“Tidbits From TNT” Wednesday 5-8-2024

TNT:

Tishwash:  A parliamentary understanding to extend the legislative term to approve the 2024 budget schedules

Member of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, revealed today, Wednesday, that there is an understanding to extend the legislative term of Parliament to approve the 2024 budget schedules. 

Al-Dulaimi said, in an interview followed by Al-Iqtisad News, that “the current situation requires extending the current legislative term of the House of Representatives and postponing its recess for a month until the 2024 budget schedules are approved.” 

She added, "The Parliamentary Finance Committee is ready to receive the budget schedules and work on them as soon as they reach the House of Representatives."

She continued, "The current legislative term needs to be extended to complete many important legislations for the coming period, including the budget law schedules for the fiscal year 2024." link

Tishwash:   Parliament decided to extend the legislative term by one month

Representative Alaa Al-Haidari revealed today, Wednesday, the House of Representatives’ intention to vote tomorrow to extend the legislative term for an additional month until the current year’s budget schedules are discussed. 

Al-Haidari told Al-Maalouma, “Extending the legislative term requires a vote by members of the House of Representatives in accordance with the constitution and internal regulations.” 

He added, "The decision to extend came due to the country's need to legislate the budget schedules for the current year according to the internal regulations of the House of Representatives."

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Tishwash:  88 projects awaiting resolution.. What will happen to the stalled laws in Parliament? - Urgent

Today, Wednesday (May 8, 2024), the Parliamentary Legal Committee revealed that there are 88 draft laws awaiting resolution, while it expected that the next legislative term will witness voting on many of them. 

Committee member Murtada Al-Saadi said in an interview with “Baghdad Today” that “the committee is continuing to follow up on the laws and their proposals, whether basic or subsidiary, by participating in them,” pointing out that “88 laws currently exist within the committee, including 15 basic laws, and the committee is working to complete them.” Its provisions will be approved to proceed to a vote. 

He added, "Many laws and their proposals were submitted to the Acting Speaker of the House of Representatives, expecting that the next legislative term will witness the resolution of quite a few of them, the first and second reading of which have been completed." 

He explained, "Some laws were withdrawn by the government, whether they had political or financial implications, awaiting their referral in accordance with the amendments it wanted in order to proceed with them."

On (April 18, 2024), a member of the Parliamentary Legal Committee, Representative Omid Muhammad, confirmed the presence of 150 draft laws on the table of the permanent committees of the House of Representatives .

Muhammad said in a statement to “Baghdad Today” that “his committee is following up on draft laws and their amendments proposed by the permanent committees in the House of Representatives, which amount to 150 laws so far,” adding that “controversial laws need political consensus, but the file of the presidency of the House of Representatives is in the shadow of “The failure to decide whether to vote on a candidate will reflect negatively on the issue of legislation .”

He called for "the need for the state administration coalition to take positive steps in this direction in order for the current legislative term to be fruitful in the direction of resolving many laws and their amendments .  "

He stressed "the necessity of proceeding with the legislation of controversial laws, including general amnesty, service, and others, without political consensuses that contribute to securing sufficient votes to vote on them, and this requires resolving the rest of the files in order to proceed with them," pointing out that "resolving the People with Disabilities Law and voting on it 3 days ago represents a step." An important task during the legislative term of the Council to resolve the rights of an important segment  link

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 CandyKisses:  Iran plans to export $3 billion worth of goods to Iraq through the Mehran port

The head of customs in Ilam province, Sohrab Kamri, announced on Wednesday plans to export goods worth $ 3 billion to Iraq through the Mehran border crossing during this year.

Iran's semi-official Mehr news agency quoted Kamari as saying, "Mehran's international border ranks ninth among the country's 38 customs, special economic and free trade zones."

"Last year, goods worth one billion and 177 million and 119 thousand dollars were exported through the Mehran port to Iraq, and this amount is expected to rise to 3 billion dollars during this year," he said.

"700 cargo trucks cross these borders daily," he said, noting that "most of the exported goods are fruits and vegetables, plastic products, cooling and heating devices, power plant products, building materials and iron tools."

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Tishwash:  Iraqi Airways is preparing to open a new line to China

The Ministry of Transport revealed the readiness of Iraqi Airlines to open an airline and flights with the Chinese capital, Beijing.

A statement from the ministry, a copy of which {Al-Furat News} received, said, “Under the supervision of the Director General of Iraqi Airways, Manaf Abdel Moneim Urgent, and in cooperation with the Embassy of the Republic of Iraq in Beijing, represented by Ambassador Shorsh Khaled Saeed, the company’s office, the general agent in Beijing, organized a celebration on the occasion of the tenth anniversary of direct flights.” Between Baghdad and Kwangju.

He added, "The celebration, which was attended by a number of ambassadors, directors of the Chinese Civil Aviation Authority, heads and representatives of companies operating in Iraq, and reputable Chinese companies, witnessed several activities that reflected the ancient Iraqi and Chinese civilizations, the deepening of partnerships, friendship and cooperation between the two countries, and the encouragement of their citizens to travel via the national carrier between Iraq and China, because of the importance this line represents." An important opportunity for all commercial and cultural activities.”

The statement pointed out that "this anniversary coincides with a time when Iraqi Airways is preparing to open its second destination to China, specifically to the capital, Beijing, where work is underway to complete all necessary requirements for operating flights between the Iraqi capital, Baghdad, and the Chinese capital, Beijing, passing through Basra and Al-Fayha."

link

Mot: . and Another ""Awareness Tip"" on raising the Wee Folks –

Mot: .. LOL ~~~ Found this un Great !!! 

Iraqi News Highlights and Points to Ponder Wednesday AM 5-8-24

Iraqi News Highlights and Points to Ponder Wednesday AM 5-8-24

An Expert Comments On The Use Of The Iraqi Currency In Commercial Transactions With Iran

Baghdad today - Baghdad   Today, Tuesday (May 7, 2024), expert in financial and economic affairs, Alaa Glob Al-Fahd, commented on the possibility of Iraq losing money through its use of the national currency in commercial transactions with Iran .

Al-Fahd told Baghdad Al-Youm, “The idea of ​​commercial dealings being in the local currency between Iraq and Iran is not new today. Rather, it is a decision by the Central Bank of Iraq as well as the Iraqi government to negotiate this issue with more than one country, not just Iran, including Iran.” The UAE".

He explained that “exchange is in the UAE dirham, with China in the yuan, with Iran in the toman, and even with Turkey there is negotiation that trade exchange be in the lira .  ”

He continued, "This matter creates confidence in the local currency, when it has value at the global level and this follows the strength of the Iraqi dinar, and this issue does not constitute any loss for Iraq and Iran .  "

He added, "This currency will be transformed into goods or exchanged and bartered, if there is a joint trade exchange between the two countries. We believe that this issue has many more positives than negatives. This gives strength to the local currency and gives it confidence even at the level of the citizen and merchant as well as the foreign merchant and not Local only."

Yesterday, Monday, Iranian Vice President Mohammad Mokhber called on Iraq to use “national currencies” in trade and economic exchanges between the two countries .

The office of the Iranian Vice President said in a statement followed by "Baghdad Today", "The necessity of expanding economic relations and improving the level of trade cooperation between the Islamic Republic of Iran and Iraq was emphasized .  "

 He added, "The relations between Tehran and Baghdad are close, strong and sincere, and the union of the two countries is a source of loss and fear for enemies and a point of hope and prosperity. They are two countries and their people will taste the sweet taste of this union in expanding economic relations between them."  LINK

It Did Not Reach The Council.. Parliament Determines The Mechanisms For Dealing With The 2024 Budget Schedules

Politics |Baghdad today - Baghdad   Today, Wednesday (May 8, 2024), Member of Parliament Arif Al-Hamami revealed the mechanisms for dealing with the 2024 budget schedules, while indicating that there are no legal obstacles and that solutions are available.

Al-Hamami said in an interview with “Baghdad Today” that “after May 9, the recess for the legislative term of the House of Representatives will begin,” noting that “until this moment, the 2024 budget schedules have not arrived.”

He added, "The schedules arrived today or tomorrow. It is possible to extend the legislative term until the budget is completed, but if they arrive late, the Finance Committee will work in terms of auditing and then address the Presidency of the House of Representatives to hold an emergency session to vote."

He pointed out that "there are no legal obstacles and solutions are available," noting that "the Council is awaiting the 2024 budget schedules in order to know its provisions and proceed with voting on it according to legal mechanisms."

On May 4, 2024, the Council of Ministers revealed the latest developments in passing the financial budget schedules for the year 2024, while indicating that the Ministry of Finance had not sent the schedules to the Council until now .

 The Minister of Culture, Ahmed Fakak Al-Badran, said in an interview with “Baghdad Today” that “the Council of Ministers is awaiting the arrival of the schedules from the Ministry of Finance for the purpose of discussing them and passing them to Parliament for the purpose of voting on them,” pointing out that “whenever those schedules reach us, we will be ready to vote on them.”

Prime Minister Muhammad Shiaa Al-Sudani discussed, on Tuesday (April 30, 2024), with Acting Speaker of the House of Representatives Mohsen Al-Mandalawi, the completion of the 2024 budget schedules and sending them to a vote .

Al-Mandalawi’s office said in a statement received by “Baghdad Today” that “Acting Speaker of the House of Representatives Mohsen al-Mandalawi met, on Tuesday, with the Prime Minister, Muhammad Shiaa al-Sudani,” noting that “the meeting discussed the latest local developments and political efforts to complete constitutional entitlements, by deciding the choice Speaker of the House of Representatives .”

Al-Mandalawi and Al-Sudani agreed, according to the statement, “on the necessity of completing the schedules of the budget law for the year 2024, and expediting their sending to the House of Representatives for the purpose of discussing and voting on them, due to their connection to the lives of citizens and their focus on investment spending for new projects,”

stressing “the importance of integrating the work of the legislative and executive authorities and reflecting that.” To speed up the adoption of important laws, and to support efforts to implement the government program and anti-corruption steps.”  LINK

Deficit” Is The Password.. Parliamentary Finance Decodes The Budget Delay

Economy | 08:03 - 05/07/2024  Mawazine News – Baghdad  A member of the Parliamentary Finance Committee, Muhammad Nouri, revealed on Saturday that there was a large deficit within the 2024 budget, which obstructed sending its schedules to the House of Representatives for approval.

Nouri said in an interview followed by Mawazine News, “The delay in sending the budget schedules from the Council of Ministers to the House of Representatives for approval and then starting work on them is evidence of the existence of a large deficit within this budget, which has exceeded more than 80 trillion.”

He explained, “There is significant government spending that accompanied the 2023 budget and continues until now, including paying the Kurdistan region’s dues and exceeding the original dues, and also the sanctions imposed by the US Treasury may have caused a weakness in revenues, which reflects negatively on the strength of the budget and the government’s ability to address this deficit.”

He continued, “There may be political reasons behind the delay in sending the budget, including the delay in choosing a new speaker for the House of Representatives, and that its delay may hinder the launch of some important and strategic projects.”

He stressed that “the government is currently looking for solutions to address this large deficit and the pressure on expenditures within this budget, as well as the pressure on actual spending to reach a deficit that can be worked on. Among these solutions is increasing the price of oil or maximizing other non-oil revenues.”   https://www.mawazin.net/Details.aspx?jimare=247530

Iraq Adopts An Advanced System To Combat Money Laundering And Terrorist Financing[/Size]

May 7, 2024  Baghdad/Al-Masala Al-Hadath: Al-Rafidain Bank explained the importance of adopting a comprehensive banking system, while stressing the work on adopting two advanced systems in the field of combating money laundering and terrorist financing.

The bank's general manager, Ali Karim Hussein, said that Rafidain Bank has begun, since we took over the bank's management, to activate the comprehensive banking system in its branches spread across government institutions and border crossings where the collection system is large.

He explained that the comprehensive banking system will simplify the procedures for opening accounts as well as transfer operations, so that the customer will be able to manage his account without reaching the bank.

He pointed out that there are many reforms, including the adoption of the AML and GOAML systems, which are among the internationally required systems, specializing in the field of combating money laundering and terrorist financing, in addition to the adoption of electronic systems in which the human hand does not interfere, as they are the ones who prepare the lists and conduct the scanning process electronically and not manually.

As a result, the credibility of Rafidain Bank, as well as the banking sector in general, towards international institutions will be guaranteed by its commitment to the requirements and legislation for combating money laundering and terrorist financing.

The Director General of Rafidain Bank stated that the bank’s previous work, due to the lack of an electronic network linking the bank’s branches, meant that customers were businessmen, merchants, and simple citizens who could not carry out any banking operation within a short time.

However, at the present time, the system has been transformed electronically, so that the customer can go to any A branch of our branches spread across Baghdad and the governorates that contains a comprehensive banking system, and accesses his account, and all his data will be available with the employee, which will make it easier for the customer to perform banking operations, whether by withdrawal or deposit.   https://almasalah.com/archives/90654

Provoking Thoughts and Points to Ponder on Wealth

Riches serve a wise man but command a fool.  - Old saying

The first wealth is health.              - Ralph Waldo Emerson

The smell of profit is clean and sweet, whatever the source.  - Juvenal

There are few sorrows, however poignant, in which a good income is of no avail. - Logan Pearsall Smith

The human race has had long experience and a fine tradition in surviving adversity. But we now face a task for which we have little experience, the task of surviving prosperity. - Alan Gregg

Riches enlarge, rather than satisfy appetites.- Thomas Fuller 

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Tuesday Evening 5-7-24

Goldilocks' Comments and Global Economic News Tuesday Evening 5-7-24

Good Evening Dinar Recaps,

For the last three and a half years, we have been talking about the new digital economy. We have talked about legislative bills and infrastructure Networks being built to support the new digital banking system.

Currently, we are witnessing several legislative bills moving through Congress today. And, we are witnessing regulations this month formulate new guidelines for this new digital economy.

Earlier this year, we witnessed Protocol 20 begin the process of expansion of networks connecting to each other inside Quantum Technological Protocols.

Payment systems will begin emerging onto the scene as each of these new tokenized assets is currently in the regulation process along with discussions in Congress to push them forward.

At this point, credit valuation adjustments will begin to occur inside the new digital asset-based trading system. The time for price discovery through the movement of supply and demand is about to make itself known.

© Goldilocks

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HEARING

Hearing Entitled: SEC Enforcement: Balancing Deterrence with Due Process | Youtube

Tuesday, May 7, 2024 10:00 AM in 2128 Rayburn House Office Building
Capital Markets Subcommittee

Click here to view the Committee Memorandum.

Click here to view the LIVESTREAM of this hearing.

Witnesses

Mr. Andrew Vollmer, Senior Affiliated Scholar at the Mercatus Center and former SEC Deputy General Counsel

Mr. Nick Morgan, President and Founder, Investor Choice Advocates Network

Professor Paul Eckert, Professor of the Practice of Law, College of William & Mary Law School

Mr. John Reed Stark, President, John Reed Stark Consulting Legislation

H.R. 6695, the "Due Process Restoration Act of 2023, to authorize private parties to compel the Securities and Exchange Commission to seek sanctions by filing civil actions, and for other purposes"

H.R. ____, to clarify what constitutes a violation of the federal securities laws for purposes of determining penalty amounts 

H.R. ____, to clarify the Securities and Exchange Act of 1934 with respect to civil money penalties and the authority to seek disgorgement

H.R. ____, to repeal the policy of the Securities and Exchange Commission set forth in 17 C.F.R. § 202.5(e)

H.R. ____, to clarify that, like with actions brought under the Securities Exchange Act of 1934, certain actions filed under the Securities Act of 1933 are required to be heard in federal court

H.R. ____  to codify the process to obtain waivers from certain disqualifications under the federal securities laws

H.J.Res. ____  , providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to “Reporting of Securities Loans”

H.J.Res. ____, providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to “Short Position and Short Activity Reporting by Institutional Investment Managers”

H.J.Res. ____, providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to “Further Definition of ‘As a Part of a Regular Business’ in the Definition of Dealer and Government Securities Dealer in Connection With Certain Liquidity Providers”

H J Res. ____ , providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to “Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers”

  --------------------

Take a look at this long list of legislative bills that are getting ready to be run through Congress today.

Each in some way deals with all the legislative bills we've been talking about on this channel regarding large hedge funds accounts, Exchange Act procedures, and more.

© Goldilocks

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Central banks must revise business model, embrace CBDCs — ECB member | CoinTelegraph

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RAISE-1 AI Robot Demos 49 Axes Humanoid Using This New Tech (“AGI-BOT” ANDROID, EL BRAIN) | Youtube

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The following keeps you from having to open multiple accounts up to the $250,000 limit FDIC insures.
Here is a way to protect your accounts beyond the normal FDIC caps of coverage.

Look at the following site and see what you think…LINK

If you look at their “participating banks” list, all the major players are there - WF, BofA, Chase, etc...

You can break down a list of participating banks in your state.
Your bank may just already have this available to you, check your state and bank.

Again, you don't know what you don't know.
Building relationships is key when managing wealth. 
Always be in learning mode to new opportunities when talking to those in this arena. IntraFi 

*Hint - Listen, Check, Validate and Act.

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{Economic: Al-Furat News} The Ministry of Commerce announced the holding of the meetings of the third session of the Trade and Investment Framework Agreement between Iraq and the United States of America in Washington, D.C., after a break of more than nine years, headed by the Iraqi side, the economic agent Ghassan Farhan Hamid, and from the American side, the Office of Trade Representation.

The Economic Agent for Trade said in a statement to the Ministry that received a copy of it {Euphrat News} that “the meeting discussed many axes, the most important of which are the agricultural sector, standardization, qualitative control, financial system, customs, company registration, intellectual property rights, Iraq’s accession to the World Trade Organization, the health sector and government contracts.”

He pointed out “the confirmation during the meetings that the Iraqi government is open to all parties and that economic reform and diversifying the economy are among the priorities to be worked on, and that Iraq is ready to discuss any proposal that leads to strengthening relations between the two countries.”   Search4Dinar

WATCH THE WATER

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Why Are Central Banks Buying So Much #Gold? | Youtube

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Learn about the Federal Reserve Bank of New York's gold vault | NewYorkFed

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Stellar Development Foundation Q1 2024 Report: Initiatives and Achievements Propel Growth | Crypto News

By  Zoran Spirkovski

As 2024 unfolds, the Stellar  Development Foundation (SDF) has released a comprehensive report detailing its accomplishments in the first quarter. The period was marked by significant milestones, including the launch of smart contracts on the network and a remarkable growth in asset value, reflecting Stellar’s increasing influence in the blockchain sector.

The year began with Stellar implementing smart contracts through its new platform, Soroban. This move is poised to revolutionize Stellar’s ecosystem by enhancing functionality and developer engagement. Moreover, the total value of real-world assets held on Stellar reached an impressive $533 million, underpinned by a substantial $1.6 billion in total payments volume processed this quarter. Stellar continues to offer extremely low transaction costs, averaging $0.000065, maintaining its position as a leader in cost efficiency.

Smart Contracts on Stellar: The Soroban Era
Soroban represents a significant leap forward for Stellar, providing a robust, Rust-based environment tailored for developing scalable and sensible smart contracts. This platform not only advances Stellar’s technological framework but also significantly expands its utility and appeal to developers.

The surge to $533 million in assets highlights Stellar’s growing role in financial services, especially through the tokenization of assets. This process enhances liquidity and market efficiency, presenting new opportunities for investment and asset management within the financial sector.

SDF’s efforts have been pivotal in enhancing financial inclusion, with a particular focus on facilitating access to financial services globally. The forthcoming Meridian 2024 conference, scheduled for October 15-17 in London, is set to celebrate these achievements and unveil future initiatives.

In its quest for global expansion and improved security, SDF has been actively engaging with the global community and strengthening its technological stack. A notable initiative is the Soroban Audit Bank (https://stellar.org/blog/developers/the-soroban-audit-bank-fostering-a-secure-smart-contract-ecosystem), which supports security audits for projects on Stellar, ensuring that Stellar remains a secure and reliable platform for all users.

Why It Matters: Stellar’s Strategic Vision
Stellar’s strategic initiatives are shaping a financial landscape that is more inclusive, efficient, and secure. The deployment of smart contracts and the expansion of asset tokenization are just examples of how Stellar is unlocking the potential of blockchain technology to foster a more connected and accessible financial world.

In conclusion, Stellar Development Foundation’s first quarter of 2024 has set a robust pace for the year. With smart contracts live and assets growing, Stellar is poised to further its mission of transforming the global financial landscape, making it more inclusive and efficient through blockchain technology.

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Iraq Economic News and Points to Ponder Tuesday Evening 5-7-24

Iraq Economic News and Points to Ponder Tuesday Evening 5-7-24

Why Does Iraq Depend On Foreign Banks For Dollar Transfers?

 Economy |Today, 18:12 |Baghdad today – Baghdad  Today, Tuesday (May 7, 2024), expert in financial and economic affairs, Nabil Jabbar Al-Tamimi, revealed the reason for Iraq’s reliance on foreign banks for financial transfers, especially with regard to the dollar.

 Al-Tamimi told “Baghdad Today” that  “Iraq has more than (70) banks, approximately five of which are government and the remaining number are private banks,

 but Iraq relies heavily on financial transfers, especially with regard to the dollar, to various foreign banks, due to the failure of... Iraqi private banks in arranging their legal and technical conditions regarding the issue of financial correspondence.

He stated,   “After implementing the electronic platform, many banks stopped making remittances, as they did not want to comply,  but foreign banks were not afraid of this matter because they had experience and all of their work was sound and in accordance with the required conditions, and that is why they became dependent on those banks, and this confirms the existence of a major defect.” In the work of Iraqi banks.

 Earlier, a member of the Parliamentary Integrity Committee, Alia Nassif, revealed that the

 Iraqi Jordanian National Bank obtained $3.6 billion from the currency auction during the first three months of the current year, which enabled it to obtain a profit of about 40 billion dinars.  

 https://baghdadtoday.news/248830-لماذا-يعتمد-العراق-على-المصارف-الاجنبية-بحوالات-الدولار؟.html    

Using The National Currency In Commercial Transactions With Iran.. An Expert Comments On Iraq’s Losses

 Economy | Baghdad today – Baghdad  Today, Tuesday (May 7, 2024), expert in financial and economic affairs, Alaa Glob Al-Fahd, commented on the possibility of Iraq losing money through its use of the national currency in commercial transactions with Iran.  Al-Fahd told Baghdad Al-Youm,

  “The idea of ​​commercial dealings being in the local currency between Iraq and Iran is not new today.

 Rather, it is a decision by the Central Bank of Iraq as well as the Iraqi government to negotiate this issue with more than one country, not just Iran, including Iran.” The UAE".  He explained that

  “exchange is in the UAE dirham, with China in the yuan, with Iran in the toman, and even with Turkey there is negotiation that trade exchange be in the lira.” 

He continued,  "This matter creates confidence in the local currency, when it has value at the global level and  this follows the strength of the Iraqi dinar, and this issue does not constitute any loss for Iraq and Iran." 

He added, "This currency will be transformed into goods or exchanged and bartered, if there is a joint trade exchange between the two countries.

 We believe that this issue has many more positives than negatives, and

 this gives strength to the local currency and gives it confidence even at the level of the citizen and merchant as well as the foreign merchant and not Local only."

Yesterday, Monday, Iranian Vice President Mohammad Mokhber called on Iraq to use “national currencies” in trade and economic exchanges between the two countries.

 The office of the Iranian Vice President said in a statement followed by "Baghdad Today",

 "The necessity of expanding economic relations and improving the level of trade cooperation between the Islamic Republic of Iran and Iraq was emphasized."  He added,

  "The relations between Tehran and Baghdad are close, strong and sincere, and the union of the two countries is a source of loss and fear for enemies and a point of hope and prosperity.

They are two countries and their people will taste the sweet taste of this union in expanding economic relations between them."  

https://baghdadtoday.news/248802-استخدام-العملة-الوطنية-بالتعاملات-التجارية-مع-إيران.-خبير-يعلق-على-خسائر-العراق.html   

In The Document... The Central Bank Decides To Return The “Al-Mal” Bank To Work... In This Case

 Monday 06, May 2024 14:08 | Economical     Number of readings: 268

 https://ninanews.com/Uploads/Images/2024/5/1124993-2b765dda-9687-4a11-a971-bf5e0005596a.jpg

 Baghdad / NINA / The Central Bank of Iraq decided to return the Money Bank to work, while preventing it from dealing in the US dollar in any way. / https://ninanews.com/Website/News/Details?key=1124993   

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

Provoking Thoughts and Points to Ponder on Wealth

It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God.  - Matthew

I am rich beyond the dreams of avarice.  - Edward Moore

All wealth is the product of labor  - John Locke

Get place and wealth, if possible, with grace; If not, by any means get wealth and place.  - Alexander Pope

Riches certainly make themselves wings.  - Proverbs

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

He heapeth up riches, and knoweth not who shall gather them.  - Bible

No good man ever became suddenly rich.  - Syrus

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

http://famousquotesandauthors.com/quotes_by_topic.html

Iraq Economic News and Points to Ponder Tuesday Afternoon 5-7-24

Iraq Economic News and Points to Ponder Tuesday Afternoon 5-7-24

The Dinar Is Breathing Through The Eye Of A Needle And The Dollar Is At 145,500

Economy | 05:40 - 05/07/2024  Mawazine News – Baghdad  The exchange rates of the US dollar witnessed a decline this evening, Tuesday, in the capital, Baghdad, while it stabilized in Erbil, the capital of the Kurdistan Region, with the stock market closed.

Dollar prices fell with the closure of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 145,450 dinars per 100 dollars, while prices had recorded this morning 145,550 dinars per 100 dollars.

Regarding the selling prices in the exchange shops in the local markets in Baghdad, they stabilized, as the selling price reached 146,500 dinars per 100 dollars, and the purchasing price reached 144,500 dinars.   https://www.mawazin.net/Details.aspx?jimare=247504

Al-Rafidain Explains The Importance Of Adopting A Comprehensive Banking System

Economy News – Baghdad  On Tuesday, Rafidain Bank explained the importance of adopting a comprehensive banking system, while stressing the work on adopting two advanced systems in the field of combating money laundering and terrorist financing.

The bank’s general manager, Ali Karim Hussein, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “since we took over the management of the bank, Rafidain Bank has begun activating the comprehensive banking system in its branches spread across government institutions and border crossings where the collection system is large.” ".

He explained, "The comprehensive banking system will simplify the procedures for opening accounts as well as transfer operations, so that the customer will be able to manage his account without accessing the bank."

He pointed out that "there are many reforms, including the adoption of the AML and GOAML systems, which are among the internationally required systems, specializing in the field of combating money laundering and terrorist financing, in addition to the adoption of electronic systems in which the human hand does not interfere, as they are the ones who prepare the lists and conduct the scanning process electronically and not Manually,

and as a result, it will guarantee the credibility of Rafidain Bank, as well as the banking sector in general, towards international institutions by adhering to the requirements and legislation for combating money laundering and terrorist financing.”

The Director General of Al-Rafidain Bank stated, “The bank’s previous work, due to the lack of an electronic network linking the bank’s branches, the customers were businessmen, merchants, and simple citizens, who could not carry out any banking operation within a short time, but at the present time the system has been transformed electronically,

so the customer can go For any of our branches spread across Baghdad and the governorates that has a comprehensive banking system, he enters his account, and all his data will be available with the employee, which will make it easier for the customer to conduct banking operations, whether by withdrawal or deposit.”  05/07/2024 - https://economy-news.net/content.php?id=43211

Sudanese Advisor: The Oil Sector Is Witnessing A Rapid Renaissance

Money  and business  Economy News – Baghdad  Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained the positive effects resulting from the export boom of natural gas derivatives, while indicating that the oil sector is witnessing an accelerated development renaissance.

Saleh said, in a statement followed by Al-Iqtisad News, that “models of economic progress depend on export resources in order to advance the reality of development,” indicating that “work to diversify the economy is through diversifying exported raw material products within high value-added chains that reflect positively on Current account of the balance of payments.

He added, "The export launch of a specific type of natural gas derivatives and the development in this direction have two important effects, including the optimal exploitation of some aspects of natural gas resources that have been wasted by burning, especially the gas associated with oil production, in addition to the gradual reduction and compensation for the costs of gas currently imported for specific purposes and used."

 As a fuel for operating electrical power plants that rely on natural gas derivatives itself.”

He pointed out that "the oil sector today is witnessing a rapid developmental renaissance, whether in diversifying products from crude oil, associated gas or natural gas, and generating high flexibility in allocating the country's financial resources, whether towards replacing imports of oil and gas products or promoting exports of them according to calculations of the balance between costs and benefits."

From the import and export activities of various types of oil and gas derivatives,” noting that it is “the optimal balance rule that will be in the interest of the national economy, especially maximizing the country’s financial revenues.” 05/07/2024 https://economy-news.net/content.php?id=43203

Al-Sudani Receives A Delegation From The Union Of Arab Banks

Economy |  05/07/2024  Mawazine News – Baghdad  Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani received a delegation from the Union of Arab Banks.

The Prime Minister’s Media Office said in a statement, “Today, Prime Minister Muhammad Shiaa Al-Sudani received a delegation from the Union of Arab Banks.” https://www.mawazin.net/Details.aspx?jimare=247473

Iraq And The United States Of America Hold Trade Meetings In Washington

Tuesday 07, May 2024 12:42 | Economical Number of readings: 329

Baghdad / NINA / The Ministry of Commerce announced, today, Tuesday, the holding of meetings of the third session of the Trade and Investment Framework Agreement between Iraq and the United States of America in Washington, D.C., after a break that lasted more than nine years.

The ministry stated in a statement, "The meeting was chaired on the Iraqi side by the Economic Undersecretary of the Ministry and included the Director General of the Department of Foreign Economic Relations and the Commercial Attaché and representatives from the Ministries of Finance, Planning, Agriculture and Health, and on the American side the Commercial Representation Office."

The statement indicated, “The meeting discussed many topics, the most important of which are the agricultural sector, standardization and quality control, the financial system, customs, company registration, intellectual property rights, Iraq’s accession to the World Trade Organization, the health sector, and government contracts.”

He added, “It was confirmed during the meetings that the Iraqi government is open to All parties said that economic reform and diversification of the economy are considered among the priorities that are being worked on, and that Iraq is ready to discuss any proposal that leads to strengthening relations between the two countries.

For its part, the American side expressed its great interest in the topics at hand and its appreciation for the reform measures undertaken by the Iraqi government. https://ninanews.com/Website/News/Details?key=1125155

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

Provoking Thoughts and Points to Ponder on Wealth

The ideal social state is not that in which each gets an equal amount of wealth, but in which each gets in proportion to his contribution to the general stock.  - Henry George

I'll fares the land, to hastening ills a prey, Where wealth accumulates, and men decay; Princes and Lords may flourish, or may fade - A breath can make them, as a breath has made - But a bold peasantry, their country's pride, When once destroy'd can never be supplied.  - Oliver Goldsmith

Riches either serve or govern the possessor.  - Horace

The wealth of nations is men, not silk and cotton and gold.  - Richard Hovey

Life is short. The sooner that a man begins to enjoy his wealth the better.  - Samuel Johnson

Our Lord commonly giveth Riches to such gross asses, to whom he affordeth nothing else that is good.- Martin Luther

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Tuesday AM 5-7-24

Goldilocks' Comments and Global Economic News Tuesday AM 5-7-24

Good Morning Dinar Recaps,

FDIC TRUST RULE CHANGES:   As of April 1st, 2024, the maximum amount of insurance coverage for a trust fund owner with five or more beneficiaries is $1,250,000 per owner.

This is for all trust accounts including "payable on death" and "in trust for" trust accounts. Revocable, and irrevocable trusts held at the same bank are also included.

Trust fund holders can name as many beneficiaries as desired, but the coverage limit will not exceed $1,250,000 as of April 1st, 2024.

This new coverage change applies to existing and new trust accounts. It includes all deposit products including CDs regardless of purchase or maturity date.   FDIC

© Goldilocks

👆  Goldilocks pointed to this article

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Judge Torres' final ruling in Ripple Vs SEC could come this year, most probably in September. |  CoinGape

Ripple and the SEC are most likely to appeal lost motions and rulings in the XRP lawsuit.

Settlement can come any time from now to appellate court filings.
XRP price could start rallying backed by bull market sentiment.

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Shafaq News/ Iran and Iraq are poised to sign 23 cooperation agreements on energy, transportation, trade, investments, and banking, the head of Iran's investment organization, Ali Fekri said on Sunday. 

These agreements are expected to be finalized during the ongoing sixth meeting of the Iran-Iraq Joint Coordination Committee for Economic Cooperation in Tehran.

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IQD Updates & Journalism Crisis Turkey's President | Youtube

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You Won’t Believe What Nostradamus Predicted For 2024! | Youtube

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It is important to note that all of these changes happening in the banking system as it pertains to our foreign currency exchange.

For the last 20 years, many of these changes have not surfaced until now.

More changes are coming.

Stay awake.

© Goldilocks

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Swiss National Bank Says Wholesale CBDC Eliminates Barriers in Financial Markets | PYMNTS

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Ripple to Launch USD-Backed Stablecoin in June? CTO David Schwartz Hints | Crypto News

👆  Goldilocks pointed to this article

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To handle the challenges of an increasingly complex global landscape, affluent individuals and families are seeking more than just traditional investment advice from their wealth managers. What they truly want are trusted partners who can guide them through all aspects of their financial journey, encompassing their private wealth, business and everyday banking needs—both at home and abroad.  |  Forbes

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KTFA Members “News and Views” Tuesday 5-7-2024

KTFA:

Clare:  The Specifications Department of the Central Organization for Standardization and Quality Control obtains a quality certificate in accordance with the international standard

5/7/2024

The Ministry of Planning announced today, Tuesday, that the Central Organization for Standardization and Quality Control has obtained a quality certificate in accordance with the International Organization for Standardization ISO 9001:2015 specification.

The Ministry stated in a statement: “The Specifications Department of the Standardization Department in the agency obtained this certificate, which is the first administrative formation in the Ministry to obtain a quality certificate from an entity that has been accredited by the Iraqi Accreditation Authority and the British Accreditation Authority (UKAS), which has received international recognition from the Forum.”

International Accreditation Agency (IAF), indicating that this certificate is internationally recognized and added: “The Standardization Department seeks to provide the best services to citizens by increasing the effectiveness and efficiency of its internal operations in issuing and approving Iraqi standard specifications and guidelines.

She pointed out: “Iraq has joined the World Trade Organization by reducing technical obstacles to trade, the most important of which is following scientific and international methods in preparing specifications for products involved in trade.  LINK

DMcCall: In my opinion I fond an online official WTO calendar of events. And this is exactly what is in the box for May 9 2024

                                                       ASCENSION DAY 
                                                       (WTO non-working day)

So at least in my opinion May 9, 2024 announcements will be made to welcome the new FULL members.

Clare:  A deputy in finance expects the Council of Ministers to approve the budget schedules in today’s session

Information / private..

On Tuesday, a member of the Parliamentary Finance Committee, Representative Moeen Al-Kadhimi, suggested that the Council of Ministers would approve the amendments to the 2024 budget schedules during its regular session today, indicating that if approved, they will be sent to Parliament tomorrow, Wednesday.

Al-Kadhimi told Al-Maalouma, “The Council of Ministers is supposed to approve the 2024 budget tables during its regular session,” suggesting that “the Council of Ministers will vote on the tables today, especially after the pressure put on the Council by Parliament, which considered delaying the approval unjustified.” .

He added, “If approved today, the schedules will be sent to the House of Representatives tomorrow, Wednesday, and therefore the Parliamentary Finance Committee will study the schedule and provide a briefing to Parliament for the purpose of approving it,” noting that “the House of Representatives will extend its legislative recess until the 2024 budget schedules are approved.”

almaalomah.me

DMcCall:  In my opinion nothing will stop what has been announced! Iraq on May 9 ascends to FULL membership in the WTO which requires an international exchange rate! So can we stop talking about the budget? The budget WAITS FOR THE RATE!!!

CalandDLQ:  If my memory serves me correctly, when the tripartite budget was approved they also voted and approved that the COM could amend the budget without needing parliament so IMO this is another example of smoke and mirrors. The articles over the last 24-36hr point to the reality of Sudani, Alak, Saleh and gov. are doing what they told us they were doing. These next 4-24hrs will be…well…popcorn anyone

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Clare:  Plasschaert's duties in Iraq end

5/7/2024

The duties of the head of the United Nations mission in Iraq, Jeanine Plasschaert, in Iraq have ended.

A statement of the Supreme Judicial Council, a copy of which was received by {Al-Furat News}, said, "The President of the Supreme Judicial Council, Judge Faiq Zaidan, received today, Tuesday, the Representative of the Secretary-General and Head of the United Nations Mission in Iraq, Jeanine Plasschaert, on the occasion of the end of her work duties in Iraq."

Jeanine Antoinette Hennis-Plasschaert is a Dutch politician and diplomat, and was appointed Special Representative of the Secretary-General for the United Nations Assistance Mission for Iraq on December 17, 2018.  LINK  

Alicia2015:  IMO- interesting timing, wonder if she stacked dinars.

Clare:  After a break of more than 9 years.. the resumption of a government trade meeting between Iraq and America

5/7/2024

The Ministry of Commerce announced the holding of meetings of the third session of the Trade and Investment Framework Agreement between Iraq and the United States of America in Washington, D.C., after a break that lasted for more than nine years. It was chaired on the Iraqi side by Economic Agent Ghassan Farhan Hamid, and on the American side by the Representative Office. Commercial.

The Economic Undersecretary for Trade confirmed in a statement to the ministry, a copy of which was received by {Al-Furat News}, that “the meeting discussed many topics, the most important of which are the agricultural sector, standardization and quality control, the financial system, customs, company registration, intellectual property rights, Iraq’s accession to the World Trade Organization, the health sector, and government contracts.”

He pointed out, "It was emphasized during the meetings that the Iraqi government is open to all parties and that economic reform and diversification of the economy are considered among the priorities that are being worked on, and that Iraq is ready to discuss any proposal that leads to strengthening relations between the two countries."

For its part, the American side expressed its great interest in the issues raised and its appreciation for the reform measures undertaken by the Iraqi government.

It is noteworthy that the meetings were also attended by the Iraqi side, Director General of the Department of Foreign Economic Relations, Riyad Fakher Al-Hashimi, the Commercial Attaché, and representatives from the Ministries of Finance, Planning, Agriculture and Health.   LINK

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Clare:  Al-Sudani: Iraqi banks are on the right track with financial transfers

5/7/2024

Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Tuesday, during his meeting with the delegation of the Union of Arab Banks, headed by the Secretary-General of the Union, Wissam Hassan Fattouh, that Iraqi banks are on the right path regarding financial transfers.

At the beginning of the meeting, according to a statement from his office received by Al-Furat News, Al-Sudani welcomed the holding of the Arab Banks Conference in Baghdad, expressing Iraq’s happiness in hosting the Arab conferences, which confirm Iraq’s return to taking its natural position in the region and the world.

The Prime Minister stressed that “the process of financial and economic reform, which was adopted by the government, cannot occur without a solid banking system that is in harmony with the world,” noting that the government has placed this matter within its work of development and reform since its first day, and that Iraqi banks are proceeding today on a The right path in its transactions regarding financial transfers, and that coordination of financial and monetary policy with the Central Bank continues, while preserving the independence of the bank.”

He pointed out that "the policy of clarity, which was adopted by the government, helped in identifying the deficiencies in the banking system and worked to fix them," noting that the Development Road Project is one of the aspects of economic integration in the region, as His Excellency welcomed the holding of a banking workshop to discuss the role of banks in the project and in establishing... Industrial cities on the path of the road.

For its part, the delegation of the Union of Banks praised the government’s measures to reform the banking sector. As they are clear measures aimed at strengthening and enhancing the work of this sector, the delegation also expressed its appreciation for the government’s steps in supporting the private sector and enhancing its role in sustainable development and international and regional partnerships.   LINK

“Tidbits From TNT” Tuesday Morning 5-7-2024

TNT:

Tishwash:  It is likely that the 2024 budget schedules will be approved today

The Iraqi government’s delay in approving the budget schedules has raised questions about the existence of a cash crisis in the country, which may soon be reflected in employees’ salaries.

The extent of fears was reinforced by the government's resort to citizens' pockets to fill the gap in the fiscal deficit after the recent decision to raise gasoline prices.

Yesterday, Monday, the Financial Advisor to the Prime Minister, Mazhar Muhammad Saleh, revealed new details related to the budget lists and schedules for the year 2024, which are still under discussion in the Council of Ministers.

Saleh suggested, during a press statement, that the Council of Ministers, in today’s session on Tuesday, will discuss and approve the budget law schedules, and then send them to the House of Representatives as soon as possible.

The Sudanese advisor explained, “The percentage of the deficit in the budget tables is unknown, and it will be determined according to the tables that will be approved by the Council of Ministers, before sending them to the House of Representatives.”

According to what was stated in Law No. 13 of 2023, the lists and tables of the tripartite general budget law should be submitted to the House of Representatives.  link

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Tishwash:  Al-Sudani receives a delegation from the Union of Arab Banks

Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani received a delegation from the Union of Arab Banks.

The Prime Minister’s Media Office said in a statement, “Today, Prime Minister Muhammad Shiaa Al-Sudani received a delegation from the Union of Arab Banks.”  link

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Tiswash:  Politician: America will not leave Iraq, and diplomacy is breathing its last breath

Political analyst Maher Abdel Joudeh revealed on Monday that there is no American intention to leave Iraq and the Middle East, stressing the necessity of adopting diplomatic solutions.  

Judeh said in a statement to the Al-Maalouma Agency, “The Sudanese visit did not contribute to resolving the issue of the Americans’ withdrawal from Iraq, and the hopes of the popular circles were in vain.”

He continued, "The diplomatic solution and economic pressure is the effective action capable of pushing American soldiers outside the borders and eliminating their presence," stressing that "Iraq does not need the presence of American forces because the Iraqi forces can protect the country from any terrorist threat." 

It is noteworthy that the Iraqi government formed a specialized committee in order to manage the file of the Americans’ exit from Iraq, and it has continued to work according to political controls, but the American efforts to stay may seem stronger this time.  link

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

CandyKisses:  Government move to install gold screening devices at 4 airports

Economy News - Baghdad

The Ministry of Planning clarified, on Tuesday, the mechanism for examining gold in the local markets, and while it indicated that many companies submitted their bids to equip airports with modern equipment, it confirmed that the devices will be in 4 airports.

Ministry spokesman Abdul Zahra al-Hindawi said: "There are procedures regarding the examination of gold at airports that have been implemented during the past months, represented by announcing the request for devices for inspection and the name of gold and non-gold precious jewelry."

"Many specialized companies have submitted and work is underway to select the appropriate bids, so that referral can be made to the concerned company to equip the centres with sensitive equipment," he said.

Al-Hindawi added that "the places and offices for the work of the teams of the Central Organization for Standardization and Quality Control have been identified at the airports of Baghdad, Najaf, Basra and Kirkuk," stressing that "work will begin as soon as we are equipped with devices for the examination and weight of gold jewelry."

With regard to the legal procedures followed against those who sell adulterated or manipulated gold, he explained that "the standardization and quality control teams continue to follow up on gold affairs by granting licenses to goldsmiths, as well as following up on gold in goldsmiths' shops through continuous inspection, as well as following up on licenses granted."

He continued: "If untagged gold jewelry is seized or unlicensed gold jewellery shops are seized, legal action will be taken against violators in this regard and referred to the courts."

He pointed out that "the legal procedures against violators are the withdrawal of the license, the closure of the shop and other severe legal procedures, but if the violation is minor, the jeweler may be alerted to that violation and the need to address it within a specific period of time, and in the event that he does not comply with the warning, legal proceedings will proceed against him."

Mot: ... Somewhere in Madrid, New Mexico

Mot: . Sounds Great to Me!!! --- HUH????

MilitiaMan: Iraq Dinar- IQD Update - Regional Trade - A Progession of Reforms - A Global Backing of Reforms-

Iraq Dinar- IQD Update - Regional Trade - A Progession of Reforms - A Global Backing of Reforms-

MilitiaMan and Crew:  5-6-2024

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=YOd0DUvX5Wg

Iraq Economic News and Points to Ponder Late Monday Evening 5-6-24

Iraq Economic News and Points to Ponder Late Monday Evening 5-6-24

“The Shocks Have Changed.” The Governor Of The Central Bank Explains The Impact Of The Openness Of Iraqi Banks On Their International Counterparts

Economy News – Baghdad  On Monday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, highlighted the impact of the openness of Iraqi banks on their international counterparts, while noting that the global economy has begun to face a phase characterized by rising levels of public and private debt.

Al-Alaq, in his speech at the conference “The Challenges Facing Iraqi Banks in Complying with International Laws and Legislation and Meeting the Requirements of Correspondent Banks,” followed by “Al-Iqtisad News,” said, “Central banks have faced increasing challenges after decades of appearances and are closer to quiescence starting with the decline in interest rates.” and inflation,” pointing out that “the global economy has begun to face a phase characterized by rising levels of public and private debt.”

He added, "The nature of local, international and historical shocks has changed due to an increase or decrease in demand, with the exception of supply shocks, in addition to new challenges represented by financial stability in public financial policy and the financial control decision that requires reducing spending or increasing domestic revenues."

The Governor of the Central Bank explained, “Over the past years, the Iraqi banking sector has opened up to local financial institutions over their international counterparts, and to the extent that all of this achieves communication and attention with the outside world, it undoubtedly carries many challenges and impacts.”

Ali Al-Alaq continued: “We hope that this conference will succeed in reaching effective solutions to this challenge and devoting cooperation and coordination between Arab central banks, Arab expenditures and non-banking financial institutions to achieve stability and growth.”

The conference will succeed in reaching effective solutions to this challenge and devoting cooperation and coordination between Arab central banks. Arab expenditures and non-banking financial institutions to achieve stability and growth.”  05/06/2024 - https://economy-news.net/content.php?id=43178

The Union Of Arab Banks Proposes 4 “Important” Points For Iraqi Banks To Meet Compliance Standards

Economy News – Baghdad  Today, Monday, the Secretary-General of the Union of Arab Banks, Wissam Al-Futouh, presented four proposals to confront Iraqi banks with compliance standards and stimulate their relationship with correspondent banks.

Al-Futuh said, in his speech during the conference “The Challenges Facing Arab Banks in Complying with State Laws and Legislation and Meeting the Requirements of Correspondent Banks,” that “the financial and banking challenges that Iraq has suffered recently are many, despite the efforts of the Central Bank of Iraq,” considering that “Iraqi banks deal With a complex network.

He added, "The Arab region is going through fateful dangers resulting from wars and other political conflicts, and this conflict would increase the risks of uncertainty in the prospects of the Middle East and North Africa, resulting in severe economic impacts on many Arab countries."

Al-Futuh proposed a set of points for Iraqi banks to meet compliance standards, stimulate their relationships with correspondent banks, and enhance confidence in Iraqi banks, including: “Iraqi banks must invest in strong infrastructure.”

He continued: The other thing is adopting advanced technology, which leads to changing the rules of the game in the field of compliance, as there are many programs that rely on artificial intelligence to help analyze data and comply.

As for the third matter, Al-Futuh focused on “the necessity of adopting the principle of transparency in banking operations and preparing financial reports, to build sustainable trust with the international community,” pointing out that “the last and most important matter is the preparation of a comprehensive national plan for capacity development, training and qualification, especially in the field of compliance with... During the establishment of a committee under the name of the National Committee for Capacity Development, Training and Qualification, which will be in cooperation between the Union of Arab Banks and the Association of Iraqi Private Banks, under the supervision of the Central Bank of Iraq.

He pointed out, “The tasks of this committee also include 4 important points. The first revolves around training and qualification of Arab cadres and capacity building on the subject of compliance, while the second revolves around providing advice and support and choosing a compliance program specific to each bank.”

The third point “represents the formation of a continuous force of influence to develop Iraqi banks’ relations with international bodies, especially the American ones.” The fourth point is “documenting policies and internal controls for banking compliance.”

Views 166   05/06/  https://economy-news.net/content.php?id=43180

The President Of The Association Of Private Banks Sends An “Important” Invitation To The Central Bank Regarding The Banking Sector

Economy News – Baghdad  Today, Monday, the President of the Association of Iraqi Private Banks, Wadih Al-Handal, sent an invitation to the Central Bank of Iraq regarding the Iraqi banking sector, while addressing the deprivation of Iraqi banks from dealing in dollars.

Al-Handal said in his speech at the conference, “The challenges facing Iraqi banks in complying with international laws and legislation and meeting the requirements of correspondent banks,” followed by “Al-Iqtisad News,” “Our vision and work revolve around building a strong Iraqi banking sector, capable of facing challenges and contributing more to financing various projects.”

Its types, supporting the Iraqi economy, developing local and international partnerships, and promoting the concepts of financial inclusion in society.”

He added, "The Arab region is witnessing great challenges at all levels, including economic challenges and banking challenges in particular, including what happened in Iraq in terms of deprivation of dealing in the main international currency (the dollar), which is approximately half of the number of Iraqi banks, and which has had a significant and clear impact on banking services." inside Iraq).

The Director of the Association of Iraqi Private Banks explained: “I praise the efforts of the Iraqi government and the Central Bank of Iraq in resolving these problems with the American side, especially what resulted from the visit of Prime Minister Muhammad Shia Al-Sudani to Washington, and his meeting with a number of American figures.”

The outcomes that were determined include appointing a review committee and developing a road map for solutions.”

Al-Handal stated, “The Iraqi Private Banks Association is fully prepared to cooperate and support the plans of the government and the Central Bank of Iraq and contribute to improving the banking environment and developing the banking infrastructure in accordance with the best international practices.”

He called on the Iraqi government and the Central Bank to "work to strengthen the private banking sector, by supporting private banks in general and disadvantaged banks in particular to ensure the continuation of their work and open the horizons of banking work more broadly, whether inside Iraq or to help build strong relationships with international financial institutions."

286 views   05/06/2024 - https://economy-news.net/content.php?id=43179

Central Bank Governor: The Banking Sector Is Witnessing Major Qualitative Developments

Economy | 11:26 - 06/05/2024  Mawazine News – Baghdad  Central Bank Governor Ali Al-Alaq announced on Monday 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.

Al-Allaq said during the conference, “The Challenges Facing Arab Banks in Complying with International Laws and Legislation and Meeting the Requirements of Correspondent Banks,” held in Baghdad in the presence of a large number of Arab banking and economic officials: “I am pleased to welcome you to your second country, Iraq, and I extend my thanks and gratitude to the Board of Directors of the Union of Banks.”

The Arab League, the Secretary-General of the Association of Iraqi Private Banks, and everyone who contributed to enabling the holding of this conference, the importance of which is not hidden from everyone, is within the framework of the many cooperation and partnerships that the Central Bank of Iraq establishes with various Arab and international organizations and institutions and its openness to them, with the aim of exchanging experiences and improving performance in the banking and financial sector. .

He added, "This reflects the compatibility of development visions and strategic objectives with regard to the topics being addressed, which focus on fundamental and fundamental areas, such as supporting economic development, combating money laundering and terrorist financing, digitizing financial and banking services and products, electronic payments, and achieving financial inclusion goals."

 Pointing out that "these issues directly affect the economy and the lives of citizens, as it is not possible to research the reality of the banking sector and the reality of banks apart from the overall economy."

Al-Alaq stressed that “central banks faced increasing challenges after decades of traditional functions and tasks, which could be close to static, until each period brought different challenges that required a special approach to confront them,” pointing out that “after long periods of decline in interest rates and inflation,

The global economy has begun to face a phase characterized by high inflation and high levels of public and private debt, which has called on central banks to sense the urgent need to include financial stability and concerns about deflation within their economic models and to develop unconventional tools to deal with them.

He continued, "The financial crisis in 2008 was followed by a series of challenges, as public debt rose and the rush to raise interest rates to confront inflation threats made servicing the public debt more expensive. Here, it is difficult to balance in achieving intersecting goals that make it difficult to approach them," pointing out that "since... “The Corona crisis has become clear that public financial policy can correct one of the factors driving increased inflation.”

He stated that "the nature of shocks and the frequency of their occurrence have changed locally and internationally, as shocks historically occurred due to increased or decreased demand, with the exception of supply shocks, which is known as stagflation in the 1970s of the last century,"

pointing out that "there are many shocks today, including demand versus supply, and special risks versus Systemic risks, transient versus permanent shocks, which requires a modified approach in the face of sudden and unexpected changes.”

He stated that "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, in accordance with financial control, which requires reducing spending or increasing domestic revenues, or both."

He stated that "over the past 10 years, the Iraqi banking sector has witnessed significant qualitative developments in response to the adoptions and policies of the Central Bank of Iraq, as it introduced and applied for the first time the concepts and practices of compliance rules, governance, risk management, prudential oversight, risk-based oversight, comprehensive quality management, business continuity, digital services, and financial inclusion."

He stated that "despite all these developments, there remain major and mounting challenges represented by the challenges of compliance with international laws, legislation, requirements and standards," explaining that "these challenges have a direct connection and impact on the openness of local financial institutions to their international counterparts."

He stressed that “to the extent that all of this achieves communication and connection with the outside world, it undoubtedly carries many challenges and implications,” expressing his hope that “this conference will succeed in satisfying it, reaching effective solutions to this challenge, and devoting cooperation and coordination between Arab central banks and Arab banks.” and non-banking financial institutions, to achieve stability and growth.”  https://www.mawazin.net/Details.aspx?jimare=247412

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

Provoking Thoughts and Points to Ponder on Wealth

True abundance is not about gathering more things, it's about touching the place in us that is connected to the divine source of abundance, so that we know what we need in the moment will be provided.  - Mary Manin Morrissey

It's time we put thoughts of lack behind us. It's time for us to discover the secrets of the stars, to sail to an uncharted land, to open up a new heaven where our spirits can soar.  - Sarah Ban Breathnach

It is good to have things that money can buy, but it is also good to check up once in awhile and be sure we have the things money can't buy.   - George Horace Lorimer

Ordinary riches can be stolen, real riches cannot. In your soul are infinitely precious things that cannot be taken from you.  - Oscar Wilde

'Let us not get so busy or live so fast that we can't listen to the music of the meadow or the symphony that glorifies the forest. Some things in the world are far more important than wealth; one of them is the ability to enjoy simple things.  - Dale Carnegie

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Monday Evening 5-6-24

Goldilocks' Comments and Global Economic News Monday Evening 5-6-24

Good Evening Dinar Recaps,

"When gold is set free, so are we."

Let's take a close look at why that is. There is a strong belief that gold is no longer determined by economic prices on the market. A shift is occurring and China is in the middle of it.

Much of the gold prices as of late have been driven by the China Market buying up this particular precious metal. It is one of the requirements of the BRICS Nations in joining this alliance to trade goods and services with the backing of gold.

In other words, we have new price discoveries taking place attempting to reset the price of gold. The higher the price of gold goes, it has the ability to determine the price of the dollar going forward. When gold is the standard over the dollar, price discoveries on foreign currencies begin to shift.

Gold and the Dollar have a correlated relationship that is currently breaking down because of inflation, de-dollarization, and the purchase of gold by countries overseas.

When the price pressures on gold becomes so great, it will require new formulations of values and a reset in gold will occur. All of our tokenized assets backed by gold, our stablecoins that represents a country's currencies backed by gold, and gold itself will be free to move into a real value.

These new values will be determined by supply and demand, and not, a predetermined price set to parallel a particular World Reserve Asset. This is when we have a reset.

Here is what the final moments look like...

Paper trades in gold and silver on the COMEX Market are stopped.

When trades in paper gold and paper silver in the Futures Market come to a halt, this will enable them to adjust spot prices on physical gold and physical silver.

A slight movement upward (manually done) occurs to encourage trade. This is done over and over again until the market recognizes the new determinations and price correlations.

This is where you see chart gaps happen in the market, and they have to be filled.

Once these gaps are filled and new movement forward on gold and silver are secured, we have a reset. This will reset everything.   CME Group   NY Times
Everything.

© Goldilocks

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New Bank merger guidelines

Pdf READ HERE

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Are Real-Time Payments Near an Inflection Point? BofA Thinks So | Payments

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Banking Intel:

Commercial Lenders (Relationship Managers) are currently receiving electronic messages to sign up for Foreign Currency Training.   Street Directory  Learn   Study  

© Goldilocks

👆 By the way, Commercial Lenders are having to report for foreign currency exchange training. It is not an option. It is a requirement.

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Building a User-Friendly Interface for Central Bank Digital Currency Applications: A Case Study  | HackerNoon

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If Ripple is not a security, it is a commodity. A precious metal. And, you can currently get it for just over 50 cents.

Many of you have stated that you cannot afford precious metals. Well, you don't have an excuse now. Why would you wait for it to go up?

The case is expected to be finished in September 2024. What are you waiting for? This is not advice, but it is probably one you wished a year from now someone had given to you.    Youtube

© Goldilocks

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