KTFA Wed. Night CC: “FRANK26……5-15-24……SCORE!!!”

KTFA

Wednesday Night Conference Call

FRANK26……5-15-24……SCORE!!!

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#

https://www.youtube.com/watch?v=6G4G3klkVKM

KTFA Members “News and Views” Wednesday 5-15-2024

KTFA:

Clare: The Prime Minister receives the Vice President of the World Bank for the Middle East and North Africa

5/15/2024- Baghdad

Prime Minister Muhammad Shiaa Al-Sudani received Al-Abaa, Vice President of the World Bank for the Middle East and North Africa.

The Prime Minister's Media Office said in a statement, seen by Al-Iqtisad News, that "Prime Minister Muhammad Shiaa Al-Sudani received the Vice President of the World Bank for the Middle East and North Africa region."  LINK

Clare:  Securities: We are studying the possibility of licensing brokerage companies to trade in shares on international stock exchanges

5/15/2024  Baghdad

Chairman of the Securities Commission, Faisal Al-Haims, confirmed today, Wednesday, that the authority is studying the possibility of licensing brokerage companies to trade in shares on international stock exchanges.

Al-Haims said in a statement received by Al-Iqtisad News, “The Authority has begun studying the licensing of brokerage companies to trade in shares on global stock exchanges through a technical committee within it.”

He added, "The Authority is working seriously to support and develop the stock market by studying the licensing of brokerage companies to enable them to trade in shares on international stock exchanges for the first time in Iraq."

He explained, "This step comes in the context of protecting the rights of citizens to trade through brokerage companies that practice this activity without an official license from the Securities Commission, which seeks to develop the financial markets in the country," noting that "the Commission is working to provide a stimulating and regulated investment environment." “It contributes to enhancing confidence among investors and raising Iraq’s position in global financial markets.”   LINK

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Clare:  The reform process will begin with the government banking sector, which represents 85% - Sudanese Advisor

5/15/2024  Baghdad –

Mazhar Saleh, advisor to the Prime Minister for Financial Affairs, said today, Wednesday, that the government banking sector represents 85% of banking work in Iraq, and there is a reform process that will begin from it, indicating that the sanctions that affected the banks are an opportunity for reform.

Saleh confirmed in a statement to the official agency, followed by the 964 Network , that “Prime Minister Muhammad Shiaa Al-Sudani is keen to protect national capital, in addition to the fact that banking institutions need reform,” indicating that “what happened in depriving some banks of foreign currency is an opportunity to restore Structuring and organizing it.”

He added, “There is a program to reform the banking sector by starting with the government sector because the government banking sector dominates 85 percent of banking work and the rest of the small emerging markets, although their capital constitutes 78 percent of the banking system’s capital, but they need to be reorganized and restructured to transform into Correct market institutions integrate with the global economic system and have a role in finance and economic development.”

He pointed out that “there is a reform process in Iraq that begins with the government banking sector and then the private sector,” pointing out that “the injustice that happened to the banks is an opportunity for reform.”  LINK

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Clare:  Al-Sudani briefs Washington on economic and financial reform efforts and calls on its companies to invest in Iraq

5/15/2024

On Wednesday, Prime Minister Muhammad Shiaa Al-Sudani briefed US Assistant Secretary of State for Energy Resources Affairs Jeffrey Payette on the government’s efforts and steps in the field of economic and financial reform, calling on American companies to work and invest in Iraq.

In the meeting, which was attended by the US Ambassador to Iraq, the most prominent files of cooperation in the field of energy, in all its forms, and ways to develop it were reviewed, in a way that contributes to achieving common interests, according to a statement issued by Al-Sudani’s office and received by Shafaq News Agency.

During the meeting, Al-Sudani stressed the government’s keenness to implement its executive approach within the axis of achieving energy self-sufficiency, in the areas of exploiting locally produced natural and associated gas, generating electricity, providing petroleum derivatives, and producing chemical fertilizers and petrochemical materials, pointing to the memorandums of understanding that were signed during his visit to The United States of America last April, which is being implemented on the ground.

Al-Sudani pointed to the government's efforts and steps in the field of economic and financial reform, especially in the areas of tax, customs, and the banking sector, and completing the elements of the ideal investment environment, calling on American companies to work and invest in Iraq.

For his part, Payet praised the efforts of the Iraqi government in developing the energy sector. He also referred to the joint statement of the Prime Minister and US President Joseph Biden, which represents a road map and framework for fruitful work and cooperation, stressing the desire of American companies to invest and expand their activities inside Iraq.  LINK

Frank26:  "AN EXTRAORDINARY SESSION... FOR AN EXTRAORDINARY ANNOUNCEMENT!!!".....F26

 Sudanese directs to hold an extraordinary session next Sunday to discuss the 2024 budget schedules

- Baghdad

Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani directed that an extraordinary session of the Council be held next Sunday to discuss the federal budget schedules for the year 2024.

Al-Sudani’s media office stated in a statement received by Mawazine News, “The Prime Minister directed that an extraordinary session of the Council be held on Sunday.” Next, corresponding to May 19, to discuss the federal budget schedules for the year 2024.

He added, "Al-Sudani also directed the formation of a committee headed by a representative of the Ministry of Planning and membership of representatives of the Ministry of Finance, the Council of Advisors, the General Secretariat of the Council of Ministers, and the Federal Public Service Council, which will undertake a re-examination of (the draft law on the Public Service Institute), and submit its recommendations within a working month to the Council of Ministers for consideration." "The appropriate decision."  LINK

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Frank26:  "SHOULDER TO SHOULDER!!!"...........F26

The Prime Minister and Barzani stress the continuation of dialogues at various levels

5/14/2024  Baghdad - 

The Prime Minister, Muhammad Shiaa Al-Sudani, and the President of the Iraqi Kurdistan Region, Nechirvan Barzani, stressed the continuation of dialogues and meetings between the two sides at various levels.

The Prime Minister's Media Office stated in a statement received by the Iraqi News Agency (INA), that "Prime Minister Muhammad Shia al-Sudani received, today, Tuesday, the President of the Iraqi Kurdistan Region, Nechirvan Barzani, and during the meeting, the general conditions in the country and a number of issues at the national level were discussed." As well as the situation in the Kurdistan region of Iraq, and the government’s actions in implementing its strategic plans, which relate to strengthening the Iraqi economy and achieving development and prosperity for all the Iraqi people.”

He added: "The meeting also witnessed discussion of a number of common files, and an emphasis on continuing dialogues and meetings between the two sides at various levels, within the framework of reaching sustainable solutions within the constitution and the law."  LINK

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Clare: A deficit exceeding 75 trillion, and this is the date of its arrival.. Parliament’s finances talk about the 2024 budget

5/13/2024   Baghdad

Today, Monday, the Parliamentary Finance Committee expected the schedules of the general budget law from the government to reach the House of Representatives this week, while it determined the expected deficit percentage.

Committee member Faisal Al-Naeli said, in an interview followed by Al-Iqtisad News, that “the House of Representatives is awaiting the arrival of the budget schedules and the start of discussing its provisions and making the necessary amendments to them by the Finance Committee to ensure the proper implementation of the government curriculum.”

He pointed out that "indicators confirm that the schedules will reach the House of Representatives this week in order to proceed with their approval as quickly as possible."

In turn, a member of the Parliamentary Finance Committee, Moin Al-Kadhimi, revealed the expected deficit in the current year’s budget, indicating that it may exceed 75 trillion dinars.

Al-Kadhimi said, “The current year’s budget amounts to 228 trillion dinars, with a planned deficit of up to 75 trillion.”

He added, "The budget included total revenues and spending in the amount of 150 trillion dinars, indicating that the government seeks for actual spending to be 228 trillion."

He pointed out that "the committee will amend the budget schedules during the second reading." LINK

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DeepWoodz:  snippet..”Al-Kadhimi said, “The current year’s budget amounts to 228 trillion dinars, with a planned deficit of up to 75 trillion.”

A “PLANNED DEFICIT” is very telling. To me, an uneducated electrician, this means they plan on adding 75 billion more dollars to their re-construction efforts once the rate changes. 

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Paulette:  IMO.......Iraq is on the UN Agenda for tomorrow.......again on 5/30..........and, UNAMI mandate is scheduled to end 5/31

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Clare:  International Development opens a new branch in Times Square in Basra

5/15/2024

The International Development Bank announced the opening of a new branch in the Times Square Center in Basra Governorate, confirming its adoption of a new strategy to enhance banking services and stimulate investment in southern Iraq.

He said in a statement received by Shafaq News Agency, “The first day of yesterday (May 13), the International Development Bank opened its second branch in Basra Governorate, in Times Square Mall, to provide its banking services to citizens and businessmen in this vital region of southern Iraq.”

He stated that this opening comes within the bank's strategy to expand and modernize its effective network of branches, with the aim of providing high-quality and convenient banking services to customers.

The bank's authorized director, Saad Faiq, said that this branch will be an important tributary to economic development in Basra and will enhance investment and growth opportunities in the region. LINK

KTFA Tues. Night CC: “FRANK26….5-14-24….LESS OF ME”

KTFA

Tuesday Night conference Call

FRANK26….5-14-24….LESS OF ME

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#

https://www.youtube.com/watch?v=yWuke_I1cQw

Some “Tuesday News” Posted by Clare at KTFA

KTFA:

Clare: Al-Sudani announces the imminent formation of a directorate concerned with the affairs of the Iraqi community in the world

5/14/2024

Prime Minister Muhammad Shiaa Al-Sudani announced, on Tuesday, the imminent formation of a directorate in the Prime Minister’s Office concerned with the affairs of the Iraqi community in the world.

This came during his meeting with the delegation of the General Synod of the Evangelical Seventh-day Adventist Church, headed by Pastor Magdel Izer Schulz, Assistant President of the Church in the World, and his accompanying delegation.

Al-Sudani explained that the goal of forming this directorate is “in order to maintain communication (i.e., the Iraqi community) with their country, and to benefit from their experiences in construction and reconstruction.”

The Prime Minister also expressed the government's readiness to cooperate in reopening the Seventh-day Adventist Church in Baghdad, as part of its care for the members of this sect and other sects.   LINK

Clare: Nechirvan Barzani makes a new visit to Baghdad to meet with Al-Sudani

5/14/2024

The official spokesman for the Presidency of the Kurdistan Region, Dilshad Shihab, said that Nechirvan Barzani, President of the Kurdistan Region, is visiting Baghdad today, Tuesday.

Regarding the visit program, Shehab indicated in a statement published on the official website of the regional presidency today, that President Nechirvan Barzani will meet with the Federal Prime Minister of Iraq, Muhammad Shia al-Sudani, to discuss Erbil-Baghdad relations and issues of common interest.

At the end of last April, the President of the Region made a visit to the federal capital, Baghdad, and held meetings with the Presidents of the Republic, the ministers, and a group of political party leaders. He also participated in a meeting of the State Administration Coalition.  LINK

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Clare:  The automobile trade announces a new mechanism to open production lines with international companies

5/14/2024 Baghdad

The General Company for Automotive Trading revealed today, Tuesday, that it is adopting a new mechanism to open production lines with international companies, while indicating a move to equip the departments with vehicles and equipment.

The Director General of the company affiliated with the Ministry of Commerce, Hashim Al-Sudani, said in an interview with the Iraqi News Agency, followed by Al-Eqtisad News, that “theGeneral Company for Automotive Trade seeks to equip state departments with
machinery, equipment, and vehicles of various types and from well-known international origins.”

He added that "contracts were concluded with state departments, in addition to participation in tenders announced by the ministry," indicating that "the company's future plans aim to achieve real partnerships with the manufacturer directly and not with the middle merchant or agent, so that the company is the official representative of the manufacturing companies." Inside Iraq, visits were made to automobile factories in Brazil and Europe, in addition to Spanish, Italian and French companies.”

He pointed out that "the company's plan is moving towards agreement with these companies and seeking to open production lines in agreement with the Ministry of Industry and Minerals and opening factories to produce these machines and equipment inside Iraq, especially after the decision to implement the development path, as it will open horizons and facilitate trade, and Iraq will be the focus of the world's attention."   LINK

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Clare:  Iraq increases its possession of gold by more than three tons, bringing the total to "145,661" tons

5/14/2024

Iraq's gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that "Iraq has increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons."

This increase indicates "Iraq's continued strategy to diversify its foreign reserves and enhance financial and monetary stability in the long term."

Gold is a traditional safe haven for investors, especially during periods of economic and geopolitical uncertainty.

This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.

Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as it ranks fourth after Saudi Arabia, Algeria, and Morocco.

In general, this increase in Iraq's gold reserves is considered a positive indicator of the health and strength of the Iraqi economy.  LINK

DeepWoodz:  Just a heads up. This should read 145 tons. The comma is a decimal. But yall prolly knew that. 

Clare:  Sudanese directs to hold an extraordinary session next Sunday to discuss the 2024 budget schedules

5/14/2024

 Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani directed that an “extraordinary” session of the Council be held next Sunday, to discuss the federal budget schedules for the year 2024.

This came during his presidency of the twentieth regular session of the Council of Ministers, during which the general situation in the country was discussed, and a number of vital files included within the government’s program were discussed, in addition to considering the topics on the agenda and taking the necessary decisions regarding them.

A statement from Al-Sudani’s office, a copy of which was received by NRT Arabic, stated that the Prime Minister directed that an extraordinary session of the Council be held next Sunday, May 19, to discuss the federal budget schedules for the year 2024.

He directed the formation of a committee headed by a representative of the Ministry of Planning and membership of representatives of the Ministry of Finance, the Council of Advisors, the General Secretariat of the Council of Ministers, and the Federal Public Service Council, which will re-examine (the draft Public Service Institute Law) and submit its recommendations within one working month to the Council of Ministers to take the appropriate decision.

Based on the directives of Prime Minister Muhammad Shiaa Al-Sudani, issued in February 2023, the Council of Ministers approved proceeding with the procedures for evacuating and opening the military zone (known as the Fifth Division) in the city of Kadhimiya, and converting its land into recreational, educational and cultural facilities, hotels, hospitals, health and medical centers, sports stadiums, and a defense center.

 The city and cities for visitors, according to an integrated architectural vision, and a special conference will be held on this topic, and specialized international companies will be approved to implement these vital and important projects, which will serve the city’s people and visitors. As part of implementing the government’s approach, which aims to restart lagging projects and address the problems and obstacles they face, the following was approved:

Firstly, changing the name of the project (Rehabilitation of the Martyr Othman Al-Obaidi Hall) to become (Rehabilitation of the Martyr Othman Al-Obaidi Hall - Method of Implementation: Secretariat), and increasing the total cost of the project.

Secondly: Increasing the total cost and the amount of reserve for the project (constructing the second corridor of the road leading to the Tarmiyah District, with a length of 15 km).

Third: Increasing the total cost of the project (equipping, installing, inspecting and operating the Al-Kahla secondary mobile in Al-Kahla district). Fourth: Creating a component (the remaining works for the project to expand the Tourism Department building in Holy Karbala/the Center).

In the field of the educational sector, and in order to speed up the process of printing textbooks and provide them at the required times, the Council of Ministers approved the recommendations of the Audit Committee regarding the printing of textbooks as follows:

1- Authorizing the Ministry of Education to assign (Al-Nahrain General Company) to complete the work of printing school books and notebooks, and excluding it from the contracting methods stipulated in the Instructions for Implementing Government Contracts (2 of 2014) before holding any tender, in order to exploit its full production capacity and rely exclusively on its machines. Provided that the aforementioned Ministry shall provide full support to the company from the Central Education Fund to Al-Nahrain General Company in providing the necessary amounts to purchase the raw materials involved in the printing work at the specified times, in a way that ensures the completion of contracts from the company, in light of the instructions and controls, and is spent from the Fund’s funds.

2- Referring the remainder and surplus capacity of the Al-Nahrain General Company, using the public tender method, to the public and private sector printers at an amount of (50%) for each, provided that a schedule worth two billion dinars is allowed for each company, without being restricted by the number of titles, and that the books reach the students within the timings. Determined before the start of the school year.

3- Obliging the Ministry of Education to adhere to the financial allocations included in the 2024 estimates tables upon contracting, and the Ministry of Finance must provide funding to ensure the Ministry of Education’s commitment to fulfilling its contractual obligations and delivering books to students within the specified times before the start of the academic year. 

4- Continuation of implementation of Cabinet Resolution (23424 of 2023) so that the period between referral and signing of the contract will be (5) working days for textbook printing contracts, without the need to issue a warning to the printing press that is reluctant to sign the contracts. 

The Council of Ministers approved the following:

1- The Ministry of Oil contracted with the Military Industrialization Authority to purchase machinery from its financial allocations, provided that the amount required for purchase, amounting to (76.150) billion dinars, would be divided among its extractive companies benefiting from the service of the Energy Police Directorate, in two stages:

 -The first phase (43.65) billion dinars.

 -The other stage (32.5) billion dinars, regarding the request for an M4 (Babylon) rifle weapon, will be considered later. The Ministry of Oil will gift these mechanisms to the Ministry of the Interior for the purposes of the tasks of the Energy Police Directorate, in accordance with the provisions of the instructions to facilitate the implementation of the General Budget Law, as an exception to the requirement that these goods be not purchased during the current year, and surplus to the need of the concerned department, according to the authority stipulated in the aforementioned instructions. above.

2. Excluding profitable, self-financed oil companies from work, from the decision of the Committee for the Restructuring of Public State-Owned Companies No. (1 of 2024), provided that the Ministry of Interior is responsible for the integrity of the procedures, the formation of opening committees, the analysis of bids, and the preparation of estimated costs for the subject of the research decision 

A vote was also taken to stop the exceptions granted to the Ministry of Electricity pursuant to Council of Ministers Resolution (24049 of 2024), and any text that conflicts with this decision shall not be implemented.

The Council of Ministers reviewed the financial data tables for the state’s account, based on the provisions of the amended Federal Financial Management Law (6 of 2019).

The Council also reviewed the annual report for the year 2023 of the Iraq Assets Recovery Fund, based on the provisions of Article (7) of the amended Iraq Assets Recovery Law (9 of 2012) .LINK

KTFA Mon. Night CC: “ FRANK26…5-13-24……LIGHTS….CAMERA….ACTION !!! “

KTFA

Monday Night Conference Call

FRANK26…5-13-24……LIGHTS….CAMERA….ACTION !!!

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… ORANGE= IMPLEMENTATION

https://www.youtube.com/watch?v=18BC5q12d-0

KTFA Sun. Night CC: “FRANK26……5-12-24……MY MISTAKE”

KTFA

Sunday Night Conference Call

FRANK26……5-12-24……MY MISTAKE

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#

https://www.youtube.com/watch?v=Ey2NOUru-HI

KTFA Sat. Night CC: “FRANK26…..5-11-24…..FIL ME UP “

KTFA

Saturday Night Conference Call

FRANK26…..5-11-24…..FIL ME UP

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#

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

KTFA Friday Night CC: FRANK26….5-10-24…..ITS BEEN RIGHT IN FRONT OF YOUR FACE

KTFA

Friday Night Conference Call

FRANK26….5-10-24…..ITS BEEN RIGHT IN FRONT OF YOUR FACE

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#

https://www.youtube.com/watch?v=ECpyWjcDxc4

KTFA Members “News and Views” Friday 5-10-2024

KTFA:

Clare: Urgent... The House of Representatives extends its legislative term by 30 days

5/9/2024

 The Presidency of the House of Representatives decided to extend the current legislative term for a period of 30 days

 The Parliamentary Finance Committee had previously expected an extension of the legislative term with the imminent arrival of the budget schedules to the House of Representatives.

There is also a political movement to elect a new speaker of the House of Representatives, which requires the continuation of Parliament's work.   LINK

DCDriver:  Don’t recall them ever extending sessions for that long IMO. Interesting

DeepWoodz:  I for one am glad for this news. Authority or not, they need to play their part. Iraq is all out of excuses for not releasing a “worth more than a dollar” rate. They have been making fools of all the gurus up to this point. We all know this should have been finished years ago. 

DMcCall:  Many felt disappointment about the lack of confirmation regarding the status of Iraq's WTO membership. I too felt some frustration.

I felt May 9th had some value. I tried to find reliable information but drew a blank.

 I personally felt that a lack of information didn't change what Frank told us some time back, and told us tonight. The requirements were met, period. The rate doesn't have to be exposed to receive all the advantages of being a member.

As many reasons there are to make the change right now, there are reasons that this is taking this time frame.

They are at a crossroads in time. And quite frankly, they can go in any direction. Their citizens are ready to enjoy what they see the UAE is enjoying. They want to enjoy what Saudi Arabia is enjoying, and others.

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Clare:  {Al-Furat News} publishes the text of Al-Sudani’s request to Guterres to end UNAMI’s work in Iraq

5/10/2024

the request of the Prime Minister, Muhammad Shiaa Al-Sudani, to the Secretary-General of the United Nations, Antonio Guterres, to permanently end the work of the United Nations mission in Iraq. 

 "the justifications for the presence of a political mission in Iraq are no longer available, especially after more than 20 years have passed since the democratic transition and overcoming great and diverse challenges."  LINK

Deep Woodz:  I don’t know about y’all but I’m loving this! First Plaschart and now Guterres. LEAVE ALREADY!

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Clare:  Floating the dinar" returns to the forefront.. Will the Central Bank of Iraq resort to it and what are its risks?

5/9/2024

From time to time, calls for floating the Iraqi dinar float on the surface of the Iraqi financial market, in order to bridge the gap between the prices of the dinar and the dollar, and these calls meet every time they return to the forefront, with supporters who see it as saving the Iraqi economy, and opponents who see it as the most dangerous stage that Iraq will pass through because of its Of risks to his economy.

Floating currencies is known as liberating the exchange rate of the currency, so that it becomes completely liberated, so the government or central banks do not interfere in determining its value directly, but rather it is automatically sorted into the currency market through the supply and demand mechanism that allows determining the exchange rate of the national currency against foreign currencies. 

Critical vision

Financial expert Safwan Qusay said in an interview with Al-Ahed News, “The Central Bank of Iraq adopted a fixed price policy, that is, so that every dollar became equal to 1,320 dinars, and there are calls to release the price and not fix it at a specific rate. This means that demand and supply are what determine the exchange price.” ".

He added that "the measure, in light of the absence of economic diversification, will harm the Iraqi market and will reflect negatively on economic stability," noting the necessity of "diversifying the economy first and then liberalizing the fixed price later and providing a basket of different currencies for the exports of different countries."

Qusay stated, “We can have a price that is proportional to export, supply, demand, need, processing, and consumption, as such measures are far from the Iraqi economy,” considering that “activating flotation will create a market of speculation that cannot be controlled.”

In turn, financial expert Saif Al-Halafi saw the necessity of “supporting the Iraqi dinar instead of floating, but in a way closer to the language of floating.”

He explained in an interview with Al-Ahed News, “There is a possibility for the central bank to follow the same mechanisms as the American Federal Bank. Strengthening the dollar in the market is determined by the American Federal Reserve, and it depends on the market mechanisms of supply and demand.

Therefore, the Central Bank of Iraq and its law allow the strengthening of the dinar, because Monetary policy is under his authority and he is responsible for the value of the dinar against the dollar.”

Al-Halafi notes, “Raising the value of the dinar against the dollar will put the government before another test, which is raising the value of the dinar again to protect the citizen from rising prices,” adding, “This incident occurred when Iraq fixed the price of the dollar at 1,320 dinars, and it was compensated by the export of goods in a manner Huge waves from neighboring countries to Iraq, and the government and the central bank took responsibility for controlling the dollar.”

He points out the possibility that “there will be two exchange rates for the dollar against the dinar and it will change according to the actual need of the daily situation,” explaining that “the Iraqi market has two exchange rates, the first at the central bank, which is 1,320 dinars to the dollar, while the second price is the market price or the parallel price.”

He shows that “all attempts carried out by the Central Bank and the government to control and curb the parallel price have failed, and that this price emerged due to the geopolitical challenges surrounding Iraq, and the distancing of importing merchants from Iran, Syria, Russia, and other countries subject to sanctions from America, who cannot enter their goods through Transfers and credits.

Al-Halafi confirms that “raising the value of the dinar will have an advantage, as it will provide a large labor market in Iraq due to the price difference, so raising the value of the dinar’s price against the dollar, even if only slightly, will protect Iraqi workers,” pointing to “the possibility of the influx of large foreign workers due to the size of the projects.” in which the government will work.

Crazy risks

For his part, researcher in financial affairs, Nabil Al-Marsoumi, believes that “the decision to float the dinar has some economic positives, but the economy should not be taken in its abstract aspect, but rather insofar as it relates to people, especially the poor.”

The decree says in a Facebook post, “In light of Iraq’s lack of a national private sector that can contribute to increasing the supply of dollars in the market and because of the huge volume of imports, which reach 67 billion dollars annually, the only party that owns the dollar is the government.”

He adds: "If the government decides not to interfere in the exchange market, it is expected that the dinar will witness a violent collapse and rampant inflation that will cause prices to rise to insane levels that will cause severe damage to citizens' living standards. The poor will become more miserable and will later lead to social tensions and a major rift in the social peace."

Previous experiences

In this regard, financial expert Manar Al-Obaidi points out, “The experience of floating the currency was successful in one of the Arab countries and supported its economy positively.”

He added in an interview with Al-Ahed News, “In 2018, Morocco adopted a new monetary policy represented by what is known as the managed float policy. This policy is a combination between the fixed rate policy and the floating rate policy, through which central banks set minimum and upper limits for movement by determining the exchange rate against... currency or a group of foreign currencies, and one of these banks was the Central Bank of Morocco.”

Al-Obaidi explains, “The managed float policy aims to gradually liberalize the currency until complete liberalization of the exchange rate is achieved.

Indeed, the Central Bank of Morocco has begun to set a fluctuation range, which is known as the margin of rise or fall in the exchange rate, which initially reached 0.3%, meaning that the Central Bank is allowed to rise above the specified exchange rate.”

By 0.3% or decreasing according to supply and demand until it reached a fluctuation range of 5% in March 2020, and this policy was accompanied by a support policy represented in canceling customs tariffs on some basic materials such as food and supporting funds that support vulnerable classes.”

Al-Obaidi believes that “this policy may be a successful alternative in Iraq by following a managed float policy that controls the range of volatility and works to gradually increase it until the currency is completely liberalized,” noting that “there is no study linking inflation rates to the exchange rate.” In the parallel market, the best way to know the effect is through a deliberate experiment with a managed float of the exchange rate.”

Government advice 

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, had previously explained the danger of the exchange rate becoming unstable if the demands to float the dinar were achieved.

 Saleh said in a statement followed by Al-Ahed News, “Calls for floating the dinar to end the gap between the official exchange rate and the parallel market may be possible in an economy in which the free market alone influences the movement of the balance of payments, and not in an economy in which the rentier government sector is dominant and generates currency reserves.”

Foreign currency, as the monetary authority alone is the main source of supply of foreign currency that meets the desired demand for foreign exchange in the money market, to provide stability in this market and achieve a desired and homogeneous exchange rate through the interventionist role played by monetary policy.

He added, "Claims for flotation mean in all cases adopting the prevailing exchange rate in the parallel market to achieve the goal of stability and balance in the official exchange rate itself at a new point reached by the market at the end of the supposed flotation policy and returning to stability again.

Also, the flotation scenario means in all cases the withdrawal of the authority." Cash from being an essential central supply of foreign currency, to be replaced by new forces supplying foreign currency from free market makers, which only have a weak, limited supply of foreign exchange, and at the same time they carry an uncontrolled package of inflationary expectations and are called in economic literature the forces generating expectations. Inflationary

He continued, "The hypothetical new supply forces for foreign exchange adopted by the exchange market in that scenario will mean the dominance of supply forces from speculators with very limited quantities of foreign exchange available for supply in the parallel market

Matched by an open demand for foreign currency on the part of the market that undoubtedly exceeds that limited parallel supply." of foreign exchange, perhaps by more than 10 times at least in our estimation, and such a policy of floating to achieve a homogeneous equilibrium exchange rate would be an open and perhaps unruly situation, as long as the central government supply of foreign currency would be absent from the market

And we would not then obtain any equilibrium point in the exchange rate. An exchange rate that is sought to float except with a widespread deterioration of the exchange rate as long as it is controlled by forces that generate inflationary expectations, as we noted in a highly unilateral rentier economy, and it is an exchange rate whose mechanisms will move in a market that is incomplete in terms of productivity in compensating it for the required supply of goods and services.

Saleh warned, “Then no one knows how much the new exchange rate resulting from the flotation will be, which will undoubtedly be accompanied by a prior wave of inflationary expectations, which is a dangerous wave whose directions are difficult to control, which may force monetary policy according to this floating scenario by intervening in foreign reserves.”

 It is an unjustified extravagance in foreign exchange to impose a state of stability in the general level of prices again just to adopt it when exchange rates reach low rates, and no one knows how much they will reach.”  LINK

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Deep Woodz:  Talking about the float again. Frank must be right. That’s what’s coming or these guys wouldn’t be putting their two cents in. Some of what they say is true, some not.
Even Saleh commenting on not knowing where it will end is a load of crap. The CBI can start/stop, change, maneuver the rate any way they like at any time. Frank has mentioned a cap many times. OF COURSE they can do whatever they want! They are a sovereign country again. Pretending like they have no control. Gets on my nerves. 

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Paulette: IMO.....it is great to see more articles regarding the "Float"......I strongly believe this is the early stages of the last push by the CBI to educate the Citizens prior to implementing the "Delete the Zeros" project.....Patience all.....this is slowly coming together.......

Clare:  WHO HAS BEEN TELLING US ABOUT A MANAGED FLOAT !!!    WALKINGSTICK & FRANK.... WAY BEFORE THEY EVEN TALKED ABOUT IT IN THE ARTICLES imo

Al-Obaidi believes that “this policy may be a successful alternative in Iraq by following a managed float policy that controls the range of volatility and works to gradually increase it until the currency is completely liberalized,” noting that “there is no study linking inflation rates to the exchange rate.” In the parallel market, the best way to know the effect is through a deliberate experiment with a managed float of the exchange rate.”

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Clare: Post #32:  The dollar is reeling from a fatal blow and there are fears of a collapse of the dinar LINK

UNDERSTAND POST #32 IS DIFFERENT OPINIONS.......

"Deputy Chairman of the Parliamentary Finance Committee, Ahmed Mazhar Al-Janabi, said {to Al-Furat News} that “the Central Bank’s decision to cancel the currency auction at the end of the year will open space for exploitation and a problem will occur. If the auction is canceled and ends, the exchange rate in the markets may double, and if the Central Bank goes towards this option, the dollar exchange will "It will reach 200 thousand dinars," according to his opinion."       

 FROM PARLIAMENT - THIS IS NOT GOING TO HAPPEN!! THEY DON'T KNOW AS MUCH AS SUDANI, ALAQ & SALEH DO! 

"The Central Bank of Iraq's cancellation of the currency {auction} window at the end of 2024" 

WE KNOW THIS ... SUDANI & ALAQ HAVE ALREADY AGREED WITH DC ON THIS! IT IS TRUE

Saleh stated, “As for the developments taking place in the gold commodity market or gold filigree, especially the sudden price developments therein, up and down, they are not considered an alternative directly affecting the improvement of the exchange rate because they are limited in impact and impact on the movements of the parallel exchange market, and that the main gold trade is financed as foreign trade through Transfers from the banking system and the official exchange market.

THEY (ARE) AND WILL BE ASSET BACKED....  WILL FLOAT AND THERE WILL BE A MANAGED CAP... LIKE WS & FRANK HAVE BEEN TELLING US IN THEIR OPINION..   IMO

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Cal and LQ: I could be 100% wrong, partially correct or totally right, but IMO this reads like a final announcement or precursor if you will, to what many are expecting. It’s like they are explaining what’s about to happen. WS told Frank who told us they will put out a slew of detailed information to the citizens and again IMO this reads like a precursor to that information. Just my two cents. I’d love to hear your positive thoughts/perspectives if anyone care to share. Also, thanks for sharing your thoughts Clare. I find it insightful. 

Anyway, wishing you ALL a great day! 

KTFA Thurs. Night CC: “FRANK26….5-9-24……..WHAT ABOUT THE WTO?”

KTFA

Thursday Night Conference Call

FRANK26….5-9-24……..WHAT ABOUT THE WTO?

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#

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

Some “Thursday News” Posted by Clare at KTFA 5-9-2024

KTFA:

Clare:  The House of Representatives adjourns its session

5/9/2024  Baghdad

Today, Thursday (May 9, 2024), the House of Representatives adjourned its 24th session, chaired by Al-Mandalawi and attended by 170 delegates.

The Council's Media Department stated in a statement, received by "Baghdad Today", that "First Deputy Speaker of Parliament Mohsen Al-Mandalawi adjourned the work of Session No. 24 of the fifth electoral session of the third legislative year/first legislative term, in the presence of 170 deputies."

The session culminated in a vote on the Iraqi National Security Law, in addition to a report and discussion of other laws, according to a previous statement.

He also completed the report and discussion of the draft law to return real estate to its owners, which is covered by some decisions of the (defunct) Revolutionary Command Council, in addition to completing the first reading of the law on the second amendment to the Independent High Electoral Commission Law No. (31) of 2019.    LINK

Suzie:  I can only assume by the "loud" silence, that nothing happened today with the WTO,  just IMO

Margarita:  a quick google search of iraq wto found this-

Will Iraq join the WTO?

 ABU DHABI, 27th February, 2024 (WAM) -- Atheer Daoud Al Ghurairi, Minister of Commerce of Iraq, has confirmed that Iraq has completed the requirements to join the World Trade Organisation (WTO) after completing economic reforms and improving the business environment.Feb 27, 2024

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Clare:  Erbil receives the 27th branch of the International Development Bank

5/9/2024

The International Development Bank announced on Tuesday the opening of its new branch in the city of Erbil in the Kurdistan Region, which is the twenty-seventh branch in the country. 

In his speech during the opening ceremony, the bank’s authorized director, Saad Faiq, said, “The opening of our new branch in Erbil reflects our commitment to providing innovative and advanced financial services that meet the needs of our customers,” noting that “this opening is part of our strategy to enhance the presence in vital areas and support development.” economic in Iraq.

Faeq praised what he called "the vital role played by the Central Bank of Iraq in supporting the bank's endeavors, which enables it to provide advanced financial solutions and enhance confidence between the bank and its customers."  

For his part, Director of the Marketing, Sales and Product Development Department, Wissam Al-Amri, said that this opening confirms the International Development Bank’s commitment to continuing innovation and development in the financial services sector, aiming to achieve excellence in performance and striving to fulfill the aspirations and needs of its customers everywhere.

The International Development Bank has the largest ATM network in Iraq, with 400 ATMs, 5,000 direct points of sale (POS) in all Iraqi governorates, and 7,000 POC outlets.

According to him, the bank has thus acquired a large market share in Iraq from the total commercial financing and comprehensive banking operations. 

He has significant and continuous contributions to supporting SMEs (medium, small and large companies), by financing a large number of huge projects in various economic sectors and granting loans and credit facilities. 

Its management says that the bank today has a wide network of correspondent banks around the world and in more than 20 countries, which supports commercial financing operations and foreign transfers for the bank’s customers.   LINK

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Clare:  Sudanese announces the signing of an agreement with Japan to finance small and medium enterprises in Iraq

5/9/2024  Baghdad

Prime Minister Muhammad Shiaa Al-Sudani announced today, Thursday, the signing of a financing agreement with Japan to finance small and medium enterprises in Iraq.

This came in a speech conveyed by his media office on the sidelines of his visit to Babil Governorate and the inauguration of a number of projects there.

Al-Sudani pointed out, in his speech, that this development is a success story in the private sector, stressing the unlimited support from the government.

For the sake of more job opportunities, as it currently accommodates approximately 4,000 opportunities within the company’s activities, in addition to increasing production and providing its surplus in the future for export outside Iraq.

The Prime Minister called on businessmen and private sector companies to take advantage of the investment opportunities offered and the sovereign guarantees provided by the state through the three-year budget law.

Al-Sudani announced the signing of an agreement with Japan to finance small and medium enterprises, amounting to $300 million, which will contribute to revitalizing and establishing the national industry.  LINK

Clare:  The Association of Private Banks counts the percentage of shares traded on the stock market during a month 

5/9/2024 Baghdad

The representative of the Iraqi Banks Association, Ali Tariq, confirmed today, Thursday, that the Iraqi stock market relies heavily on the banking sector, while he counted the value of banking shares traded during the month of last April.

Tariq said, during a dialogue session, on the twentieth anniversary of the founding of the Securities Commission, under the slogan (The Importance of the Financial Services Sector in Supporting the Iraqi Economy) and attended by the “Al-Iqtisad News” correspondent, that “the profitability of private sector companies is the first motivator for every investor, and the strength of the market and the growing movement Trading comes from companies' profitability and revenues."

He added, "The market relies heavily on the banking sector, which traded during last April 17.6 billion shares out of 21.6 billion shares in the entire market, which constitutes 81% of the total trading in the month." 

He explained that "the banking sector is considered the most important in the stock market," pointing out that "the citizen is able to use the mobile phone to trade and view share prices, and the need to focus on reaching the citizen at his home and workplace."

Tariq stated, “All private banks are listed in the Iraq Stock Exchange according to the instructions of the Central Bank of Iraq,” stressing that “preventing some banks from dealing in dollars directly affected the market and the prices of their contributions in the market.”LINK

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Clare:  Government Advisor: The Securities Commission represents the governance base for promoting financial market reform

 5/9/2024  Baghdad

Today, Thursday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, summarized the importance of the Securities Commission and its tasks, while noting that the Commission represents the governance base in promoting financial market reform, and is responsible for supervising the correct rules in the Iraqi market.

Saleh said, in his speech during the twentieth anniversary of the founding of the Securities Commission, under the slogan (The Importance of the Financial Services Sector in Supporting the Iraqi Economy), “In the name of Prime Minister Muhammad Shiaa Al-Sudani, we extend to the Securities Commission, its Chairman and its staff, our warmest congratulations on the occasion of the twentieth anniversary of the founding of this edifice.” The important financial supervisory authority that assumed the duties of regulating the Iraqi Stock Exchange securities, which is the basis for ensuring high, stable, organized and growing financial markets through the application of regulations designed to protect the rights of users and maintain the integrity of the financial market.

He added, "The Securities Commission, with its regulatory, supervisory, and auditing apparatus, constitutes the central body responsible for supervising the correct rules, monitoring irregular activities, and investigating market violations."

He continued: “The Securities Commission also represents the governance base in promoting transparency and reform in the work of the financial market, and the important role of the Securities Commission is evident in regulating broker-dealers and other market participants by supervising the depository center and updating the data of persons associated with brokerage companies.”

He added: “There is no secret of the important role played by the Securities Commission in coordination with international securities organizations and bodies, especially in adopting standards in the field of strengthening the efficiency of financial markets and communicating with international organizations related to financial markets, which has strengthened the role of the Securities Commission and the Iraqi Stock Exchange.”

 Finance in preparing Iraq for the World Trade Organization, which is the international organization that essentially emerged from the system of financial globalization, as the trade in financial services became an integral part of global trade.   LINK

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Clare: Al-Sudani launches a package of new service projects in Babylon

5/9/2024

Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani launched a package of new service projects in Babil Governorate worth (1,276,740,000,000) dinars.

Al-Sudani’s media office said in a statement received by {Al-Furat News}, “Prime Minister Muhammad Shia’ al-Sudani, during his visit to Babil Governorate, today, launched a package of new service projects worth (1,276,740,000,000) dinars.”

He added, "The projects include:

-Integrated projects for sewage, sewage, and rainwater in (Al-Qasim, Al-Hashimiyeh, and Al-Madhatiya districts), with a total amount of (364,500,000,000) dinars.

-An integrated project for sewage, sewage and rainwater networks for Al-Kifl district, amounting to 134.2 billion dinars.

-A link road with the highway (Basra - Baghdad), via the Imam - Anana district - to Al-Ibrahimiya in the Hindiyah district, at a cost of 320 billion dinars.

-Management and operation of Imam al-Sadiq Hospital (peace be upon him), by a specialized foreign company for $60 million.

- Referring the large Hilla sewer project/second phase to implementation at a cost of $287 million.   LINK