Iraq’s PM announces conditional financial settlement with KRI, highlights workforce concerns, 24 OCT

 Iraq’s PM announces conditional financial settlement with KRI, highlights workforce concerns, 24 OCT

Shafaq News / Prime Minister Mohammed Shia Al Sudani announced on Tuesday a conditional financial settlement with the Kurdistan Region (KRI), simultaneously hinting at "concerns" regarding the Region's workforce numbers.

Speaking at a press conference following a cabinet session, Al Sudani stated, "There will be a settlement next month between KRI and Baghdad, and this settlement will be conditional on a genuine audit of the workforce in KRI," adding, "The Financial Control Bureau has submitted a report to the government, highlighting concerns about the number of employees."

The Prime Minister emphasized, "These concerns must be addressed before the settlement is finalized, and the allocated funds are disbursed to KRI."

Regarding the resumption of oil exports from the Kurdistan Region, Al Sudani said, "Iraq and Turkey have expressed their readiness to resume oil exports, but the production companies in KRI have issues with the allocation of production costs. They believe these allocations do not align with actual production costs, and, therefore, they refuse to export oil until this matter is resolved."

He clarified that "the companies have informed the government that they can resume exports 30 days after the issues are resolved."

https://shafaq.com/en/Iraq-News/Iraq-s-PM-announces-conditional-financial-settlement-with-KRI-highlights-workforce-concerns

"RV UPDATE" BY PIMPY, 24 OCT

  Pimpy

   Article:  "Iraq recovers $70 million smuggled into Switzerland"  Remember I spoke about this before that there's a lot of unaccounted for Iraqi dinar that's somewhere.  It's considered stolen. 

 So before they do any kind of RV or major RI they have to make sure to account for as much of it as possible to make sure when they do this they're not enriching some terrorist group...This is great news.  That's a huge chunk of money they got from over there in Switzerland.  Let's hope they continue to recover it all.  The sooner the better.

People keep asking me, 'In your opinion Pimpy are we going to see a change in the exchange rate before the end of the year?' 

 I say no but if we do it's not going to be very significant.  If anything you might see it go from 1320 down to maybe 1,200.  It's at least a step in the right direction and I'll take it...I don't care how small it is just as long as they're doing something with the current exchange rate.  Baby steps that's fine. [NOTE: Going "down" from 1320 to 1200 is good for dinar investors.]

They need to 100% de-dollarize.  And I mean all markets with stiff penalties.  We understand they have to do it [Use the dollar] when they're doing sales of oil but everything else stiff penalties. 

 Nobody else is allowed to use US dollars.  I wouldn't even sell them to the locals.  There's always going to be a black market.  You have countries under sanctions like Iran, Turkey Syria all under sanctions by the United States and they want US dollars.  This is a poor predicament Iraq is in but they need to do something...

Iraqi premier says Iraq lacks strict penalties against currency speculators, 24 OCT

Iraqi premier says Iraq lacks strict penalties against currency speculators

Shafaq News/ Prime Minister Mohammad Shia al-Sudani on Tuesday promised "strict" legal penalties against currency speculators, hinting at the involvement of powerful domestic and foreign entities in manipulating the forex market.

Speaking to reporters in a weekly press conference, al-Sudani admitted that his government faces “massive challenges” in reforming the banking system. “Moreover, the exchange rate is driven by currency speculators.”

"There are domestic and foreign entities, traders, and currency exchange companies working to sustain the current dollar exchange rate."

"We support certain banks that we trust and that have achieved successes to be part of the solution." He noted, "Iraqi law lacks strong and strict penalties for those who are apprehended for currency exchange rate manipulation."

Despite the surge in the dollar exchange rate, the Prime Minister assured that food prices remain stable in cooperation with some traders. “There are initiatives in place to provide essential medications from international sources at subsidized prices, as well as construction materials offered at supported rates.”

Prime Minister al-Sudani praised the establishment of a Development Fund as a vital project since it ushers the enaction of its own law. “The fund has been included in the budget law, and it is set to serve as an exclusive platform for the private sector, creating investment opportunities. Initially, its focus will be on constructing approximately a thousand schools, with plans to extend its involvement to other sectors such as industry, the environment, and housing.”

"On October 27, it will be a full year since the formation of the government. We have requested the Council of Representatives to host a session to discuss the achievements and failures that have occurred since the government was established up until now."\

https://shafaq.com/en/Iraq-News/Iraqi-premier-says-Iraq-lacks-strict-penalties-against-currency-speculators

Iraq's Plan 'Float' Until 1 to 1?💣In Country RV?🤔Iraq Dinar RV Updates |...

The Central Bank decides to launch the instant photo feature for the customer, 24 OCT

 The Central Bank decides to launch the instant photo feature for the customer

The Central Bank of Iraq has announced the launch of an instant photo feature for customers on October 24, 2023.

A document issued by a bank, addressed to licensed banks and companies and obtained by Al-Sumaria News, states the following: “This bank has previously issued circulars numbered 466/1/9 on 8/17/2023 directing licensed banks and companies to acquire webcams with appropriate resolution. This is a necessary prelude to the launch of the instant photo feature for customers. The feature will be implemented in the actual environment starting from Saturday, October 21, 2023. 

We urge you to commit to applying it when registering a customer or making a cash sale to them. We also request that you ensure accuracy when entering customer data into the platform. This is necessary to avoid exposing your institution to penalties, which may include being denied entry to the foreign currency sales window in the event of repeated errors and related violations.”

https://dinaropinions.com/the-central-bank-decides-to-launch-the-instant-photo-feature-for-the-customer/

"RV UPDATE" BY MARKZ, 24 OCT

 MarkZ  

 [via PDK]   ...I spoke to some people that are key to this process and they say it has not started yet. The groundwork is done but the trigger has not been pulled yet. I think we are in the last few weeks of this thing...My gut says 2-3 days…or a week to a week in a half…but, I am waiting to get some confirmations on that. Real confirmations from high and credible sources...no one knows the exact date. It’s going to be a complete surprise to all of us the moment it goes...

Its quiet on all fronts today… Quiet is not a bad thing. The sheer volume of misinformation things being dropped right now tell us important things…like how they are trying to cloud the timing. 

 Comment:   lot of rumors about dinar going to 1000?  MarkZ:  The 1000 to 1 always made sense to me…then they quickly pull the big revaluation right after…but there are rumors around the streets…even though its been very quiet in Iraq.

 Right now getting any news over there is like pulling teeth from a grizzly bear with no anesthesia…but it is pointing toward they already did that his weekend in Iraq. We are watching for that. If it's accurate…then BAM.

 There are some interesting articles from Iraq. “ Teachers in Iraqi Kurdistan strike over delayed salaries” 

 This is all part of the HCL stuff and the money that is supposed to be flowing to the Kurdish region. They have a urgent need to get this thing done so they can meet their obligations and take care of their people. This new government over there does care about their people and they are working hard to fix things…

World Bank Chief warns of global economic threat amid Israil-Hamas conflict, 24 OCT

World Bank Chief warns of global economic threat amid Israil-Hamas conflict, 24 OCT 

Shafaq News / The President of the World Bank, Ajay Banga, warned on Tuesday about the "severe" blow that ongoing conflict between Israel and Hamas could deal to global economic development.

Banga made these remarks during the seventh edition of the "Future Investment Initiative" conference in Saudi Arabia, a three-day annual gathering also known as "Davos in the Desert". Organizers stated that the event hosts over 6,000 registered delegates, with the participation of the heads of leading global banks, as well as the Presidents of South Korea, Kenya, and Rwanda.

He stated, "I believe that recent events in Israel and Gaza will have a far more dangerous impact on economic development. I think we are at a very critical juncture."

on October 7, hundreds of Hamas fighters infiltrated Israel from Gaza in an unprecedented attack since the establishment of Israel in 1948. This attack resulted in the deaths of over 1,400 people in Israel, the majority of whom were civilians, according to Israeli authorities. Additionally, around 220 hostages, including Israelis, foreigners, and dual nationals, were held.

On the other hand, the Palestinian Ministry of Health, affiliated with Hamas, reported that over 5,200 Palestinians, the majority of whom were civilians, including 2,055 children, were killed in Israeli airstrikes in response to the conflict.

Nevertheless, the outbreak of violence, triggered by Hamas' attack on Israel, castd a shadow on deal-making during the conference. Arab and Western leaders have expressed concerns about the possibility of a regional war that could diminish investment prospects in the region.

The sudden eruption of violence in Israel and Gaza is largely at odds with the Saudi leadership's vision for a stable and thriving Middle East. This comes at a time when Riyadh, earlier this year, restored its relations with its regional rival, Iran, and was on the brink of historic normalization with Israel.

https://shafaq.com/en/Economy/World-Bank-Chief-warns-of-global-economic-threat-amid-Israil-Hamas-conflict