Floating the dinar... Will it achieve monetary stability in Iraq?

KTFA:

Clare: Floating the dinar... Will it achieve monetary stability in Iraq?

Moaz Fraihat - Washington May 17, 2024
 
The stability of the Iraqi dinar in recent years has always faced major challenges, as it witnesses price fluctuations, not to mention a gap between what the central bank determines and what is sold in the parallel market.

In order to avoid the “volatility” syndrome and the “gap” in the price of the Iraqi dinar against foreign currencies, some experts believe that the solution lies in a kind of “surgical” operation for the country’s monetary system that may be painful, but it achieves long-term monetary stability for the national currency through... "float".

The cash selling price, according to the Central Bank, is 1,305 dinars per dollar, while the price for transfers abroad is 1,310 dinars per dollar, and the price in the parallel market is about 1,450 dinars per dollar in mid-May, according to local media , while it reached levels of 1,600 dinars per dollar in previous periods.

For months, the Iraqi authorities have imposed restrictions in their efforts to control exchange rates, restricting all commercial transactions within the country to the Iraqi dinar, and established a new mechanism that subjects external transfers to greater scrutiny.

Iraqi economic analysts who spoke to Al-Hurra website, some of them warned against taking a decision that would lead to floating the dinar, while some of them believe that a moderate policy could be taken that suits the Iraqi economy, based on “floating” and “stabilization” at the same time.

Is the flotation policy compatible with the Iraqi economy?

Advisor to the Prime Minister for Financial Affairs, Mazhar Salih, believes that floating the currency price does not suit the Iraqi economy, especially since it is a "rentier economy, dominated by foreign currency reserves."

He explains in statements to the “Al-Hurra” website that “the economic vision that wants to float the Iraqi dinar to end the gap between the official price and the parallel price may be possible in an economy in which the free market alone influences the movement of the balance of payments, and not in an economy in which the rentier government sector is dominant and generates reserves.” Foreign currency".

He added, "The monetary authority in Iraq alone is the main source of supply of foreign currency that meets the desired demand for foreign exchange in the local market."

Saleh believes that the demands for flotation inevitably mean “adopting the prevailing exchange rate in the parallel market, in order to achieve the goal of stability and balance in the official exchange rate itself at a new exchange point that the market will reach at the end of the assumed flotation policy and return to stability again.”

The flotation scenario also means “the withdrawal of the monetary authority as the main central offerer of foreign currency, and its replacement by new forces of free market makers, which certainly have only a weak, limited supply of foreign exchange,” according to Saleh.

He points out that these forces carry “an uncontrolled package of inflationary expectations, and are called in the economic literature (the forces generating inflationary expectations), which will give dominance to the supply forces of speculators” who own limited amounts of foreign exchange, matched by “an open demand for foreign currency from The market side" exceeds what is offered by "at least more than ten times in our estimate."

Chancellor Saleh described this policy as “unruly,” as as long as “the central government supply of foreign currency will be absent from the market, we will not obtain any equilibrium point in the exchange rate that flotation seeks except with a widespread deterioration of the exchange rate as long as it is carried out by forces generating inflationary expectations in a severe rentier economy.” "unilateralism."

He warns that if the exchange rate moves in “a market that is incomplete, in terms of productivity, in its compensation for the required supply of goods and services,” no one “will know how much the new exchange rate resulting from the flotation will be,” which will be accompanied by “a prior wave of inflationary expectations,” the trends of which are difficult to control. , which may push monetary policy makers to “intervene with excessive foreign reserves and unjustified extravagance in foreign exchange to impose a state of stability.”

According to the World Bank, Iraq has 145 billion barrels of proven oil reserves, which are among the largest crude oil reserves in the world.

But Iraq hopes that the country's oil reserves will exceed 160 billion barrels, according to what the Minister of Oil, Hayyan Abdul Ghani, recently announced.

What if the Iraqi dinar was floated?

The claims that have appeared every now and then for years calling for floating the exchange rate of the Iraqi dinar are “strange,” and most of them are made by people who are “not specialized in economics or monetary policy,” according to what Professor of International Economic Relations, Abdul Rahman al-Mashhadani, confirms to the Al-Hurra website.

He asserts in a decisive tone, "Iraq cannot proceed with floating the dinar's exchange rate. The evidence for this is all the agreements concluded with the International Monetary Fund since 2004, and the reviews praised the stabilization of the exchange rate by the Central Bank of Iraq."

Al-Mashhadani added that there was a study by experts at the World Bank during the past years that recommended “raising the exchange rate,” noting that even then, “these recommendations cannot be taken into account because the World Bank is concerned with what is related to economic development, but following up on the recommendations for monetary policies is taken into account if It was from the International Monetary Fund.

In its latest review on Thursday, the International Monetary Fund praised the efforts of the Central Bank of Iraq to tighten monetary policy and strengthen its liquidity management framework.

He explains that “the real gap is in the wheel of production in the Iraqi economy, as the majority of goods are imported from abroad, which means that the flotation will cause a spiral in price rates to become significantly high and affect the marginalized classes,” indicating that such a decision cannot be taken “as a matter of politics.” “Cash” only, as we must “consider the burdens it will impose on citizens.”

Al-Mashhadani confirms that what has been applied in other Arab countries does not “mean that it can be applied to the Iraqi economy,” suggesting that “the exchange rate will become at the levels of 5,000 dinars to the dollar,” as “the Central Bank has lost control over exchange rates, leaving them to float.”

There is a fear that “floating” will cause “social” problems, as “salaries will erode significantly,” which may threaten “new classes to slide into poverty,” while “a class of merchants, politicians, and businessmen will benefit, who will benefit from the state of instability that will result from... This matter".

Al-Mashhadani agrees that floating in the end means “that the parallel market will control exchange rates,” but it will not achieve “the desired monetary stability,” as the central bank will then need to “print more local currency to keep up with demand in the markets,” and the government will need to increase salaries and allocations for aid packages. Social.

"Float with controls" for full "editing".

The economic expert, Manar Al-Obaidi, recommends following a “currency float” policy, but with controls such that a “managed float policy is used to gradually liberalize the currency until complete liberalization of the exchange rate is reached.”

He said in a post on his Facebook account, "Such a policy could be a successful alternative in Iraq by following a managed float policy where the central bank controls the range of volatility and works to gradually increase it until the currency is completely liberalized."

Al-Obaidi gave the example of “the managed flotation policy followed by Morocco in 2018,” noting that it was accompanied by the abolition of customs tariffs on basic materials and “supporting funds for vulnerable classes,” stressing that this experience can be used to influence “inflation.”

"Reasons for the exchange rate “gap”.

The Iraqi government advisor, Saleh, attributes the reason and existence of a “gap” in the dinar’s exchange rates against the dollar between the official and parallel markets to “external factors imposed by the compliance platform and auditing administrative restrictions on external transfer movements, which is not related to the deficit in the authority’s monetary reserves,” noting that the reserve Iraq's foreign currency is considered the highest in the country's history, as it touches the levels of import coverage for 16 months, compared to the global standard, which does not exceed three months of import coverage.

Financial transfers in dollars through official channels have increased significantly in Iraq, while Iraq continues its reforms of the financial sector in line with international standards, according to a previous report by Agence France-Presse.

In late 2022, the Iraqi banking sector adopted the SWIFT electronic transfer system with the aim of providing better control over the use of the dollar, ensuring compliance with US sanctions on Tehran, and also in order to limit the prosperity of the informal economy. 

The financial standards that were adopted encouraged the emergence of a parallel market for currencies, attracting those seeking to obtain dollars outside official channels.

Saleh pointed out that there is a distortion in support for the prices of some commodities “on the part of financial policy, which is support in which the rich and poor mostly enjoy it equally without discrimination, and it represents an added, imperceptible real income, and it is the product of a financial policy inherited from the consumer welfare state for the rentier resource.”

He continued, "It is inconceivable until this moment that 90 percent of Iraq's population is receiving support for food supplies provided by the state as an extension of the economic blockade phase of the 1990s in light of the changing standards of living and lifestyle, the increasing number of affluent people, and the growth of the middle class."

In mid-May, the Iraqi authorities announced the purchase of 1.5 million tons of wheat since the beginning of the year.

According to the Ministry of Agriculture, Iraq, with a population exceeding 43 million people, needs between 4.5 million and five million tons of wheat annually.

The International Monetary Fund said Thursday that Iraq's internal imbalances have been exacerbated by significant fiscal expansion and low oil prices.

The Fund added that Iraq needs to gradually correct public financial conditions in Iraq to achieve debt stability in the medium term and rebuild financial reserves.

To ensure compliance with US standards regarding money laundering and sanctions on Iran, about 20 Iraqi banks were prevented from making dollar transfers.

Last September, the Iraqi government decided that merchants who deal with Iran are forced to turn to the parallel market to obtain currency, given that Tehran is subject to sanctions and “is not allowed to conduct financial transfers,” according to Agence France-Presse.

"A positive step for the "economy" but!!

The Iraqi economic academic, Nabil Al-Marsoumi, believes that the solution to addressing the discrepancy in the currency exchange rate through “free floating of the Iraqi dinar” may have “some economic positives.”

He added in an interview with Al-Hurra website that "the economy should not be taken in its abstract aspect, but rather in terms of its relationship to people, especially the poor among them."

Al-Marsoumi warns that "the Iraqi dinar may witness a violent collapse and rampant inflation that will cause prices in the Iraqi market to rise to record levels that will harm citizens, especially the low-income classes."

He explains that Iraq lacks "a national private sector that could contribute to increasing the supply of dollars in the local market, and because of the large volume of imports, which reach 67 billion dollars annually, the government is the only party that owns the dollar."

He notes that "if the government decides not to intervene in the exchange market, we are expected to witness consequences that will cause severe damage to citizens' living standards, making the poor even more miserable, and may lead to social tensions and a major rift in the social peace."

For his part, the economic expert Al-Obaidi defined the primary goal of liberalizing the currency as “creating an economy capable of withstanding various economic shocks, and reducing reliance on reserves that are greatly depleted in order to maintain a fixed exchange rate, which could stop once the reserves run out.” .

He added that this also "contributes to supporting the domestic product and changing the consumption pattern, and thus reducing the import bill for Iraq, which rises annually as an indirect reason as a result of the attempt to maintain a fixed exchange rate."

Not to mention, “continuing to try to maintain a fixed exchange rate depletes reserves,” which will lead at a certain stage, “accompanied by a decrease in reserves, followed by either a complete liberalization of the currency or a significant reduction in the price rate, which will have major repercussions on the citizen, and will cause great confusion in "A market that already suffers from a lack of economic stability."

"What is the alternative to floating the currency?

The Iraqi economic expert, Mahmoud Dagher, confirms to Al-Hurra website that what may be the solution for Iraq is a system “between floating and stabilization,” to help stabilize currency exchange rates.

The expert, Dagher, a former official at the Central Bank of Iraq, explains that “the origin of the exchange system is floating, which is what free countries adopt.”

He explains that "the continuity of the gap requires reaching a middle system that solves the problem between free floating and stabilization. This is a system that many developing countries follow, and it helps solve the problems of currency fluctuation."

Financial expert Saleh proposes alternatives to floating, in a way that serves the objectives of monetary policy and limits inflationary risks, through the use of financial tools such as “taxes and customs duties that act as an intermediary to influence the exchange rate to achieve balance and price stability.”

He added, "Instead of resorting to lowering the exchange rate to harmonize the market through flotation, it would be through amending customs tariff schedules and imposing careful, thoughtful controls to protect the national economy."

Saleh called for correcting the defect in the structure of the Iraqi economy as a whole, as it is not possible to continue with “high operating spending in annual public budgets, which has always generated cash income from rentier sources that are matched only by very limited productivity of commodity and service flows, which has made the country It relies mainly on large-scale imported consumer goods.”

Counselor Saleh revealed, on Thursday, that the loans provided by the International Monetary Fund to Iraq since 2003 totaled no more than $8 billion, confirming that they had been paid in full, according to a report published by the “ INA ” agency.

Last March, the International Monetary Fund stressed “the Iraqi economy’s need for broad structural measures to enhance private sector development and economic diversification, and to raise growth rates in the non-oil sector in a sustainable manner to accommodate the rapidly increasing workforce, and to increase non-oil exports and government revenues, in addition to Reducing the economy's exposure to oil price shocks.

He called for "accelerating the pace of reforms in the financial sector to improve access to financing, by modernizing the banking sector and supporting the ability of banks to establish banking relationships with other banks, and taking steps aimed at merging small-sized private banks," not to mention the need "to restructure the two largest government banks." ".

The Governor of the Central Bank, Ali Al-Alaq, announced in statements in early May that “the banking sector is witnessing major qualitative developments, while calling for cooperation and coordination between Arab central banks, banks and non-banking financial institutions to achieve stability and economic growth,” according to the “ Inaa ” agency.

He continued, "Central banks face new challenges in the interaction between financial and monetary stability, in light of the dominance of general financial policy and the necessity of central banks to facilitate excessive government debts, according to financial control, which requires reducing spending or increasing domestic revenues, or both."

Iraq has begun to recover relatively after years of wars, occupation, and sectarian violence that followed the US-led invasion in 2003, according to an Agence France-Presse report.   LINK

Iraqi Dinar Today Video Updates Saturday Afternoon 5-18-24

Iraqi Dinar Today Video Updates Saturday Afternoon 5-18-24

Us Treasury Confirmed Revaluation News Last 24 Hours – 4:47

Massive Come Back ,Wells Fargo Bank Revealing VND & Dinar New Exchange Rate – 3:21

Al - Sudani Official Announcement Iraqi Dinar New Exchange Rate Finally Came Out – 3:11

 Us Treasury Confirmed Revaluation News Last 24 Hours – 4:47

https://www.youtube.com/watch?v=4jHXYvEucxg

Massive Come Back ,Wells Fargo Bank Revealing VND & Dinar New Exchange Rate – 3:21

https://www.youtube.com/watch?v=Un0Z2cn7QVM

Al - Sudani Official Announcement Iraqi Dinar New Exchange Rate Finally Came Out – 3:11

https://www.youtube.com/watch?v=1lnL5Ylddks

More News, Rumors and Opinions Saturday Afternoon 5-18-2024

KTFA

Friday Night Conference Call

Frank26: Whatever Floats Your Boat

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

 https://youtu.be/6v3MDVUhqMI

DeepWoodz:  Contracts using foreign contractors can use whatever exchange rate they choose. One that will guarantee the VALUE of the contract, more so than the actual number of units of currency. 

They said they were paying contracts in dinars.

Well if the dinar was worth a dollar,
but during the contract, the dinar became worth 3 dollars instead of 1(hypothetically speaking), it wouldn’t be fair to Iraq to still pay out 3 million dinars on a 3 million dinar contract. The value of the contract was originally 3 million dollars, which could now be paid using only 1 million dinars. 

Vice versa, the VALUE would be protected for the contractor as well. If the dinar lost value during the contract, it wouldn’t be fair to expect the contractor to settle for 3 million dinar if its now only worth 1 million dollars. 

So what it boils down to is the government is taking advantage of a new rate while the citizens continue to wait. The upside is that the dinar is building trust with the world. Which should reflect positively to us all eventually. 

Hence the sovereign guarantees 

~~~~~~~~~~

Buckeyetree:  The contract rate is hidden and known only between the parties involved. That rate would likely match at least the start up rate to be revealed where it will then enter Forex to be traded globally. Start up could be $1.50 or $3.22 and still go higher till a cap. We do not know the initial rate or the exact cap or the rate in the contracts. We look at the guide posts.

Who would do big business with Iraq at a 1310 or 1320 rate?  Iraq would have to pay an enormous amount of dinars to make it worth their while. Impossible to build hospitals, industrial cities, a railroad, and more at a program rate. If we were to know details of those contracts, the intended rate may be exposed before it is time.

What Iraq has contracted and will pay those companies is a private matter. We wait for the public reveal of the initial international exchange value to then reach its real value in the float on Forex. This is what I understand thus far in our study and is all In My Opinion. We will see what happens on Sunday. With pressure to keep promises and videos made and ready to be shown, the times are changing. Again IMO.

************

The Sudanese advisor issues a clarification regarding the discussion of budget schedules in an extraordinary session 

5/18/2024

Saleh said, in an interview followed by Al-Iqtisad News, that “during the extraordinary session of the Council of Ministers, the financial tables will be discussed,” pointing out that “these tables will be approved by a decision of the Council of Ministers and then referred to the House of Representatives for approval, in implementation of the provisions of Article 77/ Secondly, from the Tripartite Federal General Budget Law No. 13 of 2023.”

During the last cabinet session, Prime Minister Muhammad Shiaa Al-Sudani directed that an extraordinary session of the council be held on Sunday to discuss the budget schedules.  LINK

DeepWoodz:  I approve this message.

Like I said earlier, they are doing things the right way.

They showed up to vote.

Schedules are on the way.

Everyone has a part to play to make everything legitimate. There will be no more questioning Alak or Sudani because the majority is on board. They voted to extend their work for thirty days even though they are getting the budget schedules real soon according to Saleh. Why?

Because there are a plethora of things going on. This is not the time to sit home and watch. This is the time to be a part of history for your country. 

************

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

Frank26   [Iraq boots-on-the-ground report]   FIREFLY:  The news has that specialist...talking about the best way to fill in the gap for the dinar and the dollar (illegal market).  He's telling us the best thing for it to do this is to float...Saleh now talking saying the CBI is the only one that can control this needed float.  FRANK:  They're going to float your currency because with a float they can come out at a higher rate than 1 to 1...this is a reinstatement of your exchange rate...The fact that they're talking about floating all day long...is because this is the next step in the monetary reform.  Once they give you the new exchange rate and your new currency seconds later your currency will start to float...on international platforms

Mnt Goat   Yes, we all want to know what is the holdup of the RV and I say there is no holdup, only time...The process must just play out. The plan of Dr Shabibi must be executed and there are many stumbling blocks and deviations along the way. But Iraq must and does, always come back to the 2011 Dr Shabibi plan... I know through the past articles and my CBI contact that the reinstatement will happen and has to happen if Iraq is to regain their national sovereignty.

END THE FED: US Congressman Exposes the Fed and Introduces a Bill to Abolish It

Lena Petrova:  5-18-2024

https://www.youtube.com/watch?v=IXYvKa5_R68

"Change is Coming That Hasn't Happened In 100 Years" (w/Mike Maloney)

Ken EcElroy: 5-18-2024

Ken McElroy talks with Mike Mahoney, where they explore the potential downfall of the US dollar's dominance as the world's reserve currency.

They cover the historical events and modern geopolitical shifts that are leading to a major global financial upheaval.

https://www.youtube.com/watch?v=v6EoKHm6jDs

What is The Unit? BRICS Unveils Its Grand Plan for a New Gold-Backed Financial System

What is The Unit? BRICS Unveils Its Grand Plan for a New Gold-Backed Financial System

On May 17, 2024 By Awake-In-3D

The Unit’s structure, anchored in gold and BRICS+ currencies, provides for de-dollarization, along with a stable and decentralized monetary framework.

In This Article:

1. Introduction to the BRICS+ Unit

2. Addressing Global Financial and Payment Issues

3. Economic and Political Benefits

4. Technological Features and Adoption Prospects

In 2024, the global financial landscape is poised for a significant transformation with the introduction of a groundbreaking concept: it’s called the Unit.

A boring and unremarkable name, but it makes total sense and it’s financial implications will be profound.

Proposed by the financial services and investments working group of the BRICS+ Business Council, the Unit aims to establish a decentralized monetary ecosystem.

Expected to become official BRICS+ policy by 2025, the Unit seeks to address critical geoeconomic issues, particularly the global crisis of trust in existing monetary frameworks.

Introduction to the BRICS+ Unit

The Unit, conceptualized by Alexey Subbotin, founder of Arkhangelsk Capital Management, is designed to tackle the inherent flaws of centralized monetary systems established over 80 years ago at Bretton Woods.

This financial sovereignty is particularly appealing to countries seeking an alternative to the current centralized, dollar-based systems.

These flaws include chronic deficits, speculative bubbles, politically motivated sanctions, and a lack of fair arbitration.

The Unit proposes a reliable, quick, and economically efficient solution for cross-border payments, functioning as a new form of international currency issued in a decentralized manner and regulated at the national level.

Addressing Global Financial and Payment Issues

The current global financial system faces numerous challenges, including speculative bubbles and politically motivated sanctions.

The Unit aims to address these issues by providing a decentralized monetary framework that is both reliable and efficient for cross-border payments.

By doing so, it tackles the root problems of chronic deficits and lack of fair arbitration, offering a solution that can restore trust in the global financial system.

Economic and Political Benefits

The Unit offers numerous benefits, particularly for the Global Majority, by providing a form of apolitical money. It aims to harmonize trade and financial flows, maintaining independence from political pressures.

This financial sovereignty is particularly appealing to countries seeking an alternative to the current centralized systems. The Unit’s structure, anchored in gold (40%) and BRICS+ currencies (60%), provides a stable and trustworthy monetary framework.

Technological Features and Adoption Prospects

Technologically, the Unit is designed to be compatible with both traditional banking operations and the newest forms of digital banking.

It aims to upend unfair pricing in commodity trading by establishing the Eurasian Mercantile Exchange, where trading and settlement can be conducted in this new currency.

This approach facilitates the development of new financial products for foreign direct investment (FDI), bridging trade flows and capital.

The Unit employs distributed ledger technology to ensure transparency and prevent capital controls or exchange rate manipulation.

This technology allows connections to all open decentralized exchanges (DEX) and digital platforms operated by both commercial and central banks worldwide.

The end goal is for everyone to use the Unit for accounting, bookkeeping, pricing, settling, paying, saving, and investing.

Implementation Timeline and Adoption Prospects

The BRICS Business Council has already backed the Unit, and it is on the agenda for the upcoming ministerial meeting in Russia.

The roadmap for its adoption will be discussed at the BRICS+ summit in October 2024 in Kazan.

With the potential for implementation as early as 2025, the Unit presents a feasible technical solution for creating a globally recognized payment and trade system immune to political pressure.

The Bottom Line

The Unit represents a groundbreaking approach to addressing the shortcomings of current centralized monetary systems.

By offering a decentralized, apolitical currency, it promises economic and political benefits for the Global Majority. Its technological innovations and potential for wide-scale adoption position it as a key player in the future of global finance.

Stay tuned! More articles on all of this, and what it means are coming soon.

Supporting article: The coming of a BRICS decentralized monetary system.

© GCR Real-Time News

Visit the GCR Real-Time News website and search 100’s of articles here: Ai3D.blog
Join my Telegram Channel to comment and ask questions here: GCR_RealTimeNews
Follow me on Twitter: @Real_AwakeIn3D

https://ai3d.blog/what-is-the-unit-brics-unveils-its-grand-plan-for-a-new-gold-backed-financial-system/

The Latest Social Security Trustees Report Spurs Angst About The Program's Solvency

The Latest Social Security Trustees Report Spurs Angst About The Program's Solvency

Kerry Hannon·Senior Columnist  Yahoo Finance  Fri, May 17, 2024

Amid uncertainty around Social Security, here's what financial advisers are telling clients

Social Security isn’t shattered, but it’s shaky.

The new report on Social Security, which predicts that the combined retirement and disability trust fund reserves will go broke in 2035, has put more Americans on edge, especially those nearing retirement who are worrying about how much in benefits they can expect.

The 2024 Social Security and Medicare trustees report projects insolvency one year later than last year’s estimate. That scarcely brighter outlook stems from the strong economy and wage growth, which has ramped up payroll tax payments that fund the program. For now, low unemployment has meant that more workers are adding to the program, even while a rising number of baby boomers begin to tap their benefits, the trustees said.

The potential depletion of the fund does not, however, translate to an empty till. There will still be money to pay benefits at that stage — though only 83% of what’s been promised to current and future beneficiaries. In other words, without a fix, beneficiaries could see a 17% cut in benefits.

“Congress is painting itself into a corner on fixing Social Security’s pending insolvency,” Mary Johnson, a Social Security and Medicare policy analyst, told Yahoo Finance. “Failure to act on the program in time would lead to automatic benefit cuts.”

How widely would that cut be felt? The program paid nearly $1.4 trillion in benefits last year to about 67 million Americans. For about half of seniors, Social Security provides at least half of their income, and for about 1 in 4 seniors, it accounts for at least 90% of income.

There are several solutions to fix the shortfall, including ratcheting up payroll taxes that fund the program, currently 12.4% split evenly by employees and employers. Other proposals include raising the retirement age for younger workers or lifting the cap on how much of a person’s income is subject to the Social Security tax. For 2024, the Social Security tax limit is $168,600.

Will Social Security be there for you?

One of people’s greatest retirement fears is a reduction in or elimination of Social Security in the future, according to research from the Transamerica Center for Retirement Studies. Seven in 10 people are concerned that Social Security will not be there for them when they’re ready to retire. And nearly 1 in 3 people rely on or expect to rely primarily on Social Security.

I talked to several experts about the advice they’re giving their clients on planning for Social Security as part of their retirement income. Here’s what they said:

1. Assume a reduced benefit

To Read More:

https://news.yahoo.com/finance/news/amid-uncertainty-around-social-security-heres-what-financial-advisers-are-telling-clients-090043580.html

Iraq Economic News and Points to Ponder Saturday AM 5-18-24

Iraq Economic News and Points to Ponder Saturday AM 5-18-24

The International Monetary Fund Calls On Iraq To Cancel The “Appointments” And Correct Its Financial Conditions
 
Economy     Iraq     International Monetary Fund     Debts in Iraq     Iraq's debts     Appointments file
2024-05-16 10:33
 
Shafaq News/ The International Monetary Fund stressed, on Thursday, the need for Iraq to gradually correct its financial conditions to achieve debt stability in the medium term and rebuild financial reserves.
 
This comes after the Executive Board of the International Monetary Fund (IMF) concluded Article IV consultations with Iraq and studied and approved the employee evaluation, before recommending control over public wages and the gradual abolition of compulsory employment, according to a Fund report seen by Shafaq News Agency.

It is expected that the next Article IV consultations with Iraq will be held in the standard 12-month cycle, according to the International Monetary Fund report and schedules.
 
In its statement, the Fund welcomed the strong economic recovery, the decline in inflation in Iraq to 4% by the end of 2023, and the improvement in domestic conditions that led to the implementation of the first 3-year budget. He stressed the
 
necessity of sound economic policies and structural reforms in Iraq to secure public finances and debts, given the regional disputes that may affect oil prices. He pointed to
 
the strong recovery in the non-oil economy in Iraq after a contraction in 2022-23, and that
 
Iraq was “largely” unaffected by the conflict in the region, pointing to the revaluation of the currency as of February 2023, and the return of trade financing to normal.
 
However, the imbalances were exacerbated by the significant fiscal expansion and falling oil prices.”
 
The Fund's report expected that the continued fiscal expansion would enhance growth in 2024,
 
     at the expense of further deterioration in financial and external accounts and
     Iraq's vulnerability to oil price fluctuations.
 
Without policy adjustment, the risk of medium-term sovereign debt stresses is high and external stability risks could arise.
 
Key downside risks include a significant decline in oil prices or the spread of conflict in Gaza and Israel.”
 
The executive directors agreed, according to the report, “with the thrust of the staff assessment, and welcomed the
 
     strong economic recovery,
     low inflation, and
     improved domestic conditions
 
that led to the implementation of the first-ever three-year budget.

They noted that  the risks were tilted towards the downside, given regional disputes and high dependence.” on the volatile oil prices, and that
 
a major financial expansion could lead to financial and external imbalances.” The directors also stressed “the
 
need for sound macroeconomic policies and structural reforms to
 
     secure public finances and debt,
     sustainability,
     promote economic diversification, and
     achieve sustainable and inclusive growth led by the private sector.” The Directors stressed that
 
 “a gradual but significant fiscal adjustment is needed to stabilize debt in the medium term and rebuild fiscal safety margins.”
 
They encouraged the authorities to focus on
 
     controlling public wage rolls,
     phasing out compulsory employment policies, and
     mobilizing non-oil revenues, with
    Better targeting of social assistance. Directors agreed that
 
 “immediate implementation of
 
     Customs and Revenue Administration reforms,
     full implementation of the Single Treasury Account,
     strict oversight and limiting the use of extra-budgetary funds and
     government guarantees
 
are essential to support fiscal consolidation.
 
Reducing cash financing and reforming the pension system are also important.”". 
 
https://shafaq.com/ar/اقتصـاد/النقد-الدولي-يدعو-العراق-ل-لغا-التعيينات-وتصحيح-وضاعه-المالية   

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Thoughts and Points to Ponder on Advice :

It is well enough, when one is talking to a friend, to lodge in an odd word by way of counsel now and then; but there is something mighty irksome in its staring upon one in a letter, where one ought to see only kind words and friendly remembrances.  - Mary Lamb

Men of much depth of mind can bear a great deal of counsel; for it does not easily deface their own character, nor render their purposes indistinct.  - Arthur Helps

Have more than thou showest, Speak less than thou knowest.  - William Shakespeare

What you don't see with your eyes, don't invent with your tongue.  - Jewish proverb

If you keep your mind sufficiently open, people will throw a lot of rubbish into it.  - William A. Orton

http://famousquotesandauthors.com/topics/advice_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

“Tidbits From TNT” Saturday 5-18-2024

TNT:

Tishwash:  Al-Mandalawi opens the House of Representatives session today

 The Speaker of the Parliament, Mohsen Al-Mandalawi, opened the work of Session No. (25) today, Saturday, in the presence of 183 representatives

Our correspondent: The bell of the House of Representatives rings a second time, marking the opening of the session to elect the Speaker of the House

 The Presidency of Parliament decided to devote today’s session to electing the president only

The House of Representatives votes to extend its legislative term for 30 days 

Our correspondent: The number of attendees during the House of Representatives session exceeded 218 deputies

 Urgent | Members of the House of Representatives head to the Great Hall for the purpose of initiating the procedures for electing the Speaker of the House of Representatives    link

Tishwash:  The Sudanese advisor issues a clarification regarding the discussion of budget schedules in an extraordinary session 

 Today, Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, clarified the discussion of the budget schedules in the extraordinary session of the Council of Ministers.

Saleh said, in an interview followed by Al-Iqtisad News, that “during the extraordinary session of the Council of Ministers, the financial tables will be discussed,” pointing out that “these tables will be approved by a decision of the Council of Ministers and then referred to the House of Representatives for approval, in implementation of the provisions of Article 77/ Secondly, from the Tripartite Federal General Budget Law No. 13 of 2023.”

During the last cabinet session, Prime Minister Muhammad Shiaa Al-Sudani directed that an extraordinary session of the council be held on Sunday to discuss the budget schedules  link

*************

CandyKisses:  The Regional Government announces the payment of employees' salaries through "My Account"

Baghdad - Iraq Today:

The Kurdistan Regional Government announced that more than 25,000 government employees have received their salaries through the "My Account" project.

The Information and Information Department of the Kurdistan Regional Government said in a statement that "employees who have bank cards that enable them to receive their salaries through ATMs, will receive their salaries successively until the end of next week."

The President of the Kurdistan Regional Government, Masrour Barzani, had previously confirmed that one million employees will be able to access banking services by the end of this year, and that access to financial services in the region will rise to 35% until late 2024.

************

CandyKisses:  Al-Hakim calls on Canadian companies to invest in the Iraqi market

Baghdad today - Baghdad

Today, Saturday (May 18, 2024), the head of the National State Forces Alliance, Ammar al-Hakim, called on Canadian companies to invest in the Iraqi market.

Al-Hakim's office said in a statement received by "Baghdad Today", "The head of the National State Forces Alliance met, today, Saturday, with Cathy Banka, Canada's new ambassador to Iraq," noting that "the meeting discussed developments in the political scene in Iraq and the region."

Al-Hakim stressed, according to the statement, "the importance of the achieved stability and its positive impact and repercussions on the security of Iraq and the region," stressing "the necessity of perpetuating this stability and transforming it into permanent stability, and we hold everyone responsible for achieving this goal."

He called for "noticing popular satisfaction with the government and the political forces supporting it," noting that "this satisfaction is the result of the government's vision and its service and development projects that citizens have begun to feel and live the details of their achievement. "

He stressed "the importance of developing relations with Canada," noting that "Iraq offers promising opportunities in the field of construction and reconstruction," calling for "investing these opportunities through the presence of companies in the Iraqi market."

Mot:  . What in the World !!!!????? 

Greatest Marriage Proposal EVER!!!........................

https://www.youtube.com/watch?v=pnVAE91E7kM

News, Rumors and Opinions Sat. AM 5-18-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Sat. 18 May 2024

Compiled Sat. 18 May 2024 12:01 am EST by Judy Byington

Global Currency Reset:

Fri. 17 May Banker: “Word is to stay alert tonight into tomorrow. God only knows for sure.”

Thurs. 16 May Bruce: On Wed. 15 May one of the top people at Wells Fargo Bank said, “It looked good for a Shotgun Start in the next two days.” We may get the R&R (Restitution Allowances) beginning on the 4th Wed. of May, or by the end of May.

Fri. 17 May 2024 Wolverine: “Very silent today, not one ounce of intel, but what I did receive last night from a friend who has contacts in Brazil, a person who is very polished and professional person (speaks four languages fluently.

He said he was waiting for his group who were waiting at the bank for long hours. I got back to him later, nighttime my time, and morning for him, and he said he had no new updates. Then hours later, he came back with an audio, and he gave me 1000 percent confirmation that those people got their blessings.

Most people in Brazil are not hearing anything, they are saying no liquidity from anywhere. In my own thoughts, I think it is happening behind the scenes.

As I said before, they are paying sporadically and they sign NDAs, and will not say anything. I think that is what is happening, this person is a good friend of mine, who tells the truth.

They put the audio on the dragon family group, but I did not translate it, and they actually picked someone who spoke Spanish, and they translate it. That was the best way to go as I did not want the translation to come from me, that it came from another person.

Tomorrow, they tell me we should be getting news. Hopefully, we will get better news. The audio really hit me yesterday, as it was a 1000% confirmation, and it will continue on to two other cities in Brazil on Monday.

 I did send it to someone else in Brazil who were very emotional hearing it hoped it was true. Not much that I can tell you. I have been told that Iraq (sick of Iraq ) on Sunday, they should be able to put the rate on Forex. We will see if it true or not.

Notifications were to come last night, that is what I was told, again, no notifications. Very stressful for all of us. Notifications is our announcement and then I can release the opera for you.

This is my personal opinion – there might not be an announcement. Now a certain person said that statement was true. BUT, it was MY Opinion (saying there might not be an announcement). I think we may get paid sporadically, and lots going on behind the scenes.

 I have heard of people getting paid, and I do not know those people, but I do know the person in the audio. It might be that people get paid, they sign their NDA and they stay quiet.

Good for our safety in IMO. I think that is the way it is going to be, and a lot of bond holders agree that it might be the way to go, quietly.

A lot silence and not much noise coming out. We will see what happens. I am sure we will get some good news. Some people say it may happen till end of May, or the fifth of June, I will not debate this, as I do not know …we will see what happens .

Let us see what happen later. I heard from contact in Reno that things should develop on the weekend BUT no confirmation on that, but that is what he said. So we wait and see, I am tired of this, it has been very difficult, never thought I would do this for so long.

 God bless you, let’s hope and pray that later we will get the news we are all waiting on. Take Care, Wolverine.”

Global Financial Crisis:

President of the Federal Reserve Bank of Minneapolis, Neel Kashkari, admits that CBDCs don’t solve any actual problems other than enabling central bankers to monitor all transactions and deduct taxes directly from people’s accounts. “I keep asking anybody, at the Fed or outside of the Fed, to explain to me what problem this is solving… I can see why China would do it. If they want to monitor every one of your transactions, you could do that with a central bank digital currency. If you want to directly tax customer accounts, you could do that with a central bank digital currency. So I get why China would be interested. Why would the American people be for that?”

Fri. 17 May 2024 Banks, US Stock Market About To Be Devastated By Black Swan Event: https://beforeitsnews.com/economy/2024/05/time-is-running-out-now-us-stock-market-banks-are-about-to-be-devastated-by-black-swan-event-atlantis-report-3111554.html

Fri. 17 May 2024: IMF Confirms US Dollar Is in Jeopardy https://watcher.guru/news/brics-imf-confirms-us-dollar-is-in-jeopardy

Read full post here:  https://dinarchronicles.com/2024/05/18/restored-republic-via-a-gcr-update-as-of-may-18-2024/

************

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

Militia Man  Article:  "The Finance Committee 'knows nothing' about the budget tables"  Al-Sudani has been holding his cards so ever close to the chest. The looks of it now is that he will not expose the 2024 schedule data until after there is an exchange rate change that will reduce the deficit.  Will that be after the vote for the Speaker of the House of Representatives in the HoR and or before extraordinary session for Sunday by the Prime Minister of Iraq, Al-Sudani.. Time will tell. But, since the CoM nor the HoR have yet to receive the 2024 Budget schedules we can deduce, it is going to be a very tight window for events to occur.

Frank26  [Iraq boots-on-the-ground report]   FIREFLY: Television says the speaker of the house will be voted on and will go through on Saturday and then the meeting of the emergency session for the review of the budget with the COM will be Sunday...Then the budget goes to the House the middle of the week.  FRANK:   They know what's going on.

URGENT NEWS: Emergency Meeting on Iraq 2024 Budget…Rate in Budget

Edu Matrix:  5-17-2024

URGENT NEWS: Emergency Meeting on Iraq 2024 Budget What the 2024 Budget Says About the IQD Rate.

https://www.youtube.com/watch?v=gd1Qdz0dipM

LIVE! H.R. 8421 "The Federal Reserve Board Abolition Act." (Don't Hold Your Breath...)

Greg Mannarino:  5-17-2024

https://www.youtube.com/watch?v=S5AJgdYvy4I

MilitiaMan:Iraq Dinar - Iraq Central Bank - IMF - UNAMI - World Bank - Key Votes Tabled - WTO - Ready- Oil Flow

Iraq Dinar - Iraq Central Bank - IMF - UNAMI - World Bank - Key Votes Tabled - WTO - Ready- Oil Flow

MilitiaMan:  5-17-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=2xdIR28lRgY

Currency Insider Video Updates Late Friday Evening 5-17-24

Currency Insider Video Updates Late Friday Evening 5-17-24

Iraqi Dinar New Rates Set Good For Investors – 2:16

Vietnam Dong Holders be Alert – 1:06

Iraqi Dinar Shown Big Success After 20 Years – 2:02

Iraqi Dinar New Rates Set Good For Investors – 2:16

https://www.youtube.com/watch?v=CLjmyYGAYVU

Vietnam Dong Holders be Alert – 1:06

https://www.youtube.com/watch?v=o_zy1tW8LaQ

Iraqi Dinar Shown Big Success After 20 Years – 2:02

https://www.youtube.com/watch?v=sxCd895K4Vw

Iraqi Dinar Today Video Updates Friday Evening 5-17-24

Iraqi Dinar Today Video Updates Friday Evening 5-17-24

Iraq Get Ready To Change The Exchange Rate To $3 – 3:10

Congratulations Wells Fargo Bank Revealed Dong & Dinar New Exchange Rate – 4:23

Chase Bank Amazing All IQD Holders It is Fully Done – 3:46

Iraq Get Ready To Change The Exchange Rate To $3 – 3:10

https://www.youtube.com/watch?v=0JuiR2iXSro

Congratulations Wells Fargo Bank Reveald Dong & Dinar New Exchange Rate – 4:23

https://www.youtube.com/watch?v=NiJRATjVZjU

Chase Bank Amazing All IQD Holders It is Fully Done – 3:46

https://www.youtube.com/watch?v=_HcqpFicRXs