New Exchange Rate coming out before end of the year !

[pokerplayer]

Not sure if this has been posted yet.

 

  pp

 

the International Monetary Fund to update the exchange rate of the Iraqi dinar before the end of the fiscal year,"

here we have it boom
NEW EXCHANGE RATE COMING OUT BEFORE END OF THIS YEAR... DELTA

Frank26:  AMEN.. AMEN.. AMEN......FRANK26

 

DELTA:  FROM SOCIAL MEDIA .....MORE CONFIRMATION ....

"It takes a month to 45 days to send the budget to the Parliament," said Ahmed Al-Saffar, the rapporteur of the parliamentary finance committee, adding in a televised statement that "the cabinet has postponed discussing the budget because of the high oil prices, in addition to the issue of the exchange rate of the dollar against the Iraqi dinar and the existence of negotiations of the Ministry of Finance with the International Monetary Fund."    DELTA

************

Don961:  Oil "disturbs" Iraq's 2021 budget: an expected update of the "dinar exchange rate" and amending the numbers to "reduce the financial deficit!"

2020-12-06  Yes Iraq - Baghdad

 The Parliamentary Finance Committee informed the Presidency of the House of Representatives, today, Sunday, that it will hold continuous meetings as soon as the General Budget Law arrives in Parliament for discussion and approval as soon as possible. It is likely that the 2021 budget will be approved at the end of this December.

"The government has postponed sending the budget to the House of Representatives so far due to the high oil prices in the global market, which requires reformulating the numbers in the budget sections to reduce the financial deficit ceiling and increase revenues," the committee's reporter, Ahmed Al-Saffar, said in televised statements.

He explained that "the cabinet will meet next Tuesday and may approve the budget then or hold a special session to discuss and approve the budget next Wednesday, which means that the budget will reach the Presidency of Parliament early next week."

He added, "The draft budget is still up to the General Secretariat of the Council of Ministers to audit it in coordination with a special committee from the Ministry of Finance and the International Monetary Fund to update the Iraqi dinar exchange rate before the end of the fiscal year," indicating that, "according to government estimates that we have informed about the price of a barrel of oil." In the general budget it will be between 42 - 43 dollars.

The official spokesman for the Council of Ministers, Minister of Culture, Hassan Nazim, announced last week that the Council of Ministers decided to postpone its session devoted to discussing the draft Federal Budget Law 2021, until yesterday, Saturday, as it has not yet been held.

Expectations of the next deficit?

And on that, today, Sunday, a Foundation for Studies, the Iraqi government’s monthly expenditures exceeded the 6 trillion dinars barrier for the month of October, surpassing the general average for the year of 5.7 trillion Iraqi dinars.

The Future Iraq Foundation for Economic Studies and Consultations said in a statement that operating expenses for salaries rose to reach 3.45 trillion dinars, surpassing the general average for salaries of 3.34, an increase of 3.45%.

The statement pointed out that the expenses of social care increased by 19% compared with the annual general rate to reach 1.5 trillion dinars, indicating that "the total expenditures of the Iraqi government have increased by 5.85% from the annual rate to reach 6.12 trillion dinars," noting that "the general rate was 5.7 trillion dinars.

The statement added that “at the level of imports, imports achieved an increase of 8% compared to the general rate of imports, and despite the decrease in oil revenues by 10% from the general average, a significant increase of 175% in non-oil revenues, as non-oil revenues amounted to 1.186 trillion dinars. It is higher than the general average of 431 billion dinars, and thus the total revenues for the month of October (last) will be 4.652 trillion dinars.

He pointed out that "despite the increase in revenues, the government recorded a real deficit of 1.5 trillion dinars, and thus the total cumulative deficit of the Iraqi state for the year 2020 has reached 15 trillion dinars."

The institution expected; That "the deficit until the end of the year exceeds more than 29 trillion dinars as a result of the need for the government to pay debts dues at the end of the year in addition to the payments of oil licensing companies, which are expected to be worth more than 13 trillion dinars," according to the statement.   LINK

JJimmyJJ:  Wait... what did I just read?!    to audit it in coordination with a special committee from the Ministry of Finance and the International Monetary Fund to update the Iraqi dinar exchange rate before the end of the fiscal year,"

Ross:  Interesting how they seem to be telling the whole world we are going to increase our rate. I always assumed it would be Top Secret until the moment of Boom here it is. Nothing normal about Iraq. Seems the cat is out of the bag. Will be nice to hear our FF's(fireflies)  take on all this. IMOO makes the middle of the month around the 15th more exciting.

MilitiaMan:  I know right... EXPECTED... They just told the world openly that they are to update the exchange rate.. The shot that was heard around the World!! or WHAT!! lol ~ MM

I wonder if the brokers around the world heard it yet? lol ~ MM

 

Don961:  Two reasons blocking the approval of the 2021 budget, a talk about changing the exchange rate, and concerns about the salaries '' deadlock ''

1,739 Policy 12/05/2020 21:55
Baghdad today - Baghdad

Parliament's financial reporter, Representative Ahmed Al-Saffar, revealed new details regarding a `` new crisis '' that the Iraqi economy is going through, and that concerns the political and technical consensus regarding the budget for next year.

Al-Saffar said, in a televised interview, followed by (Baghdad Today), that "one of the reasons for postponing approval of the budget for 2021 is the changes witnessed by oil prices during these days, and this justifies the delay in approving the draft budget."

He continued, "We believe that a budget of 70 trillion dinars will be sufficient for Iraq," noting that "budgets that exceeded 100 trillion have not been spent until now."

Away from what the parliament is witnessing regarding the upcoming budget, Al-Saffar explained that "there are negotiations between the Ministry of Finance and the International Monetary Fund regarding changing the exchange rate of the dollar," and this matter.

Regarding the Baghdad-Erbil agreement, he said, "Regarding the recent agreement between Baghdad and Erbil, a delegation from the region will visit Baghdad to discuss the budget handling mechanism," adding, "We believe that 250,000 barrels per day will be delivered to Baghdad, as well as 50 imports from the ports."

He stressed the Kurdistan Regional Government's readiness to "hand over all its imports in exchange for Baghdad to spend money for oil-producing companies."

On the other hand, a member of Al-Iqtisadiah, Mahmoud Al-Zajrawi, expressed his fear of a third borrowing scenario by the government.

Al-Zagrawi told (Baghdad Today), "The postponement of the cabinet session on the file to decide the fate of the 2021 budget may come due to a thorough reading of the financial situation, scrutinizing its items and looking into developing possible solutions."

Al-Zagrawi added, "If the postponement is repeated again, this will be the beginning of doubts that it is a government attempt to impose borrowing in the 2021 budget law," and continued, "This is an option that we will reject and will push us to demand its dismissal because the implications of borrowing are very bad for the Iraqi economy."

He expressed his hope that "the government will complete the budget file and expedite sending it to the House of Representatives for study and approval before the deadline for paying salaries next January to avoid major problems."

Al-Zajraoui indicated that "if the government really has determination on the third borrowing file, we will consider the impact in settling the budget as a pressure card on the street through the gate of delaying the payment of salaries in order to approve it," noting that "what we are presenting now is just doubts, hoping that the budget will be taken Its course is in the discount without the borrowing file. "

An informed political source revealed the reason for the postponement of the cabinet session to be held today, Saturday, to discuss the draft general budget law for the fiscal year 2021.

The source stated in an interview with (Baghdad Today), that “the cabinet session was postponed until next Tuesday, due to lack of agreement on a price My guess is for a barrel of oil in the bill. "

He added, "Among other reasons, the deficit rate was not specified in the draft budget, and there was no agreement on the value of the loans in it."

On Monday (November 30, 2020), Prime Minister Mustafa Al-Kazemi directed to send the 2021 budget to the General Secretariat of the Council of Ministers immediately for the purpose of checking it.

The spokesman for the General Secretariat of the Council of Ministers, Haider Majeed, said in a press statement, "Al-Kazemi directed the Ministries of Finance and Planning to send the 2021 budget immediately to the Cabinet Secretariat."

He added, "The prime minister directed the ministries of finance and planning to send the budget for the purpose of scrutiny by the legal department in order to allocate an extraordinary session for discussion and refer it to the House of Representatives for approval as soon as possible."

Majeed pointed out that "the government and parliament are unanimous in the need to expedite the approval of the 2021 budget.

Cabinet spokesman Hassan Nazim announced that a special session would be held for the purpose of discussing the draft federal budget law for the next year.   link

************

Don961:  l-Kazemi's advisor identifies 4 factors to get out of the financial crisis

294 Economie 12/06/2020 18:27 Baghdad Today - Follow-up

The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Sunday, that financial planning will not determine the future of the coming months.

The official news agency quoted Saleh as saying that "financial planning is what determines the future of the coming months, starting from the first of January," indicating that "everyone is waiting for financial planning to know how to determine expenditures and revenues and address the deficit, if any." He added, "Exiting the financial crisis depends on management, compression of expenditures, maximizing resources and setting priorities in the correct manner, so that there are things that are subject to pressure and installments." 

Regarding the possibility of Iraq borrowing again to fill the deficit, Saleh stated that "borrowing depends on the budget law and is determined by law in the House of Representatives," pointing out that "there are limits to the borrowing process," noting that "the danger lies in relying on one resource, oil, and setting its prices in the outside".

The Parliament's financial reporter, MP Ahmed Al-Saffar, revealed new details of a "new crisis" in the Iraqi economy, which concerns the political and technical consensus regarding the budget for next year.

Al-Saffar said, in a televised interview, followed by (Baghdad Today), that "one of the reasons for postponing approval of the budget for 2021 is the changes witnessed by oil prices during these days, and this justifies the delay in approving the draft budget."

He continued, "We believe that a budget of 70 trillion dinars will be sufficient for Iraq," noting that "budgets that exceeded 100 trillion have not been spent until now."

Away from what the parliament is witnessing regarding the upcoming budget, Al-Saffar explained that "there are negotiations between the Ministry of Finance and the International Monetary Fund regarding changing the exchange rate of the dollar," and this matter. On Monday (November 30, 2020), Prime Minister Mustafa Al-Kazemi directed to send the 2021 budget to the General Secretariat of the Council of Ministers immediately for the purpose of checking it.

The spokesman for the General Secretariat of the Council of Ministers, Haider Majeed, said in a press statement, "Al-Kazemi directed the Ministries of Finance and Planning to send the 2021 budget immediately to the Cabinet Secretariat."

He added, "The prime minister directed the ministries of finance and planning to send the budget for the purpose of scrutiny by the legal department in order to allocate an extraordinary session for discussion and refer it to the House of Representatives for approval as soon as possible."

Majeed pointed out that "the government and parliament are unanimous in the need to expedite the approval of the 2021 budget.  LINK

 

Don961:  A "preliminary agreement" between Baghdad and Erbil ... oil for salaries

Sunday 06 December 2020  Baghdad: Hoda Al-Azzawi 

The central government reached with the Kurdistan Regional Government a "preliminary agreement", which includes sending the salaries of Kurdistan employees, in exchange for handing over 250 thousand barrels to the federal government with 50 percent of the border crossing revenues.

This agreement is somewhat similar to the previous agreement in the government of Adel Abdul Mahdi, with the addition of some paragraphs, as it will be included in the 2021 budget, which may accelerate its approval in Parliament.

The differences between Baghdad and Erbil escalated against the backdrop of the parliament’s approval of the “Financing the Financial Deficit” law, which enabled the Iraqi government to borrow internally to pay the salaries of employees.

The law stipulated that the Kurdistan Regional Government of Iraq pay its financial dues to the federal government, before proceeding with the payment of employees' salaries.

The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, said in a statement to Al-Sabah: "The federal government reached with the regional government the same old agreement, which was supposed to be included in the 2020 budget that was not approved." He added, "The agreement included delivering 250 thousand barrels per day to Baghdad, in addition to 50 percent of the ports' revenues, in return for the Kurdistan region's share of the federal budget, which amounts to 12.67 percent, at the forefront of which is salary insurance." He pointed out that "this initial agreement will be included in the 2021 draft budget."

For his part, a statement by the Presidency of the Kurdistan government said, "The regional government president, Masrour Barzani, met with the regional government delegation that negotiated with the federal government, and the meeting discussed the latest developments regarding the course of talks with the federal government regarding salaries and financial rights for the region."   LINK

************

Samson:  Economic Outlook: A deficit in the Iraqi budget of more than 29 trillion dinars by the end of 2020

6th December, 2020

On Sunday, an institution for studies monitored that the monthly expenditures of the Iraqi government exceeded the 6 trillion dinars barrier for the month of October, exceeding the general average for the year of 5.7 trillion Iraqi dinars.

The Future Iraq Foundation for Economic Studies and Consultations stated, in a statement received by Shafaq News; Operating expenses related to salaries rose to reach 3.45 trillion dinars, surpassing the general salary average of 3.34, an increase of 3.45%.

The statement pointed out that the expenditures for social care increased by 19% compared to the annual general rate, to reach 1.5 trillion dinars. And he indicated that "the total expenditures of the Iraqi government have increased by 5.85% from the annual rate to reach 6.12 trillion dinars," noting that "the general rate was 5.7 trillion dinars."

The statement added that "at the level of imports, imports achieved an increase of 8% compared to the general rate of imports, and despite the decrease in oil revenues by 10% from the general average, a significant increase of 175% in non-oil revenues, as non-oil revenues reached a value of 1.186 trillion dinars. It is higher than the general average of 431 billion dinars, so that the total revenue for the month of October (last) is 4.652 trillion dinars."

He pointed out that "despite the increase in revenues, the government recorded a real deficit of 1.5 trillion dinars, and thus the total cumulative deficit of the Iraqi state for the year 2020 has reached 15 trillion dinars."

The institution expected; That "the deficit until the end of the year exceeds more than 29 trillion dinars as a result of the need for the government to pay debts dues at the end of the year in addition to paying the amounts of oil licensing companies, which are expected to be worth more than 13 trillion dinars," according to the statement.   LINK

 

 

 

 

[jeepguy]

Just hope the update of the  dinar, is better than  1100 to 1 ( government  there think a few pennies  is a huge  move)

[WheresmyRV?]

This has to be the article of the month!

[screwball]

1 hour ago, WheresmyRV? said:

This has to be the article of the month!

you got that right.....we are very very close....much closer than soon!

[HowieC]

Guru Jeff has been saying the beginning of Iraq's fiscal year is March. It's actually January 1st..

 

Accounting and accounting rules in Iraq - Business Environment - Nordea Trade Portal

[rvmydinar]

When the minister of finance and imf will determine the exchange rate, questions come to mind, how come is it announced openly to the public? Because dealers will sell the iqd by increasing double or triple the price and everybody will still buy more more and more dinars. I don't think this is what the cbi wants. Shouldn't the goi close the border in order to stop dinars smuggling out of iraq if the cbi has intention to determine the exchange rate with a high rate suddenly , quietly and surprisingly? Let's hope this isn't one of the cbi's tricks to suck all the the dinars in the country of  iraq by announcing openly to the public a small increase from 1190 to 1100 and releasing a lower denoms. I hope not.

[DinarDavo]

22 minutes ago, rvmydinar said:

When the minister of finance and imf will determine the exchange rate, questions come to mind, how come is it announced openly to the public? Because dealers will sell the iqd by increasing double or triple the price and everybody will still buy more more and more dinars. I don't think this is what the cbi wants. Shouldn't the goi close the border in order to stop dinars smuggling out of iraq if the cbi has intention to determine the exchange rate with a high rate suddenly , quietly and surprisingly? Let's hope this isn't one of the cbi's tricks to suck all the the dinars in the country of  iraq by announcing openly to the public a small increase from 1190 to 1100 and releasing a lower denoms. I hope not.

 

It certainly goes contrary to the idea that it will be a "suddenly" ....no warning so as to ward off the "whales" from coming in and buying Iraq. The other side of the coin (LOL) is educating the citizens...we shall see.

[rvmydinar]

7 minutes ago, DinarDavo said:

 

It certainly goes contrary to the idea that it will be a "suddenly" ....no warning so as to ward off the "whales" from coming in and buying Iraq. The other side of the coin (LOL) is educating the citizens...we shall see.

I hope i was wrong and you are right. Because i really really want the iqd to rv at least 1:1 in the month of december 2020 no matter whether they announce the rv suddenly ,quietly and surprisingly or openly to the public. Come rv sooner and closer.

[pokerplayer]

 

 

   Even though their are some news article from their newswire, I posted this in rumors as there was a couple Guru's chiming in. Well if nothing else, we will only have to wait less than a month.

 

Fingers Crossed !!  

 

pp

[seks]

Long read but interesting,  we're finally getting there,  let this journey end, And a New beginning for ALL..

[fioranosportscars]

[Luigi1]

Thanks. Keep us informed when it's time to exchange in Saskatoon. I'll find a way to get there, even crossing CV shutdown borders.

[pokerplayer]

2 hours ago, Luigi1 said:

Thanks. Keep us informed when it's time to exchange in Saskatoon. I'll find a way to get there, even crossing CV shutdown borders.

 

Regina Saskatchewan actually...  lol

 

pp

[POPSYFLY]

14 hours ago, WheresmyRV? said:

This has to be the article of the month!

are you posum ?

 

[mrparrot]

***crawls up to the edge of the Lopster Pot***

 

If it sounds too good to be true...

 

***crawls back down to the bottom of the Lopster Pot***

[rvmydinar]

4 hours ago, mrparrot said:

***crawls up to the edge of the Lopster Pot***

 

If it sounds too good to be true...

 

***crawls back down to the bottom of the Lopster Pot***

if you still believe, iqd is going to lop, then why have you still kept and hold your dinars? out of curiosity, have you sill kept and hold your dinars right now? if someone already know 100% exactly that iqd is going to lop, then that person will not buy dinars at all.  if someone already know 100% sure exactly that iqd is going to lop and that person still keep buying and holding the dinars, then that person isn"t a smart investor because that person doesn't like to make a profit. on the other hand,  if someone never know at all about the date and the rate the  iqd is going to rv and that person still hold and keep the dinars, then that person is a risk taker and almost all investors have senses of of risk takers because no risk no gain.

[rvmydinar]

5 hours ago, mrparrot said:

***crawls up to the edge of the Lopster Pot***

 

If it sounds too good to be true...

 

***crawls back down to the bottom of the Lopster Pot***

one more thing, i don't believe it if i don't see it with my own eyes. also, i don't believe 100% all the articles they wrote, i just pay close attention to what they do. if it only talks talks talks, then it is equal to bs because talk is cheap. again, don't just make assumption about lop if in reality you can't prove it.

[PrehistoricMan]

52 minutes ago, rvmydinar said:

if you still believe, iqd is going to lop, then why have you still kept and hold your dinars? out of curiosity, have you sill kept and hold your dinars right now? if someone already know 100% exactly that iqd is going to lop, then that person will not buy dinars at all.  if someone already know 100% sure exactly that iqd is going to lop and that person still keep buying and holding the dinars, then that person isn"t a smart investor because that person doesn't like to make a profit. on the other hand,  if someone never know at all about the date and the rate the  iqd is going to rv and that person still hold and keep the dinars, then that person is a risk taker and almost all investors have senses of of risk takers because no risk no gain.

I dont get those people either.  Like that Rock guy in the lopster section.  I looked back over his posts for years.  All about lopping.  I dont get what compels a person to spend time on something if they think it has no value.  It would be like trying to plant vegetables in the desert.  It simply is a waste of time.

[rvmydinar]

9 hours ago, mrparrot said:

***crawls up to the edge of the Lopster Pot***

 

If it sounds too good to be true...

 

***crawls back down to the bottom of the Lopster Pot***

I am just curious, are all lopsters dinar dealers? By the way, are you a dinar dealer? Are you trying to force all dinar investors to sell off their dinars, so you can make a profit? Are your supply of dinars very very low close to zero? After all dinar investors sell of their dinars to dinar dealers, so you can sell them back with a double or triple profit to other dinar investors.

[mrparrot]

For the three of you that laughed at my post,

congratulations on still having a sense of humor

after all these years.

 

For those of you who are experiencing a pinching,

bunching, or tightening sensation in the panty area,

please, enhance your calm. You're reading WAY TOO MUCH

into my comment...

[Gypsygirl11]

23 hours ago, mrparrot said:

***crawls up to the edge of the Lopster Pot***

 

If it sounds too good to be true...

 

***crawls back down to the bottom of the Lopster Pot***

Funny....unfortunately probably correct. 

 Although I'm gonna throw out the date December 30th

 Nice post PP!

[pokerplayer]

Just now, Gypsygirl11 said:

Funny....unfortunately probably correct. 

 Although I'm gonna throw out the date December 30th

 Nice post PP!

 

Thxs Gypsy, fingers crossed as most here are ready to retire.

 

  Been a long haul as I've been in for over 16 yrs. now.

 

  pp

[Sage449]

$29 trillion dinar = about $24 billion US? 

[Sage449]

I was mentally trying to crunch how much oil would need to be sold to cover a part of this deficit. Which OPEC continues to try to slow down the volume to raise the price, but not successful yet - as I understand it (for whatever that's worth). 

[rvmydinar]

5 hours ago, Sage449 said:

$29 trillion dinar = about $24 billion US? 

At the rate=0.84us. Are 29 trillion dinar  coming from dinar investors in the us only or world wide/international?