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Mnt Goat – List of Significant Events: SUMMARY OF THE PAST 30 DAYS (Late June to Mid July 2024)
inMnt Goat:
“The CBI’s 3rd strategy has drawn up a road map & programs with clear goals & initiatives for a period of three years 2024, 2025, 2026 in a special, complex & risk-filled economic & financial situation.”
The Commander-in-Chief of the Armed Forces explained that the goal of preserving the security & sovereignty of Iraq over its land, airspace & waters is a main axis within the goals of the government program in the field of defense & confronting security challenges
The beginning of the twenty-first century can be marked by the development of advanced digital technologies, a revolution in the information field & the acceleration of the processes of economic globalization.
Mnt Goat: this explains where Iraq is moving ahead.
It is noteworthy that the Parliamentary Investment Committee justified its effort to amend some investment laws in order to attract foreign investments & capital.
Mnt Goat:We were also told this was needed by the WTO in the accession process. “To comply with WTO rules, Iraq must align its trade policies with international standards.
Iraq has confirmed that it has fulfilled the requirements for joining the World Trade Organization (WTO) after implementing economic reforms & improving the business environment.
Mnt Goat:So, we are told this meeting on 7/18 may be the final “working session” to rap up the paperwork & once again review that all requirements are met. It did not mean they were going to make the announcement then followed or preceded by an RV. Get it? Jut more intel guru talk… lol..lol..lol. No evidence or proof of what they say. All pure speculation!
The European Union announced, on Wednesday, that the Iraqi government has achieved progress in international investment, while noting that it sets an example of cooperation with international legal standards.
Mnt Goat: Come’on folks can the news get any better?
PM Muhammad Shiaa Al-Sudani confirmed that Iraq has become a safe & attractive environment for capital from international companies.
Mnt Goat:Are they just saying this based on what the EU just said?
Iraq has officially signedthe “The Singapore Agreement” on Mediation & that this is an important step in developing & resolving commercial disputes in Iraq.
Mnt Goat: It represents an international category that aims to facilitate international trade & promote mediation as an alternative & effective method for settling commercial disputes.
The approval of next September as the date to stop dealing with the paper system & work electronically at (all) customs (points).“The PM chaired a meeting to follow up on the implementation of networking between border crossings & to complete the implementation of the Customs Automation System (ASYCUDA).
Mnt Goat: More accountability & much more revenue to be turned over to the Federal govt. WOW! Remember what they said. This revenuecould rival the oil revenuesif it is managed properly. The WTO also requires this. This also helps to bring Iraq out of a “rentier” economy, which they need to do.
In implementation of the provisions of Article 2/77 of the law above, which stipulates that the government shall submit financial schedules related to expenditures, public revenues & the planned deficit for the fiscal years 2024 and 2025, in order to provide a flexible space that allows for the implementation of the general budget.
Mnt Goat: Done! & published in the Gazette. Yes, no RV rate in the Budget or in the rollout schedules just as I have been saying all along. Just more stupid intel Guru talk ☹.Surprise, Surprise! Are you stupid TNT fans listening?
The advisor to the Iraqi Prime Minister disagreed with what four economic experts said regarding the “stability” of the US dollar exchange rate against the Iraqi dinar, stressing that“the stability of the dollar is real and solid and not imaginary as some believe.”
foreign reserves supporting the Iraqi dinar, whose value as liquid foreign assets exceeds $100 billion, which is thehighest in the history of Iraqin the development of its international reserves.
economic researcher, Ali Abdul-Kazem, explained as for the stabilization process,when the dollar reaches the official price, then it can be said that the dollar price has stabilizedbetween the parallel and official.”
Economic expert Al-Halou explained to Shafaq News Agency, “rather, the correct stability is as it was before, when it was 1120 in the CBI & 1121 abroad”.
Mnt Goat – this is better than 1166 under Dr Shabibi even…just saying…Can they reach this? Is this their goal?)
Muhammad Saleh, explained today, Friday, that the state has adopted a policy of providing sovereign guarantees for loans obtained by the private sector to finance an important package of private industrial projects.
Mnt Goat: In other words these govt backed sovereign funds provide security for these loans for these “private” projects not funded by the Iraqi Budget.
Iraq has been seeking for two years to end the phenomenon of dealing in the Dollar in the local market, while economic experts point out the success of the CBI’s measures in achieving “relative” success in controlling the hard currency.
Mnt Goat – Did you read it? It says “CBI’s measures in achieving “relative” success in controlling the hard currency.” So please do not ask me if the parallel market is under control. It is but it is not yet where it needs to be. It needs to match the Offical CBI rate. I keep telling everyone this. This is their goal!
The financial advisor to the PM, Salehwhile pointing out two basic starting points for the development of the investment environment in the country.
1.The first is Iraq’s completion of its integration steps in providing safe & appropriate environments to attract foreign investment in Iraq;
2.The geographical location of Iraq, which connects European countries by land with Asian countries by sea, encouraged the launch of the Development Road project.
Clemta,the comprehensive platform for entrepreneurs operating in the US & spread globally,announced the most important updates aimed at enhancing the user experience & expanding its international reach. The Certified Admissions Agent programrecognized by the Internal Revenue Service is now available in Arabic & is intended for entrepreneurs in the Middle East & North Africa (MENA) region.
PM Muhammad Shiaa Al-Sudani confirmed that the world realized the importance of Iraq’s stability for international & regional security, during his reception of the delegation of the European Foundation for Dialogue and Development.
Mnt Goat: Get’r Done!
Saif Al-Halafi, a specialist in financial & banking affairs, identified three reasons for the return of the rise in Dollar ER in local markets, while placing the Iraqi Stock Exchange as an essential part of resolving this rise.
Mnt Goat:– opps!!! There’s a Pillars of Financial Reform…. they keep talking about. Get it yet?
Al-Sharmani said in an interview with the Maalouma Agency that the Central Bank’s policy is still faltering in controlling the Dollar exchange rate. He added, “Specification & lack of control over the currency selling window is one of the most important reasons that creates a gap that leads to a rise in the Dollar ER in the markets.”
Oil & Gas Law: July 9, After 18 years, he announced the formation of a committee to draft the law & present it to the government & the House of Representatives.
Mnt Goat:The draft oil & gas law in Iraq available to Parliament stipulates that responsibility for managing the country’s oil fields must be entrusted to a national oil company & supervised by a federal council specialized in this subject. There is no other way to settle the dispute.
Yesterday, the CBI announced that it had submitted the “Draft E-Commerce System” paper to the Council of Ministers for review and approval to proceed with work on it.
Mnt Goat: The committee members stressed the need to establish controls for granting licenses to those wishing to practice e-commerce in a way that preserves the rights of all parties.
The Dollar’s flight does not threaten the Dinar. Al-Sudani’s advisor dispels fears: the Dollar system is a thing of the past
The World Gold Council announced today, Monday, that Iraq has advanced one place in the list of countries with the largest reserves of the precious metal in the world. According to the table, Iraq gold holdings changed, reaching 1,457 tons from 142 tons, which represents more than 10% of its other reserves.
Mnt Goat: yes, more GOLD to back the Dinar.
- “The fixed ER system in Iraq is based on an international reserves base that is the highest in the history of Iraq & its monetary policy, as foreign currency covers more than 100% of the total currency currently issued.”
- Rafidain Bank announced today, Wednesday,the implementation of thecomprehensive banking systemin Diyala. “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings”
- for the 1st time, the non-oil revenues of the Iraqi state recorded 11% of the total revenues, with oil revenues falling below the 90% barrier.
- Mnt Goat:is there some magic number they are trying to reach that they have not yet told us? Is this part of the Obama plan to revive the economy?
- the “ Jarida” platform learnedthat a company will soon be working to audit remittances for foreign currencies other than the dollar, in addition to restricting the sale of cash dollars exclusively through airports,Mnt Goat:the exchange rate situation is improving and stabilizing, especially after choosing a company to audit transfers for foreign currencies
- Iraq stops dealing with the Chinese yuan…and the currency basket is an alternative.
Ernst & Young for auditing and financial consulting, “the signing of the contract with the company specialized in structuring & developing work in the banking sector.”
Mnt Goat: This is part of the 3rd phase of the strategy of financial reforms that must take place. SeeWhite Paper.
The Central Bank of Iraq announced, today, Wednesday, granting exchange companies of the “AB” category the ability to register internal & external remittance activities through the FITR platform.
Mnt Goat: if you can’t beat them, then control them by regulations & audits.
Hussein pointed out that “the stability of the Iraqi Dinar ER against the US Dollar representsa fundamental pillarfor achieving economic, social & political stability in Iraq, which is what the government seeks to achieve,” calling on the relevant American institutions to review it and build on it.
Mnt Goat: WOW! what a statement!
“the government’s policy seeks to achieve Iraqi energy independence through associated gas investment projects.
Mnt Goat: They have always had a plan but the money to do it was always stolen & so they never did many of these projects. Can they finally fund again these projects & do them this time?
-Iraq moves to break Dollar restrictions on 32 banks in crucial talks with Washington this week.
Mnt Goat: I do not still fully understand the reasoning for such restrictions when you want to help Iraq. But this is only hurting Iraq & not letting them conduct the currency reform their way according to their plan.
The economic expert, Dhia Al-Mohsen, called for canceling the currency selling window, pointing out that some beneficial political blocs were behind the continuation of this window to achieve financial gains.
Mnt Goat:Yes, by still operating under these currency auctions this too adds to the problems with the Dollar. They have become more of a hindrance rather than helping Iraq.
