Economist: The government is required to shift to a flexible economy by encouraging investment and protecting investors from extortion
Economic expert Saleh Al-Hamashi called on the government to shift to a flexible economy by encouraging investment and protecting investors from government blackmail and others. He said in a statement to the National Iraqi News Agency ( NINA ): “The global economic conditions are fluctuating, global growth is slowing down, the region is suffering from major political and security crises, events are accelerating, and the possibilities are many, and all of these events are casting a shadow on the region’s economies.” Al-Hamashi added: “Iraq already suffers from the problem of the rentier economy, which by its nature is inflexible in the face of economic, political and security fluctuations, as it turns the state into a financial one and leaves it out of the general economy.” He pointed out: "Iraq today has benefited from the rise in global oil prices, but has been affected by the rise in global prices for foodstuffs. All commodities have also risen globally, and the government is unable to address or compensate for the shortage locally because the Iraqi economy has become a hostage of regional and global economies." Al-Hamashi expressed his belief that the impact has become direct on the Iraqi economy in all economic developments, calling on the government to develop a plan to transform into a flexible economy capable of facing all changes by encouraging investment and protecting investors from governmental and non-governmental blackmail, as well as activating the role of banks in moving the wheel of the economy. By providing cash liquidity and easy movement of funds.” link
Kurdish Delegation Fails to Separate Salaries from Budget in Talks with Iraqi Government
In a recent turn of events, a delegation from Iraq’s Kurdistan region failed to persuade Iraq’s federal government to separate employee salaries from Kurdistan’s share of the general budget. The delegation, led by the region’s Minister of Finance and Economy, Awat Sheikh Janab, faced a deadlock with the federal government over the crucial issue.
Non-Oil Revenue Dilemma
According to an anonymous Kurdish source from the Kurdistan Democratic Party, the stalemate stems from a stipulation in the general budget law passed by the Iraqi parliament earlier this year. The law states that in exchange for the federal Ministry of Finance’s commitment to fund the region’s entitlements monthly, Kurdistan must deliver its non-oil revenues to the state. However, the narrative reveals that the agreement between the federal government and Kurdistan has not been fully honored, leading to recurring problems with funding the region’s employee salaries.
Discrepancy in Oil Production Costs
Apart from the non-oil revenue issue, the two parties also disagreed on the cost of oil production between companies operating in Kurdistan and others in the rest of the provinces. The federal general budget law for 2023-2025 sets the cost of producing and transporting each barrel of oil at $6-9. In stark contrast, the Kurdistan Natural Resources Ministry states that oil production costs in the region range from $32-91 per barrel, a significant discrepancy that poses yet another challenge to their agreement.
Unilateral Control and Rejected Requests
Adding to the complexities, the Kurdistan coordination framework is adopting a unilateral internal strategy to control all state positions, not just in the Shiite space but also in the wider Iraqi public space. This move has been met with some resistance, as evidenced by the Iraqi High Independent Commission for Elections’ rejection of a request from the former Speaker of the Iraqi Parliament, Mohammed Al-Halbousi. Al-Halbousi had requested that his parliamentary seat be filled by a candidate from the Progress Party, a request that the commission turned down.
Meanwhile, the West Bank has seen a surge in tensions, coinciding with US Secretary of State Antony Blinken’s visit to the region. Blinken’s visit comes amid efforts to extend a humanitarian truce in Gaza between Israel and Hamas, along with the exchange of more prisoners held in Gaza for Palestinian detainees in Israeli prisons. The interplay of these events paints a complex picture of the ongoing political and social dynamics in the region.
“ADVISER TO THE PRIME MINISTER: ECONOMIC POLICY IN IRAQ IS MOVING TOWARDS IMPLEMENTING THE PRINCIPLE OF MONETARY SOVEREIGNTY” WOW! WOW! WOW!
It tells us flat right out in the open that Iraq is about to take complete control over their currency again. WOW! ...This has reinstatement and RV written all over this statement...
What will 2024 look like?
I will say one thing for sure as it will not be business as usual in Iraq...I will also dismiss this silly notion once again that Iraq must first rebuilt their economy and then watch the value of the dinar grow with it from 1/6 of a penny upwards...
the very basis of the economy now is generating billions each month in oil revenues ...So why not reflect this value of the oil reserves alone in the rate of the dinar. If nothing else this wealth should be reflected into the equation of the rate of the dinar...
I mean right now, NOT five or ten years from now... we can see the current rate does not reflect the currency value...Oh…but there is much more growth already than just oil too...We know for a FACT the dinar is being “artificially suppressed”.
A Government Advisor Explains The Reasons For The Delay In Stabilizing The Exchange Rate In The Market
Economy 2023-11-30 Today, Thursday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified the priorities of the national project launched by Prime Minister Muhammad Shiaa Al-Sudani to protect the standard of living and end the influence of the informal market, while explaining the reasons for the delay in stabilizing the exchange rate in the market.
Mazhar Muhammad said, in a press interview, “Although the analysis of the main reasons for the continuation of the phenomenon of the exchange rate in the secondary market, which is witnessing fluctuations that are not commensurate with the strength of Iraq’s vast international reserves, in which the Central Bank of Iraq platform is responsible for financing external transfer requests from foreign currency that is specifically used For the purposes of financing foreign trade for the private sector,
however, it is still the subject of due diligence in organizing external transfer requests at an exchange rate of 1,320 dinars per dollar on the part of banks that is not commensurate with international compliance standards.”
He added, "Some of them have not reached the level of interest required globally because they mediate in the purchase of foreign currency for the benefit of the commercial community, some of which are subject to rejection. This accumulates a surplus demand that may find its way to financing and illegally towards the informal secondary market for exchange, which is a market that does not constitute... "Only 10% of the foreign currency supply, in addition to it being an illegal market and leaving colored noise on the stability of the exchange rate."
He continued: “Today, economic policy is responsible for following additional import windows for basic commodities and maintaining their stable and financed prices at an exchange rate of 1,320 dinars per dollar, and at the forefront of that is adopting a policy of defending price stability towards providing an additional commodity supply with a stable price, and in a national project launched by the Prime Minister.”
To protect the standard of living in a way that removes the real income of the citizen from the price noise of speculative forces in the illegal exchange market.
He pointed out that "one of the priorities of this project is the launch of the government trade arm, in cooperation with the national private sector, by providing 4 additional baskets to strengthen the commodity supply, which extend between food (in addition to the food basket), the pharmaceutical basket, the building supplies basket, and the basket of widely used reserve materials, especially related to the transportation sector and others." ".
He added: “Since the demand for foreign currency is a demand for foreign goods, services and benefits that take place outside the country (and not inside it as dollarization does and its harmful effects on the stability of the monetary system), the Iraqi monetary policy is working hard to address the problems of financing foreign trade.”
“The country has strong currencies that are stable in their exchange rates and at the same time adhere to the principles of international compliance and combating money laundering, in order to facilitate trade and investment relations between Iraq and its trading partners around the world.”
He pointed out that “these strong policies all provide a protective umbrella for economic stability, end the role of the irregular and illegal market, and distance their effects from price stability in a sustainable manner, as all of these policies work within the lofty goal of protecting Iraq’s monetary sovereignty and ending the use of foreign currencies in evaluating internal transactions.”
And keeping it away from the payments system and its operations within the national economy, which is a legacy that has extended since 1982, as dealing with the dollar internally in settling or paying for the buying and selling of goods, services, rents, and contracts within the national economy is an act that violates the law. https://kirkuktv.net/AR/Details/18583
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Coffee with MarkZ and Mr. Cottrell. 12/01/2023
Member: It's December 1st and all the bank accounts are hung with care just waiting for the buzz that the RV will be here.
Member: December 1st…. do We get a Jubilee Christmas this year???
MZ: Yes its Dec 1st …and yes we were hoping we would have gone by now. But who knows….
MZ: I am light on the news today so we have more time with Mr. Cottrell.
MZ: Quiet on the bond side but the Redemption center folks will be on call this weekend. They are very hopeful for the next few days.
Member: The calm before the storm!
MZ: Wish I had more to share with you…I just don’t. We can feel this is so close which makes it much tougher to wait.
Member: do you think this is our last weekend broke?
MZ: I think it is ….but, I have thought that before and been wrong.
Member: Wolverine says no BS or rumors, Reno is going, the process has started. Thoughts?
Member: Wolverine was told that those with SKR has been paid!? I hope he is right.
Member: Even Remote Viewers are even saying we are Hours away! Not days!! Something is definitely brewing and it’s not my coffee
Member: Bank sent notice their app "Won't work all weekend" -- KEY Bank in Upstate NY!!
Member: Just checked and my bank website and app is down this morning as well
Member: Mark, BANK STORY! I went to my small bank yesterday. I asked the NEW teller if she was ready for the RV….She replied “I hope so” …She still hasn’t seen the new currency but knows it’s in the vault!
Member: It was just announced former Supreme Court Justice Sandra Day O’Conner dead at 93.
Member: The groundhog day movie has lasted for many years. it's time to roll the credits
Member: Wish we could go before Christmas. What a blessing that would be. Or…WILL be.
Member: I really hope this does not go into the Christmas holiday. be great if it would happen well before then
Membr: Thank Mark and Mr. C….everyone have a wonderful weekend.
Mr. Cottrell joins the stream today. Please listen to the replay for his opinions and information.
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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.
