News, Rumors and Opinions Monday 12-7-2020
TNT:
Tishwash: What do the constitutional amendments include? Is Article 140 still a matter of dispute?
Final touches on the proposed constitutional amendments are still far-fetched, especially with no agreement on the form of the political system, whether to turn it into presidential or semi-presidential, or whether to keep it in parliament. As well as determining the largest bloc, and the powers of the region and the provinces, in addition to what was proposed by the last meeting of the Parliamentary Committee, about Article one hundred and forty.
The final report on the constitutional amendments, it is hoped that it will be submitted to the Presidency of Parliament during the next week, in order to present it after that to the House of Representatives for a vote.
The amendments will include more than fifty constitutional articles, according to parliamentarians, but they ruled out resolving this file before the early elections that are scheduled to take place next June.
Courtesy of Dinar Guru https://www.dinarguru.com/
Footforward ...their budgets have typically been running at the same time with Kuwait's fiscal year which is April to the end of March I believe... but they're fiscal year seems to be the end of December (Iraq's). People have long suspected that they are running two sets of books...if you are going to get into bed with the US which I believe they're going to then you're going to have to run a fiscal year of January to December. So I think they have two sets of books...They can revalue at any point in time that they please ...if they did revalue and it wasn't at the beginning of a fiscal year then they would have to revisit their budget at some point...
Jeff This is very very important. Here's an older article September 6, 2012 "Delete the zeros must be at the beginning of a fiscal year" They can only delete their zeros (that means change the rate) at the beginning of a new fiscal budget period...here's why...this is a different article from August 12, 2012 "Saleh drew the interest of the Exchange must be with the new fiscal year, the Iraq government's accounts cannot be registered in the same year, two forms of financial values" They cannot have 2 different exchange rates during the same fiscal year ...Iraq's fiscal year before they went under the Chapter 7 sanctions...so prior to 1990...was April through March... [post 1 of 2.
Jeff Iraq is pretty much now out of Chapter 7 sanctions...They got off the OFAC list and everybody else's naughty list...this article came out yesterday "Oil disturbs Iraq's 2021 budget: an expected update of the dinar exchange rate and amending the number to reduce the financial deficit!" There's only one thing...that needs and requires the exchange rate. It's a reform payment for the funding of the reforms...And we know they have to make that payment by the end of March...that means they also have to change the rate by the end of March... Quote "the ministry of Finance and the International Monetary Fund to update the Iraqi dinar exchange rate before the end of the fiscal year." You guys are in the best position that you've ever been. Iraq can now change the rate anytime between now and the end of March. [post 2 of 2]
**************
(12/7) Update the Iraqi dinar exchange rate before the end of the fiscal year
Dec 7, 2020
Iraqi Dinar News 12/06/20 - we are getting closer
Pimpys Investment Chat: Dec 6, 2020