory requirements.

In contrast, Central Bank data shows that the Ministry of Finance sold the Central Bank only $4.4 billion last November, equivalent to 5.8 trillion dinars.

As for non-oil revenues, they average 1.4 trillion dinars Monthly according to the Ministry of Finance data, which means that the total non-oil and oil revenues resulting from selling the dollar to the Central Bank amount to 7.2 trillion dinars, while the required amount is more than 9 trillion dinars per month.

Accordingly, this means that there is a 20% deficit in the funds required for the mandatory monthly current expenditures, which makes the Ministry of Finance unable to collect all the funds at the same time in order to pay the salaries of all ministries at the same time as was the case previously, and it resorted to paying them in "installments", and whenever it has gradual liquidity.

Member of the Parliamentary Finance Committee Jamal Kojer says that the liquidity shortage crisis will continue in 2025, and if the price of a barrel of oil drops to $60, we will not be able to secure employees' salaries.   LINK

TIDBIT FROM CLARE, 1 JAN

 Clare 

 Article Quote: "The date for closing the platform is fixed, it will not change and will not be extended. The banks have been preparing since the beginning of this year when Governor Ali Al-Alaq announced his intention to close the platform."

 THEY HAVE A FIXED DATE ACCORDING TO THE ARTICLE.... SALEH SAID starting Jan. 2, 2025, the Central Bank of Iraq will no longer directly sell foreign currency.  IMO THIS IS THE LAST FOREIGN CURRENCY AUCTION.

MAJEED: No more Dollar coming to Iraq The CBI has two options : BANKRUPTCY OR CHANGE THE RATE OF IQD

 

Economist: Relying On Oil As A Source Of Revenue Will Have Serious Consequences, 1 JAN

 Economist: Relying On Oil As A Source Of Revenue Will Have Serious Consequences

Today 10:29  Information/Baghdad...  Economic researcher Diaa Abdul Karim found that the primary reliance on oil exports as a main source of revenues and salaries will have serious consequences in the future.

Abdul Karim told Al-Maalouma, "The world's dependence on oil and its derivatives will gradually decline over time, especially with technological advancement and reliance on clean energy methods in many countries, in addition to the start of work on producing electric cars, as manufacturing countries have begun to resort to this option as an alternative to liquid fuel and its harm to the environment."

He added, "The dependence on oil and its derivatives will never stop, but it will decrease significantly over time. Therefore, the countries exporting oil need a strategy to save them from the decline in oil revenues."

He pointed out that "Iraq depends mainly on oil revenues to finance the budget and pay salaries, and this poses a threat to the country, especially with the rise and fall in oil prices, which requires governments to resort to other options to diversify the sources of the economy to avoid the global trend towards moving away from oil." End25  LINK