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“A Push to Get Things off the Ground” – Sun. PM KTFA Thoughts/News 11-6-22

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Samson » November 6th, 2022

Iraq is the largest purchaser of gold in the second quarter of 2022

6th November, 2022

Today, Sunday, the World Gold Council announced that Iraq is the country that is the largest purchaser of the yellow metal for the second quarter of 2022, while maintaining its 30th rank in the world among the largest countries in possession of gold reserves

The council said in its latest schedule for the month of November 2022, which was reviewed by Al-Iqtisad News, that “Iraq jumped to the 30th rank after it was the largest purchaser for the second quarter of the current year 2022, after purchasing 33.90 tons of gold, bringing its reserve balance to 130.4 tons, which is Equivalent to 9.4 of the rest of his other reserves

He added that “Turkey was the most buying country for gold for the third quarter of 2022, with a rate of 31.17 tons, bringing its reserves to 488.9 tons and reaching the 13th rank, while Egypt was the largest buyer for the first quarter of 2022 with 44.9 tons

The United States of America still leads the rest of the countries with the largest gold possession in the world, at 8,133 thousand tons, followed by Germany, 3,355 thousand tons, and then Italy, 2,451 thousand tons, while the Lao People’s Republic ranked 100, with a rate of 900 kilos, preceded by the Republic of Cape Verde with 1 tons as well

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On June 27, Iraq announced the purchase of new quantities of gold, amounting to approximately (34) tons, an increase of 35% over what was in its possession

It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world  LINK

Iraq ranked first in the most importing countries from Jordan in 10 months

6th November, 2022

Today, Sunday, the Amman Chamber of Commerce announced that Iraq ranked first and for the third month in a row, with the most importing countries during 10 months of the current year 2022

The Chamber said in a statement seen by “Al-Iqtisad News”, that “during the past 10 months of the current year 2022, goods and commodities were exported to Arab and foreign countries, amounting to about 742 million dinars, compared to 599 million dinars for the same period last year

And she added, “Exports were distributed in terms of value during the past 10 months of this year to Iraq with a value of about 188 million dinars, Egypt 98 million dinars, Saudi Arabia 94 million dinars, the UAE 76 million dinars, then India with a value of 33 million dinars

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The Jordanian dinar is equal to about 70 US dollars

And they pointed out that “the value of exports of foreign products (re-exports) amounted to about 320 million dinars, industrial 187 million dinars, agricultural 143 million dinars, then Arab products with a value of 60 million dinars, and the rest for many other different products

And she indicated that “the Amman Chamber of Commerce issues certificates of origin for agricultural and animal products and raw Jordanian natural resources, for foreign goods that are being re-exported, and for foreign goods purchased from the local market under specific conditions  LINK

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Iraq and the Netherlands discuss signing a memorandum of cooperation in the field of combating terrorism   LINK

Iraq and Greece stress the importance of working to develop economic relations  LINK

The President of the Emirates calls the Sudanese and discusses the overall bilateral relations between the two countries   LINK

The Minister of Defense and his Saudi counterpart affirm the depth of bilateral relations between the two countries   LINK

The Iraqi Foreign Minister briefs his Jordanian counterpart on political developments and features of the next stage   LINK

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On charges of forgery and “stealing the century”… Recruiting an Islamic bank manager and freezing banking activities for another

6th November, 2022

The anti-crime office in Mahmudiya district, south of the capital, Baghdad, issued a summons order against the director of a private bank, while the Central Bank of Iraq suspended another bank for its involvement in “the theft of the century”.

According to a document obtained by Shafak News Agency; A summons order was issued against the Chairman of the Board of Directors of Spectrum Islamic Bank on charges of forging an official document.

Another document, seen by Shafak News Agency, showed that the Central Bank issued an order to stop the activities of Al-Wad Islamic Bank due to its involvement in the “stealing of the century” case.

The Iraqi judiciary had previously issued arrest warrants against a number of accused of “theft of the century”, confiscation of movable and immovable funds, and seizure of real estate belonging to them and their families. LINK

Source: Dinar Recaps


Samson » November 6th, 2022

Has the Ministry of Finance determined the price of a barrel of oil in the 2023 budget?

 06/11/2022 17:24:25

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An informed source revealed today, Sunday, the actual start of the Ministry of Finance to prepare a draft federal budget law for the year 2023.

The source stated {to Al-Furat News} that: “The Ministry of Finance has started the first steps, meetings and preparations for the ministries concerned with preparing the draft budget law.”

The source added, “So far, the price of a barrel of oil that will be approved, or the initial budget figure, has not been determined.”

A member of the Finance Committee, Jamal Cougar, revealed the features of the 2023 budget, stressing that it will approach from 130 to 150 billion dollars, at a fixed exchange rate based on the price of crude between 70 to 75, and that it will be a different investment budget to provide services, meaning that it will be a real budget. LINK

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Parliamentary calls for the government regarding the budget: boost revenues and reduce expenditures

5th November, 2022

A member of the Parliamentary Finance Committee, Nazim Al-Shibli, called on Saturday, the government of Prime Minister Muhammad Shia Al-Sudani to expedite sending the draft budget law for the next year to the House of Representatives.

Al-Shibli said in an interview with “Information”, that “the budget for the year 2023 should be a budget for services in which it enhances revenues and reduces expenses.”

He added that “there is a tendency by the Parliamentary Finance Committee to establish a special fund for each governorate aimed at activating basic services such as health, education, roads and bridges.” 

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Al-Shibli pointed out that “the budget should include plans to support strategic projects,” noting that “the Financial Management Law stipulates that the budget must be submitted in mid-October.”  He takes his mechanism in voting and approving.”  LINK

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MilitiaMan » November 6th, 2022

There is clearly a push to get things off the ground now not later. IMO the 2022 budget has to be sorted prior to the 2023. Just as 2003 – 2021 have been. 2022 is no different, except, it has the EFSL that isolated $80 – $150 Billion from the elite poloticians..

Thus, that included the Kurds who are by the away apparently working through that now, as noted by the UN comments and the Kurds themselves.. The HCL is a focus and rightfully so..

The KURDS were not involved with the operational side of the EFSL. The are a part of the investment side.. 

To the fixed exchange rate based off oil suggests they are further along than some may think. They have numbers to work from now and it allow for the budget to be more as an investment budget.  It will be one that enhances revenues and reduces expenses.

They know as well as many do , the private sector is going to alleviate the reliance on just oil. There are many avenues with a market economy to fill the gaps. 

The Financial Management Law shows us that the budget must be submitted by mid October… There was work that was on going during the time frame of the care taker government. They didn’t quit work. imo..

Now we have a fully seated government. They can not only amend laws they can pass them as well, new or old.  I am looking for the exposure for the finality of the 2022, it is the foundation along with the audited budgets bas to 2003..

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The reconciliation of 2022 has what the 2023 needs.. imo If there is data to support that this thinking is wrong please provide the data and links to support. I would like to see it..

Peace to you all this fine Sunday.. ~ MM

Source: Dinar Recaps

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