“Small Denominations” – Sun. PM KTFA Thoughts, News w/ MilitiaMan 8-29-21

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KTFA

Don961 » August 29th, 2021

Proposal to digitally reintroduce small denominations

Sunday 29 August 2021

Baghdad: Mustafa Al-Hashemi

The expert in economic affairs, Dr. Hussein Al-Khaqani, suggested to the Central Bank to digitally reintroduce small denominations, which would provide sums for the public, after amending the digital banking system. 

Al-Khaqani said that {small cash denominations, which are smaller than 250 dinars, if they are collected and accumulated annually, the citizen will get good savings from them, instead of wasting them on buying goods that are not worth their real value. 

The 250 dinars. He pointed out that “the records of government departments used to contain parts of the 250 dinars currency, but they were settled and made into the currently circulating cash denominations, as imposed by reality, transactions and the public’s acceptance of them.   LINK

.a dinar 250 note.jpg

Iobey777 » August 29th, 2021

WOW!, WOW, WOW!!!!!  DON!!! What a FANTASTIC article!!! Praise GOD!!!

Jerry1971 » August 29th, 2021

THANKS DON FANTASTIC NEWS POURING OUT FROM IRAQ ONE AFTER THE OTHER THEY ARE ADMITTING AND SHOWING ALL THE EVIDENCES OF THEIR FINANCIAL REFORM WHICH THEY HAVE ALREADY DONE IMO.

Clare » August 29th, 2021

THANKS DON!…….   WOOHOOO!!!!!!     THIS IS WHAT WALKINGSTICK & FRANK TOLD US TO EXPECT!!! Imo   GOD BLESS YOU ALL WE ARE ABOUT TO CROSS OVER…. BE WISE WITH IT… 

MilitiaMan » August 29th, 2021

– The addition of the Iraqi dinar currency in a (Buna) platform for Arab payment.~

`The third strategic objective: Promote digital transformation in the central bank and the banking sector~

~- Developing a road map for adopting central banks’ digital currencies~

This article is and along with link to the report for 2021-2023 Strategic Plan actually to be expected now.  Having education to help in the acceptance of smaller denominations is very important for the reintroduction of currency with real value. They’ll need to adjust the rate for smaller categories to be understood and accepted. Fairly simple.

The Strategic Plan shows us they are already to go. Just as the new SDRs were distributed this last week by the IMF globally. Yesterday’s Summit being a success will no doubt be very influential in the outcome we expect, as they will too. A new rate to warrant smaller denominations is and will be the deciding factor for the new currency success.

I’ll bet it will be a very big success. At this stage this article suggests to me, timing is now near for the REER (Real Effective Exchange Rate) to be exposed. imo ~ MM

Samson » August 29th, 2021

Adviser to the Prime Minister: The 2022 budget will be distinguished by something important, and we do not rule out surprises

08/29/2021 11:36:08

The Prime Minister’s Advisor for Financial and Economic Affairs, Mazhar Muhammad Salih, revealed an “important matter” in the draft financial budget bill for 2022.

Saleh told {Euphrates News}: “This budget will be characterized by greater revenues and less deficit if the spending ceilings remain less than the deficit, as the financial obligations will then be lower.”

He added, “It is the duties of the current government as long as there is plenty of time to prepare the budget, even if the new parliament wants to make observations or make changes to it.”

Saleh pointed out, “Circumstances are changing, and there may appear surprises, as it relied on an oil price of 50 dollars per barrel, according to what was announced by the Ministry of Finance.”

And Finance Minister Ali Allawi announced last Thursday the completion of the preparation of the draft financial budget law for 2022, and that it will be presented within 3 weeks to the Council of Ministers. And Allawi indicated in a press statement that “the price of a barrel of oil in the 2022 budget will be $50, or 65% of the total. The state budget goes to salaries, and OPEC may add 450,000 barrels to Iraq’s oil production.”  And he indicated, “There are about 6.5 million citizens who receive financial dues from the state.” 

He pointed out, “The state’s oil resources are eroding due to the large obligations of salaries and retirement, and that the improvement in oil prices does not solve the financial distress quickly because of internal and external debts, and the state’s resources in Iraq are used incorrectly.”  LINK

Mr. Ammar al-Hakim: The success of the Baghdad conference proved Iraq’s ability to host various international events

08/28/2021 22:19:10

 The head of the National State Forces Alliance, Mr. Ammar Al-Hakim, confirmed that the success of the Baghdad Conference for Cooperation and the Company proved Iraq’s ability to host various international events.

  Ammar al-Hakim said in a tweet on {Twitter} that: “After the great success achieved by the Baghdad Conference on Partnership and Cooperation at various levels, based on global media interest, passing through the good technical and logistical organization, and arriving at the message he sent to the world about Iraq’s ability to embrace Various international events and its potential to be a meeting point for parties, brothers and friends, and to put on its dialogue table all the thorny files to solve.” 

The head of the National State Forces Alliance gave: “His thanks to the President of the Republic, Barham Salih, Prime Minister Mustafa Al-Kazemi, the Iraqi Ministry of Foreign Affairs, the Iraqi guests of kings, presidents, princes, ministers and all representatives of brotherly and friendly countries participating in the conference and the Iraqi people for their hospitality and welcome to their guests.

Thanks are due to all efforts The media that resulted in the success of this important historical event.

LINK

IMF: Iraq’s share of special drawing rights amounted to more than two billion dollars

28th August, 2021

The International Monetary Fund announced on Saturday that Iraq’s share of the IMF’s Special Drawing Rights amounted to more than $2 billion.

The International Monetary Fund announced that Special Drawing Rights (SDRs) were effective for all 190 members, equivalent to about $650 billion, on August 23, 2021. 

The fund said in a report seen by Shafak News Agency; “Iraq’s share of the IMF’s Special Drawing Rights amounts to 1.594,700,000 billion units, equivalent to two billion and 264 million and 742 thousand dollars out of its financial share in the fund of 0.35%,” noting that “these financial allocations to Iraq came in accordance with its current shares in the Fund.” 

The fund indicated that “this allocation will benefit all members to address the long-term global need for reserves, build confidence, enhance the resilience and stability of the global economy, and will especially help the most vulnerable countries struggling to deal with the impact of the COVID-19 crisis.”

The International Monetary Fund may, under its founding agreement, distribute allocations from the Special Drawing Rights to member countries in proportion to their membership quotas, and this distribution allows each member country to obtain an international reserve asset without cost or conditions.  LINK

Source: Dinar Recaps


Don961 » August 29th, 2021

Finance Minister: We have started reform, and we need everyone’s concerted efforts

Sunday 29 August 2021 Baghdad: Hussein Thaghb

Finance Minister Ali Abdul-Amir Allawi stressed that the country’s situation is described as sensitive and requires concerted efforts by all, in order to achieve serious reforms that distance the country from potential dangers, pointing out that cooperation is most intense with the Central Bank of Iraq with the aim of building a clear financial map. Allawi said during a meeting with a group of journalists: The budget for the year 2022 will be completed within 3-4 weeks and presented to the Council of Ministers, expecting to submit it to the next parliament.

And it will depend on the price per barrel of oil, $50, and it will be based on the current production level. Regarding the exchange rate and the decision to devalue the national currency, Allawi stated that {the exchange rate represents the external face of the economy, and the high exchange rate brings benefit to many economic sectors}, noting that {the price when it affects the economy negatively and encourages the transfer and transfer of resources. On the outside, it is necessary to reconsider and this is what happened.

Hello, World!

He said, “The decision to devalue the currency came in order to create a competitive economy that encourages the work environment in the country,” noting that “during the past six months, we have indicated an increase in demand for investment licenses in the industrial sector.”

Allawi pointed out that “the increase in prices in local markets, and the percentage that exceeds the rate of devaluation of the currency, came due to the increase witnessed by global markets, which coincided with the decision to reduce and the Corona pandemic, which had negative effects on the global economy as a whole.”

He stressed, “We are moving towards offering treasury bonds for trading in the Iraqi Stock Exchange, and we expect a great turnout for them in the absence of ideal investment opportunities in the country,” noting that “Iraq’s revenues are large, but the obligations are also wide, and there is an inflation in the number of employees that coincides with a lack of productivity employee.”

He said: {Reform of government performance and the economic system is inevitable, and far from it we cannot create an incubating environment for the economy}, pointing out that we have begun a real reform of government institutions, banks, customs and taxes, in order to manage Economy”.  LINK

Source: Dinar Recaps

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