KTFA Members "News and Views" Saturday PM 6-10-2023

KTFA:

Clare: DON'T WALK BY POST #27!    RIGHT FROM ALAQ!!! WOW!   imo

#27:  Central: Commitment to strict currency financing instructions will significantly reduce the exchange rate

6/10/2023  Baghdad

Today, Saturday, the Central Bank revealed its plans to raise financial and gold reserves, while noting that adherence to foreign currency financing packages will contribute to a significant decrease in the dollar exchange rate in the coming days.

Al-Alaq said, in an interview with the official news agency, that "packages of instructions for financing in foreign currencies abroad were launched with the launch of the electronic platform," noting that "the aim of this package is to meet the requests of all the needs of the Iraqi economic sectors in addition to the needs of citizens for travel, treatment and study." ".

Al-Alaq added, "These packages contributed to organizing a large part of the trade process in Iraq through the entry of various sectors into the official channels of transfer, and mitigated the fluctuations in exchange rates, which at the beginning of the launch of the platform in the market reached approximately 160 thousand dinars per dollar." ".

He stressed, "There is a significant improvement in the work of the trade financing platform and the cash payment platform, and that proceeding in this framework will contribute to a significant decrease in the exchange rate in the coming days."

Regarding plans to raise financial reserves and gold in the central bank, Al-Alaq said, "The two most important factors that determine the accumulation and depletion of foreign reserves are external, as the accumulation of reserves is mainly linked to the amount of oil exports and the price of a barrel, while the depletion of reserves takes place through importing goods and services as well as external transfers." ", stressing that "under normal circumstances, this bank aims to build a sustainable level of foreign reserves while ensuring high liquidity and relatively good returns."

He continued, "With regard to gold, this bank places increasing its holdings of gold on a high level of importance, and by the end of this year, this bank aims to increase its holdings by at least the equivalent of $500 million."

 Regarding the housing loan initiative, Al-Alaq stated that “housing loans did not stop, as the circular of this bank No. 6/5/988 on 4/27/2023 in paragraph (5) of it indicated the continuation of financing applications submitted to the Real Estate Bank and the Housing Fund within the allocated allocation To them, it is derived after that by reallocating 50% of the total loan installments previously granted, whose total loans financed by the Central Bank through its initiative amount to more than 10 trillion dinars.  LINK

DallasDude:  The word "Significant " Got my attention..we will see how it plays out, hope their definition of the word is parallel to ours..and hopefully it's not the 1300 rate they are proud to introduce in this 3 year budget.. imo

************

ButchB:  The more I read the more I realize how intricate this process of the RI is

With the information coming out, and the plays that are being made, you’d have to be blind and deaf. Not to realize the R I  is here.

I remember all the times I thought this has to be it but now I sit and reflect how ignorant I have been in thinking that the RI/RV could have possibly taken place before this weekend

With all of the things that they have accomplished in this past week, alone, supersedes everything that they have accomplished for the past 20 years think about that a minute ONE WEEKS TIME HAS ACCOMPLISHED MORE THAN THE PAST 20 YEARS!

this is in my opinion, of course and I feel that everyone in this family would benefit from reading the entire article that is presented to you and don’t just read the headlines
For it is the details that it is driving this RI in my opinion

So if you are having any doubts about us coming to the end of this road, maybe you should look in the rearview mirror and see how things used to be and compare them to how they are now so again, I would reiterate ,IMO , THEY HAVE ACCOMPLISHED MORE IN THE PAST WEEK THAN THEY HAVE IN THE PAST 20 YEARS!

Clare:  After a dispute for two days, the House of Representatives votes on the Kurdistan oil revenue clause in the budget

6/10/2023

The House of Representatives voted, on Saturday, on Article 14 of the draft budget law.

And the media department of the House of Representatives stated in a statement, which Mawazine News received a copy of, that "the House of Representatives voted on Article 14 related to oil revenues in the Kurdistan region and its audit by the Federal Audit Bureau."

The House of Representatives has witnessed disagreements since yesterday, due to disagreements over the article.   LINK

************

Clare:  The Finance Committee announces the resolution of the dispute over Article 14 of the budget

6/10/2023

A member of the Finance Committee, Mueen Al-Kazemi, announced today, Saturday, the resolution of the dispute over Article 14 of the Federal General Budget Law.

 Al-Kazemi told Al-Sumaria News, "There are serious dialogues that took place between the coordination framework and the Kurdistan Democratic Party, which resulted in reaching an important formula agreed upon between the two sides on Article 14, and with that everything ends."

He pointed out that "the meetings are continuing and there is an understanding that occurred within the framework with the Democrat regarding Article 14, especially with regard to forming a committee to resolve the differences between the center and the region."

Al-Kazemi stressed that "the budget materials will be passed gradually."

During the past two days, the House of Representatives voted on Articles (1, 2, 3, 5, 6, 7, 8, 9, 10, 11, 12, 13, 18, 19, 20, 21, 23 and 24), in order to vote. On Articles 14, 15, 16 and 17, with the deletion of Articles 4 and 22 of the draft budget law.

It is hoped that the House of Representatives will hold, today, Saturday, a session to complete the vote on the budget articles.    LINK

Frank26 is Going Live- Budget News From Iraq 6-9-2023

Frank 26 is going live 6-9-23

KTFA:  6-0-2023

Report form Eddie…..Whats going on with the budget

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

https://www.youtube.com/watch?v=-fTZ_cCbPUw

Frank26 is Going Live!!! Tuesday Night 6-6-2023

Tuesday Night Conference Call

Frank 26 is going live! 6-6-23

Frank26:  We were gathered together yesterday and I told you some very good things….some very powerful things….and then I said to you when we were done that I would not see you again until next Monday UNLESS something major happened.

Well, 5 minutes after our youbee-tubee was over with last night , Eddie, our fireflies, sent some information……and I thought Really?  I’m getting this now???  I could have used this 5 minutes ago….

Then this morning Walkingstick calls me and said “I have something to tell you”

When he told me I said “I think we should do a youbee-tubee tonight.  I’d like to bring up 5 things for you tonight and analyze them a little bit.  But, the last thing is the reason why I am doing this youbee-tubee.

Everything I share is strictly in my opinions.

Please listen to replay for all Franks information and opinions

https://www.youtube.com/watch?v=Pqn04DIMx5I

Monday Night KTFA CC with Frank26 "Recession is Good for You" 6-5-2023

KTFA

Monday Night Conference Call

Frank26:  Frank 26 ……6-5-23…….RECESSION IS GOOD FOR YOU

Frank26: Everything waits for the new rate….even the budget.

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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=BF8gmG8DXs4

KTFA Members "News and Views" Saturday PM 6-3-2023

KTFA:

Clare:  Preferring a date for approving the budget law

6/03/2023

Today, Saturday, the Parliamentary Finance Committee suggested a date for approving the budget law, stressing that it will be approved before the legislative recess that begins on June 9.

A member of the committee, Saad al-Toobi, said, according to the official newspaper, that “the committee requested earlier to set a date for the session, because there is nothing to delay voting on the budget, as the committee needs hours only in order to make transfers that are almost ready and are just waiting for classification in the budget.” As well as some additives.

He explained that “the delay that is taking place now is only for the sake of the region’s articles that were duly voted on within the committee,” adding, “But it is possible that political consensuses will take place and the vote will be changed,” noting that “it is possible to change the voted materials because the voting took place in Within the committee, the budget was not voted on in its entirety, and this is one of the legal tricks.”

And he continued, “Parliament will enter its legislative recess on the ninth of June, so the budget will be approved effectively before this date,” and indicated that “it is possible that a date will be set for the next Sunday or Monday to vote on the budget in Parliament.”  LINK

Ryan1216:  I pray the budget passes this week

TSM:  Before this week, the coming days, soon.....pretty hard to do all of this when they just sit on their hands...HOW about NOW!!!!!!  Imo

Clare:  THAT MEANS TOMORROW OR MONDAY... COME ON IRAQ!    Imo

Zeeman: Excellent news. maybe the imf got to them or maybe they learned the word common sense or june 9 vacation time   or all of the above but in any case this is very good  imo

Gameofpatience:  Opinion:  Budget and remaining laws are waiting for the rate change and need about a week to complete. Isn't Iraq now generically stating "NEXT WEEK" (by June 9th).
Read carefully: "NEXT WEEK" starts TOMORROW.

GMan:  Nailed it. And let's not forget the other countries involved... It's about Iraq and it's not about Iraq. Again

Clare:  I PRAY THIS IS THE WEEK WE ALL CROSS OVER THE FINISH LINE TOGETHER!

************

Clare:  International Monetary Fund: The Central Bank of Iraq has made progress in combating money laundering

6/3/2023  Baghdad

The International Monetary Fund praised the progress made by the Central Bank of Iraq in combating money laundering and terrorist financing.

"The IMF mission welcomes the progress made by the Central Bank of Iraq in the field of improving cash management, anti-money laundering and counter-terrorism financing frameworks," the fund said in a press statement, posted on its website and viewed by Al-Iqtisad News.

The fund confirmed that the mission stresses the importance of close coordination between the positions of monetary and public financial policies in managing the Iraqi economy. LINK

************

Clare:  Within 24 hours... Iraq announces the killing of 10 ISIS members, as a result of air strikes

6/03/2023

The Security Media Cell announced, on Saturday, that 10 terrorists had been killed in three operations in which Suqur al-Jaw and the Counter-Terrorism Service participated, during the past 24 hours.

This came, based on the directives of the Commander-in-Chief of the Armed Forces, and under the supervision of the Joint Operations Command, according to a statement received by Shafaq News agency, as the security forces of all kinds continued to maintain pressure on the terrorist elements according to a well-articulated plan that caused them loss of life and destroyed their hideouts.

The cell stated, "The Air Hawks launched a successful air strike yesterday, Friday, in the Hamrin mountain range, killing four terrorists, and the Anti-Terrorism Service was able to kill three terrorists, while the Iraqi Air Force succeeded in launching another air strike complementing yesterday's efforts in Diyala sector - Hamrin Mountains, which resulted in the destruction of a number of dens and the killing of three terrorists.   LINK

************

Clare:  By majority.. Parliamentary swings to pass the budget this week - Urgent

6/03/2023   Baghdad

Today, Saturday, the leader of the coordination framework, Fadel Mawat Al-Azrigawi, suggested a majority vote on the budget law during the current week.

Al-Azrigawi confirmed to (Baghdad Today) that "there is a political movement among the political forces in order to vote on the budget law during the current week, as there is a parliamentary and political majority that supports this approach."

The leader explained in the framework that "the Kurdistan Democratic Party does not have any real objections to the budget law, but rather it is trying to pressure in order to obtain more gains within the budget."

He pointed out that "the current political movement will enable everyone to obtain consensus to pass the budget before this week."

Earlier, a member of the Al-Fatah Alliance, Representative Salem Al-Anbuge, confirmed that the coordination framework is waiting for the Kurds' response to the Mandalawi meeting.

Al-Anbuge told (Baghdad Today) that "the coordination framework forces held an important meeting at the claim of the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, to discuss the 2023 budget file in light of recent developments."

He added, "The framework meeting came to avoid passing the budget by the political majority, and for a political agreement to be the solution by converging views."  LINK

Clare:  The New President Of The World Bank Takes Over

6/03/2023

Ajay Banga, the new president of the Indian-American International Bank, officially assumed his duties on Friday, succeeding David Malpas, who yesterday ended his term at the helm of this institution, according to close sources.

Banga was the only announced candidate, the former head of the payment systems group MasterCard, was elected without a surprise in early May.

If Ajay Banga is the second official of the World Bank not born in the United States after Jim Yong Kim, who was born in South Korea but grew up in Iowa, then he is the first who did not graduate from an American university after studying and starting his career in his native India.

This comes in the context of reforms to the institution, which announced last March an increase in its funding by five billion dollars annually over the next ten years.

The content of the reforms will be revealed during the next annual meeting of the World Bank and the International Monetary Fund in October in Marrakesh (Morocco).

The Foundation is expected to demonstrate its ability to enhance its efforts to help fund the fight against global warming. Some countries, especially the least developed countries, fear that this will be done at the expense of combating poverty.

In a message addressed to all employees, Banga affirmed his desire to “create a world without poverty on a livable planet,” considering that “the realization of these aspirations requires that we develop, be creative, use our resources to the maximum extent, and establish new partnerships with civil society.”

The new official also paid tribute to his predecessor, David Malpass, a “fierce defender of the World Bank,” thanks to whom he “made great progress in our missions.”

For his part, the latter wrote in a post on his personal page on LinkedIn on Thursday, summarizing his achievements and recalling in particular “the World Bank’s rapid response to a series of global crises with the allocation of $440 billion.”

"During my tenure, the World Bank doubled its funding to address global warming in developing countries by a record $32 billion," he said.

David Malpass confirmed that his assumption of the presidency of the World Bank was “a great honor” and thanked “its staff and the board of directors for working together.”

Although he is highly regarded internally, particularly by the Foundation's staff, David Malpass has not succeeded in silencing critical voices abroad, particularly regarding his lack of interest in climate issues.

The topic came back to the fore last September when a New York Times journalist asked him during an event about it, and Malpass refused to admit that human activities are the main cause of global warming.

He later confirmed this on several occasions, but this hesitation contributed to the consolidation of his image as a skeptic of the climate fluctuations put forward by former US Vice President Al Gore. LINK

Tuesday Night KTFA CC With Frank26 " All Systems Go!" 5-30-2023

KTFA

Tuesday Night Conference Call

Frank26:  5-30-23…. ALL SYSTEMS GO

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

Frank’s team is Walkingstick, Eddie in Iraq and guests

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=y3aECuyJahg

Some "Iraqi News" posted by Clare at KTFA 5-18-2023

KTFA:

Clare:  The Central Bank disables all electronic payment cards.. and a source of {Euphrates News} explains

 5/18/2023

An informed source revealed that the Central Bank of Iraq suspended most of the electronic payment cards, including the Master Card, due to a regulatory process.

The source told {Euphrates News} agency that: "All banks and banks to which cards were issued by electronic payment companies, including {Soj}, Ishtar Gate and Qi Card, are currently suspended according to the decision of the Central Bank since last Thursday."

He added, "Maybe there are three banks that are still working with their electronic cards, since they are the ones issuing them, and they are also awaiting settlement."

The source pointed out that "MasterCard's entry into Iraq was delayed due to the Central Bank auction, and it is paid in dollars, which are issued exclusively to companies by the Central Bank."

He explained that "Master Card and [Suge] have been suspended, including palm cards, pending instructions from the Central Bank," noting that "most of the cards issued in Iraq are suspended due to a change in the central bank's system and may return to work in the next two days."  LINK

************

Clare:  Economist: The government is moving towards eliminating the parallel market for dollars

Baghdad... 

The researcher in economic affairs, Muhammad Attia Al-Saadi, considered the security and control campaigns to deter dollar dealers in the commercial markets as the right step towards reducing the gap between the official and parallel price. 

Al-Saadi told Al-Maalooma, "The problem of the dollar's high price did not end with merchants and company owners entering the electronic platform to buy dollars from the Central Bank." 

He added, "Many car and electrical companies and merchants were dealing in the process of buying and selling in dollars with citizens, which prompted the government to impose dealings in dinars by force by taking legal pledges." 

Al-Saadi expected that "the exchange rate will witness a decrease in prices in the coming days," pointing to "the importance of intensifying government measures, monitoring manipulators, and blocking the path towards any speculators who constantly update their methods to speculate in dollars and exhaust citizens with high prices."    LINK

************

Clare: Finance announces the settlement of most articles of the 2023 budget law, in preparation for its approval

Baghdad

On Thursday, the Parliamentary Finance Committee held its forty-sixth meeting within a series of important meetings to complete the federal general budget law for the fiscal years 2023-2024-2025, as it finished voting on most of the budget items and paragraphs in preparation for submitting it to the Presidency of the House of Representatives.

The head of the committee, Atwan Al-Atwani, said in a statement that "the fate of large segments of citizens is related to voting on the budget law," adding that "the committee is keen to expedite its completion, to proceed in an appropriate manner that meets the aspirations of the people."

The committee completed "reading the items of the budget that include determining a percentage for the payment of arrears dues to the provinces as due due to the increase achieved from the difference in the price of selling oil, and the disbursement of dues for project implementation according to completion rates, as well as the mechanism for listing projects according to the investment plan for the development of regions, and the ripening of ideas regarding them."

The committee also continued "discussing articles related to the provision of municipal services to neighborhoods adjacent to the basic design based on specific procedures, as well as subsidizing electric power and installing generating stations for all regions, and projects consistent with the government's priorities according to the government program, and voting on them in a way that meets the public interest."

And the Parliamentary Finance Committee ended "voting on many provisions of the Federal General Budget Law after the ripening of visions and ideas in line with the requirements of implementing the government program."  LINK

Clare:  The European Bank for "Reconstruction and Development" is expanding in Iraq

5/18/2023

The European Bank for Reconstruction and Development announced, on Thursday, the shareholders' approval of the bank's expansion in Iraq and Africa, while confirming a study of a proposal to increase the capital by between three and five billion euros.

"A detailed proposal for increasing the paid-up capital will be prepared by the end of this year," the bank said, in a statement, pledging at the same time to "more support for war-torn Ukraine."

The loan, which focuses on emerging markets, has already allocated 3 billion euros to Ukraine and is to be invested in 2022-23.

The bank's president, Odile Reno Basso, said during the bank's annual meeting that the assistance would continue, and that the increase in paid-up capital would give the bank the way to maintain this level of investment.

Last March, the European Bank for Reconstruction and Development announced the allocation of $1.6 billion over the next two years to support reconstruction and recovery in areas hit by the earthquake in Turkey three months ago.   LINK

*************

Clare:  The Kurdistan Region is building the "largest" solar power plant in Iraq

5/18/2023

Today, Thursday, the Kurdistan Regional Government will start laying the foundation stone for a new solar power plant, the largest in Iraq.

The Ministry of Electricity in the Kurdistan Regional Government said in a statement received by Shafaq News agency; "It will be the largest solar power plant in the Kurdistan Region and Iraq."

The statement indicated; He pointed out that the capacity of the station is 25 megawatts of electricity and contains a large number of panels, and it is environmentally friendly and the electricity it generates is connected to the national electricity grid.

He pointed out that currently, "20% to 30% of the electricity in the Kurdistan Region will be generated from solar energy, and the Kurdistan Regional Government wants to increase this amount and is implementing similar projects for this purpose."

And that "the project costs 100 million dollars, on an area of ​​590 dunums, and it will be completed within a year."

There are two solar power stations in the Kurdistan Region with a capacity of 3 megawatts, while the government decided to build a power station "at a cost of 235 billion dinars with a capacity of 100 megawatts" in the Soran region.   LINK

Frank26 and KTFA Members Tuesday 5-16-2023

KTFA:

Frank26:  FRANK TOLD WALKINGSTICK THEY JUST TOLD THEM TODAY IN IRAQ THE HCL IS IN THE BUDGET.

WS RESPONDED AND SAID NOT AT A PROGRAM RATE. IT WILL NOT WORK WITH THE ACCOUNTING.

 THE KNOWLEDGE OF THE HCL IN THE BUDGET IS NOT A CLUE OR A HINT ABOUT A NEW EXCHANGE RATE, IT IS A FACT OF THE MONETARY REFORM EDUCATION TO THE CITIZENS.

Clare:  Iraqis banned from trading in US dollar

May 14th, 2023

Bolstering the Iraqi dinar: Traders, civilians banned from buying, selling in U.S. dollar

ALBWABA – The Iraqi Ministry of Interior issued a ban on Sunday, prohibiting traders and civilians from conducting business in the United States (US) dollar, according to Arabian Business.

Organized Crime Directorate’s Director of Operations Brig. Gen. Hussein al-Tamimi confirmed that a circular was issued by the ministry, prohibiting the use of U.S. dollars in business transactions.

Merchants and citizens are told to use the Iraqi dinar in markets, shops and commercial centers, he added.

Written pledges are being collected from traders across the country, as part of the Central Bank's "Bolstering the Iraqi Dinar" campaign, al-Tamimi explained.

The effort is aimed at limiting exploitation in the U.S. dollar black market, he underlined, and mitigating dollarization in Iraq.

According to the Iraqi official, undercover and civilian police personnel have been deployed in shops and markets around the nation to support the enforcement of the band.

Under the ban, transactions in the U.S. dollar will be limited to the Central Bank of Iraq and exchange shops, the Al Eqtisadiya news website highlighted.

Understanding the Iraqi monetary scene

In November 2022, the United States imposed tighter measures on U.S. dollar exchange outlets in Iraq, in an effort to curb dollar smuggling into and out of neighbouring countries.

These measures entail a 15-day waiting period on dollar purchase requests submitted to the central bank. As well as the issuance of manifests detailing the names and entities involved in every purchase.

Overall, these measures reduced the amount of U.S. dollars purchased from the central bank by market operators. 

This resulted in a shortage in the amount of dollars in supply locally in Iraq, as reported by U.K.-based news and media outlet The New Arab.

Instead of procuring dollars from the central bank, buyers have been buying from illicit operators, who sell at higher prices than the official exchange rate.

As of January this year, the US dollar was being sold at more than IQD200 over the official exchange rate, according to the UK-based media outlet.

Since then, the Iraqi Dinar has fallen against the U.S. dollar, from IQD1,460 to IQD1,600. Whereas the Iraqi government has been unable to break its currency’s decline.

The central bank also banned currency brokerage and set the exchange rate at IQD1,320, but the dollar is still being exchanged at IQD1,445, according to Al Eqtisadiyah on Sunday.

So far, the government is hopeful that backing policy with enforcement and rallying the market behind the central bank’s policy would help rectify the situation.   LINK

 **********

 Frank26:  WALKINGSTICK & I WANT YOU TO KNOW THIS IS TALKING ABOUT IRAQ BECOMING A FINANCIAL CENTER & ECONOMIC HUB IN THE MIDDLE EAST AND AROUND THE WORLD. (See article below) THIS ARTICLE TALKS ABOUT WORLD BANKS POURING INTO THE CBI/IRAQ.

THEY ARE CREATING, IN THE SOUTHERN REGION A CITY OF FINANCIAL POWER COMPRISED OF PRIVATE BANKS, COMMERCIAL BANKS, LAND BANKS  WHICH ARE REAL ESTATE BANKS, AGRICULTURAL BANKS FOR RESOURCES, MINING/DRILLING/UNTAPPING IRAQ’S RESOURCES.

ALSO WE WANT TO SHARE IN OUR OPINION CHASE BANK WILL BE A PART OF THIS…..FRANK26

For the first time in Iraq... planning to establish a "huge" financial center in a southern governorate

5/15/2023 

The Iraqi economist, Hussein Al-Hanin, revealed, on Monday, the details of establishing the idea of ​​a financial center for the first time in Diwaniyah Governorate, stressing that this will cause an economic boom in the financial situation of the governorate.

Al-Hanin, who is the owner of the project idea, told Shafaq News agency, "The idea of ​​establishing a financial center is a new and unprecedented idea in Iraq, and the idea was launched due to an old effort to establish two branches of the Commercial Bank of Iraq (TBI) and the Industrial Bank in Diwaniyah," pointing out that "The financial center will be on a land area of ​​6 dunums, and its location will be towards the south of the center of Diwaniyah Governorate, and close to the public markets."

He explained that "the center will include 4 banks (Al-Rafidain, Al-Rasheed, Al-Sana'i, and TBI), and there may be a fifth distinguished private bank," noting that "the banks are naturally looking for distinguished places, and this designated place is designed mainly for financial services, and it will also include a stock market and a special market for corporate traders." Banking, and the facade of the financial center design will include international brands that enter for the first time in Diwaniyah Governorate, as well as the center will include an indoor garage with three floors.

Al-Hanin stressed, "Some people imagine that the funds for establishing the center are from the budget, and in fact its financing will be preceded by negotiation with the Commercial Bank of Iraq, and perhaps the cabinet will be approached through the governor of Diwaniyah, if the funding ceiling exceeds the permissible limits for the administration of the Commercial Bank of Iraq, for the purpose of Obtaining the approval of the Council to finance the project.

The owner of the idea of ​​the project noted that "the benefit of this center in Diwaniyah specifically is to facilitate projects, give loans and mobilize the labor force, as well as rotate capital in the province, and move the investment wheel. by her family."   LINK

Clsre:  DON'T MISS THIS UB2B IT HAS EDDIE'S REPORT IN IT!

https://youtu.be/wAjP5LVOXl4

Some "Vietnam News" Posted by Henig at KTFA 5-14-2023

KTFA:  Vietnam

Henig:  Vietnamese đồng one of most stable currencies in Asia: Experts

May, 13/2023 - 09:51

The United Overseas Bank (UOB) rated the Việt Nam đồng as one of the most stable currencies in Asia, despite significant changes in the Fed's interest rate hike expectations as well as concerns about a global recession and instability of the US banking system.

HÀ NỘI — Amid fluctuations in the global financial market, the exchange rate in Việt Nam has remained stable in the first four months of this year, and the Vietnamese đồng is considered one of the most stable currencies in Asia, according to experts.

Market analysis reports released by Mirae Asset Securities Vietnam showed that in April, the USD/VND exchange rate dropped 0.2 per cent and the average exchange rate hovered around VNĐ23,500 per US dollar during the month. The rate has remained stable throughout the January-April period.

The United Overseas Bank (UOB) rated the Vietnamese đồng as one of the most stable currencies in Asia, despite significant changes in the Fed's interest rate hike expectations as well as concerns about a global recession and instability of the US banking system.

Mirae Asset noted that the State Bank of Vietnam had bought a large volume of foreign currency in the first four months, raising the foreign exchange reserves to around US$90 billion.   

Đào Xuân Tuấn, head of the Foreign Exchange Management Department under the State Bank of Vietnam (SBV), said that since the end of 2022, the foreign exchange market has developed positively and gradually become stable.

The USD/VND exchange rate tends to decrease and stabilise again, he said, adding that the recovery of the Vietnamese currency against the US dollar since December 2022 was similar to that of many other currencies in the region such as the Japanese yen, Chinese yuan, the won of the Republic Korea and the Thai baht. 

Tuấn said that the increase in foreign currency supply enabled the SBV to buy more foreign currencies for the foreign exchange reserves.

In the first four months of this year, the SBV bought nearly $4.9 billion from credit institutions, up about $1 billion from the amount recorded at the end of the first quarter of 2023.

Experts from VNDirect forecast that Việt Nam's foreign exchange reserves will recover to reach $102 billion by the end of this year.

Meanwhile, Moody’s Investor Service has forecast that Việt Nam’s forex reserves excluding gold will rebound to $95 billion by the end of the year as the State Bank of Vietnam rebuilds its stockpile.

Nishad Majumdar, an analyst in Singapore, held that the recent appreciation of the đồng, which reflects the improved external position, will give the central bank space to rebuild the forex buffers that were spent down during the US dollar’s rally last year.

Việt Nam’s reserves stood at $88.3 billion in January, according to the International Monetary Fund.

Majumdar held that the recovery in tourism and steady foreign direct investment inflows will help boost the nation’s reserves even as exports weaken.

The đồng has advanced 6 per cent in the past six months, joining a rally in Asian peers, as the US dollar has weakened.

He recommended that Việt Nam prioritise exchange rate stability as a means to stabilise inflation and create certainty for inbound investors.

A stronger đồng reduces the local-currency value of the Government’s external debt, which still accounts for about a third of overall Government borrowing, he said. 

It will also likely mitigate the impact of higher import and manufacturing input costs into domestic inflation, giving the authorities further space to pursue a more accommodative monetary policy, the expert added. — VNS    LINK

************

Henig:  Banking sector’s digital transformation day to take place next week

09:05 | 13/05/2023

The digital transformation day of the banking sector will be held on May 18, the State Bank of Vietnam (SBV) announced at a press conference in Hanoi on May 11.

Hoang Thanh Nhan, Editor-in-chief of Thoi bao Ngan hang (Banking Times) newspaper, said the event aims to review outcomes achieved by the banking industry after two years of implementation of its digital transformation plan until 2025, with a vision for 2030.Hoang Thanh Nhan, Editor-in-chief of Thoi bao Ngan hang (Banking Times) newspaper, said the event aims to review outcomes achieved by the banking industry after two years of implementation of its digital transformation plan until 2025, with a vision for 2030.

It is expected to promote a national digital transformation programme and change the awareness of organisations and individuals about its role in the operation of the industry, she added.

Within the framework of the event, there will be a thematic conference on the application of population data in banking activities - the driving force for digital transformation - and an exhibition displaying outstanding services and products in digital transformation of banks and payment intermediaries.

Pham Anh Tuan, head of the Payment Department under the SBV, said that positive results have been recorded in digital transformation activities of the banking sector.

According to the Ministry of Information and Communications, in 2021, the State Bank of Vietnam ranked first in cyber security readiness and fourth in terms of digital transformation activities. Up to 95% of credit institutions have been carrying out digital transformation strategies at their units.

In the first three months of this year, non-cash payment transactions increased by 53.51% in quantity compared to the same period of last year while ATM transactions decreased by 2.37% in volume and 4.02% in value, reflecting a shift to electronic payment, Tuan said.

Source: VNA    LINK

KTFA Members "News and Views" Saturday 5-13-2023

KTFA:

Henig:  A scary revolutionary to Nina: The budget can be approved in two days. If this condition is met

Baghdad / Nina / MP for the State of Law Coalition Thaer Makhif said: "The budget can be approved within two days if a single condition is met."

Makhif said in a statement to the Iraqi National News Agency (NINA) that: "If discussions between the political blocs on the budget take place naturally and professionally away from the bloc's demands, and to stop those demands, the budget can be approved in just two days, but those demands and disputes are what delayed the adoption of the budget so far."

He explained that: "So far, there are disputes, demands, financial and non-financial problems (political) and means of pressure from one party against another related to the budget of the political blocs."

He pointed out: "The parliament, in all cases, is determined to approve the budget before going to the legislative recess," stressing: "The speed of approving the budget depends on the political consensus between the blocs."    LINK

DeepWoodz:  Imo  They have no choice but to approve before recess. Recess being the break between the two legislative sessions during the year. 

Constitution Article 57:  The Council of Representatives shall have one annual term, with two legislative sessions, lasting eight months.The session in which the general budget is being presented shall not end until approval of the budget.

Henig:  Parliamentary Finance reveals to "Baghdad Today" the possibility of passing the budget on May 17

Baghdad Today - Baghdad

Today, Saturday, the Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed that the seventeenth of May is the deadline for voting on the 2023 budget, in accordance with the agreement between the political blocs.

Al-Atwani told "Baghdad Today", "The decision of the State Administration Alliance related to setting the seventeenth of this month as a date for passing the budget gave momentum and strength to the work of the Finance Committee," noting that "the committee intensified its work and divided into two committees, the Committee of Items and the Committee of Tables."

He pointed out that "the committee will have other hosts for ministers and officials soon," stressing that "the date of the 17th of this month we agreed in principle that it is a date for voting on the budget and we are serious about submitting it as soon as possible."

Al-Atwani added that "observations are being collected to resolve the final budget amount and the mechanism for its distribution in order to complete the transfers between the items," noting that "the amount so far remains as it is, amounting to 198 trillion as received from the government."

The State Administration Alliance had announced the agreement to set the seventeenth of this month as a preliminary date for voting on the budget, amid millions of Iraqis looking forward to approving it.

It is expected that no major changes will be made to the budget, especially since any changes will require more time, as the budget is large and branched, which is the largest in the history of Iraqi budgets.   LINK

DeepWoodz:  ImoThis article is a little mis-leading. I think ALL Iraqi’s are waiting for PURCHASING POWER.  

Henig:  Well, given that we've been taught that the rate comes before the budget, and the rate brings with it purchasing power, IMO I disagree with you in a minor way--I think they are waiting for the budget because they'll get that purchasing power right close to that time.  But I also think that's a minor enough distinction that we really don't have a disagreement. 

 DeepWoodz:  Imo  No disagreement at all. Ive always believed what Frank taught here but one step further….I actually think they are using a new rate in their trade agreements. We are just waiting with the citizens for them to show it. Imo

TSM:  Is this "the approved budget, the one they are now supposed to be using?...or is this the budget that MOST say needs the 3rd reading and a vote to approve?..imo  

Clare:  THE BUDGET HAS BEEN APPROVED.. THE 3RD VOTE IS A FORMALITY  THAT WILL MAKE IT LAW.  WHICH THEY ALSO REFER TO AS APPROVAL, BUT IT REALLY MEANS MADE INTO LAW- TO IMPLEMENT 

IF THEY WERE NOT GOING TO AGREE TO PASS IT INTO LAW, IT WOULD'VE BEEN SENT BACK TO THE COM.(council of ministers) .. WHICH IT NEVER WAS.

THE PARLIAMENT SESSION WAS SUPPOSED TO END ON THE 9TH OF MAY - THEY ALREADY EXTENDED THE SESSION TO HAVE THE 3RD VOTE ON THE BUDGET AS PER ARTICLES  IMO

************

Clare:  The Parliamentary Finance completes the discussion of the budget items and confirms its commitment to the legal frameworks

5/13/2023

The Parliamentary Finance Committee announced, today, Saturday, that it has completed discussing the provisions of the Federal Budget Law.

The committee stated, in a statement that {Euphrates News} received a copy of: “It is continuing, headed by Atwan Al-Atwani, its meetings through the sub-committees for reading the items and following up the schedules on Saturday 5/13/2023, in preparation for raising them to vote,” stressing “the need to follow up on the exchange authorities after approval The budget is in accordance with the legal frameworks, to come out with a result that meets the aspirations of the Iraqi people, as it directly affects the lives of citizens.\

And the special committee for studying the items - according to the statement - completed reading the legal texts contained in the budget and presenting visions and ideas in order to maximize the revenues of the state’s public treasury, in addition to discussing the allocations of the vehicle fees law for the maintenance of roads and bridges, distributing the amounts according to the spending authorities, and estimating the revenues, stressing on “

The committee also checked the listed tables to study the amounts allocated for service and commodity requirements and special programs, electricity and water fees, gas imports, as well as allocations for the school feeding program, and discussed them scientifically and expressed views to ensure that they reached their places, and hosted those concerned in this regard.

The committee affirmed "its keenness to adhere to the accuracy of making transfers between spending units, and transferring funds as needed, with knowledge of all exchange chapters contained within the schedules of the Federal General Budget Law, and stressing increasing allocations for poor governorates for the implementation of service projects."  LINK  

Clare:  THIS ARTICLE HERE TELLS USE EVERYTHING IS DONE FOR THE BUDGET TO BECOME LAW... THEY ONLY NEED THE FORMAL VOTE NOW. IMO

Clare:  Finance" hopes to reduce the deficit by 18 trillion dinars, so that the total budget becomes 180 trillion

 5/13/2023

The Finance Committee in the Iraqi Parliament indicated, on Saturday, new figures for the fiscal deficit and the value of the total budget, while confirming that the approval of the draft law will take place within the next few days.

A member of the committee, Mueen Al-Kadhimi, told Shafaq News agency, "The House of Representatives will vote on the general budget law in the coming days, after the Parliamentary Finance Committee finishes preparing its final report, after which the government will start implementing its government program in early June."

Al-Kazemi added, "We in the Parliamentary Finance Committee hope that there will be a possibility to reduce the budget deficit rate of 64 trillion dinars, by increasing revenues and reducing unnecessary expenditures, especially since the remaining period of this year is seven months, and it is certain that many things cannot be done." disbursed in a short period of time.

The member of the Finance Committee indicated that the committee worked to reduce the deficit to about 18 trillion dinars by reducing and compressing operating expenses, so that the total deficit in the budget would be 46 trillion, instead of 64, and thus the total amount of the general budget would be 180 trillion dinars.

The Iraqi Council of Representatives completed the first and second readings of the draft federal budget law for the Republic of Iraq, which was submitted by the government of Muhammad Shia al-Sudani for the fiscal years (2023, 2024, 2025).

On Tuesday, the ninth of May, the committee announced that the size of the operating budget in the 2023 budget, which has not yet been approved by the Iraqi parliament, amounts to approximately 133 trillion dinars. The State Administration Coalition formed by the government of Muhammad Shia’ al-Sudani set May 17 as the initial date for voting on the tripartite budget (2023-2024-2025).   LINK

**************

DeepWoodz:  Imo We having some fun now. Let’s talk about something Walkingstick and Frank brought up.    Currency swaps. 

A currency swap is an agreement in which two parties exchange the principal amount of a loan and the interest in one currency for the principal and interest in another currency. At the inception of the swap, the equivalent principal amounts are exchanged at the spot rate.

Forward rates are also worthy of study. 

This is one of the things that makes me think they are using new rate/rates already.

In my mind, this agreement has to be beneficial to both countries. That said, no one would want to swap currency with Iraq at 1310. So what then? Just for argument sake….They agree to meet Iraq in the middle. The middle being they swap at a rate that is higher than the value of the other countries currency, with the agreement that the dinar will go up in value at a later date. So they benefit twice, Iraq benefits twice as well when their currency goes up even higher…say 3+. Since these countries have already agreed ie. in the IMF to allow Iraq a high rate in the world.

I didn’t come up with this phrase but in this scenario….

”All ships rise with the tide.”

************

Henig:  International Monetary Fund: Iraq is third in the Arab world in terms of exports of goods and services last year

Baghdad / Nina / The International Monetary Fund announced that Iraq came in third place in the Arab world in exports of goods and services last year.

The Fund stated in a table: Iraq exported goods and services in 2022 worth $ 140.7 billion, which increased from the years 2020 and 2021, which amounted to $ 54 and $ 94 billion, respectively, while the rate of these exports between 1990 and 2000 was worth $ 64 billion.

The Fund expected that the value of exports in Iraq for goods and services for the year 2023 will decrease to reach $ 119.3 billion, and also decrease for the year 2024 to reach $ 118.5 billion.

He pointed out that Iraq came third among the Arab oil-producing countries with the highest value of exports of goods and services after the UAE and Saudi Arabia, in which the latter's exports for the year 2022 amounted to $ 519.3 billion and $ 441.3 billion, respectively, while Bahrain was the least oil-producing Arab country exporting goods and services with a value of $ 40.1 billion for the year 2022.   LINK

************

Henig:  SEIZURE OF FAKE TRANSACTIONS WORTH 17 BILLION DINARS IN DIYALA ELECTRICITY

Saturday, 13 May 2023 5:17 PM

Baghdad / National News Center

Today, Saturday, the Federal Integrity Commission announced the seizure of (1463) fake exchange transactions in the branch of the Electricity Distribution Department in Diyala, under which billions of dinars were disbursed.

"The Commission's Investigations Department, while talking about the seizure operation carried out based on a judicial warrant, reported that the Commission's investigation office in Diyala rushed to form a working group to investigate and investigate as soon as it received information about the allegations of spending an amount of more than (17) billion dinars, under hundreds of fake fraudulent transactions," the integrity said in a statement received by the National News Center.

She continued, "The team moved to the headquarters of the Diyala Electricity Distribution Branch, and was able to seize (1463,2021) fake exchange transactions that were processed in 17, pointing out that the amounts disbursed under these transactions exceed (000,000,000,<>) billion dinars."

Al-Nazaha explained that "the seized transactions are for fake purchases and projects, in addition to casting, drilling and maintenance work," noting that "those purchases, projects and works allegedly carried out show that all of them are fictitious, as they were "carried out on paper only," while noting that most of "those transactions whose amounts have been disbursed are free of administrative orders for implementation."

She noted that "a fundamental report of the process was organized, and presented with the seized exhibits, to the judge of the Investigation Court competent to consider integrity cases in Diyala, in order to complete the legal procedures and determine the negligence."   LINK

KTFA Members "News and Views" Tuesday 5-9-2023

KTFA:

Clare:  Al-Sudani surprises the ministries with 3 work shifts to complete the projects

5/08/2023

Today, Monday, the Prime Minister, Muhammad Shia'a Al-Sudani directed all ministries and entities not associated with a ministry to work in 3 shifts, in order to speed up work on projects.

A document obtained by Shafaq News agency addressed to all ministries and entities not associated with a ministry and signed by the Director of the Office of the Prime Minister, Ali Razouqi Al-Lami, stated that "Based on the approval of the Prime Minister and for the purpose of accelerating work on all projects to take what is necessary by instructing that work be done in three shifts to ensure speed Completion of projects and increase the employment of manpower. LINK

Wanda1home:  3 shifts, Wow Sudani is serious!  

SweetMissMagnolia:  ….about time. IMO

Zeeman:  3 shifts excellent. imagine if the goi worked half of that to finish the budget.

Clare:  The Iraqi Council of Representatives extends its legislative term until the budget law is approved

5/09/2023

The Iraqi Parliament decided on Tuesday to extend the current legislative term.

A brief statement by the Parliament's Media Department, received by Shafaq News Agency, stated; The extension is until the vote on the Federal Budget Law 2023.   LINK

************

Clare:  With the participation of Iraq.. 14 notes on the discussion table of the Arab financial markets

5/08/2023

 Baghdad

The Federation of Arab Capital Markets (AFCM) held its annual meeting on Monday, May 8, 2023 in Muscat, in the presence of the authorized managers of the Arab stock markets, clearing companies, and member brokerage firms.

 Among the participants was the Iraq Stock Exchange, represented by the Executive Director, and Al Rabie Brokerage Company, represented by its Director.

The attendees discussed 14 memorandums, including the federation's annual report 2022 and the transfer of the federation's presidency from the Bahrain Stock Exchange to the Muscat Stock Exchange for the year 2023.   LINK

************

Clare:  Discontent with "procrastination".. Iraqi employees renew their demonstrations to adjust the salary scale (photos)

5/09/2023

Dozens of employees from various Iraqi ministries demonstrated for the second time in less than a month, today, Tuesday, in Tahrir Square in central Baghdad, to demand an adjustment to the salary scale and an increase in their salaries.

One of the demonstrators, Muhammad Yunus, told Shafaq News agency, "We demonstrated today in Tahrir Square in order to implement our demands, which is to amend the salary scale to achieve justice among all employees," noting that "recently, the employees heard that the government has no intention of amending the salary scale and increasing our salaries." ".

He added, "We will continue with the demonstrations every time unless the government and parliament respond to our demands, which are among the most basic rights of the employee," stressing that "there is a huge discrepancy between what the employee receives from one ministry to another, despite having the same job degree."

Another employee, Adel Rashid, told Shafaq News agency, "This demonstration expresses the employees' discontent with the government's procrastination and procrastination of our demands, which is to achieve and approve a new salary scale that achieves justice for all employees."

Rashid called for "reducing the salaries of the three presidencies and special grades that burdened the general budget," adding that "reducing these salaries and adjusting the salary scale in a way that achieves justice for all will reduce the burden on the budget, most of which goes as salaries to state officials."  LINK

Clare:  The Kurdistan Region Finance announces that it has received 200 billion dinars from Baghdad

5/09/2023

The Ministry of Finance in the Kurdistan Regional Government announced, on Tuesday, that the federal government has deposited a sum of 200 billion dinars to finance the salaries of employees and workers in the public sector in the region.

The ministry said in a statement received by Shafaq News agency, "In implementation of the decision of the Federal Government Council of Ministers, 200 billion dinars have been transferred from Baghdad to the ministry's bank account."  LINK

************

Clare:  Al-Sudanese issues an "immediate" directive to the units charged with protecting the demonstrators

5/09/2023

Today, Tuesday, the Prime Minister, Muhammad Shia'a Al-Sudani, issued a directive not to carry and use live weapons by the units assigned to protect the demonstrators.

A government source told (Baghdad Today) that, "Prime Minister Muhammad Shia'a al-Sudani directed not to carry and use any kind of live weapon by the units charged with protecting the demonstrators."

"Al-Sudanese directed good cooperation with the demonstrators," he added.

Earlier in the day, our correspondent reported that the demonstrators began to flock to Tahrir Square in the center of the capital, Baghdad, to demand the approval of the salary scale.

The (Baghdad Today) correspondent said, "Hundreds of demonstrators began to flock to Tahrir Square in the center of the capital, Baghdad, to demand the approval of the salary scale."

This morning, a security source reported, with an extensive deployment of security forces in Tahrir Square and the approaches to Al-Jumhuriya Bridge in the center of the capital, Baghdad.

The source told (Baghdad Today) that, “in anticipation of any demonstration, the security intelligence of Karkh and Rusafa directed that the working hours be 100% for the days of Tuesday and Wednesday, while preventing the granting of leaving during them.” LINK

Turk182:  Here's a Novel Idea - How Bout Someone issues an "immediate" directive to the ones charged approving the budget and/or releasing the new National Currency to the Citizens of Iraq?  Willing to bet money that puts an end to any/all of these Demonstrations