Delta : AUG 20, 2012 – Central Bank Deputy Director Mohammad Saleh appearance drew the interest
of the Exchange must be with the new fiscal year, “the Iraqi Government’s accounts
cannot be registered in the same year, two forms of financial values” “Delete the zeros MUST be at the beginning of a fiscal year”
“Delete the zeros MUST be at the beginning of a fiscal year”
IMO……….. THEY HAVE A GRACE PERIOD OF 30 DAYS…
2cents : DELTA DELTA I would like you to consider: We know Iraq Fiscal Year is 1/1/-12/31.
However, in business, the Fiscal year functionally starts upon spending monies specifically allotted for that Fiscal Year and Functionally ends when all approved allocations for that specific Fiscal Year have been remitted. The specific dates on a calendar are not the over-riding factor.
Therefore, until the budget for a given Fiscal Year for Iraq is approved posted in the Gazette
and disbursements made, the Fiscal Year has not commenced. We have seen many years that the
budget, upon approval is retroactive to 1/1 even though it may have been May or even June when
it was finally made law and subsequently disbursed. While technically, the Fiscal year started
1/1 in those years, it didn’t commence until months later and was made retroactive to 1/1.
IMSO, the Fiscal Year of Iraq does not commence until the budget allocations begin to be disbursed
and will be retro to 1/1/…..
In light of the above, I will not be alarmed if we do not see the RD/RV ——–>RI by 1/31.
I will be alarmed if the RD/RV —–>RI does not occur by the time the budget is passed
retroactive to 1/1 and disbursements initiated…..IMO that is when the Fiscal Year commences……
GodLover: I completely agree with you 2cents on your thoughts on this imo. Furthermore, I still consider a new citizen approved PM is needed before any MR imo. As well, the budget hasn’t even reached parliament per articles imo. I think a new PM will be what rids the corrupt enough to finally move forward on the 2020 budget & the MR imo.
What I do find interesting that I think I was the only one to mention it the last time it was posted is this quote below from the article……..
“the Iraqi Government’s accounts cannot be registered in the same year, two forms of financial values”
To me this states that, in line with 2cents thinking…..once the 2020 budget opens, this begins the 2020 fiscal year & it must open with the rate they plan on using for that fiscal year imo.
Jamie-O: IMO that pretty well spells it out – so we wait and watch for the OFFICIAL announcement and swearing in of the new PM AND the approval AND opening of the new 2020 budget……Then we see the new rate!
2Cents: Just to clarify, hopefully, we will not care about the approval AND opening of the 2020 budget………However, until it is, we can safely state the 2020 Fiscal year has not begun…..IMO
Jaimie-O: THANK YOU 2 CENTS……Correct me if I’m wrong, but I think we can all agree on this – When we do see the opening of the 2020 budget – we will also see the new rate with it. That FAT budget cannot work at a program rate! OMO
2Cents: You may or may not be wrong. IMO…..that is unfounded conjecture……We have heard similar statements for years and yet we still stay at 1190……..An increased rate will only decrease the printing costs of currency by the CBI.
The majority of Iraq income is from oil sales in USD….Based on the Budget Law, the MOF is then authorized to have the CBI exchange the USD from oil sales to IQD to pay the authorized expenses…..I cannot see where an increased rate of the IQD can have any effect on the profit level of Iraq oil sales when the IQD is not involved in the initial transaction……
That being said, when the IQD is recognized and publicly acknowledged to be Article VIII compliant, many countries and companies will flood Iraq with business and reconstruction projects enacting the contracts we have read about for years. This will generate more income into the country and will contribute to reduce the deficit. Realize, technically they could be acknowledged to be Article VIII at 1190. Look at the rate of the Article VIII compliant VND. The actual rate is irrelevant. It is all just a fiat tally system. Whether $100 USD is equivalent to 119,000 IQD or 25IQD, it is still the equivalent of $100 USD…..
However, that being said, we can surmise that that is not their plan. They have told us they fully plan to “Delete the Zeros” and that this project is still planned to occur. This is the RD which will require a RV. They (except the corrupt, Iran and Hezbollah) certainly hope to be able to RI and be Article VIII compliant but that is not their ultimate choice.
I am certainly open for positions as to why a increase in rate is required for the 2020 budget or how that will eliminate the deficit in the budget. I just cannot come up with any justification for such a statement……
Additionally, the 2019 budget was about 125 trillion IQD (10.4 Trillion/month). We hear the 2020 budget is about 148 trillion IQD (12.3Trillion/month)…….If the 125 trillion budget was functional at 1190, why would the 148 trillion budget not be?????
Are we to believe they can make 10.4 Trillion/month budget work at 1190 but they can’t make 12.3 Trillion/month work at 1190????
It predominantly comes down to Oil sales in USD
Jaimie-O: ALL GOOD POINTS……THANK YOU. I certainly get what you’re saying IF they continue operating on the USD – but what about when they are forced to operate on THEIR OWN CURRENCY as we are taught is coming? But – I guess the oil sales would still be in the USD?
I see your point. And Vietnam, as you say, has thrived a LONG time on a worthless currency!
2Cents: Exactly…..if shut off the USD – game changer !!!! They can run internally at 1190 but are not set to run externally. Their economy would quickly collapse, IMO
Frometad: Let’s go President Trump…shut of the USD in Iraq
ChrisC: Watching Iraq is like watching a bunch of drunk idiots drive the Pacific Coast Highway at night. Finally after scraping the rail a few times, one of them is sobering up enough to realize they are going to die if somebody doesn’t get control of things. They need to stop the car, kick the drunk driver and his buddy who keeps handing him the beers out of the car and let them walk home or they are going to be a pile of metal at the bottom of the cliff. IMO.
Don961: Pictures: Ivanka Trump at Ain Al-Assad base with an unannounced visit
Yassin Iraq: Baghdad,
media and activists have circulated on social media, photos of Ivanka Trump’s daughter, Ivanka, visiting Anbar al-Assad base in Anbar.
This visit comes amid talk about the increasing number of injuries in the ranks of the US military and the appearance of complications in the brain against the background of the missile strike launched by the Iranian Revolutionary Guards in response to the killing of Quds Force Commander Qassem Soleimani in an American raid near Baghdad airport south of the capital. LINK
Samson: Al-Fateh: The nomination of the Prime Minister will be decided this evening or tomorrow morning
16:26 – 25/01/2020
The Al-Fateh coalition announced, on Saturday, that the candidate for prime minister will be announced this evening or tomorrow morning, indicating that the number of demonstrations is decreasing after achieving most of its demands.
“Most of the demands of the demonstrators were fulfilled in the matter of the election law and a new independent commission, and their contracts and others were abrogated, which led to a decline in the number of demonstrators in the squares,” said the deputy from Al-Fath Fadhel Jaber.
He added that “the last important joint is the naming of the prime minister from a non-dialectical figure that eliminates the tension that exists between the demonstrators and the government and contains them, which is the most important point for them.”
He explained that “the president of the republic will announce the name of the candidate to form the government this evening or Sunday morning, in response to the demands of the demonstrators and the demands of the religious authority in Najaf.” LINK
Don961: In response to attempts to break the sit-in .. Protesters burn the headquarters of my party in southern Iraq
GMT 11:26 25.01.2020(Updated GMT 11:49 25.01.2020)
“Sputnik” correspondent in Iraq, quoting an eyewitness, said that protesters set fire to the headquarters of a partisan military wing, in Dhi Qar Governorate, south of the capital Baghdad, to condemn the attempts to break the sit-in and open roads.
The witness, who declined to be named, said that the protesters burned the headquarters of the Badr Organization “a partisan military wing” in Al-Nahr Street, in the middle of Nasiriyah , Dhi Qar Center, in the south of the country, in response to the attempt to open the international highway linking the province with the capital, and all of the southern provinces
And the witness, who is one of the most prominent activists participating in the demonstrations of Dhi Qar, said that there is news about the intention of the security forces to storm Al-Haboubi Square, which is controlled by the demonstrators
Samson: Legal: Abdul-Mahdi is a key partner in killing protesters in accordance with the constitution
25th January, 2020
Legal expert Ali al-Tamimi confirmed today, Saturday, that the resigned commander in chief of the armed forces, Adel Abdel-Mahdi, was a key partner in killing protesters in accordance with the constitution.
Al-Tamimi told Al-Akhbaria that, “According to Iraqi law, Article 24 of the Military Penal Code, the matter is responsible for the crime and is considered a partner even if he does not give the orders to kill,” noting that “the same is the case in Article 52 of the Internal Security Forces Law and even in the Iraqi Penal Code Article 48 and 49 are held accountable for incitement, direction, and assistance, and commanders are held accountable for intentional killing, causing disabilities and bodily harm.
And he added, “Articles 6, 7 and 28 of the International Criminal Court Law punished the leaders for genocide and crimes against humanity even if they did not give orders because their duty necessitates their knowledge.” Likewise, the ruling by the Criminal Court in Cairo against Hosni Mubarak for the same matter and the killing of demonstrators, in addition to the fact that these crimes are not subject to statute of limitations. LINK
Don961: Iran does not rule out negotiating with America even after the assassination of Soleiman
Shafak News / Iranian Foreign Minister Mohammad Javad Zarif said on Saturday that Tehran does not exclude negotiations with Washington even after the assassination of the Quds Force commander Qassem Soleimani, provided that it changes its approach and removes sanctions.
In an interview with the German newspaper, “Der Spiegel”, Zarif added that the assassination of Soleimani was the beginning of the withdrawal of American forces from Iraq and possibly from the region, noting that Iran had done a lot of harm to the United States.
He said, “The United States, with all its military might, was unable to prevent Iranian missiles from targeting American bases in Iraq.”
Iran targeted two US military bases in Iraq, on January 8, in response to the assassination of Soleimani with a US air strike. LINK
Moparman: These fools remind of the movie from Monty Python and the Holy Grail. The part where the black night was getting his arms cut off and then his legs and saying It’s just a flesh wound. They just don’t get it. The United states is playing Iran’s game for diplomatic reasons and for the benefit of Iraq. At any given moment the US could crystalize Iran. But, the US are not blood thirsty savages like Iran.