[Iraq] has the potential to come out at a ridiculous exchange rate just like Kuwait did 30 years ago when they went through a re-denomination and a revaluation of their currency...about $15.
But it only lasted for about a week and it went back down to 3 to 1...IMO it was a window created for the whales and sharks to take advantage of...Iraq has learned from Kuwait mistakes.
If you come out at a high rate like that...you destroy everything you worked to create the security and stability of their currency. And it would destroy their economy, GDP, economic reform, monetary reform.
Inflation would go up. I don't think we're going to see a ridiculous rate at the onset. But I think we'll see the same rate that is floating in the Middle East which holds the most powerful currencies in the world at 3 to 1 to the dollar.
Prime Minister Mohammed S. Al-Sudani sponsored today the Internal Audit Conference organized by the Federal Board of Supreme Audit under the theme: “Internal Audit is the First Line of Defense Against Corruption and a Pillar of Transparency.” The media office of the prime minister stated in a statement, received by The Iraqi News Agency-INA“ In his speech, Prime Minister Al-Sudani emphasized that the conference seeks to strengthen internal audit mechanisms and reinforce transparency. This aligns with the government program’s primary objective of combating corruption, a fundamental measure for restoring public trust in governance and the political system as a whole. He highlighted the critical role of internal audit as a corrective mechanism that ensures institutional integrity and prevents the misuse of public funds, clarifying that internal audit should not be viewed as bureaucratic obstruction but as a transparent and ethical process that upholds the spirit and objectives of the law before implementing its technical provisions”. The statement added,” Prime Minister Al-Sudani reaffirmed that the statement issued by the Supreme Religious Authority in November of the previous year underscored the government’s unwavering commitment to prioritizing anti-corruption efforts. He emphasized that deviating from this path would impact the fulfillment of other obligations, including combating unemployment, creating job opportunities, advancing economic reforms, and improving public services”.
Key Highlights from Prime Minister Al-Sudani’s Speech at the Conference: Internal audit is the first line of defense against corruption, safeguarding government institutions and ensuring their integrity. A total of 12 trillion Iraqi dinars was allocated for service projects across ministries and provinces in 2024. The achievements of the past two years have given citizens hope, strengthened their trust in the state, and fostered optimism that the country is on the right path.
Corruption has become like a mutating virus, adapting itself to the measures taken by audit authorities. The government has implemented decisive anti-corruption measures with full transparency, legal clarity, and adherence to the rule of law. Supporting and enhancing internal audit has been placed at the core of the government’s anti-corruption strategy. Internal audit departments have been elevated to the level of general directorates to strengthen their role in combating corruption. Legislative efforts are underway to establish a legal framework for internal audit directorates, under Article 108 of the Constitution, ensuring their operational independence. The government has supported the recommendations from the First Anti-Corruption Conference, particularly those focused on enhancing internal audit departments with human resources and specialized expertise. Regular performance evaluations of senior officials are essential to ensure the effectiveness and efficiency of government institutions and to prevent corruption. We have directed authorities to expedite the resolution of reports, complaints, and criminal cases within the legally prescribed timeframes.
Emphasis has been placed on prioritizing high-profile corruption cases, including those involving significant amounts of public funds and senior government officials, to ensure legal accountability. Strengthening trust in accountability measures is essential to establishing public confidence in the justice system and ensuring effective deterrence. The government is committed to fostering a societal culture of integrity, ensuring that corruption is isolated and rejected within communities. Every effort that has uncovered even minor details of corruption has led to the recovery of significant sums of stolen public funds. The extradition of fugitives and the recovery of stolen assets have become key priorities in Iraq’s international engagements.
Evening News with Dr. Scott Young and MarkZ. 02/07/2025
20
Evening News with Dr. Scott Young and MarkZ. 02/07/2025
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. Be sure to consult a professional for any financial decisions
MZ: I have had so many messages from bank personnel today that have told they are working tomorrow. These are lower level, mid level, teller level who have no idea what’s going on but have been called into work this weekend.
Could it have something to do with updates or a change in bank systems?
MZ: Or does it have something to do with the Fed migration? “ Preparing for the Fedwire migration to ISO20022 in March 2025” This is the full migration on the Us banking system to ISO20022 …maybe it has something to do with that? I don’t know. But it’s interesting that I got it from many bank sources.
Member: Interesting TNT has said the same thing about bank sources
MZ: I had a meeting with some upper level management folks. At the IRS they have suspended all hiring and if you were hired after Jan 20th…. You are gone.
If someone was hired before Jan 20th and in a “probationary period” They are not sure what to do with those right now. I am hearing from staff that are involved that they do not know what is going on right now. From inside the IRS- they are not certain if the IRS still exists?
MZ: None of this is secret information…it is publically known. Noone has a NDA or anything like that. I believe the IRS and many employees are preparing to bail. They were told to keep working from home right now as they don’t what to do with them. Something is afoot….according to my sources that work there.
Please listen to the replay for the total call and Dr. Young’s information and opinions on taxes.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY.
Parliamentary Finance meeting witnessed a
discussion of the timing of approving the budget tables for 2025; with the aim of launching projects according to the specified schedule with an emphasis on increasing non-oil revenues,
(There it is again Non Oil)
The Kurdistan Regional Government (KRG) Council of Ministers, in its latest meeting, urged the Iraqi State Oil Marketing Organization (SOMO) to resume oil exports from the Kurdistan Region as soon as possible, ensuring that
all revenues are directed to the "federal treasury."
This move aligns with efforts to implement the recently approved amendment to Iraq’s budget law, which facilitates the restart of oil exports that have been halted since March 2023.
The statement added, "The meeting discussed the details of amending Article 12 of the Federal Public Budget Law related to oil production and export, in addition to the financial challenges facing the country and preparations for preparing and approving the 2025 budget tables."
Al-Atwani stressed - according to the statement - "the necessity of the region's commitment to pay its financial dues to the central government in exchange for receiving its dues, including employee salaries and project financing, to end financial disputes", again the financial committee's keenness to "end all disputes and stop oil smuggling; Because of its negative impact on the financial stability of the country. "
The statement clarified that "the meeting witnessed a discussion of the timing of approving the budget tables for 2025; with the aim of launching projects according to the specified schedule with an emphasis on increasing non-oil revenues, reducing spending on non-core projects, investing service and educational projects, and supporting the private sector."
