"20K Note Confusion" with KTFA Members Friday 10-7-2022

KTFA:

Clare:  The Central Bank: We will not print a currency higher than 50 thousand Iraqi dinars

06/10/2022   Baghdad -

the Central Bank of Iraq confirmed, today, Thursday, that the new twenty thousand category will carry high security marks, and while he pointed out that there is no tendency to print a category higher than 50 thousand, he revealed that the volume of cash circulating in Iraq is 84 trillion dinars.

Central Bank Adviser Ihssan Shamran Al-Yasiri said that "the printing of the new 20,000 dinars denomination is part of the normal monetary practices of the Central Bank and within the framework of reconsidering the structure of the national banknote series."

He added, "This category will be an intermediate currency structure and will be enhanced with high security marks from the latest globally and will provide an addition to smaller denominations such as the five thousand and ten thousand."

He added that "the denomination of twenty thousand will be of the (standard) size under which the denomination of fifty thousand was printed, and it will also bear Iraqi features, as was done in the currencies that preceded it," noting that "there is no current trend to reprint the current currencies with new copies."

In response to a question about the possibility of issuing higher categories, between Al-Yasiri, that "the 50 thousand category is sufficient at the present time for the upper limit of the Iraqi currency, which is a very strong and sober category and can be used for storage, savings and cash transactions."

He pointed out that "the size of the monetary mass circulating in banks and the public currently ranges between 83-84 trillion Iraqi dinars, and the new issuance of the 20,000 denomination will not change much of the volume of circulation because it will enter into the existing liquidity."

He stressed that "the printing of the new category will not affect the value of the Iraqi currency and will not cause inflation, and the issue of inflation is linked to economic policies and has nothing to do with monetary circulation."    LINK

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Margarita:  Ok I am freaking out a little.  Can someone explain to me like I am a 5 year old why this 20k note is a good thing?  And can they really RV 1 to 1 with 84 trillion dinars in circulation?  I mean I know everyone wont be exchanging for the U.S. dollar...Many iraqs wont...I wonder how much of that is in USA?  

My brain cannot grasp this.  It takes me to the place of the dreaded L word.  Can MM or PEtra weigh in again on this?  Geez...84 trillion.  I thought they had reduced that elephant.

Frank talked about some satellite banks that were going to open this week.  Well I went to the ole google machine and cannot find even a definition of a satellite bank.  Help us please.  We need some clarity here.

Zeeman:  as frank said the international world uses 20000 dollar bills and also the banks will use it more then the people as well as companies

KandG:  The math certainly doesn't work at a pre-war era of $3 per dinar - I'm with you - don't understand how that can work.

OlLar:  IMO 84 trillion includes all the notes in the Central bank but not on the street , they are considered in circulation until they are marked for destruction, the real numbers on the street are top secret, we may never know .

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Samson:  20 thousand dinars.. the new category under the lens of experts, negative and positive

07/10/2022 10:32:12

 The Central Bank of Iraq is heading to issue a new category of local currency for cash circulation that is not very high, after the depreciation of its currency against the dollar, in a move described as useless and will increase inflation on the one hand, and its goal is to improve the efficiency of the performance of the cash payments system in the country in intermediate currencies that serve the speed of monetary exchange and facilitate settlement of transactions and payment methods within the economic community on the other hand.

This trend came on the lips of the Governor of the Central Bank, Mustafa Makheeb, who revealed during his participation in the “Al-Rafidain Forum for Dialogue” last September 27, about the Iraqi Central Bank’s intention to issue a new denomination of the Iraqi currency with a value of 20 thousand dinars (approximately $13) based on comparative study and research. With neighboring countries, he is working on completing the paper's form, and in the coming days it will be announced

He said, "We are working on a new currency, a category of 20 thousand dinars, after studies in order to keep pace with the requirements and to match the neighboring countries," adding, "We will start announcing the new category after completing its requirements."  

It is noteworthy that Iraq possesses - so far - 7 categories of local currency issued by the Central Bank of Iraq, which are {250 dinars, 500 dinars, 1000 dinars, 5000 dinars, 10,000 dinars, 25000 dinars, and 50,000 dinars).

During the post-2003 years, the Iraqi currency went through volatile and volatile stages that lost its local value and market influence, but it was subjected to what can be described as a “semi-collapse” on December 21, 2020 when the Central Bank reduced the exchange rate from 1190 to 1450 dinars against one dollar, with the aim of better managing payments and the economic crisis in the country, and estimated that the value of the local currency in the market would fall by about 22% of its previous value.

Repercussions and risks

The devaluation of the Iraqi dinar against the dollar resulted in significant repercussions, as this resulted in increases in the prices of most consumer and food materials and services, in particular, by more than 45%, according to economic estimates, which reduced the economic welfare of the local currency against other currencies and the dollar. specifically

And what made the recent devaluation of the Iraqi dinar against the dollar, which is the harshest and most harmful - according to experts in economic affairs - is that it came at a time when the correct premises are not available in terms of the existence of a reliable base for industry and agriculture and the availability of a commodity alternative to many imported industrial and agricultural commodities whose prices have risen. Also, the change in the exchange rate was sudden and not gradual

What makes the devaluation of the Iraqi currency in embarrassment due to its low price, is that the country’s economy is single in production and relies on oil exports to secure its annual budgets. In other words, decreasing the exchange rate does not contribute to an increase in oil exports, since the latter’s prices are set in the world market by a single price system

This report answers a set of questions: What are the main reasons for launching the new Iraqi currency at a value of 20 thousand dinars (about $13)? What are its pros and cons? Then what role is it supposed to play in improving the image of the local currency after a wave of "semi-collapse" following the rise in the price of the dollar and its depreciation about 3 years ago

The pros and cons of the new cash category

A member of the Parliament’s Finance Committee, Jamal Cougar, disagrees with the Central Bank of Iraq and believes that it was more appropriate to print small denominations of cash, such as the 150 dinars denomination, but he went to print a new denomination (20 thousand) between two currencies far from each other (10 thousand and 25 thousand) and there is no between them any other currency

Cougar expressed his support for printing small currencies instead of large or high ones because it contributes to creating space for goods entering the country, so that they are sold in a way that serves the citizen more. But the situation would have been better if there were another, lesser currency, such as 150 dinars

Representative Cougar suggests printing the new category gradually, not at once and for varying periods, especially since there is talk about the possibility of printing about 70 trillion Iraqi dinars (about 45 billion dollars) for several categories, especially the 25 thousand dinars category, warning of market inflation in the event that all payments are made. These quantities of categories printed to market

What is the supposed role of the new class?

The appearance of Muhammad Salih, the financial and economic advisor to the Prime Minister, shows the assumed role of the new monetary category, saying that it comes within the framework of improving the Central Bank’s policy in managing the cash payments system, which required - through experience - the need to issue a category (intermediate currency) divisible by two to facilitate Cash payments (not large) within the cash circulation system

Saleh denies that the issuance of a new category of cash circulation is an expression of inflationary conditions, but rather a measure to improve the efficiency of the performance of the cash payments system in the country with intermediate currencies that serve the speed of monetary exchange and facilitate the settlement of transactions

Does the issuance of the new category contribute to the increase in inflation?

Economic researcher Diaa Al-Mohsen acknowledges in his response to the possibility that the issuance of the new category would contribute to increasing inflation or not; The lack of any benefit from the idea of ​​the Iraqi Central in this approach as much as it will be a burden on the economy, as "the more monetary issuances will lead to the disappearance of other monetary categories in the market, and this may lead to a kind of inflation in the Iraqi economy, which exceeded 6%

He describes the Mohsen as a “dangerous indicator of the economy,” especially that the country’s economy is rentier and the real sectors are ineffective, while stressing that Iraq does not need to issue a new currency because it will affect the rate of inflation and therefore the citizen will be harmed by this issuance instead of being a benefit to him.

What is the purpose of printing a new banknote?

In the case of the Central Bank of Iraq, the main objective of issuing a new currency denomination of 20 thousand dinars comes to give individuals greater flexibility in local commercial and financial transactions and obligations, according to the hadith of the economist and academic Ali Dadush, and at the same time its costs will be covered by the difference between the amount of the banknote (as an ordinary paper). ) and its actual amount after trading in the markets, and therefore there is no loss or waste of public money

In return for the printing of any currency by the central banks, Daadush requires that it be matched by assets or assets, whether foreign assets or domestic credits, and then we see the goals that central banks want from issuing or printing new banknotes (or adding new categories of currency), in addition to not ignore printing costs for new or added currency

The economic expert comments on the possibility of the Iraqi currency entering another stage of collapse against the US dollar - as it is said from time to time - that the oil dollars leading to an increase in foreign reserves with the Iraqi Central prevent the collapse of the local currency, through the foreign currency sale window, and also led to confidence relatively individuals in dinars, and the narrowness of the dollarization phenomenon that the Iraqi economy was suffering from   LINK

Samson: The methodology of the interrelationship between oil prices and the exchange rate

7th October, 2022 by Aqil Jaber Ali Al-Muhammadawi

The methodology of the interrelationship between oil prices, the exchange rate and macroeconomic variables in Iraq / a proposal of the Granger measurement model

We would like to discuss a very controversial and challenging topic and the method of dealing in research and analysis and at the level of privacy of expert and specialized opinion building related to this fundamental and strategic issue of estimating the course of fluctuations in oil prices and its relationship to oil prices and macroeconomic variables and its impact on the development of the structure of the global economy in general.

Changes in crude oil prices, especially price fluctuations, are certainly an important factor in determining the global economic structure. Supply and demand in the oil market has a significant impact on world currencies in the exporting countries. In 2014-2016 the oil market was characterized by high volatility. This was affected by a number of fundamental factors. Among them: macroeconomic conditions, market conditions, the transformation of the regulatory component, changes in the cost structure, and the geopolitical and geoeconomic confrontation.t

As it is related to the determinants of fluctuations in world oil prices, from our angle we show that these unstable fluctuations in conditions of uncertainty are subject to the relationship between oil prices and macroeconomic indicators and the situation of the global oil market in Iraq, as the world oil price is still one of the most important external factors that affect the exchange rate, the dollar against the dinar. 

Iraq is one of the largest suppliers of “black gold” in the world, and its economy is mainly linked to oil production, with more than 90% of the federal budget’s revenues. Therefore, the slightest fluctuations in oil prices have a strong influence on it. 

The purpose of this subtraction is to study the relationship between macroeconomic variables and oil prices. Objectives: Determining the factors that have a positive long-term relationship with oil prices based on a mathematical approach and preparing proposals to improve the macroeconomic indicators of Iraq.

The authors, analysts and researchers use modern mathematical methods of vector automatic regression (VAR model), the Granger measurement method, and the Dickey-Fowler test to study the long-term and short-term relationships between time series for the period from 2014 to 2016. 1% GDP growth leads to a strengthening of the national currency by 1.47 %. This fact can be explained by the growth of the country's economy as a whole. The results of the Granger test model show that the price of oil (as well as GDP) has the greatest effect on the exchange rate in the short term.

The following actions are proposed to improve macroeconomic indicators in Iraq: Stability of foreign economic policy; Diversification of exports: oil revenues can become a tool for improving the quality of the development of Iraq's economy and the life of society as a whole; Formation of the Iraqi oil standard and increase its trading volumes to the global level; Convert oil payments to dinars or petrodollars; The use of the dinar index (a dinar barrel) for the price of Basra oil in the formation of the financial and economic policy for Iraq.

There are now three major oil indices or markers on three major exchanges:

• WTI crude oil is traded on the New York Mercantile Exchange (NYMEX).
• On the London Petroleum Exchange (IPE) - Brent North Sea Crude (Brent).
• On the Singapore International Commodity Exchange (Simex) - Middle East Oil (Dubai)

Previously, there was an OPEC basket, which included 12 grades of oil. In addition, many oil-exporting countries have their own oil basins that have certain fixed parameters (Statfjord in Norway, Kirkuk in Iraq, two types in Iran - Iran Light and Iran Heavy). The price of oil is determined by differentiation depending on its quality and location in relation to consumers. The drop in oil prices in 2014-2015 was so rapid that it became almost a determining factor in the world's economic and geopolitical structure. In December 2014, West Texas Intermediate (WTI) oil prices fell from $100 a barrel to $60 a barrel, and the decline continued into 2015, breaking through $40 a barrel after a slight recovery.

The main reasons for this fall are called “the shift in the methodology of the oil price situation in the oil market.” The world's first shale oil company was created in the United States. The United States provides 95% of its own needs, and is no longer one of the leading countries in global imports. Saudi Arabia has increased production growth. Black gold shipments from Libya and Iraq also started against the backdrop of Iranian exports at dumping prices. These processes have been accompanied by a slowdown in economic growth, improved processing efficiency, changes in the regulatory environment, and geopolitical factors.

The oil market greatly affects the exchange rate in particular. While less influence is observed in the relationship between the dynamics of the dollar index and changes in oil prices. The strengthening of the US dollar, as one of the catalysts for lower oil prices, has not attracted much attention. Since oil prices are set in dollars, when this currency strengthens, cheaper oil is obtained. We are trying to build a path or a Guanger test model to explain and understand the theoretical and empirical aspects of the mutual influence of oil prices and long-term exchange rates.

Accordingly, if the prices of “black gold” in the world market tend to decline (in dollars), the Iraqi economy begins to lose a certain part of the profits from selling oil. Therefore, there is a continuous need to evaluate the devaluation of the national currency in Iraq and the extent of the need for a future devaluation in light of the lack of standard models to measure the reciprocal relationship between fluctuations in oil prices, the exchange rate and macroeconomic variables on a systematic basis. Oil (and gas in the future) is one of Iraq's most important export products. In this regard, the amount of foreign exchange earnings depends on oil prices.

Objectively, we believe that the OPEC + decision is a very successful decision that includes purely economic and geo-economic reasons and geopolitical reasons and justifications in light of the repercussions of the stagnant snowball roll, the continuation of the Russian-Ukrainian crisis and the urgent need for consumer imports for the ongoing war in light of the presence of indistinctly hidden damages between the leading oil-producing countries. 

The objective function is heading towards restoring balance, stimulating production, rebalancing markets and competition, although the risks of inflation are increasing, but it is gradually absorbed by reducing the quantities of oil production and reducing the margin of costs of production factors, transportation, etc.

The main objective of the great powers is to impede the restoration of the dollar to its true value! This is what we see clear in the precautionary step of the United States of America, with the decision to use the American oil reserves to confront and confront the OPEC + decision. We wonder about Iraq's future oil methodology regarding the decision to reduce oil production and include Iraq by reducing the amount of production of 220 thousand barrels per day, starting from the beginning of next month and for a period of two months?

Iraq should take advantage of the real opportunities for the growing demand for oil and the indicators of price rebound towards rise and stability according to the model drawn by OPEC + by reducing production quantities, and the importance of preparing and developing a new approach methodology for the national oil policy based on advanced thinking and mentality

Targeting national industrial investment and investing in reducing oil quantities and market fluctuations Global and the strength of OPEC + towards the path of building industrial, investment and trade relations with OPEC countries, building the industrial and agricultural base and moving to the approach of building industry and qualifying industrialists according to the industry model, generating promising trade opportunities and a trade model that supports the industry and integration between them?  LINK

KTFA Members "News and Views" Friday 10-7-2022

KTFA

Samson:  Bloomberg: A trillion dollars evaporate from global foreign exchange reserves!

6th October, 2022

Global foreign exchange reserves are declining at the fastest pace ever, as central banks intervene from east to west to prop up their currencies.

According to data compiled by Bloomberg, reserves have fallen by nearly $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since it began compiling the data in 2003.

Much of the decline is due to valuation changes. With the dollar jumping to its highest levels in two decades against other reserve currencies, such as the euro and the yen, the dollar has thus reduced the value of these banks' dollar holdings. But dwindling reserves also reflect pressure in the currency market that is forcing an increasing number of central banks to turn to their currency assets to stave off a decline.

For example, India's reserves declined by $96 billion this year to $538 billion. The country's central bank said asset valuation changes accounted for 67 percent of the decline in reserves during the fiscal year beginning in April, meaning the rest came from intervention to support the currency. The rupee has lost about 9% against the dollar this year and hit a record low last month.

Japan spent about $20 billion in September to slow the yen's decline in its first intervention to support the currency since 1998. This would represent about 19% of the loss of reserves this year. Currency intervention in the Czech Republic has helped reduce reserves there by 19% since February.

While the scale of the decline is unusual, the practice of using reserves to defend currencies is nothing new. Central banks buy dollars and increase their stock of currencies to slow the appreciation of a currency when foreign capital flows. In bad times, they rely on reserves to cushion the blow from capital flight.

 “Some countries, particularly in Asia, can go both ways, to quell weakness,” said Alan Ruskin, chief international strategist at Deutsche Bank AG.

Most central banks still have enough strength to continue interventions, if they so choose, as India's foreign reserves are still 49% higher than 2017 levels, enough to pay off 9 months of imports.

Central banks including Indonesia, Malaysia, China and Thailand will release their latest foreign reserves data on Friday. But for others, they deplete quickly. Data compiled by Bloomberg shows that after a 42% drop this year, Pakistan's $14 billion in reserves are not enough to cover 3 months of imports.   LINK

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Samson: The Kurdistan Regional Government will suspend the official working hours tomorrow, Saturday

7th October, 2022

The Information and Information Department of the Kurdistan Regional Government announced the suspension of working hours in all official institutions in the region, on the occasion of the Prophet's birthday.

The Prophet’s birthday is an annual commemoration that coincides with the birthday of the Prophet Muhammad bin Abdullah on the 12th of Rabi’ al-Awwal, as Muslims celebrate it every year in some Islamic countries not as a holiday but as a joy at the birth of their Prophet.

The popular celebrations begin from the beginning of the month of Rabi’ al-Awwal to its end, by setting up councils in which he sings poems in praise of the Prophet, and in which lessons are learned from his life, his merits are mentioned, and food and sweets are served, such as the sweetness of the birthday.

LINK

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Samson:  Parliamentary Integrity reveals the theft of more than (800) million dollars in tax revenues

6th October, 2022

Thursday, the Parliamentary Integrity Committee revealed the theft of tax funds exceeding $800 million

Committee member Ahmed Al-Rubaie said in a statement received by Al-Ghad Press, a copy of it, that "there is a theft in the revenues of the trust accounts belonging to the general tax in Al-Rafidain Bank, which exceeds (800) million dollars, and no authority or entity can cover or deny this theft. in favor of thieves of public money

He added, "After addressing the Ministry of Finance to disclose the results of the investigative committees on the file of the loss of trust account revenues related to the general tax in the Rafidain Bank, which is estimated at more than one trillion Iraqi dinars, and to indicate the real numbers of the amounts and suspected persons who illegally acquired the funds, the ministry answered It has formed an investigative committee to conduct an administrative investigation into the matter

He pointed out that "the investigative committee recommended precautionary measures regarding what was changed in the investigation, because the loss of these huge sums from the account of the General Tax Authority was during the period of their administration and under their direct responsibility and authority

He pointed out that "the answers of the Ministry of Finance confirm the existence of this theft, and no party or authority can cover it or even deny it," calling on government and regulatory agencies to "prevent the travel of some managers and senior cadres in the Tax Authority who have been changed until the end of the administrative and judicial investigation  LINK

Samson:  The repercussions of the OPEC Plus decision .. a draft law to withdraw US forces from Saudi Arabia and the UAE

7th October, 2022

Three members of the US House of Representatives announced that they had submitted a bill requiring the withdrawal of US forces stationed in Saudi Arabia and the UAE, and stressed that they did not see any reason for US forces to stay there after the UAE and Saudi Arabia supported the OPEC Plus decision

"Saudi Arabia and the UAE have long relied on the US military presence in the Gulf to protect their security and oil fields," the three members of the US House of Representatives, Tom Malinowski of New Jersey, Sean Kasten of Illinois, and Susan Wild of Pennsylvania, said in a joint statement

"Following their (Riyadh and Abu Dhabi) support for the OPEC Plus decision, we see no reason for US forces and contractors to continue providing this service to countries that are actively working against us," the statement added

The statement indicated that "if Saudi Arabia and the UAE want to help Russian President Vladimir Putin, they should look to him to defend them," according to the statement, which stressed that "this decision is a turning point in our relationship with our Gulf partners

"If Saudi Arabia and the UAE hope to maintain the good relationship with the United States that has always been beneficial to them, they must demonstrate a greater willingness to work with us, not against us, in advancing what is now our most urgent national security goal, which is to defeat Russian aggression in Ukraine   LINK

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Sir:  IMO-This is the end of the road for the Federal Reserve note , the petro-dollar is officially dead. Prepare for the flood of dollars coming home as you will see inflation in America never seen before. You will witness first hand the rise of all countries currency against the dollar . That’s why you have witnessed countries continually up their gold reserve like never seen before. This is Biblical and we are here to witness it first hand. Hold on tight people, it’s going to get rough here in the states. 

MOakes12:  It is way past time the families who own the Federal Reserve are bought to their knees. They have been ripping off people since Pres. Woodrow Willson signed the Federal Reserve Act into law. We will have to deal with the pain in order to get out from under their control.

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Samson:  What to do...before Plasschaert delegitimizes you

5th October, 2022

In front of representatives of all countries, the UN envoy, Jenin Plasschaert, spoke in a way that causes “shyness”, “humiliation” and “shame” about Iraq, and described the regime in Baghdad, in which it “does not respect the people”, and that the parties are working against the Iraqis.

This utterance is not insignificant, as it is an internationalist view extracted from the practical experience of Plasschaert in Iraq, and no matter how much we support him or disagree with him, we must stand with him.

The influential elites have no reaction when they listen to an international representative who considers them enemies of their people, and almost delegitimizes them, after a global, historical insult.

The most dangerous thing in Plasschaert's briefing is her saying that the political class is unable to resolve the crisis, and any local leader can drag the country into a bloody conflict, and this is an inferior view of our leaders, unfortunately.

It may be early to talk about Iraq's return to Chapter VII, but it will be a possibility, if we put Plasschaert's ruler on the international tools, especially since the regional alignment allows this, to keep Iraq away from Iran.

Did the bell sounded by Plasschaert reach the leaders?

O frame, hold things, or else leave the leadership to the Sadrists.

I heard if you called alive..  LINK

DoTalkToMe:  the way the leaders are not handling the affairs of the country...they deserve to be thrown back into chapter VII

Some "Thursday News" Posted by Samson at KTFA 10-6-2022

KTFA:

Samson:  World Bank: Oil developing countries will achieve 4% growth led by Iraq

6th October, 2022

The World Bank expected that developing oil-exporting countries are expected to join the Gulf Cooperation Council and achieve growth, but at lower levels, with expectations that 2022 will witness a rise in growth rates to 4.1%, led by Iraq, with growth reaching 2.7% in 2023

The World Bank added, in the latest report on economic developments in the Middle East and North Africa, entitled "Enhancing Transparency and Accountability in the Region", that the economies of the Middle East and North Africa region will grow by 5.5% in 2022, to record the fastest growth rate since 2016, to reach The pace of growth to 3.5% in 2023, while it is estimated that growth in the Gulf Cooperation Council countries will accelerate to 6.9% in 2022, driven by hydrocarbon exports, with a growth rate of 3.7% in 2023

The report pointed out that growth is uneven across the region as countries that are still striving to overcome the lasting effects of the “Covid-19” pandemic, are facing new shocks due to high oil and food prices due to global geopolitical tensions, high global interest rates as well as The slowdown in the economies of the United States, China and the Eurozone

The report indicated that for developing oil-importing countries, it is expected to achieve a growth of 4.5% in 2022 and 4.3% in 2023, and Egypt leads this group, recording a growth of 6.6% in the fiscal year ending in June, driven by gas exports, communications and tourism

The report concluded that the oil-exporting countries in the region will benefit from the high prices of hydrocarbons (oil and gas), while the oil-importing countries in the region face adverse conditions, as they suffer from increased pressures and risks as a result of high import bills, especially food and energy imports, and the shrinking space available for spending in their public finances

The report emphasized that slow economic growth in the United States and China and the possibility of recession in Europe pose risks, especially in oil-importing developing countries that rely more on tourism and external demand from Europe, as this group of countries depends more on trade with the euro area, especially countries Importing oil in North Africa and geographically closest to Europe

The report pointed out that policy makers throughout the region have introduced some measures, especially price controls, subsidies and subsidies, to reduce the salty prices of certain commodities such as food and energy compared to their international prices, noting that this matter had an impact in keeping inflation in the region lower than in other regions. He pointed out that the average inflation in Egypt during the period from March to last July amounted to 14.3%, although it would have been higher at 18.4% if the competent authorities had not intervened

The report pointed out that the governments of the region will continue to incur additional expenditures to increase subsidies and cash transfers to mitigate the damage to the living standards of their residents due to the rise in food and energy prices globally, while for the Gulf Cooperation Council countries and developing oil-exporting countries, this is not a major concern. Currently, as unexpected revenue increases due to higher hydrocarbon prices have significantly increased fiscal space and will lead to fiscal surpluses for most oil-exporting countries in 2022, even after increased spending on inflation mitigation programmes

The report expected an acceleration in the per capita real GDP growth for the region to 3.9% in 2022, before declining to 2% in 2023, but this growth varies between groups of countries, and it is expected that the growth rate of per capita GDP will accelerate In the Gulf Cooperation Council countries, it will reach 5.5% in 2022, while the growth rate will reach 2.5% for the developing oil-exporting countries in the same year

The report pointed out that for oil-importing developing countries, the per capita GDP growth rate is expected to remain at about 2.9 percent in 2022, and 2.7 percent in 2023. The report expected that the current account balances and public finances for the Middle East and North Africa region will improve significantly in 2022, to reach 10.5% and 1.9%, respectively, driven by the rise in hydrocarbon prices. In the Gulf Cooperation Council countries, the current account balance is expected to rise to 17.2% in 2022, and 14.6% in 2023, from 7.9% in 2021. LINK

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Samson:  A financial expert determines when the dollar will end completely!

6th October, 2022

Andrei Vernikov, an independent financial expert, said that the establishment of a global reserve currency alternative to the dollar will take decades, noting that the dollar is strong despite its negativity, but confidence in it is still high.

The financial expert explained his position by saying that "many countries of the world, on the one hand, have large debts in dollars, and on the other hand, some countries export natural resources, the value of which is declining due to the rise in the value of the dollar, but the cycles of the rise and fall of the dollar alternate constantly," explaining in this context, developing countries suffer at some point, and then profit again.

Vernikov assumed that the real alternative to the dollar in world trade should have a history spanning at least several decades, while at present, even the euro could not become such an alternative, and the cryptocurrencies that were expected to play such a role too volatile, in his view.

The financial expert also noted that trade in national currencies between some countries is quite possible. And that Russia, in particular, is already making such deals with a number of neighboring countries.   LINK

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Samson:  A Kurdish party talks about a UN intervention to end the president's crisis

6th October, 2022

The Kurdistan Democratic Party confirmed today, Thursday, that there is an international intervention regarding going to an agreement and nominating one person for the President of the Republic.

The leader of the party, Wafa Muhammad Karim, said in an exclusive interview with "Mawazine News", that "there is interference from the United Nations representative in Iraq, Jenin Plasschaert, to reach a Kurdish agreement and to nominate one person for the presidency of the republic," noting that any interference from foreign countries or others. It is not relevant because this file is considered an internal matter and it is not permissible to interfere in it.”

He indicated that “there are visits from some consulates of foreign countries in the region, and their visits are limited to dialogue and consultation without pressure.”

He pointed out that “only the United Nations intervened in this matter,” noting with the holding of the parliament session, it is possible to reach a solution to this matter, and without holding it, matters will remain suspended.”

He stressed that "the selection of the President of the Republic depends on holding a parliamentary session, which will help reach a solution." LINK

Samson:  "Taslujah" hosts the 15th edition of the Sulaymaniyah International Fair

6th October, 2022

The Sulaymaniyah Chamber of Commerce and Industry announced today, Thursday, the completion of all preparations for the launch of the activities of the fifteenth international exhibition on the fairgrounds in the "Taslujah" area, with great participation. 

The Director General of the Chamber, Salam Abdullah, said during a press conference attended by Shafak News Agency, that the 15th International Exhibition will open in Sulaymaniyah from 11 to 16 October.

He added that more than 150 companies from 12 Arab and foreign countries will participate in the exhibition, in addition to local companies.  He pointed out that this year's exhibition will be supported by the Federal Trade Ministries, the Kurdistan Region and the Investment Authority.  LINK

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Samson:  Al-Kazemi: Iraq needs a government and a budget, and the crisis is a crisis of confidence

06/10/2022 11:31:18

Prime Minister Mustafa Al-Kazemi confirmed, on Thursday, that Iraq needs a government and a budget, and its absence for this long is unacceptable.

Al-Kazemi said in a statement received by {Euphrates News}, that “this government, despite the difficult political and economic conditions, and despite the absence of the budget, has steadfastly pursued its vision and overcame many obstacles, and it continues to do so tirelessly,” noting that “Iraq needs a government and a budget, and its absence for so long is unacceptable.”

 He added, "These circumstances and this obstruction must be resolved and must end, for the sake of Iraq and the Iraqis, and for the sake of building the state and its institutions," adding, "The crisis today is a crisis of confidence, and it can only be restored or repaired through frank and constructive dialogue."

Al-Kazemi explained, "The solution is to return to the table of dialogue and discussion, put aside differences and speak in all honesty and integrity, to come up with realistic solutions that end this political crisis," explaining, "We are destined to understand, cooperate, meet and engage in dialogue, we are the people of one country, and our national and moral responsibility is to preserve it." And on his abilities, and bear the full responsibility at this historical moment.

He continued, "I call on the brothers in the governorates, the governorate officials, to assume their national and moral responsibilities. They have the authority to address any defect in accordance with the legal contexts and the directions provided to them."

He stated, "The world has changed, and the concepts of political and economic relations have changed in favor of development and cooperation, and this is what we do when we look for partners and cooperate with them to develop our country and secure the needs of all our people."

Al-Kadhimi continued, "Today, we are laying the foundation stone for the Iraqi-Jordanian electrical interconnection line project, to devote the project of cooperation and partnership, and positive interaction with our surroundings, in the service of our country and people. policy of openness and cooperation. And he added, "We have previously worked on the electrical connection with Saudi Arabia and the Gulf states, and the agreement was signed at the Jeddah conference months ago and we worked on several clean energy projects with reputable international companies, to keep pace with the developments of the times and the challenges of the environment."

Al-Kazemi pointed out that "Iraq today enjoys great confidence, weight and presence... and we are trying to invest this privacy, and this opportunity, in the service of Iraq and the Iraqis."   LINK

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Samson:  The sentencing of Iraqi officials in the Ministries of Defense and Reconstruction and Housing

6th October, 2022

The Federal Integrity Commission announced today, Thursday, the issuance of two verdicts convicting officials in the Ministries of Defense and Construction and Housing, Municipalities and Public Works.

In a statement received by Shafaq News Agency, the commission's investigations department said that the Karkh and Al-Hilla Criminal Courts, which are specialized in cases of integrity, issued two prison sentences and imprisonment in absentia against the director general of the General Directorate of Budget and Programs in the Ministry of Defense and the director general of the municipalities of Babylon, the former; For deliberately causing damage to the funds and interests of the entity in which they work and committing something that violates their job duties. 

The circuit added that the Karkh Criminal Court issued a six-year prison sentence to the convict, the former Director General of the General Directorate of Budget and Programs in the Ministry of Defense; For deliberately causing damage to public funds by disbursing the amount of a contract concluded by the Ministry to supply (400) four-wheel drive “Land Cruisers” and (100) ambulances to persons not authorized to receive delivery.

And it indicated that the Hilla Misdemeanors Court, which is competent to look into integrity issues, sentenced the former director general of the municipalities of Babylon to severe imprisonment for a period of two years, for violations committed by him to the terms of the purchase contract (4) vehicles of "waste caps" type "azuz" for the benefit of the municipality of Al-Qasim from the General Company for the Automotive Industry and equipment in Alexandria.

The department indicated that the convict did not calculate the fines for the delay on the company after the expiry of the processing period of (180) days, in addition to paying 95% of the contract value. She confirmed that the two courts issued two judgments in absentia based on the provisions of Articles (340 and 331) of the Penal Code, and issued an arrest and search warrant against them, while supporting the seizure of their movable and immovable property.  LINK

KTFA Members "News and Views" Wednesday PM 10-5-2022

KTFA:

Samson:  Next Sunday .. a parliamentary committee hosts the governor of the Central Bank

5th October, 2022

The Presidency of the House of Representatives informed the governor and members of the Board of Directors of the Central Bank of Iraq, to ​​set next Sunday as a date for hosting them in the Parliamentary Finance Committee, to discuss themes related to the bank's work, currency auction and financial transfers.  LINK

Gem:  I have a question about the last two cc's and the Satellite Banks and if or when the open up in the states how would they be able to only allow Iraqi citizens here to exchange at the new rate without the rate being on forex if they are to have to use US laws?

Clare:  FRANK NEVER SAID ANYONE WOULD EXCHANGE BEFORE ANYONE ELSE... FRANK SIMPLY SAID THEY WOULD OPEN ON THURSDAY...STAY TUNED  imo….. WHEN THE CBI OFFICIALLY CHANGES THE RATE ALL BANKS WILL HAVE IT  (THAT DEAL WITH THE DINAR)   IMO

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Samson:  A deputy calls on the Sudanese to implement his economic reform program

5th October, 2022

The deputy of the Sadiqoun parliamentary bloc, Zainab Juma'a Al-Moussawi, stressed today, Wednesday, the need for Mr. Muhammad Shia Al-Sudani to change the exchange rate of the Iraqi dinar against the US dollar.

Al-Moussawi said in a statement received by Mawazine News, a copy of it, that "the candidate for the coordination framework for the presidency of the Iraqi government, Muhammad Shia Al-Sudani, must proceed with the implementation of the reform economic policy that he intends to implement when he heads the government, which is very soon."

The statement added that "one of the steps of economic reforms in Iraq is to restore the exchange rate of the Iraqi dinar against the US dollar from 1450 dinars to 1180 dinars for 1 dollar."

He pointed out that "the change in the Iraqi currency exchange rate led to economic and financial damage in Iraq and a deterioration in the state of the local market."

And he indicated that "reducing the exchange rate of the Iraqi dinar will lead to a decrease in the prices of real estate, food, consumer and construction materials, and cause stability in the local market." LINK

MilitiaMan:  This coming from this source is not going to happen. There is no evidence that going back to 1180 is part of any plan let alone from someone who is not in charge yet nor may ever be.. The CBI has stated there is a need in the future for coins. They have already in 2018 have had new currency issuance noted in their financials. The rate of 1180  will never work to have a need for coins.. lol EVER... ~ MM

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Samson: The appearance of Muhammad Salih : Issuing a new denomination of currency .. Improving the efficiency of the monetary system

2nd October, 2022

The financial expert, advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed: The issuance of a new category of currency... is an improvement in the efficiency of the monetary system.

He told the National Iraqi News Agency ( NINA ) that the issuance of a new category for cash circulation, especially a category that is not very high, does not mean that it is an expression of inflationary conditions, but rather it is a measure to improve the efficiency of the performance of the cash payments system in the country with intermediate currencies that serve the speed of monetary exchange and facilitate the settlement of transactions and payment methods within the community. Economic.

Saleh added: The announcement by the Central Bank of Iraq of the imminent issuance of a category of twenty thousand dinars, comes within the framework of improving its policy in managing the cash payments system in the country, which required through experience the need to issue a category (intermediate currency) divisible by two to facilitate cash payments (not large). ) within the country's monetary system.

And the Governor of the Central Bank, Ghaleb Mukhaif, said in a press statement: We are currently working on completing the design of a new currency of 20 thousand dinars, after a series of practical studies to unify the Iraqi currency, and it will be announced after completing its printing in the future.   

LINK

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Samson:  Politician warns: Plasschaert's briefing may push Iraq towards international trusteeship

5th October, 2022

The Iraqi politician, former MP Mithal Al-Alusi, said today, Wednesday, that the briefing of the UN Special Representative, Jenin Plasschaert, at the UN Security Council may push towards guardianship over Iraq.

The trusteeship system applies to countries that are defined in international law as “deficient in sovereignty,” and are subject, according to special conditions, to an agreement whose implementation is supervised by the Trusteeship Council of the United Nations.

The international trusteeship system came as an alternative to the mandate system that was applied during the era of the League of Nations, which was replaced by the United Nations with its establishment in 1945, in order to settle the situation of the colonial countries in accordance with international legal legitimacy that moved them gradually from a situation of complete colonialism to a transitional situation followed by complete independence.

Al-Alusi told Shafaq News Agency, "Plasschaert's briefing revealed to the international community the tragic situation that Iraqis are experiencing due to the corruption of parties and blocs, and the dominance of militias loyal to Iran and involved in killing and robbing Iraqis."

And he indicated that "the international community will not remain a spectator of what Iraq is going through, and for this there is a possibility for the international guardianship to intervene in Iraq during the next stage, in order to ensure its stability, which will be reflected in the stability of the entire region and the world."

Yesterday, Tuesday evening, Blaskharat gave a briefing to the UN Security Council on the situation in Iraq, in which she confirmed that differences prevail over the language of dialogue, and that the southern provinces are witnessing armed skirmishes and the political class is unable to resolve the crisis.

"The disappointment of the people has reached sky-high. Many Iraqis have lost faith in the ability of Iraq's political class to work for the benefit of the country and its people. Continuing failure to address this loss of confidence will only exacerbate Iraq's problems," said Blackshart.

She pointed out that "the political system and the system of governance in Iraq ignore the needs of the Iraqi people. The rampant corruption represents a major root cause of dysfunction in Iraq. No leader can claim that he is protected from it. Keeping the system "as is" will rebound with negative results."  LINK

DoTalktoMe:  The UN sure has a lot to say about Iraq. Not exactly glowing reviews.
I am sure Kadamie's hiding government are all well seasoned and do not need to be protected.
This explanation is just in place to explain there inaction.
They are wealthy enough to pull this off many times over.
Why the continued delay, God only knows.

Venustwo2: October 10,2021, Iraq had their election. They are 5 days away from their anniversary date. Let's see if anything happens by then. We can always hope. Maybe they are dragging this out towards the U.S. mid-term elections. Who knows

Mark:  YOU ALL  STILL DON'T GET THAT THE EVIL CABAL DOESN'T WANT IT TO RI/RV OR GIVE THE CITIZENS PP AS THEY WANT WAR AND CONFUSION NOT ONLY IN IRAQ BUT EVERYWHERE AND ANYWHERE THEY CAN SO THEY CAN STEAL AND CONTROL YOU AND YOUR MONEY USING THEIR GLOBALIST IDEAS AND TRYING TO PROMOTE THEIR EVIL AGENDAS.
I HAVE NEWS FOR THEM OUR GOD REIGNS ! THEIR FALL IS COMING SOONER THAN THEY THINK!

Some "Tuesday News" Posted by Samson at KTFA 10-4-2022

KTFA:

Samson:  America affirms its commitment to its strategic partnership with Iraq under the framework agreement between the two countries

4th October, 2022

US Secretary of State Anthony Blinken affirmed that "the United States will remain committed to its strategic partnership with Iraq and to deepening and strengthening our relations under the Strategic Framework Agreement between the United States and Iraq," expressing his aspiration to continue working on common priorities and strengthening ties between the two countries.

And the Iraqi News Agency (INA) stated that this came during the congratulatory cable received by Iraqi Prime Minister Mustafa Al-Kazemi, on Monday, from US Secretary of State Anthony Blinken, on the occasion of the Iraqi National Day.  LINK

Samson:  Al-Halbousi Congratulating the National Day: The Beginning of the Nation's March as an Independent Sovereign Country

3rd October, 2022

Monday, Parliament Speaker Muhammad al-Halbousi congratulated the National Day of the Republic of Iraq, while noting that this occasion is the beginning of the nation's march as an independent and sovereign country.

Al-Halbousi said in a tweet on his Twitter account, which was followed by (Al-Oula News), "On the third of October, we commemorate the independence of the Iraqi state and the beginning of the homeland's march as an independent and sovereign country."

"We are inspired from this day by the duty to defend its sovereignty, independence and territorial integrity, and we are united under its banner and work for its progress and prosperity," he added.

LINK

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Samson:  Al-Kazemi: We have important contracts with major oil companies, and Iraq will remain an important source of energy production

4th October, 2022

The head of the federal government, Mustafa Al-Kazemi, said that his government has contracts with major oil companies to develop infrastructure in the energy production sector in the country.

Al-Kazemi said in an interview with the French newspaper "Le Figaro", "Iraq is an important country in the field of energy production, and we have worked on developing energy infrastructure to be able to secure the energy market with high flow. We have signed important contracts with Total to expand the flow of energy supply." extracting associated gas in our oil fields, and developing clean and alternative energy projects.

He added, "We have changed the title of the Ministry of Electricity to the Ministry of Electricity and Alternative Energy, an indication of our government's directions towards moving towards clean energy that is suitable for the environment."

Al-Kazemi continued, "We have other important contracts with major oil companies to develop infrastructure in Iraq, and Iraq will remain an important source of energy production in the world. At the same time, we are working hard to adapt our energy production to modern standards appropriate to the environment to protect it and maintain its safety."   LINK

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Samson: Iraq participates in an international exhibition in Greece

4th October, 2022

Today, Tuesday, the Iraqi Businessmen Union concluded its participation in the Athens International Exhibition of Modern Technologies, Plastics and Packaging Factories, which started its work on the 1st of this month, confirming its participation in another exhibition for food industries next month in the Greek capital, Athens.

A member of the administrative body of the union, Abdel-Hassan Azzouz, told the official agency, which was followed by (Al-Oula News): "The participation of the union, consisting of businessmen of various specializations, from members in this exhibition came to introduce the public to the Iraqi products manufactured by the private sector," stressing that "the Iraqi pavilion met public approval.”

He pointed out that "after the success of the union's participation in these exhibitions, several exhibitions will be held in the future, including the Food Industries Exhibition, which will be held in November - 2022 in the Greek capital, Athens."  LINK

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Samson:  Protesters set fire to the entrance to the Dhi Qar Governorate Diwan

3rd October, 2022

Protesters set fire to the entrance to the Diwan of Dhi Qar Governorate, after clashes and skirmishes with the Iraqi security forces, on Monday evening.

A security source told Shafaq News Agency, "Protesters set fire to the outer courtyard of the governorate's office building, in the center of Nasiriyah."

He added that "the fire reached the external inquiries of the governorate office, after protesters threw Molotov cocktails from a distance," noting that "the protesters were unable to storm the building, and the security forces are in control of the situation."

Earlier in the day, a senior security commander in the Dhi Qar Police Command stated that the security forces are facing a "deviant group" intending to storm the governorate office building for the purpose of burning it.  LINK

Samson:  For the second day, oil prices continue to rise

04/10/2022 08:10:21

Oil prices continued to rise for a second day in early Asian trading, amid expectations that OPEC + may agree to a significant reduction in crude production when it meets tomorrow, Wednesday, but concerns about the global economy limited the gains.

Oil prices rose on Monday on renewed concerns about tight supply. There are expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, will cut production by more than 1 million barrels per day in their first in-person meeting since 2020 on Wednesday.

Reuters quoted sources in OPEC as saying that voluntary cuts by members could come on top of that, making it the largest wave of cuts since the start of the Covid-19 epidemic.

Brent crude futures rose 41 cents, or 0.46 percent, to $89.27 a barrel by 0444 GMT, after gaining more than 4 percent in the previous session. US crude futures also rose 22 cents, or 0.3 percent, to $83.85 a barrel. It had risen more than five percent in the previous session, marking its biggest daily gain since May. “Despite everything going on with the war in Ukraine, OPEC+ has never been this strong and will do whatever it takes to make sure prices are supported,” Edward Moya, a senior analyst at OANDA, said in a note.

And OPEC + boosted production this year after record cuts in 2020 due to the damage to demand caused by Corona. But the organization failed in the past few months to meet the planned increases in production, which it did not achieve in July, by 2.9 million barrels per day.

Oil prices have fallen for four consecutive months as the COVID-19 shutdown in China, the largest oil importer, curbed demand while higher interest rates and a stronger dollar put pressure on global financial markets.

Major central banks embarked on the biggest round of interest rate increases in decades, raising fears of a global economic slowdown.

A preliminary poll by Reuters showed, on Monday, that US crude oil inventories increased by about two million barrels in the week ending September 30.  LINK

Monday Night KTFA CC "Hey Framework Are You Scared Yet?" 10-3-2022

KTFA

Monday Night KTFA CC

10-3-22…..HEY FRAMEWORK ARE YOU SCARED YET?

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Petra, MilitiaMan and Eddie in Iraq

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=9WV604SYSyY

MilitiaMan Monday Afternoon " Looks Good For Us" 10-3-2022

KTFA:

Samson:  Deputy: Reducing the price of the dollar will be a top priority for the new government

3rd October, 2022

The deputy of the coordination framework, Ali Al-Bandawi, revealed, on Monday, the existence of a study on the possibility of returning the dollar exchange rate to its previous era, stressing that returning the exchange rate to what it was before has become a popular demand.

Al-Bandawi said in a statement to "Al-Maalouma", that "there is a study to return the exchange rate of the dollar, as it has become a popular demand, and that the only affected person is the poor citizen."

He added that "the file of changing the exchange rate will be a top priority for the new government, as it is linked to the state's financial policy," noting that "the people affected by it are a large segment of the Iraqi people and must be returned to its previous price, as it has become a popular demand."

And the representative of the Al-Fateh Alliance, Rafiq Al-Salihi, had revealed earlier, the existence of parliamentary moves to reduce the dollar exchange rate, indicating that Iraq’s revenues increase monthly after the rise in oil prices, which necessitates the government to return the dollar exchange rate to its previous era.  LINK

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MilitiaMan:  When they reduced the IQD to 1460 from 1190, it hurt the poor. That course of doing so has been run and served it's purpose.

 The next stage for the Central Bank is to serve it's purpose in a far more profound way that benefits the poor with purchase power. 

By that, it is to adjust the value of the IQD to an internationally acceptable and tradable currency outside it's borders and on international platforms with an IMF Article VIII compliant currency.

That is what has become a popular demand we are reading about.  Reverting back to 1190 is not reverting back to an era that was internationally acceptable nor Article VIII compliant with the IMF.

Having small category denominations doesn't work with program rates. The CBI didn't print new currency issuances in 2018 to throw them in the trash..  They intend to use them..  imo.. 

The new government is being hammered out as we speak. Painfully slow it is it surely seems, however, there is movement in that regard, see below.

In fact there is an intense focus on the matter. The matter is serious and it is in line with the financial issues that are already in place and ready to go once they announce the direction they are to go politically, I.e., taxes and tariffs at the borders, WTO, BUNA, etc...

It looks as though with all that has been in the news on these matters during their National Day, suggests the future meetings in the coming hours to days are very expectant for results to flow in both directions, political and financial.. Imo ~ This all looks very good for us. ~ MM

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During his meeting with Plasschaert .. Mr. Al-Hakim calls for the formation of a government of national service   LINK

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Al-Kazemi arrives in the capital of Kurdistan 

3rd October, 2022
The Federal Prime Minister, Mustafa Al-Kazemi, arrived today, Monday, at Erbil International Airport, and was received by the Prime Minister of Kurdistan Regional Government. LINK

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Masoud Barzani and Al-Kazemi stress the importance of dialogue to get out of the political blockage

LINK

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The Security Council will discuss developments in Iraq tomorrow

3rd October, 2022

Tomorrow, Tuesday, the UN Security Council will hold a session on the situation in Iraq and the United Nations Assistance Mission for Iraq (UNAMI)  LINK

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Al-Sadr: Freedom from the corrupt is the true national day of Iraq

3rd October, 2022

The leader of the Sadrist movement, Muqtada al-Sadr, said on Monday that liberation from the corrupt is the true national day of Iraq. LINK

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Board of Governors of the Federal Reserve System

Board Meeting

 Closed Board Meeting on October 3, 2022

Government in the Sunshine Meeting Notice

Notice of a Meeting under Expedited Procedures

On Monday, October 3, 2022 at 12:15 p.m., a meeting of the Board of Governors of the Federal Reserve System was held under expedited procedures, as set forth in section 261b.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board’s offices at 20th and C Streets, N.W., Washington, D.C. and by audio/video conference call, to consider the following matters of official Board business.

Meeting Date: Monday, October 3, 2022

https://www.federalreserve.gov/aboutthefed/boardmeetings/20221003closed.htm

Some "Sunday News" Posted by Samson at KTFA 10-2-2022

KTFA:

Samson:  Kurdistan government decides on the National Independence Day holiday

2nd October, 2022

The Kurdistan Regional Government announced today, Sunday, that tomorrow will be an official holiday on the occasion of the Independence Day of the Republic of Iraq.

In a statement received by Shafaq News Agency, KRG spokesman, Jutiar Adel, said that Monday, October 3, 2022, will be an official holiday in all official institutions in the Kurdistan Region on the occasion of the Independence Day of the Republic of Iraq.

And the General Secretariat of the Iraqi Council of Ministers announced yesterday that Monday, October 3, 2022, will be an official holiday on the occasion of the Independence Day of the Republic of Iraq.   LINK

Samson:  A deputy suggests the date for the election of the President of the Republic

02/10/2022 16:36:04

  A member of the Parliamentary Legal Committee, Jawad Al-Ghazali, suggested today, Sunday, this week, the date for holding a voting session on the presidential candidate.

Al-Ghazali told Al-Furat News that: "Initial information indicates that there are discussions and agreements between the Kurdish parties to identify one person who will run for the presidency of the republic."

Al-Ghazali added, "We expect that the parliament session will be held this week to resolve this file."

The leader of the Patriotic Union of Kurdistan, Ghiath al-Sorji, had expected, via Al-Furat News, that the next session or after it would be to elect a candidate for the presidency, and the coming days would solve all these matters.  LINK

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Samson: A national consensus to complete the parliament sessions and pass the prime ministerial candidate

02/10/2022 18:03:31

The deputy of the State of Law coalition, Dergham Al-Maliki, confirmed today, Sunday, that there is a consensus to complete the parliamentary sessions and pass the candidate for prime minister.

 Al-Maliki said {to Al-Furat News} that: "The political parties gave a clear message in the last session, with the presence of a consensus to complete the sessions of the House of Representatives and with the unanimity of the political blocs from the coordinating framework, the Kurds, sovereignty and the independents." Al-Maliki added, "There is a clear majority and an explicit agreement between the political forces to attend the sessions and pass the candidate to head the next government, which is agreed upon."

On Wednesday, the House of Representatives held its fourth session, chaired by Muhammad al-Halbousi, Speaker of the Council, and attended by 240 deputies, and voted to renew the confidence of President al-Halbousi, while Mohsen al-Mandalawi was elected as first deputy speaker.

In a statement, the coordination framework stressed the importance of completing the rest of the constitutional entitlements and perpetuating the dialogues between the coalition of state administration and the rest of the blocs wishing to form a new government with full powers capable of advancing the service and security reality. LINK

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Samson:  Integrity carries out seizures of fraud and bribery cases in government banks

02/10/2022 08:50:52

 The Commission's Investigation Department confirmed today, Sunday, that its staff working in Baghdad and Diyala carried out four seizures of cases of fraud, bribery and violations in the branches of a number of banks in the two governorates.

The department, while talking about the seizures that were carried out based on judicial notes, indicated that "the Baghdad Investigation Directorate's work team was able to apprehend two suspects in flagrante delicto of receiving sums of money "bribery" from a number of contracts of agricultural auditors in exchange for agricultural bank auditors. For the purpose of obtaining loans from the bank, indicating that the origin of those contracts has been seized. 

She added, "The Diyala Investigation Office team carried out three seizures in the Agricultural and Al-Rasheed Banks in the governorate, pointing out that the team carried out two separate operations in the Agricultural Cooperative Bank in the province.

A loan in the amount of (70,000,000) million dinars to one of the borrowers, in return for paying a sum of money “bribe” to employees working in the bank, noting that some of the bank’s employees passed a loan transaction in the name of a citizen and disbursed the amount, without his knowledge or consent.” 

The department explained that "the team monitored fraud in Al-Rasheed Bank - Ashnona Branch, represented by the bank granting a clearance to one of the borrowers for repaying the value of the loan received by him, despite the presence of unpaid amounts of the loan in his possession."  LINK

Samson:  Industry announces the size of sulfur reserves in Iraq

2nd October, 2022

Today, Sunday, the Geological Survey of the Ministry of Industry and Minerals clarified the details of its work regarding granting an industrial establishment license and referring mineral revolution projects, announcing the size of sulfur reserves

The Director of the Mineral Investment Department in the Authority, Ahmed Tariq Shehab, told the Iraqi News Agency (INA), that "the authority oversees the regulation of investment work in mineral wealth through its association with two parties, namely, the Directorate of Industrial Development in the Ministry in accordance with Law 20 of 1998 and granting it licenses to establish industrial projects, the other side is the National Investment Commission and its branches in the governorates

He added, "Most of the clays and ores are invested by a decision of the Ministry of Industry," explaining that "since the end of 2012, the Mineral Extraction Department was affiliated with the Geological Survey and our commission became centrally funded by the Ministry of Finance, and the department was separated, with its affiliated sites, including the silica sand site. Al-Atyan and Husayniyat iron, and became affiliated with the Extraction Department of the General Company for Mining Industries

He pointed out, that "when an investor arrives, the authority is required to specify the raw material, its depth, quantities, extension, and the mining conditions for the material to be invested. He continued, "Our commission is supervising this issue, in addition to implementing the amended Mineral Investment Law No. 91 of 1988, which is currently in force, and then to put investors in front of their capabilities to invest accordingly

He stressed that "the authority alone cannot implement the investment itself, because we will need owners, excavators and financial funding, which the government has not monitored, to activate investment in mineral wealth. He pointed out, "The sulfur reserve of 320 million tons contains sulfur rocks and needs special treatments, so raw sulfur accompanies the rocks  LINK

"Vietnam News" Posted by Samson at KTFA 10-1-2022

KTFA: Vietnam News

Samson:  Việt Nam retains positive economic outlook in short-term: World Bank

28th September, 2022

World Bank experts has forecast Việt Nam's economy to grow by 7.2 per Saturday Evening Iraq Economic News Highlights 10-1-22in 2022, the highest growth rate among East Asian and Pacific economies. 

According to the East Asia and the Pacific (EAP) Economic Update October 2022 released on September 27, WB experts said the growth will be supported by a strong recovery in domestic demand and continued solid performance by export-oriented manufacturing. However, it would revert to normal rates over the medium-term, with 6.7 per cent for 2023 and 6.5 per cent for 2024.

Việt Nam's inflation rose to 3.1 per cent in July on grounds of higher transport costs, which increased by 15.2 per cent. It is projected to accelerate to 3.8 per cent in 2022 and 4.0 per cent in 2023 due to second-round effects of community price impacts.

Its public debt is estimated at 39.9 per cent of GDP in 2022 and 40.5 per cent for 2023, sustainable and well below the threshold of 60 per cent of GDP set by the National Assembly.

Its poverty is expected to decline from 3.7 per cent in 2021 to 3.3 per cent in 2022. The same goes for lower middle-income poverty, which would fall from 3.7 per cent to 3.4 per cent, before ending up at 3.1 per cent in 2023.

Its public expenditures are likely to speed up in the second half of the year, resulting in a fiscal deficit of 2.8 per cent of GDP in 2022. The deficit is projected to rise to 3.2 per cent next year as the implementation of the 2022-23 support programme picks up.

In the short term, given Việt Nam's ongoing economic recovery and well-controlled inflation, the current accommodative monetary policy remains appropriate whereas a more supportive fiscal policy would hedge against downside risks, including heightened financial risks.  However, if inflation overshoots 4.0 per cent and core inflation hikes up, Vietnamese authorities should consider recalibrating monetary and fiscal policies.

Notably, higher financial sector risks would require intensified prudential supervision, reporting and provisioning on NPLs, and improved corporate insolvency and banking sector resolution frameworks.

In the regional scale, three factors could be a hindrance to regional growth beyond the end of 2022, which are global deceleration, rising debt and policy distortions. The growth is projected to slow to 3.2 per cent this year and accelerate to 4.6 per cent in 2023.

The consumer price index has been on the rise in recent months but remained around target ranges in several major economies. Meanwhile, inflationary pressure is building rapidly in other countries, reflecting mounting energy and food prices, as well as idiosyncratic factors.

In most EAP countries, the rise in public debt during the pandemic was driven primarily by an increase in domestic debt. At the same time, private sector debt remains high, especially household debt in China, Malaysia and Thailand.

Poverty in the region is expected to fall thanks to continued recovery from the pandemic. The pace of poverty reduction returned to pre-pandemic levels in 2022 and the number of poor is projected to reach historic lows. LINK

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Samson:  Việt Nam's GDP up 13.67% in Q3 as manufacturing rebounds

30th September, 2022

Việt Nam's gross domestic product (GDP) expanded 13.67 per cent in the third quarter of this year, helped by a rebound in manufacturing and a lower base than a year ago, the General Statistics Office (GSO) said Thursday.

Business activities in the third quarter saw strong growth, especially compared with the same period last year when several parts of the country were under strict lockdown due to the pandemic, said GSO Director General Nguyễn Thị Hương.  In Q3 this year, the agriculture-forestry-fishery sector increased by 3.24 per cent, the industry and construction sector was up 12.91 per cent, while the service sector rose by 18.86 per cent, Hương said.

Regarding GDP use, final consumption expenditure increased by 10.08 per cent over the same period last year; accumulated assets rose by 8.7 per cent; exports of goods and services surged 9.32 per cent, and imports of goods and services were up 2.72 per cent.

With upbeat signs reported in almost all aspects between January and September, the GDP was estimated to rise 8.83 per cent for the period, the highest nine-month growth recorded in 2011-2022, said GSO Director General Nguyễn Thị Hương.

In nine months, the GSO also pointed out that the agro-forestry-fishery sector grew by 2.99 per cent. The industry and construction, meanwhile, increased by 9.44 per cent, and service rose by 10.57 per cent. As for GDP use, final consumption expenditure climbed 7.26 per cent over the same period last year; accumulated assets rose by 5.59 per cent; exports of goods and services up 8.94 per cent and imports of goods and services up 4.74 per cent.

Hương said in the period, ministries, sectors, and localities have drastically implemented the Government's resolutions serving the nation's programme for recovery and socio-economic growth.

As a result, the macro-economy was stabilised, inflation was put under control, major balances ensured, monetary and fiscal policies conducted flexibly and effectively, the business investment environment improved, and social security was guaranteed, she said.

CPI up 3.32 per cent in Q3. The Consumer Price Index (CPI) in the third quarter of 2022 posted a year-on-year rise of 3.32 per cent.

The office said CPI in September increased by 0.4 per cent month-on-month, up 4.01 per cent against December 2021 and up 3.94 per cent compared to the same period last year. GSO General Director Nguyễn Thị Hương attributed the increase in CPI in September to the price of essential consumer goods and services increasing in line with the price of input materials and transportation costs, the continuous hikes in domestic petrol prices in tandem with world fuel prices, as well as rising tuition fees.

On average, in the first nine months, CPI increased by 2.73 per cent over the same period last year; core inflation rose by 1.88 per cent.

The COVID-19 pandemic has been controlled, meaning demand for eating out has increased. The average prices of restaurant services in nine months increased by 4.38 per cent over the same period last year, causing the overall CPI to increase by 0.38 percentage points. Although domestic gas prices fluctuated according to world gas prices, gas prices in nine months rose by 18.75 per cent over the same period last year.

The price of food items in the first nine months of 2022 increased by 0.5 per cent over the same period last year, causing CPI to increase by 0.11 percentage points. In addition, the increase in domestic rice prices in line with the export prices of rice made the prices of rice in the first nine months increase by 1.14 per cent year-on-year, increasing the overall CPI by 0.03 percentage points. However, it wasn't all bad, and CPI across many sectors decreased in the third quarter of 2022, including education service fees which dropped by 1.88 per cent. A number of provinces and centrally-run cities exempt and reduced tuition fees from the first semester of the 2021-2022 school year due to the impact of the COVID-19 pandemic, causing CPI to decrease by 0.1 percentage points.

The domestic gold price fluctuated in the same direction as the world gold prices. As of September 25, 2022, the average world gold price stood at $1,702.79 per ounce, down 4.74 per cent compared to August 2022, when the US tightened monetary policy. Domestically, gold price in September 2022 decreased by 1.71 per cent compared to the previous month, up by 1.34 per cent compared to December 2021, up by 4.06 per cent over the same period last year.  LINK

Samson:  US businesses interested in cooperating with Việt Nam in energy transition, digital transformation

24th September, 2022

Permanent Deputy Prime Minister Phạm Bình Minh on September 22 met representatives from the US Chamber of Commerce, the Business Council for International Understanding (BCIU), the US-ASEAN Business Council (USABC) and US firms operating in many different areas in New York.

Highlighting the sound economic, trade and investment partnership between the two countries, Minh noted that two-way trade reached nearly US$87 billion in the first eight months of this year, up about 20 per cent year on year.

The US had been the largest export market of Việt Nam, while the latter was also the biggest trade partner of the US among the ASEAN countries, he stressed.

The official affirmed that the Vietnamese Government would continue to create optimal conditions for foreign businesses, including those from the US, to expand their business and invest in Việt Nam in the areas of high technology, digital transformation, green transition, innovation, finance and banking, smart agriculture, renewable energy, infrastructure development and R&D, thus contributing to the country’s efforts in completing commitments announced at the 26th UN Climate Change Conference to achieve net-zero carbon emissions by 2050.

Minh highly valued ideas from US associations and businesses, expressing his hope that they would continue contributing to the promotion of the harmonious and sustainable economic, trade and investment partnership between the two countries.

US representatives hailed efforts by the Vietnamese Government in COVID-19 control and economic recovery as well as maintaining the macro-economic stability, creating confidence for foreign investors to expand their operation in Việt Nam.

US businesses said they were impressed by Vietnamese economic growth amid the complicated pandemic developments, commenting that Việt Nam is a dynamic and potential market as well as one of the attractive Southeast Asian destinations for companies that wish to stabilise and re-establish supply chains.

They welcomed Việt Nam’s efforts in digital transformation, energy transition and climate change response, holding that the country’s development targets are suitable to the common development trend of the world.

 Many US firms showed their interest in connecting with Vietnamese partners to seek new cooperation opportunities in the fields of digital transformation, energy transition, as well as their willingness to support Việt Nam in achieving emission reduction and sustainable development goals. LINK

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Samson:  European enterprises optimistic about Viet Nam’s economy: EuroCham

28th September, 2022

European firms have shown their optimism about the Vietnamese economy, which is recovering strongly after the COVID-19 pandemic, Vice Chairman of the European Chamber of Commerce in Việt Nam (EuroCham) Nguyễn Hải Minh has said.

According to Minh, despite the global supply disruptions induced by the pandemic, Việt Nam still exported more than US$35.1 billion worth of goods to the EU in 2020 and over $40 billion last year. Meanwhile, the Southeast Asian nation imported $14.6 billion and $16.7 billion worth of commodities from the bloc in the two years, respectively.

In the first eight months of this year, Việt Nam’s exports to the EU were valued at $31.9 billion, up 23.6 per cent, resulting in a trade surplus of up to $21.6 billion, a rise of 46.4 per cent.

The figures reflected positive impacts of the EU-Việt Nam Free Trade Agreement (EVFTA), he noted. However, Minh said, European enterprises in Việt Nam said they benefited more from the EVFTA as the country’s export to the EU mainly came from FDI firms.

EuroCham member businesses and even those that have yet to invest in Việt Nam expressed their hope that the EU-Việt Nam Investment Protection Agreement (EVIPA) would soon be approved and take effect, paving the way for European firms to expand investment in the Southeast Asian nation.   Minh also cited the Business Climate Index (BCI) released by EuroCham showing that European business stakeholders' confidence in Việt Nam's investment environment declined slightly in the second quarter of this year to 68.8 per cent due to external factors.

Up to 60 per cent of respondents predicted that the Vietnamese economy would stabilise or improve in the third quarter of 2022, 45 per cent were significantly or moderately satisfied with Việt Nam's efforts to attract and retain foreign direct investment (FDI), and 76 per cent expected to increase FDI in the country before the end of the third quarter. 55 per cent of respondents said Việt Nam improved its FDI attraction and retention capabilities since the first quarter.

Regarding the link between green growth and FDI, nearly 90 per cent of respondents said that Việt Nam should increase green economy development to attract more foreign investment.

Minh said apart from the above advantages, Việt Nam’s improved administrative procedures also helped to attract foreign investors, including those from the EU. He also noted that many EU enterprises were still concerned about specialised inspections in Việt Nam, which remain overlapping.  LINK

KTFA Members "Friday News" 9-30-2022

KTFA:

Clare:  After reaching international forums, the Iraqi company TNFX obtains a global license

30th September, 2022

The Iraqi company "TNFX" obtained a global permit from the Seychelles Securities Commission

TNFX was able to reach international forums during the past years of its work inside and outside Iraq, culminating in obtaining this license

The license allows it to deal financially in Iraq and abroad, and it is one of the reliable international financial dealing companies    LINK

COPIED FROM TNFK WEBSITE:

TNFX is an ECN forex broker serving both individual and corporate clients. We offer our clients a comprehensive range of trading tools, technical support, and advisory services with the aim of making the trading process efficient, hassle-free, risk-free, and above all profitable for the client from new account registration to funds withdrawal.

Our top priority is customer service. ............... TNFX as a leader in the forex industry has won many international awards, the most important of which are: - Best ECN broker in the Middle East for the year 2020 at the international forex fair held in Dubai. ............

Company Headquarters - Headquarters – For Iraq / Baghdad – Al-Mansour – opposite Al-Mansour Mall – Armada Tower Building – 7th floor. - Branches – United Arab Emirates / Dubai, Business Bay, Bay Gate Tower, Office 22A – Iraq / Basra – Al-Tuwaisa – Olympic Committee Street – Al-Shams Building – 4th floor. – Iraq / Karbala – Jamiat Street – next to the Iraqi Trade Bank – Damerji Mall – 2nd floor. – Iraq / Sulaymaniyah (soon). – Iraq / Erbil (soon).

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Samson:  Parliamentary Integrity calls on the Minister of Finance to investigate the results of the “loss” of more than one trillion dinars

28th September, 2022

The Parliamentary Integrity Committee demanded, on Wednesday, the Minister of Finance, the results of the investigation regarding the "lost" of more than one trillion dinars.

In a letter addressed by a member of the Integrity Committee Ahmed Taha Al-Rubaie to the Minister of Finance stated, “Based on Article 61-Second of the Constitution and Article 15 of the First, Second, Third and Fourth of Parliament Law No. 13 of 2018 and for monitoring purposes, please provide us with the results of the investigative committees related to the file of lost revenue.

(Treasury accounts belonging to the general tax in the Rafidain Bank), which is estimated at more than one trillion Iraqi dinars since 2019 until now, with all the priorities for counting the amounts, parties and people who have illegally acquired the money, please receive a letter within 15 days of our response This is in accordance with Article (15 - first) of the Parliament and its formations law. LINK

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Samson:  The embezzlement and waste of two billion dinars from the offices of religious endowments in two governorates 

29th September, 2022

The Federal Integrity Commission revealed today, Thursday, the arrest of accused of embezzlement and waste of public money in two endowment offices in Diyala and Muthanna governorates, indicating that the value of embezzlement and waste exceeded (2,000,000,000) two billion dinars.

The investigation department of the authority said, in a statement received by Shafak News Agency, that the Diyala investigation office team was able, after follow-up and investigation, to uncover the misappropriation of public money in the amount of (1,820,000,000) billion dinars by the head of one of the former bureaus, and the director of the authority for managing and investing endowment funds in Diyala.

The department added that the field team, who moved to the endowment office in the governorate, arrested the director of the management and investment authority of the endowment funds and (2) employees who admitted receiving the said amount, handing over (1,600,000,000) one billion dinars from it to the former chief of the office, and organizing fake transactions; To cover up the issue, pointing to the seizure of (3) “fake” advances that were organized on paper only and the embezzlement of their sums that were supposed to be distributed among the displaced in the governorate.

On the other hand, the department reported that the field team in the Muthanna Investigation Office monitored the waste of nearly (200,000,000) million dinars of public money in the process of granting an investment opportunity for a commercial complex in Musataha from the owner of the land (one of the endowment offices) to a company, noting the extension of the project implementation period for two years. without rent; Although the commercial operation of the project took place without the need for an extension.

And it indicated that the judge of the investigation court in Baquba, which is specialized in integrity issues in Diyala, decided to arrest the accused arrested in the first operation in accordance with the provisions of Article (340) of the Penal Code.  LINK

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Samson:  15 years imprisonment for a high-ranking anti-terrorist officer for embezzling 13 billion dinars

29th September, 2022

The Federal Integrity Commission revealed, on Thursday, the issuance of three verdicts in the presence of imprisoning an officer with the rank of brigadier general in one of the security services; On the background of embezzlement of more than (13) billion dinars.

And while talking about the details of the case in which it investigated and referred it to the judiciary, the commission's investigation department reported that the Karkh Criminal Court - the third commission, issued three verdicts in the presence of an officer at the rank of brigadier general in the Counter-Terrorism Service, each serving a prison sentence of five years and a month for each case, based on the Provisions of Article (316) of the Iraqi Penal Code.

The department continued, explaining that the convict had embezzled the risk allocations for members of the Anti-Terrorism Service for the year 2015 amounting to (3,833,000,000) dinars, and (5,805,000,000) dinars for the year 2016, while the allocations embezzled for the year 2017 were (3,579,350,000) dinars.

And she continued, explaining that the court, after reviewing the evidence obtained and the evidence in the case, and the investigative papers, concluded that the accused was negligent, and decided to convict him in accordance with the provisions of the judgmental article, imprisoning him for five years and one month for each case, and implementing the penalties in succession, bringing the total to (3) years (15). Months.

Last May, the commission had announced the issuance of a judgment in absentia against an "administrative officer" in the anti-terror agency, serving a 15-year prison sentence. As a result of manipulation and embezzlement of the security risk allocations for the (Counter-Terrorism School) of the Counter-Terrorism Service.  LINK

Samson:  Putin signs agreements on accession of four Ukrainian regions to the Russian Federation

30th September, 2022

Russian President Vladimir Putin signed today, Friday, documents to annex four Ukrainian regions to the Russian Federation, while calling on Kyiv to "stop all its military operations."

The four regions are Lugansk, Donetsk, Kherson and Zaporozhye. At a ceremony in St. George's Hall in the Kremlin, Putin and separatist leaders put their names on treaties to join Russia.

This action represents a sharp escalation in the seven-month-old conflict in Ukraine. The signing came three days after the completion of "referendums" organized by the Kremlin on joining Russia, which Kyiv and the West rejected. "We call on the Kyiv regime to immediately stop fighting, stop all hostilities and return to the negotiating table," Putin said, in a televised speech from the Kremlin during a ceremony to officially announce the annexation of four Ukrainian regions occupied by Moscow.

He warned the West that the residents of the four Ukrainian regions occupied by Moscow are "our citizens forever," adding, "I want to say this to the Kyiv regime and its masters in the West: the residents of Lugansk, Donetsk, Kherson and Zaporizhia will become our citizens forever." He stated that the residents of these areas made an "unambiguous choice" to join Russia, denying his efforts to revive the Soviet Union. Referendums held by Moscow in those regions met with international condemnation.

On Thursday, United Nations Secretary-General Antonio Guterres announced to reporters that Russia's annexation of Ukrainian regions "has no place in the modern world," and said that "any decision to implement the process of annexing the Ukrainian regions of Donetsk, Lugansk, Kherson and Zaporizhia will have no legal value." It deserves condemnation (...) It is a dangerous escalation. This matter has no place in the contemporary world."

In his speech to hundreds of senior Russian politicians, the Russian President said, on Friday, that his country "will defend its new lands with all the means available to it," statements that may indicate an escalation. The Russian president accused Western countries of seeking to turn Russia into a "colony," noting that "it stems from selfishness in order to preserve its unlimited power (ie, Western countries). These are the real reasons for this hybrid war that the West is waging against us.. They want to make us a colony." 

Putin had signed a decree published on Thursday night - Friday, recognizing the "independence" of Kherson and Zaporizhia provinces, which are under the control of the Russian army in Ukraine. Both houses of the Kremlin-dominated parliament, which often approves the government's position, will meet next week to ratify treaties on accession to Russia and send them to Putin for his approval.LINK

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Samson:  The Russian Central extends the restrictions on withdrawing funds outside the country until April 2023

29th September, 2022

The Central Bank of Russia announced the extension of restrictions on the withdrawal of funds outside the country for individuals and foreign legal entities of countries unfriendly to Russia through intermediaries until March 31, 2023.

The bank indicated that the ban will continue until the specified date on non-resident individuals from unfriendly countries who do not work in Russia as well as the legal entities of these countries.

As for Russian citizens of friendly countries, they will be able to transfer up to 1 million dollars to any accounts in foreign banks within a month, and up to 10 thousand dollars or its equivalent in other currencies through money transfer systems.  Non-residents working in Russia are also entitled to transfer money abroad in the amount of wages.
 
This feature will be available to representatives of countries friendly and not friendly to Russia. LINK

MilitiaMan and Samson"News and Views" Thursday Afternoon 9-29-2022

KTFA:

Samson:  It was revealed that there are 300,000 employees receiving more than one salary

28th September, 2022

Wednesday, the Parliamentary Finance Committee revealed that 300,000 employees received more than one salary, while the introduction of a currency of 20 thousand dinars was considered a positive step

Member of the committee, Representative Jamal Cougar, said in a television interview that "salaries will not stop because there is no budget," noting that "salaries amount to 70 trillion dinars, and this is in violation of international standards

Cougar added, "We need 10 billion dollars a month to secure expenses," noting that "300,000 employees receive more than one salary. He explained, "Some employees receive 5 salaries

Regarding the central bank’s intention to offer a currency of 20 thousand dinars, Cougar said, it is a “positive step   LINK

MilitiaMan:  At present there is no positive step to the issuance of a 20k note. In what world would that make any sense at all at present? Unless, the 20,000 note value is not from a 20k note but from a 20 denomination note with an international acceptable exchange rate attached to it..? A positive step is to cease the graft (fake employees) from the corrupt. imo ~ MM

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Samson:  Ports announce the completion of their electronic procedures for exempted goods

29th September, 2022

On Thursday, the Border Ports Authority announced the completion of its electronic procedures for exempted goods.

The authority said in a statement, that "under the direct guidance and supervision of the head of the Border Ports Authority, Major General Omar Al-Waeli, the technical cadres completed the completion of the last link of the electronic link of the exempted goods program at the customs center of the ports: (Shalamjah port, Safwan port, Umm Qasr North port, The middle port of Umm Qasr, the southern port of Umm Qasr, the port of Abu Flous port).

She added, "This came in cooperation with the General Authority of Customs / Southern Region and the General Directorate of Industrial Development," noting that "this is a qualitative transition from routine paper work to electronic work to facilitate data access and eliminate fraud and manipulation of quantities and descriptions of exempt goods."

And he continued, "The Border Ports Authority had earlier activated the electronic system for exempted goods in other customs centers as a step of electronic support and attribution for the departments operating at the border crossings, and in implementation of the directives and recommendations of the General Secretariat of the Council of Ministers and the Diwani Order Committee 22 of 2020 regarding activating electronic work at the ports." borders to achieve complete electronic governance.  LINK

MilitiaMan:  The completion of the last link means to me they are fully ready for what is expected. They go international the coffers will fill quickly, aside from the oil revenues!!!..imo No coincidences with respect to timing.. imo ~ MM 

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Samson:  Economist: Going to print a currency of 20 thousand dinars will cost Iraq a lot of money

29th September, 2022

The economic affairs specialist, Muhammad Al-Saadi, considered, on Thursday, the Central Bank's intention to introduce a new currency in the category of twenty thousand dinars, as a futile economic step, and it will cost the country a lot of money.

Al-Saadi told Al-Maalouma, "Proceeding with the printing of a currency of 20 thousand dinars will cost the state great money, as printing money by the Central Bank is an economically complex technical process."

He added, "Every printed monetary unit must have a balance of foreign exchange reserves, a balance of gold, or real goods and services that were produced in society."

Al-Saadi indicated that "the money circulating in the market has a real value and is not just printed papers," noting that most developing countries usually bypass these rules, and money is printed at rates that exceed the permissible, which leads to high inflation rates.  

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MilitiaMan:  There has already been allocations of large sums of money to print new currency issuance and it has been recorded and expensed by the CBI in 2018 era.

At this juncture in time, there is no reason to print something that has no real effective utility, imo.. They already have 100k and 50 k notes for internal use for large transactions.

WE have been told over and over that the CBI has upwards of 90 -145 billion in $ reserves and over 130 tonnes of gold. The border income may match or exceed Iraq's oil revenues. Add in the Natural Gas deals? You get the picture.

The new notes expected will be supported by all that aforementioned and the private sector once the re construction process begins.

 Lets see what the GOI does, as we know what the CBI is about to do, or they wouldn't be talking about deleting the three zeros from the exchange rate now would they? imo.. ~ MM

Samson:  The resignation of the Sadrist bloc returns to the fore.. Parliament requests discussion from all sides

29th September, 2022

The Legal Adviser in the House of Representatives, Muhammad Al-Ghazi, called on Thursday to present the resignation of the Sadrist bloc’s deputies to members of Parliament to discuss it from all technical and legal aspects, because of its impact on the real representation of the House of Representatives.

The following is the text of documents received by "Mawazine News", explaining Al-Ghazi's request to present the resignation of the Sadrist bloc to members of the House of Representatives for discussion.

LINK

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Al-Mandalawi and Al-Maliki discuss the political, security and economic conditions

29th September, 2022

The First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, discussed today, Thursday, with the leader of the State of Law coalition, Nuri al-Maliki, the political, security and economic conditions.

 Al-Maliki's office said in a statement received by Alsumaria News, that the latter "received in his office today, the First Deputy Speaker of Parliament, Mohsen Ali Akbar Al-Mandalawi, as they discussed the political, security and economic developments in the country." 

Al-Maliki stressed, "the need for the legislative authority to restore its oversight role and work to legislate laws that affect citizens' service and living lives, and other laws that enhance the work and integration of state institutions." LINK

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MilitiaMan:  My view on these two articles are telling. One where the new FDS (First Deputy Speaker) of the HOR (House of Representatives) has apparently his first meeting, and it is with Maliki..

Then we we see just after the one where Al-Sadr resignation is again in the forefront.

Lets not forget the 2019 uprising in October anniversary is just about upon us again. Sadr has indicated there could be massive demonstrations. Also he suggested post the Al-Hanana meeting that if the politicians take the same past roadmap, he will come for them..

I suspect, the street will be watching closely to Al-Sadr after all the missiles that have been flying around and killing people.. Al-Mandalawi imo may want to be careful, very careful going forward in his new position for the people.. imo ~ MM