Samson: Al-Fili: The Rise In The Exchange Rate Of The Dollar Seriously Harmed The Poor
23rd December, 2021
Member of the Economy and Investment Committee in the dissolved Parliament, Mazen Al-Faili, confirmed, on Thursday, that the decision to raise the dollar exchange rate seriously harmed the poor, noting that the decision to raise the exchange rate was a government decision.
Al-Faili said in a statement to “Al-Maalouma”, that “the effects of the decision to raise the exchange rate of the dollar are still continuing, as it caused great harm to a large segment of the poor.” He added that “despite the significant increase in Iraq’s oil exports and financial revenues, a large percentage of citizens are still facing worsening living crises as a result of the rise in the dollar exchange rate.”
Al-Faili pointed out that“there is a clear economic contraction, and the government and the central bank must retreatfrom the exchange rate immediately.“
The former Parliamentary Presidency advisor, Hammam Al-Shamaa, had previously described the decision to change the dollar exchange rate as an economic setback, indicating that the decision caused an increase in poverty and unemployment rates and ended the existence of the Iraqi economy in the first place. LINK
MilitiaMan: As our friend Petra has told us in his well thought out view,( LINK) that the UN has been attentive to Iraq’s finances, as they paid off Kuwait.
The CBI announced that to the world that fact and added it will usher in Financial Abundance.
Thus, now we see them speaking of a must demand to retreat from the exchange rate and to do so immediately..
Not surprising, that this would surface at this stage. As, it has been now over 1 year since the present 1460 exchange rate was imposed on the country.
That means all of the country it was imposed on, however, the effects hit the poor by far worse than the affluent, thus, the call for now to retreat is fully warranted.
Their coffers will begin to fill up more and more from the revenues they’ll not be having to pay as installments to Kuwait any longer.
The added revenues from the digitized borders, the minerals that will be mined, the liquid natural gas not flared, etc..
Now take that to another level and think about what the CBI just announced. Kuwait is paid in full and the law was at that point in time satisfied.
With that being done, other doors opened. Bank vault doors, imo. Iraq had 10s of billions of dollars frozen around the world, to the tune of about $43 Billion +- imo, that will or are now freed up.
Those monies are no longer to be frozen or are now freed, let that set in. That money will add to the reserves which will support an immediate retreat from the exchange rate to an international one.
That $43bln is not all that is expected to be clawed back either. Once it all flows in the amounts will likely be staggering in nature and I am of the belief $100 billion is just the start!!!
The list of items that are before us supporting an exchange rate change is so very powerful.
The talk I have heard of on the street of Iraq today, is in lock step with Frank that it is in motion and the process is moving at a very very very fast pace and the excitement level in one case is extreme!
So with the Chapter VII done and Iraq likely Chapter VI as well supports that there are no shackles on Iraq.
The UN would have got the memo once the CBI paid in full and early.. Early? Yep, they did it early which again supports that there is a digital transformation on going globally..
We see all the data out of the AMF supporting they are ready to clear foreign currencies including the IQD. We all see that there were two large international Banks this week able to clear digital currencies international and foreign.
With Iraq’s reserves being in a growth environment the timing to transform her currency is now. We can also see that they are closing out contracts, interest rates, closing out payments, through the end of month, etc..
These things are openly stating a change is coming.
They are not waiting on a meeting with the UN in February, there is far more at stake than just Iraq, it is global event that will be triggered, as it is about Iraq but, not all about Iraq..
In fact, there are about 136 countries per the UST data.. Central Bank Digital Currencies are here. Lets see what they bring us, I suspect we will hear about value soon, too.. imo ~ MM
Al-Tamimi : Iraq is awaiting action from the Security Council to get rid of the consequences of Kuwait’s debts
23rd December, 2021
Legal expert Ali Al-Tamimi confirmed, on Thursday, that Iraq has fulfilled all the financial benefits that it accumulated as a result of the invasion of Kuwait, stressing that this matter has positive repercussions on the economy in the coming years.
Al-Tamimi said in an exclusive statement to “Nass” (December 23, 2021), that “Iraq was placed in Chapter VII of the Charter of the United Nations after entering Kuwait, according to UN Security Council Resolution 666 in 1990, and that this decision came after warnings, warnings and an economic siege imposed on Iraq, then international sanctions came under Chapter VII, which means that Iraq’s character at the international level has become weak, so it is not permissible for it to contract and conclude import and export agreements.
He added, “Iraq exited from Chapter VII in 2017 under Resolution No. 23/90 – but entered Chapter VI due to the presence of related matters with Kuwait worth 4 and a half billion dollars (compensations), and after it fulfilled these financial obligations, the Iraqi government and its representative at the United Nations must notifying the Security Council in order for the Council to issue its decision that Iraq has completely completed Chapter VI and VII.
The economic expert stressed, “This has economic repercussions on Iraq, because the money that was deducted from Iraqi oil exports will be part of the country’s financial reserves, and it may have positive effects on the economy in the coming years.” LINK
Samson: Finance directs to resume work next Sunday to complete the procedure for financing December salaries
23rd December, 2021
Today, Thursday, the Ministry of Finance directed the resumption of work next Sunday to complete the procedure for financing the salaries of the current December
And the ministry’s media office stated, in a statement received by the Iraqi News Agency (INA), that “the ministry directed the Accounting Department to resume working hours for all department employees next Sunday for the purpose of completing the financing of salary payments for all ministries for the month of December,” noting that “its decision came in conjunction with the directives of the President The Council of Ministers, Mustafa Al-Kazemi, will suspend the official working hours next Sunday, on the occasion of the birth of Christ
He added, “The Accounting Department has completed, since this morning, the financing of the salaries of the Ministry of Higher Education and Scientific Research, Universities, the Ministry of Planning, the Ministry of Youth and Sports, the Ministry of Culture, the Ministry of Agriculture, the Ministry of Finance, the Ministry of Transport, the Ministry of Migration and Displaced Persons, the Institution of Political Prisoners, the Martyrs Foundation, the Investment and Provincial Retirement Authorities, the Shiite Endowment Office and the Intelligence Directorate
He pointed out, “the ministry’s permanent keenness to complete all financial procedures related to the salaries of ministries and bodies not associated with a ministry before the end of the current fiscal year LINK
The Ministry of Finance: Resuming work next Sunday to complete the procedures for financing salaries LINK
MilitiaMan: They are going to finish up the salaries Sunday.. ? A holiday on the same day? lol Okay!! Seems they were at least busy today.. lol ~ MM
Samson: Iraq is awaiting a UN decision to remove it from Chapter VII, and a billion dollars will be added to the budget
23rd December, 2021
Iraq has turned one of the most draining files on its economy, after paying all its dues in the Kuwait compensation file, amid optimism about an economic recovery and openness to global investment
Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, told the Iraqi News Agency (INA), today, Thursday, that “Iraq ended the Kuwait war compensation file, as it paid the last payment of dues about less than 45 million dollars,” noting that “with this, Iraq paid all obligations imposed on him under Chapter VII of the United Nations Charter and relevant Security Council resolutions in 1991
And he continued, “The compensation file cost Iraq from the gross domestic product and the efforts of its economy about 52.4 billion dollars,” explaining, “This amount is not small, as this amount is sufficient to build an electricity network system that revives Iraq for many years. He added, “This reckless war was borne by the people of Iraq,” noting that “closing the Kuwait compensation file is a new page in Iraq’s economic history
And Saleh said, “This file was costing the Iraqi daily from 6-7 million dollars,” noting that “the value of these funds from Iraq’s current exports, which amount to more than two billion dollars annually, will be added to the budget of the Republic of Iraq and block one of the exchange doors with the truth
Saleh expressed his hope that “these funds will go to development, that is, investment projects that employ the workforce and produce income,” noting that “closing the compensation file is the beginning of closing the remnants of Chapter VII. And Al-Kazemi’s advisor indicated that “Iraq has imposed about 40 decisions on it because of the Kuwait war from the Security Council and has been completely shackled until the present time, so the end of this file means the issuance of a decision by the UN Security Council that is expected to be the beginning of next year to get Iraq out of the problems of Chapter VII of the United Nations Charter
He stated that “Iraq was considered an aggressor country, while in fact it is a peaceful country that loves its friends and neighbors”, expressing his hope that “all Iraq’s disputes will be resolved within Chapter Six by amicable means in truth
Saleh pointed out that “Iraq has great prospects by its integration into the global economy,” explaining that “the isolation in which Iraq lives is very great, and the world’s planes still do not reach Baghdad airport except for some regional countries, and this is part of the siege that Iraq is still considered a war zone with insurance and shipping costs in transfer of technology and in dealing with economic progress
Saleh stressed “the need for a ten-year development plan that will last for ten years to benefit from oil imports, as we start with the infrastructure and end with income-generating projects in all cases,” expecting that “the year 2022 will be a year of progress and prosperity for Iraq and broad positive indicators that begin with the closure of Chapter VII of the Charter of the United Nations.” The United States, the end of the Kuwait war reparations, the return to normal economic life, and integration into the international community
While the economic expert, Basem Antoine, confirmed to the Iraqi News Agency (INA), that “closing the Kuwait compensation file will restore confidence in Iraq and its investments, in addition to improving its image and reputation among several countries and companies to serve the people of the country, as well as the confidence of foreign citizens in Iraq,” noting that “exiting from the seventh item will be followed by some measures, but it is a step forward, and it remains on the efforts of the Central Bank in this process
And Antoine indicated that “Iraqi banks will restore their dealings, such as using correspondents from abroad, to achieve great and wide achievements with these banks, such as Al-Rafidain Bank, which is mainly a giant bank, in addition to the need for intermediary banks with Iraq. He stated, “The value of the amount of compensation will continue after closing the file and placing it in a sovereign fund, to be like the rest of the Gulf countries, and this fund will have rewarding results
While the academic at Basra University, Nabil Jaafar, confirmed to the Iraqi News Agency (INA), that “Iraq has paid all the compensation imposed on it by the UN Security Council, amounting to 52 billion and 400 million dollars, and therefore the Iraqi government must request that Iraq be removed from Chapter VII to VI and the liberation of its financial accounts Especially the oil revenues that go to the US Federal Bank to deduct the share of Kuwait’s compensation and then go to the Ministry of Finance
He stated, “The compensation has ended, and therefore oil revenues, which are revenues in foreign currency, should go to Iraq directly to the Ministry of Finance,” stressing the need for “Iraq to ask the Security Council to protect Iraqi funds deposited abroad in international banks. And he indicated that “the government’s directions after this file are to establish a sovereign fund in which the 3% of the oil proceeds that used to go to Kuwait, which sometimes amounted to two billion dollars annually, are deposited, to be invested at home and abroad and be a kind of buffer against the international crises that befall Iraq as one of the countries rentierism
While the economic analyst Tariq Al-Ansari told the Iraqi News Agency (INA), that “the gains that Iraq achieved from ending the Kuwait compensation file are to reduce the burden on the Iraqi budget related to debt, including Kuwait’s unfair compensation against the Iraqi people, because the decision was based mainly by the Security Council on The damaged party without taking into account the causative party with a great exaggeration that is not commensurate with the extent of the damage inflicted on Kuwait,” stressing the necessity of “exiting Iraq from Chapter VII as a result of paying its debts from Kuwait’s compensation 100% and entering it within Chapter VI because Iraq fulfilled its obligations from a legal point of view.” and finance
He continued, “The investment of the value of the sums that were paid to Kuwait, estimated at two and a half billion, is through restoring the infrastructure of Iraq, absorbing unemployment and reducing inflation and poverty, which has reached the 7% inflation rate in Iraq, and this is a very large number and has negative repercussions on the life of the homeland, because This inflation should not be more than 1-1.5%, which is acceptable. He stressed the need to “put the Iraqi economy on the right track from a scientific and methodological point of view, and restructure the economy with its monetary, financial, investment and oil policies as mentioned in the white paper
Al-Ansari called on the Iraqi government to take immediate, correct and sound measures since the beginning of next year to absorb unemployment, identify competencies, and put the Iraqi citizen on the right track, while reducing the exchange rate of the dollar against the Iraqi dinar to 130 as a first stage, and after three months it must be reduced to 120 so that the citizen can Iraqis are able to meet their basic and daily legal needs
And economic analyst Osama Al-Tamimi confirmed to the Iraqi News Agency (INA), that “Iraq will return to its normal state after it has finished paying its compensation to Kuwait under the relevant Security Council resolutions approved in 1991, including Resolution 687 to pay the Central Bank 44 million dollars, as the item will leave. The seventh and moves to Article VI of the Charter of the United Nations, and the Iraqi banking program is integrated within the international programme
He pointed out that “it has become imperative for future governments to invest the financial surplus, which represents the sums deducted from Iraq for the benefit of the United Nations Compensation Fund, on a regular basis, and direct them to the national development wheel to establish various projects that serve the growing economy according to promising economic plans.” It amounts to about 5% of the federal budgets. And the Central Bank of Iraq announced, earlier, the completion of the last remaining installment of Kuwait’s compensation, amounting to 44 million dollars
The bank stated in a statement received by the Iraqi News Agency (INA), that “the payment of the last remaining installment of the State of Kuwait’s compensation amounting to 44 million US dollars has been completed, and thus Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the UN Security Council under Resolution (687) for the year 1991, with a total of (52.4) billion US dollars for the State of Kuwait
He added, “It is hoped that ending the payment of compensation will contribute to removing Iraq from Chapter VII, as well as its impact on reintegrating the Iraqi banking system into the global banking system and benefiting from the financial abundance that will be achieved LINK
MilitiaMan: The amount of past tense closure in this article has all the indicators that Iraq is to be back to her rightful place in the region, the top. Her present and future value is immense. There will be be no stopping the progress that is to ensue.
The amount of growth the country is about to experience will be one that may very well be biblical in proportion. The $2 billion per year over time will be a foundation, that begets even more and more through the many mechanisms they have in place now.
Most likely a very good reason they have been successful in selling their bonds.. Re integrating the Iraqi banking system into the global banking system is going to be a BUNA experience.. One that will be very powerful.
PS the $64 billion in reserves is not all reserves, there is more to support the currency.. 5.. imo !~ MM