Ross » October 5th, 2021
Anyone have any thoughts on why Iraq worked so hard to get their 2021 budget approved and have yet to open it with 75% of the year gone?
Popeye7 » October 5th, 2021
In response to your post Ross, timing… This budget needs the rate
Samson » October 5th, 2021
Iraq has been chosen as Vice-President of the 15th session of the United Nations Conference on Trade and Development
5th October, 2021
The Ministry of Foreign Affairs announced, on Tuesday, the selection of Iraq as Vice-President of the 15th session of the United Nations Conference on Trade and Development.
The spokesman for the ministry, Ahmed Al-Sahhaf, said, in a statement received by Mawazine News, that “the permanent representative of the Republic of Iraq to the United Nations Office in Geneva, Ambassador Abdul Karim Hashim Mustafa, was elected as Vice-President of the 15th session of the United Nations Conference on Trade and Development (UNCTAD). ) currently in session for the period 03-2021/10/08.” LINK
Source: Dinar Recaps
Frank26 » October 5th, 2021
TV says today the Arab payment system has linked with the Islamic banking and now can interact with payments but thing on tv talking about how important the raise of the exchange rate has been to the economy last 9 months saying it has built up reserves and stopped money laundering saying it has been a strength for the gov since raising it devaluing it Dec of last year…
Then talked about the struggles of the citizens due to high exchange rate and then more should be done to help citizens talking about how success of many major changes of financial exchanges helps with all levels of presented at beginning of calendar year saying best for true economic values and true result of the effect of done ….
Then went on talking about how many major changes around the world at beginning of year and the success talks about makes financial and economic sense to be performed at beginning of calendar year all this by the finance minister talking about the past 9 months rate then talking about things need to be done to help citizens but then talking about best time is at beginning of calendar year in his opinion.
Now Saleh on tv talking about need to lower dollar exchange rate saying they have reached maximum efficiency at current rate and to make projects work they need the exchange rate to flavor a stronger dinar value……saying Iraq must have plans in place and get this done.
All they are doing is preparing you Eddie for the announcement of your new currency and your new exchange rate by injecting ideas into your mind into your daily lives that you are about to see a new monetary reform for your currency because of the success that the CBI and Kazemi have had working together to eliminate terrorism that used to rape your currency through Iran.
What Saleh is trying to tell you is that you now have what is called in the financial world the REER !!! (Real Effective Exchange Rate)
He is expressing to you that you need this true value for your currency in order for everything to work and yes he mentions it for next year at the beginning, but that is not logical the monetary reform will come long before the economic reform just like we have told you everything else I now repeat to you everything that Walkingstick and I’ve told you…
And why is that Eddie… because the two we told you to pay attention to are now telling you exactly and repeating exactly our words praise God!
I wouldn’t worry too much about the beginning of next year because that’s just his opinion and he’s just a Minister of Finance, trust me in my very strong opinion… Mustafa has a date before next year.
“FROM THE MOUTH OF THE AUTHORITY…KAZEMI AND MUSTAFA GHALEB!!!”…F26
After The Oil Price Hike, Alia Nassif Calls For A Reduction In The Dollar Exchange Rate
28th September, 2021
Representative Alia Nassif called on the Ministry of Finance to reduce the exchange rate of the dollar after the price of a barrel of oil exceeded eighty dollars, indicating that it is not fair for the poor to pay the price of economic crises, whether they are caused by corruption or the lack of appropriate plans to deal with crises.
Nassif said today: “The price of a barrel of oil has exceeded eighty dollars, while the dollar exchange rate is still burdening the Iraqi citizen who pays the price of financial corruption and the absence of appropriate plans to confront economic crises such as the crisis of the previous drop in oil prices and the country’s dependence on oil revenues only,” indicating: The working class is the most affected by the rise in the exchange rate of the dollar, because its purchasing power is now unable to cope with the rise in the prices of food commodities and basic materials.”
She stressed “the necessity for the Ministry of Finance to reduce the exchange rate of the dollar against the dinar and return it as it was in the past, because there is no need to continue with the high exchange rate and to avoid its negative repercussions on all groups of the people.” LINK
Iraq comments on the rise in oil to $ 80 and its reflection on the 2022 budget
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, commented on Tuesday on the rise in oil to $ 80 and its impact on the federal budget for the fiscal year 2022.
Saleh told Al-Furat News that “if this price continues for 12 months within the current expenditure ceiling for 2022 and is the same for the current year, the budget will be in balance and there is no need to borrow or the budget will be in deficit, but on condition that the withdrawals are fixed.”
He explained, “Expenditures are out of control and will remain constants. Expenditures will be 129 trillion dinars, as specified in the budget, and there is a deficit, but the price of a barrel is 80 dollars per barrel or slightly less with oil exports of more than 3 million and 400 thousand barrels. This alone is sufficient to make the 2022 budget in There is no need for you to resolve a deficit and finance a deficit.”
“By the settlement, a hypothetical deficit is set to hedge in anticipation of the instability of oil at $80,” Saleh added. He continued, “Oil is a strategic commodity with big variables, and no one knows or guesses prices, but it is in an upward trend and the reason is that there is a breakthrough in the global economy and the level of vaccinations has become high, and economies are beginning to open up to energy, travel movement is increasing, and the demand for derivatives is increasing demand for crude oil.”
Saleh pointed out, “There are no bets that will last forever, and in the last decade we have witnessed a dangerous drop in the price of oil from $147 to $13 a barrel.” And between “the oil countries have reservations, and it is legitimate, rational, and required not to fall into a big problem, and I believe that the 2022 budget, even if it comes with a hypothetical deficit, will tend to hedge, but if the barrel price continues to 80 dollars and the export of the same quantities of oil or more, Iraq may export.”
Saleh continued, “Then the budget will be in balance, but on condition that all expenditures are met. Sometimes they are placed, but not implemented in investment and even operational budgets sometimes, and consideration must be given to the efficiency of the exchange.”
The economic advisor to the Prime Minister concluded, “I believe that this number is excellent and should be used in operating the stalled investment projects and increasing employment in the Iraqi economy, which will reduce the manifestations of poverty and increase the welfare of society.”
The price of Basra Light crude rose, on Tuesday, to record more than 77 dollars, with the rise in global oil prices. Basra crude, exported to Asia, rose 1.08, or 1.47%, to $77.74, while Basra Heavy crude also rose by $1.35, or 1.90%, to $72.35. All OPEC crude prices rose, as the price of Saudi Arabian Light crude reached $77.44 per barrel, while the price of Iran Heavy Blend reached $74.03,
The UAE Murban Blend reached $77.13 per barrel, and the Algerian Sahran Blend reached $78.94, while the Nigerian Bonny Light recorded $78.22, and Girasole Angolan $78.77. Global oil prices rose as a result of the scarcity of supply and the increase in demand for it, at a time when Brent crude recorded more than $80. LINK
Source: Dinar Recaps
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