Thursday, February 27, 2025
Parliament will not be suspended" .. Parliamentary Legal Committee reveals the plan for sessions during Ramadan, 27 FEB
Parliament will not be suspended" .. Parliamentary Legal Committee reveals the plan for sessions during Ramadan
Member of the Parliamentary Legal Committee, Mohammed Anouz, confirmed on Thursday that the Iraqi Parliament will not be suspended early due to the upcoming legislative elections, stressing that the Council has a moral and constitutional responsibility to continue holding its sessions and approving the remaining laws.
Anouz added to Shafaq News Agency that the first and second legislative chapters are sufficient to complete the reading, discussion and voting on many laws, stressing that the Council will resume its sessions next week.
He pointed out that Parliament sessions during the month of Ramadan will be in the evening, i.e. after breakfast, to ensure the continuation of legislative work before the end of the current session.
It is noteworthy that the current session of the Iraqi Council of Representatives began on January 9, 2022, and is scheduled to continue for four years, which means that it will end on January 8, 2026.
According to the amended Electoral Law No. 12 of 2018, legislative elections must be held 45 days before the end of the parliamentary term.
Accordingly, the next elections are expected to be held in late November 2025.
Recently, the Independent High Electoral Commission began its technical and logistical preparations to ensure that the elections are held on the scheduled date, in coordination with the Prime Minister’s Office. link
MAJEED: THERE IS A DIGITAL IRAQI DINAR!!, 27 FEB
MAJEED
1- video from 2019 saying there is digital dinar and it will be back by 1 g of gold
2- 1 g of gold in Iraq in 2019 worth $42
3- did the calculation today it showed based on the reserve of Iraq and based on how much the IMF request from Iraq (back up your currency with 10% of your gold reserve)…..Ariel did the calculation and it got to $42
4-Iraq announced today they are releasing the digital Iraqi dinar the one they spoke about in 2019 saying it will be back by 1 g of gold worth $42
Is Iraq facing a cash crisis?, 27 FEB
The amount of money sold, domestically and internationally, by the Central Bank in dollars this year has exceeded $62 billion, resulting in the receipt of dinars in equivalent proportion, averaging approximately 80.6 trillion dinars for the year. Non-oil revenues generated from taxes, fees, and customs by the end of October 2024 amounted to 14.3 trillion dinars. Combined, these revenues total around 95 trillion dinars. However, by the end of October, Iraq's total expenditures had reached 122 trillion dinars. With two months of expenditures still unaccounted for, it is evident that the dinar reserves derived from oil-based dollar revenues have been exhausted.
This comes despite reports from the Central Bank's Foreign Currency Selling Window, which indicate that total transfers abroad (remittances and credits) this year have reached the highest level in seven years—34% higher than last year. Similarly, dinars returned to the Central Bank and subsequently to the Ministry of Finance in proportion to this increase. So why is there talk of a cash shortage affecting the distribution of December salaries for some ministries in Baghdad and the November salary allocations for the Kurdistan Region?
According to reports from the Iraqi Ministry of Finance on revenues and expenditures, total expenditures for the first nine months of this year amounted to 94.5 trillion dinars, including 85 trillion dinars in operating expenses and 9.5 trillion dinars in investment expenses. However, according to the Ministry of Finance's October report, total expenditures had climbed to 122.7 trillion dinars, with operating expenses accounting for 100.6 trillion dinars and investment expenses rising to 22 trillion dinars.
Looking back at previous months, it becomes evident that average monthly expenditures ranged between 10 and 11 trillion dinars. For instance, total expenditures from the beginning of the year to July were 73 trillion dinars, increasing to 83 trillion dinars in August and 94 trillion dinars in September—demonstrating consistent monthly spending within this range. However, expenditures surged dramatically in October, reaching 28.2 trillion dinars and bringing the total for the year to 122 trillion dinars by the end of that month.
This significant jump was driven by increases in both operating and investment expenditures. Operating expenditures, which typically ranged from 9 to 10 trillion dinars per month, rose to 15.6 trillion dinars in October, while investment expenditures, previously averaging 1 trillion dinars per month, soared to 12.6 trillion dinars in the same period.
As a result of the excessive expenditures in October, the Ministry of Finance now lacks the cash needed to cover expenses at the end of the year. October's spending was nearly triple the average monthly expenditure of previous months.While total revenues for the first 10 months exceeded expenditures,
converting the full oil revenue—received in dollars—into Iraqi dinars or conducting domestic transactions in dinars has not been feasible which is due to government policies mandating that all domestic transactions must be conducted in dinars, while foreign transactions must be conducted in dollars and processed through remittance.
According to the Iraqi Ministry of Finance, October's expenditures rose so significantly that the total amount of dinars generated from selling dollars domestically and internationally, combined with non-oil domestic revenues, was insufficient to cover the spending. Total expenditures for the month reached 28 trillion dinars, approximately 18 trillion dinars more than in previous months. It remains unclear how the Ministry of Finance plans to manage expenses for the remainder of the year, as 95% of Iraq's currency is held outside the banking system, which amounts to 95.5 trillion dinars out of a total of 101.3 trillion dinars by the end of November 2024.
The underlying issue here highlights the weaknesses in Iraq's monetary system and the absence of a coherent expenditure and revenue policy. Despite having not spent 60% of its allocated budget, the Ministry of Finance is already encountering significant challenges. Had the budget been fully implemented as planned, cash shortages would likely have arisen mid-year rather than at year-end.
In conclusion, is it true that Iraq has cash problems? Yes, Iraq is indeed facing cash problems. However, these issues are not caused by low oil revenues, declining oil prices, or a shortage of money or dollar issuance. Instead, the root cause lies in the government's economic expenditure policy, which allowed spending to surge by approximately 300% in a single month.
Ariel (@Prolotario1): Iraq was Given an Ultimatum, 27 FEB
Ariel (@Prolotario1): Iraq was Given an Ultimatum
I will give you something directly from one of my sources for the 1st time without any input from me. You can play around with the math on your own time.
Anon- As of February 2025, Iraq’s foreign reserves stand at approximately $740.7 billion USD, per Central Bank of Iraq (CBI) reports and IMF audits from January 2025. The redenomination outlined in the document involves introducing a new IQD supply of 17.3686 billion units, with 10% backed by reserves. At 43.13 USD per IQD, the backing covers $173.686 billion USD of the reserves (10% of 17.3686 billion × 43.13), leaving $567.014 billion USD for other economic needs (e.g., oil exports, debt repayment).
Adjusting to 42.00 USD per IQD: To achieve 1 IQD = 42 USD, the CBI would need to slightly reduce the value of the new IQD relative to the USD lowering it from 43.13 USD per IQD to 42 USD per IQD. This would mean recalibrating the total new IQD supply or the reserve backing. For example, if the supply remained 17.3686 billion new IQD, the reserve backing would adjust to: 17.3686 billion new IQD ×42 USD per IQD = 729.282 billion USD
17.3686 billion new IQD×42 USD per IQD=729.282 billion USD
This exceeds the $740.7 billion reserves, but Iraq could offset this by reducing the new IQD supply (e.g., to 17.6369 billion units) or increasing reserves through oil revenues, which hit $11.5 billion in January 2025 alone, per OPEC data.
Now do I personally think this is possible? Well only Iraq can answer that as they seem to have a good strategy in place. A 10, 17, 20 or 30 rate doesn’t matter to me at this point. I am just glad this is about to be over with. Iraq was just given an ultimatum today. They have to choose between America & Iran and they only have 24 hours left to make that decision. And it seems they already know the answer just based on the announcements today.
Many forget about this part. This tells you these figures are not coming out of nowhere. Why does it align with my post from my circle if I am pulling your leg?
Subscribe to:
Posts (Atom)
Why Iraq’s 2026 Trade Boom Demands A Stronger Dinar!!
' Follow & Join Our Community 📌 BLOG: https://dinarevaluation.blogspot.com/ 📌 TELEGRAM: https://t.me/DINAREVALUATION 📌 X (TWITT...
