A Road Map For Solving The Financial Crisis !

[Gypsygirl11]

19 hours ago, hawk-eye-view said:

the "Trumpinator" can.

The trumpinator can! You have a way with words I must say, love it

[DinarThug]

LINK

Parliamentary Committee: Staff salaries have been secured until the end of the year


 

14:39 - 07/16/2020

The Parliamentary Labor Committee confirmed on Thursday that the federal government has secured the salaries of employees until the end of this year.

Committee member Fadel Jaber said in a statement to "Information", that "the government will not face a problem in distributing the salaries of employees during the coming months," noting that "the borrowing law has achieved insurance in the salaries of employees until the end of this year."

He added, "The government should invest in the telecommunications sector to maximize its resources and not rely solely on oil," noting that "the talk about the existence of problems in securing employees salaries for the coming months is inaccurate."

And the economic and parliamentary circles have expressed their fear of not providing financial liquidity for the coming months after the end of the period of the external borrowing law. 

[DinarThug]

LINK

Webinar: Opportunities and Challenges for Diversification in Iraq

 

16th July, 2020

 

Iraq Business News would like to recommend an excellent and informative webinar from the Iraq Britain Business Council (IBBC)'s Young Executives Network (YEN), featuring a discussion with Ali Al-Saffar, the Middle East and North Africa Program Manager at the International Energy Agency (IEA) in Paris.
 

Ali shared his insights on "The importance of oil and gas to Iraq's economy and the opportunities for and challenges to diversification".

Also on the panel were Mr Sammy Sharifi, Co-Chair of IBBC YEN, and Ms Layla Al-Hassani of BP and Co-Chair of IBBC YEN.

To watch this Webinar (in English) please click here.

[DinarThug]

Thursday، 16 July 2020 06:01 PM

 

Iraq to reopen airports to international flights July 23: state media

 

Iraq is set to reopen its airports to resume international commercialflights on July 23 as it eases coronavirus-related lockdown measures, state media reported Thursday. 

The decision also affects airports within the Kurdistan Region, which operate under federal authority.

As part of efforts to prevent the spread of the COVID-19 virus, the Iraqi Civil Aviation Authority on March 17 banned commercial passenger flights. The ban was extended multiple times as the virus continued to spread quickly throughout the country.

The government committee overseeing Iraq’s response to the pandemic, led by Prime Minister Mustafa al-Kadhimi, on Thursday decided to ease several lockdown measures. Shopping malls may now re-open and curfew will be imposed for shorter hours, form 9:30pm to 6:00am. The curfew will be lifted in early August, the state news reported.


Iraq recorded 2,281 new COVID-19 cases on Thursday, including the Kurdistan Region. This brings the total number of the cases to 86,148. Of this, 3,522 people have died.  

 

https://www.thebaghdadpost.com/en/Story/48897/Iraq-to-reopen-airports-to-international-flights-July-23-state-media

[DinarThug]

LINK

A deputy calls on the government to speed up implementation of the Iraqi-Chinese agreement

 

15th July, 2020

The Saaron Ali Al-Lami coalition MP today called on the Prime Minister to expedite the implementation of the Iraq-China agreement.

Al-Lami said in a statement that Al-Ahed News received a copy of it.

He added, "The low oil prices and the current financial crisis do not enable the government to find a way out of the problems."

He explained that "Al-Kazemi should allow entry to the Chinese company according to the agreement, which costs only (100 thousand) barrels of oil."

[Theseus]

Once again, they do not specify where they will delete the three zeroes from. If they delete the three zeroes but end up with 2 IQD to 1 USD, then it is only the currency. As it stands right now 1 IQD is worth .00084 USD, at the program rate, not the market rate. This would make the IQD worth 1.19 USD per IQD if they deleted the zeroes off the exchange rate.

 

If they are talking a 2 to 1 fixed, then this means only the zeroes from the currency and that means ushering in new physical denominations. Not good for Iraqis and not good for investors if they chose to implement this road map.

 

  

[screwball]

3 hours ago, Theseus said:

Once again, they do not specify where they will delete the three zeroes from. If they delete the three zeroes but end up with 2 IQD to 1 USD, then it is only the currency. As it stands right now 1 IQD is worth .00084 USD, at the program rate, not the market rate. This would make the IQD worth 1.19 USD per IQD if they deleted the zeroes off the exchange rate.

 

If they are talking a 2 to 1 fixed, then this means only the zeroes from the currency and that means ushering in new physical denominations. Not good for Iraqis and not good for investors if they chose to implement this road map.

Voice of wisdom 

[screwball]

I still 1.19 rate in contracts? 

[southbeach]

Bump

[southbeach]

2 hours ago, screwball said:

I still 1.19 rate in contracts? 

 

[DinarThug]

Washington praises the agreement between Iraq and the countries of the Gulf Cooperation Council

 

Posted 2 hours ago

News source / Alsumaria channel

The United States, the Iraqi government, and the Gulf Cooperation Council have renewed their full support for a project linking electricity networks between the countries of the Gulf Cooperation Council, Iraq.

 

In a statement to the US State Department, Washington said it was "committed to facilitating this project and providing support when needed."

 

This project will provide electric power to Iraqis who "desperately need it," according to the statement.

 

It will also enable the project to push the Iraqi economic wheel and support economic development, especially in the southern governorates.

 

The Government of Iraq, the Gulf Cooperation Council and the United States are looking to increase close economic and energy cooperation among them as a basis for peace, development and prosperity in the region.

 

The three parties called on the countries that participated in the Kuwait International Conference for the Reconstruction of Iraq in 2018 to fulfill their promises towards Baghdad.

 

And established the Electric Linkage Authority of the Gulf Cooperation Council, and its headquarters in Dammam, Saudi Arabia, on December 31, 2001 for the purpose of linking energy systems in the countries of the Gulf Cooperation Council.

LINK

[MyLadiesDaddy]

7 hours ago, Theseus said:

 

If they are talking a 2 to 1 fixed, then this means only the zeroes from the currency and that means ushering in new physical denominations. Not good for Iraqis and not good for investors if they chose to implement this road map

This is usually only done in situations of hyperinflation. Not the situation Iraq is now in. Thus doing this at the current time would literally devastate the Iraqi economy. 

Furthermore, it has been repeatedly reported that the CBI is attempting to make the citizens of Iraq trust in the banks. 

Pull a L O P and the citizens of Iraq will never consider the banks again. 

[Half Crazy Runner]

I still remember a couple of years ago when the CBI had that hidden test page showing the rate at 1.2 dinar=$1 (.83¢). I’m hoping that is still the plan ...

[jb4388]

 I remember it as well.

 

 

Edited July 17, 2020 by jb4388

[southbeach]

There’s the evidence

[southbeach]

11 hours ago, DinarThug said:

Thursday، 16 July 2020 06:01 PM

 

Iraq to reopen airports to international flights July 23: state media

 

Iraq is set to reopen its airports to resume international commercialflights on July 23 as it eases coronavirus-related lockdown measures, state media reported Thursday. 

The decision also affects airports within the Kurdistan Region, which operate under federal authority.

As part of efforts to prevent the spread of the COVID-19 virus, the Iraqi Civil Aviation Authority on March 17 banned commercial passenger flights. The ban was extended multiple times as the virus continued to spread quickly throughout the country.

The government committee overseeing Iraq’s response to the pandemic, led by Prime Minister Mustafa al-Kadhimi, on Thursday decided to ease several lockdown measures. Shopping malls may now re-open and curfew will be imposed for shorter hours, form 9:30pm to 6:00am. The curfew will be lifted in early August, the state news reported.


Iraq recorded 2,281 new COVID-19 cases on Thursday, including the Kurdistan Region. This brings the total number of the cases to 86,148. Of this, 3,522 people have died.  

 

https://www.thebaghdadpost.com/en/Story/48897/Iraq-to-reopen-airports-to-international-flights-July-23-state-media

Here’s why US Exchange offices don’t have dinar now but they should now that flights resumed and I’m good for 5 more based on Adams “possible” theory.

[Theseus]

2 hours ago, ladyGrace'sDaddy said:

This is usually only done in situations of hyperinflation. Not the situation Iraq is now in. Thus doing this at the current time would literally devastate the Iraqi economy. 

Furthermore, it has been repeatedly reported that the CBI is attempting to make the citizens of Iraq trust in the banks. 

Pull a L O P and the citizens of Iraq will never consider the banks again. 

Until the CBI is specific in where the zeros are removed, I will remain skeptical as to where they will be removing the zeros.

 

But let's assume they do as you say and remove the zeros from the exchange rate. This does not equate to 2 to 1 as previously stated. This ratio is off as removing the zeros would make it a .84 dinar to 1 USD or 1.19 USD per dinar. So either they remove the zeros or fix the rate. They cannot do both. They would have to multiply the current program rate by 0.00168 to equate a 2 to 1  exchange which is not removing the zeros but rather a fixing of the rate by a multiple.

 

In addition, in this plan there is no talk of letting market forces take over once the rate is fixed as has been previously discussed (i.e. create a fixed rate then float).  So how can you say they will do one thing but not the other based off of their previous discussions in which it has been bantered they would fix the rate then float from there when there is no mention of a float in the road map? Saying they will do it and them actually doing it are two birds of a different feather.

 

I am still in the camp the dinar must be at or above par value with the USD. And my second school of thought is that there is no trusting of the banks based off of past  precedence the banks have established with Iraqis. Maybe in a thousand and three years or maybe when unicorns fart rainbows will the banks be trusted.   

[justchecking123]

19 minutes ago, Theseus said:

Until the CBI is specific in where the zeros are removed, I will remain skeptical as to where they will be removing the zeros.

 

But let's assume they do as you say and remove the zeros from the exchange rate. This does not equate to 2 to 1 as previously stated. This ratio is off as removing the zeros would make it a .84 dinar to 1 USD or 1.19 USD per dinar. So either they remove the zeros or fix the rate. They cannot do both. They would have to multiply the current program rate by 0.00168 to equate a 2 to 1  exchange which is not removing the zeros but rather a fixing of the rate by a multiple.

 

In addition, in this plan there is no talk of letting market forces take over once the rate is fixed as has been previously discussed (i.e. create a fixed rate then float).  So how can you say they will do one thing but not the other based off of their previous discussions in which it has been bantered they would fix the rate then float from there when there is no mention of a float in the road map? Saying they will do it and them actually doing it are two birds of a different feather.

 

I am still in the camp the dinar must be at or above par value with the USD. And my second school of thought is that there is no trusting of the banks based off of past  precedence the banks have established with Iraqis. Maybe in a thousand and three years or maybe when unicorns fart rainbows will the banks be trusted.   

Well stated. 

[DinarThug]

LINK

"Finance" puts a mechanism to determine the deficit in the budget of 2021 in Iraq

 

17th July, 2020

The Parliamentary Finance Committee confirmed on Friday that the fiscal deficit of the draft budget law for the year 2021 is estimated according to financial revenues and oil prices.

"The committee will monitor oil prices, reform processes for government departments and institutions, and maximize resources," committee member Jamal Cougar told Shafaq News, explaining that "these three points will significantly affect the value of the fiscal deficit in the General Budget Law of 2021."

He added that "the important and final point is to correct the process of structuring ministries, departments and institutions in reducing expenses and increasing austerity", pointing out that "this will help reduce the value of the fiscal deficit in the budget."

Cougar noted that "the fiscal deficit is estimated according to financial revenues and oil prices during the coming period." And regarding the preparation of the budget, between Cougar, that "according to the Financial Management Law, the Ministry of Finance should direct the preparation and construction of the draft general budget for the year 2021".

And the Iraqi Finance Minister Ali Abdel Amir Allawi, earlier, ruled out the approval of the general budget for 2020 and confirmed his ministry is working on preparing for the budget in 2021.

It is noteworthy that the transmission of the federal budget for the year 2020 by the government to the Iraqi parliament has been delayed due to the continuous protests since last October, which led to the resignation of the previous government headed by Adel Abdul-Mahdi and its transformation into a caretaker government that is not empowered to send the draft budget budget to the parliament.

[Engine1]

Road Map,,,,,  hmmm this is Iraq. You could give them an atlas, or a GPS, heck you could hold their hands and lead them to it. They will still get lost or forget what they were doing. You can lead a horse to water but you cant make him drink. 

[horsesoldier]

3 minutes ago, Engine1 said:

Road Map,,,,,  hmmm this is Iraq. You could give them an atlas, or a GPS, heck you could hold their hands and lead them to it. They will still get lost or forget what they were doing. You can lead a horse to water but you cant make him drink. 

 

Agreed. Bunch O Blunt Skulls 

However, I drink 🍸: but then I’m a horse 🐎 of a different color 

Horse ( soldier ).

[southbeach]

That’s why I’m good for at least 5 more, because I just can’t believe how prehistoric Iraq is

[MyLadiesDaddy]

47 minutes ago, Theseus said:

But let's assume they do as you say and remove the zeros from the exchange rate. This does not equate to 2 to 1 as previously stated. This ratio is off as removing the zeros would make it a .84 dinar to 1 USD or 1.19 USD per dinar. So either they remove the zeros or fix the rate. They cannot do both

Actually, Dr. Shabibi stated [on video] at a conference in New York, I believe, that the removal of the zeros must be accompanied with a "small increase in the rate" of the Dinar. 

It was all the talk at the time, but then Maliki had an arrest warrant issued for him and Dr. Shabibi never went back to Iraq. 

So if you take what the former governor of the CBI stated, it would not be a stretch to say that he was referring to removing the zeros from the exchange rate and then increasing the value of the Dinar say 15 cents. Thus making the Dinar more valuable than the dollar. 

Of course in this proposition speculation is the game and personal interpretation is how you win. 

In other words it's anybody's guess as to what will happen. 

[southbeach]

.15 is not a dollar, but I understand

[MyLadiesDaddy]

46 minutes ago, southbeach said:

.15 is not a dollar, but I understand

The exchange rate today is.....

.00086

 

Delete the zeros and you have.......

.86

 

Add 15 cents to .86 and you get $1.01

 

At $1.01 I'd be gone so fast, 123 just check and you'd never know I was here