News, Rumors and Opinions Saturday Afternoon 5-27-2023
KTFA:
Clare: An Iraqi parliamentary delegation visits the Iraqi embassy in Washington
The Iraqi parliamentary delegation, headed by Representative Hussein Arab and with the membership of a number of members of the House of Representatives, visited the headquarters of the Iraqi embassy in Washington, on 5/26/2023, where the delegation was received by the Chargé d’affaires at the embassy, Dr. Silwan Sinjari.
During the meeting, they discussed the importance of the embassy's work in developing relations between Iraq and the United States of America, and the role of the House of Representatives in promoting diplomatic work paths and developing Iraq's foreign relations. The conditions of the Iraqi community in Washington were also discussed, as the parliamentary delegation affirmed its keenness to pay attention to the conditions of expatriate Iraqis, and to learn on their affairs and problems and follow them continuously.
Parliament,Media Department, 27/5/2023 LINK
Clare: Handal: We seek to expand banking and financial relations with the international and regional environment
5/27/2023
The head of the Iraqi Private Banks Association, Wadih al-Handal, confirmed that the association seeks to expand banking and financial relations between Iraq and its regional and international surroundings.
Al-Handal said in his speech during the annual banking conference, which was attended by "Al-Iqtisad News", that "digital transformation is an important matter at the level of all sectors in our dear country, Iraq, and linking digital transformation with electronic payment, which takes great resonance during this period, especially with government plans and the efforts of the Central Bank aimed at achieving this transformation and benefits." The major benefits that it brings to all aspects of the citizen's life and the economic and financial cycle, and the related need to develop human capabilities, expertise, systems, and the application of the highest standards of information security and infrastructure that can be expanded and modernized.
He added that the conference "is concerned with expanding banking and financial relations with the international and regional environment to form partnerships and alliances that open horizons for the flow of foreign investments to enter Iraq within controls that rely on transparency and flexibility in completing and accelerating work, and on the other hand we seek to review the obstacles facing domestic and foreign investment in the banking and financial sector." In terms of market risks, legislation and regulations,” stressing the importance of “the government approach in relation to reforming the banking system through restructuring and mechanization of government banks and stimulating, developing and enabling private banks to support investment and development.”
Al-Handal continued, "We believe that the basis of development and growth is the human factor, and for that we always strive to develop local skills and expertise in various specialties to include them in the labor market and provide decent job opportunities for young people that guarantee them a decent life and benefit the various business sectors. We will announce a pioneering project within the work of this conference." about this ".
Earlier in the day, the activities of the annual Iraqi banking conference were launched under the auspices of Prime Minister Muhammad Shia al-Sudani, the support of the Central Bank of Iraq, and the organization of the Iraqi Private Banks Association.
The annual banking conference organized by the Association of Iraqi Private Banks is held with the support of the Central Bank and in the presence of a large number of banking leaders in Iraq in addition to the governors of Arab and foreign central banks and international financial institutions. LINK
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Courtesy of Dinar Guru
Deepwoodz Community Question "...The 25,000 IQD tax in the budget for Iraqi citizens to pay if they use the airport and fly. That tax tells me that the parliament must have no clue about the coming rate change. This worries me greatly...If the rate was going to change then 25,000 IQD will equal $25,000 USD with an initial 1 to 1 R.I. This is ludicrous." One theory is this, notice that 99.9% of the time when you see a tax, a bill, a debt, or a cost, it always ends with 000... [Post 1 of 2....stay tuned]
Deepwoodz So when they finish what they call the project to drop the zeroes it’s just that simple. Drop the zeroes from the worthless value. So the 25,000 tax is only a roundabout $25 tax to fly...They are adding taxes to a lot of things and let’s hope this is because they expect to make lots of money…”non-oil revenues” in the near future. Let’s hope it’s because they expect people to have money via higher wages, more money via the HCL, and more purchasing power via the new national currency. [Post 2 of 2]
Saturday MarkZ Chat:
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America in Ruins: We’re Entering Our Worst Ever Economic and Social Times Says Peter Grandich
Stansberry Research: 5-27-2023
“We’re going to face a far worse crisis than what we’re going through this moment,” says Peter Grandich, founder of Peter Grandich & Company, highlighting the massive national debt and incurring interest folks have to pay.
“We have half our total revenue going just to pay the interest on our debt which is unsustainable,” he warns. Peter believes the economic turmoil we're experiencing has made the U.S. dollar vulnerable as countries around the world continue to shift away from the currency.
"Many people in the world now are starting to dissociate themselves from the United States. That’s what there’s a movement to join the BRICS.
The end is in sight now,” he warns.
He concludes by highlighting the potential of a huge rally in the stock market if the central bank resolves its massive debt issue and shifts away from its aggressive rate-hike policy.