KTFA Members "News and Views" Tuesday Afternoon 12-8-2020
.KTFA:
Samson: 130 thousand dinars against the "paper" ... the government tends to raise the exchange rate of the dollar against the dinar
8th December, 2020
A member of the Parliamentary Finance Committee confirmed today, Tuesday, the government's intention to raise the exchange rate of the dollar.
The owners of banking offices attributed the recent rise in the exchange rate of the dollar in Iraq to the increased demand for it by citizens, after rumors of the government's intention to raise the price of the dollar.
KTFA:
Samson: 130 thousand dinars against the "paper" ... the government tends to raise the exchange rate of the dollar against the dinar
8th December, 2020
A member of the Parliamentary Finance Committee confirmed today, Tuesday, the government's intention to raise the exchange rate of the dollar.
The owners of banking offices attributed the recent rise in the exchange rate of the dollar in Iraq to the increased demand for it by citizens, after rumors of the government's intention to raise the price of the dollar.
Representative Jamal Cougar said in an interview with Shafaq News; "I think that there is a governmental tendency to create an atmosphere regarding raising the dollar exchange rate more than it was in previous budgets, to reach approximately 130 thousand dinars per 100 dollars," indicating that "this step will affect the citizen as what the citizen receives in terms of salaries and wages will be However, it will decrease in value in the local market compared to the dollar.
Cougar added, "The government's approach to reduce the deficit within the budget for next year is summarized in four main steps, the first is to raise the exchange rate of the dollar against the dinar, and secondly to raise the price of a barrel of oil to more than $ 42, which was previously announced by the Minister of Oil and it is expected that It is increased to more than that to reduce the deficit. The third is reforms and translating the white paper into texts within the budget law, and fourthly, pressure expenditures and go to major expenditures only. He stressed that "these steps must be taken by the government, otherwise there will be a huge deficit."
The exchange rates of the dollar rose during the past two days, rapidly and increasingly, to reach these prices on the Kifah Stock Exchange this morning at 127,200 dinars per 100 dollars. LINK
DeepWoodz: Imo...Tired of being educated for a minute, as it would seem school will soon close. As we are American students, in parallel with Iraqi students, we can feel the end is near.
But unlike us, who will be very glad we have a rate and date finally, the Iraqi students will have their prestige and sovereign pride back.
Yes they will have purchasing power like us, but more importantly I think, they will have their identity recognised by the world.
They will no longer feel like Iran’s little dog that gets kicked when it doesn’t listen. Iraq will be transformed in an instant, after so long and so tired of the tribulation they have endured.
A celebration is coming in the streets!
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Samson: Iraq suspends the official working hours next Thursday
8th December, 2020
The General Secretariat of the Council of Ministers announced, on Tuesday, that the official working hours in the country will be suspended, next Thursday, to celebrate the third anniversary of the liberation of cities from the terrorist organization ISIS.
The secretariat stated in a brief statement, received by Shafaq News, that it was decided to suspend the official working hours on Thursday, December 10, on the occasion of the third anniversary of the liberation of Iraq from the gangs of the terrorist organization ISIS (Victory Day).
It is noteworthy that Iraq declared on the tenth of December 2017, victory over ISIS and the liberation of all cities that were controlled by the organization. LINK
DeepWoodz: Imo....day before the banks get busy with new tools?
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Samson: He submitted a request to amend the law .. Deputy: Elections without a "biometric card" are a prelude to a major fraud
8th December 2020
The representative of the Iraqi Front, Muhammad Iqbal announced, on Tuesday, that she had submitted a request to the Presidency of Parliament to amend the election law and require the biometric card, while she indicated her fear of fraud in the upcoming elections.
The MP for the Front, Muhammad Iqbal, told Shafaq News, "The elections without the biometric system will be a prelude to a very large process of fraud, as happened in the previous elections," stressing that "there is a request signed by more than 50 deputies submitted to the Presidency of Parliament to amend the law."
He added, "The submitted request includes amending some articles of the election law and requiring the biometric card to ensure the success of the upcoming elections."
Iqbal continued, "There is a very large number of the electoral card is missing through the official statements of the Electoral Commission. This thing indicates to us that some political blocs have monopolized this law and intend to rig the upcoming elections."
On Sunday (December 6, 2020), the President of the Iraqi Council of Representatives, Muhammad al-Halbousi, called on the Independent High Electoral Commission to accelerate the process of distributing and issuing the biometric card and all other requirements, in preparation for early elections. LINK
4Cash: Take note America we have to place our voting system with the biometric card IMO!!!
Don961: Al-Kazemi's advisor explains the reality of the trend to raise the dollar exchange rate against the dinar
4,086 Policy 12/08/2020 16:19 Baghdad today - special
The financial and economic advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, denied today, Tuesday, December 08, 2020, that there is a government intention to raise the exchange rate of the dollar.
Saleh said in an interview with (Baghdad Today), that "the talk about a governmental tendency to raise the exchange rate of the dollar, until it reaches the level of 150 thousand dinars against the $ 100, is absolutely incorrect and there is no plan proposed by the government for such an option."
He added that "the high exchange rate of the dollar in the local markets, at the present time, was caused by rumors, which are launched here and there, and they are unfounded," noting that "this rise is temporary, and the coming days will witness a new decrease in the exchange rate."
With the beginning of the morning hours today, the exchange rates of the dollar rose, in the local markets in Iraq, to touch the new high price of 128 thousand dinars for every 100 US dollars.
The selling price of the dollar was 127,500 Iraqi dinars, while the purchase price was 126,500, roughly speaking. As for international foreign exchange rates, the euro reached 100 euros per $ 121.20.
While the price of the pound sterling was 100 pounds per $ 133.57, while the price of the Turkish lira amounted to 100 dollars per 784.28 Turkish liras, while the global price of an ounce of gold was $ 1869.40.
As for the price of a barrel of Brent crude oil, it is $ 48.66, while the price of a barrel of US crude oil is $ 45.47. Earlier, the economist, a member of the board of directors at the Central Bank, Majid Al-Suri, spoke today, Tuesday (December 8, 2020), about the reasons for the high exchange rate of the dollar in local markets.
Al-Suri said in an interview with (Baghdad Today), that "speculation, political and economic confusion, and citizens’ lack of confidence in the future of the Iraqi dinar are among the main reasons for the high exchange rate of the dollar in the local markets. "
Regarding the central bank’s role in dealing with concerns about the rise in the dollar’s exchange rate, al-Suri indicated that “the central bank sells dollars at an exchange rate ($ 1190), and there is no change in the price."
He continued: "Knowing that up to now, there is no intention of the Central Bank to raise the exchange rate, and all that is being circulated of opinions issued by MPs and politicians about fears of a high exchange rate represent means of pressure to achieve certain goals."
He warned that "the central bank seeks to pump hard currency, for the purpose of controlling its exchange rate in the local markets."
He pointed out that "private banks and banking companies have been identified to buy 30 thousand dollars a week," explaining that "this reduction in the infusion of hard currency came because of the lack of travel for tourism, medical treatments, and the lack of liquidity from hard currency."
As the picture indicated, "the Central Bank decided to receive foreign transfers in the form of 75% for the dollar, and 25% for the Iraqi dinar."
The exchange rate of the dollar rose again in the local markets in Iraq, to touch the new high today, Tuesday, 128 thousand dinars for every 100 US dollars.
The selling price of the dollar was 127,500 Iraqi dinars, while the purchase price was 126,500, roughly. As for international foreign exchange rates, the euro reached 100 euros per $ 121.20. link
Iobey777: YES!! and IMO, we all have learned from FRANK that "decrease in the Exchange Rate " really means DROPPING THE 3 ZEROS!! HELLO!!!
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Don961: Despite "reducing the currency pumping" in Iraq ... the dollar is "strangling" the dinar again and unleashing the "economic discord": it will rise even more!
2020-12-08 Yes Iraq - Baghdad
With the significant increase in the Iraqi market, today, Tuesday, the exchange rates of the dollar, the exchange rates of the dollar, touching the new high price of 128 thousand dinars for every 100 US dollars, declarations began, as usual, about the crisis that may continue or stop, as happened in previous days.
The financial and economic advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, denied today, Tuesday, December 08, 2020, that there is a government intention to raise the exchange rate of the dollar.
Saleh said in statements monitored by "Yass Iraq": "The talk about a governmental tendency to raise the exchange rate of the dollar, until it reaches the level of 150 thousand dinars against the $ 100, is absolutely incorrect and there is no plan proposed by the government for such an option."
He added that "the high exchange rate of the dollar in the local markets, at the present time, came because of rumors, which are launched here and there, and they are unfounded," noting that "this rise is temporary, and the coming days will witness a new decline in the exchange rate."
The selling price of the dollar was 127,500 Iraqi dinars, while the purchase price was 126,500, roughly speaking. As for international foreign exchange rates, the euro reached 100 euros per $ 121.20.
While the price of the pound sterling was 100 pounds per $ 133.57, while the price of the Turkish lira amounted to 100 dollars per 784.28 Turkish liras, while the global price of an ounce of gold was $ 1869.40.
As for the price of a barrel of Brent crude oil, it is $ 48.66, while the price of a barrel of US crude oil is $ 45.47.
Earlier, the economic expert, a member of the board of directors at the Central Bank, Majed Al-Suri, spoke today, Tuesday, about the reasons for the high exchange rate of the dollar in the local markets.
"Speculation, political and economic confusion, and citizens' lack of confidence in the future of the Iraqi dinar are among the main reasons for the high exchange rate of the dollar in the local markets," Al-Suri said.
On the role of the central bank in dealing, with fears of a high exchange rate of the dollar, al-Suri indicated that "the central bank sells dollars at an exchange rate (1190 dollars), and there is no change in the price."
He continued: "Knowing that up to now, there is no intention of the central bank to raise the exchange rate, and all that is being circulated of opinions issued by MPs and politicians about fears of an increase in the exchange rate represent means of pressure to achieve certain goals."
He warned that "the central bank seeks to pump hard currency, for the purpose of controlling its exchange rate in the local markets."
He pointed out that "private banks and banking companies have been identified to buy 30 thousand dollars a week," explaining that "this reduction in the infusion of hard currency came because of the lack of travel for tourism, medical treatments, and the lack of liquidity from hard currency."
As the picture indicated, "The Central Bank decided to receive foreign transfers in the form of 75% for the dollar, and 25% for the Iraqi dinar."
The exchange rate of the dollar rose again in the local markets in Iraq, to touch the new high today, Tuesday, 128 thousand dinars for every 100 US dollars.
The selling price of the dollar was 127,500 Iraqi dinars, while the purchase price was 126,500, roughly speaking. As for international foreign exchange rates, the euro reached 100 euros per $ 121.20. link
KTFA Monday Night CC and More ....12-7-2020
.KTFA:
Monday Night KTFA CC 12-7-2020
With Frank26 and team: Delta, MilitiaMan and Petra
PLAYBACK IS: 605.313.5163 PIN: 156996#
12-7-20....THEY TOLD THEM!!!
This call is in Frank’s and Team’s opinions.
“There is just not much else to do except get the new rate out!!!”
KTFA:
Monday Night KTFA CC 12-7-2020
With Frank26 and team: Delta, MilitiaMan and Petra
PLAYBACK IS: 605.313.5163 PIN: 156996#
12-7-20....THEY TOLD THEM!!!
This call is in Frank’s and Team’s opinions.
“There is just not much else to do except get the new rate out!!!”
Don961: Baghdad The International Monetary Fund is negotiating to determine the exchange rate
Monday 07 December 2020 Baghdad: Hoda Al-Azzawi
The Finance Committee in the House of Representatives expressed its hope that the 2021 budget bill will reach Parliament at the end of this week or early next week, with a deficit ranging between 40 to 50 percent of the volume of public spending, while the Al-Kazemi government intends to resolve the file in the regular session of the Council of Ministers that will be held tomorrow On Tuesday, it revealed that there are "job degrees" in the bill to be awarded to those entitled to it.
The government was late in preparing the budget due to the rapid change in global oil prices, which reached 49 dollars per barrel, in addition to negotiations with the International Monetary Fund to determine the exchange rate of the Iraqi dinar.
The Parliamentary Finance Committee also warned against “lowering the exchange rate of the dinar against the dollar, which will increase inflation rates and negatively affect low-income people who depend on salaries.”
Committee reporter Ahmed Al-Saffar told Al-Sabah: “The 2021 budget may reach Parliament at the end of the week or early next week,” attributing the reason for its delay to the rapid changes in global oil prices that reached $ 49 per barrel, which called for a review of the price The oil that is planned for the budget, as it affects revenues, the deficit, and how to spend it General ».
Al-Saffar expected that "the deficit ranges between 40 to 50 percent of the volume of spending," noting that "the other reason for the budget delay is due to negotiations between the Ministry of Finance and the International Monetary Fund to determine the exchange rate of the Iraqi dinar."
Al-Saffar revealed that "there are opinions to reduce the exchange rate of the Iraqi dinar against the dollar," indicating that "this measure will lead to inflation and negatively affect people with limited income who depend on their salaries." LINK
Briscom: Kaboom!!!
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Clare: Al-Kazemi advisor comments on Iraq's negotiations with the IMF on the exchange of the dollar
12/07/2020
Baghdad - Iraq today:
Advisor to the Prime Minister, Mustafa Al-Kazemi, commented, Monday (December 7, 2020) on Iraq's negotiations with the International Monetary Fund regarding determining the exchange rate of the dollar against the Iraqi dinar.
The appearance of Muhammad Salih said, "All matters related to negotiations between Iraq and the International Monetary Fund to determine the exchange rate of the dinar are in the discussion stage only."
He added, "The correct decision is for the cabinet when it discusses the draft budget very soon."
Today, Monday (December 7, 2020), the Finance Committee revealed negotiations between Iraq and the IMF regarding determining the exchange rate of the dollar. LINK
Samson: The Prospects Of Establishing A Sovereign Wealth Fund In Iraq
7th December, 2020
Throughout history, financial crises have been met with innovative reform plans that help develop the resilience of a country's economic system, except when it comes to Iraq.
All major oil producing countries have developed sovereign wealth funds to help mitigate the effects of potential price drops on their economies, but Iraq has yet to do so.
This has not only resulted in temporary budgetary issues for Iraq, but has also allowed serious economic challenges to become entrenched in both the political and social structures of the country.
A first glance at the current economic crisis would suggest the need for a sovereign wealth fund (SWF) to overcome the impact of oil price drops.
However, Iraq's economic challenges stem from legacy issues. Therefore, can a SWF help alleviate these historical challenges and bring about reform?
In effect, can a tool for financial diversification become a means for political and socio-economic reform?
17 page report .... Click here to read the full report by Mohammed Hussein Baraka.
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Clare: Proclamation on National Pearl Harbor Remembrance Day, 2020
Issued on: December 4, 2020
On the morning of December 7, 1941, Imperial Japanese forces ambushed the Naval Station Pearl Harbor on the Hawaiian island of Oahu. Tragically, 2,403 Americans perished during the attack, including 68 civilians. On this National Pearl Harbor Remembrance Day, we solemnly honor and uphold the memory of the patriots who lost their lives that day — “a date which will live in infamy” — and we reflect on the courage of all those who served our Nation with honor in the Second World War.
Seventy nine years ago, Imperial Japan launched an unprovoked and devastating attack on our Nation. As torpedo bombers unleashed their deadly cargo on our ships and attack aircraft rained bombs from above, brave members of the United States Navy, Marines, Army, and Army Air Forces mounted a heroic defense, manning their battle stations and returning fire through the smoke and chaos. The profound bravery in the American resistance surprised Japanese aircrews and inspired selfless sacrifice among our service members. In one instance, Machinist’s Mate First Class Robert R. Scott, among 15 Sailors awarded the Medal of Honor for acts of valor on that day, refused to leave his flooding battle station within the depths of the USS CALIFORNIA, declaring to the world: “This is my station and I will stay and give them air as long as the guns are going.”
Forever enshrined in our history, the attack on Pearl Harbor shocked all Americans and galvanized our Nation to fight and defeat the Axis powers of Japan, Germany, and Italy. As Americans, we promise never to forget our fallen compatriots who fought so valiantly during World War II. As a testament to their memory, more than a million people visit the site of the USS ARIZONA Memorial each year to pay their respects to the Sailors entombed within its wreckage and to all who perished that day. Despite facing tremendous adversity, the Pacific Fleet, whose homeport remains at Pearl Harbor to this day, is stronger than ever before, upholding the legacy of all those who gave their lives nearly 80 years ago.
On this National Pearl Harbor Remembrance Day, we recall the phrase “Remember Pearl Harbor,” which stirred the fighting spirit within the hearts of the more than 16 million Americans who courageously served in World War II. Over 400,000 gave their lives in the global conflict that began, for our Nation, on that fateful Sunday morning. Today, we memorialize all those lost on December 7, 1941, declare once again that our Nation will never forget these valiant heroes, and resolve as firmly as ever that their memory and spirit will survive for as long as our Nation endures.
The Congress, by Public Law 103-308, as amended, has designated December 7 of each year as “National Pearl Harbor Remembrance Day.”
NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, do hereby proclaim December 7, 2020, as National Pearl Harbor Remembrance Day. I encourage all Americans to observe this solemn day of remembrance and to honor our military, past and present, with appropriate ceremonies and activities. I urge all Federal agencies and interested organizations, groups, and individuals to fly the flag of the United States at half-staff in honor of those American patriots who died as a result of their service at Pearl Harbor.
IN WITNESS WHEREOF, I have hereunto set my hand this fourth day of December, in the year of our Lord two thousand twenty, and of the Independence of the United States of America the two hundred and forty-fifth.
TNT, X22 Reports, MilitiaMan and more Sunday Night 12-6-2020
.TNT:
Zimbabwe Unzips A Huge Wallet! – Humanitarian program puts money directly into citizens’ hands
November 29, 2020
After decades of debilitating sanctions, Zimbabwe is set for……..RESET. People the world over are registering by the millions for a humanitarian program that is guaranteed to shift the poor into a new wealth status and put power into their hands to maintain it.
The People, a trust organization, has launched HIPP (Humanitarian Intervention Prosperity Plan) that will credit all adults who register with $100,000 spending power via the World Economic RESET app. RESET is an online digital wallet app.
TNT:
Zimbabwe Unzips A Huge Wallet! – Humanitarian program puts money directly into citizens’ hands
November 29, 2020
After decades of debilitating sanctions, Zimbabwe is set for……..RESET. People the world over are registering by the millions for a humanitarian program that is guaranteed to shift the poor into a new wealth status and put power into their hands to maintain it.
The People, a trust organization, has launched HIPP (Humanitarian Intervention Prosperity Plan) that will credit all adults who register with $100,000 spending power via the World Economic RESET app. RESET is an online digital wallet app.
Though account holders may initially be limited to one thousand units spending per month, the deposited 100,000 units credit is an immediate economic status changer.
United human capital and a consumer-owned market guarantees an eternal wealth flow. Once underwritten with enough resources to jumpstart a local self-sustaining system, this economic engine of The People will drive itself.
The financial underwriting is in place and fuel from producers such as Venezuela are awaiting the united will of the people which is the ultimate social-political power of all nations.
For example, if the people of Zimbabwe unite into one entity with common economic interest of alleviating the current situation, then that entity can then demand that fuel is imported and distributed by them for collective benefit instead of benefit only to a few “highly connected” individuals.
The same goes for mining resources. The responsibility is on the people of Zimbabwe to work together not to select a political party for deliverance but exercise humanitarian intervention and deliver themselves with simple unity and trust.
This plan is being introduced to Zimbabwe via a trustee of The People; Ramzu Yunus, who introduced similar elements of this plan that was accepted by the late President Robert Mugabe but stifled by certain parties he refuses to mention.
“We have spoken months ago to and await word from the current President Emmerson Mnangagwa about plans of immediate alleviation of the fuel situation and other economic benefits,” says Yunus who continues; “imagine the people actually controlling and directly benefiting from the resources in a country as small but as wealthy as Zimbabwe, everyone will literally be millionaires!”
Ramzu Yunus thinks citizens of Zimbabwe will definitely join this win-win opportunity in which massive population is needed because of the inherent political power of the people to exercise this economic humanitarian intervention.
“It’s just registering for a FREE account with nothing at risk to lose besides poverty.” This confidence comes from a man who moved from America to Zimbabwe and lost millions due to hyper-inflation while trying to play a part in defeating human rights violations on Zimbabwe via United States’ illegal sanctions.
To put it simple, the people unite, take lawful control of the market and natural resources while such unity is leveraged to underwrite the financing of their “reset”. Interest groups and communities with farms and mining concerns needing investment in Zimbabwe should get involved immediately.
https://report.humanrightspolicy.us/2020/11/29/zimbabwe-unzips-a-huge-wallet/
Smitty76: Maybe a sign to start the GCR?
JudiBlueEyes: that Zim info was fantastic! It certainly should put some pep in your step! Hip Hip Hurrah!!!!!! Who knows what is next? Maybe Zim could be the first to exchange? Any speculations? Hmmm
SusanaC: 1:1 zim:usd
MacManNYC: 1 to 1 that sounds amazing
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Courtesy of Dinar Guru
Delta Article: "the International Monetary Fund to update the exchange rate of the Iraqi dinar before the end of the fiscal year," here we have it boom...NEW EXCHANGE RATE COMING OUT BEFORE END OF THIS YEAR...
Sunday Night X22 Reports
Trump & The Patriots Have Full Control, Great Reset Is Being Blocked. Ep 2346a
Trump and the patriots have now demonstrated that they are in control of the economy. They are blocking the great reset. The world is about to see something incredible in regards to the economy. The [CB] establishment has been trapped.
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The [DS] House Of Cards Comes Crashing Down, Evidence Shines Light On Fraud – Ep. 2346b
The [DS]/MSM entire house of cards is beginning to come crashing down. The [e] fraud that is being presented is unprecedented. The states are now ordering signature verifications, Trump and team are analyzing the Dominion voting systems and video has been coming out documenting the fraud.The world is watching and the [DS] system is now being exposed to everyone.
*****
X22 Report Spotlight:
Sean Stone – Follow The Lineage, The New World Order Is The Great Reset, Conspiracy No More
Sean begins the conversation with how the New World Order lineage are connected and they have been planning the great reset for a long time. Their mission is to remove the rights of the people and move the current world into their world. There is one problem, Trump, he stands in their way of completing their plan.
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KTFA:
Don961: Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the numbers to "reduce the financial deficit!"
2020-12-06 Yes Iraq - Baghdad
The Parliamentary Finance Committee informed the Presidency of the House of Representatives, today, Sunday, that it will hold continuous meetings as soon as the General Budget Law arrives in Parliament for discussion and approval as soon as possible. It is likely that the 2021 budget will be approved at the end of this December.
"The government has postponed sending the budget to the House of Representatives so far due to the high oil prices in the global market, which requires reformulating the numbers in the budget sections to reduce the financial deficit ceiling and increase revenues," the committee's reporter, Ahmed Al-Saffar, said in televised statements.
He explained that "the cabinet will meet next Tuesday and may approve the budget then or hold a special session to discuss and approve the budget next Wednesday, which means that the budget will reach the Presidency of Parliament early next week."
He added, "The draft budget is still up to the General Secretariat of the Council of Ministers to audit it in coordination with a special committee from the Ministry of Finance and the International Monetary Fund to update the Iraqi dinar exchange rate before the end of the fiscal year," indicating that, "according to government estimates that we have informed about the price of a barrel of oil." In the general budget it will be between 42 - 43 dollars.
The official spokesman for the Council of Ministers, Minister of Culture, Hassan Nazim, announced last week that the Council of Ministers decided to postpone its session devoted to discussing the draft Federal Budget Law 2021, until yesterday, Saturday, as it has not yet been held.
Expectations of the next deficit?
And on that, today, Sunday, a Foundation for Studies, the Iraqi government’s monthly expenditures exceeded the 6 trillion dinars barrier for the month of October, surpassing the general average for the year of 5.7 trillion Iraqi dinars.
The Future Iraq Foundation for Economic Studies and Consultations said in a statement that operating expenses for salaries rose to reach 3.45 trillion dinars, surpassing the general average for salaries of 3.34, an increase of 3.45%.
The statement pointed out that the expenses of social care increased by 19% compared with the annual general rate to reach 1.5 trillion dinars, indicating that "the total expenditures of the Iraqi government have increased by 5.85% from the annual rate to reach 6.12 trillion dinars," noting that "the general rate was 5.7 trillion dinars.
The statement added that “at the level of imports, imports achieved an increase of 8% compared to the general rate of imports, and despite the decrease in oil revenues by 10% from the general average, a significant increase of 175% in non-oil revenues, as non-oil revenues amounted to 1.186 trillion dinars. It is higher than the general average of 431 billion dinars, and thus the total revenues for the month of October (last) will be 4.652 trillion dinars.
He pointed out that "despite the increase in revenues, the government recorded a real deficit of 1.5 trillion dinars, and thus the total cumulative deficit of the Iraqi state for the year 2020 has reached 15 trillion dinars."
The institution expected; That "the deficit until the end of the year exceeds more than 29 trillion dinars as a result of the need for the government to pay debts dues at the end of the year in addition to the payments of oil licensing companies, which are expected to be worth more than 13 trillion dinars," according to the statement. LINK
MilitiaMan: Lets think about this one for a quick moment. Look who is showing up tomorrow to meet with some key players.. Note, they have special sales on hard currency for today and tomorrow per the CBI for imports..
The COM meets Tuesday about what..? 2021 Budget, salaries, etc.. The CBI front runs sales of hard currency for Sunday and Monday.. Getting the picture that something is a foot?
The Ministry of Finance and the IMF are talking about a change is coming to IQD exchange rate above. They are going to a market economy are they not?. They are not going to devalue that is sure, imo. They are going to increase the value, imo by the deletion of the three zeros from the exchange rate.
Hence, the need for the new small category notes the CBI spent tens of millions on. The need for automation at the borders.. The ones that are along the Jordanian border, the Saudi Arabia border, the Port of Faw, etc..
The broadcasting of the exchange rate to change speaks out oh so very loudly. The dealers in the world out there may very well need to be very careful on what they do from now on.
Nothing like getting a rate change that catches one off guard. That could be very costly!! So, with that said, I suspect there will be more leaks in respect to that matter! This started coming out over the last 24-48 hours, and then this one above smacks us!!! lol Lets see what they do next.. ~ MM
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""We hope that the 2021 budget file will be resolved in the cabinet session next Tuesday,"
In a rare step, the Central Bank of Iraq revealed the results of its dollar sales for Sunday and Monday together.
The central bank's website showed that the bank held two consecutive sessions on Sunday and tomorrow Monday, which showed that more than 188 million dollars were sold, most of which was to boost foreign assets for the purpose of importing goods from abroad, for Sunday.
"A source told {Euphrates News} that "a Saudi delegation headed by the Minister of Trade will arrive in Baghdad tomorrow to sign memoranda and economic agreements between the two countries." He added, "The visit will include the resolution of the stadium presented as a gift from Saudi Arabia to Iraq at the Basmaya site."
He pointed out, "The delegation will meet the President of the Republic, Barham Salih, and Prime Minister Mustafa Al-Kazemi."
"Two reasons blocking the approval of the 2021 budget, a talk about changing the exchange rate, and concerns about the salaries '' deadlock ''
"Away from what the parliament is witnessing regarding the upcoming budget, Al-Saffar explained that "there are negotiations between the Ministry of Finance and the International Monetary Fund regarding changing the exchange rate of the dollar," and this matter."
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Itsmedt: Anything over 1:1 would certainly lower the deficit IMO.
MilitiaMan: Yes that will do it. ~ MM
Kimbu: RE: “to audit it in coordination with a special committee from the Ministry of Finance and the International Monetary Fund to update the Iraqi dinar exchange rate before the end of the fiscal year,”
LINK
So i just went to the CIA website to look up the beginning of the fiscal year for iraq and the website stated ' calendar year'. If i'm not mistaken that would be january 1st. Didn't iraqs' fiscal year used to coincide with the USAs fiscal year? If so that is an interesting change.
Billuke: Iraq's fiscal year never changed, was always Jan - Dec. I've posted that CIA link here for the last couple of years especially around Sept/Oct timeframe when that fiscal year talk comes up.
Frank, Delta and KTFA Members "The IMF Says to Update the Exchange Rate Before the Fiscal Year End" 12-6-2020
.KTFA:
DELTA: FINAL ARTICLE #456
the International Monetary Fund to update the exchange rate of the Iraqi dinar before the end of the fiscal year,"
here we have it boom
NEW EXCHANGE RATE COMING OUT BEFORE END OF THIS YEAR... DELTA
Frank26: AMEN.. AMEN.. AMEN......FRANK26
KTFA:
DELTA: FINAL ARTICLE #456
the International Monetary Fund to update the exchange rate of the Iraqi dinar before the end of the fiscal year,"
here we have it boom
NEW EXCHANGE RATE COMING OUT BEFORE END OF THIS YEAR... DELTA
Frank26: AMEN.. AMEN.. AMEN......FRANK26
DELTA: FROM SOCIAL MEDIA .....MORE CONFIRMATION ....
"It takes a month to 45 days to send the budget to the Parliament," said Ahmed Al-Saffar, the rapporteur of the parliamentary finance committee, adding in a televised statement that "the cabinet has postponed discussing the budget because of the high oil prices, in addition to the issue of the exchange rate of the dollar against the Iraqi dinar and the existence of negotiations of the Ministry of Finance with the International Monetary Fund." DELTA
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Don961: Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the numbers to "reduce the financial deficit!"
2020-12-06 Yes Iraq - Baghdad
The Parliamentary Finance Committee informed the Presidency of the House of Representatives, today, Sunday, that it will hold continuous meetings as soon as the General Budget Law arrives in Parliament for discussion and approval as soon as possible. It is likely that the 2021 budget will be approved at the end of this December.
"The government has postponed sending the budget to the House of Representatives so far due to the high oil prices in the global market, which requires reformulating the numbers in the budget sections to reduce the financial deficit ceiling and increase revenues," the committee's reporter, Ahmed Al-Saffar, said in televised statements.
He explained that "the cabinet will meet next Tuesday and may approve the budget then or hold a special session to discuss and approve the budget next Wednesday, which means that the budget will reach the Presidency of Parliament early next week."
He added, "The draft budget is still up to the General Secretariat of the Council of Ministers to audit it in coordination with a special committee from the Ministry of Finance and the International Monetary Fund to update the Iraqi dinar exchange rate before the end of the fiscal year," indicating that, "according to government estimates that we have informed about the price of a barrel of oil." In the general budget it will be between 42 - 43 dollars.
The official spokesman for the Council of Ministers, Minister of Culture, Hassan Nazim, announced last week that the Council of Ministers decided to postpone its session devoted to discussing the draft Federal Budget Law 2021, until yesterday, Saturday, as it has not yet been held.
Expectations of the next deficit?
And on that, today, Sunday, a Foundation for Studies, the Iraqi government’s monthly expenditures exceeded the 6 trillion dinars barrier for the month of October, surpassing the general average for the year of 5.7 trillion Iraqi dinars.
The Future Iraq Foundation for Economic Studies and Consultations said in a statement that operating expenses for salaries rose to reach 3.45 trillion dinars, surpassing the general average for salaries of 3.34, an increase of 3.45%.
The statement pointed out that the expenses of social care increased by 19% compared with the annual general rate to reach 1.5 trillion dinars, indicating that "the total expenditures of the Iraqi government have increased by 5.85% from the annual rate to reach 6.12 trillion dinars," noting that "the general rate was 5.7 trillion dinars.
The statement added that “at the level of imports, imports achieved an increase of 8% compared to the general rate of imports, and despite the decrease in oil revenues by 10% from the general average, a significant increase of 175% in non-oil revenues, as non-oil revenues amounted to 1.186 trillion dinars. It is higher than the general average of 431 billion dinars, and thus the total revenues for the month of October (last) will be 4.652 trillion dinars.
He pointed out that "despite the increase in revenues, the government recorded a real deficit of 1.5 trillion dinars, and thus the total cumulative deficit of the Iraqi state for the year 2020 has reached 15 trillion dinars."
The institution expected; That "the deficit until the end of the year exceeds more than 29 trillion dinars as a result of the need for the government to pay debts dues at the end of the year in addition to the payments of oil licensing companies, which are expected to be worth more than 13 trillion dinars," according to the statement. LINK
JJimmyJJ: Wait... what did I just read?! to audit it in coordination with a special committee from the Ministry of Finance and the International Monetary Fund to update the Iraqi dinar exchange rate before the end of the fiscal year,"
Ross: Interesting how they seem to be telling the whole world we are going to increase our rate. I always assumed it would be Top Secret until the moment of Boom here it is. Nothing normal about Iraq. Seems the cat is out of the bag. Will be nice to hear our FF's(fireflies) take on all this. IMOO makes the middle of the month around the 15th more exciting.
MilitiaMan: I know right... EXPECTED... They just told the world openly that they are to update the exchange rate.. The shot that was heard around the World!! or WHAT!! lol ~ MM
I wonder if the brokers around the world heard it yet? lol ~ MM
Don961: Two reasons blocking the approval of the 2021 budget, a talk about changing the exchange rate, and concerns about the salaries '' deadlock ''
1,739 Policy 12/05/2020 21:55
Baghdad today - Baghdad
Parliament's financial reporter, Representative Ahmed Al-Saffar, revealed new details regarding a `` new crisis '' that the Iraqi economy is going through, and that concerns the political and technical consensus regarding the budget for next year.
Al-Saffar said, in a televised interview, followed by (Baghdad Today), that "one of the reasons for postponing approval of the budget for 2021 is the changes witnessed by oil prices during these days, and this justifies the delay in approving the draft budget."
He continued, "We believe that a budget of 70 trillion dinars will be sufficient for Iraq," noting that "budgets that exceeded 100 trillion have not been spent until now."
Away from what the parliament is witnessing regarding the upcoming budget, Al-Saffar explained that "there are negotiations between the Ministry of Finance and the International Monetary Fund regarding changing the exchange rate of the dollar," and this matter.
Regarding the Baghdad-Erbil agreement, he said, "Regarding the recent agreement between Baghdad and Erbil, a delegation from the region will visit Baghdad to discuss the budget handling mechanism," adding, "We believe that 250,000 barrels per day will be delivered to Baghdad, as well as 50 imports from the ports."
He stressed the Kurdistan Regional Government's readiness to "hand over all its imports in exchange for Baghdad to spend money for oil-producing companies."
On the other hand, a member of Al-Iqtisadiah, Mahmoud Al-Zajrawi, expressed his fear of a third borrowing scenario by the government.
Al-Zagrawi told (Baghdad Today), "The postponement of the cabinet session on the file to decide the fate of the 2021 budget may come due to a thorough reading of the financial situation, scrutinizing its items and looking into developing possible solutions."
Al-Zagrawi added, "If the postponement is repeated again, this will be the beginning of doubts that it is a government attempt to impose borrowing in the 2021 budget law," and continued, "This is an option that we will reject and will push us to demand its dismissal because the implications of borrowing are very bad for the Iraqi economy."
He expressed his hope that "the government will complete the budget file and expedite sending it to the House of Representatives for study and approval before the deadline for paying salaries next January to avoid major problems."
Al-Zajraoui indicated that "if the government really has determination on the third borrowing file, we will consider the impact in settling the budget as a pressure card on the street through the gate of delaying the payment of salaries in order to approve it," noting that "what we are presenting now is just doubts, hoping that the budget will be taken Its course is in the discount without the borrowing file. "
An informed political source revealed the reason for the postponement of the cabinet session to be held today, Saturday, to discuss the draft general budget law for the fiscal year 2021.
The source stated in an interview with (Baghdad Today), that “the cabinet session was postponed until next Tuesday, due to lack of agreement on a price My guess is for a barrel of oil in the bill. "
He added, "Among other reasons, the deficit rate was not specified in the draft budget, and there was no agreement on the value of the loans in it."
On Monday (November 30, 2020), Prime Minister Mustafa Al-Kazemi directed to send the 2021 budget to the General Secretariat of the Council of Ministers immediately for the purpose of checking it.
The spokesman for the General Secretariat of the Council of Ministers, Haider Majeed, said in a press statement, "Al-Kazemi directed the Ministries of Finance and Planning to send the 2021 budget immediately to the Cabinet Secretariat."
He added, "The prime minister directed the ministries of finance and planning to send the budget for the purpose of scrutiny by the legal department in order to allocate an extraordinary session for discussion and refer it to the House of Representatives for approval as soon as possible."
Majeed pointed out that "the government and parliament are unanimous in the need to expedite the approval of the 2021 budget.
Cabinet spokesman Hassan Nazim announced that a special session would be held for the purpose of discussing the draft federal budget law for the next year. link
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Don961: l-Kazemi's advisor identifies 4 factors to get out of the financial crisis
294 Economie 12/06/2020 18:27 Baghdad Today - Follow-up
The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Sunday, that financial planning will not determine the future of the coming months.
The official news agency quoted Saleh as saying that "financial planning is what determines the future of the coming months, starting from the first of January," indicating that "everyone is waiting for financial planning to know how to determine expenditures and revenues and address the deficit, if any." He added, "Exiting the financial crisis depends on management, compression of expenditures, maximizing resources and setting priorities in the correct manner, so that there are things that are subject to pressure and installments."
Regarding the possibility of Iraq borrowing again to fill the deficit, Saleh stated that "borrowing depends on the budget law and is determined by law in the House of Representatives," pointing out that "there are limits to the borrowing process," noting that "the danger lies in relying on one resource, oil, and setting its prices in the outside".
The Parliament's financial reporter, MP Ahmed Al-Saffar, revealed new details of a "new crisis" in the Iraqi economy, which concerns the political and technical consensus regarding the budget for next year.
Al-Saffar said, in a televised interview, followed by (Baghdad Today), that "one of the reasons for postponing approval of the budget for 2021 is the changes witnessed by oil prices during these days, and this justifies the delay in approving the draft budget."
He continued, "We believe that a budget of 70 trillion dinars will be sufficient for Iraq," noting that "budgets that exceeded 100 trillion have not been spent until now."
Away from what the parliament is witnessing regarding the upcoming budget, Al-Saffar explained that "there are negotiations between the Ministry of Finance and the International Monetary Fund regarding changing the exchange rate of the dollar," and this matter. On Monday (November 30, 2020), Prime Minister Mustafa Al-Kazemi directed to send the 2021 budget to the General Secretariat of the Council of Ministers immediately for the purpose of checking it.
The spokesman for the General Secretariat of the Council of Ministers, Haider Majeed, said in a press statement, "Al-Kazemi directed the Ministries of Finance and Planning to send the 2021 budget immediately to the Cabinet Secretariat."
He added, "The prime minister directed the ministries of finance and planning to send the budget for the purpose of scrutiny by the legal department in order to allocate an extraordinary session for discussion and refer it to the House of Representatives for approval as soon as possible."
Majeed pointed out that "the government and parliament are unanimous in the need to expedite the approval of the 2021 budget. LINK
Don961: A "preliminary agreement" between Baghdad and Erbil ... oil for salaries
Sunday 06 December 2020 Baghdad: Hoda Al-Azzawi
The central government reached with the Kurdistan Regional Government a "preliminary agreement", which includes sending the salaries of Kurdistan employees, in exchange for handing over 250 thousand barrels to the federal government with 50 percent of the border crossing revenues.
This agreement is somewhat similar to the previous agreement in the government of Adel Abdul Mahdi, with the addition of some paragraphs, as it will be included in the 2021 budget, which may accelerate its approval in Parliament.
The differences between Baghdad and Erbil escalated against the backdrop of the parliament’s approval of the “Financing the Financial Deficit” law, which enabled the Iraqi government to borrow internally to pay the salaries of employees.
The law stipulated that the Kurdistan Regional Government of Iraq pay its financial dues to the federal government, before proceeding with the payment of employees' salaries.
The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, said in a statement to Al-Sabah: "The federal government reached with the regional government the same old agreement, which was supposed to be included in the 2020 budget that was not approved." He added, "The agreement included delivering 250 thousand barrels per day to Baghdad, in addition to 50 percent of the ports' revenues, in return for the Kurdistan region's share of the federal budget, which amounts to 12.67 percent, at the forefront of which is salary insurance." He pointed out that "this initial agreement will be included in the 2021 draft budget."
For his part, a statement by the Presidency of the Kurdistan government said, "The regional government president, Masrour Barzani, met with the regional government delegation that negotiated with the federal government, and the meeting discussed the latest developments regarding the course of talks with the federal government regarding salaries and financial rights for the region." LINK
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Samson: Economic Outlook: A deficit in the Iraqi budget of more than 29 trillion dinars by the end of 2020
6th December, 2020
On Sunday, an institution for studies monitored that the monthly expenditures of the Iraqi government exceeded the 6 trillion dinars barrier for the month of October, exceeding the general average for the year of 5.7 trillion Iraqi dinars.
The Future Iraq Foundation for Economic Studies and Consultations stated, in a statement received by Shafaq News; Operating expenses related to salaries rose to reach 3.45 trillion dinars, surpassing the general salary average of 3.34, an increase of 3.45%.
The statement pointed out that the expenditures for social care increased by 19% compared to the annual general rate, to reach 1.5 trillion dinars. And he indicated that "the total expenditures of the Iraqi government have increased by 5.85% from the annual rate to reach 6.12 trillion dinars," noting that "the general rate was 5.7 trillion dinars."
The statement added that "at the level of imports, imports achieved an increase of 8% compared to the general rate of imports, and despite the decrease in oil revenues by 10% from the general average, a significant increase of 175% in non-oil revenues, as non-oil revenues reached a value of 1.186 trillion dinars. It is higher than the general average of 431 billion dinars, so that the total revenue for the month of October (last) is 4.652 trillion dinars."
He pointed out that "despite the increase in revenues, the government recorded a real deficit of 1.5 trillion dinars, and thus the total cumulative deficit of the Iraqi state for the year 2020 has reached 15 trillion dinars."
The institution expected; That "the deficit until the end of the year exceeds more than 29 trillion dinars as a result of the need for the government to pay debts dues at the end of the year in addition to paying the amounts of oil licensing companies, which are expected to be worth more than 13 trillion dinars," according to the statement. LINK
MilitiaMan and KTFA Members "Digital Transformation" and more 12-5-2020
.KTFA:
MilitiaMan: Digital transformation.. I hope everyone gets the bigger picture here.. Digital is block chain ready and capable. Transparent and can interlink with secondary markets at a similar level, just as the customs are to be as well..
They are ready now not next year, that will be an evolutionary part of the process down the road.. imo Closing out the 2019 and 2029 books is on the table tomorrow (Saturday) imo..
We shall see imo.. -MM
Don961: The Central Bank and the Union of Arab Banks agree on the digital transformation of banking
Saturday 05 December 2020 Baghdad: Morning
KTFA:
MilitiaMan: Digital transformation.. I hope everyone gets the bigger picture here.. Digital is block chain ready and capable. Transparent and can interlink with secondary markets at a similar level, just as the customs are to be as well..
They are ready now not next year, that will be an evolutionary part of the process down the road.. imo Closing out the 2019 and 2029 books is on the table tomorrow (Saturday) imo..
We shall see imo.. -MM
Don961: The Central Bank and the Union of Arab Banks agree on the digital transformation of banking
Saturday 05 December 2020 Baghdad: Morning
The Secretary-General of the Union of Arab Banks, Sam Hassan Fattouh, made a phone call to the Governor of the Central Bank, Mustafa Ghaleb Makhif, during which they reviewed the efforts of the Central Bank in the framework of banking reform in the country.
A statement by the Central Bank, a copy of which was received by Al-Sabah, stated that "the Secretary-General expressed his appreciation for the efforts aimed at strengthening the strength of the Iraqi banking sector and its ability to secure banking services in accordance with the highest international standards."
He added, “The two sides reviewed aspects of joint cooperation on several levels, as the Governor of the Central Bank of Iraq explained the reform plan, which is mainly based on activating the supervisory approach, increasing confidence in the banking sector with the aim of empowering the sector and strengthening its development and economic role, and working to build relations with banks and international financial institutions. “.
The statement continued, “The two sides discussed research and technical support in the field of digital transformation of banking work, training and qualification of human resources in the Iraqi banking sector, which includes an elite group of experts, as well as the Central Bank, in line with modern banking developments, working within its framework, and activating the sector’s role in providing Economic and social support and support, and improving the investment environment in the country.
The Secretary-General of the Union of Arab Banks, Wissam Hassan Fattouh, stated that an agreement had been reached with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, to agree to establish joint activities, including conferences and special training courses in the field of compliance, governance and digital transformation, to serve and contribute to achieving what was agreed upon between the two parties. .
Fattouh affirmed, "The Union of Arab Banks has set all its capabilities to support the reform efforts of the Central Bank, and to provide technical and technical support to Iraqi banks, especially in the areas of digital transformation, combating money laundering and terrorist financing." LINK
DELTA: Iraq organizes global conference to attract investment in transport sector in early 2021
Direct: The Iraqi Ministry of Transport announced Friday that a global investment attraction conference will be held early next year.
The Ministry of Transport said Friday that it will announce the contract of the port of Faw before The 15th of This Month, according to the Iraqi news agency .
Zaid Khalil Shaalan al-Assadi, general manager of the General Company for The Rationalization of Transportation and Transportation Projects, told that the ministry will organize a global conference early next year to open up to international companies in all sectors of the existing railways, lines, air navigation, trucks, transit and the port sector and maritime navigation.
Al-Assadi said the ministry will invite relevant embassies such as Chinese, Korean, American, Indian and even Arab embassies for countries that have a long history in this field, and the invitation will be for companies, whether governmental or private.
Al-Assadi stressed that the Ministry of Transport urges attracting investment in all sectors, service and advancement as happened in other neighboring countries, pointing out that the Ministry of Transport is open to starting vital strategic projects with Arab countries.
Al-Assadi said the fao port file takes up the bulk of the ministry's work, and will start with five projects in the area of expansion, water deepening and the construction of two piers.
We believe that fao port has 99 piers and that the doors are open to all companies to complete these berths.
Al-Assadi said the minister of transport will announce before 15 th of this month the contract of the port of Faw either with Daewoo or another Chinese company.
He explained that companies are studying offers in terms of cost and quality of work and that the field of investment in ports is open to all Arab and foreign companies, especially those of Arab and Asian countries.
If completed, these projects will be an opportunity for tens of thousands of workers in Iraq, 80 percent of the country's workforce, he said.
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Samson: It will create thousands of jobs" .. Iraq aspires to be the "main stop" on the Silk Road
5th December, 2020
The Minister of Transport, Nasser Hussein Al-Shibli, confirmed, Saturday, that Iraq will be the "main station" in the international land and sea road project, the "Silk Road" linking the two continents of Asia and Europe, but he said that this is related to the completion of the construction of the large port of Faw and the signing of the contract in the coming days, following the agreement with The company implemented.
The official Al-Sabah newspaper quoted Al-Shibli as saying, "If a port is completed The FAO, Will be Iraq Center (Silk Road) You are working on China To connect Europe with Asia," noting that "the completion of the project will be followed by the implementation of the dry canal to connect a port The FAO Turkey, And thus completing the connecting line of China to me Pakistan And port The FAO By sea, and by rail to Europe. "
Al-Shibli added that "the implementation of (Silk Road) Through Iraq It will provide thousands of jobs and a great economic return to the country, equivalent to oil financial revenues, and is linked to the completion of a port The FAO Al-Kabeer said
That his ministry would complete the first phase of the port The FAO Early next year, explaining that "the sum of the contract allocated is two billion and 650 thousand dollars, and the ministry continues to negotiate with the Korean company to agree on this price and reduce the value of the contract," pointing out that "Port The FAO It includes five large projects with a completion period of three and a half years.
Mentioned that China In 2013, it announced its initiative to create (Silk Road The new), which is a network of ports and railways that will connect nearly 65 countries around the world. LINK
MilitiaMan: What do you bet the ink will dry quickly on the port deals with the rate exposed? Imo it is a given.. - MM
Samson: Kurdistan Democratic Party: Initial agreement regarding the 2021 budget
5th December, 2020
The Kurdistan Democratic Party announced, on Saturday, a preliminary agreement regarding the budget for the year 2021.
"The agreement includes the delivery of oil from the region and half of the imports of the border crossings to the federal government."
Jaza added, "The agreement includes the export of oil through the (SOMO) company only, and the region’s share in the budget is 12.67 percent." LINK
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Samson: Parliamentary Finance: We will not allow the government to borrow again, and we will oblige it to submit the 2021 budget
08:55 - 12/05/2020
Member of the Parliamentary Financial Committee, Faisal Al-Issawi, confirmed, on Saturday, that the government will not allow the passage of any law for borrowing, indicating that Parliament will vote on a formula in which the government is required to submit the 2021 budget, regardless of the percentage of deficit in it.
Al-Issawi said in a statement to / information / that "Parliament through voting on a formula that obliges the government to present the 2021 budget in its form and whatever the percentage of deficit is to apply the law."
He added, "It is unreasonable to continue borrowing and allow the government to work on debts without any supervision or calculation, and it should think about real reforms."
He pointed out that "the committee has provided dozens of solutions to the government in order to take advantage of financial and economic opportunities and not to rely entirely on oil." LINK
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Don961: Report: Businessmen flee their money to international banks due to "lack of confidence" in Iraqi banks
2020-12-04 Yes Iraq: Follow up
Businessmen in Iraq suffer from weak banking systems, which drives them to resort to banks in neighboring countries in their international commercial dealings, while many citizens do not trust them and save their money in their homes.
"The Iraqi banking systems are far from international standards," says economist and head of the Lawyers Union in Diwaniyah, Abbas Anid Ghanem.
According to Ghanem, the problems go back decades, and specifically to the 1990s, when the sanctions imposed on Saddam Hussein's regime caused the isolation of Iraq from the world.
After the US-led coalition invaded the country in 2003, widespread looting emptied banks of liquidity.
More than 70 banks have been established since then, but the sector as a whole has not developed.
The World Bank reported in 2018 that the three largest banks, namely Al-Rafidain, Al-Rasheed and Al-Iraqiya for state-owned trade, hold about 90 percent of the sector's assets.
The three public banks mainly pay the salaries of eight million Iraqi employees, but the state had to borrow from them following the collapse of oil prices this year, which raised its domestic debt.
As for the director of the Al-Akhyyar Contracting Group, Adel Al-Salhi, the problem with public banks is that they are satisfied with "loans to the state and paying the salaries of employees and they are not interested in dealing with the trade sector and supporting businessmen."
This is especially true for the Rafidain and Rasheed banks, and to a lesser extent the Iraqi Trade Bank, which was established by the US Coalition Provisional Authority under the supervision of the civilian governor Paul Bremer in 2003.
But Ghanem explains that “sectarian and partisan quotas in the political system and administrative and financial corruption are matters that have affected this banking institution,” which almost limits its role in lending to the government.
Although the Iraqi Trade Bank is the only one that enables merchants to open credits, it “does not provide any banking facilities to us (businessmen), and asks us for guarantees with a very high value of up to 110 percent to provide a letter of guarantee only,” according to Al-Salhi.
This prompted the group of good guys for contracting to resort to banking services outside the country, like many companies that have come to rely on banks in Jordan, Turkey, Lebanon or even Iran to facilitate their dealings.
The issue is not only about financial facilities, but also, according to Salhi, "transparency" in transactions and the provision of "special employees from within banks according to the evaluation and work of the trader", unlike Iraqi banks that "deal with us as employees in a dry manner."
According to the World Bank, less than 5 percent of small and medium enterprises obtained loans from local Iraqi banks, while most merchants and investors resorted to borrowing from family and friends.
Ghanem attributed this to the high value of interest that banks take, especially in investment projects, as it "ranges from seven to ten percent, while most of the world's advanced banks do not reach more than one percent."
Iraq ranked 172nd out of 190 countries ranked in the World Bank's "ease of doing business index" report, just ahead of Afghanistan and war-torn Syria, despite it being the second crude producer in OPEC.
The problems of the Iraqi banking sector do not stop at the companies, as its services are not well received by citizens either.
World Bank figures indicate that only 23 percent of Iraqi families have an account with a financial institution, which is among the lowest in the Arab world. Those account holders are especially state employees whose salaries are distributed to public banks at the end of each month.
But salaries do not remain for long in the accounts, as soon, lines form in front of banks of employees who withdraw their salaries in cash and prefer to keep them in their homes, due to the lack of confidence of Iraqis in banks.
Memories of bank looting and robbing during the 2003 invasion are still fresh in their minds, and many lost their savings.
Nabil Kazem was one of the victims. After robbing the banks, he says, “I had a lot of difficulty getting my money back. This did not happen until years later, which made me lose confidence in the banks.
In addition, Kadhim attributes his reluctance to keep his money in the bank to the lack of electronic and card-based payment mechanisms in "buying and selling transactions, especially in large amounts transactions."
Kazem prefers to resort to the services of exchange offices or private banks to obtain money transfers from abroad because it is "better and faster than government banks, but even more secure than them."
"The Iraqi banks do not allow depositing in dollars for savings purposes, and this causes a great loss of hard currency," explains the economic expert, Abbas Inid Ghanem.
This also reveals the lack of confidence in the local currency, as many citizens "convert their savings and money into dollars and hoard them in homes."
Ghanem notes that there is a paradox between official rhetoric and reality. "The state calls on citizens to deposit their savings in banks," while "it does not amend the laws of these banks and does not provide them with any basic services." LINK
MilitiaMan and KTFA Members Friday Night "Exchange Rates are Sensitive" 12-4-2020
.KTFA:
MilitiaMan: An economist calls for deleting the three zeros from the dinar to strengthen the local currency.
Twig said: It is known that the monetary mass in circulation is about 60 (?) trillion dinars, which is not available at the Central Bank of Iraq, the banks and the public, and it is a large monetary block compared to the economic transactions of the Iraqi economy and that a large proportion of this block suffers from compactness and therefore this does not help the Central Bank of Iraq in drawing a policy Effective cash calling on the central bank to delete three zeros or gradual deletion of zeros to make the value of the dinar appear at a higher value and that the processes of evaluation and monetary balance will be formed quickly in the market economy.
KTFA:
MilitiaMan: An economist calls for deleting the three zeros from the dinar to strengthen the local currency.
Twig said: It is known that the monetary mass in circulation is about 60 (?) trillion dinars, which is not available at the Central Bank of Iraq, the banks and the public, and it is a large monetary block compared to the economic transactions of the Iraqi economy and that a large proportion of this block suffers from compactness and therefore this does not help the Central Bank of Iraq in drawing a policy Effective cash calling on the central bank to delete three zeros or gradual deletion of zeros to make the value of the dinar appear at a higher value and that the processes of evaluation and monetary balance will be formed quickly in the market economy.
" He added: The monetary mass can become approximately 15 to 25 trillion (billion?) dinars and the value of the new dinar converges to the value of the dollar, which facilitates the process of calculation and allows small and new denominations of cash to appear in the money market. LINK
MilitiaMan: The economist in the above seems to b suggesting a new dinar is to be the value of the dollar.. If that is not leakage I don't know what is. There are people on the ground in Iraq talking about the exchange rate change that is coming. This is evidence of it too.
We know they printed a new issue of currency from the CBI site, imo. They spent money and large sums of money on it. To adjust to or converge to the value of the dollar, they will have a need for the new issue.
With the recent article about the parallel, secondary and cash markets we can deduce in short order that they are gearing for a change and pronto.. imo.. The numbers (exchange rate) are sensitive. They need to be undercover until the last moment.. imo..
Thus, if they have the COM meeting and they have the (correction) rate, then with banks be closed tomorrow, one may think a window is about to close.. The currency auction of old will be of a new.. imo.. sooner than later.. imo ~ MM
Samson: In a lengthy message to Baghdad ... Kurdistan government: We committed ourselves to the agreement, and the time has come to pay the benefits
4th December, 2020
On Thursday, the Kurdistan Regional Government published the text of a lengthy message sent by Prime Minister Masrour Barzani to the Federal Prime Minister, Mustafa Al-Kazemi regarding the region's financial dues.
In a statement received by Shafaq News Agency, she said that Barzani recently sent a letter to Federal Prime Minister Mustafa Al-Kazemi in which he talked about constitutional means to resolve outstanding disputes, and emphasized the principles of partnership, consensus and balance, and the region's permanent readiness to settle these problems.
In his message, the Prime Minister touched on the initiatives undertaken by the Kurdistan Region since the ninth ministerial cabinet was formed, to settle disputes by sending official delegations to Baghdad, during the previous government headed by Adel Abdul Mahdi and the current government headed by Al-Kazemi.
And the Prime Minister of Kurdistan confirmed in his message that, after the formation of the Al-Kazemi government, the Kurdistan Region agreed to the message of Minister of Finance Ali Abdul-Amir Allawi, after which intensive meetings were held between the two sides, which resulted in the approval of the Kurdistan Regional Government on all the items put forward to reach a sustainable agreement on the draft federal budget.
According to the statement, the letter also dealt with the agreement on the clause on settling pending financial matters between the two sides, which was confirmed by the General Secretariat of the Federal Council of Ministers in its letter No. (13229) dated 15/8/2020.
The text of the message stated, "The aforementioned agreement stipulated that the Federal Ministry of Finance should finance the region at an amount of 320 billion dinars per month to pay some of the region’s expenditures. This amount was determined on the basis of an equation based on the federal government's estimates of oil imports from the region’s oil production and other regional imports."
In his message, the Prime Minister said: "This means that the federal government has deducted all oil and non-oil imports of the region from its actual entitlements from the federal budget, thus negating the justifications for accusing the region of not committing to the delivery of oil and non-oil revenues." He continued: "Despite this agreement, the Kurdistan Region did not receive any amount for the months (May, June, July, October) for the year 2020, in addition to not disbursing the dues and salaries of the Peshmerga despite its inclusion in the allocations of the Ministry of Defense."
The Prime Minister emphasized that the method of passing the Fiscal Deficit Financing Law for 2020 is a violation of the principles of balance, partnership and consensus, and stressed that the Kurdistan Region was and still is fully prepared to fulfill its oil and financial obligations, and in return it deserves to be paid to the region in full.
He said, "We would like to confirm the firm's position and vision of the regional government to reach an agreement based on the provisions of the constitution in light of the draft Federal Budget Law for the year 2021, which we previously explained according to our books numbered (1839) on 5/10/2020, and (379) in 10/18/2020, and our special message to your country in May 2020, and at the present time we believe that it is necessary to instruct the Federal Ministry of Finance to pay the region's benefits for the months referred to above, according to what was stated in the joint agreement on 8/15/2020.
The Prime Minister had confirmed during the last meeting of the Council of Ministers that he was in continuous contact with Al-Kazemi and the Federal Cabinet, and they had made promises to solve the issue of the financial rights of the region's citizens in the next few days. LINK
Samson: A high-ranking delegation from the Kurdistan Regional Government heads to Baghdad
3rd December, 2020
A high-ranking delegation from the Kurdistan Regional Government headed from Erbil International Airport on Thursday evening to Baghdad to discuss with the federal government about the country's financial budget for 2021.
An informed source in the Kurdistan Region told Shafaq News that the delegation is headed by the region's Finance Minister Awat Sheikh Janab, and the membership of Khaled Shawani, the Minister of Regional Affairs, and Abdul Hakim Khusraw, Director General of Coordination and Follow-up in the Council of Ministers.
The source, who requested anonymity, added that the delegation also includes Directors General of Budget and Accounts. He explained that the delegation will meet with officials of the Iraqi Federal Ministry of Finance to discuss the country's draft fiscal budget for 2021 next year.
Earlier Thursday, the President of the Kurdistan Regional Government, Masrour Barzani, sent a letter to the Iraqi Prime Minister, Mustafa Al-Kazemi, asking him to abide by the agreement concluded between them last August, which includes sending Baghdad to 320 billion dinars per month to the region.
Barzani said that the Kurdistan Region did not receive any amount for the months of May, June, July, and October of 2020, in addition to not disbursing the dues and salaries of the Peshmerga despite its inclusion in the allocations of the Ministry of Defense. He pointed out that this amount was agreed upon after the federal government deducted all oil and non-oil imports of the region from its actual entitlements from the federal general budget. LINK
MilitiaMan: Interesting that September is not included. But, the even more interesting point is to me that they say the Oct payments were not made. They may have in other areas, however, they were not for the Kurds.. I am not sure they paid the Oct and I hear they have not paid the Nov either.. Why? Didn't they state that the 2019 FMLA was to be applied to the 2020 budget at 1/12th ratio through August? They mentioned back then that 2020 would be different and the last 4 months would be sorted differently. They still may have that in the plan.. We may find out tomorrow too, since the 2021 is to be at the COM. Will the rate be different in reflection of the last 4 months? ...
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MilitiaMan: A deputy sets the date for the budget to arrive in Parliament, and confirms that we need 3-4 weeks to approve it
12:55 - 12/03/2020
MP Mudhar Al-Karawi set, on Thursday, the date for the 2021 budget law to reach the House of Representatives, while stressing the need for 3-4 weeks to be approved by the parliament.
Al-Karawi said in an interview with "Al-Maouma", that "the 2021 budget law will arrive in the House of Representatives next week in any case, pointing out that the Saturday session of the Council of Ministers on discussing the budget law will decide the choice by voting on it."
Al-Karawi added, "The budget law needs 3-4 weeks for extensive discussions about its paragraphs before voting on them." He explained, "The period may decrease or increase according to what is included in the articles in the budget, especially since it is not known until the moment and what are the paragraphs contained in it, especially with the government's promises that it will include reform measures within what is known as the white paper in order to correct the course of the national economy and maximize financial revenues."
A government source had confirmed in a previous statement to "the information" that the cabinet would submit the budget bill to the parliament in the middle of next month, indicating that the cabinet would hold a special session to review the bill early next week.
MilitiaMan: We talked about they have sensitive data or numbers. They tell us above they are to have extensive discussions on paragraphs (rate/correction, imo) that are not known until the last moment.
I mentioned this today already. Exchange rates are sensitive. They are not put out to ponder on long.. Once out, there is action to take and quickly for many reasons. Some can be found in the link below. Note page 140 - 141 for interesting bits.. imo ~ MM
KTFA Members "News and Views" Thursday Afternoon 12-3-2020
.KTFA:
DeepWoodz: Imo...Just wanted to highlight some things I think are (Thumbs Up)
Upcoming elections are now funded. 329 billion dinars.
Extraordinary sessions on Friday and Saturday for the 2021 budget.
Kurds are paying salaries.
Deposits in banks up by 42% from first quarter 2019 to first quarter 2020.
Rafidain bank pays December social welfare salaries.
Oil at $48 a barrel
Israel to open an embassy in Bahrain.
KTFA:
DeepWoodz: Imo...Just wanted to highlight some things I think are (Thumbs Up)
Upcoming elections are now funded. 329 billion dinars.
Extraordinary sessions on Friday and Saturday for the 2021 budget.
Kurds are paying salaries.
Deposits in banks up by 42% from first quarter 2019 to first quarter 2020.
Rafidain bank pays December social welfare salaries.
Oil at $48 a barrel
Israel to open an embassy in Bahrain.
Samson: Parliament intends to read the election financing law and pass 4 laws in the Saturday session
3rd December, 2020
The House of Representatives intends to discuss the law on financing the expenses of the upcoming elections in the Saturday session, in addition to voting on 4 laws.
The session’s agenda includes voting in principle on the draft refugee law, voting on the draft law on the accession of the Republic of Iraq to the Convention on Limits of Liability for Maritime Claims of 1976 as amended by the 1996 Protocol, including the limits of liability amended therein.
The session also includes voting on a draft law on the accession of the Republic of Iraq to the 2000 Protocol amending the Convention for the Suppression of Unlawful Acts Against the Safety of Maritime Navigation of 1988, in addition to voting on the draft law on the accession of the Republic of Iraq to the International Convention on Civil Liability for Damage from Oil Pollution of the year 18 .
The agenda also includes the first reading of the draft law on financing the expenses of the elections to the House of Representatives, and the report and discussion of the second reading of the draft law of the third amendment to the Law of Implementation of Irrigation Projects No. (12) for the year 191. (Agriculture, Water and Marshes Committee).
The session includes the first reading of the draft law on the accession of the Republic of Iraq to the International Convention on Intervention on the High Seas in the event of accidents causing oil pollution for the year 1969 and the protocol relating to intervention on the high seas in cases of pollution with substances other than oil for the year 18, as well as the first reading of the draft Convention on Transport Services Air between the government of the Republic of Iraq and the government of the United Arab Emirates. LINK
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Samson: The judiciary is officially moving on one of the "biggest corruption outlets in Iraq"
2nd December, 2020
The Media Office of the Supreme Judicial Council announced, on Wednesday, that it will start investigating the documents and documents of the banks benefiting from the auction of buying and selling hard currency, which is classified by economists as one of the main corruption outlets in Iraq after 2003.
In a statement received by Shafaq News Agency, the Judicial Media stated that the investigation court concerned with combating money laundering and economic crime, in response to the Central Bank's request regarding the investigation of documents and documents submitted by the participating banks in the foreign currency sale and purchase window, to verify their authenticity and compliance with the law.
Late last year, the Iraqi Integrity Commission revealed details of criminal cases related to the "currency auction" file that it is investigating, and talked about "three tricks" used by government banks, including using people's accounts without their knowledge and depositing checks for others who do not have a balance.
According to the Integrity Commission, the cases included private and governmental banks, some of which claimed to have imported goods inside Iraq, but "no material has entered Iraq since 2004," according to the commission's statement. LINK
Samson: The Judiciary Conducts The Investigation With The Documents Of The Joint Banks In The Foreign Currency Sale Window
2nd December, 2020
The Supreme Judicial Council announced that the competent judicial bodies will start investigating the documents submitted by the joint banks in the currency auction held by the Central Bank.
A brief statement issued by the Supreme Judicial Council, today, Wednesday, indicated that the investigation court specialized in combating money laundering and economic crime has responded to the request of the Central Bank, and began conducting the investigation with the documents and documents submitted by the participating banks in the foreign currency sale and purchase window to verify their validity and compliance with the law.
It is noteworthy that many of the statements questioned the veracity of the data provided by banks to obtain hard currency when participating in the currency auction conducted by the Central Bank, with the intention of obtaining profits or smuggling hard currency out of the country. LINK
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Samson: Within months .. About 11,000 people, including terrorists, were arrested in Iraq
13th December, 2020
The Falcons Intelligence Cell announced the arrest of thousands of wanted suspects accused of terrorist and criminal crimes and cases of extortion and forgery during the past ten months, while the cell continues to implement the strategic plan to pursue terrorism and elements of organized crime; It revealed the implementation of many crushing strikes by ISIS
The semi-official Al-Sabah newspaper, in its Thursday edition, quoted the head of the Falcons Cell and the Director General of Intelligence and Combating Terrorism at the Ministry of Interior, Abu Ali Al-Basri, as saying that “during the past ten months, the agents of the Intelligence Directorate and the Falcons Cell managed to arrest about 11,000 suspects wanted for committing Terrorist and criminal crimes, murder, fraud, electronic extortion, and drugs.
The cell also managed to destroy five terrorist hideouts and kill its occupants in the southern regions of Hatra, Tharthar and Jisr Al-Aqarib, as well as seizing 212 missiles of various types and 18 explosive belts.
The cell and the intelligence directorates carried out dozens of specific operations in the regions of Baghdad, Abu Ghraib, Salah al-Din, Diyala, and in remote areas in the west and south of the country, under the supervision of the Commander-in-Chief of the Armed Forces, Mustafa Al-Kazemi and Minister of Interior Othman Al-Ghanimi, in coordination with the Joint Operations Command. Al-Basri said that terrorists were also killed. The perpetrators of the terrorist attack in the army’s watchtower in the Al-Zaidan area in Abu Ghraib last month. The terrorists were chased and killed in Al-Zaidan 6 hours after the terrorist operation.
With careful intelligence follow-up from the Falcons cell in the Ministry of the Interior, the group that committed the terrorist operation against the citizens was identified between (Al-Zawiya and Al-Meshak) within the Salah El-Din operations sector at the foot of the Makhoul mountain range, in coordination with the Joint Operations Command. Last Monday, four air strikes were carried out in coordination with the "F-15" aircraft of the international coalition, and the strikes resulted in the killing of all members of the terrorist group consisting of five terrorists, who planned and carried out terrorist acts in that region.
Al-Basri stressed that since the beginning of this year, the Interior Intelligence and the Falcons Cell, in coordination with other security agencies, have prepared a tight intelligence plan to follow up and prosecute the terrorist elements of those who are wanted in court and sleeper cells in all regions of Iraq, especially in the provinces liberated from the grip of ISIS in 2018. LINK
Samson: Iraq signs seven memoranda of understanding with Egypt
12/03/2020 18:00:13
The head of the Iraqi Coordination Council, Minister of Planning Khaled Najm Al-Battal, said today, Thursday, that the Iraqi delegation will sign seven memoranda of understanding with the Egyptian side during its visit to Cairo.
A statement issued by the General Secretariat of the Council of Ministers, a copy of which was received by the Al Furat News Agency, stated that, "The Iraqi-Jordanian-Egyptian Coordinating Council discussed today, Thursday, the agenda of the visit that the Iraqi delegation will make to Cairo next week and the memoranda of understanding that will be signed with the Egyptian side."
The statement indicated that the Chairman of the Council, Minister of Planning, Dr. Khaled Najm Al-Battal, during the council session held today at the headquarters of the General Secretariat of the Council of Ministers, confirmed that the Iraqi delegation will sign during the visit seven memoranda of understanding with the Egyptian side, indicating that the notes will include enabling the stalled projects in Iraq, and cultural, scientific, development and agricultural protocol projects, in addition Activating the memoranda of understanding signed during the recent visit of the Egyptian Prime Minister and his accompanying delegation to Baghdad.
The statement noted that, during the visit, the delegation will hold bilateral meetings between ministers of the Iraqi side with their counterparts, as well as conducting a number of field visits to a number of important projects in Cairo, and a tripartite meeting will be held between the members of the Iraqi-Jordanian-Egyptian Coordination Council, on the sidelines of the visit. LINK
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Samson: Germany allocates 324 million euros to support Iraq
3rd December, 2020
Germany announced, on Thursday, that it will allocate 324 million euros for the reconstruction of Iraq, the return of displaced persons, and reforms in the service sectors
Planning Minister Khaled Battal Al-Najm said in a statement that "Al-Iktissad News" received a copy of it, "Consultative meetings between Iraq and Germany started today in Baghdad and Germany through the hypothetical (WEPEX) program, which comes within the framework of strengthening joint cooperation between the two countries
Al-Najm asked Germany for "more cooperation between the two countries, and to take advantage of the large investment opportunities available in Iraq," indicating that "the Iraqi government is serious about conducting economic reforms and addressing defects
Al-Najm added that "the reform process in the white paper will include many paths, including improving the investment environment and making it more attractive to investors, and working to generate more job opportunities." The issue of ending the issue of the displaced, economic reforms and support for the private sector
For his part, German Economy Minister Martin Jagger stressed the importance of "partnership with Iraq, in various fields, in a way that strengthens and strengthens bilateral relations," stressing "the willingness of German companies and government to support the efforts of the Iraqi government, invest in Iraq, and work to achieve economic reforms in several fields
He added, "Germany has allocated 324 million euros to support Iraq, of which 270 million euros are earmarked for reconstruction and the return of displaced persons, and 60 million euros, to support reforms in service sectors and infrastructure throughout Iraq," praising at the same time "the white paper presented by the government." Iraq, as usual, is an important key to achieving economic reform in Iraq LINK
Frank, Delta and KTFA Members Tuesday 12-1-2020
.KTFA:
Tidbits from Frank26 Monday Night CC: 11-30-2020
CC 11-30-20 https://fccdl.in/X8LZYAHTer
Frank26: 1. The floor managers of the Iraqi banks have been provided the information on the rate change (tellers should be next and it shouldn't be very long).
2. Iraq is doing currency swaps (part of the deal Kazemi made with Trump to raise the rate)
3. Iraqi satellite banks have been notified of the coming rate change.
4. ATMs loaded with new small category notes will be turned on soon.
KTFA:
Tidbits from Frank26 Monday Night CC: 11-30-2020
CC 11-30-20 https://fccdl.in/X8LZYAHTer
Frank26: 1. The floor managers of the Iraqi banks have been provided the information on the rate change (tellers should be next and it shouldn't be very long).
2. Iraq is doing currency swaps (part of the deal Kazemi made with Trump to raise the rate)
3. Iraqi satellite banks have been notified of the coming rate change.
4. ATMs loaded with new small category notes will be turned on soon.
DELTA: FROM SOCIAL MEDIA....
"The deletion of three zeros or the gradual deletion of zeros makes the value of the Iraqi dinar appear to be higher value and the monetary balance will be formed rapidly in the market economy," said economist Raad Twigg, adding that "the monetary bloc could become approximately 15 to 25 trillion dinars, and the value of the new Iraqi dinar is close to the value of the dollar, which facilitates the calculation process and allows small and new monetary groups to appear in the monetary market."
MilitiaMan: The whole time we have been watching, they have too. Social media knows the leakage.. They should know by now!! Imo
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Don961: An economist calls for deleting the three zeros from the dinar to strengthen the local currency
Baghdad Post
Monday, November 30, 2020 01:19 PM
Economic expert Raad Twig called , the central bank to delete the three zeros from the dinar to strengthen the local currency.
Twig said: It is known that the monetary mass in circulation is about 60 trillion dinars, which is not available at the Central Bank of Iraq, the banks and the public, and it is a large monetary block compared to the economic transactions of the Iraqi economy and that a large proportion of this block suffers from compactness and therefore this does not help the Central Bank of Iraq in drawing a policy Effective cash calling on the central bank to delete three zeros or gradual deletion of zeros to make the value of the dinar appear at a higher value and that the processes of evaluation and monetary balance will be formed quickly in the market economy.
" He added: The monetary mass can become approximately 15 to 25 trillion dinars and the value of the new dinar converges to the value of the dollar, which facilitates the process of calculation and allows small and new denominations of cash to appear in the money market. LINK
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Samson: In November, tax revenues provide 620 billion dinars for Iraq's treasury
1st December 2020
The Iraqi Ministry of Finance announced on Monday the achievement of financial revenues of about 620 billion dinars from taxes in the month of November, an increase of 400 billion compared to the revenues of the same month in 2019.
The ministry said in a statement received by Shafaq News, that "the General Tax Authority affiliated with the Ministry of Finance financial revenues amounted to about 620 billion dinars for the month of November 2020."
She added, "The General Tax Authority has worked to provide all the necessary support and facilities for the purpose of obtaining the amounts from the taxpayers, which contributed to the steps and procedures followed from the high rates of revenues achieved by the treasury by the authority."
The treasury indicated that "the authority has achieved amounts that exceeded 230 billion dinars within the payments system, which will be included in the revenues of next December."
It said that "tax revenues achieved an increase of 400 billion dinars compared to the month of November 2019, which recorded revenues of 206 billion." LINK
Samson: Iraq's financial revenues exceed $ 3 billion from the sale of oil within a month
1st December, 2020
The Ministry of Oil announced, on Tuesday, the total exports and revenues achieved for the month of last November.
According to preliminary statistics issued by the national oil marketing company "SOMO", which amounted to more than 81 million barrels and revenues of more than 3 billion dollars.
The ministry said in a statement received by Shafaq News that "the amount of exports, according to the preliminary statistics, of crude oil from the SOMO Oil Marketing Company amounted to (81) million (262) thousand and (376) barrels, with revenues of (3) billion and (394) million And (988) thousand dollars."
And she added that "the total quantities of exported crude oil for the month of last November from the oil fields in central and southern Iraq amounted to approximately 78 million and 190 thousand and 444 barrels. As for the Kirkuk fields through the port of Ceyhan, the exported quantities reached two million and (819) thousand and (169) barrels, and the quantities exported to Jordan amounted to (252) thousand and (763) barrels.
It indicated that "the total daily rate of exports amounted to two million and (709) thousand barrels," indicating that the average price per barrel reached (41,778) dollars.
It is noteworthy that the Ministry of Oil exports crude oil from the southern fields through the ports of Basra, while the oil is exported from the northern fields through the Turkish port of Ceyhan. LINK
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Samson: Warning Against "Floating Currency" To Raise The Price Of The Dollar Against The Iraqi Dinar
1st December 2020
The economist Rasim al-Akidi said that the floating of the dollar, or what is known as the liberalization of the exchange rate, takes place through two methods, the first is pure or free, and the second is the controlled or controlled method, and in both cases the price of the dollar will rise against the Iraqi dinar and will lead to the withdrawal of a large amount of the monetary mass in Markets.
Al-Aqidi added, that the withdrawal of a large cash block corresponds to 4 drawbacks at the same time that will arise and the affected will be large segments, including the increase in prices in the markets in addition to the factories’ reluctance to produce because the value of profits will decrease in front of costs in addition to the absorption of per capita income and the increase in rental prices, so the interest will be limited by analogy. Other damages.
According to Al-Aqidi, Iraq needs an economic rescue plan that starts from maximizing non-oil revenues, which are many, and keeping the influential parties away from them because a large part of the financial resources does not go to the state treasury, and this is part of the causes of the current financial crisis in the country.
Economists’ opinions differed on the “floating of the dinar” in front of the dollar exchange to face the deficit crisis in the financial budget. One party believes that the procedure will serve the Iraqi economy in the medium term by activating the industrial and agricultural sectors, but another party believes that it will eliminate the poor and middle classes.
The Central Bank of Iraq rejected the idea of "floating the dinar" during the next stage to increase government revenues and be able to pay employees' salaries in the coming days, citing its fear of increasing prices and harming the vulnerable classes.
The estimated budget for 2020 suffers from a large deficit of 50 trillion dinars. Observers expected the deficit to rise with the oil market losing about 50% of its prices. LINK
Samson: Parliamentary calls for achieving sovereignty, removing American forces, and ensuring the dignity of the Iraqi citizen
08:32 - 01/12/2020
Called for deputies from various political blocs, to ensure the achievement of the sovereignty of Iraq and the removal of US forces and preserving the dignity of the Iraqi citizen at home and abroad.
The deputy of the Badr Parliamentary Bloc, Karim Al-Muhammadawi, told "the information", that "the weakness of the government is behind the underestimation of Iraq's sovereignty and preventing its citizens from entering the UAE," stressing the need for a government decision to be taken regarding the Emirati behavior and transgressing international norms.
For his part, MP for the Alliance of the Walkers Sabah Al-Saadi stressed in a statement to "the information", the need to achieve sovereignty by not colluding with the American presence, and to activate parliamentary questions in this regard.
To that, a member of the Parliamentary Foreign Relations Committee, Amer Al-Fayez, confirmed to "the information", that “Iraq no longer needs American forces. Especially in the field of combating terrorism, as this matter should be resolved, especially as there is ambiguity in the actual numbers of US forces present in Iraq. LINK
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Samson: Parliamentary energy in the process of completing the law of the national oil company
1st December, 2020
Today, Tuesday, the Parliamentary Oil and Energy Committee confirmed that it is about to complete the National Oil Company Law, indicating that the law will pave the way for the initiation of the oil and gas law.
A member of the committee, Sadiq Al-Sulaiti, told the Iraqi News Agency (INA): "The committee is about to complete the amendment of the National Oil Company Law, and this law took part of the oil and gas law." He added that "after the completion of the national oil law, it is possible to initiate the oil and gas law."
It is noteworthy that the House of Representatives has completed the first reading of the first amendment bill to the Iraqi National Oil Company Law No. 4 of 2018. L
KTFA Monday Night CC and Iraq News 11-30-2020
KTFA:
KTFA MONDAY NIGHT CONFERENCE CALL..
PLAYBACK IS: 605.313.5163 PIN: 156996#
Frank26: 11-30-20....Everyone Knows
This video is in Frank26 and hisTeam’s opinions….
Special Guest report from “Blustar” and reports from the team MilitiaMan, Delta and Petra.
Blustar was on NewsMax today…Check out NewsMax on 11-30-2020 at HOWIE CARR 11-30-20 AROUND 4:26
KTFA:
KTFA MONDAY NIGHT CONFERENCE CALL..
PLAYBACK IS: 605.313.5163 PIN: 156996#
Frank26: 11-30-20....Everyone Knows
This video is in Frank26 and hisTeam’s opinions….
Special Guest report from “Blustar” and reports from the team MilitiaMan, Delta and Petra.
Blustar was on NewsMax today…Check out NewsMax on 11-30-2020 at HOWIE CARR 11-30-20 AROUND 4:26
Samson: Representative Finance: The proposal for a "white paper" to replace the currency requires a lot of money
30th November, 2020
The Parliamentary Finance Committee confirmed, on Monday, that the "white paper" submitted by the Prime Minister, Mustafa Al-Kazemi, includes a proposal to replace the currency, noting that this proposal requires a lot of funds to implement it.
It is noteworthy that the Iraqi Prime Minister, Mustafa Al-Kazemi, confirmed, last June, that the government had prepared a "white paper" for the upcoming reforms. According to the document, the proposed period for implementation is 3 years from 2021 to 2023.
Committee reporter Ahmed Al-Saffar told Shafaq News: "The reform paper to address the financial crisis presented by the House of Representatives includes one of its points reviewing the exchange rate while studying the possibility of proceeding with steps to delete zeros, with the amendment of the mechanism for selling the currency and preserving the hard currency and the exchange rate of the dollar against the Iraqi dinar."
He added that "the application of this proposal requires better economic possibility and conditions than the current situation with the availability of financial liquidity for the application," noting that "currency exchange requires a lot of money to print currency abroad." LINK
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Samson: Al-Kazemi directs to send the 2021 budget immediately to the Cabinet Secretariat
30th November, 2020
The General Secretariat of the Council of Ministers announced, on Monday, that Prime Minister Mustafa Al-Kazemi had directed that the budget be sent immediately to the General Secretariat for the purpose of checking it
"The Prime Minister directed the Ministries of Finance and Planning to send the budget immediately to the General Secretariat of the Council of Ministers for the purpose of checking it by the legal department in order for an extraordinary session to be allocated for discussion and referred to Parliament for approval as soon as possible
Majeed added, "The government and parliament are unanimous on the need to expedite the approval of the 2021 budget LINK
Samson: Al-Kazemi issues a directive regarding the budget and parliament that monitors change in salary spending
On Monday, Prime Minister Mustafa Al-Kazemi directed to send the Budget Law for 2021 to the General Secretariat of the Council of Ministers for scrutiny.
The spokesman for the General Secretariat of the Council of Ministers, Haider Majeed, said in a statement received by Shafaq News, that the directive was issued by Prime Minister Mustafa Al-Kazimi, directing the ministries of Finance and Planning to send the budget law for 2021 to the General Secretariat of the Council of Ministers for the purpose of checking it. He added that after that, an extraordinary session will be allocated for discussion and referred to the House of Representatives for approval as soon as possible.
For its part, the Parliamentary Finance Committee revealed that government spending on employee salaries in the fiscal budget for 2021 will be different from the current year’s budget, and confirmed that it is awaiting approval of the budget law in the Council of Ministers and its referral to the House of Representatives.
Committee member Jamal Cougar told Shafaq News, "The volume of government spending for salaries in the general budget for next year is 51 trillion dinars, but it will be different in the general budget for the current year 2020. And he stated that "in 2020, appointments were made in the number of state institutions, in addition to revealing the presence of aliens, double-wages and exceeding the salaries of retirees and social care, all of this will change the size of the general budget for the next year."
Cougar pointed out that "Parliament is awaiting the approval of the draft general budget bill for 2021 in the Council of Ministers, after which this law will be sent to Parliament," indicating that "if the law reaches Parliament, it will be discussed and the total amount and financial deficit in the budget will be known."
And the Iraqi parliament had approved on 11/12/2020 the internal and external borrowing law worth 12 trillion dinars (10 billion dollars), in an effort to end the crisis of delayed payment of state employees' salaries that has been going on for nearly two months as a result of the failure to approve the budget law, and the financial crisis that interacted after the retreat. Oil prices affected by the Corona pandemic. LINK
DeepWoodz: Imo....oh boy!!!!!!
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Samson: Trump advisor heads to Saudi Arabia and Qatar
11/30/2020 08:56:17
Reuters reported that Jared Kushner, son-in-law and advisor to US President Donald Trump, will head a delegation to Saudi Arabia and Qatar for talks.
The agency quoted a senior US administration official as saying that "Kushner will meet within the next few days, the Saudi Crown Prince Mohammed bin Salman in the Saudi city of Neom, and the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, in Doha."
"Kushner will be accompanied by US envoy to the Middle East Avi Berkowitz, Brian Hook, and head of the American International Development Finance Corporation, Adam Buehler, on the visit," the official. LINK
"Sunday News" Posted by Samson 11-29-2020
.KTFA:
Samson: The Presidency of the Iraqi Republic reimposes permanence by 100%
29th November, 2020
The Presidency of the Republic of Iraq decided to completely re-impose official working hours in all its departments, starting from the beginning of next month.
According to an official letter appended to the signature of the Director General of the Administrative Department in the Presidency of the Republic, Hershoe Taher Aziz, the official working hours for all Presidency employees will be 100% as of Tuesday, 1-12-2020.
The Iraqi government had decided to resume official working hours in state departments and institutions after easing the restrictions it imposed with the outbreak of the epidemic in the country.
KTFA:
Samson: The Presidency of the Iraqi Republic reimposes permanence by 100%
29th November, 2020
The Presidency of the Republic of Iraq decided to completely re-impose official working hours in all its departments, starting from the beginning of next month.
According to an official letter appended to the signature of the Director General of the Administrative Department in the Presidency of the Republic, Hershoe Taher Aziz, the official working hours for all Presidency employees will be 100% as of Tuesday, 1-12-2020.
The Iraqi government had decided to resume official working hours in state departments and institutions after easing the restrictions it imposed with the outbreak of the epidemic in the country.
LINK
Samson: How much does parliament need to approve the 2021 budget and what will happen to its first month's salaries?
1/29/2020 17:12:40
The Parliamentary Finance Committee revealed, on Sunday, the time period for approving the federal budget for the year 2012, while commenting on the fate of employees' salaries for the month of January.
A member of the committee, Ahmed Hajj Rashid, told Al-Furat News that "the government was slow in sending the draft budget for 2021, and Parliament needs a full month to pass the law." Rasheed held the government "responsible for securing the salaries of employees and the lack of services for citizens by delaying sending the budget law to the parliament."
He also called on the government to "process January salaries and secure them through oil money, especially after the rise in prices, and postpone other obligations," describing the salaries as "the red line and the engine for the local market."
Regarding the SOMO company, Rasheed said, "According to the company's data, the government gets more than $ 3.5 billion a month, which is sufficient to secure salaries," noting that "the government is deliberately reluctant to obtain funds for other sectors." According to him, Rashid concluded, "There are no final accounts for the year 2020 because the budget was not approved." LINK
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Samson: Parliamentary Finance reveals the volume of money smuggled outside Iraq and calls for use from it to repay the loans
19:41 - 11/28/2020
The Parliamentary Finance Committee revealed, on Saturday, the amount of money smuggled outside Iraq, while calling on the government to make use of it in bridging loans.
The committee's reporter, Ahmed Al-Saffar, said in a statement to "the information", that "the volume of smuggled and frozen funds outside Iraq reached 500 billion dollars," noting that "this number is large and can be used in many aspects."
He added that "the move to recover that money has become a necessity and the government must act with it quickly," calling on "the government to move internationally to return these funds and benefit from them by resolving the financial crisis and filling the debts owed by Iraq because of the loans that were withdrawn for salaries during the past months."
A member of the Parliament's Integrity Committee, Alia Nassif, confirmed that there is a need for government action to retrieve the frozen and smuggled funds outside Iraq, explaining in a press briefing that her committee does not have accurate statistics of the value of smuggled money.
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Samson: The United Nations expresses its position on the recent events in Iraq
29th November, 2020
The United Nations Mission to Iraq (UNAMI) expressed on Sunday its condemnation of the violence that accompanied the storming of the protest squares in the southern regions of the country.
The mission expressed, in a statement today, its regret for the loss of life and the casualties among the Iraqi demonstrators.
She called for all parties to remain calm, urging at the same time the authorities to do their utmost to protect peaceful demonstrators and ensure that the perpetrators of violence are held accountable.
A number of Tishreen protesters were killed and dozens were wounded when gunmen from the Sadrist movement accompanied by members of the security forces dispersed the sit-in squares on Friday and Saturday in the cities of Nasiriyah and Kut, in southern Iraq. LINK
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Samson: Western Iraq .. Opening of an international road that has been closed for nearly 6 years
28th November, 2020
The commander of Anbar Operations, Major General Nasser Al-Ghanem, directed, on Saturday, to reopen the bridge linking the international highway and the old road that has been closed since 2014.
Al-Ghannam said in a statement received by Shafaq News, that “We issued orders to lift the dirt mounds and open the bridge linking the international highway with the old road, specifically the 18th kilometer to facilitate the movement of wheels after it was closed since 2014 to facilitate the movement of citizens to the old road from km 18 instead of going to km 35".
He added, "We will spare no effort to support the citizens of Anbar Province." LINK
Samson: America and Kuwait support an Iraqi government "free from malign influence"
28th November, 2020
In a joint statement, the United States and Kuwait called for the need for "unity" and for resolving the dispute between the Gulf states.
The fourth US-Kuwaiti strategic dialogue statement touched on Kuwait's efforts to preserve the stability of Iraq, pointing to its emphasis on the importance of "the existence of a stable Iraqi government free of malign influence."
"This is a clear goal for both Kuwait and the United States, and we support the ongoing meetings of the Supreme Ministerial Committee between Kuwait and Baghdad, and return the remains of the victims of the Gulf War, stressing the sovereignty of Iraq and territorial integrity," he added.
The United States opened the fourth strategic dialogue with Kuwait, and launched a series of bilateral working groups.
Over the course of two weeks, issues related to "politics, human rights, development, education, scientific cooperation, security, consular protection, customs, border protection, trade, investment and defense" were discussed.
The dialogues ended with a meeting with US Secretary of State Mike Pompeo and his Kuwaiti counterpart, Ahmed Nasser Al-Mohammed, in Washington on the 24th of this month. LINK
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Samson: Turks Buying Gold ... Deepens The Losses Of The "Lira"
29th November, 2020
The decline of the lira over the past year pushed the Turks to rush to buy gold, and the prevailing desire among Turks now to buy gold bars is a burden on the lira, which is resisting for the sake of recovery and raising its value against the dollar.
In the two weeks since President Recep Tayyip Erdogan cleansed the leadership positions that were blamed for failing to stabilize the lira and depleting reserves, Turkish retail and corporate investors added $ 2.2 billion to their gold holdings, raising it to $ 36.4 billion, according to central bank data.
The Turks do not let their enthusiasm for owning gold despite the historical shift in the lira and the drop in bullion prices this month, but since gold imports now represent most of the current account deficit, the purchases stand in the way of fixing Turkey's external imbalances even as the authorities adopt a form Increasingly, the market-friendly approach that foreign investors crave.
“We see steady demand from local investors for gold even when global prices rise - unattractive deposit rates and distrust of the lira are the main reasons behind the demand,” Dogukan Cicek, executive director of business development at Troy Precious Metals in Istanbul, told Bloomberg. “The decline in global gold prices is also seen as an opportunity for those who believe that the journey to gold is far from over.”
Turkey is one of the largest consumers of gold in the world:
Turkey is one of the largest consumers of the precious metal around the world. Turks use gold as protection in times of devaluation and inflation and traditionally gift it to events from weddings to circumcision ceremonies.
Local investors are flocking to buy foreign currencies along with gold.
Hard currency deposits increased 34.5 billion dollars to record 228.2 billion dollars this year.
Turks added $ 3.94 billion to their foreign currency savings through November 20
Buying the best gold despite its declining prices:
It is difficult to change local customs associated with the acquisition of gold even after the lira rose by more than 10% in the week following the ouster of the central bank governor and the resignation of Erdogan's son-in-law as finance minister. However, the currency has grown less stable in recent days, even after the central bank raised interest rates by the most in more than two years and took other measures to calm the lending boom.
The Turkish currency has lost 25% this year, making it the second worst performing in emerging markets after the Argentine peso. While gold fell in November, after falling for three consecutive months, it is still up about 19% this year after hitting a record high in August. Compared to the lira's decline, the precious metal provided local investors with better returns than bonds
The demand for gold purchases is not only increasing from investors, as the Turkish Central Bank continues to accumulate its gold reserves, which raised its holdings to their highest level ever last month. According to Istanbul Stock Exchange data, Turkey's gold imports are on the way to the largest amount since 2017.
The challenge facing Erdogan and his new economic team is to keep people away from gold and instill confidence in the lira. “Asking for gold means increasing demand for foreign currencies by buying it,” said Evrin Kerikoglu, an independent market strategist in Istanbul. "It is one of the obstacles to the rise in the value of the lira." INK
MilitiaMan and Don861 Saturday PM "They Have The Green Light" 11-28-2020
.KTFA:
Don961: Customs: Automating our procedures according to the ASYCUDA system will affect the development of the Iraqi economy
Economie| 07:00 - 28/11/2020 Baghdad - Mawazine News
The General Customs Authority announced, on Saturday, that the automation of its procedures according to the global AsyCoda system will be reflected in the development and development of the Iraqi economy.
The authority stated in a statement that Mawazine News received a copy of, that it is "urging steps and exerting great efforts to finalize the project of computerizing customs procedures according to the global ASYCUDA program in cooperation with the United Nations Conference on Trade and Development (UNCTAD)."
KTFA:
Don961: Customs: Automating our procedures according to the ASYCUDA system will affect the development of the Iraqi economy
Economie| 07:00 - 28/11/2020 Baghdad - Mawazine News
The General Customs Authority announced, on Saturday, that the automation of its procedures according to the global AsyCoda system will be reflected in the development and development of the Iraqi economy.
The authority stated in a statement that Mawazine News received a copy of, that it is "urging steps and exerting great efforts to finalize the project of computerizing customs procedures according to the global ASYCUDA program in cooperation with the United Nations Conference on Trade and Development (UNCTAD)."
She added, "This project will have a positive impact on the development and organization of the economy as well as maximizing the state treasury revenues in the long run and will achieve a qualitative leap in the use of information and communication technology."
And she emphasized, "The application of this system will keep us up to date with the development in the exchange of information between us and the customs of neighboring countries in addition to facilitating trade and the global supply chain of exports and imports."
Ended 29 / h LINK
"The Automated System for Customs Data (ASYCUDA)”
MilitiaMan: The system as we have seen in the recent past, is a key to generating revenues with transparency between trading partners on many fronts. It is a large source of revenues that needs to be monitored fairly with as little corruption as possible, imo. The country of Iraq, is about to put on big boy pants and shoes to run into a global market. Delete the zeros and go!!! imo .. ~ MM
https://unctad.org/system/files/official-document/dtlasycudamisc2019d2_en.pdf
"The UNCTAD report describes the experiences of several countries in the world that implemented ASYCUDA, analysing its impact in terms of increase of total customs revenue, reduction of corruption (because of the elimination of human intervention in the handling of customs processes), reduction of wait times at the border, and enhancement of the capacity of Customs in general."
http://www.ddcustomslaw.com/in.....38;lang=en
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Don961: A surprising jump in the level of trade exchange at an Iraqi border crossing
2020-11-28 Yes Iraq: Follow up
A local official in Anbar Governorate revealed an "unprecedented" jump in the level of trade exchange at Trebil border crossing since its opening.
The advisor to Anbar province for energy affairs, Aziz Khalaf Al-Tarmouz, said in a press statement followed by Yass Iraq, that “the Tarbeel border crossing with Jordan, west of Anbar, recorded an increase in the pace of trade exchange for the first time since its opening, as the number of trucks coming from Jordanian lands towards the Tarbeel port reached More than 2000 trucks loaded with various goods per day. ”
He added that “the increase in the pace of trade exchange with Jordan represents a shift in the provision of goods needed by the local markets, indicating that“ the security forces conduct checks of trucks and their drivers to verify the goods and truck drivers and know the security situation, explaining that “all the roads that lead to the Tarbail border crossing With Jordan, security and stability, and that the security forces are carrying out operations to secure the international highway for the movement of goods and travelers. LINK
MilitiaMan: A final push to get the goods in before the change over from a PR to IR? (Program Rate to International Rate) As there may/will be taxes to be addressed, ones that won't be able to be hidden. The new system is about to be immediately activated. Their words not mine.. imo ~ MM
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Don961: Without amendments or reservations ... The green light to activate the "white paper" ... Iraqis face officially "harsh reforms"
2020-11-28 Yes Iraq: Baghdad
Today, Saturday, the Parliamentary Finance Committee in the House of Representatives called on the government of Prime Minister Mustafa Al-Kazemi to start implementing the provisions of the White Paper.
And it included a document issued by the committee and addressed to the Presidency of the Council of Ministers, that “Out of the solidarity responsibility of the Iraqi Council of Representatives, represented by the Parliamentary Finance Committee, we invite you to start implementing the provisions of the white paper that you submitted to the Finance Committee.”
She added: "The fact that most of what is mentioned in it falls within the powers of the executive authority to determine the timelines necessary for implementation and the institutions responsible for their implementation, so that performance can be monitored and evaluated."
And she continued: "We would like to send you some additional urgent reform measures proposed by the Finance Committee, which can be reflected positively in the short term to address the financial and economic crisis that the country is going through, hoping to work on it."
In conclusion, we see in the white paper progress in the economic vision that seeks to form a legally binding economic constitution to be implemented in the future financial and economic life of the country if it is legislated, and this requires strong political will in financial and economic reform.
LINK
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"The proposals sent by the Finance Committee to the Council of Ministers include urgent solutions to the financial crisis and give the government a real opportunity to remedy its repercussions or mitigate them at the very least," Muthanna Abdul Samad Al-Samarrai, deputy head of the Parliamentary Finance Committee, said in an official statement.
"the Finance Committee sent a letter to the government demanding the necessity of implementing the recommendations of the white paper presented by the Ministries of Finance and Planning, given that most of these recommendations are at the core of the jurisdiction and powers of the executive authority, and that the committee emphasized the need to determine the necessary timings and institutions responsible for implementing the recommendations in order for Parliament Performance monitoring and evaluation. "
"It provides the opportunity for the international monetary institutions to control our economic situation in general. " LINK
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The Parliamentary Finance Committee issued proposals to address the financial crisis in Iraq, which included reviewing the exchange rate of the dollar against the dinar, establishing a national telecommunications company and imposing a value-added tax.
The reforms presented by Parliamentary Finance included, from three axes, the first entitled Maximizing Revenues and Rationalizing Expenditures and included the immediate activation of compulsory collection of services provided to government, commercial, industrial, agricultural and household institutions, such as electricity, water, sewage, landlines and their deduction from grants and salaries, in addition to reviewing crude oil prices The provider of the refineries, and the unutilized government assets such as real estate and land flow through selling them by public auction, imposing a value-added tax of 12%, and obligating all institutions to send the Ministry of Finance's share of the total revenues up to date.
On taxes, it included the formulation of the tax withholding ladder by supporting the low-income segments by raising the minimum tax level, adjusting the tax price of the people concerned to a price close to the price of neighboring countries, and imposing annual taxes on all cars according to their type.
The reform paper also focused on the Ministry of Finance, in coordination with the Central Bank, to issue an electronic dinar for the purpose of collecting government revenues and deserved tags, reviewing the exchange rate against the dollar, deleting zeros, freeing banks from the hands of the Ministry of Finance and forming an independent financial body that includes banks, money transfer companies and insurance companies, and reducing The interest rate on investment projects. LINK
MilitiaMan: The interesting take away from all of the snippets above is about timing, necessities, who has the authority to do implementations of the recommendations within the reform papers, etc.. They have the green light it appears to get the activation in gear.
They are urgent in their motive! They clearly want immediate activation.
The AYSCUDA system is in place or is said to be very close now at ports and borders. The system is a globally renowned system for accurate and anti corruption methods of reporting and monitoring customs!!! They are all about transparency, being digital and mostly cashless in totality. Making it easier and faster to get revenues in to the coffers!
They even tell us they have a formulation for tax withholdings. They have taken into consideration of the poor. The UNCTAD / AYSCUDA know full well what they are doing and we all know that the G7, IMF, WB, BIS, et al., are all there to support Iraq in this endeavor. They will use the AYSCUDA system to do just that. It has block chain technologies imo..
So with the system looking to be activated immediately and with an adjusted tax pricing similar to Iraq's neighbors and in coordination with the Central Bank who will issue and electronic dinar for collecting revenues while adjusting (reviewing) the exchange rate with the dollar and deleting the zeros.. All necessary and immediate items on the agenda.. Not in months from now... No..
International entities of the largest kind are looking for the "correction" to the white papers. That correction per the UN, imo is the rate change from the program rate to an internationally acceptable one.
One that may be priced competitively to the neighbors.. Last I heard Kuwait is a neighbor with far less value.. imo .. JMTC.. That said, the efforts being taking are amazing!!! Looking very very very good imo ~ MM
"The UNCTAD report describes the experiences of several countries in the world that implemented ASYCUDA, analysing its impact in terms of increase of total customs revenue, reduction of corruption (because of the elimination of human intervention in the handling of customs processes), reduction of wait times at the border, and enhancement of the capacity of Customs in general."
http://www.ddcustomslaw.com/in.....38;lang=en
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Don961: 8 Advantages For Joining "Iraq" To The World Trade Organization
On November 28, 2020 The Independent / Amal Nabil / ..
The Iraqi Ministry of Trade is seeking to prepare a plan to join the World Trade Organization, confirming that the accession will contribute to increasing national production and providing job opportunities. Iraq prepared a plan to join the World Trade Organization, represented by the restructuring of the National Committee on accession, as well as the sub-committees emanating from it, to complete the accession files, as well as expedite the enactment of laws, and the preparation of draft laws related to the organization's agreements.
Iraq's accession to the World Trade Organization has many benefits for the economy, which suffers from stagnation due to the decline in oil prices and the spread of the Covid-19 virus.
Advantages of Iraq's accession to the World Trade Organization
1- Creating a strong, integrated Iraqi economy capable of competing with the economies of the OIC member states in general, and the neighboring countries' economies in particular.
2- Joining the World Trade Organization will allow Iraq to enter into fair competition for goods and services with other member states.
3- Increasing national production and providing job opportunities for the unemployed, and thus there will be a noticeable increase in per capita income and total output.
4- Transforming the national economy into a free economy that depends on free trade, and this would help push producers towards producing products with high specifications.
5- Expanding the markets of the OIC member countries and encouraging exports due to the decrease in customs duties
6- Reducing unemployment rates and creating more job opportunities.
7- Encouraging local and foreign investment.
8- Protect local products from the risks of dumping imported goods. LINK
MilitiaMan: They have a new system in place to monitor the trade.. AYSCUDA... Looks like all is coming to light and quickly! They'll need to have everything up and running for awhile.. But, be sure, the new system will be in place prior too.. imo Wow! ~ MM