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Mnt Goat News Brief - (Guru Portion Only) 2/11/21 - Double Your Dose Of Hopium! DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Mnt Goat News Brief - (Guru Portion Only) 2/11/21 - Double Your Dose Of Hopium!

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Mnt Goat News Brief - (Guru Portion Only) 2/11/21 - Double Your Dose Of Hopium! Empty Mnt Goat News Brief - (Guru Portion Only) 2/11/21 - Double Your Dose Of Hopium!

Post by RamblerNash Thu Feb 11, 2021 9:10 pm

More news….

STATUS OF THE REINSTATEMENT

In my last newsletter dated Feb 9th I talked about Iraq joining the Bona service for currency exchange practices between middle eastern countries. I explained what this may mean for the Iraq dinar. Now they can pay for  imports using the dinar. This will allow the currency auctions to finally end. But will this be connected to the other international currency exchanges?

Also, another tip for us is to watch what the GOI is about to do with the collections of the customs and tariffs. They have told us there is an electronic service to be used for this collection process and that this service must be capable of accessing the international currency exchanges. How else would they convert the currencies to the countries of origin and destination? We have known about this service for a long while. They have tried in the past to use this service unsuccessfully since the dinar was not yet international they could not.

Remember also this year the Kuwait compensation will be all paid up and completed. This frees Iraq from any war time debt owed.

The finance ministry is telling us that they expect to pass the final 2021 budget this Saturday or Sunday. It is a two-year budget. Kurdistan is the holdup but as usual, they will work out negotiations with them and will need a few days to do so.

Even if all goes well with the Kurds, don’t expect a reinstatement the next day. This is very foolish thinking. Instead relax and know it is coming soon and you will probably not have to wait until the year 2022.

This is one of the rare times when I will give my personal opinion and so here goes…..

I personally do not believe that Trump will be inaugurated and back in the Whitehouse until sometime late March or early April. Iraq will not reinstate the dinar until this is the case and is completed. The good financial reset (the one we all want) cannot and will not happen with Biden having presidential powers. Just look at how he already abused his power with 50+ executive orders. All of these are VERY damaging to our nation and push us ever farther towards socialism and UN One World Government dependence. But much of these orders are against legislated laws and so he is unconstitutional without going through congress, the legislative body.

We all should relax and just watch the corruption being exposed and pray that God serves the kind of justice they deserve. 

Did you watch my latest video set? Its called “Time to Choose and Take Sides – The Invasion Has Begun”.

More news….

OIL CONTINUES TO RISE, RECORDING $ 61 A BARREL

February 9, 2021 Walter

{Follow-up: Euphrates News} Oil futures rose 2 percent to their highest levels in more than a year, and Brent surpassed the level of $ 61 a barrel, supported by supply cuts between major producers and hopes for more economic stimulus in the United States.

Brent crude futures, the world benchmark, rose $ 1.22, or 2.1 percent, to settle at $ 61.18 a barrel.

U.S. West Texas Intermediate crude futures rose $ 1.12, or 2 percent, to settle at $ 58.97 a barrel.

More news….

WHAT IS THE APPROPRIATE OIL PRICE TO REDUCE THE DEFICIT IN THE IRAQI BUDGET?

Iraqi Oil Minister Ihssan Abdul-Jabbar SAID THAT IRAQ NEEDS TO RAISE OIL PRICES TO $ 80 A BARREL IN ORDER TO BE ABLE TO FILL THE DEFICIT in the state budget.

In an interview with Shafaq News, Abdul-Jabbar added that in 2021, Iraq will export about one billion and 100 million barrels of crude oil, according to market data. Iraq's budget needs 140 trillion dinars (96 billion dollars) at a price of $ 80 "per barrel, which is the right price to make Iraq able to pay budget dues."

More news….

TRANSPORT AND THE CENTRAL BANK ARE DISCUSSING THE ACTIVATION OF THE ELECTRONIC COLLECTION PROJECT

On Tuesday, the Ministry of Transport discussed with the Central Bank of Iraq the electronic collection project and linking it to the RTGS National Division. 

"A joint meeting was held between the Director General of Payments of the Central Bank of Iraq, Duha Abdul-Karim, and the assistants of the Ministry's formations managers, in the presence of the Director General of the Technical Department and the Director General of the Administrative and Financial Department in the Ministry," the ministry stated in a statement received by Al-Ahed News. 

More news….

PARLIAMENTARY FINANCE: TODAY IS OUR LAST AND FINAL MEETING ON THE BUDGET

The Finance Committee confirmed that, today, Wednesday, the final and final meeting on the budget will be witnessed, WHILE IT INDICATED THE CONTENTIOUS ARTICLE WITH KURDISTAN THAT NEEDS URGENT CONSENSUS.

"We are waiting for the Presidency of Parliament to decide when to vote on the budget, while the disputed article between Baghdad and Erbil remains pending and needs an urgent consensus," said committee reporter Ahmed Al-Saffar.

He added that "dozens of items have been changed according to the interests of the people, such as daily wages, preventing salary cuts and ending the budget deficit."

Al-Saffar pointed out, "Today, Wednesday, the committee will witness the final and final meeting of the budget after the completion of its amendment to be sent to the council presidency.

(Mnt Goat – see the complete article below on the outstanding issues with Kurdistan.) 

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Formal Articles are below. Due to FACEBOOK limitations they do not print my RED colored fonts or italics, so my comments are in brackets (  ) throughout the articles. I will preface my comments with “Mnt Goat” so you know I am jumping in with observations. Also, I separated the articles with asterisks.

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Articles Begin

BORROWING FROM THE IMF IS INTENDED TO LINK IRAQ TO THE GLOBAL CAPITALIST SYSTEM

Economic expert Nabil Al-Marsoumi affirmed: "The borrowing from the International Monetary Fund ... is intended to link Iraq with the global capitalist system."

He said in a statement to the Iraqi National News Agency / NINA /: “With all the indebtedness and internal and external borrowing fixed in the budget, the Ministry of Finance is conducting serious negotiations with the International Monetary Fund, in order to obtain urgent assistance of 6 billion dollars, which does not mean a loan, at a low interest rate. By 1%, with long terms. "

Al-Marsoumi added, "The ministry is preparing for another loan of 4 billion dollars in exchange for implementing a specific program in the agenda of the International Monetary Fund to which the White Paper referred."

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PARLIAMENTARY FINANCE ANNOUNCES THE CANCELLATION OF ALL FOREIGN LOANS IN THE 2021 BUDGET

The Parliamentary Financial Committee announced, on Wednesday, THE CANCELLATION OF ALL FOREIGN LOANS IN THE DRAFT BUDGET THAT WAS HANDED OVER TO THE GOVERNMENT, INDICATING THAT ANY LOAN THAT THE GOVERNMENT WILL OFFER DURING THE CURRENT YEAR WILL BE REJECTED.

A member of the Finance Committee, Ahmed Al-Saffar, said that “the last-minute amendments to the draft budget of 2021, according to which all loans made by the government were canceled.”

He added, “What is in it is only the old, valid loans, and we did not agree to any new loan,” noting that “Parliament will reject any new loan that the government offers during the current year unless it is classified exclusively for investment projects.”

He explained that “any loan submitted by the government will be repaid from the proceeds of the investment project, and the project remains the capital of the country and IRAQ DOES NOT INCUR ANY DEBTS.”

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MOVEMENT TO DEVELOP THE IRAQI STOCK EXCHANGE

Enabling the Iraqi Stock Exchange represents the goal of the next phase of the Securities And Exchange Commission, as the volume of stock trading represents the mirror of economic activity in the country, and the commission's efforts look forward to reaching the volume of trading from $3-5 million per day to be a semi-emerging trading market.

"THERE IS AN ACTIVE MOVEMENT TO DEVELOP THE IRAQI STOCK MARKET IN ACCORDANCE WITH IRAQ'S ECONOMIC POTENTIAL," Said Faisal al-Haym, chairman of the Securities Commission.

Weak trading

He added that "the reality of trading stocks within the market is below the level of ambition, which makes it imperative for us to work to study the causes of weak trading and the trend towards addressing them."

He pointed out that IRAQ HAS A SIGNIFICANT ECONOMY IN THE REGION AND THE WORLD AND HAS THE SECOND OIL RESERVES, AND THIS LARGE WEALTH IN THIS SECTOR ALONG WITH WEALTH IN OTHER SECTORS, can be more effective and this reflects positively on the performance of the Iraqi stock market."

Re-trade

He revealed that the Commission examined the reasons for the weakness of trading and found the suspension of trading a number of companies because of their failure to complete disclosure, and this prompted us to issue decisions based on the reality of the situation that Iraq and the world went through due to the Corona pandemic, which counted a compelling circumstance, and we were able to re-trade a number of companies, and work continues to consider the reasons for the suspension and address it and return a number of companies to circulation."

"This measure helped to move the hard money by re-trading the shares of the suspended companies after raising the reasons, and this brought the movement back to the reality of the shares," he said.

Maximize trading

"There are plans to maximize trading and its value, by creating a trading volume of $3-5 million, hence we have a semi-emerging trading market, which will attract foreign investment," he said. He pointed out that «this trend represents one of the most important goals that the Authority is working to achieve in the coming period."

He warned that "raising the level of foreign investments in the Iraqi stock market requires the presence of attractions that contribute to this and the most important element of making profits by the joint stock companies and taking advantage of the price variables in daily trading."

He explained that "the legal environment for the operation of the market is suitable and suitable for the work, especially since the market is not modern and has been working for a long time, and the country has wealth that makes us a large stock market."

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THE VOLUME OF CASH DEALING IN IRAQ

The volume of dealing in cash is very large in Iraq, and the vast majority of daily transactions are through cash without using banking transactions, noting that less than 25 percent of Iraqis have bank accounts, and after reducing the value of the dinar against the dollar by about 23 per cent, the exchange value will increase by approximately The 25 per cent, because most of the goods in the Iraqi market are imported from abroad in dollars.

This exacerbated the problem of the size and amount of the dinar exchanged in the markets on a daily basis.

To overcome this problem, we talked about some solutions. And precisely

CANCELING ZEROS or printing a higher cash denomination, such as one hundred thousand dinars,

(Mnt Goat – lets hope the chose the cancelling of the zeros. Printing higher denominations will only cause yet more problems and a delay in what we want.)

And in my opinion, THE TWO SOLUTIONS DO NOT TAKE INTO ACCOUNT THE REALITY AND FUTURE OF THE IRAQI ECONOMY, nor do other risks, especially in printing a large currency such as the hundred thousand denominations; Note that large groups facilitate the smuggling and laundering process of money to increase its value and decrease its size, and thus facilitate smuggling or taking it out.

And considering the experiences of other countries, we have seen some European countries, and for long years, stopped dealing in the category of 500 euros for the reasons mentioned above, and after that the European Central Bank canceled the issuance of this category in 2019.

AS FOR DELETING ZEROS, IT IS THE GOAL CLOSEST TO THE ASPIRATION OF THE CITIZEN, as well as the dealer, because of its great facilities, especially in banking and accounting transactions, which reduces arithmetic errors and facilitates the daily dealings of the citizen and the trader.

But at the present time, any change that is added to the changes that have occurred and are expected to happen after the approval of the budget in 2021 and the entry into force of the White Paper will increase the confusion in the markets and the Iraqi economy that is looking for stability.

The solution is a practical two-year plan based on the seriousness of relying on electronic banking transactions and reducing the need for cash because of its great benefits, for example;

1) Saving the costs of printing the currency.

2) Controlling the movement of funds.

3) Control the market.

4) Reducing money laundering operations

5) Knowing the true size of income per person / company

6) Providing safety for the customer.

7) Transparency.

AND AFTER TWO YEARS, THE MARKET AND THE CITIZEN ARE READY FOR THE PROCESS OF DELETING ZEROS.

BUT AT THE PRESENT TIME, NEITHER THE IRAQI ECONOMY NOR THE MARKETS ARE READY FOR SUCH A CHANGE, especially after the confusion that occurred after the devaluation of the dinar against the dollar.

(Mnt Goat – we know that they already printed the lower denominations and the plan is NOT to wait two more years. What comes first the cart or the horse? The investors or the reforms to attract the investors?)

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THE KURDISTAN REGION REFUSES TO HAND OVER ITS OIL AND OTHER REVENUES TO THE IRAQI GOVERNMENT

(Mnt Goat – the title of the article is very misleading. Kurdistan only wants its dues according to what it produces for Iraq and its population in the regions belong to it.)

Today, Wednesday, the President of the Kurdistan Regional Government, Masrour Barzani, announced his rejection of demands to hand over all oil and non-oil revenues to the Iraqi government, indicating that these demands are unconstitutional.

According to the Iraqi News Agency , Barzani said in a press conference, "OUR PROBLEM WITH THE FEDERAL GOVERNMENT IS NOT ONLY THE BUDGET, BUT ARTICLE 140 AND THE PESHMERGA.

He explained, "Our demands are that the budget be transparent and according to the constitution."

He added that "there are several proposals regarding the region's share, including exporting 250 thousand barrels and handing over half of the other revenues."

He pointed out that "there are those who demand that all oil and non- oil revenues be sent but this is unconstitutional and we do not accept it."

He stated that "the atmosphere of the upcoming elections had an impact on the talks on the budget and the region's share."

He also stressed that "the region's financial imports increased through the regulation and collection of taxes."

Earlier, the Iraqi representative for the State of Law coalition, Abdul Ilah Al-Naeli, said that the Kurdistan Regional Government is owed more than  $120 billion, which must be delivered to the Baghdad government, before proceeding with any agreement between the two sides.

The financial and oil disputes between the federal government and the Kurdistan region, in the 2021 budget, focus on the region’s financial percentage and the quantities of oil it exports away from the Iraqi Oil Marketing Company "SOMO", which should be delivered as part of the country's total exports.

(Mnt Goat – Here we go again with Kurdistan. Mr guru, please don’t tell me Article 140 is all over.)

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THE CENTRAL BANK MEETS WITH WORKERS IN THE PROFESSION OF AUDITING AND AUDITING

On 10/2/2021, the Central Bank of Iraq organized a meeting with the gentlemen of the Board of Auditing and Auditing Profession, the Accountants and Auditors Syndicate, the Iraqi Association of Certified Public Accountants, and a number of account auditors and auditing companies to study mechanisms and ways to improve the financial statements of banks and the role of account auditors in this regard. The meeting was attended by the head and members of the audit committee in the central bank, the general directors of the accounting departments, banking control, investments, internal auditing and financial operations, in addition to a number of experts in the Central Bank of Iraq.

The meeting discussed the importance of enhancing disclosure in the financial statements issued by the auditor after being prepared by the banks' administrations. The meeting ended with a set of recommendations that we hope will be achieved upon the issuance of the financial statements for the fiscal year / 2020, which are hoped to contribute to improving the quality of banks' financial statements within the framework of applying international standards in auditing, control, transparency and risk management.

The Central Bank of Iraq.

(Mnt Goat – I have told everyone so many times already that the VERY BEST time for the CBI too reinstate the dinar is at the beginning of a new fiscal year. The fiscal year begins in January. They have no plans to change the fiscal year to April as many fools are telling you and have told you now for many years. Why do you listen to them?

The new budget is not yet passed and opened to spend and so this is not yet over and there is still time that we might see something from all this. The CBI must now coordinate with the finance ministry on the auditing process to ensure they too are all set to go.)

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Articles End
RamblerNash
RamblerNash
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