Saturday AM Iraq CBI News Highlights 11-19-22

Saturday AM Iraq CBI News Highlights 11-19-22

The Central Bank Has Lost Confidence Internationally.. The US Treasury Is Holding A Closed Meeting With Iraqi Private Banks Regarding “Currency Smuggling”

2022-11-18   Yes Iraq: Baghdad  A banking source revealed today, Friday, a closed meeting that took place between the representative of the US Treasury and representatives of 35 Iraqi private banks, to warn them of issues of smuggling dollars from Iraq and adherence to instructions regarding hard currency transfers for the purpose of import.

The source said, “Yesterday, Thursday 11/17/2022, the representative of the US Treasury at the US embassy met with representatives of 35 Iraqi private banks represented by the authorized director with the compliance director of each bank, warning them of the importance of adhering to the instructions regarding transfers in the currency auction and adhering to the anti-money laundering instructions, otherwise it will be affected.” The sanctions affected other banks, as well as the four banks that were finally sanctioned by the US Treasury.

The source explained that “the representative of the US Treasury touched on that most of the imports fixed in the currency auction, especially those related to foodstuffs, sugar and others, are exaggerated,” stressing “the importance of auction transfers being correct and pertaining to the last beneficiary, who must be carefully scrutinized by the banks.”

According to the source, “the meeting lasted for two hours, from one o’clock until three o’clock in the afternoon, in the guesthouse,” noting that “it is strange that no representative of the Central Bank was invited to attend this meeting, noting that the Central Bank is the institution responsible and supervising the work of Iraqi banks.”

And the source considered that “not inviting the Central Bank is evidence that this institution is losing confidence internationally because of the service between its management and some corrupt banks, such as the four banks sanctioned by the US Treasury.”   LINK

More Than 700 Million Dollars Sales Of The Central Bank Of Iraq In A Week

Shafaq News/ The Central Bank of Iraq's sales of hard currency for dollars during the currency auction last week amounted to more than 700 million dollars.

Shafaq News Agency reporter stated that the Central Bank sold during the past week for the five days in which the auction was opened, starting from Sunday to Thursday, the amount of 735 million and 252 thousand and 435 dollars, at a daily rate of 147 million and 50 thousand and 487 dollars, up by 23.53% from the previous week.

Indicating that the rise came as a result of the increase in the bank's sales during the first days of more than 170 million dollars from last week.

Our correspondent added that the highest dollar sales during the past week were on Monday, when sales amounted to 180 million and 893 thousand dollars, while the lowest sales were on Thursday, when sales amounted to 117 million and 140 thousand dollars.

He pointed out that most of these sales went in the form of remittances abroad to finance foreign trade, while the sale price of dollars transferred to bank accounts abroad, in addition to cash sales, amounted to 1460 dinars per dollar.    LINK

Our National Economy, Our Banks, And Reputational Risk

Articles

Our national economy, our banks, and reputational risk 101Sameer Al-Nusairi

At a time when the Central Bank and the Iraqi banking sector celebrate the 75th anniversary of the founding of the Central Bank of Iraq. This anniversary culminated this year with great achievements at the level of supporting and stimulating the national economy.

And revitalizing the economic cycle and securing allocations that exceeded 18 trillion dinars to finance small, medium, housing, investment and renewable energy projects.

The World Bank, the International Monetary Fund and international organizations commended the developments in

In the Iraqi economy and expectations of an increase in the growth rate in the gross domestic product this year to 9.3% and the arrival of foreign cash reserves to the limits of 90 billion dollars and 130 tons of gold due to the rational procedures in the applications of monetary policy and safe investments, which had a major role in achieving the above achievements. Unfortunately we noticed

Some yellow and non-competent means of communication and media, and personalities with special interests these days, are spreading rumors and fabricated news that are not based on reliable and official sources that harm our banks.

And the official body that must be approved is the Central Bank of Iraq exclusively. to the applicable law.

And he is concerned with the implementation of international sanctions imposed on some banks that violate internationally approved standards, as happened a few days ago by stopping the dealings of only four banks in foreign currencies with circulars issued by the Central Bank.

We must not forget that our country is now going through complex crises and great challenges facing the new government, which requires everyone to cooperate with it in order to achieve its governmental approach to achieving economic reform.

And the effects of the global economic and financial crisis and its negative repercussions on our economy in the coming months, as expected.

The rumors and fabricated news currently circulating from some social networks and some satellite channels whose orientations are well known and intended to deliberately offend the national economy and national economic institutions that have clear success experiences and work with national Iraqi cadres, and that these parties are driven by special interests and projections.

They target our national economy and its institutions that have achieved clear achievements. During the economic and security shocks that Iraq went through after mid-2014 until the present time, it contributed to achieving economic resilience and supported our national economy. Their posts and press and media reports have preoccupied us these days by targeting our banks

And involving it in organizational, administrative and technical problems and exploiting leaks to amplify fabricated information that has not been audited and verified. Its aim is to blackmail and cover up the achievements made during the years of crisis. So why target?

The reason, as I see it, is that the Central Bank insists on the need for all banks responsible for supervision and control and related financial institutions to carry out their daily work, internally and externally, to adhere to the instructions, controls, and regulations in accordance with its objectives contained in its law, which maintain economic stability in the country.

Although I respect the other opinion issued by non-specialists or those specialized in economics and monetary policy in particular, but I may disagree with the opinion that tries to harm the reputation of the Iraqi banking sector

And the reflection of reputational risks on our international banking dealings. Therefore, I call on the media to look, even for once, at preserving the reputation of the Iraqi economy internally and externally, because it is illogical for us to allow the targeting of our economic institutions that are directly responsible for achieving steadfastness and economic stability. Because directing accusations against our banking sector is an insult to Iraq's economic reputation internationally without scrutiny and investigation of the leaked information.

These authorities know before others through evidence, facts and business results that banks are the first basic link in the economy and without a sound banking sector it is not possible to build a sound economic sector.

I also call on the boards of directors of all our banks and their executive departments to strictly adhere to the rules of compliance and the fight against money laundering and terrorist financing and to pay attention to accuracy To implement the controls and instructions issued by the Central Bank, to give due diligence to all internal and external banking operations, and to operate openly under the spotlight of the internal and external supervisory authorities, in order to preserve the reputation of our national economy and the achievements of the Central Bank during the past twenty years.

91 views  Added 11/19/2022 - 11:38 AM  Updated 11/19/2022 - 2:27 PM

https://economy-news.net/content.php?id=30886

Learn About The Sales Of The Central Bank Of Iraq During The Week

Economie| 10:06 - 11/19/2022   Baghdad - Mawazine News   The Central Bank of Iraq's sales of hard currency for dollars during the currency auction last week amounted to more than 700 million dollars.

And the Central Bank said, “It sold during the past week for the five days in which the auction was opened, starting from Sunday to Thursday, the amount of 735 million and 252 thousand and 435 dollars, at a daily rate of 147 million and 50 thousand and 487 dollars, up by 23.53% from the previous week, indicating that The increase came as a result of the increase in the bank’s sales during the first days of more than 170 million dollars from last

week.Our correspondent added that the highest dollar sales during the past week were on Monday, when sales amounted to 180 million and 893 thousand dollars, while the lowest sales were on Thursday, which amounted to Sales are 117 million and 140 thousand dollars.

He pointed out that most of these sales went in the form of transfers abroad to finance foreign trade, while the sale price of dollars transferred to bank accounts abroad, in addition to cash sales, amounted to 1460 dinars per dollar.     https://www.mawazin.net/Details.aspx?jimare=211690

The Head Of The "Arab Monetary" Congratulates The Anniversary Of The Founding Of The Central Bank Of Iraq And Calls For "Strengthening Ties"

Money and business   Economy News – Baghdad   The Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Abdul Rahman bin Abdullah Al Hamidi, sent a cable of congratulations to the Governor of the Central Bank, Mustafa Ghaleb Makhaif, on the occasion of the 75th anniversary of the founding of the Central Bank.

Al-Hamidi wrote in his telegram, "I am pleased to express my sincere congratulations on the occasion of the 75th anniversary of the founding of the Central Bank of Iraq, wishing the Central Bank of Iraq and our dear country, the Republic of Iraq, further development and prosperity."

He added, "Looking forward, through you, to strengthening the bonds of cooperation between the Arab Monetary Fund, the Arab Trade Financing Program, the Bani Arab Payments Platform, the Central Bank of Iraq and the concerned authorities in our dear country, the Republic of Iraq."

Views 112   Added 11/17/2022 - 3:54 PM   Updated 11/18/2022 - 8:29 AM

https://economy-news.net/content.php?id=30863

"Tidbits From TNT" Saturday Morning 11-19-2022

TNT:

Tishwash:  Iraq: We are determined to develop the oil sector and implement projects to meet the needs of citizens

Today, Saturday, the Iraqi Prime Minister, Muhammad Shia Al-Sudani, affirmed the government's determination to develop the oil sector and to complete projects that meet the citizens' need for fuel .

 A statement issued by the Prime Ministry - reported by the Iraqi "Al-Ikhbariya" channel - stated that "Al-Sudani announced the start of work on the expansion project (Al-Shinafiyah Refinery) in Al-Diwaniyah Governorate, and this project will increase the production capacity of the refinery from 20,000 barrels per day to 90,000 barrels per day." By adding a refining unit with a capacity of 70,000 barrels per day .

Al-Sudani explained that "this increase will contribute to reducing the import of gasoline and gas oil, and providing surplus quantities of liquid gas and fuel oil production, which have a great economic return. The project will also provide about three thousand job opportunities ."

He added, "The cost of this project amounted to 125 million dollars, and it is expected to add hydrogenation and refining units and complementary units to improve the specifications of gasoline, which units will need another allocation of about 675 million dollars   link

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

Tishwash:  Our national economy, our banks, and reputational risk

At a time when the Central Bank and the Iraqi banking sector celebrate the 75th anniversary of the founding of the Central Bank of Iraq. This anniversary culminated this year with great achievements at the level of supporting and stimulating the national economy.

And revitalizing the economic cycle and securing allocations that exceeded 18 trillion dinars to finance small, medium, housing, investment and renewable energy projects. The World Bank, the International Monetary Fund and international organizations commended the developments in

In the Iraqi economy and expectations of an increase in the growth rate in the gross domestic product this year to 9.3% and the arrival of foreign cash reserves to the limits of 90 billion dollars and 130 tons of gold due to the rational procedures in the applications of monetary policy and safe investments, which had a major role in achieving the above achievements. Unfortunately we noticed

Some yellow and non-competent means of communication and media, and personalities with special interests these days, are spreading rumors and fabricated news that are not based on reliable and official sources that harm our banks. And the official body that must be approved is the Central Bank of Iraq exclusively. to the applicable law. And he is concerned with the implementation of international sanctions imposed on some banks that violate internationally approved standards, as happened a few days ago by stopping the dealings of only four banks in foreign currencies with circulars issued by the Central Bank.

We must not forget that our country is now going through complex crises and great challenges facing the new government, which requires everyone to cooperate with it in order to achieve its governmental approach to achieving economic reform.

 And the effects of the global economic and financial crisis and its negative repercussions on our economy in the coming months, as expected.

 The rumors and fabricated news currently circulating from some social networks and some satellite channels whose orientations are well known and intended to deliberately offend the national economy and national economic institutions that have clear success experiences and work with national Iraqi cadres, and that these parties are driven by special interests and projections. They target our national economy and its institutions that have achieved clear achievements. During the economic and security shocks that Iraq went through after mid-2014 until the present time, it contributed to achieving economic resilience and supported our national economy. Their posts and press and media reports have preoccupied us these days by targeting our banks

And involving it in organizational, administrative and technical problems and exploiting leaks to amplify fabricated information that has not been audited and verified. Its aim is to blackmail and cover up the achievements made during the years of crisis. So why target? The reason, as I see it, is that the Central Bank insists that all banks for which it is responsible for supervision and control and related financial institutions do their daily work, internally and externally, to adhere to the instructions, controls and regulations in accordance with its objectives contained in its law, which maintain economic stability in the country.

Although I respect the other opinion issued by non-specialists or those who specialize in the economy and monetary policy in particular, but I may disagree with the opinion that tries to harm the reputation of the Iraqi banking sector

 And the reflection of reputational risks on our international banking dealings. Therefore, I call on the media to look, even for once, at preserving the reputation of the Iraqi economy internally and externally, because it is illogical for us to allow the targeting of our economic institutions that are directly responsible for achieving steadfastness and economic stability. Because directing accusations against our banking sector is an insult to Iraq's economic reputation internationally without scrutiny and investigation of the leaked information.

These authorities know before others, through evidence, facts, and business results, that banks are the first basic link in the economy, and without a sound banking sector, it is not possible to build a sound economic sector. To implement the controls and instructions issued by the Central Bank, to give due diligence to all internal and external banking operations, and to operate openly under the spotlight of the internal and external supervisory authorities, in order to preserve the reputation of our national economy and the achievements of the Central Bank during the past twenty years  link

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

Tishwash:  The cost of Iraq’s empty promises

Sudani’s tenure has not even reached the 30-day mark, but judging by his performance so far, there is little that can be described as success (or even the hint of it). Unless something changes, Iraqis are facing three more years of empty words and politics as usual.

Less than a month after being inaugurated as Iraq’s prime minister, Mohammed Shiaa Al Sudani is already reneging on promises he made to secure his governing coalition. The longer these pledges go unmet, the longer Iraq’s destabilising political polarisation will persist.

To elect a president and form a cabinet, Sudani’s pro-Iran Shia political bloc, the Coordination Framework, needed support from the country’s Sunnis.

Sunnis traded their support for a promise that, once in power, the new prime minister would withdraw pro-Iran Shia militias, known as Popular Mobilisation Units (PMU), from Sunni-dominated provinces in the northwest. Al Sudani agreed and also vowed to issue a general pardon that would open the door for the rehabilitation of the mostly-Sunni ISIS fighters.

Neither of these promises has been kept. Pro-Iran Shia lawmakers have obstructed measures that would undermine the PMUs without disbanding them. Meanwhile, proposed legislation to reinstate a compulsory military draft, introduced as a way to deplete the pool of unemployed young men for pro-Iran militias to recruit from, has been blocked by pro-Iran Shia politicians.

Along similar lines, Interior Minister Abdul Amir Al Shammari, a Shia who ascended the military ranks (and who once ordered government forces to storm the headquarters of the biggest pro-Iran Shia militia, Kataeb Hezbollah) proposed the demilitarisation of the country’s biggest cities and recommended that security be handed over to local and federal police.

Ejecting militias from cities would force them to shut down their offices, which are used to dispense favours to the local population, recruit fighters, and disseminate pro-Iran regime propaganda. Again, while Al Sudani feigned support for such a plan before his appointment, execution has fizzled since.

While Sudani has given the impression that he plans to empower the Iraqi state, his actions have so far avoided antagonising pro-Iran Shia militias, whose very existence undermine the state itself.

As in Lebanon, Iraq’s pro-Iran militias are skilled political manipulators and use politics to secure their fate. These militias manoeuvre to force the election of an executive branch that bestows legitimacy on their existence, without ever questioning their armament or corruption.

Sudani has depicted himself as a prime minister busy combatting corruption and building an economy that works for all Iraqis. But the governing model he has employed is doing just the opposite. Akin to the Iranian regime’s approach, Iraq’s government is concerned only with the economy and has ceded nearly everything else, especially security, to pro-Iran militias.

After the assassination of Lebanese Prime Minister Rafik Hariri in 2005, pro-Iran Hezbollah chief Hassan Nasrallah called for partnership with the opposition bloc, with caveats. “You handle reconstruction and we handle resistance,” he said, explaining how Hezbollah would dictate Lebanon’s security and foreign policies. It is a similar calculus in Iraq today.

Al Sudani’s effort to combat corruption has so far looked half-hearted and vengeful. The new cabinet did slaughter some sacred cows and arrested senior officers accused of running the “largest oil smuggling network” in the country. But it has yet to go after the political titans known for embezzling public funds and extending protection to corrupt civil servants and military personnel.

No one knows what Al Sudani is waiting for, if he is waiting for anything at all. The man got his call only because Iraq’s pro-Iran bloc, whose lawmakers lost the election, replaced the Sadrist bloc after its 73 MPs committed the blunder of resigning.

Sudani has tried to depict himself as an independent non-partisan who stands at equal distance from everyone. So far, however, he has not looked as impartial as claimed. On the contrary, he has proven to be extremely biased toward the policies of the Iran regime in Iraq.

Sudani has yet to show willingness to defend Iraq’s basic interests. For example, Iraq has been raking in $10 billion a month since the beginning of this year, yet the Iraqi dinar has been losing value. The culprit is Iran, which uses small Iraqi banks and exchange shops to syphon foreign currency into the Iranian treasury.

Sudani’s tenure has not even reached the 30-day mark, but judging by his performance so far, there is little that can be described as success (or even the hint of it). Unless something changes, Iraqis are facing three more years of empty words and politics as usual.   link

Mot:  and Yet summore insight into the Diffence between Girls and Guys! ~~

Mot:  . Moments Raising the ""Wee Folks"" that make Ya go – Hmmmmm 

Iraqi News Highlights Friday Afternoon 11-17-22

Iraqi News Highlights Friday Afternoon 11-17-22

Tlm724 Administrator Bondlady’s Corner

The President Of The Republic Discusses With Al-Halbousi The Country's Political Situation

Friday 18 November 2022 18:13 | political Number of readings: 75  Baghdad / NINA / - The President of the Republic, Abdul Latif Jamal Rashid, received today, Friday, at the Peace Palace in Baghdad, the Speaker of Parliament, Muhammad al-Halbousi.

During the meeting, according to a presidential statement, they discussed the political situation in the country, welcoming the formation of the government and its service program, and supporting everything that would achieve the aspirations of the Iraqis.

A number of pending laws were also discussed, and the importance of setting a timetable for their approval was emphasized.

In this context, the activities and discussions taking place in the Presidency of the Republic and the Parliament regarding laws were discussed, and the need for the President of the Republic to attend some of the discussions that take place regarding important legislation, as well as the visit of members of Parliament and heads of blocs and committees to the Presidency of the Republic to present their perceptions and ideas about laws.

The two sides agreed on the importance of holding meetings of the three presidencies from time to time to discuss developments and take action in their regard./ End 9

https://ninanews.com/Website/News/Details?key=1014828

World Bank: Iraqi Oil Production Will Be Affected By Sanctions On Russian Companies

Money and business  Economy News – Baghdad The World Bank confirmed that Iraqi oil production will be affected if Russian oil companies in Iraq are affected by international sanctions on Russia.

The World Bank said in a report on the Iraqi economy, of which "Al-Iqtisad News" obtained a copy, that the rise in oil prices could negatively affect the local effort towards reforms, which thus deepens the structural economic challenges facing Iraq.

He added that the severe effects of climate change and water scarcity will reduce agricultural production.

He pointed out that reforms related to state-owned banks can be accelerated by enhancing their effectiveness and governance, which strengthens the financial sector and increases the private sector's access to financing.

He stressed that the white paper will remain a bold model for developing a comprehensive economic reform program towards economic diversification, pointing out that food production has failed to meet the demand resulting from rapid population growth, as agricultural production has recently suffered severe droughts and high prices of agricultural inputs.

405 views   Added 11/17/2022 - 7:55 PM  Updated 11/18/2022 - 6:00 PM

https://economy-news.net/content.php?id=30870

The Dollar Stabilizes In The Iraqi Market

Economie| 10:03 - 11/18/2022  Baghdad - Mawazine News  Today, Friday, the exchange rates of the dollar witnessed stability in the local markets.   And the selling prices of the dollar were recorded, 148,400 dinars per 100 dollars, while the buying prices of the dollar were recorded at 148,300 dinars per 100 dollars. Ended 29 / M99   https://www.mawazin.net/Details.aspx?jimare=211603

A New High In Oil Prices

Economie| 09:46 - 11/18/2022   Follow-up - Mawazine News Oil prices rose on Friday as the dollar fell, but it was heading for huge weekly losses amid expectations that there will be no slowdown in sharp increases in US interest rates and the possibility of weak demand from China, the largest oil importer, amid rising COVID-19 cases.

Brent crude futures were back 67 cents, up 0.8%, at $90.45 a barrel at 0130 GMT, but not far from a four-week low of $89.53 in the previous session.

US West Texas Intermediate crude futures rose 70 cents, or 0.9%, to $82.34 a barrel, but settled near a six-week low.

Oil prices were helped by a slight decline in the dollar on Friday, as a weaker dollar made oil cheaper for buyers holding other currencies.

However, WTI is down more than 7% so far this week, while Brent is down about 6%.

Analysts said concerns about potential lockdowns in China to curb the increase in COVID cases, which reached their highest level since April, and fears that raising interest rates could push the US economy into recession, casting a shadow over the market.End 29/M99

https://www.mawazin.net/Details.aspx?jimare=211602

Ministry Of Oil: The Coming Months Will Witness An Increase In The Production Of Petroleum Products

Economie| 11:30 - 11/18/2022   Baghdad - Mawazine News   The Ministry of Oil pledged today, Friday, to increase its products in the coming months.

The ministry stated, in a statement that Mawazine News received a copy of, that "Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, during his visit to the Central Refineries Company, confirmed that developing the refining sector and increasing production is one of the goals of the government program, and that the refining sector is among the priorities of our work." And our future plans, and it enjoys the attention and support of the Prime Minister.

He added, "The Minister of Oil discussed with the company's management plans to raise the refining capacity of the Central Refineries Company to (500,000 barrels) per day in 2026, and disclosed the current production of the Dora refinery, which amounts to (140,000) barrels per day."

He referred to "the Ministry of Oil's endeavor to develop existing refineries, increase production from them, and reduce the import of oil products, noting that"

The Minister of Oil directed the company's management to expedite the development of a study to add new units to the Samawah, Diwaniyah, and Najaf refineries, aiming to achieve an increase in production and provide job opportunities for the people of the concerned governorates, stressing "work in accordance with the requirements of occupational safety and maintaining environmental and public health standards."

He praised "efforts ." Workers in the liquidation sector and their eagerness to do more, despite the health, economic and political challenges and the difficult conditions that Iraq witnessed during the last period.   https://www.mawazin.net/Details.aspx?jimare=211611

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

More Iraqi News Highlights Late Thursday Evening 11-17-22

More Iraqi News Highlights Late Thursday Evening 11-17-22

Tlm724 Administrator Bondlady’s Corner

Iraq Increases Its Holdings Of Us Bonds By More Than One Billion And 250 Million Dollars Over The Past Month

On November 17, 2022  The US Treasury Department announced on Thursday that Iraq increased its holdings of US bonds to more than one billion and 250 million dollars during last September.

The Treasury said in its latest schedule received by The Independent, that “Iraq's possession of US Treasury bonds for the month of September of 2022 increased by 1.275 billion dollars to reach 36.905 billion dollars, up from 35.630 billion dollars last August,” indicating that   “these bonds increased by 51.35% over the same month of last year 2021 when Iraq's possession of bonds amounted to 18 billion dollars.

She added that  ”Iraqi bonds include long-term guarantees of 25.346 billion dollars and short-term guarantees of 11.559 billion dollars,“ noting that  ”these bonds represent 0.49% of the world's bonds".

In the Arab world, Saudi Arabia is at the forefront of the most possessing countries, with 120.997 billion dollars,

Kuwait comes second with 49.923 billion dollars, the

UAE comes third with 48.259 billion dollars, then Iraq fourth,

Oman fifth with 7.044 billion dollars, then   Morocco with 3.739 billion dollars.

She pointed out that  “the most countries holding US bonds are

Japan with 1.120.184 trillion dollars, followed by

China with 933.579 billion dollars, followed by the

United Kingdom with 663.287 billion dollars, and then

Belgium comes with 325.085 billion dollars”.

https://mustaqila.com/العراق-يزيد-حيازته-للسندات-الامريكية/

Select Their Locations.. The Framework Cuts Off Hopes For The Return Of Smuggled Iraqi Funds

1,674 economy 2022/11/17 19:57   Baghdad today-Baghdad  The leader of the coordination framework Jamal Hassan, on Thursday,  the impossibility of returning Iraqi funds smuggled abroad, indicating that

those funds, estimated at tens of billions of dollars, entered the economies of countries smuggled to them  and cannot be recovered.   Hassan said in an interview with (Baghdad today), that

"there is no exact figure on the size of the looted Iraqi funds that fled abroad after 2003,

but it amounts to tens of billions of dollars," considering that  "what happened is piracy involved many and the affected is the people in all its spectrum.

He added that  "the money went to the banks and economies of several countries through which factories were built and partnership in the housing sectors and other things," pointing out that

"talking about the possibility of recovering those funds is unrealistic and this matter should be openly addressed to public opinion because the corrupt are not stupid and have taken a series of measures to complicate any attempt in this direction,

in addition to the fact that there are countries benefiting from those huge funds that revived investments in vital sectors within them.

He pointed out that "putting forward the file of recovering those funds every time is for media consumption and

there has been no movement in this direction, although it has been put forward for 15 consecutive years," pointing out that

"money piracy can be stopped by a real fight against the loopholes that lead to the looting of Iraq's funds, otherwise nothing will happen.

Specialists and international institutions estimate the money smuggled from Iraq since 2003 at about 350 billion dollars,   which is equivalent to Iraq's budgets for 4 years.

https://baghdadtoday.news/news/206359/حدد-مواقعها-الإطار-يقطع-

Parliamentary Oil: The Oil And Gas Law Has Not Been Canceled, But Postponed For This Reason

November 17, 2022   Journal(JNA)  A member of the Parliamentary Legal Committee, Dargham al-Maliki, on Thursday, postponed the introduction of the oil and gas law, not canceling it.

“The prime minister's decision to postpone the introduction of the oil and gas law came, among other things, to give an opportunity to the political parties to understand each other,” Maliki said.

“As well as the understanding of the Kurdish forces and the resolution of differences between them and the understanding of the Arab and Kurdish forces on the other hand,” he added.

“The law has not been canceled, but it has been postponed and may be put forward in the next legislative chapter,” Maliki said. https://www.aljournal.com/النفط-النيابية-قانون-النفط-والغاز-لم-ي/

The Law On The Monopoly Of Posts For Many Years: Not A Queue And They Must Be Changed

Information / private..  The leader of the state of Law Coalition, Ibrahim al-sakini, on Thursday, considered the first steps of reform to be the removal of managers who have been in office for more than ten years, adding that

it is not a "Tabu" for anyone and renewal is required for work.

Al-sakini said in an interview with Al-Malouma that   "the first steps of reform are being taken by Prime Minister Mohammed Shiaa al-Sudani through the dismissal of dozens of figures of positions that have been held for more than ten years in office," pointing out that

"honest experience undoubtedly remains in order to ensure work on providing service to citizens.

He continued, "the goal of the change in positions is not to repeat the mistakes and violations that occurred in the previous caretaker government," pointing out that

"state institutions, departments and ministries need a revolution in changing positions at the level of their senior positions.

He added that  "the position is not a" Tabu" for anyone, and renewal is required from time to time in order to work honestly and diversify experiences," noting that

"Iraq now lacks the combination of experience and youth energies that are waiting for an opportunity in state institutions.

According to political analyst Haider Arab al-Mousawi,

"the changes brought about by Prime Minister Mohammed al-Sudani, some positions are intended to combat corruption and bring competent personalities to manage the country and its institutions

https://almaalomah.me/news/politics/القانون-بشأن-احتكار-المناصب-لسنوات-عديدة:-ليست-طابو-ولابد-من

Economic Warnings Of An Increase In The Number Of Employees .. High Oil Prices Will Not Last

Information / Baghdad...Economist Dr. Nasser al-Kinani warned of increasing the number of employees through the launch of jobs,

pointing out the importance of moving towards the private sector to absorb the number of unemployed and graduates.

"Despite the large financial abundance, Iraq will not be a permanent supporter of the country's budget,

especially since the current circumstances will not continue to be the case, as

the financial balance reached by Iraq came as a result of the Russian-Ukrainian war,"al-Kinani told Al-Malouma.

"The settlement of the situation and the end of this war will return oil prices to their previous status, which may harm Iraq, especially if the current oil prices are relied on to launch job grades," he added.

He pointed out that  "the world has a trend towards alternative energy, which is not in the interest of Iraq, which depends on oil sales, and

therefore that increasing the number of employees and increasing their salaries will make the country in trouble in the long term, as

the budget will be burdensome, which necessitates turning to the private sector to absorb the number of unemployed    https://almaalomah.me/news/economy/تحذيرات-اقتصادية-من-زيادة-عدد-الموظفين-ارتفاع-اسعار-النفط-لن

"Green Crescent".. Another Forgotten Iraqi Wealth And Calls For Its Revival Again

Information / Diyala..  A member of the Union of Agricultural Engineers, Mohammed Jabbar, called on Thursday to revive the Green Crescent in the far east of Diyala province.

"Fertile agricultural lands stretch along the Iraqi – Iranian border strip and deviate towards the baldruz and qazaniya desert, forming more than 300 thousand dunums, which are similar to the Green Crescent, have not been exploited for decades for various reasons, most notably the large number of Mines dating back to the Eighties war and the lack of water," Jabbar said in an interview with Al-maalouma.

"The construction of a dam in the tralsaq area east of qazaniya to restrict flood waters will create a strategic reservoir capable of reviving the Green Crescent, which represents a special wealth with the fertility of lands in providing a lot of agricultural crops not in Diyala but in neighboring provinces," he added.

"The trilsaq dam, if implemented, will be the beginning of the creation of sprawling agricultural areas and the end of the drought crisis in the entire eastern province of Diyala," Jabbar noted.

The areas of eastern Diyala have very fertile lands, but several factors hinder their exploitation, especially the large number of Mines and the scarcity of water in the summer seasons, although it suffers from seasonal floods  https://almaalomah.me/news/economy/الهلال-الاخضر-ثروة-عراقية-اخرى-طي-النسيان-ودعوات-لأحيائها-من

Economist Calls For The Introduction Of Modern Technologies In State Institutions.. Will Reduce Inflation

Information/private..  Economist Safwan Qusay called on Thursday for the introduction of modern technologies in ministries and government institutions in order to increase work and reduce the inflation of employees in the public sector.

"The new government should introduce modern and advanced technologies in all institutions, ministries and state departments in order to ensure an increase in production and reduce the costs of workers in the government sector," Qusay said in an interview with Al-Malouma. 

He added that  "continuing to bet on the ability of oil revenues to finance employees' salaries is wrong, "stressing that

"a relationship must be created between financing projects of an investment nature that develop the private sector and modern technologies.

He added that  "there is no alternative to continuing pressure on the government sector in job grades other than supporting the private sector and introducing modern technologies," pointing out that

"this will reduce dependence on oil imports to finance the salaries of employees, whose numbers have exceeded twice the employees of some major countries.

According to observers, overloading the general budget with 800 thousand new jobs in the general budget is a big risk, as well as the government is required to provide job opportunities in the private sector through the investment budget.   https://almaalomah.me/news/economy/اقتصادي-يدعو-لإدخال-التقنيات-الحديث-في-مؤسسات-الدولة-ستقلل-م

Taif Sami, The Treasury Watchdog, Talks About Fundamental Reforms That Will Begin Soon In Financial Institutions

Politics , 2022/11/17 09:48, number of readings: 216   Baghdad-Iraq today:  Finance Minister Taif Sami stressed that the government is determined to proceed with a package of economic reforms,

appreciating the role played by the World Bank in supporting the reform directions implemented by the new government.

The Ministry of Finance said in a statement that

"Minister of Finance Taif Sami received, today, at the ministry's headquarters, the regional director of the World Bank for the Middle East John Kristof and his accompanying delegation," indicating that

"during the meeting, mechanisms were discussed to strengthen cooperation and bilateral partnership between the two sides in various fields,

in line with the vision of the Iraqi government aimed at benefiting from all forms of international support necessary to support development and strategic projects in Iraq.

Sami praised "the role played by the World Bank in supporting the reform directions implemented by the new government," noting that

"the government is determined to proceed with a package of fundamental reforms in order to provide the requirements for a balanced economic renaissance in the country.

For his part, John Kristof expressed his appreciation for

"the efforts of the Iraqi government in the field of economic reform and its ability to implement it despite the difficult challenges,"

praising "Iraqi efforts in the field of achieving regional economic integration in partnership with the rest of the region, which ultimately is in favor of strengthening the pillars of the national economy and its prosperity.    https://iraqtoday.com/news/67552/طيف-سامي-حارسة-الخزائن-تتحدث-عن-إصلاحات-جوهرية-ستبدأ-قريبا-في-المؤسسات-المالية

To read more current and reliable Iraqi news please visit BondLady’s Corner:

  https://www.bondladyscorner.com/

"Tidbits From TNT" Friday Morning 11-18-2022

TNT:

CandyKisses:  The rise in oil prices with the decline of the dollar

Oil prices rose today, Friday, with the decline of the dollar, but it was heading for huge weekly losses, amid expectations that there will be no slowdown in sharp increases in US interest rates and the possibility of weak demand from China, the largest oil importer, amid rising cases of COVID-19.

Brent crude futures were back 67 cents, up 0.8%, at $90.45 a barrel, but not far from a four-week low of $89.53 in the previous session.

US West Texas Intermediate crude futures rose 70 cents, or 0.9%, to $82.34 a barrel, but settled near a six-week low.

A slight decline in the dollar helped oil prices on Friday, as the weaker dollar made oil cheaper for buyers holding other currencies. 

However, WTI is down more than 7% so far this week, while Brent is down about 6%.

Tishwash:  :  Iranian Minister of Economy: We are the world leader in oil and gas reserves

The Iranian Minister of Economy and Finance, Ehsan Khandozi, announced that Iran occupies the forefront in terms of hydrocarbon reserves.

Khandozi pointed out during the meeting of Iranian and Hungarian businessmen and economic activists, which was held in Budapest, that "large Hungarian industrial companies can benefit from the law of attracting foreign investments in Iran and increase the volume of trade exchange in light of the two countries' support for trade relations."

He described "Iran's large market of 80 million people" as "the largest market in the Middle East," pointing to "Iran's progress in various economic fields, especially technology   link

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

CandyKisses:  Anticipation for the issuance of hundreds of arrest warrants against corrupt suspects in Al-Kazemi's government

The leader of the Wisdom Movement, Fahd al-Jubouri, confirmed Prime Minister Muhammad Shia' al-Sudani's intention to open all corruption files of Mustafa al-Kadhimi's government, indicating that arrest warrants will be issued against senior ministers and former officials in the coming days.

Al-Jubouri said, in an interview followed by Al-Maalouma, that "accusing the government of Muhammad Shia'a Al-Sudani of lurking in the Al-Kazemi government is baseless and has no connection with any party." He added, "The previous government and most of its ministers were involved in major corruption deals, and they must receive their fair reward in order to recover all the money looted outside the country."
 
Al-Jubouri indicated that "the coming period will witness the disclosure of names involved in corruption and the issuance of hundreds of arrest warrants, including ministers and senior leaders of the country." 

***********

CandyKisses:  A source : summoning officials of the Rafidain Bank to investigate the "theft of the century"

An informed source said that the Integrity Commission and the judicial authorities summoned officials and employees of the Rafidain Bank for investigation against the background of the issue of the tax accounts secretariats in the bank.

The source told {Euphrates News} that: "The officials who were investigated are the former general manager of the Rafidain Bank, the former one, the assistant general manager and other employees of the bank, in order to investigate the theft of tax secretariat amounts in Mesopotamia."

The previous government headed by Mustafa Al-Kadhimi had begun an investigation into the disappearance of $2.5 billion from the General Tax Authority's account (the secretariats).

A document of the commission revealed that the amount was withdrawn between January and August of this year, and the amount was transferred to the accounts of five different companies using dozens of checks, and then withdrawn from the accounts immediately.

The Ministry of Finance asked the Integrity Commission to investigate what some describe as the largest embezzlement in the history of Iraq, and it was popularly called the "theft of the century" due to its magnitude. And a security force arrested {Nour Zuhair}, the main suspect in the incident of stealing tax money, while the Central Bank of Iraq froze the movable and immovable funds of five companies, including those belonging to the accused {Zuhair}. The government of Muhammad Shia al-Sudani pledged to continue the investigation, recover the money, and arrest the remaining suspects in the theft.

Mot: .... Loved That Feeling!! ~~~~~

Mot:  .. aaahhhhhh - the Way it Was! ~~~~

Iraqi News Highlights Early Thursday Afternoon 11-17-22

Iraqi News Highlights Early Thursday Afternoon 11-17-22

Tlm724 Administrator Bondlady’s Corner

The Government Is Required To Present A Budget That Serves The Economy.. And Does Not Accept Corruption

Hammam Al-Shamaa to / Nina /: Thursday 17, November 2022 16:25 | GeneralNumber of readings: 158

Baghdad / NINA / - The economist, Hammam Al-Shamaa, affirmed that the government is required to present a budget that serves the economy and does not accept corruption. He told the National Iraqi News Agency ( NINA ) that the previous budgets until 2021 had a very large exaggeration in their size, compared to the actual legitimate expenditures that were distributed to the expenditure sections.

Al-Shamaa added: If the next budget is a budget that serves the economy for a national ministry that does not accept corruption, then its size is supposed to not exceed 50% of the 2021 budget.

He explained: The actual expenditures of the past budget, according to the reports of the Ministry of Finance, are 70 trillion dinars until the end of December 2021.

The government is scheduled to send the budget for next year at the end of this month, hoping that it will be approved at the end of the year or the beginning of next year./ End3

https://ninanews.com/Website/News/Details?Key=1014625

The Decline In The Exchange Rates Of The Dollar In The Iraqi Markets

Economie| 12:25 - 11/17/2022   Baghdad - Mawazine News  The exchange rates of the US dollar against the Iraqi dinar decreased slightly, today, Thursday, on the main stock exchange in the capital, Baghdad.

And the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded 148,400 Iraqi dinars for 100 US dollars this morning.

While the selling prices in the local markets were 148,750 Iraqi dinars for every 100 US dollars, while the buying prices were 147,750 Iraqi dinars for every 100 US dollars.

https://www.mawazin.net/Details.aspx?jimare=211533

Parliament: The government has withdrawn the inappropriate laws and will restructure them

Posted On2022-11-17 By Sotaliraq   Baghdad / Hussein Hatem   A specialized committee in the House of Representatives considered that the withdrawal of some bills by the Council of Ministers is a step in the right direction to reconsider those “controversial” laws and prepare them for reading, as they came at an inappropriate time to pass them, while noting that the previous government pushed many bills to the House of Representatives. I was left without reading. The Council of Ministers, during its session held on Tuesday, recommended that the House of Representatives withdraw 9 laws.

The draft laws included, according to a statement issued by the Media Office of the Presidency of the Council of Ministers, which was received by (Al-Mada): “Withdrawing the draft law dealing with housing abuses issued pursuant to Cabinet Resolution 288 of 2017, as well as withdrawing the draft Reconstruction Council Law issued pursuant to Cabinet Resolution 377 of 2019.”

The session also included, “Withdrawing the list of ambassadors, in addition to authorizing the Prime Minister the power to withdraw draft laws from the House of Representatives.”

According to the statement, Prime Minister Muhammad Shia al-Sudani decided, “to withdraw the draft law amending Companies Law No. 21 of 1997, as well as withdrawing the first amendment law to the Iraqi National Oil Company Law No. 4 of 2018.”

The Council of Ministers also decided, “Withdrawing the Flag Service (Compulsory Recruitment) Law, and withdrawing the draft Federal Civil Service Law.”

Also, Al-Sudani decided, during the session, to “withdraw the draft law of the second amendment to the Public Roads Law No. 35 of 2002.”

A member of the Parliamentary Legal Committee, Salem Al-Anbuge, said in an interview with (Al-Mada), that “the government withdrew some laws because they were not suitable for passage,” noting that “the previous government pushed many bills and remained without reading and voting.”

Al-Anbuge added, "Most of the withdrawn projects are controversial and not ready for reading at the present time, as there are more important projects."

A member of the Parliamentary Legal Committee pointed out, “Some projects, including a bill dealing with housing abuses, have tried to split ranks within the House of Representatives.”

Al-Anbuge pointed out, "The projects that have been withdrawn will be amended by the Council of Ministers, and what is suitable for reading will be prepared and sent to the House of Representatives."

In turn, the other member of the committee, Aref al-Hamami, said in an interview with (Al-Mada) that “the withdrawal of laws by the Council of Ministers is a constitutional and legal procedure, especially since these laws were sent by the previous government, and the current government has a special vision that differs from the previous one.”

Al-Hamami added, "The Sudanese government intends to make amendments to the laws that were withdrawn from parliament, according to what was stated in the government curriculum."

A member of the Parliamentary Legal Committee pointed out, “There are laws that have notes even by Parliament, and perhaps some laws the government will not send again because they do not match its curriculum, and this matter is left to it.”

For his part, Ali Al-Tamimi, a specialist in legal affairs, stated in a statement received by (Al-Mada), that “the government’s withdrawal of the compulsory service law and other laws is legally permissible according to Article 125 of the Parliament’s internal system, which permitted the withdrawal of draft laws by official letter as long as none of these laws were read.” The second reading and it entails withdrawing these laws as if they were not.”

And he continued: “Even if these projects were submitted by a previous government, they can be withdrawn from this government because the current government is concerned with implementation and is concerned with spending the necessary money. According to Articles 60 and 80 of the President of the Republic and the Council of Ministers.   LINK

The Iraq Stock Exchange Trades Five Billion Shares, Worth 3 Billion Dinars

Money and business   Economy News-Baghdad   During the third week of November 2022, the Iraq Stock Exchange organized five trading sessions, from Sunday 11/13/2022 to Thursday 11/17/2022.

The number of shares traded during this week was more than (5) billion shares, while the value of shares traded this week amounted to more than (3) billion dinars.

The trading index in the market closed for the first session of the week at (573.95) points, while the index closed at the end of the week at (591.56) points, achieving an increase of (2.98%) over its closing at the beginning of the session.

During the week, more than (3200) buying and selling contracts were executed on the shares of the companies listed in the market.  Views 125   Added 11/17/2022 - 1:54 PM   Updated 11/17/2022 - 6:28 PM    https://economy-news.net/content.php?id=30860

Iraqi Private Banks Association Signs An Agreement With Erbil To Rehabilitate "Park Share"

Money and business   Economy News-Baghdad   The Association of Iraqi Private Banks signed an agreement with the governorate of Erbil to rehabilitate Park Shar by the Community Initiatives Tamkeen Fund, which is supervised by the Central Bank and the Association of Iraqi Private Banks.

A statement by the association stated that the agreement was signed by the association, the director of the regional branch, Muhammad Munther al-Handal, and by the governorate of Erbil, Rebin Ahmed Howiz - the director of landscaping, Erbil.

The signing ceremony was attended by Kazem Namik, Director General of the Central Bank of Erbil branch, and a number of directors of Iraqi private banks.

Views 87  Added 11/17/2022 - 12:51 PM   Updated 11/17/2022 - 7:19 PM

https://economy-news.net/content.php?id=30854

Barzani And The American Ambassador Agree On A Radical Solution To The Problems Between Baghdad And Erbil

Political | 05:15 - 11/17/2022   Baghdad - Mawazine News  The President of the Kurdistan Regional Government, Masrour Barzani, and the US Ambassador to Iraq, Alina Romanowski, agreed on Thursday that there is an opportunity for a radical solution to the problems between Baghdad and Erbil.

Barzani's office stated in a statement, which Mawazine News received a copy of, that "the latter received the US ambassador to Iraq, Alina Romanowski, and in the meeting, they discussed the general situation in Iraq, in addition to ways to consolidate relations between the Kurdistan region and the United States."

He added, "The two sides agreed that there is now a new opportunity for a radical solution to the problems between the Kurdistan region and the federal government, according to the constitution and the ministerial platform of the new Iraqi government."

Barzani stressed, according to the statement, "the willingness of the negotiating delegation of the Kurdistan Regional Government to visit Baghdad to discuss problems and solve them within the framework of the constitution." Ended 29 / H   https://www.mawazin.net/Details.aspx?jimare=211560

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

"Tidbits From TNT" Thursday Morning 11-17-2022

TNT:

Tishwash:  A government advisor expects the budget law to reach parliament within two weeks

The legal advisor in the House of Representatives, Sabah Al-Karbouli, revealed, on Wednesday 16/11/2022, the reason for the delay in approving the federal budget law, while he expected the date of its arrival in Parliament.

Al-Karbouli said during a televised interview, followed by the obelisk, that the proportions of the governorates and projects hinder the approval of the budget, given that the representatives of the governorates and political blocs are trying to obtain all the projects that their governorates need, stressing the need to distribute projects fairly.

He added that preparations are underway to prepare a budget that meets all aspirations, provided that it is a program budget, not a traditional one, indicating that it is estimated at a value ranging between 160-180 billion dollars.

He added that Parliament is awaiting the arrival of the budget from the government, indicating that the Finance Committee is ready to discuss all aspects of it according to the government program.

He expected the budget law to reach parliament within two weeks from the government.

He pointed out that the political conflict in Iraq revolves around power and wealth.  link

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

Tishwash:  Mandalawi calls on Australia to activate economic and investment cooperation with Iraq

Today, Wednesday, First Deputy Speaker of Parliament Mohsen Al-Mandalawi called on Australia to invest in stability in Iraq to activate economic and investment cooperation and activate friendship committees between the two countries.

A statement issued by the office of the First Deputy, received by (Al-Oula News), said, "Al-Mandalawi received the Australian ambassador to Iraq (Paula Canley), to discuss a number of issues and common concerns."

Mandalawi stressed during the meeting, according to the statement, “the importance of advancing the bilateral relations that bind the two friendly countries to advanced levels, and investing in the state of stability that Iraq is going through to strengthen cooperation in the agricultural, industrial and investment fields and infrastructure development, and the call to activate the role of the Iraqi-Australian Parliamentary Friendship Committee, and memorandums of understanding between Baghdad and Sydney to meet the interests of the two peoples.

In turn, Ambassador Paula Canley expressed the Australian government's support for Iraq, her country's desire to strengthen joint relations at all levels, and the importance of Iraq's strategic stability for all countries in the region and the world.  link

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

Tishwash:  Iraq contracts auditing firm after 2.53 billion USD disappeared

The Iraqi government contracted an international auditing firm to deal with tax insurance funds after what became known as the ‘theft of the century’ was discovered.

The Iraqi cabinet agreed to authorize the office of the Prime Minister to contract with a major international company specialized in financial auditing after a theft of tax insurance funds was discovered, according to a statement issued by the press office of the Council of Ministers.

The statement added that the approval was granted in order to audit tax insurance funds.

Supervisory authorities previously discovered the embezzlement of more than 3.7 trillion Iraqi dinars (2.53 billion USD) from the General Commission for Taxes, which became known as the ‘theft of the century.’

The Iraqi News Agency (INA) reported in mid-October that an internal investigation carried out by the Ministry of Finance found the money had been withdrawn from the account of the General Commission for Taxes at a state-owned bank.

The Iraqi judiciary issued arrest warrants against those involved in the ‘theft of the century,’ confiscating movable and immovable assets, and seizing real estate belonging to them and their families.

Financial corruption in Iraq is one of the most important and complex challenges facing successive governments running the country since 2003, and which caused drainage of huge wealth.

Prime Minister Mohammed Shia Al-Sudani, during his speech in the Parliament after his government was granted confidence, described corruption as a ‘pandemic,’ and vowed to develop programs and plans to restrict corruption and limit the waste of public funds.  link

Mot: Oh my………

Mot:  . Yeppers! - the RV Frogs - Just Hanging on they is! ~~~

More Iraqi News Highlights Late Wednesday Evening 11-16-22

More Iraqi News Highlights Late Wednesday Evening 11-16-22

Tlm724 Administrator Bondlady’s Corner

An Economist Diagnoses 3 Challenges To The Decision To Restore The Exchange Rate

Information / Diyala...Local economist Bassem Adnan, on Wednesday, identified three challenges facing the decision to restore the exchange rate in Iraq.

"The laws have drawn clear powers for the file of financial management in Iraq, which is the prerogative of the central bank, which is considered an independent entity and cannot be interfered with or impose decisions, including returning the exchange rate to its previous status," Adnan said in an interview with Al-Malouma.

He added that  "3 challenges face any decision to return the dollar exchange rate to its previous position,

the most prominent of which is the loss of financial liquidity estimated at 22 trillion dinars, which is a large amount,

especially in front of the stage of frequent fluctuations in the oil price Exchange, which will make any next step in this direction difficult or even impossible.

"The kadhimi government made serious mistakes that made raising the exchange rate a tool to grind millions of poor people because it did not protect the markets and did not put in place mechanisms to prevent monopoly and speculation in basic materials to push prices up by 20-50%," he pointed out.

Dozens of members of the House of Representatives support the decision to return the dollar exchange rate to its previous position due to the repercussions of rising prices for basic materials in the markets.

https://almaalomah.me/news/economy/خبير-اقتصادي-يشخص-3-تحديات-لقرار-اعادة-سعر-الصرف

Initiatives Of The Central Bank.. Wide Praise And Tangible Results For The Economy Of Iraq

Economy    2022-11-16 | 07:11  1,329 views    Economists praised the initiatives of the Central Bank of Iraq and the tangible results achieved on ارض the economic reality, while they pointed out that those initiatives created many job opportunities, especially those focused on real estate and housing.

Economist Safwan Qusay says in an interview with al-Sumaria News, that

"the Central Bank of Iraq has tried during the last two years and through its initiatives to support public spending due to the absence of the general financial budget for 2021".

"The recent initiatives of the central bank have reduced unemployment and created a number of job opportunities,"Qusay added.

The Economist pointed out that "most of the central bank's initiatives were focused on the real estate and housing sector," expressing hope for "the expansion of initiatives throughout Iraq.

"The central bank's actions in dealing with the global economic crisis were very clear in a positive and professional manner, unlike what happened in many countries of the world, where we saw a significant increase in the bank's hard currency reserves," said Hassan al-Haj, an observer for Economic Affairs.

Al-Haj added in an interview with al-Sumaria News, that "the central bank adopts flexible policies and plans that are consistent with all the variables of the economic situation in the local and global market and are in remarkable progress, especially with regard to the issue of containing cases of corruption or currency smuggling that took place in previous periods through the currency sale auction," pointing out that

"Iraq has seen a clear decline in those violations as a result of the new controls put in place by the central bank to contain those negative cases over the past six months and we hope to end them in the next stage completely.

The researcher on Economic Affairs explained that "raising the exchange value of the dinar against the dollar, which had some negative repercussions on the citizen,

but in the end it was positive to replenish the state treasury of the currency to face crises,

but in general it needs more powerful government measures to support the fragile and middle classes, which can actually be achieved if the government draws a coordinated policy and joint cooperation with the central bank in this file.

He added that  "the policy of the central bank is improving significantly and we expect that new measures will be taken by it in the coming months to ensure maintaining the level of the Reserve and developing it to be a strategic reserve for the Iraqi state in line with the rise in global oil prices, which are all positive indicators that ultimately benefit the state treasury.

https://www.alsumaria.tv/news/اقتصاد/438393/مبادرات-البنك-المركزي-اشادات-واسعة-ونتائج-ملموسة-لاقتصاد-العراق

The Governor Of The Central Bank Of Iraq Receives The Italian Ambassador

November 16, 2022   His Excellency the governor of the Central Bank of Iraq, Mr. Mustafa Ghalib mukheef, received on Wednesday the Italian ambassador to Iraq, Mr. Maurizio riccanti.

During the meeting, economic and banking relations were reviewed and strengthened to serve the interests of the two countries, as well as solving the problems hindering this relationship and its progress.

The ambassador extended an invitation to the governor to visit the Central Bank of Italy and promised to meet it in the coming days.

On the other hand, His Excellency stressed that the Central Bank of Iraq has adopted during the past years a policy of foreign openness to its counterparts in the countries of the world in order to strengthen the relations of the Iraqi banking sector abroad, indicating that

the opening of branches of Iraqi banks abroad is a step forward and evidence of the successes achieved by the banking sector in Iraq and the confidence gained internationally.

Central Bank of Iraq   Media office   16-November – 2022  https://cbi.iq/news/view/2132

The Presidency Of The Parliament Calls On Australia To Invest In Four Areas In Iraq

Information / Baghdad..First Deputy Speaker of the House of Representatives Mohsen al-Mandlawi on Wednesday called on Australia to invest the state of stability in Iraq to activate economic and investment cooperation and activate friendship committees between the two countries.

A statement issued by the Office of the first deputy received by the Information Agency said that "Mandlawi received the Australian ambassador to Iraq (Paula Canley), to discuss a number of common issues and concerns".

Al-Mandlawi stressed during the meeting, according to the statement,

"the importance of pushing bilateral relations between the two friendly countries to advanced levels, exploiting the state of stability experienced by Iraq to strengthen cooperation in the agricultural, industrial, investment and  infrastructure development fields, and

calling for activating the role of the Iraqi – Australian Parliamentary Friendship Committee, and memorandums of understanding between Baghdad and Sydney to meet the interests of the two peoples.

In turn, ambassador (Paula Canley) expressed the support of the Australian government to Iraq, her country's desire to strengthen joint relations at all levels, and the importance of Iraq's strategic stability for all countries in the region and the world.

https://almaalomah.me/news/economy/رئاسة-البرلمان-تدعو-أستراليا-إلى-الاستثمار-في-اربعة-مجالات-ب

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Iraqi News Highlights Wednesday Evening 11-16-22

Iraqi News Highlights Wednesday Evening 11-16-22

Tlm724 Administrator Bondlady’s Corner

Fearful: The Central Bank Played A Role In Progress And Development

Economie| 09:38 - 11/16/2022  Baghdad - Mawazine News   The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, confirmed, on Wednesday, that the Central Bank of Iraq played roles in progress and development and was one of the engines of high-end institutional work.

In a statement received by Mawazine News, Makhaif said, "Today marks the seventy-fifth anniversary of the founding of the Central Bank of Iraq, when the National Bank of Iraq was born on these days of the year 1947, to begin a triumphant march of monetary authority in our country."

And he continued, "This birth, which our people reaped its fruits with honorable work, was an example of an institution belonging to its country, playing roles in progress and development, and one of the engines of noble institutional work."

He added, "We are not the only ones who are proud of the Central Bank of Iraq, but our people, our institutions, and our banking sector are proud of this sumptuous national fruit in its giving, performance, and sustainability of its efforts." https://www.mawazin.net/Details.aspx?jimare=211404

SOMO: Efforts To Increase Production Rates And Raise The Ceiling Of Oil Exports

Energy Economy News - Baghdad The Oil Marketing Company (SOMO) determined, on Wednesday, the current volume of Iraq's total oil production, and while it revealed plans to compensate for the production cut, it indicated that it is seeking to raise the ceiling of oil exports.

The director of the company, Alaa Al-Yasiri, said in an interview with the official news agency, that "Iraq currently produces 4 million and 650 thousand barrels per day of crude oil, including the shares of the federal government and the Kurdistan region," noting that "Iraq is the second largest producer in OPEC after Saudi Arabia, and it has its weight major energy market.

Al-Yasiri added, "Given the economic repercussions in which the world is living after the Corona pandemic, represented by the sharp rise in inflation rates, the increase in interest rates for global central banks, and the rise in unemployment rates, the OPEC + decision came to reduce production by two million barrels per day, as a preemptive solution to any path that might happen." lead to an imbalance in supply and demand or push towards an economic recession.

He pointed out that "the rates of reduction agreed upon by OPEC + were distributed unanimously to the reference production rates of the member states, and countries with high production rates such as Saudi Arabia and Russia received the largest share of the reduction, followed by countries with lower rates, respectively."

He pointed out that "the Ministry of Oil's plan confirms commitment to the production ceiling specified for Iraq by maintaining the current rates of export and consumption of refineries, and benefiting from the maintenance period of electric power stations, on the basis of which the withdrawal rates of crude oil will be automatically reduced to operate those stations."

And he continued, "The Ministry of Oil seeks to increase production rates and raise the ceiling of exports, in accordance with the requirements of the global market for crude oil and the decisions of OPEC," pointing out that "a delegation headed by the Deputy Prime Minister and Minister of Oil will attend the ministerial meeting on the fourth of December for the current year." To discuss developments in the energy market and to find continuous cooperation mechanisms to maintain the stability of the oil market.   Views 42   Added 11/16/2022 - 4:15 PM   Updated 11/16/2022 - 5:36 PM

https://economy-news.net/content.php?id=30838

Britain Affirms The Continuation Of Supporting Iraq In The Fields Of Renewable Energy And Investment

Arab and international   Economy News – Baghdad Prime Minister Muhammad Shia al-Sudani and British Foreign Secretary James Cleverly affirmed, on Wednesday, constructive cooperation between Iraq and Britain.

The Prime Minister's media office said in a statement that "Prime Minister Muhammad Shia'a al-Sudani received a phone call from British Foreign Secretary James Cleverly."

The statement added, "The call witnessed discussion of consolidating bilateral relations between the two countries, and emphasizing constructive cooperation, in light of the ongoing partnership between Iraq and the United Kingdom, and in a way that enhances the interests of the peoples of the two countries."

He continued, "During the call, reference was made to Iraq's pioneering role in the region, its efforts in combating terrorism, and affirmation of the British government's commitment to continue supporting the Iraqi government in the economic and security fields, combating terrorism, and in the areas of renewable energy, investment, and combating the effects of climate change."

Views 78   Added 11/16/2022 - 3:57 PM   Updated 11/16/2022 - 5:30 PM

https://economy-news.net/content.php?id=30837

The dollar continues to rise in the local markets

Economie| 09:46 - 11/16/2022   Baghdad - Mawazine News   The exchange rates of the dollar rose today, Wednesday, on the Iraqi Stock Exchange.  Selling price: 148,450 dinars per 100 dollars   Buying price: 148,350 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=211405

Minister of finance: the government has a direction to make a package of economic reforms

Information / Baghdad...  Finance Minister Taif Sami stressed on Wednesday that  the government is determined to proceed with a package of economic reforms,  appreciating the role played by the World Bank in supporting the reform directions implemented by the new government.

The Ministry of Finance said in a statement received /information/, that

"Minister of Finance Taif Sami received, today, at the ministry's headquarters, the regional director of the World Bank for the Middle East John Kristof and his accompanying delegation," indicating that

"during the meeting, mechanisms were discussed to strengthen cooperation and bilateral partnership between the two sides in various fields,

in line with the vision of the Iraqi government aimed at benefiting from all forms of international support necessary to support development and strategic projects in Iraq.

Sami appreciated "the role played by the World Bank in supporting the reform directions implemented by the new government," noting that

"the government is determined to proceed with a package of fundamental reforms in order to provide the requirements for a balanced economic renaissance in the country.

For his part, John Kristof expressed his appreciation for  "the efforts of the Iraqi government in the field of economic reform, and its ability to implement it despite the difficult challenges," praising

"Iraqi efforts in the field of achieving regional economic integration in partnership with the rest of the region, which ultimately is in favor of strengthening the pillars of the national economy and its prosperity.

https://almaalomah.me/news/economy/وزيرة-المالية:-الحكومة-لديها-توجه-لاجراء-حزمة-إصلاحات-اقتصاد

US Report: The United Nations Does Not Spare Any Iraqi Official From Corruption.. And The Absence Of Accounting Began To "Bother" Her

  616 policy 2022/11/16 21:47   Baghdad today-translation   An American report on Wednesday discussed the decision of Sudanese Prime Minister Mohammed Shia to form a high Committee to combat corruption,

while pointing out the futility of these committees, which will affect only mid-level officials, stressing that the  rates of corruption in Iraq began to "worry" the United Nations.

The report, which was reported by the magazine on the sixteenth of November this month and translated by (Baghdad today), said that

"the rates of corruption have become a concern for the United Nations,

especially after the scandal of stealing two and a half billion dollars of government tax funds in a corruption deal described as the deal of the century," as she described it.  The magazine stressed that

"anti-corruption operations have so far been limited to mid-level officials in the state and have not targeted any leading figure or senior official," noting that

"it is very rare for a judicial verdict to be issued in Iraq against a person accused of corruption, regardless of the evidence against him".

The magazine considered that  "the absence of any indictment or conviction of an Iraqi official in corruption cases aroused the interest of the international community," supplying statements to the UN envoy to Iraq during which she said,

"Frankly, no Iraqi official can claim to be free of corruption," referring to accusations against government officials in the Iraqi authority, according to the magazine.

https://baghdadtoday.news/news/206371/تقرير-أميركي-الامم-المتح

 To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Iraqi News Highlights Wednesday Afternoon 11-16-22

Iraqi News Highlights Wednesday Afternoon 11-16-22

Tlm724 Administrator Bondlady’s Corner

President Barzani And The Iraqi President Confirm Their Support For The New Iraqi Government And The Implementation Of The Government Program

Posted On2022-11-16 By Sotaliraq   President Masoud Barzani received, on Tuesday, November 15, at the Salah al-Din resort near Erbil, Dr. Latif Rashid, President of the Republic of Iraq. The meeting discussed the political situation in Iraq, the developments of the political process, and the steps of the new Iraqi government, and the two sides affirmed their support for the Iraqi government and the implementation of the government program.

The meeting also shed light on Iraq's foreign relations and the international community, emphasizing the role and position of Iraq in regional and international centers, and the need to solve problems on the basis of dialogue, away from the language of threat.   LINK

Formation Of A Supreme Commission To Investigate Major And Important Corruption Cases

Today, Wednesday, the Federal Integrity Commission announced the formation of a supreme commission to investigate major and important corruption cases filed in the commission’s investigation directorates and offices in Baghdad and the provinces, and the cases referred to it.

A statement by the commission stated, “The head of the Federal Integrity Commission, Haider Hanoun, issued a ministerial order to form the (Higher Anti-Corruption Commission) to investigate major and important corruption cases,” noting that “the composed commission headed by Hanoun includes in its membership the directors of the investigation and recovery departments in the commission, in addition to To a group of its investigators chosen by the head of the Commission (subject to change), and the Commission may seek the assistance of investigators and administrators from among its employees.

The statement stated, "The formation of this commission comes from the duty of the Integrity Commission to prevent and combat corruption in the easiest and fastest way available by law, and from the importance of completing the investigation of corruption cases stipulated in its law, especially major and important corruption cases, and within the specified time limit," pointing to That "this aims to limit corruption, reduce its paths, prevent its continuation, and punish its perpetrators, in line with the importance and size of these cases, as the formation of the commission comes in accordance with the provisions of Article (3 / Seventh) of the law."

He continued, “Article (3/seventh) of the Commission’s law stipulates that it works to contribute to preventing and combating corruption through matters, including: Carrying out any work that contributes to combating or preventing corruption, on two conditions:- A- That this work is necessary and pours into combating corruption. Or prevent it, b- It should be effective and appropriate to achieve the objectives of the Authority.   https://www.radionawa.com/all-detail.aspx?jimare=32181

Former Deputy: It Is Not Possible To Fight Corruption Without Confronting The Big "Whales".

Posted On2022-11-16 By Sotaliraq  Former MP Wael Abdel Latif considered, on Tuesday, that the promises made by the new Iraqi government could not be fulfilled and that it would fight corruption without confronting the "whales" and the big heads responsible for corruption.

Abdul Latif said in an interview: “Prime Minister Muhammad Shia’ al-Sudani is required to arrest and deposit a group of corruption whales, which should be known to the Iraqi people, as holding a general manager or deputy director accountable here or there will not realistically affect the fight against corruption.”

He said, “ Corruption today is rooted in the Iraqi state, and the state is leading corruption, as evidenced by the oil smuggling network that was exposed in the Basra governorate, to show that all its members are important military ranks in the state, and corruption threatens the collapse of the Iraqi state if it continues in this way in the near future. ».   LINK

Alia Nassif Calls For The Formation Of A Team Of Lawyers To Defend Iraq's Position In Foreign Lawsuits

Wednesday 16 November 2022 10:43 | Economical Number of readings: 272

Baghdad / NINA / - Representative Alia Nassif stressed the need to form a team of senior Iraqi jurists and lawyers to defend Iraq's position towards the foreign lawsuits filed against it, which include claims for billions of dollars in invalid compensation, praising the response of the Minister of Justice and his pledge to activate the special committee for this purpose and under his personal supervision.

And it said in a statement today: "The Egyptian Horse Company for Tourism and Travel, owned by the so-called Imad al-Jilda and his brothers (close to the former regime), filed an arbitration case demanding that the Iraqi government pay an amount of 15 billion US dollars, and this case is managed and funded through Raghad Saddam Hussein, and Iraq's position was During the previous years, it was strong and excellent efforts were made to dismiss this lawsuit.

However, some corrupt people have recently begun to interfere in this file with the aim of diverting the course of the case in favor of the Egyptian company, to the point of contracting with an Egyptian lawyer for five million dollars to plead for Iraq, as if Iraq does not have lawyers or lawyers. Experts in international law.

And Nassif indicated: "The Minister of Justice responded with gratitude and pledged to follow up the case himself, activate the special committee for this purpose and resolve all foreign lawsuits filed against Iraq, and his honorable position deserves praise and praise when he showed cooperation in the file of Iraq's real estate abroad and the file of disputes in Iraqi issues in which there is an element.

" Foreign,” stressing “the need to form a legal team that includes senior Iraqi jurists and lawyers to defend Iraq’s position towards foreign lawsuits and to prevent Iraq from fining any amount of money.”/ Ended 8    https://ninanews.com/Website/News/Details?Key=1014323

Macroeconomic Policy Between Reality And The Responsible Government Role

Articles   Dr.. Haitham Hamid Mutlaq Al-Mansour

There is a debate about the nature of the government's role in the contemporary Iraqi economy and its effects on the economic performance of the various sectors of use and output. Without the in-depth, long-term vision regarding the delineation and diagnosis of the government’s role in the economy as a basic part of a strategy for formulating macroeconomic policy to build the overall model with its integrated development vision,

indicating that the government’s role in the economy is inseparable from its long-term technical nature, so the reformulation of the model Development after years of political instability must be an integral part of the long-term strategy for building the contemporary Iraqi state in the current and next phase.

From an in-depth reading of the reality of economic policy, it is noted that the government’s practice of its economic role has been reduced to a narrow framework, which does not go beyond issues of government fiscal deficit, exchange rate policy, and inflation targeting without a serious discussion of the comprehensive effects of various economic variables within the horizon of macro policy seeking to achieve the goal of macro stability and stimulating growth, in In light of the comprehensive economic reform steps to amend the imbalance entrenched in the structure of the Iraqi economy, to diversify the gross domestic product towards the real sectors.

Therefore, the government's long-term economic policy must focus on its role in the economy and within the following axes:

Granting the government confidence to the public and institutions: The focus of the overall policy must be on granting and ensuring confidence to the public and institutions throughout the economy.

Financial flows, employment opportunities and stimulating the movement of money and investment, as an important step to attract foreign capital in the direction of developing the real sector to compensate for foreign imports and tipping the balance of trade and the balance of payments from national production, by creating the physical and legal framework to accelerate the growth trends of private activity towards the leading sectors.

The government's maintenance of the relationship between economic security and social peace within the movement of the economic system and limiting the negative effects of economic policies on the segments of society in order to reduce the flagrant societal inequality.

Towards public services and commodity support, and reducing class differences, through macroeconomic policy measures aimed at preserving the real income of individuals away from inflation pressures and the continuous rise in rates of the general level of prices, and reducing the phenomenon of unemployment by building an employment and employment program according to the labor market and the need for the development framework .

The government assumes its functional role to stimulate aggregate demand and establish direct investments, and that is to start building major projects that stimulate the movement of use and production, in a way that works to move the economy away from rentierism, in order to reach the necessary level of infrastructure that has an important contribution to stimulating the establishment of strategic private investments.

Focusing on the developmental role of the government in reformulating the fiscal and monetary policies to direct public revenue and public spending on targeted areas in light of the policies of macro stability and reducing inflation, to ensure the achievement of points 1, 2 and 3.

Giving utmost importance to the government's coordinating developmental role among sectoral policies, especially oil, agricultural, industrial, commercial, and balance of payments, in order to achieve the goal of diversifying and increasing the growth of the gross domestic product, achieving higher development goals in all targeted sectors, and supporting strategic sectors such as education, health care, social security, and job creation.

The developmental role of the state represents an important building block in building the legitimacy and credibility of the state and the social and political system that seeks to meet the aspirations of the masses in building the present and ensuring the future.

Views 125   Added 11/16/2022 - 1:05 PM  Updated 11/16/2022 - 5:01 PM

https://economy-news.net/content.php?id=30832

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

"Tidbits From TNT" Wednesday 11-16-2022

TNT:

Tishwash:  An economist diagnoses 3 challenges to the decision to restore the exchange rate

The local economist, Bassem Adnan, identified, on Wednesday, three challenges facing the decision to restore the exchange rate in Iraq.

Adnan said in an interview with Al-Maalouma, "The laws set clear powers for the financial management file in Iraq, and it is within the jurisdiction of the Central Bank, which is considered an independent entity and cannot be interfered with or impose decisions, including restoring the exchange rate to its previous state." 

He added, "3 challenges face any decision to restore the exchange rate of the dollar to its previous state, the most prominent of which is the loss of financial liquidity estimated at 22 trillion dinars, which is a large amount, especially since we are facing a period of frequent fluctuations in the oil price exchange, which will make any next step in this direction difficult or even impossible."

He pointed out that "Al-Kazemi's government committed grave mistakes that made raising the exchange rate a tool for grinding millions of poor people, because it did not protect the markets and did not put in place mechanisms to prevent monopoly and speculation in basic materials to push prices to rise by a rate ranging between 20-50%." 

Dozens of members of the House of Representatives support the decision to return the exchange rate of the dollar to its previous position due to the repercussions of the high prices of basic materials in the markets.  link

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

Tishwash:  Global data talks about Iraq signing contracts worth more than half a billion dollars last October

Iraq came fourth in the Middle East with the value of contracts signed last October, as it signed contracts worth more than half a billion dollars, although there is no clear data on these contracts.

And the British magazine “Med” stated that the value of the “Med Projects” index showed that last October became the third best month for the Middle East markets this year in terms of contracts awarded, indicating that the total of its signed deals amounted to $ 11.3 billion during the past month.

She added that Iraq ranked fourth in the region in terms of the value of contracts that were leaked during the month of October, as it awarded contracts worth $698 million.

The magazine indicated that “Saudi Arabia topped the order of awarding contracts for projects with a value of $4.6 billion, most of which was in the electricity sector, and Qatar ranked second with one deal in the gas sector worth $4.5 billion, while the UAE ranked third in terms of October deals, while it ranked Kuwait ranks fifth in the region, having awarded contracts worth 93 million dirhams.

The Iraqi state did not announce contracts signed with this number, which exceeds half a billion dollars, during last October, which raises questions about these contracts, when they were signed, and related to any investment projects.   link

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

Tishwash:  Iraq contracts auditing firm after 2.53 billion USD disappeared

The Iraqi government contracted an international auditing firm to deal with tax insurance funds after what became known as the ‘theft of the century’ was discovered.

The Iraqi cabinet agreed to authorize the office of the Prime Minister to contract with a major international company specialized in financial auditing after a theft of tax insurance funds was discovered, according to a statement issued by the press office of the Council of Ministers.

The statement added that the approval was granted in order to audit tax insurance funds.

Supervisory authorities previously discovered the embezzlement of more than 3.7 trillion Iraqi dinars (2.53 billion USD) from the General Commission for Taxes, which became known as the ‘theft of the century.’

The Iraqi News Agency (INA) reported in mid-October that an internal investigation carried out by the Ministry of Finance found the money had been withdrawn from the account of the General Commission for Taxes at a state-owned bank.

The Iraqi judiciary issued arrest warrants against those involved in the ‘theft of the century,’ confiscating movable and immovable assets, and seizing real estate belonging to them and their families.

Financial corruption in Iraq is one of the most important and complex challenges facing successive governments running the country since 2003, and which caused drainage of huge wealth.

Prime Minister Mohammed Shia Al-Sudani, during his speech in the Parliament after his government was granted confidence, described corruption as a ‘pandemic,’ and vowed to develop programs and plans to restrict corruption and limit the waste of public funds.   link

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

Tishwash:  Iraq will participate in the Arab-Chinese summit in Saudi Arabia next month

Iraq announced its participation in the Arab-Chinese Summit to be held in Saudi Arabia next month, which aims to build a strategy for economic cooperation between the Arabs and China.

The official spokesman for the Ministry of Foreign Affairs, Ahmed Al-Sahaf, said, "Minister Fuad Hussein assured the Chinese ambassador to Baghdad {Cui Wei} of Iraq's participation in this important summit," noting that "the two sides discussed full preparation for it, especially as it takes place in exceptional circumstances that the region and the world are going through."

The minister explained to the Chinese ambassador Iraq's vision of the solution mechanism, ending the crises that the region suffers from, and its position on all economic and security issues in the region and the world.

The two sides also stressed the importance of strengthening relations between Baghdad and Beijing in all fields for the benefit of the two friendly countries, according to the ministry's spokesman.

In addition, the Arab countries intensified their preparations for the Arab-Chinese summit, which will be held in Saudi Arabia, next month, and organized the agenda of the summit, which is at the forefront of the economic file and the file of enhancing opportunities for a peaceful solution in the region that is living today on the impact of the Russian-Ukrainian war that cast a shadow over the region and the world as a whole.

It is worth noting that China is the largest trading partner of the Arab countries, as the volume of trade exchange between the two countries amounted to about $330 billion, an increase of 37% in the past year, compared to the previous year.   link

Mot:  Great Job ---- Siiggghhhhhhh  jewlry catalogs

Mot:  .. I Thinks I'm Already losing it! – LOL