Thoughts From Frank26 Sunday Night 1-9-2022

KTFA:

Frank26:  (AS SOON AS THE NEW SEATED GOV PASSES THE BUDGET LAWS THE BUDGET, WHITE PAPERS & EXCHANGE RATE WILL BE EXPOSED – F26)

Dinar file

Saturday 08 January 2022Thamer Al-Haims

 Fitch International, the international credit rating agency, expected that Iraq will witness the highest growth in the Gulf oil-exporting countries next year, to rates that may reach 1.8%.

Undoubtedly, the national product as a whole is affected by the infrastructure of the stability and strength of the national currency. It is known that the rise and fall of currencies in light of the relationship with economies is dealt with, most notably the dollar.  

We hear, for example, about the decline of the Turkish lira and the Iranian toman, and this is done through a central decision, as is the case with the Iraqi dinar, as happened recently from a reduction, to counter the bleeding of the dollar, as a result of excessive importation, not as is the case with the two neighbors, as we imported the cheapest in hard currency and what competes with the national product.

Grape leaves, yellow corn stalks and even molasses were imported, while the aim was to reduce external transfer for the purposes of the importer, which means that the flotation door is still wide open, as we did not notice a difference or reduction in external transfer for import purposes in its excessive aspect when we compare it with Devaluation of the dinar.

The sales of the currency window did not decrease by a quarter, as did the dinar, as on the contrary, the product was keeping pace with and matching the price of the importer, in addition to the costs that made it rise compared to its imported counterpart, which is not covered by the standards of the Iraqi specification, as a privilege for the importer to be applied only to the national product.  

According to the Ministry of Finance and its standards, the country should receive 7 billion from customs annually, but in fact, only 12% of customs resources reach the Ministry of Finance, and the smuggled funds since 2003 amounted to 350 billion dollars, which is equivalent to 32% of the revenues Iraq in 18 years. The question is, was the smuggled plus the seven billion annually in customs waste sufficient to prevent the dinar’s value from depreciating? Let’s prepare for our oil resources with which we will compete with oil countries in OPEC, and allocate a special fund for lawsuits to follow up on smuggled money in safe and unsafe international havens.

We can also reach an understanding with the Turks with a reasonable commercial offer in exchange for water that has been reduced by half to secure our food security, which is not only represented by wheat, but also related to Devices and equipment that raise the level of our agriculture while it faces a water crisis in any case, despite the presence of an advanced Iraqi industry for sprinklers in Alexandria factories.

An equal economic relationship with neighboring countries, in general, may develop from barter valued in dollars, then move towards monetary exchange in national currencies, in addition to political and security stability and the consequent of integrated projects bilaterally or regionally in the light of international projects, which enhances a stable dinar. 

In any case, the process of floating the dinar was and still does not reflect the accounts of the threshing floor, but rather the calculation of a field that has long been exposed to the factors of corruption, and the result was an increase in the poverty rate while we face the challenges of organized smuggling and the water file, meaning that monetary policy requires transparency through which it is presented in the next budget and a return to the system of opening credits Documentary, to end the stage of exceptions and emergencies, which have become a fundamental reason for the fragility of the dinar.  LINK

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Frank26:  (I WISH I WOULD’VE SAID MR 1ST AND ER 2ND!!! LOL!!! – F26)

Exchange rate first

 Sunday 09 January 2022Yasser Al-Metwally

 It is time to adjust the exchange rate to enhance the value of the national currency (the Iraqi dinar) against the dollar.

And now that the reasons that prompted the decrease in the exchange rate of the dinar against the dollar as a monetary treatment to overcome the obstacle of the country being forced to borrow externally and internally have disappeared, 

Frank26:  (THEY DISAPPEARED ON DEC. 20TH 2021, HAPPY BIRTHDAY CBI – F26)

there is no justification for sticking to this painful measure that touched the lives of all segments of society.

 Frank26:  (THE SANCTIONED PR (Program rate) WAS TO PUNISH THE GOI AND CBI… BUT NEVER TO PUNISH THE CITIZENS – F26)

The direct reason for this tight monetary policy was the drop in global oil prices with the effects of the Corona pandemic, and the world has largely overcome this difficult ordeal.

With the return of oil prices to the rise, (FOR THE FLOAT – F26)

 a cash surplus was achieved that contributed to supporting and strengthening the Iraqi cash reserve, (FOR THE RV TO CALCULATE THE RI – F26)  the safety valve for periodic financial crises and natural disasters.

In addition to the above, Iraq was able to close the curtain on the debts imposed on Iraq forcibly to Kuwait. (BYE BYE CHAPTER 7 – F26)
 
These factors and indicators are encouraging to readjust the exchange rate to what it was before the revaluation of the dollar against the Iraqi dinar. (IT’S ALREADY BEEN DONE… IT’S BEING INTRODUCED TO THE CITIZENS OF IRAQ – F26)\

Perhaps one of the most important reasons and justifications for the demand to return the exchange rate to its normal state is the situation and the painful effects that the citizen has endured, forcing him to give the government the opportunity to address the already dire financial situation.

The measure to reduce the exchange rates of the Iraqi dinar against the dollar has caused chaos in the market and broke down the stability that the market enjoyed at the previous rate. (BUT IT WAS PART OF THE CBI/IMF MONETARY REFORM PROCESS TO LOWER THE VALUE ON DEC 20TH 2020 – F26)

The prices of materials and goods have been inflamed, which has affected the purchasing power of the citizen. You can imagine the extent of the suffering caused by the prices of medicines and basic materials for all segments of society, especially the poor, the retired and the employees. (THE BANANAS WERE SPOILING – F26)

The measures taken by the government to treat the poor segments were not equivalent to the effects of the exchange rate difference.

Accordingly, one of the tasks of the new government is to take decisions to restore the price and take strict measures against price manipulators, especially medicines and important commodities that touch the citizen’s livelihood by activating the role of careful monitoring of the market. (+ OR – 2% – F26)

In mentioning the prices of medicines, the Pharmacists and Physicians Syndicates must activate their role in monitoring and accountability.

For this reason, let us make readjusting the exchange rate the first task of the next government and parliament to relieve the burden of the citizen. (KTFA FAMILY IMO I HAVE SEEN AND READ THESE WORDS BEFORE BUT MY TEARS NOW REJOICE THAT YOU TOO CAN NOW READ THESE SAME WORDS PRAISE GOD AMEN – F26)

And a question that comes to mind, can the concerned authorities begin to gradually reduce the exchange rate until the formation of the government to mitigate the double effects on both sides of the equation? LINK

Frank26:  (KTFA FAMILY… THIS LAST PART IS TELLING THE GOI THAT THE CBI WANTS TO SHOW THE IRAQI CITIZENS THE NSCN’S/NEW EXCHANGE RATE AS SOON AS POSSIBLE… AND IF YOU GOI ARE NOT READY BY THE 15TH THEN WE WILL SHOW THE CITIZENS TO REDUCE ANY CONFUSION ON BOTH SIDES BECAUSE IT MUST NOT FAIL………. ON THE SIDE OF THE CITIZENS – F26) 

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Frank26:  “REST IN PEACE AND THANK YOU… TO THE AUTHOR OF THE MONETARY REFORM PLAN FOR IRAQ’S CURRENCY AMEN”……..F26

Samson:  The President of the Republic offers condolences on the death of the former Central Bank Governor, Sinan Al-Shabibi

8th January, 2022

The President of the Republic, Barham Salih, offered his condolences on the death of former Central Bank Governor Sinan Al-Shabibi.

Saleh said in a statement that Mawazine News received a copy of it, that “with great sadness and pain, we received the news of the death of Professor Dr. Sinan Al-Shabibi, the discreet Iraqi national and academic, recalling his long, busy and perseverance career and his work in the service of state institutions, and the economic and financial sectors.”

He added, “My deepest condolences to the family of the deceased and to all his friends and lovers, and the wide mercy to him and the perpetuation of the good remembrance.”   LINK

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Samson:  The Central Bank of Iraq mourns its former governor

8th January, 2022

The Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb, mourned the death of the brilliant economic and banking personality, Professor Dr. Sinan Muhammad Reda Al-Shabibi, who passed away next to his honorable Lord after a long professional and scientific career.

He prayed to God Almighty to make his abode in heaven and to pay for the footsteps of the institution that he contributed to managing with dedication for nearly a decade. We belong to Allah and to Him we shall return.

Central Bank of Iraq

1/8/2022   LINK