News, Rumors and Opinions Saturday Morning 5-16-2020
TNT:
KaseyKo1: FYI, concerning a higher dinar rate, Iraq did put out info last week that they wanted to have a higher dinar rate to help stimulate their economy. What they were looking to do was to cut back on some of their import/export luxury items so they could afford to sustain a higher dinar rate.
I haven't read any further info on this issue since last week. So.....we'll see what CBI does when they're ready to release the actual rate.
FYI, just received an interesting tweet from the Iraqi govt with the following info: "Private sector investment in Iraqi industry plays a critical role in REDUCING IMPORTS and creating jobs."
It's going to be interesting to see what the actual dinar rate will be when it's finally released globally.
Everyone have a great weekend
Tishwash: Parliamentary finance reveals a "unprecedented" deficit in the 2020 budget
The Parliamentary Finance Committee revealed, on Saturday, a "unprecedented" deficit in the country's general budget for the current year 2020, noting that it is estimated at "69" trillion Iraqi dinars.
Member of the Committee MP Haneen Al-Qaddou said in a press statement that "the cabinet is working to address the financial crisis and reduce the percentage of deficits in the public budget for the year 2020 after it has become estimated at 69 trillion dinars."
He added that "the budget for the current year will be operational and semi-annual and different from the budgets of previous years," noting that "the operational budget will focus on securing the salaries of employees, retirees, social welfare and ration card items."
And the role model, "The deficit rate in the public budget will exceed 75 trillion dinars, if oil prices fall to the lowest level in the coming period."
Members of the Parliamentary Finance Committee confirm, through previous statements to Shafaq News, that the federal budget for the current year 2020 will be discussed and approved in Parliament after Eid Al-Fitr.
The price of a barrel of oil has decreased since the outbreak of the Corona virus, which led to fears of the impact of the decrease and the lack of revenues on the Iraq budget for 2020 and affected the operational budget and salaries of government employees and retirees.
It is noteworthy that sending the federal budget by the government to the Iraqi parliament has been delayed due to the continuous protests since last October, which led to the resignation of the previous government headed by Adel Abdul-Mahdi and its transformation into a caretaker government that is not empowered to send the draft budget budget to the parliament. link
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Courtesy of Dinar Guru
Jeff ...If Iraq plans to change or increase their exchange rate during the month of May there is only one date that qualifies to be able to change the rate on. And that date is May 24th. The reason why is they need a holiday or weekend period where all markets are closed around the world over a weekend and it has to be an in-country holiday...
Jeff ...they just have an explosion of economic articles. They really didn't talk about the economy this year at all until recently. Until after last week. That would tell you guys that there was a delay and it was the formation of the government. They had to get the government done and formed...they have resumed back to where they were from last year. Having an explosion of economic articles that pretty much tells us they're done and ready to go. They're ready to move forward on this rate change...they can't go any further now till the rate changes.
Pimpy ...we're got more chitter-chatter talking about the Iraqi dinar rate. Man this has been an ongoing conversation ... Article: "Parliamentary source: Al-Kazemi's government will print the currency to pay employee salaries". Wow what does that mean Pimpy? ...here's my question, They have issued already 55 trillion dinars. Less than 5% of it is in country. Less than 9% of the people have banking accounts. Where the hell is all that money? Why do they need to print more money? Why aren't they using the money that they've already printed? Makes you wonder doesn't it. Hmmm. I still think that the Iraqi dinar is gonna be used somehow as a poor man's reserve dollar. It just makes sense because I can't understand why they need to print more.
Vietnam Dong News 05/14/20
Pimpy’s investment Chat: 14 hours ago