"Tidbits From TNT" Monday 5-29-2023

TNT:

Tishwash:  Thursday.. the start of electronic payment in Iraq

Governmental and private banks and electronic payment companies are preparing to generalize the experience of the electronic payment system and to publish POS devices in government and private institutions, shops and commercial shopping centers.

And according to an informed source of {Euphrates News} agency, "the electronic payment will be activated in the government collection of funds in many ministries and other government agencies and the private sector."

He pointed out that "the Cabinet's decision to implement the electronic payment system will enter into force on 6/1/2023, i.e. after three days."   link

Tishwash:  Restricting dealings in dinars.. Government directives to support the national currency and hold violators accountable

The Ministry of Interior confirmed, on Monday, that the government issued directives regarding dealing in dollars instead of dinars, while setting a date for launching a campaign to hold violators accountable.  

The ministry's spokesman, Major General Khaled Al-Muhanna, said in a statement to the official agency, followed by "NAS" (May 29, 2023), that "higher directives were issued by the government regarding the need to implement broad awareness and education campaigns regarding dealing in other than the national currency."  

He added, "According to the laws, it is forbidden to trade in other than the Iraqi national currency," noting that "the last period, non-Iraqi currencies were traded in the local markets, because the country went through different periods and crises."  

He pointed out, "Trading in non-national currency occurs in countries that suffer from economic problems," noting that "Iraq's economy began to consolidate, and the dinar proved its presence during the last period."  

He stressed, "The need for citizens to support the national currency," pointing out that, "The ministry has started awareness campaigns for all citizens, and after that it will launch campaigns to hold violators accountable."     link

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Tishwash:  Iraq raises its gold reserves by 2% to 132.73 tons

The Central Bank of Iraq boosted its gold reserves by about 2% in one day last week, as part of what it calls a gradual plan to stockpile the precious metal, which is seen as a traditional haven in times of economic crisis.

"Iraq bought 2.5 tons of bullion on Thursday, bringing its reserves to 132.73 tons," said Mazen Sabah, director general of the Central Bank's Investments Department, in an interview in Baghdad.

He added, "The strategy is to get more gold in the second half of the year."
He continued, "Our current plan is to buy small quantities several times, not a large amount at once."

The Central Bank of Iraq boosted its gold reserves by about 2% in one day last week, as part of what it calls a gradual plan to stockpile the precious metal, which is seen as a traditional haven in times of economic crisis.

"Iraq bought 2.5 tons of bullion on Thursday, bringing its reserves to 132.73 tons," said Mazen Sabah, director general of the Central Bank's Investments Department, in an interview in Baghdad.

He added, "The strategy is to get more gold in the second half of the year."
He continued, "Our current plan is to buy small quantities several times, not a large amount at once."

Expand its possessions of bullion

Central banks around the world are expanding their holdings of bullion, amid mounting geopolitical and economic risks. Iraq, the second-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), has resumed its gold purchases in 2022 after a four-year hiatus, as part of a program to diversify its nearly $100 billion in foreign assets.

The Central Bank of Iraq bought 34 tons of gold last June, a one-time increase of 35% in its holdings. The bank stores the bullion with the Bank of England and the Bank of France.
Sabah pointed out that «the Central Bank's approach is to increase its reserves of gold, whenever the price of the precious metal reaches a level that is consistent with the investment management guidelines».

Gold, which was within striking distance of a record earlier this month, posted a third consecutive weekly loss; Signs of resilience in the US economy have increased the likelihood that the Federal Reserve will continue to raise interest rates. The metal is more attractive to investors for returns when prices are low.

Demand for gold from central banks fell to 228.4 tons in the first quarter, down 40% from the previous three months, according to a report by the World Gold Council. (bloomberg) link

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CandyKissses:  After passing the budget. Oil and Gas Laws and the General Census on the Parliament Table

Information / Baghdad

MP for the State of Law Coalition, Mohammed Al-Ziyadi, revealed on Monday the start of legislation on the general census of population, oil and gas after voting on the draft federal budget law.

Al-Ziyadi said in an interview with Al-Maalouma that "the political forces have identified the priority of legislating the laws of the general census of population, oil and gas during the current session after the vote on the federal budget, because of their significant impact on the political situation in Iraq."

He added, "The oil and gas law was politically agreed upon before the approval of the government, as the State Administration Coalition agreed in principle to approve it after the completion of the passage of the general budget."

Al-Ziyadi pointed out, "The oil and gas law is strategic, as it will regulate the oil relationship between the provinces and between the federal government and between the latter and the Kurdistan region."

He pointed out that "the general population census law will also see the light after the completion of the process of approving the federal general budget."

The share of the region and some of the paragraphs related to Kurdistan are still a matter of controversy, as they have become a stumbling block in the way of completing the budget and placing it on the agenda for the purpose of voting on it.

Mot:  Listen To Lee Greenwood’s New Rendition of ‘God Bless the U.S.A.’ .........

https://www.youtube.com/watch?time_continue=194&v=SrMftm6Km3g&feature=emb_logo