Wednesday, January 3, 2024
Parliamentary Economy determines the features of the impact of “dollarization” in 2024, 3 JAN
Parliamentary Economy determines the features of the impact of “dollarization” in 2024
Information / Baghdad..
On Tuesday, member of the Parliamentary Economics Committee, Hussein Habib, identified the most prominent features of the impact of the continued dependence on the dollar on the country’s economy during 2024.
Habib said in an interview with Al-Maalouma, “Any decrease in the exchange rate of the dollar against the dinar is positive and will enhance the value of the latter and address the price pressure suffered by millions of people below the poverty line in the country, but on the other hand, any decrease cannot be achieved through wishes, but rather according to mechanisms.” An organization that adopts Ofoq addresses the reason for the demand to buy the dollar from the parallel market.”
He added, “Dollarization has created exceptional conditions for Iraq’s economy in light of the import of approximately 90% of the market’s needs from abroad. That is, we export the dollar in the absence of industry, not to mention the impact of other sectors, including hospitals, because large numbers of citizens are forced to travel for the purpose of treatment and spend large sums of money.”
He pointed out that “dollarization, in reference to the parallel market, will remain influential in the economy as long as there is an absence of industry and production in large proportions, pointing to the necessity of openness to safe investment that attracts capital and restores its inflow in terms of rehabilitating services and opening horizons that contribute to expanding the circle of dependence of the dinar instead of the dollar in Internal financial transactions.
The dollar exchange market witnessed a gradual decline before it rose again in recent days amid uncertainty in its activity.
almaalomah.me
Coffee with MarkZ, MiltiaMan, and the joined by Andy Schectman. 01/03/2024
"STATUS OF THE RV" BY MNT GOAT, 3 JAN
STATUS OF THE RV
Welcome to 2024!
What will this year bring us?
Once again it’s January and so will we get the RV in January or have to wait again? Again, I want to emphasize all the foolishness by so many so-called intel gurus out there, that the dinar had to RV before the end of 2023 and that the reinstatement would be triggered on January 1st. Yet these are the same jerks that will tell you no one will know the time of the RV. I don’t get it. Either you know or you don’t…lol..lol..lol.. Of course no one will know and so what’s you point?
This bullshit started way back in the summer months and so here we still with no RV. I’d say they were all a bunch of liars. I know they are just overly optimistic or should we say “overly speculative”. But at what point does overly speculative turn into flat out liars? But what do they base their information on?
So, 2023 was an outstanding year for progress in the currency monetary reforms in Iraq. I could hardly believe that so much was done in such a short period of time, if you compare the other 20 years since the 2003 invasion. In today’s news we read multiple articles talking about all this progress and how they have so far managed to get the parallel rate from 160,000 to 145,000. This is very close to the official CBI rate of 132,000, but not yet there as they expected. My CBI contact is telling me they still want to bring it closer and more stable. Currently there are still too many wide swings too often. It’s all very good signs but now there yet.
My CBI contact tells me they do need it closer and stable and when it does, they will trigger another CBI official rate revaluation. But this will still be the program rate not what we want. We need to keep our eyes on the CBI “official” rate. When this rate drops again, I was told they will move ahead on the project to delete the zeros. They want to accomplish this in the month of January and are optimistic they can. So, this is the very good news for today to kick off the new year.
So then hearing all this good news what do many of these silly idiot intel gurus tell their listeners? The told them the parallel rate is now gone, meaning it is equal to the CBI “official” rate. I can tell this is NOT true and I can tell you this with 1000% certainty. They are lying to you. Even if I heard it, I would want to verify it first before blabbing it around with my BIG mouth. Why do they make up these stories and lie?
In todays news the articles told us and I quote – “ amid expectations that the decline will continue after the Central Bank translates the recent decisions and measures into reality .” Then also “Controlling the dollar file, in light of the major violations in this file, will not be instantaneous and will need a period of time in order to impose it on the local markets,”
So, you see for all you intel gurus out there, it is not as simple as what you think. Please research and stop lying to your listeners. Instead, base your info on FACTS not rumors. But who knows just how long they will need to get the parallel rate totally where they want it?
I am told they fully intend to have this parallel market on target and under control within January. Will they? Can they? This is yet to be seen. You see I don’t need to just make up information to tell you and pretend to have good sources. But if they can accomplish this target, we know what their next move will be. We don’t need to speculate, spread gossip or rumors. We know as a FACT!
Among the most important events for 2023.
Baghdad / Nina / The year 2023 witnessed economic events in Iraq that greatly affected the markets, especially the rise in the price of the dollar and other fluctuations, in addition to oil, whose revenues constitute 95% of the country’s budget.
Banking
On January 23, Prime Minister Mohamed Shia al-Sudani relieved Central Bank Governor Mustafa Ghaleb Makhif and assigned Ali Mohsen al-Alaq to the administration.
On February 11, the central bank agreed with the US bank “JPMorgan” to facilitate payments in the Iraqi banking system to China with the aim of financing private sector imports directly.
On May 30, the bank announced the purchase of new quantities of gold by 2.3 tons, bringing its total possession to 132.74 tons, maintaining the 30th place in the world.
On July 29, the U.S. Treasury Department sanctioned 14 Iraqi banks as part of an all-out campaign to transfer U.S. currency from Iraq to Iran and other sanctioned countries after revelations emerged that the 14 banks were involved in money laundering and fraudulent transactions.
October 5, the central bank confirmed that the country will ban cash withdrawals and transactions in US dollars starting from January 1, 2024 in order to limit the use of the country’s hard currency reserves in financial crimes and evade US sanctions.
On December 12, the Central Bank of Iraq directed private banks to finance the imports of small traders from Turkey in euros or Turkish lira, according to an official letter issued by it and appended to the signature of Ammar Hamad Khalaf, deputy governor of the bank.
The central bank agreed on December 13 with First Abu Dhabi Bank to finance trade and imports in dirhams.
On December 14, he agreed with a U.S. delegation to meet the bank’s needs for cash and dollar shipments for next year.
OIL
March 26, 2023, Baghdad halted crude oil exports from the Kurdistan region and Kirkuk fields after winning an arbitration case against Turkey.
On April 1, the Karbala oil refinery was inaugurated with a production capacity of 140,000 barrels per day.
On June 18, Oil Minister Hayyan Abdul Ghani announced the launch of the sixth licensing round for 11 gas exploration blocks in Najaf, Anbar and Ninawa provinces.
On July 10, 2023, Iraq signed a deferred agreement with the French company Total Energy with investments amounting to $ 27 billion through the implementation of four oil and gas projects for renewable energy.
On July 21, a memorandum of understanding was signed to supply Lebanon with fuel, oil and gas to meet its oil, fuel and crude oil needs. On September 28, the
Ministry of Oil announced the production of high-quality gasoline “Octane 95” at the Karbala refinery for the first time in Iraq.
On September 29, Maysan Oil Company and the consortium of international companies celebrated the inauguration of the investment and gas processing project in the Halfaya field in Nissan Governorate with a capacity of 300 mq per day (one million standard cubic feet).
On October 6, the oil minister signed a memorandum of understanding to supply gas from Turkmenistan to Iraq, and on October 29, the minister announced the operation of the Baiji refinery with a capacity of 150,000 barrels per day.
Finance
In February 2023, the US dollar against the Iraqi dinar on the Baghdad Stock Exchange rose to 170 thousand Iraqi dinars against 100 US dollars.
March 12, 2023, Ministry of Finance announces the completion of the draft federal budget law for the year 2023 and send it to the Council of Ministers for discussion for voting.
On June 6, the House of Representatives voted on the draft federal budget law for the fiscal years 2023, 2024 and 2025, which included 66 articles, and is the largest in the country’s history, amounting to about $ 153 billion for each of the three years.
Agriculture
On August 22, 2023, the Ministry of Agriculture announced that water scarcity deprived the governorates of Najaf, Diwaniyah and Muthanna from planting amber rice due to the lack of sufficient water. On 5 September, the Kurdistan Region announced the export of one thousand tons of potatoes to the United Arab Emirates.
On October 1, the Ministries of Water Resources and Agriculture agreed to cultivate 5.5 million dunums for the upcoming winter season 2023-2024.
On November 30, the Kurdistan Region announced the export of honey to Qatar for the first time.
In the field of trade
, August 2023, the Ministry of Commerce began distributing electronic ration cards to citizens to receive the items of the food basket and flour.
In April, the Ministry of Commerce announced that it would replace flour in the ration with bread or “samoun” from bakeries and ovens, and it will be optional for citizens and not mandatory, and areas in Baghdad will be selected for an initial experiment, namely Daoudi, Mansour and Harithiyah.
Iraq Stock Exchange(ISX)
On December 28, the stock market announced the trading of a share with a financial value of about 700 billion dinars during the year 2023.
Electricity
In April 2023, the Ministry of Electricity announced the completion of the electrical interconnection with Turkey by 100% and promised that consumption wages would be at reasonable prices.
On June 11, Iraq announced the launch of the 500 MW electricity interconnection network with the Gulf Cooperation Council (GCC), and the interconnection system is expected to be completed by the end of 2024.
In June, Iraq paid $2.76 billion in Iranian gas dues after obtaining U.S. exemptions from sanctions on Tehran.
On September 30, Electricity announced the completion of the electricity interconnection with Jordan, and the project aims to provide Iraq with 150 MW of power in the first phase.
Remember the “Pillars of Financial Reform” and we see them being addressed in an amazing way in 2023.
So, today I am not going to give you any of these foolish bank stories or stories of having Biden signing off on the RV. How stupid and ridiculous. These rumors get you nowhere. They are like sitting and rocking on your porch rocking chair. It passes the time, but you go nowhere and accomplish nothing.
Parliamentary Finance: The 2024 budget will witness a major change, 3 JAN
Parliamentary Finance: The 2024 budget will witness a major change
The Parliamentary Finance Committee announced today, Tuesday, that the 2024 budget will witness changes in its operational and investment parts.
Committee member Jamal Cougar said, in an interview with the official Al-Sabah newspaper, “The 2024 budget will make many changes and it will be something different in terms of resources and estimates of oil prices and disbursements, as is the case with its plans as it is a new year that will carry new projects.” Stating that, “Amounts have been determined for some projects, and either they have been spent or will be spent in the near future, and these projects will be produced. There are also new appointments that occurred in the previous budget, and these are all variables that were not present in the 2023 budget.”
Koger added, “Every year the operating budget increases, while the investment budget changes,” stressing that, “When the government presented a budget for three consecutive years, the first goal was to continue spending beyond the first of January and ensure that it would not be exposed to problems stopping the fiscal year.” We will work according to the principle of spending one out of 12 until a new budget is approved.”
He continued, “Parliament granted the government the authority to continue spending the 2023 budget until it is completed and begin the 2024 budget without stopping,” expecting that “the government will not change anything in the 2024 budget, and since it did not spend the previous budget in the required manner, it will not need loans in the budget.” “New”.
nrttv.com
NEWS ANALYSIS OF IRAQ BY MNT GOAT, 3 JAN
LAUNCH OF THE ELECTRONIC CARD PROJECT DURING THE NEXT YEAR 2024.
Baghdad / Nina / The Petroleum Products Distribution Company, one of the formations of the Ministry of Oil, announced on Saturday the launch of the electronic card project during the next year 2024.
The general manager of the Petroleum Products Distribution Company, Hussein Talib, told the official agency: “The oil voucher is considered expired and not effective with the expiration of the specified period for its use and the launch of the new voucher when the processing rates reach 90%.”
Talib added that “the fuel card contains four vouchers, each voucher in exchange for a quota launched for a period of time, and when not exhausted by the citizen, it will not remain for the next winter season, but ends in this season.”
“This issue will end, and there will be automation and an electronic card (prepaid card and oil at the same time) ,” he said.
He stressed that “during the year 2024, this project will be launched after the distribution company with the authorized banks adopted the launch of an electronic card that will be a prepaid card and a fuel card.”
(I want to emphasis again this is NOT the CBDC in Iraq !!! It is basically a gas cash card that the citizen buys with govt rationing of gas. The gasoline purchases are limited. )
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