KTFA – More News, Rumors and Opinions Friday Afternoon 3-8-2024



A government advisor to Al-Ghad Press: Dollar prices in the markets will gradually decline


The financial affairs advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Monday, that the dollar exchange rates in local markets will gradually decline . 

Saleh said in an interview with Al-Ghad Press, “The demand for foreign currency to finance Iraq’s foreign trade for the private sector and government trade amounts annually to approximately 60 billion dollars .”

He added, “More than 95% of Iraq’s foreign trade is financed through the compliance platform in accordance with international standards, and accordingly goods and merchandise flow into the country through the official exchange rate of 1,320 dinars per dollar .”

He continued, “Foreign trade depends on the parallel market at a rate of 5%,” pointing out that “the percentage referred to will not affect the local market, especially after the decline in the general level of prices, which does not exceed 4 percent annually .”

He pointed out that “the current monetary and trade policy will provide a gradual reduction between the official and parallel exchange rates, especially after the banking system adapted to the rules of international trade and the principles of financing foreign trade, all of which began to serve the interest of the stability of the national economy .”

Today, Monday, the capital, Baghdad, witnessed a decline in dollar exchange rates with the closure of the main Kifah and Harithiya stock exchanges in Baghdad, recording 149,850 Iraqi dinars against 100 dollars.   LINK


Clare:  Distribution of approximately 6,600 plots of land among employees of the Basra Oil Company

3/8/3034    Baghdad

Today, Friday, Oil Minister Hayyan Abdul-Ghani announced the distribution of 6,598 plots of land among employees of the Basra Oil Company.

A statement from the ministry received by “Al-Iqtisad News” stated that “Abdul Ghani stressed, during the ceremony of distributing land plot bonds to a number of employees of the Basra Oil Company, the keenness of the government and the ministry to provide a free and dignified life for employees of the oil sector who continue day and night in order to sustain and increase oil production and investment.” Optimum for this wealth, in support of the national economy.”

The Minister of Oil added: “Today we have reaped the fruits of sincere efforts over the past period to obtain this large area of land in cooperation with the governorate administration and the concerned authorities to transform it into residential plots of land, and to transform the dream into reality, and ink on paper into reality on the ground, and here we are today.” We are with you to fulfill what we promised you, and we will not stop there. Rather, we are moving forward to achieve our goal for all workers in oil companies to obtain their entitlement to secure a decent life for them.”

He pointed out that “the total number of residential plots of (Al-Biban) lands that were sorted in the Shatt al-Arab district reached (6598) plots, with (120) plots that conflict with the prohibitions of electricity towers – high voltage (132) V.K. A committee is working to follow up on land ownership.” (Al-Biban) decided to resolve this by approaching the concerned authorities by asking the Electricity Department to remove the encroaching towers. The committee also approached the Shatt al-Arab Municipality to appropriate the canceled railways that pass through (Al-Biban) District, which is affiliated with the Basra Oil Company. If approval is obtained, it will be added. Approximately (420) residential plots, in addition to the completion of all real estate bonds issued in the name of the Basra Oil Company, and the First Real Estate Registration Department in Basra has expressed its readiness to receive the transactions of the beneficiaries of the Basra Oil Company.”

Abdul-Ghani noted “coordination with the Basra Governorate administration to allocate (40) thousand plots of land for distribution to workers in oil companies in the governorate,” stressing: “Since we assumed the responsibility of the ministry, we have been keen to pay attention to the segment of employees and provide them with the requirements of a decent life, especially the distribution of plots of land.” And residential complexes, and we stressed the inclusion of all workers in the oil sector in accordance with the applicable controls and contexts.”

The Minister of Oil instructed “the administrations of oil companies to expedite the resolution of the issue of lands for affiliates in coordination with the governorate administrations,” indicating that he is “personally following up on this issue, which falls within the priorities of the government and the ministry.”

For his part, the Director General of the Basra Oil Company, Bassem Abdul Karim, extended his “thanks and appreciation to the Deputy Prime Minister for Energy Affairs and the Minister of Oil for his efforts, endeavors and follow-up in obtaining these lands for the company’s employees,” stressing that “this represents an incentive to provide more work and giving in service of the public interest.” .   LINK


Courtesy of Dinar Guru:  https://www.dinarguru.com/

Frank26  [Iraq boots-on-the-ground report]   FIREFLY: Saleh is on television talking about Iraq’s financial situation.  He said…we have enough reserves to back a stable exchange rate…  FRANK:  That’s the reinstatement of your currency.  That’s going to be the float eventually too.  FIREFLY:  …He says we are capably of many other things besides oil, our country is powerful, growing and the world knows it.  FRANK:  Have you noticed the only topic in Iraq is about the exchange rate of a new currency that is coming to you?

Militia Man  Ministerial Council of Economics… Ministry of Planning, Industry, Trade, Central Bank of Iraq, Prime Minister, Deputy Prime Minister, advisers, all of those folks that are involved…have been knocking it out of the park themselves and showing why they are bringing Iraq to be the financial savior…The world expectations are Iraq is going to be a key component into the global financial system…When they say it’s imminent that’s a broadcast to the world…


Greg Mannarino:  3-8-2024


It Has Begun: Banks Are Now Failing, This Is A Huge Warning For America

Atlantis Report:  3-8-2024

In the wake of the recent collapses of several regional US banks, uncertainty looms over the financial landscape of America. The root cause of this impending turmoil, has dealt a severe blow to property valuations and loan portfolios.

As smaller regional banks brace for the storm of maturing debts and dwindling asset values, the stability of the entire financial system hangs in the balance. This alarming scenario signals the urgent need for attention and action to avert a potentially catastrophic outcome.