MilitiaMan and KTFA Members "News and Views" 1-24-2021

KTFA:

Samson:  Results of the foreign currency sale window for Sunday 01/24/2021, and executed today

Advertisement No. (4342)

Date of sale - Sunday 1/24/2021, and executed today

the details

Amount

Total sale for the purposes of enhancing funds abroad (transfers, credits) 3,337,467

Total cash sale 0

Total sales 3,337,467

Note that: The sale price of the sums transferred to bank accounts abroad is ( 1460 ) dinars per dollar.

The cash sale price is ( 1460 ) dinars per dollar.

 The Central Bank of Iraq’s foreign currency sales schedule, Sunday 1/24/2021, and executed today  

MilitiaMan:  Here is just more support in the above that they are ceasing the Multi Currency Practices.. 0 cash sales. A key indicator change is coming.

 Articles also support that meetings have in fact been on going with very large global entities on a weekly basis and that there were agreements made. Look who all are in the group that is involved..

Let's not forget the IMF had their hand in the forcing of the devaluation in Dec 2020. They did that for a reason. I feel it was for to synchronize the rate of the IQD with the IMF SDR basket in mind and the expression they use is a good one. Whereby, when they RI the IQD they will be able to get it into the secondary markets as it will have significant value, hence, that value may or will make it easy to get loans for economic support during the transition into a market economy (private sector).

They'll need stability and that is what the IMF is there for, as are the others they mention below. The plan and or agreements are about to take a very different shape.. Oh ya.. A digital one that is to be on a large scale.. imo ~ MM

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Sumaisem: "America will not pump dollars into Iraq, and dealings will be in the digital currency .. and Baghdad is forced to comply with the recommendations of the International Monetary (Fund)."

"The interventions of members of the Finance Committee focused on the secretariat and follow-up programs with the Communication Group to Support the Iraqi Economy, which includes the countries of the European Union, the Group of Seven, the International Monetary Fund and the World Bank, in conjunction with the Finance Committee, which held many meetings and reached agreements regarding support for Iraq significantly."

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MilitiaMan:   So here we see too that the Kurds showed up today in respect to their share of the 2021 budget. They are also talking about they have six months of back pay coming to them.

We have heard they were in agreement on taxation on salaries too, and not just with the kurds in mind. Taxation on salaries will be applied country wide. Hence, the aggreements made will be sorted through the new value added..

Remember they talked about value added taxes.. Well not at 1460 they won't. But, when RI hits and they have value added they will. It is all in the plan in my view...

Iraq didn't get loans in the recent past from the IMF in the manner in which they speak now.. That is because they were not ready yet. Now they apparently are ready to go international., as they IMF and others are working in tandem and have precautionary measures in place to make the transition smoother along the way.. imo ~ MM

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"A high-ranking delegation fromthe Kurdistan Regional Government arrived on Sunday in the capital, Baghdad, for a new round of talks in order to secure the region's share in the federal financial budget for the year 2021."

"the committee will hold a meeting with the regional government delegation this evening to discuss Kurdistan’s share of the budget."

"Committee member Jamal Cougar told Shafaq News, "Until now, we have not met with the Kurdish delegation," it is likely that the meeting will be at 7 pm today. He added, "Currently we are reformulating the draft budget, and we may finish it in the middle of next week, after which the parliament session will be determined to discuss the terms of the draft and approve the law."

On Sunday, a member of the Iraqi parliament, Muhammad Shiaa al-Sudani announced the imposition of financial deductions and tax fees on the agricultural and industrial sectors within the federal financial budget for 2021, although these categories were previously exempted.

Iraq was forced to reduce the value of the local currency against hard currencies, especially the US dollar, in order to provide the salaries it paid in the last quarter of 2020 through the fiscal deficit (borrowing) law approved by Parliament.

Shafaq News, as saying that if the spending plan in the budget is approved by the Iraqi parliament, then Baghdad will be able to apply for a quick loan of two billion dollars through a special mechanism in the IMF dedicated to supporting the economies of countries. 

"The IMF assists countries hit by crises by providing them financial support to create breathing room as they implement adjustment policies to restore economic stability and growth. It also provides precautionary financing to help prevent and insure against crises."

MilitiaMan: Samson:  Parliamentary Finance proposes to apply the income tax law in case the salaries of employees are deducted

16th January, 2021

The Parliamentary Finance Committee proposed, on Saturday, to refer to the Income Tax Law and apply it in the event that employees' salaries are deducted instead of what is included in the upcoming budget law.

Committee member, Majida Al-Tamimi, according to the official agency, said, "The Finance Committee and Parliament in general reject these large deductions for employees' salaries," noting that "the deductions in the budget came under the title of the Income Tax Law."

And Tamimi added, "As for whether the deductions will be retroactive during the current year, the budget law is applied from the date of its publication in the Official Gazette."

Last Wednesday, the House of Representatives discussed the draft general budget bill for 2021, while confirming the continuation of the debate during today's session, Saturday.   LINK

DeepWoodz:  Imo..YOUVE got it all covered!!!  This post made me think of one I saw yesterday about Tuesdays session. Nothing about the 2021 budget was listed!  If I read it correctly....they mentioned 2-3 days ago they would resume on Tuesday! Looks like they are done

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Samson:  As of today ... for the first time Syria is offering a 5,000 denomination banknote for circulation

24th January, 2021

The Central Bank of Syria issued the 5000 Syrian Pounds denomination for the first time in Syria two years ago, and it was put up for circulation starting today, Sunday, January 24, 2021.

In a post on its official Facebook page, the bank said in a statement, “Based on the role of the Central Bank in monitoring the market and securing its needs of all denominations of banknotes, and based on studies it carried out during previous years and its development of a plan to ensure the needs of cash circulation of all categories, The need for a category of cash greater than the current circulating denominations with a value commensurate with the needs of cash circulation, two years ago, he printed notes of (5,000) Syrian pounds to meet the expectations of the actual trading needs of banknotes in a manner that ensures facilitation in cash transactions, reduces their costs and contributes to facing the effects of Inflation, which occurred during the past years, in addition to the reduction in the intensity of dealing in banknotes, due to the high prices during the years of war and the unfair siege on our beloved country and the gradual disposal of damaged banknotes, especially since the wear and tear has increased recently.

Accordingly, the Central Bank of Syria found that the time has become appropriate, according to the current economic variables, to introduce the new monetary category, thus adding a new currency denomination that will be traded side by side with the rest of the cash denominations currently in circulation as of 01/24/2021. At a price equivalent to the salary of an employee for 8 years ... "iPhone 12" does not recognize the Caesar Law in Syria, and the bank, in its publication, clarified and explained the method of detecting the real new currency in order to prevent its forgery.

It is noteworthy that the Central Bank of Syria several years ago printed new banknotes and put them in circulation in denominations (50 - 100 - 200 - 500 - 1000 - 2000) Syrian pounds, where the banknotes of the category (2000) SP were printed in 2015 and it was done. It was put into circulation in the second half of 2017 when the Central Bank touched the actual market need for the 2000 SP denomination. It is worth noting that Syria is going through a bad economic situation, and a great cost of living under the unjust US blockade on it, accompanied by the high price of the US dollar compared to the Syrian pound, as its price on the black market has become about 2,800 pounds per dollar.  LINK