Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content

Luigi1

Members
  • Posts

    13,529
  • Joined

  • Last visited

  • Days Won

    89

Everything posted by Luigi1

  1. Luigi's opine... The collapse of the USD & a strong China Yuan may be a blessing in disguise. That means China will be forced to be more competitive & play by the rules. China made junk will cost the same as high quality German or Japan made. China will be forced to make better products or starve. IMHO.
  2. Here's another article related to the above...the Budget Law is not in the Gazette... another Guru says the Budget Law has been read in the Gazette...OK, who's right? Jeff: Budget Is Not Law. ARTICLE: The budget is not posted in the Gazette. The budget hasn’t been implemented because it’s unconstitutional… Bruce The Goose: The Budget is Law.
  3. Here's another article related to the above...the end of an era... Clare: The End Of An Era. Article: “A high-ranking security delegation arrives in Washington to hold a round of talks to end the Coalition’s Mission“
  4. Here's some articles of Dinarian interests... -BRICS IS MAKING PREPARATIONS FOR A US DOLLAR COLLAPSE. -Nasdaq futures Lead Losses As 1st Big Tech Earnings Fail To Deliver. -Warren Buffett Dumps $1.5 Billion Worth Bank Of America Shares. -Is Trump Right To Worry That China Could Take Over Crtpto? Treat as rumors. Not verified. Your opine. FROM OTHER SOURCES: BRICS IS MAKING PREPARATIONS FOR A US DOLLAR COLLAPSE. According to a Russian IMF representative, BRICS is ready to offer an alternative to the US Dollar amid the currency’s collapse & the Bloc must prepare for such an instance. The alliance, consisting of Russia; India, China; Brazil; South Africa & supporting nations, has been working to abandon the US Dollar for some time. The BRICS bloc is working to develop a new BRICS currency to replace the US Dollar, alongside local currencies between nations. In an interview with RIA Novosti published on Friday, Russian IMF rep Alexey Mozhin noted that the shortcomings of the current financial system are becoming more apparent. Furthermore, he points out that many publications have started to mention BRICS as a group that will offer a successful alternative to the greenback. “Such a proposal is being discussed,” the director told RIA Novosti. “In the event of the collapse of the Dollar & the international monetary system, it will be necessary to turn the said BRICS accounting unit into a real currency, backed by exchange goods.” -Nasdaq futures Lead Losses As 1st Big Tech Earnings Fail To Deliver. The Nasdaq Led US Stocks Lower Before The bell Wednesday, After Disappointing Alphabet & Tesla Earnings Stirred Up New Worries That Big Tech’s Power To Fuel Gains Is Fading. Futures on the tech-heavy Nasdaq 100 (NQ=F) sank almost 1%, while S&P 500 futures (ES=F) fell roughly 0.7%. Dow Jones Industrial Average futures (YM=F) retreated 0.4%, after a losing Tuesday for all three gauges. Stocks are sinking as investors digest mixed quarterly earnings from Google parent Alphabet (GOOGL, GOOG) and Tesla (TSLA), the first of the “Magnificent 7” megacaps to report. Those results have set Wall Street wondering whether the dominant tech stocks behind this year’s rally now face sell-offs, amid questions about AI’s potential boost to their growth. -Warren Buffett Dumps $1.5 Billion Worth Bank Of America Shares. Ace investor Warren Buffett’s investment arm Berkshire Hathaway has dumped $1.5 billion worth of Bank of America (BAC) shares. The recent regulatory filings show that the billionaire offloaded 33.9 million Bank of America shares. The BAC stocks were sold at an average price of $43.56 per share. After the sale from Berkshire Hathaway, BAC stocks fell to $42.30 with a decline of 1.40%. The reduction is significant and has come as a surprise to the US stock market. Warren Buffett is known to hold stocks for the long term and not offload them mid-way. However, despite the sell-off, Warren Buffett is still the second-biggest holder of Bank of America stocks. Berkshire Hathaway holds a 10.8% stake in BAC after falling from the top position to the second due to the sell-off. -IS TRUMP RIGHT TO WORRY THAT CHINA COULD TAKE OVER CRYPTO? Does China regret banning Bitcoin mining in 2021? Could it opt back in? Can a single nation even control decentralized assets like BTC? It’s only recently that Donald Trump has paid any attention to crypto. But now he wants to be the “crypto president,” and he’s raising digital assets as a geopolitical issue. Asked on July 16 why he’s suddenly embracing the crypto community, he told Bloomberg: In the interview, Trump explained how the recent experience with his “Mugshot” NFT Collection “opened my eyes” to cryptocurrencies, saying, “80% of the money [from the NFT sale] was paid in crypto. It was incredible.” Luigi's opine... WW III has already started. China's ultimate goal is to destroy the US economy by any & all means necessary. China is well on the way to remove the US from global dominance. The collapse of the Dollar, Wall Street & the economy are just a matter of time. IMHO.
  5. Frank26 Is Chase...Wells Fargo, or any bank going to exchange your dinars into dollars? Ain't no bank going to exchange your dinars into dollars. Ain't no bank got that kind of money. Chase will introduce you to JP Morgan. JP Morgan is going to take your dinars and they're going to send them to the US Treasury. They're going to give you the equivalent of what you should receive in American dollars into your account. This is not totally correct Frankie. Once the IQD goes international, and is traded on FOREX, any major bank that deals with international currencies will be able to exchange your IQD. However, there will probably be a limit that can be withdrawn, and there might even be a waiting time before most of the currency is available. RON Chase & WF don't have to have all that money on hand. Your RV will be converted into digital Dollars. You will immediately have access to your funds. IMHO.
  6. There was an article last week about Iraq-WTO talks in the 3rd stage out of 4. That means Iraq is not yet a member & probably won't be until 2025. No cigar, yet. IMHO.
  7. Ah Yes MarkZ!!! We won't get out of July without this RV.
  8. Agree. There will be no LOP. A LOP is associated with nations having out of control, runaway, hyperinflation. Go RV.
  9. Here's some more rumors related to the above... MarkZ via PDK: Bank Meetings Going On. ARTICLE: I know of a lot of banks with meetings…Are they preparing for a banking crash? Are they preparing for a Re-valuation? What are they preparing for? I don’t think it’s a banking crash because they keep opening up wealth management offices? To me it makes more sense that they are preparing for a revaluation. FRANK26 via Iraq boots-on-the-ground report via FIREFLY: Post 1 ARTICLE: My bank guy did say dropping the zeros does not change the value. FRANK: He’s right. Because it’s going to be 1 to 1 with the American dollar. It doesn’t effect it inside. It will effect it outside. No it will not change it. When it floats it will change it. FIREFLY: Poor countries with terrible inflation, they drop [zeros] in order to lop. We are not like that. We drop to add value. It’s all inflationary based. FRANK: Post 2. ARTICLE: Yes, you drop to add value inside of your country…They wanted to be at least 1 to 1 with the American dollar in order to add this value to your currency. That’s why he means that dropping the zeros won’t add value to your currency…Then your currency will float on the International market and the value of your currency goes up outside your country as well. Inside, it will go from 1320 to at least 1 American dollar in order to add value which is purchasing power…If it was a lop they would be adding zeros.
  10. Here's some articles of Dinarian interests... -A return to global inflation due to terrorist attacks on shipping in the Red Sea. -Oil & Gas Law (HCL) on hold, indeterminately due to Erbil disagreements. Treat a rumors. Not verified. Your opine. FROM OTHER SOURCES: An Expert Warns Of A Return To Rising Inflation Rates Globally. ARTICLE: What Is The Connection To The Iraqi Markets? Economist Ziad Al-Hashemi warned on Monday of the possibility of inflation rates rising again globally with the continuation of Houthi attacks on commercial shipping vessels in the Red Sea region. An Expert Warns Of A Return To Rising Inflation Rates Globally.. What Is The Connection To The Iraqi Markets? Al-Hashemi said in a post on the Ax website that there are “fears of inflation rates rising again globally with the continuation of Houthi attacks on commercial shipping vessels in the Red Sea region for the 6th consecutive month & Iraqi markets are on the list of those affected!” He added, “The global economy has begun to feel the pressures of rising costs & prices as a result of the continued disruption of transport chains between Asia & Europe, with the Houthi attacks continuing for the 6th month & the diversion of shipping routes away from the Red Sea. Shipping prices have quadrupled on a monthly basis from $1,890 in the first month of 2024 to more than $8,000 during the seventh month, per FEU container.” He stated that “during the past period, many international economic & financial experts have downplayed the effects of the disruption of maritime transport routes due to Houthi attacks & their negative repercussions on the prices of goods & services in Western economies, especially the consumer price index (one of the most important indicators for assessing the path of inflation), but with the continuation of security risks and threats in the Red Sea region, the continued rise in transport prices & the imminent expiration of many long-term contracts with fixed freight rates, many convictions & analyses have changed.” Al-Hashemi stressed, “We have growing concern that the large increases in shipping prices will lead to significant increases in the prices of goods and products in Western markets, which will put pressure on inflation rates that have gradually begun to decline & reach the targeted levels.” He added, “These price pressures may lead to inflation rates rising again, which means that the efforts and endeavours of CBI to curb inflation in the West have faltered & this will greatly hinder & delay the start of the process of reducing interest rates, which global markets are eagerly awaiting.” He pointed out that “concerns in the markets continue & are increasing with the continuation of military operations, the disruption of transportation routes & the rise in transportation prices to significant levels, especially with the absence of light at the end of the tunnel of this crisis & eyes will focus more on inflation rates & waiting to see how things will develop.” Regarding the impact on the Iraqi markets, Al-Hashemi confirmed that they are “highly affected by changes in shipping prices coming from Asia & increases in shipping prices can directly and quickly affect the prices of imported goods & this may be one of the reasons for the rise in commodity prices in the Iraqi markets during the first half of 2024.” inflation rates rising again globally with the continuation of Houthi attacks on commercial shipping vessels in the Red Sea region. Political differences and the absence of consensus since the first session of the House of Representatives have kept the draft oil and gas law stuck in the parliament’s drawers. In each session, conflicts have prevented its approval in its final form. Five parliamentary sessions have passed & the law has not been released to this day. The parliamentary Oil, Gas & Natural Resources Committee expects the law to be postponed to the next parliamentary session due to ongoing disagreements. -Ali Al-Lami, a member of the parliamentary Oil & Gas Committee, says that one of the reasons for obstructing the approval of the Oil & Gas Law is the ongoing disagreements between the governments of Baghdad & Erbil. He adds that his committee sent the law to the government at the beginning of the current parliamentary session, but we do not expect it to be approved during the current session, as it requires study & reading, suggesting that the law will be postponed to the next parliamentary session. For her part, Zainab Al-Moussawi, a member of the parliamentary Oil & Gas Law committee, says that the law is almost complete & to a high degree, but there are some objections regarding some points, which are summarized in the delivery of oil revenues & exploited & unexploited natural resources to Baghdad. Al-Moussawi adds that the Oil & Gas Law is concerned with organizing the country’s natural resources & exploiting the largest possible amount of undiscovered oil fields. She points out that the law will also contribute to achieving self-sufficiency in oil derivatives & optimal exploitation of wasted natural resources, estimated at hundreds of billions of Dollars, which contribute to diversifying the state’s financial resources. The draft of the Oil & Gas Law in Iraq available to parliament stipulates that the responsibility for managing the country’s oil fields should be entrusted to a national oil company. PM Mohammed Shia al-Sudani had previously confirmed that the draft Oil & Gas Law is one of the basic & important laws & represents a factor of strength & unity for Iraq. It has been pending for years, at a time when the country is in dire need of its legislation & to benefit from this natural wealth in all fields and sectors, in addition to the contribution of the legislation of the law in solving many of the outstanding problems. He explained that there are governorates that have not invested their wealth, which is a negative thing for development efforts in all their paths. -IMF: Iraq, Qatar Increase Their Gold Holdings. -Baghdad Data from the International Monetary Fund showed an increase in gold reserves in Iraq & Qatar. According to these data, in May 2024, Iraq increased its gold reserves by 2,644 tons to 148,305 tons. The data showed that Qatar increased its gold reserves by 3,112 tonnes to 106,423 tonnes in June 2024, according to Reuters. -3 Years Without Achievement.. Iraq Wastes Its Renewable Energies & There Is No “Seriousness” In Exploiting Them. In 2021, the Iraqi government launched the Solar Energy & Emissions Reduction Initiative & in 2022 confirmed its support, but it does not appear to be effective or fully completed to date. The initiative stipulates the installation of solar energy systems on the roofs of state institutions & the amount allocated for it is 90 billion Iraqi Dinars for five years to support the national grid. The Iraqi government sought to solve the electricity problem by contracting with major countries & companies in the field of renewable energy, including signing agreements with Arab & foreign companies to establish solar power projects in Iraq, but its efforts faltered, which keeps the wealth of solar energy under-exploited. Energy expert Murtadha Hatem says, “Launching an initiative to support energy and reduce emissions through solar energy in Iraq is an important step towards achieving sustainable development & preserving the environment.” He added, “Relying on solar energy contributes to reducing dependence on fossil fuels, which ensures greater sustainability of energy sources & reduces price fluctuations associated with oil prices.” He explains that “solar energy is a clean source of energy that helps reduce greenhouse gas emissions & improve air quality, which is important in confronting climate change,” indicating that “reducing dependence on energy imports from abroad & increasing local production enhances the country’s energy security.” He added, “Developing solar energy projects can provide many job opportunities in the fields of design, installation & maintenance, in addition to stimulating innovation & investment in clean technology.” Hatem confirms that “Iraq has abundant solar resources that can be exploited to provide sustainable & cheap energy, which contributes to improving the energy infrastructure.” He explained that “launching solar energy initiatives reflects the government’s commitment to shifting towards a green & sustainable economy, which enhances Iraq’s position in the international community as an environmentally responsible country.” Journalist & renewable energy expert Ali Naji says, “All the systems that were built in all their forms on the roofs of state institutions before this initiative were not successful & almost failed, including those installed on departments related to renewable energy.” He added, “There are instructions from the Civil Defense that specify the hours of use of renewable energy during official working hours only, which means there are losses in operating solar systems from the moment of sunrise until the moment of the start of official working hours & connecting the system to the national grid,” explaining, “Generation losses from the end of working hours until sunset, due to the national grid being cut off after the end of working hours, in addition to holidays & occasions when it is out of service.” He added, “Installing these systems on the roofs of buildings will hinder the process of roof maintenance in the event of damage,” stressing that “these departments do not have sufficient personnel to manage & intain these solar systems & even if they are trained, partial training is not sufficient & does not cover the requirements of these systems.” Regarding the obstacles that hinder the success of the initiative, Ali Naji explains that “these systems should be placed on the outskirts of cities in the form of farms (solar energy farms) divided into five regions, for example, between the northern, central & southern regions, as is the case in Egypt, the Emirates and others,” noting that “the number of employees to maintain them will be less & easier to control. in addition to these farms being planted with trees, which will increase afforestation operations.” He added, “The systems are connected in two ways: to the national grid & also to charge batteries to support areas in the event of a lack of electricity or a lack of electricity supply.” Iraq, whose infrastructure is in shambles after decades of conflict & chronic corruption in public administrations, needs more than 32,000 megawatts to cover its needs, but the country’s power plants produce only about 24,000 megawatts. On March 12 of last year 2023, Oil Minister Hayan Abdul-Ghani announced that preparations were underway to launch the 1st solar energy project in Iraq, with a capacity of about 1,000 megawatts, which coincided with the state’s efforts to enhance its investments in the renewable energy & natural gas sector. Despite this need, renewable energy remains underutilized, with Iraq enjoying just over 3,000 hours of sunshine out of 8,700 hours per year. Meanwhile, more than 98 percent of Iraq’s electricity is generated by fossil fuels, according to a WB report. To encourage residents to install solar energy systems, the CBI announced in 2022 the allocation of one trillion Dinars (about $750 million) to secure subsidized loans for the private sector, including homes & private companies. But according to renewable energy specialists, this project is faltering due to the lack of cooperation from banks. Over the past years, Iraq has relied on Iran for electricity supplies, importing 1,200 megawatts, as well as gas fuel to feed local power plants. This year, the Iraqi News Agency quoted the authority’s advisor, Rahim al-Jaafari, as saying, “There are serious & practical steps to produce electricity from solar energy, as a plan has been developed to produce about 12,000 megawatts by the end of 2030,” adding that “it has been approved by the Council of Ministers.” The Ministry of Environment has identified 3 types of pollution, including waste, that represent a challenge during the current stage in Iraq, calling for the adoption of modern technologies & renewable & clean energy as an alternative to fossil fuels.
  11. RayRen98: RV-RI TODAY? ARTICLE: WAS JUST INFORMED BY A 3 LETTER… IF NOTHING CHANGES, BANKS WILL SEE LIVE RATES IN THE MORNING. TIME WILL TELL. Luigi's opine: Ray said the very same thing on Sunday & last week. Every day is the day. In The Gurus Humble Opinion...
  12. Here's another article related to the above... Mnt Goat – List of Significant Events: SUMMARY OF THE PAST 30 DAYS (Late June to Mid July 2024) in Mnt Goat: “The CBI’s 3rd strategy has drawn up a road map & programs with clear goals & initiatives for a period of three years 2024, 2025, 2026 in a special, complex & risk-filled economic & financial situation.” The Commander-in-Chief of the Armed Forces explained that the goal of preserving the security & sovereignty of Iraq over its land, airspace & waters is a main axis within the goals of the government program in the field of defense & confronting security challenges The beginning of the twenty-first century can be marked by the development of advanced digital technologies, a revolution in the information field & the acceleration of the processes of economic globalization. Mnt Goat: this explains where Iraq is moving ahead. It is noteworthy that the Parliamentary Investment Committee justified its effort to amend some investment laws in order to attract foreign investments & capital. Mnt Goat: We were also told this was needed by the WTO in the accession process. “To comply with WTO rules, Iraq must align its trade policies with international standards. Iraq has confirmed that it has fulfilled the requirements for joining the World Trade Organization (WTO) after implementing economic reforms & improving the business environment. Mnt Goat: So, we are told this meeting on 7/18 may be the final “working session” to rap up the paperwork & once again review that all requirements are met. It did not mean they were going to make the announcement then followed or preceded by an RV. Get it? Jut more intel guru talk… lol..lol..lol. No evidence or proof of what they say. All pure speculation! The European Union announced, on Wednesday, that the Iraqi government has achieved progress in international investment, while noting that it sets an example of cooperation with international legal standards. Mnt Goat: Come’on folks can the news get any better? PM Muhammad Shiaa Al-Sudani confirmed that Iraq has become a safe & attractive environment for capital from international companies. Mnt Goat: Are they just saying this based on what the EU just said? Iraq has officially signed the “The Singapore Agreement” on Mediation & that this is an important step in developing & resolving commercial disputes in Iraq. Mnt Goat: It represents an international category that aims to facilitate international trade & promote mediation as an alternative & effective method for settling commercial disputes. The approval of next September as the date to stop dealing with the paper system & work electronically at (all) customs (points). “The PM chaired a meeting to follow up on the implementation of networking between border crossings & to complete the implementation of the Customs Automation System (ASYCUDA). Mnt Goat: More accountability & much more revenue to be turned over to the Federal govt. WOW! Remember what they said. This revenue could rival the oil revenues if it is managed properly. The WTO also requires this. This also helps to bring Iraq out of a “rentier” economy, which they need to do. In implementation of the provisions of Article 2/77 of the law above, which stipulates that the government shall submit financial schedules related to expenditures, public revenues & the planned deficit for the fiscal years 2024 and 2025, in order to provide a flexible space that allows for the implementation of the general budget. Mnt Goat: Done! & published in the Gazette. Yes, no RV rate in the Budget or in the rollout schedules just as I have been saying all along. Just more stupid intel Guru talk ☹. Surprise, Surprise! Are you stupid TNT fans listening? The advisor to the Iraqi Prime Minister disagreed with what four economic experts said regarding the “stability” of the US dollar exchange rate against the Iraqi dinar, stressing that “the stability of the dollar is real and solid and not imaginary as some believe.” foreign reserves supporting the Iraqi dinar, whose value as liquid foreign assets exceeds $100 billion, which is the highest in the history of Iraq in the development of its international reserves. economic researcher, Ali Abdul-Kazem, explained as for the stabilization process, when the dollar reaches the official price, then it can be said that the dollar price has stabilized between the parallel and official.” Economic expert Al-Halou explained to Shafaq News Agency, “rather, the correct stability is as it was before, when it was 1120 in the CBI & 1121 abroad”. Mnt Goat – this is better than 1166 under Dr Shabibi even…just saying… Can they reach this? Is this their goal?) Muhammad Saleh, explained today, Friday, that the state has adopted a policy of providing sovereign guarantees for loans obtained by the private sector to finance an important package of private industrial projects. Mnt Goat: In other words these govt backed sovereign funds provide security for these loans for these “private” projects not funded by the Iraqi Budget. Iraq has been seeking for two years to end the phenomenon of dealing in the Dollar in the local market, while economic experts point out the success of the CBI’s measures in achieving “relative” success in controlling the hard currency. Mnt Goat – Did you read it? It says “CBI’s measures in achieving “relative” success in controlling the hard currency.” So please do not ask me if the parallel market is under control. It is but it is not yet where it needs to be. It needs to match the Offical CBI rate. I keep telling everyone this. This is their goal! The financial advisor to the PM, Salehwhile pointing out two basic starting points for the development of the investment environment in the country. 1. The first is Iraq’s completion of its integration steps in providing safe & appropriate environments to attract foreign investment in Iraq; 2. The geographical location of Iraq, which connects European countries by land with Asian countries by sea, encouraged the launch of the Development Road project. Clemta, the comprehensive platform for entrepreneurs operating in the US & spread globally, announced the most important updates aimed at enhancing the user experience & expanding its international reach. The Certified Admissions Agent program recognized by the Internal Revenue Service is now available in Arabic & is intended for entrepreneurs in the Middle East & North Africa (MENA) region. PM Muhammad Shiaa Al-Sudani confirmed that the world realized the importance of Iraq’s stability for international & regional security, during his reception of the delegation of the European Foundation for Dialogue and Development. Mnt Goat: Get’r Done! Saif Al-Halafi, a specialist in financial & banking affairs, identified three reasons for the return of the rise in Dollar ER in local markets, while placing the Iraqi Stock Exchange as an essential part of resolving this rise. Mnt Goat: – opps!!! There’s a Pillars of Financial Reform…. they keep talking about. Get it yet? Al-Sharmani said in an interview with the Maalouma Agency that the Central Bank’s policy is still faltering in controlling the Dollar exchange rate. He added, “Specification & lack of control over the currency selling window is one of the most important reasons that creates a gap that leads to a rise in the Dollar ER in the markets.” Oil & Gas Law: July 9, After 18 years, he announced the formation of a committee to draft the law & present it to the government & the House of Representatives. Mnt Goat: The draft oil & gas law in Iraq available to Parliament stipulates that responsibility for managing the country’s oil fields must be entrusted to a national oil company & supervised by a federal council specialized in this subject. There is no other way to settle the dispute. Yesterday, the CBI announced that it had submitted the “Draft E-Commerce System” paper to the Council of Ministers for review and approval to proceed with work on it. Mnt Goat: The committee members stressed the need to establish controls for granting licenses to those wishing to practice e-commerce in a way that preserves the rights of all parties. The Dollar’s flight does not threaten the Dinar. Al-Sudani’s advisor dispels fears: the Dollar system is a thing of the past The World Gold Council announced today, Monday, that Iraq has advanced one place in the list of countries with the largest reserves of the precious metal in the world. According to the table, Iraq gold holdings changed, reaching 1,457 tons from 142 tons, which represents more than 10% of its other reserves. Mnt Goat: yes, more GOLD to back the Dinar. “The fixed ER system in Iraq is based on an international reserves base that is the highest in the history of Iraq & its monetary policy, as foreign currency covers more than 100% of the total currency currently issued.” Rafidain Bank announced today, Wednesday, the implementation of the comprehensive banking system in Diyala. “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings” for the 1st time, the non-oil revenues of the Iraqi state recorded 11% of the total revenues, with oil revenues falling below the 90% barrier. Mnt Goat: is there some magic number they are trying to reach that they have not yet told us? Is this part of the Obama plan to revive the economy? the “ Jarida ” platform learned that a company will soon be working to audit remittances for foreign currencies other than the dollar, in addition to restricting the sale of cash dollars exclusively through airports, Mnt Goat: the exchange rate situation is improving and stabilizing, especially after choosing a company to audit transfers for foreign currencies Iraq stops dealing with the Chinese yuan…and the currency basket is an alternative. Ernst & Young for auditing and financial consulting, “the signing of the contract with the company specialized in structuring & developing work in the banking sector.” Mnt Goat: This is part of the 3rd phase of the strategy of financial reforms that must take place. See White Paper. The Central Bank of Iraq announced, today, Wednesday, granting exchange companies of the “AB” category the ability to register internal & external remittance activities through the FITR platform. Mnt Goat: if you can’t beat them, then control them by regulations & audits. Hussein pointed out that “the stability of the Iraqi Dinar ER against the US Dollar represents a fundamental pillar for achieving economic, social & political stability in Iraq, which is what the government seeks to achieve,” calling on the relevant American institutions to review it and build on it. Mnt Goat: WOW! what a statement! “the government’s policy seeks to achieve Iraqi energy independence through associated gas investment projects. Mnt Goat: They have always had a plan but the money to do it was always stolen & so they never did many of these projects. Can they finally fund again these projects & do them this time? -Iraq moves to break Dollar restrictions on 32 banks in crucial talks with Washington this week. Mnt Goat: I do not still fully understand the reasoning for such restrictions when you want to help Iraq. But this is only hurting Iraq & not letting them conduct the currency reform their way according to their plan. The economic expert, Dhia Al-Mohsen, called for canceling the currency selling window, pointing out that some beneficial political blocs were behind the continuation of this window to achieve financial gains. Mnt Goat: Yes, by still operating under these currency auctions this too adds to the problems with the Dollar. They have become more of a hindrance rather than helping Iraq.
  13. Here's an article of Dinarian interests... There's Trouble In River City. Is The CBI Leading Iraq Towards An Economic Crisis? Corruption & costs over runs are rising CBI operational expenses. Is CBI cooking the books or does it have two set of books? Treat as a rumor. Not verified. Your opine. FROM OTHER SOURCES: Is The Central Bank Leading Iraq Towards An Economic Crisis? July 22, 2024 Last updated: July 22, 2024. ARTICLE: A Financial Report Reveals & Reality Confirms… Is The CBI Leading Iraq Towards An Economic Crisis? Informed sources said that the financial policy of the CBI faces sharp criticism from financial experts & economic observers, amid a continuous rise in operational costs & a noticeable increase in expenditures. According to the financial situation tables as of 6/30/2024 published on the CBI’s website, the financial statements show that there is a clear imbalance. The financial report revealed a slight increase in total assets, which reflects an apparent stability in the bank’s financial performance. However, the financial statements showed some points that call for criticism & questioning the effectiveness of the financial management of the CBI. The report indicated that gold reserves rose to 14,672,164,921 thousand Iraqi Dinars from 14,475,189,559 thousand Iraqi Dinars. Although this strengthens the bank’s position, the question remains about the adequacy of these reserves in the face of potential economic crises. As for the bank’s balances with banks outside Iraq, they increased to 2,011,145,122 thousand Iraqi Dinars from 1,827,075,442 thousand Iraqi Dinars, which reflects a diversification of assets, but the question remains about the risks associated with relying on foreign banks. -Foreign currencies: witnessed a noticeable increase to 24,688,182,816 thousand Iraqi Dinars from 23,838,913,348 thousand Iraqi Dinars, which enhances foreign exchange reserves, but how these reserves are managed effectively must be monitored. In terms of expenses, currency issuance expenses increased to 10,588,686 thousand Iraqi Dinars from 9,897,229 thousand Iraqi Dinars, raising questions about the effectiveness of managing issuance costs. -Foreign currency valuation differences: also increased significantly to 188,168,707 thousand Iraqi Dinars from 151,874,481 thousand Iraqi Dinars, which indicates fluctuations in the value of foreign currencies that may negatively affect financial stability. Also, general administrative expenses increased to 52,643,698 thousand Iraqi Dinars from 39,692,228 thousand Iraqi Dinars, which reflects an increase in operational costs that need to be carefully reviewed to ensure that resources are not wasted. In terms of profits & losses, interest & commission income increased to 2,968,280,621 thousand Iraqi Dinars from 2,495,021,601 thousand Iraqi Dinars, which reflects a good performance, but the question remains about the sustainability of these revenues in light of the economic challenges. -Total interest expenses: increased to 2,684,950,171 thousand Iraqi Dinars from 2,271,995,595 thousand Iraqi Dinars, which indicates an increase in interest costs that need better management. As for the final Budget, the exported currency rose to 102,311,666,715 thousand Iraqi Dinars from 100,791,930,154 thousand Iraqi Dinars, which may indicate inflationary pressures if not properly monitored. -Bank deposits: increased to 54,434,578,910 thousand Iraqi dinars from 47,851,676,798 thousand Iraqi dinars, which reflects an increase in deposits, but the stability of these deposits in the long term must be verified. -strength point: The report showed an increase in total assets, reflecting the central bank’s apparent financial stability. Gold reserves & external bank balances also increased, which significantly strengthens the bank’s monetary position. In addition, interest & commission income witnessed a significant increase, reflecting a good performance in the bank’s financial returns. -Weaknesses & doubts: Despite the apparent stability, outstanding outstanding debts amounting to 530,499,124 thousand Iraqi Dinars did not change, indicating challenges in debt collection. Administrative expenses also increased to 52,643,698 thousand Iraqi Dinars, which may indicate poor management of operational costs. In addition, CBI transfers decreased to 0 from 5,110,240,000 thousand Iraqi Dinars, raising questions about the efficiency of liquidity management. Finally, the balances of government institutions decreased to 10,750,719,726 thousand Iraqi Dinars from 13,353,688,408 thousand Iraqi Dinars, indicating challenges in government financing. -Recommendations: To improve the financial position of the central bank, it is important to develop effective plans to collect outstanding debts to reduce financial risks. Operational costs must also be reviewed and controlled to avoid any unjustified increase in expenses. It is necessary to establish policies to monitor currency issuance to ensure that unwanted inflation does not occur. Finally, the reasons behind the decline in the balances of government institutions must be studied & the necessary measures taken to strengthen government financing. Based on this analysis, it is clear that the central bank needs improvements in several aspects to ensure actual financial stability and effectiveness in resource management. To view the financial situation table, click here: CBI. https://mustaqila.com/wp-content/uploads/2024/07/البنك-المركزي-العراق.pdf https://mustaqila.com/تقرير-مالي-يكشف-والواقع-يؤكد-هل-يقود-ا/
  14. I found the Aljarida site. All article are in Arabic. No way to validate the article at this time. Maybe we can get 'Nader From The Middle East' to translate?
  15. My opine... Luigi is not familiar with the news source. Nevertheless it's in the news...the ER is improving & stabilizing. This is huge. IMHO.
  16. Here's an article of Dinarian interests... From the throat of the Goat. Treat as a rumor. Not verified. Your opine. Mnt Goat: ER Heading Towards Improvement & Stability. ARTICLE: GOOD NEWS ABOUT THE DOLLAR.. A GOVERNMENT SOURCE TO “AL JARIDA”: THE EXCHANGE RATE IS HEADING TOWARDS IMPROVEMENT AND STABILITY. Today, Wednesday, the “ Jarida ” platform learned that a company will soon be working to audit remittances for foreign currencies other than the Dollar, in addition to restricting the sale of cash dollars exclusively through airports, which will lead to “improving and stabilizing the dollar,” according to an informed government source. The source, who refused to reveal his name, told Al Jarida that “the exchange rate situation is improving & stabilizing, especially after choosing a company to audit transfers for foreign currencies other than the Dollar & work on transfers of those currencies will resume very soon, in addition to organizing & controlling the sale of cash Dollars exclusively through airports.”
  17. NOTE: This just one Guru's opine... Frank26: Purchasing Power. ARTICLE: There will be an increase in the Iraqi Dinar but it won’t effect you [Iraqi citizens]…
  18. Here's another article related to the above...Items 4781, 4783 & 4784 had nothing to do with the Budget Law.... Tishwash: In The Gazette. ARTICLE: So they have released another Gazette but still nothing on the Budget Schedules…
  19. Here's some articles of Dinarian interests... -Central Bank of Iraq imposes financial penalties on banks and exchange companies amounting to 43 billion dinars -Iraq Intends To Connect Its Electricity With Kuwait & The Gulf At The End Of The Year & Then With Saudi Arabia. Treat as rumors. Not verified. Your opine. KTFA via Clare: The CBI Imposes Financial Penalties On Banks & Exchange Companies Amounting To 43 Billion Dinars. ARTICLE: The CBI announced on Sunday that fines imposed on banks & non-banking institutions (exchange companies) amounted to more than 43 billion Iraqi Dinars during the past three months. A table of the bank, which Shafaq News Agency reviewed, showed that the fines imposed on banks & financial companies during the past three months, starting from last April until the end of last June, amounted to 43 billion, 465 million, 532 thousand, and 931 Dinars. The table showed that “the fines also included 102 administrative penalties for these banks and non-banking institutions, distributed between warnings, alerts & grace periods.” The table showed that “May witnessed the highest fines on banks & non-financial institutions, as these fines reached 34 billion, 2 million, 141 thousand, & 100 Dinars, with 42 administrative penalties, while June witnessed the lowest fines, reaching 2 billion, 829 million, 157 thousand, and 288 Dinars, with 30 administrative penalties.” The table did not show the names of the banks that were fined and subjected to administrative penalties. The Iraqi Stock Exchange Investors Association had criticised the CBI’s increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks. Clare: Iraq Intends To Connect Its Electricity With Kuwait & The Gulf At The End Of The Year & Then With Saudi Arabia. PM Mohammed Shia al-Sudani confirmed on Sunday that his government intends to link Iraq’s electricity with Kuwait & the Gulf Interconnection Authority at the end of 2024 & then move to link with Saudi Arabia to diversify energy sources when demand increases during peak times in the country. Al-Sudani said in a speech during the opening of the Iraqi-Turkish electricity linkage project, “The value & importance of this project is that it had been suspended since 2004 & it had been planned since the nineties of the last century & today it has been completed in coordination with the Turkish Ministry of Energy.” He added, “The value of this project is that for the first time we have an international connection with neighboring Turkey & then to the European Union& this is an important & strategic factor for energy at the future level.” Al-Sudani added, “After we were able to connect with the Jordanian side & today with Turkey & hopefully at the end of this year with Kuwait & the Gulf Interconnection Authority, then we will head to complete our important project with Saudi Arabia so that Iraq can complete its communication with the regional energy system in a way that allows for diversity & exchange in various conditions of peak electrical loads.”
  20. Frank26 There will be an increase in the Iraqi dinar but it won't effect you [Iraqi citizens] That's BS Frankie, it will greatly increase their purchasing power - that directly affects them. You are correct. Iraqi citizens will receive purchasing power EQUAL to our ER.
  21. Clare Issue No. (4781) of the Iraqi Gazette was published on 7/1/2024 Issue No. (4783) of the Iraqi Gazette was published on 7/8/2024. Issue No. (4784) of the Iraqi Gazette was published on 7/15/2024. THERE IS STILL A MISSING PUBLICATION FROM THE GAZETTE AND THE LATEST ONE IS SHOWING TODAY. What exactly are Issues 4781, 4783 & 4784. Guru doesn't specify. It could be animal rights & mushroom harvesting methods for all we know.
  22. Here's another article related to the above... Paulette Without “Accepting Article VIII” Obligations, They Simply Cannot RI. ARTICLE: Iraq cannot RI without “accepting Article VIII obligations” and cannot do so if they have a MCP. Dr S said that the “new currency” will co-exist with the 3 zero currency for up two two years in the market and ten within the banks. They cannot treat the two currencies at different rates & be deemed as having “accepted Article VIII obligations”. Without “accepting Article VIII” obligations, they simply cannot RI…
  23. Here's another article related to the above... Militia Man: VIDEO. IQD Update – Iraq Dinar – ASYCUDA – WTO – Delete Zeros – Reform Financial System – Citizens Educated.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.