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Showing content with the highest reputation since 03/29/2023 in Posts

  1. He will solve the problems of Baghdad and Erbil "forever". Setting the date for the enactment of the Oil and Gas Law Politics | Today, 19:26 pm | He will solve the problems of Baghdad and Erbil "forever". Setting the date for the legislation of the oil and gas law » Baghdad News Agency today (baghdadtoday.news) Baghdad Today - Baghdad The leader of the Kurdistan Democratic Party, Wafa Muhammad Karim, confirmed on Tuesday that the oil and gas law will be passed at the end of next month or early June at the latest. Karim told "Baghdad Today" that "there is a political agreement to pass the oil and gas law, which has been suspended for years, during the next month, and there is a possibility of passing it at the end of next month or the beginning of the sixth month as a maximum limit, if parliament is busy passing the budget." "The oil and gas law is very important, as it will regulate the oil and financial relationship between Baghdad and Erbil and solve all outstanding problems between the two parties," Karim said. "The delay in enacting this important law over the past years was aimed politically and in order to maintain tension between the region and the center," he said.
    33 points
  2. DECEMBER 15, 2023 STATEMENT OF THE IRAQ ECONOMIC CONTACT GROUP OF THE G7, EUROPEAN UNION AND WORLD BANK Statement of the Iraq Economic Contact Group of the G7 - U.S. Embassy & Consulate in Iraq (usembassy.gov) Statement of the Iraq Economic Contact Group of the G7, European Union and World Bank December 2023 On December 12, the Iraq Economic Contact Group (IECG) held the final meeting of 2023, co-chaired by Italy and the United States. As friends and partners of Iraq, Canada, France, Germany, Italy, Japan, the European Union, the United Kingdom, the United States, and the World Bank commit to supporting Iraq in the implementation of a comprehensive and ambitious reform agenda, paving the way to sustainable and inclusive economic development. The IECG is eager to strengthen its engagement with the Government of Iraq (GOI) through regular dialogue at both the political and technical level. This engagement is crucial to streamline cooperation between the two sides, identify and support common goals, and support the GOI’s priority reform areas. The IECG commends Prime Minister Mohammed Shiaa al-Sudani for appointing business and economics experts within his office and looks forward to collaborating with them. The IECG was encouraged by Prime Minister Sudani’s announcement of new economic reform initiatives throughout 2023 and the passing of a historic three-year budget that laid the foundation for implementation of the government’s reform agenda. In October, Iraq gained membership to the European Bank of Reconstruction and Development (EBRD) – a move strongly supported by the IECG as the first step to unlocking new sources of investment and enhanced cooperation with other multilateral and bilateral financial facilities. In the past month, the government convened conferences on Public Private Partnerships (PPPs) and tax reform, including a new bank sector reform project with Rafidain Bank. Further, the GOI recently announced the establishment of the Iraq Fund for Development (IFD) alongside the Development Road project, and the Prime Minister strengthened economic ties with regional partners. The GOI’s efforts to expand the use of digital platforms for financial transactions, with electronic payment and other e-commerce mechanisms, represent important steps to minimize the informal economy and reduce opportunities for corruption. Looking ahead to next year, the IECG welcomes further cooperation in support of Iraq’s economic and financial sector development, including Prime Minister Sudani’s policies to strengthen the dinar and oversee monetary policy. Clear communication of new dinar policies during the transition period will help avoid adverse effects on Iraqi households and businesses as well as on development cooperation projects and foreign investments in Iraq. The IECG also stands ready to support Iraq’s next steps to becoming an EBRD Country of Operations, its journey toward World Trade Organization accession, and its potential partnership with the European Investment Bank (EIB). EIB’s expertise in road, railroad, water and sanitation investments, climate action, environmental sustainability financing as well as urban transmission initiatives will accelerate key infrastructure measures and help facilitate a green transition. The IECG urges further attention in 2024 to address the deficit and public sector wage bill, measures that would improve fiscal resilience. Timely budget execution will be critical to the GOI’s ability to sustain important infrastructure investment, particularly in expanding domestic power generation, distribution, and expansion of green energy. Long-term sustainable economic development is contingent on a dedicated response to pressing climate and environmental challenges. Sustained investment in water management and infrastructure is critical to counteract the debilitating impacts of climate change. To accelerate private sector growth, the IECG encourages government action to identify and address the challenges faced by domestic and international business, including efforts to promote transparent and predictable regulations. In this vein, we welcome further progress on the PPP, Companies, Industrial Investment, Customs, and Arbitration laws as well as timely implementation of the recommendations from the recent PPP and tax reform conferences. On January 1, Italy and the United States proudly hand over the IECG to incoming co-chairs France and the United Kingdom. Under their leadership, the IECG will continue to support an ambitious reform agenda, promote sustainable economic development, and stand by Iraq’s side as a reliable friend and partner in 2024.
    30 points
  3. Laid Back has given so much of his time, expertise, and basically himself, to people he has never met here for a long time, while helping us to have a better understand of our investment. Please send prayers and white light protection to not only LB, but all the people and animals impacted by this fire. Lahaina was once my home and I understand what a magical place it is and what it means to the locals, and how important it was to LB. Hurry back, LB. We've got an RV party to attend real soon and you promised to buy the first round of Mai Tai's and puu puus. ♥️
    29 points
  4. “Kuwaiti dinar is actually the strongest currency, even against the US dollar, which remains among the strongest currencies in the world.” Iraq foreign currency reserves $113 billion dollars Iraq gold reserves 132.6 Tons Iraq oil production 3.5 million barrels iraq oil reserves 143 billion barrels 1 Iraqi dinar = $0.00076 Kuwait foreign currency reserves $45.9 billion dollars kuwait Gold reserves 78.97 Tons kuwait oil production per day 2.7 million barrels kuwait oil reserves 101 billion barrels 1 kuwaití dinar = $3.26 Something is not right with this picture. Just compare the numbers.! GO STRONGER DINAR.
    29 points
  5. Association of Banks: The battle with dollar speculators has reached its last round economy Today, 20:18 Baghdad - Waa The Association of Iraqi Private Banks said on Friday that the battle with dollar speculators has reached its last round, and while praising the Central Bank's procedures to regulate the movement of funds to achieve financial reform and the bank, it stressed that it will contribute to reclassifying banks, increasing their capital and raising the level of services provided to citizens. Samir al-Nasiri, the economic and banking advisor to the Association, told the Iraqi News Agency (INA): "The Central Bank's measures and efforts made since the beginning of 2023 and with the support of the government have borne fruit and began to give their results as planned, and the so-called parallel dollar (black) began to die and the speculators who deal with it to harm the national economy have been besieged and currently the battle with them is in the last round." He added, "This is what was explained in detailed procedures and administrative, technical and negotiating steps with the US Federal Bank and the US Treasury Department, and the understandings on regulating foreign trade financing by approving the opening of accounts for Iraqi banks in US, Chinese, Emirati and Turkish correspondent banks to deal directly with them for foreign transfers in the currencies of these countries, which include the dollar, the euro, the Chinese yuan, the Indian rupee, the UAE dirham and the Turkish lira, leaving the electronic platform in 2024 and supplying dollars and currencies foreign banks into Iraq from Iraqi bank accounts with correspondent banks or abroad." Al-Nasiri stressed "reaching agreements to open 40 accounts for Iraqi banks in correspondent banks for foreign trade," noting that "the new strategy of the Central Bank to reform the banking sector will adopt the reclassification of banks and increase their capital to the ceiling set by the Central Bank according to the specified timelines until the end of 2024, which will raise the capabilities of our banks to provide the best banking products and services to customers, which will reflect positively on the movement of the economy, investment, development and the transition to digital transformation. comprehensive". He added that "since the beginning of 2023, financial policies have been reviewed in accordance with a new vision for banking reform that complies with the requirements of the global financial system, and a new strategy has begun to be implemented with mechanisms based on studying and diagnosing the causes of imbalances and determining the roadmap, steps and executive procedures that have been and will be applied at the level of the Central Bank departments, banks, banking support bodies and government agencies related to comprehensive economic reform, as the Central Bank has previously issued new instructions for external transfers for the year 2023. And three procedural packages to facilitate and control the movement of circulation of foreign currency in the monetary and commercial market." Al-Nasiri continued that "the Central Bank issued in August of this year its important statement, in which it outlined its new strategy to organize foreign trade financing according to new foundations that move Iraq to the stage of regularity in the global financial system, in which it clarified the executive measures to control the stability of the exchange rate, and the most prominent of what is stated in it: Adopting the electronic platform exclusively for foreign remittance transactions, controlling illegal trade through official and informal border crossings, stopping trading and dollar transactions on the black market, and preventing All websites and media television channels from publishing exchange rates on the black market for violating the law, importers proving that all their imports were made through the platform and at the official price, and the Customs Authority and the General Tax Authority implementing proposals and treatments for the entry of small traders to the platform duly, and this is in line with the government's initiative to launch the national project to control prohibited imports. He continued, "As we are in the last days of 2023, the Central Bank's strategy for banking reform in all its axes has become clear features for the coming year 2024 and subsequent years, which is an embodiment of what it set out in the roadmap that it clarified in cooperation with the government in accordance with what is stated in the government curriculum in axis 12 (reform and reform).Financial and Banking) and paragraph 7 thereof, concerning the development and empowerment of banks to contribute to development and investment." He explained that "we can here summarize the plan of the Central Bank, which is currently working to implement it accurately and as follows: - First- Providing a stable financial system that lies in accompanying financial electronic systems. Second: Commitment to establishing the rules of compliance, risk management, transparency and integrity of financial operations. Third: The transition from the monetary economy to the digital economy and the so-called fourth revolution and the accompanying measures that have achieved a qualitative leap in the interaction between the government and the Central Bank. Fourth: Implementing the financial and banking reform plan that is characterized by international standards that keep pace with global developments in the field of financial digital economy. Fifth: Work to strengthen international relations, including the establishment of a network of relations with foreign correspondent banks. Establishing Riyada Bank in line with the Prime Minister's initiative and redirecting work on initiatives to finance small and medium enterprises in accordance with specific criteria. Preparing and launching a strategy for financial inclusion and putting it into implementation in coordination with the relevant authorities. Eighth: Launching the national lending strategy based on the financial capabilities of banks in attracting deposits and investing them in providing the best banking products to customers and contributing to development.
    27 points
  6. Thanks for your comment RJG, Yesterday I was looking for information about the cost of living in Iraq and I found this: Summary of cost of living in Iraq: -A family of four estimated monthly costs are 1,783.7$ (2,323,061.2IQD) without rent. -A single person estimated monthly costs are 521.4$ (679,059.0IQD) without rent. -Cost of living in Iraq is, on average, 58.2% lower than in United States. -Rent in Iraq is, on average, 82.1% lower than in United States. Last Updated November 2023 https://www.numbeo.com/cost-of-living/country_result.jsp?country=Iraq What is interesting about this is; If you divide the amount of Dinars by the amount of US dollars, equals 1.3 dinars per $1 Family of four monthly cost: 2,323,061.00 IQD / $1,783.7 = 1.3 Dinars per $1 Single Person 679,059.00 IQD / $521.40 = 1.3 Dinars per $1 $1 / 1,310 = 0.00076 0.00076 x 1.3 = 0.00099 Delete 000 = $0.99 Go new monetary policy Go delete 000 Go stronger dinar
    24 points
  7. It will be influential.” Iraq completes its preparations to join the World Trade Organization Posted 50 seconds ago “It will be influential.” Iraq completes its preparations to join the World Trade Organization - Iraq News (iraqakhbar-com.translate.goog) News source /Baghdad today Baghdad Today - Translation Today, Tuesday (February 27, 2024), the BNN network, which specializes in economic affairs, revealed that the Iraqi government has completed the requirements for joining the World Trade Organization after “improving” its economic and trade conditions internally, in addition to improving investment conditions. The network said, according to what “Baghdad Today” translated, that Iraq has completed all preparations within the timetable set for it by the organization to integrate its commercial operations with its businesses around the world, stressing that Iraq is now able to enter the global trade market through the organization on a large scale. It is noteworthy that Iraq submitted an application to enter the organization in 2004, and the application remained pending until the conditions for entry into the international organization were met, which have now ended. The network says that Iraq “will return to becoming an influential member in terms of international trade and economics through the role it enjoys geographically and economically among the countries of the organization.”
    23 points
  8. You got that right screwball 👍🏼 The CBI is preparing the banking system to handle the dollar demand. This is very good for us. Thanks RJG. Nailed it….Carrello. Stoping the daily auctions will remove exchange control, letting the dinar be subject to the forces of supply and demand. We are getting close to see the real market value of the IQD Go end of daily auctions Go end of exchange control Go open market economy Go stronger dinar
    23 points
  9. Saleh was sitting in the chair right next to shabibi at the cbi he knows full well what currency purchasing power is all about also the man is old enough to have in real time used iqd when it was well above the usd , simply stop the political games and get on with moving iraq international .....
    23 points
  10. From the articles in the passing of the Budget and all the back and forth with disagreements and wants, refers back to the oil and gas law. Bank deposit, % revenue sharing, the citizens getting a kickback. It's unfolding right in front Iraq. Hopefully after passing the 3 year Budget, this will be a breeze..lol probably shouldn't had stated that...😂😂😂
    23 points
  11. Look like a percentage of the Iraq citizens are not willing to deposit the chunky money in the banking system. We know the CBI has been trying for many years different ways to bring in the chunky money. 93 trillion IQD "the window for selling the currency will gradually end during the year 2024, and the same will be the case for the electronic platform” All the above makes me believe, we are close to see the deletion of the 000 as the only way to collect the 93 trillion IQD. Go delete of the 000 Go LD’s notes Go end of currency window Go stronger Dinar
    22 points
  12. I don't know if it's a gurantee that it will happen, BUT all information is leading us to that conclusion. I will wait and expect to happen until it doesn't. Then we will learn why it didn't happen and what else still needs to be done. Why have a three year budget if you have to adjust it a million times because of it coming out at a low rate and rising to a much higher rate before it stabilizes? Why stop using the dollar and forcing your people to use an undervalued currency (that cost more to print than what is worth currently) when your government is saying that it will be stronger than the dollar? I think it's coming and will be at least 1 to 1. IMO
    22 points
  13. Excellent to hear this from the PM. I'll say this though: IT IS WAY PAST TIME FOR THE IRAQI ECONOMY TO BE LINKED TO THE GLOBAL ECONOMY!!! ...and yes I do feel much better for saying that. Praying like crazy the first quarter of '24 Iraq delivers the goods in a smashing great way!!!
    22 points
  14. “the size of the monetary mass or the exported currency amounts to more than 100 trillion dinars, 70 percent of which is in circulation.” 100 trillion monetary mass / 1310 = $76.5 billion dollars Reserves are $115 billion dollars $115 billion dollars in reserves / $76.5 billion dollars monetary mass = $1.50 70 trillion dinar in circulation / 1310 = $53.5 billion dollars Reserves are $115 billion dollars $115 billion dollars in reserves / $53.5 billion dollars in circulation = $2.14 Go 2024 Go Stronger Dinar
    22 points
  15. Issued currency 97 trillion IQD Foreign currency reserves $114.2 billion dollars 97 trillion IQD / 1310 = $74 billion dollars $114.2 billion dollars / $74 billion dollars = $1.54 They can cover the issued currency by 154% or 1.54 times Go CBI Go new monetary policy Go stronger dinar $1+
    22 points
  16. local Parliamentary Finance: We look forward to coordinating with the Central Bank to increase the value of the dinar Today 13:45 Information/Baghdad.. Today, Thursday, the Parliamentary Finance Committee announced its aspiration to coordinate with the Central Bank to increase the value of the dinar and control the market. The Media Department of the House of Representatives stated in a statement received by the “Al-Ma’louma” Agency, “The Finance Committee met under the chairmanship of Atwan Al-Atwani, in the presence of its members, with the Governor of the Central Bank, Ali Al-Alaq, to discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.” At the beginning of the hosting, which was held at the committee’s headquarters, the Chairman of the Committee stressed “the importance of following up on the economic file and monetary policy, based on the supervisory side, and finding appropriate solutions to the obstacles facing the work of the Central Bank.” The Finance Committee expressed its "aspiration to coordinate with the Central Bank in order to increase the value of the Iraqi dinar and control the market in order to alleviate the burdens of citizens and address the deficit." For his part, the Governor of the Central Bank reviewed "the economic and monetary aspect, pointing out" the establishment of basic rules in order to monitor the remittance process and analyze monetary operations, praising "the role played by the Finance Committee in following up on the country's financial and economic movement." Ended/25 https://almaalomah.me/news/58798/local/%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D9%86%D9%8A%D8%A7%D8%A8%D9%8A%D8%A9:-%D9%86%D8%AA%D8%B7%D9%84%D8%B9-%D9%84%D9%84%D8%AA%D9%86%D8%B3%D9%8A%D9%82-%D9%85%D8%B9-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%84%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D9%82%D9%8A%D9%85%D8%A9
    21 points
  17. Saudi Arabia let the cat out of the bag with the article below. Iraq will, IMHO, be recognized as a full member of the WTO at their next meeting February 26,29 2024. What does that mean for us? We all know: Iraq has accepted Article 8 and has a new exchange rate. The rate change could take place tomorrow through February 26, again, IMHO. Read the last line of this article. Saudi Arabia strongly supports Iraq's accession to the World Trade Organization 2024-01-17 04:17 News / On Wednesday, the Kingdom of Saudi Arabia expressed its support for Iraq’s accession to the World Trade Organization, especially after the removal of the political obstacles that prevented it. The Iraqi Ministry of Foreign Affairs stated in a statement today that the Undersecretary for Political Planning Affairs, Ambassador Hisham Al-Alawi, along with Ambassador Saqr Abdullah Al-Muqbel, received the head of the team charged with negotiating Iraq’s accession to the World Trade Organization, and his accompanying delegation, at the Ministry of Foreign Affairs building in Baghdad, in the presence of Hussein Younis, Head of the Economic Department at the Ministry of Foreign Affairs. The statement quoted the agent as saying during the meeting that: The Iraqi government is interested in openness to international organizations, and has a desire to activate Iraq’s presence in international forums, explaining that the Ministry of Foreign Affairs seeks to enhance regional and international cooperation alongside the relevant ministries in the government. He pointed out that Iraq has natural and human resources and a specialized workforce in many fields that deserve to be provided with job opportunities, expressing his hope that Iraq’s accession to such organizations will contribute to providing such opportunities by increasing investments in the private sector in light of the current openness and the government’s plans. To develop the economy and develop its various sectors. For his part, the head of the Saudi delegation confirmed that the Kingdom believes that Iraq is a country that has chosen peace and stability and seeks to achieve economic development, pointing to the importance of Iraq to the Kingdom of Saudi Arabia from an economic standpoint. The Saudi delegation noted that the Kingdom believes that the ""political obstacles that prevent Iraq from joining the World Trade Organization have been removed"", stressing that the Kingdom’s government supports Iraq’s desire to enter global economic institutions.
    21 points
  18. "The cause of a homeland". A campaign to support the Iraqi dinar and make it the gateway to building the country "The cause of a homeland". A campaign to support the Iraqi dinar and make it the gateway to building the country - Shafaq News 2023-12-07 05:02 Shafaq News / Encouraging the local currency and dealing with it in light of the current economic conditions in the country is an important issue, especially with the government's tendency to "strengthen" the Iraqi dinar against other hard currencies, especially the dollar, as well as seeking to present it first in order to be a "homeland issue" in a real way. In the government's will to encourage dealing with the dinar in all daily transactions, there is a call to be a door to build the country again, and to seek to strengthen and advance the Iraqi economy, and reduce dependence on other foreign currencies, so that according to government directions it is the constant and the rest variables, so that the dinar is a gateway to sustainable development and prosperity at all levels. https://media.shafaq.com/media/arcella_v/الفديو.mp4
    21 points
  19. If we turn to the work policy of the Central Bank of Iraq, the Chamber of Commerce is a sponsor of the Baghdad sector of companies and merchants; but we were surprised by the decision to import the US dollar in agreement with some accredited banks.” “it is not possible to import the dollar and secure it in the local market without registering the dinar in the basket of Arab and international currencies.“ "The Prime Minister should direct the Central Bank of Iraq to formulate an economic policy and open documentary credits to all merchants of all categories according to a policy drawn up by the Central Bank in agreement with the Federal Bank to get rid of the parallel price” "The Central Bank law gives it the authority to provide paper and metal currencies, and the Iraqi merchant needs the dollar in light of the large disparity in prices. It is illogical for him to wait several months to obtain the currency." The Baghdad Chamber of commerce knows what to do to solve the parallel market problem. Go Chamber of commerce Go registering the dinar in the basket of Arab and international currencies. Go Stronger Dinar
    21 points
  20. Laws on the shelves of Parliament awaiting approval. Parliamentarian: This is what will pass in the current chapter 8/15/2023 A member of the House of Representatives, Nour Al-Jalihawi, revealed on Tuesday the most important laws that Parliament intends to approve during the current legislative term. Al-Jalihawi said in an interview with Al-Sumaria News, "The most important laws that will be passed during the current legislative term are: the oil and gas law, the law for people with disabilities, the law on unions and the law of holidays and events." "These laws have been submitted to the Presidency of the House of Representatives," she said. During the current legislative term, the parliament plans to pass laws that have been on the table for many years and carry with them political aspects, and the postponement of their approval has exacerbated disputes, especially with regard to the oil and gas law.
    21 points
  21. Genesis 1:27 So God created man in His own image, in the image of God created He him; male and female created He them. Thank you Lord for your guidance and protection 🙏🏼
    21 points
  22. “Parliament will proceed with the legislation of the HCL law as soon as possible." The HCL was already discussed when they approved the Oil agreement between the federal government and the Kurdistan region. The Kurdistan region will receive 12.67% of the federal budget, about $12 billion dollars a year. Oil Agreement done ✅ Budget 2023-2024-2025 done ✅ Go HCL Go Stronger Dinar $1+
    21 points
  23. “Of the 84 trillion dinars in Iraq, the government has only 20%, equivalent to 16.8 trillion dinars, and a member of the Iraqi parliamentary finance committee says that the government will need more cash after the approval of the federal budget law.” 84 - 16.8 = 67.2 Trillion Dinars in chunky cash stashed at home. 84 trillion dinars in circulation / 1310 = $64 billion dollars $114 billion dollars in foreign currency reserves $114 / $64 = $1.78 Time to increase dinar exchange rate and roll out Lower denomination notes. Go Stronger Dinar $1+ Go Purchasing power
    21 points
  24. Yes!!! I was waiting to see how long it took before the car dealers would start complaining. When they banned them from accepting USD at the car dealers back in April I knew it would only be a matter of time. I had a car restoration company and we sold many cars overseas. That difference in exchange rate would make a huge difference. There is no way they can keep this value as it is currently. These company's will fail fast. I see this as more great signs that change in value is Imminent! GO RV/RI
    21 points
  25. I've responded to this concern in other posts. I will say it again. Adam is still checking in. I have personally had contact with him on site and other issues, as have other MODS. Plans are still in place. All is good.
    20 points
  26. Interesting…!!! Two news articles this week talking openly about raising the value of the dinar. Where there’s smoke 💨There’s fire 🔥 Give me $0.76 per dinar and I will never look back. Go delete of 000 Go Lower denomination notes Go Stronger dinar Go purchasing power
    20 points
  27. The Biden Administration doesn't have the wherewithal nor the understanding of what's going on. They're completely out of there depth on foreign & domestic issues. This is what happens when you appease your enemies and are more concerned with pushing a psychotic social justice DEI agenda. These amateurs took their eye off the ball on Day One. Does anyone (not just here in DV) have any gosh damn idea out there of how much peril this country is in !?!?!?!?!
    20 points
  28. Hello my peeps… I’ve been on this investment since I was 22 years old .. I am currently 44 , before this site there was another site … which I remember some of the members… “MAILMAN” and MEDICS… and til this day no one has been more accurate than NADER… and I also have some friends in Iraq and they have told me the same thing Nader has been talking about …. Almost done here… lots of health to all of you… it’s been a long journey but a great one… GOOD LUCK!!! 👍👍👍👍
    20 points
  29. My opinion, life’s too short to not get your hopes up regularly. I’m here for the excitement and the party 🥳 Everybody’s happy, hopeful posts have made my week! If nothing happens between now and the end of the first quarter, I’m still no worse off than I am today. I might as well enjoy this crazy ride while I’m on it! Happy New Year everyone!!! 🥂
    20 points
  30. "Iraq is going through big changes." Parliamentary Finance Sets 3 Factors Controlling 2024 Budget Economy / Politics | Today, 12:35 PM | "Iraq is going through big changes." Parliamentary Finance Sets 3 Factors Controlling 2024 Budget » Baghdad Today News Agency Baghdad Today - Baghdad Today, Saturday (December 23, 2023), a member of the Parliamentary Finance Committee, Mudar Al-Karawi, identified three factors that control Iraq's budget for 2024. Al-Karawi said in an interview with "Baghdad Today" that "the volume of actual and total spending of Iraq in 2024 may exceed this year, amid expectations of a rise in the exchange rate with the launch of more than 1300,<> service projects nationwide," pointing out that "the situation of the economy is recovering, but very slowly due to accumulations that extend for years." He added, "It is not possible to say for sure from now that inflation remains at its current levels, may decrease or rise, in addition to not confirming the recording of a fiscal deficit in 2024 greater or less than this year," noting that "Iraq is living with major changes after the Gaza war and its repercussions, which began to be monitored through what is happening in Bab al-Mandab and other areas and the possibility of expanding confrontations in the Middle East in general." Al-Karawi pointed out that "the Finance Committee will hold a series of meetings with the Ministry of Finance and the rest of the institutions concerned with the economy at the beginning of next year to find out the expected deficit rates and what solutions are on the table," pointing out that "stability and oil prices that suit the needs of the country and exchange mechanisms are all influential factors in the 2024 budget." The House of Representatives, after a difficult labor that extended for months, voted on the general financial budget for the years 2023, 2024 and 2025 last June, after a series of sessions that extended until the early hours of dawn, which resulted in the exit of a tripartite budget that is the highest in the history of Iraq, as it was described as "explosive" with a value of 198 trillion and 910 billion dinars
    20 points
  31. Whether this happens on Jan 1st or not keep your positive energy. Stop responding & ignore these constant negative posts from these individuals on here!
    20 points
  32. “working with cards will contribute to launching projects, creating new job opportunities, and ensuring that currency is not stored inside homes” “working with the electronic system for trading in the dinar will allow the currency to be moved instead of storing it in homes and companies.” Bring your chunky cash > Open an account > Get a card. - This will help to bring back the chunky cash to the banking system - Less cash in circulation - Boost liquidity - Create confidence in the banking system Go CBI Go e-banking Go e- card Go Stronger dinar
    20 points
  33. PM: It Is Time For The Iraqi Economy To Be Linked To The Global Economic Cycle Saturday 02, December 2023 10:23 | EconomicalNumber of readings: 53 Baghdad (NINA) - Prime Minister Mohammed al-Sudani confirmed that the government has made reforming the economy one of its five priorities. Al-Sudani said in a speech during the Industrial Partnerships Forum in Basra: “The economy cannot be reformed except by supporting industry, agriculture, tourism and trade.” He added: “The natural resources we have enable us to establish an advanced Iraqi industry that meets our local needs, and we can export from them.” Al-Sudani stressed: “Iraq cannot remain a consumer market.” He added: “We are diligently seeking investment projects, and staying away from useless commercial partnerships,” noting that: “The state cannot employ all the huge numbers of graduates.” Al-Sudani said: “It is time for the Iraqi economy to be linked to the global economic cycle.” Al-Sudani said in a speech at the Industrial Partnerships Forum in Basra: “The government is serious about reforming the work of banks and developing the work of the pharmaceutical industries.”/End https://ninanews.com/Website/News/Details?key=1093098
    20 points
  34. Then why don’t you just STOP posting your negativity until the rate actually changes on the CBI site???? This is NOT guru BS this is actual words from the CBI Governors mouth!! This is one of the best articles I have read in a long time! The CBI governor is not saying this just to appease us dinar holders he doesn’t give a crap about us dinar holders period! However for him to talk about this is temporary and then in the same sentence say the project to delete the zeros is still in place is HUGE HUGE HUGE!! So for all you so called dinar lottery holders please stop complaining and actually do some research on what you have invested in and then maybe you will feel better about this investment instead of constantly complaining about things you clearly do not understand!! Hope that helps you feel better as it sure did make me feel better venting!!
    20 points
  35. Wowzer! I follow an Iraqi youtuber who reported today that the dinar is now floating, but he gave no source for the information, so I was skeptical. But then I found the following article just now, so I came here to see what people are saying. Thank you 6l6410 for starting this thread!! Below there are more details about how this new law banning USD will work in Iraq. I think this is fantastic news! If Iraq is successful in de-dollarizing, I would think the IQD will have to start floating with the market and stop being pegged at IQD1310 to US$1 by the CBI. What do other people think? Interesting that this happened Sunday, but reports are just now coming out late Tuesday. I wonder how well this is working so far... I just checked CBI.IQ and the rate today is still 1310. But wow! I think and hope this if finally the start of our long awaited RV! I just read an article a few days ago that Iraq is the 3rd largest producer in the Middle East (including everything, not just oil). Surely their dinar is worth a lot more than the current stated value of .00076 of $1USD. If the de-dollarization is successful, I wonder how fast the IQD will start to rise... USD https://thecradle.co/article-view/24880/iraq-bans-us-dollar-transactions-in-latest-move-towards-de-dollarization Iraq bans US dollar transactions in latest move towards ‘de-dollarization’ The Interior Ministry has said that violators of this ban will be subject to legal punishment, including fines and even jail time The Iraqi government issued a ban on 14 May outlawing the use of the US dollar for both personal and business transactions, coming as part of a growing ‘de-dollarization’ trend and an overall decline in Washington’s economic influence. The ban was enforced on 14 May and aims to boost the use of Iraq’s local currency, the dinar. It is also designed to reduce the gap between the official government exchange rate and the exchange rate offered by the black market, which continues to fluctuate and has resulted in price surges. In a statement, the Iraqi Interior Ministry said: “The dinar is the national currency in Iraq. Your commitment to transact in it instead of foreign currencies boosts the country’s sovereignty and economy.” The ministry added that anyone dealing in currencies other than the local currency would be subject to legal punishment and said that it is committed to “hold accountable anyone who attempts to undermine the Iraqi dinar and the economy.” In order to properly enforce the ban, the Interior Ministry’s Crime Directorate has requested that traders sign agreements assuring the government that they will conduct transactions in local currency only. According to General Hussein Al-Tamimi of the Crime Directorate, violators of these pledges will be forced to pay a fine of one million Iraqi dinars, adding that repeat offenders may be subject to prison time. “If the violator repeats it, he will face an imprisonment penalty of up to one year plus a one-million Iraqi dinar financial fine. In case of a third violation, that penalty will be doubled, and we will have the business license turned,” the official added. US dollars are already scarce in the country’s official markets as a result of recently imposed measures by Washington to control the movement of dollars inside Iraq. While the new government of Mohamed Shia al-Sudani has moved swiftly to contain the financial fallout, these US policies have given rise to a debate inside Iraq about the benefits of de-dollarization. Iraqi MP and member of the Finance Committee in Iraq’s Council of Representatives, Hussein Mouanes, told The Cradle in an exclusive interview earlier this month that “Iraq has been and continues to be a slave to the US dollar … every country’s economic strength depends on the strength of its currency.” “It is clear that Iraq is economically dominated by the US, and our government does not truly control or have access to its own money … We believe that it is crucial to move away from the hegemony of the dollar, especially as it has become a tool to impose sanctions on countries. It is time for Iraq to rely on its local currency,” he added.
    20 points
  36. “by the middle of this year, the government collection rate will become 100 percent electronic” “things are going well and accelerating, and the year 2024 will actually be (the year of electronic payment)” I think that this goes hand to hand with the delete of the 000 and the rollout of LD’s Notes. Just my opinion. Go e-payment Go delete of 000 Go LD’s Notes Go stronger dinar Go purchasing power
    19 points
  37. WTO and ASYCUDA = Open Market Economy. Go Open Market Economy Go Trade Go Import/Exports Go Stronger Dinar
    19 points
  38. I think this gives me more confidence we will get the RV. The Iraqi's are hoarding their dinars, and don't want to turn them in either, until the RV happens. I don't think it would turn out so well if the CBI lopped, and they didn't get the value they have been waiting for. So, I feel like the Iraqi's right now...if you want the old currency...RV, and you can have all of theirs and mine!
    19 points
  39. The aim of CBI was to get out of the invoice/payment system and was stated in the news a while back. Banks will be making payments through customer requests/accounts to international vendors. IMO the coordinated banks are now connected to CBI electronically and can be monitored for corruption. This will cancel the auctions.
    19 points
  40. As I said in another post and thread only way is to make dinar equivalent or greater than usd…this above Is clear that nothing will work…they need to eliminate the use and need for the usd…once the remove zeros and make a sizeable fiscal adjustment as per IMF then they will fail…make dinar greater than usd and everything disappears overnight..street rate,black market rate and parallel market!
    19 points
  41. I have to continuously tell myself that this country was brought to it's knees and had to essentially rebuild itself. Of course the ones on top made millions and had their fun but as the citizens began to re establish themselves and slowly regain their awareness they put a ton of pressure on the government to make changes. This whole process could never have happened overnight but I think Iraq has done everything possible to flip the proverbial switch. It may be a few more days, but for some reason this feels a lot different than years before. Of course we all have some shock and stuff as we have been up and down and up and down so I definitely understand why that words "Imminent, Soon, Coming days" make us feel eery about the timelines. We are almost there! GO RV!!
    19 points
  42. Anybody quoting gurus in the news section need to have a rethink of why they are in this.🤣🤣🤣 I to believe it is coming. I agree the recent news points in that direction
    19 points
  43. if it goes to 24 so be it.. at the moment I highly doubt that - I think we are really close - sometime this month we should see a new rate - if it goes so to 24 all good… I be here waiting - but my focus right now is definitely this month with high expectation - RV before 01/01/24 makes more sense - now this advertisement telling their citizens be proud of your dinar .. we will rebuild the country with the dinar … I say Rv Dec 23
    19 points
  44. 19 points
  45. We’re baaaccccckkkkkkkkk……🤣👍🤣
    19 points
  46. 1/1/24 Stop cash withdrawals in US dollars. In my opinion, at the same time they should give the dinar a value equal to the US dollars. That will be an easy transition to the Iraqi citizens and real purchasing power. Go end of MCP Go Stronger Dinar Go $1:1
    19 points
  47. “Al-Sudani's financial advisor explained, "The investment portfolio of the Central Bank of Iraq (which includes the country's foreign reserves of various currencies and gold) is managed according to the optimal global standard ratios, which are formed in the currencies of the dollar, the euro, the pound sterling, the Chinese yuan, the Japanese yen and gold." If Iraq foreign currency reserves are in Dollar, Euro, Yuan, Yen, the Pound Sterling and Gold. Is very posible the Dinar is going to be Peg to the same basket of currencies. Go Stronger Dinar $1+
    19 points


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