TNT
Tishwash:
Parliament adjourns for further notice due to lack of quorum
Today, Tuesday, the House of Representatives decided to postpone its session to an unknown date, due to the lack of a quorum.
A parliamentary source told (Baghdad Today) that “the House of Representatives decided to postpone its session, which was scheduled to be held today, because the legal quorum was not achieved.”
The House of Representatives had postponed its meeting for half an hour until a quorum was completed to convene it, but failed in the latter to achieve that link
Kurdish deputy: Only two sessions during the current week.. and he ruled out starting to read next year’s budget
Member of Parliament for the Kurdistan D--------c Party, Sabah Sobhi, ruled out the arrival of the general budget for the next year during the current week.
He told the National Iraqi News Agency / NINA /: There is a serious movement for the first reading of the budget during this week, and this is difficult and the time is very short.
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Sobhi added: There are only two sessions left for the current legislative term (tomorrow and Thursday), and it is difficult because there are pending issues in the Finance Committee.
Sobhi explained: There is a trend for the first reading during the legislative recess, by informing us during it and attending in order to start reading it. link
GPCobb:
dunno if this is the latest, he is saying it is announced over there; Nader https://www.youtube.com/watch?v=tFyefxGOF5Y
KMan:
If my math is correct, if this does go through let’s say @$1.50, one 25K note would yield $37,500 and that would be a whole log of Dong purchases. If this does happen, I wonder if they might restrict the # of 25 K notes and I would imagine there isn’t any tax on the Dinar, that a lot of money to play with. Just some thoughts if this does happen.
Red:
if you hold the same note a few days and get the contract rate it might be 750,000.00
RVAlready:
Correct. But I doubt it will go international until January. Much as I would love some decent exchange action next week.
KMan:
Red, what you and RValready say is true, we just don’t know yet. But if it does, Merry Christmas…lol
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RVAlready:
Sounds like banks and treasury do not want to see this until January. So, the IMF probably would not give the green light until January. Without treasury support, I doubt the banks would exchange. Banks usually will not speculate on currency.
Yada:
Good news from Tish’s article, the article 140 was settled with 13% of the governments going to Kurdistan for the heavy lifting. Believe that was the last sticking point
Annie68:
yada, What about no Parliament because of not enough members and budget passing going into next year? I didn’t see much happy news in the artickes!
Yada:
Well, they stated yesterday that rate was changed and we won’t see it till the end of this week. Don’t see that changing because even at the end of this week the budget for 2023 wasn’t voted upon. I’ve stated since the middle of this year when they went through the approval of the EFSL, which we were told had the rate but didn’t have a government to release it is still in affect. They do have a government now as of Saturday and I’m of the mind this is where we are seeing the rate release.
It would be like reading the bible. Chapters were not included, just one long letter. When it was put together, KJV, chapters were included. What I think we are seeing is they inserted a chapter between the 2022 budget and the 2023 budget. May have been their intent to marry them together but they first need to see the release now verses later….this will give them time to make adjustments as needed based on how their market fares. JMO
Tishwash:
Mazhar Muhammad Salih: The funds of the food security law will be part of the budget for next year
The financial expert, Mazhar Muhammad Salih, confirmed: The funds of the Food Security Law will be part of the next year’s budget.
He told the National Iraqi News Agency / NINA /: that once the federal general budget law is issued for the next year, the financial agencies will work unifiedly in accordance with the principles of the effective financial management law, which requires the unity of the general budget in spending and revenue.
Saleh added: The articles of the general budget law for the next year should absorb the remnants of the financial obligations stipulated in the Emergency Law for Food Security and Development No. 2 of 2022, so that this law and the obligations contained therein become an integral part of the next federal general budget law.
He explained: It is not permissible to spend under any pretext outside the General Budget Law in one fiscal year in which the law enacts that based on the provisions of Article 51 of the amended Financial Management Law No. 6 of 2019, which stipulates adherence to the principles of the budget in terms of budget unity, comprehensiveness and annuality, unless otherwise stipulated in the The same budget law regarding the mechanism for dealing with the remnants of unspent allocated allocations in the aforementioned Emergency Law for Food Security and Development No. 2 of 2022 and considers it an exceptional case. Such a matter leaves its appreciation to the executive authority when preparing the texts of the draft federal budget law for the next year. link
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CandyKisses:
Oil is back up after a sharp decline
{Economic: Al Furat News} Oil prices rose today, Tuesday, after a ceiling set by the Group of Seven for Russian seaborne oil prices entered into force yesterday, Monday, in addition to the European Union’s ban on Russian crude imports by sea.
Brent crude futures rose 66 cents to $83.34 a barrel by 01:08 GMT, while West Texas Intermediate crude rose 70 cents to $77.63 a barrel, according to Reuters.
Futures fell by more than 3% in the previous session, after US services sector data raised concerns that the Federal Reserve (the US central bank) may continue the path of tightening monetary policy.
The Russian oil price cap, imposed by the G7, comes as the West tries to limit Moscow’s ability to finance its war in U-----e, but Russia has said it will not abide by the measure even if it is forced to cut production.
The price cap, to be imposed by the Group of Seven countries, the European Union and Australia, came in addition to the European Union’s ban on Russian crude imports by sea and similar pledges from the United States, Canada, Japan and Britain.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, in what is known as the OPEC + grouping, agreed on Sunday to stick to their agreement in October to cut production by two million barrels per day starting in November.
The Group of Seven countries and Australia agreed last week to put a cap of $60 a barrel on Russian oil transported by sea.
In China, more cities eased C---D-19 restrictions over the weekend, fueling optimism about increased demand from the world’s largest oil importer.
Business and manufacturing in China, the world’s second-largest economy, have been hit this year by strict measures to curb the spread of the c---------s.
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Source: Dinar Recaps
Tishwash:
China is trying to remove America from the Iraqi economy
It seems that the competition between the United States and China over the Middle East in the commercial fields will have a negative impact on these countries, including Iraq, whose trade relations with China expanded to exceed $40 billion in 2021.
Chinese companies are present in Iraq with large investments in the oil, electricity, construction and entertainment sectors in the country. Various Iraqi cities, where the spread of Chinese labor is remarkable in cities such as Baghdad, Basra and Erbil.
Perhaps the increase in these investments and the justifications for protecting Chinese interests raised American fears of establishing Chinese bases in the Middle East, including Iraq, which raised the alarm in the US Department of Defense of the consequences of this step
The Pentagon issued a report warning the countries of the region, especially Iraq, against dealing with the Chinese government on a large scale, and at the same time warned the Chinese government against provoking the United States in the Middle East.
The report indicated that China escalated its dealings with the countries of the Middle East, especially Iraq, during the past year 2021, which continued, this year, and that Beijing seeks to expand its base of influence through economic relations that ultimately aims to create Chinese military headquarters within the regions of the Middle East in general, And Iraq in particular, and the report warns “countries of the region, especially Iraq” against continuing to deal with the Chinese government, announcing that President J-------n’s administration does not call on those countries to sever their diplomatic relations with China, according to what US Undersecretary of Defense for Political Affairs Colin Kahl explained during a statement to NET Middle East Monitor.
The US official confirmed that President Biden’s administration is closely monitoring the dealings of countries in the region, especially Iraq, with China, explaining that China’s intentions in the region target American interests, and this is what we cannot allow to happen, he said. He warned both Iraq and the countries of the region against “harming US interests by dealing on a large scale with China.”
Nabil Al-Marsoumi, professor of economics at the University of Basra, said that there are US fears of increasing Chinese influence in Iraq after increasing the volume of trade exchange with Iraq to $40 billion. Al-Marsoumi said, “There is a trade war between China and the United States from the time of Donald Trump to today, because the United States has imposed customs duties on a large number of Chinese goods to protect American goods for fear of Chinese goods invading American markets.”
He added that Iraq is one of the most important economic countries in the Middle East, and it is a focus of attention by China because it is the region in which American influence can be undermined, indicating that Iraq is one of the promising countries in energy production, and therefore China has entered strongly in this field by operating oil fields. An Iraqi oil giant, West Qurna, Halfawiya, Al-Ahdab and Nissan, and the conclusion of other contracts such as the Hoveyza and Mansouriya gas fields and the strategic Al-Faw refinery.
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Al-Marsoumi explained that China does not only invest in the oil sector, but also in the gas sector through secondary contracting, so there is a large presence of China in Iraq, indicating that expectations estimate the volume of trade exchange between Iraq and China to reach 40 billion dollars, especially since Iraq is the third oil-exporting country to China after Russia and Saudi Arabia, as well as Iraq importing large goods from China.
Baghdad fears the results
Al-Marsoumi added that China has large investments in Iraq in the field of construction, energy and infrastructure, and there is fear of the expansion of Chinese influence in Iraq, especially in the field of energy, since Beijing buys the share of any foreign oil company that exits the oil market, and its companies have expressed their willingness to buy the share of “Exxon Mobil”. When it was offered for sale, pointing out that the Iraqi government rejected the Chinese offer for fear of expanding China’s influence more and for fear of the reluctance of Western companies to come to Iraq, as well as to avoid arousing fear of the United States, which considers Iraq a key player, especially in light of its location linking the continent of Asia and Europe. .
Iraqi reality
He pointed out that China is ready to pay money to some parties, unlike Western companies that cannot operate away from transparency and in the absence of stability, stressing that there is a major Chinese incursion that raises the concerns of the United States and Westerners because the Chinese are the largest importing country of oil and import from 10 to 11 million barrels, and they care In Iraq because it can provide them with great resources in addition to the huge profits in the infrastructure sector.
important market
The head of the Iraq Center for Strategic Studies, Ghazi Faisal, saw the US interest in Iraq as a market in which there are mineral resources worth $20 trillion, pointing out, at the same time, that Washington is trying to return part of the bill for the war on Iraq. Faisal said, “There is a kind of commercial competition between the United States and China over the global markets for the export of goods, over the sources of primary resources, and over energy. It has giant investments in the United States, and the latter also has financial assets and giant companies operating in China.
Faisal added that there is intense competition for the markets, and it is not possible to go to large and diversified production without the presence of stable markets, and the Middle East is a vital strategic market for investment, and an important market for European and Western commodities, pointing out that China is fierce competition, but it is poor in mineral resources, as it imports all Something from minerals, oil and gas, and it needs 10 million barrels of oil per day, and it is trying to take over the Iraqi market.
Chinese investments
He added that China is a competitor to American and European commodities and is interested in the market and investment in Iraq, the Middle East and the Arab Gulf, especially Iraq, in which the value of heavy and light minerals in oil, gas, wealth and other heavy minerals is estimated at nearly $20 trillion, pointing out that minerals are a tremendous wealth for the United States. Which spent three trillion dollars in Iraq as a result of its invasion of the country and wants to recover the trillions it spent in commercial and economic interests.
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Threat to American interests
Faisal explained that the Chinese commercial and economic incursion into Iraq constitutes a threat to US interests in the Middle East and the Arab Gulf, because China is currently establishing military bases in Africa to guarantee its interests in terms of investment, and it also relies on military strategy to guarantee its economic and commercial interests and guarantee the security of companies operating in those countries. States, especially since it is the second economy in the world. Faisal did not rule out that the competition between Beijing and Washington would turn into a conflict, or that China would go to publish rules after agreeing with the competent governments in a number of Middle Eastern countries, including Iraq, in order to protect its interests.
The director of the Republican Center for Strategic and Security Studies, Moataz Mohie Abdel Hamid, did not rule out the existence of Chinese intentions to establish a military base in the Middle East region to protect its interests in the region. “China has great economic interests in Iraq, as it imports more than one million barrels per day of crude oil, in addition to establishing banking partnerships with it,” he said, adding that it has projects in Iraq to restore infrastructure and future projects to establish a railway extending from China and then Iran, Iraq and Syria. , which is heavily oriented towards the Middle East.
Abdul Hamid also did not rule out the existence of a Chinese tendency to establish a foothold in the Middle East to protect Beijing’s interests in the region, including Iraq, and pointed out that the government of Muhammad Shia al-Sudani intends to build strategic relations with many countries, including China and Russia, and not rely solely on the United States for Developing the country’s infrastructure. link
Source: Dinar Recaps
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