I have this friend who has been a soccer referee for 30y.
Yesterday he went to a New Year party, where all his soccer students he had over the years also came and he reconnected with one of them -a girl- who meanwhile married to this Iraqi guy, who’s parents still living in Iraq!!
My friend asked him if he talked to his parents recently and he said yes, 3 days ago, and then he asked how much is 1 IQD there and said 1IQD=$6 🤯
The Dinars Entering The Finances Are 20% Less Than The Amount They Need.. Iraqis Start Their New Year With Anxiety About Salaries
Economy 2024-12-31 | 3,743 views Alsumaria News More than 6 days have passed since the supposed date for the release of employee salaries, while fears are mounting with the possibility of the salaries of Iraqi retirees being delayed as well, while the date of their salaries will coincide with holiday tomorrow.
the New Year Iraqi employees often receive their monthly salaries no later than the 25th to 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 released in “installments” for some categories, ministries and departments and not others, due to the lack of liquidity.
That is, the Ministry of Finance does not have the Iraqi dinar in its coffers.
This matter prompted the Ministry of Finance to issue a “denial” statement,
but the denial appears to be a denial of “the inability to release salaries,” and not a denial of their delay, as the Ministry said in a statement that
“the information circulating through social media claims an apology for disbursing the salaries of state employees for this month.” Due to a lack of liquidity, it is completely incorrect and has nothing to do with reality.” She added:
"We are fully committed to the process of financing employee salaries, as the Accounting Department has financed salary entitlements to ministries, governorates, and unrelated 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 that “it was not possible to disburse salaries this month,” and did not deny the existence of a shortage of liquidity or a delay in disbursing salaries.
The problems of delaying the disbursement of salaries began to appear more than once during the past few months, with the increase in spending requirements compared to the revenues entering the state.
For example, current spending alone alone during the past ten months amounted to more than 91 trillion, excluding investment spending, that is, an average.
;More than 9 trillion dinars per month are needed by the Ministry of Finance to ensure current spending such as salaries and other mandatory requirements.
On the other hand, Central Bank data show that the Ministry of Finance last November sold only $4.4 billion, equivalent to 5.8 trillion dinars, to the Central Bank.
As for non-oil revenues, they average 1.4 trillion dinars per month, according to Ministry of Finance data, which means that the total non-oil and oil revenues resulting from the sale of the dollar to the Central Bank amount to 7.2 trillion dinars, while what is required is more than 9 trillion dinars per month.
Accordingly, this means that there is a 20% deficit in the funds required for the obligatory monthly current expenses,
which makes the Ministry of Finance unable to collect all the funds at one time for the purpose of releasing the salaries of all ministries at the same time, as was the case previously, and it proceeded to release them in “installments,” and whenever It gradually became liquid.
Member of the Parliamentary Finance Committee, Jamal Cougar, says that the liquidity shortage crisis will continue in 2025, and
if the price of a barrel of oil falls to $60, we will not be able to secure employee salaries.
Iraqi Prime Minister to visit Iran for high-level talks
Shafaq News/ Iraqi Prime Minister Mohammed Shia Al-Sudani is set to visit Tehran at the end of next week for discussions with senior Iranian officials, Iranian Foreign Ministry spokesperson Esmail Baghaei announced on Tuesday.
In a conversation with reporters, Baghaei stated that the visit aims to “strengthen bilateral relations and exchange views on regional developments.”
An Iraqi government source confirmed the trip to Shafaq News on Monday, noting that the agenda includes discussions on the latest developments in the region, with a particular focus on Syria.
The visit follows a series of diplomatic engagements by Al-Sudani with regional leaders, including trips to Jordan and Saudi Arabia, where he addressed security issues after the fall of Bashar al-Assad’s regime.
Al-Sudani visited Tehran in May to attend the funeral of Iranian President Ebrahim Raisi, who died in a plane crash.
In this video from Goldilocks Global Banking News, host Freedom Fighter discusses the current state of the Iraqi dinar and its expected revaluation, emphasizing the steps being taken by the Central Bank of Iraq (CBI) to enhance the currency’s stability and value.
The video outlines significant developments such as the collection of circulated banknotes, anti-counterfeiting measures, and Iraq’s advancements toward joining the World Trade Organization (WTO).
The dialogue also highlights how these changes are paving the way for a modernized banking system within Iraq, including the implementation of an immediate payment project aimed at facilitating electronic transactions.
The host reassures viewers that the path to revaluation is on track while encouraging them to prepare for the future and maintain a positive mindset amidst the ongoing developments.
🌍 Global Attention: Goldilocks is recognized as a primary source for information on the RV GCR, attracting a global audience keen on updates.
💰 Wealth Management Meetings: Members of the Goldilocks community are excited about upcoming meetings with wealth managers to strategize generational wealth.
📈 Iraq’s Currency Strategy: The CBI is actively working to collect circulating Iraqi dinar notes to mitigate counterfeiting before the currency’s anticipated revaluation.
🔒 Anti-Counterfeiting Measures: The CBI is implementing new standards to improve the quality of banknotes and combat counterfeiting in the Iraqi banking system.
💼 Category A Classification: The Iraqi dinar has been reclassified to Category A, enhancing its marketability and compliance with international standards.
🌐 Digital Payment Integration: Iraq is adopting an immediate payment project to facilitate electronic transactions, reducing reliance on cash.
🏦 WTO Membership Aspirations: Iraq is preparing for its discussions with the WTO, aiming for enhanced economic stability and international trade opportunities.
Key Insights
📊 Shift in Currency Valuation: The anticipated revaluation of the Iraqi dinar reflects a broader trend of decreasing global inflation, which is expected to strengthen currencies globally. This environment presents a unique opportunity for the dinar to regain value after years of depreciation due to counterfeiting and mismanagement.
🔍 Importance of Currency Collection: The CBI’s initiative to collect circulated dinars is crucial in removing counterfeit notes from circulation, ensuring that when the revaluation occurs, the currency reflects its true value and is backed by legitimate assets. This collection is a preparatory measure to clean up the financial system and promote stability.
💡 Enhanced Banking Controls: The new standards announced by the CBI aim to ensure uniformity and quality control within Iraq’s banking system. By establishing clear guidelines for note circulation and replacement, the CBI is taking significant steps towards creating a more reliable financial environment, which is essential for attracting foreign investment.
🚀 Economic Growth Projections: Projections of stable or slightly rising interest rates in Iraq are indicative of positive economic growth. This environment is conducive to currency appreciation and can help alleviate inflationary pressures, making the dinar more attractive to investors and foreign markets.
🏢 Regulatory Compliance and Market Access: The merge of category C exchange companies with established category A firms is a strategic move that enhances the Iraqi dinar’s market share and stability. This consolidation opens up new avenues for compliance with global financial standards, increasing Iraq’s competitiveness in international trade.
🌐 Advancements in Digital Banking: The immediate payment project represents a significant shift in Iraq’s banking approach, moving towards a more digitalized financial system. This transition enhances the efficiency of transactions and broadens access to banking services for the Iraqi populace, aligning with global trends towards cashless economies.
🎉 Community Preparedness: The Goldilocks community emphasizes the importance of being prepared for the upcoming changes in the Iraqi dinar’s valuation. By fostering relationships with wealth managers and establishing a solid understanding of the banking system, members are positioning themselves to benefit from the anticipated financial blessings.
In summary, the video provides a comprehensive overview of the strategic changes being implemented in Iraq’s financial landscape, particularly concerning the Iraqi dinar. Freedom Fighter encourages viewers to remain optimistic and proactive, as the revaluation process moves forward, and reassures them that the Goldilocks community is well-prepared for the impending financial transformation. The integration of anti-counterfeiting measures, digital banking, and potential WTO membership sets a promising stage for the revitalization of the Iraqi economy and its currency.