Iraq Economic News and Points To Ponder Monday Afternoon 7-29-24

Parliamentary Committee To Nina: These Are Our Observations On The Central Bank’s Measures To Confront The Rise In The Dollar Exchange Rate

Monday 29 July 2024 | Economic Number of readings: 309 Baghdad / NINA / The Parliamentary Committee on Economy, Industry and Trade disclosed a number of observations related to the Central Bank's measures to confront the rise in the dollar exchange rate against the dinar.

Member of the committee, MP Osama Al-Badri, stated that "there are different observations and points of view regarding the current measures of the Central Bank of Iraq in light of the lack of control over the rise in the exchange rate of the currency."

He explained that "the instability of the exchange rate has caused the emergence of the parallel market and increased the economic burden on citizens in light of the rise in prices due to the fluctuation of the exchange rate, and this requires the Central Bank's management to take effective measures to limit the impact of the parallel market."

He added that "the Central Bank needs to adopt more decisive policies and coordinate with government agencies to achieve tangible economic stability," calling on the Central Bank to take serious steps to reduce the gap between the official exchange rate of 1320 dinars per dollar, and the parallel market and ensure price stability. / https://ninanews.com/Website/News/Details?Key=1144263

Dollar Exchange Rates Stabilize At High Level, Exceeding 150 Thousand
Economy | 11:12 - 07/29/2024  Mawazine News – Baghdad  Dollar exchange rates against the Iraqi dinar in local markets in Baghdad. - Selling 150,500 dinars for every 100 dollars. - Buying 148,500 dinars for every 100 dollars.   https://www.mawazin.net/Details.aspx?jimare=252265

Finance Ministry Discusses With World Bank Financing Of Transport And Social Development Projects

Monday 29 July 2024 13:15 | Economic Number of readings: 236  Baghdad / NINA / A meeting was held today, Monday, at the headquarters of the Ministry of Finance between the Minister of Finance, Taif Sami Mohammed, and a delegation from the World Bank headed by the Regional Director of the Middle East Department, Jean-Christophe Carre, to discuss ways to enhance cooperation in the field of economic and social development.

The ministry stated in a statement, "The meeting's axes focused in particular on supporting transportation, railway and infrastructure projects related to the development road linking Iraq and Turkey towards the European continent, in addition to financing the programs of the Social Fund for Development."

It added: "These projects seek to improve the quality of services for citizens, enhance economic growth, and provide new job opportunities. The expected benefits of these projects are summarized in developing the road and transportation network, in addition to supporting small and medium enterprises and reducing poverty and unemployment."

During the meeting, the two sides expressed "their optimism about the possibility of reaching fruitful cooperation agreements that would contribute to achieving sustainable development in Iraq." https://ninanews.com/Website/News/Details?key=1144202

Foreign Remittance Sales Rise By 95% At Central Bank Of Iraq Auction

Time: 2024/07/29 Read: 728 times   {Economic: Al Furat News} Sales of foreign remittances at the Central Bank of Iraq auction, today, Monday, witnessed a 95% increase compared to cash sales, reaching more than 257 million dollars.

During the auction, the Central Bank sold 269 million, 128 thousand, and 473 dollars, which was covered at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar for cash.

Most of the dollar sales were directed to strengthening the balances abroad in the form of transfers and credits, which amounted to 257 million, 128 thousand, and 473 dollars, an increase of 95% compared to cash sales, which amounted to 12 million dollars.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 17 banks. 17 exchange and brokerage companies participated in the auction.  LINK

Iraq's Oil Reserves Are In Excess Of The Classification

Time: 2024/07/29 Read: 2,275 times   {Economic: Al Furat News} Oil expert Hamza Al Jawahiri revealed, today, Monday, the quantities of unclassified oil reserves in Iraq.

Al-Jawahiri told {Euphrates News} that: "The oil companies operating in Iraq are developing the fields primarily and there are always increases in production from the fields that are being developed," noting that "Iraq is committed to its share within OPEC countries and cannot export quantities larger than those allocated."

He added, "Iraq now has more than one million barrels of oil in excess of the classification and it is kept in the wells and cannot be produced because the quantity of production and manufacturing is limited."

Al-Jawahiri explained that "the companies produce the oil and deliver it to Iraq and they are the ones who dispose of the quantities they sell."

Iraq aims to increase its oil reserves to 160 billion barrels, which coincides with its efforts to raise crude production to 8 million barrels per day by 2027, in addition to achieving self-sufficiency in gas, according to data obtained by the Energy Research Unit (based in Washington).

Iraq's oil reserves are the fifth largest in the world, accounting for 8% of the total global crude reserves, and represent approximately 12% of OPEC reserves, and 17% of proven reserves in the Middle East.

According to the latest estimates issued by Oil & Gas Journal, Iraq's proven oil reserves amounted to about 145.019 billion barrels by the end of 2023.

Oil Minister Hayan Abdul Ghani expressed his hope that the country's oil reserves would exceed 160 billion barrels, during the launch of two new licensing rounds to invest in 29 fields, in addition to exploration blocks for oil and gas.

Abdul Ghani confirmed that the government will support the winning companies and provide them with the necessary facilities.

Iraq, a founding member of OPEC, announced its commitment, like other countries, to reduce voluntary production to support prices affected by economic uncertainty.  LINK

Stock Exchange Achieves Positive Results For The Second Day In A Row

Market  Economy News – Baghdad  The stock market index rose by 0.18% on Monday, for the second day in a row.  During today's session, 4.2 billion shares were traded, worth 1.7 billion dinars.

It also witnessed the execution of 526 transactions on the shares of 30 traded companies.

The shares of 7 companies rose, while the shares of 11 other companies fell.

97 views  07/29/2024 - https://economy-news.net/content.php?id=45719

Brent Crude At $81 Per Barrel

Economy | 07:55 - 07/29/2024   Mawazine News – Baghdad   Oil prices rose on Monday, paring last week’s losses, on concerns about a widening conflict in the Middle East after a rocket attack on the occupied Golan Heights that Israel and the United States blamed on the Lebanese militant group Hezbollah.

Brent crude futures were up 20 cents, or 0.3 percent, at $81.33 a barrel by 0010 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.1 percent, at $77.25 a barrel. Brent crude lost 1.8 percent last week, while WTI fell 3.7 percent, amid weaker Chinese demand and hopes for a ceasefire in Gaza.

On the demand side, data released earlier this month showed China’s total fuel oil imports fell 11 percent in the first half of 2024, raising concerns about the broader demand outlook in China, the world’s biggest importer of crude oil.   https://www.mawazin.net/Details.aspx?jimare=252250

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Some “BRICS News” Monday 7-29-2024

BRICS NEWS: From Malaysia, Thailand and Turkey Accession to Launch of Intra-bank System

Fastepo:  7-29-2024

Over the past month, BRICS has seen significant developments, ranging from countries expressing interest in joining the bloc to the launch of an intra-bank payment system and financial system integration.

In this video, we will provide a quick update on these key events and offer a comprehensive overview of BRICS' position as of July 2024, along with the reasons why various countries are keen to join.

https://www.youtube.com/watch?v=X1q8PfFjAbs

BRICS' STRATEGIC WIN: Malaysia Joins BRICS, Russian FM Visits Malaysia As NATO Views Southeast Asia

Lena Petrova:  7-29-2024

https://www.youtube.com/watch?v=lt7sFxTbq9A

Seeds of Wisdom RV and Economic Updates Monday Afternoon 7-29-24

Good afternoon Dinar Recaps,

Worldwide, People Reject the Central Bank Digital Currency

"Do people want central bank digital currencies, better known as CBDCs? Countries that have experimented with or launched digital versions of their respective currencies have witnessed little fanfare for these endeavors. Put simply, they are not appealing to the general public. 

Yet governments are still foisting them onto their populations, perhaps because they might be the greatest surveillance tool known to man."

"At the onset of the coronavirus pandemic, the Bahamas became the first nation in the world to issue a central bank digital currency. Whether it was out of fear that touching physical cash would result in COVID is unclear.

But the Caribbean island made history nevertheless by unleashing the Sand Dollar digital currency. It maintains two forms: retail and wholesale. The former allows consumers to utilize the CBDC, while the latter is solely dedicated to financial institutions."

"Now, about four years after the Sand Dollar’s introduction, it accounts for less than 1% of the money in circulation as acceptance and usage by businesses and consumers remain limited.

Additionally, digital wallet values tumbled to $12 million in the first eight months of last year (the latest data), down from $49.8 million in the same period a year ago."

"China became one of the world’s largest economies to introduce a central bank digital currency, known as the digital yuan or e-CNY. It had been years in the making, and because the Asian powerhouse is a hyper-digital location, officials had high expectations and believed their communities would ebulliently embrace the e-CNY. Today, there is very little action in the world of CBDCs."

"INDIA'S CBDC – the digital RUPEE – has experienced a decline in usage. Transaction rates had been solid in the months following its launch, mainly because the country’s banks had disbursed employee benefits in CBDC units. However, more consumers and merchants have shrugged off the authoritarian digital payment “innovation” throughout 2024."

"With growing pushback, central banks have modified their expectations. According to a 2023 Business of International Settlements survey, the number of central banks that are very likely to issue a retail or wholesale CBDC within three to six years has diminished significantly from the 2022 survey."

"The Atlantic Council maintains a CBDC tracker, which shows that 36 countries are in the pilot phase. Thirty are still in the development stage, and 44 are actively researching a central bank digital currency. Seventeen are inactive, while two have been canceled.

 What about the United States? The Federal Reserve insists that it is several years away from putting together a CBDC. Republican lawmakers have introduced legislation to put the kibosh on its creation. Former President Donald Trump and independent presidential candidate Robert F. Kennedy, Jr. pledge to ban the formation of a CBDC."

@ Newshounds News™

Read more:  Currency Insider

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Indian Expert Says BRICS, SCO May MERGE in Five Years

" BRICS (Brazil, Russia, India, China, South Africa) may merge with the Shanghai Cooperation Organization (SCO) within the next five years, giving birth to a stronger entity with a more meaningful role, Robinder Sachdev, president of the New Delhi-based analytical center, the Imagindia Institute, told TASS."

"Both BRICS and SCO are initially founded by China and Russia. Many big picture goals of both organizations are same. It is necessary for both organizations to have very different roadmap in future. Otherwise, I have said many times that it is now time to consider merging of the SCO and BRICS into a single organization."

""If the BRICS countries work together strongly on some common agenda then BRICS can have an important role. If BRICS becomes a strong organization, then it can play very important role in building the New World Matrix of the 21st century," he stressed.

"BRIC was established in 2006 by Brazil, Russia, India, and China. In 2011, South Africa joined the group, adding the S to the acronym."

"Set up in 2001 in Shanghai, the SCO initially included six countries, namely Russia, Kazakhstan, Kyrgyzstan, China, Tajikistan, and Uzbekistan. India and Pakistan joined in 2017. Iran was admitted to the organization at the SCO virtual summit in early July.

@ Newshounds News™

Read more:  TASS

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XRP News Today: Ripple-Led $1.5 Billion Token Flood to Hit Market in August

August is a major month for crypto token unlocks, with nearly $1.5 billion worth of tokens hitting the market.

Ripple leads the pack with a $609 million XRP unlock, followed by Avalanche and Wormhole.

Numerous other projects, including Sui, dYdX, ZetaChain, ImmutableX, Aptos, The Sandbox, Starknet, and Arbitrum.

XRP This morning $0.61 up 0.54%

@ Newshounds News™

Read more:  Coinpedia

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Swiss regulator FINMA targets stablecoin issuers in new proposal

As stablecoins continue to gain traction globally, regulatory initiatives such as FINMA’s guidance are likely to influence policies in other jurisdictions.

In a move aimed at bolstering regulatory oversight and mitigating financial risks, the Swiss Financial Market Supervisory Authority (FINMA) has proposed new guidelines for stablecoin issuers. The proposal comes amid growing concerns over the potential impact of stablecoins on regulated institutions and the broader financial ecosystem.

Stablecoins — digital assets linked to the value of traditional currencies or other assets — have experienced increased adoption. However, their rapid growth has also prompted global regulatory concerns due to potential illicit activity and misuse.

In its guidance issued on July 26, FINMA emphasized that stablecoin issuers must be subject to the same Anti-Money Laundering (AML) obligations as traditional financial institutions. This includes verifying the identity of stablecoin holders and establishing the identity of beneficial owners.

In addition to AML compliance, FINMA explained how stablecoin issuers can operate without a banking license if they meet certain conditions. It claims that these conditions ensure depositors are protected, and issuers must have a bank guarantee in case of default.

While FINMA claims its measures boost depositor protection, they do not match the security of a banking license. Still, the regulator is committed to mitigating default guarantee risks and ensuring stablecoin issuers meet robust standards to safeguard customers.

The stablecoin sector has experienced exponential expansion in recent times, reaching an unprecedented market capitalization in 2023. In response, global regulators are hastening to establish guidelines for this rapidly evolving sector.

According to the “PwC Global Crypto Regulation Report 2023,” at least 25 countries, including Switzerland, had implemented stablecoin regulations or legislation by the year’s end.

@ Newshounds News™

Read more:  Coin Telegraph

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Malaysia sends application to Russia to join BRICS — PM

Lavrov promised that as the BRICS president Russia will help Malaysia promote its interest to the partnership with the association

TOKYO, July 28. /TASS/. Malaysia has sent an application for BRICS membership to Russia, which is currently holding BRICS presidency, Malaysian Prime Minister Anwar Ibrahim said.

"Malaysia has sent a letter of application to join the (BRICS) organization to Russia as the BRICS chairman, besides expressing openness to participate as a member country or strategic partner," the BERNAMA news agency quoted him as saying.

Earlier on Sunday, Anwar Ibrahim met with visiting Russian Foreign Minister Sergey Lavrov. According to the Malaysian prime minister, the conversation focused on Malaysia’s application to join BRICS, which, in his words, will have a considerable potential for both sides.

Anwar and Lavrov also discussed "the current situation in Palestine, with Malaysia emphasizing the urgent need for a permanent ceasefire and rapid humanitarian aid in Gaza, as well as Palestine’s acceptance as a full member of the United Nations," the agency said. "Regarding Ukraine, Anwar also called for dialogue and discussion as the means to resolve the conflict."

Lavrov promised that as the BRICS president Russia will help Malaysia promote its interest to the partnership with the association.

@ Newshounds News™

Read more:  TASS

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“Tidbits From TNT” Monday 7-29-2024

TNT:

Tishwash:  Manipulating budget tables is a scandal waiting to break out

The issue of tampering with the budget schedules sparked great controversy in the House of Representatives, after approximately 2 trillion dinars from the budget were lost in a dramatic manner.

The General Secretariat of the Council of Ministers sent a letter to the House of Representatives to inquire about the manipulation occurring in the budget tables, as it was stated in the letter, “After examining the printed tables attached to the Parliament letter signed by the ( acting) Speaker of the House of Representatives, it was revealed that there are fundamental differences in them compared to the sent copy.” From the Council of Ministers and contrary to the text of the parliamentary decision.

Member of the Parliamentary Finance Committee, Representative Jamal Kujar, confirmed that the manipulation occurred after voting on the budget tables in Parliament. 

He pointed out in a press statement that it was not known who was the party that tampered with the schedules, calling for an investigation to be opened into the matter.

The House of Representatives held its twenty-seventh session, headed by Mr. Mohsen Al-Mandalawi, Acting Speaker of the House, today, Monday, and in the presence of 199 deputies. The House of Representatives voted last May 18 on the schedules of the federal general budget law.

It seems that suspicions of losing the amount revolve around the Finance Committee as well as the Presidency of the House of Representatives.

For its part, the Finance Committee in the House of Representatives vacated its space regarding the issue of tampering with the budget tables for the current year.

Deputy Chairman of the Parliamentary Finance Committee, Ahmed Mazhar, told Al-Ma'louma Agency, “The committee is far removed from the issue raised regarding tampering with the budget tables. It discussed the tables according to the CD sent by the government and then submitted it for a vote to the Presidency of the House of Representatives.” 

He added, "The government's raising of the issue of tampering with 2 trillion dinars in the budget tables, as it claims, is very surprising."

He explained, “If there is tampering with the budget tables, then the Presidency of the House of Representatives can be questioned.”

In order to clear its name, Parliamentary Finance formed an investigative committee on the matter, which aroused the ire of the Presidency of the Iraqi Council of Representatives.

For his part, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, expressed his surprise at the Parliament Presidency's objection to forming an investigative committee regarding the changes that occurred in the budget. 

Al-Kadhimi told Al-Maalouma Agency, “Forming an investigative committee is the prerogative of the Finance Committee, expressing his regret over the objection of the Presidency of Parliament to the formation of the committee that does not require approval.”

He added, "The Finance Committee is in the process of inquiring about the reason for the difference in the budget tables between the parliamentary version and the government version, noting that the committee asked the relevant authorities to reveal the manipulation of the numbers."

In addition, the representative of the State Support Bloc, Muhammad Al-Ziyadi, confirmed that signatures had been collected to include a paragraph discussing the government's claim that the versions of the budget tables were different after voting on them.

Al-Ziyadi told the Maalouma Agency, “The government sent a letter to the House of Representatives claiming that the schedules that were sent to it by Parliament after the House of Representatives voted on them differ from those schedules that it sent to Parliament.”

He added, "This book created a confused atmosphere between Parliament and the government, and parliamentary signatures were collected to include a paragraph to discuss the issue in order to determine the truth of the dispute between Parliament and the government regarding the schedules and who was the party behind it.  link

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Tishwash:  Iraq speeds up steps to join WTO

The Ministry of Trade has doubled its efforts to join Iraq to the World Trade Organization (WTO) after participating in a wide round of negotiations that pave the way for full membership. These efforts were met with widespread economic welcome, which sees that this approach will achieve a package of important achievements, foremost of which is enhancing development, building capacities, and opening the door wide to the use of the highest standards of governance, in addition to the most important factor represented by the wide openness of global markets to Iraq, the advancement of the private industrial sector, and the improvement of the local product.

According to the Minister of Trade, Athir Dawood Al-Ghariri, the recent negotiations for Iraq constitute “a qualitative event and a confirmation of what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy,” indicating that “all countries are keen on Iraq’s return as a global economic player.”

In support of the recent negotiations conducted by Iraq, the Ministry of Trade also participated in the technical meetings of the UNCTAD regarding the accession of Arab countries to the World Trade Organization in Istanbul, which witnessed, according to the Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, discussing the outcomes of the 13th Ministerial Conference of the World Trade Organization, the process of Arab countries’ accession to the organization, and how Iraq can benefit from these experiences in its process of accession. The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed.

In the midst of this, the Prime Minister’s Advisor for Financial Affairs, Dr. Mazhar Mohammed Salih, believes that “in the midst of the changes in the international commercial and financial space, Iraq has moved to important organizational levels in the transition to a market economy to break the effects of its international isolation by engaging in a strong area of ​​economic liberalism that focused on liberalizing the areas of Iraq’s foreign trade in goods and services and the means of financing them, despite the fluctuations in its organization, as well as the development and expansion of areas of progress achieved in some financial services and improving the environment for foreign investment, which allows foreign banks to operate in Iraq and allows the transfer of capital and currency in a manner that serves Iraq’s openness to the world in the conditions of a difficult-to-handle central rentier economy.”

In a statement to the Iraqi News Agency (INA), Minister Al-Ghariri expressed his “aspiration for the fourth round of negotiations to be held during the first quarter of next year,” stressing that “this acceleration means that the negotiations are proceeding with rapid steps towards Iraq’s accession to the World Trade Organization, considering that Iraq is an important economic bloc and all countries are keen for it to return as an economic player in a multilateral system.”

In addition to the economic gains that can be achieved by opening up to the global market, the economic researcher and consulting engineer, Imad Al-Muhammadawi, believes during his interview with “Al-Sabah” that “joining has many other advantages besides opening up to global markets, represented in “enhancing development, building capacities, and opening the door wide to using governance standards in all aspects of economic activities, in addition to the most important factor, which is opening global markets to the economies of the least developed countries or what are called Third World countries, not to mention improving the financial side of the participating countries in terms of reducing financial risks and removing obstacles facing the participating countries.”

Al-Muhammadi added that joining also constitutes a factor in reducing poverty, by creating opportunities for the unemployed through increasing economic activities and developing both the private and public sectors. 

The WTO aims to ensure that foreign companies, investors and governments enjoy stability and predictability, confidence that trade barriers should not be arbitrarily raised, investment is encouraged, jobs are created and consumers can fully enjoy the benefits of competition, choice and low prices. link

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Tishwash:  MP: Washington is delaying the confirmation of the withdrawal clause from Iraq - Urgent

Member of Parliament, MP Rafiq Al-Salihi, confirmed today, Sunday (July 28, 2024), that Washington is procrastinating in determining the paragraph of withdrawal from Iraq, noting that the exit of US forces is necessary to achieve the integrity of national security.

Al-Salihi said in an interview with Baghdad Today, "An important part of achieving integration in the national security system of Iraq is the absence of American forces from its lands, which we see as playing a negative role in the security scene through repeated attacks."

He added, "Washington is delaying its discussions with Baghdad in determining the withdrawal paragraph through fixed timetables, and this matter reflects America's agenda in Iraq and its attempt to remain despite the popular rejection of all spectrums and the existence of a parliamentary decision in this direction."

Al-Salihi pointed out that "the security situation in Iraq is stable and it has large forces capable of warding off terrorist threats or any other attacks," stressing that "the situation necessitates the withdrawal of American forces from the country and any manipulation or procrastination by the administration in Washington is unacceptable and the Iraqis will not remain silent about that."

The debate over the US withdrawal from Iraq has flared up again in the past few weeks, coinciding with the return of strikes and targeting of bases housing US forces in Iraq and Syria, while the US Central Command had indicated a few days ago that ISIS activity recorded during the first half of this year indicates a doubling of the number of attacks compared to last year.   link

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Tishwash:  Finance and World Bank meet to conclude "fruitful" agreements that support Iraq's development path

An important meeting was held at the Ministry of Finance headquarters today, Monday, between the Minister of Finance, Taif Sami Mohammed, and a delegation from the World Bank, headed by the Regional Director of the Middle East Department, Jean-Christophe Carré, to discuss ways to enhance cooperation in the field of economic and social development .

The ministry said in a statement received by "Mil", "The meeting's axes focused in particular on supporting transportation, railway and infrastructure projects related to the development road linking Iraq and Turkey towards the European continent, in addition to financing the Social Fund for Development programs." 

She explained that "these projects seek to improve the quality of services for citizens, enhance economic growth, and provide new job opportunities. The expected benefits of these projects include developing the road and transportation network, in addition to supporting small and medium enterprises and reducing poverty and unemployment." 

According to the statement, the two sides expressed their "optimism about the possibility of reaching fruitful cooperation agreements that would contribute to achieving sustainable development in Iraq."  

 From social media

Minister of Finance and World Bank discuss financing transportation and social development projects

Both sides expressed optimism about the possibility of reaching fruitful cooperation agreements that would contribute to achieving sustainable development in Iraq   link

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Mot: .. You Goooo Girl!!!!  

Mot: . Funny how this seems to Pop again and again ...

Iraq Economic News and Points To Ponder Monday AM 7-29-24

Billions Of Dinars” Were Disbursed To Political Parties From The 2024 Budget As “Financial Grants” (documents)

 Policy   2024-07-27 | 4,756 views  Alsumaria News-Politics   Today, Saturday, independent MP Amir Al-Mamouri published documents proving that the Ministry of Finance disbursed billions of dinars as “financial grants” from the budget to political parties represented in the House of Representatives or participating in the elections.

 Al-Mamouri said in a blog post on his Facebook account, followed by Al-Sumaria News, that,

 “Did you know that financial grants are disbursed to political parties from the budget, as 18 billion dinars were disbursed, and disbursement continues in the 2024 budget with 5 billion dinars?” 

He added:  "Some may be surprised by this book, which shows that there is funding for parties from the federal budget at a rate of 80% for those who have representation in the House of Representatives and 20% for parties participating in the elections." 

He stressed,  "We are working to abolish this issue, which contains many comments and unjustified spending," considering that

 "this spending is imposed on the deprived people, not the party, and a distinction must be made between these parties, those who work, those who do not work, and those who steal public money and trespass on state property," wondering.

 “Who evaluates these parties so that we can say they deserve the financial grant?”

 Documents issued by the Ministry of Finance showed that there is funding of 4 billion dinars in the 2018 and 2019 budgets, while there is funding of 5 billion dinars for parties in the 2023 budget and the same in the current 2024 budget, making the total amount to 18 billion dinars.  

 https://www.alsumaria.tv/uploadImages/ExtImages/Images1/ExtImage-6331047-534752256.png

 https://www.alsumaria.tv/uploadImages/ExtImages/Images1/ExtImage-3082588-690422400.png

https://www.alsumaria.tv/news/politics/495027/صرف-مليارات-الدنانير-للأحزاب-السياسية-من-موازنة-2024-كـمنح-مالية-وثائق     

Financial Inclusion Indicators

 July 28, 2024     :diamonds: In order for this bank to create a database for financial inclusion indicators, which will be the basic foundation for measuring the percentage of financial inclusion in Iraq,

 we are attaching to all electronic payment service providers a database for financial inclusion statistics for individuals and companies in an electronic form (Excel file) sent to your institutions’ e-mail. ..For more click here   https://cbi.iq/static/uploads/up/file-172216018373657.pdf

 [approximate, incomplete translation of https://cbi.iq/static/uploads/up/file-172216018373657.pdf]

 the date: 7/14/2024

 To/ All electronic payment service providers

 M/ Financial inclusion indicators

  In order for this bank to prepare a database for financial inclusion indicators,

 which will be the basic foundation for measuring the percentage of financial inclusion in Iraq,

we attach to you a database dedicated to financial inclusion statistics for individuals and companies in electronic form (Excel file) to be sent to your institutions’ email, provided that it is provided to us in the form of three models. The first model is a cumulative

 For previous years in addition to the first and second semesters, i.e. until the end of (2/30/2024), and the second model will be for the data of the first semester only, and the third models will be for the data of the second semester only, provided that we increase the Aggregate data and for the first and second semesters of this year, each separately, and for a maximum period of (51. Working days from the date of issuance of this circular.

 We would also like to inform you that a training workshop will be held in the hall of the Central Bank of Iraq on (Thursday) corresponding to (7/18/2024) at (10) in the morning for a period of one day only for the purpose of training on how to enter data and receive questions from you.

 We hope to provide two representatives specialized in financial inclusion indicators from your institutions to attend the workshop.

with respect.

  - Electronic data form (Excel)    https://cbi.iq/news/view/2629    

Mahmoud Dagher: Iraq Needs A Sovereign Wealth Fund To Protect Its Economic Future

July 28, 2024 Last updated: July 28, 2024  Independent/- Veteran financial and banking expert Dr. Mahmoud Dagher confirmed that Iraq , despite being a rentier economy, does not yet possess a sovereign wealth fund that would enable it to enhance its economic growth and ensure its stability in the face of potential crises.
 
Dagher pointed out in a short video clip followed by Al-Mustaqla on Sunday that most countries that depend on depletable rentier resources and are exposed to price fluctuations have taken proactive steps by establishing sovereign wealth funds whose combined balances exceed more than ten trillion US dollars. Dagher:
 
Iraq is wasting its resources without a sovereign wealth fund - the future of our generations is in danger Dagher said:
 
 “All countries with an exhaustible rentier resource, and which are witnessing fluctuations in the prices of these resources, have begun to establish sovereign funds to protect their economy and enhance their growth, away from the general budget and government policy.
 
These funds play a vital role in achieving economic stability and hedging countries against global and local financial crises.” Dagher added that the
 
absence of a sovereign wealth fund in Iraq is a major shortcoming in the country's economic policy, especially in light of the heavy reliance on oil as a main source of revenue. He explained that
 
establishing such a fund would enable Iraq to secure the future of its generations and avoid economic shocks that may result from falling oil prices or global economic crises.

Dagher called on the executive and legislative authority in Iraq to accelerate the establishment of a sovereign wealth fund. must He said:
 
“Iraq [must] follow the example of other countries that have established sovereign funds to fortify its economy and ensure its future.
 
Establishing a sovereign fund will be an important strategic step to protect the Iraqi economy and secure the future of future generations.”  Dagher pointed out that
 
sovereign funds play an important role in supporting sustainable economic policies, as
 
they provide the necessary resources for long-term investments away from fluctuations in annual government revenues. He stressed that
 
benefiting from international experiences in this field could contribute significantly to designing a sovereign wealth fund that meets Iraq's special needs and enhances its economic stability.      https://mustaqila.com/صندوق-ثروة-سيادي/ 

Iraqi Investments Push The “Med Projects” Index To Rise
 
July 28, 2024 Last updated: July 28, 2024  Independent/- The “Med Projects” index for Gulf projects witnessed an increase of 0.7% during the period from June 7 to July 12, driven mainly by an increase in the value of projects in the Iraqi market.
 
The Iraqi market achieved significant gains amounting to $26.3 billion, equivalent to an increase of 7%.
 
This rise is due to the reactivation of plans to establish a national network of high-speed railway lines throughout the country,
 
reflecting the trend towards improving infrastructure and transportation in Iraq.
 
In addition to Iraq, project markets in other Gulf countries witnessed remarkable growth, as the
 
value of the project market in the UAE increased by about $10.6 billion, or by 1.3%.

Despite this growth, the project market in Saudi Arabia witnessed a contraction of $13.9 billion, which is equivalent to a decrease of 0.7%, returning to the value level it was in mid-May.
 
In Qatar, the value of the projects market increased by $3.9 billion, or 1.7%, while the projects market in Bahrain added $2 billion, or 2.9%. In Oman, the market witnessed a slight increase of $0.2 billion, equivalent to 0.1%.
 
The total value of the Gulf projects index
 
The value of the projects index in the Gulf Cooperation Council countries reached $3.447 trillion, recording an increase of 0.1% over the previous period.
 
The broader Gulf index, which includes Iraq and Iran, also rose by 0.7% to reach $4.138 trillion.
 
Thus, the index continues to rise for the sixteenth consecutive month since March 2023, reflecting the continuing upward trend in the regional projects market.
 
Impact of railway projects
 
A key factor in the index's recovery is renewed ambitions for rail projects in the region.
 
These projects are not only a way to improve infrastructure and facilitate transportation, but
 
they also promote economic development and provide new job opportunities. 
 
https://mustaqila.com/استثمارات-العراق-تدفع-مؤشر-ميد-بروجكت/   

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

MilitiaMan: IQD Update - Iraq Dinar News Update - Oil & Gas - Until Now - No More Delay

IQD Update - Iraq Dinar News Update - Oil & Gas - Until Now - No More Delay

MilitiaMan and Crew: 7-29-2024

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=utIAODtzcmc

Seeds of Wisdom RV and Economic Updates Monday Morning 7-29-24

Good Morning Dinar Recaps,

Financial Stability Implications of Emerging Market CURRENCY DEVELOPMENTS

"A global soft landing remains the base case, as the July World Economic Outlook update showed. The forecast for economic growth in emerging markets has changed little, with projections edging up to 4.3 percent for both this year and next. Inflation in most major emerging markets is forecast to ease further and reach target ranges, allowing monetary policy to ease in the foreseeable future."

"And yet, emerging market currencies have declined by about 4 percent year-to-date, on net, against the US dollar, even after partially recovering in recent weeks. Latin American currencies have dropped 5 percent, while currencies in Asian emerging markets are lower by 4 percent.

Central and Eastern European and African currencies saw milder depreciations. It’s important to assess whether further declines could have adverse consequences for financial stability."

"A key determinant of exchange rates is the difference in interest rates between a given country and the United States—the benchmark in global capital markets.

At the beginning of this year, investors expected the Federal Reserve to cut interest rates significantly, which would widen or at least maintain the interest differentials with emerging markets.

With the US economy proving stronger than previously anticipated and inflation not yet reaching the Fed’s target, expectations for US interest rate cuts dissipated over the course of the year, and the US dollar appreciated. As a result, major emerging markets’ interest rate differentials vis-à-vis the US narrowed. "

CURRENCIES AND FINANCIAL STABILITY

"Orderly depreciation of a currency toward levels broadly in line with economic fundamentals—including interest rate differentials—can be constructive for an economy. 

More troubling are cases where there are abrupt selloffs, which can trigger financial instability. Sudden foreign capital outflows can severely affect asset prices and open up funding gaps. Financial institutions could see foreign exchange mismatches intensify and may be unable to rollover foreign currency (particularly US dollar) funding at reasonable costs"

@ Newshounds News™

Read more:  IMF
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US home sales fell in June to slowest pace since December amid rising mortgage rates, home prices

LOS ANGELES (AP) — The nation’s housing slump deepened in June as sales of previously occupied homes slowed to their slowest pace since December, hampered by elevated mortgage rates and record-high prices.

Sales of previously occupied U.S. homes fell 5.4% last month from May to a seasonally adjusted annual rate of 3.89 million, the fourth consecutive month of declines, the National Association of Realtors said Tuesday.

Existing home sales were also down 5.4% compared with June of last year. The latest sales came in below the 3.99 million annual pace economists were expecting, according to FactSet.

Despite the pullback in sales, home prices climbed compared with a year earlier for the 12th month in a row. The national median sales price rose 4.1% from a year earlier to $426,900, an all-time high with records going back to 1999.

Home prices rose even as sales slowed and the supply of properties on the market climbed to its highest level since May 2020.

That translates to a 4.1-month supply at the current sales pace. Traditionally, a 4- to 5-month supply is considered a balanced market between buyers and sellers.

While still below pre-pandemic levels, the recent increase in homes for sale suggests that, despite record-high home prices, the housing market may be tipping in favor of homebuyers.

@ Newshounds News™

Read more:  AP News

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Ripple Celebrates BRAZILIAN REAL STABLECOIN Integration On XRP LEDGER

"RippleX, the development arm of Ripple, has formally announced the integration of the BRLA Token, a stablecoin pegged to the Brazilian Real (BRL), on the XRP Ledger. This event signifies a crucial advancement for the XRP Ledger and its ecosystem, offering a new layer of stability and efficiency for cross-border and domestic transactions."

"“Designed to facilitate seamless and cost-effective transactions, BRLA Token offers businesses a reliable avenue for both domestic and international payments. The team has been exploring and testing the XRP Ledger extensively for payment processing, with much more excitement on the horizon,” RippleX stated in a blog post."

"BRLA Digital, spearheading this innovation, aims to disrupt the traditional financial sector in Brazil. Their creation, the BRLA Token, is crafted to simplify and economize business transactions, both internationally and within the country."

"RippleX’s enthusiasm about this collaboration is evident. In a statement shared on X (formerly Twitter), they remarked, “BRLA Digital’s commitment to evolving Brazil’s financial scene comes to fruition with the BRLA Token. This venture into stablecoins signifies a pivotal stride towards redefining business transactions in Brazil.”

"By anchoring the BRLA Token’s value to the Brazilian Real and backing it with audited reserves, we ensure a stable and reliable medium for transactions, shielding businesses from the whims of cryptocurrency volatility,” explains Ripple. This stability is crucial for businesses seeking consistency in their financial operations."

@ Newshounds News™

Read more:  Bitcoinist

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Judge Torres Considers Final Judgment in RIPPLE vs. SEC CASE

"Judge Analisa Torres is currently focusing on issuing a final ruling regarding penalties and injunctions in the Ripple vs. SEC lawsuit. Both parties can still appeal earlier decisions, adding layers of complexity to the legal proceedings. As the case draws closer to a verdict, the XRP community and legal experts are fervently anticipating a resolution, likely by August."

"The possibility of appeals looms large in this high-profile legal battle. Ripple has claimed several victories, making the SEC’s position appear increasingly tenuous. Legal analysts like Mickle suggest that despite these wins for Ripple, appeals are still on the table. Experts such as Fred Rispoli and James Murphy speculate that Judge Torres might expedite her final ruling, bypassing motions currently before Judge Sarah Netburn, potentially delivering a judgment as early as August."

@ Newshounds News™

Read More:  CoinTag
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ISO 20022 - The new language of payments

What is ISO 20022?
ISO 20022 is a flexible standard for financial messages that enables interoperability between financial institutions, market infrastructures and the Banks’ customers. All banks must be ready to support the new language/standard to continue processing payments and customers should also prepare for changes.

The ISO 20022 standard supports the inclusion of richer, better structured transaction data in payments messages, and aims to deliver a better customer experience by enabling less manual intervention, more accurate compliance processes, higher resilience, and improved fraud prevention measures.

Benefits and timeline
What are the benefits of ISO 20022?

ISO 20022 adoption will provide benefits to the entire payments ecosystem i.e. Banks, Market infrastructures and to the Banks customers:

▪️ Rich structured party data and increased field size will provide greater levels of transparency and create efficiencies by reducing delays caused due to unstructured, incomplete, or inconsistent data.

▪️ By adopting dedicated returns and investigation messages and using standardized return codes, the current delays in applying returned funds back to the customers and responding to inquiries from other Banks will be drastically reduced.

▪️ By maintaining dedicated reference fields that remain unaltered in the end to end payment journey and introducing structured remittance data, customer’s reconciliation capabilities will be augmented.

▪️ Greater message harmonisation across the entire payments industry, with a universal message type for all payments will help integrate with many more schemes on a faster basis.

What are the timelines for migrating to ISO 20022 standards in different markets?

ISO 20022 adoption will take place over multiple years. Payment Market infrastructures (PMIs) of all major currencies are either live or in the process of adopting ISO 20022 by November 2025 for cross border payments. SWIFT has published a roadmap to migrate the existing message type 1,2,& 9 series which began in March 2023. Adoption plans are still evolving in each market and further clarity will be provided over time.

Adoption by major Real Time Gross Settlement (RTGS) market infrastructures/currency is currently planned as follows:

                                                          
Impact, adoption and strategy

Which SWIFT messages are impacted by the ISO migration?
SWIFT plans to migrate all Customer and Inter-bank payments, as well as related advice and statement messages (the MT1xx, MT2xx and MT9xx series of messages).

What is HSBC’s plan to adopt ISO 20022?
HSBC is actively involved with SWIFT and the different market infrastructures that are migrating towards ISO. HSBC has successfully enabled its global network to receive and forward SWIFT CBPR+ messages in all of its 50+ locations and to exchange ISO messages in the newly migrated domestic markets.

We will align ourselves with the market requirements and delivery timelines set by different market infrastructures and ensure we are well placed to comply with the adoption strategies set forth by the market infrastructure.

What is HSBC’s strategy to align to SWIFT’s adoption of ISO for cross border payments?

HSBC’s adoption strategy will be driven by two different approaches:

--Markets with domestic migration announced
ISO enablement of SWIFT cross-border payments is prioritised with domestic ISO migrations in HSBC markets. This is targeted to enable ISO for both domestic and cross-border payments together for customers to choose to adopt in one go.

--Markets with no domestic migration announced
The approach is to complete SWIFT cross border traffic migration in all countries and be compliant by November 2025. If a market infrastructure announces a domestic scheme migration before 2025, our current migration strategies are flexible enough to adapt accordingly.

What are the common adoption strategies?

The common adoption strategies are:
▪️ ‘Like for like’, where the message format will be replaced from MT to ISO 20022 XML format that has comparable elements and character lengths to the existing SWIFT MT messages.
▪️ ‘Full/enhanced ISO’, where additional and enhanced existing elements are available. In order to ensure consistent usage and inter-operability, guidelines are defined by the industry.

Market practice guidelines

What are the current market practice guidelines being followed by the industry for ISO adoption?

Two guidelines are available for the payment market infrastructures:

▪️ High Value Payments Plus (HVPS+) market practice guidelines followed by certain Market infrastructures

▪️ Cross Border Payments and Reporting plus (CBPR+) guidelines. The CBPR+ group are experts nominated from the SWIFT community tasked with developing usage guidelines for ISO implementation by Banks for SWIFT cross-border payments.

While HVPS+ and CBPR+ are almost fully aligned with a few minor differences, HSBC will provide updates to the possible impacts they may have on our customers in the respective markets.

HOW TO PREPARE FOR ISO 20022

Readiness Handbooks
We have created readiness handbooks to support our customers through the transition to ISO 20022, highlighting the significant changes this will bring across the payments industry, how and why these changes will happen, and the benefits they can bring.

What should banks* be considering?
* Also includes NBFIs sending instruction via SWIFT

As published in SWIFT’s connectivity guidance document it is mandatory that all Banks are required to upgrade their messaging interface to support InterAct (store-and-forward) by 20 March 2023.

Institutions can also define the channel and format preferences for the transactions they receive through SWIFTs Transaction Manager (TM) platform. SWIFTs TM platform will ensure interoperability between users of different data formats and connectivity channels.

Here are some further considerations that banks should be looking at:

Industry Testing: Get ready to participate in industry testing as mandated by market infrastructures and SWIFT. If you use another bank for clearing, please reach out to that bank

Process & Systems: Have processes and systems geared up to fulfil your Sanctions and AML controls based on new party fields in the chain
Archive Data: Ensure that you are able to archive the rich ISO payments data as per your country regulations

Data Availability: Create solutions to make enriched data available to your customers

Structured Data: Start preparing to provide structured Name and address information for your customers(Debtors)

Training: Training and awareness of internal staff on the new language

For banks* sending Payments to:

▪️ Clearing/SWIFT

--Clearing: Be ready to accept and align with the clearing market infrastructure based on their timelines

--your Currency Provider
▪️ Have conversations with your Currency Provider
▪️ Agree the roadmap/migration timelines and expectations on message formats

For banks* receiving Payments from:

▪️ Clearing/SWIFT

--Clearing: Be ready to accept and align with the clearing market infrastructure based on their timelines

--your Currency Provider
If you use non-SWIFT based channels have a discussion with your provider
* Also includes NBFIs sending instruction via SWIFT

What should Corporate customers be preparing for?

We recommend our Corporate customers understand the potential of XML for your business and make the most of the opportunity.

Here are some considerations for Corporate customers:

▪️ Preparing for the future: A few market infrastructures already mandate corporates to provide XML as a standard while communicating to their Banks. With the increased adoption of ISO 20022 as a standard by SWIFT and major market infrastructures worldwide it is possible that more market infrastructures may recommend ISO as a messaging standard for communicating. Considering this in your technology plans will support preparation for these requirements from market infrastructures in the future.

▪️ Structured Data requirements: Market infrastructures and Clearing schemes have introduced new data requirements for party information. These include fields like creditor, ultimate debtor, initiating party, and ultimate creditor that will require corporates to provide to the bank in a structured or hybrid manner. HSBC will soon be providing communications on the required changes.

We strongly recommend you start looking at the data that is provided to HSBC and work closely with your Enterprise Resource Planning (ERP) and Treasury Management System (TMS) providers to start making required updates to comply to the new industry requirements.

▪️ Capitalising on rich standards: ISO offers multiple benefits that will help streamline end to end processing. Early adoption will allow you to capitalise on the information that is supported in remittance information and enhanced end to end references, which will be available through ISO based cash management(camt) statements/advises.

What you can expect from us
HSBC is eager to work with our clients to assist in their migration to ISO 20022. HSBC has been a strong advocate for XML and a key driver in the evolution of the ISO 20022 XML standard. Customers will be able to leverage the experience we have gained from previous implementations.

As market infrastructures finalize specifications, our team of experts will reach out to you and provide the details of changes to our existing offerings, and information on any new value added services that we will be able to offer leveraging the richer data elements that ISO 20022 offers.

Listen to our latest podcast – ISO 20022: The new language of payments

PODCAST

ISO 20022 will enable richer and more detailed data to be included in payment messages, along with a host of other benefits, resulting in a better customer experience. In this episode, Mark Avery, Senior Product Manager, HSBC, and Umut Uysal, Senior Global Product Manager, HSBC, discuss what you need to know about this exciting innovation in banking.

@ Newshounds News™

Read more:  CBM HSBC

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BRICS Officially Announces Financial System Similar to SWIFT| What's Next?

BRICS Officially Announces Financial System Similar to SWIFT| What's Next?

We love Africa:  7-28-2024

Gone are the days when Brics had to secretly carry out its plan of de-dollarization and launching a new currency and a financial system.

Until now, Brics never confessed to developing a financial system that will replace SWIFT. However, secrecy is no longer the plan of action. Brics and its members have now openly announced that they are launching a financial system similar to SWIFT, a Western-controlled banking system.

The BRICS alliance is looking to bypass the Western SWIFT system and replace it with its own financial mechanism. The creation of a new financial messaging system similar to SWIFT will allow BRICS to reshape the global trade landscape.

 The majority of cross-border transactions are now settled using SWIFT and cutting ties with the system provides leverage to the nine-member alliance.

BRICS can create a new payment system without incorporating the US dollar for transactions. Local currencies will be used for trade settlements ending reliance on the US dollar once and for all.

 The BRICS payment system similar to SWIFT can break the global dominance of the US dollar. Russia confirmed that the BRICS alliance plans to build a new payment system similar to SWIFT. “The financial agenda of BRICS has a main initiative for building a new economic reality that solves both major tasks.

Creating our own financial messaging system for the BRICS countries, similar to SWIFT, based on state-owned banks capable of clearing settlements of counterparties from the BRICS countries and the related role of the same bank,” said Deputy Chairman of the Russian State Duma Alexander Babakov.

The ambassador said that creating an alternative to SWIFT is necessary for BRICS to push the de-dollarization agenda ahead. “It is necessary to create a new system of financial institutions.

The new system must be technically compatible with the existing financial infrastructures of the participating countries, which includes integration with national payment systems, banks, and other financial institutions.

 At the same time, the system must ensure a high level of security and data protection to prevent cyber-attacks and unauthorized access to financial information,” he summed it up.

https://www.youtube.com/watch?v=9oGEvqMOoyw

Some “Iraq News” Posted by Clare at KTFA 7-28-2024

KTFA:

Clare:  Financial inclusion indicators

July 28, 2024

In order for this bank to prepare a database for financial inclusion indicators, which will be the basic foundation for measuring the percentage of financial inclusion in Iraq, we attach to all electronic payment service providers a database for financial inclusion statistics for individuals and companies in an electronic form (Excel file) that will be sent to your institutions’ email . For more, click here.

https://cbi.iq/news/view/2629

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Clare: Kurdistan government brings good news to employees under Article 140

7/28/2024

The Kurdistan Regional Government announced on Sunday its intention to distribute plots of land to employees under Article 140. 

The Department of Media and Information said in a statement received by Shafaq News Agency, "In implementation of the decision of the Prime Minister of the Region, the distribution of plots of land to employees will begin within Article 140 of the Constitution in the Kurdish regions outside the administration of the region." 

The regional government had previously announced the distribution of land to all employees, as it began the land survey process.   LINK

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Clare: The Kurdish government resolved crises with “wisdom”.. A ​​former member of the Kurdistan Parliament: Baghdad has no excuse left

7/28/2024  Erbil 

Former member of the Kurdistan Regional Parliament, Rebwar Babaki, confirmed today, Sunday (July 28, 2024), that the current regional government headed by Masrour Barzani was able to resolve the crises.

Babaki said in an interview with “Baghdad Today” that “the wise policy of the current regional government enabled it to resolve the complex disputes with Baghdad, especially in the field of salaries and budget.”

He added, "The financial crisis and delayed salary payments were resolved wisely and diplomatically, even though some Iraqi political parties wanted to put obstacles to ending the dispute and wanted the crisis to continue."

Babaki pointed out that "the regional government did not leave any excuse for Baghdad, and therefore the salary crisis was resolved with wisdom and patience, and other crises were dismantled."

On Thursday (May 30, 2024), the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, visited the capital, Baghdad, to hold discussions with Prime Minister Muhammad Shia al-Sudani and a number of senior officials in the federal government, in In addition to meetings with leaders and leaders of political forces.

According to a statement issued by the regional government, Masrour Barzani's meetings during his visit dealt with the latest developments on the political and security arenas in Iraq, and the emphasis on resolving the outstanding issues between the Kurdistan region and the federal government, especially securing the Salaries of the citizens of the Kurdistan region and guaranteeing their financial rights and entitlements.

According to the statement, the discussions also dealt with enhancing cooperation and joint coordination, to ensure security and stability for Iraq and the Kurdistan region.

In this regard, Masrour Barzani wrote on the “X-Twitter” platform, “Today I am in Baghdad to affirm the rights of the people of Kurdistan and resolve differences through dialogue and on the basis of the constitution,” adding that “stability and A strong economy should be our priorities.”  LINK

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Clare:  He is 19 years old and the most important of 150 suspended laws.. Will the powers give up the "golden paper" in oil and gas legislation?

7/28/2024  Politics

The Parliamentary Oil and Gas Committee expressed, today, Sunday, its "optimism" about the imminent approval of the Oil and Gas Law, which has been suspended for 19 years, noting that its delay came because it is a political pressure card used throughout the past years in forming successive governments.

Committee member Nazim Al-Shabli told Sumaria News that the oil and gas law is the most important suspended law, noting that it was “used as a political pressure card in forming governments.”

However, Al-Shabli expected that “the most serious government in this file is the Al-Sudani government,” noting that “clear committees have been formed between Baghdad and the Kurdistan Regional Government, but until now the government has not sent the final version to the House of Representatives or the Oil Committee.”

Al-Shabli expressed the hope of the Oil Committee that "the relevant committees will resolve the issue and send it to Parliament, as the law has benefits in regulating oil exports and stopping smuggling or selling oil outside SOMO," believing that "this issue will be resolved in the coming days."

He stressed that "the delay in the law came because it is a political card, especially since the region wants the law and considers it to be in its interest, in addition to the fact that it has old obligations and contracts with foreign companies, in addition to the continuation of smuggling."

About a year has passed since the formation of the committee to draft the oil and gas law, after a 19-year delay in the law that regulates the relationship between Baghdad and Erbil regarding the management of oil in Kurdistan and the rest of the provinces," while the law is considered one of the most important laws that have been suspended for years, amounting to more than 150 laws.  LINK

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Clare:  The Ministry of Commerce discusses with World Bank representatives a strategy to support entrepreneurship and establish local companies.

7/28/2024

 The Private Sector Development Department at the Ministry of Trade held a meeting (remotely) with representatives of the World Bank to discuss a strategy to support entrepreneurship, owners of small and medium enterprises and start-ups to advance the local economic reality.

The ministry stated in a statement that "the meeting discussed the basic pillars of the entrepreneurship system that will be evaluated by World Bank experts through surveys and the application of laws specific to these projects, in addition to holding discussion sessions with project owners and presenting recommendations on policies for each pillar."

The statement explained that "the meeting came out with several recommendations aimed at developing the Iraqi private sector to advance the local economic reality," referring to "the pioneering role of the Private Sector Development Department in providing support to owners of small and medium enterprises, which is part of its tasks."

On the other hand, the Investment Committee of the General Company for Central Markets at the Ministry of Trade held its periodic meeting to discuss its investment projects plan, and the circulars received by the company related to investment projects in Baghdad and the governorates, including the recommendations of the Ministerial Council for Social Services regarding the Iraqi Construction Council, as well as the mechanism for compensating contractors.

The statement added that "the meeting urged the follow-up committees to complete the tasks assigned to them and prepare reports and correspondence to the relevant sectoral authorities to ensure the speedy completion and opening of these projects and set a time frame for their completion and submit periodic reports on the completed work."   LINK

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Clare: Renewing its commitment to the truce... Al-Kataeb: A mysterious faction targeting Americans in Iraq

7/28/2024

The Sayyid al-Shuhada Brigades, one of the factions that form the "Islamic Resistance in Iraq", said on Sunday that it does not know who is carrying out the targeting of the American forces stationed at the Ain al-Assad base in Anbar Governorate, and the forces stationed in the Syrian bases.

A prominent leader in the brigades told Shafaq News Agency, "The Islamic Resistance Group in Iraq, as well as the Resistance Coordination Committee, do not know which party or group is bombing and targeting the American forces, disclaiming responsibility for those operations."

The leader, who asked not to be named, added that the "Sayyid al-Shuhada Brigades" are committed to the calm so far, and perhaps there is a faction working on these operations individually as a means of pressure, but without knowledge from that party.

Iraqi Prime Minister Mohammed Shia al-Sudani is seeking to pressure pro-Iranian armed factions to stop their escalation against American interests and targets in Iraq, according to informed sources.

Fearing American reactions that might escalate and confuse the security situation inside Iraq, Al-Sudani contacted Iranian figures in order to pressure those factions to stop escalating their operations, and to give him a new opportunity to end the American presence in Iraq through dialogue and negotiation, but the factions still reject these pressures, according to the sources.   LINK

Iraq Economic News and Points To Ponder Sunday Afternoon 7-28-24

Paralyzed For 19 Years.. Parliamentary Optimism About Passing The Most Important Laws In Iraq

Energy  Economy News – Baghdad  The Parliamentary Oil and Gas Committee expressed its "optimism" on Sunday about the imminent approval of the Oil and Gas Law, which has been suspended for 19 years, noting that its delay was due to it being a political pressure card used throughout the past years in forming successive governments.

Committee member Nazim Al-Shabli said, “The oil and gas law is the most important of the suspended laws,” noting that “it was being exploited as a political pressure card in forming governments.”

But Al-Shabli expected that "the most serious government in this file is Al-Sudani's government," noting that "clear committees were formed between Baghdad and the Kurdistan Regional Government, but until now the government has not sent the final version to the House of Representatives or the Oil Committee."

Al-Shabli expressed the Oil Committee’s hope that “the relevant committees will resolve the issue and send it to Parliament, given the benefits of the law in regulating oil exports and stopping smuggling or selling oil outside SOMO,” believing that “this issue will be resolved in the coming days.”

He stressed that "the delay of the law came because it is a political card, especially since the region wants the law and considers it to be in its interest, in addition to the fact that it has old obligations and contracts with foreign companies, in addition to the continuation of smuggling."

About a year has passed since the formation of the committee to draft the oil and gas law, after a 19-year delay in the law that regulates the relationship between Baghdad and Erbil with regard to the management of oil in Kurdistan and the rest of the provinces.

The law is considered one of the most important laws that have been suspended for years, amounting to more than 150 laws.

196 views  07/28/2024 - https://economy-news.net/content.php?id=45672

The Ministry Of Commerce Discusses With World Bank Representatives A Strategy To Support Entrepreneurship And Establish Local Companies.

Sunday 28 July 2024 11:17 | Economic Number of readings: 257 Baghdad / NINA / The Private Sector Development Department at the Ministry of Trade held a meeting (remotely) with representatives of the World Bank to discuss a strategy to support entrepreneurship, owners of small and medium enterprises and start-ups to advance the local economic reality.

The ministry stated in a statement that "the meeting discussed the basic pillars of the entrepreneurship system that will be evaluated by World Bank experts through surveys and the application of laws specific to these projects, in addition to holding discussion sessions with project owners and presenting recommendations on policies for each pillar."

The statement explained that "the meeting came out with several recommendations aimed at developing the Iraqi private sector to advance the local economic reality," referring to "the pioneering role of the Private Sector Development Department in providing support to owners of small and medium enterprises, which is part of its tasks."

On the other hand, the Investment Committee of the General Company for Central Markets at the Ministry of Trade held its periodic meeting to discuss its investment projects plan, and the circulars received by the company related to investment projects in Baghdad and the governorates, including the recommendations of the Ministerial Council for Social Services regarding the Iraqi Construction Council, as well as the mechanism for compensating contractors.

The statement added that "the meeting urged the follow-up committees to complete the tasks assigned to them and prepare reports and correspondence to the relevant sectoral authorities to ensure the speedy completion and opening of these projects and set a time frame for their completion and submit periodic reports on the completed work." https://ninanews.com/Website/News/Details?key=1143928

The Stock Market Index Rose By 0.35%

Market  Economy News – Baghdad  The stock market index rose on Sunday, in the first session of the week, by 0.35%.  During the session, 3.6 billion shares were traded, worth 1.9 billion dinars.

The value of shares of 13 companies increased, while the shares of 4 other companies decreased.

The session witnessed the execution of 591 transactions on the shares of 32 traded companies.

Views 13 07/28/2024 - https://economy-news.net/content.php?id=45691

Jump In The Central Bank Of Iraq's Dollar Sales

Time: 2024/07/28 15:22:10 Reading: 650 times  {Economic: Al Furat News} The Central Bank of Iraq’s sales of the US dollar increased to more than $274 million in today’s currency auction, Sunday, compared to sales last Thursday.

The Central Bank sold in its auction today 274 million, 868 thousand, and 286 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits, international settlements for electronic cards, and foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of remittances and credits, which amounted to $267,368,286, up 97% from cash sales of $7,500,000.

The number of banks that purchased cash dollars was 2 banks, while the number of banks that met requests to enhance balances abroad was 17 banks, and the total number of exchange and brokerage companies participating in the auction was 5 companies.  LINK

Iraqi Oil Exports Exceed 102 Million Barrels In A Month

Economy | 07/28/2024  Mawazine News – Baghdad  The Iraqi Ministry of Oil announced, on Sunday, the total oil exports for last June, according to the final statistics issued by the State Oil Marketing Organization (SOMO).

The ministry stated in a statement received by Mawazine News that "the total quantity of crude oil exports amounted to 102 million, 314 thousand, and 548 barrels."

The statistics stated that the quantities exported from the oil fields in central and southern Iraq amounted to 102 million, 11 thousand, and 928 barrels, while exports to Jordan amounted to 302 thousand, 620 barrels.   https://www.mawazin.net/Details.aspx?jimare=252204

US Dollar Exchange Rate Drops In Baghdad

Economy | 04:42 - 07/28/2024  Mawazine News – Baghdad  The US dollar prices fell in the markets of the capital, Baghdad, at the close, on Sunday evening.

The dollar price decreased with the closing of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 149,300 dinars for every 100 dollars, while this morning it recorded 149,550 dinars for every 100 dollars.

The selling prices in exchange shops in local markets in Baghdad were: the selling price was 150,250 Iraqi dinars for 100 dollars, while the purchase price was 148,250 dinars for 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=252214

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Economist’s “News and Views” Sunday 7-28-2024

Our Government Is Hiding That Banks Are On The Verge Of Failure

Atlantis Report:  7-27-2024

In today's financially uncertain times, the role of regulatory bodies in ensuring the stability of our banking system is more important than ever.

The Federal Reserve, charged with this significant responsibility, conducts annual stress tests on major banks to assess their ability to withstand economic downturns.

These tests are specifically designed to mimic adverse scenarios and assess the resilience of financial institutions.

However, recent events have raised doubts about the effectiveness and transparency of these evaluations. Despite reassurances from the Fed, the collapse of several banks revealed weaknesses in the system that were meant to be protected against.

 This discrepancy between the results of stress tests and real-world outcomes has raised increasing concerns about the actual state of our banking sector.

https://www.youtube.com/watch?v=svUNM522SKM

Banks Know a Crash Is Coming, Most Powerful Indicator Is Signaling U.S. Recession – George Gammon

Kitco News:  7-27-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews George Gammon, an investor, macroeconomics expert, and host of The Rebel Capitalist Show. Gammon warns that the world’s most powerful economic indicator is signaling a recession.

He adds that the banking crisis is far from over, noting that we are just in “the middle innings.” Gammon shares his insights on the latest macro data & the Federal Reserve.

He also outlines his own economic outlook, giving a glimpse into what he is doing with his own portfolio, weighing in on Treasuries, gold, silver, and Bitcoin.

https://www.youtube.com/watch?v=22-X8HOdHj8

The Western Empire is in Its Final Days: "History is Repeating" | Martin Armstrong

Living your greatness:  7-28-2024

Armstrong draws striking parallels between today’s global crises and the ominous signs before the fall of the Roman Empire.

He warns that relentless debt, profit-driven wars, unchecked migration, and rampant corruption are priming Western nations for potential collapse.

 He argues that precious metals and commodities could be the ultimate safe haven for investors amidst this turmoil.

https://www.youtube.com/watch?v=sIGr2Jk_hbQ

Seeds of Wisdom RV and Economic Updates Sunday Morning 7-28-24

Good Morning Dinar Recaps,

BRICS PROPOSAL TO LINK ALL MEMBER COUNTRY'S PAYMENT SYSTEMS

"The proposal aims to enhance BRICS countries’ financial sovereignty by establishing a resilient and sanctions-resistant payment infrastructure. Discussions include integrating financial markets, payments in national currencies, and new mechanisms for mutual financial settlements."

"Russian Deputy Foreign Minister Andrey Rudenko revealed in an interview with TASS this week. He noted Tehran’s suggestion to integrate the payment systems of BRICS countries, similar to the integration of Russia’s Mir and Iran’s Shetab electronic banking and automated payment systems."

"Rudenko emphasized that establishing a clearance and payment infrastructure independent and resilient to sanctions would significantly enhance the financial sovereignty of BRICS. However, Iran’s initiative remains under discussion, and it is premature to define any final parameters, the Russian diplomat clarified."

"This integration seeks to facilitate trade using national currencies, thereby reducing reliance on the U.S. dollar and countering U.S. sanctions. A monetary contract signed on July 6 allows the use of local currencies in trade, enhancing financial cooperation, economic resilience, and reducing dependence on Western financial systems."

@ Newshounds News™

Read more:  Bitcoin News

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Donald Trump 2024 Bitcoin Conference Speech Recap:

• On day one I will fire Gary Gensler and appoint a new SEC chairman.

• Create a US Government strategic national Bitcoin stockpile if elected.

• US Government will keep 100% of Bitcoin it owns

• Bitcoin is going to the moon.

• Never sell your Bitcoin

• Bitcoin will one day probably surpass the market cap of Gold.

• I reaffirm my pledge to commute Ross Ulbricht's sentence.

• There will never be a CBDC while I am President of the United States.

• Bitcoin and crypto will skyrocket like never before if elected president.

• Bitcoin is not threatening the dollar, the current U.S. government is threatening the dollar.

• The United States will be the crypto capital of the planet and the Bitcoin superpower of the world.

• Bitcoin stands for freedom, sovereignty, and independence from government coercion and control.

• I pledge to the Bitcoin community that the day I take oath of Office, Joe Biden and Kamala Harris' anti-crypto crusade will be over.

@ Newshounds News™

Read more:  Watcher Guru

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BRICS Poised to Dominate World Bank and IMF

"The World Bank Executive Director for Russia forecasts that BRICS nations will soon dominate the World Bank and the International Monetary Fund (IMF), attributing this shift to inevitable macroeconomic and demographic changes away from Western dominance. He emphasized the importance of working patiently toward this goal and resisting provocations from those upholding the old global system."

"BRICS, an acronym for Brazil, Russia, India, China, and South Africa, represents a coalition of major emerging economies. Earlier this year, the group expanded to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE), broadening its geopolitical and economic influence."

"The World Bank Executive Director concluded by stressing the importance of Russia’s involvement in this shift. “Russia’s voice is important here, and it would be irrational not to use those possibilities, particularly now as we observe a new world order emerging,” he stated, underscoring the necessity of adapting to the evolving global landscape."

@ Newshounds News™

Read more:  Bitcoin News

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United States Senator Roger Marshall has overturned his support for the Digital Asset Anti-Money Laundering Act (DAAMLA) Bill, a legislation introduced by Democratic Party Elizabeth Warren.

"Marshall’s move to back down from the bill indicates the growing concerns about the possible overreach of regulatory actions regarding the emerging crypto market."

"The Digital Asset Anti-Money Laundering Act (DAAMLA) Bill was first introduced in December 2022 by Elizabeth Warren and co-sponsor by Roger Marshall and later reintroduced into the Senate in July 2023 to target unlawful use of crypto assets.

At the time, Warren maintained that large amounts of illegal funds were being laundered by rogue nations, oligarchs, drug lords, and human traffickers through the use of digital currencies such as Bitcoin, prompting her to move toward introducing the bill.

The legislation aimed to incorporate the cryptocurrency sector into the current frameworks for counterterrorism financing and anti-money laundering (AML)."

"Since its introduction, the law has received criticism from major figures and institutions in the industry."

"This positive development comes a few months following the Blockchain Association, a trade group representing the crypto industry in Washington D.C., efforts to debunk the DAAMLA bill. Specifically, the Blockchain Association sent out a letter in February, which marks the second time, to the House Financial Services Committee and Senate Banking Committee expressing serious concerns about the measure."

"About 80 US military, national security, and intelligence officers signed the letter. According to the Association, the law jeopardizes the strategic advantage of the US, threatening tens of thousands of employment while having minimal impact on illegal actors it targets."

@ Newshounds News™

Read more:  Bitcoinist

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“Tidbits From TNT” Sunday Morning 7-28-2024

TNT:

Tishwash:  New targeting of the American base on the Iraqi-Syrian border strip

A security source reported today, Saturday, that the American base in the Conoco field in eastern Syria was targeted.

This is the third targeting in three consecutive days.  link

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Tishwash:  To reduce the threats of the factions.. Washington sends two bombers to the Middle East

 The American magazine "Air and Space Forces", concerned with air forces, revealed today, Saturday (July 27, 2024), that the American forces sent two giant, newly modified B-52 bombers to the Middle East with the aim of "securing" Saudi Arabia and Jordan from "threats from Iraqi factions."

The magazine said in a report translated by "Baghdad Today", "The two modern aircraft that were sent to the Middle East to secure Saudi Arabia and Jordan and test their capabilities as part of a show of force to deter Iran and its arms in the region, took off from an air base in Romania and arrived in Saudi Arabia and Jordan in a flight that lasted thirty-two hours." 

"One of the planes suffered a technical malfunction that forced it to remain at one of the American air bases in Qatar, while the other plane returned to the United States alone to make the necessary adjustments after the testing process, which sources within the Pentagon told the Wall Street Journal aimed to demonstrate the capabilities of the United States to its allies in the region, in addition to putting an end to Iranian threats through its arms," ​​she said. 

The magazine indicated that "the two planes arrived in the Middle East after Israeli Prime Minister Benjamin Netanyahu's visit to Washington, during which he expressed his concern about the threats posed to Saudi Arabia, Jordan, and some regional countries cooperating with Israel by the Houthis and armed factions in Iraq."

On Friday, newspapers such as the Jerusalem Post published reports confirming that Washington and Tel Aviv are “concerned” about the threats to the countries of the region from the Iraqi factions and the Houthis, explaining that “the threats are an attempt to put pressure on those countries to close the land trade routes that pass through their territories and on which Israel now depends to finance itself during the war,” referring to five countries, including Saudi Arabia and Jordan, that are extending supply lines to Israel through their territories as a result of the naval blockade imposed by the Houthis on ports in Israel.  link

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Tishwash:  Why did Iraqi militias resume operations against Americans?

Pentagon to Asharq Al-Awsat: No injuries or damage in attacks in Iraq and Syria

Since a drone attack in late January killed three American soldiers in a desert area on the Iraqi-Jordanian-Syrian border triangle, and the US responded with extensive strikes against pro-Iranian factions in Iraq and Syria, Iraqi factions have backed off from their attacks.

Some saw the American response at the time as a “deterrent” message aimed at warning Iran against expanding the conflict in the region, against the backdrop of the Israeli war in Gaza. But last Thursday’s attack on two bases housing forces from the international coalition led by Washington, raised questions about the reasons behind the new “harassment” of American forces.

Pressure and embarrassment for Baghdad

The war in Gaza no longer seemed to be the motive behind the attack, while a Pentagon spokesman downplayed its importance and referred the question of whether it was related to the security agreement signed by Iraqi and American officials in Washington this week to the State Department.

The defense official told Asharq Al-Awsat that questions related to political relations between the United States and Iraq and political relations between the United States and Iran are the responsibility of the State Department.

“Regarding the attacks in Syria and Iraq, one rocket was fired at a military support site in the Euphrates region of Syria. The rocket did not impact the base and no injuries or damage were reported. In Iraq, two rockets were fired at Al Asad Air Base in Iraq. They did not impact the base and no injuries or damage were reported to US or coalition forces,” the official added.

Thursday's attack came after a security meeting held in Washington to discuss the future of the international coalition forces against ISIS in Iraq, while Iranian-backed armed factions are demanding the withdrawal of these forces.

The US Department of Defense said last Wednesday that the talks "reached an agreement on the concept of a new phase in the bilateral security relationship."

An Iraqi security official suggested that the attack was intended to “embarrass” the Iraqi government and “pressure” for the departure of the international anti-extremist coalition forces, a demand repeated by the pro-Iran factions.

Messages with regional and nuclear dimensions

Some believe that the attacks are “Iranian messages with regional dimensions,” including the stalled nuclear negotiations file, but why were they renewed at this time, while Iran has not yet arranged its files with its new president and America is preoccupied with its elections?

“Deterrence is never permanent,” said Behnam Ben Taleblu, an Iran researcher at the Foundation for Defense of Democracies in Washington, a Republican-friendly think tank. Speaking to Asharq Al-Awsat, he added that the halt in attacks by Iranian-backed Shiite militias on American sites in the region came after an “impressive” use of force by the Biden administration in late January after three American soldiers were killed.

But since then, the militias have tested the waters at least three times with missile and drone attacks. The more these attacks are understood, the more they have grown in scope and scale.

“Despite seeing the link between the nuclear and regional challenges that this poses, Tehran is trying to persuade Washington and Europe to separate the files,” Ben Taleblu adds. “To this end, the presidency of Masoud Pezeshkian will be designed to lure the West into a futile nuclear diplomacy, while the increase in Iranian-backed regional attacks will create the impression that there is no end in sight to the cycle of violence in the region other than appeasing Iran.”  link

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Tishwash: Iraq's billionaire surge, rampant corruption amid economic challenges

The number of billionaires in Iraq rivals that of nine other countries combined, a stark reflection of the deeply rooted corruption within the state.

Corruption has plagued Iraq, exacerbated by the misuse of its budget, which official statements claim has led to the loss of $250 billion over the past 17 years. However, economists argue the actual figure could be nearly double.

The number of billionaires in Iraq rivals that of nine other countries combined, a stark reflection of the deeply rooted corruption within the state.

The Commission of Integrity (COI) is set to reveal the amount of money recovered and the measures taken to prevent further financial waste.

Many Iraqis are calling for transparency regarding governmental agreements, imports, and expenditures. On June 3, 2024, the Council of Representatives approved the amended Federal General Budget Law No. 2024, which allocates approximately 211.9 trillion dinars, a 7% increase from the previous year's budget.

Former Iraqi Finance Minister Ali Allawi previously stated that out of the over $1 trillion budget from 2003 to 2020, more than $250 billion was lost due to administrative corruption. Economists, however, estimate the loss to be between $400-450 billion, nearly 40% of Iraq's total budget. This squandered amount could have funded significant infrastructure projects, such as building 400,000 modern schools or 20,000 hospitals.

Experts cite fake and overpriced contracts, corrupt officials, mismanaged investment projects, and poor economic planning as major contributors to the financial drain. Since 2003, Iraq's workforce has grown from 850,000 to over 4.5 million, yet efficiency in public service sectors remains low, with only about 30% of the budget effectively utilized.

According to Haider Hanoun, head of the COI, Iraq ranks 154th out of 180 countries on the global corruption index. Hanoun admits that enormous sums have been stolen and transferred to international banks, with some funds even financing terrorism. The COI's 2023 report indicates that over 391 billion Iraqi dinars and $500,000 have been recovered, with an additional 82 billion dinars and $5 million prevented from being wasted.

Iraq’s Poverty Levels

The Strategic Center for Human Rights in Iraq reports that over 10 million Iraqis live below the poverty line, with the 2024 budget failing to support more than one million needy families.

The ongoing economic crisis and the appreciation of the dollar have driven up commodity prices, exacerbating poverty. Southern provinces are particularly affected, with Muthanna Governorate experiencing a 52% poverty rate, followed by al-Diwaniyah, Maysan, and Dhi Qar at 48%. Baghdad and Nineveh have poverty rates of 13% and 34.5%, respectively, while central provinces average an 18% poverty rate.

On July 21, 2023, Labor and Social Affairs Minister Ahmad al-Assad announced government measures to combat poverty, noting that Iraq has fallen 20 places in international rankings.

The economic challenges and rampant corruption in Iraq continue to hinder the country's development and exacerbate poverty. The COI's efforts to recover stolen funds and prevent further financial mismanagement are critical steps toward rebuilding trust and ensuring a more equitable distribution of wealth.  link

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Mot: ............ they Say -- before July Ends!!!

Mot: . Love ""Logic"" - Don't YOu!!!!