Advertisement

“Looks like a Perfect Storm” – Wed. PM KTFA Thoughts, News w/ MilitiaMan 11-2-22

0
223
Advertisement

KTFA

Clare » November 2nd, 2022

Al-Sudani resolves the position on the re-change of the dollar exchange rate and calls the term “corruption pandemic”

01/11/2022 

The Prime Minister, Muhammad Shia Al-Sudani, has identified the Central Bank of Iraq as the only concerned party in changing or restoring the dollar exchange rate.

Al-Sudani said in his first press conference after forming the government and gaining the confidence of the House of Representatives: “The central bank is the only responsible party for changing the dollar exchange, and as an executive authority we are committed to this aspect and we support the independence of the bank and the government is committed to implementing the law.”
However, he added: “But the decision to change the exchange rate in the past was not accompanied by measures to protect the poor classes.”

Regarding the fight against corruption, the Prime Minister launched the term “corruption pandemic”, referring to it as a “serious threat to the Iraqi state.”

And he indicated that “the danger of corruption lies in planning for it without fear of deterrence,” noting that “the procedures for recovering the stolen amounts from the tax trusts are continuing and are being followed up daily.”

Advertisement

Al-Sudani added, “Without real measures, anti-corruption slogans will be a mere absurdity,” stressing that “the recovery of the looted funds will be a key focus in relations with the countries of the world, and we will not remain silent about the stolen and looted money smuggled abroad in countries known to us and known corrupt as well.”

The Prime Minister warned against “any minister condoning corruption files, as he will be under the law, and the ministers will be evaluated on this basis, and we will adopt frankness and openness with the people.”

Al-Sudani stressed the government’s vision in the next stage, writing and approving the ministerial curriculum within the Council of Ministers within two weeks from now, and our priorities are to combat poverty, unemployment and corruption, carry out economic reforms and provide services.

He pointed out, “I directed the Ministry of Commerce to enhance our strategic storage of basic food supplies.”

He announced that “the government is going to activate and implement the health insurance law, and there are offers from foreign companies to jointly operate and invest in government hospitals,” explaining that “implementing the health insurance law will guarantee the advancement of the health sector.”

He stressed, “removing the security establishment from any political investment and the security services concerned with preserving the prestige of the state.”

Al-Sudani pointed out that he “emphasized to friends and international partners the sovereignty and interest of Iraq.”

Advertisement

He explained that “the cabinet’s schedule will focus on the needs of the people, not fillers,” noting that “the caretaker government does not have the authority to issue appointment orders and agreements.”

He added that “the abolition of the decisions to appoint heads of agencies and advisers is not within the calculations of a policy or the exclusion of certain parties, but in implementation of the decision of the Federal Court, which is applicable and implementation,” stressing that “the approach of this government’s work will be towards implementing the law and judicial decisions.”

He announced, “forming an engineering effort to provide urgent services, and we will go to the field to implement service projects in the governorates, and there will be a clear difference in services.”

The Prime Minister stressed that “the agricultural plan for the winter season is late, and the recommendations of the committee concerned with preparing the winter agricultural plan have been approved, and it will be up to 5.5 million dunams,” announcing “the approval of recommendations to compensate farmers affected by not planting the yam crop, up to 120 billion dinars.”

Al-Sudani said: “We are working on studying the file of procedures and contracts with Resolution 315 in an accurate and personal manner, and we asked the Ministry of Finance to check the numbers of contracts and procedures and make recommendations.”

He promised “the law to protect the product is a sacred matter and directive to support national products,” noting that “burning associated gas causes great financial waste, and we have a vision to invest associated gas.”

And on the financial budget for 2023, the Prime Minister announced that he “directed all ministries today to prepare the 2023 budget and determine its priorities, as we are keen to present the budget as soon as possible.”

Regarding the date of holding early parliamentary elections, Al-Sudani explained that “this decision concerns the House of Representatives and the government is ready to meet the requirements for holding them,” pointing out that “the provincial elections will be held no later than October 2023.”

Al-Sudani affirmed that his government “will continue with Iraq’s mediation between Iran and Saudi Arabia, and it is in Iraq’s interest to play this role.”

And regarding the presence of the international coalition forces in the country between the Commander-in-Chief of the Armed Forces, “the agreement with the political forces provided for authorizing and authorizing the prime minister to conduct a dialogue with the international coalition and through the relevant ministries, and it would be professional to determine the need for the international coalition as numbers with advisers, tasks and advice, and to exchange information and in light of that and what would result It is a government decision that all political parties will abide by, and we will proceed to complete this dialogue according to what is planned.”  LINK

Advertisement

~~~~~~~~~~~~~~

MilitiaMan » November 2nd, 2022

Look at the timing of this one today.. The subject of the exchange rate change has been in the news so much the new PM has to come out and set the record straight. The Central Bank of Iraq is the only one concerned with the exchange rate.

The Government has other concerns noted in Article 110 of the Constitution. One is the issuance of currency, among many others. The PM is stating that the Government is committed to the aspect of the independence of the Central Bank and that the government will implement the law on the matter. It takes two to tango independently. No touchy, touchy.. lol..

One of the prerogatives of the Government is Fiscal and Customs Policy, administering a Central Bank, Issuing Currency, formulating foreign sovereign economic and trade policy and regulating, standards, weights and measures.

So, with the World Bank, IMF, UN, USA, etc, giving the green light of support we could say that the time is now. They have a seated and assigned cabinet of ministers today. One the president suggests is for 4 years. That sounds like security and stability on that front.

The CBI has nothing but good reserves, gold reserves, high oil pricing, taxes and tariffs are electronic as is more and more of the Government, inflation under control and the green light..

Looks like a perfect storm for an RI.. lol imo.. ~ MM

Source: Dinar Recaps


Samson » November 2nd, 2022

Advertisement

Iraqi premier to raise Iraqi dinar value

2nd November, 2022

Iraqi government with the help of the Central Bank of Iraq, do its best to increase the price of Iraqi dinar against US dollar, Mohammed Shia al-Sudani, Iraq’s new premier, said in a press conference on Tuesday.

“The interests of the needy were not taken into consideration in devaluing Iraqi currency. We tend not to repeat that in this cabinet,” he said.

Tackling endemic corruption in the country is one of the priorities of this cabinet, he said.

The Iraqi government work with other neighboring other countries to return Iraq’s “stolen money,” he added.

Faced by financial crisis caused by low oil prices amid COVID-19 pandemic, the Iraqi Central Bank decided to devalue the currency, setting the exchange rate at 1,460 dinars per dollar to the public.

Before the decision, each dollar was traded at 1,182 Iraqi dinars.

As Iraq’s market is heavily relied upon imports, the decision sparked public outrage and demonstrations, outcrying the rising prices of commodities.

The former Finance Minister Ali A. Allawi argued that the rising commodity prices was part of the global inflation, defending the devaluation decision as it had increased the state revenue amid liquidity crisis.

Advertisement

LINK

Turkey ranks first in the world in buying gold.. 95 tons in just 9 months

1st November, 2022

Central banks broke the quarterly record in gold purchases, and the Turkish Central Bank was among the largest banks to adopt purchases, according to the World Gold Council report for the third quarter of 2022

Huge rise in gold purchases

Gold purchases by global central banks rose 115% in the third quarter, as the quantity approached 400 tons, the highest quarterly purchases in the last 22 years. This amount also nearly doubled from 241 tons in 2018

Turkish Central in the lead

The Central Bank of the Republic of Turkey bought 95 tons of gold this year. The central bank bought 31 tons of gold in the third quarter of the year.  In the first nine months of the year, it bought 95 tons and increased its total gold reserves to 489 tons. This figure corresponds to 29% of the total reserves

Turkey’s central bank chief, Kavcioglu, answered questions from journalists and economists in his presentation of the inflation report last week. One of the questions that arose was related to the increase in gold reserves. Kavcioglu also made the following assessment regarding the gold purchases

When you increase, you get angry, when you fall, you get angry… How big are our gold reserves, and what’s wrong with that? The central bank is mostly criticized for its reserves, but the reserves of the world’s central banks have fallen by more than a trillion dollars since the beginning of the year. While the reserves of the Turkish Central Bank have increased, and gold has a share in that

Advertisement

Kavci added, “Also, the increase in our gold reserves is not a huge number, but we have taken encouraging decisions to store gold. As a result, the reserves of the Turkish Central Bank are increasing. There is no point in linking the matter to anything.” This is a process that started much earlier, as a result of these decisions very important, our gold reserves have reached an important point today. We are trying to continue these policies with additional actions and contributions

Larger reserves

The Governor of the Central Bank of Turkey also said, “Our gold reserves will increase even more. Turkey has a very important potential in terms of gold. Therefore, as the central bank, we are working with other institutions and the Treasury to contribute to supporting the economy. We will achieve good results  LINK

The Russian Foreign Ministry awards the Iraqi ambassador the Interaction Medal for his prominent role in strengthening and strengthening relations between the two countries

2nd November, 2022

The Ambassador of the Republic of Iraq in Moscow, Ambassador Abdul Rahman Hamid Al-Husseini, met with the Special Envoy of the President of the Russian Federation for the Middle East and North Africa, Mikhail Bogdanov, Deputy Foreign Minister of Russia, on the occasion of the end of his duties as the Ambassador of the Republic of Iraq to the Russian Federation.

A Foreign Ministry statement stated that during the meeting, a set of issues related to the further development of traditional friendly relations between Russia and Iraq were discussed, and the firm position of Moscow and Baghdad in maintaining an active political dialogue on Middle Eastern issues and international issues of common interest was also emphasized.

In the end, Mikhail Bogdanov awarded Ambassador Abd al-Rahman al-Husseini the “Interaction” medal, in recognition of his great contribution to strengthening Russian-Iraqi relations.  LINK

The collapse of the Iranian currency to a record level

2nd November, 2022

Advertisement

The price of the dollar in the open market increased, on Wednesday, by 500 tomans compared to Tuesday, to reach more than 34,300 tomans.

According to the “Iran International” website, “After the dollar’s price hit another record, Iranians lined up in long queues in front of exchange offices in a number of cities, including Tehran and Mashhad, to buy dollars.”

The Iranian currency market witnessed turmoil over the past days, in conjunction with the continuation of demonstrations in Iranian cities, and the insistence of the Western authorities to stop negotiations to revive the nuclear agreement.

On Tuesday, the price of the dollar in the Tehran open market reached a new historical record, exceeding the number 33,500 tomans. The upward trend of the dollar price in recent days has been such that its price has seen a big difference in the past 10 days.

Meanwhile, the Central Bank of Iran announced that the official rate for the dollar is 4200 tomans. According to the official reports of the Central Bank, the buying and selling of dollars in the market also recorded the highest level in the past month, reaching more than 18 million dollars on Monday.

The turmoil in the dollar market came as news was published on Sunday that more than 3,650 billion tomans had been withdrawn from the Tehran Stock Exchange in the previous ten days.

It is noteworthy that during the past three months, the Tehran Stock Exchange lost a quarter of its value, and its market value decreased from 100 thousand billion and 6 million tomans to 600 thousand billion and 4 million tomans.

On the other hand, the withdrawal of more than 3,650 billion tomans comes from the funds of natural persons, while government economic officials and market managers expected a positive reaction from real shareholders to the 10-point support package announced by the government on Saturday.  LINK

Iran imposes sanctions on 14 US entities and individuals

1st November, 2022

Advertisement

The Iranian Foreign Ministry imposed sanctions on 14 US individuals and entities for their violations of human rights, incitement, support for terrorist practices, and promotion of violence in Iran.

In a statement, the ministry stated that it had imposed sanctions on 10 individuals and 4 entities, including the US Central Intelligence Agency (CIA) and the US National Guard, in implementation of the Law (Confronting Violation of Human Rights and Terrorist Practices of the United States of America in the region).

She stressed that the sanctions were taken due to committing activities against human rights, interfering in Iran’s internal affairs, promoting violence and chaos in Iran, inciting and encouraging terrorist practices, obstructing the country’s efforts and activities in combating terrorism, and finally increasing pressure on the Iranian people, which is one of the sources of economic terrorism. 

She indicated that the sanctions will include preventing the issuance of non-entry into Iranian territory, freezing their bank accounts in the financial and banking system, and freezing funds and assets within the framework of the sovereignty of the Islamic Republic of Iran.   LINK

Dubai to host the Iraq British Business Council conference this month

01/11/2022 18:13:30

The conference of the Iraqi-British Business Council (IBBC) will be launched in Dubai this month, under the auspices of the President of the Council, Baroness Emma Nicholson, under the slogan (Iraq and identifying business opportunities for the private sector).

Director of the Iraqi British Business Council IBBC Christoph Michaels said in a press statement that the conference will bring together official government figures from Iraq, the UAE and the United Kingdom, in the presence of the Iraqi ambassador to the UAE and the UK ambassador to Iraq, in addition to representatives from major companies operating in those countries and other international companies.

Michaels confirmed the participation and presence of the Governor of the Central Bank of Iraq as a key speaker in this conference, in addition to the President of the Trade Bank of Iraq TBI. He added, that the conference sessions will cover the sectors of energy, industry, finance, water resources and the environment.

And Michelis pointed out that the main objective of the conference is to advance the reality of the private sector in Iraq to build an economy capable of providing job opportunities for all Iraqis away from the public sector.  LINK

A manager at Iraqi Airways was caught red-handed with a $40,000 bribe

2nd November, 2022

The Federal Integrity Commission announced today, Wednesday, the implementation of an arrest warrant against an airline director who requested a bribe from a private airline of $40,000.

In a statement received by Shafaq News Agency, the Integrity Commission said that its staff managed to arrest an employee of the Iraqi Airways company red-handed; In return for granting one of the companies approval for the flight license, an arrest warrant was executed against the director of the commercial department of the company.

The statement quoted the commission’s investigations department, that the commission’s investigation directorate in Baghdad had set up a team to investigate information contained in a complaint it received from an employee of one of the companies contracting with Iraqi airlines to contract “Garter” aircraft lease contracts from the airline company. For the purpose of transporting the passengers of the Chinese company (Maywei) to and from Iraq, stating that the director of the commercial department and a reservation employee at one of the airlines’ offices in Baghdad bargained with him and requested a sum of money; In exchange for obtaining “approval to fly”.

The department continued, explaining that the team investigated this information and communicated with the complainant; In order to catch the accused in flagrante delicto, as he set up a tight ambush for the accused after obtaining a judicial note to conduct a search and arrest them, and they moved to the Al-Arasat area in Karrada, where an agreement was reached between the complainant and the complainant, and as soon as the detention officer received the bribe amount in Baghdad, the Commission’s Investigation Directorate team was able to who caught him in flagrante delicto.

She added that the preliminary investigations, which were conducted by the team after implementing the operation that took place in accordance with the provisions of Resolution (160 of 1983), showed that the accused works as a reservation employee in the Adhamiya office of Iraqi Airways, and that it was agreed between the director of the commercial department and the complainant to split the bribe amount on He formed two payments, the first amounting to (40) thousand dollars, the amount of which was seized in the process, and the second payment of (30) thousand dollars, and based on what he said, an arrest warrant was issued against the second accused in the case, the director of the commercial department at Iraqi Airways, confirming that its staff were able to carry out The arrest warrant issued against him at Baghdad International Airport.

It noted the organization of two fundamentalist minutes; In order to present them, accompanied by the accused, and the seized documents, including the amount of the bribe, and video footage of the agreement concluded between the two parties (the complainant and the complainant), and the phone of the first accused, to the competent investigative judge; to take appropriate legal measures.  LINK

Source: Dinar Recaps


Determining the date of the next session of Parliament and its most important expected projects

2nd November, 2022

Representative of the State of Law coalition, Muhammad Chihod, announced, on Wednesday, the date of the next parliamentary session, indicating that Parliament is awaiting the completion of the budget in the coming days.

Chihoud said in a statement to “The Information”, “Parliament will resume its session early next week to pass many important service laws, as well as to complete the booth of Muhammad Shia al-Sudani.”

He added that “harmony between the government and parliament during the current session is important and should be exploited in an ideal way to pass controversial laws and end any political conflict.”

He pointed out that “the most important laws expected to arrive in the coming days are the budget,” noting that “the budget will be passed smoothly due to the political harmony of the forces of the State Building Alliance.”  LINK

~~~~~~~~~~

“In March 2022, MEES forecasted oil revenues for OPEC producers, and even if oil prices averaged $90 per barrel through the end of the year — which given the current situation is the low end — Iraq is expected to earn some $115 billion. This is $20 billion more than its previous annual record of $94 billion in 2012. Baghdad is now boasting about its record-breaking oil export revenues, some $11.44 billion for May alone. Alas, without a budget or legally binding emergency spending legislation, the monies cannot be touched — a true dilemma for the political elites in Baghdad.”

https://www.mei.edu/publications/iraq-once-again-leaps-void-not-political-elites-secure-funding

~~~~~~~~~~

MilitiaMan » November 2nd, 2022

It looks like hindsight with respect to budgets can be very telling.. The direct link above is from June 2022 .

We know at present, that there were obstacles from the past with respect to the Government and the Budget of 2022 that have been sorted and or are being sorted now.

It is clear to many and not so much to others, that the 2022 budget had issues and therefore, the Emergency Food Security Law as it is sometimes called or more appropriately the “Food Security and Development Bill,” was activated at a 12/1 ratio for operational items, as noted in the 2021 budget, 2019 FMLA, etc..

The part that has not yet to be sorted is the second part of the 2022 budget that was for the investment side of things, private sector if you will. Notice in the above paragraph they tell us why.. It is to keep out of the political ELITE’s hands (corruption) until the time was right for allocations.

That time is now, as there is a full government and a “final” session to seal that is in days. Both the Government and “” Budget are to be hand in hand. Just as the Government and the CBI go hand in hand. 

It is noted that we now see a seated government and now there is talk of an effectively seamless transition to the 2023 budget. However, the above doesn’t mention the 2023 budget at all, other articles are talking of the 2023 budget, especially lately.

The top article mentions a “budget” only.. No time frame to it. Thus, it is my view and a simple deduction, is that there has to be closure for the 2022 budget and it’s reconciliation (audited) along with subsequent budgets back through 2003. We know that 2003 – 2021 audits were completed, thus, the 20022 budget would be next, and so on..

Well the part about the second half of 2022 is key.

There is likely no way that the CBI or GOI would openly tell you exactly what they are doing. Rules and regulations hinder that sort of thing.

Thus, the same goes for the parliament.. They will likely only get the data pertinent to the sensitive data within the budget’s reconciliation until after the fact.

Therefore, the data in the 2022 budget reconciliation would only be released by the CBI prior to any release to them for sensitivity issues. As we can see the political harmony for the budget to be passed will be done smoothly they say, as it will likely be the calculations needed for the 2023 budget template they have ready to go imo already, and which is expected to be for the citizens benefit.

The EFSL and the emphasis from Kahdimi and Al- Sadr is for the citizens.. We shall see if this holds true or even close to it, shortly.. lol

Imo I bet it is very close to being accurate.. imo Lets see.. I like it.. ~ MM 

Source: Dinar Recaps

______________________________________________________

If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we’ll forward your request to the author.
______________________________________________________

All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.

Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.

Copyright © 2022 Dinar Chronicles

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here