More News, Rumors and Opinions Sunday Afternoon 11-5-2023
KTFA:
Clare: The Sudanese advisor determines a set of procedures to monitor trends in the management of public funds
11/5/2023 Baghdad,
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Sunday, the government’s work to reorganize and unify accounts in government institutions, while indicating that adopting electronic collection and payment will help unify the unified treasury system.
Saleh said, “The state’s public finances are working in high harmony with the government program, to reorganize, compile, and unify the accounts of spending or disbursement units in all ministries, regions, and governorates, from the state of dispersion in the past to the state of integration and integration with an interconnected aggregate accounting system, within the government accounts within the banking system.” Pointing out that it is “a proactive step towards achieving the single unified account for the treasury, or what is called the Treasury Single Account (TSA).”
Saleh added, “This step also aims to monitor financial transactions, flows, and existing government cash balances, moment by moment, in preparation for the next stage, which requires completing the complete electronic link between disbursement or public spending units, with a digital system called (ifmis), which means management system.”
Integrated Information Finance, which is the final advanced stage required by the unified treasury account system, is currently being worked on intensively and diligently by the Financial Authority.”
He explained, "Adopting electronic collection and payment systems will help unify the unified treasury system, specifically in the field of digital cash flows related to collection and electronic payment, so that digital financial activities are immediately integrated with the unified collective government bank accounts."
Saleh continued: “This will add a source of organizational strength and speed that will bring the unified treasury account closer to its role towards faster integration into the digital climate and electronic payment systems, which have taken their positive role in organizing, speeding and governing cash flows, in order to know the cash presence of public finances clearly and daily, in addition to To facilitate the activity of financial control over trends in the management of public funds.” LINK
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Courtesy of Dinar Guru https://www.dinarguru.com/
Walkingstick Our Federal Reserve is pushing the monetary reform of the Iraqi dinar for the new exchange rate...This MR (monetary reform) first started out with an RV (revaluation). In other words they did all the calculations on all the numbers of everything that they had in their reserves...banks...bank accounts, at the CBI...assets in the ground...The RV has led the MR to the phase they're in right now which is called an RD (redenomination of their currency) - The new currency to replace the 3-zero notes. [Post 1 of 2....stay tuned]
Walkingstick The RD is inches away from entering what's called the RI. The RI Reinstatement) of Iraq's currency is what will happen after this RD phase. Once you see...they have the redenomination in their hands, then the RI of their currency coupled with an RV of their new exchange rate value...will kick in. What it boils down to is it will start an international float using an international currency basket... [Post 2 of 2]
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TNT:
Tishwash: 16% of Iraq’s imports are via Iran.. Did Baghdad contribute to breaking the “economic blockade” on Tehran?
Economic affairs expert Nasser Al-Kanani confirmed today, Sunday (November 5, 2023), that Iraq helped Iran break the economic blockade imposed on it by the United States of America.
Al-Kinani told "Baghdad Today", "The Iraqi market is considered one of the most important markets for selling various Iranian goods, and this matter helped it a lot in confronting and breaking the economic blockade imposed on it by the United States of America. Iraq even passes to it hard currency through this trade exchange." .
He stated that “any reduction in the decline in trade between Iraq and Iran will have a major impact on the Iranian economic situation, as there is a heavy reliance on the Iraqi market to withstand and strengthen the Iranian economic situation, especially with regard to the entry of hard currency into Iran through black transfers sent to Iran from In order to pay the money for these various imports.”
Iraq imports $10 billion from Iran annually, which is equivalent to 16% of Iraq's total annual imports from countries around the world, amounting to $60 billion annually, according to experts. link
MARKETS A LOOK AHEAD: ARE YOU NEXT? PREPARE FOR A NEW WAVE OF BANK FAILURES...
Greg Mannarino: 11-5-2023