“History is Being Written as we Speak” (MONETARY REFORM)
April 3 2023
“History is Being Written as we Speak”
“Parliamentary Finance is discussing with the International Monetary Fund support for the 2023 budget law” FROM THE WB TO THE IMF, ALL T’s CROSSED AND ALL I’s DOTTED FOR THE MONETARY REFORM.
Some of the 3-zero notes will co-exist with the new small category notes and the coins that are soon to join the 3-zero notes that are in circulation right now. This whole concept about printing the 20k note it’s actually just a rumor…the fact that they’re talking about this 20k is just another round megaphone announcement to the citizens of Iraq that a change is coming to their currency.
Article: “Prime Minister inaugurates the strategic Karbala refinery” Quote: “leading to dispensing with imports and switching to The export stage to achieve the highest added value of the exported barrel.” IRAQ NOW EXPORTING MORE OIL NOW THAN THEY WERE IMPORTING DUE TO THE REFORMS SUCCESS.
NEWS: SOME BANK STAFFERS WERE “CALLED IN” SATURDAY EXPECTING RATE CHANGE ACTIVITY BUT WERE FRUSTRATED FOR “COMING IN” FOR NOTHING. TIME WILL TELL!
“An Iraqi government official expects the dollar to drop to 1,400 dinars by the end of the week” Quote: “It is noteworthy that the price of the dollar is witnessing a daily decline against the Iraqi dinar in the parallel market, to reach today 149,900 thousand dinars against 100 dollars, at a time when the dollar was fixed in the budget at 1,300 dinars against one dollar.”
Looks like Iraq has finally gotten the budget back to the house of representatives. Now the committee will study it and respond to whatever the new amendments are… Article: “Parliamentary Finance Announces The Receipt of the Draft Federal Budget Law” Sounds really good to me. This is what usually happens. The committee gets the draft budget law they send it to the House of Representatives. The HOR responds to amendments they want. They send it back to the Financial committee. It goes back and forth until they all agree on everything. Then they vote on it to pass.
I went to go look at how the Iraqi exchange rate closed for the day…at 1430 something dinars for every dollar. It is shrinking the gap between the official rate and the parallel rate. But that guy said the gap was going to be very close within two days. I’m not sure if he’s going to be able to pull that off but I might be wrong.
“AL-ALAQ: CENTRAL BANK PACKAGES CONTRIBUTED TO THE STABILITY OF THE DOLLAR EXCHANGE RATE” Quote: “the governor of the Central Bank, Ali Al-Alaq, announced the stability of the dollar exchange rates after the three packages launched by the bank during the last period.” Yes, kudos to Al-Alaq, hip, hip array!!!! Quote: “the central bank’s reserves are within international standards.” In fact way over the required reserves of about $45 billion as told to us years ago by the IMF.
“History is Being Written as we Speak”
Monday April 3, 2023 Goldilocks and Seeds of Wisdom Thank you RJ RJ: Good morning Dinar Recaps, Goldilocks posted links and commentaries: The big news of the day on the markets is… “Oil Powers Announce Surprise Cuts Of More Than 1 Million Bpd”
These reductions include a Russian decision to extend a cut of 500,000 barrels per day. Despite US calls to increase production, this risk is adding fuel to the fires of inflation pressures in raising interest rates. “Saudi Arabia will cut 500,000 barrels per day, Iraq 211,000, the UAE 144,000, Kuwait 128,000, Algeria 48,000 and Oman 40,000, each country announced.” It looks like we have some signs of independence in the Eastern portions of our world and a breaking off of dependence on the dollar’s Western influence.
The US may have to consider opening pipelines back up here at home in order to ignite a fuel industry that has taken a back seat to the electronic industry. History is being written as we speak, and the lines in the sand are being drawn. The world is reevaluating its allies, and the marketplace will soon have new price actions. Reset protocols and monetary policies will be forthcoming.
“AL-ALAQ: CENTRAL BANK PACKAGES CONTRIBUTED TO THE STABILITY OF THE DOLLAR EXCHANGE RATE” Quote: “the governor of the Central Bank, Ali Al-Alaq, announced the stability of the dollar exchange rates after the three packages launched by the bank during the last period.” Yes, kudos to Al-Alaq, hip, hip array!!!! Quote: “the central bank’s reserves are within international standards.” In fact way over the required reserves of about $45 billion as told to us years ago by the IMF. And that “the number of shares traded amounted to one billion and 380 million and 782 thousand shares, a decrease of 22% compared to the previous week, with a financial value of two billion and 247 million and 279 thousand dinars, up by 6% compared to the previous week through the implementation of 1828 deals.” He pointed out that “the ISX60 traded prices index closed at 641.46 points, recording a decrease of 0.32% from its closing in the previous session.”
He pointed out that “the number of shares purchased from non-Iraqi investors for the past week amounted to 39 million shares, with a financial value of 36 million dinars, through the implementation of 24 deals, while the number of shares sold from non-Iraqi investors reached 73 million shares, with a financial value of 124 million dinars, through the implementation of 48 deals. It is noteworthy that the Iraq Stock Exchange organizes five trading sessions per week, from Sunday to Thursday, and includes 103 Iraqi joint-stock companies representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism, hotels and services.
Zaidan And Al-Alaq Are Discussing Follow-Up Cases Of The Central Bank Before The Courts Economy| 09:53 – 02/04/2023 Baghdad – Mawazine News, Chairman of the Supreme Judicial Council, Judge Faeq Zaidan, discussed with the Governor of the Central Bank, Ali Al-Alaq, on Sunday, the follow-up of cases related to the Central Bank before the courts. And a statement by the Supreme Judicial Council said, “The head of the Supreme Judicial Council, Judge Faiq Zaidan, received today the Governor of the Central Bank, Ali Mohsen Al-Alaq.” The two parties discussed, according to the statement, “following up on cases related to the Central Bank that are brought before the courts.” Ended 29/N33
Iraqi Oil Exports To America Decreased For The Second Week In A Row Economy|
Follow-up – Mawazine News The US Energy Information Administration announced, on Sunday, that Iraq’s oil exports to America amounted to an average of 138,000 barrels per day last week, down by 6,000 barrels as a daily average from the previous week, in which exports amounted to an average of 144,000 barrels per day. The administration added in a report that the average US imports of crude oil during the past week from nine countries amounted to 4.532 million barrels per day, down by 891 thousand barrels per day from the previous week, which amounted to 5.423 million barrels per day. She pointed out that most of America’s oil revenues during the past week came from Canada at a rate of 2.957 million barrels per day, followed by Mexico with an average of 541 thousand barrels per day, and oil revenues from Colombia at a rate of 269 thousand barrels per day. Ended 29/N33
Oil: We Are Keen To Expedite The Resumption Of Oil Exports For The Region’s Oil Economy| 03:53 – 02/04/2023 Baghdad – Mawazine News Today, Sunday, the Ministry of Oil confirmed its keenness to expedite the resumption of oil exports for the region’s oil through the Turkish port of Ceyhan. The ministry said in a statement, a copy of which was received by Mawazine News, that “the government is keen to expedite the resumption of exports of the region’s oil through the Turkish port of Ceyhan and work to bring points of view closer to serve the public interest,” noting that “the flexibility required to move forward towards achieving the goal of Resuming export first according to the new data after the decision of the international court, and then discussing other outstanding technical issues between the center and the region. The ministry stressed, according to the statement, “the importance of revenues from resuming the region’s oil exports in supplementing the federal budget according to the agreed quantities,” noting that it “expressed all of this in bilateral meetings with the region’s delegation.” And she expressed her hope, “in light of the positive atmosphere and bilateral understandings, to reach an agreement to resume oil exports soon.”
The Minister Of Planning Determines The Basic Pillars Of The Budget Economy Today, 01:32 Baghdad – The Minister of Planning, Muhammad Ali Tamim, today, Thursday, identified the basic pillars of the budget. Tamim said, in a statement received by the Iraqi News Agency (INA), that “preparing a budget for three years is not new, but it was mentioned in the Financial Management and Public Debt Law of 2019 and approved in the previous session,” noting that “the budget depends on the main pillars, which are revenues, expenditures, deficit and covering the deficit.” He added, “The budget is for three years, but the Council of Ministers did not attach the schedules for the years 2024 and 2025, so in practice it is for the year 2023 only,” pointing out that “the budget for the year 2023 was approved by nearly 200 trillion dinars, with a deficit of 60 trillion dinars, and this deficit is for the year 2023 only.” He continued, “The 2023 budget relied on the price of a barrel of $70, and it was calculated according to realistic estimates,” stressing that ” And he continued, “We put in the budget a plan to address the internal and external debts owed by the government, of which only 15% has been paid during the past ten years,” noting that “we have taken serious steps in the Social Security Law.” He pointed out that “the private sector is the main partner to aid the state and the government in implementing programs and policies, and we have taken practical steps to advance and develop it, as Iraq is not experiencing a planning crisis, but rather there is a problem in implementation.”
He concluded his speech by saying: “We have taken steps to address the housing crisis by establishing new cities far from the center, and we have put plans in place to address bottlenecks and overcrowding in addition to encouraging investment, so that Iraq faces two main entitlements, the first is to hold provincial council elections, and the second is to conduct a comprehensive population and development census that determines what the country needs from services, infrastructure and others to achieve development.
Experts: Implementation Challenges Hinder Private Sector Development Strategies Economical 04/01/2023 Baghdad: Nafeh Al-Naji Experts said that implementation challenges stand in the way of completing the strategies launched by the Ministry of Planning for the development of the private sector. The Cabinet recently approved the recommendations of the Ministerial Council of Economy regarding supporting the private sector, providing the necessary facilities, and addressing the obstacles facing it, in implementation of the requirements of the government program, which included reducing wages, fees, taxes, and some dues related to commercial companies and the industrial sector. and agricultural. The process of developing and supporting the private sector is an indispensable solution to addressing one of Iraq’s economic problems, represented in absorbing the scourge of unemployment that affects many young people looking for job opportunities.
The economist, Dr. Safwan Qusay, told Al-Sabah that the issue of the role of the private sector in development was the focus of attention of all the strategies launched by the Ministry of Planning during the previous years, but the process of converting these strategies into implementation faces a set of challenges. He added that there are deep problems in these strategies, for example the process of guaranteeing workers in the private sector and enacting a law to protect them is one of the most important challenges that the government and parliament must contribute to the process of creating a kind of reassurance for workers in this sector. He pointed out that one of the most important problems that impedes the growth of the private sector is the existence of an informal labor market and illegal outlets for import operations, with the presence of large scale tax evaders and fraud in manufacturing, especially in informal private markets, all of which in general impede the growth of the formal private sector.
Qusai stressed the importance of organizing the private sector in order to have an effective and organized economic force, calling for taking care of shareholders and fixed costs such as fuel, transportation and energy costs, which led to the high cost of the local product. He pointed out the importance of having a clear strategy for the growth of the private and public sectors, so that they are not in conflict, in the sense that the economic map is divided into areas of growth, the public sector withdraws from some investments and the private sector gradually turns to lead the development process, and this means diversification. The economist.
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