“New Digital System” – Sun. PM KTFA Thoughts, News w/ MilitiaMan 10-31-21

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KTFA

MilitiaMan » October 31st, 2021

We can see (see article below)  from this they have launched the new system.

The Central Bank has ANNOUNCED that they integrated the new digital system.

The system is to make way for a cashless society. Not a no cash society. Therefore, the implications suggest they’ll be changing the exchange rate to reflect an internationally accepted rate that will be or is now digitized.

That will imo require Article 8 compliance and New Small Category Notes to facilitate trade down to the street vendors. 

There will be new digital equipment necessary to facilitate the new systems, new equipment in place now.

They ANNOUNCED they launched the new system… They also are now and have been talking about the change of the exchange rate..

The GOI is to approve of an exchange rate change and they clearly seem to be. The job of lifting the exchange of the Dinar to the Dollar is the CBIs job… I like what we see here and the timing couldn’t be better.. imo ~ MM

Samson » October 31st, 2021

Enrollment and digital transformation

31st October, 2021 by Qasim Al-Gharawi

Successful global experiences in the field of financial digitization are based on the existence of comprehensive national visions for digital transformation according to a gradual framework that supports this transformation.

Digital enrollment is an integrated digital financial system that enhances financial independence and freedom from traditional financial systems.

The Central Bank of Iraq announced the launch of the digital enrollment service, which is the first of its kind in Iraq.

This system is working to transform Iraq into a country less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in financial transactions within banks operating in Iraq.

Digitizing public finances enables governments to increase tax revenues, combat tax evasion, and help raise the efficiency and transparency of public procurement systems.

 This service is considered a “modern and different trend due to its many advantages, including conducting financial operations in a modern digital electronic way, which shortens time and geographical distances and lifts traditional barriers in the Iraqi banking sector.

Therefore, we must work and emphasize the need for an integrated vision of digital transformation in light of the rapid technological changes and developments in the world, on one side, and on the other hand, it is an attempt to control corruption and tax evasion.  LINK

Mazhar Saleh : The rise in oil prices revives investment… and the financial surplus to reduce unemployment

28th October, 2021

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said on Thursday that the rise in oil prices will reflect positively on the investment side, especially in the framework of Iraqi-Chinese cooperation.

Salih told Al-Masala that the Iraqi-Chinese cooperation framework agreement will be fed monthly with national resources, amounting to three million barrels out of the total monthly quantities exported to China, amounting to 25 million barrels of crude oil, according to the prevailing international oil prices.

In the opinion of the economic and financial advisor, there is a possibility to benefit from the surplus price of a barrel by containing the unemployment crisis in the country.

Saleh told Al-Masala that the surplus price of a barrel of oil in the budget should be taken advantage of, and after closing the financial deficit to investment projects, because of their paramount importance in containing the unemployment crisis in the country, employing manpower, and revitalizing this sector.

He added: The percentage of the surplus is transferred to investment projects and to enable the stalled projects, which amount to 6000 stalled projects, which vanished after huge sums of money were spent on them. He pointed out that restarting the projects under the current dollar exchange rate and changing global costs would be an additional cost to the state.

According to official data, unemployment rates in Iraq have risen to unprecedented levels in three decades, despite the country’s huge oil wealth.    LINK

MilitiaMan » October 31st, 2021

This is part of the security they need to support the value of the DINAR..

They are mentioning that to restart the projects at the current dollar exchange rate would be an additonal cost to the state. Hence, support again for the new exchange rate to be implemented now and not later. 

Which is supported by the CBI ANNOUNCING they launched a new digital system today.. (see article above)

One that is the first of it’s kind.. That launch will require a level playing field and you can bet that is going to happen whether anyone likes it or not.

The digital international taxation has been approved and the UST even said so yesterday.  It sure looks like there is a go time and it looks like today could surely be a turning point.

Lets see what the days bring..~ MM

Source: Dinar Recaps


Samson » October 31st, 2021

The Sadrist movement reveals a trend regarding the dollar exchange rate

28th October, 2021

The Sadrist movement, led by Muqtada al-Sadr, confirmed Thursday, its quest during the next stage to change the exchange rate of the dollar against the Iraqi dinar.

The leader of the movement, Riyadh Al-Masoudi, said, in a statement that followed (Al-Oula News), that “the Sadrist movement will work through the Sadrist Parliamentary bloc as well as the new Iraqi government to change the exchange rate of the dollar against the Iraqi dinar, as raising the exchange rate has a great impact on citizens, especially those with limited incomes. The fact that this rise affected the rise in food prices and other things in the Iraqi markets.”

And he indicated that “the rise in oil prices in the global market will be enough to provide financial abundance, instead of resorting to raising the exchange rate of the dollar, this is the economic solution, which Mustafa Al-Kazemi’s government worked on,” adding: “We will work to find other solutions other than him in a way that does not harm.”

The Iraqi people, we are with the people in their aspirations and we will do everything that is in the interest of the people economically.”  LINK

Al-Hamidi: Reducing The Price Of The Dollar Is Related To The Economic Plan Of The Next Government

31st October, 2021

The Former Deputy of the Al-Fateh Alliance, Mithaq Al-Hamidi, indicated on Sunday that the decision to reduce the price of the dollar will be in the court of the next Government.

Al-Hamidi said in a statement followed by “Al-Ahd News” that “reducing the price of the dollar is related to the economic plan that the new government will come up with and oil prices, which if they remain at their current rates, it will be normal to reduce it.”

She added, “if oil prices fall with the increase in the fiscal deficit in the next budget, with the accumulated debts on Iraq, the dollar prices will remain at the same current rates.”   LINK

Ryan1216 » October 31st, 2021

Great! We just need the lip service (talk) fully backed by the action now. Hurry up!  

Clare » October 31st, 2021

YES… WE ALL WANT THEM TO HURRY UP!!! LOL  BUT THEY ARE DOING IT! imo

Samson » October 31st, 2021

A government comment on the change in the dollar exchange rate after the rise in oil

31st October, 2021

Mazhar Muhammad Salih, the financial and economic advisor to Prime Minister Mustafa Al-Kazemi, commented today, Sunday, on the possibility of changing the dollar exchange rate against the Iraqi dinar, after the rise in oil prices.

Salih said, “Adjusting the dinar exchange rate in light of the improvement in oil revenues needs several requirements that the government must take. This requires the foreign currency to cover the local liquidity, and the superiority of foreign reserves over the cash reserve should not threaten the wealth of Iraq’s foreign reserves.” Shafak News.

He added that “foreign reserves should cover at least a number of import months, including at least 6 months, especially in the case of Iraq, which depends heavily on openness to foreign markets. If these factors are available, the issue of changing the exchange rate of the dollar against the Iraqi dinar can be studied.”

It is noteworthy that the Iraqi government reduced the value of the Iraqi dinar against the US dollar in the Federal Budget Law for the year 2021, as the exchange rate of the dollar reached 1450 dinars to the dollar, after its price was 1200 dinars to the dollar.  LINK

Cabinet : Several countries have expressed their desire to invest in Iraq

29th October, 2021

The General Secretariat of the Council of Ministers confirmed today, Friday, that many countries have expressed their desire to invest in Iraq, while indicating that the government calls for bypassing bureaucracy and attracting investors.

A spokesman for the Cabinet Secretariat, Haider Majid, told the Iraqi News Agency (INA), that “the government encourages investment and calls for bypassing bureaucracy and attracting investors.”

Majid added, “The government confirmed more than once, through the visits made by the Prime Minister and the ministerial delegation accompanying him to Arab and European countries, and during his reception of Arab and foreign officials in Iraq, that the doors of Iraq are open for investment, participation and active contribution to the reconstruction of Iraq in all sectors.” 

He stressed, “There are many countries that have expressed their desire to invest in Iraq, in addition to the continuous and repeated assurances by the Secretary-General of the Council of Ministers to the ambassadors of Arab and foreign countries during his reception of them, that the doors of Iraq are open to them and that the land of Iraq is fertile for investment.”  LINK

Expect heavy resistance to oil prices before it reaches $90

30th October, 2021

The oil expert, Hamza Al-Jawahiri, expected, on Saturday, a strong resistance to oil prices before one barrel reached $90.

Al-Jawahiri told Al-Furat News, “Oil prices are global, and we expect oil prices to meet stiff resistance before they reach $90 per barrel.”  He explained the decline in Basra crude and the variation in oil prices, to “the very large stock of speculators who are waiting for prices to rise as much as possible.” Al-Jawahiri indicated, “It is in the interest of Iraq and the oil countries to deplete these oil reserves so that prices and natural production return to their level.”

The price of Basra Light Crude declined to record a weekly loss, the first in two months, as the prices of oil raw materials fluctuated during the past week as a result of the shortage in demand and after the rise in gas and coal prices, which made oil prices less expensive on the one hand, and the rise in US crude stocks, and the economies of countries affected by the virus. Corona on the other hand.

Although Basra crude rose in its last session before closing Friday by 27 cents to reach $83.84, it achieved a weekly loss of 75 cents, or the equivalent of 0.89%. Brent crude also rose in its last session by 6 cents to reach $84.38, but it achieved a weekly loss of $1.15, or 1.34% in a week. The US West Texas Intermediate crude was also settled, up 76 cents, to reach $83.57 a barrel, but it also achieved a weekly loss of 19 cents, or 0.23%.   LINK

Source: Dinar Recaps

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