Tishwash:  this was in Iraq’s news

The “ASEAN” countries are considering striking a blow to the dollar and the euro

The ASEAN finance ministers and central banks are studying the exclusion of the US dollar, the euro and the yen, and Indonesia is calling for the gradual abolition of “Visa” and “MasterCard”.

Discussions of reducing dependence on the US dollar, the euro, the yen and the pound sterling from financial transactions and the transition to settlements in local currencies topped the agenda of the meeting held on March 28, bringing together finance ministers and central bank governors in the organization.

The meeting discussed efforts to reduce dependence on major currencies through the local currency system, an extension of the previous Local Currency Settlement (LCS) scheme that has already begun to be implemented among ASEAN members, aseanbriefing reported.

This means that the ASEAN cross-border digital payment system will be further expanded and allow ASEAN countries to use local currencies for trade. 

An agreement on such cooperation was reached between Indonesia, Malaysia, Singapore, the Philippines and Thailand in November 2022. This comes from Indonesia’s banking regulator, which said on March 27 that Bank Indonesia is preparing to introduce its own domestic payment system.

Indonesian President Joko Widodo urged regional administrations to start using credit cards issued by local banks and gradually stop using foreign payment systems.

Widodo said moving away from Western payment systems is necessary to protect transactions from “potential geopolitical fallout”.

The site indicated that there was some kind of concern about falling into the trap of secondary sanctions led by the United States, and foreign investors in Asia may want to consider the currencies of the US dollar, euro and yen held in their accounts in light of the organization’s decision, and to conduct professional discussions regarding any movement of the company’s funds to alternative currencies. link


CandyKisses:  Erbil-Baghdad oil and gas agreement will be announced in the next two days

RBIL (Kurdistan 24) – An informed source confirmed to Kurdistan 24 that the agreement between Erbil and Baghdad will be announced in the next two days.

The source also revealed that a delegation of the Kurdistan Regional Government (KRG) will go to Baghdad tomorrow to discuss the technical aspects of the final agreement between Erbil and Baghdad on the issue of oil exportation.

The Iraqi Oil Ministry announced today that the Iraqi government insists on accelerating the resumption of oil exportation from the Kurdistan Region to the Ceyhan port in Turkey.

Kurdistan Region Prime Minister Masrour Barzani on March 25 released a statement that “our recent understandings with Baghdad have laid the groundwork for us to overcome the arbitration ruling today.”

At Baghdad’s request, Turkey halted the export of oil through its Ceyhan port on the Mediterranean on Saturday. The KRG was exporting nearly 400,000 bpd while Baghdad was sending 70,000 barrels a day through the pipeline.



CandyKisses:  In the presence of Taif Sami.. Al-Mandlawi chairs a meeting of the parliamentary finance committee to discuss the budget

Shafaq News / On Monday, the Parliamentary Finance Committee held an expanded meeting to discuss the draft federal budget law.

A brief statement by the Office of the First Deputy Speaker of the House of Representatives Mohsen Al-Mandlawi and told Shafaq News, that “the latter chaired the committee meeting in the presence of Finance Minister Taif Sami.”

On March 13, the Iraqi Council of Ministers approved the draft budget law for the years 2023, 2024 and 2025 and referred it to the House of Representatives.

The 2023 budget is the largest in the history of Iraq after 2003, Prime Minister Mohammed Shia Al-Sudani said that its total is more than 197 trillion dinars ($135 billion), including an operational budget of more than 150 trillion dinars, and an investment amounting to about 47 trillion.

The estimated deficit ratio was close to 63 trillion Iraqi dinars, and the total expected revenues are equivalent to more than 134 trillion dinars, while oil revenues are estimated at 117 trillion dinars based on an oil price of $70, while non-oil reaches 17 trillion.

The last budget approved in Iraq dates back to April 2021, while one was not adopted in 2022 due to the political turmoil that paralyzed the country for a year after the last legislative elections.


Tishwash:  Member of Parliamentary Finance: We will meet today to discuss the budget items and we are serious about speeding up its

The Miabiya Finance Committee announced, today, Monday, that the Kurdistan region’s share of the budget amounts to 16 trillion dinars, while it indicated that the confirmation of retirees was taken into account in the 2023 budget.

Committee member Mueen Al-Kazemi said, “The committee will meet today in the presence of the Minister of Finance.” To discuss the items of the budget, including the reasons for its rise to 200 trillion dinars, including 150 trillion dinars for the operational budget and 50 trillion dinars for the investment budget, and how to address the deficit of 64 trillion dinars.

He added, “The committee is serious about speeding up the completion of the budget accurately, and there must be a real review of the budget and reducing the deficit, which will be through meetings with ministries and institutions, reviewing numbers, reducing some chapters, and transferring from one chapter to another.”

He stated, “The share of the Kurdistan region in the budget is 12.67 percent, which is approximately 16 trillion dinars,” explaining that “the revenues of the Kurdistan region will be reviewed.”

He pointed out that “passing the budget needs from a month to 45 days.”

Regarding the confirmation of retirees, Al-Kazemi pointed out that “the confirmation of retirees was taken into consideration in the 2023 budget through the job grades that were created in the Ministry of Finance, including the 280 thousand job degrees for lecturers and the 74 thousand degrees for higher and first degrees, and so on with regard to electricity contracts, the Baghdad Municipality and other self-financing departments.” .

And that “the salaries of the employees, who numbered nearly 4 million employees, amounted to approximately 58 trillion dinars.”   link


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