TNT – “Tidbits From TNT” Monday 12-25-2023

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Tishwash:  Kurdistan will prevent dealing in the dollar in 2024 if Baghdad wants – a special statement

The Minister of Commerce in the Kurdistan Government, Kamal Muslim, confirmed in a statement to the 964 Network that the region only adopts the Iraqi dinar in transactions at the level of border crossings and airports, and said that measures to prevent the circulation of the dollar will include the real estate market, car trade, and other activities during the next year, if a decision is issued to do so by Central Bank of Iraq.

The Central Bank of Iraq decided earlier in 2023 to limit all local transactions to the Iraqi dinar, and after that the Ministry of Interior launched a campaign to prevent dealing in dollars in all governorates with the exception of the Kurdistan region, while indicating that the penalty for violating the law reaches 5 years in prison.

Kamal Muslim – Minister of Trade in the Kurdistan Region:

We are committed to all instructions and decisions regarding stabilizing the dollar exchange rate and increasing the value of the Iraqi dinar, as we deal in the Iraqi dinar exclusively at the level of border crossings and airports.

At the market level, we will also commit to imposing dealing in the dinar if a decision is issued by the Central Bank requiring it to be used in all market transactions, such as buying and selling goods, homes, and cars in the Kurdistan region.

Network:

Currency market experts say that the issue of “dinarising” local buying and selling operations in the Kurdistan region will have a major impact on the rise in the value of the dinar, because only merchants and tourists need the dollar, and they can obtain it from the Central Bank of Iraq.  link

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Tishwash:  Long queues in front of the TBI Bank and chaos… Basra employees are subjected to “humiliation”

In long lines in front of the TBI Bank in Basra Governorate, a large number of employees stand; To receive their salaries in a way described as “humiliating,” while some Basra citizens complain about the absence of the Central Bank’s role in the midst of this “chaos.”

A Basra citizen, while documenting on his cell phone camera what he described as “humiliation,” said, “Citizens stand in long lines to receive their salaries at the TBI Bank in Basra Governorate in a humiliating manner.”

He wondered, “Who is responsible for this chaos? Where is the Central Bank of Iraq, and where is the Iraqi state regarding what is happening?”

 He added, “There is fear among the citizens standing in line despite the security deployment, as most of them hold peace for fear of being deprived,” indicating that”receiving salaries in this way is very shameful    link’ 

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Tishwash:  Iraq is going through major changes.” Parliamentary Finance identifies 3 factors that control the 2024 budget

Member of the Parliamentary Finance Committee, Mudar Al-Karawi, identified three factors that control Iraq’s budget for the year 2024.

Al-Karawi said in a press interview seen by “Taqaddam” that “the volume of actual and total spending for Iraq in the year 2024 may exceed the current year, amid expectations of an increase in the exchange rate with the launch of more than 1,300 service projects nationwide,” pointing out that “the economic situation is recovering.” But very slowly due to accumulations extending over years.”

He added, “It is not possible to be certain from now that inflation will remain at its current levels, and it may decrease or rise, in addition to not confirming that a financial deficit in 2024 will be larger or smaller than the current year,” indicating that “Iraq is living with major changes after the Gaza war and its repercussions that have affected it.” “It began to be monitored through what is happening in Bab al-Mandab and other areas, and the possibility of expanding confrontations in the Middle East in general.”

Al-Karawi indicated, “The Finance Committee will hold a series of meetings with the Ministry of Finance and the rest of the institutions concerned with the economy at the beginning of next year.” To determine the expected deficit rates and what solutions are proposed,” he pointed out, “stability, oil prices that are compatible with the country’s needs, and exchange mechanisms are all factors influencing the 2024 budget.”

After a difficult struggle that extended for months, the House of Representatives voted on the general financial budget for the years 2023, 2024, and 2025 last June, after a series of sessions that extended until the early hours of dawn, which resulted in a tripartite budget, the highest in the history of Iraq, as it was described as “explosive” with a value of 198 trillion and 910 billion dinars.  link