KTFA (MilitiaMan)

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MilitiaMan: These are recent articles on digitizing money. Importantly the digitizing of the DINAR and the USD were also known to be in the agenda. Now we see that they are using the Dinar in the Budget along side with oil outside of the Dollar.. WE can probably safely presume that the meetings tomorrow with the USA will have that in mind….  imo ~ MM

MilitiaMan: FINAL ARTICLE #479

People of experience and confidence …. The Golden Triangle

Special files  ,   12/12/2020 20:06

Baghdad – Iraq today:

We must record President Al-Kazemi’s success in choosing some of his government’s men with great competencies, high professional experience and pure national affiliation amid our objection to some unsuccessful options for running the state in his government, which is swinging in the midst of the popular and political storm that has been blowing over the country since Almost a year and a half.

Among the brilliant names chosen that should be referred to by Thousand Banan, the name of Dr. Ali Abdul Amir Allawi, Minister of Finance, Mrs. Suha Dawoud Al-Najjar, Head of the National Investment Authority, and Mr. Mustafa Ghaleb Makhaif, Governor of the New Central Bank, are the golden triangle in the prime minister’s options for the political and economic reform process to rescue Country.

It is the responsibility of the Central Bank of Iraq in this important triangle to control the economic and monetary rhythm in particular in the country, after a series of failures that occurred in previous periods that led it to the inability to distribute salaries and general cash scarcity in a dangerous precedent that no Iraqi government has faced since 1921 to present.

It must be noted that this choice in this critical period is considered a successful milestone blow recorded to the Prime Minister that opens up bright and broad horizons for the work of the Central Bank and draws great hope to change the stumbling economic conditions of the country by following a precise financial policy, the first signs of which were important decisions in changing the structure of monetary and commercial dealings by adopting the principle of dealing Electronic financial (credit card) and moving away from paper cash (banknotes) in paying state employees’ salaries, which will be automatically transferred to their accounts, leading to transferring all daily payments and purchases to this system, similar to that of the developed countries of the world.

As well as setting up an electronic platform for all letters of guarantee issued in banks for the benefit of their customers in order to avoid the forgery and manipulations that occur in this important aspect of commercial and banking dealings.

And following the directions of the Minister of Finance and his support and encouragement for the idea of moving industry and national investment by facilitating lending to existing factories and factories to develop their production, and new industrial projects in order to employ the Iraqi workforce and develop the local product, which will be reflected in maximizing the general national product.

We raise the hat high to the Prime Minister on these delicate choices of people of experience and confidence and the promotion of high government positions with such names with high professional and administrative competence.

We wish success, success and repayment to the leaders of the Iraqi economy in their difficult mission, which, God willing, will undoubtedly succeed.  LINK

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Interest in digital currencies

Tuesday 30th March 2021

Saad Al-Taie , in the past few years, currencies of a new type have appeared, radically different from the traditional currencies known for thousands of years, whether paper or metal, namely digital currencies, which came as a result of the expansion of digital technology applications in all areas of contemporary life, including Multiple economic and commercial transactions.

Digital currencies have many features that distinguish them from traditional currencies, as they greatly facilitate the processes of financial transactions immediately and very quickly, and complete transactions without the need for physical currencies, which take a large space, and it also facilitates the sale and purchase of various goods and services in a manner. Quick and very short for buying and selling, as well as transferring money very quickly from one place to another and from one country to another. As well as facilitating the procedures of commercial dealing and the process of commodity exchange.

The use of digital currencies leads to dispensing with the use of traditional physical currencies, whether paper or metal, and to get rid of the problems that accompany the exchange operations, through which they are carried out, such as the slow conduct of these operations and the constant and very great need to physically issue these currencies from time to time, which You need expenses for papers, metals, inks, colors, and other materials added to traditional currency paper and the large security precautions that accompany their printing.

Some central banks in a number of economically developed countries of the world have begun issuing their own currencies to develop payment systems in their countries in line with the communication and digital economic environment that is currently expanding, and the secretions of which are communication and Modern information technology. .

Also, this important procedure comes to regulate the process of important issuance of money in accordance with the powers of governments and the legitimate authorities of the country, within the random issuance of digital currencies, which began with the issuance of unknown parties in the Internet and those who do not have this right or this privilege.

And organizing this process so that it is legitimate and legal according to what is recognized in international laws, which are exclusively authorized by this issuance, and in our country the competent authorities are supposed to pay attention to work on issuing our digital currency, in order to keep pace with the current global monetary and financial developments, and in a manner that develops the monetary and financial system For our country and keep it up to date with Modern global regulations .  LINK

The Parliament might switch the oil trading currency to the Iraqi dinar, MP says

31st March, 2021

The Parliamentary Finance is considering a proposal to switch the oil trading currency to Iraqi dinar in lieu of US dollar in the accounts of the 2021 Federal Budget bill.

Committee member, MP Muhammad al-Shabaki, said in a statement to Shafaq News Agency, “We have a proposal to change the price of the oil barrel,” indicating, “[according to this proposal] the barrel is priced by Iraqi dinar not US dollar as in the previous years’ budgets.” “The barrel of oil pricing will be changed from 45$ at 65 thousand dinars,” he added.

Al-Shabaki explained, “this would not tamper with the operational and investment expenses in the budget.” “The Ministry of Finance ensured that there is no technical impediment against this step,” he elaborated, “this proposal is the most consistent with the constitution because it preserves the Iraqi currency.”

Iraqi lawmakers failed to pass the Federal Budget bill in a lengthy session on Sunday earlier this week. They will convene this evening to vote on the pending issues.  LINK

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Parliament transfers the budget from the dollar to the dinar to overcome the dispute

03/31/2021 17:10:06

The House of Representatives decided in its meeting held today, Wednesday, to convert the federal budget for 2021 from the dollar to the Iraqi dinar.

A representative source said {for the Euphrates News} that “it was agreed to transfer the budget from the dollar to the Iraqi dinar, in order not to delay its approval and isolate it from the differences of the rise of the dollar.”

He pointed out that “a proposal was made to follow up on the issue of the dollar with the central bank and finance in other sessions without marketing the crisis to the budget after it was agreed to transfer the budget from the dollar to the dinar.”  LINK

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