Dinarland Highlights – 6.8.23
…from what I can see it is now the Finance Committee that is lagging in support to give the CBI the green light. They feel they need the 3-year budget in place and voted on and passed. Earth News/.. The parliamentary finance committee confirmed on Monday that the resolution of the vote on the budget law by the House of Representatives will be this week. Parliament Speaker Muhammad al-Halbousi and the Secretary-General of the League of the Righteous Movement, Qais Khazali, stressed the need to pass the budget as soon as possible. I think they will pass it this week since this session ends this week and the members all want their break.
So, what is thought to happen if the budget is voted and passed today? … what I believe… is in the budget to make it an important milestone that is needed for the process of the currency reform to move to its final stage and that is the Project to Delete the Zeros and then followed by the Reinstatement on Forex. In the budget is the needed legislation for this effort (as required by law) and the money in the budget needed to follow through with it by the CBI.
Since we already know the Iraqi Finance Committee, IMF and the US has told us they would give the “green light” to go ahead if this is completed, I really believe we may see the end to the RV saga very shortly and I mean VERY SHORTLY. I never thought I would predict this so soon but we may see the rate we are looking for even next week. But that is dependent on the budget passing without interruption.
What we’re waiting on is the budget to be passed, ratified, however you want to talk about it. Does it happen [today]… Something could happen just thereafter and/or prior to getting it to The Gazette. There’s a window there. I’m not saying I know how it’s going to play out but the nice part is there could be a rate before the budget gets exposed or B at the same time or C within a short period of time because …we know the budget doesn’t work at 1310 so there’s going to be some changes…
With the urgency they have, what we’re thinking is if they expose an exchange rate or the budget and sign off on it…you’re going to see what the effects are…because this is not just an operational budget, it’s an investment budget. It’s the first time ever for having a 3-year budget…the most critical budget in the history of Iraq. That’s a fact.
It looks like they finally might have agreed on a budged. Supposed to be voted on by [today]. WE’ll see. It looks like the Kurdistan Democratic Part, the same group of people they said they were going to pass the bill without, not only were they not able to pass the budget without them but it looks like they got exactly what they wanted according to the articles…let’s see if they got anything accomplished.
Everything you’re seeing is evidence it’s about to happen. You can’t show me one thing that says…it’s not going to happen. Even if you approach me and say, ‘hey, look we don’t have the budget.‘ What do I say to you? Everything waits for the new exchange rate. Even the budget…
[Iraq boots-on-the-ground report] FIREFLY: CBI saying the banks are currently adopting a mechanism to enhance and promote the banking system and stability. FRANK: The monetary reform education is just beautiful. Every day the education gets stronger and stronger, louder and louder, clearer and clearer. You think a program rate enhances stability for their currency? Of course not.
“urgent… He revealed the reason for the postponement of the parliament session to eight in the evening“
“A deputy revealed the reason for postponing the House of Representatives session, scheduled for today, Thursday, to vote on the draft financial budget law, from 1:00 p.m. to 8:00 p.m…Jawad al-Ghazali, of the State of Law bloc… expressed his confidence in “approving the budget this evening because the Iraqi people need and are waiting for that.“
They are at this point expecting the vote to be at noon est…All eyes are on that one. This is one of the last steps…I do not expect a rate in the budget. But, there is a mechanism in the budget for them to change the rate. And I would not be surprised to see the new rate passed very close on the budgets heels. Based on the chatter coming out of Iraq this makes sense.
Lots happening today. Did it pass or didn’t it pass? This is what I’m hearing from Iraq. This was explained to me from an International attorney. Think of it as a closing on a house and it happened late in the day. You sign all the paperwork…everyone is dotting I’s and crossing t’s until say 5:30 in the evening. You done everything you need to do…but, you have to wait until the clerk of courts is open the next day to hand off the paperwork and get a stamp on it. I am told that is where we are at on the budget. It’s done but will not be official until their judicial system opens tomorrow morning…It’s done and passed and we will get all the official news tomorrow.
Nader From The Mid East
The budget has been passed. Congratulations on the budget has been passed. Now we’re gonna wait. What’s in the budget? [We’ll see] if it’s anything good for everybody…for you guys and for Iraq. We’ll see.
Did Iraq receive a warning from the IMF and the World Bank? Here’s what many of us did not know about Iraq’s 2023 budget. An article reported the International Monetary Fund, the World Bank and the United States warned Iraq about its 2023 budget. It seem the budget is the largest ever in Iraq history…Here’s the deal, I could not confirm the IMF, WB nor the United State’s disapproval of the budget. What I did confirm was the budget will run with a deficit of $48.7 billion US dollars which is IQD 63.27 trillion. I also confirmed this was up from $19.9 billion or IQD 25.7 trillion in 2021 when the government last presented a budget. So maybe the IMF, WB said something. This is a huge increase for Iraq.
Iraqi Dinar Revaluation and Global Currency Reset News | Dinar Chronicles
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