Tuesday Morning Iraq Economic News Highlights 4-25-23
Tuesday Morning Iraq Economic News Highlights 4-25-23
The Central Bank: The Cash Payment Of The Dollar Has Become Disciplined With The Procedures Of The Electronic Platform
Economy| 09:07 - 04/24/2023 Baghdad - Mawazine News The Central Bank confirmed, today, Monday, that the cash payment of the dollar has become disciplined with the procedures of the electronic platform, which prompted a decline in its price in the market, because it has become available through the platform.
Tuesday Morning Iraq Economic News Highlights 4-25-23
The Central Bank: The Cash Payment Of The Dollar Has Become Disciplined With The Procedures Of The Electronic Platform
Economy| 09:07 - 04/24/2023 Baghdad - Mawazine News The Central Bank confirmed, today, Monday, that the cash payment of the dollar has become disciplined with the procedures of the electronic platform, which prompted a decline in its price in the market, because it has become available through the platform.
The Central Bank's advisor, Ihsan Al-Yasiri, said in an interview with the official agency, which was followed by Mawazine News, that "all merchants, including small merchants, have become able to obtain dollars through the electronic platform, and the cash payment of dollars has become disciplined with the procedures of the platform."
He added, "In light of this, it is natural for the dollar to begin to decline in front of the dinar in the market for its normal price set by the Central Bank, because the dollar is a commodity like any other commodity whose purchase requests are met."
And he continued: “As long as purchase orders for dollars are met through the platform, there will remain no reason for the merchant to sell in dollars, and we hope that the sale will be in dinars only because it is the country’s currency, and secondly, there is no reason to adhere to a specific price, because the dollar is available to those who ask for it, such as the merchant and those who need to travel for treatment, the traveler and the student who is studying.” outside".
https://www.mawazin.net/Details.aspx?jimare=225313
Iraqi Oil Expert: The Real Confrontation Between OPEC And America Will Begin In A Few Days
2023-04-25 05:18 Shafaq News/ The oil expert, Hamza Al-Jawahiri, predicted today, Tuesday, that the real confrontation between OPEC and the United States of America will begin in a few days, suggesting that oil prices will rise again.
Al-Jawahiri said in an interview with Shafaq News agency; "What is currently happening in terms of fluctuation in oil prices is a confrontation between OPEC and America," expecting that "this confrontation will not end, as the latter is preparing for the real confrontation that will begin in a few days."
He added, "America is currently seeking to reduce oil prices by pumping large quantities of strategic oil reserves that it has into the markets, while OPEC has sought to keep prices within the range of $80 through the voluntary reduction of one million and 660 thousand barrels per day, which will start as of the first of March." next May."
Al-Jawahiry expected that "prices will rise again if the voluntary reduction is initiated," adding that "OPEC + knows that this confrontation with America will not end through this reduction, and therefore OPEC studies will take this into account in light of this confrontation."
Crude oil prices rose with OPEC countries, including Iraq, announcing voluntary cuts of more than one million and 600 thousand barrels per day, starting next May, in addition to the previous cuts of two million barrels per day, before losing these gains with the passage of days, with expectations of raising interest rates in America and Europe, which warns of weak global economic growth. LINK
Parliamentary Warnings Of Breaching The Erbil Oil Sale Agreement And The Collapse Of Negotiations To Pass The Budget
Information / Baghdad.. Independent MP Ahmed Majeed Al-Sharmani warned, on Tuesday, of the consequences of violating the oil agreement between Baghdad and Erbil within the budget, indicating that strengthening the budget through additional resources will end these risks.
Follow the "information" channel on Telegram.. news that does not need to be documented..
Al-Sharmani said in an interview with Al-Maalouma agency, "The oil agreement between Baghdad and Erbil to export 400,000 barrels of oil will be subject to breach at any moment due to political tensions."
He added, "This matter has great risks for the 2023 budget, and therefore we demand support for budget revenues from other outlets and work to support the national industry."
He pointed out that "any breach of the oil agreement between Baghdad and Erbil will increase the deficit rate in the next year's budget for the year 2024."
Pointing out that "the region's oil file constitutes an obstacle in relations between Baghdad and Erbil at a time when the Iraqi government has adopted its budget for the next three years."
The representative of the Al-Fateh Alliance, Walid Al-Sahlani, revealed, in a previous interview, that his alliance recorded two observations regarding the budget law, indicating that the budget lacks the main objectives, in addition to not including raising the proportions of non-oil resources. LINK
Experts: The 2023 Budget Is Exaggerated
Iraqi Dinar Reports Economists have warned that the delay in approving the budget until now will greatly affect the completion or start of the projects announced by the government, especially since the year is approaching halfway through now, noting that everyone is waiting for Parliament’s opinion on the three-year budget and how it will be monitored in the event It was approved with changes in oil prices.
Economic expert Mahmoud Dagher stated that "the government will not be able to implement the investment part with the remainder of the time of this year, which has now passed 4 months without approving the budget."
Dagher said, "The plan and investment platform in the budget is within the limits of (50 trillion dinars), and therefore it is difficult to negotiate with contractors in light of the lack of approval of the budget, and sometimes there are foreign companies that the government needs to contract with, so if we want to implement projects correctly, the period The remainder of this year is not enough, and it is difficult for the government to be able to accomplish it within six months, accompanied by low productivity in state institutions and the financial and administrative corruption that is eating away at them.
He added that "the investment part can be completed in subsequent years only, and that will be implemented is the amount of revenues and dues of oil companies," noting that "any effort or intentions, if not accompanied by proper planning and construction, cannot be implemented and remain incomplete dreams."
Dagher explained, "The entire budget was built on exaggerations, except for the salaries. All eyes are on whether Parliament will agree to approve a budget for three years," wondering, "If the budget is approved, how will it be followed up and monitored?"
In addition, the economist Hazem Hadi saw that the remaining period of the year to complete the projects is a very short period,” noting that “only half of the year remains, and there has been no ratification of the budget law so far.”
Hadi said, "The projects that the government undertakes to implement or that are lagging behind may not be able to implement them, and the government is required at the present time to provide the necessary supplies to advance and complete these projects," noting that "it is unreasonable for 4 months of the year to pass without the ratification of an important draft law." Like the budget, and this is a delay from the financial planner and from the legislator at the same time.
He added, "The allocations in the budget are very large, and the deficit is also very large. In any case, spending on the budget will not exceed 90%, and investment spending will not exceed, at best, 30-40% of the budget."
In addition, a member of the Parliamentary Finance Committee, Jamal Cougar, said: “The committee will use its full powers regarding the budget, by making reductions, transfers, amending paragraphs and adding paragraphs,” suggesting that “the budget will be passed without disagreement.”
In turn, the representative of the Kurdistan Democratic Party, Mahma Khalil, said: "Among the disputes over the budget is the existence of a large deficit in its law, and the government must work to reduce it or clarify a mechanism to bridge this deficit," noting that "the price of oil that was calculated in the budget is also the subject of A dispute between deputies who believe that this price is too high and should be reduced or it should be at a balanced price. https://economy-news.net/content.php?id=33784
Economist: Entering Iraq With The Swift Platform Led To Market Stability And Prevented Currency Smuggling
04/25/2023 Earth News / Economist Alaa Al-Fahd said today, Tuesday, that Iraq's entry into the SWIFT platform led to market stability and prevented currency smuggling abroad.
Al-Fahd said, in an interview with Earth News, that "the monetary policy in Iraq seeks to create stability in the exchange rates and currencies market, and this has a great impact on reducing cases of corruption and currency smuggling abroad."
He added, "Iraq's entry into the list of the Swift platform for external transfers has a positive impact on Iraq, which has led to market stability on the one hand and preventing smuggling on the other hand."
And that "this will reflect positively on the development of the Iraqi economy and the state of recovery expected as a result of the application of this system, which will limit cases of smuggling of the dollar currency to other countries."
He continued, "The currencies were up to three countries whose trade depended directly on Iraq, and the application of this system will limit smuggling cases, and this will reflect positively on the stability of market prices in the future in Iraq." https://earthiq.news/archives/224029
Between Abundance And Fear Of Bankruptcy.. Will Iraq Take A Way Out Of Debt?
While Iraq has the largest cash reserves in its history, amounting to 125 billion US dollars, economists believe that "if oil prices fall, Iraq will lose its economic capacity and may take debt as a way to add to its previous debts."
The economist, Salam Sumaisem, criticized today, Monday, the federal budget, considering it to be consumer spending and not diversify any sources of income.
Sumaisem said in a press interview seen by “Takadum” that “despite the value of the explosive budget, we may reach bankruptcy and go to the path of debt in the event that the price of oil falls and our revenues are no longer equal to the volume of high spending in this budget, which witnesses great (extravagance) in it.”
And the economist called for “diversifying sources of income and compressing expenditures for the purpose of reducing the budget and not keeping its price high in order to ensure stability in financial exchange operations.”
She pointed out that “the investment aspect is completely absent from the three-year budget,” which the House of Representatives intends to vote on.
It is noteworthy that the foreign debts incurred by Iraq are limited debts, amounting today to about 17 billion dollars, and are divided into types, including soft debts for the benefit of countries and governments that lend to Iraq in fulfillment of its commitment at the Madrid Conference for the Reconstruction of Iraq in 2003, during which several countries, led by the United States, pledged to provide Grants and soft loans to Iraq amounting to approximately 33 billion dollars in an effort to rebuild the country, which explains the provision of loans through American, Japanese, British and German development agencies.
Observers confirm that Iraq pays 4 billion dollars annually to pay debt installments and interests, and its volume may not constitute 6 to 7 percent of its gross domestic product, and thus it can be said that Iraq is a country that is not bound by debt. https://takadum-news.com/archives/161022
The Sudanese Financial Advisor: The Value Of Treasury Transfers Is Currently Estimated At 46 Trillion Dinars
Economy Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that foreign currency reserves are high, safe and at comfortable levels, while he indicated that the value of treasury transfers is currently estimated at about 46 trillion dinars.
Saleh said to the official agency, "The Central Bank is an independent authority and enjoys broad legal independence, as it is based on the Central Bank of Iraq Law No. 56 of 2004, especially Article 26, which bears an explicit title that reads:" Prohibition of lending to the government (neither directly nor indirectly). Indirect)
Operational monetary policy, and it is called (sterilization) procedures.
He added, "The Central Bank is responsible for managing the government's financial operations, as well as managing the country's foreign currency reserves, according to the best methods of managing sovereign investment portfolios, and its standard evidence in terms of maximizing asset returns and avoiding all risks, whether legal, price and others."
He pointed out that "although the Central Bank, by virtue of its role in controlling local liquidity levels and controlling its flows to achieve stability in the growth of the money supply, it exercises secondary market operations in the sale and purchase of securities in general and government ones in particular in order to manage general liquidity in the economy."
And controlling its levels and growth rates in a way that achieves monetary and price stability, and this is done through direct dealings with the national banking market exclusively.
And he continued, "The Central Bank currently holds, through secondary market operations, about 64 percent of the total internal public debt, which are government debt instruments in the form of bonds and treasury transfers (that is, they are government borrowing tools that were deducted by local banks and are the primary holders before deducting them with the monetary authority). ,
As banks, especially government ones, at different periods deducted their interest with the Central Bank and regained their liquidity, and they carry an annual interest ranging between 2-3 percent, and today they have become an integral part of the assets or assets in the balance sheet of the Central Bank of Iraq.
And he added, "The value of treasury transfers in the possession of the monetary authority is estimated at about 46 trillion dinars currently," pointing out that "the foreign currency reserves of the Central Bank of Iraq are at very comfortable levels, which are the highest in the country's financial history,
which are not less than balances (in foreign exchange and gold). ) between 110-115 billion dollars, and at the same time it constitutes a percentage (coverage) of the cash currency issued (and according to the current exchange rate) by about 130 percent, which is a high and safe coverage.
And he continued, “Monetary policy, and by virtue of the fact that the Central Bank of Iraq is the government’s financial advisor, and it is the one who coordinates and consults with the government in accordance with its law to ensure consistency and harmony with the joints of financial policy and other economic policies, any decision taken by the monetary authority in accepting a discount or liquidation of any government debt instruments will be subject to
There is no escape for accurate standard equations in applying monetary policy tools and their operational objectives, within the framework of managing the liquidity of the economy in a balanced manner with macroeconomic indicators, and in a manner consistent with the independence of the Central Bank of Iraq. https://www.dijlah.tv/index.php?page=article&id=327478
Iraqi Oil Expert: The Real Confrontation Between OPEC And America Will Begin In A Few Days
Shafaq News/ The oil expert, Hamza Al-Jawahiri, predicted today, Tuesday, that the real confrontation between OPEC and the United States of America will begin in a few days, suggesting that oil prices will rise again.
Al-Jawahiri said in an interview with Shafaq News agency; "What is currently happening in terms of fluctuation in oil prices is a confrontation between OPEC and America," expecting that "this confrontation will not end, as the latter is preparing for the real confrontation that will begin in a few days."
He added, "America is currently seeking to reduce oil prices by pumping large quantities of strategic oil reserves that it has into the markets, while OPEC has sought to keep prices within the range of $80 through the voluntary reduction of one million and 660 thousand barrels per day, which will start as of the first of March." next May."
Al-Jawahiry expected that "prices will rise again if the voluntary reduction is initiated," adding that "OPEC + knows that this confrontation with America will not end through this reduction, and therefore OPEC studies will take this into account in light of this confrontation."
Crude oil prices rose with OPEC countries, including Iraq, announcing voluntary cuts of more than one million and 600 thousand barrels per day, starting next May, in addition to the previous cuts of two million barrels per day, before losing these gains with the passage of days, with expectations of raising interest rates in America and Europe, which warns of weak global economic growth. LINK
Did The Government Make A Mistake?.. Revealing A Detail That Includes A Waste Of Public Money In The 2023 Budget
Money and business Economy News-Baghdad On Monday, economic expert Nabil Al-Marsoumi revealed an exaggeration in the cost of exporting crude oil through the Kurdistan region.
Al-Marsoumi said in a post on Facebook, "The cost of transporting crude oil exported from Kurdistan in the 2023 budget = 1.428 trillion dinars, and the export rate from Kurdistan = 400,000 barrels per day, and the average cost of transporting a barrel of oil exported from Kurdistan = 9,781 dinars, or 7.52 dollars."
He added, "This figure is about 6 times greater than the cost of transporting Iraqi oil sourced south by sea," noting that "KAR Company owns (60%) of the pipeline that transports oil to the Fishkhabour area near the border with Turkey, while (KAR) returns." 40% of the ownership of the pipeline goes to the Russian company (Rosneft).
He explained, "According to the report of the American company (Deloitte), the fees for transporting a barrel of oil through the pipeline amounted to (4.4) dollars during the period (1/1/2019 until 30/6/2021)."
He pointed out that "the second half of 2021 witnessed an increase in the cost to (6.1) dollars per barrel."
Therefore, "the figure included in the 2023 budget to cover the fees for transporting Kurdistan's oil is exaggerated and represents an unjustified waste of public money." In the words of the economist.
"Tidbits From TNT" Tuesday Morning 4-25-2023
TNT:
Tishwash: Parliament decides to extend the legislative term: no holiday until the budget is approved
The Parliamentary Legal Committee confirmed, today, Tuesday, that the House of Representatives will not go into its legislative recess until after the budget law is approved.
Committee member Aref al-Hamami told (Baghdad Today) that "the House of Representatives will extend its legislative term, in order to legislate the budget law. .
Al-Hamami indicated that "the coming days will witness an accelerated movement in order to pass the budget law, and there is agreement and agreement on this matter."
He pointed out that "Parliament is currently working on making some amendments to the law, especially those related to reducing the fiscal deficit."
TNT:
Tishwash: Parliament decides to extend the legislative term: no holiday until the budget is approved
The Parliamentary Legal Committee confirmed, today, Tuesday, that the House of Representatives will not go into its legislative recess until after the budget law is approved.
Committee member Aref al-Hamami told (Baghdad Today) that "the House of Representatives will extend its legislative term, in order to legislate the budget law. .
Al-Hamami indicated that "the coming days will witness an accelerated movement in order to pass the budget law, and there is agreement and agreement on this matter."
He pointed out that "Parliament is currently working on making some amendments to the law, especially those related to reducing the fiscal deficit."
Earlier, the Parliamentary Finance Committee revealed the date for voting on the financial budget law for the year 2023, while confirming the existence of a political agreement on that.
Committee member Jamal Cougar told (Baghdad Today): "After the end of the Eid al-Fitr holiday, the Parliamentary Finance Committee will re-discuss the notes on the budget law, and there will be negotiations between the blocs about the budget paragraphs as well as the financial deficit in it."
And Cougar stated, "The vote on the budget law will take place at the end of next month, and there is a political agreement on this matter among all parliamentary blocs within parliament, and we will work to reduce the financial deficit in the budget, to prevent economic consequences from occurring due to the current large deficit in the law." .
The House of Representatives had completed the second reading of the budget bill, and it is likely to be submitted to a vote after the Eid al-Fitr holiday. link
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CandyKisses: Advisor Al-Sudani: Foreign currency reserves are high and at comfortable levels
Baghdad - Mawazine News
The financial advisor to Prime Minister Mazhar Mohammed Saleh confirmed on Tuesday that foreign currency reserves are high, safe and at comfortable levels, while noting that the value of safe transfers is currently estimated at 46 trillion dinars.
Saleh said, "The Central Bank currently has about 64 percent of the total internal public debt through secondary market operations, which are government debt instruments in the form of bonds and treasury transfers (that is, they are government borrowing tools that were deducted by local banks and are the primary holder before being deducted with the Monetary Authority), as banks, especially government, in different periods deducted their interest to the Central Bank and recovered their liquidity, which carries an annual interest ranging from 2-3 percent, and today they have become an integral part of assets or assets in the balance sheet of the Central Bank of Iraq."
He added that "the value of safe transfers in the possession of the Monetary Authority is estimated at about 46 trillion dinars currently," pointing out that "the reserves of foreign currency of the Central Bank of Iraq are at very comfortable levels, which are the highest in the country's financial history, which are not less than balances (in foreign exchange and gold) between 110 - 115 billion dollars, and at the same time constitute a percentage (coverage) of the issued cash currency (and according to the current exchange rate) of about 130 percent, which is a high and honest coverage."
He added that "monetary policy, by virtue of the fact that the Central Bank of Iraq is the government's financial advisor, and it is the one who coordinates and consults with the government under its law to ensure consistency and harmony with the joints of fiscal policy and other economic policies, any decision taken by the monetary authority to accept the discount or liquidation of any government debt instruments will inevitably be subject to accurate standard equations in the application of monetary policy tools and their operational objectives, within the framework of managing the liquidity of the economy and in a balanced manner with macroeconomic indicators, and in line with the independence of the Central Bank of Iraq."
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Tishwash: Advisor to the Prime Minister: The value of treasury transfers is currently estimated at 46 trillion dinars
Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that foreign currency reserves are high, safe and at comfortable levels, while he indicated that the value of treasury transfers is currently estimated at about 46 trillion dinars.
Saleh said to the official agency, followed by (Al-Oula News), that “the central bank is an independent authority and enjoys broad legal independence, as it is based on the Central Bank of Iraq Law No. Neither directly nor indirectly).
He noted that “the Central Bank is the authority to issue the national currency and maintain the stability of the value of the national currency and its purchasing power, and it has the freedom to intervene in the money market to impose stability and reduce inflation rates by controlling local liquidity levels, which are monetary operations that come within the operational objectives of monetary policy, and It is called (sterilization) procedures.
He added, "The central bank is responsible for managing the government's financial operations, as well as managing the country's foreign currency reserves according to the best methods of managing sovereign investment portfolios, and its standard evidence in terms of maximizing asset returns and avoiding all risks, whether legal, price and others."
He pointed out that “although the central bank, by virtue of its role in controlling local liquidity levels and controlling its flows to achieve stability in the growth of the money supply, it exercises secondary market operations in buying and selling securities in general and government ones in particular in order to manage general liquidity in the economy.” And controlling its levels and growth rates in a way that achieves monetary and price stability, and this is done through direct dealings with the national banking market exclusively.
And he continued, “The Central Bank currently possesses, through secondary market operations, about 64 percent of the total internal public debt, which are government debt instruments in the form of bonds and treasury transfers (that is, they are government borrowing tools that were discounted by local banks, and they are the primary holder of them before discounting them with the monetary authority). , As banks, especially government ones, at different periods deducted their interest with the Central Bank and regained their liquidity, and they carry an annual interest ranging between 2-3 percent, and today they have become an integral part of the assets or assets in the balance sheet of the Central Bank of Iraq.
And he added, "The value of treasury transfers in the possession of the monetary authority is estimated at about 46 trillion dinars currently," pointing out that "the foreign currency reserves of the Central Bank of Iraq are at very comfortable levels, which are the highest in the country's financial history, which are not less than balances (in foreign exchange and gold). ) between 110-115 billion dollars, and at the same time it constitutes a percentage (coverage) of the cash currency issued (and according to the current exchange rate) by about 130 percent, which is a high and safe coverage.
And he continued, “Monetary policy, and by virtue of the fact that the Central Bank of Iraq is the government’s financial advisor, and it is the one who coordinates and consults with the government in accordance with its law to ensure consistency and harmony with the joints of financial policy and other economic policies, any decision taken by the monetary authority in accepting a discount or liquidation of any government debt instruments will be subject to
There is no way for accurate standard equations in applying monetary policy tools and their operational objectives, within the framework of managing the liquidity of the economy in a balanced manner with macroeconomic indicators, and in a manner consistent with the independence of the Central Bank of Iraq. link
Mot: .... Ya Know its OK the RV Hasnt Happened Yet - but ----
Mot: .. Gunna beeee One of Those Daze!! ~~~~
Iraqi News Highlights Monday Evening 4-24-23
Iraqi News Highlights Monday Evening 4-24-23
Tlm724 Administrator Bondlady’s Corner
Federation Of Chambers Of Commerce: Iraq Sent A Positive Message To The World After Entering The Swift Platform
Economy 23-04-2023, 13:08 Baghdad - conscious - Nassar Al –Hajj The Federation of Chambers of Commerce confirmed today, Sunday, that Iraq has promising investment opportunities and with all specializations, while indicating that its entry into the Swift platform gave a positive message to all countries of the world.
Iraqi News Highlights Monday Evening 4-24-23
Tlm724 Administrator Bondlady’s Corner
Federation Of Chambers Of Commerce: Iraq Sent A Positive Message To The World After Entering The Swift Platform
Economy 23-04-2023, 13:08 Baghdad - conscious - Nassar Al –Hajj The Federation of Chambers of Commerce confirmed today, Sunday, that Iraq has promising investment opportunities and with all specializations, while indicating that its entry into the Swift platform gave a positive message to all countries of the world.
"Iraq has thousands of promising investment opportunities and with all the agricultural, industrial, commercial, commercial oil specialties, especially as it is a country of multi-good deeds and sites."
He added, "There are great opportunities that can be global," stressing
"the real need to extend the law and send a positive message to the world that Iraq is a safe environment for investment,
in addition to the need for banks to have a global correspondence through which the investor can enter and remove money."
He explained, "The entry of Iraq to the platform in Swift gave the world a positive message that Iraq is its money and its financial dealings is white," noting that
"the union has all the powers in the openness of international companies through the federations of the trade and industrial chambers in the countries of the world."
And he added, "The Iraqi investments are large and widespread in all countries of the world, including Oman, Dubai and Turkey, because the laws are facilitated and simplified,"
calling on "the government to improve the administrative improvement of these operations and
eliminate routine, bureaucracy, favoritism and other things that keep the investor away from investing his money in Iraq." https://www.ina.iq/183537--.html
The Central Bank Announces The Creation Of The "International Organizations And Foreign Relations" Section
Economy 17-04-2023, Baghdad – conscious The Central Bank of Iraq announced today, Monday, the creation of the Department of International Organizations and Foreign Relations.
The Media Office of the Central Bank said in a statement received by the Iraqi News Agency (conscious), that "the governor of the Central Bank, Ali Mohsen Al -Alaq, and the accompanying delegation met the regional representative of the World Bank Farid Balha Al -Hajj and his executive team, as part of the World Bank meetings and the International Monetary Fund in Washington."
He added, "The meeting dealt with researching the reality of the Iraqi banking sector and enhancing the concept of financial inclusion in the country through special programs with international institutions.
The two parties also discussed the recent measures carried out by the Governor of the Central Bank of Iraq in combating money laundering and terrorist financing, as well as accelerating banking reforms for banks Government, government support for reform in this vital sector.
Al -Alaq stressed, according to the statement, "continuing to support the green economy and renewable energy through the clean energy initiative, which is to lend citizens to purchase solar energy systems and cooperate with government agencies to ensure the quality of systems,"
calling for "technical support and benefit from the expertise of the World Bank in expanding the Central Bank initiative to lend projects Small in light of the successful experiences of other countries." He pointed out that
"the creation of the Department of International Organizations and Foreign Relations, which is related to the Governor of the Central Bank to organize, promote and follow up on relations, programs and memoranda of understanding with organizations and foreign authorities."
The World Bank's regional representative expressed his cooperation "to build functional and technical capabilities for the central bank employees in the field of banking control, electronic payment companies and non-banking financial institutions." https://www.ina.iq/183122--.html
Al-Khazraji: Al-Sudani's Decisions Contributed To Recovering The Billions Of Looted Funds
Economy 21-04-2023, Baghdad – conscious Member of the Oil, Gas and Natural Resources Committee, Representative Muhannad Al-Khazraji, confirmed today, Friday, that
the audacity of the Prime Minister's decisions recovered the looted funds, strengthened the state's sovereignty,
and moved the economic recession, which contributed to a great loss that caused the dollar to rise against the Iraqi dinar.
Al-Khazraji said, in a statement received by the Iraqi News Agency (INA), that
"the coordination framework in particular and the State Administration Coalition are continuing to support the Prime Minister's efforts to combat corruption,"
calling at the same time "the House of Representatives and other political components to support the government's efforts in pursuing those wanted." Through the International Interpol in cases of corruption and terrorism.
He pointed out that "hundreds of wanted people owe billions of dollars and live in complete prosperity, along with their families, as a result of the looting of public money," noting that
"reforming the situation in the country takes a long time through integration between the executive and legislative governments to control economic security in the country and support independent bodies charged with fighting corruption." Which is the main obstacle to the growth and prosperity of the national economy, especially since the Sudanese government has achieved tangible successes on the ground in a period not exceeding six months. https://www.ina.iq/183430--.html
Central Bank: Dealing In The Iraqi Dinar Will Extend To The Private Sector
Economy 04-18-2023, Baghdad – conscious Today, Tuesday, the Central Bank confirmed that the reform package is a major shift for the organized economy, while noting that dealing in the Iraqi dinar will extend to the private sector.
The bank's advisor, Ihsan Shamran, told the Iraqi News Agency (INA): "The government supported the reform package launched by the Central Bank," noting that "there is great harmony between the financial authority and the government."
He added, "Countries whose legal systems are good have an excellent economy because they do not deal in dollars," noting,
"Companies and government institutions have responded, including Iraqi Airways, by relying on the strength of the Iraqi dinar, regardless of the exchange rate."
And he continued, "The public began to deal in the Iraqi dinar as a national currency," explaining,
"This will extend to the private sector, including car showrooms, and at a close stage, the furniture and electrical dealer will not need the dollar."
And he stated, "This is considered a real step and a big shift for the organized economy," explaining,
"The real value of the dinar that exists now is more than one and a half dinars, because the bank's reserves are very high and therefore the national currency cover is high."
And he stated, "Iraq's economic interface is the central bank, which takes corrective steps,
the most important of which is the platform that transformed foreign trade in Iraq into real trade, after the relationship between the dollar that exits the country and the commodities was disconnected between them," pointing out that
"through the platform All these matters have been seized, including the dollar that is sold by the central bank to the bank and then to the public, and the public asks the bank to transfer it to the merchant who exports the commodity to Iraq.
It has been seized and has become clear.
He pointed out, "Iraq and the Central Bank are in compliance with international concerns, including combating money laundering and financing terrorism," explaining that
"we have exited the gray area and turned into a respected compliant country, and
the Central Bank has now become an internationally recognized institution, as compliance is a feature of the ethical and legal features of work.". https://www.ina.iq/183254--.html
The "Tripartite Budget"... Positive Steps To Promote Development And Investment
Economical 04/19/2023 Baghdad: Shukran Al-Fatlawi Specialists in economic affairs praised the governmental and parliamentary directions aimed at approving a tripartite budget, stressing that
this step shows the existence of a medium-term government vision for spending paths and trends and project priorities.
And it can be positively reflected in creating more interaction with local partners in various sectors, and while they warned against the continued dependence of the budget on a single financial resource to support its items,
they stressed the need to exploit the financial abundance to support the “industrial, agricultural and tourism” sectors.
The “triple” budget that extends until 2025 is a positive point that was welcomed by a number of specialists in economic affairs, who praised the paragraphs supporting the increase in sustainable development rates, especially in the health and education aspects, praising at the same time the establishment of a fixed exchange rate in the law.
A researcher in economic and institutional reform issues at the Middle East Institute in Washington, Nawfal Abu Al-Shoun, during his interview with Al-Sabah, sees a number of positive aspects in approving a tripartite budget, including “the presence of a medium-term government vision for spending paths and trends and project priorities that will be positively reflected by approving a budget for a period of three years.”
In addition to the importance of the step in being a real motive for more interaction with local partners in the private sector and investors.
Abu Al-Shoun pointed out that “the stability of the tracks during the implementation period of this budget avoids delaying its approval in the future, as happened more than once, and the
governments were forced at that time to follow the state’s requirements according to previous budgets with a clear disruption of interests,” warning at the same time, against “the continued adoption of The budget is almost completely based on export resources for one commodity that fluctuates in prices, is not controlled, and is subject to collapse and a sharp decline (oil), as happened in alternating economic cycles, expressing his fear of building the budget according to exaggerated price expectations.
The spokesman explained that "accelerating the approval of the budget, which was delayed, will be an effective factor in moving influential economic joints in the country,
which can be achieved by approving the budget for the next three years, consistent with the ministerial curriculum and the government program, and
limiting the effects of negative attitudes that try to create unreal convictions related to the budget."
The proposed expenditures in the new budget amount to 197 trillion and 828 billion dinars ($152 billion, according to the official exchange rate), including investments worth 47 trillion and 555 billion dinars ($36.5 billion).
According to the government's economic adviser, Mazhar Muhammad Salih, preparing a budget for three years is contained in the Iraqi Financial Management Law, and
"it can be amended by the Council of Ministers based on a proposal from the Ministries of Planning and Finance for the second and third years and with the approval of the House of Representatives."
Saleh says that this gives the government "legislative flexibility that distanced financial planning from the constitutional rigidity and difficulties of annual legislation." And he adds that
the House of Representatives, as far as the matter relates to the legislation of the Federal General Budget Law, has the power to reduce unnecessary expenditures and make some transfers between expenditure chapters without increasing expenditures, and this is what is happening now.
https://alsabaah.iq/75578-.html
Al-Sudani Directs The Submission And Discussion Of Monthly Reports Of Non-Oil Revenues Collected By The Ministries
April 18 Information / Baghdad...The Council of Ministers, in its session held on Tuesday, issued several decisions, including deeming tomorrow an official holiday for Yazidi citizens on the occasion of the Yazidi New Year, approving recommendations for converting the land of Al-Rashid Camp into green spaces, opening Sinbad Street, rehabilitating and opening the atomic energy road.
A statement issued by the Prime Minister's Media Office, which was received by Al-Maaloumah, stated that "Prime Minister Muhammad Shia'a Al-Sudani presided today, Tuesday, the sixteenth regular session of the Council of Ministers," noting that
"the session witnessed consideration of the general conditions, issues and files related to the government's implementation of its program based on Priorities for
services,
combating corruption,
poverty and unemployment, and
achieving economic reform steps.
The Prime Minister stressed, "the importance of continuing the momentum of what has been achieved from the government program, and
the importance of the citizen feeling the seriousness of the state agencies in implementing the projects that they promise to complete, in order to build confidence," noting,
"the need to accelerate efforts during the coming weeks and months to reinforce the principle of trust and that the state Do what you promise."
The Prime Minister directed "all ministries to submit monthly reports that include non-oil revenues collected by the ministries and discuss them."
And with the advent of Eid Al-Fitr, the Prime Minister directed that "the Eid holiday be from Thursday, April 20, until Monday, April 24, may God bring it back to Iraq and the Islamic nation with goodness and stability."
And with the celebrations of our Yazidi people on the Yazidi New Year, the Council of Ministers approved on this occasion that tomorrow, Wednesday, April 19 of this year (2023), will be an official holiday for Yazidi citizens.
The council also decided to consider the first Wednesday in April of each year an official holiday for the Yazidi component.
The Council of Ministers continued to study the issues on its agenda and took the necessary decisions and directives in this regard.
In the field of land and infrastructure development for the capital, Baghdad, and projects to reduce population pressure and pressure on the city center and its outskirts, the Council of Ministers approved the recommendations set out in the minutes of the meeting held in the office of the Prime Minister on March 15, 2023 for the purpose of transforming the land of Al-Rashid Camp into green spaces, opening Sinbad Street, and rehabilitating And opening the path of atomic energy, according to the following:
1- Re-allocating all the lands of Al-Rashid Camp to the Amanat Baghdad (except for the Al-Rashid Military Hospital) to enable the Amanat Baghdad to start work.
2- The Municipality of Baghdad shall refer the designs and plans for the project to a consulting company for the purposes of designs and development of master plans and present them to the Prime Minister for approval, and then referral for the purpose of implementation, under the supervision of the Office of the Prime Minister.
3- Transferring the cement factory of the Iraqi General Company for Cement Industry, one of the formations of the Ministry of Industry and Minerals, which has been suspended since 1982, to another location to use it as spare parts for other factories. Because it interferes with the implementation of the rational project.
4- The Ministry of Health undertakes the establishment of a second medical city in Baghdad on the structure of Al-Rashid Military Hospital, which is allocated to the Ministry of Health on an area of (401) dunums.
5- Oblige the executing company of the Al-Rashid Camp project to establish an air base in the outskirts of Baghdad, to be determined later, after obtaining the necessary approvals, as a substitute for the Al-Salam air base.
6- Stopping all allocation orders for the lands of Al-Rashid Camp that contradict the implementation of the project, and no part of it can be invested outside this vision, and canceling previous cabinet decisions.
In the framework of the efforts made to develop the oil sector, and to solve the legal and contractual problems that hinder development and expansion, the Council of Ministers approved the recommendation of the Ministerial Council for Energy (32032i) for the year 2023, regarding approval of the consensual settlement between the Basra Oil Company and the consortium of (Shell and Petronas) companies.
Among the decisions related to the oil and energy sectors, the Cabinet approved the recommendation of the Ministerial Council for Energy (23026i) for the year 2023 regarding the direct call to convert the Sadr gas station (1, 2) from the simple cycle to the combined cycle, according to the following:
1- Approval of the recommendation of the Central Committee for Review and Approval of the referral in the Ministry of Electricity taken at its third session (confirmed in Paragraph 8 specifically) regarding the referral of the direct invitation numbered (MOE-HQ14-2021). Converting Al-Sadr gas station (1,2) from the simple cycle to the combined cycle under the custody of the American company (Stellar Energy), for a total amount of (288,598,800) dollars, only two hundred and eighty-eight million, five hundred and ninety-eight thousand and eight hundred dollars,
and a specific price of (877,200) dollars Only eight hundred and seventy-seven thousand and two hundred dollars per megawatt, with an increase of (3.2%) over the estimated costs,
with a total capacity of (229) megawatts, with an implementation period of (36) months, which is equivalent to (1095) days, (as far as the issue relates to financial validity), and you bear The Ministry of Electricity ensures the integrity and accuracy of contractual procedures in accordance with the laws, regulations, and instructions in force.
And to be of European and American origins, equipment and station with American specifications.
2- Authorizing the Ministry of Electricity to complete the referral and contracting procedures according to the financial powers.
The Council of Ministers also approved the recommendation of the Ministerial Council for Social Services (23012g), according to the following:
- Approval of the national policy for the sustainability of urban development projects (Nakheel - PALMS) and its implementation plan, according to what was stated in the book of the Ministry of Higher Education and Scientific Research / University of Karbala.
The Council of Ministers agreed to consider the deceased in the Ministry of Electricity (Qasim Hassan Ajil Alewi, Ahmed Zaki Nabat) as a result of their injury during work, as contractors in accordance with Cabinet Resolution (315 of 2019), and to promote their retirement transactions, based on the Unified Retirement Law, and for the Federal Service Council to undertake Take the necessary procedures by appointing one for each of their relatives.
In the field of financial and administrative reform, the Council of Ministers approved the submission of the entities whose details are indicated in the statements included in the book of the Federal Office of Financial Supervision dated March 6, 2023,
their data to the aforementioned Bureau, as quickly as possible,
to complete the procedures for controlling public money, and to give the matter great importance, while providing data necessary within (20) working days starting from the date of issuance of this decision,
otherwise, investigative committees shall be formed to identify the defaulters, and submit their recommendations within a period not exceeding (30) days.
https://almaalomah.me/news/politics/السوداني-يوجه-بتقديم-تقارير-شهرية-للإيرادات-غير-النفطية-التي
Low Oil Prices In World Markets
Energy Economy News – Baghdad Oil prices fell on Monday, as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed prospects for tight supplies due to OPEC+ supply cuts.
Brent crude fell 48 cents to $81.18 a barrel by 00:45 GMT, while West Texas Intermediate crude fell 48 cents to $77.39 a barrel.
The two benchmarks fell more than 5% last week, their first weekly decline in five weeks, as implied demand for gasoline declined from a year ago, raising fears of a recession in the world's largest oil consumer. https://economy-news.net/content.php?id=33764
Dollar Exchange Rates In The Local Markets Today
Monday 24, April 2023 11:03 | Economical Number of readings: 411 Baghdad / NINA / - The exchange rates of the dollar on the local stock exchange recorded a slight decrease today, Monday.
The selling price was 143,750 thousand dinars for one hundred dollars, and the purchase price was 141,750 thousand dinars for one hundred dollars.
In the north, the selling price reached 144,250 dinars for one hundred dollars, and the purchase price was 142,250 dinars for one hundred dollars.
In the south, the selling price reached 144,500 dinars for one hundred dollars, and the purchase price was 142,500 dinars for one hundred dollars./ https://ninanews.com/Website/News/Details?key=1048950
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Goldilocks " All Roads Lead To Gold" 4-24-2023
Goldilocks and Seeds of Wisdom
Thank you RJ
RJ: Good afternoon Dinar Recaps,
Goldilocks posted some comments and links this afternoon:
There are so many variables on this journey, so I wanted to make it easy for everyone to know when everything is complete.
No matter what happens to the markets or to the debt ceiling, one thing has to happen.
We need to have a repricing event in oil, silver, and gold.
Goldilocks and Seeds of Wisdom
Thank you RJ
RJ: Good afternoon Dinar Recaps,
Goldilocks posted some comments and links this afternoon:
There are so many variables on this journey, so I wanted to make it easy for everyone to know when everything is complete.
No matter what happens to the markets or to the debt ceiling, one thing has to happen.
We need to have a repricing event in oil, silver, and gold.
This is our liquidity event my friends that will give us what we're looking for on all sectors of the markets.
Nothing else will get us there.
© Goldilocks
Iraq implements two policies to support the Iraqi dinar against foreign currencies
~~~~~~~~~~
All roads lead to gold.
© Goldilocks
~~~~~~~~~~
In our present-day scenarios. Gold and the dollar were seen as safe haven assets in the past, and the dollar was capable of being weaponized to hold other currencies down.
At this time, central banks around the world account for 33% of the demand for gold. Because of this new trend, gold is currently capable of being weaponized against the dollar.
And, this is what we are seeing as the world is making known it's new preferences and trend for the global markets.
Gold is clearly the great equalizer, and it is leveling the playing field everywhere.
© Goldilocks
https://www.usagold.com/cpmforum/2023/04/daily-gold-market-report-27/
~~~~~~~~~~
It looks like we have movement on stablecoin legislation, and there is a great deal of urgency to see this pass.
Part of the issue in the past has been contradictions between the CFTC and the SEC on their understanding of virtual currencies.
The urgency has come from losing stablecoin providers. Some have moved out of the United States who is lacking clarity to other countries that will accept them. This is causing a great deal of revenue loss.
Once we see the digital-asset based trading system clarify these currency reforms in digital format, we will be able to move forward with their implementations and standardizations.
The biggest requirement going forward is that these stablecoins represent a country's currency has to have a one-to-one backing in a liquidity asset to keep these currencies stable during difficult times of crisis.
Here are the main issues that were brought up in the meeting just a few days ago.
“By requiring payment stablecoins to be backed one-for-one by high quality liquid assets held in reserve, the proposal mitigates run risk."
“The legislation also requires stablecoin issuers to comply with redemption requirements, monthly attestation and disclosures, and risk management standards. "
© Goldilocks
https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408691
https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=408714
~~~~~~~~~~
Goldilocks' Telegram Room
https://t.me/+YU9UrHLxFbszOTJh
Goldilocks on the Seeds of Wisdom Team Website
https://www.seedsofwisdomteam.com/
Thank you Dinar Recaps
Goldilocks "Folks, We Are in a Hot Mess" Monday 4-24-2023
Goldilock and Seeds of Wisdom
Thank you RJ
RJ: Good morning Dinar Recaps,
Goldilocks posted some comments with links:
Uh-oh. It looks like the debt ceiling has not been completely decided just yet.
Geopolitical issues on both sides are not budging on the debt ceiling at this point.
Bank defaults and consolidations remain an issue.
Goldilock and Seeds of Wisdom
Thank you RJ
RJ: Good morning Dinar Recaps,
Goldilocks posted some comments with links:
Uh-oh. It looks like the debt ceiling has not been completely decided just yet.
Geopolitical issues on both sides are not budging on the debt ceiling at this point.
Bank defaults and consolidations remain an issue.
These issues along with the PCE or personal consumption expenditure index reading at the end of the week have the ability to affect our market by the end of the week.
Put simply, the general public is not capable of affording life in our present economy.
Folks, we are in a hot mess. A reset is near for the economy.
Look for monetary policy changes that provide liquidity through the repricing of oil, gold, and silver to be on the horizon.
This repricing event has and will be the accumulative effect of all of the digital asset-based trading changes that have been made in Congress to this point come alive
© Goldilocks
Trading Economics PCE Price LINK
Trading Economics Core PCE Price LINK
Town of Laronge CA LINK
CNN LINK
~~~~~~~~~~
In our present-day scenarios. Gold and the dollar were seen as safe haven assets in the past, and the dollar was capable of being weaponized to hold other currencies down.
At this time, central banks around the world account for 33% of the demand for gold. Because of this new trend, gold is currently capable of being weaponized against the dollar.
And, this is what we are seeing as the world is making known it's new preferences and trend for the global markets.
Gold is clearly the great equalizer, and it is leveling the playing field everywhere.
© Goldilocks
https://www.usagold.com/cpmforum/2023/04/daily-gold-market-report-27/
~~~~~~~~~~
Goldilocks' Telegram Room
https://t.me/+YU9UrHLxFbszOTJh
Goldilocks on the Seeds of Wisdom Team Website
https://www.seedsofwisdomteam.com/
Thank you Dinar Recaps
Iraqi News Highlights Monday Afternoon 4-24-23
Iraqi News Highlights Monday Afternoon 4-24-23
Tlm724 Administrator Bondlady’s Corner
Giving Iraq Stability And Progress
Treat the Causes of Iraq’s Governance and Development “Disease,” Rather Than Focusing on Its Violent “Symptoms”
By Anthony H. Cordesman April 11, 2023
Reducing the Barriers to Private Investment and Private Sector Development and Banking Reform
The conference tacitly recognized how serious these problems are in reforming government over-employment and an unproductive state sector. It focused on reducing the barriers to private investment and competition with the state own enterprises...barriers that create a nightmare of regulation, legal constraints, corrupt extortion, time delays, and bureaucratic procedures.
Iraqi News Highlights Monday Afternoon 4-24-23
Tlm724 Administrator Bondlady’s Corner
Giving Iraq Stability And Progress
Treat the Causes of Iraq’s Governance and Development “Disease,” Rather Than Focusing on Its Violent “Symptoms”
By Anthony H. Cordesman April 11, 2023
Reducing the Barriers to Private Investment and Private Sector Development and Banking Reform
The conference tacitly recognized how serious these problems are in reforming government over-employment and an unproductive state sector. It focused on reducing the barriers to private investment and competition with the state own enterprises...barriers that create a nightmare of regulation, legal constraints, corrupt extortion, time delays, and bureaucratic procedures.
A World Bank report on the Iraqi economy in 2022 notes that Iraq’s oil production – its largest are of private enterprise -- has little impact on employment or job creation,13
The oil sector employs less than one percent of the Iraqi workforce, despite its large share in the economy, while the public sector employs 37.9 percent of the workforce, acting as the main source of job creation in the formal sector.
Years of conflict, political instability and weak governance have disincentivized investments and stunted the growth of the private sector, which remains largely informal, mostly dominated by the poor and vulnerable segments of the workforce.
A United States government report on the investment climate in Iraq notes some positive elements, but adds additional warnings,14
The GOI’s ability to tender projects is fundamentally weak and often lacks incentives preferred by industry.
Across the board, there are institutional capacity issues regarding due diligence, project awards, approvals, implementation, financing, and payment.
There are also many procurement-related scams and reselling in the market.
For tenders solely executed at the provincial level or in the IKR, the tender process may differ and is reportedly easier to navigate in many instances.
The provincial procurement law has made procurement at that level easier.
...Investors in Iraq continue to face extreme challenges resolving issues with GOI entities, including procurement disputes, receiving timely payments, and winning public tenders.
Difficulties with corruption, customs regulations, irregular and high tax liabilities, unclear visa and residency permit procedures, arbitrary application of e-regulations, lack of alternative dispute resolution mechanisms, electricity shortages, and lack of access to financing remain common complaints from companies operating in Iraq.
Shifting and unevenly enforced regulations create additional burdens for investors.
The GOI currently operates 192 state-owned enterprises (SOEs), a legacy from decades of statist economic policy.
... A significant barrier in the Iraqi private sector and economy is the banking infrastructure.
The Central Bank of Iraq estimated that 99.8% of Iraq’s $122 billion personal consumption expenditures were made in cash in 2019.
Our recent look into the e-commerce sector indicates that there has been a significant uptake in digital payments since then.
Despite that, Iraq remains a predominantly cash economy.
Focus on improving the user experience when it comes to banking in general and online payments, in particular, is critical to building a digital economy in Iraq.
The user experience for a startup setting a digital payment gateway or a user paying
online still ranks far below that of our regional counterparts.
Prime Minister: There Are No Red Lines On Any Corruption File, And The Dollar Will Reach Its Official Price
Politics 04-18-2023, 23:02 Baghdad – conscious Prime Minister Muhammad Shia al-Sudani affirmed that there are no red lines on any corruption file, while indicating that the exchange rate of the dollar against the dinar will decrease and reach its official rate.
Al-Sudani said in an interview with a group of Iraqi TV stations, followed by the Iraqi News Agency (INA),
"We raised the slogan of services, because it is a popular demand.
It is one of the demands of the demonstrations, and the citizen's desire to participate in the elections became linked to services,
when I participated in the elections and won as a representative for My concern in Baghdad was how to provide services to citizens and for this service to be a message to them,” stressing,
“We started to treat services as a priority, through fast services through the experience of service and engineering effort, and by activating lagging projects, and we gave priority to infrastructure and the health and electricity sectors.”
He added, "The tripartite budget means economic stability and a positive message for the private sector, and all international financial institutions advise that the private financial, social and economic situation of Iraq needs a medium-term budget,"
pointing out that maintaining the continuity of the ration card, the growing need for fuel for power stations, and entitlement Unpaid loans have led to deficit and inflation in the budget, and we have many solutions for it," stressing that
"the government job should not be the only outlet for citizens' living income, so we tended to activate the private sector." ‘
And he continued, "We hope that the retirement and social security law will be passed, and the government will contribute to the fund to provide privileges for workers in the private sector, equivalent to their peers in the government sector," noting that
"the provinces now have 8-9 trillion of allocations in the food security law, and the exchange did not exceed 10 %, and in the budget there are 4.5 trillion between the petro-dollars and the development of the regions, and it is with the projects of the ministries that can cover the needs of the provinces during the remainder of this year.
And he indicated that "all fluctuations in the price of the dollar were the result of the failure to implement the agreement signed between the government and the Central Bank with the US Federal Reserve in the previous stage.
The duration of the agreement was two years, and it ended on November 15, 2022, that is, less than a month after we assumed our duties," stressing that
"we decided Commitment to the standards of the global banking system, and we started with intensive procedures in the Central Bank, the government and the private sector, and our concern was to maintain food prices.”
And he added, "With the passage of time, the process of complying with banking standards increased, and all merchants began to enter the electronic platform, and we helped them obtain foreign currency at the official rate instead of getting used to illegal trade," noting that
"the number of merchants using the electronic platform has increased."
And the parallel price began to decline, approaching the official price of the foreign currency, and it will continue to decline, and I remind you that the Iraqi dinar is strong, and our financial situation is in its best condition.
He added, "We have confidence in our Iraqi currency, and our procedures are moving in the right direction, and in every session of the Council of Ministers there is a decision or procedure towards economic reforms and improving the investment environment," noting that
"there is cooperation between the Kurdistan Regional Government of Iraq and the Central Bank, in order to have branches in the region, For the purpose of providing foreign currency to merchants present and working there, as well as to citizens, according to regulations and activities. And he continued,
"We must overcome a situation in which the budget is an opportunity for political blackmail or placing the interests of this or that party, as it is a budget for all Iraqis and the people and institutions await it," explaining that "recovering corruption funds is not a heresy, but rather a law, and we move in a legal context, and
Iraq has Agreements in this regard, and we are a party to the Global Convention against Corruption, and this is obligatory for all countries of the world that are affiliated with it.
And between, "We have bilateral agreements on the extradition of wanted persons and looted funds, and the Central Bank has broad agreements and powers in this regard," noting that "work on the method of Committee (29) is unacceptable, and
there are investigations about confessions extracted under duress that are nearing completion, and the results will be announced."
And he went on to say: “We directed all oversight agencies and ministers not to have any red lines towards any file of corruption, location, position or personality.
We want full professional legal procedures to be brought to justice, and we focused on recovering money.
The best way to reach the corrupt is to track down the money.”
And follow-up on the way it inflated," noting that "some took cover when he was in charge, and we were able to bring him in by tracking the money and searching for the reasons for its inflation." He added,
"We respect the agreement that produced the State Administration Coalition, contributed to political stability, and resulted in a political agreement with general principles voted on by the House of Representatives. It represents an incubator for this government," stressing that
"we do not have differences in the State Administration Coalition as much as they are points of view." It is related to the budget or the principle of partnership, and partnership outside the scope of the constitution is unacceptable. And he pointed out,
"There is a group of files and deferred accumulations.
If this government is able to complete them, it is something that counts for it and enhances its credibility," noting that
"it is not true that the prime minister, when he takes an executive decision to install or exempt a certain responsibility, must refer to the components, which is something." We didn't agree on it."
And he stressed that "some partners believe that the partnership means that the prime minister does not take a decision in accordance with his powers except with the advice and participation of the political forces present in the coalition, and
this is incorrect, because there are exclusive powers and preserving them is part of the political reform," stressing that "compensations and housing must be provided."
And security is one of the societal problems, and the provision of services for the practice of daily life, for the purpose of returning the displaced, and these matters faced some delay.”
He continued, "Among the files marred by corruption is the compensation file, and there are people who have nothing to do with what the governorates were subjected to, who received compensation, while the deserving people did not receive their rights," stressing,
"We have prioritized removing the obstacles that prevent the return of the displaced, so that our people can return to their original places of residence.
He explained, "It is in the interest to start returning the displaced from outside Iraq, after security checks and some procedures related to their reintegration into society," noting that
"the file of the return of the displaced to Sinjar needs security and political arrangements to prepare for their full return. They are around 200." Thousands of citizens have fled to the region.
He pointed out that "the agreement on April 4 with the Kurdistan Regional Government is an important agreement, and it regulates the relationship that we contributed to organizing through the contents that we set in the tripartite budget project," stressing that
"the loss of revenues of 475 thousand barrels per day is a large number and the damage will befall everyone, and within days we will go." To the signing of contracts between SOMO and the oil companies, and the Turkish side is notified of the resumption of exports from the region.
And the Prime Minister stated, "It is the duty of the federal government to pay the salaries of employees, whether they are in the region or any governorate, and it is not an honor. This is what the Council of Ministers is working on," noting that
"the total percentage of the Kurdistan region's allocations in the budget is still fixed and is 12.67, and it has not been changed."".
He pointed out that "the government submits a monthly report at every meeting of the state administration, on what has been accomplished, and the last report included an achievement rate of 31% within 6 months," explaining that "crises are resolved by developing successful plans and tools and following up on implementation, and one of the problems with previous performance is that it contained courtesy.”
And he went on to say: "We set 6 months for a real evaluation according to professional standards, and in light of it it is determined whether or not the minister will remain in the government, and
we were given a period of 3 months, which is sufficient for general managers and their performance, and sufficient for the minister to know his tools and evaluate performance for them," stressing,
"We have received evaluation forms for general managers."
We are currently studying it, and after the holiday, the first round of assessments will begin. He pointed out that "the origin of the problem in Iraq is economic, and it has social consequences that led to manifestations of unemployment, poverty and poor services, and we put forward the term (productive diplomacy), and we were keen that all our visits to countries be preceded by planning and clear goals."
https://www.ina.iq/183257--.html
The Industrial Research And Development Authority Organizes A Training Course On The Process Of Internal Auditing Of The International Standard (ISO 19011: 2018)
Posted On2023-04-24 By Sotaliraq – The Industrial Research and Development Authority, one of the formations of the Ministry of Industry and Minerals through the Quality Department and in coordination with the Ibn Al-Bitar Center and the National Center for Packaging and Packaging of which they belong, organized a training course on the internal audit process according to the international standard (ISO: 19011:2018) with the aim of training workers on internal audit systems Which lasted for four days, during which all the details and matters related to the internal audit process, the mechanism for developing and implementing the audit plan, and identifying and addressing non-conformities were explained.
The course also included the implementation of a practical exercise on internal auditing for the purpose of delivering information to the participants in a realistic manner, which increases their understanding of the training program in its details.
The lecturers at the course emphasized that the world is currently moving towards applying the latest administrative systems in all businesses and needs to improve management systems in accordance with international standards in all state institutions to advance their current reality by relying on management and auditing systems and the development of specialized bodies in this field to work on consolidating the frameworks of state management And its various joints, which seriously indicates the need to find effective auditing systems upon which state institutions rely in measuring the efficiency and evaluation of auditors effectively. LINK
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Monday Morning Iraq Economic News Highlights 4-24-23
Monday Morning Iraq Economic News Highlights 4-24-23
The US Military Finds Barrels Of Gold And Cash In The Secret "Baghdadi Farm"
Monday 24, April 2023 10:01 | a wish Number of readings: 266
Baghdad / NINA / - Local sources in the countryside of Raqqa Governorate, northeastern Syria, confirmed that the US army found a secret hideout of the terrorist organization "ISIS", south of Raqqa, containing quantities of gold and money, the value of which was estimated at one million dollars.
Monday Morning Iraq Economic News Highlights 4-24-23
The US Military Finds Barrels Of Gold And Cash In The Secret "Baghdadi Farm"
Monday 24, April 2023 10:01 | a wish Number of readings: 266
Baghdad / NINA / - Local sources in the countryside of Raqqa Governorate, northeastern Syria, confirmed that the US army found a secret hideout of the terrorist organization "ISIS", south of Raqqa, containing quantities of gold and money, the value of which was estimated at one million dollars.
The sources said that US army vehicles, with air cover from its warplane and support from the militants of the "Qasd forces", raided the secret hideout of the organization in the Kasra Faraj area on the southern outskirts of Raqqa, which is a house that includes 3 underground rooms.
She indicated that the hideout is a house within a farm located in the Kasra Faraj area on the southern outskirts of Raqqa, known as "Al-Baghdadi's farm", because Abu Bakr Al-Baghdadi, the former leader of the "ISIS" organization, was staying there during the organization's control of the area.
It added that the cache contained four barrels filled with quantities of gold, in addition to money estimated at about one million US dollars, and a group of weapons believed to be used by the organization in its offensive operations.
The raid came after information to the Americans and the "SDF" about the existence of a secret hideout through the investigation of a number of former members and elements of the organization.
Parliamentary Finance: The Budget Will Be Passed Without Disagreement
Iraq 2023-04-24 Today, Monday, the Parliamentary Finance Committee clarified that there are no disagreements regarding the draft budget law for the year 2023.
Jamal Cougar, a member of the Parliamentary Finance Committee, said in a press statement, “The Parliamentary Finance will use its full powers regarding the budget, by reducing, transferring, amending paragraphs, and adding paragraphs, and that the committee All these measures will be taken."
He added, "The budget will be passed without disagreement."
At the beginning of this month, the House of Representatives completed the first reading of the draft federal budget law for the Republic of Iraq for the fiscal years (2023, 2024, 2025), and the second reading of the budget took place last Sunday. https://kirkuktv.net/AR/Details/14824
Between abundance and fear of bankruptcy.. Will Iraq take a way out of debt?
economy |Today, Baghdad today – Baghdad While Iraq has the largest cash reserves in its history, amounting to 125 billion US dollars, economists believe that "if oil prices fall, Iraq will lose its economic capacity and may take debt as a way to add to its previous debts."
The economic expert, Salam Sumaisem, criticized today, Monday, the federal budget, considering it to be consumer spending and not diversifying any sources of income .
Sumaisem said to (Baghdad Today), that "despite the value of the explosive budget, we may reach bankruptcy and go to the path of debt in the event that the price of oil falls and our revenues are no longer equal to the volume of high spending in this budget, which witnesses great (extravagance) in it. "
And the economist called for "diversifying sources of income and compressing expenditures for the purpose of reducing the budget and not keeping its price high in order to ensure stability in financial exchange operations ."
She pointed out that "the investment aspect is completely absent from the three-year budget," which the House of Representatives intends to vote on.
It is noteworthy that the foreign debts incurred by Iraq are limited debts, amounting today to about 17 billion dollars, and are divided into types, including soft debts for the benefit of countries and governments that lend to Iraq in fulfillment of its commitment at the Madrid Conference for the Reconstruction of Iraq in 2003, during which several countries, led by the United States, pledged to provide Grants and soft loans to Iraq amounting to approximately 33 billion dollars in an effort to rebuild the country, which explains the provision of loans through American, Japanese, British and German development agencies.
Observers confirm that Iraq pays 4 billion dollars annually to pay debt installments and interests, and its volume may not constitute 6 to 7 percent of its gross domestic product, and thus it can be said that Iraq is a country that is not bound by debt. LINK
A New Parliamentary Talk Regarding The Date Of Passing The Budget
money and business Economy News – Baghdad A member of the Parliamentary Finance Committee, Jamal Cougar, said that the deadline for approving the budget should be before the end of next month.
Cougar stated, in a statement followed by "Al-Iqtisad News", that "until now it is not clear when the budget will be approved," noting that "the matter depends on discussions and discussions with the competent authorities." Cougar added, "The maximum date for voting on the budget must be before the end of May." https://economy-news.net/content.php?id=33767
Outside The Stock Exchange.. The Dollar Settles At 144 Thousand Dinars In The Markets Of Baghdad And Erbil
2023-04-24 Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar stabilized today, Monday, in the markets of the capital, Baghdad, and in Erbil, the capital of Kurdistan Region.
Shafaq News agency reporter said that the Al-Kifah and Al-Harithiya stock exchanges in Baghdad did not open their doors during the Eid Al-Fitr holiday, however, some exchange shops in the capital's markets recorded this morning an exchange rate for sale amounting to 144,000 dinars for every 100 dollars, while the purchase price was 142,000.
As for Erbil, the capital of the Kurdistan Region, the main stock exchange does not trade dollars on official holidays, but some exchange shops traded dollar prices, which also recorded stability, as the selling price reached 143,000 dinars against the dollar, and the purchase price was 142,000 dinars against 100 dollars. LINK
Türkiye Imposes Conditions On Iraq In Exchange For Access To Water
https://almasalah.com/wp-content/uploads/2023/03/1-1.jpg
April 24, 2023 Baghdad / Obelisk Al-Hadath: The Parliamentary Agriculture, Water and Marshes Committee revealed the conditions imposed by Ankara on Baghdad to reopen the water again.
Committee member Rafik al-Salhi said that Turkey imposed several conditions on Iraq, in exchange for opening water through its dams and reaching Iraqi rivers, noting that among these conditions: Expelling the PKK from northern Iraq as it represents an opposition party to the Turkish government.
He added, "As for the other demands, they were represented in concluding more economic and political agreements, which greatly serve the interests of Ankara, indicating that Turkey is trying to exploit Iraq regarding the water crisis to achieve its desired interests."
Regarding the proposals of the agricultural sector in the 2023 budget, Salhi said that one of the most important proposals that must be included in the current year’s budget for the agricultural sector is to repeat and re-work the agricultural initiative and support the farmer with appropriate agricultural supplies such as seeds and fertilizers and distribute them through agricultural associations.
He pointed to the need to cancel or extinguish advances and agricultural loans of 50 million or less, because the farmer is unable to pay what he owes to agricultural banks, as a result of his repeated losses. https://almasalah.com/archives/50052
Diyala Trade: May Witness The Breaking Of The Price Barrier Of 140 To Sell The Dollar
The information / Diyala .. The head of the Chambers of Commerce in Diyala, Muhammad Al-Tamimi, confirmed, on Monday, that May will witness the breaking of the price barrier of 140 in the parallel market for the sale of the US dollar.
Follow the "information" channel on Telegram.. news that does not need to be documented..
Al-Tamimi said in an interview with Al-Maalouma, that "the parallel market for the exchange rate of the dollar lost 15% of its value in a few weeks, especially with the Central Bank's measures to reduce demand for it," noting that it succeeded in curbing its repeated rise and creating relative stability in prices.
He added, "Next May will witness another decline in the exchange rate of the parallel dollar, and it may break the barrier of 140,000 dinars for every $100, i.e. the price will be below 140 for the first months in months." Before the
Central Bank at the 1320 borders, it will not be impossible with the continuation of the slow decline, but it may happen within two months or less if dealing with the measures set by the Central Bank continues at their current rates. The parallel
The market for selling the dollar is of great importance, especially as it greatly affects the Al-Iraqiya markets. LINK
Low Oil Prices Amid Uncertainty About The Future Of The Global Economy
Political | 10:18 - 04/24/2023 Baghdad - Mawazine News Oil prices fell, in trading today, Monday, due to the uncertainty about the future of the global economy, which will affect the demand for black gold.
And by 09:20 Baghdad time, US crude futures fell by 1.35% to $76.82 a barrel, while Brent crude futures fell by 1.30% to $80.60 a barrel, according to Bloomberg agency data.
Last week, US crude contracts ended trading up by 0.70% at $77.87 a barrel, but recorded weekly losses of about 6%.
While Brent contracts closed up by 0.70%, also at $81.66 a barrel, and the contracts recorded weekly losses of about 5.8%.
Today, oil prices fell, as concerns about high interest rates, the global economy, and expectations of fuel demand overshadowed the possibility of a decline in supplies after countries in “OPEC +” cut production. https://www.mawazin.net/Details.aspx?jimare=225272
"Tidbits From TNT" Monday Morning 4-14-2023
TNT:
Harambe: Reserve Bank of Zimbabwe introduces gold-backed digital currency | The Sunday Mail (4/23/23)
THE Reserve Bank of Zimbabwe (RBZ) is set to introduce a gold-backed digital currency to be used as legal tender for transacting in the country as part of interventions to stabilise the local currency.
Introduction of the digital gold tokens, a form of electronic money backed by gold held at the RBZ, will represent the first steps by the central bank towards using the country’s gold reserves to anchor the Zimbabwe dollar.
Monetary authorities envisage the digital gold tokens will allow those holding small amounts of Zimbabwe dollars to exchange their money for tokens in order to store value and hedge against exchange rate volatility.
TNT:
Harambe: Reserve Bank of Zimbabwe introduces gold-backed digital currency | The Sunday Mail (4/23/23)
THE Reserve Bank of Zimbabwe (RBZ) is set to introduce a gold-backed digital currency to be used as legal tender for transacting in the country as part of interventions to stabilise the local currency.
Introduction of the digital gold tokens, a form of electronic money backed by gold held at the RBZ, will represent the first steps by the central bank towards using the country’s gold reserves to anchor the Zimbabwe dollar.
Monetary authorities envisage the digital gold tokens will allow those holding small amounts of Zimbabwe dollars to exchange their money for tokens in order to store value and hedge against exchange rate volatility.
The development comes as the RBZ is also mulling releasing more Mosi-oa-Tunya gold coins onto the market to tame the recent depreciation of the Zimbabwe dollar on the parallel market.
RBZ Governor Dr John Mangudya told The Sunday Mail that the parallel market foreign currency exchange rate is expected to begin stabilising when tobacco farmers start receiving their portion of United States dollar payments this week.
The current exchange rate volatility, he said, was caused by “expectations of increased foreign currency supply” on the market when the tobacco marketing season opened in March.
“The movements in the parallel market rate are mainly because of the expectations of increased foreign currency supply in the market when the tobacco marketing season opened,” said Dr Mangudya.
“However, the supply of foreign currency over the past three weeks has been lower than expected. That expectation raised the rates because people thought there will be more money in the market.
“With the start of the tobacco marketing season, most of the funds have been going towards servicing tobacco contractors’ obligations. Now, the money will start flowing into accounts of the growers themselves end of this month; that is when most of them will start receiving their US dollar portions.”
The digital gold tokens, which are representative of gold held in physical form by the issuing authority, are expected to complement the Mosi-oa-Tunya gold coins by offering an alternative investment avenue to store value and transact.
“What we have noticed is that demand for foreign currency, apart from being driven by the need to import goods and services in Zimbabwe, is also viewed as a store of value,” added Dr Mangudya.
“It means anyone with local currency would want to convert it to foreign currency.
“We are addressing this demand for store of value by increasing the number of gold coins in the market so that we manage that demand.
“We shall also soon be introducing digital gold tokens to ensure that those with low amounts of local currency are able to purchase the gold units so that we leave no one and no place behind.”
An increasing number of central banks around the world are starting to develop their own digital currencies, in a development meant to boost financial inclusion, slash payment fees and make money smarter.
Russia is presently working with friendly countries, including Iran and China, to create clearing platforms for cross-border settlements in gold-backed digital currencies in an effort to abolish transactions in fiat currencies like the United States dollar and the Euro.
https://www.sundaymail.co.zw/rbz-introduces-gold-backed-digital-currency
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Tishwash: A new parliamentary talk regarding the date of passing the budget
A member of the Parliamentary Finance Committee, Jamal Cougar, said that the maximum date for approving the budget should be before the end of next month.
Cougar stated, in a statement followed by "Al-Iqtisad News", that "until now it is not clear when the budget will be approved," noting that "the matter depends on discussions and discussions with the competent authorities."
Cougar added, "The maximum date for voting on the budget must be before the end of May." link
************
Tishwash: The coordinating framework is preparing to pass it, and deputies are recording their observations.. The budget is at the neck of the bottle
The representative of the "State of Law" coalition, member of the "Coordination Framework", Muhannad Al-Khazraji, confirmed that the forces of the coordination framework are determined to approve the federal general budget in its current form, indicating that there are some minor amendments that may occur to some paragraphs of the budget, including Consistent with the provisions of the Constitution and the law.
In a press statement, he indicated that “there are desperate attempts by some political blocs to obstruct the approval of the budget in pursuit of personal and partisan projects,” noting that “this budget is one of the largest budgets over the past years because it includes important economic strategic projects that will make a shift.” quality in the field of infrastructure and economic development at the country level.”
He explained that "the forces of the framework and its allies are strongly supportive of the Sudanese government by passing the budget law, which has come to fulfill the ambition of the government program set by the Prime Minister," noting that "the current budget meets the aspirations of the Iraqis and is consistent with the actual need in developing the economy and maximizing its resources in the country." .
In the context, a member of the “State of Law” coalition, MP Muhammad Hassan Al-Shammari, confirmed that Parliament had received parliamentary remarks regarding the 2023 draft budget, pointing out that he intends to send it to the government for consideration.
He told the official agency, “The representatives presented all their observations regarding the budget after the second reading took place, and now work is underway in the Parliamentary Finance Committee to complete and complete all the proposed observations and amendments and send them to the government.”
He added, “Scheduling the notes may take until the end of next May, and then the government will review these notes before returning the text of the budget to Parliament in preparation for a vote on it,” explaining that “Parliament has notes on the budget, including the lack of governorate allocations, as they amounted to two trillion Only half a billion dinars, and the fact that the emergency support law allocated 8-10 trillion dinars to the governorates, and we believe that the government is waiting to spend it before allocating other sums.
He pointed out that “there are other observations regarding the allocations of the Martyrs Foundation, whose tasks have expanded and we believe that they need to be increased,” noting that “the representatives have observations regarding the total deficit of 64 billion, and it must be reduced by making transfers with some items.”
He pointed out that "the best way to increase oil imports and address the deficit is to renegotiate to restore Iraq's share that was reduced due to wars and previous circumstances, and we acknowledge that the issue is difficult and we stress the government's need to continue to claim rights in OPEC because Iraq's capabilities and share are supposed to be greater than the current one." link
Mot: .... Time fer Spring Planting it is!! ~~~
Mot .... Ready fer Summer - I Is! ~~~~
Awake-In-3D "The Truth About Zimbabwe's Plans to Launch a Gold Backed CBDC
Awake-in-3D
The Truth About Zimbabwe’s Plans to Launch a Gold-backed CBDC
This chart says it all. It’s not a list any country wants to be on.
While it’s a step in the right direction to possibly stem another Zimbabwe hyperinflation event, unfortunately, it’s not a definitive RV/GCR signpost.
And, it’s certainly not GESARA.
It’s local, not global. There’s no bearing on ZIM bonds, it’s only about saving their current Zimbabwe Dollar in the local economy.
When Zimbabwe joins BRICS+ we will see the marker of redeeming 2008 ZIM bonds.
Awake-in-3D
The Truth About Zimbabwe’s Plans to Launch a Gold-backed CBDC
This chart says it all. It’s not a list any country wants to be on.
While it’s a step in the right direction to possibly stem another Zimbabwe hyperinflation event, unfortunately, it’s not a definitive RV/GCR signpost.
And, it’s certainly not GESARA.
It’s local, not global. There’s no bearing on ZIM bonds, it’s only about saving their current Zimbabwe Dollar in the local economy.
When Zimbabwe joins BRICS+ we will see the marker of redeeming 2008 ZIM bonds.
It’s a step in the right direction. Yet it has little significance to any 2008 ZIM Bond holdings.
This is a local plan by the RBZ to stop its population from continuously converting their ZIM dollars into USDs and Euros (the same issue is ongoing in Iraq).
The reason people convert to USDs is because the local currency is very unstable (consistently loosing value to USDs and Euros). By Zimbabwe anchoring some of their currency to gold, they hope to reduce ZIM dollar instability and encourage more citizens to hold and spend ZIM dollars instead of other foreign currencies.
The question to be answered is how much gold will the RBZ use to back their currency and at what Gold:ZIM exchange rate. It’s also worth noting that this new plan is actually a gold-backed CBDC.
The bottom line is that we cannot exchange our ZIM “bonds” for the current ZIM gold-backed dollar “currency”. We need a GCR “Event” for that.
@GCR_RealTimeNews : GCR Real-Time News
Many Blessings,
Ai3D
Iraqi News Highlights Sunday Afternoon 4-23-23
Iraqi News Highlights Sunday Afternoon 4-23-23
Tlm724 Administrator Bondlady’s Corner
Decrease In Iraq's Oil Exports To America
Economy| 09:09 - 04/23/2023 Baghdad - Mawazine News The US Energy Information Administration announced, on Sunday, that Iraq's oil exports to America decreased for the second week in a row, to reach 180,000 barrels, on average, during the past week.
In a report followed by Mawazine News, the administration said, "The average US imports of crude oil during the past week from nine countries amounted to 5.395 million barrels per day, up by 18,000 barrels per day from the previous week, which amounted to 5.377 million barrels per day."
Iraqi News Highlights Sunday Afternoon 4-23-23
Tlm724 Administrator Bondlady’s Corner
Decrease In Iraq's Oil Exports To America
Economy| 09:09 - 04/23/2023 Baghdad - Mawazine News The US Energy Information Administration announced, on Sunday, that Iraq's oil exports to America decreased for the second week in a row, to reach 180,000 barrels, on average, during the past week.
In a report followed by Mawazine News, the administration said, "The average US imports of crude oil during the past week from nine countries amounted to 5.395 million barrels per day, up by 18,000 barrels per day from the previous week, which amounted to 5.377 million barrels per day."
She added, "Iraq's oil exports to America amounted to an average of 180,000 barrels per day last week, down by 61,000 barrels as a daily rate from the previous week, in which oil exports to America reached an average of 241,000 barrels per day."
She pointed out that "most of America's oil revenues during the past week came from Canada at a rate of 3.519 million barrels per day, followed by Mexico at an average of 615 thousand barrels per day, and oil revenues from Saudi Arabia amounted to an average of 339 thousand barrels per day, and then Colombia at a rate of 303 thousand barrels per day."
It showed, "The amount of US imports of crude oil from Ecuador amounted to an average of 131,000 barrels per day, and from Nigeria and Brazil at a rate of 112,000 barrels per day for each of them, and from Libya at an average of 84,000 barrels per day, while it did not import any quantity from Russia." Ended 29 / https://www.mawazin.net/Details.aspx?jimare=225194
The Value Of The Dinar In The Parallel Market Increased By 5% Since The Beginning Of The Month
Economy News – Baghdad Since the beginning of April, the value of the Iraqi dinar against the dollar has increased by about 5% in the parallel market.
The dollar was sold on the first of April at 150,750 dinars, while today it has fallen to 143,500 dinars, as its value fell by 7,250 dinars. But the dollar is sold by the Central Bank at a price of 1320 dinars to the last beneficiary.
The rise in the value of the dinar against the dollar is due to a series of measures taken by the Central Bank, known as the two reform packages that regulated foreign trade by forcing merchants to open bank accounts and deal directly with banks, in addition to coordinating trade with China through the Chinese yuan currency.
The Governor of the Central Bank, Ali Al-Alaq, said earlier this month that the central bank is on alert to restore the exchange rate of the dollar to its normal position, because what happened is that the Federal Bank audited financial transactions in advance while it was in the past after conducting the financial transfer process from Iraq.
He pointed out that now the external transfer operations have doubled, which creates a state of balance between supply and demand, and that the new system seemed to work faster than the previous one.
https://economy-news.net/content.php?id=33763
Iraq Is The Third Arab Country In Terms Of Holding US Bonds
Money and business Economy News-Baghdad The US Treasury announced, on Sunday, that Iraq is one of the largest foreign holders of US Treasury bonds.
And the treasury said in its latest table, "Iraq fell one place after Iraq reduced its holdings of bonds during the month of February, to reach the 30th rank among the countries with the largest possession of US Treasury bonds, which number 38 countries listed in the table for countries that have more than 32 billion in possession." dollar".
And she added, "Iraq's possession of these bonds amounted to $40.7 billion for the month of February, down by 1.21 percent from last January, which Iraq's possession of bonds amounted to $41.2 billion, and an increase of 68.88 percent from February 2022."
The treasury indicated that "Iraq came as the third largest Arab country after Saudi Arabia and the UAE, while the two countries came on top of the countries with the largest possession of these bonds with 1 trillion and 81 billion dollars, followed by China second with 898 billion dollars, and the United Kingdom third with 643 billion dollars, and Belgium." Fourthly, with 331 billion dollars, and Luxembourg, fifth, with 327 billion dollars. https://economy-news.net/content.php?id=33759
Al-Khazraji: We Are Determined To Pass The Draft Budget In Its Current Form
Iraq Sunday, April 23, 2023 3:34 PM Baghdad / National News Center A member of the coordination framework, Muhannad Al-Khazraji, confirmed today, Sunday, that the political forces are determined to pass the draft budget in its current form.
Al-Khazraji said in a statement received by the National News Center: “The framework forces are determined to approve the federal general budget in its current form,” noting that there are some minor amendments that may occur to some paragraphs of the budget in line with the provisions of the constitution and the law.
He explained, “There are desperate attempts by some political blocs to disrupt the approval of the budget in an effort to achieve personal and partisan projects,” noting that “this budget is one of the largest budgets over the past years because it includes important economic strategic projects that will bring about a quantum leap in the field of infrastructure.” Infrastructure and economic development nationwide.”
He stressed, "The forces of the framework and its allies are strongly supportive of the Sudanese government by passing the budget law, which has come to fulfill the ambition of the government program set by the Sudanese," noting that "the current budget meets the aspirations of the Iraqis and is consistent with the actual need in developing the economy and maximizing its resources in the country."
Low Dollar Exchange Rates In The Local Market
Economy Sunday, April 23, 2023 Baghdad / National News Center Today, Sunday, the exchange rates of the dollar against the Iraqi dinar fell on the main stock exchange in the capital, Baghdad, and in the country's provinces.
In Baghdad: the purchase price of the dollar is 143,750 per 100 dollars, the purchase price of the dollar is 141,750 per 100 dollars
In the north: the purchase price of the dollar is 144,250 per 100 dollars, the purchase price of the dollar is 142,250 per 100 dollars
In the south: the purchase price of the dollar is 144,500 per 100 dollars, the purchase price of the dollar is 142,500 per 100 dollars https://nnciraq.com/201295/
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Goldilocks "We live in a 100% Gold-Backed Financial System at this point." 4-23-2023
Goldilocks and Seeds of Wisdom
Thank you RJ
RJ: Good morning Dinar Recaps,
Goldilocks posted links and comments:
"Fed to deliver 25-basis-point hike in May, stay on hold rest of year: Reuters poll"
Several economists took a poll and believe that the Federal Reserve will raise interest rates one more time in May and hold off for the rest of the year.
Interest rates influence consumers' borrowing costs, credit cards, mortgages, and auto loan rates.
Each of these areas are of great concern to the economy at this point. Purchasing power has been brought to a halt and money velocity along with it.
Goldilocks and Seeds of Wisdom
Thank you RJ
RJ: Good morning Dinar Recaps,
Goldilocks posted links and comments:
"Fed to deliver 25-basis-point hike in May, stay on hold rest of year: Reuters poll"
Several economists took a poll and believe that the Federal Reserve will raise interest rates one more time in May and hold off for the rest of the year.
Interest rates influence consumers' borrowing costs, credit cards, mortgages, and auto loan rates.
Each of these areas are of great concern to the economy at this point. Purchasing power has been brought to a halt and money velocity along with it.
Liquidity is drying up and movement forward will require policy changes that will allow liquidity to minimize the damage done to the consumers of this economy.
Remember, consumers make up 70% of the market.
Look for a repricing event in the oil, silver, digital/currencies, markets, and gold at levels to revive a stagflated economy.
We live in a 100% gold-backed Financial System at this point.
Since the beginning of the year, we have been standardizing new protocols in the banking system and in the markets.
The tokenization of assets around the world supported by commodities are about to be activated on a global scale.
© Goldilocks
https://www.reuters.com/markets/rates-bonds/fed-deliver-25-basis-point-hike-may-stay-hold-rest-year-2023-04-20/
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"Bank of England Tests DLT Settlement System"
The Bank of England currently tested their digital ledger transmission system. This pilot program settled various transactions to secure and understand the network.
They now have cryptocurrency regulations complete as well.
And, they are currently scheduled to go through ISO 20022 migration on June 19th. This will connect them to the International Payment System.
Just because they have scheduled their international migration for June the 19th doesn't mean it won't do it earlier.
© Goldilocks
https://www.bankofengland.co.uk/payment-and-settlement/rtgs-renewal-programme/iso-20022
https://blockchain.news/news/bank-of-england-tests-dlt-settlement-system
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"BRICS: U.S. Dollar Fading as Supply & Demand Dips"
The dollar is about to level off with other currencies around the world.
This will send the price of gold to higher levels. Caps on the price of gold are currently being released to make up for the difference of purchasing power in our Global currencies.
As we move forward, new prices will be formulated on currency charts around the world.
As these currencies settle into new price actions on the market, a fixed rate of gold can be pegged to them. This will give currencies around the world a real value through standardization protocols and gold's hold on them.
I am referring to the digital/currency markets on Forex.
Libor contracts are flattening out at this point as there are a few left on the markets.
This process is currently underway as we finalize currency reforms.
© Goldilocks
https://watcher.guru/news/brics-u-s-dollar-fading-as-supply-demand-dips
~~~~~~~~~~
The United States is about to implement new crypto legislation that will restructure the digital asset market.
Everything is being tokenized on the markets, and new price actions will be formulating new chart patterns going forward based on commodities that support them.
At the same time, we are about to experience a market transition to real values based on real correlations.
Earlier this morning, we talked about how liquidity is drying up in the banking system and in the markets.
We have one more reading for the markets to do before the next FOMC meeting. It is the PCE index.
Personal consumption expenditures (PCE) is the primary measure of consumer spending on goods and services in the U.S. economy.
This is not expected to be good, and it will give the Federal Reserve a good look for monetary policy changes needing to be made as real values begin to show up in the market.
Everything is about to go to real values. Hang on.
© Goldilocks
https://investorplace.com/2023/04/stock-market-crash-alert-mark-your-calendars-for-april-28/
https://www.coinspeaker.com/united-states-new-crypto-legislation/
~~~~~~~~~~
Goldilocks' Telegram Room
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Goldilocks on the Seeds of Wisdom Team Website
https://www.seedsofwisdomteam.com/
Thank you Dinar Recaps