MilitiaMan, Frank and more Friday PM "There Must Be A Rate Change" 10-9-2020

KTFA:

MilitiaMan:  Direct payment of the salaries of defense personnel and other departments

10:37 - 10/08/2020
Al-Rafidain Bank announced, on Thursday, that the salaries of employees of the Ministry of Defense and other departments will be paid.

"The salaries of employees of the Ministry of Defense and other departments have been paid."

The statement indicated that "bank branches are open to continue distributing and completing the exchange process." 

MilitiaMan:  Let’s look at this a bit closer..  Banks do primary deposits and withdrawals. Not distributing and exchanges per se.. So, did banks open for the masses on a holiday? Or did only essential employees work and if so, for what?

The thinking is from the above, imo there is other things at play. Keep in mind we expect an imminent MR to take place and realize they have been talking about fiscal and monetary policies.

Fiscal is about value and monetary is more about management.. Well, management would need to have new currency distributed that has value and It to be exchanged for old currency with lesser value.. Goes hand in hand.. imo If true, then this looks even better !!! Imo ~ MM

Edna:  But all this is meaningless till the show the citizens the New Lower Denominations as we where told on the CC...So I'll hold My excitement till then..IMO  

Youngsc:  Rate can come before new notes imo as Frank stated in the past or can come out at the same time very quickly imo

DeepWoodz:  Yup...rate must come. Logic says they should come simultaneously. Hand in hand. One is no good without the other. ImoThere are many here that it appears, have been hoping for so long and had their expectations bashed in the past, that are a little gun shy. That’s understandable but....

* we have a new PM
* a new CBI governor
* corruption on the run
* citizens united and upbeat
* bozos on the run
* greatest president ever in the USA
* KTFA to help us make it to the finish line teams at work tirelessly and endlessly…..KTFA leader put here for such a time as this…..like minded individuals praying together
* and most importantly.... a God who loves us and is in FULL control. 

I believe if you just stop and think, there is more than enough to be excited about.  imo

MilitiaMan:  It truly is not meaningless imo and the rate is to be exposed before or at the same time as the NSCNs. The fact that we/they have been non stop in regard to education issues, it exactly what they need and we should expect. Thus, they telling us they are to change the value of the Dinar to the Dollar and not in an inflationary way, is truly meaningful. If one takes the view, just show me the money, then I'll get excited is fine for some, however, not everyone has that sort pessimistic view. The study is a good one and following along with excitement is hope, has nothing wrong with it.. Nor is there anything wrong with having excitement just from the progress of things in the news, etc. Peace to you and enjoy the weekend.. We are in exciting times, like I have ever seen before. imo ~ MM

.. "the most important of which is the central bank’s approach and monetary policy that restores the balance of the dinar’s price against the dollar in the daily auctions to sell the dollar by the Central Bank of Iraq, by raising the subsidy slightly from the exchange rate in a way that achieves the price change at a specific and studied rate To avoid the issue of inflation."

"which requires a review of the monetary policy to curb this chaos and achieve tax and customs revenues equivalent to the volume of imports, which we and with us many experts and specialists in financial affairs believe that the exchange rate must change, provided that it is accompanied by a set of supportive measures and decisions, to control Expected inflation."

Deepwoodz: IMO I missed this the first couple reads….  Citizens are viewing special instructions! Hmmm, concerning nscn’s (LD’s) maybe?

Samson:  El-Rafidain announces that he will continue to open accounts for citizens

1st October, 2020

Al-Rafidain Bank announced, on Thursday, that it will continue to open accounts for citizens and other segments to deposit their money in the bank

The bank’s media office said in a statement received by "Al-Eqtisad News", that "the bank continues to open accounts (savings and current) for citizens and deposit their money in exchange for interest

The bank called on citizens to "visit bank branches for the purpose of viewing special instructions and placing their money in the bank and not hoarding it in homes in light of the positive benefits set by the bank in return for that

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Samson:  Justifications For Changing The "Iraqi Dinar" Exchange Rate

9th October 2020
Iraq is going through very sensitive conditions, as the Iraqi economy faces a real challenge after the excruciating failure to find alternatives to selling crude oil, prosthetic solutions, and weak control over public expenditures, and with the absence of sovereign investment funds that secure additional imports and a portfolio to protect the future of generations, especially in times of crisis.

Aid request to pay salaries

Iraq today has reached a request for aid in order to pay the salaries of employees and retirees because what enters the treasury is not equal to less than half of what Iraq needs to cover salaries only, although the government has solutions if there is the will to improve the financial position and fill the budget deficit, by reducing public spending and controlling Wasted resources and support for the local industrial and agricultural product and other economic solutions, the most important of which is the central bank’s approach and monetary policy that restores the balance of the dinar’s price against the dollar in the daily auctions to sell the dollar by the Central Bank of Iraq, by raising the subsidy slightly from the exchange rate in a way that achieves the price change at a specific and studied rate To avoid the issue of inflation.

Taking into account international economic variables

Our constant demand for a change in the exchange rate was based on a realistic vision that included all aspects of international economic variables due to the decline in oil prices and the Corona pandemic, as well as the chaos of imports, the loss of control and control over the border outlets, the volume of counterfeiting, corruption and smuggling through unofficial outlets, all causing the Iraqi market to be violated. And dumping it with inferior and cheap commodities and preventing the upgrading of the local product, which requires a review of the monetary policy to curb this chaos and achieve tax and customs revenues equivalent to the volume of imports, which we and with us many experts and specialists in financial affairs believe that the exchange rate must change, provided that it is accompanied by a set of supportive measures and decisions, to control Expected inflation.

The failure of the previous administration of the Central Bank of Iraq

However, the previous administration of the Central Bank insisted on continuing with the policy of fixing the dinar’s price against foreign currencies, under the pretext that changing the exchange rate would reflect on high prices and inflation and harm vulnerable social strata and other justifications that do not get fat or rich from hunger. 

The continued sale of the currency at a fixed exchange rate by the Central Bank will lead to the bankruptcy of the state and the collapse of the economic system in conjunction with the decline in oil prices and the abandonment of a million barrels of its share for the benefit of others in these difficult circumstances the country is going through,

The assumption that the survival of this equation, which is in support of imports, industries and exports of neighboring countries, will lead to the accumulation of goods in exchange for a cheap dollar that the exporting countries benefit from at the expense of the Iraqi economy stopping. The basis on which we started by demanding a change in the exchange rate is the fact that the state is not fully in control of the imports of the border outlets, including those in the Kurdistan region,

Exchange rate change proposal

Therefore, we included the proposal to change the exchange by collecting tax and customs duties in advance from importers in the window of currency sale, and to clarify the matter, if we calculate the price of oil specified in the draft budget law at (56) dollars per barrel, meaning the rate of decrease is (15%), so the exchange rate is assumed ( 1300) dinars per dollar, and if (5%) was levied for the tax and (15%) for the customs fee and added to the exchange rate to become (1500) dinars per dollar, so we would have withdrawn the rug from the corrupt in the northern, western, eastern and southern outlets and we got On revenues from the state treasury, the monetary result to the state treasury every day is the sale of a dollar at a rate of (200) million dollars, and in the case of adopting the new exchange rate, it will be (60) billion additional dinars for each auction day, which is approximately (18) trillion dinars annually.

Conclusions:

First - Achieving revenues for the federal government’s treasury that exceeds (18) trillion dinars annually from the amount of tax and customs, with a price difference at least.

Second - Elimination of currency smuggling, as imports will be real and in the amount of transferable sums.

Third - ending the phenomenon of tax and customs evasion at the border crossings.

Fourth - the submission of all ports to the authority of the federal government and thus solve the problem of imports of goods and goods from the ports of the Kurdistan region because of the preference in terms of taxes and customs fees.

Fifth - ending all tax and customs exemptions for institutions and government departments and others.

Sixth - ending the phenomenon of the mediator in selling dollars and commissions of private banks, because dealing must be with the real importer and not with speculators, which will be reflected in the development of the export sector for local products and the creation of job opportunities.

Seventh - Streamlined flow of goods and goods from the border crossings.

We expect the new administration of the Central Bank of Iraq, which has taken positive steps to correct the previous paths and approaches, which are in line with the reform plan, more decisions to create a real banking sector, and we hope from them to study the ideas and proposals presented by our council that serve the public interest.   LINK

Frank26:  YA THINK !!! ??? ....................................................LOL

MilitiaMan:  I do.. lol ~ MM (thumbs up)

MilitiaMan:  They must do a rate change and not the 1300 or 1500 they mention in an odd way, that won't work.The way that works is the collection of taxes, customs, etc.. Curbing corruption, stopping of smuggling, transparent accounting, etc.. All things in the conclusions is supportive of a future market economy and the experts are saying so.. It doesn't include runaway inflation, they have that taken care of, by adjusted the the Dinar to the Dollar exchange rate. More dollars it takes to buy dinar...  Very well timed.. imo.. ~ MM

Samson:  NIC plans to Revitalize Stalled Projects in Iraq

9th October, 2020

Iraq's National Investment Commission (NIC) has announced that it has prepared a plan to revitalize stalled projects.

NIC Chairman, Suha Dawood Najar (pictured), said:

"NIC have prepared a plan to revitalize the investment process all over the country in all sectors through activating the lurking and halted projects and reshaping them financially and technically, noting that " there is some red tape that hinders the implementation of these projects, the matter that urged NIC to directly coordinate with the concerned departments and institutions to solve problems especially these connected to infrastructure and investment projects in health and industry sectors.

"The financial ceiling for the investment projects within which NIC was concerned is 250 Million $ and above according to investment law but we currently seek to adopt all projects regardless of its area or financial cost, assuring at the same time that we are about to find a clear and well defined mechanism through which we can equally involve the citizens and the private sector in NIC projects to ensure its funding.

"NIC started real steps to solve the problems that face lurking investment projects and visits have been made to a number of projects in several provinces (Basrah, Kerbala, Wasit) to participate in easing these problems."

The Chairman also referred to the importance of activating the role of the One Stop Shop to solve the red tape problem and assured that "the Commission seeks to take its role in adopting the economic policies for the investment process in the country and not to be exclusively devoted to granting investment licenses but also revitalizing the halted projects" stressing the significance of activating the investment law in a way that harmonize with the new vision and avoid loopholes in law that obstruct this goal."    LINK

MilitiaMan:  Fairly sure the NIC knows that the mechanism is a new internationally accepted currency with strength to it.. imo That is about to take place. The ascension to the EBRD is paving the way along with the WBs guidance too.. imo Timing is great and no doubt we are witnessing them come together  now.. imo ~ MM

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Samson:  Close sources reveal what Saleh and Al-Kazemi are seeking regarding the region

10/09/2020 10:53:40

Sources and officials close to the Iraqi decision-makers revealed a rapprochement and great understandings between Baghdad and Erbil to solve the outstanding issues between them.

The spokesman for the Deputy Prime Minister of the Kurdistan Regional Government, Samir Hawrami, said in a press statement, "The ambassadors of countries and diplomatic missions have repeatedly emphasized the necessity of agreement between the region and the center during their meetings in the Kurdistan region and Baghdad, and they had a great role in converging views between the two parties during their meetings." 

He pointed out, "There is an intention and a preliminary agreement to resolve all sticking points between the two parties, and there is a joint delegation between the Ministries of Finance and Planning in the Kurdistan region with their counterparts in the federal government to develop a financial strategy between the region and the Center for the years 2021, 2022 and 2023, and discussions are continuing on this issue, but reaching an agreement." It requires more discussions and meetings to solve many technical points."

Kifah Mahmoud, the media advisor in the office of the head of the Kurdistan Democratic Party, Masoud Barzani, believes that “Prime Minister Mustafa Al-Kazemi, by virtue of his good relationship with the leaders of the region and his accurate knowledge of the Kurdish issue, its joints and backgrounds, helped build a positive shift in the course of the relationship between the region and the center despite the short period of his work, Especially if the early elections that he set for next June are realized. And, "the relationship in general took a positive turn and contributed to developing partial solutions and agreements for some problems, such as employee salaries, border crossings, and the energy file," he said.

A media source close to the prime minister's office said, "Any prime minister cannot pay corporate debts without a comprehensive agreement that guarantees delivery of all the region’s oil, and without reviewing those oil contracts." On the other hand, a high-ranking source from the Presidency said, "The President of the Republic, Barham Salih, is working in coordination with the Prime Minister to develop understandings to solve problems, in coordination with the President of the Kurdistan Region and the government." He pointed out that "there is convergence of views and seriousness on both sides to resolve all outstanding matters for more than ten years and to reach a satisfactory solution for both parties in accordance with the legal and constitutional entitlement."

The spokesman for the Prime Minister, Ahmed Mulla Talal, said in a previous press conference that "the prime minister's visit to the Kurdistan region sought to resolve issues and enhance understanding," indicating that the meeting between Al-Kazemi and the President of the region, Nechirvan Barzani, dealt with the 2021 budget, which is the starting point for resolving disputes and problems for all. issues and rights." 

He explained that "the talks dealt with the issue of ports and oil and the share of the Kurdistan region and delivered to Baghdad," noting that "the results will see the light in the budget of 2021".  LINK

MilitiaMan:  Yes, that is right. But, be sure, the 2019 FMLA and 2020 budget will be sorted first. Hence, they will know just how much to expect in the future subsequent years to come. With the energy file, taxes, tariffs, customs, LNG, etc. They all know what it means going forward.. Big big Bucks! lol .imo ~ MM

Samson:  Iraq officially joins the European Bank membership and revealed its benefits

10/09/2020 15:26:38

The Ministry of Foreign Affairs announced that Iraq has officially joined the European Bank.

A statement of it stated that the Euphrates News Agency received a copy of it, "The relentless efforts of the Ministry of Foreign Affairs represented by the Embassy of the Republic of Iraq in London and the European Bank for Reconstruction and Development have resulted in the approval of the members of the Bank's Board of Governors for Iraq to join the Council, during the voting process witnessed by the work of the annual meeting. 

For the Board of Governors, which will be held in London for the period 7-8 October 2020." He added, "Iraq’s formal accession to the bank’s membership will allow it to benefit from international banking expertise to develop the banking sector, and to obtain technical support and assistance that creates a suitable ground for investment."

The statement continued, "This common achievement has been secured despite the difficult circumstances imposed by the outbreak of Corona virus on various countries of the world, including Iraq. We hope that this step will be an introduction to joint action aimed at strengthening the private sector in Iraq to be able to compete and contribute to supporting development." Sustainable in the country."

He pointed out that "on this occasion the embassy appreciates the efforts of the European Bank for Reconstruction and Development, especially the members of the Board of Governors, Secretary General Enzo Kwatruchuchi, and the staff of the Secretary General's office."  LINK

MilitiaMan:  They took the first step and now has ascended to the UBRD.. VEry well done. They will now have access to International Expertise going into a market economy with a vibrant private sector.. It is just about go time.. imo ~ MM