KTFA:

Samson:  Urgent guidance from electricity on contracts and procedures salaries

19th December, 2021

Today, Sunday, the Ministry of Electricity directed all companies to complete the procedures for withdrawing payroll lists of wage contracts within 48 hours.

And a document seen by the “National News Center” showed that “the ministry directed all companies to complete the procedures for withdrawing payrolls of wage contracts and within 48 hours for the purposes of disbursing the salaries of the three months 10, 11 and 12 for the year 2021.”  LINK

MilitiaMan:  Final payments for the quarter within 48 hours..? We saw where they stopped all contracts, interest payments, etc, on the 15th too. Interesting times.. imo ~ MM

MilitiaMan: Linking up seems to be the focus with transparency and within all segment’s of the Government electronically. Notice they speak of the Finance Department and mention contracts… Commercial Ships are abundant in Basra.. Electronic AYSCUDA system is at work, imo.. We know the system is global and is electronic.. oh ya.  ~ MM

Samson:  Basra completes the first phase of the e-governance project

19th December, 2021

The First Deputy Governor of Basra, Muhammad Taher Al-Tamimi, announced, on Sunday, the completion of the first phase of the electronic governance project and the (Data Center) system at the local government headquarters, stressing that work is currently underway within the second phase to complete the software and link the external departments associated with the governorate.

Al-Tamimi said in a statement that Mawazine News received a copy of it, that “the (Data Center) project is a (server) that connects data between a number of government departments and agencies in the governorate, and provides services in the field of messaging in an encrypted form without using the Internet, but using technology ( Intranet), and the second function it performs is to collect information, archive it and display it in a unified table to increase transparency in work between all departments of the local government in Basra, and the departments associated with it,” noting that “currently the basic departments in Basra Governorate have been linked, including the departments of accounts, auditing, planning and administration. Projects, government contracts, contracts, the Department of Engineering and Human Resources, the Department of Finance and Administrative Affairs and other important departments of the Basra Governorate Diwan.

He added, “The coming stages will witness linking the rest of the government departments to the governorate office, as well as linking the unified card department, as well as the police leadership, and working to link surveillance cameras in the streets with biometric data in order to increase security and basic information obtained from the (Data Center), and this is what we will do.” To complete it as soon as possible within the second phase and to move in the future to link the system with the Basra Traffic Department to identify the number of car plates required for security in cooperation with the operations command and the police.”

Al-Tamimi pointed out that “this project, which was initiated by Basra, and carried out by the developed countries, is one of the pioneering projects in the rest of Iraq’s governorates, and it is possible to move to other advanced future stages through linking with the federal government, as well as the rest of the governorates of Iraq.”   LINK

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Godlover:  And although some like the say the budget needs the rate, that’s fine & dandy. If the budget needs the rate, then the rate needs the budget. Yep….CBI changes the rate, but parliament votes on the budget!~ Godlover

MilitiaMan:  Glad we can agree on one thing, the rate comes first from the CBI. The 2019FMLA / 2020 and 2021 budgets need to be sorted and they were subsequently based off the 2019FMLA and that is in the WPs, imo. The 2022 budget will be based off the reconciliation of them (past budgets will require reconciliation) all back through 2013 -2014 too…. imo. So, imo When they reconcile, the rate will be exposed as the past government already voted on them.. imo The linking of the ports will require a level playing field. A real effective exchange rate is going to be an integral part of all of that. imo~ MM

Samson:  Saleh: The Central Bank Has A Comfortable Reserve That Helps It Impose Stability In Exchange Rates

19th December, 2021

The economic expert and financial advisor to the government, Mazhar Muhammad Salih, confirmed today, Sunday, that the Central Bank currently possesses a comfortable cash reserve of foreign currencies, pointing out that there is a direct correlation between the current account surplus of the Iraqi balance of payments and the development of foreign reserves.

Saleh said in a statement to the “Information” agency, that “the monetary policy of the Central Bank of Iraq has today, a strong foreign reserve tool that can maintain the purchasing power of the Iraqi dinar and face inflationary expectations with a high capacity due to the surplus in the current account of the balance of payments.”

He added that “the Central Bank of Iraq’s dollar reserves can be exploited through the power of intervention to impose stability in the exchange market through open market operations exercised by the monetary authority to achieve the operational goals of monetary policy with ease and flexibility.”

He pointed out that “there is a positive indicator of the accumulation of the foreign reserves of the Central Bank of Iraq during the year 2021 with a change in the direction of increase by more than 20% compared to the levels of the year 2020. .

And the Central Bank of Iraq revealed, earlier, the rise in the Iraqi hard currency reserves to 64 billion dollars.

International reserves, or foreign exchange reserves – deposits and bonds of foreign currencies held by central banks and monetary authorities – are important to support the currency and pay debts owed by the state.  

MilitiaMan:  What Salih is telling us / them is that they have enough hard currency and foreign currencies to support and defend their exchange rate through open market operations with ease and flexibility. Key word is “OPEN”!!!. Meaning global markets.. imo.. ~ MM

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With the transparency at the borders, like that of the port of Faw they’ll have massive increase in revenues outside of oil. What he is not saying is how much foreign reserves they have.  Keep in mind when Iraq re instates her currency the regional tides will rise too, thus, adding more value.. Love it.. imo. Salih openly telling us about open market operations is quite telling!!!  ~ MM

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Open market operations (OMO) refers to the Federal Reserve (the Fed) practice of buying and selling U.S. Treasury securities, along with other securities, on the open market in order to regulate the supply of money that is on reserve in U.S. banks. The Fed purchases Treasury securities to increase the supply of money and sells them to reduce the supply of money.1

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The objective of OMOs is to manipulate the short-term interest rate and the supply of base money in an economy.1 By conducting open market operations, the Federal Reserve can achieve the desired target federal funds rate by providing or removing liquidity to commercial banks by buying or selling government bonds from or to them.

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“The Central Bank of its national and distinct task force has thus been able to achieve one of its main tasks and objectives: building foreign reserves, which together constitute a secure enough covering local currency in trading and private sector imports and is now vigorously, effectively and rationally moving towards the objectives of strengthening the economy and banks for development.”

* Adviser to the Iraqi Special Banks Association