JJimmyJJ: Honestly, this article makes me wonder if something was announced this weekend in-country, that perhaps we’re not aware of yet.
Don961: : After April 9, 2003 .. Prospects for Financial Development and Existing Challenges
Sunday April 11, 2021 Baghdad: Farah Al-Khafaf
The evaluation of experts and specialists in economic affairs continues for the period that followed April 9, 2003, which witnessed a positive shift in important economic aspects, accompanied by a decline in other sectors, and this is considered by economists as a matter that accompanies any process of economic transformation and change from one reality to another.
Financial expert Thamer Al-Azzawi said: “The change contributed to the liberation of the national currency from the restrictions of the previous regime.”
The price of the dinar
Al-Azzawi added that “one of the most important economic achievements after April 9, 2003, is the issuance of the new currency, which resulted in raising the price of the Iraqi dinarand making it get out of the prison in which he lived during the era of the previous regime, and his purchasing power improved rapidly, with financial and economic measures taken.” And that “the Iraqi dinar, after 18 years, has become stronger than many currencies of neighboring countries, and others, regionally and globally, with the availability of a monetary block that is good compared to the Current circumstances ”.
A member of the National Business Council, Ahmed Mukalif, stated that “despite the many positive aspects that were achieved after April 9 in the economic aspects, from reducing Iraq’s debts, opening up to the world and returning Iraq to its regional and international surroundings, developing the oil sector and controlling its revenues, but the matter needs to be addressed by The challenges that accompanied the transformation phase, foremost of which are protecting the local product and developing the production sectors to address all the problems that Iraq suffers, providing job opportunities and achieving economic integration.
Attracting to invest
As for the real estate specialist, Saad Al-Zaidan, he believed that “the entry of investments into the construction and housing sector is one of the positive things that the years after the fall of the regime have witnessed.”
He added, “Investments have contributed to moving the labor market, and have provided hundreds of thousands of job and employment opportunities for young people, the unemployed, craftsmen, graduates and others,” noting that “thousands of projects were implemented over 18 years, turning the country into a magnet for investment, after it was captive to the restrictions of the government and its security and intelligence services.” “.
In turn, the commercial specialist, Raed Al-Amiri, referred to a point he described as the task that occurred after the fall of the dictatorial regime.
Al-Amiri asserted that “Iraq has opened its doors to global trade, and the Iraqi merchant has become a world record to be counted for, after he was dominated by the moods of a shabby regime. Currently, the Iraqi merchant you find in most countries of the world, imports and exports goods Is negotiating. LINK
MilitiaMan: Let that start to sink in.. ~ MM
MilitiaMan: The issuance of a new currency.. One where they raised the price of the IQD.. Ill refer to that later.. But be sure, imo. they are telling us what has been done and in my opinion to be exposed.. imo ! << ~ MM (wink)
Iobey777: This article is LOUD!! So much GREAT information being given here…all one has to do is open his eyes and READ!..everything is PAST TENSE..meaning it has been done! “ The price of the dinar
Al-Azzawi added that “one of the most important economic achievements after April 9, 2003, is **the issuance of the new currency, which resulted in** raising the price of the Iraqi dinar and making it get out of the prison in which he lived during the era of the previous regime, and his purchasing power improved rapidly, with financial and economic measures taken.” And that “the Iraqi dinar, after 18 years, has become stronger than many currencies of neighboring countries, and others, regionally and globally, with the availability of a monetary block that is good compared to the Current circumstances
Iobey777: BOOM!! Now, Just show the NEW RATE to the world!!!
PattyCakes77: Also i strongly believe it is going to come out the door more than 1 to 1. More like 4 plus. Let the games begin
Samson: Al-Kazemi: The port of Al-Faw will enhance Iraq’s geopolitical position in the region and the world
11th April, 2021
The Prime Minister, Mustafa Al-Kazemi, confirmed, on Sunday, that the large port of Al-Faw will enhance Iraq’s geopolitical position in the region and the world.
“Today we announce the start of an important strategic project that has been awaited by the people of the country for many years,” Al-Kazemi said in a speech during the foundation stone laying ceremony for the Grand Faw Port project, according to a statement from his office that Mawazine News received a copy of, stressing that the port will provide great opportunities for Iraq and strengthen its geopolitical position in the region and the world,
And it will create many job opportunities for the people of Basra and the rest of the provinces, and it will contribute to the development of the province.” He added, “Many have gambled on the failure of the project and spread several rumors to frustrate the people, but the project is officially launched today after we completed the planning and negotiations stages, and we financed the project from this year’s budget.”
He continued: “The big FAO project is not only for Basra, but rather is a strategic project that contributes to the development and reconstruction of all governorates of Iraq, and makes the country an economic bridge linking the various countries of the region.” And he added, “We are facing a new stage in the modern history of Iraq, where we overcome crises, and move towards construction, reconstruction and prosperity,” calling on the people in Basra and all over Iraq to “have hope and put our hands together, and build our country from Faw to Zakho.”
At the end of his speech, he affirmed that “Iraq will rise again with the arms of our young men and women, and by God’s blessing we will open the project and we will continue supervision and follow-up so that it will be completed successfully, God willing, without delay.” LINK
AtpInfinity: THANKS, SAMSON…GREAT DAY NEWS YOU HAVE PROVIDED!
“…but the project is officially launched today after we completed the planning and negotiations stages, and we financed the project from this year’s budget.”
AtpInfinity: SOMETHING CHANGED yesterday: IMO!!!!!
“We are facing a new stage in the modern history of Iraq, where we overcome crises, and move towards construction, reconstruction and prosperity,”
Al-Kazemi’s advisor identifies 3 factors to control price increases 11,APRIL, 2021
Advisor to the Prime Minister for Financial Affairs, Mazhar
He added that “the first factor is the ability to provide sufficient financing for foreign trade requirements in foreign currency, which is a work of monetary policy, which is facilitated now.”
AtpInfinity: LOOK AT KEY WORDS: TODAY, NEW STAGE, PROSPERITY, NOW…..MAY GOD BLESS ALL
MilitiaMan: Yes indeed.. ATPinfinity… Today, New Stage, Prosperity, NOW… Sums it up nicely. Lets look at some chronological events that support they have had no choice but to get it in gear to finish the process of the project they have been working on over the last 18 years real close and that is delete the 3 zeros from the exchange rate.
Lets merely look back to this last month of March to see that there was and is support for that there will be a rate change again.
Even if it looks like from the Deputy of the CBI that a rate change will not be coming, as he states: “The decision taken to change the exchange rate is final and there will be no further change in this rate.” That is the rate of 1460. Hold that thought! So lets look at what was said on 03/28/2021 by the head of the KDP.
” The head of the Kurdistan Democratic Party’s bloc in the Iraqi parliament, Vian Sabri,”
“Debate over the budget items is heated within the Finance Committee, and disagreements are significant between the major political blocs. The most important issue of the changing of the exchange rate was the matter of changing the price of oil in dollars to one in dinars. That is, the exchange rate was basically abolished in the law, and with it the discussion about the exchange rate will end in the budget.”
MilitiaMan: Before we get to the above statement in regard to the budget. Lets look at the pressure that has been exerted by the devaluation to 1460 from the previous rate of 1190. The devaluation was / is a major issue.
They have a fix in place for that and will do so too.. IMO. They have to adjust the rate again and will do so to relieve the citizens from the negative effects of the devaluation in Dec 2020, as pricing of goods and services is going through the roof.
There are massive demonstrations on going, etc.. Everyone knows that going to a market economy is based of the country being Article 8 Compliant with freedom of capital movement. We see proof of that now in the markets and the implementation of projects. Massive ones!! Port of Faw, GE, etc.. They didn’t agree on the financing at a program rate, imo.
They (Parliament) are clearly stating the 2021 budget has been approved to price oil in dinars now. T
he PM states the 2021 budget is financing the the Port of Faw project in the billions. To price oil in dinars is only possible with an exchange rate change, imo. Whereby, if the deletion of the zeroes is to happen, then it would make sense, as there are not enough dinars in existence to do so in dinars.
With an approximate 4 million barrels of oil a day at say $65.00 brl is upwards of 379.6 billion dinars a day.. Nope not going to happen imo.. Drop the 3 zeros and that can happen.. And hence the projects cornerstones are being put in place today. imo ~ MM
LINK Saeron: The Central Bank Made The Biggest Economic Mistake In The Country
LINK Parliamentary Committee: The budget is a victory for the peasants
LINK The President of the Republic comments on approving the budget: We hope that it meets the aspirations of the people
LINK He added, “We now have the right to implement it in a way that guarantees the interests of citizens and rebuild the nation, and to take maximum measures to support low-income classes, provide job opportunities for our youth and combat corruption.”
LINK Parliament transfers the budget from the dollar to the dinar to overcome the dispute
LINK America welcomes the approval of the Iraqi budget
LINK Central Bank Governor: Iraq is implementing its reform plans
Frightening stressed during a speech delivered at the meeting, “Iraq is implementing its reform plans towards fiscal and monetary policy.”
MilitiaMan: So back to the budget. They abolished the exchange rate in the budget per parliament and therefore the Deputy of the CBI statement about the final exchange rate is not lying. “The decision taken to change the exchange rate is final and there will be no further change in this rate.” He says.
There was talk about reverting back to 1190, 1300 and even out to 1600. But, they kept it at 1460. Therefore he is not lying. So, to get into the market economy they only need to adjust the expression of the way the pair currency. Instead of expressing in 1460 in dollar terms they can drop the 3 zeros and express the currency for pairing to 1.46 in new dinar terms. imo ! That my friends is my view on how this may play out in the short term.. imo ~ MM
The @IraqiGovt is committed to the economic reform programme, supporting the competitiveness of local products & reducing imports.
Deputy Governor of @CBIraq Dr. Ammar Mohammed talk about the dinar revaluation & its importance for the development of Iraqi industry. pic.twitter.com/2haBAQVsFF
— Government of Iraq – (@IraqiGovt) April 9, 2021
MilitiaMan: The above two photobucket links together are not in the full body of the rudaw link above. Click on them and note the text in the photos is not in the body of the report in full from rudaw. Those pictures are from 12:21 and 12:30 pm. I believe the final report was after 1:00 pm. The data referenced in the tweets pictures is deleted. They told us about the exchange rate being abolished.. They deleted that part of the text. Not surprising.. imo.. ~ MM
Ross: Since they announced Ramadan will not start until Tuesday…Monday would be a good day to bless the people with real purchasing power !
Samson: Kurdistan Region announces Tuesday, the first day of Ramadan
11th April, 2021
The Ministry of Endowments and Religious Affairs in the Kurdistan Regional Government announced, on Sunday, that the day after tomorrow, Tuesday, will be the first day of the month of Ramadan, confirming the reopening of places of worship from tomorrow.
The Minister of Endowments, Pashtiwan Sadiq, said in a press conference attended by Shafaq News Agency that tomorrow, Monday, is considered to complement the month of Shaban, and next Tuesday is the first day of Ramadan, and mosques and mosques will reopen in front of worshipers tomorrow, Monday.
The minister called on all worshipers to adhere to preventive measures to limit the spread of the Corona virus, expressing his thanks to the Supreme Committee to confront the Coronavirus for having taken into account the importance of the month of Ramadan and decided to reopen mosques and mosques.
The Sunni Endowment in Iraq had been announced earlier today that tomorrow, Monday, is the completion of the month of Sha`ban, and Tuesday is the first day of Ramadan.
For its part, the Shiite authorities, including the authority of Ali al-Sistani, announced that they were investigating the crescent of the month of Ramadan. Ramadan this year comes under tight restrictions due to the outbreak of the new Corona virus. LINK
Samson: The Federal Court is preparing to hold its first session .. The provincial councils and budget appeals await
11th April, 2021
The Federal Supreme Court is preparing to hold its first session in its new formation tomorrow, after its members took the constitutional oath in front of the President of the Republic, Barham Salih.
According to sources who spoke to Mawazine News, “There are several files awaiting the Federal Court, including the appeal submitted by members of the dissolved provincial councils of the parliament’s decision to dissolve it, as well as appeals in several paragraphs of the current year budget law.” She added, “The work of the court has been suspended for nearly a year, and therefore there are many cases awaiting the new formation for consideration.”
Regarding the work of the court, the legal expert Tariq Harb said, “It remains that the work of the court is governed by the constitution and not by the law, that is, that which is against the constitution, and what is against the law falls within its jurisdiction according to Article (93) of the constitution, for example there is nothing contrary to the constitution in the parliament’s decision to dismiss members of councils.
The governorates, the parliament has not abolished the constitution’s ruling on provincial councils, has not amended the constitution, and has not issued anything contrary to the constitution, which did not specify a period for the work of members of the provincial councils. Rather, it decided to demobilize these councilors until new elections are held, after two years have passed since they completed their four-year term of office and the members of the provincial councils remain for a period of six For years despite the completion of the period, it violates the principle stated in Article (5) of the Constitution, which requires the transfer of power.”
He added, “Parliament’s decision is constitutional, even if it deviates from the governorate election law, which decided to continue them because this is a legal issue. It does not fall within the jurisdiction of the Supreme Court because the jurisdiction of this court is in decisions that violate the constitution and the parliament’s decision is in line with the constitution, and what contradicts the constitution does not enter into its jurisdiction.” LINK
LINK Representative legal: The exchange rate of the dinar is fixed and the “appeal” does not stop the implementation of the budget.
11th April, 2021
The Parliamentary Legal Committee confirmed, on Sunday, that it is not possible to appeal the general budget law for 2021 and change the exchange rate of the dollar against the Iraqi dinar.
A member of the committee, Salim Hamza, told Shafaq News Agency that “an appeal can be filed with the Federal Court on some articles and paragraphs of the General Budget Law, but this appeal will not stop the implementation of the law, but rather stop some paragraphs pending consideration and broadcasting of the appeal filed on those paragraphs.”
He added that “the exchange rate of the dollar against the Iraqi dinar is fixed and cannot be challenged, given that the paragraph is not an addition to the budget law. Rather, it is a decision issued by the executive government and the Central Bank and does not contain any violation of the law or the constitution.”
MilitiaMan: Looks like they put the appeal to rest out the gate in respect to the budget, as there are no constitutional violations.
They have issues with other pending paragraphs that apparently are not a game stopper, as the budget was signed with out them in current form and that the decisions issued by the executive government and the CBI have no constitutional issues to speak of. Imo, since we have not seen the budget exposed with 1460 yet, there is support that if they were to stay at that rate there would not be reason to wait.
Now that we have the budget signed and there is a time line for that to be law and in the gazette, suggests the next few days will be where the rubber meets the pavement..
My view is they are not going international with a program rate of 1460.. That rate helps no one.. There are a plethora of articles that support it is harmful to the citizens, and there are a plethora of articles supporting they have every intention of helping the citizens, not burying them with inflation! imo
I like where we are, as there is light at the end of the tunnel. For those that need a grounding, I hope this helps! No stopping the implementation of the budget.. imo. I pray our study is solid. Amen!!! ~ MM