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“The Call it a Silent Policy” – Wed. PM KTFA Thoughts, News w/ MilitiaMan 11-9-22

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Samson » November 9th, 2022

The Central Bank: Our reserves have reached $90 billion and there is no change in the exchange rate in the 2023 budget

9th November, 2022

Global oil prices have boosted the dollar’s cash reserve in Iraq, especially after the “black gold” price rose and reached the $100 per barrel barrier, while specialists stress the need to exploit this financial abundance in establishing strategic projects capable of supporting the country’s financial budgets and reducing the size of thealmost total” dependence on oil imports, as well as directing part of those towards supporting industrial and agricultural private sector projects

Al-Yasiri’s affirmations came during the economic symposium organized by the House of Wisdom and bearing the slogan (The Iraqi Dinar: Changing the Exchange Rate) and raised zeros) and moderated by the economist, Dr. Falah Hassan Thuwaini, and attended by a number of experts and specialists in economic affairs

Al-Yasiri told “Al-Sabah” on the sidelines of the symposium, “The cash reserves of the Central Bank are sufficient to finance import operations for a period of 22 months, and this is positive for Iraq and makes it live a period of relief, as these reserves amounted to $90.89 billion, which is the first time that the reserves of the Central Bank have been reported. Absolutely, and the economy’s health indicates that it is a major bond and wall of the national currency, and it is expected that these reserves will exceed the $90 billion barrier at the end of this year

Al-Yasiri pointed out that the volume of the Iraqi currency issued for circulation is estimated at 83 trillion dinars, equivalent to 58 billion dollars, while the banknotes of the public and banks are estimated at up to six billion banknotes in circulation

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Regarding the devaluation of the currency, Al-Yasiri stressed that this decision left a new threshold for the Iraqi industrialist and made it more competitive. After devaluing the currency by 23 percent, this matter limited the volume of imports of goods and many industrialists have a desire to expand their factories or establish new ones

And the Central Bank adviser pointed out that “the process of adjusting the exchange rate has important scopes, which were represented in achieving a financial goal” of “revenues for public finance” and a development goal “enhancing the competitiveness of the real sector against the import sector,” stressing that there is no intention at the present time to change the exchange rate that he described.

With the “stability function”, as it is not possible to manipulate stability, and that the budget for next year 2023 will be prepared on the basis of the current “reasonable” exchange rate that resulted according to calculations between the Ministry of Finance and the Central Bank, as well as the contribution of some international consultations in this decision, which kept the public finances solid after that At the end of the year 2020, the Iraqi state approached bankruptcy

In turn, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, said that “work to improve the price of the dinar should be carried out in accordance with the principle of “common benefit to the community” so that it does not leave harm, as this requires a gradual silent policy and high coordination between the monetary and financial policies, especially since the next phase should be a phase of calm, as the current government is rationally moving towards revitalizing development and achieving economic stability  LINK

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

Abdul Hussein Al-Yasiri: Iraq will see significant economic growth after Baghdad summit

A member of the Finance Committee MP and National Alliance, Abdul-Hussein Al-Yasiri, favored that the Iraqi economy will witness development in all sectors after the return of Iraqi – Arab relations and the Arab summit conference in Baghdad, which will contribute to the coming of the great Arab companies to invest in the country. lINK

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https://www.rs.iq/iraq_news/view/2643

MilitiaMan » November 9th, 2022

We can see that Al-Yasiri has supported the private sector in recent times. It shows he supports a private sector economy imo. What I see in the article above is there are some positive signs for what to expect in the future and what has likely been done already.

We can clearly see that they have enough reserves to last 22 months. The world average is 11 months per the World Bank statistics chart. That level of reserves is very good for the financial circumstances they are about to embark on or have already.

They will need stability and appear to have that largely covered. They do tell us their money supply and are being open about that. The average value of a note issued (six billion of them) is roughly 13,833 per note. 

The issue of the devaluation was for useful purposes for the future private sector they plan on moving to. It was with and effectively 23% hit to the citizens pocket book, ouch. They had to take on the chin for longer than expected too.

That appears now to about to change for them to the bright side. The private sector will bring jobs, revenues, etc., and on many fronts. 

The Central Bank speaks of adjusting the reasonable exchange rate as having important scopes which are represented in achieving a financial goals with respect to revenues for public use.

It is for the development and competitiveness of the real (private) sector against the import sector. It was prepared (done) with stability in mind.

The 2023 budget exchange rate on the basis of a reasonable exchange rate was a result from and according to calculations between the Ministry of Finance and the Central Bank. They have had the collaborations already and with contributions of some international consultations in the decision to it. They have the calculations done imo..

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They go on to say there is work to improve the price of the dinar (likely have improved it and are about ready to show it). The work should be for a common benefit to the Iraq community, so has to not cause harm.

They did harm on the devaluation and now is the time to reverse that.

They suggest that imo they had to be quiet (silent)  and gradual about the work. They call it a silent policy.

One that is in high coordination between the monetary and financial policies of the country. The even tell us why too. They needed it especially for the next phase. The next or last phase requires calm.. Therefore, for after all the work to date they have done the current government is rationally moving to revitalizing and achieving reforms with stability.  The central bank will defend their work in the market place, twice daily if need be. ioo

It looks as though they are still updating everyone on what they are and have been doing with their financial operations, while suggesting the next phase of them is effectively to be upon us now or at least very shortly.. I like what I see.. imo ~ MM

https://data.worldbank.org/indicator/FI.RES.TOTL.MO

Source: Dinar Recaps


Samson » November 9th, 2022

Parliamentary Finance resolves the controversy of changing the dollar exchange rate

9th November, 2022

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The Parliamentary Finance Committee decided, on Wednesday, the issue of changing the exchange rate of the dollar against the Iraqi dinar.

Committee member Jamal Cougar said in an interview with “Mawazine News”, that “the House of Representatives, the Finance Committee and the government are not concerned with the issue of changing the dollar exchange rate, and that it is exclusively the prerogative of the Central Bank, and this matter was confirmed by the Prime Minister.”

He added, “It is not the right of any deputy to intervene and make statements in this regard, and if they want to respect the terms of reference.”    LINK

ATPinfinity » November 9th, 2022

it is exclusively the prerogative of the Central Bank MAYBE THIS IS CODE everyone IN THE WORLD OF DINAR IS WATCHING THE CBI NOW!imo…..(same day)The Central Bank: Our reserves have reached $90 billion and there is no change in the exchange rate in the 2023 budgetI thought the 2023budget was not complete, allegedly……How many more buy opportunities will the procrastinators get?

Samson » November 9th, 2022

Economist : Reducing the dollar exchange rate is not / impossible / and the current time is suitable for monetary change

9th November, 2022

The economic expert, Raad Twij, confirmed that decreasing the dollar exchange rate is not impossible as he is promoting it, indicating that the current and next two years are the most appropriate time to bring about this monetary change.

Twig said in a statement to the National Iraqi News Agency : The exchange rate still takes a large part of the attention of political and popular circles, knowing that the increase in the exchange rate was not the source of the monetary authority, but rather it was by the Minister of Finance, so the independence of the Central Bank at that time was questionable.

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Therefore, decreasing the exchange rate is not impossible, and this matter becomes a strategic option for monetary policy if the monetary reserve continues to rise, and a restructuring of the Iraqi dinar is carried out in a direction that improves its purchasing power or radically replaces the Iraqi dinar with new values.

He pointed out that “the current and next two years are the most appropriate time to bring about this monetary change.”   LINK

Source: France’s Total wants to leave Iraq and sell its $27 billion stake

9th November, 2022

An informed source said, on Wednesday, that the French company Total wants to withdraw from Iraq

The source told “Economy News” that the French company Total Energy is negotiating to sell a share in the deal of its huge projects in Iraq, amounting to 27 billion dollars, in favor of Qatar Energy

He added, “The French giant is renewing its efforts to complete the deal with the formation of a new government in Iraq   LINK

Al-Sudani and Zidane discuss efforts to recover tax trust funds and arrest fugitive suspects

08/11/2022 22:19:43

The President of the Supreme Judicial Council, Judge Faiq Zaidan, received Prime Minister Muhammad Shia Al-Sudani. The two sides discussed “the joint efforts between the judiciary and the government in following up the recovery of state funds in the case of tax trusts and the arrest of the fugitives.”

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Al-Sudani said in a press conference today: “There are 4 to 5 people who were arrested in connection with the issue of tax guarantees,” adding that “our information indicates that a large part of the total amount stolen was smuggled out of Iraq.”

It is noteworthy that the previous government headed by Mustafa Al-Kazemi had begun an investigation into the disappearance of $2.5 billion from the account of the General Authority for Taxes (Amanat).

A document of the commission revealed that the amount was withdrawn between January and August of this year, and the amount was transferred to the accounts of five different companies using dozens of checks, then it was withdrawn from the accounts immediately.

A security force arrested Nour Zuhair, the main suspect in the theft of tax funds, while the Central Bank of Iraq froze the movable and immovable funds of five companies, including those belonging to the accused, Zuhair.   LINK

Integrity reveals and seizes embezzlement and violations of more than 4 billion dinars in two governorates

9th November, 2022

The Investigation Department of the Integrity Commission announced, on Wednesday, that its staff had carried out seizures of cases of embezzlement, violations and extortion in the governorates of Muthanna and Maysan.

The department, speaking about the operations that were carried out according to judicial notes, pointed out in a statement received to Shafaq News Agency, that “the Maysan Investigation Office team revealed that the director of the Personnel Accounts Department and the former official of the Payments Division in the Maysan Oil Company embezzled an amount of nearly one billion dinars.

The statement indicated that the accused organized a “fake” rewards exchange document for the company’s employees in the amount of (1,900,000,000) billion dinars, warning that he embezzled half of the amount by issuing a forged document to settle the payment of the reward amount.

In Muthanna, the department confirmed that “the staff of the Commission’s Investigation Office in the governorate was able to monitor a real estate worth (3,300,000,000) billion dinars, owned by the Ministry of Finance. Editing a photo of the property as owned by the Ministry of Sports and Youth, contrary to reality; Accordingly, he was given an investment opportunity for housing.

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The Maysan Investigation Office team was also able to arrest an employee in the municipality of Al-Amarah after he had blackmailed one of the audits; to pay a sum of money (a bribe).”

The statement stated that “the accused also bargained with her in exchange for her sick daughter, who is included in the handicapped segment, to obtain a residential plot of land.”  LINK

10 years in prison for the former governor of Salah al-Din Ammar al-Jabr

9th November, 2022

Today, Wednesday, the Iraqi judiciary issued a 10-year prison sentence in absentia against former Salah al-Din Governor Ammar al-Jabr.

A judicial source told Shafaq News Agency that the former governor of Salah al-Din Ammar al-Jabr was sentenced in absentia to 10 years in prison for his involvement in corruption and waste of public money. 

On May 19, 2022, a parliamentary source revealed the dismissal of Salah al-Din Governor Ammar Jabour al-Jubouri from his position by order of the Presidency of the Council of Ministers to the House of Representatives, after the recommendation of the investigative committees in the Council of Ministers, “which diagnosed the mismanagement of the governorate and the existence of a waste of public money.”

On the same day, the Iraqi Council of Representatives voted to dismiss Al-Jabr by an absolute majority.

On August 21, 2022, Al-Jabr vowed, on Sunday, to reveal files of financial corruption affecting “all politicians” without exception, and demanded international protection for him and his family, while former MP Mishaan al-Jubouri hinted, on the same day, that he would also reveal corruption files. LINK

Ewtohan » November 9th, 2022

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This guy gets  10 in jail for waste of public money.  Lol    How much money did Maliki waste  ..? I mean steal and how many people  did he have killed…why don’t they put his butt in jail  to rot or give him a death sentence. .. I guess they don’t do nothing with him because people are afraid of him for what he knows .. well it’s funny because United States put him in office  imo

Samson » November 9th, 2022

Abu Dhabi Ports signs an agreement with the Iraqi Bank (IDB) with the aim of improving trade movement between the two countries

9th November, 2022

Abu Dhabi Ports Group signed a preliminary agreement with the International Development Bank in Iraq (“IDB”) to explore cooperation opportunities available in port projects and logistics services with the aim of improving trade movement between the United Arab Emirates and Iraq.

The agreement was signed by: Mohammed Juma Al Shamsi, Managing Director and CEO of Abu Dhabi Ports Group; and Ziad Khalaf, Chairman of the Board of Directors of the International Development Bank, according to a statement issued by the group today, Wednesday.

Al Shamsi said: “We have before us a broad horizon of opportunities and a great scope for improving and modernizing ports, logistics services and economic zones in Iraq. There is no doubt that through our cooperation with the International Development Bank, we will explore many available projects that certainly contribute to enhancing trade movement between the United Arab Emirates and Iraq.” 

For his part, Ziad Khalaf, Chairman of the Board of Directors of the International Development Bank, said: “Strengthening the ties between our two brotherly countries contributes to supporting the national economy and improving intra-trade. Therefore, we are pleased to conclude this agreement with the Abu Dhabi Ports Group, a world leader in the fields of trade, logistics and transport.”

“The ports and logistics sectors play a vital role in providing supplies to the Iraqi community across the country, and we are confident in our ability to collaborate on projects with tangible and sustainable impact in this context,” he added.

Khalaf added, “Our goal is to strengthen and deepen the bonds of economic and trade cooperation between the United Arab Emirates and the State of Iraq, in order to achieve economic twinning between the two brotherly countries through the support of businessmen and Emirati and Iraqi companies.”

It is noteworthy that the United Arab Emirates and Iraq continued to strengthen their trade relations during 2022 through several trade and development agreements.

The World Bank estimates that the Iraqi economy will record an estimated growth rate of 6.3% over the next two years.   LINK

The Central Bank: Our reserves have reached $90 billion and there is no change in the exchange rate in the 2023 budget

9th November, 2022

Global oil prices have boosted the dollar’s cash reserve in Iraq, especially after the “black gold” price rose and reached the $100 per barrel barrier, while specialists stress the need to exploit this financial abundance in establishing strategic projects capable of supporting the country’s financial budgets and reducing the size of the “almost total” dependence on oil imports, as well as directing part of those towards supporting industrial and agricultural private sector projects

Al-Yasiri’s affirmations came during the economic symposium organized by the House of Wisdom and bearing the slogan (The Iraqi Dinar: Changing the Exchange Rate) and raised zeros) and moderated by the economist, Dr. Falah Hassan Thuwaini, and attended by a number of experts and specialists in economic affairs

Al-Yasiri told “Al-Sabah” on the sidelines of the symposium, “The cash reserves of the Central Bank are sufficient to finance import operations for a period of 22 months, and this is positive for Iraq and makes it live a period of relief, as these reserves amounted to $90.89 billion, which is the first time that the reserves of the Central Bank have been reported. Absolutely, and the economy’s health indicates that it is a major bond and wall of the national currency, and it is expected that these reserves will exceed the $90 billion barrier at the end of this year

Al-Yasiri pointed out that the volume of the Iraqi currency issued for circulation is estimated at 83 trillion dinars, equivalent to 58 billion dollars, while the banknotes of the public and banks are estimated at up to six billion banknotes in circulation

Regarding the devaluation of the currency, Al-Yasiri stressed that this decision left a new threshold for the Iraqi industrialist and made it more competitive. After devaluing the currency by 23 percent, this matter limited the volume of imports of goods and many industrialists have a desire to expand their factories or establish new ones

And the Central Bank adviser pointed out that “the process of adjusting the exchange rate has important scopes, which were represented in achieving a financial goal” of “revenues for public finance” and a development goal “enhancing the competitiveness of the real sector against the import sector,” stressing that there is no intention at the present time to change the exchange rate that he described.

With the “stability function”, as it is not possible to manipulate stability, and that the budget for next year 2023 will be prepared on the basis of the current “reasonable” exchange rate that resulted according to calculations between the Ministry of Finance and the Central Bank, as well as the contribution of some international consultations in this decision, which kept the public finances solid after that At the end of the year 2020, the Iraqi state approached bankruptcy

In turn, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, said that “work to improve the price of the dinar should be carried out in accordance with the principle of “common benefit to the community” so that it does not leave harm, as this requires a gradual silent policy and high coordination between the monetary and financial policies, especially since the next phase should be a phase of calm, as the current government is rationally moving towards revitalizing development and achieving economic stability  LINK

108419 » November 9th, 2022

There it is from the central bank no change in the budget,,,,, hype

PattyCakes7 » November 9th, 2022

China said the same thing right before they did it. God please let this be it.

Source: Dinar Recaps


Samson » November 9th, 2022

Economist : Reducing the dollar exchange rate is not / impossible / and the current time is suitable for monetary change

9th November, 2022

The economic expert, Raad Twij, confirmed that decreasing the dollar exchange rate is not impossible as he is promoting it, indicating that the current and next two years are the most appropriate time to bring about this monetary change.

Twig said in a statement to the National Iraqi News Agency : The exchange rate still takes a large part of the attention of political and popular circles, knowing that the increase in the exchange rate was not the source of the monetary authority, but rather it was by the Minister of Finance, so the independence of the Central Bank at that time was questionable.

Therefore, decreasing the exchange rate is not impossible, and this matter becomes a strategic option for monetary policy if the monetary reserve continues to rise, and a restructuring of the Iraqi dinar is carried out in a direction that improves its purchasing power or radically replaces the Iraqi dinar with new values.

He pointed out that “the current and next two years are the most appropriate time to bring about this monetary change.”     LINK

MilitiaMan » November 9th, 2022

I like this one… it fits with the Finance in Ministry and Central Banks motivation and what they have done already.  This man is suggesting the current time frame is not out of the question.

Central Banks job it to defend their currency in many different ways, whether is it to be in managed or direct manner, a floating manner or a fixed manner.

When there is a radical change there would likely be a fixed regime after an initial exchange rate change. imo Regardless of how they do it, they appear to have the calculations done and with the potentiality of being a radical change to improve the purchase power for the currency..

What is not to like about this experts view on things.. imo ~ MM

2023 will be prepared on the basis of the current “reasonable” exchange rate that resulted according to calculations between the Ministry of Finance and the Central Bank,”

Kurdistan Region discusses a road map for the new relationship with the Sudanese government

9th November, 2022

The Kurdistan Regional Council of Ministers held its regular weekly meeting today, Wednesday, headed by Prime Minister Masrour Barzani, and discussed a number of topics on its agenda.

In the first paragraph of the meeting’s agenda, the Council of Ministers discussed its previous decision regarding the Kurdistan Regional Government’s road map regarding the new relationship between Erbil and Baghdad after the formation of the new federal government headed by Prime Minister Muhammad Shiaa al-Sudani, as well as shedding light on the mechanisms for solving outstanding problems between the Kurdistan Region. And the federal government on the basis of the constitution, in light of what was stipulated in the ministerial curriculum for the new ministerial formation that the Iraqi parliament voted on, especially Article 140 of the constitutional article on the Kurdish regions outside the administration of the Kurdistan Region, as well as the Kurdistan Region’s share of the federal general budget, the oil and gas file, and participation the real and due of the Kurdistan Region in the federal departments, in addition to the issue of the constitutional rights and entitlements of the Peshmerga, as well as other files such as draft laws (the Federal Court, the Federation Council, oil and gas).

After the Council of Ministers discussed this paragraph, it was decided that the negotiating delegation with the federal government would consist of the ministers of finance, proxy natural resources, and planning, the head of the Cabinet Office, the Secretary of the Council of Ministers, the head of the coordination and follow-up department, and the spokesman for the Kurdistan Regional Government. The delegation was also directed to start negotiations within the frameworks of constitutional rights and cabinet decisions regarding outstanding problems as soon as possible, and to emphasize the implementation of the ministerial curriculum of the federal government and the political agreement that was voted on in the Iraqi Council of Representatives.

In the second paragraph of the meeting’s agenda, Minister of Finance and Economy Awat Sheikh Janab made a presentation on the steps for preparing a draft law on the quota of the Kurdistan Region, and on this basis the concerned authorities will be assigned to work on this issue.    LINK

~~~~~~~~~~

Absolutely nothing wrong with sorting the oil and gas issues.. It is likely since it has been in the works for a very very long time, the time is now to dot some I’s and cross some T’s.. The looks of things there is symbiotic financial things in parallel too.. All converging at or around the same time.. imo -MM

Source: Dinar Recaps


Samson » November 9th, 2022

Agency: China and Russia have resorted to building gold reserves

9th November, 2022

Bloomberg Agency reported that the dominance of the US currency and Washington’s strict measures to maintain it are forcing some countries, such as Russia and China, to build gold reserves.

According to the article, data from the World Gold Council indicate that central banks around the world bought 400 metric tons of gold in September, which is the equivalent of the usual purchase volume for an entire year.

In the agency’s view, all of this can be compared to preparing for “the end of the world, when people pile up canned goods and firearms in shelters with loads of gold bars.” The article added: “Bullion has one important advantage: unlike a bond, it does not bind you to an unreliable third party.”

In earlier periods, US national debt securities were considered a “risk-free” investment, but sanctions have frozen the reserves of the Bank of Russia, and the European Union is considering transferring this money to Ukraine, so “in a world where no one can be trusted, it makes sense that one saves oneself a golden rescue pillow.”   LINK

A country neighboring Iraq signs a memorandum of understanding worth about 40 billion dollars with “Gazprom”

Iranian Oil Minister Javad Oji announced the signing of a memorandum of understanding worth nearly $40 billion with Russia’s “Gazprom”, IRNA news agency reported on Wednesday.

“We have signed a memorandum of understanding worth nearly $40 billion with Gazprom,” Oji said on the sidelines of the Iranian cabinet meeting today, Wednesday.

The Iranian minister added, “We also put the development of fields and gas transmission lines on the agenda.” He continued, “We have started bartering oil products, and we are also continuing to discuss the gas barter, and we hope that it will be implemented this winter.”

Referring to the measures taken by the Iranian Oil Ministry to expand foreign investment, the minister said: “Today, large Russian companyes are investing in our country, including Gazprom.”  LINK

Source: Dinar Recaps

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