"Tidbits From TNT" Saturday 4-1-2023

TNT:

CandyKisses:  Chinese newspaper: The United States is losing its "dollar" dominance

Information/Baghdad ...

The United States, which uses the dollar as a tool of coercion and as a weapon around the world, will lead to the end of its hegemony.

The Global Times notes that the pressure of US sanctions on Russia is the embodiment of US hegemonic ambitions, which strengthens the desire of other countries in the international arena to reduce dependence on the dollar. These countries are looking for an alternative to SWIFT in order to avoid "monetary coercion" by the United States, while this momentum has become "more visible and stronger."

For example, China and Brazil earlier signed an agreement on the execution of financial and commercial transactions directly in riyals and yuan, bypassing the median in dollar form.

Although the dollar is still the most widely used currency in the world, an increasing number of countries will be looking for an alternative.

The newspaper concluded, "History teaches us that the decline of dominance often begins with its currency."

Earlier, Kenyan President William Ruto also signed an agreement with Saudi Arabia to buy oil for Kenyan shillings instead of the dollar. 

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CandyKisses:  Democrat: Sudanese visit to Erbil resolved the dispute. And it reveals that the region has been subjected to pressure

{Politician: Al-Furat News} The Kurdistan Democratic Party, headed by Massoud Barzani, confirmed today, Saturday, that Prime Minister Muhammad Shia Al-Sudanese visit to Erbil resolved controversial points.

Party member Wafaa Mohammed Karim told {Euphrates News} that "the visits of the Kurdistan Regional delegation to Baghdad came to resolve all files on the legislation of the oil and gas law, which has two months left for the date of its approval."

Karim pointed out that "there are some parties trying to pressure the region after the decision of the Paris court and shirk the agreements, but those of political parties are not from the government."

Karim pointed out that "the origin of the agreement between the center and the region to legislate the oil and gas law was from 14 points and the controversial points in it are only 4 and it was agreed and resolved by the Sudanese visit to the region and his meeting with Gervan Barzani."

On March 14, Sudani arrived in Erbil where a “comprehensive agreement” was reached on outstanding issues between the federal government in Baghdad and the region.

Iraq earlier announced the decision of the International Court of Arbitration in Paris in favor of Baghdad, for Turkey to stop exporting oil in the Kurdistan region.

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Tishwash:  Samir Al-Nusairi, Advisor to the Association of Private Banks: Economic reform begins with banking reform

The advisor of the Association of Iraqi Private Banks, Samir Al-Nusairi, confirmed that the comprehensive and radical economic reform begins with the reform and development of the banking sector in line with what was stated in Article 12 in Paragraph (7) of the government curriculum, which clearly and accurately stated that (banking reform provides a real and effective basis for advancement In the Iraqi economy and revitalizing investment through restructuring and mechanization of government banks, reviewing their work, stimulating private banks and enabling them to be able to support real investment and development.

In a lecture held by the Faculty of Business Economics at Al-Nahrain University, Al-Nusairi touched on the importance of the banking sector, which occupies a vital position in the financial structure of the economy in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform.

He added that the measures currently being taken by the Central Bank, with the support of the government, to prepare its new comprehensive strategy to reform, develop and classify banks according to several axes, most notably the completion and implementation of digital transformation projects and internationally approved payment systems, launching the financial inclusion strategy, working to adhere to international standards of the global financial system, and focusing on controlling transfers.

Foreign Ministry and encourage and motivate merchants and importers and those who need US dollars and other foreign currencies for commercial transactions to enter the electronic platform for external transfer and benefit from the new instructions for external transfer for the year 2023 and the three packages issued by the Central Bank to facilitate access to the services provided by the platform.

He went on to draw up a national plan for lending that adopts new mechanisms to organize the granting of loans for the development of small and medium enterprises, relying on the banks’ own financial capabilities and attracting deposits to provide liquidity and invest it in accordance with the instructions of the Central Bank

Directing the initiative to finance small and medium enterprises towards the economic and productive sectors that have the most influence on contributing to development, and creating a guarantee company. Loans and activating the work of the deposit guarantee company, and continuing the procedures and using monetary policy applications by controlling the exchange rate and reducing the gap between the official rate and the parallel rate, which has begun to narrow towards reaching the target and balanced exchange rate.

 Al-Nusairi added that had it not been for the many services provided by the banking system in developed countries, these countries would not have been able to reach their level of economic progress and growth, and that the strength of the banking structure has become one of the necessities of building a prosperous economy that adopts modern systems and sound sustainable development. 

And the development of banking habits and awareness of the importance of developing the banking facility in a way that secures the building of the national savings base and develops the necessary financial resources to build the economy has become a priority for the decision-maker.

Al-Nusairi concluded his speech, "The soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards the development and modernization of banking systems ensures the achievement of momentum in the world of real and financial investment, which revives the financial and monetary markets, which leads to attracting foreign capital looking for profit, which is worthy of a maker

The decision to take the necessary measures to fortify and strengthen the local banking systems in a way that makes them able to face the challenges of transferring capital to and from abroad without causing money laundering or smuggling of foreign exchange, and then increasing the profitability of financial and banking institutions and strengthening the structure of the gross domestic product, and this is what they are active in. government and the central bank now.  link 

Mot: .. Dang!! - Already!!!??? ~~~~~

Mot:  ~~ April Fools --- on the Ark!! ~~~~