"Tidbits From TNT" Monday 5-1-2023

TNT:

CandyKisses:  Financial inclusion events kick off tomorrow to introduce banking services and reduce cash movement

{Economic: Al-Furat News} Financial inclusion activities will be launched tomorrow, Tuesday, under the auspices of the Central Bank of Iraq and the Association of Private Banks.

It is attended by government and private banks to introduce banking services such as advances, loans, facilities and investment projects, open bank accounts for citizens, and adopt the government's approved plan to adopt POS devices in electronic payment for government institutions and the private sector and reduce the movement of cash in the market.

Tishwash:  The launch of an international real estate and investment conference in Baghdad, with Arab and foreign participation

Today, Monday, the proceedings of the Second International Conference on Real Estate and Investment kicked off in Baghdad.

And the official newspaper reported, "The opening of the second international real estate and investment conference in Baghdad, in the presence of the head of the Parliamentary Investment and Development Committee, Hassan al-Khafaji, and the deputy head of the Investment Authority, Salar Muhammad Amin, and the Baghdad Investment Authority."

The newspaper referred to "the participation of Arab and foreign businessmen and companies specialized in the investment sector" in the conference.

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Tishwash:  Parliamentary Finance announces the intensification of its meetings to complete the budget law

The Parliamentary Finance Committee announced today, Monday, the intensification of its meetings in order to complete the budget law, according to the official newspaper.

Last Wednesday, the Finance Committee resumed discussing the Federal General Budget Law for the years 2023-2024-2025.

On the 18th of last April, the House of Representatives completed the second reading of the draft budget law, while the deputies are likely to approve the budget at the end of this month. Ended 29/N33  link

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Tishwash: Association of Private Banks: The dinar is recovering and will return strong and stable

 Today, Sunday, the Association of Iraqi Private Banks confirmed that the dinar is recovering and will return strong and stable.

The Association’s advisor, Samir Al-Nusairi, told the Iraqi News Agency (INA): “Our dinar is recovering and returning strong and stable,” stressing that “with a close eye on the reality of monetary policy applications and procedures of the Central Bank and its careful follow-up of the foreign currency market situation locally and abroad, and facilitating access mechanisms to the electronic platform for external transfer and application of standards.”

And the commitment of banks to implement the new external transfer instructions for the year 2023 and address the obstacles first led to the refutation of the extremist and pessimistic views that say that the crisis will continue, and our situation will be like the case of Lebanon, Iran, Syria and Turkey when it counts The dollar is the local currency of these countries.

Al-Nusairi added, "Through our accurate knowledge of the monetary situation of the Central Bank and its escalating reserves of foreign exchange, its balance exceeded 110 billion dollars, which covers up to 118% of the exported local currency and 130 tons of gold, and what is available continuously and daily in dollar revenues from oil sales in addition to its assets in the national currency."

 The exported and available ones in the central bank’s coffers made it dominant by implementing its procedures to cover the demand for the dollar in the circulation market and through its various official outlets,” explaining, “This is what I confirmed in my previous articles that the dinar will recover and the crisis is temporary despite all the external and internal reasons.”

He pointed out that "the bank's measures to increase meeting the demand for the dollar and the negotiating and shuttle rounds of the governor of the Central Bank in Istanbul and Washington and the understandings reached with the support of the bank's measures to control foreign transfers and reform and develop the banking sector and facilitate the mechanisms of external transfers and supportive government support to implement the Central Bank's procedures and the right decisions of the Council

 The central bank management issued procedural packages to set instructions, facilities, and flexibility to mitigate the crisis, and its important decision to raise the exchange rate for the dinar and adjust the price to 1300 dinars for finance, 1310 for banks through the platform, and 1320 for the public, and the speed in the government’s approval of the new price and immediately proceeding to deal with it led to the return of the money market to a state of stability ".

He continued, "One of the other main reasons that contributed to the recovery of the Iraqi debt is the increase in the currency window sales for foreign remittances to the target rates between (150-200) million dollars per day, and the increasing entry of small merchants and importers to the platform after realizing their benefit from importing at the official price and their regularity with the foreign trade system." In accordance with international standards, which strengthened the position of monetary stability in the trading market, which helped bridge the gap between the official price and the parallel price.

Al-Nusairi called on the Central Bank to make the next stage an assessment and analytical stage for the reasons that exacerbated the crisis in a timely manner, re-evaluating banks and licensed and unlicensed exchange offices, classifying them in a new way, and developing their work in all fields, pointing out that its next strategy must include new policies and instructions.

It ensures maintaining stability in the financial system and the monetary system and achieving important steps in stimulating and enabling the banking sector to contribute to investment and development, as stated in Paragraph 7 of Article Twelve to reform the financial and banking sector, because banking reform is the beginning of economic reform  link

CandyKisses:  I KNOW IT'S MONDAY BUT......

Mot: ..... Welcome You Is!!! ~~~~~

Monday Morning Iraq Economic News Highlights 5-1-23

Monday Morning Iraq Economic News Highlights 5-1-23

Parliamentary Finance Holds A Meeting To Study And Review The Items And Paragraphs Of The Budget

01/05/2023  information Office   The Parliamentary Finance Committee, headed by Eng. Atwan Al-Atwani, and the presence of its members, held an important meeting to study and review the items and paragraphs of the federal general budget for the fiscal years 2023-2024-2024 and make notes on them in order to speed up their approval.

The head of the committee, Eng. Atwan Al-Atwani, said: His committee started the meeting by reading the first chapter and the budget items, reviewing the attached tables related to the law, following up the data received according to the government’s vision for one or three years, and putting forward proposals by the members of the committee in this regard, in addition to discussing maximizing revenues and reducing expenditures, and setting The ruling texts that deal with the state of incapacity and the payment of debts.

He added that the committee continued to read the second chapter on deficit expenditures related to amounts related to internal and external debts, and to review the details of calculating grants and subsidies used from amounts allocated to state departments and the public sector, special programs, expenditures, and investment projects, according to ministries, amid an emphasis on the need to oblige the government By automating electronic data and programs for the country.

Mr. Al-Atwani stressed the importance of allocating sufficient funds for regional development projects and the reconstruction and development of projects in all governorates, and distributing them according to population and poverty line, as well as the possibility of making transfers between ministries to ensure justice in maximizing savings and reducing spending.

The Finance Committee is intensifying its meetings and conducting meetings and extensive discussions in order to complete the Federal General Budget Law and develop appropriate formulas commensurate with the country's need in accordance with the implementation of the government program.

https://earthiq.news/archives/226375

The Dollar Rises Against The Dinar

Market  Economy News – Baghdad  The exchange rates of the dollar rose against the dinar in trading today, Monday.

Baghdad  Sale: 143,250 dinars per 100 dollars   Buying: 141,250 dinars per 100 dollars

South Sale: 143,250 dinars per 100 dollars   Buying: 141,250 dinars per 100 dollars

North  Sale: 143,650 dinars per 100 dollars   Purchase: 141,750 dinars per 100 dollars

 https://economy-news.net/content.php?id=33937

Deputy: Paragraphs In The Budget Have Reached The Point Of Wasting Public Funds

Baghdad-Iraq today:  A member of the House of Representatives confirmed that the budget included wasteful expenditures.

Representative Amir Al-Mamouri said, in a press interview, "We found in the budget a lot of expenses that are at a high level, and there is an exchange that may be at the level of waste, and there is an exchange that is not according to priorities."

He added, "We have many observations, in addition to the debts incurred in the country's budget."

Al-Mamouri pointed out, to "the previous debts during the previous budgets, which exceeded 95 trillion, in addition to another 10 trillion in this budget, and all of these entail benefits for the country."  LINK

An Economist Who Explains How To Overcome The Fiscal Deficit In The Budget

Information / Baghdad... The economist, Dr. Safwan Qusay, explained that Iraq needs the price of a barrel of oil in the budget to be $90 in order to overcome the deficit and avoid resorting to internal borrowing.

Follow the "information" channel on Telegram.. news that does not need to be documented..

Qusai said to Al-Maalouma, “The financial deficit in the budget is rounded up through the financial surplus, which amounts to 20 billion dollars, and there is also a possibility to reduce the financing of the deficit so that the Ministry of Finance does not finance the allocated allocations, and also that the budget opened the window for internal borrowing from Iraqi banks at the expense of the bank’s reserves.” central".

He added, "It is hoped that oil prices will rise in order to cover the deficit, as Iraq needs the price of a barrel of oil to be $90 in order for there to be financing for the deficit away from borrowing."

And he indicated that "the positive outlook for oil prices during the current year may be that Iraq will achieve a rise in prices, so that the price of a barrel during the current year is 82 dollars." LINK

Chambers Of Commerce Expect The Parallel Dollar To Disappear At The End Of Next May

Economy  |Baghdad today – Diyala  The head of the Chamber of Commerce in Diyala, Muhammad Mulla Jawad al-Tamimi, confirmed today, Sunday, that the parallel market for selling dollars will disappear at the end of next May.

Jawad told (Baghdad Today) that "the parallel market for selling dollars in Diyala and the rest of the provinces has lost 10% of the exchange value of the dollar in the past weeks, and it currently ranges between 140-141 thousand dinars per 100%," stressing that "the decline will be more in May." Next".

He added that "the market no longer has any importance in determining the price, especially since there are several variables that pushed this direction, the most prominent of which is the decline in the dollarization of the markets at rates ranging from 20-25% and because of the resort of merchants and companies to relying on the dinar in the payment of debts, dues and internal trade exchanges, in addition to the decrease in smuggling." Companies resort to the electronic platform.

 Jawad pointed out that "the disappearance of the parallel market for selling the dollar is a positive case in order to end the file of speculation that was behind a series of crises that struck the Iraqi markets, but the temporary disappearance came due to the presence of networks trying to keep the market because it represents large profits in currency trade and speculation that occurs from time to time for several reasons." ".

Earlier, the Deputy Governor of the Central Bank, Ammar Hamad Khalaf, confirmed that the difference between the official and parallel exchange rates will gradually disappear, indicating its stability at 132 thousand dinars per 100 dollars.

Khalaf said in a press statement, followed by (Baghdad Today), that "the central bank took several measures to reduce the price of the dollar, especially through the three packages that it launched at the beginning of this year, which were sufficient to address the high exchange rate in the parallel market."

He added, "The bank met with the Federation of Iraqi Chambers of Commerce and a number of merchants to discuss the challenges and put in place mechanisms to address them."

He expected the issuance of new packages to address all the challenges facing merchants to facilitate their obtaining foreign currencies.

The Deputy Governor of the Central Bank attributed the gradual decline in the price of the dollar in the past two days to the increase in the volume of sales of the Central Bank.

He explained, "The bank has liberated restrictions on sales, and the bank can sell any amount of dollars as long as there is a real demand for dollars," noting that "the difference between the official and parallel exchange rates will gradually disappear."

He stated that there is a great response by banks to the Central Bank's instructions regarding the official exchange rate.

Despite the Iraqi government's adoption of the recent central bank's decision to adopt a new official exchange rate from 145 thousand to 130 thousand dinars for every $100, the margin of difference between the official and parallel exchange rates remains the same, as it ranges between 15 to 25 thousand dinars.   LINK

Continuous Meetings To Reduce It .. Parliamentary Finance Is “Not Convinced” Of The Huge Allocations To Some Ministries In The Budget

Posted On2023-05-01 By Sotaliraq   The Parliamentary Finance Committee revealed, on Sunday, the goal of continuing meetings with government agencies regarding the budget law, noting that it believes that there are large allocations to ministries compared to governorate allocations.

Committee member Mueen Al-Kazemi said, "The Parliamentary Finance Committee holds daily and long-hour meetings with government agencies and ministries in order to discuss their allocations and work to reduce expenditures with the aim of reducing the financial deficit in the budget law."

And Al-Kazemi indicated that “the Parliamentary Finance Committee will continue to hold its meetings with all relevant government agencies and jurisdiction, and after the meetings are over, all financial allocations for those ministries will be studied and discussed in order to reduce expenditures and deficits, as we believe that there are very large allocations for some ministries compared to the lack of allocations for the governorates within Territories development.

Figures issued by the Parliamentary Finance Committee indicate that the allocations of the Ministries of Interior, Defense, Oil, Health and Electricity dominate most of the financial allocations, compared to weak allocations for the Ministries of Water Resources, Education and Agriculture. LINK

Dollar Prices Are Rising Again In The Local Markets

Economy  |Baghdad today – Baghdad  Today, Monday, the exchange rates of the dollar against the dinar recorded a slight increase in the main stock exchange and local markets in the capital, Baghdad .

The (Baghdad Today) correspondent said, "The exchange rate of the dollar for today, on the stock exchange, reached 142,500 Iraqi dinars for every 100 dollars .  "

And he added, "The selling price reached 143,500 dinars per 100 dollars, and the purchase price reached 141,500 dinars per 100 dollars in local exchange offices."  LINK

The Agenda Of The Parliament Session Is Devoid Of Discussing The Draft Budget Law     

The agenda of the parliament session scheduled for tomorrow, Tuesday, was empty of discussing the draft general federal budget law.

The agenda of the twenty-second session of the first legislative term of the second legislative year included a discussion of a number of draft laws, including the first reading of the draft first amendment to the Yazidi Survivors Law and a discussion of Iraq's accession to the Islamic Organization for Food Security.   LINK

Iraqi News Highlights Sunday Evening 4-30-23

Iraqi News Highlights Sunday Evening 4-30-23

Tlm724 Administrator Bondlady’s Corner

Al-Alaq: The Central Bank Supported The (Bani) Platform With 50 Million Dollars

The Governor of the Central Bank, Ali Mohsen Al-Alaq, confirmed that the bank contributed to supporting the efforts of the Arab Monetary Fund.

A statement by the bank said: "The Governor of the Central Bank, Ali Mohsen Al-Alaq, and his accompanying delegation participated in the meetings of the Arab financial bodies that are held in the Moroccan capital, Rabat, for the days 29-30 April 2023."

The statement added, "During the speech of the Chairman of the Board of Directors of the Arab Fund, Abdul Rahman Al-Hamidi, he thanked the Central Bank of Iraq for its continuous support for the success of the regional institution for clearing and settlement of Arab payments, the Bani platform."

Al-Alaq confirmed, according to the statement, that "the bank contributed to supporting the efforts of the Arab Monetary Fund in voting to increase the platform's capital by an additional fifty million dollars to help expand the platform's business and support its activities."

And the statement continued, "The governor met with a number of governors and heads of Arab institutions, to strengthen the relations of Iraqi banks with Arab banks by approving a number of Iraqi banks to establish banking relations and open branches for a number of them in those countries."

The statement pointed out,   https://www.radionawa.com/all-detail.aspx?jimare=34203

The Central Bank: Government Measures Obligated The Payment Of Wages And Salaries Of Foreign Workers In Dinars

Economy| 02:48 - 04/30/2023  Baghdad - Mawazine News  The Central Bank of Iraq confirmed, today, Sunday, that the impact of growth was greatly reflected in the volume of requests, amounts and banks participating in the foreign currency sale window platform, while indicating that government measures obligated the payment of wages and salaries of foreign workers in Iraqi dinars.

"Growth has helped reduce the gap between the official and parallel exchange rate significantly over the past days," said Muhammed Yunis, deputy director general of the investment department at the Central Bank, in an interview with the official news agency.

Younes added, "The growth rate of banks participating in this platform reached 155%, while demand levels increased from 42 requests per week, to about 1,280 requests."

He explained, "This increase was accompanied by a significant increase in the volume of amounts for these requests, as it rose from approximately $44 million per week to more than $490 million per week, while the volume of executed amounts reached nearly 80%, and the 20% was Caused by delay in implementation, due to lack of information or requesting additional information.

He continued, "These amounts were distributed among a variety of commodities, the most important of which were foodstuffs, health, electrical and electronic appliances, construction materials, cars and their spare tools," noting that "despite the challenges and obstacles that accompanied the implementation of the new procedures, which some suffer from."

Banks and companies, as they represent a quantum leap in the process of financing foreign trade, and in line with international norms and standards, but today they have reached very advanced stages.

He pointed out that "the increase in the number of requests and the size of their development prompted the Central Bank to work to start new procedures that will contribute significantly to facilitating the transfer process, as the mechanism is based on strengthening the balances of banks that have accounts in solid foreign banks, for the purpose of meeting the requests of their customers in dollars, in addition to Other currencies such as (the euro) and (the Chinese yuan).

And Younes stated, "The banks' requests will be met faster and easier, given the reduction in the volume of transactions according to which the strengthening mechanism will be implemented in order to implement them," stressing, "These measures are supported by the government's approach and the Central Bank of Iraq's direction towards enhancing confidence in the Iraqi dinar, the latest of which is the circular issued by the Secretariat."

The General Assembly of the Council of Ministers to all ministries, state institutions and the private sector, on the 18th of this month, by relying on the Iraqi dinar, and collecting taxes, government fees and insurance. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=225748

Iraq's Oil Exports To America Increased

Economy| 09:03 - 04/30/2023   Follow-up - Mawazine News  The US Energy Information Administration announced, on Sunday, that Iraq's oil exports to America increased during the past week.

The administration said in a report, "Iraq's oil exports to America amounted to an average of 222,000 barrels per day last week, up by 42,000 barrels as a daily average from the previous week, in which oil exports to America reached an average of 180,000 barrels per day."

She added, "Most of America's oil revenues during the past week came from Canada at an average of 3.327 million barrels per day, followed by Mexico at an average of 728 thousand barrels per day, and oil revenues from Saudi Arabia amounted to 339 thousand barrels per day." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=225713

The Central Bank's Sales Of Foreign Currency Decreased In Today's Transactions

Economy  Sunday, 30 April 2023 12:47 PM  Baghdad / National News Center  Today, Sunday, the Central Bank of Iraq’s sales of foreign currency decreased, to record about $180 million.

According to the schedule of the currency sale window, followed by the National News Center, the Central Bank sold during its auction today 180,272,118 dollars, which the bank covered at an exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar.

critically. Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits), amounting to $122,972,118 million, while the remaining $57,300,000 million went in the form of cash sales.    https://nnciraq.com/202571/

Dollar Exchange Rates In The Local Market

Economy  Sunday, 30 April 2023 11:22 AM  Baghdad / National News Center  Today, Sunday, the National News Center publishes the exchange rates of the dollar against the Iraqi dinar in the local markets.  Selling prices 142,250 dinars per 100 dollars   Buying prices 140,250 dinars per 100 dollars

https://nnciraq.com/202544/

Experts Call For Support For Manufacturing Industries

Economical 2023/04/26  Baghdad: morning  Experts in economic affairs called for supporting manufacturing and public industries and  creating real sustainable development for all sectors different productivity.

International energy expert Mustafa Abdul-Hussein said, in an interview with Al-Sabah:

“Ways to develop regional cooperation with countries of the world require a review of public policies in the field of energy economics and financial systems, and that

Iraq has great opportunities at the national and international levels for the economy page to be the framework.” To build a large workshop in all sectors of the Iraqi economy with the aim of reviving indicators of the national economy,

especially in the energy sector, which is one of the strategic and vital sectors of national income Iraqi and guarantor for the development of local industries ». 

He pointed out «  the importance of opening advanced dialogues aimed at discussing strategic ideas in the field of strengthening the energy sector, since

Iraq has a great opportunity in the field of investment, but

we need a deep discussion of the business climate and indicators of the energy business sector in Iraq and an analysis of the links with economic business indicators. affecting the energy sector.

Haider Kazem al-Baghdadi, a specialist in economic affairs, stressed that  “the energy sector must be invested in a way that works to achieve the highest financial revenues for Iraq,

by adopting phased strategic plans that contribute to making the energy sector a greater contributor to the multiplicity of revenues,” pointing to

“the importance of advancing the reality of industries.” manufacturing in all its aspects, and making Iraq a major source of its products to global markets,

especially since Iraq has commercial relations with the world's major economies. 

He pointed out that « the energy axis represents an important step on the road to achieving international companies that contribute to the creation of advanced transformation industries,

especially since the country has successful experiences in this field and

it used to cover the local market with many important products that support other industrial and agricultural sectors».

The importance of investing in cooperation opportunities with specialized international companies to achieve effective economic development, in light of Iraq's possession of huge reserves of crude oil in various regions of Iraq.    https://alsabaah.iq/75759-.html

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Sunday 4-30-2023

TNT:

CandyKisses:  Al-Alaq participates in the meeting of Arab financial institutions and announces the support of Buna platform with $ 50 million

Baghdad - Iraq Today:

The Governor of the Central Bank of Iraq and his accompanying delegation participated in the meetings of Arab financial institutions held in the Moroccan capital Rabat.

During the speech of the Chairman of the Board of Directors of the Arab Fund, Abdul Rahman Al-Humaidi, "he thanked the Central Bank of Iraq for its continuous support for the success of the Regional Corporation for Arab Payment Clearing and Settlement (Buna)."

The Governor of the Central Bank, Ali Al-Alaq, said that "the bank contributed to supporting the efforts of the Arab Monetary Fund in voting to increase the capital of the platform by an additional fifty million dollars to help expand the platform's business and support its activities."

The Governor also met with "a number of governors and heads of Arab institutions, to strengthen the relations of Iraqi banks with Arab banks through the adoption of a number of Iraqi banks to establish banking relations and open branches for a number of them in those countries.

Buna is a wholly owned inter-Arab payments system owned by the Arab Monetary Fund, of which Iraq is a founding member and active shareholder.

The platform also provides participants with modern payment solutions that comply with international standards and principles and international compliance requirements, since its launch has been an important step towards enhancing opportunities for economic and financial integration in the Arab region and supporting investment ties with trade partners of Arab countries around the world.

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Tishwash:   The Central Bank of Iraq explains the importance of the POS system for cash payments 

The Central Bank of Iraq clarified the importance of applying the (POS) system in the field of economic activity and combating money laundering and financing terrorism, and while specifying the ministries and institutions covered by the system, it confirmed that points of sale (POS) will be spread in all institutions that contain collection.

And the Central Bank said, in a statement: “Points of sale (POS) will spread to all institutions that contain collection, that is, the inclusion of every institution, ministry, authority, and companies contracting with ministries that have collection or have delivery or receipt of money, which will be covered by the application of the (POS) system.”

He pointed out that "the ministries covered by the system are the Ministry of Interior, Electricity, Transport, Oil, and the Hajj Authority, in addition to other ministries that will use the credit card for the purpose of electronic payment instead of (cash), which will reduce the risk of carrying money," noting: "If the card is lost, it can be disabled." And get a new card.

And he indicated that "the adoption of the (POS) system will raise the economic level of the country, and dealing with the bank will greatly expand, and it will transfer funds from funds hoarded in homes to funds stored in banks, which will reduce the problem of the deficit in financing housing projects or housing loans and economic projects."

He added, "The adoption of the (POS) system project was personally adopted by Prime Minister Muhammad Shia'a Al-Sudani through cabinet meetings and its decisions that obligated ministries to use the (POS) system."

He added, however, by saying: "The (POS) system will be used in the future, even in restaurants and delivery, and the company and shop owners will be punished if the devices are not provided, especially those that collect a lot of money."

He pointed out that "there is a decision that obliges everyone who sells a house that exceeds 500 million, to enter this money into the bank, and the owner of that money is asked about the source of the money, through the KYC account opening form, in order to get rid of the issue of money laundering and terrorist financing."  link

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CandyKisses:  US congresswoman calls for activating the agreement between Baghdad and Erbil

Baghdad - Iraq Today:

A member of the US Congress called for the resumption of oil exports from the Kurdistan region of Iraq, pointing to the need to implement the agreement between Erbil and Baghdad on the re-export of oil from the Kurdistan region of Iraq, saying: "The agreement cannot be kept ink on paper."

US Congresswoman Eliza Slotkin said on the issue of re-exporting oil from the Kurdistan region of Iraq, and the concern of oil companies operating in the region, that "this issue has reached several times to Congress and the State Department, but the Iraqi constitution stipulates that the revenues must be shared.

"I will try to increase the U.S. government's focus on Iraq, and put more pressure, to work from the ambassador and the State Department's consul general on these issues and use their influence on Baghdad," the U.S. official said.

Slutkin pointed to the existence of a dialogue between the President of the Kurdistan Regional Government of Iraq Masrour Barzani and Iraqi Prime Minister Mohammed Shia Sudani, noting: "They have to advance this agreement, it cannot be kept ink on paper."

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CandyKisses:  Budget 2023. MP talks about salaries, deficit and Kurdistan's quota

 Baghdad - Mawazine News
A member of the parliamentary finance committee, Jamal Kojar, confirmed on Sunday that the committee is conducting an in-depth study for the purpose of reducing the fiscal deficit in the budget.

"After hosting the Minister of Planning and the minister's remarks, we realized that the investment budget should be kept as it is and should - if there is a reduction - be on the operational side, and here salaries will not be manipulated at all, but in other aspects," Koger said.

He added: "The three-year budget was also discussed with the Minister of Planning, and the picture of the budget for three years only became clear in the paragraph not to stop and wait for the government and go towards disbursing 1/12 after the beginning of the year," noting that "despite that, the government is obligated to send the 2024 budget tables at the end of this year, and the 2025 budget schedule at the end of next year."

According to the official newspaper, "the minister explained that the ministry submitted these tables to the government, but the government did not attach them to the draft budget."

He continued: "As for the share of the region, 12.67 percent has been adopted until the general census scheduled for this year, and then the settlement is made, whether the percentage is less or more," noting that "the Minister of Planning indicated that 400 billion dinars have been allocated for the work of the census to know the shares of all governorates," noting that "within the budget there is a paragraph called allocation to conduct a general census, and if the census is done, there will be a statement of the percentages for all governorates, so the minister demanded not to change or manipulate this amount."

Koger stressed that "the Finance Committee, since last Wednesday, began amending paragraphs and articles within the federal budget according to its constitutional powers."

"The committee is conducting an in-depth study for the purpose of reducing the fiscal deficit in the federal budget and bringing it to reasonable figures," he said. 

Mot:  ....... fer those Special Friends Ya Have!!!

Mot:  .. ooooh Nooooooo

Goldilocks "MultiCurrency Accounts and Digital Platforms" Sunday 4-30-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted explanatory comments with links this morning:

Europe is showing us their new project. After completing digital regulation procedures, they are now implementing their wholesale settlement process through digital ledger transmissions.

Wholesale settlement is the actual transfer of funds between Banks or Central Banks. 

This digital process along with digital protocols and mechanisms to secure both sides of a trade through artificial intelligence is now going live in Europe.

© Goldilocks

Ledger Insights LINK

FedNow Service LINK

Alchemy Pay is a digital payment platform. 

It's purpose is to make crypto currency payments easier for the general public. 

It is designed to bridge fiat currency exchanges with the digital economy.

"Recently, Bank Indonesia granted licenses to Alchemy Pay and PT Berkah Digital Pembayaran (BDPay) to operate their money transfer and remittance businesses."

© Goldilocks

Indian Rupee Alchemy Pay LINK

What is Alchemy Pay LINK

~~~~~~~~~~

The House Financial Services Subcommittee is currently examining stablecoins' role in the new digital asset-based payment system. 

And, they are working on proposed legislation that will enable federal protocols in issuing stablecoins. 

These digital currency reforms are beginning to reach an implementation status that will allow them to become law. 

© Goldilocks

JDSUPRA LINK

~~~~~~~~~~

Standard Charter is allowing people to apply for new multi-currency accounts that can be utilized on a debit card.

This multi-currency debit card allows you to hold several foreign currency accounts that can be utilized for payments. 

You can order this card by June 30th with the ability to make transactions by July 31st. 

I could not find an article on it, but I did find two promotional pieces. This article is to inform and not to recommend. Do your own research. 

The world is going digital at a very rapid pace now.

© Goldilocks

Multicurrency Debit Card LINK

Multicurrency Master Card LINK

~~~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Sunday Morning Iraqi News Highlights 4-30-23

Sunday Morning Iraqi News Highlights 4-30-23

An Economist Who Explains How To Overcome The Fiscal Deficit In The Budget

Today 09:32  Information / Baghdad...  The economist, Dr. Safwan Qusay, explained that Iraq needs the price of a barrel of oil in the budget to be $90 in order to overcome the deficit and avoid resorting to internal borrowing.

Qusai said to Al-Maalouma, “The financial deficit in the budget is rounded up through the financial surplus, which amounts to 20 billion dollars, and there is also a possibility to reduce the financing of the deficit so that the Ministry of Finance does not finance the allocated allocations, and also that the budget opened the window for internal borrowing from Iraqi banks at the expense of the bank’s reserves.” central".

He added, "It is hoped that oil prices will rise in order to cover the deficit, as Iraq needs the price of a barrel of oil to be $90 in order for there to be financing for the deficit away from borrowing."

And he indicated that "the positive outlook for oil prices during the current year may be that Iraq will achieve a rise in prices, so that the price of a barrel during the current year is 82 dollars." LINK

Disclosure of a parliamentary government contact to end the inflation crisis within the budget[/size]

Information / Baghdad..   The representative of the State of Law coalition, Muhammad Al-Ziyadi, revealed the existence of parliamentary government discussions for the purpose of ending the state of inflation in the financial budget, indicating that the survival of inflation rates for the next three years threatens the Iraqi economy.

Follow the "information" channel on Telegram.. news that does not need to be documented..

Al-Ziyadi said, in a statement to Al-Maalouma, that "the Finance Committee is preparing the draft budget law for voting by holding intensive meetings and hosting parties for stakeholders, especially government agencies."

He added, "The most important problem facing the Finance Committee at the present time is the high rates of inflation in the budget compared to the past two years 2021 and 2022," noting that "the amendments that the Finance Committee will make in the budget , especially those on the financial side, need the approval of the government.” 

Al-Ziyadi explained that "the ongoing negotiations between the two parties are taking place very smoothly, and it will be agreed to pass the budget in the middle of the next month." LINK

Abdul Hassan Al-Shammari To / NINA /: The Delay In Approving The Budget Is A Negative Matter And Evidence Of The Differences Of The Political Blocs

Sunday, April 30, 2023 | Economical Number of readings: 217 Baghdad / NINA / - The economic expert, Abdul Hassan Al-Shammari, confirmed: The delay in approving the budget is a negative matter and evidence of the differences of the political blocs. Noting: In light of this situation, its approval may take nearly a month.

And he told the National Iraqi News Agency / NINA /: If the balance between push and pull remained without a tight economic construction, it would not be a tight budget.

Al-Shammari added: The most important budget problems are the large deficit, which exceeds 63 trillion dinars, which is a large number.. indicating that it is true that the oil price of $86 may cover the deficit, but in the coming months it may decrease.

And he explained: One of the negatives accompanying the budget is also that until now, the appointment in the departments of the state, which will become a state of employees, has not stopped without production. https://ninanews-com.translate.goog/Website/News/Details?key=1050184&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Per Capita Income Exceeds 50,000 Dinars Per Day.. "Begging" In Iraq Is A "Profession" Run By "Mafias"

2023-04-30 Shafaq News/ Begging is a widespread phenomenon in Iraq, despite the campaigns launched by the Ministry of Interior, ministries and other concerned authorities in order to address and reduce it.

Specialists attribute the continuation of this phenomenon to several reasons, the most prominent of which is poverty, which has not increased by 20 percent for more than 10 years, despite the plans and initiatives launched, but they did not address the roots of the problem, and therefore it remains.

The most serious issue in begging is its entry into human trafficking crimes, as there are gangs that trade in beggars, and groups that practice beggary, so it overlaps with other crimes targeting the Iraqi individual, especially in poor areas that suffer from economic, social and psychological problems, according to specialists.    

Anti-Begging

The Ministry of Interior, in cooperation with the Supreme Judicial Council and other supporting sectoral bodies, recently launched a campaign to combat beggary in Baghdad and the provinces, but the fight against beggary does not stop at this campaign, according to the spokesman for the Ministry of Interior, Major General Khaled Al-Muhanna.

He added to Shafaq News agency, "It is related to many sectoral agencies, including the Ministry of Labor, to secure social protection for beggars, especially those who are in dire need of sums of money from the helpless and unemployed to meet their daily needs."

Al-Muhanna points out that "there are those who take beggary as a profession, and operations were carried out to combat human trafficking gangs, and six large groups were arrested in Baghdad, and they were referred to the competent courts."

And while confirming the continuation of operations to combat these gangs, he explained that "there are foreign beggars, and these are their fate after being caught and deported outside the country, and thus his case ends, unlike the local beggar who may be released after the expiration of his detention period and return to begging again."

According to reliable statistics, the poverty rate in Iraq in the past year 2022 exceeded 25%, which is the highest since 2003, and therefore the government faces a challenge to help about 10 million Iraqi citizens below the poverty line.

From Reality

A 12-year-old girl who practiced begging in Karbala governorate, an orphan of her father and her mother left her, said, "I had to stay with my father's second wife, who took care of me in the early days, but after a while she asked me to go out to beg to earn a living, as she was a housewife, not She has a breadwinner."

The girl, who refused to reveal her identity, explains to Shafaq News Agency, that she used to live in one of the southern governorates and came to Karbala because of the crowded population there and the visitors who come from different regions.

The girl earns from begging between 15,000 and 30,000 dinars on a daily basis, and in the season of visits it reaches 100,000 dinars, pointing out that these sums are "taken by my stepmother and spent part of it on me."

Begging in Karbala is a negative phenomenon suffered by the people of the province and the tourists who flock to it, at a time when statistics indicate that more than 85 percent of those who practice begging are not poor, and some of them are from Islamic and non-Arab countries, according to Majid Al-Khayyat, director of the Iraqi Center for Media Studies and Research.

Regarding the reasons for the arrival of some beggars from other regions to Karbala, Al-Khayyat explained to Shafaq News Agency, that this comes "with the aim of not knowing them in this province, as well as the presence of foreign tourists," stressing that "most of these beggars have social protection salaries, but they are used to easy earning money by begging."  

The social researcher Raghad Sabbar stands close to what Majed Al-Khayyat said about the degradation of begging, and while the concerned authorities are calling for tougher punishment to deter beggars, she identified the causes of widespread beggary to two main factors: the economic situation and family disintegration.

During her speech to Shafaq News agency, she warned the importance of "not always blaming the government, as there is a mafia that benefits from beggars, and some of them are accustomed to collecting money without working", calling on beggars to find a job that preserves their dignity and at the same time secures their daily sustenance. .

Begging Processing

Ali al-Bayati, a former member of the High Commission for Human Rights, calls for the need to take real measures that amount to the seriousness of the problem, which always receives partial solutions and reactions from state institutions, which are limited to putting some beggars in detention centers and then releasing them, without searching for reasons. Which prompted them to beg and be present in the arena of human trafficking, and to address these causes, in addition to providing them with opportunities for a decent life, including a shelter and a source of livelihood, and protecting them from human trafficking gangs.

He assures Shafaq News agency that state institutions and ministries of interior, labor, planning, health and others must involve civil society organizations and the media to combat beggary, and strengthen the capabilities of law enforcement agencies, and without these measures, this problem cannot be solved. 

Begging Penalty

Legal expert Ali Al-Tamimi explains the penalty for recruiting children for the purposes of begging and the law to combat human trafficking by saying, "The Iraqi Penal Code, in Articles 392, 391, and 390 thereof, is punishable by simple imprisonment and fines for beggary or placement in the state's role in the event of repetition," noting that when examining the text The above articles permit begging for those who have no work. This is how the text is understood, stressing, "I am not with penalties, but when alternatives are found, punishment can be imposed."

He added to Shafaq News agency, "Law 28 of 2018 punishes human trafficking with imprisonment to death and fines from 5 to 10 million dinars for human trafficking." He answered a question: Can recruiting and begging young people be considered human trafficking? "I agree with that because it is a trade in small tools." It is not possible to take a decision, and it kills their future, and if this was implemented, the begging mafia would have ended.”

He points out that "Iraqi Juvenile Welfare Law No. 76 was issued in 1983, and it needs to be amended in this aspect to address the problem of dying children in Iraq," pointing out that "the application of the Anti-Human Trafficking Law requires high intelligence effort, community cooperation, and activation of communications, and it needs an amendment in this regard." the side".   LINK

Parliamentary Finance: The Main Suspect In The "Theft Of The Century" Case Is In This Place

Sunday, April 30, 2023 06:44 | politics Number of readings: 471  Baghdad / NINA / - The Parliamentary Finance Committee revealed that the travel ban badge had been lifted from the main suspect in the case of theft of the century, “tax secretariat revenues,” Nour Zuhair.

Committee Member Representative Mustafa Sanad, through his personal account on the Facebook social networking platform, published an official document issued by the Real Estate Registration Directorate to the Basra Real Estate Department demanding that the seizure badge be lifted on the property of the sponsored defendant,” Nour Zuhair" and his wife in Basra Governorate, stressing that the latter is currently in the city of Dubai.

And the former Minister of Interior, Othman Al-Ghanimi, announced, on October 24, 2022, the arrest of the so-called “Nour Zuhair Jassim Al-Muzaffar,” the main accused of stealing (3) trillion and (700) billion dinars from public tax funds, and depositing him in a police station, where he was removed from the private plane at Baghdad International Airport before his escape./ End 5

https://ninanews-com.translate.goog/Website/News/Details?key=1050160&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en[/rtl]

Iraq's Oil Exports To America Increased To 222 Thousand Barrels Per Day

Energy  Economy News – Baghdad  The US Energy Information Administration announced, on Sunday, that Iraq's oil exports to America increased during the past week.

The administration said in a report, "Iraq's oil exports to America amounted to an average of 222,000 barrels per day last week, up by 42,000 barrels as a daily average from the previous week, in which oil exports to America reached an average of 180,000 barrels per day."

She added, "Most of America's oil revenues during the past week came from Canada at an average of 3.327 million barrels per day, followed by Mexico at an average of 728 thousand barrels per day, and oil revenues from Saudi Arabia amounted to 339 thousand barrels per day."

https://economy-news.net/content.php?id=33908

The Iraqi Stock Exchange Will Stop Trading Tomorrow

Market     Economy News – Baghdad  The Iraqi Stock Exchange decided to stop trading tomorrow, Monday, on the occasion of Labor Day.

And the stock exchange said, in a statement, "It was decided not to organize a session tomorrow on the occasion of Labor Day."

"The session will resume on Tuesday," she added.

Many investors criticize the suspension of trading in the stock exchange, due to the large number of holidays in the Iraqi state, which negatively affects the performance of the market.

https://economy-news.net/content.php?id=33914

Dollar Prices Recorded A Noticeable Decline In The Local Markets

Economy  |Today  Baghdad today – Baghdad   Today, Sunday, the exchange rates of the dollar against the dinar recorded a noticeable decrease in the main stock exchange and local markets in the capital, Baghdad .

The (Baghdad Today) correspondent said, "The exchange rate of the dollar for today, on the stock exchange, reached 141,400 Iraqi dinars for every 100 dollars .  "

And he added, "The selling price reached 141,750 dinars per 100 dollars, and the purchase price reached 140,750 dinars per 100 dollars in local exchange offices.  LINK

Iraqi News Highlights Saturday Evening 4-29-23

Iraqi News Highlights Saturday Evening 4-29-23

Tlm724 Administrator Bondlady’s Corner

The Ministry Of Finance Participates In The Meetings Of The Economic Development Fund And The Arab Investment Guarantee Corporation

Baghdad – conscious  Today, Saturday, the Ministry of Finance participated in the meetings of the Board of Governors of the Arab Fund for Economic and Social Development and the Arab Corporation for the Guarantee of Investment and Export Credit.

The media office of the Ministry of Finance said, in a statement received by the Iraqi News Agency (INA), that  "Finance Minister Taif Sami participated in the meeting of the Board of Governors of the Arab Fund for Economic and Social Development as the governor of Iraq in the fund," noting that

"Iraq is one of the countries that contribute the most to the Arab Fund." for economic and social development, and contributes to the capital of the special account at a rate of 9.2 percent to finance small and medium private sector projects in the Arab countries. 

He added, "The fund's agenda was discussed, the council's decisions were voted on, and support was given to the Palestinian people. The Arab Republic of Egypt's project to generate electric power (Al-Bukhari) won the Abdel Latif Youssef Al-Hamad Award, as it is one of the environmentally friendly development projects."

And she continued, "The Ministry of Finance participated in the meeting of the fiftieth session of the Arab Corporation for the Guarantee of Investment and Export Credit," explaining that "

Iraq is one of the contributing countries to this institution that established this institution to guarantee Arab and foreign capital invested in development projects in the Arab countries," pointing out that

The Foundation's agenda was discussed and the Council's decisions were voted on.

https://www.ina.iq/183942--.html

The Governor Of The Central Bank Of Iraq Participates In The Joint Annual Meetings Of Arab Financial Institutions In Rabat

April 29, 2023       His Excellency the Governor of the Central Bank of Iraq and his accompanying delegation participated in the meetings of Arab financial institutions that are being held in the Moroccan capital, Rabat, for the days 29-30 April 2023.

      During the speech of the Chairman of the Board of Directors of the Arab Fund, Dr. Abdul Rahman Al-Hamidi, he thanked the Central Bank of Iraq for its continuous support for the success of the Regional Corporation for Arab Payments Clearing and Settlement (Bunna platform).

    His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, said that the bank contributed to supporting the efforts of the Arab Monetary Fund in voting to increase the platform’s capital by an additional fifty million dollars to help expand the platform’s business and support its activities.

    His Excellency also met with a number of governors and heads of Arab institutions, to strengthen the relations of Iraqi banks with Arab banks through the approval of a number of Iraqi banks to establish banking relations and open branches for a number of them in those countries.

    It is noteworthy that (Bani platform) is a system for inter-Arab payments wholly owned by the Arab Monetary Fund, in which Iraq is a founding member and an active shareholder.

    The platform aims to enable Arab financial institutions, central banks, and commercial and Islamic banks to perform payments among themselves in a timely and reliable manner, at an appropriate cost and with high efficiency, facilitating cross-border payments.

    The platform also provides participants with modern payment solutions that comply with international standards, principles and international compliance requirements.

Since its launch, it has constituted an important step towards enhancing economic and financial integration opportunities in the Arab region and supporting investment ties with trading partners of Arab countries around the world   Central Bank of Iraq   information Office   29 - April – 2023   https://cbi.iq/news/view/2315

Al-Sudani's Financial Advisor Determines The Fate Of Iraqi Deposits In US Banks.. What Is Their Value?

  Information / special.  Today, Thursday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the fate of the reserves of the Central Bank of Iraq located in American banks, while determining the value of the "sovereign portfolio."

In an interview with Al-Maalouma Agency, Salih said, "Diversifying the central bank's reserves from various foreign currencies and various safe investment tools ensures its protection from legal and price risks," stressing:

"There is no pressure exerted on diversifying reserves."  He added, "These reserves are usually invested in semi-liquid sovereign foreign debt instruments, such as remittances and treasury bonds managed by the governments of countries in the first industrialized world, especially debt instruments with high credit ratings and with appropriate interest, whether they are American, European, Japanese and Chinese."   Al-Sudani's financial advisor explained,

"The investment portfolio of the Central Bank of Iraq   (which includes the country's foreign reserves of various currencies and gold) is managed according to the optimal global standard ratios, which are formed in the currencies of the dollar, the euro, the pound sterling, the Chinese yuan, the Japanese yen and gold."

Regarding the value of the sovereign portfolio, Saleh stated that "these currencies are worth about $115 billion in total," pointing out that "the US dollar invested in US bonds and transfers constitutes a weight of no less than 35-40% of those reserves, since dollar oil revenues are The basic origin of the reserves, and that the oil market is mainly a dollar market, since its inception before the First World War until now.

The Ministry of Oil announced, today, Thursday, the final statistics for the revenues of last March, while confirming that it amounted to more than 7 billion dollars.

And the revenues from oil exports and sales from Iraq to the rest of the countries go to the Federal Central Bank, which controls the form of Iraqi deposits, which causes popular and political anxiety as a result of Washington’s control of the hard currency.

https://almaalomah.me/news/economy/مستشار-السوداني-المالي-يحدد-مصير-الودائع-العراقية-بالبنوك-ال

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

https://www.bondladyscorner.com/

Goldilocks "From CBI Banker" News Saturday PM 4-29-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ: Good evening Dinar Recaps,

Goldilocks posted some comments and a link this afternoon:

Per phone meeting with CBI Banker today.

Iraq is planning on implementing their electronic payments on the QFS by June.

© Goldilocks

~~~~~~~~~~~~~~~

Per CBI Banker conversations. Here is where we stand so far. 

By the end of May, Iraq's people will have their Visa and MasterCards loaded onto the new digital banking electronic system. 

In June, the expectation for them is to migrate onto the QFS.

© Goldilocks

~~~~~~~~~~

We are about to experience more bank failures in May.

Look for currency interventions to begin in May and into June.

Our first currency intervention is Zimbabwe. 

© Goldilocks

https://www.noradarealestate.com/blog/which-banks-are-in-danger-of-failing/

~~~~~~~~~~

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 Saturday Afternoon 4-29-23

raqi News Highlights Saturday Afternoon 4-29-23

Tlm724 Administrator Bondlady’s Corner

The Presidency Of Parliament Stresses The Importance Of Enacting The Federal Budget Law

Today, Saturday, the Presidency of the House of Representatives stressed the importance of enacting the federal budget law and other important laws, while pointing to the necessity of ratification and approval of the agreements requested by the government.

A statement, by the Parliament's media office, stated that "the Presidency of the Parliament held its meeting chaired by Parliament Speaker Muhammad al-Halbousi and in the presence of the first deputy speaker of the parliament, Mohsen al-Mandalawi, and the deputy speaker of the parliament, Shakhwan Abdullah."

The statement added that "during the meeting, a number of issues related to the Council's work were discussed, the most important laws presented in the committees, and an emphasis on the importance of its legislation during the coming period, including the Federal General Budget Law, and other important laws related to many sectors such as investment, economy, agriculture, security and social welfare, In addition to ratifying and approving the agreements requested by the government.

https://www.radionawa.com/all-detail.aspx?jimare=341

The Minister Of Finance And The Governor Of The Central Bank Participate In The Meetings Of Arab Financial Bodies

Economy| 02:31 - 04/29/2023  Baghdad - Mawazine News,   Minister of Finance, Taif Sami, participated today, Saturday, in the joint annual meetings of Arab financial bodies, which are held in Morocco, with a high-level presence that includes ministers of finance, economy and international cooperation from various Arab countries, and heads of Arab financial bodies.

According to a statement by the Ministry of Finance, "The Iraqi delegation, headed by the Minister of Finance, includes the Governor of the Central Bank, Ali Al-Alaq, directors of public debt departments, the Iraqi Fund for Foreign Development, the Administrative and Legal Department, and the head of the National Retirement Authority."

The statement added, "The opening session witnessed a speech by the Moroccan Prime Minister on behalf of King Mohammed VI, in which he welcomed the participating delegations and emphasized the consolidation of aspects of developmental integration and integration among them, in the context of their keeping pace with the development efforts of their member countries," adding,

 "These institutions must continue to work to support Arab development efforts, by establishing and adopting modern development models based on fortifying and rehabilitating Arab economies, and enabling them to effectively integrate into regional and international value chains. End 29 / No. 33

https://www.mawazin.net/Details.aspx?jimare=225662

Central Bank: The (POS) System Will Reduce The Problem Of Financing Deficit For Housing Projects

Economy| 02:07 - 04/29/2023  Baghdad - Mawazine News  The Central Bank of Iraq explained, on Saturday, the importance of applying the (POS) system in the field of economic activity and combating money laundering and financing terrorism, and while specifying the ministries and institutions covered by the system, it confirmed that points of sale (POS) will be spread in all institutions that contain collection.

And the Central Bank said, “Points of sale (POS) will spread to all institutions that contain collection, that is, the inclusion of every institution, ministry, authority, and companies contracting with ministries that have collection or have delivery or receipt of money, which will be covered by the application of the (POS) system.”

The bank added, according to the official news agency, that "the (POS) system is optional, but it will be compulsory for ministries and institutions to provide these devices, because all credit cards will be used for the purpose of payment."

He pointed out that "the ministries covered by the system are the Ministry of Interior, Electricity, Transport, Oil, and the Hajj Authority, in addition to other ministries that will use the credit card for the purpose of electronic payment instead of (cash), which will reduce the risk of carrying money," noting: "If the card is lost, it can be disabled." And get a new card.

He explained, "The adoption of the (POS) system will raise the economic level of the country, and dealing with the bank will greatly expand, and it will transfer funds from funds hoarded in homes to funds stored in banks, which will reduce the problem of the deficit in financing housing projects or housing loans and economic projects."

And he stated, "The adoption of the (POS) system project was personally adopted by Prime Minister Muhammad Shia'a Al-Sudani through cabinet meetings and its decisions that obligated ministries to use the (POS) system."

He pointed out that "the (POS) system will be used in the future, even in restaurants and delivery, and the company and shop owners will be punished if the devices are not provided, especially those that collect a lot of money."

And he continued, "There is a decision that obliges everyone who sells a house that exceeds 500 million, to enter this money into the bank, and the owner of that money is asked about the source of the money, through the KYC account opening form, in order to get rid of the issue of money laundering and terrorist financing." Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=225661

With The Beginning Of The Week..The Dollar Is Rising Again Against The Dinar

Saturday 29, April 2023 11:14 | Economical Number of readings: 356  Baghdad / NINA / - Today, Saturday, the exchange rates of the dollar against the dinar resumed their rise in the local markets in all the country's governorates.

The buying and selling prices witnessed an increase in the exchange rates of the dollar in exchange shops, as the selling price reached 142,500 dinars per 100 dollars, while the purchase price reached 140,500 dinars per 100 dollars, in the capital, Baghdad./ Ended8

https://ninanews.com/Website/News/Details?key=1049935

High Oil Prices In World Markets

Saturday 29, April 2023 10:07 | Economical Number of readings: 256  Baghdad / NINA / - Crude oil prices rose for the first time in three sessions, as the bulls sought to steer oil trade away from global economic concerns that pushed it towards a second consecutive week of losses.

Brent crude closed up 68 cents, or 0.9%, at $78.37 a barrel, while West Texas Intermediate was up 46 cents, or 0.6%, at $74.76 a barrel.

WTI and Brent crude fell by a cumulative 6% each over the previous two sessions, heading for a loss of about 4% this week, after last week's drop of more than 5%./End

https://ninanews.com/Website/News/Details?key=1049913

The Governor Of The Central Bank Of Iraq Participates In The Joint Annual Meetings Of Arab Financial Institutions In Rabat

April 29, 2023     His Excellency the Governor of the Central Bank of Iraq and his accompanying delegation participated in the meetings of Arab financial institutions that are being held in the Moroccan capital, Rabat, for the days 29-30 April 2023.

    During the speech of the Chairman of the Board of Directors of the Arab Fund, Dr. Abdul Rahman Al-Hamidi, he thanked the Central Bank of Iraq for its continuous support for the success of the Regional Corporation for Arab Payments Clearing and Settlement (Bunna platform).

    His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, said that the bank contributed to supporting the efforts of the Arab Monetary Fund in voting to increase the platform’s capital by an additional fifty million dollars to help expand the platform’s business and support its activities.

His Excellency also met with a number of governors and heads of Arab institutions, to strengthen the relations of Iraqi banks with Arab banks through the approval of a number of Iraqi banks to establish banking relations and open branches for a number of them in those countries.

    It is noteworthy that (Bani platform) is a system for inter-Arab payments wholly owned by the Arab Monetary Fund, in which Iraq is a founding member and an active shareholder.

    The platform aims to enable Arab financial institutions, central banks, and commercial and Islamic banks to perform payments among themselves in a timely and reliable manner, at an appropriate cost and with high efficiency, facilitating cross-border payments.

    The platform also provides participants with modern payment solutions that comply with international standards, principles and international compliance requirements.

Since its launch, it has constituted an important step towards enhancing economic and financial integration opportunities in the Arab region and supporting investment ties with trading partners of Arab countries around the world.      Central Bank of Iraq   information Office      29 - April - 2023

https://cbi.iq/news/view/2315

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Saturday 4-29-2023

TNT:

Tishwash:  The Minister of Finance and the Governor of the Central Bank participate in the meetings of Arab financial bodies

Finance Minister Taif Sami participated today, Saturday, in the joint annual meetings of Arab financial bodies, which are held in Morocco, with a high-level attendance that includes ministers of finance, economy and international cooperation from various Arab governments, and heads of Arab financial bodies.

According to a statement by the Ministry of Finance, "The Iraqi delegation, headed by the Minister of Finance, includes the Governor of the Central Bank, Ali Al-Alaq, directors of public debt departments, the Iraqi Fund for Foreign Development, the Administrative and Legal Department, and the head of the National Retirement Authority."

The statement added, "The opening session witnessed a speech by the Moroccan Prime Minister on behalf of King Mohammed VI, in which he welcomed the participating delegations and emphasized the consolidation of aspects of developmental integration and integration among them, in the context of their keeping pace with the development efforts of their member countries," adding, "These institutions must continue to work to support Arab development efforts, by establishing and adopting modern development models based on fortifying and rehabilitating Arab economies, and enabling them to effectively integrate into regional and international value chains

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

CandyKisses:  US Federal Reserve calls for new rules to avoid bank collapse

Shafaq News=The US Federal Reserve on Saturday urged to renew a set of rules for medium-sized banks to avoid the problems that led to the collapse of Silicon Valley, according to a report by the Wall Street Journal.

Michael Barr, the Fed's vice chairman for supervision, said supervisors did not fully appreciate the magnitude of the vulnerabilities in the banking sector as the Silicon Valley problem began to get complicated.  

"When the reserve sensed some complications in Silicon Valley, it did not take sufficient steps to ensure that the bank fixed these issues quickly enough," Barr said.

"The mistakes made by the Fed regulators were driven in part by changes that generally relaxed the rules on medium-sized banks," he opined.

"These changes have hindered effective supervision by reducing standards, increasing complexity and promoting a less assertive supervisory approach," Barr continued.

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

Cutebwoy:  KFC, Pizza Hut open new branch in Baghdad

IraqiNews    April 28, 2023

Baghdad (IraqiNews.com) – KFC and Pizza Hut, two well-known American fast-food brands, recently opened a new location in Baghdad, Iraq, as part of an effort to increase their footprint in the Middle East.

The two restaurants are owned by Americana Restaurants in the UAE, which has a long history of operating fast-food chains in the region. Americana Restaurants is a division of the Kuwait-based Americana Group, which owns and runs approximately 1,700 restaurants in the Middle East and North Africa.

The decision to establish a new KFC and Pizza Hut location in Baghdad is considered as a significant step forward for the Iraqi city, which is steadily rebuilding itself following years of warfare and upheaval. The new restaurant is planned to give residents new work possibilities as well as a new eating alternative for the city’s locals.

A variety of traditional foods, including Pizza Hut’s renowned pizzas and KFC’s famed fried chicken, will be available on the menu at the new KFC and Pizza Hut location. The eatery will also provide a variety of sides and sweets, such as ice cream, coleslaw, and garlic bread

Mot:  . My Best Friends Goals in Life!! ~~~

Mot:  ... Falling Asleep ...........

Goldilocks " Zimbabwe and The Goldilocks Economy" Saturday 4-29-2023

Goldilocks and Seeds of Wisdom (SOW)

Thank you RJ

RJ: Good morning Dinar Recaps,

Goldilocks posted commentaries and links this morning:

Visa and MasterCard's recent integration onto the QFS blockchain will enable global transactions - even large value settlements. 

Look for Iraq to load their people's Visa and MasterCard by the end of May per CBI Banker contact. 

Per another article verified by our contact, currency values will be changing between now and then if all goes well. Time will tell.

Our connections to Iraq are becoming as close as the push of a button through the global blockchain. 

© Goldilocks

 Crypto News Flash LINK

Coin Telegraph LINK

Yesterday, there were several articles about Zimbabwe going to a gold standard on May 8th, 2023.

Several things will begin to happen from that moment forward: 

* Zimbabwe will be required to have enough gold to back every Zimbabwe currency that they print. 

* It means that their exchange rate will be fixed against other countries to prevent a devaluation of their currency in trade. 

* This will lower their inflation rate and prevent an overvalued exchange rate.

* It will lower debt ratios and create modest growth. 

* Quantitative easing through monetary policy changes would be minimized. 

* And finally, a gold standard stabilizes a currency's foreign exchange rate.

These changes lead to a Goldilocks Economy. "A Goldilocks economy is not too hot or too cold but just right—to steal a line from the popular children's story Goldilocks and the Three Bears.

The term describes an ideal state for an economic system. In this perfect state, there is full employment, economic stability, and stable growth. The economy is not expanding or contracting by a large margin."

© Goldilocks

My San Antonio LINK

ABC News LINK

Goldilocks Economy LINK

Investopedia LINK

~~~~~~~~~~

Goldilocks' Telegram Room

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Goldilocks on the Seeds of Wisdom Team Website

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Thank you Dinar Recaps