KTFA – Frank26 and Clare from KTFA “News and Views” 12=13=2-23

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Frank26:   “WHY… IS THERE A RATE CHANGE COMING???!!!”……….F26

Parliamentary Finance: Spending only 20% of the current year’s budget

 12/12/2023 Baghdad: Shaima Rasheed

 The Parliamentary Finance Committee revealed that the government has spent only 20% of the current year’s budget, and expected to release the rest of the budget on December 20, indicating that the government’s move towards currencies other than the dollar will reduce the pressure on demand for it and thus reduce its prices. (IF THE EXCHANGE RATE DOES NOT GIVE VALUE TO THE DINAR THEN THE GOI/CBI WILL SUFFOCATE EVERYTHING IN IRAQ!!! -F26 ) 

Committee member, Jamal Kujar, said in an interview with “Al-Sabah”: The government has spent only 20% of the current year’s budget, and it is assumed that after December 20, a good portion of the budget will be spent for a period of five days until the accounts are closed, noting that with the beginning of New Year Next year’s budget schedules are sent.  ( )

He pointed out that the government’s move towards currencies other than the dollar will facilitate the issue of trade(THIS IS THE INTERNATIONAL BASKET!!! -F26 ) on the one hand, and push traders to deal with the platform (THE FLOAT!!! -F26 ) more and reduce pressure on the dollar instead of focusing on it, stressing that it will contribute to stabilizing its official price. 
(REER!!! -F26 )    LINK

Frank26:  THIS IS A FIRST… FOR THE MONETARY REFORM PROCESS”…………F26

The Central Bank decides to establish the National Company for Electronic Payment Systems in Iraq

December 13, 2023

The Board of Directors of the Central Bank of Iraq decided to establish the “National Company for Electronic Payment Systems in Iraq,” indicating that the company represents a qualitative development in the structure of the country’s financial infrastructure.

He stated that the new company will assume responsibility for developing, operating and managing the national electronic payment and clearing systems with high efficiency and adding new elements to serve the electronic payment environment.

He added that the role of the Central Bank of Iraq will revolve around organizing and supervising these systems, and that implementation will begin and the legal, executive and operational framework for the company will be established with the participation of all interested parties, in accordance with the Bank Law and the applicable legislative frameworks.

It is noteworthy that this step coincides with the rapid growth in electronic financial services and products and the increase in the number of users in accordance with the framework of the government program to support and adopt advanced electronic payment systems.

 Central Bank of Iraq
Information Office
December 13, 2023

https://cbi.iq/news/view/2485

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Frank26:  “NEXT YEAR THIS NUMBER WILL BE DOUBLED… BECAUSE OF IRAQ’S POTENTIAL IN THE WORLD!!!”……….F26

Central Bank of Iraq: Our imports from the UAE exceed $21 billion annually

12/13/2023

The Central Bank of Iraq revealed, on Wednesday, that Iraq’s imports from the UAE exceeded $21 billion in 2022, indicating that dealing in the UAE dirham will be with the same mechanism adopted with Turkey and India.

Assistant Director General of Investments at the Central Bank, Muhammad Younis, said in an interview with Shafaq News Agency, “Dealing in the UAE dirham will help cover our imports, which last year amounted to 21 billion and 478 million and 796 thousand dollars,” noting that “dealing in the dirham will avoid us dealing in the dollar, which “Subject to scrutiny.”

He continued, “The UAE dirham will contribute to facilitating the process of financing trade from the Emirates and reduce pressure on the secondary market because many Iraqi merchants cannot transfer dollars to the Emirates, which is also subject to auditing and delays.”

He pointed out that “the bank deals in the local currency of other countries. We started first with the Chinese yuan and we are in the final stages, and with Turkey in the lira, and with India also in the rupee.”

The Governor of the Central Bank, Ali Al-Alaq, announced the agreement with the Abu Dhabi Bank Group to launch financial transfer operations between the two countries and finance trade and imports between Iraq and the United Arab Emirates in the UAE dirham currency.

It is noteworthy that First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, with a credit rating of AA-, and its total assets amount to about 300 billion US dollars.   LINK

Clare:  Kurdistan will suspend working hours starting December 25th

12/13/2023

Kurdistan Region: Disruption of official working hours starting from December 25 until January 1, 2024 on the occasion of New Year’s Day.

LINK

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12/13/2023

Prime Minister Muhammad Shiaa Al-Sudani held, before noon on Wednesday, a special meeting of the Networking Committee for Border Ports, in the presence of a number of government advisors.

A statement issued by Al-Sudani’s office stated that the latter “listened, during the meeting, to a comprehensive presentation of the port networking project, the system designed to manage it and the unified and central database it provides, in addition to the possibilities of interconnection with the controls in order to enhance security and follow up on transit trucks.”

The statement added that Al-Sudani “was briefed on the developed electronic declaration system, the smart tracking system inside the ports for trucks, and the obstacles to completing the project, which began work on in March 2023, and which will reduce time and limit financial corruption, smuggling operations and customs manipulation.”

According to the statement, the Prime Minister stressed the need for the draft system to include broad automation in the processes related to border crossings, secure their work in a centralized manner, and create a unified examination image that contains all the required information, directing that reliance on the human factor be reduced to the maximum extent.

The statement continued that Al-Sudani “directed to accelerate the integration of the link between the departments, in order to reach a state of linkage between the Central Bank, Customs, border crossings, and all sectoral departments, praising the efforts made to complete the work of this system and implement it to its full potential.”    LINK