KTFA:

Deputy: Changing the exchange rate does not come with political speeches

9th March, 2022

The State of Law coalition confirmed, on Wednesday, that changing the dollar exchange rate does not come with political speeches.

The representative of the state of law, Thaer fearful, said in an exclusive interview with the agency (Mawazine News), that the issue of changing the dollar exchange rate is purely scientific, because any country exposed to an economic crisis resorts to solutions, including changing the exchange rate, internal or external borrowing, or increasing invisible taxes and others.

He added, “The exchange rate cannot be changed with a political discourse, and the Federal Court has the right to intervene in this file unless economic matters arise in the country, where there are economic variables.”   LINK

Suzie:  Do we expect Iraq to seat their gov’t anytime this month?  It would seem they’re anxious to do business internationally and they certainly can’t do it with a program rate, nor open and fulfill their budget for the good of Iraq and its people, just my opinion.

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Samson:  Integrity announces the outcome of its work within a month.. 65 arrest and recruitment orders against high grades

9th March, 2022

The Integrity Commission announced, on Wednesday, the outcome of its work within a month, confirming the issuance of 65 arrest and recruitment orders against high grades.   

According to a schedule, “Nas” received a copy of it (March 9, 2022), the Integrity Commission carried out 53 seizures during January 2022.  

The table indicated that 40 defendants were arrested in flagrante delicto, and 65 arrest warrants were issued against officials for the right of current degrees, indicating that 81 convictions were issued, while the number of those convicted of judicial rulings reached 411 defendants.     LINK

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Samson:  Kurdistan Regional Government: We are bound by the oil and gas law and contracts with international companies

9th March, 2022

The Kurdistan Regional Government said on Wednesday that it is continuing to work on the oil and gas law, despite its oversight by the Federal Supreme Court (the highest judicial authority in Iraq).

The spokesman for the regional government, Jotiar Adel, said in a conference held today, that “the Federal Court’s decision tried to target the constitution because justifying its articles is not within its jurisdiction.”

He added, “We are committed to the oil and gas law of the region, and the contracts that we concluded with companies and buyers, because we have legal and financial obligations, as is the case with the other side.”

Adel continued, “We are in a financial position that is not good, and how does the federal government prevent the export of oil and gas from the region, and does not send the monthly financial advance to finance salaries?”, adding, “We are ready to negotiate in order to reach a solution to this issue in accordance with the constitution and the true partnership that has not been achieved.” Unfortunately”.  LINK

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Scarlett10:  Well if you have a financial obligation don’t you think it’s time to change your rate ? This is craziness. So much talk and nothing happening.

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Samson:  Al-Alawi : It Was The Successive Governments That Caused The Collapse Of The Iraqi Economy

9th March, 2022
The head of the Iraqi Economy Alliance, Uday Al-Alawi, confirmed today, Wednesday, that it was the successive governments that created the crises in the country, especially the last government, and brought it to the brink of economic disaster.

Al-Alawi said in an exclusive statement to Earth News, “The crises created by the government: the increase in the number of poverty in frightening numbers, the ignorance of society in an unprecedented way in the history of Iraq through electronic study, the inactivity of government sector employees and laziness in performing duties, disguised unemployment in state institutions Chaotic administration in multiple files, including the economic file, the flight of more than 150 billion dollars from the capital of Iraqi traders investors out of Iraq due to ill-considered and unjustified decisions, 35 percent of traders and importers of materials turned their trade into real estate because of government decisions.

He added, “Therefore, we are currently seeing an unjustified rise in real estate in Iraq with frightening numbers, and a deliberate absence of a plan in Iraq with long-term and medium-term strategic management.”

Al-Alawi pointed to “the loss of hope by the people towards reforming the situation inside Iraq, the people’s distrust of the government, and the loss of shocking figures from the Iraqi economy as a result of the weak monetary value of the Iraqi dinar due to the exchange rate change law, and the loss of many infrastructure projects that were consumed due to irresponsible administrations.”  LINK

Samson:  White House: Biden will order the start of work on creating a digital US dollar

9th March, 2022

US President Joe Biden will order, on Wednesday, government agencies to begin work on creating a digital US dollar, White House officials said.

“The implications of the prospect of issuing a digital dollar are profound,” one of the officials told reporters, stressing the crucial role of the US currency in the global economy. “We must be very cognizant about this analysis because the implications of our move in this direction are profound for the country that issues the world’s primary reserve currency,” he added. The official noted that the United States “can move quickly, but we can also move in a smart and comprehensive way.”

According to a White House statement, the United States will study the potential benefits and risks of creating a digital dollar, with “pressure research and development on potential common digital currencies in the United States,” amid the massive rise in private cryptocurrencies such as Bitcoin. The White House said about 16 percent of American adults, about 40 million people, have invested in, traded or used cryptocurrency. However, the official said, “Without oversight, the explosive growth in the use of cryptocurrencies will pose risks to Americans, to the stability of our business, our financial system, and our national security.” Another official stressed the need to ensure that all Americans benefit, because “previous forms of financial innovation eventually hurt American families while making a small group of people extremely wealthy.”

The US Federal Reserve released a report in January indicating that digital currencies could offer potential benefits to US consumers and businesses, but said it was not clear that they would outweigh the potential risks. Under Biden’s order, US government agencies will consider preventing money laundering as well as efforts to use digital currencies to evade financial sanctions.  The world’s largest economy will join more than 100 countries that are exploring or launching pilot programs with their central bank digital currency (CBDC), including the Chinese digital yuan. Biden’s executive order is expected to call on agencies, including the Treasury Department, to examine issues including consumer protection, financial inclusion and the use of digital assets for illicit activities.

Officials downplayed competition from Beijing, saying that the dollar “was and will be critical to the stability of the international monetary system as a whole”, and that those issued by foreign central banks “do not threaten this dominance.”

The global rise of cryptocurrencies and the increasing use of digital payments has boosted interest in formal digital money, and major central banks around the world are exploring this possibility, with Nigeria in October launching its own virtual currency, while El Salvador has allowed bitcoin to serve as legal tender.

Digital assets, including cryptocurrencies, have witnessed tremendous growth in recent years, as the market value exceeded 3 trillion dollars last November, while 5 years ago it was equal to only 14 billion dollars.  LINK

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MilitiaMan:  U.S. Department of the Treasury

Office of Public Affairs

Press Release:             FOR IMMEDIATE RELEASE

October 13, 2021

Contact:                      Alexandra LaManna; Press@Treasury.gov

 READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with G7 Finance Ministers and Central Bank Governors

WASHINGTON – Secretary of the Treasury Janet L. Yellen participated in an in-person meeting of the G7 Finance Ministers and Central Bank Governors today. G7 Finance Ministers applauded the historic deal between 136-nations that will reshape the international tax system and equip the global economy to meet the needs of the 21st century.

Along with her counterparts, Secretary Yellen endorsed the G7 Public Policy Principles for Retail Central Bank Digital Currencies (link) and the G7 issued an accompanying statement on digital payments (link). She also expressed her strong support for efforts to channel Special Drawing Rights (SDRs) to further support vulnerable economies, including the rapid establishment of a new trust fund at the IMF to support economic transitions related to pandemic preparedness and climate change. G7 Finance Ministers also discussed the macroeconomic implications of climate change and the importance of resilient global supply chains.

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MilitiaMan:  Fairly sure this was a key starting point. There are 136 countries that signed onto the digital international taxation and cross border payments.. So, starting to work per President Biden is likely to be further along than mentioned.. imo ~ MM

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“Secretary Yellen and her counterparts also continued productive discussions about international tax. Secretary Yellen noted the landmark agreement of virtually the entire global economy to end the race to the bottom on corporate taxation, and how 136 nations, representing 94% of the world’s GDP – including all 20 nations in the G20 – agreed to a new and specific set of provisions to uniformly tax the income of multinational companies, including a global minimum tax.

Secretary Yellen reiterated her and President Biden’s focus on ensuring democracies can deliver for our people. She noted that this deal will mobilize the resources for the global economy to address climate change and reduce economic inequality, protect American jobs from the race to the bottom, and deliver for the middle class and working people at home and all over the world.”

DCDriver:  Now if they would just back it with Gold we would be in good shape IMO

Samson:  Iraq invites French companies to implement projects in Baghdad

9th March, 2022

Mayor of Baghdad Alaa Maan discussed, on Wednesday, with the French Ambassador to Iraq (Eric Chevalier) prospects of joint cooperation between Baghdad and Paris, while calling on him to involve sober French companies to implement cultural, urban and planning projects in the capital, Baghdad.

A statement by the secretariat, which Mawazine News received a copy of, stated that, “The Mayor of Baghdad confirmed during his meeting with the Ambassador Al-Fonsi that the French Cultural Center represents an intellectual and cultural center in Baghdad, noting that” there is a major vision within the Baghdad Renaissance project that culture is a main pillar that must be established in Baghdadi society. The statement continued, “It is important to cooperate with large cities such as Paris, which is the glow of culture in France, which represents the Francophone culture.” world culture like Picasso, sociologist Max Weber, and Mother Teresa.”

The Mayor of Baghdad also called for cooperation with the French side in the cultural and economic sectors and the involvement of major French companies in the field of the suspended train and Baghdad metro, and that the French architectural and consulting companies have an opportunity to work within the limits of the Municipality of Baghdad, especially the planning projects and the basic design of the city at the level of establishing advanced designs, stressing that “it is necessary inclusion of the suspended train project in the 2022 budget and accelerating the implementation of the project due to its importance and the time it requires, pointing out that “the Prime Minister has great interest in the project and there is coordination with the Minister of Transport to allocate sufficient funds for it.

“In the evening, as well as the participation of the activities of the French Cultural Center to present its artistic and cultural performances in Al-Mutanabbi Alley.

For his part, the French Ambassador expressed his strong desire to visit Al-Mutanabbi Alley, indicating that he “A cultural legend in Baghdad and the world. He continued, “We know the extent of your interest in the cultural and economic aspect, which is important in coloring the city, which must continue. He also expressed the willingness of French companies to participate in the implementation of reconstruction and planning projects and the implementation of the suspended train, as well as his country’s desire to establish a museum in the city of Baghdad.”  LINK

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Petra:  I find this very interesting as I look at the myriads of countries that have “aligned” themselves with business opportunities in Iraq with invites such as this to “invest” and yet, to my knowledge, nobody is jumping in with both feet. 

Clearly there is a reason why so many large countries, and with it, their organizations continue to “talk” but with little or no action.  

Why?

Because Iraq continues to present themselves as a “Great Place to Invest” but as yet, have not made the commitment to the IMF and any country that works within that paradigm to establish full Article 8 compliance. 

Yes, they are using Article 8 tools, but until they formally adopt full and final efforts in being Article 8 all such discussions are cordial and friendly but no money is being ingested into the country. 

Because, Freedom of Capital Movement comes with full compliance and the currency, whether NEER or REER has yet to be established closing the loop on Full Article 8 compliance!

Who would invest funds knowing they could “disappear” into the labyrinth known as Iraq without key guarantee’s within the IMF construct and framework?  NOBODY!   

So, Iraq, all the discussions are great, but that doesn’t bring a dime into your country for infrastructure or development until investors and secondary market players KNOW their money is going exactly where it was intended and IMF protocols are followed to the law! 

Get your house in order and the countries you have met with will return….with the checkbook!!!   

All IMO….PETRA