KTFA (MilitiaMan & Samson)

  In KTFA 

DeepWoodz: Imo…just a question…With a new fiscal year now in effect… would it be important for any change in the rate to be in effect as well for accounting purposes? Or does it matter?
I ask believing they can hide it for as long as they wish.

MilitiaMan:  Good question, I hear the thinking is they will need to have accounting sorted quickly being electronically automated and within a short period of time. Hence, the need to be sorted within the mid month era.. Another theory, is for instance they share with the people of Iraq outside of western eyes for a few days””. Which could go into effect at just about anytime now.

Things are closed out to Monday. Stock exchange, official working hours, etc… imo I would love to see the CBI telling the world about Article 8 compliance with an internatioally acceptable currency storng enough to hold her own in the Secondary markets.. That is the plan from what the FA thread suggest. imo.. anyway.. ~ MM

OlLar:  I used to have an article where Abdule Turki interim CBI Governor said although its not the only time they can change the exchange rate , for accounting reasons the first of the year is the best IMO

Samson:  Ministry of Commerce: the middle of next month, the date for the application of the electronic payment system

31st December 2020

The Ministry of Trade confirmed, Thursday, that mid-January will be the date for the application of the electronic payment system for exporters and importers, while it indicated the reasons for the obstacles to the export process.

The general manager of the General Company for Fairs and Iraqi Commercial Services, Sarmad Taha Saeed, said, according to the official agency, that “the company has signed a contract with the Central Bank, regarding electronic payment, as it will be the middle of next month to implement the electronic payment system, which will allow exporters and importers to pay with any card.” Available”.

He added that “attractive offers were made to the exporters, by giving ten percent of the invoice value free of charge, in support of the Iraqi exporter, as our goal is not only to export, but to be the transfer in Iraqi banks, and to provide hard currency.” He pointed out that “the cabinet had previously issued a decision to make the export absolute, but we were surprised that most of the materials had stopped being exported due to the presence of laws that contradict the decision.”

He explained that, “when traders started exporting, they were surprised to stop exporting gravel, aluminum industries, etc., as we must take sectoral approvals, after which export is permitted, in addition to the existence of laws issued in previous years that prevent the export process, and therefore we must present a proposed law to the Council of Ministers and ratify it.” And it is sent to the House of Representatives and presented for the first reading and the second after which a decision is issued.”  LINK

MilitiaMan:  The push is on imo.. They don’t have much time between now and the mid month January time frame they give above to implement the electronic payment system. The minister of Trade had obstacles to overcome and it appears the obstacles have been overcome now.

The electronic payments should be from my understanding be done with a new digital dinar.

There words not mine.

The expectations of the ministries are working in my opinion in tandem or con conjunction with GCFICS with the CBI. The country has obviously devalued for a purpose(s) and the citizens and traders, exporters, etc., have been affected.

In my view they have a plan that included the devalue, then a subsequent deletion of the 3 zeros and then the intention is to defend the exchange rate for stability.

The electronic payments may very well be a very supportive clue to the accuracy of my view. We shall see. imo ~ MM

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Samson:  Parliamentary Finance: Iraq’s spending during the year 2020 amounted to 72 trillion dinars

1st January, 2021

The Parliamentary Finance Committee announced that Iraq’s spending during the year 2020 amounted to 72 trillion dinars

A member of the committee, Majda Al-Tamimi, told Al-Iraqiya TV that the spending in the 2020 budget amounted to 72 trillion dinars, noting that the spending in the 2021 budget amounted to 164 trillion dinars

She noted that the 2021 budget is a shock balance, and that the expenditure jump is not normal in this budget   LINK

Samson:  Al-Fateh: The 2021 budget corresponds to the 2016 and 2017 budgets together

19:22 – 12/31/2020

On Thursday, the Al-Fateh Alliance described the 2021 budget as explosive and the highest in the history of the Iraqi state, indicating that what the government requested in 2021 is equivalent to the budgets of 2016 and 2017.

The deputy of the Al-Fateh Alliance, Ahmed Al-Kinani, said to / the information / that “the Al-Kazemi government has strange strange contradictions since it came to power and voted on it.”

He added, “After a long delay, the Al-Kazemi government presented the 2021 budget with explosive numbers that are the highest in the history of the Iraqi International and talks about a financial crisis, which raises many questions.”

Al-Kinani explained that “the budget submitted by the government for the year 2021 corresponds to the expenditures and budgets of the years 2016 and 2017 together,” noting that it “only requested operational expenses to double what was recorded for the year 2020.”  LINK

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DeepWoodz:  Imo….up to this point….

The BAD NEWS….

A decrease in the value of the dinar.

An increase of prices for gas.

An increase in the cost of electricity.

Increased prices of foodstuffs.

Higher deductions from salaries.

Poverty and unemployment on the rise.

Parliament says bankruptcy in 6 months.

Just wanna say this all is OBVIOUSLY not what Iraq has been working towards ALL THIS TIME!

The GOOD NEWS…

Oh snap!!!
In the document: The Security Council cancels the sanctions imposed on an Iraqi government bank 17 years ago

Banks interest rates going higher to get that chunky money?

NICE….In sum, Mustafa Al-Kazemi, who dealt with elegance and dignity with the abuses that have affected him recently, due to his strong rejection and anger at the repeated attacks on the American embassy in Iraq, this rejection and anger are not due to greed in the rule of Iraq, and if there is no need for greed, then Al-Kazemi is like any Iraqi My country aspires to achieve the sovereignty of the Iraqi state and maintain its prestige, and to give priority to the supreme interests of the Iraqi state, and to participate in making the present and future of a prosperous Iraq.

Raffidain getting Arab Banking Awards!

Never heard of this!!!…“This trend was evident in the contents of the black paper Which they called white injustice and aggression, which was announced by the Minister of Finance through his televised statement on 10/13/2020”

As in BLACK PAPER…..ie….opposite of the white paper!!! Opposite of what we know they are doing!!!

Kurds are done and want everyone to know they are not the reason for holding up the 2021 budget.

Rasheed and Rafidain banks are having interest rate wars!! Who can pay the highest!!!

Talk of the town…. the budget is astronomical!! Haha somebody’s getting paid!

No less than three articles remembering the past years…2003 being mentioned. Pre-Sanction era…..hmmmm…gettin hot in here!!!