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Experts: 5 years for Iraq's economic prosperity


yota691
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58 minutes ago, rvmydinar said:

5 years? 2026? Is it for real or another BS?So do we have to wait for the iqd to rv until the year of 2026? I can't believe what i read. 

no it will happen well before that.....a brand new financial system kicking of Jan 1st along with new FML and credit done against SOFR not LIBOR....Fiscal year starts Jan 1st  so we have a little over 4 weeks to see what happens if they do it at the start of the year!!

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1 hour ago, screwball said:

no it will happen well before that.....a brand new financial system kicking of Jan 1st along with new FML and credit done against SOFR not LIBOR....Fiscal year starts Jan 1st  so we have a little over 4 weeks to see what happens if they do it at the start of the year!!

Thanks screwball. I hope you are right.  So we just have to keep a close attention between Jan - Mar 2022. I don't mind waiting and 3 months isn't a long wait.

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13 minutes ago, denster said:

I think they just try to draw as much money in , as cheep as they can from the borders , the ones holding on to the Dinar, the problem is ,we won't let go of our dinar st a low price weather will the Iraqi people

So its a catch 22.

 

Iraqi banks are paying citizens a rate between 4-6% interest on deposits. Show me a bank on the planet that pays that interest on deposits. I think the citizens know something, that’s why they are hanging in to their Dinar. 

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Mazhar Muhammad Salih talks about 'reform' measures to stimulate investment and production
 

  

Baghdad - people  

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Tuesday, reform measures to stimulate investment, production and the operation of the labor market, while identifying three main advantages produced by the reform measures.  

  

  

  

Saleh said in a statement to the official agency, followed by "Nas" (December 28, 2021), that "the 2022 budget and its reform trends require Parliament's approval to achieve work projects that extend into the future."  

  

He pointed out that "the executive authority, within its decreed powers, is working to carry out appropriate reforms and through stages, in order to activate development, investment and production, as well as the broad operation of the labor market and within the framework of strong and effective programs in the joints of the national economy and the formation of protection belts for the poor classes through the availability of operating mechanisms that eliminate manifestations of unemployment.  

  

He added: "The government's concessional financing must play its role in the development activity of the markets, in addition to adopting policies to direct the available and uninvested economic surplus to the scope of investment through guarantor partnerships between the state and the private sector within the development of the social market ideology referred to in the country's five-year development plan and in solidarity with the implementation of The plan is the same in the spirit of the white paper.  

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4 hours ago, rvmydinar said:

Is it for real or another BS?

The BS is in the rumors section..I'm sure you seen it and read it...It start off with Remember, no one really  knows what will happen, or when, then it goes on to explain, TV Updates, 2% compliance..The Gossip with one Lie after another...anyhow GM DV and I hope everyone has a Great New Year!!

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  • 2 weeks later...
Al-Kazemi’s advisor suggests two things to compensate for the damages of raising the dollar: food and care
  
{Economist: Al Furat News} Mazhar Muhammad Salih, the financial advisor to the Prime Minister, Mustafa Al-Kazemi, suggested two things to compensate for the effects of the damages of raising the dollar exchange rate more than a year ago and its negative impact on low-income owners and the high prices.

Despite his defense of the decision, which confirmed its contribution to boosting Iraq's financial revenues, and filling an important part of the budget deficit, Saleh believes that fiscal policy should be directed to reducing the effects of the decision on fair compensation.

He said: "Reducing the exchange rate of the dinar in relation to the general budget, such as the birth of the so-called (monetary adjustment), i.e. achieving additional revenues of 23% of the value of the government's annual dollar oil revenues as a result of transfer differences, which in all cases is considered a matter of inflationary taxes, as Inflationary tax revenues helped fill an important aspect of the deficit in the operational budget for the year 2021, with approximately 20 trillion dinars.

And the government advisor pointed out, "After subtracting the consequent reductions in foreign government payments, the net inflationary tax revenues are no less than 21 trillion dinars."

As a result of the effects behind the decision to change the exchange rate. In practice, only 8 trillion dinars were achieved from them, meaning that {non-oil revenues did not achieve the necessary financial adjustments} rather, the net inflationary tax replaced the poor collection in financial taxes that fall on the traditional financial management in all cases.

Saleh pointed out that the second issue, which should be remedied, is the rise in inflation rates and its creep to the edge of 9-8%, which generated an effect called the effect of falling monetary income and a decrease in the purchasing power of the poor, disadvantaged and low-income classes, calling for a fair compensation for income or the adoption of distributive bases. It is appropriate by expanding the ration card program in terms of quantity and area, as well as enabling programs to address poverty within the framework of social care, in a tangible and broad way, to alleviate the rates of poverty that have risen.”

On December 19, 2020, the Central Bank of Iraq decided in a statement to raise the price of selling the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration of oil prices.

The bank added that the main reason behind the devaluation of the dinar is to bridge the inflation gap in the 2021 budget after the collapse of global oil prices, which is a major source of Iraqi financial resources.

And he said in his statement, "The financial crisis that Iraq was exposed to due to the Corona pandemic led to a large deficit in the public budget."

The bank stated that the decision to devalue the currency came as a proactive step “in the interest of the bank to avoid depleting its foreign reserves,” and to help the government secure the salaries of public employees.

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  • 2 weeks later...

A new financial policy after the rise in oil prices.. Al-Kazemi’s advisor reveals the details

181202212271620023874126.jpg
 

PM:03:24:18/01/2022

2172 views

 
 
Today, Tuesday, Adviser to the Prime Minister, Mazhar Muhammad Salih, suggested adopting a policy of fiscal discipline after the rise in oil prices. 
 
Saleh said in a press statement, followed by NRT Arabia, that "the good use of resources and raising the productivity of government spending has become an important requirement of the white paper for financial and economic reform in achieving financial consolidation or discipline in Iraq."
 
He explained, "During long decades, there was unproductive spending and waste of financial resources, especially in wars and conflicts, all of which led to the squandering of public budget resources."
 
And Saleh indicated, "Financial discipline means the optimal use of budget resources and raising the levels of good management without financial waste that ultimately arranges resorting to unjustified borrowing, and it also hedges against external price shocks generated by oil market surprises and price fluctuations and their sudden decline without knowing the reasons, which It has direct adverse effects on the stability of the country's financial sustainability," according to the official agency (INA).
 
And earlier today, Tuesday, oil prices witnessed a rise to their highest levels in more than seven years.
 
Trading data on the stock exchanges showed that the price of a barrel of Brent crude oil exceeded $87 for the first time since October 2014.
 
A barrel of "North Sea" blend was traded at $87.31 a barrel, meaning that the price rose by 0.84%, and the price of WTI crude reached $84.38 a barrel - the price increased by 1.3%.
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16 minutes ago, yota691 said:

A new financial policy after the rise in oil prices.. Al-Kazemi’s advisor reveals the details

181202212271620023874126.jpg
 

PM:03:24:18/01/2022

2172 views

 
 
Today, Tuesday, Adviser to the Prime Minister, Mazhar Muhammad Salih, suggested adopting a policy of fiscal discipline after the rise in oil prices. 
 
Saleh said in a press statement, followed by NRT Arabia, that "the good use of resources and raising the productivity of government spending has become an important requirement of the white paper for financial and economic reform in achieving financial consolidation or discipline in Iraq."
 
He explained, "During long decades, there was unproductive spending and waste of financial resources, especially in wars and conflicts, all of which led to the squandering of public budget resources."
 
And Saleh indicated, "Financial discipline means the optimal use of budget resources and raising the levels of good management without financial waste that ultimately arranges resorting to unjustified borrowing, and it also hedges against external price shocks generated by oil market surprises and price fluctuations and their sudden decline without knowing the reasons, which It has direct adverse effects on the stability of the country's financial sustainability," according to the official agency (INA).
 
And earlier today, Tuesday, oil prices witnessed a rise to their highest levels in more than seven years.
 
Trading data on the stock exchanges showed that the price of a barrel of Brent crude oil exceeded $87 for the first time since October 2014.
 
A barrel of "North Sea" blend was traded at $87.31 a barrel, meaning that the price rose by 0.84%, and the price of WTI crude reached $84.38 a barrel - the price increased by 1.3%.

I recall reading multiple times that the rv/ri was close to happening in 2014. I find it interesting that the price of oil reflects the same price as Oct 2014.. We are 2 months away from end if 1st qtr 2022 as Oct is 2 months before end of 2014. If we compare charts of oil prices from 10/1/14 -12/31/14 to 1/1/22 - 3/31/22 and they match up, we might be nearing the end of this ride. I'll post what I find if I can post the charts here.

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6 minutes ago, Longtimelurker said:

I recall reading multiple times that the rv/ri was close to happening in 2014. I find it interesting that the price of oil reflects the same price as Oct 2014.. We are 2 months away from end if 1st qtr 2022 as Oct is 2 months before end of 2014. If we compare charts of oil prices from 10/1/14 -12/31/14 to 1/1/22 - 3/31/22 and they match up, we might be nearing the end of this ride. I'll post what I find if I can post the charts here.

Looks like oil was on a serious down trend end of 2014 so I don't see any correlation. 

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Bless us for our intentions because our actions are :bs: Stop talking.
Juuuusst stop flapping your yaps. It’s so infuriating after now going into 19 years they just never tire of listening to themselves go on & on. 
 

If they don’t RV/RI the IQD & after the tonnes of hot air talk that could fill Squadrons of Hot Air Balloons and jumpstart “ all of the projects that will make Iraq great “ in the first Quarter of 2022, letting yet another year go by, the people will see this as a betrayal of trust/promise (s) broken.

 

The CBI/GOI/especially Sadr better come thru or IMO I’d be surprised if there WASN’T an uprising. The Iraqi people have been promised an awful lot. If the Leaders don’t deliver they’d better get outta the neighborhood, leave town.

 

If’n you’re wondering which of the 7 Dwarves I am today....it’s Grumpy.

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