Tuesday, January 14, 2025
Coordination Framework: We will soon vote on amending the budget law, 14 JAN
Coordination Framework: We will soon vote on amending the budget law
Baghdad Today – Baghdad
The representative of the Coordination Framework, Mukhtar Al-Moussawi, confirmed today, Tuesday (January 14, 2025), that the House of Representatives is close to voting on the first amendment to the budget law.
Al-Moussawi told Baghdad Today, “There is consensus and agreement to expedite the vote on the first amendment to the budget law, and this matter will be done during the upcoming sessions, especially since the forces of the Coordination Framework agreed on this during their last meeting.”
He added, “This amendment will resolve part of the financial and oil dispute between Baghdad and Erbil, and will also speed up the process of sending the 2025 budget tables from the government to Parliament, and for this reason there is parliamentary interest in the amendment and meetings are ongoing to resolve the points of contention.”
Yesterday, Monday, the Council of Representatives concluded the report and discussion of the second reading of the draft law amending the first federal budget law of the Republic of Iraq for the fiscal years (2023 – 2024 – 2025) No. 13 of 2023.
STATUS OF THE RV , PART. 2 BY MNT GOAT, 14 JAN
STATUS OF THE RV , PART. 2
😊In the next bit of news in an article titled “IT CAN BECOME A MAJOR SOURCE OF INCOME IN THE ECONOMY.. AL-SUDANI DIRECTS THE MATURATION OF TOURISM PROJECTS”.
In the article Al-Sudani directed to work on maturing tourism projects and offering them as a single package, especially since developing this sector will contribute to strengthening and diversifying the national economy by activating vital sectors, including the tourism sector, which the government is keen to activate for the next stage.
He pointed out that tourism and its components are available in Iraq, and it is possible to transform into a basic source in the non-oil economy.
According to the statement, the meeting approved extending an invitation to a Spanish company specialized in tourism development in order to put projects related to this sector into action, as well as to develop the capabilities of specialized tourism cadres and keep pace with the latest developments witnessed by this sector globally.
Twenty one (21) tourism projects were also reviewed, including hotels, resorts, sustainable forests, cities and entertainment complexes in Baghdad and various governorates, which provide attractions, infrastructure and economic feasibility. Folks this is going to be BIG!
I have talked about tourism industry in Iraq many times in the past and we read news about it. So now we can see that Al-Sudani is taking on this non-oil revenue sector seriously and will exploit it to overcome the rentier economy (oil based economy) of Iraq.
Now you add this to the other non-oil sources of revenues and you have a booming economy for Iraq. WOW! WOW! WOW! Are you tired yet of saying WOW? They will soon be filthy rich with little to no debt. They are backing their currency with GOLD too. Oh…. their dinar is at what price? A 1/6 of a penny? Really?
Blinken: Iran has lost its ability to arm Hezbollah, and the balance of power in the Middle East has changed, 14 JAN
Baghdad Today – Follow-up
US Secretary of State Anthony Blinken said on Tuesday (January 14, 2025) that “Iran has lost its ability to arm Hezbollah” in Lebanon.
“Hezbollah forces have retreated north of the Litani River and Iran has lost the ability to supply the party with weapons,” Blinken said during his participation in discussions on the Atlantic Council, adding, “Hamas’ military capabilities and its ability to govern the Gaza Strip have been undermined and Iran’s capabilities have declined.”
He pointed out that “the (Bashar) Assad regime has collapsed, and the balance of power in the Middle East has changed significantly, but the situation there is still dangerous.”
Blinken continued, “We can draw a new reality in the Middle East in which everyone enjoys peace and stability, and the conflict in the Middle East affects our bases and forces in the region, and terrorist groups are trying to exploit the situation.”
He pointed out that “Israel was able to destroy the Iranian air defenses, but it faces an unsustainable situation on its northern borders after Hezbollah controlled large areas.”
He noted that, “Our goal was to prevent the outbreak of a regional war in the Middle East and to prevent Hezbollah from posing a threat to Israel. Our principles were that the Gaza Strip under Hamas rule would not pose a continuing threat to Israel and to stop the war in the Strip.”
The US Secretary of State stressed, “We seek to end the war in Gaza in a way that will lay the foundation for lasting peace, and we seek to end the war in Gaza in a way that will advance the legitimate aspirations of the Israelis and a state for the Palestinians,” he said.
He said, “After we realized that Israel’s goal was to undermine Hamas’s capabilities, President Biden worked to achieve a ceasefire agreement,” noting that “Egypt and Qatar reached a final formula for a ceasefire agreement in Gaza, and the ball is now in Hamas’s court.”
“We are working on a plan that includes the day after the ceasefire in the Gaza Strip and how to govern the Strip, and if we reach an agreement on Gaza now or after January 20, it will be an expression of the framework that Biden had set in May,” he added.
He pointed out that “there is a body that will take over the rule of the Gaza Strip the day after the war and will hand over the rule to the Palestinian Authority. After we realized that Israel’s goal of undermining Hamas’s ability to achieve President Biden’s work to achieve a ceasefire agreement, we must ensure that Hamas is unable to rule the Gaza Strip and that the Palestinian Authority, after its reform, takes over the rule of the Strip.”
He stressed that “no one can force Israel to accept a Palestinian state ruled by Hamas or any other extremist organization, and the new agreement must not affect Israel’s security or its status.”
STATUS OF THE RV BY MNT GOAT, 14.JAN
STATUS OF THE RV
😊In today’s commentary I have to refer first to some “massive” news. Yes, this news was massive. I am talking about the news in the article titled “ECONOMIST: THE CENTRAL BANK’S POLICY IS MOVING TOWARDS GLOBALIZING IRAQI BANKS”. You can find the article in my Articles Section of the Newsletter today.So, let’s take some time and pick this one apart to find out why this news is so massive. Oh…. there is also other very good news for today and I will review this with you also.
In this article economic expert “Safwan Qusay confirmed that the Central Bank’s policy is moving towards globalizing Iraqi banks, while stressing that it will contribute to raising the status of these banks globally” also “the process of ending dealings with the electronic platform will contribute to accepting local banks that have the ability to provide guarantees and international compliance conditions with international correspondent banks.”
Yes, “providing guarantees and international compliance” is all insurance related. Remember our Pillars of Financial Reform? Well… here they are again. Investors in Iraq need to know that their funds in Iraqi banks will be protected and not subject to being stolen from corruption or in some cases, as from the past the events, “just disappeared!”.These past events of corruption left a nasty stain on the Iraqi banking system, to which they now have to overcome and are overcoming.
Now here is the real juicy part of the article and I quote “He added that these correspondent banks can carry out the process of changing the Iraqi dinar to any global currency immediately, and for more than a million banks around the world.” What did it just tell us? A million banks around the world? What does this mean to us as investors?
We know that from reading the White Paper of 2019 that conditions to get back to FOREX that this insurance part is a pillar of the financial reform. Therefore, it is a reform that needed to take place and is now taking place.
Also, I want to add that the statement of “changing the Iraqi dinar to any global currency immediately” is an amazing statement. The article goes on to also say and quote “this step will contribute to raising the status of Iraqi banks globally, “meaning that they will succeed in the process of having a name in international financial transfer operations,
and gradually confidence between banks will be strengthened,”
Could this news get any better at this time? Can this be what is holding up the revaluation and the reinstatement? Just asking….
😊 This next article titled “THE DECLINE IN THE DOLLAR PRICE AGAINST THE IRAQI DINAR IN LOCAL MARKETS: IS THIS THE BEGINNING OF STABILITY? is amazing too. It conforms exactly what I have told you would happen from my conversations with my CBI contact when dealing with bringing down the parallel market.
It is as if someone is reading my mind again….lol..lol.. So, didn’t I tell my readers months ago and again more recently, that the parallel market, once they institute the banking transfers through the correspondent banks, (starting Jan 1st 2025) that there would first be a spike in the dollar rate as the initial shortage of dollars in the black market will be a shockwave.
Then as time pressed on, we will gradually see the rate drop and come closer and closer to the “official” CBI rate, something they need to have in order to begin the project to delete the zeros and move ahead to further steps in the currency reform we are waiting to see.
In the news in this article today, “the Iraqi local markets witnessed a slight decline in the exchange rate of the US dollar against the Iraqi dinar, as the selling price of 100 dollars reached 152,000 Iraqi dinars, while the buying price recorded 150,000 Iraqi dinars.
This decline comes in light of the efforts of the government and the Central Bank of Iraq to control the exchange market and enhance the value of the dinar.
”Didn’t the CBI and the prime minister tell us this is the goal – to enhance the value of the dinar? To bring it back to its “glory days”? They are doing it and this last step is going to stabilize it by shutting down the parallel market of selling the dollar at absorbent rates.
In the article it further says that “this decline is attributed to a number of factors, most notably the increased injection of (other) foreign currency into the markets(besides just the dollar), the imposition of strict controls on exchange operations, and the improvement of financial and economic policies”.
Then the article goes to say the best juicy part of all and I quote – “All eyes will be on the coming days to see how long this decline will last and how it will impact the Iraqi economy as a whole. Are we on the cusp of a period of monetary stability?” I like the phrase “on the cusp”. WOW! WOW! WOW! So, you see folks just be patient it won’t be much longer.
Could this all be what is holding up the revaluation and the reinstatement? Just asking….I was told it is by my CBI contact. Do you remember?
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/
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