KTFA Members “News and Views” Friday 5-3-2024

KTFA:

Clare:  The Executive Director of the International Monetary Fund warns: Is there a possibility of the collapse of the global monetary system?

5/3/2024

The Executive Director of the International Monetary Fund, Alexei Mugin, said on Friday that he does not rule out the possibility of the collapse of the current global monetary system.

In an interview with the "Novosti" agency, Mogin asked: "Is there a possibility of the collapse of the global monetary system? It seems to me that such a possibility actually exists."

The expert pointed out that the current system relies on confidence that dollar assets are safe, but central banks, institutions, and even families have already begun to sell dollar assets and buy gold, due to growing lack of confidence in their safety.

Mougins warned of chaos in the global economy, noting that "once this confidence is lost, a period of chaos will occur in the global economy."

Reports issued by the International Monetary Fund warned last April that the debts of the United States and China pose a threat to global finances.

The rise in US public debt and the dependence of global trade on the dollar raises concern among experts and a number of countries around the world.

Data issued by the US Treasury Department earlier this month revealed that the US budget deficit exceeded one trillion dollars in the first six months of the fiscal year, partly paid for by the rise in interest on public debt.   LINK

Alicia2015:  Is there a possibility of the collapse of the global monetary system?

IMO yes. All debt base monetary systems eventually collapse. Once taken off a gold standard Fed-R kept printing dollars at a phenomenal rate. Now...Every 3 months interest on our debt increases 1 trillion dollars, that's 4 trillion a year.

 It's mathematically impossible to pay it down so printing more money and feeding the machine is the Fed R only option. Every dollar printed draws value from existing dollars, weakening the purchasing power, creating inflation (too many dollars chasing too few goods).

 IMO a global monetary collapse is in the horizon, which explains why Global World banking institutions are purchasing gold at a higher rate than ever before. The smart money is running to gold and silver!

**

Clare:  Specialist: Floating the dinar is economic suicide

 5/3/2024- Baghdad

Economist Muhammad Hashem Helou confirmed that the central bank cannot float the dinar exchange rate.

Helu said, "The Central Bank of Iraq cannot think about floating the exchange rate because it will abandon its only influential tool in light of the weakness and disruption of other economic tools."

He added that the exchange rate is the nominal stabilizer of monetary policy in Iraq, and thinking about abandoning it is economic suicide and the bank cannot even think about that.

He continued, adding that floating the exchange rate in the presence of a parallel market and large speculators, and the presence of people who own billions of dinars and others who own billions of dollars, will lead to a sharp decline in the value of the currency, high levels of inflation, and rising prices.. LINK 

Paulette:  IMO.....As Saleh was stating but only stronger wording

 Clare:  Al-Sudani: There is no alternative to upholding the state’s word, protecting the constitution, and enforcing the law in Iraq

5/3/2024

Prime Minister Muhammad Shiaa Al-Sudani stressed, on Friday, the necessity of what he called “upholding the word of the state, protecting the constitution, and enforcing the law” in Iraq.

This came in a speech he delivered during the celebration held today in the capital, Baghdad, on the occasion of the anniversary of the founding of the Asaib Ahl al-Haq movement.

Al-Sudani said in the speech, “The government is moving, supported by broad parliamentary and popular will, towards achieving sustainable development.”

He continued by saying: Our country is moving today to the stage of production, building infrastructure, stimulating the economy, creating job opportunities, confronting challenges, and consolidating sovereignty.

Al-Sudani also stressed that “we all bear the task of enforcing the law, and building the edifice of justice, equality, and institutional stability,” stressing that “there is no alternative to upholding the word of the state, protecting the constitution, and enforcing the law in the country.”   LINK

CalandLQ:   IMO, the buzz words that keep appearing each day now are everything! Words like, upholding, protecting, enforcing and my favorite celebration!! When I imagine as an American being in their shoes and salaries have not been paid and purchasing power is weak the only way I see any leader in Washington giving a celebration speech in public (in said conditions) would be with the National Guard and no civilians allowed within 100 yards of the speaker. Yet, these guys are celebrating…celebrating what?!?!?! IMO we will soon find out. It is my understanding based on our study and as pointed out by Frank last night the requirements for the SAP and WTO are the same which means is they MUST have a REER! Also, if I’m not mistaken, the WTO meeting is scheduled for May 9th

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Clare: Economic: The fixed dollar exchange rate depletes Iraq's foreign currency reserve 

5/3/2024

Economist Manar Al-Obaidi confirmed that the fixed dollar exchange rate adopted by Iraq depletes the country's foreign currency reserves.

Al-Obaidi said, “The only thing that is completely under the control of the Iraqi state is the exchange rate, which forcefully drains all foreign reserves to maintain an imaginary fixed price that traders benefit from to increase their profit margin.”

He added, "I never called for following a free-float policy. Rather, I called for a start to follow a compensation policy managed with a small volatility factor and gradually work to increase it until complete liberalization is reached."

He continued, “The alternative to maintaining the fixed exchange rate is to continue depleting the reserves until they run out and the oil market is exposed to very expected future fluctuations. Then, will we be forced, not given the choice, to an absolute floatation of the currency or a shocking reduction in the exchange rate, as happened in 2020, and then the risks will be greater and greater?”  LINK

 Paulette:  IMO.....AGREE!!!!!     Managed prior to Free

Goldilocks' Comments and Global Economic News Friday Evening 5-3-24

Goldilocks' Comments and Global Economic News Friday Evening 5-3-24

Good Evening Dinar Recaps,

From Iraq:

"...of floating to achieve a homogeneous equilibrium exchange rate..."

This article talks about utilizing supply and demand to create a higher exchange rate to meet the demands for their currency currently taking place.

The global standard for raising a currency's price is 3 months. Iraq has reached a higher level of money velocity for the last 16 months.

This is putting price pressure on their currency. Currently, they are seeking more bilateral contracts to secure a position that would allow them to change their monetary policy.

Currently, "The General Directorate for Industrial Development (GDID), part of the Iraqi Ministry of Industry and Minerals, has granted 219 preliminary licenses for new industrial projects."

An industrial project is an investment to create, expand, and develop facilities that will increase the production of goods and services in a country.   Mawazin News   Iraq Business News

© Goldilocks
~~~~~~~~~

"New OTC Derivatives Reporting Regime Goes Live in the EU"

The European Market Infrastructure Regulation (EMIR) is an EU regulation programmed to reduce systemic counterparty and operational risk has gone live in Europe.

The Derivatives Market is now being required to be more transparent than ever before in the reporting of the assets they exchange between parties.

The OTC Derivatives Market does include foreign currency exchanges. Our exchanges will be more transparent going forward and much safer.  Mondo Visione   EY  
© Goldilocks

~~~~~~~~~

MICA is currently giving us a digital framework by regulating current prices on the new digital economy. They are also securing our new digital economy as well as many other facets of the QFS.

It is a Government Intervention on assets across all sectors of the market. Below is a brief summary of the overall picture.

Some of our assets are overinflated while others are way undervalued such as foreign currencies in the eastern half of the world. Regulations will help level the playing field going forward.

Governments can regulate the price of assets such as fiat currencies through buying and selling actions (supply and demand) in international markets.

And, they can create regulations as we are seeing now to control excessive enthusiasm for an asset class that correlates with the cost of doing business.

Price controls keep assets from being pushed up in price through a group of people manipulating its price pressures through speculation.

The overall purpose of regulating the new digital economy will be to allow utility to drive the price through supply and demand bringing our assets into real values across every sector of the market.
Esma Europa   Investopedia

© Goldilocks
~~~~~~~~~

We are beginning to see more projects coming into play that focus on the infrastructure needs of countries.  Base22

This will create sustainable financing for the new digital economy.

© Goldilocks

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New Challenges for the Bering Strait | USNI 

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"There’s so much going on in the international currency markets right now. I stopped riding the guru roller coaster a while ago because it’s just not healthy. But you have to be blind not to see what even the mainstream media is revealing about issues central to our speculation in currencies. We are close. But no one knows the day. So spend this time preparing yourself so that when you get to your appointments you are ready for them, and your life to follow. "  Bob Lock  Bob Lock Telegram room 

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Russia Finalizes Draft Law on Cryptocurrency Mining Regulation | Coin Market Cap

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FIA urges CFTC to regulate use cases rather than AI itself - FinanceFeeds

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Aif Regulations: Sebi allows AIFs to pledge shares in invested cos in infra sector |  ET BFSI

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What Is Infrastructure? | Youtube

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MESSAGE FROM SAM OLIVER ON GOLD IN PROCESS

LISTEN HERE:

~~~~~~~~~

Gold paper & physical markets finally disconnect - here's why | Youtube

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100% CERTAIN: Huge Gold & Silver News from China & Russia - Simon Hunt | Youtube

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Project Raven, launched by the BIS Innovation Hub Nordic Centre, aims to create a new solution to help authorities comprehensively assess the cyber security and resilience maturity readiness of their countries' financial systems. | BIS

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Thank you Dinar Recaps

“Tidbits From TNT” Friday Morning 5-3-2024

TNT:

Tishwash:  Specialist: Floating the dinar is economic suicide

Economist Muhammad Hashem Helou confirmed that the central bank cannot float the dinar exchange rate.

Helu said, "The Central Bank of Iraq cannot think about floating the exchange rate because it will abandon its only influential tool in light of the weakness and disruption of other economic tools."

He added that the exchange rate is the nominal stabilizer of monetary policy in Iraq, and thinking about abandoning it is economic suicide, and the bank cannot even think about that.

He continued, adding that floating the exchange rate in the presence of a parallel market and large speculators, and the presence of people who own billions of dinars and others who own billions of dollars, will lead to a sharp decline in the value of the currency, high levels of inflation, and rising prices  link

Tishwash:  Economic: The fixed dollar exchange rate depletes Iraq's foreign currency reserves

Economist Manar Al-Obaidi confirmed that the fixed dollar exchange rate adopted by Iraq depletes the country's foreign currency reserves.

Al-Obaidi said, “The only thing that is completely under the control of the Iraqi state is the exchange rate, which forcefully drains all foreign reserves to maintain an imaginary fixed price that traders benefit from to increase their profit margin.”

He added, "I never called for following a free-float policy. Rather, I called for a start to follow a compensation policy managed with a small volatility factor and gradually work to increase it until complete liberalization is reached."

He continued, “The alternative to maintaining the fixed exchange rate is to continue depleting the reserves until they run out and the oil market is exposed to very expected future fluctuations. Then, will we be forced, not given the choice, to an absolute floatation of the currency or a shocking reduction in the exchange rate, as happened in 2020, and then the risks will be greater and greater   link

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

Tishwash:  Al-Sudani: There is no alternative to upholding the state’s word, protecting the constitution, and enforcing the law in Iraq

 Prime Minister Muhammad Shiaa Al-Sudani stressed, on Friday, the necessity of what he called “upholding the word of the state, protecting the constitution, and enforcing the law” in Iraq.

This came in a speech he delivered during the celebration held today in the capital, Baghdad, on the occasion of the anniversary of the founding of the Asaib Ahl al-Haq movement.

Al-Sudani said in the speech, “The government is moving, supported by broad parliamentary and popular will, towards achieving sustainable development.”

He added, “Our country is moving today to the stage of production, building infrastructure, stimulating the economy, creating job opportunities, confronting challenges, and consolidating sovereignty.”

Al-Sudani also stressed that “we all bear the task of enforcing the law, and building the edifice of justice, equality, and institutional stability,” stressing that “there is no alternative to upholding the word of the state, protecting the constitution, and enforcing the law in the country.”    link

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

Tishwash:  In Financial Inclusion Week, Al-Rafidain encourages the use of electronic payment in citizens’ transactions

Rafidain Bank participated in the activities of the Financial Inclusion Week in the presence of a wide range of financial and banking institutions.

During the participation of its special pavilion in commercial centers, gatherings and other places, the bank reviewed its services and products, including opening bank accounts, adopting electronic payment and collection, encouraging the use of electronic cards to reduce cash transactions, and introducing the importance of citizens saving their money in the bank instead of hoarding it at home. 

In addition to the presence of a specialized team to answer citizens’ inquiries about other services.

Participation aims to educate the public about the importance of financial inclusion and the spread of banking culture to the furthest reaches of the country to include all segments of society.   link

Mot: ..... Just Saying!!!!

Mot: ... the learning Never Stops fer Sure!!!! 

MilitiaMan:Iraq Dinar Update - Expectation - Implementation - Activation - New Exchange Rate Fixed or Float -

Iraq Dinar Update - Expectation - Implementation - Activation - New Exchange Rate Fixed or Float -

MilitiaMan and Crew:  5-2-2024

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=Ii_aTnVmGz0

Iraq Economic News and Points to Ponder Late Thursday Evening 5-2-24

Iraq Economic News and Points to Ponder Late Thursday Evening 5-2-24

Away From Oil.” The Iraqi Prime Minister Calls For A Diversified Economic Transformation

Economy     Iraq     breaking     Oil     Muhammad Shiaa Al-Sudani   2024-05-01 04:24  Shafaq News/ Iraqi Prime Minister Muhammad Shiaa Al-Sudani stressed, on Wednesday, the necessity of shifting from dependence on oil to a diversified economy.

 This came during the opening of the continuous casting factory/first phase, at the General Company for Steel Industries, in the Taji area, north of the capital, Baghdad, after it was rehabilitated, modernized and operated, with a production capacity of up to 600 thousand tons annually.

 According to a statement issued by the Prime Minister’s Office and received by Shafaq News Agency,

 the casting factory specializes in “melting and casting piles of scrap and converting them into iron billets (bilt) as a primary product ready for rolling, by investing in iron scrap, as it contains smelting furnaces and giant casting machines from the latest origins.” Global, and

 this project will work to meet the country’s need for various iron products, provide job opportunities, and provide financial inputs to the General Company for Steel Industries, as a free share of revenues.

 The ceremony included the signing of a partnership contract to establish a complex fertilizer production project in Baiji, Salah al-Din Governorate, with the Emirati company (ARJ Holding LLC), with a production capacity of (249) thousand tons annually of types of complex phosphate fertilizers, which will contribute to supporting the agricultural sector and meeting the local need for fertilizers. Fertilizers, in addition to employing labor.

 During the opening ceremony, the Prime Minister saluted the working class in Iraq on the occasion of International Labor Day, and affirmed the commitment of the state and the government to caring for workers’ economic and social rights, stressing that the working class was part of the construction process at various stages, and at all levels in the sectors. Private, government and mixed.

 He stated that the continuous casting factory came in partnership with the private sector, appreciating the role of the Ministry of Industry and the Minister and the capabilities of its workers, stressing the importance of moving strongly towards partnership with the private sector. To break out of previous traditional contexts.

 Return of life to the steel industries

 Al-Sudani explained that the continuous casting factory is the backbone for moving towards securing the needs of the rest of the industries and what the local market needs, stressing the return of life to the General Company for Steel Industries, through this factory, and we are waiting for the rolling mill project to be completed and to provide the types of iron that the local market needs..

 Al-Sudani said, "We welcome our brothers and friends from the private sector in Iraq, and I applaud their step to invest with the companies of the Ministry of Industry and Minerals." He added,

 “We have made important strides in guaranteeing the rights of workers at the level of legislation, the most important of which is the Labor Law, and the Retirement and Social Security Law for Workers, which was voted on in 2023,” explaining that

 “The Social Security Law represents a qualitative leap in the level of guaranteeing rights in accordance with the standards of the International Labor Organization.” And the Arab Labor Organization. Al-Sudani also said,

  “His government has set industry as a goal in economic reform, based on several facts. Iraq is an industrial country just as it is an oil and agricultural country,” adding,

 “All the industrial components are available in Iraq, from raw materials and infrastructure to the industrial base to which the state has contributed significantly.” big".

He continued,   "We have a market that needs all products, goods and services," stressing that

 "the government is continuing to support the industrial sector, and the important investment opportunities announced by the Ministry of Industry are reaping their fruits today." He pointed out,

 "We previously opened the rolling mill at the General Iron and Steel Company after stopping since 2003, and we are preparing to open the steel factory after completing its rehabilitation in the company itself." He added,

 Self-sufficiency

 "We opened the Dab fertilizer line factory, which secures the needs of the agricultural process in Iraq, as well as the urea fertilizer line," declaring

 "reaching the stage of self-sufficiency in securing the fertilizers needed by the official agricultural plan." The Prime Minister continued,

  “Within the current contracts, we are heading to the production of complex fertilizer, which will provide the fertilizer needs of farmers,” noting that

 “several measures have been taken that contributed to the start of the localization of the pharmaceutical industry, after conducting a review with producers in the private sector.” Al-Sudani said,

  “We described this year as a year of achievements, and we implemented it in word and deed by opening many projects,” noting that

 “a large number of projects returned to work, after they had been idle for years, due to mismanagement, neglect, or failure to make decisions in projects.” a task". He stressed,

 "We have no choice but to support industry, agriculture, trade, and tourism to achieve the transition from a country dependent on oil revenues to a diversified economy." He pointed out that

 "the readings of international financial institutions on the high growth indicators in Iraq are evidence of the correctness of the government's path in following this policy," adding,

 "Without the private sector, which is financially and technically capable, we will not be able to accomplish the tasks in the planned manner."   https://shafaq-com.translate.goog/ar/اقتصـاد/بعيدا-عن-النفط-ر-يس-الوزرا-العراقي-يدعو-لتحول-اقتصادي-متنوع          

Rentier-Seeking" Hits Iraq's Economy Despite Trillion-Dollar Revenues

Economy     Iraqi economy     Rentier economy     Oil revenues     Non-oil revenues

2024-04-29 01:37  Shafaq News/ The Federal Ministry of Finance revealed, on Monday, that the volume of Iraqi revenues in the budget exceeded 20 trillion dinars within two months, while confirming that the

 oil contribution to the budget had risen to 91%. Shafaq News Agency followed the

data and tables issued by the Ministry of Finance in April for the January and February accounts of the current fiscal year,

 which showed that oil is still the main resource for Iraq’s general budget, reaching 91%, which indicates that the rentier economy is the basis of the country’s general budget..

 The financial tables showed that the total revenues in January and February amounted to 20 trillion, 465 billion, 480 million, 278 thousand and 344 dinars.

 They also indicated that the total expenditures with advances amounted to two trillion, 752 billion, 731 million and 419 thousand dinars.

 According to the financial tables, oil revenues amounted to 18 trillion, 678 billion, 903 million, and 892 thousand dinars, which constitute 91% of the general budget, while non-oil revenues amounted to 1 trillion, 786 billion, 576 million, and 385 thousand dinars.

 In this regard, economic expert Muhammad Al-Hassani told Shafaq News Agency,

 “Iraq cannot get out of the cycle of rentier economy due to the lack of infrastructure for the industrial and agricultural economic sectors and the absence of a real investor,” adding that

 “the surplus funds in the general budget are not directed towards... Investment, but rather towards expenditure.

 The Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, confirmed in March 2021, in an interview with Shafaq News Agency, that the

 reasons for the economy remaining rentier are due to wars and the imposition of the economic blockade on Iraq during the past era and the political conflicts we are witnessing today, which led to the dispersion of... for economic resources.

 The Iraqi state’s continued reliance on oil as the sole source of the general budget puts Iraq at risk from the global crises that occur from time to time because oil is affected by them,

 which makes the country tend every time to cover the deficit through borrowing from abroad or within, and   thus indicates the inability to Managing state funds effectively, and the inability to find alternative financing solutions.   https://shafaq.com/ar/اقتصـاد/الريعي-يضرب-اقتصاد-العراق-رغم-ال-يرادات-التريليونية   

 Through Electronic Payment... Sales Of Petroleum Products Exceed The Trillion Dinars Barrier

Money  and business  Economy News – Baghdad  The Petroleum Products Distribution Company announced today, Thursday, that it has crossed the trillion dinars barrier through its sales through electronic payment devices.

A statement from the company received by Al-Eqtisad News stated, “After a full year has passed since the launch of the electronic collection project at the Petroleum Products Distribution Company, and with the efforts of the team responsible for the project and its management, the company’s sales for the month of April reached a total amount of approximately 415 billion dinars, achieving a noticeable increase.” 67 percent over sales in the previous March.

He added, "The total sales of the Petroleum Products Distribution Company since the start of the electronic collection project exceeded one trillion dinars." Views 183   Added 05/02/2024 - https://economy-news.net/content.php?id=43087

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

Provoking Thoughts and Points to Ponder on Wealth

He that maketh haste to be rich shall not be innocent.  - Bible

I glory more in the coming purchase of my wealth than in the glad possession.- Ben Jonson

I'll fares the land, to hastening ills of prey Where wealth accumulates, and men decay.  - Oliver Goldsmith

It is the wretchedness of being rich that you have to live with rich people.  - Logan Pearsall Smith

One cannot both feast and become rich. - Ashanti proverb

Poor men seek meat for their stomach, rich men stomach for their meat.  - Old saying

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

http://famousquotesandauthors.com/quotes_by_topic.html

Iraq Economic News and Points to Ponder Thursday Afternoon 5-2-24

Iraq Economic News and Points to Ponder Thursday Afternoon 5-2-24

His Financial Advisor: The Dollar Exchange Rate In The Parallel Market Is Gradually Approaching The Official One

Economy | 02/05/2024   Mawazine News – Baghdad   Today, Thursday, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, explained the dangers of the exchange rate fluctuations in the event that demands for floating the dinar are met, while confirming that the dollar exchange rate in the parallel market is gradually approaching the official one.

Saleh said to the official agency, followed by Mawazine News, that “calls for floating the dinar to end the gap between the official exchange rate and the parallel market 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 currency reserves.”

Foreign currency, as the monetary authority alone is the main source of supply of foreign currency that meets the desired demand for foreign exchange in the money market, to provide stability in this market and achieve a desired and homogeneous exchange rate through the interventionist role played by monetary policy.

He added, "Claims for flotation mean in all cases adopting the prevailing exchange rate in the parallel market to achieve the goal of stability and balance in the official exchange rate itself at a new point reached by the market at the end of the supposed flotation policy and returning to stability again. Also, the flotation scenario means in all cases the withdrawal of the authority."

Cash from being an essential central supply of foreign currency, to be replaced by new forces supplying foreign currency from free market makers, which only have a weak, limited supply of foreign exchange, and at the same time they carry an uncontrolled package of inflationary expectations and are called in economic literature the forces generating expectations. "inflationary".

He continued, "The hypothetical new supply forces for foreign exchange adopted by the exchange market in that scenario will mean the dominance of supply forces from speculators with very limited quantities of foreign exchange available for supply in the parallel market, matched by an open demand for foreign currency on the part of the market that undoubtedly exceeds that limited parallel supply."

of foreign exchange, perhaps by more than 10 times at least in our estimation, and such a policy of floating to achieve a homogeneous equilibrium exchange rate would be an open and perhaps unruly situation, as long as the central government supply of foreign currency would be absent from the market, and we would not then obtain any equilibrium point in the exchange rate.

An exchange rate that is sought to float except with a widespread deterioration of the exchange rate as long as it is controlled by forces that generate inflationary expectations, as we noted in a highly unilateral rentier economy, and it is an exchange rate whose mechanisms will move in a market that is incomplete in terms of production in its compensation for the required supply of goods and services.

Saleh warned, “Then no one knows how much the new exchange rate resulting from the flotation will be, which will undoubtedly be accompanied by a prior wave of inflationary expectations, which is a dangerous wave whose directions are difficult to control, which may force monetary policy according to this floating scenario by intervening with foreign reserves.”

It is an unjustified extravagance in foreign exchange to impose a state of stability in the general level of prices again, just to adopt it when exchange rates reach low rates, and no one knows how much they will reach.”

He pointed out that "the difference in the two prices currently, in which the parallel market is gradually approaching the official market, did not come about due to the short supply of foreign exchange at the Monetary Authority, but rather came about due to a sudden external factor imposed by the compliance platform and administrative audit restrictions on external transfer movements, which is a matter related to the deficit in the authority's reserves."

Cash is about bringing the two prices closer in light of a very high level of foreign reserves. The commercial efficiency of those reserves is the highest in Iraq’s financial history, and they are covered in foreign currency that touches more than 16 months of imports compared to the global standard of three months of imports.   https://www.mawazin.net/Details.aspx?jimare=247171

Revealing The Latest Developments In Changing The Exchange Rate And The Barrel Of Oil In The 2024 Budget

Economy | - 05/02/2024  Mawazine News - Baghdad,  Deputy Chairman of the Parliamentary Planning Committee, Muhammad Karim, confirmed today, Thursday, that the current year’s budget will proceed after completing the changes in its schedules for allocations for governorate and ministries projects only.

Karim told Mawazine News, “The exchange rate of the dollar, the barrel of oil, and the quantity exported will remain the same according to what was proven in last year’s budget.”

He pointed out that "the tripartite budget approved by the Sudanese government and approved by the House of Representatives allowed the government to make changes and amendments imposed by force after the parliament's vote."

He pointed out that "the changes to the schedules will include projects of ministries and governorates in accordance with the requirements of the government program." https://www.mawazin.net/Details.aspx?jimare=247191

Al-Sudani And The American Ambassador Discuss Following Up On The Work Of The Committee To Activate The Strategic Framework Agreement

Sports | - 02/05/2024   Mawazine News – Baghdad   Prime Minister Muhammad Shiaa Al-Sudani discussed, today, Thursday, the US Ambassador Alina Romanowski, following up on the work of the Committee to Activate the Strategic Framework Agreement.

The Prime Minister's Media Office stated in a statement, received by Mawazine News, that "Prime Minister Muhammad Shiaa Al-Sudani received, this evening, Thursday, the American Ambassador to Iraq, Alina Romanowski."

The statement added, "During the meeting, bilateral relations in various fields and files were reviewed and discussed, and the understandings and memoranda of understanding included in the Prime Minister's visit to the United States related to aspects of energy, trade, and others, and the follow-up of their implementation."

The statement continued, "The meeting also discussed the foundations for transitioning bilateral relations between the two countries, to include multiple fields, and following up on the work of the coordinating committee for activating the strategic framework agreement, which includes broad stages of joint cooperation for the benefit of the Iraqi and American peoples."

https://www.mawazin.net/Details.aspx?jimare=247212

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

Provoking Thoughts and Points To Ponder On Conviction and Belief:

A belief is not merely an idea the mind possesses; it is an idea that possesses the mind.  - Robert Bolton

Every man who attacks my belief diminishes in some degree my confidence in it, and therefore makes me uneasy, and I am angry with him who makes me uneasy.  - Samuel Johnson

Penetrating so many secrets, we cease to believe in the unknowable. But there it sits nevertheless, calmly licking its chops.  - H. L. Mencken

Believe not your own brother - believe, instead, your own blind eye.  - Russian proverb

Whether you are really right or not doesn't matter; it's the belief that counts.  - Robertson Davies

I love an opposition that has convictions.  - Frederick the Great

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

http://famousquotesandauthors.com/quotes_by_topic.html

Billionaire Texas oilman inks deal with Venezuela’s state-run oil giant as US sanctions loom

TNT:

Tishwash:  Billionaire Texas oilman inks deal with Venezuela’s state-run oil giant as US sanctions loom

By Joshua Goodman

A company started by a Texas billionaire oilman announced a deal Wednesday with Venezuela’s state-owned oil company to rehabilitate five aging oil fields, days after the Biden administration put a brake on sanctions relief over concerns about the fairness of the country’s upcoming presidential election.

LNG Energy Group is a publicly traded company listed in Canada that produces natural gas in Colombia. It was created last year as a result of a merger with a company owned by Rod Lewis, a legendary Texas wildcatter who Forbes Magazine once called the “only gringo allowed to drill in Mexico.”

FILE - A sculpture of a hand holding an oil well stands by the state-run oil company Petroleos de Venezuela S.A. (PDVSA), behind, in Caracas, Venezuela, Tuesday, March 21 2023. (AP Photo/Ariana Cubillos, File)

As part of the deal announced Wednesday, LNG was awarded contracts by state-run PDVSA to take over production and develop two oil fields in eastern Venezuela that currently produce about 3,000 barrels of crude per day.

LNG said the deal was executed within the framework of sanctions relief announced by the U.S. government last year in support of an agreement between President Nicolas Maduro and his opponents to hold a competitive presidential election this year. Last week, the Biden administration reimposed sanctions as hopes for a democratic opening in Venezuela fade.

However, the White House left open the possibility for companies to apply for licenses exempting them from the restrictions, something that could attract investment to a country sitting atop the world’s largest petroleum reserves at a time of growing concerns about energy supplies in the wake of Russia’s invasion of Ukraine.

Other than Chevron, which has operated in Venezuela for a century and was awarded its own license in 2022, few American companies have been looking to make major capital investments in the high risk South American country in recent years because of concerns about government seizure, U.S. sanctions and corruption.

“This will be a test of U.S. sanctions whether they get a license or not,” said Francisco Monaldi, an expert on Latin American energy policy at Rice University’s Baker Institute. 

LNG said in a statement that it “intends to operate in full compliance with the applicable sanctions” but declined further comment

Lewis, who Forbes estimates has a net worth of $1.1 billion, struck it rich in the 1980s as a wildcatter drilling for natural gas near his home in Laredo, Texas. His company, Lewis Energy Group, was the state’s fourth biggest natural gas producer last year.

In 2004, Lewis was awarded a contract by Mexico’s tightly controlled energy industry covering almost 100,000 acres (400 square kilometers) just across the border from his south Texas facility. He started investing in Colombia in 2003.

In October, the U.S. granted Maduro’s government relief from sanctions on its state-run oil, gas and mining sectors after it agreed to work with members of the opposition to hold a free and competitive presidential election this year.

While Maduro went on to schedule an election for July and invite international observers to monitor voting, his inner circle has used the ruling party’s total control over Venezuela’s institutions to undermine the agreement. Actions include blocking his main rival, ex lawmaker Maria Corina Machado, from registering her candidacy or that of a designated alternative. Numerous government critics have also been jailed over the past six months, including several of Machado’s aides.  link

Iraq Economic News and Points to Ponder Thursday AM 5-2-24

Iraq Economic News and Points to Ponder Thursday AM 5-2-24

An Economic Planner Is Trying To Normalize Iraq... And Jordanian Banks Are Taking Care Of It

  May 1 Information/Report..   Despite the sanctions affecting more than thirty Iraqi banks, the government did not work hard to lift the sanctions against them and is trying to replace them with Jordanian banks that arouse suspicion and suspicion because of their owners.

 Four Jordanian banks were pushed by America into Iraq in an attempt to control the Iraqi economy from Another chapter on the government's unconsciousness and duplicity regarding the Central Bank of Iraq's dealings with granting licenses to foreign banks on the one hand and punishing local banks on the other hand.

Experts' concerns indicate

   complete control over banking and the benefit of the Jordanian economy at the expense of Iraq, and

   American hegemony over the Iraqi economy may appear in a new form.

 *An American game. 

 Speaking more about this file, the representative of the Al-Fatah Alliance, Muhammad Al-Baldawi, revealed the existence of an American game to change the facade of banking in Iraq by pushing Jordanian banks into the arena. 

Al-Baldawi says,   “America is trying to change its approach to controlling the Iraqi economy by imposing sanctions on Iraqi banks and introducing Jordanian banks, which is planned,” noting that

 “attention must be paid to the suspicious role that America is playing in trying to control the Iraqi banking sector and hold it hostage.” With external banks.  He adds,

 “This game goes towards matching the visions of the Jordanian and American authorities,” noting that

 one of the banks is owned by a person of Zionist origins. Lifting sanctions on Iraqi banks by the American side.”

 An economic planner is trying to normalize Iraq... and Jordanian banks are taking care of it Clip_image002 https://media.almaalomah.me/archive/image/2024/5/1/4c6de8cd-feef-44ab-b616-796fa3f04139.jpg?preset=w750

 Central Bank Duplication*

 In addition, economic expert Ahmed Abd Rabbo confirmed that the Central Bank of Iraq works duplicatively in granting licenses to foreign banks and imposing sanctions on Iraqi banks.

 Abd Rabbo said in a statement to the “Al-Ma’louma” agency,

 “The work of the Central Bank of Iraq carries a great deal of duality between local and foreign banks, especially Jordanian ones,” noting that

 the Central Bank granted licenses to four Jordanian banks: Housing, Jordan, Al-Ittihad, and Al-Arabi.”  He continues,

 "Granting licenses to these banks means losing control over the banking business in Iraq," stressing that

 "Jordanian banks swallow up Iraqi banks while local banks face American sanctions."  Abd Rabbo continues his speech:

 “The management of the Central Bank has not succeeded in dealing with this important file, and it may pose a threat to the Iraqi economy,” pointing out,

“We have repeatedly called for changing the governor of the Central Bank of Iraq, but to no avail.”

 Specialists believe that the economic file cannot be handed over in this way, as

 it is a sovereign matter that affects the security and economy of the state, with the invasion and penetration of these banks into the economy in a large way that may make the Iraqi economy hostage to the Jordanian banks.

It is noteworthy that America imposed sanctions on 34 Iraqi banks in order to limit the Iraqi economy, and pushed the entry of Jordanian banks, which numbered four banks, into Iraq to fully control the Iraqi economy amid the negligence of the Iraqi government. Ended 25\c

 https://almaalomah.me/news/63233/economy/مخطط-اقتصادي-يحاول-تطبيع-العراق-والمصارف-الأردنية-تتكفل-بالأ   

“Hidden Hands"... An Expert Diagnoses A Strange Growth In The Profits Of Banks Owned By Non-Iraqis

  May 1 Information / Baghdad.. The economic philanthropist, Manar Al-Obaidi, on Wednesday reported a “strange growth” in the profits of banks owned by non-Iraqis, warning of “hidden hands” behind it.

 Al-Obaidi said in a publication seen by “The Information” that

 “the profits of banks owned by non-Iraqi parties, according to the first quarter data, show significant growth and numbers that are strange for any sector,” wondering,

 “Is it normal for any project to achieve annual profits amounting to 100% of the capital while Other banks are suffering, and

 is it normal for a bank whose maximum profits in previous years did not exceed the barrier of 10 billion dinars as a maximum amounting to more than 300 billion Iraqi dinars within a year?”  He added,

 "It was a true success story based on free competition without external interference.

 Of course, we are with it, but we fear that there are hidden hands that intended to make these particular banks achieve profits without others," noting that

 "one of the banks' expected net profit in 2024 will be 100%." % of its capital and the amount of cash credit granted by it does not exceed 2% of its total assets. Ended/25 hours  

 https://almaalomah.me/news/63210/economy/أياد-خفية-خبير-يشخص-نموا-غريبا-في-أرباح-البنوك-المملوكة-لغير   

The “Deep State” In Iraq: A Struggle For Power In Light Of A Network Of Corruption And Influence

 Deep state conflicts in Iraq: The assassination of “Umm Fahd” reveals the depth of the crisis

 May 1, 2024Last updated: May 1, 2024

 The Independent/- Baghdad is experiencing heated conflicts between the parties of the “deep state” since the return of Prime Minister Muhammad Shiaa Al-Sudani from his last visit to Washington.

 Political sources indicate that these conflicts are due to fears about the results of the visit, which some pro-Iranian parties saw as a “departure from the agreed upon text.”

 Disagreements over American agreements:

 Al-Sudani's opponents believe that the agreements he concluded with American entities and companies constitute a loss to Iran, which enjoys the largest share of the Iraqi economy's returns.

 Information indicates that these differences have begun to surface after disagreements emerged within the “coordination framework” against the backdrop of the latest elections for the governorate councils and the election of a new speaker of parliament.

 Possible “bone fracture”:

Observers expect that the escalation of these conflicts will lead to unexpected “bone-breaking” operations, especially after two separate incidents that occurred last week:

Drone attack on the Kormor gas field in Sulaymaniyah: It is believed that this attack, which led to the death of several workers and the disruption of electrical power in large areas of the region, is a message from Iran’s pro-government militias that Iraq will not be able to end its import of Iranian gas.

  Assassination of an influential social media figure: It is believed that the assassination of “Umm Fahd,” a person close to senior officers and prominent military and security figures, carries special political messages at this time.

 “Umm Fahd” black box:

 Before her death, Umm Fahd threatened to reveal “files that would collapse the political process and the military establishment.”

 Many observers believe that it represents a “black box” that contains everything that those in power fear.

 The Deep State: A Network of Corruption and Influence:

 The deep state in Iraq is not limited to militias and mafia men, but also includes political, active, and even religious figures.

 This network controls important aspects of the country from behind the scenes, and has external links as well.

 Iraq: a model of a failed state:

 Due to the control of the deep state, Iraq has turned into a model of a failed state that has nothing to do with it.

 The leaders of this network use the method of physical elimination of those who pose a threat to it, as happened with “Umm Fahd.”

Future: Skilled surgeons for major surgery:

Iraq needs a “major surgery” performed by “skilled surgeons” to treat its incurable diseases.

 But it seems that the current players are not qualified to fix what was corrupted by the past twenty years.    https://mustaqila.com/الدولة-العميقة-في-العراق-صراع-على-الس/   

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

Provoking Thoughts and Points To Ponder On Conviction and Belief:

What is dangerous about extremists is not that they are extreme, but that they are intolerant. The evil is not what they say about their cause, but what they say about their opponents.  - Robert F. Kennedy

It is a perplexing and unpleasant truth that when men already have 'something worth fighting for', they do not feel like fighting.  - Eric Hoffer

Martyrdom has always been a proof of the intensity, never of the correctness of a belief.  - Arthur Schnitzler

Belief is better than anything else, and it is best when rapt - above paying its respects to anybody's doubt whatsoever.  - Robert Frost

The peak of tolerance is most readily achieved by those who are not burdened with convictions.  - Alexander Chase

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Thursday AM 5-2-24

Goldilocks' Comments and Global Economic News Thursday AM 5-2-24

Good Morning Dinar Recaps,

"CFTC Approves Final Rule Amending the Capital and Financial Reporting Requirements of Swap Dealers and Major Swap Participants"

The Commodities Futures and Trading Commission has been fast-tracking this rule through as of late. They even went so far as to do this Final Rule in-house to avoid it taking any longer than it had to take otherwise.

When it comes to money/foreign exchanges, everything is reported to Uncle Sam. This Final Rule for Swap Dealers to report Capital gains of Swap Dealers and Major Swap Participants is in the process of going inside the Federal Register.

The effective date of this rule that will enable us to exchange with Swap Dealers is 30 days from publication inside the Federal Register. This puts us close to the end of May when we will first be able to exchange if everything is completed by that time with "technological operability" and laws that govern the process of Foreign Currency Exchanges.   CFTC

© Goldilocks

~~~~~~~~~

Pretty soon, you're going to hear me start talking about CBDCs. This does not mean that I am a fan of that particular coin, it's just the reality of where we are going. And, I am committed to letting you know exactly what is going on with the new digital economy.

Like it or not, CBDCs will be a part of it at the very least on the wholesale level. The retail level remains to be seen. If it does reach the retail level, it will have to meet new private policy laws.

That being said, I see the making of CBDCs on the retail level coming out years from now if at all. Cross your fingers and hope that Stablecoins are all we need.

© Goldilocks

~~~~~~~~~

Fed Meeting Today: Interest Rates Decision Due; Watch Powell's Speech |  Barrons

~~~~~~~~~

The Dow has lost 5.00% the last 4 weeks. It looks like we're going to lose some more ground going forward.

We talked about these adjustments taking place about a month ago. I shared with you that we had three to five weeks to go through a downturn inside the markets.

Hopefully, the bleeding will stop this week going into next week, but the fundamentals are not looking good.

The FOMC meeting is today. So far, I am hearing that a cautious approach may lead to no interest rate changes at best. The actions today will determine the reactions of traders moving forward on the market.

© Goldilocks

~~~~~~~~~

Federal Register Announcement:

The Commodity Futures Trading Commission (Commission or CFTC) is amending its swap execution facility (SEF) regulations related to uncleared swap confirmations, and making associated technical and conforming changes. | Federal Register

👆  Goldilocks pointed to this article

~~~~~~~~~

Foreign Currency Exchange Tax Issues | Small Business

If your company exchanges currency at a profit, it must pay tax on the gains it realizes from the transaction.

~~~~~~~~~

If Treasury Bonds Hit 5%, You're Gonna See Some Serious Sh*t | Zero Hedge

~~~~~~~~~

FOMC Press Conference May 1, 2024 | Youtube

~~~~~~~~~

The Fed keeps rates on hold.
   - No interest rate changes at this time.

~~~~~~~~~

Ripple XRP - IMF CONFIRMED MIND-BLOWING FOR XRP... Brad Garlinghouse (Best Crypto To Buy Now 2024) | Youtube

~~~~~~~~~

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“Tidbits From TNT” Thursday Morning 5-2-2024

TNT:

Tishwash:  hmmmmm I guess they mean it this time? 

His financial advisor: The dollar exchange rate in the parallel market is gradually approaching the official one

Today, Thursday, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, explained the dangers of the exchange rate fluctuations in the event that demands for floating the dinar are met, while confirming that the dollar exchange rate in the parallel market is gradually approaching the official one.

Saleh said to the official agency, followed by Mawazine News, that “calls for floating the dinar to end the gap between the official exchange rate and the parallel market 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 currency reserves.”

Foreign currency, as the monetary authority alone is the main source of supply of foreign currency that meets the desired demand for foreign exchange in the money market, to provide stability in this market and achieve a desired and homogeneous exchange rate through the interventionist role played by monetary policy.

He added, "Claims for flotation mean in all cases adopting the prevailing exchange rate in the parallel market to achieve the goal of stability and balance in the official exchange rate itself at a new point reached by the market at the end of the supposed flotation policy and returning to stability again.

Also, the flotation scenario means in all cases the withdrawal of the authority." Cash from being an essential central supply of foreign currency, to be replaced by new forces supplying foreign currency from free market makers, which only have a weak, limited supply of foreign exchange, and at the same time they carry an uncontrolled package of inflationary expectations and are called in economic literature the forces generating expectations. "inflationary".

He continued, "The hypothetical new supply forces for foreign exchange adopted by the exchange market in that scenario will mean the dominance of supply forces from speculators with very limited quantities of foreign exchange available for supply in the parallel market, matched by an open demand for foreign currency on the part of the market that undoubtedly exceeds that limited parallel supply." of foreign exchange, perhaps by more than 10 times at least in our estimation, and such a policy of floating to achieve a homogeneous equilibrium exchange rate would be an open and perhaps unruly situation, as long as the central government supply of foreign currency would be absent from the market, and we would not then obtain any equilibrium point in the exchange rate.

 An exchange rate that is sought to float except with a widespread deterioration of the exchange rate as long as it is controlled by forces that generate inflationary expectations, as we noted in a highly unilateral rentier economy, and it is an exchange rate whose mechanisms will move in a market that is incomplete in terms of production in its compensation for the required supply of goods and services.

Saleh warned, “Then no one knows how much the new exchange rate resulting from the flotation will be, which will undoubtedly be accompanied by a prior wave of inflationary expectations, which is a dangerous wave whose directions are difficult to control, which may force monetary policy according to this floating scenario by intervening with foreign reserves.” It is an unjustified extravagance in foreign exchange to impose a state of stability in the general level of prices again just to adopt it when exchange rates reach low rates, and no one knows how much they will reach.”

He pointed out that "the difference in the two prices currently, in which the parallel market is gradually approaching the official market, did not come about due to the short supply of foreign exchange at the Monetary Authority, but rather came about due to a sudden external factor imposed by the compliance platform and administrative audit restrictions on external transfer movements, which is a matter related to the deficit in the authority's reserves."

Cash is about bringing the two prices closer in light of a very high level of foreign reserves. The commercial efficiency of those reserves is the highest in Iraq’s financial history, and they are covered in foreign currency that touches more than 16 months of imports compared to the global standard of three months of imports.  link

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

Tishwash: New agreements between Iraq and Iran on facilitating trade

Iranian media reported today, Wednesday (May 1, 2024), that Iraq and Iran have reached new agreements on facilitating trade movement between the two countries.

Mohammad Rezvani Far, Deputy Minister of Economy and Director General of Iranian Customs, and Hassan Hammoud Hassani, Advisor to the Ministry of Finance and Director General of Iraqi Customs, emphasized the facilitation of trade in addition to the new customs agreements between the two countries.

The Iranian official agency, according to what was translated by “Baghdad Today”, quoted Radwani as saying, “This meeting along the long borders and near 5 important provinces bordering Iran and Iraq, which requires doubling trade between Iran and Iraq, and developing relations, coordination and cooperation.”

Radwani added, "Regular border meetings between border customs directors in the two countries can contribute to the effectiveness of this cooperation," indicating that "Iranian Customs is fully prepared to exchange customs information with Iraqi Customs in order to facilitate and develop trade."

The Iranian official considered that "exchanging and coordinating procedures and policies and applying similar methods at various border points, in addition to matching working days and hours in customs offices in the two countries, is important and vital for trade exchange."

The Iranian Deputy Minister of Economy called for "expediting notification of changes in customs procedures and regulations in the two countries."

Radwanifar stated that “the cornerstone of customs policies to facilitate and develop trade lies in the World Customs Organization,” noting “the importance of this organization,” calling for “consensus and consultation among Islamic countries in promoting common goals and interests.”

For his part, the head of the Iraqi Customs Authority, Hassan Hamoud Hassani, described the Iranian side as “one of Iraq’s most important trading partners, and included developing trade relations between the two countries as one of his country’s priorities.”

He expressed his satisfaction with “the progress of customs cooperation between the two countries,” expressing his hope to “follow up on common issues with continued cooperation and exchange of views.”

The head of Iraqi customs promised to "continue coordination between his government and the Iraqi Kurdistan Regional Government in order to implement customs unity in these two regions."

Hassani also expressed his regret "about the phenomenon of fuel smuggling at the common border crossings between the two countries," adding that "Iraqi customs will cooperate with the Iranian side in resolving this problem."

It is noteworthy that during the meeting, it was agreed to sign an agreement on cooperation and mutual administrative assistance in customs affairs between the governments of the two countries, with the aim of facilitating the electronic exchange of customs information and providing facilities in performing customs procedures at the border level of the two countries, and agreeing to sign an agreement to facilitate the temporary entry of goods vehicles between Iran and Iraq. And the establishment of a designated parking lot outside the customs borders of the two countries in order to prevent the risks resulting from the stopping of trucks carrying fuel materials in the border area, as well as the establishment of representatives of the organizations that issue import licenses, including standards, health and quarantine units, and related organizations in the Iraqi border customs, among others. link

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

Tishwash:  Al-Sudani: The government is serious about moving to a diversified economy and supporting the industrial sector

Al-Sudani in his speech at the opening of the continuous casting factory at the General Company for Steel Industries in the capital, Baghdad

The state and the government are committed to paying attention to and caring for the rights of workers, especially since the government has made important strides in guaranteeing the rights of workers at the level of legislation represented by the Labor, Retirement and Social Security Law.

The government has placed industry as an important sector for economic reform in our dear country, based on the fact that Iraq is an industrial country, just as it is an oil and agricultural country, in light of the availability of all work requirements, including raw materials and infrastructure. 

We affirm the government's commitment and seriousness to support the industrial sector to move from a country dependent on oil revenues to a diversified economy, and this goal can only be achieved with the presence of an active and financially and technically capable private sector. 

Life returned to the General Company for Steel Industries by operating the continuous casting plant to convert large quantities of scrap into iron billets.

This year is a year of achievements, and the government is implementing this slogan in word and deed by opening many projects that were stalled.  link

Mot: .. True Story.. siiiiggghhhhhh 

Mot: Found the Perfect RV Clock I Did!!!! ....................

Iraq Economic News and Points to Ponder Wednesday Afternoon 5-1-24

Iraq Economic News and Points to Ponder Wednesday Afternoon 5-1-24

A Thousand Dinars Every Month.. An Expert Predicts The Shape Of The Final Journey Of Dollar Prices

 Economy |Baghdad today – Sulaymaniyah  Today, Wednesday (May 1, 2024), the economic expert, Farman Hussein, expected the continued decline of the dollar’s ​​exchange rate against the Iraqi dinar until it reaches the official rate of the Central Bank of Iraq.

 The Central Bank sells the dollar at a price of 1,320 dinars, while the dollar is currently trading in the local markets in Baghdad and the governorates, and in what is known as the “parallel market,” at 1,470 dinars or a little more.

 Hussein told "Baghdad Today" that  "the efforts of the government and the Central Bank were important in strengthening dependence on the dinar, and quashing rumors that were promoting a significant rise in the price of the dollar and its crossing the barrier of 200 thousand dinars for 100 dollars."

He added,   "The government erased fears of the rise of the dollar and increased reliance on the dinar, and the current demand for the dollar is only for those in need.

 Therefore, we will go towards a greater decline and it may stabilize in the coming weeks at 140 thousand dinars." 

 Hussein expected "the dollar to decline gradually every month or two, at a rate of one or two thousand, to reach the official government rate."

The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, had previously attributed the noticeable decline in the dollar exchange rate to “the economic policy that played a major role in imposing a climate of stability in the general level of the dollar exchange rates,” indicating that

 “the state of superiority of the official exchange market in financing foreign trade.” For Iraq, it caused a decline in the effects of the parallel market and a decline in its illegal activities.”

 The Parliamentary Investment and Development Committee also acknowledged the decline in exchange rates and the achievement of positive results in the local markets in recent months, while

 economic affairs specialists point out the necessity of preserving the economic gains achieved recently, especially the stability of prices in the local markets, which they attributed to the decline. Parallel dollar.  

 https://baghdadtoday.news/248384-ألف-دينار-كل-شهر.-مختص-يتوقع-شكل-الرحلة-النهائية-لأسعار-الدولار.html    

Al-Sudani Stresses The Importance Of Following Up On The Understandings Reached Between Iraq And America 

Politics |Baghdad Today – Baghdad   The Prime Minister, Muhammad Shiaa Al-Sudani, stressed this evening, Tuesday, (April 30, 2024), the importance of following up on the understandings reached between Iraq and America.

 A statement from his office, received by “Baghdad Today”, stated that  Al-Sudani “chaired, this evening, a meeting that included a number of advisors to the Prime Minister, and

 the meeting discussed the file of the  Washington visit, and following up on the implementation of the agreements and understandings concluded by the official Iraqi delegation, headed by the Prime Minister, with the American side.” During the recent visit,

 this is based on the government’s approach in closely following up on all the files it is working on, including those related to foreign relations and understandings with the governments of countries, the latest of which is the file of the relationship with the United States.

The meeting witnessed, according to the statement,  “a discussion of the results of the meetings of the Supreme Coordinating Committee (HCC), concerned with  activating the framework agreement between Iraq and the United States with its seven axes, as well as a discussion of the important economic partnership file that the Iraqi private sector concluded with major American companies.”

 Al-Sudani stressed   “the importance of following up on the understandings reached between Iraq and the United States in many areas, in order to arrange the bilateral relationship, in a way that serves the highest interests of Iraq.”

His Excellency pointed to the necessity of benefiting from the competencies that the Iraqi communities abound in, in reconstruction campaigns and providing services, And in implementing the priorities of the government program,” he described “these competencies as idle wealth.”

 The Prime Minister directed the advisors to arrange priorities in following up on the outcomes of the Washington visit, and that

 each advisor should follow up on a specific file, along with the relevant ministry and the Iraqi embassy in Washington, and submit to him what is verified of it.

 Al-Sudani also directed the appointment of a special secretariat for the Higher Coordination Committee (HSS), and an emphasis on continuing periodic meetings, to follow up and review what has been accomplished.

 https://baghdadtoday.news/248330-السوداني-يؤكد-أهمية-متابعة-ما-تمّ-التوصل-إليه-من-تفاهمات-بين-العراق-وامريكا.html   

Oil And White Products

 Economical 05/02/2024  Walid Khaled Al-Zaidi   If we want to transform from a country that exports its products to a country that manufactures them instead of selling them as basic products to global markets,

we must  recognize that crude oil is only a raw material that is involved in other activities such as manufacturing industries that generate  huge economic benefits and the establishment of projects for heavy industries and other projects and energy generation work.

And  rehabilitating the services and transportation sectors and  stimulating trade of both internal and external types, in addition to employing the labor force in factories, laboratories and production workshops, thus strengthening the foundations of the economies of those countries.

 Therefore, the process of transformation  from a country that sources raw materials  to a country that manufactures them to produce other materials and goods that are more useful and more widely used is a major and promising development leap. At the comprehensive economic level,

but it must be strengthened with the will and culture to transform

      from the stage of primitive activities

     to advanced industrial activities, as well as

      large-scale organization for the purpose of industrialization.

And   preparing for conscious human development to enter the system of the global industrial society.

 We are no less prepared than the countries of the industrial transformation known as the Industrial Revolution that occurred in the mid-eighteenth century to the beginning of the nineteenth century in regions of Europe such as Britain, France, Germany, Italy, Switzerland, and Belgium, as well as North America, which possessed the characteristics of this early transformation and was accompanied by technological progress, financial investments, and early developments in class consciousness.

And theories related to this matter, as  talk has now begun about an Iraqi government strategy to

      maximize national production and

      enhance its role in global oil markets and to

      ensure diversification of national production of refining energy and prepare to

     rely on optimal investment of oil and gas wealth and   not rely only on oil exports, but rather on multiple sources that develop income. Iraqi National.

 Developing mechanisms for dealing with wealth, which represents the main source of the national economy in  maximizing the production of oil derivatives and the refining industry in Iraq, and  converting crude oil into white products is a basis for achieving self-sufficiency,  stopping imports, and  gradually shifting to exporting these products to global markets instead of marketing crude oil without manufacturing. Its derivatives and   through the shift to marketing and trade of white products, which raises Iraq’s position in the oil and commercial markets and places it in an advanced position.

 On time scales, we see that our country is one of the countries lagging behind in catching up with the industrialized countries that have worked to invest their natural resources and transform them into raw materials for the establishment of industry instead of exporting them.

Indeed, this has gone beyond importing raw materials in addition to what they have available to develop the work of the industrial sector and increase its positive effects on its overall activities.

 And the high annual income rates of members of its societies, whether for workers in the industry or the rest of the citizens.

 Its products constituted distinguishing marks in global markets, in addition to the quality of services it provided of all kinds.

 This matter is very natural for it to move the thoughts of those in charge of the national economy, especially when they  look at the oil sector and find in it

  A wide space for comprehensive national development through which the base of benefits from this wealth can be expanded due to the additional incentives it provides for investment and economic growth.     https://alsabaah.iq/95940-.html     

The Iraq Stock Exchange Receives The Shield Of The Arab Financial Markets Union In Doha

Economy    Yesterday, 23:49  Baghdad – INA   The Iraq Stock Exchange received the shield of the Arab Financial Markets Union in Doha.:

 A statement by the Iraqi Stock Exchange, received by the Iraqi News Agency (INA), stated that  “the Iraqi Stock Exchange participated with the Arab financial markets in the work of the meeting of the General Authority for Arab Financial Markets, and the opening of the trading session of the Qatar Stock Exchange, in addition to the annual conference of the Arab Financial Markets Union sponsored by the Stock Exchange.”

Qatar, which was hosted by the Doha Stock Exchange/State of Qatar for its 2024 edition.” 

He added,  "He also participated in financial market discussions with financial technology experts and the future of trading in financial instruments and ongoing financial market experiences, and discussed the performance of Arab financial markets that are members of the Arab Federation AFCM and joint cooperation plans," pointing out that "the Iraqi Stock Exchange won the position for the second year."

 First in average daily trading volume for 2023 indices, and won the Arab Capital Markets Federation shield in Doha.”  He continued:  “While the Saudi Tadawul market achieved the best position in the number of contracts executed and in the trading value achieved for the indicators of the year 2023,” noting that

“the Egyptian Stock Exchange achieved the best return on trading and the best number of new investors for the year 2023, along with the stock exchanges of Jordan (Amman), Bahrain, and Abu Dhabi.” As the best stock exchange in ESG indicators and PE ratio.     https://www.ina.iq/207844--.html   

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