News, Rumors and Opinions Sunday Morning 12-10-2023
TNT:
Tishwash: What is the story of the disappearance of 35 trillion dinars? The Finance Committee requests an investigation into Representative Nouri
“We carefully monitor currency printing.”
On Saturday, the Parliamentary Finance Committee issued an angry statement criticizing the statements of one of its members about the disappearance of an amount of 35 trillion printed Iraqi dinars that do not exist inside Iraq, calling on the Presidency of Parliament to open an investigation and calling on the representative to prove his claim.
A statement by the Parliamentary Finance Committee:
We followed with great astonishment and disapproval the irresponsible statements made by Representative Muhammad Nouri during his hosting on a satellite channel to talk about monetary policy in the country and the procedures of the Central Bank of Iraq.
While we categorically deny the allegations made by Mr. Representative, as they lack credibility, accuracy, and objectivity, and indicate his lack of familiarity with the procedures and duties of the committee, we express our strong rejection of these allegations because they constitute a great abuse of the tasks and duties of the Parliamentary Finance Committee in particular and the legislative authority in general.
We also call on the Presidency of the House of Representatives to form an investigative committee to determine the validity and source of these dangerous statements, and to take deterrent legal measures against anyone who intentionally harms the reputation of the Iraqi state and its constitutional institutions.
We emphasize once again that everything that the Representative spoke about is untrue. Rather, he had to verify the information by communicating with his fellow Representatives who regularly attend meetings, before talking about sensitive files, despite the fact that he did not have any information about them due to his constant absence from committee meetings.
We reiterate that the monetary policy of the Central Bank, especially with regard to printing currency, is subject to monetary standards and foundations, and in line with the stability of the economic situation and the level of inflation, and that our Finance Committee has a clear work program for oversight of the executive authority, which will be completed at the beginning of the new legislative term, we hope. Representative Al-Nouri’s commitment to performing his legislative and oversight duties and tasks.
The aforementioned representative said in a televised interview:
More than 35 trillion printed Iraqi dinars do not exist inside Iraq, noting that there are only two neighboring countries that deal with Iraq in dinars, and more than 3 months ago, 4 trillion Iraqi dinars were entered from the (50) category,” pointing out that “Finance and Banking The Central Bank raised the issue of bonds to control the issue of the Iraqi dinar, but they only raised one trillion.”
He added, “The control of the parties and the existing quotas within the financial system is what established the failure of the Iraqi economy, and there is no country so far that relies on paper accounts and has no final accounts in banks, no electronic automation, and more than 73 private banks except Iraq,” noting that “the system The financial system must be independent in order to achieve economic balance within the country.”
He also added that “government banks are shackled by the Ministry of Finance and the Prime Minister,” indicating that “the Central Bank is a failure and does not aim for real management, and the control of some parties over its decisions affected the price of the dollar, and its biggest mistake was pricing the dollar in the budget at 132 thousand compared to 100 dollars because Iraq lost more than 9 trillion, and the difference between it and the market became high.”
While he pointed out that the one responsible for monetary policy in Iraq is “the American Federal Reserve, and it does not give money except with American approval, and whoever imagines that Iraq is in economic control is dreaming.”
He pointed out that “the loss of the Iraqi dinar caused a lot of damage and as a result many small projects and construction advances stopped,” stressing that “the Iraqi economy is completely linked to the United States and we were receiving 3 payments of the dollar now only one, and the US Federal Reserve’s sanctions caused an explosion in the exchange rate.” He deals with us according to the missiles that fall on the Ain al-Assad base and the embassy.” link
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Tishwash: Parliamentary Finance: We support measures to implement structural reforms to diversify economic activities
The Parliamentary Finance Committee announced today, Saturday, support for measures to implement structural reforms to diversify economic activities in line with the government program.
Committee member Muthanna Al-Samarrai said in a statement, a copy of which was received by {Al-Furat News}, that: “Based on our legislative and oversight mission in the Iraqi Council of Representatives, we confirm support for measures aimed at implementing structural reforms aimed at diversifying economic activities in line with the objectives of the government program that we voted on in the Council.” As an integral part of our vote on the government cabinet headed by Muhammad Shiaa Al-Sudani.”
He also stressed "the priorities, programs and projects adopted in the general general budget for the years 2023-2024-2025 and the government measures that the Finance Committee is following with the aim of implementing investment projects before approving the budget and completing the requirements for new and ongoing projects."
Al-Samarrai continued, “The committee hosted the general directors of government banks and discussed the role of these banks in the development process and economic sectors such as real estate, industrial, agricultural, and the private sector, in addition to holding a series of meetings with the Governor of the Central Bank to find sufficient and practical ways to provide hard currency for commercial purposes, and it is proceeding at a scientific and professional pace.” ".
He pointed to "continuous follow-up with the Ministry of Finance and customs and tax authorities in order to automate their work and collect revenues efficiently, and focus on the importance of the unified treasury account in collecting revenues and determining the actual balance of spending and managing it in order to achieve the principle of transparency."
Al-Samarrai reiterated his support for the measures taken by the government to achieve growth in the economy and work to improve the Iraqi economy and its repercussions on the development sectors, and efforts to develop investment in the oil and gas sectors, stressing that “the Finance Committee continues to exercise its supervisory and legislative duties in accordance with the technical and professional frameworks and that it will spare no effort.” In continuing its support for government programs leading to the implementation of sustainable development projects and goals.” link
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Courtesy of Dinar Guru https://www.dinarguru.com/
Frank26 The CBI meetings are in Dubai right now...they are coming to a conclusion. Were the CBI meetings discussing, should we use this rate, should we do this, this this, that? No. What they were discussing is, 'Are we going to release it on this date at this rate and this is what we have to do and this, this, this and this.' Okay! Now these meetings IMO are coming to a conclusion. Yeah, they are working a few things but it's over and done with.
Mnt Goat ...the reinstatement is a multi-step process. First a new in-country rate of about 1:1, then the swap-out and then a move to FOREX. It is this move to FOREX we want and I cannot also emphasize this enough. There will NEVER be two rates...Once the reinstatement occurs the program rate stuff goes away....Then the CBI will also link to and reference the FOREX rate.
The Massive Banking Crisis We've Been Hearing About Just Started…
Atlantis Report: 12-9-2023
People are withdrawing money from smaller banks due to branch closures and digital banking trends. The recent closure of 64 bank branches in the United States in the last few days demonstrates the panic among them trying to retain deposits.
Provident National Bank has closed 203 branches this year and JP Morgan Chase is closing 18 which indicates a widespread trend. There is a possibility of a chain reaction of bank implosions while they are actively trying to hold on to as much cash as possible.
Banks are crucial for holding up the economy in the United States. The depositors have essentially become investors and if the bank faces trouble, people will have to face implications.
The Federal Deposit Insurance Corporation is a safety net but the process of retrieving insured money is difficult.
Moreover, China's shadow banking sector is facing investigations about its involvement in troubled investments and its property sector is undergoing ripple effects. Issues in China's property market raise concerns about insolvencies and contagion risk in the global financial network.
The global economy, particularly regarding dollar denominated bonds, is impacted by China's property market troubles.
The Federal Reserve is taking emergency actions to support struggling banks. Goldman Sachs and JP Morgan Chase have a significant percentage of deposits uninsured by the Federal Deposit Insurance Corporation which is raising concerns about losses in the event of a downturn.
This lack of insurance coverage will pose additional risks especially in the context of a liquidity crisis. The US needs to address the deficit to avoid a snowballing crisis.