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“The Money Flow is Going to be Massive” – Mon. PM KTFA Thoughts, News w/ MilitiaMan 11-7-22

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KTFA

Samson » November 7th, 2022

Egypt, Iraq and Saudi Arabia are on the way.. Why are these countries hoarding gold?

7th November, 2022

According to data published on Bloomberg, the increase in gold bullion purchases among many developing and emerging countries, including Egypt, Iraq and Turkey, this year compared to previous years, with the “declining confidence” in the global financial system, which is currently in place.

Analyst David Fickling wrote in an article in this regard that the World Gold Council reported that central banks around the world bought 400 metric tons of gold bullion in the quarter ending in September, which is a large number given that it is equivalent to the total purchases in a whole year in normal times.

The data found that central banks in emerging economies were the world’s largest buyers of gold in previous years. Topping the list is Russia, which has bought 463 tons since 2018 until now, and Turkey, which only bought about 95 metric tons this year, followed by India, Poland, Kazakhstan, China, Hungary, Thailand, Japan, Azerbaijan, Brazil, Uzbekistan, Egypt, Qatar, Iraq and Singapore. The writer says that Turkey, whose lira fell by 52 percent this year, bought 95 tons, and Egypt bought 44.4 metric tons of a total of 48.6 tons between 2018 and this year, while its pound depreciated by 20 percent. It is also remarkable that Qatar bought 15.6 tons, this year, out of a total of 42.7, and Iraq bought 33.9 tons in 2022, out of a total of 40.5 in five years.

Although the Iraqi dinar is stable against the dollar, the credit default swap (CDS), which protects against non-payment of its debts, rose to about 9 percent in September, even after it bought 33.9 tons of the metal.  India bought 40.5 tons as the rupee weakened by 8.7 percent.

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The writer points out that the 10-year US Treasury bond, which currently yields a yield of 4.2 percent, seems a much better option than gold, which pays no interest, especially now that it no longer outperforms the total returns on government debt. US government debt was previously a risk-free investment, before it turned around last February, when sanctions on the Russian Central Bank led to the loss of most of the $498 billion in reserves on its balance sheet. And Bloomberg News reported last week that the European Union is now looking at using the money to pay for Ukraine’s rebuilding.

In this situation, “in a world where it is difficult to trust anyone, it makes sense to protect yourself through the metals market,” according to the author. From this perspective, Turkey and Egypt’s purchases have become a focus, and although the two countries are major allies of the United States, their relations with it have deteriorated significantly over the past decade, and their governments have found themselves “more simplistic with the rising authoritarian powers.” And the path ahead of international relations is more unclear now than it has been for decades, “and it makes sense in this world that central bank reserves should not be so tightly bound by relations with any one country.”

The report says that the advertised buyers represent only about 120 metric tons, from the 400 metric tons bought by central banks in the third quarter, but “you can get a good idea of the other candidates, by looking at the countries that have run the largest current account surpluses, namely the balances that governments use to buy their foreign exchange reserves. Outside of Europe, the biggest players are countries whose “relations with the United States are eroding, such as China, Russia and Saudi Arabia.” The dollar remains the main intermediate currency so far, with about 88 percent of monetary transactions involving the dollar this year. However, the dollar’s share in central bank reserves is rapidly declining from 65 percent at the end of 2016, to 59 percent earlier this year.  LINK

Source: Dinar Recaps


Samson » November 7th, 2022

Finance Minister: We intend to implement the electronic data system in the Customs Authority

7th November, 2022

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Minister of Finance Taif Sami confirmed, on Monday, that the ministry is determined to implement the electronic customs data system (ASYCUDA) in the General Authority of Customs.

The ministry stated in a statement that Mawazine News received a copy of it, that “Sami held an extensive meeting regarding the follow-up to the implementation of the phases of the automation project for the customs and tax sectors, in the presence of the Director-General of the Information Technology Department in the ministry, in addition to the assistant directors-general of the customs and tax authorities.”

The Minister of Finance said during the meeting, that “the completion of the automation project will contribute to the development of customs departments and improve their performance, through the adoption of a single window, modernization of collection systems and the provision of a solid database, which in turn will achieve effective management as well as achieving financial sustainability and diversifying the economy in accordance with the principles of integrity, transparency and anti-corruption.” 

She added, “The ministry seeks to turn customs departments into important sources to support the state treasury after oil revenues.” She indicated, “The ministry is determined to implement the electronic customs data system (ASYCUDA) in the General Customs Authority, as a result of the efforts of meetings and continuous meetings with representatives of the technical and procedural team, the United Nations Conference on Trade and Development in support of the project.”   LINK

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Finance: We seek to turn customs departments into important sources to support the state treasury  LINK  

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MilitiaMan » November 7th, 2022

The timing of this is not a coincidence.

The 2023 budget will have loads of support from the new digital electronic  ASYCUDA tax collection system. The revenues will likely meet or beat the oil income. The support for the economy is going to be massive.

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The transparency it will bring will all but eradicate corruption and graft. Notice they have shut down the investment side of things. The Commission Chief resigned? How timely is that..

The ASYCUDA is not just arriving on scene.. No, it has been a work in progress.. In other words, imo they are already up and running and working.

They’ll seamlessly adjust to the new international exchange rate imo..  Going from a debt based budget, they are going to an investment supported budget in and with the private sector.

The money flow is going to be massive. The claw back of stolen monies will also be massive as noted by the crime of the century of 3.7 trillion dinars..

I am surely liking the news we have before us. The investment side of the 2022 budget has yet to be exposed.. Why?

Take a good guess.. It likely has what we are looking for.. imo ~ MM

Source: Dinar Recaps


Samson » November 7th, 2022

In the document.. the Central Bank decides to stop dealing in dollars with private banks

07/11/2022 13:06:55

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The Central Bank of Iraq informed the unauthorized financial institutions and authorized banks to stop dealing in dollars with four private banks for auditing purposes, with it permissible to deal with them in other currencies.  LINK

ATPInfinity » November 7th, 2022

BOOM!!!!! THIS LOOKS LIKE A REALLY HUGE MOVE…WHY NOW?? OTHER CURRENCIES?

Samson » November 7th, 2022

Al-Sudani stresses the need to return the stolen money

7th November, 2022

Today, Monday, Prime Minister Muhammad Shia Al-Sudani stressed the importance of security redeployment in cities, the rule of law, and the imposition of state prestige, while stressing the necessity of returning the stolen amounts.

The Media Office of the Prime Minister stated in a statement: “Prime Minister Muhammad Shia Al-Sudani met with the Chairman of the Parliamentary Security and Defense Committee, Jawad Al-Bolani, and a number of its members.” He added, “During the meeting, the overall security situation in the country was discussed, particularly the issues of the displaced, the job rotation of security leaders, and the file of defense mobilization.”

Al-Sudani stressed, “the importance of security redeployment in cities, the rule of law, imposing the prestige of the state, and stressing the need to distance security institutions from partisan and political investment, expressing his confidence that the government curriculum is dedicated to addressing citizens’ demands.” 

With regard to combating corruption, Al-Sudani stressed that “the stolen amounts must be returned, and that there will be no credibility from anti-corruption efforts unless we prove to the Iraqi citizen the possibility of recovering and protecting these funds.” LINK

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Money laundering inflames the real estate market..the sources of funds are a puzzle in Iraq

7th November, 2022

The phenomenon of money laundering spread after 2003, after the corrupt and chaotic environment created the atmosphere for the looting of public money, and although Iraq succeeded in exiting the European Union’s list of countries with high risks in the fight against money laundering, the phenomenon still continues internally. Extensively, which explains the staggering rise in real estate prices in Baghdad and the provinces, as well as profitable projects such as malls, luxury restaurants, nightclubs, and even some private universities.

The process of money laundering is the transfer of funds resulting from the practice of illegal activities to balances that have a sound legal appearance in terms of their sources.

Representative Mustafa Sanad said in a tweet on Twitter: Dirty money networks mixed with clean money, real estate, malls, hotels, commercial complexes, banking and others. The singer commented on the banks of our heavens, saying that some of those who sold these properties do not know the source of the money, but the majority know well.

In Iraq, the methods of money laundering vary according to its value and the influence of its owner. Influential people whose thefts are commensurate with the value of their positions work to get their money out of the country, while those with less influence and theft work to recycle it at home.

It helps in money laundering operations, the failure and corruption of banking systems, the adoption of undeveloped financial control techniques, and the scarcity of information regarding external transfers of Iraqi funds.

One of the methods of money laundering is the purchase of some banks from the daily auction of the Central Bank by submitting forged documents that prove that the party that buys the dollar has imported goods or services or paid abroad sums for certain things.

Banks are accused of smuggling money on a large scale. Writer Jawad Al-Hindawi says: A person suggested to me two years ago that he register a banking company in my name for $12,000, but after inquiry, it became clear that most companies have names other than their owners and they are just a front.

Economic expert Salam Sumaisem says that there are losing deals in which the launderer enters in order to launder his money, in which the loss reaches 50%.

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Kurdish MP Sarwa Abdul Wahed said during a televised interview that the countries (Aisha) are benefiting from money laundering in Iraq.

And journalist Maher Karim tweeted, saying: Money laundering was in the past years in Lebanon and the Emirates, but after the two doors were closed, it turned to Iraq.

The writer Mahdi Al-Safi explained that Iraq is required to conclude security agreements and money laundering crimes with the rest of the countries, especially the incubator of smuggled money from countries such as Jordan, Turkey, Lebanon and the UAE, to recover the stolen money.

In an indication of the alliance of corruption with mismanagement, Parliamentary Integrity revealed regarding the stole trillions scandal that the Money Laundering Office knew and did not act, referring to collusion with those involved or failure to perform their duty.  LINK

Al-Saffar: The 2023 budget is the largest in the history of Iraq… and advice to the Sudanese

06/11/2022 23:35:55

The former decision of the Parliamentary Finance Committee, Ahmed Al-Saffar, described the 2023 budget as “the largest in the history of Iraq.”

Al-Saffar said; For the program {Al-Mastra} broadcast by Al-Furat satellite channel this evening: “The budget has rules, principles and assets, and the most important rule in it is the annual and the exceptional, which are less than a year and there are budgets for more than a year to face a state of stagnation or budgeting for economic cycles.”

He added, “The budget is not a financial document, but rather an economic plan that reflects the economic reality of the country, and its preparation should start from the smallest institutions to the top of the pyramid, that is, each department is being budgeted and then gathered in the management of the Ministry of Finance and sent to the Council of Ministers.”

Al-Saffar continued, “The budget of goals and programs is consistent with the ministerial curriculum of the Sudanese government and the treatment of poverty and unemployment does not take place in a one-year budget, and a specific amount of the budget can be allocated to implement the five-year plan, as we have more than 6,000 idle and lagging factories.”  He pointed to “the importance of converting the financial abundance into productive investment plans to get rid of unemployment,” referring to the 2023 budget, “the largest in the history of Iraq, and the Sudanese must distance political interference from it, and it needs a will and a competent administration.”

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Al-Saffar concluded by saying, “The development plan requires capital, a competent administration, and no political interference, and the Sudanese must be given the full opportunity to implement his program.”   LINK

Iraq obtains the approval of the International Energy for the construction of 8 nuclear reactors

06/11/2022 23:40:55

The head of the Iraqi Commission for the Control of Radioactive Sources, Kamal Hussein Latif, announced that Iraq had obtained the approval of the International Atomic Energy Agency, in order to establish eight nuclear reactors to produce electric power, noting that no agreement had been reached with any company so far to accomplish The project.

Latif said: “We have prepared a complete project to produce electricity through nuclear energy. At first, we will construct eight nuclear reactors that can produce 8000 megawatts of electrical energy, which is equivalent to 25% of Iraq’s needs,” adding that “we are still in the initial steps so far and we are waiting for the government.” on this matter.”

Yesterday, Saturday, Ilya Polov, the economic advisor at the Iraqi embassy in Russia, told the Russian agency (Novost) that “Iraq and Russia will sign a memorandum of understanding on the use of nuclear technology, soon.” But the head of the Iraqi Commission for the Control of Radioactive Sources confirmed that “there has been no agreement so far with any company from any country to set up that reactor,” and they are waiting for the government to take the next steps, noting that “the sites where the reactor will be established have been identified.”

With regard to alternative energy, Latif said that Iraq has concluded agreements with a number of companies to produce electricity through solar energy, noting that by 2025 Iraq will be able to produce 3000 megawatts of electrical energy from solar energy.

Since 2003, Iraq has spent nearly 80 billion dollars to develop the electrical sector in the country, and it currently produces 24,000 megawatts of energy, and provides citizens for six hours a day with national electric power, while the country needs 32,000 megawatts to meet its need of electricity. 

The head of the Iraqi Authority touched on the production capacity of the eight reactor to be established, noting that “the construction of these eight reactors is scheduled to be completed by 2030, and its production capacity is likely to be greater than that, i.e. between 8 to 10 thousand megawatts of electrical power, so it can Securing 14% to 25% of the electricity that Iraq needs.

Latif called on the Kurdistan region to prepare a special plan in this regard, noting that “I know that there is an attempt in the Kurdistan region to produce electrical energy from solar energy. It is important that this be accomplished effectively, and that the Kurdistan region takes steps in this field.” He said: “I visited the Kurdistan Region, and there were very good places for this purpose, especially in Erbil Governorate, so it is good if it started producing at least 100 megawatts of energy.”  LINK

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Source: Dinar Recaps

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